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LIABILITIES FOR FUTURE POLICYHOLDER BENEFITS (Tables)
 6 Months Ended
Jun. 30, 2024
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:
June 30, 2024December 31, 2023
(in millions)
Reconciliation
Term$1,291 $1,341 
Payout - Non-Legacy802 844 
Payout - Legacy3,900 3,620 
Group Pension - Benefit Reserve & DPL457 490 
Health1,414 1,505 
UL1,241 1,220 
Subtotal9,105 9,020 
  Whole Life Closed Block and Open Block products5,318 5,463 
Other (1)603 657 
Future policyholder benefits total15,026 15,140 
  Other policyholder funds and dividends payable1,448 1,433 
Total$16,474 $16,573 
______________
(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:
Six Months Ended June 30, 2024Six Months Ended June 30, 2023
TermPayout - Non-LegacyPayout-LegacyGroup PensionHealthTermPayout-Non-LegacyPayout-LegacyGroup PensionHealth
(in millions)
Present Value of Expected Net Premiums
Balance, beginning of period$2,125 $— $— $— $(21)$2,090 $— $— $— $(6)
Beginning balance at original discount rate
2,051 — — — (22)2,069 — — — (6)
Effect of changes in cash flow assumptions(18)— — — (3)8 — — — — 
Effect of actual variances from expected experience(52)— — — 1 4 — — — (6)
Adjusted beginning of period balance1,981 — — — (24)2,081 — — — (12)
Issuances26 — — — — 32 — — — — 
Interest accrual49 — — — — 50 — — — — 
Net premiums collected(94)— — — 2 (99)— — — 1 
Ending Balance at original discount rate1,962 — — — (22)2,064 — — — (11)
Effect of changes in discount rate assumptions(21)— — — 1 35 — — — — 
Balance, end of period$1,941 $— $— $— $(21)$2,099 $— $— $— $(11)
Six Months Ended June 30, 2024Six Months Ended June 30, 2023
TermPayout - Non-LegacyPayout-LegacyGroup PensionHealthTermPayout-Non-LegacyPayout-LegacyGroup PensionHealth
(in millions)
Present Value of Expected Future Policy Benefits
Balance, beginning of period$3,466 $844 $3,620 $490 $1,484 $3,449 $828 $2,689 $523 $1,554 
Beginning balance of original discount rate3,317 840 3,840 536 1,672 3,376 845 3,024 583 1,795 
Effect of changes in cash flow assumptions(20)— — — — 9 — — — (1)
Effect of actual variances from expected experience(65)(2)— 1 6 6 — — — (6)
Adjusted beginning of period balance3,232 838 3,840 537 1,678 3,391 845 3,024 583 1,788 
Issuances28 22 500 — — 34 26 474 — — 
Interest accrual82 20 69 9 27 84 19 44 10 29 
Benefits payments(115)(47)(181)(31)(79)(182)(46)(132)(34)(71)
Ending balance at original discount rate3,227 833 4,228 515 1,626 3,327 844 3,410 559 1,746 
Effect of changes in discount rate assumptions5 (31)(328)(58)(234)90 (10)(309)(56)(224)
Balance, end of period$3,232 $802 $3,900 $457 $1,392 $3,417 $834 $3,101 $503 $1,522 
Net liability for future policy benefits$1,291 $802 $3,900 $457 $1,414 $1,318 $834 $3,101 $503 $1,533 
Less: Reinsurance recoverable(207)(44)(1,698)— (1,116)(199)(9)(797)— (1,217)
Net liability for future policy benefits, after reinsurance recoverable$1,084 $758 $2,202 $457 $298 $1,119 $825 $2,304 $503 $316 
Weighted-average duration of liability for future policyholder benefits (years)6.99.37.57.08.67.09.47.87.18.8
The following table reconciles the policyholders account balances to the policyholders’ account balance liability in the consolidated balance sheets:
June 30, 2024December 31, 2023
(in millions)
Policyholders’ account balance reconciliation
UL$5,129 $5,202 
