XML 50 R38.htm IDEA: XBRL DOCUMENT v3.25.1
Value of Business Acquired, Deferred Acquisition Costs and Deferred Sales Inducements (Tables)
 3 Months Ended
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, 2025December 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 asset71 74 
Computer software276 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, 2025December 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 asset71 74 
Computer software276 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 AnnuitiesFixed Rate AnnuitiesImmediate AnnuitiesUniversal LifeTraditional LifeTotal
(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 AnnuitiesFixed Rate AnnuitiesImmediate AnnuitiesUniversal LifeTraditional LifeTotal
(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 AnnuitiesFixed Rate AnnuitiesUniversal LifeTotal (a)
(In millions)
Balance at January 1, 2025
$1,874 $376 $781 $3,031 
Capitalization126 21 69 216 
Amortization(45)(25)(12)(82)
Balance at March 31, 2025
$1,955 $372 $838 $3,165 
Indexed AnnuitiesFixed Rate AnnuitiesUniversal LifeTotal (a)
(In millions)
Balance at January 1, 2024
$1,378 $288 $545 $2,211 
Capitalization147 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, 2025December 31, 2024
(In millions)
Indexed Annuities$1,955 $1,874 
Fixed Rate Annuities372 376 
Universal Life838 781 
Funding Agreements5 4 
PRT2 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,
20252024
(In millions)
Balance at January 1,$625 $346 
Capitalization71 54 
Amortization(14)(8)
Balance at March 31,$682 $392