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

9 Months Ended

Sep. 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)
Nine Months Ended September 30, 2024
DAC:
Balance, beginning of period	$	2,217	$	110	$	1,332	$	306	$	119
Capitalization	27		6		279		2		9
Amortization	(163)		(3)		(182)		(30)		(6)
Balance, end of period	2,081		113		1,429		278		122
VOBA:
Balance, beginning of period	309		59		—		4		31
Amortization	(23)		(3)		—		(1)		(2)
Balance, end of period	286		56		—		3		29
Total DAC and VOBA:
Balance, end of period	$	2,367	$	169	$	1,429	$	281	$	151
Nine Months Ended September 30, 2023
DAC:
Balance, beginning of period	$	2,414	$	107	$	1,213	$	347	$	115
Capitalization	29		9		255		1		9
Amortization	(178)		(8)		(167)		(33)		(7)
Balance, end of period	2,265		108		1,301		315		117
VOBA:
Balance, beginning of period	341		65		—		5		35
Amortization	(24)		(4)		—		(1)		(3)
Balance, end of period	317		61		—		4		32
Total DAC and VOBA:
Balance, end of period	$	2,582	$	169	$	1,301	$	319	$	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)
Nine Months Ended September 30, 2024
DAC:
Balance, beginning of period	$	2,217	$	110	$	1,332	$	306	$	119
Capitalization	27		6		279		2		9
Amortization	(163)		(3)		(182)		(30)		(6)
Balance, end of period	2,081		113		1,429		278		122
VOBA:
Balance, beginning of period	309		59		—		4		31
Amortization	(23)		(3)		—		(1)		(2)
Balance, end of period	286		56		—		3		29
Total DAC and VOBA:
Balance, end of period	$	2,367	$	169	$	1,429	$	281	$	151
Nine Months Ended September 30, 2023
DAC:
Balance, beginning of period	$	2,414	$	107	$	1,213	$	347	$	115
Capitalization	29		9		255		1		9
Amortization	(178)		(8)		(167)		(33)		(7)
Balance, end of period	2,265		108		1,301		315		117
VOBA:
Balance, beginning of period	341		65		—		5		35
Amortization	(24)		(4)		—		(1)		(3)
Balance, end of period	317		61		—		4		32
Total DAC and VOBA:
Balance, end of period	$	2,582	$	169	$	1,301	$	319	$	149

Deferred Sales Inducement Cost

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

	Nine Months Ended September 30,
	2024				2023
	Variable Annuities		Fixed Rate Annuities		Variable Annuities		Fixed Rate Annuities
	(In millions)
Balance, beginning of period	$	209	$	8	$	233	$	9
Amortization	(16)		(1)		(18)		(1)
Balance, end of period	$	193	$	7	$	215	$	8

Unearned Revenue

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

	Nine Months Ended September 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	25		126		—		27		131		—
Amortization	(9)		(46)		(5)		(8)		(36)		(6)
Balance, end of period	$	183	$	692	$	61	$	162	$	583	$	67