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Deferred Policy Acquisition Costs (Tables) | 12 Months Ended
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Dec. 31, 2023
Deferred Policy Acquisition Costs Disclosures [Abstract] |
Deferred Policy Acquisition Costs [Table Text Block] | The following tables provide the balances of and changes in deferred policy acquisition costs for the Company’s Traditional business for the years ended December 31, 2023 and 2022 (dollars in millions):
For the year ended December 31, 2023: |  | U.S. and Latin America – Traditional |  | Canada – Traditional |  | Europe, Middle East and Africa – Traditional |  | Asia Pacific – Traditional
Balance, beginning of year |  | $ | 2,087 |  |  | $ | 171 |  |  | $ | 294 |  |  | $ | 1,043 |
Capitalization |  | 248 |  |  | 9 |  |  | 100 |  |  | 121 |
Amortization expense |  | (145) |  |  | (12) |  |  | (50) |  |  | (59) |
Foreign currency translation |  | 1 |  |  | 5 |  |  | 3 |  |  | (7) |
Balance, end of period |  | $ | 2,191 |  |  | $ | 173 |  |  | $ | 347 |  |  | $ | 1,098 |
For the year ended December 31, 2022: |  | U.S. and Latin America – Traditional |  | Canada – Traditional |  | Europe, Middle East and Africa – Traditional |  | Asia Pacific – Traditional
Balance, beginning of year |  | $ | 1,947 |  |  | $ | 191 |  |  | $ | 270 |  |  | $ | 1,056 |
Capitalization |  | 284 |  |  | 10 |  |  | 83 |  |  | 86 |
Amortization expense |  | (144) |  |  | (17) |  |  | (38) |  |  | (67) |
Foreign currency translation |  | — |  |  | (13) |  |  | (21) |  |  | (32) |
Balance, end of period |  | $ | 2,087 |  |  | $ | 171 |  |  | $ | 294 |  |  | $ | 1,043 |
The following tables provide the balances of and changes in deferred policy acquisition costs for the Company’s Financial Solutions business for the years ended December 31, 2023 and 2022 (dollars in millions):
For the year ended December 31, 2023: |  | U.S. and Latin America – Financial Solutions |  | Canada – Financial Solutions |  | Europe, Middle East and Africa – Financial Solutions |  | Asia Pacific – Financial Solutions
Balance, beginning of year |  | $ | 341 |  |  | $ | — |  |  | $ | — |  |  | $ | 188 |
Capitalization |  | 259 |  |  | — |  |  | — |  |  | 99 |
Amortization expense |  | (48) |  |  | — |  |  | — |  |  | (33) |
Foreign currency translation |  | — |  |  | — |  |  | — |  |  | (4) |
Balance, end of period |  | $ | 552 |  |  | $ | — |  |  | $ | — |  |  | $ | 250 |
For the year ended December 31, 2022: |  | U.S. and Latin America – Financial Solutions |  | Canada – Financial Solutions |  | Europe, Middle East and Africa – Financial Solutions |  | Asia Pacific – Financial Solutions
Balance, beginning of year |  | $ | 312 |  |  | $ | — |  |  | $ | — |  |  | $ | 81 |
Capitalization |  | 87 |  |  | — |  |  | — |  |  | 121 |
Amortization expense |  | (58) |  |  | — |  |  | — |  |  | (13) |
Foreign currency translation |  | — |  |  | — |  |  | — |  |  | (1) |
Balance, end of period |  | $ | 341 |  |  | $ | — |  |  | $ | — |  |  | $ | 188 |
The reconciliation of deferred policy acquisition costs to the consolidated balance sheets as of December 31, 2023 and 2022 is as follows (dollars in millions):
|  | December 31,
|  | 2023 |  | 2022
Deferred policy acquisition costs included in the rollforwards: |  |  |  |
Traditional: |  |  |  |
U.S. and Latin America |  | $ | 2,191 |  |  | $ | 2,087 |
Canada |  | 173 |  |  | 171 |
Europe, Middle East and Africa |  | 347 |  |  | 294 |
Asia Pacific |  | 1,098 |  |  | 1,043 |
Financial Solutions: |  |  |  |
U.S. and Latin America |  | 552 |  |  | 341 |
Canada |  | — |  |  | — |
Europe, Middle East and Africa |  | — |  |  | — |
Asia Pacific |  | 250 |  |  | 188 |
Other long-duration business: |  |  |  |
Corporate and Other |  | 6 |  |  | 4 |
Total deferred policy acquisition costs |  | $ | 4,617 |  |  | $ | 4,128 |

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