VUL4,165 4,145 
GMxB Legacy595 618 
GMxB Core(8)(5)
SCS43,344 40,649 
EQUI-VEST Individual2,182 2,322 
EQUI-VEST Group11,369 11,563 
Momentum575 608 
Other (1)3,552 2,995 
Balance (exclusive of Funding Agreements)70,903 68,097 
Funding Agreements13,711 14,893 
Balance, end of period$84,614 $82,990 
_______________
(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:
Six Months Ended June 30, 2024
Universal LifeVariable Universal LifeGMxB LegacyGMxB CoreSCS (1)EQUI-VEST IndividualEQUI-VEST GroupMomentum
(Dollars in millions)
Balance, beginning of period$5,202$4,145$618$(5)$40,649$2,322$11,563$608
Issuances————————
Premiums received32752362381530537
Policy charges(359)(109)187(5)—(3)—
Surrenders and withdrawals(45)(23)(43)(18)(1,824)(168)(806)(69)
Benefit payments(106)(52)(49)(1)(132)(27)(35)(1)
Net transfers from (to) separate account—593(17)1,0097170(7)
Interest credited (2)110931233,639331757
Other————————
Balance, end of period$5,129$4,165$595$(8)$43,344$2,182$11,369$575
Weighted-average crediting rate3.80 %3.75 %2.74 %1.38 %N/A2.98 %2.67 %2.32 %
Net amount at risk (3)$34,364 $82,517 $19,710 $2,866 $— $104 $9 $— 
Cash surrender value$3,393 $2,617 $531 $205 $40,408 $2,176 $11,313 $576 
Six Months Ended June 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 received358644126—1931735
Policy charges(384)(109)208(3)—(3)—
Surrenders and withdrawals(38)(22)(47)(16)(1,319)(178)(820)(71)
Benefit payments(128)(58)(51)(1)(121)(40)(35)(4)
Net transfers from (to) separate account—(89)2(38)1,5914144(12)
Interest credited (2)111941324,059382106
Other—————311—
Balance, end of period$5,260$4,133$666$23$39,667$2,498$11,870$657
Weighted-average crediting rate3.67%3.72%2.71%1.32%N/A3.04%2.52%2.33%
Net amount at risk (3)$36,505$83,438$22,195$3,159$11$118$24$—
Cash surrender value$3,463$2,691$630$238$36,091$2,490$11,782$657
______________
(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 table reconciles the Separate Account liabilities to the Separate Account liability balance in the consolidated balance sheets:
June 30, 2024December 31, 2023
(in millions)
Separate Account Reconciliation
VUL$14,826 $13,694 
GMxB Legacy33,965 33,793 
GMxB Core27,336 27,664 
EQUI-VEST Individual4,787 4,584 
Investment Edge4,188 4,048 
EQUI-VEST Group29,226 26,960 
Momentum4,701 4,421 
Other (1)6,377 6,333 
Total$125,406 $121,497 
_____________
(1)Primarily reflects Corporate and Other products and Employer Sponsored products including Association and Other.
The following tables present the balances of and changes in Separate Account liabilities:
Six Months Ended June 30, 2024
VULGMxB LegacyGMxB CoreEQUI-VEST IndividualInvestment EdgeEQUI-VEST GroupMomentum
(in millions)
Balance, beginning of period$13,694 $33,793 $27,664 $4,584 $4,048 $26,960 $4,421 
Premiums and deposits406 112 233 40 152 1,180 379 
Policy charges (215)(324)(238)(1)— (8)(11)
Surrenders and withdrawals(306)(1,629)(1,685)(248)(247)(1,113)(477)
Benefit payments(25)(385)(131)(26)(15)(32)(8)
Investment performance (1)1,331 2,401 1,476 445 290 2,409 390 
Net transfers from (to) general account(59)(3)17 (7)(40)(170)7 
Other charges
— — — — — — — 
Balance, end of period$14,826 $33,965 $27,336 $4,787 $4,188 $29,226 $4,701 
Cash surrender value$14,791 $33,702 $26,722 $4,752 $4,120 $28,935 $4,694 
______________
(1)Investment performance is reflected net of M&E fees.
