v3.26.1
DEFERRED POLICY ACQUISITION COSTS, DEFERRED SALES INDUCEMENTS AND VALUE OF BUSINESS ACQUIRED
 6 Months Ended
Jun. 30, 2026
Insurance [Abstract]  
DEFERRED POLICY ACQUISITION COSTS, DEFERRED SALES INDUCEMENTS AND VALUE OF BUSINESS ACQUIRED DEFERRED POLICY ACQUISITION COSTS, DEFERRED SALES INDUCEMENTS AND VALUE OF BUSINESS ACQUIRED
The following tables present a rollforward of DAC, deferred sales inducements (“DSI”) and value of business acquired (“VOBA asset”) for the periods indicated:
AS OF AND FOR THE SIX MONTHS ENDED JUN. 30, 2026
US$ MILLIONS		AnnuitiesP&CLife InsuranceTotal
DAC:
Balance, beginning of period$1,893 $166 $377 $2,436 
Additions412 236 26 674 
Amortization(94)(167)(13)(274)
Net change318 69 13 400 
Balance, end of period$2,211 $235 $390 $2,836 
DSI:
Balance, beginning of period$1,114 $— $— $1,114 
Additions259 — — 259 
Amortization(51)— — (51)
Net change208 — — 208 
Balance, end of period$1,322 $— $— $1,322 
VOBA asset:
Balance, beginning of period$8,061 $14 $58 $8,133 
Amortization(380)(4)(2)(386)
Net change(380)(4)(2)(386)
Balance, end of period$7,681 $10 $56 $7,747 
Total DAC, DSI and VOBA asset$11,214 $245 $446 $11,905 
AS OF AND FOR THE SIX MONTHS ENDED JUN. 30, 2025
US$ MILLIONS		AnnuitiesP&CLife InsuranceTotal
DAC:
Balance, beginning of period$886 $184 $306 $1,376 
Additions511 228 45 784 
Amortization(47)(229)(16)(292)
Net change464 (1)29 492 
Balance, end of period$1,350 $183 $335 $1,868 
DSI:
Balance, beginning of period$393 $— $— $393 
Additions348 — — 348 
Amortization(19)— — (19)
Net change329 — — 329 
Balance, end of period$722 $— $— $722 
VOBA asset:
Balance, beginning of period$8,838 $27 $62 $8,927 
Amortization(381)(8)(2)(391)
Net change(381)(8)(2)(391)
Balance, end of period$8,457 $19 $60 $8,536 
Total DAC, DSI and VOBA asset$10,529 $202 $395 $11,126 
The following table provides the projected VOBA asset amortization expenses for a five-year period and thereafter as of June 30, 2026:
YearsUS$ MILLIONS
2026(1)
$365 
2027679 
2028623 
2029568 
2030520 
Thereafter4,992 
Total amortization expense$7,747 
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(1)Expected amortization for the remainder of 2026.