POLICYHOLDER ACCOUNT BALANCES

12 Months Ended

Dec. 31, 2024

Policyholder Account Balance [Abstract]

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 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:


December 31, 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%	—		90		284		655		1,029
	Greater than 2.50%	3,402		598		—		—		4,000
	Total	$	3,402	$	688	$	284	$	661	$	5,035

Variable Universal Life	0.00% - 1.50%	$	24	$	13	$	94	$	40	$	171
	1.51% - 2.50%	37		357		223		—		617
	Greater than 2.50%	3,667		2		20		—		3,689
	Total	$	3,728	$	372	$	337	$	40	$	4,477
Legacy Segment
GMxB Legacy	0.00% - 1.50%	$	67	$	3	$	—	$	—	$	70
	1.51% - 2.50%	19		—		—		—		19
	Greater than 2.50%	401		—		—		—		401
	Total	$	487	$	3	$	—	$	—	$	490

Individual Retirement
GMxB Core	0.00% - 1.50%	$	11	$	160	$	—	$	—	$	171
	1.51% - 2.50%	12		—		—		—		12
	Greater than 2.50%	52		—		—		—		52
	Total	$	75	$	160	$	—	$	—	$	235

EQUI-VEST Individual	0.00% - 1.50%	$	42	$	198	$	—	$	—	$	240
	1.51% - 2.50%	38		—		—		—		38
	Greater than 2.50%	1,758		—		—		—		1,758
	Total	$	1,838	$	198	$	—	$	—	$	2,036

Group Retirement
EQUI-VEST Group	0.00% - 1.50%	$	720	$	2,391	$	33	$	258	$	3,402
	1.51% - 2.50%	349		—		—		—		349
	Greater than 2.50%	6,076		—		—		—		6,076
	Total	$	7,145	$	2,391	$	33	$	258	$	9,827

Momentum	0.00% - 1.50%	$	—	$	—	$	269	$	88	$	357
	1.51% - 2.50%	79		29		—		—		108
	Greater than 2.50%	56		—		5		—		61
	Total	$	135	$	29	$	274	$	88	$	526


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
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




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:


	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.

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


	December 31, 2024
	Protection Solutions		Individual Retirement		Group Retirement		Corp & Other		Legacy Segment		Total
	(in millions)
Asset Type
Debt securities	$	51	$	1	$	14	$	13	$	—	$	79
Common Stock	68		36		472		1,631		—		2,207
Mutual Funds	18,610		42,027		36,777		659		33,213		131,286
Bonds and Notes	98		4		1		1,036		—		1,139
Total	$	18,827	$	42,068	$	37,264	$	3,339	$	33,213	$	134,711


	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