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Separate Accounts (Tables) | 3 Months Ended
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Mar. 31, 2025
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,
| 2025 |  | 2024
Mutual funds and collective investment trusts | $ | 161,823 |  |  | $ | 167,759 |
Exchange-traded funds | 249 |  |  | 336 |
Fixed maturity AFS securities | 168 |  |  | 161 |
Cash and invested cash | 77 |  |  | 12 |
Other investments | 189 |  |  | 170 |
Total separate account assets | $ | 162,506 |  |  | $ | 168,438 |
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,
| 2025 |  | 2024
Variable Annuities | $ | 113,635 |  |  | $ | 117,998 |
UL and Other | 28,106 |  |  | 28,841 |
Retirement Plan Services | 20,708 |  |  | 21,541 |
Other Operations (1) | 57 |  |  | 58 |
Total separate account liabilities | $ | 162,506 |  |  | $ | 168,438 |
(1) Represents separate account liabilities reported in Other Operations primarily attributable to the indemnity reinsurance agreements with Protective ($47 million and $49 million as of March 31, 2025, and December 31, 2024, 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, 2025 |  | As of or For the Three Months Ended March 31, 2024
| Variable Annuities |  | UL and Other |  | Retirement Plan Services |  | Variable Annuities |  | UL and Other |  | Retirement Plan Services
Balance as of beginning-of-year | $ | 117,998 |  |  | $ | 28,841 |  |  | $ | 21,541 |  |  | $ | 113,356 |  |  | $ | 25,150 |  |  | $ | 19,699 |
Gross deposits | 1,557 |  |  | 353 |  |  | 627 |  |  | 904 |  |  | 358 |  |  | 570 |
Withdrawals | (3,915) |  |  | (204) |  |  | (902) |  |  | (3,208) |  |  | (103) |  |  | (732) |
Policyholder assessments | (656) |  |  | (246) |  |  | (46) |  |  | (648) |  |  | (246) |  |  | (44) |
Change in market performance | (1,798) |  |  | (624) |  |  | (478) |  |  | 7,503 |  |  | 1,885 |  |  | 1,475 |
Net transfers from (to) general account | 449 |  |  | (14) |  |  | (34) |  |  | 269 |  |  | (37) |  |  | 18 |
Balance as of end-of-period | $ | 113,635 |  |  | $ | 28,106 |  |  | $ | 20,708 |  |  | $ | 118,176 |  |  | $ | 27,007 |  |  | $ | 20,986 |
Cash surrender value | $ | 112,239 |  |  | $ | 23,577 |  |  | $ | 20,695 |  |  | $ | 116,771 |  |  | $ | 24,606 |  |  | $ | 20,971 |

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