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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): April 29, 2025

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.)

1345 Avenue of the Americas, New York, New York                     10105

(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 April 29, 2025, Equitable Holdings, Inc. (“EQH”) issued a press release announcing its financial results for the quarter ended March 31, 2025. 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, 2025. A copy of the Financial Supplement for the quarter ended March 31, 2025 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, 2025, 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 4:15 p.m. ET on Tuesday, April 29, 2025.

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 April 29, 2025 (furnished and not filed)
99.2			Financial Supplement for the quarter ended March 31, 2025 (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: April 29, 2025			By:			/s/ William Eckert
			Name:			William Eckert
			Title:			Chief Accounting Officer (Principal Accounting Officer)

EQUITABLE HOLDINGS REPORTS FIRST QUARTER 2025 RESULTS

_______________________________________

•Positive net flows of $1.6 billion in Retirement1, $2.0 billion in Wealth Management and $2.4 billion in Asset Management

•Net income of $63 million, or $0.16 per share

•Non-GAAP operating earnings2 of $421 million, or $1.30 per share; adjusting for notable items3, Non-GAAP operating earnings of $434 million, or $1.35 per share

•Returned $335 million to shareholders in the first quarter, and on April 1st acquired approximately $760 million of AllianceBernstein Holding units

•Robust balance sheet with c.425% combined NAIC RBC ratio and $1.1 billion of Holding Company liquidity

•Life reinsurance transaction with RGA on track to close mid-2025, freeing over $2 billion of capital and reducing exposure to future mortality volatility

_______________________________________

New York, NY, April 29, 2025 — Equitable Holdings, Inc. (“Equitable Holdings”, “Holdings”, or the “Company”) (NYSE: EQH) today announced financial results for the first quarter ended March 31, 2025.

“For the first quarter, we reported Non-GAAP operating earnings per share of $1.30, or $1.35 after adjusting for notable items. We continue to see strong organic growth momentum across our businesses, with $1.6 billion of net inflows in Retirement, $2.0 billion of advisory net inflows in Wealth Management and $2.7 billion of total active net inflows at AllianceBernstein. While we recognize that we have entered a period of increased macro uncertainty, Equitable has proven ability to navigate volatile markets and create long-term shareholder value. Times like this only heighten the need for the retirement and investment advice that we provide, and our strong balance sheet enables us to continue investing for growth while also returning capital to shareholders,” said Mark Pearson, President and Chief Executive Officer.

Mr. Pearson concluded, “Looking ahead, we’re on track to close our strategic individual life reinsurance transaction with RGA mid-year. This will mitigate exposure to future mortality volatility, enhance focus on our core growth engines and free over $2 billion of capital. When added to our existing resources, this gives us significant financial flexibility to withstand volatile markets and take advantage of potential opportunities. In April, we acquired approximately $760 million of AllianceBernstein Holding units, increasing our ownership in AllianceBernstein to c.69%. We also plan to repurchase an incremental $500 million of Equitable shares on top of our 60-70% payout ratio once the RGA transaction closes. The combination of a robust balance sheet, favorable demographic trends and Equitable’s integrated business model give me a lot of confidence in the company’s long-term growth outlook.”

1 Retirement includes Individual Retirement and Group Retirement segments.

2 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.

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

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Consolidated Results
			First Quarter
(in millions, except per share amounts or unless otherwise noted)			2025						2024
Total Assets Under Management/Administration (“AUM/A”, in billions)			$	1,006					$	975
Net income (loss) attributable to Holdings			63						92
Net income (loss) attributable to Holdings per common share			0.16						0.23
Non-GAAP operating earnings			421						477
Non-GAAP operating earnings per common share (“EPS”)			1.30						1.39

As of March 31, 2025, total AUM/A was $1.0 trillion, a year-over-year increase of 3%, driven by positive net flows and higher markets over the prior twelve months.

Net income attributable to Holdings for the first quarter of 2025 was $63 million compared to $92 million in the first quarter of 2024.

Non-GAAP operating earnings in the first quarter of 2025 were $421 million compared to $477 million in the first quarter of 2024. Adjusting for notable items4 of $13 million, first quarter 2025 Non-GAAP operating earnings were $434 million or $1.35 per share.

As of March 31, 2025, book value per common share including accumulated other comprehensive income (“AOCI”) was $2.92. Book value per common share excluding AOCI was $27.62.

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

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Business Highlights

•First quarter 2025 business segment highlights:

◦Individual Retirement (“IR”) reported net inflows of $1.4 billion, and first year premiums of $4.6 billion were up 6% over the prior year.

◦Group Retirement (“GR”) reported net inflows of $192 million, with net inflows in institutional and tax exempt channels, partially offset by net outflows in the corporate channel.

◦Asset Management (AllianceBernstein or “AB”)5 reported net inflows of $2.4 billion with positive net inflows across all channels.

◦Protection Solutions (“PS”) reported $800 million of gross written premiums, with accumulation-oriented VUL first year premiums up 13% and Employee Benefits first year premiums up 26% over the prior year.

◦Wealth Management (“WM”) reported advisory net inflows of $2.0 billion, with total assets under administration reaching $102.1 billion.

◦Legacy (“L”) had $719 million of net outflows and is running off at $2-$3 billion annually.

•Capital management program:

◦The Company returned $335 million to shareholders in the first quarter, including $74 million of quarterly cash dividends and $261 million of share repurchases.

◦The Company intends to increase its quarterly cash dividend from $0.24 to $0.27 per share in the second quarter6.

◦The Company reported cash and liquid assets of $2.2 billion at Holdings7 as of quarter end. In April, the Company deployed approximately $760 million to purchase AB Holding units and approximately $280 million to tender for outstanding Series B preferred securities. Following these transactions, Holding Company liquidity is $1.1 billion, above the $500 million minimum target. On an NAIC basis, the combined RBC ratio was c.425% at year end 2024, above the Company’s target of 375-400%.

•Delivering shareholder value:

◦The Company has deployed $14 billion of its $20 billion capital commitment to AB. This supports growth in AB’s Private Markets business, which currently has $75 billion of assets under management.

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

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

7 Excludes c.$160 million of cash at Holdings which is available to AllianceBernstein through its credit facility with Equitable Holdings.

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◦On February 24, the Company announced an agreement to reinsure 75% of its in-force individual life insurance block to RGA Reinsurance Company. The transaction will generate over $2 billion of value for Equitable Holdings and is expected to close in mid-2025.

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Business Segment Results

Individual Retirement

(in millions, unless otherwise noted)			Q1 2025						Q1 2024
Account value (in billions)			$	109.7					$	98.6
Segment net flows (in billions)			1.4						1.6
Operating earnings (loss)			216						238

•Account value increased by 11%, driven by market performance and net inflows over the prior twelve months.

•Net inflows of $1.4 billion were modestly lower than the prior year quarter, and first year premiums of $4.6 billion increased by 6%.

•Operating earnings of $216 million were down versus the prior year quarter, primarily due to higher expenses, partially offset by higher net investment margin.

•Operating earnings adjusted for notable items8 decreased from $239 million in the prior year quarter to $218 million. Notable items of $2 million in the current period reflects lower net investment income from alternatives.

Group Retirement

(in millions, unless otherwise noted)			Q1 2025						Q1 2024
Account value (in billions)			$	39.9					$	38.5
Segment net flows			192						(132)
Operating earnings (loss)			130						124

•Account value increased by 4%, primarily due to market performance over the prior twelve months.

•Net inflows were $192 million in the first quarter, primarily driven by the institutional channel. Tax-exempt reported net inflows of $27 million, with segment net inflows partially offset by net outflows in corporate and other run-off products.

•Operating earnings increased from $124 million in the prior year quarter to $130 million, primarily due to higher fee-based revenue.

•Operating earnings adjusted for notable items9 increased from $123 million in the prior year quarter to $133 million. Notable items were $3 million in the quarter reflecting lower net investment income from alternatives.

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

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

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Asset Management

(in millions, unless otherwise noted)			Q1 2025						Q1 2024
Total AUM (in billions)			$	784.5					$	758.7
Segment net flows (in billions)			2.4						0.5
Operating earnings (loss)			126						106

•AUM increased by 3% due to market performance over the prior twelve months.

•Net inflows were $2.4 billion in the quarter, including net inflows of $0.7 billion in the Institutional channel, $0.9 billion in Retail and $0.8 billion in Private Wealth.

•Operating earnings increased from $106 million in the prior year quarter to $126 million, primarily driven by higher base fees and improved margins.

•There were no notable items in the current quarter. Adjusting for notable items10 in the prior year quarter, operating earnings increased from $97 million to $126 million.

Protection Solutions

(in millions)			Q1 2025						Q1 2024
Gross written premiums			$	800					$	778
Annualized premiums			93						80
Operating earnings (loss)			(17)						44

•Annualized premiums increased by 16% year-over-year, driven by growth in Employee Benefits and accumulation-oriented VUL.

•Operating earnings decreased from $44 million in the prior year quarter to $(17) million due to elevated mortality claims.

•Operating earnings adjusted for notable items11 decreased from $50 million in the prior year quarter to $(12) million. Notable items of $5 million this period reflect lower net investment income from alternatives.

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

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

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Wealth Management

(in millions, unless otherwise noted)			Q1 2025						Q1 2024
Total AUA (in billions)			$	102.1					$	92.5
Advisory net new assets (in billions)			2.0						—
Operating earnings (loss)			46						43

•AUA increased by 10% due to market performance and net inflows over the last twelve months.

•Advisory net inflows were $2.0 billion in the quarter, supported by a 8% year-over-year increase in advisor productivity.

•Operating earnings increased from $43 million in the prior year quarter to $46 million, primarily due to higher advisory and distribution fees, which were partially offset by higher commissions and distribution-related payments.

Legacy

(in millions)			Q1 2025						Q1 2024
Account value (in billions)			$	19.9					$	22.5
Net Flows			(719)						(658)
Operating earnings (loss)			24						33

•Account value decreased by 12% versus the prior year period due to expected outflows as the block runs off.

•Net outflows of $719 million were in line with expectations as this business continues to run-off at $2 billion to $3 billion annually.

•Operating earnings decreased from $33 million in the prior year quarter to $24 million, primarily due to lower fee-based revenue.

•Operating earnings adjusted for notable items12 decreased from $34 million in the prior year quarter to $25 million. Notable items of $1 million in the current period reflects lower net investment income.

Corporate and Other (“C&O”)

The operating loss of $104 million in the first quarter decreased from an operating loss of $111 million in the prior year quarter. After adjusting for notable items13, the operating loss decreased from $108 million in the prior year quarter to $101 million.

