Voya Financial Inc
For the period ended Dec 31, 2023. Filed Feb 23, 2024.
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FY2023 · Filed Feb 23, 2024
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. Deferred Policy Acquisition Costs and Value of Business Acquired
- Deferred Policy Acquisition Costs and Value of Business Acquired
The following tables present a rollforward of DAC and VOBA for the periods indicated:
| DAC · VOBA | |||
|---|---|---|---|
| Wealth Solutions Deferred and Individual Annuities · Businesses exited | |||
| Balance as of January 1, 2021 | $690 | $1,290 | $705 |
| Deferrals of commissions and expenses | 61 | 1 | 6 |
| Amortization expense | (60) | (133) | (238) |
| Balance as of December 31, 2021 | $691 | $1,158 | $473 |
| Deferrals of commissions and expenses | 59 | — | 5 |
| Amortization expense | (59) | (115) | (39) |
| Balance as of December 31, 2022 | $691 | $1,043 | $439 |
| Deferrals of commissions and expenses | 59 | — | 4 |
| Amortization expense | (55) | (105) | (37) |
| Balance as of December 31, 2023 | $695 | $938 | $406 |
The following table shows a reconciliation of DAC and VOBA balances to the Consolidated Balance Sheets for the periods indicated:
| December 31, 2023 | December 31, 2022 | |
|---|---|---|
| DAC: | ||
| Wealth Solutions Deferred and Individual Annuities | $695 | $691 |
| Businesses exited | 938 | 1,043 |
| Other(1) | 211 | 190 |
| VOBA | 406 | 439 |
| Total | $2,250 | $2,363 |
(1)Substantially all of this balance is comprised of the Health Solutions segment.
There wasno loss recognition for VOBA during 2023 and 2022. During 2021, the Company recorded loss recognition of $179 for VOBA, recorded in Net amortization of DAC/VOBA.
The estimated amount of VOBA amortization expense, net of interest, during the next five years is presented in the following table. Actual amortization incurred during these years may vary as assumptions are modified to incorporate actual results and/or changes in best estimates of future results.
| Year | Amount |
|---|---|
| 2024 | $32 |
| 2025 | 30 |
| 2026 | 27 |
| 2027 | 25 |
| 2028 | 23 |
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