Deferred Policy Acquisition Costs, Value of Business Acquired and Other Intangibles

3 Months Ended

Mar. 31, 2026

6. Deferred Policy Acquisition Costs, Value of Business Acquired and Other Intangibles

Deferred Policy Acquisition Costs and Value of Business Acquired

Information regarding deferred policy acquisition costs (“DAC”) and value of business acquired (“VOBA”) was as follows:


	Variable Annuities		Fixed Rate Annuities		Index-linked Annuities		Term and Whole Life Insurance		Universal Life Insurance
	(In millions)
Three Months Ended March 31, 2026
DAC:
Balance, beginning of period	$	1,949	$	120	$	1,581	$	265	$	315
Capitalization	11		1		95		(1)		5
Amortization	(52)		(1)		(77)		(10)		(10)
Balance, end of period	1,908		120		1,599		254		310
VOBA:
Balance, beginning of period	251		51		—		3		32
Amortization	(6)		(1)		—		—		(1)
Balance, end of period	245		50		—		3		31
Total DAC and VOBA:
Balance, end of period	$	2,153	$	170	$	1,599	$	257	$	341
Three Months Ended March 31, 2025
DAC:
Balance, beginning of period	$	2,116	$	115	$	1,462	$	310	$	332
Capitalization	10		1		94		—		5
Amortization	(54)		—		(64)		(11)		(10)
Balance, end of period	2,072		116		1,492		299		327
VOBA:
Balance, beginning of period	279		55		—		3		38
Amortization	(7)		(1)		—		—		(1)
Balance, end of period	272		54		—		3		37
Total DAC and VOBA:
Balance, end of period	$	2,344	$	170	$	1,492	$	302	$	364

Deferred Sales Inducements

Information regarding deferred sales inducements, included in other assets, was as follows:

Unearned Revenue

Information regarding unearned revenue, included in other policy-related balances, was as follows: