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v3.23.1

POLICYHOLDER ACCOUNT BALANCES (Tables) | 3 Months Ended
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Mar. 31, 2023
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 for the three months ended March 31, 2023 and 2022.
| Three Months Ended March 31, 2023 |  | Three Months Ended March 31, 2022 |  |  |
| Protection Solutions |  | Individual Retirement |  | GMxB Legacy | Corporate & Other |  | Protection Solutions |  | Individual Retirement |  | GMxB Legacy | Corporate & Other |  |  |  |  |  |  |
| Term |  | Payout |  | Payout | Group Pension |  | Health |  | Term |  | Payout |  | Payout | Group Pension |  | Health |  |  |  |  |  |  |  |  |
| (in millions) |
Present Value of Expected Net Premiums |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance, beginning of the period | $ | 2,100 |  |  | $ | — |  |  | $ | — |  | $ | — |  |  | $ | (5) |  |  | $ | 2,485 |  |  | $ | — |  |  | $ | — |  | $ | — |  |  | $ | 22 |  |  |  |  |  |  |  |  |  |
Beginning balance at original discount rate | 2,078 |  |  | — |  |  | — |  | — |  |  | (5) |  |  | 1,864 |  |  | — |  |  | — |  | — |  |  | 19 |  |  |  |  |  |  |  |  |  |
Effect of changes in cash flow assumptions | 8 |  |  | — |  |  | — |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  | — |  |  | — |  |  |  |  |  |  |  |  |  |
Effect of actual variances from expected experience | 3 |  |  | — |  |  | — |  | — |  |  | (6) |  |  | 56 |  |  | — |  |  | — |  | — |  |  | (18) |  |  |  |  |  |  |  |  |  |
Adjusted beginning of the period balance | 2,089 |  |  | — |  |  | — |  | — |  |  | (11) |  |  | 1,920 |  |  | — |  |  | — |  | — |  |  | 1 |  |  |  |  |  |  |  |  |  |
Issuances | 15 |  |  | — |  |  | — |  | — |  |  | — |  |  | 22 |  |  | — |  |  | — |  | — |  |  | — |  |  |  |  |  |  |  |  |  |
Interest accrual | 25 |  |  | — |  |  | — |  | — |  |  | — |  |  | 23 |  |  | — |  |  | — |  | — |  |  | — |  |  |  |  |  |  |  |  |  |
Net premiums collected | (51) |  |  | — |  |  | — |  | — |  |  | 1 |  |  | (49) |  |  | — |  |  | — |  | — |  |  | — |  |  |  |  |  |  |  |  |  |
Ending Balance at original discount rate | 2,078 |  |  | — |  |  | — |  | — |  |  | (10) |  |  | 1,916 |  |  | — |  |  | — |  | — |  |  | 1 |  |  |  |  |  |  |  |  |  |
Effect of changes in discount rate assumptions | 82 |  |  | — |  |  | — |  | — |  |  | — |  |  | 387 |  |  | — |  |  | — |  | — |  |  | 1 |  |  |  |  |  |  |  |  |  |
Balance, end of the period | $ | 2,160 |  |  | $ | — |  |  | $ | — |  | $ | — |  |  | $ | (10) |  |  | $ | 2,303 |  |  | $ | — |  |  | $ | — |  | $ | — |  |  | $ | 2 |  |  |  |  |  |  |  |  |  |
| Three Months Ended March 31, 2023 |  | Three Months Ended March 31, 2022 |  |  |
