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Intangible Assets (Tables)
 12 Months Ended
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Components of Definite-lived 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,
20242023
Gross Carrying AmountAccumulated AmortizationNet Carrying AmountGross Carrying AmountAccumulated AmortizationNet Carrying Amount
(Dollars in millions)
Definite-lived intangible assets:
Distributor relationships$1,445 $(41)$1,404 $5 $— $5 
Trade name58 (6)52 10 (2)8 
Internally generated software52 (9)43 — — — 
Total definite-lived intangible assets1,555 (56)1,499 15 (2)13 
Indefinite-lived intangible assets:
Insurance licenses46 — 46 31 — 31 
Total indefinite-lived intangible assets46 — 46 31 — 31 
Total intangible assets$1,601 $(56)$1,545 $46 $(2)$44 
Components of Indefinite-lived 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,
20242023
Gross Carrying AmountAccumulated AmortizationNet Carrying AmountGross Carrying AmountAccumulated AmortizationNet Carrying Amount
(Dollars in millions)
Definite-lived intangible assets:
Distributor relationships$1,445 $(41)$1,404 $5 $— $5 
Trade name58 (6)52 10 (2)8 
Internally generated software52 (9)43 — — — 
Total definite-lived intangible assets1,555 (56)1,499 15 (2)13 
Indefinite-lived intangible assets:
Insurance licenses46 — 46 31 — 31 
Total indefinite-lived intangible assets46 — 46 31 — 31 
Total intangible assets$1,601 $(56)$1,545 $46 $(2)$44 
Schedule of Estimated Future Amortization Expense
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 
202682 
202772 
202867 
202964 
Thereafter1,134 
Total amortization expense$1,499 
Schedule of Carrying Amount of Goodwill
The changes in the carrying amount of goodwill by reporting segment were as follows:
PredecessorAnnuitiesP&CLife InsuranceTotal
(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 
SuccessorAnnuitiesP&CLife InsuranceTotal
(Dollars in millions)
Goodwill, as of May 25, 2022
$— $— $— $— 
Acquisitions from business combinations41 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 combinations662 — — 662 
Impairments— — — — 
Other— — — — 
Balance as of December 31, 2024
$703 $45 $35 $783