Separate Accounts (Tables)

3 Months Ended

Mar. 31, 2024

Information regarding separate account liabilities was as follows:


	Three Months Ended March 31,
	2024						2023
	Variable Annuities		Universal Life Insurance		Company-Owned Life Insurance		Variable Annuities		Universal Life Insurance		Company-Owned Life Insurance
	(In millions)
Balance, beginning of period	$	77,086	$	2,276	$	2,148	$	74,845	$	1,970	$	1,919
Premiums and deposits	202		20		—		215		22		—
Surrenders and withdrawals	(1,853)		(21)		(3)		(1,437)		(16)		(3)
Benefit payments	(387)		(5)		(5)		(373)		(3)		(10)
Investment performance	4,313		167		112		4,141		137		111
Policy charges	(490)		(20)		(13)		(503)		(21)		(12)
Net transfers from (to) general account	(28)		(10)		(200)		(9)		(3)		—
Other	(9)		—		—		2		—		—
Balance, end of period	$	78,834	$	2,407	$	2,039	$	76,881	$	2,086	$	2,005

A reconciliation of separate account liabilities reported in the preceding rollforward table to the separate account liabilities balance on the consolidated balance sheets was as follows at:


	March 31,
	2024		2023
	(In millions)
Separate account liabilities reported in the preceding rollforward table	$	83,280	$	80,972
Variable income annuities	189		134
Pension risk transfer annuities	20		18
Total separate account liabilities	$	83,489	$	81,124

Fair Value, Separate Account Investment

The aggregate estimated fair value of assets, by major investment asset category, supporting separate accounts was as follows at:



	March 31, 2024		December 31, 2023
	(In millions)
Equity securities	$	83,221	$	81,417

Fixed maturity securities	261		259
Cash and cash equivalents	2		7
Other assets	5		7
Total aggregate estimated fair value of assets	$	83,489	$	81,690

Information regarding the net amount at risk and cash surrender value for insurance products was as follows at:


	Universal Life Insurance		Variable Annuities		Index-linked Annuities		Fixed Rate Annuities		ULSG		Company-Owned Life Insurance
	(In millions)
March 31, 2024
Account balances reported in the preceding rollforward tables:
Policyholder account balances	$	1,990	$	3,982	$	44,350	$	14,923	$	4,984	$	856
Separate account liabilities	2,407		78,834		—		—		—		2,039
Total account balances	$	4,397	$	82,816	$	44,350	$	14,923	$	4,984	$	2,895
Net amount at risk	$	21,872	$	12,205	N/A		N/A		$	64,837	$	2,671
Cash surrender value	$	4,198	$	82,391	$	41,958	$	14,260	$	4,455	$	2,366
March 31, 2023
Account balances reported in the preceding rollforward tables:
Policyholder account balances	$	2,033	$	4,539	$	35,922	$	14,684	$	5,219	$	644
Separate account liabilities	2,086		76,881		—		—		—		2,005
Total account balances	$	4,119	$	81,420	$	35,922	$	14,684	$	5,219	$	2,649
Net amount at risk	$	23,332	$	14,757	N/A		N/A		$	70,062	$	3,407
Cash surrender value	$	3,862	$	81,110	$	33,567	$	14,106	$	6,203	$	2,430

BRIGHTHOUSE LIFE INSURANCE Co 10-Q