Deferred Policy Acquisition Costs and Deferred Sales Inducements (Tables)

12 Months Ended

Dec. 31, 2022

Deferred Charges, Insurers [Abstract]

Rollforward of Deferred Policy Acquisition Costs

	Deferred Policy Acquisition Costs
	Fixed Index Annuities and Fixed Rate Annuities
	(Dollars in thousands)
Pre-adoption 1/1/2021 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:

	December 31, 2022
	Fixed Index Annuities		Fixed Rate Annuities		Single Premium Immediate Annuities		Total
	(Dollars in thousands)
Balance, beginning of year	$	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 year	$	2,649,322	$	120,105	$	4,216	$	2,773,643
	December 31, 2021
	Fixed Index Annuities		Fixed Rate Annuities		Single Premium Immediate Annuities		Total
	(Dollars in thousands)
Balance, beginning of year	$	3,286,059	$	119,805	$	2,641	$	3,408,505
Write-off related to in-force ceded reinsurance	(349,614)		—		—		(349,614)
Capitalizations	250,070		57,344		2,269		309,683
Amortization expense	(279,831)		(25,827)		(712)		(306,370)
Balance, end of year	$	2,906,684	$	151,322	$	4,198	$	3,062,204

Rollforward of Deferred Sales Inducements

	Deferred Sales Inducements
	Fixed Index Annuities and Fixed Rate Annuities
	(Dollars in thousands)
Pre-adoption 1/1/2021 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:

	December 31, 2022
	Fixed Index Annuities		Fixed Rate Annuities		Total
	(Dollars in thousands)
Balance, beginning of year	$	2,088,591	$	31,371	$	2,119,962
Capitalizations	107,684		7		107,691
Amortization expense	(178,315)		(3,655)		(181,970)
Balance, end of year	$	2,017,960	$	27,723	$	2,045,683
	December 31, 2021
	Fixed Index Annuities		Fixed Rate Annuities		Total
	(Dollars in thousands)
Balance, beginning of year	$	2,180,980	$	35,705	$	2,216,685
Capitalizations	95,104		57		95,161
Amortization expense	(187,493)		(4,391)		(191,884)
Balance, end of year	$	2,088,591	$	31,371	$	2,119,962