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v3.24.3

DAC AND OTHER DEFERRED ASSETS/LIABILITIES (Tables) | 9 Months Ended
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Sep. 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:
| September 30, 2024 |  | December 31, 2023 |  |
| (in millions)
Protection Solutions |  |  |  |  |
Term | $ | 320 |  |  | $ | 337 |  |  |
Universal Life | 171 |  |  | 174 |  |  |
Variable Universal Life | 1,055 |  |  | 987 |  |  |
Indexed Universal Life | 187 |  |  | 188 |  |  |
Individual Retirement |  |  |  |  |
GMxB Core | 1,594 |  |  | 1,602 |  |  |
EQUI-VEST Individual | 155 |  |  | 155 |  |  |
Investment Edge | 211 |  |  | 172 |  |  |
SCS | 1,840 |  |  | 1,571 |  |  |
Legacy Segment |  |  |  |  |
GMxB Legacy | 527 |  |  | 555 |  |  |
Group Retirement |  |  |  |  |
EQUI-VEST Group | 758 |  |  | 742 |  |  |
Momentum | 84 |  |  | 82 |  |  |
Corporate and Other | 109 |  |  | 116 |  |  |
Other | 20 |  |  | 24 |  |  |
Total | $ | 7,031 |  |  | $ | 6,705 |  |  |
Schedule of Deferred Policy Acquisition Costs | Changes in the DAC asset were as follows:
| Nine Months Ended September 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 | 10 |  |  | 6 |  |  | 114 |  |  | 8 |  |  | 104 |  |  | 9 |  |  | 51 |  |  | 473 |  |  | 19 |  |  | 49 |  |  | 8 |  |  | — |  |  | 851 |
Amortization (2) | (27) |  |  | (9) |  |  | (46) |  |  | (9) |  |  | (112) |  |  | (9) |  |  | (12) |  |  | (204) |  |  | (47) |  |  | (33) |  |  | (6) |  |  | (7) |  |  | (521) |
Balance, end of period | $ | 320 |  |  | $ | 171 |  |  | $ | 1,055 |  |  | $ | 187 |  |  | $ | 1,594 |  |  | $ | 155 |  |  | $ | 211 |  |  | $ | 1,840 |  |  | $ | 527 |  |  | $ | 758 |  |  | $ | 84 |  |  | $ | 109 |  |  | $ | 7,011 |
______________ (1)“CB” defined as Closed Block. (2)DAC amortization of $4 million related to Other not reflected in table above.
| Nine Months Ended September 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 | 11 |  |  | 5 |  |  | 109 |  |  | 10 |  |  | 87 |  |  | 8 |  |  | 30 |  |  | 364 |  |  | 19 |  |  | 51 |  |  | 7 |  |  | — |  |  | 701 |
Amortization (1) | (29) |  |  | (9) |  |  | (42) |  |  | (8) |  |  | (107) |  |  | (9) |  |  | (11) |  |  | (154) |  |  | (48) |  |  | (31) |  |  | (13) |  |  | (8) |  |  | (469) |
Balance, end of period | $ | 344 |  |  | $ | 175 |  |  | $ | 956 |  |  | $ | 187 |  |  | $ | 1,605 |  |  | $ | 155 |  |  | $ | 167 |  |  | $ | 1,489 |  |  | $ | 564 |  |  | $ | 730 |  |  | $ | 83 |  |  | $ | 119 |  |  | $ | 6,574 |
______________ (1) DAC amortization of $3 million related to Other not reflected in table above. Changes in the Individual Retirement sales inducement assets were as follows:
| Nine Months Ended September 30,
| 2024 |  | 2023 |  |
| GMxB Core |  | GMxB Legacy |  | GMxB Core |  | GMxB Legacy |  |  |  |
| (in millions)
Balance, beginning of period | $ | 127 |  |  | $ | 179 |  |  | $ | 137 |  |  | $ | 200 |  |  |  |  |
Capitalization | 2 |  |  | — |  |  | 2 |  |  | — |  |  |  |  |
Amortization | (9) |  |  | (15) |  |  | (9) |  |  | (16) |  |  |  |  |
Balance, end of period | $ | 120 |  |  | $ | 164 |  |  | $ | 130 |  |  | $ | 184 |  |  |  |  |
Changes in the Protection Solutions unearned revenue liability were as follows:
| Nine Months Ended September 30,
| 2024 |  | 2023 |  |
| UL |  | VUL |  | IUL |  | UL |  | VUL |  | IUL |  |  |  |  |  |
| (in millions)
Balance, beginning of period | $ | 107 |  |  | $ | 754 |  |  | $ | 210 |  |  | $ | 95 |  |  | $ | 684 |  |  | $ | 157 |  |  |  |  |  |  |
Capitalization | 12 |  |  | 99 |  |  | 42 |  |  | 14 |  |  | 86 |  |  | 49 |  |  |  |  |  |  |
Amortization | (6) |  |  | (36) |  |  | (11) |  |  | (5) |  |  | (34) |  |  | (8) |  |  |  |  |  |  |
Balance, end of period | $ | 113 |  |  | $ | 817 |  |  | $ | 241 |  |  | $ | 104 |  |  | $ | 736 |  |  | $ | 198 |  |  |  |  |  |  |

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