DEFERRED POLICY ACQUISITION COSTS (Tables)

12 Months Ended

Dec. 31, 2021

DEFERRED POLICY ACQUISITION COSTS

Rollforward of DAC

Years Ended December 31,
(in millions)		2021		2020		2019
Balance, beginning of year	$	9,679	$	10,890	$	12,256
Acquisition costs deferred		4,666		4,292		5,403
Amortization expense		(4,562)		(4,188)		(4,993)
Change related to unrealized appreciation (depreciation) of investments		773		(1,116)		(1,758)
Dispositions		-		(298)		-
Other, including foreign exchange		(153)		99		(18)
Balance, end of year(a)	$	10,403	$	9,679	$	10,890

(a)Net of cumulative reductions in DAC of $2.4 billion, $3.1 billion and $2.0 billion at December 31, 2021, 2020 and 2019, respectively, related to the effect of net unrealized gains and losses on available for sale securities.

Years Ended December 31,
(in millions)		2021		2020		2019
Balance, beginning of year	$	126	$	317	$	438
Amortization expense		(11)		(23)		(171)
Change related to unrealized appreciation (depreciation) of investments		-		20		(10)
Dispositions		-		(169)		-
Other, including foreign exchange		(4)		(19)		60
Balance, end of year(a)	$	111	$	126	$	317

(a)Net of cumulative reductions in VOBA of $2 million, $2 million and $22 million at December 31, 2021, 2020 and 2019, respectively, related to the effect of net unrealized gains and losses on available for sale securities.