Separate Accounts (Tables)

6 Months Ended

Jun. 30, 2023

Schedule of Fair Value of Separate Account Assets


	As of			As of
	June 30,		December 31,
	2023			2022
Mutual funds and collective investment trusts	$	152,584		$	142,892
Exchange-traded funds		364			258
Fixed maturity AFS securities		169			169
Cash and invested cash		3			98
Other investments		126			119
Total	$	153,246		$	143,536

Schedule of Reconciliation of Separate Account Liabilities

The following table reconciles separate account liabilities (in millions) to the Consolidated Balance Sheets:


	As of			As of
	June 30,		December 31,
	2023			2022
UL and Other	$	23,409		$	20,920
Variable Annuities		110,998			105,573
Retirement Plan Services		18,789			16,996
Other Operations ⁽¹⁾		50			47
Total separate account liabilities	$	153,246		$	143,536

⁽¹⁾Represents separate account liabilities reported in Other Operations primarily attributable to the indemnity reinsurance agreements with Protective ($45 million and $42 million as of June 30, 2023, and December 31, 2022, respectively) that are excluded from the following tables.

Summary of Balances and changes in Separate Account Liabilities


	As of or For the Six Months Ended									As of or For the Year Ended
	June 30, 2023									December 31, 2022
							Retirement									Retirement
	UL and			Variable			Plan			UL and			Variable			Plan
	Other			Annuities			Services			Other			Annuities			Services
Balance as of beginning-of-year	$	20,920		$	105,573		$	16,996		$	24,785		$	136,665		$	21,068
Gross deposits		821			1,367			1,078			1,900			3,371			2,378
Withdrawals		(154	)		(4,915	)		(1,123	)		(454	)		(9,238	)		(2,378	)
Policyholder assessments		(476	)		(1,251	)		(79	)		(938	)		(2,603	)		(164	)
Change in market performance		2,374			9,950			1,953			(4,371	)		(23,194	)		(3,710	)
Net transfers from (to) general account		(76	)		274			(36	)		(2	)		572			(198	)
Balance as of end-of-period	$	23,409		$	110,998		$	18,789		$	20,920		$	105,573		$	16,996

Cash surrender value	$	21,080		$	109,501		$	18,774		$	18,666		$	103,987		$	16,982