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Deferred Policy Acquisition Costs, Deferred Sales Inducements and Value of Business Acquired | 6 Months Ended
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Jun. 30, 2025
Insurance [Abstract] |
Deferred Policy Acquisition Costs, Deferred Sales Inducements and Value of Business Acquired | 14. Deferred Policy Acquisition Costs, Deferred Sales Inducements 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 |
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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- Definition The entire disclosure for cost related directly to successful acquisition of new and renewal of insurance contract. Includes, but is not limited to, deferred policy acquisition cost, deferred sale inducement cost, and present value of future profit of insurance contract acquired in business combination. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 20 -Name Accounting Standards Codification -Section S50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479797/944-20-S50-1 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 20 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479735/944-20-S99-2 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 2A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479432/944-30-50-2A Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/944-30/tableOfContent + Details
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