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LIABILITIES FOR FUTURE POLICYHOLDER BENEFITS (Tables)
 3 Months Ended
Mar. 31, 2024
Insurance [Abstract]  
Schedule of Policyholder Account Balance And Liability for Unpaid Claims and Claims Adjustment Expense
The following table reconciles the net liability for future policy benefits and liability of death benefits to the liability for future policy benefits in the consolidated balance sheets:
March 31, 2024December 31, 2023
(in millions)
Reconciliation
Term$1,310 $1,341 
Payout - Non-Legacy820 844 
Payout - Legacy3,767 3,620 
Group Pension - Benefit Reserve & DPL473 490 
Health1,451 1,505 
UL1,228 1,220 
Subtotal9,049 9,020 
  Whole Life Closed Block and Open Block products5,403 5,463 
Other (1)625 657 
Future policyholder benefits total15,077 15,140 
  Other policyholder funds and dividends payable1,430 1,433 
Total$16,507 $16,573 
______________
(1)Primarily consists of future policy benefits related to Assumed Life and Disability, Group Life Run off, Variable Interest Sensitive Life rider and Major Medical products.
Schedule of Policyholder Account Balance
The following table summarizes balances and changes in the liability for future policy benefits for nonparticipating traditional and limited pay contracts:
Three Months Ended March 31, 2024Three Months Ended March 31, 2023
TermPayout - Non-LegacyPayout-LegacyGroup PensionHealthTermPayout-Non-LegacyPayout-LegacyGroup PensionHealth
(in millions)
Present Value of Expected Net Premiums
Balance, beginning of period$2,125 $— $— $— $(21)$2,090 $— $— $— $(6)
Beginning balance at original discount rate
2,051 — — — (22)2,068 — — — (6)
Effect of changes in cash flow assumptions(18)— — — — 8 — — — — 
Effect of actual variances from expected experience(19)— — — 1 4 — — — (6)
Adjusted beginning of period balance2,014 — — — (21)2,080 — — — (12)
Issuances11 — — — — 15 — — — — 
Interest accrual25 — — — — 25 — — — — 
Net premiums collected(49)— — — 1 (51)— — — 1 
Ending Balance at original discount rate2,001 — — — (20)2,069 — — — (11)
Effect of changes in discount rate assumptions17 — — — 1 81 — — — — 
Balance, end of period$2,018 $— $— $— $(19)$2,150 $— $— $— $(11)
Present Value of Expected Future Policy Benefits
Balance, beginning of period$3,466 $844 $3,620 $490 $1,484 $3,449 $828 $2,689 $523 $1,554 
Three Months Ended March 31, 2024Three Months Ended March 31, 2023
TermPayout - Non-LegacyPayout-LegacyGroup PensionHealthTermPayout-Non-LegacyPayout-LegacyGroup PensionHealth
(in millions)
Beginning balance of original discount rate3,317 840 3,840 536 1,672 3,376 845 3,024 583 1,795 
Effect of changes in cash flow assumptions(20)(1)— — — 9 — — — — 
Effect of actual variances from expected experience(23)(1)(2)1 1 5 — 1 (1)(7)
Adjusted beginning of period balance3,274 838 3,838 537 1,673 3,390 845 3,025 582 1,788 
Issuances12 11 269 — — 16 14 222 — — 
Interest accrual41 10 35 5 14 42 10 21 5 15 
Benefits payments(63)(23)(89)(16)(41)(95)(23)(65)(17)(33)
Ending balance at original discount rate3,264 836 4,053 526 1,646 3,353 846 3,203 570 1,770 
Effect of changes in discount rate assumptions64 (16)(286)(53)(215)162 6 (257)(48)(198)
Balance, end of period$3,328 $820 $3,767 $473 $1,431 $3,515 $852 $2,946 $522 $1,572 
Net liability for future policy benefits$1,310 $820 $3,767 $473 $1,451 $1,365 $853 $2,945 $522 $1,584 
Less: Reinsurance recoverable(207)(36)(1,516)— (1,147)(206)— (589)— (1,258)
Net liability for future policy benefits, after reinsurance recoverable$1,103 $784 $2,251 $473 $304 $1,159 $853 $2,356 $522 $326 
Weighted-average duration of liability for future policyholder benefits (years)6.99.37.67.08.67.19.47.97.18.7
The following table reconciles the policyholders account balances to the policyholders’ account balance liability in the consolidated balance sheets:
March 31, 2024December 31, 2023
(in millions)
Policyholders’ account balance reconciliation
UL$5,163 $5,202 
VUL4,156 4,145 
GMxB Legacy617 618 
GMxB Core(12)(5)
SCS42,782 40,649 
EQUI-VEST Individual2,241 2,322 
EQUI-VEST Group11,430 11,563 
Momentum590 608 
Other (1)3,025 2,995 
Balance (exclusive of Funding Agreements)69,992 68,097 
Funding Agreements14,137 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 LifeVariable Universal LifeGMxB LegacyGMxB CoreSCS (1)EQUI-VEST IndividualEQUI-VEST GroupMomentum
(Dollars in millions)
Balance, beginning of period$5,202$4,145$618$(5)$40,649$2,322$11,563$608
Issuances————————
Premiums received1662219103715118
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—351(8)541281(8)
Interest credited (2)5546612,57816963
Other————————
Balance, end of period$5,163$4,156$617$(12)$42,782$2,241$11,430$590
Weighted-average crediting rate3.79 %3.76 %2.71 %1.36 %N/A2.98 %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 LifeVariable Universal LifeGMxB LegacyGMxB CoreSCS (1)EQUI-VEST IndividualEQUI-VEST GroupMomentum
(Dollars in millions)
Balance, beginning of period$5,341$4,253$688$42$35,460$2,652$12,046$703
Issuances————————
Premiums received183332016—1114819
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)950369(9)
Interest credited (2)5546711,597191023
Other—————311—
Balance, end of period$5,291$4,181$685$25$37,341$2,574$11,952$684
Weighted-average crediting rate3.64%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 table reconciles the Separate Account liabilities to the Separate Account liability balance in the consolidated balance sheets:
March 31, 2024December 31, 2023
(in millions)
Separate Account Reconciliation
VUL$14,689 $13,694 
GMxB Legacy34,860 33,793 
GMxB Core28,111 27,664 
EQUI-VEST Individual4,828 4,584 
Investment Edge4,204 4,048 
EQUI-VEST Group29,018 26,960 
Momentum4,706 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
VULGMxB LegacyGMxB CoreEQUI-VEST IndividualInvestment EdgeEQUI-VEST GroupMomentum
(in millions)
Balance, beginning of period$13,694 $33,793 $27,664 $4,584 $4,048 $26,960 $4,421 
Premiums and deposits200 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
VULGMxB LegacyGMxB CoreEQUI-VEST IndividualInvestment EdgeEQUI-VEST GroupMomentum
(in millions)
Balance, beginning of period$11,534 $32,616 $27,017 $4,162 $3,772 $22,393 $3,884 
Premiums and deposits191 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 account57 — 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.