| Protection Solutions |  | Individual Retirement |  | GMxB Legacy |  | Corporate & Other |  | Protection Solutions |  | Individual Retirement |  | GMxB Legacy |  | Corporate & Other |  |  |  |  |  |  |
| Term |  | Payout |  | Payout |  | Group Pension |  | Health |  | Term |  | Payout |  | Payout |  | Group Pension |  | Health |  |  |  |  |  |  |  |  |
| (Dollars in millions) |
Present Value of Expected Future Policy Benefits |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance, beginning of the period | $ | 3,465 |  |  | $ | 828 |  |  | $ | 2,689 |  |  | $ | 523 |  |  | $ | 1,553 |  |  | $ | 4,294 |  |  | $ | 1,114 |  |  | $ | 2,547 |  |  | $ | 683 |  |  | $ | 2,092 |  |  |  |  |  |  |  |  |  |
Beginning balance of original discount rate | 3,391 |  |  | 845 |  |  | 3,024 |  |  | 583 |  |  | 1,795 |  |  | 3,241 |  |  | 883 |  |  | 2,400 |  |  | 632 |  |  | 1,915 |  |  |  |  |  |  |  |  |  |
Effect of changes in cash flow assumptions | 9 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  |  |  |  |
Effect of actual variances from expected experience | 4 |  |  | 1 |  |  | — |  |  | (1) |  |  | (7) |  |  | 60 |  |  | — |  |  | (4) |  |  | — |  |  | (20) |  |  |  |  |  |  |  |  |  |
Adjusted beginning of the period balance | 3,404 |  |  | 846 |  |  | 3,024 |  |  | 582 |  |  | 1,788 |  |  | 3,301 |  |  | 883 |  |  | 2,396 |  |  | 632 |  |  | 1,895 |  |  |  |  |  |  |  |  |  |
Issuances | 16 |  |  | 15 |  |  | 222 |  |  | — |  |  | — |  |  | 23 |  |  | 9 |  |  | 152 |  |  | — |  |  | — |  |  |  |  |  |  |  |  |  |
Interest accrual | 42 |  |  | 10 |  |  | 21 |  |  | 5 |  |  | 15 |  |  | 42 |  |  | 10 |  |  | 16 |  |  | 5 |  |  | 15 |  |  |  |  |  |  |  |  |  |
Benefits payments | (95) |  |  | (23) |  |  | (65) |  |  | (17) |  |  | (33) |  |  | (137) |  |  | (24) |  |  | (47) |  |  | (18) |  |  | (41) |  |  |  |  |  |  |  |  |  |
Ending Balance at original discount rate | 3,367 |  |  | 848 |  |  | 3,202 |  |  | 570 |  |  | 1,770 |  |  | 3,229 |  |  | 878 |  |  | 2,517 |  |  | 619 |  |  | 1,869 |  |  |  |  |  |  |  |  |  |
Effect of changes in discount rate assumptions | 164 |  |  | 6 |  |  | (258) |  |  | (48) |  |  | (197) |  |  | 650 |  |  | 126 |  |  | (58) |  |  | 2 |  |  | (5) |  |  |  |  |  |  |  |  |  |
Balance, end of the period | $ | 3,531 |  |  | $ | 854 |  |  | $ | 2,944 |  |  | $ | 522 |  |  | $ | 1,573 |  |  | $ | 3,879 |  |  | $ | 1,004 |  |  | $ | 2,459 |  |  | $ | 621 |  |  | $ | 1,864 |  |  |  |  |  |  |  |  |  |
Net liability for future policy benefits | $ | 1,371 |  |  | $ | 854 |  |  | $ | 2,944 |  |  | $ | 522 |  |  | $ | 1,583 |  |  | $ | 1,576 |  |  | $ | 1,004 |  |  | $ | 2,459 |  |  | $ | 621 |  |  | $ | 1,862 |  |  |  |  |  |  |  |  |  |
