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Other Intangible Assets (Tables) | 12 Months Ended
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Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract] |
Definite and Indefinite Lived Other Intangible Assets | The following table reconciles to Other intangible assets, net, on the Consolidated Balance Sheets as of December 31, 2023 and December 31, 2022:
|  | December 31, 2023 |  | December 31, 2022
|  | (In millions)
Customer relationships and contracts |  | $ | 174 |  |  | $ | 202 |
VOBA |  | 1,446 |  |  | 1,615 |
DAC |  | 2,215 |  |  | 1,411 |
DSI |  | 346 |  |  | 200 |
Value of distribution asset |  | 86 |  |  | 100 |
Computer software |  | 266 |  |  | 196 |
Trademarks, tradenames, and other |  | 94 |  |  | 87 |
Total Other intangible assets, net |  | $ | 4,627 |  |  | $ | 3,811 |
Other intangible assets as of December 31, 2023, consist of the following:
| Cost |  | Accumulated amortization |  | Net carrying amount |  | Weighted average useful life (years)
| (In millions)
Customer relationships and contracts | $ | 948 |  |  | $ | (774) |  |  | $ | 174 |  |  | 10
Computer software | 651 |  |  | (385) |  |  | 266 |  |  | 2 to 10
Value of distribution asset (VODA) | 140 |  |  | (54) |  |  | 86 |  |  | 15
Trademarks, tradenames, and other | 146 |  |  | (52) |  |  | 94 |  |  | Varies
Total |  |  |  |  | $ | 620 |  |  |
Other intangible assets as of December 31, 2022, consist of the following:
| Cost |  | Accumulated amortization |  | Net carrying amount |  | Weighted average useful life (years)
| (In millions)
Customer relationships and contracts | $ | 916 |  |  | $ | (714) |  |  | $ | 202 |  |  | 10
Computer software | 537 |  |  | (341) |  |  | 196 |  |  | 2 to 10
Value of distribution Asset (VODA) | 140 |  |  | (40) |  |  | 100 |  |  | 15
Trademarks, tradenames, and other | 129 |  |  | (42) |  |  | 87 |  |  | Varies
Total |  |  |  |  | $ | 585 |  |  |
Schedule of Indefinite-Lived Intangible Assets | The following table reconciles to Other intangible assets, net, on the Consolidated Balance Sheets as of December 31, 2023 and December 31, 2022:
|  | December 31, 2023 |  | December 31, 2022
|  | (In millions)
Customer relationships and contracts |  | $ | 174 |  |  | $ | 202 |
VOBA |  | 1,446 |  |  | 1,615 |
DAC |  | 2,215 |  |  | 1,411 |
DSI |  | 346 |  |  | 200 |
Value of distribution asset |  | 86 |  |  | 100 |
Computer software |  | 266 |  |  | 196 |
Trademarks, tradenames, and other |  | 94 |  |  | 87 |
Total Other intangible assets, net |  | $ | 4,627 |  |  | $ | 3,811 |
Other intangible assets as of December 31, 2023, consist of the following:
| Cost |  | Accumulated amortization |  | Net carrying amount |  | Weighted average useful life (years)
| (In millions)
Customer relationships and contracts | $ | 948 |  |  | $ | (774) |  |  | $ | 174 |  |  | 10
Computer software | 651 |  |  | (385) |  |  | 266 |  |  | 2 to 10
Value of distribution asset (VODA) | 140 |  |  | (54) |  |  | 86 |  |  | 15
Trademarks, tradenames, and other | 146 |  |  | (52) |  |  | 94 |  |  | Varies
Total |  |  |  |  | $ | 620 |  |  |
Other intangible assets as of December 31, 2022, consist of the following:
| Cost |  | Accumulated amortization |  | Net carrying amount |  | Weighted average useful life (years)
| (In millions)
Customer relationships and contracts | $ | 916 |  |  | $ | (714) |  |  | $ | 202 |  |  | 10
Computer software | 537 |  |  | (341) |  |  | 196 |  |  | 2 to 10
Value of distribution Asset (VODA) | 140 |  |  | (40) |  |  | 100 |  |  | 15
Trademarks, tradenames, and other | 129 |  |  | (42) |  |  | 87 |  |  | Varies
Total |  |  |  |  | $ | 585 |  |  |
Rollforward of Value of Business Acquired | The following tables roll forward VOBA by product for the years ended December 31, 2023 and December 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 | (141) |  |  | (5) |  |  | (10) |  |  | (9) |  |  | (4) |  |  |  |  |  |  |  | (169) |