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

13 Please refer to Exhibit 1 for a 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 give 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)			2025						2024
Non-GAAP Operating Earnings			$	421					$	477
Post-tax Adjustments related to notable items:
Individual Retirement			2						1
Group Retirement			3						(2)
Asset Management			—						(9)
Protection Solutions			5						6
Wealth Management			—						—
Legacy			1						1
Corporate & Other			3						3
Notable items subtotal			13						1
Impact of actuarial assumption update			—						—
Non-GAAP Operating Earnings, less Notable Items			$	434					$	478

Impact of notable items by item category:

			Three Months Ended March 31,
(in millions)			2025						2024
Non-GAAP Operating Earnings			$	421					$	477
Pre-tax adjustments related to notable Items:
Model Updates/True-Up Adjustments			—						(6)
Expenses			—						(21)
Net Investment Income			15						17
Subtotal			15						(10)
Tax adjustment			(2)						10
Post-tax impact of notable Items			13						1
Impact of actuarial assumption update			—						—
Non-GAAP Operating Earnings, less Notable Items			$	434					$	478

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Earnings Conference Call

Equitable Holdings will host a conference call at 9 a.m. ET on April 30, 2025 to discuss its first quarter 2025 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 2025 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 leading financial services holding company comprised of complementary and well-established businesses, Equitable, AllianceBernstein and Equitable Advisors. Equitable Holdings has $1 trillion in assets under management and administration (as of 3/31/2025) and more than 5 million client relationships globally. Founded in 1859, Equitable provides retirement and protection strategies to individuals, families and small businesses. AllianceBernstein is a global investment management firm that offers diversified investment services to institutional investors, individuals and private wealth clients. Equitable Advisors, LLC (Equitable Financial Advisors in MI and TN) has 4,500 duly registered and licensed financial professionals that provide financial planning, wealth management, retirement planning, protection and risk management services to clients across the country.

Contacts:

Investor Relations

Erik Bass

(212) 314-2476

[email protected]

Media Relations

Laura Yagerman

(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,” “forecasts,” “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. These forward-looking statements include, but are not limited to, statements regarding projections, estimates, forecasts and other financial and performance metrics and projections of market expectations. “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 geopolitical conflicts, changes in tariffs and trade barriers, 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, potential strategic transactions, changes in accounting standards, and catastrophic events, such as the outbreak of pandemic diseases; (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 Asset Management segment, including fluctuations in assets under management and the industry-wide shift from actively-managed investment services to passive services; (viii) recruitment and retention of key employees and experienced and productive financial professionals; (ix) subjectivity of the determination of the amount of allowances and impairments taken on our investments; (x) legal and regulatory risks, including federal and state legislation affecting financial institutions, insurance regulation and tax reform; (xi) risks related to our common stock and (xii) general risks, including strong industry competition, information systems failing or being compromised and protecting our intellectual property.

Forward-looking statements, including any financial guidance, 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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Forward-looking Non-GAAP Metrics

The Company has presented forward-looking statements regarding Non-GAAP operating earnings, and Non-GAAP operating earnings per share. These non-GAAP financial measures are derived by excluding certain amounts, expenses or income, from the corresponding financial measures determined in accordance with GAAP. The determination of the amounts that are excluded from these non-GAAP financial measures is a matter of management judgment and depends upon, among other factors, the nature of the underlying expense or income amounts recognized in a given period. We are unable to present a quantitative reconciliation of forward-looking adjusted operating earnings per share and payout ratio targeted to non-GAAP operating earnings to their most directly comparable forward-looking GAAP financial measures because such information is not available, and management cannot reliably predict all of the necessary components of such GAAP measures without unreasonable effort or expense. In addition, we believe such reconciliations would imply a degree of precision that would be confusing or misleading to investors. The unavailable information could have a significant impact on the Company’s future financial results. These non-GAAP financial measures are preliminary estimates and are subject to risks and uncertainties, including, among others changes in connection with quarter-end and year-end adjustments. Any variations between the Company’s actual results and preliminary financial data set forth above may be material.

Use of Non-GAAP Financial Measures

In addition to our results presented in accordance with U.S. GAAP, we report Non-GAAP Operating Earnings, and Non-GAAP operating common EPS, each of which is a measure that is not determined in accordance with U.S. GAAP. Management principally uses these Non-GAAP financial measures in evaluating performance because they present a clearer picture of our operating performance and they allow management to allocate resources. Similarly, management believes that the use of these Non-GAAP financial measures, together with relevant U.S. GAAP measures, provide investors with a better understanding of our results of operations and the underlying profitability drivers and trends of our business. These Non-GAAP financial measures are intended to remove from our results of operations the impact of market changes (where there is a mismatch in the valuation of assets and liabilities) as well as certain other expenses which are not part of our underlying profitability drivers or likely to re-occur in the foreseeable future, as such items fluctuate from period-to-period in a manner inconsistent with these drivers. These measures should be considered supplementary to our results that are presented in accordance with U.S. GAAP and should not be viewed as a substitute for the U.S. GAAP measures. Other companies may use similarly titled Non-GAAP financial measures that are calculated differently from the way we calculate such measures. Consequently, our Non-GAAP financial measures may not be comparable to similar measures used by other companies.

We also discuss certain operating measures, including AUM, AUA, AV, 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.

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Non-GAAP Operating Earnings

Non-GAAP Operating Earnings is an after-tax Non-GAAP financial measure used to evaluate our financial performance on a consolidated basis that is determined by making certain adjustments to our consolidated after-tax net income attributable to Holdings. The most significant of such adjustments relates to our derivative positions, which protect economic value and statutory capital, and the variable annuity product MRBs. This is a large source of volatility in net income.

Non-GAAP Operating Earnings equals our consolidated after-tax net income attributable to Holdings adjusted to eliminate the impact of the following items:

•Items related to variable annuity product features, which include: (i) changes in the fair value of MRB and purchased MRB, including the related attributed fees and claims, offset by derivatives and other securities used to hedge the MRB which result in residual net income volatility as the change in fair value of certain securities is reflected in OCI and due to our statutory capital hedge program; and (ii) market adjustments to deposit asset or liability accounts arising from reinsurance agreements which do not expose the reinsurer to a reasonable possibility of a significant loss from insurance risk;

•Investment (gains) losses, which includes credit loss impairments of securities/investments, sales or disposals of securities/investments, realized capital gains/losses and valuation allowances;

•Net actuarial (gains) losses, which includes actuarial gains and losses as a result of differences between actual and expected experience on pension plan assets or projected benefit obligation during a given period related to pension, other postretirement benefit obligations, and the one-time impact of the settlement of the defined benefit obligation;

•Other adjustments, which primarily include restructuring costs related to severance and separation, lease write-offs related to non-recurring restructuring activities, net derivative gains (losses) on certain Non-GMxB derivatives, net investment income from certain items including consolidated VIE investments, seed capital mark-to-market adjustments, unrealized gain/losses and realized capital gains/losses from sales or disposals of select securities, certain legal accruals; a bespoke deal to repurchase UL policies from one entity that had invested in numerous policies purchased in the life settlement market, which disposed of the risk of additional COI litigation by that entity related to those UL policies, impact of the annual actuarial assumption updates attributable to LFPB when the majority of the impact relates to the non-core business; and

•Income tax expense (benefit) related to the above items and non-recurring tax items, which includes the effect of uncertain tax positions for a given audit period and changes to the deferred tax valuation allowance.

During the third quarter 2024, the Company moved revenues and expenses related to payout annuitizations from the Legacy segment to the Individual Retirement segment. Now all payout annuities are reported within the Individual Retirement segment as the block is managed on an aggregate basis. Prior periods were recast to reflect this change.

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

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returns as well as partnership income taxed at lower rates when reconciling Net income (loss) attributable to Holdings to Non-GAAP Operating Earnings.

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The table below presents a reconciliation of Net income (loss) attributable to Holdings to Non-GAAP Operating Earnings for the three months ended March 31, 2025 and 2024:

												Three Months Ended March 31,
(in millions)																		2025						2024
Net income (loss) attributable to Holdings																		$	63					$	92
Adjustments related to:
Variable annuity product features (1)																		211						330
Investment (gains) losses																		14						39
Net actuarial (gains) losses related to pension and other postretirement benefit obligations																		11						17
Other adjustments (2)																		205						91
Income tax expense (benefit) related to above adjustments																		(92)						(100)
Non-recurring tax items																		9						8
Non-GAAP Operating Earnings																		$	421					$	477

______________

(1)As a result of the novation of certain Legacy VA policies completed during the first quarter, the Company recorded a loss of $499 million in pre-tax net income and an increase of $263 million in pre-tax AOCI, for a total impact loss of $236 million.

(2)Includes a loss of $165 million on Non-VA derivatives for the three months ended March 31, 2025 and includes certain gross legal expenses related to the COI litigation of $106 million for the three months ended 2024.

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Non-GAAP Operating EPS

Non-GAAP Operating Earnings per common share is calculated by dividing Non-GAAP Operating Earnings less preferred stock dividends by diluted common shares outstanding. The table below presents a reconciliation of GAAP EPS to Non-GAAP Operating EPS for the three months ended March 31, 2025 and 2024.

			Three Months Ended March 31,
(per share amounts)			2025						2024
Net income (loss) attributable to Holdings			$	0.20					$	0.27
Less: Preferred stock dividend			0.04						0.04
Net Income (loss) available to common shareholders			0.16						0.23
Adjustments related to:
Variable annuity product features (1)			0.68						0.99
Investment (gains) losses			0.04						0.12
Net actuarial (gains) losses related to pension and other postretirement benefit obligations			0.04						0.05
Other adjustments (2)			0.64						0.28
Income tax expense (benefit) related to above adjustments			(0.29)						(0.30)
Non-recurring tax items			0.03						0.02
Non-GAAP Operating Earnings			$	1.30					$	1.39

_______________

(1)As a result of the novation of certain Legacy VA policies completed during the first quarter, the Company recorded a loss of $1.60 for the three months ended March 31, 2025.

(2)Includes a loss of $0.53 on Non-VA derivatives for the three months ended March 31, 2025 and includes certain gross legal expenses related to the COI litigation of $0.32 for the three months ended 2024.

15

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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, 2025						December 31, 2024
Book value per common share			$	2.92					$	0.19
Per share impact of AOCI			24.70						28.11
Book Value per common share, excluding AOCI			$	27.62					$	28.30

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”)

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.

Assets Under Management (“AUA”)

AUA means advisory and brokerage investment assets included in the Company’s Wealth Management segment.

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.

16

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Consolidated Statements of Income (Loss) (Unaudited)

			Three Months Ended March 31,
			2025						2024
			(in millions)
REVENUES
Policy charges and fee income			$	636					$	614
Premiums			304						285
Net derivative gains (losses)			799						(1,376)
Net investment income (loss)			1,248						1,210
Investment gains (losses), net:
Credit losses on available-for-sale debt securities and loans			—						(20)
Other investment gains (losses), net			(14)						(19)
Total investment gains (losses), net			(14)						(39)
Investment management and service fees			1,285						1,278
Other income			318						258
Total revenues			4,576						2,230
BENEFITS AND OTHER DEDUCTIONS
Policyholders’ benefits			759						677
Remeasurement of liability for future policy benefits			(2)						5
Change in market risk benefits and purchased market risk benefits			672						(1,088)
Interest credited to policyholders’ account balances			678						579
Compensation and benefits			601						620
Commissions and distribution-related payments			501						437
Interest expense			55						57
Amortization of deferred policy acquisition costs			188						172
Other operating costs and expenses			950						552
Total benefits and other deductions			4,402						2,011
Income (loss) from continuing operations, before income taxes			174						219
Income tax (expense) benefit			(24)						(24)
Net income (loss)			150						195
Less: Net income (loss) attributable to the noncontrolling interest			87						103
Net income (loss) attributable to Holdings			63						92
Less: Preferred stock dividends			14						14
Net income (loss) available to Holdings’ common shareholders			$	49					$	78

17

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Earnings Per Common Share

			Three Months Ended March 31,
			2025						2024
			(in millions)
Earnings per common share
Basic			$	0.16					$	0.24
Diluted			$	0.16					$	0.23
Weighted average shares
Weighted average common stock outstanding for basic earnings per common share			307.8						330.2
Weighted average common stock outstanding for diluted earnings per common share			311.9						332.7

Results of Operations by Segment

			Three Months Ended March 31,
			2025						2024
			(in millions)
Operating earnings (loss) by segment:
Individual Retirement			$	216					$	238
Group Retirement			130						124
Asset Management			126						106
Protection Solutions			(17)						44
Wealth Management			46						43
Legacy			24						33
Corporate and Other (1)			(104)						(111)
Non-GAAP Operating Earnings			$	421					$	477

(1)Includes interest expense and financing fees of $53 million and $56 million for the three months ended March 31, 2025 and 2024, respectively.

