Equitable Financial Life and Annuity Company - First Quarter Statement 2023 - Insurance News

STATEMENT AS OF MARCH 31, 2023 OF THE EQUITABLE FINANCIAL LIFE AND ANNUITY COMPANY

ASSETS

			Current Statement Date		4
		1	2		3	December 31
					Net Admitted Assets	Prior Year Net
		Assets	Nonadmitted Assets		(Cols. 1 - 2)	Admitted Assets
1.	Bonds	................285,755,938	.................................0	................	285,755,938	................315,710,926
2.	Stocks:
	2.1 Preferred stocks	0	0	.................................	0	.................................0
	2.2 Common stocks	0	0	.................................	0	.................................0

3. Mortgage loans on real estate:

	3.1 First liens			0	0	0	0
	3.2 Other than first liens		0	0	0	0
4.	Real estate:
	4.1 Properties occupied by the company (less $	0
		encumbrances)			0	0	0	0
	4.2 Properties held for	the production of income (less
		$	0	encumbrances)	.................................0	.................................0	.................................0	.................................0
	4.3 Properties held for sale (less $	0

		encumbrances)			.................................0	.................................0	.................................0	.................................0
5.	Cash ($	195,254	), cash equivalents
	($	................. 13,716,325 ) and short-term
	investments ($	0 )	13,911,579	0	13,911,579	14,710,364
6.	Contract loans (including $	0	premium notes)	197,515,730	169,474	197,346,256	226,441,159
7.	Derivatives			0	0	0	0
8.	Other invested assets			0	0	0	0
9.	Receivables for securities		0	0	0	0
10.	Securities lending reinvested collateral assets	0	0	0	0
11.	Aggregate write-ins for invested assets	0	0	0	0
12.	Subtotals, cash and invested assets (Lines 1 to 11)	497,183,247	169,474	497,013,773	556,862,449
13.	Title plants less $	0 charged off (for Title insurers
	only)			0	0	0	0
14.	Investment income due and accrued	5,828,523	0	5,828,523	4,118,597
15.	Premiums and considerations:
	15.1 Uncollected premiums and agents' balances in the course of collection	(68,986)	0	(68,986)	(3,371,203)
	15.2 Deferred premiums, agents' balances and installments booked but
		deferred and not yet due (including $	0
		earned but unbilled premiums)	665,443	0	665,443	608,131
	15.3 Accrued retrospective premiums ($	0 ) and
		contracts subject to redetermination ($	0 )	.................................0	0	0	0

16. Reinsurance:


	16.1	Amounts recoverable from reinsurers	27,963,442	0	27,963,442	791,445
	16.2	Funds held by or deposited with reinsured companies	0	0	0	0
	16.3	Other amounts receivable under reinsurance contracts	671,802	0	671,802	205,460
17.	Amounts receivable relating to uninsured plans	0	0	0	0
18.1	Current federal and foreign income tax recoverable and interest thereon ....	0	0	0	0
18.2	Net deferred tax asset	...................................................................................	19,716,663	18,718,388	998,275	1,094,368
19.	......................................................Guaranty funds receivable or on deposit	...................... 219,915	.................................0	...................... 219,915	...................... 218,416
20.	.....................................Electronic data processing equipment and software	.................................0	.................................0	.................................0	.................................0
21.	Furniture and equipment, including health care delivery assets
	($	0 )	.................................0	.................................0	.................................0	.................................0
22.	Net adjustment in assets and liabilities due to foreign exchange rates	.................................0	.................................0	.................................0	.................................0
23.	.....................................Receivables from parent, subsidiaries and affiliates	.................................0	.................................0	.................................0	........................ 16,516
24.	Health care ($	0 ) and other amounts receivable	.................................0	.................................0	.................................0	.................................0
25.	Aggregate write-ins for other than invested assets	2,906,898	2,906,898	0	0

26. Total assets excluding Separate Accounts, Segregated Accounts and

	Protected Cell Accounts (Lines 12 to 25)	555,086,947	21,794,760	533,292,187	560,544,179
27.	From Separate Accounts, Segregated Accounts and Protected Cell
	Accounts	0	0	0	0
28.	Total (Lines 26 and 27)	555,086,947	21,794,760	533,292,187	560,544,179
	DETAILS OF WRITE-INS

