Separate Accounts

3 Months Ended

Mar. 31, 2023

9. Separate Accounts

The following table presents the fair value of separate account assets (in millions) reported on the Consolidated Balance Sheets by major investment category:


	As of		As of
	March 31,		December 31,
	2023		2022
Mutual funds and collective investment trusts	$	147,765	$	142,892
Exchange-traded funds		214		258
Fixed maturity AFS securities		173		169
Cash and invested cash		145		98
Other investments		124		119
Total	$	148,421	$	143,536

The following table reconciles separate account liabilities (in millions) to the Consolidated Balance Sheets:


	As of		As of
	March 31,		December 31,
	2023		2022
UL and Other	$	22,162	$	20,920
Variable Annuities		108,334		105,573
Retirement Plan Services		17,876		16,996
Other Operations ⁽¹⁾		49		47
Total separate account liabilities	$	148,421	$	143,536

⁽¹⁾Represents separate account liabilities reported in Other Operations primarily attributable to the indemnity reinsurance agreements with Protective ($43 million and $42 million as of March 31, 2023, and December 31, 2022, respectively) that are excluded from the following tables.

The following table summarizes the balances of and changes in separate account liabilities (in millions):


	As of or For the Three Months Ended									As of or For the Year Ended
	March 31, 2023									December 31, 2022
							Retirement									Retirement
	UL and			Variable			Plan			UL and			Variable			Plan
	Other			Annuities			Services			Other			Annuities			Services
Balance as of beginning-of-year	$	20,920		$	105,573		$	16,996		$	24,785		$	136,665		$	21,068
Gross deposits		394			624			554			1,900			3,371			2,378
Withdrawals		(75	)		(2,436	)		(586	)		(454	)		(9,238	)		(2,378	)
Policyholder assessments		(238	)		(624	)		(40	)		(938	)		(2,603	)		(164	)
Change in market performance		1,193			5,054			978			(4,371	)		(23,194	)		(3,710	)
Net transfers from (to) general account		(32	)		143			(26	)		(2	)		572			(198	)
Balance as of end-of-period	$	22,162		$	108,334		$	17,876		$	20,920		$	105,573		$	16,996

Cash surrender value	$	19,863		$	106,796		$	17,862		$	18,666		$	103,987		$	16,982