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Deferred Acquisition Costs

12 Months Ended

Dec. 31, 2022

Deferred Acquisition Costs

Deferred Acquisition Costs

7. Deferred Acquisition Costs

Acquisition costs deferred and amortized were as follows:

​

​	​	​	​	​	​	​	​	​	​	​
​	​	For the year ended December 31,								​
​		2022			2021			2020
​	​	(in millions)								​
Balance at beginning of year	​	$	3,757.5	​	$	3,409.7	​	$	3,521.3	​
Costs deferred during the year	​	​	379.0	​	​	461.4	​		457.0	​
Amortized to expense during the year (1)	​	​	(384.4)	​	​	(285.4)	​		(388.1)	​
Adjustment related to unrealized (gains) losses on available-for-sale securities and derivative instruments (2)	​	​	934.8	​	​	171.8	​		(180.5)	​
Balance at end of year	​	$	4,686.9	​	$	3,757.5	​	$	3,409.7	​

(1) Includes adjustments for revisions to estimated gross profits. Amortization for the year ended December 31, 2022, includes the impact from re-cohorting. Refer to Note 1, Nature of Operations and Significant Accounting Policies, under the caption “Actuarial Balance Re-Cohorting” for further details.

(2) The adjustment for the year ended December 31, 2022, includes the impact from re-cohorting. Refer to Note 1, Nature of Operations and Significant Accounting Policies, under the caption “Actuarial Balance Re-Cohorting” for further details.

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- Definition

Disclosure of the reconciliation of deferred acquisition costs from the beginning of a period to the end of a period, including costs capitalized and amortized during the period.

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