1101.	......................................................................................................................	....................................	....................................	....................................	....................................
1102.	......................................................................................................................	....................................	....................................	....................................	....................................
1103.	......................................................................................................................	....................................	....................................	....................................	....................................
1198.	Summary of remaining write-ins for Line 11 from overflow page	.................................0	.................................0	.................................0	.................................0
1199.	Totals (Lines 1101 through 1103 plus 1198)(Line 11 above)	0	0	0	0
2501.	IMR	................... 2,833,177	................... 2,833,177	.................................0	.................................0
2502.	Other AssetsNon-Admitted	........................ 73,721	........................ 73,721	.................................0	.................................0
2503.	.....................................................................................................................	.................................0	.................................0	.................................0	.................................0
2598.	Summary of remaining write-ins for Line 25 from overflow page	.................................0	.................................0	.................................0	.................................0
2599.	Totals (Lines 2501 through 2503 plus 2598)(Line 25 above)	2,906,898	2,906,898	0	0

STATEMENT AS OF MARCH 31, 2023 OF THE EQUITABLE FINANCIAL LIFE AND ANNUITY COMPANY

LIABILITIES, SURPLUS AND OTHER FUNDS

									1	2
									Current	December 31
									Statement Date	Prior Year
1.	Aggregate reserve for life contracts $	................409,540,070 less $	.................................	0 included in Line 6.3

	.................................(including $	0	Modco Reserve)				................409,540,070	................418,970,712
2.	Aggregate reserve for accident and health contracts (including $	0	Modco Reserve)	.................................0	.................................0
3.	Liability for deposit-type contracts (including $	0	Modco Reserve)		.................................0	.................................0
4.	Contract claims:
	4.1 Life						...................6,665,915	................... 3,677,738
	4.2 Accident and health						.................................0	.................................0
5.	Policyholders' dividends/refunds to members $	0	and coupons $	0	due
	and unpaid						.................................0	.................................0
6.	Provision for policyholders' dividends, refunds to members and coupons payable in following calendar year - estimated
	amounts:
	6.1	Policyholders' dividends and refunds to members apportioned for payment (including $	.................................	0
		Modco)						.................................0	.................................0
	6.2	Policyholders' dividends and refunds to members not yet apportioned (including $	0	Modco) ....	.................................0	.................................0
	6.3	Coupons and similar benefits (including $	0	Modco)		0	0
7.	Amount provisionally held for deferred dividend policies not included in Line 6		0	0

8. Premiums and annuity considerations for life and accident and health contracts received in advance less

0 discount; including $

0 accident and health premiums

50,453

22,248

9. Contract liabilities not included elsewhere:


	9.1	Surrender values on canceled contracts	............................................................................................................................		0	0
	9.2	Provision for experience rating refunds, including the liability of $	0 accident and health
		experience rating refunds of which $	.................................0	is for medical loss ratio rebate per the Public Health
		Service Act				0	0
	9.3 Other amounts payable on reinsurance, including $	0 assumed and $	0
		ceded				0	0
	9.4 Interest Maintenance Reserve				0	0
10.	Commissions to agents due or accrued-life and annuity contracts $	.....................	(208,550) , accident and health
	$	.................................0 and deposit-type contract funds $	0	(208,550)	................... 1,075,953
11.	..............................................................................Commissions and expense allowances payable on reinsurance assumed		.................................0	.................................0
12.	............................................................................................................................................General expenses due or accrued					............................... 62	.................................0
13.	Transfers to Separate Accounts due or accrued (net) (including $	0 accrued for expense
	allowances recognized in reserves, net of reinsured allowances)			.................................0	.................................0
14.	Taxes, licenses and fees due or accrued, excluding federal income taxes		................... 1,528,336	...................1,766,208
15.1 Current federal and foreign income taxes, including $	0 on realized capital gains (losses)	...................... 182,167	...................... 182,167
15.2	Net deferred tax liability					.................................0	.................................0
16.	Unearned investment income					................... 3,903,387	................... 5,583,536
17.	Amounts withheld or retained by reporting entity as agent or trustee			.................................0	.................................0
18.	Amounts held for agents' account, including $	0 agents' credit balances	.................................0	.................................0
19.	Remittances and items not allocated					...................... 125,547	.................................0
20.	Net adjustment in assets and liabilities due to foreign exchange rates		.................................0	.................................0
21.	.......................................................................................Liability for benefits for employees and agents if not included above			.................................0	.................................0
22.	Borrowed money $	0	and interest thereon $	.................................	0	.................................0	.................................0

