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POLICYHOLDER ACCOUNT BALANCES
 9 Months Ended
Sep. 30, 2023
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:
September 30, 2023December 31, 2022
(in millions)
Policyholders’ account balance reconciliation
UL$5,236 $5,341 
VUL4,115 4,253 
GMxB Legacy644 688 
GMxB Core12 42 
SCS38,653 35,460 
EQUI-VEST Individual2,432 2,652 
EQUI-VEST Group11,729 12,046 
Momentum629 703 
Other (1)2,947 2,916 
Balance (exclusive of Funding Agreements)66,397 64,101 
Funding Agreements15,755 15,641 
Balance, end of period$82,152 $79,742 
_______________
(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:
Nine Months Ended September 30, 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 received52892703752746049
Policy charges(572)(161)96(6)—(4)—
Surrenders and withdrawals(58)(33)(68)(24)(2,034)(257)(1,207)(105)
Benefit payments(169)(82)(75)(1)(191)(56)(55)(4)
Net transfers from (to) separate account—(86)—(51)2,1537210(24)
Interest credited (2)1661322033,2665626810
Other—————311—
Balance, end of period$5,236$4,115$644$12$38,653$2,432$11,729$629
Weighted-average crediting rate3.75 %3.74 %2.71 %1.32 %N/A2.90 %2.56 %2.33 %
Net amount at risk (3)$36,003 $83,850 $23,123 $3,586 $23 $126 $51 $— 
Cash surrender value$3,450 $2,659 $607 $229 $35,030 $2,427 $11,672 $630 
Nine Months Ended September 30, 2022
Universal LifeVariable Universal LifeGMxB LegacyGMxB CoreSCS (1)EQUI-VEST IndividualEQUI-VEST GroupMomentum
(Dollars in millions)
Balance, beginning of period$5,462$4,193$746$99$33,443$2,784$11,952$705
Issuances————————
Premiums received5581094912013745061
Policy charges(596)(155)6(15)—(1)(5)—
Surrenders and withdrawals(68)(12)(43)(22)(1,931)(131)(612)(101)
Benefit payments(156)(69)(76)(2)(156)(44)(55)(2)
Net transfers from (to) separate account—946(115)5,6842524248
Interest credited (2)168106224(4,250)6014211
Other————————
Balance, end of period$5,368$4,266$710$69$32,791$2,730$12,114$722
Weighted-average crediting rate3.66%3.73%2.71%1.05%N/A2.94%2.55%2.03%
Net amount at risk (3)$38,282$85,816$23,933$3,771$163$160$274$—
Cash surrender value$3,518$2,892$697$285$28,910$2,723$12,029$721
______________
(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:
September 30, 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)
UL
0.00% - 1.50%
$— $— $1 $5 $6 
1.51% - 2.50%
89 66 553 326 1,034 
Greater than 2.50%
3,529 635 — — 4,164 
Total
$3,618 $700 $553 $331 $5,203 
VUL
0.00% - 1.50%
$7 $10 $14 $6 $37 
1.51% - 2.50%
124 341 6 — 471 
Greater than 2.50%
3,249 — — — 3,249 
Total
$3,380 $351 $20 $6 $3,757 
GMxB Legacy
0.00% - 1.50%
$81 $16 $— $— $97 
1.51% - 2.50%
23 — — — 23 
Greater than 2.50%
489 — — — 489 
Total
$592 $16 $— $— $609 
September 30, 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%
$13 $196 $— $— $209 
1.51% - 2.50%
13 — — — 13 
Greater than 2.50%
11 — — — 11 
Total
$37 $196 $— $— $233 
EQUI-VEST Individual
0.00% - 1.50%
$52 $225 $— $— $277 
1.51% - 2.50%
44 — — — 44 
Greater than 2.50%
2,112 — — — 2,112 
Total
$2,208 $225 $— $— $2,433 
EQUI-VEST Group
0.00% - 1.50%
$791 $2,310 $35 $341 $3,477 
1.51% - 2.50%
336 — — — 336 
Greater than 2.50%
6,845 — — — 6,845 
Total
$7,972 $2,310 $35 $341 $10,658 
SCSProducts with either a fixed rate or no guaranteed minimumN/AN/AN/AN/AN/A
Momentum
