Separate Account Assets and Liabilities (Tables)

12 Months Ended

Dec. 31, 2023

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


	December 31, 2023						December 31, 2022
(in millions)	Individual Retirement		Group Retirement		Life Insurance		Institutional Markets		Total		Individual Retirement		Group Retirement		Life Insurance		Institutional Markets		Total
Equity Funds	$	25,451	$	28,675	$	819	$	593	$	55,538	$	22,990	$	24,608	$	687	$	581	$	48,866
Bond Funds	4,037		3,292		44		1,303		8,676		3,802		4,081		46		1,321		9,250
Balanced Funds	17,711		5,479		53		1,923		25,166		17,663		5,113		49		1,939		24,764
Money Market Funds	694		742		16		173		1,625		723		559		17		674		1,973
Total	$	47,893	$	38,188	$	932	$	3,992	$	91,005	$	45,178	$	34,361	$	799	$	4,515	$	84,853

Separate Account, Liability

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


Year Ended December 31, 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	1,408		1,374		36		41		2,859
Policy charges	(1,241)		(441)		(49)		(93)		(1,824)
Surrenders and withdrawals	(3,744)		(3,047)		(25)		(721)		(7,537)
Benefit payments	(844)		(557)		(7)		(68)		(1,476)
Investment performance	6,933		6,666		181		287		14,067
Net transfers from (to) general account and other	203		(168)		(3)		31		63

Balance, end of year	$	47,893	$	38,188	$	932	$	3,992	$	91,005

Cash surrender value*	$	46,911	$	37,992	$	911	$	3,994	$	89,808


Year Ended December 31, 2022

Balance, beginning of year	$	57,927	$	45,138	$	1,044	$	5,002	$	109,111
Premiums and deposits	2,420		1,611		37		69		4,137
Policy charges	(1,325)		(461)		(51)		(100)		(1,937)
Surrenders and withdrawals	(3,320)		(2,452)		(22)		(131)		(5,925)
Benefit payments	(898)		(613)		(6)		(59)		(1,576)
Investment performance	(9,861)		(8,479)		(201)		(319)		(18,860)
Net transfers from (to) general account and other	235		(383)		(2)		53		(97)

Balance, end of year	$	45,178	$	34,361	$	799	$	4,515	$	84,853

Cash surrender value*	$	44,124	$	34,169	$	777	$	4,518	$	83,588


Year Ended December 31, 2021

Balance, beginning of year	$	53,456	$	41,310	$	912	$	4,612	$	100,290
Premiums and deposits	4,081		1,979		49		76		6,185
Policy charges	(1,368)		(523)		(52)		(98)		(2,041)
Surrenders and withdrawals	(4,261)		(3,013)		(32)		(82)		(7,388)
Benefit payments	(1,039)		(615)		(10)		(23)		(1,687)
Investment performance	6,743		6,711		180		486		14,120
Net transfers from (to) general account and other	315		(711)		(3)		31		(368)

Balance, end of year	$	57,927	$	45,138	$	1,044	$	5,002	$	109,111

Cash surrender value*	$	56,727	$	44,909	$	1,026	$	4,993	$	107,655

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