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Intangible Assets
 6 Months Ended
Jun. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets
15. 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.
June 30, 2025December 31, 2024
Gross Carrying AmountAccumulated AmortizationNet Carrying AmountGross Carrying AmountAccumulated AmortizationNet Carrying Amount
(Dollars in millions)
Definite-lived intangible assets:
Distributor relationships$1,445 $(68)$1,377 $1,445 $(41)$1,404 
Trade name58 (9)49 58 (6)52 
Software and other114 (29)85 52 (9)43 
Total definite-lived intangible assets1,617 (106)1,511 1,555 (56)1,499 
Indefinite-lived intangible assets:
Insurance licenses46 — 46 46 — 46 
Total indefinite-lived intangible assets46 — 46 46 — 46 
Total intangible assets$1,663 $(106)$1,557 $1,601 $(56)$1,545 
No impairment expenses of intangible assets were recognized for the three and six months ended June 30, 2025 and 2024. The Company estimates that its intangible assets do not have any significant residual value in determining their amortization. Amortization expenses for definite-lived intangible assets were $21 million and $50 million for the three and six months ended June 30, 2025, and $12 million and $13 million for the three and six months ended June 30, 2024, respectively.
The following table outlines the estimated future amortization expense related to definite-lived intangible assets held as of June 30, 2025.
Years(Dollars in millions)
2025 (1)$45 
202693 
202782 
202877 
202971 
Thereafter1,143 
Total amortization expense$1,511 
(1)Expected amortization for the remainder of 2025.