POLICYHOLDER ACCOUNT BALANCES

3 Months Ended

Mar. 31, 2024

Policyholder Account Balance [Abstract]

POLICYHOLDER ACCOUNT BALANCES

POLICYHOLDER ACCOUNT BALANCES

The following table reconciles the policyholders account balances to the policyholders’ account balance liability in the consolidated balance sheets:

	March 31, 2024		December 31, 2023
	(in millions)
Policyholders’ account balance reconciliation
UL	$	5,163	$	5,202
VUL	4,156		4,145
GMxB Legacy	617		618
GMxB Core	(12)		(5)
SCS	42,782		40,649
EQUI-VEST Individual	2,241		2,322
EQUI-VEST Group	11,430		11,563
Momentum	590		608
Other (1)	3,025		2,995
Balance (exclusive of Funding Agreements)	69,992		68,097
Funding Agreements	14,137		14,893
Balance, end of period	$	84,129	$	82,990

_______________

(1) Primarily reflects products, IR Payout, IR Other, Investment Edge, Association, Indexed Universal Life, Group Pension and Closed Block.

The following tables summarize the balances and changes in policyholder’s account balances:

	Three Months Ended March 31, 2024
	Universal Life			Variable Universal Life			GMxB Legacy			GMxB Core			SCS (1)		EQUI-VEST Individual			EQUI-VEST Group			Momentum
	(Dollars in millions)
Balance, beginning of period	$	5,202		$	4,145		$	618		$	(5)		$	40,649	$	2,322		$	11,563		$	608
Issuances	—			—			—			—			—		—			—			—
Premiums received	166			22			19			10			3		7			151			18
Policy charges	(182)			(54)			19			(2)			(2)		—			(1)			—
Surrenders and withdrawals	(20)			(20)			(22)			(8)			(922)		(91)			(443)			(30)
Benefit payments	(58)			(18)			(24)			—			(65)		(15)			(17)			(1)
Net transfers from (to) separate account	—			35			1			(8)			541		2			81			(8)
Interest credited (2)	55			46			6			1			2,578		16			96			3
Other	—			—			—			—			—		—			—			—
Balance, end of period	$	5,163		$	4,156		$	617		$	(12)		$	42,782	$	2,241		$	11,430		$	590
Weighted-average crediting rate	3.79		%	3.76		%	2.71		%	1.36		%	N/A		2.98		%	2.65		%	2.33		%
Net amount at risk (3)	$	34,991		$	82,513		$	19,673		$	2,762		$	—	$	104		$	6		$	—
Cash surrender value	$	3,405		$	2,633		$	550		$	210		$	39,762	$	2,235		$	11,368		$	591

	Three Months Ended March 31, 2023
	Universal Life		Variable Universal Life		GMxB Legacy		GMxB Core		SCS (1)		EQUI-VEST Individual		EQUI-VEST Group		Momentum
	(Dollars in millions)
Balance, beginning of period	$	5,341	$	4,253	$	688	$	42	$	35,460	$	2,652	$	12,046	$	703
Issuances	—		—		—		—		—		—		—		—
Premiums received	183		33		20		16		—		11		148		19
Policy charges	(194)		(55)		19		(3)		(1)		—		(1)		—
Surrenders and withdrawals	(18)		(1)		(25)		(8)		(606)		(94)		(406)		(30)
Benefit payments	(76)		(38)		(24)		(1)		(59)		(20)		(17)		(2)
Net transfers from (to) separate account	—		(57)		—		(22)		950		3		69		(9)
Interest credited (2)	55		46		7		1		1,597		19		102		3
Other	—		—		—		—		—		3		11		—
Balance, end of period	$	5,291	$	4,181	$	685	$	25	$	37,341	$	2,574	$	11,952	$	684
Weighted-average crediting rate	3.64%		3.86%		1.78%		1.05%		1.12%		3.09%		2.99%		2.03%
Net amount at risk (3)	$	37,031	$	83,830	$	21,472	$	3,278	$	42	$	128	$	58	$	—
Cash surrender value	$	3,475	$	2,758	$	957	$	252	$	34,078	$	2,567	$	11,871	$	684

    

______________

(1)SCS sales are recorded as a Separate Account liability until they are swept into the General Account. This sweep is recorded as Net Transfers from (to) separate account.

(2)SCS and EQUI-VEST Group includes amounts related to the change in embedded derivative.

(3)For life insurance products the net amount at risk is death benefit less account value for the policyholder. For variable annuity products the net amount risk is the maximum GMxB NAR for the policyholder.

