Deferred Policy Acquisition Costs (Tables)

6 Months Ended

Jun. 30, 2026

The following table presents a rollforward of deferred policy acquisition costs related to long-duration contracts for the six

months ended June 30, 2026 and 2025:


	Individual Retirement	Group Retirement	Life Insurance	Institutional Markets	Corporate and Other	Total
(in millions)	Individual Retirement	Group Retirement	Life Insurance	Institutional Markets	Corporate and Other	Total
DAC:
Balance at January 1, 2026	$3,378	$1,053	$4,162	$118	$164	$8,875
Capitalization	343	43	193	29	—	608
Amortization expense	(260)	(55)	(166)	(11)	—	(492)
Other adjustments(a)	—	—	—	—	(164)	(164)
Balance at June 30, 2026(b)	$3,461	$1,041	$4,189	$136	$—	$8,827

Balance at January 1, 2025	$3,020	$1,049	$4,127	$95	$1,990	$10,281
Capitalization	417	42	183	14	36	692
Amortization expense	(224)	(43)	(168)	(8)	(106)	(549)
Other, including foreign exchange	—	—	—	—	—	—
Balance at June 30, 2025(b)	$3,213	$1,048	$4,142	$101	$1,920	$10,424

(a)Includes the impacts of the reinsurance agreement with CSLR. See Note 7 for additional information.

(b)Excludes value of business acquired (“VOBA”) of $9 million and $11 million at June 30, 2026 and 2025, respectively.

The following table presents a rollforward of deferred sales inducement assets related to long-duration contracts for the six

months ended June 30, 2026 and 2025:


	Individual Retirement	Group Retirement	Corporate and Other	Total
(in millions)	Individual Retirement	Group Retirement	Corporate and Other	Total
Balance at January 1, 2026	$182	$140	$1	$323
Capitalization	—	—	—	—
Amortization expense	(16)	(7)	—	(23)
Other adjustments(a)	—	—	(1)	(1)
Balance at June 30, 2026	$166	$133	$—	$299
Other reconciling items(b)				4,767
Other assets, including restricted cash				$5,066

Balance at January 1, 2025	$218	$152	$70	$440
Capitalization	—	—	1	1
Amortization expense	(19)	(6)	(4)	(29)
Balance at June 30, 2025	$199	$146	$67	$412
Other reconciling items(b)				1,630
Other assets, including restricted cash				$2,042

(a)Includes the impacts of the reinsurance agreement with CSLR. See Note 7 for additional information.

(b)Other reconciling items include deposit assets, derivative assets, prepaid expenses, goodwill and any similar items.