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

9 Months Ended

Sep. 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 September 30, 2025
	Annuities		Property and Casualty		Life Insurance		Total
	(Dollars in millions)
DAC
Balance, beginning of period	$	1,350	$	116	$	335	$	1,801
Additions	324		75		45		444
Amortization	(33)		(82)		(14)		(129)
Net change	291		(7)		31		315
Balance, end of period	1,641		109		366		2,116

DSI
Balance, beginning of period	723		—		—		723
Additions	234		—		—		234
Amortization	(14)		—		—		(14)
Net change	220		—		—		220
Balance, end of period	943		—		—		943

VOBA
Balance, beginning of period	8,457		7		63		8,527


Amortization	(200)		(1)		(1)		(202)

Net change	(200)		(1)		(1)		(202)
Balance, end of period	8,257		6		62		8,325
Total DAC, DSI, and VOBA Asset	$	10,841	$	115	$	428	$	11,384

	Three Months Ended September 30, 2024
	Annuities		Property and Casualty		Life Insurance		Total
	(Dollars in millions)
DAC
Balance, beginning of period	$	406	$	140	$	271	$	817
Additions	242		106		26		374
Amortization	(8)		(99)		(10)		(117)
Net change	234		7		16		257
Balance, end of period	640		147		287		1,074

DSI
Balance, beginning of period	103		—		—		103
Additions	141		—		—		141
Amortization	(4)		—		—		(4)
Net change	137		—		—		137
Balance, end of period	240		—		—		240

VOBA
Balance, beginning of period	7,126		16		293		7,435
Acquisition from business combinations	45		—		—		45

Amortization	(162)		3		(9)		(168)
Other	—		—		(250)		(250)
Net change	(117)		3		(259)		(373)
Balance, end of period	7,009		19		34		7,062
Total DAC, DSI, and VOBA Asset	$	7,889	$	166	$	321	$	8,376


	Nine Months Ended September 30, 2025
	Annuities		Property and Casualty		Life Insurance		Total
	(Dollars in millions)
DAC
Balance, beginning of period	$	887	$	132	$	306	$	1,325
Additions	834		241		90		1,165
Amortization	(80)		(264)		(30)		(374)
Net change	754		(23)		60		791
Balance, end of period	1,641		109		366		2,116

DSI
Balance, beginning of period	393		—		—		393
Additions	583		—		—		583
Amortization	(33)		—		—		(33)
Net change	550		—		—		550
Balance, end of period	943		—		—		943

VOBA
Balance, beginning of period	8,838		10		65		8,913


Amortization	(581)		(4)		(3)		(588)

Net change	(581)		(4)		(3)		(588)
Balance, end of period	8,257		6		62		8,325
Total DAC, DSI, and VOBA Asset	$	10,841	$	115	$	428	$	11,384

	Nine Months Ended September 30, 2024
	Annuities		Property and Casualty		Life Insurance		Total
	(Dollars in millions)
DAC
Balance, beginning of period	$	190	$	158	$	224	$	572
Additions	472		302		83		857
Amortization	(22)		(313)		(20)		(355)
Net change	450		(11)		63		502
Balance, end of period	640		147		287		1,074

DSI
Balance, beginning of period	8		—		—		8
Additions	235		—		—		235
Amortization	(3)		—		—		(3)
Net change	232		—		—		232
Balance, end of period	240		—		—		240

VOBA
Balance, beginning of period	39		20		305		364
Acquisition from business combinations	7,239		—		—		7,239

Amortization	(269)		(1)		(21)		(291)
Other	—		—		(250)		(250)
Net change	6,970		(1)		(271)		6,698
Balance, end of period	7,009		19		34		7,062
Total DAC, DSI, and VOBA Asset	$	7,889	$	166	$	321	$	8,376

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 September 30, 2025:


Years	(Dollars in millions)
2025 (1)	$	197
2026	748
2027	681
2028	624
2029	571
Thereafter	5,504
Total amortization expense	$	8,325

(1)Expected amortization for the remainder of 2025.