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August 9, 2022 8:32 AM EDT

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
———————————————
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2022
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from              to
Commission File No. 333-65423
————————————————
efloa-20220630_g1.jpg
EQUITABLE FINANCIAL LIFE INSURANCE COMPANY OF AMERICA
(Exact name of registrant as specified in its charter)
Arizona86-0222062
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
525 Washington Boulevard, Jersey City, New Jersey
07310
(Address of principal executive offices)(Zip Code)
(212) 554-1234
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act: None
Securities registered pursuant to Section 12(g) of the Act: None
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes ☒    No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☒    No  ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an “emerging growth company”. See definition of “accelerated filer,” “large accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13 (a) of the Exchange Act. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No
As of August 8, 2022, 2,500,000 shares of the registrant’s $1.00 par value Common Stock were outstanding, all of which were owned indirectly by Equitable Holdings, Inc.
REDUCED DISCLOSURE FORMAT
Equitable Financial Life Insurance Company of America meets the conditions set forth in General Instruction (H)(1)(a) and (b) of Form 10-Q and is therefore filing this Form with the reduced disclosure format.
1

TABLE OF CONTENTS
 Page
PART I - FINANCIAL INFORMATION
PART II - OTHER INFORMATION
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.

1

NOTE REGARDING FORWARD-LOOKING STATEMENTS AND INFORMATION
Certain of the statements included or incorporated by reference in this Quarterly Report on Form 10-Q constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “expects,” “believes,” “anticipates,” “intends,” “seeks,” “aims,” “plans,” “assumes,” “estimates,” “projects,” “should,” “would,” “could,” “may,” “will,” “shall” or variations of such words are generally part of forward-looking statements. Forward-looking statements are made based on management’s current expectations and beliefs concerning future developments and their potential effects upon Equitable Financial Life Insurance Company of America (“Equitable America”)and its consolidated subsidiaries. “We,” “us” and “our” refer to Equitable America and its consolidated subsidiaries, unless the context refers only to Equitable America as a corporate entity. There can be no assurance that future developments affecting Equitable Financial will be those anticipated by management. Forward-looking statements include, without limitation, all matters that are not historical facts.
These forward-looking statements are not a guarantee of future performance and involve risks and uncertainties, and there are certain important factors that could cause actual results to differ, possibly materially, from expectations or estimates reflected in such forward-looking statements, including, among others: (i) conditions in the financial markets and economy, including the impact of COVID-19 and related economic conditions, equity market declines and volatility, interest rate fluctuations and changes in liquidity and, access to and cost of capital; (ii) operational factors, remediation of our material weakness, indebtedness, protection of confidential customer information or proprietary business information, operational failures, our service providers, and catastrophic events, such as the outbreak of pandemic diseases including COVID-19; (iii) credit, counterparties and investments, including counterparty default on derivative contracts, failure of financial institutions, defaults by third parties and affiliates and economic downturns, defaults and other events adversely affecting our investments; (iv) our reinsurance and hedging programs; (v) our products, structure and product distribution, including variable annuity guaranteed benefits features within certain of our products, variations in statutory capital requirements, financial strength and claims-paying ratings and key product distribution relationships; (vi) estimates, assumptions and valuations, including risk management policies and procedures, potential inadequacy of reserves and experience differing from pricing expectations or reserves, amortization of deferred acquisition costs and financial models; and (vii) legal and regulatory risks, including federal and state legislation affecting financial institutions, insurance regulation and tax reform.
Forward-looking statements should be read in conjunction with the other cautionary statements, risks, uncertainties and other factors identified in Equitable America’s Annual Report on Form 10-K for the year ended December 31, 2021, as amended or supplemented in our subsequently filed Quarterly Reports on Form 10-Q, including in the section entitled “Risk Factors,” and elsewhere in this Quarterly Report on Form 10-Q. You should read this Form 10-Q completely and with the understanding that actual future results may be materially different from expectations. Further, any forward-looking statement speaks only as of the date on which it is made, and we undertake no obligation to update or revise any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events, except as otherwise may be required by law.
Other risks, uncertainties and factors, including those discussed under “Risk Factors”, in our Annual Report on Form 10-K could cause our actual results to differ materially from those projected in any forward-looking statements we make. Readers should read carefully the factors described in “Risk Factors” in our Annual Report on Form 10-K to better understand the risks and uncertainties inherent in our business and underlying any forward-looking statements.
Throughout this Quarterly Report on Form 10-Q we use certain defined terms and abbreviations, which are summarized in the “Glossary” and “Acronyms” sections.
2

