Value of Business Acquired

12 Months Ended

Dec. 31, 2017

Value of Business Acquired

11. Value of Business Acquired

The following changes to the VOBA asset occurred for the years ended December 31, 2017, 2016 and 2015:

($ in thousands)	2017			2016			2015
Balance at beginning of period	$	186,701		$	247,702		$	231,521
Business acquired		—			—			—
Amortized to expense during the year (1)		(29,827	)		(30,053	)		(40,880	)
Adjustment for unrealized investment losses during the year		(21,843	)		(30,948	)		57,061
Balance at end of year	$	135,031		$	186,701		$	247,702

⁽¹⁾  Amount is included in Operating and acquisition expenses on the Consolidated Statements of Operations and Other Comprehensive Income (Loss)

The estimated percentages of the VOBA balance to be amortized for the years indicated were as follows:

	VOBA Amortization
2018		13	%
2019		11	%
2020		9	%
2021		8	%
2022 and thereafter		59	%