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Intangible Assets (Tables)
 12 Months Ended
Dec. 31, 2018
Intangible Assets
The following table presents our intangible assets as of December 31:
 
 
 
2018
 
 
2017
 
(Amounts in millions)
 
Gross

carrying

amount
 
 
Accumulated

amortization
 
 
Gross

carrying

amount
 
 
Accumulated

amortization
 
PVFP
 
$
2,115
 
 
$
(1,976
)
 
$
2,046
 
 
$
(1,959
)
Capitalized software
 
 
501
 
 
 
(410
)
 
 
475
 
 
 
(384
)
Deferred sales inducements to contractholders
 
 
318
 
 
 
(243
)
 
 
280
 
 
 
(221
)
Other
 
 
139
 
 
 
(110
)
 
 
130
 
 
 
(81
)
Total
 
$
3,073
 
 
$
(2,739
)
 
$
2,931
 
 
$
(2,645
)
Activity in Present Value of Future Profits
The following table presents the activity in PVFP as of and for the years ended December 31:
 
(Amounts in millions)
 
2018
 
 
2017
 
 
2016
 
Unamortized balance as of January 1
 
$
187
 
 
$
222
 
 
$
205
 
Interest accreted at 5.60%, 5.38% and 5.15%
 
 
10
 
 
 
11
 
 
 
11
 
Amortization
 
 
(27
)
 
 
(46
)
 
 
6
 
Unamortized balance as of December 31
 
 
170
 
 
 
187
 
 
 
222
 
Accumulated effect of net unrealized investment (gains) losses
 
 
(31
)
 
 
(100
)
 
 
(67
)
Balance as of December 31
 
$
139
 
 
$
87
 
 
$
155
 
Percentage of Current PVFP Balance Estimated to be Amortized
The percentage of the December 31, 2018 PVFP balance net of interest accretion, before the effect of unrealized investment gains or losses, estimated to be amortized over each of the next five years is as follows:
 
2019
 
 
5.5
%
2020
 
 
5.3
%
2021
 
 
4.9
%
2022
 
 
4.6
%
2023
 
 
4.2
%