XML 51 R40.htm IDEA: XBRL DOCUMENT v3.23.2
LIABILITIES FOR FUTURE POLICYHOLDER BENEFITS (Tables)
 6 Months Ended
Jun. 30, 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 six months ended June 30, 2023 and 2022.
Six Months Ended June 30, 2023Six Months Ended June 30, 2022
Protection SolutionsIndividual RetirementLegacy Corporate & OtherProtection SolutionsIndividual RetirementLegacy Corporate & Other
TermPayoutPayoutGroup PensionHealthTermPayoutPayoutGroup PensionHealth
(in millions)
Present Value of Expected Net Premiums
Balance, beginning of 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 — — — (1)— — — — — 
Effect of actual variances from expected experience4 — — — (6)62 — — — (12)
Adjusted beginning of period balance2,090 — — — (12)1,926 — — — 7 
Issuances32 — — — — 45 — — — — 
Interest accrual50 — — — — 48 — — — — 
Net premiums collected(100)— — — 1 (97)— — — — 
Ending Balance at original discount rate2,072 — — — (11)1,922 — — — 7 
Effect of changes in discount rate assumptions36 — — — — 174 — — — 1 
Balance, end of period$2,108 $— $— $— $(11)$2,096 $— $— $— $8 


Six Months Ended June 30, 2023Six Months Ended June 30, 2022
Protection SolutionsIndividual RetirementLegacyCorporate & OtherProtection SolutionsIndividual RetirementLegacyCorporate & Other
TermPayoutPayoutGroup PensionHealthTermPayoutPayoutGroup PensionHealth
(Dollars in millions)
Present Value of Expected Future Policy Benefits
Balance, beginning of 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 — — — (1)— — — — — 
Effect of actual variances from expected experience5 — — — (6)68 — (2)— (13)
Adjusted beginning of period balance3,405 845 3,024 583 1,788 3,309 883 2,398 632 1,902 
Issuances34 26 473 — — 47 14 342 — — 
Interest accrual84 19 44 10 29 83 20 32 11 31 
Benefits payments(183)(46)(131)(34)(71)(219)(51)(96)(35)(84)
Ending Balance at original discount rate3,340 844 3,410 559 1,746 3,220 866 2,676 608 1,849 
Effect of changes in discount rate assumptions91 (10)(309)(56)(224)310 36 (233)(36)(154)
Six Months Ended June 30, 2023Six Months Ended June 30, 2022
Protection SolutionsIndividual RetirementLegacyCorporate & OtherProtection SolutionsIndividual RetirementLegacyCorporate & Other
TermPayoutPayoutGroup PensionHealthTermPayoutPayoutGroup PensionHealth
(Dollars in millions)
Balance, end of period$3,431 $834 $3,101 $503 $1,522 $3,530 $902 $2,443 $572 $1,695 
Impact of flooring LFPB at zero1 — — — — — — — — — 
Net liability for future policy benefits$1,324 $834 $3,101 $503 $1,533 $1,437 $902 $2,443 $572 $1,687 
Less: Reinsurance recoverable24 — (680)— (1,217)14 — (276)— (1,342)
Net liability for future policy benefits, after reinsurance recoverable$1,348 $834 $2,421 $503 $316 $1,451 $902 $2,167 $572 $345 
Weighted-average duration of liability for future policyholder benefits (years)7.09.47.87.18.87.59.68.47.28.9
The following table summarizes the balances and changes in policyholder’s account balances for the six months ended June 30, 2023 and 2022:
Six Months Ended June 30, 2023
Protection SolutionsLegacyIndividual RetirementGroup Retirement

Universal LifeVariable Universal LifeGMxB LegacyGMxB CoreSCS (1)EQUI-VEST IndividualEQUI-VEST GroupMomentum
(in millions)
Balance, beginning of period$5,340 $4,909 $688 $69 $35,702 $2,652 $12,045 $702 
Issuances— — — — — — — — 
Premiums received359 75 42 114 1 19 317 35 
Policy charges(384)(128)20 4 (3)— (3)— 
Surrenders and withdrawals(38)(23)(47)(17)(1,323)(178)(821)(71)
Benefit payments(128)(60)(52)(1)(121)(40)(35)(3)
Net transfers from (to) separate account— (64)2 (103)4,562 3 146 (12)
Interest credited (2)110 109 13 3 4,267 38 210 6 
Other— — — — — 3 11 — 
Balance, end of period$5,259 $4,818 $666 $69 $43,085 $2,497 $11,870 $657 
Weighted-average crediting rate3.67%3.81%2.71%1.57%N/A3.04%2.52%2.33%
Net amount at risk (3)$36,505 $114,554 $22,195 $3,165 $11 $118 $24 $— 
Cash surrender value$3,463 $3,230 $630 $289 $39,238 $2,490 $11,782 $657 
______________
(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.
Six Months Ended June 30, 2022
Protection SolutionsLegacyIndividual RetirementGroup Retirement

