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

3 Months Ended

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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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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