23.	Dividends to stockholders declared and unpaid		0	0

24. Miscellaneous liabilities:


	24.01	Asset valuation reserve					1,331,074	1,241,609
	24.02 Reinsurance in unauthorized and certified ($	0	) companies	0	0
	24.03 Funds held under reinsurance treaties with unauthorized and certified ($	.................................	0 ) reinsurers	0	0
	24.04	Payable to parent, subsidiaries and affiliates				10,422,822	31,204,743
	24.05	Drafts outstanding					0	0
	24.06	Liability for amounts held under uninsured plans				0	0
	24.07	Funds held under coinsurance					0	0
	24.08	Derivatives					0	0
	24.09	Payable for securities					0	0
	24.10	Payable for securities lending					0	0
	.................................24.11 Capital notes $	0 and interest thereon $		0	0	.................................0
25.	...............................................................................................................................................Aggregate write-ins for liabilities					107,051	38,294
26.	Total liabilities excluding Separate Accounts business (Lines 1 to 25)				433,648,334	463,763,208
27.	From Separate Accounts Statement					0	0
28.	Total liabilities (Lines 26 and 27)					433,648,334	463,763,208
29.	Common capital stock					2,500,000	2,500,000
30.	..............................................................................................................................................................Preferred capital stock					.................................0	.................................0
31.	Aggregate write-ins for other than special surplus funds				.................................0	.................................0
32.	Surplus notes					.................................0	.................................0
33.	.......................................................................................................................................Gross paid in and contributed surplus					................181,346,501	................181,346,501
34.	...........................................................................................................................Aggregate write-ins for special surplus funds				.................................0	.................................0
35.	......................................................................................................................................................Unassigned funds (surplus)					................(84,202,648)	................(87,065,530)
36.	Less treasury stock, at cost:
	36.1	.................................0 shares common (value included in Line 29	$	0	)	.................................0	.................................0
		.................................0 shares preferred (value included in Line 30	.................................	0
	36.2	$	)	0	0
37.	Surplus (Total Lines 31+32+33+34+35-36) (including $	0	in Separate Accounts Statement)	97,143,853	94,280,971
38.	Totals of Lines 29, 30 and 37					99,643,853	96,780,971
39.	Totals of Lines 28 and 38 (Page 2, Line 28, Col. 3)					533,292,187	560,544,179
	DETAILS OF WRITE-INS
2501.	......................................................................................................................................................Miscellaneous liabilities					...................... 107,051	........................ 38,294
2502	....................................	....................................

2503	....................................	....................................
2598.	Summary of remaining write-ins for Line 25 from overflow page	.................................0	.................................0
2599.	Totals (Lines 2501 through 2503 plus 2598)(Line 25 above)	107,051	38,294
3101	....................................	....................................
3102	....................................	....................................
3103	....................................	....................................
3198.	Summary of remaining write-ins for Line 31 from overflow page	.................................0	.................................0
3199.	Totals (Lines 3101 through 3103 plus 3198)(Line 31 above)
0	0
3401	....................................	....................................

