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POLICYHOLDER ACCOUNT BALANCES

9 Months Ended

Sep. 30, 2024

Policyholder Account Balance [Abstract]

The following table reconciles the policyholders account balances to the policyholders’ account balance liability in the consolidated balance sheets:



	September 30, 2024		December 31, 2023
	(in millions)
Policyholders’ account balance reconciliation
Protection Solutions
Universal Life	$	5,095	$	5,202
Variable Universal Life	4,967		4,862
Legacy Segment
GMxB Legacy	239		293
Individual Retirement
GMxB Core	12		36
SCS	61,743		49,002
EQUI-VEST Individual	2,117		2,322
Group Retirement
EQUI-VEST Group	11,266		11,563
Momentum	553		608
Other (1) (2)	8,377		6,895
Balance (exclusive of Funding Agreements)	94,369		80,783
Funding Agreements (2)	13,064		14,890
Balance, end of period	$	107,433	$	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:


	Nine Months Ended September 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	$	293	$	36	$	49,002	$	2,322	$	11,563	$	608

Premiums received	490		91		3		177		12		26		452		50
Policy charges	(537)		(196)		9		—		(17)		—		(4)		—
Surrenders and withdrawals	(62)		(30)		(67)		(27)		(2,988)		(251)		(1,203)		(104)
Benefit payments	(163)		(58)		(14)		(2)		(222)		(40)		(55)		(1)
Net transfers from (to) separate account	—		139		4		(178)		9,512		11		253		(10)
Interest credited (2)	165		159		11		6		6,444		49		260		10
Other	—		—		—		—		—		—		—		—
Balance, end of period	$	5,095	$	4,967	$	239	$	12	$	61,743	$	2,117	$	11,266	$	553

Weighted-average crediting rate	3.81%		3.70%		2.74%		1.68%		N/A		2.96%		2.69%		2.32%
Net amount at risk (3)	$	33,800	$	116,107	$	18,977	$	2,606	$	—	$	100	$	8	$	—
Cash surrender value	$	3,386	$	3,194	$	507	$	241	$	58,668	$	2,110	$	11,207	$	554

______________

(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.


	Nine Months Ended September 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	$	382	$	69	$	35,702	$	2,652	$	12,045	$	702

Premiums received	528		107		8		163		5		27		460		49
Policy charges	(572)		(190)		7		2		(6)		—		(4)		—
Surrenders and withdrawals	(57)		(33)		(67)		(24)		(2,046)		(256)		(1,207)		(105)
Benefit payments	(169)		(84)		(18)		(1)		(194)		(56)		(54)		(4)
Net transfers from (to) separate account	—		(53)		—		(162)		7,366		7		210		(24)
Interest credited (2)	166		151		13		4		3,394		56		268		10
Other	—		—		—		—		—		4		11		—
Balance, end of period	$	5,236	$	4,807	$	325	$	51	$	44,221	$	2,434	$	11,729	$	628

Weighted-average crediting rate	3.75%		3.70%		2.71%		1.57%		—%		2.90%		2.56%		2.33%
Net amount at risk (3)	$	36,003	$	115,752	$	23,123	$	3,598	$	31	$	126	$	51	$	—
Cash surrender value	$	3,450	$	3,201	$	607	$	273	$	40,156	$	2,427	$	11,672	$	630

______________

(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 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:


September 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%	11		90		321		607		1,029
	Greater than 2.50%	3,425		605		—		—		4,030
	Total	$	3,436	$	695	$	321	$	613	$	5,065

Variable Universal Life	0.00% - 1.50%	$	11	$	16	$	86	$	33	$	146
	1.51% - 2.50%	36		391		178		—		605
	Greater than 2.50%	3,673		—		22		—		3,695
	Total	$	3,720	$	407	$	286	$	33	$	4,446
Legacy Segment


September 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)
GMxB Legacy	0.00% - 1.50%	$	70	$	3	$	—	$	—	$	73
	1.51% - 2.50%	20		—		—		—		20
	Greater than 2.50%	416		—		—		—		416
	Total	$	506	$	3	$	—	$	—	$	509

