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Separate Account Assets and Liabilities
 3 Months Ended
Mar. 31, 2024
Insurance [Abstract]  
Separate Account Assets and Liabilities 12. Separate Account Assets and Liabilities
We report variable contracts within the separate accounts when investment income and investment gains and losses accrue directly to, and investment risk is borne by, the contract holder and the separate account meets additional accounting criteria to qualify for separate account treatment. The assets supporting the variable portion of variable annuity and variable universal life contracts that qualify for separate account treatment are carried at fair value and are reported as separate account assets, with an equivalent summary total reported as separate account liabilities. The assets of insulated accounts are legally segregated and are not subject to claims that arise from any of our other businesses.
Policy values for variable products and investment contracts are expressed in terms of investment units. Each unit is linked to an asset portfolio. The value of a unit increases or decreases based on the value of the linked asset portfolio. The current liability at any time is the sum of the current unit value of all investment units in the separate accounts, plus any liabilities for MRBs.
Amounts assessed against the policyholders for mortality, administrative and other services are included in policy fees. Investment performance (including investment income, net investment gains (losses) and changes in unrealized gains (losses)) and the corresponding amounts credited to policyholders of such separate accounts are offset within the same line in the Condensed Consolidated Statements of Income (Loss).
For discussion of the fair value measurement of guaranteed benefits that are accounted for as MRBs, see Note 5.
The following table presents fair value of separate account investment options:
Individual RetirementGroup RetirementLife
Insurance		Institutional
Markets		Total
(in millions)
March 31, 2024
Equity funds
$26,945 $30,285 $900 $635 $58,765 
Bond funds
4,121 3,315 45 1,281 8,762 
Balanced funds
18,179 5,663 55 2,062 25,959 
Money market funds
693 802 16 176 1,687 
Total$49,938 $40,065 $1,016 $4,154 $95,173 
December 31, 2023
Equity funds
$25,451 $28,675 $819 $593 $55,538 
Bond funds
4,037 3,292 44 1,303 8,676 
Balanced funds
17,711 5,479 53 1,923 25,166 
Money market funds
694 742 16 173 1,625 
Total$47,893 $38,188 $932 $3,992 $91,005 
The following table presents the balances and changes in separate account liabilities:
Three Months Ended March 31, 2024Individual RetirementGroup
 Retirement		Life
Insurance		Institutional
Markets		Total
(in millions)
Separate accounts balance, beginning of year$47,893 $38,188 $932 $3,992 $91,005 
Premiums and deposits294 340 9 69 712 
Policy charges(288)(115)(12)(24)(439)
Surrenders and withdrawals(1,193)(1,052)(9)(31)(2,285)
Benefit payments(239)(154)(2)(5)(400)
Investment performance3,451 2,934 98 139 6,622 
Net transfers from (to) general account and other20 (76)— 14 (42)
Separate accounts balance, end of period$49,938 $40,065 $1,016 $4,154 $95,173 
Cash surrender value*
$48,975 $39,865 $995 $4,150 $93,985 
Three Months Ended March 31, 2023
Separate accounts balance, beginning of year$45,178 $34,361 $799 $4,515 $84,853 
Premiums and deposits451 360 9 26 846 
Policy charges(344)(110)(12)(24)(490)
Surrenders and withdrawals(844)(669)(6)(404)(1,923)
Benefit payments(215)(130)(1)(54)(400)
Investment performance2,131 2,186 53 99 4,469 
Net transfers from (to) general account and other73 (78)(1)8 2 
Separate accounts balance, end of period$46,430 $35,920 $841 $4,166 $87,357 
Cash surrender value*
$45,388 $35,726 $794 $4,168 $86,076 
*    The cash surrender value represents the amount of the contract holder’s account balance distributable at the balance sheet date less applicable surrender charges.
Separate account liabilities primarily represent the contract holder's account balance in separate account assets and will be equal and offsetting to total separate account assets.