2024 Q1 Form 10-K Financial Statement

#000133398624000009 Filed on February 26, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $4.706B $3.459B $14.73B
YoY Change 45.07% 2.76% 5.1%
Cost Of Revenue $1.681B $1.651B $6.502B
YoY Change 6.59% 4.76% 92.08%
Gross Profit $3.025B $1.808B $8.230B
YoY Change 81.46% 1.01% -22.59%
Gross Profit Margin 64.28% 52.27% 55.86%
Selling, General & Admin $620.0M $586.0M $2.328B
YoY Change 6.35% 12.69% 5.87%
% of Gross Profit 20.5% 32.41% 28.29%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $240.0M $236.0M $812.0M
YoY Change 7.14% 3.96% 49.82%
% of Gross Profit 7.93% 13.05% 9.87%
Operating Expenses $1.345B $1.314B $4.867B
YoY Change 16.15% 10.61% -1.28%
Operating Profit $1.680B $494.0M $3.363B
YoY Change 230.06% -17.94% -41.02%
Interest Expense -$1.433B -$1.311B -$2.625B
YoY Change 58.87% -11.12% -1405.97%
% of Operating Profit -85.3% -265.38% -78.06%
Other Income/Expense, Net
YoY Change
Pretax Income $247.0M -$817.0M $738.0M
YoY Change -153.81% -11.29% -70.77%
Income Tax $30.00M -$228.0M -$905.0M
% Of Pretax Income 12.15% -122.63%
Net Earnings $100.0M -$724.0M $1.222B
YoY Change -38.65% -11.17% -31.54%
Net Earnings / Revenue 2.12% -20.93% 8.29%
Basic Earnings Per Share $0.30 $3.49
Diluted Earnings Per Share $0.30 -$2.15 $3.48
COMMON SHARES
Basic Shares Outstanding 329.7M shares 338.5M shares 350.1M shares
Diluted Shares Outstanding 332.7M shares 351.6M shares

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $10.36B $8.239B $8.239B
YoY Change 106.4% 92.46% 92.46%
Cash & Equivalents $10.36B $8.239B $8.239B
Short-Term Investments
Other Short-Term Assets $866.0M $868.0M $868.0M
YoY Change -17.91% -42.97% -42.97%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $21.42B $19.30B $19.30B
YoY Change 28.03% -23.86% -23.86%
LONG-TERM ASSETS
Property, Plant & Equipment $516.0M
YoY Change -0.77%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $98.43B $98.02B $98.02B
YoY Change 6.76% 10.05% 10.05%
Other Assets $7.549B $7.270B $7.357B
YoY Change 6.47% -16.63% -16.13%
Total Long-Term Assets $264.2B $257.5B $257.5B
YoY Change 7.92% 12.88% 12.88%
TOTAL ASSETS
Total Short-Term Assets $21.42B $19.30B $19.30B
Total Long-Term Assets $264.2B $257.5B $257.5B
Total Assets $285.6B $276.8B $276.8B
YoY Change 9.21% 9.21% 9.21%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses $579.0M $579.0M
YoY Change -6.31% -6.31%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $254.0M $1.813B
YoY Change -100.0% -66.53% -5.03%
Long-Term Debt Due $6.718B $7.168B $7.168B
YoY Change 12.06% 16.93% 16.93%
Total Short-Term Liabilities $12.86B $14.44B $14.44B
YoY Change 0.26% 1.51% 1.51%
LONG-TERM LIABILITIES
Long-Term Debt $3.821B $3.820B $10.55B
YoY Change 0.05% 14.99% 85.33%
Other Long-Term Liabilities $257.4B $246.7B $246.7B
YoY Change 8.13% 7.39% 7.39%
Total Long-Term Liabilities $3.821B $3.820B $257.2B
YoY Change 0.05% 14.99% 9.27%
TOTAL LIABILITIES
Total Short-Term Liabilities $12.86B $14.44B $14.44B
Total Long-Term Liabilities $3.821B $3.820B $257.2B
Total Liabilities $280.8B $271.7B $274.2B
YoY Change 9.95% 8.83% 8.88%
SHAREHOLDERS EQUITY
Retained Earnings $10.11B $10.24B
YoY Change 3.1% 3.21%
Common Stock $5.000M $5.000M
YoY Change 25.0% 25.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.032B $2.649B $2.649B
YoY Change
Total Liabilities & Shareholders Equity $285.6B $276.8B $276.8B
YoY Change 9.21% 9.21% 9.21%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income $100.0M -$724.0M $1.222B
YoY Change -38.65% -11.17% -31.54%
Depreciation, Depletion And Amortization $240.0M $236.0M $812.0M
YoY Change 7.14% 3.96% 49.82%
Cash From Operating Activities $31.00M -$392.0M -$208.0M
YoY Change -105.28% 269.81% -75.56%
INVESTING ACTIVITIES
Capital Expenditures $63.00M $35.00M $117.0M
YoY Change 250.0% -46.15% -29.94%
Acquisitions $0.00
YoY Change -100.0%
Other Investing Activities -$394.0M $150.0M $25.00M
YoY Change 1213.33% -104.76% -131.25%
Cash From Investing Activities -$2.682B $115.0M -$4.851B
YoY Change 87.55% -103.58% -35.21%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $4.945B 2.387B $9.000B
YoY Change 79.88% -33.47% 17.71%
NET CHANGE
Cash From Operating Activities $31.00M -392.0M -$208.0M
Cash From Investing Activities -$2.682B 115.0M -$4.851B
Cash From Financing Activities $4.945B 2.387B $9.000B
Net Change In Cash $2.284B 2.110B $3.964B
YoY Change 207.82% 690.26% -629.95%
FREE CASH FLOW
