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Deferred Policy Acquisition Costs, Deferred Sales Inducements and Value of Business Acquired (Tables) | 9 Months Ended
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Sep. 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 September 30, 2024
|  | Annuity |  | Life |  | Property and Casualty |  | Total
|  | (Dollars in millions)
DAC |  |  |  |  |  |  |  |
Balance, beginning of period |  | $ | 406 |  |  | $ | 271 |  |  | $ | 140 |  |  | $ | 817 |
Additions |  | 242 |  |  | 26 |  |  | 106 |  |  | 374 |
Amortization |  | (8) |  |  | (10) |  |  | (99) |  |  | (117) |
Net change |  | 234 |  |  | 16 |  |  | 7 |  |  | 257 |
Balance, end of period |  | $ | 640 |  |  | $ | 287 |  |  | $ | 147 |  |  | $ | 1,074 |
DSI |  |  |  |  |  |  |  |
Balance, beginning of period |  | $ | 103 |  |  | $ | — |  |  | $ | — |  |  | $ | 103 |
Additions |  | 141 |  |  | — |  |  | — |  |  | 141 |
Amortization |  | (4) |  |  | — |  |  | — |  |  | (4) |
Net change |  | 137 |  |  | — |  |  | — |  |  | 137 |
Balance, end of period |  | $ | 240 |  |  | $ | — |  |  | $ | — |  |  | $ | 240 |
VOBA |  |  |  |  |  |  |  |
Balance, beginning of period |  | $ | 7,126 |  |  | $ | 293 |  |  | $ | 16 |  |  | $ | 7,435 |
Measurement period adjustment (2) |  | 45 |  |  | — |  |  | — |  |  | 45 |
Additions |  | — |  |  | — |  |  | — |  |  | — |
Amortization |  | (162) |  |  | (9) |  |  | 3 |  |  | (168) |
Other (1) |  | — |  |  | (250) |  |  | — |  |  | (250) |
Net change |  | (117) |  |  | (259) |  |  | 3 |  |  | (373) |
Balance, end of period |  | $ | 7,009 |  |  | $ | 34 |  |  | $ | 19 |  |  | $ | 7,062 |
Total DAC, DSI, and VOBA Asset |  | $ | 7,889 |  |  | $ | 321 |  |  | $ | 166 |  |  | $ | 8,376 |
|  | Three Months Ended September 30, 2023
|  | Annuity |  | Life |  | Property and Casualty |  | Total
|  | (Dollars in millions)
DAC |  |  |  |  |  |  |  |
Balance, beginning of period |  | $ | 128 |  |  | $ | 162 |  |  | $ | 156 |  |  | $ | 446 |
Additions |  | 49 |  |  | 30 |  |  | 128 |  |  | 207 |
Amortization |  | (4) |  |  | (2) |  |  | (121) |  |  | (127) |
Net change |  | 45 |  |  | 28 |  |  | 7 |  |  | 80 |
Balance, end of period |  | $ | 173 |  |  | $ | 190 |  |  | $ | 163 |  |  | $ | 526 |
DSI |  |  |  |  |  |  |  |
Balance, beginning of period |  | $ | 6 |  |  | $ | — |  |  | $ | — |  |  | $ | 6 |
Additions |  | 1 |  |  | — |  |  | — |  |  | 1 |
Amortization |  | — |  |  | — |  |  | — |  |  | — |
Net change |  | 1 |  |  | — |  |  | — |  |  | 1 |
Balance, end of period |  | $ | 7 |  |  | $ | — |  |  | $ | — |  |  | $ | 7 |
VOBA |  |  |  |  |  |  |  |
Balance, beginning of period |  | $ | 43 |  |  | $ | 321 |  |  | $ | 23 |  |  | $ | 387 |
Acquisition from business combinations |  | — |  |  | — |  |  | — |  |  | — |
Additions |  | — |  |  | — |  |  | — |  |  | — |
Amortization |  | (1) |  |  | (5) |  |  | (3) |  |  | (9) |
Other |  | — |  |  | — |  |  | — |  |  | — |
Net change |  | (1) |  |  | (5) |  |  | (3) |  |  | (9) |
Balance, end of period |  | $ | 42 |  |  | $ | 316 |  |  | $ | 20 |  |  | $ | 378 |
Total DAC, DSI, and VOBA Asset |  | $ | 222 |  |  | $ | 506 |  |  | $ | 183 |  |  | $ | 911 |
|  | Nine Months Ended September 30, 2024
|  | Annuity |  | Life |  | Property and Casualty |  | Total
|  | (Dollars in millions)
DAC |  |  |  |  |  |  |  |
