Separate Accounts

12 Months Ended

Dec. 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 benefit liabilities" (or "assets," if applicable). 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 “Change in value of market risk benefits, net of related hedging gains (losses)”.

Separate Account Assets

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


	December 31, 2024		December 31, 2023
	(in thousands)
Asset Type:
U.S. Treasury securities and obligations of U.S. government authorities and agencies	$	15,548	$	2,954
Obligations of U.S. states and their political subdivisions authorities	115		0

U.S. corporate securities	24,458		9,504
Foreign corporate securities	3,158		1,763
Asset-backed securities	1,099		0
Mortgage-backed securities	82		186
Mutual funds:
Equity	73,226,610		72,614,821
Fixed Income	33,828,097		37,065,162
Other	4,431,975		4,101,661
Equity securities	126,792		104,159

Other invested assets	6,444,077		5,258,900
Short-term investments	2,559		2,126
Cash and cash equivalents	38,686		27,249
Total	$	118,143,256	$	119,188,485

For the periods ended December 31, 2024, 2023 and 2022, 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:


	Year Ended December 31, 2024
	Variable Annuities		Variable Life		Total
	(in thousands)
Balance, beginning of period	$	92,383,121	$	26,805,364	$	119,188,485
Deposits	601,236		3,513,738		4,114,974
Investment performance	8,395,586		4,657,022		13,052,608

Policy charges	(2,210,261)		(923,275)		(3,133,536)
Surrenders and withdrawals	(13,827,431)		(450,573)		(14,278,004)
Benefit payments	(66,029)		(285,680)		(351,709)
Net transfers (to) from general account	(100,193)		(380,869)		(481,062)

Other	7,026		24,474		31,500
Balance, end of period	$	85,183,055	$	32,960,201	$	118,143,256

Cash surrender value(1)	$	84,325,382	$	29,592,881	$	113,918,263


	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(2)	(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(1)	$	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(1)	$	90,208,083	$	19,575,562	$	109,783,645

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

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