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LIABILITIES FOR FUTURE POLICYHOLDER BENEFITS (Tables) | 12 Months Ended
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Dec. 31, 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:
| December 31,
| 2024 |  | 2023
| (in millions)
Reconciliation |  |  |
Term | $ | 1,285 |  |  | $ | 1,348 |
Payout | 5,050 |  |  | 4,464 |
Group Pension - Benefit Reserve & DPL | 460 |  |  | 490 |
Health | 1,362 |  |  | 1,505 |
UL | 1,246 |  |  | 1,193 |
Subtotal | 9,403 |  |  | 9,000 |
Whole Life Closed Block and Open Block products | 5,204 |  |  | 5,444 |
Other (1) | 901 |  |  | 970 |
Future policyholder benefits total | 15,508 |  |  | 15,414 |
Other policyholder funds and dividends payable | 2,105 |  |  | 1,949 |
Total | $ | 17,613 |  |  | $ | 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:
| Year Ended December 31, |  |  |  |  |  |  |  |  |
| 2024 |  | 2023 |  |  |  |  |  |  |  |  |
| Protection Solutions |  | Individual Retirement |  | Corporate & Other |  | Protection Solutions |  | Individual Retirement |  | Corporate & Other |  |  |  |  |  |  |
| Term |  | Payout |  | Group Pension |  | Health |  | Term |  | 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 | 21 |  |  | — |  |  | — |  |  | (3) |  |  | 47 |  |  | — |  |  | — |  |  | (6) |  |  |  |  |  |  |  |  |  |
Effect of actual variances from expected experience | (82) |  |  | — |  |  | — |  |  | (5) |  |  | (37) |  |  | — |  |  | — |  |  | (12) |  |  |  |  |  |  |  |  |  |
Adjusted beginning of period balance | 1,997 |  |  | — |  |  | — |  |  | (30) |  |  | 2,088 |  |  | — |  |  | — |  |  | (23) |  |  |  |  |  |  |  |  |  |
Issuances | 52 |  |  | — |  |  | — |  |  | — |  |  | 65 |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  |  |  |  |
Interest accrual | 97 |  |  | — |  |  | — |  |  | (1) |  |  | 100 |  |  | — |  |  | — |  |  | (1) |  |  |  |  |  |  |  |  |  |
Net premiums collected | (187) |  |  | — |  |  | — |  |  | 5 |  |  | (195) |  |  | — |  |  | — |  |  | 2 |  |  |  |  |  |  |  |  |  |
Ending Balance at original discount rate | 1,959 |  |  | — |  |  | — |  |  | (26) |  |  | 2,058 |  |  | — |  |  | — |  |  | (22) |  |  |  |  |  |  |  |  |  |
Effect of changes in discount rate assumptions | (27) |  |  | — |  |  | — |  |  | 1 |  |  | 75 |  |  | — |  |  | — |  |  | 1 |  |  |  |  |  |  |  |  |  |
Balance, end of period | $ | 1,932 |  |  | $ | — |  |  | $ | — |  |  | $ | (25) |  |  | $ | 2,133 |  |  | $ | — |  |  | $ | — |  |  | $ | (21) |  |  |  |  |  |  |  |  |  |
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 rate | 3,330 |  |  | 4,680 |  |  | 536 |  |  | 1,672 |  |  | 3,391 |  |  | 3,869 |  |  | 583 |  |  | 1,795 |  |  |  |  |  |  |  |  |  |
Effect of changes in cash flow assumptions | 39 |  |  | — |  |  | — |  |  | — |  |  | 59 |  |  | — |  |  | — |  |  | (6) |  |  |  |  |  |  |  |  |  |
Effect of actual variances from expected experience | (103) |  |  | (2) |  |  | 2 |  |  | (11) |  |  | (45) |  |  | (4) |  |  | — |  |  | (22) |  |  |  |  |  |  |  |  |  |
Adjusted beginning of period balance | 3,266 |  |  | 4,678 |  |  | 538 |  |  | 1,661 |  |  | 3,405 |  |  | 3,865 |  |  | 583 |  |  | 1,767 |  |  |  |  |  |  |  |  |  |
Issuances | 56 |  |  | 994 |  |  | 20 |  |  | — |  |  | 70 |  |  | 1,044 |  |  | — |  |  | — |  |  |  |  |  |  |  |  |  |
