POLICYHOLDER ACCOUNT BALANCES (Tables)

6 Months Ended

Jun. 30, 2024

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:

	Six Months Ended June 30, 2024										Six Months Ended June 30, 2023
	Term		Payout - Non-Legacy		Payout-Legacy		Group Pension		Health		Term		Payout-Non-Legacy		Payout-Legacy		Group Pension		Health
	(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 balance	1,981		—		—		—		(24)		2,081		—		—		—		(12)
Issuances	26		—		—		—		—		32		—		—		—		—
Interest accrual	49		—		—		—		—		50		—		—		—		—
Net premiums collected	(94)		—		—		—		2		(99)		—		—		—		1
Ending Balance at original discount rate	1,962		—		—		—		(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, 2024										Six Months Ended June 30, 2023
	Term		Payout - Non-Legacy		Payout-Legacy		Group Pension		Health		Term		Payout-Non-Legacy		Payout-Legacy		Group Pension		Health
	(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 rate	3,317		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 balance	3,232		838		3,840		537		1,678		3,391		845		3,024		583		1,788
Issuances	28		22		500		—		—		34		26		474		—		—
Interest accrual	82		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 rate	3,227		833		4,228		515		1,626		3,327		844		3,410		559		1,746
Effect of changes in discount rate assumptions	5		(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)	6.9		9.3		7.5		7.0		8.6		7.0		9.4		7.8		7.1		8.8

The following table reconciles the policyholders account balances to the policyholders’ account balance liability in the consolidated balance sheets:

	June 30, 2024		December 31, 2023
	(in millions)
Policyholders’ account balance reconciliation
UL	$	5,129	$	5,202
VUL	4,165		4,145
GMxB Legacy	595		618
GMxB Core	(8)		(5)
SCS	43,344		40,649
EQUI-VEST Individual	2,182		2,322
EQUI-VEST Group	11,369		11,563
Momentum	575		608
Other (1)	3,552		2,995
Balance (exclusive of Funding Agreements)	70,903		68,097
Funding Agreements	13,711		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 Life		Variable Universal Life		GMxB Legacy		GMxB Core		SCS (1)		EQUI-VEST Individual		EQUI-VEST Group		Momentum
	(Dollars in millions)
Balance, beginning of period	$	5,202	$	4,145	$	618	$	(5)	$	40,649	$	2,322	$	11,563	$	608
Issuances	—		—		—		—		—		—		—		—
Premiums received	327		52		36		23		8		15		305		37
Policy charges	(359)		(109)		18		7		(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	—		59		3		(17)		1,009		7		170		(7)
Interest credited (2)	110		93		12		3		3,639		33		175		7
Other	—		—		—		—		—		—		—		—
Balance, end of period	$	5,129	$	4,165	$	595	$	(8)	$	43,344	$	2,182	$	11,369	$	575

Weighted-average crediting rate	3.80		%	3.75		%	2.74		%	1.38		%	N/A		2.98		%	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 Life		Variable Universal Life		GMxB Legacy		GMxB Core		SCS (1)		EQUI-VEST Individual		EQUI-VEST Group		Momentum
	(Dollars in millions)
Balance, beginning of period	$	5,341	$	4,253	$	688	$	42	$	35,460	$	2,652	$	12,046	$	703
Issuances	—		—		—		—		—		—		—		—
Premiums received	358		64		41		26		—		19		317		35
Policy charges	(384)		(109)		20		8		(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)		1,591		4		144		(12)
Interest credited (2)	111		94		13		2		4,059		38		210		6
Other	—		—		—		—		—		3		11		—
Balance, end of period	$	5,260	$	4,133	$	666	$	23	$	39,667	$	2,498	$	11,870	$	657
Weighted-average crediting rate	3.67%		3.72%		2.71%		1.32%		N/A		3.04%		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, 2024		December 31, 2023
	(in millions)
Separate Account Reconciliation
VUL	$	14,826	$	13,694
GMxB Legacy	33,965		33,793
GMxB Core	27,336		27,664
EQUI-VEST Individual	4,787		4,584
Investment Edge	4,188		4,048
EQUI-VEST Group	29,226		26,960
Momentum	4,701		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
	VUL		GMxB Legacy		GMxB Core		EQUI-VEST Individual		Investment Edge		EQUI-VEST Group		Momentum
	(in millions)
Balance, beginning of period	$	13,694	$	33,793	$	27,664	$	4,584	$	4,048	$	26,960	$	4,421
Premiums and deposits	406		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
	VUL		GMxB Legacy		GMxB Core		EQUI-VEST Individual		Investment Edge		EQUI-VEST Group		Momentum
	(in millions)
Balance, beginning of period	$	11,535	$	32,616	$	27,017	$	4,162	$	3,772	$	22,393	$	3,884
Premiums and deposits	382		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 account	89		(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 Policyholder Account Balance, Guaranteed Minimum Crediting Rate

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:

