Separate Accounts

12 Months Ended

Dec. 31, 2023

The following table presents the aggregate fair value of assets, by major investment asset category, supporting separate accounts:


	As of December 31,
	2023		2022
Fixed maturities	$	28,283	$	27,485
Equity securities (including mutual funds)	55,678		53,832
Cash and cash equivalents	2,521		1,722
Short-term investments	1,001		2,184
Investment receivables, net [2]	1,814		1,751
Other invested assets [1]	217		281
Separate account assets	$	89,514	$	87,255

[1]Primarily relates to investments in hedge funds.

[2]Includes trade receivables on investment sales executed in the ordinary course of business where the carrying amount approximates fair value, net of investment income due and accrued.

The following table presents a rollforward of separate account liabilities by product:


	Variable Annuities		Corporate-Owned Life Insurance		Other [1]		Total
Balance as of January 1, 2022	$	34,985	$	48,497	$	28,110	$	111,592
Premiums and deposits	233		277		713		1,223
Policy charges	(451)		(643)		(280)		(1,374)
Surrenders and withdrawals	(3,081)		(169)		(2,061)		(5,311)
Benefit payments	(137)		(345)		(131)		(613)
Investment performance	(5,442)		(4,926)		(4,905)		(15,273)
Net transfers from (to) general account	51		(2,693)		(284)		(2,926)
Other	(9)		—		(54)		(63)
Balance as of December 31, 2022	$	26,149	$	39,998	$	21,108	$	87,255



Balance as of January 1, 2023	$	26,149	$	39,998	$	21,108	$	87,255
Premiums and deposits	204		287		1,414		1,905
Policy charges	(417)		(660)		(330)		(1,407)
Surrenders and withdrawals	(3,111)		(142)		(3,606)		(6,859)
Benefit payments	(128)		(381)		(161)		(670)
Investment performance	4,313		2,502		3,650		10,465
Net transfers from (to) general account	9		(1,177)		(7)		(1,175)

Balance as of December 31, 2023	$	27,019	$	40,427	$	22,068	$	89,514



Cash surrender value [2] as of:
December 31, 2022	26,081		36,192		21,094		83,367
December 31, 2023	26,948		37,731		22,053		86,732

[1]Represents separate account liabilities that are fully reinsured to third parties on a modified coinsurance basis.

[2]CSV represents the amount of the contractholders’ account balance distributable at the consolidated balance sheet date, less certain surrender charges.

Not reflected in the tables above are separate account assets and liabilities associated with Guardian contracts assumed on a modified coinsurance basis of $6.4 billion and $6.6 billion as of December 31, 2023 and 2022, respectively.