XML 59 R46.htm IDEA: XBRL DOCUMENT v3.25.1
POLICYHOLDER ACCOUNT BALANCES (Tables)
 12 Months Ended
Dec. 31, 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:
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 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:
December 31, 2024
Product
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% - 1.50%
$— $— $— $6 $6 
1.51% - 2.50%
— 90 284 655 1,029 
Greater than 2.50%
3,402 598 — — 4,000 
Total$3,402 $688 $284 $661 $5,035 
VUL
0% - 1.50%
$23 $4 $27 $22 $76 
1.51% - 2.50%
37 268 215 — 520 
Greater than 2.50%
3,223 — — — 3,223 
Total$3,283 $272 $242 $22 $3,819 
December 31, 2024
Product
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 Legacy
0% - 1.50%
$68 $2 $— $— $70 
1.51% - 2.50%
19 — — — 19 
Greater than 2.50%
401 — — — 401 
Total$488 $2 $— $— $490 
GMxB Core
0% - 1.50%
$11 $156 $— $— $167 
1.51% - 2.50%
12 — — — 12 
Greater than 2.50%
11 — — — 11 
Total$34 $156 $— $— $190 
EQUI-VEST Individual
0% - 1.50%
$42 $198 $— $— $240 
1.51% - 2.50%
38 — — — 38 
Greater than 2.50%
1,758 — — — 1,758 
Total$1,838 $198 $— $— $2,036 
EQUI-VEST Group
0% - 1.50%
$720 $2,391 $33 $258 $3,402 
1.51% - 2.50%
349 — — — 349 
Greater than 2.50%
6,076 — — — 6,076 
Total$7,145 $2,391 $33 $258 $9,827 
SCSProducts with either a fixed rate or no guaranteed minimumN/AN/AN/AN/AN/A
Momentum
0% - 1.50%
$— $— $269 $88 $357 
1.51% - 2.50%
79 29 — — 108 
Greater than 2.50%
56 — 5 — 61 
Total$135 $29 $274 $88 $526 

December 31, 2023
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% - 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 
December 31, 2023
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 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 
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 
SCSProducts with either a fixed rate or no guaranteed minimumN/AN/AN/AN/AN/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:
December 31, 2024
Life Insurance & Employee Benefits ProductsIndividual Variable Annuity ProductsEmployer - Sponsored ProductsOtherTotal
(in millions)
Asset Type
Debt securities$51 $1 $13 $13 $78 
Common Stock68 36 472 1,631 2,207 
Mutual Funds15,430 69,597 36,710 647 122,384 
Bonds and Notes98 4 1 1,035 1,138 
Total$15,647 $69,638 $37,196 $3,326 $125,807 

December 31, 2023
Life Insurance & Employee Benefits ProductsIndividual Variable Annuity ProductsEmployer - Sponsored ProductsOtherTotal
(in millions)
Asset Type
Debt securities$48 $1 $21 $6 $76 
Common Stock65 34 447 1,667 2,213 
Mutual Funds13,557 70,815 32,780 677 117,829 
Bonds and Notes91 4 1 1,283 1,379 
Total$13,761 $70,854 $33,249 $3,633 $121,497