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Deferred Policy Acquisition Costs, Deferred Sales Inducements and Value of Business Acquired (Tables) | 6 Months Ended
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Jun. 30, 2024
Insurance [Abstract] |
Schedule of Rollforward of Deferred Acquisition Costs and Value of Business Acquired | The following tables present the balances and changes in DAC, DSI and VOBA by segment:
|  | Three Months Ended June 30, 2024
|  | Annuity |  | Life |  | Property and Casualty |  | Total
|  | (Dollars in millions)
DAC |  |  |  |  |  |  |  |
Balance, beginning of period |  | $ | 223 |  |  | $ | 249 |  |  | $ | 135 |  |  | $ | 607 |
Additions |  | 191 |  |  | 19 |  |  | 85 |  |  | 295 |
Amortization |  | (8) |  |  | 3 |  |  | (80) |  |  | (85) |
Net change |  | 183 |  |  | 22 |  |  | 5 |  |  | 210 |
Balance, end of period |  | $ | 406 |  |  | $ | 271 |  |  | $ | 140 |  |  | $ | 817 |
DSI |  |  |  |  |  |  |  |
Balance, beginning of period |  | $ | 9 |  |  | $ | — |  |  | $ | — |  |  | $ | 9 |
Additions |  | 93 |  |  | — |  |  | — |  |  | 93 |
Amortization |  | 1 |  |  | — |  |  | — |  |  | 1 |
Net change |  | 94 |  |  | — |  |  | — |  |  | 94 |
Balance, end of period |  | $ | 103 |  |  | $ | — |  |  | $ | — |  |  | $ | 103 |
VOBA |  |  |  |  |  |  |  |
Balance, beginning of period |  | $ | 38 |  |  | $ | 300 |  |  | $ | 18 |  |  | $ | 356 |
Acquisition from business combinations |  | 7,194 |  |  | — |  |  | — |  |  | 7,194 |
Additions |  | — |  |  | — |  |  | — |  |  | — |
Amortization |  | (106) |  |  | (7) |  |  | (2) |  |  | (115) |
Net change |  | 7,088 |  |  | (7) |  |  | (2) |  |  | 7,079 |
Balance, end of period |  | $ | 7,126 |  |  | $ | 293 |  |  | $ | 16 |  |  | $ | 7,435 |
Total DAC, DSI, and VOBA Asset |  | $ | 7,635 |  |  | $ | 564 |  |  | $ | 156 |  |  | $ | 8,355 |
|  | Three Months Ended June 30, 2023
|  | Annuity |  | Life |  | Property and Casualty |  | Total
|  | (Dollars in millions)
DAC |  |  |  |  |  |  |  |
Balance, beginning of period |  | $ | 64 |  |  | $ | 131 |  |  | $ | 145 |  |  | $ | 340 |
Additions |  | 66 |  |  | 37 |  |  | 116 |  |  | 219 |
Amortization |  | (2) |  |  | (6) |  |  | (105) |  |  | (113) |
Net change |  | 64 |  |  | 31 |  |  | 11 |  |  | 106 |
Balance, end of period |  | $ | 128 |  |  | $ | 162 |  |  | $ | 156 |  |  | $ | 446 |
DSI |  |  |  |  |  |  |  |
Balance, beginning of period |  | $ | 5 |  |  | $ | — |  |  | $ | — |  |  | $ | 5 |
Additions |  | 1 |  |  | — |  |  | — |  |  | 1 |
Amortization |  | — |  |  | — |  |  | — |  |  | — |
Net change |  | 1 |  |  | — |  |  | — |  |  | 1 |
Balance, end of period |  | $ | 6 |  |  | $ | — |  |  | $ | — |  |  | $ | 6 |
VOBA |  |  |  |  |  |  |  |
Balance, beginning of period |  | $ | 43 |  |  | $ | 329 |  |  | $ | 34 |  |  | $ | 406 |
Acquisition from business combinations |  | — |  |  | — |  |  | — |  |  | — |
Additions |  | — |  |  | — |  |  | — |  |  | — |
Amortization |  | — |  |  | (8) |  |  | (11) |  |  | (19) |
Net change |  | — |  |  | (8) |  |  | (11) |  |  | (19) |
Balance, end of period |  | $ | 43 |  |  | $ | 321 |  |  | $ | 23 |  |  | $ | 387 |
Total DAC, DSI, and VOBA Asset |  | $ | 177 |  |  | $ | 483 |  |  | $ | 179 |  |  | $ | 839 |
