EQH 8-K

Equitable Holdings, Inc. (EQH)

8-K 2025-10-22 For: 2025-10-22

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Delaware	001-38469	90-0226248
(State or other jurisdiction of	(Commission File Number)	(I.R.S. Employer
incorporation or organization)		Identification No.)


Exhibit No.			Description of Exhibit
99.1			Financial Supplement for the period ended June 30, 2025 (adjusted for re-segmentation) (furnished and not filed)
99.2			Investors Briefing Supplement (adjusted for re-segmentation) (furnished and not filed)
104			Cover Page Interactive Data File (embedded within the Inline XBRL document).



	EQUITABLE HOLDINGS, INC.

Date: October 22, 2025	By:	/s/ Ralph Petruzzo
	Name:	Ralph Petruzzo
	Title:	Deputy General Counsel


Table of Contents

	Consolidated Financials and Key Metrics		Page
		Key Metrics Summary	4
		Consolidated Statements of Income (Loss)	5
		Consolidated Balance Sheets	6
		Consolidated Capital Structure	7
		Operating Earnings (Loss) by Segment and Corporate and Other	8
		Assets Under Management and Administration	10


	Select Metrics from Business Segments
Retirement
		Statements of Operating Earnings (Loss) and Summary Metrics	12
		Select Operating Metrics	13
		Asset Value Rollforward	14



Asset Management (1)
		Statements of Operating Earnings (Loss) and Summary Metrics	15
		AB Select Adjusted Financials and Ratios	16
		Select Operating Metrics	17
		Net Flows	18



Wealth Management
		Statements of Operating Earnings (Loss) and Summary Metrics	19
		Select Operating Metrics	20
Corporate and Other
		Statements of Operating Earnings (Loss) and Summary Metrics	21
		Select Operating Metrics	22


	Investments
		Consolidated Investment Portfolio Composition	24
		Consolidated Results of General Account Investment Portfolio	25

	Additional Information
		Deferred Policy Acquisition Costs Rollforward	27
		Use of Non-GAAP Financial Measures	28
		Reconciliation of Non-GAAP Measures	29
		Glossary of Selected Financial and Product Terms	32
		Analyst Coverage, Ratings & Contact Information	34
		Notes:
		(1) Refers to AllianceBernstein L.P. and AllianceBernstein Holding L.P., collectively


	For the Year Ended or As of			For the Three Months Ended or As of									For the Year Ended or As of						For the Three Months Ended or As of				For the Six Months Ended or As of
(in millions USD, unless otherwise indicated)	12/31/2023			3/31/2024			6/30/2024			9/30/2024			12/31/2024			12/31/2024				3/31/2025			6/30/2025			6/30/2025

Net income (loss)	$	1,624		$	195		$	565		$	28		$	1,008		$	1,796			$	150		$	(283)		$	(133)
Net income (loss) attributable to the noncontrolling interest	(341)			(103)			(137)			(160)			(116)			(516)				(87)			(66)			(153)
Net income (loss) attributable to Holdings	$	1,283		$	92		$	428		$	(132)		$	892		$	1,280			$	63		$	(349)		$	(286)
Non-GAAP Operating Earnings (1)	$	1,663		$	477		$	495		$	517		$	515		$	2,004			$	421		$	352		$	773

Total equity attributable to Holdings' shareholders	$	2,636		$	1,992		$	1,598		$	3,201		$	1,565		$	1,565			$	2,401		$	1,149		$	1,149
Less: Preferred Stock	1,562			1,562			1,562			1,562			1,507			1,507				1,507			1,228			1,228
Total equity attributable to Holdings' common shareholders	1,074			430			36			1,639			58			58				894			(79)			(79)
Less: Accumulated other comprehensive income (loss)	(7,797)			(8,191)			(8,675)			(6,601)			(8,712)			(8,712)				(7,567)			(7,432)			(7,432)
Total equity attributable to Holdings' common shareholders (ex. AOCI)	$	8,871		$	8,621		$	8,711		$	8,240		$	8,770		$	8,770			$	8,461		$	7,353		$	7,353
Return on Equity (ex. AOCI) (TTM)	13.1		%	12.3		%	8.8		%	(4.5)		%	14.0		%	14.0		%		13.7		%	4.9		%	4.9		%
Non-GAAP Operating ROE (TTM) (1)	17.3		%	18.4		%	19.3		%	21.7		%	22.4		%	22.4		%		21.9		%	21.1		%	21.1		%

Debt to capital:
Debt to Capital (ex. AOCI)	28.1		%	27.3		%	27.2		%	28.1		%	27.2		%	27.2		%		30.3		%	33.5		%	33.5		%
Adjusted debt to capital (ex. AOCI) (4)	28.1		%	27.3		%	27.2		%	28.1		%	27.2		%	27.2		%		28.6		%	31.6		%	31.6		%

Adjusted capital metrics:
Total equity adjustment for Holdings' portion of AB's market value (3)	$	2,682		$	3,393		$	3,177		$	3,309		$	3,684		$	3,684			$	4,003		$	4,982		$	4,982
Book value with AB at market value per common share (ex. AOCI)	$	34.61		$	36.67		$	36.97		$	36.61		$	40.19		$	40.19			$	40.69		$	40.89		$	40.89
Adjusted debt to capital with AB at market value (ex. AOCI) (4)	23.7		%	22.0		%	22.2		%	22.6		%	21.5		%	21.5		%		22.3		%	22.8		%	22.8		%

Per common share:
Diluted earnings per common share: (2)
Net income (loss) attributable to Holdings	$	3.42		$	0.23		$	1.23		$	(0.46)		$	2.74		$	3.69			$	0.16		$	(1.21)		$	(1.04)
Non-GAAP Operating Earnings (1)	$	4.50		$	1.39		$	1.43		$	1.58		$	1.55		$	5.92			$	1.30		$	1.10		$	2.43
Book value per common share	$	3.22		$	1.31		$	0.11		$	5.20		$	0.19		$	0.19			$	2.92		$	(0.26)		$	(0.26)
Book value per common share (ex. AOCI)	$	26.58		$	26.31		$	27.09		$	26.12		$	28.30		$	28.30			$	27.62		$	24.37		$	24.37

Weighted-average common shares outstanding:
Basic	350.1			330.2			324.2			318.2			312.2			321.2				307.8			303.2			305.5
Diluted	351.6			332.7			327.3			318.2			316.5			324.8				311.9			303.2			305.5

Ending common shares outstanding	333.8			327.6			321.6			315.5			309.9			309.9				306.3			301.7			301.7

Return to common shareholders:
Common stock dividend	$	301		$	73		$	78		$	76		$	75		$	302			$	74		$	82		$	156
Repurchase of common shares	919			253			247			254			260			1,014				261			236			497
Total capital returned to common shareholders	$	1,220		$	326		$	325		$	330		$	335		$	1,316			$	335		$	318		$	653

Notes:
(1) This measure is a Non-GAAP financial measure. For an explanation of our use of Non-GAAP financial measures, refer to the “Use of Non-GAAP Financial Measures” and "Glossary of Selected Financial and Product Terms" sections of this document. For a reconciliation of this item to the most directly comparable GAAP measure, refer to the “Non-GAAP Reconciliation” section in this document.
(2) For loss periods, dilutive shares were not included in the calculation of net income (loss) available to shareholders per common share or Non-GAAP Operating Earnings per common share as inclusion of such shares would have an anti-dilutive effect.
(3) Adjustment for AB market value represents the difference between EQH economic interest in AB's total units multiplied by AB's total units and EQH economic interest in AB's Total Partners' Capital Attributable to AB Unitholders ex. AOCI. As of June 30, 2025, March 31, 2025, December 31, 2024, September 30, 2024, June 30, 2024, March 31, 2024 and December 31, 2023, AB's total units, including General Partnership units ABLP units, were 295.0 million, 295.2 million, 295.1 million, 288.4 million, 289.7 million, 290.2 million and 288.0 million, respectively. This is a pro-forma calculation not the figures recorded in our financial statements.
(4) Adjusted to reflect 50% equity credit for $500 million of Junior Subordinated debt issued during Q1’25


