Deferred Policy Acquisition Costs, Deferred Reinsurance, and Deferred Sales Inducements (Tables)

3 Months Ended

Mar. 31, 2025

Deferred Charges, Insurers [Abstract]

Deferred Policy Acquisition Costs

The following tables show a rollforward for the lines of business that contain DAC balances, along with a reconciliation to the Company's total DAC balance:

	Three Months Ended March 31, 2025
	Fixed Annuities		Variable Annuities		Term Life		Variable / Universal Life		Total
	(in thousands)
Balance, beginning of period	$	371,642	$	3,373,201	$	614,068	$	3,448,149	$	7,807,060
Capitalization	42,749		116,925		43,182		155,933		358,789
Amortization expense	(13,216)		(96,183)		(11,901)		(38,923)		(160,223)
Other	(1,236)		0		0		71		(1,165)
Balance, end of period	$	399,939	$	3,393,943	$	645,349	$	3,565,230	$	8,004,461

	Three Months Ended March 31, 2024
	Fixed Annuities		Variable Annuities		Term Life		Variable / Universal Life		Total
	(in thousands)
Balance, beginning of period	$	197,937	$	3,298,935	$	743,888	$	2,903,976	$	7,144,736
Capitalization(2)	64,744		87,337		43,874		146,175		342,130
Amortization expense(2)	(8,725)		(86,116)		(18,180)		(34,643)		(147,664)
Other(1)	0		0		0		(38,017)		(38,017)
Balance, end of period	$	253,956	$	3,300,156	$	769,582	$	2,977,491	$	7,301,185

(1)Other includes the impact of the Universal Life reinsurance transaction with Prudential Arizona Reinsurance Universal Company (“PAR U”) and PURE. See Note 11 for additional information.

(2)Amounts reflect revision to prior period Financial Statements. See Note 16 for additional information.

Deferred Reinsurance Losses

The following tables show a rollforward for the lines of business that contain DRL balances, along with a reconciliation to the Company's total DRL balance:

	Three Months Ended March 31, 2025
	Variable Annuities		Term Life		Variable/ Universal Life		Total
	(in thousands)
Balance, beginning of period	$	164,238	$	396,684	$	969,472	$	1,530,394
Amortization expense	(7,668)		(9,458)		(9,496)		(26,622)
Other	(2)		0		0		(2)
Balance, end of period	$	156,568	$	387,226	$	959,976	$	1,503,770

	Three Months Ended March 31, 2024
	Variable Annuities		Term Life		Variable/ Universal Life		Total
	(in thousands)
Balance, beginning of period	$	194,110	$	61,003	$	0	$	255,113
Amortization expense	(7,040)		(1,971)		0		(9,011)
Other	1		0		0		1
Balance, end of period	$	187,071	$	59,032	$	0	$	246,103

Deferred Reinsurance Gains

The following tables show a rollforward for the lines of business that contain DRG balances, along with a reconciliation to the Company's total DRG balance:

	Three Months Ended March 31, 2025
	Fixed Annuities		Variable Annuities		Variable / Universal Life		International		Total
	(in thousands)
Balance, beginning of period	$	37,548	$	241,628	$	3,039,609	$	0	$	3,318,785
Amortization	(2,460)		(4,908)		(34,289)		(162)		(41,819)
Other(1)	(8)		33		0		13,698		13,723
Foreign currency adjustment(1)	0		0		0		107		107
Balance, end of period	$	35,080	$	236,753	$	3,005,320	$	13,643	$	3,290,796

(1)Includes the impact of the International reinsurance transaction with The Prudential Life Insurance Company, Ltd. ("Prudential of Japan"), including $14 million of DRG. See Note 11 for additional information.

	Three Months Ended March 31, 2024
	Fixed Annuities		Variable Annuities		Variable / Universal Life		International		Total
	(in thousands)
Balance, beginning of period	$	48,073	$	261,721	$	1,363,496	$	0	$	1,673,290
Amortization	(2,688)		(5,056)		(30,644)		0		(38,388)
Other(1)	(9)		(40)		1,099,832		0		1,099,783
Balance, end of period	$	45,376	$	256,625	$	2,432,684	$	0	$	2,734,685

(1)Other includes the impact of the Universal Life reinsurance transaction with PAR U, PURE and Prudential Insurance, including $1,207 million of DRG, partially offset by a $116 million write-off. See Note 11 for additional information.

Deferred Sale Inducement

The following table shows a rollforward of DSI balances for variable annuity products, which is the only line of business that contains a DSI balance, along with a reconciliation to the Company's total DSI balance:

	Three Months Ended March 31,
	2025		2024
	(in thousands)
Balance, beginning of period	$	322,351	$	351,424
Capitalization	1,018		1,253
Amortization expense	(7,307)		(7,784)
Balance, end of period	$	316,062	$	344,893