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Intangible Assets | 12 Months Ended
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Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
Intangible Assets | 15. Intangible Assets 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.
| December 31,
| 2024 |  | 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 | $ | 1,445 |  |  | $ | (41) |  |  | $ | 1,404 |  |  | $ | 5 |  |  | $ | — |  |  | $ | 5 |
Trade name | 58 |  |  | (6) |  |  | 52 |  |  | 10 |  |  | (2) |  |  | 8 |
Internally generated software | 52 |  |  | (9) |  |  | 43 |  |  | — |  |  | — |  |  | — |
Total definite-lived intangible assets | 1,555 |  |  | (56) |  |  | 1,499 |  |  | 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 | $ | 1,601 |  |  | $ | (56) |  |  | $ | 1,545 |  |  | $ | 46 |  |  | $ | (2) |  |  | $ | 44 |
No impairment expenses of intangible assets were recognized for the years ended December 31, 2024 and December 31, 2023, the period from May 25, 2022 to December 31, 2022, and the Predecessor period from January 1, 2022 to May 24, 2022. We estimate that our intangible assets do not have any significant residual value in determining their amortization. Amortization expenses for definite-lived intangible assets were $55 million for the year ended December 31, 2024, $2 million for the year ended December 31, 2023, $1 million for the period from May 25, 2022 to December 31, 2022, and $0 million for the Predecessor period from January 1, 2022 to May 24, 2022, respectively. The following table outlines the estimated future amortization expense related to definite-lived intangible assets held as of December 31, 2024.
Years | (Dollars in millions)
2025 | $ | 80 |
2026 | 82 |
2027 | 72 |
2028 | 67 |
2029 | 64 |
Thereafter | 1,134 |
Total amortization expense | $ | 1,499 |
Goodwill The changes in the carrying amount of goodwill by reporting segment were as follows:
Predecessor |  | Annuities |  | P&C |  | Life Insurance |  | Total
|  | (Dollars in millions)
Goodwill, as of December 31, 2021 |  | $ | — |  |  | $ | 10 |  |  | $ | 34 |  |  | $ | 44 |
Acquisitions from business combinations |  | — |  |  | — |  |  | — |  |  | — |
Impairments |  | — |  |  | — |  |  | — |  |  | — |
Other |  | — |  |  | — |  |  | — |  |  | — |
Balance as of May 24, 2022 |  | $ | — |  |  | $ | 10 |  |  | $ | 34 |  |  | $ | 44 |
Successor |  | Annuities |  | P&C |  | Life Insurance |  | Total
|  | (Dollars in millions)
Goodwill, as of May 25, 2022 |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Acquisitions from business combinations |  | 41 |  |  | 45 |  |  | 35 |  |  | 121 |
Impairments |  | — |  |  | — |  |  | — |  |  | — |
Other |  | — |  |  | — |  |  | — |  |  | — |
Balance as of December 31, 2022 |  | 41 |  |  | 45 |  |  | 35 |  |  | 121 |
Acquisitions from business combinations |  | — |  |  | — |  |  | — |  |  | — |
Impairments |  | — |  |  | — |  |  | — |  |  | — |
Other |  | — |  |  | — |  |  | — |  |  | — |
Balance as of December 31, 2023 |  | 41 |  |  | 45 |  |  | 35 |  |  | 121 |
Acquisitions from business combinations |  | 662 |  |  | — |  |  | — |  |  | 662 |
Impairments |  | — |  |  | — |  |  | — |  |  | — |
Other |  | — |  |  | — |  |  | — |  |  | — |
Balance as of December 31, 2024 |  | $ | 703 |  |  | $ | 45 |  |  | $ | 35 |  |  | $ | 783 |
The Company performed its annual goodwill impairment tests as of October 1, 2024 and did not identify any impairment. There were no accumulated impairments associated with our goodwill as of December 31, 2024, 2023 and 2022.

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