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

6 Months Ended

Jun. 30, 2024

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

Deferred Policy Acquisition Costs

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

Present Value of Future Insurance Profits

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 Inducement Cost

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

	Six Months Ended June 30,
	2024				2023
	Variable Annuities		Fixed Rate Annuities		Variable Annuities		Fixed Rate Annuities
	(In millions)
Balance, beginning of period	$	209	$	8	$	233	$	9
Amortization	(10)		(1)		(12)		(1)
Balance, end of period	$	199	$	7	$	221	$	8

Unearned Revenue

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

	Six Months Ended June 30,
	2024						2023
	Universal Life Insurance		ULSG		Variable Annuities		Universal Life Insurance		ULSG		Variable Annuities
	(In millions)
Balance, beginning of period	$	167	$	612	$	66	$	143	$	488	$	73
Capitalization	17		84		—		18		88		—
Amortization	(6)		(29)		(4)		(5)		(23)		(4)
Balance, end of period	$	178	$	667	$	62	$	156	$	553	$	69