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

6 Months Ended

Jun. 30, 2024

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

Deferred Policy Acquisition Costs and Value of Business Acquired

Information regarding deferred policy acquisition costs (“DAC”) and value of business acquired (“VOBA”) was as follows:


	Variable Annuities		Fixed Rate Annuities		Index-linked Annuities		Term and Whole Life Insurance		Universal Life Insurance
	(In millions)
Six Months Ended June 30, 2024
DAC:
Balance, beginning of period	$	2,217	$	110	$	1,332	$	306	$	119
Capitalization	19		4		190		1		6
Amortization	(110)		(2)		(120)		(20)		(4)
Balance, end of period	2,126		112		1,402		287		121
VOBA:
Balance, beginning of period	309		59		—		4		31
Amortization	(15)		(2)		—		—		(3)
Balance, end of period	294		57		—		4		28
Total DAC and VOBA:
Balance, end of period	$	2,420	$	169	$	1,402	$	291	$	149
Six Months Ended June 30, 2023
DAC:
Balance, beginning of period	$	2,414	$	107	$	1,213	$	347	$	115
Capitalization	19		7		165		—		6
Amortization	(120)		(5)		(110)		(22)		(5)
Balance, end of period	2,313		109		1,268		325		116
VOBA:
Balance, beginning of period	341		65		—		5		35
Amortization	(17)		(2)		—		(1)		(2)
Balance, end of period	324		63		—		4		33
Total DAC and VOBA:
Balance, end of period	$	2,637	$	172	$	1,268	$	329	$	149

Deferred Sales Inducements

Information regarding deferred sales inducements, included in other assets, was as follows:

Unearned Revenue

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