Deferred Policy Acquisition Costs, Value of Business Acquired and Other Intangibles

12 Months Ended

Dec. 31, 2023

Deferred Policy Acquisition Costs and Present Value of Future Insurance Profits, Net [Abstract]

Deferred Policy Acquisition Costs, Value of Business Acquired and Other Intangibles

7. Deferred Policy Acquisition Costs, Value of Business Acquired and Other Intangibles

Deferred Policy Acquisition Costs and Value of Business Acquired

See Note 1 for a description of capitalized acquisition costs.

Information regarding DAC and VOBA was as follows:

	Variable Annuities		Fixed Rate Annuities		Index-linked Annuities		Term and Whole Life Insurance		Universal Life Insurance
	(In millions)
DAC:
Adjusted balance at January 1, 2021 (1)	$	2,786	$	64	$	886	$	451	$	107
Capitalization	90		36		355		(3)		16
Amortization	(262)		(12)		(160)		(51)		(9)
Balance at December 31, 2021	2,614		88		1,081		397		114
Capitalization	54		31		330		(1)		10
Amortization	(254)		(12)		(198)		(49)		(9)
Balance at December 31, 2022	2,414		107		1,213		347		115
Capitalization	36		14		344		2		13
Amortization	(233)		(11)		(225)		(43)		(9)
Balance at December 31, 2023	$	2,217	$	110	$	1,332	$	306	$	119
VOBA:
Adjusted balance at January 1, 2021 (1)	$	428	$	76	$	—	$	8	$	44
Amortization	(51)		(6)		—		(2)		(5)
Balance at December 31, 2021	377		70		—		6		39
Amortization	(36)		(5)		—		(1)		(4)
Balance at December 31, 2022	341		65		—		5		35
Amortization	(32)		(6)		—		(1)		(4)
Balance at December 31, 2023	$	309	$	59	$	—	$	4	$	31
Total DAC and VOBA:
Balance at December 31, 2023	$	2,526	$	169	$	1,332	$	310	$	150
Balance at December 31, 2022	$	2,755	$	172	$	1,213	$	352	$	150
Balance at December 31, 2021	$	2,991	$	158	$	1,081	$	403	$	153

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(1)Includes an adjustment to eliminate balances included in AOCI related to the adoption of ASU 2018-12 (see Note 2).

Deferred Sales Inducements

Information regarding DSI, included in other assets, was as follows:

	December 31,
	2023				2022				2021
	Variable Annuities		Fixed Rate Annuities		Variable Annuities		Fixed Rate Annuities		Variable Annuities		Fixed Rate Annuities
	(In millions)
Balance, beginning of year	$	233	$	9	$	259	$	10	$	283	$	12
Capitalization	1		—		1		—		1		—
Amortization	(25)		(1)		(27)		(1)		(25)		(2)
Balance, end of year	$	209	$	8	$	233	$	9	$	259	$	10

Unearned Revenue

Information regarding unearned revenue, included in other policy-related balances, was as follows:

	December 31,
	2023						2022						2021
	Universal Life Insurance		ULSG		Variable Annuities		Universal Life Insurance		ULSG		Variable Annuities		Universal Life Insurance		ULSG		Variable Annuities
	(In millions)
Balance, beginning of year	$	143	$	488	$	73	$	118	$	344	$	79	$	80	$	184	$	84
Capitalization	35		174		—		35		181		2		46		185		2
Amortization	(11)		(50)		(7)		(10)		(37)		(8)		(8)		(25)		(7)
Balance, end of year	$	167	$	612	$	66	$	143	$	488	$	73	$	118	$	344	$	79