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

3 Months Ended

Mar. 31, 2023

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

Deferred Policy Acquisition Costs

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).

Present Value of Future Insurance Profits

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 Sale Inducement Cost

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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Unearned Revenue

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- Definition

Tabular disclosure of the movement in deferred policy acquisition costs.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480016/944-40-65-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 944
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2B
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479432/944-30-50-2B

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479432/944-30-50-2B

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 944
-SubTopic 30
-Name Accounting Standards Codification
-Section 55
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479401/944-30-55-2

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+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 944
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2B
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479432/944-30-50-2B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479432/944-30-50-2B

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