Separate Accounts

3 Months Ended

Mar. 31, 2023

Separate Accounts Disclosure [Abstract]

(7) Separate Accounts

The following table represents the fair value of assets supporting separate accounts assets by major investment category:


	March 31, 2023			December 31, 2022
	(In thousands)
Fixed-income securities	$	850,880		$	796,384
Equity securities		1,358,331			1,340,541
Cash and cash equivalents		130,713			181,162
Due to/from funds		(9,983	)		(12,399	)
Other		27			29
Total separate accounts assets	$	2,329,968		$	2,305,717

The following table represents the balances of and changes in separate account liabilities:


	Three months ended			Year ended
	March 31, 2023			December 31, 2022
	(In thousands)
Separate account liabilities balance, beginning of period	$	2,305,717		$	2,799,992
Premiums and deposits		77,897			253,982
Surrenders and withdrawals		(108,494	)		(293,278	)
Investment performance		67,262			(202,997	)
Management fees and other charges		(15,140	)		(62,281	)
Foreign exchange translation		2,726			(189,701	)
Separate accounts liabilities balance, end of period	$	2,329,968		$	2,305,717
Cash surrender value	$	2,293,074		$	2,268,436

The cash surrender value represents the amount of the contract holders account balance distributable at the balance sheet date less the Company’s estimate of the deferred sales charges that would be assessed if the policyholders redeemed their contracts at the balance sheet date. This estimate requires the Company to make certain assumptions regarding the underlying account balances by contribution year and application of the contractually defined deferred sales charges that would be applicable to each contribution year.