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LIABILITIES FOR FUTURE POLICYHOLDER BENEFITS (Tables)
 12 Months Ended
Dec. 31, 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:
December 31,
20242023
(in millions)
Reconciliation
Term$1,279 $1,341 
Payout
5,050 4,464 
Group Pension - Benefit Reserve & DPL460 490 
Health1,362 1,505 
UL1,287 1,220 
Subtotal9,438 9,020 
  Whole Life Closed Block and Open Block products5,204 5,463 
Other (1)582 657 
Future policyholder benefits total15,224 15,140 
  Other policyholder funds and dividends payable1,429 1,433 
Total$16,653 $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:
Year Ended December 31, 2024Year Ended December 31, 2023
Term
Payout
Group PensionHealthTerm
Payout
Group 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 assumptions21 — — (3)47 — — (6)
Effect of actual variances from expected experience(82)— — (5)(36)— — (12)
Adjusted beginning of period balance1,990 — — (30)2,080 — — (24)
Issuances53 — — — 64 — — — 
Interest accrual96 — — (1)100 — — (1)
Net premiums collected(186)— — 5 (194)— — 3 
Ending Balance at original discount rate1,953 — — (26)2,051 — — (22)
Effect of changes in discount rate assumptions(28)— — 1 74 — — 1 
Balance, end of period$1,925 $— $— $(25)$2,125 $— $— $(21)
Present Value of Expected Future Policy Benefits
Balance, beginning of period$3,466 $4,464 $490 $1,484 $3,449 $3,517 $523 $1,554 
Beginning balance of original discount rate3,317 4,680 536 1,672 3,376 3,869 583 1,795 
Effect of changes in cash flow assumptions39 — — — 59 — — (6)
Effect of actual variances from expected experience(102)(2)2 (11)(43)(4)— (22)
Adjusted beginning of period balance3,254 4,678 538 1,661 3,392 3,865 583 1,767 
Issuances56 994 20 — 70 1,044 — — 
Interest accrual162 174 18 54 166 127 19 57 
Benefits payments(269)(456)(62)(160)(311)(356)(66)(152)
Ending balance at original discount rate3,203 5,390 514 1,555 3,317 4,680 536 1,672 
Effect of changes in discount rate assumptions1 (340)(54)(218)149 (216)(46)(188)
Balance, end of period$3,204 $5,050 $460 $1,337 $3,466 $4,464 $490 $1,484 
Net liability for future policy benefits$1,279 $5,050 $460 $1,362 $1,341 $4,464 $490 $1,505 
Less: Reinsurance recoverable(217)(2,151)— (1,070)(210)(1,337)— (1,191)
Net liability for future policy benefits, after reinsurance recoverable$1,062 $2,899 $460 $292 $1,131 $3,127 $490 $314 
Weighted-average duration of liability for future policyholder benefits (years)6.77.76.98.47.08.07.18.7
The following table reconciles the policyholders account balances to the policyholders’ account balance liability in the consolidated balance sheets:
December 31,
20242023
(in millions)
Policyholders’ account balance reconciliation
UL$5,065 $5,202 
VUL4,258 4,145 
GMxB Legacy226 293 
GMxB Core(24)(5)
SCS44,072 40,649 
EQUI-VEST Individual2,037 2,322 
EQUI-VEST Group11,118 11,563 
Momentum527 608 
Other (1)3,914 3,320 
Balance (exclusive of Funding Agreements)71,193 68,097 
Funding Agreements13,013 14,893 
Balance, end of period$84,206 $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:
Year Ended December 31, 2024
Universal LifeVariable Universal LifeGMxB LegacyGMxB CoreSCS (1)EQUI-VEST IndividualEQUI-VEST GroupMomentum
(Dollars in millions)
Balance, beginning of period$5,202$4,145$293$(5)$40,649$2,322$11,563$608
Issuances————————
Premiums received64799443123759167
Policy charges(712)(222)1410(10)—(5)—
Surrenders and withdrawals(79)(28)(86)(35)(3,889)(347)(1,603)(148)
Benefit payments(213)(63)(17)(2)(271)(54)(74)(2)
Net transfers from (to) separate account—1404(40)1,72615309(11)
Interest credited (2)2201871455,8556433713
Other————————
Balance, end of period$5,065$4,258$226$(24)$44,072$2,037$11,118$527
Weighted-average crediting rate3.82 %3.72 %2.74 %1.38 %N/A2.98 %2.69 %2.48 %
Net amount at risk (3)$33,324 $82,552 $19,041 $2,865 $— $101 $9 $— 
Cash surrender value$3,368 $2,607 $489 $187 $41,262 $2,030 $11,071 $528 
Year Ended December 31, 2023
Universal LifeVariable Universal LifeGMxB LegacyGMxB CoreSCS (1)EQUI-VEST IndividualEQUI-VEST GroupMomentum
(Dollars in millions)
Balance, beginning of period$5,341$4,253$382$42$35,460$2,652$12,046$703
Issuances————————
Premiums received698114104393762670
Policy charges(761)(217)93(8)—(4)(1)
Surrenders and withdrawals(79)(44)(96)(33)(2,853)(378)(1,704)(153)
Benefit payments(219)(112)(26)(2)(249)(70)(71)(4)
Net transfers from (to) separate account—(33)(4)(62)2,5696272(21)
Interest credited (2)2221841845,7217238714
Other—————311—
Balance, end of period$5,202$4,145$293$(5)$40,649$2,322$11,563$608
Weighted-average crediting rate3.77%3.75%2.71%1.29%N/A2.84%2.66%2.33%
Net amount at risk (3)$35,490$83,050$21,136$2,991$1$109$10$—
Cash surrender value$3,423$2,644$572$216$37,816$2,315$11,506$609
______________
(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:
December 31,
20242023
(in millions)
Separate Account Reconciliation
VUL$15,571 $13,694 
GMxB Legacy33,199 33,793 
GMxB Core26,339 27,664 
EQUI-VEST Individual4,782 4,584 
Investment Edge4,265 4,048 
EQUI-VEST Group30,478 26,960 
Momentum4,813 4,421 
Other (1)6,360 6,333 
Total$125,807 $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:
Year Ended December 31, 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 deposits848 221 474 93 340 2,265 729 
Policy charges (428)(630)(466)(2)— (19)(23)
Surrenders and withdrawals(575)(3,555)(3,652)(574)(501)(2,447)(958)
Benefit payments(90)(748)(247)(55)(34)(67)(14)
Investment performance (1)2,262 4,122 2,526 751 473 4,095 647 
Net transfers from (to) general account(140)(4)40 (15)(61)(309)11 
Other charges
— — — — — — — 
Balance, end of period$15,571 $33,199 $26,339 $4,782 $4,265 $30,478 $4,813 
Cash surrender value$15,536 $32,931 $25,777 $4,750 $4,202 $30,194 $4,806 
______________
(1)Investment performance is reflected net of M&E fees.
