Deferred Policy Acquisition Costs (Tables)

3 Months Ended

Mar. 31, 2026

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Schedule of Deferred Policy Acquisition Costs

The following table presents a rollforward of deferred policy acquisition costs related to long-duration contracts for the three months ended March 31, 2026 and 2025:


	Individual Retirement		Group Retirement		Life Insurance		Institutional Markets		Corporate and Other		Total
(in millions)
DAC:
Balance at January 1, 2026	$	3,378	$	1,053	$	4,162	$	118	$	164	$	8,875
Capitalization	183		23		95		8		—		309
Amortization expense	(130)		(27)		(83)		(5)		—		(245)
Other adjustments(a)	—		—		—		—		(164)		(164)

Balance at March 31, 2026(b)	$	3,431	$	1,049	$	4,174	$	121	$	—	$	8,775

Balance at January 1, 2025	$	3,020	$	1,049	$	4,127	$	95	$	1,990	$	10,281
Capitalization	174		19		90		8		19		310
Amortization expense	(111)		(22)		(85)		(4)		(53)		(275)
Other, including foreign exchange	—		—		—		—		—		—

Balance at March 31, 2025(b)	$	3,083	$	1,046	$	4,132	$	99	$	1,956	$	10,316

(a) Includes the impacts of the reinsurance agreement with CSLR. See Note 7 for additional information.

(b) Excludes value of business acquired (“VOBA”) of $10 million and $12 million at March 31, 2026 and 2025, respectively.

The following table presents a rollforward of deferred sales inducement assets related to long-duration contracts for the three months ended March 31, 2026 and 2025:


	Individual Retirement		Group Retirement		Corporate and Other		Total
(in millions)


Balance at January 1, 2026	$	182	$	140	$	1	$	323
Capitalization	1		—		—		1
Amortization expense	(9)		(4)		—		(13)
Other adjustments(a)	—		—		(1)		(1)
Balance at March 31, 2026	$	174	$	136	$	—	$	310
Other reconciling items(b)							4,711
Other assets, including restricted cash							$	5,021

Balance at January 1, 2025	$	218	$	152	$	70	$	440
Capitalization	1		—		—		1
Amortization expense	(10)		(3)		(2)		(15)

Balance at March 31, 2025	$	209	$	149	$	68	$	426
Other reconciling items(b)							1,616
Other assets, including restricted cash							$	2,042

(a) Includes the impacts of the reinsurance agreement with CSLR. See Note 7 for additional information.

(b) Other reconciling items include deposit assets, derivative assets, prepaid expenses, goodwill and any similar items.