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Separate Accounts (Tables) | 6 Months Ended
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Jun. 30, 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 June 30, |  | As of December 31, |  |
| 2025 |  | 2024 |  |
Mutual funds and collective investment trusts: |  |  |  |  |
Equity funds: |  |  |  |  |
Domestic | $ | 80,714 |  |  | $ | 77,740 |  |  |
International | 17,429 |  |  | 16,282 |  |  |
Other equity funds | 1,430 |  |  | 1,403 |  |  |
Balanced funds | 46,127 |  |  | 45,683 |  |  |
Bond funds | 23,064 |  |  | 23,399 |  |  |
Money market funds | 2,058 |  |  | 1,931 |  |  |
Other funds | 1,413 |  |  | 1,321 |  |  |
Exchange-traded funds | 315 |  |  | 336 |  |  |
Fixed maturity AFS securities | 168 |  |  | 161 |  |  |
Cash and invested cash | 5 |  |  | 12 |  |  |
Other investments | 219 |  |  | 170 |  |  |
Total separate account assets | $ | 172,942 |  |  | $ | 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 June 30, |  | As of December 31,
| 2025 |  | 2024
Variable Annuities | $ | 120,045 |  |  | $ | 117,998 |
UL and Other | 30,616 |  |  | 28,841 |
Retirement Plan Services | 22,220 |  |  | 21,541 |
Other Operations (1) | 61 |  |  | 58 |
Total separate account liabilities | $ | 172,942 |  |  | $ | 168,438 |
(1) Represents separate account liabilities reported in Other Operations primarily attributable to the indemnity reinsurance agreements with Protective ($50 million and $49 million as of June 30, 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 Six Months Ended June 30, 2025 |  | As of or For the Six Months Ended June 30, 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 | 2,831 |  |  | 787 |  |  | 1,177 |  |  | 1,925 |  |  | 695 |  |  | 1,105 |
Withdrawals | (7,683) |  |  | (480) |  |  | (1,805) |  |  | (6,604) |  |  | (193) |  |  | (1,514) |
Policyholder assessments | (1,299) |  |  | (494) |  |  | (91) |  |  | (1,301) |  |  | (493) |  |  | (89) |
Change in market performance | 7,290 |  |  | 2,025 |  |  | 1,451 |  |  | 9,026 |  |  | 2,335 |  |  | 1,802 |
Net transfers from (to) general account | 908 |  |  | (63) |  |  | (53) |  |  | 368 |  |  | (113) |  |  | (10) |
Balance as of end-of-period | $ | 120,045 |  |  | $ | 30,616 |  |  | $ | 22,220 |  |  | $ | 116,770 |  |  | $ | 27,381 |  |  | $ | 20,993 |
Cash surrender value | $ | 118,658 |  |  | $ | 25,814 |  |  | $ | 22,205 |  |  | $ | 115,389 |  |  | $ | 24,979 |  |  | $ | 20,979 |

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