10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

———————————————

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2022 

or

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from              to

Commission File No. 001-38469

————————————————

Equitable Holdings, Inc.

(Exact name of registrant as specified in its charter) 

Delaware	90-0226248
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

1290 Avenue of the Americas, New York, New York                 10104

(Address of principal executive offices) (Zip Code)

(212) 554-1234

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading symbol	Name of each exchange on which registered
Common Stock	EQH	New York Stock Exchange
Depositary Shares, each representing a 1/1,000th interest in a share of Fixed Rate Noncumulative Perpetual Preferred Stock, Series A	EQH PR A	New York Stock Exchange
Depositary Shares, each representing a 1/1,000th interest in a share of Fixed Rate Noncumulative Perpetual Preferred Stock, Series C	EQH PR C	New York Stock Exchange

Securities registered pursuant to Section 12(g) of the Act: None

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes ☒    No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☒    No  ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an “emerging growth company”. See definition of “accelerated filer,” “large accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☒	Accelerated filer	☐	Non-accelerated filer	☐	Smaller reporting company	☐	Emerging growth company	☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13 (a) of the Exchange Act. ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of May 9, 2022, 381,005,664 shares of the registrant’s Common Stock, $0.01 par value, were outstanding.

TABLE OF CONTENTS

		Page
PART I - FINANCIAL INFORMATION
Item 1.	Consolidated Financial Statements
	Consolidated Balance Sheets, March 31, 2022 (Unaudited) and December 31, 2021	4
	Consolidated Statements of Income (Loss), Three Months Ended March 31, 2022 and 2021 (Unaudited)	5
	Consolidated Statements of Comprehensive Income (Loss), Three Months Ended March 31, 2022 and 2021 (Unaudited)	6
	Consolidated Statements of Equity, Three Months Ended March 31, 2022 and 2021 (Unaudited)	7
	Consolidated Statements of Cash Flows, Three Months Ended March 31, 2022 and 2021 (Unaudited)	8
	Notes to Consolidated Financial Statements (Unaudited):
	Note 1 - Organization	10
	Note 2 - Significant Accounting Policies	11
	Note 3 - Investments	14
	Note 4 - Derivatives	24
	Note 5 - Closed Block	30
	Note 6 - Insurance Liabilities	32
	Note 7 - Fair Value Disclosures	34
	Note 8 - Employee Benefit Plans	49
	Note 9 - Income Taxes	50
	Note 10 - Equity	50
	Note 11 - Redeemable Noncontrolling Interest	52
	Note 12 - Commitments and Contingent Liabilities	52
	Note 13 - Insurance Group Statutory Financial Information	56
	Note 14 - Business Segment Information	56
	Note 15 - Earnings per Common Share	59
	Note 16 - Subsequent Events	60
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	61
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	93
Item 4.	Controls and Procedures	94
PART II - OTHER INFORMATION
Item 1.	Legal Proceedings	95
Item 1A.	Risk Factors	95
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	95
Item 3.	Defaults Upon Senior Securities	95
Item 4.	Mine Safety Disclosures	95
Item 5.	Other Information	95
Item 6.	Exhibits	96
Signatures		102

NOTE REGARDING FORWARD-LOOKING STATEMENTS AND INFORMATION

Certain of the statements included or incorporated by reference in this Quarterly Report on Form 10-Q constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “expects,” “believes,” “anticipates,” “intends,” “seeks,” “aims,” “plans,” “assumes,” “estimates,” “projects,” “should,” “would,” “could,” “may,” “will,” “shall” or variations of such words are generally part of forward-looking statements. Forward-looking statements are made based on management’s current expectations and beliefs concerning future developments and their potential effects upon Equitable Holdings, Inc. (“Holdings”) and its consolidated subsidiaries. “We,” “us” and “our” refer to Holdings and its consolidated subsidiaries, unless the context refers only to Holdings as a corporate entity. There can be no assurance that future developments affecting Holdings will be those anticipated by management. Forward-looking statements include, without limitation, all matters that are not historical facts.

These forward-looking statements are not a guarantee of future performance and involve risks and uncertainties, and there are certain important factors that could cause actual results to differ, possibly materially, from expectations or estimates reflected in such forward-looking statements, including, among others: (i) conditions in the financial markets and economy, including the impact of COVID-19 and related economic conditions, equity market declines and volatility, interest rate fluctuations, impacts on our goodwill and changes in liquidity and access to and cost of capital; (ii) operational factors, including reliance on the payment of dividends to Holdings by its subsidiaries, protection of confidential customer information or proprietary business information, operational failures by us or our service providers, and catastrophic events, such as the outbreak of pandemic diseases including COVID-19; (iii) credit, counterparties and investments, including counterparty default on derivative contracts, failure of financial institutions, defaults by third parties and affiliates and economic downturns, defaults and other events adversely affecting our investments; (iv) our reinsurance and hedging programs; (v) our products, structure and product distribution, including variable annuity guaranteed benefits features within certain of our products, variations in statutory capital requirements, financial strength and claims-paying ratings, state insurance laws limiting the ability of our insurance subsidiaries to pay dividends and key product distribution relationships; (vi) estimates, assumptions and valuations, including risk management policies and procedures, potential inadequacy of reserves and experience differing from pricing expectations, amortization of deferred acquisition costs and financial models; (vii) our Investment Management and Research segment, including fluctuations in assets under management and the industry-wide shift from actively-managed investment services to passive services; (viii) legal and regulatory risks, including federal and state legislation affecting financial institutions, insurance regulation and tax reform; (ix) risks related to our common stock and (x) general risks, including strong industry competition, information systems failing or being compromised and protecting our intellectual property.

Forward-looking statements should be read in conjunction with the other cautionary statements, risks, uncertainties and other factors identified in Holdings’ Annual Report on Form 10-K for the year ended December 31, 2021, as amended or supplemented in our subsequently filed Quarterly Reports on Form 10-Q, including in the section entitled “Risk Factors,” and elsewhere in this Quarterly Report on Form 10-Q. You should read this Form 10-Q completely and with the understanding that actual future results may be materially different from expectations. Further, any forward-looking statement speaks only as of the date on which it is made, and we undertake no obligation to update or revise any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events, except as otherwise may be required by law.

Other risks, uncertainties and factors, including those discussed under “Risk Factors”, in our Annual Report on Form 10-K could cause our actual results to differ materially from those projected in any forward-looking statements we make. Readers should read carefully the factors described in “Risk Factors” in our Annual Report on Form 10-K to better understand the risks and uncertainties inherent in our business and underlying any forward-looking statements.

Throughout this Quarterly Report on Form 10-Q we use certain defined terms and abbreviations, which are summarized in the “Glossary” and “Acronyms” sections.

2

Part I FINANCIAL INFORMATION

Item 1. Consolidated Financial Statements

3

EQUITABLE HOLDINGS, INC.

Consolidated Balance Sheets

March 31, 2022 (Unaudited) and December 31, 2021

	March 31, 2022		December 31, 2021
	(in millions, except share data)
ASSETS
Investments:
Fixed maturities available-for-sale, at fair value (amortized cost of $73,694 and $73,429) (allowance for credit losses of $21 and $22)	$	72,386	$	78,216
Fixed maturities, at fair value using the fair value option (1)	1,627		1,641
Mortgage loans on real estate (net of allowance for credit losses of $53 and $62) (1)	14,452		14,033
Policy loans	4,010		4,024
Other equity investments (1)	3,087		2,975
Trading securities, at fair value	589		631
Other invested assets (1)	2,625		3,591
Total investments	98,776		105,111
Cash and cash equivalents (1)	5,713		5,188
Cash and securities segregated, at fair value	1,693		1,504
Broker-dealer related receivables	2,744		2,599
Deferred policy acquisition costs	6,592		5,491
Goodwill and other intangible assets, net	4,723		4,728
Amounts due from reinsurers (allowance for credit losses of $5 and $5) (includes amounts accounted for at fair value of $5,056 and $5,813) (3)	14,060		14,679
GMIB reinsurance contract asset, at fair value	1,582		1,848
Current and deferred income taxes	1,111		195
Other assets (1)	3,852		3,613
Separate Accounts assets	136,812		147,306
Total Assets	$	277,658	$	292,262
LIABILITIES
Policyholders’ account balances	$	79,549	$	79,357
Future policy benefits and other policyholders' liabilities	35,165		36,717
Broker-dealer related payables	1,992		1,283
Customer related payables	3,684		3,600
Amounts due to reinsurers	1,331		1,381
Short-term and long-term debt	4,044		3,931
Notes issued by consolidated variable interest entities, at fair value using the fair value option (1)	1,182		1,191
Other liabilities (1)	4,030		3,933
Separate Accounts liabilities	136,812		147,306
Total Liabilities	$	267,789	$	278,699
Redeemable noncontrolling interest (1) (2)	$	386	$	468
Commitments and contingent liabilities (Note 12)
EQUITY
Equity attributable to Holdings:
Preferred stock and additional paid-in capital, $1 par value and $25,000 liquidation preference	$	1,562	$	1,562
Common stock, $0.01 par value, 2,000,000,000 shares authorized; 520,234,471 and 520,918,331 shares issued, respectively; 384,314,304 and 391,290,224 shares outstanding, respectively	4		4
Additional paid-in capital	1,933		1,919
Treasury stock, at cost, 135,920,167 and 129,628,107 shares, respectively	(3,070)		(2,850)
Retained earnings	9,312		8,880
Accumulated other comprehensive income (loss)	(1,787)		2,004
Total equity attributable to Holdings	7,954		11,519
Noncontrolling interest	1,529		1,576
Total Equity	9,483		13,095
Total Liabilities, Redeemable Noncontrolling Interest and Equity	$	277,658	$	292,262

____________

(1) See Note 2 of the Notes to these Consolidated Financial Statements for details of balances with VIEs.

(2) See Note 11 of the Notes to these Consolidated Financial Statements for details of redeemable noncontrolling interest.

(3) Represents the fair value of the ceded reserves to Venerable. See Note 1 of the Notes to these Consolidated Financial Statements for details of the Venerable Transaction and Note 8 of the Notes to these Consolidated Financial Statements .

See Notes to Consolidated Financial Statements (Unaudited).

4

EQUITABLE HOLDINGS, INC.

Consolidated Statements of Income (Loss)

Three Months Ended March 31, 2022 and 2021 (Unaudited)

	Three Months Ended March 31,
	2022		2021
	(in millions, except per share data)
REVENUES
Policy charges and fee income	$	840	$	949
Premiums	247		258
Net derivative gains (losses)	821		(2,546)
Net investment income (loss)	804		884
Investment gains (losses), net:
Credit losses on available-for-sale debt securities and loans	10		1
Other investment gains (losses), net	(336)		183
Total investment gains (losses), net	(326)		184
Investment management and service fees	1,355		1,257
Other income	203		167
Total revenues	3,944		1,153
BENEFITS AND OTHER DEDUCTIONS
Policyholders’ benefits	1,060		939
Interest credited to policyholders’ account balances	315		291
Compensation and benefits	595		580
Commissions and distribution-related payments	422		382
Interest expense	47		74
Amortization of deferred policy acquisition costs	181		87
Other operating costs and expenses	537		608
Total benefits and other deductions	3,157		2,961
Income (loss) from continuing operations, before income taxes	787		(1,808)
Income tax (expense) benefit	(148)		408
Net income (loss)	639		(1,400)
Less: Net income (loss) attributable to the noncontrolling interest	66		88
Net income (loss) attributable to Holdings	$	573	$	(1,488)
Less: Preferred stock dividends	14		13
Net income (loss) available to Holdings’ common shareholders	$	559	$	(1,501)
EARNINGS PER COMMON SHARE
Net income (loss) applicable to Holdings’ common shareholders per common share:
Basic	$	1.44	$	(3.46)
Diluted	$	1.43	$	(3.46)
Weighted average common shares outstanding (in millions):
Basic	388.6		434.2
Diluted	391.7		434.2

See Notes to Consolidated Financial Statements (Unaudited).

5

EQUITABLE HOLDINGS, INC.

Consolidated Statements of Comprehensive Income (Loss)

Three Months Ended March 31, 2022 and 2021 (Unaudited)

	Three Months Ended March 31,
	2022		2021
	(in millions)
COMPREHENSIVE INCOME (LOSS)
Net income (loss)	$	639	$	(1,400)
Other comprehensive income (loss) net of income taxes:
Change in unrealized gains (losses), net of reclassification adjustment	(3,826)		(3,153)
Changes in defined benefit plan related items not yet recognized in periodic benefit cost, net of reclassification adjustment	43		33
Foreign currency translation adjustment	(12)		(6)
Total other comprehensive income (loss), net of income taxes	(3,795)		(3,126)
Comprehensive income (loss)	(3,156)		(4,526)
Less: Comprehensive income (loss) attributable to the noncontrolling interest	62		85
Comprehensive income (loss) attributable to Holdings	$	(3,218)	$	(4,611)

See Notes to Consolidated Financial Statements (Unaudited).

6

EQUITABLE HOLDINGS, INC.

CONSOLIDATED STATEMENTS OF EQUITY

Three Months Ended March 31, 2022 and 2021 (Unaudited)

	Three Months Ended March 31,
	Equity Attributable to Holdings
	Preferred Stock and Additional Paid-In Capital		Common Stock		Additional Paid-in Capital		Treasury Stock		Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Total Holdings Equity		Non-controlling Interest		Total Equity
	(in millions)
January 1, 2022	$	1,562	$	4	$	1,919	$	(2,850)	$	8,880	$	2,004	$	11,519	$	1,576	$	13,095
Stock compensation	—		—		19		31		—		—		50		19		69
Purchase of treasury stock	—		—		(5)		(273)		—		—		(278)		—		(278)
Reissuance of treasury stock	—		—		—		—		(31)		—		(31)		—		(31)
Retirement of common stock	—		—		—		22		(22)		—		—		—		—
Repurchase of AB Holding units	—		—		—		—		—		—		—		(14)		(14)
Dividends paid to noncontrolling interest	—		—		—		—		—		—		—		(139)		(139)
Dividends on common stock (cash dividends declared per common share of $0.18)	—		—		—		—		(70)		—		(70)		—		(70)
Dividends on preferred stock	—		—		—		—		(14)		—		(14)		—		(14)
Issuance of preferred stock	—		—		—		—		—		—		—		—		—
Net income (loss)	—		—		—		—		573				573		93		666
Other comprehensive income (loss)	—		—		—		—				(3,791)		(3,791)		(4)		(3,795)
Other	—		—		—		—		(4)		—		(4)		(2)		(6)
March 31, 2022	$	1,562	$	4	$	1,933	$	(3,070)	$	9,312	$	(1,787)	$	7,954	$	1,529	$	9,483

January 1, 2021	$	1,269	$	5	$	1,985	$	(2,245)	$	10,699	$	3,863	$	15,576	$	1,601	$	17,177
Stock compensation	—		—		19		45		—		—		64		7		71
Purchase of treasury stock	—		—		(10)		(420)		—		—		(430)		—		(430)
Reissuance of treasury stock	—		—		—		—		(46)		—		(46)		—		(46)
Retirement of common stock	—		—		—		320		(320)		—		—		—		—
Repurchase of AB Holding units	—		—		—		—		—		—		—		(13)		(13)
Dividends paid to noncontrolling interest	—		—		—		—		—		—		—		(108)		(108)
Dividends on common stock (cash dividends declared per common share of $0.17)	—		—		—		—		(74)		—		(74)		—		(74)
Dividends on preferred stock	—		—		—		—		(13)		—		(13)		—		(13)
Issuance of preferred stock	293		—		—		—		—		—		293		—		293
Net income (loss)	—		—		—		—		(1,488)		—		(1,488)		88		(1,400)
Other comprehensive income (loss)	—		—		—		—		—		(3,123)		(3,123)		(3)		(3,126)
Other	—		—		(66)		—		—		—		(66)		3		(63)
March 31, 2021	$	1,562	$	5	$	1,928	$	(2,300)	$	8,758	$	740	$	10,693	$	1,575	$	12,268

See Notes to Consolidated Financial Statements (Unaudited).

7

EQUITABLE HOLDINGS, INC.

Consolidated Statements of Cash Flows

Three Months Ended March 31, 2022 and 2021 (Unaudited)

	Three Months Ended March 31,
	2022		2021
	(in millions)
Cash flows from operating activities:
Net income (loss)	$	639	$	(1,400)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Interest credited to policyholders’ account balances	315		291
Policy charges and fee income	(840)		(949)
Net derivative (gains) losses	(821)		2,546
Credit losses on AFS debt securities and loans	(10)		(1)
Investment (gains) losses, net	336		(182)
(Gains) losses on businesses HFS	—		(1)
Realized and unrealized (gains) losses on trading securities	92		41
Non-cash long term incentive compensation expense	38		41
Amortization and depreciation	180		153
Equity (income) loss from limited partnerships	(71)		(107)
Changes in:
Net broker-dealer and customer related receivables/payables	11		(328)
Reinsurance recoverable	(376)		(79)
Segregated cash and securities, net	(189)		341
Capitalization of deferred policy acquisition costs	(209)		(186)
Future policy benefits	180		60
Current and deferred income taxes	93		(429)
Other, net	(98)		175
Net cash provided by (used in) operating activities	$	(730)	$	(14)
Cash flows from investing activities:
Proceeds from the sale/maturity/prepayment of:
Fixed maturities, available-for-sale	$	8,651	$	9,257
Fixed maturities, at fair value using the fair value option	252		109
Mortgage loans on real estate	280		245
Trading account securities	45		799
Real estate joint ventures	—		—
Short term investments	6		18
Other	167		775
Payment for the purchase/origination of:
Fixed maturities, available-for-sale	(9,198)		(10,240)
Fixed maturities, at fair value using the fair value option	(254)		(322)
Mortgage loans on real estate	(688)		(352)
Trading account securities	(44)		(70)
Short term investments	(304)		(5)
Other	569		(1,157)
Cash settlements related to derivative instruments	230		(2,973)
Investment in capitalized software, leasehold improvements and EDP equipment	1		(23)
Other, net	116		188
Net cash provided by (used in) investing activities	$	(171)	$	(3,751)

See Notes to Consolidated Financial Statements (Unaudited).

8

EQUITABLE HOLDINGS, INC.

Consolidated Statements of Cash Flows

Three Months Ended March 31, 2022 and 2021 (Unaudited)

	Three Months Ended March 31,
	2022		2021
	(in millions)
Cash flows from financing activities:
Policyholders’ account balances:
Deposits	$	3,228	$	7,236
Withdrawals	(2,257)		(1,467)
Transfers (to) from Separate Accounts	454		497
Change in short-term financings	112		185
Change in collateralized pledged assets	(40)		(1,392)
Change in collateralized pledged liabilities	545		96
(Decrease) increase in overdrafts payable	(15)		1
Repayment of long-term debt	—		(280)
Proceeds from notes issued by consolidated VIEs	(11)		11
Dividends paid on common stock	(70)		(74)
Dividends paid on preferred stock	(14)		(13)
Issuance of preferred stock	—		293
Purchases of AB Holding Units to fund long-term incentive compensation plan awards	(14)		(36)
Purchase of treasury shares	(279)		(430)
Purchases (redemptions) of noncontrolling interests of consolidated company-sponsored investment funds	(56)		(7)
Distribution to noncontrolling interest of consolidated subsidiaries	(139)		(108)
Increase (decrease) in securities sold under agreement to repurchase	—		—
Other, net	(7)		(76)
Net cash provided by (used in) financing activities	$	1,437	$	4,436
Effect of exchange rate changes on cash and cash equivalents	$	(11)	$	(2)
Change in cash and cash equivalents	525		669
Cash and cash equivalents, beginning of year	5,188		6,179
Change in cash of businesses held-for-sale	—		(53)
Cash and cash equivalents, end of year	$	5,713	$	6,795
Non-cash transactions from investing and financing activities:
Right-of-use assets obtained in exchange for lease obligations	$	29	$	26

See Notes to Consolidated Financial Statements (Unaudited).

9

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements (Unaudited)

1)    ORGANIZATION

Equitable Holdings, Inc. is the holding company for a diversified financial services organization. The Company conducts operations in four segments: Individual Retirement, Group Retirement, Investment Management and Research, and Protection Solutions. The Company’s management evaluates the performance of each of these segments independently.

•The Individual Retirement segment offers a diverse suite of variable annuity products which are primarily sold to affluent and high net worth individuals saving for retirement or seeking retirement income.

•The Group Retirement segment offers tax-deferred investment and retirement services or products to plans sponsored by educational entities, municipalities and not-for-profit entities, as well as small and medium-sized businesses.

•The Investment Management and Research segment provides diversified investment management, research and related solutions globally to a broad range of clients through three main client channels - Institutional, Retail and Private Wealth - and distributes its institutional research products and solutions through Bernstein Research Services. The Investment Management and Research segment reflects the business of AB Holding and ABLP and their subsidiaries (collectively, AB).

•The Protection Solutions segment includes the Company’s life insurance and group employee benefits businesses. The life insurance business offers a variety of VUL, IUL and term life products to help affluent and high net worth individuals, as well as small and medium-sized business owners, with their wealth protection, wealth transfer and corporate needs. Our group employee benefits business offers a suite of life, short- and long-term disability, dental and vision insurance products to small and medium-size businesses across the United States.

The Company reports certain activities and items that are not included in our segments in Corporate and Other. Corporate and Other includes certain of our financing and investment expenses. It also includes: Equitable Advisors broker-dealer business, closed block of life insurance (the “Closed Block”), run-off variable annuity reinsurance business, run-off group pension business, run-off health business, benefit plans for our employees, certain strategic investments and certain unallocated items, including capital and related investments, interest expense and corporate expense. AB’s results of operations are reflected in the Investment Management and Research segment. Accordingly, Corporate and Other does not include any items applicable to AB.

As of March 31, 2022 and December 31, 2021 the Company’s economic interest in AB was approximately 65% for both periods. The General Partner of AB is a wholly-owned subsidiary of the Company. Because the General Partner has the authority to manage and control the business of AB, AB is consolidated in the Company’s financial statements for all periods presented.

On June 1, 2021, Holdings completed the sale (the “Venerable Transaction”) of CS Life, to Venerable Insurance and Annuity Company, an insurance company domiciled in Iowa (“VIAC”), pursuant to the Master Transaction Agreement, dated October 27, 2020 (the “Master Transaction Agreement”), among the Company, VIAC and, solely with respect to Article XIV thereof, Venerable Holdings, Inc., a Delaware corporation (“Venerable”).

Pursuant to the Master Transaction Agreement, immediately prior to the closing of the Venerable Transaction, CS Life effected the recapture of all of the business that was ceded to CS Life Re Company, a wholly owned subsidiary of CS Life (“Reinsurance Subsidiary”), and sold 100% of the equity of the Reinsurance Subsidiary to another wholly owned subsidiary of the Company.

VIAC paid the Company a cash purchase price of $215 million for CS Life at closing. The post-closing true-up adjustment was immaterial. VIAC also issued a surplus note in aggregate principal amount of $60 million, to Equitable Financial Life Insurance Company, a New York-domiciled life insurance company and a wholly owned subsidiary of Holdings, for cash consideration.

Immediately following the closing of the Venerable Transaction, CS Life and Equitable Financial entered into a coinsurance and modified coinsurance agreement (the “Reinsurance Agreement”), pursuant to which Equitable Financial ceded to CS Life, on a combined coinsurance and modified coinsurance basis, legacy variable annuity policies sold by Equitable Financial between 2006-2008 (the “Block”), comprised of non-New York “Accumulator” policies containing fixed rate Guaranteed Minimum Income Benefit and/or Guaranteed Minimum Death Benefit

10

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements (Unaudited), Continued

guarantees. At the closing of the Transaction, CS Life deposited assets supporting the general account liabilities relating to the Block into a trust account for the benefit of Equitable Financial, which assets will secure its obligations to Equitable Financial under the Reinsurance Agreement. At the closing of the Transaction, AllianceBernstein L.P., a subsidiary of the Company (“AB”), entered into an investment advisory agreement with CS Life pursuant to which AB will serve as the preferred investment manager of the general account assets transferred to the trust account. The Company transferred assets of $9.5 billion, including primarily available for sale securities and cash, to a collateral trust account as the consideration for the reinsurance transaction. In addition, the Company recorded $9.6 billion of direct insurance liabilities ceded under the reinsurance contract, of which $5.3 billion is accounted at fair value, as the reinsurance of GMxB with no lapse guarantee riders are embedded derivatives. Additionally, $16.9 billion of Separate Account liabilities were ceded under a modified coinsurance portion of the agreement.

In addition, upon the completion of the Venerable Transaction, EIMG acquired an approximate 9.09% equity interest in Venerable’s parent holding company, VA Capital Company LLC. In connection with such investment, EIMG designated a member to the Board of Managers of VA Capital Company LLC.

2)     SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation and Principles of Consolidation

The unaudited interim consolidated financial statements (the “consolidated financial statements”) have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP” or “GAAP”) on a basis consistent with reporting interim financial information in accordance with instructions to the Form 10-Q and Article 10 of Regulation S-X of the Securities and Exchange Commission (“SEC”).

In the opinion of management, all adjustments necessary for a fair statement of the financial position and results of operations have been made. All such adjustments are of a normal, recurring nature. Interim results are not necessarily indicative of the results that may be expected for the full year. These financial statements should be read in conjunction with the Company’s consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021.

The accompanying unaudited consolidated financial statements present the consolidated results of operations, financial condition, and cash flows of the Company and its subsidiaries and those investment companies, partnerships and joint ventures in which the Company has control and a majority economic interest as well as those variable interest entities (“VIEs”) that meet the requirements for consolidation.

All significant intercompany transactions and balances have been eliminated in consolidation. The terms “first quarter 2022” and “first quarter 2021” refer to the three months ended March 31, 2022 and 2021, respectively. The terms “first three months of 2022” and “first three months of 2021” refer to the three months ended March 31, 2022 and 2021, respectively.

Certain prior year amounts have been reclassified to conform to the current year’s presentation.

Recent Accounting Pronouncements

Changes to U.S. GAAP are established by the Financial Accounting Standards Board (“FASB”) in the form of Accounting Standards Updates (“ASUs”) to the FASB Accounting Standards Codification (“ASC”). The Company considers the applicability and impact of all ASUs. ASUs listed below include those that have been adopted during the current fiscal year and/or those that have been issued but not yet adopted as of March 31, 2022, and as of the date of this filing. ASUs not listed below were assessed and determined to be either not applicable or not material.

11

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements (Unaudited), Continued

Future Adoption of New Accounting Pronouncements

Description	Effective Date and Method of Adoption	Effect on the Financial Statement or Other Significant Matters
ASU 2018-12: Financial Services - Insurance (Topic 944); ASU 2020-11: Financial Services - Insurance (Topic 944): Effective Date and Early Application
This ASU provides targeted improvements to existing recognition, measurement, presentation, and disclosure requirements for long-duration contracts issued by an insurance entity. The ASU primarily impacts four key areas, including: 1. Measurement of the liability for future policy benefits for traditional and limited payment contracts. The ASU requires companies to review, and if necessary, update cash flow assumptions at least annually for non-participating traditional and limited-payment insurance contracts. The ASU also prescribes the discount rate to be used in measuring the liability for future policy benefits for traditional and limited payment long-duration contracts. 2. Measurement of MRBs. MRBs, as defined under the ASU, will encompass certain GMxB features associated with variable annuity products and other general account annuities with other than nominal market risk. 3. Amortization of deferred acquisition costs. The ASU simplifies the amortization of deferred acquisition costs and other balances amortized in proportion to premiums, gross profits, or gross margins, requiring such balances to be amortized on a constant level basis over the expected term of the contracts.  4. Expanded footnote disclosures. The ASU requires additional disclosures including information about significant inputs, judgements, assumptions and methods used in measurement.	In November 2020, the FASB issued ASU 2020-11 which deferred the effective date of the amendments in ASU 2018-12 for all insurance entities. ASU 2018-12 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2022. Early adoption is allowed. For the liability for future policyholder benefits for traditional and limited payment contracts, companies can elect one of two adoption methods. Companies can either elect a modified retrospective transition method applied to contracts in force as of the beginning of the earliest period presented on the basis of their existing carrying amounts, adjusted for the removal of any related amounts in AOCI or a full retrospective transition method using actual historical experience information as of contract inception. The same adoption method must be used for deferred policy acquisition costs. For MRBs, the ASU should be applied retrospectively as of the beginning of the earliest period presented.	The Company continues to progress with implementation efforts and the evaluation of the impact that adoption of this guidance will have on the Company’s consolidated financial statements. Due to its extensive nature, the adoption of the ASU is expected to have a significant impact on the Company’s consolidated financial statements, as well as systems, processes and controls. Effective January 1, 2023, the new guidance will be adopted using the modified retrospective approach, except for MRBs which will use the full retrospective approach. The Company has created a governance framework and implementation plan to ensure timely adoption of the guidance. In preparation for implementation, the Company continues to refine key accounting policy decisions, modernize processes and update internal controls. These changes include modifications of actuarial valuation systems, data sourcing, analytical procedures and reporting processes. The impact on total equity of applying this ASU is estimated to be neutral to the current amount of reported total equity as of March 31, 2022. As of March 31, 2022, a positive impact to AOCI is expected due to increases in the Company’s estimate of its non-performance risk on variable annuity guarantees accounted for as MRBs for the first time under the guidance. The estimated impact to the retained earnings element of total equity as of March 31, 2022, due to accounting for variable annuity guarantees as MRBs that are not currently measured at fair value, is mitigated by the Company’s present use of a near industry low interest rate assumption of 2.25% on GMIB business. Because movements in equity markets, interest rates and credit spreads are unpredictable and at times volatile, it is possible that the estimated effects of adoption could change materially between March 31, 2022 and January 1, 2023.

12

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements (Unaudited), Continued

Accounting and Consolidation of VIEs

For all new investment products and entities developed by the Company, the Company first determines whether the entity is a VIE, which involves determining an entity’s variability and variable interests, identifying the holders of the equity investment at risk and assessing the five characteristics of a VIE. Once an entity has been determined to be a VIE, the Company then determines whether it is the primary beneficiary of the VIE based on its beneficial interests. If the Company is deemed to be the primary beneficiary of the VIE, then the Company consolidates the entity.

Management of the Company reviews quarterly its investment management agreements and its investments in, and other financial arrangements with, certain entities that hold client AUM to determine the entities that the Company is required to consolidate under this guidance. These entities include certain mutual fund products, hedge funds, structured products, group trusts, collective investment trusts and limited partnerships.

The analysis performed to identify variable interests held, determine whether entities are VIEs or VOEs, and evaluate whether the Company has a controlling financial interest in such entities requires the exercise of judgment and is updated on a continuous basis as circumstances change or new entities are developed. The primary beneficiary evaluation generally is performed qualitatively based on all facts and circumstances, including consideration of economic interests in the VIE held directly and indirectly through related parties and entities under common control, as well as quantitatively, as appropriate.

Consolidated VIEs

Consolidated CLOs

The Company is the investment manager of certain asset-backed investment vehicles, commonly referred to as CLOs, and certain other vehicles for which the Company earns fee income for investment management services. The Company may sell or syndicate investments through these vehicles, principally as part of the strategic investing activity as part of its investment management businesses. Additionally, the Company may invest in securities issued by these vehicles which are eliminated in consolidation of the CLOs.

As of March 31, 2022 and December 31, 2021, respectively, Equitable Financial holds $99 million and $109 million of equity interests in the CLOs. The Company consolidated the CLOs as of March 31, 2022 and December 31, 2021 as it is the primary beneficiary due to the combination of both its equity interest held by Equitable Financial and the majority ownership of AB, which functions as the CLOs loan manager. The assets of the CLOs are legally isolated from the Company’s creditors and can only be used to settle obligations of the CLOs. The liabilities of the CLOs are non-recourse to the Company and the Company has no obligation to satisfy the liabilities of the CLOs. As of March 31, 2022, Equitable Financial holds $76 million of equity interests in a newly formed SPE established to purchase loans from the market in anticipation of a new CLO transaction. The Company consolidated the SPE as of March 31, 2022 as it is the primary beneficiary due to the combination of both its equity interest held by Equitable Financial and the majority ownership of AB, which functions as the SPE loan manager.

Resulting from this consolidation in the Company’s consolidated balance sheets are fixed maturities, at fair value using the fair value option with total assets of $1.6 billion and $1.6 billion notes issued by consolidated variable interest entities, at fair value using the fair value option with total liabilities of $1.2 billion and $1.2 billion at March 31, 2022 and December 31, 2021, respectively. The unpaid outstanding principal balance of the notes and short-term borrowing is $1.4 billion and $1.3 billion at March 31, 2022 and December 31, 2021.

Consolidated Limited Partnerships and LLCs

As of March 31, 2022 and December 31, 2021 the Company consolidated limited partnerships and LLCs for which it was identified as the primary beneficiary under the VIE model. Included in Other invested assets, Mortgage loans on real estate and Other equity investments in the Company’s consolidated balance sheets at March 31, 2022 and December 31, 2021 are total assets of $270 million and $219 million, respectively related to these VIEs.

Consolidated AB-Sponsored Investment Funds

Included in the Company’s consolidated balance sheet as of March 31, 2022 and December 31, 2021 are assets of $542 million and $734 million, liabilities of $37 million and $87 million, and redeemable noncontrolling interests of $338 million and $421 million, respectively, associated with the consolidation of AB-sponsored investment funds under the VIE model. There were no consolidated AB-sponsored investment funds under the VOE model as of March 31, 2022 and December 31, 2021. The assets of these consolidated funds are presented within other invested

13

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements (Unaudited), Continued

assets and cash and cash equivalents, and liabilities of these consolidated funds are presented with other liabilities in the Company’s consolidated balance sheets; ownership interests not held by the Company relating to consolidated VIEs and VOEs are presented either as redeemable or non-redeemable noncontrolling interests, as appropriate. Redeemable noncontrolling interests are presented in mezzanine equity and non-redeemable noncontrolling interests are presented within permanent equity. The Company is not required to provide financial support to these AB-sponsored investment funds, and only the assets of such funds are available to settle each fund’s own liabilities.

Non-Consolidated VIEs

As of March 31, 2022 and December 31, 2021 respectively, the Company held approximately $2.2 billion and $2.1 billion of investment assets in the form of equity interests issued by non-corporate legal entities determined under the guidance to be VIEs, such as limited partnerships and limited liability companies, including CLOs, hedge funds, private equity funds and real estate-related funds. As an equity investor, the Company is considered to have a variable interest in each of these VIEs as a result of its participation in the risks and/or rewards these funds were designed to create by their defined portfolio objectives and strategies. Primarily through qualitative assessment, including consideration of related party interests or other financial arrangements, if any, the Company was not identified as primary beneficiary of any of these VIEs, largely due to its inability to direct the activities that most significantly impact their economic performance. Consequently, the Company continues to reflect these equity interests in the consolidated balance sheets as other equity investments and applies the equity method of accounting for these positions. The net assets of these non-consolidated VIEs are approximately $259.1 billion and $245.6 billion as of March 31, 2022 and December 31, 2021 respectively. The Company’s maximum exposure to loss from its direct involvement with these VIEs is the carrying value of its investment of $2.2 billion and $2.1 billion and approximately $1.2 billion and $1.2 billion of unfunded commitments as of March 31, 2022 and December 31, 2021, respectively. The Company has no further economic interest in these VIEs in the form of guarantees, derivatives, credit enhancements or similar instruments and obligations.

Non-Consolidated AB-Sponsored Investment Products

As of March 31, 2022 and December 31, 2021, the net assets of investment products sponsored by AB that are non-consolidated VIEs are approximately $59.1 billion and $68.9 billion, respectively. The Company’s maximum exposure to loss from its direct involvement with these VIEs is its investment of $15 million and $9 million as of March 31, 2022 and December 31, 2021. The Company has no further commitments to or economic interest in these VIEs.

Assumption Updates and Model Changes

The Company conducts its annual review of its assumptions and models during the third quarter of each year. The annual review encompasses assumptions underlying the valuation of unearned revenue liabilities, embedded derivatives for our insurance business, liabilities for future policyholder benefits, DAC and DSI assets.

However, the Company updates its assumptions as needed in the event it becomes aware of economic conditions or events that could require a change in assumptions that it believes may have a significant impact to the carrying value of product liabilities and assets and consequently materially impact its earnings in the period of the change. There were no material assumption updates or model changes in the first quarters of 2022 or 2021.

3)    INVESTMENTS

Fixed Maturities AFS

The components of fair value and amortized cost for fixed maturities classified as AFS on the consolidated balance sheets excludes accrued interest receivable because the Company elected to present accrued interest receivable within other assets. Accrued interest receivable on AFS fixed maturities as of March 31, 2022 and December 31, 2021 was $559 million and $506 million, respectively. There was no accrued interest written off for AFS fixed maturities for the three months ended March 31, 2022 and 2021.

The following tables provide information relating to the Company’s fixed maturities classified as AFS.

AFS Fixed Maturities by Classification

14

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements (Unaudited), Continued

	Amortized Cost		Allowance for Credit Losses		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	(in millions)
March 31, 2022
Fixed Maturities:
Corporate (1)	$	51,965	$	21	$	639	$	2,388	$	50,195
U.S. Treasury, government and agency	8,586		—		853		91		9,348
States and political subdivisions	670		—		43		31		682
Foreign governments	1,121		—		17		54		1,084
Residential mortgage-backed (2)	84		—		4		—		88
Asset-backed (3)	7,528		—		9		113		7,424
Commercial mortgage-backed	3,700		—		5		188		3,517
Redeemable preferred stock	40		—		8		—		48
Total at March 31, 2022	$	73,694	$	21	$	1,578	$	2,865	$	72,386
December 31, 2021:
Fixed Maturities:
Corporate (1)	$	50,172	$	22	$	2,601	$	240	$	52,511
U.S. Treasury, government and agency	13,056		—		2,344		15		15,385
States and political subdivisions	586		—		78		2		662
Foreign governments	1,124		—		42		14		1,152
Residential mortgage-backed (2)	90		—		8		—		98
Asset-backed (3)	5,933		—		21		20		5,934
Commercial mortgage-backed	2,427		—		19		25		2,421
Redeemable preferred stock	41		—		12		—		53
Total at December 31, 2021	$	73,429	$	22	$	5,125	$	316	$	78,216

______________

(1)Corporate fixed maturities include both public and private issues.

(2)Includes publicly traded agency pass-through securities and collateralized obligations.

(3)Includes credit-tranched securities collateralized by sub-prime mortgages, credit risk transfer securities and other asset types.

The contractual maturities of AFS fixed maturities as of March 31, 2022 are shown in the table below. Bonds not due at a single maturity date have been included in the table in the final year of maturity. Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

15

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements (Unaudited), Continued

Contractual Maturities of AFS Fixed Maturities

	Amortized Cost (Less Allowance for Credit Losses)		Fair Value
	(in millions)
March 31, 2022
Contractual maturities:
Due in one year or less	$	1,105	$	1,102
Due in years two through five	15,453		15,348
Due in years six through ten	18,663		18,257
Due after ten years	27,100		26,602
Subtotal	62,321		61,309
Residential mortgage-backed	84		88
Asset-backed	7,528		7,424
Commercial mortgage-backed	3,700		3,517
Redeemable preferred stock	40		48
Total at March 31, 2022	$	73,673	$	72,386

The following table shows proceeds from sales, gross gains (losses) from sales and credit losses for AFS fixed maturities for the three months ended March 31, 2022 and 2021:

Proceeds from Sales, Gross Gains (Losses) from Sales and Credit Losses for AFS Fixed Maturities

	Three Months Ended March 31,
	2022		2021
	(in millions)
Proceeds from sales	$	7,391	$	7,209
Gross gains on sales	$	29	$	291
Gross losses on sales	$	(364)	$	(116)
Credit losses	$	1	$	(6)

The following table sets forth the amount of credit loss impairments on AFS fixed maturities held by the Company at the dates indicated and the corresponding changes in such amounts.

AFS Fixed Maturities - Credit Loss Impairments

	Three Months Ended March 31,
	2022		2021
Balance, beginning of period	$	44	$	32
Previously recognized impairments on securities that matured, paid, prepaid or sold	(2)		—
Recognized impairments on securities impaired to fair value this period (1)	—		—
Credit losses recognized this period on securities for which credit losses were not previously recognized	—		2
Additional credit losses this period on securities previously impaired	1		4
Increases due to passage of time on previously recorded credit losses	—		—
Accretion of previously recognized impairments due to increases in expected cash flows (for OTTI securities 2019 and prior)	—		—
Balance at March 31,	$	43	$	38

______________

(1)Represents circumstances where the Company determined in the current period that it intends to sell the security, or it is more likely than not that it will be required to sell the security before recovery of the security’s amortized cost.

16

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements (Unaudited), Continued

The tables that follow below present a roll-forward of net unrealized investment gains (losses) recognized in AOCI.

Net Unrealized Gains (Losses) on AFS Fixed Maturities

	Net Unrealized Gains (Losses) on Investments		DAC		Policyholders’ Liabilities		Deferred Income Tax Asset (Liability)		AOCI Gain (Loss) Related to Net Unrealized Investment Gains (Losses)
	(in millions)
Balance, January 1, 2022	$	4,809	$	(782)	$	(418)	$	(757)	$	2,852
Net investment gains (losses) arising during the period	(6,425)		—		—		—		(6,425)
Reclassification adjustment:
Included in net income (loss)	334		—		—		—		334
Other	—		—		—		—		—
Impact of net unrealized investment gains (losses)	—		1,071		182		1,015		2,268
Net unrealized investment gains (losses) excluding credit losses	(1,282)		289		(236)		258		(971)
Net unrealized investment gains (losses) with credit losses	(5)		1		(1)		1		(4)
Balance, March 31, 2022	$	(1,287)	$	290	$	(237)	$	259	$	(975)
Balance, January 1, 2021	$	8,811	$	(1,548)	$	(1,065)	$	(1,302)	$	4,896
Net investment gains (losses) arising during the period	(5,129)		—		—		—		(5,129)
Reclassification adjustment:
Included in net income (loss)	(175)		—		—		—		(175)
Other (1)	(33)								(33)
Impact of net unrealized investment gains (losses)			599		757		836		2,192
Net unrealized investment gains (losses) excluding credit losses	3,474		(949)		(308)		(466)		1,751
Net unrealized investment gains (losses) with credit losses	(8)		2		1		1		(4)
Balance, March 31, 2021	$	3,466	$	(947)	$	(307)	$	(465)	$	1,747

_____________

(1) Effective January 1, 2021, certain preferred stock have been reclassified to other equity investments.

The following tables disclose the fair values and gross unrealized losses of the 3,978 issues as of March 31, 2022 and the 565 issues as of December 31, 2021 that are not deemed to have credit losses, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position for the specified periods at the dates indicated.

AFS Fixed Maturities in an Unrealized Loss Position for Which No Allowance Is Recorded

	Less Than 12 Months				12 Months or Longer				Total
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
	(in millions)
March 31, 2022
Fixed Maturities:
Corporate	$	28,350	$	2,094	$	2,863	$	292	$	31,213	$	2,386
U.S. Treasury, government and agency	2,884		82		94		9		2,978		91
States and political subdivisions	257		28		12		3		269		31

17

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements (Unaudited), Continued

	Less Than 12 Months				12 Months or Longer				Total
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
	(in millions)
Foreign governments	606		39		120		15		726		54
Asset-backed	6,300		110		178		3		6,478		113
Commercial mortgage-backed	2,860		169		165		19		3,025		188
Total at March 31, 2022	$	41,257	$	2,522	$	3,432	$	341	$	44,689	$	2,863
December 31, 2021:
Fixed Maturities:
Corporate	$	10,571	$	163	$	1,633	$	75	$	12,204	$	238
U.S. Treasury, government and agency	993		11		105		4		1,098		15
States and political subdivisions	120		2		11		—		131		2
Foreign governments	349		6		92		8		441		14
Asset-backed	3,865		20		38		—		3,903		20
Commercial mortgage-backed	1,527		21		96		4		1,623		25
Total at December 31, 2021	$	17,425	$	223	$	1,975	$	91	$	19,400	$	314

The Company’s investments in fixed maturities do not include concentrations of credit risk of any single issuer greater than 10% of the consolidated equity of the Company, other than securities of the U.S. government, U.S. government agencies, and certain securities guaranteed by the U.S. government. The Company maintains a diversified portfolio of corporate securities across industries and issuers and does not have exposure to any single issuer in excess of 0.6% of total corporate securities. The largest exposures to a single issuer of corporate securities held as of March 31, 2022 and December 31, 2021 were $306 million and $322 million, respectively, representing 3.2% and 2.5% of the consolidated equity of the Company.

Corporate high yield securities, consisting primarily of public high yield bonds, are classified as other than investment grade by the various rating agencies, i.e., a rating below Baa3/BBB- or the NAIC designation of 3 (medium investment grade), 4 or 5 (below investment grade) or 6 (in or near default). As of March 31, 2022 and December 31, 2021, respectively, approximately $3.0 billion and $2.9 billion, or 4.1% and 3.9%, of the $73.7 billion and $73.4 billion aggregate amortized cost of fixed maturities held by the Company were considered to be other than investment grade. These securities had gross unrealized losses of $79 million and $18 million as of March 31, 2022 and December 31, 2021, respectively.

As of March 31, 2022 and December 31, 2021, respectively, the $341 million and $91 million of gross unrealized losses of twelve months or more were primarily concentrated in corporate securities. In accordance with the policy described in Note 2 to the Notes to these Consolidated Financial Statements, the Company concluded that an adjustment to allowance for credit losses for these securities was not warranted at either March 31, 2022 or December 31, 2021. As of March 31, 2022 and December 31, 2021, the Company did not intend to sell the securities nor will it likely be required to dispose of the securities before the anticipated recovery of their remaining amortized cost basis.

Based on the Company’s evaluation both qualitatively and quantitatively of the drivers of the decline in fair value of fixed maturity securities as of March 31, 2022, the Company determined that the unrealized loss was primarily due to increases in credit spreads and changes in credit ratings.

Mortgage Loans on Real Estate

Accrued interest receivable on commercial and agricultural mortgage loans as of March 31, 2022 and December 31, 2021was $58 million and $57 million, respectively. There was no accrued interest written off for commercial and agricultural mortgage loans for the three months ended March 31, 2022 and 2021.

As of March 31, 2022, the Company had no loans for which foreclosure was probable included within the individually assessed mortgage loans, and accordingly had no associated allowance for credit losses.

18

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements (Unaudited), Continued

Allowance for Credit Losses on Mortgage Loans

The change in the allowance for credit losses for commercial mortgage loans and agricultural mortgage loans during the three months ended March 31, 2022 and 2021 were as follows:

		Three Months Ended March 31,
		2022		2021
	(in millions)
Allowance for credit losses on mortgage loans:
Commercial mortgages:
Balance, beginning of period		$	57	$	77
Current-period provision for expected credit losses		(10)		(7)
Write-offs charged against the allowance		—		—
Recoveries of amounts previously written off		—		—
Net change in allowance		(10)		(7)
Balance, end of period		$	47	$	70
Agricultural mortgages:
Balance, beginning of period		$	5	$	4
Current-period provision for expected credit losses		1		—
Write-offs charged against the allowance		—		—
Recoveries of amounts previously written off		—		—
Net change in allowance		1		—
Balance, end of period		$	6	$	4
Total allowance for credit losses		$	53	$	74

The change in the allowance for credit losses is attributable to:

•increases/decreases in the loan balance due to new originations, maturing mortgages, and loan amortization; and

•changes in credit quality.

Credit Quality Information

The following tables summarize the Company’s mortgage loans segregated by risk rating exposure as of March 31, 2022 and December 31, 2021.

LTV Ratios (1)

	March 31, 2022
	Amortized Cost Basis by Origination Year
	2022		2021		2020		2019		2018		Prior		Total
	(in millions)
Mortgage loans:
Commercial:
0% - 50%	$	—	$	—	$	—	$	—	$	184	$	1,204	$	1,388
50% - 70%	450		1,915		1,361		418		619		3,166		7,929
70% - 90%	140		243		236		412		414		1,100		2,545
90% plus	—		—		—		—		35		—		35
Total commercial	$	590	$	2,158	$	1,597	$	830	$	1,252	$	5,470	$	11,897
Agricultural:
0% - 50%	$	47	$	180	$	214	$	122	$	139	$	835	$	1,537

19

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements (Unaudited), Continued

	March 31, 2022
	Amortized Cost Basis by Origination Year
	2022		2021		2020		2019		2018		Prior		Total
	(in millions)
50% - 70%	70		196		261		92		96		337		1,052
70% - 90%	1		—		—		—		—		18		19
90% plus	—		—		—		—		—		—		—
Total agricultural	$	118	$	376	$	475	$	214	$	235	$	1,190	$	2,608
Total mortgage loans:
0% - 50%	$	47	$	180	$	214	$	122	$	323	$	2,039	$	2,925
50% - 70%	520		2,111		1,622		510		715		3,503		8,981
70% - 90%	141		243		236		412		414		1,118		2,564
90% plus	—		—		—		—		35		—		35
Total mortgage loans	$	708	$	2,534	$	2,072	$	1,044	$	1,487	$	6,660	$	14,505

Debt Service Coverage Ratios (2)

	March 31, 2022
	Amortized Cost Basis by Origination Year
	2022		2021		2020		2019		2018		Prior		Total
	(in millions)
Mortgage loans:
Commercial:
Greater than 2.0x	$	197	$	1,143	$	1,259	$	210	$	772	$	2,263	$	5,844
1.8x to 2.0x	94		186		135		322		46		743		1,526
1.5x to 1.8x	261		274		109		223		215		1,244		2,326
1.2x to 1.5x	—		264		—		75		47		778		1,164
1.0x to 1.2x	38		291		94		—		88		370		881
Less than 1.0x	—		—		—		—		84		72		156
Total commercial	$	590	$	2,158	$	1,597	$	830	$	1,252	$	5,470	$	11,897
Agricultural:
Greater than 2.0x	$	18	$	48	$	63	$	23	$	12	$	226	$	390
1.8x to 2.0x	8		51		37		25		14		73		208
1.5x to 1.8x	26		43		113		28		23		217		450
1.2x to 1.5x	23		157		178		101		108		376		943
1.0x to 1.2x	37		76		80		31		74		284		582
Less than 1.0x	6		1		4		6		4		14		35
Total agricultural	$	118	$	376	$	475	$	214	$	235	$	1,190	$	2,608
Total mortgage loans:
Greater than 2.0x	$	215	$	1,191	$	1,322	$	233	$	784	$	2,489	$	6,234
1.8x to 2.0x	102		237		172		347		60		816		1,734
1.5x to 1.8x	287		317		222		251		238		1,461		2,776
1.2x to 1.5x	23		421		178		176		155		1,154		2,107
1.0x to 1.2x	75		367		174		31		162		654		1,463
Less than 1.0x	6		1		4		6		88		86		191
Total mortgage loans	$	708	$	2,534	$	2,072	$	1,044	$	1,487	$	6,660	$	14,505

______________

(1)The LTV ratio is derived from current loan balance divided by the fair value of the property. The fair value of the underlying commercial properties is updated annually for each mortgage loan.

20

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements (Unaudited), Continued

(2)The DSC ratio is calculated using the most recently reported operating income results from property operations divided by annual debt service.

LTV Ratios (1)

	December 31, 2021
	Amortized Cost Basis by Origination Year
	2021		2020		2019		2018		2017		Prior		Total
	(in millions)
Mortgage loans:
Commercial:
0% - 50%	$	—	$	—	$	—	$	184	$	293	$	1,009	$	1,486
50% - 70%	1,967		1,334		407		619		491		2,533		7,351
70% - 90%	190		236		412		415		276		972		2,501
90% plus	—		—		—		35		5		73		113
Total commercial	$	2,157	$	1,570	$	819	$	1,253	$	1,065	$	4,587	$	11,451
Agricultural:
0% - 50%	$	180	$	212	$	128	$	129	$	119	$	738	$	1,506
50% - 70%	200		268		102		126		87		338		1,121
70% - 90%	—		—		—		—		—		17		17
90% plus	—		—		—		—		—		—		—
Total agricultural	$	380	$	480	$	230	$	255	$	206	$	1,093	$	2,644
Total mortgage loans:
0% - 50%	$	180	$	212	$	128	$	313	$	412	$	1,747	$	2,992
50% - 70%	2,167		1,602		509		745		578		2,871		8,472
70% - 90%	190		236		412		415		276		989		2,518
90% plus	—		—		—		35		5		73		113
Total mortgage loans	$	2,537	$	2,050	$	1,049	$	1,508	$	1,271	$	5,680	$	14,095

Debt Service Coverage Ratios (2)

	December 31, 2021
	Amortized Cost Basis by Origination Year
	2021		2020		2019		2018		2017		Prior		Total
	(in millions)
Mortgage loans:
Commercial:
Greater than 2.0x	$	1,143	$	1,243	$	210	$	772	$	485	$	2,235	$	6,088
1.8x to 2.0x	185		135		250		46		161		372		1,149
1.5x to 1.8x	275		97		284		211		166		919		1,952
1.2x to 1.5x	264		95		75		101		253		701		1,489
1.0x to 1.2x	290		—		—		88		—		287		665
Less than 1.0x	—		—		—		35		—		73		108
Total commercial	$	2,157	$	1,570	$	819	$	1,253	$	1,065	$	4,587	$	11,451

21

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements (Unaudited), Continued

Agricultural:
Greater than 2.0x	$	49	$	64	$	25	$	22	$	24	$	210	$	394
1.8x to 2.0x	52		37		25		14		14		70		212
1.5x to 1.8x	43		113		28		22		41		193		440
1.2x to 1.5x	161		179		112		116		72		355		995
1.0x to 1.2x	75		83		31		77		54		226		546
Less than 1.0x	—		4		9		4		1		39		57
Total agricultural	$	380	$	480	$	230	$	255	$	206	$	1,093	$	2,644
Total mortgage loans:
Greater than 2.0x	$	1,192	$	1,307	$	235	$	794	$	509	$	2,445	$	6,482
1.8x to 2.0x	237		172		275		60		175		442		1,361
1.5x to 1.8x	318		210		312		233		207		1,112		2,392
1.2x to 1.5x	425		274		187		217		325		1,056		2,484
1.0x to 1.2x	365		83		31		165		54		513		1,211
Less than 1.0x	—		4		9		39		1		112		165
Total mortgage loans	$	2,537	$	2,050	$	1,049	$	1,508	$	1,271	$	5,680	$	14,095

______________

(1)The LTV ratio is derived from current loan balance divided by the fair value of the property. The fair value of the underlying commercial properties is updated annually for each mortgage loan.

(2)The DSC ratio is calculated using the most recently reported operating income results from property operations divided by annual debt service.

Past-Due and Nonaccrual Mortgage Loan Status

The following table provides information relating to the aging analysis of past-due mortgage loans as of March 31, 2022 and December 31, 2021, respectively.

Age Analysis of Past Due Mortgage Loans (1)

	Accruing Loans												Non-accruing Loans		Total Loans		Non-accruing Loans with No Allowance		Interest Income on Non-accruing Loans
	Past Due								Current		Total
	30-59 Days		60-89 Days		90 Days or More		Total
	(in millions)
March 31, 2022:
Mortgage loans:
Commercial	$	—	$	—	$	—	$	—	$	11,897	$	11,897	$	—	$	11,897	$	—	$	—
Agricultural	9		7		30		46		2,546		2,592		16		2,608		—		—
Total	$	9	$	7	$	30	$	46	$	14,443	$	14,489	$	16	$	14,505	$	—	$	—
December 31, 2021:
Mortgage loans:
Commercial	$	—	$	—	$	—	$	—	$	11,451	$	11,451	$	—	$	11,451	$	—	$	—
Agricultural	1		1		25		27		2,601		2,628		16		2,644		—		—
Total	$	1	$	1	$	25	$	27	$	14,052	$	14,079	$	16	$	14,095	$	—	$	—

_______________

(1)Amounts presented at amortized cost basis.

22

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements (Unaudited), Continued

As of March 31, 2022 and December 31, 2021, the carrying values of problem mortgage loans that had been classified as non-accrual loans were both $14 million.

During the three months ended March 31, 2022 and 2021, there were no mortgage loan on real estate or fixed maturities accounted for as a TDR.

Equity Securities

The table below presents a breakdown of unrealized and realized gains and (losses) on equity securities during the three months ended March 31, 2022 and 2021.

Unrealized and Realized Gains (Losses) from Equity Securities

	Three Months Ended March 31,
	2022		2021
	(in millions)
Net investment gains (losses) recognized during the period on securities held at the end of the period	$	(40)	$	19
Net investment gains (losses) recognized on securities sold during the period	(13)		(6)
Unrealized and realized gains (losses) on equity securities	$	(53)	$	13

Trading Securities

As of March 31, 2022 and December 31, 2021, respectively, the fair value of the Company’s trading securities was $589 million and $631 million. As of March 31, 2022 and December 31, 2021, respectively, trading securities included the General Account’s investment in Separate Accounts had carrying values of $40 million and $45 million.

The table below shows a breakdown of net investment income (loss) from trading securities during the three months ended March 31, 2022 and 2021.

Net Investment Income (Loss) from Trading Securities

	Three Months Ended March 31,
	2022		2021
	(in millions)
Net investment gains (losses) recognized during the period on securities held at the end of the period	$	(94)	$	(70)
Net investment gains (losses) recognized on securities sold during the period	2		29
Unrealized and realized gains (losses) on trading securities	(92)		(41)
Interest and dividend income from trading securities	16		38
Net investment income (loss) from trading securities	$	(76)	$	(3)

Fixed maturities, at fair value using the fair value option

The table below shows a breakdown of net investment income (loss) from fixed maturities, at fair value using the fair value option during the three months ended March 31, 2022 and 2021.

23

Net Investment Income (Loss) from Fixed Maturities, at Fair Value using the Fair Value Option

	Three Months Ended March 31,
	2022		2021
	(in millions)
Net investment gains (losses) recognized during the period on securities held at the end of the period	$	(5)	$	—
Net investment gains (losses) recognized on securities sold during the period	6		1
Unrealized and realized gains (losses) from fixed maturities	1		1
Interest and dividend income from fixed maturities	16		1
Net investment income (loss) from fixed maturities	$	17	$	2

4)     DERIVATIVES

The Company uses derivatives as part of its overall asset/liability risk management primarily to reduce exposures to equity market and interest rate risks. Derivative hedging strategies are designed to reduce these risks from an economic perspective and are all executed within the framework of a “Derivative Use Plan” approved by applicable states’ insurance law. Derivatives are generally not accounted for using hedge accounting, with the exception of TIPS and cash flow hedges, which are discussed further below. Operation of these hedging programs is based on models involving numerous estimates and assumptions, including, among others, mortality, lapse, surrender and withdrawal rates, election rates, fund performance, market volatility and interest rates. A wide range of derivative contracts are used in these hedging programs, including exchange traded equity, currency and interest rate futures contracts, total return and/or other equity swaps, interest rate swap and floor contracts, bond and bond-index total return swaps, swaptions, variance swaps and equity options, credit and foreign exchange derivatives, as well as bond and repo transactions to support the hedging. The derivative contracts are collectively managed in an effort to reduce the economic impact of unfavorable changes in guaranteed benefits’ exposures attributable to movements in capital markets. In addition, as part of its hedging strategy, the Company targets an asset level for all variable annuity products at or above a CTE98 level under most economic scenarios (CTE is a statistical measure of tail risk which quantifies the total asset requirement to sustain a loss if an event outside a given probability level has occurred. CTE98 denotes the financial resources a company would need to cover the average of the worst 2% of scenarios.)

Derivatives Utilized to Hedge Exposure to Variable Annuities with Guarantee Features

The Company has issued and continues to offer variable annuity products with GMxB features. The risk associated with the GMDB feature are that under-performance of the financial markets could result in GMDB benefits, in the event of death, being higher than what accumulated policyholders’ account balances would support. The risk associated with the GMIB feature is that under-performance of the financial markets could result in the present value of GMIB, in the event of annuitization, being higher than what accumulated policyholders’ account balances would support, taking into account the relationship between current annuity purchase rates and the GMIB guaranteed annuity purchase rates. The risk associated with products that have a GMxB derivative features liability is that under-performance of the financial markets could result in the GMxB derivative features’ benefits being higher than what accumulated policyholders’ account balances would support.

For GMxB features, the Company retains certain risks including basis, credit spread and some volatility risk and risk associated with actual experience versus expected actuarial assumptions for mortality, lapse and surrender, withdrawal and policyholder election rates, among other things. The derivative contracts are managed to correlate with changes in the value of the GMxB features that result from financial markets movements. A portion of exposure to realized equity volatility is hedged using equity options and variance swaps and a portion of exposure to credit risk is hedged using total return swaps on fixed income indices. Additionally, the Company is party to total return swaps for which the reference U.S. Treasury securities are contemporaneously purchased from the market and sold to the swap counterparty. As these transactions result in a transfer of control of the U.S. Treasury securities to the swap counterparty, the Company derecognizes these securities with consequent gain or loss from the sale. The Company has also purchased reinsurance contracts to mitigate the risks associated with GMDB features and the impact of potential market fluctuations on future policyholder elections of GMIB features contained in certain annuity contracts issued by the Company. The reinsurance of the GMIB features is accounted for as a derivative. In addition, on June 1, 2021, we ceded legacy variable annuity policies sold by Equitable Financial between 2006-2008 (the “Block”), comprised of

24

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements (Unaudited), Continued

non-New York “Accumulator” policies containing fixed rate GMIB and/or GMDB guarantees. As this contract provides full risk transfer and thus has the same risk attributes as the underlying direct contracts, the benefits of this treaty are accounted for in the same manner as the underlying gross reserves and therefore the Amounts Due from Reinsurers related to the GMIB with NLG are accounted for as an embedded derivative.

The Company has in place an economic hedge program using interest rate swaps and U.S. Treasury futures to partially protect the overall profitability of future variable annuity sales against declining interest rates.

Derivatives Utilized to Hedge Crediting Rate Exposure on SCS, SIO, MSO and IUL Products/Investment Options

The Company hedges crediting rates in the SCS variable annuity, SIO in the EQUI-VEST variable annuity series, MSO in the variable life insurance products and IUL insurance products. These products permit the contract owner to participate in the performance of an index, ETF or commodity price movement up to a cap for a set period of time. They also contain a protection feature, in which the Company will absorb, up to a certain percentage, the loss of value in an index, ETF or commodity price, which varies by product segment.

In order to support the returns associated with these features, the Company enters into derivative contracts whose payouts, in combination with fixed income investments, emulate those of the index, ETF or commodity price, subject to caps and buffers, thereby substantially reducing any exposure to market-related earnings volatility.

Derivatives Used to Hedge Equity Market Risks Associated with the General Account’s Seed Money Investments in Retail Mutual Funds

The Company’s General Account seed money investments in retail mutual funds expose us to market risk, including equity market risk which is partially hedged through equity-index futures contracts to minimize such risk.

Derivatives Used for General Account Investment Portfolio

The Company maintains a strategy in its General Account investment portfolio to replicate the credit exposure of fixed maturity securities otherwise permissible for investment under its investment guidelines through the sale of CDS. Under the terms of these swaps, the Company receives quarterly fixed premiums that, together with any initial amount paid or received at trade inception, replicate the credit spread otherwise currently obtainable by purchasing the referenced entity’s bonds of similar maturity. These credit derivatives generally have remaining terms of five years or less and are recorded at fair value with changes in fair value, including the yield component that emerges from initial amounts paid or received, reported in net derivative gains (losses).

The Company manages its credit exposure taking into consideration both cash and derivatives based positions and selects the reference entities in its replicated credit exposures in a manner consistent with its selection of fixed maturities. In addition, the Company generally transacts the sale of CDS in single name reference entities of investment grade credit quality and with counterparties subject to collateral posting requirements. If there is an event of default by the reference entity or other such credit event as defined under the terms of the swap contract, the Company is obligated to perform under the credit derivative and, at its option, either pay the referenced amount of the contract less an auction-determined recovery amount or pay the referenced amount of the contract and receive in return the defaulted or similar security of the reference entity for recovery by sale at the contract settlement auction. The Company purchased CDS to mitigate its exposure to a reference entity through cash positions. These positions do not replicate credit spreads.

To date, there have been no events of default or circumstances indicative of a deterioration in the credit quality of the named referenced entities to require or suggest that the Company will have to perform under the CDS that it sold. The maximum potential amount of future payments the Company could be required to make under the credit derivatives sold is limited to the par value of the referenced securities which is the dollar or euro-equivalent of the derivative’s notional amount. The Standard North American CDS Contract or Standard European Corporate Contract under which the Company executes these CDS sales transactions does not contain recourse provisions for recovery of amounts paid under the credit derivative.

The Company purchased 30-year TIPS and other sovereign bonds, both inflation linked and non-inflation linked, as General Account investments and enters into asset or cross-currency basis swaps, to result in payment of the given bond’s coupons and principal at maturity in the bond’s specified currency to the swap counterparty in return for fixed dollar amounts. These swaps, when considered in combination with the bonds, together result in a net position that is intended to replicate a dollar-denominated fixed-coupon cash bond with a yield higher than a term-equivalent U.S. Treasury bond.

25

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements (Unaudited), Continued

Derivatives Utilized to Hedge Exposure to Foreign Currency Denominated Cash Flows

The Company purchases private placement debt securities and issues funding agreements in the Funding Agreement-Backed Notes (“FABN”) program in currencies other than its functional US dollar currency. The Company enters into cross currency swaps with external counterparties to hedge the exposure of the foreign currency denominated cash flows of these instruments. The foreign currency received from or paid to the cross currency swap counterparty is exchanged for fixed US dollar amounts with improved net investment yields or net product costs over equivalent US dollar denominated instruments issued at that time. The transactions are accounted for as cash flow hedges when they are designated in hedging relationships and qualify for hedge accounting. The first cross currency swap hedges were designated and applied hedge accounting during the quarter ended June 30, 2021.

These cross currency swaps are for the period the foreign currency denominated private placement debt securities and funding agreement are outstanding, with the longest cross currency swap expiring in 2033. Since designation and qualification as cash flow hedges, cross currency swap interest accruals are recognized in Net investment income and in Interest credited to policyholders’ account balances.

The tables below present quantitative disclosures about the Company’s derivative instruments designated in hedging relationships and derivative instruments which have not been designated in hedging relationships, including those embedded in other contracts required to be accounted for as derivative instruments.

The following table presents the gross notional amount and estimated fair value of the Company’s derivatives:

26

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements (Unaudited), Continued

Derivative Instruments by Category

	March 31, 2022						December 31, 2021
			Fair Value						Fair Value
	Notional Amount		Derivative Assets		Derivative Liabilities		Notional Amount		Derivative Assets		Derivative Liabilities
	(in millions)
Derivatives: Designated for hedge accounting (1)
Cash Flow Hedges:
Currency Swaps	$	1,256	$	11	$	55	$	921	$	7	$	42
Interest Swaps	955		—		439		955		—		395
Total: Designated for hedge accounting	2,211		11		494		1,876		7		437
Derivatives: Not designated for hedge accounting (1)
Equity contracts:
Futures	4,370		2		2		2,640		—		1
Swaps	12,415		9		11		13,378		6		4
Options	44,415		10,690		4,372		48,489		12,024		5,065
Interest rate contracts:
Futures	11,521		—		—		12,575		—		—
Swaps	1,885		5		116		1,889		—		46
Swaptions	—		—		—		—		—		—
Credit contracts:
Credit default swaps	766		11		8		774		9		10
Currency contracts
Currency Swaps	566		6		—		541		1		—
Currency forwards	80		8		7		79		8		7
Other freestanding contracts:
Margin	—		192		—		—		125		—
Collateral	—		217		5,744		—		178		6,160
Total: Not designated for hedge accounting	76,018		11,140		10,260		80,365		12,351		11,293
Embedded Derivatives:
Amounts due from reinsurers (5)	—		5,056		—		—		5,813		—
GMIB reinsurance contracts (2)	—		1,582		—		—		1,848		—
GMxB derivative features liability (3)	—		—		6,924		—		—		8,525
SCS, SIO, MSO and IUL indexed features (4)	—		—		6,126		—		—		6,773
Total Embedded Derivatives	—		6,638		13,050		—		7,661		15,298
Total derivative instruments	$	78,229	$	17,789	$	23,804	$	82,241	$	20,019	$	27,028

___________

(1)Reported in other invested assets in the consolidated balance sheets.

(2) Reported in GMIB reinsurance contract asset in the consolidated balance sheets.

(3)    Reported in future policy benefits and other policyholders’ liabilities in the consolidated balance sheets.

(4)    Reported in policyholders’ account balances in the consolidated balance sheets.

(5)    Represents GMIB NLG ceded related to the Venerable Transaction.

The following table presents the effects of derivative instruments on the consolidated statements of income and comprehensive income (loss).

27

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements (Unaudited), Continued

Derivative Instruments by Category

	Three Months Ended March 31, 2022						Three Months Ended March 31, 2021
	(in millions)
	Net Derivatives Gain(Losses) (1)		Interest Credited To Policyholders Account Balances		AOCI		Net Derivatives Gain(Losses) (1)		Interest Credited To Policyholders Account Balances		AOCI
Derivatives: Designated for hedge accounting
Cash Flow Hedges:
Currency Swaps	$	(4)	$	(18)	$	13	$	—	$	—	$	—
Interest Swaps	(14)		—		(20)		(4)		—		(6)
Total: Designated for hedge accounting	(18)		(18)		(7)		(4)		—		(6)
Derivatives: Not Designated for hedge accounting
Equity contracts
Futures	58		—		—		(288)		—		—
Swaps	734		—		—		(1,271)		—		—
Options	(284)		—		—		1,145		—		—
Interest Rate contracts
Futures	(512)		—		—		(949)		—		—
Swaps	(149)		—		—		(2,911)		—		—
Swaptions	—		—		—		—		—		—
Credit contracts
Credit Default Swaps	2		—		—		—		—		—
Currency contracts
Currency Swaps	5		—		—		1		—		—
Currency forwards	1		—		—		—		—		—
Other freestanding contracts
Margin	—		—		—		—		—		—
Collateral	—		—		—		—		—		—
Total: Not designated for hedge accounting	(145)		—		—		(4,273)		—		—
Embedded Derivatives
Amounts due from reinsurers	(767)		—		—		—		—		—
GMIB reinsurance contracts	(260)		—		—		(578)		—		—
GMxB derivative features liability (2)	1,688		—		—		3,408		—		—
SCS, SIO,MSO and IUL indexed features	323		—		—		(1,145)		—		—
Total Embedded Derivatives	$	984	$	—	$	—	$	1,685	$	—	$	—
Total derivative instruments	$	821	$	(18)	$	(7)	$	(2,592)	$	—	$	(6)

28

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements (Unaudited), Continued

(1)Reported in net derivative gains (losses) in the consolidated statements of income (loss).

(2)Excludes settlement fees of $46 million on CS Life reinsurance contract for the three months ended March 31, 2021.

The table that follow below present a roll-forward of cash flow hedges recognized in AOCI.

Roll-forward of Cash flow hedges in AOCI

	Three Months Ended March 31,
	2022		2021
	(in millions)
Balance, beginning of period	$	(208)	$	(126)
Amount recorded in AOCI
Currency Swaps	(3)		—
Interest Swaps	(39)		(22)
Total Amount recorded in AOCI	(42)		(22)
Amount reclassified from AOCI to income
Currency Swaps	16		—
Interest Swaps	19		16
Total Amount reclassified from AOCI to income	35		16
Ending Balance, March 31 (1)	$	(215)	$	(132)

_______________

(1) The Company does not estimate the amount of the deferred losses in AOCI at three months ended March 31, 2022 and 2021 which will be released and reclassified into Net income (loss) over the next 12 months as the amounts cannot be reasonably estimated.

Equity-Based and Treasury Futures Contracts Margin

All outstanding equity-based and treasury futures contracts as of March 31, 2022 and December 31, 2021 are exchange-traded and net settled daily in cash. As of March 31, 2022 and December 31, 2021, respectively, the Company had open exchange-traded futures positions on: (i) the S&P 500, Nasdaq, Russell 2000 and Emerging Market indices, having initial margin requirements of $209 million and $109 million, (ii) the 2-year, 5-year and 10-year U.S. Treasury Notes on U.S. Treasury bonds and ultra-long bonds, having initial margin requirements of $183 million and $200 million, and (iii) the Euro Stoxx, FTSE 100, Topix, ASX 200 and EAFE indices as well as corresponding currency futures on the Euro/U.S. dollar, Pound/U.S. dollar, Australian dollar/U.S. dollar, and Yen/U.S. dollar, having initial margin requirements of $16 million and $16 million.

Collateral Arrangements

The Company generally has executed a CSA under the ISDA Master Agreement it maintains with each of its OTC derivative counterparties that requires both posting and accepting collateral either in the form of cash or high-quality securities, such as U.S. Treasury securities, U.S. government and government agency securities and investment grade corporate bonds. The Company nets the fair value of all derivative financial instruments with counterparties for which an ISDA Master Agreement and related CSA have been executed. As of March 31, 2022 and December 31, 2021, respectively, the Company held $5.7 billion and $6.2 billion in cash and securities collateral delivered by trade counterparties, representing the fair value of the related derivative agreements. The unrestricted cash collateral is reported in other invested assets. The Company posted collateral of $217 million and $178 million as of March 31, 2022 and December 31, 2021, respectively, in the normal operation of its collateral arrangements.

The following tables presents information about the Company’s offsetting of financial assets and liabilities and derivative instruments as of March 31, 2022 and December 31, 2021:

Offsetting of Financial Assets and Liabilities and Derivative Instruments

As of March 31, 2022

29

	Gross Amount Recognized		Gross Amount Offset in the Balance Sheets		Net Amount Presented in the Balance Sheets		Gross Amount not Offset in the Balance Sheets (3)		Net Amount
	(in millions)
Assets:
Derivative assets (1)	$	11,151	$	10,611	$	540	$	—	$	540
Other financial assets	2,085		—		2,085		—		2,085
Other invested assets	$	13,236	$	10,611	$	2,625	$	—	$	2,625
Liabilities:
Derivative liabilities (2)	$	10,754	$	10,611	$	143	$	—	$	143
Other financial liabilities	3,887		—		3,887		—		3,887
Other liabilities	$	14,641	$	10,611	$	4,030	$	—	$	4,030

______________

(1)Excludes Investment Management and Research segment’s derivative assets of consolidated VIEs/VOEs.

(2)Excludes Investment Management and Research segment’s derivative liabilities of consolidated VIEs/VOEs.

(3)Financial instruments sent (held).

As of December 31, 2021

	Gross Amount Recognized		Gross Amount Offset in the Balance Sheets		Net Amount Presented in the Balance Sheets		Gross Amount not Offset in the Balance Sheets (3)		Net Amount
	(in millions)
Assets:
Derivative assets (1)	$	12,358	$	10,756	$	1,602	$	(961)	$	641
Other financial assets	1,989		—		1,989		—		1,989
Other invested assets	$	14,347	$	10,756	$	3,591	$	(961)	$	2,630
Liabilities:
Derivative liabilities (2)	$	10,770	$	10,756	$	14	$	—	$	14
Other financial liabilities	3,919		—		3,919		—		3,919
Other liabilities	$	14,689	$	10,756	$	3,933	$	—	$	3,933

______________

(1)Excludes Investment Management and Research segment’s derivative assets of consolidated VIEs/VOEs.

(2)Excludes Investment Management and Research segment’s derivative liabilities of consolidated VIEs/VOEs.

(3)Financial instruments sent (held).

5)    CLOSED BLOCK

As a result of demutualization, the Company’s Closed Block was established in 1992 for the benefit of certain individual participating policies that were in force on that date. Assets, liabilities and earnings of the Closed Block are specifically identified to support its participating policyholders.

Assets allocated to the Closed Block inure solely to the benefit of the Closed Block policyholders and will not revert to the benefit of the Company. No reallocation, transfer, borrowing or lending of assets can be made between the Closed Block and other portions of the Company’s General Account, any of its Separate Accounts or any affiliate of the Company without the approval of the New York State Department of Financial Services (the “NYDFS”). Closed Block assets and liabilities are carried on the same basis as similar assets and liabilities held in the General Account. For more information on the Closed Block, see Note 6 to the Company’s consolidated financial statements included in the Annual Report on Form 10-K for the year ended December 31, 2021.

