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Value of Business Acquired, Deferred Acquisition Costs and Deferred Sales Inducements (Tables) | 9 Months Ended
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Sep. 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 September 30, 2024 and December 31, 2023.
|  | September 30, 2024 |  | December 31, 2023
|  | (In millions)
Customer relationships and contracts |  | $ | 440 |  |  | $ | 174 |
Value of business acquired |  | 1,389 |  |  | 1,446 |
Deferred acquisition costs |  | 2,857 |  |  | 2,215 |
Deferred sales inducements |  | 538 |  |  | 346 |
Value of distribution asset |  | 76 |  |  | 86 |
Computer software |  | 282 |  |  | 266 |
Trademarks, tradenames, and other |  | 176 |  |  | 94 |
Total Other intangible assets, net |  | $ | 5,758 |  |  | $ | 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 September 30, 2024 and December 31, 2023.
|  | September 30, 2024 |  | December 31, 2023
|  | (In millions)
Customer relationships and contracts |  | $ | 440 |  |  | $ | 174 |
Value of business acquired |  | 1,389 |  |  | 1,446 |
Deferred acquisition costs |  | 2,857 |  |  | 2,215 |
Deferred sales inducements |  | 538 |  |  | 346 |
Value of distribution asset |  | 76 |  |  | 86 |
Computer software |  | 282 |  |  | 266 |
Trademarks, tradenames, and other |  | 176 |  |  | 94 |
Total Other intangible assets, net |  | $ | 5,758 |  |  | $ | 4,627 |
Schedule of Rollforward of Value of Business Acquired | The following tables roll forward VOBA by product for the nine months ended September 30, 2024 and 2023.
| Indexed Annuities |  | Fixed Rate Annuities |  | Immediate Annuities |  | Universal Life |  | Traditional Life |  |  |  |  |  |  | Total
| (In millions)
Balance as of January 1, 2024 | $ | 1,025 |  |  | $ | 27 |  |  | $ | 191 |  |  | $ | 134 |  |  | $ | 69 |  |  |  |  |  |  |  | $ | 1,446 |
Amortization | (101) |  |  | (4) |  |  | (5) |  |  | (5) |  |  | (5) |  |  |  |  |  |  |  | (120) |
Actuarial model updates and refinements (a) | — |  |  | — |  |  | — |  |  | — |  |  | 63 |  |  |  |  |  |  |  | 63 |
Balance as of September 30, 2024 | $ | 924 |  |  | $ | 23 |  |  | $ | 186 |  |  | $ | 129 |  |  | $ | 127 |  |  |  |  |  |  |  | $ | 1,389 |
(a) net of amortization of ($15 million). |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Indexed Annuities |  | Fixed Rate Annuities |  | Immediate Annuities |  | Universal Life |  | Traditional Life |  |  |  |  |  |  | Total
| (In millions)
Balance as of January 1, 2023 | $ | 1,166 |  |  | $ | 32 |  |  | $ | 201 |  |  | $ | 143 |  |  | $ | 73 |  |  |  |  |  |  |  | $ | 1,615 |
Amortization | (106) |  |  | (4) |  |  | (8) |  |  | (7) |  |  | (3) |  |  |  |  |  |  |  | (128) |
Balance as of September 30, 2023 | $ | 1,060 |  |  | $ | 28 |  |  | $ | 193 |  |  | $ | 136 |  |  | $ | 70 |  |  |  |  |  |  |  | $ | 1,487 |
Schedule of Rollforward of Deferred Policy Acquisition Costs | The following tables roll forward DAC by product for the nine months ended September 30, 2024 and 2023.
| Indexed Annuities |  | Fixed Rate Annuities |  | Universal Life |  | Total (a)
| (In millions)
Balance as of January 1, 2024 | $ | 1,378 |  |  | $ | 288 |  |  | $ | 545 |  |  | $ | 2,211 |
Capitalization | 496 |  |  | 147 |  |  | 199 |  |  | 842 |
Amortization | (112) |  |  | (61) |  |  | (27) |  |  | (200) |
Balance as of September 30, 2024 | $ | 1,762 |  |  | $ | 374 |  |  | $ | 717 |  |  | $ | 2,853 |
| Indexed Annuities |  | Fixed Rate Annuities |  | Universal Life |  | Total (a)
| (In millions)
Balance as of January 1, 2023 | $ | 971 |  |  | $ | 83 |  |  | $ | 348 |  |  | $ | 1,402 |
Capitalization | 371 |  |  | 119 |  |  | 167 |  |  | 657 |
Amortization | (75) |  |  | (35) |  |  | (25) |  |  | (135) |
Reinsurance related adjustments | — |  |  | 79 |  |  | — |  |  | 79 |
Balance as of September 30, 2023 | $ | 1,267 |  |  | $ | 246 |  |  | $ | 490 |  |  | $ | 2,003 |
(a) Excludes insignificant amounts of DAC related to Funding Agreement Backed Note (“FABN”).
Schedule of 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 September 30, 2024 and December 31, 2023:
|  | September 30, 2024 |  | December 31, 2023
|  | (In millions)
Indexed Annuities |  | $ | 1,762 |  |  | $ | 1,378 |
Fixed Rate Annuities |  | 374 |  |  | 288 |
Universal Life |  | 717 |  |  | 545 |
Funding Agreements |  | 4 |  |  | 4 |
Total |  | $ | 2,857 |  |  | $ | 2,215 |
Schedule of Rollforward of Deferred Sale Inducement Cost | The following table rolls forward DSI for our indexed annuity products for the nine months ended September 30, 2024 and 2023:
| Nine Months Ended September 30,
| 2024 |  | 2023
| (In millions)
Balance as of January 1, | $ | 346 |  |  | $ | 200 |
Capitalization | 219 |  |  | 112 |
Amortization | (27) |  |  | (15) |
Balance as of September 30, | $ | 538 |  |  | $ | 297 |
Schedule of Estimated Amortization Expense for VOBA in Future Fiscal Periods | For the in-force liabilities as of September 30, 2024, the estimated amortization expense for VOBA in future fiscal periods is as follows:
| Estimated Amortization Expense
Fiscal Year | (In millions)
2024 | $ | 38 |
2025 | 143 |
2026 | 130 |
2027 | 119 |
2028 | 108 |
Thereafter | 851 |
Total | $ | 1,389 |

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