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DAC, VOBA, DSI and DFEL (Tables)
 6 Months Ended
Jun. 30, 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
 June 30,
2024		As of
December 31, 2023
DAC, VOBA and DSI
Variable Annuities$4,024 $4,025 
Fixed Annuities444 456 
Traditional Life1,358 1,374 
UL and Other6,096 6,139 
Group Protection133 154 
Retirement Plan Services282 270 
Total DAC, VOBA and DSI$12,337 $12,418 
Reconciliation of DFEL
The following table reconciles deferred front-end loads (“DFEL”) (in millions) to the Consolidated Balance Sheets:

As of
 June 30,
2024		As of
December 31, 2023
DFEL
Variable Annuities$296 $300 
UL and Other (1)
5,984 5,579 
Other Operations (2)
47 44 
Total DFEL$6,327 $5,923 

(1) We reported $2.3 billion of ceded DFEL in reinsurance recoverables on the Consolidated Balance Sheets as of June 30, 2024, and 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 $47 million and $44 million of ceded DFEL in reinsurance recoverables on the Consolidated Balance Sheets as of June 30, 2024, and December 31, 2023, respectively.
DAC
The following tables summarize the changes in DAC (in millions):

For the Six Months Ended June 30, 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)(38)– 
Deferrals190 23 61 198 70 10 
Amortization(185)(32)(73)(149)(53)(10)
Balance as of end-of-period$3,873 $412 $1,320 $5,685 $133 $244 

For the Six Months Ended June 30, 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 
Deferrals176 23 105 239 53 10 
Amortization(187)(34)(71)(144)(49)(9)
Balance as of end-of-period$3,869 $428 $1,320 $5,613 $145 $242 
VOBA
The following tables summarize the changes in VOBA (in millions):

For the Six Months Ended
 June 30, 2024
Fixed
Annuities		Traditional
Life		UL and
Other
Balance as of beginning-of-year$15 $42 $402 
Deferrals– – 1 
Amortization(1)(4)(19)
Balance as of end-of-period$14 $38 $384 
For the Six Months Ended
 June 30, 2023
Fixed
Annuities		Traditional
Life		UL and
Other
Balance as of beginning-of-year$17 $50 $454 
Deferrals– – 1 
Amortization(1)(4)(23)
Balance as of end-of-period$16 $46 $432 
DSI
The following tables summarize the changes in DSI (in millions):

For the Six Months Ended
 June 30, 2024
Variable AnnuitiesFixed
Annuities		UL and
Other		Retirement Plan Services
Balance as of beginning-of-year$157 $20 $28 $26 
Deferrals1 – 1 12 
Amortization(7)(2)(2)– 
Balance as of end-of-period$151 $18 $27 $38 

For the Six Months Ended
 June 30, 2023
Variable AnnuitiesFixed
Annuities		UL and
Other		Retirement Plan Services
Balance as of beginning-of-year$167 $23 $30 $17 
Deferrals2 – – 2 
Amortization(8)(2)(1)– 
Balance as of end-of-period$161 $21 $29 $19 
DFEL
The following tables summarize the changes in DFEL (in millions):

For the Six Months Ended June 30, 2024For the Six Months Ended June 30, 2023
Variable AnnuitiesUL and
Other		Variable AnnuitiesUL and
Other
Balance as of beginning-of-year$300 $5,579 $310 $4,766 
Deferrals9 544 10 529 
Amortization(13)(139)(15)(126)
Balance as of end-of-period296 5,984 305 5,169 
Less: ceded DFEL– 2,346 – 30 
Balance as of end-of-period, net of reinsurance$296 $3,638 $305 $5,139