Separate Accounts

6 Months Ended

Jun. 30, 2024

5. Separate Accounts

Separate Accounts

Information regarding separate account liabilities was as follows:


	Six Months Ended June 30,
	2024						2023
	Variable Annuities		Universal Life Insurance		Company-Owned Life Insurance		Variable Annuities		Universal Life Insurance		Company-Owned Life Insurance
	(In millions)
Balance, beginning of period	$	77,086	$	2,276	$	2,148	$	74,845	$	1,970	$	1,919
Premiums and deposits	414		41		—		406		42		—
Surrenders and withdrawals	(3,774)		(39)		(5)		(2,877)		(38)		(7)
Benefit payments	(767)		(10)		(12)		(719)		(11)		(16)
Investment performance	4,831		198		146		6,906		253		212
Policy charges	(1,030)		(39)		(26)		(1,044)		(40)		(24)
Net transfers from (to) general account	(49)		(21)		1		(9)		(7)		—
Other	(14)		—		—		(9)		—		(4)
Balance, end of period	$	76,697	$	2,406	$	2,252	$	77,499	$	2,169	$	2,080

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:


	June 30,
	2024		2023
	(In millions)
Separate account liabilities reported in the preceding rollforward table	$	81,355	$	81,748
Variable income annuities	198		134
Pension risk transfer annuities	22		19
Total separate account liabilities	$	81,575	$	81,901

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


	June 30, 2024		December 31, 2023
	(In millions)
Equity securities	$	81,311	$	81,417

Fixed maturity securities	253		259
Cash and cash equivalents	7		7
Other assets	4		7
Total aggregate estimated fair value of assets	$	81,575	$	81,690

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)
June 30, 2024
Account balances reported in the preceding rollforward tables:
Policyholder account balances	$	1,998	$	3,865	$	46,089	$	14,726	$	4,914	$	659
Separate account liabilities	2,406		76,697		—		—		—		2,252
Total account balances	$	4,404	$	80,562	$	46,089	$	14,726	$	4,914	$	2,911
Net amount at risk	$	21,572	$	12,577	N/A		N/A		$	64,450	$	2,661
Cash surrender value	$	4,202	$	80,155	$	43,846	$	14,063	$	4,414	$	2,583
June 30, 2023
Account balances reported in the preceding rollforward tables:
Policyholder account balances	$	1,994	$	4,421	$	38,549	$	14,905	$	5,188	$	646
Separate account liabilities	2,169		77,499		—		—		—		2,080
Total account balances	$	4,163	$	81,920	$	38,549	$	14,905	$	5,188	$	2,726
Net amount at risk	$	22,941	$	13,560	N/A		N/A		$	69,602	$	2,633
Cash surrender value	$	3,949	$	81,633	$	35,860	$	14,281	$	6,160	$	2,512

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.