Less: Reinsurance recoverable | 27 |  |  | — |  |  | (589) |  |  | — |  |  | (1,258) |  |  | 16 |  |  | — |  |  | (203) |  |  | — |  |  | (1,479) |  |  |  |  |  |  |  |  |  |
Net liability for future policy benefits, after reinsurance recoverable | $ | 1,398 |  |  | $ | 854 |  |  | $ | 2,355 |  |  | $ | 522 |  |  | $ | 325 |  |  | $ | 1,592 |  |  | $ | 1,004 |  |  | $ | 2,256 |  |  | $ | 621 |  |  | $ | 383 |  |  |  |  |  |  |  |  |  |
Weighted-average duration of liability for future policyholder benefits (years) | 7.0 |  | 9.4 |  | 7.9 |  | 7.1 |  | 8.7 |  | 7.5 |  | 9.6 |  | 8.4 |  | 7.2 |  | 8.9 |  |  |  |  |  |  |  |  |
The following table summarizes the balances and changes in policyholders’ account balances three months ended and as of March 31, 2023 and 2022:
| Protection Solutions |  | Legacy |  | Individual Retirement |  | Group Retirement |  |
| Universal Life |  | Variable Universal Life |  | GMxB Legacy |  | GMxB Core |  | SCS (1) |  | EQUI-VEST Individual |  | EQUI-VEST Group |  | Momentum |  |
March 31, 2023 | (in millions)
Balance, beginning of the period | $ | 5,340 |  |  | $ | 4,909 |  |  | $ | 688 |  |  | $ | 69 |  |  | $ | 35,702 |  |  | $ | 2,652 |  |  | $ | 12,045 |  |  | $ | 702 |  |  |
Issuances | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |
Premiums received | 184 |  |  | 38 |  |  | 20 |  |  | 46 |  |  | — |  |  | 11 |  |  | 148 |  |  | 19 |  |  |
Policy charges | (194) |  |  | (65) |  |  | 19 |  |  | (4) |  |  | (1) |  |  | — |  |  | (1) |  |  | — |  |  |
Surrenders and withdrawals | (18) |  |  | (1) |  |  | (25) |  |  | (8) |  |  | (607) |  |  | (94) |  |  | (405) |  |  | (30) |  |  |
Benefit payments | (76) |  |  | (40) |  |  | (24) |  |  | (1) |  |  | (59) |  |  | (20) |  |  | (17) |  |  | (2) |  |  |
Net transfers from (to) separate account | — |  |  | (45) |  |  | — |  |  | (49) |  |  | 1,982 |  |  | 3 |  |  | 69 |  |  | (9) |  |  |
Interest credited (2) | 55 |  |  | 55 |  |  | 7 |  |  | 2 |  |  | 1,620 |  |  | 19 |  |  | 102 |  |  | 3 |  |  |
Other | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 3 |  |  | 11 |  |  | — |  |  |
Balance, end of the period | $ | 5,291 |  |  | $ | 4,851 |  |  | $ | 685 |  |  | $ | 55 |  |  | $ | 38,637 |  |  | $ | 2,574 |  |  | $ | 11,952 |  |  | $ | 683 |  |  |
Weighted-average crediting rate | 3.64% |  | 3.81% |  | 1.78% |  | 1.05% |  | 1.12% |  | 3.09% |  | 2.99% |  | 2.03% |  |
Net amount at risk (3) | $ | 37,031 |  |  | $ | 114,419 |  |  | $ | 21,472 |  |  | $ | 3,287 |  |  | $ | 43 |  |  | $ | 128 |  |  | $ | 58 |  |  | $ | — |  |  |
Cash surrender value | $ | 3,475 |  |  | $ | 3,293 |  |  | $ | 957 |  |  | $ | 284 |  |  | $ | 35,286 |  |  | $ | 2,567 |  |  | $ | 11,871 |  |  | $ | 684 |  |  |