18

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Select Balance Sheet Statistics

			March 31, 2025						December 31, 2024
			(in millions)
ASSETS
Total investments and cash and cash equivalents			$	127,072					$	123,405
Separate Accounts assets			124,569						134,717
Total assets			287,366						295,727
LIABILITIES
Long-term debt			$	4,330					$	3,833
Future policy benefits and other policyholders' liabilities			17,372						17,613
Policyholders’ account balances			112,793						110,929
Total liabilities			282,872						292,179
EQUITY
Preferred stock			$	1,507					$	1,507
Accumulated other comprehensive income (loss)			(7,567)						(8,712)
Total equity attributable to Holdings			2,401						1,565
Total equity attributable to Holdings' common shareholders (ex. AOCI)			8,461						8,770

19

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Assets Under Management (Unaudited)

			March 31, 2025						December 31, 2024
			(in billions)
Assets Under Management
AB AUM			$	784.5					$	792.2
Exclusion for General Account and other Affiliated Accounts			(87.4)						(84.2)
Exclusion for Separate Accounts			(44.7)						(47.3)
AB third party			$	652.4					$	660.7
Total Company AUM
AB third party			$	652.4					$	660.7
General Account and other Affiliated Accounts (1) (3) (4)			127.1						123.4
Separate Accounts (2) (3) (4)			124.6						134.7
Total AUM			$	904.0					$	918.8

_______________

(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 March 31, 2025 and March 31, 2024, Separate Account is inclusive of $7.9 billion and $12.9 billion & General Account AUM is inclusive of $31 million and $47 million, respectively, Account Value ceded to Venerable.

(4) As of March 31, 2025 and March 31, 2024, Separate Account is inclusive of $6.5 billion and $6.9 billion & General Account AUM is inclusive of $3.2 billion and $3.5 billion, respectively, Account Value ceded to Global Atlantic.

20

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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			14
						Select Operating Metrics			15
Asset Management (1)
						Statements of Operating Earnings (Loss) and Summary Metrics			16
						Select Operating Metrics			17
						Net Flows			18
Protection Solutions
						Statements of Operating Earnings (Loss) and Summary Metrics			19
						Select Operating Metrics			20
Wealth Management
						Statements of Operating Earnings (Loss) and Summary Metrics			21
						Select Operating Metrics			22
Legacy
						Statements of Operating Earnings (Loss) and Summary Metrics			23
						Select Operating Metrics			24
			Investments
						Consolidated Investment Portfolio Composition			26
						Consolidated Results of General Account Investment Portfolio			27
			Additional Information
						Deferred Policy Acquisition Costs Rollforward			29
						Use of Non-GAAP Financial Measures			30
						Reconciliation of Non-GAAP Measures			32
						Glossary of Selected Financial and Product Terms			35
						Analyst Coverage, Ratings & Contact Information			37
						Notes:
						(1) Refers to AllianceBernsten L.P. and AllianceBernstien Holding L.P., collectively

All information included in this financial supplement is unaudited.

This financial supplement includes information from prior periods which have been revised

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 2025 Financial Supplement						2

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Consolidated Financials

and Key Metrics

1Q 2025 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)						3/31/2024						6/30/2024						9/30/2024						12/31/2024						3/31/2025						Change						3/31/2024						3/31/2025						Change
Net income (loss)						$	195					$	565					$	28					$	1,008					$	150					(23.1)		%				$	195					$	150					(23.1)		%
Net income (loss) attributable to the noncontrolling interest						(103)						(137)						(160)						(116)						(87)						15.5		%				(103)						(87)						15.5		%
Net income (loss) attributable to Holdings						$	92					$	428					$	(132)					$	892					$	63					(31.5)		%				$	92					$	63					(31.5)		%
Non-GAAP Operating Earnings (1)						$	477					$	495					$	517					$	515					$	421					(11.7)		%				$	477					$	421					(11.7)		%
Total equity attributable to Holdings' shareholders						$	1,992					$	1,598					$	3,201					$	1,565					$	2,401					20.5		%				$	1,992					$	2,401					20.5		%
Less: Preferred Stock						1,562						1,562						1,562						1,507						1,507						(3.5)		%				1,562						1,507						(3.5)		%
Total equity attributable to Holdings' common shareholders						430						36						1,639						58						894						107.9		%				430						894						107.9		%
Less: Accumulated other comprehensive income (loss)						(8,191)						(8,675)						(6,601)						(8,712)						(7,567)						7.6		%				(8,191)						(7,567)						7.6		%
Total equity attributable to Holdings' common shareholders (ex. AOCI)						$	8,621					$	8,711					$	8,240					$	8,770					$	8,461					(1.9)		%				$	8,621					$	8,461					(1.9)		%
Return on Equity (ex. AOCI) - TTM						12.3		%				8.8		%				(4.5)		%				14.0		%				13.7		%										12.3		%				13.7		%
Non-GAAP Operating ROE (1)						18.4		%				19.3		%				21.7		%				22.4		%				21.9		%										18.4		%				21.9		%
Debt to capital:
Debt to Capital (ex. AOCI)						27.3		%				27.2		%				28.1		%				27.2		%				30.3		%										27.3		%				30.3		%
Per common share:
Diluted earnings per common share: (2)
Net income (loss) attributable to Holdings						$	0.23					$	1.23					$	(0.46)					$	2.74					$	0.16					(33.0)		%				$	0.23					$	0.16					(33.0)		%
Non-GAAP Operating Earnings (1)						$	1.39					$	1.43					$	1.58					$	1.55					$	1.30					(6.5)		%				$	1.39					$	1.30					(6.5)		%
Book value per common share						$	1.31					$	0.11					$	5.20					$	0.19					$	2.92					122.4		%				$	1.31					$	2.92					122.4		%
Book value per common share (ex. AOCI)						$	26.31					$	27.09					$	26.12					$	28.30					$	27.62					5.0		%				$	26.31					$	27.62					5.0		%
Adjusted capital metrics:
Total equity adjustment for Holdings' portion of AB's market value (3)						$	3,393					$	3,177					$	3,309					$	3,684					$	4,003					18.0		%				$	3,393					$	4,003					18.0		%
Book value with AB at market value per common share (ex. AOCI)						$	36.67					$	36.97					$	36.61					$	40.19					$	39.96					9.0		%				$	36.67					$	39.96					9.0		%
Debt to capital with AB at market value (ex. AOCI)						22.0		%				22.2		%				22.6		%				21.5		%				23.7		%										22.0		%				23.7		%
Weighted-average common shares outstanding:
Basic						330.2						324.2						318.2						312.2						307.8						(6.8)		%				330.2						307.8						(6.8)		%
Diluted						332.7						327.3						318.2						316.5						311.9						(6.3)		%				332.7						311.9						(6.3)		%
Ending common shares outstanding						327.6						321.6						315.5						309.9						306.3						(6.5)		%				327.6						306.3						(6.5)		%
Return to common shareholders:
Common stock dividend						$	73					$	78					$	76					$	75					$	74											$	73					$	74
Repurchase of common shares						253						247						254						260						261												253						261
Total capital returned to common shareholders						$	326					$	325					$	330					$	335					$	335											$	326					$	335
Notes:
Some financial metrics have been revised for prior periods; for additional information, please refer to our Form 10-Q, to be filed on or about May 1, 2025.
(1) This measure is a Non-GAAP financial measure. For an explanation of our use of Non-GAAP financial measures, refer to the “Use of Non-GAAP Financial Measures” and "Glossary of Selected Financial and Product Terms" sections of this document. For a reconciliation of this item to the most directly comparable GAAP measure, refer to the “Non-GAAP Reconciliation” section in this document.
(2) For loss periods, dilutive shares were not included in the calculation of net income (loss) available to shareholders per common share or Non-GAAP Operating Earnings per common share as inclusion of such shares would have an anti-dilutive effect.
(3) Adjustment for AB market value represents the difference between EQH economic interest in AB's total units multiplied by AB's total units and EQH economic interest in AB's Total Partners' Capital Attributable to AB Unitholders ex. AOCI. For the quarters ending 3/31/2025, 12/31/2024, 9/30/2024, 6/30/2024 and 3/31/2024, AB's total units, including General Partnership units ABLP units, were 295.2 million, 295.1 million, 288.4 million, 289.7 million and 290.2 million, respectively. This is a pro-forma calculation not the figures recorded in our financial statements.