Balance at December 31, 2023 | $ | 1,025 |  |  | $ | 27 |  |  | $ | 191 |  |  | $ | 134 |  |  | $ | 69 |  |  |  |  |  |  |  | $ | 1,446 |
| 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 | (148) |  |  | (7) |  |  | (11) |  |  | (10) |  |  | (4) |  |  |  |  |  |  |  | (180) |
Shadow Premium Deficiency Testing (“PDT”) | — |  |  | — |  |  | — |  |  | — |  |  | 52 |  |  |  |  |  |  |  | 52 |
Balance at December 31, 2022 | $ | 1,166 |  |  | $ | 32 |  |  | $ | 201 |  |  | $ | 143 |  |  | $ | 73 |  |  |  |  |  |  |  | $ | 1,615 |
Schedule of Reconciliation of VOBA to the Condensed Consolidated Balance Sheets | The following table presents a reconciliation of VOBA to the table above which is reconciled to the Consolidated Balance Sheets as of December 31, 2023 and December 31, 2022:
|  | December 31, 2023 |  | December 31, 2022
|  | (In millions)
FIA |  | $ | 1,025 |  |  | $ | 1,166 |
Fixed Rate Annuities |  | 27 |  |  | 32 |
Immediate Annuities |  | 191 |  |  | 201 |
Universal Life |  | 134 |  |  | 143 |
Traditional Life |  | 69 |  |  | 73 |
Total |  | $ | 1,446 |  |  | $ | 1,615 |
Rollforward of Deferred Policy Acquisition Costs | The following tables roll forward DAC by product for the years ended December 31, 2023 and December 31, 2022:
| FIA |  | Fixed Rate Annuities |  | Universal Life |  | Total (a)
| (In millions)
Balance at January 1, 2023 | $ | 971 |  |  | $ | 83 |  |  | $ | 348 |  |  | $ | 1,402 |
Capitalization | 510 |  |  | 177 |  |  | 229 |  |  | 916 |
Amortization | (103) |  |  | (51) |  |  | (32) |  |  | (186) |
Reinsurance related adjustments | — |  |  | 79 |  |  | — |  |  | 79 |
Balance at December 31, 2023 | $ | 1,378 |  |  | $ | 288 |  |  | $ | 545 |  |  | $ | 2,211 |
| FIA |  | Fixed Rate Annuities |  | Universal Life |  | Total (a)
| (In millions)
Balance at January 1, 2022 | $ | 564 |  |  | $ | 38 |  |  | $ | 173 |  |  | $ | 775 |
Capitalization | 474 |  |  | 56 |  |  | 196 |  |  | 726 |
Amortization | (67) |  |  | (11) |  |  | (21) |  |  | (99) |
Balance at December 31, 2022 | $ | 971 |  |  | $ | 83 |  |  | $ | 348 |  |  | $ | 1,402 |
(a) Excludes insignificant amounts of DAC related to FABN.
Schedule of Reconciliation of Deferred Policy Acquisition Cost to Statement of Financial Position | The following table presents a reconciliation of DAC to the table above which is reconciled to the Consolidated Balance Sheets as of December 31, 2023 and December 31, 2022:
|  | December 31, 2023 |  | December 31, 2022
|  | (In millions)
FIA |  | $ | 1,378 |  |  | $ | 971 |
Fixed Rate Annuities |  | 288 |  |  | 83 |
Universal Life |  | 545 |  |  | 348 |
Funding Agreements |  | 4 |  |  | 9 |
Total |  | $ | 2,215 |  |  | $ | 1,411 |
Rollforward of Deferred Sale Inducement Cost | The following tables roll forward DSI for the years ended December 31, 2023 and December 31, 2022:
| FIA |  | Total
| (In millions)
Balance at January 1, 2023 | $ | 200 |  |  | $ | 200 |
Capitalization | 168 |  |  | 168 |
Amortization | (22) |  |  | (22) |
Balance at December 31, 2023 | $ | 346 |  |  | $ | 346 |
| FIA |  | Total
| (In millions)
Balance at January 1, 2022 | $ | 127 |  |  | $ | 127 |
Capitalization | 87 |  |  | 87 |
Amortization | (14) |  |  | (14) |
Balance at December 31, 2022 | $ | 200 |  |  | $ | 200 |
Schedule of Reconciliation of DSI Cost to Condensed Consolidated Balance Sheets | The following table presents a reconciliation of DSI to the table above which is reconciled to the Consolidated Balance Sheets as of December 31, 2023 and December 31, 2022:
|  | December 31, 2023 |  | December 31, 2022
|  | (In millions)
FIA |  | $ | 346 |  |  | $ | 200 |
Total |  | $ | 346 |  |  | $ | 200 |
Estimated Amortization Expense for VOBA in Future Fiscal Periods | For the in-force liabilities as of December 31, 2023, the estimated amortization expense for VOBA in future fiscal periods is as follows:
| Estimated Amortization Expense
Fiscal Year | (In millions)
2024 | $ | 149 |
2025 | 139 |
2026 | 127 |
2027 | 116 |
2028 | 105 |
Thereafter | 810 |
Total | $ | 1,446 |

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