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Value of Business Acquired, Deferred Acquisition Costs and Deferred Sales Inducements
 6 Months Ended
Jun. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
Value of Business Acquired, Deferred Acquisition Costs and Deferred Sales Inducements Value of Business Acquired, Deferred Acquisition Costs and Deferred Sales Inducements
A summary of the changes in the carrying amounts of our VOBA, DAC and DSI intangible assets is as follows (in millions):
VOBADACDSITotal
Balance at January 1, 2022$1,185 $761 $88 $2,034 
Deferrals— 334 38 372 
Amortization(177)(80)(25)(282)
Interest13 12 1 26 
Unlocking2 (1)5 6 
Adjustment for net unrealized investment (gains) losses 577 156 49 782 
Balance at June 30, 2022$1,600 $1,182 $156 $2,938 
VOBADACDSITotal
Balance at January 1, 2021$1,466 $222 $36 $1,724 
Deferrals— 278 44 322 
Amortization(204)(16)(12)(232)
Interest15 5 — 20 
Unlocking16 — 1 17 
Adjustment for net unrealized investment (gains) losses (15)(27)(5)(47)
Purchase price allocation adjustments61 — — 61 
Balance at June 30, 2021$1,339 $462 $64 $1,865 

Amortization of VOBA, DAC, and DSI is based on the current and future expected gross margins or profits recognized, including investment gains and losses. The interest accrual rate utilized to calculate the accretion of interest on VOBA ranged from 0% to 4.71%. The adjustment for unrealized net investment losses (gains) represents the amount of VOBA, DAC, and DSI that would have been amortized if such unrealized gains and losses had been recognized. This is referred to as the “shadow adjustments” as the additional amortization is reflected in AOCI rather than the unaudited Condensed Consolidated Statements of Earnings. As of June 30, 2022 and June 30, 2021, the VOBA balances included cumulative adjustments for net unrealized investment gains (losses) of $(345) million and $298 million, respectively, the DAC balances included cumulative adjustments for net unrealized investment gains (losses) of $(117) million and $53 million, respectively, and the DSI balance included net unrealized investment gains (losses) of $(42) million and $10 million, respectively.
For the in-force liabilities as of June 30, 2022, the estimated amortization expense for VOBA in future fiscal periods is as follows (in millions):
Estimated Amortization Expense
Fiscal Year
2022$(17)
202386 
2024177 
2025161 
2026145 
Thereafter703