| Aggregate fair value of separate account assets, by major asset category |
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 | |
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| Balances of and changes in separate account liabilities |
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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