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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, 2025December 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 asset68 74 
Computer software281 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, 2025December 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 asset68 74 
Computer software281 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 AnnuitiesFixed Rate AnnuitiesImmediate AnnuitiesUniversal LifeTraditional LifeTotal
(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 AnnuitiesFixed Rate AnnuitiesImmediate AnnuitiesUniversal LifeTraditional LifeTotal
(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 AnnuitiesFixed Rate AnnuitiesUniversal LifeTotal (a)
(In millions)
Balance at January 1, 2025
$1,874 $376 $781 $3,031 
Capitalization262 87 138 487 
Amortization(92)(51)(24)(167)
Balance at June 30, 2025
$2,044 $412 $895 $3,351 
Indexed AnnuitiesFixed Rate AnnuitiesUniversal LifeTotal (a)
(In millions)
Balance at January 1, 2024
$1,378 $288 $545 $2,211 
Capitalization336 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, 2025December 31, 2024
(In millions)
Indexed Annuities$2,044 $1,874 
Fixed Rate Annuities412 376 
Universal Life895 781 
Funding Agreements4 4 
PRT4 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,
20252024
(In millions)
Balance at January 1,$625 $346 
Capitalization158 120 
Amortization(30)(16)
Balance at June 30,$753 $450