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Separate Account Assets and Liabilities | 6 Months Ended
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Jun. 30, 2024
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:
| June 30, 2024 |  | December 31, 2023
(in millions)
Variable annuities and variable universal life: |  |  |
Mutual funds | $ | 76,338 |  |  | $ | 74,634 |
Unitized pooled pension funds: |  |  |
Property/real estate | 1,726 |  |  | 1,784 |
Equity securities | 558 |  |  | 553 |
Debt securities | 223 |  |  | 285 |
Cash and cash equivalents | 202 |  |  | 147 |
Other | 51 |  |  | 54 |
Total | $ | 79,098 |  |  | $ | 77,457 |
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, 2024 | $ | 65,839 |  |  | $ | 8,795 |  |  | $ | 2,823 |  |  | $ | 77,457 |
Premiums and deposits | 417 |  |  | 243 |  |  | 106 |  |  | 766 |
Policy charges | (663) |  |  | (151) |  |  | (3) |  |  | (817) |
Surrenders and other benefits | (3,355) |  |  | (203) |  |  | (268) |  |  | (3,826) |
Investment return | 4,640 |  |  | 749 |  |  | 125 |  |  | 5,514 |
Net transfer from (to) general account | 15 |  |  | 12 |  |  | — |  |  | 27 |
Other charges | — |  |  | — |  |  | (23) |  |  | (23) |
Balance at June 30, 2024 | $ | 66,893 |  |  | $ | 9,445 |  |  | $ | 2,760 |  |  | $ | 79,098 |
Cash surrender value | $ | 65,434 |  |  | $ | 8,869 |  |  | $ | 2,760 |  |  | $ | 77,063 |
| 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 |

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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 -Topic 944 -SubTopic 80 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480109/944-80-50-1 Reference 2: 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 + Details
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