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Deferred Policy Acquisition Costs and Deferred Sales Inducements | 6 Months Ended
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Jun. 30, 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:
| Six Months Ended June 30, 2023
| Fixed Index Annuities |  | Fixed Rate Annuities |  | Single Premium Immediate Annuities |  | Total
| (Dollars in thousands)
Balance, beginning of period | $ | 2,649,322 |  |  | $ | 120,105 |  |  | $ | 4,216 |  |  | $ | 2,773,643 |
Capitalizations | 189,581 |  |  | 16,079 |  |  | 23 |  |  | 205,683 |
Amortization expense | (121,769) |  |  | (14,600) |  |  | (342) |  |  | (136,711) |
Balance, end of period | $ | 2,717,134 |  |  | $ | 121,584 |  |  | $ | 3,897 |  |  | $ | 2,842,615 |
| Year Ended December 31, 2022
| Fixed Index Annuities |  | Fixed Rate Annuities |  | Single Premium Immediate Annuities |  | Total
| (Dollars in thousands)
Balance, beginning of period | $ | 2,906,684 |  |  | $ | 151,322 |  |  | $ | 4,198 |  |  | $ | 3,062,204 |
Write-off related to in-force ceded reinsurance | (196,417) |  |  | (7,209) |  |  | — |  |  | (203,626) |
Capitalizations | 193,989 |  |  | 4,424 |  |  | 663 |  |  | 199,076 |
Amortization expense | (254,934) |  |  | (28,432) |  |  | (645) |  |  | (284,011) |
Balance, end of period | $ | 2,649,322 |  |  | $ | 120,105 |  |  | $ | 4,216 |  |  | $ | 2,773,643 |
Deferred Sales Inducements The following tables present the balances and changes in deferred sales inducements:
| Six Months Ended June 30, 2023
| Fixed Index Annuities |  | Fixed Rate Annuities |  | Total
| (Dollars in thousands)
Balance, beginning of period | $ | 2,017,960 |  |  | $ | 27,723 |  |  | $ | 2,045,683 |
Capitalizations | 182,123 |  |  | — |  |  | 182,123 |
Amortization expense | (91,964) |  |  | (1,588) |  |  | (93,552) |
Balance, end of period | $ | 2,108,119 |  |  | $ | 26,135 |  |  | $ | 2,134,254 |
| Year Ended December 31, 2022
| Fixed Index Annuities |  | Fixed Rate Annuities |  | Total
| (Dollars in thousands)
Balance, beginning of period | $ | 2,088,591 |  |  | $ | 31,370 |  |  | $ | 2,119,961 |
Capitalizations | 107,684 |  |  | 8 |  |  | 107,692 |
Amortization expense | (178,315) |  |  | (3,655) |  |  | (181,970) |
Balance, end of period | $ | 2,017,960 |  |  | $ | 27,723 |  |  | $ | 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:
| Six Months Ended June 30, 2023
| Fixed Index Annuities |  | Fixed Rate Annuities |  | Single Premium Immediate Annuities |  | Total
| (Dollars in thousands)
Balance, beginning of period | $ | 2,649,322 |  |  | $ | 120,105 |  |  | $ | 4,216 |  |  | $ | 2,773,643 |
Capitalizations | 189,581 |  |  | 16,079 |  |  | 23 |  |  | 205,683 |
Amortization expense | (121,769) |  |  | (14,600) |  |  | (342) |  |  | (136,711) |
Balance, end of period | $ | 2,717,134 |  |  | $ | 121,584 |  |  | $ | 3,897 |  |  | $ | 2,842,615 |
| Year Ended December 31, 2022
| Fixed Index Annuities |  | Fixed Rate Annuities |  | Single Premium Immediate Annuities |  | Total
| (Dollars in thousands)
Balance, beginning of period | $ | 2,906,684 |  |  | $ | 151,322 |  |  | $ | 4,198 |  |  | $ | 3,062,204 |
Write-off related to in-force ceded reinsurance | (196,417) |  |  | (7,209) |  |  | — |  |  | (203,626) |
Capitalizations | 193,989 |  |  | 4,424 |  |  | 663 |  |  | 199,076 |
Amortization expense | (254,934) |  |  | (28,432) |  |  | (645) |  |  | (284,011) |
Balance, end of period | $ | 2,649,322 |  |  | $ | 120,105 |  |  | $ | 4,216 |  |  | $ | 2,773,643 |
Deferred Sales Inducements The following tables present the balances and changes in deferred sales inducements:
| Six Months Ended June 30, 2023
| Fixed Index Annuities |  | Fixed Rate Annuities |  | Total
| (Dollars in thousands)
Balance, beginning of period | $ | 2,017,960 |  |  | $ | 27,723 |  |  | $ | 2,045,683 |
Capitalizations | 182,123 |  |  | — |  |  | 182,123 |
Amortization expense | (91,964) |  |  | (1,588) |  |  | (93,552) |
Balance, end of period | $ | 2,108,119 |  |  | $ | 26,135 |  |  | $ | 2,134,254 |
| Year Ended December 31, 2022
| Fixed Index Annuities |  | Fixed Rate Annuities |  | Total
| (Dollars in thousands)
Balance, beginning of period | $ | 2,088,591 |  |  | $ | 31,370 |  |  | $ | 2,119,961 |
Capitalizations | 107,684 |  |  | 8 |  |  | 107,692 |
Amortization expense | (178,315) |  |  | (3,655) |  |  | (181,970) |
Balance, end of period | $ | 2,017,960 |  |  | $ | 27,723 |  |  | $ | 2,045,683 |

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- Definition The entire disclosure for deferred policy acquisition costs. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 944 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//944-30/tableOfContent + Details
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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 -Topic 944 -SubTopic 20 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479735/944-20-S99-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 2A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479432/944-30-50-2A Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//944-30/tableOfContent + Details
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