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Deferred Policy Acquisition Costs, Deferred Sales Inducements and Value of Business Acquired (Tables)
 12 Months Ended
Dec. 31, 2023
Deferred Charges, Insurers [Abstract]  
Schedule Of Deferred Policy Acquisition Costs
January 1, 2021
Deferred Policy Acquisition Costs
 Retirement StrategiesIndividual LifeInternational BusinessesOther BusinessesTotal
Individual VariableTerm LifeVariable/
Universal
Life		Life
Planner		Gibraltar
Life
and Other
(in millions)
Balance prior to transition$4,643 $2,417 $3,779 $4,278 $3,390 $520 $19,027 
Unwinding amounts related to unrealized investment gains and losses and other activity273 0 450 337 570 106 1,736 
Balance after transition$4,916 $2,417 $4,229 $4,615 $3,960 $626 $20,763 
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 StrategiesIndividual LifeInternational BusinessesTotal
Individual Variable
Term LifeVariable/
Universal Life		Life PlannerGibraltar Life
and Other
(in millions)
Balance, BOP$4,171 $2,288 $5,000 $4,710 $4,231 $20,400 
Capitalization261 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 adjustment0 0 0 (81)(84)(165)
Balance, EOP$3,676 $2,237 $5,364 $4,909 $4,442 20,628 
Other businesses228 
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 StrategiesIndividual LifeInternational BusinessesTotal
Individual Variable
Term LifeVariable/
Universal Life		Life PlannerGibraltar Life
and Other
(in millions)
Balance, BOP$4,872 $2,372 $4,679 $4,685 $4,135 $20,743 
Capitalization277 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 adjustment0 0 0 (258)(204)(462)
Balance, EOP$4,171 $2,288 $5,000 $4,710 $4,231 20,400 
Other businesses146 
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 StrategiesIndividual LifeInternational BusinessesTotal
Individual Variable
Term LifeVariable/
Universal Life		Life PlannerGibraltar Life
and Other
(in millions)
Balance, BOP$4,916 $2,417 $4,229 $4,615 $3,960 $20,137 
Capitalization360 169 682 654 672 2,537 
Amortization expense(422)(214)(232)(329)(309)(1,506)
Other adjustments18 0 0 23 0 41 
Foreign currency adjustment0 0 0 (278)(188)(466)
Balance, EOP$4,872 $2,372 $4,679 $4,685 $4,135 20,743 
Other businesses230 
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
January 1, 2021
Deferred Sales Inducements(1)
Retirement StrategiesOther BusinessesTotal
Individual Variable
(in millions)
Balance prior to transition$781 $39 $820 
Unwinding amounts related to unrealized investment gains and losses85 2 87 
Balance after transition$866 $41 $907 
__________
(1)Deferred sales inducements (“DSI”) are included in “Other assets.”
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,
202320222021
(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.
Schedule of Value of Business Acquired
January 1, 2021
Value of Business Acquired
International BusinessesOther Businesses(1)Total
Gibraltar Life and Other
(in millions)
Balance prior to transition$852 $251 $1,103 
Unwinding amounts related to unrealized investment gains and losses and other activity59 1 60 
Balance after transition$911 $252 $1,163 
__________
(1)Primarily represents value of business acquired (“VOBA”) for the Full Service Retirement business.
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,
202320222021
(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 
Estimated Future VOBA Amortization, Net of Interest
The following table provides estimated future amortization for the periods indicated:

20242025202620272028ThereafterTotal
(in millions)
Estimated future VOBA amortization$47 $43 $39 $36 $32 $333 $530 
The following table provides estimated future amortization for the periods indicated:

20242025202620272028
(in millions)
Estimated future amortization expense of other intangibles$88 $78 $56 $51 $45