Order Prints

August 16, 2024 Reinsurance

Equitable Financial Life Insurance Company – Second Quarter 2024

U.S. Markets via PUBT

STATEMENT AS OF JUNE 30, 2024 OF THE EQUITABLE FINANCIAL LIFE INSURANCE 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	.......... 35,861,981,822	.................................0	..........	35,861,981,822	.......... 36,520,158,935

2. Stocks:

	2.1 Preferred stocks			360,887,472	0	360,887,472	385,895,481
	2.2 Common stocks			335,990,100	0	335,990,100	358,744,637
3.	Mortgage loans on real estate:
	3.1 First liens			11,920,975,757	0	11,920,975,757	11,927,720,214
	3.2 Other than first liens			223,533,458	0	223,533,458	223,573,930
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)	................. 55,509,235	.................................0	................. 55,509,235	.................................0
	4.3 Properties held for sale (less $	0

	.......................................................................................encumbrances)			.................................0	.................................0	.................................0	.................................0
5.	Cash ($	1,445,290,350	), cash equivalents
	($	1,081,347,298	) and short-term
	investments ($	245,605,569 )	............ 2,772,243,217	.................................0	............ 2,772,243,217	............ 1,978,318,149
6.	Contract loans (including $	.................................	0	premium notes)	............ 3,684,265,360	...................5,829,818	............ 3,678,435,542	............ 3,606,966,270
7.	Derivatives				................162,599,174	.................................0	................162,599,174	................314,378,565
8.	Other invested assets			............ 3,579,043,086	................. 10,960,387	............ 3,568,082,699	............ 3,296,261,011
9.	Receivables for securities			................. 50,394,308	.................................0	................. 50,394,308	...................9,680,525
10.	Securities lending reinvested collateral assets	................. 63,491,525	.................................0	................. 63,491,525	................. 33,780,113
11.	Aggregate write-ins for invested assets	................113,806,451	.................................0	................113,806,451	................. 74,976,923
12.	Subtotals, cash and invested assets (Lines 1 to 11)	.......... 59,184,720,965	................. 16,790,205	.......... 59,167,930,760	...........58,730,454,753
13.	Title plants less $	0 charged off (for Title insurers
	only)				.................................0	.................................0	.................................0	.................................0
14.	Investment income due and accrued	................542,252,217	.................................0	................542,252,217	................534,829,795
15.	Premiums and considerations:
	15.1 Uncollected premiums and agents' balances in the course of collection	................. 90,199,608	................... 2,647,939	................. 87,551,669	................. 98,542,208
	15.2 Deferred premiums, agents' balances and installments booked but
	deferred and not yet due (including $	0
	............................................................earned but unbilled premiums)	................. 99,439,806	.................................0	................. 99,439,806	................. 98,919,034
	15.3 Accrued retrospective premiums ($	0 ) and
	contracts subject to redetermination ($	0 )	.................................0	.................................0	.................................0	.................................0
16.	Reinsurance:
	....................................................16.1 Amounts recoverable from reinsurers	................166,542,636	.................................0	................166,542,636	................257,843,757
	16.2 Funds held by or deposited with reinsured companies	...................2,528,490	.................................0	...................2,528,490	................. 30,690,794
	16.3 Other amounts receivable under reinsurance contracts	................. 18,562,326	.................................0	................. 18,562,326	................. 12,702,201
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			............ 1,568,361,598	............ 1,444,527,393	................123,834,205	................220,319,464
19.	......................................................Guaranty funds receivable or on deposit	................. 12,634,805	.................................0	................. 12,634,805	................. 13,854,440
20.	Electronic data processing equipment and software	................. 83,366,340	................. 67,993,340	................. 15,373,000	................. 10,220,238
21.	Furniture and equipment, including health care delivery assets
	($	0	)	................. 12,404,444	................. 12,404,444	.................................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	................163,608,220	.................................0	................163,608,220	................120,273,019
24.	Health care ($	0 ) and other amounts receivable	.................................0	.................................0	.................................0	.................................0
25.	........................................Aggregate write-ins for other than invested assets	............ 1,827,596,156	................. 66,385,365	............ 1,761,210,791	............ 1,872,065,798
26.	Total assets excluding Separate Accounts, Segregated Accounts and
	Protected Cell Accounts (Lines 12 to 25)	...........63,772,217,611	............ 1,610,748,686	.......... 62,161,468,925	.......... 62,000,715,501
27.	From Separate Accounts, Segregated Accounts and Protected Cell
	Accounts				.........172,401,403,218	.................................0	.........172,401,403,218	.........164,695,597,320
28.	Total (Lines 26 and 27)				236,173,620,829	1,610,748,686	234,562,872,143	226,696,312,821
	DETAILS OF WRITE-INS
1101.	Collateral on derivative instruments
................113,150,000	.................................0	................113,150,000	................. 74,930,000
1102.	Miscellaneous invested assets	..................................................................	...................... 656,451	.................................0	...................... 656,451	........................ 46,923
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)	113,806,451	0	113,806,451	74,976,923
2501.	Accrued charges for administrative, separate accounts, claim service
	and other fees			................... 7,652,682	.................................0	................... 7,652,682	................... 7,520,427
2502.	...................................................................................Miscellaneous assets			...................1,926,092	.................................0	...................1,926,092	................. 23,928,052
2503.	Other assets non-admitted	..........................................................................		................. 66,385,365	................. 66,385,365	.................................0	.................................0
2598.	...................Summary of remaining write-ins for Line 25 from overflow page	............ 1,751,632,017	.................................0	............ 1,751,632,017	............ 1,840,617,319
2599.	Totals (Lines 2501 through 2503 plus 2598)(Line 25 above)	1,827,596,156	66,385,365	1,761,210,791	1,872,065,798

