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Deferred Policy Acquisition Costs, Value of Business Acquired and Other Policy-Related Intangibles
 12 Months Ended
Dec. 31, 2020
Deferred Policy Acquisition Costs and Present Value of Future Insurance Profits, Net [Abstract]  
Deferred Policy Acquisition Costs, Value of Business Acquired and Deferred Sales Inducements 4. Deferred Policy Acquisition Costs, Value of Business Acquired and Deferred Sales Inducements
See Note 1 for a description of capitalized acquisition costs.
Information regarding DAC and VOBA was as follows:
Years Ended December 31,
202020192018
(In millions)
DAC:
Balance at January 1,$4,327 $4,518 $5,015 
Capitalizations406 365 319 
Amortization related to net investment gains (losses) and net derivative gains (losses)105 220 (370)
All other amortization(776)(586)(535)
Total amortization(671)(366)(905)
Unrealized investment gains (losses)(192)(190)89 
Balance at December 31,3,870 4,327 4,518 
VOBA:
Balance at January 1,482 568 608 
Amortization related to net investment gains (losses) and net derivative gains (losses)— (1)(1)
All other amortization(25)(28)(105)
Total amortization(25)(29)(106)
Unrealized investment gains (losses)30 (57)66 
Balance at December 31,487 482 568 
Total DAC and VOBA:
Balance at December 31,$4,357 $4,809 $5,086 
Information regarding total DAC and VOBA by segment, as well as Corporate & Other, was as follows at:
December 31,
20202019
(In millions)
Annuities$3,715 $4,168 
Life531 539 
Run-off5 5 
Corporate & Other106 97 
Total$4,357 $4,809 
The estimated future VOBA amortization expense to be reported in other expenses for the next five years is $70 million in 2021, $61 million in 2022, $52 million in 2023, $45 million in 2024 and $39 million in 2025.
Information regarding DSI was as follows:
Years Ended December 31,
202020192018
(In millions)
DSI:
Balance at January 1,$362 $391 $411 
Capitalization2 2 2 
Amortization(69)(36)(39)
Unrealized investment gains (losses)— 5 17 
Balance at December 31,$295 $362 $391