Separate Accounts

3 Months Ended

Mar. 31, 2024

SEPARATE ACCOUNTS

The Company issues variable annuity and variable life insurance contracts through its separate accounts for which investment income and investment gains and losses accrue directly to, and investment risk is borne by, the contractholder. Most variable annuity and variable life insurance contracts are offered with both separate and general account options. See Note 9 for additional information.

The assets supporting the variable portion of variable annuity and variable life insurance contracts are carried at fair value and reported as “Separate account assets” with an equivalent amount reported as “Separate account liabilities”. The liabilities related to the net amount at risk are reflected within future policy benefits or market risk benefits. Amounts assessed against the contractholders for mortality, administration, and other services are included within revenue in “Policy charges and fee income” and changes in liabilities for minimum guarantees are generally included in “Policyholders’ benefits” or “Realized investment gains (losses), net”.

Separate Account Assets

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


	March 31, 2024		December 31, 2023
	(in thousands)
Asset Type:
U.S. Treasury securities and obligations of U.S. government authorities and agencies	$	3,226	$	2,954


U.S. corporate securities	8,510		9,504
Foreign corporate securities	1,857		1,763
Asset-backed securities	950		0
Mortgage-backed securities	180		186
Mutual funds:
Equity	76,205,304		72,614,821
Fixed Income	35,761,710		37,065,162
Other	4,275,354		4,101,661
Equity securities	114,738		104,159

Other invested assets	5,496,400		5,258,900
Short-term investments	2,367		2,126
Cash and cash equivalents	24,427		27,249
Total	$	121,895,023	$	119,188,485

For the three months ended March 31, 2024 and year ended December 31, 2023, there were no transfers of assets, other than cash, from the general account to a separate account; therefore, no gains or losses were recorded.

Separate Account Liabilities

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


	Three Months Ended March 31, 2024
	Variable Annuities		Variable Life		Total
	(in thousands)
Balance, beginning of period	$	92,383,121	$	26,805,364	$	119,188,485
Deposits	149,538		697,390		846,928
Investment performance	4,150,157		2,023,976		6,174,133

Policy charges	(557,722)		(220,783)		(778,505)
Surrenders and withdrawals	(3,293,055)		(116,910)		(3,409,965)
Benefit payments	(15,282)		(73,731)		(89,013)
Net transfers (to) from general account	6,723		(84,803)		(78,080)

Other	877		40,163		41,040
Balance, end of period	$	92,824,357	$	29,070,666	$	121,895,023

Cash surrender value(1)	$	91,713,815	$	25,802,599	$	117,516,414


	Three Months Ended March 31, 2023
	Variable Annuities		Variable Life		Total
	(in thousands)
Balance, beginning of period	$	91,785,448	$	22,265,798	$	114,051,246
Deposits	92,053		608,355		700,408
Investment performance	4,515,993		1,237,196		5,753,189

Policy charges	(589,415)		(200,762)		(790,177)
Surrenders and withdrawals	(2,238,332)		(80,450)		(2,318,782)
Benefit payments	(18,196)		(61,680)		(79,876)
Net transfers (to) from general account	(10,253)		(24,911)		(35,164)

Other	3,405		9,135		12,540
Balance, end of period	$	93,540,703	$	23,752,681	$	117,293,384

Cash surrender value(1)	$	91,951,494	$	21,064,020	$	113,015,514

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