Equitable : Financial Life Insurance Company of America – Third Quarter Statement 2022

STATEMENT AS OF SEPTEMBER 30, 2022 OF THE EQUITABLE FINANCIAL LIFE INSURANCE COMPANY OF AMERICA

STATEMENT AS OF SEPTEMBER 30, 2022 OF THE EQUITABLE FINANCIAL LIFE INSURANCE COMPANY OF AMERICA

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	2,220,912,070	0		2,220,912,070	1,995,561,864
2.	Stocks:
	2.1 Preferred stocks	18,933,348	0		18,933,348	22,713,639
	2.2 Common stocks	1,023,500	0		1,023,500	203,300

3. Mortgage loans on real estate:

	3.1 First liens				17,000,000	0	17,000,000	17,000,000
	3.2 Other than first liens			0	0	0	0
4.	Real estate:
	4.1 Properties occupied by the company (less $	0
	encumbrances)			0	0	0	0
	4.2 Properties held for the production of income (less
	$		0 encumbrances)		0	0	0	0
	4.3 Properties held for sale (less $	0
	encumbrances)			0	0	0	0
5.	Cash ($	(7,124,786) ), cash equivalents
	($	13,551,156	) and short-term
	investments ($	0 )		6,426,371	0	6,426,371	106,676,197
6.	Contract loans (including $	0	premium notes)	147,863,340	573,660	147,289,680	125,038,429
7.	Derivatives				17,519,919	0	17,519,919	20,741,850
8.	Other invested assets			0	0	0	0
9.	Receivables for securities			36,012	0	36,012	722,300
10.	Securities lending reinvested collateral assets		0	0	0	0
11.	Aggregate write-ins for invested assets		568,870	0	568,870	48,870
12.	Subtotals, cash and invested assets (Lines 1 to 11)		2,430,283,430	573,660	2,429,709,770	2,288,706,449
13.	Title plants less $	0 charged off (for Title insurers
	only)				0	0	0	0
14.	Investment income due and accrued		23,108,573	0	23,108,573	18,882,575
15.	Premiums and considerations:
	15.1 Uncollected premiums and agents' balances in the course of collection	(2,397,250)	0	(2,397,250)	(2,027,142)
	15.2 Deferred premiums, agents' balances and installments booked but
	deferred and not yet due (including $	0
	earned but unbilled premiums)		0	0	0	0
	15.3 Accrued retrospective premiums ($	0 ) and
	contracts subject to redetermination ($	0 )	0	0	0	0

16. Reinsurance:

	16.1	Amounts recoverable from reinsurers	4,318,339	0	4,318,339	3,027,830
	16.2	Funds held by or deposited with reinsured companies	0	0	0	0
	16.3	Other amounts receivable under reinsurance contracts	332,406	0	332,406	820,162
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	102,732,406	77,948,749	24,783,657	22,230,239
19.	Guaranty funds receivable or on deposit	271,640	0	271,640	353,862
20.	Electronic data processing equipment and software	0	0	0	0

21. Furniture and equipment, including health care delivery assets

	($	0 )	0	0	0	0
22.	Net adjustment in assets and liabilities due to foreign exchange rates	0	0	0	0
23.	Receivables from parent, subsidiaries and affiliates	0	0	0	48,076,963
24.	Health care ($	0 ) and other amounts receivable	0	0	0	0
25.	Aggregate write-ins for other than invested assets	17,006,388	12,973,475	4,032,913	63,256

26. Total assets excluding Separate Accounts, Segregated Accounts and

Protected Cell Accounts (Lines 12 to 25)

