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Deferred Acquisition Costs and Deferred Sales Inducement Costs | 9 Months Ended
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Sep. 30, 2024
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 deferred acquisition costs (“DAC”):
| Variable Annuities |  | Structured Variable Annuities |  | Fixed Annuities |  | Fixed Indexed Annuities |  | Universal Life Insurance |  | Variable Universal Life Insurance
| (in millions)
Balance at January 1, 2024 | $ | 1,496 |  |  | $ | 208 |  |  | $ | 35 |  |  | $ | 5 |  |  | $ | 110 |  |  | $ | 534 |
Capitalization of acquisition costs | 17 |  |  | 75 |  |  | — |  |  | — |  |  | — |  |  | 48 |
Amortization | (89) |  |  | (22) |  |  | (5) |  |  | — |  |  | (6) |  |  | (34) |
Balance at September 30, 2024 | $ | 1,424 |  |  | $ | 261 |  |  | $ | 30 |  |  | $ | 5 |  |  | $ | 104 |  |  | $ | 548 |
| Indexed Universal Life Insurance |  | Other Life Insurance |  | Life Contingent Payout Annuities |  | Term and Whole Life Insurance |  | Disability Income Insurance |  | Total, All Products
| (in millions)
Balance at January 1, 2024 | $ | 223 |  |  | $ | 2 |  |  | $ | 6 |  |  | $ | 17 |  |  | $ | 75 |  |  | $ | 2,711 |
Capitalization of acquisition costs | 2 |  |  | — |  |  | 3 |  |  | 1 |  |  | 3 |  |  | 149 |
Amortization | (12) |  |  | — |  |  | — |  |  | (1) |  |  | (7) |  |  | (176) |
Balance at September 30, 2024 | $ | 213 |  |  | $ | 2 |  |  | $ | 9 |  |  | $ | 17 |  |  | $ | 71 |  |  | $ | 2,684 |
Other broker dealer acquisition costs |  |  |  |  |  |  |  |  |  |  | 2 |
Balance at September 30, 2024 including broker dealer acquisition costs |  |  |  |  |  | $ | 2,686 |
| 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 | 23 |  |  | 83 |  |  | — |  |  | — |  |  | — |  |  | 57 |
Amortization | (125) |  |  | (24) |  |  | (10) |  |  | (1) |  |  | (8) |  |  | (44) |
Balance at December 31, 2023 | $ | 1,496 |  |  | $ | 208 |  |  | $ | 35 |  |  | $ | 5 |  |  | $ | 110 |  |  | $ | 534 |
| Indexed Universal Life Insurance |  | Other Life Insurance |  | Life Contingent Payout Annuities |  | Term and Whole Life Insurance |  | Disability Income Insurance |  | Total, All Products
| (in millions)
Balance at January 1, 2023 | $ | 236 |  |  | $ | 3 |  |  | $ | 2 |  |  | $ | 18 |  |  | $ | 79 |  |  | $ | 2,775 |
Capitalization of acquisition costs | 4 |  |  | — |  |  | 4 |  |  | 1 |  |  | 4 |  |  | 176 |
Amortization | (17) |  |  | (1) |  |  | — |  |  | (2) |  |  | (8) |  |  | (240) |
Balance at December 31, 2023 | $ | 223 |  |  | $ | 2 |  |  | $ | 6 |  |  | $ | 17 |  |  | $ | 75 |  |  | $ | 2,711 |
Other broker dealer acquisition costs |  |  |  |  |  |  |  |  |  |  | 2 |
Balance at December 31, 2023 including broker dealer acquisition costs |  |  |  |  |  | $ | 2,713 |
The following tables summarize the balances of and changes in deferred sales inducement costs (“DSIC”):
| Variable Annuities |  | Fixed Annuities |  |  |  | Total, All Products
| (in millions)
Balance at January 1, 2024 | $ | 136 |  |  | $ | 12 |  |  |  |  | $ | 148 |
Amortization | (10) |  |  | (2) |  |  |  |  | (12) |
Balance at September 30, 2024 | $ | 126 |  |  | $ | 10 |  |  |  |  | $ | 136 |
| Variable Annuities |  | Fixed Annuities |  |  |  | Total, All Products
| (in millions)
Balance at January 1, 2023 | $ | 151 |  |  | $ | 16 |  |  |  |  | $ | 167 |
Amortization | (15) |  |  | (4) |  |  |  |  | (19) |
Balance at December 31, 2023 | $ | 136 |  |  | $ | 12 |  |  |  |  | $ | 148 |

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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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