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Deferred Policy Acquisition Costs and Deferred Sales Inducements
 3 Months Ended
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 AnnuitiesFixed Rate AnnuitiesSingle Premium Immediate Annuities
(Dollars in thousands)
Balance, beginning of year$2,649,322 $120,105 $4,216 
Capitalizations54,803 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 AnnuitiesFixed Rate AnnuitiesSingle 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)— 
Capitalizations193,988 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, 2023December 31, 2022
(Dollars in thousands)
Fixed Index Annuities$2,643,324 $2,649,322 
Fixed Rate Annuities124,807 120,105 
Single Premium Immediate Annuities4,044 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 AnnuitiesFixed Rate Annuities
(Dollars in thousands)
Balance, beginning of year$2,017,960 $27,723 
Capitalizations45,266 — 
Amortization expense(45,786)(814)
Balance, end of period$2,017,440 $26,909 
Year Ended December 31, 2022
Fixed Index AnnuitiesFixed Rate Annuities
(Dollars in thousands)
Balance, beginning of year$2,088,591 $31,370 
Capitalizations107,683 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, 2023December 31, 2022
(Dollars in thousands)
Fixed Index Annuities$2,017,440 $2,017,960 
Fixed Rate Annuities26,909 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 AnnuitiesFixed Rate AnnuitiesSingle Premium Immediate Annuities
(Dollars in thousands)
Balance, beginning of year$2,649,322 $120,105 $4,216 
Capitalizations54,803 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 AnnuitiesFixed Rate AnnuitiesSingle 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)— 
Capitalizations193,988 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, 2023December 31, 2022
(Dollars in thousands)
Fixed Index Annuities$2,643,324 $2,649,322 
Fixed Rate Annuities124,807 120,105 
Single Premium Immediate Annuities4,044 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 AnnuitiesFixed Rate Annuities
(Dollars in thousands)
Balance, beginning of year$2,017,960 $27,723 
Capitalizations45,266 — 
Amortization expense(45,786)(814)
Balance, end of period$2,017,440 $26,909 
Year Ended December 31, 2022
Fixed Index AnnuitiesFixed Rate Annuities
(Dollars in thousands)
Balance, beginning of year$2,088,591 $31,370 
Capitalizations107,683 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, 2023December 31, 2022
(Dollars in thousands)
Fixed Index Annuities$2,017,440 $2,017,960 
Fixed Rate Annuities26,909 27,723 
Total$2,044,349 $2,045,683