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

9 Months Ended

Sep. 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:

	Nine Months Ended September 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	136,755		297,469		137,908		520,168		1,092,300
Amortization expense	(43,140)		(299,028)		(34,563)		(113,118)		(489,849)
Other	(1,235)		16,937		(297)		3,001		18,406
Balance, end of period	$	464,022	$	3,388,579	$	717,116	$	3,858,200	$	8,427,917

	Nine Months Ended September 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(1)	174,397		308,269		138,395		488,301		1,109,362
Amortization expense(1)	(29,806)		(263,194)		(52,564)		(104,038)		(449,602)
Other(2)	0		0		(97)		(18,339)		(18,436)
Balance, end of period	$	342,528	$	3,344,010	$	829,622	$	3,269,900	$	7,786,060

(1)Amounts reflect revision to prior period Financial Statements. See Note 17 for additional information.

(2)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.

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:

	Nine Months Ended September 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	(22,404)		(27,805)		(28,372)		(78,581)
Other	4		0		0		4
Balance, end of period	$	141,838	$	368,879	$	941,100	$	1,451,817

	Nine Months Ended September 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	(22,230)		(5,728)		0		(27,958)
Other	10		0		0		10
Balance, end of period	$	171,890	$	55,275	$	0	$	227,165

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:

	Nine Months Ended September 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	(7,260)		(14,595)		(101,539)		(544)		(123,938)
Other(1)	159		76		0		13,698		13,933
Foreign currency adjustment(1)	0		0		0		283		283
Balance, end of period	$	30,447	$	227,109	$	2,938,070	$	13,437	$	3,209,063

(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.

	Nine Months Ended September 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	(8,109)		(15,237)		(86,695)		0		(110,041)
Other(1)	118		98		1,092,199		0		1,092,415
Balance, end of period	$	40,082	$	246,582	$	2,369,000	$	0	$	2,655,664

(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:

	Nine Months Ended September 30,
	2025		2024
	(in thousands)
Balance, beginning of period	$	322,351	$	351,424
Capitalization	3,194		1,753
Amortization expense	(22,099)		(22,913)
Other	388		0
Balance, end of period	$	303,834	$	330,264