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Separate Account Assets and Liabilities (Tables) | 12 Months Ended
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Dec. 31, 2023
Insurance [Abstract] |
Aggregate fair value of separate account assets, by major asset category | 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 |
Balances of and changes in separate account liabilities | 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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