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Equitable Holdings, Inc.

EQH$41.352026-05-29
F
Quality Score
53/100

Life & Annuity Insurance. A spread-and-fee balance sheet: premiums and deposits invested against long-duration policyholder liabilities, plus fee income.

Data: statutory filings · derived · public filings (XBRL) · market data· latest filing 2026-05-07· price 2026-05-29independently sourced

Products & Liabilities

· Source: curated SEC 10-K filing analysis· 10 of 60 tables shown
Confidence:HighMediumLow
1. Product Catalog Summary Table
#Product NameTypeSegmentIssuing EntityIn-Force / AV ($B)2024 New Sales / Flows ($B)Key Features
1Structured Capital Strategies (SCS)RILAIndividual RetirementEFL (NY) / EFLOA (non-NY)$65.3B PAB$12.7B net transfers from SABuffer/cap index-linked; embedded derivative accounting
2EQUI-VEST IndividualVariable AnnuityIndividual RetirementEFL (NY) / EFLOA (non-NY)$4.8B SA + $2.0B PAB$0.095B deposits (SA)Traditional VA with GMDB; separate account options
3Investment EdgeVariable Annuity / RILA hybridIndividual RetirementEFL (NY) / EFLOA (non-NY)$4.9B SA$1.8B deposits (SA)Investment-only VA; no living benefits; newer platform
4GMxB Core VAVariable Annuity (w/ guarantees)Individual RetirementEFL (NY) / EFLOA (non-NY)$30.4B SA + ~$0 PAB$2.0B deposits (SA)GMDB/GMIB/GMWB; MRB liability $496M; actively sold vintage
5EQUI-VEST GroupGroup Variable Annuity (403b/457)Group RetirementEFL (NY) / EFLOA (non-NY)$30.5B SA + $11.2B PAB$2.4B deposits (SA); $0.6B premiums (PAB)403(b)/457 platform; 50% QS ceded to Global Atlantic
6MomentumGroup Variable Annuity (401k)Group RetirementEFL (NY) / EFLOA (non-NY)$4.8B SA + $0.5B PAB$0.7B deposits (SA)401(k) platform
7Funding Agreements (FHLB)Institutional Spread ProductGroup Retirement / C&OEFL (EQF)$7.2B$66.2B issued / $66.6B repaid (short-term turnover)Collateralized by $11.7B pledged assets; FHLB membership
8Funding Agreements (FABN)Institutional Spread ProductGroup Retirement / C&OEFL (EQF)$5.7B[Not in source]$10.0B max capacity; FX-hedged foreign issuance
9Funding Agreements (FABCP)Institutional Spread ProductGroup Retirement / C&OEFL / EFLOA$0.075B[Not in source]$3.0B (EQF) + $1.0B (EFLOA) capacity
10Variable Universal Life (VUL)Life InsuranceProtection SolutionsEFL (NY) / EFLOA (non-NY)$18.2B SA + $5.0B PAB$1.3B deposits (SA); $0.117B premiums (PAB)$117.4B net amount at risk; separate account investment
11Universal Life (UL)Life InsuranceProtection SolutionsEFL (NY) / EFLOA (non-NY)$5.1B PAB$0.647B premiums$33.3B net amount at risk; 3.82% avg crediting rate
12Indexed Universal Life (IUL)Life InsuranceProtection SolutionsEFL (NY) / EFLOA (non-NY)[DAC: $186M][Not in source]Index-linked crediting; embedded derivative features
13Term LifeLife InsuranceProtection SolutionsEFL (NY) / EFLOA (non-NY)[LFPB: $1.3B]$0.052B issuances (PV benefits)Duration 6.7 years; 90% QS to EQ AZ Life Re (pre-2009)
14Legacy GMxB VAVariable Annuity (run-off)LegacyEFL (NY) / EFLOA (non-NY)$33.2B SA + $0.2B PAB$0.220B deposits (SA) — net outflows $(4.3)BGMIB/GMDB/GMWB; $10.5B gross MRB; avg age 73.6 yrs
15Payout AnnuitiesImmediate/Deferred PayoutIndividual Retirement / C&OEFL (NY) / EFLOA (non-NY)[LFPB: $5.1B]$0.994B issuances (PV benefits)Duration 7.7 years; structured settlement / SPIA / DIA
16Group Pension (Benefit Reserve)Defined Benefit PayoutGroup RetirementEFL (NY) / EFLOA (non-NY)[LFPB: $0.5B]$0.020B issuancesDuration 6.9 years; legacy DB pension obligations
17Group Health / A&HAccident & HealthProtection SolutionsEFL (NY) / EFLOA (non-NY)[LFPB: $1.4B]$0.314B gross premiumsDuration 8.4 years; disability income, critical illness, accident
