v3.26.1
DAC AND OTHER DEFERRED ASSETS/LIABILITIES (Tables)
 3 Months Ended
Mar. 31, 2026
Contract Holder Bonus Interest Credits [Abstract]  
Schedule of Reconciliation of Deferred Acquisition Cost
The following table presents a reconciliation of DAC to the consolidated balance sheets:
March 31, 2026December 31, 2025
(in millions)
Retirement
GMxB Core
$
1,584 
$
1,587 
EQUI-VEST Individual
153 
153 
Investment Edge
285 
273 
SCS
2,343 
2,274 
EQUI-VEST Group
792 
789 
Momentum
78 
79 
Corporate and Other
Term
273 
288 
Universal Life
165 
167 
Variable Universal Life
1,153 
1,143 
Indexed Universal Life
179 
181 
GMxB Legacy
462 
472 
Closed Block
96 
98 
Other
21 
19 
Total
$
7,584 
$
7,523 
Schedule of Deferred Policy Acquisition Costs
Changes in the DAC asset were as follows:
Three Months Ended March 31, 2026
Retirement
Corporate and OtherTotal
GMxB CoreEI IE SCSEG MomentumTermULVUL IUL GMxB LegacyCB (1)
(in millions)
Balance, beginning of period
$
1,587 
$
153 
$
273 
$
2,274 
$
789 
$
79 
$
288 
$
167 
$
1,143 
$
181 
$
472 
$
98 
$
7,504 
Capitalization
38 
3 
18 
183 
15 
3 
2 
2 
30 
1 
5 
— 
300 
Amortization
(41)
(3)
(6)
(95)
(12)
(4)
(8)
(3)
(17)
(3)
(15)
(2)
(209)
Recovery of acquisition costs (2)
— 
— 
— 
(19)
— 
— 
(9)
(1)
(3)
— 
— 
— 
(32)
Balance, end of period
$
1,584 
$
153 
$
285 
$
2,343 
$
792 
$
78 
$
273 
$
165 
$
1,153 
$
179 
$
462 
$
96 
$
7,563 
______________
(1)“CB” defined as Closed Block.
(2)Related to third party reinsurance transactions.

Three Months Ended March 31, 2025
Retirement
Corporate and OtherTotal
GMxB CoreEI IE SCSEG MomentumTermULVUL IUL GMxB Legacy
CB
(in millions)
Balance, beginning of period
$
1,605 
$
154 
$
225 
$
1,938 
$
768 
$
83 
$
314 
$
170 
$
1,083 
$
186 
$
517 
$
107 
$
7,150 
Capitalization
37 
3 
16 
157 
15 
3 
2 
5 
35 
3 
5 
— 
281 
Amortization (1)
(38)
(3)
(5)
(77)
(12)
(4)
(9)
(3)
(16)
(3)
(18)
(2)
(190)
Balance, end of period
$
1,604 
$
154 
$
236 
$
2,018 
$
771 
$
82 
$
307 
$
172 
$
1,102 
$
186 
$
504 
$
105 
$
7,241 
______________
(1)Includes an immaterial impact from Novation. See Note 1 for additional details.
Changes in the Retirement and Corporate and Other sales inducement assets were as follows:
Three Months Ended March 31,
20262025
Retirement
Corporate and OtherRetirementCorporate and Other
GMxB CoreGMxB LegacyGMxB CoreGMxB Legacy
(in millions)
Balance, beginning of period
$
107 
$
141 
$
117 
$
160 
Capitalization
— 
— 
— 
— 
Amortization
(3)
(4)
(3)
(5)
Balance, end of period
$
104 
$
137 
$
114 
$
155 
Changes in the Corporate and Other unearned revenue liability were as follows:
Three Months Ended March 31,
20262025
ULVULIULULVULIUL
(in millions)
Balance, beginning of period
$
112 
$
866 
$
254 
$
114 
$
840 
$
250 
Capitalization
3 
39 
10 
3 
37 
12 
Amortization
(2)
(15)
(5)
(2)
(13)
(4)
Recovery of unearned revenue reserves (1)
(2)
(21)
(7)
— 
— 
— 
Balance, end of period
$
111 
$
869 
$
252 
$
115 
$
864 
$
258 
______________
(1)    Related to third party reinsurance transactions.