v3.26.1
Value of Business Acquired ("VOBA"), Deferred Acquisition Costs ("DAC"), and Deferred Sales Inducements ("DSI") (Tables)
 6 Months Ended
Jun. 30, 2026
Intangible Asset, Goodwill and Other [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 June 30, 2026 and December 31, 2025.
June 30, 2026December 31, 2025
(In millions)
Customer relationships and contracts$312 $349 
Value of business acquired 1,127 1,196 
Deferred acquisition costs 3,853 3,637 
Deferred sales inducements 1,014 891 
Value of distribution asset57 62 
Computer software291 289 
Trademarks, tradenames, and other 233 217 
Total Other intangible assets, net$6,887 $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 June 30, 2026 and December 31, 2025.
June 30, 2026December 31, 2025
(In millions)
Customer relationships and contracts$312 $349 
Value of business acquired 1,127 1,196 
Deferred acquisition costs 3,853 3,637 
Deferred sales inducements 1,014 891 
Value of distribution asset57 62 
Computer software291 289 
Trademarks, tradenames, and other 233 217 
Total Other intangible assets, net$6,887 $6,641 
Schedule of Rollforward of Value of Business Acquired
The following tables roll forward VOBA by product for the six months ended June 30, 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(57)(2)(3)(3)(4)(69)
Balance at June 30, 2026
$713 $16 $175 $116 $107 $1,127 

Indexed AnnuitiesFixed Rate AnnuitiesImmediate AnnuitiesUniversal LifeTraditional LifeTotal
(In millions)
Balance at January 1, 2025
$892 $22 $184 $126 $125 $1,349 
Amortization(62)(2)(3)(4)(6)(77)
Balance at June 30, 2025
$830 $20 $181 $122 $119 $1,272 
Schedule of Rollforward of Deferred Policy Acquisition Costs
The following tables roll forward DAC by product for the six months ended June 30, 2026 and 2025.
Indexed AnnuitiesFixed Rate AnnuitiesUniversal LifeTotal (a)
(In millions)
Balance at January 1, 2026
$2,205 $402 $1,021 $3,628 
Capitalization250 16 146 412 
Amortization(110)(55)(32)(197)
Balance at June 30, 2026
$2,345 $363 $1,135 $3,843 
Indexed AnnuitiesFixed Rate AnnuitiesUniversal LifeTotal (a)
(In millions)
Balance at January 1, 2025
$1,874 $376 $781 $3,031 
Capitalization262 87 138 487 
Amortization(92)(51)(24)(167)
Balance at June 30, 2025
$2,044 $412 $895 $3,351 
(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 June 30, 2026 and December 31, 2025:
June 30, 2026December 31, 2025
(In millions)
Indexed Annuities$2,345 $2,205 
Fixed Rate Annuities363 402 
Universal Life1,135 1,021 
FABN6 5 
PRT4 4 
Total$3,853 $3,637 
Schedule of Rollforward of Deferred Sale Inducement Cost
The following table rolls forward DSI for our indexed annuity products for the six months ended June 30, 2026 and 2025:
Six months ended June 30,
20262025
(In millions)
Balance at January 1,$891 $625 
Capitalization164 158 
Amortization(41)(30)
Balance at June 30,
$1,014 $753