30

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements (Unaudited), Continued

Summarized financial information for the Company’s Closed Block is as follows:

	March 31, 2022		December 31, 2021
	(in millions)
Closed Block Liabilities:
Future policy benefits, policyholders’ account balances and other	$	5,866	$	5,928
Policyholder dividend obligation	—		—
Other liabilities	8		39
Total Closed Block liabilities	5,874		5,967
Assets Designated to the Closed Block:
Fixed maturities AFS, at fair value (amortized cost of $3,198 and $3,185) (allowance for credit losses of $0 and $0)	3,200		3,390
Mortgage loans on real estate (net of allowance for credit losses of $3 and $4)	1,693		1,771
Policy loans	595		602
Cash and other invested assets	110		63
Other assets	49		90
Total assets designated to the Closed Block	5,647		5,916
Excess of Closed Block liabilities over assets designated to the Closed Block	227		51
Amounts included in AOCI:
Net unrealized investment gains (losses), net of policyholders’ dividend obligation: $0 and $0; and net of income tax: $0 and $(43)	12		172
Maximum future earnings to be recognized from Closed Block assets and liabilities	$	239	$	223

The Company’s Closed Block revenues and expenses were as follows:

	Three Months Ended March 31,
	2022		2021
	(in millions)
Revenues:
Premiums and other income	$	33	$	39
Net investment income (loss)	58		60
Investment gains (losses), net	1		—
Total revenues	92		99
Benefits and Other Deductions:
Policyholders’ benefits and dividends	76		106
Other operating costs and expenses	—		1
Total benefits and other deductions	76		107
Net income (loss), before income taxes	16		(8)
Income tax (expense) benefit	1		(1)
Net income (loss)	$	17	$	(9)

31

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements (Unaudited), Continued

A reconciliation of the Company’s policyholder dividend obligation follows:

	Three Months Ended March 31,
	2022		2021
	(in millions)
Beginning balance	$	—	$	160
Unrealized investment gains (losses)	—		(132)
Ending balance	$	—	$	28

6)    INSURANCE LIABILITIES

Variable Annuity Contracts – GMDB, GMIB, GIB and GWBL and Other Features

The Company has certain variable annuity contracts with GMDB, GMIB, GIB and GWBL and other features in-force that guarantee one of the following:

•Return of Premium: the benefit is the greater of current account value or premiums paid (adjusted for withdrawals);

•Ratchet: the benefit is the greatest of current account value, premiums paid (adjusted for withdrawals), or the highest account value on any anniversary up to contractually specified ages (adjusted for withdrawals);

•Roll-Up: the benefit is the greater of current account value or premiums paid (adjusted for withdrawals) accumulated at contractually specified interest rates up to specified ages;

•Combo: the benefit is the greater of the ratchet benefit or the roll-up benefit, which may include either a five year or an annual reset; or

•Withdrawal: the withdrawal is guaranteed up to a maximum amount per year for life.

Liabilities for Variable Annuity Contracts with GMDB and GMIB Features without NLG Rider Feature

The change in the liabilities for variable annuity contracts with GMDB and GMIB features and without a NLG feature are summarized in the tables below. The amounts for the direct contracts (before reinsurance ceded) and assumed contracts are reflected in the consolidated balance sheets in future policy benefits and other policyholders’ liabilities. The amounts for the ceded contracts are reflected in the consolidated balance sheets in amounts due from reinsurers. The amounts for the ceded GMIB that are reflected in the consolidated balance sheets in GMIB reinsurance contract asset are at fair value.

Change in Liability for Variable Annuity Contracts with GMDB and GMIB Features and No NLG Feature

Three Months Ended March 31, 2022 and 2021

	GMDB						GMIB
	Direct		Assumed (1) (2)		Ceded		Direct		Assumed (1) (2)		Ceded
	(in millions)
Balance, January 1, 2022	$	4,951	$	—	$	(2,216)	$	5,892	$	—	$	(3,968)
Paid guarantee benefits	(133)		—		56		(120)		—		15
Other changes in reserve	222		—		(93)		252		—		203
Balance, March 31, 2022	$	5,040	$	—	$	(2,253)	$	6,024	$	—	$	(3,750)
Balance, January 1, 2021	$	5,097	$	72	$	(88)	$	6,026	$	196	$	(2,488)
Paid guarantee benefits	(133)		(6)		3		(92)		(52)		14
Other changes in reserve	122		6		1		32		—		567
Balance, March 31, 2021	$	5,086	$	72	$	(84)	$	5,966	$	144	$	(1,907)

(1)Change in Assumed is driven by the sale of CSLRC to Venerable.

(2)Includes the impact as of June 1, 2021 on the ceded reserves to Venerable. See Note 1 of the Notes to these Consolidated Financial Statements for details of the Venerable Transaction.

32

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements (Unaudited), Continued

Liabilities for Embedded and Freestanding Insurance Related Derivatives

The liability for the GMxB derivative features, the liability for SCS, SIO, MSO and IUL indexed features and the asset and liability for the GMIB reinsurance contracts and amounts due from reinsurers related to GMIB NLG product features (GMIB NLG Reinsurance) are considered embedded or freestanding insurance derivatives and are reported at fair value. For the fair value of the assets and liabilities associated with these embedded or freestanding insurance derivatives, see Note 7 of the Notes to these Consolidated Financial Statements.

Account Values and Net Amount at Risk

Account Values and NAR for direct variable annuity contracts in force with GMDB and GMIB features as of March 31, 2022 are presented in the following tables by guarantee type. For contracts with the GMDB feature, the NAR in the event of death is the amount by which the GMDB feature exceeds the related Account Values. For contracts with the GMIB feature, the NAR in the event of annuitization is the amount by which the present value of the GMIB benefits exceed the related Account Values, taking into account the relationship between current annuity purchase rates and the GMIB guaranteed annuity purchase rates. Since variable annuity contracts with GMDB features may also offer GMIB guarantees in the same contract, the GMDB and GMIB amounts listed are not mutually exclusive.

Direct Variable Annuity Contracts with GMDB and GMIB Features

as of March 31, 2022

	Guarantee Type
	Return of Premium			Ratchet			Roll-Up			Combo			Total
	(in millions, except age and interest rate)
Variable annuity contracts with GMDB features
Account Values invested in:
General Account	$	16,395		$	86		$	50		$	156		$	16,687
Separate Accounts	55,562			9,058			3,107			31,437			99,164
Total Account Values	$	71,957		$	9,144		$	3,157		$	31,593		$	115,851
NAR, gross	$	175		$	325		$	1,487		$	18,079		$	20,066
NAR, net of amounts reinsured	$	170		$	292		$	1,057		$	9,363		$	10,882
Average attained age of policyholders (in years)	51.5			69.2			75.6			71.3			55.7
Percentage of policyholders over age 70	11.8		%	51.8		%	73.1		%	57.9		%	20.8		%
Range of contractually specified interest rates	N/A			N/A			3% - 6%			3% - 6.5%			3% - 6.5%
Variable annuity contracts with GMIB features
Account Values invested in:
General Account	$	—		$	—		$	15		$	201		$	216
Separate Accounts	—			—			24,565			33,461			58,026
Total Account Values	$	—		$	—		$	24,580		$	33,662		$	58,242
NAR, gross	$	—		$	—		$	586		$	8,673		$	9,259
NAR, net of amounts reinsured	$	—		$	—		$	188		$	3,539		$	3,727
Average attained age of policyholders (in years)	N/A			N/A			65.2			71.0			68.8
Weighted average years remaining until annuitization	N/A			N/A			5.9			0.6			2.6
Range of contractually specified interest rates	N/A			N/A			3% - 6%			3% - 6.5%			3% - 6.5%

For more information about the reinsurance programs of the Company’s GMDB and GMIB exposure, see Note 11 of the Notes to these Consolidated Financial Statements.

33

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements (Unaudited), Continued

Separate Accounts Investments by Investment Category Underlying Variable Annuity Contracts with GMDB and GMIB Features

The total Account Values of variable annuity contracts with GMDB and GMIB features include amounts allocated to the guaranteed interest option, which is part of the General Account and variable investment options that invest through Separate Accounts in variable insurance trusts. The following table presents the aggregate fair value of assets, by major investment category, held by Separate Accounts that support variable annuity contracts with GMDB and GMIB features. The investment performance of the assets impacts the related Account Values and, consequently, the NAR associated with the GMDB and GMIB benefits and guarantees. Because the Company’s variable annuity contracts offer both GMDB and GMIB features, GMDB and GMIB amounts are not mutually exclusive.

Investment in Variable Insurance Trust Mutual Funds

	March 31, 2022				December 31, 2021
	GMDB		GMIB		GMDB		GMIB
Mutual Fund Type	(in millions)
Equity	$	48,411	$	18,112	$	52,771	$	20,015
Fixed income	5,094		2,331		5,391		2,507
Balanced	44,595		37,322		48,390		40,491
Other	1,064		261		1,025		263
Total	$	99,164	$	58,026	$	107,577	$	63,276

Hedging Programs for GMDB, GMIB, GIB and Other Features

The Company has a program intended to hedge certain risks associated first with the GMDB feature and with the GMIB feature of the Accumulator series of variable annuity products. The program has also been extended to cover other guaranteed benefits as they have been made available. This program utilizes derivative contracts, such as exchange-traded equity, currency and interest rate futures contracts, total return and/or equity swaps, interest rate swap and floor contracts, swaptions, variance swaps as well as equity options, that collectively are managed in an effort to reduce the economic impact of unfavorable changes in guaranteed benefits’ exposures attributable to movements in the capital markets. At the present time, this program hedges certain economic risks on products sold from 2001 forward, to the extent such risks are not externally reinsured.

These programs do not qualify for hedge accounting treatment. Therefore, gains (losses) on the derivatives contracts used in these programs, including current period changes in fair value, are recognized in net derivative gains (losses) in the period in which they occur, and may contribute to income (loss) volatility.

Variable and Interest-Sensitive Life Insurance Policies – NLG

The NLG feature contained in variable and interest-sensitive life insurance policies keeps them in force in situations where the policy value is not sufficient to cover monthly charges then due. The NLG remains in effect so long as the policy meets a contractually specified premium funding test and certain other requirements.

The change in the NLG liabilities, reflected in future policy benefits and other policyholders’ liabilities in the consolidated balance sheets, is summarized in the table below.

	Direct Liability (1)
	Three Months Ended March 31,
	2022		2021
	(in millions)
Beginning balance	$	1,096	$	1,022
Paid guarantee benefits	(8)		(15)
Other changes in reserves	24		43
Ending balance	$	1,112	$	1,050

_____________

(1)There were no amounts of reinsurance ceded in any period presented.

7)    FAIR VALUE DISCLOSURES

34

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements (Unaudited), Continued

U.S. GAAP establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value, and identifies three levels of inputs that may be used to measure fair value:

Level 1    Unadjusted quoted prices for identical instruments in active markets. Level 1 fair values generally are supported by market transactions that occur with sufficient frequency and volume to provide pricing information on an ongoing basis.

Level 2    Observable inputs other than Level 1 prices, such as quoted prices for similar instruments, quoted prices in markets that are not active, and inputs to model-derived valuations that are directly observable or can be corroborated by observable market data.

Level 3    Unobservable inputs supported by little or no market activity and often requiring significant management judgment or estimation, such as an entity’s own assumptions about the cash flows or other significant components of value that market participants would use in pricing the asset or liability.

The Company uses unadjusted quoted market prices to measure fair value for those instruments that are actively traded in financial markets. In cases where quoted market prices are not available, fair values are measured using present value or other valuation techniques. The fair value determinations are made at a specific point in time, based on available market information and judgments about the financial instrument, including estimates of the timing and amount of expected future cash flows and the credit standing of counterparties. Such adjustments do not reflect any premium or discount that could result from offering for sale at one time the Company’s entire holdings of a particular financial instrument, nor do they consider the tax impact of the realization of unrealized gains or losses. In many cases, the fair value cannot be substantiated by direct comparison to independent markets, nor can the disclosed value be realized in immediate settlement of the instrument.

Management is responsible for the determination of the value of investments carried at fair value and the supporting methodologies and assumptions. Under the terms of various service agreements, the Company often utilizes independent valuation service providers to gather, analyze, and interpret market information and derive fair values based upon relevant methodologies and assumptions for individual securities. These independent valuation service providers typically obtain data about market transactions and other key valuation model inputs from multiple sources and, through the use of widely accepted valuation models, provide a single fair value measurement for individual securities for which a fair value has been requested. As further described below with respect to specific asset classes, these inputs include, but are not limited to, market prices for recent trades and transactions in comparable securities, benchmark yields, interest rate yield curves, credit spreads, quoted prices for similar securities, and other market-observable information, as applicable. Specific attributes of the security being valued also are considered, including its term, interest rate, credit rating, industry sector, and when applicable, collateral quality and other security- or issuer-specific information. When insufficient market observable information is available upon which to measure fair value, the Company either will request brokers knowledgeable about these securities to provide a non-binding quote or will employ internal valuation models. Fair values received from independent valuation service providers and brokers and those internally modeled or otherwise estimated are assessed for reasonableness.

Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis

Fair value measurements are required on a non-recurring basis for certain assets only when an impairment or other events occur. As of March 31, 2022 and December 31, 2021, no assets or liabilities were required to be measured at fair value on a non-recurring basis.

Assets and Liabilities Measured at Fair Value on a Recurring Basis

Assets and liabilities measured at fair value on a recurring basis are summarized below.

35

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements (Unaudited), Continued

Fair Value Measurements as of March 31, 2022

	Level 1		Level 2		Level 3		Total
	(in millions)
Assets
Investments
Fixed maturities, AFS:
Corporate (1)	$	—	$	48,512	$	1,683	$	50,195
U.S. Treasury, government and agency	—		9,348		—		9,348
States and political subdivisions	—		650		32		682
Foreign governments	—		1,084		—		1,084
Residential mortgage-backed (2)	—		88		—		88
Asset-backed (3)	—		7,092		332		7,424
Commercial mortgage-backed	—		3,279		238		3,517
Redeemable preferred stock	—		48		—		48
Total fixed maturities, AFS	—		70,101		2,285		72,386
Fixed maturities, at fair value using the fair value option	—		1,285		342		1,627
Other equity investments (7)	315		461		7		783
Trading securities	330		207		52		589
Other invested assets:
Short-term investments	—		306		—		306
Assets of consolidated VIEs/VOEs	87		405		5		497
Swaps	—		(589)		—		(589)
Credit default swaps	—		3		—		3
Futures	—		—		—		—
Options	—		6,318		—		6,318
Total other invested assets	87		6,443		5		6,535
Cash equivalents	2,994		804		—		3,798
Segregated securities	—		1,693		—		1,693
Amounts due from reinsurer (6)	—		—		5,056		5,056
GMIB reinsurance contracts asset	—		—		1,582		1,582
Separate Accounts assets (4)	133,207		2,887		—		136,094
Total Assets	$	136,933	$	83,881	$	9,329	$	230,143
Liabilities
Notes issued by consolidated VIE’s, at fair value using the fair value option (5)	$	—	$	1,378	$	—	$	1,378
GMxB derivative features’ liability	—		—		6,924		6,924
SCS, SIO, MSO and IUL indexed features’ liability	—		6,126		—		6,126
Liabilities of consolidated VIEs and VOEs	16		3		—		19
Contingent payment arrangements	—		—		39		39
Total Liabilities	$	16	$	7,507	$	6,963	$	14,486

______________

(1)Corporate fixed maturities includes both public and private issues.

(2)Includes publicly traded agency pass-through securities and collateralized obligations.

(3)Includes credit-tranched securities collateralized by sub-prime mortgages, credit risk transfer securities and other asset types.

(4)Separate Accounts assets included in the fair value hierarchy exclude investments in entities that calculate NAV per share (or its equivalent) as a practical expedient. Such investments excluded from the fair value hierarchy include investments in real estate. As of March 31, 2022, the fair value of such investments was $414 million.

(5)Includes CLO short-term debt of $204 million, which is inclusive as fair valued within Notes issued by consolidated VIE’s, at fair value using the fair value option. Accrued interest payable of $8 million is reported in Notes issued by consolidated VIE’s, at fair value using the fair value option in the consolidated balance sheets, which is not required to be measured at fair value on a recurring basis.

36

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements (Unaudited), Continued

(6)This represents GMIB NLG ceded reserves related to the Venerable Transaction. See Note 1 of the Notes to these Consolidated Financial Statements for details of the Venerable Transaction.

(7)Includes short position equity securities of $31 million that are reported in other liabilities.

Fair Value Measurements as of December 31, 2021

	Level 1		Level 2		Level 3		Total
	(in millions)
Assets
Investments
Fixed maturities, AFS:
Corporate (1)	$	—	$	51,007	$	1,504	$	52,511
U.S. Treasury, government and agency	—		15,385		—		15,385
States and political subdivisions	—		627		35		662
Foreign governments	—		1,152		—		1,152
Residential mortgage-backed (2)	—		98		—		98
Asset-backed (3)	—		5,926		8		5,934
Commercial mortgage-backed (2)	—		2,401		20		2,421
Redeemable preferred stock	—		53		—		53
Total fixed maturities, AFS	—		76,649		1,567		78,216
Fixed maturities, at fair value using the fair value option			1,440		201		1,641
Other equity investments	322		457		5		784
Trading securities	340		226		65		631
Other invested assets:
Short-term investments	—		30		—		30
Assets of consolidated VIEs/VOEs	166		450		11		627
Swaps	—		(473)		—		(473)
Credit default swaps	—		(1)		—		(1)
Futures	(1)		—		—		(1)
Options	—		6,959		—		6,959
Swaptions	—		—		—		—
Total other invested assets	165		6,965		11		7,141
Cash equivalents	3,275		293		—		3,568
Segregated securities	—		1,504		—		1,504
Amounts due from reinsurer	—		—		5,813		5,813
GMIB reinsurance contracts asset	—		—		1,848		1,848
Separate Accounts assets (4)	144,124		2,572		1		146,697
Total Assets	$	148,226	$	90,106	$	9,511	$	247,843
Liabilities
Notes issued by consolidated VIE’s, at fair value using the fair value option (5)	$	—	$	1,277	$	—	$	1,277
GMxB derivative features’ liability	—		—		8,525		8,525
SCS, SIO, MSO and IUL indexed features’ liability	—		6,773		—		6,773
Liabilities of consolidated VIEs and VOEs	16		2		—		18
Contingent payment arrangements	—		—		38		38
Total Liabilities	$	16	$	8,052	$	8,563	$	16,631

______________

(1)Corporate fixed maturities includes both public and private issues.

(2)Includes publicly traded agency pass-through securities and collateralized obligations.

(3)Includes credit-tranched securities collateralized by sub-prime mortgages and other asset types and credit tenant loans.

37

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements (Unaudited), Continued

(4)Separate Accounts assets included in the fair value hierarchy exclude investments in entities that calculate NAV per share (or its equivalent) as a practical expedient. Such investments excluded from the fair value hierarchy include investments in real estate and commercial mortgages. As of December 31, 2021, the fair value of such investments was $404 million.

(5)Includes CLO short-term debt of $92 million, which is inclusive as fair valued within Notes issued by consolidated VIE’s, at fair value using the fair value option Accrued interest payable of $6 million is reported in Notes issued by consolidated VIE’s, at fair value using the fair value option in the consolidated balance sheets, which is not required to be measured at fair value on a recurring basis.

Public Fixed Maturities

The fair values of the Company’s public fixed maturities, including those accounted for using the fair value option are generally based on prices obtained from independent valuation service providers and for which the Company maintains a vendor hierarchy by asset type based on historical pricing experience and vendor expertise. Although each security generally is priced by multiple independent valuation service providers, the Company ultimately uses the price received from the independent valuation service provider highest in the vendor hierarchy based on the respective asset type, with limited exception. To validate reasonableness, prices also are internally reviewed by those with relevant expertise through comparison with directly observed recent market trades. Consistent with the fair value hierarchy, public fixed maturities validated in this manner generally are reflected within Level 2, as they are primarily based on observable pricing for similar assets and/or other market observable inputs.

Private Fixed Maturities

The fair values of the Company’s private fixed maturities, including those accounted for using the fair value option are determined from prices obtained from independent valuation service providers. Prices not obtained from an independent valuation service provider are determined by using a discounted cash flow model or a market comparable company valuation technique. In certain cases, these models use observable inputs with a discount rate based upon the average of spread surveys collected from private market intermediaries who are active in both primary and secondary transactions, taking into account, among other factors, the credit quality and industry sector of the issuer and the reduced liquidity associated with private placements. Generally, these securities have been reflected within Level 2. For certain private fixed maturities, the discounted cash flow model or a market comparable company valuation technique may also incorporate unobservable inputs, which reflect the Company’s own assumptions about the inputs market participants would use in pricing the asset. To the extent management determines that such unobservable inputs are significant to the fair value measurement of a security, a Level 3 classification generally is made.

Notes issued by consolidated VIE’s, at fair value using the fair value option

These notes are based on the fair values of corresponding fixed maturity collateral. The CLO liabilities are also reduced by the fair value of the beneficial interests the Company retains in the CLO and the carrying value of any beneficial interests that represent compensation for services. As the notes are valued based on the reference collateral, they are classified as Level 2 or 3. See “Fair Value Option” below for additional information.

Freestanding Derivative Positions

The net fair value of the Company’s freestanding derivative positions as disclosed in Note 4 of the Notes to these Consolidated Financial Statements are generally based on prices obtained either from independent valuation service providers or derived by applying market inputs from recognized vendors into industry standard pricing models. The majority of these derivative contracts are traded in the OTC derivative market and are classified in Level 2. The fair values of derivative assets and liabilities traded in the OTC market are determined using quantitative models that require use of the contractual terms of the derivative instruments and multiple market inputs, including interest rates, prices, and indices to generate continuous yield or pricing curves, including overnight index swap curves, and volatility factors, which then are applied to value the positions. The predominance of market inputs is actively quoted and can be validated through external sources or reliably interpolated if less observable.

Level Classifications of the Company’s Financial Instruments

Financial Instruments Classified as Level 1

Investments classified as Level 1 primarily include redeemable preferred stock, trading securities, cash equivalents and Separate Accounts assets. Fair value measurements classified as Level 1 include exchange-traded prices of fixed maturities, equity securities and derivative contracts, and net asset values for transacting subscriptions and redemptions of mutual fund shares held by Separate Accounts. Cash equivalents classified as Level 1 include money market

38

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements (Unaudited), Continued

accounts, overnight commercial paper and highly liquid debt instruments purchased with an original maturity of three months or less and are carried at cost as a proxy for fair value measurement due to their short-term nature.

Financial Instruments Classified as Level 2

Investments classified as Level 2 are measured at fair value on a recurring basis and primarily include U.S. government and agency securities, certain corporate debt securities and financial assets and liabilities accounted for using the fair value option, such as public and private fixed maturities. As market quotes generally are not readily available or accessible for these securities, their fair value measures are determined utilizing relevant information generated by market transactions involving comparable securities and often are based on model pricing techniques that effectively discount prospective cash flows to present value using appropriate sector-adjusted credit spreads commensurate with the security’s duration, also taking into consideration issuer-specific credit quality and liquidity. Segregated securities classified as Level 2 are U.S. Treasury bills segregated by AB in a special reserve bank custody account for the exclusive benefit of brokerage customers, as required by Rule 15c3-3 of the Exchange Act and for which fair values are based on quoted yields in secondary markets.

Observable inputs generally used to measure the fair value of securities classified as Level 2 include benchmark yields, reported secondary trades, issuer spreads, benchmark securities and other reference data. Additional observable inputs are used when available, and as may be appropriate, for certain security types, such as prepayment, default, and collateral information for the purpose of measuring the fair value of mortgage- and asset-backed securities. The Company’s AAA-rated mortgage- and asset-backed securities are classified as Level 2 for which the observability of market inputs to their pricing models is supported by sufficient, albeit more recently contracted, market activity in these sectors.

Certain Company products, such as the SCS, EQUI-VEST variable annuity products, IUL and the MSO fund available in some life contracts, offer investment options which permit the contract owner to participate in the performance of an index, ETF or commodity price. These investment options, which depending on the product and on the index selected, can currently have one, three, five or six year terms, provide for participation in the performance of specified indices, ETF or commodity price movement up to a segment-specific declared maximum rate. Under certain conditions that vary by product, e.g., holding these segments for the full term, these segments also shield policyholders from some or all negative investment performance associated with these indices, ETF or commodity prices. These investment options have defined formulaic liability amounts, and the current values of the option component of these segment reserves are classified as Level 2 embedded derivatives. The fair values of these embedded derivatives are based on data obtained from independent valuation service providers.

Financial Instruments Classified as Level 3

The Company’s investments classified as Level 3 primarily include corporate debt securities and financial assets and liabilities accounted for using the fair value option, such as private fixed maturities and asset-backed securities. Determinations to classify fair value measures within Level 3 of the valuation hierarchy generally are based upon the significance of the unobservable factors to the overall fair value measurement. Included in the Level 3 classification are fixed maturities with indicative pricing obtained from brokers that otherwise could not be corroborated to market observable data.

The Company also issues certain benefits on its variable annuity products that are accounted for as derivatives and are also considered Level 3. The GMIB NLG feature allows the policyholder to receive guaranteed minimum lifetime annuity payments based on predetermined annuity purchase rates applied to the contract’s benefit base if and when the contract account value is depleted and the NLG feature is activated. The GMWB feature allows the policyholder to withdraw at minimum, over the life of the contract, an amount based on the contract’s benefit base. The GWBL feature allows the policyholder to withdraw, each year for the life of the contract, a specified annual percentage of an amount based on the contract’s benefit base. The GMAB feature increases the contract account value at the end of a specified period to a GMAB base. The GIB feature provides a lifetime annuity based on predetermined annuity purchase rates if and when the contract account value is depleted. This lifetime annuity is based on predetermined annuity purchase rates applied to a GIB base.

Level 3 also includes the GMIB reinsurance contract assets, which are accounted for as derivative contracts. The GMIB reinsurance contract asset and liabilities’ fair value reflects the present value of reinsurance premiums, net of recoveries, and risk margins over a range of market consistent economic scenarios while GMxB derivative features liability reflects the present value of expected future payments (benefits) less fees, adjusted for risk margins and

39

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements (Unaudited), Continued

nonperformance risk, attributable to GMxB derivative features’ liability over a range of market-consistent economic scenarios. 

Also included are the Amounts due from Reinsurers related to the GMIB NLG product features (GMIB NLG Reinsurance). The fair value reflects the present value of reinsurance premiums, net of recoveries, adjusted for risk margins and nonperformance risk over a range of market consistent economic scenarios.

The valuations of the GMIB reinsurance contract asset, GMIB NLG Reinsurance and GMxB derivative features liability incorporate significant non-observable assumptions related to policyholder behavior, risk margins and equity projections of Separate Account funds. The credit risks of the counterparty and of the Company are considered in determining the fair values of its GMIB reinsurance contract asset, GMIB NLG Reinsurance and GMxB derivative features liability positions, respectively, after taking into account the effects of collateral arrangements. Incremental adjustment to the U.S. Treasury curve for non-performance risk is made to the fair values of the GMIB reinsurance contract asset, GMIB NLG Reinsurance and GMIB NLG feature to reflect the claims-paying ratings of counterparties and the Company. Equity and fixed income volatilities were modeled to reflect current market volatilities. Due to the unique, long duration of the GMIB NLG feature and GMIB NLG Reinsurance , adjustments were made to the equity volatilities to remove the illiquidity bias associated with the longer tenors and risk margins were applied to the non-capital markets inputs to the GMIB NLG valuations.

After giving consideration to collateral arrangements, the impact to the fair value of its GMIB reinsurance contract asset was a decrease of $126 million and $107 million as of March 31, 2022 and December 31, 2021, respectively, to recognize incremental counterparty non-performance risk.

After giving consideration to collateral arrangements, the impact to the fair value of its Amounts due from Reinsurers was a decrease of $215 million and $210 million at March 31, 2022 and December 31, 2021 to recognize incremental counterparty non-performance risk.

Lapse rates are adjusted at the contract level based on a comparison of the actuarial calculated guaranteed values and the current policyholder account value, which include other factors such as considering surrender charges. Generally, lapse rates are assumed to be lower in periods when a surrender charge applies. A dynamic lapse function reduces the base lapse rate when the guaranteed amount is greater than the account value as in-the-money contracts are less likely to lapse. For valuing the embedded derivative, lapse rates vary throughout the period over which cash flows are projected.

The Company’s Level 3 liabilities include contingent payment arrangements associated with acquisitions in 2016 and 2019 by AB. At each reporting date, AB estimates the fair values of the contingent consideration expected to be paid based upon revenue and discount rate projections, using unobservable market data inputs, which are included in Level 3 of the valuation hierarchy. The Company’s consolidated VIEs/VOEs hold investments that are classified as Level 3, primarily corporate bonds that are vendor priced with no ratings available, bank loans, non-agency collateralized mortgage obligations and asset-backed securities.

Transfers of Financial Instruments Between Levels 2 and 3

During the three months ended March 31, 2022, fixed maturities with fair values of $110 million were transferred out of Level 3 and into Level 2 principally due to the availability of trading activity and/or market observable inputs to measure and validate their fair values. In addition, fixed maturities with fair value of $258 million were transferred from Level 2 into the Level 3 classification. These transfers in the aggregate represent approximately 3.9% of total equity as of March 31, 2022.

During the three months ended March 31, 2021, fixed maturities with fair values of $549 million were transferred out of Level 3 and into Level 2 principally due to the availability of trading activity and/or market observable inputs to measure and validate their fair values. In addition, fixed maturities with fair value of $2 million were transferred from Level 2 into the Level 3 classification. These transfers in the aggregate represent approximately 4.5% of total equity as of March 31, 2021.

40

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements (Unaudited), Continued

The tables below present reconciliations for all Level 3 assets and liabilities and changes in unrealized gains (losses) for the three months ended March 31, 2022 and 2021, respectively.

	Corporate		State and Political Subdivisions		Asset-backed		CMBS		Trading Securities, at Fair Value		Fixed maturities, at FVO
Balance, January 1, 2022	$	1,504	$	35	$	8	$	20	$	65	$	201
Total gains and (losses), realized and unrealized, included in:
Net income (loss) as:
Net investment income (loss)	1		—		—		—		—		(4)
Investment gains (losses), net	1		—		—		—		(13)		—
Subtotal	2		—		—		—		(13)		(4)
Other comprehensive income (loss)	(31)		(2)		—		(1)		—		—
Purchases	232		—		325		219		—		89
Sales	(87)		(1)		(1)		—		—		(29)
Activity related to consolidated VIEs/VOEs	—		—		—		—		—		—
Transfers into Level 3 (1)	70		—		—		—		—		188
Transfers out of Level 3 (1)	(7)		—		—		—		—		(103)
Balance, March 31, 2022	$	1,683	$	32	$	332	$	238	$	52	$	342
Change in unrealized gains or losses for the period included in earnings for instruments held at the end of the reporting period (2)	$	—	$	—	$	—	$	—	$	(13)	$	(4)
Change in unrealized gains or losses for the period included in other comprehensive income for instruments held at the end of the reporting period (2)	$	(29)	$	(2)	$	—	$	(1)	$	—	$	—
Balance, January 1, 2021	$	1,702	$	39	$	20	$	—	$	39	$	80
Total gains and (losses), realized and unrealized, included in:
Net income (loss) as:
Net investment income (loss)	1		—		—		—		—		3
Investment gains (losses), net	(6)		—		—		—		—		—
Subtotal	(5)		—		—		—		—		3
Other comprehensive income (loss)	9		(1)		—		—		—		—
Purchases	165		—		50		4		—		88
Sales	(69)		—		(5)		—		—		(8)
Activity related to consolidated VIEs/VOEs	—		—		—		—		—
Transfers into Level 3 (1)	2		—		—		—		—		7
Transfers out of Level 3 (1)	(549)		—		—		—		—		(28)
Balance, March 31, 2021	$	1,255	$	38	$	65	$	4	$	39	$	142
Change in unrealized gains or losses for the period included in earnings for instruments held at the end of the reporting period (2)	$	—	$	—	$	—	$	—	$	—	$	—
Change in unrealized gains or losses for the period included in other comprehensive income for instruments held at the end of the reporting period (2)	$	9	$	(1)	$	—	$	—	$	—	$	—

_____________

(1)Transfers into/out of the Level 3 classification are reflected at beginning-of-period fair values.

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EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements (Unaudited), Continued

(2)For instruments held as of March 31, 2022 or March 31, 2021, amounts are included in net investment income or net derivative gains (losses) in the consolidated statements of income (loss) or unrealized gains (losses) on investments in the consolidated statements of comprehensive income.

	Other Equity Investments (7)		GMIB Reinsurance Contract Asset		Amounts Due from Reinsurers		Separate Accounts Assets		GMxB Derivative Features Liability		Contingent Payment Arrangement
Balance, January 1, 2022	$	16	$	1,848	$	5,815	$	1	$	(8,525)	$	(38)
Realized and unrealized gains (losses), included in Net income (loss) as:
Investment gains (losses), reported in net investment income	—		—		—		—		—		—
Net derivative gains (losses) (1)	—		(260)		(767)		—		1,688		—
Total realized and unrealized gains (losses)	—		(260)		(767)		—		1,688		—
Other comprehensive income (loss)	—		—		—		—		—		—
Purchases (2)	—		10		33		—		(120)		1
Sales (3)	—		(16)		(25)		(1)		32		—
Activity related to consolidated VIEs/VOEs	(2)		—		—		—		—		—
Transfers into Level 3 (4)	—		—				—		—		—
Transfers out of Level 3 (4)	(3)		—		—		—		—		—
Balance, March 31, 2022	$	11	$	1,582	$	5,056	$	—	$	(6,925)	$	(37)
Change in unrealized gains or losses for the period included in earnings for instruments held at the end of the reporting period (6)	$	—	$	(260)	$	(767)	$	—	$	1,688	$	—
Change in unrealized gains or losses for the period included in other comprehensive income for instruments held at the end of the reporting period (6)	$	—	$	—	$	—	$	—	$	—	$	—
Balance, January 1, 2021	$	84	$	2,488	$	—	$	1	$	(11,131)	$	(28)
Realized and unrealized gains (losses), included in Net income (loss) as:
Investment gains (losses), reported in net investment income	1		—		—		—		—		—
Net derivative gains (losses) (1) (5)	—		(578)		—		—		3,408		—
Total realized and unrealized gains (losses)	1		(578)		—		—		3,408		—
Other comprehensive income (loss)	—		—		—		—		—		—
Purchases (2)	2		11		—		—		(119)		(7)
Sales (3)	(2)		(14)		—		—		18		—
Activity related to consolidated VIEs/VOEs	(2)		—		—		—		—		(1)
Transfers into Level 3 (4)	—		—		—		—		—		—
Transfers out of Level 3 (4)	—		—		—		(1)		—		—
Balance, March 31, 2021	$	83	$	1,907	$	—	$	—	$	(7,824)	$	(36)
Change in unrealized gains or losses for the period included in earnings for instruments held at the end of the reporting period (6)	$	1	$	(578)	$	—	$	—	$	3,408	$	—
Change in unrealized gains or losses for the period included in other comprehensive income for instruments held at the end of the reporting period (6)	$	—	$	—	$	—	$	—	$	—	$	—

42

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements (Unaudited), Continued

______________

(1)For the three months ended March 31, 2022 and 2021, the Company’s non-performance risk impact of $483 million and $79 million for the GMxB Derivative Features Liability, $(36) million and $(15) million for the GMIB Reinsurance Contract Asset, and $(42) million and $0 million for the Amounts Due from Reinsurers, respectively, is recorded through Net derivative gains (losses).

(2)For the GMIB reinsurance contract asset, Amounts Due from Reinsurers and GMxB derivative features liability, represents attributed fee.

(3)For the GMIB reinsurance contract asset and Amounts Due from Reinsurers, represents recoveries from reinsurers and for GMxB derivative features liability represents benefits paid.

(4) Transfers into/out of the Level 3 classification are reflected at beginning-of-period fair values.

(5) For the three months ended March 31, 2021, GMxB Derivative Features Liability excludes settlement fees on CS Life reinsurance

contract of $46 million.

(6) For instruments held as of March 31, 2022 or March 31, 2021, amounts are included in net investment income or net derivative gains

(losses) in the consolidated statements of income (loss) or unrealized gains (losses) on investments in the consolidated statements of comprehensive income.

(7) Other Equity Investments include other invested assets.

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EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements (Unaudited), Continued

Quantitative and Qualitative Information about Level 3 Fair Value Measurements

The following tables disclose quantitative information about Level 3 fair value measurements by category for assets and liabilities as of March 31, 2022 and December 31, 2021, respectively.

Quantitative Information about Level 3 Fair Value Measurements as of March 31, 2022

	Fair Value		Valuation Technique	Significant Unobservable Input	Range	Weighted Average (2)
	(in millions)
Assets:
Investments:
Fixed maturities, AFS:
Corporate	$	334	Matrix pricing model	Spread over Benchmark	20 bps - 299 bps	106 bps
	891		Market comparable  companies	EBITDA multiples Discount rate Cash flow multiples Loan to value	5.0x - 77.6x 7.2% - 33.6% 0.5x - 11.6x 0.0% - 62.1%	13.9x 9.8% 6.4x 30.0%
Trading Securities, at Fair Value	52		Discounted Cash Flow	Earnings multiple Discount factor Discount years	7.3x 10.0% 11
Other equity investments	4		Market comparable companies	Revenue multiple	7.7x - 9.5x	9.2x
GMIB reinsurance contract asset	1,582		Discounted cash flow	Lapse rates Withdrawal Rates GMIB Utilization Rates Non-performance risk Volatility rates - Equity Mortality: Ages 0-40 Ages 41-60 Ages 61-115	0.45%-20.86% 0.27%-8.66% 0.04%-60.44% 82 bps - 130 bps 9%-32% 0.01%-0.17% 0.06%-0.53% 0.31%-40.00%	2.78% 0.91% 5.28% 84 bps 24% 2.85% (same for all ages) (same for all ages)
Amount Due from Reinsurers	5,056		Discounted Cash Flow	Lapse rates Withdrawal Rates GMIB Utilization Rates Non-performance risk (bps) Volatility rates - Equity Mortality: Ages 0-40 Ages 41-60 Ages 61-115	0.45%-20.86% 0.27%-8.66% 0.04%-60.44% 48 bps 9%-32% 0.01%-0.17% 0.06%-0.53% 0.31%-40.00%	1.79% 1.15% 7.40% 48 bps 24% 2.17% (same for all ages) (same for all ages)
Liabilities:

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EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements (Unaudited), Continued

	Fair Value	Valuation Technique	Significant Unobservable Input	Range	Weighted Average (2)
AB Contingent Consideration Payable	39	Discounted cash flow	Expected revenue growth rates Discount rate	2.0% - 83.9% 1.9% - 10.4%	7.9% 7.0%
GMIB NLG	6,936	Discounted cash flow	Non-performance risk Lapse rates Withdrawal rates Annuitization rates Mortality rates (1): Ages 0 - 40 Ages 41-60 Ages 61-115	151 bps 1.04%-23.57% 0.27%-8.66% 0.03%-100.00% 0.01%-0.19% 0.07%-0.57% 0.44%-43.60%	151 bps 3.69% 1.03% 5.37% 1.62% (same for all ages) (same for all ages)
GWBL/GMWB	83	Discounted cash flow	Lapse rates Withdrawal Rates Utilization Rates Volatility rates - Equity Non-performance risk(bps)	0.60%-20.86% 0.00%-8.00% 100% once starting 9%-32% 151 bps	2.78% 0.91% 24%
GIB	(93)	Discounted cash flow	Lapse rates Withdrawal Rates Utilization Rates Volatility rates - Equity Non-performance risk(bps)	0.60%-20.86% 0.13%-8.66% 0.04%-100.00% 9% - 32% 151 bps	2.78% 0.91% 5.28% 24%
GMAB	(3)	Discounted cash flow	Lapse rates Volatility rates - Equity Non-performance risk(bps)	0.60%-20.86% 9%-32% 151 bps	2.78% 24%

______________

(1)Mortality rates vary by age and demographic characteristic such as gender. Mortality rate assumptions are based on a combination of company and industry experience. A mortality improvement assumption is also applied. For any given contract, mortality rates vary throughout the period over which cash flows are projected for purposes of valuating the embedded derivatives.

(2)For lapses, withdrawals, and utilizations the rates were weighted by counts; for mortality weighted average rates are shown for all ages combined; and for withdrawals the weighted averages were based on an estimated split of partial withdrawal and dollar-for-dollar withdrawals.

Quantitative Information about Level 3 Fair Value Measurements as of December 31, 2021

	Fair Value		Valuation Technique	Significant Unobservable Input	Range	Weighted Average (2)
	(in millions)
Assets:
Investments:
Fixed maturities, AFS:
Corporate	$	258	Matrix pricing model	Spread over benchmark	20 bps - 270 bps	144 bps
	888		Market comparable companies	EBITDA multiples  Discount rate  Cash flow multiples Loan to value	4.9x - 62.3x 6.2% - 21.5% 0.5x-10.0x 3.1%-63.4%	13.0x 9.1% 5.5x 30.8%
Trading Securities, at Fair Value	65		Discounted cash flow	Earnings multiple Discounts factor Discount years	7.3x 10.00% 11
Other equity investments	4		Market comparable companies	Revenue multiple	7.8x - 10.3x	9.5x

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EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements (Unaudited), Continued

	Fair Value	Valuation Technique	Significant Unobservable Input	Range	Weighted Average (2)
	(in millions)
GMIB reinsurance contract asset	1,848	Discounted cash flow	Non-performance risk Lapse rates Withdrawal rates Utilization rates Volatility rates - Equity Mortality rates (1): Ages 0 - 40 Ages 41 - 60 Ages 60 - 115	57 bps - 93 bps 0.45% - 20.86% 0.27% - 8.66% 0.04% - 60.44% 11% - 31% 0.01% - 0.17% 0.06% - 0.53% 0.31% - 40.00%	60 bps 2.65% 0.93% 5.27% 24% 2.79% (same for all ages) (same for all ages)
Amount Due from Reinsurers	5,813	Discounted Cash Flow	Lapse rates Withdrawal Rates GMIB Utilization Rates Non-performance risk (bps) Volatility rates - Equity Mortality: Ages 0-40 Ages 41-60 Ages 61-115	0.45%-20.86% 0.27%-8.66% 0.04%-60.44% 37 bps 11%-31% 0.01%-0.17% 0.06%-0.53% 0.31%-40.00%	1.70% 1.18% 7.20% 37 bps 24% 2.17% (same for all ages) (same for all ages)
Liabilities:
AB Contingent Consideration Payable	38	Discounted cash flow	Expected revenue growth rates Discount rate	2.0% - 83.9% 1.9% - 10.4%	11.9% 7.0%
GMIB NLG	8,503	Discounted cash flow	Non-performance risk Lapse rates Withdrawal rates Annuitization rates Mortality rates (1): Ages 0 - 40 Ages 41 - 60 Ages 60 - 115	111 bps 1.04% - 23.57% 0.27% - 8.66% 0.03% -100.00% 0.01% - 0.19% 0.07% - 0.57% 0.44% - 43.60%	111 bps 3.55% 1.04% 5.24% 1.62% (same for all ages) (same for all ages)
GWBL/GMWB	99	Discounted cash flow	Non-performance risk Lapse rates Withdrawal rates Utilization rates Volatility rates - Equity	111 bps 0.60%-20.86% 0.00%-8.00% 100% once starting 11%-31%	2.65% 0.93% 24%
GIB	(75)	Discounted cash flow	Non-performance risk Lapse rates Withdrawal rates Utilization rates Volatility rates - Equity	111 bps 0.60%-20.86% 0.13%-8.66% 0.04%-100.00% 11%-31%	2.65% 0.93% 5.27% 24%
GMAB	(3)	Discounted cash flow	Non-performance risk Lapse rates Volatility rates - Equity	111 bps 0.60%-20.86% 11%-31%	2.65% 24%

______________

(1)Mortality rates vary by age and demographic characteristic such as gender. Mortality rate assumptions are based on a combination of company and industry experience. A mortality improvement assumption is also applied. For any given contract, mortality rates vary throughout the period over which cash flows are projected for purposes of valuating the embedded derivatives.

(2)For lapses, withdrawals, and utilizations the rates were weighted by counts; for mortality weighted average rates are shown for all ages combined; and for withdrawals the weighted averages were based on an estimated split of partial withdrawal and dollar-for-dollar withdrawals.

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EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements (Unaudited), Continued

Level 3 Financial Instruments for which Quantitative Inputs are Not Available

Certain Privately Placed Debt Securities with Limited Trading Activity

Excluded from the tables above as of March 31, 2022 and December 31, 2021, respectively, are approximately $1.4 billion and $635 million of Level 3 fair value measurements of investments for which the underlying quantitative inputs are not developed by the Company and are not readily available. These investments primarily consist of certain privately placed debt securities with limited trading activity, including residential mortgage- and asset-backed instruments, and their fair values generally reflect unadjusted prices obtained from independent valuation service providers and indicative, non-binding quotes obtained from third-party broker-dealers recognized as market participants. Significant increases or decreases in the fair value amounts received from these pricing sources may result in the Company’s reporting significantly higher or lower fair value measurements for these Level 3 investments.

•The fair value of private placement securities is determined by application of a matrix pricing model or a market comparable company value technique. The significant unobservable input to the matrix pricing model valuation technique is the spread over the industry-specific benchmark yield curve. Generally, an increase or decrease in spreads would lead to directionally inverse movement in the fair value measurements of these securities. The significant unobservable input to the market comparable company valuation technique is the discount rate. Generally, a significant increase (decrease) in the discount rate would result in significantly lower (higher) fair value measurements of these securities.

•Residential mortgage-backed securities classified as Level 3 primarily consist of non-agency paper with low trading activity. Included in the tables above as of March 31, 2022 and December 31, 2021, there were no Level 3 securities that were determined by application of a matrix pricing model and for which the spread over the U.S. Treasury curve is the most significant unobservable input to the pricing result. Generally, a change in spreads would lead to directionally inverse movement in the fair value measurements of these securities.

•Asset-backed securities classified as Level 3 primarily consist of non-agency mortgage loan trust certificates, including subprime and Alt-A paper, credit risk transfer securities, and equipment financings. Included in the tables above as of March 31, 2022 and December 31, 2021, there were no securities that were determined by the application of matrix-pricing for which the spread over the U.S. Treasury curve is the most significant unobservable input to the pricing result. Significant increases (decreases) in spreads would have resulted in significantly lower (higher) fair value measurements.

Other Equity Investments

Included in other equity investments classified as Level 3 are venture capital securities in the Technology, Media and Telecommunications industries. The fair value measurements of these securities include significant unobservable inputs including an enterprise value to revenue multiples and a discount rate to account for liquidity and various risk factors. Significant increases (decreases) in the enterprise value to revenue multiple inputs in isolation would have resulted in a significantly higher (lower) fair value measurement. Significant increases (decreases) in the discount rate would have resulted in a significantly lower (higher) fair value measurement.

GMIB Reinsurance Contract Asset, Amounts Due from Reinsurers and GMxB Derivative Features

Significant unobservable inputs with respect to the fair value measurement of the Level 3 GMIB reinsurance contract asset and the Level 3 liabilities identified in the table above are developed using Company data.

The significant unobservable inputs used in the fair value measurement of the Company’s GMIB reinsurance contract asset are lapse rates, withdrawal rates, and GMIB utilization rates. Significant increases in GMIB utilization rates or decreases in lapse or withdrawal rates in isolation would tend to increase the GMIB reinsurance contract asset.

Fair value measurement of the GMIB reinsurance contract asset, GMIB NLG Reinsurance and liabilities includes dynamic lapse and GMIB utilization assumptions whereby projected contractual lapses and GMIB utilization reflect the projected net amount of risks of the contract. As the net amount of risk of a contract increases, the assumed lapse rate decreases and the GMIB utilization increases. Increases in volatility would increase the asset and liabilities.

The significant unobservable inputs used in the fair value measurement of the Company’s GMIB NLG liability and GMIB NLG Reinsurance are lapse rates, withdrawal rates, GMIB utilization rates, adjustment for non-performance risk and NLG forfeiture rates. NLG forfeiture rates are caused by excess withdrawals above the annual GMIB accrual rate that cause the NLG to expire. Significant decreases in lapse rates, NLG forfeiture rates, adjustment for non-

47

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements (Unaudited), Continued

performance risk and GMIB utilization rates would tend to increase the GMIB NLG liability and GMIB NLG Reinsurance, while decreases in withdrawal rates and volatility rates would tend to decrease the GMIB NLG liability and GMIB NLG Reinsurance.

The significant unobservable inputs used in the fair value measurement of the Company’s GMWB and GWBL liability are lapse rates and withdrawal rates. Significant increases in withdrawal rates or decreases in lapse rates in isolation would tend to increase these liabilities. Increases in volatility would increase these liabilities.

Carrying Value of Financial Instruments Not Otherwise Disclosed in Note 3 and Note 4 of the Notes to these Consolidated Financial Statements

The carrying values and fair values as of March 31, 2022 and December 31, 2021 for financial instruments not otherwise disclosed in Note 3 and Note 4 of the Notes to these Consolidated Financial Statements are presented in the table below.

Carrying Values and Fair Values for Financial Instruments Not Otherwise Disclosed

	Carrying Value		Fair Value
			Level 1		Level 2		Level 3		Total
	(in millions)
March 31, 2022:
Mortgage loans on real estate	$	14,452	$	—	$	—	$	13,911	$	13,911
Policy loans	$	4,010	$	—	$	—	$	4,956	$	4,956
Policyholders’ liabilities: Investment contracts	$	2,014	$	—	$	—	$	1,982	$	1,982
FHLB funding agreements	$	6,088	$	—	$	6,047	$	—	$	6,047
FABN funding agreements	$	6,673	$	—	$	6,271	$	—	$	6,271
Short-term and long-term debt (1)	$	3,840	$	—	$	4,111	$	—	$	4,111
Separate Accounts liabilities	$	11,785	$	—	$	—	$	11,785	$	11,785
December 31, 2021:
Mortgage loans on real estate	$	14,033	$	—	$	—	$	14,308	$	14,308
Policy loans	$	4,024	$	—	$	—	$	5,050	$	5,050
Policyholders’ liabilities: Investment contracts (2)	$	2,035	$	—	$	—	$	2,103	$	2,103
FHLB funding agreements	$	6,647	$	—	$	6,679	$	—	$	6,679
FABN funding agreements	$	6,689	$	—	$	6,626	$	—	$	6,626
Short-term and long-term debt (1)	$	3,839	$	—	$	4,544	$	—	$	4,544
Separate Accounts liabilities	$	11,620	$	—	$	—	$	11,620	$	11,620

_____________

(1)Excludes CLO short-term debt of $204 million which is inclusive as fair valued within Notes issued by consolidated VIE’s, at fair value using the fair value option.

(2) Reflects transfer of certain policyholders account balances to future policyholder benefits and other policyholders liabilities related to structured settlement which occurred during July 2021.

Mortgage Loans on Real Estate

Fair values for commercial and agricultural mortgage loans on real estate are measured by discounting future contractual cash flows to be received on the mortgage loan using interest rates at which loans with similar characteristics and credit quality would be made. The discount rate is derived based on the appropriate U.S. Treasury rate with a like term to the remaining term of the loan to which a spread reflective of the risk premium associated with the specific loan is added. Fair values for mortgage loans anticipated to be foreclosed and problem mortgage loans are limited to the fair value of the underlying collateral, if lower.

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EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements (Unaudited), Continued

Policy Loans

The fair value of policy loans is calculated by discounting expected cash flows based upon the U.S. Treasury yield curve and historical loan repayment patterns.

Short-term and Long-term Debt

The Company’s short-term debt primarily includes commercial paper with short-term maturities and carrying value approximates fair value. The fair values for the Company’s long-term debt are determined by Bloomberg’s evaluated pricing service, which uses direct observations or observed comparables.

FHLB Funding Agreements

The fair values of the Company’s FHLB funding agreements are determined by discounted cash flow analysis based on the indicative funding agreement rates published by the FHLB.

FABN Funding Agreements

The fair values of Equitable Financial’s FABN funding agreements are determined by Bloomberg’s evaluated pricing service, which uses direct observations or observed comparables.

Policyholder Liabilities - Investment Contracts and Separate Accounts Liabilities

The fair values for deferred annuities and certain annuities, which are included in Policyholders’ account balances, and liabilities for investment contracts with fund investments in Separate Accounts, are estimated using projected cash flows discounted at rates reflecting current market rates. Significant unobservable inputs reflected in the cash flows include lapse rates and withdrawal rates. Incremental adjustments may be made to the fair value to reflect non-performance risk. Certain other products such as the Company’s association plans contracts, supplementary contracts not involving life contingencies, Access Accounts and Escrow Shield Plus product reserves are held at book value.

Financial Instruments Exempt from Fair Value Disclosure or Otherwise Not Required to be Disclosed

Exempt from Fair Value Disclosure Requirements

Certain financial instruments are exempt from the requirements for fair value disclosure, such as insurance liabilities other than financial guarantees and investment contracts, limited partnerships accounted for under the equity method and pension and other postretirement obligations.

Otherwise Not Required to be Included in the Table Above

The Company’s investment in COLI policies are recorded at their cash surrender value and are therefore not required to be included in the table above. See Note 2 of the Notes to these Consolidated Financial Statements for further description of the Company’s accounting policy related to its investment in COLI policies.

8)    EMPLOYEE BENEFIT PLANS

Pension Plans

Holdings and Equitable Financial Retirement Plans

Holdings sponsors the MONY Life Retirement Income Security Plan for Employees and Equitable Financial sponsors the Equitable Retirement Plan (the “Equitable Financial QP”), both of which are frozen qualified defined benefit plans covering eligible employees and financial professionals. These pension plans are non-contributory, and their benefits are generally based on a cash balance formula and/or, for certain participants, years of service and average earnings over a specified period. Holdings and Equitable Financial also sponsor certain nonqualified defined benefit plans, including the Equitable Excess Retirement Plan, that provide retirement benefits in excess of the amount permitted under the tax law for the qualified plans. Holdings has assumed primary liability for both plans. Equitable Financial remains secondarily liable for its obligations under the Equitable Financial QP and would recognize such liability in the event Holdings does not perform.

AB Retirement Plans

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EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements (Unaudited), Continued

AB maintains a qualified, non-contributory, defined benefit retirement plan covering current and former employees who were employed by AB in the United States prior to October 2, 2000 (the “AB Plan”). Benefits under the AB Plan are based on years of credited service, average final base salary, and primary Social Security benefits.

Net Periodic Pension Expense

Components of net periodic pension expense for the Company’s plans were as follows:

	Three Months Ended March 31,
	2022		2021
	(in millions)
Service cost	$	2	$	2
Interest cost	14		14
Expected return on assets	(39)		(38)
Prior Period Svc Cost Amortization	(1)		(1)
Actuarial (gain) loss	—		1
Net amortization	20		29
Net Periodic Pension Expense	$	(4)	$	7

9)    INCOME TAXES

Income tax expense for the three months ended March 31, 2022 and 2021 was computed using an estimated annual effective tax rate (“ETR”), with discrete items recognized in the period in which they occur. The estimated ETR is revised, as necessary, at the end of successive interim reporting periods.

10)    EQUITY

Preferred Stock

Preferred stock authorized, issued and outstanding was as follows:

	March 31, 2022			December 31, 2021
Series	Shares Authorized	Shares  Issued	Shares Outstanding	Shares Authorized	Shares  Issued	Shares Outstanding
Series A	32,000	32,000	32,000	32,000	32,000	32,000
Series B	20,000	20,000	20,000	20,000	20,000	20,000
Series C	12,000	12,000	12,000	12,000	12,000	12,000
Total	64,000	64,000	64,000	64,000	64,000	64,000

Dividends declared per share were as follows for the periods indicated:

	Three Months Ended March 31,
	2022		2021
Series A dividends declared	$	328	$	328
Series B dividends declared	$	—	$	—
Series C dividends declared	$	269	$	200

Common Stock

Dividends declared per share of common stock were as follows for the periods indicated:

	Three Months Ended March 31,
	2022		2021
Dividends declared	$	0.18	$	0.17

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EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements (Unaudited), Continued

Share Repurchase

On February 9, 2022, the Company’s Board of Directors authorized a new $1.2 billion share repurchase program. Under this program, the Company may, from time to time purchase shares of its common stock through various means. The Company may choose to suspend or discontinue the repurchase program at any time. The repurchase program does not obligate the Company to purchase any particular number of shares. As of March 31, 2022, Holdings had authorized capacity of approximately $955 million remaining in its share repurchase program.

Holdings repurchased a total of 8.6 million and 14.5 million shares of its common stock at an average price of $31.96 and $29.71 per share, respectively through open market repurchases, ASRs and privately negotiated transactions during the three months ended March 31, 2022 and 2021.

During the three months ended March 31, 2022 and 2021, Holdings repurchased 7.9 million and 3.2 million shares of its common stock through open market repurchases.

Accumulated Other Comprehensive Income (Loss)

AOCI represents cumulative gains (losses) on items that are not reflected in net income (loss). The balances as of March 31, 2022 and December 31, 2021 follow:

	March 31,		December 31,
	2022		2021
	(in millions)
Unrealized gains (losses) on investments	$	(1,142)	$	2,684
Defined benefit pension plans	(626)		(669)
Foreign currency translation adjustments	(57)		(45)
Total accumulated other comprehensive income (loss)	(1,825)		1,970
Less: Accumulated other comprehensive income (loss) attributable to noncontrolling interest	(38)		(34)
Accumulated other comprehensive income (loss) attributable to Holdings	$	(1,787)	$	2,004

The components of OCI, net of taxes for the three months ended March 31, 2022 and 2021 follow:

	Three Months Ended March 31,
	2022		2021
	(in millions)
Change in net unrealized gains (losses) on investments:
Net unrealized gains (losses) arising during the period	$	(5,080)	$	(4,059)
(Gains) losses reclassified into net income (loss) during the period (1)	264		(164)
Net unrealized gains (losses) on investments	(4,816)		(4,223)
Adjustments for policyholders’ liabilities, DAC, insurance liability loss recognition and other	990		1,070
Change in unrealized gains (losses), net of adjustments (net of deferred income tax expense (benefit) of $(1,018) and $838)	(3,826)		(3,153)
Change in defined benefit plans:
Reclassification to Net income (loss) of amortization of net prior service credit included in net periodic cost	43		33
Change in defined benefit plans (net of deferred income tax expense (benefit) of $(9) and $9)	43		33
Foreign currency translation adjustments:
Foreign currency translation gains (losses) arising during the period	(12)		(6)
Foreign currency translation adjustment	(12)		(6)
Total other comprehensive income (loss), net of income taxes	(3,795)		(3,126)
Less: Other comprehensive income (loss) attributable to noncontrolling interest	(4)		(3)
Other comprehensive income (loss) attributable to Holdings	$	(3,791)	$	(3,123)

_______________

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EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements (Unaudited), Continued

(1)See “Reclassification adjustments” in Note 3 of the Notes to these Consolidated Financial Statements. Reclassification amounts presented net of income tax expense (benefit) of $(70) million and $44 million for the three months ended March 31, 2022 and 2021, respectively.

Investment gains and losses reclassified from AOCI to net income (loss) primarily consist of realized gains (losses) on sales and credit losses of AFS securities and are included in total investment gains (losses), net on the consolidated statements of income (loss). Amounts reclassified from AOCI to net income (loss) as related to defined benefit plans primarily consist of amortization of net (gains) losses and net prior service cost (credit) recognized as a component of net periodic cost and reported in compensation and benefits in the consolidated statements of income (loss). Amounts presented in the table above are net of tax.

11)    REDEEMABLE NONCONTROLLING INTEREST

The changes in the components of redeemable noncontrolling interests are presented in the table that follows:

	Three months Ended March 31,
	2022		2021
	(in millions)
Balance, beginning of period	$	468	$	143
Net earnings (loss) attributable to redeemable noncontrolling interests	(27)		—
Purchase/change of redeemable noncontrolling interests	(55)		(6)
Balance, end of period	$	386	$	137

12)    COMMITMENTS AND CONTINGENT LIABILITIES

Litigation and Regulatory Matters

Litigation, regulatory and other loss contingencies arise in the ordinary course of the Company’s activities as a diversified financial services firm. The Company is a defendant in a number of litigation matters arising from the conduct of its business. In some of these matters, claimants seek to recover very large or indeterminate amounts, including compensatory, punitive, treble and exemplary damages. Modern pleading practice permits considerable variation in the assertion of monetary damages and other relief. Claimants are not always required to specify the monetary damages they seek, or they may be required only to state an amount sufficient to meet a court’s jurisdictional requirements. Moreover, some jurisdictions allow claimants to allege monetary damages that far exceed any reasonably possible verdict. The variability in pleading requirements and past experience demonstrates that the monetary and other relief that may be requested in a lawsuit or claim often bears little relevance to the merits or potential value of a claim. Litigation against the Company includes a variety of claims including, among other things, insurers’ sales practices, alleged agent misconduct, alleged failure to properly supervise agents, contract administration, product design, features and accompanying disclosure, cost of insurance increases, payments of death benefits and the reporting and escheatment of unclaimed property, alleged breach of fiduciary duties, alleged mismanagement of client funds and other matters.

The outcome of a litigation or regulatory matter is difficult to predict, and the amount or range of potential losses associated with these or other loss contingencies requires significant management judgment. It is not possible to predict the ultimate outcome or to provide reasonably possible losses or ranges of losses for all pending regulatory matters, litigation and other loss contingencies. While it is possible that an adverse outcome in certain cases could have a material adverse effect upon the Company’s financial position, based on information currently known, management believes that neither the outcome of pending litigation and regulatory matters, nor potential liabilities associated with other loss contingencies, are likely to have such an effect. However, given the large and indeterminate amounts sought in certain litigation and the inherent unpredictability of all such matters, it is possible that an adverse outcome in certain of the Company’s litigation or regulatory matters, or liabilities arising from other loss contingencies, could, from time to time, have a material adverse effect upon the Company’s results of operations or cash flows in a particular quarterly or annual period.

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EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements (Unaudited), Continued

For some matters, the Company is able to estimate a range of loss. For such matters in which a loss is probable, an accrual has been made. For matters where the Company believes a loss is reasonably possible, but not probable, no accrual is required. For matters for which an accrual has been made, but there remains a reasonably possible range of loss in excess of the amounts accrued or for matters where no accrual is required, the Company develops an estimate of the unaccrued amounts of the reasonably possible range of losses. As of March 31, 2022, the Company estimates the aggregate range of reasonably possible losses, in excess of any amounts accrued for these matters as of such date, to be up to approximately $250 million.

For other matters, the Company is currently not able to estimate the reasonably possible loss or range of loss. The Company is often unable to estimate the possible loss or range of loss until developments in such matters have provided sufficient information to support an assessment of the range of possible loss, such as quantification of a damage demand from plaintiffs, discovery from plaintiffs and other parties, investigation of factual allegations, rulings by a court on motions or appeals, analysis by experts and the progress of settlement discussions. On a quarterly and annual basis, the Company reviews relevant information with respect to litigation and regulatory contingencies and updates the Company’s accruals, disclosures and reasonably possible losses or ranges of loss based on such reviews.

In August 2015, a lawsuit was filed in Connecticut Superior Court entitled Richard T. O’Donnell, on behalf of himself and all others similarly situated v. AXA Equitable Life Insurance Company. This lawsuit is a putative class action on behalf of all persons who purchased variable annuities from Equitable Financial, which were subsequently subjected to the volatility management strategy and who suffered injury as a result thereof. Plaintiff asserts a claim for breach of contract alleging that Equitable Financial implemented the volatility management strategy in violation of applicable law. Plaintiff seeks an award of damages individually and on a classwide basis, and costs and disbursements, including attorneys’ fees, expert witness fees and other costs. In 2015, the case was transferred to the Southern District of New York and, in 2018, transferred back to Connecticut Superior Court. In August 2019, the court granted Equitable Financial’s motion to strike, which sought dismissal of the complaint, and in September 2019, Plaintiff filed an Amended Class Action Complaint. Equitable Financial filed renewed motions to strike and to dismiss and for an entry of judgment in October 2019. In August 2020, the court granted Equitable Financial’s motion for entry of judgment. Plaintiff filed a notice of appeal and in February 2022, the Connecticut Appellate Court reversed the Superior Court’s entry of judgement. In April 2022, the Connecticut Supreme Court granted Equitable Financial’s petition to review the decision of the Connecticut Appellate Court. We are vigorously defending this matter.

In February 2016, a lawsuit was filed in the Southern District of New York entitled Brach Family Foundation, Inc. v. AXA Equitable Life Insurance Company. This lawsuit is a putative class action brought on behalf of all owners of UL policies subject to Equitable Financial’s COI rate increase. In early 2016, Equitable Financial raised COI rates for certain UL policies issued between 2004 and 2008, which had both issue ages 70 and above and a current face value amount of $1 million and above. A second putative class action was filed in the District of Arizona in 2017 and consolidated with the Brach matter in federal court in New York. The consolidated amended class action complaint alleges the following claims: breach of contract; misrepresentations in violation of Section 4226 of the New York Insurance Law; violations of New York General Business Law Section 349; and violations of the California Unfair Competition Law, and the California Elder Abuse Statute. Plaintiffs seek: (a) compensatory damages, costs, and, pre- and post-judgment interest; (b) with respect to their claim concerning Section 4226, a penalty in the amount of premiums paid by the plaintiffs and the putative class; and (c) injunctive relief and attorneys’ fees in connection with their statutory claims. In August 2020, the federal district court issued a decision certifying nationwide breach of contract and Section 4226 classes, and a New York State Section 349 class. Owners of a substantial number of policies opted out of the Brach class action. Most opt-out policies are not yet the subject of litigation. Others filed suit previously including five federal actions that have been coordinated with the Brach action and contain similar allegations along with additional allegations for violations of state consumer protection statutes and common law fraud. In March 2022, the federal district court issued a summary judgment decision, denying in significant part but granting in part Equitable Financial’s motion and denying the motion filed by plaintiffs in the coordinated actions. Equitable Financial has commenced settlement discussions with the Brach class action plaintiffs and plaintiffs in the coordinated actions. No assurances can be given about the outcome of those settlement discussions. Equitable Financial has settled actual and threatened litigations challenging the COI increase by individual policyowners and one entity that invested in numerous policies purchased in the life settlement market. Two actions are also pending against Equitable Financial in New York state court. Equitable Financial is vigorously defending each of these matters.

As with other financial services companies, the Company periodically receives informal and formal requests for information from various state and federal governmental agencies and self-regulatory organizations in connection with inquiries and investigations of the products and practices of the Company or the financial services industry. It is the practice of the Company to cooperate fully in these matters. For example, among other matters, the Company has been

53

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements (Unaudited), Continued

cooperating with the U.S. Securities and Exchange Commission (the “SEC”) concerning the SEC’s investigation into the Company’s non-ERISA K-12 403(b) and 457 sales and disclosure practices.The Company has reached an agreement in principle, subject to agreement on documentation and approval by the SEC, to resolve that investigation, including the allegation that daily separate account and portfolio operating expenses disclosed in customer prospectuses and incorporated in the calculation of net investment portfolio results in quarterly account statements were not properly presented or referenced in those account statements. If approved, under the settlement, the Company would neither admit nor deny the allegations, prospectively modify the relevant account statements and cross-reference the relevant prospectus disclosures, and pay a civil monetary penalty of $50 million, to be distributed to plan participants. The Company has fully accrued for the cost of the settlement.

Obligations under Funding Agreements

Pre-Capitalized Trust Securities (“P-Caps”)

In April 2019, pursuant to separate Purchase Agreements among Holdings, Credit Suisse Securities (USA) LLC, as representative of the several initial purchasers, and the Trusts (as defined below), Pine Street Trust I, a Delaware statutory trust (the “2029 Trust”), completed the issuance and sale of 600,000 of its Pre-Capitalized Trust Securities redeemable February 15, 2029 (the “2029 P-Caps”) for an aggregate purchase price of $600 million and Pine Street Trust II, a Delaware statutory trust (the “2049 Trust” and, together with the 2029 Trust, the “Trusts”), completed the issuance and sale of 400,000 of its Pre-Capitalized Trust Securities redeemable February 15, 2049 (the “2049 P-Caps” and, together with the 2029 P-Caps, the “P-Caps”) for an aggregate purchase price of $400 million in each case to qualified institutional buyers in reliance on Rule 144A that are also “qualified purchasers” for purposes of Section 3(c)(7) of the Investment Company Act of 1940, as amended.

The P-Caps are an off-balance sheet contingent funding arrangement that, upon Holdings’ election, gives Holdings the right over a ten-year period (in the case of the 2029 Trust) or over a thirty-year period (in the case of the 2049 Trust) to issue senior notes to these Trusts. The Trusts each invested the proceeds from the sale of their P-Caps in separate portfolios of principal and/or interest strips of U.S. Treasury securities. In return, Holdings will pay a semi-annual facility fee to the 2029 Trust and 2049 Trust calculated at a rate of 2.125% and 2.715% per annum, respectively, which will be applied to the unexercised portion of the contingent funding arrangement and Holdings will reimburse the Trusts for certain expenses. The facility fees are recorded in Other operating costs and expenses in the Consolidated Statements of Income (Loss).

Federal Home Loan Bank (“FHLB”)

As a member of the FHLB, Equitable Financial has access to collateralized borrowings. It also may issue funding agreements to the FHLB. Both the collateralized borrowings and funding agreements would require Equitable Financial to pledge qualified mortgage-backed assets and/or government securities as collateral. Equitable Financial issues short-term funding agreements to the FHLB and uses the funds for asset, liability, and cash management purposes. Equitable Financial issues long-term funding agreements to the FHLB and uses the funds for spread lending purposes.

Entering into FHLB membership, borrowings and funding agreements requires the ownership of FHLB stock and the pledge of assets as collateral. Equitable Financial has purchased FHLB stock of $286 million and pledged collateral with a carrying value of $9.9 billion as of March 31, 2022. 

Funding agreements are reported in policyholders’ account balances in the consolidated balance sheets. For other instruments used for asset/liability and cash management purposes, see “Derivative and offsetting assets and liabilities” included in Note 4 of the Notes to these Consolidated Financial Statements. The table below summarizes the Company’s activity of funding agreements with the FHLB.

Change in FHLB Funding Agreements during the Three Months Ended March 31, 2022

	Outstanding Balance at December 31, 2021		Issued During the Period		Repaid During the Period		Long-term Agreements Maturing Within One Year		Long-term Agreements Maturing Within Five Years		Outstanding Balance at March 31, 2022
	(in millions)
Short-term funding agreements:
Due in one year or less	$	5,353	$	13,688	$	14,435	$	—	$	—	$	4,606

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EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements (Unaudited), Continued

Long-term funding agreements:
Due in years two through five	1,290		13		—		—		—		1,303
Due in more than five years	—		175		—		—		—		175
Total long-term funding agreements	1,290		188		—		—		—		1,478
Total funding agreements (1)	$	6,643	$	13,876	$	14,435	$	—	$	—	$	6,084

_____________

(1)The $4 million and $4 million difference between the funding agreements carrying value shown in fair value table for March 31, 2022 and December 31, 2021, respectively, reflects the remaining amortization of a hedge implemented and closed, which locked in the funding agreements borrowing rates.

Funding Agreement-Backed Notes Program

Under the FABN program, Equitable Financial may issue funding agreements in U.S. dollar or other foreign currencies to a Delaware special purpose statutory trust (the “Trust”) in exchange for the proceeds from issuances of fixed and floating rate medium-term marketable notes issued by the Trust from time to time (the “Trust Notes”). The funding agreements have matching interest, maturity and currency payment terms to the applicable Trust Notes. The Company hedges the foreign currency exposure of foreign currency denominated funding agreements using cross currency swaps as discussed in Note 4 of the Notes to these Consolidated Financial Statements. As of May 2021, the maximum aggregate principal amount of Trust Notes permitted to be outstanding at any one time is $10 billion. Funding agreements issued to the Trust, including any foreign currency transaction adjustments, are reported in policyholders’ account balances in the consolidated balance sheets. Foreign currency transaction adjustments to policyholder’s account balances are recognized in net income (loss) as an adjustment to interest credited to policyholders’ account balances and are offset in interest credited to policyholders’ account balances by a release of AOCI from deferred changes in fair value of designated and qualifying cross currency swap cash flow hedges. The table below summarizes the Equitable Financial’s activity of funding agreements under the FABN.

Change in FABN Funding Agreements during the Three Months Ended March 31, 2022

	Outstanding Balance at December 31, 2021		Issued During the Period		Repaid During the Period		Long-term Agreements Maturing Within One Year		Long-term Agreements Maturing Within Five Years		Foreign Currency Transaction Adjustment		Outstanding Balance at March 31, 2022
	(in millions)
Short-term funding agreements:
Due in one year or less	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Long-term funding agreements:
Due in years two through five	4,600		—		—		—		—		—		4,600
Due in more than five years	2,119		—		—		—		—		(16)		2,103
Total long-term funding agreements	6,719		—		—		—		—		(16)		6,703
Total funding agreements (1)	$	6,719	$	—	$	—	$	—	$	—	$	(16)	$	6,703

_____________

(1)The $31 million and $70 million difference between the funding agreements notional value shown and carrying value table as of March 31, 2022 and December 31, 2021, respectively, reflects the remaining amortization of the issuance cost of the funding agreements and the foreign currency transaction adjustment.

Holdings Revolving Credit Facility

In February 2018, Holdings entered into a $2.5 billion five-year senior unsecured revolving credit facility with a syndicate of banks. In June 2021, Holdings entered into an amended and restated revolving credit agreement, which lowered the facility amount to $1.5 billion and extended the maturity date to June 24, 2026, among other changes. The revolving credit facility has a sub-limit of $1.5 billion for the issuance of letters of credit to support the life insurance business reinsured by EQ AZ Life Re. As of March 31, 2022, the Company had no undrawn letters of credit issued out of the $1.5 billion sub-limit for Equitable Financial as beneficiary.

Bilateral Letter of Credit Facilities

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EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements (Unaudited), Continued

In February 2018, the Company entered into bilateral letter of credit facilities, each guaranteed by Holdings, with an aggregate principal amount of approximately $1.9 billion, with multiple counterparties. In June 2021, Holdings entered into amendments with each of the issuers of its bilateral letter of credit facilities to effect changes similar to those effected in the amended and restated revolving credit agreement. The respective facility limits of the bilateral letter of credit facilities remained unchanged. These facilities support the life insurance business reinsured by EQ AZ Life Re. The HSBC facility matures on February 16, 2024 and the rest of the facilities mature on February 16, 2026.

Guarantees and Other Commitments

The Company provides certain guarantees or commitments to affiliates and others. As of March 31, 2022, these arrangements include commitments by the Company to provide equity financing of $1.3 billion to certain limited partnerships and real estate joint ventures under certain conditions. Management believes the Company will not incur material losses as a result of these commitments.

The Company had $17 million of undrawn letters of credit related to reinsurance as of March 31, 2022. The Company had $914 million of commitments under existing mortgage loan agreements as of March 31, 2022.

The Company is the obligor under certain structured settlement agreements it had entered into with unaffiliated insurance companies and beneficiaries. To satisfy its obligations under these agreements, the Company owns single premium annuities issued by previously wholly-owned life insurance subsidiaries. The Company has directed payment under these annuities to be made directly to the beneficiaries under the structured settlement agreements. A contingent liability exists with respect to these agreements should the previously wholly-owned subsidiaries be unable to meet their obligations. Management believes the need for the Company to satisfy those obligations is remote.

13)    INSURANCE GROUP STATUTORY FINANCIAL INFORMATION

Prescribed and Permitted Accounting Practices

Equitable Financial was granted a permitted practice by the NYDFS to apply SSAP 108, Derivatives Hedging Variable Annuity Guarantees on a retroactive basis from January 1, 2021 through June 30, 2021, after reflecting the impacts of our reinsurance transaction with Venerable. The permitted practice was amended to also permit Equitable Financial to adopt SSAP 108 prospectively as of July 1, 2021 and to consider the impact of both the interest rate derivatives and the general account assets used to fully hedge the interest rate risk inherent in it variable annuity guarantees when determining the amount of the deferred asset or liability under SSAP 108. Application of the permitted practice partially mitigates the Regulation 213 impact of the Venerable Transaction on Equitable Financial’s statutory capital and surplus. The impact of the application of this permitted practice was an increase of approximately $1.0 billion in statutory special surplus funds and a decrease of $373 million in statutory net income as of and for the three months ended March 31, 2022, which will be amortized over 5 years for each of the retrospective and prospective components. The permitted practice also reset Equitable Financial’s unassigned surplus to zero as of June 30, 2021 to reflect the transformative nature of the Venerable Transaction.

14)    BUSINESS SEGMENT INFORMATION

The Company has four reportable segments: Individual Retirement, Group Retirement, Investment Management and Research and Protection Solutions.

These segments reflect the manner by which the Company’s chief operating decision maker views and manages the business. A brief description of these segments follows:

•The Individual Retirement segment offers a diverse suite of variable annuity products which are primarily sold to affluent and high net worth individuals saving for retirement or seeking retirement income.

•The Group Retirement segment offers tax-deferred investment and retirement services or products to plans sponsored by educational entities, municipalities and not-for-profit entities, as well as small and medium-sized businesses.

•The Investment Management and Research segment provides diversified investment management, research and related solutions globally to a broad range of clients through three main client channels - Institutional, Retail and Private Wealth - and distributes its institutional research products and solutions through Bernstein Research Services.

