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Separate Accounts

6 Months Ended

Jun. 30, 2023

Separate Accounts [Abstract]

Separate Accounts

10. Separate Accounts

The following table presents the fair value of separate account assets (in millions) reported on the Consolidated Balance Sheets by major investment category:

	As of				As of
	June 30,			December 31,
	2023				2022
Mutual funds and collective investment trusts	$	152,584			$	142,892
Exchange-traded funds		364				258
Fixed maturity AFS securities		169				169
Cash and invested cash		3				98
Other investments		126				119
Total	$	153,246			$	143,536

The following table reconciles separate account liabilities (in millions) to the Consolidated Balance Sheets:

	As of				As of
	June 30,			December 31,
	2023				2022
UL and Other	$	23,409			$	20,920
Variable Annuities		110,998				105,573
Retirement Plan Services		18,789				16,996
Other Operations (1)		50				47
Total separate account liabilities	$	153,246			$	143,536

⁽¹⁾Represents separate account liabilities reported in Other Operations primarily attributable to the indemnity reinsurance agreements with Protective ($45 million and $42 million as of June 30, 2023, and December 31, 2022, respectively) that are excluded from the following tables.

The following table summarizes the balances of and changes in separate account liabilities (in millions):

	As of or For the Six Months Ended									As of or For the Year Ended
	June 30, 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		821			1,367			1,078			1,900			3,371			2,378
Withdrawals		(154	)		(4,915	)		(1,123	)		(454	)		(9,238	)		(2,378	)
Policyholder assessments		(476	)		(1,251	)		(79	)		(938	)		(2,603	)		(164	)
Change in market performance		2,374			9,950			1,953			(4,371	)		(23,194	)		(3,710	)
Net transfers from (to) general account		(76	)		274			(36	)		(2	)		572			(198	)
Balance as of end-of-period	$	23,409		$	110,998		$	18,789		$	20,920		$	105,573		$	16,996
Cash surrender value	$	21,080		$	109,501		$	18,774		$	18,666		$	103,987		$	16,982

X

- 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
-Name Accounting Standards Codification
-SubTopic 80
-Topic 944
-Publisher FASB
-URI https://asc.fasb.org//944-80/tableOfContent

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-SubTopic 80
-Topic 944
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480109/944-80-50-1

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X

- References

No definition available.

+ Details

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