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Separate Account Assets and Liabilities | 12 Months Ended
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Dec. 31, 2023
Insurance [Abstract] |
Separate Account Assets and Liabilities | Separate Account Assets and Liabilities Aggregate fair value of separate account assets, by major asset category, consisted of the following:
| December 31, 2023 |  | December 31, 2022
(in millions)
Variable annuities and variable universal life: |  |  |
Mutual funds | $ | 74,634 |  |  | $ | 70,876 |
Unitized pooled pension funds: |  |  |
Property/real estate | 1,784 |  |  | 1,876 |
Equity securities | 553 |  |  | 679 |
Debt securities | 285 |  |  | 279 |
Cash and cash equivalents | 147 |  |  | 208 |
Other | 54 |  |  | 44 |
Total | $ | 77,457 |  |  | $ | 73,962 |
No gains or losses were recognized on assets transferred to separate accounts for the years ended December 31, 2023, 2022 and 2021. The balances of and changes in separate account liabilities were as follows:
| Variable Annuities |  | Variable Universal Life |  | Unitized Pooled Pension Funds |  | Total
(in millions)
Balance at January 1, 2023 | $ | 63,223 |  |  | $ | 7,653 |  |  | $ | 3,086 |  |  | $ | 73,962 |
Premiums and deposits | 835 |  |  | 459 |  |  | 194 |  |  | 1,488 |
Policy charges | (1,343) |  |  | (292) |  |  | (7) |  |  | (1,642) |
Surrenders and other benefits | (5,378) |  |  | (317) |  |  | (777) |  |  | (6,472) |
Investment return | 8,477 |  |  | 1,250 |  |  | 170 |  |  | 9,897 |
Net transfer from (to) general account | 25 |  |  | 42 |  |  | — |  |  | 67 |
Other charges | — |  |  | — |  |  | 157 |  |  | 157 |
Balance at December 31, 2023 | $ | 65,839 |  |  | $ | 8,795 |  |  | $ | 2,823 |  |  | $ | 77,457 |
Cash surrender value | $ | 64,280 |  |  | $ | 8,263 |  |  | $ | 2,823 |  |  | $ | 75,366 |
| Variable Annuities |  | Variable Universal Life |  | Unitized Pooled Pension Funds |  | Total
(in millions)
Balance at January 1, 2022 | $ | 82,862 |  |  | $ | 9,376 |  |  | $ | 5,253 |  |  | $ | 97,491 |
Premiums and deposits | 1,067 |  |  | 425 |  |  | 252 |  |  | 1,744 |
Policy charges | (1,396) |  |  | (278) |  |  | (11) |  |  | (1,685) |
Surrenders and other benefits | (4,923) |  |  | (286) |  |  | (1,548) |  |  | (6,757) |
Investment return | (14,450) |  |  | (1,654) |  |  | (273) |  |  | (16,377) |
Net transfer from (to) general account | 63 |  |  | 70 |  |  | — |  |  | 133 |
Other charges | — |  |  | — |  |  | (587) |  |  | (587) |
Balance at December 31, 2022 | $ | 63,223 |  |  | $ | 7,653 |  |  | $ | 3,086 |  |  | $ | 73,962 |
Cash surrender value | $ | 61,461 |  |  | $ | 7,200 |  |  | $ | 3,086 |  |  | $ | 71,747 |

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- Definition The entire disclosure for separate account. Includes, but is not limited to, extent and terms of minimum guarantee. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -SubTopic 80 -Topic 944 -Publisher FASB -URI https://asc.fasb.org//944-80/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -SubTopic 80 -Topic 944 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480109/944-80-50-1 + Details
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