______________ (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.
March 31, 2022 | Protection Solutions |  | Legacy |  | Individual Retirement |  | Group Retirement
| Universal Life |  | Variable Universal Life |  | GMxB Legacy |  | GMxB Core |  | SCS (1) |  | EQUI-VEST Individual |  | EQUI-VEST Group |  | Momentum
| (in millions)
Balance, beginning of the period | $ | 5,462 |  | $ | 4,807 |  | $ | 745 |  | $ | 112 |  | $ | 33,443 |  | $ | 2,784 |  | $ | 11,951 |  | $ | 704
Issuances | — |  | — |  | — |  | — |  | — |  | — |  | — |  | —
Premiums received | 191 |  | 47 |  | 16 |  | 40 |  | — |  | 15 |  | 149 |  | 23
Policy charges | (200) |  | (55) |  | 13 |  | (10) |  | — |  | — |  | (1) |  | —
Surrenders and withdrawals | (20) |  | — |  | (16) |  | (8) |  | (714) |  | (45) |  | (195) |  | (36)
Benefit payments | (53) |  | (3) |  | (27) |  | (1) |  | (59) |  | (15) |  | (19) |  | (1)
Net transfers from (to) separate account | — |  | 12 |  | 4 |  | (38) |  | 1,717 |  | 10 |  | 109 |  | 23
Interest credited (2) | 56 |  | 43 |  | 7 |  | 2 |  | (272) |  | 20 |  | 66 |  | 3
Other | — |  | — |  | — |  | — |  | — |  | — |  | — |  | —
Balance, end of the period | $ | 5,436 |  | $ | 4,851 |  | $ | 742 |  | $ | 97 |  | $ | 34,115 |  | $ | 2,769 |  | $ | 12,060 |  | $ | 716
Weighted-average crediting rate | 3.62% |  | 3.83% |  | 1.81% |  | 1.05% |  | 1.14% |  | 2.86% |  | 2.36% |  | 2.04%
Net amount at risk (3) | $ | 39,254 |  | $ | 112,430 |  | $ | 17,987 |  | $ | 1,787 |  | $ | 10 |  | $ | 104 |  | $ | 19 |  | $ | —
Cash surrender value | $ | 3,521 |  | $ | 3,403 |  | $ | 1,031 |  | $ | 309 |  | $ | 31,608 |  | $ | 2,761 |  | $ | 11,982 |  | $ | 716
______________ (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 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 policyholders account balances to the policyholders’ account balance liability in the consolidated balance sheet as of March 31, 2023 and December 31, 2022.
| March 31, 2023 |  | December 31, 2022 |
| (in millions) |
Policyholders’ account balance reconciliation |  |  |  |
Protection Solution |  |  |  |
Universal Life | $ | 5,291 |  |  | $ | 5,340 |  |
Variable Universal Life | 4,851 |  |  | 4,909 |  |
Legacy Segment |  |  |  |
GMxB Legacy | 685 |  |  | 688 |  |
Individual Retirement |  |  |  |
GMxB Core | 55 |  |  | 69 |  |
EQUI-VEST Individual | 2,574 |  |  | 2,652 |  |
SCS | 38,637 |  |  | 35,702 |  |
Group Retirement |  |  |  |
EQUI-VEST Group | 11,952 |  |  | 12,045 |  |
Momentum | 683 |  |  | 702 |  |
Other (1) | 6,235 |  |  | 6,122 |  |
Balance (exclusive of Funding Agreements) | 70,963 |  |  | 68,229 |  |
Funding Agreements | 15,798 |  |  | 15,637 |  |
Balance, end of the period | $ | 86,761 |  |  | $ | 83,866 |  |
_____________ (1)Primarily reflects products, IR Payout, IR Other, Indexed Universal Life, Investment Edge, Group Pension, Closed Block and Corporate and Other other.The following table presents the balances of and changes in separate account liabilities three months ended and as of March 31, 2023 and 2022.
