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Other Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Definite and Indefinite Lived 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, 2024						December 31, 2023
						(In millions)
Customer relationships and contracts						$	435					$	174
VOBA						1,349						1,446
DAC						3,036						2,215
DSI						625						346
Value of distribution asset						74						86
Computer software						277						266
Trademarks, tradenames, and other						180						94
Total Other intangible assets, net						$	5,976					$	4,627

Other intangible assets as of December 31, 2024, consist of the following:

			Cost						Accumulated amortization						Net carrying amount						Weighted average useful life (years)
			(In millions)
Customer relationships and contracts (a)			$	795					$	(360)					$	435					10 to 20
Computer software			723						(446)						277						2 to 10
Value of distribution asset (VODA)			140						(66)						74						15
Trademarks, tradenames, and other			234						(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:

			Cost						Accumulated amortization						Net carrying amount						Weighted average useful life (years)
			(In millions)
Customer relationships and contracts			$	948					$	(774)					$	174					10 to 20
Computer software			651						(385)						266						2 to 10
Value of distribution Asset (VODA)			140						(54)						86						15
Trademarks, tradenames, and other			146						(52)						94						Varies
Total															$	620

Schedule of Indefinite-Lived 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, 2024						December 31, 2023
						(In millions)
Customer relationships and contracts						$	435					$	174
VOBA						1,349						1,446
DAC						3,036						2,215
DSI						625						346
Value of distribution asset						74						86
Computer software						277						266
Trademarks, tradenames, and other						180						94
Total Other intangible assets, net						$	5,976					$	4,627

Other intangible assets as of December 31, 2024, consist of the following:

			Cost						Accumulated amortization						Net carrying amount						Weighted average useful life (years)
			(In millions)
Customer relationships and contracts (a)			$	795					$	(360)					$	435					10 to 20
Computer software			723						(446)						277						2 to 10
Value of distribution asset (VODA)			140						(66)						74						15
Trademarks, tradenames, and other			234						(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:

			Cost						Accumulated amortization						Net carrying amount						Weighted average useful life (years)
			(In millions)
Customer relationships and contracts			$	948					$	(774)					$	174					10 to 20
Computer software			651						(385)						266						2 to 10
Value of distribution Asset (VODA)			140						(54)						86						15
Trademarks, tradenames, and other			146						(52)						94						Varies
Total															$	620

Rollforward of Value of Business Acquired

The following tables roll forward VOBA by product for the years ended December 31, 2024 and 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			(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 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			(141)						(5)						(10)						(9)						(4)																					(169)
Balance at December 31, 2023			$	1,025					$	27					$	191					$	134					$	69																				$	1,446

Rollforward of Deferred Policy Acquisition Costs

The following tables roll forward DAC by product for the years ended December 31, 2024 and 2023:

			Indexed Annuities						Fixed Rate Annuities						Universal Life						Total (a)
			(In millions)
Balance at January 1, 2024			$	1,378					$	288					$	545					$	2,211
Capitalization			652						174						274						1,100
Amortization			(156)						(86)						(38)						(280)
Balance at December 31, 2024			$	1,874					$	376					$	781					$	3,031
			Indexed Annuities						Fixed Rate Annuities						Universal Life						Total (a)
			(In millions)
Balance at January 1, 2023			$	971					$	83					$	348					$	1,402
Capitalization			510						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.

Schedule of Reconciliation of Deferred Policy Acquisition Cost to Statement of Financial Position

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, 2024						December 31, 2023
						(In millions)
Indexed Annuities						$	1,874					$	1,378
Fixed Rate Annuities						376						288
Universal Life						781						545
Funding Agreements						4						4
PRT						1						—
Total						$	3,036					$	2,215

Rollforward of Deferred Sale Inducement Cost

The following tables roll forward DSI for our indexed annuity products for the years ended December 31, 2024 and 2023:

			Years Ended December 31,
			2024						2023
			(In millions)
Balance at January 1,			$	346					$	200
Capitalization			319						168
Amortization			(40)						(22)
Balance at December 31,			$	625					$	346

Estimated Amortization Expense for VOBA in Future Fiscal Periods

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
2026			132
2027			121
2028			110
2029			100
Thereafter			741
Total			$	1,349

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