Separate Accounts (Tables)

3 Months Ended

Mar. 31, 2025

Information regarding separate account liabilities was as follows:


	Three Months Ended March 31,
	2025						2024
	Variable Annuities		Universal Life Insurance		Company-Owned Life Insurance		Variable Annuities		Universal Life Insurance		Company-Owned Life Insurance
	(In millions)
Balance, beginning of period	$	74,483	$	2,484	$	1,799	$	77,086	$	2,276	$	2,148
Premiums and deposits	230		19		—		202		20		—
Surrenders and withdrawals	(1,941)		(21)		(3)		(1,853)		(21)		(3)
Benefit payments	(405)		(10)		(5)		(387)		(5)		(5)
Investment performance	(481)		(66)		(31)		4,313		167		112
Policy charges	(473)		(20)		(17)		(490)		(20)		(13)
Net transfers from (to) general account	(28)		(3)		495		(28)		(10)		(200)
Other	4		—		3		(9)		—		—
Balance, end of period	$	71,389	$	2,383	$	2,241	$	78,834	$	2,407	$	2,039

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:


	March 31,
	2025		2024
	(In millions)
Separate account liabilities reported in the preceding rollforward table	$	76,013	$	83,280
Variable income annuities	222		189
Pension risk transfer annuities	22		20
Total separate account liabilities	$	76,257	$	83,489

Fair Value, Separate Account Investment

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


	March 31, 2025		December 31, 2024
	(In millions)
Equity securities	$	76,043	$	78,793

Fixed maturity securities	210		207
Cash and cash equivalents	—		2
Other assets	4		4
Total aggregate estimated fair value of assets	$	76,257	$	79,006

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)
March 31, 2025
Account balances reported in the preceding rollforward tables:
Policyholder account balances	$	2,034	$	3,570	$	47,896	$	14,516	$	4,710	$	673
Separate account liabilities	2,383		71,389		—		—		—		2,241
Total account balances	$	4,417	$	74,959	$	47,896	$	14,516	$	4,710	$	2,914
Net amount at risk	$	20,743	$	13,202	N/A		N/A		$	63,157	$	2,599
Cash surrender value	$	4,208	$	74,592	$	46,235	$	14,248	$	4,269	$	2,684
March 31, 2024
Account balances reported in the preceding rollforward tables:
Policyholder account balances	$	1,990	$	3,982	$	44,350	$	14,923	$	4,984	$	856
Separate account liabilities	2,407		78,834		—		—		—		2,039
Total account balances	$	4,397	$	82,816	$	44,350	$	14,923	$	4,984	$	2,895
Net amount at risk	$	21,872	$	12,205	N/A		N/A		$	64,837	$	2,671
Cash surrender value	$	4,198	$	82,391	$	41,958	$	14,260	$	4,455	$	2,366