0.00% - 1.50%
$— $12 $337 $55 $404 
1.51% - 2.50%
148 1 — — 149 
Greater than 2.50%
70 — 5 — 75 
Total
$218 $13 $342 $55 $628 

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)
UL
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 
VUL
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 
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)
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 
SCSProducts with either a fixed rate or no guaranteed minimumN/AN/AN/AN/AN/A
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
The following tables present the balances of and changes in Separate Account liabilities:
Nine Months Ended September 30, 2023
VULGMxB LegacyGMxB CoreEQUI-VEST IndividualInvestment EdgeEQUI-VEST GroupMomentum
(in millions)
Balance, beginning of period$11,535 $32,616 $27,017 $4,162 $3,772 $22,393 $3,884 
Premiums and deposits561 166 379 70 272 1,574 478 
Policy charges (321)(495)(357)(2)— (13)(15)
Surrenders and withdrawals(380)(2,001)(1,877)(294)(287)(1,218)(529)
Benefit payments(60)(562)(171)(43)(33)(43)(8)
Investment performance (1)1,010 2,045 1,100 360 190 1,790 306 
Net transfers from (to) general account86 — 51 (7)(118)(210)24 
Other charges (2) — — — 4 — 25 — 
Balance, end of period$12,431 $31,769 $26,142 $4,250 $3,796 $24,298 $4,140 
Cash surrender value$12,436 $31,481 $25,424 $4,218 $3,715 $24,031 $4,132 
______________
(1)Investment performance is reflected net of M&E fees.
(2)For the nine months ended September 30, 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.
Nine Months Ended September 30, 2022
VULGMxB LegacyGMxB CoreEQUI-VEST IndividualInvestment EdgeEQUI-VEST GroupMomentum
(in millions)
Balance, beginning of period$14,574 $44,912 $34,973 $5,584 $4,287 $27,509 $4,975 
Premiums and deposits564 183 801 102 663 1,545 480 
Policy charges (316)(515)(364)(2)1 (12)(15)
Surrenders and withdrawals(283)(2,056)(1,771)(225)(248)(1,018)(510)
Benefit payments(80)(538)(171)(41)(26)(47)(9)
Investment performance (1)(3,558)(10,375)(7,338)(1,396)(954)(7,033)(1,176)
Net transfers from (to) general account(94)(9)115 (25)(158)(242)(47)
Balance, end of period$10,807 $31,602 $26,245 $3,997 $3,565 $20,702 $3,698 
Cash surrender value$10,839 $31,301 $25,395 $3,965 $3,470 $20,482 $3,692 
______________
(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 sheets:
September 30, 2023December 31, 2022
(in millions)
Separate Account Reconciliation
VUL$12,431 $11,535 
GMxB Legacy31,769 32,616 
GMxB Core26,142 27,017 
EQUI-VEST Individual4,250 4,162 
Investment Edge3,796 3,772 
EQUI-VEST Group24,298 22,393 
Momentum4,140 3,884 
Other (1)5,961 6,100 
Total$112,787 $111,479 
_____________
(1)Primarily reflects Corporate and Other products and Employer Sponsored products including Association and Other.
The following tables present the aggregate fair value of Separate Account assets by major asset category:
September 30, 2023
Life Insurance & Employee Benefits ProductsIndividual Variable Annuity ProductsEmployer - Sponsored ProductsOtherTotal
(in millions)
Asset Type
Debt securities$53 $1 $19 $7 $80 
Common Stock59 33 457 1,558 2,107 
Mutual Funds12,302 66,639 29,733 683 109,357 
Bonds and Notes95 3 1 1,144 1,243 
Total$12,509 $66,676 $30,210 $3,392 $112,787 
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