Intangible Assets

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

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.