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Separate Accounts (Tables) | 9 Months Ended
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Sep. 30, 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 September 30, |  | As of December 31,
| 2024 |  | 2023
Mutual funds and collective investment trusts | $ | 170,806 |  |  | $ | 157,578 |
Exchange-traded funds | 349 |  |  | 350 |
Fixed maturity AFS securities | 166 |  |  | 167 |
Cash and invested cash | 7 |  |  | 25 |
Other investments | 155 |  |  | 137 |
Total separate account assets | $ | 171,483 |  |  | $ | 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 September 30, |  | As of December 31,
| 2024 |  | 2023
Variable Annuities | $ | 120,470 |  |  | $ | 113,356 |
UL and Other | 28,921 |  |  | 25,150 |
Retirement Plan Services | 22,033 |  |  | 19,699 |
Other Operations (1) | 59 |  |  | 52 |
Total separate account liabilities | $ | 171,483 |  |  | $ | 158,257 |
(1) Represents separate account liabilities reported in Other Operations primarily attributable to the indemnity reinsurance agreements with Protective ($50 million and $46 million as of September 30, 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 Nine Months Ended September 30, 2024 |  | As of or For the Nine Months Ended September 30, 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 | 3,002 |  |  | 1,058 |  |  | 1,751 |  |  | 2,137 |  |  | 1,178 |  |  | 1,576 |
Withdrawals | (10,190) |  |  | (347) |  |  | (2,382) |  |  | (7,402) |  |  | (227) |  |  | (1,795) |
Policyholder assessments | (1,970) |  |  | (742) |  |  | (134) |  |  | (1,883) |  |  | (714) |  |  | (121) |
Change in market performance | 15,664 |  |  | 3,945 |  |  | 3,065 |  |  | 6,320 |  |  | 1,573 |  |  | 1,316 |
Net transfers from (to) general account | 608 |  |  | (143) |  |  | 34 |  |  | 447 |  |  | (88) |  |  | (44) |
Balance as of end-of-period | $ | 120,470 |  |  | $ | 28,921 |  |  | $ | 22,033 |  |  | $ | 105,192 |  |  | $ | 22,642 |  |  | $ | 17,928 |
Cash surrender value | $ | 119,106 |  |  | $ | 26,498 |  |  | $ | 22,018 |  |  | $ | 103,729 |  |  | $ | 20,324 |  |  | $ | 17,914 |

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