	For the Year Ended		For the Three Months Ended						For the Year Ended				For the Three Months Ended					For the Six Months Ended
(in millions USD, unless otherwise indicated)	12/31/2023		3/31/2024		6/30/2024		9/30/2024		12/31/2024		12/31/2024			3/31/2025		6/30/2025			6/30/2025

Revenues
Policy charges and fee income	$	2,380	$	614	$	617	$	626	$	638	$	2,495		$	636	$	626		$	1,262
Premiums	1,095		285		282		312		293		1,172			304		260			564
Net derivative gains (losses)	(2,397)		(1,376)		(208)		(714)		(253)		(2,551)			799		(1,374)			(575)
Net investment income (loss)	4,270		1,210		1,167		1,308		1,196		4,881			1,248		1,355			2,603
Investment gains (losses), net	(713)		(39)		(16)		(46)		(32)		(133)			(14)		(71)			(85)
Investment management and service fees	4,820		1,278		1,240		1,287		1,458		5,263			1,285		1,272			2,557
Other income	1,005		258		425		300		315		1,298			318		294			612
Total revenues	10,460		2,230		3,507		3,073		3,615		12,425			4,576		2,362			6,938

Benefits and other deductions
Policyholders’ benefits	2,754		677		667		663		689		2,696			759		787			1,546
Remeasurement of liability for future policy benefits	86		5		(7)		(1)		(3)		(6)			(2)		(13)			(15)
Change in market risk benefits and purchased market risk benefits	(1,815)		(1,088)		(132)		97		(817)		(1,940)			672		(606)			66
Interest credited to policyholders’ account balances	2,041		579		599		701		614		2,493			678		796			1,474
Compensation and benefits	2,323		620		577		571		683		2,451			601		592			1,193
Commissions and distribution-related payments	1,590		437		463		485		511		1,896			501		488			989
Interest expense	228		57		62		55		52		226			55		61			116
Amortization of deferred policy acquisition costs	641		172		169		184		186		711			188		193			381
Other operating costs and expenses	1,898		552		428		329		513		1,822			950		427			1,377
Total benefits and other deductions	9,746		2,011		2,826		3,084		2,428		10,349			4,402		2,725			7,127

Income (loss) from operations, before income taxes	714		219		681		(11)		1,187		2,076			174		(363)			(189)
Income tax (expense) benefit	910		(24)		(116)		39		(179)		(280)			(24)		80			56
Net income (loss)	1,624		195		565		28		1,008		1,796			150		(283)			(133)
Less: net (income) loss attributable to the noncontrolling interest	(341)		(103)		(137)		(160)		(116)		(516)			(87)		(66)			(153)
Net income (loss) attributable to Holdings	$	1,283	$	92	$	428	$	(132)	$	892	$	1,280		$	63	$	(349)		$	(286)
Less: Preferred stock dividends	(80)		(14)		(26)		(14)		(26)		(80)			(14)		(18)			(32)
Net income (loss) available to Holdings' common shareholders	$	1,203	$	78	$	402	$	(146)	$	866	$	1,200		$	49	$	(367)		$	(318)

Adjustments related to:
Variable annuity product features (1) (4)	$	593	$	330	$	81	$	756	$	(530)	$	637		$	211	$	934		$	1,145
Investment (gains) losses, net	713		39		16		46		32		133			14		71			85

Net actuarial (gains) losses related to pension and other postretirement benefit obligations	39		17		14		13		16		60			11		11			22
Other adjustments (2) (5) (6)	350		91		(33)		1		34		93			205		(137)			68
Income tax expense (benefit) related to above adjustments	(356)		(100)		(16)		(172)		94		(194)			(92)		(185)			(277)
Non-recurring tax items (7)	(959)		8		5		5		(23)		(5)			9		7			16
Non-GAAP Operating earnings (3)	$	1,663	$	477	$	495	$	517	$	515	$	2,004		$	421	$	352		$	773

Notes:

(1) As a result of the novation of certain Legacy VA policies completed during the first quarter of 2025, the Company recorded a loss of $499 million in pre-tax net income and an increase of $263 million in pre-tax AOCI, for a total impact loss of $236 million for the three months ended March 31, 2025 and six months ended June 30, 2025.
(2) Includes a loss of $165 million on Non-VA derivatives for the three months ended March 31, 2025 and a gain of $198 million and $33 million on Non-VA derivatives for the three and six months ended June 30, 2025, respectively. Includes $14 million of expense related to a disputed billing practice of an AB third-party service provider for the three and six months ended June 30, 2025, respectively, and certain gross legal expenses related to the COI litigation of $106 million for the three months ended June 30, 2024.




(3) This measure is a Non-GAAP financial measure. For an explanation of our use of Non-GAAP financial measures, refer to the “Use of Non-GAAP Financial Measures” and "Glossary of Selected Financial and Product Terms" sections of this document. For a reconciliation of this item to the most directly comparable GAAP measure, refer to the “Non-GAAP Reconciliation” section in this document.
(4) Includes the impact of favorable assumption updates of $16 million and $40 million for the year ended December 31, 2024 and 2023, respectively.
(5) Includes certain gross legal expenses related to the COI litigation of $106 million and $144 million for the year ended December 31, 2024 and 2023, respectively. Includes the impact of annual actuarial assumptions updates related to LFPB of $61 million for the year ended December 31, 2023. Includes Non-GMxB related derivative hedge losses (gains) of $6 million and $34 million for the year ended December 31, 2024 and 2023, respectively.
(6) For the year ended December 31, 2024, includes $82 million of the gain on sale on AB's Bernstein Research Service attributable to Holdings and includes $78 million contingent payment gain recognized in connection with a fair value remeasurement of the contingent payment liability associated with AB's acquisition of CarVal in 2022.
(7) For 2023 non-recurring tax items reflect primarily the effect of uncertain tax positions for a given audit period. Includes a decrease of the deferred tax valuation allowance of $1.0 billion for the year ended December 31, 2023.


	Balances as of
(in millions USD, unless otherwise indicated)	12/31/2023		3/31/2024		6/30/2024		9/30/2024		12/31/2024		3/31/2025		6/30/2025

Assets
Total investments	$	102,173	$	102,620	$	107,726	$	114,246	$	116,441	$	118,908	$	121,798
Cash and cash equivalents	8,239		10,357		9,684		9,579		6,964		8,164		14,957
Cash and securities segregated, at fair value	868		866		592		547		500		772		483
Broker-dealer related receivables	1,837		1,808		1,801		1,898		1,961		1,931		1,933
Deferred policy acquisition costs	6,705		6,804		6,924		7,031		7,170		7,262		7,361
Goodwill and other intangible assets, net	5,433		5,419		5,403		5,388		5,371		5,356		5,342
Amounts due from reinsurers	8,197		8,252		8,087		8,068		7,899		7,523		7,501


Current and deferred income taxes	2,054		2,075		2,129		1,707		2,003		1,687		1,749
Purchased market risk benefits	9,455		8,348		8,002		8,492		7,376		5,976		5,543
Other assets	3,324		3,619		3,828		3,738		4,462		4,574		3,962
Assets held-for-sale	565		745		—		—		—		—		—
Assets for market risk benefits	594		821		799		740		863		644		776
Separate Accounts assets	127,251		133,735		132,664		137,407		134,717		124,569		131,683
Total assets	$	276,695	$	285,469	$	287,639	$	298,841	$	295,727	$	287,366	$	303,088

Liabilities
Policyholders’ account balances	$	95,643	$	100,228	$	104,049	$	107,404	$	110,929	$	112,793	$	123,359
Liability for market risk benefits	14,630		12,833		12,612		13,197		11,810		10,864		10,187
Future policy benefits and other policyholders’ liabilities	17,374		17,340		17,433		17,936		17,613		17,372		17,557
Broker-dealer related payables	1,232		1,022		839		1,382		775		642		1,454

Customers related payables	2,201		2,162		2,060		1,795		1,933		2,135		1,885
Amounts due to reinsurers	1,457		1,402		1,373		1,426		1,421		1,357		1,350
Short-term debt	254		—		—		—		—		—		—
Long-term debt	3,820		3,821		3,830		3,831		3,833		4,330		4,332



