Other Revenues and Other Expenses

12 Months Ended

Dec. 31, 2024

Other Income and Expenses [Abstract]

Other Revenues and Other Expenses

13. Other Revenues and Other Expenses

Other Revenues

The Company has entered into contracts with mutual funds, fund managers, and their affiliates (collectively, the “Funds”) whereby the Company is paid monthly or quarterly fees (“12b-1 fees”) for providing certain services to customers and distributors of the Funds. The 12b-1 fees, which are included in other revenues, are generally equal to a fixed percentage of the average daily balance of the customer’s investment in a fund. The percentage is specified in the contract between the Company and the Funds. Payments are generally collected when due and are neither refundable nor able to offset future fees.

To earn these fees, the Company performs services such as responding to phone inquiries, maintaining records, providing information to distributors and shareholders about fund performance and providing training to account managers and sales agents. The passage of time reflects the satisfaction of the Company’s performance obligations to the Funds and is used to recognize revenue associated with 12b-1 fees.

Other revenues included 12b-1 fees of $205 million, $199 million and $217 million for the years ended December 31, 2024, 2023 and 2022, respectively, of which substantially all were reported in the Annuities segment.

Other Expenses

Information on other expenses was as follows:

	Years Ended December 31,
	2024		2023		2022
	(In millions)
Compensation	$	379	$	383	$	336
Contracted services and other labor costs	261		282		266
Transition services agreements	20		30		55
Establishment costs	—		—		63
Premium and other taxes, licenses and fees	55		55		49
Volume related costs, excluding compensation, net of DAC capitalization	568		536		496
Interest expense on debt	67		70		70
Other	251		269		359
Total other expenses	$	1,601	$	1,625	$	1,694

Capitalization of DAC

See Note 6 for additional information on the capitalization of DAC.

Interest Expense on Debt

See Note 11 for attribution of interest expense by debt issuance.

Related Party Expenses

See Note 16 for a discussion of related party expenses included in the table above.