Interest accrual | 163 |  |  | 174 |  |  | 18 |  |  | 54 |  |  | 167 |  |  | 127 |  |  | 20 |  |  | 57 |  |  |  |  |  |  |  |  |  |
Benefits payments | (270) |  |  | (456) |  |  | (62) |  |  | (160) |  |  | (312) |  |  | (356) |  |  | (67) |  |  | (152) |  |  |  |  |  |  |  |  |  |
Ending Balance at original discount rate | 3,215 |  |  | 5,390 |  |  | 514 |  |  | 1,555 |  |  | 3,330 |  |  | 4,680 |  |  | 536 |  |  | 1,672 |  |  |  |  |  |  |  |  |  |
Effect of changes in discount rate assumptions | 1 |  |  | (340) |  |  | (54) |  |  | (218) |  |  | 150 |  |  | (216) |  |  | (46) |  |  | (188) |  |  |  |  |  |  |  |  |  |
Balance, end of period | $ | 3,216 |  |  | $ | 5,050 |  |  | $ | 460 |  |  | $ | 1,337 |  |  | $ | 3,480 |  |  | $ | 4,464 |  |  | $ | 490 |  |  | $ | 1,484 |  |  |  |  |  |  |  |  |  |
Impact of flooring LFPB at zero | 1 |  |  | — |  |  | — |  |  | — |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  |  |  |  |
Net liability for future policy benefits | 1,285 |  |  | 5,050 |  |  | 460 |  |  | 1,362 |  |  | 1,348 |  |  | 4,464 |  |  | 490 |  |  | 1,505 |  |  |  |  |  |  |  |  |  |
Less: Reinsurance recoverable | 8 |  |  | (1,347) |  |  | — |  |  | (1,070) |  |  | 25 |  |  | (969) |  |  | — |  |  | (1,191) |  |  |  |  |  |  |  |  |  |
Net liability for future policy benefits, after reinsurance recoverable | $ | 1,293 |  |  | $ | 3,703 |  |  | $ | 460 |  |  | $ | 292 |  |  | $ | 1,373 |  |  | $ | 3,495 |  |  | $ | 490 |  |  | $ | 314 |  |  |  |  |  |  |  |  |  |
Weighted-average duration of liability for future policyholder benefits (years) | 6.7 |  | 7.7 |  | 6.9 |  | 8.4 |  | 7.0 |  | 8.0 |  | 7.1 |  | 8.7 |  |  |  |  |  |  |  |  |
| Year Ended December 31, 2022
| Protection Solutions |  | Individual Retirement |  | Corporate & Other
| Term |  | Payout |  | Group Pension |  | Health
| ( in millions)
Present Value of Expected Net Premiums |  |  |  |  |  |  |
Balance, beginning of period | $ | 2,485 |  |  | $ | — |  |  | $ | — |  |  | $ | 22 |
Beginning balance at original discount rate | 1,864 |  |  | — |  |  | — |  |  | 19 |
Effect of changes in cash flow assumptions | 204 |  |  | — |  |  | — |  |  | (10) |
Effect of actual variances from expected experience | 31 |  |  | — |  |  | — |  |  | (15) |
Adjusted beginning of period balance | 2,099 |  |  | — |  |  | — |  |  | (6) |
Issuances | 76 |  |  | — |  |  | — |  |  | — |
Interest accrual | 97 |  |  | — |  |  | — |  |  | — |
Net premiums collected | (194) |  |  | — |  |  | — |  |  | 1 |
Ending Balance at original discount rate | 2,078 |  |  | — |  |  | — |  |  | (5) |
Effect of changes in discount rate assumptions | 22 |  |  | — |  |  | — |  |  | — |
Balance, end of period | $ | 2,100 |  |  | $ | — |  |  | $ | — |  |  | $ | (5) |
Present Value of Expected Future Policy Benefits |  |  |  |  |  |
Balance, beginning of period | $ | 4,294 |  |  | $ | 3,661 |  |  | $ | 683 |  |  | $ | 2,092 |
Beginning balance of original discount rate | 3,241 |  |  | 3,283 |  |  | 632 |  |  | 1,915 |
Effect of changes in cash flow assumptions | 222 |  |  | (3) |  |  | — |  |  | (5) |
Effect of actual variances from expected experience | 31 |  |  | (5) |  |  | 1 |  |  | (13) |
Adjusted beginning of period balance | 3,494 |  |  | 3,275 |  |  | $ | 633 |  |  | 1,897 |
Issuances | 82 |  |  | 781 |  |  | — |  |  | — |