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EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements (Unaudited), Continued

•The Protection Solutions segment includes our life insurance and group employee benefits businesses. Our life insurance business offers a variety of VUL, UL and term life products to help affluent and high net worth individuals, as well as small and medium-sized business owners, with their wealth protection, wealth transfer and corporate needs. Our group employee benefits business offers a suite of dental, vision, life, and short- and long-term disability and other insurance products to small and medium-size businesses across the United States.

Measurement

Operating earnings (loss) is the financial measure which primarily focuses on the Company’s segments’ results of operations as well as the underlying profitability of the Company’s core business. By excluding items that can be distortive and unpredictable such as investment gains (losses) and investment income (loss) from derivative instruments, the Company believes operating earnings (loss) by segment enhances the understanding of the Company’s underlying drivers of profitability and trends in the Company’s segments.

Operating earnings is calculated by adjusting each segment’s net income (loss) attributable to Holdings for the following items:

•Items related to variable annuity product features, which include: (i) certain changes in the fair value of the derivatives and other securities we use to hedge these features; (ii) the effect of benefit ratio unlock adjustments, including extraordinary economic conditions or events such as COVID-19; (iii) changes in the fair value of the embedded derivatives reflected within variable annuity products’ net derivative results and the impact of these items on DAC amortization on our SCS product; and (iv) DAC amortization for the SCS variable annuity product arising from near-term fluctuations in index segment returns;

•Investment (gains) losses, which includes credit loss impairments of securities/investments, sales or disposals of securities/investments, realized capital gains/losses and valuation allowances;

•Net actuarial (gains) losses, which includes actuarial gains and losses as a result of differences between actual and expected experience on pension plan assets or projected benefit obligation during a given period related to pension, other postretirement benefit obligations, and the one-time impact of the settlement of the defined benefit obligation;

•Other adjustments, which primarily include restructuring costs related to severance and separation, COVID-19 related impacts, net derivative gains (losses) on certain Non-GMxB derivatives, net investment income from certain items including consolidated VIE investments, seed capital mark-to-market adjustments, unrealized gain/losses associated with equity securities, certain legal accruals; and a bespoke deal to repurchase UL policies from one entity that had invested in numerous policies purchased in the life settlement market, which disposed of the risk of additional COI litigation by that entity related to those UL policies; and

•Income tax expense (benefit) related to the above items and non-recurring tax items, which includes the effect of uncertain tax positions for a given audit period.

In the first quarter 2022, the Company updated its Operating earnings measure to exclude the DAC amortization impact of near-term fluctuations in indexed segment returns of $20 million on the SCS variable annuity product to reflect the impact of market fluctuations consistently with the long term duration of the product. Operating earnings was favorably impacted by this change in the current period. The presentation of Operating earnings in prior periods was not revised to reflect this modification, however, the Company estimated that had the treatment in the Company’s Operating earnings measure of the Amortization of DAC for SCS been modified in 2020, the pre-tax impact on Operating earnings of excluding the SCS-related DAC amortization from Operating earnings would have been a decrease of $4 million, $16 million and $34 million for the quarter ended March 31, 2021 and years ended December 31, 2021 and 2020, respectively.

The General Account investment portfolio is used to support the insurance and annuity liabilities of our Individual Retirement, Group Retirement and Protection Solutions businesses segments. In the first quarter 2022, the Company changed its methodology for allocating its General Account investment portfolio, which resulted in a change in the asset and net investment income allocation amongst the Company’s business segments. Following this change the segmentation of the general account investments is now more closely aligned with the liability characteristics of the product groups. Management determined that the change in the allocation methodology allows for improved flexibility and infuses an active asset liability management practice into the segmentation process. Additionally, the Company also changed its basis for allocating the spread earned from our FHLB investment borrowing and FABN programs. The spread earned from our FHLB investment borrowing and FABN programs includes the

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EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements (Unaudited), Continued

investment income on the assets less interest credited on the funding agreements. The net spread as reflected in net investment income is allocated to the segments based on the percentage of the individual segment insurance liabilities over the combined segments insurance liabilities.

This change in measurement only impacts our segment disclosures, and thus it has no impact on our overall consolidated financial statements. Historical segment operating income (loss), revenues and assets have not been recast in the tables as the impact was immaterial.

Revenues derived from any customer did not exceed 10% of revenues for the three months ended March 31, 2022 and 2021.

The table below presents operating earnings (loss) by segment and Corporate and Other and a reconciliation to net income (loss) attributable to Holdings for the three months ended March 31, 2022 and 2021, respectively:

	Three Months Ended March 31,
	2022		2021
	(in millions)
Net income (loss) attributable to Holdings	$	573	$	(1,488)
Adjustments related to:
Variable annuity product features	(601)		2,267
Investment (gains) losses	326		(183)
Net actuarial (gains) losses related to pension and other postretirement benefit obligations	19		34
Other adjustments (1) (2) (3)	220		524
Income tax expense (benefit) related to above adjustments	8		(555)
Non-recurring tax items	3		1
Non-GAAP Operating Earnings	$	548	$	600
Operating earnings (loss) by segment:
Individual Retirement	$	293	$	363
Group Retirement	$	150	$	151
Investment Management and Research	$	136	$	121
Protection Solutions	$	35	$	41
Corporate and Other (4)	$	(66)	$	(76)

______________

(1)Includes separation costs of $21 million for the three months ended March 31, 2021. Separation costs were completed during 2021.

(2)Includes certain legal accruals related to the COI litigation of $59 million and $180 million for the three months ended March 31, 2022 and 2021.Includes policyholder benefit costs of $75 million for the three months ended March 31, 2022 stemming from a deal to repurchase UL policies from one entity that had invested in numerous policies purchased in the life settlement market.

(3)Includes Non-GMxB related derivative hedge gains and losses of $(2) million and $244 million for the three months ended March 31, 2022 and 2021, respectively.

(4)Includes interest expense and financing fees of $53 million and $58 million for the three months ended March 31, 2022 and 2021, respectively.

Segment revenues is a measure of the Company’s revenue by segment as adjusted to exclude certain items. The following table reconciles segment revenues to total revenues by excluding the following items:

•Items related to variable annuity product features, which include certain changes in the fair value of the derivatives and other securities we use to hedge these features and changes in the fair value of the embedded derivatives reflected within the net derivative results of variable annuity product features;

•Investment (gains) losses, which includes credit loss impairments of securities/investments, sales or disposals of securities/investments, realized capital gains/losses and valuation allowances;

•Other adjustments, which primarily includes net derivative gains (losses) on certain Non-GMxB derivatives and net investment income from certain items including consolidated VIE investments, seed capital mark-to-market adjustments and unrealized gain/losses associated with equity securities.

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EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements (Unaudited), Continued

The table below presents segment revenues for the three months ended March 31, 2022 and 2021.

	Three Months Ended March 31,
	2022		2021
	(in millions)
Segment revenues:
Individual Retirement (1)	$	1,022	$	980
Group Retirement (1)	334		329
Investment Management and Research (2)	1,135		1,004
Protection Solutions (1)	851		826
Corporate and Other (1)	374		334
Adjustments related to:
Variable annuity product features	631		(2,282)
Investment gains (losses), net	(326)		183
Other adjustments to segment revenues	(77)		(221)
Total revenues	$	3,944	$	1,153

______________

(1)Includes investment expenses charged by AB of $21 million and $19 million for the three months ended March 31, 2022 and 2021, respectively, for services provided to the Company.

(2)Inter-segment investment management and other fees of $28 million and $30 million for the three months ended March 31, 2022 and 2021, respectively, are included in segment revenues of the Investment Management and Research segment.

The table below presents total assets by segment as of March 31, 2022 and 2021:

	March 31, 2022		December 31, 2021
	(in millions)
Total assets by segment:
Individual Retirement	$	132,467	$	143,663
Group Retirement	53,531		55,368
Investment Management and Research	12,010		11,602
Protection Solutions	43,504		50,686
Corporate and Other	36,146		30,943
Total assets	$	277,658	$	292,262

15)    EARNINGS PER COMMON SHARE

The following table presents a reconciliation of Net income (loss) and Weighted-average common shares used in calculating basic and diluted Earnings per common share for the periods indicated:

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EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements (Unaudited), Continued

	Three Months Ended March 31,
	2022		2021
	(in millions)
Weighted-average common shares outstanding:
Weighted-average common shares outstanding — basic	388.6		434.2
Effect of dilutive potential common shares:
Employee share awards (1)	3.1		—
Weighted-average common shares outstanding — diluted (2)	391.7		434.2
Net income (loss):
Net income (loss)	$	639	$	(1,400)
Less: Net income (loss) attributable to the noncontrolling interest	66		88
Net income (loss) attributable to Holdings	573		(1,488)
Less: Preferred stock dividends	14		13
Net income (loss) available to Holdings’ common shareholders	$	559	$	(1,501)
Earnings per common share:
Basic	$	1.44	$	(3.46)
Diluted	$	1.43	$	(3.46)

_____________

(1)Calculated using the treasury stock method.

(2)Due to net loss for the three months ended March 31, 2021 approximately 4.3 million share awards, respectively, were excluded from the diluted EPS calculation.

For the three months ended March 31, 2022 and 2021, 3.3 million and 9.1 million of outstanding stock awards, respectively, were not included in the computation of diluted earnings per share because their effect was anti-dilutive.

16)     SUBSEQUENT EVENTS

In April 2022, Holdings entered into an ASR with a third-party financial institution to repurchase an aggregate of $100 million of Holdings’ common stock. Pursuant to the ASR, Holdings made a prepayment of $100 million and received initial delivery of 2.6 million shares. The company elected to accelerate settlement on the ASR transaction on April 29, 2022, at which time additional shares were delivered or returned depending on the daily volume weighted average price of Holdings’ common stock.

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Item 2.     Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion and analysis of our financial condition and results of operations should be read in its entirety and in conjunction with the consolidated financial statements and related notes contained in Part I, Item 1 of this Quarterly Report on Form 10-Q, as well as “Management’s Discussion and Analysis of Financial Condition and Results of Operations” section contained in our Annual Report on Form 10-K for the year ended December 31, 2021 (“2021 Form 10-K”).

In addition to historical data, this discussion contains forward-looking statements about our business, operations and financial performance based on current expectations that involve risks, uncertainties and assumptions. Actual results may differ materially from those discussed in the forward-looking statements as a result of various factors. See the Note Regarding Forward-Looking Statements and Information. Investors are directed to consider the risks and uncertainties discussed in Part II, Item 1A of this Quarterly Report on Form 10-Q, as well as in other documents we have filed with the SEC.

Executive Summary

Overview

We are one of America’s leading financial services companies, providing: (i) advice and solutions for helping Americans set and meet their retirement goals and protect and transfer their wealth across generations; and (ii) a wide range of investment management insights, expertise and innovations to drive better investment decisions and outcomes for clients worldwide.

We manage our business through four segments: Individual Retirement, Group Retirement, Investment Management and Research, and Protection Solutions. We report certain activities and items that are not included in these segments in Corporate and Other. See Note 14 of the Notes to the Consolidated Financial Statements for further information on our segments.

We benefit from our complementary mix of businesses. This business mix provides diversity in our earnings sources, which helps offset fluctuations in market conditions and variability in business results, while offering growth opportunities.

COVID-19 Impact

We continue to closely monitor COVID-19 developments and the impact on our business, operations and investment portfolio. The pandemic’s impact on us depends on future developments that are highly uncertain, including the scope and duration of the pandemic and any recovery period, the emergence and spread of COVID-19 variants, the availability, adoption and efficacy of COVID-19 treatments and vaccines, and future actions taken by governmental authorities, central banks and other parties in response to COVID-19. It is not possible to predict or estimate the longer-term effects of the COVID-19 pandemic, on the economy and on our business, results of operations, and financial condition, including the impact on our investment portfolio or the need for us to revisit or revise targets previously provided to the markets and/or aspects of our business model. For additional information regarding the actual and potential impacts of the COVID-19 pandemic and action we have taken to mitigate certain impacts, see “Risk Factors—Risks Relating to Conditions in the Financial Markets and Economy—The coronavirus (COVID-19) pandemic”, “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Executive Summary—COVID-19 Impact” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations—General Account Investment Portfolio” in the 2021 Form 10-K.

Revenues

Our revenues come from three principal sources:

•fee income derived from our retirement and protection products and our investment management and research

services;

•    premiums from our traditional life insurance and annuity products; and

•    investment income from our General Account investment portfolio.

Our fee income varies directly in relation to the amount of the underlying AV or benefit base of our retirement and protection products and the amount of AUM of our Investment Management and Research business. AV and AUM, each as defined in “Key Operating Measures,” are influenced by changes in economic conditions, primarily equity market returns, as well as net flows. Our premium income is driven by the growth in new policies written and the persistency of our in-force policies, both of which are influenced by a combination of factors, including our efforts to attract and retain customers and market conditions that influence demand for our products. Our investment income is driven by the yield on our General

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Account investment portfolio and is impacted by the prevailing level of interest rates as we reinvest cash associated with maturing investments and net flows to the portfolio.

Benefits and Other Deductions

Our primary expenses are:

•    policyholders’ benefits and interest credited to policyholders’ account balances;

•    sales commissions and compensation paid to intermediaries and advisors that distribute our products and services; and

•    compensation and benefits provided to our employees and other operating expenses.

Policyholders’ benefits are driven primarily by mortality, customer withdrawals, and benefits which change in response to changes in capital market conditions. In addition, some of our policyholders’ benefits are directly tied to the AV and benefit base of our variable annuity products. Interest credited to policyholders varies in relation to the amount of the underlying AV or benefit base. Sales commissions and compensation paid to intermediaries and advisors vary in relation to premium and fee income generated from these sources, whereas compensation and benefits to our employees are more constant and impacted by market wages and decline with increases in efficiency. Our ability to manage these expenses across various economic cycles and products is critical to the profitability of our company.

Net Income Volatility

We have offered and continue to offer variable annuity products with GMxB features. The future claims exposure on these features is sensitive to movements in the equity markets and interest rates. Accordingly, we have implemented hedging and reinsurance programs designed to mitigate the economic exposure to us from these features due to equity market and interest rate movements. Changes in the values of the derivatives associated with these programs due to equity market and interest rate movements are recognized in the periods in which they occur while corresponding changes in offsetting liabilities not measured at fair value are recognized over time. This results in net income volatility as further described below. See “—Significant Factors Impacting Our Results—Impact of Hedging and GMxB Reinsurance on Results.”

In addition to our dynamic hedging strategy, we have static hedge positions designed to mitigate the adverse impact of changing market conditions on our statutory capital. We believe this program will continue to preserve the economic value of our variable annuity contracts and better protect our target variable annuity asset level. However, these static hedge positions increase the size of our derivative positions and may result in higher net income volatility on a period-over-period basis.

Due to the impacts on our net income of equity market and interest rate movements and other items that are not part of the underlying profitability drivers of our business, we evaluate and manage our business performance using Non-GAAP Operating Earnings, a non-GAAP financial measure that is intended to remove these impacts from our results. See “—Key Operating Measures—Non-GAAP Operating Earnings. ”

Significant Factors Impacting Our Results

The following significant factors have impacted, and may in the future impact, our financial condition, results of operations or cash flows.

Impact of Hedging and GMxB Reinsurance on Results

We have offered and continue to offer variable annuity products with GMxB features. The future claims exposure on these features is sensitive to movements in the equity markets and interest rates. Accordingly, we have implemented hedging and reinsurance programs designed to mitigate the economic exposure to us from these features due to equity market and interest rate movements. These programs include:

•Variable annuity hedging programs. We use a dynamic hedging program (within this program, generally, we reevaluate our economic exposure at least daily and rebalance our hedge positions accordingly) to mitigate certain risks associated with the GMxB features that are embedded in our liabilities for our variable annuity products. This program utilizes various derivative instruments that are managed in an effort to reduce the economic impact of unfavorable changes in GMxB features’ exposures attributable to movements in the equity markets and interest rates. Although this program is designed to provide a measure of economic protection against the impact of adverse market conditions, it does not qualify for hedge accounting treatment. Accordingly, changes in value of the derivatives will be

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recognized in the period in which they occur with offsetting changes in reserves partially recognized in the current period, resulting in net income volatility. In addition to our dynamic hedging program, we have a hedging program using static hedge positions (derivative positions intended to be HTM with less frequent re-balancing) to protect our statutory capital against stress scenarios. This program in addition to our dynamic hedge program has increased the size of our derivative positions, resulting in an increase in net income volatility. The impacts are most pronounced for variable annuity products in our Individual Retirement segment.

•GMxB reinsurance contracts. Historically, GMIB reinsurance contracts were used to cede to non-affiliated reinsurers a portion of our exposure to variable annuity products that offer a GMIB feature. We account for the GMIB reinsurance contracts as derivatives and report them at fair value. Gross GMIB reserves are calculated on the basis of assumptions related to projected benefits and related contract charges over the lives of the contracts. Accordingly, our gross reserves will not immediately reflect the offsetting impact on future claims exposure resulting from the same capital market or interest rate fluctuations that cause gains or losses on the fair value of the GMIB reinsurance contracts. Because changes in the fair value of the GMIB reinsurance contracts are recorded in the period in which they occur and a majority of the changes in gross reserves for GMIB are recognized over time, net income will be more volatile. In addition, on June 1, 2021, we ceded legacy variable annuity policies sold by Equitable Financial between 2006-2008 (the “Block”), comprised of non-New York “Accumulator” policies containing fixed rate GMIB and/or GMDB guarantees. As this contract provides full risk transfer and thus has the same risk attributes as the underlying direct contracts, the benefits of this treaty are accounted for in the same manner as the underlying gross reserves.

Effect of Assumption Updates on Operating Results

During the third quarter of each year, we conduct our annual review of the assumptions underlying the valuation of DAC, deferred sales inducement assets, unearned revenue liabilities, liabilities for future policyholder benefits and embedded derivatives for our Individual Retirement, Group Retirement, and Protection Solution segments (assumption reviews are not relevant for the Investment Management and Research segment). Assumptions are based on a combination of Company experience, industry experience, management actions and expert judgment and reflect our best estimate as of the date of the applicable financial statements.

Most of the variable annuity products, variable universal life insurance and universal life insurance products we offer maintain policyholder deposits that are reported as liabilities and classified within either Separate Accounts liabilities or policyholder account balances. Our products and riders also impact liabilities for future policyholder benefits and unearned revenues and assets for DAC and DSI. The valuation of these assets and liabilities (other than deposits) are based on differing accounting methods depending on the product, each of which requires numerous assumptions and considerable judgment. The accounting guidance applied in the valuation of these assets and liabilities includes, but is not limited to, the following: (i) traditional life insurance products for which assumptions are locked in at inception; (ii) universal life insurance and variable life insurance secondary guarantees for which benefit liabilities are determined by estimating the expected value of death benefits payable when the account balance is projected to be zero and recognizing those benefits ratably over the accumulation period based on total expected assessments; (iii) certain product guarantees for which benefit liabilities are accrued over the life of the contract in proportion to actual and future expected policy assessments; and (iv) certain product guarantees reported as embedded derivatives at fair value.

For further details of our accounting policies and related judgments pertaining to assumption updates, see Note 2 of the Notes to the Consolidated Financial Statements and “—Summary of Critical Accounting Estimates—Liability for Future Policy Benefits” included in the 2021 Form 10-K.

Macroeconomic and Industry Trends

Our business and consolidated results of operations are significantly affected by economic conditions and consumer confidence, conditions in the global capital markets and the interest rate environment.

Financial and Economic Environment

A wide variety of factors continue to impact financial and economic conditions. These factors include, among others, volatility in financial markets, economic growth, inflationary pressures, fuel and energy costs supply chain disruptions, low interest rates, changes in fiscal or monetary policy and geopolitical tensions. The invasion of Ukraine by Russia and the sanctions and other measures being imposed in response to this conflict significantly increased the level of volatility in the financial markets and have increased the level of economic and political uncertainty.

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Stressed conditions, volatility and disruptions in the capital markets, particular markets, or financial asset classes can have an adverse effect on us, in part because we have a large investment portfolio and our insurance liabilities and derivatives are sensitive to changing market factors, including interest rates, which are anticipated to continue to rise in 2022 based on statements of members of the Board of Governors of the Federal Reserve System. An increase in market volatility could continue to affect our business, including through effects on the yields we earn on invested assets, changes in required reserves and capital and fluctuations in the value of our AUM, AV or AUA from which we derive our fee income. These effects could be exacerbated by uncertainty about future fiscal policy, changes in tax policy, the scope of potential deregulation and levels of global trade.

The potential for increased volatility, coupled with prevailing interest rates remaining below historical averages despite inflationary pressures, could pressure sales and reduce demand for our products as consumers consider purchasing alternative products to meet their objectives. In addition, this environment could make it difficult to consistently develop products that are attractive to customers. Financial performance can be adversely affected by market volatility and equity market declines as fees driven by AV and AUM fluctuate, hedging costs increase and revenues decline due to reduced sales and increased outflows.

We monitor the behavior of our customers and other factors, including mortality rates, morbidity rates, annuitization rates and lapse and surrender rates, which change in response to changes in capital market conditions, to ensure that our products and solutions remain attractive and profitable. For additional information on our sensitivity to interest rates and capital market prices, see “Quantitative and Qualitative Disclosures About Market Risk.”

Interest Rate Environment

We believe the interest rate environment will continue to impact our business and financial performance in the future for several reasons, including the following:

•Certain of our variable annuity and life insurance products pay guaranteed minimum interest crediting rates. We are required to pay these guaranteed minimum rates even if earnings on our investment portfolio decline, with the resulting investment margin compression negatively impacting earnings. In addition, we expect more policyholders to hold policies with comparatively high guaranteed rates longer (lower lapse rates) in a low interest rate environment. Conversely, a rise in average yield on our investment portfolio should positively impact earnings. Similarly, we expect policyholders would be less likely to hold policies with existing guaranteed rates (higher lapse rates) as interest rates rise.

•A prolonged low interest rate environment also may subject us to increased hedging costs or an increase in the amount of statutory reserves that our insurance subsidiaries are required to hold for GMxB features, lowering their statutory surplus, which would adversely affect their ability to pay dividends to us. In addition, it may also increase the perceived value of GMxB features to our policyholders, which in turn may lead to a higher rate of annuitization and higher persistency of those products over time. Finally, low interest rates may continue to cause an acceleration of DAC amortization or reserve increase due to loss recognition for interest sensitive products, primarily for our Protection Solutions segment.

For a discussion on derivatives we used to hedge interest rates, see Note 4 of the Notes to the Consolidated Financial Statements in this Form 10-Q.

Regulatory Developments

Our life insurance subsidiaries are regulated primarily at the state level, with some policies and products also subject to federal regulation. In addition, Holdings and its insurance subsidiaries are subject to regulation under the insurance holding company laws of various U.S. jurisdictions. Furthermore, on an ongoing basis, regulators refine capital requirements and introduce new reserving standards. Regulations recently adopted or currently under review can potentially impact our statutory reserve, capital requirements and profitability of the industry and result in increased regulation and oversight for the industry. For additional information on regulatory developments and the risks we face, see “Business—Regulation” and “Risk Factors—Legal and Regulatory Risks.” in the 2021 Form 10-K.

Climate Risks. In March 2022, the SEC released proposed rule changes on climate-related disclosure. The proposed rule changes would require companies to include certain climate-related disclosures including information about climate-related risks that have had or reasonably likely to have a material impact on their business, results of operations, or financial condition, and certain climate-related financial statement metrics in a note to the audited financial statements. Among other things, the required information about climate-related risks also would include disclosure of a company’s greenhouse gas emissions,

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information about climate-related targets and goals, and if a transition plan, has been adopted as part of climate-related risk management strategy, and requires extensive attestation requirements. If adopted as proposed, the rule changes are expected to result in additional compliance and reporting costs.

Privacy and Security of Customer Information and Cybersecurity Regulation. In March 2022, the SEC released proposed rules enhancing cybersecurity risk and management disclosure requirements for companies. If enacted, the proposed rules would, among other things, require disclosure of any material cybersecurity incident on its Form 8-K within four business days of determining that the incident it has experienced is material. They would also require periodic disclosures of, among other things, (i) details on the company’s cybersecurity policies and procedures, (ii) cybersecurity governance, oversight policies and risk management policies, including the board of directors’ oversight of cybersecurity risks, (iii) the relevant expertise of members of the board of directors with respect to cybersecurity issues and (iv) details of any cybersecurity incident that was previously disclosed on Form 8-K, as well as any undisclosed incidents that were non-material, but have become material in the aggregate.

Productivity Strategies

Retirement and Protection Businesses

As part of our continuing efforts to drive productivity improvements, in January 2021, we began a new program expected to achieve $80 million of targeted run-rate expense savings by 2023, of which $35 million has been achieved as of March 31, 2022. We expect to achieve these saving by shifting our workforce into an agile working model, leveraging technology-enabled capabilities, optimizing our real estate footprint, and continuing to realize a portion of COVID-19 related savings.

Key Operating Measures

In addition to our results presented in accordance with U.S. GAAP, we report Non-GAAP Operating Earnings, Non-GAAP Operating ROE, and Non-GAAP operating common EPS, each of which is a measure that is not determined in accordance with U.S. GAAP. Management principally uses these non-GAAP financial measures in evaluating performance because they present a clearer picture of our operating performance and they allow management to allocate resources. Similarly, management believes that the use of these Non-GAAP financial measures, together with relevant U.S. GAAP measures, provide investors with a better understanding of our results of operations and the underlying profitability drivers and trends of our business. These non-GAAP financial measures are intended to remove from our results of operations the impact of market changes (where there is mismatch in the valuation of assets and liabilities) as well as certain other expenses which are not part of our underlying profitability drivers or likely to re-occur in the foreseeable future, as such items fluctuate from period-to-period in a manner inconsistent with these drivers. These measures should be considered supplementary to our results that are presented in accordance with U.S. GAAP and should not be viewed as a substitute for the U.S. GAAP measures. Other companies may use similarly titled non-GAAP financial measures that are calculated differently from the way we calculate such measures. Consequently, our non-GAAP financial measures may not be comparable to similar measures used by other companies.

We also discuss certain operating measures, including AUM, AUA, AV, Protection Solutions Reserves and certain other operating measures, which management believes provide useful information about our businesses and the operational factors underlying our financial performance.

Non-GAAP Operating Earnings

Non-GAAP Operating Earnings is an after-tax non-GAAP financial measure used to evaluate our financial performance on a consolidated basis that is determined by making certain adjustments to our consolidated after-tax net income attributable to Holdings. The most significant of such adjustments relates to our derivative positions, which protect economic value and statutory capital, and are more sensitive to changes in market conditions than the variable annuity product liabilities as valued under U.S. GAAP. This is a large source of volatility in net income.

Non-GAAP Operating Earnings equals our consolidated after-tax net income attributable to Holdings adjusted to eliminate the impact of the following items:

•Items related to variable annuity product features, which include: (i) certain changes in the fair value of the derivatives and other securities we use to hedge these features; (ii) the effect of benefit ratio unlock adjustments, including extraordinary economic conditions or events such as COVID-19; (iii) changes in the fair value of the embedded derivatives reflected within variable annuity products’ net derivative results and the impact of these items on DAC

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amortization on our SCS product; and (iv) DAC amortization for the SCS variable annuity product arising from near-term fluctuations in index segment returns;

•Investment (gains) losses, which includes credit loss impairments of securities/investments, sales or disposals of securities/investments, realized capital gains/losses and valuation allowances;

•Net actuarial (gains) losses, which includes actuarial gains and losses as a result of differences between actual and expected experience on pension plan assets or projected benefit obligation during a given period related to pension, other postretirement benefit obligations, and the one-time impact of the settlement of the defined benefit obligation;

•Other adjustments, which primarily include restructuring costs related to severance and separation, COVID-19 related impacts, net derivative gains (losses) on certain Non-GMxB derivatives, net investment income from certain items including consolidated VIE investments, seed capital mark-to-market adjustments, unrealized gain/losses associated with equity securities, certain legal accruals; and a bespoke deal to repurchase UL policies from one entity that had invested in numerous policies purchased in the life settlement market, which disposed of the risk of additional COI litigation by that entity related to those UL policies; and

•Income tax expense (benefit) related to the above items and non-recurring tax items, which includes the effect of uncertain tax positions for a given audit period.

In the first quarter 2022, the Company updated its Non-GAAP Operating Earnings measure to exclude the DAC amortization impact of near-term fluctuations in indexed segment returns of $20 million on the SCS variable annuity product to reflect the impact of market fluctuations consistently with the long term duration of the product. Operating earnings was favorably impacted by this change in the current period.The presentation of Non-GAAP Operating Earnings in prior periods was not revised to reflect this modification, however, the Company estimated that had the treatment in the Company’s Non-GAAP Operating Earnings measure of the Amortization of DAC for SCS been modified in 2020, the pre-tax impact on Non-GAAP Operating Earnings of excluding the SCS-related DAC amortization from Non-GAAP Operating Earnings would have been a decrease of $4 million, $16 million and $34 million for the quarter ended March 31, 2021 and years ended December 31, 2021 and 2020, respectively.

Because Non-GAAP Operating Earnings excludes the foregoing items that can be distortive or unpredictable, management believes that this measure enhances the understanding of the Company’s underlying drivers of profitability and trends in our business, thereby allowing management to make decisions that will positively impact our business.

We use the prevailing corporate federal income tax rate of 21% while taking into account any non-recurring differences for events recognized differently in our financial statements and federal income tax returns as well as partnership income taxed at lower rates when reconciling Net income (loss) attributable to Holdings to Non-GAAP Operating Earnings.

The table below presents a reconciliation of net income (loss) attributable to Holdings to Non-GAAP Operating Earnings for the three months ended March 31, 2022 and 2021:

	Three Months Ended March 31,
	2022		2021
	(in millions)
Net income (loss) attributable to Holdings	$	573	$	(1,488)
Adjustments related to:
Variable annuity product features	(601)		2,267
Investment (gains) losses	326		(183)
Net actuarial (gains) losses related to pension and other postretirement benefit obligations	19		34
Other adjustments (1) (2) (3)	220		524
Income tax expense (benefit) related to above adjustments	8		(555)
Non-recurring tax items	3		1
Non-GAAP Operating Earnings	$	548	$	600

______________

(1) Includes Separation Costs of $21 million for the three months ended March 31, 2021. Separation costs were completed during 2021.

(2)Includes certain legal accruals related to the cost of insurance litigation of $59 million and $180 million for the three months ended March 31, 2022 and 2021, respectively. Includes policyholder benefit costs of $75 million for the three months ended March 31, 2022

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stemming from a deal to repurchase UL policies from one entity that had invested in numerous policies purchased in the life settlement market.

(3)Includes Non-GMxB related derivative hedge losses of ($2) million and $244 million for the three months ended March 31, 2022 and 2021, respectively.

Non-GAAP Operating ROE

We calculate Non-GAAP Operating ROE by dividing Non-GAAP operating earnings for the previous twelve calendar months by consolidated average equity attributable to Holdings’ common shareholders, excluding AOCI. AOCI fluctuates period-to-period in a manner inconsistent with our underlying profitability drivers as the majority of such fluctuation is related to the market volatility of the unrealized gains and losses associated with our AFS securities. Therefore, we believe excluding AOCI is more effective for analyzing the trends of our operations.

The following table presents return on average equity attributable to Holdings’ common shareholders, excluding AOCI and Non-GAAP Operating ROE for the trailing twelve months ended March 31, 2022.

	Trailing Twelve Months Ended March 31, 2022
	(in millions)
Net income (loss) available to Holdings’ common shareholders	$	1,542
Average equity attributable to Holdings’ common shareholders, excluding AOCI	$	8,140
Return on average equity attributable to Holdings’ common shareholders, excluding AOCI	18.9		%
Non-GAAP Operating Earnings available to Holdings’ common shareholders	$	2,693
Average equity attributable to Holdings’ common shareholders, excluding AOCI	$	8,140
Non-GAAP Operating ROE	33.1		%

Non-GAAP Operating Common EPS

Non-GAAP operating common EPS is calculated by dividing Non-GAAP Operating Earnings by diluted common shares outstanding. The following table sets forth Non-GAAP operating common EPS for the three months ended March 31, 2022 and 2021.

	Three Months Ended March 31,
	2022		2021
	(per share amounts)
Net income (loss) attributable to Holdings (1)	$	1.46	$	(3.43)
Less: Preferred stock dividends	0.03		0.03
Net income (loss) available to Holdings’ common shareholders	1.43		(3.46)
Adjustments related to:
Variable annuity product features	(1.53)		5.22
Investment (gains) losses	0.83		(0.42)
Net actuarial (gains) losses related to pension and other postretirement benefit obligations	0.05		0.08
Other adjustments (2) (3) (4)	0.55		1.21
Income tax expense (benefit) related to above adjustments	0.02		(1.28)
Non-recurring tax items	0.01		—
Non-GAAP operating common EPS	$	1.36	$	1.35

______________

(1)For periods presented with a net loss, basic shares was used for the three months ended March 31, 2021.

(2)Includes separation costs of $0.05 for the three months ended March 31, 2021.

(3)Includes certain legal accruals related to the cost of insurance litigation of $0.15, and $0.41 for the three months ended March 31, 2022 and 2021, respectively. Includes policyholder benefit costs of $0.19 for the three months ended March 31, 2022 stemming from a deal to repurchase UL policies from one entity that had invested in numerous policies purchased in the life settlement market.

(4)Includes Non-GMxB related derivative hedge losses of ($0.00), and $0.56 for the three months ended March 31, 2022 and 2021, respectively.

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Assets Under Management

AUM means investment assets that are managed by one of our subsidiaries and includes: (i) assets managed by AB; (ii) the assets in our General Account investment portfolio; and (iii) the Separate Accounts assets of our Individual Retirement, Group Retirement and Protection Solutions businesses. Total AUM reflects exclusions between segments to avoid double counting.

Assets Under Administration

AUA includes non-insurance client assets that are invested in our savings and investment products or serviced by our Equitable Advisors platform. We provide administrative services for these assets and generally record the revenues received as distribution fees.

Account Value

AV generally equals the aggregate policy account value of our retirement products. General Account AV refers to account balances in investment options that are backed by the General Account while Separate Accounts AV refers to Separate Accounts investment assets.

Protection Solutions Reserves

Protection Solutions Reserves equals the aggregate value of policyholders’ account balances and future policy benefits for policies in our Protection Solutions segment.

Consolidated Results of Operations

Our consolidated results of operations are significantly affected by conditions in the capital markets and the economy because we offer market sensitive products. These products have been a significant driver of our results of operations. Because the future claims exposure on these products is sensitive to movements in the equity markets and interest rates, we have in place various hedging and reinsurance programs that are designed to mitigate the economic risk of movements in the equity markets and interest rates. The volatility in net income attributable to Holdings for the periods presented below results from the mismatch between: (i) the change in carrying value of the reserves for GMDB and certain GMIB features that do not fully and immediately reflect the impact of equity and interest market fluctuations; (ii) the change in fair value of products with the GMIB feature that have a no-lapse guarantee; and (iii) our hedging and reinsurance programs.

Ownership and Consolidation of AllianceBernstein

Our indirect, wholly-owned subsidiary, AllianceBernstein Corporation, is the General Partner of AB. Accordingly, AB’s results are fully reflected in our consolidated financial statements.

Our economic interest in AB was approximately 65% during the three months ended March 31, 2022 and 2021.

Consolidated Results of Operations

The following table summarizes our consolidated statements of income (loss) for the three months ended March 31, 2022 and 2021:

Consolidated Statement of Income (Loss)

	Three Months Ended March 31,
	2022		2021
	(in millions, except per share data)
REVENUES
Policy charges and fee income	$	840	$	949
Premiums	247		258
Net derivative gains (losses)	821		(2,546)
Net investment income (loss)	804		884

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	Three Months Ended March 31,
	2022		2021
	(in millions, except per share data)
Investment gains (losses), net:
Credit losses on available-for-sale debt securities and loans	10		1
Other investment gains (losses), net	(336)		183
Total investment gains (losses), net	(326)		184
Investment management and service fees	1,355		1,257
Other income	203		167
Total revenues	3,944		1,153
BENEFITS AND OTHER DEDUCTIONS
Policyholders’ benefits	1,060		939
Interest credited to policyholders’ account balances	315		291
Compensation and benefits	595		580
Commissions and distribution-related payments	422		382
Interest expense	47		74
Amortization of deferred policy acquisition costs	181		87
Other operating costs and expenses	537		608
Total benefits and other deductions	3,157		2,961
Income (loss) from continuing operations, before income taxes	787		(1,808)
Income tax (expense) benefit	(148)		408
Net income (loss)	639		(1,400)
Less: Net income (loss) attributable to the noncontrolling interest	66		88
Net income (loss) attributable to Holdings	573		(1,488)
Less: Preferred stock dividends	14		13
Net income (loss) available to Holdings’ common shareholders	$	559	$	(1,501)
EARNINGS PER COMMON SHARE
Net income (loss) applicable to Holdings’ common shareholders per common share:
Basic	$	1.44	$	(3.46)
Diluted	$	1.43	$	(3.46)
Weighted average common shares outstanding (in millions):
Basic	388.6		434.2
Diluted	391.7		434.2

	Three Months Ended March 31,
	2022		2021
	(in millions)
Non-GAAP Operating Earnings	$	548	$	600

The following table summarizes our Non-GAAP Operating Earnings per common share for the three months ended March 31, 2022 and 2021:

	Three Months Ended March 31,
	2022		2021
Non-GAAP operating earnings per common share:
Basic	$	1.37	$	1.35
Diluted	$	1.36	$	1.35

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Three Months Ended March 31, 2022 Compared to the Three Months Ended March 31, 2021

Net Income Attributable to Holdings

Net loss attributable to Holdings decreased by $2.1 billion to a net income of $573 million for the three months ended March 31, 2022 from a net loss of $1.5 billion for the three months ended March 31, 2021. The following notable items were the primary drivers for the change in net income (loss):

Favorable items included:

•Net derivative gains increased by $3.4 billion driven by reduced interest rate positions and equity market depreciation during the first quarter 2022 as compared to the first quarter 2021.

•Compensation, benefits and other operating expenses decreased by $56 million mainly due to lower litigation reserve accruals, partially offset by higher employee compensation expenses in our Investment Management and Research segment due to higher revenues.

•Fee-type revenue increased by $14 million mainly driven by higher base fees, performance fees and distribution revenues in our Investment Management & Research segment primarily as a result of higher average AUM partially offset by lower fees in our Individual Retirement segment as a result of fee-income ceded to Venerable.

•Net income attributable to noncontrolling interest decreased by $22 million mainly due to losses from AB’s consolidated VIEs.

These were partially offset by the following unfavorable items:

•Investment gains decreased by $510 million mainly due to rebalancing in the General Account portfolio associated with the Venerable Transaction and the rebalancing program to reduce duration during the first quarter 2022.

•Policyholders’ benefits increased by $121 million mainly due to equity market depreciation in the first quarter 2022 compared to equity market appreciation during the first quarter 2021(offset in Net Derivative gains). This impact in the first quarter 2022 was mitigated by the Venerable Transaction.

◦Amortization of DAC increased by $94 million mainly due to unfavorable markets during first quarter 2022 compared to favorable markets during first quarter 2021, favorable experience on the Life Closed Block and a one time adjustment and refinements from the first quarter 2021.

•Net investment income decreased by $80 million mainly due to lower average assets related to the Venerable transaction and lower income from seed capital investments and equity securities.

•Commissions and distribution-related payments increased by $40 million mainly due to higher distribution-related payments in our Investment Management and Research and based on higher average AUM, as well as the growth in broker dealer sales.

•Income tax benefit decreased by $556 million primarily due to pre-tax income in the three months ended March 31, 2022 compared to a pre-tax loss in the three months ended March 31, 2021.

See “—Significant Factors Impacting Our Results—Effect of Assumption Updates on Operating Results” for more information regarding assumption updates.

Non-GAAP Operating Earnings

Non-GAAP Operating Earnings decreased by $52 million to $548 million for the three months ended March 31, 2022 from $600 million in the three months ended March 31, 2021. The following notable items were the primary drivers for the change in Non-GAAP Operating Earnings.

Unfavorable items included:

•Policyholders’ benefits increased by $101 million mainly due to equity market depreciation in the first quarter 2022 compared to equity market appreciation during the first quarter of 2021(offset in Net Derivative gains). This impact in the first quarter 2022 was mitigated by the Venerable Transaction.

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•Amortization of DAC increased by $55 million mainly due to unfavorable markets during first quarter 2022 compared to favorable markets during first quarter 2021 and a one-time adjustment and refinements from the first quarter 2021.

•Compensation, benefits and other operating costs and expenses increased by $82 million mainly due to higher employee compensation in our Investment Management and Research segment due to higher revenues partially offset by lower sub-advisory expenses from lower average assets due to the Venerable Transaction and overall total company expense efficiencies.

•Commissions and distribution-related payments increased by $40 million mainly due to higher distribution-related payments in our Investment Management and Research segment based on higher average, as well as the growth in broker dealer sales.

•Net investment income decreased by $34 million mainly due to lower average assets related to the Venerable Transaction and lower income from seed capital investments.

•Earnings attributable to the noncontrolling interest increased by $5 million mainly due to higher AB Operating earnings in our Investment Management and Research segment.

These were partially offset by the following favorable items:

•Net derivative gains increased by $254 million mainly due to equity markets depreciation (offset in Policyholders’ benefits) during the three months ended March 31, 2022.

•Fee-type revenue increased by $23 million mainly due to higher base fees, performance fees and distribution revenues in our Investment Management & Research segment primarily as a result of higher average AUM partially offset by lower fees in our Individual Retirement segment as a result of fee-income ceded to Venerable

•Income tax expense decreased by $6 million primarily due to lower pre-tax earnings.

Results of Operations by Segment

We manage our business through the following four segments: Individual Retirement, Group Retirement, Investment Management and Research, and Protection Solutions. We report certain activities and items that are not included in our four segments in Corporate and Other. The following section presents our discussion of operating earnings (loss) by segment and AUM, AV and Protection Solutions Reserves by segment, as applicable. Consistent with U.S. GAAP guidance for segment reporting, operating earnings (loss) is our U.S. GAAP measure of segment performance. See Note 14 of the Notes to the Consolidated Financial Statements for further information on our segments.

The following table summarizes operating earnings (loss) on our segments and Corporate and Other for the three months ended March 31, 2022 and 2021:

	Three Months Ended March 31,
	2022		2021
	(in millions)
Operating earnings (loss) by segment:
Individual Retirement	$	293	$	363
Group Retirement	150		151
Investment Management and Research	136		121
Protection Solutions	35		41
Corporate and Other	(66)		(76)
Non-GAAP Operating Earnings	$	548	$	600

Effective Tax Rates by Segment

Income tax expense is calculated using the ETR and then allocated to our business segments using an 18% ETR for our retirement and protection businesses (Individual Retirement, Group Retirement, and Protection Solutions) and a 25% ETR for Investment Management and Research.

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Individual Retirement

The Individual Retirement segment includes our variable annuity products which primarily meet the needs of individuals saving for retirement or seeking retirement income.

The following table summarizes operating earnings of our Individual Retirement segment for the periods presented:

	Three Months Ended March 31,
	2022		2021
	(in millions)
Operating earnings	$	293	$	363

Key components of operating earnings are:

	Three Months Ended March 31,
	2022		2021
	(in millions)
REVENUES
Policy charges, fee income and premiums	$	394	$	522
Net investment income	297		325
Net derivative gains (losses)	164		(59)
Investment management, service fees and other income	167		192
Segment revenues	$	1,022	$	980
BENEFITS AND OTHER DEDUCTIONS
Policyholders’ benefits	$	324	$	206
Interest credited to policyholders’ account balances	76		68
Commissions and distribution-related payments	80		81
Amortization of deferred policy acquisition costs	97		78
Compensation, benefits and other operating costs and expenses	88		112
Interest expense	—		—
Segment benefits and other deductions	$	665	$	545

The following table summarizes AV for our Individual Retirement segment as of the dates indicated:

	March 31, 2022		December 31, 2021
	(in millions)
AV (1)
General Account	$	37,874	$	37,698
Separate Accounts	68,495		74,206
Total AV	$	106,369	$	111,904

(1) AV presented are net of reinsurance.

The following table summarizes a roll-forward of AV for our Individual Retirement segment for the periods presented:

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	Three Months Ended March 31,
	2022		2021
	(in millions)
Balance as of beginning of period	$	111,904	$	117,390
Gross premiums	2,858		2,469
Surrenders, withdrawals and benefits	(2,806)		(2,985)
Net flows (1)	52		(516)
Investment performance, interest credited and policy charges	(5,587)		3,906
Balance as of end of period	$	106,369	$	120,780

______________

(1) For the three months ended March 31, 2022, net flows of $(316) million and investment performance, interest credited and policy charges of $(1,205) million, respectively, are excluded as these amounts are related to ceded AV to Venerable.

Three Months Ended March 31, 2022 Compared to the Three Months Ended March 31, 2021 for the Individual Retirement Segment

Operating earnings

Operating earnings decreased $70 million to $293 million during the three months ended March 31, 2022 from $363 million in the three months ended March 31, 2021. The following notable items were the primary drivers of the change in operating earnings:

Unfavorable items included:

•Fee-type revenue decreased by $107 million mainly due to impacts of fee-income ceded to Venerable, partially offset by commission reimbursements in Commissions and distributions-related payments.

•Net investment income decreased by $28 million mainly due to lower income due to the Venerable Transaction, partially offset by higher SCS asset balances and General Account portfolio optimization

•Amortization of DAC increased by $19 million mainly due to run-off of the GMxB businesses and unfavorable markets in 2022 compared with favorable markets in 2021.

These were partially offset by the following favorable items:

•Net GMxB results increased $64 million primarily due to improved GMxB margin from the Venerable Transaction. GMxB results are included in policy charges and fee income, net derivative gains (losses), and policyholders’ benefits.

•Compensation, benefits and other operating costs and expenses decreased by $24 million primarily due to lower fund expenses from lower average assets due to the Venerable Transaction and overall total company expense efficiency.

•Income tax expense decreased by $8 million mainly driven by lower pre-tax earnings partially offset by a higher effective tax rate in the first quarter 2022.

Net Flows and AV

•The decline in AV of $5.5 billion in the three months ended March 31, 2022 was driven by a decrease in investments performance and interest credited to account balances, net of policy charges of $5.6 billion as a result of equity market depreciation in 2022, partially offset by net inflows of $52 million.

•Net inflows of $52 million were $568 million higher than in the three months ended March 31, 2021, mainly driven by $613 million of outflows on our older fixed-rate GMxB block, partially offset by $665 million of inflows on our newer, less capital-intensive products.

Group Retirement

The Group Retirement segment offers tax-deferred investment and retirement services or products to plans sponsored by educational entities, municipalities and not-for-profit entities, as well as small and medium-sized businesses.

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The following table summarizes operating earnings of our Group Retirement segment for the periods presented:

	Three Months Ended March 31,
	2022		2021
	(in millions)
Operating earnings	$	150	$	151

Key components of operating earnings are:

	Three Months Ended March 31,
	2022		2021
	(in millions)
REVENUES
Policy charges, fee income and premiums	$	94	$	86
Net investment income	180		180
Net derivative gains (losses)	(5)		—
Investment management, service fees and other income	65		63
Segment revenues	$	334	$	329
BENEFITS AND OTHER DEDUCTIONS
Policyholders’ benefits	$	—	$	—
Interest credited to policyholders’ account balances	78		75
Commissions and distribution-related payments	15		13
Amortization of deferred policy acquisition costs	16		5
Compensation, benefits and other operating costs and expenses	42		55
Interest expense	—		—
Segment benefits and other deductions	$	151	$	148

The following table summarizes AV and AUA for our Group Retirement segment as of the dates indicated:

	March 31, 2022		December 31, 2021
	(in millions)
AV and AUA
General Account	$	13,171	$	13,046
Separate Accounts and Mutual Funds (1)	32,864		34,763
Total AV and AUA	$	46,035	$	47,809

____________

(1)Prior period amounts related to Separate Account AV and Mutual Funds AUA were revised to include Mutual Fund AUA. The impact of the revision to December 31, 2021 total AV and AUA was $457 million.

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The following table summarizes a roll-forward of AV and AUA for our Group Retirement segment for the periods indicated:

	Three Months Ended March 31,
	2022		2021 (1)
	(in millions)
Balance as of beginning of period	$	47,809	$	42,756
Gross premiums	1,502		932
Surrenders, withdrawals and benefits	(979)		(968)
Net flows	523		(36)
Investment performance, interest credited and policy charges	(2,297)		1,554
Other	—		—
Balance as of end of period	$	46,035	$	44,274

____________

(1) Prior period amounts related to the AV and AUA roll-forward were updated to include Mutual Fund AUA. The impact of the revision to March 31, 2021 beginning balance was $297 million. Net Flows, investment performance, interest credited and policy charges revision impact for the three months ended March 31, 2021 were $14 million and $11 million, respectively.

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Three Months Ended March 31, 2022 Compared to the Three Months Ended March 31, 2021 for the Group Retirement Segment

Operating earnings

Operating earnings decreased by $1 million to $150 million during the three months ended March 31, 2022 from $151 million during the three months ended March 31, 2021. The following notable items were the primary drivers of the change in operating earnings:

Unfavorable items included:

•Amortization of DAC increased by $11 million mainly due to a one-time positive adjustment during the first quarter 2021.

•Net derivative losses increased by $5 million due to inflation related hedging loss offset on TIPS in the General Account.

•Income tax expense increased by $3 million primarily due to a higher effective tax rate in the first quarter of 2022.

These were partially offset by the following favorable items:

•Compensation, benefits and other operating costs and expenses decreased by $13 million mainly due to lower corporate allocation and expense discipline.

•Fee-type revenue increased by $10 million due to higher average Separate Account AV, driven by equity market appreciation in 2021.

Net Flows and AV

•The decrease in AV of $1.8 billion in the three months ended March 31, 2022 was primarily due to market depreciation, partially offset by net inflows of $523 million.

•Net inflows of $523 million increased by $559 million compared to 2021, driven by positive net inflows reflecting strong sales and client engagement along with lower surrenders in our tax-exempt and corporate markets.

Investment Management and Research

The Investment Management and Research segment provides diversified investment management, research and related services to a broad range of clients around the world. Operating earnings (loss), net of tax, presented here represents our economic interest in AB of approximately 65% and 64% during the three months ended March 31, 2022 and 2021, respectively.

	Three Months Ended March 31,
	2022		2021
	(in millions)
Operating earnings	$	136	$	121

Key components of operating earnings are:

	Three Months Ended March 31,
	2022		2021
	(in millions)
REVENUES
Net investment income	$	(23)	$	—
Net derivative gains (losses)	20		2
Investment management, service fees and other income	1,138		1,002
Segment revenues	$	1,135	$	1,004

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	Three Months Ended March 31,
	2022		2021
	(in millions)
BENEFITS AND OTHER DEDUCTIONS
Commissions and distribution related payments	$	176	$	162
Compensation, benefits and other operating costs and expenses	675		580
Interest expense	—		1
Segment benefits and other deductions	$	851	$	743

Changes in AUM in the Investment Management and Research segment for the periods presented were as follows:

	Three Months Ended March 31,
	2022		2021
	(in billions)
Balance as of beginning of period	$	778.6	$	685.9
Long-term flows
Sales/new accounts	40.9		33.3
Redemptions/terminations	(24.6)		(24.2)
Cash flow/unreinvested dividends	(4.9)		(3.9)
Net long-term inflows (outflows)	11.4		5.2
Market appreciation (depreciation)	(54.6)		6.1
Net change	(43.2)		11.3
Balance as of end of period	$	735.4	$	697.2

Average AUM in the Investment Management and Research segment for the periods presented by distribution channel and investment services were as follows:

	Three Months Ended March 31,
	2022		2021
	(in billions)
Distribution Channel:
Institutions	$	331.6	$	313.4
Retail	301.5		268.0
Private Wealth	118.1		107.1
Total	$	751.2	$	688.5
Investment Service:
Equity Actively Managed	$	270.5	$	223.4
Equity Passively Managed (1)	67.5		64.6
Fixed Income Actively Managed – Taxable	236.2		257.3
Fixed Income Actively Managed – Tax-exempt	56.1		51.2
Fixed Income Passively Managed (1)	12.9		8.4
Alternatives/Multi-Asset Solutions (2)	108.0		83.6
Total	$	751.2	$	688.5

____________

(1)Includes index and enhanced index services.

(2)Includes certain multi-asset solutions and services not included in equity of fixed income services.

Three Months Ended March 31, 2022 Compared to the Three Months Ended March 31, 2021 for the Investment Management and Research Segment

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Operating earnings

Operating earnings increased $15 million to $136 million during the three months ended March 31, 2022 from $121 million in the three months ended March 31, 2021. The following notable items were the primary drivers of the change in operating earnings:

Favorable items included:

•Fee-type revenue increased by $136 million primarily due to higher performance based fees, investment advisory base fees and distribution revenue. The increase in performance based fees is primarily due to higher performance fees earned on AB’s U.S. Real Estate Funds and International Small Cap Fund. The increase in investment advisory base fees and distribution revenue is primarily driven by higher average AUM.

These were partially offset by the following unfavorable items:

•Compensation, benefits, interest expense and other operating costs increased by $94 million mainly due to higher employee compensation attributed to higher revenues.

•Commissions and distribution-related payments increased by $14 million mainly due to higher payments to financial intermediaries for the distribution of AB mutual funds, primarily resulting from increased average AUM of these mutual funds.

•Net investment income, net of derivative gains, was unfavorable by $5 million. Net investment income decreased by $23 million mainly due to higher losses on the seed capital investments subject to market risk, offset by an increase in Net derivative gains of $18 million mainly due to higher gains from economically hedging the seed capital investments.

•Earnings attributable to noncontrolling interest increased by $6 million due to higher pre-tax earnings.

•Income tax expense increased by $2 million due to higher pre-tax earnings, partially offset by a lower effective tax rate. Additional tax credits drove the lower effective tax rate in the first quarter 2022.

Long-Term Net Flows and AUM

•Total AUM as of March 31, 2022 was $735.4 billion, down $43.2 billion, or 5.5%, compared to December 31, 2021. The decrease was driven primarily by market depreciation of $54.6 billion partially offset by net inflows of $11.4 billion reflecting net inflows of $10.2 billion from Institutional and $2.2 billion from Private Wealth, offset by Retail outflows of $1.0 billion).

•AB continues to expect approximately $5 billion of additional AXA-related redemptions of low-fee retail AUM commencing in the second quarter and continuing into the second half of 2022.

Protection Solutions

The Protection Solutions segment includes our life insurance and employee benefits businesses. We provide a targeted range of products aimed at serving the financial needs of our clients throughout their lives, including VUL, IUL and term life products. In 2015, we entered the employee benefits market and currently offer a suite of dental, vision, life, as well as short- and long-term disability insurance products to small and medium-size businesses.

In recent years, we have refocused our product offering and distribution towards less capital intensive, higher return accumulation and protection products. For example, in January 2021, we discontinued offering our most interest sensitive IUL product (“IUL Protect”). We plan to improve our operating earnings over time through earnings generated from sales of our repositioned product portfolio and by proactively managing and optimizing our in-force book.

The following table summarizes operating earnings (loss) of our Protection Solutions segment for the periods presented:

	Three Months Ended March 31,
	2022		2021
	(in millions)
Operating earnings (loss)	$	35	$	41

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Key components of operating earnings (loss) are:

	Three Months Ended March 31,
	2022		2021
	(in millions)
REVENUES
Policy charges, fee income and premiums	$	514	$	504
Net investment income	272		262
Net derivative gains (losses)	—		(1)
Investment management, service fees and other income	65		61
Segment revenues	$	851	$	826
BENEFITS AND OTHER DEDUCTIONS
Policyholders’ benefits	$	521	$	509
Interest credited to policyholders’ account balances	128		123
Commissions and distribution related payments	41		34
Amortization of deferred policy acquisition costs	35		26
Compensation, benefits and other operating costs and expenses	84		85
Interest expense	—		—
Segment benefits and other deductions	$	809	$	777

The following table summarizes Protection Solutions Reserves for our Protection Solutions segment as of the dates presented:

	March 31, 2022		December 31, 2021
	(in millions)
Protection Solutions Reserves (1)
General Account	$	18,432	$	18,625
Separate Accounts	15,883		17,012
Total Protection Solutions Reserves	$	34,315	$	35,637

_______________

(1)Does not include Protection Solutions Reserves for our employee benefits business as it is a start-up business and therefore has immaterial in-force policies.

The following table presents our in-force face amounts for the periods indicated, respectively, for our individual life insurance products:

	March 31, 2022		December 31, 2021
	(in billions)
In-force face amount by product: (1)
Universal Life (2)	$	44.9	$	45.9
Indexed Universal Life	27.9		27.9
Variable Universal Life (3)	132.9		132.8
Term	214.9		215.4
Whole Life	1.2		1.2
Total in-force face amount	$	421.8	$	423.2

_______________

(1)Includes individual life insurance and does not include employee benefits as it is a start-up business and therefore has immaterial in-force policies.

(2)UL includes GUL.

(3)VUL includes VL and COLI.

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Three Months Ended March 31, 2022 Compared to the Three Months Ended March 31, 2021 for the Protection Solutions Segment

Operating earnings

Operating earnings decreased $6 million to $35 million during the three months ended March 31, 2022 from $41 million in the three months ended March 31, 2021. The following notable items were the primary drivers of the change in operating earnings:

Unfavorable items included:

•Policyholders’ benefits increased by $12 million mainly due to unfavorable net mortality and higher EB benefits due to COVID-19 and an increase in EB reserves, partially offset by lower PFBL reserve accrual.

•Amortization of DAC increased by $9 million mainly due to reflecting a one-time refinement related to recently issued products.

•Commissions and distribution-related payments increased by $7 million mainly due to higher sales of employee benefit products.

These were partially offset by the following favorable items:

•Fee-type revenue increased by $14 million mainly driven by higher premiums due to growth in Employee Benefits and higher investment management and service fees from higher markets in 2021.

•Net investment income increased by $10 million mainly due to higher average assets balances and General Account portfolio optimization.

Corporate and Other

Corporate and Other includes some of our financing and investment expenses. It also includes: Equitable Advisors broker-dealer business, the Closed Block, run-off variable annuity reinsurance business, run-off group pension business, run-off health business, benefit plans for our employees, certain strategic investments and certain unallocated items, including capital and related investments, interest expense and financing fees and corporate expense. AB’s results of operations are reflected in the Investment Management and Research segment. Accordingly, Corporate and Other does not include any items applicable to AB.

The following table summarizes operating earnings (loss) of Corporate and Other for the periods presented:

	Three Months Ended March 31,
	2022		2021
	(in millions)
Operating earnings (loss)	$	(66)	$	(76)

General Account Investment Portfolio

The General Account investment portfolio is used to support the insurance and annuity liabilities of our Individual Retirement, Group Retirement and Protection Solutions businesses segments. In the first quarter 2022, the Company changed its methodology for allocating its General Account investment portfolio, which resulted in a change in the asset and net investment income allocation amongst the Company’s business segments. Following this change, the segmentation of the general account investments is now more closely aligned with the liability characteristics of the product groups. Management determined that the change in the allocation methodology allows for improved flexibility and infuses an active asset liability management practice into the segmentation process. Additionally, the Company also changed its basis for allocating the spread earned from our FHLB investment borrowing and FABN programs. The spread earned from our FHLB investment borrowing and FABN programs includes the investment income on the assets less interest credited on the funding agreements. The net spread as reflected in net investment income is allocated to the segments based on the percentage of the individual segment insurance liabilities over the combined segments insurance liabilities.

Our General Account investment portfolio investment strategy seeks to achieve sustainable risk-adjusted returns by focusing on principal preservation, investment return, duration and liquidity requirements by product class and the

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diversification of risks. Investment activities are undertaken according to investment policy statements that contain internally established guidelines and are required to comply with applicable laws and insurance regulations.

Risk tolerances are established for credit risk, market risk, liquidity risk and concentration risk across types of issuers and asset classes that seek to mitigate the impact of cash flow variability arising from these risks. The impact of COVID-19 continues to be assessed for potential negative impacts to the performance of mortgage loans and fixed maturities.

The General Account investment portfolio consists largely of investment grade fixed maturities, short-term investments, commercial and agricultural mortgage loans, alternative investments and other financial instruments. Fixed maturities include publicly issued corporate bonds, government bonds, privately placed notes and bonds, bonds issued by states and municipalities, mortgage-backed securities and asset-backed securities. The General Account investment portfolio also includes credit derivatives to replicate exposure to individual securities or pools of securities as a means of achieving credit exposure similar to bonds of the underlying issuer(s) more efficiently. In addition, from time to time we use derivatives for hedging purposes to reduce our exposure to equity markets, interest rates and credit spreads. As part of a yield enhancement strategy, the General Account has diversified into more asset and sub-asset classes including higher yielding commercial mortgage investments.

As part of our asset and liability management strategies, we maintain a weighted average duration for our General Account investment portfolio that is within an acceptable range of the estimated duration of our liabilities given our risk appetite and hedging programs.

Investment portfolios are primarily managed by legal entity with dedicated portfolios for certain blocks of business. For portfolios that back multiple product groups, investment results are allocated to business segments.

Our investment philosophy is driven by our long-term commitments to clients, robust risk management and strategic asset allocation. In executing the activities of our General Account investment portfolio, we incorporate ESG factors into the investment processes for a significant portion of our portfolio. As investors with a long-term horizon, we believe that companies with sustainable practices are better positioned to deliver value to stakeholders over an extended period, thereby enhancing the quality of our portfolio. These companies are more likely to increase sales through sustainable products, reduce energy costs and attract and retain talent. This belief underpins our approach to sustainable investing, where we seek to enhance the sustainability of our investment portfolio by integrating ESG factors into our investment decision process.

The General Account investment portfolio reflects certain differences from the presentation of the U.S. GAAP Consolidated Financial Statements. This presentation is consistent with how we manage the General Account investment portfolio. For further investment information, please refer to Note 3 and Note 4 of the Notes to the Consolidated Financial Statements.

Investment Results of the General Account Investment Portfolio

The following table summarizes the General Account investment portfolio results with Non-GAAP Operating Earnings adjustments by asset category for the periods indicated. This presentation is consistent with how we measure investment performance for management purposes.

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	Three Months Ended March 31,								Year Ended December 31
	2022				2021				2021
	Yield		Amount (2)		Yield		Amount (2)		Yield		Amount (2)
	(Dollars in millions)
Fixed Maturities:
Income (loss)	3.29	%	$	598	3.19	%	$	577	3.40	%	$	2,429
Ending assets			72,866				72,679				72,545
Mortgages:
Income (loss)	3.89	%	139		4.01	%	132		4.08	%	547
Ending assets			14,452				13,280				14,033
Other Equity Investments: (1)
Income (loss)	11.02	%	81		19.76	%	107		20.45	%	534
Ending assets			3,006				2,679				2,901
Policy Loans:
Income (loss)	5.74	%	58		5.54	%	57		5.01	%	203
Ending assets			4,010				4,091				4,024
Cash and Short-term Investments:
Income (loss)	(0.16)	%	(1)		(0.04)	%	—		(0.13)	%	(2)
Ending assets			2,645				2,919				1,662
Funding agreements:
Interest expense and other			(12)				(14)				(56)
Ending assets (liabilities)			(6,088)				(10,223)				(6,447)
Total Invested Assets:
Income (loss)	3.85	%	863		4.01	%	859		4.28	%	3,655
Ending Assets			90,891				85,425				88,518
Short Duration Fixed Maturities:
Income (loss)	3.67	%	1		3.13	%	35		4.48	%	78
Ending assets			137				4,154				142
Total:
Investment income (loss)	3.85	%	864		3.97	%	894		4.28	%	3,733
Less: investment fees (3)	(0.13)	%	(29)		(0.13)	%	(28)		(0.14)	%	(118)
Investment Income, Net	3.72	%	835		3.84	%	866		4.15	%	3,615
Ending Net Assets			$	91,028			$	89,579			$	88,660

_____________

(1)Includes, as of March 31, 2022, March 31, 2021 and December 31, 2021 respectively, $314 million, $480 million and $319 million of other invested assets.

(2)Amount for fixed maturities and mortgages represents original cost, reduced by repayments, write-downs, adjusted amortization of premiums, accretion of discount and allowances. Cost for equity securities represents original cost reduced by write-downs; cost for other limited partnership interests represents original cost adjusted for equity in earnings and reduced by distributions.

(3)Investment fees are inclusive of investment management fees paid to AB.

Fixed Maturities

The fixed maturity portfolio consists largely of investment grade corporate debt securities and includes significant amounts of U.S. government and agency obligations. The limited below investment grade securities in the General Account investment portfolio consist of “fallen angels,” originally purchased as investment grade, as well as short duration public high yield securities and loans to middle market companies.

Fixed Maturities by Industry

The following table sets forth these fixed maturities by industry category as of the dates indicated along with their associated gross unrealized gains and losses.

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Fixed Maturities by Industry (1)

	Amortized Cost		Allowance for Credit Losses		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Percentage of Total (%)
	(in millions)
As of March 31, 2022
Corporate Securities:
Finance	$	13,635	$	—	$	106	$	565	$	13,176	19	%
Manufacturing	12,430		—		186		559		12,057		17	%
Utilities	6,617		—		84		337		6,364		9	%
Services	8,373		21		96		453		7,995		11	%
Energy	3,936		—		45		194		3,787		5	%
Retail and wholesale	3,594		—		76		152		3,518		5	%
Transportation	2,339		—		44		91		2,292		3	%
Other	213		—		2		3		212		—	%
Total corporate securities	51,137		21		639		2,354		49,401		69	%
U.S. government	8,586		—		853		91		9,348		13	%
Residential mortgage-backed (2)	84		—		4		—		88		—	%
Preferred stock	40		—		8		—		48		—	%
State & political	670		—		43		31		682		1	%
Foreign governments	1,121		—		17		54		1,084		2	%
Commercial mortgage-backed	3,700		—		5		188		3,517		5	%
Asset-backed securities	7,528		—		9		113		7,424		10	%
Total	$	72,866	$	21	$	1,578	$	2,831	$	71,592	100	%
As of December 31, 2021:
Corporate Securities:
Finance	$	12,954	$	—	$	545	$	59	$	13,440	17	%
Manufacturing	12,212		1		775		39		12,947		17	%
Utilities	6,446		—		351		36		6,761		9	%
Services	8,191		21		380		50		8,500		11	%
Energy	3,854		—		174		17		4,011		5	%
Retail and wholesale	3,390		—		218		18		3,590		5	%
Transportation	2,181		—		156		10		2,327		3	%
Other	60		—		2		—		62		—	%
Total corporate securities	49,288		22		2,601		229		51,638		67	%
U.S. government	13,056		—		2,344		15		15,385		20	%
Residential mortgage-backed (2)	90		—		8		—		98		—	%
Preferred stock	41		—		12		—		53		—	%
State & political	586		—		78		3		661		1	%
Foreign governments	1,124		—		42		14		1,152		1	%
Commercial mortgage-backed	2,427		—		19		25		2,421		3	%
Asset-backed securities	5,933		—		21		20		5,934		8	%
Total	$	72,545	$	22	$	5,125	$	306	$	77,342	100	%

______________

(1)Investment data has been classified based on standard industry categorizations for domestic public holdings and similar classifications by industry for all other holdings.

(2)Includes publicly traded agency pass-through securities and collateralized obligations.

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Fixed Maturities Credit Quality

The SVO of the NAIC evaluates the investments of insurers for regulatory reporting purposes and assigns fixed maturities to one of six categories (“NAIC Designations”). NAIC Designations of “1” or “2” include fixed maturities considered investment grade, which include securities rated Baa3 or higher by Moody’s or BBB- or higher by Standard & Poor’s. NAIC Designations of “3” through “6” are referred to as below investment grade, which include securities rated Ba1 or lower by Moody’s and BB+ or lower by Standard & Poor’s. As a result of time lags between the funding of investments and the completion of the SVO filing process, the fixed maturity portfolio typically includes securities that have not yet been rated by the SVO as of each balance sheet date. Pending receipt of SVO ratings, the categorization of these securities by NAIC designation is based on the expected ratings indicated by internal analysis.

The following table sets forth the General Account’s fixed maturities portfolio by NAIC rating at the dates indicated.

Fixed Maturities

NAIC Designation	Rating Agency Equivalent	Amortized Cost		Allowance for Credit Losses		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
		(in millions)
As of March 31, 2022
1................................	Aaa, Aa, A	$	44,199	$	—	$	1,229	$	1,412	$	44,016
2................................	Baa	25,820		—		337		1,340		24,817
	Investment grade	70,019		—		1,566		2,752		68,833
3................................	Ba	1,705		—		7		61		1,651
4................................	B	1,064		20		4		15		1,033
5................................	Caa	49		1		1		2		47
6................................	Ca, C	29		—		—		1		28
	Below investment grade	2,847		21		12		79		2,759
Total Fixed Maturities		$	72,866	$	21	$	1,578	$	2,831	$	71,592
As of December 31, 2021:
1................................	Aaa, Aa, A	$	44,653	$	—	$	3,734	$	158	$	48,229
2................................	Baa	25,141		—		1,357		127		26,371
	Investment grade	69,794		—		5,091		285		74,600
3................................	Ba	1,601		1		22		14		1,608
4................................	B	992		19		8		5		976
5................................	Caa	130		2		4		1		131
6................................	Ca, C	28		—		—		1		27
	Below investment grade	2,751		22		34		21		2,742
Total Fixed Maturities		$	72,545	$	22	$	5,125	$	306	$	77,342

Mortgage Loans

The mortgage portfolio primarily consists of commercial and agricultural mortgage loans. The investment strategy for the mortgage loan portfolio emphasizes diversification by property type and geographic location with a primary focus on asset quality. The tables below show the breakdown of the amortized cost of the General Account’s investments in mortgage loans by geographic region and property type as of the dates indicated.

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Mortgage Loans by Region and Property Type

	March 31, 2022				December 31, 2021
	Amortized Cost		% of Total		Amortized Cost		% of Total
	(in millions)
By Region:
U.S. Regions:
Pacific	$	4,218	29	%	$	4,297	30	%
Middle Atlantic	3,368		23		3,441		24
South Atlantic	2,098		14		1,982		14
East North Central	1,198		8		1,103		8
Mountain	1,148		8		978		7
West North Central	821		6		834		6
West South Central	640		4		609		5
New England	579		4		579		4
East South Central	253		2		146		1
Total U.S.	$	14,323	99	%	$	13,969	99	%
Other Regions:
Europe	$	182	1	%	$	126	1	%
Total Other	$	182	1		$	126	1
Total Mortgage Loans	$	14,505	100	%	$	14,095	100	%
By Property Type:
Office	$	3,869	27	%	$	3,944	28	%
Multifamily	4,904		34		4,694		33
Agricultural loans	2,608		18		2,644		19
Retail	716		5		728		5
Industrial	1,473		10		1,204		9
Hospitality	409		3		410		3
Other	526		4		471		3
Total Mortgage Loans	$	14,505	100	%	$	14,095	100	%

Liquidity and Capital Resources

Liquidity refers to our ability to generate adequate amounts of cash from our operating, investment and financing activities to meet our cash requirements with a prudent margin of safety. Capital refers to our long-term financial resources available to support business operations and future growth. Our ability to generate and maintain sufficient liquidity and capital is dependent on the profitability of our businesses, timing of cash flows related to our investments and products, our ability to access the capital markets, general economic conditions and the alternative sources of liquidity and capital described herein. When considering our liquidity and cash flows, we distinguish between the needs of Holdings and the needs of our insurance and non-insurance subsidiaries. We also distinguish and separately manage the liquidity and capital resources of our retirement and protection businesses (our Individual Retirement, Group Retirement and Protection Solutions segments) and our Investment Management and Research segment.

Sources and Uses of Liquidity

The Company has sufficient cash flows from operations to satisfy liquidity requirements in 2022.

Cash Flows of Holdings

As a holding company with no business operations of its own, Holdings primarily derives cash flows from dividends from its subsidiaries and distributions related to its economic interest in AB, nearly all of which is currently held outside our insurance company subsidiaries. These principal sources of liquidity are augmented by cash and short-term investments held by

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Holdings and access to bank lines of credit and the capital markets. The main uses of liquidity for Holdings are interest payments and debt repayment, payment of dividends and other distributions to stockholders (which may include stock repurchases) loans and capital contributions, if needed, to our insurance subsidiaries. Our principal sources of liquidity and our capital position are described in the following paragraphs.

Sources and Uses of Holding Company Highly Liquid Assets

The following table sets forth Holdings’ principal sources and uses of highly liquid assets for the periods indicated.

	Three Months Ended March 31,
	2022		2021
	(in millions)
Highly Liquid Assets, beginning of period	$	1,742	$	3,088
Dividends from subsidiaries	280		234
Capital contributions to subsidiaries	(50)		(5)
M&A Activity	—		—
Income taxes payable	—		—
Total Business Capital Activity	230		229
Purchase of treasury shares	(279)		(430)
Shareholder dividends paid	(70)		(74)
Total Share Repurchases, Dividends and Acquisition Activity	(349)		(504)
Issuance of preferred stock	—		293
Preferred stock dividend	(14)		(13)
Total Preferred Stock Activity	(14)		280
Issuance of long-term debt	—		—
Repayment of long-term debt	—		(280)
Total External Debt Activity	—		(280)
Net decrease (increase) in loans to affiliates	(95)		50
Total Affiliated Debt Activity	(95)		50
Interest paid on external debt and P-Caps	(12)		(36)
Others, net	(18)		(100)
Total Other Activity	(30)		(136)
Net increase (decrease) in highly liquid assets	(258)		(360)
Highly Liquid Assets, end of period	$	1,484	$	2,728

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Capital Contribution to Our Subsidiaries

In the first quarter 2022, Holdings made a $50 million cash capital contribution.

Loans from Our Subsidiaries

There were no loans from our subsidiaries during the first quarter 2022

Cash Distributions from Our Subsidiaries

In the first quarter 2022, Holdings and certain of its subsidiaries received pretax cash distributions from AB of $214 million and post tax distributions EIM of $67 million.

Distributions from Insurance Subsidiaries

Our insurance companies are subject to limitations on the payment of dividends and other transfers of funds to Holdings and other affiliates under applicable insurance law and regulation. Also, more generally, the ability of our insurance subsidiaries to pay dividends can be affected by market conditions and other factors beyond our control.

Under New York insurance laws, which are applicable to Equitable Financial, a domestic stock life insurer may not, without prior approval of the NYDFS, pay an ordinary dividend to its stockholders exceeding an amount calculated based on a statutory formula (“Ordinary Dividend”). Dividends in excess of this amount require the insurer to file a notice of its intent to declare the dividends with the NYDFS and obtain prior approval or non-disapproval from the NYDFS with respect to such dividends (“Extraordinary Dividends”). Due to a permitted statutory accounting practice agreed to with the NYDFS, Equitable Financial will need the prior approval of the NYDFS to pay the portion, if any, of any Ordinary Dividend that exceeds the Ordinary Dividend that Equitable Financial would be permitted to pay under New York insurance law absent the application of such permitted practice (such excess, the “Permitted Practice Ordinary Dividend”). Applying the formula above, Equitable Financial could pay an Ordinary Dividend of up to approximately $0.9 billion in 2022.

Distributions from AllianceBernstein

ABLP is required to distribute all of its Available Cash Flow, as defined in the Amended and Restated Partnership Agreement of ABLP, to the holders of AB Units and to the General Partner. Available Cash Flow is defined as the cash flow received by ABLP from operations minus such amounts as the General Partner determines, in its sole discretion, should be retained by ABLP for use in its business, or plus such amounts as the General Partner determines, in its sole discretion, should be released from previously retained cash flow. Distributions by ABLP are made 1% to the General Partner and 99% among the limited partners.

Typically, Available Cash Flow has been the adjusted diluted net income per unit for the quarter multiplied by the number of general and limited partnership interests at the end of the quarter. In future periods, management of AB anticipates that Available Cash Flow will be based on adjusted diluted net income per unit, unless management of AB determines, with the concurrence of the Board of Directors of AB, that one or more adjustments that are made for adjusted net income should not be made with respect to the Available Cash Flow calculation.

AB Holding is required to distribute all of its Available Cash Flow, as defined in the Amended and Restated Agreement of Limited Partnership of AB Holding, to holders of AB Holding Units pro rata in accordance with their percentage interest in AB Holding. Available Cash Flow is defined as the cash distributions AB Holding receives from ABLP minus such amounts as the General Partner determines, in its sole discretion, should be retained by AB Holding for use in its business (such as the payment of taxes) or plus such amounts as the General Partner determines, in its sole discretion, should be released from previously retained cash flow. AB Holding is dependent on the quarterly cash distributions it receives from ABLP, which is subject to the performance of capital markets and other factors beyond our control. Distributions from AB Holding are made pro rata based on the holder’s percentage ownership interest in AB Holding.

