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Value of Business Acquired, Deferred Acquisition Costs and Deferred Sales Inducements (Tables)
 6 Months Ended
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, 2024December 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 asset80 86 
Computer software274 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, 2024December 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 asset80 86 
Computer software274 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 AnnuitiesFixed Rate AnnuitiesImmediate AnnuitiesUniversal LifeTraditional LifeTotal
(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 AnnuitiesFixed Rate AnnuitiesImmediate AnnuitiesUniversal LifeTraditional LifeTotal
(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 AnnuitiesFixed Rate AnnuitiesUniversal LifeTotal (a)
(In millions)
Balance at January 1, 2024
$1,378 $288 $545 $2,211 
Capitalization336 92 134 562 
Amortization(69)(39)(17)(125)
Balance at June 30, 2024
$1,645 $341 $662 $2,648 
Indexed AnnuitiesFixed Rate AnnuitiesUniversal LifeTotal (a)
(In millions)
Balance at January 1, 2023
$971 $83 $348 $1,402 
Capitalization249 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, 2024December 31, 2023
(In millions)
Indexed Annuities$1,645 $1,378 
Fixed Rate Annuities341 288 
Universal Life662 545 
Funding Agreements5 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,
20242023
(In millions)
Balance at January 1,$346 $200 
Capitalization120 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 
2025142 
2026130 
2027119 
2028109 
Thereafter854 
Total$1,429