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Deferred Policy Acquisition Costs, Net | 3 Months Ended
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Jun. 30, 2023
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] |
Deferred Policy Acquisition Costs, Net | Certain costs of acquiring new insurance business are deferred and recorded as an asset. These costs are capitalized on a grouped contract basis and amortized over the expected term of the related contracts, and are essential for the acquisition of new insurance business. Deferred acquisition costs (DAC) are directly related to the successful issuance of an insurance contract, and primarily include sales commissions, policy issue costs, direct to consumer advertising costs, and underwriting costs. Additionally, DAC includes the value of business acquired (VOBA), which are the costs of acquiring blocks of insurance from other companies or through the acquisition of other companies. These costs represent the difference between the fair value of the contractual insurance assets acquired and liabilities assumed, compared against the assets and liabilities for insurance contracts that the Company issues or holds measured in accordance with GAAP. DAC is amortized on a constant-level basis over the expected term of the grouped contracts, with the related expense included in amortization of deferred acquisition costs. The in-force metric used to compute the DAC amortization rate is premium deposit in-force for deferred annuities, policy count in-force for health insurance, and face amount in-force for life insurance. The assumptions used to amortize acquisition costs include mortality, morbidity, and persistency. These assumptions are reviewed at least annually and revised in conjunction with any change in the future policy benefit assumptions. The effect of changes in the assumptions are recognized over the remaining expected contract term as a revision of future amortization amounts. The following tables present a rollforward of deferred policy acquisition costs related to long-duration contracts for the three month periods ended June 30, 2023 and 2022. Three Months Ended June 30, 2023 Payout Annuities Life Insurance Health Insurance Total (Unaudited) (In thousands) Balance, beginning of year $ 55,396 $ 66,954 $ 6,113 $ 128,463 Capitalization 1,951 1,166 61 3,178 Amortization Expense (3,384) (1,944) (190) (5,518) Other, including Experience Adjustment (1,632) (327) (568) (2,527) Balance, end of period $ 52,331 $ 65,849 $ 5,416 $ 123,596 Three Months Ended June 30, 2022 Payout Annuities Life Insurance Health Insurance Total (Unaudited) (In thousands) Balance, beginning of year $ 55,261 $ 67,573 $ 8,596 $ 131,430 Capitalization 4,935 2,340 123 7,398 Amortization Expense (3,584) (2,030) (240) (5,854) Other, including Experience Adjustment (2,362) 852 (308) (1,818) Balance, end of period$ 54,250 $ 68,735 $ 8,171 $ 131,156

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- References No definition available. + Details
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- Definition The entire disclosure for deferred policy acquisition costs. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 30 -URI https://asc.fasb.org/subtopic&trid=4737841 + Details
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