Separate Accounts (Tables)

12 Months Ended

Dec. 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 December 31,
	2024		2023
Mutual funds and collective investment trusts	$	167,759	$	157,578
Exchange-traded funds	336		350
Fixed maturity AFS securities	161		167
Cash and invested cash	12		25
Other investments	170		137
Total separate account assets	$	168,438	$	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 December 31,
	2024		2023
Variable Annuities	$	117,998	$	113,356
UL and Other	28,841		25,150
Retirement Plan Services	21,541		19,699
Other Operations (1)	58		52
Total separate account liabilities	$	168,438	$	158,257

(1) Represents separate account liabilities reported in Other Operations primarily attributable to the indemnity reinsurance agreements with Protective ($49 million and $46 million as of December 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 Year Ended December 31, 2024						As of or For the Year Ended December 31, 2023
	Variable Annuities		UL and Other		Retirement Plan Services		Variable Annuities		UL and Other		Retirement Plan Services
Balance as of beginning-of-year	$	113,356	$	25,150	$	19,699	$	105,573	$	20,920	$	16,996
Gross deposits	4,765		1,483		2,302		2,982		1,630		2,222
Withdrawals	(14,074)		(477)		(3,378)		(10,177)		(313)		(2,527)
Policyholder assessments	(2,639)		(995)		(182)		(2,510)		(964)		(163)
Change in market performance	15,548		3,876		3,072		16,870		3,973		3,221
Net transfers from (to) general account	1,042		(196)		28		618		(96)		(50)
Balance as of end-of-year	$	117,998	$	28,841	$	21,541	$	113,356	$	25,150	$	19,699
Cash surrender value	$	116,612	$	26,435	$	21,526	$	111,928	$	22,760	$	19,684