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Separate Accounts (Tables)
 12 Months Ended
Dec. 31, 2023
Insurance [Abstract]  
Separate Account Assets
The aggregate fair value of assets, by major investment asset category, supporting separate accounts is as follows:

December 31,
2023		December 31,
2022
(in millions)
Asset Type:
U.S. Treasury securities and obligations of U.S. government authorities and agencies
$4,411 $5,208 
Obligations of U.S. states and their political subdivisions
2,116 2,006 
Foreign government bonds
101 120 
U.S. corporate securities
12,782 13,135 
Foreign corporate securities
3,288 3,261 
Asset-backed securities
1,211 1,131 
Mortgage-backed securities
14,253 14,653 
Mutual funds:
Equity
88,397 82,781 
Fixed Income
37,065 38,109 
Other
5,587 3,797 
Equity securities
5,410 5,177 
Commercial mortgage and other loans
67 74 
Other invested assets
20,739 24,590 
Short-term investments
1,202 1,306 
Cash and cash equivalents
2,259 2,331 
Total
$198,888 $197,679 
Separate Account Liability
The balances of and changes in separate account liabilities as of and for the periods ended are as follows:

Year Ended December 31, 2023
Retirement Strategies
PGIM
Institutional
Individual
Group Insurance
Individual Life
Total
(in millions)
Balance, BOP
$40,056 $11,428 $93,395 $23,513 $32,930 $201,322 
Deposits
6,848 259 446 103 2,972 10,628 
Investment performance
(1,045)830 12,598 1,828 6,742 20,953 
Policy charges
(81)(12)(2,316)(337)(1,075)(3,821)
Surrenders and withdrawals
(8,109)(660)(9,891)(52)(765)(19,477)
Benefit payments
(3,477)(562)(95)(290)(342)(4,766)
Net transfers (to) from general account
(501)(74)(17)44 (1,344)(1,892)
Other
(1,043)(198)10 212 105 (914)
Balance, EOP
$32,648 $11,011 $94,130 $25,021 $39,223 202,033 
Other businesses(1)
(3,145)
Total separate account liabilities
$198,888 
Cash surrender value(2)
$32,648 $11,011 $92,927 $24,911 $35,921 $197,418 
__________
(1)Primarily represents activity from the Company’s Divested and Run-off Businesses as well as the impact of intercompany eliminations. There are no associated cash surrender charges.
(2)“Cash surrender value” represents the amount of the contractholder's account balances distributable at the balance sheet date less certain surrender charges. There are no cash surrender charges for the PGIM and Institutional Retirement Strategies segments.

Year Ended December 31, 2022
Retirement Strategies
PGIM
Institutional
Individual
Group Insurance
Individual Life
Total
(in millions)
Balance, BOP
$42,020 $14,064 $158,546 $27,097 $39,789 $281,516 
Deposits
8,092 744 700 104 2,527 12,167 
Investment performance
645 (2,256)(23,956)(3,984)(6,934)(36,485)
Policy charges
(68)(15)(2,682)(332)(1,014)(4,111)
Surrenders and withdrawals
(6,561)(3,177)(9,422)(34)(712)(19,906)
Benefit payments
(3,319)(553)(95)(251)(421)(4,639)
Net transfers (to) from general account
(634)2,674 (282)41 (394)1,405 
Other(1)
(119)(53)(29,414)872 89 (28,625)
Balance, EOP
$40,056 $11,428 $93,395 $23,513 $32,930 201,322 
Other businesses(2)
(3,643)
Total separate account liabilities
$197,679 
Cash surrender value(3)
$40,056 $11,428 $91,831 $23,391 $30,049 $196,755 
__________
(1)Primarily represents the sale of PALAC in Individual Retirement Strategies.
(2)Primarily represents activity from the Company’s Divested and Run-off Businesses as well as the impact of intercompany eliminations. There are no associated cash surrender charges.
(3)“Cash surrender value” represents the amount of the contractholder's account balances distributable at the balance sheet date less certain surrender charges. There are no cash surrender charges for the PGIM and Institutional Retirement Strategies segments.

Year Ended December 31, 2021
Retirement Strategies
PGIM
Institutional
Individual
Group Insurance
Individual Life
Total
(in millions)
Balance, BOP
$38,139 $15,345 $158,708 $28,340 $33,877 $274,409 
Deposits
10,330 (12)1,665 104 2,648 14,735 
Investment performance
4,417 225 17,469 628 5,743 28,482 
Policy charges
(95)(15)(3,598)(345)(954)(5,007)
Surrenders and withdrawals
(7,933)(187)(14,767)(55)(829)(23,771)
Benefit payments
(3,200)(616)(140)(234)(424)(4,614)
Net transfers (to) from general account
26 (120)(796)(2)(352)(1,244)
Other(1)
336 (556)5 (1,339)80 (1,474)
Balance, EOP
$42,020 $14,064 $158,546 $27,097 $39,789 281,516 
Other businesses(2)
62,731 
Reclassified to “Liabilities held-for-sale”(3)(98,102)
Total separate account liabilities
$246,145 
Cash surrender value(4)
$42,020 $14,064 $156,071 $26,965 $36,916 $276,036 
__________
(1)Primarily represents open trades of fixed income securities in Group Insurance.
(2)Primarily represents activity from the Company’s Divested and Run-off Businesses including Full Service Retirement as well as the impact of intercompany eliminations. There are no associated cash surrender charges.
(3)Represents “Liabilities held-for-sale” of $65,835 million and $32,267 million in Full Service Retirement (included in “Other businesses”) and Individual Retirement Strategies, respectively.
(4)“Cash surrender value” represents the amount of the contractholder's account balances distributable at the balance sheet date less certain surrender charges. There are no cash surrender charges for the PGIM and Institutional Retirement Strategies segments.