| Separate Account Assets and Liabilities |
Separate Account Assets and Liabilities Aggregate fair value of separate account assets, by major asset category, consisted of the following: | | | | | | | | | | | | | December 31, | | 2025 | | 2024 | | (in millions) | Variable annuities and variable universal life: | | | | | Mutual funds | $ | 77,645 | | | $ | 75,576 | | Unitized pooled pension funds: | | | | | Property/real estate | 1,755 | | | 1,682 | | | Equity securities | 454 | | | 514 | | | Debt securities | 116 | | | 175 | | | Cash and cash equivalents | 56 | | | 120 | | | Other | 18 | | | 47 | | | Total | $ | 80,044 | | | $ | 78,114 | |
No gains or losses were recognized on assets transferred to separate accounts for the years ended December 31, 2025, 2024 and 2023. The balances of and changes in separate account liabilities were as follows: | | | | | | | | | | | | | | | | | | | | | | | | | Variable Annuities | | Variable Universal Life | | Unitized Pooled Pension Funds | | Total | | (in millions) | Balance at January 1, 2025 | $ | 65,737 | | | $ | 9,839 | | | $ | 2,538 | | | $ | 78,114 | | | Premiums and deposits | 996 | | | 526 | | | 83 | | | 1,605 | | | Policy charges | (1,318) | | | (321) | | | (5) | | | (1,644) | | | Surrenders and other benefits | (7,347) | | | (413) | | | (583) | | | (8,343) | | | | | | | | | | | Investment return | 8,373 | | | 1,495 | | | 179 | | | 10,047 | | | Net transfer from (to) general account | 30 | | | 48 | | | — | | | 78 | | | Other charges | — | | | — | | | 187 | | | 187 | | Balance at December 31, 2025 | $ | 66,471 | | | $ | 11,174 | | | $ | 2,399 | | | $ | 80,044 | | | | | | | | | | | Cash surrender value | $ | 65,338 | | | $ | 10,463 | | | $ | 2,399 | | | $ | 78,200 | |
| | | | | | | | | | | | | | | | | | | | | | | | | Variable Annuities | | Variable Universal Life | | Unitized Pooled Pension Funds | | Total | | (in millions) | Balance at January 1, 2024 | $ | 65,839 | | | $ | 8,795 | | | $ | 2,823 | | | $ | 77,457 | | | Premiums and deposits | 933 | | | 500 | | | 153 | | | 1,586 | | | Policy charges | (1,365) | | | (307) | | | (5) | | | (1,677) | | | Surrenders and other benefits | (6,990) | | | (412) | | | (594) | | | (7,996) | | | | | | | | | | | Investment return | 7,293 | | | 1,199 | | | 202 | | | 8,694 | | | Net transfer from (to) general account | 27 | | | 64 | | | — | | | 91 | | | Other charges | — | | | — | | | (41) | | | (41) | | Balance at December 31, 2024 | $ | 65,737 | | | $ | 9,839 | | | $ | 2,538 | | | $ | 78,114 | | | | | | | | | | | Cash surrender value | $ | 64,411 | | | $ | 9,220 | | | $ | 2,538 | | | $ | 76,169 | |
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