18Whole Life (Closed Block)Participating LifeLegacy / C&OEFL (NY)[LFPB: $5.2B]Closed to new sales (1992)Demutualization Closed Block; assets ringfenced by NYDFS
19Individual Disability IncomeDisability InsuranceProtection SolutionsEFL (NY) / EFLOA (non-NY)[Not in source]Substantially all cededFully reinsured; run-off
20Group LifeGroup Employee BenefitsProtection SolutionsEFL (NY) / EFLOA (non-NY)[Part of $480.6B gross life in-force][Not in source]QS + XOL reinsurance
21Group DisabilityGroup Employee BenefitsProtection SolutionsEFL (NY) / EFLOA (non-NY)[Not in source][Not in source]QS + XOL reinsurance
22Group Critical IllnessGroup Employee BenefitsProtection SolutionsEFL (NY) / EFLOA (non-NY)[Not in source][Not in source]QS + XOL reinsurance
23Group AccidentGroup Employee BenefitsProtection SolutionsEFL (NY) / EFLOA (non-NY)[Not in source][Not in source]QS + XOL reinsurance
24SIO (Structured Investment Option)RILA variantIndividual RetirementEFL (NY) / EFLOA (non-NY)[Included in SCS embedded derivative][Not in source]Variant of SCS; embedded derivative accounting
25MSO (Market Stabilizer Option)RILA variantIndividual RetirementEFL (NY) / EFLOA (non-NY)[Included in SCS embedded derivative][Not in source]Variant of SCS; embedded derivative accounting
26Fixed Deferred Annuities (pre-2015)Fixed AnnuityLegacy / C&OEFL (NY)[Part of "Other" PAB $8.7B]Closed (90% ceded 2018)90% coinsurance ceded to non-affiliate in 2018
27Assumed ReinsuranceReinsurance AssumedCorporate & OtherEFL$0.647B reserves$0.164B premiumsGMDB/GMIB, aviation, special risk; declining run-off
2a. Structured Capital Strategies (SCS) — RILA
MetricAmount
Policyholder Account Balance (PAB)$65,267M
YoY Growth+33.2% (from $49,002M)
Cash Surrender Value$60,879M
DAC Balance$1,938M
Net Amount at Risk$9M (minimal — market risk borne by embedded derivative)
Embedded Derivative Liability (SCS + SIO + MSO + IUL combined)$17,212M
2a. Structured Capital Strategies (SCS) — RILA
Flow ComponentAmount
Premiums received$14M
Net transfers from Separate Account$12,725M
Interest credited (incl. embedded derivative change)$7,971M
Surrenders & withdrawals$(4,110)M
Benefit payments$(312)M
Net change+$16,265M
2c. EQUI-VEST Individual — Traditional Variable Annuity
MetricAmount
Separate Account AV$4,782M
PAB (General Account fixed option)$2,037M
Cash Surrender Value$2,030M
DAC Balance$154M
Net Amount at Risk$101M
Weighted-Avg Crediting Rate (GA fixed)2.98%
2c. EQUI-VEST Individual — Traditional Variable Annuity
FlowAmount
Premiums & deposits$95M
Surrenders & withdrawals$(574)M
Benefit payments$(55)M
Investment performance$751M
Ending SA balance$4,782M
2c. EQUI-VEST Individual — Traditional Variable Annuity
FlowAmount
Premiums received$37M
Surrenders & withdrawals$(347)M
Benefit payments$(55)M
Interest credited$65M
Ending PAB$2,037M
2d. Investment Edge — Investment-Only Variable Annuity
MetricAmount
Separate Account AV$4,885M
DAC Balance$225M
2d. Investment Edge — Investment-Only Variable Annuity
FlowAmount
Premiums & deposits$1,795M
Surrenders & withdrawals$(522)M
Benefit payments$(35)M
Investment performance$512M
Net transfers to GA$(1,139)M
Ending SA balance$4,885M
2e. GMxB Core VA — Actively Sold Guaranteed VA
MetricAmount
Separate Account AV$30,411M
PAB (General Account)$(4)M (negative — withdrawal/fee driven)
Cash Surrender Value$228M
DAC Balance$1,605M
Sales Inducement Assets$117M
Net Amount at Risk$2,868M
MRB Liability (Net)$496M (Asset $(514)M + Liability $1,010M)
Weighted-Avg Policyholder Age65.4 years
2e. GMxB Core VA — Actively Sold Guaranteed VA
FlowAmount
Premiums & deposits$2,032M
Policy charges$(498)M
Surrenders & withdrawals$(3,739)M
Benefit payments$(259)M
Investment performance$2,806M
Net transfers to/(from) GA$240M
Ending SA balance$30,411M