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

3 Months Ended

Mar. 31, 2024

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:

Unearned Revenue

Information regarding unearned revenue, included in other policy-related balances, was as follows: