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Other Intangible Assets (Tables)

12 Months Ended

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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