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Deferred Policy Acquisition Costs
 12 Months Ended
Dec. 31, 2021
Deferred Policy Acquisition Costs Disclosures [Abstract]  
Deferred Policy Acquisition Costs DEFERRED POLICY ACQUISITION COSTS
The following reflects the amounts of policy acquisition costs deferred and amortized (dollars in millions): 
Years ended December 31,202120202019
Balance, beginning of year$3,616 $3,512 $3,398 
Capitalization541 478 526 
Amortization (including interest)(496)(405)(315)
Change in value of embedded derivatives(36)22 (15)
Attributed to unrealized investment gains (losses)33 (26)(97)
Foreign currency translation32 35 15 
Balance, end of year$3,690 $3,616 $3,512 
Some reinsurance agreements involve reimbursing the ceding company for allowances and commissions in excess of first-year premiums. These amounts represent acquisition costs and are capitalized to the extent deemed recoverable from the future premiums and amortized against future profits of the business. This type of agreement presents a risk to the extent that the business lapses faster than originally anticipated, resulting in future profits being insufficient to recover the Company’s investment.