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Deferred Policy Acquisition Costs, Value of Business Acquired and Other Intangibles (Tables) | 3 Months Ended
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Mar. 31, 2024
Deferred Policy Acquisition Costs and Present Value of Future Insurance Profits, Net [Abstract] |
Deferred Policy Acquisition Costs | Information regarding deferred policy acquisition costs (“DAC”) and value of business acquired (“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, 2024 |  |  |  |  |  |  |  |  |  |
DAC: |  |  |  |  |  |  |  |  |  |
Balance, beginning of period |  | $ | 2,301 |  |  | $ | 110 |  |  | $ | 1,331 |  |  | $ | 354 |  |  | $ | 360 |
Capitalization |  | 9 |  |  | 4 |  |  | 91 |  |  | 1 |  |  | 3 |
Amortization |  | (57) |  |  | (2) |  |  | (59) |  |  | (12) |  |  | (11) |
Balance, end of period |  | 2,253 |  |  | 112 |  |  | 1,363 |  |  | 343 |  |  | 352 |
VOBA: |  |  |  |  |  |  |  |  |  |
Balance, beginning of period |  | 309 |  |  | 60 |  |  | — |  |  | 4 |  |  | 43 |
Amortization |  | (8) |  |  | (1) |  |  | — |  |  | — |  |  | (1) |
Balance, end of period |  | 301 |  |  | 59 |  |  | — |  |  | 4 |  |  | 42 |
Total DAC and VOBA: |  |  |  |  |  |  |  |  |  |
Balance, end of period |  | $ | 2,554 |  |  | $ | 171 |  |  | $ | 1,363 |  |  | $ | 347 |  |  | $ | 394 |
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 |
Present Value of Future Insurance Profits | Information regarding deferred policy acquisition costs (“DAC”) and value of business acquired (“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, 2024 |  |  |  |  |  |  |  |  |  |
DAC: |  |  |  |  |  |  |  |  |  |
Balance, beginning of period |  | $ | 2,301 |  |  | $ | 110 |  |  | $ | 1,331 |  |  | $ | 354 |  |  | $ | 360 |
Capitalization |  | 9 |  |  | 4 |  |  | 91 |  |  | 1 |  |  | 3 |
Amortization |  | (57) |  |  | (2) |  |  | (59) |  |  | (12) |  |  | (11) |
Balance, end of period |  | 2,253 |  |  | 112 |  |  | 1,363 |  |  | 343 |  |  | 352 |
VOBA: |  |  |  |  |  |  |  |  |  |
Balance, beginning of period |  | 309 |  |  | 60 |  |  | — |  |  | 4 |  |  | 43 |
Amortization |  | (8) |  |  | (1) |  |  | — |  |  | — |  |  | (1) |
Balance, end of period |  | 301 |  |  | 59 |  |  | — |  |  | 4 |  |  | 42 |
Total DAC and VOBA: |  |  |  |  |  |  |  |  |  |
Balance, end of period |  | $ | 2,554 |  |  | $ | 171 |  |  | $ | 1,363 |  |  | $ | 347 |  |  | $ | 394 |
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 |
Deferred Sales Inducement Cost | Information regarding deferred sales inducements, included in other assets, was as follows:
|  | Three Months Ended March 31,
|  | 2024 |  | 2023
|  | Variable Annuities |  | Fixed Rate Annuities |  | Variable Annuities |  | Fixed Rate Annuities
|  | (In millions)
Balance, beginning of period |  | $ | 220 |  |  | $ | 8 |  |  | $ | 245 |  |  | $ | 9 |
Amortization |  | (6) |  |  | — |  |  | (7) |  |  | — |
Balance, end of period |  | $ | 214 |  |  | $ | 8 |  |  | $ | 238 |  |  | $ | 9 |
Unearned Revenue | Information regarding unearned revenue, included in other policy-related balances, was as follows:
|  | Three Months Ended March 31,
|  | 2024 |  | 2023
|  | Universal Life Insurance |  | ULSG |  | Variable Annuities |  | Universal Life Insurance |  | ULSG |  | Variable Annuities
|  | (In millions)
Balance, beginning of period |  | $ | 356 |  |  | $ | 612 |  |  | $ | 67 |  |  | $ | 356 |  |  | $ | 488 |  |  | $ | 74 |
Capitalization |  | 9 |  |  | 42 |  |  | — |  |  | 10 |  |  | 44 |  |  | — |
Amortization |  | (9) |  |  | (14) |  |  | (2) |  |  | (10) |  |  | (11) |  |  | (1) |
Balance, end of period |  | $ | 356 |  |  | $ | 640 |  |  | $ | 65 |  |  | $ | 356 |  |  | $ | 521 |  |  | $ | 73 |

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