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DAC, VOBA, DSI and DFEL (Tables)
 12 Months Ended
Dec. 31, 2023
Deferred Policy Acquisition Costs and Present Value of Future Insurance Profits, Net [Abstract]  
Reconciliation of DAC, VOBA and DSI
The following table reconciles DAC, VOBA and DSI (in millions) to the Consolidated Balance Sheets:

As of December 31,
20232022
DAC, VOBA and DSI
Variable Annuities$4,025 $4,047 
Fixed Annuities456 479 
Traditional Life1,374 1,336 
UL and Other6,139 6,002 
Group Protection154 141 
Retirement Plan Services270 258 
Total DAC, VOBA and DSI$12,418 $12,263 
Reconciliation of DFEL
The following table reconciles DFEL (in millions) to the Consolidated Balance Sheets:

As of December 31,
20232022
DFEL
Variable Annuities$300 $310 
UL and Other (1)
5,579 4,766 
Other Operations (2)
44 39 
Total DFEL$5,923 $5,115 
(1) We reported $2.3 billion of ceded DFEL in reinsurance recoverables on the Consolidated Balance Sheet as of December 31, 2023.
(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 and $39 million of ceded DFEL in reinsurance recoverables on the Consolidated Balance Sheets as of December 31, 2023 and 2022, respectively.
DAC
The following tables summarize the changes in DAC (in millions):

For the Year Ended December 31, 2023
Variable
Annuities		Fixed
Annuities		Traditional
Life		UL and
Other		Group ProtectionRetirement
Plan
Services
Balance as of beginning-of-year$3,880 $439 $1,286 $5,518 $141 $241 
Deferrals361 50 188 482 113 21 
Amortization(373)(68)(142)(291)(100)(18)
Balance as of end-of-year$3,868 $421 $1,332 $5,709 $154 $244 

For the Year Ended December 31, 2022
Variable
Annuities		Fixed
Annuities		Traditional
Life		UL and
Other		Group ProtectionRetirement
Plan
Services
Balance as of beginning-of-year$3,860 $448 $1,146 $5,269 $140 $239 
Deferrals390 60 266 537 98 21 
Amortization(370)(69)(126)(288)(97)(19)
Balance as of end-of-year$3,880 $439 $1,286 $5,518 $141 $241 
VOBA
The following tables summarize the changes in VOBA (in millions):

For the Year Ended December 31, 2023
Fixed
Annuities		Traditional
Life		UL and
Other
Balance as of beginning-of-year$17 $50 $454 
Business acquired (sold) through
reinsurance– – (11)
Deferrals– – 2 
Amortization(2)(8)(43)
Balance as of end-of-year$15 $42 $402 

For the Year Ended December 31, 2022
Fixed
Annuities		Traditional
Life		UL and
Other
Balance as of beginning-of-year$20 $59 $499 
Deferrals– – 2 
Amortization(3)(9)(47)
Balance as of end-of-year$17 $50 $454 
Estimated Future Amortization Of VOBA
Estimated future amortization of VOBA (in millions), as of December 31, 2023, was as follows:

2024$39 
202537 
202634 
202729 
202825 
DSI
The following tables summarize the changes in DSI (in millions):

For the Year Ended December 31, 2023
Variable AnnuitiesFixed
Annuities		UL and
Other		Retirement
Plan
Services
Balance as of beginning-of-year$167 $23 $30 $17 
Deferrals5 – – 10 
Amortization(15)(3)(2)(1)
Balance as of end-of-year$157 $20 $28 $26 

For the Year Ended December 31, 2022
Variable AnnuitiesFixed
Annuities		UL and
Other		Retirement
Plan
Services
Balance as of beginning-of-year$181 $27 $31 $14 
Deferrals2 – 1 4 
Amortization(16)(4)(2)(1)
Balance as of end-of-year$167 $23 $30 $17 
DFEL
The following tables summarize the changes in DFEL (in millions):

For the Year Ended December 31, 2023For the Year Ended December 31, 2022
Variable AnnuitiesUL and
Other		Variable AnnuitiesUL and
Other
Balance as of beginning-of-year$310 $4,766 $318 $3,934 
Deferrals19 1,074 22 1,061 
Amortization(29)(261)(30)(229)
Balance as of end-of-year300 5,579 310 4,766 
Less: ceded DFEL– 2,252 – 31 
Balance as of end-of-year, net of reinsurance$300 $3,327 $310 $4,735