STATEMENT AS OF JUNE 30, 2024 OF THE EQUITABLE FINANCIAL LIFE INSURANCE COMPANY

LIABILITIES, SURPLUS AND OTHER FUNDS

								1	2
								Current	December 31
								Statement Date	Prior Year
1.	Aggregate reserve for life contracts $	.......... 23,802,122,188 less $	.................................	0 included in Line 6.3

	(including $	10,437	Modco Reserve)			23,802,122,188	23,953,568,297
2.	Aggregate reserve for accident and health contracts (including $	0	Modco Reserve)	521,823,856	531,863,285
3.	Liability for deposit-type contracts (including $	0	Modco Reserve)	13,979,742,146	15,180,205,992
4.	Contract claims:
	4.1 Life					451,047,271	430,195,142
	4.2 Accident and health					39,438,937	36,818,769
5.	Policyholders' dividends/refunds to members $	0	and coupons $	0	due
	and unpaid					4,515,685	4,049,120

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)					46,557,133	98,151,681
	6.2	Policyholders' dividends and refunds to members not yet apportioned (including $	0 Modco) ....	49,077,941	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
	$	............................. 313	discount; including $	58,347 accident and health premiums	2,764,976	3,510,162
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					3,213,131	6,375,200
	9.3 Other amounts payable on reinsurance, including $	0 assumed and $	116,926,036
		ceded					116,926,036	23,507,802
	9.4 Interest Maintenance Reserve				107,881,478	98,021,178
10.	Commissions to agents due or accrued-life and annuity contracts $	......................	906,071 , accident and health
	$	..........................7,084 and deposit-type contract funds $	0	913,155	...................2,611,094
11.	..............................................................................Commissions and expense allowances payable on reinsurance assumed	...................4,298,989	................... 4,176,099
12.	............................................................................................................................................General expenses due or accrued				............... 181,845,645	................240,683,170
13.	Transfers to Separate Accounts due or accrued (net) (including $	.........	(1,008,521,750) accrued for expense
	allowances recognized in reserves, net of reinsured allowances)			.......... (1,090,069,493)	..............(905,965,794)
14.	Taxes, licenses and fees due or accrued, excluding federal income taxes	................. 40,965,167	................. 40,856,754
15.1	Current federal and foreign income taxes, including $	0 on realized capital gains (losses)	................. 45,602,363	................. 99,354,000
15.2	Net deferred tax liability					.................................0	.................................0
16.	Unearned investment income				................... 1,871,406	................... 2,143,249
17.	.......................................................................................Amounts withheld or retained by reporting entity as agent or trustee		............ 8,869,953,493	............ 5,283,414,087
18.	Amounts held for agents' account, including $	0	agents' credit balances	.................................0	.................................0
19.	........................................................................................................................................Remittances and items not allocated				................. 26,771,186	................. 61,650,290
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		................. 61,745,828	................. 66,367,366
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			............ 1,217,205,322	............ 1,122,257,896
	.................................24.02 Reinsurance in unauthorized and certified ($	0 ) companies	.......................................................	................... 1,351,752	................... 1,351,752
	24.03 Funds held under reinsurance treaties with unauthorized and certified ($	0 ) reinsurers	.................................0	.................................0
	24.04	Payable to parent, subsidiaries and affiliates		................104,124,321	................. 71,196,367
	24.05	Drafts outstanding			.................................0	.................................0
	24.06	............................................................................................................Liability for amounts held under uninsured plans		.................................0	.................................0
	24.07	Funds held under coinsurance			.......... 12,620,757,391	...........13,177,244,453
	24.08	Derivatives			.................................0	.................................0
	24.09	Payable for securities			................273,016,671	................750,214,773
	24.10	Payable for securities lending			................. 63,491,525	................. 33,780,113
	24.11 Capital notes $	0 and interest thereon $	0	0	0
25.	Aggregate write-ins for liabilities			187,970,783	196,522,552
26.	Total liabilities excluding Separate Accounts business (Lines 1 to 25)		61,736,926,282	60,614,124,849
27.	From Separate Accounts Statement			171,844,301,414	164,382,851,841
28.	Total liabilities (Lines 26 and 27)			233,581,227,696	224,996,976,690
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			1,627,686,346	1,650,166,591
34.	Aggregate write-ins for special surplus funds		881,286,649	1,002,184,178
35.	Unassigned funds (surplus)			(1,529,828,548)	(955,514,638)

