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v3.23.1

Separate Accounts (Tables) | 3 Months Ended
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Mar. 31, 2023
Separate Accounts [Abstract] |
Schedule of Fair Value of Separate Account Assets |
| As of |  | As of |
| March 31, |  | December 31, |
| 2023 |  | 2022 |
Mutual funds and collective investment trusts | $ | 147,765 |  | $ | 142,892 |
Exchange-traded funds |  | 214 |  |  | 258 |
Fixed maturity AFS securities |  | 173 |  |  | 169 |
Cash and invested cash |  | 145 |  |  | 98 |
Other investments |  | 124 |  |  | 119 |
Total | $ | 148,421 |  | $ | 143,536 |
Schedule of Reconciliation of Separate Account Liabilities | The following table reconciles separate account liabilities (in millions) to the Consolidated Balance Sheets:
| As of |  | As of |
| March 31, |  | December 31, |
| 2023 |  | 2022 |
UL and Other | $ | 22,162 |  | $ | 20,920 |
Variable Annuities |  | 108,334 |  |  | 105,573 |
Retirement Plan Services |  | 17,876 |  |  | 16,996 |
Other Operations (1) |  | 49 |  |  | 47 |
Total separate account liabilities | $ | 148,421 |  | $ | 143,536 |
(1)Represents separate account liabilities reported in Other Operations primarily attributable to the indemnity reinsurance agreements with Protective ($43 million and $42 million as of March 31, 2023, and December 31, 2022, respectively) that are excluded from the following tables.
Summary of Balances and changes in Separate Account Liabilities |
| As of or For the Three Months Ended |  | As of or For the Year Ended |
| March 31, 2023 |  | December 31, 2022 |
|  |  |  |  | Retirement |  |  |  |  |  | Retirement |
| UL and |  | Variable |  | Plan |  | UL and |  | Variable |  | Plan |
| Other |  | Annuities |  | Services |  | Other |  | Annuities |  | Services |
Balance as of beginning-of-year | $ | 20,920 |  | $ | 105,573 |  | $ | 16,996 |  | $ | 24,785 |  | $ | 136,665 |  | $ | 21,068 |
Gross deposits |  | 394 |  |  | 624 |  |  | 554 |  |  | 1,900 |  |  | 3,371 |  |  | 2,378 |
Withdrawals |  | (75 | ) |  | (2,436 | ) |  | (586 | ) |  | (454 | ) |  | (9,238 | ) |  | (2,378 | )
Policyholder assessments |  | (238 | ) |  | (624 | ) |  | (40 | ) |  | (938 | ) |  | (2,603 | ) |  | (164 | )
Change in market performance |  | 1,193 |  |  | 5,054 |  |  | 978 |  |  | (4,371 | ) |  | (23,194 | ) |  | (3,710 | )
Net transfers from (to) general account |  | (32 | ) |  | 143 |  |  | (26 | ) |  | (2 | ) |  | 572 |  |  | (198 | )
Balance as of end-of-period | $ | 22,162 |  | $ | 108,334 |  | $ | 17,876 |  | $ | 20,920 |  | $ | 105,573 |  | $ | 16,996 |
Cash surrender value | $ | 19,863 |  | $ | 106,796 |  | $ | 17,862 |  | $ | 18,666 |  | $ | 103,987 |  | $ | 16,982 |

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