v3.25.4
Deferred Policy Acquisition Costs (Tables)
 12 Months Ended
Dec. 31, 2025
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Rollforward of Deferred Policy Acquisition Costs
The following table presents a rollforward of DAC:
Years Ended December 31,
(in millions)202520242023
Balance, beginning of year$2,065 $2,117 $2,343 
Capitalization3,381 3,519 4,157 
Amortization expense(3,371)(3,425)(3,771)
Other, including foreign exchange31 (146)(34)
Dispositions*— — (578)
Balance, end of year$2,106 $2,065 $2,117 
*Includes amounts related to the sale of Validus Re through the date of disposition.