Deferred Acquisition Costs and Deferred Sales Inducement Costs

3 Months Ended

Mar. 31, 2024

Deferred Charges, Insurers [Abstract]

Deferred Acquisition Costs and Deferred Sales Inducement Costs

Deferred Acquisition Costs and Deferred Sales Inducement Costs

The following tables summarize the balances of and changes in deferred acquisition costs (“DAC”):

	Variable Annuities		Structured Variable Annuities		Fixed Annuities		Fixed Indexed Annuities		Universal Life Insurance		Variable Universal Life Insurance
	(in millions)
Balance at January 1, 2024	$	1,496	$	208	$	35	$	5	$	110	$	534
Capitalization of acquisition costs	6		25		—		—		—		13
Amortization	(30)		(7)		(2)		—		(2)		(11)
Balance at March 31, 2024	$	1,472	$	226	$	33	$	5	$	108	$	536
	Indexed Universal Life Insurance		Other Life Insurance		Life Contingent Payout Annuities		Term and Whole Life Insurance		Disability Income Insurance		Total, All Products
	(in millions)
Balance at January 1, 2024	$	223	$	2	$	6	$	17	$	75	$	2,711
Capitalization of acquisition costs	1		—		1		—		1		47
Amortization	(4)		—		—		—		(3)		(59)
Balance at March 31, 2024	$	220	$	2	$	7	$	17	$	73	$	2,699
Other broker dealer acquisition costs											2
Balance at March 31, 2024 including broker dealer acquisition costs											$	2,701

	Variable Annuities		Structured Variable Annuities		Fixed Annuities		Fixed Indexed Annuities		Universal Life Insurance		Variable Universal Life Insurance
	(in millions)
Balance at January 1, 2023	$	1,598	$	149	$	45	$	6	$	118	$	521
Capitalization of acquisition costs	23		83		—		—		—		57
Amortization	(125)		(24)		(10)		(1)		(8)		(44)
Balance at December 31, 2023	$	1,496	$	208	$	35	$	5	$	110	$	534
	Indexed Universal Life Insurance		Other Life Insurance		Life Contingent Payout Annuities		Term and Whole Life Insurance		Disability Income Insurance		Total, All Products
	(in millions)
Balance at January 1, 2023	$	236	$	3	$	2	$	18	$	79	$	2,775
Capitalization of acquisition costs	4		—		4		1		4		176
Amortization	(17)		(1)		—		(2)		(8)		(240)
Balance at December 31, 2023	$	223	$	2	$	6	$	17	$	75	$	2,711
Other broker dealer acquisition costs											2
Balance at December 31, 2023 including broker dealer acquisition costs											$	2,713

The following tables summarize the balances of and changes in deferred sales inducement costs (“DSIC”):

	Variable Annuities		Fixed Annuities		Total, All Products
	(in millions)
Balance at January 1, 2024	$	136	$	12	$	148
Amortization	(3)		(1)		(4)
Balance at March 31, 2024	$	133	$	11	$	144

	Variable Annuities		Fixed Annuities		Total, All Products
	(in millions)
Balance at January 1, 2023	$	151	$	16	$	167
Amortization	(15)		(4)		(19)
Balance at December 31, 2023	$	136	$	12	$	148