36. Less treasury stock, at cost:

	36.1	0	shares common (value included in Line 29	$	.................................0	)	.................................0	.................................0
	36.2	0	shares preferred (value included in Line 30	$	.................................0	)	.................................0	.................................0
37.	Surplus (Total Lines 31+32+33+34+35-36) (including $	557,101,804	in Separate Accounts Statement)	979,144,447	1,696,836,131
38.	Totals of Lines 29, 30 and 37	...................................................................................................................................................				981,644,447	1,699,336,131
39.	Totals of Lines 28 and 38 (Page 2, Line 28, Col. 3)					234,562,872,143	226,696,312,821
	DETAILS OF WRITE-INS
2501.	Aviation reinsurance losses	...................................................................................................................................................				................. 12,287,734	................. 12,332,683
2502.	Accrued interest on policy claims and other contract funds				................... 2,643,233	................... 3,204,733
2503.	Miscellaneous liabilities	......................................................................................................................................................					................173,039,816	................180,985,136
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)					187,970,783	196,522,552
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.	Reserve for aviation reinsurance	30,000,000	30,000,000
3402.	Special contingent reserve fund for separate accounts	...................2,500,000	...................2,500,000
3403.	VA Derivatives (SSAP 108)	................819,576,260	................929,421,764
3498.	Summary of remaining write-ins for Line 34 from overflow page	................. 29,210,389	................. 40,262,414
3499.	Totals (Lines 3401 through 3403 plus 3498)(Line 34 above)	881,286,649	1,002,184,178

STATEMENT AS OF JUNE 30, 2024 OF THE EQUITABLE FINANCIAL LIFE INSURANCE 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	............ 4,686,731,820	.......... (6,940,249,490)	...........(2,914,023,797)
2.	Considerations for supplementary contracts with life contingencies	................... 1,734,495	................. 14,976,446	................. 15,306,444
3.	Net investment income	................(41,493,948)	................(65,891,184)	................514,447,703
4.	Amortization of Interest Maintenance Reserve (IMR)	................(11,317,888)	................. (6,758,430)	................(28,654,646)
5.	Separate Accounts net gain from operations excluding unrealized gains or losses	................261,126,304	............... 212,185,659	................578,773,661
6.	Commissions and expense allowances on reinsurance ceded	................434,009,192	..............(565,728,795)	..............(143,148,934)
7.	Reserve adjustments on reinsurance ceded	................. (1,486,116)	................. (1,109,463)	................. (2,848,016)
8.	Miscellaneous Income:
	8.1 Income from fees associated with investment management, administration and contract
	guarantees from Separate Accounts	................737,264,665	................698,156,726	............ 1,402,563,999
	8.2 Charges and fees for deposit-type contracts	.................................0	.................................0	.................................0
	8.3 Aggregate write-ins for miscellaneous income	(6,838,089)	26,577,245	12,658,196
9.	Totals (Lines 1 to 8.3)	6,059,730,435	(6,627,841,286)	(564,925,390)
10.	Death benefits	763,214,467	............... 984,141,112	............ 1,668,567,217
11.	Matured endowments (excluding guaranteed annual pure endowments)	................... 3,123,659	................... 7,588,757	................. 11,915,983
12.	Annuity benefits	............ 1,034,479,526	............ 1,124,447,407	............ 2,070,340,727
13.	Disability benefits and benefits under accident and health contracts	................. 42,625,133	................. 40,356,953	................. 79,479,729
14.	Coupons, guaranteed annual pure endowments and similar benefits	.................................0	.................................0	.................................0
15.	Surrender benefits and withdrawals for life contracts	............ 8,864,611,142	............ 7,153,025,603	.......... 14,965,605,577
16.	Group conversions	.................................0	.................................0	.................................0
17.	Interest and adjustments on contract or deposit-type contract funds	................304,125,538	................363,973,463	................728,681,691
18.	Payments on supplementary contracts with life contingencies	................. 22,220,650	................. 24,103,905	................. 47,027,182
19.	Increase in aggregate reserves for life and accident and health contracts	(161,485,538)	(15,160,588,588)	(15,325,642,105)
20.	Totals (Lines 10 to 19)	.......... 10,872,914,577	.......... (5,462,951,388)	............ 4,245,976,001
21.	Commissions on premiums, annuity considerations, and deposit-type contract funds (direct
	business only)	................497,170,394	................492,364,016	................965,909,740
22.	Commissions and expense allowances on reinsurance assumed	................... 2,914,672	................... 5,319,926	...................9,551,506
23.	General insurance expenses and fraternal expenses	................302,430,751	................363,870,137	................668,733,460
24.	Insurance taxes, licenses and fees, excluding federal income taxes	................. 31,207,259	................. 25,528,347	................. 63,584,169
25.	Increase in loading on deferred and uncollected premiums	.....................(430,312)	.....................(363,189)	........................ 77,693
26.	Net transfers to or (from) Separate Accounts net of reinsurance	...........(5,597,573,351)	.......... (1,157,720,211)	.......... (6,224,154,696)
27.	Aggregate write-ins for deductions
225,919,406	(75,552,164)	665,393,246
28.	Totals (Lines 20 to 27)	6,334,553,396	(5,809,504,526)	395,071,119
29.	Net gain from operations before dividends to policyholders and federal income taxes (Line 9 minus
	Line 28)	..............(274,822,961)	..............(818,336,760)	..............(959,996,509)
30.	Dividends to policyholders and refunds to members	48,030,928	51,126,888	97,783,608
31.	Net gain from operations after dividends to policyholders, refunds to members and before federal
	income taxes (Line 29 minus Line 30)	..............(322,853,889)	..............(869,463,648)	...........(1,057,780,117)
32.	Federal and foreign income taxes incurred (excluding tax on capital gains)	47,541,777	80,388,761	128,207,132
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)	..............(370,395,666)	..............(949,852,409)	.......... (1,185,987,249)

