v3.24.2.u1
Separate Account Assets and Liabilities
 6 Months Ended
Jun. 30, 2024
Insurance [Abstract]  
Separate Account Assets and Liabilities 11. 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 4.
The following table presents fair value of separate account investment options:
Individual RetirementGroup RetirementLife
Insurance		Institutional
Markets		Total
(in millions)
June 30, 2024
Equity funds
$26,698 $30,033 $914 $650 $58,295 
Bond funds
4,059 3,207 45 1,279 8,590 
Balanced funds
17,753 5,635 55 2,103 25,546 
Money market funds
698 804 17 172 1,691 
Total$49,208 $39,679 $1,031 $4,204 $94,122 
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:
Individual RetirementGroup
 Retirement		Life
Insurance		Institutional
Markets		Total
(in millions)
Six Months Ended June 30, 2024
Separate accounts balance, beginning of year$47,893 $38,188 $932 $3,992 $91,005 
Premiums and deposits621 712 17 82 1,432 
Policy charges(570)(233)(24)(47)(874)
Surrenders and withdrawals(2,502)(2,145)(17)(53)(4,717)
Benefit payments(478)(302)(4)(11)(795)
Investment performance4,208 3,607 128 214 8,157 
Net transfers from (to) general account and other36 (148)(1)27 (86)
Separate accounts balance, end of period$49,208 $39,679 $1,031 $4,204 $94,122 
Cash surrender value*
$48,277 $39,478 $1,010 $4,200 $92,965 
Six Months Ended June 30, 2023
Separate accounts balance, beginning of year$45,178 $34,361 $799 $4,515 $84,853 
Premiums and deposits807 697 18 30 1,552 
Policy charges(662)(221)(25)(47)(955)
Surrenders and withdrawals(1,776)(1,390)(12)(422)(3,600)
Benefit payments(432)(250)(3)(58)(743)
Investment performance4,172 4,169 113 146 8,600 
Net transfers from (to) general account and other122 (121)(2)12 11 
Separate accounts balance, end of period$47,409 $37,245 $888 $4,176 $89,718 
Cash surrender value*
$46,307 $37,050 $854 $4,178 $88,389 
*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.