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

6 Months Ended

Jun. 30, 2025

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.