| Protection Solutions |  | Legacy |  | Individual Retirement |  | Group Retirement
| VUL |  | GMxB Legacy |  | GMxB Core |  | EQUI-VEST Individual |  | Investment Edge |  | EQUI-VEST Group |  | Momentum
March 31, 2023 | (in millions)
Balance, beginning of the period | $ | 13,187 |  |  | $ | 32,616 |  |  | $ | 27,772 |  |  | $ | 4,161 |  |  | $ | 3,798 |  |  | $ | 22,393 |  |  | $ | 3,885 |
Premiums and deposits | 287 |  |  | 65 |  |  | 256 |  |  | 26 |  |  | 253 |  |  | 531 |  |  | 178 |
Policy charges | (137) |  |  | (178) |  |  | (115) |  |  | (1) |  |  | — |  |  | (4) |  |  | (5) |
Surrenders and withdrawals | (117) |  |  | (660) |  |  | (559) |  |  | (100) |  |  | (95) |  |  | (359) |  |  | (157) |
Benefit payments | (24) |  |  | (192) |  |  | (56) |  |  | (14) |  |  | (12) |  |  | (15) |  |  | (3) |
Investment performance (1) | 843 |  |  | 1,808 |  |  | 1,202 |  |  | 269 |  |  | 175 |  |  | 1,438 |  |  | 235 |
Net transfers from (to) general account | 45 |  |  | — |  |  | 49 |  |  | (3) |  |  | (140) |  |  | (69) |  |  | 9 |
Other charges (2) | — |  |  | — |  |  | — |  |  | 4 |  |  | — |  |  | 25 |  |  | — |
Balance, end of the period | $ | 14,084 |  |  | $ | 33,459 |  |  | $ | 28,549 |  |  | $ | 4,342 |  |  | $ | 3,979 |  |  | $ | 23,940 |  |  | $ | 4,142 |
Cash surrender value | $ | 13,755 |  |  | $ | 33,181 |  |  | $ | 27,680 |  |  | $ | 4,310 |  |  | $ | 3,885 |  |  | $ | 23,702 |  |  | $ | 4,136 |
_____________ (1)Investment performance is reflected net of M&E fees. (2)EQUI-VEST Individual and EQUI-VEST Group for the three months ending March 31, 2023, 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.
| Protection Solutions |  | Legacy |  | Individual Retirement |  | Group Retirement
| VUL |  | GMxB Legacy |  | GMxB Core |  | EQUI-VEST Individual |  | Investment Edge |  | EQUI-VEST Group |  | Momentum
March 31, 2022 | (in millions)
Balance, beginning of the period | $ | 16,405 |  |  | $ | 44,912 |  |  | $ | 35,288 |  |  | $ | 5,583 |  |  | $ | 4,287 |  |  | $ | 27,509 |  |  | $ | 4,975 |
Premiums and deposits | 283 |  |  | 55 |  |  | 441 |  |  | 42 |  |  | 241 |  |  | 523 |  |  | 185 |
Policy charges | (139) |  |  | (183) |  |  | (114) |  |  | — |  |  | — |  |  | (4) |  |  | (5) |
Surrenders and withdrawals | (114) |  |  | (771) |  |  | (690) |  |  | (88) |  |  | (68) |  |  | (356) |  |  | (210) |
Benefit payments | (54) |  |  | (186) |  |  | (70) |  |  | (16) |  |  | (11) |  |  | (20) |  |  | (1) |
Investment performance (1) | (1,032) |  |  | (2,932) |  |  | (2,197) |  |  | (380) |  |  | (257) |  |  | (1,874) |  |  | (326) |
Net transfers from (to) general account | (12) |  |  | (4) |  |  | 38 |  |  | (10) |  |  | (39) |  |  | (109) |  |  | (23) |
Balance, end of the period | $ | 15,337 |  |  | $ | 40,891 |  |  | $ | 32,696 |  |  | $ | 5,131 |  |  | $ | 4,153 |  |  | $ | 25,669 |  |  | $ | 4,595 |
Cash surrender value | $ | 15,022 |  |  | $ | 40,601 |  |  | $ | 31,748 |  |  | $ | 5,096 |  |  | $ | 4,061 |  |  | $ | 25,426 |  |  | $ | 4,588 |
(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 sheet as of March 31, 2023 and December 31, 2022.
| March 31, 2023 |  | December 31, 2022
| (in millions)
Separate Account Reconciliation |  |  |
Protection Solution |  |  |
Variable Universal Life | $ | 14,084 |  |  | $ | 13,187 |
Legacy Segment |  |  |
GMxB Legacy | 33,459 |  |  | 32,616 |
Individual Retirement |  |  |
GMxB Core | 28,549 |  |  | 27,772 |
EQUI-VEST Individual | 4,342 |  |  | 4,161 |
Investment Edge | 3,979 |  |  | 3,798 |
Group Retirement |  |  |
EQUI-VEST Group | 23,940 |  |  | 22,393 |
Momentum | 4,142 |  |  | 3,885 |
Other (1) | 7,257 |  |  | 7,041 |
Total | $ | 119,752 |  |  | $ | 114,853 |
______________ (1)Primarily reflects Corporate and Other products and Group Retirement products including Association and Group Retirement Other.
