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Separate Accounts (Tables) | 3 Months Ended
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Mar. 31, 2024
Separate Accounts Disclosure [Abstract] |
Schedule of Fair Value of Separate Account Assets | 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 March 31, |  | As of December 31,
| 2024 |  | 2023
Mutual funds and collective investment trusts | $ | 165,556 |  |  | $ | 157,578 |
Exchange-traded funds | 352 |  |  | 350 |
Fixed maturity AFS securities | 162 |  |  | 167 |
Cash and invested cash | 8 |  |  | 25 |
Other investments | 147 |  |  | 137 |
Total separate account assets | $ | 166,225 |  |  | $ | 158,257 |
Schedule of Reconciliation of Separate Account Liabilities | The following table reconciles separate account liabilities (in millions) to the Consolidated Balance Sheets:
| As of March 31, |  | As of December 31,
| 2024 |  | 2023
Variable Annuities | $ | 118,176 |  |  | $ | 113,356 |
UL and Other | 27,007 |  |  | 25,150 |
Retirement Plan Services | 20,986 |  |  | 19,699 |
Other Operations (1) | 56 |  |  | 52 |
Total separate account liabilities | $ | 166,225 |  |  | $ | 158,257 |
(1) Represents separate account liabilities reported in Other Operations primarily attributable to the indemnity reinsurance agreements with Protective ($48 million and $46 million as of March 31, 2024, and December 31, 2023, respectively) that are excluded from the following tables.
Summary of Balances and changes in Separate Account Liabilities | The following table summarizes the balances of and changes in separate account liabilities (in millions):
| As of or For the Three Months Ended March 31, 2024 |  | As of or For the Three Months Ended March 31, 2023
| Variable Annuities |  | UL and Other |  | Retirement Plan Services |  | Variable Annuities |  | UL and Other |  | Retirement Plan Services
Balance as of beginning-of-year | $ | 113,356 |  |  | $ | 25,150 |  |  | $ | 19,699 |  |  | $ | 105,573 |  |  | $ | 20,920 |  |  | $ | 16,996 |
Gross deposits | 904 |  |  | 358 |  |  | 570 |  |  | 624 |  |  | 394 |  |  | 554 |
Withdrawals | (3,208) |  |  | (103) |  |  | (732) |  |  | (2,436) |  |  | (75) |  |  | (586) |
Policyholder assessments | (648) |  |  | (246) |  |  | (44) |  |  | (624) |  |  | (238) |  |  | (40) |
Change in market performance | 7,503 |  |  | 1,885 |  |  | 1,475 |  |  | 5,054 |  |  | 1,193 |  |  | 978 |
Net transfers from (to) general account | 269 |  |  | (37) |  |  | 18 |  |  | 143 |  |  | (32) |  |  | (26) |
Balance as of end-of-period | $ | 118,176 |  |  | $ | 27,007 |  |  | $ | 20,986 |  |  | $ | 108,334 |  |  | $ | 22,162 |  |  | $ | 17,876 |
Cash surrender value | $ | 116,771 |  |  | $ | 24,606 |  |  | $ | 20,971 |  |  | $ | 106,796 |  |  | $ | 19,863 |  |  | $ | 17,862 |

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