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Goodwill and Specifically Identifiable Intangible Assets | 12 Months Ended
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Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Specifically Identifiable Intangible Assets | Goodwill and Specifically Identifiable Intangible Assets The changes in the carrying amount of goodwill (in millions) by segment were as follows:
|  |  |  |  | For the Year Ended December 31, 2024
| Gross Goodwill as of Beginning- of-Year |  | Accumulated Impairment as of Beginning- of-Year |  | Net Goodwill as of Beginning- of-Year |  | Impairment |  | Net Goodwill as of End- of-Year
Annuities | $ | 1,040 |  |  | $ | (600) |  |  | $ | 440 |  |  | $ | – |  |  | $ | 440 |
Group Protection | 684 |  |  | – |  |  | 684 |  |  | – |  |  | 684 |
Retirement Plan Services | 20 |  |  | – |  |  | 20 |  |  | – |  |  | 20 |
Total goodwill | $ | 1,744 |  |  | $ | (600) |  |  | $ | 1,144 |  |  | $ | – |  |  | $ | 1,144 |
|  |  |  |  | For the Year Ended December 31, 2023
| Gross Goodwill as of Beginning- of-Year |  | Accumulated Impairment as of Beginning- of-Year |  | Net Goodwill as of Beginning- of-Year |  | Impairment |  | Net Goodwill as of End- of-Year
Annuities | $ | 1,040 |  |  | $ | (600) |  |  | $ | 440 |  |  | $ | – |  |  | $ | 440 |
Group Protection | 684 |  |  | – |  |  | 684 |  |  | – |  |  | 684 |
Retirement Plan Services | 20 |  |  | – |  |  | 20 |  |  | – |  |  | 20 |
Total goodwill | $ | 1,744 |  |  | $ | (600) |  |  | $ | 1,144 |  |  | $ | – |  |  | $ | 1,144 |
The fair values of our reporting units (Level 3 fair value estimates) are comprised of the value of in-force (i.e., existing) business and the value of new business. Specifically, new business is representative of cash flows and profitability associated with policies or contracts we expect to issue in the future, reflecting our forecasts of future sales volume and product mix over a 10-year period. To determine the values of in-force and new business, we use a discounted cash flows technique that applies a discount rate reflecting the market expected, weighted-average rate of return adjusted for the risk factors associated with operations to the projected future cash flows for each reporting unit. 2024 and 2023 Analysis As of October 1, 2024 and 2023, we performed our annual quantitative goodwill impairment test for our Annuities, Group Protection and Retirement Plan Services reporting units, and, as of each such date, the fair value was in excess of each reporting unit’s carrying value. 2022 Analysis As a result of the capital market environment during the third quarter of 2022, including (i) declining equity markets and (ii) the impact of rising interest rates on our discount rate assumption, we accelerated our quantitative goodwill impairment test for our Life Insurance reporting unit as we concluded that there were indicators of impairment. Based on this quantitative test, which included updating our best estimate assumptions therein, we incurred an impairment during the third quarter of 2022 of the Life Insurance reporting unit goodwill of $634 million, which represented a write-off of the entire balance of goodwill for the reporting unit. As of October 1, 2022, we performed our annual quantitative goodwill impairment test for our other reporting units, and, as of such date, the fair value was in excess of the carrying value for each of the Annuities, Group Protection and Retirement Plan Services reporting units. The gross carrying amounts and accumulated amortization (in millions) for each major specifically identifiable intangible asset class by segment were as follows:
| As of December 31, 2024 |  | As of December 31, 2023
| Gross Carrying Amount |  | Accumulated Amortization |  | Gross Carrying Amount |  | Accumulated Amortization
Life Insurance: |  |  |  |  |  |  |
Sales force | $ | 100 |  |  | $ | 75 |  |  | $ | 100 |  |  | $ | 71 |
Group Protection: |  |  |  |  |  |  |
VOCRA | 576 |  |  | 175 |  |  | 576 |  |  | 145 |
VODA | 31 |  |  | 15 |  |  | 31 |  |  | 12 |
Retirement Plan Services: |  |  |  |  |  |  |
Mutual fund contract rights (1) | 5 |  |  | – |  |  | 5 |  |  | – |
Total | $ | 712 |  |  | $ | 265 |  |  | $ | 712 |  |  | $ | 228 |
(1) No amortization recorded as the intangible asset has indefinite life. Future estimated amortization of specifically identifiable intangible assets (in millions) as of December 31, 2024, was as follows:
2025 | $ | 37 |
2026 | 37 |
2027 | 37 |
2028 | 37 |
2029 | 35 |
Thereafter | 259 |

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-30/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-20/tableOfContent + Details
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