Deferred Policy Acquisition Costs

12 Months Ended

Dec. 31, 2020

Deferred Policy Acquisition Costs Disclosures [Abstract]

Deferred Policy Acquisition Costs

DEFERRED POLICY ACQUISITION COSTS

The balances of and changes in DAC as of and for the years ended December 31, are as follows:

	2020		2019		2018
	(in thousands)
Balance, beginning of year	$	4,455,683	$	4,447,505	$	4,596,565
Capitalization of commissions, sales and issue expenses	339,151		412,627		372,996
Amortization-Impact of assumption and experience unlocking and true-ups	169,731		245,276		(113,534)
Amortization-All other	(573,745)		(518,129)		(476,261)
Change due to unrealized investment gains and losses	(154,488)		(131,596)		67,739
Other(1)	1,448		0		0
Balance, end of year	$	4,237,780	$	4,455,683	$	4,447,505

(1) Represents the impact of the January 1, 2020 adoption of ASU 2016-13. See Note 2 for details.