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DAC, VOBA, DSI and DFEL (Tables)
 6 Months Ended
Jun. 30, 2026
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,
2026		As of
 December 31,
2025
DAC, VOBA and DSI
Variable Annuities$4,279 $4,240 
Fixed Annuities524 477 
Traditional Life1,145 1,208 
UL and Other6,242 6,219 
Group Protection179 178 
Retirement Plan Services310 308 
Other Operations10 7 
Total DAC, VOBA and DSI$12,689 $12,637 
Reconciliation of DFEL
The following table reconciles deferred front-end loads (“DFEL”) (in millions) to the Consolidated Balance Sheets:

As of
 June 30,
2026		As of
 December 31,
2025
DFEL
Variable Annuities$276 $282 
UL and Other7,699 7,266 
Other Operations (1)
101 57 
Total DFEL$8,076 $7,605 

(1) Represents DFEL reported in Other Operations attributable to the indemnity reinsurance agreement with Protective that is excluded from the following tables. We reported $101 million and $57 million of ceded DFEL in reinsurance recoverables on the Consolidated Balance Sheets as of June 30, 2026, and December 31, 2025, respectively.
DAC
The following tables summarize the changes in DAC (in millions):

As of or For the Six Months Ended June 30, 2026
Variable
Annuities		Fixed
Annuities		Traditional
Life		UL and
Other		Group ProtectionRetirement
Plan
Services
Balance as of beginning-of-year$4,107 $452 $1,180 $5,864 $178 $247 
Business acquired (sold) through
reinsurance– – – (1)– – 
Deferrals270 86 5 203 58 9 
Amortization(225)(37)(65)(161)(57)(9)
Balance as of end-of-period$4,152 $501 $1,120 $5,905 $179 $247 

As of or For the Six Months Ended June 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)– 13 – 
Deferrals264 26 37 183 68 9 
Amortization(200)(31)(70)(154)(41)(9)
Balance as of end-of-period$4,023 $388 $1,242 $5,783 $176 $246 
VOBA
The following tables summarize the changes in VOBA (in millions):

As of or For the Six Months Ended June 30, 2026
Fixed
Annuities		Traditional
Life		UL and
Other
Balance as of beginning-of-year$11 $28 $330 
Amortization(1)(3)(18)
Balance as of end-of-period$10 $25 $312 

As of or For the Six Months Ended June 30, 2025
Fixed
Annuities		Traditional
Life		UL and
Other
Balance as of beginning-of-year$13 $35 $366 
Amortization(1)(4)(18)
Balance as of end-of-period$12 $31 $348 
DSI
The following tables summarize the changes in DSI (in millions):

As of or For the Six
Months Ended
June 30, 2026
Variable AnnuitiesFixed
Annuities		UL and
Other		Retirement Plan Services
Balance as of beginning-of-year$133 $14 $25 $61 
Deferrals– – 1 3 
Amortization(6)(1)(1)(1)
Balance as of end-of-period$127 $13 $25 $63 

As of or For the Six
Months Ended
June 30, 2025
Variable AnnuitiesFixed
Annuities		UL and
Other		Retirement Plan Services
Balance as of beginning-of-year$145 $17 $26 $42 
Deferrals– – – 10 
Amortization(6)(2)– (1)
Balance as of end-of-period$139 $15 $26 $51 
DFEL
The following tables summarize the changes in DFEL (in millions):

As of or For the Six
Months Ended
June 30, 2026		As of or For the Six
Months Ended
June 30, 2025
Variable AnnuitiesUL and
Other		Variable AnnuitiesUL and
Other
Balance as of beginning-of-year$282 $7,266 $293 $6,406 
Deferrals7 626 8 573 
Amortization(13)(193)(13)(183)
Balance as of end-of-period276 7,699 288 6,796 
Less: reinsurance recoverables– 2,624 – 2,492 
Balance as of end-of-period, net of reinsurance$276 $5,075 $288 $4,304