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v3.23.1

Deferred Policy Acquisition Costs and Deferred Sales Inducements | 3 Months Ended
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Mar. 31, 2023
Deferred Charges, Insurers [Abstract] |
Deferred Policy Acquisition Costs and Deferred Sales Inducements | Deferred Policy Acquisition Costs and Deferred Sales Inducements Deferred Policy Acquisition Costs 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 Sales Inducements 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 |
Deferred Policy Acquisition Costs and Deferred Sales Inducements | Deferred Policy Acquisition Costs and Deferred Sales Inducements Deferred Policy Acquisition Costs 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 Sales Inducements 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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- Definition The entire disclosure for cost related directly to successful acquisition of new and renewal of insurance contract. Includes, but is not limited to, deferred policy acquisition cost, deferred sale inducement cost, and present value of future profit of insurance contract acquired in business combination. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 30 -URI https://asc.fasb.org/subtopic&trid=4737841 + Details
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