Cash From Operating Activities $31.00M -$392.0M -$208.0M
Capital Expenditures $63.00M $35.00M $117.0M
Free Cash Flow -$32.00M -$427.0M -$325.0M
YoY Change -94.71% 149.71% -68.07%

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<div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">Assumption Updates and Model Changes</span></div><div style="margin-bottom:9pt;padding-left:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company conducts its annual review of its assumptions and models during the third quarter of each year. The annual review encompasses assumptions underlying the valuation of MRB, liabilities for future policyholder benefits and additional liability update.</span></div><div style="margin-bottom:9pt;padding-left:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">However, the Company updates its assumptions as needed in the event it becomes aware of economic conditions or events that could require a change in assumptions that it believes may have a significant impact to the carrying value of product liabilities and assets and consequently materially impact its earnings in the period of the change.</span></div><div style="margin-bottom:9pt;padding-left:36pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">MRB Update</span></div><div style="margin-bottom:9pt;padding-left:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company updates its assumptions to reflect emerging experience for withdrawals, mortality and lapse election. This includes actuarial judgement informed by actual experience of how policy holders are expected to use these policies in the future. In addition, as part of the 2021 assumption update, the reference interest rate utilized in our GAAP fair value calculations was updated from the LIBOR swap curve to the US Treasury curve due to the impending </span></div><div style="margin-bottom:9pt;padding-left:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">cessation of LIBOR and our GAAP fair value liability risk margins. There were no other significant change to the process used to calculate the MRB balances.</span></div><div style="margin-bottom:9pt;padding-left:36pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">LFPB Update</span></div><div style="margin-bottom:9pt;padding-left:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The significant assumptions for the LFPB balances include mortality and lapses for our Traditional life businesses. The primary assumption for the payout block of business is mortality. Impacts to expected net premiums and expected future policy benefits due to assumption changes in 2021 can be observed in the liability for future policy benefit roll forward tables.</span></div><div style="margin-bottom:9pt;padding-left:36pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Additional Liability Update</span></div><div style="margin-bottom:9pt;padding-left:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The significant assumptions for the additional insurance liability balances include mortality, lapses, premium payment pattern, and interest crediting assumption.</span></div>
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<div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Summarized financial information for the Company’s Closed Block is as follows:</span></div><div style="margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.707%"><tr><td style="width:1.0%"></td><td style="width:70.014%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.416%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.533%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.537%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:120%">December 31,</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:120%">2023</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-bottom:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%">2022</span></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:120%">(in millions)</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Closed Block Liabilities:</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Future policy benefits, policyholders’ account balances and other</span></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">$</span></td><td style="background-color:#cceeff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">5,461</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">5,692 