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LIABILITIES FOR FUTURE POLICYHOLDER BENEFITS (Tables)
 12 Months Ended
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,
20242023
(in millions)
Reconciliation
Term$1,285 $1,348 
Payout
5,050 4,464 
Group Pension - Benefit Reserve & DPL460 490 
Health1,362 1,505 
UL1,246 1,193 
Subtotal9,403 9,000 
  Whole Life Closed Block and Open Block products5,204 5,444 
Other (1)901 970 
Future policyholder benefits total15,508 15,414 
  Other policyholder funds and dividends payable2,105 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,
20242023
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)47 — — (6)
Effect of actual variances from expected experience(82)— — (5)(37)— — (12)
Adjusted beginning of period balance1,997 — — (30)2,088 — — (23)
Issuances52 — — — 65 — — — 
Interest accrual97 — — (1)100 — — (1)
Net premiums collected(187)— — 5 (195)— — 2 
Ending Balance at original discount rate1,959 — — (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 rate3,330 4,680 536 1,672 3,391 3,869 583 1,795 
Effect of changes in cash flow assumptions39 — — — 59 — — (6)
Effect of actual variances from expected experience(103)(2)2 (11)(45)(4)— (22)
Adjusted beginning of period balance3,266 4,678 538 1,661 3,405 3,865 583 1,767 
Issuances56 994 20 — 70 1,044 — — 
Interest accrual163 174 18 54 167 127 20 57 
Benefits payments(270)(456)(62)(160)(312)(356)(67)(152)
Ending Balance at original discount rate3,215 5,390 514 1,555 3,330 4,680 536 1,672 
Effect of changes in discount rate assumptions1 (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 zero1 — — — 1 — — — 
Net liability for future policy benefits1,285 5,050 460 1,362 1,348 4,464 490 1,505 
Less: Reinsurance recoverable8 (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)6.77.76.98.47.08.07.18.7
Year Ended December 31, 2022
Protection SolutionsIndividual RetirementCorporate & Other
TermPayoutGroup PensionHealth
( in millions)
Present Value of Expected Net Premiums
Balance, beginning of period$2,485 $— $— $22 
Beginning balance at original discount rate1,864 — — 19 
Effect of changes in cash flow assumptions204 — — (10)
Effect of actual variances from expected experience31 — — (15)
Adjusted beginning of period balance
2,099 — — (6)
Issuances76 — — — 
Interest accrual97 — — — 
Net premiums collected(194)— — 1 
Ending Balance at original discount rate2,078 — — (5)
Effect of changes in discount rate assumptions22 — — — 
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 rate3,241 3,283 632 1,915 
Effect of changes in cash flow assumptions222 (3)— (5)
Effect of actual variances from expected experience31 (5)1 (13)
Adjusted beginning of period balance
3,494 3,275 $633 1,897 
Issuances82 781 — — 
Interest accrual168 103 21 61 
Benefits payments(353)(290)(71)(163)
Ending Balance at original discount rate3,391 3,869 583 1,795 
Effect of changes in discount rate assumptions74 (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 benefits1,365 3,517 523 1,558 
Less: Reinsurance recoverable21 (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)7.08.57.28.7
The following table reconciles the policyholders account balances to the policyholders’ account balance liability in the consolidated balance sheets:

December 31,
20242023
(in millions)
Policyholders’ account balance reconciliation
Protection Solutions
Universal Life$5,065 $5,202 
Variable Universal Life5,018 4,862 
Legacy Segment
GMxB Legacy226 293 
Individual Retirement
GMxB Core(4)36 
SCS65,267 49,002 
EQUI-VEST Individual2,037 2,322 
Group Retirement
EQUI-VEST Group11,158 11,563 
Momentum527 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 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 received647 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 rate3.82%3.68%2.74%1.66%N/A2.98%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 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 received69813410222103662670
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)10,1556272(21)
Interest credited (2)2222111866,2827238714
Other—————411—
Balance, end of period$5,202$4,862$293$36$49,002$2,322$11,563$608
Weighted-average crediting rate3.77%3.72%2.71%1.59%N/A2.84%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 SolutionsLegacyIndividual RetirementGroup Retirement

Universal LifeVariable Universal LifeGMxB LegacyGMxB CoreSCS (1)EQUI-VEST IndividualEQUI-VEST GroupMomentum
(Dollars in millions)
Balance, beginning of period$5,462 $4,807 $432 $112 $33,443 $2,784 $11,951 $704 
Premiums received730 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 rate3.62 %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,
20242023
(in millions)
Separate Account Reconciliation
Protection Solutions
Variable Universal Life$18,176 $15,821 
Legacy Segment
GMxB Legacy33,199 33,794 
Individual Retirement
GMxB Core30,411 29,829 
EQUI-VEST Individual4,782 4,582 
Investment Edge4,885 4,275 
Group Retirement
EQUI-VEST Group30,546 26,959 
Momentum4,813 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 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 deposits1,290 220 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 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 deposits1,195 219 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 SolutionsLegacy Individual RetirementGroup Retirement    
VULGMxB LegacyGMxB CoreEQUI-VEST IndividualInvestment EdgeEQUI-VEST GroupMomentum
(in millions)
Balance, beginning of period$16,405 $44,912 $35,288 $5,583 $4,287 $27,509 $4,975 
Premiums and deposits1,115 240 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,
20242023
(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,
20242023
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,
20242023
2022
20242023
2022
Gross PremiumInterest 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 
Health12 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,
20242023
Weighted Average Interest Rate
Term
Interest accretion rate5.6 %5.6 %
Current discount rate5.2 %4.8 %
Payout
Interest accretion rate4.4 %4.2 %
Current discount rate5.3 %4.9 %
Group Pension
Interest accretion rate3.4 %3.3 %
Current discount rate5.2 %4.8 %
Health
Interest accretion rate3.4 %3.4 %
Current discount rate5.4 %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,
202420232022
Protection Solutions
UL
(in millions)
Balance, beginning of period$1,193 $1,109 $1,087 
Beginning balance before AOCI adjustments1,230 1,135 1,076 
Effect of changes in interest rate & cash flow assumptions and model changes17 21 8 
Effect of actual variances from expected experience2 10 25 
Adjusted beginning of period balance1,249 1,166 1,109 
Interest accrual56 52 49 
Net assessments collected70 69 68 
Benefit payments(73)(57)(91)
Ending balance before shadow reserve adjustments1,302 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)19.419.922.0
The following tables provide the revenue, interest and weighted average interest rates, related to the additional insurance liabilities:
Year Ended December 31,
202420232022202420232022
AssessmentsInterest 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,
202420232022
Weighted Average Interest Rate
UL4.5 %4.5 %4.5 %
Interest accretion rate4.5 %4.5 %4.5 %