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

3 Months Ended

Mar. 31, 2026

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	$	1,881	$	120	$	1,581	$	231	$	135
Capitalization	11		1		95		(1)		5
Amortization	(50)		(1)		(77)		(9)		(2)
Balance, end of period	1,842		120		1,599		221		138
VOBA:
Balance, beginning of period	251		51		—		3		23
Amortization	(6)		(1)		—		—		(1)
Balance, end of period	245		50		—		3		22
Total DAC and VOBA:
Balance, end of period	$	2,087	$	170	$	1,599	$	224	$	160
Three Months Ended March 31, 2025
DAC:
Balance, beginning of period	$	2,040	$	115	$	1,462	$	271	$	122
Capitalization	10		1		94		—		5
Amortization	(52)		—		(64)		(9)		(2)
Balance, end of period	1,998		116		1,492		262		125
VOBA:
Balance, beginning of period	279		55		—		3		27
Amortization	(7)		(1)		—		—		(1)
Balance, end of period	272		54		—		3		26
Total DAC and VOBA:
Balance, end of period	$	2,270	$	170	$	1,492	$	265	$	151

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	$	1,881	$	120	$	1,581	$	231	$	135
Capitalization	11		1		95		(1)		5
Amortization	(50)		(1)		(77)		(9)		(2)
Balance, end of period	1,842		120		1,599		221		138
VOBA:
Balance, beginning of period	251		51		—		3		23
Amortization	(6)		(1)		—		—		(1)
Balance, end of period	245		50		—		3		22
Total DAC and VOBA:
Balance, end of period	$	2,087	$	170	$	1,599	$	224	$	160
Three Months Ended March 31, 2025
DAC:
Balance, beginning of period	$	2,040	$	115	$	1,462	$	271	$	122
Capitalization	10		1		94		—		5
Amortization	(52)		—		(64)		(9)		(2)
Balance, end of period	1,998		116		1,492		262		125
VOBA:
Balance, beginning of period	279		55		—		3		27
Amortization	(7)		(1)		—		—		(1)
Balance, end of period	272		54		—		3		26
Total DAC and VOBA:
Balance, end of period	$	2,270	$	170	$	1,492	$	265	$	151

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

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