EQUI-VEST® ExpressSM (Series 700)
Equitable Financial Life Insurance Company of America
Issued through: Variable Account AA
Equitable Financial Life Insurance Company
Issued through: Separate Account A
Summary Prospectus for New Investors
May 1, 2025
This summary prospectus (the “Summary Prospectus”) summarizes key features of the contract. Before you invest, you should also review the statutory prospectus (the “prospectus”) for the contract, which contains more information about the contract’s features, benefits, and risks. You can find this document and other information about the contract online at www.equitable.com/ICSR#EQH146650. You can also obtain this information at no cost by calling 1-877-522-5035, by sending an email request to EquitableFunds@dfinsolutions.com, or by calling your financial intermediary.
The EQUI-VEST® ExpressSM (Series 700) contracts are variable and fixed deferred annuity contracts offered as nonqualified annuity contracts for after-tax contributions and individual retirement annuity contracts. This Summary Prospectus only describes EQUI-VEST® ExpressSM (Series 700). The contracts provide for the accumulation of retirement savings and for income. The contracts offer death benefit protection as well. They also offer a number of payout options. You invest to accumulate value on a tax-deferred basis in one or more of our investment options: (i) variable investment options, (ii) our Principal assurance allocation program for fixed maturity options, (iii) General dollar-cost averaging, or (iv) our fixed maturity options (collectively, the “investment options”). See Appendix “Investment options available under the contract” in the prospectus.
The Securities and Exchange Commission has not approved or disapproved these securities or passed upon the adequacy of this prospectus. Any representation to the contrary is a criminal offense.
The contract is a complex investment that involves risks, including potential loss of principal and previously credited interest. You should speak with a financial professional about the features, benefits, risks, and fees and whether the contract is appropriate for you based on your financial situation and objectives.
The contract is not a short-term investment and is not appropriate for an investor who needs ready access to cash. Withdrawals could result in withdrawal charges, negative contract adjustments, taxes, and tax penalties. A market value adjustment will apply to withdrawals, transfers, surrender of your contract, or when we make deductions for charges from a fixed maturity option before the maturity date. The actual amount of the Market Value Adjustment is determined by a formula that depends on, among other things, the difference between the rate to maturity that applies to the amount being withdrawn and the rate to maturity in effect at that time for new allocations to that same fixed maturity option, and the length of time remaining until the maturity date. It is theoretically possible that you could lose up to 100% of your investment and previously credited interest in certain extreme scenarios.
All guarantees are subject to the Company’s financial strength and claims paying ability.
You may cancel your contract within 10 days of receiving it without paying fees or penalties. In some states, this cancellation period may be longer. Upon cancellation, you will receive either a full refund of the amount you paid with your application or your account value. You should review the prospectus, or consult with your investment professional, for additional information about the specific cancellation terms that apply.
We reserve the right to stop accepting any application or contribution from you at any time, including after you purchase the contract. If you have one or more guaranteed benefits and we exercise our right to discontinue the acceptance of, and/or place additional limitations on, contributions to the contract, you may no longer be able to fund your guaranteed benefit(s). This means that if you have already funded your guaranteed benefits, you may no longer be able to increase your account value or your guaranteed benefits.
Additional information about certain investment products, including variable annuities and fixed annuities with market value adjustments, has been prepared by the Securities and Exchange Commission’s staff and is available at Investor.gov.
Overview of the contract
Purpose of the Contract
The contract is designed to help you accumulate assets through investments in underlying Portfolios and the fixed maturity options during the accumulation phase. It can provide or supplement your retirement income by providing a stream of income payments during the annuity phase. It also provides a death benefit to protect your beneficiaries. The contract may be appropriate if you have a long-term investment horizon. It is not intended for people who may need to access invested funds within a short-term timeframe or frequently, or who intend to engage in frequent transfers of the underlying Portfolios.
Phases of the Contract
The contract has two phases: an accumulation (savings) phase and an income (annuity) phase.
Accumulation (Savings) Phase
During the accumulation phase, you can allocate your contributions to one or more of the available investment options, which include:
| • | Variable investment options; |
| • | Fixed maturity options; |
| • | Principal assurance allocation program for fixed maturity options; and |
| • | General Dollar Cost Averaging option. |
For additional information about each investment option see Appendix: “Investment options available under the contract”.
Income (Annuity) Phase
You enter the income phase when you annuitize your contract. During the income phase, you will receive a stream of fixed income payments for the annuity payout period of time you elect. You can elect to receive annuity payments (1) for life; (2) for life with a certain minimum number of payments; (3) for life with a certain minimum number of payments to the beneficiary upon the death of the annuitant; or (4) for life with a certain amount of payment. Please note that when you annuitize, your investments are converted to income payments and you will no longer be able to make any additional withdrawals from your contract. All accumulation phase benefits, including any death benefit, terminate upon annuitization and the contract has a maximum annuity commencement date.
Contract Features
The contract provides for the accumulation of retirement savings and income. The contract offers income, death benefit protection and offers various payout options.
Death Benefit
Your contract includes a minimum death benefit that pays your beneficiaries an amount equal to at least your contributions less adjusted withdrawals.
Principal assurance allocation
Under this allocation program, you select a fixed maturity option and we specify the portion of your initial contribution to be allocated to that fixed maturity option in an amount that will cause the maturity value to equal the amount of your entire initial contribution on the fixed maturity option’s maturity date.
Rebalancing and General Dollar Cost Averaging
You can elect to have your account value automatically rebalanced at no additional charge. We offer a rebalancing program that you can use to automatically reallocate your account value among your account variable investment options. You can also elect to allocate your investments using the general dollar cost averaging program at no additional charge. Generally, you may not elect both the general dollar cost averaging program and the rebalancing option.
Access to Your Money
During the accumulation phase you can take free withdrawals from your contract up to 10% of your account value without paying a withdrawal charge. Withdrawals will reduce your account value and may be subject to withdrawal charges and income taxes, as well as a tax penalty if you are younger than 59 1/2. Withdrawals may also reduce your death benefit (possibly on a greater than dollar-for-dollar basis).
