Separate Accounts

9 Months Ended

Sep. 30, 2025

5. Separate Accounts

Separate Accounts

Information regarding separate account liabilities was as follows:


	Nine Months Ended September 30,
	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	718		55		—		593		60		—
Surrenders and withdrawals	(5,657)		(64)		(4)		(5,747)		(59)		(6)
Benefit payments	(1,246)		(24)		(25)		(1,144)		(17)		(16)
Investment performance	8,212		302		206		9,279		338		240
Policy charges	(1,504)		(60)		(49)		(1,592)		(62)		(48)
Net transfers from (to) general account	(81)		(12)		525		(78)		(27)		(5)
Other	(19)		—		9		(25)		—		6
Balance, end of period	$	74,906	$	2,681	$	2,461	$	78,372	$	2,509	$	2,319

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,
	2025		2024
	(In millions)
Separate account liabilities reported in the preceding rollforward table	$	80,048	$	83,200
Variable income annuities	237		216
Pension risk transfer annuities	26		23
Total separate account liabilities	$	80,311	$	83,439

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


	September 30, 2025		December 31, 2024
	(In millions)
Equity securities	$	80,091	$	78,793

Fixed maturity securities	209		207
Cash and cash equivalents	9		2
Other assets	2		4
Total aggregate estimated fair value of assets	$	80,311	$	79,006

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, 2025
Account balances reported in the preceding rollforward tables:
Policyholder account balances	$	2,055	$	3,380	$	52,182	$	13,777	$	4,548	$	647
Separate account liabilities	2,681		74,906		—		—		—		2,461
Total account balances	$	4,736	$	78,286	$	52,182	$	13,777	$	4,548	$	3,108
Net amount at risk	$	20,171	$	11,802	N/A		N/A		$	62,181	$	2,641
Cash surrender value	$	4,525	$	77,933	$	51,970	$	13,779	$	4,144	$	2,908
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

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.