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LIABILITIES FOR FUTURE POLICYHOLDER BENEFITS (Tables)
 3 Months Ended
Mar. 31, 2023
Insurance [Abstract]  
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 for the three months ended March 31, 2023 and 2022.
Three Months Ended March 31, 2023Three Months Ended March 31, 2022
TermPayout - Non-LegacyPayout-LegacyGroup PensionHealthTermPayout-Non-LegacyPayout-LegacyGroup PensionHealth
(in millions)
Balance, beginning of the period$2,090 $— $— $— $(6)$2,472 $— $— $— $22 
Beginning balance at original discount rate
2,068 — — — (6)1,853 — — — 19 
Effect of changes in cash flow assumptions8 — — — — — — — — — 
Effect of actual variances from expected experience4 — — — (6)55 — — — (18)
Adjusted beginning of period balance2,080 — — — (12)1,908 — — — 1 
Issuances15 — — — — 22 — — — — 
Interest accrual25 — — — — 24 — — — — 
Net premiums collected(51)— — — 1 (49)— — — — 
Ending Balance at original discount rate2,069 — — — (11)1,905 — — — 1 
Effect of changes in discount rate assumptions81 — — — — 385 — — — 1 
Balance, end of the period$2,150 $— $— $— $(11)$2,290 $— $— $— $2 
March 31, 2023March 31, 2022
TermPayout - Non-LegacyPayout - LegacyGroup PensionHealthTermPayout - Non-LegacyPayout - LegacyGroup PensionHealth
( in millions)
Present Value of Expected Future Policy Benefits
Balance, beginning of the period$3,449 $828 $2,689 $523 $1,554 $4,274 $1,114 $2,547 $683 $2,092 
Beginning balance of original discount rate3,376 845 3,024 583 1,795 3,225 883 2,400 632 1,915 
Effect of changes in cash flow assumptions9 — — — — — — — — — 
Effect of actual variances from expected experience5 — 1 (1)(7)60 (1)(4)— (20)
Adjusted beginning of period balance3,390 845 3,025 582 1,788 3,285 882 2,396 632 1,895 
Issuances16 14 222 — — 23 9 152 — — 
Interest accrual42 10 21 5 15 41 10 16 6 15 
Benefits payments(95)(23)(65)(17)(33)(135)(23)(47)(18)(41)
Ending balance at original discount rate3,353 846 3,203 570 1,770 3,214 878 2,517 620 1,869 
Effect of changes in discount rate assumptions162 6 (257)(48)(198)646 126 (58)1 (5)
Balance, end of the period$3,515 $852 $2,946 $522 $1,572 $3,860 $1,004 $2,459 $621 $1,864 
Net liability for future policy benefits$1,365 $853 $2,945 $522 $1,584 $1,570 $1,004 $2,459 $621 $1,862 
Less: Reinsurance recoverable(206)— (589)— (1,258)(244)— (203)— (1,479)
Net liability for future policy benefits, after reinsurance recoverable$1,159 $853 $2,356 $522 $326 $1,326 $1,004 $2,256 $621 $383 
Weighted-average duration of liability for future policyholder benefits (years)7.19.47.97.18.77.59.68.47.28.9
The following table summarizes the balances and changes in policyholders’ account balances three months ended and as of March 31, 2023 and 2022:
Universal LifeVariable Universal LifeGMxB LegacyGMxB CoreSCS (1)EQUI-VEST IndividualEQUI-VEST GroupMomentum
March 31, 2023( in millions)
Balance, beginning of the 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 the 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 reflected 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.
Universal LifeVariable Universal LifeGMxB LegacyGMxB CoreSCS (1)EQUI-VEST IndividualEQUI-VEST GroupMomentum
March 31, 2022( in millions)
Balance, beginning of the period$5,462$4,193$746$99$33,443$2,784$11,952$705
Issuances————————
Premiums received191431636—1514923
Policy charges(200)(53)13(9)——(1)—
Surrenders and withdrawals(20)—(16)(9)(714)(45)(195)(36)
Benefit payments(53)(2)(26)(1)(59)(15)(19)(1)
Net transfers from (to) separate account—33(38)1,7171010923
Interest credited (2)563872(272)20663
Other————————
Balance, end of the period$5,436$4,222$743$80$34,115$2,769$12,061$717
Weighted-average crediting rate3.62%3.88%1.81%1.05%1.14%2.86%2.36%2.04%
Net amount at risk (3)$39,254$84,437$17,987$1,785$10$104$19$—
Cash surrender value$3,521$2,892$1,031$291$31,608$2,761$11,982$716
______________
(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 reflected 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 policyholders account balances to the policyholders’ account balance liability in the consolidated balance sheet as of March 31, 2023 and December 31, 2022.
