Separate Accounts

12 Months Ended

Dec. 31, 2023

6. Separate Accounts

Separate Accounts

Information regarding separate account liabilities was as follows:


	Years Ended December 31,
	2023						2022						2021
	Variable Annuities		Universal Life Insurance		Company-Owned Life Insurance		Variable Annuities		Universal Life Insurance		Company-Owned Life Insurance		Variable Annuities		Universal Life Insurance		Company-Owned Life Insurance
	(In millions)
Balance, beginning of year	$	74,845	$	1,970	$	1,919	$	101,108	$	2,576	$	2,367	$	99,257	$	2,339	$	2,253
Premiums and deposits	762		84		—		1,199		91		—		2,081		97		3
Surrenders and withdrawals	(6,073)		(68)		(20)		(5,965)		(55)		(16)		(7,971)		(69)		(68)
Benefit payments	(1,391)		(18)		(28)		(1,298)		(24)		(33)		(1,575)		(24)		(38)
Investment performance	11,071		405		327		(17,878)		(519)		(356)		12,054		336		234
Policy charges	(2,098)		(78)		(58)		(2,227)		(78)		(61)		(2,481)		(85)		(47)
Net transfers from (to) general account	(14)		(18)		(1)		(131)		(21)		13		(238)		(17)		35
Other	(16)		(1)		9		37		—		5		(19)		(1)		(5)
Balance, end of year	$	77,086	$	2,276	$	2,148	$	74,845	$	1,970	$	1,919	$	101,108	$	2,576	$	2,367

A reconciliation of separate account liabilities reported in the preceding rollforward table to the separate account liabilities balance on the consolidated balance sheets was as follows at:


	December 31,
	2023		2022
	(In millions)
Separate account liabilities reported in the preceding rollforward table	$	81,510	$	78,734
Variable income annuities	161		130
Pension risk transfer annuities	19		16

Total separate account liabilities	$	81,690	$	78,880

The aggregate estimated fair value of assets, by major investment asset category, supporting separate accounts was as follows at:


	December 31,
	2023		2022
	(In millions)
Equity securities	$	81,417	$	78,583
Fixed maturity securities	259		277


Cash and cash equivalents	7		9
Other assets	7		11
Total aggregate estimated fair value of assets	$	81,690	$	78,880

Net Amount at Risk and Cash Surrender Values

Information regarding the net amount at risk and cash surrender value for insurance products was as follows at:


	Universal Life Insurance		Variable Annuities		Index-linked Annuities		Fixed Rate Annuities		ULSG		Company-Owned Life Insurance
	(In millions)
December 31, 2023
Account balances reported in the preceding rollforward tables:
Policyholder account balances	$	1,980	$	4,111	$	41,627	$	14,672	$	5,052	$	653
Separate account liabilities	2,276		77,086		—		—		—		2,148
Total account balances	$	4,256	$	81,197	$	41,627	$	14,672	$	5,052	$	2,801
Net amount at risk	$	22,214	$	13,156	N/A		N/A		$	65,299	$	2,644
Cash surrender value	$	4,049	$	80,756	$	39,270	$	14,068	$	4,498	$	2,579
December 31, 2022
Account balances reported in the preceding rollforward tables:
Policyholder account balances	$	2,100	$	4,664	$	33,897	$	14,274	$	5,307	$	641
Separate account liabilities	1,970		74,845		—		—		—		1,919
Total account balances	$	4,070	$	79,509	$	33,897	$	14,274	$	5,307	$	2,560
Net amount at risk	$	23,818	$	16,334	N/A		N/A		$	66,926	$	3,368
Cash surrender value	$	3,789	$	79,222	$	31,293	$	13,723	$	4,671	$	2,344
December 31, 2021
Account balances reported in the preceding rollforward tables:
Policyholder account balances	$	2,134	$	4,475	$	32,000	$	11,849	$	5,569	$	646
Separate account liabilities	2,576		101,108		—		—		—		2,367
Total account balances	$	4,710	$	105,583	$	32,000	$	11,849	$	5,569	$	3,013
Net amount at risk	$	24,995	$	6,316	N/A		N/A		$	68,905	$	3,665
Cash surrender value	$	4,407	$	105,574	$	29,848	$	11,112	$	4,821	$	2,794

Products may contain both separate account and general account fund options; accordingly, net amount at risk and cash surrender value reported in the table above relate to the total account balance for each respective product grouping.