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DAC, VOBA, DSI and DFEL
 12 Months Ended
Dec. 31, 2024
Deferred Policy Acquisition Costs and Present Value of Future Insurance Profits, Net [Abstract]  
DAC, VOBA, DSI and DFEL DAC, VOBA, DSI and DFEL
The following table reconciles DAC, VOBA and DSI (in millions) to the Consolidated Balance Sheets:

As of December 31,
20242023
DAC, VOBA and DSI
Variable Annuities$4,104 $4,025 
Fixed Annuities423 456 
Traditional Life1,329 1,374 
UL and Other6,146 6,139 
Group Protection136 154 
Retirement Plan Services288 270 
Total DAC, VOBA and DSI$12,426 $12,418 
The following table reconciles DFEL (in millions) to the Consolidated Balance Sheets:

As of December 31,
20242023
DFEL
Variable Annuities$293 $300 
UL and Other (1)
6,406 5,579 
Other Operations (2)
51 44 
Total DFEL$6,750 $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 December 31, 2024 and 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 $51 million and $44 million of ceded DFEL in reinsurance recoverables on the Consolidated Balance Sheets as of December 31, 2024 and 2023, respectively.

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

For the Year Ended December 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)(38)– 
Deferrals454 44 107 420 134 21 
Amortization(363)(72)(145)(302)(114)(19)
Balance as of end-of-year$3,959 $393 $1,294 $5,754 $136 $246 

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 

DAC amortization expense of $1.0 billion, $992 million and $969 million was recorded in commissions and other expenses on the Consolidated Statements of Comprehensive Income (Loss) for the years ended December 31, 2024, 2023 and 2022, respectively.

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

For the Year Ended December 31, 2024
Fixed
Annuities		Traditional
Life		UL and
Other
Balance as of beginning-of-year$15 $42 $402 
Deferrals– – 2 
Amortization(2)(7)(38)
Balance as of end-of-year$13 $35 $366 
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 

VOBA amortization expense of $47 million, $53 million and $59 million was recorded in commissions and other expenses on the Consolidated Statements of Comprehensive Income (Loss) for the years ended December 31, 2024, 2023 and 2022, respectively. No additions or write-offs were recorded for each respective year.

Estimated future amortization of VOBA (in millions), as of December 31, 2024, was as follows:

2025$37 
202633 
202729 
202824 
202921 

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

For the Year Ended December 31, 2024
Variable AnnuitiesFixed
Annuities		UL and
Other		Retirement
Plan
Services
Balance as of beginning-of-year$157 $20 $28 $26 
Deferrals2 – 1 17 
Amortization(14)(3)(3)(1)
Balance as of end-of-year$145 $17 $26 $42 

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 

DSI amortization expense of $21 million, $21 million and $23 million was recorded in interest credited on the Consolidated Statements of Comprehensive Income (Loss) for the years ended December 31, 2024, 2023 and 2022, respectively.
The following tables summarize the changes in DFEL (in millions):

For the Year Ended December 31, 2024For the Year Ended December 31, 2023
Variable AnnuitiesUL and
Other		Variable AnnuitiesUL and
Other
Balance as of beginning-of-year$300 $5,579 $310 $4,766 
Deferrals19 1,114 19 1,074 
Amortization(26)(287)(29)(261)
Balance as of end-of-year293 6,406 300 5,579 
Less: reinsurance recoverables– 2,436 – 2,252 
Balance as of end-of-year, net of reinsurance$293 $3,970 $300 $3,327 

DFEL amortization of $313 million, $290 million and $259 million was recorded in fee income on the Consolidated Statements of Comprehensive Income (Loss) for the years ended December 31, 2024, 2023 and 2022, respectively.