March 31, 2023December 31, 2022
(in millions)
Policyholders’ account balance reconciliation
UL$5,291 $5,341 
VUL4,181 4,253 
GMxB Legacy685 688 
GMxB Core25 42 
EQUI-VEST Individual2,574 2,652 
SCS37,341 35,460 
EQUI-VEST Group11,952 12,046 
Momentum684 703 
Other (1)2,966 2,920 
Balance (exclusive of Funding Agreements)65,699 64,105 
Funding Agreements15,798 15,637 
Balance, end of the period$81,497 $79,742 
_______________
(1) Primarily reflects products, IR Payout, IR Other, Investment Edge, Association, Indexed Universal Life, Group Pension and Closed Block.
The following table presents the balances of and changes in separate account liabilities three months ended and as of March 31, 2023 and 2022.
VULGMxB LegacyGMxB CoreEQUI-VEST IndividualInvestment EdgeEQUI-VEST GroupMomentum
March 31, 2023(in millions)
Balance, beginning of the 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 the 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.
VULGMxB LegacyGMxB CoreEQUI-VEST IndividualInvestment EdgeEQUI-VEST GroupMomentum
March 31, 2022(in millions)
Balance, beginning of the period$14,573 $44,912 $34,973 $5,584 $4,287 $27,509 $4,975 
Premiums and deposits191 55 333 42 241 523 185 
Policy charges (105)(183)(114)— — (4)(5)
Surrenders and withdrawals(106)(771)(688)(88)(68)(356)(210)
Benefit payments(53)(186)(70)(16)(11)(20)(1)
Investment performance (1)(921)(2,933)(2,178)(380)(257)(1,874)(326)
Net transfers from (to) general account(3)(3)38 (10)(39)(109)(23)
Balance, end of the period$13,576 $40,891 $32,294 $5,132 $4,153 $25,669 $4,595 
Cash surrender value$13,570 $40,601 $31,378 $5,096 $4,061 $25,426 $4,588 
______________
(1) Investment performance is reflected net of M&E fees.

The following table reconciles the separate account liabilities to the separate account liability balance in the consolidated balance sheet as of March 31, 2023 and December 31, 2022.
March 31, 2023December 31, 2022
(in millions)
Separate Account Reconciliation
VUL$12,292 $11,534 
GMxB Legacy33,459 32,616 
GMxB Core27,599 27,017 
EQUI-VEST Individual4,342 4,162 
Investment Edge3,892 3,772 
EQUI-VEST Group23,940 22,393 
Momentum4,141 3,884 
Other (1)6,220 6,101 
Total$115,885 $111,479 
_____________
(1)Primarily reflects Corp and Other products and Employer Sponsored products including Association and Other.
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 sheet as of March 31, 2023 and December 31, 2022.
March 31, 2023December 31, 2022
(in millions)
Reconciliation
Term$1,365 $1,359 
Payout - Non Legacy853 828 
Payout - Legacy2,945 2,689 
Group Pension - Benefit Reserve & DPL522 523 
Health1,584 1,560 
Universal Life - additional liability for death benefits1,141 1,119 
Subtotal8,410 8,078 
  Whole Life Closed Block and Open Block products
5,620 5,687 
Other (1)597 608 
Future policyholder benefits total14,627 14,373 
  Other policyholder funds and dividends payable
1,406 1,562 
Total$16,033 $15,935 
______________
(1)Primarily consists of Future policy benefits related to Assumed Life and DI, GRP Life Run off, VISL rider and Major Med products.
