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Equitable Financial Life Insurance Co

Quarterly report

AFS Fixed Maturities by Classification

Amortized Cost	Allowance for Credit Losses			Gross Unrealized Gains			Gross Unrealized Losses			Fair Value
(in millions)
September 30, 2024			Fixed Maturities:			Corporate (1)			$	41,982	$	4	$	406	$	4,309	$	38,075	U.S. Treasury, government and agency	5,701		—	3	1,079	4,625	States and political subdivisions	385		—	4	59	330	Foreign governments	653		—	2	99	556	Residential mortgage-backed (2)	1,689		—	11	94	1,606	Asset-backed (3)	7,768		—	47	44	7,771	Commercial mortgage-backed	3,408		—	3	327	3,084	Redeemable preferred stock	56		—	4	—	60	Total at September 30, 2024	$	61,642	$	4	$	480	$	6,011	$	56,107	December 31, 2023:	Fixed Maturities:			Corporate (1)			$	42,014	$	4	$	217	$	4,960	$	37,267	U.S. Treasury, government and agency	5,639		—	2	1,102	4,539	States and political subdivisions	525		—	9	64	470	Foreign governments	689		—	2	110	581	Residential mortgage-backed (2)	1,469		—	3	128	1,344	Asset-backed (3)	8,092		—	20	107	8,005	Commercial mortgage-backed	3,400		—	1	501	2,900	Redeemable preferred stock	56		—	3	—	59	Total at December 31, 2023	$	61,884	$	4	$	257	$	6,972	$	55,165

7 Nov 24

3:41pm

Equitable Financial Life Insurance Co

Quarterly report

The change in the allowance for credit losses for commercial, agricultural and residential mortgage loans were as follows:

Three Months Ended September 30,	Nine Months Ended September 30,
2024			2023			2024			2023			(in millions)
Allowance for credit losses on mortgage loans:			Commercial mortgages:			Balance, beginning of period			$	218	$	140	$	270	$	123	Current-period provision for expected credit losses	20		63	43	80	Write-offs charged against the allowance	—		—	(75)	—	Recoveries of amounts previously written off	—		—	—	—	Net change in allowance	20		63	(32)	80	Balance, end of period	$	238	$	203	$	238	$	203	Agricultural mortgages:	Balance, beginning of period			$	9	$	5	$	6	$	6	Current-period provision for expected credit losses	4		1	7	—	Write-offs charged against the allowance	—		—	—	—	Recoveries of amounts previously written off	—		—	—	—	Net change in allowance	4		1	7	—	Balance, end of period	$	13	$	6	$	13	$	6	Residential mortgages:	Balance, beginning of period			$	2	$	—	$	1	$	—	Current-period provision for expected credit losses	—		—	1	—	Write-offs charged against the allowance	—		—	—	—	Recoveries of amounts previously written off	—		—	—	—	Net change in allowance	—		—	1	—	Balance, end of period	$	2	$	—	$	2	$	—	Total allowance for credit losses	$	253	$	209	$	253	$	209

7 Nov 24

3:41pm

Equitable Financial Life Insurance Co

Quarterly report

LTV Ratios (1) (3)