The following tables present the account values by range of guaranteed minimum crediting rates and the related range of the difference in basis points, between rates being credited policyholders and the respective guaranteed minimums:

March 31, 2024
Product	Range of Guaranteed Minimum Crediting Rate	At Guaranteed Minimum		1 Basis Point - 50 Basis Points Above		51 Basis Points - 150 Basis Points Above		Greater Than 150 Basis Points Above		Total
		(in millions)
UL	0% - 1.50%	$	—	$	—	$	—	$	6	$	6
	1.51% - 2.50%	37		89		415		485		1,026
	Greater than 2.50%	3,484		617		—		—		4,101
	Total	$	3,521	$	706	$	415	$	491	$	5,133
VUL	0% - 1.50%	$	7	$	5	$	23	$	10	$	45
	1.51% - 2.50%	29		368		71		—		468
	Greater than 2.50%	3,252		—		—		—		3,252
	Total	$	3,288	$	373	$	94	$	10	$	3,765
GMxB Legacy	0% - 1.50%	$	72	$	15	$	—	$	—	$	87
	1.51% - 2.50%	20		—		—		—		20
	Greater than 2.50%	444		—		—		—		444
	Total	$	536	$	15	$	—	$	—	$	551
GMxB Core	0% - 1.50%	$	12	$	179	$	—	$	—	$	191
	1.51% - 2.50%	13		—		—		—		13
	Greater than 2.50%	10		—		—		—		10
	Total	$	35	$	179	$	—	$	—	$	214

March 31, 2024
Product	Range of Guaranteed Minimum Crediting Rate	At Guaranteed Minimum		1 Basis Point - 50 Basis Points Above		51 Basis Points - 150 Basis Points Above		Greater Than 150 Basis Points Above		Total
		(in millions)
EQUI-VEST Individual	0% - 1.50%	$	46	$	213	$	—	$	—	$	259
	1.51% - 2.50%	41		—		—		—		41
	Greater than 2.50%	1,940		—		—		—		1,940
	Total	$	2,027	$	213	$	—	$	—	$	2,240
EQUI-VEST Group	0% - 1.50%	$	756	$	2,356	$	35	$	289	$	3,436
	1.51% - 2.50%	347		—		—		—		347
	Greater than 2.50%	6,448		—		—		—		6,448
	Total	$	7,551	$	2,356	$	35	$	289	$	10,231
SCS	Products with either a fixed rate or no guaranteed minimum	N/A		N/A		N/A		N/A		N/A
Momentum	0% - 1.50%	$	—	$	13	$	318	$	53	$	384
	1.51% - 2.50%	132		1		—		—		133
	Greater than 2.50%	67		—		5		—		72
	Total	$	199	$	14	$	323	$	53	$	589

December 31, 2023
Product	Range of Guaranteed Minimum Crediting Rate	At Guaranteed Minimum		1 Basis Point - 50 Basis Points Above		51 Basis Points - 150 Basis Points Above		Greater Than 150 Basis Points Above		Total
		(in millions)
UL	0% - 1.50%	$	—	$	—	$	—	$	6	$	6
	1.51% - 2.50%	61		69		462		430		1,022
	Greater than 2.50%	3,515		627		—		—		4,142
	Total	$	3,576	$	696	$	462	$	436	$	5,170
VUL	0% - 1.50%	$	8	$	9	$	18	$	6	$	41
	1.51% - 2.50%	34		408		28		—		470
	Greater than 2.50%	3,259		—		—		—		3,259
	Total	$	3,301	$	417	$	46	$	6	$	3,770
GMxB Legacy	0% - 1.50%	$	75	$	16	$	—	$	—	$	91
	1.51% - 2.50%	21		—		—		—		21
	Greater than 2.50%	461		—		—		—		461
	Total	$	557	$	16	$	—	$	—	$	573
GMxB Core	0% - 1.50%	$	13	$	187	$	—	$	—	$	200
	1.51% - 2.50%	13		—		—		—		13
	Greater than 2.50%	7		—		—		—		7
	Total	$	33	$	187	$	—	$	—	$	220

December 31, 2023
Product	Range of Guaranteed Minimum Crediting Rate	At Guaranteed Minimum		1 Basis Point - 50 Basis Points Above		51 Basis Points - 150 Basis Points Above		Greater Than 150 Basis Points Above		Total
		(in millions)
EQUI-VEST Individual	0% - 1.50%	$	49	$	218	$	—	$	—	$	267
	1.51% - 2.50%	43		—		—		—		43
	Greater than 2.50%	2,011		—		—		—		2,011
	Total	$	2,103	$	218	$	—	$	—	$	2,321
EQUI-VEST Group	0% - 1.50%	$	773	$	2,338	$	36	$	315	$	3,462
	1.51% - 2.50%	345		—		—		—		345
	Greater than 2.50%	6,610		—		—		—		6,610
	Total	$	7,728	$	2,338	$	36	$	315	$	10,417
SCS	Products with either a fixed rate or no guaranteed minimum	N/A		N/A		N/A		N/A		N/A
Momentum	0% - 1.50%	$	—	$	12	$	330	$	53	$	395
	1.51% - 2.50%	138		1		—		—		139
	Greater than 2.50%	68		—		5		—		73
	Total	$	206	$	13	$	335	$	53	$	607

