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v3.23.1

Value of Business Acquired, Deferred Acquisition Costs and Deferred Sales Inducements (Tables) | 3 Months Ended
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Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract] |
Schedule of Other Intangible Assets, Finite | The following table reconciles to Other intangible assets, net, on the unaudited Condensed Consolidated Balance Sheets as of March 31, 2023 and December 31, 2022.
|  | March 31, 2023 |  | December 31, 2022
|  | (In millions)
VOBA |  | $ | 1,572 |  |  | $ | 1,615 |
DAC |  | 1,676 |  |  | 1,411 |
DSI |  | 225 |  |  | 200 |
Value of distribution asset |  | 97 |  |  | 100 |
Computer software |  | 65 |  |  | 61 |
Definite lived trademarks, tradenames, and other |  | 21 |  |  | 22 |
Indefinite lived tradenames and other |  | 21 |  |  | 20 |
Total Other intangible assets, net |  | $ | 3,677 |  |  | $ | 3,429 |
Schedule of Other Intangible Assets, Indefinite | The following table reconciles to Other intangible assets, net, on the unaudited Condensed Consolidated Balance Sheets as of March 31, 2023 and December 31, 2022.
|  | March 31, 2023 |  | December 31, 2022
|  | (In millions)
VOBA |  | $ | 1,572 |  |  | $ | 1,615 |
DAC |  | 1,676 |  |  | 1,411 |
DSI |  | 225 |  |  | 200 |
Value of distribution asset |  | 97 |  |  | 100 |
Computer software |  | 65 |  |  | 61 |
Definite lived trademarks, tradenames, and other |  | 21 |  |  | 22 |
Indefinite lived tradenames and other |  | 21 |  |  | 20 |
Total Other intangible assets, net |  | $ | 3,677 |  |  | $ | 3,429 |
Rollforward of Value of Business Acquired | The following tables roll forward VOBA by product for the three months ended March 31, 2023 and March 31, 2022.
| FIA |  | Fixed Rate Annuities |  | Immediate Annuities |  | Universal Life |  | Traditional Life |  |  |  |  |  |  | Total
| (In millions)
Balance at January 1, 2023 | $ | 1,166 |  |  | $ | 32 |  |  | $ | 201 |  |  | $ | 143 |  |  | $ | 73 |  |  |  |  |  |  |  | $ | 1,615 |
Amortization | (36) |  |  | (1) |  |  | (3) |  |  | (2) |  |  | (1) |  |  |  |  |  |  |  | (43) |
Balance at March 31, 2023 | $ | 1,130 |  |  | $ | 31 |  |  | $ | 198 |  |  | $ | 141 |  |  | $ | 72 |  |  |  |  |  |  |  | $ | 1,572 |
| FIA |  | Fixed Rate Annuities |  | Immediate Annuities |  | Universal Life |  | Traditional Life |  |  |  |  |  |  | Total
| (In millions)
Balance at January 1, 2022 | $ | 1,314 |  |  | $ | 39 |  |  | $ | 212 |  |  | $ | 153 |  |  | $ | 25 |  |  |  |  |  |  |  | $ | 1,743 |
Amortization | (38) |  |  | (2) |  |  | (3) |  |  | (3) |  |  | (1) |  |  |  |  |  |  |  | (47) |
Shadow Premium Deficiency Testing (“PDT”) | — |  |  | — |  |  | — |  |  | — |  |  | 53 |  |  |  |  |  |  |  | 53 |
Balance at March 31, 2022 | $ | 1,276 |  |  | $ | 37 |  |  | $ | 209 |  |  | $ | 150 |  |  | $ | 77 |  |  |  |  |  |  |  | $ | 1,749 |
Reconciliation of VOBA to Condensed Consolidated Balance Sheets | The following table presents a reconciliation of VOBA to the table above, which is included in Other intangible assets, net in the unaudited Condensed Consolidated Balance Sheets as of March 31, 2023 and December 31, 2022:
|  | March 31, 2023 |  | December 31, 2022
|  | (In millions)
FIA |  | $ | 1,130 |  |  | $ | 1,166 |
Fixed Rate Annuities |  | 31 |  |  | 32 |
Immediate Annuities |  | 198 |  |  | 201 |
Universal Life |  | 141 |  |  | 143 |
Traditional Life |  | 72 |  |  | 73 |
Total |  | $ | 1,572 |  |  | $ | 1,615 |
Rollforward of Deferred Policy Acquisition Costs | The following tables roll forward DAC for the three months ended March 31, 2023 and March 31, 2022.
