DEFERRED POLICY ACQUISITION COSTS AND VALUE OF BUSINESS ACQUIRED (Tables)

12 Months Ended

Dec. 31, 2020

Deferred Policy Acquisition Costs and Present Value of Future Insurance Profits, Net [Abstract]

Schedule of balances and changes in DAC

The balances and changes in DAC are as follows:

	As of December 31,
	2020		2019
	(Dollars In Thousands)
Balance, beginning of period	$	1,479,531	$	1,348,613
Capitalization of commissions, sales, and issue expenses	458,702		407,556
Amortization	(163,042)		(157,280)
Change due to unrealized gains and losses	(151,960)		(119,358)
Implementation of ASU 2016-13	4,628		—
Balance, end of period	$	1,627,859	$	1,479,531

Schedule of balances and changes in VOBA

The balances and changes in VOBA are as follows:

	As of December 31,
	2020		2019
	(Dollars In Thousands)
Balance, beginning of period	$	2,040,024	$	1,677,717
Acquisitions	—		551,892
Amortization	(45,430)		(18,373)
Change due to unrealized gains and losses	(192,129)		(171,212)
Other	(10,640)		—
Balance, end of period	$	1,791,825	$	2,040,024

Schedule of estimated amortization of VOBA for the next five years

Based on the balance recorded as of December 31, 2020, the expected amortization of VOBA for the next five years is as follows:

	Expected
Years	Amortization
	(Dollars In Thousands)
2021	$	128,153
2022	120,956
2023	122,596
2024	121,453
2025	111,926