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Deferred Policy Acquisition Costs and Deferred Sales Inducements (Tables) | 3 Months Ended
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Mar. 31, 2023
Deferred Charges, Insurers [Abstract] |
Deferred Policy Acquisition Costs |
| Deferred Policy Acquisition Costs
| Fixed Index Annuities and Fixed Rate Annuities
| (Dollars in thousands)
Pre-adoption 12/31/2020 balance | $ | 2,225,199 |
Adjustments for the removal of shadow adjustments | 1,183,306 |
Post adoption 1/1/2021 balance | $ | 3,408,505 |
The following tables present the balances and changes in deferred policy acquisition costs:
| Three Months Ended March 31, 2023
| Fixed Index Annuities |  | Fixed Rate Annuities |  | Single Premium Immediate Annuities
| (Dollars in thousands)
Balance, beginning of year | $ | 2,649,322 |  |  | $ | 120,105 |  |  | $ | 4,216 |
Capitalizations | 54,803 |  |  | 11,949 |  |  | 16 |
Amortization expense | (60,801) |  |  | (7,247) |  |  | (188) |
Balance, end of period | $ | 2,643,324 |  |  | $ | 124,807 |  |  | $ | 4,044 |
| Year Ended December 31, 2022
| Fixed Index Annuities |  | Fixed Rate Annuities |  | Single Premium Immediate Annuities
| (Dollars in thousands)
Balance, beginning of year | $ | 2,906,684 |  |  | $ | 151,322 |  |  | $ | 4,198 |
Write-off related to in-force ceded reinsurance | (196,417) |  |  | (7,209) |  |  | — |
Capitalizations | 193,988 |  |  | 4,424 |  |  | 663 |
Amortization expense | (254,933) |  |  | (28,432) |  |  | (645) |
Balance, end of period | $ | 2,649,322 |  |  | $ | 120,105 |  |  | $ | 4,216 |
The reconciliation of the deferred policy acquisition costs to the deferred policy acquisition costs in the consolidated balance sheets is as follows:
| Deferred Policy Acquisitions Costs
| March 31, 2023 |  | December 31, 2022
| (Dollars in thousands)
Fixed Index Annuities | $ | 2,643,324 |  |  | $ | 2,649,322 |
Fixed Rate Annuities | 124,807 |  |  | 120,105 |
Single Premium Immediate Annuities | 4,044 |  |  | 4,216 |
Total | $ | 2,772,175 |  |  | $ | 2,773,643 |
Deferred Sale Inducement Cost |
| Deferred Sales Inducements
| Fixed Index Annuities and Fixed Rate Annuities
| (Dollars in thousands)
Pre-adoption 12/31/2020 balance | $ | 1,448,375 |
Adjustments for the removal of shadow adjustments | 768,310 |
Post adoption 1/1/2021 balance | $ | 2,216,685 |
The following tables present the balances and changes in deferred sales inducements:
| Three Months Ended March 31, 2023
| Fixed Index Annuities |  | Fixed Rate Annuities
| (Dollars in thousands)
Balance, beginning of year | $ | 2,017,960 |  |  | $ | 27,723 |
Capitalizations | 45,266 |  |  | — |
Amortization expense | (45,786) |  |  | (814) |
Balance, end of period | $ | 2,017,440 |  |  | $ | 26,909 |
| Year Ended December 31, 2022
| Fixed Index Annuities |  | Fixed Rate Annuities
| (Dollars in thousands)
Balance, beginning of year | $ | 2,088,591 |  |  | $ | 31,370 |
Capitalizations | 107,683 |  |  | 8 |
Amortization expense | (178,314) |  |  | (3,655) |
Balance, end of period | $ | 2,017,960 |  |  | $ | 27,723 |
The reconciliation of the deferred sales inducements to the deferred sales inducements in the consolidated balance sheets is as follows:
| Deferred Sales Inducements
| March 31, 2023 |  | December 31, 2022
| (Dollars in thousands)
Fixed Index Annuities | $ | 2,017,440 |  |  | $ | 2,017,960 |
Fixed Rate Annuities | 26,909 |  |  | 27,723 |
Total | $ | 2,044,349 |  |  | $ | 2,045,683 |

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