v3.26.1
Deferred Policy Acquisition Costs, Value of Business Acquired and Other Intangibles (Tables)
 6 Months Ended
Jun. 30, 2026
Deferred Policy Acquisition Costs and Present Value of Future Insurance Profits, Net [Abstract]  
Deferred Policy Acquisition Costs
Information regarding deferred policy acquisition costs (“DAC”) and value of business acquired (“VOBA”) was as follows:
Variable AnnuitiesFixed Rate AnnuitiesIndex-linked AnnuitiesTerm and Whole Life InsuranceUniversal Life Insurance
(In millions)
Six Months Ended June 30, 2026
DAC:
Balance, beginning of period$1,949 $120 $1,581 $265 $315 
Capitalization22 1 203 (1)10 
Amortization(103)(1)(155)(21)(18)
Balance, end of period1,868 120 1,629 243 307 
VOBA:
Balance, beginning of period251 51 — 3 32 
Amortization(13)(2)— — (2)
Balance, end of period238 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 
Capitalization22 3 189 (1)10 
Amortization(108)— (129)(22)(19)
Balance, end of period2,030 118 1,522 287 323 
VOBA:
Balance, beginning of period279 55 — 3 38 
Amortization(14)(2)— — (3)
Balance, end of period265 53 — 3 35 
Total DAC and VOBA:
Balance, end of period$2,295 $171 $1,522 $290 $358 
Present Value of Future Insurance Profits
Information regarding deferred policy acquisition costs (“DAC”) and value of business acquired (“VOBA”) was as follows:
Variable AnnuitiesFixed Rate AnnuitiesIndex-linked AnnuitiesTerm and Whole Life InsuranceUniversal Life Insurance
(In millions)
Six Months Ended June 30, 2026
DAC:
Balance, beginning of period$1,949 $120 $1,581 $265 $315 
Capitalization22 1 203 (1)10 
Amortization(103)(1)(155)(21)(18)
Balance, end of period1,868 120 1,629 243 307 
VOBA:
Balance, beginning of period251 51 — 3 32 
Amortization(13)(2)— — (2)
Balance, end of period238 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 
Capitalization22 3 189 (1)10 
Amortization(108)— (129)(22)(19)
Balance, end of period2,030 118 1,522 287 323 
VOBA:
Balance, beginning of period279 55 — 3 38 
Amortization(14)(2)— — (3)
Balance, end of period265 53 — 3 35 
Total DAC and VOBA:
Balance, end of period$2,295 $171 $1,522 $290 $358 
Deferred Sales Inducement Cost
Information regarding deferred sales inducements, included in other assets, was as follows:
Six Months Ended June 30,
20262025
Variable AnnuitiesFixed Rate AnnuitiesVariable AnnuitiesFixed Rate Annuities
(In millions)
Balance, beginning of period
$177 $5 $198 $6 
Amortization
(10)— (11)— 
Balance, end of period
$167 $5 $187 $6 
Unearned Revenue
Information regarding unearned revenue, included in other policy-related balances, was as follows:
Six Months Ended June 30,
20262025
Universal Life InsuranceULSGVariable AnnuitiesUniversal Life InsuranceULSGVariable Annuities
(In millions)
Balance, beginning of period
$360 $793 $54 $357 $715 $60 
Capitalization
19 70 — 18 79 — 
Amortization
(17)(42)(3)(18)(36)(3)
Balance, end of period
$362 $821 $51 $357 $758 $57