| Separate Account Assets |
The aggregate fair value of assets, by major investment asset category, supporting separate accounts is as follows:
| | | | | | | | | | | | | June 30,
2025 | | December 31,
2024 | | (in millions) | Asset Type: | | | | U.S. Treasury securities and obligations of U.S. government authorities and agencies | $ | 4,500 | | | $ | 4,674 | | Obligations of U.S. states and their political subdivisions | 2,444 | | | 2,224 | | Foreign government bonds | 105 | | | 93 | | U.S. corporate securities | 11,820 | | | 11,440 | | Foreign corporate securities | 3,056 | | | 3,010 | | Asset-backed securities | 1,935 | | | 1,283 | | Mortgage-backed securities | 13,327 | | | 14,144 | | Mutual funds: | | | | Equity | 89,861 | | | 90,180 | | Fixed Income | 32,399 | | | 33,828 | | Other | 6,198 | | | 5,439 | | Equity securities | 5,196 | | | 4,845 | | Commercial mortgage and other loans | 55 | | | 54 | | Other invested assets | 19,552 | | | 19,352 | | Short-term investments | 1,450 | | | 1,137 | | Cash and cash equivalents | 2,863 | | | 1,669 | | Total | $ | 194,761 | | | $ | 193,372 | | | | | |
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| Separate Account Liability |
The balances of and changes in separate account liabilities as of and for the periods ended are as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Six Months Ended June 30, 2025 | | | | Retirement Strategies | | | | | | | | PGIM | | Institutional | | Individual | | Group Insurance | | Individual Life | | Total | | (in millions) | | Balance, BOP | $ | 28,645 | | | $ | 9,308 | | | $ | 86,974 | | | $ | 25,126 | | | $ | 46,891 | | | $ | 196,944 | | | Deposits | 5,132 | | | 202 | | | 279 | | | 126 | | | 1,968 | | | 7,707 | | | Investment performance | 1,148 | | | 361 | | | 4,486 | | | 1,163 | | | 2,644 | | | 9,802 | | | | | | | | | | | | | | | Policy charges | (33) | | | (4) | | | (1,007) | | | (137) | | | (615) | | | (1,796) | | | Surrenders and withdrawals | (3,499) | | | (377) | | | (6,885) | | | (25) | | | (549) | | | (11,335) | | | Benefit payments | (1,827) | | | (254) | | | (52) | | | (145) | | | (270) | | | (2,548) | | | Net transfers (to) from general account | (110) | | | (141) | | | (30) | | | 13 | | | (259) | | | (527) | | | Other | (172) | | | 147 | | | 3 | | | 243 | | | 66 | | | 287 | | | | | | | | | | | | | | | Balance, EOP | $ | 29,284 | | | $ | 9,242 | | | $ | 83,768 | | | $ | 26,364 | | | $ | 49,876 | | | $ | 198,534 | | | Other businesses(1) | | | | | | | | | | | (3,773) | | | Total separate account liabilities | | | | | | | | | | | $ | 194,761 | | | | | | | | | | | | | | | Cash surrender value(2) | $ | 29,284 | | | $ | 9,242 | | | $ | 82,960 | | | $ | 26,271 | | | $ | 46,195 | | | $ | 193,952 | |
__________ (1)Primarily represents activity from the Company’s Divested and Run-off Businesses as well as the impact of intercompany eliminations. There are no associated cash surrender charges. (2)“Cash surrender value” represents the amount of the contractholder's account balances distributable at the balance sheet date less certain surrender charges. There are no cash surrender charges for the PGIM and Institutional Retirement Strategies segments.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Six Months Ended June 30, 2024 | | | | Retirement Strategies | | | | | | | | PGIM | | Institutional | | Individual | | Group Insurance | | Individual Life | | Total | | (in millions) | Balance, BOP | $ | 32,648 | | | $ | 11,011 | | | $ | 94,130 | | | $ | 25,021 | | | $ | 39,223 | | | $ | 202,033 | | Deposits | 10,873 | | | 105 | | | 294 | | | 289 | | | 1,613 | | | 13,174 | | Investment performance | (972) | | | (94) | | | 5,249 | | | 366 | | | 4,334 | | | 8,883 | | | | | | | | | | | | | | Policy charges | (57) | | | (5) | | | (1,123) | | | (120) | | | (566) | | | (1,871) | | Surrenders and withdrawals | (9,886) | | | (878) | | | (6,815) | | | (339) | | | (516) | | | (18,434) | | Benefit payments | (1,745) | | | (270) | | | (46) | | | (144) | | | (208) | | | (2,413) | | Net transfers (to) from general account | 13 | | | (45) | | | (42) | | | 6 | | | (251) | | | (319) | | Other | (458) | | | 84 | | | 3 | | | (532) | | | 46 | | | (857) | | | | | | | | | | | | | | Balance, EOP | $ | 30,416 | | | $ | 9,908 | | | $ | 91,650 | | | $ | 24,547 | | | $ | 43,675 | | | 200,196 | | Other businesses(1) | | | | | | | | | | | (3,337) | | Total separate account liabilities | | | | | | | | | | | $ | 196,859 | | | | | | | | | | | | | | Cash surrender value(2) | $ | 30,416 | | | $ | 9,908 | | | $ | 90,583 | | | $ | 24,442 | | | $ | 40,129 | | | $ | 195,478 | |
__________ (1)Primarily represents activity from the Company’s Divested and Run-off Businesses as well as the impact of intercompany eliminations. There are no associated cash surrender charges. (2)“Cash surrender value” represents the amount of the contractholder's account balances distributable at the balance sheet date less certain surrender charges. There are no cash surrender charges for the PGIM and Institutional Retirement Strategies segments.
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