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LIABILITIES FOR FUTURE POLICYHOLDER BENEFITS (Tables)
 9 Months Ended
Sep. 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:
September 30, 2024December 31, 2023
(in millions)
Reconciliation
Term$1,367 $1,348 
Payout
5,103 4,464 
Group Pension - Benefit Reserve & DPL487 490 
Health1,448 1,505 
UL1,256 1,193 
Subtotal9,661 9,000 
  Whole Life Closed Block and Open Block products5,259 5,444 
Other (1)932 970 
Future policyholder benefits total15,852 15,414 
  Other policyholder funds and dividends payable2,084 1,949 
Total$17,936 $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:
Nine Months Ended September 30, 2024Nine Months Ended September 30, 2023
Protection SolutionsIndividual RetirementCorporate & OtherProtection SolutionsIndividual RetirementCorporate & Other
TermPayoutGroup PensionHealthTermPayoutGroup 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 assumptions21 — — (3)32 — — (8)
Effect of actual variances from expected experience(79)— — (5)(14)— — (6)
Adjusted beginning of period balance2,000 — — (30)2,096 — — (19)
Issuances40 — — — 49 — — — 
Interest accrual73 — — (1)75 — — (1)
Net premiums collected(139)— — 3 (147)— — 2 
Ending Balance at original discount rate1,974 — — (28)2,073 — — (18)
Effect of changes in discount rate assumptions79 — — 1 (82)— — 1 
Balance, end of period$2,053 $— $— $(27)$1,991 $— $— $(17)
Present Value of Expected Future Policy Benefits
Balance, beginning of period$3,480 $4,464 $490 $1,484 $3,465 $3,517 $523 $1,553 
Beginning balance of original discount rate3,330 4,680 536 1,672 3,391 3,869 583 1,795 
Effect of changes in cash flow assumptions39 — — — 40 — — (12)
Effect of actual variances from expected experience(101)(1)2 (12)(16)1 — (5)
Adjusted beginning of period balance3,268 4,679 538 1,660 3,415 3,870 583 1,778 
Issuances43 765 21 — 53 771 — — 
Interest accrual123 131 14 41 126 94 15 43 
Benefits payments(182)(342)(47)(122)(254)(268)(50)(111)
Ending Balance at original discount rate3,252 5,233 526 1,579 3,340 4,467 548 1,710 
Effect of changes in discount rate assumptions167 (130)(39)(158)(84)(486)(73)(290)
Balance, end of period$3,419 $5,103 $487 $1,421 $3,256 $3,981 $475 $1,420 
Impact of flooring LFPB at zero1 — — — 1 — — — 
Net liability for future policy benefits$1,367 5,103 487 1,448 1,266 3,981 475 1,437 
Less: Reinsurance recoverable3 (1,299)— (1,136)25 (777)— (1,145)
Net liability for future policy benefits, after reinsurance recoverable$1,370 $3,804 $487 $312 $1,291 $3,204 $475 $292 
Weighted-average duration of liability for future policyholder benefits (years)6.87.87.08.57.18.17.18.7
The following table reconciles the policyholders account balances to the policyholders’ account balance liability in the consolidated balance sheets:

September 30, 2024December 31, 2023
(in millions)
Policyholders’ account balance reconciliation
Protection Solutions
Universal Life$5,095 $5,202 
Variable Universal Life4,967 4,862 
Legacy Segment
GMxB Legacy239 293 
Individual Retirement
GMxB Core12 36 
SCS61,743 49,002 
EQUI-VEST Individual2,117 2,322 
Group Retirement
EQUI-VEST Group11,266 11,563 
Momentum553 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 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 $293 $36 $49,002 $2,322 $11,563 $608 
Premiums received490 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 rate3.81%3.70%2.74%1.68%N/A2.96%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 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$382$69$35,702$2,652$12,045$702
Premiums received528107816352746049
Policy charges(572)(190)72(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)7,3667210(24)
Interest credited (2)1661511343,3945626810
Other—————411—
Balance, end of period$5,236$4,807$325$51$44,221$2,434$11,729$628
Weighted-average crediting rate3.75%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 reconciles the Separate Account liabilities to the Separate Account liability balance in the consolidated balance sheets:
September 30, 2024December 31, 2023
(in millions)
Separate Account Reconciliation
Protection Solutions
Variable Universal Life$18,110 $15,821 
Legacy Segment
GMxB Legacy34,607 33,794 
Individual Retirement
GMxB Core31,414 29,829 
EQUI-VEST Individual4,920 4,582 
Investment Edge4,892 4,275 
Group Retirement
EQUI-VEST Group30,686 26,959 
Momentum4,932 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 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 deposits925 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 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 deposits845 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.
