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POLICYHOLDER ACCOUNT BALANCES (Tables) | 6 Months Ended
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Jun. 30, 2024
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:
| Six Months Ended June 30, 2024 |  | Six Months Ended June 30, 2023 |  |  |
| Protection Solutions |  | Individual Retirement |  | Legacy |  | Corporate & Other |  | Protection Solutions |  | Individual Retirement |  | Legacy |  | Corporate & Other |  |  |  |  |  |  |
| Term |  | Payout |  | Payout |  | Group Pension |  | Health |  | Term |  | Payout |  | Payout |  | Group Pension |  | Health |  |  |  |  |  |  |  |  |
| (in millions) |
Present Value of Expected Net Premiums |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance, beginning of period | $ | 2,133 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (21) |  |  | $ | 2,100 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (5) |  |  |  |  |  |  |  |  |  |
Beginning balance at original discount rate | 2,058 |  |  | — |  |  | — |  |  | — |  |  | (22) |  |  | 2,078 |  |  | — |  |  | — |  |  | — |  |  | (5) |  |  |  |  |  |  |  |  |  |
Effect of changes in cash flow assumptions | (18) |  |  | — |  |  | — |  |  | — |  |  | (3) |  |  | 8 |  |  | — |  |  | — |  |  | — |  |  | (1) |  |  |  |  |  |  |  |  |  |
Effect of actual variances from expected experience | (51) |  |  | — |  |  | — |  |  | — |  |  | 2 |  |  | 4 |  |  | — |  |  | — |  |  | — |  |  | (6) |  |  |  |  |  |  |  |  |  |
Adjusted beginning of period balance | 1,989 |  |  | — |  |  | — |  |  | — |  |  | (23) |  |  | 2,090 |  |  | — |  |  | — |  |  | — |  |  | (12) |  |  |  |  |  |  |  |  |  |
Issuances | 26 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 32 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  |  |  |  |
Interest accrual | 49 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 50 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  |  |  |  |
Net premiums collected | (95) |  |  | — |  |  | — |  |  | — |  |  | 1 |  |  | (100) |  |  | — |  |  | — |  |  | — |  |  | 1 |  |  |  |  |  |  |  |  |  |
Ending Balance at original discount rate | 1,969 |  |  | — |  |  | — |  |  | — |  |  | (22) |  |  | 2,072 |  |  | — |  |  | — |  |  | — |  |  | (11) |  |  |  |  |  |  |  |  |  |
Effect of changes in discount rate assumptions | (21) |  |  | — |  |  | — |  |  | — |  |  | 1 |  |  | 36 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  |  |  |  |
Balance, end of period | $ | 1,948 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (21) |  |  | $ | 2,108 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (11) |  |  |  |  |  |  |  |  |  |
Present Value of Expected Future Policy Benefits |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance, beginning of period | $ | 3,480 |  |  | $ | 844 |  |  | $ | 3,620 |  |  | $ | 490 |  |  | $ | 1,484 |  |  | $ | 3,465 |  |  | $ | 828 |  |  | $ | 2,689 |  |  | $ | 523 |  |  | $ | 1,553 |  |  |  |  |  |  |  |  |  |
Beginning balance of original discount rate | 3,330 |  |  | 840 |  |  | 3,840 |  |  | 536 |  |  | 1,672 |  |  | 3,391 |  |  | 845 |  |  | 3,024 |  |  | 583 |  |  | 1,795 |  |  |  |  |  |  |  |  |  |