1Q 2025 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)						3/31/2024						6/30/2024						9/30/2024						12/31/2024						3/31/2025						Change						3/31/2024						3/31/2025						Change
Revenues
Policy charges and fee income						$	614					$	617					$	626					$	638					$	636					3.6		%				$	614					$	636					3.6		%
Premiums						285						282						312						293						304						6.7		%				285						304						6.7		%
Net derivative gains (losses)						(1,376)						(208)						(714)						(253)						799						158.1		%				(1,376)						799						158.1		%
Net investment income (loss)						1,210						1,167						1,308						1,196						1,248						3.1		%				1,210						1,248						3.1		%
Investment gains (losses), net						(39)						(16)						(46)						(32)						(14)						64.1		%				(39)						(14)						64.1		%
Investment management and service fees						1,278						1,240						1,287						1,458						1,285						0.5		%				1,278						1,285						0.5		%
Other income						258						425						300						315						318						23.3		%				258						318						23.3		%
Total revenues						2,230						3,507						3,073						3,615						4,576						105.2		%				2,230						4,576						105.2		%
Benefits and other deductions
Policyholders’ benefits						677						667						663						689						759						12.1		%				677						759						12.1		%
Remeasurement of liability for future policy benefits						5						(7)						(1)						(3)						(2)						(140.0)		%				5						(2)						(140.0)		%
Change in market risk benefits and purchased market risk benefits						(1,088)						(132)						97						(817)						672						161.8		%				(1,088)						672						161.8		%
Interest credited to policyholders’ account balances						579						599						701						614						678						17.1		%				579						678						17.1		%
Compensation and benefits						620						577						571						683						601						(3.1)		%				620						601						(3.1)		%
Commissions and distribution related payments						437						463						485						511						501						14.6		%				437						501						14.6		%
Interest expense						57						62						55						52						55						(3.5)		%				57						55						(3.5)		%
Amortization of deferred policy acquisition costs						172						169						184						186						188						9.3		%				172						188						9.3		%
Other operating costs and expenses						552						428						329						513						950						72.1		%				552						950						72.1		%
Total benefits and other deductions						2,011						2,826						3,084						2,428						4,402						118.9		%				2,011						4,402						118.9		%
Income (loss) from operations, before income taxes						219						681						(11)						1,187						174						(20.5)		%				219						174						(20.5)		%
Income tax (expense) benefit						(24)						(116)						39						(179)						(24)						—		%				(24)						(24)						—		%
Net income (loss)						195						565						28						1,008						150						(23.1)		%				195						150						(23.1)		%
Less: net (income) loss attributable to the noncontrolling interest						(103)						(137)						(160)						(116)						(87)						15.5		%				(103)						(87)						15.5		%
Net income (loss) attributable to Holdings						$	92					$	428					$	(132)					$	892					$	63					(31.5)		%				$	92					$	63					(31.5)		%
Less: Preferred stock dividends						(14)						(26)						(14)						(26)						(14)						—		%				(14)						(14)						—		%
Net income (loss) available to Holdings' common shareholders						$	78					$	402					$	(146)					$	866					$	49					(37.2)		%				$	78					$	49					(37.2)		%
Adjustments related to:
Variable annuity product features (1)						$	330					$	81					$	756					$	(530)					$	211											$	330					$	211
Investment gains (losses), net						39						16						46						32						14												39						14
Net actuarial gains (losses) related to pension and other postretirement benefit obligations						17						14						13						16						11												17						11
Other adjustments (2)						91						(33)						1						34						205												91						205
Income tax (expense) benefit related to above adjustments						(100)						(16)						(172)						94						(92)												(100)						(92)
Non-recurring tax items						8						5						5						(23)						9												8						9
Non-GAAP Operating earnings (3)						$	477					$	495					$	517					$	515					$	421											$	477					$	421
Notes:
(1) As a result of the novation of certain Legacy VA policies completed during the first quarter, the Company recorded a loss of $499 million in pre-tax net income and an increase of $263 million in pre-tax AOCI, for a total impact loss of $236 million.
(2) Includes a loss of $165 million on Non-VA derivatives for the three months ended March 31, 2025 and includes certain gross legal expenses related to the COI litigation of $106 million for the three months ended 2024.
(3) This measure is a Non-GAAP financial measure. For an explanation of our use of Non-GAAP financial measures, refer to the “Use of Non-GAAP Financial Measures” and "Glossary of Selected Financial and Product Terms" sections of this document. For a reconciliation of this item to the most directly comparable GAAP measure, refer to the “Non-GAAP Reconciliation” section in this document.

1Q 2025 Financial Supplement						5

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Consolidated Balance Sheets

						Balances as of
(in millions USD, unless otherwise indicated)						3/31/2024						6/30/2024						9/30/2024						12/31/2024						3/31/2025
Assets
Total investments						$	102,620					$	107,726					$	114,246					$	116,441					$	118,908
Cash and cash equivalents						10,357						9,684						9,579						6,964						8,164
Cash and securities segregated, at fair value						866						592						547						500						772
Broker-dealer related receivables						1,808						1,801						1,898						1,961						1,931
Deferred policy acquisition costs						6,804						6,924						7,031						7,170						7,262
Goodwill and other intangible assets, net						5,419						5,403						5,388						5,371						5,356
Amounts due from reinsurers						8,252						8,087						8,068						7,899						7,523
Current and deferred income taxes						2,075						2,129						1,707						2,003						1,687
Purchased market risk benefits						8,348						8,002						8,492						7,376						5,976
Other assets						3,619						3,828						3,738						4,462						4,574
Assets held-for-sale						745						—						—						—						—
Assets for market risk benefits						821						799						740						863						644
Separate Accounts assets						133,735						132,664						137,407						134,717						124,569
Total assets						$	285,469					$	287,639					$	298,841					$	295,727					$	287,366
Liabilities
Policyholders’ account balances						$	100,228					$	104,049					$	107,404					$	110,929					$	112,793
Liability for market risk benefits						12,833						12,612						13,197						11,810						10,864
Future policy benefits and other policyholders’ liabilities						17,340						17,433						17,936						17,613						17,372
Broker-dealer related payables						1,022						839						1,382						775						642
Customers related payables						2,162						2,060						1,795						1,933						2,135
Amounts due to reinsurers						1,402						1,373						1,426						1,421						1,357
Short-term debt						—						—						—						—						—
Long-term debt						3,821						3,830						3,831						3,833						4,330
Notes issued by consolidated variable interest entities, at fair value using the fair value option						1,580						1,740						1,744						2,116						2,110
Other liabilities						6,401						6,612						6,540						7,032						6,700
Liabilities held-for-sale						239						—						—						—						—
Separate Accounts liabilities						133,735						132,664						137,407						134,717						124,569
Total liabilities						280,763						283,212						292,662						292,179						282,872
Redeemable noncontrolling interest						991						1,088						1,223						125						289
Equity
Preferred stock						1,562						1,562						1,562						1,507						1,507
Common stock						5						5						5						5						5
Additional paid-in capital						2,322						2,337						2,343						2,336						2,305
Treasury shares						(3,801)						(3,932)						(4,072)						(4,198)						(4,296)
Retained earnings						10,095						10,301						9,964						10,627						10,447
Accumulated other comprehensive income (loss)						(8,191)						(8,675)						(6,601)						(8,712)						(7,567)
Total equity attributable to Holdings						1,992						1,598						3,201						1,565						2,401
Noncontrolling interest						1,723						1,741						1,755						1,858						1,804
Total equity						3,715						3,339						4,956						3,423						4,205
Total liabilities, redeemable noncontrolling interest and equity						$	285,469					$	287,639					$	298,841					$	295,727					$	287,366

1Q 2025 Financial Supplement						6

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Consolidated Capital Structure

			Balances as of
(in millions USD, unless otherwise indicated)			3/31/2024						6/30/2024						9/30/2024						12/31/2024						3/31/2025
Short-term and long-term debt:
Short-term debt
AB commercial paper			$	—					$	—					$	—					$	—					$	—
AB revolving credit facility			—						—						—						—						—
CLO Warehousing Debt			—						—						—						—						—
Current portion of long-term debt			—						—						—						—						—
Total short-term debt			—						—						—						—						—
Total long-term debt			3,821						3,830						3,831						3,833						4,330
Total short-term and long-term debt: [A]			$	3,821					$	3,830					$	3,831					$	3,833					$	4,330
Equity:
Preferred stock			$	1,562					$	1,562					$	1,562					$	1,507					$	1,507
Common stock			5						5						5						5						5
Additional paid-in capital			2,322						2,337						2,343						2,336						2,305
Treasury stock, at cost			(3,801)						(3,932)						(4,072)						(4,198)						(4,296)
Retained earnings			10,095						10,301						9,964						10,627						10,447
Accumulated other comprehensive income (loss)			(8,191)						(8,675)						(6,601)						(8,712)						(7,567)
Total equity attributable to Holdings			1,992						1,598						3,201						1,565						2,401
Noncontrolling interest			1,723						1,741						1,755						1,858						1,804
Total equity			$	3,715					$	3,339					$	4,956					$	3,423					$	4,205
Total equity attributable to Holdings, (ex. AOCI): [B]			$	10,183					$	10,273					$	9,802					$	10,277					$	9,968
Capital:
Total capitalization (1)			$	5,813					$	5,428					$	7,032					$	5,398					$	6,731
Total capitalization (ex. AOCI): [A+B] (2)			$	14,004					$	14,103					$	13,633					$	14,110					$	14,298
Debt to capital:
Debt to capital (ex. AOCI) (2)			27.3		%				27.2		%				28.1		%				27.2		%				30.3		%
			For the Three Months Ended
Roll-forward of common shares outstanding (millions of shares):
Beginning balance			333.8						327.6						321.6						315.5						309.9
Repurchases			(3.2)						(3.2)						(3.4)						(2.6)						(2.3)
Retirements			(4.3)						(3.1)						(2.8)						(3.1)						(2.7)
Issuances			1.3						0.3						0.1						0.1						1.4
Ending basic common shares outstanding			327.6						321.6						315.5						309.9						306.3
Total potentially dilutive shares			2.5						3.2						3.4						3.6						4.1
Ending common shares outstanding - maximum potential dilution			330.1						324.7						318.9						313.5						310.4
Notes:

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

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

1Q 2025 Financial Supplement						7

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Operating Earnings (Loss) by Segment and Corporate and Other
						Three Months Ended March 31, 2025
(in millions USD, unless otherwise indicated)						Individual Retirement						Group Retirement						Asset Management						Protection Solutions						Wealth Management						Legacy						Corporate and Other						Eliminations						Consolidated
Revenues
Policy charges, fee income and premiums						$	224					$	82					$	—					$	534					$	—					$	19					$	81					$	—					$	940
Net investment income (loss)						693						151						3						251						3						9						110						25						1,245
Net derivative gains (losses)						(5)						—						(13)						1						—						—						8						5						(4)
Investment management, service fees and other income						85						83						1,098						40						460						92						5						(260)						1,603
Segment revenues						997						316						1,088						826						463						120						204						(230)						3,784
Benefits and other deductions
Policyholders’ benefits						92						—						—						556						—						—						111						—						759
Remeasurement of liability for future policy benefits						(1)						—						—						(2)						—						—						1						—						(2)
Interest credited to policyholders’ account balances						365						63						—						121						—						7						107						—						663
Commissions and distribution related payments						98						43						201						42						293						36						6						(218)						501
Amortization of deferred policy acquisition costs						124						15						—						32						—						15						2						—						188
Compensation and benefits, interest expense and financing fees and other operating costs and expense						64						42						614						96						109						34						96						(12)						1,043
Segment benefits and other deductions						742						163						815						845						402						92						323						(230)						3,152
Operating earnings (loss), before income taxes						255						153						273						(19)						61						28						(119)						—						632
Income Taxes						(39)						(23)						(41)						3						(15)						(4)						17						—						(102)
Operating earnings (loss), before noncontrolling interest						216						130						232						(16)						46						24						(102)						—						530
Less: Operating (earnings) loss attributable to the noncontrolling interest						—						—						(106)						(1)						—						—						(2)						—						(109)
Operating earnings (loss)						$	216					$	130					$	126					$	(17)					$	46					$	24					$	(104)					$	—					$	421
						Three Months Ended March 31, 2024
						Individual Retirement						Group Retirement						Asset Management						Protection Solutions						Wealth Management						Legacy						Corporate and Other						Eliminations						Consolidated
Revenues
Policy charges, fee income and premiums						$	208					$	73					$	—					$	528					$	—					$	12					$	78					$	—					$	899
Net investment income (loss)						549						141						8						256						4						16						179						21						1,174
Net derivative gains (losses)						(5)						—						(5)						—						—						—						(8)						5						(13)
Investment Management, service fees and other income						88						77						1,090						40						419						101						6						(242)						1,579
Segment revenues						840						291						1,093						824						423						129						255						(216)						3,639
Benefits and other deductions
Policyholders’ benefits						77						—						—						487						—						—						113						—						677
Remeasurement of liability for future policy benefits						(3)						—						—						(4)						—						—						12						—						5
Interest credited to policyholders’ account balances						248						52						—						128						—						9						142						—						579
Commissions and distribution related payments						77						44						173						40						260						40						3						(200)						437
Amortization of deferred policy acquisition costs						109						15						—						30						—						16						2						—						172
Compensation and benefits, interest expense and financing fees and other operating costs and expense						54						35						672						92						105						25						107						(16)						1,074
Segment benefits and other deductions						562						146						845						773						365						90						379						(216)						2,944
Operating earnings (loss), before income taxes						278						145						248						51						58						39						(124)						—						695
Income Taxes						(40)						(21)						(44)						(7)						(15)						(6)						23						—						(110)
Operating earnings (loss), before noncontrolling interest						238						124						204						44						43						33						(101)						—						585
Less: Operating (earnings) loss attributable to the noncontrolling interest						—						—						(98)						—						—						—						(10)						—						(108)
Operating earnings (loss)						$	238					$	124					$	106					$	44					$	43					$	33					$	(111)					$	—					$	477

