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v3.23.1

Deferred Acquisition Costs and Deferred Sales Inducement Costs | 3 Months Ended
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Mar. 31, 2023
Deferred Charges, Insurers [Abstract] |
Deferred Acquisition Costs and Deferred Sales Inducement Costs | Deferred Acquisition Costs and Deferred Sales Inducement Costs The following tables summarize the balances of and changes in DAC, including the January 1, 2021 adoption of ASU 2018-12:
| Variable Annuities |  | Structured Variable Annuities |  | Fixed Annuities |  | Fixed Indexed Annuities |  | Universal Life Insurance |  | Variable Universal Life Insurance
| (in millions)
Pre-adoption balance at December 31, 2020 | $ | 1,690 |  |  | $ | 22 |  |  | $ | 43 |  |  | $ | 7 |  |  | $ | 100 |  |  | $ | 452 |
Effect of shadow reserve adjustments | 42 |  |  | 4 |  |  | 18 |  |  | 1 |  |  | 31 |  |  | 53 |
Post-adoption balance at January 1, 2021 | 1,732 |  |  | 26 |  |  | 61 |  |  | 8 |  |  | 131 |  |  | 505 |
Capitalization of acquisition costs | 111 |  |  | 71 |  |  | — |  |  | — |  |  | 3 |  |  | 54 |
Amortization | (147) |  |  | (6) |  |  | (8) |  |  | (1) |  |  | (9) |  |  | (47) |
Balance at December 31, 2021 | $ | 1,696 |  |  | $ | 91 |  |  | $ | 53 |  |  | $ | 7 |  |  | $ | 125 |  |  | $ | 512 |
| Indexed Universal Life Insurance |  | Other Life Insurance |  | Life Contingent Payout Annuities |  | Term and Whole Life Insurance |  | Disability Insurance |  | Total, All Products
| (in millions)
Pre-adoption balance at December 31, 2020 | $ | 108 |  |  | $ | (3) |  |  | $ | — |  |  | $ | 19 |  |  | $ | 89 |  |  | $ | 2,527 |
Effect of shadow reserve adjustments | 149 |  |  | 6 |  |  | — |  |  | — |  |  | — |  |  | 304 |
Post-adoption balance at January 1, 2021 | 257 |  |  | 3 |  |  | — |  |  | 19 |  |  | 89 |  |  | 2,831 |
Capitalization of acquisition costs | 9 |  |  | — |  |  | 1 |  |  | 2 |  |  | 4 |  |  | 255 |
Amortization | (18) |  |  | — |  |  | — |  |  | (2) |  |  | (9) |  |  | (247) |
Balance at December 31, 2021 | $ | 248 |  |  | $ | 3 |  |  | $ | 1 |  |  | $ | 19 |  |  | $ | 84 |  |  | $ | 2,839 |
Other broker dealer acquisition costs |  |  |  |  |  |  |  |  |  |  | 5 |
Balance at December 31, 2021 including broker dealer acquisition costs |  |  |  |  |  | $ | 2,844 |
| Variable Annuities |  | Structured Variable Annuities |  | Fixed Annuities |  | Fixed Indexed Annuities |  | Universal Life Insurance |  | Variable Universal Life Insurance
| (in millions)
Balance at January 1, 2022 | $ | 1,696 |  |  | $ | 91 |  |  | $ | 53 |  |  | $ | 7 |  |  | $ | 125 |  |  | $ | 512 |
Capitalization of acquisition costs | 38 |  |  | 73 |  |  | — |  |  | — |  |  | 1 |  |  | 55 |
Amortization | (136) |  |  | (15) |  |  | (8) |  |  | (1) |  |  | (8) |  |  | (46) |
Balance at December 31, 2022 | $ | 1,598 |  |  | $ | 149 |  |  | $ | 45 |  |  | $ | 6 |  |  | $ | 118 |  |  | $ | 521 |
| Indexed Universal Life Insurance |  | Other Life Insurance |  | Life Contingent Payout Annuities |  | Term and Whole Life Insurance |  | Disability Insurance |  | Total, All Products
| (in millions)
Balance at January 1, 2022 | $ | 248 |  |  | $ | 3 |  |  | $ | 1 |  |  | $ | 19 |  |  | $ | 84 |  |  | $ | 2,839 |
Capitalization of acquisition costs | 5 |  |  | — |  |  | 1 |  |  | 1 |  |  | 4 |  |  | 178 |
