v3.25.4
DAC, VOBA, DSI and DFEL (Tables)
 12 Months Ended
Dec. 31, 2025
Deferred Policy Acquisition Costs and Present Value of Future Insurance Profits, Net [Abstract]  
Reconciliation of DAC, VOBA and DSI
The following table reconciles DAC, VOBA and DSI (in millions) to the Consolidated Balance Sheets:

As of December 31,
20252024
DAC, VOBA and DSI
Variable Annuities$4,240 $4,104 
Fixed Annuities477 423 
Traditional Life1,208 1,329 
UL and Other6,219 6,146 
Group Protection178 136 
Retirement Plan Services308 288 
Other Operations7 – 
Total DAC, VOBA and DSI$12,637 $12,426 
Reconciliation of DFEL
The following table reconciles DFEL (in millions) to the Consolidated Balance Sheets:

As of December 31,
20252024
DFEL
Variable Annuities$282 $293 
UL and Other (1)
7,266 6,406 
Other Operations (2)
57 51 
Total DFEL$7,605 $6,750 

(1) We reported $2.6 billion and $2.4 billion of ceded DFEL in reinsurance recoverables on the Consolidated Balance Sheets as of December 31, 2025 and 2024, respectively.
(2) Represents DFEL reported in Other Operations attributable to the indemnity reinsurance agreement with Protective that is excluded from the following tables. We reported $57 million and $51 million of ceded DFEL in reinsurance recoverables on the Consolidated Balance Sheets as of December 31, 2025 and 2024, respectively.
DAC
The following tables summarize the changes in DAC (in millions):

For the Year Ended December 31, 2025
Variable
Annuities		Fixed
Annuities		Traditional
Life		UL and
Other		Group ProtectionRetirement
Plan
Services
Balance as of beginning-of-year$3,959 $393 $1,294 $5,754 $136 $246 
Business acquired (sold) through
reinsurance– – (19)– (4)– 
Deferrals570 124 42 424 143 20 
Amortization(422)(65)(137)(314)(97)(19)
Balance as of end-of-year$4,107 $452 $1,180 $5,864 $178 $247 

For the Year Ended December 31, 2024
Variable
Annuities		Fixed
Annuities		Traditional
Life		UL and
Other		Group ProtectionRetirement
Plan
Services
Balance as of beginning-of-year$3,868 $421 $1,332 $5,709 $154 $244 
Business acquired (sold) through
reinsurance– – – (73)(38)– 
Deferrals454 44 107 420 134 21 
Amortization(363)(72)(145)(302)(114)(19)
Balance as of end-of-year$3,959 $393 $1,294 $5,754 $136 $246 
VOBA
The following tables summarize the changes in VOBA (in millions):

For the Year Ended December 31, 2025
Fixed
Annuities		Traditional
Life		UL and
Other
Balance as of beginning-of-year$13 $35 $366 
Deferrals– – 1 
Amortization(2)(7)(37)
Balance as of end-of-year$11 $28 $330 

For the Year Ended December 31, 2024
Fixed
Annuities		Traditional
Life		UL and
Other
Balance as of beginning-of-year$15 $42 $402 
Deferrals– – 2 
Amortization(2)(7)(38)
Balance as of end-of-year$13 $35 $366 
Estimated Future Amortization Of VOBA
Estimated future amortization of VOBA (in millions), as of December 31, 2025, was as follows:

2026$36 
202731 
202826 
202922 
203020 
DSI
The following tables summarize the changes in DSI (in millions):

For the Year Ended December 31, 2025
Variable AnnuitiesFixed
Annuities		UL and
Other		Retirement
Plan
Services
Balance as of beginning-of-year$145 $17 $26 $42 
Deferrals1 – – 20 
Amortization(13)(3)(1)(1)
Balance as of end-of-year$133 $14 $25 $61 

For the Year Ended December 31, 2024
Variable AnnuitiesFixed
Annuities		UL and
Other		Retirement
Plan
Services
Balance as of beginning-of-year$157 $20 $28 $26 
Deferrals2 – 1 17 
Amortization(14)(3)(3)(1)
Balance as of end-of-year$145 $17 $26 $42 
DFEL
The following tables summarize the changes in DFEL (in millions):

For the Year Ended December 31, 2025For the Year Ended December 31, 2024
Variable AnnuitiesUL and
Other		Variable AnnuitiesUL and
Other
Balance as of beginning-of-year$293 $6,406 $300 $5,579 
Deferrals15 1,222 19 1,114 
Amortization(26)(362)(26)(287)
Balance as of end-of-year282 7,266 293 6,406 
Less: Reinsurance recoverables– 2,563 – 2,436 
Balance as of end-of-year, net of reinsurance$282 $4,703 $293 $3,970