2,575,655,932

91,495,884

2,484,160,048

2,380,134,194

27. From Separate Accounts, Segregated Accounts and Protected Cell

	Accounts	3,494,739,165	0	3,494,739,165	3,861,884,478
28.	Total (Lines 26 and 27)	6,070,395,097	91,495,884	5,978,899,213	6,242,018,672
	DETAILS OF WRITE-INS
1101.	MISCELLANEOUS INVESTED ASSETS		0		48,870		48,870
48,870
1102.	COLLATERAL ON DERIVATIVES INSTRUMENTS	520,000	0		520,000		0
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)	568,870	0		568,870		48,870
2501.	MISCELLANEOUS ASSETS	102,588	0		102,588		63,256
2502.	ACCRUED ADMINISTRATIVE FEES	3,930,325	0		3,930,325		0
2503.	IMR DEBIT BALANCE	5,168,476	5,168,476		0		0
2598.	Summary of remaining write-ins for Line 25 from overflow page	7,804,999	7,804,999		0		0
2599.	Totals (Lines 2501 through 2503 plus 2598)(Line 25 above)	17,006,388	12,973,475		4,032,913		63,256

2

STATEMENT AS OF SEPTEMBER 30, 2022 OF THE EQUITABLE FINANCIAL LIFE INSURANCE COMPANY OF AMERICA

LIABILITIES, SURPLUS AND OTHER FUNDS

						1	2
						Current	December 31
						Statement Date	Prior Year
1.	Aggregate reserve for life contracts $	2,254,670,257 less $		0 included in Line 6.3
	(including $	0	Modco Reserve)			2,254,670,257	2,206,016,877
2.	Aggregate reserve for accident and health contracts (including $	0	Modco Reserve)	49,938,534	36,485,912
3.	Liability for deposit-type contracts (including $	0 Modco Reserve)		6,305,349	4,883,234

4. Contract claims:

4.1	Life		31,819,406	31,180,844
4.2	Accident and health			6,214,987	4,178,480
5. Policyholders' dividends/refunds to members $	0 and coupons $	0 due
and unpaid		0	0

6. Provision for policyholders' dividends, refunds to members and coupons payable in following calendar year - estimated amounts:

6.1	Policyholders' dividends and refunds to members apportioned for payment (including $	0
	Modco)			0	0
6.2	Policyholders' dividends and refunds to members not yet apportioned (including $	0 Modco)	0	0
6.3	Coupons and similar benefits (including $	0 Modco)		0	0
7. Amount provisionally held for deferred dividend policies not included in Line 6		0	0

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

$

0 discount; including $

0 accident and health premiums

0

0

9. Contract liabilities not included elsewhere:

	9.1	Surrender values on canceled contracts				0	0
	9.2	Provision for experience rating refunds, including the liability of $		0 accident and health
		experience rating refunds of which $	0 is for medical loss ratio rebate per the Public Health
		Service Act						0	0
	9.3 Other amounts payable on reinsurance, including $		0	assumed and $	0
		ceded						0	0
	9.4 Interest Maintenance Reserve						0	0
10.	Commissions to agents due or accrued-life and annuity contracts $		82,578,251 , accident and health
	$	987 and deposit-type contract funds $			0		82,579,238	33,482,464
11.	Commissions and expense allowances payable on reinsurance assumed				0	0
12.	General expenses due or accrued						2,609,802	2,393,666
13.	Transfers to Separate Accounts due or accrued (net) (including $		(317,495,179) accrued for expense
	allowances recognized in reserves, net of reinsured allowances)				(322,740,914)	(307,190,303)
14.	Taxes, licenses and fees due or accrued, excluding federal income taxes				6,477,643	8,790,918
15.1	Current federal and foreign income taxes, including $	(35,617,104)	on realized capital gains (losses)		1,439,957	1,439,957
15.2	Net deferred tax liability						0	0
16.	Unearned investment income						0	0
17.	Amounts withheld or retained by reporting entity as agent or trustee				(12,033)	2,869,962
18.	Amounts held for agents' account, including $	0 agents' credit balances		0	0
19.	Remittances and items not allocated						7,293,233	15,777,036
20.	Net adjustment in assets and liabilities due to foreign exchange rates				0	0
21.	Liability for benefits for employees and agents if not included above				0	0
22.	Borrowed money $	0 and interest thereon $		0		0	0
23.	Dividends to stockholders declared and unpaid					0	0

