Intangible Assets

12 Months Ended

Dec. 31, 2021

(7) Intangible Assets

The following table presents our intangible assets as of December 31:


	2021					2020
(Amounts in millions)	Gross carrying amount		Accumulated amortization			Gross carrying amount		Accumulated amortization
PVFP	$	2,065	$	(1,994	)	$	2,065	$	(1,992	)
Capitalized software		465		(403	)		457		(385	)
Deferred sales inducements to contractholders		295		(288	)		284		(274	)
Other		159		(156	)		157		(155	)

Total	$	2,984	$	(2,841	)	$	2,963	$	(2,806	)

Amortization expense related to PVFP, capitalized software and other intangible assets for the years ended December 31, 2021, 2020 and 2019 was $30 million, $26 million and $44 million, respectively. Amortization expense related to deferred sales inducements of $14 million, $16 million and $15 million, respectively, for the years ended December 31, 2021, 2020 and 2019 was included in benefits and other changes in policy reserves.

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)	2021			2020			2019
Unamortized balance as of January 1	$	154		$	154		$	170
Interest accreted at 5.23%, 5.19% and 5.56%		8			8			9
Amortization		(10	)		(8	)		(25	)

Unamortized balance as of December 31		152			154			154
Accumulated effect of net unrealized investment (gains) losses		(81	)		(81	)		(80	)

Balance as of December 31	$	71		$	73		$	74

We regularly review our assumptions and periodically test PVFP for recoverability in a manner similar to our treatment of DAC. As of December 31, 2021, 2020 and 2019 we believe all of our businesses have sufficient future income and therefore the related PVFP is recoverable.

The percentage of the December 31, 2021 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:


2022	4.2	%
2023	4.2	%
2024	4.2	%
2025	4.0	%
2026	5.0	%

Amortization expense for PVFP in future periods will be affected by acquisitions, dispositions, net investment gains (losses) or other factors affecting the ultimate amount of gross profits realized from certain lines of business. Similarly, future amortization expense for other intangibles will depend on future acquisitions, dispositions and other business transactions.