1Q 2025 Financial Supplement						8

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Assets Under Management and Administration

						Balances as of
(in billions USD, unless otherwise indicated)						3/31/2024						6/30/2024						9/30/2024						12/31/2024						3/31/2025
AB AUM
Total AB						$	758.7					$	769.5					$	805.9					$	792.2					$	784.5
Exclusion for General Account and other Affiliated Accounts						(76.8)						(80.8)						(85.0)						(84.2)						(87.4)
Exclusion for Separate Accounts						(46.4)						(46.3)						(48.4)						(47.3)						(44.7)
AB third party						$	635.4					$	642.4					$	672.6					$	660.7					$	652.4
Total Company AUM
AB third party						$	635.4					$	642.4					$	672.6					$	660.7					$	652.4
General Account and other Affiliated Accounts (1) (3) (4)						113.0						117.4						123.8						123.4						127.1
Separate Accounts (2) (3) (4)						133.7						132.7						137.4						134.7						124.6
Total AUM						$	882.1					$	892.5					$	933.8					$	918.8					$	904.0
Total AUA (5) (6)						$	92.5					$	94.8					$	101.5					$	101.7					$	102.1
Total AUM/A						$	974.6					$	987.3					$	1,035.3					$	1,020.5					$	1,006.1
Market Values:
S&P 500						5,254						5,460						5,762						5,882						5,612
US 10-Year Treasury						4.2		%				4.4		%				3.7		%				4.6		%				4.2		%
Notes:
(1) “General Account and other Affiliated Accounts” refers to assets held in the general accounts of our insurance companies and other assets on which we bear the investment risk.
(2) “Separate Accounts” refers to the separate account investment assets of our insurance subsidiaries excluding any assets on which we bear the investment risk.
(3) As of March 31, 2024, June 30, 2024, September 30, 2024, December 31, 2024 and March 31, 2025, Separate Account is inclusive of $12.9 billion, $12.5 billion, $12.8 billion, $12.3 billion and $7.9 billion & General Account AUM is inclusive of $47 million, $46 million, $44 million, $43 million and $31 million, respectively, Account Value ceded to Venerable.
(4) As of March 31, 2024, June 30, 2024, September 30, 2024, December 31, 2024 and March 31, 2025, Separate Account is inclusive of $6.9 billion, $6.8 billion, $7.1 billion, $6.9 billion and $6.5 billion & General Account AUM is inclusive of $3.5 billion, $3.4 billion, $3.3 billion, $3.2 billion and $3.2 billion, respectively, Account Value ceded to Global Atlantic.
(5) Includes Advisory, Brokerage and Direct assets included in our Wealth Management segment.
(6) Balances were revised from previously filed financial statement supplement.

1Q 2025 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)						3/31/2024						6/30/2024						9/30/2024						12/31/2024						3/31/2025						Change						3/31/2024						3/31/2025						Change
Insurance Operations
Individual Retirement
First year premiums and deposits						$	4,313					$	4,485					$	4,854					$	4,908					$	4,563					5.8		%				$	4,313					$	4,563					5.8		%
Renewal premium and deposits						72						58						58						60						58						(19.4)		%				72						58						(19.4)		%
Total Gross Premiums						$	4,385					$	4,543					$	4,912					$	4,968					$	4,621					5.4		%				$	4,385					$	4,621					5.4		%
Group Retirement
First year premiums and deposits						$	428					$	950					$	454					$	530					$	854					99.5		%				$	428					$	854					99.5		%
Renewal premium and deposits						590						620						501						619						622						5.4		%				590						622						5.3		%
Total Gross Premiums						$	1,018					$	1,570					$	955					$	1,149					$	1,476					45.0		%				$	1,018					$	1,476					44.9		%
Protection Solutions
First year premiums and deposits						$	113					$	121					$	127					$	148					$	130					15.0		%				$	113					$	130					15.0		%
Renewal premium and deposits						665						663						666						681						670						0.8		%				665						670						0.8		%
Total Gross Premiums						$	778					$	784					$	793					$	829					$	800					2.8		%				$	778					$	800					2.8		%
Asset Management (in billions USD)
Gross Sales by distribution channel
Institutional						$	3.3					$	3.3					$	4.2					$	2.0					$	4.6					39.4		%				$	3.3					$	4.6					39.4		%
Retail						23.8						23.2						26.6						26.4						25.7						8.0		%				23.8						25.7						8.0		%
Private Wealth						5.5						5.4						4.7						5.2						5.8						5.5		%				5.5						5.8						5.5		%
Firmwide Gross Sales						$	32.6					$	31.9					$	35.5					$	33.6					$	36.1					10.7		%				$	32.6					$	36.1					10.7		%
Gross sales by investment service
Equity Active						$	11.7					$	12.5					$	13.0					$	11.8					$	13.2					12.8		%				$	11.7					$	13.2					12.8		%
Equity Passive (1)						0.7						0.3						0.2						0.2						0.5						(28.6)		%				0.7						0.5						(28.6)		%
Fixed Income - Taxable						12.1						10.3						11.6						10.4						12.4						2.5		%				12.1						12.4						2.5		%
Fixed Income - Tax-Exempt						5.3						4.9						5.6						8.5						5.8						9.4		%				5.3						5.8						9.4		%
Fixed Income Passive (1)						—						—						—						—						—						—		%				—						—						100.0		%
Alternatives/Multi-Asset Solutions (2)						2.8						3.9						5.1						2.7						4.2						50.0		%				2.8						4.2						50.0		%
Firmwide Gross Sales						$	32.6					$	31.9					$	35.5					$	33.6					$	36.1					10.7		%				$	32.6					$	36.1					10.7		%
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 2025 Financial Supplement						10

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Business Segments:

Operating Earnings Results and Metrics

1Q 2025 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)						3/31/2024						6/30/2024						9/30/2024						12/31/2024						3/31/2025						Change						3/31/2024						3/31/2025						Change
Revenues
Policy charges, fee income and premiums						$	208					$	209					$	224					$	223					$	224					7.7		%				$	208					$	224					7.7		%
Net investment income (loss)						549						593						635						666						693						26.2		%				549						693						26.2		%
Net derivative gains (losses)						(5)						(6)						(5)						(5)						(5)						—		%				(5)						(5)						—		%
Investment management, service fees and other income						88						92						90						95						85						(3.4)		%				88						85						(3.4)		%
Segment revenues						840						888						944						979						997						18.7		%				840						997						18.7		%
Benefits and other deductions
Policyholders’ benefits						77						78						82						87						92						19.5		%				77						92						19.5		%
Remeasurement of liability for future policy benefits						(3)						1						1						(1)						(1)						66.7		%				(3)						(1)						66.7		%
Interest credited to policyholders’ account balances						248						281						336						343						365						47.2		%				248						365						47.2		%
Commissions and distribution-related payments						77						80						97						102						98						27.3		%				77						98						27.3		%
Amortization of deferred policy acquisition costs						109						111						119						121						124						13.8		%				109						124						13.8		%
Compensation and benefits, interest expense and financing fees and other operating costs and expense						54						51						48						52						64						18.5		%				54						64						18.5		%
Segment benefits and other deductions						562						602						683						704						742						32.0		%				562						742						32.0		%
Operating earnings (loss), before income taxes						278						286						261						275						255						(8.3)		%				278						255						(8.3)		%
Income taxes						(40)						(40)						(37)						(35)						(39)						2.5		%				(40)						(39)						2.5		%
Operating earnings (loss), before noncontrolling interest						238						246						224						240						216						(9.2)		%				238						216						(9.2)		%
Less: Operating (earnings) loss attributable to the noncontrolling interest						—						—						—						—						—						—		%				—						—						—		%
Operating earnings (loss)						$	238					$	246					$	224					$	240					$	216					(9.2)		%				$	238					$	216					(9.2)		%
Summary Metrics
Operating earnings (loss) - TTM:						$	918					$	920					$	922					$	948					$	926					0.9		%				$	918					$	926					0.9		%
Average Account Value net of embedded derivative instruments (TTM)						$	78,256					$	81,128					$	84,596					$	88,164					$	91,041					16.3		%				$	78,256					$	91,041					16.3		%
Return on assets net of embedded derivative instruments (TTM)						1.40		%				1.36		%				1.28		%				1.25		%				1.18		%										1.40		%				1.18		%
Net flows						$	1,647					$	1,853					$	1,910					$	1,747					$	1,431					(13.1)		%				$	1,647					$	1,431					(13.1)		%
First year premiums and deposits						$	4,313					$	4,485					$	4,854					$	4,908					$	4,563					5.8		%				$	4,313					$	4,563					5.8		%
In-force Policy Count by Product (in thousands):						622						629						636						643						648												622						648

