Separate Account Assets and Liabilities (Tables)

3 Months Ended

Mar. 31, 2023

Account balances of variable annuity contracts were invested in separate account investment options as follows:


	March 31, 2023				March 31, 2022
(in millions)	Individual Retirement		Group Retirement		Individual Retirement		Group Retirement
Equity Funds	$	23,845	$	26,433	$	26,931	$	30,844
Bond Funds	3,915		3,571		4,401		4,176
Balanced Funds	17,818		5,254		21,402		5,866
Money Market Funds	718		534		604		456
Total	$	46,296	$	35,792	$	53,338	$	41,342

Separate Account, Liability

The following table presents the balances and changes in Separate account liabilities:


Three Months Ended March 31, 2023	Individual Retirement		Group Retirement		Life Insurance		Institutional Markets		Total
(in millions)
Balance, beginning of year	$	45,178	$	34,361	$	799	$	4,515	$	84,853
Premiums and deposits	451		360		9		26		846
Policy charges	(344)		(110)		(12)		(24)		(490)
Surrenders and withdrawals	(844)		(669)		(6)		(404)		(1,923)
Benefit payments	(215)		(130)		(1)		(54)		(400)
Investment performance	2,131		2,186		53		99		4,469
Net transfers from (to) general account	73		(77)		(1)		6		1
Other charges	—		(1)		—		2		1
Balance, end of period	$	46,430	$	35,920	$	841	$	4,166	$	87,357

Cash surrender value*	$	45,388	$	35,726	$	794	$	4,168	$	86,076


Three Months Ended March 31, 2022	Individual Retirement		Group Retirement		Life Insurance		Institutional Markets		Total
(in millions)
Balance, beginning of year	$	57,927	$	45,138	$	1,044	$	5,002	$	109,111
Premiums and deposits	758		440		10		30		1,238
Policy charges	(321)		(127)		(13)		(25)		(486)
Surrenders and withdrawals	(934)		(696)		(6)		(20)		(1,656)
Benefit payments	(255)		(144)		(2)		(5)		(406)
Investment performance	(3,718)		(2,992)		(73)		(87)		(6,870)
Net transfers from (to) general account	44		(134)		—		8		(82)
Other charges	(1)		1		—		1		1
Balance, end of period	$	53,500	$	41,486	$	960	$	4,904	$	100,850

Cash surrender value*	$	52,334	$	41,263	$	949	$	4,898	$	99,444

*The cash surrender value represents the amount of the contract holder’s account balance distributable at the balance sheet date less applicable surrender charges.