Deferred Policy Acquisition Costs, Deferred Reinsurance, Deferred Sales Inducements and Value of Business Acquired (Tables)

3 Months Ended

Mar. 31, 2026

Deferred Charges, Insurers [Abstract]

Schedule of Deferred Policy Acquisition Costs

The following tables show a rollforward for the lines of business that contain material DAC balances, along with a reconciliation to the Company’s total DAC balance:


	Three Months Ended March 31, 2026
			Individual Life				U.S. Legacy Products				International Businesses		Total
	Retirement		Term Life		Variable/ Universal Life		Annuities		Guaranteed Universal Life
	(in millions)
Balance, BOP	$	2,304	$	2,203	$	4,845	$	2,308	$	545	$	9,678	$	21,883
Capitalization	174		48		169		1		5		263		660
Amortization expense	(81)		(53)		(57)		(58)		(4)		(178)		(431)
Other adjustments	0		0		(1)		0		0		4		3
Foreign currency adjustment	(1)		0		0		0		0		(11)		(12)
Balance, EOP	$	2,396	$	2,198	$	4,956	$	2,251	$	546	$	9,756	22,103
Other businesses													(373)
Total DAC balance													$	21,730


	Three Months Ended March 31, 2025
			Individual Life				U.S. Legacy Products(1)				International Businesses		Total
	Retirement(1)		Term Life		Variable/ Universal Life(1)		Annuities		Guaranteed Universal Life
	(in millions)
Balance, BOP	$	1,744	$	2,215	$	4,369	$	2,556	$	509	$	9,304	$	20,697
Capitalization	306		46		144		1		13		305		815
Amortization expense	(82)		(52)		(53)		(61)		(6)		(169)		(423)
Other adjustments(2)	(2)		0		(1)		0		1		(214)		(216)
Foreign currency adjustment	2		0		0		0		0		184		186
Balance, EOP	$	1,968	$	2,209	$	4,459	$	2,496	$	517	$	9,410	21,059
Other businesses													(269)
Total DAC balance													$	20,790

__________

(1)Prior period amounts have been updated to conform to current presentation.

(2)Includes the impact of the reinsurance transaction with Prismic Re International in International Businesses. See Note 12 for additional information.

Deferred Reinsurance Losses

The following tables show a rollforward for the lines of business that contain DRL balances, along with a reconciliation to the Company’s total DRL balance:


	Three Months Ended March 31, 2026
			U.S. Legacy Products		Total
	Retirement		Guaranteed Universal Life
	(in millions)
Balance, BOP	$	248	$	932	$	1,180

Amortization	(7)		(10)		(17)


Balance, EOP	$	241	$	922	1,163
Other businesses					63
Total DRL balance					$	1,226


	Three Months Ended March 31, 2025
			U.S. Legacy Products		Total
	Retirement		Guaranteed Universal Life
	(in millions)
Balance, BOP	$	280	$	969	$	1,249

Amortization	(8)		(9)		(17)


Balance, EOP	$	272	$	960	1,232
Other businesses					86
Total DRL balance					$	1,318

Deferred Reinsurance Gains

The following tables show a rollforward for the lines of business that contain DRG balances, along with a reconciliation to the Company’s total DRG balance:


	Three Months Ended March 31, 2026
			U.S. Legacy Products				Total
	Retirement		Annuities		Guaranteed Universal Life
	(in millions)
Balance, BOP	$	67	$	263	$	333	$	663
Deferred reinsurance gain	2		0		0		2
Amortization	(1)		(6)		(4)		(11)


Balance, EOP	$	68	$	257	$	329	654
Other businesses							40
Total DRG balance							$	694


	Three Months Ended March 31, 2025
			U.S. Legacy Products				Total
	Retirement		Annuities		Guaranteed Universal Life
	(in millions)
Balance, BOP	$	62	$	287	$	348	$	697
Deferred reinsurance gain	1		0		0		1
Amortization	(1)		(6)		(4)		(11)

Foreign currency adjustment	2		0		0		2
Balance, EOP	$	64	$	281	$	344	689
Other businesses							43
Total DRG balance							$	732

Deferred Sales Inducements

The following table shows a rollforward of DSI balances for annuity products within U.S. Legacy Products, which is the only line of business that contains a material DSI balance, along with a reconciliation to the Company’s total DSI balance:


	Three Months Ended March 31,
	2026		2025(1)
	(in millions)
Balance, BOP	$	348	$	378
Capitalization	1		1
Amortization expense	(8)		(8)


Balance, EOP	341		371
Other businesses	25		27
Total DSI balance	$	366	$	398

__________

(1)Prior period amounts have been updated to conform to current presentation.

Schedule of Value of Business Acquired

The following table shows a rollforward of VOBA balances for the acquisition of the Star and Edison Businesses for International Businesses, along with a reconciliation to the Company’s total VOBA balance:


	Three Months Ended March 31,
	2026		2025
	(in millions)
Balance, BOP	$	384	$	421

Amortization expense	(9)		(10)

Foreign currency adjustment	(5)		20
Balance, EOP	370		431
Other businesses(1)	12		15
Total VOBA balance	$	382	$	446

__________

(1)Represents Aoba Life business.