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LIABILITIES FOR FUTURE POLICYHOLDER BENEFITS (Tables)
 3 Months Ended
Mar. 31, 2023
Insurance [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, 2023Three Months Ended March 31, 2022
Protection SolutionsIndividual RetirementGMxB Legacy Corporate & OtherProtection SolutionsIndividual RetirementGMxB Legacy Corporate & Other
TermPayoutPayoutGroup PensionHealthTermPayoutPayoutGroup PensionHealth
(in millions)
Present Value of Expected Net Premiums
Balance, beginning of the period$2,100 $— $— $— $(5)$2,485 $— $— $— $22 
Beginning balance at original discount rate2,078 — — — (5)1,864 — — — 19 
Effect of changes in cash flow assumptions8 — — — — — — — — — 
Effect of actual variances from expected experience3 — — — (6)56 — — — (18)
Adjusted beginning of the period balance2,089 — — — (11)1,920 — — — 1 
Issuances15 — — — — 22 — — — — 
Interest accrual25 — — — — 23 — — — — 
Net premiums collected(51)— — — 1 (49)— — — — 
Ending Balance at original discount rate2,078 — — — (10)1,916 — — — 1 
Effect of changes in discount rate assumptions82 — — — — 387 — — — 1 
Balance, end of the period$2,160 $— $— $— $(10)$2,303 $— $— $— $2 

Three Months Ended March 31, 2023Three Months Ended March 31, 2022
Protection SolutionsIndividual RetirementGMxB LegacyCorporate & OtherProtection SolutionsIndividual RetirementGMxB LegacyCorporate & Other
TermPayoutPayoutGroup PensionHealthTermPayoutPayoutGroup PensionHealth
(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 rate3,391 845 3,024 583 1,795 3,241 883 2,400 632 1,915 
Effect of changes in cash flow assumptions9 — — — — — — — — — 
Effect of actual variances from expected experience4 1 — (1)(7)60 — (4)— (20)
Adjusted beginning of the period balance3,404 846 3,024 582 1,788 3,301 883 2,396 632 1,895 
Issuances16 15 222 — — 23 9 152 — — 
Interest accrual42 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 rate3,367 848 3,202 570 1,770 3,229 878 2,517 619 1,869 
Effect of changes in discount rate assumptions164 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 recoverable27 — (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)7.09.47.97.18.77.59.68.47.28.9
The following table summarizes the balances and changes in policyholders’ account balances three months ended and as of March 31, 2023 and 2022:
Protection SolutionsLegacyIndividual RetirementGroup Retirement

Universal LifeVariable Universal LifeGMxB LegacyGMxB CoreSCS (1)EQUI-VEST IndividualEQUI-VEST GroupMomentum
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 received184 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 rate3.64%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, 2022Protection SolutionsLegacyIndividual RetirementGroup Retirement