Schedule of Policyholder Account Balance, Guaranteed Minimum Crediting Rate | The following table presents 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 as of March 31, 2023 and December 31, 2022.
March 31, 2023 |  |  |  |  |  |
Product (1) |  | 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) |  |  |  |  |  |
Protection Solutions |  |  |  |  |  |
Universal Life |  | 0.00% - 1.50% |  | $ | — |  |  | $ | — |  |  | $ | 4 |  |  | $ | 1 |  |  | $ | 5 |  |  |  |  |  |  |
| 1.51% - 2.50% |  | 155 |  |  | 127 |  |  | 640 |  |  | 112 |  |  | 1,034 |  |  |  |  |  |  |
| Greater than 2.50% |  | 3,565 |  |  | 650 |  |  | — |  |  | — |  |  | 4,215 |  |  |  |  |  |  |
| Total |  | $ | 3,720 |  |  | $ | 777 |  |  | $ | 644 |  |  | $ | 113 |  |  | $ | 5,254 |  |  |  |  |  |  |
Variable Universal Life |  | 0.00% - 1.50% |  | $ | 23 |  |  | $ | 51 |  |  | $ | 11 |  |  | $ | 2 |  |  | $ | 87 |  |  |  |  |  |  |
| 1.51% - 2.50% |  | 384 |  |  | 156 |  |  | — |  |  | — |  |  | 540 |  |  |  |  |  |  |
| Greater than 2.50% |  | 3,819 |  |  | — |  |  | 2 |  |  | — |  |  | 3,821 |  |  |  |  |  |  |
| Total |  | $ | 4,226 |  |  | $ | 207 |  |  | $ | 13 |  |  | $ | 2 |  |  | $ | 4,448 |  |  |  |  |  |  |
Legacy Segment |  |  |  |  |  |
March 31, 2023 |  |  |  |  |  |
Product (1) |  | 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 Legacy |  | 0.00% - 1.50% |  | $ | 387 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 387 |  |  |  |  |  |  |
| 1.51% - 2.50% |  | 539 |  |  | — |  |  | — |  |  | — |  |  | 539 |  |  |  |  |  |  |
| Greater than 2.50% |  | 33 |  |  | — |  |  | — |  |  | — |  |  | 33 |  |  |  |  |  |  |
| Total |  | $ | 959 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 959 |  |  |  |  |  |  |
Individual Retirement |  |  |  |  |  |
GMxB Core |  | 0.00% - 1.50% |  | $ | 279 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 279 |  |  |  |  |  |  |
| 1.51% - 2.50% |  | 14 |  |  | — |  |  | — |  |  | — |  |  | 14 |  |  |  |  |  |  |
| Greater than 2.50% |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  |
| Total |  | $ | 293 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 293 |  |  |  |  |  |  |
EQUI-VEST Individual |  | 0.00% - 1.50% |  | $ | 35 |  |  | $ | — |  |  | $ | 55 |  |  | $ | 239 |  |  | $ | 329 |  |  |  |  |  |  |
| 1.51% - 2.50% |  | — |  |  | — |  |  | 46 |  |  | — |  |  | 46 |  |  |  |  |  |  |
| Greater than 2.50% |  | 2,121 |  |  | 19 |  |  | 59 |  |  | — |  |  | 2,199 |  |  |  |  |  |  |
| Total |  | $ | 2,156 |  |  | $ | 19 |  |  | $ | 160 |  |  | $ | 239 |  |  | $ | 2,574 |  |  |  |  |  |  |
SCS |  | 0.00% - 1.50% |  | $ | 31,090 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 31,090 |  |  |  |  |  |  |
| 1.51% - 2.50% |  | 5,821 |  |  | — |  |  | — |  |  | — |  |  | 5,821 |  |  |  |  |  |  |