Interest accrual | 168 |  |  | 103 |  |  | 21 |  |  | 61 |
Benefits payments | (353) |  |  | (290) |  |  | (71) |  |  | (163) |
Ending Balance at original discount rate | 3,391 |  |  | 3,869 |  |  | 583 |  |  | 1,795 |
Effect of changes in discount rate assumptions | 74 |  |  | (352) |  |  | (60) |  |  | (242) |
Balance, end of period | $ | 3,465 |  |  | $ | 3,517 |  |  | $ | 523 |  |  | $ | 1,553 |
Impact of flooring LFPB at zero | — |  |  | — |  |  | — |  |  | — |
Net liability for future policy benefits | 1,365 |  |  | 3,517 |  |  | 523 |  |  | 1,558 |
Less: Reinsurance recoverable | 21 |  |  | (466) |  |  | — |  |  | (1,242) |
Net liability for future policy benefits, after reinsurance recoverable | $ | 1,386 |  |  | $ | 3,051 |  |  | $ | 523 |  |  | $ | 316 |
Weighted-average duration of liability for future policyholder benefits (years) | 7.0 |  | 8.5 |  | 7.2 |  | 8.7
The following table reconciles the policyholders account balances to the policyholders’ account balance liability in the consolidated balance sheets:
| December 31, |
| 2024 |  | 2023 |
| (in millions) |
Policyholders’ account balance reconciliation |  |  |  |
Protection Solutions |  |  |  |
Universal Life | $ | 5,065 |  |  | $ | 5,202 |  |
Variable Universal Life | 5,018 |  |  | 4,862 |  |
Legacy Segment |  |  |  |
GMxB Legacy | 226 |  |  | 293 |  |
Individual Retirement |  |  |  |
GMxB Core | (4) |  |  | 36 |  |
SCS | 65,267 |  |  | 49,002 |  |
EQUI-VEST Individual | 2,037 |  |  | 2,322 |  |
Group Retirement |  |  |  |
EQUI-VEST Group | 11,158 |  |  | 11,563 |  |
Momentum | 527 |  |  | 608 |  |
Other (1) (2) | 8,658 |  |  | 6,895 |  |
Balance (exclusive of Funding Agreements) | 97,952 |  |  | 80,783 |  |
Funding Agreements (2) | 13,013 |  |  | 14,890 |  |
Balance, end of period | $ | 110,965 |  |  | $ | 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:
| Year Ended December 31, 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 | 647 |  |  | 117 |  |  | 4 |  |  | 233 |  |  | 14 |  |  | 37 |  |  | 605 |  |  | 67 |  |  |
Policy charges | (712) |  |  | (265) |  |  | 14 |  |  | (3) |  |  | (23) |  |  | — |  |  | (4) |  |  | — |  |  |
Surrenders and withdrawals | (79) |  |  | (42) |  |  | (86) |  |  | (35) |  |  | (4,110) |  |  | (347) |  |  | (1,603) |  |  | (148) |  |  |
Benefit payments | (213) |  |  | (67) |  |  | (17) |  |  | (2) |  |  | (312) |  |  | (55) |  |  | (74) |  |  | (2) |  |  |
Net transfers from (to) separate account | — |  |  | 201 |  |  | 4 |  |  | (240) |  |  | 12,725 |  |  | 15 |  |  | 334 |  |  | (11) |  |  |
Interest credited (2) | 220 |  |  | 212 |  |  | 14 |  |  | 7 |  |  | 7,971 |  |  | 65 |  |  | 337 |  |  | 13 |  |  |
Other | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |
Balance, end of period | $ | 5,065 |  |  | $ | 5,018 |  |  | $ | 226 |  |  | $ | (4) |  |  | $ | 65,267 |  |  | $ | 2,037 |  |  | $ | 11,158 |  |  | $ | 527 |  |  |
Weighted-average crediting rate | 3.82% |  | 3.68% |  | 2.74% |  | 1.66% |  | N/A |  | 2.98% |  | 2.69% |  | 2.48% |  |
Net amount at risk (3) | $ | 33,324 |  |  | $ | 117,420 |  |  | $ | 19,041 |  |  | $ | 2,868 |  |  | $ | 9 |  |  | $ | 101 |  |  | $ | 9 |  |  | $ | — |  |  |
Cash surrender value | $ | 3,368 |  |  | $ | 3,162 |  |  | $ | 489 |  |  | $ | 228 |  |  | $ | 60,879 |  |  | $ | 2,030 |  |  | $ | 11,071 |  |  | $ | 528 |  |  |