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Other liabilities</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">57</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">68 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Total Closed Block liabilities</span></td><td colspan="2" style="background-color:#cceeff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">5,518</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></td><td style="background-color:#cceeff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">5,760 </span></td><td style="background-color:#cceeff;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:14pt"><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Assets Designated to the Closed Block:</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Fixed maturities AFS, at fair value (amortized cost of $2,945 and $3,171) (allowance for credit losses of $0 and $0)</span></div></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">2,800</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,948 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Mortgage loans on real estate (net of allowance for credit losses of $13 and $4)</span></div></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">1,612</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,645 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Policy loans</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">554</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">569 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Cash and other invested assets</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">58</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Other assets</span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">150</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">187 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Total assets designated to the Closed Block</span></td><td colspan="2" style="background-color:#cceeff;border-bottom:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">5,174</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></td><td style="background-color:#cceeff;border-bottom:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;border-bottom:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">5,349 </span></td><td style="background-color:#cceeff;border-bottom:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.707%"><tr><td style="width:1.0%"></td><td style="width:70.014%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.416%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.533%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.537%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:120%">December 31,</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:120%">2023</span></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:120%">2022</span></td></tr><tr style="height:14pt"><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:0.5pt solid #000000;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Excess of Closed Block liabilities over assets designated to the Closed Block</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">344</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">411 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Amounts included in AOCI:</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:11.25pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Net unrealized investment gains (losses), net of policyholders’ dividend obligation: $0 and $0; and net of income tax: $31 and $47</span></div></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">(115)</span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(177)</span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Maximum future earnings to be recognized from Closed Block assets and liabilities</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">229</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">234 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div>
CY2023Q4 us-gaap Closed Block Liabilities Future Policy Benefits And Policyholder Account Balances
ClosedBlockLiabilitiesFuturePolicyBenefitsAndPolicyholderAccountBalances
5461000000 usd
CY2022Q4 us-gaap Closed Block Liabilities Future Policy Benefits And Policyholder Account Balances
ClosedBlockLiabilitiesFuturePolicyBenefitsAndPolicyholderAccountBalances
