The following table represents the fair value of assets supporting separate accounts by major investment category:


	June 30, 2025			December 31, 2024
	(In thousands)
Fixed-income securities	$	650,070		$	708,225
Equity securities		1,579,249			1,490,628
Cash and cash equivalents		97,731			46,764
Due to/from funds		(8,579	)		(36,350	)
Other		21			20
Total separate account assets	$	2,318,492		$	2,209,287

The following table represents the balances of and changes in separate account liabilities:


	Six months ended			Year ended
	June 30, 2025			December 31, 2024
	(In thousands)
Separate account liabilities balance, beginning of period	$	2,209,287		$	2,395,842
Premiums, deposits and transfers		92,255			147,995
Surrenders, withdrawals and transfers		(236,057	)		(378,126	)
Investment performance		163,279			300,545
Management fees and other charges		(29,601	)		(57,734	)
Foreign exchange translation		119,329			(199,235	)
Separate account liabilities balance, end of period	$	2,318,492		$	2,209,287
Cash surrender value	$	2,287,152		$	2,173,070

The cash surrender value represents the amount of the contract holders’ account balance distributable at the balance sheet date less the Company’s estimate of the deferred sales charges that would be assessed if the policyholders redeemed their contracts at the balance sheet date. This estimate requires the Company to make certain assumptions regarding the underlying account balances by contribution year and application of the contractually defined deferred sales charges that would be applicable to each contribution year.