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DAC, VOBA, DSI and DFEL (Tables)
 3 Months Ended
Mar. 31, 2024
Deferred Policy Acquisition Costs and Present Value of Future Insurance Profits, Net [Abstract]  
Reconciliation of DAC, VOBA and DSI
The following table reconciles deferred acquisition costs (“DAC”), value of business acquired (“VOBA”) and deferred sales inducements (“DSI”) (in millions) to the Consolidated Balance Sheets:

As of
March 31,		As of
December 31,
20242023
DAC, VOBA and DSI
Variable Annuities$3,871 $3,873 
Fixed Annuities447 455 
Traditional Life1,411 1,418 
UL and Other6,246 6,232 
Group Protection157 154 
Retirement Plan Services273 265 
Total DAC, VOBA and DSI$12,405 $12,397 
Reconciliation of DFEL
The following table reconciles deferred front-end loads (“DFEL”) (in millions) to the Consolidated Balance Sheets:

As of
March 31,		As of
December 31,
20242023
DFEL
Variable Annuities$277 $278 
UL and Other (1)
5,778 5,579 
Other Operations (2)
44 44 
Total DFEL$6,099 $5,901 

(1) We reported $258 million and $257 million of ceded DFEL in reinsurance recoverables on the Consolidated Balance Sheets as of March 31, 2024, and December 31, 2023, respectively.
(2) Represents DFEL reported in Other Operations attributable to the indemnity reinsurance agreement with Protective that is excluded from the following tables. We reported $44 million of ceded DFEL in reinsurance recoverables on the Consolidated Balance Sheets as of March 31, 2024, and December 31, 2023.
DAC
The following tables summarize the changes in DAC (in millions):

For the Three Months Ended March 31, 2024
Variable
Annuities		Fixed
Annuities		Traditional
Life		UL and
Other		Group ProtectionRetirement
Plan
Services
Balance as of beginning-of-year$3,751 $421 $1,376 $5,791 $154 $239 
Deferrals89 9 32 100 29 5 
Amortization(89)(16)(37)(76)(26)(5)
Balance as of end-of-period$3,751 $414 $1,371 $5,815 $157 $239 

For the Three Months Ended March 31, 2023
Variable
Annuities		Fixed
Annuities		Traditional
Life		UL and
Other		Group ProtectionRetirement
Plan
Services
Balance as of beginning-of-year$3,751 $439 $1,333 $5,605 $141 $236 
Deferrals84 14 55 118 25 6 
Amortization(90)(17)(36)(73)(24)(5)
Balance as of end-of-period$3,745 $436 $1,352 $5,650 $142 $237 
VOBA
The following tables summarize the changes in VOBA (in millions):

For the Three Months Ended
March 31, 2024
Fixed
Annuities		Traditional
Life		UL and
Other
Balance as of beginning-of-year$15 $42 $413 
Amortization(1)(2)(10)
Balance as of end-of-period$14 $40 $403 
For the Three Months Ended
March 31, 2023
Fixed
Annuities		Traditional
Life		UL and
Other
Balance as of beginning-of-year$17 $50 $465 
Deferrals1 – – 
Amortization(1)(2)(11)
Balance as of end-of-period$17 $48 $454 
DSI
The following tables summarize the changes in DSI (in millions):

For the Three Months Ended
March 31, 2024
Variable
Annuities		Fixed
Annuities		UL and
Other		Retirement
Plan
Services
Balance as of beginning-of-year$122 $19 $28 $26 
Deferrals1 – – 8 
Amortization(3)– – – 
Balance as of end-of-period$120 $19 $28 $34 

For the Three Months Ended
March 31, 2023
Variable
Annuities		Fixed
Annuities		UL and
Other		Retirement
Plan
Services
Balance as of beginning-of-year$128 $23 $30 $17 
Deferrals1 – – 2 
Amortization(4)(1)(1)1 
Balance as of end-of-period$125 $22 $29 $20 
DFEL
The following tables summarize the changes in DFEL (in millions):

For the Three Months Ended
March 31, 2024		For the Three Months Ended
March 31, 2023
Variable
Annuities		UL and
Other		Variable
Annuities		UL and
Other
Balance as of beginning-of-year$278 $5,579 $286 $4,766 
Deferrals5 267 5 261 
Amortization(6)(68)(7)(61)
Balance as of end-of-period277 5,778 284 4,966 
Less: ceded DFEL– 258 – – 
Balance as of end-of-period, net of reinsurance$277 $5,520 $284 $4,966