v3.26.3
Intangibles (Tables)
 9 Months Ended
Sep. 30, 2026
Intangible Asset, Goodwill and Other [Abstract]  
Intangible Asset, Finite-Lived
The following table reconciles to Other intangible assets, net, on the unaudited Condensed Consolidated Balance Sheets as of September 30, 2026 and December 31, 2025 (in millions):
September 30, 2026December 31, 2025
Value of business acquired (“VOBA”)$1,095 $1,196 
Deferred acquisition costs (“DAC”)3,974 3,637 
Deferred sales inducements (“DSI”)1,102 891 
Value of distribution asset54 62 
Computer software75 80 
Definite lived trademarks, tradenames, and other200 173 
Customer relationships and contracts199 228 
Indefinite lived tradenames and other8 8 
Total Other intangible assets, net$6,707 $6,275 
The following table rolls forward the customer relationship intangibles acquired in the Roar and PALH acquisitions for the nine months ended September 30, 2026 and 2025 (in millions):
Nine months ended September 30,
20262025
Balance at January 1,
$228 $273 
Acquired and related adjustments— 6 
Amortization (29)(38)
Balance at September 30,
$199 $241 
Intangible Asset, Indefinite-Lived
The following table reconciles to Other intangible assets, net, on the unaudited Condensed Consolidated Balance Sheets as of September 30, 2026 and December 31, 2025 (in millions):
September 30, 2026December 31, 2025
Value of business acquired (“VOBA”)$1,095 $1,196 
Deferred acquisition costs (“DAC”)3,974 3,637 
Deferred sales inducements (“DSI”)1,102 891 
Value of distribution asset54 62 
Computer software75 80 
Definite lived trademarks, tradenames, and other200 173 
Customer relationships and contracts199 228 
Indefinite lived tradenames and other8 8 
Total Other intangible assets, net$6,707 $6,275 
Schedule of Rollforward of Value of Business Acquired
The following tables roll forward VOBA by product for the nine months ended September 30, 2026 and 2025 (in millions):
Indexed AnnuitiesFixed Rate AnnuitiesImmediate AnnuitiesUniversal LifeTraditional LifeTotal
Balance at January 1, 2026
$770 $18 $178 $119 $111 $1,196 
Amortization(86)(2)(4)(5)(4)(101)
Balance at September 30, 2026
$684 $16 $174 $114 $107 $1,095 

Indexed AnnuitiesFixed Rate AnnuitiesImmediate AnnuitiesUniversal LifeTraditional LifeTotal
Balance at January 1, 2025
$892 $22 $184 $126 $125 $1,349 
Amortization(93)(3)(5)(5)(11)(117)
Balance at September 30, 2025
$799 $19 $179 $121 $114 $1,232 
Schedule of Rollforward of Deferred Policy Acquisition Costs
The following tables roll forward DAC by product for the nine months ended September 30, 2026 and 2025 (in millions):
Indexed AnnuitiesFixed Rate AnnuitiesUniversal LifeTotal (a)
Balance at January 1, 2026
$2,205 $402 $1,021 $3,628 
Capitalization407 19 218 644 
Amortization(177)(83)(49)(309)
Balance at September 30, 2026
$2,435 $338 $1,190 $3,963 
Indexed AnnuitiesFixed Rate AnnuitiesUniversal LifeTotal (a)
Balance at January 1, 2025
$1,874 $376 $781 $3,031 
Capitalization388 118 207 713 
Amortization(145)(78)(37)(260)
Balance at September 30, 2025
$2,117 $416 $951 $3,484 
(a)Excludes insignificant amounts of DAC related to FABN and PRT.
Schedule of Reconciliation of Deferred Policy Acquisition Cost to Statement of Financial Position
The following table presents a reconciliation of DAC to the table above which is reconciled to the unaudited Condensed Consolidated Balance Sheets as of September 30, 2026 and December 31, 2025 (in millions):
September 30, 2026December 31, 2025
Indexed Annuities $2,435 $2,205 
Fixed Rate Annuities338 402 
Universal Life1,190 1,021 
FABN5 5 
PRT6 4 
Total$3,974 $3,637 
Schedule of Rollforward of Deferred Sale Inducement Cost
The following table rolls forward DSI for our indexed annuity products for the nine months ended September 30, 2026 and 2025 (in millions):
Nine months ended September 30,
20262025
Balance at January 1,$891 $625 
Capitalization278243 
Amortization(67)(47)
Balance at September 30,
$1,102 $821 
Goodwill
The following table presents the changes in carrying amount of goodwill for the nine months ended September 30, 2026 (in millions):
Nine months ended September 30,
2026
Balance at January 1,
$2,180 
Sale of F&G Life Re(51)
Balance at September 30,
$2,129