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 as of March 31, 2023 and December 31, 2022:
March 31, 2023December 31, 2022
(in million)
Term
Expected future benefit payments and expenses (undiscounted)$5,952 $6,002 
Expected future gross premiums (undiscounted)7,161 7,245 
Expected future benefit payments and expenses (discounted)3,516 3,449 
Expected future gross premiums (discounted)3,961 3,883 
Payout-Legacy
Expected future benefit payments and expenses (undiscounted)4,227 3,947 
Expected future gross premiums (undiscounted)— — 
Expected future benefit payments and expenses (discounted)2,861 2,607 
Expected future gross premiums (discounted)— — 
Payout-Non-Legacy
Expected future benefit payments and expenses (undiscounted)1,456 1,460 
Expected future gross premiums (undiscounted)— — 
Expected future benefit payments and expenses (discounted)825 801 
Expected future gross premiums (discounted)— — 
Group Pension
Expected future benefit payments and expenses (undiscounted)713 730 
Expected future gross premiums (undiscounted)— — 
Expected future benefit payments and expenses (discounted)550 563 
Expected future gross premiums (discounted)— — 
March 31, 2023December 31, 2022
(in million)
Health
Expected future benefit payments and expenses (undiscounted)2,469 2,510 
Expected future gross premiums (undiscounted)94 99 
Expected future benefit payments and expenses (discounted)1,553 1,533 
Expected future gross premiums (discounted)$75 $78 
Schedule of Liability for Future Policy Benefits, Revenue and Interest Accretion
The tables below summarizes the revenue and interest related to nonparticipating traditional and limited payment contracts for the three months ended March 31, 2023 and 2022:
Three Months Ended March 31,
2023202220232022
Gross PremiumInterest Accretion
(in millions)
Revenue and Interest Accretion
Term$60 $62 $17 $18 
Payout - Legacy27 21 21 16 
Payout - Non-Legacy15 9 10 10 
Group Pension— — 5 5 
Health2 2 15 15 
Total$104 $94 $68 $64 
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 as of March 31, 2023 and December 31, 2022:
March 31, 2023December 31, 2022
Weighted Average Interest Rate
Term Life
Interest accretion rate5.6 %5.7 %
Current discount rate4.7 %5.1 %
Payout Legacy
Interest accretion rate3.6 %3.4 %
Current discount rate4.8 %5.0 %
Payout - Non-Legacy
Interest accretion rate4.9 %4.9 %
Current discount rate4.9 %5.2 %
Group Pension
Interest accretion rate3.4 %3.4 %
Current discount rate4.7 %5.1 %
Health
Interest accretion rate3.3 %3.3 %
Current discount rate4.9 %5.2 %
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 for the three months ended March 31, 2023 and 2022.
Three Month Ended March 31,
20232022
(in millions)
Universal LifeUniversal Life
Balance, beginning of the period$1,120 $1,082 
Beginning balance before AOCI adjustments1,135 1,076 
Effect of changes in interest rate and cash flow assumptions and model changes— 5 
Effect of actual variances from expected6 5 
Adjusted beginning of the period balance1,141 1,086 
Interest accrual13 12 
Net assessments collected18 21 
Benefit payments(18)(29)
Ending balance before shadow reserve adjustments1,154 1,090 
Effect of reserve adjustment recorded in AOCI(12)(1)
Balance, end of the period$1,142 $1,089 
Net liability for additional liability$1,142 $1,089 
Less: Reinsurance recoverable(573)(552)
Net liability for additional liability, after reinsurance recoverable$569 $537 
Weighted-average duration of additional liability - death benefit (years)21.622.9
______________
(1)    Universal Life Additional Liability SOP ending net liability not inclusive of $43 million of LTC and Shadow SOP as of December 31, 2022.
The following tables provides the revenue, interest and weighted average interest rates, related to the additional insurance liabilities for the three months ended and as of March 31, 2023 and 2022.
Three Months Ended March 31,
2023202220232022
AssessmentsInterest Accretion
(in millions)
Revenue and Interest Accretion
Universal Life$172 $180 $13 $12 
Total$172 $180 $13 $12 

March 31,
20232022
Weighted Average Interest Rate
Universal Life4.5 %4.5 %
Interest accretion rate4.5 %4.5 %