EQUITABLE FINANCIAL LIFE INSURANCE CO FILES (8-Okay) Disclosing Entry right into a Materials Definitive Settlement, Monetary Statements and Displays

Merchandise 1.01 Entry right into a Materials Definitive Settlement

On October 3, 2022, Equitable Monetary Life Insurance coverage Firm, a New
York-domiciled life insurance coverage firm (the “Firm”) and wholly owned
subsidiary of Equitable Holdings, Inc., a Delaware company (“EQH”), entered
right into a Coinsurance and Modified Coinsurance Settlement (the “Reinsurance
Settlement”) with First Allmerica Monetary Life Insurance coverage Firm, a
Massachusetts-domiciled insurance coverage firm (“Reinsurer”), in reference to the
completion of the transactions contemplated by the beforehand introduced Grasp
Transaction Settlement, dated August 16, 2022 (the “Settlement”), by and between
the Firm and the Reinsurer (the “Transaction”). Pursuant to the Reinsurance
Settlement, the Firm ceded to Reinsurer, on a mixed coinsurance and
modified coinsurance foundation, a 50% quota share of roughly 360,000 legacy
Group EQUI-VEST® deferred variable annuity contracts issued by the Firm
between 1980 and 2008, which predominately embrace the Firm’s highest
assured normal account crediting charges of three%, supported by normal account
belongings of roughly $4 billion and $6 billion of separate account worth (the
“Reinsured Contracts”). On the closing of the Transaction, Reinsurer deposited
belongings supporting the overall account liabilities regarding the Reinsured
Contracts right into a belief account for the advantage of the Firm, which belongings will
safe its obligations to the Firm underneath the Reinsurance Settlement. The
Firm reinsured the separate accounts regarding the Reinsured Contracts on a
modified coinsurance foundation. Commonwealth Annuity and Life Insurance coverage Firm, an
insurance coverage firm domiciled within the Commonwealth of Massachusetts and affiliate
of Reinsurer, offered a assure of Reinsurer’s fee obligation to the
Firm underneath the Reinsurance Settlement. As well as, the funding of belongings
within the belief account will likely be topic to funding tips and sure
capital adequacy associated triggers would require enhanced funding. The Reinsurance
Settlement additionally accommodates further counterparty threat administration and mitigation
provisions. On the closing of the Transaction, AllianceBernstein L.P., a
subsidiary of EQH (“AB”), entered into an funding advisory settlement with
Reinsurer pursuant to which AB will function the popular funding supervisor of
sure normal account belongings transferred to the belief account. The Firm
will proceed to manage the Reinsured Contracts.

The foregoing description of the Reinsurance Settlement doesn’t purport to be
full, and is certified in its entirety by reference to the total textual content of the
Reinsurance Settlement, a replica of which will likely be filed together with the Firm’s
10-Q later this quarter.

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Merchandise 9.01 Monetary Statements and Displays

(d) Displays

104     Cowl Web page Interactive Information File (embedded throughout the Inline XBRL doc).



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