Separate Accounts

6 Months Ended

Jun. 30, 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:


	June 30, 2024		December 31, 2023
	(in thousands)
Asset Type:
U.S. Treasury securities and obligations of U.S. government authorities and agencies	$	4,925	$	2,954
Obligations of U.S. states and their political subdivisions authorities	65		0

U.S. corporate securities	11,788		9,504
Foreign corporate securities	2,237		1,763
Asset-backed securities	1,016		0
Mortgage-backed securities	175		186
Mutual funds:
Equity	75,066,834		72,614,821
Fixed Income	34,707,360		37,065,162
Other	4,324,051		4,101,661
Equity securities	99,581		104,159

Other invested assets	5,740,307		5,258,900
Short-term investments	574		2,126
Cash and cash equivalents	21,993		27,249
Total	$	119,980,906	$	119,188,485

For the six months ended June 30, 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:


	Six Months Ended June 30, 2024
	Variable Annuities		Variable Life		Total
	(in thousands)
Balance, beginning of period	$	92,383,121	$	26,805,364	$	119,188,485
Deposits	291,602		1,506,531		1,798,133
Investment performance	5,034,082		2,795,950		7,830,032

Policy charges	(1,112,504)		(447,119)		(1,559,623)
Surrenders and withdrawals	(6,694,864)		(235,991)		(6,930,855)
Benefit payments	(33,831)		(131,243)		(165,074)
Net transfers (to) from general account	(41,403)		(169,366)		(210,769)

Other	2,825		27,752		30,577
Balance, end of period	$	89,829,028	$	30,151,878	$	119,980,906

Cash surrender value(2)	$	88,793,191	$	26,797,766	$	115,590,957


	Six Months Ended June 30, 2023
	Variable Annuities		Variable Life		Total
	(in thousands)
Balance, beginning of period	$	91,785,448	$	22,265,798	$	114,051,246
Deposits	200,961		1,376,552		1,577,513
Investment performance	7,184,460		2,535,342		9,719,802

Policy charges	(1,171,455)		(405,108)		(1,576,563)
Surrenders and withdrawals	(4,561,633)		(214,686)		(4,776,319)
Benefit payments	(43,056)		(107,641)		(150,697)
Net transfers (to) from general account(1)	(4,995)		(1,035,554)		(1,040,549)

Other	5,405		30,317		35,722
Balance, end of period	$	93,395,135	$	24,445,020	$	117,840,155

Cash surrender value(2)	$	92,036,034	$	21,526,262	$	113,562,296

(1) Variable life includes $900 million of funding for a policy loan to an affiliated irrevocable trust. See Note 14 for additional information.

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