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LIABILITIES FOR FUTURE POLICYHOLDER BENEFITS (Tables)
 12 Months Ended
Dec. 31, 2023
Insurance [Abstract]  
Schedule of 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 sheets:
December 31,
20232022
(in millions)
Reconciliation
Term$1,348 $1,365 
Individual Retirement - Payout844 828 
Legacy - Payout3,620 2,689 
Group Pension - Benefit Reserve & DPL490 523 
Health1,505 1,558 
UL1,193 1,109 
Subtotal9,000 8,072 
  Whole Life Closed Block and Open Block products5,444 5,664 
Other (1)970 908 
Future policyholder benefits total15,414 14,644 
  Other policyholder funds and dividends payable1,949 1,959 
Total$17,363 $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 Policyholder Account Balance
The following table summarizes balances and changes in the liability for future policy benefits for nonparticipating traditional and limited pay contracts:
Year Ended December 31,
20232022
Protection SolutionsIndividual RetirementLegacy Corporate & OtherProtection SolutionsIndividual RetirementLegacy Corporate & Other
TermPayoutPayoutGroup PensionHealthTermPayoutPayoutGroup PensionHealth
(in millions)
Present Value of Expected Net Premiums
Balance, beginning of year$2,100 $— $— $— $(5)$2,485 $— $— $— $22 
Beginning balance at original discount rate2,078 — — — (5)1,864 — — — 19 
Effect of changes in cash flow assumptions47 — — — (6)204 — — — (10)
Effect of actual variances from expected experience(37)— — — (12)31 — — — (15)
Adjusted beginning of period balance2,088 — — — (23)2,099 — — — (6)
Issuances65 — — — — 76 — — — — 
Interest accrual100 — — — (1)97 — — — — 
Net premiums collected(195)— — — 2 (194)— — — 1 
Ending Balance at original discount rate2,058 — — — (22)2,078 — — — (5)
Year Ended December 31,
20232022
Protection SolutionsIndividual RetirementLegacy Corporate & OtherProtection SolutionsIndividual RetirementLegacy Corporate & Other
TermPayoutPayoutGroup PensionHealthTermPayoutPayoutGroup PensionHealth
(in millions)
Effect of changes in discount rate assumptions75 — — — 1 22 — — — — 
Balance, end of year$2,133 $— $— $— $(21)$2,100 $— $— $— $(5)
Present Value of Expected Future Policy Benefits
Balance, beginning of year$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 assumptions59 — — — (6)222 (2)(1)— (5)
Effect of actual variances from expected experience(45)— (4)— (22)31 (1)(4)1 (13)
Adjusted beginning of period balance3,405 845 3,020 583 1,767 3,494 880 2,395 633 1,897 
Issuances70 47 997 — — 82 23 758 — — 
Interest accrual167 39 88 20 57 168 40 63 21 61 
Benefits payments(312)(91)(265)(67)(152)(353)(98)(192)(71)(163)
Ending Balance at original discount rate3,330 840 3,840 536 1,672 3,391 845 3,024 583 1,795 
Effect of changes in discount rate assumptions150 4 (220)(46)(188)74 (17)(335)(60)(242)
Balance, end of year$3,480 $844 $3,620 $490 $1,484 $3,465 $828 $2,689 $523 $1,553 
Impact of flooring LFPB at zero1 — — — — — — — — — 
Net liability for future policy benefits$1,348 844 3,620 490 1,505 1,365 828 2,689 523 1,558 
Less: Reinsurance recoverable25 (1)(968)— (1,191)21 — (465)— (1,242)
Net liability for future policy benefits, after reinsurance recoverable$1,373 $843 $2,652 $490 $314 $1,386 $828 $2,224 $523 $316 
Weighted-average duration of liability for future policyholder benefits (years)7.09.37.77.18.77.09.58.17.28.7
Year Ended December 31, 2021
Protection SolutionsIndividual RetirementLegacyCorporate & Other
TermPayoutPayoutGroup PensionHealth
Present Value of Expected Net Premiums
Balance, beginning of year$2,492 $— $— $— $35 
Beginning balance at original discount rate1,762 — — — 29 
Effect of changes in cash flow assumptions69 — — — — 
Effect of actual variances from expected experience15 — — — (8)
Adjusted beginning of year balance1,846 — — — 21 
Issuances111 — — — — 
Interest accrual92 — — — 1 
Net premiums collected(185)— — — (3)
Ending Balance at original discount rate1,864 — — — 19 
Effect of changes in discount rate assumptions621 — — — 3 
