Deferred Policy Acquisition Costs and Value of Business Acquired (Tables)

12 Months Ended

Dec. 31, 2025

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, 2023	$	691	$	171	$	1,043	$	439
Deferrals of commissions and expenses	59		54		—		4
Amortization expense	(55)		(32)		(105)		(37)
Balance as of December 31, 2023	$	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	59		46		—		4
Amortization expense	(54)		(40)		(94)		(60)
Balance as of December 31, 2025	$	706	$	221	$	744	$	710

(1) Related to the acquisition of the full-service retirement plan business of OneAmerica Financial.

(2) Primarily related to the Retirement segment.

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


	December 31, 2025		December 31, 2024
DAC:
Retirement Deferred and Individual Annuities	$	706	$	701
Employee Benefits Voluntary	221		215
Businesses Exited	744		838
Other	20		18
VOBA	710		376
Total	$	2,401	$	2,148

Estimated Amount of VOBA Amortization Expense

The estimated amount of VOBA amortization expense during the next five years is presented in the following table. Actual amortization incurred during these years may vary as assumptions are modified to incorporate actual experience and/or changes in best estimates of future experience.


Year	Amount
2026	$	57
2027	52
2028	47
2029	42
2030	39