Deferred Policy Acquisition Costs (Tables)

6 Months Ended

Jun. 30, 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:

Six Months Ended June 30, 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		2,385		358		37		234		10		3,024
Amortization expense		(1,965)		(272)		(41)		(201)		(4)		(2,483)
Other, including foreign exchange*		(734)		—		—		38		—		(696)
Balance, end of period	$	1,996	$	4,683	$	1,056	$	4,910	$	57	$	12,702
Six Months Ended June 30, 2022
Balance, beginning of year	$	2,428	$	4,553	$	1,078	$	4,904	$	38	$	13,001
Capitalization		2,046		281		29		215		6		2,577
Amortization expense		(1,759)		(242)		(39)		(210)		(3)		(2,253)
Other, including foreign exchange		(130)		—		—		(77)		—		(207)
Balance, end of period	$	2,585	$	4,592	$	1,068	$	4,832	$	41	$	13,118

*Includes $712 million reclassified to Assets held for sale on the Condensed Consolidated Balance Sheets.

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

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

The following table presents a rollforward of DSI:

Six Months Ended June 30, 2023	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	4		1		5		4		—		4
Amortization expense	(27)		(7)		(34)		(26)		(7)		(33)
Balance, end of period*	$	358	$	171	$	529	$	406	$	184	$	590

*At June 30, 2023 and 2022, Other assets, excluding DSI, totaled $12.3 billion and $13.0 billion, respectively.