Notes issued by consolidated variable interest entities, at fair value using the fair value option	1,559		1,580		1,740		1,744		2,116		2,110		2,471
Other liabilities	5,976		6,401		6,612		6,540		7,032		6,700		5,847
Liabilities held-for-sale	153		239		—		—		—		—		—
Separate Accounts liabilities	127,251		133,735		132,664		137,407		134,717		124,569		131,683
Total liabilities	271,550		280,763		283,212		292,662		292,179		282,872		300,125
Redeemable noncontrolling interest	770		991		1,088		1,223		125		289		358

Equity
Preferred stock	1,562		1,562		1,562		1,562		1,507		1,507		1,228
Common stock	5		5		5		5		5		5		5
Additional paid-in capital	2,328		2,322		2,337		2,343		2,336		2,305		1,901
Treasury shares	(3,712)		(3,801)		(3,932)		(4,072)		(4,198)		(4,296)		(4,423)
Retained earnings	10,250		10,095		10,301		9,964		10,627		10,447		9,870
Accumulated other comprehensive income (loss)	(7,797)		(8,191)		(8,675)		(6,601)		(8,712)		(7,567)		(7,432)
Total equity attributable to Holdings	2,636		1,992		1,598		3,201		1,565		2,401		1,149
Noncontrolling interest	1,739		1,723		1,741		1,755		1,858		1,804		1,456
Total equity	4,375		3,715		3,339		4,956		3,423		4,205		2,605
Total liabilities, redeemable noncontrolling interest and equity	$	276,695	$	285,469	$	287,639	$	298,841	$	295,727	$	287,366	$	303,088


Operating Earnings (Loss) by Segment and Corporate and Other (1/2)

	For the Three Months Ended June 30, 2025
(in millions USD, unless otherwise indicated)	Retirement		Asset Management		Wealth Management		Corporate and Other		Eliminations		Consolidated
Revenues
Policy charges, fee income and premiums	$	287	$	—	$	—	$	599	$	—	$	886
Net investment income (loss)	1,045		22		2		277		31		1,377
Net derivative gains (losses)	(5)		(11)		—		(12)		5		(23)
Investment management, service fees and other income	161		1,083		467		116		(266)		1,561
Segment revenues	1,488		1,094		469		980		(230)		3,801
Benefits and other deductions
Policyholders’ benefits	76		—		—		711		—		787
Remeasurement of liability for future policy benefits	—		—		—		(13)		—		(13)

Interest credited to policyholders’ account balances	632		—		—		173		—		805
Commissions and distribution-related payments	145		197		296		72		(222)		488
Amortization of deferred policy acquisition costs	143		—		—		50		—		193
Compensation and benefits, interest expense and financing fees and other operating costs and expense	71		634		105		210		(8)		1,012
Segment benefits and other deductions	1,067		831		401		1,203		(230)		3,272
Operating earnings (loss), before income taxes	421		263		68		(223)		—		529
Income Taxes	(70)		(48)		(18)		44		—		(92)
Operating earnings (loss), before noncontrolling interest	351		215		50		(179)		—		437
Less: Operating (earnings) loss attributable to the noncontrolling interest	—		(84)		—		(1)		—		(85)
Operating earnings (loss)	$	351	$	131	$	50	$	(180)	$	—	$	352

	For the Three Months Ended June 30, 2024
	Retirement		Asset Management		Wealth Management		Corporate and Other		Eliminations		Consolidated
Revenues
Policy charges, fee income and premiums	$	288	$	—	$	—	$	611	$	—	$	899
Net investment income (loss)	896		7		4		263		22		1,192
Net derivative gains (losses)	(6)		(1)		—		(3)		6		(4)
Investment Management, service fees and other income	158		1,045		437		146		(255)		1,531
Segment revenues	1,336		1,051		441		1,017		(227)		3,618
Benefits and other deductions
Policyholders’ benefits	78		—		—		589		—		667
Remeasurement of liability for future policy benefits	1		—		—		(8)		—		(7)

Interest credited to policyholders’ account balances	454		—		—		144		—		598
Commissions and distribution-related payments	126		180		282		89		(214)		463
Amortization of deferred policy acquisition costs	119		—		—		50		—		169
Compensation and benefits, interest expense and financing fees and other operating costs and expense	80		633		98		210		(13)		1,008
Segment benefits and other deductions	858		813		380		1,074		(227)		2,898
Operating earnings (loss), before income taxes	478		238		61		(57)		—		720
Income Taxes	(68)		(42)		(17)		8		—		(119)
Operating earnings (loss), before noncontrolling interest	410		196		44		(49)		—		601
Less: Operating (earnings) loss attributable to the noncontrolling interest	—		(95)		—		(11)		—		(106)
Operating earnings (loss)	$	410	$	101	$	44	$	(60)	$	—	$	495


Operating Earnings (Loss) by Segment and Corporate and Other (2/2)

	For the Six Months Ended June 30, 2025
(in millions USD, unless otherwise indicated)	Retirement			Asset Management		Wealth Management		Corporate and Other		Eliminations		Consolidated
Revenues
Policy charges, fee income and premiums	$	593		$	—	$	—	$	1,233	$	—	$	1,826
Net investment income (loss)	2,028			25		5		508		56		2,622
Net derivative gains (losses)	(10)			(24)		—		(3)		10		(27)
Investment Management, service fees and other income	328			2,181		926		255		(526)		3,164
Segment revenues	2,939			2,182		931		1,993		(460)		7,585
Benefits and other deductions
Policyholders’ benefits	168			—		—		1,378		—		1,546
Remeasurement of liability for future policy benefits	(1)			—		—		(14)		—		(15)

Interest credited to policyholders’ account balances	1,162			—		—		306		—		1,468
Commissions and distribution-related payments	287			398		589		155		(440)		989
Amortization of deferred policy acquisition costs	282			—		—		99		—		381
Compensation and benefits, interest expense and financing fees and other operating costs and expense	175			1,248		214		438		(20)		2,055
Segment benefits and other deductions	2,073			1,646		803		2,362		(460)		6,424
Operating earnings (loss), before income taxes	866			536		128		(369)		—		1,161
Income Taxes	(138)			(89)		(33)		66		—		(194)
Operating earnings (loss), before noncontrolling interest	728			447		95		(303)		—		967
Less: Operating (earnings) loss attributable to the noncontrolling interest	—			(190)		—		(4)		—		(194)
Operating earnings (loss)	$	728		$	257	$	95	$	(307)	$	—	$	773

	For the Six Months Ended June 30, 2024
	Retirement			Asset Management		Wealth Management		Corporate and Other		Eliminations		Consolidated
Revenues
Policy charges, fee income and premiums	$	569	0	$	—	$	—	$	1,229	$	—	$	1,798
Net investment income (loss)	1,736			15		8		564		43		2,366
Net derivative gains (losses)	(11)			(6)		—		(11)		11		(17)
Investment Management, service fees and other income	322			2,135		855		295		(497)		3,110
Segment revenues	2,616			2,144		863		2,077		(443)		7,257
Benefits and other deductions
Policyholders’ benefits	155			—		—		1,189		—		1,344
Remeasurement of liability for future policy benefits	(2)			—		—		—		—		(2)

Interest credited to policyholders’ account balances	880			—		—		297		—		1,177
Commissions and distribution-related payments	247			353		542		172		(414)		900
Amortization of deferred policy acquisition costs	243			—		—		98		—		341
Compensation and benefits, interest expense and financing fees and other operating costs and expense	169			1,305		203		434		(29)		2,082
Segment benefits and other deductions	1,692			1,658		745		2,190		(443)		5,842
Operating earnings (loss), before income taxes	924			486		118		(113)		—		1,415
Income Taxes	(132)			(86)		(32)		21		—		(229)
Operating earnings (loss), before noncontrolling interest	792			400		86		(92)		—		1,186
Less: Operating (earnings) loss attributable to the noncontrolling interest	—			(193)		—		(21)		—		(214)
Operating earnings (loss)	$	792		$	207	$	86	$	(113)	$	—	$	972


