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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 9, 2022

Equitable Holdings, Inc.

(Exact name of registrant as specified in its charter)

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

1290 Avenue of the Americas, New York, New York                     10104

(Address of principal executive offices) (Zip Code)

(212) 554-1234

(Registrant’s telephone number, including area code)

Not Applicable

(Former name or address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Title of each class

Trading Symbol

Name of Exchange on which registered

Common Stock

EQH

New York Stock Exchange

Depositary Shares, each representing a 1/1,000th interest in a share of Fixed Rate Noncumulative Perpetual Preferred Stock, Series A

EQH PR A

New York Stock Exchange

Depositary Shares, each representing a 1/1,000th interest in a share of Fixed Rate Noncumulative Perpetual Preferred Stock, Series C

EQH PR C

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 under the Securities Act (17 CFR 230.405) or Rule 12b-2 under the Exchange Act (17 CFR 240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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Item 2.02    Results of Operations and Financial Condition.

On May 9, 2022, Equitable Holdings, Inc. (“EQH”) issued a press release announcing its financial results for the quarter ended March 31, 2022. A copy of the press release containing this information is furnished as Exhibit 99.1 hereto and is incorporated herein by reference. In addition, more detailed financial information may be found in EQH’s Financial Supplement for the quarter ended March 31, 2022. A copy of the Financial Supplement for the quarter ended March 31, 2022 is furnished as Exhibit 99.2 hereto and is incorporated herein by reference.

As provided in General Instruction B.2 of Form 8-K, the information and exhibits provided pursuant to this Item 2.02 shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section, nor shall they be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

Item 7.01    Regulation FD Disclosure.

In connection with its earnings call for the quarter ended March 31, 2022, EQH has prepared a presentation for use with investors and other members of the investment community, which will be accessible via EQH’s investor relations website at https://ir.equitableholdings.com at 8 a.m. ET on Tuesday, May 10, 2022.

As provided in General Instruction B.2 of Form 8-K, the information provided pursuant to this Item 7.01 shall not be deemed to be “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liability of that section, nor shall it be deemed to be incorporated by reference in any filing under the Securities Act or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

Item 9.01    Financial Statements and Exhibits.

(d) Exhibits

Exhibit No.			Description of Exhibit
99.1			Press release of Equitable Holdings, Inc., dated May 9, 2022 (furnished and not filed)
99.2			Financial Supplement for the quarter ended March 31, 2022 (furnished and not filed)
104			Cover Page Interactive Data File (embedded within the Inline XBRL document).

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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

			EQUITABLE HOLDINGS, INC.
Date: May 9, 2022			By:			/s/ Ralph Petruzzo
			Name:			Ralph Petruzzo
			Title:			Associate General Counsel

EQUITABLE HOLDINGS REPORTS FIRST QUARTER 2022 RESULTS

_______________________________________

•Strong net inflows of $12bn supporting AUM growth of 4% year-over-year

•Net income of $573m; Net income per share of $1.43

•Non-GAAP operating earnings1 of $548m, or $1.36 per share; adjusting for notable items2, Non-GAAP operating earnings of $615m, or $1.53 per share

•Fair value management supports capital return during volatile markets; including $461m in Q13

•Acquisition of CarVal Investors will expand AB’s Private Markets AUM to nearly $50bn4 and creates new growth opportunities to diversify and expand services to meet clients' evolving needs

_______________________________________

New York, NY, May 9, 2022 — Equitable Holdings, Inc. (“Equitable Holdings”, “Holdings”, or the “Company”) (NYSE: EQH) today announced financial results for the first quarter ended March 31, 2022.

“Our fair value economic approach and use of market interest rates have led to robust cash flows despite volatile markets and geopolitical conflict. We reported first quarter Non-GAAP operating earnings of $1.36 per share, up 1% year-over-year. Adjusting for notable items, Non-GAAP operating earnings were $1.53, up 13% year-over-year. Net inflows in the quarter were $12 billion, more than doubling year-over-year, driving our AUM to $856 billion. With our leading franchises in advice, retirement and asset management, we remain well-positioned to help address the growing demand to protect the financial future of Americans who are confronting greater economic uncertainty,” said Mark Pearson, President and Chief Executive Officer.

Mr. Pearson continued, "During the quarter our subsidiary AllianceBernstein announced an agreement to acquire CarVal Investors, which will bring its Private Markets platform to nearly $50 billion. This agreement is an example of the unique synergies between AllianceBernstein and Equitable, the two complementary and well-established companies of Equitable Holdings. Equitable has committed to deploy $10 billion in investment capital from its General Account towards AB's Private Markets platform. Of the commitment, $750 million will be allocated across targeted CarVal strategies, further improving Equitable's risk-adjusted return and strengthening AB's efforts to grow higher multiple, higher margin and capital light businesses."

1 This press release includes certain Non-GAAP financial measures. More information on these measures and reconciliations to the most comparable U.S. GAAP measures can be found in the “Use of Non-GAAP Financial Measures” section of this release.

2 Please refer to Exhibit 1 for detailed reconciliation and definitions related to notable items.

3 Includes $70 million of quarterly cash dividends, $279 million of first quarter 2022 share repurchases and an additional $112 million of fourth quarter 2021 accelerated repurchases.

4 Pro forma AUM of AB comprised of approximately $37.2 billion in fee-earning AUM and $12.0 billion in fee-eligible AUM. As of 12/31/2021.

1

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Consolidated Results
			First Quarter
(in millions, except per share amounts or unless otherwise noted)			2022						2021
Total Assets Under Management (“AUM”, in billions)			$	856					$	822
Net income (loss) attributable to Holdings			573						(1,488)
Net income (loss) attributable to Holdings per common share			1.43						(3.46)
Non-GAAP operating earnings (loss)			548						600
Non-GAAP operating earnings (loss) per common share (“EPS”)			1.36						1.35

As of March 31, 2022, total AUM was $856 billion, a year-over-year increase of 4.1% driven by net inflows and market performance over the prior twelve months.

The Net income attributable to Holdings for the first quarter of 2022 was $573 million compared to Net loss of $1.5 billion in the first quarter of 2021 driven primarily by non-economic market impacts from hedging under U.S. GAAP accounting.

Non-GAAP operating earnings in the first quarter of 2022 was $548 million compared to $600 million in the first quarter of 2021. Excluding notable items5 of $67 million, first quarter 2022 Non-GAAP operating earnings were $615 million or $1.53 per share.

As of March 31, 2022, book value per common share, including accumulated other comprehensive income (“AOCI”), was $16.64. Book value per common share, excluding AOCI, was $21.29.

5 Please refer to Exhibit 1 for detailed reconciliation and definitions related to notable items.

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Business Highlights

•Business segment highlights:

◦Individual Retirement (“IR”) reported first quarter net inflows of $52 million, the highest quarter since the IPO. The Structured Capital Strategies (“SCS”) buffered annuity product achieved its highest month of sales ever in March and $2 billion in first year premium for the quarter.

◦Group Retirement (“GR”) generated first quarter net inflows of $523 million primarily driven by secure income inflows associated with AB’s Lifetime Income product.

◦Investment Management and Research (AllianceBernstein or “AB”)6 reported another quarter of net inflows, over $11 billion in the quarter, with fee rate expansion of 1% and annualized organic growth of 6% year-over-year.

◦Protection Solutions (“PS”) gross written premiums up 36% year-over-year driven by shift to less interested-sensitive VUL; excess mortality continues to be within COVID guidance.

•Capital management program:

◦As part of the Company’s 2022 capital management program, we returned $461 million to shareholders including $70 million of quarterly cash dividends, $279 million of first quarter 2022 share repurchases and an additional $112 million of fourth quarter 2021 accelerated repurchases.

◦The Company intends to increase its quarterly cash dividend from $0.18 to $0.20 per share in the second quarter.7

◦The Company reported cash and liquid assets of $1.5 billion at Holdings, which remains above the $500 million minimum liquidity target.

◦Maintained c. 95% hedging effectiveness through volatile markets in the quarter.

•Delivering long-term shareholder value:

◦AllianceBernstein announced the acquisition of CarVal Investors, which will further enhance the Company’s differentiated business model. The transaction will expand AB’s higher-multiple private markets platform to nearly $50 billion8 in AUM and elevates AB into a leading private credit provider with direct origination capabilities.

◦The Company expects c. $1.6 billion of cash generation in 2022; a c. 30% increase since the IPO attributable to growth in asset and wealth management.

◦Continuing to deliver 8-10% annualized EPS growth supported by the Company’s General Account rebalancing efforts, realizing $118 million of $180 million incremental investment income target to date, and expense savings of $35 million, 44% of target.

6 Refers to AllianceBernstein L.P. and AllianceBernstein Holding L.P., collectively.

7 Any declaration of dividends will be at the discretion of the Board of Directors and will depend on our financial condition and other factors.

8 Pro forma AUM of AB comprised of approximately $37.2 billion in fee-earning AUM and $12.0 billion in fee-eligible AUM. As of 12/31/2021.

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Business Segment Results

Individual Retirement

(in millions, unless otherwise noted)			Q1 2022						Q1 2021
Account value (in billions)			$	106.4					$	120.8
Segment net flows
Current Product Offering			665						559
Legacy (1)			(613)						(1,075)
Total segment net flows			52						(516)
Operating earnings (loss)			293						363

(1) Net flows of $(316) million not included Q1 2022 as it relates to AV ceded to Venerable.

•Account value decreased by 11.9% primarily due to $16.9 billion of AV ceded to Venerable, partially offset by strong new business growth and equity markets.

•Net inflows of $52 million increased compared to the first quarter of 2021 led by net inflows of $665 million from our current product offering of less capital-intensive products, which was partially offset outflows from the legacy VA block of $(613) million.

•Operating earnings decreased from $363 million in the prior year quarter to $293 million, primarily due to lower fee and net investment income associated with the Venerable transaction which was partially offset by higher GMxB margins and lower expenses.

•Operating earnings less notable items9 decreased from $367 million in the prior year quarter to $307 million. Notable items of $(14) million in the current period reflect higher net investment income from alternatives partially offsetting a deferred acquisition cost (“DAC”) update.

Group Retirement

(in millions, unless otherwise noted)			Q1 2022						Q1 2021
Account value (in billions)			$	46.0					$	44.3
Segment net flows			523						(36)
Operating earnings (loss)			150						151

•Account value increased by 4% driven primarily by equity market performance over the prior twelve months.

•Net flows of $523 million increased versus the prior year quarter primarily due to premiums attributable to an allocation from AB’s Lifetime Income product and net inflows in our tax-exempt market.

•Operating earnings decreased from $151 million to $150 million versus the prior year quarter, primarily due to higher amortization of DAC, partially offset by higher fee-type revenue and lower expenses.

9 Please refer to Exhibit 1 for detailed reconciliation and definitions related to notable items.

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•Operating earnings less notable items10 increased from $139 million in the prior year quarter to $149 million. Notable items of $1 million in the current period reflect higher net investment income from alternatives offsetting a DAC update.

Investment Management and Research

(in millions, unless otherwise noted)			Q1 2022						Q1 2021
Total AUM (in billions)			$	735.4					$	697.2
Segment net flows (in billions)			11.4						5.2
Operating earnings (loss)			136						121

•AUM increased by 5% due to equity market performance and net inflows over the prior twelve months.

•First quarter net flows of $11.4 billion were driven by strong net inflows in the Institutional and Private Wealth channels, including $12 billion in active net inflows.

•Operating earnings increased from $121 million to $136 million, primarily driven by higher base fees on higher average AUM and higher performance fees, partially offset by higher expenses.

Protection Solutions

(in millions)			Q1 2022						Q1 2021
Gross written premiums			$	1,033					$	762
Annualized premiums			77						69
Operating earnings (loss)			35						41

•Gross written premiums increased 36% versus the prior year quarter with continued success in our strategic shift to less interest-sensitive VUL accumulation products.

•Annualized premiums increased from $69 million to $77 million versus the prior year quarter primarily driven by year-over-year growth in our life business, up 14%.

•Operating earnings decreased from $41 million to $35 million versus the prior year quarter, primarily due to elevated mortality partially offset by higher fee-type revenue and net investment income.

•Operating earnings excluding notable items10 increased from $42 million in the prior year quarter to $96 million. Notable items of $(61) million in the current period related to higher net investment income from alternatives partially offsetting excess mortality and a DAC update. On a post-tax basis, net excess mortality was $61 million, within COVID guidance of a $30 million to $60 million operating earnings per 100 thousand US deaths.

10 Please refer to Exhibit 1 for detailed reconciliation and definitions related to notable items.

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Corporate and Other (“C&O”)

Operating loss of $66 million in the first quarter improved compared to operating loss of $76 million in the prior year quarter, primarily driven by lower policy benefits and higher wealth management fee-type revenue. Operating loss excluding notable items11 decreased from $67 million in the prior year quarter to $73 million. Notable items of $7 million in the current period related to higher net investment income from alternatives.

11 Please refer to Exhibit 1 for detailed reconciliation and definitions related to notable items.

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Exhibit 1: Notable Items

Notable items represent the impact on results from our annual actuarial assumption review, approximate impacts attributable to significant variances from the Company’s expectations, and other items that the Company believes may not be indicative of future performance. The Company chooses to highlight the impact of these items and Non-GAAP measures, less notable items to provide a better understanding of our results of operations in a given period. Certain figures may not sum due to rounding.