Balance, end of year$2,485 $— $— $— $22 
Present Value of Expected Future Policy Benefits
Balance, beginning of year$4,475 $1,158 $2,250 $780 $2,334 
Beginning balance of original discount rate3,184 883 1,993 686 2,028 
Effect of changes in cash flow assumptions69 34 4 (2)— 
Effect of actual variances from expected experience11 (8)9 1 (4)
Adjusted beginning of year balance3,264 909 2,006 685 2,024 
Issuances117 26 490 — — 
Interest accrual168 40 61 23 65 
Benefits payments(308)(92)(157)(76)(174)
Ending Balance at original discount rate3,241 883 2,400 632 1,915 
Effect of changes in discount rate assumptions1,053 231 147 51 177 
Balance, end of year$4,294 $1,114 $2,547 $683 $2,092 
Net liability for future policy benefits$1,809 $1,114 $2,547 $683 $2,070 
Less: Reinsurance recoverable(42)— (143)— (1,641)
Net liability for future policy benefits, after reinsurance recoverable$1,767 $1,114 $2,404 $683 $429 
Weighted-average duration of liability for future policyholder benefits (years)7.59.68.47.28.9
The following table reconciles the policyholders account balances to the policyholders’ account balance liability in the consolidated balance sheets:

December 31,
20232022
(in millions)
Policyholders’ account balance reconciliation
Protection Solutions
Universal Life$5,202 $5,340 
Variable Universal Life4,862 4,909 
Legacy Segment
GMxB Legacy618 688 
Individual Retirement
GMxB Core36 69 
SCS49,002 35,702 
EQUI-VEST Individual2,322 2,652 
Group Retirement
EQUI-VEST Group11,563 12,045 
Momentum608 702 
Other (1)5,707 6,118 
Balance (exclusive of Funding Agreements)79,920 68,225 
Funding Agreements15,753 15,641 
Balance, end of year$95,673 $83,866 
_____________
(1)Primarily reflects products IR Payout, IR Other, Indexed Universal Life, Investment Edge, Group Pension, Closed Block and Corporate and Other.
The following table summarizes the balances and changes in policyholder’s account balances:
Year Ended December 31, 2023
Protection SolutionsLegacyIndividual RetirementGroup Retirement

Universal LifeVariable Universal LifeGMxB LegacyGMxB CoreSCS (1)EQUI-VEST IndividualEQUI-VEST GroupMomentum
(Dollars in millions)
Balance, beginning of year$5,340 $4,909 $688 $69 $35,702 $2,652 $12,045 $702 
Premiums received698 134 98 222 10 36 626 70 
Policy charges(760)(256)9 (4)(9)— (4)(1)
Surrenders and withdrawals(80)(46)(97)(33)(2,882)(378)(1,703)(152)
Benefit payments(218)(114)(103)(2)(256)(70)(71)(4)
Net transfers from (to) separate account— 24 (4)(222)10,155 6 272 (21)
Interest credited (2)222 211 27 6 6,282 72 387 14 
Other— — — — — 4 11 — 
Balance, end of year$5,202 $4,862 $618 $36 $49,002 $2,322 $11,563 $608 
Weighted-average crediting rate3.77%3.72%2.71%1.59%N/A2.84%2.66%2.33%
Net amount at risk (3)$35,490 $115,550 $21,136 $2,995 $1 $109 $10 $— 
Cash surrender value$3,423 $3,194 $572 $265 $45,738 $2,315 $11,506 $609 
______________
(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 at risk is the maximum GMxB NAR for the policyholder.
Year Ended December 31, 2022
Protection SolutionsLegacyIndividual RetirementGroup Retirement

Universal LifeVariable Universal LifeGMxB LegacyGMxB CoreSCS (1)EQUI-VEST IndividualEQUI-VEST GroupMomentum
(Dollars in millions)
Balance, beginning of year$5,462$4,807$745$112$33,443$2,784$11,951$704
Premiums received7301607215124661079
Policy charges(789)(245)6(22)—(1)(5)—
Surrenders and withdrawals(86)(12)(71)(31)(2,452)(225)(995)(148)
Benefit payments(200)(92)(99)(2)(209)(59)(70)(2)
Net transfers from (to) separate account—1245(145)7,4742830354
Interest credited (2)223167306(2,556)7925115
Other————————
Balance, end of year$5,340$4,909$688$69$35,702$2,652$12,045$702
Weighted-average crediting rate3.62%3.81%1.80%1.05%1.12%2.85%3.00%2.02%
Net amount at risk (3)$37,555$115,152$22,631$3,530$92$143$138$—
Cash surrender value$3,483$3,366$980$293$32,080$2,645$11,961$702
______________
(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 the 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.