5692000000 usd
CY2023Q4 us-gaap Closed Block Liabilities Other Closed Block Liabilities
ClosedBlockLiabilitiesOtherClosedBlockLiabilities
57000000 usd
CY2022Q4 us-gaap Closed Block Liabilities Other Closed Block Liabilities
ClosedBlockLiabilitiesOtherClosedBlockLiabilities
68000000 usd
CY2023Q4 us-gaap Closed Block Liabilities
ClosedBlockLiabilities
5518000000 usd
CY2022Q4 us-gaap Closed Block Liabilities
ClosedBlockLiabilities
5760000000 usd
CY2023Q4 us-gaap Closed Block Investments Fixed Maturity Available For Sale Amortized Cost
ClosedBlockInvestmentsFixedMaturityAvailableForSaleAmortizedCost
2945000000 usd
CY2022Q4 us-gaap Closed Block Investments Fixed Maturity Available For Sale Amortized Cost
ClosedBlockInvestmentsFixedMaturityAvailableForSaleAmortizedCost
3171000000 usd
CY2023Q4 eqh Closed Block Investments Debt Securities Available For Sale Allowance For Credit Loss
ClosedBlockInvestmentsDebtSecuritiesAvailableForSaleAllowanceForCreditLoss
0 usd
CY2022Q4 eqh Closed Block Investments Debt Securities Available For Sale Allowance For Credit Loss
ClosedBlockInvestmentsDebtSecuritiesAvailableForSaleAllowanceForCreditLoss
0 usd
CY2023Q4 us-gaap Assets Designated To Closed Block Fixed Maturity Available For Sale At Fair Value
AssetsDesignatedToClosedBlockFixedMaturityAvailableForSaleAtFairValue
2800000000 usd
CY2022Q4 us-gaap Assets Designated To Closed Block Fixed Maturity Available For Sale At Fair Value
AssetsDesignatedToClosedBlockFixedMaturityAvailableForSaleAtFairValue
2948000000 usd
CY2023Q4 eqh Assets Designated To Closed Block Mortgage Loans On Real Estate Credit Losses
AssetsDesignatedToClosedBlockMortgageLoansOnRealEstateCreditLosses
13000000 usd
CY2022Q4 eqh Assets Designated To Closed Block Mortgage Loans On Real Estate Credit Losses
AssetsDesignatedToClosedBlockMortgageLoansOnRealEstateCreditLosses
4000000 usd
CY2023Q4 us-gaap Assets Designated To Closed Block Mortgage Loans On Real Estate
AssetsDesignatedToClosedBlockMortgageLoansOnRealEstate
1612000000 usd
CY2022Q4 us-gaap Assets Designated To Closed Block Mortgage Loans On Real Estate
AssetsDesignatedToClosedBlockMortgageLoansOnRealEstate
1645000000 usd
CY2023Q4 us-gaap Assets Designated To Closed Block Policy Loans
AssetsDesignatedToClosedBlockPolicyLoans
554000000 usd
CY2022Q4 us-gaap Assets Designated To Closed Block Policy Loans
AssetsDesignatedToClosedBlockPolicyLoans
569000000 usd
CY2023Q4 us-gaap Assets Designated To Closed Block Cash And Cash Equivalents
AssetsDesignatedToClosedBlockCashAndCashEquivalents
58000000 usd
CY2022Q4 us-gaap Assets Designated To Closed Block Cash And Cash Equivalents
AssetsDesignatedToClosedBlockCashAndCashEquivalents
0 usd
CY2023Q4 us-gaap Assets Designated To Closed Block Other Closed Block Assets1
AssetsDesignatedToClosedBlockOtherClosedBlockAssets1
150000000 usd
CY2022Q4 us-gaap Assets Designated To Closed Block Other Closed Block Assets1
AssetsDesignatedToClosedBlockOtherClosedBlockAssets1
187000000 usd
CY2023Q4 us-gaap Assets Designated To Closed Block
AssetsDesignatedToClosedBlock
5174000000 usd
CY2022Q4 us-gaap Assets Designated To Closed Block
AssetsDesignatedToClosedBlock
5349000000 usd
CY2023Q4 us-gaap Excess Of Reported Closed Block Liabilities Over Assets Designated To Closed Block
ExcessOfReportedClosedBlockLiabilitiesOverAssetsDesignatedToClosedBlock
344000000 usd
CY2022Q4 us-gaap Excess Of Reported Closed Block Liabilities Over Assets Designated To Closed Block
ExcessOfReportedClosedBlockLiabilitiesOverAssetsDesignatedToClosedBlock
411000000 usd
CY2023 eqh Unrealized Investment Gains Losses Policyholders Dividend Obligation
UnrealizedInvestmentGainsLossesPolicyholdersDividendObligation
0 usd
CY2022 eqh Unrealized Investment Gains Losses Policyholders Dividend Obligation
UnrealizedInvestmentGainsLossesPolicyholdersDividendObligation
0 usd
CY2023Q4 eqh Closed Block Operations Deferred Income Tax Expense Benefit
ClosedBlockOperationsDeferredIncomeTaxExpenseBenefit
-31000000 usd
CY2022Q4 eqh Closed Block Operations Deferred Income Tax Expense Benefit
ClosedBlockOperationsDeferredIncomeTaxExpenseBenefit
-47000000 usd
CY2023Q4 eqh Unrealized Investment Gains Losses Net Of Deferred Income Tax Expense Benefit And Policyholder Dividend Obligation
UnrealizedInvestmentGainsLossesNetOfDeferredIncomeTaxExpenseBenefitAndPolicyholderDividendObligation
-115000000 usd
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