Impact of notable items by segment and Corporate & Other:

			Three Months Ended March 31,
(in millions)			2022						2021
Non-GAAP Operating Earnings			$	548					$	600
Adjustments related to notable items:
Individual Retirement			(14)						(4)
Group Retirement			1						12
Investment Management and Research			—						—
Protection Solutions			(61)						(0)
Corporate & Other			7						(10)
Notable items subtotal			(67)						(2)
Less: impact of actuarial assumption update			—						—
Non-GAAP operating earnings, less notable items			$	615					$	602

Impact of notable items by item category:

			Three Months Ended March 31,
(in millions)			2022						2021
Non-GAAP Operating Earnings			$	548					$	600
Pre-tax adjustments related to notable items:
Actuarial Updates/Reserve			(28)						(6)
Mortality			(74)						(58)
Expenses			—						—
Net Investment Income			24						57
Subtotal			(78)						(6)
Post-tax impact of notable items			(67)						(2)
Less: impact of actuarial assumption update			—						—
Non-GAAP operating earnings, less notable items			$	615					$	602

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Impact of Notable Items by segment and corporate & other:

Three Months Ended March 31, 2022 ($m)			IR						GR						AB						PS						C&O						Consolidated
Non-GAAP Operating Earnings			293						150						136						35						(66)						548
Pre-tax adjustments related to Notable Items
Actuarial Updates/Reserve			(19)						(3)						—						(7)						—						(28)
Mortality			—						—						—						(74)						—						(74)
Expenses			—						—						—						—						—						—
Net Investment Income			6						6						—						8						4						24
Pre-tax Subtotal			(13)						3						—						(73)						4						(78)
Tax adjustment			(1)						(2)						—						12						2						11
Post-tax impact of Notable Items			(14)						1						—						(61)						7						(67)
Impact of Actuarial Assumption Update			—						—						—						—						—						—
Non-GAAP Operating Earnings, less Notable Items			307						149						136						96						(73)						615
Three Months Ended March 31, 2021 ($m)			IR						GR						AB						PS						C&O						Consolidated
Non-GAAP Operating Earnings			363						151						121						41						(76)						600
Pre-tax adjustments related to Notable Items
Actuarial Updates/Reserve			—						—						—						(6)						—						(6)
Mortality			(21)						—						—						(15)						(22)						(58)
Expenses			—						—						—						—						—						—
Net Investment Income			14						13						—						19						11						57
Pre-tax Subtotal			(7)						13						—						(1)						(11)						(6)
Tax adjustment			3						(2)						—						0						2						4
Post-tax impact of Notable Items			(4)						12						—						(0)						(10)						(2)
Impact of Actuarial Assumption Update			—						—						—						—						—						—
Non-GAAP Operating Earnings, less Notable Items			367						139						121						42						(67)						602

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Earnings Conference Call

Equitable Holdings will host a conference call at 9 a.m. ET May 10, 2022 to discuss its full year and first quarter 2022 results. The conference call webcast, along with additional earnings materials will be accessible on the company’s investor relations website at ir.equitableholdings.com. Please log on to the webcast at least 15 minutes prior to the call to download and install any necessary software.

To register for the conference call, please use the following link:

EQH First Quarter 2022 Earnings Call

After registering, you will receive an email confirmation including dial in details and a unique conference call code for entry. Registration is open through the live call. To ensure you are connected for the full call we suggest registering a day in advance or at minimum 10 minutes before the start of the call.

A webcast replay will be made available on the Equitable Holdings Investor Relations website at ir.equitableholdings.com.

About Equitable Holdings

Equitable Holdings, Inc. (NYSE: EQH) is a financial services holding company comprised of two complementary and well-established principal franchises, Equitable and AllianceBernstein. Founded in 1859, Equitable provides advice, protection and retirement strategies to individuals, families and small businesses. AllianceBernstein is a global investment management firm that offers high-quality research and diversified investment services to institutional investors, individuals and private wealth clients in major world markets. Equitable Holdings has approximately 12,100 employees and financial professionals, $856 billion in assets under management (as of 3/31/2022) and more than 5 million client relationships globally.

Contacts:

Investor Relations

Işıl Müderrisoğlu

(212) 314-2476

[email protected]

Media Relations

Todd Williamson

(212) 314-2010

[email protected]

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Note Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “expects,” “believes,” “anticipates,” “intends,” “seeks,” “aims,” “plans,” “assumes,” “estimates,” “projects,” “should,” “would,” “could,” “may,” “will,” “shall” or variations of such words are generally part of forward-looking statements. Forward-looking statements are made based on management’s current expectations and beliefs concerning future developments and their potential effects upon Equitable Holdings, Inc. (“Holdings”) and its consolidated subsidiaries. “We,” “us” and “our” refer to Holdings and its consolidated subsidiaries, unless the context refers only to Holdings as a corporate entity. There can be no assurance that future developments affecting Holdings will be those anticipated by management. Forward-looking statements include, without limitation, all matters that are not historical facts.

These forward-looking statements are not a guarantee of future performance and involve risks and uncertainties, and there are certain important factors that could cause actual results to differ, possibly materially, from expectations or estimates reflected in such forward-looking statements, including, among others: (i) conditions in the financial markets and economy, including the impact of COVID-19 and related economic conditions, equity market declines and volatility, interest rate fluctuations, impacts on our goodwill and changes in liquidity and access to and cost of capital; (ii) operational factors, including reliance on the payment of dividends to Holdings by its subsidiaries, protection of confidential customer information or proprietary business information, operational failures by us or our service providers, and catastrophic events, such as the outbreak of pandemic diseases including COVID-19; (iii) credit, counterparties and investments, including counterparty default on derivative contracts, failure of financial institutions, defaults by third parties and affiliates and economic downturns, defaults and other events adversely affecting our investments; (iv) our reinsurance and hedging programs; (v) our products, structure and product distribution, including variable annuity guaranteed benefits features within certain of our products, variations in statutory capital requirements, financial strength and claims-paying ratings, state insurance laws limiting the ability of our insurance subsidiaries to pay dividends and key product distribution relationships; (vi) estimates, assumptions and valuations, including risk management policies and procedures, potential inadequacy of reserves and experience differing from pricing expectations, amortization of deferred acquisition costs and financial models; (vii) our Investment Management and Research segment, including fluctuations in assets under management and the industry-wide shift from actively-managed investment services to passive services; (viii) legal and regulatory risks, including federal and state legislation affecting financial institutions, insurance regulation and tax reform; (ix) risks related to our common stock and (x) general risks, including strong industry competition, information systems failing or being compromised and protecting our intellectual property.

Forward-looking statements should be read in conjunction with the other cautionary statements, risks, uncertainties and other factors identified in Holdings’ filings with the Securities and Exchange Commission. Further, any forward-looking statement speaks only as of the date on which it is made, and we undertake no obligation to update or revise any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events, except as otherwise may be required by law.

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Use of Non-GAAP Financial Measures

In addition to our results presented in accordance with U.S. GAAP, we report Non-GAAP Operating Earnings, Non-GAAP Operating EPS, and Book Value per common share, excluding AOCI, 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 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, AV, 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 are more sensitive to changes in market conditions than the variable annuity product liabilities as valued under U.S. GAAP. 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) certain changes in the fair value of the derivatives and other securities we use to hedge these features; (ii) the effect of benefit ratio unlock adjustments, including extraordinary economic conditions or events such as COVID-19; (iii) changes in the fair value of the embedded derivatives reflected within variable annuity products’ net derivative results and the impact of these items on DAC amortization on our SCS product; and (iv) DAC amortization for the SCS variable annuity product arising from near-term fluctuations in index segment returns;

•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, COVID-19 related impacts, 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 associated with equity

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securities, certain legal accruals; and 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; 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.

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.

The table below presents a reconciliation of Net income (loss) attributable to Holdings to Non-GAAP Operating Earnings for the three months and three months ended March 31, 2022 and 2021:

						Three Months Ended March 31,
(in millions)						2022						2021
Net income (loss) attributable to Holdings						$	573					$	(1,488)
Adjustments related to:
Variable annuity product features						(601)						2,267
Investment (gains) losses						326						(183)
Net actuarial (gains) losses related to pension and other postretirement benefit obligations						19						34
Other adjustments (1) (2) (3)						220						524
Income tax expense (benefit) related to above adjustments						8						(555)
Non-recurring tax items						3						1
Non-GAAP Operating Earnings						$	548					$	600

_______________

1.Includes Separation Costs of $21 million for the three months ended March 31, 2021. Separation costs were completed during 2021.

2.Includes certain legal accruals related to the cost of insurance litigation of $59 million and $180 million for the three months ended March 31, 2022 and 2021, respectively. Includes policyholder benefit costs of $75 million for the three months ended March 31, 2022 stemming from a deal to repurchase UL policies from one entity that had invested in numerous policies purchased in the life settlement market.

3.Includes Non-GMxB related derivative hedge losses of ($2) million and $244 million for the three months ended March 31, 2022 and 2021, respectively.

Non-GAAP Operating EPS

Non-GAAP Operating Earnings per common share is calculated by dividing Non-GAAP Operating Earnings less preferred dividends by diluted common shares outstanding. The table below presents a reconciliation of GAAP EPS to Non-GAAP Operating EPS for the three months and three months ended March 31, 2022 and 2021.

12

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			Three Months Ended March 31,
(per share amounts)			2022						2021
Net income (loss) attributable to Holdings (1)			$	1.46					$	(3.43)
Less: Preferred stock dividend			0.03						0.03
Net Income (loss) available to common shareholders			1.43						(3.46)
Adjustments related to:
Variable annuity product features			(1.53)						5.22
Investment (gains) losses			0.83						(0.42)
Net actuarial (gains) losses related to pension and other postretirement benefit obligations			0.05						0.08
Other adjustments (2) (3) (4)			0.55						1.21
Income tax expense (benefit) related to above adjustments			0.02						(1.28)
Non-recurring tax items			0.01						—
Non-GAAP Operating Earnings			$	1.36					$	1.35

_______________

(1)For periods presented with a net loss, basic shares was used for the three months ended March 31, 2021.

(2)Includes separation costs of $0.05 for the three months ended March 31, 2021.

(3)Includes certain legal accruals related to the cost of insurance litigation of $59 million and $180 million for the three months ended March 31, 2022 and 2021, respectively. The impact per common share is $0.15 and $0.41, respectively. Includes policyholder benefit costs of $75 million for the three months ended March 31, 2022 stemming from a deal to repurchase UL policies from one entity that had invested in numerous policies purchased in the life settlement market. The impact per common share is $0.19. No adjustments were made to prior period non-GAAP operating EPS as the impact was immaterial.

(4)Includes Non-GMxB related derivative hedge losses of ($0.00), and $0.56 for the three months ended March 31, 2022 and 2021, respectively.

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 total equity attributable to Holdings, excluding AOCI and preferred stock, divided by ending common shares outstanding.

			March 31, 2022						December 31, 2021
Book value per common share			$	16.64					$	25.45
Per share impact of AOCI			4.65						(5.12)
Book Value per common share, excluding AOCI			$	21.29					$	20.33

Other Operating Measures

We also use certain operating measures which management believes provide useful information about our businesses and the operational factors underlying our financial performance.

Account Value (“AV”)

Account value generally equals the aggregate policy account value of our retirement products.

Assets Under Management (“AUM”)

13

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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 Individual Retirement, Group Retirement and Protection Solutions businesses. Total AUM reflects exclusions between segments to avoid double counting.

Segment net flows

Net change in segment 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.

14

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Consolidated Statements of Income (Loss) (Unaudited)

			Three Months Ended March 31,
			2022						2021
			(in millions)
REVENUES
Policy charges and fee income			$	840					$	949
Premiums			247						258
Net derivative gains (losses)			821						(2,546)
Net investment income (loss)			804						884
Investment gains (losses), net:
Credit losses on available-for-sale debt securities and loans			10						1
Other investment gains (losses), net			(336)						183
Total investment gains (losses), net			(326)						184
Investment management and service fees			1,355						1,257
Other income			203						167
Total revenues			3,944						1,153
BENEFITS AND OTHER DEDUCTIONS
Policyholders’ benefits			1,060						939
Interest credited to policyholders’ account balances			315						291
Compensation and benefits			595						580
Commissions and distribution-related payments			422						382
Interest expense			47						74
Amortization of deferred policy acquisition costs			181						87
Other operating costs and expenses			537						608
Total benefits and other deductions			3,157						2,961
Income (loss) from continuing operations, before income taxes			787						(1,808)
Income tax (expense) benefit			(148)						408
Net income (loss)			639						(1,400)
Less: Net income (loss) attributable to the noncontrolling interest			66						88
Net income (loss) attributable to Holdings			573						(1,488)
Less: Preferred stock dividends			14						13
Net income (loss) available to Holdings’ common shareholders			$	559					$	(1,501)

15

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Earnings Per Common Share

			Three Months Ended March 31,
			2022						2021
			(in millions)
Earnings per common share
Basic			$	1.44					$	(3.46)
Diluted			$	1.43					$	(3.46)
Weighted average shares
Weighted average common stock outstanding for basic earnings per common share			388.6						434.2
Weighted average common stock outstanding for diluted earnings per common share (1)			391.7						434.2

(1)Due to net loss for the three months ended March 31, 2021, approximately 4.3 million share awards were excluded from the diluted EPS calculation.

