Separate Accounts

3 Months Ended

Mar. 31, 2025

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:


	March 31, 2025		December 31, 2024
	(in thousands)
Asset Type:
U.S. Treasury securities and obligations of U.S. government authorities and agencies	$	18,498	$	15,548
Obligations of U.S. states and their political subdivisions authorities	140		115

U.S. corporate securities	28,128		24,458
Foreign corporate securities	3,052		3,158
Asset-backed securities	1,263		1,099
Mortgage-backed securities	129		82
Mutual funds:
Equity	69,189,973		73,226,610
Fixed Income	32,508,482		33,828,097
Other	4,851,887		4,431,975
Equity securities	150,205		126,792

Other invested assets	6,805,838		6,444,077
Short-term investments	1,449		2,559
Cash and cash equivalents	27,469		38,686
Total	$	113,586,513	$	118,143,256

For the three months ended March 31, 2025 and year ended December 31, 2024, 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, 2025
	Variable Annuities		Variable Life		Total
	(in thousands)
Balance, beginning of period	$	85,183,055	$	32,960,201	$	118,143,256
Deposits	151,359		871,702		1,023,061
Investment performance	(166,036)		(754,703)		(920,739)

Policy charges	(508,620)		(248,335)		(756,955)
Surrenders and withdrawals	(3,587,214)		(142,237)		(3,729,451)
Benefit payments	(23,567)		(94,690)		(118,257)
Net transfers (to) from general account	(23,157)		(90,828)		(113,985)

Other	1,798		57,785		59,583
Balance, end of period	$	81,027,618	$	32,558,895	$	113,586,513

Cash surrender value(1)	$	80,187,666	$	29,118,691	$	109,306,357


	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

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