Deferred Policy Acquisition Costs, Deferred Reinsurance Losses, Deferred Reinsurance Gains And Deferred Sales Inducements (Tables)

12 Months Ended

Dec. 31, 2022

Deferred Charges, Insurers [Abstract]

Deferred Policy Acquisition Costs

The following tables show a rollforward for the lines of business that contain DAC balances, along with a reconciliation to the Company's total DAC balance: 

	Fixed Annuities		Variable Annuities		Term Life		Variable / Universal Life		Total
	(in thousands)
Balance, January 1, 2021	$	0	$	0	$	462,099	$	2,030,983	$	2,493,082
Capitalization	576		32,590		168,760		653,864		855,790
Amortization expense	(1,008)		(146,952)		(53,775)		(123,860)		(325,595)
Other(1)	84,913		3,921,094		0		24		4,006,031
Balance, December 31, 2021	$	84,481	$	3,806,732	$	577,084	$	2,561,011	$	7,029,308
Capitalization	31,494		270,864		127,541		532,678		962,577
Amortization expense	(13,724)		(341,142)		(55,423)		(109,987)		(520,276)
Other(2)	0		0		(365)		(540,819)		(541,184)
Balance, December 31, 2022	$	102,251	$	3,736,454	$	648,837	$	2,442,883	$	6,930,425

(1)    Includes the impact of the 2021 Variable Annuities Recapture as well as the assuming of DAC upon Affiliated Reinsurance Agreement with FLIAC within Fixed Annuities. See Note 1 and Note 11 for additional information.

(2)    Includes the impact of the reinsurance agreement with Lotus Re. See Note 11 for additional information.

	2020
	(in thousands)
Balance, beginning of year	$	1,855,698
Capitalization of commissions, sales and issue expenses	758,469
Amortization-Impact of assumption and experience unlocking and true-ups	(27,844)
Amortization-All other	(112,718)
Change due to unrealized investment gains and losses	(39,861)
Other(1)	192
Balance, end of year	2,433,936
Transition adjustments(2)	59,146
Balance after transition, January 1, 2021	$	2,493,082

(1)    Represents the impact of the January 1, 2020 adoption of ASU 2016-13.

(2)    Adjustments for the implementation of ASU 2018-12: Targeted Improvements to the Accounting for Long-Duration Contracts.

Deferred Reinsurance Losses

The following tables show a rollforward for the lines of business that contain DRL balances, along with a reconciliation to the Company's total DRL balance:

	December 31, 2022
	Variable Annuities		Term Life		Total
	(in thousands)
Balance, beginning of period	$	254,577	$	78,426	$	333,003
Amortization expense	(31,057)		(9,048)		(40,105)
Other	(5)		0		(5)
Balance, end of period	$	223,515	$	69,378	$	292,893

	December 31, 2021
	Variable Annuities		Term Life		Total
	(in thousands)
Balance, beginning of period	$	274,415	$	87,932	$	362,347
Amortization expense	(14,847)		(9,506)		(24,353)
Other	(4,991)		0		(4,991)
Balance, end of period	$	254,577	$	78,426	$	333,003

Deferred Reinsurance Gains

The following tables show a rollforward for the lines of business that contain DRG balances, along with a reconciliation to the Company's total DRG balance:

	December 31, 2022
	Variable / Universal Life		Fixed Annuities		Total
			(in thousands)
Balance, beginning of period	$	174,598	$	78,138	$	252,736
Amortization	(79,952)		(6,437)		(86,389)
Other(1)	1,340,312		(13,803)		1,326,509
Balance, end of period	$	1,434,958	$	57,898	$	1,492,856

(1)    Includes $1,352 million deferred gain related to the reinsurance agreement with Lotus Re, entered into January 1, 2022.

	December 31, 2021
	Variable / Universal Life		Fixed Annuities		Total
			(in thousands)
Balance, beginning of period	$	174,259	$	0	$	174,259
Amortization	(7,365)		(657)		(8,022)
Other(1)	7,704		78,795		86,499
Balance, end of period	$	174,598	$	78,138	$	252,736

(1)    Includes the impact of the 2021 Variable Annuities Recapture.

Deferred Sales Inducements

The following table shows a rollforward of DSI balances for variable annuity products, which is the only line of business that contains a DSI balance, along with a reconciliation to the Company's total DSI balance:

	December 31, 2022		December 31, 2021
	Variable Annuities
	(in thousands)
Balance, beginning of period	$	414,619	$	0
Capitalization	676		167
Amortization expense	(33,791)		(17,885)
Other adjustments(1)	0		432,337
Balance, end of period	$	381,504	$	414,619

(1)    Other adjustments includes the impact of the 2021 Variable Annuities Recapture.