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Other Intangible Assets
 12 Months Ended
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Other Intangible Assets Other Intangible Assets
The following table reconciles to Other intangible assets, net, on the Consolidated Balance Sheets as of December 31, 2024 and 2023:
December 31, 2024December 31, 2023
(In millions)
Customer relationships and contracts$435 $174 
VOBA1,349 1,446 
DAC3,036 2,215 
DSI625 346 
Value of distribution asset74 86 
Computer software277 266 
Trademarks, tradenames, and other180 94 
Total Other intangible assets, net$5,976 $4,627 
The following tables roll forward VOBA by product for the years ended December 31, 2024 and 2023:
Indexed AnnuitiesFixed Rate AnnuitiesImmediate AnnuitiesUniversal LifeTraditional LifeTotal
(In millions)
Balance at January 1, 2024
$1,025 $27 $191 $134 $69 $1,446 
Amortization(133)(5)(7)(8)(7)(160)
Actuarial model updates and refinements (a)— — — — 63 63 
Balance at December 31, 2024
$892 $22 $184 $126 $125 $1,349 
(a)net of amortization of ($15 million).
Indexed AnnuitiesFixed Rate AnnuitiesImmediate AnnuitiesUniversal LifeTraditional LifeTotal
(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 
VOBA amortization expense of $175 million, $169 million, and $180 million, was recorded in Depreciation and amortization on the Consolidated Statements of Earnings for the years ended December 31, 2024, 2023, and 2022, respectively.
The following tables roll forward DAC by product for the years ended December 31, 2024 and 2023:
Indexed AnnuitiesFixed Rate AnnuitiesUniversal LifeTotal (a)
(In millions)
Balance at January 1, 2024
$1,378 $288 $545 $2,211 
Capitalization652 174 274 1,100 
Amortization(156)(86)(38)(280)
Balance at December 31, 2024
$1,874 $376 $781 $3,031 
Indexed AnnuitiesFixed Rate AnnuitiesUniversal LifeTotal (a)
(In millions)
Balance at January 1, 2023
$971 $83 $348 $1,402 
Capitalization510 177 229 916 
Amortization(103)(51)(32)(186)
Reinsurance related adjustments— 79 — 79 
Balance at December 31, 2023
$1,378 $288 $545 $2,211 
(a) Excludes insignificant amounts of DAC related to FABN and PRT.
DAC amortization expense of $280 million, $186 million, and $99 million, was recorded in Depreciation and amortization on the Consolidated Statements of Earnings for the years ended December 31, 2024, 2023 and 2022, respectively, excluding insignificant amounts related to FABN and PRT.
The following table presents a reconciliation of DAC to the table above which is reconciled to the Consolidated Balance Sheets as of December 31, 2024 and 2023:
December 31, 2024December 31, 2023
(In millions)
Indexed Annuities$1,874 $1,378 
Fixed Rate Annuities376 288 
Universal Life781 545 
Funding Agreements4 4 
PRT1 — 
Total$3,036 $2,215 
The following tables roll forward DSI for our indexed annuity products for the years ended December 31, 2024 and 2023:
Years Ended December 31,
20242023
(In millions)
Balance at January 1,$346 $200 
Capitalization319 168 
Amortization(40)(22)
Balance at December 31, $625 $346 
DSI amortization expense of $40 million, $22 million, and $14 million, was recorded in Depreciation and amortization on the Consolidated Statements of Earnings for the years ended December 31, 2024, 2023 and 2022, respectively.
The cash flow assumptions used to amortize VOBA and DAC were consistent with the assumptions used to estimate the FPB for life contingent immediate annuities, and will be reviewed and unlocked, if applicable, in the same period as those balances. For nonparticipating traditional life contracts, the VOBA amortization is straight-line, without the use of cash flow assumptions. For indexed annuity contracts, the cash flow assumptions used to amortize VOBA, DAC, and DSI were consistent with the assumptions used to estimate the value of the embedded derivative and MRBs, and will be reviewed and unlocked, if applicable, in the same period as those balances. For fixed rate annuities and IUL the cash flow assumptions used to amortize VOBA, DAC and DSI reflect the Company’s best estimates for policyholder behavior, consistent with the development of assumptions for indexed annuities and immediate annuities. Refer to Note A Business and Summary of Significant Accounting Policies for further information about accounting policies for amortization of VOBA, DAC and DSI.
F&G reviews cash flow assumptions annually, generally in the third quarter. In 2024 and 2023, F&G undertook a review of all significant assumptions and revised several assumptions relating to deferred annuity (indexed annuity and fixed rate annuity) and IUL products. For the year ended December 31, 2024, F&G updated assumptions including surrender rates, GMWB election timing, premium persistency, mortality improvement and option budgets. For the year ended December 31, 2023, F&G updated assumptions including surrender rates, GMWB election timing, premium persistency, and option budgets. All updates to these assumptions brought F&G more in line with our company and overall industry experience since the prior assumption update.
For the in-force liabilities as of December 31, 2024, the estimated amortization expense for VOBA in future fiscal periods is as follows:
Estimated Amortization Expense
Fiscal Year(In millions)
2025$145 
2026132 
2027121 
2028110 
2029100 
Thereafter741 
Total$1,349 

Definite and Indefinite Lived Other Intangible Assets
Other intangible assets as of December 31, 2024, consist of the following:
CostAccumulated amortizationNet carrying amountWeighted average useful life (years)
(In millions)
Customer relationships and contracts (a)$795 $(360)$435 
10 to 20
Computer software723 (446)277 
2 to 10
Value of distribution asset (VODA)140 (66)74 15
Trademarks, tradenames, and other234 (54)180 Varies
Total$966 
(a)Includes intangible assets acquired with ROAR and PALH. Refer to Note B Acquisitions for further details.

Other intangible assets as of December 31, 2023, consist of the following:
CostAccumulated amortizationNet carrying amountWeighted average useful life (years)
(In millions)
Customer relationships and contracts$948 $(774)$174 
10 to 20
Computer software651 (385)266 
2 to 10
Value of distribution Asset (VODA)140 (54)86 15
Trademarks, tradenames, and other146 (52)94 Varies
Total$620 
Amortization expense for amortizable intangible assets, which consist primarily of VODA, customer relationships, computer software and definite lived trademarks, tradenames and other, was $187 million, $152 million, and $134 million for the years ended December 31, 2024, 2023 and 2022, respectively. For the amortizable intangible assets as of December 31, 2024, the estimated amortization expense in future fiscal periods is $172 million in 2025, $140 million in 2026, $112 million in 2027, $85 million in 2028 and $72 million in 2029.
Within definite lived trademarks, tradenames, and other is an amount established to offset MRBs with no explicit rider charges, which had a balance of $94 million and $22 million as of December 31, 2024 and 2023, respectively. Amortization of $5 million, $1 million and $1 million was recorded in Depreciation and amortization on the Consolidated Statements of Earnings for the years ended December 31, 2024, 2023 and 2022, respectively.