XML 55 R41.htm IDEA: XBRL DOCUMENT v3.24.2.u1

POLICYHOLDER ACCOUNT BALANCES (Tables)

6 Months Ended

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

X

- Definition

Tabular disclosure of policyholder account balance by range of guaranteed minimum crediting rate and related range of difference between rate being credited to policyholder and respective guaranteed minimum.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 29F
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480046/944-40-55-29F

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 7A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480081/944-40-50-7A

+ Details

Name:	us-gaap_PolicyholderAccountBalanceGuaranteedMinimumCreditingRateTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of information about policyholder account balance, including, but not limited to change in liability and related cash surrender value.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 7A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480081/944-40-50-7A

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 29F
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480046/944-40-55-29F

+ Details

Name:	us-gaap_PolicyholderAccountBalanceTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_PolicyholderFundsAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of fair value of asset supporting separate account.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 944
-SubTopic 80
-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480078/944-80-55-17

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 944
-SubTopic 80
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480109/944-80-50-1

Reference 3: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 944
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479808/944-20-55-15

+ Details

Name:	us-gaap_ScheduleOfFairValueOfSeparateAccountsByMajorCategoryOfInvestmentTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration