Deferred Policy Acquisition Costs (Tables)

The table below shows the deferred policy acquisition costs and asset reconciliation.


(Dollars in millions)	Three months ended June 30,				Six months ended June 30,
	2025		2024		2025		2024
Property casualty:
Deferred policy acquisition costs asset, beginning of period	$	937	$	796	$	886	$	749
Capitalized deferred policy acquisition costs	513		475		998		882
Amortized deferred policy acquisition costs	(445)		(393)		(879)		(753)
Deferred policy acquisition costs asset, end of period	$	1,005	$	878	$	1,005	$	878

Life:
Deferred policy acquisition costs asset, beginning of period	$	360	$	347	$	356	$	344
Capitalized deferred policy acquisition costs	10		12		22		22
Amortized deferred policy acquisition costs	(8)		(8)		(16)		(15)

Deferred policy acquisition costs asset, end of period	$	362	$	351	$	362	$	351

Consolidated:
Deferred policy acquisition costs asset, beginning of period	$	1,297	$	1,143	$	1,242	$	1,093
Capitalized deferred policy acquisition costs	523		487		1,020		904
Amortized deferred policy acquisition costs	(453)		(401)		(895)		(768)

Deferred policy acquisition costs asset, end of period	$	1,367	$	1,229	$	1,367	$	1,229

The table below shows the life deferred policy acquisition costs asset by product:


(Dollars in millions)
Three months ended June 30, 2025	Term		Whole life		Deferred annuity		Universal life		Total
Balance, beginning of period	$	248	$	53	$	8	$	51	$	360
Capitalized deferred policy acquisition costs	9		1		—		—		10
Amortized deferred policy acquisition costs	(6)		(1)		(1)		—		(8)
Balance, end of period	$	251	$	53	$	7	$	51	$	362

Three months ended June 30, 2024
Balance, beginning of period	$	238	$	49	$	8	$	52	$	347
Capitalized deferred policy acquisition costs	8		2		1		1		12
Amortized deferred policy acquisition costs	(5)		(1)		(1)		(1)		(8)
Balance, end of period	$	241	$	50	$	8	$	52	$	351


(Dollars in millions)
Six months ended June 30, 2025	Term		Whole life		Deferred annuity		Universal life		Total
Balance, beginning of period	$	245	$	52	$	8	$	51	$	356
Capitalized deferred policy acquisition costs	18		3		—		1		22
Amortized deferred policy acquisition costs	(12)		(2)		(1)		(1)		(16)
Balance, end of period	$	251	$	53	$	7	$	51	$	362

Six months ended June 30, 2024
Balance, beginning of period	$	236	$	48	$	8	$	52	$	344
Capitalized deferred policy acquisition costs	16		4		1		1		22
Amortized deferred policy acquisition costs	(11)		(2)		(1)		(1)		(15)
Balance, end of period	$	241	$	50	$	8	$	52	$	351