
	Individual Retirement		Group Retirement		Life Insurance		Institutional Markets		Total
(in millions)


Pre-adoption December 31, 2020 DAC balance	$	2,426	$	560	$	4,229	$	26	$	7,241
Adjustments for the removal of related balances in Accumulated other comprehensive income originating from unrealized gains (losses)	2,050		533		544		7		3,134
Post-adoption January 1, 2021 DAC balance	$	4,476	$	1,093	$	4,773	$	33	$	10,375

Prior to the adoption of LDTI, DAC for investment-oriented products included the effect of unrealized gains or losses on fixed maturity securities classified as available for sale. At the transition date, these adjustments were removed with a corresponding offset in AOCI. As the available for sale portfolio was in an unrealized gain position as of the transition date, the adjustment for removal of related balances in AOCI originating from unrealized gains (losses) balances were reducing DAC.


	Individual Retirement			Group Retirement		Life Insurance		Total
(in millions)


Pre-adoption December 31, 2020 VOBA balance		$	3	$	1	$	118	$	122
Adjustments for the removal of related balances in accumulated other comprehensive income originating from unrealized gains (losses)		—		—		3		3
Post-adoption January 1, 2021 VOBA balance		$	3	$	1	$	121	$	125

The following table presents a rollforward of deferred policy acquisition costs related to long-duration contracts for the years ended December 31, 2022*, 2021*, and 2020:


Year Ended December 31, 2022	Individual Retirement		Group Retirement		Life Insurance		Institutional Markets		Total
(in millions)


Balance, beginning of year	$	4,604	$	1,078	$	4,765	$	38	$	10,485
Capitalization	562		62		414		21		1,059
Amortization expense	(523)		(80)		(401)		(7)		(1,011)
Other, including foreign exchange	—		—		(60)		(1)		(61)
Balance, end of year	$	4,643	$	1,060	$	4,718	$	51	$	10,472
Value of Business Acquired	3		1		87		—		91

Deferred policy acquisition costs and value of business acquired	$	4,646	$	1,061	$	4,805	$	51	$	10,563


Year Ended December 31, 2021	Individual Retirement		Group Retirement		Life Insurance		Institutional Markets		Total
(in millions)
Balance, beginning of year	$	4,476	$	1,093	$	4,773	$	33	$	10,375
Capitalization	579		63		404		10		1,056
Amortization expense	(451)		(78)		(406)		(6)		(941)
Other, including foreign exchange	—		—		(6)		1		(5)
Balance, end of year	$	4,604	$	1,078	$	4,765	$	38	$	10,485
Value of Business Acquired	3		1		109		—		113

Deferred policy acquisition costs and value of business acquired	$	4,607	$	1,079	$	4,874	$	38	$	10,598


Year Ended December 31,	2020
(in millions)


Balance, beginning of year	$	7,939
Impact of CECL adoption	15
Capitalizations	889
Amortization expense	(532)
Change related to unrealized appreciation (depreciation) of investments	(1,085)
Other, including foreign exchange	15
Balance, end of year	$	7,241

*The results for the years ended December 31, 2022 and 2021 have been updated to reflect the adoption of LDTI. No updates have been made to the results for the year ended December 31, 2020 as our effective date for LDTI adoption was January 1, 2021.


Year Ended December 31, 2022	Individual Retirement			Group Retirement		Life Insurance		Total
(in millions)


Balance, beginning of year		$	3	$	1	$	109	$	113

Amortization expense		—		—		(9)		(9)


Other, including foreign exchange		—		—		(13)		(13)
Balance, end of year		$	3	$	1	$	87	$	91


Year Ended December 31, 2021	Individual Retirement			Group Retirement		Life Insurance		Total
(in millions)


Balance, beginning of year		$	3	$	1	$	121	$	125

Amortization expense		—		—		(10)		(10)


Other, including foreign exchange		—		—		(2)		(2)
Balance, end of year		$	3	$	1	$	109	$	113


Year Ended December 31,	2020
(in millions)
Balance, beginning of year	$	130

Amortization expense	(11)
Change related to unrealized appreciation (depreciation) of investments	2
Other, including foreign exchange	1
Balance, end of year	$	122

The following table presents the transition rollforward for deferred sales inducement assets for long-duration contracts:


(in millions)	Individual Retirement		Group Retirement		Total

Pre-adoption December 31, 2020 deferred sales inducement assets balance	$	194	$	91	$	285
Adjustments for the removal of related balances in Accumulated other comprehensive income originating from unrealized gains (losses)	282		114		396
Post-adoption January 1, 2021 deferred sales inducement asset balance	$	476	$	205	$	681

Prior to the adoption of LDTI, deferred sales inducements for investment-oriented products included the effect of unrealized gains or losses on fixed maturity securities classified as available-for-sale. At the transition date, these adjustments were removed with a corresponding offset in AOCI. As the available for sale portfolio was in an unrealized gain position as of the transition date, the adjustment for removal of related balances in AOCI originating from unrealized gains (losses) balances was reducing DSI.

The following table presents a rollforward of deferred sales inducement assets related to long-duration contracts for the years ended December 31, 2022(a), 2021(a) and 2020:


Year Ended December 31, 2022	Individual Retirement		Group Retirement		Total
(in millions)


Balance, beginning of year	$	428	$	191	$	619
Capitalization	9		—		9
Amortization expense	(56)		(14)		(70)

Balance, end of year	$	381	$	177	$	558
Other reconciling items(b)					1,963
Other assets, including restricted cash					$	2,521


Year Ended December 31, 2021	Individual Retirement		Group Retirement		Total
(in millions)


Balance, beginning of year	$	476	$	205	$	681
Capitalization	10		—		10
Amortization expense	(58)		(14)		(72)

Balance, end of year	$	428	$	191	$	619
Other reconciling items(b)					2,995
Other assets, including restricted cash					$	3,614


Years Ended December 31,
(in millions)	2020
Balance, beginning of year	$	437
Capitalizations	11
Amortization expense	(64)
Change related to unrealized (appreciation) depreciation of investments	(99)
Balance, end of year	$	285

(a) The results for the years ended December 31, 2022 and 2021 have been updated to reflect the adoption of LDTI. No updates have been made to the results for the year ended December 31, 2020 as our effective date for LDTI adoption was January 1, 2021.