Effect of changes in cash flow assumptions | (20) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 9 |  |  | — |  |  | — |  |  | — |  |  | (1) |  |  |  |  |  |  |  |  |  |
Effect of actual variances from expected experience | (66) |  |  | (2) |  |  | — |  |  | 1 |  |  | 7 |  |  | 5 |  |  | — |  |  | — |  |  | — |  |  | (6) |  |  |  |  |  |  |  |  |  |
Adjusted beginning of period balance | 3,244 |  |  | 838 |  |  | 3,840 |  |  | 537 |  |  | 1,679 |  |  | 3,405 |  |  | 845 |  |  | 3,024 |  |  | 583 |  |  | 1,788 |  |  |  |  |  |  |  |  |  |
Issuances | 28 |  |  | 22 |  |  | 500 |  |  | — |  |  | — |  |  | 34 |  |  | 26 |  |  | 473 |  |  | — |  |  | — |  |  |  |  |  |  |  |  |  |
Interest accrual | 82 |  |  | 20 |  |  | 69 |  |  | 9 |  |  | 27 |  |  | 84 |  |  | 19 |  |  | 44 |  |  | 10 |  |  | 29 |  |  |  |  |  |  |  |  |  |
Benefits payments | (116) |  |  | (47) |  |  | (181) |  |  | (31) |  |  | (79) |  |  | (183) |  |  | (46) |  |  | (131) |  |  | (34) |  |  | (71) |  |  |  |  |  |  |  |  |  |
Ending Balance at original discount rate | 3,238 |  |  | 833 |  |  | 4,228 |  |  | 515 |  |  | 1,627 |  |  | 3,340 |  |  | 844 |  |  | 3,410 |  |  | 559 |  |  | 1,746 |  |  |  |  |  |  |  |  |  |
Effect of changes in discount rate assumptions | 6 |  |  | (31) |  |  | (328) |  |  | (58) |  |  | (234) |  |  | 91 |  |  | (10) |  |  | (309) |  |  | (56) |  |  | (224) |  |  |  |  |  |  |  |  |  |
Balance, end of period | $ | 3,244 |  |  | $ | 802 |  |  | $ | 3,900 |  |  | $ | 457 |  |  | $ | 1,393 |  |  | $ | 3,431 |  |  | $ | 834 |  |  | $ | 3,101 |  |  | $ | 503 |  |  | $ | 1,522 |  |  |  |  |  |  |  |  |  |
| Six Months Ended June 30, 2024 |  | Six Months Ended June 30, 2023 |  |  |
| Protection Solutions |  | Individual Retirement |  | Legacy |  | Corporate & Other |  | Protection Solutions |  | Individual Retirement |  | Legacy |  | Corporate & Other |  |  |  |  |  |  |
| Term |  | Payout |  | Payout |  | Group Pension |  | Health |  | Term |  | Payout |  | Payout |  | Group Pension |  | Health |  |  |  |  |  |  |  |  |
| (in millions) |
Impact of flooring LFPB at zero | 1 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  |  |  |  |
Net liability for future policy benefits | $ | 1,297 |  |  | 802 |  |  | 3,900 |  |  | 457 |  |  | 1,414 |  |  | 1,324 |  |  | 834 |  |  | 3,101 |  |  | 503 |  |  | 1,533 |  |  |  |  |  |  |  |  |  |
Less: Reinsurance recoverable | 14 |  |  | (1) |  |  | (1,143) |  |  | — |  |  | (1,116) |  |  | 24 |  |  | — |  |  | (680) |  |  | — |  |  | (1,217) |  |  |  |  |  |  |  |  |  |
Net liability for future policy benefits, after reinsurance recoverable | $ | 1,311 |  |  | $ | 801 |  |  | $ | 2,757 |  |  | $ | 457 |  |  | $ | 298 |  |  | $ | 1,348 |  |  | $ | 834 |  |  | $ | 2,421 |  |  | $ | 503 |  |  | $ | 316 |  |  |  |  |  |  |  |  |  |
Weighted-average duration of liability for future policyholder benefits (years) | 6.9 |  | 9.3 |  | 7.5 |  | 7.0 |  | 8.6 |  | 7.0 |  | 9.4 |  | 7.8 |  | 7.1 |  | 8.8 |  |  |  |  |  |  |  |  |