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

	gains tax of $	(42,816,161) (excluding taxes of $	(4,911,769)
	transferred to the IMR)		(302,672,344)	(278,118,965)	(539,659,853)
35.	Net income (Line 33 plus Line 34)	(673,068,010)	(1,227,971,374)	(1,725,647,102)
		CAPITAL AND SURPLUS ACCOUNT
36.	Capital and surplus, December 31, prior year	1,699,336,131	5,595,824,134	5,595,824,134
37.	Net income (Line 35)		(673,068,010)	(1,227,971,374)	(1,725,647,102)
38.	Change in net unrealized capital gains (losses) less capital gains tax of $	.............. 38,326,516	158,159,763	(81,165,365)	(147,345,138)
39.	Change in net unrealized foreign exchange capital gain (loss)	(628,335)	55,629,847	53,059,340
40.	Change in net deferred income tax	233,937,244	382,350,596	545,607,314
41.	............................................................................................................Change in nonadmitted assets	..............(272,821,496)	..............(591,041,829)	..............(890,515,399)
42.	.......................................Change in liability for reinsurance in unauthorized and certified companies	.................................0	.................................0	...................1,942,982
43.	..........................Change in reserve on account of change in valuation basis, (increase) or decrease	0	0	0
44.	Change in asset valuation reserve	(94,947,426)	(103,922,797)	(116,651,229)
45.	Change in treasury stock		0	0	0
46.	.........................................Surplus (contributed to) withdrawn from Separate Accounts during period	................. 16,879,623	................128,881,872	................664,500,003
47.	................................................................Other changes in surplus in Separate Accounts Statement	................(16,769,980)	..............(127,687,655)	..............(663,070,196)
48.	Change in surplus notes
	0	0	0
49.	Cumulative effect of changes in accounting principles	0	264,900,000	264,900,000
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	(22,480,245)	(21,886,448)	(25,573,381)
	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	(122,044,346)	..............(109,923,058)	..............(204,662,782)
52.	Dividends to stockholders	.................................0	.......... (1,050,000,000)	.......... (1,653,032,415)
53.	Aggregate write-ins for gains and losses in surplus	76,091,524	0	0

54.	Net change in capital and surplus for the year (Lines 37 through 53)	(717,691,684)	(2,481,836,211)	(3,896,488,003)
55.	Capital and surplus, as of statement date (Lines 36 + 54)	981,644,447	3,113,987,923	1,699,336,131
	DETAILS OF WRITE-INS
..............................................................................08.301. Sundry receipts and adjustments net of reinsurance ceded	(6,838,089)	................. 26,577,245	................. 12,658,196
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)	(6,838,089)	26,577,245	12,658,196
2701.	Aviation reinsurance losses	68,407	(63,311)	26,313
2702.	Sundry disbursements and adjustments	125,341,379	................130,960,500	................133,648,561
2703.	Other income and fees - reinsurance ceded	175,939,458	.................................0	................279,484,967
2798.	Summary of remaining write-ins for Line 27 from overflow page	................(75,429,838)	..............(206,449,353)	................252,233,405
2799.	Totals (Lines 2701 through 2703 plus 2798)(Line 27 above)	225,919,406	(75,552,164)	665,393,246
5301.	Change in Pension Plans	1,091,524	0	0
5302.	Prior Year adjustments	75,000,000	0	0
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)	76,091,524	0	0