	Balances as of
(in billions USD, unless otherwise indicated)	12/31/2023			3/31/2024			6/30/2024			9/30/2024			12/31/2024			3/31/2025			6/30/2025



AB AUM
Total AB	$	725.2		$	758.7		$	769.5		$	805.9		$	792.2		$	784.5		$	829.1
Exclusion for General Account and other Affiliated Accounts	(75.5)			(76.8)			(80.8)			(85.0)			(84.2)			(87.4)			(90.0)
Exclusion for Separate Accounts	(44.0)			(46.4)			(46.3)			(48.4)			(47.3)			(44.7)			(47.8)
AB third party	$	605.7		$	635.4		$	642.4		$	672.6		$	660.7		$	652.4		$	691.3

Total Company AUM
AB third party	$	605.7		$	635.4		$	642.4		$	672.6		$	660.7		$	652.4		$	691.3
General Account and other Affiliated Accounts (1) (3) (4)	110.4			113.0			117.4			123.8			123.4			127.1			136.8
Separate Accounts (2) (3) (4)	127.3			133.7			132.7			137.4			134.7			124.6			131.7
Total AUM	$	843.4		$	882.1		$	892.5		$	933.8		$	918.8		$	904.0		$	959.7

Total AUA (5)	$	88.2		$	92.5		$	94.8		$	101.5		$	101.7		$	102.1		$	110.3
Total AUM/A	$	931.6		$	974.6		$	987.3		$	1,035.3		$	1,020.5		$	1,006.1		$	1,070.0

Market Values:
S&P 500	4,770			5,254			5,460			5,762			5,882			5,612			6,205
US 10-Year Treasury	3.9		%	4.2		%	4.4		%	3.7		%	4.6		%	4.2		%	4.2		%



Notes:


(1) “General Account and other Affiliated Accounts” refers to assets held in the general accounts of our insurance companies and other assets on which we bear the investment risk.
(2) “Separate Accounts” refers to the separate account investment assets of our insurance subsidiaries excluding any assets on which we bear the investment risk.
(3) As of June 30, 2025, March 31, 2025, December 31, 2024, September 30, 2024, June 30, 2024, March 31, 2024 and December 31, 2023, Separate Account is inclusive of $8.2 billion, $7.9 billion, $12.3 billion, $12.8 billion, $12.5 billion, $12.9 billion and $12.5 billion & General Account AUM is inclusive of $31 million, $31 million, $43 million, $44 million, $46 million, $47 million and $49 million respectively, Account Value ceded to Venerable.
(4) As of June 30, 2025, March 31, 2025, December 31, 2024, September 30, 2024, June 30, 2024, March 31, 2024 and December 31, 2023, Separate Account is inclusive of $7.0 billion, $6.5 billion, $6.9 billion, $7.1 billion, $6.8 billion, $6.9 billion and $6.4 billion & General Account AUM is inclusive of $3.1 billion, $3.2 billion, $3.2 billion, $3.3 billion, $3.4 billion, $3.5 billion and $3.6 billion, respectively, Account Value ceded to Global Atlantic.
(5) Includes Advisory, Brokerage and Direct assets included in our Wealth Management segment.


Retirement - Operating Earnings (Loss) and Summary Metrics

	For the Year Ended or As of			For the Three Months Ended or As of												For the Year Ended or As of	For the Three Months Ended or As of						For the Six Months Ended or As of
(in millions USD, unless otherwise indicated)	12/31/2023			3/31/2024			6/30/2024			9/30/2024			12/31/2024				12/31/2024			3/31/2025				6/30/2025			6/30/2025

Revenues
Policy charges, fee income and premiums	$	1,059		$	281		$	288		$	305		$	305			$	1,179		$	306			$	287		$	593
Net investment income (loss)	2,939			840			896			959			942				3,637			983				1,045			2,028
Net derivative gains (losses)	(21)			(5)			(6)			(5)			(6)				(22)			(5)				(5)			(10)
Investment management, service fees and other income	617			164			158			180			183				685			167				161			328
Segment revenues	4,594			1,280			1,336			1,439			1,424				5,479			1,451				1,488			2,939

Benefits and other deductions
Policyholders’ benefits	299			77			78			83			86				324			92				76			168
Remeasurement of liability for future policy benefits	(2)			(3)			1			1			(1)				(2)			(1)				—			(1)

Interest credited to policyholders’ account balances	1,469			426			454			520			530				1,930			530				632			1,162
Commissions and distribution-related payments	417			121			126			136			143				526			142				145			287
Amortization of deferred policy acquisition costs	447			124			119			135			135				513			139				143			282
Compensation and benefits, interest expense and financing fees and other operating costs and expense	314			89			80			80			93				342			104				71			175
Segment benefits and other deductions	2,944			834			858			955			986				3,633			1,006				1,067			2,073

Operating earnings (loss), before income taxes	1,650			446			478			484			438				1,846			445				421			866
Income taxes	(272)			(64)			(68)			(68)			(55)				(255)			(68)				(70)			(138)
Operating earnings (loss), before noncontrolling interest	1,378			382			410			416			383				1,591			377				351			728
Less: Operating (earnings) loss attributable to the noncontrolling interest	—			—			—			—			—				—			—				—			—
Operating earnings (loss)	$	1,378		$	382		$	410		$	416		$	383			$	1,591		$	377			$	351		$	728

Summary Metrics

Operating earnings (loss) (TTM)	$	1,378		$	1,454		$	1,536		$	1,641		$	1,591			$	1,591		$	1,586			$	1,527		$	1,527

Average asset value (TTM)	$	128,627		$	132,614		$	136,334		$	140,673		$	145,408			$	145,408		$	149,051			$	153,648		$	153,648

Return on assets (TTM)	1.28		%	1.31		%	1.34		%	1.37		%	1.27		%		1.27		%	1.24		%		1.16		%	1.16		%

Net flows	$	5,311		$	1,514		$	2,261		$	1,664		$	1,614			$	7,053		$	1,624			$	1,919		$	3,543

Additional Detail

Net investment income (loss):
Investment income, excluding alternatives	$	2,912		$	819		$	874		$	939		$	925			$	3,557		$	953			$	1,025		$	1,978
Alternative investment income	27			21			22			20			17				80			30				20			50
Total Net investment income (loss)	$	2,939		$	840		$	896		$	959		$	942			$	3,637		$	983			$	1,045		$	2,028

Net interest margin	$	1,449		$	409		$	436		$	434		$	406			$	1,685		$	448			$	408		$	856


Retirement - Select Operating Metrics

	For the Year Ended or As of		For the Three Months Ended or As of						For the Year Ended or As of				For the Three Months Ended or As of			For the Six Months Ended or As of
(in millions USD, unless otherwise indicated)	12/31/2023		3/31/2024		6/30/2024		9/30/2024		12/31/2024		12/31/2024			3/31/2025			6/30/2025		6/30/2025

Sales Metrics (Net of Reinsurance)
First Year Premiums and Deposits:
Registered indexed-linked annuities (RILA)	$	11,334	$	3,416	$	3,464	$	3,628	$	3,746	$	14,254		$	3,534		$	3,772	$	7,306
Traditional variable annuities	2,767		890		1,012		1,188		1,081		4,171			1,000			984		1,984
Tax-exempt	1,113		316		299		311		326		1,252			349			297		646
Corporate	356		93		108		115		93		409			78			70		148
Institutional	98		16		542		26		108		692			424			325		749
Other	138		30		31		43		40		144			31			64		95
Total First Year Premiums and Deposits	$	15,806	$	4,761	$	5,456	$	5,311	$	5,394	$	20,922		$	5,416		$	5,512	$	10,928

Renewal Premiums and Deposits:
Tax-exempt	$	1,703	$	453	$	492	$	381	$	492	$	1,818		$	486		$	512	$	998
Corporate	378		99		93		92		93		377			103			91		194

Other	395		109		94		86		95		384			91			88		179
Total Renewal Premiums and Deposits	$	2,476	$	661	$	679	$	559	$	680	$	2,579		$	680		$	691	$	1,371