3402
3403
3498.	Summary of remaining write-ins for Line 34 from overflow page	0	.................................0
3499.	Totals (Lines 3401 through 3403 plus 3498)(Line 34 above)	0	0

STATEMENT AS OF MARCH 31, 2023 OF THE EQUITABLE FINANCIAL LIFE AND ANNUITY COMPANY

SUMMARY OF OPERATIONS

		1	2	3
		Current Year	Prior Year	Prior Year Ended
		To Date	To Date	December 31
1.	Premiums and annuity considerations for life and accident and health contracts	................. (2,244,503)	................. (1,821,586)	.....................(154,562)
2.	Considerations for supplementary contracts with life contingencies	.................................0	.................................0	.................................0
3.	Net investment income	................... 5,197,423	................... 3,910,393	................. 12,556,997
4.	Amortization of Interest Maintenance Reserve (IMR)	.....................(134,967)	...................... (41,524)	.....................(271,151)
5.	Separate Accounts net gain from operations excluding unrealized gains or losses	.................................0	.................................0	.................................0
6.	Commissions and expense allowances on reinsurance ceded	...................... 586,340	...................... 505,411	................... 2,523,203
7.	Reserve adjustments on reinsurance ceded	.................................0	.................................0	.................................0
8.	Miscellaneous Income:
	8.1 Income from fees associated with investment management, administration and contract
	guarantees from Separate Accounts	.................................0	.................................0	.................................0
	8.2 Charges and fees for deposit-type contracts	.................................0	.................................0	.................................0
	8.3 Aggregate write-ins for miscellaneous income	70	25	0
9.	Totals (Lines 1 to 8.3)	3,404,363	2,552,719	14,654,487
10.	Death benefits	8,708,770	................... 7,209,174	................. 19,880,738
11.	Matured endowments (excluding guaranteed annual pure endowments)	.................................0	.................................0	.................................0
12.	Annuity benefits	.................................0	.................................0	.................................0
13.	Disability benefits and benefits under accident and health contracts	........................ 13,695	........................ 15,628	........................ 96,025
14.	Coupons, guaranteed annual pure endowments and similar benefits	.................................0	.................................0	.................................0
15.	Surrender benefits and withdrawals for life contracts	...................... 614,968	................... 1,782,742	................... 3,276,946
16.	Group conversions	.................................0	.................................0	.................................0
17.	Interest and adjustments on contract or deposit-type contract funds	...................... 250,760	........................ 88,331	...................... 396,559
18.	Payments on supplementary contracts with life contingencies	.................................0	.................................0	.................................0
19.	Increase in aggregate reserves for life and accident and health contracts	(9,430,642)	(4,117,132)	(47,038,169)
20.	Totals (Lines 10 to 19)	...................... 157,551	................... 4,978,743	................(23,387,901)
21.	Commissions on premiums, annuity considerations, and deposit-type contract funds (direct
	business only)	........................ 38,705	.......................478,439	...................1,927,840
22.	Commissions and expense allowances on reinsurance assumed	.................................0	.................................0	.................................0
23.	General insurance expenses and fraternal expenses	........................ 25,718	........................ 30,979	...................... 181,474
24.	Insurance taxes, licenses and fees, excluding federal income taxes	.......................(97,247)	.......................(49,533)	........................ (5,539)
25.	Increase in loading on deferred and uncollected premiums	.......................(23,952)	.....................(237,591)	...................... (29,044)
26.	Net transfers to or (from) Separate Accounts net of reinsurance	.................................0	.................................0	.................................0
27.	Aggregate write-ins for deductions	8,054	2,022	199,090
28.	Totals (Lines 20 to 27)	108,829	5,203,059	(21,114,080)
29.	Net gain from operations before dividends to policyholders and federal income taxes (Line 9 minus
	Line 28)	................... 3,295,534	................. (2,650,340)	................. 35,768,567
30.	Dividends to policyholders and refunds to members	0	0	0
31.	Net gain from operations after dividends to policyholders, refunds to members and before federal
	income taxes (Line 29 minus Line 30)	................... 3,295,534	................. (2,650,340)	................. 35,768,567
32.	Federal and foreign income taxes incurred (excluding tax on capital gains)	0	0	0
33.	Net gain from operations after dividends to policyholders, refunds to members and federal income
	taxes and before realized capital gains or (losses) (Line 31 minus Line 32)	................... 3,295,534	................. (2,650,340)	................. 35,768,567

