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Separate Accounts (Tables) | 6 Months Ended
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Jun. 30, 2024
Separate Accounts Disclosure [Abstract] |
Summary of Changes in Separate Account Liabilities | The following table presents the balances of and changes in separate account liabilities, which are primarily comprised of variable annuity products, as of and for the periods indicated:
(Amounts in millions) |  | June 30, 2024 |  |  | December 31, 2023 |
Beginning balance as of January 1 |  | $ | 4,509 |  |  | $ | 4,417 |
Premiums and deposits |  |  | 15 |  |  |  | 35 |
Policy charges |  |  | (52 | ) |  |  | (104 | )
Surrenders and withdrawals |  |  | (201 | ) |  |  | (361 | )
Benefit payments |  |  | (118 | ) |  |  | (190 | )
Investment performance |  |  | 399 |  |  |  | 716 |
Net transfers from (to) general account |  |  | 2 |  |  |  | (1 | )
Other charges |  |  | (1 | ) |  |  | (3 | )
Ending balance |  | $ | 4,553 |  |  | $ | 4,509 |
Cash surrender value (1) |  | $ | 4,550 |  |  | $ | 4,506 |
(1) | Cash surrender value represents the amount of the contractholders’ account balances that was distributable less certain surrender charges.
Summary of Aggregate Fair Value of Separate Account Assets | The following table presents the aggregate fair value of assets, by major investment asset category, supporting separate accounts as of the dates indicated:
(Amounts in millions) |  | June 30, 2024 |  |  | December 31, 2023 |
Equity funds |  | $ | 2,112 |  |  | $ | 2,018 |
Balanced funds |  |  | 1,900 |  |  |  | 1,927 |
Bond funds |  |  | 307 |  |  |  | 320 |
Money market funds |  |  | 234 |  |  |  | 244 |
Total |  | $ | 4,553 |  |  | $ | 4,509 |

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