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Deferred Acquisition Costs and Deferred Sales Inducement Costs | 12 Months Ended
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Dec. 31, 2020
Deferred Charges, Insurers [Abstract] |
Deferred acquisition costs and deferred sales inducement costs [Text Block] | Deferred Acquisition Costs and Deferred Sales Inducement Costs Management updates market-related inputs on a quarterly basis 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 for the year ended December 31, 2020 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 for the year ended December 31, 2019 primarily reflected updated mortality assumptions on UL and 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 impact of unlocking to DAC for the year ended December 31, 2018 primarily reflected improved persistency and mortality on UL and VUL insurance products and a correction related to a variable annuity model assumption partially offset by updates to market-related inputs to the living benefit valuation. The balances of and changes in DAC were as follows:
| 2020 |  | 2019 |  | 2018
(in millions)
Balance at January 1 | $ | 2,698 |  |  | $ | 2,776 |  |  | $ | 2,676 |
Capitalization of acquisition costs | 228 |  |  | 291 |  |  | 318 |
Amortization | (177) |  |  | (165) |  |  | (355) |
Amortization, impact of valuation assumptions review | (100) |  |  | (14) |  |  | 33 |
Impact of change in net unrealized (gains) losses on securities | (117) |  |  | (175) |  |  | 104 |
Disposal of business | — |  |  | (15) |  |  | — |
Balance at December 31 | $ | 2,532 |  |  | $ | 2,698 |  |  | $ | 2,776 |
The balances of and changes in DSIC, which is included in other assets, were as follows:
| 2020 |  | 2019 |  | 2018
(in millions)
Balance at January 1 | $ | 218 |  |  | $ | 251 |  |  | $ | 276 |
Capitalization of sales inducement costs | 1 |  |  | 1 |  |  | 2 |
Amortization | (13) |  |  | (15) |  |  | (43) |
Amortization, impact of valuation assumptions review | (16) |  |  | — |  |  | — |
Impact of change in net unrealized (gains) losses on securities | (1) |  |  | (19) |  |  | 16 |
Balance at December 31 | $ | 189 |  |  | $ | 218 |  |  | $ | 251 |

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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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