Contract Adjustments
If you make any withdrawals (including transfers, surrender or termination of your contract, or when we make deductions for charges) from a fixed maturity option before it matures, we will make a market value adjustment, which will increase or decrease any fixed maturity amount you have in that fixed maturity option. The amount of the adjustment will depend on two factors:
| (a) | the difference between the rate to maturity that applies to the amount being withdrawn and the rate to maturity in effect at that time for new allocations to that same fixed maturity option, and |
| (b) | the length of time remaining until the maturity date. |
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In general, if interest rates rise from the time that you originally allocate an amount to a fixed maturity option to the time that you take a withdrawal, the market value adjustment will be negative. Likewise, if interest rates drop at the end of that time, the market value adjustment will be positive. Also, the amount of the market value adjustment, either up or down, will be greater the longer the time remaining until the fixed maturity option’s maturity date. Therefore, it is possible that the market value adjustment could greatly reduce your value in the fixed maturity options, particularly in the fixed maturity options with later maturity dates.
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Important information you should consider about the contract
| FEES, EXPENSES AND ADJUSTMENTS | ||||||||||
| Are There Charges or Adjustments for Early Withdrawals? | Yes. If you surrender your contract, apply your cash value to a non-life contingent annuity payment option, or withdraw money from the contract within 7 years following your last contribution, you will be assessed a withdrawal charge of up to 7% of account value withdrawn or contributions withdrawn. For example, if you make a withdrawal in the first year, you could pay a withdrawal charge of up to $7,000 on a $100,000 investment. This loss will be greater if there is a negative market value adjustment, and/or if you have to pay taxes, or tax penalties.
If amounts are removed from a fixed maturity option before the maturity date, there will be a market value adjustment which could greatly reduce the value in your fixed maturity option theoretically by up to 100% in extreme situations. For example, if you allocate $100,000 to a fixed maturity option and later withdraw the entire amount before the maturity date, you could lose up to $100,000 of your investment. This loss will be greater if you also have to pay a withdrawal charge, taxes and tax penalties. A market value adjustment will apply to withdrawals, transfers, surrender of your contract, or when we make deductions for charges from a fixed maturity option before the maturity date.
For additional information about the charges for surrenders and early withdrawals charges see “Withdrawal charge” in “Charges under the contracts” under “Charges, expenses, and adjustments” in the prospectus. |
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| Are There Transaction Charges? | Yes. In addition to withdrawal charges and market value adjustments, you may also be charged for other transactions for special requests such as wire transfers, express mail, duplicate contracts, preparing checks or third-party transfers or exchanges.
For additional information about transaction charges see “Charges that the Company deducts” in “Charges, expenses, and adjustments” in the prospectus. |
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| Are There Ongoing Fees and Expenses? | Yes. The contract provides for different ongoing fees and expenses. The table below describes the fees and expenses that you may pay each year under the contract, depending on the investment options and optional benefits you choose. Please refer to your contract specifications page of your contract for information about the specific fees you will pay each year based on the investment options you have elected.
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| Annual Fee | Minimum | Maximum | ||||||||
| Base Contract(1) |
0.95% |
2.00% |
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| Portfolio Company fees and expenses(2) |
0.55% |
2.85% |
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| (1) Expressed as an annual percent of daily net assets in the variable investment options. (2) Expressed as an annual percentage of daily net assets in the Portfolio. This range is for the year ended December 31, 2024 and could change from year to year.
Because your contract is customizable, the choices you make affect how much you will pay. To help you understand the cost of owning your contract, the following table shows the lowest and highest cost you could pay each year, based on current charges. This estimate assumes that you do not take withdrawals from the contract, which could add withdrawal charges and market value adjustments that substantially increase costs. |
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| Lowest Annual Cost $1,403 |
Highest Annual Cost $3,917 |
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| Assumes: • Investment of $100,000 • 5% annual appreciation • Least expensive combination of contract and Portfolio fees and expenses • No optional benefits • No sales charges • No additional contributions, transfers or withdrawals • No contract adjustments |
Assumes: • Investment of $100,000 • 5% annual appreciation • Most expensive combination of contract, optional benefits and Portfolio fees and expenses • No sales charges • No additional contributions, transfers or withdrawals • No contract adjustments |
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For additional information about ongoing fees and expenses see “Fee table” in the prospectus. |
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| RISKS | ||||||||||
| Is There a Risk of Loss from Poor Performance? | Yes. The contract is subject to the risk of loss. You could lose some or all of your account value, depending on the investment options you choose. For additional information about the risk of loss see “Principal risks of investing in the contract” in the prospectus. |
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| Is this a Short-Term Investment? | No. The contract is not a short-term investment and is not appropriate for an investor who needs ready access to cash because the contract is designed to provide for the accumulation of retirement savings and income on a long-term basis. As such, you should not use the contract as a short-term investment or savings vehicle. A withdrawal charge may apply in certain circumstances and any withdrawals may also be subject to federal and state income taxes and tax penalties. For additional information about the investment profile of the contract see “Fee table” in the prospectus. |
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| What Are the Risks Associated with the Investment options? | An investment in the contract is subject to the risk of poor investment performance and can vary depending on the performance of the investment options available under the contract, (e.g., the Portfolios). Each investment option, including the fixed maturity options, has its own unique risks. You should review the variable investment options available under the contract before making an investment decision.
For additional information about the risks associated with investment options see “Fixed investment options” and “Portfolios of the Trusts” in “Purchasing the Contract” in the prospectus, as well as, “Risks associated with the variable investment options” and “Risks associated with the fixed maturity options” in “Principal Risks of investing in the contract.” See also Appendix: “Investment options in the prospectus. |
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| What Are the Risks Related to the Insurance Company? | An investment in the contract is subject to the risks related to the Company. The Company is solely responsible to the contract owner for the contract’s account value and optional benefits. The general obligations, fixed maturity options, and any optional benefits under the contract are supported by our general account and are subject to our claims paying ability. An owner should look solely to our financial strength for our claims-paying ability. More information about the Company, including our financial strength ratings, may be obtained at www.equitable.com/about-us/financial-strength-ratings.
For additional information about insurance company risks see “About the general account” in “More information” in the prospectus.
