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

9 Months Ended

Sep. 30, 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)
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

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, 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 Inducement Cost

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

	Nine Months Ended September 30,
	2025				2024
	Variable Annuities		Fixed Rate Annuities		Variable Annuities		Fixed Rate Annuities
	(In millions)
Balance, beginning of period	$	189	$	6	$	209	$	8
Amortization	(15)		(1)		(16)		(1)
Balance, end of period	$	174	$	5	$	193	$	7

Unearned Revenue

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

	Nine Months Ended September 30,
	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	28		117		—		25		126		—
Amortization	(9)		(56)		(5)		(9)		(46)		(5)
Balance, end of period	$	209	$	776	$	54	$	183	$	692	$	61