Equitable closes 50% quota share reinsurance of ~$10B legacy annuity block with Global Atlantic

Equitable Holdings, Inc.

EFLIC ceded 50% quota share of ~360,000 legacy Group EQUI-VEST deferred variable annuity contracts to Global Atlantic subsidiary.
Transaction covers ~$4B general account and ~$6B separate account value; mitigates $1B of redundant NY Regulation 213 reserves.
Reinsurer deposited assets into trust; Commonwealth Annuity guaranteed obligations; AB to manage certain assets.

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