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| RESTRICTIONS | ||||||||||
| Are There Restrictions on the Investment options? | Yes. We may, at any time, exercise our rights to limit or terminate your contributions, allocations and transfers to any of the variable investment options and to limit the number of variable investment options which you may select. Such rights include, among others, removing or substituting the Portfolios, combining any two or more variable investment options and transferring the account value from any variable investment option to another variable investment option.
For more information see “About the Separate Account” in “More information” in the prospectus.
We will not accept allocations to a fixed maturity option if on the date the contribution or transfer is to be applied the rate to maturity is 3%. This means that at points in time there may be no fixed maturity options available. You can allocate your contributions to one or more of these fixed maturity options. However, you may not allocate more than one contribution to any one fixed maturity option.
Contributions and transfers into and out of the guaranteed interest option are limited.
The standard death benefit offered with the contract was available only at contract purchase. Withdrawals could significantly reduce or terminate the death benefit.
For additional information about the restrictions on investment options, see “Portfolios of the Trusts” and “Fixed maturity options” in “Purchasing the Contract” and “Transferring your money among investment options” in the prospectus. |
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| Are There Any Restrictions on Contract Benefits? | At any time, we have the right to limit or terminate your contributions to the contract. Withdrawals may reduce the death benefit by an amount greater than the value withdrawn and could terminate the death benefit. For additional information about the optional benefits see “Benefits available under the contract” in this prospectus.
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| TAXES | ||||||||||
| What are the Contract’s Tax Implications? | You should consult with a tax professional to determine the tax implications of an investment in, and payments received under, the contract. There is no additional tax benefit to you if the contract is purchased through a tax-qualified plan or individual retirement account (IRA). Withdrawals will be subject to ordinary income tax and may be subject to tax penalties. Generally, you are not taxed until you make a withdrawal from the contract.
For more information, see “Tax information” in the prospectus.
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| CONFLICTS OF INTEREST | ||||||||||
| How are Investment Professionals Compensated? | Some financial professionals may receive compensation for selling the contract to you, both in the form of commissions or in the form of contribution-based compensation. Financial professionals may also receive additional compensation for enhanced marketing opportunities and other services (commonly referred to as “marketing allowances”). This conflict of interest may influence the financial professional to recommend this contract over another investment.
For additional information about compensation to financial professionals see “Distribution of the contracts” in “More information” in the prospectus. |
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| Should I Exchange My Contract? | Some financial professionals may have a financial incentive to offer a new contract in place of the one you already own. You should only exchange your contract if you determine, after comparing the features, fees, and risks of both contracts, as well as any fees or penalties to terminate your existing contract, that it is preferable to purchase the new contract rather than continue to own your existing contract.
For additional information about exchanges see “Charge for third-party transfer or exchange” in “Charges, expenses, and adjustments” in the prospectus.
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Benefits available under the contract
Summary of Benefits
The following tables summarize important information about the benefits available under the contract.
Death Benefits
This death benefit is available during the accumulation phase:
| Name of Benefit | Purpose | Standard/ Optional |
Annual Fee | Brief Description of Restrictions/ Limitations | ||||||
| Max | Current | |||||||||
| Death benefit | Guarantees beneficiaries will receive a benefit at least equal to your contributions less adjusted withdrawals. | Standard | No Additional Charge |
• Withdrawals could significantly reduce or terminate benefit | ||||||
Other Benefits
These other benefits are available during the accumulation phase:
| Name of Benefit | Purpose | Standard/ Optional |
Annual Fee | Brief Description of Restrictions/ Limitations | ||||||
| Max | Current | |||||||||
| Rebalancing | Periodically rebalance to your desired asset mix. | Optional | No Charge | • Not generally available with General Dollar Cost Averaging | ||||||
| General Dollar Cost Averaging | Transfer account value to selected investment options on a regular basis to potentially reduce the impact of market volatility. | Optional | No Charge | • Not generally available with Rebalancing | ||||||
| Principal assurance allocation | If you select a fixed maturity option, we will specify the portion of your initial contribution to be allocated to that fixed maturity option in an amount that will cause the maturity value to equal the amount of your entire initial contribution on the fixed maturity option’s maturity date. | Optional | No Charge | • Only available for annuitant ages 75 or younger when the contract is issued
• Withdrawals could significantly reduce amounts | ||||||
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Buying the Contract
You may purchase a contract by making payments to us that we call “contributions.” We can refuse to accept an application from you or any contribution from you at any time, including after you purchase the contract. We require a minimum contribution amount for each type of contract purchased. Maximum contribution limitations also apply.
Minimum initial and subsequent contribution amounts
The minimum initial contribution is generally $20 for each type of contract, but in some instances a minimum contribution of $50 is required to purchase a contract. Subsequent contributions are allowed up to a certain maximum contribution limit.
Limitations on contributions to the contract
We reserve the right to refuse to accept any contribution under the contract at any time or change our contribution limits and requirements. This means that if you have one or more Guaranteed benefits and we exercise our right to discontinue the acceptance of contributions to the contract you may no longer be able to fund your Guaranteed benefits. This means that you may no longer be able to increase your Guaranteed benefits.
When initial and subsequent contributions are credited
Initial Contribution
Your initial contribution must generally be accompanied by an application and any other form we need to process the contributions. If your application is in good order when we receive it for application processing purposes, your contribution will be applied within two business days. If any information is missing or unclear, we will hold the contribution, whether received via check or wire, in a non-interest bearing suspense account while we try to obtain that information. If we are unable to obtain all of the information we require within five business days after we receive an incomplete application or form, we will inform the financial professional submitting the application on your behalf. We will then return the contribution to you unless you specifically direct us to keep your contribution until we receive the required information.
Subsequent Contributions
If we receive a subsequent contribution before the close of the NYSE (typically 4:00 pm eastern), we will credit that contribution that day. If we receive your subsequent contribution after the close of the NYSE, your contribution will be applied the next business day.
Additional limitations on contributions to the contract
Additional limitations on contributions and the source of contributions apply based on the type of contract. Please see the tables in the “How you can contribute to your contract” in “Purchasing the Contract” to the prospectus for detailed information. You can obtain the prospectus by calling the number or accessing the website noted on the first page of this summary prospectus.
