v3.26.1
Value of Business Acquired ("VOBA"), Deferred Acquisition Costs ("DAC"), and Deferred Sales Inducements ("DSI") (Tables)
 3 Months Ended
Mar. 31, 2026
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Other Intangible Assets, Finite
The following table reconciles to Other intangible assets, net, on the unaudited Condensed Consolidated Balance Sheets as of March 31, 2026 and December 31, 2025.
March 31, 2026December 31, 2025
(In millions)
Customer relationships and contracts$330 $349 
Value of business acquired 1,161 1,196 
Deferred acquisition costs 3,752 3,637 
Deferred sales inducements 944 891 
Value of distribution asset60 62 
Computer software286 289 
Trademarks, tradenames, and other 228 217 
Total Other intangible assets, net$6,761 $6,641 
Schedule of Other Intangible Assets, Indefinite
The following table reconciles to Other intangible assets, net, on the unaudited Condensed Consolidated Balance Sheets as of March 31, 2026 and December 31, 2025.
March 31, 2026December 31, 2025
(In millions)
Customer relationships and contracts$330 $349 
Value of business acquired 1,161 1,196 
Deferred acquisition costs 3,752 3,637 
Deferred sales inducements 944 891 
Value of distribution asset60 62 
Computer software286 289 
Trademarks, tradenames, and other 228 217 
Total Other intangible assets, net$6,761 $6,641 
Schedule of Rollforward of Value of Business Acquired
The following tables roll forward VOBA by product for the three months ended March 31, 2026 and 2025:
Indexed AnnuitiesFixed Rate AnnuitiesImmediate AnnuitiesUniversal LifeTraditional LifeTotal
(In millions)
Balance at January 1, 2026
$770 $18 $178 $119 $111 $1,196 
Amortization(29)(1)(2)(1)(2)(35)
Balance at March 31, 2026
$741 $17 $176 $118 $109 $1,161 

Indexed AnnuitiesFixed Rate AnnuitiesImmediate AnnuitiesUniversal LifeTraditional LifeTotal
(In millions)
Balance at January 1, 2025
$892 $22 $184 $126 $125 $1,349 
Amortization(31)(1)(2)(1)(3)(38)
Balance at March 31, 2025
$861 $21 $182 $125 $122 $1,311 
Schedule of Rollforward of Deferred Policy Acquisition Costs
The following tables roll forward DAC by product for the three months ended March 31, 2026 and 2025.
Indexed AnnuitiesFixed Rate AnnuitiesUniversal LifeTotal (a)
(In millions)
Balance at January 1, 2026
$2,205 $402 $1,021 $3,628 
Capitalization126 8 77 211 
Amortization(54)(28)(16)(98)
Balance at March 31, 2026
$2,277 $382 $1,082 $3,741 
Indexed AnnuitiesFixed Rate AnnuitiesUniversal LifeTotal (a)
(In millions)
Balance at January 1, 2025
$1,874 $376 $781 $3,031 
Capitalization126 21 69 216 
Amortization(45)(25)(12)(82)
Balance at March 31, 2025
$1,955 $372 $838 $3,165 
(a) Excludes insignificant amounts of DAC related to funding agreement backed notes ("FABN") and PRT.
Schedule of Reconciliation of DAC to Condensed Consolidated Balance Sheets
The following table presents a reconciliation of DAC to the table above, which is reconciled to the unaudited Condensed Consolidated Balance Sheets as of March 31, 2026 and December 31, 2025:
March 31, 2026December 31, 2025
(In millions)
Indexed Annuities$2,277 $2,205 
Fixed Rate Annuities382 402 
Universal Life1,082 1,021 
FABN7 5 
PRT4 4 
Total$3,752 $3,637 
Schedule of Rollforward of Deferred Sale Inducement Cost
The following table rolls forward DSI for our indexed annuity products for the three months ended March 31, 2026 and 2025:
Three months ended March 31,
20262025
(In millions)
Balance at January 1,$891 $625 
Capitalization73 71 
Amortization(20)(14)
Balance at March 31,$944 $682