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DAC, VOBA, DSI and DFEL (Tables) | 6 Months Ended
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Jun. 30, 2025
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 June 30, |  | As of December 31,
| 2025 |  | 2024
DAC, VOBA and DSI |  |  |
Variable Annuities | $ | 4,028 |  |  | $ | 3,964 |
Fixed Annuities | 416 |  |  | 423 |
Traditional Life | 1,339 |  |  | 1,370 |
UL and Other | 6,339 |  |  | 6,318 |
Group Protection | 186 |  |  | 178 |
Retirement Plan Services | 292 |  |  | 284 |
Other Operations | 4 |  |  | – |
Total DAC, VOBA and DSI | $ | 12,604 |  |  | $ | 12,537 |
Reconciliation of DFEL | The following table reconciles deferred front-end loads (“DFEL”) (in millions) to the Consolidated Balance Sheets:
| As of June 30, |  | As of December 31,
| 2025 |  | 2024
DFEL |  |  |
Variable Annuities | $ | 268 |  |  | $ | 273 |
UL and Other | 6,796 |  |  | 6,406 |
Other Operations (1) | 55 |  |  | 51 |
Total DFEL | $ | 7,119 |  |  | $ | 6,730 |
(1) Represents DFEL reported in Other Operations attributable to the indemnity reinsurance agreement with Protective that is excluded from the following tables. We reported $55 million and $51 million of ceded DFEL in reinsurance recoverables on the Consolidated Balance Sheets as of June 30, 2025, and December 31, 2024, respectively.
DAC | The following tables summarize the changes in DAC (in millions):
| As of or For the Six Months Ended June 30, 2025
| Variable Annuities |  | Fixed Annuities |  | Traditional Life |  | UL and Other |  | Group Protection |  | Retirement Plan Services
Balance as of beginning-of-year | $ | 3,851 |  |  | $ | 394 |  |  | $ | 1,335 |  |  | $ | 5,916 |  |  | $ | 178 |  |  | $ | 242 |
Deferrals | 264 |  |  | 26 |  |  | 45 |  |  | 198 |  |  | 67 |  |  | 9 |
Amortization | (195) |  |  | (31) |  |  | (72) |  |  | (158) |  |  | (59) |  |  | (10) |
Balance as of end-of-period | $ | 3,920 |  |  | $ | 389 |  |  | $ | 1,308 |  |  | $ | 5,956 |  |  | $ | 186 |  |  | $ | 241 |
| As of or For the Six Months Ended June 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 | 190 |  |  | 23 |  |  | 59 |  |  | 205 |  |  | 71 |  |  | 10 |
Amortization | (180) |  |  | (32) |  |  | (74) |  |  | (153) |  |  | (53) |  |  | (9) |
Balance as of end-of-period | $ | 3,761 |  |  | $ | 412 |  |  | $ | 1,361 |  |  | $ | 5,843 |  |  | $ | 172 |  |  | $ | 240 |
VOBA | The following tables summarize the changes in VOBA (in millions):
| As of or For the Six Months Ended June 30, 2025
| Fixed Annuities |  | Traditional Life |  | UL and Other
Balance as of beginning-of-year | $ | 13 |  |  | $ | 35 |  |  | $ | 375 |
Amortization | (1) |  |  | (4) |  |  | (18) |
Balance as of end-of-period | $ | 12 |  |  | $ | 31 |  |  | $ | 357 |
| As of or For the Six Months Ended June 30, 2024
| Fixed Annuities |  | Traditional Life |  | UL and Other
Balance as of beginning-of-year | $ | 15 |  |  | $ | 42 |  |  | $ | 413 |
Deferrals | – |  |  | – |  |  | 1 |
Amortization | (1) |  |  | (4) |  |  | (20) |
Balance as of end-of-period | $ | 14 |  |  | $ | 38 |  |  | $ | 394 |
DSI | The following tables summarize the changes in DSI (in millions):
| As of or For the Six Months Ended June 30, 2025
| Variable Annuities |  | Fixed Annuities |  | UL and Other |  | Retirement Plan Services
Balance as of beginning-of-year | $ | 113 |  |  | $ | 16 |  |  | $ | 27 |  |  | $ | 42 |
Deferrals | – |  |  | – |  |  | – |  |  | 10 |
Amortization | (5) |  |  | (1) |  |  | (1) |  |  | (1) |
Balance as of end-of-period | $ | 108 |  |  | $ | 15 |  |  | $ | 26 |  |  | $ | 51 |
| As of or For the Six Months Ended June 30, 2024
| Variable Annuities |  | Fixed Annuities |  | UL and Other |  | Retirement Plan Services
Balance as of beginning-of-year | $ | 122 |  |  | $ | 19 |  |  | $ | 28 |  |  | $ | 26 |
Deferrals | 1 |  |  | – |  |  | – |  |  | 12 |
Amortization | (6) |  |  | (1) |  |  | (1) |  |  | – |
Balance as of end-of-period | $ | 117 |  |  | $ | 18 |  |  | $ | 27 |  |  | $ | 38 |
DFEL | The following tables summarize the changes in DFEL (in millions):
| As of or For the Six Months Ended June 30, 2025 |  | As of or For the Six Months Ended June 30, 2024
| Variable Annuities |  | UL and Other |  | Variable Annuities |  | UL and Other
Balance as of beginning-of-year | $ | 273 |  |  | $ | 6,406 |  |  | $ | 278 |  |  | $ | 5,579 |
Deferrals | 7 |  |  | 573 |  |  | 9 |  |  | 544 |
Amortization | (12) |  |  | (183) |  |  | (12) |  |  | (139) |
Balance as of end-of-period | 268 |  |  | 6,796 |  |  | 275 |  |  | 5,984 |
Less: Ceded DFEL | – |  |  | 233 |  |  | – |  |  | 257 |
Balance as of end-of-period, net of reinsurance | $ | 268 |  |  | $ | 6,563 |  |  | $ | 275 |  |  | $ | 5,727 |

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