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Deferred Policy Acquisition Costs, Deferred Sales Inducements and Value of Business Acquired (Tables)
 6 Months Ended
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 
2025612 
2026564 
2027514 
2028474 
Thereafter4,954 
Total amortization expense $7,435