| Schedule of Fair Value of Separate Account Assets |
The following table presents the fair value of separate account assets (in millions) reported on the Consolidated Balance Sheets by major investment category:
| | | | | | | | | | | | | As of December 31, | | 2024 | | 2023 | | Mutual funds and collective investment trusts | $ | 167,759 | | | $ | 157,578 | | | Exchange-traded funds | 336 | | | 350 | | | Fixed maturity AFS securities | 161 | | | 167 | | | Cash and invested cash | 12 | | | 25 | | | Other investments | 170 | | | 137 | | | Total separate account assets | $ | 168,438 | | | $ | 158,257 | |
|
| Schedule of Reconciliation of Separate Account Liabilities |
The following table reconciles separate account liabilities (in millions) to the Consolidated Balance Sheets:
| | | | | | | | | | | | | As of December 31, | | 2024 | | 2023 | | Variable Annuities | $ | 117,998 | | | $ | 113,356 | | | UL and Other | 28,841 | | | 25,150 | | | Retirement Plan Services | 21,541 | | | 19,699 | | Other Operations (1) | 58 | | | 52 | | | Total separate account liabilities | $ | 168,438 | | | $ | 158,257 | |
(1) Represents separate account liabilities reported in Other Operations primarily attributable to the indemnity reinsurance agreements with Protective ($49 million and $46 million as of December 31, 2024 and December 31, 2023, respectively) that are excluded from the following tables.
|
| Summary of Balances and changes in Separate Account Liabilities |
The following table summarizes the balances of and changes in separate account liabilities (in millions):
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | As of or For the Year Ended
December 31, 2024 | | As of or For the Year Ended
December 31, 2023 | | Variable Annuities | | UL and Other | | Retirement Plan Services | | Variable Annuities | | UL and Other | | Retirement Plan Services | | | | | | | | | | | | | | Balance as of beginning-of-year | $ | 113,356 | | | $ | 25,150 | | | $ | 19,699 | | | $ | 105,573 | | | $ | 20,920 | | | $ | 16,996 | | | Gross deposits | 4,765 | | | 1,483 | | | 2,302 | | | 2,982 | | | 1,630 | | | 2,222 | | | Withdrawals | (14,074) | | | (477) | | | (3,378) | | | (10,177) | | | (313) | | | (2,527) | | | Policyholder assessments | (2,639) | | | (995) | | | (182) | | | (2,510) | | | (964) | | | (163) | | | Change in market performance | 15,548 | | | 3,876 | | | 3,072 | | | 16,870 | | | 3,973 | | | 3,221 | | | Net transfers from (to) general account | 1,042 | | | (196) | | | 28 | | | 618 | | | (96) | | | (50) | | | Balance as of end-of-year | $ | 117,998 | | | $ | 28,841 | | | $ | 21,541 | | | $ | 113,356 | | | $ | 25,150 | | | $ | 19,699 | | | | | | | | | | | | | | | Cash surrender value | $ | 116,612 | | | $ | 26,435 | | | $ | 21,526 | | | $ | 111,928 | | | $ | 22,760 | | | $ | 19,684 | |
|