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Value of Business Acquired ("VOBA"), Deferred Acquisition Costs ("DAC") and Deferred Sales Inducements ("DSI") (Tables) | 6 Months Ended
--- | ---
Jun. 30, 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 June 30, 2025 and December 31, 2024.
|  | June 30, 2025 |  | December 31, 2024
|  | (In millions)
Customer relationships and contracts |  | $ | 397 |  |  | $ | 435 |
Value of business acquired |  | 1,272 |  |  | 1,349 |
Deferred acquisition costs |  | 3,359 |  |  | 3,036 |
Deferred sales inducements |  | 753 |  |  | 625 |
Value of distribution asset |  | 68 |  |  | 74 |
Computer software |  | 281 |  |  | 277 |
Trademarks, tradenames, and other |  | 196 |  |  | 180 |
Total Other intangible assets, net |  | $ | 6,326 |  |  | $ | 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 June 30, 2025 and December 31, 2024.
|  | June 30, 2025 |  | December 31, 2024
|  | (In millions)
Customer relationships and contracts |  | $ | 397 |  |  | $ | 435 |
Value of business acquired |  | 1,272 |  |  | 1,349 |
Deferred acquisition costs |  | 3,359 |  |  | 3,036 |
Deferred sales inducements |  | 753 |  |  | 625 |
Value of distribution asset |  | 68 |  |  | 74 |
Computer software |  | 281 |  |  | 277 |
Trademarks, tradenames, and other |  | 196 |  |  | 180 |
Total Other intangible assets, net |  | $ | 6,326 |  |  | $ | 5,976 |
Schedule of Rollforward of Value of Business Acquired | The following tables roll forward VOBA by product for the six months ended June 30, 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 | (62) |  |  | (2) |  |  | (3) |  |  | (4) |  |  | (6) |  |  |  |  |  |  |  | (77) |
Balance at June 30, 2025 | $ | 830 |  |  | $ | 20 |  |  | $ | 181 |  |  | $ | 122 |  |  | $ | 119 |  |  |  |  |  |  |  | $ | 1,272 |
| 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 | (66) |  |  | (3) |  |  | (4) |  |  | (4) |  |  | (3) |  |  |  |  |  |  |  | (80) |
Actuarial model updates and refinements (a) | — |  |  | — |  |  | — |  |  | — |  |  | 63 |  |  |  |  |  |  |  | 63 |
Balance at June 30, 2024 | $ | 959 |  |  | $ | 24 |  |  | $ | 187 |  |  | $ | 130 |  |  | $ | 129 |  |  |  |  |  |  |  | $ | 1,429 |
(a) net of amortization of ($15 million).
Schedule of Rollforward of Deferred Policy Acquisition Costs | The following tables roll forward DAC by product for the six months ended June 30, 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 | 262 |  |  | 87 |  |  | 138 |  |  | 487 |
Amortization | (92) |  |  | (51) |  |  | (24) |  |  | (167) |
Balance at June 30, 2025 | $ | 2,044 |  |  | $ | 412 |  |  | $ | 895 |  |  | $ | 3,351 |
| Indexed Annuities |  | Fixed Rate Annuities |  | Universal Life |  | Total (a)
| (In millions)
Balance at January 1, 2024 | $ | 1,378 |  |  | $ | 288 |  |  | $ | 545 |  |  | $ | 2,211 |
Capitalization | 336 |  |  | 92 |  |  | 134 |  |  | 562 |
Amortization | (69) |  |  | (39) |  |  | (17) |  |  | (125) |
Balance at June 30, 2024 | $ | 1,645 |  |  | $ | 341 |  |  | $ | 662 |  |  | $ | 2,648 |
(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 June 30, 2025 and December 31, 2024:
|  | June 30, 2025 |  | December 31, 2024
|  | (In millions)
Indexed Annuities |  | $ | 2,044 |  |  | $ | 1,874 |
Fixed Rate Annuities |  | 412 |  |  | 376 |
Universal Life |  | 895 |  |  | 781 |
Funding Agreements |  | 4 |  |  | 4 |
PRT |  | 4 |  |  | 1 |
Total |  | $ | 3,359 |  |  | $ | 3,036 |
Schedule of Rollforward of Deferred Sale Inducement Cost | The following table rolls forward DSI for our indexed annuity products for the six months ended June 30, 2025 and 2024:
| Six Months Ended June 30,
| 2025 |  | 2024
| (In millions)
Balance at January 1, | $ | 625 |  |  | $ | 346 |
Capitalization | 158 |  |  | 120 |
Amortization | (30) |  |  | (16) |
Balance at June 30, | $ | 753 |  |  | $ | 450 |

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