Separate Account Assets and Liabilities (Tables)

9 Months Ended

Sep. 30, 2023

Insurance [Abstract]

Fair Value, Separate Account Investment

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

	September 30, 2023										September 30, 2022
(in millions)	Individual Retirement		Group Retirement		Life Insurance		Institutional Markets		Total		Individual Retirement		Group Retirement		Life Insurance		Institutional Markets		Total
Equity Funds	$	23,493	$	26,206	$	736	$	590	$	51,025	$	21,696	$	23,226	$	648	$	547	$	46,117
Bond Funds	3,775		3,262		42		1,286		8,365		3,661		3,910		46		1,287		8,904
Balanced Funds	16,649		5,095		48		1,919		23,711		17,346		4,853		46		2,361		24,606
Money Market Funds	696		603		22		302		1,623		682		539		17		437		1,675
Total	$	44,613	$	35,166	$	848	$	4,097	$	84,724	$	43,385	$	32,528	$	757	$	4,632	$	81,302

Separate Account, Liability

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

Nine Months Ended September 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	1,124		1,033		27		40		2,224
Policy charges	(964)		(333)		(37)		(69)		(1,403)
Surrenders and withdrawals	(2,728)		(2,205)		(19)		(503)		(5,455)
Benefit payments	(640)		(374)		(5)		(61)		(1,080)
Investment performance	2,470		2,806		85		160		5,521
Net transfers from (to) general account and other	173		(122)		(2)		15		64
Balance, end of period	$	44,613	$	35,166	$	848	$	4,097	$	84,724
Cash surrender value*	$	43,566	$	34,980	$	828	$	4,100	$	83,474

Nine Months Ended September 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	1,905		1,248		28		54		3,235
Policy charges	(988)		(356)		(38)		(75)		(1,457)
Surrenders and withdrawals	(2,492)		(1,931)		(19)		(42)		(4,484)
Benefit payments	(684)		(407)		(5)		(16)		(1,112)
Investment performance	(12,440)		(10,831)		(252)		(328)		(23,851)
Net transfers from (to) general account and other	157		(333)		(1)		37		(140)
Balance, end of period	$	43,385	$	32,528	$	757	$	4,632	$	81,302
Cash surrender value*	$	42,313	$	32,340	$	756	$	4,633	$	80,042

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