Amortization | (17) |  |  | — |  |  | — |  |  | (2) |  |  | (9) |  |  | (242) |
Balance at December 31, 2022 | $ | 236 |  |  | $ | 3 |  |  | $ | 2 |  |  | $ | 18 |  |  | $ | 79 |  |  | $ | 2,775 |
Other broker dealer acquisition costs |  |  |  |  |  |  |  |  |  |  | 2 |
Balance at December 31, 2022 including broker dealer acquisition costs |  |  |  |  |  | $ | 2,777 |
| Variable Annuities |  | Structured Variable Annuities |  | Fixed Annuities |  | Fixed Indexed Annuities |  | Universal Life Insurance |  | Variable Universal Life Insurance
| (in millions)
Balance at January 1, 2023 | $ | 1,598 |  |  | $ | 149 |  |  | $ | 45 |  |  | $ | 6 |  |  | $ | 118 |  |  | $ | 521 |
Capitalization of acquisition costs | 6 |  |  | 18 |  |  | — |  |  | — |  |  | — |  |  | 11 |
Amortization | (33) |  |  | (5) |  |  | (3) |  |  | — |  |  | (2) |  |  | (12) |
Balance at March 31, 2023 | $ | 1,571 |  |  | $ | 162 |  |  | $ | 42 |  |  | $ | 6 |  |  | $ | 116 |  |  | $ | 520 |
| Indexed Universal Life Insurance |  | Other Life Insurance |  | Life Contingent Payout Annuities |  | Term and Whole Life Insurance |  | Disability Insurance |  | Total, All Products
| (in millions)
Balance at January 1, 2023 | $ | 236 |  |  | $ | 3 |  |  | $ | 2 |  |  | $ | 18 |  |  | $ | 79 |  |  | $ | 2,775 |
Capitalization of acquisition costs | 1 |  |  | — |  |  | 1 |  |  | — |  |  | 1 |  |  | 38 |
Amortization | (4) |  |  | — |  |  | — |  |  | — |  |  | (2) |  |  | (61) |
Balance at March 31, 2023 | $ | 233 |  |  | $ | 3 |  |  | $ | 3 |  |  | $ | 18 |  |  | $ | 78 |  |  | $ | 2,752 |
Other broker dealer acquisition costs |  |  |  |  |  |  |  |  |  |  | 2 |
Balance at March 31, 2023 including broker dealer acquisition costs |  |  |  |  |  | $ | 2,754 |
The following tables summarize the balances of and changes in DSIC, including the January 1, 2021 adoption of ASU 2018-12:
| Variable Annuities |  | Fixed Annuities |  |  |  | Total, All Products
| (in millions)
Pre-adoption balance at December 31, 2020 | $ | 175 |  |  | $ | 14 |  |  |  |  | $ | 189 |
Effect of shadow reserve adjustments | 8 |  |  | 8 |  |  |  |  | 16 |
Post-adoption balance at January 1, 2021 | 183 |  |  | 22 |  |  |  |  | 205 |
Capitalization of sales inducement costs | 1 |  |  | — |  |  |  |  | 1 |
Amortization | (18) |  |  | (3) |  |  |  |  | (21) |
Balance at December 31, 2021 | $ | 166 |  |  | $ | 19 |  |  |  |  | $ | 185 |
| Variable Annuities |  | Fixed Annuities |  |  |  | Total, All Products
| (in millions)
Balance at January 1, 2022 | $ | 166 |  |  | $ | 19 |  |  |  |  | $ | 185 |
Capitalization of sales inducement costs | 1 |  |  | — |  |  |  |  | 1 |
Amortization | (16) |  |  | (3) |  |  |  |  | (19) |
Balance at December 31, 2022 | $ | 151 |  |  | $ | 16 |  |  |  |  | $ | 167 |
| Variable Annuities |  | Fixed Annuities |  |  |  | Total, All Products
| (in millions)
Balance at January 1, 2023 | $ | 151 |  |  | $ | 16 |  |  |  |  | $ | 167 |
Amortization | (4) |  |  | (1) |  |  |  |  | (5) |
Balance at March 31, 2023 | $ | 147 |  |  | $ | 15 |  |  |  |  | $ | 162 |

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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 -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 30 -URI https://asc.fasb.org/subtopic&trid=4737841 + Details
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