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Intangible Assets (Tables) | 9 Months Ended
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Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
Components of Definite-lived Intangible Assets | The components of definite-lived and indefinite-lived intangible assets are as follows. Refer to Note 14 - Deferred Policy Acquisition Costs, Deferred Sales Inducements and Value of Business Acquired for VOBA asset, which is an actuarial intangible asset arising from a business combination.
| September 30, 2024 |  | December 31, 2023
| Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Amount |  | Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Amount
| (Dollars in millions)
Definite-lived intangible assets: |  |  |  |  |  |  |  |  |  |  |
Distributor relationships | $ | 1,485 |  |  | $ | (27) |  |  | $ | 1,458 |  |  | $ | 5 |  |  | $ | — |  |  | $ | 5 |
Trade name | 58 |  |  | (4) |  |  | 54 |  |  | 10 |  |  | (2) |  |  | 8 |
Internally generated software | 45 |  |  | (4) |  |  | 41 |  |  | — |  |  | — |  |  | — |
Total definite-lived intangible assets | 1,588 |  |  | (35) |  |  | 1,553 |  |  | 15 |  |  | (2) |  |  | 13 |
Indefinite-lived intangible assets: |  |  |  |  |  |  |  |  |  |  |
Insurance licenses | 46 |  |  | — |  |  | 46 |  |  | 31 |  |  | — |  |  | 31 |
Total indefinite-lived intangible assets | 46 |  |  | — |  |  | 46 |  |  | 31 |  |  | — |  |  | 31 |
Total intangible assets | $ | 1,634 |  |  | $ | (35) |  |  | $ | 1,599 |  |  | $ | 46 |  |  | $ | (2) |  |  | $ | 44 |
Components of Indefinite-lived Intangible Assets | The components of definite-lived and indefinite-lived intangible assets are as follows. Refer to Note 14 - Deferred Policy Acquisition Costs, Deferred Sales Inducements and Value of Business Acquired for VOBA asset, which is an actuarial intangible asset arising from a business combination.
| September 30, 2024 |  | December 31, 2023
| Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Amount |  | Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Amount
| (Dollars in millions)
Definite-lived intangible assets: |  |  |  |  |  |  |  |  |  |  |
Distributor relationships | $ | 1,485 |  |  | $ | (27) |  |  | $ | 1,458 |  |  | $ | 5 |  |  | $ | — |  |  | $ | 5 |
Trade name | 58 |  |  | (4) |  |  | 54 |  |  | 10 |  |  | (2) |  |  | 8 |
Internally generated software | 45 |  |  | (4) |  |  | 41 |  |  | — |  |  | — |  |  | — |
Total definite-lived intangible assets | 1,588 |  |  | (35) |  |  | 1,553 |  |  | 15 |  |  | (2) |  |  | 13 |
Indefinite-lived intangible assets: |  |  |  |  |  |  |  |  |  |  |
Insurance licenses | 46 |  |  | — |  |  | 46 |  |  | 31 |  |  | — |  |  | 31 |
Total indefinite-lived intangible assets | 46 |  |  | — |  |  | 46 |  |  | 31 |  |  | — |  |  | 31 |
Total intangible assets | $ | 1,634 |  |  | $ | (35) |  |  | $ | 1,599 |  |  | $ | 46 |  |  | $ | (2) |  |  | $ | 44 |
Schedule of Estimated Future Amortization Expense | The following table outlines the estimated future amortization expense related to definite-lived intangible assets held as of September 30, 2024.
Years |  | (Dollars in millions)
2024 |  | $ | 21 |
2025 |  | 81 |
2026 |  | 81 |
2027 |  | 72 |
2028 |  | 67 |
Thereafter |  | 1,231 |
Total amortization expense |  | $ | 1,553 |

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