Deferred Acquisition Costs

12 Months Ended

Dec. 31, 2022

Deferred Acquisition Costs

Deferred Acquisition Costs

8. Deferred Acquisition Costs

Acquisition costs deferred and amortized were as follows:

	For the year ended December 31,
	2022		2021		2020
	(in millions)
Balance at beginning of year	$	3,749.1	$	3,398.5	$	3,509.9
Costs deferred during the year		378.9		461.2		456.6
Amortized to expense during the year(1)		(383.4)		(284.2)		(386.9)
Adjustment related to unrealized (gains) losses on available-for-sale securities and derivative instruments(2)		934.8		173.6		(181.1)
Balance at end of year	$	4,679.4	$	3,749.1	$	3,398.5

(1) Includes adjustments for revisions to estimated gross profits. Amortization for the year ended December 31, 2022, includes the impact from re-cohorting. Refer to Note 1, Nature of Operations and Significant Accounting Policies, under the caption “Actuarial Balance Re-Cohorting” for further details.

(2) The adjustment for the year ended December 31, 2022, includes the impact from re-cohorting. Refer to Note 1, Nature of Operations and Significant Accounting Policies, under the caption “Actuarial Balance Re-Cohorting” for further details.