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Deferred Policy Acquisition Costs, Deferred Sales Inducements and Value of Business Acquired | 12 Months Ended
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Dec. 31, 2024
Insurance [Abstract] |
Deferred Policy Acquisition Costs, Deferred Sales Inducements and Value of Business Acquired | 14. Deferred Policy Acquisition Costs, Deferred Sales Inducements and Value of Business Acquired The following tables present the balances and changes in DAC, DSI and VOBA by segment:
|  | Year Ended December 31, 2024
Successor |  | Annuities |  | Property and Casualty |  | Life Insurance |  | Total
|  | (Dollars in millions)
DAC |  |  |  |  |  |  |  |
Balance at December 31, 2023 |  | $ | 190 |  |  | $ | 164 |  |  | $ | 218 |  |  | $ | 572 |
Additions |  | 735 |  |  | 373 |  |  | 108 |  |  | 1,216 |
Amortization |  | (38) |  |  | (405) |  |  | (20) |  |  | (463) |
Net change |  | 697 |  |  | (32) |  |  | 88 |  |  | 753 |
Balance at December 31, 2024 |  | $ | 887 |  |  | $ | 132 |  |  | $ | 306 |  |  | $ | 1,325 |
DSI |  |  |  |  |  |  |  |
Balance at December 31, 2023 |  | $ | 8 |  |  | $ | — |  |  | $ | — |  |  | $ | 8 |
Additions |  | 393 |  |  | — |  |  | — |  |  | 393 |
Amortization |  | (8) |  |  | — |  |  | — |  |  | (8) |
Net change |  | 385 |  |  | — |  |  | — |  |  | 385 |
Balance at December 31, 2024 |  | $ | 393 |  |  | $ | — |  |  | $ | — |  |  | $ | 393 |
VOBA |  |  |  |  |  |  |  |
Balance at December 31, 2023 |  | $ | 39 |  |  | $ | 20 |  |  | $ | 305 |  |  | $ | 364 |
Acquisition from business combinations (1) |  | 7,239 |  |  | — |  |  | — |  |  | 7,239 |
Additions |  | 2,000 |  |  | — |  |  | — |  |  | 2,000 |
Amortization |  | (440) |  |  | (10) |  |  | (18) |  |  | (468) |
Other (2) |  | — |  |  | — |  |  | (222) |  |  | (222) |
Net change |  | 8,799 |  |  | (10) |  |  | (240) |  |  | 8,549 |
Balance at December 31, 2024 |  | 8,838 |  |  | 10 |  |  | 65 |  |  | 8,913 |
Total DAC, DSI, and VOBA Asset at December 31, 2024 |  | $ | 10,118 |  |  | $ | 142 |  |  | $ | 371 |  |  | $ | 10,631 |
|  | Year Ended December 31, 2023
Successor |  | Annuities |  | Property and Casualty |  | Life Insurance |  | Total
|  | (Dollars in millions)
DAC |  |  |  |  |  |  |  |
Balance at December 31, 2022 |  | $ | 43 |  |  | $ | 121 |  |  | $ | 88 |  |  | $ | 252 |
Additions |  | 161 |  |  | 465 |  |  | 139 |  |  | 765 |
Amortization |  | (14) |  |  | (422) |  |  | (9) |  |  | (445) |
Net change |  | 147 |  |  | 43 |  |  | 130 |  |  | 320 |
Balance at December 31, 2023 |  | $ | 190 |  |  | $ | 164 |  |  | $ | 218 |  |  | $ | 572 |
DSI |  |  |  |  |  |  |  |
Balance at December 31, 2022 |  | $ | 4 |  |  | $ | — |  |  | $ | — |  |  | $ | 4 |
Additions |  | 5 |  |  | — |  |  | — |  |  | 5 |
Amortization |  | (1) |  |  | — |  |  | — |  |  | (1) |
Net change |  | 4 |  |  | — |  |  | — |  |  | 4 |
Balance at December 31, 2023 |  | $ | 8 |  |  | $ | — |  |  | $ | — |  |  | $ | 8 |
VOBA |  |  |  |  |  |  |  |
Balance at December 31, 2022 |  | $ | 44 |  |  | $ | 64 |  |  | $ | 335 |  |  | $ | 443 |
Amortization |  | (5) |  |  | (44) |  |  | (30) |  |  | (79) |
Net change |  | (5) |  |  | (44) |  |  | (30) |  |  | (79) |
Balance at December 31, 2023 |  | 39 |  |  | 20 |  |  | 305 |  |  | 364 |
Total DAC, DSI, and VOBA Asset at December 31, 2023 |  | $ | 237 |  |  | $ | 184 |  |  | $ | 523 |  |  | $ | 944 |
|  | Period from May 25, 2022 to December 31, 2022
Successor |  | Annuities |  | Property and Casualty |  | Life Insurance |  | Total
|  | (Dollars in millions)
DAC |  |  |  |  |  |  |  |
Balance at May 25, 2022 |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Additions |  | 44 |  |  | 280 |  |  | 112 |  |  | 436 |
Amortization |  | (1) |  |  | (159) |  |  | (24) |  |  | (184) |
Net change |  | 43 |  |  | 121 |  |  | 88 |  |  | 252 |
Balance at December 31, 2022 |  | $ | 43 |  |  | $ | 121 |  |  | $ | 88 |  |  | $ | 252 |
DSI |  |  |  |  |  |  |  |
Balance at May 25, 2022 |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Additions |  | 4 |  |  | — |  |  | — |  |  | 4 |
