Separate Accounts

9 Months Ended

Sep. 30, 2023

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		As of
	September 30,		December 31,
	2023		2022
Mutual funds and collective investment trusts	$	145,178	$	142,892
Exchange-traded funds		269		258
Fixed maturity AFS securities		161		169
Cash and invested cash		70		98
Other investments		132		119
Total separate account assets	$	145,810	$	143,536

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


	As of		As of
	September 30,		December 31,
	2023		2022
Variable Annuities	$	105,192	$	105,573
UL and Other		22,642		20,920
Retirement Plan Services		17,928		16,996
Other Operations ⁽¹⁾		48		47
Total separate account liabilities	$	145,810	$	143,536

⁽¹⁾Represents separate account liabilities reported in Other Operations primarily attributable to the indemnity reinsurance agreements with Protective ($42 million as of September 30, 2023, and December 31, 2022) that are excluded from the following tables.

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


	As of or For the Nine Months Ended									As of or For the Year Ended
	September 30, 2023									December 31, 2022
							Retirement									Retirement
	Variable			UL and			Plan			Variable			UL and			Plan
	Annuities			Other			Services			Annuities			Other			Services
Balance as of beginning-of-year	$	105,573		$	20,920		$	16,996		$	136,665		$	24,785		$	21,068
Gross deposits		2,137			1,178			1,576			3,371			1,900			2,378
Withdrawals		(7,402	)		(227	)		(1,795	)		(9,238	)		(454	)		(2,378	)
Policyholder assessments		(1,883	)		(714	)		(121	)		(2,603	)		(938	)		(164	)
Change in market performance		6,320			1,573			1,316			(23,194	)		(4,371	)		(3,710	)
Net transfers from (to) general account		447			(88	)		(44	)		572			(2	)		(198	)
Balance as of end-of-period	$	105,192		$	22,642		$	17,928		$	105,573		$	20,920		$	16,996

Cash surrender value	$	103,729		$	20,324		$	17,914		$	103,987		$	18,666		$	16,982