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Deferred Policy Acquisition Costs, Deferred Sales Inducements and Liability for Lifetime Income Benefit Riders (Tables)

12 Months Ended

Dec. 31, 2020

Insurance [Abstract]

Rollforward of Deferred Policy Acquisition Costs

Policy acquisition costs deferred and amortized are as follows:

			December 31,
			2020						2019						2018
			(Dollars in thousands)
Balance at beginning of year			$	2,923,454					$	3,535,838					$	2,714,523
Costs deferred during the year:
Commissions			251,429						419,165						384,432
Policy issue costs			3,725						3,351						3,790
Amortization:
Amortization			(2,769)						(280,699)						(358,563)
Impact of unlocking			(646,785)						192,982						30,572
Effect of net unrealized gains/losses			(483,242)						(947,183)						761,084
Balance at end of year			$	2,045,812					$	2,923,454					$	3,535,838

Rollforward of Deferred Sales Inducements

Sales inducements deferred and amortized are as follows:

			December 31,
			2020						2019						2018
			(Dollars in thousands)
Balance at beginning of year			$	1,966,723					$	2,516,721					$	2,001,892
Costs deferred during the year			93,610						177,941						179,465
Amortization:
Amortization			(10,063)						(193,292)						(243,666)
Impact of unlocking			(428,101)						104,707						21,465
Effect of net unrealized gains/losses			(293,312)						(639,354)						557,565
Balance at end of year			$	1,328,857					$	1,966,723					$	2,516,721

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,
			2020						2019						2018
			(Dollars in thousands)
Balance at beginning of year			$	1,303,451					$	808,167					$	704,441
Benefit expense accrual			311,211						179,901						157,333
Impact of unlocking			285,825						315,383						(53,607)
Claim payments			—						—						—
Balance at end of year			$	1,900,487					$	1,303,451					$	808,167

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Tabular disclosure of the movement in deferred policy acquisition costs.

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The entire disclosure for the present values of future benefits to be paid to or on behalf of policyholders and related expenses less the present value of future net premiums using assumptions such as estimates of expected investment yields, mortality, morbidity, terminations and expenses, applicable at the time the insurance contracts are made and unpaid claim costs relating to insurance contracts including estimates of costs relating to incurred but not reported claims based on the estimated ultimate cost of settling the claims (including effects of inflation and other societal and economic factors), using past experience adjusted for current trends and any other factors that would modify past experience by element such as business segment, country and interest rate range.

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