24. Miscellaneous liabilities:

	24.01	Asset valuation reserve				14,713,306	15,645,508
	24.02 Reinsurance in unauthorized and certified ($	0 ) companies		143,583	0
	24.03 Funds held under reinsurance treaties with unauthorized and certified ($	0 ) reinsurers	0	0
	24.04	Payable to parent, subsidiaries and affiliates			9,360,834	17,427,285
	24.05	Drafts outstanding				0	0
	24.06	Liability for amounts held under uninsured plans			0	0
	24.07	Funds held under coinsurance				0	0
	24.08	Derivatives				0	0
	24.09	Payable for securities				3,030,496	0
	24.10	Payable for securities lending				0	0
	24.11 Capital notes $	0 and interest thereon $		0	0	0
25.	Aggregate write-ins for liabilities				1,472,132	5,151,001
26.	Total liabilities excluding Separate Accounts business (Lines 1 to 25)			2,155,315,810	2,078,532,841
27.	From Separate Accounts Statement				3,477,242,311	3,840,689,663
28.	Total liabilities (Lines 26 and 27)				5,632,558,121	5,919,222,504
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				784,648,867	684,648,867
34.	Aggregate write-ins for special surplus funds			0	0
35.	Unassigned funds (surplus)				(440,807,775)	(364,352,699)

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 $	17,496,854	in Separate Accounts Statement)	343,841,092	320,296,168
38.	Totals of Lines 29, 30 and 37						346,341,092	322,796,168
39.	Totals of Lines 28 and 38 (Page 2, Line 28, Col. 3)					5,978,899,213	6,242,018,672
	DETAILS OF WRITE-INS
2501.	MISCELLANEOUS LIABILITIES							1,472,132	5,151,001
2502.
2503.
2598.	Summary of remaining write-ins for Line 25 from overflow page					0	0
2599.	Totals (Lines 2501 through 2503 plus 2598)(Line 25 above)
				1,472,132	5,151,001
3101. ....................................................................................................	0	0
3102. ....................................................................................................	0	0
3103. ....................................................................................................	0	0
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. ....................................................................................................	0	0
3402. ....................................................................................................	0	0
3403.
3498.	Summary of remaining write-ins for Line 34 from overflow page					0	0
3499.	Totals (Lines 3401 through 3403 plus 3498)(Line 34 above)					0	0

3

STATEMENT AS OF SEPTEMBER 30, 2022 OF THE EQUITABLE FINANCIAL LIFE INSURANCE COMPANY OF AMERICA

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	980,213,765	754,107,976	1,071,405,078
2.	Considerations for supplementary contracts with life contingencies	0	0	0
3.	Net investment income	56,920,239	58,483,708	76,752,149
4.	Amortization of Interest Maintenance Reserve (IMR)	110,058	(587,147)	(213,668)
5.	Separate Accounts net gain from operations excluding unrealized gains or losses	(1,663,850)	174,066	993,114
6.	Commissions and expense allowances on reinsurance ceded	12,299,455	13,061,553	24,257,493
7.	Reserve adjustments on reinsurance ceded	0	0	0

8. Miscellaneous Income:

	8.1 Income from fees associated with investment management, administration and contract
	guarantees from Separate Accounts	27,974,993	32,368,569	47,290,991
	8.2 Charges and fees for deposit-type contracts	0	0	0
	8.3 Aggregate write-ins for miscellaneous income	16,358,947	3,058,475	4,333,749
9.	Totals (Lines 1 to 8.3)	1,092,213,607	860,667,200	1,224,818,906
10.	Death benefits	141,469,093	119,954,884	173,336,222
11.	Matured endowments (excluding guaranteed annual pure endowments)	0	0	0
12.	Annuity benefits	1,146,256	0	947,457
13.	Disability benefits and benefits under accident and health contracts	71,882,179	49,413,715	67,036,621
14.	Coupons, guaranteed annual pure endowments and similar benefits	0	0	0
15.	Surrender benefits and withdrawals for life contracts	47,456,705	32,265,301	47,649,508
16.	Group conversions	0	0	0
17.	Interest and adjustments on contract or deposit-type contract funds	313,223	157,890	448,087
18.	Payments on supplementary contracts with life contingencies	0	0	0
19.	Increase in aggregate reserves for life and accident and health contracts	62,106,002
249,347,174	325,911,862
20.	Totals (Lines 10 to 19)	324,373,458	451,138,964	615,329,757

