Deferred Policy Acquisition Costs (Tables)

9 Months Ended

Sep. 30, 2023

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Deferred Policy Acquisition Costs

The following table presents the transition rollforward for DAC*:

	Individual Retirement		Group Retirement		Life Insurance		Institutional Markets		Total
(in millions)
Pre-adoption December 31, 2020 DAC balance	$	2,359	$	560	$	4,371	$	26	$	7,316
Adjustments for the removal of related balances in Accumulated other comprehensive income (loss) originating from unrealized gains (losses)	2,062		534		547		7		3,150
Post-adoption January 1, 2021 DAC balance	$	4,421	$	1,094	$	4,918	$	33	$	10,466

*Excludes $2.5 billion of DAC in General Insurance.

The following table presents a rollforward of DAC:

Nine Months Ended September 30, 2023		General Insurance		Individual Retirement		Group Retirement		Life Insurance		Institutional Markets
(in millions)												Total
Balance, beginning of year	$	2,310	$	4,597	$	1,060	$	4,839	$	51	$	12,857
Capitalization		3,310		519		55		354		22		4,260
Amortization expense		(2,884)		(422)		(62)		(299)		(6)		(3,673)
Other, including foreign exchange		(76)		—		—		9		—		(67)
Reclassified to held for sale		(623)		—		—		(755)		—		(1,378)
Balance, end of period	$	2,037	$	4,694	$	1,053	$	4,148	$	67	$	11,999
Nine Months Ended September 30, 2022
Balance, beginning of year	$	2,428	$	4,553	$	1,078	$	4,904	$	38	$	13,001
Capitalization		2,960		420		44		319		13		3,756
Amortization expense		(2,668)		(380)		(59)		(311)		(5)		(3,423)
Other, including foreign exchange		(242)		—		—		(131)		—		(373)
Balance, end of period	$	2,478	$	4,593	$	1,063	$	4,781	$	46	$	12,961

The following table presents the transition rollforward for DSI*:

(in millions)	Individual  Retirement		Group  Retirement		Total
Pre-adoption December 31, 2020 DSI balance	$	190	$	91	$	281
Adjustments for the removal of related balances in Accumulated other comprehensive income (loss) originating from unrealized gains (losses)	284		114		398
Post-adoption January 1, 2021 DSI balance	$	474	$	205	$	679

*Other assets, excluding DSI, totaled $12.8 billion.

The following table presents a rollforward of DSI:

Nine Months Ended September 30, 2023	2023						2022
(in millions)	Individual  Retirement		Group  Retirement		Total		Individual  Retirement		Group  Retirement		Total
Balance, beginning of year	$	381	$	177	$	558	$	428	$	191	$	619
Capitalization	5		—		5		5		—		5
Amortization expense	(41)		(10)		(51)		(41)		(10)		(51)
Balance, end of period*	$	345	$	167	$	512	$	392	$	181	$	573

*At September 30, 2023 and 2022, Other assets, excluding DSI, totaled $11.3 billion and $11.9 billion, respectively.