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Making Withdrawals: Accessing the Money in Your Contract
Accessing your money
You have several ways to withdraw your account value before annuity payments begin. Depending on your type of contract, you may generally take partial withdrawals from your contract at any time or, depending on your specific situation, set up an automatic payment plan, a systematic withdrawal plan, a substantially equal withdrawals plan or a lifetime RMD payments plan. You may also surrender your contract to receive its cash value at any time. If we receive a withdrawal or surrender request in good order before the close of the NYSE (typically 4:00 pm eastern), we will process the request that day. If we receive the request after the close of the NYSE, we will process the request on the next business day. We will generally send you the full requested withdrawal amount and deduct any applicable withdrawal charges from account value unless your request otherwise.
Withdrawals will reduce your account value and may be subject to withdrawal charges, income taxes and a tax penalty. Withdrawals may also reduce (possibly on a greater than dollar-for-dollar basis) or terminate any optional guaranteed benefits. Surrenders also may be subject to withdrawal charges, income taxes and a tax penalty if you are younger than 591⁄2.
Please see “Accessing your money” in the prospectus for more information on the ways you may withdraw your account value.
Free withdrawal amount
Each contract year you can withdraw a certain amount from your contract without paying a withdrawal charge.
When to expect payments
Generally, we will fulfill requests for payments out of the variable investment options within seven calendar days after the date of the transaction to which the request relates. These transactions may include applying proceeds to a variable annuity payout option, payment of a death benefit, payment of any amount you withdraw (less any withdrawal charge) and, upon surrender or termination, payment of the cash value.
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Additional Information About Fees
The following tables describe the fees, expenses, and adjustments that you will pay when buying, owning, and surrendering, or making withdrawals from an investment option or from the contract. Please refer to your contract specifications page for information about the specific fees you will pay each year based on the investment options you have elected.
The first table describes fees and expenses that you will pay at the time that you buy the contract, surrender the contract, or make certain withdrawals from an investment option or from the contract, or transfer account value between investment options. Charges designed to approximate certain taxes that may be imposed on us, such as premium taxes in your state, may also apply.
| Transaction Expenses | ||
| Sales Load Imposed on Purchases (as a percentage of purchase payments) | None | |
| Withdrawal Charge (as a percentage of contributions withdrawn)(1) | 7.00% | |
| Transfer Fee | None | |
| Third Party Transfer or Exchange Fee(2) | $65 | |
| Special Service Charges(3) | $90 | |
| (1) | The charge percentage is deducted upon a withdrawal of amounts in excess of the 10% free withdrawal amount. Deducted upon a withdrawal of amounts in excess of the 10% free withdrawal amount. Important exceptions and limitations may eliminate or reduce this charge. For a complete description of charges, please see “Withdrawal charges” in “Charges, expenses, and adjustments” in the prospectus. The withdrawal charge percentage we use is determined by the contract year in which you make the withdrawal or surrender your contract. For each contribution, we consider the contract year in which we receive that contribution to be “contract year 1”. See Appendix, “State contract availability and/or variations of certain features and benefits” in the prospectus for more information. |
| Contract Year | ||||||||||||||||||||||||||||
| 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8+ | |||||||||||||||||||||
| 7.00% |
6.00 | % | 5.00 | % | 4.00 | % | 3.00 | % | 2.00 | % | 1.00 | % | 0.00 | % | ||||||||||||||
| (2) | This charge will never exceed 2% of the amount disbursed or transferred. We may discontinue these services at any time. |
| (3) | Unless you specify otherwise, this charge will be deducted from the amount you request. Special service charges include (1) express mail charge; and (2) wire transfer charge. The current maximum charge for each service is $90. We may discontinue these services at any time. |
The next table describes the adjustments, in addition to any transaction expenses, that apply if all or a portion of the account value is removed from an investment option or from the contract before the expiration of a specified period.
| Adjustments | ||||
| Fixed Maturity Option Maximum Potential Loss Due to Market Value Adjustment (as a percentage of Account value withdrawn from the Fixed Maturity Option)(1) | 100% | |||
| (1) | A market value adjustment will apply to withdrawals, transfers, surrender of your contract, or when we make deductions for charges from a fixed maturity option before the maturity date. The actual amount of the Market Value Adjustment is determined by a formula that depends on, among other things, the difference between the rate to maturity that applies to the amount being withdrawn and the rate to maturity in effect at that time for new allocations to that same fixed maturity option, and the length of time remaining until the maturity date. In general, the maximum loss would occur if there is a total distribution for a fixed maturity option a significant time prior to the maturity date and interest rates have risen dramatically from the time that you originally allocate an amount to the fixed maturity option to the time that you take the withdrawal. See “Fixed maturity options” under “Purchasing the contract” for more information. |
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The next table describes the fees and expenses that you will pay each year during the time that you own the contract (not including Portfolio fees and expenses). If you choose to purchase an optional benefit, you will pay additional charges, as shown below.
| Annual Contract Expenses | ||
| Annual Administrative Charge(1) | $65(2) | |
| Base Contract Expenses (as an percentage of daily net assets in the variable investment options) | 2.00%(3) |
| (1) | The annual administrative charge is deducted from your account value on each contract date anniversary. The current charge is $30. If the contract is surrendered or annuitized or a death benefit is paid on any date other than the contract date anniversary, we will deduct a pro rata portion of the administrative charge for that year. During the first two contract years, this charge, if it applies, is equal to the lesser of $30 or 2% of your account value plus any amount previously withdrawn during the contract year. |
| (2) | There is no administrative charge if your account value is $25,000 or more for NQ contracts (or $20,000 or more for IRA contracts) on the last day of your contract year. |
| (3) | The current range for the Base Contract Expenses is 0.95% to 2.00%. |
The next item shows the minimum and maximum total operating expenses charged by the underlying Portfolios that you may pay periodically during the time that you own the contract. Expenses shown may change over time and may be higher or lower in the future. A complete list of Portfolios available under the contract, including their annual expenses, may be found at the back of this document. See “Appendix: Investment options available under the contract.”
| Annual Portfolio Expenses | Minimum | Maximum | ||||||
| Annual Portfolio Expenses prior to Expense Limitation Arrangement (expenses that are deducted from Portfolio assets including management fees, 12b-1 fees, service fees and/or other expenses)* | 0.55 | % | 2.85 | % | ||||
| * | “Annual Portfolio Expenses” may be based, in part, on estimated amounts of such expenses. The expenses listed are for the year ended December 31, 2024. |
Example
This Example is intended to help you compare the cost of investing in the variable investment options with the cost of investing in other annuity contracts that offer variable investment options. The costs include transaction expenses, annual contract expenses, and annual Portfolio expenses.