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:
September 30, 2024December 31, 2023
(in millions)
Term
Expected future benefit payments and expenses (undiscounted)$5,691 $5,878 
Expected future gross premiums (undiscounted)
6,679 6,979 
Expected future benefit payments and expenses (discounted; AOCI basis)3,420 3,480 
Expected future gross premiums (discounted; AOCI basis)3,747 3,879 
Payout
Expected future benefit payments and expenses (undiscounted)7,464 6,630 
Expected future gross premiums (undiscounted)
— — 
Expected future benefit payments and expenses (discounted; AOCI basis)4,995 4,350 
Expected future gross premiums (discounted; AOCI basis)— — 
Group Pension
Expected future benefit payments and expenses (undiscounted)627 668 
Expected future gross premiums (undiscounted)
— — 
Expected future benefit payments and expenses (discounted; AOCI basis)470 471 
Expected future gross premiums (discounted; AOCI basis)— — 
Health
Expected future benefit payments and expenses (undiscounted)2,177 2,318 
Expected future gross premiums (undiscounted)
75 85 
Expected future benefit payments and expenses (discounted; AOCI basis)1,405 1,468 
Expected future gross premiums (discounted; AOCI basis)$60 $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:
Nine Months Ended September 30,
2024202320242023
Gross PremiumInterest Accretion
(in millions)
Revenue and Interest Accretion
Term$254 $206 $50 $50 
Payout
201 135 153 103 
Group Pension— — 13 15 
Health9 6 41 44 
Total$464 $347 $257 $212 
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:
September 30, 2024December 31, 2023
Weighted Average Interest Rate
Term
Interest accretion rate5.6 %5.6 %
Current discount rate4.6 %4.8 %
Payout
Interest accretion rate4.4 %4.2 %
Current discount rate4.7 %4.9 %
Group Pension
Interest accretion rate3.3 %3.3 %
Current discount rate4.6 %4.8 %
Health
Interest accretion rate3.4 %3.4 %
Current discount rate4.8 %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:
Nine Months Ended September 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 changes17 (12)
Effect of actual variances from expected experience(2)14 
Adjusted beginning of period balance1,245 1,137 
Interest accrual41 38 
Net assessments collected53 50 
Benefit payments(44)(39)
Ending balance before shadow reserve adjustments1,295 1,186 
Effect of reserve adjustment recorded in AOCI(39)(55)
Balance, end of period$1,256 $1,131 
Net liability for additional liability $1,256 $1,131 
Less: Reinsurance recoverable— — 
Net liability for additional liability, after reinsurance recoverable$1,256 $1,131 
Weighted-average duration of additional liability - death benefit (years)19.719.2
The following tables provide the revenue, interest and weighted average interest rates, related to the additional insurance liabilities:
Nine Months Ended September 30,
2024202320242023
AssessmentsInterest Accretion
(in millions)
Revenue and Interest Accretion
UL$499 $487 $41 $38 
Total$499 $487 $41 $38 
Nine Months Ended September 30,
20242023
Weighted Average Interest Rate
UL4.5 %4.5 %
Interest accretion rate4.5 %4.5 %