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


	March 31, 2026			December 31, 2025
	(In thousands)
Fixed-income securities	$	603,110		$	620,931
Equity securities		1,481,182			1,595,934
Cash and cash equivalents		59,818			69,952
Due to/from funds		(21,574	)		(5,318	)
Other		22			21
Total separate account assets	$	2,122,558		$	2,281,520

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


	Three months ended			Year ended
	March 31, 2026			December 31, 2025
	(In thousands)
Separate account liabilities balance, beginning of period	$	2,281,520		$	2,209,287
Premiums, deposits and transfers		49,198			174,693
Surrenders, withdrawals and transfers		(123,479	)		(424,337	)
Investment performance		(29,986	)		273,108
Management fees and other charges		(14,151	)		(59,942	)
Foreign exchange translation		(40,544	)		108,711
Separate account liabilities balance, end of period	$	2,122,558		$	2,281,520
Cash surrender value	$	2,095,418		$	2,250,638

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.