Results of Operations by Segment

			Three Months Ended March 31,
			2022						2021
			(in millions)
Operating earnings (loss) by segment:
Individual Retirement			$	293					$	363
Group Retirement			150						151
Investment Management and Research			136						121
Protection Solutions			35						41
Corporate and Other (1)			(66)						(76)
Non-GAAP Operating Earnings			$	548					$	600

(1)Includes interest expense and financing fees of $53 million and $58 million for the three months ended March 31, 2022 and 2021, respectively.

16

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Select Balance Sheet Statistics

			March 31, 2022						December 31, 2021
			(in millions)
ASSETS
Total investments and cash and cash equivalents			$	104,489					$	110,299
Separate Accounts assets			136,812						147,306
Total assets			277,658						292,262
LIABILITIES
Short-term and long-term debt			$	4,044					$	3,931
Future policy benefits and other policyholders' liabilities			35,165						36,717
Policyholders’ account balances			79,549						79,357
Total liabilities			267,789						278,699
EQUITY
Preferred stock			1,562						1,562
Accumulated other comprehensive income (loss)			(1,787)						2,004
Total equity attributable to Holdings			$	7,954					$	11,519
Total equity attributable to Holdings' common shareholders (ex. AOCI)			8,179						7,953

17

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Assets Under Management (Unaudited)

			March 31, 2022						December 31, 2021
			(in billions)
Assets Under Management
AB AUM			$	735.4					$	778.6
Exclusion for General Account and other Affiliated Accounts			(75.1)						(79.7)
Exclusion for Separate Accounts			(45.3)						(48.8)
AB third party			$	615.0					$	650.1
Total company AUM
AB third party			$	615.0					$	650.1
General Account and other Affiliated Accounts (1) (3)			104.5						110.3
Separate Accounts (2) (3)			136.8						147.3
Total AUM			$	856.3					$	907.7

_______________

(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, 2021, September 30, 2021, December 31, 2021 and March 31, 2022, Separate Account and General Account AUM is inclusive of $16.9 billion, $63 million, $16.3 billion, $64 million, $16.6 billion, $61 million, $15.1 billion and $60 million, respectively, Account Value ceded to Venerable. For additional information on the Venerable transaction see Note 1 of the Notes to Consolidated Financial Statements within the 10-Q.

18

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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			9
						Sales Metrics by Segment			10
			Select Metrics from Business Segments
Individual Retirement
						Statements of Operating Earnings (Loss) and Summary Metrics			12
						Select Operating Metrics			13
Group Retirement
						Statements of Operating Earnings (Loss) and Summary Metrics			15
						Select Operating Metrics			16
Investment Management and Research
						Statements of Operating Earnings (Loss) and Summary Metrics			18
						Select Operating Metrics			19
						Net Flows			20
Protection Solutions
						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			30
						Glossary of Selected Financial and Product Terms			33
						Analyst Coverage, Ratings & Contact Information			34

All information included in this financial supplement is unaudited.

.

This financial supplement should be read in conjunction with Equitable Holdings' filings with the Securities and Exchange Commission (“SEC”) can be accessed upon filing at the SEC’s website at www.sec.gov, and at our website at ir.equitableholdings.com.

1Q 2022 Financial Supplement						2

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Consolidated Financials

and Key Metrics

1Q 2022 Financial Supplement						3

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Key Metrics Summary

						For the Three Months Ended or As of																																				For the Three Months Ended or As of
(in millions USD, unless otherwise indicated)						3/31/2021						6/30/2021						9/30/2021						12/31/2021						3/31/2022						Change						3/31/2021						3/31/2022						Change
Net income (loss)						$	(1,400)					$	223					$	765					$	388					$	639					145.6		%				$	(1,400)					$	639					145.6		%
Net income (loss) attributable to the noncontrolling interest						(88)						(100)						(93)						(134)						(66)						25.0		%				(88)						(66)						25.0		%
Net income (loss) attributable to Holdings						$	(1,488)					$	123					$	672					$	254					$	573					138.5		%				$	(1,488)					$	573					138.5		%
Non-GAAP Operating Earnings (1)						$	600					$	758					$	818					$	649					$	548					(8.7)		%				$	600					$	548					(8.7)		%
Total equity attributable to Holdings' shareholders						$	10,693					$	11,732					$	11,680					$	11,519					$	7,954					(25.6)		%				$	10,693					$	7,954					(25.6)		%
Less: Preferred Stock						1,562						1,562						1,562						1,562						1,562						—		%				1,562						1,562						—		%
Total equity attributable to Holdings' common shareholders						9,131						10,170						10,118						9,957						6,392						(30.0)		%				9,131						6,392						(30.0)		%
Less: Accumulated other comprehensive income (loss)						740						1,983						1,876						2,004						(1,787)						(341.5)		%				740						(1,787)						(341.5)		%
Total equity attributable to Holdings' common shareholders (ex. AOCI)						$	8,391					$	8,187					$	8,242					$	7,953					$	8,179					(2.5)		%				$	8,391					$	8,179					(2.5)		%
Return on Equity (ex. AOCI) - TTM						(69.7)		%				(35.5)		%				(22.7)		%				(6.3)		%				18.9		%										(69.7)		%				18.9		%
Non-GAAP Operating ROE (1)						21.3		%				26.8		%				32.4		%				33.5		%				33.1		%										21.3		%				33.1		%
Debt to capital:
Debt to Capital						26.4		%				24.6		%				24.7		%				25.0		%				32.6		%										26.4		%				32.6		%
Debt to Capital (ex. AOCI)						27.8		%				28.2		%				28.1		%				28.7		%				28.3		%										27.8		%				28.3		%
Per common share:
Diluted earnings per common share: (2)
Net income (loss) attributable to Holdings						$	(3.46)					$	0.23					$	1.59					$	0.56					$	1.43					141.3		%				$	(3.46)					$	1.43					141.2		%
Non-GAAP Operating Earnings (1)						$	1.35					$	1.71					$	1.94					$	1.54					$	1.36					0.8		%				$	1.35					$	1.36					0.8		%
Book value per common share						$	21.32					$	24.20					$	25.00					$	25.45					$	16.64					(22.0)		%				$	21.32					$	16.64					(22.0)		%
Book value per common share (ex. AOCI)						$	19.59					$	19.48					$	20.37					$	20.33					$	21.29					8.6		%				$	19.59					$	21.29					8.6		%
Weighted-average common shares outstanding:
Basic						434.2						424.2						411.3						400.4						388.6						(10.5)		%				434.2						388.6						(10.5)		%
Diluted						434.2						428.3						414.6						404.3						391.7						(9.8)		%				434.2						391.7						(9.8)		%
Ending common shares outstanding						428.3						420.2						404.7						391.2						384.2						(10.3)		%				428.3						384.2						(10.3)		%
Return to common shareholders:
Common stock dividend						$	74					$	76					$	74					$	72					$	70											$	74					$	70
Repurchase of common shares (3)						430						279						460						468						279												430						279
Total capital returned to common shareholders						$	504					$	355					$	534					$	540					$	349											$	504					$	349
Market Values:
S&P 500						3,973						4,298						4,308						4,766						4,530						14.0		%				3,973						4,530						14.0		%
US 10-Year Treasury						1.7		%				1.5		%				1.5		%				1.5		%				2.3		%										1.7		%				2.3		%
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) Fourth quarter 2021 repurchase of common shares includes $112 million accelerated from first quarter 2022.

1Q 2022 Financial Supplement						4

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Consolidated Statements of Income (Loss)

						For the Three Months Ended																																				For the Three Months Ended
(in millions USD, unless otherwise indicated)						3/31/2021						6/30/2021						9/30/2021						12/31/2021						3/31/2022						Change						3/31/2021						3/31/2022						Change
Revenues
Policy charges and fee income						$	949					$	939					$	867					$	882					$	840					(11.5)		%				$	949					$	840					(11.5)		%
Premiums						258						241						230						231						247						(4.3)		%				258						247						(4.3)		%
Net derivative gains (losses)						(2,546)						(1,199)						(185)						(535)						821						132.2		%				(2,546)						821						132.2		%
Net investment income (loss)						884						1,033						997						932						804						(9.0)		%				884						804						(9.0)		%
Investment gains (losses), net						184						420						163						101						(326)						(277.2)		%				184						(326)						(277.2)		%
Investment management and service fees						1,257						1,318						1,323						1,497						1,355						7.8		%				1,257						1,355						7.8		%
Other income						167						198						220						210						203						21.6		%				167						203						21.6		%
Total revenues						1,153						2,950						3,615						3,318						3,944						242.1		%				1,153						3,944						242.1		%
Benefits and other deductions
Policyholders’ benefits						939						828						751						700						1,060						12.9		%				939						1,060						12.9		%
Interest credited to policyholders’ account balances						291						309						305						314						315						8.2		%				291						315						8.2		%
Compensation and benefits						580						568						614						598						595						2.6		%				580						595						2.6		%
Commissions and distribution related payments						382						397						436						447						422						10.5		%				382						422						10.5		%
Interest expense						74						51						59						60						47						(36.5)		%				74						47						(36.5)		%
Amortization of deferred policy acquisition costs						87						106						64						136						181						108.0		%				87						181						108.0		%
Other operating costs and expenses						608						447						456						598						537						(11.7)		%				608						537						(11.7)		%
Total benefits and other deductions						2,961						2,706						2,685						2,853						3,157						6.6		%				2,961						3,157						6.6		%
Income (loss) from operations, before income taxes						(1,808)						244						930						465						787						143.5		%				(1,808)						787						143.5		%
Income tax (expense) benefit						408						(21)						(165)						(77)						(148)						(136.3)		%				408						(148)						(136.3)		%
Net income (loss)						(1,400)						223						765						388						639						145.6		%				(1,400)						639						145.6		%
Less: net (income) loss attributable to the noncontrolling interest						(88)						(100)						(93)						(134)						(66)						25.0		%				(88)						(66)						25.0		%
Net income (loss) attributable to Holdings						$	(1,488)					$	123					$	672					$	254					$	573					138.5		%				$	(1,488)					$	573					138.5		%
Less: Preferred stock dividends						(13)						(26)						(14)						(26)						(14)						(7.7)		%				(13)						(14)						(7.7)		%
Net income (loss) available to Holdings' common shareholders						$	(1,501)					$	97					$	658					$	228					$	559					137.2		%				$	(1,501)					$	559					137.2		%
Adjustments related to:
Variable annuity product features						$	2,267					$	1,193					$	172					$	513					$	(601)											$	2,267					$	(601)
Investment gains (losses), net						(183)						(420)						(164)						(100)						326												(183)						326
Net actuarial gains (losses) related to pension and other postretirement benefit obligations						34						26						27						33						19												34						19
Other adjustments (1) (2) (3)						524						7						141						45						220												524						220
Income tax (expense) benefit related to above adjustments						(555)						(171)						(35)						(103)						8												(555)						8
Non-recurring tax items						1						—						5						7						3												1						3
Non-GAAP Operating earnings (4)						$	600					$	758					$	818					$	649					$	548											$	600					$	548
Notes:
(1) Includes Separation Costs of $21 million for the three months ended March 31, 2021. Separation costs were completed during 2021.
(2) Includes certain legal accruals related to the cost of insurance litigation of $59 million and $180 million for the three months ended March 31, 2022 and 2021, respectively. Includes policyholder benefit costs of $75 million for the three months ended March 31, 2022 stemming from a deal to repurchase UL policies from one entity that had invested in numerous policies purchased in the life settlement market.
(3) Includes Non-GMxB related derivative hedge losses of ($2) million and $244 million for the three months ended March 31, 2022 and 2021, respectively.
(4) 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.

1Q 2022 Financial Supplement						5

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Consolidated Balance Sheets

						Balances as of
(in millions USD, unless otherwise indicated)						3/31/2021						6/30/2021						9/30/2021						12/31/2021						3/31/2022
Assets
Total investments						$	105,497					$	100,467					$	102,007					$	105,111					$	98,776
Cash and cash equivalents						6,795						5,761						5,255						5,188						5,713
Cash and securities segregated, at fair value						1,413						1,073						909						1,504						1,693
Broker-dealer related receivables						2,361						2,474						2,639						2,599						2,744
Deferred policy acquisition costs						4,943						4,838						5,366						5,491						6,592
Goodwill and other intangible assets, net						4,744						4,739						4,734						4,728						4,723
Amounts due from reinsurers						4,526						14,462						14,801						14,679						14,060
GMIB reinsurance contract asset, at fair value						1,907						2,026						1,937						1,848						1,582
Current and deferred income taxes						509						428						293						195						1,111
Other assets						3,859						4,149						4,545						3,613						3,852
Assets held-for-sale						483						—						—						—						—
Separate Accounts assets						139,795						145,565						142,093						147,306						136,812
Total assets						$	276,832					$	285,982					$	284,579					$	292,262					$	277,658
Liabilities
Policyholders’ account balances						$	73,303					$	75,169					$	75,909					$	79,357					$	79,549
Future policy benefits and other policyholders’ liabilities						35,922						36,835						37,184						36,717						35,165
Broker-dealer related payables						2,283						1,643						1,087						1,283						1,992
Customers related payables						3,179						2,942						3,153						3,600						3,684
Amounts due to reinsurers						1,340						1,377						1,466						1,381						1,331
Short-term and long-term debt						4,022						3,920						3,839						3,931						4,044
Income taxes payable						—						—						—						—						—
Notes issued by consolidated variable interest entities, at fair value using the fair value option						323						746						1,190						1,191						1,182
Other liabilities						3,990						4,439						5,343						3,933						4,030
Liabilities held-for-sale						270						—						—						—						—
Separate Accounts liabilities						139,795						145,565						142,093						147,306						136,812
Total liabilities						264,427						272,636						271,264						278,699						267,789
Redeemable noncontrolling interest						137						42						143						468						386
Equity
Preferred stock						1,562						1,562						1,562						1,562						1,562
Common stock						5						5						5						4						4
Additional paid-in capital						1,928						1,980						1,917						1,919						1,933
Treasury shares						(2,300)						(2,537)						(2,537)						(2,850)						(3,070)
Retained earnings						8,758						8,739						8,857						8,880						9,312
Accumulated other comprehensive income (loss)						740						1,983						1,876						2,004						(1,787)
Total equity attributable to Holdings						10,693						11,732						11,680						11,519						7,954
Noncontrolling interest						1,575						1,572						1,492						1,576						1,529
Total equity						12,268						13,304						13,172						13,095						9,483
Total liabilities, redeemable noncontrolling interest and equity						$	276,832					$	285,982					$	284,579					$	292,262					$	277,658

