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POLICYHOLDER ACCOUNT BALANCES (Tables)
 3 Months Ended
Mar. 31, 2023
Policyholder Account Balance [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.
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 as of March 31, 2023 and December 31, 2022.
March 31, 2023
Product
(1)
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%
$— $— $4 $1 $5 
1.51% - 2.50%
155 127 640 112 1,034 
Greater than 2.50%
3,565 650 — — 4,215 
Total
$3,720 $777 $644 $113 $5,254 
Variable Universal Life
0.00% - 1.50%
$8 $15 $6 $2 $31 
1.51% - 2.50%
325 129 — — 454 
Greater than 2.50%
3,357 — — — 3,357 
Total
$3,690 $144 $6 $2 $3,842 
GMxB Legacy
0.00% - 1.50%
$387 $— $— $— $387 
1.51% - 2.50%
539 — — — 539 
Greater than 2.50%
33 — — — 33 
Total
$959 $— $— $— $959 
March 31, 2023
Product
(1)
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)
GMxB Core
0.00% - 1.50%
$244 $— $— $— $244 
1.51% - 2.50%
14 — — — 14 
Greater than 2.50%
— — — — — 
Total
$258 $— $— $— $258 
EQUI-VEST Individual
0.00% - 1.50%
$35 $— $55 $239 $329 
1.51% - 2.50%
— — 46 — 46 
Greater than 2.50%
2,121 20 59 — 2,200 
Total
$2,156 $20 $161 $239 $2,575 
EQUI-VEST Group
0.00% - 1.50%
$58 $57 $362 $3,176 $3,653 
1.51% - 2.50%
11 2 897 — 910 
Greater than 2.50%
6,799 342 — — 7,141 
Total
$6,868 $401 $1,259 $3,176 $11,704 
SCS
0.00% - 1.50%
$29,799 $— $— $— $29,799 
1.51% - 2.50%
5,821 — — — 5,821 
Greater than 2.50%
— — — — — 
Total
$35,620 $— $— $— $35,620 
Momentum
0.00% - 1.50%
$13 $291 $119 $7 $430 
1.51% - 2.50%
174 1 — — 175 
Greater than 2.50%
73 — 5 — 78 
Total
$260 $292 $124 $7 $683 


December 31, 2022
ProductRange 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%
$— $— $5 $1 $6 
1.51% - 2.50%
181 197 605 47 1,030 
Greater than 2.50%
3,615 657 — — 4,272 
Total
$3,796 $854 $610 $48 $5,308 
December 31, 2022
ProductRange 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)
Variable Universal Life
0.00% - 1.50%
$12 $9 $5 $1 $27 
1.51% - 2.50%
411 42 — — 453 
Greater than 2.50%
3,441 — — — 3,441 
Total
$3,864 $51 $5 $1 $3,921 
GMxB Legacy
0.00% - 1.50%
$386 $— $— $— $386 
1.51% - 2.50%
560 — — — 560 
Greater than 2.50%
35 — — — 35 
Total
$981 $— $— $— $981 
GMxB Core
0.00% - 1.50%
$257 $— $— $— $257 
1.51% - 2.50%
14 — — — 14 
Greater than 2.50%
— — — — — 
Total
$271 $— $— $— $271 
EQUI-VEST Individual
0.00% - 1.50%
$345 $— $— $— $345 
1.51% - 2.50%
46 — — — 46 
Greater than 2.50%
2,199 — 62 — 2,261 
Total
$2,590 $— $62 $— $2,652 
EQUI-VEST Group
0.00% - 1.50%
$109 $5 $366 $3,112 $3,592 
1.51% - 2.50%
11 2 889 — 902 
Greater than 2.50%
6,949 21 330 — 7,300 
Total
$7,069 $28 $1,585 $3,112 $11,794 
SCS
0.00% - 1.50%
$27,846 $— $— $— $27,846 
1.51% - 2.50%
5,527 — — — 5,527 
Greater than 2.50%
— — — — — 
Total
$33,373 $— $— $— $33,373 
Momentum
0.00% - 1.50%
$15 $301 $122 $7 $445 
1.51% - 2.50%
178 1 — — 179 
Greater than 2.50%
73 — 5 — 78 
Total
$266 $302 $127 $7 $702 

Separate Account - Summary
Schedule of Investment in Variable Insurance Trust Mutual Funds
The following table presents the aggregate fair value of separate account assets by major asset category as of March 31, 2023 and December 31, 2022:
March 31, 2023
Life Insurance & Employee Benefits ProductsIndividual Variable Annuity ProductsEmployer - Sponsored ProductsOtherTotal
(in millions)
Asset Type
Debt securities$63 $1 $16 $10 $90 
Common Stock51 33 457 1,712 2,253 
Mutual Funds12,132 69,990 29,428 743 112,293 
Bonds and Notes114 3 1 1,131 1,249 
Total$12,361 $70,027 $29,902 $3,596 $115,885 


December 31, 2022
Life Insurance & Employee Benefits ProductsIndividual Variable Annuity ProductsEmployer - Sponsored ProductsOtherTotal
(in millions)
Asset Type
Debt securities$58 $1 $17 $8 $84 
Common Stock41 32 430 1,686 2,189 
Mutual Funds11,402 68,220 27,639 760 108,021 
Bonds and Notes119 3 1 1,062 1,185 
Total$11,620 $68,256 $28,087 $3,516 $111,479