Total Premiums and Deposits	$	18,282	$	5,422	$	6,135	$	5,870	$	6,074	$	23,501		$	6,096		$	6,203	$	12,299






































Net Amount at Risk (NAR)
Total GMIB NAR	$	14	$	17	$	21	$	31	$	31	$	31		$	45		$	52	$	52
Total GMWB NAR	$	—	$	—	$	—	$	—	$	—	$	—		$	—		$	—	$	—
Total GMDB NAR	$	3,114	$	2,874	$	2,981	$	2,714	$	2,986	$	2,986		$	3,277		$	3,058	$	3,058


MRB Reserves (Net of Reinsurance)	$	602	$	294	$	378	$	547	$	436	$	436		$	711		$	596	$	596


Retirement - Asset Value Rollforward

	For the Year Ended or As of		For the Three Months Ended or As of						For the Year Ended or As of				For the Three Months Ended or As of					For the Six Months Ended or As of
(in millions USD, unless otherwise indicated)	12/31/2023		3/31/2024		6/30/2024		9/30/2024		12/31/2024		12/31/2024			3/31/2025		6/30/2025			6/30/2025











General Account:
Account value balance, beginning of period	$	47,292	$	61,339	$	66,465	$	70,835	$	75,842	$	61,339		$	78,361	$	79,820		$	78,361
Premiums and deposits (1)	11,777		3,632		4,263		3,860		3,877		15,632			4,529		4,288			8,817
Surrenders, withdrawals and benefits	(5,388)		(1,586)		(1,523)		(1,704)		(1,787)		(6,600)			(1,840)		(1,891)			(3,731)
Net flows	6,389		2,046		2,740		2,156		2,090		9,032			2,689		2,397			5,086
Change in market value and reinvestment	1,721		(12)		351		1,342		(843)		838			1,706		584			2,290
Change in fair value of embedded derivative instruments	5,927		3,092		1,279		1,509		1,272		7,152			(2,936)		4,612			1,676
Other	10		—		—		—		—		—			—		—			—
Account value balance, end of period	61,339		66,465		70,835		75,842		78,361		78,361			79,820		87,413			87,413
Embedded derivative value, end of period	10,555		13,549		14,746		16,043		17,000		17,000			13,816		18,097			18,097
Account value balance, end of period (net of embedded derivatives)	50,784		52,916		56,089		59,799		61,361		61,361			66,004		69,316			69,316
Total spread lending balances, end of period	13,899		13,433		13,430		12,973		12,908		12,908			13,943		16,315			16,315
Reserves, end of period (excluding MRBs)	4,539		4,649		4,762		5,164		5,107		5,107			4,842		4,995			4,995
Balance, end of period, General Account asset value	$	69,222	$	70,998	$	74,281	$	77,936	$	79,376	$	79,376		$	84,789	$	90,626		$	90,626

Separate Accounts:
Account value balance, beginning of period	$	59,296	$	67,139	$	70,670	$	70,694	$	73,886	$	67,139		$	72,837	$	69,788		$	72,837
Premiums and deposits (1)	6,362		1,742		1,828		1,950		2,141		7,661			1,524		1,876			3,400
Surrenders, withdrawals and benefits	(7,440)		(2,274)		(2,307)		(2,442)		(2,617)		(9,640)			(2,589)		(2,354)			(4,943)
Net flows	(1,078)		(532)		(479)		(492)		(476)		(1,979)			(1,065)		(478)			(1,543)
Change in market value and reinvestment	8,898		4,063		503		3,684		(573)		7,677			(1,984)		4,719			2,735

Other	23		—		—		—		—		—			—		—			—
Balance, end of period, Separate Accounts asset value	$	67,139	$	70,670	$	70,694	$	73,886	$	72,837	$	72,837		$	69,788	$	74,029		$	74,029

Total:
Account value balance, beginning of period	$	106,588	$	128,478	$	137,135	$	141,529	$	149,728	$	128,478		$	151,198	$	149,608		$	151,198
Premiums and deposits (1)	18,139		5,374		6,091		5,810		6,018		23,293			6,053		6,164			12,217
Surrenders, withdrawals and benefits	(12,828)		(3,860)		(3,830)		(4,146)		(4,404)		(16,240)			(4,429)		(4,245)			(8,674)
Net flows	5,311		1,514		2,261		1,664		1,614		7,053			1,624		1,919			3,543
Change in market value and reinvestment	10,619		4,051		854		5,026		(1,416)		8,515			(278)		5,303			5,025
Change in fair value of embedded derivative instruments	5,927		3,092		1,279		1,509		1,272		7,152			(2,936)		4,612			1,676
Other	33		—		—		—		—		—			—		—			—
Account value balance, end of period	128,478		137,135		141,529		149,728		151,198		151,198			149,608		161,442			161,442
Embedded derivative value, end of period	10,555		13,549		14,746		16,043		17,000		17,000			13,816		18,097			18,097
Account value balance, end of period (net of embedded derivatives)	117,923		123,586		126,783		133,685		134,198		134,198			135,792		143,345			143,345
Total spread lending balances, end of period	13,899		13,433		13,430		12,973		12,908		12,908			13,943		16,315			16,315
Reserves, end of period (excluding MRBs)	4,539		4,649		4,762		5,164		5,107		5,107			4,842		4,995			4,995
Balance, end of period, total asset value	$	136,361	$	141,668	$	144,975	$	151,822	$	152,213	$	152,213		$	154,577	$	164,655		$	164,655






Notes:
(1) Includes deposits from certain other products not reported as first year premiums and deposits or renewal premiums and deposits elsewhere in this document.


Asset Management - Net Flows

	For the Year Ended		For the Three Months Ended								For the Year Ended			For the Three Months Ended			For the Six Months Ended
(in billions USD, unless otherwise indicated)	12/31/2023		3/31/2024		6/30/2024		9/30/2024		12/31/2024			12/31/2024			3/31/2025		6/30/2025		6/30/2025
Net Flows by Distribution Channel
Institutions
US	$	1.3	$	(1.5)	$	1.9	$	1.7	$	(0.2)		$	2.1		$	2.7	$	2.8	$	5.5
Global and Non-US	(13.1)		(2.7)		(3.7)		(6.1)		(6.0)			(18.6)			(2.0)		(4.3)		(6.3)
Total Institutions	$	(11.8)	$	(4.2)	$	(1.8)	$	(4.4)	$	(6.2)		$	(16.5)		$	0.7	$	(1.5)	$	(0.8)
Retail
US	$	2.8	$	1.9	$	2.7	$	4.0	$	4.3		$	12.7		$	3.0	$	(1.6)	$	1.4
Global and Non-US	0.9		2.3		0.1		1.4		(3.2)			0.7			(2.1)		(3.2)		(5.3)
Total Retail	$	3.7	$	4.2	$	2.8	$	5.4	$	1.1		$	13.4		$	0.9	$	(4.8)	$	(3.9)
Private Wealth
US	$	2.3	$	0.7	$	0.2	$	0.2	$	0.5		$	1.7		$	1.6	$	0.1	$	1.7
Global and Non-US	(1.2)		(0.2)		(0.3)		(0.1)		(0.2)			(0.8)			(0.8)		(0.5)		(1.3)
Total Private Wealth	$	1.1	$	0.5	$	(0.1)	$	0.1	$	0.3		$	0.9		$	0.8	$	(0.4)	$	0.4
Total Net Flows by Distribution Channel	$	(7.0)	$	0.5	$	0.9	$	1.1	$	(4.8)		$	(2.2)		$	2.4	$	(6.7)	$	(4.3)
Net Flows by Investment Service
Equity Active
US	$	(6.2)	$	(1.5)	$	(1.5)	$	(0.3)	$	(4.1)		$	(7.3)		$	(0.3)	$	(3.3)	$	(3.6)
Global and Non-US	(9.3)		(4.7)		(4.6)		(4.2)		(3.3)			(16.8)			(2.2)		(2.7)		(4.9)
Total Equity Active	$	(15.5)	$	(6.2)	$	(6.1)	$	(4.5)	$	(7.4)		$	(24.1)		$	(2.5)	$	(6.0)	$	(8.5)
Equity Passive (1)
US	$	(3.7)	$	(3.2)	$	(0.6)	$	(0.7)	$	(1.1)		$	(5.6)		$	(0.1)	$	—	$	(0.1)
Global and Non-US	(0.3)		(0.1)		(0.1)		(0.4)		(0.3)			(1.0)			0.3		(1.9)		(1.6)
Total Equity Passive (1)	$	(4.0)	$	(3.3)	$	(0.7)	$	(1.1)	$	(1.4)		$	(6.6)		$	0.2	$	(1.9)	$	(1.7)
Fixed Income - Taxable
US	$	8.7	$	1.3	$	4.6	$	1.5	$	3.2		$	10.6		$	2.2	$	2.0	$	4.2
Global and Non-US	(2.1)		3.3		(0.2)		1.2		(3.9)			0.4			(3.6)		(3.5)		(7.1)
Total Fixed Income - Taxable	$	6.6	$	4.6	$	4.4	$	2.7	$	(0.7)		$	11.0		$	(1.4)	$	(1.5)	$	(2.9)
Fixed Income - Tax-Exempt
US	$	5.7	$	2.9	$	1.9	$	3.3	$	5.5		$	13.6		$	2.4	$	1.2	$	3.6
Global and Non-US	—		—		—		—		—			—			—		—		—
Total Fixed Income - Tax-Exempt	$	5.7	$	2.9	$	1.9	$	3.3	$	5.5		$	13.6		$	2.4	$	1.2	$	3.6
Fixed Income - Passive (1)
US	$	1.5	$	—	$	(0.1)	$	(0.2)	$	(0.1)		$	(0.5)		$	(0.4)	$	(0.1)	$	(0.5)
Global and Non-US	—		(0.1)		0.1		(0.1)		(0.5)			(0.5)			(0.1)		—		(0.1)
Total Fixed Income - Passive (1)	$	1.5	$	(0.1)	$	—	$	(0.3)	$	(0.6)		$	(1.0)		$	(0.5)	$	(0.1)	$	(0.6)
Alternatives/Multi-Asset Solutions (2)
US	$	0.4	$	1.6	$	0.5	$	2.3	$	1.2		$	5.7		$	3.5	$	1.5	$	5.0
Global and Non-US	(1.7)		1.0		0.9		(1.3)		(1.4)			(0.8)			0.7		0.1		0.8
Total Alternatives/Multi-Asset Solutions (2)	$	(1.3)	$	2.6	$	1.4	$	1.0	$	(0.2)		$	4.9		$	4.2	$	1.6	$	5.8
Total Net Flows by Investment Service	$	(7.0)	$	0.5	$	0.9	$	1.1	$	(4.8)		$	(2.2)		$	2.4	$	(6.7)	$	(4.3)
Active vs. Passive Net Flows
Actively Managed
Equity	$	(15.5)	$	(6.2)	$	(6.1)	$	(4.5)	$	(7.4)		$	(24.1)		$	(2.5)	$	(6.0)	$	(8.5)
Fixed Income	12.3		7.5		6.3		6.0		4.8			24.6			1.0		(0.4)		0.6
Alternatives/Multi-Asset Solutions (2)	(2.0)		2.4		1.1		0.7		(0.4)			3.8			4.2		1.6		5.8
Total	$	(5.2)	$	3.7	$	1.3	$	2.2	$	(3.0)		$	4.3		$	2.7	$	(4.8)	$	(2.1)
Passively Managed (1)
Equity	$	(4.0)	$	(3.3)	$	(0.7)	$	(1.2)	$	(1.4)		$	(6.6)		$	0.2	$	(1.9)	$	(1.7)
Fixed Income	1.5		(0.1)		—		(0.3)		(0.6)			(1.0)			(0.5)		(0.1)		(0.6)
Alternatives/Multi-Asset Solutions (2)	0.7		0.2		0.3		0.4		0.2			1.1			—		0.1		0.1
Total	$	(1.8)	$	(3.2)	$	(0.4)	$	(1.1)	$	(1.8)		$	(6.5)		$	(0.3)	$	(1.9)	$	(2.2)
Total Active vs Passive Net Flows	$	(7.0)	$	0.5	$	0.9	$	1.1	$	(4.8)		$	(2.2)		$	2.4	$	(6.7)	$	(4.3)
Notes:

(1) Includes index and enhanced index services.
(2) Includes certain multi-asset solutions and services not included in equity or fixed income services.


Wealth Management - Operating Earnings (Loss) and Summary Metrics


	Balances as of
(in millions USD, unless otherwise indicated)	December 31, 2024				June 30, 2025
	Amount (1)		% of Total			Amount (1)		% of Total
Composition of investment portfolio
Fixed maturities, available-for-sale, at fair value	$	76,641	62.1	%		$	80,094	58.6	%
Fixed maturities, at fair value using the fair value option	2,053		1.7	%		2,428		1.8	%
Mortgage loans on real estate	20,072		16.3	%		21,536		15.7	%
Policy loans	4,330		3.5	%		4,355		3.2	%
Other equity investments	3,719		3.0	%		3,789		2.8	%
Other invested assets	8,537		6.9	%		8,301		6.1	%
Subtotal investment assets	115,352		93.5	%		120,503		88.2	%
Trading securities	1,089		0.9	%		1,295		0.9	%
Total investments	116,441		94.4	%		121,798		89.1	%
Cash and cash equivalents	6,964		5.6	%		14,957		10.9	%
Total	$	123,405	100.0	%		$	136,755	100.0	%

General Account AFS Fixed maturities by industry (Based on amortized cost)
Corporate securities:
Finance	$	16,080	19.1	%		$	15,524	17.9	%
Manufacturing	12,499		14.8	%		11,894		13.7	%
Utilities	8,476		10.1	%		8,423		9.7	%
Services	8,899		10.6	%		7,876		9.1	%
Energy	2,546		3.0	%		2,635		3.0	%
Retail and wholesale	2,979		3.5	%		3,771		4.4	%

Transportation	1,559		1.9	%		2,569		3.0	%
Other	1,665		2.0	%		415		0.5	%
Total corporate securities	54,703		65.0	%		53,107		61.3	%
U.S. government and agency	5,801		6.9	%		5,983		6.9	%
Residential mortgage-backed (2)	4,520		5.4	%		5,506		6.4	%
Preferred stock	56		0.1	%		54		0.1	%
State & political	472		0.6	%		423		0.5	%
Foreign governments	689		0.8	%		690		0.8	%
Commercial mortgage-backed	4,301		5.1	%		4,839		5.6	%
Asset-backed securities	13,660		16.2	%		15,907		18.4	%
Total	$	84,202	100.0	%		$	86,509	100.0	%

General Account AFS Fixed maturities credit quality (3) (Based on amortized cost)
Aaa, Aa, A (NAIC Designation 1)	$	56,266	66.8	%		$	58,605	67.7	%
Baa (NAIC Designation 2)	26,255		31.2	%		26,271		30.4	%
Investment grade	82,521		98.0	%		84,876		98.1	%
Below investment grade (NAIC Designation 3 and 4)	1,681		2.0	%		1,633		1.9	%
Total	$	84,202	100.0	%		$	86,509	100.0	%

Notes:

(1) Investment data has been classified based on standard industry categorizations for domestic public holdings and similar classifications by industry for all other holdings.
(2) Includes publicly traded agency pass-through securities and collateralized obligations.
(3) Credit quality based on NAIC rating.


