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DAC, VOBA, DSI and DFEL (Tables)
 9 Months Ended
Sep. 30, 2025
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,
2025		As of
December 31,
2024
DAC, VOBA and DSI
Variable Annuities$4,186 $4,104 
Fixed Annuities434 423 
Traditional Life1,240 1,329 
UL and Other6,174 6,146 
Group Protection166 136 
Retirement Plan Services304 288 
Other Operations7 – 
Total DAC, VOBA and DSI$12,511 $12,426 
Reconciliation of DFEL
The following table reconciles deferred front-end loads (“DFEL”) (in millions) to the Consolidated Balance Sheets:

As of
 September 30,
2025		As of
December 31,
2024
DFEL
Variable Annuities$285 $293 
UL and Other7,027 6,406 
Other Operations (1)
56 51 
Total DFEL$7,368 $6,750 

(1) Represents DFEL reported in Other Operations attributable to the indemnity reinsurance agreement with Protective that is excluded from the following tables. We reported $56 million and $51 million of ceded DFEL in reinsurance recoverables on the Consolidated Balance Sheets as of September 30, 2025, and December 31, 2024, respectively.
DAC
The following tables summarize the changes in DAC (in millions):

As of or For the Nine Months Ended September 30, 2025
Variable
Annuities		Fixed
Annuities		Traditional
Life		UL and
Other		Group ProtectionRetirement
Plan
Services
Balance as of beginning-of-year$3,959 $393 $1,294 $5,754 $136 $246 
Business acquired (sold) through
reinsurance– – (19)– (4)– 
Deferrals404 60 40 287 103 14 
Amortization(314)(46)(104)(231)(69)(14)
Balance as of end-of-period$4,049 $407 $1,211 $5,810 $166 $246 

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

As of or For the Nine Months Ended September 30, 2025
Fixed
Annuities		Traditional
Life		UL and
Other
Balance as of beginning-of-year$13 $35 $366 
Amortization(1)(6)(27)
Balance as of end-of-period$12 $29 $339 

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

As of or For the Nine
Months Ended
September 30, 2025
Variable AnnuitiesFixed
Annuities		UL and
Other		Retirement Plan Services
Balance as of beginning-of-year$145 $17 $26 $42 
Deferrals1 – – 17 
Amortization(9)(2)(1)(1)
Balance as of end-of-period$137 $15 $25 $58 

As of or 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 
DFEL
The following tables summarize the changes in DFEL (in millions):

As of or For the Nine
Months Ended
September 30, 2025		As of or For the Nine
Months Ended
September 30, 2024
Variable AnnuitiesUL and
Other		Variable AnnuitiesUL and
Other
Balance as of beginning-of-year$293 $6,406 $300 $5,579 
Deferrals12 889 14 826 
Amortization(20)(268)(19)(212)
Balance as of end-of-period285 7,027 295 6,193 
Less: Ceded DFEL– 2,528 – 2,391 
Balance as of end-of-period, net of reinsurance$285 $4,499 $295 $3,802