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

12 Months Ended

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

X

- Definition

Tabular disclosure of the movement in deferred policy acquisition costs.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
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Tabular disclosure of deferred sale inducement cost.

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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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