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DAC, VOBA, DSI and DFEL (Tables)
 9 Months Ended
Sep. 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
 September 30, 2024		As of
December 31, 2023
DAC, VOBA and DSI
Variable Annuities$4,054 $4,025 
Fixed Annuities431 456 
Traditional Life1,345 1,374 
UL and Other6,122 6,139 
Group Protection136 154 
Retirement Plan Services286 270 
Total DAC, VOBA and DSI$12,374 $12,418 
Reconciliation of DFEL
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.
DAC
The following tables summarize the changes in DAC (in millions):

For the Nine Months Ended September 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)– 
Deferrals308 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 ProtectionRetirement
Plan
Services
Balance as of beginning-of-year$3,880 $439 $1,286 $5,518 $141 $241 
Deferrals269 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 
VOBA
The following tables summarize the changes in VOBA (in millions):

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

For the Nine Months Ended
 September 30, 2024
Variable AnnuitiesFixed
Annuities		UL and
Other		Retirement Plan Services
Balance as of beginning-of-year$157 $20 $28 $26 
Deferrals1 – 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 AnnuitiesFixed
Annuities		UL and
Other		Retirement Plan Services
Balance as of beginning-of-year$167 $23 $30 $17 
Deferrals3 – 1 5 
Amortization(11)(3)(2)– 
Balance as of end-of-period$159 $20 $29 $22 
DFEL
The following tables summarize the changes in DFEL (in millions):

For the Nine
Months Ended
September 30,2024		For the Nine
Months Ended
September 30,2023
Variable AnnuitiesUL and
Other		Variable AnnuitiesUL and
Other
Balance as of beginning-of-year$300 $5,579 $310 $4,766 
Deferrals14 826 15 799 
Amortization(19)(212)(22)(192)
Balance as of end-of-period295 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