21. Commissions on premiums, annuity considerations, and deposit-type contract funds (direct

	business only)	131,386,062	115,697,082	166,717,306
22.	Commissions and expense allowances on reinsurance assumed	0	0	0
23.	General insurance expenses and fraternal expenses	98,197,025	101,025,374	141,371,097
24.	Insurance taxes, licenses and fees, excluding federal income taxes	6,687,611	14,549,124	18,588,502
25.	Increase in loading on deferred and uncollected premiums	0	0	0
26.	Net transfers to or (from) Separate Accounts net of reinsurance	410,993,051	230,046,509	332,099,660
27.	Aggregate write-ins for deductions	50,490,210	72,321,762	110,679,027
28.	Totals (Lines 20 to 27)	1,022,127,417	984,778,815	1,384,785,349

29. Net gain from operations before dividends to policyholders and federal income taxes (Line 9 minus

Line 28)	70,086,190	(124,111,615)	(159,966,443)
30. Dividends to policyholders and refunds to members	0	0	0

31. Net gain from operations after dividends to policyholders, refunds to members and before federal

income taxes (Line 29 minus Line 30)	70,086,190	(124,111,615)	(159,966,443)
32. Federal and foreign income taxes incurred (excluding tax on capital gains)	27,065,051	(8,485,618)	(15,109,278)

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)		43,021,139	(115,625,997)	(144,857,165)
34.	Net realized capital gains (losses) (excluding gains (losses) transferred to the IMR) less capital
	gains tax of $	(19,575,941) (excluding taxes of $	(222,127)
	transferred to the IMR)			(74,630,447)	86,838,320	100,602,702
35.	Net income (Line 33 plus Line 34)		(31,609,308)	(28,787,677)	(44,254,463)
		CAPITAL AND SURPLUS ACCOUNT
36.	Capital and surplus, December 31, prior year		322,796,168	432,464,650	432,464,650
37.	Net income (Line 35)			(31,609,308)	(28,787,677)	(44,254,463)
38.	Change in net unrealized capital gains (losses) less capital gains tax of $	(8,060,343)	(30,322,243)	(7,840,818)	3,426,152
39.	Change in net unrealized foreign exchange capital gain (loss)		0	0	0
40.	Change in net deferred income tax		16,747,224	13,504,930	15,277,822
41.	Change in nonadmitted assets		(20,370,405)	(15,197,936)	(11,926,549)
42.	Change in liability for reinsurance in unauthorized and certified companies		(143,583)	0	0
43.	Change in reserve on account of change in valuation basis, (increase) or decrease	0	0	0
44.	Change in asset valuation reserve		932,202	10,431,049	9,142,959
45.	Change in treasury stock			0	0	0
46.	Surplus (contributed to) withdrawn from Separate Accounts during period		(321,689)	(124,555)	(231,792)
47.	Other changes in surplus in Separate Accounts Statement		(2,034,111)	(86,860)	(252,786)
48.	Change in surplus notes			0	0	0
49.	Cumulative effect of changes in accounting principles		0	0	2,511,490

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	100,000,000	460,000	(64,346,133)
	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	(9,333,163)	(9,587,139)	(19,015,182)
52.	Dividends to stockholders	0	(114,806,133)	0
53.	Aggregate write-ins for gains and losses in surplus	0	0	0
54.	Net change in capital and surplus for the year (Lines 37 through 53)	23,544,924	(152,035,139)	(109,668,482)
55.	Capital and surplus, as of statement date (Lines 36 + 54)	346,341,092	280,429,511	322,796,168
	DETAILS OF WRITE-INS
08.301. Sundry receipts and adjustments	16,358,947
3,058,475	4,333,749
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)	16,358,947	3,058,475	4,333,749
2701.	Sundry disbursements and adjustments	249,470	4,761,337	3,906,936
2702.	Separate account MODCO reinsurance	50,240,740	67,560,425	106,772,091
2703.
2798.	Summary of remaining write-ins for Line 27 from overflow page	0	0	0
2799.	Totals (Lines 2701 through 2703 plus 2798)(Line 27 above)	50,490,210	72,321,762	110,679,027
5301.
5302.
5303.
5398.	Summary of remaining write-ins for Line 53 from overflow page	0	0	0
5399.	Totals (Lines 5301 through 5303 plus 5398)(Line 53 above)	0	0	0

