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DAC, VOBA, DSI and DFEL | 12 Months Ended
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Dec. 31, 2022
DAC, VOBA, DSI and DFEL [Abstract] |
DAC, VOBA, DSI and DFEL | 7. DAC, VO BA, DSI and DFEL Changes in DAC (in millions) were as follows:
| For the Years Ended December 31, |
| 2022 |  | 2021 |  | 2020 |
Balance as of beginning-of-year | $ | 5,888 |  | $ | 5,565 |  | $ | 7,352 |
Cumulative effect from adoption of new accounting |  |  |  |  |  |  |  |  |
standard |  | - |  |  | - |  |  | 5 |
Business acquired (sold) through reinsurance |  | - |  |  | (362 | ) |  | (10 | )
Deferrals |  | 1,372 |  |  | 1,373 |  |  | 1,446 |
Amortization, net of interest: |  |  |  |  |  |  |  |  |
Amortization, excluding unlocking, net of interest |  | (811 | ) |  | (1,001 | ) |  | (796 | )
Unlocking |  | (210 | ) |  | (565 | ) |  | (231 | )
Adjustment related to realized (gains) losses |  | (129 | ) |  | 86 |  |  | (19 | )
Adjustment related to unrealized (gains) losses |  | 6,648 |  |  | 792 |  |  | (2,182 | )
Balance as of end-of-year | $ | 12,758 |  | $ | 5,888 |  | $ | 5,565 |
Changes in VOBA (in millions) were as follows:
| For the Years Ended December 31, |
| 2022 |  | 2021 |  | 2020 |
Balance as of beginning-of-year | $ | 193 |  | $ | 247 |  | $ | 342 |
Business acquired (sold) through reinsurance |  | - |  |  | (288 | ) |  | - |
Deferrals |  | 2 |  |  | - |  |  | 3 |
Amortization: |  |  |  |  |  |  |  |  |
Amortization, excluding unlocking |  | (75 | ) |  | (94 | ) |  | (105 | )
Unlocking |  | 60 |  |  | (7 | ) |  | (205 | )
Accretion of interest (1) |  | 23 |  |  | 33 |  |  | 44 |
Adjustment related to realized (gains) losses |  | (2 | ) |  | (3 | ) |  | - |
Adjustment related to unrealized (gains) losses |  | 629 |  |  | 305 |  |  | 168 |
Balance as of end-of-year | $ | 830 |  | $ | 193 |  | $ | 247 |
(1)The interest accrual rates utilized to calculate the accretion of interest ranged from 4.2% to 6.9%. Estimated future amortization of VOBA, net of interest (in millions), as of December 31, 2022, was as follows:
2023 | $ | 33 |
2024 |  | 35 |
2025 |  | 34 |
2026 |  | 33 |
2027 |  | 31 |
Changes in DSI (in millions) were as follows:
| For the Years Ended December 31, |
| 2022 |  | 2021 |  | 2020 |
Balance as of beginning-of-year | $ | 203 |  | $ | 213 |  | $ | 234 |
Deferrals |  | 6 |  |  | 5 |  |  | 7 |
Amortization, net of interest: |  |  |  |  |  |  |  |  |
Amortization, excluding unlocking, net of interest |  | (15 | ) |  | (26 | ) |  | (20 | )
Unlocking |  | 2 |  |  | - |  |  | (1 | )
Adjustment related to realized (gains) losses |  | (2 | ) |  | 3 |  |  | (1 | )
Adjustment related to unrealized (gains) losses |  | 21 |  |  | 8 |  |  | (6 | )
Balance as of end-of-year | $ | 215 |  | $ | 203 |  | $ | 213 |
Changes in DFEL (in millions) were as follows:
| For the Years Ended December 31, |
| 2022 |  | 2021 |  | 2020 |
Balance as of beginning-of-year | $ | 415 |  | $ | 401 |  | $ | 650 |
Cumulative effect from adoption of new accounting |  |  |  |  |  |  |  |  |
standard |  | - |  |  | - |  |  | 4 |
Business acquired (sold) through reinsurance |  | - |  |  | (290 | ) |  | - |
Deferrals |  | 1,083 |  |  | 1,015 |  |  | 1,003 |
Amortization, net of interest: |  |  |  |  |  |  |  |  |
Amortization, excluding unlocking, net of interest |  | (565 | ) |  | (595 | ) |  | (538 | )
Unlocking |  | (49 | ) |  | (387 | ) |  | (275 | )
Adjustment related to realized (gains) losses |  | (35 | ) |  | (10 | ) |  | 25 |
Adjustment related to unrealized (gains) losses |  | 4,820 |  |  | 281 |  |  | (468 | )
Balance as of end-of-year | $ | 5,669 |  | $ | 415 |  | $ | 401 |

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