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DEFERRED POLICY ACQUISITION COSTS, DEFERRED SALES INDUCEMENTS AND VALUE OF BUSINESS ACQUIRED | 6 Months Ended
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Jun. 30, 2024
Insurance [Abstract] |
DEFERRED POLICY ACQUISITION COSTS, DEFERRED SALES INDUCEMENTS AND VALUE OF BUSINESS ACQUIRED | DEFERRED POLICY ACQUISITION COSTS, DEFERRED SALES INDUCEMENTS AND VALUE OF BUSINESS ACQUIRED The following tables present a rollforward of deferred policy acquisition costs (“DAC”), deferred sales inducements (“DSI”) and value of business acquired (“VOBA asset”) for the periods indicated:
AS OF AND FOR THE SIX MONTHS ENDED JUN. 30, 2024 US$ MILLIONS |  | Annuity |  | Life |  | P&C |  | Total
DAC: |  |  |  |  |  |  |  |
Balance, beginning of period |  | $ | 1,314 |  |  | $ | 217 |  |  | $ | 171 |  |  | $ | 1,702 |
Additions |  | 257 |  |  | 57 |  |  | 261 |  |  | 575 |
Derecognition 1 |  | (1,129) |  |  | — |  |  | — |  |  | (1,129) |
Amortization |  | (36) |  |  | (10) |  |  | (235) |  |  | (281) |
Net change |  | (908) |  |  | 47 |  |  | 26 |  |  | (835) |
Balance, end of period |  | $ | 406 |  |  | $ | 264 |  |  | $ | 197 |  |  | $ | 867 |
DSI: |  |  |  |  |  |  |  |
Balance, beginning of period |  | $ | 257 |  |  | $ | — |  |  | $ | — |  |  | $ | 257 |
Additions |  | 96 |  |  | — |  |  | — |  |  | 96 |
Derecognition 1 |  | (246) |  |  | — |  |  | — |  |  | (246) |
Amortization |  | (5) |  |  | — |  |  | — |  |  | (5) |
Net change |  | (155) |  |  | — |  |  | — |  |  | (155) |
Balance, end of period |  | $ | 102 |  |  | $ | — |  |  | $ | — |  |  | $ | 102 |
VOBA asset: |  |  |  |  |  |  |  |
Balance, beginning of period |  | $ | 40 |  |  | $ | 301 |  |  | $ | 168 |  |  | $ | 509 |
Acquisition from business combination |  | 9,276 |  |  | — |  |  | — |  |  | 9,276 |
Amortization |  | (134) |  |  | (11) |  |  | (70) |  |  | (215) |
Net change |  | 9,142 |  |  | (11) |  |  | (70) |  |  | 9,061 |
Balance, end of period |  | $ | 9,182 |  |  | $ | 290 |  |  | $ | 98 |  |  | $ | 9,570 |
Total DAC, DSI and VOBA asset |  | $ | 9,690 |  |  | $ | 554 |  |  | $ | 295 |  |  | $ | 10,539 |
1.See Note 16 for the details of effective settlement of a reinsurance arrangement, resulting in the derecognition of DAC and DSI.
AS OF AND FOR THE SIX MONTHS ENDED JUN. 30, 2023 US$ MILLIONS |  | Annuity |  | Life |  | P&C |  | Total
DAC: |  |  |  |  |  |  |  |
Balance, beginning of period |  | $ | 886 |  |  | $ | 86 |  |  | $ | 124 |  |  | $ | 1,096 |
Additions |  | 253 |  |  | 79 |  |  | 269 |  |  | 601 |
Amortization |  | (34) |  |  | (7) |  |  | (233) |  |  | (274) |
Net change |  | 219 |  |  | 72 |  |  | 36 |  |  | 327 |
Balance, end of period |  | $ | 1,105 |  |  | $ | 158 |  |  | $ | 160 |  |  | $ | 1,423 |
DSI: |  |  |  |  |  |  |  |
Balance, beginning of period |  | $ | 85 |  |  | $ | — |  |  | $ | — |  |  | $ | 85 |
Additions |  | 96 |  |  | — |  |  | — |  |  | 96 |
Amortization |  | (3) |  |  | — |  |  | — |  |  | (3) |
Net change |  | 93 |  |  | — |  |  | — |  |  | 93 |
Balance, end of period |  | $ | 178 |  |  | $ | — |  |  | $ | — |  |  | $ | 178 |
VOBA asset: |  |  |  |  |  |  |  |
Balance, beginning of period |  | $ | 26 |  |  | $ | 310 |  |  | $ | 68 |  |  | $ | 404 |
Additions |  | 18 |  |  | 18 |  |  | — |  |  | 36 |
Amortization |  | (1) |  |  | (13) |  |  | (41) |  |  | (55) |
Net change |  | 17 |  |  | 5 |  |  | (41) |  |  | (19) |
Balance, end of period |  | $ | 43 |  |  | $ | 315 |  |  | $ | 27 |  |  | $ | 385 |
Total DAC, DSI and VOBA asset |  | $ | 1,326 |  |  | $ | 473 |  |  | $ | 187 |  |  | $ | 1,986 |
The following table provides the projected VOBA asset amortization expenses for a five-year period and thereafter as of June 30, 2024:
Years |  | US$ MILLIONS
2024 1 |  | $ | 461 |
2025 |  | 776 |
2026 |  | 717 |
2027 |  | 660 |
2028 |  | 616 |
Thereafter |  | 6,340 |
Total amortization expense |  | $ | 9,570 |
1.Expected amortization for the remainder of 2024.

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- Definition The entire disclosure for cost related directly to successful acquisition of new and renewal of insurance contract. Includes, but is not limited to, deferred policy acquisition cost, deferred sale inducement cost, and present value of future profit of insurance contract acquired in business combination. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 20 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479735/944-20-S99-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 2A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479432/944-30-50-2A Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/944-30/tableOfContent + Details
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