XML 31 R20.htm IDEA: XBRL DOCUMENT
v3.22.1

Value of Business Acquired, Deferred Acquisition Costs and Deferred Sales Inducements | 3 Months Ended
--- | ---
Mar. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract] |
Value of Business Acquired, Deferred Acquisition Costs and Deferred Sales Inducements | Value of Business Acquired, Deferred Acquisition Costs and Deferred Sales Inducements A summary of the changes in the carrying amounts of our VOBA, DAC and DSI intangible assets is as follows (in millions):
| VOBA |  | DAC |  | DSI |  | Total
Balance at January 1, 2022 | $ | 1,185 |  |  | $ | 761 |  |  | $ | 88 |  |  | $ | 2,034 |
Deferrals | — |  |  | 154 |  |  | 16 |  |  | 170 |
Amortization | (94) |  |  | (39) |  |  | (11) |  |  | (144) |
Interest | 7 |  |  | 6 |  |  | — |  |  | 13 |
Unlocking | (6) |  |  | (1) |  |  | 2 |  |  | (5) |
Adjustment for net unrealized investment (gains) losses | 318 |  |  | 88 |  |  | 21 |  |  | 427 |
Balance at March 31, 2022 | $ | 1,410 |  |  | $ | 969 |  |  | $ | 116 |  |  | $ | 2,495 |
| VOBA |  | DAC |  | DSI |  | Total
Balance at January 1, 2021 | $ | 1,466 |  |  | $ | 222 |  |  | $ | 36 |  |  | $ | 1,724 |
Deferrals | — |  |  | 133 |  |  | 21 |  |  | 154 |
Amortization | (132) |  |  | (8) |  |  | (8) |  |  | (148) |
Interest | 8 |  |  | 2 |  |  | — |  |  | 10 |
Unlocking | 1 |  |  | — |  |  | — |  |  | 1 |
Adjustment for net unrealized investment (gains) losses | 132 |  |  | (5) |  |  | — |  |  | 127 |
Balance at March 31, 2021 | $ | 1,475 |  |  | $ | 344 |  |  | $ | 49 |  |  | $ | 1,868 |
Amortization of VO BA, DAC, and DSI is based on the current and future expected gross margins or profits recognized, including investment gains and losses. The interest accrual rate utilized to calculate the accretion of interest on VOBA ranged from 0% to 4.71%. The adjustment for unrealized net investment losses (gains) represents the amount of VOBA, DAC, and DSI that would have been amortized if such unrealized gains and losses had been recognized. This is referred to as the “shadow adjustments” as the additional amortization is reflected in AOCI rather than the unaudited Condensed Consolidated Statements of Earnings. As of March 31, 2022 and March 31, 2021, the VOBA balances included cumulative adjustments for net unrealized investment gains (losses) of $(86) million and $152 million, respectively, the DAC balances included cumulative adjustments for net unrealized investment gains (losses) of $(49) million and $30 million, respectively, and the DSI balance included net unrealized investment gains (losses) of $(15) million and $4 million, respectively. For the in-force liabilities as of March 31, 2022, the estimated amortization expense for VOBA in future fiscal periods is as follows (in millions):
| Estimated Amortization Expense
Fiscal Year |
2022 | $ | (19) |
2023 | 120 |
2024 | 157 |
2025 | 150 |
2026 | 138 |
Thereafter | 778 |

X
- References No definition available. + Details
Name: | us-gaap_GoodwillAndIntangibleAssetsDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -URI http://asc.fasb.org/topic&trid=2144416 + Details
Name: | us-gaap_GoodwillAndIntangibleAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration