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Separate Accounts (Tables)
3 Months Ended
Mar. 31, 2024
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
March 31,
As of
December 31,
20242023
Mutual funds and collective investment trusts$165,556 $157,578 
Exchange-traded funds352 350 
Fixed maturity AFS securities162 167 
Cash and invested cash 25 
Other investments147 137 
Total separate account assets$166,225 $158,257 
Schedule of Reconciliation of Separate Account Liabilities
The following table reconciles separate account liabilities (in millions) to the Consolidated Balance Sheets:

As of
March 31,
As of
December 31,
20242023
Variable Annuities$118,176 $113,356 
UL and Other27,007 25,150 
Retirement Plan Services20,986 19,699 
Other Operations (1)
56 52 
Total separate account liabilities$166,225 $158,257 
(1) Represents separate account liabilities reported in Other Operations primarily attributable to the indemnity reinsurance agreements with Protective ($48 million and $46 million as of March 31, 2024, and December 31, 2023, 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 Three
Months Ended
March 31, 2024
As of or For the Three
Months Ended
March 31, 2023
Variable AnnuitiesUL and OtherRetirement Plan ServicesVariable AnnuitiesUL and OtherRetirement Plan Services
Balance as of beginning-of-year$113,356 $25,150 $19,699 $105,573 $20,920 $16,996 
Gross deposits904 358 570 624 394 554 
Withdrawals(3,208)(103)(732)(2,436)(75)(586)
Policyholder assessments(648)(246)(44)(624)(238)(40)
Change in market performance7,503 1,885 1,475 5,054 1,193 978 
Net transfers from (to) general account269 (37)18 143 (32)(26)
Balance as of end-of-period$118,176 $27,007 $20,986 $108,334 $22,162 $17,876 
Cash surrender value$116,771 $24,606 $20,971 $106,796 $19,863 $17,862