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DAC, VOBA, DSI and DFEL (Tables) | 3 Months Ended
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Mar. 31, 2024
Deferred Policy Acquisition Costs and Present Value of Future Insurance Profits, Net [Abstract] |
Reconciliation of DAC, VOBA and DSI | The following table reconciles deferred acquisition costs (“DAC”), value of business acquired (“VOBA”) and deferred sales inducements (“DSI”) (in millions) to the Consolidated Balance Sheets:
| As of March 31, |  | As of December 31,
| 2024 |  | 2023
DAC, VOBA and DSI |  |  |
Variable Annuities | $ | 3,871 |  |  | $ | 3,873 |
Fixed Annuities | 447 |  |  | 455 |
Traditional Life | 1,411 |  |  | 1,418 |
UL and Other | 6,246 |  |  | 6,232 |
Group Protection | 157 |  |  | 154 |
Retirement Plan Services | 273 |  |  | 265 |
Total DAC, VOBA and DSI | $ | 12,405 |  |  | $ | 12,397 |
Reconciliation of DFEL | The following table reconciles deferred front-end loads (“DFEL”) (in millions) to the Consolidated Balance Sheets:
| As of March 31, |  | As of December 31,
| 2024 |  | 2023
DFEL |  |  |
Variable Annuities | $ | 277 |  |  | $ | 278 |
UL and Other (1) | 5,778 |  |  | 5,579 |
Other Operations (2) | 44 |  |  | 44 |
Total DFEL | $ | 6,099 |  |  | $ | 5,901 |
(1) We reported $258 million and $257 million of ceded DFEL in reinsurance recoverables on the Consolidated Balance Sheets as of March 31, 2024, and December 31, 2023, respectively. (2) Represents DFEL reported in Other Operations attributable to the indemnity reinsurance agreement with Protective that is excluded from the following tables. We reported $44 million of ceded DFEL in reinsurance recoverables on the Consolidated Balance Sheets as of March 31, 2024, and December 31, 2023.
DAC | The following tables summarize the changes in DAC (in millions):
| For the Three Months Ended March 31, 2024
| Variable Annuities |  | Fixed Annuities |  | Traditional Life |  | UL and Other |  | Group Protection |  | Retirement Plan Services
Balance as of beginning-of-year | $ | 3,751 |  |  | $ | 421 |  |  | $ | 1,376 |  |  | $ | 5,791 |  |  | $ | 154 |  |  | $ | 239 |
Deferrals | 89 |  |  | 9 |  |  | 32 |  |  | 100 |  |  | 29 |  |  | 5 |
Amortization | (89) |  |  | (16) |  |  | (37) |  |  | (76) |  |  | (26) |  |  | (5) |
Balance as of end-of-period | $ | 3,751 |  |  | $ | 414 |  |  | $ | 1,371 |  |  | $ | 5,815 |  |  | $ | 157 |  |  | $ | 239 |
| For the Three Months Ended March 31, 2023
| Variable Annuities |  | Fixed Annuities |  | Traditional Life |  | UL and Other |  | Group Protection |  | Retirement Plan Services
Balance as of beginning-of-year | $ | 3,751 |  |  | $ | 439 |  |  | $ | 1,333 |  |  | $ | 5,605 |  |  | $ | 141 |  |  | $ | 236 |
Deferrals | 84 |  |  | 14 |  |  | 55 |  |  | 118 |  |  | 25 |  |  | 6 |
Amortization | (90) |  |  | (17) |  |  | (36) |  |  | (73) |  |  | (24) |  |  | (5) |
Balance as of end-of-period | $ | 3,745 |  |  | $ | 436 |  |  | $ | 1,352 |  |  | $ | 5,650 |  |  | $ | 142 |  |  | $ | 237 |
VOBA | The following tables summarize the changes in VOBA (in millions):
| For the Three Months Ended March 31, 2024
| Fixed Annuities |  | Traditional Life |  | UL and Other
Balance as of beginning-of-year | $ | 15 |  |  | $ | 42 |  |  | $ | 413 |
Amortization | (1) |  |  | (2) |  |  | (10) |
Balance as of end-of-period | $ | 14 |  |  | $ | 40 |  |  | $ | 403 |
| For the Three Months Ended March 31, 2023
| Fixed Annuities |  | Traditional Life |  | UL and Other
Balance as of beginning-of-year | $ | 17 |  |  | $ | 50 |  |  | $ | 465 |
Deferrals | 1 |  |  | – |  |  | – |
Amortization | (1) |  |  | (2) |  |  | (11) |
Balance as of end-of-period | $ | 17 |  |  | $ | 48 |  |  | $ | 454 |
DSI | The following tables summarize the changes in DSI (in millions):
| For the Three Months Ended March 31, 2024
| Variable Annuities |  | Fixed Annuities |  | UL and Other |  | Retirement Plan Services
Balance as of beginning-of-year | $ | 122 |  |  | $ | 19 |  |  | $ | 28 |  |  | $ | 26 |
Deferrals | 1 |  |  | – |  |  | – |  |  | 8 |
Amortization | (3) |  |  | – |  |  | – |  |  | – |
Balance as of end-of-period | $ | 120 |  |  | $ | 19 |  |  | $ | 28 |  |  | $ | 34 |
| For the Three Months Ended March 31, 2023
| Variable Annuities |  | Fixed Annuities |  | UL and Other |  | Retirement Plan Services
Balance as of beginning-of-year | $ | 128 |  |  | $ | 23 |  |  | $ | 30 |  |  | $ | 17 |
Deferrals | 1 |  |  | – |  |  | – |  |  | 2 |
Amortization | (4) |  |  | (1) |  |  | (1) |  |  | 1 |
Balance as of end-of-period | $ | 125 |  |  | $ | 22 |  |  | $ | 29 |  |  | $ | 20 |
DFEL | The following tables summarize the changes in DFEL (in millions):
| For the Three Months Ended March 31, 2024 |  | For the Three Months Ended March 31, 2023
| Variable Annuities |  | UL and Other |  | Variable Annuities |  | UL and Other
Balance as of beginning-of-year | $ | 278 |  |  | $ | 5,579 |  |  | $ | 286 |  |  | $ | 4,766 |
Deferrals | 5 |  |  | 267 |  |  | 5 |  |  | 261 |
Amortization | (6) |  |  | (68) |  |  | (7) |  |  | (61) |
Balance as of end-of-period | 277 |  |  | 5,778 |  |  | 284 |  |  | 4,966 |
Less: ceded DFEL | – |  |  | 258 |  |  | – |  |  | – |
Balance as of end-of-period, net of reinsurance | $ | 277 |  |  | $ | 5,520 |  |  | $ | 284 |  |  | $ | 4,966 |

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