Deferred Policy Acquisition Costs and Value of Business Acquired

9 Months Ended

Sep. 30, 2025

Deferred Policy Acquisition Costs and Present Value of Future Insurance Profits, Net [Abstract]

Deferred Policy Acquisition Costs and Value of Business Acquired

The following table presents a rollforward of DAC and VOBA for the periods indicated:



	DAC						VOBA(2)
	Retirement Deferred and Individual Annuities		Employee Benefits Voluntary		Businesses Exited
Balance as of January 1, 2024	$	695	$	193	$	938	$	406
Deferrals of commissions and expenses	60		58		—		3
Amortization expense	(54)		(36)		(100)		(33)
Balance as of December 31, 2024	$	701	$	215	$	838	$	376
Additions related to business acquisitions(1)	—		—		—		390
Deferrals of commissions and expenses	43		35		—		3
Amortization expense	(40)		(28)		(71)		(45)
Balance as of September 30, 2025	$	704	$	222	$	767	$	724

(1) As a result of the acquisition of OneAmerica Financial's full-service retirement plan business, the estimated VOBA amortization is expected to increase from the 2024 amount by $21 to $29 annually for years 2025 through 2029.

(2) Primarily related to the Retirement segment.

The following table shows a reconciliation of DAC and VOBA balances to the Condensed Consolidated Balance Sheets as of the periods indicated:


	September 30, 2025		December 31, 2024
DAC:
Retirement Deferred and Individual Annuities	$	704	$	701
Employee Benefits Voluntary	222		215
Businesses Exited	767		838
Other	18		18
VOBA	724		376
Total	$	2,435	$	2,148