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v3.25.1

Value of Business Acquired, Deferred Acquisition Costs and Deferred Sales Inducements (Tables) | 3 Months Ended
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Mar. 31, 2025
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 March 31, 2025 and December 31, 2024.
|  | March 31, 2025 |  | December 31, 2024
|  | (In millions)
Customer relationships and contracts |  | $ | 417 |  |  | $ | 435 |
Value of business acquired |  | 1,311 |  |  | 1,349 |
Deferred acquisition costs |  | 3,172 |  |  | 3,036 |
Deferred sales inducements |  | 682 |  |  | 625 |
Value of distribution asset |  | 71 |  |  | 74 |
Computer software |  | 276 |  |  | 277 |
Trademarks, tradenames, and other |  | 184 |  |  | 180 |
Total Other intangible assets, net |  | $ | 6,113 |  |  | $ | 5,976 |
Schedule of Other Intangible Assets, Indefinite | The following table reconciles to Other intangible assets, net, on the unaudited Condensed Consolidated Balance Sheets as of March 31, 2025 and December 31, 2024.
|  | March 31, 2025 |  | December 31, 2024
|  | (In millions)
Customer relationships and contracts |  | $ | 417 |  |  | $ | 435 |
Value of business acquired |  | 1,311 |  |  | 1,349 |
Deferred acquisition costs |  | 3,172 |  |  | 3,036 |
Deferred sales inducements |  | 682 |  |  | 625 |
Value of distribution asset |  | 71 |  |  | 74 |
Computer software |  | 276 |  |  | 277 |
Trademarks, tradenames, and other |  | 184 |  |  | 180 |
Total Other intangible assets, net |  | $ | 6,113 |  |  | $ | 5,976 |
Schedule of Rollforward of Value of Business Acquired | The following tables roll forward VOBA by product for the three months ended March 31, 2025 and 2024.
| Indexed Annuities |  | Fixed Rate Annuities |  | Immediate Annuities |  | Universal Life |  | Traditional Life |  |  |  |  |  |  | Total
| (In millions)
Balance at January 1, 2025 | $ | 892 |  |  | $ | 22 |  |  | $ | 184 |  |  | $ | 126 |  |  | $ | 125 |  |  |  |  |  |  |  | $ | 1,349 |
Amortization | (31) |  |  | (1) |  |  | (2) |  |  | (1) |  |  | (3) |  |  |  |  |  |  |  | (38) |
Balance at March 31, 2025 | $ | 861 |  |  | $ | 21 |  |  | $ | 182 |  |  | $ | 125 |  |  | $ | 122 |  |  |  |  |  |  |  | $ | 1,311 |
| 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 | (33) |  |  | (1) |  |  | (2) |  |  | (2) |  |  | (1) |  |  |  |  |  |  |  | (39) |
Balance at March 31, 2024 | $ | 992 |  |  | $ | 26 |  |  | $ | 189 |  |  | $ | 132 |  |  | $ | 68 |  |  |  |  |  |  |  | $ | 1,407 |
Schedule of Rollforward of Deferred Policy Acquisition Costs | The following tables roll forward DAC by product for the three months ended March 31, 2025 and 2024.
| Indexed Annuities |  | Fixed Rate Annuities |  | Universal Life |  | Total (a)
| (In millions)
Balance at January 1, 2025 | $ | 1,874 |  |  | $ | 376 |  |  | $ | 781 |  |  | $ | 3,031 |
Capitalization | 126 |  |  | 21 |  |  | 69 |  |  | 216 |
Amortization | (45) |  |  | (25) |  |  | (12) |  |  | (82) |
Balance at March 31, 2025 | $ | 1,955 |  |  | $ | 372 |  |  | $ | 838 |  |  | $ | 3,165 |
| Indexed Annuities |  | Fixed Rate Annuities |  | Universal Life |  | Total (a)
| (In millions)
Balance at January 1, 2024 | $ | 1,378 |  |  | $ | 288 |  |  | $ | 545 |  |  | $ | 2,211 |
Capitalization | 147 |  |  | 44 |  |  | 66 |  |  | 257 |
Amortization | (33) |  |  | (19) |  |  | (8) |  |  | (60) |
Balance at March 31, 2024 | $ | 1,492 |  |  | $ | 313 |  |  | $ | 603 |  |  | $ | 2,408 |
(a) Excludes insignificant amounts of DAC related to funding agreement backed notes ("FABN") and PRT.
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 March 31, 2025 and December 31, 2024:
|  | March 31, 2025 |  | December 31, 2024
|  | (In millions)
Indexed Annuities |  | $ | 1,955 |  |  | $ | 1,874 |
Fixed Rate Annuities |  | 372 |  |  | 376 |
Universal Life |  | 838 |  |  | 781 |
Funding Agreements |  | 5 |  |  | 4 |
PRT |  | 2 |  |  | 1 |
Total |  | $ | 3,172 |  |  | $ | 3,036 |
Schedule of Rollforward of Deferred Sale Inducement Cost | The following table rolls forward DSI for our indexed annuity products for the three months ended March 31, 2025 and 2024:
| Three Months Ended March 31,
| 2025 |  | 2024
| (In millions)
Balance at January 1, | $ | 625 |  |  | $ | 346 |
Capitalization | 71 |  |  | 54 |
Amortization | (14) |  |  | (8) |
Balance at March 31, | $ | 682 |  |  | $ | 392 |

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