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Value of Business Acquired, Deferred Acquisition Costs and Deferred Sales Inducements (Tables)

3 Months Ended

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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