|  | Six Months Ended June 30, 2024
|  | Annuity |  | Life |  | Property and Casualty |  | Total
|  | (Dollars in millions)
DAC |  |  |  |  |  |  |  |
Balance, beginning of period |  | $ | 190 |  |  | $ | 224 |  |  | $ | 158 |  |  | $ | 572 |
Additions |  | 230 |  |  | 57 |  |  | 196 |  |  | 483 |
Amortization |  | (14) |  |  | (10) |  |  | (214) |  |  | (238) |
Net change |  | 216 |  |  | 47 |  |  | (18) |  |  | 245 |
Balance, end of period |  | $ | 406 |  |  | $ | 271 |  |  | $ | 140 |  |  | $ | 817 |
DSI |  |  |  |  |  |  |  |
Balance, beginning of period |  | $ | 8 |  |  | $ | — |  |  | $ | — |  |  | $ | 8 |
Additions |  | 94 |  |  | — |  |  | — |  |  | 94 |
Amortization |  | 1 |  |  | — |  |  | — |  |  | 1 |
Net change |  | 95 |  |  | — |  |  | — |  |  | 95 |
Balance, end of period |  | $ | 103 |  |  | $ | — |  |  | $ | — |  |  | $ | 103 |
VOBA |  |  |  |  |  |  |  |
Balance, beginning of period |  | $ | 39 |  |  | $ | 305 |  |  | $ | 20 |  |  | $ | 364 |
Acquisition from business combinations |  | 7,194 |  |  | — |  |  | — |  |  | 7,194 |
Additions |  | — |  |  | — |  |  | — |  |  | — |
Amortization |  | (107) |  |  | (12) |  |  | (4) |  |  | (123) |
Net change |  | 7,087 |  |  | (12) |  |  | (4) |  |  | 7,071 |
Balance, end of period |  | $ | 7,126 |  |  | $ | 293 |  |  | $ | 16 |  |  | $ | 7,435 |
Total DAC, DSI, and VOBA Asset |  | $ | 7,635 |  |  | $ | 564 |  |  | $ | 156 |  |  | $ | 8,355 |
|  | Six Months Ended June 30, 2023
|  | Annuity |  | Life |  | Property and Casualty |  | Total
|  | (Dollars in millions)
DAC |  |  |  |  |  |  |  |
Balance, beginning of period |  | $ | 43 |  |  | $ | 88 |  |  | $ | 121 |  |  | $ | 252 |
Additions |  | 90 |  |  | 84 |  |  | 227 |  |  | 401 |
Amortization |  | (5) |  |  | (10) |  |  | (192) |  |  | (207) |
Net change |  | 85 |  |  | 74 |  |  | 35 |  |  | 194 |
Balance, end of period |  | $ | 128 |  |  | $ | 162 |  |  | $ | 156 |  |  | $ | 446 |
DSI |  |  |  |  |  |  |  |
Balance, beginning of period |  | $ | 4 |  |  | $ | — |  |  | $ | — |  |  | $ | 4 |
Additions |  | 2 |  |  | — |  |  | — |  |  | 2 |
Amortization |  | — |  |  | — |  |  | — |  |  | — |
Net change |  | 2 |  |  | — |  |  | — |  |  | 2 |
Balance, end of period |  | $ | 6 |  |  | $ | — |  |  | $ | — |  |  | $ | 6 |
VOBA |  |  |  |  |  |  |  |
Balance, beginning of period |  | $ | 44 |  |  | $ | 335 |  |  | $ | 64 |  |  | $ | 443 |
Acquisition from business combinations |  | — |  |  | — |  |  | — |  |  | — |
Additions |  | — |  |  | — |  |  | — |  |  | — |
Amortization |  | (1) |  |  | (14) |  |  | (41) |  |  | (56) |
Net change |  | (1) |  |  | (14) |  |  | (41) |  |  | (56) |
Balance, end of period |  | $ | 43 |  |  | $ | 321 |  |  | $ | 23 |  |  | $ | 387 |
Total DAC, DSI, and VOBA Asset |  | $ | 177 |  |  | $ | 483 |  |  | $ | 179 |  |  | $ | 839 |
Schedule of Projected VOBA Asset Amortization Expenses | The following table provides the projected VOBA asset amortization expenses for a five-year period and thereafter:
Years |  | (Dollars in millions)
2024 |  | $ | 317 |
2025 |  | 612 |
2026 |  | 564 |
2027 |  | 514 |
2028 |  | 474 |
Thereafter |  | 4,954 |
Total amortization expense |  | $ | 7,435 |

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