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Separate Account Assets and Liabilities
 12 Months Ended
Dec. 31, 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:
December 31,
2024
2023
(in millions)
Variable annuities and variable universal life:
Mutual funds$75,576 $74,634 
Unitized pooled pension funds:
Property/real estate1,682 1,784 
Equity securities514 553 
Debt securities175 285 
Cash and cash equivalents120 147 
Other47 54 
Total$78,114 $77,457 
No gains or losses were recognized on assets transferred to separate accounts for the years ended December 31, 2024, 2023 and 2022.
The balances of and changes in separate account liabilities were as follows:
Variable AnnuitiesVariable Universal Life
Unitized Pooled Pension Funds
Total
(in millions)
Balance at January 1, 2024
$65,839 $8,795 $2,823 $77,457 
Premiums and deposits933 500 153 1,586 
Policy charges(1,365)(307)(5)(1,677)
Surrenders and other benefits(6,990)(412)(594)(7,996)
Investment return7,293 1,199 202 8,694 
Net transfer from (to) general account27 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 AnnuitiesVariable Universal Life
Unitized Pooled Pension Funds
Total
(in millions)
Balance at January 1, 2023
$63,223 $7,653 $3,086 $73,962 
Premiums and deposits835 459 194 1,488 
Policy charges(1,343)(292)(7)(1,642)
Surrenders and other benefits(5,378)(317)(777)(6,472)
Investment return8,477 1,250 170 9,897 
Net transfer from (to) general account25 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