The following table reconciles the policyholders account balances to the policyholders’ account balance liability in the consolidated balance sheets:
| June 30, 2024 |  | December 31, 2023 |
| (in millions) |
Policyholders’ account balance reconciliation |  |  |  |
Protection Solutions |  |  |  |
Universal Life | $ | 5,129 |  |  | $ | 5,202 |  |
Variable Universal Life | 4,904 |  |  | 4,862 |  |
Legacy Segment |  |  |  |
GMxB Legacy | 595 |  |  | 618 |  |
Individual Retirement |  |  |  |
GMxB Core | 23 |  |  | 36 |  |
SCS | 57,978 |  |  | 49,002 |  |
EQUI-VEST Individual | 2,182 |  |  | 2,322 |  |
Group Retirement |  |  |  |
EQUI-VEST Group | 11,369 |  |  | 11,563 |  |
Momentum | 575 |  |  | 608 |  |
Other (1) (2) | 7,606 |  |  | 6,570 |  |
Balance (exclusive of Funding Agreements) | 90,361 |  |  | 80,783 |  |
Funding Agreements (2) | 13,711 |  |  | 14,890 |  |
Balance, end of period | $ | 104,072 |  |  | $ | 95,673 |  |
_____________ (1)Primarily reflects products IR Payout, IR Other, Indexed Universal Life, Investment Edge, Group Pension, Closed Block and Corporate and Other. (2)Balances as of December 31, 2023 were revised from previously filed financial statements. The following table summarizes the balances and changes in policyholder’s account balances:
| Six Months Ended June 30, 2024 |  |
| Protection Solutions |  | Legacy |  | Individual Retirement |  | Group Retirement |  |
| Universal Life |  | Variable Universal Life |  | GMxB Legacy |  | GMxB Core |  | SCS (1) |  | EQUI-VEST Individual |  | EQUI-VEST Group |  | Momentum |  |
| (Dollars in millions)
Balance, beginning of period | $ | 5,202 |  |  | $ | 4,862 |  |  | $ | 618 |  |  | $ | 36 |  |  | $ | 49,002 |  |  | $ | 2,322 |  |  | $ | 11,563 |  |  | $ | 608 |  |  |
Premiums received | 327 |  |  | 61 |  |  | 36 |  |  | 119 |  |  | 9 |  |  | 15 |  |  | 305 |  |  | 37 |  |  |
Policy charges | (359) |  |  | (130) |  |  | 18 |  |  | — |  |  | (10) |  |  | — |  |  | (3) |  |  | — |  |  |
Surrenders and withdrawals | (45) |  |  | (25) |  |  | (43) |  |  | (18) |  |  | (1,897) |  |  | (168) |  |  | (806) |  |  | (69) |  |  |
Benefit payments | (106) |  |  | (56) |  |  | (49) |  |  | (1) |  |  | (149) |  |  | (26) |  |  | (35) |  |  | (1) |  |  |
Net transfers from (to) separate account | — |  |  | 86 |  |  | 3 |  |  | (117) |  |  | 6,325 |  |  | 6 |  |  | 170 |  |  | (6) |  |  |
Interest credited (2) | 110 |  |  | 106 |  |  | 12 |  |  | 4 |  |  | 4,698 |  |  | 33 |  |  | 175 |  |  | 6 |  |  |
Other | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |
Balance, end of period | $ | 5,129 |  |  | $ | 4,904 |  |  | $ | 595 |  |  | $ | 23 |  |  | $ | 57,978 |  |  | $ | 2,182 |  |  | $ | 11,369 |  |  | $ | 575 |  |  |
Weighted-average crediting rate | 3.80% |  | 3.71% |  | 2.74% |  | 1.67% |  | N/A |  | 2.98% |  | 2.67% |  | 2.32% |  |
Net amount at risk (3) | $ | 34,364 |  |  | $ | 116,133 |  |  | $ | 19,710 |  |  | $ | 2,867 |  |  | $ | 1 |  |  | $ | 104 |  |  | $ | 9 |  |  | $ | — |  |  |
Cash surrender value | $ | 3,393 |  |  | $ | 3,172 |  |  | $ | 531 |  |  | $ | 252 |  |  | $ | 54,146 |  |  | $ | 2,176 |  |  | $ | 11,313 |  |  | $ | 576 |  |  |
