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LIABILITIES FOR FUTURE POLICYHOLDER BENEFITS (Tables)
 9 Months Ended
Sep. 30, 2023
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:
September 30, 2023December 31, 2022
(in millions)
Reconciliation
Term$1,258 $1,359 
Payout - Non-Legacy789 828 
Payout - Legacy3,192 2,689 
Group Pension - Benefit Reserve & DPL475 523 
Health1,437 1,560 
UL1,172 1,119 
Subtotal8,323 8,078 
  Whole Life Closed Block and Open Block products5,524 5,687 
Other (1)622 608 
Future policyholder benefits total14,469 14,373 
  Other policyholder funds and dividends payable1,460 1,562 
Total$15,929 $15,935 
______________
(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:
Nine Months Ended September 30, 2023Nine Months Ended September 30, 2022
TermPayout - Non-LegacyPayout-LegacyGroup PensionHealthTermPayout-Non-LegacyPayout-LegacyGroup PensionHealth
(in millions)
Present Value of Expected Net Premiums
Balance, beginning of period$2,090 $— $— $— $(6)$2,472 $— $— $— $22 
Beginning balance at original discount rate
2,069 — — — (6)1,854 — — — 19 
Effect of changes in cash flow assumptions32 — — — (8)204 — — — (10)
Effect of actual variances from expected experience(13)— — — (5)37 — — — (12)
Adjusted beginning of period balance2,088 — — — (19)2,095 — — — (3)
Issuances49 — — — — 63 — — — — 
Interest accrual75 — — — (1)72 — — — — 
Net premiums collected(147)— — — 2 (143)— — — 1 
Ending Balance at original discount rate2,065 — — — (18)2,087 — — — (2)
Effect of changes in discount rate assumptions(82)— — — 1 (6)— — — — 
Balance, end of period$1,983 $— $— $— $(17)$2,081 $— $— $— $(2)
Present Value of Expected Future Policy Benefits
Balance, beginning of 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 assumptions40 — — — (12)222 (2)(2)— (5)
Effect of actual variances from expected experience(15)— 1 — (5)40 — (2)— (10)
Adjusted beginning of period balance3,401 845 3,025 583 1,778 3,487 881 2,396 632 1,900 
Issuances53 38 733 — — 67 19 556 — — 
Interest accrual126 29 65 15 43 124 30 47 16 46 
Benefits payments(253)(69)(199)(50)(111)(280)(74)(143)(54)(124)
Ending balance at original discount rate3,327 843 3,624 548 1,710 3,398 856 2,856 594 1,822 
Effect of changes in discount rate assumptions(85)(54)(432)(73)(290)36 (26)(373)(65)(264)
Balance, end of period$3,242 $789 $3,192 $475 $1,420 $3,434 $830 $2,483 $529 $1,558 
Nine Months Ended September 30, 2023Nine Months Ended September 30, 2022
TermPayout - Non-LegacyPayout-LegacyGroup PensionHealthTermPayout-Non-LegacyPayout-LegacyGroup PensionHealth
(in millions)
Net liability for future policy benefits$1,258 $789 $3,192 $475 $1,437 $1,353 $830 $2,483 $529 $1,560 
Less: Reinsurance recoverable(193)(19)(999)— (1,145)(210)— (365)— (1,248)
Net liability for future policy benefits, after reinsurance recoverable$1,065 $770 $2,193 $475 $292 $1,143 $830 $2,118 $529 $312 
Weighted-average duration of liability for future policyholder benefits (years)7.19.37.77.18.77.19.58.27.28.8
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 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.
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:
September 30, 2023December 31, 2022
(in millions)
Term
Expected future benefit payments and expenses (undiscounted)$5,899 $6,002 
Expected future gross premiums (undiscounted)7,015 7,245 
Expected future benefit payments and expenses (discounted)3,242 3,449 
Expected future gross premiums (discounted)3,593 3,883 
Payout-Legacy
Expected future benefit payments and expenses (undiscounted)4,872 3,947 
Expected future gross premiums (undiscounted)— — 
Expected future benefit payments and expenses (discounted)3,105 2,607 
Expected future gross premiums (discounted)— — 
Payout-Non-Legacy
Expected future benefit payments and expenses (undiscounted)1,437 1,460 
Expected future gross premiums (undiscounted)— — 
Expected future benefit payments and expenses (discounted)759 801 
Expected future gross premiums (discounted)— — 
Group Pension
Expected future benefit payments and expenses (undiscounted)683 730 
Expected future gross premiums (undiscounted)— — 
Expected future benefit payments and expenses (discounted)456 563 
Expected future gross premiums (discounted)— — 
September 30, 2023December 31, 2022
(in millions)
Health
Expected future benefit payments and expenses (undiscounted)2,375 2,510 
Expected future gross premiums (undiscounted)90 99 
Expected future benefit payments and expenses (discounted)1,403 1,533 
Expected future gross premiums (discounted)$69 $78 
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:
Nine Months Ended September 30,Nine Months Ended September 30,
2023202220232022
Gross PremiumInterest Accretion
(in millions)
Revenue and Interest Accretion
Term$173 $173 $50 $53 
Payout - Legacy39 76 74 47 
Payout - Non-Legacy16 17 29 30 
Group Pension— — 15 16 
Health6 7 44 46 
Total$234 $273 $212 $192 
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:
September 30, 2023December 31, 2022
Weighted Average Interest Rate
Term
Interest accretion rate5.6 %5.7 %
Current discount rate5.6 %5.1 %
Payout - Legacy
Interest accretion rate3.9 %3.4 %
Current discount rate5.7 %5.0 %
Payout - Non-Legacy
Interest accretion rate5.0 %4.9 %
Current discount rate5.8 %5.2 %
Group Pension
Interest accretion rate3.3 %3.4 %
Current discount rate5.7 %5.1 %
Health
Interest accretion rate3.4 %3.3 %
Current discount rate5.8 %5.2 %
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:
Nine Months Ended September 30,
20232022
UL
(Dollars in millions)
Balance, beginning of period $1,120 $1,082 
Beginning balance before AOCI adjustments 1,135 1,076 
Effect of changes in interest rate and cash flow assumptions and model changes(12)8 
Effect of actual variances from expected14 11 
Adjusted beginning of period balance1,137 1,095 
Interest accrual38 36 
Net assessments collected49 49 
Benefit payments(38)(45)
Ending balance before shadow reserve adjustments1,186 1,135 
Effect of reserve adjustment recorded in AOCI(14)(27)
Balance, end of period$1,172 $1,108 
Net liability for additional liability$1,172 $1,108 
Less: Reinsurance recoverable(927)(571)
Net liability for additional liability, after reinsurance recoverable$245 $537 
Weighted-average duration of additional liability - death benefit (years)19.222.0
The following tables provide the revenue, interest and weighted average interest rates, related to the additional insurance liabilities:
Nine Months Ended September 30,
2023202220232022
AssessmentsInterest Accretion
(in millions)
Revenue and Interest Accretion
UL$487 $473 $38 $36 
Total$487 $473 $38 $36 

Nine Months Ended September 30,
20232022
Weighted Average Interest Rate
UL4.5 %4.5 %
Interest accretion rate4.5 %4.5 %