XML 47 R32.htm IDEA: XBRL DOCUMENT v3.26.1
DAC, VOBA, DSI and DFEL (Tables)
 3 Months Ended
Mar. 31, 2026
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,
20262025
DAC, VOBA and DSI
Variable Annuities$4,143 $4,112 
Fixed Annuities504 478 
Traditional Life1,295 1,308 
UL and Other6,434 6,421 
Group Protection196 198 
Retirement Plan Services306 304 
Other Operations8 6 
Total DAC, VOBA and DSI$12,886 $12,827 
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,
20262025
DFEL
Variable Annuities$261 $264 
UL and Other7,485 7,265 
Other Operations (1)
58 57 
Total DFEL$7,804 $7,586 

(1) Represents DFEL reported in Other Operations attributable to the indemnity reinsurance agreement with Protective that is excluded from the following tables. We reported $58 million and $57 million of ceded DFEL in reinsurance recoverables on the Consolidated Balance Sheets as of March 31, 2026, and December 31, 2025, respectively.
DAC
The following tables summarize the changes in DAC (in millions):

As of or For the Three Months Ended March 31, 2026
Variable
Annuities		Fixed
Annuities		Traditional
Life		UL and
Other		Group
Protection		Retirement
Plan
Services
Balance as of beginning-of-year$4,008 $452 $1,281 $6,057 $198 $242 
Deferrals142 46 24 106 30 5 
Amortization(108)(19)(35)(83)(32)(4)
Balance as of end-of-period$4,042 $479 $1,270 $6,080 $196 $243 

As of or For the Three Months Ended March 31, 2025
Variable
Annuities		Fixed
Annuities		Traditional
Life		UL and
Other		Group
Protection		Retirement
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 
VOBA
The following tables summarize the changes in VOBA (in millions):

As of or For the Three Months Ended
March 31, 2026
Fixed
Annuities		Traditional
Life		UL and
Other
Balance as of beginning-of-year$12 $27 $339 
Amortization– (2)(10)
Balance as of end-of-period$12 $25 $329 

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

As of or For the Three Months Ended
March 31, 2026
Variable
Annuities		Fixed
Annuities		UL and
Other		Retirement
Plan
Services
Balance as of beginning-of-year$104 $14 $25 $62 
Deferrals– – – 1 
Amortization(3)(1)– – 
Balance as of end-of-period$101 $13 $25 $63 

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

As of or For the Three
Months Ended
March 31, 2026		As of or For the Three
Months Ended
March 31, 2025
Variable
Annuities		UL and
Other		Variable
Annuities		UL and
Other
Balance as of beginning-of-year$264 $7,265 $273 $6,406 
Deferrals3 315 3 279 
Amortization(6)(95)(6)(98)
Balance as of end-of-period261 7,485 270 6,587 
Less: reinsurance recoverables– 221 – 237 
Balance as of end-of-period, net of reinsurance$261 $7,264 $270 $6,350