STATEMENT AS OF JUNE 30, 2024 OF THE EQUITABLE FINANCIAL LIFE INSURANCE COMPANY

CASH FLOW

Cash from Operations

Current Year

To Date

Prior Year

To Date

Prior Year Ended

December 31

1.	Premiums collected net of reinsurance	............ 4,679,578,241	............ 5,127,927,769	............ 9,101,759,647
2.	Net investment income	................(80,031,747)	..............(132,005,124)	................369,866,613
3.	Miscellaneous income	1,042,391,422	1,024,916,237	1,933,321,540
4.	Total (Lines 1 to 3)	5,641,937,916	6,020,838,882	11,404,947,800
5.	Benefit and loss related payments	.......... 10,890,285,431	............ 9,898,614,538	.......... 19,628,097,820
6.	.................Net transfers to Separate Accounts, Segregated Accounts and Protected Cell Accounts	...........(5,430,349,275)	.......... (3,745,409,458)	.......... (9,293,485,506)
7.	...............................................Commissions, expenses paid and aggregate write-ins for deductions	............ 1,126,461,532	................921,982,113	............ 2,384,925,046
8.	Dividends paid to policyholders	................. 11,477,439	................. 10,918,763	................. 20,849,477
9.	Federal and foreign income taxes paid (recovered) net of $	0 tax on capital
	gains (losses)	23,174,371	(34,333,101)	(71,918,607)
10.	Total (Lines 5 through 9)	6,621,049,498	7,051,772,855	12,668,468,230
11.	Net cash from operations (Line 4 minus Line 10)	(979,111,582)	(1,030,933,973)	(1,263,520,430)

Cash from Investments

12. Proceeds from investments sold, matured or repaid:

	12.1	Bonds	............ 1,809,791,346	............ 3,536,879,908	............ 6,881,418,511
	12.2	Stocks	................. 48,900,443	................. 42,839,679	............... 262,528,524
	12.3	Mortgage loans	................304,128,631	................116,676,903	................855,180,738
	12.4	Real estate	.................................0	.................................0	.................................0
	12.5	Other invested assets	................. 84,640,564	................145,497,362	................241,350,090
	12.6	Net gains or (losses) on cash, cash equivalents and short-term investments	.................................0	.................................0	.....................(666,003)
	12.7	Miscellaneous proceeds	0	1,507,110,149	1,378,439,092
	12.8 Total investment proceeds (Lines 12.1 to 12.7)	............ 2,247,460,983	............ 5,349,004,001	............ 9,618,250,952
13.	Cost of investments acquired (long-term only):
	13.1	Bonds	............ 1,147,098,090	............ 1,079,972,776	............ 1,879,643,903
	13.2	Stocks	.................................0	................102,419,380	................246,456,726
	13.3	Mortgage loans	................356,546,403	................506,937,277	............ 1,390,125,040
	13.4	Real estate	...................... 202,902	.................................0	.................................0
	13.5	Other invested assets	................304,113,053	................495,560,493	............... 865,418,911
	13.6	Miscellaneous applications	614,347,952	284,081,121	353,773,120
	13.7	Total investments acquired (Lines 13.1 to 13.6)	2,422,308,400	2,468,971,047	4,735,417,700
14.	Net increase (or decrease) in contract loans and premium notes	71,870,188	16,447,904	100,713,323
15.	Net cash from investments (Line 12.8 minus Line 13.7 and Line 14)	(246,717,605)	2,863,585,050	4,782,119,929
		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	.................................0	.................................0
	16.3	Borrowed funds	.................................0	.................................0	.................................0
	16.4	Net deposits on deposit-type contracts and other insurance liabilities	.......... (1,154,036,508)	............... 518,198,509	...........(1,393,457,520)
	..........................................................................................................16.5 Dividends to stockholders	.................................0	............ 1,050,000,000	............ 1,653,032,415
	....................................................................................................16.6 Other cash provided (applied)	3,173,790,763	1,493,658,966	1,113,176,993
17.	Net cash from financing and miscellaneous sources (Line 16.1 through Line 16.4 minus Line 16.5
	plus Line 16.6)	2,019,754,255	961,857,475	(1,933,312,942)
	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)	................793,925,068	............ 2,794,508,552	............ 1,585,286,557
19.	Cash, cash equivalents and short-term investments:
	19.1	Beginning of year	............ 1,978,318,149	................393,031,593	................393,031,593
	19.2 End of period (Line 18 plus Line 19.1)	2,772,243,217	3,187,540,145	1,978,318,149

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

20.0001. See Note1A(2) in the Notes to Financial Statements for non-cash transactions	.................................0	.................................0	.................................0

