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

3 Months Ended

Mar. 31, 2025

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)
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

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)
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 Inducement Cost

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

	Three Months Ended March 31,
	2025				2024
	Variable Annuities		Fixed Rate Annuities		Variable Annuities		Fixed Rate Annuities
	(In millions)
Balance, beginning of period	$	189	$	6	$	209	$	8
Amortization	(5)		—		(5)		—
Balance, end of period	$	184	$	6	$	204	$	8

Unearned Revenue

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

	Three Months Ended March 31,
	2025						2024
	Universal Life Insurance		ULSG		Variable Annuities		Universal Life Insurance		ULSG		Variable Annuities
	(In millions)
Balance, beginning of period	$	190	$	715	$	59	$	167	$	612	$	66
Capitalization	10		39		—		8		43		—
Amortization	(3)		(18)		(2)		(3)		(14)		(2)
Balance, end of period	$	197	$	736	$	57	$	172	$	641	$	64