Separate Account Assets and Liabilities

12 Months Ended

Dec. 31, 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:

	December 31, 2023		December 31, 2022
	(in millions)
Variable annuities and variable universal life:
Mutual funds	$	74,634	$	70,876
Unitized pooled pension funds:
Property/real estate	1,784		1,876
Equity securities	553		679
Debt securities	285		279
Cash and cash equivalents	147		208
Other	54		44
Total	$	77,457	$	73,962

No gains or losses were recognized on assets transferred to separate accounts for the years ended December 31, 2023, 2022 and 2021.

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

	Variable Annuities		Variable Universal Life		Unitized Pooled Pension Funds		Total
	(in millions)
Balance at January 1, 2023	$	63,223	$	7,653	$	3,086	$	73,962
Premiums and deposits	835		459		194		1,488
Policy charges	(1,343)		(292)		(7)		(1,642)
Surrenders and other benefits	(5,378)		(317)		(777)		(6,472)
Investment return	8,477		1,250		170		9,897
Net transfer from (to) general account	25		42		—		67
Other charges	—		—		157		157
Balance at December 31, 2023	$	65,839	$	8,795	$	2,823	$	77,457
Cash surrender value	$	64,280	$	8,263	$	2,823	$	75,366

	Variable Annuities		Variable Universal Life		Unitized Pooled Pension Funds		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