| Fair Value of Separate Account Investment Options |
The following table presents fair value of separate account investment options: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Individual Retirement | | Group Retirement | | Life
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 | |
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| Balances and Changes in Separate Account Liabilities |
The following table presents the balances and changes in separate account liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Individual Retirement | | Group
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 deposits | 621 | | | 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 performance | 4,208 | | | 3,607 | | | 128 | | | 214 | | | 8,157 | | | Net transfers from (to) general account and other | 36 | | | (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 deposits | 807 | | | 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 performance | 4,172 | | | 4,169 | | | 113 | | | 146 | | | 8,600 | | | Net transfers from (to) general account and other | 122 | | | (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.
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