June 30, 2024
Product	Range of Guaranteed Minimum Crediting Rate	At 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% - 1.50%	$	—	$	—	$	—	$	6	$	6
	1.51% - 2.50%	29		88		366		542		1,025
	Greater than 2.50%	3,455		612		—		—		4,067
	Total	$	3,484	$	700	$	366	$	548	$	5,098
VUL	0% - 1.50%	$	10	$	5	$	24	$	14	$	53
	1.51% - 2.50%	34		337		117		—		488
	Greater than 2.50%	3,217		—		—		—		3,217
	Total	$	3,261	$	342	$	141	$	14	$	3,758
GMxB Legacy	0% - 1.50%	$	73	$	3	$	—	$	—	$	76
	1.51% - 2.50%	20		—		—		—		20
	Greater than 2.50%	436		—		—		—		436
	Total	$	529	$	3	$	—	$	—	$	532

June 30, 2024
Product	Range of Guaranteed Minimum Crediting Rate	At 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% - 1.50%	$	13	$	172	$	—	$	—	$	185
	1.51% - 2.50%	12		—		—		—		12
	Greater than 2.50%	12		—		—		—		12
	Total	$	37	$	172	$	—	$	—	$	209
EQUI-VEST Individual	0% - 1.50%	$	45	$	209	$	—	$	—	$	254
	1.51% - 2.50%	40		—		—		—		40
	Greater than 2.50%	1,887		—		—		—		1,887
	Total	$	1,972	$	209	$	—	$	—	$	2,181
EQUI-VEST Group	0% - 1.50%	$	746	$	2,372	$	35	$	279	$	3,432
	1.51% - 2.50%	349		—		—		—		349
	Greater than 2.50%	6,352		—		—		—		6,352
	Total	$	7,447	$	2,372	$	35	$	279	$	10,133
SCS	Products with either a fixed rate or no guaranteed minimum	N/A		N/A		N/A		N/A		N/A
Momentum	0% - 1.50%	$	—	$	13	$	315	$	52	$	380
	1.51% - 2.50%	122		1		—		—		123
	Greater than 2.50%	67		—		5		—		72
	Total	$	189	$	14	$	320	$	52	$	575

December 31, 2023
Product	Range of Guaranteed Minimum Crediting Rate	At 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% - 1.50%	$	—	$	—	$	—	$	6	$	6
	1.51% - 2.50%	61		69		462		430		1,022
	Greater than 2.50%	3,515		627		—		—		4,142
	Total	$	3,576	$	696	$	462	$	436	$	5,170
VUL	0% - 1.50%	$	8	$	9	$	18	$	6	$	41
	1.51% - 2.50%	34		408		28		—		470
	Greater than 2.50%	3,259		—		—		—		3,259
	Total	$	3,301	$	417	$	46	$	6	$	3,770
GMxB Legacy	0% - 1.50%	$	75	$	16	$	—	$	—	$	91
	1.51% - 2.50%	21		—		—		—		21
	Greater than 2.50%	461		—		—		—		461
	Total	$	557	$	16	$	—	$	—	$	573
GMxB Core	0% - 1.50%	$	13	$	187	$	—	$	—	$	200
	1.51% - 2.50%	13		—		—		—		13
	Greater than 2.50%	7		—		—		—		7
	Total	$	33	$	187	$	—	$	—	$	220

December 31, 2023
Product	Range of Guaranteed Minimum Crediting Rate	At 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)
EQUI-VEST Individual	0% - 1.50%	$	49	$	218	$	—	$	—	$	267
	1.51% - 2.50%	43		—		—		—		43
	Greater than 2.50%	2,011		—		—		—		2,011
	Total	$	2,103	$	218	$	—	$	—	$	2,321
EQUI-VEST Group	0% - 1.50%	$	773	$	2,338	$	36	$	315	$	3,462
	1.51% - 2.50%	345		—		—		—		345
	Greater than 2.50%	6,610		—		—		—		6,610
	Total	$	7,728	$	2,338	$	36	$	315	$	10,417
SCS	Products with either a fixed rate or no guaranteed minimum	N/A		N/A		N/A		N/A		N/A
Momentum	0% - 1.50%	$	—	$	12	$	330	$	53	$	395
	1.51% - 2.50%	138		1		—		—		139
	Greater than 2.50%	68		—		5		—		73
	Total	$	206	$	13	$	335	$	53	$	607

Schedule of Investment in Variable Insurance Trust Mutual Funds

The following tables present the aggregate fair value of Separate Account assets by major asset category:

	June 30, 2024
	Life Insurance & Employee Benefits Products		Individual Variable Annuity Products		Employer - Sponsored Products		Other		Total
	(in millions)
Asset Type
Debt securities	$	51	$	1	$	7	$	19	$	78
Common Stock	67		35		452		1,706		2,260
Mutual Funds	14,662		71,000		35,388		658		121,708
Bonds and Notes	110		4		14		1,232		1,360
Total	$	14,890	$	71,040	$	35,861	$	3,615	$	125,406

	December 31, 2023
	Life Insurance & Employee Benefits Products		Individual Variable Annuity Products		Employer - Sponsored Products		Other		Total
	(in millions)
Asset Type
Debt securities	$	48	$	1	$	21	$	6	$	76
Common Stock	65		34		447		1,667		2,213
Mutual Funds	13,557		70,815		32,780		677		117,829
Bonds and Notes	91		4		1		1,283		1,379
Total	$	13,761	$	70,854	$	33,249	$	3,633	$	121,497