As of March 31, 2022, Holdings and its non-insurance company subsidiaries hold approximately 170.1 million AB Units, 4.1 million AB Holding Units and the 1% General Partnership interest in ABLP.

As of March 31, 2022, the ownership structure of ABLP, including AB Units outstanding as well as the general partner’s 1% interest, was as follows:

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Owner	Percentage Ownership
EQH and its subsidiaries	63.0	%
AB Holding	36.3	%
Unaffiliated holders	0.7	%
Total	100.0	%

Including both the general partnership and limited partnership interests in AB Holding and ABLP, Holdings and its subsidiaries had an approximate 65% economic interest in AB as of March 31, 2022.

Holdings Credit Facilities

On June 24, 2021, Holdings entered into the Amended and Restated Revolving Credit Agreement with respect to a five-year senior unsecured revolving credit facility (the “Credit Facility”), which lowered the facility amount to $1.5 billion and extended the maturity date to June 24, 2026, among other changes. The Amended and Restated Revolving Credit Agreement amends the Revolving Credit Agreement entered into by Holdings on February 16, 2018, as amended on March 22, 2021.

The Credit Facility may provide significant support to our liquidity position when alternative sources of credit are limited. In addition to the Credit Facility, we have letter of credit facilities with an aggregate principal amount of approximately $1.9 billion (the “LOC Facilities”), primarily to be used to support our life insurance business reinsured to EQ AZ Life Re in April 2018. In June 2021, Holdings entered into amendments with each of the issuers of its bilateral letter of credit facilities to effect changes similar to those effected in the amended and restated revolving credit agreement. The respective facility limits of the bilateral letter of credit facilities remained unchanged.

The Credit Facility and LOC Facilities contain certain administrative, reporting, legal and financial covenants, including requirements to maintain a specified minimum consolidated net worth and to maintain a ratio of indebtedness to total capitalization not in excess of a specified percentage, and limitations on the dollar amount of indebtedness that may be incurred by our subsidiaries and the dollar amount of secured indebtedness that may be incurred by us, which could restrict our operations and use of funds. The right to borrow funds under the Credit Facility and LOC Facilities is subject to the fulfillment of certain conditions, including compliance with all covenants, and the ability to borrow thereunder is also subject to the continued ability of the lenders that are or will be parties to the facilities to provide funds. As of March 31, 2022, we were in compliance with these covenants”.

Contingent Funding Arrangements

For information regarding activity pertaining to our contingent funding arrangements and other off-balance sheet commitments, see “Commitments and Contingent Liabilities in ” Note 12 of the Notes to the Consolidated Financial Statements in this Form 10-Q.

Series A Preferred Stock, Series B Preferred Stock and Series C Preferred Stock

For information pertaining to our Series A Preferred Stock, Series B Preferred Stock and Series C Preferred Stock see Note 10 of the Notes to the Consolidated Financial Statements.

Capital Position of Holdings

We manage our capital position to maintain financial strength and credit ratings that facilitate the distribution of our products and provide our desired level of access to the bank and capital markets. Our capital position is supported by the ability of our subsidiaries to generate cash flows and distribute cash to us and our ability to effectively manage the risk of our businesses and to borrow funds and raise capital to meet our operating and growth needs.

Our Board and senior management are directly involved in the development of our capital management policies. Accordingly, capital actions, including proposed changes to the annual capital plan, capital targets and capital policies, are approved by the Board.

Dividends Declared and Paid

The declaration and payment of future dividends is subject to the discretion of our Board of Directors and depends on our financial condition, results of operations, cash requirements, future prospects, regulatory restrictions on the payment of dividends by Holdings’ insurance subsidiaries and other factors deemed relevant by the Board. 

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The payment of dividends will be substantially restricted in the event that we do not declare and pay (or set aside) dividends on the Series A , Series B and Series C Preferred Stock for the last proceeding dividend period. For additional information on our preferred stock, see “—Series A Preferred Stock, Series B Preferred Stock and Series C Preferred Stock”.

For information regarding activity pertaining to common and preferred dividends declared and paid, see Note 10 of the Notes to the Consolidated Financial Statements.

Share Repurchase Programs

For information regarding activity pertaining to share repurchase programs, see Note 10 of the Notes to the Consolidated Financial Statements.

Sources and Uses of Liquidity of Our Insurance Subsidiaries

The principal sources of liquidity for our insurance subsidiaries are premiums, investment and fee income, deposits associated with our insurance and annuity operations, cash and invested assets, as well as internal borrowings. The principal uses of that liquidity include benefits, claims and dividends paid to policyholders and payments to policyholders in connection with surrenders and withdrawals. Other uses of liquidity include commissions, general and administrative expenses, purchases of investments, the payment of dividends to Holdings and hedging activity. Certain of our insurance subsidiaries’ principal sources and uses of liquidity are described in the paragraphs that follow.

We manage the liquidity of our insurance subsidiaries with the objective of ensuring that they can meet payment obligations linked to our Individual Retirement, Group Retirement and Protection Solutions businesses and to their outstanding debt and derivative positions, including in our hedging programs, without support from Holdings. We employ an asset/liability management approach specific to the requirements of each of our insurance businesses. We measure liquidity against internally-developed benchmarks that consider the characteristics of our asset portfolio and the liabilities that it supports in both the short-term (the next 12 months) and long-term (beyond the next 12 months). We consider attributes of the various categories of our liquid assets (for example, type of asset and credit quality) in calculating internal liquidity indicators for our insurance and reinsurance operations. Our liquidity benchmarks are established for various stress scenarios and durations, including company-specific and market-wide events. The scenarios we use to evaluate the liquidity of our subsidiaries are defined to allow operating entities to operate without support from Holdings.

Liquid Assets

The investment portfolios of our insurance subsidiaries are a significant component of our overall liquidity. Liquid assets include cash and cash equivalents, short-term investments, U.S. Treasury fixed maturities, fixed maturities that are not designated as HTM and public equity securities. We believe that our business operations and the liquidity profile of our assets provide sufficient liquidity under reasonably foreseeable stress scenarios for each of our insurance subsidiaries.

See “—General Account Investment Portfolio” and Note 3 and Note 4 of the Notes to the Consolidated Financial Statements for a description of our retirement and protection businesses’ portfolio of liquid assets.

Hedging Activities

Because the future claims exposure on our insurance products, and in particular our variable annuity products with GMxB features, is sensitive to movements in the equity markets and interest rates, we have in place various hedging and reinsurance programs that are designed to mitigate the economic risks of movements in the equity markets and interest rates. We use derivatives as part of our overall asset/liability risk management program primarily to reduce exposures to equity market and interest rate risks. In addition, we use credit derivatives to replicate exposure to individual securities or pools of securities as a means of achieving credit exposure similar to bonds of the underlying issuer(s) more efficiently. The derivative contracts are an integral part of our risk management program, especially for the management of our variable annuities program, and are collectively managed to reduce the economic impact of unfavorable movements in capital markets. These derivative transactions require liquidity to meet payment obligations such as payments for periodic settlements, purchases, maturities and terminations as well as liquid assets pledged as collateral related to any decline in the net estimated fair value. Collateral calls represent one of our biggest drivers for liquidity needs for our insurance subsidiaries. Our derivatives contracts reside primarily within Equitable Financial, which has a significantly large investment portfolio.

FHLB Membership

Equitable Financial and Equitable America are members of the FHLB, which provides access to collateralized borrowings and other FHLB products.

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See Note 12 of the Notes to the Consolidated Financial Statements for further description of our FHLB program.

FABN

Under the FABN program, Equitable Financial may issue funding agreements in U.S. dollar or other foreign currencies.

See Note 12 of the Notes to the Consolidated Financial Statements for further description of our FABN program.

Sources and Uses of Liquidity of our Investment Management and Research Segment

The principal sources of liquidity for our Investment Management and Research business include investment management fees and borrowings under its credit facilities and commercial paper program. The principal uses of liquidity include general and administrative expenses, business financing and distributions to holders of AB Units and AB Holding Units plus interest and debt service. The primary liquidity risk for our fee-based Investment Management and Research business is its profitability, which is impacted by market conditions and our investment management performance.

AB Short-term Debt

AB Commercial Paper

As of March 31, 2022 and December 31, 2021, AB had no commercial paper outstanding. The commercial paper is short term in nature, and as such, recorded value is estimated to approximate fair value (and considered a Level 2 security in the fair value hierarchy). Average daily borrowings for the commercial paper outstanding during the first three months of 2022 and full year 2021 were $257 million and $157 million, respectively, with weighted average interest rates of approximately 0.2% and 0.2%, respectively.

AB Revolver Credit Facility

AB had a $200 million committed, unsecured senior revolving credit facility (the "AB Revolver") with a leading international bank, which matured on November 16, 2021. Average daily borrowings for the full year 2021 were $13 million with a weighted average interest rate of 1.1%.

AB Credit Facility

AB has a $800 million committed, unsecured senior revolving credit facility (the “AB Credit Facility”) with a group of commercial banks and other lenders which matures on October 13, 2026. The credit facility provides for possible increases in the principal amount by up to an aggregate incremental amount of $200 million. Any such increase is subject to the consent of the affected lenders. The AB Credit Facility is available for AB and SCB LLC for business purposes, including the support of AB’s commercial paper program. Both AB and SCB LLC can draw directly under the AB Credit Facility and AB management expects to draw on the AB Credit Facility from time to time. AB has agreed to guarantee the obligations of SCB LLC under the AB Credit Facility.

The AB Credit Facility contains affirmative, negative and financial covenants, which are customary for facilities of this type, including, among other things, restrictions on dispositions of assets, restrictions on liens, a minimum interest coverage ratio and a maximum leverage ratio. As of March 31, 2022, AB was in compliance with these covenants. The AB Credit Facility also includes customary events of default (with customary grace periods, as applicable), including provisions under which, upon the occurrence of an event of default, all outstanding loans may be accelerated and/or lender’s commitments may be terminated. Also, under such provisions, upon the occurrence of certain insolvency- or bankruptcy-related events of default, all amounts payable under the AB Credit Facility would automatically become immediately due and payable, and the lender’s commitments would automatically terminate.

Amounts under the Credit Facility may be borrowed, repaid and re-borrowed by us from time to time until the maturity of the facility. Voluntary prepayments and commitment reductions requested by AB are permitted at any time without a fee (other than customary breakage costs relating to the prepayment of any drawn loans) upon proper notice and subject to a minimum dollar requirement. Borrowings under the AB Credit Facility bear interest at a rate per annum, which will be, at AB’s option, a rate equal to an applicable margin, which is subject to adjustment based on the credit ratings of AB, plus one of the following indices: LIBOR; a floating base rate; or the Federal Funds rate.

As of March 31, 2022 and December 31, 2021, AB had no amounts outstanding under the AB Credit Facility. During the periods ended March 31, 2022 and December 31, 2021, AB and SCB LLC did not draw upon the AB Credit Facility.

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In addition, SCB LLC currently has five uncommitted lines of credit with five financial institutions. Four of these lines of credit permit borrowing up to an aggregate of approximately $315 million, with AB named as an additional borrower, while the other line has no stated limit. As of March 31, 2022 and December 31, 2021, SCB LLC had no outstanding balance on these lines of credit. Average daily borrowings during the first three months of 2022 and the full year 2021 were $3 million and $47 thousand with weighted average interest rates of approximately 0.8% and 0.9%, respectively.

EQH Facility

AB has a $900 million committed, unsecured senior credit facility (the “EQH Facility”). The EQH Facility matures on November 4, 2024 and is available for AB’s general business purposes. Borrowings under the EQH Facility generally bear interest at a rate per annum based on prevailing overnight commercial paper rates.

The EQH Facility contains affirmative, negative and financial covenants which are substantially similar to those in AB’s committed bank facilities. The EQH Facility also includes customary events of default substantially similar to those in AB’s committed bank facilities, including provisions under which, upon the occurrence of an event of default, all outstanding loans may be accelerated and/or the lender’s commitment may be terminated.

Amounts under the EQH Facility may be borrowed, repaid and re-borrowed by AB from time to time until the maturity of the facility. AB or Holdings may reduce or terminate the commitment at any time without penalty upon proper notice. Holdings also may terminate the facility immediately upon a change of control of AB’s general partner.

As of March 31, 2022 and December 31, 2021, AB had $850 million and $755 million outstanding under the EQH Facility, with interest rates of approximately 0.3% and 0.20%, respectively. Average daily borrowing of the EQH Facility during the first three months of 2022 and the full year 2021 were $645 million and $405 million, respectively, both with a weighted average interest rate of approximately 0.2%.

EQH Uncommitted Facility

In addition to the EQH Facility, on September 1, 2020, AB has a $300 million uncommitted, unsecured senior credit facility (the “EQH Uncommitted Facility”) with EQH. The EQH Uncommitted Facility matures on September 1, 2024 and is available for AB’s general business purposes. Borrowings under the EQH Uncommitted Facility bear generally interest at a rate per annum based on prevailing overnight commercial paper rates. The EQH Uncommitted Facility contains affirmative, negative and financial covenants, which are substantially similar to those in the EQH Facility.

As of March 31, 2022 and December 31, 2021, AB had no outstanding balance on the EQH Uncommitted Facility and have not drawn upon the facility since its inception.

Statutory Capital of Our Insurance Subsidiaries

Our capital management framework for our insurance subsidiaries is primarily based on statutory RBC standards and the CTE asset standard for our variable annuity business.

RBC requirements are used as minimum capital requirements by the NAIC and the state insurance departments to evaluate the capital condition of regulated insurance companies. RBC is based on a formula calculated by applying factors to various asset, premium, claim, expense and statutory reserve items. The formula takes into account the risk characteristics of the insurer, including asset risk, insurance risk, interest rate risk, market risk and business risk and is calculated on a quarterly basis and made public on an annual basis. The formula is used as an early warning regulatory tool to identify possible inadequately capitalized insurers for purposes of initiating regulatory action, and not as a means to rank insurers generally. These rules apply to our insurance company subsidiaries and not to Holdings. State insurance laws provide insurance regulators the authority to require various actions by, or take various actions against, insurers whose total adjusted capital does not meet or exceed certain RBC levels. At the date of the most recent annual statutory financial statements filed with insurance regulators, the total adjusted capital of each of these insurance company subsidiaries subject to these requirements was in excess of each of those RBC levels.

See 13 of the Notes to the Consolidated Financial Statements for additional information relating to Permitted and Prescribed Statutory Accounting practices and its impact on our statutory surplus.

Captive Reinsurance Company

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We use a captive reinsurance company to more effectively manage our reserves and capital on an economic basis and to enable the aggregation and transfer of risks. Our captive reinsurance company assumes business from affiliates only and is closed to new business. Our captive reinsurance company is a wholly-owned subsidiaries located in the United States. In addition to state insurance regulation, our captive is subject to internal policies governing its activities. We continue to analyze the use of our existing captive reinsurance structure, as well as additional third-party reinsurance arrangements.

Borrowings

Our financial strategy going forward will remain subject to market conditions and other factors. For example, we may from time to time enter into additional bank or other financing arrangements, including public or private debt, structured facilities and contingent capital arrangements, under which we could incur additional indebtedness.

The following table sets forth the Company’s total consolidated borrowings. Short-term and long-term debt consists of the following:

	March 31,		December 31,
	2022		2021
	(in millions)
Short-term debt:
CLO Warehousing Debt	$	204	$	92
Total short-term debt	204		92
Long-term debt:
Senior Notes (5.0%, due 2048)	1,481		1,481
Senior Notes (4.35%, due 2028)	1,490		1,490
Senior Notes (3.9%, due 2023)	519		519
Senior Debentures, (7.0%, due 2028)	350		349
Total long-term debt	3,840		3,839
Total short-term and long-term debt	$	4,044	$	3,931

Notes and Debentures

The Senior Notes and Senior Debentures contain customary affirmative and negative covenants, including a limitation on certain liens and a limit on the Company’s ability to consolidate, merge or sell or otherwise dispose of all or substantially all of its assets. The Senior Notes and Senior Debentures also include customary events of default (with customary grace periods, as applicable), including provisions under which, upon the occurrence of an event of default, all outstanding Senior Notes and Senior Debentures may be accelerated. As of March 31, 2022, the Company is in compliance with all debt covenants.

Ratings

Financial strength ratings (which are sometimes referred to as “claims-paying” ratings) and credit ratings are important factors affecting public confidence in an insurer and its competitive position in marketing products. Our credit ratings are also important for our ability to raise capital through the issuance of debt and for the cost of such financing.

Financial strength ratings represent the opinions of rating agencies regarding the financial ability of an insurance company to meet its obligations under an insurance policy. Credit ratings represent the opinions of rating agencies regarding an entity’s ability to repay its indebtedness. The following table summarizes the ratings for Holdings and certain of its subsidiaries. AM Best and S&P have a stable outlook while Moody’s has a positive outlook.

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	AM Best	S&P	Moody’s
Last review date	Jan '22	Nov '21	Aug '21
Financial Strength Ratings:
Equitable Financial Life Insurance Company	A	A+	A2
Equitable Financial Life Insurance Company of America	A	A+	A2
Credit Ratings:
Equitable Holdings, Inc.		BBB+	Baa2
Last review date		Sep '21	Dec '21
AllianceBernstein L.P.		A	A2

Material Cash Requirement

Our material cash requirements include policyholder obligations, long-term debt, commercial paper, employee benefits, operating leases and various funding commitments. See “Material Cash Requirements” in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Annual Report on Form 10-K for the year ended December 31, 2021 for additional information.

Summary of Critical Accounting Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to adopt accounting policies and make estimates and assumptions that affect amounts reported in our consolidated financial statements included elsewhere herein. For a discussion of our significant accounting policies, see Note 2 to the Company’s consolidated financial statements included in our 2021 Form 10-K. The most critical estimates include those used in determining:

•liabilities for future policy benefits;

•accounting for reinsurance;

•capitalization and amortization of DAC and policyholder bonus interest credits;

•estimated fair values of investments in the absence of quoted market values and investment impairments;

•estimated fair values of freestanding derivatives and the recognition and estimated fair value of embedded derivatives requiring bifurcation;

•goodwill and related impairment;

•measurement of income taxes and the valuation of deferred tax assets; and

•liabilities for litigation and regulatory matters.

In applying our accounting policies, we make subjective and complex judgments that frequently require estimates about matters that are inherently uncertain. Many of these policies, estimates and related judgments are common in the insurance and financial services industries while others are specific to our business and operations. Actual results could differ from these estimates.

Item 3.      Quantitative and Qualitative Disclosures About Market Risk

There have been no material changes to the quantitative and qualitative disclosures about market risk described in the Annual Report on Form 10-K for the year ended December 31, 2021 in "Quantitative and Qualitative Disclosures About Market Risk".

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Item 4.     Controls and Procedures

Management, with the participation of the Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of the design and operation of the Company’s disclosure controls and procedures, as defined in Rule 13a-15(e) of the Exchange Act. Based on such evaluation, the Chief Executive Officer and Chief Financial Officer have concluded that, as of March 31, 2022, the Company’s disclosure controls and procedures were effective.

During the first quarter 2022, we implemented a new accounting and financial reporting system, including the general ledger. We have modified our existing controls infrastructure, as well as added other processes and internal controls, to adapt to our new general ledger. There are no other changes in our internal control over financial reporting (as defined in Rule 13a-15(f) and Rule 15d-15(f) under the Exchange Act) that occurred during the quarter ended March 31, 2022, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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PART II. OTHER INFORMATION

Item 1.     Legal Proceedings

For information regarding certain legal proceedings pending against us, see Note 12 of the Notes to these Consolidated Financial Statements (unaudited) in this Form 10-Q. Also see “Risk Factors—Legal and Regulatory Risks—Legal and regulatory actions” in our Annual Report on Form 10-K for the year ended December 31, 2021.

Item 1A. Risk Factors

You should carefully consider the risks described in the “Risk Factors” section included in our Annual Report on Form 10-K for the year ended December 31, 2021. Risks to which we are subject also include, but are not limited to, the factors mentioned under “Note Regarding Forward-Looking Statements and Information” above and the risks of our businesses described elsewhere in this Quarterly Report on Form 10-Q.

Item 2.     Unregistered Sales of Equity Securities and Use of Proceeds

The following table provides information about purchases by Holdings during the three months ended March 31, 2022, of its common stock:

Period	Total Number of Shares Purchased	Average Price Paid per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs	Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs
1/1/22 through 1/31/22	683,860	$	33.93	683,860	$	5,243,868
2/1/22 through 2/28/22	4,167,776	$	32.87	4,167,776	$	1,068,266,184
3/1/22 through 3/31/22	3,719,437	$	30.58	3,719,437	$	954,529,426
Total	8,571,073	$	31.96	8,571,073	$	954,529,426

See Note 10 to the Notes to Consolidated Financial Statements for ASR transaction detail during the three months ended March 31, 2022.

Item 3.     Defaults Upon Senior Securities

None.

Item 4.     Mine Safety Disclosures

Not applicable.

Item 5.      Other Information

None.

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Item 6.     Exhibits

Number		Description and Method of Filing
31.1	#	Certification of the Registrant’s Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2	#	Certification of the Registrant’s Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1	#	Certification of the Registrant’s Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2	#	Certification of the Registrant’s Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.INS		XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCH		Inline XBRL Taxonomy Extension Schema Document
101.CAL		Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.LAB		Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE		Inline XBRL Taxonomy Extension Presentation Linkbase Document
101.DEF		Inline XBRL Taxonomy Extension Definition Linkbase Document
104		Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibits 101).

______________

#    Filed herewith.

GLOSSARY

Selected Financial Terms

Account Value (“AV”)	Generally equals the aggregate policy account value of our retirement and protection products. General Account AV refers to account balances in investment options that are backed by the General Account while Separate Accounts AV refers to Separate Accounts investment assets.
Alternative investments	Investments in real estate and real estate joint ventures and other limited partnerships.
Assets under administration (“AUA”)	Includes non-insurance client assets that are invested in our savings and investment products or serviced by our Equitable Advisors platform. We provide administrative services for these assets and generally record the revenues received as distribution fees.
Assets under management (“AUM”)	Investment assets that are managed by one of our subsidiaries and includes: (i) assets managed by AB, (ii) the assets in our GAIA portfolio and (iii) the Separate Account assets of our retirement and protection businesses. Total AUM reflects exclusions between segments to avoid double counting.
Combined RBC Ratio	Calculated as the overall aggregate RBC ratio for the Company’s insurance subsidiaries including capital held for its life insurance and variable annuity liabilities and non-variable annuity insurance liabilities.
Conditional tail expectation (“CTE”)	Calculated as the average amount of total assets required to satisfy obligations over the life of the contract or policy in the worst x% of scenarios. Represented as CTE (100 less x). Example: CTE95 represents the worst five percent of scenarios.
Deferred policy acquisition cost (“DAC”)	Represents the incremental costs related directly to the successful acquisition of new and certain renewal insurance policies and annuity contracts and which have been deferred on the balance sheet as an asset.
Deferred sales inducements (“DSI”)	Represent amounts that are credited to a policyholder’s account balance that are higher than the expected crediting rates on similar contracts without such an inducement and that are an incentive to purchase a contract and also meet the accounting criteria to be deferred as an asset that is amortized over the life of the contract.
Dividends Received Deduction (“DRD”)	A tax deduction under U.S. federal income tax law received by a corporation on the dividends it receives from other corporations in which it has an ownership stake.

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Fee-type revenue	Revenue from fees and related items, including policy charges and fee income, premiums, investment management and service fees, and other income.
Gross Premiums

Invested assets	Includes fixed maturity securities, equity securities, mortgage loans, policy loans, alternative investments and short-term investments.
Protection Solutions Reserves	Equals the aggregate value of Policyholders’ account balances and Future policy benefits for policies in our Protection Solutions segment.
Reinsurance	Insurance policies purchased by insurers to limit the total loss they would experience from an insurance claim.
Renewal premium and deposits	Premiums and deposits after the first twelve months of the policy or contract.
Risk-based capital (“RBC”)	Rules to determine insurance company statutory capital requirements. It is based on rules published by the National Association of Insurance Commissioners (“NAIC”).
Total adjusted capital (“TAC”)	Primarily consists of capital and surplus, and the asset valuation reserve.
Product Terms
401(k)	A tax-deferred retirement savings plan sponsored by an employer. 401(k) refers to the section of the Internal Revenue Code of 1986, as amended (the “Code”) pursuant to which these plans are established.
403(b)	A tax-deferred retirement savings plan available to certain employees of public schools and certain tax-exempt organizations. 403(b) refers to the section of the Code pursuant to which these plans are established.
Affluent	Refers to individuals with $250,000 to $999,999 of investable assets.
Annuitant	The person who receives annuity payments or the person whose life expectancy determines the amount of variable annuity payments upon annuitization of an annuity to be paid for life.
Annuitization	The process of converting an annuity investment into a series of periodic income payments, generally for life.

Benefit base	A notional amount (not actual cash value) used to calculate the owner’s guaranteed benefits within an annuity contract. The death benefit and living benefit within the same contract may not have the same benefit base.
Cash surrender value	The amount an insurance company pays (minus any surrender charge) to the policyholder when the contract or policy is voluntarily terminated prematurely.
Dollar-for-dollar withdrawal	A method of calculating the reduction of a variable annuity benefit base after a withdrawal in which the benefit is reduced by one dollar for every dollar withdrawn.
Future policy benefits	Future policy benefits for the annuities business are comprised mainly of liabilities for life-contingent income annuities, and liabilities for the variable annuity guaranteed minimum benefits accounted for as insurance. Future policy benefits for the life business are comprised mainly of liabilities for traditional life and certain liabilities for universal and variable life insurance contracts (other than the Policyholders’ account balance).
General Account Investment Portfolio	The invested assets held in the General Account.
General Account	The assets held in the general accounts of our insurance companies as well as assets held in our separate accounts on which we bear the investment risk.
GMxB	A general reference to all forms of variable annuity guaranteed benefits, including guaranteed minimum living benefits, or GMLBs (such as GMIBs, GMWBs and GMABs), and guaranteed minimum death benefits, or GMDBs (inclusive of return of premium death benefit guarantees).

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Guaranteed income benefit (“GIB”) An optional benefit which provides the policyholder with a guaranteed lifetime annuity based on predetermined annuity purchase rates applied to a GIB benefit base, with annuitization automatically triggered if and when the contract AV falls to zero.

Guaranteed minimum accumulation benefits (“GMAB”)	An optional benefit (available for an additional cost) which entitles an annuitant to a minimum payment, typically in lump-sum, after a set period of time, typically referred to as the accumulation period. The minimum payment is based on the benefit base, which could be greater than the underlying AV.
Guaranteed minimum death benefits (“GMDB”)	An optional benefit (available for an additional cost) that guarantees an annuitant’s beneficiaries are entitled to a minimum payment based on the benefit base, which could be greater than the underlying AV, upon the death of the annuitant.
Guaranteed minimum income benefits (“GMIB”)	An optional benefit (available for an additional cost) where an annuitant is entitled to annuitize the policy and receive a minimum payment stream based on the benefit base, which could be greater than the underlying AV.
Guaranteed minimum living benefits (“GMLB”)	A reference to all forms of guaranteed minimum living benefits, including GMIBs, GMWBs and GMABs (does not include GMDBs).
Guaranteed minimum withdrawal benefits (“GMWB”)	An optional benefit (available for an additional cost) where an annuitant is entitled to withdraw a maximum amount of their benefit base each year, for which cumulative payments to the annuitant could be greater than the underlying AV.
Guaranteed Universal Life (“GUL”)	A universal life insurance offering with a lifetime no lapse guarantee rider, otherwise known as a guaranteed UL policy. With a GUL policy, the premiums are guaranteed to last the life of the policy.
Guaranteed withdrawal benefit for life (“GWBL”)	An optional benefit (available for an additional cost) where an annuitant is entitled to withdraw a maximum amount of their benefit base each year, for the duration of the policyholder’s life, regardless of account performance.
High net worth	Refers to individuals with $1,000,000 or more of investable assets.
Indexed Universal Life (“IUL”)	A permanent life insurance offering built on a universal life insurance framework that uses an equity-linked approach for generating policy investment returns.
Living benefits	Optional benefits (available at an additional cost) that guarantee that the policyholder will get back at least his original investment when the money is withdrawn.
Mortality and expense risk fee (“M&E fee”)	A fee charged by insurance companies to compensate for the risk they take by issuing life insurance and variable annuity contracts.

Net flows	Net change in customer account balances in a period including, but not limited to, gross premiums, surrenders, withdrawals and benefits. It excludes investment performance, interest credited to customer accounts and policy charges.
Policyholder account balances	Annuities. Policyholder account balances are held for fixed deferred annuities, the fixed account portion of variable annuities and non-life contingent income annuities. Interest is credited to the policyholder’s account at interest rates we determine which are influenced by current market rates, subject to specified minimums. Life Insurance Policies. Policyholder account balances are held for retained asset accounts, universal life policies and the fixed account of universal variable life insurance policies. Interest is credited to the policyholder’s account at interest rates we determine which are influenced by current market rates, subject to specified minimums.
Return of premium (“ROP”) death benefit	This death benefit pays the greater of the account value at the time of a claim following the owner’s death or the total contributions to the contract (subject to adjustment for withdrawals). The charge for this benefit is usually included in the M&E fee that is deducted daily from the net assets in each variable investment option. We also refer to this death benefit as the Return of Principal death benefit.
Rider	An optional feature or benefit that a policyholder can purchase at an additional cost.

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Separate Account	Refers to the separate account investment assets of our insurance subsidiaries excluding the assets held in those separate accounts on which we bear the investment risk.
Surrender charge	A fee paid by a contract owner for the early withdrawal of an amount that exceeds a specific percentage or for cancellation of the contract within a specified amount of time after purchase.

Surrender rate	Represents annualized surrenders and withdrawals as a percentage of average AV.
Universal life (“UL”) products	Life insurance products that provide a death benefit in return for payment of specified annual policy charges that are generally related to specific costs, which may change over time. To the extent that the policyholder chooses to pay more than the charges required in any given year to keep the policy in-force, the excess premium will be placed into the AV of the policy and credited with a stated interest rate on a monthly basis.
Variable annuity	A type of annuity that offers guaranteed periodic payments for a defined period of time or for life and gives purchasers the ability to invest in various markets though the underlying investment options, which may result in potentially higher, but variable, returns.
Variable Universal Life (“VUL”)	Universal life products where the excess amount paid over policy charges can be directed by the policyholder into a variety of Separate Account investment options. In the Separate Account investment options, the policyholder bears the entire risk and returns of the investment results.
Whole Life (“WL”)	A life insurance policy that is guaranteed to remain in-force for the policyholder’s lifetime, provided the required premiums are paid.

99

ACRONYMS

•“AB” or “AllianceBernstein” means AB Holding and ABLP

•“AB Holding” means AllianceBernstein Holding L.P., a Delaware limited partnership

•“AB Holding Units” means units representing assignments of beneficial ownership of limited partnership interests in AB Holding

•“AB Units” means units of limited partnership interests in ABLP

•“ABLP” means AllianceBernstein L.P., a Delaware limited partnership and the operating partnership for the AB business

•“AFS” means available-for-sale

•“AOCI” means accumulated other comprehensive income

•“ASC” means Accounting Standards Codification

•“ASR” means accelerated share repurchase

•“ASU” means Accounting Standards Update

•“AUM” means assets under management

•“AUA” means assets under administration

•“AV” means Account Value

•“AXA” means AXA S.A., a société anonyme organized under the laws of France, and formerly our controlling stockholder

•“BPs” means basis points

•“CDS” means credit default swaps

•“CLO” means collateralized loan obligation

•“COI” means cost of insurance

•“COLI” means corporate owned life insurance

•“Company” means Equitable Holdings, Inc. with its consolidated subsidiaries

•“CS Life” means Corporate Solutions Life Reinsurance Company, a Delaware corporation and a wholly-owned direct subsidiary of Holdings

•“CS Life RE” means CS Life RE Company, an Arizona corporation and a wholly-owned indirect subsidiary of Holdings

•“CSA” means credit support annex

•“CTE” means conditional tail expectation

•“DAC” means deferred policy acquisition costs

•“DI” means disability income

•“DOL” means U.S. Department of Labor

•“DSC” means debt service coverage

•“DSI” means deferred sales inducement

•“EAFE” means European, Australasia, and Far East

•“EB” means Employee Benefits

•“EFS” means Equitable Financial Services, LLC, a Delaware corporation and a wholly-owned direct subsidiary of Holdings

•“EPS” means earnings per share

•“EIMG” means Equitable Investment Management Group, LLC, a Delaware limited liability company and a wholly-owned indirect subsidiary of Holdings.

•“EIM” means Equitable Investment Management, LLC, a Delaware limited liability company and wholly-owned indirect subsidiary of Holdings.

•“Equitable Advisors” means Equitable Advisors, LLC, a Delaware limited liability company, our retail broker/dealer for our retirement and protection businesses and a wholly-owned indirect subsidiary of Holdings

•“Equitable America” means Equitable Financial Life Insurance Company of America (f/k/a MONY Life Insurance Company of America), an Arizona corporation and a wholly-owned indirect subsidiary of Holdings

•“Equitable Financial” means Equitable Financial Life Insurance Company, a New York corporation, a life insurance company and a wholly-owned subsidiary of EFS

•“EQ AZ Life Re” means EQ AZ Life Re Company, an Arizona corporation and a wholly-owned indirect subsidiary of Holdings.

•“ERISA” means Employee Retirement Income Security Act of 1974

•“ESG” means environmental, social and governance

•“ETF” means exchange traded funds

•“ETR” means effective tax rate

•“Exchange Act” means Securities Exchange Act of 1934, as amended

•“FABN” means Funding Agreement Backed Notes Program

•“FASB” means Financial Accounting Standards Board

•“FHLB” means Federal Home Loan Bank

•“FYP” means first year premium and deposits

•“General Partner” means AllianceBernstein Corporation, a Delaware corporation and the general partner of AB Holding and ABLP

•“GUL” means guaranteed universal life

•“HFS” means held-for-sale

•“Holdings” means Equitable Holdings, Inc.

•“HTM” means held-to-maturity

•“IPO” means initial public offering

100

•“ISDA Master Agreement” means International Swaps and Derivatives Association Master Agreement

•“IUL” means indexed universal life

•“IUS” means Investments Under Surveillance

•“LIBOR” means London Interbank Offered Rate

•“LTV” means loan-to-value

•“MD&A” means Management’s Discussion and Analysis of Financial Condition and Results of Operations

•“MRBs” means market risk benefits

•“MSO” means Market Stabilizer Option

•“MTA” means Master Transaction Agreement

•“NAIC” means National Association of Insurance Commissioners

•“NAR” means net amount at risk

•“NAV” means net asset value

•“NLG” means no-lapse guarantee

•“NYDFS” means New York State Department of Financial Services

•“OCI” means other comprehensive income

•“OTC” means over-the-counter

•“PFBL” means profits followed by losses

•“REIT” means real estate investment trusts

•“SCB LLC” means Sanford C. Bernstein & Co., LLC, a registered investment adviser and broker-dealer.

•“SCS” means Structured Capital Strategies

•“SEC” means U.S. Securities and Exchange Commission

•“Series A Preferred Stock” means Holdings’ Series A Fixed Rate Noncumulative Perpetual Preferred Stock

•“Series B Preferred Stock” means Holdings’ Series B Fixed Rate Reset Noncumulative Perpetual Preferred Stock

•“Series C Preferred Stock” means Holdings’ Series C Fixed Rate Reset Noncumulative Perpetual Preferred Stock

•“SIO” means structured investment option

•“SPE” means special purpose entity

•“SVO” means Securities Valuation Office

•“TDRs” means troubled debt restructurings

•“TIPS” means treasury inflation-protected securities

•“U.S. GAAP” means accounting principles generally accepted in the United States of America

•“UL” means universal life

•“ULSG” means universal life products with secondary guarantee

•“USFL” means U.S. Financial Life Insurance Company

•“Venerable” means Venerable Holdings, Inc.

•“VIAC” means Venerable Insurance and Annuity Company

•“VIE” means variable interest entity

•“VISL” means variable interest-sensitive life

•“VOE” means voting interest entity

•“VUL” means variable universal life

101

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, Equitable Holdings, Inc. has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: May 10, 2022	EQUITABLE HOLDINGS, INC.
	By:	/s/ Robin M. Raju
		Name:	Robin M. Raju
		Title:	Chief Financial Officer (Principal Financial Officer)
Date: May 10, 2022		/s/ William Eckert
		Name:	William Eckert
		Title:	Chief Accounting Officer (Principal Accounting Officer)

102

EX-31.1

Exhibit 31.1

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Mark Pearson, President and Chief Executive Officer of Equitable Holdings, Inc., certify that:

1) I have reviewed this Quarterly Report on Form 10-Q of Equitable Holdings, Inc. (the “Registrant”);

2) Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3) Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this report;

4) The Registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have:

a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)Designed such internal control over financial reporting or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter (the Registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and

5) The Registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):

a)    All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize and report financial information; and

b)    Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.

Date: May 10, 2022

/s/ Mark Pearson

Mark Pearson

President and Chief Executive Officer

EX-31.2

Exhibit 31.2

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Robin M. Raju, Chief Financial Officer of Equitable Holdings, Inc., certify that:

1) I have reviewed this Quarterly Report on Form 10-Q of Equitable Holdings, Inc. (the “Registrant”);

2) Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3) Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this report;

4) The Registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have:

a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)Designed such internal control over financial reporting or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter (the Registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and

5) The Registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):

a)    All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize and report financial information; and

b)    Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.

Date: May 10, 2022

/s/ Robin M. Raju

Robin M. Raju

Chief Financial Officer

EX-32.1

Exhibit 32.1

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report on Form 10-Q of Equitable Holdings, Inc. (the “Company”) for the quarter ended March 31, 2022, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Mark Pearson, President and Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1) the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(2) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: May 10, 2022

/s/ Mark Pearson

Mark Pearson

President and Chief Executive Officer

EX-32.2

Exhibit 32.2

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report on Form 10-Q of Equitable Holdings, Inc. (the “Company”) for the quarter ended March 31, 2022, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Robin M. Raju, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1) the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(2) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: May 10, 2022

/s/ Robin M. Raju

Robin M. Raju

Chief Financial Officer

XML

Cover - shares	3 Months Ended
	Mar. 31, 2022	May 09, 2022
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
Document Transition Report	false
Entity File Number	001-38469
Entity Registrant Name	Equitable Holdings, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	90-0226248
Entity Address, Address Line One	1290 Avenue of the Americas
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10104
City Area Code	212
Local Phone Number	554-1234
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		381,005,664
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2022
Amendment Flag	false
Entity Central Index Key	0001333986
Current Fiscal Year End Date	--12-31
Common Stock
Entity Information [Line Items]
Title of 12(b) Security	Common Stock
Trading Symbol	EQH
Security Exchange Name	NYSE
Depositary Shares, each representing a 1/1,000th interest in a share of Fixed Rate Noncumulative Perpetual Preferred Stock, Series A
Entity Information [Line Items]
Title of 12(b) Security	Depositary Shares, each representing a 1/1,000th interest in a share of Fixed Rate Noncumulative Perpetual Preferred Stock, Series A
Trading Symbol	EQH PR A
Security Exchange Name	NYSE
Depositary Shares, each representing a 1/1,000th interest in a share of Fixed Rate Noncumulative Perpetual Preferred Stock, Series C
Entity Information [Line Items]
Title of 12(b) Security	Depositary Shares, each representing a 1/1,000th interest in a share of Fixed Rate Noncumulative Perpetual Preferred Stock, Series C
Trading Symbol	EQH PR C
Security Exchange Name	NYSE

XML

Consolidated Balance Sheets - USD ($) $ in Millions		Mar. 31, 2022	Dec. 31, 2021
Investments:
Fixed maturities available-for-sale, at fair value (amortized cost of $73,694 and $73,429) (allowance for credit losses of $21 and $22)		$ 72,386	$ 78,216
Fixed maturities, at fair value using the fair value option	[1]	1,627	1,641
Mortgage loans on real estate (net of allowance for credit losses of $53 and $62)	[1]	14,452	14,033
Policy loans		4,010	4,024
Other equity investments	[1]	3,087	2,975
Trading securities, at fair value		589	631
Other invested assets	[1]	2,625	3,591
Total investments		98,776	105,111
Cash and cash equivalents	[1]	5,713	5,188
Cash and securities segregated, at fair value		1,693	1,504
Broker-dealer related receivables		2,744	2,599
Deferred policy acquisition costs		6,592	5,491
Goodwill and other intangible assets, net		4,723	4,728
Amounts due from reinsurers (allowance for credit losses of $5 and $5) (includes amounts accounted for at fair value of $5,056 and $5,813)	[2]	14,060	14,679
GMIB reinsurance contract asset, at fair value		1,582	1,848
Current and deferred income taxes		1,111	195
Other assets	[1]	3,852	3,613
Separate Accounts assets		136,812	147,306
Total Assets		277,658	292,262
LIABILITIES
Policyholders’ account balances		79,549	79,357
Future policy benefits and other policyholders' liabilities		35,165	36,717
Broker-dealer related payables		1,992	1,283
Customer related payables		3,684	3,600
Amounts due to reinsurers		1,331	1,381
Short-term and long-term debt		4,044	3,931
Notes issued by consolidated variable interest entities, at fair value using the fair value option	[1]	1,182	1,191
Other liabilities	[1]	4,030	3,933
Separate Accounts liabilities		136,812	147,306
Total Liabilities		267,789	278,699
Redeemable noncontrolling interest	[1],[3]	386	468
Commitments and contingent liabilities (Note 12)
Equity attributable to Holdings:
Preferred stock and additional paid-in capital, $1 par value and $25,000 liquidation preference		1,562	1,562
Common stock, $0.01 par value, 2,000,000,000 shares authorized; 520,234,471 and 520,918,331 shares issued, respectively; 384,314,304 and 391,290,224 shares outstanding, respectively		4	4
Additional paid-in capital		1,933	1,919
#REF!		(3,070)	(2,850)
Retained earnings		9,312	8,880
Accumulated other comprehensive income (loss)		(1,787)	2,004
Total equity attributable to Holdings		7,954	11,519
Noncontrolling interest		1,529	1,576
Total Equity		9,483	13,095
Total Liabilities, Redeemable Noncontrolling Interest and Equity		$ 277,658	$ 292,262

[1] See Note 2 of the Notes to these Consolidated Financial Statements for details of balances with VIEs.

[2] Represents the fair value of the ceded reserves to Venerable. See Note 1 of the Notes to these Consolidated Financial Statements for details of the Venerable Transaction and Note 8 of the Notes to these Consolidated Financial Statements .

[3] See Note 11 of the Notes to these Consolidated Financial Statements for details of redeemable noncontrolling interest.

XML

Consolidated Balance Sheets (Parenthetical) - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Fixed maturities available-for-sale, amortized cost	$ 73,694,000,000	$ 73,429,000,000
Fixed maturities available-for-sale, allowance for credit losses	21,000,000	22,000,000
Mortgage loans on real estate, allowance for credit losses	53,000,000	62,000,000
Reinsurance recoverable, allowance for credit loss	5,000,000	5,000,000
Reinsurance recoverable, fair value	$ 5,056,000,000	$ 5,813,000,000
Preferred stock par value (in dollars per share)	$ 1	$ 1
Preferred stock, liquidation preference	$ 25,000	$ 25,000
Common stock par value (in dollars per share)	$ 0.01	$ 0.01
Common stock authorized (in shares)	2,000,000,000	2,000,000,000
Common stock issued (in shares)	520,234,471	520,918,331
Common stock outstanding (in shares)	384,314,304	391,290,224
Treasury stock (in shares)	135,920,167	129,628,107

XML

Consolidated Statements of Income (Loss) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
REVENUES
Policy charges and fee income	$ 840	$ 949
Premiums	247	258
Net derivative gains (losses)	821	(2,546)
Net investment income (loss)	804	884
Investment gains (losses), net:
Credit losses on available-for-sale debt securities and loans	10	1
Other investment gains (losses), net	(336)	183
Total investment gains (losses), net	(326)	184
Investment management and service fees	1,355	1,257
Other income	203	167
Total revenues	3,944	1,153
BENEFITS AND OTHER DEDUCTIONS
Policyholders’ benefits	1,060	939
Interest credited to policyholders’ account balances	315	291
Compensation and benefits	595	580
Commissions and distribution-related payments	422	382
Interest expense	47	74
Amortization of deferred policy acquisition costs	181	87
Other operating costs and expenses	537	608
Total benefits and other deductions	3,157	2,961
Income (loss) from continuing operations, before income taxes	787	(1,808)
Income tax (expense) benefit	(148)	408
Net income (loss)	639	(1,400)
Less: Net income (loss) attributable to the noncontrolling interest	66	88
Net income (loss) attributable to Holdings	573	(1,488)
Less: Preferred stock dividends	14	13
Net income (loss) available to Holdings’ common shareholders	559	(1,501)
Net income (loss) available to Holdings’ common shareholders	$ 559	$ (1,501)
Net income (loss) applicable to Holdings’ common shareholders per common share:
Basic (in dollars per share)	$ 1.44	$ (3.46)
Diluted (in dollars per share)	$ 1.43	$ (3.46)
Weighted average common shares outstanding (in millions):
Basic (in shares)	388.6	434.2
Diluted (in shares)	391.7	434.2

XML

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 639	$ (1,400)
Other comprehensive income (loss) net of income taxes:
Change in unrealized gains (losses), net of reclassification adjustment	(3,826)	(3,153)
Changes in defined benefit plan related items not yet recognized in periodic benefit cost, net of reclassification adjustment	43	33
Foreign currency translation adjustment	(12)	(6)
Total other comprehensive income (loss), net of income taxes	(3,795)	(3,126)
Comprehensive income (loss)	(3,156)	(4,526)
Less: Comprehensive income (loss) attributable to the noncontrolling interest	62	85
Comprehensive income (loss) attributable to Holdings	$ (3,218)	$ (4,611)

XML

Consolidated Statements of Equity - USD ($) $ in Millions	Total	Total Holdings Equity	Preferred Stock and Additional Paid-In Capital	Common Stock	Additional Paid-in Capital	Treasury Stock	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Non-controlling Interest
Beginning of year at Dec. 31, 2020	$ 17,177	$ 15,576	$ 1,269	$ 5	$ 1,985	$ (2,245)	$ 10,699	$ 3,863	$ 1,601
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock compensation	71	64			19	45			7
Purchase of treasury stock	(430)	(430)			(10)	(420)
Reissuance of treasury stock	(46)	(46)					(46)
Retirement of common stock	0					320	(320)
Repurchase of AB Holding units	(13)								(13)
Dividends paid to noncontrolling interest	(108)								(108)
Dividends on common stock	(74)	(74)					(74)
Dividends on preferred stock	(13)	(13)					(13)
Issuance of preferred stock	293	293	293
Net income (loss)	(1,400)	(1,488)					(1,488)		88
Other comprehensive income (loss)	(3,126)	(3,123)						(3,123)	(3)
Other	(63)	(66)			(66)				3
End of year at Mar. 31, 2021	12,268	10,693	1,562	5	1,928	(2,300)	8,758	740	1,575
Beginning of year at Dec. 31, 2021	13,095	11,519	1,562	4	1,919	(2,850)	8,880	2,004	1,576
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock compensation	69	50			19	31			19
Purchase of treasury stock	(278)	(278)			(5)	(273)
Reissuance of treasury stock	(31)	(31)					(31)
Retirement of common stock	0					22	(22)
Repurchase of AB Holding units	(14)								(14)
Dividends paid to noncontrolling interest	(139)								(139)
Dividends on common stock	(70)	(70)					(70)
Dividends on preferred stock	(14)	(14)					(14)
Issuance of preferred stock	0	0	0
Net income (loss)	666	573					573		93
Other comprehensive income (loss)	(3,795)	(3,791)						(3,791)	(4)
Other	(6)	(4)			0		(4)		(2)
End of year at Mar. 31, 2022	$ 9,483	$ 7,954	$ 1,562	$ 4	$ 1,933	$ (3,070)	$ 9,312	$ (1,787)	$ 1,529

XML

Consolidated Statements of Equity (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement of Stockholders' Equity [Abstract]
Cash dividends declared per common share (in dollars per share)	$ 0.18	$ 0.17

XML

Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement of Cash Flows [Abstract]
Net income (loss)	$ 639	$ (1,400)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Interest credited to policyholders’ account balances	315	291
Policy charges and fee income	(840)	(949)
Net derivative (gains) losses	(821)	2,546
Credit losses on AFS debt securities and loans	(10)	(1)
Investment (gains) losses, net	336	(182)
(Gains) losses on businesses HFS	0	(1)
Realized and unrealized (gains) losses on trading securities	92	41
Non-cash long term incentive compensation expense	38	41
Amortization and depreciation	180	153
Equity (income) loss from limited partnerships	(71)	(107)
Changes in:
Net broker-dealer and customer related receivables/payables	11	(328)
Reinsurance recoverable	(376)	(79)
Segregated cash and securities, net	(189)	341
Capitalization of deferred policy acquisition costs	(209)	(186)
Future policy benefits	180	60
Current and deferred income taxes	93	(429)
Other, net	(98)	175
Net cash provided by (used in) operating activities	(730)	(14)
Proceeds from the sale/maturity/prepayment of:
Fixed maturities, available-for-sale	8,651	9,257
Fixed maturities, at fair value using the fair value option	252	109
Mortgage loans on real estate	280	245
Trading account securities	45	799
Real estate joint ventures	0	0
Short term investments	6	18
Other	167	775
Payment for the purchase/origination of:
Fixed maturities, available-for-sale	(9,198)	(10,240)
Fixed maturities, at fair value using the fair value option	(254)	(322)
Mortgage loans on real estate	(688)	(352)
Trading account securities	(44)	(70)
Short term investments	(304)	(5)
Other	569	(1,157)
Cash settlements related to derivative instruments	230	(2,973)
Investment in capitalized software, leasehold improvements and EDP equipment	1	(23)
Other, net	116	188
Net cash provided by (used in) investing activities	(171)	(3,751)
Cash flows from financing activities:
Deposits	3,228	7,236
Withdrawals	(2,257)	(1,467)
Transfers (to) from Separate Accounts	454	497
Change in short-term financings	112	185
Change in collateralized pledged assets	(40)	(1,392)
Change in collateralized pledged liabilities	545	96
(Decrease) increase in overdrafts payable	(15)	1
Repayment of long-term debt	0	(280)
Proceeds from notes issued by consolidated VIEs	(11)	11
Dividends paid on common stock	(70)	(74)
Dividends paid on preferred stock	(14)	(13)
Issuance of preferred stock	0	293
Purchases of AB Holding Units to fund long-term incentive compensation plan awards	(14)	(36)
Purchase of treasury shares	(279)	(430)
Purchases (redemptions) of noncontrolling interests of consolidated company-sponsored investment funds	(56)	(7)
Distribution to noncontrolling interest of consolidated subsidiaries	(139)	(108)
Increase (decrease) in securities sold under agreement to repurchase	0	0
Other, net	(7)	(76)
Net cash provided by (used in) financing activities	1,437	4,436
Effect of exchange rate changes on cash and cash equivalents	(11)	(2)
Change in cash and cash equivalents	525	669
Cash and cash equivalents, beginning of year	5,188	6,179
Change in cash of businesses held-for-sale	0	(53)
Cash and cash equivalents, end of year	5,713	6,795
Non-cash transactions from investing and financing activities:
Right-of-use assets obtained in exchange for lease obligations	$ 29	$ 26

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ORGANIZATION

3 Months Ended

Mar. 31, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

ORGANIZATION

ORGANIZATION

Equitable Holdings, Inc. is the holding company for a diversified financial services organization. The Company conducts operations in four segments: Individual Retirement, Group Retirement, Investment Management and Research, and Protection Solutions. The Company’s management evaluates the performance of each of these segments independently.

•The Individual Retirement segment offers a diverse suite of variable annuity products which are primarily sold to affluent and high net worth individuals saving for retirement or seeking retirement income.

•The Group Retirement segment offers tax-deferred investment and retirement services or products to plans sponsored by educational entities, municipalities and not-for-profit entities, as well as small and medium-sized businesses.

•The Investment Management and Research segment provides diversified investment management, research and related solutions globally to a broad range of clients through three main client channels - Institutional, Retail and Private Wealth - and distributes its institutional research products and solutions through Bernstein Research Services. The Investment Management and Research segment reflects the business of AB Holding and ABLP and their subsidiaries (collectively, AB).

•The Protection Solutions segment includes the Company’s life insurance and group employee benefits businesses. The life insurance business offers a variety of VUL, IUL and term life products to help affluent and high net worth individuals, as well as small and medium-sized business owners, with their wealth protection, wealth transfer and corporate needs. Our group employee benefits business offers a suite of life, short- and long-term disability, dental and vision insurance products to small and medium-size businesses across the United States.

The Company reports certain activities and items that are not included in our segments in Corporate and Other. Corporate and Other includes certain of our financing and investment expenses. It also includes: Equitable Advisors broker-dealer business, closed block of life insurance (the “Closed Block”), run-off variable annuity reinsurance business, run-off group pension business, run-off health business, benefit plans for our employees, certain strategic investments and certain unallocated items, including capital and related investments, interest expense and corporate expense. AB’s results of operations are reflected in the Investment Management and Research segment. Accordingly, Corporate and Other does not include any items applicable to AB.

As of March 31, 2022 and December 31, 2021 the Company’s economic interest in AB was approximately 65% for both periods. The General Partner of AB is a wholly-owned subsidiary of the Company. Because the General Partner has the authority to manage and control the business of AB, AB is consolidated in the Company’s financial statements for all periods presented.

On June 1, 2021, Holdings completed the sale (the “Venerable Transaction”) of CS Life, to Venerable Insurance and Annuity Company, an insurance company domiciled in Iowa (“VIAC”), pursuant to the Master Transaction Agreement, dated October 27, 2020 (the “Master Transaction Agreement”), among the Company, VIAC and, solely with respect to Article XIV thereof, Venerable Holdings, Inc., a Delaware corporation (“Venerable”).

Pursuant to the Master Transaction Agreement, immediately prior to the closing of the Venerable Transaction, CS Life effected the recapture of all of the business that was ceded to CS Life Re Company, a wholly owned subsidiary of CS Life (“Reinsurance Subsidiary”), and sold 100% of the equity of the Reinsurance Subsidiary to another wholly owned subsidiary of the Company.

VIAC paid the Company a cash purchase price of $215 million for CS Life at closing. The post-closing true-up adjustment was immaterial. VIAC also issued a surplus note in aggregate principal amount of $60 million, to Equitable Financial Life Insurance Company, a New York-domiciled life insurance company and a wholly owned subsidiary of Holdings, for cash consideration.

Immediately following the closing of the Venerable Transaction, CS Life and Equitable Financial entered into a coinsurance and modified coinsurance agreement (the “Reinsurance Agreement”), pursuant to which Equitable Financial ceded to CS Life, on a combined coinsurance and modified coinsurance basis, legacy variable annuity policies sold by Equitable Financial between 2006-2008 (the “Block”), comprised of non-New York “Accumulator” policies containing fixed rate Guaranteed Minimum Income Benefit and/or Guaranteed Minimum Death Benefit

guarantees. At the closing of the Transaction, CS Life deposited assets supporting the general account liabilities relating to the Block into a trust account for the benefit of Equitable Financial, which assets will secure its obligations to Equitable Financial under the Reinsurance Agreement. At the closing of the Transaction, AllianceBernstein L.P., a subsidiary of the Company (“AB”), entered into an investment advisory agreement with CS Life pursuant to which AB will serve as the preferred investment manager of the general account assets transferred to the trust account. The Company transferred assets of $9.5 billion, including primarily available for sale securities and cash, to a collateral trust account as the consideration for the reinsurance transaction. In addition, the Company recorded $9.6 billion of direct insurance liabilities ceded under the reinsurance contract, of which $5.3 billion is accounted at fair value, as the reinsurance of GMxB with no lapse guarantee riders are embedded derivatives. Additionally, $16.9 billion of Separate Account liabilities were ceded under a modified coinsurance portion of the agreement.

In addition, upon the completion of the Venerable Transaction, EIMG acquired an approximate 9.09% equity interest in Venerable’s parent holding company, VA Capital Company LLC. In connection with such investment, EIMG designated a member to the Board of Managers of VA Capital Company LLC.

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SIGNIFICANT ACCOUNTING POLICIES

3 Months Ended

Mar. 31, 2022

Accounting Policies [Abstract]

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation and Principles of Consolidation

The unaudited interim consolidated financial statements (the “consolidated financial statements”) have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP” or “GAAP”) on a basis consistent with reporting interim financial information in accordance with instructions to the Form 10-Q and Article 10 of Regulation S-X of the Securities and Exchange Commission (“SEC”).

In the opinion of management, all adjustments necessary for a fair statement of the financial position and results of operations have been made. All such adjustments are of a normal, recurring nature. Interim results are not necessarily indicative of the results that may be expected for the full year. These financial statements should be read in conjunction with the Company’s consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021.

The accompanying unaudited consolidated financial statements present the consolidated results of operations, financial condition, and cash flows of the Company and its subsidiaries and those investment companies, partnerships and joint ventures in which the Company has control and a majority economic interest as well as those variable interest entities (“VIEs”) that meet the requirements for consolidation.

All significant intercompany transactions and balances have been eliminated in consolidation. The terms “first quarter 2022” and “first quarter 2021” refer to the three months ended March 31, 2022 and 2021, respectively. The terms “first three months of 2022” and “first three months of 2021” refer to the three months ended March 31, 2022 and 2021, respectively.

Certain prior year amounts have been reclassified to conform to the current year’s presentation.

Recent Accounting Pronouncements

Changes to U.S. GAAP are established by the Financial Accounting Standards Board (“FASB”) in the form of Accounting Standards Updates (“ASUs”) to the FASB Accounting Standards Codification (“ASC”). The Company considers the applicability and impact of all ASUs. ASUs listed below include those that have been adopted during the current fiscal year and/or those that have been issued but not yet adopted as of March 31, 2022, and as of the date of this filing. ASUs not listed below were assessed and determined to be either not applicable or not material.

Future Adoption of New Accounting Pronouncements

Description	Effective Date and Method of Adoption	Effect on the Financial Statement or Other Significant Matters
ASU 2018-12: Financial Services - Insurance (Topic 944); ASU 2020-11: Financial Services - Insurance (Topic 944): Effective Date and Early Application
This ASU provides targeted improvements to existing recognition, measurement, presentation, and disclosure requirements for long-duration contracts issued by an insurance entity. The ASU primarily impacts four key areas, including: 1. Measurement of the liability for future policy benefits for traditional and limited payment contracts. The ASU requires companies to review, and if necessary, update cash flow assumptions at least annually for non-participating traditional and limited-payment insurance contracts. The ASU also prescribes the discount rate to be used in measuring the liability for future policy benefits for traditional and limited payment long-duration contracts. 2. Measurement of MRBs. MRBs, as defined under the ASU, will encompass certain GMxB features associated with variable annuity products and other general account annuities with other than nominal market risk. 3. Amortization of deferred acquisition costs. The ASU simplifies the amortization of deferred acquisition costs and other balances amortized in proportion to premiums, gross profits, or gross margins, requiring such balances to be amortized on a constant level basis over the expected term of the contracts.  4. Expanded footnote disclosures. The ASU requires additional disclosures including information about significant inputs, judgements, assumptions and methods used in measurement.	In November 2020, the FASB issued ASU 2020-11 which deferred the effective date of the amendments in ASU 2018-12 for all insurance entities. ASU 2018-12 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2022. Early adoption is allowed. For the liability for future policyholder benefits for traditional and limited payment contracts, companies can elect one of two adoption methods. Companies can either elect a modified retrospective transition method applied to contracts in force as of the beginning of the earliest period presented on the basis of their existing carrying amounts, adjusted for the removal of any related amounts in AOCI or a full retrospective transition method using actual historical experience information as of contract inception. The same adoption method must be used for deferred policy acquisition costs. For MRBs, the ASU should be applied retrospectively as of the beginning of the earliest period presented.	The Company continues to progress with implementation efforts and the evaluation of the impact that adoption of this guidance will have on the Company’s consolidated financial statements. Due to its extensive nature, the adoption of the ASU is expected to have a significant impact on the Company’s consolidated financial statements, as well as systems, processes and controls. Effective January 1, 2023, the new guidance will be adopted using the modified retrospective approach, except for MRBs which will use the full retrospective approach. The Company has created a governance framework and implementation plan to ensure timely adoption of the guidance. In preparation for implementation, the Company continues to refine key accounting policy decisions, modernize processes and update internal controls. These changes include modifications of actuarial valuation systems, data sourcing, analytical procedures and reporting processes. The impact on total equity of applying this ASU is estimated to be neutral to the current amount of reported total equity as of March 31, 2022. As of March 31, 2022, a positive impact to AOCI is expected due to increases in the Company’s estimate of its non-performance risk on variable annuity guarantees accounted for as MRBs for the first time under the guidance. The estimated impact to the retained earnings element of total equity as of March 31, 2022, due to accounting for variable annuity guarantees as MRBs that are not currently measured at fair value, is mitigated by the Company’s present use of a near industry low interest rate assumption of 2.25% on GMIB business. Because movements in equity markets, interest rates and credit spreads are unpredictable and at times volatile, it is possible that the estimated effects of adoption could change materially between March 31, 2022 and January 1, 2023.

Accounting and Consolidation of VIEs

For all new investment products and entities developed by the Company, the Company first determines whether the entity is a VIE, which involves determining an entity’s variability and variable interests, identifying the holders of the equity investment at risk and assessing the five characteristics of a VIE. Once an entity has been determined to be a VIE, the Company then determines whether it is the primary beneficiary of the VIE based on its beneficial interests. If the Company is deemed to be the primary beneficiary of the VIE, then the Company consolidates the entity.

Management of the Company reviews quarterly its investment management agreements and its investments in, and other financial arrangements with, certain entities that hold client AUM to determine the entities that the Company is required to consolidate under this guidance. These entities include certain mutual fund products, hedge funds, structured products, group trusts, collective investment trusts and limited partnerships.

The analysis performed to identify variable interests held, determine whether entities are VIEs or VOEs, and evaluate whether the Company has a controlling financial interest in such entities requires the exercise of judgment and is updated on a continuous basis as circumstances change or new entities are developed. The primary beneficiary evaluation generally is performed qualitatively based on all facts and circumstances, including consideration of economic interests in the VIE held directly and indirectly through related parties and entities under common control, as well as quantitatively, as appropriate.

Consolidated VIEs

Consolidated CLOs

The Company is the investment manager of certain asset-backed investment vehicles, commonly referred to as CLOs, and certain other vehicles for which the Company earns fee income for investment management services. The Company may sell or syndicate investments through these vehicles, principally as part of the strategic investing activity as part of its investment management businesses. Additionally, the Company may invest in securities issued by these vehicles which are eliminated in consolidation of the CLOs.

As of March 31, 2022 and December 31, 2021, respectively, Equitable Financial holds $99 million and $109 million of equity interests in the CLOs. The Company consolidated the CLOs as of March 31, 2022 and December 31, 2021 as it is the primary beneficiary due to the combination of both its equity interest held by Equitable Financial and the majority ownership of AB, which functions as the CLOs loan manager. The assets of the CLOs are legally isolated from the Company’s creditors and can only be used to settle obligations of the CLOs. The liabilities of the CLOs are non-recourse to the Company and the Company has no obligation to satisfy the liabilities of the CLOs. As of March 31, 2022, Equitable Financial holds $76 million of equity interests in a newly formed SPE established to purchase loans from the market in anticipation of a new CLO transaction. The Company consolidated the SPE as of March 31, 2022 as it is the primary beneficiary due to the combination of both its equity interest held by Equitable Financial and the majority ownership of AB, which functions as the SPE loan manager.

Resulting from this consolidation in the Company’s consolidated balance sheets are fixed maturities, at fair value using the fair value option with total assets of $1.6 billion and $1.6 billion notes issued by consolidated variable interest entities, at fair value using the fair value option with total liabilities of $1.2 billion and $1.2 billion at March 31, 2022 and December 31, 2021, respectively. The unpaid outstanding principal balance of the notes and short-term borrowing is $1.4 billion and $1.3 billion at March 31, 2022 and December 31, 2021.

Consolidated Limited Partnerships and LLCs

As of March 31, 2022 and December 31, 2021 the Company consolidated limited partnerships and LLCs for which it was identified as the primary beneficiary under the VIE model. Included in Other invested assets, Mortgage loans on real estate and Other equity investments in the Company’s consolidated balance sheets at March 31, 2022 and December 31, 2021 are total assets of $270 million and $219 million, respectively related to these VIEs.

Consolidated AB-Sponsored Investment Funds

Included in the Company’s consolidated balance sheet as of March 31, 2022 and December 31, 2021 are assets of $542 million and $734 million, liabilities of $37 million and $87 million, and redeemable noncontrolling interests of $338 million and $421 million, respectively, associated with the consolidation of AB-sponsored investment funds under the VIE model. There were no consolidated AB-sponsored investment funds under the VOE model as of March 31, 2022 and December 31, 2021. The assets of these consolidated funds are presented within other invested

assets and cash and cash equivalents, and liabilities of these consolidated funds are presented with other liabilities in the Company’s consolidated balance sheets; ownership interests not held by the Company relating to consolidated VIEs and VOEs are presented either as redeemable or non-redeemable noncontrolling interests, as appropriate. Redeemable noncontrolling interests are presented in mezzanine equity and non-redeemable noncontrolling interests are presented within permanent equity. The Company is not required to provide financial support to these AB-sponsored investment funds, and only the assets of such funds are available to settle each fund’s own liabilities.

Non-Consolidated VIEs

As of March 31, 2022 and December 31, 2021 respectively, the Company held approximately $2.2 billion and $2.1 billion of investment assets in the form of equity interests issued by non-corporate legal entities determined under the guidance to be VIEs, such as limited partnerships and limited liability companies, including CLOs, hedge funds, private equity funds and real estate-related funds. As an equity investor, the Company is considered to have a variable interest in each of these VIEs as a result of its participation in the risks and/or rewards these funds were designed to create by their defined portfolio objectives and strategies. Primarily through qualitative assessment, including consideration of related party interests or other financial arrangements, if any, the Company was not identified as primary beneficiary of any of these VIEs, largely due to its inability to direct the activities that most significantly impact their economic performance. Consequently, the Company continues to reflect these equity interests in the consolidated balance sheets as other equity investments and applies the equity method of accounting for these positions. The net assets of these non-consolidated VIEs are approximately $259.1 billion and $245.6 billion as of March 31, 2022 and December 31, 2021 respectively. The Company’s maximum exposure to loss from its direct involvement with these VIEs is the carrying value of its investment of $2.2 billion and $2.1 billion and approximately $1.2 billion and $1.2 billion of unfunded commitments as of March 31, 2022 and December 31, 2021, respectively. The Company has no further economic interest in these VIEs in the form of guarantees, derivatives, credit enhancements or similar instruments and obligations.

Non-Consolidated AB-Sponsored Investment Products

As of March 31, 2022 and December 31, 2021, the net assets of investment products sponsored by AB that are non-consolidated VIEs are approximately $59.1 billion and $68.9 billion, respectively. The Company’s maximum exposure to loss from its direct involvement with these VIEs is its investment of $15 million and $9 million as of March 31, 2022 and December 31, 2021. The Company has no further commitments to or economic interest in these VIEs.

Assumption Updates and Model Changes

The Company conducts its annual review of its assumptions and models during the third quarter of each year. The annual review encompasses assumptions underlying the valuation of unearned revenue liabilities, embedded derivatives for our insurance business, liabilities for future policyholder benefits, DAC and DSI assets.

However, the Company updates its assumptions as needed in the event it becomes aware of economic conditions or events that could require a change in assumptions that it believes may have a significant impact to the carrying value of product liabilities and assets and consequently materially impact its earnings in the period of the change. There were no material assumption updates or model changes in the first quarters of 2022 or 2021.

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INVESTMENTS

3 Months Ended

Mar. 31, 2022

Investments, Debt and Equity Securities [Abstract]

INVESTMENTS

INVESTMENTS

Fixed Maturities AFS

The components of fair value and amortized cost for fixed maturities classified as AFS on the consolidated balance sheets excludes accrued interest receivable because the Company elected to present accrued interest receivable within other assets. Accrued interest receivable on AFS fixed maturities as of March 31, 2022 and December 31, 2021 was $559 million and $506 million, respectively. There was no accrued interest written off for AFS fixed maturities for the three months ended March 31, 2022 and 2021.

The following tables provide information relating to the Company’s fixed maturities classified as AFS.

AFS Fixed Maturities by Classification

	Amortized Cost		Allowance for Credit Losses		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	(in millions)
March 31, 2022
Fixed Maturities:
Corporate (1)	$	51,965	$	21	$	639	$	2,388	$	50,195
U.S. Treasury, government and agency	8,586		—		853		91		9,348
States and political subdivisions	670		—		43		31		682
Foreign governments	1,121		—		17		54		1,084
Residential mortgage-backed (2)	84		—		4		—		88
Asset-backed (3)	7,528		—		9		113		7,424
Commercial mortgage-backed	3,700		—		5		188		3,517
Redeemable preferred stock	40		—		8		—		48
Total at March 31, 2022	$	73,694	$	21	$	1,578	$	2,865	$	72,386
December 31, 2021:
Fixed Maturities:
Corporate (1)	$	50,172	$	22	$	2,601	$	240	$	52,511
U.S. Treasury, government and agency	13,056		—		2,344		15		15,385
States and political subdivisions	586		—		78		2		662
Foreign governments	1,124		—		42		14		1,152
Residential mortgage-backed (2)	90		—		8		—		98
Asset-backed (3)	5,933		—		21		20		5,934
Commercial mortgage-backed	2,427		—		19		25		2,421
Redeemable preferred stock	41		—		12		—		53
Total at December 31, 2021	$	73,429	$	22	$	5,125	$	316	$	78,216

______________

(1)Corporate fixed maturities include both public and private issues.

(2)Includes publicly traded agency pass-through securities and collateralized obligations.

(3)Includes credit-tranched securities collateralized by sub-prime mortgages, credit risk transfer securities and other asset types.

The contractual maturities of AFS fixed maturities as of March 31, 2022 are shown in the table below. Bonds not due at a single maturity date have been included in the table in the final year of maturity. Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

Contractual Maturities of AFS Fixed Maturities

	Amortized Cost (Less Allowance for Credit Losses)		Fair Value
	(in millions)
March 31, 2022
Contractual maturities:
Due in one year or less	$	1,105	$	1,102
Due in years two through five	15,453		15,348
Due in years six through ten	18,663		18,257
Due after ten years	27,100		26,602
Subtotal	62,321		61,309
Residential mortgage-backed	84		88
Asset-backed	7,528		7,424
Commercial mortgage-backed	3,700		3,517
Redeemable preferred stock	40		48
Total at March 31, 2022	$	73,673	$	72,386

The following table shows proceeds from sales, gross gains (losses) from sales and credit losses for AFS fixed maturities for the three months ended March 31, 2022 and 2021:

Proceeds from Sales, Gross Gains (Losses) from Sales and Credit Losses for AFS Fixed Maturities

	Three Months Ended March 31,
	2022		2021
	(in millions)
Proceeds from sales	$	7,391	$	7,209
Gross gains on sales	$	29	$	291
Gross losses on sales	$	(364)	$	(116)
Credit losses	$	1	$	(6)

The following table sets forth the amount of credit loss impairments on AFS fixed maturities held by the Company at the dates indicated and the corresponding changes in such amounts.

AFS Fixed Maturities - Credit Loss Impairments

	Three Months Ended March 31,
	2022		2021
Balance, beginning of period	$	44	$	32
Previously recognized impairments on securities that matured, paid, prepaid or sold	(2)		—
Recognized impairments on securities impaired to fair value this period (1)	—		—
Credit losses recognized this period on securities for which credit losses were not previously recognized	—		2
Additional credit losses this period on securities previously impaired	1		4
Increases due to passage of time on previously recorded credit losses	—		—
Accretion of previously recognized impairments due to increases in expected cash flows (for OTTI securities 2019 and prior)	—		—
Balance at March 31,	$	43	$	38

______________

(1)Represents circumstances where the Company determined in the current period that it intends to sell the security, or it is more likely than not that it will be required to sell the security before recovery of the security’s amortized cost.

The tables that follow below present a roll-forward of net unrealized investment gains (losses) recognized in AOCI.

Net Unrealized Gains (Losses) on AFS Fixed Maturities

	Net Unrealized Gains (Losses) on Investments		DAC		Policyholders’ Liabilities		Deferred Income Tax Asset (Liability)		AOCI Gain (Loss) Related to Net Unrealized Investment Gains (Losses)
	(in millions)
Balance, January 1, 2022	$	4,809	$	(782)	$	(418)	$	(757)	$	2,852
Net investment gains (losses) arising during the period	(6,425)		—		—		—		(6,425)
Reclassification adjustment:
Included in net income (loss)	334		—		—		—		334
Other	—		—		—		—		—
Impact of net unrealized investment gains (losses)	—		1,071		182		1,015		2,268
Net unrealized investment gains (losses) excluding credit losses	(1,282)		289		(236)		258		(971)
Net unrealized investment gains (losses) with credit losses	(5)		1		(1)		1		(4)
Balance, March 31, 2022	$	(1,287)	$	290	$	(237)	$	259	$	(975)
Balance, January 1, 2021	$	8,811	$	(1,548)	$	(1,065)	$	(1,302)	$	4,896
Net investment gains (losses) arising during the period	(5,129)		—		—		—		(5,129)
Reclassification adjustment:
Included in net income (loss)	(175)		—		—		—		(175)
Other (1)	(33)								(33)
Impact of net unrealized investment gains (losses)			599		757		836		2,192
Net unrealized investment gains (losses) excluding credit losses	3,474		(949)		(308)		(466)		1,751
Net unrealized investment gains (losses) with credit losses	(8)		2		1		1		(4)
Balance, March 31, 2021	$	3,466	$	(947)	$	(307)	$	(465)	$	1,747

_____________

(1) Effective January 1, 2021, certain preferred stock have been reclassified to other equity investments.

The following tables disclose the fair values and gross unrealized losses of the 3,978 issues as of March 31, 2022 and the 565 issues as of December 31, 2021 that are not deemed to have credit losses, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position for the specified periods at the dates indicated.

AFS Fixed Maturities in an Unrealized Loss Position for Which No Allowance Is Recorded

	Less Than 12 Months				12 Months or Longer				Total
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
	(in millions)
March 31, 2022
Fixed Maturities:
Corporate	$	28,350	$	2,094	$	2,863	$	292	$	31,213	$	2,386
U.S. Treasury, government and agency	2,884		82		94		9		2,978		91
States and political subdivisions	257		28		12		3		269		31

	Less Than 12 Months				12 Months or Longer				Total
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
	(in millions)
Foreign governments	606		39		120		15		726		54
Asset-backed	6,300		110		178		3		6,478		113
Commercial mortgage-backed	2,860		169		165		19		3,025		188
Total at March 31, 2022	$	41,257	$	2,522	$	3,432	$	341	$	44,689	$	2,863
December 31, 2021:
Fixed Maturities:
Corporate	$	10,571	$	163	$	1,633	$	75	$	12,204	$	238
U.S. Treasury, government and agency	993		11		105		4		1,098		15
States and political subdivisions	120		2		11		—		131		2
Foreign governments	349		6		92		8		441		14
Asset-backed	3,865		20		38		—		3,903		20
Commercial mortgage-backed	1,527		21		96		4		1,623		25
Total at December 31, 2021	$	17,425	$	223	$	1,975	$	91	$	19,400	$	314

The Company’s investments in fixed maturities do not include concentrations of credit risk of any single issuer greater than 10% of the consolidated equity of the Company, other than securities of the U.S. government, U.S. government agencies, and certain securities guaranteed by the U.S. government. The Company maintains a diversified portfolio of corporate securities across industries and issuers and does not have exposure to any single issuer in excess of 0.6% of total corporate securities. The largest exposures to a single issuer of corporate securities held as of March 31, 2022 and December 31, 2021 were $306 million and $322 million, respectively, representing 3.2% and 2.5% of the consolidated equity of the Company.

Corporate high yield securities, consisting primarily of public high yield bonds, are classified as other than investment grade by the various rating agencies, i.e., a rating below Baa3/BBB- or the NAIC designation of 3 (medium investment grade), 4 or 5 (below investment grade) or 6 (in or near default). As of March 31, 2022 and December 31, 2021, respectively, approximately $3.0 billion and $2.9 billion, or 4.1% and 3.9%, of the $73.7 billion and $73.4 billion aggregate amortized cost of fixed maturities held by the Company were considered to be other than investment grade. These securities had gross unrealized losses of $79 million and $18 million as of March 31, 2022 and December 31, 2021, respectively.

