| Fair Value, Separate Account Investment |
The following table presents fair value of separate account investment options: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Individual Retirement | | Group Retirement | | Life
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 | |
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| Separate Account, Liability |
The following table presents the balances and changes in separate account liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended March 31, 2024 | Individual Retirement | | Group
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 deposits | 294 | | | 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 performance | 3,451 | | | 2,934 | | | 98 | | | 139 | | | 6,622 | | | Net transfers from (to) general account and other | 20 | | | (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 deposits | 451 | | | 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 performance | 2,131 | | | 2,186 | | | 53 | | | 99 | | | 4,469 | | | Net transfers from (to) general account and other | 73 | | | (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 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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