Separate Account Assets and Liabilities

3 Months Ended

Mar. 31, 2024

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:

	March 31, 2024		December 31, 2023
	(in millions)
Variable annuities and variable universal life:
Mutual funds	$	77,039	$	74,634
Unitized pooled pension funds:
Property/real estate	1,737		1,784
Equity securities	551		553
Debt securities	227		285
Cash and cash equivalents	148		147
Other	51		54
Total	$	79,753	$	77,457

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, 2024	$	65,839	$	8,795	$	2,823	$	77,457
Premiums and deposits	193		121		24		338
Policy charges	(326)		(75)		(1)		(402)
Surrenders and other benefits	(1,650)		(96)		(190)		(1,936)
Investment return	3,628		605		85		4,318
Net transfer from (to) general account	7		(2)		—		5
Other charges	—		—		(27)		(27)
Balance at March 31, 2024	$	67,691	$	9,348	$	2,714	$	79,753
Cash surrender value	$	66,167	$	8,793	$	2,714	$	77,674

	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