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LIABILITIES FOR FUTURE POLICYHOLDER BENEFITS (Tables)
 6 Months Ended
Jun. 30, 2024
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:
June 30, 2024December 31, 2023
(in millions)
Reconciliation
Term$1,297 $1,348 
Individual Retirement - Payout802 844 
Legacy - Payout3,900 3,620 
Group Pension - Benefit Reserve & DPL457 490 
Health1,414 1,505 
UL1,203 1,193 
Subtotal9,073 9,000 
  Whole Life Closed Block and Open Block products5,318 5,444 
Other (1)936 970 
Future policyholder benefits total15,327 15,414 
  Other policyholder funds and dividends payable2,090 1,949 
Total$17,417 $17,363 
_____________
(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 EB.
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, 2024Six Months Ended June 30, 2023
Protection SolutionsIndividual RetirementLegacy Corporate & OtherProtection SolutionsIndividual RetirementLegacy Corporate & Other
TermPayoutPayoutGroup PensionHealthTermPayoutPayoutGroup PensionHealth
(in millions)
Present Value of Expected Net Premiums
Balance, beginning of period$2,133 $— $— $— $(21)$2,100 $— $— $— $(5)
Beginning balance at original discount rate2,058 — — — (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 balance1,989 — — — (23)2,090 — — — (12)
Issuances26 — — — — 32 — — — — 
Interest accrual49 — — — — 50 — — — — 
Net premiums collected(95)— — — 1 (100)— — — 1 
Ending Balance at original discount rate1,969 — — — (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 rate3,330 840 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 balance3,244 838 3,840 537 1,679 3,405 845 3,024 583 1,788 
Issuances28 22 500 — — 34 26 473 — — 
Interest accrual82 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 rate3,238 833 4,228 515 1,627 3,340 844 3,410 559 1,746 
Effect of changes in discount rate assumptions6 (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, 2024Six Months Ended June 30, 2023
Protection SolutionsIndividual RetirementLegacy Corporate & OtherProtection SolutionsIndividual RetirementLegacy Corporate & Other
TermPayoutPayoutGroup PensionHealthTermPayoutPayoutGroup PensionHealth
(in millions)
Impact of flooring LFPB at zero1 — — — — 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 recoverable14 (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)6.99.37.57.08.67.09.47.87.18.8
The following table reconciles the policyholders account balances to the policyholders’ account balance liability in the consolidated balance sheets:

June 30, 2024December 31, 2023
(in millions)
Policyholders’ account balance reconciliation
Protection Solutions
Universal Life$5,129 $5,202 
Variable Universal Life4,904 4,862 
Legacy Segment
GMxB Legacy595 618 
Individual Retirement
GMxB Core23 36 
SCS57,978 49,002 
EQUI-VEST Individual2,182 2,322 
Group Retirement
EQUI-VEST Group11,369 11,563 
Momentum575 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 SolutionsLegacyIndividual RetirementGroup Retirement

Universal LifeVariable Universal LifeGMxB LegacyGMxB CoreSCS (1)EQUI-VEST IndividualEQUI-VEST GroupMomentum
(Dollars in millions)
Balance, beginning of period$5,202 $4,862 $618 $36 $49,002 $2,322 $11,563 $608 
Premiums received327 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 rate3.80%3.71%2.74%1.67%N/A2.98%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 SolutionsLegacyIndividual RetirementGroup Retirement