This Example assumes all account value is allocated to the variable investment options. This example does not reflect market value adjustments. Your costs could differ from those shown below if you invest in the fixed maturity options.
The Example assumes that you invest $100,000 in the variable investment options for the time periods indicated. The Example also assumes that your investment has a 5% return each year and assumes the most expensive combination of annual Portfolio expenses and optional benefits available at their maximum charge.
Although your actual costs may be higher or lower, based on these assumptions, your costs would be:
| If you surrender your contract or annuitize (under a non-life option) at the end of the applicable time period |
If you do not surrender your contract | |||||||||||||||||||||||||||
| 1 year | 3 years | 5 years | 10 years | 1 year | 3 years | 5 years | 10 years | |||||||||||||||||||||
| $11,387 |
$ | 19,751 | $ | 28,103 | $ | 50,714 | $ | 5,093 | $ | 15,263 | $ | 25,415 | $ | 50,714 | ||||||||||||||
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Appendix: Investment options available under the contract
(a) Variable investment options
The following is a list of Portfolio Companies available under the contract. More information about the Portfolio Companies is available in the prospectuses for the Portfolio Companies, which may be amended from time to time and can be found online at www.equitable.com/ICSR#EQH146650. You can request this information at no cost by calling 877-522-5035 or by sending an email request to EquitableFunds@dfinsolutions.com.
The current expenses and performance information below reflects fee and expenses of the Portfolios, but do not reflect the other fees and expenses that your contract may charge. Expenses would be higher and performance would be lower if these other charges were included. Each Portfolio’s past performance is not necessarily an indication of future performance.
Affiliated Portfolio Companies:
| Current Expenses |
Average Annual Total Returns (as of 12/31/2024) |
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| TYPE | Portfolio Company - Investment Adviser; Sub-Adviser(s), as applicable | 1 year | 5 year | 10 year | ||||||||||||||
| Specialty | 1290 VT Convertible Securities — Equitable Investment Management Group, LLC (“EIMG”); SSGA Funds Management, Inc. | 0.90 | %^ | 9.76 | % | 6.75 | % | 6.94 | % | |||||||||
| Equity | 1290 VT Equity Income — EIMG; Barrow, Hanley, Mewhinney & Strauss, LLC d/b/a Barrow Hanley Global Investors | 0.95 | %^ | 9.67 | % | 7.56 | % | 7.34 | % | |||||||||
| Specialty | 1290 VT GAMCO Mergers & Acquisitions — EIMG; GAMCO Asset Management, Inc. | 1.32 | %^ | 9.02 | % | 4.29 | % | 4.09 | % | |||||||||
| Equity | 1290 VT GAMCO Small Company Value — EIMG; GAMCO Asset Management, Inc. | 1.05 | % | 11.59 | % | 10.58 | % | 8.80 | % | |||||||||
| Fixed Income | 1290 VT High Yield Bond — EIMG; AXA Investment Managers US Inc., Post Advisory Group, LLC | 1.02 | %^ | 7.56 | % | 3.72 | % | 4.33 | % | |||||||||
| Equity | 1290 VT Small Cap Value — EIMG; BlackRock Investment Management, LLC, Horizon Kinetics Asset Management LLC | 1.20 | %^ | 20.75 | % | 11.77 | % | 9.53 | % | |||||||||
| Equity | 1290 VT SmartBeta Equity ESG — EIMG; AXA Investment Managers US Inc. | 1.10 | % | 16.44 | % | 9.63 | % | 9.42 | % | |||||||||
| Equity | 1290 VT Socially Responsible — EIMG; BlackRock Investment Management, LLC | 0.90 | % | 21.70 | % | 13.57 | % | 12.09 | % | |||||||||
| Equity | EQ/2000 Managed Volatility† — EIMG; AllianceBernstein L.P., BlackRock Investment Management, LLC | 0.84 | % | 10.65 | % | 6.24 | % | 6.81 | % | |||||||||
| Equity | EQ/400 Managed Volatility† — EIMG; AllianceBernstein L.P., BlackRock Investment Management, LLC | 0.85 | %^ | 12.88 | % | 9.09 | % | 8.50 | % | |||||||||
| Equity | EQ/500 Managed Volatility† — EIMG; AllianceBernstein L.P., BlackRock Investment Management, LLC | 0.79 | % | 23.92 | % | 13.15 | % | 11.78 | % | |||||||||
| Asset Allocation | EQ/AB Dynamic Moderate GrowthΔ — EIMG; AllianceBernstein L.P. | 1.13 | % | 10.75 | % | 4.56 | % | 4.73 | % | |||||||||
| Equity | EQ/AB Small Cap Growth — EIMG; AllianceBernstein L.P. | 0.92 | % | 13.93 | % | 8.07 | % | 8.81 | % | |||||||||
| Equity | EQ/AB Sustainable U.S. Thematic — EIMG; AllianceBernstein L.P. | 1.00 | %^ | 10.36 | % | — | — | |||||||||||
| Asset Allocation | EQ/Aggressive Allocation† — EIMG | 1.16 | % | 13.73 | % | 8.26 | % | 7.95 | % | |||||||||
| Asset Allocation | EQ/Aggressive Growth Strategy† — EIMG | 1.03 | % | 14.11 | % | 8.06 | % | 7.68 | % | |||||||||
| Asset Allocation | EQ/All Asset Growth Allocation — EIMG | 1.25 | %^ | 11.16 | % | 6.22 | % | 6.15 | % | |||||||||
| Equity | EQ/American Century Mid Cap Value — EIMG; American Century Investment Management, Inc. | 1.00 | %^ | 8.37 | % | 7.12 | % | — | ||||||||||