Year Ended December 31, 2021
Protection SolutionsLegacyIndividual RetirementGroup Retirement

Universal LifeVariable Universal LifeGMxB LegacyGMxB CoreSCS (1)EQUI-VEST IndividualEQUI-VEST GroupMomentum
(Dollars in millions)
Balance, beginning of year$5,564 $4,835 $815 $99 $25,654 $2,862 $11,665 $761 
Premiums received787 170 58 184 1 55 602 83 
Policy charges(828)(244)— (6)— (1)(4)(1)
Surrenders and withdrawals(89)(186)(100)(31)(2,474)(209)(877)(152)
Benefit payments(202)(78)(77)(1)(187)(63)(73)(2)
 Net transfers from (to) separate account— 125 18 (148)6,692 58 310 — 
 Interest credited (2)230 185 31 15 3,757 82 328 15 
 Other— — — — — — — — 
Balance, end of year$5,462 $4,807 $745 $112 $33,443 $2,784 $11,951 $704 
Weighted-average crediting rate3.56 %3.84 %1.82 %1.05 %1.14 %2.87 %2.37 %2.06 %
Net amount at risk (3)$40,138 $111,286 $15,901 $1,115 $— $92 $7 $— 
Cash surrender value$3,529 $3,396 $1,048 $315 $31,488 $2,776 $11,878 $704 
______________
(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.
The following table reconciles the Separate Account liabilities to the Separate Account liability balance in the consolidated balance sheets:
December 31,
20232022
(in millions)
Separate Account Reconciliation
Protection Solutions
Variable Universal Life$15,821 $13,187 
Legacy Segment
GMxB Legacy33,794 32,616 
Individual Retirement
GMxB Core29,829 27,772 
EQUI-VEST Individual4,582 4,161 
Investment Edge4,275 3,798 
Group Retirement
EQUI-VEST Group26,959 22,393 
Momentum4,421 3,885 
Other (1)7,570 7,041 
Total$127,251 $114,853 
______________
(1)Primarily reflects Corporate and Other products and Group Retirement products including Association and Group Retirement Other.
The following table presents the balances of and changes in Separate Account liabilities:
Year Ended December 31, 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 deposits1,195 219 1,590 93 844 2,174 644 
Policy charges (562)(655)(484)(2)— (18)(21)
Surrenders and withdrawals(558)(2,826)(2,603)(428)(412)(1,750)(820)
Benefit payments(71)(728)(226)(57)(39)(55)(13)
Investment performance (1)2,654 5,164 3,558 817 543 4,463 725 
Net transfers from (to) General Account
(24)4 222 (6)(459)(273)21 
Other charges (2) — — — 4 — 25 — 
Balance, end of year$15,821 $33,794 $29,829 $4,582 $4,275 $26,959 $4,421 
Cash surrender value$15,478 $33,512 $28,991 $4,549 $4,188 $26,683 $4,414 
_____________
(1)Investment performance is reflected net of M&E fees.
(2)EQUI-VEST Individual and EQUI-VEST Group for the year ended December 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 and the Securities & Exchange Commission.
Year Ended December 31, 2022
Protection SolutionsLegacyIndividual RetirementGroup Retirement
VULGMxB LegacyGMxB CoreEQUI-VEST IndividualInvestment EdgeEQUI-VEST GroupMomentum
(in millions)
Balance, beginning of year$16,405 $44,912 $35,288 $5,583 $4,287 $27,509 $4,975 
Premiums and deposits1,115 240 1,479 124 1,035 2,104 668 
Policy charges (538)(682)(487)(2)(1)(17)(20)
Surrenders and withdrawals(408)(2,825)(2,315)(328)(327)(1,359)(753)
Benefit payments(111)(702)(216)(52)(34)(60)(14)
Investment performance (1)(3,152)(8,322)(6,122)(1,136)(733)(5,481)(917)
Net transfers from (to) General Account
(124)(5)145 (28)(429)(303)(54)
Balance, end of year$13,187 $32,616 $27,772 $4,161 $3,798 $22,393 $3,885 
Cash surrender value$12,893 $32,320 $26,888 $4,129 $3,704 $22,163 $3,879 
______________
(1)    Investment performance is reflected net of M&E fees.

Year Ended December 31, 2021
Protection SolutionsLegacy Individual RetirementGroup Retirement    
VULGMxB LegacyGMxB CoreEQUI-VEST IndividualInvestment EdgeEQUI-VEST GroupMomentum
(in millions)
Balance, beginning of year$14,155 $43,747 $33,754 $5,051 $3,245 $23,530 $4,424 
Premiums and deposits1,060 225 1,776 158 1,048 2,014 788 
Policy charges (503)(705)(490)(5)(1)(16)(22)
Surrenders and withdrawals(449)(3,610)(3,250)(421)(256)(1,605)(892)
Benefit payments(188)(818)(223)(56)(24)(63)(11)
Investment performance (1)2,455 6,091 3,573 859 407 4,014 688 
Net transfers from (to) General Account
(125)(18)148 (58)(132)(310)— 
Other charges (2)— — — 55 — (55)— 
Balance, end of year$16,405 $44,912 $35,288 $5,583 $4,287 $27,509 $4,975 
Cash surrender value$16,069 $44,603 $34,332 $5,547 $4,199 $27,265 $4,968 
_________________
(1)Investment performance is reflected net of M&E fees.
