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Separate Accounts | 6 Months Ended
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Jun. 30, 2025
Separate Accounts Disclosure [Abstract] |
Separate Accounts | 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 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 |  |  |
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 a nd $49 million as of June 30, 2025, and December 31, 2024, 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 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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- 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 -Topic 944 -SubTopic 80 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480109/944-80-50-1 Reference 2: 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 + Details
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