1Q 2025 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)						3/31/2024						6/30/2024						9/30/2024						12/31/2024						3/31/2025						3/31/2024						3/31/2025
Sales Metrics
First Year Premiums and Deposits by Product:
SCS						$	3,023					$	2,983					$	3,072					$	3,127					$	2,988					$	3,023					$	2,988
SCS Income						393						482						556						619						546						393						546
Retirement Cornerstone						561						555						555						588						556						561						556
Investment Edge						310						430						594						462						413						310						413
Other						26						35						77						112						60						26						60
Total First Year Premiums and Deposits						$	4,313					$	4,485					$	4,854					$	4,908					$	4,563					$	4,313					$	4,563
Account Values
General Account:
Balance as of beginning of period						$	52,387					$	57,583					$	61,452					$	66,473					$	69,020					$	52,387					$	69,020
Gross premiums and deposits (1)						3,410						3,494						3,621						3,552						3,859						3,410						3,859
Surrenders, withdrawals and benefits						(1,225)						(1,191)						(1,343)						(1,416)						(1,485)						(1,225)						(1,485)
Net flows						2,185						2,303						2,278						2,136						2,374						2,185						2,374
Change in market value and reinvestment						(58)						294						1,247						(856)						1,623						(58)						1,623
Change in fair value of embedded derivative instruments						3,069						1,272						1,496						1,267						(2,918)						3,069						(2,918)
Other						—						—						—						—						—						—						—
Balance as of end of period						$	57,583					$	61,452					$	66,473					$	69,020					$	70,099					$	57,583					$	70,099
Balance as of end of period net of embedded derivative instruments						$	44,122					$	46,782					$	50,506					$	52,090					$	56,324					$	44,122					$	56,324
Separate Accounts:
Balance as of beginning of period						$	39,619					$	41,062					$	40,810					$	42,393					$	41,524					$	39,619					$	41,524
Gross premiums and deposits (1)						946						1,026						1,235						1,316						718						946						718
Surrenders, withdrawals and benefits						(1,484)						(1,476)						(1,603)						(1,705)						(1,661)						(1,484)						(1,661)
Net flows						(538)						(450)						(368)						(389)						(943)						(538)						(943)
Change in market value and reinvestment						1,981						198						1,951						(480)						(987)						1,981						(987)
Change in fair value of embedded derivative instruments						—						—						—						—						—						—						—
Other						—						—						—						—						—						—						—
Balance as of end of period						$	41,062					$	40,810					$	42,393					$	41,524					$	39,594					$	41,062					$	39,594
Total:
Balance as of beginning of period						$	92,006					$	98,645					$	102,262					$	108,866					$	110,544					$	92,006					$	110,544
Gross premiums and deposits (1)						4,356						4,520						4,856						4,868						4,577						4,356						4,577
Surrenders, withdrawals and benefits						(2,709)						(2,667)						(2,946)						(3,121)						(3,146)						(2,709)						(3,146)
Net flows						1,647						1,853						1,910						1,747						1,431						1,647						1,431
Change in market value and reinvestment						1,923						492						3,198						(1,336)						636						1,923						636
Change in fair value of embedded derivative instruments						3,069						1,272						1,496						1,267						(2,918)						3,069						(2,918)
Other						—						—						—						—						—						—						—
Balance as of end of period						$	98,645					$	102,262					$	108,866					$	110,544					$	109,693					$	98,645					$	109,693
Balance as of end of period net of embedded derivative instruments						$	85,184					$	87,592					$	92,899					$	93,614					$	95,918					$	85,184					$	95,918
Net Amount at Risk (NAR)
Total GMIB NAR						$	17					$	21					$	31					$	31					$	45					$	17					$	45
Total GMWB NAR						$	—					$	—					$	—					$	—					$	—					$	—					$	—
Total GMDB NAR						$	2,868					$	2,972					$	2,705					$	2,977					$	3,261					$	2,868					$	3,261
MRB Reserves (Net of Reinsurance)						$	320					$	399					$	576					$	468					$	738					$	320					$	738
Notes:
(1) Includes deposits from certain other products not reported as first year premiums and deposits or renewal premiums and deposits elsewhere in this document.

1Q 2025 Financial Supplement						13

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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)						3/31/2024						6/30/2024						9/30/2024						12/31/2024						3/31/2025						Change						3/31/2024						3/31/2025						Change
Revenues
Policy charges, fee income and premiums						$	73					$	79					$	81					$	84					$	82					12.3		%				$	73					$	82					12.3		%
Net investment income (loss)						141						139						142						137						151						7.1		%				141						151						7.1		%
Net derivative gains (losses)						—						—						(1)						—						—						—		%				—						—						—		%
Investment management, service fees and other income						77						65						91						85						83						7.8		%				77						83						7.8		%
Segment revenues						291						283						313						306						316						8.6		%				291						316						8.6		%
Benefits and other deductions
Policyholder benefits						—						—						—						—						—						—		%				—						—						—		%
Remeasurement of liability for future policy benefits						—						—						—						—						—						—		%				—						—						—		%
Interest credited to policyholders’ account balances						52						56						60						59						63						21.2		%				52						63						21.2		%
Commissions and distribution-related payments						44						45						39						42						43						(2.3)		%				44						43						(2.3)		%
Amortization of deferred policy acquisition costs						15						8						16						15						15						—		%				15						15						—		%
Compensation and benefits, interest expense and financing fees and other operating costs and expense						35						29						34						38						42						20.0		%				35						42						20.0		%
Segment benefits and other deductions						146						138						149						154						163						11.6		%				146						163						11.6		%
Operating earnings (loss), before income taxes						145						145						164						152						153						5.5		%				145						153						5.5		%
Income taxes						(21)						(20)						(23)						(20)						(23)						(9.5)		%				(21)						(23)						(9.5)		%
Operating earnings (loss), before noncontrolling interest						124						125						141						132						130						4.8		%				124						130						4.8		%
Less: Operating (earnings) loss attributable to the noncontrolling interest						—						—						—						—						—						—		%				—						—						—		%
Operating earnings (loss)						$	124					$	125					$	141					$	132					$	130					4.8		%				$	124					$	130					4.8		%
Summary Metrics
Operating earnings (loss) - TTM:						$	432					$	453					$	489					$	522					$	528					22.2		%				$	432					$	528					22.2		%
Average Account Value net of embedded derivative instruments (TTM)						$	35,400					$	36,535					$	37,712					$	39,071					$	39,767					12.3		%				$	35,400					$	39,767					12.3		%
Return on assets net of embedded derivative instruments (TTM)						1.46		%				1.48		%				1.52		%				1.55		%				1.54		%										1.46		%				1.54		%
Net flows						$	(132)					$	408					$	(246)					$	(134)					$	192					245.5		%				$	(132)					$	192					245.5		%
Gross premiums and deposits						$	1,018					$	1,570					$	955					$	1,149					$	1,476					45.0		%				$	1,018					$	1,476					45.0		%

1Q 2025 Financial Supplement						14

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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)						3/31/2024						6/30/2024						9/30/2024						12/31/2024						3/31/2025						3/31/2024						3/31/2025
Sales Metrics
Gross premiums and deposits:
First-year premiums and deposits						$	428					$	950					$	454					$	530					$	854					$	428					$	854
Renewal premiums and deposits						590						620						501						619						622						590						622
Group Retirement premiums and deposits						$	1,018					$	1,570					$	955					$	1,149					$	1,476					$	1,018					$	1,476
Gross premiums and deposits by market:
Tax-exempt						$	317					$	298					$	311					$	326					$	349					$	317					$	349
Corporate						93						108						115						93						78						93						78
Institutional						15						542						26						108						424						15						424
Other						3						2						2						3						3						3						3
Total first year premiums and deposits						428						950						454						530						854						428						854
Tax-exempt						453						492						381						492						486						453						486
Corporate						99						93						92						92						103						99						103
Institutional						—						—						—						—						—						—						—
Other						38						35						28						35						33						38						33
Total renewal premiums and deposits						590						620						501						619						622						590						622
Group Retirement premiums and deposits by market						$	1,018					$	1,570					$	955					$	1,149					$	1,476					$	1,018					$	1,476
Account Values and Assets under Administration
General Account:
Balance as of beginning of period						$	8,952					$	8,882					$	9,382					$	9,369					$	9,341					$	8,952					$	9,341
Gross premiums and deposits						222						768						240						325						669						222						669
Surrenders, withdrawals and benefits						(360)						(332)						(362)						(372)						(355)						(360)						(355)
Net flows						(138)						436						(122)						(47)						314						(138)						314
Change in market value and reinvestment						45						57						96						14						84						45						84
Change in fair value of embedded derivative instruments						23						7						13						5						(18)						23						(18)
Other						—						—						—						—						—						—						—
Balance as of end of period						$	8,882					$	9,382					$	9,369					$	9,341					$	9,721					$	8,882					$	9,721
Balance as of end of period net of embedded derivative instruments						$	8,795					$	9,306					$	9,293					$	9,271					$	9,679					$	8,795					$	9,679
Separate Accounts and Mutual Funds
Balance as of beginning of period						$	27,519					$	29,608					$	29,885					$	31,493					$	31,313					$	27,519					$	31,313
Gross premiums and deposits						796						802						716						824						806						796						806
Surrenders, withdrawals and benefits						(790)						(830)						(840)						(911)						(928)						(790)						(928)
Net flows						6						(28)						(124)						(87)						(122)						6						(122)
Change in market value and reinvestment						2,083						305						1,732						(93)						(998)						2,083						(998)
Change in fair value of embedded derivative instruments						—						—						—						—						—						—						—
Other						—						—						—						—						—						—						—
Balance as of end of period						$	29,608					$	29,885					$	31,493					$	31,313					$	30,193					$	29,608					$	30,193
Total:
Balance as of beginning of period						$	36,471					$	38,490					$	39,267					$	40,862					$	40,654					$	36,471					$	40,654
Gross premiums and deposits						1,018						1,570						956						1,149						1,475						1,018						1,475
Surrenders, withdrawals and benefits						(1,150)						(1,162)						(1,202)						(1,283)						(1,283)						(1,150)						(1,283)
Net flows						(132)						408						(246)						(134)						192						(132)						192
Change in market value and reinvestment						2,128						362						1,828						(79)						(914)						2,128						(914)
Change in fair value of embedded derivative instruments						23						7						13						5						(18)						23						(18)
Other						—						—						—						—						—						—						—
Balance as of end of period						$	38,490					$	39,267					$	40,862					$	40,654					$	39,914					$	38,490					$	39,914
Balance as of end of period net of embedded derivative instruments						$	38,403					$	39,191					$	40,786					$	40,584					$	39,872					$	38,403					$	39,872

1Q 2025 Financial Supplement						15

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Asset Management - 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)						3/31/2024						6/30/2024						9/30/2024						12/31/2024						3/31/2025						Change						3/31/2024						3/31/2025						Change
Revenues
Net investment income (loss)						$	8					$	7					$	17					$	(5)					$	3					(62.5)		%				$	8					$	3					(62.5)		%
Net derivative gains (losses)						(5)						(1)						(16)						15						(13)						(160.0)		%				(5)						(13)						(160.0)		%
Investment management, service fees and other income						1,090						1,045						1,085						1,239						1,098						0.7		%				1,090						1,098						0.7		%
Segment revenues						1,093						1,051						1,086						1,249						1,088						(0.5)		%				1,093						1,088						(0.5)		%
Benefits and other deductions
Commissions and distribution-related payments						173						180						192						197						201						16.2		%				173						201						16.2		%
Compensation and benefits, interest expense and financing fees and other operating costs and expense						672						633						641						707						614						(8.6)		%				672						614						(8.6)		%
Total benefits and other deductions						845						813						833						904						815						(3.6)		%				845						815						(3.6)		%
Operating earnings (loss), before income taxes						248						238						253						345						273						10.1		%				248						273						10.1		%
Income taxes						(44)						(42)						(42)						(50)						(41)						6.8		%				(44)						(41)						6.8		%
Operating earnings (loss), before noncontrolling interest						204						196						211						295						232						13.7		%				204						232						13.7		%
Less: Operating (earnings) loss attributable to the noncontrolling interest						(98)						(95)						(100)						(134)						(106)						(8.2)		%				(98)						(106)						(8.2)		%
Operating earnings (loss)						$	106					$	101					$	111					$	161					$	126					18.9		%				$	106					$	126					18.9		%
Summary Metrics
Adjusted operating margin (1)						30.3		%				30.8		%				31.3		%				36.4		%				33.7		%										30.3		%				33.7		%
Net flows (in billions USD)						$	0.5					$	0.9					$	1.1					$	(4.8)					$	2.4											$	0.5					$	2.4
Total AUM (in billions USD)						$	758.7					$	769.5					$	805.9					$	792.2					$	784.5											$	758.7					$	784.5
Ownership Structure of AB
Holdings and its subsidiaries						59.6		%				59.7		%				60.0		%				61.9		%				61.8		%										59.6		%				61.8		%
AB Holding						39.7		%				39.6		%				39.3		%				37.5		%				37.5		%										39.7		%				37.5		%
Unaffiliated holders						0.7		%				0.7		%				0.7		%				0.6		%				0.7		%										0.7		%				0.7		%
Total						100.0		%				100.0		%				100.0		%				100.0		%				100.0		%										100.0		%				100.0		%
EQH economic interest						61.0		%				61.2		%				61.6		%				61.9		%				61.9		%										61.0		%				61.9		%
EQH average economic interest						61.1		%				61.1		%				61.4		%				61.8		%				61.9		%										61.1		%				61.9		%
Units of limited partnership outstanding (in millions)						287.3						286.8						285.6						292.1						292.3												287.3						292.3
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 2025 Financial Supplement						16

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Asset Management - Select Operating Metrics

						For the Three Months Ended or As of
(in billions USD, unless otherwise indicated)						3/31/2024						6/30/2024						9/30/2024						12/31/2024						3/31/2025
AUM Roll-forward
Balance as of beginning of period						$	725.2					$	758.7					$	769.5					$	805.9					$	792.2
Sales/new accounts						32.6						31.9						35.5						33.6						36.1
Redemptions/terminations						(25.2)						(25.7)						(26.4)						(29.2)						(29.7)
Cash flow/unreinvested dividends						(6.9)						(5.3)						(8.0)						(9.2)						(4.0)
Net long-term (outflows) inflows						0.5						0.9						1.1						(4.8)						2.4
Adjustment (1)						—						—						—						0.7						—
Market appreciation (depreciation)						33.0						9.9						35.3						(9.6)						(10.1)
Net change						33.5						10.8						36.4						(13.7)						(7.7)
Balance as of end of period						$	758.7					$	769.5					$	805.9					$	792.2					$	784.5
Ending Assets by distribution channel
Institutions						$	322.5					$	322.7					$	335.2					$	321.4					$	324.1
Retail						308.0						316.4						334.5						334.3						324.1
Private Wealth						128.2						130.4						136.2						136.5						136.3
Total						$	758.7					$	769.5					$	805.9					$	792.2					$	784.5
Ending Assets by investment service
Equity
Actively Managed						$	264.1					$	264.4					$	271.3					$	263.4					$	249.0
Passively Managed (2)						64.7						65.8						68.9						68.3						65.8
Total Equity						$	328.8					$	330.2					$	340.2					$	331.7					$	314.8
Fixed Income
Actively Managed						$	276.1					$	282.2					$	287.4					$	285.5					$	290.0
Passively Managed (2)						11.2						11.0						11.4						10.3						10.1
Total Fixed Income						287.3						293.2						298.8						295.8						300.1
Total Alternatives/Multi-Asset Solutions (3)						142.6						146.1						166.9						164.7						169.6
Total						$	758.7					$	769.5					$	805.9					$	792.2					$	784.5
Notes:
(1) This adjustment is due to a change in fee policy related to certain fixed income assets effective October 1, 2024.
(2) Includes index and enhanced index services.
(3) Includes certain multi-asset solutions and services not included in equity or fixed income services.

1Q 2025 Financial Supplement						17

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Asset Management - Net Flows
						For the Three Months Ended																														For the Three Months Ended
(in billions USD, unless otherwise indicated)						3/31/2024						6/30/2024						9/30/2024						12/31/2024						3/31/2025						3/31/2024						3/31/2025
Net Flows by Distribution Channel
Institutions
US						$	(1.5)					$	1.9					$	1.7					$	(0.2)					$	2.7					$	(1.5)					$	2.7
Global and Non-US						(2.7)						(3.7)						(6.1)						(6.0)						(2.0)						(2.7)						(2.0)
Total Institutions						$	(4.2)					$	(1.8)					$	(4.4)					$	(6.2)					$	0.7					$	(4.2)					$	0.7
Retail
US						$	1.9					$	2.7					$	4.0					$	4.3					$	3.0					$	1.9					$	3.0
Global and Non-US						2.3						0.1						1.4						(3.2)						(2.1)						2.3						(2.1)
Total Retail						$	4.2					$	2.8					$	5.4					$	1.1					$	0.9					$	4.2					$	0.9
Private Wealth
US						$	0.7					$	0.2					$	0.2					$	0.5					$	1.6					$	0.7					$	1.6
Global and Non-US						(0.2)						(0.3)						(0.1)						(0.2)						(0.8)						(0.2)						(0.8)
Total Private Wealth						$	0.5					$	(0.1)					$	0.1					$	0.3					$	0.8					$	0.5					$	0.8
Total Net Flows by Distribution Channel						$	0.5					$	0.9					$	1.1					$	(4.8)					$	2.4					$	0.5					$	2.4
Net Flows by Investment Service
Equity Active
US						$	(1.5)					$	(1.5)					$	(0.3)					$	(4.1)					$	(0.3)					$	(1.5)					$	(0.3)
Global and Non-US						(4.7)						(4.6)						(4.2)						(3.3)						(2.2)						(4.7)						(2.2)
Total Equity Active						$	(6.2)					$	(6.1)					$	(4.5)					$	(7.4)					$	(2.5)					$	(6.2)					$	(2.5)
Equity Passive (1)
US						$	(3.2)					$	(0.6)					$	(0.7)					$	(1.1)					$	(0.1)					$	(3.2)					$	(0.1)
Global and Non-US						(0.1)						(0.1)						(0.4)						(0.3)						0.3						(0.1)						0.3
Total Equity Passive (1)						$	(3.3)					$	(0.7)					$	(1.1)					$	(1.4)					$	0.2					$	(3.3)					$	0.2
Fixed Income - Taxable
US						$	1.3					$	4.6					$	1.5					$	3.2					$	2.2					$	1.3					$	2.2
Global and Non-US						3.3						(0.2)						1.2						(3.9)						(3.6)						3.3						(3.6)
Total Fixed Income - Taxable						$	4.6					$	4.4					$	2.7					$	(0.7)					$	(1.4)					$	4.6					$	(1.4)
Fixed Income - Tax-Exempt
US						$	2.9					$	1.9					$	3.3					$	5.5					$	2.4					$	2.9					$	2.4
Global and Non-US						—						—						—						—						—						—						—
Total Fixed Income - Tax-Exempt						$	2.9					$	1.9					$	3.3					$	5.5					$	2.4					$	2.9					$	2.4
Fixed Income - Passive (1)
US						$	—					$	(0.1)					$	(0.2)					$	(0.1)					$	(0.4)					$	—					$	(0.4)
Global and Non-US						(0.1)						0.1						(0.1)						(0.5)						(0.1)						(0.1)						(0.1)
Total Fixed Income - Passive (1)						$	(0.1)					$	—					$	(0.3)					$	(0.6)					$	(0.5)					$	(0.1)					$	(0.5)
Alternatives/Multi-Asset Solutions (2)
US						$	1.6					$	0.5					$	2.3					$	1.2					$	3.5					$	1.6					$	3.5
Global and Non-US						1.0						0.9						(1.3)						(1.4)						0.7						1.0						0.7
Total Alternatives/Multi-Asset Solutions (2)						$	2.6					$	1.4					$	1.0					$	(0.2)					$	4.2					$	2.6					$	4.2
Total Net Flows by Investment Service						$	0.5					$	0.9					$	1.1					$	(4.8)					$	2.4					$	0.5					$	2.4
Active vs. Passive Net Flows
Actively Managed
Equity						$	(6.2)					$	(6.1)					$	(4.5)					$	(7.4)					$	(2.5)					$	(6.2)					$	(2.5)
Fixed Income						7.5						6.3						6.0						4.8						1.0						7.5						1.0
Alternatives/Multi-Asset Solutions (2)						2.4						1.1						0.7						(0.4)						4.2						2.4						4.2
Total						$	3.7					$	1.3					$	2.2					$	(3.0)					$	2.7					$	3.7					$	2.7
Passively Managed (1)
Equity						$	(3.3)					$	(0.7)					$	(1.2)					$	(1.4)					$	0.2					$	(3.3)					$	0.2
Fixed Income						(0.1)						—						(0.3)						(0.6)						(0.5)						(0.1)						(0.5)
Alternatives/Multi-Asset Solutions (2)						0.2						0.3						0.4						0.2						—						0.2						—
Total						$	(3.2)					$	(0.4)					$	(1.1)					$	(1.8)					$	(0.3)					$	(3.2)					$	(0.3)
Total Active vs Passive Net Flows						$	0.5					$	0.9					$	1.1					$	(4.8)					$	2.4					$	0.5					$	2.4
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 2025 Financial Supplement						18

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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)						3/31/2024						6/30/2024						9/30/2024						12/31/2024						3/31/2025						Change						3/31/2024						3/31/2025						Change
Revenues
Policy charges, fee income and premiums						$	528					$	532					$	537					$	537					$	534					1.1		%				$	528					$	534					1.1		%
Net investment income (loss)						256						260						258						251						251						(2.0)		%				256						251						(2.0)		%
Net derivative gains (losses)						—						(1)						1						—						1						100.0		%				—						1						100.0		%
Investment management, service fees and other income						40						43						43						43						40						—		%				40						40						—		%
Segment revenues						824						834						839						831						826						0.2		%				824						826						0.2		%
Benefits and other deductions
Policyholders’ benefits						487						473						455						486						556						14.2		%				487						556						14.2		%
Remeasurement of liability for future policy benefits						(4)						(11)						9						(1)						(2)						50.0		%				(4)						(2)						50.0		%
Interest credited to policyholders’ account balances						128						128						135						119						121						(5.5)		%				128						121						(5.5)		%
Commissions and distribution-related payments						40						43						43						46						42						5.0		%				40						42						5.0		%
Amortization of deferred policy acquisition costs						30						32						31						32						32						6.7		%				30						32						6.7		%
Compensation and benefits, interest expense and financing fees and other operating costs and expense						92						86						87						107						96						4.3		%				92						96						4.3		%
Segment benefits and other deductions						773						751						760						789						845						9.3		%				773						845						9.3		%
Operating earnings (loss), before income taxes						51						83						79						42						(19)						(137.3)		%				51						(19)						(137.3)		%
Income taxes						(7)						(12)						(11)						(5)						3						142.9		%				(7)						3						142.9		%
Operating earnings (loss), before noncontrolling interest						44						71						68						37						(16)						(136.4)		%				44						(16)						(136.4)		%
Less: Operating (earnings) loss attributable to the noncontrolling interest						—						1						(2)						1						(1)						(100.0)		%				—						(1)						(100.0)		%
Operating earnings (loss)						$	44					$	72					$	66					$	38					$	(17)					(138.6)		%				$	44					$	(17)					(138.6)		%
Summary Metrics
Operating earnings (loss) - TTM:						$	125					$	166					$	225					$	220					$	159					27.2		%				$	125					$	159					27.2		%
Benefit ratio						74.6		%				72.1		%				70.3		%				72.8		%				82.0		%										74.6		%				82.0		%
Gross written premiums						$	778					$	784					$	793					$	829					$	800					2.8		%				$	778					$	800					2.8		%
Annualized premiums						$	80					$	91					$	88					$	102					$	93					16.3		%				$	80					$	93					16.3		%
Total in-force face amount (in billions USD) (1)						$	413.0					$	411.7					$	410.3					$	409.2					$	406.8					(1.5)		%				$	413.0					$	406.8					(1.5)		%
Notes:
(1) Total in-force face amount presented on a gross basis including ceded policies.

