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Other Revenues and Other Expenses

3 Months Ended

Mar. 31, 2024

Other Income and Expenses [Abstract]

Other Revenues and Other Expenses

11. Other Revenues and Other Expenses

Other Revenues

The Company has entered into contracts with mutual funds, fund managers, and their affiliates (collectively, the “Funds”) whereby the Company is paid monthly or quarterly fees (“12b-1 fees”) for providing certain services to customers and distributors of the Funds. The 12b-1 fees are generally equal to a fixed percentage of the average daily balance of the customer’s investment in a fund. The percentage is specified in the contract between the Company and the Funds. Payments are generally collected when due and are neither refundable nor able to offset future fees.

To earn these fees, the Company performs services such as responding to phone inquiries, maintaining records, providing information to distributors and shareholders about fund performance and providing training to account managers and sales agents. The passage of time reflects the satisfaction of the Company’s performance obligations to the Funds and is used to recognize revenue associated with 12b-1 fees.

Other revenues consisted primarily of 12b-1 fees of $67 million for both the three months ended March 31, 2024 and 2023, of which substantially all were reported in the Annuities segment.

Other Expenses

Information on other expenses was as follows:

									Three Months Ended March 31,
															2024						2023
												(In millions)
Compensation															$	111					$	98
Contracted services and other labor costs															63						69
Transition services agreements															7						11
Premium and other taxes, licenses and fees															11						14
Separate account fees															92						92
Volume related costs, excluding compensation, net of DAC capitalization															147						137
Interest expense on debt															38						38
Other															38						19
Total other expenses															$	507					$	478

Capitalization of DAC

See Note 6 for additional information on the capitalization of DAC.

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- References

No definition available.

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- Definition

The entire disclosure for other income or other expense items (both operating and nonoperating). Sources of nonoperating income or nonoperating expense that may be disclosed, include amounts earned from dividends, interest on securities, profits (losses) on securities, net and miscellaneous other income or income deductions.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 610
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//610/tableOfContent

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 720
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//720/tableOfContent

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