Six Months Ended June 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 deposits382 110 259 49 200 1,116 332 
Policy charges (213)(340)(241)(1)— (8)(10)
Surrenders and withdrawals(259)(1,324)(1,216)(198)(195)(744)(364)
Benefit payments(45)(382)(117)(27)(24)(28)(5)
Investment performance (1)1,495 3,392 2,065 538 321 2,849 452 
Net transfers from (to) general account89 (2)38 (3)(94)(144)12 
Other charges (2)— — — 4 — 25 — 
Balance, end of period$12,984 $34,070 $27,805 $4,524 $3,980 $25,459 $4,301 
Cash surrender value$12,971 $33,792 $27,055 $4,491 $3,894 $25,210 $4,295 
______________
(1)Investment performance is reflected net of M&E fees.
(2)For the six months ended June 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.
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:
June 30, 2024December 31, 2023
(in millions)
Term
Expected future benefit payments and expenses (undiscounted)$5,677 $5,860 
Expected future gross premiums (undiscounted)6,802 6,956 
Expected future benefit payments and expenses (discounted)3,232 3,466 
Expected future gross premiums (discounted)3,613 3,862 
June 30, 2024December 31, 2023
(in millions)
Payout-Legacy
Expected future benefit payments and expenses (undiscounted)5,798 5,204 
Expected future gross premiums (undiscounted)— — 
Expected future benefit payments and expenses (discounted)3,820 3,538 
Expected future gross premiums (discounted)— — 
Payout-Non-Legacy
Expected future benefit payments and expenses (undiscounted)1,404 1,426 
Expected future gross premiums (undiscounted)— — 
Expected future benefit payments and expenses (discounted)767 812 
Expected future gross premiums (discounted)— — 
Group Pension
Expected future benefit payments and expenses (undiscounted)640 668 
Expected future gross premiums (undiscounted)— — 
Expected future benefit payments and expenses (discounted)439 471 
Expected future gross premiums (discounted)— — 
Health
Expected future benefit payments and expenses (undiscounted)2,246 2,318 
Expected future gross premiums (undiscounted)78 85 
Expected future benefit payments and expenses (discounted)1,378 1,468 
Expected future gross premiums (discounted)$61 $68 
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:
Six Months Ended June 30,Six Months Ended June 30,
2024202320242023
Gross PremiumInterest Accretion
(in millions)
Revenue and Interest Accretion
Term$170 $117 $33 $34 
Payout - Legacy109 45 79 44 
Payout - Non-Legacy18 16 20 19 
Group Pension— — 9 10 
Health6 4 28 29 
Total$303 $182 $169 $136 
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:
June 30, 2024December 31, 2023
Weighted Average Interest Rate
Term
Interest accretion rate5.6 %5.6 %
Current discount rate5.3 %4.8 %
Payout - Legacy
Interest accretion rate4.1 %4.0 %
Current discount rate5.3 %4.9 %
Payout - Non-Legacy
Interest accretion rate5.0 %5.0 %
Current discount rate5.4 %4.9 %
Group Pension
Interest accretion rate3.3 %3.3 %
Current discount rate5.3 %4.8 %
Health
Interest accretion rate3.4 %3.4 %
Current discount rate5.4 %4.9 %
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:
Six Months Ended June 30,
20242023
UL
(Dollars in millions)
Balance, beginning of period $1,220 $1,120 
Beginning balance before AOCI adjustments 1,230 1,135 
Effect of changes in interest rate and cash flow assumptions and model changes— — 
Effect of actual variances from expected(2)4 
Adjusted beginning of period balance1,228 1,139 
Interest accrual27 25 
Net assessments collected35 36 
Benefit payments(35)(30)
Ending balance before shadow reserve adjustments1,255 1,170 
Effect of reserve adjustment recorded in AOCI(14)(8)
Balance, end of period$1,241 $1,162 
Net liability for additional liability$1,241 $1,162 
Less: Reinsurance recoverable(959)(901)
Net liability for additional liability, after reinsurance recoverable$282 $261 
Weighted-average duration of additional liability - death benefit (years)19.521.4
The following tables provide the revenue, interest and weighted average interest rates, related to the additional insurance liabilities:
Six Months Ended June 30,
2024202320242023
AssessmentsInterest Accretion
(in millions)
Revenue and Interest Accretion
UL$338 $350 $27 $25 
Total$338 $350 $27 $25 

Six Months Ended June 30,
20242023
Weighted Average Interest Rate
UL4.5 %4.5 %
Interest accretion rate4.5 %4.5 %