______________ (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.
| Six Months Ended June 30, 2023
| Protection Solutions |  | Legacy |  | Individual Retirement |  | Group Retirement
| Universal Life |  | Variable Universal Life |  | GMxB Legacy |  | GMxB Core |  | SCS (1) |  | EQUI-VEST Individual |  | EQUI-VEST Group |  | Momentum
| (Dollars in millions)
Balance, beginning of period | $ | 5,340 |  | $ | 4,909 |  | $ | 688 |  | $ | 69 |  | $ | 35,702 |  | $ | 2,652 |  | $ | 12,045 |  | $ | 702
Premiums received | 359 |  | 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 rate | 3.67% |  | 3.81% |  | 2.71% |  | 1.57% |  | N/A |  | 3.04% |  | 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 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. The following table reconciles the Separate Account liabilities to the Separate Account liability balance in the consolidated balance sheets:
| June 30, 2024 |  | December 31, 2023
| (in millions)
Separate Account Reconciliation |  |  |
Protection Solutions |  |  |
Variable Universal Life | $ | 17,212 |  |  | $ | 15,821 |
Legacy Segment |  |  |
GMxB Legacy | 33,966 |  |  | 33,794 |
Individual Retirement |  |  |
GMxB Core | 30,476 |  |  | 29,829 |
EQUI-VEST Individual | 4,785 |  |  | 4,582 |
Investment Edge | 4,588 |  |  | 4,275 |
Group Retirement |  |  |
EQUI-VEST Group | 29,225 |  |  | 26,959 |
Momentum | 4,702 |  |  | 4,421 |
Other (1) | 7,710 |  |  | 7,570 |
Total | $ | 132,664 |  |  | $ | 127,251 |
______________ (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:
| Six Months Ended June 30, 2024
| Protection Solutions |  | Legacy |  | Individual Retirement |  | Group Retirement
| VUL |  | GMxB Legacy |  | GMxB Core |  | EQUI-VEST Individual |  | Investment Edge |  | EQUI-VEST Group |  | Momentum
| (in millions)
Balance, beginning of period | $ | 15,821 |  |  | $ | 33,794 |  |  | $ | 29,829 |  |  | $ | 4,582 |  |  | $ | 4,275 |  |  | $ | 26,959 |  |  | $ | 4,421 |
Premiums and deposits | 616 |  |  | 112 |  |  | 1,000 |  |  | 40 |  |  | 739 |  |  | 1,180 |  |  | 379 |
Policy charges | (287) |  |  | (324) |  |  | (249) |  |  | (1) |  |  | — |  |  | (8) |  |  | (11) |
Surrenders and withdrawals | (330) |  |  | (1,629) |  |  | (1,720) |  |  | (248) |  |  | (254) |  |  | (1,113) |  |  | (476) |
Benefit payments | (30) |  |  | (385) |  |  | (135) |  |  | (26) |  |  | (15) |  |  | (32) |  |  | (7) |
Investment performance (1) | 1,508 |  |  | (3) |  |  | 117 |  |  | (7) |  |  | (465) |  |  | (170) |  |  | 6 |
Net transfers from (to) General Account | (86) |  |  | 2,401 |  |  | 1,634 |  |  | 445 |  |  | 308 |  |  | 2,409 |  |  | 390 |
Other charges | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Balance, end of period | $ | 17,212 |  |  | $ | 33,966 |  |  | $ | 30,476 |  |  | $ | 4,785 |  |  | $ | 4,588 |  |  | $ | 29,225 |  |  | $ | 4,702 |
Cash surrender value | $ | 16,840 |  |  | $ | 33,702 |  |  | $ | 29,644 |  |  | $ | 4,752 |  |  | $ | 4,501 |  |  | $ | 28,935 |  |  | $ | 4,694 |
_____________ (1)Investment performance is reflected net of M&E fees.
| Six Months Ended June 30, 2023
| Protection Solutions |  | Legacy |  | Individual Retirement |  | Group Retirement
| VUL |  | GMxB Legacy |  | GMxB Core |  | EQUI-VEST Individual |  | Investment Edge |  | EQUI-VEST Group |  | Momentum
| (in millions)
Balance, beginning of period | $ | 13,187 |  |  | $ | 32,616 |  |  | $ | 27,772 |  |  | $ | 4,161 |  |  | $ | 3,798 |  |  | $ | 22,393 |  |  | $ | 3,885 |
Premiums and deposits | 573 |  |  | 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 Account | 64 |  |  | (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.