STATEMENT AS OF JUNE 30, 2024 OF THE EQUITABLE FINANCIAL LIFE INSURANCE COMPANY

EXHIBIT 1

DIRECT PREMIUMS AND DEPOSIT-TYPE CONTRACTS

		1	2	3
		Current Year	Prior Year	Prior Year Ended
		To Date	To Date	December 31
1.	Individual life	............ 1,051,508,710	............ 1,089,662,414	............ 2,154,933,726
2.	Group life	10,522,672	................. 10,002,481	................. 21,482,322
3.	Individual annuities	2,727,874,040	3,297,027,794	5,908,317,450
4.	Group annuities	2,286,227,500	1,606,561,911	3,153,808,073
5.	Accident & health	21,648,555	24,300,221	48,978,913
6.	Fraternal	0	0	0
7.	Other lines of business	0	0	0
8.	Subtotal (Lines 1 through 7)	6,097,781,477	6,027,554,821	11,287,520,484
9.	Deposit-type contracts	.......... 31,425,098,000	.......... 31,313,664,000	.......... 63,186,478,000
10.	Total (Lines 8 and 9)	37,522,879,477	37,341,218,821	74,473,998,484

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NOTES TO FINANCIAL STATEMENTS

Note 1 - Summary of Significant Accounting Policies

1.Accounting Practices
The accompanying financial statements of Equitable Financial Life Insurance Company ("the Company" or "Equitable"), have been prepared in conformity with accounting practices prescribed or permitted by the New York State Department of Financial Services ("SAP").
The New York State Department of Financial Services ("NYDFS") recognizes only SAP for determining and reporting the financial condition and results of operations of an insurance company, in order to determine its solvency under the New York State Insurance Laws. The National Association of Insurance Commissioners' ("NAIC") Accounting Practices and Procedures manual ("NAIC SAP") has been adopted as a component of prescribed or permitted practices by the State of New York. However, New York Regulation 213 ("Reg 213"), adopted in May of 2019 and as amended in February 2020 and March 2021, differs from the NAIC variable annuity reserve and capital framework.
Prescribed Accounting Practices
Reg 213 requires the Company to carry statutory basis reserves for its variable annuity contract obligations equal to the greater of those required under (i) the NAIC standard or (ii) a revised version of the NYDFS requirement in effect prior to the adoption of the first amendment for contracts issued prior to January 1, 2020, and for policies issued after that date a new standard that in current market conditions imposes more conservative reserving requirements for variable annuity contracts than the NAIC standard. The impact of the application of Reg 213 was a decrease of approximately $333.3 million in statutory surplus as of June 30, 2024 compared to statutory surplus under the NAIC variable annuity framework. Additionally, the continued application of Reg 213 resulted in a corresponding decrease of $82.4 million in statutory net income for the year ended June 30, 2024, which was largely offset by net income gains on our hedging program during the same period as noted in the permitted accounting practices section below. The NYDFS allows domestic insurance companies a five year phase-in provision for Reg 213 reserves. As of September 30, 2022, Equitable's Reg 213 reserves were 100% phased-in. As of June 30, 2024, given the prevailing market conditions and business mix, the Reg 213 redundant reserves over the US RBC CTE 98 total asset requirement ("TAR") are $323 million.
During Q4, 2020, the Company received approval from NYDFS effective January 1, 2021, for its proposed amended Plan of Operation for Separate Account No. 68 ("SA 68") for our Structured Capital Strategies product and Separate Account No. 69 ("SA 69") for our Equi-Vest product Structured Investment Option, to change the accounting basis of the two Separate Accounts from fair value to book value in accordance with Section 1414 of the Insurance Law. In order to facilitate this change and comply with Section 4240(a)(10), the Company also sought approval to amend the Plans to remove the requirement to comply with Section 4240(a)(5)(iii) and substitute it with a commitment to comply with Section 4240(a)(5)(i). Similarly, the Company updated the reserves section of each Plan to reflect the fact that Regulation 128 would no longer be applicable upon the change in accounting basis. The Company applied this change effective January 1, 2021. The impact of the application is an increase of approximately $1,436.7 million in statutory surplus as of June 30, 2024 and a decrease in statutory net income of $425.2 million for the year ended June 30, 2024.
Permitted Accounting Practices
Equitable was granted a permitted practice by the NYDFS to apply SSAP 108, Derivatives Hedging Variable Annuity Guarantees on a retroactive basis from January 1, 2021 through June 30, 2021, after reflecting the impacts of our reinsurance transaction with Venerable Holdings, Inc ("Venerable"). The permitted practice was amended to also permit Equitable to adopt SSAP 108 prospectively as of July 1, 2021. Application of the permitted practice partially mitigates the Regulation 213 impact of the Venerable Transaction on Equitable's statutory capital and surplus. The impact of the application of this permitted practice relative to SSAP 108 as written was a decrease of approximately $60.5 million in statutory surplus as of June 30, 2024 and a decrease of $57.0 million in statutory net income for the year ended June 30, 2024, which will be amortized over 5 years for each of the retrospective and prospective components. The 2023 Reinsurance Treaty reduced the amount of interest rate hedging needed going forward, affecting future deferrals, but leaves our historical SSAP 108 deferred amounts unchanged. The permitted practice also reset Equitable's unassigned surplus to zero as of June 30, 2021 to reflect the transformative nature of the Venerable Transaction. If the Company had not used all of the aforementioned prescribed and permitted practices that differ from NAIC SAP a risk-based capital regulatory event would have hypothetically been triggered.

