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Deferred Acquisition Costs and Deferred Sales Inducement Costs | 9 Months Ended
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Sep. 30, 2019
Deferred Charges, Insurers [Abstract] |
Deferred acquisition costs and deferred sales inducement costs [Text Block] | Deferred Acquisition Costs and Deferred Sales Inducement Costs In the third quarter, management updates market-related assumptions and implements model changes related to the living benefit valuation. In addition, management conducts its annual review of life insurance and annuity valuation assumptions relative to current experience and management expectations including modeling changes. These aforementioned changes are collectively referred to as unlocking. The impact of unlocking to DAC in the third quarter of 2019 primarily reflected updates to interest rate assumptions, partially offset by a favorable impact from lower surrenders on annuity contracts with a withdrawal benefit. The impact of unlocking to DAC in the third quarter of 2018 primarily reflected updated mortality assumptions on universal life (“UL”) and variable universal life (“VUL”) insurance products and lower surrender rate assumptions on variable annuities, partially offset by an unfavorable impact from updates to assumptions on utilization of guaranteed withdrawal benefits. The balances of and changes in DAC were as follows:
| 2019 |  | 2018
(in millions)
Balance at January 1 | $ | 2,776 |  |  | $ | 2,676 |
Capitalization of acquisition costs | 226 |  |  | 241 |
Amortization, excluding the impact of valuation assumptions review | (172 | ) |  | (213 | )
Amortization, impact of valuation assumptions review | (14 | ) |  | 33 |
Impact of change in net unrealized (gains) losses on securities | (175 | ) |  | 95 |
Reclassified to assets held for sale (1) | (15 | ) |  | — |
Balance at September 30 | $ | 2,626 |  |  | $ | 2,832 |
(1) See Note 15 for additional information on held for sale classification. The balances of and changes in DSIC, which is included in other assets, were as follows:
| 2019 |  | 2018
(in millions)
Balance at January 1 | $ | 251 |  |  | $ | 276 |
Capitalization of sales inducement costs | 1 |  |  | 2 |
Amortization, excluding the impact of valuation assumptions review | (13 | ) |  | (26 | )
Amortization, impact of valuation assumptions review | — |  |  | — |
Impact of change in net unrealized (gains) losses on securities | (21 | ) |  | 16 |
Balance at September 30 | $ | 218 |  |  | $ | 268 |

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- Definition Discloses the balances of and changes in deferred acquisition costs and deferred sales inducement costs which may include the capitalization of costs, the amortization of costs and the impact of the change in net unrealized securities (gains) and losses. + References No definition available. + Details
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- References No definition available. + Details
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