1Q 2022 Financial Supplement						6

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Consolidated Capital Structure

			Balances as of
(in millions USD, unless otherwise indicated)			3/31/2021						6/30/2021						9/30/2021						12/31/2021						3/31/2022
Short-term and long-term debt:
Short-term debt
AB commercial paper			$	—					$	—					$	—					$	—					$	—
AB revolving credit facility			—						—						—						—						—
CLO Warehousing Debt (1)			185						82						1						92						204
Total short-term debt			185						82						1						92						204
Total long-term debt			3,837						3,838						3,838						3,839						3,840
Total short-term and long-term debt: [A]			$	4,022					$	3,920					$	3,839					$	3,931					$	4,044
Equity:
Preferred stock			$	1,562					$	1,562					$	1,562					$	1,562					$	1,562
Common stock			$	5					$	5					$	5					$	4					$	4
Additional paid-in capital			1,928						1,980						1,917						1,919						1,933
Treasury stock, at cost			(2,300)						(2,537)						(2,537)						(2,850)						(3,070)
Retained earnings			8,758						8,739						8,857						8,880						9,312
Accumulated other comprehensive income (loss)			740						1,983						1,876						2,004						(1,787)
Total equity attributable to Holdings			10,693						11,732						11,680						11,519						7,954
Noncontrolling interest			1,575						1,572						1,492						1,576						1,529
Total equity			$	12,268					$	13,304					$	13,172					$	13,095					$	9,483
Total equity attributable to Holdings, (ex. AOCI): [B]			$	9,953					$	9,749					$	9,804					$	9,515					$	9,741
Capital:
Total capitalization (3)			$	14,530					$	15,570					$	15,518					$	15,358					$	11,794
Total capitalization (ex. AOCI): [A+B] (3)			$	13,790					$	13,587					$	13,642					$	13,354					$	13,581
Debt to capital:
Debt to capital (2)			26.4		%				24.6		%				24.7		%				25.0		%				32.6		%
Debt to capital (ex. AOCI) (2)			27.8		%				28.2		%				28.1		%				28.7		%				28.3		%
			For the Three Months Ended
Roll-forward of common shares outstanding (millions of shares):
Beginning balance			440.8						428.3						420.2						404.7						391.2
Repurchases			(3.2)						(7.1)						—						(9.6)						(7.9)
Retirements			(11.2)						(1.1)						(15.6)						(4.0)						(0.7)
Issuances			2.0						0.1						0.1						0.1						1.6
Ending basic common shares outstanding			428.3						420.2						404.7						391.2						384.2
Total potentially dilutive shares			—						—						—						—						3.1
Ending common shares outstanding - maximum potential dilution			428.3						420.2						404.7						391.2						387.3
Notes:

(1) CLO Warehousing Debt related to VIE consolidation of CLO investment.

(2) Debt to capital ratio exclusive of CLO Warehousing Debt as the VIE debt is non-recourse.

(3) Total capitalization exclusive of CLO Warehousing Debt as the VIE debt is non-recourse.

1Q 2022 Financial Supplement						7

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Operating Earnings (Loss) by Segment and Corporate and Other
						Three Months Ended March 31, 2022
(in millions USD, unless otherwise indicated)						Individual Retirement						Group Retirement						Inv Mgmt and Research						Protection Solutions						Corporate and Other						Consolidated
Revenues
Policy charges, fee income and premiums						$	394					$	94					$	—					$	514					$	85					$	1,087
Net investment income (loss)						297						180						(23)						272						150						876
Net derivative gains (losses)						164						(5)						20						—						7						186
Investment Management, service fees and other income						167						65						1,138						65						132						1,567
Segment revenues						1,022						334						1,135						851						374						3,716
Benefits and other deductions
Policyholders’ benefits						324						—						—						521						142						987
Interest credited to policyholders’ account balances						76						78						—						128						33						315
Commissions and distribution related payments						80						15						176						41						110						422
Amortization of deferred policy acquisition costs						97						16						—						35						10						158
Compensation, benefits and other operating costs and expenses						88						42						675						84						110						999
Interest expense and financing fees						—						—						—						—						53						53
Segment benefits and other deductions						665						151						851						809						458						2,934
Operating earnings (loss), before income taxes						357						183						284						42						(84)						782
Income Taxes						(64)						(33)						(46)						(7)						17						(133)
Operating earnings (loss), before noncontrolling interest						293						150						238						35						(67)						649
Less: Operating (earnings) loss attributable to the noncontrolling interest						—						—						(102)						—						1						(101)
Operating earnings (loss)						$	293					$	150					$	136					$	35					$	(66)					$	548
						Three Months Ended March 31, 2021
						Individual Retirement						Group Retirement						Inv Mgmt and Research						Protection Solutions						Corporate and Other						Consolidated
Revenues
Policy charges, fee income and premiums						$	522					$	86					$	—					$	504					$	95					$	1,207
Net investment income (loss)						325						180						—						262						143						910
Net derivative gains (losses)						(59)						—						2						(1)						(10)						(68)
Investment Management, service fees and other income						192						63						1,002						61						106						1,424
Segment revenues						980						329						1,004						826						334						3,473
Benefits and other deductions
Policyholders’ benefits						206						—						—						509						171						886
Interest credited to policyholders’ account balances						68						75						—						123						25						291
Commissions and distribution related payments						81						13						162						34						92						382
Amortization of deferred policy acquisition costs						78						5						—						26						(6)						103
Compensation, benefits and other operating costs and expenses						112						55						580						85						85						917
Interest Expense and Financing Fees						—						—						1						—						58						59
Segment benefits and other deductions						545						148						743						777						425						2,638
Operating earnings (loss), before income taxes						435						181						261						49						(91)						835
Income Taxes						(72)						(30)						(44)						(8)						15						(139)
Operating earnings (loss), before noncontrolling interest						363						151						217						41						(76)						696
Less: Operating (earnings) loss attributable to the noncontrolling interest						—						—						(96)						—						—						(96)
Operating earnings (loss)						$	363					$	151					$	121					$	41					$	(76)					$	600

1Q 2022 Financial Supplement						8

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Assets Under Management and Administration

						Balances as of
(in billions USD, except for Equitable Headcount)						3/31/2021						6/30/2021						9/30/2021						12/31/2021						3/31/2022
Assets Under Management
AB AUM
Total AB						$	697.2					$	738.4					$	742.2					$	778.6					$	735.4
Exclusion for General Account and other Affiliated Accounts						(84.5)						(76.7)						(77.4)						(79.7)						(75.1)
Exclusion for Separate Accounts						(42.2)						(44.4)						(43.6)						(48.8)						(45.3)
AB third party						$	570.4					$	617.3					$	621.2					$	650.1					$	615.0
Total company AUM
AB third party						$	570.4					$	617.3					$	621.2					$	650.1					$	615.0
General Account and other Affiliated Accounts (1) (3)						112.3						106.2						107.3						110.3						104.5
Separate Accounts (2) (3)						139.8						145.6						142.1						147.3						136.8
Total AUM						$	822.5					$	869.1					$	870.6					$	907.7					$	856.3
Total Assets Under Administration (AUA) (4)						$	70.1					$	75.4					$	77.4					$	83.3					$	79.3
Equitable Advisor Headcount
Total Number of Equitable Advisors						4,369						4,314						4,263						4,382						4,252
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, 2021, September 30, 2021, December 31, 2021 and March 31, 2022, Separate Account and General Account AUM is inclusive of $16.9 billion, $63 million, $16.3 billion, $64 million, $16.6 billion, $61 million, $15.1 billion and $60 million, respectively, Account Value ceded to Venerable. For additional information on the Venerable transaction see Note 1 of the Notes to Consolidated Financial Statements within the 10-Q.
(4) AUA includes Equitable Advisors Advisory and Brokerage AUA; Equitable Advisors broker-dealer business is included in Corporate and Other.

1Q 2022 Financial Supplement						9

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Sales Metrics by Segment

						For the Three Months Ended																																				For the Three Months Ended
(in millions USD, unless otherwise indicated)						3/31/2021						6/30/2021						9/30/2021						12/31/2021						3/31/2022						Change						3/31/2021						3/31/2022						Change
Insurance Operations
Individual Retirement
First year premiums and deposits						$	2,386					$	2,753					$	2,801					$	3,043					$	2,802					17.4		%				$	2,386					$	2,802					17.4		%
Renewal premium and deposits						83						90						83						68						84						0.7		%				83						84						0.7		%
Total Gross Premiums						$	2,469					$	2,843					$	2,884					$	3,111					$	2,886					16.9		%				$	2,469					$	2,886					16.9		%
Group Retirement
First year premiums and deposits						$	332					$	352					$	364					$	452					$	879					164.6		%				$	332					$	879					164.6		%
Renewal premium and deposits						600						628						485						626						623						3.8		%				600						623						3.8		%
Total Gross Premiums						$	932					$	980					$	849					$	1,078					$	1,502					61.2		%				$	932					$	1,502					61.2		%
Protection Solutions
First year premiums and deposits						$	98					$	100					$	95					$	133					$	117					19.4		%				$	98					$	117					19.4		%
Renewal premium and deposits						664						648						659						668						916						37.9		%				664						916						37.9		%
Total Gross Premiums						$	762					$	748					$	754					$	801					$	1,033					35.5		%				$	762					$	1,033					35.5		%
Investment Management and Research (in billions USD)
Gross Sales by distribution channel
Institutional						$	4.9					$	17.6					$	2.6					$	6.6					$	14.3					191.8		%				$	4.9					$	14.3					191.8		%
Retail						23.0						23.8						25.6						27.6						20.6						(10.4)		%				23.0						20.6						(10.4)		%
Private Wealth						5.4						3.6						4.1						5.2						6.0						11.1		%				5.4						6.0						11.1		%
Firmwide Gross Sales						$	33.3					$	45.0					$	32.3					$	39.4					$	40.9					22.8		%				$	33.3					$	40.9					22.8		%
Gross sales by investment service
Equity Active						$	15.6					$	18.3					$	17.2					$	21.8					$	17.3					10.9		%				$	15.6					$	17.3					10.9		%
Equity Passive (1)						0.2						0.4						0.5						0.3						0.2						—		%				0.2						0.2						—		%
Fixed Income - Taxable						12.4						16.3						8.8						7.4						7.1						(42.7)		%				12.4						7.1						(42.7)		%
Fixed Income - Tax-Exempt						3.4						3.2						3.3						3.6						4.0						17.6		%				3.4						4.0						17.6		%
Fixed Income Passive (1)						—						0.8						0.4						3.4						(0.1)						(100.0)		%				—						(0.1)						(100.0)		%
Alternatives/Multi-Asset Solutions (2)						1.7						6.0						2.1						2.9						12.4						629.4		%				1.7						12.4						629.4		%
Firmwide Gross Sales						$	33.3					$	45.0					$	32.3					$	39.4					$	40.9					22.8		%				$	33.3					$	40.9					22.8		%
Notes:
(1) Includes index and enhanced index services.
(2) Includes certain multi-asset solutions and services not included in equity or fixed income services

1Q 2022 Financial Supplement						10

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Business Segments:

Operating Earnings Results and Metrics

1Q 2022 Financial Supplement						11

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Individual Retirement - Operating Earnings (Loss) and Summary Metrics

