Deferred Policy Acquisition Costs (Tables)

12 Months Ended

Dec. 31, 2025

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)	2025		2024		2023
Balance, beginning of year	$	2,065	$	2,117	$	2,343
Capitalization	3,381		3,519		4,157
Amortization expense	(3,371)		(3,425)		(3,771)
Other, including foreign exchange	31		(146)		(34)
Dispositions*	—		—		(578)
Balance, end of year	$	2,106	$	2,065	$	2,117

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