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Deferred Policy Acquisition Costs, Value of Business Acquired and Other Intangibles | 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, Value of Business Acquired and Other Intangibles | 6. Deferred Policy Acquisition Costs, Value of Business Acquired and Other Intangibles Deferred Policy Acquisition Costs and Value of Business Acquired 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 Inducements 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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