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:
June 30, 2024 |  |  |  |  |  |
Product |  | Range of Guaranteed Minimum Crediting Rate |  | At 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% |  | 29 |  |  | 88 |  |  | 366 |  |  | 542 |  |  | 1,025 |  |  |  |  |  |  |
| Greater than 2.50% |  | 3,455 |  |  | 612 |  |  | — |  |  | — |  |  | 4,067 |  |  |  |  |  |  |
| Total |  | $ | 3,484 |  |  | $ | 700 |  |  | $ | 366 |  |  | $ | 548 |  |  | $ | 5,098 |  |  |  |  |  |  |
Variable Universal Life |  | 0.00% - 1.50% |  | $ | 13 |  |  | $ | 17 |  |  | $ | 78 |  |  | $ | 25 |  |  | $ | 133 |  |  |  |  |  |  |
| 1.51% - 2.50% |  | 34 |  |  | 425 |  |  | 122 |  |  | — |  |  | 581 |  |  |  |  |  |  |
| Greater than 2.50% |  | 3,660 |  |  | — |  |  | 29 |  |  | — |  |  | 3,689 |  |  |  |  |  |  |
| Total |  | $ | 3,707 |  |  | $ | 442 |  |  | $ | 229 |  |  | $ | 25 |  |  | $ | 4,403 |  |  |  |  |  |  |
Legacy Segment |  |  |  |  |  |
GMxB Legacy |  | 0.00% - 1.50% |  | $ | 73 |  |  | $ | 3 |  |  | $ | — |  |  | $ | — |  |  | $ | 76 |  |  |  |  |  |  |
| 1.51% - 2.50% |  | 20 |  |  | — |  |  | — |  |  | — |  |  | 20 |  |  |  |  |  |  |
| Greater than 2.50% |  | 436 |  |  | — |  |  | — |  |  | — |  |  | 436 |  |  |  |  |  |  |
| Total |  | $ | 529 |  |  | $ | 3 |  |  | $ | — |  |  | $ | — |  |  | $ | 532 |  |  |  |  |  |  |
June 30, 2024 |  |  |  |  |  |
Product |  | Range of Guaranteed Minimum Crediting Rate |  | At 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) |  |  |  |  |  |
Individual Retirement |  |  |  |  |  |
GMxB Core |  | 0.00% - 1.50% |  | $ | 13 |  |  | $ | 176 |  |  | $ | — |  |  | $ | — |  |  | $ | 189 |  |  |  |  |  |  |
| 1.51% - 2.50% |  | 12 |  |  | — |  |  | — |  |  | — |  |  | 12 |  |  |  |  |  |  |
| Greater than 2.50% |  | 58 |  |  | — |  |  | — |  |  | — |  |  | 58 |  |  |  |  |  |  |
| Total |  | $ | 83 |  |  | $ | 176 |  |  | $ | — |  |  | $ | — |  |  | $ | 259 |  |  |  |  |  |  |
EQUI-VEST Individual |  | 0.00% - 1.50% |  | $ | 45 |  |  | $ | 209 |  |  | $ | — |  |  | $ | — |  |  | $ | 254 |  |  |  |  |  |  |
| 1.51% - 2.50% |  | 40 |  |  | — |  |  | — |  |  | — |  |  | 40 |  |  |  |  |  |  |
| Greater than 2.50% |  | 1,887 |  |  | — |  |  | — |  |  | — |  |  | 1,887 |  |  |  |  |  |  |
| Total |  | $ | 1,972 |  |  | $ | 209 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,181 |  |  |  |  |  |  |
Group Retirement |  |  |  |  |  |
EQUI-VEST Group |  | 0.00% - 1.50% |  | $ | 746 |  |  | $ | 2,372 |  |  | $ | 35 |  |  | $ | 279 |  |  | $ | 3,432 |  |  |  |  |  |  |
| 1.51% - 2.50% |  | 349 |  |  | — |  |  | — |  |  | — |  |  | 349 |  |  |  |  |  |  |
