Deferred Policy Acquisition Costs (Tables)

12 Months Ended

Dec. 31, 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:

Years Ended December 31, 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		4,135		705		78		473		28		5,419
Amortization expense		(3,747)		(567)		(82)		(403)		(9)		(4,808)
Other, including foreign exchange		(45)		—		—		54		—		9
Dispositions*		(578)		—		—		—		—		(578)
Reclassified to held for sale		—		—		—		(814)		—		(814)
Balance, end of year	$	2,075	$	4,735	$	1,056	$	4,149	$	70	$	12,085
Years Ended December 31, 2022
Balance, beginning of year	$	2,428	$	4,553	$	1,078	$	4,904	$	38	$	13,001
Capitalization		3,648		562		62		429		21		4,722
Amortization expense		(3,536)		(519)		(80)		(415)		(7)		(4,557)
Other, including foreign exchange		(230)		1		—		(79)		(1)		(309)
Balance, end of year	$	2,310	$	4,597	$	1,060	$	4,839	$	51	$	12,857
Years Ended December 31, 2021
Balance, beginning of year	$	2,489	$	4,421	$	1,094	$	4,918	$	33	$	12,955
Capitalization		3,658		579		62		420		10		4,729
Amortization expense		(3,566)		(447)		(78)		(427)		(6)		(4,524)
Other, including foreign exchange		(153)		—		—		(7)		1		(159)
Balance, end of year	$	2,428	$	4,553	$	1,078	$	4,904	$	38	$	13,001

*Includes amounts related to the sale of Validus Re through the date of disposition.

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:

Years Ended December 31,	2023						2022						2021
(in millions)	Individual Retirement		Group Retirement		Total		Individual Retirement		Group Retirement		Total		Individual Retirement		Group Retirement		Total
Balance, beginning of year	$	381	$	177	$	558	$	428	$	191	$	619	$	474	$	205	$	679
Capitalization	7		1		8		9		—		9		10		—		10
Amortization expense	(55)		(14)		(69)		(56)		(14)		(70)		(56)		(14)		(70)
Balance, end of year*	$	333	$	164	$	497	$	381	$	177	$	558	$	428	$	191	$	619

*At December 31, 2023, 2022 and 2021, Other assets, excluding DSI, totaled $12.6 billion, $11.8 billion and $14.0 billion, respectively.