December 31, 2023
Amortized Cost Basis by Origination Year
2023			2022			2021			2020			2019			Prior			Revolving Loans Amortized Cost Basis			Revolving Loans Converted to Term Loans Amortized Cost Basis			Total
(in millions)
Commercial and agricultural mortgage loans:			Commercial:			0% - 50%			$	191	$	164	$	129	$	35	$	—	$	1,540	$	—	$	—	$	2,059	50% - 70%	703		1,916	671	750	299	2,319	463	96	7,217	70% - 90%	308		1,197	1,236	523	245	1,384	37	35	4,965	90% plus	—		—	66	54	92	858	—	—	1,070	Total commercial	$	1,202	$	3,277	$	2,102	$	1,362	$	636	$	6,101	$	500	$	131	$	15,311	Agricultural:	0% - 50%			$	102	$	162	$	191	$	235	$	132	$	802	$	—	$	—	$	1,624	50% - 70%	60		146	152	201	58	288	—	—	905	70% - 90%	—		—	—	—	—	16	—	—	16	90% plus	—		—	—	—	—	—	—	—	—	Total agricultural	$	162	$	308	$	343	$	436	$	190	$	1,106	$	—	$	—	$	2,545	Total commercial and agricultural mortgage loans:	0% - 50%			$	293	$	326	$	320	$	270	$	132	$	2,342	$	—	$	—	$	3,683	50% - 70%	763		2,062	823	951	357	2,607	463	96	8,122	70% - 90%	308		1,197	1,236	523	245	1,400	37	35	4,981	90% plus	—		—	66	54	92	858	—	—	1,070	Total commercial and agricultural mortgage loans	$	1,364	$	3,585	$	2,445	$	1,798	$	826	$	7,207	$	500	$	131	$	17,856

7 Nov 24

3:41pm

Equitable Financial Life Insurance Co

Quarterly report

Three Months Ended September 30, 2024	Nine Months Ended September 30, 2024
			Net Derivatives Gains (Losses) (1) (2)			Net-FWH and NI modco Derivatives Gains (Losses)			Net Investment Income			Interest Credited To Policyholders Account Balances			AOCI			Net Derivatives Gains (Losses) (1) (2)			Net-FWH and NI modco Derivatives Gains (Losses)			Net Investment Income			Interest Credited To Policyholders Account Balances			AOCI
(in millions)
Derivative instruments:			Derivatives: designated for hedge accounting			Cash flow hedges:			Currency/Interest rate contracts:			Currency swaps			$	—	$	—	$	3	$	42	$	(59)	$	1	$	—	$	10	$	19	$	(21)	Interest swaps	—		—	3	—	(5)	—	—	(11)	—	1	Total: designated for hedge accounting	—		—	6	42	(64)	1	—	(1)	19	(20)	Derivatives: not designated for hedge accounting	Equity contracts:			Futures			54		(135)	—	—	—	169	(181)	—	—	—	Swaps	(45)		(688)	—	—	—	(203)	(1,738)	—	—	—	Options	209		947	—	—	—	865	3,679	—	—	—	Interest rate contracts:	Futures			39		(90)	—	—	—	(16)	(5)	—	—	—	Swaps	27		118	—	—	—	(16)	(92)	—	—	—	Swaptions	—		—	—	—	—	—	—	—	—	—	Credit contracts:	Credit default swaps			—		—	—	—	—	—	—	—	—	—	Currency contracts:	Currency swaps			(43)		—	—	—	—	(29)	—	—	—	—	Other contracts:	Margin			—		—	—	—	—	—	—	—	—	—	Collateral	—		—	—	—	—	—	—	—	—	—

7 Nov 24

3:41pm

Equitable Financial Life Insurance Co

Quarterly report

Three Months Ended September 30, 2023	Nine Months Ended September 30, 2023
			Net Derivatives Gain (Losses) (1) (2)			Net-FWH and NI modco Derivatives Gains (Losses)			Net Investment Income			Interest Credited To Policyholders Account Balances			AOCI			Net Derivatives Gain(Losses) (1) (2)			Net-FWH and NI modco Derivatives Gains (Losses)			Net Investment Income			Interest Credited To Policyholders Account Balances			AOCI
(in millions)
Modco payable			1,099		—	—	—	—	(830)	—	—	—	—	Total Embedded Derivatives	1,232		—	—	—	—	(2,125)	—	—	—	—	Total derivatives instruments	$	1,103	$	(157)	$	3	$	(33)	$	41	$	(1,315)	$	1,208	$	8	$	(59)	$	71

7 Nov 24

3:41pm

Quarterly report

7 Nov 24

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Quarterly report

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Quarterly report

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Quarterly report

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Quarterly report

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Quarterly report

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