	For the Six Months Ended or As of							Years Ended or As of
(in millions USD, unless otherwise indicated)	June 30, 2024				June 30, 2025					December 31, 2024
	Yield		Amount (2)			Yield		Amount (2)			Yield		Amount (2)
Fixed Maturities:
Income (loss)	4.36	%	$	1,648		4.37	%	$	1,859		4.39	%	$	3,447
Ending assets			79,124					86,509					84,202
Mortgages:
Income (loss)	5.10	%	473			4.99	%	516			5.14	%	973
Ending assets			18,802					21,536					20,072
Other Equity Investments (1):
Income (loss)	6.23	%	110			5.75	%	101			5.75	%	203
Ending assets			3,598					3,571					3,495
Trading Securities:
Income	0.73	%	2			9.47	%	29			5.07	%	16
Ending assets			495					723					527
Policy Loans:
Income	5.23	%	110			4.93	%	107			5.31	%	225
Ending assets			4,247					4,355					4,330
Cash and Short-term Investments:
Income (loss)	4.78	%	146			4.26	%	126			4.89	%	266
Ending assets			5,817					12,239					3,259









Total Net Investment Income:
Investment income	4.59	%	2,489			4.56	%	2,738			4.63	%	5,130
Less: investment fees (4)	(0.16)	%	(88)			(0.16)	%	(97)			(0.16)	%	(180)
Investment income, net	4.43	%	$	2,401		4.40	%	$	2,641		4.46	%	$	4,950
General Account Ending Net Assets			$	112,083				$	128,933				$	115,885
Operating Earnings adjustments:

AB and other non-General Account investment income (loss)			(35)					(19)					85
Operating Net investment income (loss)			$	2,366				$	2,622				$	4,865
Notes:

(1) Includes, as of June 30, 2024, June 30, 2025 and December 31, 2024, $371 million, $364 million and $431 million of other invested assets. Amounts for certain consolidated VIE investments are shown net of associated non-controlling interest.
(2) Amount for fixed maturities and mortgages represents original cost, reduced by repayments, write-downs, adjusted amortization of premiums, accretion of discount and allowances. Cost for equity securities represents original cost reduced by write-downs; cost for other limited partnership interests represents original cost adjusted for equity in earnings and reduced by distributions.


In addition to our results presented in accordance with U.S. GAAP, we report Non-GAAP Operating Earnings, and Non-GAAP operating common EPS, each of which is a measure that is not determined in accordance with U.S. GAAP. Management principally uses these Non-GAAP financial measures in evaluating performance because they present a clearer picture of our operating performance and they allow management to allocate resources. Similarly, management believes that the use of these Non-GAAP financial measures, together with relevant U.S. GAAP measures, provide investors with a better understanding of our results of operations and the underlying profitability drivers and trends of our business. These Non-GAAP financial measures are intended to remove from our results of operations the impact of market changes (where there is a mismatch in the valuation of assets and liabilities) as well as certain other expenses which are not part of our underlying profitability drivers or likely to re-occur in the foreseeable future, as such items fluctuate from period-to-period in a manner inconsistent with these drivers. These measures should be considered supplementary to our results that are presented in accordance with U.S. GAAP and should not be viewed as a substitute for the U.S. GAAP measures. Other companies may use similarly titled Non-GAAP financial measures that are calculated differently from the way we calculate such measures. Consequently, our Non-GAAP financial measures may not be comparable to similar measures used by other companies.
We also discuss certain operating measures, including AUM, AUA, AV, policy reserves and certain other operating measures, which management believes provide useful information about our businesses and the operational factors underlying our financial performance.
Non-GAAP Operating Earnings
Non-GAAP Operating Earnings is an after-tax Non-GAAP financial measure used to evaluate our financial performance on a consolidated basis that is determined by making certain adjustments to our consolidated after-tax net income attributable to Holdings. The most significant of such adjustments relates to our derivative positions, which protect economic value and statutory capital, and the variable annuity product MRBs. This is a large source of volatility in net income.
Non-GAAP Operating Earnings equals our consolidated after-tax net income attributable to Holdings adjusted to eliminate the impact of the following items:
•			Items related to variable annuity product features, which include: (i) changes in the fair value of MRB and purchased MRB, including the related attributed fees and claims, offset by derivatives and other securities used to hedge the MRB which result in residual net income volatility as the change in fair value of certain securities is reflected in OCI and due to our statutory capital hedge program; and (ii) market adjustments to deposit asset or liability accounts arising from reinsurance agreements which do not expose the reinsurer to a reasonable possibility of a significant loss from insurance risk;
•			Investment (gains) losses, which includes credit loss impairments of securities/investments, sales or disposals of securities/investments, realized capital gains/losses and valuation allowances;
•			Net actuarial (gains) losses, which includes actuarial gains and losses as a result of differences between actual and expected experience on pension plan assets or projected benefit obligation during a given period related to pension, other postretirement benefit obligations, and the one-time impact of the settlement of the defined benefit obligation;
•			Other adjustments, which primarily include restructuring costs related to severance and separation, lease write-offs related to non-recurring restructuring activities, net derivative gains (losses) on certain Non-GMxB derivatives, net investment income from certain items including consolidated VIE investments, seed capital mark-to-market adjustments, unrealized gain/losses and realized capital gains/losses from sales or disposals of select securities, certain legal accruals; a bespoke deal to repurchase UL policies from one entity that had invested in numerous policies purchased in the life settlement market, which disposed of the risk of additional COI litigation by that entity related to those UL policies, impact of the annual actuarial assumption updates attributable to LFPB when the majority of the impact relates to the non-core business; and
•			Income tax expense (benefit) related to the above items and non-recurring tax items, which includes the effect of uncertain tax positions for a given audit period and changes to the deferred tax valuation allowance.

Because Non-GAAP Operating Earnings excludes the foregoing items that can be distortive or unpredictable, management believes that this measure enhances the understanding of the Company’s underlying drivers of profitability and trends in our business, thereby allowing management to make decisions that will positively impact our business.
We use the prevailing corporate federal income tax rate of 21% while taking into account any non-recurring differences for events recognized differently in our financial statements and federal income tax returns as well as partnership income taxed at lower rates when reconciling Net income (loss) attributable to Holdings to Non-GAAP Operating Earnings.
Use of Non-GAAP Financial Measures

"Non-GAAP Operating ROE"
We calculate Non-GAAP Operating ROE by dividing Non-GAAP Operating Earnings for the previous twelve calendar months by consolidated average equity attributable to Holdings’ common shareholders, excluding AOCI. AOCI fluctuates period-to-period in a manner inconsistent with our underlying profitability drivers as the majority of such fluctuation is related to the market volatility of the unrealized gains and losses associated with our AFS securities. Therefore, we believe excluding AOCI is more effective for analyzing the trends of our operations.
Book Value per common share, excluding AOCI
We use the term “book value” to refer to “Total equity attributable to Holdings' common shareholders.” Book Value per common share, excluding AOCI, is our stockholder’s equity, excluding AOCI, divided by ending common shares outstanding.
Non-GAAP Operating Earnings per common share
Non-GAAP Operating Earnings per common share is calculated by dividing Non-GAAP Operating Earnings less preferred stock dividends by diluted common shares outstanding.


Reconciliation of Non-GAAP Measures (2/3)

	As of and for the Twelve Months Ended
(in millions USD, unless otherwise indicated)	12/31/2023			3/31/2024			6/30/2024			9/30/2024			12/31/2024			3/31/2025			6/30/2025
Net Income to Non-GAAP Operating Earnings
Net income (loss) attributable to Holdings	$	1,283		$	1,203		$	871		$	(309)		$	1,280		$	1,251		$	474
Adjustments related to:
Variable annuity product features	593			37			191			2,342			637			518			1,371
Investment (gains) losses	713			665			625			260			133			108			163

Net actuarial (gains) losses related to pension and other postretirement benefit obligations	39			47			52			57			60			54			51
Other adjustments	350			395			301			209			93			207			103
Income tax expense (benefit) related to above adjustments	(356)			(240)			(245)			(603)			(194)			(186)			(355)
Non-recurring tax items	(959)			(346)			26			(5)			(5)			(4)			(2)
Non-GAAP Operating Earnings	$	1,663		$	1,761		$	1,821		$	1,951		$	2,004		$	1,948		$	1,805

Return on Equity and Non-GAAP Operating Return on Equity - Trailing twelve months
Net income (loss) attributable to Holdings	$	1,283		$	1,203		$	871		$	(309)		$	1,280		$	1,251		$	474
Less: Preferred stock	(80)			(80)			(80)			(80)			(80)			(80)			(72)
Net income (loss) available to Holdings' common shareholders	$	1,203		$	1,123		$	791		$	(389)		$	1,200		$	1,171		$	402
Average equity attributable to Holdings' common shareholders (ex. AOCI)	$	9,161		$	9,134		$	9,023		$	8,611		$	8,586		$	8,546		$	8,206
Return on Equity (ex. AOCI)	13.1		%	12.3		%	8.8		%	(4.5)		%	14.0		%	13.7		%	4.9		%

