POLICYHOLDER ACCOUNT BALANCES

3 Months Ended

Mar. 31, 2023

Policyholder Account Balance [Abstract]

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.

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 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

Separate Account - Summary

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.

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