Separate Accounts (Tables)

9 Months Ended

Sep. 30, 2025

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


	September 30, 2025		December 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 authorities	117		115

U.S. corporate securities	51,055		24,458
Foreign corporate securities	3,443		3,158
Asset-backed securities	791		1,099
Mortgage-backed securities	157		82
Mutual funds:
Equity	75,160,096		73,226,610
Fixed Income	31,544,612		33,828,097
Other	5,319,636		4,431,975
Equity securities	243,874		126,792

Other invested assets	7,520,085		6,444,077
Short-term investments	3,750		2,559
Cash and cash equivalents	33,173		38,686
Total	$	119,905,139	$	118,143,256

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 Annuities		Variable Life		Total
	(in thousands)
Balance, beginning of period	$	85,183,055	$	32,960,201	$	118,143,256
Deposits	419,214		2,884,077		3,303,291
Investment performance	8,197,009		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)

Other	4,775		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 Annuities		Variable Life		Total
	(in thousands)
Balance, beginning of period	$	92,383,121	$	26,805,364	$	119,188,485
Deposits	423,070		2,430,129		2,853,199
Investment performance	9,876,434		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)

Other	5,642		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.