Separate Accounts

12 Months Ended

Dec. 31, 2022

Separate Accounts [Abstract]

Separate Account

11. Separate Accounts

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,
	2022		2021
Mutual funds and collective investment trusts	$	142,892	$	181,766
Exchange-traded funds		258		432
Fixed maturity AFS securities		169		207
Cash and invested cash		98		54
Other investments		119		124
Total	$	143,536	$	182,583

The following table reconciles separate account liabilities (in millions) to the Consolidated Balance Sheets:

	As of December 31,
	2022		2021
UL and Other	$	20,920	$	24,785
Variable Annuities		105,573		136,665
Retirement Plan Services		16,996		21,068
Other Operations (1)		47		65
Total separate account liabilities	$	143,536	$	182,583

⁽¹⁾Represents separate account liabilities reported in Other Operations primarily attributable to the indemnity reinsurance agreements with Protective ($42 million and $62 million as of December 31, 2022 and December 31, 2021, respectively) that are excluded from the following tables.

The following table summarizes the balances of and changes in separate account liabilities (in millions):

	As of or For the Year Ended						As of or For the Year Ended
	December 31, 2022						December 31, 2021
					Retirement						Retirement
	UL and		Variable		Plan		UL and		Variable		Plan
	Other		Annuities		Services		Other		Annuities		Services
Balance as of beginning-of-year	$	24,785	$	136,665	$	21,068	$	20,952	$	128,121	$	18,809
Gross deposits		1,900		3,371		2,378		1,786		5,220		2,294
Withdrawals		(454)		(9,238)		(2,378)		(441)		(11,499)		(2,970)
Policyholder assessments		(938)		(2,603)		(164)		(865)		(2,836)		(185)
Change in market performance		(4,371)		(23,194)		(3,710)		3,470		16,990		3,245
Net transfers from (to) general account		(2)		572		(198)		(117)		669		(125)
Balance as of end-of-year	$	20,920	$	105,573	$	16,996	$	24,785	$	136,665	$	21,068
Cash surrender value	$	18,666	$	103,987	$	16,982	$	22,614	$	134,896	$	21,049