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DAC AND OTHER DEFERRED ASSETS/LIABILITIES (Tables) | 12 Months Ended
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Dec. 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:
| December 31 |  |
| 2024 |  | 2023 |  |
| (in millions)
Protection Solutions |  |  |  |  |
Term | $ | 314 |  |  | $ | 337 |  |  |
Universal Life | 170 |  |  | 174 |  |  |
Variable Universal Life | 1,083 |  |  | 987 |  |  |
Indexed Universal Life | 186 |  |  | 188 |  |  |
Individual Retirement |  |  |  |  |
GMxB Core | 1,605 |  |  | 1,602 |  |  |
EQUI-VEST Individual | 154 |  |  | 155 |  |  |
Investment Edge | 225 |  |  | 172 |  |  |
SCS | 1,938 |  |  | 1,571 |  |  |
Legacy Segment |  |  |  |  |
GMxB Legacy | 517 |  |  | 555 |  |  |
| December 31 |  |
| 2024 |  | 2023 |  |
| (in millions)
Group Retirement |  |  |  |  |
EQUI-VEST Group | 768 |  |  | 742 |  |  |
Momentum | 83 |  |  | 82 |  |  |
Corporate and Other | 107 |  |  | 116 |  |  |
Other | 20 |  |  | 24 |  |  |
Total | $ | 7,170 |  |  | $ | 6,705 |  |  |
Schedule of Deferred Policy Acquisition Costs | Changes in the DAC asset were as follows:
| Year Ended December 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 | 14 |  |  | 8 |  |  | 159 |  |  | 10 |  |  | 153 |  |  | 11 |  |  | 70 |  |  | 645 |  |  | 24 |  |  | 70 |  |  | 11 |  |  | — |  |  | 1,175 |
Amortization (2) | (37) |  |  | (12) |  |  | (63) |  |  | (12) |  |  | (150) |  |  | (12) |  |  | (17) |  |  | (278) |  |  | (62) |  |  | (44) |  |  | (10) |  |  | (9) |  |  | (706) |
Balance, end of period | $ | 314 |  |  | $ | 170 |  |  | $ | 1,083 |  |  | $ | 186 |  |  | $ | 1,605 |  |  | $ | 154 |  |  | $ | 225 |  |  | $ | 1,938 |  |  | $ | 517 |  |  | $ | 768 |  |  | $ | 83 |  |  | $ | 107 |  |  | $ | 7,150 |
______________ (1)“CB” defined as Closed Block. (2)DAC amortization of $5 million related to Other not reflected in table above.
| Year Ended December 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 | 14 |  |  | 7 |  |  | 155 |  |  | 14 |  |  | 121 |  |  | 11 |  |  | 38 |  |  | 507 |  |  | 26 |  |  | 73 |  |  | 10 |  |  | — |  |  | 976 |
Amortization (1) | (39) |  |  | (12) |  |  | (57) |  |  | (11) |  |  | (144) |  |  | (12) |  |  | (14) |  |  | (215) |  |  | (64) |  |  | (41) |  |  | (17) |  |  | (11) |  |  | (637) |
Balance, end of period | $ | 337 |  |  | $ | 174 |  |  | $ | 987 |  |  | $ | 188 |  |  | $ | 1,602 |  |  | $ | 155 |  |  | $ | 172 |  |  | $ | 1,571 |  |  | $ | 555 |  |  | $ | 742 |  |  | $ | 82 |  |  | $ | 116 |  |  | $ | 6,681 |
______________ (1) DAC amortization of $4 million related to Other not reflected in table above.
| Year Ended December 31, 2022
| 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 | $ | 385 |  | $ | 180 |  | $ | 799 |  | $ | 180 |  |  |  | $ | 1,653 |  | $ | 156 |  | $ | 121 |  | $ | 1,070 |  |  |  | $ | 631 |  |  | $ | 677 |  | $ | 94 |  |  | $ | 138 |  | $ | 6,084 |
Capitalization | 18 |  | 11 |  | 142 |  | 16 |  |  |  | 109 |  | 12 |  | 40 |  | 378 |  |  |  | 27 |  |  | 74 |  | 14 |  |  | — |  | 841 |
Amortization (2) | (41) |  | (12) |  | (52) |  | (11) |  |  |  | (137) |  | (12) |  | (13) |  | (169) |  |  |  | (65) |  |  | (41) |  | (19) |  |  | (11) |  | (583) |
Balance, end of period | $ | 362 |  | $ | 179 |  | $ | 889 |  | $ | 185 |  |  |  | $ | 1,625 |  | $ | 156 |  | $ | 148 |  | $ | 1,279 |  |  |  | $ | 593 |  |  | $ | 710 |  | $ | 89 |  |  | $ | 127 |  | $ | 6,342 |
______________ (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:
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
| GMxB Core |  | GMxB Legacy |  | GMxB Core |  | GMxB Legacy |  | GMxB Core |  | GMxB Legacy
| (in millions)
Balance, beginning of period | $ | 127 |  |  | $ | 179 |  |  | $ | 137 |  |  | $ | 200 |  |  | $ | 147 |  |  | $ | 222 |
Capitalization | 2 |  |  | — |  |  | 2 |  |  | — |  |  | 2 |  |  | — |
Amortization | (12) |  |  | (19) |  |  | (12) |  |  | (21) |  |  | (12) |  |  | (22) |
Balance, end of period | $ | 117 |  |  | $ | 160 |  |  | $ | 127 |  |  | $ | 179 |  |  | $ | 137 |  |  | $ | 200 |
Changes in the Protection Solutions unearned revenue liability were as follows:
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
| UL |  | VUL |  | IUL |  | UL |  | VUL |  | IUL |  | UL |  | VUL |  | IUL
| (in millions)
Balance, beginning of period | $ | 107 |  |  | $ | 754 |  |  | $ | 210 |  |  | $ | 95 |  |  | $ | 684 |  |  | $ | 157 |  |  | $ | 80 |  |  | $ | 619 |  |  | $ | 94 |
Capitalization | 15 |  |  | 135 |  |  | 55 |  |  | 19 |  |  | 115 |  |  | 64 |  |  | 21 |  |  | 105 |  |  | 71 |
Amortization | (8) |  |  | (49) |  |  | (15) |  |  | (7) |  |  | (45) |  |  | (11) |  |  | (6) |  |  | (40) |  |  | (8) |
Balance, end of period | $ | 114 |  |  | $ | 840 |  |  | $ | 250 |  |  | $ | 107 |  |  | $ | 754 |  |  | $ | 210 |  |  | $ | 95 |  |  | $ | 684 |  |  | $ | 157 |

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