
	Individual Retirement		Group Retirement		Life Insurance		Institutional Markets		Total
(in millions)
DAC:
Balance at January 1, 2024	$	4,777	$	1,055	$	4,092	$	70	$	9,994
Capitalization	170		22		135		13		340
Amortization expense	(149)		(21)		(93)		(3)		(266)
Other, including foreign exchange	—		—		(7)		—		(7)
Reclassified to Assets held-for-sale	—		—		(27)		—		(27)
Balance at March 31, 2024	$	4,798	$	1,056	$	4,100	$	80	$	10,034

Balance at January 1, 2023	$	4,643	$	1,060	$	4,718	$	51	$	10,472
Capitalization	187		21		107		4		319
Amortization expense	(137)		(21)		(93)		(2)		(253)
Other, including foreign exchange	—		—		13		—		13
Balance at March 31, 2023	$	4,693	$	1,060	$	4,745	$	53	$	10,551







VOBA:
Balance at January 1, 2024	$	2	$	1	$	14	$	—	$	17

Amortization expense	—		—		(1)		—		(1)
Other, including foreign exchange	—		—		(1)		—		(1)

Balance at March 31, 2024	$	2	$	1	$	12	$	—	$	15

Balance at January 1, 2023	$	3	$	1	$	87	$	—	$	91

Amortization expense	—		—		(3)		—		(3)
Other, including foreign exchange	(2)		—		4		—		2
Balance at March 31, 2023	$	1	$	1	$	88	$	—	$	90






Total DAC and VOBA:
Balance at March 31, 2024									$	10,049
Balance at March 31, 2023									$	10,641

The following table presents a rollforward of deferred sales inducement assets related to long-duration contracts for the three months ended March 31, 2024 and 2023:


Three Months Ended March 31,	2024						2023
	Individual Retirement		Group Retirement		Total		Individual Retirement		Group Retirement		Total
(in millions)


Balance, beginning of year	$	333	$	164	$	497	$	381	$	177	$	558
Capitalization	1		—		1		2		—		2
Amortization expense	(13)		(3)		(16)		(14)		(3)		(17)

Balance, end of period	$	321	$	161	$	482	$	369	$	174	$	543
Other reconciling items*					1,660						2,145
Other assets, including restricted cash					$	2,142					$	2,688