Deferred Policy Acquisition Costs (Tables)

9 Months Ended

Sep. 30, 2026

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

months ended September 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	516	67	294	36	(1)	912
Amortization expense	(412)	(84)	(246)	(16)	—	(758)
Other adjustments(a)	—	—	—	—	(163)	(163)
Balance at September 30, 2026(b)	$3,482	$1,036	$4,210	$138	$—	$8,866

Balance at January 1, 2025	$3,020	$1,049	$4,127	$95	$1,990	$10,281
Capitalization	644	69	274	28	42	1,057
Amortization expense	(347)	(65)	(252)	(12)	(126)	(802)
Other, including foreign exchange(a)	—	—	—	—	(1,739)	(1,739)
Balance at September 30, 2025(b)	$3,317	$1,053	$4,149	$111	$167	$8,797

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

(b)Excludes value of business acquired (“VOBA”) of $8 million and $11 million at September 30, 2026 and 2025, respectively.

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

nine months ended September 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	(23)	(11)	—	(34)
Other adjustments(a)	—	—	(1)	(1)
Balance at September 30, 2026	$159	$129	$—	$288
Other reconciling items(b)				4,222
Other assets, including restricted cash				$4,510

Balance at January 1, 2025	$218	$152	$70	$440
Capitalization	—	—	—	—
Amortization expense	(28)	(9)	(5)	(42)
Other, including foreign exchange(a)	—	—	(63)	(63)
Balance at September 30, 2025	$190	$143	$2	$335
Other reconciling items(b)				4,289
Other assets, including restricted cash				$4,624

(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.