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Deferred Policy Acquisition Costs (Tables)
12 Months Ended
Dec. 31, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Deferred Policy Acquisition Costs
The following table presents a rollforward of DAC:
Years Ended December 31,
(in millions)202220212020
Balance, beginning of year$10,403 $9,679 $10,890 
Acquisition costs deferred4,643 4,666 4,292 
Amortization expense(4,954)(4,562)(4,188)
Change related to unrealized appreciation (depreciation) of investments5,631 773 (1,116)
Dispositions — (298)
Other, including foreign exchange(298)(153)99 
Balance, end of year(a)
$15,425 $10,403 $9,679 
(a)Net of cumulative additions (reductions) in DAC of $3.3 billion, $(2.4) billion and $(3.1) billion at December 31, 2022, 2021 and 2020, respectively, related to the effect of net unrealized gains and losses on available for sale securities.