| Greater than 2.50% |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  |
| Total |  | $ | 36,911 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 36,911 |  |  |  |  |  |  |
Group Retirement |  |  |  |  |  |
EQUI-VEST Group |  | 0.00% - 1.50% |  | $ | 58 |  |  | $ | 57 |  |  | $ | 362 |  |  | $ | 3,176 |  |  | $ | 3,653 |  |  |  |  |  |  |
| 1.51% - 2.50% |  | 11 |  |  | 2 |  |  | 897 |  |  | — |  |  | 910 |  |  |  |  |  |  |
| Greater than 2.50% |  | 6,799 |  |  | 342 |  |  | — |  |  | — |  |  | 7,141 |  |  |  |  |  |  |
| Total |  | $ | 6,868 |  |  | $ | 401 |  |  | $ | 1,259 |  |  | $ | 3,176 |  |  | $ | 11,704 |  |  |  |  |  |  |
Momentum |  | 0.00% - 1.50% |  | $ | 13 |  |  | $ | 291 |  |  | $ | 119 |  |  | $ | 7 |  |  | $ | 430 |  |  |  |  |  |  |
| 1.51% - 2.50% |  | 174 |  |  | 1 |  |  | — |  |  | — |  |  | 175 |  |  |  |  |  |  |
| Greater than 2.50% |  | 73 |  |  | — |  |  | 5 |  |  | — |  |  | 78 |  |  |  |  |  |  |
| Total |  | $ | 260 |  |  | $ | 292 |  |  | $ | 124 |  |  | $ | 7 |  |  | $ | 683 |  |  |  |  |  |  |
December 31, 2022
Product (1) |  | 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)
Protection Solutions
Universal Life |  | 0.00% - 1.50% |  | $ | — |  |  | $ | — |  |  | $ | 5 |  |  | $ | 1 |  |  | $ | 6 |
| 1.51% - 2.50% |  | 181 |  |  | 197 |  |  | 605 |  |  | 47 |  |  | 1,030 |
| Greater than 2.50% |  | 3,615 |  |  | 657 |  |  | — |  |  | — |  |  | 4,272 |
| Total |  | $ | 3,796 |  |  | $ | 854 |  |  | $ | 610 |  |  | $ | 48 |  |  | $ | 5,308 |
Variable Universal Life |  | 0.00% - 1.50% |  | $ | 30 |  |  | $ | 40 |  |  | $ | 7 |  |  | $ | 1 |  |  | $ | 78 |
| 1.51% - 2.50% |  | 485 |  |  | 53 |  |  | — |  |  | — |  |  | 538 |
| Greater than 2.50% |  | 3,900 |  |  | — |  |  | 2 |  |  | — |  |  | 3,902 |
| Total |  | $ | 4,415 |  |  | $ | 93 |  |  | $ | 9 |  |  | $ | 1 |  |  | $ | 4,518 |
Legacy Segment
GMxB Legacy |  | 0.00% - 1.50% |  | $ | 386 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 386 |
| 1.51% - 2.50% |  | 560 |  |  | — |  |  | — |  |  | — |  |  | 560 |
| Greater than 2.50% |  | 35 |  |  | — |  |  | — |  |  | — |  |  | 35 |
| Total |  | $ | 981 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 981 |
Individual Retirement
GMxB Core |  | 0.00% - 1.50% |  | $ | 289 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 289 |
| 1.51% - 2.50% |  | 14 |  |  | — |  |  | — |  |  | — |  |  | 14 |
| Greater than 2.50% |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
| Total |  | $ | 303 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 303 |
EQUI-VEST Individual |  | 0.00% - 1.50% |  | $ | 345 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 345 |
| 1.51% - 2.50% |  | 46 |  |  | — |  |  | — |  |  | — |  |  | 46 |
| Greater than 2.50% |  | 2,199 |  |  | — |  |  | 62 |  |  | — |  |  | 2,261 |