Ｗ

NOTES TO FINANCIAL STATEMENTS

A reconciliation of net income and surplus between NAIC SAP and practice prescribed and permitted by the state of New York is shown below:

		SSAP #	F/S Page	F/S Line #		June 30, 2024		December 31,
				2023
NET INCOME
(1) EQUITABLE FINANCIAL LIFE INSURANCE COMPANY	XXX	XXX	XXX	$	(673,068,010)	$	(1,725,647,102)
	state basis (Page 4, Line 35, Columns 1 & 3)
(2)	State Prescribed Practices that increase/(decrease) NAIC SAP

	NY Reg. 213 over NAIC VM-21 Reserves	N/A	4	19	$	(82,400,000)	$	1,695,900,000
	SA 68 and SA 69 BV vs. FV	N/A	4	5	$	(425,200,000)	$	(310,800,000)
(3)	State Permitted Practices that increase/(decrease) NAIC SAP
	SSAP 108, Derivatives Hedging Deferral (NII and RCG)	108	4	3, 34	$	(57,000,000)	$	(150,100,000)
(4)	NAIC SAP (1 - 2 - 3 = 4)	XXX	XXX	XXX	$	(108,468,010)	$	(2,960,647,102)
SURPLUS

(5) EQUITABLE FINANCIAL LIFE INSURANCE COMPANY
	state basis (Page 3, line 38, Columns 1 & 2)	XXX	XXX	XXX	$	981,644,447	$	1,699,336,131
(6)	State Prescribed Practices that increase/(decrease) NAIC SAP
	NY Reg. 213 over NAIC VM-21 Reserves	N/A	4	19	$	(333,300,000)	$	(250,900,000)
	SA 68 and SA 69 BV vs. FV	N/A	4	49	$	1,436,700,000	$	1,861,900,000
(7)	State Permitted Practices that increase/(decrease) NAIC SAP
	SSAP 108, Derivatives Hedging Deferral	108	4	3, 34, 38	$	(60,500,000)	$	(64,400,000)
(8) NAIC SAP (5 - 6 - 7 = 8)	XXX	XXX	XXX	$	(61,255,553)	$	152,736,131

2. Listed below is the supplemental disclosures of cash flow transactions for non-cash items excluded in the Cash Flow:

Premiums and annuity considerations*

Net investment income

Miscellaneous Income

Total

Net transfers to Separate Accounts

Commissions and expenses paid

Dividends to policyholders

Total

Net cash from operations

Bonds proceeds

Stocks proceeds

Mortgage loans proceeds

Total investment proceeds

Bonds acquired

Stocks acquired

Mortgage loans acquired

Real estate acquired

Total investments acquired

Net cash from investments

Capital and paid in surplus Other cash provided (applied)

Net cash from financing and miscellaneous sources Total non-cash transactions

	June 30, 2024		December 31, 2023
$	(38,603,531)	$	12,012,868,946
	(3,244,573)		(7,392,986)
	-		865,911,061
	(41,848,104)		12,871,387,021

(1,416,961,095)
24,754,545 25,573,380

(38,603,531) (80,096,710)

(13,848,986) (1,471,484,425)

(27,999,118)

14,342,871,446

(17,332,988,715)
(302,688,290)
(54,791,966) (274,802,945)

(54,791,966) (17,910,479,950)

(16,679,749,109)
(304,084,609)
(4,985,939) 482,921,877

(55,324,900)-

	(60,310,839)		(16,500,911,841)

$	5,518,873	$	(1,409,568,109)
	22,480,245		25,573,380
	-		(12,958,876,717)
$	22,480,245	$	(12,933,303,337)
$	- $	-

2023 premiums include the elimination of the non-cash initial premium ceded of one large reinsurance transaction.

B. Use of Estimates in Preparation of the Financial Statements

No significant change.

ＷＮＱ

NOTES TO FINANCIAL STATEMENTS

C. Accounting Policy

Bonds are stated principally at amortized cost, the value of which is based on the effective interest rate method, and are adjusted to regulatory mandated values through the establishment of a valuation allowance, and for impairments in value deemed to be other than temporary through write-downs recorded as realized capital losses.

1. Prepayment assumptions for loan-backed bonds and structured securities were obtained from broker-dealer survey values or internal estimates. These assumptions are consistent with the current interest rate and economic environment. The retrospective adjustment method is predominately used for all securities except issues in default; the prospective adjustment method was used for issues in default and issues that have a variable interest rate.
Going Concern

There is no issue regarding the Company's ability to continue as a going concern.