4

STATEMENT AS OF SEPTEMBER 30, 2022 OF THE EQUITABLE FINANCIAL LIFE INSURANCE COMPANY OF AMERICA

CASH FLOW

			1	2	3
			Current Year	Prior Year	Prior Year Ended
			To Date	To Date	December 31
	Cash from Operations
1.	Premiums collected net of reinsurance		981,071,629	751,673,193	1,071,583,696
2.	Net investment income		54,810,218	56,417,340	76,446,796
3.	Miscellaneous income		45,636,382	38,901,458	56,867,051
4.	Total (Lines 1 to 3)		1,081,518,229	846,991,991	1,204,897,543
5.	Benefit and loss related payments		260,882,896	205,271,354	274,715,988
6.	Net transfers to Separate Accounts, Segregated Accounts and Protected Cell Accounts	426,543,662	253,408,340	395,100,010
7.	Commissions, expenses paid and aggregate write-ins for deductions		239,679,051	296,402,710	421,072,673
8.	Dividends paid to policyholders		0	0	0
9.	Federal and foreign income taxes paid (recovered) net of $	0 tax on capital
	gains (losses)		0	(30,066,819)	(30,768,746)
10.	Total (Lines 5 through 9)		927,105,609	725,015,585	1,060,119,925
11.	Net cash from operations (Line 4 minus Line 10)		154,412,620	121,976,406	144,777,618

Cash from Investments

12. Proceeds from investments sold, matured or repaid:

12.1	Bonds	35,340,672	84,455,522	287,979,137
12.2	Stocks	0	0	2,284,954
12.3	Mortgage loans	0	0	0
12.4	Real estate	0	0	0
12.5	Other invested assets	0	0	0
12.6	Net gains or (losses) on cash, cash equivalents and short-term investments	0	0	0
12.7	Miscellaneous proceeds	5,502,076	72,731,741	76,895,979
12.8 Total investment proceeds (Lines 12.1 to 12.7)	40,842,748	157,187,263	367,160,070
13. Cost of investments acquired (long-term only):
13.1	Bonds	264,614,674	338,227,965	551,019,790
13.2	Stocks	0	0	27,000
13.3	Mortgage loans	0	0	0
13.4	Real estate	0	0	0
13.5	Other invested assets	0	0	0
13.6	Miscellaneous applications	126,922,173	18,735,508	3,835,687
13.7	Total investments acquired (Lines 13.1 to 13.6)	391,536,847	356,963,473	554,882,477
14. Net increase (or decrease) in contract loans and premium notes	22,266,309	9,368,958	12,993,025
15. Net cash from investments (Line 12.8 minus Line 13.7 and Line 14)	(372,960,408)	(209,145,168)	(200,715,432)

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	100,000,000	0	50,000,000
	16.3	Borrowed funds	0	0	0
	16.4	Net deposits on deposit-type contracts and other insurance liabilities	1,422,115	(182,199)	395,364
	16.5 Dividends to stockholders	0	0	0
	16.6 Other cash provided (applied)	16,875,847	(11,373,635)	(28,831,519)
17.	Net cash from financing and miscellaneous sources (Line 16.1 through Line 16.4 minus Line 16.5
	plus Line 16.6)	118,297,962	(11,555,834)	21,563,845
	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)	(100,249,826)	(98,724,596)	(34,373,969)
19.	Cash, cash equivalents and short-term investments:
	19.1	Beginning of year	106,676,197	141,050,166	141,050,166
	19.2 End of period (Line 18 plus Line 19.1)	6,426,371	42,325,570	106,676,197

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

20.0001.	Non	Cash	Transactions	for	Bonds acquired/proceeds	5,910,827	0	2,069,079
20.0002.	Non	Cash	Transactions	for	Dividend to capital and surplus	0	0	114,806,133

5