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DEFERRED ACQUISITION COSTS AND VALUE OF BUSINESS ACQUIRED | 6 Months Ended
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Jun. 30, 2022
Deferred Acquisition Costs [Abstract] |
DEFERRED ACQUISITION COSTS AND VALUE OF BUSINESS ACQUIRED | DEFERRED ACQUISITION COSTS AND VALUE OF BUSINESS ACQUIRED The following table presents movement in deferred acquisition costs and the impact on expenses:
AS AT AND FOR THE SIX MONTHS ENDED JUN. 30 US$ MILLIONS |  | 2022 |  | 2021
Deferred acquisition costs, beginning of period |  | $ | 776 |  |  | $ | — |
Acquisition from business combination |  | 273 |  |  | — |
Costs capitalized under reinsurance contracts |  | 118 |  |  | — |
Amortization and other |  | (56) |  |  | — |
Deferred acquisition costs, end of period |  | $ | 1,111 |  |  | $ | — |
VOBA recognized in connection with the acquisition of American National represents the difference between the fair value of liabilities acquired and reserves established using a weighted-average cost of capital discount rate and other relevant assumptions as at the acquisition date. The acquisition resulted in VOBA of $273 million within direct business written, primarily driven by the property and casualty business. VOBA is amortized based on the estimated premium earning patterns. Amortization expense of VOBA was $14 million since the acquisition date and we expect to record an additional $83 million for the remainder of 2022.

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- Definition Deferred Acquisition Costs [Abstract] + References No definition available. + Details
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- Definition The disclosure of deferred acquisition costs arising from insurance contracts. [Refer: Deferred acquisition costs arising from insurance contracts] + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name IAS -Number 1 -IssueDate 2021-01-01 -Paragraph 10 -Subparagraph e -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=1&code=ifrs-tx-2021-en-r&anchor=para_10_e&doctype=Standard -URIDate 2021-03-24 + Details
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