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Deferred Policy Acquisition Costs, Deferred Sales Inducements and Liability for Lifetime Income Benefit Riders (Tables) | 12 Months Ended
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Dec. 31, 2022
Insurance [Abstract] |
Rollforward of Deferred Policy Acquisition Costs | Policy acquisition costs deferred and amortized are as follows:
| December 31,
| 2022 |  | 2021 |  | 2020
| (Dollars in thousands)
Balance at beginning of year | $ | 2,222,769 |  |  | $ | 2,225,199 |  |  | $ | 3,033,649 |
Costs deferred during the year: |  |  |  |  |
Commissions | 194,856 |  |  | 303,192 |  |  | 251,428 |
Policy issue costs | 3,767 |  |  | 4,665 |  |  | 3,725 |
Amortization: |  |  |  |  |
Amortization | (558,447) |  |  | (313,990) |  |  | (2,769) |
Impact of unlocking | (56,853) |  |  | 45,662 |  |  | (646,785) |
Effect of net unrealized gains/losses | 1,944,039 |  |  | 299,478 |  |  | (414,049) |
Write-off related to in-force ceded reinsurance | (188,056) |  |  | (341,437) |  |  | — |
Balance at end of year | $ | 3,562,075 |  |  | $ | 2,222,769 |  |  | $ | 2,225,199 |
Rollforward of Deferred Sales Inducements | Sales inducements deferred and amortized are as follows:
| December 31,
| 2022 |  | 2021 |  | 2020
| (Dollars in thousands)
Balance at beginning of year | $ | 1,546,073 |  |  | $ | 1,448,375 |  |  | $ | 2,042,060 |
Costs deferred during the year | 107,691 |  |  | 95,160 |  |  | 93,610 |
Amortization: |  |  |  |  |
Amortization | (362,866) |  |  | (197,799) |  |  | (10,063) |
Impact of unlocking | (45,682) |  |  | 45,107 |  |  | (428,101) |
Effect of net unrealized gains/losses | 1,348,134 |  |  | 155,230 |  |  | (249,131) |
Balance at end of year | $ | 2,593,350 |  |  | $ | 1,546,073 |  |  | $ | 1,448,375 |
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,
| 2022 |  | 2021 |  | 2020
| (Dollars in thousands)
Balance at beginning of year | $ | 2,794,629 |  |  | $ | 2,485,123 |  |  | $ | 1,670,750 |
Benefit expense accrual | 387,821 |  |  | 206,180 |  |  | 311,211 |
Impact of unlocking | (53,042) |  |  | 243,658 |  |  | 285,825 |
Effect of net unrealized gains/losses | (996,876) |  |  | (101,848) |  |  | 217,337 |
Reduction related to in-force ceded reinsurance | (403,406) |  |  | (38,484) |  |  | — |
Claim payments | — |  |  | — |  |  | — |
Balance at end of year | $ | 1,729,126 |  |  | $ | 2,794,629 |  |  | $ | 2,485,123 |

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- Definition Tabular disclosure of the movement in 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 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=35755530&loc=d3e11264-158415 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 40 -Section 65 -Paragraph 2 -Subparagraph (g)(1) -URI https://asc.fasb.org/extlink&oid=124501264&loc=SL117420844-207641 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 30 -Section 50 -Paragraph 2B -URI https://asc.fasb.org/extlink&oid=124505477&loc=SL117422543-158416 Reference 4: http://www.xbrl.org/2003/role/exampleRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 30 -Section 55 -Paragraph 2 -URI https://asc.fasb.org/extlink&oid=124504731&loc=d3e11522-158419 + Details
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- Definition Tabular disclosure of deferred sale inducement cost. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 30 -Section 50 -Paragraph 3 -URI https://asc.fasb.org/extlink&oid=124505477&loc=d3e11332-158416 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 30 -Section 50 -Paragraph 2B -URI https://asc.fasb.org/extlink&oid=124505477&loc=SL117422543-158416 + Details
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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03(13)) -URI https://asc.fasb.org/extlink&oid=126734703&loc=d3e572229-122910 + Details
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