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POLICYHOLDER ACCOUNT BALANCES (Tables)
 6 Months Ended
Jun. 30, 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 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.
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 June 30, 2023 and December 31, 2022.
June 30, 2023
Product
(1)		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)
Protection Solutions
Universal Life
0.00% - 1.50%
$— $— $3 $2 $5 
1.51% - 2.50%
122 69 645 201 1,037 
 Greater than 2.50%
3,539 643 — — 4,182 
Total
$3,661 $712 $648 $203 $5,224 
Variable Universal Life
0.00% - 1.50%
$20 $45 $25 $4 $94 
1.51% - 2.50%
263 298 3 — 564 
Greater than 2.50%
3,729 — 2 5 3,736 
Total
$4,012 $343 $30 $9 $4,394 
Legacy Segment
GMxB Legacy
0.00% - 1.50%
$83 $16 $— $— $99 
1.51% - 2.50%
24 — — — 24 
Greater than 2.50%
507 — — — 507 
Total
$614 $16 $— $— $630 
Individual Retirement
GMxB Core
0.00% - 1.50%
$14 $215 $— $— $229 
1.51% - 2.50%
13 — — — 13 
Greater than 2.50%
57 — — — 57 
Total
$84 $215 $— $— $299 
EQUI-VEST Individual
0.00% - 1.50%
$53 $231 $— $— $284 
1.51% - 2.50%
45 — — — 45 
Greater than 2.50%
2,167 — — — 2,167 
Total
$2,265 $231 $— $— $2,496 
SCSProducts with either a fixed rate or no guaranteed minimumN/AN/AN/AN/AN/A
Group Retirement
EQUI-VEST
Group
0.00% - 1.50%
$804 $2,290 $36 $362 $3,492 
1.51% - 2.50%
332 — — — 332 
Greater than 2.50%
6,986 — — — 6,986 
Total
$8,122 $2,290 $36 $362 $10,810 
Momentum
0.00% - 1.50%
$— $13 $350 $57 $420 
1.51% - 2.50%
159 1 — — 160 
Greater than 2.50%
72 — 5 — 77 
Total
$231 $14 $355 $57 $657 
December 31, 2022
Product
(1)		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)
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 
SCSProducts with either a fixed rate or no guaranteed minimumN/AN/AN/AN/AN/A
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 June 30, 2023 and December 31, 2022:
June 30, 2023
Protection SolutionsIndividual RetirementGroup Retirement    Corp & OtherLegacy SegmentTotal
(in millions)
Asset Type
Debt securities$58 $1 $17 $9 $— $85 
Common Stock61 33 472 1,770 — 2,336 
Mutual Funds15,254 39,085 31,131 725 34,084 120,279 
Bonds and Notes98 3 1 1,096 — 1,198 
Total$15,471 $39,122 $31,621 $3,600 $34,084 $123,898 

December 31, 2022
Protection SolutionsIndividual RetirementGroup Retirement    Corp & OtherLegacy SegmentTotal
(in millions)
Asset Type
Debt securities$58 $1 $17 $8 $— $84 
Common Stock41 32 430 1,686 — 2,189 
Mutual Funds13,498 36,860 27,639 773 32,625 111,395 
Bonds and Notes119 3 1 1,062 — 1,185 
Total$13,716 $36,896 $28,087 $3,529 $32,625 $114,853