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Deferred Acquisition Costs, Deferred Sales Inducements and Value of Business Acquired (Tables) | 6 Months Ended
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Jun. 30, 2023
Insurance [Abstract] |
Deferred Acquisition Costs | The following table summarizes the change in deferred acquisition costs, deferred sales inducements and value of business acquired:
(In millions) | VOBA
Balance as of January 1, 2022 | $ | 4,527 |
Change in discount rate assumptions for future policy benefits | (22) |
Fair value adjustment of market risk benefits | (1,133) |
Adjusted balance as of January 1, 2022 | $ | 3,372 |
The following represents a rollforward of DAC and DSI by product, and a rollforward of VOBA. See Note 9 – Long-duration Contracts for more information on our products.
| Six months ended June 30, 2023
| DAC |  | DSI |  | VOBA |  | Total DAC, DSI and VOBA
(In millions) | Traditional deferred annuities |  | Indexed annuities |  | Funding agreements |  | Other investment-type |  | Indexed annuities |  |
Balance at December 31, 2022 | $ | 304 |  |  | $ | 755 |  |  | $ | 11 |  |  | $ | 9 |  |  | $ | 399 |  |  | $ | 2,988 |  |  | $ | 4,466 |
Additions | 298 |  |  | 405 |  |  | 1 |  |  | 2 |  |  | 285 |  |  | — |  |  | 991 |
Amortization | (42) |  |  | (41) |  |  | (2) |  |  | — |  |  | (23) |  |  | (183) |  |  | (291) |
Balance at June 30, 2023 | $ | 560 |  |  | $ | 1,119 |  |  | $ | 10 |  |  | $ | 11 |  |  | $ | 661 |  |  | $ | 2,805 |  |  | $ | 5,166 |
| Six months ended June 30, 2022
| DAC |  | DSI |  | VOBA |  | Total DAC, DSI and VOBA
(In millions) | Traditional deferred annuities |  | Indexed annuities |  | Funding agreements |  | Other investment-type |  | Indexed annuities |  |
Balance at January 1, 2022 | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 3,372 |  |  | $ | 3,372 |
Additions | 58 |  |  | 358 |  |  | 13 |  |  | 5 |  |  | 160 |  |  | — |  |  | 594 |
Amortization | (1) |  |  | (8) |  |  | (1) |  |  | — |  |  | (1) |  |  | (195) |  |  | (206) |
Balance at June 30, 2022 | $ | 57 |  |  | $ | 350 |  |  | $ | 12 |  |  | $ | 5 |  |  | $ | 159 |  |  | $ | 3,177 |  |  | $ | 3,760 |
Deferred Sales Inducements | The following represents a rollforward of DAC and DSI by product, and a rollforward of VOBA. See Note 9 – Long-duration Contracts for more information on our products.
| Six months ended June 30, 2023
| DAC |  | DSI |  | VOBA |  | Total DAC, DSI and VOBA
(In millions) | Traditional deferred annuities |  | Indexed annuities |  | Funding agreements |  | Other investment-type |  | Indexed annuities |  |
Balance at December 31, 2022 | $ | 304 |  |  | $ | 755 |  |  | $ | 11 |  |  | $ | 9 |  |  | $ | 399 |  |  | $ | 2,988 |  |  | $ | 4,466 |
Additions | 298 |  |  | 405 |  |  | 1 |  |  | 2 |  |  | 285 |  |  | — |  |  | 991 |
Amortization | (42) |  |  | (41) |  |  | (2) |  |  | — |  |  | (23) |  |  | (183) |  |  | (291) |
Balance at June 30, 2023 | $ | 560 |  |  | $ | 1,119 |  |  | $ | 10 |  |  | $ | 11 |  |  | $ | 661 |  |  | $ | 2,805 |  |  | $ | 5,166 |
| Six months ended June 30, 2022
| DAC |  | DSI |  | VOBA |  | Total DAC, DSI and VOBA
(In millions) | Traditional deferred annuities |  | Indexed annuities |  | Funding agreements |  | Other investment-type |  | Indexed annuities |  |
Balance at January 1, 2022 | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 3,372 |  |  | $ | 3,372 |
Additions | 58 |  |  | 358 |  |  | 13 |  |  | 5 |  |  | 160 |  |  | — |  |  | 594 |
Amortization | (1) |  |  | (8) |  |  | (1) |  |  | — |  |  | (1) |  |  | (195) |  |  | (206) |
Balance at June 30, 2022 | $ | 57 |  |  | $ | 350 |  |  | $ | 12 |  |  | $ | 5 |  |  | $ | 159 |  |  | $ | 3,177 |  |  | $ | 3,760 |
Present Value of Future Insurance Profits | The expected amortization of VOBA for the next five years is as follows:
(In millions) | Expected amortization
2023 1 | $ | 169 |
2024 | 316 |
2025 | 289 |
2026 | 260 |
2027 | 230 |
2028 | 200 |
1 Expected amortization for the remainder of 2023.

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