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Deferred Policy Acquisition Costs | 9 Months Ended
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Sep. 30, 2024
Insurance [Abstract] |
Deferred Policy Acquisition Costs | DEFERRED POLICY ACQUISITION COSTS The following tables provide the balances of and changes in deferred policy acquisition costs for the Company’s Traditional business for the nine months ended September 30, 2024 and 2023 (dollars in millions):
For the nine months ended September 30, 2024: |  | U.S. and Latin America – Traditional |  | Canada – Traditional |  | Europe, Middle East and Africa – Traditional |  | Asia Pacific – Traditional
Balance, beginning of year |  | $ | 2,191 |  |  | $ | 173 |  |  | $ | 347 |  |  | $ | 1,098 |
Capitalization |  | 899 |  |  | 6 |  |  | 56 |  |  | 117 |
Amortization expense |  | (121) |  |  | (8) |  |  | (36) |  |  | (44) |
Foreign currency translation |  | (2) |  |  | (4) |  |  | 12 |  |  | (1) |
Balance, end of period |  | $ | 2,967 |  |  | $ | 167 |  |  | $ | 379 |  |  | $ | 1,170 |
For the nine months ended September 30, 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 |  | 183 |  |  | 7 |  |  | 75 |  |  | 94 |
Amortization expense |  | (111) |  |  | (9) |  |  | (28) |  |  | (44) |
Foreign currency translation |  | 1 |  |  | — |  |  | (10) |  |  | (24) |
Balance, end of period |  | $ | 2,160 |  |  | $ | 169 |  |  | $ | 331 |  |  | $ | 1,069 |
The following tables provide the balances of and changes in deferred policy acquisition costs for the Company’s Financial Solutions business for the nine months ended September 30, 2024 and 2023 (dollars in millions):
For the nine months ended September 30, 2024: |  | 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 |  | $ | 552 |  |  | $ | — |  |  | $ | — |  |  | $ | 250 |
Capitalization |  | 1 |  |  | — |  |  | — |  |  | 67 |
Amortization expense |  | (44) |  |  | — |  |  | — |  |  | (33) |
Other |  | (14) |  |  | — |  |  | — |  |  | — |
Foreign currency translation |  | — |  |  | — |  |  | — |  |  | 1 |
Balance, end of period |  | $ | 495 |  |  | $ | — |  |  | $ | — |  |  | $ | 285 |
For the nine months ended September 30, 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 |  | — |  |  | — |  |  | — |  |  | 89 |
Amortization expense |  | (32) |  |  | — |  |  | — |  |  | (24) |
Foreign currency translation |  | — |  |  | — |  |  | — |  |  | (6) |
Balance, end of period |  | $ | 309 |  |  | $ | — |  |  | $ | — |  |  | $ | 247 |
The reconciliation of deferred policy acquisition costs to the condensed consolidated balance sheets as of September 30, 2024 and 2023 is as follows (dollars in millions):
|  | September 30,
|  | 2024 |  | 2023
Deferred policy acquisition costs included in the rollforwards: |  |  |  |
Traditional: |  |  |  |
U.S. and Latin America |  | $ | 2,967 |  |  | $ | 2,160 |
Canada |  | 167 |  |  | 169 |
Europe, Middle East and Africa |  | 379 |  |  | 331 |
Asia Pacific |  | 1,170 |  |  | 1,069 |
Financial Solutions: |  |  |  |
U.S. and Latin America |  | 495 |  |  | 309 |
Canada |  | — |  |  | — |
Europe, Middle East and Africa |  | — |  |  | — |
Asia Pacific |  | 285 |  |  | 247 |
Other long-duration business: |  |  |  |
Corporate and Other |  | 14 |  |  | 4 |
Total deferred policy acquisition costs |  | $ | 5,477 |  |  | $ | 4,289 |

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- Definition The entire disclosure for deferred policy acquisition costs. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 944 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/944-30/tableOfContent + Details
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