As of March 31, 2022 and December 31, 2021, respectively, the $341 million and $91 million of gross unrealized losses of twelve months or more were primarily concentrated in corporate securities. In accordance with the policy described in Note 2 to the Notes to these Consolidated Financial Statements, the Company concluded that an adjustment to allowance for credit losses for these securities was not warranted at either March 31, 2022 or December 31, 2021. As of March 31, 2022 and December 31, 2021, the Company did not intend to sell the securities nor will it likely be required to dispose of the securities before the anticipated recovery of their remaining amortized cost basis.

Based on the Company’s evaluation both qualitatively and quantitatively of the drivers of the decline in fair value of fixed maturity securities as of March 31, 2022, the Company determined that the unrealized loss was primarily due to increases in credit spreads and changes in credit ratings.

Mortgage Loans on Real Estate

Accrued interest receivable on commercial and agricultural mortgage loans as of March 31, 2022 and December 31, 2021was $58 million and $57 million, respectively. There was no accrued interest written off for commercial and agricultural mortgage loans for the three months ended March 31, 2022 and 2021.

As of March 31, 2022, the Company had no loans for which foreclosure was probable included within the individually assessed mortgage loans, and accordingly had no associated allowance for credit losses.

Allowance for Credit Losses on Mortgage Loans

The change in the allowance for credit losses for commercial mortgage loans and agricultural mortgage loans during the three months ended March 31, 2022 and 2021 were as follows:

		Three Months Ended March 31,
		2022		2021
	(in millions)
Allowance for credit losses on mortgage loans:
Commercial mortgages:
Balance, beginning of period		$	57	$	77
Current-period provision for expected credit losses		(10)		(7)
Write-offs charged against the allowance		—		—
Recoveries of amounts previously written off		—		—
Net change in allowance		(10)		(7)
Balance, end of period		$	47	$	70
Agricultural mortgages:
Balance, beginning of period		$	5	$	4
Current-period provision for expected credit losses		1		—
Write-offs charged against the allowance		—		—
Recoveries of amounts previously written off		—		—
Net change in allowance		1		—
Balance, end of period		$	6	$	4
Total allowance for credit losses		$	53	$	74

The change in the allowance for credit losses is attributable to:

•increases/decreases in the loan balance due to new originations, maturing mortgages, and loan amortization; and

•changes in credit quality.

Credit Quality Information

The following tables summarize the Company’s mortgage loans segregated by risk rating exposure as of March 31, 2022 and December 31, 2021.

LTV Ratios (1)

	March 31, 2022
	Amortized Cost Basis by Origination Year
	2022		2021		2020		2019		2018		Prior		Total
	(in millions)
Mortgage loans:
Commercial:
0% - 50%	$	—	$	—	$	—	$	—	$	184	$	1,204	$	1,388
50% - 70%	450		1,915		1,361		418		619		3,166		7,929
70% - 90%	140		243		236		412		414		1,100		2,545
90% plus	—		—		—		—		35		—		35
Total commercial	$	590	$	2,158	$	1,597	$	830	$	1,252	$	5,470	$	11,897
Agricultural:
0% - 50%	$	47	$	180	$	214	$	122	$	139	$	835	$	1,537

	March 31, 2022
	Amortized Cost Basis by Origination Year
	2022		2021		2020		2019		2018		Prior		Total
	(in millions)
50% - 70%	70		196		261		92		96		337		1,052
70% - 90%	1		—		—		—		—		18		19
90% plus	—		—		—		—		—		—		—
Total agricultural	$	118	$	376	$	475	$	214	$	235	$	1,190	$	2,608
Total mortgage loans:
0% - 50%	$	47	$	180	$	214	$	122	$	323	$	2,039	$	2,925
50% - 70%	520		2,111		1,622		510		715		3,503		8,981
70% - 90%	141		243		236		412		414		1,118		2,564
90% plus	—		—		—		—		35		—		35
Total mortgage loans	$	708	$	2,534	$	2,072	$	1,044	$	1,487	$	6,660	$	14,505

Debt Service Coverage Ratios (2)

	March 31, 2022
	Amortized Cost Basis by Origination Year
	2022		2021		2020		2019		2018		Prior		Total
	(in millions)
Mortgage loans:
Commercial:
Greater than 2.0x	$	197	$	1,143	$	1,259	$	210	$	772	$	2,263	$	5,844
1.8x to 2.0x	94		186		135		322		46		743		1,526
1.5x to 1.8x	261		274		109		223		215		1,244		2,326
1.2x to 1.5x	—		264		—		75		47		778		1,164
1.0x to 1.2x	38		291		94		—		88		370		881
Less than 1.0x	—		—		—		—		84		72		156
Total commercial	$	590	$	2,158	$	1,597	$	830	$	1,252	$	5,470	$	11,897
Agricultural:
Greater than 2.0x	$	18	$	48	$	63	$	23	$	12	$	226	$	390
1.8x to 2.0x	8		51		37		25		14		73		208
1.5x to 1.8x	26		43		113		28		23		217		450
1.2x to 1.5x	23		157		178		101		108		376		943
1.0x to 1.2x	37		76		80		31		74		284		582
Less than 1.0x	6		1		4		6		4		14		35
Total agricultural	$	118	$	376	$	475	$	214	$	235	$	1,190	$	2,608
Total mortgage loans:
Greater than 2.0x	$	215	$	1,191	$	1,322	$	233	$	784	$	2,489	$	6,234
1.8x to 2.0x	102		237		172		347		60		816		1,734
1.5x to 1.8x	287		317		222		251		238		1,461		2,776
1.2x to 1.5x	23		421		178		176		155		1,154		2,107
1.0x to 1.2x	75		367		174		31		162		654		1,463
Less than 1.0x	6		1		4		6		88		86		191
Total mortgage loans	$	708	$	2,534	$	2,072	$	1,044	$	1,487	$	6,660	$	14,505

______________

(1)The LTV ratio is derived from current loan balance divided by the fair value of the property. The fair value of the underlying commercial properties is updated annually for each mortgage loan.

(2)The DSC ratio is calculated using the most recently reported operating income results from property operations divided by annual debt service.

LTV Ratios (1)

	December 31, 2021
	Amortized Cost Basis by Origination Year
	2021		2020		2019		2018		2017		Prior		Total
	(in millions)
Mortgage loans:
Commercial:
0% - 50%	$	—	$	—	$	—	$	184	$	293	$	1,009	$	1,486
50% - 70%	1,967		1,334		407		619		491		2,533		7,351
70% - 90%	190		236		412		415		276		972		2,501
90% plus	—		—		—		35		5		73		113
Total commercial	$	2,157	$	1,570	$	819	$	1,253	$	1,065	$	4,587	$	11,451
Agricultural:
0% - 50%	$	180	$	212	$	128	$	129	$	119	$	738	$	1,506
50% - 70%	200		268		102		126		87		338		1,121
70% - 90%	—		—		—		—		—		17		17
90% plus	—		—		—		—		—		—		—
Total agricultural	$	380	$	480	$	230	$	255	$	206	$	1,093	$	2,644
Total mortgage loans:
0% - 50%	$	180	$	212	$	128	$	313	$	412	$	1,747	$	2,992
50% - 70%	2,167		1,602		509		745		578		2,871		8,472
70% - 90%	190		236		412		415		276		989		2,518
90% plus	—		—		—		35		5		73		113
Total mortgage loans	$	2,537	$	2,050	$	1,049	$	1,508	$	1,271	$	5,680	$	14,095

Debt Service Coverage Ratios (2)

	December 31, 2021
	Amortized Cost Basis by Origination Year
	2021		2020		2019		2018		2017		Prior		Total
	(in millions)
Mortgage loans:
Commercial:
Greater than 2.0x	$	1,143	$	1,243	$	210	$	772	$	485	$	2,235	$	6,088
1.8x to 2.0x	185		135		250		46		161		372		1,149
1.5x to 1.8x	275		97		284		211		166		919		1,952
1.2x to 1.5x	264		95		75		101		253		701		1,489
1.0x to 1.2x	290		—		—		88		—		287		665
Less than 1.0x	—		—		—		35		—		73		108
Total commercial	$	2,157	$	1,570	$	819	$	1,253	$	1,065	$	4,587	$	11,451

Agricultural:
Greater than 2.0x	$	49	$	64	$	25	$	22	$	24	$	210	$	394
1.8x to 2.0x	52		37		25		14		14		70		212
1.5x to 1.8x	43		113		28		22		41		193		440
1.2x to 1.5x	161		179		112		116		72		355		995
1.0x to 1.2x	75		83		31		77		54		226		546
Less than 1.0x	—		4		9		4		1		39		57
Total agricultural	$	380	$	480	$	230	$	255	$	206	$	1,093	$	2,644
Total mortgage loans:
Greater than 2.0x	$	1,192	$	1,307	$	235	$	794	$	509	$	2,445	$	6,482
1.8x to 2.0x	237		172		275		60		175		442		1,361
1.5x to 1.8x	318		210		312		233		207		1,112		2,392
1.2x to 1.5x	425		274		187		217		325		1,056		2,484
1.0x to 1.2x	365		83		31		165		54		513		1,211
Less than 1.0x	—		4		9		39		1		112		165
Total mortgage loans	$	2,537	$	2,050	$	1,049	$	1,508	$	1,271	$	5,680	$	14,095

______________

(1)The LTV ratio is derived from current loan balance divided by the fair value of the property. The fair value of the underlying commercial properties is updated annually for each mortgage loan.

(2)The DSC ratio is calculated using the most recently reported operating income results from property operations divided by annual debt service.

Past-Due and Nonaccrual Mortgage Loan Status

The following table provides information relating to the aging analysis of past-due mortgage loans as of March 31, 2022 and December 31, 2021, respectively.

Age Analysis of Past Due Mortgage Loans (1)

	Accruing Loans												Non-accruing Loans		Total Loans		Non-accruing Loans with No Allowance		Interest Income on Non-accruing Loans
	Past Due								Current		Total
	30-59 Days		60-89 Days		90 Days or More		Total
	(in millions)
March 31, 2022:
Mortgage loans:
Commercial	$	—	$	—	$	—	$	—	$	11,897	$	11,897	$	—	$	11,897	$	—	$	—
Agricultural	9		7		30		46		2,546		2,592		16		2,608		—		—
Total	$	9	$	7	$	30	$	46	$	14,443	$	14,489	$	16	$	14,505	$	—	$	—
December 31, 2021:
Mortgage loans:
Commercial	$	—	$	—	$	—	$	—	$	11,451	$	11,451	$	—	$	11,451	$	—	$	—
Agricultural	1		1		25		27		2,601		2,628		16		2,644		—		—
Total	$	1	$	1	$	25	$	27	$	14,052	$	14,079	$	16	$	14,095	$	—	$	—

_______________

(1)Amounts presented at amortized cost basis.

As of March 31, 2022 and December 31, 2021, the carrying values of problem mortgage loans that had been classified as non-accrual loans were both $14 million.

During the three months ended March 31, 2022 and 2021, there were no mortgage loan on real estate or fixed maturities accounted for as a TDR.

Equity Securities

The table below presents a breakdown of unrealized and realized gains and (losses) on equity securities during the three months ended March 31, 2022 and 2021.

Unrealized and Realized Gains (Losses) from Equity Securities

	Three Months Ended March 31,
	2022		2021
	(in millions)
Net investment gains (losses) recognized during the period on securities held at the end of the period	$	(40)	$	19
Net investment gains (losses) recognized on securities sold during the period	(13)		(6)
Unrealized and realized gains (losses) on equity securities	$	(53)	$	13

Trading Securities

As of March 31, 2022 and December 31, 2021, respectively, the fair value of the Company’s trading securities was $589 million and $631 million. As of March 31, 2022 and December 31, 2021, respectively, trading securities included the General Account’s investment in Separate Accounts had carrying values of $40 million and $45 million.

The table below shows a breakdown of net investment income (loss) from trading securities during the three months ended March 31, 2022 and 2021.

Net Investment Income (Loss) from Trading Securities

	Three Months Ended March 31,
	2022		2021
	(in millions)
Net investment gains (losses) recognized during the period on securities held at the end of the period	$	(94)	$	(70)
Net investment gains (losses) recognized on securities sold during the period	2		29
Unrealized and realized gains (losses) on trading securities	(92)		(41)
Interest and dividend income from trading securities	16		38
Net investment income (loss) from trading securities	$	(76)	$	(3)

Fixed maturities, at fair value using the fair value option

The table below shows a breakdown of net investment income (loss) from fixed maturities, at fair value using the fair value option during the three months ended March 31, 2022 and 2021.

Net Investment Income (Loss) from Fixed Maturities, at Fair Value using the Fair Value Option

	Three Months Ended March 31,
	2022		2021
	(in millions)
Net investment gains (losses) recognized during the period on securities held at the end of the period	$	(5)	$	—
Net investment gains (losses) recognized on securities sold during the period	6		1
Unrealized and realized gains (losses) from fixed maturities	1		1
Interest and dividend income from fixed maturities	16		1
Net investment income (loss) from fixed maturities	$	17	$	2

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DERIVATIVES

3 Months Ended

Mar. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

DERIVATIVES

DERIVATIVES

The Company uses derivatives as part of its overall asset/liability risk management primarily to reduce exposures to equity market and interest rate risks. Derivative hedging strategies are designed to reduce these risks from an economic perspective and are all executed within the framework of a “Derivative Use Plan” approved by applicable states’ insurance law. Derivatives are generally not accounted for using hedge accounting, with the exception of TIPS and cash flow hedges, which are discussed further below. Operation of these hedging programs is based on models involving numerous estimates and assumptions, including, among others, mortality, lapse, surrender and withdrawal rates, election rates, fund performance, market volatility and interest rates. A wide range of derivative contracts are used in these hedging programs, including exchange traded equity, currency and interest rate futures contracts, total return and/or other equity swaps, interest rate swap and floor contracts, bond and bond-index total return swaps, swaptions, variance swaps and equity options, credit and foreign exchange derivatives, as well as bond and repo transactions to support the hedging. The derivative contracts are collectively managed in an effort to reduce the economic impact of unfavorable changes in guaranteed benefits’ exposures attributable to movements in capital markets. In addition, as part of its hedging strategy, the Company targets an asset level for all variable annuity products at or above a CTE98 level under most economic scenarios (CTE is a statistical measure of tail risk which quantifies the total asset requirement to sustain a loss if an event outside a given probability level has occurred. CTE98 denotes the financial resources a company would need to cover the average of the worst 2% of scenarios.)

Derivatives Utilized to Hedge Exposure to Variable Annuities with Guarantee Features

The Company has issued and continues to offer variable annuity products with GMxB features. The risk associated with the GMDB feature are that under-performance of the financial markets could result in GMDB benefits, in the event of death, being higher than what accumulated policyholders’ account balances would support. The risk associated with the GMIB feature is that under-performance of the financial markets could result in the present value of GMIB, in the event of annuitization, being higher than what accumulated policyholders’ account balances would support, taking into account the relationship between current annuity purchase rates and the GMIB guaranteed annuity purchase rates. The risk associated with products that have a GMxB derivative features liability is that under-performance of the financial markets could result in the GMxB derivative features’ benefits being higher than what accumulated policyholders’ account balances would support.

For GMxB features, the Company retains certain risks including basis, credit spread and some volatility risk and risk associated with actual experience versus expected actuarial assumptions for mortality, lapse and surrender, withdrawal and policyholder election rates, among other things. The derivative contracts are managed to correlate with changes in the value of the GMxB features that result from financial markets movements. A portion of exposure to realized equity volatility is hedged using equity options and variance swaps and a portion of exposure to credit risk is hedged using total return swaps on fixed income indices. Additionally, the Company is party to total return swaps for which the reference U.S. Treasury securities are contemporaneously purchased from the market and sold to the swap counterparty. As these transactions result in a transfer of control of the U.S. Treasury securities to the swap counterparty, the Company derecognizes these securities with consequent gain or loss from the sale. The Company has also purchased reinsurance contracts to mitigate the risks associated with GMDB features and the impact of potential market fluctuations on future policyholder elections of GMIB features contained in certain annuity contracts issued by the Company. The reinsurance of the GMIB features is accounted for as a derivative. In addition, on June 1, 2021, we ceded legacy variable annuity policies sold by Equitable Financial between 2006-2008 (the “Block”), comprised of

non-New York “Accumulator” policies containing fixed rate GMIB and/or GMDB guarantees. As this contract provides full risk transfer and thus has the same risk attributes as the underlying direct contracts, the benefits of this treaty are accounted for in the same manner as the underlying gross reserves and therefore the Amounts Due from Reinsurers related to the GMIB with NLG are accounted for as an embedded derivative.

The Company has in place an economic hedge program using interest rate swaps and U.S. Treasury futures to partially protect the overall profitability of future variable annuity sales against declining interest rates.

Derivatives Utilized to Hedge Crediting Rate Exposure on SCS, SIO, MSO and IUL Products/Investment Options

The Company hedges crediting rates in the SCS variable annuity, SIO in the EQUI-VEST variable annuity series, MSO in the variable life insurance products and IUL insurance products. These products permit the contract owner to participate in the performance of an index, ETF or commodity price movement up to a cap for a set period of time. They also contain a protection feature, in which the Company will absorb, up to a certain percentage, the loss of value in an index, ETF or commodity price, which varies by product segment.

In order to support the returns associated with these features, the Company enters into derivative contracts whose payouts, in combination with fixed income investments, emulate those of the index, ETF or commodity price, subject to caps and buffers, thereby substantially reducing any exposure to market-related earnings volatility.

Derivatives Used to Hedge Equity Market Risks Associated with the General Account’s Seed Money Investments in Retail Mutual Funds

The Company’s General Account seed money investments in retail mutual funds expose us to market risk, including equity market risk which is partially hedged through equity-index futures contracts to minimize such risk.

Derivatives Used for General Account Investment Portfolio

The Company maintains a strategy in its General Account investment portfolio to replicate the credit exposure of fixed maturity securities otherwise permissible for investment under its investment guidelines through the sale of CDS. Under the terms of these swaps, the Company receives quarterly fixed premiums that, together with any initial amount paid or received at trade inception, replicate the credit spread otherwise currently obtainable by purchasing the referenced entity’s bonds of similar maturity. These credit derivatives generally have remaining terms of five years or less and are recorded at fair value with changes in fair value, including the yield component that emerges from initial amounts paid or received, reported in net derivative gains (losses).

The Company manages its credit exposure taking into consideration both cash and derivatives based positions and selects the reference entities in its replicated credit exposures in a manner consistent with its selection of fixed maturities. In addition, the Company generally transacts the sale of CDS in single name reference entities of investment grade credit quality and with counterparties subject to collateral posting requirements. If there is an event of default by the reference entity or other such credit event as defined under the terms of the swap contract, the Company is obligated to perform under the credit derivative and, at its option, either pay the referenced amount of the contract less an auction-determined recovery amount or pay the referenced amount of the contract and receive in return the defaulted or similar security of the reference entity for recovery by sale at the contract settlement auction. The Company purchased CDS to mitigate its exposure to a reference entity through cash positions. These positions do not replicate credit spreads.

To date, there have been no events of default or circumstances indicative of a deterioration in the credit quality of the named referenced entities to require or suggest that the Company will have to perform under the CDS that it sold. The maximum potential amount of future payments the Company could be required to make under the credit derivatives sold is limited to the par value of the referenced securities which is the dollar or euro-equivalent of the derivative’s notional amount. The Standard North American CDS Contract or Standard European Corporate Contract under which the Company executes these CDS sales transactions does not contain recourse provisions for recovery of amounts paid under the credit derivative.

The Company purchased 30-year TIPS and other sovereign bonds, both inflation linked and non-inflation linked, as General Account investments and enters into asset or cross-currency basis swaps, to result in payment of the given bond’s coupons and principal at maturity in the bond’s specified currency to the swap counterparty in return for fixed dollar amounts. These swaps, when considered in combination with the bonds, together result in a net position that is intended to replicate a dollar-denominated fixed-coupon cash bond with a yield higher than a term-equivalent U.S. Treasury bond.

Derivatives Utilized to Hedge Exposure to Foreign Currency Denominated Cash Flows

The Company purchases private placement debt securities and issues funding agreements in the Funding Agreement-Backed Notes (“FABN”) program in currencies other than its functional US dollar currency. The Company enters into cross currency swaps with external counterparties to hedge the exposure of the foreign currency denominated cash flows of these instruments. The foreign currency received from or paid to the cross currency swap counterparty is exchanged for fixed US dollar amounts with improved net investment yields or net product costs over equivalent US dollar denominated instruments issued at that time. The transactions are accounted for as cash flow hedges when they are designated in hedging relationships and qualify for hedge accounting. The first cross currency swap hedges were designated and applied hedge accounting during the quarter ended June 30, 2021.

These cross currency swaps are for the period the foreign currency denominated private placement debt securities and funding agreement are outstanding, with the longest cross currency swap expiring in 2033. Since designation and qualification as cash flow hedges, cross currency swap interest accruals are recognized in Net investment income and in Interest credited to policyholders’ account balances.

The tables below present quantitative disclosures about the Company’s derivative instruments designated in hedging relationships and derivative instruments which have not been designated in hedging relationships, including those embedded in other contracts required to be accounted for as derivative instruments.

The following table presents the gross notional amount and estimated fair value of the Company’s derivatives:

Derivative Instruments by Category

	March 31, 2022						December 31, 2021
			Fair Value						Fair Value
	Notional Amount		Derivative Assets		Derivative Liabilities		Notional Amount		Derivative Assets		Derivative Liabilities
	(in millions)
Derivatives: Designated for hedge accounting (1)
Cash Flow Hedges:
Currency Swaps	$	1,256	$	11	$	55	$	921	$	7	$	42
Interest Swaps	955		—		439		955		—		395
Total: Designated for hedge accounting	2,211		11		494		1,876		7		437
Derivatives: Not designated for hedge accounting (1)
Equity contracts:
Futures	4,370		2		2		2,640		—		1
Swaps	12,415		9		11		13,378		6		4
Options	44,415		10,690		4,372		48,489		12,024		5,065
Interest rate contracts:
Futures	11,521		—		—		12,575		—		—
Swaps	1,885		5		116		1,889		—		46
Swaptions	—		—		—		—		—		—
Credit contracts:
Credit default swaps	766		11		8		774		9		10
Currency contracts
Currency Swaps	566		6		—		541		1		—
Currency forwards	80		8		7		79		8		7
Other freestanding contracts:
Margin	—		192		—		—		125		—
Collateral	—		217		5,744		—		178		6,160
Total: Not designated for hedge accounting	76,018		11,140		10,260		80,365		12,351		11,293
Embedded Derivatives:
Amounts due from reinsurers (5)	—		5,056		—		—		5,813		—
GMIB reinsurance contracts (2)	—		1,582		—		—		1,848		—
GMxB derivative features liability (3)	—		—		6,924		—		—		8,525
SCS, SIO, MSO and IUL indexed features (4)	—		—		6,126		—		—		6,773
Total Embedded Derivatives	—		6,638		13,050		—		7,661		15,298
Total derivative instruments	$	78,229	$	17,789	$	23,804	$	82,241	$	20,019	$	27,028

___________

(1)Reported in other invested assets in the consolidated balance sheets.

(2) Reported in GMIB reinsurance contract asset in the consolidated balance sheets.

(3)    Reported in future policy benefits and other policyholders’ liabilities in the consolidated balance sheets.

(4)    Reported in policyholders’ account balances in the consolidated balance sheets.

(5)    Represents GMIB NLG ceded related to the Venerable Transaction.

The following table presents the effects of derivative instruments on the consolidated statements of income and comprehensive income (loss).

Derivative Instruments by Category

	Three Months Ended March 31, 2022						Three Months Ended March 31, 2021
	(in millions)
	Net Derivatives Gain(Losses) (1)		Interest Credited To Policyholders Account Balances		AOCI		Net Derivatives Gain(Losses) (1)		Interest Credited To Policyholders Account Balances		AOCI
Derivatives: Designated for hedge accounting
Cash Flow Hedges:
Currency Swaps	$	(4)	$	(18)	$	13	$	—	$	—	$	—
Interest Swaps	(14)		—		(20)		(4)		—		(6)
Total: Designated for hedge accounting	(18)		(18)		(7)		(4)		—		(6)
Derivatives: Not Designated for hedge accounting
Equity contracts
Futures	58		—		—		(288)		—		—
Swaps	734		—		—		(1,271)		—		—
Options	(284)		—		—		1,145		—		—
Interest Rate contracts
Futures	(512)		—		—		(949)		—		—
Swaps	(149)		—		—		(2,911)		—		—
Swaptions	—		—		—		—		—		—
Credit contracts
Credit Default Swaps	2		—		—		—		—		—
Currency contracts
Currency Swaps	5		—		—		1		—		—
Currency forwards	1		—		—		—		—		—
Other freestanding contracts
Margin	—		—		—		—		—		—
Collateral	—		—		—		—		—		—
Total: Not designated for hedge accounting	(145)		—		—		(4,273)		—		—
Embedded Derivatives
Amounts due from reinsurers	(767)		—		—		—		—		—
GMIB reinsurance contracts	(260)		—		—		(578)		—		—
GMxB derivative features liability (2)	1,688		—		—		3,408		—		—
SCS, SIO,MSO and IUL indexed features	323		—		—		(1,145)		—		—
Total Embedded Derivatives	$	984	$	—	$	—	$	1,685	$	—	$	—
Total derivative instruments	$	821	$	(18)	$	(7)	$	(2,592)	$	—	$	(6)

(1)Reported in net derivative gains (losses) in the consolidated statements of income (loss).

(2)Excludes settlement fees of $46 million on CS Life reinsurance contract for the three months ended March 31, 2021.

The table that follow below present a roll-forward of cash flow hedges recognized in AOCI.

Roll-forward of Cash flow hedges in AOCI

	Three Months Ended March 31,
	2022		2021
	(in millions)
Balance, beginning of period	$	(208)	$	(126)
Amount recorded in AOCI
Currency Swaps	(3)		—
Interest Swaps	(39)		(22)
Total Amount recorded in AOCI	(42)		(22)
Amount reclassified from AOCI to income
Currency Swaps	16		—
Interest Swaps	19		16
Total Amount reclassified from AOCI to income	35		16
Ending Balance, March 31 (1)	$	(215)	$	(132)

_______________

(1) The Company does not estimate the amount of the deferred losses in AOCI at three months ended March 31, 2022 and 2021 which will be released and reclassified into Net income (loss) over the next 12 months as the amounts cannot be reasonably estimated.

Equity-Based and Treasury Futures Contracts Margin

All outstanding equity-based and treasury futures contracts as of March 31, 2022 and December 31, 2021 are exchange-traded and net settled daily in cash. As of March 31, 2022 and December 31, 2021, respectively, the Company had open exchange-traded futures positions on: (i) the S&P 500, Nasdaq, Russell 2000 and Emerging Market indices, having initial margin requirements of $209 million and $109 million, (ii) the 2-year, 5-year and 10-year U.S. Treasury Notes on U.S. Treasury bonds and ultra-long bonds, having initial margin requirements of $183 million and $200 million, and (iii) the Euro Stoxx, FTSE 100, Topix, ASX 200 and EAFE indices as well as corresponding currency futures on the Euro/U.S. dollar, Pound/U.S. dollar, Australian dollar/U.S. dollar, and Yen/U.S. dollar, having initial margin requirements of $16 million and $16 million.

Collateral Arrangements

The Company generally has executed a CSA under the ISDA Master Agreement it maintains with each of its OTC derivative counterparties that requires both posting and accepting collateral either in the form of cash or high-quality securities, such as U.S. Treasury securities, U.S. government and government agency securities and investment grade corporate bonds. The Company nets the fair value of all derivative financial instruments with counterparties for which an ISDA Master Agreement and related CSA have been executed. As of March 31, 2022 and December 31, 2021, respectively, the Company held $5.7 billion and $6.2 billion in cash and securities collateral delivered by trade counterparties, representing the fair value of the related derivative agreements. The unrestricted cash collateral is reported in other invested assets. The Company posted collateral of $217 million and $178 million as of March 31, 2022 and December 31, 2021, respectively, in the normal operation of its collateral arrangements.

The following tables presents information about the Company’s offsetting of financial assets and liabilities and derivative instruments as of March 31, 2022 and December 31, 2021:

Offsetting of Financial Assets and Liabilities and Derivative Instruments

As of March 31, 2022

	Gross Amount Recognized		Gross Amount Offset in the Balance Sheets		Net Amount Presented in the Balance Sheets		Gross Amount not Offset in the Balance Sheets (3)		Net Amount
	(in millions)
Assets:
Derivative assets (1)	$	11,151	$	10,611	$	540	$	—	$	540
Other financial assets	2,085		—		2,085		—		2,085
Other invested assets	$	13,236	$	10,611	$	2,625	$	—	$	2,625
Liabilities:
Derivative liabilities (2)	$	10,754	$	10,611	$	143	$	—	$	143
Other financial liabilities	3,887		—		3,887		—		3,887
Other liabilities	$	14,641	$	10,611	$	4,030	$	—	$	4,030

______________

(1)Excludes Investment Management and Research segment’s derivative assets of consolidated VIEs/VOEs.

(2)Excludes Investment Management and Research segment’s derivative liabilities of consolidated VIEs/VOEs.

(3)Financial instruments sent (held).

As of December 31, 2021

	Gross Amount Recognized		Gross Amount Offset in the Balance Sheets		Net Amount Presented in the Balance Sheets		Gross Amount not Offset in the Balance Sheets (3)		Net Amount
	(in millions)
Assets:
Derivative assets (1)	$	12,358	$	10,756	$	1,602	$	(961)	$	641
Other financial assets	1,989		—		1,989		—		1,989
Other invested assets	$	14,347	$	10,756	$	3,591	$	(961)	$	2,630
Liabilities:
Derivative liabilities (2)	$	10,770	$	10,756	$	14	$	—	$	14
Other financial liabilities	3,919		—		3,919		—		3,919
Other liabilities	$	14,689	$	10,756	$	3,933	$	—	$	3,933

______________

(1)Excludes Investment Management and Research segment’s derivative assets of consolidated VIEs/VOEs.

(2)Excludes Investment Management and Research segment’s derivative liabilities of consolidated VIEs/VOEs.

(3)Financial instruments sent (held).

XML

CLOSED BLOCK

3 Months Ended

Mar. 31, 2022

Closed Block Disclosure [Abstract]

CLOSED BLOCK

CLOSED BLOCK

As a result of demutualization, the Company’s Closed Block was established in 1992 for the benefit of certain individual participating policies that were in force on that date. Assets, liabilities and earnings of the Closed Block are specifically identified to support its participating policyholders.

Assets allocated to the Closed Block inure solely to the benefit of the Closed Block policyholders and will not revert to the benefit of the Company. No reallocation, transfer, borrowing or lending of assets can be made between the Closed Block and other portions of the Company’s General Account, any of its Separate Accounts or any affiliate of the Company without the approval of the New York State Department of Financial Services (the “NYDFS”). Closed Block assets and liabilities are carried on the same basis as similar assets and liabilities held in the General Account. For more information on the Closed Block, see Note 6 to the Company’s consolidated financial statements included in the Annual Report on Form 10-K for the year ended December 31, 2021.

Summarized financial information for the Company’s Closed Block is as follows:

	March 31, 2022		December 31, 2021
	(in millions)
Closed Block Liabilities:
Future policy benefits, policyholders’ account balances and other	$	5,866	$	5,928
Policyholder dividend obligation	—		—
Other liabilities	8		39
Total Closed Block liabilities	5,874		5,967
Assets Designated to the Closed Block:
Fixed maturities AFS, at fair value (amortized cost of $3,198 and $3,185) (allowance for credit losses of $0 and $0)	3,200		3,390
Mortgage loans on real estate (net of allowance for credit losses of $3 and $4)	1,693		1,771
Policy loans	595		602
Cash and other invested assets	110		63
Other assets	49		90
Total assets designated to the Closed Block	5,647		5,916
Excess of Closed Block liabilities over assets designated to the Closed Block	227		51
Amounts included in AOCI:
Net unrealized investment gains (losses), net of policyholders’ dividend obligation: $0 and $0; and net of income tax: $0 and $(43)	12		172
Maximum future earnings to be recognized from Closed Block assets and liabilities	$	239	$	223

The Company’s Closed Block revenues and expenses were as follows:

	Three Months Ended March 31,
	2022		2021
	(in millions)
Revenues:
Premiums and other income	$	33	$	39
Net investment income (loss)	58		60
Investment gains (losses), net	1		—
Total revenues	92		99
Benefits and Other Deductions:
Policyholders’ benefits and dividends	76		106
Other operating costs and expenses	—		1
Total benefits and other deductions	76		107
Net income (loss), before income taxes	16		(8)
Income tax (expense) benefit	1		(1)
Net income (loss)	$	17	$	(9)

A reconciliation of the Company’s policyholder dividend obligation follows:

	Three Months Ended March 31,
	2022		2021
	(in millions)
Beginning balance	$	—	$	160
Unrealized investment gains (losses)	—		(132)
Ending balance	$	—	$	28

XML

INSURANCE LIABILITIES

3 Months Ended

Mar. 31, 2022

Insurance [Abstract]

INSURANCE LIABILITIES

INSURANCE LIABILITIES

Variable Annuity Contracts – GMDB, GMIB, GIB and GWBL and Other Features

The Company has certain variable annuity contracts with GMDB, GMIB, GIB and GWBL and other features in-force that guarantee one of the following:

•Return of Premium: the benefit is the greater of current account value or premiums paid (adjusted for withdrawals);

•Ratchet: the benefit is the greatest of current account value, premiums paid (adjusted for withdrawals), or the highest account value on any anniversary up to contractually specified ages (adjusted for withdrawals);

•Roll-Up: the benefit is the greater of current account value or premiums paid (adjusted for withdrawals) accumulated at contractually specified interest rates up to specified ages;

•Combo: the benefit is the greater of the ratchet benefit or the roll-up benefit, which may include either a five year or an annual reset; or

•Withdrawal: the withdrawal is guaranteed up to a maximum amount per year for life.

Liabilities for Variable Annuity Contracts with GMDB and GMIB Features without NLG Rider Feature

The change in the liabilities for variable annuity contracts with GMDB and GMIB features and without a NLG feature are summarized in the tables below. The amounts for the direct contracts (before reinsurance ceded) and assumed contracts are reflected in the consolidated balance sheets in future policy benefits and other policyholders’ liabilities. The amounts for the ceded contracts are reflected in the consolidated balance sheets in amounts due from reinsurers. The amounts for the ceded GMIB that are reflected in the consolidated balance sheets in GMIB reinsurance contract asset are at fair value.

Change in Liability for Variable Annuity Contracts with GMDB and GMIB Features and No NLG Feature

Three Months Ended March 31, 2022 and 2021

	GMDB						GMIB
	Direct		Assumed (1) (2)		Ceded		Direct		Assumed (1) (2)		Ceded
	(in millions)
Balance, January 1, 2022	$	4,951	$	—	$	(2,216)	$	5,892	$	—	$	(3,968)
Paid guarantee benefits	(133)		—		56		(120)		—		15
Other changes in reserve	222		—		(93)		252		—		203
Balance, March 31, 2022	$	5,040	$	—	$	(2,253)	$	6,024	$	—	$	(3,750)
Balance, January 1, 2021	$	5,097	$	72	$	(88)	$	6,026	$	196	$	(2,488)
Paid guarantee benefits	(133)		(6)		3		(92)		(52)		14
Other changes in reserve	122		6		1		32		—		567
Balance, March 31, 2021	$	5,086	$	72	$	(84)	$	5,966	$	144	$	(1,907)

(1)Change in Assumed is driven by the sale of CSLRC to Venerable.

(2)Includes the impact as of June 1, 2021 on the ceded reserves to Venerable. See Note 1 of the Notes to these Consolidated Financial Statements for details of the Venerable Transaction.

Liabilities for Embedded and Freestanding Insurance Related Derivatives

The liability for the GMxB derivative features, the liability for SCS, SIO, MSO and IUL indexed features and the asset and liability for the GMIB reinsurance contracts and amounts due from reinsurers related to GMIB NLG product features (GMIB NLG Reinsurance) are considered embedded or freestanding insurance derivatives and are reported at fair value. For the fair value of the assets and liabilities associated with these embedded or freestanding insurance derivatives, see Note 7 of the Notes to these Consolidated Financial Statements.

Account Values and Net Amount at Risk

Account Values and NAR for direct variable annuity contracts in force with GMDB and GMIB features as of March 31, 2022 are presented in the following tables by guarantee type. For contracts with the GMDB feature, the NAR in the event of death is the amount by which the GMDB feature exceeds the related Account Values. For contracts with the GMIB feature, the NAR in the event of annuitization is the amount by which the present value of the GMIB benefits exceed the related Account Values, taking into account the relationship between current annuity purchase rates and the GMIB guaranteed annuity purchase rates. Since variable annuity contracts with GMDB features may also offer GMIB guarantees in the same contract, the GMDB and GMIB amounts listed are not mutually exclusive.

Direct Variable Annuity Contracts with GMDB and GMIB Features

as of March 31, 2022

	Guarantee Type
	Return of Premium			Ratchet			Roll-Up			Combo			Total
	(in millions, except age and interest rate)
Variable annuity contracts with GMDB features
Account Values invested in:
General Account	$	16,395		$	86		$	50		$	156		$	16,687
Separate Accounts	55,562			9,058			3,107			31,437			99,164
Total Account Values	$	71,957		$	9,144		$	3,157		$	31,593		$	115,851
NAR, gross	$	175		$	325		$	1,487		$	18,079		$	20,066
NAR, net of amounts reinsured	$	170		$	292		$	1,057		$	9,363		$	10,882
Average attained age of policyholders (in years)	51.5			69.2			75.6			71.3			55.7
Percentage of policyholders over age 70	11.8		%	51.8		%	73.1		%	57.9		%	20.8		%
Range of contractually specified interest rates	N/A			N/A			3% - 6%			3% - 6.5%			3% - 6.5%
Variable annuity contracts with GMIB features
Account Values invested in:
General Account	$	—		$	—		$	15		$	201		$	216
Separate Accounts	—			—			24,565			33,461			58,026
Total Account Values	$	—		$	—		$	24,580		$	33,662		$	58,242
NAR, gross	$	—		$	—		$	586		$	8,673		$	9,259
NAR, net of amounts reinsured	$	—		$	—		$	188		$	3,539		$	3,727
Average attained age of policyholders (in years)	N/A			N/A			65.2			71.0			68.8
Weighted average years remaining until annuitization	N/A			N/A			5.9			0.6			2.6
Range of contractually specified interest rates	N/A			N/A			3% - 6%			3% - 6.5%			3% - 6.5%

For more information about the reinsurance programs of the Company’s GMDB and GMIB exposure, see Note 11 of the Notes to these Consolidated Financial Statements.

Separate Accounts Investments by Investment Category Underlying Variable Annuity Contracts with GMDB and GMIB Features

The total Account Values of variable annuity contracts with GMDB and GMIB features include amounts allocated to the guaranteed interest option, which is part of the General Account and variable investment options that invest through Separate Accounts in variable insurance trusts. The following table presents the aggregate fair value of assets, by major investment category, held by Separate Accounts that support variable annuity contracts with GMDB and GMIB features. The investment performance of the assets impacts the related Account Values and, consequently, the NAR associated with the GMDB and GMIB benefits and guarantees. Because the Company’s variable annuity contracts offer both GMDB and GMIB features, GMDB and GMIB amounts are not mutually exclusive.

Investment in Variable Insurance Trust Mutual Funds

	March 31, 2022				December 31, 2021
	GMDB		GMIB		GMDB		GMIB
Mutual Fund Type	(in millions)
Equity	$	48,411	$	18,112	$	52,771	$	20,015
Fixed income	5,094		2,331		5,391		2,507
Balanced	44,595		37,322		48,390		40,491
Other	1,064		261		1,025		263
Total	$	99,164	$	58,026	$	107,577	$	63,276

Hedging Programs for GMDB, GMIB, GIB and Other Features

The Company has a program intended to hedge certain risks associated first with the GMDB feature and with the GMIB feature of the Accumulator series of variable annuity products. The program has also been extended to cover other guaranteed benefits as they have been made available. This program utilizes derivative contracts, such as exchange-traded equity, currency and interest rate futures contracts, total return and/or equity swaps, interest rate swap and floor contracts, swaptions, variance swaps as well as equity options, that collectively are managed in an effort to reduce the economic impact of unfavorable changes in guaranteed benefits’ exposures attributable to movements in the capital markets. At the present time, this program hedges certain economic risks on products sold from 2001 forward, to the extent such risks are not externally reinsured.

These programs do not qualify for hedge accounting treatment. Therefore, gains (losses) on the derivatives contracts used in these programs, including current period changes in fair value, are recognized in net derivative gains (losses) in the period in which they occur, and may contribute to income (loss) volatility.

Variable and Interest-Sensitive Life Insurance Policies – NLG

The NLG feature contained in variable and interest-sensitive life insurance policies keeps them in force in situations where the policy value is not sufficient to cover monthly charges then due. The NLG remains in effect so long as the policy meets a contractually specified premium funding test and certain other requirements.

The change in the NLG liabilities, reflected in future policy benefits and other policyholders’ liabilities in the consolidated balance sheets, is summarized in the table below.

	Direct Liability (1)
	Three Months Ended March 31,
	2022		2021
	(in millions)
Beginning balance	$	1,096	$	1,022
Paid guarantee benefits	(8)		(15)
Other changes in reserves	24		43
Ending balance	$	1,112	$	1,050

_____________

(1)There were no amounts of reinsurance ceded in any period presented.

XML

FAIR VALUE DISCLOSURES

3 Months Ended

Mar. 31, 2022

Fair Value Disclosures [Abstract]

FAIR VALUE DISCLOSURES

FAIR VALUE DISCLOSURES

U.S. GAAP establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value, and identifies three levels of inputs that may be used to measure fair value:

Level 1    Unadjusted quoted prices for identical instruments in active markets. Level 1 fair values generally are supported by market transactions that occur with sufficient frequency and volume to provide pricing information on an ongoing basis.

Level 2    Observable inputs other than Level 1 prices, such as quoted prices for similar instruments, quoted prices in markets that are not active, and inputs to model-derived valuations that are directly observable or can be corroborated by observable market data.

Level 3    Unobservable inputs supported by little or no market activity and often requiring significant management judgment or estimation, such as an entity’s own assumptions about the cash flows or other significant components of value that market participants would use in pricing the asset or liability.

The Company uses unadjusted quoted market prices to measure fair value for those instruments that are actively traded in financial markets. In cases where quoted market prices are not available, fair values are measured using present value or other valuation techniques. The fair value determinations are made at a specific point in time, based on available market information and judgments about the financial instrument, including estimates of the timing and amount of expected future cash flows and the credit standing of counterparties. Such adjustments do not reflect any premium or discount that could result from offering for sale at one time the Company’s entire holdings of a particular financial instrument, nor do they consider the tax impact of the realization of unrealized gains or losses. In many cases, the fair value cannot be substantiated by direct comparison to independent markets, nor can the disclosed value be realized in immediate settlement of the instrument.

Management is responsible for the determination of the value of investments carried at fair value and the supporting methodologies and assumptions. Under the terms of various service agreements, the Company often utilizes independent valuation service providers to gather, analyze, and interpret market information and derive fair values based upon relevant methodologies and assumptions for individual securities. These independent valuation service providers typically obtain data about market transactions and other key valuation model inputs from multiple sources and, through the use of widely accepted valuation models, provide a single fair value measurement for individual securities for which a fair value has been requested. As further described below with respect to specific asset classes, these inputs include, but are not limited to, market prices for recent trades and transactions in comparable securities, benchmark yields, interest rate yield curves, credit spreads, quoted prices for similar securities, and other market-observable information, as applicable. Specific attributes of the security being valued also are considered, including its term, interest rate, credit rating, industry sector, and when applicable, collateral quality and other security- or issuer-specific information. When insufficient market observable information is available upon which to measure fair value, the Company either will request brokers knowledgeable about these securities to provide a non-binding quote or will employ internal valuation models. Fair values received from independent valuation service providers and brokers and those internally modeled or otherwise estimated are assessed for reasonableness.

Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis

Fair value measurements are required on a non-recurring basis for certain assets only when an impairment or other events occur. As of March 31, 2022 and December 31, 2021, no assets or liabilities were required to be measured at fair value on a non-recurring basis.

Assets and Liabilities Measured at Fair Value on a Recurring Basis

Assets and liabilities measured at fair value on a recurring basis are summarized below.

Fair Value Measurements as of March 31, 2022

	Level 1		Level 2		Level 3		Total
	(in millions)
Assets
Investments
Fixed maturities, AFS:
Corporate (1)	$	—	$	48,512	$	1,683	$	50,195
U.S. Treasury, government and agency	—		9,348		—		9,348
States and political subdivisions	—		650		32		682
Foreign governments	—		1,084		—		1,084
Residential mortgage-backed (2)	—		88		—		88
Asset-backed (3)	—		7,092		332		7,424
Commercial mortgage-backed	—		3,279		238		3,517
Redeemable preferred stock	—		48		—		48
Total fixed maturities, AFS	—		70,101		2,285		72,386
Fixed maturities, at fair value using the fair value option	—		1,285		342		1,627
Other equity investments (7)	315		461		7		783
Trading securities	330		207		52		589
Other invested assets:
Short-term investments	—		306		—		306
Assets of consolidated VIEs/VOEs	87		405		5		497
Swaps	—		(589)		—		(589)
Credit default swaps	—		3		—		3
Futures	—		—		—		—
Options	—		6,318		—		6,318
Total other invested assets	87		6,443		5		6,535
Cash equivalents	2,994		804		—		3,798
Segregated securities	—		1,693		—		1,693
Amounts due from reinsurer (6)	—		—		5,056		5,056
GMIB reinsurance contracts asset	—		—		1,582		1,582
Separate Accounts assets (4)	133,207		2,887		—		136,094
Total Assets	$	136,933	$	83,881	$	9,329	$	230,143
Liabilities
Notes issued by consolidated VIE’s, at fair value using the fair value option (5)	$	—	$	1,378	$	—	$	1,378
GMxB derivative features’ liability	—		—		6,924		6,924
SCS, SIO, MSO and IUL indexed features’ liability	—		6,126		—		6,126
Liabilities of consolidated VIEs and VOEs	16		3		—		19
Contingent payment arrangements	—		—		39		39
Total Liabilities	$	16	$	7,507	$	6,963	$	14,486

______________

(1)Corporate fixed maturities includes both public and private issues.

(2)Includes publicly traded agency pass-through securities and collateralized obligations.

(3)Includes credit-tranched securities collateralized by sub-prime mortgages, credit risk transfer securities and other asset types.

(4)Separate Accounts assets included in the fair value hierarchy exclude investments in entities that calculate NAV per share (or its equivalent) as a practical expedient. Such investments excluded from the fair value hierarchy include investments in real estate. As of March 31, 2022, the fair value of such investments was $414 million.

(5)Includes CLO short-term debt of $204 million, which is inclusive as fair valued within Notes issued by consolidated VIE’s, at fair value using the fair value option. Accrued interest payable of $8 million is reported in Notes issued by consolidated VIE’s, at fair value using the fair value option in the consolidated balance sheets, which is not required to be measured at fair value on a recurring basis.

(6)This represents GMIB NLG ceded reserves related to the Venerable Transaction. See Note 1 of the Notes to these Consolidated Financial Statements for details of the Venerable Transaction.

(7)Includes short position equity securities of $31 million that are reported in other liabilities.

Fair Value Measurements as of December 31, 2021

	Level 1		Level 2		Level 3		Total
	(in millions)
Assets
Investments
Fixed maturities, AFS:
Corporate (1)	$	—	$	51,007	$	1,504	$	52,511
U.S. Treasury, government and agency	—		15,385		—		15,385
States and political subdivisions	—		627		35		662
Foreign governments	—		1,152		—		1,152
Residential mortgage-backed (2)	—		98		—		98
Asset-backed (3)	—		5,926		8		5,934
Commercial mortgage-backed (2)	—		2,401		20		2,421
Redeemable preferred stock	—		53		—		53
Total fixed maturities, AFS	—		76,649		1,567		78,216
Fixed maturities, at fair value using the fair value option			1,440		201		1,641
Other equity investments	322		457		5		784
Trading securities	340		226		65		631
Other invested assets:
Short-term investments	—		30		—		30
Assets of consolidated VIEs/VOEs	166		450		11		627
Swaps	—		(473)		—		(473)
Credit default swaps	—		(1)		—		(1)
Futures	(1)		—		—		(1)
Options	—		6,959		—		6,959
Swaptions	—		—		—		—
Total other invested assets	165		6,965		11		7,141
Cash equivalents	3,275		293		—		3,568
Segregated securities	—		1,504		—		1,504
Amounts due from reinsurer	—		—		5,813		5,813
GMIB reinsurance contracts asset	—		—		1,848		1,848
Separate Accounts assets (4)	144,124		2,572		1		146,697
Total Assets	$	148,226	$	90,106	$	9,511	$	247,843
Liabilities
Notes issued by consolidated VIE’s, at fair value using the fair value option (5)	$	—	$	1,277	$	—	$	1,277
GMxB derivative features’ liability	—		—		8,525		8,525
SCS, SIO, MSO and IUL indexed features’ liability	—		6,773		—		6,773
Liabilities of consolidated VIEs and VOEs	16		2		—		18
Contingent payment arrangements	—		—		38		38
Total Liabilities	$	16	$	8,052	$	8,563	$	16,631

______________

(1)Corporate fixed maturities includes both public and private issues.

(2)Includes publicly traded agency pass-through securities and collateralized obligations.

(3)Includes credit-tranched securities collateralized by sub-prime mortgages and other asset types and credit tenant loans.

(4)Separate Accounts assets included in the fair value hierarchy exclude investments in entities that calculate NAV per share (or its equivalent) as a practical expedient. Such investments excluded from the fair value hierarchy include investments in real estate and commercial mortgages. As of December 31, 2021, the fair value of such investments was $404 million.

(5)Includes CLO short-term debt of $92 million, which is inclusive as fair valued within Notes issued by consolidated VIE’s, at fair value using the fair value option Accrued interest payable of $6 million is reported in Notes issued by consolidated VIE’s, at fair value using the fair value option in the consolidated balance sheets, which is not required to be measured at fair value on a recurring basis.

Public Fixed Maturities

The fair values of the Company’s public fixed maturities, including those accounted for using the fair value option are generally based on prices obtained from independent valuation service providers and for which the Company maintains a vendor hierarchy by asset type based on historical pricing experience and vendor expertise. Although each security generally is priced by multiple independent valuation service providers, the Company ultimately uses the price received from the independent valuation service provider highest in the vendor hierarchy based on the respective asset type, with limited exception. To validate reasonableness, prices also are internally reviewed by those with relevant expertise through comparison with directly observed recent market trades. Consistent with the fair value hierarchy, public fixed maturities validated in this manner generally are reflected within Level 2, as they are primarily based on observable pricing for similar assets and/or other market observable inputs.

Private Fixed Maturities

The fair values of the Company’s private fixed maturities, including those accounted for using the fair value option are determined from prices obtained from independent valuation service providers. Prices not obtained from an independent valuation service provider are determined by using a discounted cash flow model or a market comparable company valuation technique. In certain cases, these models use observable inputs with a discount rate based upon the average of spread surveys collected from private market intermediaries who are active in both primary and secondary transactions, taking into account, among other factors, the credit quality and industry sector of the issuer and the reduced liquidity associated with private placements. Generally, these securities have been reflected within Level 2. For certain private fixed maturities, the discounted cash flow model or a market comparable company valuation technique may also incorporate unobservable inputs, which reflect the Company’s own assumptions about the inputs market participants would use in pricing the asset. To the extent management determines that such unobservable inputs are significant to the fair value measurement of a security, a Level 3 classification generally is made.

Notes issued by consolidated VIE’s, at fair value using the fair value option

These notes are based on the fair values of corresponding fixed maturity collateral. The CLO liabilities are also reduced by the fair value of the beneficial interests the Company retains in the CLO and the carrying value of any beneficial interests that represent compensation for services. As the notes are valued based on the reference collateral, they are classified as Level 2 or 3. See “Fair Value Option” below for additional information.

Freestanding Derivative Positions

The net fair value of the Company’s freestanding derivative positions as disclosed in Note 4 of the Notes to these Consolidated Financial Statements are generally based on prices obtained either from independent valuation service providers or derived by applying market inputs from recognized vendors into industry standard pricing models. The majority of these derivative contracts are traded in the OTC derivative market and are classified in Level 2. The fair values of derivative assets and liabilities traded in the OTC market are determined using quantitative models that require use of the contractual terms of the derivative instruments and multiple market inputs, including interest rates, prices, and indices to generate continuous yield or pricing curves, including overnight index swap curves, and volatility factors, which then are applied to value the positions. The predominance of market inputs is actively quoted and can be validated through external sources or reliably interpolated if less observable.

Level Classifications of the Company’s Financial Instruments

Financial Instruments Classified as Level 1

Investments classified as Level 1 primarily include redeemable preferred stock, trading securities, cash equivalents and Separate Accounts assets. Fair value measurements classified as Level 1 include exchange-traded prices of fixed maturities, equity securities and derivative contracts, and net asset values for transacting subscriptions and redemptions of mutual fund shares held by Separate Accounts. Cash equivalents classified as Level 1 include money market

accounts, overnight commercial paper and highly liquid debt instruments purchased with an original maturity of three months or less and are carried at cost as a proxy for fair value measurement due to their short-term nature.

Financial Instruments Classified as Level 2

Investments classified as Level 2 are measured at fair value on a recurring basis and primarily include U.S. government and agency securities, certain corporate debt securities and financial assets and liabilities accounted for using the fair value option, such as public and private fixed maturities. As market quotes generally are not readily available or accessible for these securities, their fair value measures are determined utilizing relevant information generated by market transactions involving comparable securities and often are based on model pricing techniques that effectively discount prospective cash flows to present value using appropriate sector-adjusted credit spreads commensurate with the security’s duration, also taking into consideration issuer-specific credit quality and liquidity. Segregated securities classified as Level 2 are U.S. Treasury bills segregated by AB in a special reserve bank custody account for the exclusive benefit of brokerage customers, as required by Rule 15c3-3 of the Exchange Act and for which fair values are based on quoted yields in secondary markets.

Observable inputs generally used to measure the fair value of securities classified as Level 2 include benchmark yields, reported secondary trades, issuer spreads, benchmark securities and other reference data. Additional observable inputs are used when available, and as may be appropriate, for certain security types, such as prepayment, default, and collateral information for the purpose of measuring the fair value of mortgage- and asset-backed securities. The Company’s AAA-rated mortgage- and asset-backed securities are classified as Level 2 for which the observability of market inputs to their pricing models is supported by sufficient, albeit more recently contracted, market activity in these sectors.

Certain Company products, such as the SCS, EQUI-VEST variable annuity products, IUL and the MSO fund available in some life contracts, offer investment options which permit the contract owner to participate in the performance of an index, ETF or commodity price. These investment options, which depending on the product and on the index selected, can currently have one, three, five or six year terms, provide for participation in the performance of specified indices, ETF or commodity price movement up to a segment-specific declared maximum rate. Under certain conditions that vary by product, e.g., holding these segments for the full term, these segments also shield policyholders from some or all negative investment performance associated with these indices, ETF or commodity prices. These investment options have defined formulaic liability amounts, and the current values of the option component of these segment reserves are classified as Level 2 embedded derivatives. The fair values of these embedded derivatives are based on data obtained from independent valuation service providers.

Financial Instruments Classified as Level 3

The Company’s investments classified as Level 3 primarily include corporate debt securities and financial assets and liabilities accounted for using the fair value option, such as private fixed maturities and asset-backed securities. Determinations to classify fair value measures within Level 3 of the valuation hierarchy generally are based upon the significance of the unobservable factors to the overall fair value measurement. Included in the Level 3 classification are fixed maturities with indicative pricing obtained from brokers that otherwise could not be corroborated to market observable data.

The Company also issues certain benefits on its variable annuity products that are accounted for as derivatives and are also considered Level 3. The GMIB NLG feature allows the policyholder to receive guaranteed minimum lifetime annuity payments based on predetermined annuity purchase rates applied to the contract’s benefit base if and when the contract account value is depleted and the NLG feature is activated. The GMWB feature allows the policyholder to withdraw at minimum, over the life of the contract, an amount based on the contract’s benefit base. The GWBL feature allows the policyholder to withdraw, each year for the life of the contract, a specified annual percentage of an amount based on the contract’s benefit base. The GMAB feature increases the contract account value at the end of a specified period to a GMAB base. The GIB feature provides a lifetime annuity based on predetermined annuity purchase rates if and when the contract account value is depleted. This lifetime annuity is based on predetermined annuity purchase rates applied to a GIB base.

Level 3 also includes the GMIB reinsurance contract assets, which are accounted for as derivative contracts. The GMIB reinsurance contract asset and liabilities’ fair value reflects the present value of reinsurance premiums, net of recoveries, and risk margins over a range of market consistent economic scenarios while GMxB derivative features liability reflects the present value of expected future payments (benefits) less fees, adjusted for risk margins and

nonperformance risk, attributable to GMxB derivative features’ liability over a range of market-consistent economic scenarios. 

Also included are the Amounts due from Reinsurers related to the GMIB NLG product features (GMIB NLG Reinsurance). The fair value reflects the present value of reinsurance premiums, net of recoveries, adjusted for risk margins and nonperformance risk over a range of market consistent economic scenarios.

The valuations of the GMIB reinsurance contract asset, GMIB NLG Reinsurance and GMxB derivative features liability incorporate significant non-observable assumptions related to policyholder behavior, risk margins and equity projections of Separate Account funds. The credit risks of the counterparty and of the Company are considered in determining the fair values of its GMIB reinsurance contract asset, GMIB NLG Reinsurance and GMxB derivative features liability positions, respectively, after taking into account the effects of collateral arrangements. Incremental adjustment to the U.S. Treasury curve for non-performance risk is made to the fair values of the GMIB reinsurance contract asset, GMIB NLG Reinsurance and GMIB NLG feature to reflect the claims-paying ratings of counterparties and the Company. Equity and fixed income volatilities were modeled to reflect current market volatilities. Due to the unique, long duration of the GMIB NLG feature and GMIB NLG Reinsurance , adjustments were made to the equity volatilities to remove the illiquidity bias associated with the longer tenors and risk margins were applied to the non-capital markets inputs to the GMIB NLG valuations.

After giving consideration to collateral arrangements, the impact to the fair value of its GMIB reinsurance contract asset was a decrease of $126 million and $107 million as of March 31, 2022 and December 31, 2021, respectively, to recognize incremental counterparty non-performance risk.

After giving consideration to collateral arrangements, the impact to the fair value of its Amounts due from Reinsurers was a decrease of $215 million and $210 million at March 31, 2022 and December 31, 2021 to recognize incremental counterparty non-performance risk.

Lapse rates are adjusted at the contract level based on a comparison of the actuarial calculated guaranteed values and the current policyholder account value, which include other factors such as considering surrender charges. Generally, lapse rates are assumed to be lower in periods when a surrender charge applies. A dynamic lapse function reduces the base lapse rate when the guaranteed amount is greater than the account value as in-the-money contracts are less likely to lapse. For valuing the embedded derivative, lapse rates vary throughout the period over which cash flows are projected.

The Company’s Level 3 liabilities include contingent payment arrangements associated with acquisitions in 2016 and 2019 by AB. At each reporting date, AB estimates the fair values of the contingent consideration expected to be paid based upon revenue and discount rate projections, using unobservable market data inputs, which are included in Level 3 of the valuation hierarchy. The Company’s consolidated VIEs/VOEs hold investments that are classified as Level 3, primarily corporate bonds that are vendor priced with no ratings available, bank loans, non-agency collateralized mortgage obligations and asset-backed securities.

Transfers of Financial Instruments Between Levels 2 and 3

During the three months ended March 31, 2022, fixed maturities with fair values of $110 million were transferred out of Level 3 and into Level 2 principally due to the availability of trading activity and/or market observable inputs to measure and validate their fair values. In addition, fixed maturities with fair value of $258 million were transferred from Level 2 into the Level 3 classification. These transfers in the aggregate represent approximately 3.9% of total equity as of March 31, 2022.

During the three months ended March 31, 2021, fixed maturities with fair values of $549 million were transferred out of Level 3 and into Level 2 principally due to the availability of trading activity and/or market observable inputs to measure and validate their fair values. In addition, fixed maturities with fair value of $2 million were transferred from Level 2 into the Level 3 classification. These transfers in the aggregate represent approximately 4.5% of total equity as of March 31, 2021.

The tables below present reconciliations for all Level 3 assets and liabilities and changes in unrealized gains (losses) for the three months ended March 31, 2022 and 2021, respectively.

	Corporate		State and Political Subdivisions		Asset-backed		CMBS		Trading Securities, at Fair Value		Fixed maturities, at FVO
Balance, January 1, 2022	$	1,504	$	35	$	8	$	20	$	65	$	201
Total gains and (losses), realized and unrealized, included in:
Net income (loss) as:
Net investment income (loss)	1		—		—		—		—		(4)
Investment gains (losses), net	1		—		—		—		(13)		—
Subtotal	2		—		—		—		(13)		(4)
Other comprehensive income (loss)	(31)		(2)		—		(1)		—		—
Purchases	232		—		325		219		—		89
Sales	(87)		(1)		(1)		—		—		(29)
Activity related to consolidated VIEs/VOEs	—		—		—		—		—		—
Transfers into Level 3 (1)	70		—		—		—		—		188
Transfers out of Level 3 (1)	(7)		—		—		—		—		(103)
Balance, March 31, 2022	$	1,683	$	32	$	332	$	238	$	52	$	342
Change in unrealized gains or losses for the period included in earnings for instruments held at the end of the reporting period (2)	$	—	$	—	$	—	$	—	$	(13)	$	(4)
Change in unrealized gains or losses for the period included in other comprehensive income for instruments held at the end of the reporting period (2)	$	(29)	$	(2)	$	—	$	(1)	$	—	$	—
Balance, January 1, 2021	$	1,702	$	39	$	20	$	—	$	39	$	80
Total gains and (losses), realized and unrealized, included in:
Net income (loss) as:
Net investment income (loss)	1		—		—		—		—		3
Investment gains (losses), net	(6)		—		—		—		—		—
Subtotal	(5)		—		—		—		—		3
Other comprehensive income (loss)	9		(1)		—		—		—		—
Purchases	165		—		50		4		—		88
Sales	(69)		—		(5)		—		—		(8)
Activity related to consolidated VIEs/VOEs	—		—		—		—		—
Transfers into Level 3 (1)	2		—		—		—		—		7
Transfers out of Level 3 (1)	(549)		—		—		—		—		(28)
Balance, March 31, 2021	$	1,255	$	38	$	65	$	4	$	39	$	142
Change in unrealized gains or losses for the period included in earnings for instruments held at the end of the reporting period (2)	$	—	$	—	$	—	$	—	$	—	$	—
Change in unrealized gains or losses for the period included in other comprehensive income for instruments held at the end of the reporting period (2)	$	9	$	(1)	$	—	$	—	$	—	$	—

_____________

(1)Transfers into/out of the Level 3 classification are reflected at beginning-of-period fair values.

(2)For instruments held as of March 31, 2022 or March 31, 2021, amounts are included in net investment income or net derivative gains (losses) in the consolidated statements of income (loss) or unrealized gains (losses) on investments in the consolidated statements of comprehensive income.

	Other Equity Investments (7)		GMIB Reinsurance Contract Asset		Amounts Due from Reinsurers		Separate Accounts Assets		GMxB Derivative Features Liability		Contingent Payment Arrangement
Balance, January 1, 2022	$	16	$	1,848	$	5,815	$	1	$	(8,525)	$	(38)
Realized and unrealized gains (losses), included in Net income (loss) as:
Investment gains (losses), reported in net investment income	—		—		—		—		—		—
Net derivative gains (losses) (1)	—		(260)		(767)		—		1,688		—
Total realized and unrealized gains (losses)	—		(260)		(767)		—		1,688		—
Other comprehensive income (loss)	—		—		—		—		—		—
Purchases (2)	—		10		33		—		(120)		1
Sales (3)	—		(16)		(25)		(1)		32		—
Activity related to consolidated VIEs/VOEs	(2)		—		—		—		—		—
Transfers into Level 3 (4)	—		—				—		—		—
Transfers out of Level 3 (4)	(3)		—		—		—		—		—
Balance, March 31, 2022	$	11	$	1,582	$	5,056	$	—	$	(6,925)	$	(37)
Change in unrealized gains or losses for the period included in earnings for instruments held at the end of the reporting period (6)	$	—	$	(260)	$	(767)	$	—	$	1,688	$	—
Change in unrealized gains or losses for the period included in other comprehensive income for instruments held at the end of the reporting period (6)	$	—	$	—	$	—	$	—	$	—	$	—
Balance, January 1, 2021	$	84	$	2,488	$	—	$	1	$	(11,131)	$	(28)
Realized and unrealized gains (losses), included in Net income (loss) as:
Investment gains (losses), reported in net investment income	1		—		—		—		—		—
Net derivative gains (losses) (1) (5)	—		(578)		—		—		3,408		—
Total realized and unrealized gains (losses)	1		(578)		—		—		3,408		—
Other comprehensive income (loss)	—		—		—		—		—		—
Purchases (2)	2		11		—		—		(119)		(7)
Sales (3)	(2)		(14)		—		—		18		—
Activity related to consolidated VIEs/VOEs	(2)		—		—		—		—		(1)
Transfers into Level 3 (4)	—		—		—		—		—		—
Transfers out of Level 3 (4)	—		—		—		(1)		—		—
Balance, March 31, 2021	$	83	$	1,907	$	—	$	—	$	(7,824)	$	(36)
Change in unrealized gains or losses for the period included in earnings for instruments held at the end of the reporting period (6)	$	1	$	(578)	$	—	$	—	$	3,408	$	—
Change in unrealized gains or losses for the period included in other comprehensive income for instruments held at the end of the reporting period (6)	$	—	$	—	$	—	$	—	$	—	$	—

______________

(1)For the three months ended March 31, 2022 and 2021, the Company’s non-performance risk impact of $483 million and $79 million for the GMxB Derivative Features Liability, $(36) million and $(15) million for the GMIB Reinsurance Contract Asset, and $(42) million and $0 million for the Amounts Due from Reinsurers, respectively, is recorded through Net derivative gains (losses).

(2)For the GMIB reinsurance contract asset, Amounts Due from Reinsurers and GMxB derivative features liability, represents attributed fee.

(3)For the GMIB reinsurance contract asset and Amounts Due from Reinsurers, represents recoveries from reinsurers and for GMxB derivative features liability represents benefits paid.

(4) Transfers into/out of the Level 3 classification are reflected at beginning-of-period fair values.

(5) For the three months ended March 31, 2021, GMxB Derivative Features Liability excludes settlement fees on CS Life reinsurance

contract of $46 million.

(6) For instruments held as of March 31, 2022 or March 31, 2021, amounts are included in net investment income or net derivative gains

(losses) in the consolidated statements of income (loss) or unrealized gains (losses) on investments in the consolidated statements of comprehensive income.

(7) Other Equity Investments include other invested assets.

Quantitative and Qualitative Information about Level 3 Fair Value Measurements

The following tables disclose quantitative information about Level 3 fair value measurements by category for assets and liabilities as of March 31, 2022 and December 31, 2021, respectively.

Quantitative Information about Level 3 Fair Value Measurements as of March 31, 2022

	Fair Value		Valuation Technique	Significant Unobservable Input	Range	Weighted Average (2)
	(in millions)
Assets:
Investments:
Fixed maturities, AFS:
Corporate	$	334	Matrix pricing model	Spread over Benchmark	20 bps - 299 bps	106 bps
	891		Market comparable  companies	EBITDA multiples Discount rate Cash flow multiples Loan to value	5.0x - 77.6x 7.2% - 33.6% 0.5x - 11.6x 0.0% - 62.1%	13.9x 9.8% 6.4x 30.0%
Trading Securities, at Fair Value	52		Discounted Cash Flow	Earnings multiple Discount factor Discount years	7.3x 10.0% 11
Other equity investments	4		Market comparable companies	Revenue multiple	7.7x - 9.5x	9.2x
GMIB reinsurance contract asset	1,582		Discounted cash flow	Lapse rates Withdrawal Rates GMIB Utilization Rates Non-performance risk Volatility rates - Equity Mortality: Ages 0-40 Ages 41-60 Ages 61-115	0.45%-20.86% 0.27%-8.66% 0.04%-60.44% 82 bps - 130 bps 9%-32% 0.01%-0.17% 0.06%-0.53% 0.31%-40.00%	2.78% 0.91% 5.28% 84 bps 24% 2.85% (same for all ages) (same for all ages)
Amount Due from Reinsurers	5,056		Discounted Cash Flow	Lapse rates Withdrawal Rates GMIB Utilization Rates Non-performance risk (bps) Volatility rates - Equity Mortality: Ages 0-40 Ages 41-60 Ages 61-115	0.45%-20.86% 0.27%-8.66% 0.04%-60.44% 48 bps 9%-32% 0.01%-0.17% 0.06%-0.53% 0.31%-40.00%	1.79% 1.15% 7.40% 48 bps 24% 2.17% (same for all ages) (same for all ages)
Liabilities:

	Fair Value	Valuation Technique	Significant Unobservable Input	Range	Weighted Average (2)
AB Contingent Consideration Payable	39	Discounted cash flow	Expected revenue growth rates Discount rate	2.0% - 83.9% 1.9% - 10.4%	7.9% 7.0%
GMIB NLG	6,936	Discounted cash flow	Non-performance risk Lapse rates Withdrawal rates Annuitization rates Mortality rates (1): Ages 0 - 40 Ages 41-60 Ages 61-115	151 bps 1.04%-23.57% 0.27%-8.66% 0.03%-100.00% 0.01%-0.19% 0.07%-0.57% 0.44%-43.60%	151 bps 3.69% 1.03% 5.37% 1.62% (same for all ages) (same for all ages)
GWBL/GMWB	83	Discounted cash flow	Lapse rates Withdrawal Rates Utilization Rates Volatility rates - Equity Non-performance risk(bps)	0.60%-20.86% 0.00%-8.00% 100% once starting 9%-32% 151 bps	2.78% 0.91% 24%
GIB	(93)	Discounted cash flow	Lapse rates Withdrawal Rates Utilization Rates Volatility rates - Equity Non-performance risk(bps)	0.60%-20.86% 0.13%-8.66% 0.04%-100.00% 9% - 32% 151 bps	2.78% 0.91% 5.28% 24%
GMAB	(3)	Discounted cash flow	Lapse rates Volatility rates - Equity Non-performance risk(bps)	0.60%-20.86% 9%-32% 151 bps	2.78% 24%

______________

(1)Mortality rates vary by age and demographic characteristic such as gender. Mortality rate assumptions are based on a combination of company and industry experience. A mortality improvement assumption is also applied. For any given contract, mortality rates vary throughout the period over which cash flows are projected for purposes of valuating the embedded derivatives.

(2)For lapses, withdrawals, and utilizations the rates were weighted by counts; for mortality weighted average rates are shown for all ages combined; and for withdrawals the weighted averages were based on an estimated split of partial withdrawal and dollar-for-dollar withdrawals.

Quantitative Information about Level 3 Fair Value Measurements as of December 31, 2021

	Fair Value		Valuation Technique	Significant Unobservable Input	Range	Weighted Average (2)
	(in millions)
Assets:
Investments:
Fixed maturities, AFS:
Corporate	$	258	Matrix pricing model	Spread over benchmark	20 bps - 270 bps	144 bps
	888		Market comparable companies	EBITDA multiples  Discount rate  Cash flow multiples Loan to value	4.9x - 62.3x 6.2% - 21.5% 0.5x-10.0x 3.1%-63.4%	13.0x 9.1% 5.5x 30.8%
Trading Securities, at Fair Value	65		Discounted cash flow	Earnings multiple Discounts factor Discount years	7.3x 10.00% 11
Other equity investments	4		Market comparable companies	Revenue multiple	7.8x - 10.3x	9.5x

	Fair Value	Valuation Technique	Significant Unobservable Input	Range	Weighted Average (2)
	(in millions)
GMIB reinsurance contract asset	1,848	Discounted cash flow	Non-performance risk Lapse rates Withdrawal rates Utilization rates Volatility rates - Equity Mortality rates (1): Ages 0 - 40 Ages 41 - 60 Ages 60 - 115	57 bps - 93 bps 0.45% - 20.86% 0.27% - 8.66% 0.04% - 60.44% 11% - 31% 0.01% - 0.17% 0.06% - 0.53% 0.31% - 40.00%	60 bps 2.65% 0.93% 5.27% 24% 2.79% (same for all ages) (same for all ages)
Amount Due from Reinsurers	5,813	Discounted Cash Flow	Lapse rates Withdrawal Rates GMIB Utilization Rates Non-performance risk (bps) Volatility rates - Equity Mortality: Ages 0-40 Ages 41-60 Ages 61-115	0.45%-20.86% 0.27%-8.66% 0.04%-60.44% 37 bps 11%-31% 0.01%-0.17% 0.06%-0.53% 0.31%-40.00%	1.70% 1.18% 7.20% 37 bps 24% 2.17% (same for all ages) (same for all ages)
Liabilities:
AB Contingent Consideration Payable	38	Discounted cash flow	Expected revenue growth rates Discount rate	2.0% - 83.9% 1.9% - 10.4%	11.9% 7.0%
GMIB NLG	8,503	Discounted cash flow	Non-performance risk Lapse rates Withdrawal rates Annuitization rates Mortality rates (1): Ages 0 - 40 Ages 41 - 60 Ages 60 - 115	111 bps 1.04% - 23.57% 0.27% - 8.66% 0.03% -100.00% 0.01% - 0.19% 0.07% - 0.57% 0.44% - 43.60%	111 bps 3.55% 1.04% 5.24% 1.62% (same for all ages) (same for all ages)
GWBL/GMWB	99	Discounted cash flow	Non-performance risk Lapse rates Withdrawal rates Utilization rates Volatility rates - Equity	111 bps 0.60%-20.86% 0.00%-8.00% 100% once starting 11%-31%	2.65% 0.93% 24%
GIB	(75)	Discounted cash flow	Non-performance risk Lapse rates Withdrawal rates Utilization rates Volatility rates - Equity	111 bps 0.60%-20.86% 0.13%-8.66% 0.04%-100.00% 11%-31%	2.65% 0.93% 5.27% 24%
GMAB	(3)	Discounted cash flow	Non-performance risk Lapse rates Volatility rates - Equity	111 bps 0.60%-20.86% 11%-31%	2.65% 24%

______________

(1)Mortality rates vary by age and demographic characteristic such as gender. Mortality rate assumptions are based on a combination of company and industry experience. A mortality improvement assumption is also applied. For any given contract, mortality rates vary throughout the period over which cash flows are projected for purposes of valuating the embedded derivatives.

(2)For lapses, withdrawals, and utilizations the rates were weighted by counts; for mortality weighted average rates are shown for all ages combined; and for withdrawals the weighted averages were based on an estimated split of partial withdrawal and dollar-for-dollar withdrawals.

Level 3 Financial Instruments for which Quantitative Inputs are Not Available

Certain Privately Placed Debt Securities with Limited Trading Activity

Excluded from the tables above as of March 31, 2022 and December 31, 2021, respectively, are approximately $1.4 billion and $635 million of Level 3 fair value measurements of investments for which the underlying quantitative inputs are not developed by the Company and are not readily available. These investments primarily consist of certain privately placed debt securities with limited trading activity, including residential mortgage- and asset-backed instruments, and their fair values generally reflect unadjusted prices obtained from independent valuation service providers and indicative, non-binding quotes obtained from third-party broker-dealers recognized as market participants. Significant increases or decreases in the fair value amounts received from these pricing sources may result in the Company’s reporting significantly higher or lower fair value measurements for these Level 3 investments.

•The fair value of private placement securities is determined by application of a matrix pricing model or a market comparable company value technique. The significant unobservable input to the matrix pricing model valuation technique is the spread over the industry-specific benchmark yield curve. Generally, an increase or decrease in spreads would lead to directionally inverse movement in the fair value measurements of these securities. The significant unobservable input to the market comparable company valuation technique is the discount rate. Generally, a significant increase (decrease) in the discount rate would result in significantly lower (higher) fair value measurements of these securities.

•Residential mortgage-backed securities classified as Level 3 primarily consist of non-agency paper with low trading activity. Included in the tables above as of March 31, 2022 and December 31, 2021, there were no Level 3 securities that were determined by application of a matrix pricing model and for which the spread over the U.S. Treasury curve is the most significant unobservable input to the pricing result. Generally, a change in spreads would lead to directionally inverse movement in the fair value measurements of these securities.

•Asset-backed securities classified as Level 3 primarily consist of non-agency mortgage loan trust certificates, including subprime and Alt-A paper, credit risk transfer securities, and equipment financings. Included in the tables above as of March 31, 2022 and December 31, 2021, there were no securities that were determined by the application of matrix-pricing for which the spread over the U.S. Treasury curve is the most significant unobservable input to the pricing result. Significant increases (decreases) in spreads would have resulted in significantly lower (higher) fair value measurements.