Universal LifeVariable Universal LifeGMxB LegacyGMxB CoreSCS (1)EQUI-VEST IndividualEQUI-VEST GroupMomentum
(Dollars in millions)
Balance, beginning of period$5,340$4,909$688$69$35,702$2,652$12,045$702
Premiums received359754211411931735
Policy charges(384)(128)204(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)4,5623146(12)
Interest credited (2)1101091334,267382106
Other—————311—
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 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, 2024December 31, 2023
(in millions)
Separate Account Reconciliation
Protection Solutions
Variable Universal Life$17,212 $15,821 
Legacy Segment
GMxB Legacy33,966 33,794 
Individual Retirement
GMxB Core30,476 29,829 
EQUI-VEST Individual4,785 4,582 
Investment Edge4,588 4,275 
Group Retirement
EQUI-VEST Group29,225 26,959 
Momentum4,702 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 SolutionsLegacyIndividual RetirementGroup Retirement    
VULGMxB LegacyGMxB CoreEQUI-VEST IndividualInvestment EdgeEQUI-VEST GroupMomentum
(in millions)
Balance, beginning of period$15,821 $33,794 $29,829 $4,582 $4,275 $26,959 $4,421 
Premiums and deposits616 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 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 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 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:
June 30, 2024December 31, 2023
(in millions)
Term
Expected future benefit payments and expenses (undiscounted)$5,695 $5,878 
Expected future gross premiums (undiscounted)
6,824 6,979 
Expected future benefit payments and expenses (discounted; AOCI basis)3,244 3,480 
Expected future gross premiums (discounted; AOCI basis)3,629 3,879 
Payout - Legacy
Expected future benefit payments and expenses (undiscounted)5,798 5,204 
Expected future gross premiums (undiscounted)
— — 
Expected future benefit payments and expenses (discounted; AOCI basis)3,820 3,538 
Expected future gross premiums (discounted; AOCI basis)— — 
Payout
Expected future benefit payments and expenses (undiscounted)1,404 1,426 
Expected future gross premiums (undiscounted)
— — 
Expected future benefit payments and expenses (discounted; AOCI basis)767 812 
Expected future gross premiums (discounted; AOCI basis)— — 
Group Pension
Expected future benefit payments and expenses (undiscounted)640 668 
Expected future gross premiums (undiscounted)
— — 
Expected future benefit payments and expenses (discounted; AOCI basis)439 471 
Expected future gross premiums (discounted; AOCI basis)— — 
June 30, 2024December 31, 2023
(in millions)
Health
Expected future benefit payments and expenses (undiscounted)2,246 2,318 
Expected future gross premiums (undiscounted)
78 85 
Expected future benefit payments and expenses (discounted; AOCI basis)1,378 1,468 
Expected future gross premiums (discounted; AOCI basis)$61 $68 
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:
Six Months Ended June 30,
2024202320242023
Gross PremiumInterest Accretion
(in millions)
Revenue and Interest Accretion
Term$171 $140 $33 $34 
Payout - Legacy109 66 79 44 
Payout18 25 20 20 
Group Pension— — 9 10 
Health6 4 28 29 
Total$304 $235 $169 $137 
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:
June 30, 2024December 31, 2023
Weighted Average Interest Rate
Term
Interest accretion rate5.6 %5.6 %
Current discount rate5.3 %4.8 %
Payout - Legacy
Interest accretion rate4.1 %4.0 %
Current discount rate5.3 %4.9 %
Payout
Interest accretion rate5.0 %5.0 %
Current discount rate5.4 %4.9 %
Group Pension
Interest accretion rate3.3 %3.3 %
Current discount rate5.3 %4.8 %
Health
Interest accretion rate3.4 %3.4 %
Current discount rate5.4 %4.9 %
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:
Six Months Ended June 30,
20242023
Protection Solutions
UL
(Dollars in millions)
Balance, beginning of period$1,193 $1,109 
Beginning balance before AOCI adjustments1,230 1,135 
Effect of changes in interest rate & cash flow assumptions and model changes— — 
Effect of actual variances from expected experience(3)3 
Adjusted beginning of period balance1,227 1,138 
Interest accrual27 25 
Net assessments collected36 36 
Benefit payments(35)(30)
Ending balance before shadow reserve adjustments1,255 1,169 
Effect of reserve adjustment recorded in AOCI(52)(24)
Balance, end of period$1,203 $1,145 
Net liability for additional liability $1,203 $1,145 
Less: Reinsurance recoverable— — 
Net liability for additional liability, after reinsurance recoverable$1,203 $1,145 
Weighted-average duration of additional liability - death benefit (years)19.521.4
The following tables provide the revenue, interest and weighted average interest rates, related to the additional insurance liabilities:
Six Months Ended June 30,
2024202320242023
AssessmentsInterest Accretion
(in millions)
Revenue and Interest Accretion
UL$338 $350 $27 $25 
Total$338 $350 $27 $25 

Six Months Ended June 30,
20242023
Weighted Average Interest Rate
UL4.5 %4.5 %
Interest accretion rate4.5 %4.5 %