Non-GAAP Operating Earnings	$	1,663		$	1,761		$	1,821		$	1,951		$	2,004		$	1,948		$	1,805
Less: Preferred stock	(80)			(80)			(80)			(80)			(80)			(80)			(72)
Non-GAAP Operating Earnings available to Holdings' common shareholders	$	1,583		$	1,681		$	1,741		$	1,871		$	1,924		$	1,868		$	1,733
Average equity attributable to Holdings' common shareholders (ex. AOCI)	$	9,161		$	9,134		$	9,023		$	8,611		$	8,586		$	8,546		$	8,206
Non-GAAP Operating Return on Equity (ex. AOCI)	17.3		%	18.4		%	19.3		%	21.7		%	22.4		%	21.9		%	21.1		%


Reconciliation of Non-GAAP Measures (3/3)

	Balances as of
(in millions USD, unless otherwise indicated)	12/31/2023		3/31/2024		6/30/2024		9/30/2024		12/31/2024		3/31/2025		6/30/2025

Equity Reconciliation - Quarter-end Balances
Total equity attributable to Holdings' shareholders	$	2,636	$	1,992	$	1,598	$	3,201	$	1,565	$	2,401	$	1,149
Less: Preferred Stock	1,562		1,562		1,562		1,562		1,507		1,507		1,228
Total equity attributable to Holdings' common shareholders	1,074		430		36		1,639		58		894		(79)
Less: Accumulated other comprehensive income (loss)	(7,797)		(8,191)		(8,675)		(6,601)		(8,712)		(7,567)		(7,432)
Total equity attributable to Holdings' common shareholders (ex. AOCI)	$	8,871	$	8,621	$	8,711	$	8,240	$	8,770	$	8,461	$	7,353


Account Value (“AV”) - AV generally equals the aggregate policy account value of our retirement and protection products. General Account AV refers to account balances in investment options that are backed by the General Account while Separate Accounts AV refers to Separate Accounts investment assets. AV is reflected net of reinsurance.
Advisory Assets - Assets invested in a variety of investments using an asset allocation model designed for the client’s objectives. The client is charged a fee based on the value of the assets in the account.
Annualized premiums - 100% of first year recurring premiums (up to target) and 10% of excess first year premiums or first year premiums from single premium products.

Assets Under Administration (“AUA”) - AUA includes non-insurance client assets that are invested in our savings and investment products or serviced by our Equitable Advisors platform. We provide administrative services for these assets and generally record the revenues received as distribution fees.
Assets Under Management (“AUM”) - AUM means investment assets that are managed by one of our subsidiaries and includes: (i) assets managed by AB; (ii) the assets in our General Account investment portfolio; and (iii) the Separate Account assets of our Retirement and Life businesses. Total AUM reflects exclusions between segments to avoid double counting.
Average Account Value (TTM) - Calculated as an average of the previous twelve calendar months total Account Value balance, net of embedded derivative instruments where applicable.
Benefit base - A notional amount (not actual cash value) used to calculate the owner’s guaranteed benefits within an annuity contract. The death benefit and living benefit within the same contract may not have the same benefit base.
Brokerage Assets - Brokerage accounts which allow clients a variety of investments, including mutual funds, exchange traded products, equities and fixed income, to be managed in one account. The client is charged for all buy and sell transactions.
Current Product Offering (Retirement) - Products sold 2011 and later.
Deferred policy acquisition costs (“DAC”) - Represents the incremental costs related directly to the successful acquisition of new and certain renewal insurance policies and annuity contracts and which have been deferred on the balance sheet as an asset.
Direct Assets - Mutual Funds purchased through and registered directly with an asset management company. No other agents, such as brokers or distributors, are involved in the transactions.
Equitable Advisors - means Equitable Advisors, LLC, a Delaware limited liability company, our retail broker/dealer for our retirement and protection businesses and a wholly-owned indirect subsidiary of Holdings.
Fixed Rate (Retirement) - Pre-2011 GMxB products.
FYP - First year premium and deposits.
GMxB - A general reference to all forms of variable annuity guaranteed benefits, including guaranteed minimum living benefits, or GMLBs (such as GMIBs, GMWBs and GMABs), and guaranteed minimum death benefits, or GMDBs (inclusive of return of premium death benefit guarantees).
Gross premiums - FYP and Renewal premium and deposits.
Guaranteed minimum death benefits (“GMDB”) - An optional benefit (available for an additional cost) that guarantees an annuitant’s beneficiaries are entitled to a minimum payment based on the benefit base, which could be greater than the underlying AV, upon the death of the annuitant.
Guaranteed minimum income benefits (“GMIB”) - An optional benefit (available for an additional cost) where an annuitant is entitled to annuitize the policy and receive a minimum payment stream based on the benefit base, which could be greater than the underlying AV.
Guaranteed minimum living benefits (“GMLB”) - A reference to all forms of guaranteed minimum living benefits, including GMIBs, GMWBs and GMABs (does not include GMDBs).

Individual Life Benefit Ratio - Policyholders’ benefits as a percent of policy charges, fee income and premium and investment management and services fees (net of reinsurance).
Invested assets - Includes fixed maturity securities, equity securities, mortgage loans, policy loans, alternative investments and short-term investments.

Liability for future policy benefits - the liability related to life insurance policies such as non-participating traditional life insurance policies (Term) and limited pay contracts (Payout, Pension).
Life Reserves - Equals the aggregate value of Policyholders’ account balances and future policy benefits for policies.
Market risk benefits - (“MRBs”) are contracts or contract features that provide protection to the contract holder from other than nominal capital market risk and expose the Company to other than nominal capital market risk. Market risk benefits include contract features that provide minimum guarantees to policyholders and include GMIB, GMDB, GMWB, GMAB, and ROP DB benefits.
Net flows - Net change in customer account balances in a period including, but not limited to, gross premiums, surrenders, withdrawals and benefits. It excludes investment performance, interest credited to customer accounts and policy charges.
Net interest margin - Net investment income (loss) plus net derivative gains (losses) less interest credited to policyholder's account balances.
Net long-term flows - Net change of assets under management in a period which includes new sales net of redemptions of mutual funds and terminations of separately managed accounts and cash flow which includes both cash invested or withdrawn by existing clients. In addition, cash flow includes fees received from certain clients. It excludes the impact of the markets.
Net new assets - Consists of total client deposits into advisory accounts less total client withdrawals from advisory accounts, plus dividends, plus interest, minus advisory fees. AUA reflects adjusted balances with no financial impact.
Premiums and deposits - Amounts a policyholder agrees to pay for an insurance policy or annuity contract that may be paid in one or a series of payments as defined by the terms of the policy or contract.
Pre-tax operating margin - Calculated as operating earnings, before income taxes, divided by revenue.
Renewal premium and deposits - Premiums and deposits after the first twelve months of the policy or contract.
Return of Premium (“ROP”) death benefit - This death benefit pays the greater of the account value at the time of a claim following the owner’s death or the total contributions to the contract (subject to adjustment for withdrawals). The charge for this benefit is usually included in the M&E fee that is deducted daily from the net assets in each variable investment option. We also refer to this death benefit as the Return of Principal death benefit.


Return on Assets - Calculated as trailing twelve months operating earnings (loss), before income taxes, divided by trailing twelve months average account value, net of embedded derivative instruments.
Return on Equity (ex. AOCI) - Calculated as trailing twelve months net income (loss) attributable to Holdings' common shareholders divided by average equity attributable to Holdings' common shareholders, excluding Accumulated Other Comprehensive Income (“AOCI”).
Revenue per advisor - Calculated as trailing twelve months revenue divided by the average number of advisors for each of the most recent four quarters.
Trailing Twelve Months ("TTM") - The twelve calendar months preceding the balance sheet date of a given reporting period.