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Deferred Policy Acquisition Costs, Value of Business Acquired and Other Intangibles | 3 Months Ended
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Mar. 31, 2023
Deferred Policy Acquisition Costs and Present Value of Future Insurance Profits, Net [Abstract] |
Deferred Policy Acquisition Costs, Value of Business Acquired and Other Intangibles | Deferred Policy Acquisition Costs, Value of Business Acquired and Other Intangibles Deferred Policy Acquisition Costs and Value of Business Acquired Information regarding DAC and VOBA was as follows:
|  | Variable Annuities |  | Fixed Rate Annuities |  | Index-linked Annuities |  | Term and Whole Life Insurance |  | Universal Life Insurance
|  | (In millions)
Three Months Ended March 31, 2023 |  |  |  |  |  |  |  |  |  |
DAC: |  |  |  |  |  |  |  |  |  |
Balance, beginning of period |  | $ | 2,508 |  |  | $ | 107 |  |  | $ | 1,213 |  |  | $ | 405 |  |  | $ | 392 |
Capitalization |  | 11 |  |  | 4 |  |  | 80 |  |  | 1 |  |  | 3 |
Amortization |  | (63) |  |  | (3) |  |  | (54) |  |  | (14) |  |  | (12) |
Balance, end of period |  | 2,456 |  |  | 108 |  |  | 1,239 |  |  | 392 |  |  | 383 |
VOBA: |  |  |  |  |  |  |  |  |  |
Balance, beginning of period |  | 341 |  |  | 65 |  |  | — |  |  | 5 |  |  | 48 |
Amortization |  | (8) |  |  | (1) |  |  | — |  |  | — |  |  | (1) |
Balance, end of period |  | 333 |  |  | 64 |  |  | — |  |  | 5 |  |  | 47 |
Total DAC and VOBA: |  |  |  |  |  |  |  |  |  |
Balance, end of period |  | $ | 2,789 |  |  | $ | 172 |  |  | $ | 1,239 |  |  | $ | 397 |  |  | $ | 430 |
Three Months Ended March 31, 2022 |  |  |  |  |  |  |  |  |  |
DAC: |  |  |  |  |  |  |  |  |  |
Balance, beginning of period |  | $ | 2,718 |  |  | $ | 89 |  |  | $ | 1,081 |  |  | $ | 462 |  |  | $ | 431 |
Capitalization |  | 21 |  |  | 5 |  |  | 80 |  |  | — |  |  | 2 |
Amortization |  | (67) |  |  | (3) |  |  | (47) |  |  | (15) |  |  | (13) |
Balance, end of period |  | 2,672 |  |  | 91 |  |  | 1,114 |  |  | 447 |  |  | 420 |
VOBA: |  |  |  |  |  |  |  |  |  |
Balance, beginning of period |  | 377 |  |  | 70 |  |  | — |  |  | 6 |  |  | 54 |
Amortization |  | (9) |  |  | (1) |  |  | — |  |  | — |  |  | (2) |
Balance, end of period |  | 368 |  |  | 69 |  |  | — |  |  | 6 |  |  | 52 |
Total DAC and VOBA: |  |  |  |  |  |  |  |  |  |
Balance, end of period |  | $ | 3,040 |  |  | $ | 160 |  |  | $ | 1,114 |  |  | $ | 453 |  |  | $ | 472 |
|  | Variable Annuities |  | Fixed Rate Annuities |  | Index-linked Annuities |  | Term and Whole Life Insurance |  | Universal Life Insurance
|  | (In millions)
DAC: |  |  |  |  |  |  |  |  |  |
Adjusted balance at January 1, 2021 (1) |  | $ | 2,912 |  |  | $ | 64 |  |  | $ | 886 |  |  | $ | 527 |  |  | $ | 469 |
Capitalization |  | 90 |  |  | 37 |  |  | 354 |  |  | (3) |  |  | 16 |
Amortization |  | (284) |  |  | (12) |  |  | (159) |  |  | (62) |  |  | (54) |
Balance at December 31, 2021 |  | 2,718 |  |  | 89 |  |  | 1,081 |  |  | 462 |  |  | 431 |
Capitalization |  | 55 |  |  | 30 |  |  | 330 |  |  | (1) |  |  | 11 |
Amortization |  | (265) |  |  | (12) |  |  | (198) |  |  | (56) |  |  | (50) |
Balance at December 31, 2022 |  | $ | 2,508 |  |  | $ | 107 |  |  | $ | 1,213 |  |  | $ | 405 |  |  | $ | 392 |
VOBA: |  |  |  |  |  |  |  |  |  |
Adjusted balance at January 1, 2021 (1) |  | $ | 428 |  |  | $ | 76 |  |  | $ | — |  |  | $ | 8 |  |  | $ | 61 |
Amortization |  | (51) |  |  | (6) |  |  | — |  |  | (2) |  |  | (7) |
Balance at December 31, 2021 |  | 377 |  |  | 70 |  |  | — |  |  | 6 |  |  | 54 |
Amortization |  | (36) |  |  | (5) |  |  | — |  |  | (1) |  |  | (6) |
Balance at December 31, 2022 |  | 341 |  |  | 65 |  |  | — |  |  | 5 |  |  | 48 |
Total DAC and VOBA: |  |  |  |  |  |  |  |  |  |
Balance at December 31, 2022 |  | $ | 2,849 |  |  | $ | 172 |  |  | $ | 1,213 |  |  | $ | 410 |  |  | $ | 440 |
Balance at December 31, 2021 |  | $ | 3,095 |  |  | $ | 159 |  |  | $ | 1,081 |  |  | $ | 468 |  |  | $ | 485 |
_______________ (1)Includes an adjustment to eliminate balances included in AOCI related to the adoption of ASU 2018-12 (see Note 2). Deferred Sales Inducements Information regarding DSI, included in other assets, was as follows:
|  | Three Months Ended March 31,
|  | 2023 |  | 2022
|  | Variable Annuities |  | Fixed Rate Annuities |  | Variable Annuities |  | Fixed Rate Annuities
|  | (In millions)
Balance, beginning of period |  | $ | 245 |  |  | $ | 9 |  |  | $ | 272 |  |  | $ | 10 |
Amortization |  | (7) |  |  | — |  |  | (7) |  |  | — |
Balance, end of period |  | $ | 238 |  |  | $ | 9 |  |  | $ | 265 |  |  | $ | 10 |
Unearned Revenue Information regarding unearned revenue, included in other policy-related balances, was as follows:
|  | Three Months Ended March 31,
|  | 2023 |  | 2022
|  | Universal Life Insurance |  | ULSG |  | Variable Annuities |  | Universal Life Insurance |  | ULSG |  | Variable Annuities
|  | (In millions)
Balance, beginning of period |  | $ | 356 |  |  | $ | 488 |  |  | $ | 74 |  |  | $ | 358 |  |  | $ | 344 |  |  | $ | 80 |
Capitalization |  | 10 |  |  | 44 |  |  | — |  |  | 10 |  |  | 46 |  |  | — |
Amortization |  | (10) |  |  | (11) |  |  | (1) |  |  | (10) |  |  | (8) |  |  | (1) |
Balance, end of period |  | $ | 356 |  |  | $ | 521 |  |  | $ | 73 |  |  | $ | 358 |  |  | $ | 382 |  |  | $ | 79 |

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