Part I FINANCIAL INFORMATION
Item 1. Financial Statements
3


EQUITABLE FINANCIAL LIFE INSURANCE COMPANY OF AMERICA
Balance Sheets
June 30, 2022 (Unaudited) and December 31, 2021
June 30, 2022December 31, 2021
(in millions, except share data)
ASSETS
Investments:
Fixed maturities available-for-sale, at fair value (amortized cost of $2,611 and $2,444) (allowance for credit losses of $0 and $0 )
$2,318 $2,572 
Mortgage loans on real estate (net of allowance for credit losses of $0 and $0)
17 17 
Policy loans246 238 
Other equity investments19 23 
Other invested assets20 19 
Total investments2,620 2,869 
Cash and cash equivalents33 127 
Deferred policy acquisition costs818 637 
Amounts due from reinsurers (allowance for credit losses of $0 and $0)
1,101 1,136 
Current and deferred income taxes94 15 
Other assets55 57 
Separate Accounts assets2,985 3,394 
Total Assets$7,706 $8,235 
LIABILITIES
Policyholders’ account balances$3,486 $3,504 
Future policy benefits and other policyholders' liabilities592 470 
Amounts due to reinsurers111 117 
Other liabilities141 42 
Separate Accounts liabilities2,985 3,394 
Total Liabilities$7,315 $7,527 
Commitments and contingent liabilities (Note 10)
EQUITY
Common stock, $1.00 par value; 2,500,000 shares authorized, issued and outstanding
$3 $3 
Additional paid-in capital681 679 
Accumulated deficit(92)(60)
Accumulated other comprehensive income (loss)(201)86 
Total Equity391 708 
Total Liabilities and Equity$7,706 $8,235 

See Notes to Financial Statements (Unaudited).
4

EQUITABLE FINANCIAL LIFE INSURANCE COMPANY OF AMERICA
Statements of Income (Loss)
Three and Six Months Ended June 30, 2022 and 2021 (Unaudited)

Three Months Ended June 30,Six Months Ended June 30,
2022202120222021
(in millions)
REVENUES
Policy charges and fee income$77 $78 $146 $144 
Premiums59 38 108 76 
Net derivative gains (losses)3 (3) (3)
Net investment income (loss)21 20 41 44 
Investment gains (losses), net(2) (3) 
Investment management and service fees6 1 11 2 
Other income1 5 1 6 
Total revenues165 139 304 269 
BENEFITS AND OTHER DEDUCTIONS
Policyholders’ benefits81 54 156 109 
Interest credited to policyholders’ account balances23 25 42 40 
Compensation and benefits9 8 20 18 
Commissions26 17 42 34 
Amortization of deferred policy acquisition costs16 31 35 43 
Other operating costs and expenses22 22 43 42 
Total benefits and other deductions177 157 338 286 
Income (loss) from continuing operations, before income taxes(12)(18)(34)(17)
Income tax (expense) benefit(1)4 2 4 
Net income (loss)$(13)$(14)$(32)$(13)

See Notes to Financial Statements (Unaudited).
5

EQUITABLE FINANCIAL LIFE INSURANCE COMPANY OF AMERICA
Statements of Comprehensive Income (Loss)
Three and Six Months Ended June 30, 2022 and 2021 (Unaudited)

Three Months Ended June 30,Six Months Ended June 30,
2022202120222021
(in millions)
COMPREHENSIVE INCOME (LOSS)
Net income (loss)$(13)$(14)$(32)$(13)
Other comprehensive income (loss), net of income taxes:
Change in unrealized gains (losses), net of adjustments (1)(137)37 (287)(36)
Other comprehensive income (loss), net of income taxes(137)37 (287)(36)
Comprehensive income (loss)$(150)$23 $(319)$(49)
_____________
(1)See Note 9 of the Notes to these Financial Statements for details of change in unrealized gains (losses), net of adjustments.


