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Value of Business Acquired, Deferred Acquisition Costs and Deferred Sales Inducements (Tables) | 6 Months Ended
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Jun. 30, 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 June 30, 2024 and December 31, 2023.
|  | June 30, 2024 |  | December 31, 2023
|  | (In millions)
Customer relationships and contracts |  | $ | 325 |  |  | $ | 174 |
Value of business acquired |  | 1,429 |  |  | 1,446 |
Deferred acquisition costs |  | 2,653 |  |  | 2,215 |
Deferred sales inducements |  | 450 |  |  | 346 |
Value of distribution asset |  | 80 |  |  | 86 |
Computer software |  | 274 |  |  | 266 |
Trademarks, tradenames, and other |  | 151 |  |  | 94 |
Total Other intangible assets, net |  | $ | 5,362 |  |  | $ | 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 June 30, 2024 and December 31, 2023.
|  | June 30, 2024 |  | December 31, 2023
|  | (In millions)
Customer relationships and contracts |  | $ | 325 |  |  | $ | 174 |
Value of business acquired |  | 1,429 |  |  | 1,446 |
Deferred acquisition costs |  | 2,653 |  |  | 2,215 |
Deferred sales inducements |  | 450 |  |  | 346 |
Value of distribution asset |  | 80 |  |  | 86 |
Computer software |  | 274 |  |  | 266 |
Trademarks, tradenames, and other |  | 151 |  |  | 94 |
Total Other intangible assets, net |  | $ | 5,362 |  |  | $ | 4,627 |
Rollforward of Value of Business Acquired | The following tables roll forward VOBA by product for the six months ended June 30, 2024 and June 30, 2023.
| Indexed Annuities |  | Fixed Rate Annuities |  | Immediate Annuities |  | Universal Life |  | Traditional Life |  |  |  |  |  |  | Total
| (In millions)
Balance at January 1, 2024 | $ | 1,025 |  |  | $ | 27 |  |  | $ | 191 |  |  | $ | 134 |  |  | $ | 69 |  |  |  |  |  |  |  | $ | 1,446 |
Amortization | (66) |  |  | (3) |  |  | (4) |  |  | (4) |  |  | (3) |  |  |  |  |  |  |  | (80) |
Actuarial model updates and refinements (a) | — |  |  | — |  |  | — |  |  | — |  |  | 63 |  |  |  |  |  |  |  | 63 |
Balance at June 30, 2024 | $ | 959 |  |  | $ | 24 |  |  | $ | 187 |  |  | $ | 130 |  |  | $ | 129 |  |  |  |  |  |  |  | $ | 1,429 |
| Indexed Annuities |  | 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 | (71) |  |  | (3) |  |  | (6) |  |  | (4) |  |  | (2) |  |  |  |  |  |  |  | (86) |
Balance at June 30, 2023 | $ | 1,095 |  |  | $ | 29 |  |  | $ | 195 |  |  | $ | 139 |  |  | $ | 71 |  |  |  |  |  |  |  | $ | 1,529 |
(a) net of amortization of ($15 million).
Rollforward of Deferred Policy Acquisition Costs | The following tables roll forward DAC by product for the six months ended June 30, 2024 and June 30, 2023.
| Indexed Annuities |  | Fixed Rate Annuities |  | Universal Life |  | Total (a)
| (In millions)
Balance at January 1, 2024 | $ | 1,378 |  |  | $ | 288 |  |  | $ | 545 |  |  | $ | 2,211 |
Capitalization | 336 |  |  | 92 |  |  | 134 |  |  | 562 |
Amortization | (69) |  |  | (39) |  |  | (17) |  |  | (125) |
Balance at June 30, 2024 | $ | 1,645 |  |  | $ | 341 |  |  | $ | 662 |  |  | $ | 2,648 |
| Indexed Annuities |  | Fixed Rate Annuities |  | Universal Life |  | Total (a)
| (In millions)
Balance at January 1, 2023 | $ | 971 |  |  | $ | 83 |  |  | $ | 348 |  |  | $ | 1,402 |
Capitalization | 249 |  |  | 91 |  |  | 109 |  |  | 449 |
Amortization | (47) |  |  | (20) |  |  | (16) |  |  | (83) |
Reinsurance related adjustments | — |  |  | 79 |  |  | — |  |  | 79 |
Balance at June 30, 2023 | $ | 1,173 |  |  | $ | 233 |  |  | $ | 441 |  |  | $ | 1,847 |
(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 June 30, 2024 and December 31, 2023:
|  | June 30, 2024 |  | December 31, 2023
|  | (In millions)
Indexed Annuities |  | $ | 1,645 |  |  | $ | 1,378 |
Fixed Rate Annuities |  | 341 |  |  | 288 |
Universal Life |  | 662 |  |  | 545 |
Funding Agreements |  | 5 |  |  | 4 |
Total |  | $ | 2,653 |  |  | $ | 2,215 |
Rollforward of Deferred Sale Inducement Cost | The following table rolls forward DSI for our indexed annuity products for the six months ended June 30, 2024 and June 30, 2023:
| Six Months Ended June 30,
| 2024 |  | 2023
| (In millions)
Balance at January 1, | $ | 346 |  |  | $ | 200 |
Capitalization | 120 |  |  | 68 |
Amortization | (16) |  |  | (10) |
Balance at June 30, | $ | 450 |  |  | $ | 258 |
Estimated Amortization Expense for VOBA in Future Fiscal Periods | For the in-force liabilities as of June 30, 2024, the estimated amortization expense for VOBA in future fiscal periods is as follows:
| Estimated Amortization Expense
Fiscal Year | (In millions)
2024 | $ | 75 |
2025 | 142 |
2026 | 130 |
2027 | 119 |
2028 | 109 |
Thereafter | 854 |
Total | $ | 1,429 |

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