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DEFERRED POLICY ACQUISITION COSTS, DEFERRED SALES INDUCEMENTS AND VALUE OF BUSINESS ACQUIRED
 6 Months Ended
Jun. 30, 2025
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 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, 2025
US$ MILLIONS		AnnuitiesP&CLife InsuranceTotal
DAC:
Balance, beginning of period$886 $184 $306 $1,376 
Additions511 228 45 784 
Amortization(47)(229)(16)(292)
Net change464 (1)29 492 
Balance, end of period$1,350 $183 $335 $1,868 
DSI:
Balance, beginning of period$393 $— $— $393 
Additions348 — — 348 
Amortization(19)— — (19)
Net change329 — — 329 
Balance, end of period$722 $— $— $722 
VOBA asset:
Balance, beginning of period$8,838 $27 $62 $8,927 
Amortization(381)(8)(2)(391)
Net change(381)(8)(2)(391)
Balance, end of period$8,457 $19 $60 $8,536 
Total DAC, DSI and VOBA asset$10,529 $202 $395 $11,126 
AS OF AND FOR THE SIX MONTHS ENDED JUN. 30, 2024
US$ MILLIONS		AnnuitiesP&CLife InsuranceTotal
DAC:
Balance, beginning of period$1,314 $171 $217 $1,702 
Additions257 261 57 575 
Derecognition(1)
(1,129)— — (1,129)
Amortization(36)(235)(10)(281)
Net change(908)26 47 (835)
Balance, end of period$406 $197 $264 $867 
DSI:
Balance, beginning of period$257 $— $— $257 
Additions96 — — 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 $168 $301 $509 
Acquisition of business combination(2)
9,276 — — 9,276 
Amortization(134)(70)(11)(215)
Net change9,142 (70)(11)9,061 
Balance, end of period$9,182 $98 $290 $9,570 
Total DAC, DSI and VOBA asset$9,690 $295 $554 $10,539 
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(1)See Note 16 for the details of effective settlement of a reinsurance arrangement, resulting in the derecognition of DAC and DSI.
(2)The difference between the amount shown in the table and the value of business acquired in Note 16 represents $45 million of measurement period adjustments recorded in the third quarter of 2024. See Note 16 for the details.
The following table provides the projected VOBA asset amortization expenses for a five-year period and thereafter as of June 30, 2025:
YearsUS$ MILLIONS
2025(1)
$376 
2026705 
2027645 
2028598 
2029552 
Thereafter5,660 
Total amortization expense$8,536 
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(1)Expected amortization for the remainder of 2025.