						For the Three Months Ended or As of																																				For the Three Months Ended or As of
(in millions USD, unless otherwise indicated)						3/31/2021						6/30/2021						9/30/2021						12/31/2021						3/31/2022						Change						3/31/2021						3/31/2022						Change
Revenues
Policy charges, fee income and premiums						$	522					$	496					$	439					$	410					$	394					(24.5)		%				$	522					$	394					(24.5)		%
Net investment income (loss)						325						351						296						315						297						(8.6)		%				325						297						(8.6)		%
Net derivative gains (losses)						(59)						(69)						77						(77)						164						378.0		%				(59)						164						378.0		%
Investment management, service fees and other income						192						201						186						180						167						(13.0)		%				192						167						(13.0)		%
Segment revenues						980						979						998						828						1,022						4.3		%				980						1,022						4.3		%
Benefits and other deductions
Policyholders’ benefits						206						163						272						79						324						57.3		%				206						324						57.3		%
Interest credited to policyholders’ account balances						68						67						70						71						76						11.8		%				68						76						11.8		%
Commissions and distribution-related payments						81						75						89						83						80						(1.2)		%				81						80						(1.2)		%
Amortization of deferred policy acquisition costs						78						73						88						64						97						24.4		%				78						97						24.4		%
Compensation and benefits, interest expense and financing fees and other operating costs and expense						112						99						96						104						88						(21.4)		%				112						88						(21.4)		%
Segment benefits and other deductions						545						477						615						401						665						22.0		%				545						665						22.0		%
Operating earnings (loss), before income taxes						435						502						383						427						357						(17.9)		%				435						357						(17.9)		%
Income taxes						(72)						(88)						(67)						(76)						(64)						11.1		%				(72)						(64)						11.1		%
Operating earnings (loss), before noncontrolling interest						363						414						316						351						293						(19.3)		%				363						293						(19.3)		%
Less: Operating (earnings) loss attributable to the noncontrolling interest						—						—						—						—						—						—		%				—						—						—		%
Operating earnings (loss)						$	363					$	414					$	316					$	351					$	293					(19.3)		%				$	363					$	293					(19.3)		%
Summary Metrics
Operating earnings (loss) - TTM: [A]						$	1,526					$	1,590					$	1,535					$	1,444					$	1,374					(10.0)		%				$	1,526					$	1,374					(10.0)		%
Average Account Value (TTM)						$	112,460					$	113,609					$	113,580					$	112,208					$	108,605					(3.4)		%				$	112,460					$	108,605					(3.4)		%
Return on assets (TTM)						1.61		%				1.66		%				1.61		%				1.56		%				1.54		%										1.61		%				1.54		%
Net flows (1)
Current Product Offering						$	559					$	762					$	702					$	574					$	665					18.9		%				$	559					$	665					18.9		%
Legacy						(1,075)						(940)						(689)						(787)						(613)						43.0		%				(1,075)						(613)						43.0		%
Net flows						$	(516)					$	(178)					$	13					$	(213)					$	52					110.1		%				$	(516)					$	52					110.1		%
First year premiums and deposits						$	2,386					$	2,753					$	2,801					$	3,043					$	2,802					17.4		%				$	2,386					$	2,802					17.4		%
In-force Policy Count by Product (in thousands) (2):
Current Product Offering						561						564						568						571						573												561						573
Legacy						333						328						322						318						313												333						313
Total						894						892						890						889						886												894						886
Notes:
(1)Net flows excluded as it relates to AV ceded to Venerable for the discrete periods of June 30, 2021, September 30, 2021, December 31, 2021 and March 31, 2022 were $(120) million, $(322) million, $(388) million and $(316) million, respectively.
(2) As of September 30, 2021, December 31, 2021 and March 31, 2022, In-force Policy Count by Product presented on a gross basis includes 107 thousand, 106 thousand and 104 thousand ceded policies, respectively, related to the Venerable transaction.

-

1Q 2022 Financial Supplement						12

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Individual Retirement - Select Operating Metrics
						For the Three Months Ended or As of																														For the Three Months Ended or As of
(in millions USD, unless otherwise indicated)						3/31/2021						6/30/2021						9/30/2021						12/31/2021						3/31/2022						3/31/2021						3/31/2022
Sales Metrics
First Year Premiums and Deposits by Product:
SCS						$	1,752					$	1,905					$	1,910					$	2,060					$	1,926					$	1,752					$	1,926
Retirement Cornerstone						369						454						531						597						481						369						481
Investment Edge						184						301						274						289						241						184						241
Other						81						93						86						97						154						81						154
Total First Year Premiums and Deposits						$	2,386					$	2,753					$	2,801					$	3,043					$	2,802					$	2,386					$	2,802
First Year Premiums and Deposits by Guarantee:
Non-GMxB						$	1,919					$	2,168					$	2,186					$	2,375					$	2,231					$	1,919					$	2,231
ROP death benefit only						179						203						160						161						109						179						109
Total non-GMxB & ROP death benefit only						2,098						2,371						2,346						2,536						2,340						2,098						2,340
Floating rate GMxB						287						381						455						500						395						287						395
Fixed rate GMxB						1						1						—						1						—						1						—
Other						—						—						—						6						67						—						67
Total First Year Premiums and Deposits						$	2,386					$	2,753					$	2,801					$	3,043					$	2,802					$	2,386					$	2,802
Account Values
General Account:
Balance as of beginning of period						$	30,783					$	32,259					$	34,090					$	35,590					$	37,698					$	30,783					$	37,698
Gross premiums and deposits (6)						1,388						1,760						2,137						1,898						1,831						1,388						1,831
Surrenders, withdrawals and benefits						(684)						(787)						(847)						(1,015)						(933)						(684)						(933)
Net flows (1)						704						973						1,290						883						898						704						898
Investment performance, interest credited and policy charges (1)						772						917						248						1,225						(722)						772						(722)
Ceded to Venerable (2)						—						(61)						—						—						—						—						—
Other (3) (4) (5)						—						2						(38)						—						—						—						—
Reclassified to Assets held-for-sale						—						—						—						—						—						—						—
Balance as of end of period						$	32,259					$	34,090					$	35,590					$	37,698					$	37,874					$	32,259					$	37,874
Separate Accounts:
Balance as of beginning of period						$	86,607					$	88,521					$	74,345					$	72,123					$	74,206					$	86,607					$	74,206
Gross premiums and deposits (6)						1,081						1,061						711						1,214						1,027						1,081						1,027
Surrenders, withdrawals and benefits						(2,301)						(2,212)						(1,988)						(2,310)						(1,873)						(2,301)						(1,873)
Net flows (1)						(1,220)						(1,151)						(1,277)						(1,096)						(846)						(1,220)						(846)
Investment performance, interest credited and policy charges (1)						3,134						3,786						(945)						3,179						(4,865)						3,134						(4,865)
Ceded to Venerable (2)						—						(16,866)						—						—						—						—						—
Other (3) (4) (5)						—						55						—						—						—						—						—
Reclassified to Assets held-for-sale						—						—						—						—						—						—						—
Balance as of end of period						$	88,521					$	74,345					$	72,123					$	74,206					$	68,495					$	88,521					$	68,495
Total:
Balance as of beginning of period						$	117,390					$	120,780					$	108,435					$	107,713					$	111,904					$	117,390					$	111,904
Gross premiums and deposits (5)						2,469						2,821						2,848						3,111						2,858						2,469						2,858
Surrenders, withdrawals and benefits						(2,985)						(2,999)						(2,835)						(3,324)						(2,806)						(2,985)						(2,806)
Net flows (1)						(516)						(178)						13						(213)						52						(516)						52
Investment performance, interest credited and policy charges (1)						3,906						4,703						(697)						4,404						(5,587)						3,906						(5,587)
Ceded to Venerable (2)						—						(16,927)						—						—						—						—						—
Other (3) (4)						—						57						(38)						—						—						—						—
Balance as of end of period						$	120,780					$	108,435					$	107,713					$	111,904					$	106,369					$	120,780					$	106,369
Net Amount at Risk (NAR)
Total GMIB NAR						$	8,049					$	3,820					$	4,119					$	3,910					$	3,727					$	8,049					$	3,727
Total GMDB NAR						17,562						9,002						9,569						8,987						10,856						17,562						10,856
Reserves (Net of Reinsurance)
GMIB Reserves						$	11,680					$	4,606					$	4,913					$	4,613					$	4,149					$	11,680					$	4,149
GMDB Reserves						4,999						2,829						2,765						2,737						2,792						4,999						2,792
Total GMDB/IB Variable Annuity Reserves (Net of Reinsurance)						$	16,679					$	7,435					$	7,678					$	7,350					$	6,941					$	16,679					$	6,941
Notes:
(1) Net flows excluded as it relates to AV ceded to Venerable for the discrete periods of June 30, 2021, September 30, 2021, December 31, 2021 and March 31, 2022 were $(120) million, $(322) million, $(388) million and $(316) million, respectively. Investment performance, interest credited and policy charges of $(273) million ,$714 million and $(1.2) billion, for the three months ended September 30, 2021, December 31, 2021 and March 31, 2022, respectively, are not included as it excludes activity related to ceded AV to Venerable.

1Q 2022 Financial Supplement						13

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(2) Effective June 1, 2021, AV excludes activity related to ceded AV to Venerable. In addition, roll-forward reflects the AV ceded to Venerable as of the transaction date. For additional information on the Venerable transaction see Note 1 of the Notes to Consolidated Financial Statements within the 10-Q.

(3) For the three months ended September 30, 2021, amounts reflect ($38) million transfer of policyholders account balances to future policyholder benefits and other policyholders liabilities related to structured settlement contracts.

(4) For the three months ended June 30, 2021, amounts reflect $57 million of AV transfer of a closed block of GMxB business from GR to IR.

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

1Q 2022 Financial Supplement						14

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Group Retirement - Operating Earnings (Loss) and Summary Metrics

						For the Three Months Ended or As of																																				For the Three Months Ended or As of
(in millions USD, unless otherwise indicated)						3/31/2021						6/30/2021						9/30/2021						12/31/2021						3/31/2022						Change						3/31/2021						3/31/2022						Change
Revenues
Policy charges, fee income and premiums						$	86					$	91					$	96					$	98					$	94					9.3		%				$	86					$	94					9.3		%
Net investment income (loss)						180						195						189						188						180						—		%				180						180						—		%
Net derivative gains (losses)						—						(5)						(11)						(3)						(5)						(100.0)		%				—						(5)						(100.0)		%
Investment management, service fees and other income						63						65						69						71						65						3.2		%				63						65						3.2		%
Segment revenues						329						346						343						354						334						1.5		%				329						334						1.5		%
Benefits and other deductions
Policyholder benefits						—						—						—						—						—						—		%				—						—						—		%
Interest credited to policyholders’ account balances						75						75						77						76						78						4.0		%				75						78						4.0		%
Commissions and distribution-related payments						13						16						12						15						15						15.4		%				13						15						15.4		%
Amortization of deferred policy acquisition costs						5						8						(24)						11						16						220.0		%				5						16						220.0		%
Compensation and benefits, interest expense and financing fees and other operating costs and expense						55						40						45						108						42						(23.6)		%				55						42						(23.6)		%
Segment benefits and other deductions						148						139						110						210						151						2.0		%				148						151						2.0		%
Operating earnings (loss), before income taxes						181						207						233						144						183						1.1		%				181						183						1.1		%
Income taxes						(30)						(36)						(41)						(27)						(33)						(10.0)		%				(30)						(33)						(10.0)		%
Operating earnings (loss), before noncontrolling interest						151						171						192						117						150						(0.7)		%				151						150						(0.7)		%
Less: Operating (earnings) loss attributable to the noncontrolling interest						—						—						—						—						—						—		%				—						—						—		%
Operating earnings (loss)						$	151					$	171					$	192					$	117					$	150					(0.7)		%				$	151					$	150					(0.7)		%
Summary Metrics
Operating earnings (loss) - TTM: [A]						$	536					$	617					$	680					$	631					$	630					17.5						$	536					$	630					17.5		%
Average Account Value (TTM) (1)						$	40,813					$	43,068					$	44,812					$	46,075					$	46,515					14.0		%				$	40,813					$	46,515					14.0		%
Return on assets (TTM) (1)						1.56		%				1.71		%				1.81		%				1.66		%				1.65		%										1.56		%				1.65		%
Net flows						$	(36)					$	101					$	(135)					$	(109)					$	523					N/M						$	(36)					$	523					N/M
Gross premiums and deposits						$	932					$	980					$	849					$	1,078					$	1,502					61.2		%				$	932					$	1,502					61.2		%
Notes:
(1) Amounts revised to include Mutual Fund AUA balances. Impact to average account value TTM for March 31 2021, June 30 2021, September 30 2021 and December 31 2021 are: $(260) million, $(307) million, $(343) million and $(383) million, respectively, and an impact on return on assets of (0.01)% per aforementioned periods.