______________ (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.
| Year Ended December 31, 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 | 698 |  | 134 |  | 10 |  | 222 |  | 10 |  | 36 |  | 626 |  | 70
Policy charges | (760) |  | (256) |  | 9 |  | (4) |  | (9) |  | — |  | (4) |  | (1)
Surrenders and withdrawals | (80) |  | (46) |  | (96) |  | (33) |  | (2,882) |  | (378) |  | (1,703) |  | (152)
Benefit payments | (218) |  | (114) |  | (26) |  | (2) |  | (256) |  | (70) |  | (71) |  | (4)
Net transfers from (to) separate account | — |  | 24 |  | (4) |  | (222) |  | 10,155 |  | 6 |  | 272 |  | (21)
Interest credited (2) | 222 |  | 211 |  | 18 |  | 6 |  | 6,282 |  | 72 |  | 387 |  | 14
Other | — |  | — |  | — |  | — |  | — |  | 4 |  | 11 |  | —
Balance, end of period | $ | 5,202 |  | $ | 4,862 |  | $ | 293 |  | $ | 36 |  | $ | 49,002 |  | $ | 2,322 |  | $ | 11,563 |  | $ | 608
Weighted-average crediting rate | 3.77% |  | 3.72% |  | 2.71% |  | 1.59% |  | N/A |  | 2.84% |  | 2.66% |  | 2.33%
Net amount at risk (3) | $ | 35,490 |  | $ | 115,550 |  | $ | 21,136 |  | $ | 2,995 |  | $ | 1 |  | $ | 109 |  | $ | 10 |  | $ | —
Cash surrender value | $ | 3,423 |  | $ | 3,194 |  | $ | 572 |  | $ | 265 |  | $ | 45,738 |  | $ | 2,315 |  | $ | 11,506 |  | $ | 609
______________ (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.
| Year Ended December 31, 2022
| 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 | $ | 5,462 |  |  | $ | 4,807 |  |  | $ | 432 |  |  | $ | 112 |  |  | $ | 33,443 |  |  | $ | 2,784 |  |  | $ | 11,951 |  |  | $ | 704 |
Premiums received | 730 |  |  | 160 |  |  | 8 |  |  | 151 |  |  | 2 |  |  | 46 |  |  | 610 |  |  | 79 |
Policy charges | (789) |  |  | (245) |  |  | 6 |  |  | (22) |  |  | — |  |  | (1) |  |  | (5) |  |  | — |
Surrenders and withdrawals | (86) |  |  | (12) |  |  | (68) |  |  | (31) |  |  | (2,452) |  |  | (225) |  |  | (995) |  |  | (148) |
Benefit payments | (200) |  |  | (92) |  |  | (22) |  |  | (2) |  |  | (209) |  |  | (59) |  |  | (70) |  |  | (2) |
Net transfers from (to) separate account | — |  |  | 124 |  |  | 5 |  |  | (145) |  |  | 7,474 |  |  | 28 |  |  | 303 |  |  | 54 |
Interest credited (2) | 223 |  |  | 167 |  |  | 21 |  |  | 6 |  |  | (2,556) |  |  | 79 |  |  | 251 |  |  | 15 |
Other | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Balance, end of period | $ | 5,340 |  |  | $ | 4,909 |  |  | $ | 382 |  |  | $ | 69 |  |  | $ | 35,702 |  |  | $ | 2,652 |  |  | $ | 12,045 |  |  | $ | 702 |
Weighted-average crediting rate | 3.62 | % |  | 3.81 | % |  | 1.80 | % |  | 1.05 | % |  | 1.12 | % |  | 2.85 | % |  | 3.00 | % |  | 2.02 | %
Net amount at risk (3) | $ | 37,555 |  |  | $ | 115,152 |  |  | $ | 22,631 |  |  | $ | 3,530 |  |  | $ | 92 |  |  | $ | 143 |  |  | $ | 138 |  |  | $ | — |
Cash surrender value | $ | 3,483 |  |  | $ | 3,366 |  |  | $ | 980 |  |  | $ | 293 |  |  | $ | 32,080 |  |  | $ | 2,645 |  |  | $ | 11,961 |  |  | $ | 702 |
______________ (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 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:
| December 31,