| Asset Allocation | EQ/Balanced Strategy† — EIMG | 0.98 | % | 9.16 | % | 4.90 | % | 5.01 | % | |||||||||
| Equity | EQ/Capital Group Research — EIMG; Capital International, Inc. | 0.95 | %^ | 29.87 | % | 14.44 | % | 13.15 | % | |||||||||
| Equity | EQ/ClearBridge Large Cap Growth ESG — EIMG; ClearBridge Investments, LLC | 1.00 | %^ | 26.79 | % | 14.86 | % | 12.93 | % | |||||||||
| Equity | EQ/ClearBridge Select Equity Managed Volatility† — EIMG; BlackRock Investment Management, LLC, ClearBridge Investments, LLC | 1.07 | %^ | 22.43 | % | 13.63 | % | 11.12 | % | |||||||||
| Equity | EQ/Common Stock Index — EIMG; AllianceBernstein L.P. | 0.67 | %^ | 23.10 | % | 13.16 | % | 11.84 | % | |||||||||
| Asset Allocation | EQ/Conservative Allocation† — EIMG | 1.00 | %^ | 4.61 | % | 1.71 | % | 2.35 | % | |||||||||
| Asset Allocation | EQ/Conservative Growth Strategy† — EIMG | 0.97 | % | 7.66 | % | 3.87 | % | 4.11 | % | |||||||||
| Asset Allocation | EQ/Conservative Strategy† — EIMG | 0.95 | % | 4.80 | % | 1.82 | % | 2.33 | % | |||||||||
| Asset Allocation | EQ/Conservative-Plus Allocation† — EIMG | 0.85 | %^ | 7.02 | % | 3.55 | % | 3.96 | % | |||||||||
| Fixed Income | EQ/Core Bond Index — EIMG; SSGA Funds Management, Inc. | 0.62 | %^ | 2.41 | % | 0.29 | % | 1.11 | % | |||||||||
12
| Current Expenses |
Average Annual Total Returns (as of 12/31/2024) |
|||||||||||||||||
| TYPE | Portfolio Company - Investment Adviser; Sub-Adviser(s), as applicable | 1 year | 5 year | 10 year | ||||||||||||||
| Fixed Income | EQ/Core Plus Bond — EIMG; Brandywine Global Investment Management, LLC, Loomis, Sayles & Company, L.P. | 0.93 | %^ | -0.72 | % | 0.40 | % | 1.28 | % | |||||||||
| Equity | EQ/Emerging Markets Equity PLUS — EIMG; AllianceBernstein L.P., EARNEST Partners, LLC | 1.20 | %^ | 4.01 | % | 1.41 | % | 2.60 | % | |||||||||
| Equity | EQ/Equity 500 Index — EIMG; AllianceBernstein L.P. | 0.54 | %^ | 24.32 | % | 13.89 | % | 12.44 | % | |||||||||
| Equity | EQ/Fidelity Institutional AM® Large Cap — EIMG; FIAM LLC | 0.87 | %^ | 24.51 | % | 15.35 | % | — | ||||||||||
| Equity | EQ/Franklin Small Cap Value Managed Volatility† — EIMG; BlackRock Investment Management, LLC, Franklin Mutual Advisers, LLC | 1.06 | %^ | 11.03 | % | 7.13 | % | 7.24 | % | |||||||||
| Equity | EQ/Global Equity Managed Volatility† — EIMG; BlackRock Investment Management, LLC | 1.10 | %^ | 12.62 | % | 7.42 | % | 7.38 | % | |||||||||
| Equity | EQ/Goldman Sachs Mid Cap Value — EIMG; Goldman Sachs Asset Management L.P. | 1.09 | %^ | 11.89 | % | 9.50 | % | — | ||||||||||
| Fixed Income | EQ/Intermediate Government Bond — EIMG; SSGA Funds Management, Inc. | 0.62 | %^ | 2.47 | % | 0.07 | % | 0.65 | % | |||||||||
| Equity | EQ/International Core Managed Volatility† — EIMG; BlackRock Investment Management, LLC | 1.06 | % | 3.22 | % | 4.33 | % | 4.55 | % | |||||||||
| Equity | EQ/International Equity Index — EIMG; AllianceBernstein L.P. | 0.72 | %^ | 4.92 | % | 4.86 | % | 4.93 | % | |||||||||
| Equity | EQ/International Managed Volatility† — EIMG; AllianceBernstein L.P., BlackRock Investment Management, LLC | 0.87 | % | 2.66 | % | 3.77 | % | 4.24 | % | |||||||||
| Equity | EQ/International Value Managed Volatility† — EIMG; BlackRock Investment Management, LLC, Harris Associates LP | 1.03 | % | 1.50 | % | 3.62 | % | 3.94 | % | |||||||||
| Equity | EQ/Invesco Comstock — EIMG; Invesco Advisers, Inc. | 1.00 | %^ | 14.85 | % | 11.28 | % | 9.27 | % | |||||||||
| Equity | EQ/Invesco Global — EIMG; Invesco Advisers, Inc. | 1.10 | %^ | 15.83 | % | 9.02 | % | 9.35 | % | |||||||||
| Specialty | EQ/Invesco Global Real Assets — EIMG; Invesco Advisers, Inc. | 1.17 | % | 0.31 | % | 1.31 | % | — | ||||||||||
| Equity | EQ/Janus Enterprise — EIMG; Janus Henderson Investors US LLC | 1.05 | % | 14.16 | % | 9.12 | % | 9.14 | % | |||||||||
| Equity | EQ/JPMorgan Growth Stock — EIMG; J.P. Morgan Investment Management Inc. | 0.96 | %^ | 33.78 | % | 13.30 | % | 13.62 | % | |||||||||
| Equity | EQ/JPMorgan Value Opportunities — EIMG; J.P. Morgan Investment Management Inc. | 0.96 | % | 15.45 | % | 11.92 | % | 10.23 | % | |||||||||
| Equity | EQ/Large Cap Core Managed Volatility† — EIMG; BlackRock Investment Management, LLC | 0.89 | % | 23.62 | % | 13.12 | % | 11.71 | % | |||||||||
| Equity | EQ/Large Cap Growth Index — EIMG; AllianceBernstein L.P. | 0.71 | % | 32.34 | % | 18.10 | % | 15.91 | % | |||||||||
| Equity | EQ/Large Cap Growth Managed Volatility† — EIMG; BlackRock Investment Management, LLC | 0.87 | % | 30.11 | % | 15.56 | % | 14.26 | % | |||||||||
| Equity | EQ/Large Cap Value Index — EIMG; AllianceBernstein L.P. | 0.74 | % | 13.48 | % | 7.94 | % | 7.75 | % | |||||||||
| Equity | EQ/Large Cap Value Managed Volatility† — EIMG; AllianceBernstein L.P. | 0.87 | % | 14.14 | % | 8.70 | % | 8.01 | % | |||||||||
| Equity | EQ/Lazard Emerging Markets Equity — EIMG; Lazard Asset Management LLC | 1.35 | %^ | 7.33 | % | 3.00 | % | — | ||||||||||