Individual Retirement
GMxB Core	0.00% - 1.50%	$	12	$	167	$	—	$	—	$	179
	1.51% - 2.50%	12		—		—		—		12
	Greater than 2.50%	57		—		—		—		57
	Total	$	81	$	167	$	—	$	—	$	248

EQUI-VEST Individual	0.00% - 1.50%	$	44	$	202	$	—	$	—	$	246
	1.51% - 2.50%	39		—		—		—		39
	Greater than 2.50%	1,831		—		—		—		1,831
	Total	$	1,914	$	202	$	—	$	—	$	2,116

Group Retirement
EQUI-VEST Group	0.00% - 1.50%	$	734	$	2,379	$	32	$	265	$	3,410
	1.51% - 2.50%	350		—		—		—		350
	Greater than 2.50%	6,231		—		1		—		6,232
	Total	$	7,315	$	2,379	$	33	$	265	$	9,992

Momentum	0.00% - 1.50%	$	—	$	13	$	305	$	51	$	369
	1.51% - 2.50%	117		1		—		—		118
	Greater than 2.50%	61		—		5		—		66
	Total	$	178	$	14	$	310	$	51	$	553


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


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)
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

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

Separate Account - Summary

The following table reconciles the Separate Account liabilities to the Separate Account liability balance in the consolidated balance sheets:



	September 30, 2024		December 31, 2023
	(in millions)
Separate Account Reconciliation
Protection Solutions
Variable Universal Life	$	18,110	$	15,821
Legacy Segment
GMxB Legacy	34,607		33,794
Individual Retirement
GMxB Core	31,414		29,829
EQUI-VEST Individual	4,920		4,582
Investment Edge	4,892		4,275
Group Retirement
EQUI-VEST Group	30,686		26,959
Momentum	4,932		4,421
Other (1)	7,846		7,570
Total	$	137,407	$	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:


	Nine Months Ended September 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	925		165		1,499		69		1,333		1,709		554
Policy charges	(432)		(477)		(374)		(1)		—		(13)		(17)
Surrenders and withdrawals	(474)		(2,529)		(2,710)		(381)		(389)		(1,778)		(686)
Benefit payments	(68)		(568)		(203)		(40)		(22)		(47)		(8)
Investment performance (1)	2,476		4,226		3,195		702		543		4,109		659
Net transfers from (to) General Account	(138)		(4)		178		(11)		(848)		(253)		9
Other charges	—		—		—		—		—		—		—
Balance, end of period	$	18,110	$	34,607	$	31,414	$	4,920	$	4,892	$	30,686	$	4,932

Cash surrender value	$	17,727	$	34,334	$	30,579	$	4,887	$	4,803	$	30,378	$	4,924

_____________

(1)Investment performance is reflected net of M&E fees.


	Nine Months Ended September 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	845		166		1,170		70		659		1,574		478
Policy charges	(419)		(495)		(365)		(2)		—		(13)		(15)
Surrenders and withdrawals	(415)		(2,001)		(1,898)		(293)		(291)		(1,218)		(529)
Benefit payments	(68)		(562)		(176)		(43)		(33)		(43)		(8)
Investment performance (1)	1,127		2,045		1,120		360		191		1,790		305
Net transfers from (to) General Account	53		—		161		(7)		(363)		(210)		24
Other charges (2)	—		—		—		4		—		25		—
Balance, end of period	$	14,310	$	31,769	$	27,784	$	4,250	$	3,961	$	24,298	$	4,140

Cash surrender value	$	13,988	$	31,481	$	26,939	$	4,218	$	3,872	$	24,031	$	4,132

______________

(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.

The following table presents the aggregate fair value of Separate Account assets by major asset category:


	September 30, 2024
	Protection Solutions		Individual Retirement		Group Retirement		Corp & Other		Legacy Segment		Total
	(in millions)
Asset Type
Debt securities	$	56	$	1	$	—	$	27	$	—	$	84
Common Stock	70		36		483		1,693		—		2,282
Mutual Funds	18,509		42,918		37,101		665		34,633		133,826
Bonds and Notes	116		3		14		1,082		—		1,215
Total	$	18,751	$	42,958	$	37,598	$	3,467	$	34,633	$	137,407


	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