Schedule of Liability for Future Policy Benefits, Undiscounted and Discounted Expected Gross Premiums and Expected Future Benefits and Expenses
The following table provides the amount of undiscounted and discounted expected gross premiums and expected future benefits and expenses related to nonparticipating traditional and limited payment contracts:
March 31, 2024December 31, 2023
(in millions)
Term
Expected future benefit payments and expenses (undiscounted)$5,750 $5,860 
Expected future gross premiums (undiscounted)6,877 6,956 
Expected future benefit payments and expenses (discounted)3,328 3,466 
Expected future gross premiums (discounted)3,721 3,862 
March 31, 2024December 31, 2023
(in millions)
Payout-Legacy
Expected future benefit payments and expenses (undiscounted)5,530 5,204 
Expected future gross premiums (undiscounted)— — 
Expected future benefit payments and expenses (discounted)3,682 3,538 
Expected future gross premiums (discounted)— — 
Payout-Non-Legacy
Expected future benefit payments and expenses (undiscounted)1,414 1,426 
Expected future gross premiums (undiscounted)— — 
Expected future benefit payments and expenses (discounted)786 812 
Expected future gross premiums (discounted)— — 
Group Pension
Expected future benefit payments and expenses (undiscounted)654 668 
Expected future gross premiums (undiscounted)— — 
Expected future benefit payments and expenses (discounted)454 471 
Expected future gross premiums (discounted)— — 
Health
Expected future benefit payments and expenses (undiscounted)2,278 2,318 
Expected future gross premiums (undiscounted)82 85 
Expected future benefit payments and expenses (discounted)1,415 1,468 
Expected future gross premiums (discounted)$64 $68 
Schedule of Liability for Future Policy Benefits, Revenue and Interest Accretion
The table below summarizes the revenue and interest related to nonparticipating traditional and limited payment contracts:
Three Months Ended March 31,Three Months Ended March 31,
2024202320242023
Gross PremiumInterest Accretion
(in millions)
Revenue and Interest Accretion
Term$87 $60 $16 $17 
Payout - Legacy59 27 39 21 
Payout - Non-Legacy9 15 10 10 
Group Pension— — 5 5 
Health3 2 14 15 
Total$158 $104 $84 $68 
Schedule of Liability for Future Policy Benefits, Weighted Average Interest Rates
The following table provides the weighted average interest rates for the liability for future policy benefits:
March 31, 2024December 31, 2023
Weighted Average Interest Rate
Term
Interest accretion rate5.6 %5.6 %
Current discount rate5.1 %4.8 %
Payout - Legacy
Interest accretion rate4.1 %4.0 %
Current discount rate5.1 %4.9 %
Payout - Non-Legacy
Interest accretion rate5.0 %5.0 %
Current discount rate5.2 %4.9 %
Group Pension
Interest accretion rate3.3 %3.3 %
Current discount rate5.1 %4.8 %
Health
Interest accretion rate3.4 %3.4 %
Current discount rate5.2 %4.9 %
Schedule of Balances of and Changes in Additional Liabilities Related to Insurance Guarantees
The following table provides the balance, changes in and the weighted average durations of the additional insurance liabilities:
Three Months Ended March 31,
20242023
UL
(Dollars in millions)
Balance, beginning of period $1,220 $1,120 
Beginning balance before AOCI adjustments 1,230 1,135 
Effect of changes in interest rate and cash flow assumptions and model changes— — 
Effect of actual variances from expected1 6 
Adjusted beginning of period balance1,231 1,141 
Interest accrual14 13 
Net assessments collected17 18 
Benefit payments(21)(18)
Ending balance before shadow reserve adjustments1,241 1,154 
Effect of reserve adjustment recorded in AOCI(13)(12)
Balance, end of period$1,228 $1,142 
Net liability for additional liability$1,228 $1,142 
Less: Reinsurance recoverable(953)(573)
Net liability for additional liability, after reinsurance recoverable$275 $569 
Weighted-average duration of additional liability - death benefit (years)19.721.6
The following tables provide the revenue, interest and weighted average interest rates, related to the additional insurance liabilities:
Three Months Ended March 31,
2024202320242023
AssessmentsInterest Accretion
(in millions)
Revenue and Interest Accretion
UL$164 $172 $14 $13 
Total$164 $172 $14 $13 

Three Months Ended March 31,
20242023
Weighted Average Interest Rate
UL4.5 %4.5 %
Interest accretion rate4.5 %4.5 %