Separate Account Assets and Liabilities (Tables)

3 Months Ended

Mar. 31, 2024

Insurance [Abstract]

Schedule of Fair Value of Separate Account Investment Options

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

	March 31, 2024										December 31, 2023
(in millions)	Individual Retirement		Group Retirement		Life Insurance		Institutional Markets		Total		Individual Retirement		Group Retirement		Life Insurance		Institutional Markets		Total
Equity funds	$	26,945	$	30,285	$	900	$	635	$	58,765	$	25,451	$	28,675	$	819	$	593	$	55,538
Bond funds	4,121		3,315		45		1,281		8,762		4,037		3,292		44		1,303		8,676
Balanced funds	18,179		5,663		55		2,062		25,959		17,711		5,479		53		1,923		25,166
Money market funds	693		802		16		176		1,687		694		742		16		173		1,625
Total	$	49,938	$	40,065	$	1,016	$	4,154	$	95,173	$	47,893	$	38,188	$	932	$	3,992	$	91,005

Schedule of Separate Account Liabilities Activity

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

Three Months Ended March 31, 2024	Individual Retirement		Group  Retirement		Life Insurance		Institutional Markets		Total
(in millions)
Balance, beginning of year	$	47,893	$	38,188	$	932	$	3,992	$	91,005
Premiums and deposits	294		340		9		69		712
Policy charges	(288)		(115)		(12)		(24)		(439)
Surrenders and withdrawals	(1,193)		(1,052)		(9)		(31)		(2,285)
Benefit payments	(239)		(154)		(2)		(5)		(400)
Investment performance	3,451		2,934		98		139		6,622
Net transfers from (to) general account and other	20		(76)		—		14		(42)
Balance, end of period	$	49,938	$	40,065	$	1,016	$	4,154	$	95,173
Cash surrender value*	$	48,975	$	39,865	$	995	$	4,150	$	93,985

Three Months Ended March 31, 2023
Balance, beginning of year	$	45,178	$	34,361	$	799	$	4,515	$	84,853
Premiums and deposits	451		360		9		26		846
Policy charges	(344)		(110)		(12)		(24)		(490)
Surrenders and withdrawals	(844)		(669)		(6)		(404)		(1,923)
Benefit payments	(215)		(130)		(1)		(54)		(400)
Investment performance	2,131		2,186		53		99		4,469
Net transfers from (to) general account and other	73		(78)		(1)		8		2
Balance, end of period	$	46,430	$	35,920	$	841	$	4,166	$	87,357
Cash surrender value*	$	45,388	$	35,726	$	794	$	4,168	$	86,076

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