Balance, beginning of period |  | $ | 190 |  |  | $ | 224 |  |  | $ | 158 |  |  | $ | 572 |
Additions |  | 472 |  |  | 83 |  |  | 302 |  |  | 857 |
Amortization |  | (22) |  |  | (20) |  |  | (313) |  |  | (355) |
Net change |  | 450 |  |  | 63 |  |  | (11) |  |  | 502 |
Balance, end of period |  | $ | 640 |  |  | $ | 287 |  |  | $ | 147 |  |  | $ | 1,074 |
DSI |  |  |  |  |  |  |  |
Balance, beginning of period |  | $ | 8 |  |  | $ | — |  |  | $ | — |  |  | $ | 8 |
Additions |  | 235 |  |  | — |  |  | — |  |  | 235 |
Amortization |  | (3) |  |  | — |  |  | — |  |  | (3) |
Net change |  | 232 |  |  | — |  |  | — |  |  | 232 |
Balance, end of period |  | $ | 240 |  |  | $ | — |  |  | $ | — |  |  | $ | 240 |
VOBA |  |  |  |  |  |  |  |
Balance, beginning of period |  | $ | 39 |  |  | $ | 305 |  |  | $ | 20 |  |  | $ | 364 |
Acquisition from business combinations |  | 7,239 |  |  | — |  |  | — |  |  | 7,239 |
Additions |  | — |  |  | — |  |  | — |  |  | — |
Amortization |  | (269) |  |  | (21) |  |  | (1) |  |  | (291) |
Other (1) |  | — |  |  | (250) |  |  | — |  |  | (250) |
Net change |  | 6,970 |  |  | (271) |  |  | (1) |  |  | 6,698 |
Balance, end of period |  | $ | 7,009 |  |  | $ | 34 |  |  | $ | 19 |  |  | $ | 7,062 |
Total DAC, DSI, and VOBA Asset |  | $ | 7,889 |  |  | $ | 321 |  |  | $ | 166 |  |  | $ | 8,376 |
|  | Nine Months Ended September 30, 2023
|  | Annuity |  | Life |  | Property and Casualty |  | Total
|  | (Dollars in millions)
DAC |  |  |  |  |  |  |  |
Balance, beginning of period |  | $ | 43 |  |  | $ | 88 |  |  | $ | 121 |  |  | $ | 252 |
Additions |  | 139 |  |  | 114 |  |  | 355 |  |  | 608 |
Amortization |  | (9) |  |  | (12) |  |  | (313) |  |  | (334) |
Net change |  | 130 |  |  | 102 |  |  | 42 |  |  | 274 |
Balance, end of period |  | $ | 173 |  |  | $ | 190 |  |  | $ | 163 |  |  | $ | 526 |
DSI |  |  |  |  |  |  |  |
Balance, beginning of period |  | $ | 4 |  |  | $ | — |  |  | $ | — |  |  | $ | 4 |
Additions |  | 3 |  |  | — |  |  | — |  |  | 3 |
Amortization |  | — |  |  | — |  |  | — |  |  | — |
Net change |  | 3 |  |  | — |  |  | — |  |  | 3 |
Balance, end of period |  | $ | 7 |  |  | $ | — |  |  | $ | — |  |  | $ | 7 |
VOBA |  |  |  |  |  |  |  |
Balance, beginning of period |  | $ | 44 |  |  | $ | 335 |  |  | $ | 64 |  |  | $ | 443 |
Acquisition from business combinations |  | — |  |  | — |  |  | — |  |  | — |
Additions |  | — |  |  | — |  |  | — |  |  | — |
Amortization |  | (2) |  |  | (19) |  |  | (44) |  |  | (65) |
Other |  | — |  |  | — |  |  | — |  |  | — |
Net change |  | (2) |  |  | (19) |  |  | (44) |  |  | (65) |
Balance, end of period |  | $ | 42 |  |  | $ | 316 |  |  | $ | 20 |  |  | $ | 378 |
Total DAC, DSI, and VOBA Asset |  | $ | 222 |  |  | $ | 506 |  |  | $ | 183 |  |  | $ | 911 |
(1)See Note 12 - Reinsurance for details of a reinsurance transaction in relation to the Company’s Life business, resulting in the adjustment to VOBA asset recognized upon the acquisition of American National in 2022. (2)See Note 16 - Acquisitions for details of the measurement period adjustment to VOBA acquired from the acquisition of AEL in May 2024.
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 |  | $ | 160 |
2025 |  | 617 |
2026 |  | 566 |
2027 |  | 513 |
2028 |  | 470 |
Thereafter |  | 4,736 |
Total amortization expense |  | $ | 7,062 |

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