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Separate Accounts (Tables)
12 Months Ended
Dec. 31, 2023
Separate Accounts Disclosure [Abstract]  
Schedule of Fair Value of Separate Account Assets
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 December 31,
20232022
Mutual funds and collective investment trusts$157,578 $142,892 
Exchange-traded funds350 258 
Fixed maturity AFS securities167 169 
Cash and invested cash 25 98 
Other investments137 119 
Total separate account assets$158,257 $143,536 
Schedule of Reconciliation of Separate Account Liabilities
The following table reconciles separate account liabilities (in millions) to the Consolidated Balance Sheets:

As of December 31,
20232022
Variable Annuities$113,356 $105,573 
UL and Other25,150 20,920 
Retirement Plan Services19,699 16,996 
Other Operations (1)
52 47 
Total separate account liabilities$158,257 $143,536 

(1) Represents separate account liabilities reported in Other Operations primarily attributable to the indemnity reinsurance agreements with Protective ($46 million and $42 million as of December 31, 2023 and December 31, 2022, respectively) that are excluded from the following tables.
Summary of Balances and changes in Separate Account Liabilities
The following table summarizes the balances of and changes in separate account liabilities (in millions):

As of or For the Year Ended
December 31, 2023
As of or For the Year Ended
December 31, 2022
Variable AnnuitiesUL and OtherRetirement Plan ServicesVariable AnnuitiesUL and OtherRetirement Plan Services
Balance as of beginning-of-year$105,573 $20,920 $16,996 $136,665 $24,785 $21,068 
Gross deposits2,982 1,630 2,222 3,371 1,900 2,378 
Withdrawals(10,177)(313)(2,527)(9,238)(454)(2,378)
Policyholder assessments(2,510)(964)(163)(2,603)(938)(164)
Change in market performance16,870 3,973 3,221 (23,194)(4,371)(3,710)
Net transfers from (to) general account618 (96)(50)572 (2)(198)
Balance as of end-of-year$113,356 $25,150 $19,699 $105,573 $20,920 $16,996 
Cash surrender value$111,928 $22,760 $19,684 $103,987 $18,666 $16,982