v3.26.1
Deferred Policy Acquisition Costs, Value of Business Acquired and Other Intangibles (Tables)
 3 Months Ended
Mar. 31, 2026
Deferred Policy Acquisition Costs and Present Value of Future Insurance Profits, Net [Abstract]  
Deferred Policy Acquisition Costs
Information regarding deferred policy acquisition costs (“DAC”) and value of business acquired (“VOBA”) was as follows:
Variable AnnuitiesFixed Rate AnnuitiesIndex-linked AnnuitiesTerm and Whole Life InsuranceUniversal Life Insurance
(In millions)
Three Months Ended March 31, 2026
DAC:
Balance, beginning of period$1,949 $120 $1,581 $265 $315 
Capitalization11 1 95 (1)5 
Amortization(52)(1)(77)(10)(10)
Balance, end of period1,908 120 1,599 254 310 
VOBA:
Balance, beginning of period251 51 — 3 32 
Amortization(6)(1)— — (1)
Balance, end of period245 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 
Capitalization10 1 94 — 5 
Amortization(54)— (64)(11)(10)
Balance, end of period2,072 116 1,492 299 327 
VOBA:
Balance, beginning of period279 55 — 3 38 
Amortization(7)(1)— — (1)
Balance, end of period272 54 — 3 37 
Total DAC and VOBA:
Balance, end of period$2,344 $170 $1,492 $302 $364 
Present Value of Future Insurance Profits
Information regarding deferred policy acquisition costs (“DAC”) and value of business acquired (“VOBA”) was as follows:
Variable AnnuitiesFixed Rate AnnuitiesIndex-linked AnnuitiesTerm and Whole Life InsuranceUniversal Life Insurance
(In millions)
Three Months Ended March 31, 2026
DAC:
Balance, beginning of period$1,949 $120 $1,581 $265 $315 
Capitalization11 1 95 (1)5 
Amortization(52)(1)(77)(10)(10)
Balance, end of period1,908 120 1,599 254 310 
VOBA:
Balance, beginning of period251 51 — 3 32 
Amortization(6)(1)— — (1)
Balance, end of period245 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 
Capitalization10 1 94 — 5 
Amortization(54)— (64)(11)(10)
Balance, end of period2,072 116 1,492 299 327 
VOBA:
Balance, beginning of period279 55 — 3 38 
Amortization(7)(1)— — (1)
Balance, end of period272 54 — 3 37 
Total DAC and VOBA:
Balance, end of period$2,344 $170 $1,492 $302 $364 
Deferred Sales Inducement Cost
Information regarding deferred sales inducements, included in other assets, was as follows:
Three Months Ended March 31,
20262025
Variable AnnuitiesFixed Rate AnnuitiesVariable AnnuitiesFixed Rate Annuities
(In millions)
Balance, beginning of period
$177 $5 $198 $6 
Amortization
(5)— (5)— 
Balance, end of period
$172 $5 $193 $6 
Unearned Revenue
Information regarding unearned revenue, included in other policy-related balances, was as follows:
Three Months Ended March 31,
20262025
Universal Life InsuranceULSGVariable AnnuitiesUniversal Life InsuranceULSGVariable Annuities
(In millions)
Balance, beginning of period
$360 $793 $54 $357 $715 $60 
Capitalization
9 35 — 11 39 — 
Amortization
(9)(20)(2)(9)(18)(2)
Balance, end of period
$360 $808 $52 $359 $736 $58