Deferred Policy Acquisition Costs and Value of Business Acquired (Tables)

12 Months Ended

Dec. 31, 2021

Deferred Policy Acquisition Costs and Present Value of Future Insurance Profits, Net [Abstract]

Deferred Policy Acquisition Costs and Value of Business Acquired

The following table presents a rollforward of DAC and VOBA for the periods indicated:

	DAC		VOBA			Total
Balance at January 1, 2019	$	536	$	551		$	1,087
Deferrals of commissions and expenses	43		6			49
Amortization:
Amortization, excluding unlocking	(72)		(66)			(138)
Unlocking (1)	2		(2)			—
Interest accrued	35		38		(2)	73
Net amortization included in the Consolidated Statements of Operations	(35)		(30)			(65)
Change in unrealized capital gains/losses on available-for-sale securities	(256)		(222)			(478)
Balance as of December 31, 2019	288		305			593
Impact of ASU 2016-13	2		—			2
Deferrals of commissions and expenses	56		3			59
Amortization:
Amortization, excluding unlocking	(84)		(76)			(160)
Unlocking (1)	(5)		(94)			(99)
Interest accrued	35		32		(2)	67
Net amortization included in the Consolidated Statements of Operations	(54)		(138)			(192)
Change in unrealized capital gains/losses on available-for-sale securities	(170)		(130)			(300)
Balance as of December 31, 2020	122		40			162
Deferrals of commissions and expenses	55		4			59
Amortization:
Amortization, excluding unlocking	(94)		(86)			(180)
Unlocking (1)	6		17			23
Interest accrued	35		25		(2)	60
Net amortization included in the Consolidated Statements of Operations	(53)		(44)			(97)
Change in unrealized capital gains/losses on available-for-sale securities	146		139			285
Balance as of December 31, 2021	$	270	$	139		$	409

(1) DAC/VOBA unlocking includes the impact of annual review of assumptions which typically occurs in the third quarter; and retrospective and prospective unlocking.

(2)     Interest accrued at the following rates for VOBA: 5.5% to 7.0% during 2021, 2020 and 2019.

The estimated amount of VOBA amortization expense, net of interest, during the next five years is presented in the following table. Actual amortization incurred during these years may vary as assumptions are modified to incorporate actual results and/or changes in best estimates of future results.

Intangible Assets Arising from Insurance Contracts Acquired in Business Combination

Year	Amount
2022	$	27
2023	22
2024	17
2025	15
2026	12