Deferred Policy Acquisition Costs and Value of Business Acquired

9 Months Ended

Sep. 30, 2025

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Deferred Policy Acquisition Costs

5.    Deferred Policy Acquisition Costs and Value of Business Acquired

The following table presents a rollforward of DAC and VOBA for the periods indicated:

	DAC		VOBA
	Deferred and Individual Annuities
Balance as of January 1, 2024	$	589	$	321
Deferrals of commissions and expenses	57		3
Amortization expense	(46)		(26)
Balance as of December 31, 2024	$	600	$	298
Additions related to business acquisitions(1)	—		390
Deferrals of commissions and expenses	41		3
Amortization expense	(34)		(42)
Balance as of September 30, 2025	$	607	$	649

(1) As a result of the application of pushdown accounting associated with Voya acquisition of OneAmerica Financial's full-service retirement plan business, the estimated VOBA amortization is expected to increase from the 2024 amount by $21 to $29 annually for years 2025 through 2029.

The following table shows a reconciliation of DAC and VOBA balances to the Condensed Consolidated Balance Sheets for the periods indicated:

	September 30, 2025		December 31, 2024
DAC:
Deferred and Individual Annuities	$	607	$	600
Other	9		9
VOBA	649		298
Total	$	1,265	$	907