Separate Account - Summary

The following table reconciles the Separate Account liabilities to the Separate Account liability balance in the consolidated balance sheets:

	March 31, 2024		December 31, 2023
	(in millions)
Separate Account Reconciliation
VUL	$	14,689	$	13,694
GMxB Legacy	34,860		33,793
GMxB Core	28,111		27,664
EQUI-VEST Individual	4,828		4,584
Investment Edge	4,204		4,048
EQUI-VEST Group	29,018		26,960
Momentum	4,706		4,421
Other (1)	6,489		6,333
Total	$	126,905	$	121,497

_____________

(1)Primarily reflects Corporate and Other products and Employer Sponsored products including Association and Other.

The following tables present the balances of and changes in Separate Account liabilities:

	Three Months Ended March 31, 2024
	VUL		GMxB Legacy		GMxB Core		EQUI-VEST Individual		Investment Edge		EQUI-VEST Group		Momentum
	(in millions)
Balance, beginning of period	$	13,694	$	33,793	$	27,664	$	4,584	$	4,048	$	26,960	$	4,421
Premiums and deposits	200		54		117		18		65		565		181
Policy charges	(107)		(168)		(111)		(1)		—		(5)		(6)
Surrenders and withdrawals	(128)		(812)		(803)		(129)		(131)		(542)		(208)
Benefit payments	(13)		(196)		(76)		(15)		(5)		(17)		(4)
Investment performance (1)	1,078		2,190		1,312		373		244		2,138		314
Net transfers from (to) general account	(35)		(1)		8		(2)		(17)		(81)		8
Other charges	—		—		—		—		—		—		—
Balance, end of period	$	14,689	$	34,860	$	28,111	$	4,828	$	4,204	$	29,018	$	4,706
Cash surrender value	$	14,666	$	34,595	$	27,456	$	4,792	$	4,131	$	28,733	$	4,699

______________

(1)Investment performance is reflected net of M&E fees.

	Three Months Ended March 31, 2023
	VUL		GMxB Legacy		GMxB Core		EQUI-VEST Individual		Investment Edge		EQUI-VEST Group		Momentum
	(in millions)
Balance, beginning of period	$	11,534	$	32,616	$	27,017	$	4,162	$	3,772	$	22,393	$	3,884
Premiums and deposits	191		65		117		26		115		531		178
Policy charges	(106)		(178)		(113)		(1)		—		(4)		(5)
Surrenders and withdrawals	(107)		(660)		(554)		(100)		(95)		(359)		(157)
Benefit payments	(22)		(192)		(53)		(14)		(12)		(15)		(3)
Investment performance (1)	745		1,808		1,163		268		174		1,438		235
Net transfers from (to) general account	57		—		22		(3)		(62)		(69)		9
Other charges (2)	—		—		—		4		—		25		—
Balance, end of period	$	12,292	$	33,459	$	27,599	$	4,342	$	3,892	$	23,940	$	4,141
Cash surrender value	$	12,287	$	33,181	$	26,806	$	4,310	$	3,801	$	23,702	$	4,136

______________

(1)Investment performance is reflected net of M&E fees.

(2)For the three months ended March 31, 2023, EQUI-VEST Individual and EQUI-VEST Group amounts reflect a total special payment applied to the accounts of active clients as part of a previously disclosed settlement agreement between Equitable Financial Life Insurance Company and the Securities & Exchange Commission.

The following tables present the aggregate fair value of Separate Account assets by major asset category:

	March 31, 2024
	Life Insurance & Employee Benefits Products		Individual Variable Annuity Products		Employer - Sponsored Products		Other		Total
	(in millions)
Asset Type
Debt securities	$	46	$	1	$	20	$	6	$	73
Common Stock	64		35		450		1,713		2,262
Mutual Funds	14,550		72,795		35,197		676		123,218
Bonds and Notes	91		3		1		1,257		1,352
Total	$	14,751	$	72,834	$	35,668	$	3,652	$	126,905

	December 31, 2023
	Life Insurance & Employee Benefits Products		Individual Variable Annuity Products		Employer - Sponsored Products		Other		Total
	(in millions)
Asset Type
Debt securities	$	48	$	1	$	21	$	6	$	76
Common Stock	65		34		447		1,667		2,213
Mutual Funds	13,557		70,815		32,780		677		117,829
Bonds and Notes	91		4		1		1,283		1,379
Total	$	13,761	$	70,854	$	33,249	$	3,633	$	121,497