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DAC, VOBA, DSI and DFEL | 9 Months Ended
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Sep. 30, 2024
Deferred Policy Acquisition Costs and Present Value of Future Insurance Profits, Net [Abstract] |
DAC, VOBA, DSI and DFEL | DAC, VOBA, DSI and DFEL 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 September 30, |  | As of December 31,
| 2024 |  | 2023
DAC, VOBA and DSI |  |  |
Variable Annuities | $ | 3,911 |  |  | $ | 3,873 |
Fixed Annuities | 431 |  |  | 455 |
Traditional Life | 1,386 |  |  | 1,418 |
UL and Other | 6,292 |  |  | 6,232 |
Group Protection | 173 |  |  | 154 |
Retirement Plan Services | 282 |  |  | 265 |
Total DAC, VOBA and DSI | $ | 12,475 |  |  | $ | 12,397 |
The following table reconciles deferred front-end loads (“DFEL”) (in millions) to the Consolidated Balance Sheets:
| As of September 30, |  | As of December 31,
| 2024 |  | 2023
DFEL |  |  |
Variable Annuities | $ | 274 |  |  | $ | 278 |
UL and Other (1) | 6,193 |  |  | 5,579 |
Other Operations (2) | 50 |  |  | 44 |
Total DFEL | $ | 6,517 |  |  | $ | 5,901 |
(1) We reported $257 million of ceded DFEL in reinsurance recoverables on the Consolidated Balance Sheets as of September 30, 2024, and December 31, 2023. (2) Represents DFEL reported in Other Operations attributable to the indemnity reinsurance agreement with Protective that is excluded from the following tables. We reported $50 million and $44 million of ceded DFEL in reinsurance recoverables on the Consolidated Balance Sheets as of September 30, 2024, and December 31, 2023, respectively. The following tables summarize the changes in DAC (in millions):
| For the Nine Months Ended September 30, 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 | 307 |  |  | 35 |  |  | 85 |  |  | 320 |  |  | 100 |  |  | 15 |
Amortization | (262) |  |  | (55) |  |  | (111) |  |  | (231) |  |  | (81) |  |  | (14) |
Balance as of end-of-period | $ | 3,796 |  |  | $ | 401 |  |  | $ | 1,350 |  |  | $ | 5,880 |  |  | $ | 173 |  |  | $ | 240 |
| For the Nine Months Ended September 30, 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 | 269 |  |  | 31 |  |  | 148 |  |  | 346 |  |  | 79 |  |  | 16 |
Amortization | (272) |  |  | (51) |  |  | (108) |  |  | (221) |  |  | (73) |  |  | (14) |
Balance as of end-of-period | $ | 3,748 |  |  | $ | 419 |  |  | $ | 1,373 |  |  | $ | 5,730 |  |  | $ | 147 |  |  | $ | 238 |
DAC amortization expense of $253 million and $754 million was recorded in commissions and other expenses on the Consolidated Statements of Comprehensive Income (Loss) for the three and nine months ended September 30, 2024, respectively, and $247 million and $739 million, respectively, for the corresponding periods in 2023. The following tables summarize the changes in VOBA (in millions):
| For the Nine Months Ended September 30, 2024
| Fixed Annuities |  | Traditional Life |  | UL and Other
Balance as of beginning-of-year | $ | 15 |  |  | $ | 42 |  |  | $ | 413 |
Deferrals | – |  |  | – |  |  | 1 |
Amortization | (2) |  |  | (6) |  |  | (29) |
Balance as of end-of-period | $ | 13 |  |  | $ | 36 |  |  | $ | 385 |
| For the Nine Months Ended September 30, 2023
| Fixed Annuities |  | Traditional Life |  | UL and Other
Balance as of beginning-of-year | $ | 17 |  |  | $ | 50 |  |  | $ | 465 |
Deferrals | – |  |  | – |  |  | 1 |
Amortization | (2) |  |  | (6) |  |  | (33) |
Balance as of end-of-period | $ | 15 |  |  | $ | 44 |  |  | $ | 433 |
VOBA amortization expense of $12 million and $37 million was recorded in commissions and other expenses on the Consolidated Statements of Comprehensive Income (Loss) for the three and nine months ended September 30, 2024, respectively, and $13 million and $41 million, respectively, for the corresponding periods in 2023. No additions or write-offs were recorded for each respective period. The following tables summarize the changes in DSI (in millions):
| For the Nine Months Ended September 30, 2024
| Variable Annuities |  | Fixed Annuities |  | UL and Other |  | Retirement Plan Services
Balance as of beginning-of-year | $ | 122 |  |  | $ | 19 |  |  | $ | 28 |  |  | $ | 26 |
Deferrals | 1 |  |  | – |  |  | 1 |  |  | 17 |
Amortization | (8) |  |  | (2) |  |  | (2) |  |  | (1) |
Balance as of end-of-period | $ | 115 |  |  | $ | 17 |  |  | $ | 27 |  |  | $ | 42 |
| For the Nine Months Ended September 30, 2023
| Variable Annuities |  | Fixed Annuities |  | UL and Other |  | Retirement Plan Services
Balance as of beginning-of-year | $ | 128 |  |  | $ | 23 |  |  | $ | 30 |  |  | $ | 17 |
Deferrals | 4 |  |  | – |  |  | 1 |  |  | 5 |
Amortization | (9) |  |  | (3) |  |  | (2) |  |  | – |
Balance as of end-of-period | $ | 123 |  |  | $ | 20 |  |  | $ | 29 |  |  | $ | 22 |
DSI amortization expense of $4 million and $13 million was recorded in interest credited on the Consolidated Statements of Comprehensive Income (Loss) for the three and nine months ended September 30, 2024, respectively, and $5 million and $14 million, respectively, for the corresponding periods in 2023. The following tables summarize the changes in DFEL (in millions):
| For the Nine Months Ended September 30, 2024 |  | For the Nine Months Ended September 30, 2023
| Variable Annuities |  | UL and Other |  | Variable Annuities |  | UL and Other
Balance as of beginning-of-year | $ | 278 |  |  | $ | 5,579 |  |  | $ | 286 |  |  | $ | 4,766 |
Deferrals | 14 |  |  | 826 |  |  | 14 |  |  | 800 |
Amortization | (18) |  |  | (212) |  |  | (20) |  |  | (193) |
Balance as of end-of-period | 274 |  |  | 6,193 |  |  | 280 |  |  | 5,373 |
Less: ceded DFEL | – |  |  | 257 |  |  | – |  |  | – |
Balance as of end-of-period, net of reinsurance | $ | 274 |  |  | $ | 5,936 |  |  | $ | 280 |  |  | $ | 5,373 |
DFEL amortization of $79 million and $230 million was recorded in fee income on the Consolidated Statements of Comprehensive Income (Loss) for the three and nine months ended September 30, 2024, respectively, and $74 million and $213 million, respectively, for the corresponding periods in 2023.

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- Definition This element may be used to encapsulate the entire disclosure, including data and tables, pertaining to the nature and amount of capitalized costs incurred to write or acquire insurance contracts or the purchase of a life insurance company, amounts such as interest credited and bonuses given to motivate purchases of insurance products, and front-end charges that are deferred and amortized into income over the life of insurance contracts. + References No definition available. + Details
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Period Type: | duration

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- References No definition available. + Details
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Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
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Period Type: | duration