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POLICYHOLDER ACCOUNT BALANCES (Tables)
 12 Months Ended
Dec. 31, 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:
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 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:
December 31, 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%
$— $— $— $6 $6 
1.51% - 2.50%
61 69 462 430 1,022 
 Greater than2.50%
3,515 627 — — 4,142 
Total
$3,576 $696 $462 $436 $5,170 
Variable Universal Life
0.00% - 1.50%
$16 $33 $53 $9 $111 
1.51% - 2.50%
35 495 28 — 558 
Greater than 2.50%
3,712 — 13 5 3,730 
Total
$3,763 $528 $94 $14 $4,399 
Legacy Segment
GMxB Legacy
0.00% - 1.50%
$75 $16 $— $— $91 
1.51% - 2.50%
21 — — — 21 
Greater than 2.50%
461 — — — 461 
Total
$557 $16 $— $— $573 
Individual Retirement
GMxB Core
0.00% - 1.50%
$13 $192 $— $— $205 
1.51% - 2.50%
13 — — — 13 
Greater than 2.50%
55 — — — 55 
Total
$81 $192 $— $— $273 
EQUI-VEST Individual
0.00% - 1.50%
$49 $218 $— $— $267 
1.51% - 2.50%
43 — — — 43 
Greater than 2.50%
2,011 — — — 2,011 
Total
$2,103 $218 $— $— $2,321 
Group Retirement
EQUI-VEST
Group
0.00% - 1.50%
$772 $2,338 $36 $315 $3,461 
1.51% - 2.50%
345 — — — 345 
Greater than 2.50%
6,610 — — — 6,610 
Total
$7,727 $2,338 $36 $315 $10,416 
Momentum
0.00% - 1.50%
$— $12 $330 $53 $395 
1.51% - 2.50%
138 1 — — 139 
Greater than 2.50%
68 — 5 — 73 
Total
$206 $13 $335 $53 $607 
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 
SCS
Products with either a fixed rate or no guaranteed minimum
N/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:
December 31, 2023
Protection SolutionsIndividual RetirementGroup Retirement    Corp & OtherLegacy SegmentTotal
(in millions)
Asset Type
Debt securities$48 $1 $21 $6 $— $76 
Common Stock65 34 447 1,667 — 2,213 
Mutual Funds16,199 40,113 32,780 689 33,802 123,583 
Bonds and Notes91 4 1 1,283 — 1,379 
Total$16,403 $40,152 $33,249 $3,645 $33,802 $127,251 

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