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Separate Accounts (Tables)

3 Months Ended

Mar. 31, 2024

Insurance [Abstract]

Separate Account, Liability

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

Fair Value, Separate Account Investment

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

Guarantees related to Annuity, Universal and Variable Life Contracts

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

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Tabular disclosure of the guaranteed benefits in excess of the current account balance, quantifies such excesses (the net amounts at risk) and includes other relevant, pertinent information as of the most recent balance sheet date by product type.

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