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Separate Accounts
 9 Months Ended
Sep. 30, 2025
Separate Accounts Disclosure [Abstract]  
Separate Accounts 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:

September 30, 2025December 31, 2024
(in thousands)
Asset Type:
U.S. Treasury securities and obligations of U.S. government authorities and agencies$24,350 $15,548 
Obligations of U.S. states and their political subdivisions authorities117 115 
 U.S. corporate securities51,055 24,458 
 Foreign corporate securities3,443 3,158 
Asset-backed securities791 1,099 
Mortgage-backed securities157 82 
Mutual funds:
Equity75,160,096 73,226,610 
Fixed Income31,544,612 33,828,097 
Other5,319,636 4,431,975 
Equity securities243,874 126,792 
Other invested assets7,520,085 6,444,077 
Short-term investments3,750 2,559 
   Cash and cash equivalents33,173 38,686 
Total$119,905,139 $118,143,256 

For the nine months ended September 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:
Nine Months Ended September 30, 2025
Variable AnnuitiesVariable LifeTotal
(in thousands)
Balance, beginning of period$85,183,055 $32,960,201 $118,143,256 
     Deposits419,214 2,884,077 3,303,291 
     Investment performance8,197,009 3,916,767 12,113,776 
     Policy charges(1,491,030)(750,722)(2,241,752)
     Surrenders and withdrawals(10,396,366)(451,146)(10,847,512)
     Benefit payments(62,086)(280,999)(343,085)
     Net transfers (to) from general account(8,997)(332,595)(341,592)
     Other4,775 113,982 118,757 
Balance, end of period$81,845,574 $38,059,565 $119,905,139 
Cash surrender value(1)$81,151,328 $34,463,457 $115,614,785 
Nine Months Ended September 30, 2024
Variable AnnuitiesVariable LifeTotal
(in thousands)
Balance, beginning of period$92,383,121 $26,805,364 $119,188,485 
Deposits423,070 2,430,129 2,853,199 
Investment performance9,876,434 4,267,066 14,143,500 
Policy charges(1,674,326)(680,530)(2,354,856)
Surrenders and withdrawals(10,135,635)(363,848)(10,499,483)
Benefit payments(49,810)(203,852)(253,662)
Net transfers (to) from general account(48,394)(275,312)(323,706)
Other5,642 19,976 25,618 
Balance, end of period$90,780,102 $31,998,993 $122,779,095 
Cash surrender value(1)$89,812,490 $28,717,582 $118,530,072 
(1) Represents the amount of the contractholder's account balances distributable at the balance sheet date less certain surrender charges.