| Equity | EQ/Loomis Sayles Growth — EIMG; Loomis, Sayles & Company, L.P. | 1.05 | %^ | 33.74 | % | 16.06 | % | 15.71 | % | |||||||||
| Equity | EQ/MFS International Growth — EIMG; Massachusetts Financial Services Company d/b/a MFS Investment Management | 1.10 | %^ | 8.76 | % | 5.92 | % | 7.57 | % | |||||||||
| Equity | EQ/MFS International Intrinsic Value — EIMG; Massachusetts Financial Services Company d/b/a MFS Investment Management | 1.15 | %^ | 6.99 | % | 4.83 | % | — | ||||||||||
| Equity | EQ/MFS Mid Cap Focused Growth — EIMG; Massachusetts Financial Services Company d/b/a MFS Investment Management | 1.10 | %^ | 14.48 | % | 9.52 | % | — | ||||||||||
| Specialty | EQ/MFS Technology — EIMG; Massachusetts Financial Services Company d/b/a MFS Investment Management | 1.11 | % | 36.09 | % | 17.42 | % | — | ||||||||||
| Specialty | EQ/MFS Utilities Series — EIMG; Massachusetts Financial Services Company d/b/a MFS Investment Management | 1.05 | %^ | 11.24 | % | 5.57 | % | — | ||||||||||
| Equity | EQ/Mid Cap Index — EIMG; AllianceBernstein L.P. | 0.64 | %^ | 13.21 | % | 9.62 | % | 8.96 | % | |||||||||
| Equity | EQ/Mid Cap Value Managed Volatility† — EIMG; BlackRock Investment Management, LLC | 0.96 | % | 11.66 | % | 7.62 | % | 7.29 | % | |||||||||
| Asset Allocation | EQ/Moderate Allocation† — EIMG | 1.08 | % | 7.92 | % | 4.33 | % | 4.66 | % | |||||||||
| Asset Allocation | EQ/Moderate Growth Strategy† — EIMG | 0.99 | % | 10.76 | % | 5.96 | % | 5.91 | % | |||||||||
| Asset Allocation | EQ/Moderate-Plus Allocation† — EIMG | 1.12 | % | 10.75 | % | 6.38 | % | 6.36 | % | |||||||||
|
Cash/Cash Equivalent |
EQ/Money Market* — EIMG; Dreyfus, a division of Mellon Investments Corporation | 0.68 | % | 4.65 | % | 2.10 | % | 1.36 | % | |||||||||
| Equity | EQ/Morgan Stanley Small Cap Growth — EIMG; BlackRock Investment Management, LLC, Morgan Stanley Investment Management, Inc. | 1.15 | %^ | 20.79 | % | 12.75 | % | 11.47 | % | |||||||||
| Fixed Income | EQ/PIMCO Global Real Return — EIMG; Pacific Investment Management Company LLC | 2.57 | %^ | -0.29 | % | -0.01 | % | 1.68 | % | |||||||||
| Fixed Income | EQ/PIMCO Ultra Short Bond — EIMG; Pacific Investment Management Company LLC | 0.81 | %^ | 5.89 | % | 2.27 | % | 1.85 | % | |||||||||
13
| Current Expenses |
Average Annual Total Returns (as of 12/31/2024) |
|||||||||||||||||
| TYPE | Portfolio Company - Investment Adviser; Sub-Adviser(s), as applicable | 1 year | 5 year | 10 year | ||||||||||||||
| Fixed Income | EQ/Quality Bond PLUS — EIMG; AllianceBernstein L.P., Pacific Investment Management Company LLC | 0.85 | % | 1.67 | % | -0.25 | % | 0.71 | % | |||||||||
| Equity | EQ/Small Company Index — EIMG; AllianceBernstein L.P. | 0.63 | % | 11.19 | % | 7.48 | % | 7.65 | % | |||||||||
| Equity | EQ/Value Equity — EIMG; Aristotle Capital Management, LLC | 0.92 | % | 7.24 | % | 7.00 | % | 6.66 | % | |||||||||
| Specialty | EQ/Wellington Energy — EIMG; Wellington Management Company LLP | 1.19 | %^ | 6.72 | % | 4.92 | % | — | ||||||||||
| Asset Allocation | Equitable Conservative Growth MF/ETF Portfolio — EIMG | 1.10 | %^ | 7.25 | % | 5.15 | % | 5.25 | % | |||||||||
| Asset Allocation | Equitable Growth MF/ETF — EIMG | 1.15 | %^ | 14.22 | % | — | — | |||||||||||
| Asset Allocation | Equitable Moderate Growth MF/ETF — EIMG | 1.10 | %^ | 10.62 | % | — | — | |||||||||||
| Equity | Multimanager Aggressive Equity — EIMG; AllianceBernstein L.P. | 1.01 | % | 30.87 | % | 15.48 | % | 14.38 | % | |||||||||
| Fixed Income | Multimanager Core Bond — EIMG; BlackRock Financial Management, Inc., DoubleLine Capital LP, Pacific Investment Management Company LLC, SSGA Funds Management, Inc. | 0.93 | %^ | 1.94 | % | -0.42 | % | 1.03 | % | |||||||||
| Specialty | Multimanager Technology — EIMG; AllianceBernstein L.P., FIAM LLC, Wellington Management Company LLP | 1.23 | %^ | 26.13 | % | 16.97 | % | 17.40 | % | |||||||||
| Asset Allocation | Target 2015 Allocation — EIMG | 1.10 | %^ | 4.77 | % | 3.00 | % | 3.95 | % | |||||||||
| Asset Allocation | Target 2025 Allocation — EIMG | 1.10 | %^ | 8.65 | % | 5.40 | % | 5.88 | % | |||||||||
| Asset Allocation | Target 2035 Allocation — EIMG | 1.04 | % | 11.49 | % | 7.13 | % | 7.16 | % | |||||||||
| Asset Allocation | Target 2045 Allocation — EIMG | 1.03 | % | 12.95 | % | 8.06 | % | 7.93 | % | |||||||||
| Asset Allocation | Target 2055 Allocation — EIMG | 1.10 | %^ | 14.31 | % | 8.94 | % | — | ||||||||||
| ^ | This Portfolio’s annual expenses reflect temporary fee reductions. |
| Δ | Certain other affiliated Portfolios, as well as unaffiliated Portfolios, may utilize volatility management techniques that differ from the EQ volatility management strategy. Affiliated Portfolios that utilize these volatility management techniques are identified in the chart by a “Δ”. Any such unaffiliated Portfolio is not identified in the chart. See “Portfolios of the Trusts” for more information regarding volatility management. |
