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 September 30, 2024		As of December 31, 2023

DAC, VOBA and DSI
Variable Annuities	$	4,054	$	4,025
Fixed Annuities	431		456
Traditional Life	1,345		1,374
UL and Other	6,122		6,139
Group Protection	136		154
Retirement Plan Services	286		270
Total DAC, VOBA and DSI	$	12,374	$	12,418

The following table reconciles deferred front-end loads (“DFEL”) (in millions) to the Consolidated Balance Sheets:


	As of September 30, 2024		As of December 31, 2023

DFEL
Variable Annuities	$	295	$	300
UL and Other (1)	6,193		5,579
Other Operations (2)	50		44
Total DFEL	$	6,538	$	5,923

(1) We reported $2.4 billion and $2.3 billion of ceded DFEL in reinsurance recoverables on the Consolidated Balance Sheets as of September 30, 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 $50 million and $44 million of ceded DFEL in reinsurance recoverables on the Consolidated Balance Sheets as of September 30, 2024, and December 31, 2023, respectively.


	For the Nine Months Ended September 30, 2024
	Variable Annuities		Fixed Annuities		Traditional Life		UL and Other		Group Protection		Retirement Plan Services
Balance as of beginning-of-year	$	3,868	$	421	$	1,332	$	5,709	$	154	$	244
Business acquired (sold) through
reinsurance	–		–		–		(73)		(38)		–
Deferrals	308		35		85		310		101		15
Amortization	(270)		(55)		(109)		(225)		(81)		(14)
Balance as of end-of-period	$	3,906	$	401	$	1,308	$	5,721	$	136	$	245


	For the Nine Months Ended September 30, 2023
	Variable Annuities		Fixed Annuities		Traditional Life		UL and Other		Group Protection		Retirement Plan Services
Balance as of beginning-of-year	$	3,880	$	439	$	1,286	$	5,518	$	141	$	241


Deferrals	269		31		148		346		79		15
Amortization	(281)		(51)		(106)		(217)		(73)		(14)
Balance as of end-of-period	$	3,868	$	419	$	1,328	$	5,647	$	147	$	242

DAC amortization expense of $252 million and $754 million was recorded in commissions and other expenses on the Consolidated Statements of Comprehensive Income (Loss) for the three and nine months ended September 30, 2024, respectively, and $248 million and $742 million, respectively, for the corresponding periods in 2023.


	For the Nine Months Ended September 30, 2024
	Fixed Annuities		Traditional Life		UL and Other
Balance as of beginning-of-year	$	15	$	42	$	402


Deferrals	–		–		1
Amortization	(2)		(5)		(29)
Balance as of end-of-period	$	13	$	37	$	374


	For the Nine Months Ended September 30, 2023
	Fixed Annuities		Traditional Life		UL and Other
Balance as of beginning-of-year	$	17	$	50	$	454


Deferrals	–		–		1
Amortization	(2)		(6)		(32)
Balance as of end-of-period	$	15	$	44	$	423

VOBA amortization expense of $12 million and $36 million was recorded in commissions and other expenses on the Consolidated Statements of Comprehensive Income (Loss) for the three and nine months ended September 30, 2024, respectively, and $13 million and $40 million, respectively, for the corresponding periods in 2023. No additions or write-offs were recorded for each respective period.


	For the Nine Months Ended September 30, 2024
	Variable Annuities		Fixed Annuities		UL and Other		Retirement Plan Services
Balance as of beginning-of-year	$	157	$	20	$	28	$	26
Deferrals	1		–		1		16
Amortization	(10)		(3)		(2)		(1)
Balance as of end-of-period	$	148	$	17	$	27	$	41


	For the Nine Months Ended September 30, 2023
	Variable Annuities		Fixed Annuities		UL and Other		Retirement Plan Services
Balance as of beginning-of-year	$	167	$	23	$	30	$	17
Deferrals	3		–		1		5
Amortization	(11)		(3)		(2)		–
Balance as of end-of-period	$	159	$	20	$	29	$	22

DSI amortization expense of $5 million and $16 million was recorded in interest credited on the Consolidated Statements of Comprehensive Income (Loss) for the three and nine months ended September 30, 2024 and 2023, respectively.


	For the Nine Months Ended September 30,2024				For the Nine Months Ended September 30,2023
	Variable Annuities		UL and Other		Variable Annuities		UL and Other
Balance as of beginning-of-year	$	300	$	5,579	$	310	$	4,766


Deferrals	14		826		15		799
Amortization	(19)		(212)		(22)		(192)
Balance as of end-of-period	295		6,193		303		5,373
Less: ceded DFEL	–		2,391		–		30
Balance as of end-of-period, net of reinsurance	$	295	$	3,802	$	303	$	5,343

DFEL amortization of $79 million and $231 million was recorded in fee income on the Consolidated Statements of Comprehensive Income (Loss) for the three and nine months ended September 30, 2024, respectively, and $74 million and $214 million, respectively, for the corresponding periods in 2023.