Separate Accounts

6 Months Ended

Jun. 30, 2024

Separate Accounts Disclosure [Abstract]

(7) Separate Accounts

The following table represents the fair value of assets supporting separate accounts by major investment category:


	June 30, 2024			December 31, 2023
	(In thousands)
Fixed-income securities	$	765,636		$	876,524
Equity securities		1,430,461			1,436,122
Cash and cash equivalents		67,359			87,530
Due to/from funds		(9,510	)		(4,357	)
Other		20			23
Total separate account assets	$	2,253,966		$	2,395,842

The following table represents the balances of and changes in separate account liabilities:


	Six months ended			Year ended
	June 30, 2024			December 31, 2023
	(In thousands)
Separate account liabilities balance, beginning of period	$	2,395,842		$	2,305,717
Premiums and deposits		88,494			186,631
Surrenders and withdrawals		(223,559	)		(343,473	)
Investment performance		105,546			245,565
Management fees and other charges		(25,251	)		(62,159	)
Foreign exchange translation		(87,106	)		63,561
Separate account liabilities balance, end of period	$	2,253,966		$	2,395,842
Cash surrender value	$	2,221,443		$	2,354,813

The cash surrender value represents the amount of the contract holders’ account balance distributable at the balance sheet date less the Company’s estimate of the deferred sales charges that would be assessed if the policyholders redeemed their contracts at the balance sheet date. This estimate requires the Company to make certain assumptions regarding the underlying account balances by contribution year and application of the contractually defined deferred sales charges that would be applicable to each contribution year.