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Deferred Policy Acquisition Costs, Deferred Sales Inducements and Value of Business Acquired (Tables) | 6 Months Ended
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Jun. 30, 2025
Insurance [Abstract] |
Schedule of Rollforward of Deferred Acquisition Costs and Value of Business Acquired | The following tables present a rollforward of deferred policy acquisition costs (“DAC”), deferred sales inducements (“DSI”) and value of business acquired (“VOBA”) for the periods indicated:
| Three Months Ended June 30, 2025
| Annuities |  | Property and Casualty |  | Life Insurance |  | Total
| (Dollars in millions)
DAC |  |  |  |  |  |  |
Balance, beginning of period | $ | 1,091 |  |  | $ | 129 |  |  | $ | 317 |  |  | $ | 1,537 |
Additions | 287 |  |  | 80 |  |  | 27 |  |  | 394 |
Amortization | (28) |  |  | (93) |  |  | (9) |  |  | (130) |
Net change | 259 |  |  | (13) |  |  | 18 |  |  | 264 |
Balance, end of period | 1,350 |  |  | 116 |  |  | 335 |  |  | 1,801 |
DSI |  |  |  |  |  |  |
Balance, beginning of period | 528 |  |  | — |  |  | — |  |  | 528 |
Additions | 206 |  |  | — |  |  | — |  |  | 206 |
Amortization | (11) |  |  | — |  |  | — |  |  | (11) |
Net change | 195 |  |  | — |  |  | — |  |  | 195 |
Balance, end of period | 723 |  |  | — |  |  | — |  |  | 723 |
VOBA |  |  |  |  |  |  |
Balance, beginning of period | 8,645 |  |  | 9 |  |  | 64 |  |  | 8,718 |
Amortization | (188) |  |  | (2) |  |  | (1) |  |  | (191) |
Net change | (188) |  |  | (2) |  |  | (1) |  |  | (191) |
Balance, end of period | 8,457 |  |  | 7 |  |  | 63 |  |  | 8,527 |
Total DAC, DSI, and VOBA Asset | $ | 10,530 |  |  | $ | 123 |  |  | $ | 398 |  |  | $ | 11,051 |
| Three Months Ended June 30, 2024
| Annuities |  | Property and Casualty |  | Life Insurance |  | Total
| (Dollars in millions)
DAC |  |  |  |  |  |  |
Balance, beginning of period | $ | 223 |  |  | $ | 135 |  |  | $ | 249 |  |  | $ | 607 |
Additions | 191 |  |  | 85 |  |  | 19 |  |  | 295 |
Amortization | (8) |  |  | (80) |  |  | 3 |  |  | (85) |
Net change | 183 |  |  | 5 |  |  | 22 |  |  | 210 |
Balance, end of period | 406 |  |  | 140 |  |  | 271 |  |  | 817 |
DSI |  |  |  |  |  |  |
Balance, beginning of period | 9 |  |  | — |  |  | — |  |  | 9 |
Additions | 93 |  |  | — |  |  | — |  |  | 93 |
Amortization | 1 |  |  | — |  |  | — |  |  | 1 |
Net change | 94 |  |  | — |  |  | — |  |  | 94 |
Balance, end of period | 103 |  |  | — |  |  | — |  |  | 103 |
VOBA |  |  |  |  |  |  |
Balance, beginning of period | 38 |  |  | 18 |  |  | 300 |  |  | 356 |
Acquisition from business combinations | 7,194 |  |  | — |  |  | — |  |  | 7,194 |
Amortization | (106) |  |  | (2) |  |  | (7) |  |  | (115) |
Net change | 7,088 |  |  | (2) |  |  | (7) |  |  | 7,079 |
Balance, end of period | 7,126 |  |  | 16 |  |  | 293 |  |  | 7,435 |