Other Equity Investments

Included in other equity investments classified as Level 3 are venture capital securities in the Technology, Media and Telecommunications industries. The fair value measurements of these securities include significant unobservable inputs including an enterprise value to revenue multiples and a discount rate to account for liquidity and various risk factors. Significant increases (decreases) in the enterprise value to revenue multiple inputs in isolation would have resulted in a significantly higher (lower) fair value measurement. Significant increases (decreases) in the discount rate would have resulted in a significantly lower (higher) fair value measurement.

GMIB Reinsurance Contract Asset, Amounts Due from Reinsurers and GMxB Derivative Features

Significant unobservable inputs with respect to the fair value measurement of the Level 3 GMIB reinsurance contract asset and the Level 3 liabilities identified in the table above are developed using Company data.

The significant unobservable inputs used in the fair value measurement of the Company’s GMIB reinsurance contract asset are lapse rates, withdrawal rates, and GMIB utilization rates. Significant increases in GMIB utilization rates or decreases in lapse or withdrawal rates in isolation would tend to increase the GMIB reinsurance contract asset.

Fair value measurement of the GMIB reinsurance contract asset, GMIB NLG Reinsurance and liabilities includes dynamic lapse and GMIB utilization assumptions whereby projected contractual lapses and GMIB utilization reflect the projected net amount of risks of the contract. As the net amount of risk of a contract increases, the assumed lapse rate decreases and the GMIB utilization increases. Increases in volatility would increase the asset and liabilities.

The significant unobservable inputs used in the fair value measurement of the Company’s GMIB NLG liability and GMIB NLG Reinsurance are lapse rates, withdrawal rates, GMIB utilization rates, adjustment for non-performance risk and NLG forfeiture rates. NLG forfeiture rates are caused by excess withdrawals above the annual GMIB accrual rate that cause the NLG to expire. Significant decreases in lapse rates, NLG forfeiture rates, adjustment for non-

performance risk and GMIB utilization rates would tend to increase the GMIB NLG liability and GMIB NLG Reinsurance, while decreases in withdrawal rates and volatility rates would tend to decrease the GMIB NLG liability and GMIB NLG Reinsurance.

The significant unobservable inputs used in the fair value measurement of the Company’s GMWB and GWBL liability are lapse rates and withdrawal rates. Significant increases in withdrawal rates or decreases in lapse rates in isolation would tend to increase these liabilities. Increases in volatility would increase these liabilities.

Carrying Value of Financial Instruments Not Otherwise Disclosed in Note 3 and Note 4 of the Notes to these Consolidated Financial Statements

The carrying values and fair values as of March 31, 2022 and December 31, 2021 for financial instruments not otherwise disclosed in Note 3 and Note 4 of the Notes to these Consolidated Financial Statements are presented in the table below.

Carrying Values and Fair Values for Financial Instruments Not Otherwise Disclosed

	Carrying Value		Fair Value
			Level 1		Level 2		Level 3		Total
	(in millions)
March 31, 2022:
Mortgage loans on real estate	$	14,452	$	—	$	—	$	13,911	$	13,911
Policy loans	$	4,010	$	—	$	—	$	4,956	$	4,956
Policyholders’ liabilities: Investment contracts	$	2,014	$	—	$	—	$	1,982	$	1,982
FHLB funding agreements	$	6,088	$	—	$	6,047	$	—	$	6,047
FABN funding agreements	$	6,673	$	—	$	6,271	$	—	$	6,271
Short-term and long-term debt (1)	$	3,840	$	—	$	4,111	$	—	$	4,111
Separate Accounts liabilities	$	11,785	$	—	$	—	$	11,785	$	11,785
December 31, 2021:
Mortgage loans on real estate	$	14,033	$	—	$	—	$	14,308	$	14,308
Policy loans	$	4,024	$	—	$	—	$	5,050	$	5,050
Policyholders’ liabilities: Investment contracts (2)	$	2,035	$	—	$	—	$	2,103	$	2,103
FHLB funding agreements	$	6,647	$	—	$	6,679	$	—	$	6,679
FABN funding agreements	$	6,689	$	—	$	6,626	$	—	$	6,626
Short-term and long-term debt (1)	$	3,839	$	—	$	4,544	$	—	$	4,544
Separate Accounts liabilities	$	11,620	$	—	$	—	$	11,620	$	11,620

_____________

(1)Excludes CLO short-term debt of $204 million which is inclusive as fair valued within Notes issued by consolidated VIE’s, at fair value using the fair value option.

(2) Reflects transfer of certain policyholders account balances to future policyholder benefits and other policyholders liabilities related to structured settlement which occurred during July 2021.

Mortgage Loans on Real Estate

Fair values for commercial and agricultural mortgage loans on real estate are measured by discounting future contractual cash flows to be received on the mortgage loan using interest rates at which loans with similar characteristics and credit quality would be made. The discount rate is derived based on the appropriate U.S. Treasury rate with a like term to the remaining term of the loan to which a spread reflective of the risk premium associated with the specific loan is added. Fair values for mortgage loans anticipated to be foreclosed and problem mortgage loans are limited to the fair value of the underlying collateral, if lower.

Policy Loans

The fair value of policy loans is calculated by discounting expected cash flows based upon the U.S. Treasury yield curve and historical loan repayment patterns.

Short-term and Long-term Debt

The Company’s short-term debt primarily includes commercial paper with short-term maturities and carrying value approximates fair value. The fair values for the Company’s long-term debt are determined by Bloomberg’s evaluated pricing service, which uses direct observations or observed comparables.

FHLB Funding Agreements

The fair values of the Company’s FHLB funding agreements are determined by discounted cash flow analysis based on the indicative funding agreement rates published by the FHLB.

FABN Funding Agreements

The fair values of Equitable Financial’s FABN funding agreements are determined by Bloomberg’s evaluated pricing service, which uses direct observations or observed comparables.

Policyholder Liabilities - Investment Contracts and Separate Accounts Liabilities

The fair values for deferred annuities and certain annuities, which are included in Policyholders’ account balances, and liabilities for investment contracts with fund investments in Separate Accounts, are estimated using projected cash flows discounted at rates reflecting current market rates. Significant unobservable inputs reflected in the cash flows include lapse rates and withdrawal rates. Incremental adjustments may be made to the fair value to reflect non-performance risk. Certain other products such as the Company’s association plans contracts, supplementary contracts not involving life contingencies, Access Accounts and Escrow Shield Plus product reserves are held at book value.

Financial Instruments Exempt from Fair Value Disclosure or Otherwise Not Required to be Disclosed

Exempt from Fair Value Disclosure Requirements

Certain financial instruments are exempt from the requirements for fair value disclosure, such as insurance liabilities other than financial guarantees and investment contracts, limited partnerships accounted for under the equity method and pension and other postretirement obligations.

Otherwise Not Required to be Included in the Table Above

The Company’s investment in COLI policies are recorded at their cash surrender value and are therefore not required to be included in the table above. See Note 2 of the Notes to these Consolidated Financial Statements for further description of the Company’s accounting policy related to its investment in COLI policies.

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EMPLOYEE BENEFIT PLANS

3 Months Ended

Mar. 31, 2022

Retirement Benefits [Abstract]

EMPLOYEE BENEFIT PLANS

EMPLOYEE BENEFIT PLANS

Pension Plans

Holdings and Equitable Financial Retirement Plans

Holdings sponsors the MONY Life Retirement Income Security Plan for Employees and Equitable Financial sponsors the Equitable Retirement Plan (the “Equitable Financial QP”), both of which are frozen qualified defined benefit plans covering eligible employees and financial professionals. These pension plans are non-contributory, and their benefits are generally based on a cash balance formula and/or, for certain participants, years of service and average earnings over a specified period. Holdings and Equitable Financial also sponsor certain nonqualified defined benefit plans, including the Equitable Excess Retirement Plan, that provide retirement benefits in excess of the amount permitted under the tax law for the qualified plans. Holdings has assumed primary liability for both plans. Equitable Financial remains secondarily liable for its obligations under the Equitable Financial QP and would recognize such liability in the event Holdings does not perform.

AB Retirement Plans

AB maintains a qualified, non-contributory, defined benefit retirement plan covering current and former employees who were employed by AB in the United States prior to October 2, 2000 (the “AB Plan”). Benefits under the AB Plan are based on years of credited service, average final base salary, and primary Social Security benefits.

Net Periodic Pension Expense

Components of net periodic pension expense for the Company’s plans were as follows:

	Three Months Ended March 31,
	2022		2021
	(in millions)
Service cost	$	2	$	2
Interest cost	14		14
Expected return on assets	(39)		(38)
Prior Period Svc Cost Amortization	(1)		(1)
Actuarial (gain) loss	—		1
Net amortization	20		29
Net Periodic Pension Expense	$	(4)	$	7

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INCOME TAXES	3 Months Ended
	Mar. 31, 2022
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES Income tax expense for the three months ended March 31, 2022 and 2021 was computed using an estimated annual effective tax rate (“ETR”), with discrete items recognized in the period in which they occur. The estimated ETR is revised, as necessary, at the end of successive interim reporting periods.

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EQUITY

3 Months Ended

Mar. 31, 2022

Equity [Abstract]

EQUITY

EQUITY

Preferred Stock

Preferred stock authorized, issued and outstanding was as follows:

	March 31, 2022			December 31, 2021
Series	Shares Authorized	Shares  Issued	Shares Outstanding	Shares Authorized	Shares  Issued	Shares Outstanding
Series A	32,000	32,000	32,000	32,000	32,000	32,000
Series B	20,000	20,000	20,000	20,000	20,000	20,000
Series C	12,000	12,000	12,000	12,000	12,000	12,000
Total	64,000	64,000	64,000	64,000	64,000	64,000

Dividends declared per share were as follows for the periods indicated:

	Three Months Ended March 31,
	2022		2021
Series A dividends declared	$	328	$	328
Series B dividends declared	$	—	$	—
Series C dividends declared	$	269	$	200

Common Stock

Dividends declared per share of common stock were as follows for the periods indicated:

	Three Months Ended March 31,
	2022		2021
Dividends declared	$	0.18	$	0.17

Share Repurchase

On February 9, 2022, the Company’s Board of Directors authorized a new $1.2 billion share repurchase program. Under this program, the Company may, from time to time purchase shares of its common stock through various means. The Company may choose to suspend or discontinue the repurchase program at any time. The repurchase program does not obligate the Company to purchase any particular number of shares. As of March 31, 2022, Holdings had authorized capacity of approximately $955 million remaining in its share repurchase program.

Holdings repurchased a total of 8.6 million and 14.5 million shares of its common stock at an average price of $31.96 and $29.71 per share, respectively through open market repurchases, ASRs and privately negotiated transactions during the three months ended March 31, 2022 and 2021.

During the three months ended March 31, 2022 and 2021, Holdings repurchased 7.9 million and 3.2 million shares of its common stock through open market repurchases.

Accumulated Other Comprehensive Income (Loss)

AOCI represents cumulative gains (losses) on items that are not reflected in net income (loss). The balances as of March 31, 2022 and December 31, 2021 follow:

	March 31,		December 31,
	2022		2021
	(in millions)
Unrealized gains (losses) on investments	$	(1,142)	$	2,684
Defined benefit pension plans	(626)		(669)
Foreign currency translation adjustments	(57)		(45)
Total accumulated other comprehensive income (loss)	(1,825)		1,970
Less: Accumulated other comprehensive income (loss) attributable to noncontrolling interest	(38)		(34)
Accumulated other comprehensive income (loss) attributable to Holdings	$	(1,787)	$	2,004

The components of OCI, net of taxes for the three months ended March 31, 2022 and 2021 follow:

	Three Months Ended March 31,
	2022		2021
	(in millions)
Change in net unrealized gains (losses) on investments:
Net unrealized gains (losses) arising during the period	$	(5,080)	$	(4,059)
(Gains) losses reclassified into net income (loss) during the period (1)	264		(164)
Net unrealized gains (losses) on investments	(4,816)		(4,223)
Adjustments for policyholders’ liabilities, DAC, insurance liability loss recognition and other	990		1,070
Change in unrealized gains (losses), net of adjustments (net of deferred income tax expense (benefit) of $(1,018) and $838)	(3,826)		(3,153)
Change in defined benefit plans:
Reclassification to Net income (loss) of amortization of net prior service credit included in net periodic cost	43		33
Change in defined benefit plans (net of deferred income tax expense (benefit) of $(9) and $9)	43		33
Foreign currency translation adjustments:
Foreign currency translation gains (losses) arising during the period	(12)		(6)
Foreign currency translation adjustment	(12)		(6)
Total other comprehensive income (loss), net of income taxes	(3,795)		(3,126)
Less: Other comprehensive income (loss) attributable to noncontrolling interest	(4)		(3)
Other comprehensive income (loss) attributable to Holdings	$	(3,791)	$	(3,123)

_______________

(1)See “Reclassification adjustments” in Note 3 of the Notes to these Consolidated Financial Statements. Reclassification amounts presented net of income tax expense (benefit) of $(70) million and $44 million for the three months ended March 31, 2022 and 2021, respectively.

Investment gains and losses reclassified from AOCI to net income (loss) primarily consist of realized gains (losses) on sales and credit losses of AFS securities and are included in total investment gains (losses), net on the consolidated statements of income (loss). Amounts reclassified from AOCI to net income (loss) as related to defined benefit plans primarily consist of amortization of net (gains) losses and net prior service cost (credit) recognized as a component of net periodic cost and reported in compensation and benefits in the consolidated statements of income (loss). Amounts presented in the table above are net of tax.

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REDEEMABLE NONCONTROLLING INTEREST

3 Months Ended

Mar. 31, 2022

Noncontrolling Interest [Abstract]

REDEEMABLE NONCONTROLLING INTEREST

REDEEMABLE NONCONTROLLING INTEREST

The changes in the components of redeemable noncontrolling interests are presented in the table that follows:

	Three months Ended March 31,
	2022		2021
	(in millions)
Balance, beginning of period	$	468	$	143
Net earnings (loss) attributable to redeemable noncontrolling interests	(27)		—
Purchase/change of redeemable noncontrolling interests	(55)		(6)
Balance, end of period	$	386	$	137

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COMMITMENTS AND CONTINGENT LIABILITIES

3 Months Ended

Mar. 31, 2022

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENT LIABILITIES

COMMITMENTS AND CONTINGENT LIABILITIES

Litigation and Regulatory Matters

Litigation, regulatory and other loss contingencies arise in the ordinary course of the Company’s activities as a diversified financial services firm. The Company is a defendant in a number of litigation matters arising from the conduct of its business. In some of these matters, claimants seek to recover very large or indeterminate amounts, including compensatory, punitive, treble and exemplary damages. Modern pleading practice permits considerable variation in the assertion of monetary damages and other relief. Claimants are not always required to specify the monetary damages they seek, or they may be required only to state an amount sufficient to meet a court’s jurisdictional requirements. Moreover, some jurisdictions allow claimants to allege monetary damages that far exceed any reasonably possible verdict. The variability in pleading requirements and past experience demonstrates that the monetary and other relief that may be requested in a lawsuit or claim often bears little relevance to the merits or potential value of a claim. Litigation against the Company includes a variety of claims including, among other things, insurers’ sales practices, alleged agent misconduct, alleged failure to properly supervise agents, contract administration, product design, features and accompanying disclosure, cost of insurance increases, payments of death benefits and the reporting and escheatment of unclaimed property, alleged breach of fiduciary duties, alleged mismanagement of client funds and other matters.

The outcome of a litigation or regulatory matter is difficult to predict, and the amount or range of potential losses associated with these or other loss contingencies requires significant management judgment. It is not possible to predict the ultimate outcome or to provide reasonably possible losses or ranges of losses for all pending regulatory matters, litigation and other loss contingencies. While it is possible that an adverse outcome in certain cases could have a material adverse effect upon the Company’s financial position, based on information currently known, management believes that neither the outcome of pending litigation and regulatory matters, nor potential liabilities associated with other loss contingencies, are likely to have such an effect. However, given the large and indeterminate amounts sought in certain litigation and the inherent unpredictability of all such matters, it is possible that an adverse outcome in certain of the Company’s litigation or regulatory matters, or liabilities arising from other loss contingencies, could, from time to time, have a material adverse effect upon the Company’s results of operations or cash flows in a particular quarterly or annual period.

For some matters, the Company is able to estimate a range of loss. For such matters in which a loss is probable, an accrual has been made. For matters where the Company believes a loss is reasonably possible, but not probable, no accrual is required. For matters for which an accrual has been made, but there remains a reasonably possible range of loss in excess of the amounts accrued or for matters where no accrual is required, the Company develops an estimate of the unaccrued amounts of the reasonably possible range of losses. As of March 31, 2022, the Company estimates the aggregate range of reasonably possible losses, in excess of any amounts accrued for these matters as of such date, to be up to approximately $250 million.

For other matters, the Company is currently not able to estimate the reasonably possible loss or range of loss. The Company is often unable to estimate the possible loss or range of loss until developments in such matters have provided sufficient information to support an assessment of the range of possible loss, such as quantification of a damage demand from plaintiffs, discovery from plaintiffs and other parties, investigation of factual allegations, rulings by a court on motions or appeals, analysis by experts and the progress of settlement discussions. On a quarterly and annual basis, the Company reviews relevant information with respect to litigation and regulatory contingencies and updates the Company’s accruals, disclosures and reasonably possible losses or ranges of loss based on such reviews.

In August 2015, a lawsuit was filed in Connecticut Superior Court entitled Richard T. O’Donnell, on behalf of himself and all others similarly situated v. AXA Equitable Life Insurance Company. This lawsuit is a putative class action on behalf of all persons who purchased variable annuities from Equitable Financial, which were subsequently subjected to the volatility management strategy and who suffered injury as a result thereof. Plaintiff asserts a claim for breach of contract alleging that Equitable Financial implemented the volatility management strategy in violation of applicable law. Plaintiff seeks an award of damages individually and on a classwide basis, and costs and disbursements, including attorneys’ fees, expert witness fees and other costs. In 2015, the case was transferred to the Southern District of New York and, in 2018, transferred back to Connecticut Superior Court. In August 2019, the court granted Equitable Financial’s motion to strike, which sought dismissal of the complaint, and in September 2019, Plaintiff filed an Amended Class Action Complaint. Equitable Financial filed renewed motions to strike and to dismiss and for an entry of judgment in October 2019. In August 2020, the court granted Equitable Financial’s motion for entry of judgment. Plaintiff filed a notice of appeal and in February 2022, the Connecticut Appellate Court reversed the Superior Court’s entry of judgement. In April 2022, the Connecticut Supreme Court granted Equitable Financial’s petition to review the decision of the Connecticut Appellate Court. We are vigorously defending this matter.

In February 2016, a lawsuit was filed in the Southern District of New York entitled Brach Family Foundation, Inc. v. AXA Equitable Life Insurance Company. This lawsuit is a putative class action brought on behalf of all owners of UL policies subject to Equitable Financial’s COI rate increase. In early 2016, Equitable Financial raised COI rates for certain UL policies issued between 2004 and 2008, which had both issue ages 70 and above and a current face value amount of $1 million and above. A second putative class action was filed in the District of Arizona in 2017 and consolidated with the Brach matter in federal court in New York. The consolidated amended class action complaint alleges the following claims: breach of contract; misrepresentations in violation of Section 4226 of the New York Insurance Law; violations of New York General Business Law Section 349; and violations of the California Unfair Competition Law, and the California Elder Abuse Statute. Plaintiffs seek: (a) compensatory damages, costs, and, pre- and post-judgment interest; (b) with respect to their claim concerning Section 4226, a penalty in the amount of premiums paid by the plaintiffs and the putative class; and (c) injunctive relief and attorneys’ fees in connection with their statutory claims. In August 2020, the federal district court issued a decision certifying nationwide breach of contract and Section 4226 classes, and a New York State Section 349 class. Owners of a substantial number of policies opted out of the Brach class action. Most opt-out policies are not yet the subject of litigation. Others filed suit previously including five federal actions that have been coordinated with the Brach action and contain similar allegations along with additional allegations for violations of state consumer protection statutes and common law fraud. In March 2022, the federal district court issued a summary judgment decision, denying in significant part but granting in part Equitable Financial’s motion and denying the motion filed by plaintiffs in the coordinated actions. Equitable Financial has commenced settlement discussions with the Brach class action plaintiffs and plaintiffs in the coordinated actions. No assurances can be given about the outcome of those settlement discussions. Equitable Financial has settled actual and threatened litigations challenging the COI increase by individual policyowners and one entity that invested in numerous policies purchased in the life settlement market. Two actions are also pending against Equitable Financial in New York state court. Equitable Financial is vigorously defending each of these matters.

As with other financial services companies, the Company periodically receives informal and formal requests for information from various state and federal governmental agencies and self-regulatory organizations in connection with inquiries and investigations of the products and practices of the Company or the financial services industry. It is the practice of the Company to cooperate fully in these matters. For example, among other matters, the Company has been

cooperating with the U.S. Securities and Exchange Commission (the “SEC”) concerning the SEC’s investigation into the Company’s non-ERISA K-12 403(b) and 457 sales and disclosure practices.The Company has reached an agreement in principle, subject to agreement on documentation and approval by the SEC, to resolve that investigation, including the allegation that daily separate account and portfolio operating expenses disclosed in customer prospectuses and incorporated in the calculation of net investment portfolio results in quarterly account statements were not properly presented or referenced in those account statements. If approved, under the settlement, the Company would neither admit nor deny the allegations, prospectively modify the relevant account statements and cross-reference the relevant prospectus disclosures, and pay a civil monetary penalty of $50 million, to be distributed to plan participants. The Company has fully accrued for the cost of the settlement.

Obligations under Funding Agreements

Pre-Capitalized Trust Securities (“P-Caps”)

In April 2019, pursuant to separate Purchase Agreements among Holdings, Credit Suisse Securities (USA) LLC, as representative of the several initial purchasers, and the Trusts (as defined below), Pine Street Trust I, a Delaware statutory trust (the “2029 Trust”), completed the issuance and sale of 600,000 of its Pre-Capitalized Trust Securities redeemable February 15, 2029 (the “2029 P-Caps”) for an aggregate purchase price of $600 million and Pine Street Trust II, a Delaware statutory trust (the “2049 Trust” and, together with the 2029 Trust, the “Trusts”), completed the issuance and sale of 400,000 of its Pre-Capitalized Trust Securities redeemable February 15, 2049 (the “2049 P-Caps” and, together with the 2029 P-Caps, the “P-Caps”) for an aggregate purchase price of $400 million in each case to qualified institutional buyers in reliance on Rule 144A that are also “qualified purchasers” for purposes of Section 3(c)(7) of the Investment Company Act of 1940, as amended.

The P-Caps are an off-balance sheet contingent funding arrangement that, upon Holdings’ election, gives Holdings the right over a ten-year period (in the case of the 2029 Trust) or over a thirty-year period (in the case of the 2049 Trust) to issue senior notes to these Trusts. The Trusts each invested the proceeds from the sale of their P-Caps in separate portfolios of principal and/or interest strips of U.S. Treasury securities. In return, Holdings will pay a semi-annual facility fee to the 2029 Trust and 2049 Trust calculated at a rate of 2.125% and 2.715% per annum, respectively, which will be applied to the unexercised portion of the contingent funding arrangement and Holdings will reimburse the Trusts for certain expenses. The facility fees are recorded in Other operating costs and expenses in the Consolidated Statements of Income (Loss).

Federal Home Loan Bank (“FHLB”)

As a member of the FHLB, Equitable Financial has access to collateralized borrowings. It also may issue funding agreements to the FHLB. Both the collateralized borrowings and funding agreements would require Equitable Financial to pledge qualified mortgage-backed assets and/or government securities as collateral. Equitable Financial issues short-term funding agreements to the FHLB and uses the funds for asset, liability, and cash management purposes. Equitable Financial issues long-term funding agreements to the FHLB and uses the funds for spread lending purposes.

Entering into FHLB membership, borrowings and funding agreements requires the ownership of FHLB stock and the pledge of assets as collateral. Equitable Financial has purchased FHLB stock of $286 million and pledged collateral with a carrying value of $9.9 billion as of March 31, 2022. 

Funding agreements are reported in policyholders’ account balances in the consolidated balance sheets. For other instruments used for asset/liability and cash management purposes, see “Derivative and offsetting assets and liabilities” included in Note 4 of the Notes to these Consolidated Financial Statements. The table below summarizes the Company’s activity of funding agreements with the FHLB.

Change in FHLB Funding Agreements during the Three Months Ended March 31, 2022

	Outstanding Balance at December 31, 2021		Issued During the Period		Repaid During the Period		Long-term Agreements Maturing Within One Year		Long-term Agreements Maturing Within Five Years		Outstanding Balance at March 31, 2022
	(in millions)
Short-term funding agreements:
Due in one year or less	$	5,353	$	13,688	$	14,435	$	—	$	—	$	4,606

Long-term funding agreements:
Due in years two through five	1,290		13		—		—		—		1,303
Due in more than five years	—		175		—		—		—		175
Total long-term funding agreements	1,290		188		—		—		—		1,478
Total funding agreements (1)	$	6,643	$	13,876	$	14,435	$	—	$	—	$	6,084

_____________

(1)The $4 million and $4 million difference between the funding agreements carrying value shown in fair value table for March 31, 2022 and December 31, 2021, respectively, reflects the remaining amortization of a hedge implemented and closed, which locked in the funding agreements borrowing rates.

Funding Agreement-Backed Notes Program

Under the FABN program, Equitable Financial may issue funding agreements in U.S. dollar or other foreign currencies to a Delaware special purpose statutory trust (the “Trust”) in exchange for the proceeds from issuances of fixed and floating rate medium-term marketable notes issued by the Trust from time to time (the “Trust Notes”). The funding agreements have matching interest, maturity and currency payment terms to the applicable Trust Notes. The Company hedges the foreign currency exposure of foreign currency denominated funding agreements using cross currency swaps as discussed in Note 4 of the Notes to these Consolidated Financial Statements. As of May 2021, the maximum aggregate principal amount of Trust Notes permitted to be outstanding at any one time is $10 billion. Funding agreements issued to the Trust, including any foreign currency transaction adjustments, are reported in policyholders’ account balances in the consolidated balance sheets. Foreign currency transaction adjustments to policyholder’s account balances are recognized in net income (loss) as an adjustment to interest credited to policyholders’ account balances and are offset in interest credited to policyholders’ account balances by a release of AOCI from deferred changes in fair value of designated and qualifying cross currency swap cash flow hedges. The table below summarizes the Equitable Financial’s activity of funding agreements under the FABN.

Change in FABN Funding Agreements during the Three Months Ended March 31, 2022

	Outstanding Balance at December 31, 2021		Issued During the Period		Repaid During the Period		Long-term Agreements Maturing Within One Year		Long-term Agreements Maturing Within Five Years		Foreign Currency Transaction Adjustment		Outstanding Balance at March 31, 2022
	(in millions)
Short-term funding agreements:
Due in one year or less	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Long-term funding agreements:
Due in years two through five	4,600		—		—		—		—		—		4,600
Due in more than five years	2,119		—		—		—		—		(16)		2,103
Total long-term funding agreements	6,719		—		—		—		—		(16)		6,703
Total funding agreements (1)	$	6,719	$	—	$	—	$	—	$	—	$	(16)	$	6,703

_____________

(1)The $31 million and $70 million difference between the funding agreements notional value shown and carrying value table as of March 31, 2022 and December 31, 2021, respectively, reflects the remaining amortization of the issuance cost of the funding agreements and the foreign currency transaction adjustment.

Holdings Revolving Credit Facility

In February 2018, Holdings entered into a $2.5 billion five-year senior unsecured revolving credit facility with a syndicate of banks. In June 2021, Holdings entered into an amended and restated revolving credit agreement, which lowered the facility amount to $1.5 billion and extended the maturity date to June 24, 2026, among other changes. The revolving credit facility has a sub-limit of $1.5 billion for the issuance of letters of credit to support the life insurance business reinsured by EQ AZ Life Re. As of March 31, 2022, the Company had no undrawn letters of credit issued out of the $1.5 billion sub-limit for Equitable Financial as beneficiary.

Bilateral Letter of Credit Facilities

In February 2018, the Company entered into bilateral letter of credit facilities, each guaranteed by Holdings, with an aggregate principal amount of approximately $1.9 billion, with multiple counterparties. In June 2021, Holdings entered into amendments with each of the issuers of its bilateral letter of credit facilities to effect changes similar to those effected in the amended and restated revolving credit agreement. The respective facility limits of the bilateral letter of credit facilities remained unchanged. These facilities support the life insurance business reinsured by EQ AZ Life Re. The HSBC facility matures on February 16, 2024 and the rest of the facilities mature on February 16, 2026.

Guarantees and Other Commitments

The Company provides certain guarantees or commitments to affiliates and others. As of March 31, 2022, these arrangements include commitments by the Company to provide equity financing of $1.3 billion to certain limited partnerships and real estate joint ventures under certain conditions. Management believes the Company will not incur material losses as a result of these commitments.

The Company had $17 million of undrawn letters of credit related to reinsurance as of March 31, 2022. The Company had $914 million of commitments under existing mortgage loan agreements as of March 31, 2022.

The Company is the obligor under certain structured settlement agreements it had entered into with unaffiliated insurance companies and beneficiaries. To satisfy its obligations under these agreements, the Company owns single premium annuities issued by previously wholly-owned life insurance subsidiaries. The Company has directed payment under these annuities to be made directly to the beneficiaries under the structured settlement agreements. A contingent liability exists with respect to these agreements should the previously wholly-owned subsidiaries be unable to meet their obligations. Management believes the need for the Company to satisfy those obligations is remote.

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INSURANCE GROUP STATUTORY FINANCIAL INFORMATION	3 Months Ended
	Mar. 31, 2022
Insurance [Abstract]
INSURANCE GROUP STATUTORY FINANCIAL INFORMATION	INSURANCE GROUP STATUTORY FINANCIAL INFORMATIONPrescribed and Permitted Accounting PracticesEquitable Financial was granted a permitted practice by the NYDFS to apply SSAP 108, Derivatives Hedging Variable Annuity Guarantees on a retroactive basis from January 1, 2021 through June 30, 2021, after reflecting the impacts of our reinsurance transaction with Venerable. The permitted practice was amended to also permit Equitable Financial to adopt SSAP 108 prospectively as of July 1, 2021 and to consider the impact of both the interest rate derivatives and the general account assets used to fully hedge the interest rate risk inherent in it variable annuity guarantees when determining the amount of the deferred asset or liability under SSAP 108. Application of the permitted practice partially mitigates the Regulation 213 impact of the Venerable Transaction on Equitable Financial’s statutory capital and surplus. The impact of the application of this permitted practice was an increase of approximately $1.0 billion in statutory special surplus funds and a decrease of $373 million in statutory net income as of and for the three months ended March 31, 2022, which will be amortized over 5 years for each of the retrospective and prospective components. The permitted practice also reset Equitable Financial’s unassigned surplus to zero as of June 30, 2021 to reflect the transformative nature of the Venerable Transaction.

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BUSINESS SEGMENT INFORMATION

3 Months Ended

Mar. 31, 2022

Segment Reporting [Abstract]

BUSINESS SEGMENT INFORMATION

BUSINESS SEGMENT INFORMATION

The Company has four reportable segments: Individual Retirement, Group Retirement, Investment Management and Research and Protection Solutions.

These segments reflect the manner by which the Company’s chief operating decision maker views and manages the business. A brief description of these segments follows:

•The Individual Retirement segment offers a diverse suite of variable annuity products which are primarily sold to affluent and high net worth individuals saving for retirement or seeking retirement income.

•The Group Retirement segment offers tax-deferred investment and retirement services or products to plans sponsored by educational entities, municipalities and not-for-profit entities, as well as small and medium-sized businesses.

•The Investment Management and Research segment provides diversified investment management, research and related solutions globally to a broad range of clients through three main client channels - Institutional, Retail and Private Wealth - and distributes its institutional research products and solutions through Bernstein Research Services.

•The Protection Solutions segment includes our life insurance and group employee benefits businesses. Our life insurance business offers a variety of VUL, UL and term life products to help affluent and high net worth individuals, as well as small and medium-sized business owners, with their wealth protection, wealth transfer and corporate needs. Our group employee benefits business offers a suite of dental, vision, life, and short- and long-term disability and other insurance products to small and medium-size businesses across the United States.

Measurement

Operating earnings (loss) is the financial measure which primarily focuses on the Company’s segments’ results of operations as well as the underlying profitability of the Company’s core business. By excluding items that can be distortive and unpredictable such as investment gains (losses) and investment income (loss) from derivative instruments, the Company believes operating earnings (loss) by segment enhances the understanding of the Company’s underlying drivers of profitability and trends in the Company’s segments.

Operating earnings is calculated by adjusting each segment’s net income (loss) attributable to Holdings for the following items:

•Items related to variable annuity product features, which include: (i) certain changes in the fair value of the derivatives and other securities we use to hedge these features; (ii) the effect of benefit ratio unlock adjustments, including extraordinary economic conditions or events such as COVID-19; (iii) changes in the fair value of the embedded derivatives reflected within variable annuity products’ net derivative results and the impact of these items on DAC amortization on our SCS product; and (iv) DAC amortization for the SCS variable annuity product arising from near-term fluctuations in index segment returns;

•Investment (gains) losses, which includes credit loss impairments of securities/investments, sales or disposals of securities/investments, realized capital gains/losses and valuation allowances;

•Net actuarial (gains) losses, which includes actuarial gains and losses as a result of differences between actual and expected experience on pension plan assets or projected benefit obligation during a given period related to pension, other postretirement benefit obligations, and the one-time impact of the settlement of the defined benefit obligation;

•Other adjustments, which primarily include restructuring costs related to severance and separation, COVID-19 related impacts, net derivative gains (losses) on certain Non-GMxB derivatives, net investment income from certain items including consolidated VIE investments, seed capital mark-to-market adjustments, unrealized gain/losses associated with equity securities, certain legal accruals; and a bespoke deal to repurchase UL policies from one entity that had invested in numerous policies purchased in the life settlement market, which disposed of the risk of additional COI litigation by that entity related to those UL policies; and

•Income tax expense (benefit) related to the above items and non-recurring tax items, which includes the effect of uncertain tax positions for a given audit period.

In the first quarter 2022, the Company updated its Operating earnings measure to exclude the DAC amortization impact of near-term fluctuations in indexed segment returns of $20 million on the SCS variable annuity product to reflect the impact of market fluctuations consistently with the long term duration of the product. Operating earnings was favorably impacted by this change in the current period. The presentation of Operating earnings in prior periods was not revised to reflect this modification, however, the Company estimated that had the treatment in the Company’s Operating earnings measure of the Amortization of DAC for SCS been modified in 2020, the pre-tax impact on Operating earnings of excluding the SCS-related DAC amortization from Operating earnings would have been a decrease of $4 million, $16 million and $34 million for the quarter ended March 31, 2021 and years ended December 31, 2021 and 2020, respectively.

The General Account investment portfolio is used to support the insurance and annuity liabilities of our Individual Retirement, Group Retirement and Protection Solutions businesses segments. In the first quarter 2022, the Company changed its methodology for allocating its General Account investment portfolio, which resulted in a change in the asset and net investment income allocation amongst the Company’s business segments. Following this change the segmentation of the general account investments is now more closely aligned with the liability characteristics of the product groups. Management determined that the change in the allocation methodology allows for improved flexibility and infuses an active asset liability management practice into the segmentation process. Additionally, the Company also changed its basis for allocating the spread earned from our FHLB investment borrowing and FABN programs. The spread earned from our FHLB investment borrowing and FABN programs includes the

investment income on the assets less interest credited on the funding agreements. The net spread as reflected in net investment income is allocated to the segments based on the percentage of the individual segment insurance liabilities over the combined segments insurance liabilities.

This change in measurement only impacts our segment disclosures, and thus it has no impact on our overall consolidated financial statements. Historical segment operating income (loss), revenues and assets have not been recast in the tables as the impact was immaterial.

Revenues derived from any customer did not exceed 10% of revenues for the three months ended March 31, 2022 and 2021.

The table below presents operating earnings (loss) by segment and Corporate and Other and a reconciliation to net income (loss) attributable to Holdings for the three months ended March 31, 2022 and 2021, respectively:

	Three Months Ended March 31,
	2022		2021
	(in millions)
Net income (loss) attributable to Holdings	$	573	$	(1,488)
Adjustments related to:
Variable annuity product features	(601)		2,267
Investment (gains) losses	326		(183)
Net actuarial (gains) losses related to pension and other postretirement benefit obligations	19		34
Other adjustments (1) (2) (3)	220		524
Income tax expense (benefit) related to above adjustments	8		(555)
Non-recurring tax items	3		1
Non-GAAP Operating Earnings	$	548	$	600
Operating earnings (loss) by segment:
Individual Retirement	$	293	$	363
Group Retirement	$	150	$	151
Investment Management and Research	$	136	$	121
Protection Solutions	$	35	$	41
Corporate and Other (4)	$	(66)	$	(76)

______________

(1)Includes separation costs of $21 million for the three months ended March 31, 2021. Separation costs were completed during 2021.

(2)Includes certain legal accruals related to the COI litigation of $59 million and $180 million for the three months ended March 31, 2022 and 2021.Includes policyholder benefit costs of $75 million for the three months ended March 31, 2022 stemming from a deal to repurchase UL policies from one entity that had invested in numerous policies purchased in the life settlement market.

(3)Includes Non-GMxB related derivative hedge gains and losses of $(2) million and $244 million for the three months ended March 31, 2022 and 2021, respectively.

(4)Includes interest expense and financing fees of $53 million and $58 million for the three months ended March 31, 2022 and 2021, respectively.

Segment revenues is a measure of the Company’s revenue by segment as adjusted to exclude certain items. The following table reconciles segment revenues to total revenues by excluding the following items:

•Items related to variable annuity product features, which include certain changes in the fair value of the derivatives and other securities we use to hedge these features and changes in the fair value of the embedded derivatives reflected within the net derivative results of variable annuity product features;

•Investment (gains) losses, which includes credit loss impairments of securities/investments, sales or disposals of securities/investments, realized capital gains/losses and valuation allowances;

•Other adjustments, which primarily includes net derivative gains (losses) on certain Non-GMxB derivatives and net investment income from certain items including consolidated VIE investments, seed capital mark-to-market adjustments and unrealized gain/losses associated with equity securities.

The table below presents segment revenues for the three months ended March 31, 2022 and 2021.

	Three Months Ended March 31,
	2022		2021
	(in millions)
Segment revenues:
Individual Retirement (1)	$	1,022	$	980
Group Retirement (1)	334		329
Investment Management and Research (2)	1,135		1,004
Protection Solutions (1)	851		826
Corporate and Other (1)	374		334
Adjustments related to:
Variable annuity product features	631		(2,282)
Investment gains (losses), net	(326)		183
Other adjustments to segment revenues	(77)		(221)
Total revenues	$	3,944	$	1,153

______________

(1)Includes investment expenses charged by AB of $21 million and $19 million for the three months ended March 31, 2022 and 2021, respectively, for services provided to the Company.

(2)Inter-segment investment management and other fees of $28 million and $30 million for the three months ended March 31, 2022 and 2021, respectively, are included in segment revenues of the Investment Management and Research segment.

The table below presents total assets by segment as of March 31, 2022 and 2021:

	March 31, 2022		December 31, 2021
	(in millions)
Total assets by segment:
Individual Retirement	$	132,467	$	143,663
Group Retirement	53,531		55,368
Investment Management and Research	12,010		11,602
Protection Solutions	43,504		50,686
Corporate and Other	36,146		30,943
Total assets	$	277,658	$	292,262

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EARNINGS PER COMMON SHARE

3 Months Ended

Mar. 31, 2022

Earnings Per Share [Abstract]

EARNINGS PER COMMON SHARE

EARNINGS PER COMMON SHAREThe following table presents a reconciliation of Net income (loss) and Weighted-average common shares used in calculating basic and diluted Earnings per common share for the periods indicated:

	Three Months Ended March 31,
	2022		2021
	(in millions)
Weighted-average common shares outstanding:
Weighted-average common shares outstanding — basic	388.6		434.2
Effect of dilutive potential common shares:
Employee share awards (1)	3.1		—
Weighted-average common shares outstanding — diluted (2)	391.7		434.2
Net income (loss):
Net income (loss)	$	639	$	(1,400)
Less: Net income (loss) attributable to the noncontrolling interest	66		88
Net income (loss) attributable to Holdings	573		(1,488)
Less: Preferred stock dividends	14		13
Net income (loss) available to Holdings’ common shareholders	$	559	$	(1,501)
Earnings per common share:
Basic	$	1.44	$	(3.46)
Diluted	$	1.43	$	(3.46)

_____________

(1)Calculated using the treasury stock method.

(2)Due to net loss for the three months ended March 31, 2021 approximately 4.3 million share awards, respectively, were excluded from the diluted EPS calculation.

For the three months ended March 31, 2022 and 2021, 3.3 million and 9.1 million of outstanding stock awards, respectively, were not included in the computation of diluted earnings per share because their effect was anti-dilutive.

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SUBSEQUENT EVENTS	3 Months Ended
	Mar. 31, 2022
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTSIn April 2022, Holdings entered into an ASR with a third-party financial institution to repurchase an aggregate of $100 million of Holdings’ common stock. Pursuant to the ASR, Holdings made a prepayment of $100 million and received initial delivery of 2.6 million shares. The company elected to accelerate settlement on the ASR transaction on April 29, 2022, at which time additional shares were delivered or returned depending on the daily volume weighted average price of Holdings’ common stock.

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SIGNIFICANT ACCOUNTING POLICIES (Policies)

3 Months Ended

Mar. 31, 2022

Accounting Policies [Abstract]

Basis of Presentation and Principles of Consolidation

Basis of Presentation and Principles of Consolidation

The unaudited interim consolidated financial statements (the “consolidated financial statements”) have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP” or “GAAP”) on a basis consistent with reporting interim financial information in accordance with instructions to the Form 10-Q and Article 10 of Regulation S-X of the Securities and Exchange Commission (“SEC”).

In the opinion of management, all adjustments necessary for a fair statement of the financial position and results of operations have been made. All such adjustments are of a normal, recurring nature. Interim results are not necessarily indicative of the results that may be expected for the full year. These financial statements should be read in conjunction with the Company’s consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021.

The accompanying unaudited consolidated financial statements present the consolidated results of operations, financial condition, and cash flows of the Company and its subsidiaries and those investment companies, partnerships and joint ventures in which the Company has control and a majority economic interest as well as those variable interest entities (“VIEs”) that meet the requirements for consolidation.

All significant intercompany transactions and balances have been eliminated in consolidation. The terms “first quarter 2022” and “first quarter 2021” refer to the three months ended March 31, 2022 and 2021, respectively. The terms “first three months of 2022” and “first three months of 2021” refer to the three months ended March 31, 2022 and 2021, respectively.

Certain prior year amounts have been reclassified to conform to the current year’s presentation.

Recent Accounting Pronouncements and Future Adoption of New Accounting Pronouncements

Recent Accounting Pronouncements

Changes to U.S. GAAP are established by the Financial Accounting Standards Board (“FASB”) in the form of Accounting Standards Updates (“ASUs”) to the FASB Accounting Standards Codification (“ASC”). The Company considers the applicability and impact of all ASUs. ASUs listed below include those that have been adopted during the current fiscal year and/or those that have been issued but not yet adopted as of March 31, 2022, and as of the date of this filing. ASUs not listed below were assessed and determined to be either not applicable or not material.

Future Adoption of New Accounting Pronouncements

Description	Effective Date and Method of Adoption	Effect on the Financial Statement or Other Significant Matters
ASU 2018-12: Financial Services - Insurance (Topic 944); ASU 2020-11: Financial Services - Insurance (Topic 944): Effective Date and Early Application
This ASU provides targeted improvements to existing recognition, measurement, presentation, and disclosure requirements for long-duration contracts issued by an insurance entity. The ASU primarily impacts four key areas, including: 1. Measurement of the liability for future policy benefits for traditional and limited payment contracts. The ASU requires companies to review, and if necessary, update cash flow assumptions at least annually for non-participating traditional and limited-payment insurance contracts. The ASU also prescribes the discount rate to be used in measuring the liability for future policy benefits for traditional and limited payment long-duration contracts. 2. Measurement of MRBs. MRBs, as defined under the ASU, will encompass certain GMxB features associated with variable annuity products and other general account annuities with other than nominal market risk. 3. Amortization of deferred acquisition costs. The ASU simplifies the amortization of deferred acquisition costs and other balances amortized in proportion to premiums, gross profits, or gross margins, requiring such balances to be amortized on a constant level basis over the expected term of the contracts.  4. Expanded footnote disclosures. The ASU requires additional disclosures including information about significant inputs, judgements, assumptions and methods used in measurement.	In November 2020, the FASB issued ASU 2020-11 which deferred the effective date of the amendments in ASU 2018-12 for all insurance entities. ASU 2018-12 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2022. Early adoption is allowed. For the liability for future policyholder benefits for traditional and limited payment contracts, companies can elect one of two adoption methods. Companies can either elect a modified retrospective transition method applied to contracts in force as of the beginning of the earliest period presented on the basis of their existing carrying amounts, adjusted for the removal of any related amounts in AOCI or a full retrospective transition method using actual historical experience information as of contract inception. The same adoption method must be used for deferred policy acquisition costs. For MRBs, the ASU should be applied retrospectively as of the beginning of the earliest period presented.	The Company continues to progress with implementation efforts and the evaluation of the impact that adoption of this guidance will have on the Company’s consolidated financial statements. Due to its extensive nature, the adoption of the ASU is expected to have a significant impact on the Company’s consolidated financial statements, as well as systems, processes and controls. Effective January 1, 2023, the new guidance will be adopted using the modified retrospective approach, except for MRBs which will use the full retrospective approach. The Company has created a governance framework and implementation plan to ensure timely adoption of the guidance. In preparation for implementation, the Company continues to refine key accounting policy decisions, modernize processes and update internal controls. These changes include modifications of actuarial valuation systems, data sourcing, analytical procedures and reporting processes. The impact on total equity of applying this ASU is estimated to be neutral to the current amount of reported total equity as of March 31, 2022. As of March 31, 2022, a positive impact to AOCI is expected due to increases in the Company’s estimate of its non-performance risk on variable annuity guarantees accounted for as MRBs for the first time under the guidance. The estimated impact to the retained earnings element of total equity as of March 31, 2022, due to accounting for variable annuity guarantees as MRBs that are not currently measured at fair value, is mitigated by the Company’s present use of a near industry low interest rate assumption of 2.25% on GMIB business. Because movements in equity markets, interest rates and credit spreads are unpredictable and at times volatile, it is possible that the estimated effects of adoption could change materially between March 31, 2022 and January 1, 2023.

Accounting and Consolidation of VIEs

Accounting and Consolidation of VIEs

For all new investment products and entities developed by the Company, the Company first determines whether the entity is a VIE, which involves determining an entity’s variability and variable interests, identifying the holders of the equity investment at risk and assessing the five characteristics of a VIE. Once an entity has been determined to be a VIE, the Company then determines whether it is the primary beneficiary of the VIE based on its beneficial interests. If the Company is deemed to be the primary beneficiary of the VIE, then the Company consolidates the entity.

Management of the Company reviews quarterly its investment management agreements and its investments in, and other financial arrangements with, certain entities that hold client AUM to determine the entities that the Company is required to consolidate under this guidance. These entities include certain mutual fund products, hedge funds, structured products, group trusts, collective investment trusts and limited partnerships.

The analysis performed to identify variable interests held, determine whether entities are VIEs or VOEs, and evaluate whether the Company has a controlling financial interest in such entities requires the exercise of judgment and is updated on a continuous basis as circumstances change or new entities are developed. The primary beneficiary evaluation generally is performed qualitatively based on all facts and circumstances, including consideration of economic interests in the VIE held directly and indirectly through related parties and entities under common control, as well as quantitatively, as appropriate.

Consolidated VIEs

Consolidated CLOs

The Company is the investment manager of certain asset-backed investment vehicles, commonly referred to as CLOs, and certain other vehicles for which the Company earns fee income for investment management services. The Company may sell or syndicate investments through these vehicles, principally as part of the strategic investing activity as part of its investment management businesses. Additionally, the Company may invest in securities issued by these vehicles which are eliminated in consolidation of the CLOs.

As of March 31, 2022 and December 31, 2021, respectively, Equitable Financial holds $99 million and $109 million of equity interests in the CLOs. The Company consolidated the CLOs as of March 31, 2022 and December 31, 2021 as it is the primary beneficiary due to the combination of both its equity interest held by Equitable Financial and the majority ownership of AB, which functions as the CLOs loan manager. The assets of the CLOs are legally isolated from the Company’s creditors and can only be used to settle obligations of the CLOs. The liabilities of the CLOs are non-recourse to the Company and the Company has no obligation to satisfy the liabilities of the CLOs. As of March 31, 2022, Equitable Financial holds $76 million of equity interests in a newly formed SPE established to purchase loans from the market in anticipation of a new CLO transaction. The Company consolidated the SPE as of March 31, 2022 as it is the primary beneficiary due to the combination of both its equity interest held by Equitable Financial and the majority ownership of AB, which functions as the SPE loan manager.

Resulting from this consolidation in the Company’s consolidated balance sheets are fixed maturities, at fair value using the fair value option with total assets of $1.6 billion and $1.6 billion notes issued by consolidated variable interest entities, at fair value using the fair value option with total liabilities of $1.2 billion and $1.2 billion at March 31, 2022 and December 31, 2021, respectively. The unpaid outstanding principal balance of the notes and short-term borrowing is $1.4 billion and $1.3 billion at March 31, 2022 and December 31, 2021.

Consolidated Limited Partnerships and LLCs

As of March 31, 2022 and December 31, 2021 the Company consolidated limited partnerships and LLCs for which it was identified as the primary beneficiary under the VIE model. Included in Other invested assets, Mortgage loans on real estate and Other equity investments in the Company’s consolidated balance sheets at March 31, 2022 and December 31, 2021 are total assets of $270 million and $219 million, respectively related to these VIEs.

Consolidated AB-Sponsored Investment Funds

Included in the Company’s consolidated balance sheet as of March 31, 2022 and December 31, 2021 are assets of $542 million and $734 million, liabilities of $37 million and $87 million, and redeemable noncontrolling interests of $338 million and $421 million, respectively, associated with the consolidation of AB-sponsored investment funds under the VIE model. There were no consolidated AB-sponsored investment funds under the VOE model as of March 31, 2022 and December 31, 2021. The assets of these consolidated funds are presented within other invested

assets and cash and cash equivalents, and liabilities of these consolidated funds are presented with other liabilities in the Company’s consolidated balance sheets; ownership interests not held by the Company relating to consolidated VIEs and VOEs are presented either as redeemable or non-redeemable noncontrolling interests, as appropriate. Redeemable noncontrolling interests are presented in mezzanine equity and non-redeemable noncontrolling interests are presented within permanent equity. The Company is not required to provide financial support to these AB-sponsored investment funds, and only the assets of such funds are available to settle each fund’s own liabilities.

Non-Consolidated VIEs

As of March 31, 2022 and December 31, 2021 respectively, the Company held approximately $2.2 billion and $2.1 billion of investment assets in the form of equity interests issued by non-corporate legal entities determined under the guidance to be VIEs, such as limited partnerships and limited liability companies, including CLOs, hedge funds, private equity funds and real estate-related funds. As an equity investor, the Company is considered to have a variable interest in each of these VIEs as a result of its participation in the risks and/or rewards these funds were designed to create by their defined portfolio objectives and strategies. Primarily through qualitative assessment, including consideration of related party interests or other financial arrangements, if any, the Company was not identified as primary beneficiary of any of these VIEs, largely due to its inability to direct the activities that most significantly impact their economic performance. Consequently, the Company continues to reflect these equity interests in the consolidated balance sheets as other equity investments and applies the equity method of accounting for these positions. The net assets of these non-consolidated VIEs are approximately $259.1 billion and $245.6 billion as of March 31, 2022 and December 31, 2021 respectively. The Company’s maximum exposure to loss from its direct involvement with these VIEs is the carrying value of its investment of $2.2 billion and $2.1 billion and approximately $1.2 billion and $1.2 billion of unfunded commitments as of March 31, 2022 and December 31, 2021, respectively. The Company has no further economic interest in these VIEs in the form of guarantees, derivatives, credit enhancements or similar instruments and obligations.

Non-Consolidated AB-Sponsored Investment Products

As of March 31, 2022 and December 31, 2021, the net assets of investment products sponsored by AB that are non-consolidated VIEs are approximately $59.1 billion and $68.9 billion, respectively. The Company’s maximum exposure to loss from its direct involvement with these VIEs is its investment of $15 million and $9 million as of March 31, 2022 and December 31, 2021. The Company has no further commitments to or economic interest in these VIEs.

Assumption Updates and Model Changes

Assumption Updates and Model Changes

The Company conducts its annual review of its assumptions and models during the third quarter of each year. The annual review encompasses assumptions underlying the valuation of unearned revenue liabilities, embedded derivatives for our insurance business, liabilities for future policyholder benefits, DAC and DSI assets.

However, the Company updates its assumptions as needed in the event it becomes aware of economic conditions or events that could require a change in assumptions that it believes may have a significant impact to the carrying value of product liabilities and assets and consequently materially impact its earnings in the period of the change. There were no material assumption updates or model changes in the first quarters of 2022 or 2021.

Fair Value Disclosures

U.S. GAAP establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value, and identifies three levels of inputs that may be used to measure fair value:

Level 1    Unadjusted quoted prices for identical instruments in active markets. Level 1 fair values generally are supported by market transactions that occur with sufficient frequency and volume to provide pricing information on an ongoing basis.

Level 2    Observable inputs other than Level 1 prices, such as quoted prices for similar instruments, quoted prices in markets that are not active, and inputs to model-derived valuations that are directly observable or can be corroborated by observable market data.

Level 3    Unobservable inputs supported by little or no market activity and often requiring significant management judgment or estimation, such as an entity’s own assumptions about the cash flows or other significant components of value that market participants would use in pricing the asset or liability.

The Company uses unadjusted quoted market prices to measure fair value for those instruments that are actively traded in financial markets. In cases where quoted market prices are not available, fair values are measured using present value or other valuation techniques. The fair value determinations are made at a specific point in time, based on available market information and judgments about the financial instrument, including estimates of the timing and amount of expected future cash flows and the credit standing of counterparties. Such adjustments do not reflect any premium or discount that could result from offering for sale at one time the Company’s entire holdings of a particular financial instrument, nor do they consider the tax impact of the realization of unrealized gains or losses. In many cases, the fair value cannot be substantiated by direct comparison to independent markets, nor can the disclosed value be realized in immediate settlement of the instrument.

Management is responsible for the determination of the value of investments carried at fair value and the supporting methodologies and assumptions. Under the terms of various service agreements, the Company often utilizes independent valuation service providers to gather, analyze, and interpret market information and derive fair values based upon relevant methodologies and assumptions for individual securities. These independent valuation service providers typically obtain data about market transactions and other key valuation model inputs from multiple sources and, through the use of widely accepted valuation models, provide a single fair value measurement for individual securities for which a fair value has been requested. As further described below with respect to specific asset classes, these inputs include, but are not limited to, market prices for recent trades and transactions in comparable securities, benchmark yields, interest rate yield curves, credit spreads, quoted prices for similar securities, and other market-observable information, as applicable. Specific attributes of the security being valued also are considered, including its term, interest rate, credit rating, industry sector, and when applicable, collateral quality and other security- or issuer-specific information. When insufficient market observable information is available upon which to measure fair value, the Company either will request brokers knowledgeable about these securities to provide a non-binding quote or will employ internal valuation models. Fair values received from independent valuation service providers and brokers and those internally modeled or otherwise estimated are assessed for reasonableness.

Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis

Fair value measurements are required on a non-recurring basis for certain assets only when an impairment or other events occur. As of March 31, 2022 and December 31, 2021, no assets or liabilities were required to be measured at fair value on a non-recurring basis.

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SIGNIFICANT ACCOUNTING POLICIES (Tables)

3 Months Ended

Mar. 31, 2022

Accounting Policies [Abstract]

Schedule of New Accounting Pronouncements and Changes in Accounting Principles

Future Adoption of New Accounting Pronouncements

Description	Effective Date and Method of Adoption	Effect on the Financial Statement or Other Significant Matters
ASU 2018-12: Financial Services - Insurance (Topic 944); ASU 2020-11: Financial Services - Insurance (Topic 944): Effective Date and Early Application
This ASU provides targeted improvements to existing recognition, measurement, presentation, and disclosure requirements for long-duration contracts issued by an insurance entity. The ASU primarily impacts four key areas, including: 1. Measurement of the liability for future policy benefits for traditional and limited payment contracts. The ASU requires companies to review, and if necessary, update cash flow assumptions at least annually for non-participating traditional and limited-payment insurance contracts. The ASU also prescribes the discount rate to be used in measuring the liability for future policy benefits for traditional and limited payment long-duration contracts. 2. Measurement of MRBs. MRBs, as defined under the ASU, will encompass certain GMxB features associated with variable annuity products and other general account annuities with other than nominal market risk. 3. Amortization of deferred acquisition costs. The ASU simplifies the amortization of deferred acquisition costs and other balances amortized in proportion to premiums, gross profits, or gross margins, requiring such balances to be amortized on a constant level basis over the expected term of the contracts.  4. Expanded footnote disclosures. The ASU requires additional disclosures including information about significant inputs, judgements, assumptions and methods used in measurement.	In November 2020, the FASB issued ASU 2020-11 which deferred the effective date of the amendments in ASU 2018-12 for all insurance entities. ASU 2018-12 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2022. Early adoption is allowed. For the liability for future policyholder benefits for traditional and limited payment contracts, companies can elect one of two adoption methods. Companies can either elect a modified retrospective transition method applied to contracts in force as of the beginning of the earliest period presented on the basis of their existing carrying amounts, adjusted for the removal of any related amounts in AOCI or a full retrospective transition method using actual historical experience information as of contract inception. The same adoption method must be used for deferred policy acquisition costs. For MRBs, the ASU should be applied retrospectively as of the beginning of the earliest period presented.	The Company continues to progress with implementation efforts and the evaluation of the impact that adoption of this guidance will have on the Company’s consolidated financial statements. Due to its extensive nature, the adoption of the ASU is expected to have a significant impact on the Company’s consolidated financial statements, as well as systems, processes and controls. Effective January 1, 2023, the new guidance will be adopted using the modified retrospective approach, except for MRBs which will use the full retrospective approach. The Company has created a governance framework and implementation plan to ensure timely adoption of the guidance. In preparation for implementation, the Company continues to refine key accounting policy decisions, modernize processes and update internal controls. These changes include modifications of actuarial valuation systems, data sourcing, analytical procedures and reporting processes. The impact on total equity of applying this ASU is estimated to be neutral to the current amount of reported total equity as of March 31, 2022. As of March 31, 2022, a positive impact to AOCI is expected due to increases in the Company’s estimate of its non-performance risk on variable annuity guarantees accounted for as MRBs for the first time under the guidance. The estimated impact to the retained earnings element of total equity as of March 31, 2022, due to accounting for variable annuity guarantees as MRBs that are not currently measured at fair value, is mitigated by the Company’s present use of a near industry low interest rate assumption of 2.25% on GMIB business. Because movements in equity markets, interest rates and credit spreads are unpredictable and at times volatile, it is possible that the estimated effects of adoption could change materially between March 31, 2022 and January 1, 2023.

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INVESTMENTS (Tables)

3 Months Ended

Mar. 31, 2022

Investments, Debt and Equity Securities [Abstract]

Available-for-Sale Fixed Maturities by Classification

The following tables provide information relating to the Company’s fixed maturities classified as AFS.

AFS Fixed Maturities by Classification

	Amortized Cost		Allowance for Credit Losses		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	(in millions)
March 31, 2022
Fixed Maturities:
Corporate (1)	$	51,965	$	21	$	639	$	2,388	$	50,195
U.S. Treasury, government and agency	8,586		—		853		91		9,348
States and political subdivisions	670		—		43		31		682
Foreign governments	1,121		—		17		54		1,084
Residential mortgage-backed (2)	84		—		4		—		88
Asset-backed (3)	7,528		—		9		113		7,424
Commercial mortgage-backed	3,700		—		5		188		3,517
Redeemable preferred stock	40		—		8		—		48
Total at March 31, 2022	$	73,694	$	21	$	1,578	$	2,865	$	72,386
December 31, 2021:
Fixed Maturities:
Corporate (1)	$	50,172	$	22	$	2,601	$	240	$	52,511
U.S. Treasury, government and agency	13,056		—		2,344		15		15,385
States and political subdivisions	586		—		78		2		662
Foreign governments	1,124		—		42		14		1,152
Residential mortgage-backed (2)	90		—		8		—		98
Asset-backed (3)	5,933		—		21		20		5,934
Commercial mortgage-backed	2,427		—		19		25		2,421
Redeemable preferred stock	41		—		12		—		53
Total at December 31, 2021	$	73,429	$	22	$	5,125	$	316	$	78,216

______________

(1)Corporate fixed maturities include both public and private issues.

(2)Includes publicly traded agency pass-through securities and collateralized obligations.

(3)Includes credit-tranched securities collateralized by sub-prime mortgages, credit risk transfer securities and other asset types.

Contractual Maturities of Available-for-Sale Fixed Maturities

The contractual maturities of AFS fixed maturities as of March 31, 2022 are shown in the table below. Bonds not due at a single maturity date have been included in the table in the final year of maturity. Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

Contractual Maturities of AFS Fixed Maturities

	Amortized Cost (Less Allowance for Credit Losses)		Fair Value
	(in millions)
March 31, 2022
Contractual maturities:
Due in one year or less	$	1,105	$	1,102
Due in years two through five	15,453		15,348
Due in years six through ten	18,663		18,257
Due after ten years	27,100		26,602
Subtotal	62,321		61,309
Residential mortgage-backed	84		88
Asset-backed	7,528		7,424
Commercial mortgage-backed	3,700		3,517
Redeemable preferred stock	40		48
Total at March 31, 2022	$	73,673	$	72,386

Proceeds and Gains (Losses) on Sales for Available-for-Sale Fixed Maturities

The following table shows proceeds from sales, gross gains (losses) from sales and credit losses for AFS fixed maturities for the three months ended March 31, 2022 and 2021:

Proceeds from Sales, Gross Gains (Losses) from Sales and Credit Losses for AFS Fixed Maturities

	Three Months Ended March 31,
	2022		2021
	(in millions)
Proceeds from sales	$	7,391	$	7,209
Gross gains on sales	$	29	$	291
Gross losses on sales	$	(364)	$	(116)
Credit losses	$	1	$	(6)

AFS Fixed Maturities - Credit Loss Impairments

The following table sets forth the amount of credit loss impairments on AFS fixed maturities held by the Company at the dates indicated and the corresponding changes in such amounts.

AFS Fixed Maturities - Credit Loss Impairments

	Three Months Ended March 31,
	2022		2021
Balance, beginning of period	$	44	$	32
Previously recognized impairments on securities that matured, paid, prepaid or sold	(2)		—
Recognized impairments on securities impaired to fair value this period (1)	—		—
Credit losses recognized this period on securities for which credit losses were not previously recognized	—		2
Additional credit losses this period on securities previously impaired	1		4
Increases due to passage of time on previously recorded credit losses	—		—
Accretion of previously recognized impairments due to increases in expected cash flows (for OTTI securities 2019 and prior)	—		—
Balance at March 31,	$	43	$	38

______________

(1)Represents circumstances where the Company determined in the current period that it intends to sell the security, or it is more likely than not that it will be required to sell the security before recovery of the security’s amortized cost.

Net Unrealized Gains (Losses) on Available-for-Sale Fixed Maturities

The tables that follow below present a roll-forward of net unrealized investment gains (losses) recognized in AOCI.

Net Unrealized Gains (Losses) on AFS Fixed Maturities

	Net Unrealized Gains (Losses) on Investments		DAC		Policyholders’ Liabilities		Deferred Income Tax Asset (Liability)		AOCI Gain (Loss) Related to Net Unrealized Investment Gains (Losses)
	(in millions)
Balance, January 1, 2022	$	4,809	$	(782)	$	(418)	$	(757)	$	2,852
Net investment gains (losses) arising during the period	(6,425)		—		—		—		(6,425)
Reclassification adjustment:
Included in net income (loss)	334		—		—		—		334
Other	—		—		—		—		—
Impact of net unrealized investment gains (losses)	—		1,071		182		1,015		2,268
Net unrealized investment gains (losses) excluding credit losses	(1,282)		289		(236)		258		(971)
Net unrealized investment gains (losses) with credit losses	(5)		1		(1)		1		(4)
Balance, March 31, 2022	$	(1,287)	$	290	$	(237)	$	259	$	(975)
Balance, January 1, 2021	$	8,811	$	(1,548)	$	(1,065)	$	(1,302)	$	4,896
Net investment gains (losses) arising during the period	(5,129)		—		—		—		(5,129)
Reclassification adjustment:
Included in net income (loss)	(175)		—		—		—		(175)
Other (1)	(33)								(33)
Impact of net unrealized investment gains (losses)			599		757		836		2,192
Net unrealized investment gains (losses) excluding credit losses	3,474		(949)		(308)		(466)		1,751
Net unrealized investment gains (losses) with credit losses	(8)		2		1		1		(4)
Balance, March 31, 2021	$	3,466	$	(947)	$	(307)	$	(465)	$	1,747

_____________

(1) Effective January 1, 2021, certain preferred stock have been reclassified to other equity investments.

Continuous Gross Unrealized Losses for Available-for-Sale Fixed Maturities

The following tables disclose the fair values and gross unrealized losses of the 3,978 issues as of March 31, 2022 and the 565 issues as of December 31, 2021 that are not deemed to have credit losses, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position for the specified periods at the dates indicated.

AFS Fixed Maturities in an Unrealized Loss Position for Which No Allowance Is Recorded

	Less Than 12 Months				12 Months or Longer				Total
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
	(in millions)
March 31, 2022
Fixed Maturities:
Corporate	$	28,350	$	2,094	$	2,863	$	292	$	31,213	$	2,386
U.S. Treasury, government and agency	2,884		82		94		9		2,978		91
States and political subdivisions	257		28		12		3		269		31

	Less Than 12 Months				12 Months or Longer				Total
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
	(in millions)
Foreign governments	606		39		120		15		726		54
Asset-backed	6,300		110		178		3		6,478		113
Commercial mortgage-backed	2,860		169		165		19		3,025		188
Total at March 31, 2022	$	41,257	$	2,522	$	3,432	$	341	$	44,689	$	2,863
December 31, 2021:
Fixed Maturities:
Corporate	$	10,571	$	163	$	1,633	$	75	$	12,204	$	238
U.S. Treasury, government and agency	993		11		105		4		1,098		15
States and political subdivisions	120		2		11		—		131		2
Foreign governments	349		6		92		8		441		14
Asset-backed	3,865		20		38		—		3,903		20
Commercial mortgage-backed	1,527		21		96		4		1,623		25
Total at December 31, 2021	$	17,425	$	223	$	1,975	$	91	$	19,400	$	314

Financing Receivable, Allowance for Credit Loss

The change in the allowance for credit losses for commercial mortgage loans and agricultural mortgage loans during the three months ended March 31, 2022 and 2021 were as follows:

		Three Months Ended March 31,
		2022		2021
	(in millions)
Allowance for credit losses on mortgage loans:
Commercial mortgages:
Balance, beginning of period		$	57	$	77
Current-period provision for expected credit losses		(10)		(7)
Write-offs charged against the allowance		—		—
Recoveries of amounts previously written off		—		—
Net change in allowance		(10)		(7)
Balance, end of period		$	47	$	70
Agricultural mortgages:
Balance, beginning of period		$	5	$	4
Current-period provision for expected credit losses		1		—
Write-offs charged against the allowance		—		—
Recoveries of amounts previously written off		—		—
Net change in allowance		1		—
Balance, end of period		$	6	$	4
Total allowance for credit losses		$	53	$	74

Financing Receivable Credit Quality Indicators

The following tables summarize the Company’s mortgage loans segregated by risk rating exposure as of March 31, 2022 and December 31, 2021.

LTV Ratios (1)

	March 31, 2022
	Amortized Cost Basis by Origination Year
	2022		2021		2020		2019		2018		Prior		Total
	(in millions)
Mortgage loans:
Commercial:
0% - 50%	$	—	$	—	$	—	$	—	$	184	$	1,204	$	1,388
50% - 70%	450		1,915		1,361		418		619		3,166		7,929
70% - 90%	140		243		236		412		414		1,100		2,545
90% plus	—		—		—		—		35		—		35
Total commercial	$	590	$	2,158	$	1,597	$	830	$	1,252	$	5,470	$	11,897
Agricultural:
0% - 50%	$	47	$	180	$	214	$	122	$	139	$	835	$	1,537

	March 31, 2022
	Amortized Cost Basis by Origination Year
	2022		2021		2020		2019		2018		Prior		Total
	(in millions)
50% - 70%	70		196		261		92		96		337		1,052
70% - 90%	1		—		—		—		—		18		19
90% plus	—		—		—		—		—		—		—
Total agricultural	$	118	$	376	$	475	$	214	$	235	$	1,190	$	2,608
Total mortgage loans:
0% - 50%	$	47	$	180	$	214	$	122	$	323	$	2,039	$	2,925
50% - 70%	520		2,111		1,622		510		715		3,503		8,981
70% - 90%	141		243		236		412		414		1,118		2,564
90% plus	—		—		—		—		35		—		35
Total mortgage loans	$	708	$	2,534	$	2,072	$	1,044	$	1,487	$	6,660	$	14,505

Debt Service Coverage Ratios (2)

	March 31, 2022
	Amortized Cost Basis by Origination Year
	2022		2021		2020		2019		2018		Prior		Total
	(in millions)
Mortgage loans:
Commercial:
Greater than 2.0x	$	197	$	1,143	$	1,259	$	210	$	772	$	2,263	$	5,844
1.8x to 2.0x	94		186		135		322		46		743		1,526
1.5x to 1.8x	261		274		109		223		215		1,244		2,326
1.2x to 1.5x	—		264		—		75		47		778		1,164
1.0x to 1.2x	38		291		94		—		88		370		881
Less than 1.0x	—		—		—		—		84		72		156
Total commercial	$	590	$	2,158	$	1,597	$	830	$	1,252	$	5,470	$	11,897
Agricultural:
Greater than 2.0x	$	18	$	48	$	63	$	23	$	12	$	226	$	390
1.8x to 2.0x	8		51		37		25		14		73		208
1.5x to 1.8x	26		43		113		28		23		217		450
1.2x to 1.5x	23		157		178		101		108		376		943
1.0x to 1.2x	37		76		80		31		74		284		582
Less than 1.0x	6		1		4		6		4		14		35
Total agricultural	$	118	$	376	$	475	$	214	$	235	$	1,190	$	2,608
Total mortgage loans:
Greater than 2.0x	$	215	$	1,191	$	1,322	$	233	$	784	$	2,489	$	6,234
1.8x to 2.0x	102		237		172		347		60		816		1,734
1.5x to 1.8x	287		317		222		251		238		1,461		2,776
1.2x to 1.5x	23		421		178		176		155		1,154		2,107
1.0x to 1.2x	75		367		174		31		162		654		1,463
Less than 1.0x	6		1		4		6		88		86		191
Total mortgage loans	$	708	$	2,534	$	2,072	$	1,044	$	1,487	$	6,660	$	14,505

______________

(1)The LTV ratio is derived from current loan balance divided by the fair value of the property. The fair value of the underlying commercial properties is updated annually for each mortgage loan.

(2)The DSC ratio is calculated using the most recently reported operating income results from property operations divided by annual debt service.

LTV Ratios (1)

	December 31, 2021
	Amortized Cost Basis by Origination Year
	2021		2020		2019		2018		2017		Prior		Total
	(in millions)
Mortgage loans:
Commercial:
0% - 50%	$	—	$	—	$	—	$	184	$	293	$	1,009	$	1,486
50% - 70%	1,967		1,334		407		619		491		2,533		7,351
70% - 90%	190		236		412		415		276		972		2,501
90% plus	—		—		—		35		5		73		113
Total commercial	$	2,157	$	1,570	$	819	$	1,253	$	1,065	$	4,587	$	11,451
Agricultural:
0% - 50%	$	180	$	212	$	128	$	129	$	119	$	738	$	1,506
50% - 70%	200		268		102		126		87		338		1,121
70% - 90%	—		—		—		—		—		17		17
90% plus	—		—		—		—		—		—		—
Total agricultural	$	380	$	480	$	230	$	255	$	206	$	1,093	$	2,644
Total mortgage loans:
0% - 50%	$	180	$	212	$	128	$	313	$	412	$	1,747	$	2,992
50% - 70%	2,167		1,602		509		745		578		2,871		8,472
70% - 90%	190		236		412		415		276		989		2,518
90% plus	—		—		—		35		5		73		113
Total mortgage loans	$	2,537	$	2,050	$	1,049	$	1,508	$	1,271	$	5,680	$	14,095

Debt Service Coverage Ratios (2)

	December 31, 2021
	Amortized Cost Basis by Origination Year
	2021		2020		2019		2018		2017		Prior		Total
	(in millions)
Mortgage loans:
Commercial:
Greater than 2.0x	$	1,143	$	1,243	$	210	$	772	$	485	$	2,235	$	6,088
1.8x to 2.0x	185		135		250		46		161		372		1,149
1.5x to 1.8x	275		97		284		211		166		919		1,952
1.2x to 1.5x	264		95		75		101		253		701		1,489
1.0x to 1.2x	290		—		—		88		—		287		665
Less than 1.0x	—		—		—		35		—		73		108
Total commercial	$	2,157	$	1,570	$	819	$	1,253	$	1,065	$	4,587	$	11,451

Agricultural:
Greater than 2.0x	$	49	$	64	$	25	$	22	$	24	$	210	$	394
1.8x to 2.0x	52		37		25		14		14		70		212
1.5x to 1.8x	43		113		28		22		41		193		440
1.2x to 1.5x	161		179		112		116		72		355		995
1.0x to 1.2x	75		83		31		77		54		226		546
Less than 1.0x	—		4		9		4		1		39		57
Total agricultural	$	380	$	480	$	230	$	255	$	206	$	1,093	$	2,644
Total mortgage loans:
Greater than 2.0x	$	1,192	$	1,307	$	235	$	794	$	509	$	2,445	$	6,482
1.8x to 2.0x	237		172		275		60		175		442		1,361
1.5x to 1.8x	318		210		312		233		207		1,112		2,392
1.2x to 1.5x	425		274		187		217		325		1,056		2,484
1.0x to 1.2x	365		83		31		165		54		513		1,211
Less than 1.0x	—		4		9		39		1		112		165
Total mortgage loans	$	2,537	$	2,050	$	1,049	$	1,508	$	1,271	$	5,680	$	14,095

______________

(1)The LTV ratio is derived from current loan balance divided by the fair value of the property. The fair value of the underlying commercial properties is updated annually for each mortgage loan.

(2)The DSC ratio is calculated using the most recently reported operating income results from property operations divided by annual debt service.

Age Analysis Of Past Due Mortgage Loans

The following table provides information relating to the aging analysis of past-due mortgage loans as of March 31, 2022 and December 31, 2021, respectively.

Age Analysis of Past Due Mortgage Loans (1)

	Accruing Loans												Non-accruing Loans		Total Loans		Non-accruing Loans with No Allowance		Interest Income on Non-accruing Loans
	Past Due								Current		Total
	30-59 Days		60-89 Days		90 Days or More		Total
	(in millions)
March 31, 2022:
Mortgage loans:
Commercial	$	—	$	—	$	—	$	—	$	11,897	$	11,897	$	—	$	11,897	$	—	$	—
Agricultural	9		7		30		46		2,546		2,592		16		2,608		—		—
Total	$	9	$	7	$	30	$	46	$	14,443	$	14,489	$	16	$	14,505	$	—	$	—
December 31, 2021:
Mortgage loans:
Commercial	$	—	$	—	$	—	$	—	$	11,451	$	11,451	$	—	$	11,451	$	—	$	—
Agricultural	1		1		25		27		2,601		2,628		16		2,644		—		—
Total	$	1	$	1	$	25	$	27	$	14,052	$	14,079	$	16	$	14,095	$	—	$	—

_______________

(1)Amounts presented at amortized cost basis.

Unrealized and Realized Gains (Losses) from Equity Securities and Net Investment Income (Loss) from Trading Securities and Net Investment Income (Loss) from Fixed Maturities, at Fair Value using the Fair Value Option

The table below presents a breakdown of unrealized and realized gains and (losses) on equity securities during the three months ended March 31, 2022 and 2021.

