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Deferred Policy Acquisition Costs, Deferred Sales Inducements and Value of Business Acquired | 12 Months Ended
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Dec. 31, 2023
Deferred Charges, Insurers [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 Deferred Policy Acquisition Costs The following tables show a rollforward for the lines of business that contain material DAC balances, along with a reconciliation to the Company’s total DAC balance:
| Year Ended December 31, 2023
| Retirement Strategies |  | Individual Life |  | International Businesses |  | Total
| Individual Variable |  | Term Life |  | Variable/ Universal Life |  | Life Planner |  | Gibraltar Life and Other |
| (in millions)
Balance, BOP | $ | 4,171 |  |  | $ | 2,288 |  |  | $ | 5,000 |  |  | $ | 4,710 |  |  | $ | 4,231 |  |  | $ | 20,400 |
Capitalization | 261 |  |  | 160 |  |  | 608 |  |  | 586 |  |  | 610 |  |  | 2,225 |
Amortization expense | (366) |  |  | (212) |  |  | (244) |  |  | (326) |  |  | (315) |  |  | (1,463) |
Other adjustments(1) | (390) |  |  | 1 |  |  | 0 |  |  | 20 |  |  | 0 |  |  | (369) |
Foreign currency adjustment | 0 |  |  | 0 |  |  | 0 |  |  | (81) |  |  | (84) |  |  | (165) |
Balance, EOP | $ | 3,676 |  |  | $ | 2,237 |  |  | $ | 5,364 |  |  | $ | 4,909 |  |  | $ | 4,442 |  |  | 20,628 |
Other businesses |  |  |  |  |  |  |  |  |  |  | 228 |
Total DAC balance |  |  |  |  |  |  |  |  |  |  | $ | 20,856 |
__________ (1)Includes the impact of the reinsurance transaction with AuguStar in Individual Retirement Strategies. See Note 15 for additional information.
| Year Ended December 31, 2022
| Retirement Strategies |  | Individual Life |  | International Businesses |  | Total
| Individual Variable |  | Term Life |  | Variable/ Universal Life |  | Life Planner |  | Gibraltar Life and Other |
| (in millions)
Balance, BOP | $ | 4,872 |  |  | $ | 2,372 |  |  | $ | 4,679 |  |  | $ | 4,685 |  |  | $ | 4,135 |  |  | $ | 20,743 |
Capitalization | 277 |  |  | 127 |  |  | 556 |  |  | 579 |  |  | 600 |  |  | 2,139 |
Amortization expense | (401) |  |  | (211) |  |  | (235) |  |  | (318) |  |  | (300) |  |  | (1,465) |
Other adjustments(1) | (577) |  |  | 0 |  |  | 0 |  |  | 22 |  |  | 0 |  |  | (555) |
Foreign currency adjustment | 0 |  |  | 0 |  |  | 0 |  |  | (258) |  |  | (204) |  |  | (462) |
Balance, EOP | $ | 4,171 |  |  | $ | 2,288 |  |  | $ | 5,000 |  |  | $ | 4,710 |  |  | $ | 4,231 |  |  | 20,400 |
Other businesses |  |  |  |  |  |  |  |  |  |  | 146 |
Total DAC balance |  |  |  |  |  |  |  |  |  |  | $ | 20,546 |
__________ (1)Includes $(584) million in Individual Retirement Strategies related to the sale of PALAC. See Note 1 for additional information.