Year Ended December 31, 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 deposits788 219 472 93 332 2,174 644 
Policy charges (429)(656)(473)(2)— (18)(21)
Surrenders and withdrawals(512)(2,826)(2,566)(428)(406)(1,750)(820)
Benefit payments(61)(728)(219)(57)(39)(55)(13)
Investment performance (1)2,340 5,164 3,371 818 528 4,463 726 
Net transfers from (to) general account33 4 62 (6)(139)(272)21 
Other charges (2)— — — 4 — 25 — 
Balance, end of period$13,694 $33,793 $27,664 $4,584 $4,048 $26,960 $4,421 
Cash surrender value$13,682 $33,512 $26,980 $4,549 $3,972 $26,683 $4,414 
______________
(1)Investment performance is reflected net of M&E fees.
(2)For the year ended December 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 and the SEC.
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:
December 31,
20242023
(in millions)
Term
Expected future benefit payments and expenses (undiscounted)$5,597 $5,860 
Expected future gross premiums (undiscounted)6,577 6,956 
Expected future benefit payments and expenses (discounted)3,204 3,466 
Expected future gross premiums (discounted)3,492 3,862 
Payout
Expected future benefit payments and expenses (undiscounted)7,686 6,630 
Expected future gross premiums (undiscounted)— — 
Expected future benefit payments and expenses (discounted)4,938 4,350 
Expected future gross premiums (discounted)— — 
Group Pension
Expected future benefit payments and expenses (undiscounted)630 668 
Expected future gross premiums (undiscounted)— — 
Expected future benefit payments and expenses (discounted)436 471 
Expected future gross premiums (discounted)— — 
Health
Expected future benefit payments and expenses (undiscounted)2,139 2,318 
Expected future gross premiums (undiscounted)70 85 
Expected future benefit payments and expenses (discounted)1,323 1,468 
Expected future gross premiums (discounted)$55 $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:
Year Ended December 31,Year Ended December 31,
202420232022202420232022
Gross PremiumInterest Accretion
(in millions)
Revenue and Interest Accretion
Term$334 $349 $229 $66 $67 $70 
Payout
271 266 122 207 149 $103 
Group Pension— — — 18 19 21 
Health12 15 9 54 58 61 
Total$617 $630 $360 $345 $293 $255 
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:
December 31,
20242023
Weighted Average Interest Rate
Term
Interest accretion rate5.6 %5.6 %
Current discount rate5.2 %4.8 %
Payout
Interest accretion rate4.4 %4.2 %
Current discount rate5.3 %4.9 %
Group Pension
Interest accretion rate3.4 %3.3 %
Current discount rate5.2 %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:
Year Ended December 31,
20242023
UL
(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 changes17 21 
Effect of actual variances from expected experience
2 10 
Adjusted beginning of period balance1,249 1,166 
Interest accrual56 52 
Net assessments collected70 69 
Benefit payments(73)(57)
Ending balance before shadow reserve adjustments1,302 1,230 
Effect of reserve adjustment recorded in AOCI(15)(10)
Balance, end of period$1,287 $1,220 
Net liability for additional liability$1,287 $1,220 
Less: Reinsurance recoverable(985)(946)
Net liability for additional liability, after reinsurance recoverable$302 $274 
Weighted-average duration of additional liability - death benefit (years)19.419.9
The following tables provide the revenue, interest and weighted average interest rates, related to the additional insurance liabilities:
Year Ended December 31,
20242023
2022
20242023
2022
AssessmentsInterest Accretion
(in millions)
Revenue and Interest Accretion
UL$663 $670 $666 $56 $51 $49 
Total$663 $670 $666 $56 $51 $49 

Year Ended December 31,
20242023
2021
Weighted Average Interest Rate
UL4.5 %4.5 %4.5 %
Interest accretion rate4.5 %4.5 %4.5 %