| Total |  | $ | 2,590 |  |  | $ | — |  |  | $ | 62 |  |  | $ | — |  |  | $ | 2,652 |
SCS |  | 0.00% - 1.50% |  | $ | 28,086 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 28,086 |
| 1.51% - 2.50% |  | 5,527 |  |  | — |  |  | — |  |  | — |  |  | 5,527 |
| Greater than 2.50% |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
| Total |  | $ | 33,613 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 33,613 |
Group Retirement
EQUI-VEST Group |  | 0.00% - 1.50% |  | $ | 109 |  |  | $ | 5 |  |  | $ | 366 |  |  | $ | 3,112 |  |  | $ | 3,592 |
| 1.51% - 2.50% |  | 11 |  |  | 2 |  |  | 889 |  |  | — |  |  | 902 |
| Greater than 2.50% |  | 6,949 |  |  | 21 |  |  | 330 |  |  | — |  |  | 7,300 |
| Total |  | $ | 7,069 |  |  | $ | 28 |  |  | $ | 1,585 |  |  | $ | 3,112 |  |  | $ | 11,794 |
Momentum |  | 0.00% - 1.50% |  | $ | 15 |  |  | $ | 301 |  |  | $ | 122 |  |  | $ | 7 |  |  | $ | 445 |
| 1.51% - 2.50% |  | 178 |  |  | 1 |  |  | — |  |  | — |  |  | 179 |
| Greater than 2.50% |  | 73 |  |  | — |  |  | 5 |  |  | — |  |  | 78 |
| Total |  | $ | 266 |  |  | $ | 302 |  |  | $ | 127 |  |  | $ | 7 |  |  | $ | 702 |
Schedule of Aggregate Fair Value of Separate Account Assets | The following table presents the aggregate fair value of separate account assets by major asset category as of March 31, 2023 and December 31, 2022:
| March 31, 2023
| Protection Solutions |  | Individual Retirement |  | Group Retirement |  | Corp & Other |  | Legacy Segment |  | Total
| (in millions)
Asset Type |  |  |  |  |  |  |  |  |  |  |
Debt securities | $ | 63 |  |  | $ | 1 |  |  | $ | 16 |  |  | $ | 10 |  |  | $ | — |  |  | $ | 90 |
Common Stock | 51 |  |  | 33 |  |  | 457 |  |  | 1,712 |  |  | — |  |  | 2,253 |
Mutual Funds | 14,400 |  |  | 38,109 |  |  | 29,428 |  |  | 755 |  |  | 33,468 |  |  | 116,160 |
Bonds and Notes | 114 |  |  | 3 |  |  | 1 |  |  | 1,131 |  |  | — |  |  | 1,249 |
Total | $ | 14,628 |  |  | $ | 38,146 |  |  | $ | 29,902 |  |  | $ | 3,608 |  |  | $ | 33,468 |  |  | $ | 119,752 |
| December 31, 2022
| Protection Solutions |  | Individual Retirement |  | Group Retirement |  | Corp & Other |  | Legacy Segment |  | Total
| (in millions)
Asset Type |  |  |  |  |  |  |  |  |  |  |
Debt securities | $ | 58 |  |  | $ | 1 |  |  | $ | 17 |  |  | $ | 8 |  |  | $ | — |  |  | $ | 84 |
Common Stock | 41 |  |  | 32 |  |  | 430 |  |  | 1,686 |  |  | — |  |  | 2,189 |
Mutual Funds | 13,498 |  |  | 36,860 |  |  | 27,639 |  |  | 773 |  |  | 32,625 |  |  | 111,395 |
Bonds and Notes | 119 |  |  | 3 |  |  | 1 |  |  | 1,062 |  |  | — |  |  | 1,185 |
Total | $ | 13,716 |  |  | $ | 36,896 |  |  | $ | 28,087 |  |  | $ | 3,529 |  |  | $ | 32,625 |  |  | $ | 114,853 |

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