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

9 Months Ended

Sep. 30, 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)
Nine Months Ended September 30, 2025
DAC:
Balance, beginning of period	$	2,040	$	115	$	1,462	$	271	$	122
Capitalization	33		5		290		(1)		16
Amortization	(154)		(1)		(199)		(29)		(6)
Balance, end of period	1,919		119		1,553		241		132
VOBA:
Balance, beginning of period	279		55		—		3		27
Amortization	(21)		(3)		—		—		(3)
Balance, end of period	258		52		—		3		24
Total DAC and VOBA:
Balance, end of period	$	2,177	$	171	$	1,553	$	244	$	156
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

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: