AXA EQUITABLE LIFE INSURANCE CO
CIK:0000727920|SEC Filings
Consolidated Statements of Cash Flows - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Cash flows from operating activities: | |||
| Net income (loss) | $ (214) | $ 157 | $ 1,594 |
| Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||
| Interest credited to policyholders’ account balances | 1,257 | 1,384 | 1,309 |
| Policy charges and fee income | (852) | (1,095) | (2,225) |
| Net derivative (gains) losses | 1,667 | 2,417 | (879) |
| Credit and intent to sell losses on available for sale debt securities and loans | 75 | 216 | 319 |
| Investment (gains) losses, net | 50 | 584 | 643 |
| Realized and unrealized (gains) losses on trading securities | (23) | (14) | 41 |
| Non-cash long-term incentive compensation expense | 47 | 39 | 20 |
| Amortization and depreciation | 72 | 273 | 247 |
| Equity (income) loss from limited partnerships | (146) | (46) | (186) |
| Remeasurement of liability for future policy benefits | 36 | 37 | 50 |
| Change in market risk benefits | (67) | (1,018) | (1,107) |
| Changes in: | |||
| Reinsurance recoverable | 1,728 | 46 | (539) |
| Capitalization of deferred policy acquisition costs | (528) | (513) | (702) |
| Funds withheld payable | 172 | 89 | 0 |
| Future policy benefits | 354 | 280 | (494) |
| Current and deferred income taxes | (194) | (1,231) | 344 |
| Other, net | 181 | (239) | (151) |
| Net cash provided by (used in) operating activities | 3,615 | 1,366 | (1,716) |
| Proceeds from the sale/maturity/prepayment of: | |||
| Fixed maturities, available-for-sale | 7,260 | 9,340 | 14,966 |
| Mortgage loans on real estate | 1,123 | 446 | 1,154 |
| Trading account securities | 164 | 250 | 266 |
| Short-term investments | 798 | 1,861 | 0 |
| Other | 932 | 460 | 355 |
| Payment for the purchase/origination of: | |||
| Fixed maturities, available-for-sale | (7,073) | (3,776) | (17,838) |
| Mortgage loans on real estate | (1,629) | (1,967) | (3,683) |
| Trading account securities | (700) | (223) | (220) |
| Short-term investments | (400) | (1,761) | (483) |
| Other | (306) | (687) | (745) |
| Cash settlements related to derivative instruments, net | (2,216) | (804) | (160) |
| Investment in capitalized software, leasehold improvements and EDP equipment | (71) | (55) | (49) |
| Other, net | (214) | (114) | 81 |
| Net cash provided by (used in) investing activities | (2,332) | 2,970 | (6,356) |
| Policyholders’ account balances: | |||
| Deposits | 5,907 | 8,619 | 15,372 |
| Withdrawals | (13,593) | (11,792) | (6,833) |
| Transfers (to) from Separate Accounts | 1,787 | 1,063 | 1,621 |
| Payments of market risk benefits | (31) | (206) | (601) |
| Changes in securities lending payable | 21 | 116 | 0 |
| Change in collateralized pledged assets | (82) | (26) | 36 |
| Change in collateralized pledged liabilities | 3,105 | 1,579 | (1,572) |
| Proceeds from loan from affiliates | 400 | 0 | 0 |
| Shareholder dividend paid | (26) | (1,657) | (930) |
| Purchase (redemption) of noncontrolling interests of consolidated company-sponsored investment funds | 21 | 4 | 3 |
| Other, net | (1) | 0 | (42) |
| Net cash provided by (used in) financing activities | (2,492) | (2,300) | 7,054 |
| Change in cash and cash equivalents | (1,209) | 2,036 | (1,018) |
| Cash and cash equivalents, beginning of period | 2,833 | 797 | 1,815 |
| Cash and cash equivalents, end of period | 1,624 | 2,833 | 797 |
| Supplemental cash flow information: | |||
| Income taxes (refunded) paid | 61 | 1 | 45 |
| Non-cash transactions from investing and financing activities: | |||
| Securities exchanged for other equity investment | 110 | 0 | 0 |
| Dividend to Parent | 0 | 0 | (37) |
| Transfer of assets to reinsurer | $ 0 | $ 0 | $ (2,762) |
Consolidated Balance Sheets - USD ($) $ in Millions |
Dec. 31, 2024 |
Dec. 31, 2023 |
||||||
|---|---|---|---|---|---|---|---|---|
| Investments: | ||||||||
| Fixed maturities available-for-sale, at fair value (amortized cost of $61,728 and $61,884) (allowance for credit losses of $2 and $4) | $ 54,077 | $ 55,165 | ||||||
| Mortgage loans on real estate (net of allowance for credit losses of $270 and $277) | 18,298 | 17,877 | ||||||
| Policy loans | 3,827 | 3,667 | ||||||
| Other equity investments | [1] | 2,683 | 3,162 | |||||
| Trading securities, at fair value | 809 | 257 | ||||||
| Other invested assets | 7,450 | 5,952 | ||||||
| Total investments | 87,144 | 86,080 | ||||||
| Cash and cash equivalents | 1,624 | 2,833 | ||||||
| Deferred policy acquisition costs | 4,685 | 4,759 | ||||||
| Amounts due from reinsurers (allowance for credit losses of $8 and $7) | 20,026 | 20,636 | ||||||
| Loans to affiliates | 1,900 | 1,900 | ||||||
| Current and deferred income taxes | 3,230 | 2,755 | ||||||
| Purchased market risk benefits | 13,033 | 16,729 | ||||||
| Other assets | 5,070 | 5,326 | ||||||
| Assets for market risk benefits | 781 | 574 | ||||||
| Separate Accounts assets | 125,807 | 121,497 | ||||||
| Total Assets | 263,300 | 263,089 | ||||||
| LIABILITIES | ||||||||
| Policyholders’ account balances | 84,206 | 82,990 | ||||||
| Liability for market risk benefits | 11,791 | 14,570 | ||||||
| Future policy benefits and other policyholders' liabilities | 16,653 | 16,573 | ||||||
| Broker-dealer related payables | 289 | 796 | ||||||
| Amounts due to reinsurers | 185 | 216 | ||||||
| Funds withheld payable | 9,802 | 10,603 | ||||||
| Loans from affiliates | 400 | 0 | ||||||
| Reinsurance deposit liabilities | 14,193 | 14,965 | ||||||
| Other liabilities | 2,805 | 2,496 | ||||||
| Separate Accounts liabilities | 125,807 | 121,497 | ||||||
| Total Liabilities | 266,131 | 264,706 | ||||||
| Redeemable noncontrolling interest | [2] | 38 | 24 | |||||
| Commitments and contingent liabilities | [3] | |||||||
| Equity attributable to Equitable Financial: | ||||||||
| Common stock, $1.25 par value; 2,000,000 shares authorized, issued and outstanding | 2 | 2 | ||||||
| Additional paid-in capital | 6,827 | 6,895 | ||||||
| Accumulated deficit | (1,814) | (1,600) | ||||||
| Accumulated other comprehensive income (loss) | (7,884) | (6,938) | ||||||
| Total Equity | (2,869) | (1,641) | ||||||
| Total Liabilities, Redeemable Noncontrolling Interest and Equity | $ 263,300 | $ 263,089 | ||||||
| ||||||||