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Deferred Policy Acquisition Costs, Deferred Sales Inducements and Value of Business Acquired (Tables)

12 Months Ended

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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- Definition

Tabular disclosure of the movement in deferred policy acquisition costs.

+ References

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-Topic 944
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-Section 65
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-Topic 944
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-Section 50
-Paragraph 2B
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 2B
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-SubTopic 30
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-Section 55
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479401/944-30-55-2

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Tabular disclosure of amount of amortization expense expected to be recorded in succeeding fiscal years for present value of future profits of insurance contract acquired in business combination.

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