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POLICYHOLDER ACCOUNT BALANCES (Tables)
 3 Months Ended
Mar. 31, 2024
Policyholder Account Balance [Abstract]  
Schedule of Policyholder Account Balance
The following tables summarize balances and changes in the liability for future policy benefits for nonparticipating traditional and limited pay contracts.
The payout annuities result from annuitization of current contracts. Inflows are the liquidation of the account values not premiums:
Three Months Ended March 31,
Payout-Legacy
20242023
(Dollars in millions)
Present Value of Expected Future Policy Benefits
Balance, beginning of period$340 $— 
Beginning balance of original discount rate333 — 
Effect of changes in cash flow assumptions— — 
Effect of actual variances from expected experience— — 
Adjusted beginning of period balance333 — 
Issuances119 — 
Interest accrual4 — 
Benefits payments(8)— 
Ending balance at original discount rate448 — 
Effect of changes in discount rate assumptions(1)— 
Balance, end of period$447 $— 
Net liability for future policy benefits$447 $— 
Less: Reinsurance recoverable— — 
Net liability for future policy benefits, after reinsurance recoverable$447 $— 
Weighted-average duration of liability for future policyholder benefits (years)7.7— 
The following tables reconcile 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$1,180 $1,186 
IUL 2,460 2,431 
EI 1,893 1,964 
EG6,544 6,619 
SCS44,594 40,353 
Other (1)(28,415)(27,590)
Total$28,256 $24,963 
______________
(1)Includes $(31.3) billion of assumed fair value of the modco reinsurance with Equitable Financial.
The following tables summarize the balances and changes in policyholders’ account balances:
Three Months Ended March 31, 2024
ULIUL EI EGSCS (1)
(Dollars in millions)
Balance, beginning of period$1,186$2,431$1,964$6,61940,353
Issuances
—————
Premiums received115613781
Policy charges(121)(49)—(1)(3)
Surrenders and withdrawals(4)(31)(78)(249)(777)
Benefit payments(5)(5)(6)(4)(62)
Net transfers from (to) separate account——(4)432,483
Interest credited (2)
95314582,599
Balance, end of period$1,180$2,460$1,893$6,544$44,594
Weighted-average crediting rate3.56%2.46%2.89%2.37%—%
Net amount at risk (3)
$15,806$18,940$94$4$—
Cash surrender value$1,034$1,872$1,889$6,496$41,487
    