Universal LifeVariable Universal LifeGMxB LegacyGMxB CoreSCS (1)EQUI-VEST IndividualEQUI-VEST GroupMomentum
(in millions)
Balance, beginning of period$5,462$4,807$745$112$33,443$2,784$11,951$704
Issuances————————
Premiums received369833110912630340
Policy charges(396)(118)17(12)——(3)—
Surrenders and withdrawals(48)(12)(31)(16)(1,380)(87)(383)(66)
Benefit payments(98)(49)(51)(1)(102)(30)(36)(1)
Net transfers from (to) separate account—909(104)3,7392119442
Interest credited (2)11274153(3,582)41868
Other————————
Balance, end of period$5,401$4,875$735$91$32,119$2,755$12,112$727
Weighted-average crediting rate3.67%3.70%2.71%1.05%N/A2.93%2.56%2.03%
Net amount at risk (3)$38,756$114,463$22,421$3,181$97$142$157$—
Cash surrender value$3,508$3,396$711$305$29,148$2,746$12,030$726
______________
(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 at 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 June 30, 2023 and December 31, 2022.

June 30, 2023December 31, 2022
(in millions)
Policyholders’ account balance reconciliation
Protection Solutions
Universal Life$5,259 $5,340 
Variable Universal Life4,818 4,909 
Legacy Segment
GMxB Legacy666 688 
Individual Retirement
GMxB Core69 69 
SCS43,085 35,702 
EQUI-VEST Individual2,497 2,652 
Group Retirement
EQUI-VEST Group11,870 12,045 
Momentum657 702 
Other (1)6,392 6,118 
Balance (exclusive of Funding Agreements)75,313 68,225 
Funding Agreements16,282 15,641 
Balance, end of period$91,595 $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 for the six months ended June 30, 2023 and 2022.
Six Months Ended June 30, 2023
Protection SolutionsLegacyIndividual RetirementGroup Retirement    
VULGMxB LegacyGMxB CoreEQUI-VEST IndividualInvestment EdgeEQUI-VEST GroupMomentum
(in millions)
Balance, beginning of period$13,187 $32,616 $27,772 $4,161 $3,798 $22,393 $3,885 
Premiums and deposits573 110 698 49 470 1,116 332 
Policy charges (278)(340)(245)(1)— (8)(10)
Surrenders and withdrawals(282)(1,324)(1,227)(197)(198)(744)(364)
Benefit payments(49)(382)(120)(27)(24)(28)(5)
Investment performance (1)1,687 3,392 2,144 538 326 2,850 452 
Net transfers from (to) general account64 (2)103 (3)(257)(144)11 
Other charges (2) — — — 4 — 25 — 
Balance, end of period$14,902 $34,070 $29,125 $4,524 $4,115 $25,460 $4,301 
Cash surrender value$14,561 $33,792 $28,276 $4,491 $4,023 $25,210 $4,295 
_____________
(1)Investment performance is reflected net of M&E fees.
(2)EQUI-VEST Individual and EQUI-VEST Group for the six months ending June 30, 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.
Six Months Ended June 30, 2022
Protection SolutionsLegacyIndividual RetirementGroup Retirement
VULGMxB LegacyGMxB CoreEQUI-VEST IndividualInvestment EdgeEQUI-VEST GroupMomentum
(in millions)
Balance, beginning of period$16,405 $44,912 $35,288 $5,583 $4,287 $27,509 $4,975 
Premiums and deposits557 118 763 66 530 1,089 331 
Policy charges (270)(351)(239)(1)— (8)(10)
Surrenders and withdrawals(201)(1,431)(1,257)(164)(145)(680)(347)
Benefit payments(64)(364)(123)(28)(17)(32)(6)
Investment performance (1)(3,362)(8,666)(6,054)(1,193)(780)(5,897)(978)
Net transfers from (to) general account(90)(9)104 (21)(158)(194)(42)
Balance, end of period$12,975 $34,209 $28,482 $4,242 $3,717 $21,787 $3,923 
Cash surrender value$12,695 $33,920 $27,569 $4,212 $3,623 $21,555 $3,917 
______________
(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 June 30, 2023 and December 31, 2022.
June 30, 2023December 31, 2022
(in millions)
Separate Account Reconciliation
Protection Solutions
Variable Universal Life$14,902 $13,187 
Legacy Segment
GMxB Legacy34,070 32,616 
Individual Retirement
GMxB Core29,125 27,772 
EQUI-VEST Individual4,524 4,161 
Investment Edge4,115 3,798 
Group Retirement
EQUI-VEST Group25,460 22,393 
Momentum4,301 3,885 
Other (1)7,401 7,041 
Total$123,898 $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 June 30, 2023 and December 31, 2022.
June 30, 2023December 31, 2022
(in millions)
Reconciliation
Term$1,324 $1,365 
Individual Retirement - Payout834 828 
Legacy - Payout3,101 2,689 
Group Pension - Benefit Reserve & DPL503 523 
Health1,533 1,558 
UL1,145 1,109 
Subtotal8,440 8,072 
  Whole Life Closed Block and Open Block products5,542 5,664 