Amortization |  | — |  |  | — |  |  | — |  |  | — |
Net change |  | 4 |  |  | — |  |  | — |  |  | 4 |
Balance at December 31, 2022 |  | $ | 4 |  |  | $ | — |  |  | $ | — |  |  | $ | 4 |
VOBA |  |  |  |  |  |  |  |
Balance at May 25, 2022 |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Acquisition from business combinations (3) |  | 46 |  |  | 181 |  |  | 351 |  |  | 578 |
Additions |  | — |  |  | — |  |  | — |  |  | — |
Amortization |  | (2) |  |  | (117) |  |  | (16) |  |  | (135) |
Other |  | — |  |  | — |  |  | — |  |  | — |
Net change |  | 44 |  |  | 64 |  |  | 335 |  |  | 443 |
Balance at December 31, 2022 |  | 44 |  |  | 64 |  |  | 335 |  |  | 443 |
Total DAC, DSI, and VOBA Asset at December 31, 2022 |  | $ | 91 |  |  | $ | 185 |  |  | $ | 423 |  |  | $ | 699 |
|  | Period from January 1, 2022 to May 24, 2022
Predecessor |  | Annuities |  | Property and Casualty |  | Life Insurance |  | Total
|  | (Dollars in millions)
DAC |  |  |  |  |  |  |  |
Balance at December 31, 2021 |  | $ | 381 |  |  | $ | 161 |  |  | $ | 956 |  |  | $ | 1,498 |
Additions |  | 215 |  |  | 176 |  |  | 76 |  |  | 467 |
Amortization |  | (9) |  |  | (166) |  |  | (52) |  |  | (227) |
Net change |  | 206 |  |  | 10 |  |  | 24 |  |  | 240 |
Balance at May 24, 2022 |  | $ | 587 |  |  | $ | 171 |  |  | $ | 980 |  |  | $ | 1,738 |
DSI |  |  |  |  |  |  |  |
Balance at December 31, 2021 |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Additions |  | — |  |  | — |  |  | — |  |  | — |
Amortization |  | — |  |  | — |  |  | — |  |  | — |
Net change |  | — |  |  | — |  |  | — |  |  | — |
Balance at May 24, 2022 |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
VOBA |  |  |  |  |  |  |  |
Balance at December 31, 2021 |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Additions |  | — |  |  | — |  |  | — |  |  | — |
Amortization |  | — |  |  | — |  |  | — |  |  | — |
Net change |  | — |  |  | — |  |  | — |  |  | — |
Balance at May 24, 2022 |  | — |  |  | — |  |  | — |  |  | — |
Total DAC, DSI, and VOBA Asset at May 24, 2022 |  | $ | 587 |  |  | $ | 171 |  |  | $ | 980 |  |  | $ | 1,738 |
(1)See Note 16 - Acquisitions for details of the measurement period adjustment to VOBA acquired from the acquisition of AEL in May 2024. (2)See Note 12 - Reinsurance for details of a reinsurance transaction in relation to the Company’s Life Insurance business, resulting in the adjustment to VOBA asset recognized upon the acquisition of American National in 2022. (3)See Note 1 - Organization and Description of the Company for details of the acquisition of American National in May 2022. Value of Business Acquired As stated in Note 2 - Summary of Significant Accounting Policies, VOBA asset are included in “Deferred policy acquisition costs, deferred sales inducements and value of business acquired” in the Consolidated Statements of Financial Position. The amortization of VOBA asset is recorded in “Amortization of deferred policy acquisition costs, deferred sales inducements and value of business acquired” in the Consolidated Statements of Operations. The following table provides the projected VOBA asset amortization expenses for a five-year period and thereafter as of December 31, 2024:
Years | (Dollars in millions)
2025 | $ | 760 |
2026 | 704 |
2027 | 647 |
2028 | 600 |
2029 | 554 |
Thereafter | 5,648 |
Total amortization expense | $ | 8,913 |

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- Definition The entire disclosure for cost related directly to successful acquisition of new and renewal of insurance contract. Includes, but is not limited to, deferred policy acquisition cost, deferred sale inducement cost, and present value of future profit of insurance contract acquired in business combination. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 20 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479735/944-20-S99-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 2A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479432/944-30-50-2A Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/944-30/tableOfContent + Details
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