See Notes to Financial Statements (Unaudited).
6

EQUITABLE FINANCIAL LIFE INSURANCE COMPANY OF AMERICA
Statements of Equity
For the Three and Six Months Ended June 30, 2022 and 2021 (Unaudited)

Three Months Ended June 30,
Equitable Financial Life Insurance Company of America Equity
Common StockAdditional Paid-in CapitalAccumulated DeficitAccumulated Other Comprehensive Income (Loss)Total Non-controlling InterestTotal Equity
(in millions)
April 1, 2022$3 $680 $(79)$(64)$540 $ $540 
Net income (loss)  (13) (13) (13)
Other comprehensive income (loss)   (137)(137) (137)
Other 1   1  1 
June 30, 2022$3 $681 $(92)$(201)$391 $ $391 

April 1, 2021$3 $693 $(46)$65 $715 $ $715 
Dividend of AB Units to parent— (64)— — (64)— (64)
Net income (loss)— — (14)— (14)— (14)
Other comprehensive income (loss)— — — 37 37 — 37 
Other — (1)— — (1)— (1)
June 30, 2021$3 $628 $(60)$102 $673 $ $673 

Six Months Ended June 30,
Equitable Financial Life Insurance Company of America Equity
Common StockAdditional Paid-in CapitalAccumulated DeficitAccumulated Other Comprehensive Income (Loss)Total Non-controlling InterestTotal Equity
(in millions)
January 1, 2022$3 $679 $(60)$86 $708 $ $708 
Net income (loss)  (32) (32) (32)
Other comprehensive income (loss)   (287)(287) (287)
Other 2   2  2 
June 30, 2022$3 $681 $(92)$(201)$391 $ $391 

January 1, 2021$3 $692 $(47)$138 $786 $ $786 
Dividend of AB Units to parent— (64) — (64)— (64)
Net income (loss)— — (13)— (13)— (13)
Other comprehensive income (loss)— — — (36)(36)— (36)
Other — — — — — — — 
June 30, 2021$3 $628 $(60)$102 $673 $ $673 


See Notes to Financial Statements (Unaudited).
7

EQUITABLE FINANCIAL LIFE INSURANCE COMPANY OF AMERICA
Statements of Cash Flows
Six Months Ended June 30, 2022 and 2021 (Unaudited)
Six Months Ended June 30,
20222021
(in millions)
Cash flows from operating activities:
Net income (loss)$(32)$(13)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Interest credited to policyholders’ account balances42 40 
Policy charges and fee income(146)(144)
Net derivative (gains) losses 3 
Dividend from AB Units 5 
Equity in (income) loss from AB (3)
Investment (gains) losses, net3  
Realized and unrealized (gains) losses on trading securities 1 
Non-cash long-term incentive compensation expense2 (3)
Amortization and depreciation37 44 
Changes in:
Reinsurance recoverable1 (58)
Capitalization of deferred policy acquisition costs(52)(52)
Future policy benefits4 12 
Current and deferred income taxes(2)26 
Other, net104 (2)
Net cash provided by (used in) operating activities$(39)$(144)
Cash flows from investing activities:
Proceeds from the sale/maturity/prepayment of:
Fixed maturities, available-for-sale$120 $77 
Short-term investments(1) 
Other1  
Payment for the purchase/origination of:
Fixed maturities, available-for-sale(289)(295)
Other(2)1 
Cash settlements related to derivative instruments, net(97)45 
Other, net(8)(5)
Net cash provided by (used in) investing activities$(276)$(177)
Cash flows from financing activities:
Policyholders’ account balances:
Deposits$357 $308 
Withdrawals(44)(41)
Transfer (to) from Separate Accounts(93)(27)
Change in collateralized pledged liabilities(3) 
Shareholder dividend paid  
Cash contribution from parent company  
Other, net4 2 
Net cash provided by (used in) financing activities$221 $242 
Change in cash and cash equivalents(94)(79)
Cash and cash equivalents, beginning of year127 161 
Cash and cash equivalents, end of year$33 $82 


See Notes to Financial Statements (Unaudited).











8

EQUITABLE FINANCIAL LIFE INSURANCE COMPANY OF AMERICA
Notes to Financial Statements (Unaudited)

1)    ORGANIZATION
Equitable America’s primary business is providing annuity, life insurance and employee benefit products to both individuals and businesses. The Company is an indirect, wholly-owned subsidiary of Holdings. Equitable America is a stock life insurance company organized under the laws of Arizona.
2)    SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation
The unaudited interim financial statements (the “financial statements”) have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP” or “GAAP”) on a basis consistent with reporting interim financial information in accordance with instructions to the Form 10-Q and Article 10 of Regulation S-X of the Securities and Exchange Commission (“SEC”).
In the opinion of management, all adjustments necessary for a fair statement of the financial position and results of operations have been made. All such adjustments are of a normal, recurring nature. Interim results are not necessarily indicative of the results that may be expected for the full year. These financial statements should be read in conjunction with the Company’s financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021
The terms “second quarter 2022” and ”second quarter 2021” refer to the three months ended June 30, 2022 and 2021, respectively. The terms “first six months of 2022” and “first six months of 2021” refer to the six months ended June 30, 2022 and 2021, respectively.
Certain prior year amounts have been reclassified to conform to the current year’s presentation.
Recent Accounting Pronouncements
Changes to U.S. GAAP are established by the Financial Accounting Standards Board (“FASB”) in the form of Accounting Standards Updates (“ASUs”) to the FASB Accounting Standards Codification (“ASC”). The Company considers the applicability and impact of all ASUs. ASUs listed below include those that have been adopted during the current fiscal year and/or those that have been issued but not yet adopted as of June 30, 2022, and as of the date of this filing. ASUs not listed below were assessed and determined to be either not applicable or not material.
9

EQUITABLE FINANCIAL LIFE INSURANCE COMPANY OF AMERICA
Notes to Financial Statements (Unaudited), Continued
Future Adoption of New Accounting Pronouncements
Description
Effective Date and Method of Adoption
Effect on the Financial Statement or Other Significant Matters
ASU 2018-12: Financial Services - Insurance (Topic 944); ASU 2020-11: Financial Services - Insurance (Topic 944): Effective Date and Early Application
This ASU provides targeted improvements to existing recognition, measurement, presentation, and disclosure requirements for long-duration contracts issued by an insurance entity. The ASU primarily impacts four key areas, including:
1. Measurement of the liability for future policy benefits for traditional and limited payment contracts. The ASU requires companies to review, and if necessary, update cash flow assumptions at least annually for non-participating traditional and limited-payment insurance contracts. The ASU also prescribes the discount rate to be used in measuring the liability for future policy benefits for traditional and limited payment long-duration contracts.

2. Measurement of MRBs. MRBs, as defined under the ASU, will encompass certain GMxB features associated with variable annuity products and other general account annuities with other than nominal market risk.

3. Amortization of deferred acquisition costs. The ASU simplifies the amortization of deferred acquisition costs and other balances amortized in proportion to premiums, gross profits, or gross margins, requiring such balances to be amortized on a constant level basis over the expected term of the contracts.

 4. Expanded footnote disclosures. The ASU requires additional disclosures including information about significant inputs, judgements, assumptions and methods used in measurement.
In November 2020, the FASB issued ASU 2020-11 which deferred the effective date of the amendments in ASU 2018-12 for all insurance entities. ASU 2018-12 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2022. Early adoption is allowed.

For the liability for future policyholder benefits for traditional and limited payment contracts, companies can elect one of two adoption methods. Companies can either elect a modified retrospective transition method applied to contracts in force as of the beginning of the earliest period presented on the basis of their existing carrying amounts, adjusted for the removal of any related amounts in AOCI or a full retrospective transition method using actual historical experience information as of contract inception. The same adoption method must be used for deferred policy acquisition costs.

For MRBs, the ASU should be applied retrospectively as of the beginning of the earliest period presented.
The Company continues to progress with implementation efforts and the evaluation of the impact that adoption of this guidance will have on the Company’s financial statements. Due to its extensive nature, the adoption of the ASU is expected to have a significant impact on the Company’s financial statements, as well as systems, processes and controls. Effective January 1, 2023, the new guidance will be adopted using the modified retrospective approach, except for MRBs which will use the full retrospective approach. The Company has created a governance framework and implementation plan to ensure timely adoption of the guidance. In preparation for implementation, the Company continues to refine key accounting policy decisions, modernize processes and update internal controls. These changes include modifications of actuarial valuation systems, data sourcing, analytical procedures and reporting processes. The impact on total equity of applying this ASU is estimated to be a decrease to total equity as of June 30, 2022. The impact on total equity is mostly driven by the DAC and URR updates to amortize DAC and URR on a constant level basis, remove amortization associated with unrealized gains or losses, and excluding future deferrals in the calculation of the DAC and URR balances.
Recognition of Investment Management and Service Fees
Reported as investment management and service fees in the Company’s statements of income (loss) are administrative fees earned by the Company related to administrative services provided to EIMG and EIM related to the establishment and maintenance of the Separate Accounts, shareholder servicing, customer support, and other similar services. Accordingly, these administrative service base fees are recorded over time as services are performed and entitle the Company to variable consideration. Base fees, generally calculated as a percentage of AUM, are recognized as revenue at month-end when the transaction price no longer is variable and the value of the consideration is determined. These fees are not subject to claw back and there is minimal probability that a significant reversal of the revenue recorded will occur.
Assumption Updates and Model Changes
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 unearned revenue liabilities, embedded derivatives for our insurance business, liabilities for future policyholder benefits, DAC and DSI assets.
10

EQUITABLE FINANCIAL LIFE INSURANCE COMPANY OF AMERICA
Notes to Financial Statements (Unaudited), Continued
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. There were no material assumption updates or model changes in the first and second quarters of 2022 or 2021.
Revision of Previously Issued Financial Statements
The Company identified an error in its previously issued financial statements specifically related to the preparation of the statement of cash flows. The impact of the errors to prior periods financial statements was not considered to be material. In order to correctly present the Statement of Cash Flows, management will revise the financial statements to correct the Statement of Cash Flows the next time such financial statements are filed. See Note 12 to the Notes to Financial Statements for details of the revision.
3)    INVESTMENTS
Fixed Maturities AFS
The components of fair value and amortized cost for fixed maturities classified as AFS on the balance sheets excludes accrued interest receivable because the Company elected to present accrued interest receivable within other assets. Accrued interest receivable on AFS fixed maturities as of June 30, 2022 and December 31, 2021 was $22 million and $20 million. There was no accrued interest written off for AFS fixed maturities for the three and six months ended June 30, 2022 and 2021.
The following tables provide information relating to the Company’s fixed maturities classified as AFS.


AFS Fixed Maturities by Classification
Amortized
Cost
Allowance for Credit LossesGross
Unrealized
Gains
Gross
Unrealized
Losses
Fair Value
(in millions)
June 30, 2022:
Fixed Maturities:
Corporate (1)$2,426 $ $1 $272 $2,155 
U.S. Treasury, government and agency14    14 
States and political subdivisions35   5 30 
Foreign governments     
Asset-backed (2)
55   5 50 
Commercial mortgage-backed81   12 69 
Total at June 30, 2022$2,611 $ $1 $294 $2,318 
December 31, 2021:
Fixed Maturities:
Corporate (1)$2,237 $ $135 $10 $2,362 
U.S. Treasury, government and agency66  1 1 66 
States and political subdivisions31  3  34 
Asset-backed (2)30    30 
Commercial mortgage-backed80    80 
Total at December 31, 2021$2,444 $ $139 $11 $2,572 
______________
(1)Corporate fixed maturities include both public and private issues.
(2)Includes credit-tranched securities collateralized by sub-prime mortgages, credit risk transfer securities. and other asset types.
11

EQUITABLE FINANCIAL LIFE INSURANCE COMPANY OF AMERICA
Notes to Financial Statements (Unaudited), Continued
The contractual maturities of AFS fixed maturities as of June 30, 2022 are shown in the table below. Bonds not due at a single maturity date have been included in the table in the final year of maturity. Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
Contractual Maturities of AFS Fixed Maturities
Amortized Cost (Less Allowance for Credit Losses)
Fair Value
 (in millions)
June 30, 2022:
Contractual maturities:
Due in one year or less$33 $33 
Due in years two through five594 584 
Due in years six through ten907 817 
Due after ten years942 764 
Subtotal2,476 2,198 
Asset-backed54 51 
Commercial mortgage-backed81 69 
Total at June 30, 2022$2,611 $2,318 

The following table shows proceeds from sales, gross gains (losses) from sales and allowance for credit losses for AFS fixed maturities for the three and six months ended June 30, 2022 and 2021:
Proceeds from Sales, Gross Gains (Losses) from Sales and Allowance for Credit Losses for AFS Fixed Maturities
 Three Months Ended June 30,Six Months Ended June 30,
 2022202120222021
 (in millions)
Proceeds from sales$39 $11 $62 $29 
Gross gains on sales$ $ $ $ 
Gross losses on sales$3 $ $4 $ 
Net change in Allowance for Credit losses $ $ $ $ 

The following table sets forth the amount of credit loss impairments on AFS fixed maturities held by the Company at the dates indicated and the corresponding changes in such amounts.
AFS Fixed Maturities - Credit Loss Impairments
Three Months Ended June 30,Six Months Ended June 30,
2022202120222021
(in millions)
Balance, beginning of period $2 $2 $2 $2 
Previously recognized impairments on securities that matured, paid, prepaid or sold(2) (2) 
Recognized impairments on securities impaired to fair value this period (1)