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

6 Months Ended

Jun. 30, 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:

	Six Months Ended June 30, 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	84,024		203,730		89,752		324,811		702,317
Amortization expense	(27,886)		(197,049)		(23,891)		(75,511)		(324,337)
Other	(1,235)		16,938		(271)		2,938		18,370
Balance, end of period	$	426,545	$	3,396,820	$	679,658	$	3,700,387	$	8,203,410

	Six Months Ended June 30, 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)	120,883		198,020		90,283		314,015		723,201
Amortization expense(2)	(18,538)		(174,587)		(36,597)		(68,249)		(297,971)
Other(1)	0		0		(97)		(18,507)		(18,604)
Balance, end of period	$	300,282	$	3,322,368	$	797,477	$	3,131,235	$	7,551,362

(1)Other includes the impact of the Universal Life reinsurance transaction with Prudential Arizona Reinsurance Universal Company (“PAR U”) and PURE. See Note 12 for additional information.

(2)Amounts reflect revision to prior period Financial Statements. See Note 17 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:

	Six Months Ended June 30, 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	(15,082)		(18,708)		(18,935)		(52,725)
Other	(2)		0		0		(2)
Balance, end of period	$	149,154	$	377,976	$	950,537	$	1,477,667

	Six Months Ended June 30, 2024
	Variable Annuities		Term Life		Variable/ Universal Life		Total
	(in thousands)
Balance, beginning of period	$	194,110	$	61,003	$	0	$	255,113
Amortization expense	(14,824)		(3,870)		0		(18,694)
Other	1		0		0		1
Balance, end of period	$	179,287	$	57,133	$	0	$	236,420

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:

	Six Months Ended June 30, 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	(4,898)		(9,757)		(68,048)		(354)		(83,057)
Other(1)	0		33		0		13,698		13,731
Foreign currency adjustment(1)	0		0		0		589		589
Balance, end of period	$	32,650	$	231,904	$	2,971,561	$	13,933	$	3,250,048

(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 12 for additional information.

	Six Months Ended June 30, 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	(5,444)		(10,119)		(58,690)		0		(74,253)
Other(1)	(8)		(40)		1,092,199		0		1,092,151
Balance, end of period	$	42,621	$	251,562	$	2,397,005	$	0	$	2,691,188

(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 12 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:

	Six Months Ended June 30,
	2025		2024
	(in thousands)
Balance, beginning of period	$	322,351	$	351,424
Capitalization	960		1,214
Amortization expense	(14,723)		(15,436)
Other	386		0
Balance, end of period	$	308,974	$	337,202