XML 43 R32.htm IDEA: XBRL DOCUMENT v3.24.1.u1
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, 2024		As of
December 31, 2023
DAC, VOBA and DSI
Variable Annuities$4,019 $4,025 
Fixed Annuities447 456 
Traditional Life1,368 1,374 
UL and Other6,082 6,139 
Group Protection158 154 
Retirement Plan Services278 270 
Total DAC, VOBA and DSI$12,352 $12,418 
Reconciliation of DFEL
The following table reconciles deferred front-end loads (“DFEL”) (in millions) to the Consolidated Balance Sheets:

As of
 March 31, 2024		As of
December 31, 2023
DFEL
Variable Annuities$298 $300 
UL and Other (1)
5,778 5,579 
Other Operations (2)
45 44 
Total DFEL$6,121 $5,923 

(1) We reported $2.3 billion 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 $45 million and $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$3,868 $421 $1,332 $5,709 $154 $244 
Business acquired (sold) through
reinsurance– – – (73)– – 
Deferrals89 9 32 100 30 5 
Amortization(92)(16)(36)(75)(26)(5)
Balance as of end-of-period$3,865 $414 $1,328 $5,661 $158 $244 

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$3,880 $439 $1,286 $5,518 $141 $241 
Deferrals85 14 55 119 25 6 
Amortization(93)(17)(35)(72)(24)(5)
Balance as of end-of-period$3,872 $436 $1,306 $5,565 $142 $242 
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 $402 
Amortization(1)(2)(9)
Balance as of end-of-period$14 $40 $393 
For the Three Months Ended
  March 31, 2023
Fixed
Annuities		Traditional
Life		UL and
Other
Balance as of beginning-of-year$17 $50 $454 
Deferrals1 – – 
Amortization(1)(2)(11)
Balance as of end-of-period$17 $48 $443 
DSI
The following tables summarize the changes in DSI (in millions):

For the Three Months Ended
  March 31, 2024
Variable AnnuitiesFixed
Annuities		UL and
Other		Retirement Plan Services
Balance as of beginning-of-year$157 $20 $28 $26 
Deferrals– – 1 8 
Amortization(3)(1)(1)– 
Balance as of end-of-period$154 $19 $28 $34 

For the Three Months Ended
  March 31, 2023
Variable AnnuitiesFixed
Annuities		UL and
Other		Retirement Plan Services
Balance as of beginning-of-year$167 $23 $30 $17 
Deferrals– – – 2 
Amortization(4)(1)(1)– 
Balance as of end-of-period$163 $22 $29 $19 
DFEL
The following tables summarize the changes in DFEL (in millions):

For the Three Months Ended March 31, 2024For the Three Months Ended March 31, 2023
Variable AnnuitiesUL and
Other		Variable AnnuitiesUL and
Other
Balance as of beginning-of-year$300 $5,579 $310 $4,765 
Deferrals5 267 5 262 
Amortization(7)(68)(7)(61)
Balance as of end-of-period298 5,778 308 4,966 
Less: ceded DFEL– 2,303 – 30 
Balance as of end-of-period, net of reinsurance$298 $3,475 $308 $4,936