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DAC, VOBA, DSI and DFEL (Tables)
 3 Months Ended
Mar. 31, 2025
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,
20252024
DAC, VOBA and DSI
Variable Annuities$4,001 $3,964 
Fixed Annuities416 423 
Traditional Life1,352 1,370 
UL and Other6,323 6,318 
Group Protection181 178 
Retirement Plan Services288 284 
Other Operations2 – 
Total DAC, VOBA and DSI$12,563 $12,537 
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,
20252024
DFEL
Variable Annuities$270 $273 
UL and Other6,587 6,406 
Other Operations (1)
53 51 
Total DFEL$6,910 $6,730 

(1) Represents DFEL reported in Other Operations attributable to the indemnity reinsurance agreement with Protective that is excluded from the following tables. We reported $53 million and $51 million of ceded DFEL in reinsurance recoverables on the Consolidated Balance Sheets as of March 31, 2025, and December 31, 2024, respectively.
DAC
The following tables summarize the changes in DAC (in millions):

For the Three Months Ended March 31, 2025
Variable
Annuities		Fixed
Annuities		Traditional
Life		UL and
Other		Group ProtectionRetirement
Plan
Services
Balance as of beginning-of-year$3,851 $394 $1,335 $5,916 $178 $242 
Deferrals136 10 21 94 32 5 
Amortization(97)(16)(37)(79)(29)(5)
Balance as of end-of-period$3,890 $388 $1,319 $5,931 $181 $242 

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 
VOBA
The following tables summarize the changes in VOBA (in millions):

For the Three Months Ended
March 31, 2025
Fixed
Annuities		Traditional
Life		UL and
Other
Balance as of beginning-of-year$13 $35 $375 
Amortization(1)(2)(9)
Balance as of end-of-period$12 $33 $366 

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 
DSI
The following tables summarize the changes in DSI (in millions):

For the Three Months Ended
March 31, 2025
Variable
Annuities		Fixed
Annuities		UL and
Other		Retirement
Plan
Services
Balance as of beginning-of-year$113 $16 $27 $42 
Deferrals– – – 4 
Amortization(2)– (1)– 
Balance as of end-of-period$111 $16 $26 $46 

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 
DFEL
The following tables summarize the changes in DFEL (in millions):

For the Three
Months Ended
March 31, 2025		For the Three
Months Ended
March 31, 2024
Variable
Annuities		UL and
Other		Variable
Annuities		UL and
Other
Balance as of beginning-of-year$273 $6,406 $278 $5,579 
Deferrals3 279 5 267 
Amortization(6)(98)(6)(68)
Balance as of end-of-period270 6,587 277 5,778 
Less: Ceded DFEL– 237 – 258 
Balance as of end-of-period, net of reinsurance$270 $6,350 $277 $5,520