| Year Ended December 31, 2021
| Retirement Strategies |  | Individual Life |  | International Businesses |  | Total
| Individual Variable |  | Term Life |  | Variable/ Universal Life |  | Life Planner |  | Gibraltar Life and Other |
| (in millions)
Balance, BOP | $ | 4,916 |  |  | $ | 2,417 |  |  | $ | 4,229 |  |  | $ | 4,615 |  |  | $ | 3,960 |  |  | $ | 20,137 |
Capitalization | 360 |  |  | 169 |  |  | 682 |  |  | 654 |  |  | 672 |  |  | 2,537 |
Amortization expense | (422) |  |  | (214) |  |  | (232) |  |  | (329) |  |  | (309) |  |  | (1,506) |
Other adjustments | 18 |  |  | 0 |  |  | 0 |  |  | 23 |  |  | 0 |  |  | 41 |
Foreign currency adjustment | 0 |  |  | 0 |  |  | 0 |  |  | (278) |  |  | (188) |  |  | (466) |
Balance, EOP | $ | 4,872 |  |  | $ | 2,372 |  |  | $ | 4,679 |  |  | $ | 4,685 |  |  | $ | 4,135 |  |  | 20,743 |
Other businesses |  |  |  |  |  |  |  |  |  |  | 230 |
Reclassified to “Assets held-for-sale”(1) |  |  |  |  |  |  |  |  |  |  | (1,210) |
Total DAC balance |  |  |  |  |  |  |  |  |  |  | $ | 19,763 |
__________ (1)Represents “Assets held-for-sale” of $(1,112) million and $(98) million related to the sales of PALAC in Individual Retirement Strategies and the Full Service Retirement business in Other businesses, respectively. Deferred Sales Inducements The following table shows a rollforward of DSI balances for variable annuity products within Individual Retirement Strategies, which is the only line of business that contains a material DSI balance, along with a reconciliation to the Company’s total DSI balance:
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
| (in millions)
Balance, BOP | $ | 446 |  |  | $ | 799 |  |  | $ | 866 |
Capitalization | 2 |  |  | 1 |  |  | 1 |
Amortization expense | (38) |  |  | (46) |  |  | (73) |
Other adjustments(1) | 0 |  |  | (308) |  |  | 5 |
Balance, EOP | 410 |  |  | 446 |  |  | 799 |
Other businesses | 33 |  |  | 34 |  |  | 37 |
Reclassified to “Assets held-for-sale”(2) | 0 |  |  | 0 |  |  | (342) |
Total DSI balance | $ | 443 |  |  | $ | 480 |  |  | $ | 494 |
__________ (1)The 2022 amount relates to the sale of PALAC. See Note 1 for additional information. (2)Represents “Assets held-for-sale” in Individual Retirement Strategies. Value of Business Acquired The following table shows a rollforward of VOBA balances for Gibraltar Life and Other, which is the only line of business that contains a material VOBA balance, along with a reconciliation to the Company’s total VOBA balance:
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
| (in millions)
Balance, BOP | $ | 597 |  |  | $ | 746 |  |  | $ | 911 |
Amortization expense | (49) |  |  | (58) |  |  | (75) |
Other adjustments | 0 |  |  | 0 |  |  | (1) |
Foreign currency adjustment | (37) |  |  | (91) |  |  | (89) |
Balance, EOP | 511 |  |  | 597 |  |  | 746 |
Other businesses | 19 |  |  | 24 |  |  | 237 |
Reclassified to “Assets held-for-sale”(1) | 0 |  |  | 0 |  |  | (205) |
Total VOBA balance | $ | 530 |  |  | $ | 621 |  |  | $ | 778 |
__________ (1)Represents “Assets held-for-sale” of $(27) million and $(178) million related to the sales of PALAC in Individual Retirement Strategies and the Full Services Retirement business in Other businesses, respectively. The following table provides VOBA balances for the applicable businesses for the period ended December 31:
| 2023
| (in millions)
Gibraltar Life | $ | 511 |
Aoba Life | 19
Total | $ | 530 |
The following table provides estimated future amortization for the periods indicated:
| 2024 |  | 2025 |  | 2026 |  | 2027 |  | 2028 |  | Thereafter |  | Total
| (in millions)
Estimated future VOBA amortization | $ | 47 |  |  | $ | 43 |  |  | $ | 39 |  |  | $ | 36 |  |  | $ | 32 |  |  | $ | 333 |  |  | $ | 530 |

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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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