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

9 Months Ended

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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