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REINSURANCE | 9 Months Ended
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Sep. 30, 2025
Reinsurance Disclosures [Abstract] |
REINSURANCE | REINSURANCE The Company assumes and cedes reinsurance with other insurance companies. The Company evaluates the financial condition of its reinsurers to minimize its exposure to significant losses from reinsurer insolvencies. Ceded reinsurance does not relieve the originating insurer of liability. The following table summarizes the effect of reinsurance. The impact of the transactions described above results in a decrease to reinsurance assumed and an increase in reinsurance ceded.
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024 |  |
| (in millions)
Direct charges and fee income | $ | 805 |  |  | $ | 809 |  |  | $ | 2,396 |  |  | $ | 2,406 |  |  |
Reinsurance assumed | — |  |  | — |  |  | — |  |  | — |  |  |
Reinsurance ceded | (334) |  |  | (183) |  |  | (663) |  |  | (549) |  |  |
Policy charges and fee income | $ | 471 |  |  | $ | 626 |  |  | $ | 1,733 |  |  | $ | 1,857 |  |  |
Direct premiums | $ | 276 |  |  | $ | 332 |  |  | $ | 865 |  |  | $ | 933 |  |  |
Reinsurance assumed | 45 |  |  | 40 |  |  | 125 |  |  | 130 |  |  |
Reinsurance ceded | (63) |  |  | (60) |  |  | (168) |  |  | (184) |  |  |
Premiums | $ | 258 |  |  | $ | 312 |  |  | $ | 822 |  |  | $ | 879 |  |  |
Direct policyholders’ benefits | $ | 764 |  |  | $ | 799 |  |  | $ | 2,684 |  |  | $ | 2,468 |  |  |
Reinsurance assumed | 43 |  |  | 31 |  |  | 118 |  |  | 114 |  |  |
Reinsurance ceded | (355) |  |  | (167) |  |  | (804) |  |  | (575) |  |  |
Policyholders’ benefits | $ | 452 |  |  | $ | 663 |  |  | $ | 1,998 |  |  | $ | 2,007 |  |  |
Direct interest credited to policyholders’ account balances | $ | 876 |  |  | $ | 708 |  |  | $ | 2,394 |  |  | $ | 1,940 |  |  |
Reinsurance ceded | (78) |  |  | (7) |  |  | (122) |  |  | (61) |  |  |
Interest credited to policyholders’ account balances | $ | 798 |  |  | $ | 701 |  |  | $ | 2,272 |  |  | $ | 1,879 |  |  |
Ceded Reinsurance The Company reinsures most of its new variable life, UL and term life policies on an excess of retention basis. The Company generally retains on a per life basis up to $25 million for single lives and $30 million for joint lives with the excess 100% reinsured. The Company also reinsures risk on certain substandard underwriting risks and in certain other cases. On July 31, 2025, Equitable Financial, as well as Equitable America and Equitable Financial L&A, completed the master transaction agreement with RGA entered into on February 23, 2025 pursuant to which and subject to the terms and conditions set forth in such agreement, RGA entered into reinsurance agreements, as reinsurer, with each such subsidiary, as ceding company, to effect the RGA Reinsurance Transaction. At the closing of the transaction, (i) each of Equitable Financial and Equitable America entered into a separate coinsurance and modified coinsurance agreement with RGA and (ii) Equitable Financial L&A entered into a coinsurance agreement with RGA, each with an effective date of April 1, 2025, pursuant to which each ceding company ceded to RGA a 75% quota share of such ceding company’s in-force individual life insurance block and Closed Block. See Note 1 of the Notes to these Consolidated Financial Statements for additional details of the RGA Reinsurance Transaction. Assets supporting the NI modco arrangement with RGA consist of $266 million of fixed maturity securities, $29 million of options, and $3 million of cash and cash equivalents as of September 30, 2025. In addition to the above, the Company cedes a portion of its group health, extended term insurance, and paid-up life insurance and substantially all of its individual disability income business through various coinsurance agreements.

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- Definition The entire disclosure pertaining to the existence, magnitude and information about insurance that has been ceded to or assumed from another insurance company, including the methodologies and assumptions used in determining recorded amounts. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 944 -SubTopic 605 -Name Accounting Standards Codification -Section 55 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477548/944-605-55-15 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 944 -SubTopic 605 -Name Accounting Standards Codification -Section 55 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477548/944-605-55-12 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479838/944-20-50-4 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 605 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479032/944-605-50-3 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479838/944-20-50-3 + Details
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