Separate Accounts (Tables)

12 Months Ended

Dec. 31, 2023

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


	December 31, 2023		December 31, 2022
	(in thousands)
Asset Type:
U.S. Treasury securities and obligations of U.S. government authorities and agencies	$	2,954	$	2,510


U.S. corporate securities	9,504		8,702
Foreign corporate securities	1,763		1,420

Mortgage-backed securities	186		276
Mutual funds:
Equity	72,614,821		67,144,660
Fixed Income	37,065,162		38,109,374
Other	4,101,661		3,441,016
Equity securities	104,159		49,260

Other invested assets	5,258,900		5,262,178
Short-term investments	2,126		1,237
Cash and cash equivalents	27,249		30,613
Total	$	119,188,485	$	114,051,246

The balances of and changes in separate account liabilities as of and for the periods indicated are as follows:


	Year Ended December 31, 2023
	Variable Annuities		Variable Life		Total
	(in thousands)
Balance, beginning of period	$	91,785,447	$	22,265,799	$	114,051,246
Deposits	440,707		2,745,751		3,186,458
Investment performance	12,219,777		4,310,729		16,530,506

Policy charges	(2,296,859)		(829,539)		(3,126,398)
Surrenders and withdrawals	(9,687,372)		(347,955)		(10,035,327)
Benefit payments	(73,791)		(226,242)		(300,033)
Net transfers (to) from general account(1)	(15,121)		(1,175,575)		(1,190,696)

Other	10,333		62,396		72,729
Balance, end of period	$	92,383,121	$	26,805,364	$	119,188,485

Cash surrender value(2)	$	91,201,190	$	23,700,726	$	114,901,916


	Year Ended December 31, 2022
	Variable Annuities		Variable Life		Total
	(in thousands)
Balance, beginning of period	$	123,977,624	$	25,820,204	$	149,797,828
Deposits	658,695		2,275,000		2,933,695
Investment performance	(21,600,783)		(4,270,091)		(25,870,874)

Policy charges	(2,513,831)		(767,168)		(3,280,999)
Surrenders and withdrawals	(8,481,231)		(339,931)		(8,821,162)
Benefit payments	(62,586)		(278,140)		(340,726)
Net transfers (to) from general account	(206,269)		(213,752)		(420,021)

Other	13,828		39,677		53,505
Balance, end of period	$	91,785,447	$	22,265,799	$	114,051,246

Cash surrender value(2)	$	90,208,083	$	19,575,562	$	109,783,645


	Year Ended December 31, 2021
	Variable Annuities		Variable Life		Total
	(in thousands)
Balance, beginning of period	$	124,275,626	$	21,464,796	$	145,740,422
Deposits	669,497		2,397,739		3,067,236
Investment performance	13,179,092		3,482,547		16,661,639

Policy charges	(2,937,255)		(703,264)		(3,640,519)
Surrenders and withdrawals	(11,147,772)		(403,558)		(11,551,330)
Benefit payments	(74,953)		(289,298)		(364,251)
Net transfers (to) from general account	3,449		(164,405)		(160,956)

Other	9,940		35,647		45,587
Balance, end of period	$	123,977,624	$	25,820,204	$	149,797,828

Cash surrender value(2)	$	121,847,584	$	23,174,409	$	145,021,993

(1) Variable life includes $900 million of funding for a policy loan to an affiliated irrevocable trust. See Note 15 for additional information.

(2) Represents the amount of the contractholder's account balances distributable at the balance sheet date less certain surrender charges.