Separate Accounts

9 Months Ended

Sep. 30, 2024

5. Separate Accounts

Separate Accounts

Information regarding separate account liabilities was as follows:


	Nine Months Ended September 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	593		60		—		596		63		—
Surrenders and withdrawals	(5,747)		(59)		(6)		(4,398)		(53)		(11)
Benefit payments	(1,144)		(17)		(16)		(1,068)		(13)		(21)
Investment performance	9,279		338		240		3,981		174		175
Policy charges	(1,592)		(62)		(48)		(1,592)		(58)		(45)
Net transfers from (to) general account	(78)		(27)		(5)		(6)		(13)		—
Other	(25)		—		6		(2)		—		6
Balance, end of period	$	78,372	$	2,509	$	2,319	$	72,356	$	2,070	$	2,023

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:


	September 30,
	2024		2023
	(In millions)
Separate account liabilities reported in the preceding rollforward table	$	83,200	$	76,449
Variable income annuities	216		134
Pension risk transfer annuities	23		19
Total separate account liabilities	$	83,439	$	76,602

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


	September 30, 2024		December 31, 2023
	(In millions)
Equity securities	$	83,166	$	81,417

Fixed maturity securities	264		259
Cash and cash equivalents	5		7
Other assets	4		7
Total aggregate estimated fair value of assets	$	83,439	$	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)
September 30, 2024
Account balances reported in the preceding rollforward tables:
Policyholder account balances	$	2,011	$	3,773	$	47,814	$	14,883	$	4,848	$	667
Separate account liabilities	2,509		78,372		—		—		—		2,319
Total account balances	$	4,520	$	82,145	$	47,814	$	14,883	$	4,848	$	2,986
Net amount at risk	$	21,213	$	11,656	N/A		N/A		$	64,059	$	2,675
Cash surrender value	$	4,324	$	81,750	$	46,076	$	14,632	$	4,360	$	2,761
September 30, 2023
Account balances reported in the preceding rollforward tables:
Policyholder account balances	$	1,972	$	4,275	$	38,619	$	14,811	$	5,125	$	650
Separate account liabilities	2,070		72,356		—		—		—		2,023
Total account balances	$	4,042	$	76,631	$	38,619	$	14,811	$	5,125	$	2,673
Net amount at risk	$	22,618	$	15,989	N/A		N/A		$	69,277	$	2,611
Cash surrender value	$	3,826	$	76,355	$	36,164	$	14,189	$	6,121	$	2,456

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.