Separate Account Assets and Liabilities (Tables)

6 Months Ended

Jun. 30, 2023

Insurance [Abstract]

Fair Value, Separate Account Investment

The following table presents fair value of separate account investment options:

	June 30, 2023										June 30, 2022
(in millions)	Individual Retirement		Group Retirement		Life Insurance		Institutional Markets		Total		Individual Retirement		Group Retirement		Life Insurance		Institutional Markets		Total
Equity Funds	$	24,804	$	27,889	$	777	$	630	$	54,100	$	23,012	$	25,210	$	690	$	576	$	49,488
Bond Funds	3,974		3,428		43		1,302		8,747		3,887		4,010		46		1,358		9,301
Balanced Funds	17,911		5,375		51		1,880		25,217		18,684		5,181		49		2,444		26,358
Money Market Funds	720		553		17		364		1,654		679		501		22		386		1,588
Total	$	47,409	$	37,245	$	888	$	4,176	$	89,718	$	46,262	$	34,902	$	807	$	4,764	$	86,735

Separate Account, Liability

The following table presents the balances and changes in Separate account liabilities:

Six Months Ended June 30, 2023	Individual Retirement		Group  Retirement		Life Insurance		Institutional Markets		Total
(in millions)
Balance, beginning of year	$	45,178	$	34,361	$	799	$	4,515	$	84,853
Premiums and deposits	807		697		18		30		1,552
Policy charges	(662)		(221)		(25)		(47)		(955)
Surrenders and withdrawals	(1,776)		(1,390)		(12)		(422)		(3,600)
Benefit payments	(432)		(250)		(3)		(58)		(743)
Investment performance	4,172		4,169		113		146		8,600
Net transfers from (to) general account	122		(121)		(2)		11		10
Other charges	—		—		—		1		1
Balance, end of period	$	47,409	$	37,245	$	888	$	4,176	$	89,718
Cash surrender value*	$	46,307	$	37,050	$	854	$	4,178	$	88,389

Six Months Ended June 30, 2022	Individual Retirement		Group  Retirement		Life Insurance		Institutional Markets		Total
(in millions)
Balance, beginning of year	$	57,927	$	45,138	$	1,044	$	5,002	$	109,111
Premiums and deposits	1,354		868		19		33		2,274
Policy charges	(646)		(244)		(25)		(50)		(965)
Surrenders and withdrawals	(1,741)		(1,329)		(11)		(25)		(3,106)
Benefit payments	(476)		(283)		(4)		(12)		(775)
Investment performance	(10,249)		(8,987)		(216)		(208)		(19,660)
Net transfers from (to) general account	93		(261)		—		22		(146)
Other charges	—		—		—		2		2
Balance, end of period	$	46,262	$	34,902	$	807	$	4,764	$	86,735
Cash surrender value*	$	45,154	$	34,699	$	792	$	4,766	$	85,411

*The cash surrender value represents the amount of the contract holder’s account balance distributable at the balance sheet date less applicable surrender charges.