Deferred Policy Acquisition Costs (Tables)

12 Months Ended

Dec. 31, 2024

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

Rollforward of Deferred Policy Acquisition Costs

The following table presents a rollforward of DAC:

Years Ended December 31,
(in millions)	2024		2023		2022
Balance, beginning of year	$	2,117	$	2,343	$	2,473
Capitalization	3,519		4,157		3,732
Amortization expense	(3,425)		(3,771)		(3,545)
Other, including foreign exchange	(146)		(34)		(317)
Dispositions*	—		(578)		—
Balance, end of year	$	2,065	$	2,117	$	2,343

*Includes amounts related to the sale of Validus Re through the date of disposition.