(2)EQUI-VEST Group and EQUI-VEST Individual reflects AV transfer of GMxB closed block business from Group Retirement to Individual Retirement.
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:
December 31,
20232022
(in millions)
Term
Expected future benefit payments and expenses (undiscounted)$5,878 $6,022 
Expected future gross premiums (undiscounted)
6,979 7,273 
Expected future benefit payments and expenses (discounted; AOCI basis)3,480 3,465 
December 31,
20232022
Expected future gross premiums (discounted; AOCI basis)3,879 3,904 
Payout - Legacy
Expected future benefit payments and expenses (undiscounted)5,204 3,947 
Expected future gross premiums (undiscounted)
— — 
Expected future benefit payments and expenses (discounted; AOCI basis)3,538 2,607 
Expected future gross premiums (discounted; AOCI basis)— — 
Payout
Expected future benefit payments and expenses (undiscounted)1,426 1,460 
Expected future gross premiums (undiscounted)
— — 
Expected future benefit payments and expenses (discounted; AOCI basis)812 801 
Expected future gross premiums (discounted; AOCI basis)— — 
Group Pension
Expected future benefit payments and expenses (undiscounted)668 730 
Expected future gross premiums (undiscounted)
— — 
Expected future benefit payments and expenses (discounted; AOCI basis)471 563 
Expected future gross premiums (discounted; AOCI basis)— — 
Health
Expected future benefit payments and expenses (undiscounted)2,318 2,510 
Expected future gross premiums (undiscounted)
85 99 
Expected future benefit payments and expenses (discounted; AOCI basis)1,468 1,533 
Expected future gross premiums (discounted; AOCI basis)$68 $78 
Schedule of Liability for Future Policy Benefits, Revenue and Interest Accretion
The table below summarizes the revenue and interest related to nonparticipating traditional and limited payment contracts:
Year Ended December 31,
202320222021202320222021
Gross PremiumInterest Accretion
(in millions)
Revenue and Interest Accretion
Term$352 $275 $282 $67 $70 $75 
Payout - Legacy220 101 106 109 63 60 
Payout46 22 — 39 40 40 
Group Pension— — — 20 21 24 
Health15 9 10 58 61 64 
Total$633 $407 $398 $293 $255 $263 
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:
December 31,
20232022
Weighted Average Interest Rate
Term
Interest accretion rate5.6 %5.7 %
Current discount rate4.8 %5.1 %
Payout - Legacy
Interest accretion rate4.0 %3.4 %
Current discount rate4.9 %5.0 %
Payout
Interest accretion rate5.0 %4.9 %
Current discount rate4.9 %5.2 %
Group Pension
Interest accretion rate3.3 %3.4 %
Current discount rate4.8 %5.1 %
Health
Interest accretion rate3.4 %3.3 %
Current discount rate4.9 %5.2 %
Schedule of 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:
Year Ended December 31,
202320222021
Protection Solutions
UL
(Dollars in millions)
Balance, beginning of year$1,109 $1,087 $1,021 
Beginning balance before AOCI adjustments1,135 1,076 1,005 
Effect of changes in interest rate & cash flow assumptions and model changes21 8 (4)
Effect of actual variances from expected experience10 25 8 
Adjusted beginning of period balance1,166 1,109 1,009 
Interest accrual52 49 45 
Net assessments collected69 68 85 
Benefit payments(57)(91)(63)
Ending balance before shadow reserve adjustments1,230 1,135 1,076 
Effect of reserve adjustment recorded in AOCI(37)(26)11 
Balance, end of year$1,193 $1,109 $1,087 
Net liability for additional liability $1,193 $1,109 $1,087 
Less: Reinsurance recoverable— — — 
Net liability for additional liability, after reinsurance recoverable$1,193 $1,109 $1,087 
Weighted-average duration of additional liability - death benefit (years)19.922.023.2
The following tables provide the revenue, interest and weighted average interest rates, related to the additional insurance liabilities:
Year Ended December 31,
202320222021202320222021
AssessmentsInterest Accretion
(in millions)
Revenue and Interest Accretion
UL$670 $666 $850 $51 $49 $45 
Total$670 $666 $850 $51 $49 $45 

Year Ended December 31,
202320222021
Weighted Average Interest Rate
UL4.5 %4.5 %4.5 %
Interest accretion rate4.5 %4.5 %4.5 %