______________
(1)SCS sales are recorded in a Separate Account holding account until they are swept into the General Account. This sweep is recorded as Net Transfers from (to) separate.
(2)SCS 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 at risk is the maximum GMxB NAR for the policyholder.
Three Months Ended March 31, 2023
IULVUL GMxB CoreIESCS (1)Reinsured (2)
(Dollars in millions)
Balance, beginning of period$1,962$655$27$7$242$819
Issuances——————
Premiums received58529——6
Policy charges(44)(9)(2)——(9)
Surrenders and withdrawals(7)———(1)(23)
Benefit payments(3)(2)———(2)
Net transfers from (to) separate account—11(26)771,031—
Three Months Ended March 31, 2023
IULVUL GMxB CoreIESCS (1)Reinsured (2)
(Dollars in millions)
Interest credited (3)309—1248
Other—————1
Balance, end of period$1,996$669$28$85$1,296$800
Weighted-average crediting rate2.23%3.52%1.00%1.00%1.00%4.12%
Net amount at risk (4)$18,004$30,589$9$—$—$4,011
Cash surrender value$1,505$535$32$81$1,208$799
___________
(1)SCS sales are recorded in a Separate Account holding account until they are swept into the General Account. This sweep is recorded as Net Transfers from (to) separate account.
(2)Reinsured primarily reflects Protective Life reinsured business.
(3)SCS includes amounts related to the change in embedded derivative.
(4)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 at risk is the maximum GMxB NAR for the policyholder.
Separate Account - Summary
The following tables reconcile 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$2,317 $2,128 
GMxB Core2,710 2,166 
IE 319 226 
Reinsured1,085 1,022 
Other 399 212 
Total $6,830 $5,754 
The following tables present the balances of and changes in Separate Account liabilities:
Three Months Ended March 31, 2024
VULGMxB CoreIEReinsured (2)
(in millions)
Balance, beginning of period$2,128 $2,166 $226 $1,022 
Premiums and deposits105 388 245 5 
Policy charges (36)(4)— (7)
Surrenders and withdrawals(13)(17)(4)(22)
Benefit payments(5)(2)— (4)
Investment performance (1)151 129 14 — 
Net transfers from (to) general account(13)50 (162)91 
Other charges — — — — 
Balance, end of period$2,317 $2,710 $319 $1,085 
Cash surrender value$1,982 $2,522 $305 $— 
_______________
(1)Investment performance is reflected net of mortality and expense fees.
(2)Reinsured primarily reflects Protective Life reinsured ceded business.
Three Months Ended March 31, 2023
VULGMxB CoreIE Reinsured (1)
(in millions)
Balance, beginning of period$1,653 $756 $26 $913 
Premiums and deposits96 139 138 5 
Policy charges(32)(2)— (8)
Surrenders and withdrawals(10)(5)— (14)
Benefit payments(2)(2)— (4)
Investment performance (2)98 38 1 74 
Net transfers from (to) general account(11)26 (77)— 
Other charges— — — — 
Balance, end of period$1,792 $950 $88 $966 
Cash surrender value$1,468 $874 $84 $— 
______________
(1)Reinsured primarily reflects Protective Life reinsured ceded business.
(2)Investment performance is reflected net of mortality and expense fees.
Schedule of Policyholder Account Balance, Guaranteed Minimum Crediting Rate
The following table presents 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 RateAt 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)
Universal Life
0.00% - 1.50%
$— $— $— $— $— 
1.51% - 2.50%
31 23 300 341 695 
Greater than 2.50%
— 486 — — 486 
Total
$31 $509 $300 $341 $1,181 
Indexed Universal Life
0.00% - 1.50%
— — — — — 
1.51% - 2.50%
1,116 152 1,076 — 2,344 
Greater than 2.50%
— — — — — 
Total
$1,116 $152 $1,076 $— $2,344 
EQUI-VEST Individual
0.00% - 1.50%
45 201 — — 246 
1.51% - 2.50%
39 — — — 39 
Greater than 2.50%
1,608 — — — 1,608 
Total
1,692 201 — — 1,893 
SCSProducts with either a fixed rate or no guaranteed minimumN/AN/AN/AN/AN/A
March 31, 2024
Product
Range of Guaranteed Minimum Crediting RateAt 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 Group
0.00% - 1.50%
$464 $2,035 $23 $253 $2,775 
1.51% - 2.50%
$271 $— $— $— $271 
Greater than 2.50%
$2,556 $— $— $— $2,556 
Total
$3,291 $2,035 $23 $253 $5,602 


December 31, 2023
Product
Range of Guaranteed Minimum Crediting RateAt 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)
Universal Life
0.00% - 1.50%
$— $— $— $— $— 
1.51% - 2.50%
47 9 339 298 693 
Greater than 2.50%
— 492 — — 492 
Total
$47 $501 $339 $298 $1,185 
Indexed Universal Life
0.00% - 1.50%
$— $— $— $— $— 
1.51% - 2.50%
1,112 218 1,001 — 2,331 
Greater than 2.50%
— — — — — 
Total
$1,112 $218 $1,001 $— $2,331 
EQUI-VEST Individual
0.00% - 1.50%
$47 $205 $— $— $252 
1.51% - 2.50%
42 — — — 42 
Greater than 2.50%
1,670 — — — 1,670 
Total
$1,759 $205 $— $— $1,964 
SCS
Products with either a fixed rate or no guaranteed minimum
N/A
N/A
N/A
N/A
N/A
EQUI-VEST Group
0.00% - 1.50%
$488 $2,020 $11 $277 $2,796 
1.51% - 1.51%
269 — — — 269 
Greater than 2.50%
2,642 — — — 2,642 
Total
$3,399 $2,020 $11 $277 $5,707 
Schedule of Investment in Variable Insurance Trust Mutual Funds
The following tables present the aggregate fair value of Separate Account assets by major asset category:
March 31, 2024
Life Insurance & Employee Benefits ProductsIndividual Variable Annuity ProductsEmployer - Sponsored ProductsOtherTotal
(in millions)
Asset Type
Mutual Funds$2,869 $3,911 $38 $12 $6,830 
Total$2,869 $3,911 $38 $12 $6,830 


December 31, 2023
Life Insurance & Employee Benefits ProductsIndividual Variable Annuity ProductsOtherTotal
(in millions)
Asset Type
Mutual Funds$2,642 $3,100 $12 $5,754 
Total$2,642 $3,100 $12 $5,754