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 Consolidated Statements of Income (Loss).


December 31, 2022	Individual Retirement		Group Retirement		Life Insurance		Institutional Markets		Total
(in millions)

Equity Funds	$	22,990	$	24,608	$	687	$	581	$	48,866
Bond Funds	3,802		4,081		46		1,321		9,250
Balanced Funds	17,663		5,113		49		1,939		24,764
Money Market Funds	723		559		17		674		1,973
Total	$	45,178	$	34,361	$	799	$	4,515	$	84,853


December 31, 2021	Individual Retirement		Group Retirement		Life Insurance		Institutional Markets		Total
(in millions)

Equity Funds	$	29,158	$	33,849	$	917	$	748	$	64,672
Bond Funds	4,745		4,496		50		1,468		10,759
Balanced Funds	23,460		6,326		60		2,515		32,361
Money Market Funds	564		467		17		271		1,319
Total	$	57,927	$	45,138	$	1,044	$	5,002	$	109,111


Year Ended December 31, 2022	Individual Retirement		Group Retirement		Life Insurance		Institutional Markets		Total
(in millions)


Separate accounts balance, beginning of year	$	57,927	$	45,138	$	1,044	$	5,002	$	109,111
Premiums and deposits	2,420		1,611		37		69		4,137
Policy charges	(1,325)		(461)		(51)		(100)		(1,937)
Surrenders and withdrawals	(3,320)		(2,452)		(22)		(131)		(5,925)
Benefit payments	(898)		(613)		(6)		(59)		(1,576)
Investment performance	(9,861)		(8,479)		(201)		(319)		(18,860)
Net transfers from (to) general account	235		(383)		(2)		44		(106)
Other charges	—		—		—		9		9
Separate accounts balance, end of year	$	45,178	$	34,361	$	799	$	4,515	$	84,853

Cash surrender value*	$	44,124	$	34,169	$	777	$	4,518	$	83,588


Year Ended December 31, 2021	Individual Retirement		Group Retirement		Life Insurance		Institutional Markets		Total
(in millions)


Separate accounts balance, beginning of year	$	53,456	$	41,310	$	912	$	4,612	$	100,290
Premiums and deposits	4,081		1,979		49		76		6,185
Policy charges	(1,368)		(523)		(52)		(98)		(2,041)
Surrenders and withdrawals	(4,261)		(3,013)		(32)		(82)		(7,388)
Benefit payments	(1,039)		(615)		(10)		(23)		(1,687)
Investment performance	6,743		6,711		180		486		14,120
Net transfers from (to) general account	315		(711)		(3)		26		(373)
Other charges	—		—		—		5		5
Separate accounts balance, end of year	$	57,927	$	45,138	$	1,044	$	5,002	$	109,111

Cash surrender value*	$	56,727	$	44,909	$	1,026	$	4,993	$	107,655

* 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.