Unrealized and Realized Gains (Losses) from Equity Securities

	Three Months Ended March 31,
	2022		2021
	(in millions)
Net investment gains (losses) recognized during the period on securities held at the end of the period	$	(40)	$	19
Net investment gains (losses) recognized on securities sold during the period	(13)		(6)
Unrealized and realized gains (losses) on equity securities	$	(53)	$	13

The table below shows a breakdown of net investment income (loss) from trading securities during the three months ended March 31, 2022 and 2021.

Net Investment Income (Loss) from Trading Securities

	Three Months Ended March 31,
	2022		2021
	(in millions)
Net investment gains (losses) recognized during the period on securities held at the end of the period	$	(94)	$	(70)
Net investment gains (losses) recognized on securities sold during the period	2		29
Unrealized and realized gains (losses) on trading securities	(92)		(41)
Interest and dividend income from trading securities	16		38
Net investment income (loss) from trading securities	$	(76)	$	(3)

The table below shows a breakdown of net investment income (loss) from fixed maturities, at fair value using the fair value option during the three months ended March 31, 2022 and 2021.

Net Investment Income (Loss) from Fixed Maturities, at Fair Value using the Fair Value Option

	Three Months Ended March 31,
	2022		2021
	(in millions)
Net investment gains (losses) recognized during the period on securities held at the end of the period	$	(5)	$	—
Net investment gains (losses) recognized on securities sold during the period	6		1
Unrealized and realized gains (losses) from fixed maturities	1		1
Interest and dividend income from fixed maturities	16		1
Net investment income (loss) from fixed maturities	$	17	$	2

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DERIVATIVES (Tables)

3 Months Ended

Mar. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments by Category

The following table presents the gross notional amount and estimated fair value of the Company’s derivatives:

Derivative Instruments by Category

	March 31, 2022						December 31, 2021
			Fair Value						Fair Value
	Notional Amount		Derivative Assets		Derivative Liabilities		Notional Amount		Derivative Assets		Derivative Liabilities
	(in millions)
Derivatives: Designated for hedge accounting (1)
Cash Flow Hedges:
Currency Swaps	$	1,256	$	11	$	55	$	921	$	7	$	42
Interest Swaps	955		—		439		955		—		395
Total: Designated for hedge accounting	2,211		11		494		1,876		7		437
Derivatives: Not designated for hedge accounting (1)
Equity contracts:
Futures	4,370		2		2		2,640		—		1
Swaps	12,415		9		11		13,378		6		4
Options	44,415		10,690		4,372		48,489		12,024		5,065
Interest rate contracts:
Futures	11,521		—		—		12,575		—		—
Swaps	1,885		5		116		1,889		—		46
Swaptions	—		—		—		—		—		—
Credit contracts:
Credit default swaps	766		11		8		774		9		10
Currency contracts
Currency Swaps	566		6		—		541		1		—
Currency forwards	80		8		7		79		8		7
Other freestanding contracts:
Margin	—		192		—		—		125		—
Collateral	—		217		5,744		—		178		6,160
Total: Not designated for hedge accounting	76,018		11,140		10,260		80,365		12,351		11,293
Embedded Derivatives:
Amounts due from reinsurers (5)	—		5,056		—		—		5,813		—
GMIB reinsurance contracts (2)	—		1,582		—		—		1,848		—
GMxB derivative features liability (3)	—		—		6,924		—		—		8,525
SCS, SIO, MSO and IUL indexed features (4)	—		—		6,126		—		—		6,773
Total Embedded Derivatives	—		6,638		13,050		—		7,661		15,298
Total derivative instruments	$	78,229	$	17,789	$	23,804	$	82,241	$	20,019	$	27,028

___________

(1)Reported in other invested assets in the consolidated balance sheets.

(2) Reported in GMIB reinsurance contract asset in the consolidated balance sheets.

(3)    Reported in future policy benefits and other policyholders’ liabilities in the consolidated balance sheets.

(4)    Reported in policyholders’ account balances in the consolidated balance sheets.

(5)    Represents GMIB NLG ceded related to the Venerable Transaction.

The following table presents the effects of derivative instruments on the consolidated statements of income and comprehensive income (loss).

Derivative Instruments by Category

	Three Months Ended March 31, 2022						Three Months Ended March 31, 2021
	(in millions)
	Net Derivatives Gain(Losses) (1)		Interest Credited To Policyholders Account Balances		AOCI		Net Derivatives Gain(Losses) (1)		Interest Credited To Policyholders Account Balances		AOCI
Derivatives: Designated for hedge accounting
Cash Flow Hedges:
Currency Swaps	$	(4)	$	(18)	$	13	$	—	$	—	$	—
Interest Swaps	(14)		—		(20)		(4)		—		(6)
Total: Designated for hedge accounting	(18)		(18)		(7)		(4)		—		(6)
Derivatives: Not Designated for hedge accounting
Equity contracts
Futures	58		—		—		(288)		—		—
Swaps	734		—		—		(1,271)		—		—
Options	(284)		—		—		1,145		—		—
Interest Rate contracts
Futures	(512)		—		—		(949)		—		—
Swaps	(149)		—		—		(2,911)		—		—
Swaptions	—		—		—		—		—		—
Credit contracts
Credit Default Swaps	2		—		—		—		—		—
Currency contracts
Currency Swaps	5		—		—		1		—		—
Currency forwards	1		—		—		—		—		—
Other freestanding contracts
Margin	—		—		—		—		—		—
Collateral	—		—		—		—		—		—
Total: Not designated for hedge accounting	(145)		—		—		(4,273)		—		—
Embedded Derivatives
Amounts due from reinsurers	(767)		—		—		—		—		—
GMIB reinsurance contracts	(260)		—		—		(578)		—		—
GMxB derivative features liability (2)	1,688		—		—		3,408		—		—
SCS, SIO,MSO and IUL indexed features	323		—		—		(1,145)		—		—
Total Embedded Derivatives	$	984	$	—	$	—	$	1,685	$	—	$	—
Total derivative instruments	$	821	$	(18)	$	(7)	$	(2,592)	$	—	$	(6)

(1)Reported in net derivative gains (losses) in the consolidated statements of income (loss).(2)Excludes settlement fees of $46 million on CS Life reinsurance contract for the three months ended March 31, 2021.

Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)

The table that follow below present a roll-forward of cash flow hedges recognized in AOCI.

Roll-forward of Cash flow hedges in AOCI

	Three Months Ended March 31,
	2022		2021
	(in millions)
Balance, beginning of period	$	(208)	$	(126)
Amount recorded in AOCI
Currency Swaps	(3)		—
Interest Swaps	(39)		(22)
Total Amount recorded in AOCI	(42)		(22)
Amount reclassified from AOCI to income
Currency Swaps	16		—
Interest Swaps	19		16
Total Amount reclassified from AOCI to income	35		16
Ending Balance, March 31 (1)	$	(215)	$	(132)

_______________

(1) The Company does not estimate the amount of the deferred losses in AOCI at three months ended March 31, 2022 and 2021 which will be released and reclassified into Net income (loss) over the next 12 months as the amounts cannot be reasonably estimated.

Offsetting Financial Assets and Liabilities and Derivative Instruments

The following tables presents information about the Company’s offsetting of financial assets and liabilities and derivative instruments as of March 31, 2022 and December 31, 2021:

Offsetting of Financial Assets and Liabilities and Derivative Instruments

As of March 31, 2022

	Gross Amount Recognized		Gross Amount Offset in the Balance Sheets		Net Amount Presented in the Balance Sheets		Gross Amount not Offset in the Balance Sheets (3)		Net Amount
	(in millions)
Assets:
Derivative assets (1)	$	11,151	$	10,611	$	540	$	—	$	540
Other financial assets	2,085		—		2,085		—		2,085
Other invested assets	$	13,236	$	10,611	$	2,625	$	—	$	2,625
Liabilities:
Derivative liabilities (2)	$	10,754	$	10,611	$	143	$	—	$	143
Other financial liabilities	3,887		—		3,887		—		3,887
Other liabilities	$	14,641	$	10,611	$	4,030	$	—	$	4,030

______________

(1)Excludes Investment Management and Research segment’s derivative assets of consolidated VIEs/VOEs.

(2)Excludes Investment Management and Research segment’s derivative liabilities of consolidated VIEs/VOEs.

(3)Financial instruments sent (held).

As of December 31, 2021

	Gross Amount Recognized		Gross Amount Offset in the Balance Sheets		Net Amount Presented in the Balance Sheets		Gross Amount not Offset in the Balance Sheets (3)		Net Amount
	(in millions)
Assets:
Derivative assets (1)	$	12,358	$	10,756	$	1,602	$	(961)	$	641
Other financial assets	1,989		—		1,989		—		1,989
Other invested assets	$	14,347	$	10,756	$	3,591	$	(961)	$	2,630
Liabilities:
Derivative liabilities (2)	$	10,770	$	10,756	$	14	$	—	$	14
Other financial liabilities	3,919		—		3,919		—		3,919
Other liabilities	$	14,689	$	10,756	$	3,933	$	—	$	3,933

______________

(1)Excludes Investment Management and Research segment’s derivative assets of consolidated VIEs/VOEs.

(2)Excludes Investment Management and Research segment’s derivative liabilities of consolidated VIEs/VOEs.

(3)Financial instruments sent (held).

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CLOSED BLOCK (Tables)

3 Months Ended

Mar. 31, 2022

Closed Block Disclosure [Abstract]

Schedule of Closed Block Assets and Liabilities

Summarized financial information for the Company’s Closed Block is as follows:

	March 31, 2022		December 31, 2021
	(in millions)
Closed Block Liabilities:
Future policy benefits, policyholders’ account balances and other	$	5,866	$	5,928
Policyholder dividend obligation	—		—
Other liabilities	8		39
Total Closed Block liabilities	5,874		5,967
Assets Designated to the Closed Block:
Fixed maturities AFS, at fair value (amortized cost of $3,198 and $3,185) (allowance for credit losses of $0 and $0)	3,200		3,390
Mortgage loans on real estate (net of allowance for credit losses of $3 and $4)	1,693		1,771
Policy loans	595		602
Cash and other invested assets	110		63
Other assets	49		90
Total assets designated to the Closed Block	5,647		5,916
Excess of Closed Block liabilities over assets designated to the Closed Block	227		51
Amounts included in AOCI:
Net unrealized investment gains (losses), net of policyholders’ dividend obligation: $0 and $0; and net of income tax: $0 and $(43)	12		172
Maximum future earnings to be recognized from Closed Block assets and liabilities	$	239	$	223

Closed Block Operations, Net Results

The Company’s Closed Block revenues and expenses were as follows:

	Three Months Ended March 31,
	2022		2021
	(in millions)
Revenues:
Premiums and other income	$	33	$	39
Net investment income (loss)	58		60
Investment gains (losses), net	1		—
Total revenues	92		99
Benefits and Other Deductions:
Policyholders’ benefits and dividends	76		106
Other operating costs and expenses	—		1
Total benefits and other deductions	76		107
Net income (loss), before income taxes	16		(8)
Income tax (expense) benefit	1		(1)
Net income (loss)	$	17	$	(9)

Closed Block Dividend Obligation

A reconciliation of the Company’s policyholder dividend obligation follows:

	Three Months Ended March 31,
	2022		2021
	(in millions)
Beginning balance	$	—	$	160
Unrealized investment gains (losses)	—		(132)
Ending balance	$	—	$	28

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INSURANCE LIABILITIES (Tables)

3 Months Ended

Mar. 31, 2022

Insurance [Abstract]

Variable Annuity Contracts- GMDB GMIB

Change in Liability for Variable Annuity Contracts with GMDB and GMIB Features and No NLG Feature

Three Months Ended March 31, 2022 and 2021

	GMDB						GMIB
	Direct		Assumed (1) (2)		Ceded		Direct		Assumed (1) (2)		Ceded
	(in millions)
Balance, January 1, 2022	$	4,951	$	—	$	(2,216)	$	5,892	$	—	$	(3,968)
Paid guarantee benefits	(133)		—		56		(120)		—		15
Other changes in reserve	222		—		(93)		252		—		203
Balance, March 31, 2022	$	5,040	$	—	$	(2,253)	$	6,024	$	—	$	(3,750)
Balance, January 1, 2021	$	5,097	$	72	$	(88)	$	6,026	$	196	$	(2,488)
Paid guarantee benefits	(133)		(6)		3		(92)		(52)		14
Other changes in reserve	122		6		1		32		—		567
Balance, March 31, 2021	$	5,086	$	72	$	(84)	$	5,966	$	144	$	(1,907)

(1)Change in Assumed is driven by the sale of CSLRC to Venerable.

(2)Includes the impact as of June 1, 2021 on the ceded reserves to Venerable. See Note 1 of the Notes to these Consolidated Financial Statements for details of the Venerable Transaction.

Schedule of Net Amount of Risk by Product and Guarantee

Direct Variable Annuity Contracts with GMDB and GMIB Features

as of March 31, 2022

	Guarantee Type
	Return of Premium			Ratchet			Roll-Up			Combo			Total
	(in millions, except age and interest rate)
Variable annuity contracts with GMDB features
Account Values invested in:
General Account	$	16,395		$	86		$	50		$	156		$	16,687
Separate Accounts	55,562			9,058			3,107			31,437			99,164
Total Account Values	$	71,957		$	9,144		$	3,157		$	31,593		$	115,851
NAR, gross	$	175		$	325		$	1,487		$	18,079		$	20,066
NAR, net of amounts reinsured	$	170		$	292		$	1,057		$	9,363		$	10,882
Average attained age of policyholders (in years)	51.5			69.2			75.6			71.3			55.7
Percentage of policyholders over age 70	11.8		%	51.8		%	73.1		%	57.9		%	20.8		%
Range of contractually specified interest rates	N/A			N/A			3% - 6%			3% - 6.5%			3% - 6.5%
Variable annuity contracts with GMIB features
Account Values invested in:
General Account	$	—		$	—		$	15		$	201		$	216
Separate Accounts	—			—			24,565			33,461			58,026
Total Account Values	$	—		$	—		$	24,580		$	33,662		$	58,242
NAR, gross	$	—		$	—		$	586		$	8,673		$	9,259
NAR, net of amounts reinsured	$	—		$	—		$	188		$	3,539		$	3,727
Average attained age of policyholders (in years)	N/A			N/A			65.2			71.0			68.8
Weighted average years remaining until annuitization	N/A			N/A			5.9			0.6			2.6
Range of contractually specified interest rates	N/A			N/A			3% - 6%			3% - 6.5%			3% - 6.5%

Schedule of Fair Value of Separate Accounts by Major Category of Investment

Investment in Variable Insurance Trust Mutual Funds

	March 31, 2022				December 31, 2021
	GMDB		GMIB		GMDB		GMIB
Mutual Fund Type	(in millions)
Equity	$	48,411	$	18,112	$	52,771	$	20,015
Fixed income	5,094		2,331		5,391		2,507
Balanced	44,595		37,322		48,390		40,491
Other	1,064		261		1,025		263
Total	$	99,164	$	58,026	$	107,577	$	63,276

Schedule of No Lapse Guarantee Liabilities

The change in the NLG liabilities, reflected in future policy benefits and other policyholders’ liabilities in the consolidated balance sheets, is summarized in the table below.

	Direct Liability (1)
	Three Months Ended March 31,
	2022		2021
	(in millions)
Beginning balance	$	1,096	$	1,022
Paid guarantee benefits	(8)		(15)
Other changes in reserves	24		43
Ending balance	$	1,112	$	1,050

_____________

(1)There were no amounts of reinsurance ceded in any period presented.

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FAIR VALUE DISCLOSURES (Tables)

3 Months Ended

Mar. 31, 2022

Fair Value Disclosures [Abstract]

Assets and Liabilities Measured at Fair Value on Recurring Basis

Assets and liabilities measured at fair value on a recurring basis are summarized below.

Fair Value Measurements as of March 31, 2022

	Level 1		Level 2		Level 3		Total
	(in millions)
Assets
Investments
Fixed maturities, AFS:
Corporate (1)	$	—	$	48,512	$	1,683	$	50,195
U.S. Treasury, government and agency	—		9,348		—		9,348
States and political subdivisions	—		650		32		682
Foreign governments	—		1,084		—		1,084
Residential mortgage-backed (2)	—		88		—		88
Asset-backed (3)	—		7,092		332		7,424
Commercial mortgage-backed	—		3,279		238		3,517
Redeemable preferred stock	—		48		—		48
Total fixed maturities, AFS	—		70,101		2,285		72,386
Fixed maturities, at fair value using the fair value option	—		1,285		342		1,627
Other equity investments (7)	315		461		7		783
Trading securities	330		207		52		589
Other invested assets:
Short-term investments	—		306		—		306
Assets of consolidated VIEs/VOEs	87		405		5		497
Swaps	—		(589)		—		(589)
Credit default swaps	—		3		—		3
Futures	—		—		—		—
Options	—		6,318		—		6,318
Total other invested assets	87		6,443		5		6,535
Cash equivalents	2,994		804		—		3,798
Segregated securities	—		1,693		—		1,693
Amounts due from reinsurer (6)	—		—		5,056		5,056
GMIB reinsurance contracts asset	—		—		1,582		1,582
Separate Accounts assets (4)	133,207		2,887		—		136,094
Total Assets	$	136,933	$	83,881	$	9,329	$	230,143
Liabilities
Notes issued by consolidated VIE’s, at fair value using the fair value option (5)	$	—	$	1,378	$	—	$	1,378
GMxB derivative features’ liability	—		—		6,924		6,924
SCS, SIO, MSO and IUL indexed features’ liability	—		6,126		—		6,126
Liabilities of consolidated VIEs and VOEs	16		3		—		19
Contingent payment arrangements	—		—		39		39
Total Liabilities	$	16	$	7,507	$	6,963	$	14,486

______________

(1)Corporate fixed maturities includes both public and private issues.

(2)Includes publicly traded agency pass-through securities and collateralized obligations.

(3)Includes credit-tranched securities collateralized by sub-prime mortgages, credit risk transfer securities and other asset types.

(4)Separate Accounts assets included in the fair value hierarchy exclude investments in entities that calculate NAV per share (or its equivalent) as a practical expedient. Such investments excluded from the fair value hierarchy include investments in real estate. As of March 31, 2022, the fair value of such investments was $414 million.

(5)Includes CLO short-term debt of $204 million, which is inclusive as fair valued within Notes issued by consolidated VIE’s, at fair value using the fair value option. Accrued interest payable of $8 million is reported in Notes issued by consolidated VIE’s, at fair value using the fair value option in the consolidated balance sheets, which is not required to be measured at fair value on a recurring basis.

(6)This represents GMIB NLG ceded reserves related to the Venerable Transaction. See Note 1 of the Notes to these Consolidated Financial Statements for details of the Venerable Transaction.

(7)Includes short position equity securities of $31 million that are reported in other liabilities.

Fair Value Measurements as of December 31, 2021

	Level 1		Level 2		Level 3		Total
	(in millions)
Assets
Investments
Fixed maturities, AFS:
Corporate (1)	$	—	$	51,007	$	1,504	$	52,511
U.S. Treasury, government and agency	—		15,385		—		15,385
States and political subdivisions	—		627		35		662
Foreign governments	—		1,152		—		1,152
Residential mortgage-backed (2)	—		98		—		98
Asset-backed (3)	—		5,926		8		5,934
Commercial mortgage-backed (2)	—		2,401		20		2,421
Redeemable preferred stock	—		53		—		53
Total fixed maturities, AFS	—		76,649		1,567		78,216
Fixed maturities, at fair value using the fair value option			1,440		201		1,641
Other equity investments	322		457		5		784
Trading securities	340		226		65		631
Other invested assets:
Short-term investments	—		30		—		30
Assets of consolidated VIEs/VOEs	166		450		11		627
Swaps	—		(473)		—		(473)
Credit default swaps	—		(1)		—		(1)
Futures	(1)		—		—		(1)
Options	—		6,959		—		6,959
Swaptions	—		—		—		—
Total other invested assets	165		6,965		11		7,141
Cash equivalents	3,275		293		—		3,568
Segregated securities	—		1,504		—		1,504
Amounts due from reinsurer	—		—		5,813		5,813
GMIB reinsurance contracts asset	—		—		1,848		1,848
Separate Accounts assets (4)	144,124		2,572		1		146,697
Total Assets	$	148,226	$	90,106	$	9,511	$	247,843
Liabilities
Notes issued by consolidated VIE’s, at fair value using the fair value option (5)	$	—	$	1,277	$	—	$	1,277
GMxB derivative features’ liability	—		—		8,525		8,525
SCS, SIO, MSO and IUL indexed features’ liability	—		6,773		—		6,773
Liabilities of consolidated VIEs and VOEs	16		2		—		18
Contingent payment arrangements	—		—		38		38
Total Liabilities	$	16	$	8,052	$	8,563	$	16,631

______________

(1)Corporate fixed maturities includes both public and private issues.

(2)Includes publicly traded agency pass-through securities and collateralized obligations.

(3)Includes credit-tranched securities collateralized by sub-prime mortgages and other asset types and credit tenant loans.

(4)Separate Accounts assets included in the fair value hierarchy exclude investments in entities that calculate NAV per share (or its equivalent) as a practical expedient. Such investments excluded from the fair value hierarchy include investments in real estate and commercial mortgages. As of December 31, 2021, the fair value of such investments was $404 million.

(5)Includes CLO short-term debt of $92 million, which is inclusive as fair valued within Notes issued by consolidated VIE’s, at fair value using the fair value option Accrued interest payable of $6 million is reported in Notes issued by consolidated VIE’s, at fair value using the fair value option in the consolidated balance sheets, which is not required to be measured at fair value on a recurring basis.

Reconciliation of Assets and Liabilities at Level 3

The tables below present reconciliations for all Level 3 assets and liabilities and changes in unrealized gains (losses) for the three months ended March 31, 2022 and 2021, respectively.

	Corporate		State and Political Subdivisions		Asset-backed		CMBS		Trading Securities, at Fair Value		Fixed maturities, at FVO
Balance, January 1, 2022	$	1,504	$	35	$	8	$	20	$	65	$	201
Total gains and (losses), realized and unrealized, included in:
Net income (loss) as:
Net investment income (loss)	1		—		—		—		—		(4)
Investment gains (losses), net	1		—		—		—		(13)		—
Subtotal	2		—		—		—		(13)		(4)
Other comprehensive income (loss)	(31)		(2)		—		(1)		—		—
Purchases	232		—		325		219		—		89
Sales	(87)		(1)		(1)		—		—		(29)
Activity related to consolidated VIEs/VOEs	—		—		—		—		—		—
Transfers into Level 3 (1)	70		—		—		—		—		188
Transfers out of Level 3 (1)	(7)		—		—		—		—		(103)
Balance, March 31, 2022	$	1,683	$	32	$	332	$	238	$	52	$	342
Change in unrealized gains or losses for the period included in earnings for instruments held at the end of the reporting period (2)	$	—	$	—	$	—	$	—	$	(13)	$	(4)
Change in unrealized gains or losses for the period included in other comprehensive income for instruments held at the end of the reporting period (2)	$	(29)	$	(2)	$	—	$	(1)	$	—	$	—
Balance, January 1, 2021	$	1,702	$	39	$	20	$	—	$	39	$	80
Total gains and (losses), realized and unrealized, included in:
Net income (loss) as:
Net investment income (loss)	1		—		—		—		—		3
Investment gains (losses), net	(6)		—		—		—		—		—
Subtotal	(5)		—		—		—		—		3
Other comprehensive income (loss)	9		(1)		—		—		—		—
Purchases	165		—		50		4		—		88
Sales	(69)		—		(5)		—		—		(8)
Activity related to consolidated VIEs/VOEs	—		—		—		—		—
Transfers into Level 3 (1)	2		—		—		—		—		7
Transfers out of Level 3 (1)	(549)		—		—		—		—		(28)
Balance, March 31, 2021	$	1,255	$	38	$	65	$	4	$	39	$	142
Change in unrealized gains or losses for the period included in earnings for instruments held at the end of the reporting period (2)	$	—	$	—	$	—	$	—	$	—	$	—
Change in unrealized gains or losses for the period included in other comprehensive income for instruments held at the end of the reporting period (2)	$	9	$	(1)	$	—	$	—	$	—	$	—

_____________

(1)Transfers into/out of the Level 3 classification are reflected at beginning-of-period fair values.

(2)For instruments held as of March 31, 2022 or March 31, 2021, amounts are included in net investment income or net derivative gains (losses) in the consolidated statements of income (loss) or unrealized gains (losses) on investments in the consolidated statements of comprehensive income.

	Other Equity Investments (7)		GMIB Reinsurance Contract Asset		Amounts Due from Reinsurers		Separate Accounts Assets		GMxB Derivative Features Liability		Contingent Payment Arrangement
Balance, January 1, 2022	$	16	$	1,848	$	5,815	$	1	$	(8,525)	$	(38)
Realized and unrealized gains (losses), included in Net income (loss) as:
Investment gains (losses), reported in net investment income	—		—		—		—		—		—
Net derivative gains (losses) (1)	—		(260)		(767)		—		1,688		—
Total realized and unrealized gains (losses)	—		(260)		(767)		—		1,688		—
Other comprehensive income (loss)	—		—		—		—		—		—
Purchases (2)	—		10		33		—		(120)		1
Sales (3)	—		(16)		(25)		(1)		32		—
Activity related to consolidated VIEs/VOEs	(2)		—		—		—		—		—
Transfers into Level 3 (4)	—		—				—		—		—
Transfers out of Level 3 (4)	(3)		—		—		—		—		—
Balance, March 31, 2022	$	11	$	1,582	$	5,056	$	—	$	(6,925)	$	(37)
Change in unrealized gains or losses for the period included in earnings for instruments held at the end of the reporting period (6)	$	—	$	(260)	$	(767)	$	—	$	1,688	$	—
Change in unrealized gains or losses for the period included in other comprehensive income for instruments held at the end of the reporting period (6)	$	—	$	—	$	—	$	—	$	—	$	—
Balance, January 1, 2021	$	84	$	2,488	$	—	$	1	$	(11,131)	$	(28)
Realized and unrealized gains (losses), included in Net income (loss) as:
Investment gains (losses), reported in net investment income	1		—		—		—		—		—
Net derivative gains (losses) (1) (5)	—		(578)		—		—		3,408		—
Total realized and unrealized gains (losses)	1		(578)		—		—		3,408		—
Other comprehensive income (loss)	—		—		—		—		—		—
Purchases (2)	2		11		—		—		(119)		(7)
Sales (3)	(2)		(14)		—		—		18		—
Activity related to consolidated VIEs/VOEs	(2)		—		—		—		—		(1)
Transfers into Level 3 (4)	—		—		—		—		—		—
Transfers out of Level 3 (4)	—		—		—		(1)		—		—
Balance, March 31, 2021	$	83	$	1,907	$	—	$	—	$	(7,824)	$	(36)
Change in unrealized gains or losses for the period included in earnings for instruments held at the end of the reporting period (6)	$	1	$	(578)	$	—	$	—	$	3,408	$	—
Change in unrealized gains or losses for the period included in other comprehensive income for instruments held at the end of the reporting period (6)	$	—	$	—	$	—	$	—	$	—	$	—

______________

(1)For the three months ended March 31, 2022 and 2021, the Company’s non-performance risk impact of $483 million and $79 million for the GMxB Derivative Features Liability, $(36) million and $(15) million for the GMIB Reinsurance Contract Asset, and $(42) million and $0 million for the Amounts Due from Reinsurers, respectively, is recorded through Net derivative gains (losses).

(2)For the GMIB reinsurance contract asset, Amounts Due from Reinsurers and GMxB derivative features liability, represents attributed fee.

(3)For the GMIB reinsurance contract asset and Amounts Due from Reinsurers, represents recoveries from reinsurers and for GMxB derivative features liability represents benefits paid.

(4) Transfers into/out of the Level 3 classification are reflected at beginning-of-period fair values.

(5) For the three months ended March 31, 2021, GMxB Derivative Features Liability excludes settlement fees on CS Life reinsurance

contract of $46 million.

(6) For instruments held as of March 31, 2022 or March 31, 2021, amounts are included in net investment income or net derivative gains

(losses) in the consolidated statements of income (loss) or unrealized gains (losses) on investments in the consolidated statements of comprehensive income.

(7) Other Equity Investments include other invested assets.

Quantitative Information About Level 3 Fair Value Measurement

The following tables disclose quantitative information about Level 3 fair value measurements by category for assets and liabilities as of March 31, 2022 and December 31, 2021, respectively.

Quantitative Information about Level 3 Fair Value Measurements as of March 31, 2022

	Fair Value		Valuation Technique	Significant Unobservable Input	Range	Weighted Average (2)
	(in millions)
Assets:
Investments:
Fixed maturities, AFS:
Corporate	$	334	Matrix pricing model	Spread over Benchmark	20 bps - 299 bps	106 bps
	891		Market comparable  companies	EBITDA multiples Discount rate Cash flow multiples Loan to value	5.0x - 77.6x 7.2% - 33.6% 0.5x - 11.6x 0.0% - 62.1%	13.9x 9.8% 6.4x 30.0%
Trading Securities, at Fair Value	52		Discounted Cash Flow	Earnings multiple Discount factor Discount years	7.3x 10.0% 11
Other equity investments	4		Market comparable companies	Revenue multiple	7.7x - 9.5x	9.2x
GMIB reinsurance contract asset	1,582		Discounted cash flow	Lapse rates Withdrawal Rates GMIB Utilization Rates Non-performance risk Volatility rates - Equity Mortality: Ages 0-40 Ages 41-60 Ages 61-115	0.45%-20.86% 0.27%-8.66% 0.04%-60.44% 82 bps - 130 bps 9%-32% 0.01%-0.17% 0.06%-0.53% 0.31%-40.00%	2.78% 0.91% 5.28% 84 bps 24% 2.85% (same for all ages) (same for all ages)
Amount Due from Reinsurers	5,056		Discounted Cash Flow	Lapse rates Withdrawal Rates GMIB Utilization Rates Non-performance risk (bps) Volatility rates - Equity Mortality: Ages 0-40 Ages 41-60 Ages 61-115	0.45%-20.86% 0.27%-8.66% 0.04%-60.44% 48 bps 9%-32% 0.01%-0.17% 0.06%-0.53% 0.31%-40.00%	1.79% 1.15% 7.40% 48 bps 24% 2.17% (same for all ages) (same for all ages)
Liabilities:

	Fair Value	Valuation Technique	Significant Unobservable Input	Range	Weighted Average (2)
AB Contingent Consideration Payable	39	Discounted cash flow	Expected revenue growth rates Discount rate	2.0% - 83.9% 1.9% - 10.4%	7.9% 7.0%
GMIB NLG	6,936	Discounted cash flow	Non-performance risk Lapse rates Withdrawal rates Annuitization rates Mortality rates (1): Ages 0 - 40 Ages 41-60 Ages 61-115	151 bps 1.04%-23.57% 0.27%-8.66% 0.03%-100.00% 0.01%-0.19% 0.07%-0.57% 0.44%-43.60%	151 bps 3.69% 1.03% 5.37% 1.62% (same for all ages) (same for all ages)
GWBL/GMWB	83	Discounted cash flow	Lapse rates Withdrawal Rates Utilization Rates Volatility rates - Equity Non-performance risk(bps)	0.60%-20.86% 0.00%-8.00% 100% once starting 9%-32% 151 bps	2.78% 0.91% 24%
GIB	(93)	Discounted cash flow	Lapse rates Withdrawal Rates Utilization Rates Volatility rates - Equity Non-performance risk(bps)	0.60%-20.86% 0.13%-8.66% 0.04%-100.00% 9% - 32% 151 bps	2.78% 0.91% 5.28% 24%
GMAB	(3)	Discounted cash flow	Lapse rates Volatility rates - Equity Non-performance risk(bps)	0.60%-20.86% 9%-32% 151 bps	2.78% 24%

______________

(1)Mortality rates vary by age and demographic characteristic such as gender. Mortality rate assumptions are based on a combination of company and industry experience. A mortality improvement assumption is also applied. For any given contract, mortality rates vary throughout the period over which cash flows are projected for purposes of valuating the embedded derivatives.

(2)For lapses, withdrawals, and utilizations the rates were weighted by counts; for mortality weighted average rates are shown for all ages combined; and for withdrawals the weighted averages were based on an estimated split of partial withdrawal and dollar-for-dollar withdrawals.

Quantitative Information about Level 3 Fair Value Measurements as of December 31, 2021

	Fair Value		Valuation Technique	Significant Unobservable Input	Range	Weighted Average (2)
	(in millions)
Assets:
Investments:
Fixed maturities, AFS:
Corporate	$	258	Matrix pricing model	Spread over benchmark	20 bps - 270 bps	144 bps
	888		Market comparable companies	EBITDA multiples  Discount rate  Cash flow multiples Loan to value	4.9x - 62.3x 6.2% - 21.5% 0.5x-10.0x 3.1%-63.4%	13.0x 9.1% 5.5x 30.8%
Trading Securities, at Fair Value	65		Discounted cash flow	Earnings multiple Discounts factor Discount years	7.3x 10.00% 11
Other equity investments	4		Market comparable companies	Revenue multiple	7.8x - 10.3x	9.5x

	Fair Value	Valuation Technique	Significant Unobservable Input	Range	Weighted Average (2)
	(in millions)
GMIB reinsurance contract asset	1,848	Discounted cash flow	Non-performance risk Lapse rates Withdrawal rates Utilization rates Volatility rates - Equity Mortality rates (1): Ages 0 - 40 Ages 41 - 60 Ages 60 - 115	57 bps - 93 bps 0.45% - 20.86% 0.27% - 8.66% 0.04% - 60.44% 11% - 31% 0.01% - 0.17% 0.06% - 0.53% 0.31% - 40.00%	60 bps 2.65% 0.93% 5.27% 24% 2.79% (same for all ages) (same for all ages)
Amount Due from Reinsurers	5,813	Discounted Cash Flow	Lapse rates Withdrawal Rates GMIB Utilization Rates Non-performance risk (bps) Volatility rates - Equity Mortality: Ages 0-40 Ages 41-60 Ages 61-115	0.45%-20.86% 0.27%-8.66% 0.04%-60.44% 37 bps 11%-31% 0.01%-0.17% 0.06%-0.53% 0.31%-40.00%	1.70% 1.18% 7.20% 37 bps 24% 2.17% (same for all ages) (same for all ages)
Liabilities:
AB Contingent Consideration Payable	38	Discounted cash flow	Expected revenue growth rates Discount rate	2.0% - 83.9% 1.9% - 10.4%	11.9% 7.0%
GMIB NLG	8,503	Discounted cash flow	Non-performance risk Lapse rates Withdrawal rates Annuitization rates Mortality rates (1): Ages 0 - 40 Ages 41 - 60 Ages 60 - 115	111 bps 1.04% - 23.57% 0.27% - 8.66% 0.03% -100.00% 0.01% - 0.19% 0.07% - 0.57% 0.44% - 43.60%	111 bps 3.55% 1.04% 5.24% 1.62% (same for all ages) (same for all ages)
GWBL/GMWB	99	Discounted cash flow	Non-performance risk Lapse rates Withdrawal rates Utilization rates Volatility rates - Equity	111 bps 0.60%-20.86% 0.00%-8.00% 100% once starting 11%-31%	2.65% 0.93% 24%
GIB	(75)	Discounted cash flow	Non-performance risk Lapse rates Withdrawal rates Utilization rates Volatility rates - Equity	111 bps 0.60%-20.86% 0.13%-8.66% 0.04%-100.00% 11%-31%	2.65% 0.93% 5.27% 24%
GMAB	(3)	Discounted cash flow	Non-performance risk Lapse rates Volatility rates - Equity	111 bps 0.60%-20.86% 11%-31%	2.65% 24%

______________

(1)Mortality rates vary by age and demographic characteristic such as gender. Mortality rate assumptions are based on a combination of company and industry experience. A mortality improvement assumption is also applied. For any given contract, mortality rates vary throughout the period over which cash flows are projected for purposes of valuating the embedded derivatives.

(2)For lapses, withdrawals, and utilizations the rates were weighted by counts; for mortality weighted average rates are shown for all ages combined; and for withdrawals the weighted averages were based on an estimated split of partial withdrawal and dollar-for-dollar withdrawals.

Fair Value Disclosure Financial Instruments Not Carried At Fair Value

The carrying values and fair values as of March 31, 2022 and December 31, 2021 for financial instruments not otherwise disclosed in Note 3 and Note 4 of the Notes to these Consolidated Financial Statements are presented in the table below.

Carrying Values and Fair Values for Financial Instruments Not Otherwise Disclosed

	Carrying Value		Fair Value
			Level 1		Level 2		Level 3		Total
	(in millions)
March 31, 2022:
Mortgage loans on real estate	$	14,452	$	—	$	—	$	13,911	$	13,911
Policy loans	$	4,010	$	—	$	—	$	4,956	$	4,956
Policyholders’ liabilities: Investment contracts	$	2,014	$	—	$	—	$	1,982	$	1,982
FHLB funding agreements	$	6,088	$	—	$	6,047	$	—	$	6,047
FABN funding agreements	$	6,673	$	—	$	6,271	$	—	$	6,271
Short-term and long-term debt (1)	$	3,840	$	—	$	4,111	$	—	$	4,111
Separate Accounts liabilities	$	11,785	$	—	$	—	$	11,785	$	11,785
December 31, 2021:
Mortgage loans on real estate	$	14,033	$	—	$	—	$	14,308	$	14,308
Policy loans	$	4,024	$	—	$	—	$	5,050	$	5,050
Policyholders’ liabilities: Investment contracts (2)	$	2,035	$	—	$	—	$	2,103	$	2,103
FHLB funding agreements	$	6,647	$	—	$	6,679	$	—	$	6,679
FABN funding agreements	$	6,689	$	—	$	6,626	$	—	$	6,626
Short-term and long-term debt (1)	$	3,839	$	—	$	4,544	$	—	$	4,544
Separate Accounts liabilities	$	11,620	$	—	$	—	$	11,620	$	11,620

_____________

(1)Excludes CLO short-term debt of $204 million which is inclusive as fair valued within Notes issued by consolidated VIE’s, at fair value using the fair value option.

(2) Reflects transfer of certain policyholders account balances to future policyholder benefits and other policyholders liabilities related to structured settlement which occurred during July 2021.

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EMPLOYEE BENEFIT PLANS (Tables)

3 Months Ended

Mar. 31, 2022

Retirement Benefits [Abstract]

Components of Certain Benefit Costs

Components of net periodic pension expense for the Company’s plans were as follows:

	Three Months Ended March 31,
	2022		2021
	(in millions)
Service cost	$	2	$	2
Interest cost	14		14
Expected return on assets	(39)		(38)
Prior Period Svc Cost Amortization	(1)		(1)
Actuarial (gain) loss	—		1
Net amortization	20		29
Net Periodic Pension Expense	$	(4)	$	7

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EQUITY (Tables)

3 Months Ended

Mar. 31, 2022

Equity [Abstract]

Schedule of Stock by Class

Preferred stock authorized, issued and outstanding was as follows:

	March 31, 2022			December 31, 2021
Series	Shares Authorized	Shares  Issued	Shares Outstanding	Shares Authorized	Shares  Issued	Shares Outstanding
Series A	32,000	32,000	32,000	32,000	32,000	32,000
Series B	20,000	20,000	20,000	20,000	20,000	20,000
Series C	12,000	12,000	12,000	12,000	12,000	12,000
Total	64,000	64,000	64,000	64,000	64,000	64,000

Dividends Declared

Dividends declared per share were as follows for the periods indicated:

	Three Months Ended March 31,
	2022		2021
Series A dividends declared	$	328	$	328
Series B dividends declared	$	—	$	—
Series C dividends declared	$	269	$	200

Dividends declared per share of common stock were as follows for the periods indicated:

	Three Months Ended March 31,
	2022		2021
Dividends declared	$	0.18	$	0.17

Schedule of Accumulated Other Comprehensive Income (Loss)

The balances as of March 31, 2022 and December 31, 2021 follow:

	March 31,		December 31,
	2022		2021
	(in millions)
Unrealized gains (losses) on investments	$	(1,142)	$	2,684
Defined benefit pension plans	(626)		(669)
Foreign currency translation adjustments	(57)		(45)
Total accumulated other comprehensive income (loss)	(1,825)		1,970
Less: Accumulated other comprehensive income (loss) attributable to noncontrolling interest	(38)		(34)
Accumulated other comprehensive income (loss) attributable to Holdings	$	(1,787)	$	2,004

Components of Accumulated Other Comprehensive Income (Loss), Net of Taxes

The components of OCI, net of taxes for the three months ended March 31, 2022 and 2021 follow:

	Three Months Ended March 31,
	2022		2021
	(in millions)
Change in net unrealized gains (losses) on investments:
Net unrealized gains (losses) arising during the period	$	(5,080)	$	(4,059)
(Gains) losses reclassified into net income (loss) during the period (1)	264		(164)
Net unrealized gains (losses) on investments	(4,816)		(4,223)
Adjustments for policyholders’ liabilities, DAC, insurance liability loss recognition and other	990		1,070
Change in unrealized gains (losses), net of adjustments (net of deferred income tax expense (benefit) of $(1,018) and $838)	(3,826)		(3,153)
Change in defined benefit plans:
Reclassification to Net income (loss) of amortization of net prior service credit included in net periodic cost	43		33
Change in defined benefit plans (net of deferred income tax expense (benefit) of $(9) and $9)	43		33
Foreign currency translation adjustments:
Foreign currency translation gains (losses) arising during the period	(12)		(6)
Foreign currency translation adjustment	(12)		(6)
Total other comprehensive income (loss), net of income taxes	(3,795)		(3,126)
Less: Other comprehensive income (loss) attributable to noncontrolling interest	(4)		(3)
Other comprehensive income (loss) attributable to Holdings	$	(3,791)	$	(3,123)

_______________

(1)See “Reclassification adjustments” in Note 3 of the Notes to these Consolidated Financial Statements. Reclassification amounts presented net of income tax expense (benefit) of $(70) million and $44 million for the three months ended March 31, 2022 and 2021, respectively.

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REDEEMABLE NONCONTROLLING INTEREST (Tables)

3 Months Ended

Mar. 31, 2022

Noncontrolling Interest [Abstract]

Redeemable Noncontrolling Interest

The changes in the components of redeemable noncontrolling interests are presented in the table that follows:

	Three months Ended March 31,
	2022		2021
	(in millions)
Balance, beginning of period	$	468	$	143
Net earnings (loss) attributable to redeemable noncontrolling interests	(27)		—
Purchase/change of redeemable noncontrolling interests	(55)		(6)
Balance, end of period	$	386	$	137

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COMMITMENTS AND CONTINGENT LIABILITIES (Tables)

3 Months Ended

Mar. 31, 2022

Commitments and Contingencies Disclosure [Abstract]

Activity of Funding Agreements

The table below summarizes the Company’s activity of funding agreements with the FHLB.

Change in FHLB Funding Agreements during the Three Months Ended March 31, 2022

	Outstanding Balance at December 31, 2021		Issued During the Period		Repaid During the Period		Long-term Agreements Maturing Within One Year		Long-term Agreements Maturing Within Five Years		Outstanding Balance at March 31, 2022
	(in millions)
Short-term funding agreements:
Due in one year or less	$	5,353	$	13,688	$	14,435	$	—	$	—	$	4,606

Long-term funding agreements:
Due in years two through five	1,290		13		—		—		—		1,303
Due in more than five years	—		175		—		—		—		175
Total long-term funding agreements	1,290		188		—		—		—		1,478
Total funding agreements (1)	$	6,643	$	13,876	$	14,435	$	—	$	—	$	6,084

_____________

(1)The $4 million and $4 million difference between the funding agreements carrying value shown in fair value table for March 31, 2022 and December 31, 2021, respectively, reflects the remaining amortization of a hedge implemented and closed, which locked in the funding agreements borrowing rates.

The table below summarizes the Equitable Financial’s activity of funding agreements under the FABN.

Change in FABN Funding Agreements during the Three Months Ended March 31, 2022

	Outstanding Balance at December 31, 2021		Issued During the Period		Repaid During the Period		Long-term Agreements Maturing Within One Year		Long-term Agreements Maturing Within Five Years		Foreign Currency Transaction Adjustment		Outstanding Balance at March 31, 2022
	(in millions)
Short-term funding agreements:
Due in one year or less	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Long-term funding agreements:
Due in years two through five	4,600		—		—		—		—		—		4,600
Due in more than five years	2,119		—		—		—		—		(16)		2,103
Total long-term funding agreements	6,719		—		—		—		—		(16)		6,703
Total funding agreements (1)	$	6,719	$	—	$	—	$	—	$	—	$	(16)	$	6,703

_____________

(1)The $31 million and $70 million difference between the funding agreements notional value shown and carrying value table as of March 31, 2022 and December 31, 2021, respectively, reflects the remaining amortization of the issuance cost of the funding agreements and the foreign currency transaction adjustment.

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BUSINESS SEGMENT INFORMATION (Tables)

3 Months Ended

Mar. 31, 2022

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

The table below presents operating earnings (loss) by segment and Corporate and Other and a reconciliation to net income (loss) attributable to Holdings for the three months ended March 31, 2022 and 2021, respectively:

	Three Months Ended March 31,
	2022		2021
	(in millions)
Net income (loss) attributable to Holdings	$	573	$	(1,488)
Adjustments related to:
Variable annuity product features	(601)		2,267
Investment (gains) losses	326		(183)
Net actuarial (gains) losses related to pension and other postretirement benefit obligations	19		34
Other adjustments (1) (2) (3)	220		524
Income tax expense (benefit) related to above adjustments	8		(555)
Non-recurring tax items	3		1
Non-GAAP Operating Earnings	$	548	$	600
Operating earnings (loss) by segment:
Individual Retirement	$	293	$	363
Group Retirement	$	150	$	151
Investment Management and Research	$	136	$	121
Protection Solutions	$	35	$	41
Corporate and Other (4)	$	(66)	$	(76)

______________

(1)Includes separation costs of $21 million for the three months ended March 31, 2021. Separation costs were completed during 2021.

(2)Includes certain legal accruals related to the COI litigation of $59 million and $180 million for the three months ended March 31, 2022 and 2021.Includes policyholder benefit costs of $75 million for the three months ended March 31, 2022 stemming from a deal to repurchase UL policies from one entity that had invested in numerous policies purchased in the life settlement market.

(3)Includes Non-GMxB related derivative hedge gains and losses of $(2) million and $244 million for the three months ended March 31, 2022 and 2021, respectively.

(4)Includes interest expense and financing fees of $53 million and $58 million for the three months ended March 31, 2022 and 2021, respectively.

The table below presents segment revenues for the three months ended March 31, 2022 and 2021.

	Three Months Ended March 31,
	2022		2021
	(in millions)
Segment revenues:
Individual Retirement (1)	$	1,022	$	980
Group Retirement (1)	334		329
Investment Management and Research (2)	1,135		1,004
Protection Solutions (1)	851		826
Corporate and Other (1)	374		334
Adjustments related to:
Variable annuity product features	631		(2,282)
Investment gains (losses), net	(326)		183
Other adjustments to segment revenues	(77)		(221)
Total revenues	$	3,944	$	1,153

______________

(1)Includes investment expenses charged by AB of $21 million and $19 million for the three months ended March 31, 2022 and 2021, respectively, for services provided to the Company.

(2)Inter-segment investment management and other fees of $28 million and $30 million for the three months ended March 31, 2022 and 2021, respectively, are included in segment revenues of the Investment Management and Research segment.

The table below presents total assets by segment as of March 31, 2022 and 2021:

	March 31, 2022		December 31, 2021
	(in millions)
Total assets by segment:
Individual Retirement	$	132,467	$	143,663
Group Retirement	53,531		55,368
Investment Management and Research	12,010		11,602
Protection Solutions	43,504		50,686
Corporate and Other	36,146		30,943
Total assets	$	277,658	$	292,262

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EARNINGS PER COMMON SHARE (Tables)

3 Months Ended

Mar. 31, 2022

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

The following table presents a reconciliation of Net income (loss) and Weighted-average common shares used in calculating basic and diluted Earnings per common share for the periods indicated:

	Three Months Ended March 31,
	2022		2021
	(in millions)
Weighted-average common shares outstanding:
Weighted-average common shares outstanding — basic	388.6		434.2
Effect of dilutive potential common shares:
Employee share awards (1)	3.1		—
Weighted-average common shares outstanding — diluted (2)	391.7		434.2
Net income (loss):
Net income (loss)	$	639	$	(1,400)
Less: Net income (loss) attributable to the noncontrolling interest	66		88
Net income (loss) attributable to Holdings	573		(1,488)
Less: Preferred stock dividends	14		13
Net income (loss) available to Holdings’ common shareholders	$	559	$	(1,501)
Earnings per common share:
Basic	$	1.44	$	(3.46)
Diluted	$	1.43	$	(3.46)

_____________

(1)Calculated using the treasury stock method.

(2)Due to net loss for the three months ended March 31, 2021 approximately 4.3 million share awards, respectively, were excluded from the diluted EPS calculation.

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ORGANIZATION - Narrative (Details)		3 Months Ended	12 Months Ended
	Jun. 01, 2021 USD ($)	Mar. 31, 2022 USD ($) segment	Dec. 31, 2021 USD ($)
Organization Basis Of Presentation [Line Items]
Number of reportable segments | segment		4
Assets		$ 277,658,000,000	$ 292,262,000,000
Corporate Solutions Life Reinsurance Company (CS Life)
Organization Basis Of Presentation [Line Items]
Ownership percentage acquired	100.00%
Alliance Bernstein (AB)
Organization Basis Of Presentation [Line Items]
Economic interest		65.00%	65.00%
Alliance Bernstein (AB) | Corporate Solutions Life Reinsurance Company (CS Life)
Organization Basis Of Presentation [Line Items]
Assets	$ 9,500,000,000
Direct insurance liabilities ceded	9,600,000,000
Separate account, liability, ceded	16,900,000,000
Alliance Bernstein (AB) | Corporate Solutions Life Reinsurance Company (CS Life) | GMxB derivative features’ liability
Organization Basis Of Presentation [Line Items]
Fair value	5,300,000,000
Venerable Insurance and Annuity Company (VAIC) | Equitable Financial Life Insurance Company (EFLIC)
Organization Basis Of Presentation [Line Items]
Surplus notes	60,000,000
Venerable Insurance and Annuity Company (VAIC) | Corporate Solutions Life Reinsurance Company (CS Life)
Organization Basis Of Presentation [Line Items]
Business combination, consideration transferred	$ 215,000,000
Equitable Investment Management Group, LLC (EIMG) | VA Capital Company LLC
Organization Basis Of Presentation [Line Items]
Ownership percentage acquired	9.09%

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SIGNIFICANT ACCOUNTING POLICIES - Variable Interest Entities (Details) - USD ($) $ in Millions		Mar. 31, 2022		Dec. 31, 2021		Mar. 31, 2021	Dec. 31, 2020
Variable Interest Entity [Line Items]
Investments		$ 98,776		$ 105,111
Fixed maturities, at fair value using the fair value option	[1]	1,627		1,641
Notes issued by consolidated variable interest entities, at fair value using the fair value option	[1]	1,182		1,191
Unpaid outstanding balance and short-term borrowing		1,400		1,300
Assets		277,658		292,262
Liabilities		267,789		278,699
Redeemable non-controlling interest		386	[1],[2]	468	[1],[2]	$ 137	$ 143
Consolidated Variable Interest Entities | AB-Sponsored Investment Funds
Variable Interest Entity [Line Items]
Assets		542		734
Liabilities		37		87
Redeemable non-controlling interest		338		421
Consolidated Variable Interest Entities | CLO Warehouse Debt
Variable Interest Entity [Line Items]
Investments		99		109
Investment assets, special purpose entity		76
Consolidated Limited Partnerships
Variable Interest Entity [Line Items]
Assets		270		219
Non-consolidated Vairable Interest Entities
Variable Interest Entity [Line Items]
Investments		2,200		2,100
Assets		259,100		245,600
Variable interest entity, maximum loss exposure		2,200		2,100
Variable interest entity, unfunded commitments		1,200		1,200
Non-consolidated Vairable Interest Entities | AB-Sponsored Investment Funds
Variable Interest Entity [Line Items]
Assets		59,100		68,900
Variable interest entity, maximum loss exposure		$ 15		$ 9

[1] See Note 2 of the Notes to these Consolidated Financial Statements for details of balances with VIEs.

[2] See Note 11 of the Notes to these Consolidated Financial Statements for details of redeemable noncontrolling interest.

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INVESTMENTS - Narrative (Details)	3 Months Ended
	Mar. 31, 2022 USD ($) issue	Mar. 31, 2021 USD ($)	Dec. 31, 2021 USD ($) issue	Dec. 31, 2020 USD ($)
Net Investment Income [Line Items]
Number of positions in unrealized loss position | issue	3,978		565
Debt securities exposure in single issuer greater than stated percentage of total investments	0.60%
Gross unrealized losses	$ 341,000,000		$ 91,000,000
Allowance for credit losses	53,000,000	$ 74,000,000	62,000,000
Non-accruing loans, carrying value	14,000,000		14,000,000
Separate account equity investment carrying value	40,000,000		45,000,000
Fixed maturities
Net Investment Income [Line Items]
Accrued investment income receivable	559,000,000		506,000,000
Accrued interest, written off	0	0
Amortized cost	73,700,000,000		73,400,000,000
Corporate Debt Securities [Member]
Net Investment Income [Line Items]
Exposure in single issuer of total investments	$ 306,000,000		$ 322,000,000
Debt securities exposure in single issuer of total investments, percentage	3.20%		2.50%
Gross unrealized losses	$ 292,000,000		$ 75,000,000
Commercial mortgage loans
Net Investment Income [Line Items]
Accrued investment income receivable	58,000,000		57,000,000
Accrued interest, written off	0	0
Allowance for credit losses	47,000,000	70,000,000	57,000,000	$ 77,000,000
Agricultural mortgage loans
Net Investment Income [Line Items]
Accrued investment income receivable	58,000,000		57,000,000
Accrued interest, written off	0	0
Allowance for credit losses	6,000,000	$ 4,000,000	5,000,000	$ 4,000,000
Individually assessed mortgage loans
Net Investment Income [Line Items]
Mortgage loans foreclosure probable	0
Allowance for credit losses	0
Recurring
Net Investment Income [Line Items]
Investment gains (losses), net	589,000,000		631,000,000
Other than investment grade | Non-investment grade | Fixed maturities
Net Investment Income [Line Items]
Available-for-sale securities, amortized cost basis other than investment grade	$ 3,000,000,000		$ 2,900,000,000
Percentage of available for sale securities	4.10%		3.90%
Unrealized loss on available for sale securities	$ 79,000,000		$ 18,000,000

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INVESTMENTS - Available-for-sale Securities (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 73,694		$ 73,429
Allowance for Credit Losses	21		22
Gross Unrealized Gains	1,578		5,125
Gross Unrealized Losses	2,865		316
Fair Value	72,386		78,216
Amortized Cost (Less Allowance for Credit Losses)
Due in one year or less	1,105
Due in years two through five	15,453
Due in years six through ten	18,663
Due after ten years	27,100
Subtotal	62,321
Amortized cost	73,673
Fair Value
Due in one year or less	1,102
Due in years two through five	15,348
Due in years six through ten	18,257
Due after ten years	26,602
Subtotal	61,309
Fair Value	72,386		78,216
Fixed Maturities Proceeds Gross Gains And Gross Losses From Sales And Other Than Temporary Impairments
Proceeds from sales	7,391	$ 7,209
Gross gains on sales	29	291
Gross losses on sales	(364)	(116)
Credit losses	1	(6)
Fixed Maturities - Credit Loss Impairments
Balance, beginning of period	44	32
Previously recognized impairments on securities that matured, paid, prepaid or sold	(2)	0
Recognized impairments on securities impaired to fair value this period	0	0
Credit losses recognized this period on securities for which credit losses were not previously recognized	0	2
Additional credit losses this period on securities previously impaired	1	4
Increases due to passage of time on previously recorded credit losses	0	0
Accretion of previously recognized impairments due to increases in expected cash flows (for OTTI securities 2019 and prior)	0	0
Balance, end of period	43	$ 38
Corporate Debt Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	51,965		50,172
Allowance for Credit Losses	21		22
Gross Unrealized Gains	639		2,601
Gross Unrealized Losses	2,388		240
Fair Value	50,195		52,511
Fair Value
Fair Value	50,195		52,511
U.S. government, agencies and authorities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	8,586		13,056
Allowance for Credit Losses	0		0
Gross Unrealized Gains	853		2,344
Gross Unrealized Losses	91		15
Fair Value	9,348		15,385
Fair Value
Fair Value	9,348		15,385
States and political subdivisions
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	670		586
Allowance for Credit Losses	0		0
Gross Unrealized Gains	43		78
Gross Unrealized Losses	31		2
Fair Value	682		662
Fair Value
Fair Value	682		662
Foreign governments
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	1,121		1,124
Allowance for Credit Losses	0		0
Gross Unrealized Gains	17		42
Gross Unrealized Losses	54		14
Fair Value	1,084		1,152
Fair Value
Fair Value	1,084		1,152
Residential mortgage-backed
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	84		90
Allowance for Credit Losses	0		0
Gross Unrealized Gains	4		8
Gross Unrealized Losses	0		0
Fair Value	88		98
Amortized Cost (Less Allowance for Credit Losses)
Without single maturity date	84
Fair Value
Without single maturity date	88
Fair Value	88		98
Asset-backed
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	7,528		5,933
Allowance for Credit Losses	0		0
Gross Unrealized Gains	9		21
Gross Unrealized Losses	113		20
Fair Value	7,424		5,934
Amortized Cost (Less Allowance for Credit Losses)
Without single maturity date	7,528
Fair Value
Without single maturity date	7,424
Fair Value	7,424		5,934
Commercial mortgage-backed
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	3,700		2,427
Allowance for Credit Losses	0		0
Gross Unrealized Gains	5		19
Gross Unrealized Losses	188		25
Fair Value	3,517		2,421
Amortized Cost (Less Allowance for Credit Losses)
Without single maturity date	3,700
Fair Value
Without single maturity date	3,517
Fair Value	3,517		2,421
Redeemable preferred stock
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	40		41
Allowance for Credit Losses	0		0
Gross Unrealized Gains	8		12
Gross Unrealized Losses	0		0
Fair Value	48		53
Amortized Cost (Less Allowance for Credit Losses)
Without single maturity date	40
Fair Value
Without single maturity date	48
Fair Value	$ 48		$ 53

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INVESTMENTS - Net Unrealized Gain (Losses) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Debt Securities, Available-for-sale, Net Unrealized Investments [Roll Forward]
Beginning of year	$ 13,095	$ 17,177
End of year	9,483	12,268
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent | Unrealized Investment Gains Losses All Other | Net Unrealized Gains (Losses) on Investments
Debt Securities, Available-for-sale, Net Unrealized Investments [Roll Forward]
Beginning of year	4,809	8,811
Net investment gains (losses) arising during the period	(6,425)	(5,129)
Included in net income (loss)	334	(175)
Other	0	(33)
Impact of net unrealized investment gains (losses)	0
Net unrealized investment gains (losses) excluding credit losses	(1,282)	3,474
Net unrealized investment gains (losses) with credit losses	(5)	(8)
End of year	(1,287)	3,466
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent | Unrealized Investment Gains Losses All Other | DAC
Debt Securities, Available-for-sale, Net Unrealized Investments [Roll Forward]
Beginning of year	(782)	(1,548)
Impact of net unrealized investment gains (losses)	1,071	599
End of year	290	(947)
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent | Unrealized Investment Gains Losses All Other | Policyholders’ Liabilities
Debt Securities, Available-for-sale, Net Unrealized Investments [Roll Forward]
Beginning of year	(418)	(1,065)
Impact of net unrealized investment gains (losses)	182	757
End of year	(237)	(307)
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent | Unrealized Investment Gains Losses All Other | Deferred Income Tax Asset (Liability)
Debt Securities, Available-for-sale, Net Unrealized Investments [Roll Forward]
Beginning of year	(757)	(1,302)
Impact of net unrealized investment gains (losses)	1,015	836
End of year	259	(465)
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent | Unrealized Investment Gains Losses All Other | AOCI Gain (Loss) Related to Net Unrealized Investment Gains (Losses)
Debt Securities, Available-for-sale, Net Unrealized Investments [Roll Forward]
Beginning of year	2,852	4,896
Net investment gains (losses) arising during the period	(6,425)	(5,129)
Included in net income (loss)	334	(175)
Other	0	(33)
Impact of net unrealized investment gains (losses)	2,268	2,192
Net unrealized investment gains (losses) excluding credit losses	(971)	1,751
Net unrealized investment gains (losses) with credit losses	(4)	(4)
End of year	(975)	1,747
Fixed maturities | AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent | Unrealized Investment Gains Losses All Other | DAC
Debt Securities, Available-for-sale, Net Unrealized Investments [Roll Forward]
Net unrealized investment gains (losses) excluding credit losses	289	(949)
Net unrealized investment gains (losses) with credit losses	1	2
Fixed maturities | AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent | Unrealized Investment Gains Losses All Other | Policyholders’ Liabilities
Debt Securities, Available-for-sale, Net Unrealized Investments [Roll Forward]
Net unrealized investment gains (losses) excluding credit losses	(236)	(308)
Net unrealized investment gains (losses) with credit losses	(1)	1
Fixed maturities | AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent | Unrealized Investment Gains Losses All Other | Deferred Income Tax Asset (Liability)
Debt Securities, Available-for-sale, Net Unrealized Investments [Roll Forward]
Net unrealized investment gains (losses) excluding credit losses	258	(466)
Net unrealized investment gains (losses) with credit losses	$ 1	$ 1

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INVESTMENTS - Fixed Maturities Available-for-sale (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Available For Sale Securities Continuous Unrealized Loss Position [Line Items]
Less than Twelve Months, Fair Value	$ 41,257	$ 17,425
Less than 12 Months, Gross Unrealized Losses	2,522	223
12 Months or Longer, Fair Value	3,432	1,975
12 Months or Longer, Gross Unrealized Losses	341	91
Total Fair Value	44,689	19,400
Total Gross Unrealized Losses	2,863	314
Corporate Debt Securities [Member]
Available For Sale Securities Continuous Unrealized Loss Position [Line Items]
Less than Twelve Months, Fair Value	28,350	10,571
Less than 12 Months, Gross Unrealized Losses	2,094	163
12 Months or Longer, Fair Value	2,863	1,633
12 Months or Longer, Gross Unrealized Losses	292	75
Total Fair Value	31,213	12,204
Total Gross Unrealized Losses	2,386	238
U.S. government, agencies and authorities
Available For Sale Securities Continuous Unrealized Loss Position [Line Items]
Less than Twelve Months, Fair Value	2,884	993
Less than 12 Months, Gross Unrealized Losses	82	11
12 Months or Longer, Fair Value	94	105
12 Months or Longer, Gross Unrealized Losses	9	4
Total Fair Value	2,978	1,098
Total Gross Unrealized Losses	91	15
States and political subdivisions
Available For Sale Securities Continuous Unrealized Loss Position [Line Items]
Less than Twelve Months, Fair Value	257	120
Less than 12 Months, Gross Unrealized Losses	28	2
12 Months or Longer, Fair Value	12	11
12 Months or Longer, Gross Unrealized Losses	3	0
Total Fair Value	269	131
Total Gross Unrealized Losses	31	2
Foreign governments
Available For Sale Securities Continuous Unrealized Loss Position [Line Items]
Less than Twelve Months, Fair Value	606	349
Less than 12 Months, Gross Unrealized Losses	39	6
12 Months or Longer, Fair Value	120	92
12 Months or Longer, Gross Unrealized Losses	15	8
Total Fair Value	726	441
Total Gross Unrealized Losses	54	14
Asset-backed
Available For Sale Securities Continuous Unrealized Loss Position [Line Items]
Less than Twelve Months, Fair Value	6,300	3,865
Less than 12 Months, Gross Unrealized Losses	110	20
12 Months or Longer, Fair Value	178	38
12 Months or Longer, Gross Unrealized Losses	3	0
Total Fair Value	6,478	3,903
Total Gross Unrealized Losses	113	20
Commercial mortgage-backed
Available For Sale Securities Continuous Unrealized Loss Position [Line Items]
Less than Twelve Months, Fair Value	2,860	1,527
Less than 12 Months, Gross Unrealized Losses	169	21
12 Months or Longer, Fair Value	165	96
12 Months or Longer, Gross Unrealized Losses	19	4
Total Fair Value	3,025	1,623
Total Gross Unrealized Losses	$ 188	$ 25

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INVESTMENTS - Mortgage Loans (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance, beginning of period	$ 62
Balance, end of period	53	$ 74
Commercial mortgage loans
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance, beginning of period	57	77
Current-period provision for expected credit losses	(10)	(7)
Write-offs charged against the allowance	0	0
Recoveries of amounts previously written off	0	0
Net change in allowance	(10)	(7)
Balance, end of period	47	70
Agricultural mortgage loans
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance, beginning of period	5	4
Current-period provision for expected credit losses	1	0
Write-offs charged against the allowance	0	0
Recoveries of amounts previously written off	0	0
Net change in allowance	1	0
Balance, end of period	$ 6	$ 4

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INVESTMENTS - Credit Quality (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total	$ 14,505	$ 14,095
Total	14,489	14,079
Non-accruing Loans	16	16
Non-accruing Loans with No Allowance	0	0
Interest Income on Non-accruing Loans	0	0
Past Due
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total	46	27
30-59 Days
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total	9	1
60-89 Days
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total	7	1
90 Days Or Greater
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total	30	25
Current
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total	14,443	14,052
Commercial mortgage loans
Financing Receivable, before Allowance for Credit Loss [Abstract]
Current fiscal year	590	2,157
Fiscal year before current fiscal year	2,158	1,570
Two years before current fiscal year	1,597	819
Three years before current fiscal year	830	1,253
Four years before current fiscal year	1,252	1,065
Prior	5,470	4,587
Total	11,897	11,451
Total	11,897	11,451
Non-accruing Loans	0	0
Non-accruing Loans with No Allowance	0	0
Interest Income on Non-accruing Loans	0	0
Commercial mortgage loans | Past Due
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total	0	0
Commercial mortgage loans | 30-59 Days
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total	0	0
Commercial mortgage loans | 60-89 Days
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total	0	0
Commercial mortgage loans | 90 Days Or Greater
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total	0	0
Commercial mortgage loans | Current
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total	11,897	11,451
Commercial mortgage loans | Greater than 2.0x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Current fiscal year	197	1,143
Fiscal year before current fiscal year	1,143	1,243
Two years before current fiscal year	1,259	210
Three years before current fiscal year	210	772
Four years before current fiscal year	772	485
Prior	2,263	2,235
Total	5,844	6,088
Commercial mortgage loans | 1.8x to 2.0x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Current fiscal year	94	185
Fiscal year before current fiscal year	186	135
Two years before current fiscal year	135	250
Three years before current fiscal year	322	46
Four years before current fiscal year	46	161
Prior	743	372
Total	1,526	1,149
Commercial mortgage loans | 1.5x to 1.8x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Current fiscal year	261	275
Fiscal year before current fiscal year	274	97
Two years before current fiscal year	109	284
Three years before current fiscal year	223	211
Four years before current fiscal year	215	166
Prior	1,244	919
Total	2,326	1,952
Commercial mortgage loans | 1.2x to 1.5x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Current fiscal year	0	264
Fiscal year before current fiscal year	264	95
Two years before current fiscal year	0	75
Three years before current fiscal year	75	101
Four years before current fiscal year	47	253
Prior	778	701
Total	1,164	1,489
Commercial mortgage loans | 1.0x to 1.2x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Current fiscal year	38	290
Fiscal year before current fiscal year	291	0
Two years before current fiscal year	94	0
Three years before current fiscal year	0	88
Four years before current fiscal year	88	0
Prior	370	287
Total	881	665
Commercial mortgage loans | Less than 1.0x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Current fiscal year	0	0
Fiscal year before current fiscal year	0	0
Two years before current fiscal year	0	0
Three years before current fiscal year	0	35
Four years before current fiscal year	84	0
Prior	72	73
Total	156	108
Commercial mortgage loans | 0% - 50%
Financing Receivable, before Allowance for Credit Loss [Abstract]
Current fiscal year	0	0
Fiscal year before current fiscal year	0	0
Two years before current fiscal year	0	0
Three years before current fiscal year	0	184
Four years before current fiscal year	184	293
Prior	1,204	1,009
Total	1,388	1,486
Commercial mortgage loans | 50% - 70%
Financing Receivable, before Allowance for Credit Loss [Abstract]
Current fiscal year	450	1,967
Fiscal year before current fiscal year	1,915	1,334
Two years before current fiscal year	1,361	407
Three years before current fiscal year	418	619
Four years before current fiscal year	619	491
Prior	3,166	2,533
Total	7,929	7,351
Commercial mortgage loans | 70% - 90%
Financing Receivable, before Allowance for Credit Loss [Abstract]
Current fiscal year	140	190
Fiscal year before current fiscal year	243	236
Two years before current fiscal year	236	412
Three years before current fiscal year	412	415
Four years before current fiscal year	414	276
Prior	1,100	972
Total	2,545	2,501
Commercial mortgage loans | 90% plus
Financing Receivable, before Allowance for Credit Loss [Abstract]
Current fiscal year	0	0
Fiscal year before current fiscal year	0	0
Two years before current fiscal year	0	0
Three years before current fiscal year	0	35
Four years before current fiscal year	35	5
Prior	0	73
Total	35	113
Agricultural mortgage loans
Financing Receivable, before Allowance for Credit Loss [Abstract]
Current fiscal year	118	380
Fiscal year before current fiscal year	376	480
Two years before current fiscal year	475	230
Three years before current fiscal year	214	255
Four years before current fiscal year	235	206
Prior	1,190	1,093
Total	2,608	2,644
Total	2,592	2,628
Non-accruing Loans	16	16
Non-accruing Loans with No Allowance	0	0
Interest Income on Non-accruing Loans	0	0
Agricultural mortgage loans | Past Due
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total	46	27
Agricultural mortgage loans | 30-59 Days
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total	9	1
Agricultural mortgage loans | 60-89 Days
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total	7	1
Agricultural mortgage loans | 90 Days Or Greater
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total	30	25
Agricultural mortgage loans | Current
Financing Receivable, before Allowance for Credit Loss [Abstract]
Total	2,546	2,601
Agricultural mortgage loans | Greater than 2.0x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Current fiscal year	18	49
Fiscal year before current fiscal year	48	64
Two years before current fiscal year	63	25
Three years before current fiscal year	23	22
Four years before current fiscal year	12	24
Prior	226	210
Total	390	394
Agricultural mortgage loans | 1.8x to 2.0x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Current fiscal year	8	52
Fiscal year before current fiscal year	51	37
Two years before current fiscal year	37	25
Three years before current fiscal year	25	14
Four years before current fiscal year	14	14
Prior	73	70
Total	208	212
Agricultural mortgage loans | 1.5x to 1.8x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Current fiscal year	26	43
Fiscal year before current fiscal year	43	113
Two years before current fiscal year	113	28
Three years before current fiscal year	28	22
Four years before current fiscal year	23	41
Prior	217	193
Total	450	440
Agricultural mortgage loans | 1.2x to 1.5x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Current fiscal year	23	161
Fiscal year before current fiscal year	157	179
Two years before current fiscal year	178	112
Three years before current fiscal year	101	116
Four years before current fiscal year	108	72
Prior	376	355
Total	943	995
Agricultural mortgage loans | 1.0x to 1.2x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Current fiscal year	37	75
Fiscal year before current fiscal year	76	83
Two years before current fiscal year	80	31
Three years before current fiscal year	31	77
Four years before current fiscal year	74	54
Prior	284	226
Total	582	546
Agricultural mortgage loans | Less than 1.0x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Current fiscal year	6	0
Fiscal year before current fiscal year	1	4
Two years before current fiscal year	4	9
Three years before current fiscal year	6	4
Four years before current fiscal year	4	1
Prior	14	39
Total	35	57
Agricultural mortgage loans | 0% - 50%
Financing Receivable, before Allowance for Credit Loss [Abstract]
Current fiscal year	47	180
Fiscal year before current fiscal year	180	212
Two years before current fiscal year	214	128
Three years before current fiscal year	122	129
Four years before current fiscal year	139	119
Prior	835	738
Total	1,537	1,506
Agricultural mortgage loans | 50% - 70%
Financing Receivable, before Allowance for Credit Loss [Abstract]
Current fiscal year	70	200
Fiscal year before current fiscal year	196	268
Two years before current fiscal year	261	102
Three years before current fiscal year	92	126
Four years before current fiscal year	96	87
Prior	337	338
Total	1,052	1,121
Agricultural mortgage loans | 70% - 90%
Financing Receivable, before Allowance for Credit Loss [Abstract]
Current fiscal year	1	0
Fiscal year before current fiscal year	0	0
Two years before current fiscal year	0	0
Three years before current fiscal year	0	0
Four years before current fiscal year	0	0
Prior	18	17
Total	19	17
Agricultural mortgage loans | 90% plus
Financing Receivable, before Allowance for Credit Loss [Abstract]
Current fiscal year	0	0
Fiscal year before current fiscal year	0	0
Two years before current fiscal year	0	0
Three years before current fiscal year	0	0
Four years before current fiscal year	0	0
Prior	0	0
Total	0	0
Mortgages Loan
Financing Receivable, before Allowance for Credit Loss [Abstract]
Current fiscal year	708	2,537
Fiscal year before current fiscal year	2,534	2,050
Two years before current fiscal year	2,072	1,049
Three years before current fiscal year	1,044	1,508
Four years before current fiscal year	1,487	1,271
Prior	6,660	5,680
Total	14,505	14,095
Mortgages Loan | Greater than 2.0x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Current fiscal year	215	1,192
Fiscal year before current fiscal year	1,191	1,307
Two years before current fiscal year	1,322	235
Three years before current fiscal year	233	794
Four years before current fiscal year	784	509
Prior	2,489	2,445
Total	6,234	6,482
Mortgages Loan | 1.8x to 2.0x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Current fiscal year	102	237
Fiscal year before current fiscal year	237	172
Two years before current fiscal year	172	275
Three years before current fiscal year	347	60
Four years before current fiscal year	60	175
Prior	816	442
Total	1,734	1,361
Mortgages Loan | 1.5x to 1.8x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Current fiscal year	287	318
Fiscal year before current fiscal year	317	210
Two years before current fiscal year	222	312
Three years before current fiscal year	251	233
Four years before current fiscal year	238	207
Prior	1,461	1,112
Total	2,776	2,392
Mortgages Loan | 1.2x to 1.5x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Current fiscal year	23	425
Fiscal year before current fiscal year	421	274
Two years before current fiscal year	178	187
Three years before current fiscal year	176	217
Four years before current fiscal year	155	325
Prior	1,154	1,056
Total	2,107	2,484
Mortgages Loan | 1.0x to 1.2x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Current fiscal year	75	365
Fiscal year before current fiscal year	367	83
Two years before current fiscal year	174	31
Three years before current fiscal year	31	165
Four years before current fiscal year	162	54
Prior	654	513
Total	1,463	1,211
Mortgages Loan | Less than 1.0x
Financing Receivable, before Allowance for Credit Loss [Abstract]
Current fiscal year	6	0
Fiscal year before current fiscal year	1	4
Two years before current fiscal year	4	9
Three years before current fiscal year	6	39
Four years before current fiscal year	88	1
Prior	86	112
Total	191	165
Mortgages Loan | 0% - 50%
Financing Receivable, before Allowance for Credit Loss [Abstract]
Current fiscal year	47	180
Fiscal year before current fiscal year	180	212
Two years before current fiscal year	214	128
Three years before current fiscal year	122	313
Four years before current fiscal year	323	412
Prior	2,039	1,747
Total	2,925	2,992
Mortgages Loan | 50% - 70%
Financing Receivable, before Allowance for Credit Loss [Abstract]
Current fiscal year	520	2,167
Fiscal year before current fiscal year	2,111	1,602
Two years before current fiscal year	1,622	509
Three years before current fiscal year	510	745
Four years before current fiscal year	715	578
Prior	3,503	2,871
Total	8,981	8,472
Mortgages Loan | 70% - 90%
Financing Receivable, before Allowance for Credit Loss [Abstract]
Current fiscal year	141	190
Fiscal year before current fiscal year	243	236
Two years before current fiscal year	236	412
Three years before current fiscal year	412	415
Four years before current fiscal year	414	276
Prior	1,118	989
Total	2,564	2,518
Mortgages Loan | 90% plus
Financing Receivable, before Allowance for Credit Loss [Abstract]
Current fiscal year	0	0
Fiscal year before current fiscal year	0	0
Two years before current fiscal year	0	0
Three years before current fiscal year	0	35
Four years before current fiscal year	35	5
Prior	0	73
Total	$ 35	$ 113

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INVESTMENTS - Equity Securities (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Investments, Debt and Equity Securities [Abstract]
Net investment gains (losses) recognized during the period on securities held at the end of the period	$ (40)	$ 19
Net investment gains (losses) recognized on securities sold during the period	(13)	(6)
Unrealized and realized gains (losses) on equity securities	$ (53)	$ 13

