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DAC, VOBA, DSI and DFEL (Tables) | 12 Months Ended
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Dec. 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 DAC, VOBA and DSI (in millions) to the Consolidated Balance Sheets:
| As of December 31,
| 2024 |  | 2023
DAC, VOBA and DSI |  |  |
Variable Annuities | $ | 3,964 |  |  | $ | 3,873 |
Fixed Annuities | 423 |  |  | 455 |
Traditional Life | 1,370 |  |  | 1,418 |
UL and Other | 6,318 |  |  | 6,232 |
Group Protection | 178 |  |  | 154 |
Retirement Plan Services | 284 |  |  | 265 |
Total DAC, VOBA and DSI | $ | 12,537 |  |  | $ | 12,397 |
Reconciliation of DFEL | The following table reconciles DFEL (in millions) to the Consolidated Balance Sheets:
| As of December 31,
| 2024 |  | 2023
DFEL |  |  |
Variable Annuities | $ | 273 |  |  | $ | 278 |
UL and Other (1) | 6,406 |  |  | 5,579 |
Other Operations (2) | 51 |  |  | 44 |
Total DFEL | $ | 6,730 |  |  | $ | 5,901 |
(1) We reported $256 million and $257 million of ceded DFEL in reinsurance recoverables on the Consolidated Balance Sheets as of December 31, 2024 and 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 $51 million and $44 million of ceded DFEL in reinsurance recoverables on the Consolidated Balance Sheets as of December 31, 2024 and 2023, respectively.
DAC | The following tables summarize the changes in DAC (in millions):
| For the Year Ended December 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 | 454 |  |  | 44 |  |  | 107 |  |  | 434 |  |  | 135 |  |  | 21 |
Amortization | (354) |  |  | (71) |  |  | (148) |  |  | (309) |  |  | (111) |  |  | (18) |
Balance as of end-of-year | $ | 3,851 |  |  | $ | 394 |  |  | $ | 1,335 |  |  | $ | 5,916 |  |  | $ | 178 |  |  | $ | 242 |
| For the Year Ended December 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 | 361 |  |  | 49 |  |  | 188 |  |  | 482 |  |  | 113 |  |  | 21 |
Amortization | (361) |  |  | (67) |  |  | (145) |  |  | (296) |  |  | (100) |  |  | (18) |
Balance as of end-of-year | $ | 3,751 |  |  | $ | 421 |  |  | $ | 1,376 |  |  | $ | 5,791 |  |  | $ | 154 |  |  | $ | 239 |
VOBA | The following tables summarize the changes in VOBA (in millions):
| For the Year Ended December 31, 2024
| Fixed Annuities |  | Traditional Life |  | UL and Other
Balance as of beginning-of-year | $ | 15 |  |  | $ | 42 |  |  | $ | 413 |
Deferrals | – |  |  | – |  |  | 1 |
Amortization | (2) |  |  | (7) |  |  | (39) |
Balance as of end-of-year | $ | 13 |  |  | $ | 35 |  |  | $ | 375 |
| For the Year Ended December 31, 2023
| Fixed Annuities |  | Traditional Life |  | UL and Other
Balance as of beginning-of-year | $ | 17 |  |  | $ | 50 |  |  | $ | 465 |
Business acquired (sold) |  |  |  |  |
through reinsurance | – |  |  | – |  |  | (11) |
Deferrals | – |  |  | – |  |  | 2 |
Amortization | (2) |  |  | (8) |  |  | (43) |
Balance as of end-of-year | $ | 15 |  |  | $ | 42 |  |  | $ | 413 |
Estimated Future Amortization Of VOBA | Estimated future amortization of VOBA (in millions), as of December 31, 2024, was as follows:
2025 | $ | 37 |
2026 | 33 |
2027 | 29 |
2028 | 24 |
2029 | 21 |
DSI | The following tables summarize the changes in DSI (in millions):
| For the Year Ended December 31, 2024
| Variable Annuities |  | Fixed Annuities |  | UL and Other |  | Retirement Plan Services
Balance as of beginning-of-year | $ | 122 |  |  | $ | 19 |  |  | $ | 28 |  |  | $ | 26 |
Deferrals | 2 |  |  | – |  |  | 1 |  |  | 17 |
Amortization | (11) |  |  | (3) |  |  | (2) |  |  | (1) |
Balance as of end-of-year | $ | 113 |  |  | $ | 16 |  |  | $ | 27 |  |  | $ | 42 |
| For the Year Ended December 31, 2023
| Variable Annuities |  | Fixed Annuities |  | UL and Other |  | Retirement Plan Services
Balance as of beginning-of-year | $ | 128 |  |  | $ | 23 |  |  | $ | 30 |  |  | $ | 17 |
Deferrals | 6 |  |  | – |  |  | – |  |  | 10 |
Amortization | (12) |  |  | (4) |  |  | (2) |  |  | (1) |
Balance as of end-of-year | $ | 122 |  |  | $ | 19 |  |  | $ | 28 |  |  | $ | 26 |
DFEL | The following tables summarize the changes in DFEL (in millions):
| For the Year Ended December 31, 2024 |  | For the Year Ended December 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 | 19 |  |  | 1,114 |  |  | 19 |  |  | 1,074 |
Amortization | (24) |  |  | (287) |  |  | (27) |  |  | (261) |
Balance as of end-of-year | 273 |  |  | 6,406 |  |  | 278 |  |  | 5,579 |
Less: reinsurance recoverables | – |  |  | 256 |  |  | – |  |  | 257 |
Balance as of end-of-year, net of reinsurance | 273 |  |  | $ | 6,150 |  |  | $ | 278 |  |  | $ | 5,322 |

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