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Deferred Policy Acquisition Costs, Deferred Sales Inducements and Liability for Lifetime Income Benefit Riders (Tables)
 12 Months Ended
Dec. 31, 2019
Insurance [Abstract]  
Rollforward of Deferred Policy Acquisition Costs
Policy acquisition costs deferred and amortized are as follows:
 
December 31,
 
2019
 
2018
 
2017
 
(Dollars in thousands)
Balance at beginning of year
$
3,535,838

 
$
2,714,523

 
$
2,905,377

Costs deferred during the year:
 
 
 
 
 
Commissions
419,165

 
384,432

 
401,124

Policy issue costs
3,351

 
3,790

 
5,517

Amortization:
 
 
 
 
 
Amortization
(280,699
)
 
(358,563
)
 
(304,162
)
Impact of unlocking
192,982

 
30,572

 
48,198

Effect of net unrealized gains/losses
(947,183
)
 
761,084

 
(341,531
)
Balance at end of year
$
2,923,454

 
$
3,535,838

 
$
2,714,523
Rollforward of Deferred Sales Inducements
Sales inducements deferred and amortized are as follows:
 
December 31,
 
2019
 
2018
 
2017
 
(Dollars in thousands)
Balance at beginning of year
$
2,516,721

 
$
2,001,892

 
$
2,208,218

Costs deferred during the year
177,941

 
179,465

 
216,172

Amortization:
 
 
 
 
 
Amortization
(193,292
)
 
(243,666
)
 
(210,886
)
Impact of unlocking
104,707

 
21,465

 
34,274

Effect of net unrealized gains/losses
(639,354
)
 
557,565

 
(245,886
)
Balance at end of year
$
1,966,723

 
$
2,516,721

 
$
2,001,892
Rollforward of Liability for Lifetime Income Benefit Riders (Net of Coinsurance Ceded)
The following table presents a rollforward of the liability for lifetime income benefit riders (net of coinsurance ceded):
 
December 31,
 
2019
 
2018
 
2017
 
(Dollars in thousands)
Balance at beginning of year
$
808,167

 
$
704,441

 
$
533,391

Benefit expense accrual
179,901

 
157,333

 
149,442

Impact of unlocking
315,383

 
(53,607
)
 
21,608

Claim payments
—

 
—

 
—

Balance at end of year
$
1,303,451

 
$
808,167

 
$
704,441