1Q 2022 Financial Supplement						15

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Group Retirement - Select Operating Metrics

						For the Three Months Ended or As of																														For the Three Months Ended or As of
(in millions USD, unless otherwise indicated)						3/31/2021						6/30/2021						9/30/2021						12/31/2021						3/31/2022						3/31/2021						3/31/2022
Sales Metrics
Gross premiums and deposits: (1)
First-year premiums and deposits						$	332					$	352					$	364					$	452					$	879					$	332					$	879
Renewal premiums and deposits						600						628						485						626						623						600						623
Group Retirement premiums and deposits						$	932					$	980					$	849					$	1,078					$	1,502					$	932					$	1,502
Gross premiums and deposits by market: (1)
Tax-exempt						$	204					$	238					$	228					$	346					$	219					$	204					$	219
Corporate						119						106						128						97						89						119						89
Institutional						3						2						2						2						565						3						565
Other						6						6						6						7						6						6						6
Total First Year Premiums and Deposits						332						352						364						452						879						332						879
Tax-exempt						454						489						355						491						468						454						468
Corporate						97						93						91						92						103						97						103
Institutional						—						—						—						—						—						—						—
Other						49						46						39						43						52						49						52
Total renewal premiums and deposits						600						628						485						626						623						600						623
Group Retirement premiums and deposits by market						$	932					$	980					$	849					$	1,078					$	1,502					$	932					$	1,502
Account Values and Assets under Administration
General Account:
Balance as of beginning of period						$	12,826					$	12,924					$	12,983					$	13,042					$	13,046					$	12,826					$	13,046
Gross premiums and deposits						288						225						253						289						329						288						329
Surrenders, withdrawals and benefits						(278)						(251)						(276)						(373)						(270)						(278)						(270)
Net flows						10						(26)						(23)						(84)						59						10						59
Investment performance, interest credited and policy charges						88						87						82						88						66						88						66
Other (2)						—						(2)						—						—						—						—						—
Balance as of end of period						$	12,924					$	12,983					$	13,042					$	13,046					$	13,171					$	12,924					$	13,171
Separate Accounts and Mutual Funds (3) (4) (5)
Balance as of beginning of period						$	29,930					$	31,350					$	33,316					$	32,875					$	34,763					$	29,930					$	34,763
Gross premiums and deposits						644						755						596						789						1,173						644						1,173
Surrenders, withdrawals and benefits						(690)						(628)						(708)						(814)						(709)						(690)						(709)
Net flows						(46)						127						(112)						(25)						464						(46)						464
Investment performance, interest credited and policy charges						1,466						1,894						(329)						1,913						(2,363)						1,466						(2,363)
Other (2)						—						(55)						—						—						—						—						—
Balance as of end of period						$	31,350					$	33,316					$	32,875					$	34,763					$	32,864					$	31,350					$	32,864
Total: (3) (4) (5)
Balance as of beginning of period						$	42,756					$	44,274					$	46,299					$	45,917					$	47,809					$	42,756					$	47,809
Gross premiums and deposits						932						980						849						1,078						1,502						932						1,502
Surrenders, withdrawals and benefits						(968)						(879)						(984)						(1,187)						(979)						(968)						(979)
Net flows						(36)						101						(135)						(109)						523						(36)						523
Investment performance, interest credited and policy charges						1,554						1,981						(247)						2,001						(2,297)						1,554						(2,297)
Other (2)						—						(57)						—						—						—						—						—
Balance as of end of period						$	44,274					$	46,299					$	45,917					$	47,809					$	46,035					$	44,274					$	46,035
Notes:
(1) Includes both AUM and AUA. Prior period amounts related to the premiums and deposits were revised to include Mutual Fund AUA. Gross premium and deposits revisions for the discrete periods of March 31, 2021, June 30, 2021, September 30, 2021 and December 31, 2021 are $28 million, $52 million, $17 million, and $120 million, respectively.
(2) For the three months ended June 31, 2021, amounts reflect AV transfer of GMxB closed block business from GR to IR.

1Q 2022 Financial Supplement						16

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(3) Prior period amounts related to the net flows were revised to include Mutual Fund AUA. Net Flow revisions for the discrete periods of March 31, 2021, June 30, 2021, September 30, 2021 and December 31, 2021 are $14 million, $33 million, $1 million and $80 million, respectively.

(4) Prior period amounts related to Investment performance, interest credited and policy charges were revised to include Mutual Fund AUA. Investment performance, interest credited and policy charges revisions for the discrete periods of March 31, 2021, June 30, 2021, September 30, 2021 and December 31, 2021 are $11 million, $19 million, ($3 million) and $3 million, respectively.

(5) March 31, 2021 beginning balance revision of $297 million to reflect inclusion of December 31, 2020 year-end Mutual Fund AUA ending balance.

1Q 2022 Financial Supplement						17

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Investment Management and Research - Operating Earnings (Loss) and Summary Metrics

						For the Three Months Ended or As of																																				For the Three Months Ended or As of
(in millions USD, unless otherwise indicated)						3/31/2021						6/30/2021						9/30/2021						12/31/2021						3/31/2022						Change						3/31/2021						3/31/2022						Change
Revenues
Net investment income (loss)						$	—					$	12					$	(2)					$	3					$	(23)					(100.0)		%				$	—					$	(23)					(100.0)		%
Net derivative gains (losses)						2						(11)						2						(6)						20						900.0		%				2						20						900.0		%
Investment management, service fees and other income						1,002						1,071						1,093						1,264						1,138						13.6		%				1,002						1,138						13.6		%
Segment Revenues						1,004						1,072						1,093						1,261						1,135						13.0		%				1,004						1,135						13.0		%
Benefits and other deductions
Commissions and distribution-related payments						162						168						187						191						176						8.6		%				162						176						8.6		%
Compensation, benefits and other operating costs and expenses						580						629						622						676						675						16.4		%				580						675						16.4		%
Interest expense and financing fees						1						—						—						4						—						(100.0)		%				1						—						(100.0)		%
Total benefits and other deductions						743						797						809						871						851						14.5		%				743						851						14.5		%
Operating earnings (loss), before income taxes						261						275						284						390						284						8.8		%				261						284						8.8		%
Income taxes						(44)						(49)						(49)						(66)						(46)						(4.5)		%				(44)						(46)						(4.5)		%
Operating earnings (loss), before noncontrolling interest						217						226						235						324						238						9.7		%				217						238						9.7		%
Less: Operating (earnings) loss attributable to the noncontrolling interest						(96)						(100)						(101)						(141)						(102)						(6.3)		%				(96)						(102)						(6.3)		%
Operating earnings (loss)						$	121					$	126					$	134					$	183					$	136					12.4		%				$	121					$	136					12.4		%
Summary Metrics
Adjusted operating margin (1)						31.7		%				31.7		%				31.8		%				38.5		%				31.5		%										31.7		%				31.5		%
Net flows (in billions USD)						$	5.2					$	6.2					$	7.2					$	7.4					$	11.4											$	5.2					$	11.4
Total AUM (in billions USD)						$	697.2					$	738.4					$	742.2					$	778.6					$	735.4											$	697.2					$	735.4
Ownership Structure of AB
Holdings and its subsidiaries						62.8		%				62.9		%				63.2		%				63.0		%				63.0		%										62.8		%				63.0		%
AB Holding						36.5		%				36.3		%				36.1		%				36.2		%				36.3		%										36.5		%				36.3		%
Unaffiliated holders						0.7		%				0.8		%				0.7		%				0.8		%				0.7		%										0.7		%				0.7		%
Total						100.0		%				100.0		%				100.0		%				100.0		%				100.0		%										100.0		%				100.0		%
EQH economic interest						64.3		%				64.4		%				64.7		%				64.5		%				64.5		%										64.3		%				64.5		%
EQH average economic interest						64.2		%				64.4		%				64.6		%				64.7		%				64.5		%										64.2		%				64.5		%
Units of limited partnership outstanding (in millions)						272.7						272.0						270.9						271.5						271.8												272.7						271.8
Notes:
(1) Adjusted Operating Margin is a non-GAAP financial measure used by AllianceBernstein L.P. (“AB”) management in evaluating AB’s financial performance on a standalone basis and      to compare its performance, as reported by AB in its public filings. It is not comparable to any other non-GAAP financial measure used herein.

1Q 2022 Financial Supplement						18

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Investment Management and Research - Select Operating Metrics

						For the Three Months Ended or As of
(in billions USD, unless otherwise indicated)						3/31/2021						6/30/2021						9/30/2021						12/31/2021						3/31/2022
AUM Roll-forward
Balance as of beginning of period						$	685.9					$	697.2					$	738.4					$	742.2					$	778.6
Sales/new accounts						33.3						45.0						32.3						39.4						40.9
Redemptions/terminations						(24.2)						(32.4)						(21.5)						(25.7)						(24.6)
Cash flow/unreinvested dividends						(3.9)						(6.4)						(3.6)						(6.3)						(4.9)
Net long-term (outflows) inflows						5.2						6.2						7.2						7.4						11.4
Market appreciation (depreciation)						6.1						35.0						(3.4)						29.0						(54.6)
Net change						11.3						41.2						3.8						36.4						(43.2)
Balance as of end of period						$	697.2					$	738.4					$	742.2					$	778.6					$	735.4
Ending Assets by distribution channel
Institutions						$	314.7					$	329.1					$	327.5					$	337.1					$	325.9
Retail						272.3						293.7						298.8						319.9						292.6
Private Wealth						110.2						115.6						115.9						121.6						116.9
Total						$	697.2					$	738.4					$	742.2					$	778.6					$	735.4
Ending Assets by investment service
Equity
Actively Managed						$	231.8					$	256.7					$	260.3					$	287.6					$	265.2
Passively Managed (1)						66.3						69.5						69.1						71.6						66.2
Total Equity						$	298.1					$	326.2					$	329.4					$	359.2					$	331.4
Fixed Income
Actively Managed						$	304.0					$	306.3					$	306.2					$	303.4					$	280.8
Passively Managed (1)						8.3						9.3						9.5						13.2						12.7
Total Fixed Income						312.3						315.6						315.7						316.6						293.5
Total Alternatives/Multi-Asset Solutions (2)						86.8						96.6						97.1						102.8						110.5
Total						$	697.2					$	738.4					$	742.2					$	778.6					$	735.4
Notes:
(1) Includes index and enhanced index services.
(2) Includes certain multi-asset solutions and services not included in equity or fixed income services

1Q 2022 Financial Supplement						19

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Investment Management and Research - Net Flows
						For the Three Months Ended																														For the Three Months Ended
(in billions USD, unless otherwise indicated)						3/31/2021						6/30/2021						9/30/2021						12/31/2021						3/31/2022						3/31/2021						3/31/2022
Net Flows by Distribution Channel
Institutions
US						$	(1.7)					$	(1.9)					$	1.8					$	(2.0)					$	0.4					$	(1.7)					$	0.4
Global and Non-US						2.5						2.8						(1.6)						2.4						9.8						2.5						9.8
Total Institutions						$	0.8					$	0.9					$	0.2					$	0.4					$	10.2					$	0.8					$	10.2
Retail
US						$	3.6					$	5.2					$	7.0					$	9.4					$	4.2					$	3.6					$	4.2
Global and Non-US						(0.9)						—						(0.4)						(3.1)						(5.2)						(0.9)						(5.2)
Total Retail						$	2.7					$	5.2					$	6.6					$	6.3					$	(1.0)					$	2.7					$	(1.0)
Private Wealth
US						$	0.8					$	(0.7)					$	(0.3)					$	(0.4)					$	1.4					$	0.8					$	1.4
Global and Non-US						0.9						0.8						0.7						1.1						0.8						0.9						0.8
Total Private Wealth						$	1.7					$	0.1					$	0.4					$	0.7					$	2.2					$	1.7					$	2.2
Total Net Flows by Distribution Channel						$	5.2					$	6.2					$	7.2					$	7.4					$	11.4					$	5.2					$	11.4
Net Flows by Investment Service
Equity Active
US						$	2.0					$	4.3					$	4.7					$	4.8					$	4.7					$	2.0					$	4.7
Global and Non-US						1.7						1.3						0.1						3.1						(0.1)						1.7						(0.1)
Total Equity Active						$	3.7					$	5.6					$	4.8					$	7.9					$	4.6					$	3.7					$	4.6
Equity Passive (1)
US						$	(1.6)					$	(1.1)					$	(0.5)					$	(3.2)					$	(0.7)					$	(1.6)					$	(0.7)
Global and Non-US						(0.4)						(0.6)						0.2						(0.3)						(1.1)						(0.4)						(1.1)
Total Equity Passive (1)						$	(2.0)					$	(1.7)					$	(0.3)					$	(3.5)					$	(1.8)					$	(2.0)					$	(1.8)
Fixed Income - Taxable (3)
US						$	0.2					$	(2.6)					$	2.2					$	(0.9)					$	0.3					$	0.2					$	0.3
Global and Non-US						(1.0)						(2.7)						(2.1)						(3.1)						(5.0)						(1.0)						(5.0)
Total Fixed Income - Taxable						$	(0.8)					$	(5.3)					$	0.1					$	(4.0)					$	(4.7)					$	(0.8)					$	(4.7)
Fixed Income - Tax-Exempt
US						$	1.6					$	1.5					$	1.5					$	1.4					$	1.0					$	1.6					$	1.0
Global and Non-US						—						—						—						—						—						—						—
Total Fixed Income - Tax-Exempt						$	1.6					$	1.5					$	1.5					$	1.4					$	1.0					$	1.6					$	1.0
Fixed Income - Passive (1)
US						$	0.2					$	0.1					$	0.3					$	3.8					$	(0.2)					$	0.2					$	(0.2)
Global and Non-US						—						0.8						(0.1)						(0.2)						0.6						—						0.6
Total Fixed Income - Passive (1)						$	0.2					$	0.9					$	0.2					$	3.6					$	0.4					$	0.2					$	0.4
Alternatives/Multi-Asset Solutions (2)
US						$	0.3					$	0.4					$	0.3					$	1.1					$	0.9					$	0.3					$	0.9
Global and Non-US						2.2						4.8						0.6						0.9						11.0						2.2						11.0
Total Alternatives/Multi-Asset Solutions (2)						$	2.5					$	5.2					$	0.9					$	2.0					$	11.9					$	2.5					$	11.9
Total Net Flows by Investment Service						$	5.2					$	6.2					$	7.2					$	7.4					$	11.4					$	5.2					$	11.4
Active vs. Passive Net Flows
Actively Managed
Equity						$	3.7					$	5.6					$	4.8					$	7.9					$	4.6					$	3.7					$	4.6
Fixed Income (3)						0.8						(3.8)						1.6						(2.6)						(3.7)						0.8						(3.7)
Alternatives/Multi-Asset Solutions (2)						2.0						4.9						0.3						1.1						11.3						2.0						11.3
Total						$	6.5					$	6.7					$	6.7					$	6.4					$	12.2					$	6.5					$	12.2
Passively Managed (1)
Equity						$	(2.0)					$	(1.7)					$	(0.3)					$	(3.5)					$	(1.8)					$	(2.0)					$	(1.8)
Fixed Income						0.2						0.9						0.2						3.6						0.4						0.2						0.4
Alternatives/Multi-Asset Solutions (2)						0.5						0.3						0.6						0.9						0.6						0.5						0.6
Total						$	(1.3)					$	(0.5)					$	0.5					$	1.0					$	(0.8)					$	(1.3)					$	(0.8)
Total Active vs Passive Net Flows						$	5.2					$	6.2					$	7.2					$	7.4					$	11.4					$	5.2					$	11.4
Notes:
(1) Includes index and enhanced index services.
(2) Includes certain multi-asset solutions and services not included in equity or fixed income services
(3) Discrete quarterly outflows related to AXA's redemptions for periods presented were as follows: $1.3 billion for the second quarter of 2021.