Note 2 - Accounting Changes and Corrections of Errors

Correction of Errors

During the April 2024, after the Company's Statutory Annual Statement filing, management discovered an error in the recording of its FHLB/FABN funding agreement reserve as of December 31, 2023. Specifically, for new issues during the current valuation year, its model would look up the previous year's valuation rate. This was correct for the first half of the year for new issues, but incorrect afterwards. As a result of this error, and in accordance with SSAP #3, the Company reported a correction to decrease opening surplus by $37.7 million within Page 4 write-in Line 53 - Prior Year Adjustments and included a current and deferred tax benefit of $5.7 million. The Company's management does not believe this correction to be material to the Company's results of operations, financial position, or cash flow for any of the Company's previously filed annual statements.

During March 2024, the Company discovered that there was an understatement in the recording of the Deferred asset - Derivatives under SSAP 108. The asset amount was understated by $19.5 million due to a late change made to the deferral which was correctly recorded in the table of the appropriate footnote that describes the asset, but the adjustment had mistakenly not been booked into the ledger. As a result of this error, and in accordance with SSAP #3, the Company reported a correction to decrease opening surplus by $19.5 million within Page 4 write-in Line 53 - Prior Year Adjustments and included a current and deferred tax benefit of $2.9 million. The Company's management does not believe this correction to be material to the Company's results of operations, financial position, or cash flow for any of the Company's previously filed annual statements.

During March 2024, the Company discovered that the calculation of the accrued interest expense for FHLB NY short-term borrowings was miscalculated, due to an error on the reference date of the start date for the accrual ultimately resulting in a overstatement of accrued interest expense by $17.8 million. As a result of this error, and in accordance with SSAP #3, the Company reported a correction to decrease opening surplus by $17.8 million within Page 4 write-in Line 53 - Prior Year Adjustments and included a current and deferred tax benefit of $2.7 million. The Company's management does not believe this correction to be material to the Company's results of operations, financial position, or cash flow for any of the Company's previously filed annual statements.

Note 3 - Business Combinations and Goodwill

No significant change.

Note 4 - Discontinued Operations

No significant change.

Note 5 - Investments

A. - C. No significant change.

ＷＮＲ

NOTES TO FINANCIAL STATEMENTS

Loan-BackedSecurities
1. Prepayment assumptions for loan-backed bonds and structured securities were obtained from broker-dealer survey values or internal estimates. These assumptions are consistent with the current interest rate and economic environment. The retrospective adjustment method is used to value all securities except issues in default; the prospective adjustment method was used to value issues in default and issues that have a variable interest rate.
2. There were no loan-backed securities with a recognized other than temporary impairment as of June 30, 2024.
3. There were no loan-backed security held with a recognized other than temporary impairment recorded in the period ended June 30, 2024, reflecting the present value of cash flows expected to be collected as less than the amortized cost basis of the securities.
4. All impaired (fair value is less than cost or amortized cost) loan-backed securities for which an other-than-temporary- impairment has not been recognized in earnings as a realized loss (including securities with a recognized other-than- temporary impairment for non-interest related declines when a non-recognized interest related impairment remains) as of June 30, 2024:
5. 1. The aggregate amount of Unrealized Losses:

1	Less than 12 Months	$	403,115
2	12 Months or Longer	$	156,709,012

The aggregate related fair value of securities with Unrealized Losses:

1	Less than 12 Months	$	83,311,929
2	12 Months or Longer	$	1,584,803,825

The $157,112,127 of unrealized losses includes $149 of valuation allowances already recognized through surplus.

1. The Company's management, with the assistance of its investment advisors, monitors the investment performance of its portfolio. This review process culminates with a quarterly review of certain assets by the Company's Investments Under Surveillance Committee that evaluates whether any investments are other than temporarily impaired. The review considers an analysis of individual credit metrics of each issuer as well as industry fundamentals and the outlook for the future. Based on the analysis, a determination is made as to the ability of the issuer to service its debt obligation on an ongoing basis. If this ability is deemed to be impaired, then the appropriate provisions are taken.
Dollar Repurchase Agreements and /or Securities Lending Transactions

The Company has entered into securities lending agreements with agent banks whereby blocks of securities are loaned to third parties, primarily major brokerage firms. The agreements require a minimum of 102% and 105% of the fair value of the domestic and foreign securities loaned to be held as collateral. To further minimize the credit risks related to these programs, the financial condition of counterparties is monitored on a regular basis. A securities lending payable for the overnight and continuous loans is included in liabilities in the amount of cash collateral received.
The Company had no assets pledged as collateral relating to dollar repurchase agreements and/or securities lending transactions as of the reporting date.

ＷＮＳ

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Equitable Holdings Inc. published this content on 16 August 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on August 16, 2024 at 15:20:57 UTC.

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