Deferred Policy Acquisition Costs (Tables)

3 Months Ended

Mar. 31, 2023

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Deferred Policy Acquisition Costs

The following table presents the transition rollforward for DAC*:

	Individual Retirement		Group Retirement		Life Insurance		Institutional Markets		Total
(in millions)
Pre-adoption December 31, 2020 DAC balance	$	2,359	$	560	$	4,371	$	26	$	7,316
Adjustments for the removal of related balances in Accumulated other comprehensive income (loss) originating from unrealized gains (losses)	2,062		534		547		7		3,150
Post adoption January 1, 2021 DAC balance	$	4,421	$	1,094	$	4,918	$	33	$	10,466

*Excludes $2.5 billion of DAC in General Insurance.

The following table presents a rollforward of DAC:

Three Months Ended March 31, 2023		General Insurance		Individual Retirement		Group Retirement		Life Insurance		Institutional Markets
(in millions)												Total
Balance, beginning of year	$	2,310	$	4,597	$	1,060	$	4,839	$	51	$	12,857
Capitalization		1,358		187		20		120		4		1,689
Amortization expense		(1,034)		(137)		(21)		(99)		(2)		(1,293)
Other, including foreign exchange		40		—		—		11		—		51
Balance, end of period	$	2,674	$	4,647	$	1,059	$	4,871	$	53	$	13,304
Three Months Ended March 31, 2022
Balance, beginning of year	$	2,428	$	4,553	$	1,078	$	4,904	$	38	$	13,001
Capitalization		1,129		143		15		112		3		1,402
Amortization expense		(893)		(118)		(19)		(106)		(1)		(1,137)
Other, including foreign exchange		(16)		—		—		(30)		(1)		(47)
Balance, end of period	$	2,648	$	4,578	$	1,074	$	4,880	$	39	$	13,219

The following table presents the transition rollforward for DSI*:

(in millions)	Individual  Retirement		Group  Retirement		Total
Pre-adoption December 31, 2020 DSI balance	$	190	$	91	$	281
Adjustments for the removal of related balances in Accumulated other comprehensive income (loss) originating from unrealized gains (losses)	284		114		398
Post adoption January 1, 2021 DSI balance	$	474	$	205	$	679

*Others assets, excluding DSI, totaled $12.8 billion.

The following table presents a rollforward of DSI:

Three Months Ended March 31,	2023						2022
(in millions)	Individual  Retirement		Group  Retirement		Total		Individual  Retirement		Group  Retirement		Total
Balance, beginning of year	$	381	$	177	$	558	$	428	$	191	$	619
Capitalization	2		—		2		2		—		2
Amortization expense	(14)		(3)		(17)		(13)		(4)		(17)
Balance, end of period*	$	369	$	174	$	543	$	417	$	187	$	604

*At March 31, 2023 and March 31, 2022, Others assets, excluding DSI, totaled $12.4 billion and $12.6 billion, respectively.