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

6 Months Ended

Jun. 30, 2026

6. Deferred Policy Acquisition Costs, Value of Business Acquired and Other Intangibles

Deferred Policy Acquisition Costs and Value of Business Acquired

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)
Six Months Ended June 30, 2026
DAC:
Balance, beginning of period	$	1,949	$	120	$	1,581	$	265	$	315
Capitalization	22		1		203		(1)		10
Amortization	(103)		(1)		(155)		(21)		(18)
Balance, end of period	1,868		120		1,629		243		307
VOBA:
Balance, beginning of period	251		51		—		3		32
Amortization	(13)		(2)		—		—		(2)
Balance, end of period	238		49		—		3		30
Total DAC and VOBA:
Balance, end of period	$	2,106	$	169	$	1,629	$	246	$	337
Six Months Ended June 30, 2025
DAC:
Balance, beginning of period	$	2,116	$	115	$	1,462	$	310	$	332
Capitalization	22		3		189		(1)		10
Amortization	(108)		—		(129)		(22)		(19)
Balance, end of period	2,030		118		1,522		287		323
VOBA:
Balance, beginning of period	279		55		—		3		38
Amortization	(14)		(2)		—		—		(3)
Balance, end of period	265		53		—		3		35
Total DAC and VOBA:
Balance, end of period	$	2,295	$	171	$	1,522	$	290	$	358

Deferred Sales Inducements

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

Unearned Revenue

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