Value of Business Acquired

12 Months Ended

Dec. 31, 2018

Value of Business Acquired

11. Value of Business Acquired

The following changes to the VOBA asset occurred for the years ended December 31, 2018, 2017 and 2016:

($ in thousands)	2018			2017			2016
Balance at beginning of period	$	135,031		$	186,701		$	247,702
Business acquired		—			—			—
Amortized to expense during the year (1)		(26,321	)		(29,827	)		(30,053	)
Adjustment for unrealized investment losses during the year		45,560			(21,843	)		(30,948	)
Balance at end of year	$	154,270		$	135,031		$	186,701

⁽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
2019		13	%
2020		11	%
2021		9	%
2022		8	%
2023 and thereafter		59	%