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Value of Business Acquired ("VOBA"), Deferred Acquisition Costs ("DAC"), and Deferred Sales Inducements ("DSI") (Tables)
 9 Months Ended
Sep. 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 September 30, 2025 and December 31, 2024.
September 30, 2025December 31, 2024
(In millions)
Customer relationships and contracts$371 $435 
Value of business acquired 1,232 1,349 
Deferred acquisition costs 3,495 3,036 
Deferred sales inducements 821 625 
Value of distribution asset65 74 
Computer software284 277 
Trademarks, tradenames, and other 203 180 
Total Other intangible assets, net$6,471 $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 September 30, 2025 and December 31, 2024.
September 30, 2025December 31, 2024
(In millions)
Customer relationships and contracts$371 $435 
Value of business acquired 1,232 1,349 
Deferred acquisition costs 3,495 3,036 
Deferred sales inducements 821 625 
Value of distribution asset65 74 
Computer software284 277 
Trademarks, tradenames, and other 203 180 
Total Other intangible assets, net$6,471 $5,976 
Schedule of Rollforward of Value of Business Acquired
The following tables roll forward VOBA by product for the nine months ended September 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(93)(3)(5)(5)(11)(117)
Balance at September 30, 2025
$799 $19 $179 $121 $114 $1,232 

Indexed AnnuitiesFixed Rate AnnuitiesImmediate AnnuitiesUniversal LifeTraditional LifeTotal
(In millions)
Balance at January 1, 2024
$1,025 $27 $191 $134 $69 $1,446 
Amortization(101)(4)(5)(5)(5)(120)
Actuarial model updates and refinements (a)— — — — 63 63 
Balance at September 30, 2024
$924 $23 $186 $129 $127 $1,389 
(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 nine months ended September 30, 2025 and 2024.
Indexed AnnuitiesFixed Rate AnnuitiesUniversal LifeTotal (a)
(In millions)
Balance at January 1, 2025
$1,874 $376 $781 $3,031 
Capitalization388 118 207 713 
Amortization(145)(78)(37)(260)
Balance at September 30, 2025
$2,117 $416 $951 $3,484 
Indexed AnnuitiesFixed Rate AnnuitiesUniversal LifeTotal (a)
(In millions)
Balance at January 1, 2024
$1,378 $288 $545 $2,211 
Capitalization496 147 199 842 
Amortization(112)(61)(27)(200)
Balance at September 30, 2024
$1,762 $374 $717 $2,853 
(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 September 30, 2025 and December 31, 2024:
September 30, 2025December 31, 2024
(In millions)
Indexed Annuities$2,117 $1,874 
Fixed Rate Annuities416 376 
Universal Life951 781 
FABN6 4 
PRT5 1 
Total$3,495 $3,036 
Schedule of Rollforward of Deferred Sale Inducement Cost
The following table rolls forward DSI for our indexed annuity products for the nine months ended September 30, 2025 and 2024:
Nine Months Ended September 30,
20252024
(In millions)
Balance at January 1,$625 $346 
Capitalization243 219 
Amortization(47)(27)
Balance at September 30,$821 $538