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Value of Business Acquired, Deferred Acquisition Costs and Deferred Sales Inducements (Tables) | 9 Months Ended
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Sep. 30, 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 September 30, 2023 and December 31, 2022.
|  | September 30, 2023 |  | December 31, 2022
|  | (In millions)
Customer relationships and contracts |  | $ | 190 |  |  | $ | 202 |
VOBA |  | 1,487 |  |  | 1,615 |
DAC |  | 2,012 |  |  | 1,411 |
DSI |  | 297 |  |  | 200 |
Value of distribution asset |  | 90 |  |  | 100 |
Computer software |  | 272 |  |  | 196 |
Definite lived trademarks, tradenames, and other |  | 30 |  |  | 27 |
Indefinite lived tradenames and other |  | 61 |  |  | 60 |
Total Other intangible assets, net |  | $ | 4,439 |  |  | $ | 3,811 |
Schedule of Other Intangible Assets, Indefinite | The following table reconciles to Other intangible assets, net, on the unaudited Condensed Consolidated Balance Sheets as of September 30, 2023 and December 31, 2022.
|  | September 30, 2023 |  | December 31, 2022
|  | (In millions)
Customer relationships and contracts |  | $ | 190 |  |  | $ | 202 |
VOBA |  | 1,487 |  |  | 1,615 |
DAC |  | 2,012 |  |  | 1,411 |
DSI |  | 297 |  |  | 200 |
Value of distribution asset |  | 90 |  |  | 100 |
Computer software |  | 272 |  |  | 196 |
Definite lived trademarks, tradenames, and other |  | 30 |  |  | 27 |
Indefinite lived tradenames and other |  | 61 |  |  | 60 |
Total Other intangible assets, net |  | $ | 4,439 |  |  | $ | 3,811 |
Rollforward of Value of Business Acquired | The following tables roll forward VOBA by product for the nine months ended September 30, 2023 and September 30, 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 | (106) |  |  | (4) |  |  | (8) |  |  | (7) |  |  | (3) |  |  |  |  |  |  |  | (128) |
Balance at September 30, 2023 | $ | 1,060 |  |  | $ | 28 |  |  | $ | 193 |  |  | $ | 136 |  |  | $ | 70 |  |  |  |  |  |  |  | $ | 1,487 |
| 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 | (113) |  |  | (5) |  |  | (9) |  |  | (7) |  |  | (2) |  |  |  |  |  |  |  | (136) |
Shadow Premium Deficiency Testing (“PDT”) | — |  |  | — |  |  | — |  |  | — |  |  | 52 |  |  |  |  |  |  |  | 52 |
Balance at September 30, 2022 | $ | 1,201 |  |  | $ | 34 |  |  | $ | 203 |  |  | $ | 146 |  |  | $ | 75 |  |  |  |  |  |  |  | $ | 1,659 |
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 September 30, 2023 and December 31, 2022:
|  | September 30, 2023 |  | December 31, 2022
|  | (In millions)
FIA |  | $ | 1,060 |  |  | $ | 1,166 |
Fixed Rate Annuities |  | 28 |  |  | 32 |
Immediate Annuities |  | 193 |  |  | 201 |
Universal Life |  | 136 |  |  | 143 |
Traditional Life |  | 70 |  |  | 73 |
Total |  | $ | 1,487 |  |  | $ | 1,615 |
Rollforward of Deferred Policy Acquisition Costs | The following tables roll forward DAC by product for the nine months ended September 30, 2023 and September 30, 2022.
| FIA |  | Fixed Rate Annuities |  | Universal Life |  | Total (a)
| (In millions)
Balance at January 1, 2023 | $ | 971 |  |  | $ | 83 |  |  | $ | 348 |  |  | $ | 1,402 |
Capitalization | 371 |  |  | 119 |  |  | 167 |  |  | 657 |
Amortization | (75) |  |  | (35) |  |  | (25) |  |  | (135) |
Reinsurance related adjustments | — |  |  | 79 |  |  | — |  |  | 79 |
Balance at September 30, 2023 | $ | 1,267 |  |  | $ | 246 |  |  | $ | 490 |  |  | $ | 2,003 |
| FIA |  | Fixed Rate Annuities |  | Universal Life |  | Total (a)
| (In millions)
Balance at January 1, 2022 | $ | 564 |  |  | $ | 38 |  |  | $ | 173 |  |  | $ | 775 |
Capitalization | 331 |  |  | 41 |  |  | 141 |  |  | 513 |
Amortization | (47) |  |  | (7) |  |  | (15) |  |  | (69) |
Balance at September 30, 2022 | $ | 848 |  |  | $ | 72 |  |  | $ | 299 |  |  | $ | 1,219 |
(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 September 30, 2023 and December 31, 2022:
|  | September 30, 2023 |  | December 31, 2022
|  | (In millions)
FIA |  | $ | 1,267 |  |  | $ | 971 |
Fixed Rate Annuities |  | 246 |  |  | 83 |
Universal Life |  | 490 |  |  | 348 |
Funding Agreements |  | 9 |  |  | 9 |
Total |  | $ | 2,012 |  |  | $ | 1,411 |
Rollforward of Deferred Sale Inducement Cost | The following tables roll forward DSI for the nine months ended September 30, 2023 and September 30, 2022:
| FIA |  | Total
| (In millions)
Balance at January 1, 2023 | $ | 200 |  |  | $ | 200 |
Capitalization | 112 |  |  | 112 |
Amortization | (15) |  |  | (15) |
Balance at September 30, 2023 | $ | 297 |  |  | $ | 297 |
| FIA |  | Total
| (In millions)
Balance at January 1, 2022 | $ | 127 |  |  | $ | 127 |
Capitalization | 60 |  |  | 60 |
Amortization | (10) |  |  | (10) |
Balance at September 30, 2022 | $ | 177 |  |  | $ | 177 |
DSI amortization expense of $15 million and $10 million was recorded in Depreciation and amortization on the unaudited Condensed Consolidated Statements of Earnings for the nine months ended September 30, 2023 and September 30, 2022, respectively.
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 September 30, 2023 and December 31, 2022:
|  | September 30, 2023 |  | December 31, 2022
|  | (In millions)
FIA |  | $ | 297 |  |  | $ | 200 |
Total |  | $ | 297 |  |  | $ | 200 |
Estimated Amortization Expense for VOBA in Future Fiscal Periods | For the in-force liabilities as of September 30, 2023, the estimated amortization expense for VOBA in future fiscal periods is as follows:
| Estimated Amortization Expense
Fiscal Year | (In millions)
2023 | $ | 40 |
2024 | 152 |
2025 | 140 |
2026 | 128 |
2027 | 116 |
Thereafter | 911 |

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