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

3 Months Ended

Mar. 31, 2025

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)
Three Months Ended March 31, 2025
DAC:
Balance, beginning of period	$	2,040	$	115	$	1,462	$	271	$	122
Capitalization	10		1		94		—		5
Amortization	(52)		—		(64)		(9)		(2)
Balance, end of period	1,998		116		1,492		262		125
VOBA:
Balance, beginning of period	279		55		—		3		27
Amortization	(7)		(1)		—		—		(1)
Balance, end of period	272		54		—		3		26
Total DAC and VOBA:
Balance, end of period	$	2,270	$	170	$	1,492	$	265	$	151
Three Months Ended March 31, 2024
DAC:
Balance, beginning of period	$	2,217	$	110	$	1,332	$	306	$	119
Capitalization	9		4		90		1		3
Amortization	(55)		(2)		(59)		(10)		(2)
Balance, end of period	2,171		112		1,363		297		120
VOBA:
Balance, beginning of period	309		59		—		4		31
Amortization	(8)		(1)		—		—		(1)
Balance, end of period	301		58		—		4		30
Total DAC and VOBA:
Balance, end of period	$	2,472	$	170	$	1,363	$	301	$	150

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: