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Separate Accounts (Tables)
9 Months Ended
Sep. 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
September 30,
As of
December 31,
20252024
Mutual funds and collective investment trusts:
Equity funds:
Domestic$84,324 $77,740 
International17,986 16,282 
Other equity funds1,498 1,403 
Balanced funds46,769 45,683 
Bond funds24,046 23,399 
Money market funds2,053 1,931 
Other funds1,474 1,321 
Exchange-traded funds330 336 
Fixed maturity AFS securities168 161 
Cash and invested cash 12 
Other investments1,206 170 
Total separate account assets$179,860 $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
September 30,
As of
December 31,
20252024
Variable Annuities$123,428 $117,998 
UL and Other33,252 28,841 
Retirement Plan Services23,119 21,541 
Other Operations (1)
61 58 
Total separate account liabilities$179,860 $168,438 
(1) Represents separate account liabilities reported in Other Operations primarily attributable to the indemnity reinsurance agreements with Protective ($52 million and $49 million as of September 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 Nine
Months Ended
September 30, 2025
As of or For the Nine
Months Ended
September 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 deposits4,392 2,183 1,755 3,002 1,058 1,751 
Withdrawals(11,949)(712)(2,730)(10,190)(347)(2,382)
Policyholder assessments(1,972)(745)(138)(1,970)(742)(134)
Change in market performance13,445 3,819 2,751 15,664 3,945 3,065 
Net transfers from (to) general account1,514 (134)(60)608 (143)34 
Balance as of end-of-period$123,428 $33,252 $23,119 $120,470 $28,921 $22,033 
Cash surrender value$122,028 $30,837 $23,105 $119,106 $26,498 $22,018