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DEFERRED ACQUISITION COSTS AND VALUE OF BUSINESS ACQUIRED
 6 Months Ended
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		20222021
Deferred acquisition costs, beginning of period$776 $— 
Acquisition from business combination273 — 
Costs capitalized under reinsurance contracts118 — 
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.