| Greater than 2.50% |  | 6,352 |  |  | — |  |  | — |  |  | — |  |  | 6,352 |  |  |  |  |  |  |
| Total |  | $ | 7,447 |  |  | $ | 2,372 |  |  | $ | 35 |  |  | $ | 279 |  |  | $ | 10,133 |  |  |  |  |  |  |
Momentum |  | 0.00% - 1.50% |  | $ | — |  |  | $ | 13 |  |  | $ | 315 |  |  | $ | 52 |  |  | $ | 380 |  |  |  |  |  |  |
| 1.51% - 2.50% |  | 122 |  |  | 1 |  |  | — |  |  | — |  |  | 123 |  |  |  |  |  |  |
| Greater than 2.50% |  | 67 |  |  | — |  |  | 5 |  |  | — |  |  | 72 |  |  |  |  |  |  |
| Total |  | $ | 189 |  |  | $ | 14 |  |  | $ | 320 |  |  | $ | 52 |  |  | $ | 575 |  |  |  |  |  |  |
December 31, 2023
Product |  | Range of Guaranteed Minimum Crediting Rate |  | At 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 than 2.50% |  | 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 |
December 31, 2023
Product |  | Range of Guaranteed Minimum Crediting Rate |  | At 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)
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 |
SCS |  | Products with either a fixed rate or no guaranteed minimum |  | N/A |  | N/A |  | N/A |  | N/A |  | N/A
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 |
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:
| June 30, 2024
| Protection Solutions |  | Individual Retirement |  | Group Retirement |  | Corp & Other |  | Legacy Segment |  | Total
| (in millions)
Asset Type |  |  |  |  |  |  |  |  |  |  |
Debt securities | $ | 51 |  |  | $ | 1 |  |  | $ | 7 |  |  | $ | 19 |  |  | $ | — |  |  | $ | 78 |
Common Stock | 67 |  |  | 35 |  |  | 452 |  |  | 1,706 |  |  | — |  |  | 2,260 |
Mutual Funds | 17,597 |  |  | 41,320 |  |  | 35,388 |  |  | 670 |  |  | 33,990 |  |  | 128,965 |
Bonds and Notes | 111 |  |  | 4 |  |  | 14 |  |  | 1,232 |  |  | — |  |  | 1,361 |
Total | $ | 17,826 |  |  | $ | 41,360 |  |  | $ | 35,861 |  |  | $ | 3,627 |  |  | $ | 33,990 |  |  | $ | 132,664 |
| December 31, 2023
| Protection Solutions |  | Individual Retirement |  | Group Retirement |  | Corp & Other |  | Legacy Segment |  | Total
| (in millions)
Asset Type |  |  |  |  |  |  |  |  |  |  |
Debt securities | $ | 48 |  |  | $ | 1 |  |  | $ | 21 |  |  | $ | 6 |  |  | $ | — |  |  | $ | 76 |
Common Stock | 65 |  |  | 34 |  |  | 447 |  |  | 1,667 |  |  | — |  |  | 2,213 |
Mutual Funds | 16,199 |  |  | 40,113 |  |  | 32,780 |  |  | 689 |  |  | 33,802 |  |  | 123,583 |
Bonds and Notes | 91 |  |  | 4 |  |  | 1 |  |  | 1,283 |  |  | — |  |  | 1,379 |
Total | $ | 16,403 |  |  | $ | 40,152 |  |  | $ | 33,249 |  |  | $ | 3,645 |  |  | $ | 33,802 |  |  | $ | 127,251 |

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