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Separate Accounts (Tables)
6 Months Ended
Jun. 30, 2025
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
June 30,
As of
December 31,
20252024
Mutual funds and collective investment trusts:
Equity funds:
Domestic$80,714 $77,740 
International17,429 16,282 
Other equity funds1,430 1,403 
Balanced funds46,127 45,683 
Bond funds23,064 23,399 
Money market funds2,058 1,931 
Other funds1,413 1,321 
Exchange-traded funds315 336 
Fixed maturity AFS securities168 161 
Cash and invested cash 12 
Other investments219 170 
Total separate account assets$172,942 $168,438 
Schedule of Reconciliation of Separate Account Liabilities
The following table reconciles separate account liabilities (in millions) to the Consolidated Balance Sheets:

As of
June 30,
As of
December 31,
20252024
Variable Annuities$120,045 $117,998 
UL and Other30,616 28,841 
Retirement Plan Services22,220 21,541 
Other Operations (1)
61 58 
Total separate account liabilities$172,942 $168,438 
(1) Represents separate account liabilities reported in Other Operations primarily attributable to the indemnity reinsurance agreements with Protective ($50 million and $49 million as of June 30, 2025, and December 31, 2024, 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 Six
Months Ended
June 30, 2025
As of or For the Six
Months Ended
June 30, 2024
Variable AnnuitiesUL and OtherRetirement Plan ServicesVariable AnnuitiesUL and OtherRetirement Plan Services
Balance as of beginning-of-year$117,998 $28,841 $21,541 $113,356 $25,150 $19,699 
Gross deposits2,831 787 1,177 1,925 695 1,105 
Withdrawals(7,683)(480)(1,805)(6,604)(193)(1,514)
Policyholder assessments(1,299)(494)(91)(1,301)(493)(89)
Change in market performance7,290 2,025 1,451 9,026 2,335 1,802 
Net transfers from (to) general account908 (63)(53)368 (113)(10)
Balance as of end-of-period$120,045 $30,616 $22,220 $116,770 $27,381 $20,993 
Cash surrender value$118,658 $25,814 $22,205 $115,389 $24,979 $20,979