| † | EQ Managed Volatility Portfolios that include the EQ volatility management strategy as part of their investment objective and/or principal investment strategy, and the EQ/affiliated Fund of Fund Portfolios that invest in Portfolios that use the EQ volatility management strategy, are identified in the chart by a “†“. See “Portfolios of the Trusts” for more information regarding volatility management. |
| * | The Portfolio operates as a “government money market fund.” The Portfolio will invest at least 99.5% of its total assets in U.S. government securities, cash, and/or repurchase agreements that are fully collateralized by U.S. government securities or cash. |
Unaffiliated Portfolio Companies:
| Current Expenses |
Average Annual Total Returns (as of 12/31/2024) |
|||||||||||||||||
| TYPE | Portfolio Company - Investment Adviser; Sub-Adviser(s), as applicable | 1 year | 5 year | 10 year | ||||||||||||||
| Fixed Income | American Funds Insurance Series® The Bond Fund of America® — Capital Research and Management Company | 0.73% | ^ | 0.98% | 0.07% | 1.42% | ||||||||||||
| Fixed Income | Fidelity® VIP Investment Grade Bond Portfolio — Fidelity Management and Research Company (FMR) | 0.63% | 1.50% | 0.20% | 1.68% | |||||||||||||
| Fixed Income | Invesco V.I. High Yield Fund — Invesco Advisers, Inc. | 1.14% | 7.59% | 2.72% | 3.55% | |||||||||||||
| Equity | Invesco V.I. Main Street Mid Cap Fund® — Invesco Advisers, Inc. | 1.19% | 16.79% | 8.83% | 7.68% | |||||||||||||
| Equity | Invesco V.I. Small Cap Equity Fund — Invesco Advisers, Inc. | 1.20% | 17.85% | 10.60% | 7.82% | |||||||||||||
| Fixed Income | Macquarie VIP High Income Series — Delaware Management Company; Macquarie Investment Management Austria Kapitalanlage AG, Macquarie Investment Management Europe Limited, Macquarie Investment Management Global Limited | 0.97% | 6.19% | 3.51% | 4.13% | |||||||||||||
| Equity | MFS® Investors Trust Series — Massachusetts Financial Services Company | 0.99% | ^ | 19.22% | 11.12% | 10.81% | ||||||||||||
| Equity | MFS® Massachusetts Investors Growth Stock Portfolio — Massachusetts Financial Services Company | 0.97% | ^ | 15.98% | 12.16% | 12.91% | ||||||||||||
| Equity | Principal VC Equity Income Account — Principal Global Investors, LLC (“PGI”) | 0.73% | 15.23% | 8.15% | 9.21% | |||||||||||||
| Specialty | VanEck VIP Global Resources Fund — Van Eck Associates Corporation | 1.30% | -3.09% | 7.28% | 0.57% | |||||||||||||
| ^ | This Portfolio’s annual expenses reflect temporary fee reductions. |
14
(b) Fixed investment options
The following is a list of Fixed investment options currently available under the contract. We may change the features of the Fixed investment options listed below, offer new Fixed investment options, and terminate existing Fixed investment options. We will provide you with written notice before doing so.
Note: If amounts are removed from a Fixed investment options before the end of its term, we may apply a market value adjustment. This may result in a significant reduction in your account value.
| Name | Term | Minimum Guaranteed Rate of Interest | ||
| Principal assurance allocation | 7 years to 10 years | 3.0% | ||
| General dollar-cost averaging | N/A | N/A | ||
| Fixed Maturity Options | 1 year to 10 years | 3.0% |
For more information, please see “Principal assurance allocation” under “Benefits available under the contract” and also “Fixed Maturity Options” under “Purchasing the Contract” and “Market Value Adjustment” under “Charges, Fees, and Adjustments” in the prospectus.
15
EQUI-VEST® ExpressSM (Series 700)
Issued by
Equitable Financial Life Insurance Company of America
Equitable Financial Life Insurance Company
This summary prospectus describes the important features of the contract and provides information about Equitable Financial Life Insurance Company of America and Equitable Financial Life Insurance Company (the “Company”, “we”, “our” and “us”).
We have filed with the Securities and Exchange Commission a prospectus and Statements of Additional Information (“SAI”) that include additional information about EQUI-VEST® ExpressSM (Series 700), Equitable Financial Life Insurance Company of America and Variable Account AA and Equitable Financial Life Insurance Company and Separate Account A, respectively. The prospectus and SAI, each dated May 1, 2025, are incorporated by reference into this summary prospectus. The prospectus and SAI are available free of charge. To request a copy of either document, to ask about your contract, or to make other investor inquiries, please call (800) 628-6673. The prospectus and SAI are also available at our website, www.equitable.com/ICSR#EQH146650.
Class/Contract Identifier: C000247531; C000257555 (EFLOA)
Class/Contract Identifier: C000024808; C000257554 (EFLIC)