Separate Accounts

12 Months Ended

Dec. 31, 2024

Insurance [Abstract]

Separate Accounts

. Separate Accounts

Separate Accounts

Information regarding separate account liabilities was as follows:

	Years Ended December 31,
	2024						2023						2022
	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	$	77,086	$	2,276	$	2,148	$	74,845	$	1,970	$	1,919	$	101,108	$	2,576	$	2,367
Premiums and deposits	828		80		—		762		84		—		1,199		91		—
Surrenders and withdrawals	(7,836)		(80)		(21)		(6,073)		(68)		(20)		(5,965)		(55)		(16)
Benefit payments	(1,511)		(25)		(22)		(1,391)		(18)		(28)		(1,298)		(24)		(33)
Investment performance	8,150		346		251		11,071		405		327		(17,878)		(519)		(356)
Policy charges	(2,109)		(81)		(62)		(2,098)		(78)		(58)		(2,227)		(78)		(61)
Net transfers from (to) general account	(102)		(32)		(500)		(14)		(18)		(1)		(131)		(21)		13
Other	(23)		—		5		(16)		(1)		9		37		—		5
Balance, end of year	$	74,483	$	2,484	$	1,799	$	77,086	$	2,276	$	2,148	$	74,845	$	1,970	$	1,919

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,
	2024		2023
	(In millions)
Separate account liabilities reported in the preceding rollforward table	$	78,766	$	81,510
Variable income annuities	217		161
Pension risk transfer annuities	23		19
Total separate account liabilities	$	79,006	$	81,690

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

	December 31,
	2024		2023
	(In millions)
Equity securities	$	78,793	$	81,417
Fixed maturity securities	207		259
Cash and cash equivalents	2		7
Other assets	4		7
Total aggregate estimated fair value of assets	$	79,006	$	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)
December 31, 2024
Account balances reported in the preceding rollforward tables:
Policyholder account balances	$	2,028	$	3,667	$	48,605	$	14,665	$	4,779	$	1,166
Separate account liabilities	2,484		74,483		—		—		—		1,799
Total account balances	$	4,512	$	78,150	$	48,605	$	14,665	$	4,779	$	2,965
Net amount at risk	$	20,958	$	12,757	N/A		N/A		$	63,580	$	2,649
Cash surrender value	$	4,303	$	77,761	$	47,013	$	14,361	$	4,316	$	2,134
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

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.