| FIA |  | Fixed Rate Annuities |  | Universal Life |  | Total (a)
| (In millions)
Balance at January 1, 2023 | $ | 971 |  |  | $ | 83 |  |  | $ | 348 |  |  | $ | 1,402 |
Capitalization | 113 |  |  | 52 |  |  | 56 |  |  | 221 |
Amortization | (22) |  |  | (5) |  |  | (8) |  |  | (35) |
Reinsurance related adjustments | — |  |  | 79 |  |  | — |  |  | 79 |
Balance at March 31, 2023 | $ | 1,062 |  |  | $ | 209 |  |  | $ | 396 |  |  | $ | 1,667 |
| FIA |  | Fixed Rate Annuities |  | Universal Life |  | Total (a)
| (In millions)
Balance at January 1, 2022 | $ | 564 |  |  | $ | 38 |  |  | $ | 173 |  |  | $ | 775 |
Capitalization | 98 |  |  | 8 |  |  | 47 |  |  | 153 |
Amortization | (13) |  |  | (2) |  |  | (4) |  |  | (19) |
Balance at March 31, 2022 | $ | 649 |  |  | $ | 44 |  |  | $ | 216 |  |  | $ | 909 |
(a) Excludes insignificant amounts of DAC related to Funding Agreement Backed Note (“FABN”)
Reconciliation of DAC to Condensed Consolidated Balance Sheets | The following table presents a reconciliation of DAC to the table above, which is included in Other intangible assets, net in the unaudited Condensed Consolidated Balance Sheets as of March 31, 2023 and December 31, 2022 :
|  | March 31, 2023 |  | December 31, 2022
|  | (In millions)
FIA |  | $ | 1,062 |  |  | $ | 971 |
Fixed Rate Annuities |  | 209 |  |  | 83 |
Universal Life |  | 396 |  |  | 348 |
Funding Agreements |  | 9 |  |  | 9 |
Total |  | $ | 1,676 |  |  | $ | 1,411 |
Rollforward of Deferred Sale Inducement Cost | The following tables roll forward DSI for the three months ended March 31, 2023 and March 31, 2022:
| FIA |  | Total
| (In millions)
Balance at January 1, 2023 | $ | 200 |  |  | $ | 200 |
Capitalization | 29 |  |  | 29 |
Amortization | (4) |  |  | (4) |
Balance at March 31, 2023 | $ | 225 |  |  | $ | 225 |
| FIA |  | Total
| (In millions)
Balance at January 1, 2022 | $ | 127 |  |  | $ | 127 |
Capitalization | 16 |  |  | 16 |
Amortization | (3) |  |  | (3) |
Balance at March 31, 2022 | $ | 140 |  |  | $ | 140 |
Reconciliation of DSI to Condensed Consolidated Balance Sheets | The following table presents a reconciliation of DSI to the table above, which is included in Other intangible assets, net in the unaudited Condensed Consolidated Balance Sheets as of March 31, 2023 and December 31, 2022:
|  | March 31, 2023 |  | December 31, 2022
|  | (In millions)
FIA |  | $ | 225 |  |  | $ | 200 |
Total |  | $ | 225 |  |  | $ | 200 |
Estimated Amortization Expense for VOBA in Future Fiscal Periods |
| Estimated Amortization Expense
Fiscal Year | (In millions)
2023 | $ | 122 |
2024 | 151 |
2025 | 139 |
2026 | 128 |
2027 | 117 |
Thereafter | 915 |

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