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DAC AND OTHER DEFERRED ASSETS/LIABILITIES (Tables) | 6 Months Ended
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Jun. 30, 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:
| June 30, 2024 |  | December 31, 2023 |  |
| (in millions)
Protection Solutions |  |  |  |  |
Term | $ | 326 |  |  | $ | 337 |  |  |
Universal Life | 172 |  |  | 174 |  |  |
Variable Universal Life | 1,034 |  |  | 987 |  |  |
Indexed Universal Life | 187 |  |  | 188 |  |  |
Individual Retirement |  |  |  |  |
GMxB Core | 1,602 |  |  | 1,602 |  |  |
EQUI-VEST Individual | 155 |  |  | 155 |  |  |
Investment Edge | 193 |  |  | 172 |  |  |
SCS | 1,746 |  |  | 1,571 |  |  |
Legacy Segment |  |  |  |  |
GMxB Legacy | 538 |  |  | 555 |  |  |
Group Retirement |  |  |  |  |
EQUI-VEST Group | 753 |  |  | 742 |  |  |
Momentum | 85 |  |  | 82 |  |  |
Corporate and Other | 111 |  |  | 116 |  |  |
Other | 22 |  |  | 24 |  |  |
Total | $ | 6,924 |  |  | $ | 6,705 |  |  |
Schedule of Deferred Policy Acquisition Costs | Changes in the DAC asset were as follows:
| Six Months Ended June 30, 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 | 8 |  |  | 4 |  |  | 77 |  |  | 5 |  |  | 74 |  |  | 6 |  |  | 29 |  |  | 306 |  |  | 14 |  |  | 32 |  |  | 5 |  |  | — |  |  | 560 |
Amortization (2) | (19) |  |  | (6) |  |  | (30) |  |  | (6) |  |  | (74) |  |  | (6) |  |  | (8) |  |  | (131) |  |  | (31) |  |  | (21) |  |  | (2) |  |  | (5) |  |  | (339) |
Balance, end of period | $ | 326 |  |  | $ | 172 |  |  | $ | 1,034 |  |  | $ | 187 |  |  | $ | 1,602 |  |  | $ | 155 |  |  | $ | 193 |  |  | $ | 1,746 |  |  | $ | 538 |  |  | $ | 753 |  |  | $ | 85 |  |  | $ | 111 |  |  | $ | 6,902 |
______________ (1)“CB” defined as Closed Block. (2)DAC amortization of $2 million related to Other not reflected in table above.
| Six Months Ended June 30, 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 | 8 |  |  | 3 |  |  | 73 |  |  | 6 |  |  | 54 |  |  | 6 |  |  | 21 |  |  | 228 |  |  | 14 |  |  | 33 |  |  | 5 |  |  | — |  |  | 451 |
Amortization (1) | (20) |  |  | (6) |  |  | (28) |  |  | (5) |  |  | (70) |  |  | (6) |  |  | (7) |  |  | (96) |  |  | (32) |  |  | (20) |  |  | (9) |  |  | (5) |  |  | (304) |
Balance, end of period | $ | 350 |  |  | $ | 176 |  |  | $ | 934 |  |  | $ | 186 |  |  | $ | 1,609 |  |  | $ | 156 |  |  | $ | 162 |  |  | $ | 1,411 |  |  | $ | 575 |  |  | $ | 723 |  |  | $ | 85 |  |  | $ | 122 |  |  | $ | 6,489 |
______________ (1) DAC amortization of $2 million related to Other not reflected in table above. Changes in the Individual Retirement sales inducement assets were as follows:
| Six Months Ended June 30,
| 2024 |  | 2023 |  |
| GMxB Core |  | GMxB Legacy |  | GMxB Core |  | GMxB Legacy |  |  |  |
| (in millions)
Balance, beginning of period | $ | 127 |  |  | $ | 179 |  |  | $ | 137 |  |  | $ | 200 |  |  |  |  |
Capitalization | 1 |  |  | — |  |  | 1 |  |  | — |  |  |  |  |
Amortization | (6) |  |  | (10) |  |  | (6) |  |  | (11) |  |  |  |  |
Balance, end of period | $ | 122 |  |  | $ | 169 |  |  | $ | 132 |  |  | $ | 189 |  |  |  |  |
Changes in the Protection Solutions unearned revenue liability were as follows:
| Six Months Ended June 30,
| 2024 |  | 2023 |  |
| UL |  | VUL |  | IUL |  | UL |  | VUL |  | IUL |  |  |  |  |  |
| (in millions)
Balance, beginning of period | $ | 107 |  |  | $ | 754 |  |  | $ | 210 |  |  | $ | 95 |  |  | $ | 684 |  |  | $ | 157 |  |  |  |  |  |  |
Capitalization | 8 |  |  | 65 |  |  | 28 |  |  | 9 |  |  | 56 |  |  | 33 |  |  |  |  |  |  |
Amortization | (4) |  |  | (24) |  |  | (7) |  |  | (3) |  |  | (22) |  |  | (5) |  |  |  |  |  |  |
Balance, end of period | $ | 111 |  |  | $ | 795 |  |  | $ | 231 |  |  | $ | 101 |  |  | $ | 718 |  |  | $ | 185 |  |  |  |  |  |  |

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