Separate Account Assets and Liabilities

9 Months Ended

Sep. 30, 2023

Insurance [Abstract]

Separate Account Assets and Liabilities

Separate Account Assets and Liabilities

Aggregate fair value of separate account assets, by major asset category, consisted of the following:

	September 30, 2023		December 31, 2022
	(in millions)
Mutual funds	$	69,592	$	70,876
Property/real estate	1,804		1,876
Equity securities	518		679
Debt securities	276		279
Cash and cash equivalents	120		208
Other	44		44
Total	$	72,354	$	73,962

The balances of and changes in separate account liabilities were as follows:

	Variable Annuities		Variable Universal Life		Threadneedle Investment Liabilities		Total
	(in millions)
Balance at January 1, 2023	$	63,223	$	7,653	$	3,086	$	73,962
Premiums and deposits	645		337		171		1,153
Policy charges	(1,002)		(218)		(5)		(1,225)
Surrenders and other benefits	(3,925)		(238)		(635)		(4,798)
Investment return	2,636		440		110		3,186
Net transfer from (to) general account	18		23		—		41
Other charges	—		—		35		35
Balance at September 30, 2023	$	61,595	$	7,997	$	2,762	$	72,354
Cash surrender value	$	60,001	$	7,497	$	2,762	$	70,260

	Variable Annuities		Variable Universal Life		Threadneedle Investment Liabilities		Total
	(in millions)
Balance at January 1, 2022	$	82,862	$	9,376	$	5,253	$	97,491
Premiums and deposits	1,067		425		252		1,744
Policy charges	(1,396)		(278)		(11)		(1,685)
Surrenders and other benefits	(4,923)		(286)		(1,548)		(6,757)
Investment return	(14,450)		(1,654)		(273)		(16,377)
Net transfer from (to) general account	63		70		—		133
Other charges	—		—		(587)		(587)
Balance at December 31, 2022	$	63,223	$	7,653	$	3,086	$	73,962
Cash surrender value	$	61,461	$	7,200	$	3,086	$	71,747