| 2024 |  | 2023
| (in millions)
Separate Account Reconciliation |  |  |
Protection Solutions |  |  |
Variable Universal Life | $ | 18,176 |  |  | $ | 15,821 |
Legacy Segment |  |  |
GMxB Legacy | 33,199 |  |  | 33,794 |
Individual Retirement |  |  |
GMxB Core | 30,411 |  |  | 29,829 |
EQUI-VEST Individual | 4,782 |  |  | 4,582 |
Investment Edge | 4,885 |  |  | 4,275 |
Group Retirement |  |  |
EQUI-VEST Group | 30,546 |  |  | 26,959 |
Momentum | 4,813 |  |  | 4,421 |
Other (1) | 7,899 |  |  | 7,570 |
Total | $ | 134,711 |  |  | $ | 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:
| Year Ended December 31, 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 | 1,290 |  |  | 220 |  |  | 2,032 |  |  | 95 |  |  | 1,795 |  |  | 2,360 |  |  | 729 |
Policy charges | (577) |  |  | (630) |  |  | (498) |  |  | (2) |  |  | (1) |  |  | (19) |  |  | (23) |
Surrenders and withdrawals | (631) |  |  | (3,555) |  |  | (3,739) |  |  | (574) |  |  | (522) |  |  | (2,447) |  |  | (958) |
Benefit payments | (101) |  |  | (748) |  |  | (259) |  |  | (55) |  |  | (35) |  |  | (67) |  |  | (14) |
Investment performance (1) | 2,575 |  |  | 4,122 |  |  | 2,806 |  |  | 751 |  |  | 512 |  |  | 4,094 |  |  | 647 |
Net transfers from (to) General Account | (201) |  |  | (4) |  |  | 240 |  |  | (15) |  |  | (1,139) |  |  | (334) |  |  | 11 |
Other charges | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Balance, end of period | $ | 18,176 |  |  | $ | 33,199 |  |  | $ | 30,411 |  |  | $ | 4,782 |  |  | $ | 4,885 |  |  | $ | 30,546 |  |  | $ | 4,813 |
Cash surrender value | $ | 17,801 |  |  | $ | 32,931 |  |  | $ | 29,569 |  |  | $ | 4,750 |  |  | $ | 4,795 |  |  | $ | 30,194 |  |  | $ | 4,806 |
_____________ (1)Investment performance is reflected net of M&E fees.
| Year Ended December 31, 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 | 1,195 |  |  | 219 |  |  | 1,590 |  |  | 93 |  |  | 844 |  |  | 2,174 |  |  | 644 |
Policy charges | (562) |  |  | (655) |  |  | (484) |  |  | (2) |  |  | — |  |  | (18) |  |  | (21) |
Surrenders and withdrawals | (558) |  |  | (2,826) |  |  | (2,603) |  |  | (428) |  |  | (412) |  |  | (1,750) |  |  | (820) |
Benefit payments | (71) |  |  | (728) |  |  | (226) |  |  | (57) |  |  | (39) |  |  | (55) |  |  | (13) |
Investment performance (1) | 2,654 |  |  | 5,164 |  |  | 3,558 |  |  | 817 |  |  | 543 |  |  | 4,463 |  |  | 725 |
Net transfers from (to) General Account | (24) |  |  | 4 |  |  | 222 |  |  | (6) |  |  | (459) |  |  | (273) |  |  | 21 |
Other charges (2) | — |  |  | — |  |  | — |  |  | 4 |  |  | — |  |  | 25 |  |  | — |
Balance, end of period | $ | 15,821 |  |  | $ | 33,794 |  |  | $ | 29,829 |  |  | $ | 4,582 |  |  | $ | 4,275 |  |  | $ | 26,959 |  |  | $ | 4,421 |
Cash surrender value | $ | 15,478 |  |  | $ | 33,512 |  |  | $ | 28,991 |  |  | $ | 4,549 |  |  | $ | 4,188 |  |  | $ | 26,683 |  |  | $ | 4,414 |
______________ (1)Investment performance is reflected net of M&E fees. (2)EQUI-VEST Individual and EQUI-VEST Group for the year ended December 31, 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.
