Deferred Policy Acquisition Costs, Deferred Sales Inducements and Liability for Lifetime Income Benefit Riders (Tables)

12 Months Ended

Dec. 31, 2021

Insurance [Abstract]

Rollforward of Deferred Policy Acquisition Costs

Policy acquisition costs deferred and amortized are as follows:

	December 31,
	2021		2020		2019
	(Dollars in thousands)
Balance at beginning of year	$	2,225,199	$	3,033,649	$	3,529,855
Costs deferred during the year:
Commissions	303,192		251,428		419,166
Policy issue costs	4,665		3,725		3,351
Amortization:
Amortization	(313,990)		(2,769)		(280,699)
Impact of unlocking	45,662		(646,785)		192,982
Effect of net unrealized gains/losses	299,478		(414,049)		(831,006)
Write-off related to in-force ceded reinsurance	(341,437)		—		—
Balance at end of year	$	2,222,769	$	2,225,199	$	3,033,649

Rollforward of Deferred Sales Inducements

Sales inducements deferred and amortized are as follows:

	December 31,
	2021		2020		2019
	(Dollars in thousands)
Balance at beginning of year	$	1,448,375	$	2,042,060	$	2,512,590
Costs deferred during the year	95,160		93,610		177,941
Amortization:
Amortization	(197,799)		(10,063)		(193,292)
Impact of unlocking	45,107		(428,101)		104,707
Effect of net unrealized gains/losses	155,230		(249,131)		(559,886)
Balance at end of year	$	1,546,073	$	1,448,375	$	2,042,060

Rollforward of Liability for Lifetime Income Benefit Riders (Net of Coinsurance Ceded)

The following table presents a rollforward of the liability for lifetime income benefit riders (net of coinsurance ceded):

	December 31,
	2021		2020		2019
	(Dollars in thousands)
Balance at beginning of year	$	2,485,123	$	1,670,750	$	790,884
Benefit expense accrual	206,180		311,211		179,901
Impact of unlocking	243,658		285,825		315,383
Effect of net unrealized gains/losses	(101,848)		217,337		384,582
Reduction related to in-force ceded reinsurance	(38,484)		—		—
Claim payments	—		—		—
Balance at end of year	$	2,794,629	$	2,485,123	$	1,670,750