Other (1)890 908 
Future policyholder benefits total14,872 14,644 
  Other policyholder funds and dividends payable1,914 1,959 
Total$16,786 $16,603 
_____________
(1)Primarily consists of Future policy benefits related to Protective Life and Annuity, Assumed Life and Disability, Group Life Run off, Variable Interest Sensitive Life 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 June 30, 2023 and December 31, 2022:
June 30, 2023December 31, 2022
(in millions)
Term
Expected future benefit payments and expenses (undiscounted)$5,918 $6,022 
Expected future gross premiums (undiscounted)7,134 7,273 
Expected future benefit payments and expenses (discounted; AOCI basis)3,431 3,465 
Expected future gross premiums (discounted; AOCI basis)3,875 3,904 
Payout - Legacy
Expected future benefit payments and expenses (undiscounted)4,533 3,947 
June 30, 2023December 31, 2022
(in millions)
Expected future gross premiums (undiscounted)— — 
Expected future benefit payments and expenses (discounted; AOCI basis)3,018 2,607 
Expected future gross premiums (discounted; AOCI basis)— — 
Payout
Expected future benefit payments and expenses (undiscounted)1,446 1,460 
Expected future gross premiums (undiscounted)— — 
Expected future benefit payments and expenses (discounted; AOCI basis)806 801 
Expected future gross premiums (discounted; AOCI basis)— — 
Group Pension
Expected future benefit payments and expenses (undiscounted)698 730 
Expected future gross premiums (undiscounted)— — 
Expected future benefit payments and expenses (discounted; AOCI basis)483 563 
Expected future gross premiums (discounted; AOCI basis)— — 
Health
Expected future benefit payments and expenses (undiscounted)2,432 2,510 
Expected future gross premiums (undiscounted)91 99 
Expected future benefit payments and expenses (discounted; AOCI basis)1,503 1,533 
Expected future gross premiums (discounted; AOCI basis)$72 $78 
Schedule of Liability for Future Policy Benefits, Revenue and Interest Accretion
The tables below summarize the revenue and interest related to nonparticipating traditional and limited payment contracts for the six months ended June 30, 2023 and 2022:
Six Months Ended June 30,Six Months Ended June 30,
2023202220232022
Gross PremiumInterest Accretion
(in millions)
Revenue and Interest Accretion
Term$140 $137 $34 $35 
Payout - Legacy66 45 44 32 
Payout25 12 20 20 
Group Pension— — 10 11 
Health4 5 29 31 
Total$235 $199 $137 $129 
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 June 30, 2023 and December 31, 2022:
June 30, 2023December 31, 2022
Weighted Average Interest Rate
Term
Interest accretion rate5.6 %5.7 %
Current discount rate5.0 %5.1 %
Payout - Legacy
Interest accretion rate3.8 %3.4 %
Current discount rate5.1 %5.0 %
Payout
Interest accretion rate4.9 %4.9 %
Current discount rate5.1 %5.2 %
Group Pension
Interest accretion rate3.4 %3.4 %
Current discount rate5.0 %5.1 %
Health
Interest accretion rate3.4 %3.3 %
Current discount rate5.2 %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 six months ended June 30, 2023 and 2022:
Six months ended June 30,
20232022
Protection Solutions
UL
(Dollars in millions)
Balance, beginning of 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 experience3 7 
Adjusted beginning of period balance1,138 1,088 
Interest accrual25 24 
Net assessments collected36 33 
Benefit payments(30)(36)
Ending balance before shadow reserve adjustments1,169 1,109 
Effect of reserve adjustment recorded in AOCI(24)(16)
Balance, end of period$1,145 $1,093 
Net liability for additional liability $1,145 $1,093 
Less: Reinsurance recoverable— — 
Net liability for additional liability, after reinsurance recoverable$1,145 $1,093 
Weighted-average duration of additional liability - death benefit (years)21.422.9
The following tables provides the revenue, interest and weighted average interest rates, related to the additional insurance liabilities for the six months ended June 30, 2023 and 2022.
Six Months Ended June 30,
2023202220232022
AssessmentsInterest Accretion
Revenue and Interest Accretion
UL$350 $310 $25 $24 
Total$350 $310 $25 $24 

Six Months Ended June 30,
20232022
Weighted Average Interest Rate
UL4.5 %4.5 %
Interest accretion rate4.5 %4.5 %