| Year Ended December 31, 2022
| 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 | $ | 16,405 |  |  | $ | 44,912 |  |  | $ | 35,288 |  |  | $ | 5,583 |  |  | $ | 4,287 |  |  | $ | 27,509 |  |  | $ | 4,975 |
Premiums and deposits | 1,115 |  |  | 240 |  |  | 1,479 |  |  | 124 |  |  | 1,035 |  |  | 2,104 |  |  | 668 |
Policy charges | (538) |  |  | (682) |  |  | (487) |  |  | (2) |  |  | (1) |  |  | (17) |  |  | (20) |
Surrenders and withdrawals | (408) |  |  | (2,825) |  |  | (2,315) |  |  | (328) |  |  | (327) |  |  | (1,359) |  |  | (753) |
Benefit payments | (111) |  |  | (702) |  |  | (216) |  |  | (52) |  |  | (34) |  |  | (60) |  |  | (14) |
Investment performance (1) | (3,152) |  |  | (8,322) |  |  | (6,122) |  |  | (1,136) |  |  | (733) |  |  | (5,481) |  |  | (917) |
Net transfers from (to) General Account | (124) |  |  | (5) |  |  | 145 |  |  | (28) |  |  | (429) |  |  | (303) |  |  | (54) |
Other charges | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Balance, end of period | $ | 13,187 |  |  | $ | 32,616 |  |  | $ | 27,772 |  |  | $ | 4,161 |  |  | $ | 3,798 |  |  | $ | 22,393 |  |  | $ | 3,885 |
Cash surrender value | $ | 12,893 |  |  | $ | 32,320 |  |  | $ | 26,888 |  |  | $ | 4,129 |  |  | $ | 3,704 |  |  | $ | 22,163 |  |  | $ | 3,879 |
______________ (1)Investment performance is reflected net of M&E fees.
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:
| December 31, |  |
| 2024 |  | 2023 |  |
| (in millions) |  |
Term |  |  |  |  |
Expected future benefit payments and expenses (undiscounted) | $ | 5,613 |  |  | $ | 5,878 |  |  |
Expected future gross premiums (undiscounted) | 6,597 |  |  | 6,979 |  |  |
Expected future benefit payments and expenses (discounted; AOCI basis) | 3,216 |  |  | 3,480 |  |  |
| December 31, |  |
| 2024 |  | 2023 |  |
Expected future gross premiums (discounted; AOCI basis) | 3,507 |  |  | 3,879 |  |  |
Payout |  |  |  |  |
Expected future benefit payments and expenses (undiscounted) | 7,686 |  |  | 6,630 |  |  |
Expected future gross premiums (undiscounted) | — |  |  | — |  |  |
Expected future benefit payments and expenses (discounted; AOCI basis) | 4,938 |  |  | 4,350 |  |  |
Expected future gross premiums (discounted; AOCI basis) | — |  |  | — |  |  |
Group Pension |  |  |  |  |
Expected future benefit payments and expenses (undiscounted) | 630 |  |  | 668 |  |  |
Expected future gross premiums (undiscounted) | — |  |  | — |  |  |
Expected future benefit payments and expenses (discounted; AOCI basis) | 436 |  |  | 471 |  |  |
Expected future gross premiums (discounted; AOCI basis) | — |  |  | — |  |  |
Health |  |  |  |  |
Expected future benefit payments and expenses (undiscounted) | 2,139 |  |  | 2,318 |  |  |
Expected future gross premiums (undiscounted) | 70 |  |  | 85 |  |  |
Expected future benefit payments and expenses (discounted; AOCI basis) | 1,323 |  |  | 1,468 |  |  |
Expected future gross premiums (discounted; AOCI basis) | $ | 55 |  |  | $ | 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:
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022 |  | 2024 |  | 2023 |  | 2022
| Gross Premium |  | Interest Accretion
| (in millions)
Revenue and Interest Accretion |  |  |  |  |  |  |  |  |  |  |
Term | $ | 336 |  |  | $ | 352 |  |  | $ | 275 |  |  | $ | 66 |  |  | $ | 67 |  |  | $ | 70 |