1Q 2022 Financial Supplement						20

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Protection Solutions - Operating Earnings (Loss) and Summary Metrics

						For the Three Months Ended or As of																																				For the Three Months Ended or As of
(in millions USD, unless otherwise indicated)						3/31/2021						6/30/2021						9/30/2021						12/31/2021						3/31/2022						Change						3/31/2021						3/31/2022						Change
Revenues
Policy charges, fee income and premiums						$	504					$	507					$	482					$	523					$	514					2.0		%				$	504					$	514					2.0		%
Net investment income (loss)						262						271						294						275						272						3.8		%				262						272						3.8		%
Net derivative gains (losses)						(1)						(10)						(7)						(2)						—						100.0		%				(1)						—						100.0		%
Investment management, service fees and other income						61						64						69						66						65						6.6		%				61						65						6.6		%
Segment revenues						826						832						838						862						851						3.0		%				826						851						3.0		%
Benefits and other deductions
Policyholders’ benefits						509						469						392						480						521						2.4		%				509						521						2.4		%
Interest credited to policyholders’ account balances						123						134						126						133						128						4.1		%				123						128						4.1		%
Commissions and distribution-related payments						34						42						44						50						41						20.6		%				34						41						20.6		%
Amortization of deferred policy acquisition costs						26						33						4						30						35						34.6		%				26						35						34.6		%
Compensation and benefits, interest expense and financing fees and other operating costs and expense						85						78						78						104						84						(1.2)		%				85						84						(1.2)		%
Segment benefits and other deductions						777						756						644						797						809						4.1		%				777						809						4.1		%
Operating earnings (loss), before income taxes						49						76						194						65						42						(14.3)		%				49						42						(14.3)		%
Income taxes						(8)						(13)						(34)						(12)						(7)						12.5		%				(8)						(7)						12.5		%
Operating earnings (loss), before noncontrolling interest						41						63						160						53						35						(14.6)		%				41						35						(14.6)		%
Less: Operating (earnings) loss attributable to the noncontrolling interest						—						—						—						—						—						—		%				—						—						—		%
Operating earnings (loss)						$	41					$	63					$	160					$	53					$	35					(14.6)		%				$	41					$	35					(14.6)		%
Summary Metrics
Operating earnings (loss) - TTM: [A]						$	138					$	213					$	322					$	317					$	311					125.4		%				$	138					$	311					125.4		%
Benefit ratio						76.5		%				72.5		%				61.8		%				71.1		%				76.3		%										76.5		%				76.3		%
Gross written premiums						$	762					$	748					$	754					$	801					$	1,033					35.5		%				$	762					$	1,033					35.5		%
Annualized premiums						$	69					$	67					$	67					$	84					$	77					11.5		%				$	69					$	77					11.5		%
Total in-force face amount (in billions USD) (1)						$	421.3					$	422.4					$	422.4					$	423.2					$	421.8					0.1		%				$	421.3					$	421.8					0.1		%
Notes:
(1) Total in-force face amount presented on a gross basis including ceded policies.

1Q 2022 Financial Supplement						21

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Protection Solutions - Select Operating Metrics

												For the Three Months Ended or As of																														For the Three Months Ended or As of
(in millions USD, unless otherwise indicated)												3/31/2021						6/30/2021						9/30/2021						12/31/2021						3/31/2022						3/31/2021						3/31/2022
Sales Metrics
First Year Premiums and Deposits by Product Line:
Universal Life												$	—					$	—					$	—					$	—					$	—					$	—					$	—
Indexed Universal Life												21						10						7						7						6						21						6
Variable Universal Life												52						67						66						102						86						52						86
Term												5						4						3						4						4						5						4
Employee Benefits												20						19						18						20						21						20						21
Other (1)												—						—						1						—						—						—						—
Total												$	98					$	100					$	95					$	133					$	117					$	98					$	117
Renewals by Product Line:
Universal Life												$	201					$	204					$	221					$	198					$	181					$	201					$	181
Indexed Universal Life												76						75						79						80						80						76						80
Variable Universal Life												256						238						224						250						514						256						514
Term												97						94						90						98						92						97						92
Employee Benefits												30						32						41						36						43						30						43
Other (1)												4						5						4						6						6						4						6
Total												664						648						659						668						916						664						916
Total Gross Premiums												$	762					$	748					$	754					$	801					$	1,033					$	762					$	1,033
In-force Metrics
In-force Face Amount by Product (2) (in billions):
Universal Life (3)												$	48.0					$	47.3					$	46.7					$	45.9					$	44.9					$	48.0					$	44.9
Indexed Universal Life												28.0						28.0						28.0						27.9						27.9						28.0						27.9
Variable Universal Life (4)												128.5						129.8						130.9						132.8						132.9						128.5						132.9
Term												215.5						216.0						215.6						215.4						214.9						215.5						214.9
Whole Life												1.3						1.3						1.2						1.2						1.2						1.3						1.2
Total												$	421.3					$	422.4					$	422.4					$	423.2					$	421.8					$	421.3					$	421.8
In-force Policy Count by Product (2) (in thousands):
Universal Life (3)												142						140						138						136						134						142						134
Indexed Universal Life												64						64						64						65						65						64						65
Variable Universal Life (4)												290						290						291						293						293						290						293
Term												268						268						267						266						264						268						264
Whole Life												17						17						17						16						16						17						16
Total												781						779						777						776						772						781						772
Protection Solutions Reserves
General Account												$	18,401					$	18,588					$	18,584					$	18,625					$	18,432					$	18,401					$	18,432
Separate Accounts												15,387						16,281						16,080						17,012						15,883						15,387						15,883
Total												$	33,788					$	34,869					$	34,664					$	35,637					$	34,315					$	33,788					$	34,315
Notes:
(1) For the individual life insurance premiums, Other includes Whole Life insurance and other products available-for-sale but not actively marketed.
(2) Includes individual life insurance and does not include Employee Benefits as it is a start-up business and therefore has immaterial in-force policies.
(3) Universal Life includes Guaranteed Universal Life.
(4) Variable Universal Life includes variable life insurance and corporate-owned life insurance.

1Q 2022 Financial Supplement						22

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Investments

1Q 2022 Financial Supplement						23

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Consolidated Investment Portfolio Composition

						Balances as of
(in millions USD, unless otherwise indicated)						December 31, 2021												March 31, 2022
						Amount (1)						% of Total						Amount (1)						% of Total
Composition of investment portfolio
Fixed maturities, available-for-sale, at fair value						$	78,216					70.9		%				$	72,386					69.3		%
Fixed maturities, at fair value using the fair value option						1,641						1.5		%				1,627						1.6		%
Mortgage loans on real estate						14,033						12.7		%				14,452						13.8		%
Policy loans						4,024						3.6		%				4,010						3.8		%
Other equity investments						2,975						2.7		%				3,087						3.0		%
Other invested assets						3,591						3.3		%				2,625						2.5		%
Subtotal investment assets						104,480						94.7		%				98,187						94.0		%
Trading securities						631						0.6		%				589						0.6		%
Total investments						105,111						95.3		%				98,776						94.5		%
Cash and cash equivalents						5,188						4.7		%				5,713						5.5		%
Total						$	110,299					100.0		%				$	104,489					100.0		%
General Account Fixed maturities by industry (Based on amortized cost)
Corporate securities:
Finance						$	12,954					17.9		%				$	13,635					18.7		%
Manufacturing						12,212						16.8		%				12,430						17.1		%
Utilities						6,446						8.9		%				6,617						9.1		%
Services						8,191						11.3		%				8,373						11.5		%
Energy						3,854						5.3		%				3,936						5.4		%
Retail and wholesale						3,390						4.7		%				3,594						4.9		%
Transportation						2,181						3.0		%				2,339						3.2		%
Other						60						0.1		%				213						0.3		%
Total corporate securities						49,288						67.9		%				51,137						70.2		%
U.S. government and agency						13,056						18.0		%				8,586						11.8		%
Residential mortgage-backed (2)						90						0.1		%				84						0.1		%
Preferred stock						41						0.1		%				40						0.1		%
State & municipal						586						0.8		%				670						0.9		%
Foreign governments						1,124						1.5		%				1,121						1.5		%
Commercial mortgage-backed						2,427						3.3		%				3,700						5.1		%
Asset-backed securities						5,933						8.2		%				7,528						10.3		%
Total						$	72,545					100.0		%				$	72,866					100.0		%
General Account Fixed maturities credit quality (3) (Based on amortized cost)
Aaa, Aa, A (NAIC Designation 1)						$	44,653					61.6		%				$	44,199					60.7		%
Baa (NAIC Designation 2)						25,141						34.7		%				25,820						35.4		%
Investment grade						69,794						96.2		%				70,019						96.1		%
Below investment grade (NAIC Designation 3 and 4)						2,751						3.8		%				2,847						3.9		%
Total						$	72,545					100.0		%				$	72,866					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.

1Q 2022 Financial Supplement						24

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Consolidated Results of General Account Investment Portfolio

						For the Three Months Ended or As of																								Years Ended or As of
(in millions USD, unless otherwise indicated)						March 31, 2021												March 31, 2022												December 31, 2021
						Yield						Amount (2)						Yield						Amount (2)						Yield						Amount (2)
Fixed Maturities:
Income (loss)						3.19		%				$	577					3.29		%				$	598					3.40		%				$	2,429
Ending assets												72,679												72,866												72,545
Mortgages:
Income (loss)						4.01		%				132						3.89		%				139						4.08		%				547
Ending assets												13,280												14,452												14,033
Other Equity Investments (1):
Income (loss)						19.76		%				107						11.02		%				81						20.45		%				534
Ending assets												2,679												3,006												2,901
Policy Loans:
Income						5.54		%				57						5.74		%				58						5.01		%				203
Ending assets												4,091												4,010												4,024
Cash and Short-term Investments:
Income						(0.04)		%				—						(0.16)		%				(1)						(0.13)		%				(2)
Ending assets												2,919												2,645												1,662
Funding Agreements:
Interest expense and other												(14)												(12)												(56)
Ending (liabilities)												(10,223)												(6,088)												(6,647)
Total invested Assets:
Income						4.01		%				859						3.85		%				863						4.28		%				3,655
Ending assets												85,425												90,891												88,518
Short Duration Fixed Maturities:
Income (loss)						3.13		%				35						3.67		%				1						4.48		%				78
Ending assets												4,154												137												142
Total Net Investment Income:
Investment income						3.97		%				894						3.85		%				864						4.28		%				3,733
Less: investment fees (3)						(0.13)		%				(28)						(0.13)		%				(29)						(0.14)		%				(118)
Investment income, net						3.84		%				$	866					3.72		%				$	835					4.15		%				$	3,615
General Account Ending Net Assets												$	89,579											$	91,028											$	88,660
Operating Earnings adjustments:
Funding Agreements interest expense												14												12												56
AB and other non-General Account investment income												30												29												258
Operating Net investment income (loss)												$	910											$	876											$	3,929
Notes:
(1) Includes, as of March 31, 2021, March 31, 2022 and December 31, 2021 $480 million, $314 million and $319 million of other invested assets.
(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.
(3) Investment fees are inclusive of investment management fees paid to AB.