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INVESTMENTS - Trading Securities (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Investments, Debt and Equity Securities [Abstract]
Net investment gains (losses) recognized during the period on securities held at the end of the period	$ (94)	$ (70)
Net investment gains (losses) recognized on securities sold during the period	2	29
Unrealized and realized gains (losses) on trading securities	(92)	(41)
Interest and dividend income from trading securities	16	38
Net investment income (loss) from trading securities	$ (76)	$ (3)

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INVESTMENTS - Fixed Maturities (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Investments, Debt and Equity Securities [Abstract]
Net investment gains (losses) recognized during the period on securities held at the end of the period	$ (5)	$ 0
Net investment gains (losses) recognized on securities sold during the period	6	1
Unrealized and realized gains (losses) from fixed maturities	1	1
Interest and dividend income from fixed maturities	16	1
Net investment income (loss) from fixed maturities	$ 17	$ 2

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DERIVATIVES - Derivatives by Category (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Designated for hedge accounting | Cash flow hedge
Derivatives, Fair Value [Line Items]
Notional Amount	$ 2,211	$ 1,876
Derivative Assets	11	7
Derivative Liabilities	494	437
Not designated for hedge accounting
Derivatives, Fair Value [Line Items]
Notional Amount	76,018	80,365
Derivative Assets	11,140	12,351
Derivative Liabilities	10,260	11,293
Currency Swaps | Designated for hedge accounting | Cash flow hedge
Derivatives, Fair Value [Line Items]
Notional Amount	1,256	921
Derivative Assets	11	7
Derivative Liabilities	55	42
Currency Swaps | Not designated for hedge accounting
Derivatives, Fair Value [Line Items]
Notional Amount	566	541
Derivative Assets	6	1
Derivative Liabilities	0	0
Swaps | Designated for hedge accounting | Cash flow hedge
Derivatives, Fair Value [Line Items]
Notional Amount	955	955
Derivative Assets	0	0
Derivative Liabilities	439	395
Swaps | Not designated for hedge accounting
Derivatives, Fair Value [Line Items]
Notional Amount	1,885	1,889
Derivative Assets	5	0
Derivative Liabilities	116	46
Futures | Not designated for hedge accounting
Derivatives, Fair Value [Line Items]
Notional Amount	4,370	2,640
Derivative Assets	2	0
Derivative Liabilities	2	1
Swaps | Not designated for hedge accounting
Derivatives, Fair Value [Line Items]
Notional Amount	12,415	13,378
Derivative Assets	9	6
Derivative Liabilities	11	4
Options | Not designated for hedge accounting
Derivatives, Fair Value [Line Items]
Notional Amount	44,415	48,489
Derivative Assets	10,690	12,024
Derivative Liabilities	4,372	5,065
Futures | Not designated for hedge accounting
Derivatives, Fair Value [Line Items]
Notional Amount	11,521	12,575
Derivative Assets	0	0
Derivative Liabilities	0	0
Swaptions | Not designated for hedge accounting
Derivatives, Fair Value [Line Items]
Notional Amount	0	0
Derivative Assets	0	0
Derivative Liabilities	0	0
Credit default swaps | Not designated for hedge accounting
Derivatives, Fair Value [Line Items]
Notional Amount	766	774
Derivative Assets	11	9
Derivative Liabilities	8	10
Currency forwards | Not designated for hedge accounting
Derivatives, Fair Value [Line Items]
Notional Amount	80	79
Derivative Assets	8	8
Derivative Liabilities	7	7
Margin | Not designated for hedge accounting
Derivatives, Fair Value [Line Items]
Notional Amount	0	0
Derivative Assets	192	125
Derivative Liabilities	0	0
Collateral | Not designated for hedge accounting
Derivatives, Fair Value [Line Items]
Notional Amount	0	0
Derivative Assets	217	178
Derivative Liabilities	5,744	6,160
Amount Due from Reinsurers
Derivatives, Fair Value [Line Items]
Notional Amount	0	0
Derivative Assets	5,056	5,813
Derivative Liabilities	0	0
GMIB Reinsurance Contracts
Derivatives, Fair Value [Line Items]
Notional Amount	0	0
Derivative Assets	1,582	1,848
Derivative Liabilities	0	0
GMxB Derivative Features’ Liability
Derivatives, Fair Value [Line Items]
Notional Amount	0	0
Derivative Assets	0	0
Derivative Liabilities	6,924	8,525
SCS, SIO, MSO and IUL Indexed Features
Derivatives, Fair Value [Line Items]
Notional Amount	0	0
Derivative Assets	0	0
Derivative Liabilities	6,126	6,773
Embedded derivatives
Derivatives, Fair Value [Line Items]
Notional Amount	0	0
Derivative Assets	6,638	7,661
Derivative Liabilities	13,050	15,298
Derivative instruments including embedded derivative
Derivatives, Fair Value [Line Items]
Notional Amount	78,229	82,241
Derivative Assets	17,789	20,019
Derivative Liabilities	$ 23,804	$ 27,028

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DERIVATIVES - Financial Statement Impact of Derivatives By Category (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Derivatives, Fair Value [Line Items]
Net derivative gains (losses)	$ 821	$ (2,546)
Interest credited to policyholders’ account balances	(315)	(291)
Amount Due from Reinsurers
Derivatives, Fair Value [Line Items]
Net derivative gains (losses)	(767)	0
Interest credited to policyholders’ account balances	0	0
AOCI	0	0
GMIB Reinsurance Contracts
Derivatives, Fair Value [Line Items]
Net derivative gains (losses)	(260)	(578)
Interest credited to policyholders’ account balances	0	0
AOCI	0	0
GMxB Derivative Features’ Liability
Derivatives, Fair Value [Line Items]
Net derivative gains (losses)	1,688	3,408
Interest credited to policyholders’ account balances	0	0
AOCI	0	0
Settlement fee		46
SCS, SIO, MSO and IUL Indexed Features
Derivatives, Fair Value [Line Items]
Net derivative gains (losses)	323	(1,145)
Interest credited to policyholders’ account balances	0	0
AOCI	0	0
Embedded derivatives
Derivatives, Fair Value [Line Items]
Net derivative gains (losses)	984	1,685
Interest credited to policyholders’ account balances	0	0
AOCI	0	0
Derivative instruments including embedded derivative
Derivatives, Fair Value [Line Items]
Net derivative gains (losses)	821	(2,592)
Interest credited to policyholders’ account balances	(18)	0
AOCI	(7)	(6)
Not designated for hedge accounting
Derivatives, Fair Value [Line Items]
Net derivative gains (losses)	(145)	(4,273)
Interest credited to policyholders’ account balances	0	0
AOCI	0	0
Not designated for hedge accounting | Currency Swaps
Derivatives, Fair Value [Line Items]
Net derivative gains (losses)	5	1
Interest credited to policyholders’ account balances	0	0
AOCI	0	0
Not designated for hedge accounting | Swaps
Derivatives, Fair Value [Line Items]
Net derivative gains (losses)	(149)	(2,911)
Interest credited to policyholders’ account balances	0	0
AOCI	0	0
Not designated for hedge accounting | Futures
Derivatives, Fair Value [Line Items]
Net derivative gains (losses)	58	(288)
Interest credited to policyholders’ account balances	0	0
AOCI	0	0
Not designated for hedge accounting | Swaps
Derivatives, Fair Value [Line Items]
Net derivative gains (losses)	734	(1,271)
Interest credited to policyholders’ account balances	0	0
AOCI	0	0
Not designated for hedge accounting | Options
Derivatives, Fair Value [Line Items]
Net derivative gains (losses)	(284)	1,145
Interest credited to policyholders’ account balances	0	0
AOCI	0	0
Not designated for hedge accounting | Futures
Derivatives, Fair Value [Line Items]
Net derivative gains (losses)	(512)	(949)
Interest credited to policyholders’ account balances	0	0
AOCI	0	0
Not designated for hedge accounting | Swaptions
Derivatives, Fair Value [Line Items]
Net derivative gains (losses)	0	0
Interest credited to policyholders’ account balances	0	0
AOCI	0	0
Not designated for hedge accounting | Credit default swaps
Derivatives, Fair Value [Line Items]
Net derivative gains (losses)	2	0
Interest credited to policyholders’ account balances	0	0
AOCI	0	0
Not designated for hedge accounting | Currency forwards
Derivatives, Fair Value [Line Items]
Net derivative gains (losses)	1	0
Interest credited to policyholders’ account balances	0	0
AOCI	0	0
Not designated for hedge accounting | Margin
Derivatives, Fair Value [Line Items]
Net derivative gains (losses)	0	0
Interest credited to policyholders’ account balances	0	0
AOCI	0	0
Not designated for hedge accounting | Collateral
Derivatives, Fair Value [Line Items]
Net derivative gains (losses)	0	0
Interest credited to policyholders’ account balances	0	0
AOCI	0	0
Cash flow hedge | Designated for hedge accounting
Derivatives, Fair Value [Line Items]
Net derivative gains (losses)	(18)	(4)
Interest credited to policyholders’ account balances	(18)	0
AOCI	(7)	(6)
Cash flow hedge | Designated for hedge accounting | Currency Swaps
Derivatives, Fair Value [Line Items]
Net derivative gains (losses)	(4)	0
Interest credited to policyholders’ account balances	(18)	0
AOCI	13	0
Cash flow hedge | Designated for hedge accounting | Swaps
Derivatives, Fair Value [Line Items]
Net derivative gains (losses)	(14)	(4)
Interest credited to policyholders’ account balances	0	0
AOCI	$ (20)	$ (6)

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DERIVATIVES - Rollforward for Cash Flows Hedges in AOCI (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance, beginning of period	$ 11,519
Ending Balance, March 31	7,954
Cash flow hedges recognized in AOCI
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance, beginning of period	(208)	$ (126)
Amount recorded in AOCI	(42)	(22)
Amount reclassified from AOCI to income	35	16
Ending Balance, March 31	(215)	(132)
Cash flow hedges recognized in AOCI | Currency Swaps
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Amount recorded in AOCI	(3)	0
Amount reclassified from AOCI to income	16	0
Cash flow hedges recognized in AOCI | Interest Swaps
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Amount recorded in AOCI	(39)	(22)
Amount reclassified from AOCI to income	$ 19	$ 16

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DERIVATIVES - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Derivative [Line Items]
Cash and securities collateral for derivative contract	$ 5,700	$ 6,200
Cash and securities collateral	217	178
S&P 500, Russell 1000, NASDAQ 100 and Emerging Market Indices
Derivative [Line Items]
Initial margin requirement	209	109
Us Treasury Notes Ultra Long Bonds And Euro Dollar
Derivative [Line Items]
Initial margin requirement	183	200
Euro Stoxx, FTSE100, Topix, ASX200 and EAFE Indices
Derivative [Line Items]
Initial margin requirement	$ 16	$ 16

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DERIVATIVES - Offsetting of Financial Assets and Liabilities and Derivative Instruments (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Derivatives
Assets
Gross Amount Recognized	$ 11,151	$ 12,358
Gross Amount Offset in the Balance Sheets	10,611	10,756
Net Amount Presented in the Balance Sheets	540	1,602
Gross Amount not Offset in the Balance Sheets	0	(961)
Net Amount	540	641
Liabilities
Gross Amount Recognized	10,754	10,770
Gross Amount Offset in the Balance Sheets	10,611	10,756
Net Amount Presented in the Balance Sheets	143	14
Gross Amount not Offset in the Balance Sheets	0	0
Net Amount	143	14
Other financial assets
Assets
Gross Amount Recognized	2,085	1,989
Gross Amount Offset in the Balance Sheets	0	0
Net Amount Presented in the Balance Sheets	2,085	1,989
Gross Amount not Offset in the Balance Sheets	0	0
Net Amount	2,085	1,989
Other invested assets
Assets
Gross Amount Recognized	13,236	14,347
Gross Amount Offset in the Balance Sheets	10,611	10,756
Net Amount Presented in the Balance Sheets	2,625	3,591
Gross Amount not Offset in the Balance Sheets	0	(961)
Net Amount	2,625	2,630
Other financial liabilities
Liabilities
Gross Amount Recognized	3,887	3,919
Gross Amount Offset in the Balance Sheets	0	0
Net Amount Presented in the Balance Sheets	3,887	3,919
Gross Amount not Offset in the Balance Sheets	0	0
Net Amount	3,887	3,919
Other liabilities
Liabilities
Gross Amount Recognized	14,641	14,689
Gross Amount Offset in the Balance Sheets	10,611	10,756
Net Amount Presented in the Balance Sheets	4,030	3,933
Gross Amount not Offset in the Balance Sheets	0	0
Net Amount	$ 4,030	$ 3,933

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CLOSED BLOCK - Closed Block Summarized Financial Information (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020
Closed Block Liabilities:
Future policy benefits, policyholders’ account balances and other	$ 5,866	$ 5,928
Policyholder dividend obligation	0	0	$ 28	$ 160
Other liabilities	8	39
Total Closed Block liabilities	5,874	5,967
Assets Designated to the Closed Block:
Fixed maturities AFS, at fair value (amortized cost of $3,198 and $3,185) (allowance for credit losses of $0 and $0)	3,200	3,390
Mortgage loans on real estate (net of allowance for credit losses of $3 and $4)	1,693	1,771
Policy loans	595	602
Cash and other invested assets	110	63
Other assets	49	90
Total assets designated to the Closed Block	5,647	5,916
Excess of Closed Block liabilities over assets designated to the Closed Block	227	51
Amounts included in AOCI:
Net unrealized investment gains (losses), net of policyholders’ dividend obligation: $0 and $0; and net of income tax: $(0) and $(43)	12	172
Maximum future earnings to be recognized from Closed Block assets and liabilities	239	223
Fixed maturity available for sale, amortized cost	3,198	3,185
Fixed maturities available-for-sale, allowance for credit losses	0	0
Mortgage loans, credit losses	3	4
Policyholder dividend obligation	0	0	$ 28	$ 160
Closed block operations, income taxes	$ 0	$ (43)

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CLOSED BLOCK - Closed Block Revenues and Expenses (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenues:
Premiums and other income	$ 33	$ 39
Net investment income (loss)	58	60
Investment gains (losses), net	1	0
Total revenues	92	99
Benefits and Other Deductions:
Policyholders’ benefits and dividends	76	106
Other operating costs and expenses	0	1
Total benefits and other deductions	76	107
Net income (loss), before income taxes	16	(8)
Income tax (expense) benefit	1	(1)
Net income (loss)	$ 17	$ (9)

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CLOSED BLOCK - Reconciliation of Policyholder Dividend Obligation (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Movement in Closed Block Dividend Obligation [Roll Forward]
Beginning balance	$ 0	$ 160
Unrealized investment gains (losses)	0	(132)
Ending balance	$ 0	$ 28

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INSURANCE LIABILITIES - Rollforward of Liability and Reinsurance Ceded (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020
GMDB Direct
Movement in Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Gross [Roll Forward]
Opening Balance	$ 5,040	$ 5,086	$ 4,951	$ 5,097
Paid guarantee benefits	(133)	(133)
Other changes in reserve	222	122
Closing Balance	5,040	5,086	4,951	5,097
GMDB Assumed
Movement in Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Gross [Roll Forward]
Opening Balance	0	72	0	72
Paid guarantee benefits	0	(6)
Other changes in reserve	0	6
Closing Balance	0	72	0	72
GMDB Ceded
Guaranteed Minimum Death Benefit Reinsurance Ceded [Roll Forward]
Opening Balance	(2,216)	(88)
Paid guarantee benefits	56	3
Other changes in reserve	(93)	1
Ending Balance	(2,253)	(84)
GMIB Direct
Movement in Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Gross [Roll Forward]
Opening Balance	6,024	5,966	5,892	6,026
Paid guarantee benefits	(120)	(92)
Other changes in reserve	252	32
Closing Balance	6,024	5,966	5,892	6,026
GMIB Assumed
Movement in Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Gross [Roll Forward]
Opening Balance	0	144	0	196
Paid guarantee benefits	0	(52)
Other changes in reserve	0	0
Closing Balance	0	144	$ 0	$ 196
GMIB Ceded
Guaranteed Minimum Death Benefit Reinsurance Ceded [Roll Forward]
Opening Balance	(3,968)	(2,488)
Paid guarantee benefits	15	14
Other changes in reserve	203	567
Ending Balance	$ (3,750)	$ (1,907)

XML

INSURANCE LIABILITIES - Variable Annuity Contracts with GMDB and GMIB Features and Buybacks (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
GMDB
Net Amount at Risk by Product and Guarantee [Line Items]
Separate Accounts	$ 99,164	$ 107,577
GMIB
Net Amount at Risk by Product and Guarantee [Line Items]
Separate Accounts	58,026	$ 63,276
Direct Variable Annuity | GMDB
Net Amount at Risk by Product and Guarantee [Line Items]
General Account	16,687
Separate Accounts	99,164
Total Account Values	115,851
NAR, gross	20,066
NAR, net of amounts reinsured	$ 10,882
Average attained age of contract holders (in years)	55 years 8 months 12 days
Percentage of policyholders over age 70	20.80%
Direct Variable Annuity | GMDB | Minimum
Net Amount at Risk by Product and Guarantee [Line Items]
Range of contractually specified interest rates (as a percent)	3.00%
Direct Variable Annuity | GMDB | Maximum
Net Amount at Risk by Product and Guarantee [Line Items]
Range of contractually specified interest rates (as a percent)	6.50%
Direct Variable Annuity | GMDB | Return of Premium
Net Amount at Risk by Product and Guarantee [Line Items]
General Account	$ 16,395
Separate Accounts	55,562
Total Account Values	71,957
NAR, gross	175
NAR, net of amounts reinsured	$ 170
Average attained age of contract holders (in years)	51 years 6 months
Percentage of policyholders over age 70	11.80%
Direct Variable Annuity | GMDB | Ratchet
Net Amount at Risk by Product and Guarantee [Line Items]
General Account	$ 86
Separate Accounts	9,058
Total Account Values	9,144
NAR, gross	325
NAR, net of amounts reinsured	$ 292
Average attained age of contract holders (in years)	69 years 2 months 12 days
Percentage of policyholders over age 70	51.80%
Direct Variable Annuity | GMDB | Roll-Up
Net Amount at Risk by Product and Guarantee [Line Items]
General Account	$ 50
Separate Accounts	3,107
Total Account Values	3,157
NAR, gross	1,487
NAR, net of amounts reinsured	$ 1,057
Average attained age of contract holders (in years)	75 years 7 months 6 days
Percentage of policyholders over age 70	73.10%
Direct Variable Annuity | GMDB | Roll-Up | Minimum
Net Amount at Risk by Product and Guarantee [Line Items]
Range of contractually specified interest rates (as a percent)	3.00%
Direct Variable Annuity | GMDB | Roll-Up | Maximum
Net Amount at Risk by Product and Guarantee [Line Items]
Range of contractually specified interest rates (as a percent)	6.00%
Direct Variable Annuity | GMDB | Combo
Net Amount at Risk by Product and Guarantee [Line Items]
General Account	$ 156
Separate Accounts	31,437
Total Account Values	31,593
NAR, gross	18,079
NAR, net of amounts reinsured	$ 9,363
Average attained age of contract holders (in years)	71 years 3 months 18 days
Percentage of policyholders over age 70	57.90%
Direct Variable Annuity | GMDB | Combo | Minimum
Net Amount at Risk by Product and Guarantee [Line Items]
Range of contractually specified interest rates (as a percent)	3.00%
Direct Variable Annuity | GMDB | Combo | Maximum
Net Amount at Risk by Product and Guarantee [Line Items]
Range of contractually specified interest rates (as a percent)	6.50%
Direct Variable Annuity | GMIB
Net Amount at Risk by Product and Guarantee [Line Items]
General Account	$ 216
Separate Accounts	58,026
Total Account Values	58,242
NAR, gross	9,259
NAR, net of amounts reinsured	$ 3,727
Average attained age of contract holders (in years)	68 years 9 months 18 days
Weighted average years remaining until annuitization (in years)	2 years 7 months 6 days
Direct Variable Annuity | GMIB | Minimum
Net Amount at Risk by Product and Guarantee [Line Items]
Range of contractually specified interest rates (as a percent)	3.00%
Direct Variable Annuity | GMIB | Maximum
Net Amount at Risk by Product and Guarantee [Line Items]
Range of contractually specified interest rates (as a percent)	6.50%
Direct Variable Annuity | GMIB | Return of Premium
Net Amount at Risk by Product and Guarantee [Line Items]
General Account	$ 0
Separate Accounts	0
Total Account Values	0
NAR, gross	0
NAR, net of amounts reinsured	0
Direct Variable Annuity | GMIB | Ratchet
Net Amount at Risk by Product and Guarantee [Line Items]
General Account	0
Separate Accounts	0
Total Account Values	0
NAR, gross	0
NAR, net of amounts reinsured	0
Direct Variable Annuity | GMIB | Roll-Up
Net Amount at Risk by Product and Guarantee [Line Items]
General Account	15
Separate Accounts	24,565
Total Account Values	24,580
NAR, gross	586
NAR, net of amounts reinsured	$ 188
Average attained age of contract holders (in years)	65 years 2 months 12 days
Weighted average years remaining until annuitization (in years)	5 years 10 months 24 days
Direct Variable Annuity | GMIB | Roll-Up | Minimum
Net Amount at Risk by Product and Guarantee [Line Items]
Range of contractually specified interest rates (as a percent)	3.00%
Direct Variable Annuity | GMIB | Roll-Up | Maximum
Net Amount at Risk by Product and Guarantee [Line Items]
Range of contractually specified interest rates (as a percent)	6.00%
Direct Variable Annuity | GMIB | Combo
Net Amount at Risk by Product and Guarantee [Line Items]
General Account	$ 201
Separate Accounts	33,461
Total Account Values	33,662
NAR, gross	8,673
NAR, net of amounts reinsured	$ 3,539
Average attained age of contract holders (in years)	71 years
Weighted average years remaining until annuitization (in years)	7 months 6 days
Direct Variable Annuity | GMIB | Combo | Minimum
Net Amount at Risk by Product and Guarantee [Line Items]
Range of contractually specified interest rates (as a percent)	3.00%
Direct Variable Annuity | GMIB | Combo | Maximum
Net Amount at Risk by Product and Guarantee [Line Items]
Range of contractually specified interest rates (as a percent)	6.50%

XML

INSURANCE LIABILITIES - Separate Account Investments, Hedging Programs and Variable and Interest-Sensitive Live Insurance Policies (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
GMDB
Liabilities for Guarantees on Long-Duration Contracts [Line Items]
Separate Accounts	$ 99,164		$ 107,577
GMIB
Liabilities for Guarantees on Long-Duration Contracts [Line Items]
Separate Accounts	58,026		63,276
Direct Liabilities For Guarantees
Movement in Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Gross [Roll Forward]
Opening Balance	1,096	$ 1,022
Paid guarantee benefits	(8)	(15)
Other changes in reserves	24	43
Closing Balance	1,112	$ 1,050
Equity | GMDB
Liabilities for Guarantees on Long-Duration Contracts [Line Items]
Separate Accounts	48,411		52,771
Equity | GMIB
Liabilities for Guarantees on Long-Duration Contracts [Line Items]
Separate Accounts	18,112		20,015
Fixed income | GMDB
Liabilities for Guarantees on Long-Duration Contracts [Line Items]
Separate Accounts	5,094		5,391
Fixed income | GMIB
Liabilities for Guarantees on Long-Duration Contracts [Line Items]
Separate Accounts	2,331		2,507
Balanced | GMDB
Liabilities for Guarantees on Long-Duration Contracts [Line Items]
Separate Accounts	44,595		48,390
Balanced | GMIB
Liabilities for Guarantees on Long-Duration Contracts [Line Items]
Separate Accounts	37,322		40,491
Other | GMDB
Liabilities for Guarantees on Long-Duration Contracts [Line Items]
Separate Accounts	1,064		1,025
Other | GMIB
Liabilities for Guarantees on Long-Duration Contracts [Line Items]
Separate Accounts	$ 261		$ 263

XML

FAIR VALUE DISCLOSURES - Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Millions		Mar. 31, 2022	Dec. 31, 2021
Investments:
Fixed maturities, AFS at fair value		$ 72,386	$ 78,216
Fixed maturities, at fair value using the fair value option	[1]	1,627	1,641
Liabilities:
Notes issued by consolidated variable interest entities, at fair value using the fair value option	[1]	1,182	1,191
Accrued interest payable for notes issued by consolidated variable interest entity		8	6
Carrying Value | Other liabilities
Investments:
Other equity investments		31
Carrying Value | CLO Warehouse Debt
Liabilities:
Short-term debt		204	92
U.S. Treasury, government and agency
Investments:
Fixed maturities, AFS at fair value		9,348	15,385
State and Political Subdivisions
Investments:
Fixed maturities, AFS at fair value		682	662
Foreign governments
Investments:
Fixed maturities, AFS at fair value		1,084	1,152
Residential mortgage-backed
Investments:
Fixed maturities, AFS at fair value		88	98
Asset-backed
Investments:
Fixed maturities, AFS at fair value		7,424	5,934
Commercial mortgage-backed
Investments:
Fixed maturities, AFS at fair value		3,517	2,421
Redeemable preferred stock
Investments:
Fixed maturities, AFS at fair value		48	53
Recurring
Investments:
Fixed maturities, AFS at fair value		72,386	78,216
Fixed maturities, at fair value using the fair value option		1,627	1,641
Other equity investments		783	784
Trading securities, at fair value		589	631
Other invested assets:		6,535	7,141
Cash equivalents		3,798	3,568
Segregated securities		1,693	1,504
Amounts due from reinsurer		5,056	5,813
GMIB reinsurance contracts asset		1,582	1,848
Separate Accounts assets		136,094	146,697
Total Assets		230,143	247,843
Liabilities:
Notes issued by consolidated variable interest entities, at fair value using the fair value option		1,378	1,277
Contingent payment arrangements		39	38
Total Liabilities		14,486	16,631
Recurring | Corporate
Investments:
Fixed maturities, AFS at fair value		50,195	52,511
Recurring | U.S. Treasury, government and agency
Investments:
Fixed maturities, AFS at fair value		9,348	15,385
Recurring | State and Political Subdivisions
Investments:
Fixed maturities, AFS at fair value		682	662
Recurring | Foreign governments
Investments:
Fixed maturities, AFS at fair value		1,084	1,152
Recurring | Residential mortgage-backed
Investments:
Fixed maturities, AFS at fair value		88	98
Recurring | Asset-backed
Investments:
Fixed maturities, AFS at fair value		7,424	5,934
Recurring | Commercial mortgage-backed
Investments:
Fixed maturities, AFS at fair value		3,517	2,421
Recurring | Redeemable preferred stock
Investments:
Fixed maturities, AFS at fair value		48	53
Recurring | Short-term investments
Investments:
Other invested assets:		306	30
Recurring | Assets of consolidated VIEs/VOEs
Investments:
Other invested assets:		497	627
Recurring | Swaps
Investments:
Other invested assets:		(589)	(473)
Recurring | Credit default swaps
Investments:
Other invested assets:		3	(1)
Recurring | Futures
Investments:
Other invested assets:		0	(1)
Recurring | Options
Investments:
Other invested assets:		6,318	6,959
Recurring | Swaptions
Investments:
Other invested assets:			0
Recurring | GMxB derivative features’ liability
Liabilities:
Guarantees		6,924	8,525
Recurring | SCS, SIO, MSO and IUL indexed features’ liability
Liabilities:
Guarantees		6,126	6,773
Recurring | Level 1
Investments:
Fixed maturities, AFS at fair value		0	0
Fixed maturities, at fair value using the fair value option		0
Other equity investments		315	322
Trading securities, at fair value		330	340
Other invested assets:		87	165
Cash equivalents		2,994	3,275
Segregated securities		0	0
Amounts due from reinsurer		0	0
GMIB reinsurance contracts asset		0	0
Separate Accounts assets		133,207	144,124
Total Assets		136,933	148,226
Liabilities:
Notes issued by consolidated variable interest entities, at fair value using the fair value option		0	0
Contingent payment arrangements		0	0
Total Liabilities		16	16
Recurring | Level 1 | Corporate
Investments:
Fixed maturities, AFS at fair value		0	0
Recurring | Level 1 | U.S. Treasury, government and agency
Investments:
Fixed maturities, AFS at fair value		0	0
Recurring | Level 1 | State and Political Subdivisions
Investments:
Fixed maturities, AFS at fair value		0	0
Recurring | Level 1 | Foreign governments
Investments:
Fixed maturities, AFS at fair value		0	0
Recurring | Level 1 | Residential mortgage-backed
Investments:
Fixed maturities, AFS at fair value		0	0
Recurring | Level 1 | Asset-backed
Investments:
Fixed maturities, AFS at fair value		0	0
Recurring | Level 1 | Commercial mortgage-backed
Investments:
Fixed maturities, AFS at fair value		0	0
Recurring | Level 1 | Redeemable preferred stock
Investments:
Fixed maturities, AFS at fair value		0	0
Recurring | Level 1 | Short-term investments
Investments:
Other invested assets:		0	0
Recurring | Level 1 | Assets of consolidated VIEs/VOEs
Investments:
Other invested assets:		87	166
Recurring | Level 1 | Swaps
Investments:
Other invested assets:		0	0
Recurring | Level 1 | Credit default swaps
Investments:
Other invested assets:		0	0
Recurring | Level 1 | Futures
Investments:
Other invested assets:		0	(1)
Recurring | Level 1 | Options
Investments:
Other invested assets:		0	0
Recurring | Level 1 | Swaptions
Investments:
Other invested assets:			0
Recurring | Level 1 | GMxB derivative features’ liability
Liabilities:
Guarantees		0	0
Recurring | Level 1 | SCS, SIO, MSO and IUL indexed features’ liability
Liabilities:
Guarantees		0	0
Recurring | Level 2
Investments:
Fixed maturities, AFS at fair value		70,101	76,649
Fixed maturities, at fair value using the fair value option		1,285	1,440
Other equity investments		461	457
Trading securities, at fair value		207	226
Other invested assets:		6,443	6,965
Cash equivalents		804	293
Segregated securities		1,693	1,504
Amounts due from reinsurer		0	0
GMIB reinsurance contracts asset		0	0
Separate Accounts assets		2,887	2,572
Total Assets		83,881	90,106
Liabilities:
Notes issued by consolidated variable interest entities, at fair value using the fair value option		1,378	1,277
Contingent payment arrangements		0	0
Total Liabilities		7,507	8,052
Recurring | Level 2 | Corporate
Investments:
Fixed maturities, AFS at fair value		48,512	51,007
Recurring | Level 2 | U.S. Treasury, government and agency
Investments:
Fixed maturities, AFS at fair value		9,348	15,385
Recurring | Level 2 | State and Political Subdivisions
Investments:
Fixed maturities, AFS at fair value		650	627
Recurring | Level 2 | Foreign governments
Investments:
Fixed maturities, AFS at fair value		1,084	1,152
Recurring | Level 2 | Residential mortgage-backed
Investments:
Fixed maturities, AFS at fair value		88	98
Recurring | Level 2 | Asset-backed
Investments:
Fixed maturities, AFS at fair value		7,092	5,926
Recurring | Level 2 | Commercial mortgage-backed
Investments:
Fixed maturities, AFS at fair value		3,279	2,401
Recurring | Level 2 | Redeemable preferred stock
Investments:
Fixed maturities, AFS at fair value		48	53
Recurring | Level 2 | Short-term investments
Investments:
Other invested assets:		306	30
Recurring | Level 2 | Assets of consolidated VIEs/VOEs
Investments:
Other invested assets:		405	450
Recurring | Level 2 | Swaps
Investments:
Other invested assets:		(589)	(473)
Recurring | Level 2 | Credit default swaps
Investments:
Other invested assets:		3	(1)
Recurring | Level 2 | Futures
Investments:
Other invested assets:		0	0
Recurring | Level 2 | Options
Investments:
Other invested assets:		6,318	6,959
Recurring | Level 2 | Swaptions
Investments:
Other invested assets:			0
Recurring | Level 2 | GMxB derivative features’ liability
Liabilities:
Guarantees		0	0
Recurring | Level 2 | SCS, SIO, MSO and IUL indexed features’ liability
Liabilities:
Guarantees		6,126	6,773
Recurring | Level 3
Investments:
Fixed maturities, AFS at fair value		2,285	1,567
Fixed maturities, at fair value using the fair value option		342	201
Other equity investments		7	5
Trading securities, at fair value		52	65
Other invested assets:		5	11
Cash equivalents		0	0
Segregated securities		0	0
Amounts due from reinsurer		5,056	5,813
GMIB reinsurance contracts asset		1,582	1,848
Separate Accounts assets		0	1
Total Assets		9,329	9,511
Liabilities:
Notes issued by consolidated variable interest entities, at fair value using the fair value option		0	0
Contingent payment arrangements		39	38
Total Liabilities		6,963	8,563
Recurring | Level 3 | Corporate
Investments:
Fixed maturities, AFS at fair value		1,683	1,504
Recurring | Level 3 | U.S. Treasury, government and agency
Investments:
Fixed maturities, AFS at fair value		0	0
Recurring | Level 3 | State and Political Subdivisions
Investments:
Fixed maturities, AFS at fair value		32	35
Recurring | Level 3 | Foreign governments
Investments:
Fixed maturities, AFS at fair value		0	0
Recurring | Level 3 | Residential mortgage-backed
Investments:
Fixed maturities, AFS at fair value		0	0
Recurring | Level 3 | Asset-backed
Investments:
Fixed maturities, AFS at fair value		332	8
Recurring | Level 3 | Commercial mortgage-backed
Investments:
Fixed maturities, AFS at fair value		238	20
Recurring | Level 3 | Redeemable preferred stock
Investments:
Fixed maturities, AFS at fair value		0	0
Recurring | Level 3 | Short-term investments
Investments:
Other invested assets:		0	0
Recurring | Level 3 | Assets of consolidated VIEs/VOEs
Investments:
Other invested assets:		5	11
Recurring | Level 3 | Swaps
Investments:
Other invested assets:		0	0
Recurring | Level 3 | Credit default swaps
Investments:
Other invested assets:		0	0
Recurring | Level 3 | Futures
Investments:
Other invested assets:		0	0
Recurring | Level 3 | Options
Investments:
Other invested assets:		0	0
Recurring | Level 3 | Swaptions
Investments:
Other invested assets:			0
Recurring | Level 3 | GMxB derivative features’ liability
Liabilities:
Guarantees		6,924	8,525
Recurring | Level 3 | SCS, SIO, MSO and IUL indexed features’ liability
Liabilities:
Guarantees		0	0
Recurring | NAV
Investments:
Separate Accounts assets		414	404
Variable Interest Entity, Primary Beneficiary | Recurring
Liabilities:
Guarantees		19	18
Variable Interest Entity, Primary Beneficiary | Recurring | Level 1
Liabilities:
Guarantees		16	16
Variable Interest Entity, Primary Beneficiary | Recurring | Level 2
Liabilities:
Guarantees		3	2
Variable Interest Entity, Primary Beneficiary | Recurring | Level 3
Liabilities:
Guarantees		$ 0	$ 0

[1] See Note 2 of the Notes to these Consolidated Financial Statements for details of balances with VIEs.

XML

FAIR VALUE DISCLOSURES - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Fair Value Inputs Assets Quantitative Information 1 [Line Items]
Fair value adjustments on GMIB asset	$ 126		$ 107
Fair value adjustments on amounts due from reinsurers	215		210
AFS fixed maturities transferred from Level 3 to Level 2	110	$ 549
AFS fixed maturities transferred from Level 2 to Level 3	$ 258	$ 2
Fair value measurement with unobservable inputs reconciliation recurring basis asset transfers percentage	3.90%	4.50%
Nonrecurring | Level 3
Fair Value Inputs Assets Quantitative Information 1 [Line Items]
Investments, fair value disclosure	$ 1,400		$ 635

XML

FAIR VALUE DISCLOSURES - Fair Value Measurement Reconciliation for All Levels (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Total gains (losses), realized and unrealized, included in:
Transfers into level 3	$ 258	$ 2
Transfers out of level 3	(110)	(549)
GMxB derivative features’ liability
Total gains (losses), realized and unrealized, included in:
Settlement fee		46
Corporate Debt Securities [Member] | Level 3
Total gains (losses), realized and unrealized, included in:
Beginning Balance	1,504	1,702
Net investment income (loss)	1	1
Investment gains (losses), net	1	(6)
Total realized and unrealized gains (losses)	2	(5)
Other comprehensive income (loss)	(31)	9
Purchases	232	165
Sales	(87)	(69)
Activity related to consolidated VIEs/VOEs	0	0
Transfers into level 3	70	2
Transfers out of level 3	(7)	(549)
Ending Balance	1,683	1,255
Change in unrealized gains or losses for the period included in earnings for instruments held at the end of the reporting period	0	0
Change in unrealized gains or losses for the period included in other comprehensive income for instruments held at the end of the reporting period	(29)	9
State and Political Subdivisions | Level 3
Total gains (losses), realized and unrealized, included in:
Beginning Balance	35	39
Net investment income (loss)	0	0
Investment gains (losses), net	0	0
Total realized and unrealized gains (losses)	0	0
Other comprehensive income (loss)	(2)	(1)
Purchases	0	0
Sales	(1)	0
Activity related to consolidated VIEs/VOEs	0	0
Transfers into level 3	0	0
Transfers out of level 3	0	0
Ending Balance	32	38
Change in unrealized gains or losses for the period included in earnings for instruments held at the end of the reporting period	0	0
Change in unrealized gains or losses for the period included in other comprehensive income for instruments held at the end of the reporting period	(2)	(1)
Asset-backed | Level 3
Total gains (losses), realized and unrealized, included in:
Beginning Balance	8	20
Net investment income (loss)	0	0
Investment gains (losses), net	0	0
Total realized and unrealized gains (losses)	0	0
Other comprehensive income (loss)	0	0
Purchases	325	50
Sales	(1)	(5)
Activity related to consolidated VIEs/VOEs	0	0
Transfers into level 3	0	0
Transfers out of level 3	0	0
Ending Balance	332	65
Change in unrealized gains or losses for the period included in earnings for instruments held at the end of the reporting period	0	0
Change in unrealized gains or losses for the period included in other comprehensive income for instruments held at the end of the reporting period	0	0
CMBS | Level 3
Total gains (losses), realized and unrealized, included in:
Beginning Balance	20	0
Net investment income (loss)	0	0
Investment gains (losses), net	0	0
Total realized and unrealized gains (losses)	0	0
Other comprehensive income (loss)	(1)	0
Purchases	219	4
Sales	0	0
Activity related to consolidated VIEs/VOEs	0	0
Transfers into level 3	0	0
Transfers out of level 3	0	0
Ending Balance	238	4
Change in unrealized gains or losses for the period included in earnings for instruments held at the end of the reporting period	0	0
Change in unrealized gains or losses for the period included in other comprehensive income for instruments held at the end of the reporting period	(1)	0
Trading Securities, at Fair Value | Level 3
Total gains (losses), realized and unrealized, included in:
Beginning Balance	65	39
Net investment income (loss)	0	0
Investment gains (losses), net	(13)	0
Total realized and unrealized gains (losses)	(13)	0
Other comprehensive income (loss)	0	0
Purchases	0	0
Sales	0	0
Activity related to consolidated VIEs/VOEs	0	0
Transfers into level 3	0	0
Transfers out of level 3	0	0
Ending Balance	52	39
Change in unrealized gains or losses for the period included in earnings for instruments held at the end of the reporting period	(13)	0
Change in unrealized gains or losses for the period included in other comprehensive income for instruments held at the end of the reporting period	0	0
Fixed maturities, at FVO | Level 3
Total gains (losses), realized and unrealized, included in:
Beginning Balance	201	80
Net investment income (loss)	(4)	3
Investment gains (losses), net	0	0
Total realized and unrealized gains (losses)	(4)	3
Other comprehensive income (loss)	0	0
Purchases	89	88
Sales	(29)	(8)
Activity related to consolidated VIEs/VOEs	0
Transfers into level 3	188	7
Transfers out of level 3	(103)	(28)
Ending Balance	342	142
Change in unrealized gains or losses for the period included in earnings for instruments held at the end of the reporting period	(4)	0
Change in unrealized gains or losses for the period included in other comprehensive income for instruments held at the end of the reporting period	0	0
Other equity investments | Level 3
Total gains (losses), realized and unrealized, included in:
Beginning Balance	16	84
Net investment income (loss)	0	1
Investment gains (losses), net	0	0
Total realized and unrealized gains (losses)	0	1
Other comprehensive income (loss)	0	0
Purchases	0	2
Sales	0	(2)
Activity related to consolidated VIEs/VOEs	(2)	(2)
Transfers into level 3	0	0
Transfers out of level 3	(3)	0
Ending Balance	11	83
Change in unrealized gains or losses for the period included in earnings for instruments held at the end of the reporting period	0	1
Change in unrealized gains or losses for the period included in other comprehensive income for instruments held at the end of the reporting period	0	0
GMIB Reinsurance Contract Asset
Total gains (losses), realized and unrealized, included in:
Non-performance risk	(36)	(15)
GMIB Reinsurance Contract Asset | Level 3
Total gains (losses), realized and unrealized, included in:
Beginning Balance	1,848	2,488
Net investment income (loss)	0	0
Investment gains (losses), net	(260)	(578)
Total realized and unrealized gains (losses)	(260)	(578)
Other comprehensive income (loss)	0	0
Purchases	10	11
Sales	(16)	(14)
Activity related to consolidated VIEs/VOEs	0	0
Transfers into level 3	0	0
Transfers out of level 3	0	0
Ending Balance	1,582	1,907
Change in unrealized gains or losses for the period included in earnings for instruments held at the end of the reporting period	(260)	(578)
Change in unrealized gains or losses for the period included in other comprehensive income for instruments held at the end of the reporting period	0	0
Amounts Due from Reinsurers
Total gains (losses), realized and unrealized, included in:
Non-performance risk	(42)	0
Amounts Due from Reinsurers | Level 3
Total gains (losses), realized and unrealized, included in:
Beginning Balance	5,815	0
Net investment income (loss)	0	0
Investment gains (losses), net	(767)	0
Total realized and unrealized gains (losses)	(767)	0
Other comprehensive income (loss)	0	0
Purchases	33	0
Sales	(25)	0
Activity related to consolidated VIEs/VOEs	0	0
Transfers into level 3		0
Transfers out of level 3	0	0
Ending Balance	5,056	0
Change in unrealized gains or losses for the period included in earnings for instruments held at the end of the reporting period	(767)	0
Change in unrealized gains or losses for the period included in other comprehensive income for instruments held at the end of the reporting period	0	0
Separate Accounts Assets | Level 3
Total gains (losses), realized and unrealized, included in:
Beginning Balance	1	1
Net investment income (loss)	0	0
Investment gains (losses), net	0	0
Total realized and unrealized gains (losses)	0	0
Other comprehensive income (loss)	0	0
Purchases	0	0
Sales	(1)	0
Activity related to consolidated VIEs/VOEs	0	0
Transfers into level 3	0	0
Transfers out of level 3	0	(1)
Ending Balance	0	0
Change in unrealized gains or losses for the period included in earnings for instruments held at the end of the reporting period	0	0
Change in unrealized gains or losses for the period included in other comprehensive income for instruments held at the end of the reporting period	0	0
GMxB Derivative Features Liability
Total gains (losses), realized and unrealized, included in:
Non-performance risk	483	79
GMxB Derivative Features Liability | Level 3
Total gains (losses), realized and unrealized, included in:
Beginning Balance	(8,525)	(11,131)
Net investment income (loss)	0	0
Investment gains (losses), net	1,688	3,408
Total realized and unrealized gains (losses)	1,688	3,408
Other comprehensive income (loss)	0	0
Purchases	(120)	(119)
Sales	32	18
Activity related to consolidated VIEs/VOEs	0	0
Transfers into level 3	0	0
Transfers out of level 3	0	0
Ending Balance	(6,925)	(7,824)
Change in unrealized gains or losses for the period included in earnings for instruments held at the end of the reporting period	1,688	3,408
Change in unrealized gains or losses for the period included in other comprehensive income for instruments held at the end of the reporting period	0	0
Contingent Payment Arrangement | Level 3
Total gains (losses), realized and unrealized, included in:
Beginning Balance	(38)	(28)
Net investment income (loss)	0	0
Investment gains (losses), net	0	0
Total realized and unrealized gains (losses)	0	0
Other comprehensive income (loss)	0	0
Purchases	1	(7)
Sales	0	0
Activity related to consolidated VIEs/VOEs	0	(1)
Transfers into level 3	0	0
Transfers out of level 3	0	0
Ending Balance	(37)	(36)
Change in unrealized gains or losses for the period included in earnings for instruments held at the end of the reporting period	0	0
Change in unrealized gains or losses for the period included in other comprehensive income for instruments held at the end of the reporting period	$ 0	$ 0

XML

FAIR VALUE DISCLOSURES - Quantitative Information about Level 3 (Details) - Level 3 $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Discounted cash flow | Alliance Bernstein
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value	$ 39	$ 38
Discount rate | Discounted cash flow | Minimum | Alliance Bernstein
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.019	0.019
Discount rate | Discounted cash flow | Maximum | Alliance Bernstein
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.104	0.104
Discount rate | Discounted cash flow | Weighted Average | Alliance Bernstein
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.070	0.070
Expected revenue growth rate | Discounted cash flow | Minimum | Alliance Bernstein
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.020	0.020
Expected revenue growth rate | Discounted cash flow | Maximum | Alliance Bernstein
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.839	0.839
Expected revenue growth rate | Discounted cash flow | Weighted Average | Alliance Bernstein
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.079	0.119
Corporate Debt Securities [Member] | Matrix pricing model
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value	$ 334	$ 258
Corporate Debt Securities [Member] | Market comparable companies
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value	$ 891	$ 888
Corporate Debt Securities [Member] | Spread over benchmark | Matrix pricing model | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0020	0.0020
Corporate Debt Securities [Member] | Spread over benchmark | Matrix pricing model | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0299	0.0270
Corporate Debt Securities [Member] | Spread over benchmark | Matrix pricing model | Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0106	0.0144
Corporate Debt Securities [Member] | EBITDA Multiple | Market comparable companies | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	5.0	4.9
Corporate Debt Securities [Member] | EBITDA Multiple | Market comparable companies | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	77.6	62.3
Corporate Debt Securities [Member] | EBITDA Multiple | Market comparable companies | Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	13.9	13.0
Corporate Debt Securities [Member] | Discount rate | Market comparable companies | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.072	0.062
Corporate Debt Securities [Member] | Discount rate | Market comparable companies | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.336	0.215
Corporate Debt Securities [Member] | Discount rate | Market comparable companies | Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.098	0.091
Corporate Debt Securities [Member] | Cash flow multiples | Market comparable companies | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.5	0.5
Corporate Debt Securities [Member] | Cash flow multiples | Market comparable companies | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	11.6	10.0
Corporate Debt Securities [Member] | Cash flow multiples | Market comparable companies | Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	6.4	5.5
Corporate Debt Securities [Member] | Loan to value | Market comparable companies | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.00000	0.031
Corporate Debt Securities [Member] | Loan to value | Market comparable companies | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.00621	0.634
Corporate Debt Securities [Member] | Loan to value | Market comparable companies | Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.00300	0.308
Trading Securities, at Fair Value | Discounted cash flow
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value	$ 52	$ 65
Measurement input	11 years	11 years
Trading Securities, at Fair Value | Revenue/earnings multiple | Discounted cash flow
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	7.3	7.3
Trading Securities, at Fair Value | Discount factor | Discounted cash flow
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.100	0.1000
Other equity investments | Market comparable companies
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value	$ 4	$ 4
Other equity investments | Revenue/earnings multiple | Market comparable companies | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	7.7	7.8
Other equity investments | Revenue/earnings multiple | Market comparable companies | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	9.5	10.3
Other equity investments | Revenue/earnings multiple | Market comparable companies | Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	9.2	9.5
GMIB reinsurance contract asset | Discounted cash flow
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value	$ 1,582	$ 1,848
GMIB reinsurance contract asset | Lapse rate | Discounted cash flow | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0045	0.0045
GMIB reinsurance contract asset | Lapse rate | Discounted cash flow | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.2086	0.2086
GMIB reinsurance contract asset | Lapse rate | Discounted cash flow | Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0278	0.0265
GMIB reinsurance contract asset | Withdrawal rate | Discounted cash flow | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0027	0.0027
GMIB reinsurance contract asset | Withdrawal rate | Discounted cash flow | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0866	0.0866
GMIB reinsurance contract asset | Withdrawal rate | Discounted cash flow | Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0091	0.0093
GMIB reinsurance contract asset | Utilization rate | Discounted cash flow | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0004	0.0004
GMIB reinsurance contract asset | Utilization rate | Discounted cash flow | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.6044	0.6044
GMIB reinsurance contract asset | Utilization rate | Discounted cash flow | Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0528	0.0527
GMIB reinsurance contract asset | Non-performance risk | Discounted cash flow | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0082	0.0057
GMIB reinsurance contract asset | Non-performance risk | Discounted cash flow | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0130	0.0093
GMIB reinsurance contract asset | Non-performance risk | Discounted cash flow | Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0084	0.0060
GMIB reinsurance contract asset | Volatility rate - Equity | Discounted cash flow | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.09	0.11
GMIB reinsurance contract asset | Volatility rate - Equity | Discounted cash flow | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.32	0.31
GMIB reinsurance contract asset | Volatility rate - Equity | Discounted cash flow | Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.24	0.24
GMIB reinsurance contract asset | Mortality rate | Discounted cash flow | Ages 0 - 40 | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0001	0.0001
GMIB reinsurance contract asset | Mortality rate | Discounted cash flow | Ages 0 - 40 | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0017	0.0017
GMIB reinsurance contract asset | Mortality rate | Discounted cash flow | Ages 0 - 40 | Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0285	0.0279
GMIB reinsurance contract asset | Mortality rate | Discounted cash flow | Ages 41 - 60 | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0006	0.0006
GMIB reinsurance contract asset | Mortality rate | Discounted cash flow | Ages 41 - 60 | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0053	0.0053
GMIB reinsurance contract asset | Mortality rate | Discounted cash flow | Ages 41 - 60 | Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0285	0.0279
GMIB reinsurance contract asset | Mortality rate | Discounted cash flow | Ages 61 - 115 | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0031	0.000031
GMIB reinsurance contract asset | Mortality rate | Discounted cash flow | Ages 61 - 115 | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.4000	0.004000
GMIB reinsurance contract asset | Mortality rate | Discounted cash flow | Ages 61 - 115 | Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0285	0.0279
Amount Due from Reinsurers | Discounted cash flow
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value	$ 5,056	$ 5,813
Amount Due from Reinsurers | Lapse rate | Discounted cash flow | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0045	0.0045
Amount Due from Reinsurers | Lapse rate | Discounted cash flow | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.2086	0.2086
Amount Due from Reinsurers | Lapse rate | Discounted cash flow | Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0179	0.0170
Amount Due from Reinsurers | Withdrawal rate | Discounted cash flow | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0027	0.0027
Amount Due from Reinsurers | Withdrawal rate | Discounted cash flow | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0866	0.0866
Amount Due from Reinsurers | Withdrawal rate | Discounted cash flow | Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0115	0.0118
Amount Due from Reinsurers | Utilization rate | Discounted cash flow | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0004	0.0004
Amount Due from Reinsurers | Utilization rate | Discounted cash flow | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.6044	0.6044
Amount Due from Reinsurers | Utilization rate | Discounted cash flow | Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0740	0.0720
Amount Due from Reinsurers | Non-performance risk | Discounted cash flow
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0048	0.0037
Amount Due from Reinsurers | Non-performance risk | Discounted cash flow | Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0048	37
Amount Due from Reinsurers | Volatility rate - Equity | Discounted cash flow | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.09	0.11
Amount Due from Reinsurers | Volatility rate - Equity | Discounted cash flow | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.32	0.31
Amount Due from Reinsurers | Volatility rate - Equity | Discounted cash flow | Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.24	0.24
Amount Due from Reinsurers | Mortality rate | Discounted cash flow | Ages 0 - 40 | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0001	0.0001
Amount Due from Reinsurers | Mortality rate | Discounted cash flow | Ages 0 - 40 | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0017	0.0017
Amount Due from Reinsurers | Mortality rate | Discounted cash flow | Ages 0 - 40 | Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0217	0.0217
Amount Due from Reinsurers | Mortality rate | Discounted cash flow | Ages 41 - 60 | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0006	0.0006
Amount Due from Reinsurers | Mortality rate | Discounted cash flow | Ages 41 - 60 | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0053	0.0053
Amount Due from Reinsurers | Mortality rate | Discounted cash flow | Ages 41 - 60 | Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0217	0.0217
Amount Due from Reinsurers | Mortality rate | Discounted cash flow | Ages 61 - 115 | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0031	0.0031
Amount Due from Reinsurers | Mortality rate | Discounted cash flow | Ages 61 - 115 | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.4000	0.4000
Amount Due from Reinsurers | Mortality rate | Discounted cash flow | Ages 61 - 115 | Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0217	0.0217
GMIB NLG | Discounted cash flow
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value	$ 6,936	$ 8,503
GMIB NLG | Lapse rate | Discounted cash flow | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0104	0.000104
GMIB NLG | Lapse rate | Discounted cash flow | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.2357	0.2357
GMIB NLG | Lapse rate | Discounted cash flow | Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0369	0.0355
GMIB NLG | Withdrawal rate | Discounted cash flow | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0027	0.000027
GMIB NLG | Withdrawal rate | Discounted cash flow | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0866	0.0866
GMIB NLG | Withdrawal rate | Discounted cash flow | Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0103	0.0104
GMIB NLG | Non-performance risk | Discounted cash flow
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0151	0.0111
GMIB NLG | Non-performance risk | Discounted cash flow | Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0151	1.11
GMIB NLG | Mortality rate | Discounted cash flow | Ages 0 - 40 | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0001	0.00000001
GMIB NLG | Mortality rate | Discounted cash flow | Ages 0 - 40 | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0019	0.0019
GMIB NLG | Mortality rate | Discounted cash flow | Ages 0 - 40 | Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0162	0.0162
GMIB NLG | Mortality rate | Discounted cash flow | Ages 41 - 60 | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0007	0.0007
GMIB NLG | Mortality rate | Discounted cash flow | Ages 41 - 60 | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0057	0.0057
GMIB NLG | Mortality rate | Discounted cash flow | Ages 41 - 60 | Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0162	0.0162
GMIB NLG | Mortality rate | Discounted cash flow | Ages 61 - 115 | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0044	0.000044
GMIB NLG | Mortality rate | Discounted cash flow | Ages 61 - 115 | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.4360	0.4360
GMIB NLG | Mortality rate | Discounted cash flow | Ages 61 - 115 | Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0162	0.0162
GMIB NLG | Annuitization rate | Discounted cash flow | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0003	0.00000003
GMIB NLG | Annuitization rate | Discounted cash flow | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	1.0000	1.0000
GMIB NLG | Annuitization rate | Discounted cash flow | Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0537	0.0524
GWBL/GMWB | Discounted cash flow
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value	$ 83	$ 99
GWBL/GMWB | Lapse rate | Discounted cash flow | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0060	0.000060
GWBL/GMWB | Lapse rate | Discounted cash flow | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.2086	0.2086
GWBL/GMWB | Lapse rate | Discounted cash flow | Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0278	0.00000265
GWBL/GMWB | Withdrawal rate | Discounted cash flow | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0000	0.00000000
GWBL/GMWB | Withdrawal rate | Discounted cash flow | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0800	0.00000800
GWBL/GMWB | Withdrawal rate | Discounted cash flow | Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0091	0.00000093
GWBL/GMWB | Utilization rate | Discounted cash flow
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	1	1
GWBL/GMWB | Non-performance risk | Discounted cash flow
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0151	0.0111
GWBL/GMWB | Volatility rate - Equity | Discounted cash flow | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.09	0.11
GWBL/GMWB | Volatility rate - Equity | Discounted cash flow | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.32	0.31
GWBL/GMWB | Volatility rate - Equity | Discounted cash flow | Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.24	0.24
GIB | Discounted cash flow
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value	$ (93)	$ (75)
GIB | Lapse rate | Discounted cash flow | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0060	0.0060
GIB | Lapse rate | Discounted cash flow | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.2086	0.2086
GIB | Lapse rate | Discounted cash flow | Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0278	0.0265
GIB | Withdrawal rate | Discounted cash flow | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0013	0.0013
GIB | Withdrawal rate | Discounted cash flow | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0866	0.0866
GIB | Withdrawal rate | Discounted cash flow | Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0091	0.0093
GIB | Utilization rate | Discounted cash flow | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0004	0.0004
GIB | Utilization rate | Discounted cash flow | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	1.0000	0.010000
GIB | Utilization rate | Discounted cash flow | Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0528	0.0527
GIB | Non-performance risk | Discounted cash flow
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0151	0.0111
GIB | Volatility rate - Equity | Discounted cash flow | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.09	0.11
GIB | Volatility rate - Equity | Discounted cash flow | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.32	0.31
GIB | Volatility rate - Equity | Discounted cash flow | Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.24	0.24
GMAB | Discounted cash flow
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value	$ (3)	$ (3)
GMAB | Lapse rate | Discounted cash flow | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0060	0.000060
GMAB | Lapse rate | Discounted cash flow | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.2086	0.2086
GMAB | Lapse rate | Discounted cash flow | Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0278	0.0265
GMAB | Non-performance risk | Discounted cash flow
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.0151	0.0111
GMAB | Volatility rate - Equity | Discounted cash flow | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.09	0.11
GMAB | Volatility rate - Equity | Discounted cash flow | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.32	0.31
GMAB | Volatility rate - Equity | Discounted cash flow | Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Measurement input	0.24	0.24

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FAIR VALUE DISCLOSURES - Carrying Values and Fair Values of Financial Instruments (Details) - USD ($) $ in Millions		Mar. 31, 2022	Dec. 31, 2021
Consolidated Amounts [Abstract]
Mortgage loans on real estate	[1]	$ 14,452	$ 14,033
Policy loans		4,010	4,024
Policyholders liabilities: Investment contracts		79,549	79,357
Short-term and long-term debt		4,044	3,931
Separate Accounts liabilities		136,812	147,306
Carrying Value
Consolidated Amounts [Abstract]
Mortgage loans on real estate		14,452	14,033
Policy loans		4,010	4,024
Policyholders liabilities: Investment contracts		2,014	2,035
FHLB funding agreements		6,088	6,647
FABN funding agreements		6,673	6,689
Short-term and long-term debt		3,840	3,839
Separate Accounts liabilities		11,785	11,620
Carrying Value | CLO Warehouse Debt
Consolidated Amounts [Abstract]
Short-term debt		204	92
Measured at Fair Value
Consolidated Amounts [Abstract]
Mortgage loans on real estate		13,911	14,308
Policy loans		4,956	5,050
Policyholders liabilities: Investment contracts		1,982	2,103
FHLB funding agreements		6,047	6,679
FABN funding agreements		6,271	6,626
Short-term and long-term debt		4,111	4,544
Separate Accounts liabilities		11,785	11,620
Measured at Fair Value | Level 1
Consolidated Amounts [Abstract]
Mortgage loans on real estate		0	0
Policy loans		0	0
Policyholders liabilities: Investment contracts		0	0
FHLB funding agreements		0	0
FABN funding agreements		0	0
Short-term and long-term debt		0	0
Separate Accounts liabilities		0	0
Measured at Fair Value | Level 2
Consolidated Amounts [Abstract]
Mortgage loans on real estate		0	0
Policy loans		0	0
Policyholders liabilities: Investment contracts		0	0
FHLB funding agreements		6,047	6,679
FABN funding agreements		6,271	6,626
Short-term and long-term debt		4,111	4,544
Separate Accounts liabilities		0	0
Measured at Fair Value | Level 3
Consolidated Amounts [Abstract]
Mortgage loans on real estate		13,911	14,308
Policy loans		4,956	5,050
Policyholders liabilities: Investment contracts		1,982	2,103
FHLB funding agreements		0	0
FABN funding agreements		0	0
Short-term and long-term debt		0	0
Separate Accounts liabilities		$ 11,785	$ 11,620

[1] See Note 2 of the Notes to these Consolidated Financial Statements for details of balances with VIEs.

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EMPLOYEE BENEFIT PLANS - Components of Certain Benefit Costs (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Retirement Benefits [Abstract]
Service cost	$ 2	$ 2
Interest cost	14	14
Expected return on assets	(39)	(38)
Prior Period Svc Cost Amortization	(1)	(1)
Actuarial (gain) loss	0	1
Net amortization	20	29
Net Periodic Pension Expense	$ (4)	$ 7

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EQUITY - Preferred Stock Activity (Details) - shares	Mar. 31, 2022	Dec. 31, 2021
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)	64,000	64,000
Preferred stock, shares issued (in shares)	64,000	64,000
Preferred stock, shares outstanding (in shares)	64,000	64,000
Series A
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)	32,000	32,000
Preferred stock, shares issued (in shares)	32,000	32,000
Preferred stock, shares outstanding (in shares)	32,000	32,000
Series B
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)	20,000	20,000
Preferred stock, shares issued (in shares)	20,000	20,000
Preferred stock, shares outstanding (in shares)	20,000	20,000
Series C
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)	12,000	12,000
Preferred stock, shares issued (in shares)	12,000	12,000
Preferred stock, shares outstanding (in shares)	12,000	12,000

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EQUITY - Dividends Declared (Details) - $ / shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Class of Stock [Line Items]
Cash dividends declared per common share (in dollars per share)	$ 0.18	$ 0.17
Series A
Class of Stock [Line Items]
Cash dividends declared per preferred stock (in dollars per share)	328	328
Series B
Class of Stock [Line Items]
Cash dividends declared per preferred stock (in dollars per share)	0	0
Series C
Class of Stock [Line Items]
Cash dividends declared per preferred stock (in dollars per share)	$ 269	$ 200

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EQUITY - Share Repurchase (Details) - USD ($) $ / shares in Units, shares in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Feb. 09, 2022
Class of Stock [Line Items]
Share repurchase plan, authorized amount			$ 1,200,000,000
Share repurchase program, remaining authorized repurchase amount	$ 955,000,000
Shares repurchased (in shares)	7.9	3.2
Accelerated Share Repurchase Agreement
Class of Stock [Line Items]
Shares repurchased (in shares)	8.6	14.5
Share repurchases, average purchase price (in dollars per share)	$ 31.96	$ 29.71

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EQUITY - Cumulative Gains (Losses) (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Equity [Abstract]
Unrealized gains (losses) on investments	$ (1,142)	$ 2,684
Defined benefit pension plans	(626)	(669)
Foreign currency translation adjustments	(57)	(45)
Total accumulated other comprehensive income (loss)	(1,825)	1,970
Less: Accumulated other comprehensive income (loss) attributable to noncontrolling interest	(38)	(34)
Accumulated other comprehensive income (loss) attributable to Holdings	$ (1,787)	$ 2,004

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EQUITY - Components of OCI, Net of Taxes (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Equity [Abstract]
Net unrealized gains (losses) arising during the period	$ (5,080)	$ (4,059)
(Gains) losses reclassified into net income (loss) during the period	264	(164)
Net unrealized gains (losses) on investments	(4,816)	(4,223)
Adjustments for policyholders’ liabilities, DAC, insurance liability loss recognition and other	990	1,070
Change in unrealized gains (losses), net of adjustments (net of deferred income tax expense (benefit) of $(1,018) and $838)	(3,826)	(3,153)
Change in defined benefit plans:
Reclassification to Net income (loss) of amortization of net prior service credit included in net periodic cost	43	33
Change in defined benefit plans (net of deferred income tax expense (benefit) of $(9) and $9)	43	33
Foreign currency translation adjustments:
Foreign currency translation gains (losses) arising during the period	(12)	(6)
Foreign currency translation adjustment	(12)	(6)
Total other comprehensive income (loss), net of income taxes	(3,795)	(3,126)
Less: Other comprehensive income (loss) attributable to noncontrolling interest	(4)	(3)
Other comprehensive income (loss) attributable to Holdings	(3,791)	(3,123)
Reclassification adjustment	(70)	44
AFS Securities, OCI, tax	(1,018)	838
Defined benefit plan, OCI, tax	$ (9)	$ 9

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REDEEMABLE NONCONTROLLING INTEREST - Summary of Redeemable Noncontrolling Interest (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022		Mar. 31, 2021
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Balance, beginning of period	$ 468	[1],[2]	$ 143
Net earnings (loss) attributable to redeemable noncontrolling interests	(27)		0
Purchase/change of redeemable noncontrolling interests	(55)		(6)
Balance, end of period	$ 386	[1],[2]	$ 137

[1] See Note 11 of the Notes to these Consolidated Financial Statements for details of redeemable noncontrolling interest.

[2] See Note 2 of the Notes to these Consolidated Financial Statements for details of balances with VIEs.

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COMMITMENTS AND CONTINGENT LIABILITIES - Narrative (Details) shares in Millions	1 Months Ended		3 Months Ended
	Apr. 30, 2019 USD ($) shares	Feb. 28, 2018 USD ($)	Mar. 31, 2022 USD ($) saleAndDisclosurePractice	Jun. 30, 2021 USD ($)	May 31, 2021 USD ($)	Feb. 29, 2016 USD ($) legalAction federalAction
Loss Contingencies [Line Items]
Unaccrued amounts of reasonably possible range of losses			$ 250,000,000
Number of sales and disclosure practices under investigation | saleAndDisclosurePractice			457
Federal home loan bank stock			$ 286,000,000
Carrying value of collateral pledged for federal home loan bank			9,900,000,000
Commitments by the Company to provide equity financing			1,300,000,000
Face amount of mortgage loans			914,000,000
Revolving credit facility
Loss Contingencies [Line Items]
Line of credit facility, maximum borrowing capacity			17,000,000
Trust Notes
Loss Contingencies [Line Items]
Line of credit facility, maximum borrowing capacity					$ 10,000,000,000
Holdings Revolving Credit Facility | Revolving credit facility
Loss Contingencies [Line Items]
Line of credit facility, maximum borrowing capacity		$ 2,500,000,000		$ 1,500,000,000
Debt instrument, term		5 years
Holdings Revolving Credit Facility | Letter of credit
Loss Contingencies [Line Items]
Line of credit facility, maximum borrowing capacity		$ 1,500,000,000	1,500,000,000
Remaining capacity			0
Bilateral Letter Of Credit Facilities | Letter of credit
Loss Contingencies [Line Items]
Line of credit facility, maximum borrowing capacity		$ 1,900,000,000
Equitable Financial
Loss Contingencies [Line Items]
Number of federal actions | federalAction						5
Pre-Capitalized Trust Securities, Redeemable February 15, 2029
Loss Contingencies [Line Items]
Shares issued (in shares) | shares	0.6
Proceeds from offering	$ 600,000,000
Sale of stock, funding arrangement, period to issue senior notes to trust	10 years
Sale of stock, semi-annual facility fee, rate	2.125%
Pre-Capitalized Trust Securities, Redeemable February 15, 2049
Loss Contingencies [Line Items]
Shares issued (in shares) | shares	0.4
Proceeds from offering	$ 400,000,000
Sale of stock, funding arrangement, period to issue senior notes to trust	30 years
Sale of stock, semi-annual facility fee, rate	2.715%
New York | Equitable Financial
Loss Contingencies [Line Items]
Number of actions | legalAction						2
Brach Family Foundation Litigation
Loss Contingencies [Line Items]
Liability for future policy benefits, face value of policy						$ 1,000,000
Sales and Disclosure Practices
Loss Contingencies [Line Items]
Civil monetary penalty			$ 50,000,000

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COMMITMENTS AND CONTINGENT LIABILITIES - Funding Agreements (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Federal Home Loan Bank (FHLB)
Restructuring Reserve [Roll Forward]
Outstanding Balance, period start	$ 6,643
Issued During the Period	13,876
Repaid During the Period	14,435
Long-term Agreements Maturing Within One Year	0
Long-term Agreements Maturing Within Five Years	0
Outstanding Balance, period end	6,084
Difference related to remaining amortization	4	$ 4
Funding Agreement-Backed Notes Program (FABN)
Restructuring Reserve [Roll Forward]
Outstanding Balance, period start	6,719
Issued During the Period	0
Repaid During the Period	0
Long-term Agreements Maturing Within One Year	0
Long-term Agreements Maturing Within Five Years	0
Foreign Currency Transaction Adjustment	(16)
Outstanding Balance, period end	6,703
Difference related to remaining amortization	31	$ 70
Due in one year or less | Federal Home Loan Bank (FHLB)
Restructuring Reserve [Roll Forward]
Outstanding Balance, period start	5,353
Issued During the Period	13,688
Repaid During the Period	14,435
Long-term Agreements Maturing Within One Year	0
Long-term Agreements Maturing Within Five Years	0
Outstanding Balance, period end	4,606
Due in one year or less | Funding Agreement-Backed Notes Program (FABN)
Restructuring Reserve [Roll Forward]
Outstanding Balance, period start	0
Issued During the Period	0
Repaid During the Period	0
Long-term Agreements Maturing Within One Year	0
Long-term Agreements Maturing Within Five Years	0
Foreign Currency Transaction Adjustment	0
Outstanding Balance, period end	0
Due in years two through five | Federal Home Loan Bank (FHLB)
Restructuring Reserve [Roll Forward]
Outstanding Balance, period start	1,290
Issued During the Period	13
Repaid During the Period	0
Long-term Agreements Maturing Within One Year	0
Long-term Agreements Maturing Within Five Years	0
Outstanding Balance, period end	1,303
Due in years two through five | Funding Agreement-Backed Notes Program (FABN)
Restructuring Reserve [Roll Forward]
Outstanding Balance, period start	4,600
Issued During the Period	0
Repaid During the Period	0
Long-term Agreements Maturing Within One Year	0
Long-term Agreements Maturing Within Five Years	0
Foreign Currency Transaction Adjustment	0
Outstanding Balance, period end	4,600
Due in more than five years | Federal Home Loan Bank (FHLB)
Restructuring Reserve [Roll Forward]
Outstanding Balance, period start	0
Issued During the Period	175
Repaid During the Period	0
Long-term Agreements Maturing Within One Year	0
Long-term Agreements Maturing Within Five Years	0
Outstanding Balance, period end	175
Due in more than five years | Funding Agreement-Backed Notes Program (FABN)
Restructuring Reserve [Roll Forward]
Outstanding Balance, period start	2,119
Issued During the Period	0
Repaid During the Period	0
Long-term Agreements Maturing Within One Year	0
Long-term Agreements Maturing Within Five Years	0
Foreign Currency Transaction Adjustment	(16)
Outstanding Balance, period end	2,103
Total long-term funding agreements | Federal Home Loan Bank (FHLB)
Restructuring Reserve [Roll Forward]
Outstanding Balance, period start	1,290
Issued During the Period	188
Repaid During the Period	0
Long-term Agreements Maturing Within One Year	0
Long-term Agreements Maturing Within Five Years	0
Outstanding Balance, period end	1,478
Total long-term funding agreements | Funding Agreement-Backed Notes Program (FABN)
Restructuring Reserve [Roll Forward]
Outstanding Balance, period start	6,719
Issued During the Period	0
Repaid During the Period	0
Long-term Agreements Maturing Within One Year	0
Long-term Agreements Maturing Within Five Years	0
Foreign Currency Transaction Adjustment	(16)
Outstanding Balance, period end	$ 6,703

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INSURANCE GROUP STATUTORY FINANCIAL INFORMATION - Narrative (Details) - Statement of Statutory Accounting Principles 108 - USD ($)	3 Months Ended
	Mar. 31, 2022	Jun. 30, 2021
Related Party Transaction [Line Items]
Statutory accounting practices, statutory surplus, increase	$ 1,000,000,000
Statutory accounting practices, statutory net income, decrease	$ 373,000,000
Statutory accounting practices, hedging losses amortization period	5 years
Statutory accounting practices, statutory unassigned surplus, balance		$ 0

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BUSINESS SEGMENT INFORMATION - Narrative (Details) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2022 USD ($) segment	Mar. 31, 2021 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Segment Reporting [Abstract]
Number of reportable segments | segment	4
Amortization of deferred policy acquisition costs, net	$ 20
Operating earnings excluding SCS-related DAC amortization		$ 4	$ 16	$ 34

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BUSINESS SEGMENT INFORMATION - Reconciliation of Operating Profit (Loss) from Segments to Consolidated (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Segment Reporting Information [Line Items]
Net income (loss) attributable to Holdings	$ 573	$ (1,488)
Adjustments related to:
Non-GAAP Operating Earnings	548	600
Legal expense	59	180
Policyholder benefits costs	75
Interest expense	47	74
Adjustments
Adjustments related to:
Variable annuity product features	(601)	2,267
Investment (gains) losses	326	(183)
Net actuarial (gains) losses related to pension and other postretirement benefit obligations	19	34
Other adjustments	220	524
Income tax expense (benefit) related to above adjustments	8	(555)
Non-recurring tax items	3	1
Separation costs		21
Adjustments | Non-GMxB related derivative
Adjustments related to:
Gain (loss) on fair value hedges recognized in earnings	(2)	244
Operating Segments | Individual Retirement
Adjustments related to:
Non-GAAP Operating Earnings	293	363
Operating Segments | Group Retirement
Adjustments related to:
Non-GAAP Operating Earnings	150	151
Operating Segments | Investment Management and Research
Adjustments related to:
Non-GAAP Operating Earnings	136	121
Operating Segments | Protection Solutions
Adjustments related to:
Non-GAAP Operating Earnings	35	41
Corporate and Other
Adjustments related to:
Non-GAAP Operating Earnings	(66)	(76)
Interest expense	$ 53	$ 58

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BUSINESS SEGMENT INFORMATION - Reconciliation of Revenue from Segments to Consolidated (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Segment Reporting Information [Line Items]
Total revenues	$ 3,944	$ 1,153
Operating Segments | Individual Retirement
Segment Reporting Information [Line Items]
Total revenues	1,022	980
Operating Segments | Group Retirement
Segment Reporting Information [Line Items]
Total revenues	334	329
Operating Segments | Investment Management and Research
Segment Reporting Information [Line Items]
Total revenues	1,135	1,004
Operating Segments | Protection Solutions
Segment Reporting Information [Line Items]
Total revenues	851	826
Corporate and Other
Segment Reporting Information [Line Items]
Total revenues	374	334
Adjustments
Adjustments related to:
Variable annuity product features	631	(2,282)
Investment gains (losses), net	(326)	183
Other adjustments to segment revenues	(77)	(221)
Intersegment Eliminations
Adjustments related to:
Investment expenses	21	19
Intersegment Eliminations | Investment management and other fees
Adjustments related to:
Revenues	$ 28	$ 30

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BUSINESS SEGMENT INFORMATION - Reconciliation of Assets from Segment to Consolidated (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Total assets	$ 277,658	$ 292,262
Operating Segments | Individual Retirement
Segment Reporting Information [Line Items]
Total assets	132,467	143,663
Operating Segments | Group Retirement
Segment Reporting Information [Line Items]
Total assets	53,531	55,368
Operating Segments | Investment Management and Research
Segment Reporting Information [Line Items]
Total assets	12,010	11,602
Operating Segments | Protection Solutions
Segment Reporting Information [Line Items]
Total assets	43,504	50,686
Corporate and Other
Segment Reporting Information [Line Items]
Total assets	$ 36,146	$ 30,943

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EARNINGS PER COMMON SHARE - Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Earnings Per Share [Abstract]
Weighted average number of shares outstanding - basic (in shares)	388.6	434.2
Effect of dilutive securities common shares, employee stock awards (in shares)	3.1	0.0
Diluted (in shares)	391.7	434.2
Net income (loss)	$ 639	$ (1,400)
Less: Net income (loss) attributable to the noncontrolling interest	66	88
Net income (loss) attributable to Holdings	573	(1,488)
Less: Preferred stock dividends	14	13
Net income (loss) available to Holdings’ common shareholders	559	(1,501)
Net income (loss) available to Holdings’ common shareholders	$ 559	$ (1,501)
Net income (loss) attributable to Holdings per common share:
Basic (in dollars per share)	$ 1.44	$ (3.46)
Diluted (in dollars per share)	$ 1.43	$ (3.46)
Effect of dilutive securities (in shares)		4.3

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EARNINGS PER COMMON SHARE - Narrative (Details) - shares shares in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Earnings Per Share [Abstract]
Antidilutive securities (in shares)	3.3	9.1

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SUBSEQUENT EVENTS - Narrative (Details) - USD ($) shares in Millions	1 Months Ended	3 Months Ended
	Apr. 30, 2022	Mar. 31, 2022	Mar. 31, 2021	Feb. 09, 2022
Subsequent Event [Line Items]
Share repurchase plan, authorized amount				$ 1,200,000,000
Shares repurchased (in shares)		7.9	3.2
Subsequent Event | Accelerated Share Repurchase Agreement, April 2022
Subsequent Event [Line Items]
Share repurchase plan, authorized amount	$ 100,000,000
Accelerated share repurchases, settlement payment	$ 100,000,000
Shares repurchased (in shares)	2.6