34. Net realized capital gains (losses) (excluding gains (losses) transferred to the IMR) less capital

	gains tax of $	455,415 (excluding taxes of $	(455,415)
	transferred to the IMR)		(455,415)	(1,752)	(279,396)
35.	Net income (Line 33 plus Line 34)	2,840,119	(2,652,092)	35,489,171
		CAPITAL AND SURPLUS ACCOUNT
36.	Capital and surplus, December 31, prior year	96,780,971	54,600,941	54,600,941
37.	Net income (Line 35)		2,840,119	................. (2,652,092)	................. 35,489,171
38.	Change in net unrealized capital gains (losses) less capital gains tax of $	0	.................................0	.................................0	.................................0
39.	Change in net unrealized foreign exchange capital gain (loss)	.................................0	.................................0	.................................0
40.	Change in net deferred income tax	.....................(308,738)	...................... 529,366	................. (8,690,945)
41.	Change in nonadmitted assets	...................... 420,966	................. (4,364,426)	...................6,800,182
42.	Change in liability for reinsurance in unauthorized and certified companies	.................................0	.................................0	.................................0
43.	Change in reserve on account of change in valuation basis, (increase) or decrease	.................................0	.................................0	.................................0
44.	Change in asset valuation reserve	...................... (89,465)	.......................(49,721)	.....................(431,723)
45.	Change in treasury stock		.................................0	.................................0	.................................0
46.	Surplus (contributed to) withdrawn from Separate Accounts during period	.................................0	.................................0	.................................0
47.	Other changes in surplus in Separate Accounts Statement	.................................0	.................................0	.................................0
48.	Change in surplus notes		.................................0	.................................0	.................................0
49.	........................................................................Cumulative effect of changes in accounting principles	.................................0	.................................0	.................................0
50.	Capital changes:
	50.1 Paid in		.................................0	.................................0	.................................0
	50.2 Transferred from surplus (Stock Dividend)	.................................0	.................................0	.................................0
	50.3 Transferred to surplus		.................................0	.................................0	.................................0
51.	Surplus adjustment:
	51.1 Paid in		.................................0	.................................0	.................................0
	51.2 Transferred to capital (Stock Dividend)	.................................0	.................................0	.................................0
	51.3 Transferred from capital		.................................0	.................................0	.................................0
	...............................................................................51.4 Change in surplus as a result of reinsurance	.................................0	.................................0	.................................0
52.	Dividends to stockholders		.................................0	.................................0	.................................0
53.	Aggregate write-ins for gains and losses in surplus	0	3,988,383	9,013,345
54.	Net change in capital and surplus for the year (Lines 37 through 53)	2,862,882	(2,548,490)	42,180,030
55.	Capital and surplus, as of statement date (Lines 36 + 54)		99,643,853	52,052,451	96,780,971
	DETAILS OF WRITE-INS
08.301. Sundry receipts and adjustments
............................... 70	............................... 25	.................................0
08.302.	..................................................................................................................................................................................................			....................................	....................................
08.303.	..................................................................................................................................................................................................			....................................	....................................
........................................................08.398. Summary of remaining write-ins for Line 8.3 from overflow page	.................................0	.................................0	.................................0
08.399. Totals (Lines 08.301 through 08.303 plus 08.398) (Line 8.3 above)		70	25	0
2701.	Sundry disbursements and adjustments	8,054	..........................2,022	...................... 199,090

2702		....................................	....................................
2703		....................................	....................................
2798.	Summary of remaining write-ins for Line 27 from overflow page	.................................0	.................................0	.................................0
2799.	Totals (Lines 2701 through 2703 plus 2798)(Line 27 above)	8,054	2,022	199,090
5301.	Prior Year Corrections	0	................... 3,988,383	................... 9,013,345

5302
5303
5398.	Summary of remaining write-ins for Line 53 from overflow page	0	.................................0	.................................0
5399.	Totals (Lines 5301 through 5303 plus 5398)(Line 53 above)	0	3,988,383	9,013,345