Payout | 271 |  |  | 266 |  |  | 123 |  |  | 207 |  |  | 149 |  |  | 103 |
Group Pension | — |  |  | — |  |  | — |  |  | 18 |  |  | 19 |  |  | 21 |
Health | 12 |  |  | 15 |  |  | 9 |  |  | 54 |  |  | 58 |  |  | 61 |
Total | $ | 619 |  |  | $ | 633 |  |  | $ | 407 |  |  | $ | 345 |  |  | $ | 293 |  |  | $ | 255 |
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:
|  |  | December 31,
|  |  | 2024 |  | 2023
Weighted Average Interest Rate |  |  |  |  |
Term |  |  |  |  |
Interest accretion rate |  |  | 5.6 | % |  | 5.6 | %
Current discount rate |  |  | 5.2 | % |  | 4.8 | %
Payout |  |  |  |  |
Interest accretion rate |  |  | 4.4 | % |  | 4.2 | %
Current discount rate |  |  | 5.3 | % |  | 4.9 | %
Group Pension |  |  |  |  |
Interest accretion rate |  |  | 3.4 | % |  | 3.3 | %
Current discount rate |  |  | 5.2 | % |  | 4.8 | %
Health |  |  |  |  |
Interest accretion rate |  |  | 3.4 | % |  | 3.4 | %
Current discount rate |  |  | 5.4 | % |  | 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:
|  |  | Year Ended December 31,
|  |  |  |  | 2024 |  | 2023 |  | 2022
|  |  |  |  | Protection Solutions
|  |  |  |  | UL
|  |  |  |  | (in millions)
Balance, beginning of period |  |  |  |  | $ | 1,193 |  |  | $ | 1,109 |  |  | $ | 1,087 |
Beginning balance before AOCI adjustments |  |  |  |  | 1,230 |  |  | 1,135 |  |  | 1,076 |
Effect of changes in interest rate & cash flow assumptions and model changes |  |  |  |  | 17 |  |  | 21 |  |  | 8 |
Effect of actual variances from expected experience |  |  |  |  | 2 |  |  | 10 |  |  | 25 |
Adjusted beginning of period balance |  |  |  |  | 1,249 |  |  | 1,166 |  |  | 1,109 |
Interest accrual |  |  |  |  | 56 |  |  | 52 |  |  | 49 |
Net assessments collected |  |  |  |  | 70 |  |  | 69 |  |  | 68 |
Benefit payments |  |  |  |  | (73) |  |  | (57) |  |  | (91) |
Ending balance before shadow reserve adjustments |  |  |  |  | 1,302 |  |  | 1,230 |  |  | 1,135 |
Effect of reserve adjustment recorded in AOCI |  |  |  |  | (56) |  |  | (37) |  |  | (26) |
Balance, end of period |  |  |  |  | $ | 1,246 |  |  | $ | 1,193 |  |  | $ | 1,109 |
Net liability for additional liability |  |  |  |  | $ | 1,246 |  |  | $ | 1,193 |  |  | $ | 1,109 |
Less: Reinsurance recoverable |  |  |  |  | — |  |  | — |  |  | — |
Net liability for additional liability, after reinsurance recoverable |  |  |  |  | $ | 1,246 |  |  | $ | 1,193 |  |  | $ | 1,109 |
Weighted-average duration of additional liability - death benefit (years) |  |  |  |  | 19.4 |  | 19.9 |  | 22.0
The following tables provide the revenue, interest and weighted average interest rates, related to the additional insurance liabilities:
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022 |  | 2024 |  | 2023 |  | 2022
| Assessments |  | Interest Accretion
| (in millions)
Revenue and Interest Accretion |  |  |  |  |  |  |  |  |  |  |
UL | $ | 663 |  |  | $ | 670 |  |  | $ | 666 |  |  | $ | 56 |  |  | $ | 51 |  |  | $ | 49 |
Total | $ | 663 |  |  | $ | 670 |  |  | $ | 666 |  |  | $ | 56 |  |  | $ | 51 |  |  | $ | 49 |
|  |  |  |  | Year Ended December 31,
|  |  |  |  |  |  | 2024 |  | 2023 |  | 2022
Weighted Average Interest Rate |  |  |  |  |  |  |  |  |  |  |
UL |  |  |  |  |  |  | 4.5 | % |  | 4.5 | % |  | 4.5 | %
Interest accretion rate |  |  |  |  |  |  | 4.5 | % |  | 4.5 | % |  | 4.5 | %

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