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Separate Accounts | 3 Months Ended
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Mar. 31, 2024
Insurance [Abstract] |
Separate Accounts | 5. Separate Accounts Separate Accounts Information regarding separate account liabilities was as follows:
|  | Three Months Ended March 31,
|  | 2024 |  | 2023
|  | Variable Annuities |  | Universal Life Insurance |  | Company-Owned Life Insurance |  | Variable Annuities |  | Universal Life Insurance |  | Company-Owned Life Insurance
|  | (In millions)
Balance, beginning of period |  | $ | 79,990 |  |  | $ | 5,921 |  |  | $ | 2,162 |  |  | $ | 77,653 |  |  | $ | 5,218 |  |  | $ | 1,932 |
Premiums and deposits |  | 203 |  |  | 39 |  |  | — |  |  | 216 |  |  | 43 |  |  | — |
Surrenders and withdrawals |  | (1,948) |  |  | (62) |  |  | (3) |  |  | (1,496) |  |  | (41) |  |  | (3) |
Benefit payments |  | (399) |  |  | (16) |  |  | (5) |  |  | (383) |  |  | (14) |  |  | (10) |
Investment performance |  | 4,496 |  |  | 444 |  |  | 113 |  |  | 4,310 |  |  | 341 |  |  | 111 |
Policy charges |  | (506) |  |  | (51) |  |  | (13) |  |  | (519) |  |  | (52) |  |  | (11) |
Net transfers from (to) general account |  | (34) |  |  | (16) |  |  | (200) |  |  | (11) |  |  | (12) |  |  | — |
Other |  | (10) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Balance, end of period |  | $ | 81,792 |  |  | $ | 6,259 |  |  | $ | 2,054 |  |  | $ | 79,770 |  |  | $ | 5,483 |  |  | $ | 2,019 |
A reconciliation of separate account liabilities reported in the preceding rollforward table to the separate account liabilities balance on the consolidated balance sheets was as follows at:
|  | March 31,
|  | 2024 |  | 2023
|  | (In millions)
Separate account liabilities reported in the preceding rollforward table |  | $ | 90,105 |  |  | $ | 87,272 |
Variable income annuities |  | 207 |  |  | 150 |
Pension risk transfer annuities |  | 20 |  |  | 18 |
Total separate account liabilities |  | $ | 90,332 |  |  | $ | 87,440 |
The aggregate estimated fair value of assets, by major investment asset category, supporting separate accounts was as follows at:
|  | March 31, 2024 |  | December 31, 2023
|  | (In millions)
Equity securities |  | $ | 90,065 |  |  | $ | 87,999 |
Fixed maturity securities |  | 260 |  |  | 258 |
Cash and cash equivalents |  | 2 |  |  | 7 |
Other assets |  | 5 |  |  | 7 |
Total aggregate estimated fair value of assets |  | $ | 90,332 |  |  | $ | 88,271 |
Net Amount at Risk and Cash Surrender Values Information regarding the net amount at risk and cash surrender value for insurance products was as follows at:
|  | Universal Life Insurance |  | Variable Annuities |  | Index-linked Annuities |  | Fixed Rate Annuities |  | ULSG |  | Company-Owned Life Insurance
|  | (In millions)
March 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |
Account balances reported in the preceding rollforward tables: |  |  |  |  |  |  |  |  |  |  |  |
Policyholder account balances |  | $ | 2,561 |  |  | $ | 4,170 |  |  | $ | 44,350 |  |  | $ | 14,923 |  |  | $ | 4,984 |  |  | $ | 856 |
Separate account liabilities |  | 6,259 |  |  | 81,792 |  |  | — |  |  | — |  |  | — |  |  | 2,054 |
Total account balances |  | $ | 8,820 |  |  | $ | 85,962 |  |  | $ | 44,350 |  |  | $ | 14,923 |  |  | $ | 4,984 |  |  | $ | 2,910 |
Net amount at risk |  | $ | 34,968 |  |  | $ | 12,269 |  |  | N/A |  | N/A |  | $ | 64,837 |  |  | $ | 2,685 |
Cash surrender value |  | $ | 8,245 |  |  | $ | 85,533 |  |  | $ | 41,958 |  |  | $ | 14,260 |  |  | $ | 4,455 |  |  | $ | 2,381 |
March 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |
Account balances reported in the preceding rollforward tables: |  |  |  |  |  |  |  |  |  |  |  |
Policyholder account balances |  | $ | 2,595 |  |  | $ | 4,767 |  |  | $ | 35,922 |  |  | $ | 14,684 |  |  | $ | 5,219 |  |  | $ | 644 |
Separate account liabilities |  | 5,483 |  |  | 79,770 |  |  | — |  |  | — |  |  | — |  |  | 2,019 |
Total account balances |  | $ | 8,078 |  |  | $ | 84,537 |  |  | $ | 35,922 |  |  | $ | 14,684 |  |  | $ | 5,219 |  |  | $ | 2,663 |
Net amount at risk |  | $ | 37,420 |  |  | $ | 14,894 |  |  | N/A |  | N/A |  | $ | 70,062 |  |  | $ | 3,422 |
Cash surrender value |  | $ | 7,449 |  |  | $ | 84,090 |  |  | $ | 33,567 |  |  | $ | 14,106 |  |  | $ | 6,203 |  |  | $ | 2,443 |
Products may contain both separate account and general account fund options; accordingly, net amount at risk and cash surrender value reported in the table above relate to the total account balance for each respective product grouping.

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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 -Name Accounting Standards Codification -SubTopic 80 -Topic 944 -Publisher FASB -URI https://asc.fasb.org//944-80/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -SubTopic 80 -Topic 944 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480109/944-80-50-1 + Details
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