Deferred Policy Acquisition Costs and Value of Business Acquired

6 Months Ended

Jun. 30, 2025

Deferred Policy Acquisition Costs and Present Value of Future Insurance Profits, Net [Abstract]

Deferred Policy Acquisition Costs and Value of Business Acquired

The following table presents a rollforward of DAC and VOBA for the periods indicated:



	DAC						VOBA(2)
	Retirement Deferred and Individual Annuities		Employee Benefits Voluntary		Businesses Exited
Balance as of January 1, 2024	$	695	$	193	$	938	$	406
Deferrals of commissions and expenses	60		58		—		3
Amortization expense	(54)		(36)		(100)		(33)
Balance as of December 31, 2024	$	701	$	215	$	838	$	376
Additions related to business acquisitions(1)	—		—		—		390
Deferrals of commissions and expenses	28		24		—		2
Amortization expense	(27)		(16)		(47)		(30)
Balance as of June 30, 2025	$	702	$	223	$	791	$	738

(1) As a result of the acquisition of OneAmerica Financial's full-service retirement plan business, the estimated VOBA amortization is expected to increase by $21 to $29 annually for years 2025 through 2029.

(2) Primarily related to the Retirement segment.

The following table shows a reconciliation of DAC and VOBA balances to the Condensed Consolidated Balance Sheets as of the periods indicated:


	June 30, 2025		December 31, 2024
DAC:
Retirement Deferred and Individual Annuities	$	702	$	701
Employee Benefits Voluntary	223		215
Businesses Exited	791		838
Other	18		18
VOBA	738		376
Total	$	2,472	$	2,148