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Separate Account Assets and Liabilities (Tables) | 9 Months Ended
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Sep. 30, 2025
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:
| September 30, 2025 |  | December 31, 2024
(in millions)
Variable annuities and variable universal life: |  |  |
Mutual funds | $ | 78,143 |  |  | $ | 75,576 |
Unitized pooled pension funds: |  |  |
Property/real estate | 1,769 |  |  | 1,682 |
Equity securities | 458 |  |  | 514 |
Debt securities | 142 |  |  | 175 |
Cash and cash equivalents | 115 |  |  | 120 |
Other | 52 |  |  | 47 |
Total | $ | 80,679 |  |  | $ | 78,114 |
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, 2025 | $ | 65,737 |  |  | $ | 9,839 |  |  | $ | 2,538 |  |  | $ | 78,114 |
Premiums and deposits | 732 |  |  | 390 |  |  | 122 |  |  | 1,244 |
Policy charges | (976) |  |  | (240) |  |  | (4) |  |  | (1,220) |
Surrenders and other benefits | (5,367) |  |  | (297) |  |  | (429) |  |  | (6,093) |
Investment return | 7,026 |  |  | 1,245 |  |  | 126 |  |  | 8,397 |
Net transfer from (to) general account | 27 |  |  | 27 |  |  | — |  |  | 54 |
Other charges | — |  |  | — |  |  | 183 |  |  | 183 |
Balance at September 30, 2025 | $ | 67,179 |  |  | $ | 10,964 |  |  | $ | 2,536 |  |  | $ | 80,679 |
Cash surrender value | $ | 65,985 |  |  | $ | 10,275 |  |  | $ | 2,536 |  |  | $ | 78,796 |
| 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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