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Deferred Policy Acquisition Costs, Deferred Sales Inducements and Value of Business Acquired (Tables) | 12 Months Ended
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Dec. 31, 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:
|  | 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.
Schedule of Projected VOBA Asset Amortization Expenses | 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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