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Separate Account Assets and Liabilities (Tables) | 12 Months Ended
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Dec. 31, 2024
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,
| 2024 |  | 2023
(in millions)
Variable annuities and variable universal life: |  |  |
Mutual funds | $ | 75,576 |  |  | $ | 74,634 |
Unitized pooled pension funds: |  |  |
Property/real estate | 1,682 |  |  | 1,784 |
Equity securities | 514 |  |  | 553 |
Debt securities | 175 |  |  | 285 |
Cash and cash equivalents | 120 |  |  | 147 |
Other | 47 |  |  | 54 |
Total | $ | 78,114 |  |  | $ | 77,457 |
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, 2024 | $ | 65,839 |  |  | $ | 8,795 |  |  | $ | 2,823 |  |  | $ | 77,457 |
Premiums and deposits | 933 |  |  | 500 |  |  | 153 |  |  | 1,586 |
Policy charges | (1,365) |  |  | (307) |  |  | (5) |  |  | (1,677) |
Surrenders and other benefits | (6,990) |  |  | (412) |  |  | (594) |  |  | (7,996) |
Investment return | 7,293 |  |  | 1,199 |  |  | 202 |  |  | 8,694 |
Net transfer from (to) general account | 27 |  |  | 64 |  |  | — |  |  | 91 |
Other charges | — |  |  | — |  |  | (41) |  |  | (41) |
Balance at December 31, 2024 | $ | 65,737 |  |  | $ | 9,839 |  |  | $ | 2,538 |  |  | $ | 78,114 |
Cash surrender value | $ | 64,411 |  |  | $ | 9,220 |  |  | $ | 2,538 |  |  | $ | 76,169 |
| 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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