XML 50 R38.htm IDEA: XBRL DOCUMENT v3.24.1.1.u2
Value of Business Acquired, Deferred Acquisition Costs and Deferred Sales Inducements (Tables)
 3 Months Ended
Mar. 31, 2024
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, 2024 and December 31, 2023.
March 31, 2024December 31, 2023
(In millions)
Customer relationships and contracts$340 $174 
VOBA1,407 1,446 
DAC2,412 2,215 
DSI392 346 
Value of distribution asset83 86 
Computer software270 266 
Trademarks, tradenames, and other 123 94 
Total Other intangible assets, net$5,027 $4,627 
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, 2024 and December 31, 2023.
March 31, 2024December 31, 2023
(In millions)
Customer relationships and contracts$340 $174 
VOBA1,407 1,446 
DAC2,412 2,215 
DSI392 346 
Value of distribution asset83 86 
Computer software270 266 
Trademarks, tradenames, and other 123 94 
Total Other intangible assets, net$5,027 $4,627 
Rollforward of Value of Business Acquired
The following tables roll forward VOBA by product for the three months ended March 31, 2024 and March 31, 2023.
Indexed AnnuitiesFixed Rate AnnuitiesImmediate AnnuitiesUniversal LifeTraditional LifeTotal
(In millions)
Balance at January 1, 2024
$1,025 $27 $191 $134 $69 $1,446 
Amortization(33)(1)(2)(2)(1)(39)
Balance at March 31, 2024
$992 $26 $189 $132 $68 $1,407 
Indexed AnnuitiesFixed Rate AnnuitiesImmediate AnnuitiesUniversal LifeTraditional LifeTotal
(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 
Rollforward of Deferred Policy Acquisition Costs
The following tables roll forward DAC by product for the three months ended March 31, 2024 and March 31, 2023.
Indexed AnnuitiesFixed Rate AnnuitiesUniversal LifeTotal (a)
(In millions)
Balance at January 1, 2024
$1,378 $288 $545 $2,211 
Capitalization147 44 66 257 
Amortization(33)(19)(8)(60)
Balance at March 31, 2024
$1,492 $313 $603 $2,408 
Indexed AnnuitiesFixed Rate AnnuitiesUniversal LifeTotal (a)
(In millions)
Balance at January 1, 2023
$971 $83 $348 $1,402 
Capitalization113 52 56 221 
Amortization(22)(5)(8)(35)
Reinsurance related adjustments— 79 — 79 
Balance at March 31, 2023
$1,062 $209 $396 $1,667 
(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 reconciled to the unaudited Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023:
March 31, 2024December 31, 2023
(In millions)
Indexed Annuities$1,492 $1,378 
Fixed Rate Annuities313 288 
Universal Life603 545 
Funding Agreements4 4 
Total$2,412 $2,215 
Rollforward of Deferred Sale Inducement Cost
The following table rolls forward DSI for our indexed annuity products for the three months ended March 31, 2024 and March 31, 2023:
Three Months Ended March 31,
20242023
(In millions)
Balance at January 1,$346 $200 
Capitalization54 29 
Amortization(8)(4)
Balance at March 31,$392 $225 
DSI amortization expense of $8 million and $4 million was recorded in Depreciation and amortization on the unaudited Condensed Consolidated Statements of Operations for the three months ended March 31, 2024 and March 31, 2023, respectively.
Estimated Amortization Expense for VOBA in Future Fiscal Periods
For the in-force liabilities as of March 31, 2024, the estimated amortization expense for VOBA in future fiscal periods is as follows:
Estimated Amortization Expense
Fiscal Year(In millions)
2024$111 
2025138 
2026126 
2027115 
2028105 
Thereafter812 
Total$1,407