Total DAC, DSI, and VOBA Asset | $ | 7,635 |  |  | $ | 156 |  |  | $ | 564 |  |  | $ | 8,355 |
| Six Months Ended June 30, 2025
| Annuities |  | Property and Casualty |  | Life Insurance |  | Total
| (Dollars in millions)
DAC |  |  |  |  |  |  |
Balance, beginning of period | $ | 887 |  |  | $ | 132 |  |  | $ | 306 |  |  | $ | 1,325 |
Additions | 510 |  |  | 166 |  |  | 45 |  |  | 721 |
Amortization | (47) |  |  | (182) |  |  | (16) |  |  | (245) |
Net change | 463 |  |  | (16) |  |  | 29 |  |  | 476 |
Balance, end of period | 1,350 |  |  | 116 |  |  | 335 |  |  | 1,801 |
DSI |  |  |  |  |  |  |
Balance, beginning of period | 393 |  |  | — |  |  | — |  |  | 393 |
Additions | 349 |  |  | — |  |  | — |  |  | 349 |
Amortization | (19) |  |  | — |  |  | — |  |  | (19) |
Net change | 330 |  |  | — |  |  | — |  |  | 330 |
Balance, end of period | 723 |  |  | — |  |  | — |  |  | 723 |
VOBA |  |  |  |  |  |  |
Balance, beginning of period | 8,838 |  |  | 10 |  |  | 65 |  |  | 8,913 |
Amortization | (381) |  |  | (3) |  |  | (2) |  |  | (386) |
Net change | (381) |  |  | (3) |  |  | (2) |  |  | (386) |
Balance, end of period | 8,457 |  |  | 7 |  |  | 63 |  |  | 8,527 |
Total DAC, DSI, and VOBA Asset | $ | 10,530 |  |  | $ | 123 |  |  | $ | 398 |  |  | $ | 11,051 |
| Six Months Ended June 30, 2024
| Annuities |  | Property and Casualty |  | Life Insurance |  | Total
| (Dollars in millions)
DAC |  |  |  |  |  |  |
Balance, beginning of period | $ | 190 |  |  | $ | 158 |  |  | $ | 224 |  |  | $ | 572 |
Additions | 230 |  |  | 196 |  |  | 57 |  |  | 483 |
Amortization | (14) |  |  | (214) |  |  | (10) |  |  | (238) |
Net change | 216 |  |  | (18) |  |  | 47 |  |  | 245 |
Balance, end of period | 406 |  |  | 140 |  |  | 271 |  |  | 817 |
DSI |  |  |  |  |  |  |
Balance, beginning of period | 8 |  |  | — |  |  | — |  |  | 8 |
Additions | 94 |  |  | — |  |  | — |  |  | 94 |
Amortization | 1 |  |  | — |  |  | — |  |  | 1 |
Net change | 95 |  |  | — |  |  | — |  |  | 95 |
Balance, end of period | 103 |  |  | — |  |  | — |  |  | 103 |
VOBA |  |  |  |  |  |  |
Balance, beginning of period | 39 |  |  | 20 |  |  | 305 |  |  | 364 |
Acquisition from business combinations | 7,194 |  |  | — |  |  | — |  |  | 7,194 |
Amortization | (107) |  |  | (4) |  |  | (12) |  |  | (123) |
Net change | 7,087 |  |  | (4) |  |  | (12) |  |  | 7,071 |
Balance, end of period | 7,126 |  |  | 16 |  |  | 293 |  |  | 7,435 |
Total DAC, DSI, and VOBA Asset | $ | 7,635 |  |  | $ | 156 |  |  | $ | 564 |  |  | $ | 8,355 |
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 June 30, 2025:
Years | (Dollars in millions)
2025 (1) | $ | 371 |
2026 | 702 |
2027 | 645 |
2028 | 598 |
2029 | 552 |
Thereafter | 5,659 |
Total amortization expense | $ | 8,527 |
(1)Expected amortization for the remainder of 2025.

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