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DAC AND OTHER DEFERRED ASSETS/LIABILITIES (Tables) | 3 Months Ended
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Mar. 31, 2024
Contract Holder Bonus Interest Credits [Abstract] |
Schedule of Reconciliation of Deferred Acquisition Cost | The following table presents a reconciliation of DAC to the consolidated balance sheets:
| March 31, |  | December 31, |  |
| 2024 |  | 2023 |  |
| (in millions)
Protection Solutions |  |  |  |  |
Term | $ | 331 |  |  | $ | 337 |  |  |
Universal Life | 174 |  |  | 174 |  |  |
Variable Universal Life | 1,009 |  |  | 987 |  |  |
Indexed Universal Life | 187 |  |  | 188 |  |  |
Individual Retirement |  |  |  |  |
GMxB Core | 1,604 |  |  | 1,602 |  |  |
EQUI-VEST Individual | 154 |  |  | 155 |  |  |
Investment Edge | 180 |  |  | 172 |  |  |
SCS | 1,655 |  |  | 1,571 |  |  |
Legacy Segment |  |  |  |  |
GMxB Legacy | 546 |  |  | 555 |  |  |
Group Retirement |  |  |  |  |
EQUI-VEST Group | 747 |  |  | 742 |  |  |
Momentum | 80 |  |  | 82 |  |  |
Corporate and Other | 114 |  |  | 116 |  |  |
Other | 23 |  |  | 24 |  |  |
Total | $ | 6,804 |  |  | $ | 6,705 |  |  |
Schedule of Deferred Policy Acquisition Costs | Changes in the DAC asset were as follows:
| Three Months Ended March 31, 2024
| Protection Solutions |  | Individual Retirement | Legacy |  | Group Retirement |  | Corporate and Other |  | Total
| Term |  | UL |  | VUL |  | IUL |  | GMxB Core |  | EI |  | IE |  | SCS |  | GMxB Legacy |  | EG |  | Momentum |  | CB (1) |
| (in millions)
Balance, beginning of period | $ | 337 |  |  | $ | 174 |  |  | $ | 987 |  |  | $ | 188 |  |  | $ | 1,602 |  |  | $ | 155 |  |  | $ | 172 |  |  | $ | 1,571 |  |  | $ | 555 |  |  | $ | 742 |  |  | $ | 82 |  |  | $ | 116 |  |  | $ | 6,681 |
Capitalization | 4 |  |  | 3 |  |  | 37 |  |  | 2 |  |  | 39 |  |  | 2 |  |  | 12 |  |  | 148 |  |  | 7 |  |  | 15 |  |  | 2 |  |  | — |  |  | 271 |
Amortization (2) | (10) |  |  | (3) |  |  | (15) |  |  | (3) |  |  | (37) |  |  | (3) |  |  | (4) |  |  | (64) |  |  | (16) |  |  | (10) |  |  | (4) |  |  | (2) |  |  | (171) |
Balance, end of period | $ | 331 |  |  | $ | 174 |  |  | $ | 1,009 |  |  | $ | 187 |  |  | $ | 1,604 |  |  | $ | 154 |  |  | $ | 180 |  |  | $ | 1,655 |  |  | $ | 546 |  |  | $ | 747 |  |  | $ | 80 |  |  | $ | 114 |  |  | $ | 6,781 |
______________ (1)“CB” defined as Closed Block. (2)DAC amortization of $1 million related to Other not reflected in table above.
| Three Months Ended March 31, 2023
| Protection Solutions |  | Individual Retirement | Legacy |  | Group Retirement |  | Corporate and Other |  | Total
| Term |  | UL |  | VUL |  | IUL |  | GMxB Core |  | EI |  | IE |  | SCS |  | GMxB Legacy |  | EG |  | Momentum |  | CB |
| (in millions)
Balance, beginning of period | $ | 362 |  |  | $ | 179 |  |  | $ | 889 |  |  | $ | 185 |  |  | $ | 1,625 |  |  | $ | 156 |  |  | $ | 148 |  |  | $ | 1,279 |  |  | $ | 593 |  |  | $ | 710 |  |  | $ | 89 |  |  | $ | 127 |  |  | $ | 6,342 |
Capitalization | 4 |  |  | 1 |  |  | 35 |  |  | 3 |  |  | 19 |  |  | 3 |  |  | 11 |  |  | 101 |  |  | 6 |  |  | 16 |  |  | 3 |  |  | — |  |  | 202 |
Amortization (1) | (10) |  |  | (3) |  |  | (14) |  |  | (3) |  |  | (35) |  |  | (3) |  |  | (3) |  |  | (47) |  |  | (16) |  |  | (10) |  |  | (5) |  |  | (3) |  |  | (152) |
Balance, end of period | $ | 356 |  |  | $ | 177 |  |  | $ | 910 |  |  | $ | 185 |  |  | $ | 1,609 |  |  | $ | 156 |  |  | $ | 156 |  |  | $ | 1,333 |  |  | $ | 583 |  |  | $ | 716 |  |  | $ | 87 |  |  | $ | 124 |  |  | $ | 6,392 |
Changes in the Individual Retirement sales inducement assets were as follows:
| Three Months Ended March 31,
| 2024 |  | 2023 |  |
| GMxB Core |  | GMxB Legacy |  | GMxB Core |  | GMxB Legacy |  |  |  |
| (in millions)
Balance, beginning of period | $ | 127 |  |  | $ | 179 |  |  | $ | 137 |  |  | $ | 200 |  |  |  |  |
Capitalization | 1 |  |  | — |  |  | — |  |  | — |  |  |  |  |
Amortization | (3) |  |  | (5) |  |  | (3) |  |  | (5) |  |  |  |  |
Balance, end of period | $ | 125 |  |  | $ | 174 |  |  | $ | 134 |  |  | $ | 195 |  |  |  |  |
Changes in the Protection Solutions unearned revenue liability were as follows:
| Three Months Ended March 31,
| 2024 |  | 2023 |  |
| UL |  | VUL |  | IUL |  | UL |  | VUL |  | IUL |  |  |  |  |  |
| (in millions)
Balance, beginning of period | $ | 107 |  |  | $ | 754 |  |  | $ | 210 |  |  | $ | 95 |  |  | $ | 684 |  |  | $ | 157 |  |  |  |  |  |  |
Capitalization | 4 |  |  | 32 |  |  | 14 |  |  | 5 |  |  | 27 |  |  | 17 |  |  |  |  |  |  |
Amortization | (2) |  |  | (12) |  |  | (3) |  |  | (2) |  |  | (10) |  |  | (3) |  |  |  |  |  |  |
Balance, end of period | $ | 109 |  |  | $ | 774 |  |  | $ | 221 |  |  | $ | 98 |  |  | $ | 701 |  |  | $ | 171 |  |  |  |  |  |  |

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