Universal LifeVariable Universal LifeGMxB LegacyGMxB CoreSCS (1)EQUI-VEST IndividualEQUI-VEST GroupMomentum
(in millions)
Balance, beginning of the period$5,462$4,807$745$112$33,443$2,784$11,951$704
Issuances————————
Premiums received191471640—1514923
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—124(38)1,7171010923
Interest credited (2)564372(272)20663
Other————————
Balance, end of the period$5,436$4,851$742$97$34,115$2,769$12,060$716
Weighted-average crediting rate3.62%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, 2023December 31, 2022
(in millions)
Policyholders’ account balance reconciliation
Protection Solution
Universal Life$5,291 $5,340 
Variable Universal Life4,851 4,909 
Legacy Segment
GMxB Legacy685 688 
Individual Retirement
GMxB Core55 69 
EQUI-VEST Individual2,574 2,652 
SCS38,637 35,702 
Group Retirement
EQUI-VEST Group11,952 12,045 
Momentum683 702 
Other (1)6,235 6,122 
Balance (exclusive of Funding Agreements)70,963 68,229 
Funding Agreements15,798 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 SolutionsLegacyIndividual RetirementGroup Retirement    
VULGMxB LegacyGMxB CoreEQUI-VEST IndividualInvestment EdgeEQUI-VEST GroupMomentum
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 deposits287 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 account45 — 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 SolutionsLegacyIndividual RetirementGroup Retirement
VULGMxB LegacyGMxB CoreEQUI-VEST IndividualInvestment EdgeEQUI-VEST GroupMomentum
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 deposits283 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, 2023December 31, 2022
(in millions)
Separate Account Reconciliation
Protection Solution
Variable Universal Life$14,084 $13,187 
Legacy Segment
GMxB Legacy33,459 32,616 
Individual Retirement
GMxB Core28,549 27,772 
EQUI-VEST Individual4,342 4,161 
Investment Edge3,979 3,798 
Group Retirement
EQUI-VEST Group23,940 22,393 
Momentum4,142 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.
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 sheet as of March 31, 2023 and December 31, 2022.
March 31, 2023December 31, 2022
(in millions)
Reconciliation
Term$1,371 $1,365 
Individual Retirement - Payout853 828 
Legacy - Payout2,944 2,689 
Group Pension - Benefit Reserve & DPL523 523 
Health1,583 1,558 
Universal Life - additional liability for death benefits 1,133 1,109 
Subtotal8,407 8,072 
  Whole Life Closed Block and Open Block products
5,597 5,664 
Other (1)904 908 
Future policyholder benefits total14,908 14,644 
  Other policyholder funds and dividends payable
1,830 1,959 
Total$16,738 $16,603 
_____________
(1)Primarily consists of Future policy benefits related to Protective Life and Annuity, Assumed Life and DI, GRP Life Run off, VISL rider and Employee Benefits.
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 as of March 31, 2023 and December 31, 2022:
March 31, 2023December 31, 2022
(in millions)
Term
Expected future benefit payments and expenses (undiscounted)$5,972 $6,022 
Expected future gross premiums (undiscounted)7,188 7,273 
Expected future benefit payments and expenses (discounted; AOCI basis)3,531 3,465 
Expected future gross premiums (discounted; AOCI basis)3,981 3,904 
Payout - Legacy
Expected future benefit payments and expenses (undiscounted)4,227 3,947 
Expected future gross premiums (undiscounted)— — 
Expected future benefit payments and expenses (discounted; AOCI basis)2,861 2,607 
Expected future gross premiums (discounted; AOCI basis)— — 
Payout
Expected future benefit payments and expenses (undiscounted)1,456 1,460 
Expected future gross premiums (undiscounted)— — 
Expected future benefit payments and expenses (discounted; AOCI basis)825 801 
Expected future gross premiums (discounted; AOCI basis)— — 
March 31, 2023December 31, 2022
(in millions)
Group Pension
Expected future benefit payments and expenses (undiscounted)713 730 
Expected future gross premiums (undiscounted)— — 
Expected future benefit payments and expenses (discounted; AOCI basis)550 563 
Expected future gross premiums (discounted; AOCI basis)— — 
Health
Expected future benefit payments and expenses (undiscounted)2,469 2,510 
Expected future gross premiums (undiscounted)94 99 
Expected future benefit payments and expenses (discounted; AOCI basis)1,553 1,533 
Expected future gross premiums (discounted; AOCI basis)$75 $78 
Schedule of Liability for Future Policy Benefits, Revenue and Interest Accretion
The tables below summarizes the revenue and interest related to nonparticipating traditional and limited payment contracts for the three months ended March 31, 2023 and 2022:
March 31, 2023March 31, 2022March 31, 2023March 31, 2022
Gross PremiumInterest Accretion
(in millions)
Revenue and Interest Accretion
Term$70 $71 $17 $18 
Payout - Legacy27 21 21 16 
Payout15 9 10 11 
Group Pension— — 5 5 
Health2 2 15 15 
Total$114 $103 $68 $65 
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 as of March 31, 2023 and December 31, 2022:
March 31, 2023December 31, 2022
Weighted Average Interest Rate
Term Life
Interest accretion rate5.6 %5.7 %
Current discount rate4.7 %5.1 %
Payout - Legacy
Interest accretion rate3.6 %3.4 %
Current discount rate4.8 %5.0 %
Payout
Interest accretion rate4.9 %4.9 %
Current discount rate4.9 %5.2 %
Group Pension
Interest accretion rate3.4 %3.4 %
Current discount rate4.7 %5.1 %
Health
Interest accretion rate3.3 %3.3 %
Current discount rate4.9 %5.2 %
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 for the three months ended March 31, 2023 and 2022:

March 31, 2023March 31, 2022
Protection Solutions
Universal LifeUniversal Life
(Dollars in millions)
Balance, beginning of the period$1,109 $1,087 
Beginning balance before AOCI adjustments1,135 1,076 
Effect of changes in interest rate & cash flow assumptions and model changes— 5 
Effect of actual variances from expected experience6 5 
Adjusted beginning of the period balance1,141 1,086 
Interest accrual13 12 
Net assessments collected18 21 
Benefit payments(18)(29)
Ending balance before shadow reserve adjustments1,154 1,090 
Effect of reserve adjustment recorded in AOCI(21)(2)
Balance, end of the period$1,133 $1,088 
Net liability for additional liability $1,133 $1,088 
Less: Reinsurance recoverable— — 
Net liability for additional liability, after reinsurance recoverable$1,133 $1,088 
Weighted-average duration of additional liability - death benefit (years)21.622.9

The following tables provides the revenue, interest and weighted average interest rates, related to the additional insurance liabilities for the three months ended and as of March 31, 2023 and 2022.
Three Months Ended March 31,
2023202220232022
AssessmentsInterest Accretion
(in millions)
Revenue and Interest Accretion
Universal Life$172 $180 $13 $12 
Total$172 $180 $13 $12 

March 31,
20232022
Weighted Average Interest Rate
Universal Life4.5 %4.5 %
Interest accretion rate4.5 %4.5 %