Separate Accounts

6 Months Ended

Jun. 30, 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 10 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:


	June 30, 2025		December 31, 2024
	(in thousands)
Asset Type:
U.S. Treasury securities and obligations of U.S. government authorities and agencies	$	18,466	$	15,548
Obligations of U.S. states and their political subdivisions authorities	125		115

U.S. corporate securities	27,807		24,458
Foreign corporate securities	3,376		3,158
Asset-backed securities	1,014		1,099
Mortgage-backed securities	120		82
Mutual funds:
Equity	72,667,286		73,226,610
Fixed Income	32,398,622		33,828,097
Other	5,169,686		4,431,975
Equity securities	186,276		126,792

Other invested assets	7,104,406		6,444,077
Short-term investments	6,364		2,559
Cash and cash equivalents	62,470		38,686
Total	$	117,646,018	$	118,143,256

For the six months ended June 30, 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:


	Six Months Ended June 30, 2025
	Variable Annuities		Variable Life		Total
	(in thousands)
Balance, beginning of period	$	85,183,055	$	32,960,201	$	118,143,256
Deposits	275,971		1,856,320		2,132,291
Investment performance	4,392,232		1,871,861		6,264,093

Policy charges	(997,613)		(495,309)		(1,492,922)
Surrenders and withdrawals	(6,754,785)		(280,273)		(7,035,058)
Benefit payments	(42,662)		(165,752)		(208,414)
Net transfers (to) from general account	(28,288)		(201,728)		(230,016)

Other	2,688		70,100		72,788
Balance, end of period	$	82,030,598	$	35,615,420	$	117,646,018

Cash surrender value(1)	$	81,263,628	$	32,126,590	$	113,390,218


	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(1)	$	88,793,191	$	26,797,766	$	115,590,957

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