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Deferred Policy Acquisition Costs (Tables) | 9 Months Ended
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Sep. 30, 2025
Insurance [Abstract] |
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, 2025 and 2024 (dollars in millions):
For the nine months ended September 30, 2025: |  | U.S. and Latin America – Traditional |  | Canada – Traditional |  | Europe, Middle East and Africa – Traditional |  | Asia Pacific – Traditional
Balance, beginning of year |  | $ | 2,986 |  |  | $ | 157 |  |  | $ | 354 |  |  | $ | 1,178 |
Capitalization |  | 228 |  |  | 9 |  |  | 98 |  |  | 124 |
Amortization expense |  | (168) |  |  | (9) |  |  | (43) |  |  | (51) |
Foreign currency translation |  | — |  |  | 7 |  |  | 41 |  |  | 21 |
Balance, end of period |  | $ | 3,046 |  |  | $ | 164 |  |  | $ | 450 |  |  | $ | 1,272 |
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 |
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, 2025 and 2024 (dollars in millions):
For the nine months ended September 30, 2025: |  | 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 |  | $ | 506 |  |  | $ | 20 |  |  | $ | — |  |  | $ | 324 |
Capitalization |  | 44 |  |  | — |  |  | — |  |  | 182 |
Amortization expense |  | (41) |  |  | — |  |  | — |  |  | (45) |
Foreign currency translation |  | — |  |  | 1 |  |  | — |  |  | 2 |
Balance, end of period |  | $ | 509 |  |  | $ | 21 |  |  | $ | — |  |  | $ | 463 |
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 |
The reconciliation of deferred policy acquisition costs included in the rollforwards to deferred policy acquisition costs and other on the condensed consolidated balance sheets as of September 30, 2025 and 2024 is as follows (dollars in millions):
|  | September 30,
|  | 2025 |  | 2024
Deferred policy acquisition costs included in the rollforwards: |  |  |  |
Traditional: |  |  |  |
U.S. and Latin America |  | $ | 3,046 |  |  | $ | 2,967 |
Canada |  | 164 |  |  | 167 |
Europe, Middle East and Africa |  | 450 |  |  | 379 |
Asia Pacific |  | 1,272 |  |  | 1,170 |
Financial Solutions: |  |  |  |
U.S. and Latin America |  | 509 |  |  | 495 |
Canada |  | 21 |  |  | — |
Europe, Middle East and Africa |  | — |  |  | — |
Asia Pacific |  | 463 |  |  | 285 |
Other deferred policy acquisition costs: |  |  |  |
Corporate and Other |  | 15 |  |  | 14 |
Total deferred policy acquisition costs |  | 5,940 |  |  | 5,477 |
Cost of reinsurance asset |  | 14 |  |  | — |
Total deferred policy acquisition costs and other |  | $ | 5,954 |  |  | $ | 5,477 |

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