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

12 Months Ended

Dec. 31, 2021

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,
	2021		2020
	(Dollars In Millions)
Balance, beginning of period	$	1,628	$	1,480
Capitalization of commissions, sales, and issue expenses		550		459
Amortization		(200)		(163)
Change due to unrealized gains and losses		105		(152)
Implementation of ASU 2016‑13		—		4
Balance, end of period	$	2,083	$	1,628

Schedule of balances and changes in VOBA

The balances and changes in VOBA are as follows:

	As of December 31,
	2021		2020
	(Dollars In Millions)
Balance, beginning of period	$	1,792	$	2,040
Amortization		(109)		(45)
Change due to unrealized gains and losses		80		(192)
Other		23		(11)
Balance, end of period	$	1,786	$	1,792

Schedule of estimated amortization of VOBA for the next five years

Based on the balance recorded as of December 31, 2021, the expected amortization of VOBA for the next five years is as follows:

	Expected
Years	Amortization
	(Dollars In Millions)
2022	$	121
2023		123
2024		123
2025		116
2026		99