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v3.25.2

Separate Account Assets and Liabilities | 6 Months Ended
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Jun. 30, 2025
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, 2025 |  | December 31, 2024
(in millions)
Variable annuities and variable universal life: |  |  |
Mutual funds | $ | 76,226 |  |  | $ | 75,576 |
Unitized pooled pension funds: |  |  |
Property/real estate | 1,803 |  |  | 1,682 |
Equity securities | 449 |  |  | 514 |
Debt securities | 148 |  |  | 175 |
Cash and cash equivalents | 169 |  |  | 120 |
Other | 54 |  |  | 47 |
Total | $ | 78,849 |  |  | $ | 78,114 |
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, 2025 | $ | 65,737 |  |  | $ | 9,839 |  |  | $ | 2,538 |  |  | $ | 78,114 |
Premiums and deposits | 455 |  |  | 264 |  |  | 56 |  |  | 775 |
Policy charges | (641) |  |  | (159) |  |  | (3) |  |  | (803) |
Surrenders and other benefits | (3,506) |  |  | (188) |  |  | (274) |  |  | (3,968) |
Investment return | 3,729 |  |  | 660 |  |  | 70 |  |  | 4,459 |
Net transfer from (to) general account | 16 |  |  | 20 |  |  | — |  |  | 36 |
Other charges | — |  |  | — |  |  | 236 |  |  | 236 |
Balance at June 30, 2025 | $ | 65,790 |  |  | $ | 10,436 |  |  | $ | 2,623 |  |  | $ | 78,849 |
Cash surrender value | $ | 64,554 |  |  | $ | 9,774 |  |  | $ | 2,623 |  |  | $ | 76,951 |
| 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 |

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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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