STATEMENT AS OF MARCH 31, 2023 OF THE EQUITABLE FINANCIAL LIFE AND ANNUITY COMPANY

CASH FLOW

			1	2	3
			Current Year	Prior Year	Prior Year Ended
			To Date	To Date	December 31
	Cash from Operations
1.	Premiums collected net of reinsurance	................. (5,551,719)	................. (4,952,605)	.....................(145,641)
2.	Net investment income	...................1,697,586	................... 2,070,793	................. 13,605,133
3.	Miscellaneous income	586,410	505,436	2,523,203
4.	Total (Lines 1 to 3)	(3,267,723)	(2,376,376)	15,982,695
5.	Benefit and loss related payments	................. 34,238,355	................. 26,201,444	................. 49,623,996
6.	.................Net transfers to Separate Accounts, Segregated Accounts and Protected Cell Accounts	.................................0	.................................0	.................................0
7.	...............................................Commissions, expenses paid and aggregate write-ins for deductions	...................1,499,042	...................... 138,152	...................1,161,168
8.	Dividends paid to policyholders	.................................0	.................................0	.................................0
9.	Federal and foreign income taxes paid (recovered) net of $	0 tax on capital
	gains (losses)	0	0	0
10.	Total (Lines 5 through 9)	35,737,397	26,339,596	50,785,164
11.	Net cash from operations (Line 4 minus Line 10)	(39,005,120)	(28,715,972)	(34,802,469)

Cash from Investments

12. Proceeds from investments sold, matured or repaid:

12.1	Bonds	................. 27,896,108	................... 1,177,103	................. 28,741,000
12.2	Stocks	.................................0	.................................0	.................................0
12.3	Mortgage loans	.................................0	.................................0	.................................0
12.4	Real estate	.................................0	.................................0	.................................0
12.5	Other invested assets	.................................0	.................................0	.................................0
12.6	Net gains or (losses) on cash, cash equivalents and short-term investments	.................................0	.................................0	.................................0
12.7	Miscellaneous proceeds	0	351	0
12.8 Total investment proceeds (Lines 12.1 to 12.7)	................. 27,896,108	................... 1,177,454	................. 28,741,000
13. Cost of investments acquired (long-term only):
13.1	Bonds	.................................0	................. 31,349,340	................. 99,214,721
13.2	Stocks	.................................0	.................................0	.................................0
13.3	Mortgage loans	.................................0	.................................0	.................................0
13.4	Real estate	.................................0	.................................0	.................................0
13.5	Other invested assets	.................................0	.................................0	.................................0
13.6	Miscellaneous applications	0	0	0
13.7	Total investments acquired (Lines 13.1 to 13.6)	0	31,349,340	99,214,721
14. Net increase (or decrease) in contract loans and premium notes	(29,096,327)	(606,850)	(17,384,428)
15. Net cash from investments (Line 12.8 minus Line 13.7 and Line 14)	56,992,435	(29,565,036)	(53,089,293)

Cash from Financing and Miscellaneous Sources

16. Cash provided (applied):

16.1	Surplus notes, capital notes	.................................0	.................................0	.................................0
16.2	Capital and paid in surplus, less treasury stock	.................................0	................. 50,000,000	................. 50,000,000
16.3	Borrowed funds	.................................0	.................................0	.................................0
16.4	Net deposits on deposit-type contracts and other insurance liabilities	.................................0	.................................0	.................................0
16.5 Dividends to stockholders	.................................0	.................................0	.................................0
16.6 Other cash provided (applied)	(18,786,100)	(52,655,738)	3,302,376

17. Net cash from financing and miscellaneous sources (Line 16.1 through Line 16.4 minus Line 16.5

	plus Line 16.6)	(18,786,100)	(2,655,738)	53,302,376
	RECONCILIATION OF CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS

18.	Net change in cash, cash equivalents and short-term investments (Line 11, plus Lines 15 and 17) .	.....................(798,785)	................(60,936,746)	................(34,589,386)
19.	Cash, cash equivalents and short-term investments:
	19.1 Beginning of year	................. 14,710,364	................. 49,299,750	................. 49,299,750
	19.2 End of period (Line 18 plus Line 19.1)	13,911,579	(11,636,996)	14,710,364

Note: Supplemental disclosures of cash flow information for non-cash transactions:

20.0001. Non-CashTransactions for Bonds acquired/proceeds	...................5,998,575	.................................0	................... 1,734,994

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Equitable Holdings Inc. published this content on 15 May 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 May 2023 21:00:47 UTC.

Equitable Financial Life and Annuity Company – First Quarter Statement 2023

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