1Q 2022 Financial Supplement						25

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Additional Information

1Q 2022 Financial Supplement						26

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Deferred Policy Acquisition Costs Rollforward

						For the Three Months Ended or As of																														For the Three Months Ended or As of
(in millions USD, unless otherwise indicated)						3/31/2021						6/30/2021						9/30/2021						12/31/2021						3/31/2022						3/31/2021						3/31/2022
TOTAL
Beginning balance						$	4,243					$	4,943					$	4,838					$	5,366					$	5,491					$	4,243					$	5,491
Capitalization of commissions, sales and issue expenses						186						220						214						255						209						186						209
Amortization						(87)						(106)						(64)						(136)						(181)						(87)						(181)
Change in unrealized investment gains and losses						601						(219)						378						6						1,073						601						1,073
Reclassified to Assets held-for-sale						—						—						—						—						—						—						—
Ending balance						$	4,943					$	4,838					$	5,366					$	5,491					$	6,592					$	4,943					$	6,592
Individual Retirement
Beginning balance						$	3,178					$	3,390					$	3,393					$	3,486					$	3,639					$	3,178					$	3,639
Capitalization of commissions, sales and issue expenses						123						149						142						159						140						123						140
Amortization						(61)						(58)						(96)						(80)						(121)						(61)						(121)
Change in unrealized investment gains and losses						150						(88)						47						74						299						150						299
Reclassified to Assets held-for-sale						—						—						—						—						—						—						—
Ending balance						$	3,390					$	3,393					$	3,486					$	3,639					$	3,957					$	3,390					$	3,957
Group Retirement
Beginning balance						$	632					$	705					$	702					$	757					$	776					$	632					$	776
Capitalization of commissions, sales and issue expenses						21						22						24						33						22						21						22
Amortization						(6)						(9)						23						(10)						(14)						(6)						(14)
Change in unrealized investment gains and losses						58						(16)						8						(4)						82						58						82
Reclassified to Assets held-for-sale						—						—						—						—						—						—						—
Ending balance						$	705					$	702					$	757					$	776					$	866					$	705					$	866
Protection Solutions
Beginning balance						$	418					$	836					$	732					$	1,113					$	1,066					$	418					$	1,066
Capitalization of commissions, sales and issue expenses						42						49						48						63						48						42						48
Amortization						(27)						(34)						(4)						(30)						(35)						(27)						(35)
Change in unrealized investment gains and losses						403						(119)						337						(80)						553						403						553
Reclassified to Assets held-for-sale						—						—						—						—						—						—						—
Ending balance						$	836					$	732					$	1,113					$	1,066					$	1,632					$	836					$	1,632
Corporate and Other
Beginning balance						$	15					$	12					$	11					$	10					$	10					$	15					$	10
Capitalization of commissions, sales and issue expenses						—						—						—						—						(1)						—						(1)
Amortization						7						(5)						13						(16)						(11)						7						(11)
Change in unrealized investment gains and losses						(10)						4						(14)						16						139						(10)						139
Reclassified to Assets held-for-sale						—						—						—						—						—						—						—
Ending balance						$	12					$	11					$	10					$	10					$	137					$	12					$	137

1Q 2022 Financial Supplement						27

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Use of Non-GAAP Financial Measures

In addition to our results presented in accordance with U.S. GAAP, we report Non-GAAP Operating Earnings, Non-GAAP Operating ROE, 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 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, Protection Solutions 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 are more sensitive to changes in market conditions than the variable annuity product liabilities as valued under U.S. GAAP. 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) certain changes in the fair value of the derivatives and other securities we use to hedge these features; (ii) the effect of benefit ratio unlock adjustments, including extraordinary economic conditions or events such as COVID-19; (iii) changes in the fair value of the embedded derivatives reflected within variable annuity products’ net derivative results and the impact of these items on DAC amortization on our SCS product; and (iv) DAC amortization for the SCS variable annuity product arising from near-term fluctuations in index segment returns;
•			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, COVID-19 related impacts, 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 associated with equity securities, certain legal accruals; and 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; 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.
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.

1Q 2022 Financial Supplement						28

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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 dividends by diluted common shares outstanding.

1Q 2022 Financial Supplement						29

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Reconciliation of Non-GAAP Measures (1/3)

						For the Three Months Ended or As of																														For the Three Months Ended or As of
(in millions USD, unless otherwise indicated)						3/31/2021						6/30/2021						9/30/2021						12/31/2021						3/31/2022						3/31/2021						3/31/2022
Net income (loss) attributable to Holdings
Net income (loss) attributable to Holdings						$	(1,488)					$	123					$	672					$	254					$	573					$	(1,488)					$	573
Adjustments related to:
Variable annuity product features						2,267						1,193						172						513						(601)						2,267						(601)
Investment gains (losses), net						(183)						(420)						(164)						(100)						326						(183)						326
Net actuarial gains (losses) related to pension and other postretirement benefit obligations						34						26						27						33						19						34						19
Other adjustments (1) (2) (3)						524						7						141						45						220						524						220
Income tax (expense) benefit related to above adjustments						(555)						(171)						(35)						(103)						8						(555)						8
Non-recurring tax items						1						—						5						7						3						1						3
Non-GAAP Operating Earnings						$	600					$	758					$	818					$	649					$	548					$	600					$	548
Net income (loss) attributable to Holdings (4)						$	(3.43)					$	0.29					$	1.62					$	0.63					$	1.46					$	(3.43)					$	1.46
Less: Preferred stock dividends						0.03						0.06						0.03						0.07						0.03						0.03						0.03
Net income (loss) available to Holdings' common shareholders						(3.46)						0.23						1.59						0.56						1.43						(3.46)						1.43
Adjustments related to:
Variable annuity product features						5.22						2.79						0.41						1.27						(1.53)						5.22						(1.53)
Investment gains (losses), net						(0.42)						(0.98)						(0.41)						(0.25)						0.83						(0.42)						0.83
Net actuarial gains (losses) related to pension and other postretirement benefit obligations						0.08						0.06						0.07						0.08						0.05						0.08						0.05
Other adjustments (1) (2) (3)						1.21						0.01						0.35						0.11						0.55						1.21						0.55
Income tax (expense) benefit related to above adjustments						(1.28)						(0.40)						(0.08)						(0.25)						0.02						(1.28)						0.02
Non-recurring tax items						—						—						0.01						0.02						0.01						—						0.01
Non-GAAP Operating Earnings (loss) available to Holdings' common shareholders (4)						$	1.35					$	1.71					$	1.94					$	1.54					$	1.36					$	1.35					$	1.36
Book Value per common share
Book Value per common share						$	21.32					$	24.20					$	25.00					$	25.45					$	16.64					$	21.32					$	16.64
Less: Per share impact of AOCI						1.73						4.72						4.64						5.12						(4.65)						1.73						(4.65)
Book value per common share (ex. AOCI)						$	19.59					$	19.48					$	20.37					$	20.33					$	21.29					$	19.59					$	21.29
Notes:
(1) Includes Separation Costs of $21 million for the three months ended March 31, 2021. Separation costs were completed during 2021. The impact per common share is $0.05 for the three months ended March 31, 2021.
(2) Includes certain legal accruals related to the cost of insurance litigation of $59 million and $180 million for the three months ended March 31, 2022 and 2021, respectively. The impact per common share is $0.15 and $0.41, respectively. Includes policyholder benefit costs of $75 million for the three months ended March 31, 2022 stemming from a deal to repurchase UL policies from one entity that had invested in numerous policies purchased in the life settlement market. The impact per common share is $0.19. No adjustments were made to prior period non-GAAP operating EPS as the impact was immaterial.
(3) Includes Non-GMxB related derivative hedge losses of ($2) million and $244 million for the three months ended March 31, 2022 and 2021, respectively. The impact per common share is ($0.00) and $0.56 for the three months ended March 31, 2022 and 2021, respectively.
(4) For periods with a net loss, 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.

1Q 2022 Financial Supplement						30

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Reconciliation of Non-GAAP Measures (2/3)
						As of and for the Twelve Months Ended
(in millions USD, unless otherwise indicated)						3/31/2021						6/30/2021						9/30/2021						12/31/2021						3/31/2022
Net Income to Non-GAAP Operating Earnings
Net income (loss) attributable to Holdings						$	(7,524)					$	(3,382)					$	(1,931)					$	(439)					$	1,622
Adjustments related to:
Variable annuity product features						13,048						8,519						7,071						4,145						1,277
Investment (gains) losses						(923)						(1,174)						(1,321)						(867)						(358)
Net actuarial (gains) losses related to pension and other postretirement benefit obligations						116						114						110						120						105
Other adjustments						781						713						788						717						413
Income tax (expense) benefits related to above adjustments						(2,735)						(1,718)						(1,396)						(864)						(301)
Non-recurring tax items						(396)						(398)						(397)						13						15
Non-GAAP Operating Earnings						$	2,367					$	2,674					$	2,924					$	2,825					$	2,773
Return on Equity and Non-GAAP Operating Return on Equity - Trailing twelve months
Net income (loss) attributable to Holdings						$	(7,524)					$	(3,382)					$	(1,931)					$	(439)					$	1,622
Less: Preferred stock						(53)						(69)						(72)						(79)						(80)
Net income (loss) available to Holdings' common shareholders						$	(7,577)					$	(3,451)					$	(2,003)					$	(518)					$	1,542
Average equity attributable to Holdings' common shareholders (ex. AOCI)						$	10,868					$	9,716					$	8,816					$	8,193					$	8,140
Return on Equity (ex. AOCI)						(69.7)		%				(35.5)		%				(22.7)		%				(6.3)		%				18.9		%
Non-GAAP Operating Earnings						$	2,367					$	2,674					$	2,924					$	2,825					$	2,773
Less: Preferred stock						(53)						(69)						(72)						(79)						(80)
Non-GAAP Operating Earnings available to Holdings' common shareholders						$	2,314					$	2,605					$	2,852					$	2,746					$	2,693
Average equity attributable to Holdings' common shareholders (ex. AOCI)						$	10,868					$	9,716					$	8,816					$	8,193					$	8,140
Non-GAAP Operating Return on Equity (ex. AOCI)						21.3		%				26.8		%				32.4		%				33.5		%				33.1		%

1Q 2022 Financial Supplement						31

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Reconciliation of Non-GAAP Measures (3/3)
			Balances as of
(in millions USD, unless otherwise indicated)			6/30/2020						9/30/2020						12/31/2020						3/31/2021						6/30/2021						9/30/2021						12/31/2021						3/31/2022
Equity Reconciliation - Quarter-end Balances
Total equity attributable to Holdings' shareholders			$	17,498					$	17,300					$	15,576					$	10,693					$	11,732					$	11,680					$	11,519					$	7,954
Less: Preferred Stock			775						1,269						1,269						1,562						1,562						1,562						1,562						1,562
Total equity attributable to Holdings' common shareholders			16,723						16,031						14,307						9,131						10,170						10,118						9,957						6,392
Less: Accumulated other comprehensive income (loss)			3,928						4,188						3,863						740						1,983						1,876						2,004						(1,787)
Total equity attributable to Holdings' common shareholders (ex. AOCI)			$	12,795					$	11,843					$	10,444					$	8,391					$	8,187					$	8,242					$	7,953					$	8,179
			Balances as of
(in millions USD, unless otherwise indicated)			6/30/2020						9/30/2020						12/31/2020						3/31/2021						6/30/2021						9/30/2021						12/31/2021						3/31/2022
Equity Reconciliation - Twelve Month Rolling Average (2)
Total equity attributable to Holdings' shareholders			16,469						17,059						17,589						15,267						13,825						12,420						11,406						10,721
Less: Preferred Stock			581						899						1,022						1,219						1,416						1,489						1,562						1,562
Total equity attributable to Holdings' common shareholders			15,888						16,160						16,567						14,048						12,410						10,932						9,844						9,159
Less: Accumulated other comprehensive income (loss)			2,152						2,812						3,567						3,180						2,694						2,116						1,651						1,019
Total equity attributable to Holdings' common shareholders (ex. AOCI)			$	13,736					$	13,348					$	13,000					$	10,868					$	9,716					$	8,816					$	8,193					$	8,140

1Q 2022 Financial Supplement						32

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Glossary of Selected Financial and Product Terms

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.
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 Individual Retirement, Group Retirement and Protection Solutions 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 as of end of period
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.
Current Product Offering (Individual 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.
Equitable Advisors - means AXA 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.
Equitable America - means Equitable Financial Life Insurance Company of America, an Arizona corporation and a wholly-owned indirect subsidiary of Holdings.
Equitable Life - means AXA Equitable Life Insurance Company, a New York corporation, a life insurance company and a wholly-owned subsidiary of AEFS.
Fixed Rate (Individual 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).
Invested assets - Includes fixed maturity securities, equity securities, mortgage loans, policy loans, alternative investments and short-term investments.
Inv Mgmt and Research - Abbreviation for Investment Management and Research.
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 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.
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.
Protection Solutions Benefit Ratio - Calculated as sum of policyholders’ benefits and interest credited to policyholders’ account balances dividend by segment revenues.
Protection Solutions Reserves - Equals the aggregate value of Policyholders’ account balances and future policy benefits for policies in our Protection Solutions segment.
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, before income taxes, divided by trailing twelve months average account value.
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”).
Trailing Twelve Months ("TTM") - The twelve calendar months preceding the balance sheet date of a given reporting period.

1Q 2022 Financial Supplement						33

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Analyst Coverage, Ratings & Contact Information

Analyst Coverage

Firm

Analyst

Phone Number

Barclays

Tracy Benguigui

1 (212) 526-1561

Credit Suisse

Andrew Kligerman

1 (212) 325-5069

Evercore ISI

Thomas Gallagher

1 (212) 446-9439

Goldman Sachs

Alex Scott

1 (212) 902-9592

Jefferies

Suneet Kamath

1 (212) 778-8602

J.P. Morgan

Jimmy Bhullar

1 (212) 622-6397

Keefe, Bruyette, & Woods

Ryan Krueger

1 (860) 722-5930

Morgan Stanley

Nigel Dally

1 (212) 761-4132

RBC Capital Markets

Mark Dwelle

1 (804) 782-4008

Truist Securities

Mark Hughes

1 (615) 748-4422

UBS

Brian Meredith

1 (212) 713-2492

Wells Fargo Securities

Elyse Greenspan

1 (212) 214-8031

This list is provided for informational purposes only. Equitable Holdings does not endorse the analyses, conclusions or recommendations contained in any reports issued by these or any other analysts.

Ratings

A.M. Best

S&P

Moody’s

Last review date

Jan '22

Nov '21

Aug '21

Financial Strength Ratings:

Equitable Financial Life Insurance Company

A

A+

A2

Equitable Financial Life Insurance Company of America

A

A+

A2

Credit Ratings:

Equitable Holdings, Inc.

—

BBB+

Baa2

AllianceBernstein L.P. (1)

—

A

A2

Investor and Media Contacts

Contact Investor Relations

Contact Media Relations

Işıl Müderrisoğlu

Thomas Lewis

Matt Asensio

(212) 314-2476

(212) 314-4638

(212) 314-2010

[email protected]

[email protected]

ir.equitableholdings.com

www.equitableholdings.com

Notes:

(1) Last review dates: S&P as of Sep '21, Moody’s as of Dec '21.

1Q 2022 Financial Supplement						34