1Q 2025 Financial Supplement						19

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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)												3/31/2024						6/30/2024						9/30/2024						12/31/2024						3/31/2025						3/31/2024						3/31/2025
Sales Metrics
First Year Premiums and Deposits by Product Line:
Universal Life												$	—					$	—					$	—					$	—					$	—					$	—					$	—
Indexed Universal Life												2						3						3						2						3						2						3
Variable Universal Life												80						87						90						112						90						80						90
Term												3						2						2						3						2						3						2
Employee Benefits												28						29						32						31						35						28						35
Other (1)												—						—						—						—						—						—						—
Total												$	113					$	121					$	127					$	148					$	130					$	113					$	130
Renewals by Product Line:
Universal Life												$	169					$	166					$	179					$	160					$	158					$	169					$	158
Indexed Universal Life												74						69						67						66						69						74						69
Variable Universal Life												251						259						249						279						272						251						272
Term												92						86						86						88						83						92						83
Employee Benefits												75						80						81						84						85						75						85
Other (1)												4						3						4						4						3						4						3
Total												665						663						666						681						670						665						670
Total Gross Premiums												$	778					$	784					$	793					$	829					$	800					$	778					$	800
In-force Metrics
In-force Face Amount by Product (2) (in billions USD):
Universal Life (3)												$	40.3					$	39.6					$	39.1					$	38.5					$	37.9					$	40.3					$	37.9
Indexed Universal Life												26.6						26.5						26.3						26.2						25.9						26.6						25.9
Variable Universal Life (4)												138.1						139.0						140.1						141.6						141.5						138.1						141.5
Term												206.9						205.5						203.7						201.8						200.4						206.9						200.4
Whole Life												1.1						1.1						1.1						1.1						1.1						1.1						1.1
Total												$	413.0					$	411.7					$	410.3					$	409.2					$	406.8					$	413.0					$	406.8
In-force Policy Count by Product (2) (in thousands):
Universal Life (3)												120						118						116						115						113						120						113
Indexed Universal Life												63						62						62						62						61						63						61
Variable Universal Life (4)												290						290						290						289						289						290						289
Term												246						243						240						237						234						246						234
Whole Life												15						15						15						15						14						15						14
Total												734						728						723						717						711						734						711
Protection Solutions Reserves
General Account												$	18,166					$	18,143					$	18,288					$	18,171					$	18,124					$	18,166					$	18,124
Separate Accounts												17,560						17,761						18,684						18,753						18,005						17,560						18,005
Total												$	35,726					$	35,904					$	36,972					$	36,924					$	36,129					$	35,726					$	36,129
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 2025 Financial Supplement						20

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Wealth Management - 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)						3/31/2024						6/30/2024						9/30/2024						12/31/2024						3/31/2025						Change						3/31/2024						3/31/2025						Change
Revenues
Net investment income (loss)						$	4					$	4					$	4					$	5					$	3					(25.0)		%				$	4					$	3					(25.0)		%
Net derivative gains (losses)						—						—						—						—						—						—		%				—						—						—		%
Investment management, service fees and other income						419						438						446						476						460						9.8		%				419						460						9.8		%
Segment revenues						423						442						450						481						463						9.5		%				423						463						9.5		%
Benefits and other deductions
Commissions and distribution-related payments						260						282						281						310						293						12.7		%				260						293						12.7		%
Compensation and benefits, interest expense and financing fees and other operating costs and expense						105						99						103						112						109						3.8		%				105						109						3.8		%
Segment benefits and other deductions						365						381						384						422						402						10.1		%				365						402						10.1		%
Operating earnings (loss), before income taxes						58						61						66						59						61						5.2		%				58						61						5.2		%
Income taxes						(15)						(17)						(16)						(12)						(15)						—		%				(15)						(15)						—		%
Operating earnings (loss), before noncontrolling interest						43						44						50						47						46						7.0		%				43						46						7.0		%
Less: Operating (earnings) loss attributable to the noncontrolling interest						—						—						—						—						—						—		%				—						—						—		%
Operating earnings (loss)						$	43					$	44					$	50					$	47					$	46					7.0		%				$	43					$	46					7.0		%
Revenue by Activity Type
Investment management, service fees and other income:
Investment management and advisory fees						$	150					$	161					$	167					$	179					181						20.7		%				$	150					181						20.7		%
Distribution fees						253						260						262						281						263						4.0		%				253						263						4.0		%
Interest income						13						12						12						12						11						(15.4)		%				13						11						(15.4)		%
Service and other income						3						5						5						4						5						66.7		%				3						5						66.7		%
Total Investment management, service fees and other income						$	419					$	438					$	446					$	476					460						9.8		%				$	419					460						9.8		%
Summary Metrics
Pre-tax operating margin						13.7		%				13.8		%				14.7		%				12.3		%				13.2		%										13.7		%				13.2		%
Advisory net new assets						$	(39)					$	1,602					$	2,064					$	1,139					$	1,981					N/M						$	(39)					$	1,981					N/M
Total AUA						$	92,472					$	94,786					$	101,487					$	101,695					$	102,057					10.4		%				$	92,472					$	102,057					10.4		%

1Q 2025 Financial Supplement						21

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Wealth Management - Select Operating Metrics

						For the Three Months Ended or As of																														Three Months Ended or As of
(in millions USD, unless otherwise indicated)						3/31/2024						6/30/2024						9/30/2024						12/31/2024						3/31/2025						3/31/2024						3/31/2025
AUA Roll-forward
Advisory assets :
Beginning assets						$	54,978					$	57,923					$	60,134					$	65,267					$	65,839					$	54,978					$	65,839
Net new assets						(39)						1,602						2,064						1,139						1,981						(39)						1,981
Market appreciation (depreciation) and other						2,984						609						3,069						(567)						(1,025)						2,984						(1,025)
Advisory ending assets						$	57,923					$	60,134					$	65,267					$	65,839					$	66,795					$	57,923					$	66,795
Brokerage and direct assets						$	34,549					$	34,652					$	36,220					$	35,856					$	35,263					$	34,549					$	35,263
Total Wealth Management assets (1)						$	92,472					$	94,786					$	101,487					$	101,695					$	102,057					$	92,472					$	102,057
Cash balances						$	2,804					$	2,695					$	2,767					$	3,083					$	2,985					$	2,804					$	2,985
Advisors
Advisors						4,320						4,358						4,396						4,587						4,502						4,320						4,502
Revenue per advisor TTM (in thousands USD)						$	380					$	386					$	394					$	407					$	412					$	380					$	412
Notes:
(1) Some operating metrics have been revised for prior periods. Net New Assets consist of total client deposits into advisory accounts less total client withdrawals from advisory accounts, plus dividends, plus interest, minus advisory fees. AUA reflects adjusted balances with no financial impact.

1Q 2025 Financial Supplement						22

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Legacy - 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)						3/31/2024						6/30/2024						9/30/2024						12/31/2024						3/31/2025						Change						3/31/2024						3/31/2025						Change
Revenues
Policy charges, fee income and premiums						$	12					$	8					$	7					$	14					$	19					58.3		%				$	12					$	19					58.3		%
Net investment income (loss)						16						14						15						12						9						(43.8)		%				16						9						(43.8)		%
Net derivative gains (losses)						—						—						—						—						—						—		%				—						—						—		%
Investment management, service fees and other income						101						95						94						102						92						(8.9)		%				101						92						(8.9)		%
Segment revenues						129						117						116						128						120						(7.0)		%				129						120						(7.0)		%
Benefits and other deductions
Policyholders’ benefits						—						—						—						1						—						—		%				—						—						—		%
Remeasurement of liability for future policy benefits						—						—						—						—						—						—		%				—						—						—		%
Interest credited to policyholders’ account balances						9						8						9						7						7						(22.2)		%				9						7						(22.2)		%
Commissions and distribution-related payments						40						40						41						39						36						(10.0)		%				40						36						(10.0)		%
Amortization of deferred policy acquisition costs						16						15						16						15						15						(6.3)		%				16						15						(6.3)		%
Compensation and benefits, interest expense and financing fees and other operating costs and expense						25						22						20						23						34						36.0		%				25						34						36.0		%
Segment benefits and other deductions						90						85						86						85						92						2.2		%				90						92						2.2		%
Operating earnings (loss), before income taxes						39						32						30						43						28						(28.2)		%				39						28						(28.2)		%
Income taxes						(6)						(4)						(4)						(6)						(4)						33.3		%				(6)						(4)						33.3		%
Operating earnings (loss), before noncontrolling interest						33						28						26						37						24						(27.3)		%				33						24						(27.3)		%
Less: Operating (earnings) loss attributable to the noncontrolling interest						—						—						—						—						—						—		%				—						—						—		%
Operating earnings (loss)						$	33					$	28					$	26					$	37					$	24					(27.3)		%				$	33					$	24					(27.3)		%
Summary Metrics
Operating earnings (loss) - TTM:						$	124					$	124					$	118					$	124					$	115					(7.3)		%				$	124					$	115					(7.3)		%
Average Account Value (TTM)						$	21,751					$	21,786					$	21,820					$	21,974					$	21,588					(0.7)		%				$	21,751					$	21,588					(0.7)		%
Return on assets (TTM)						0.69		%				0.68		%				0.64		%				0.66		%				0.62		%										0.69		%				0.62		%
Net flows (1)						$	(658)					$	(667)					$	(712)					$	(787)					$	(719)					(9.3)		%				$	(658)					$	(719)					(9.3)		%
In-force Policy Count by Product (in thousands) (2):						263						257						251						246						211												263						211
Notes:
(1) Net of the Venerable transaction.
(2) In-force Policy Count by Product presented on a gross basis includes ceded policies related to the Venerable transaction.

1Q 2025 Financial Supplement						23

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Legacy - 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)						3/31/2024						6/30/2024						9/30/2024						12/31/2024						3/31/2025						3/31/2024						3/31/2025
Account Values
General Account:
Balance as of beginning of period						$	524					$	504					$	486					$	465					$	447					$	524					$	447
Net flows (1)						(23)						(21)						(25)						(20)						(15)						(23)						(15)
Investment performance, interest credited and policy charges (1)						3						3						4						2						2						3						2
Balance as of end of period						$	504					$	486					$	465					$	447					$	434					$	504					$	434
Separate Accounts:
Balance as of beginning of period						$	21,316					$	22,010					$	21,417					$	21,789					$	20,911					$	21,316					$	20,911
Net flows (1)						(635)						(646)						(687)						(767)						(704)						(635)						(704)
Investment performance, interest credited and policy charges (1)						1,329						53						1,059						(111)						(729)						1,329						(729)
Balance as of end of period						$	22,010					$	21,417					$	21,789					$	20,911					$	19,478					$	22,010					$	19,478
Total:
Balance as of beginning of period						$	21,840					$	22,514					$	21,903					$	22,254					$	21,358					$	21,840					$	21,358
Net flows (1)						(658)						(667)						(712)						(787)						(719)						(658)						(719)
Investment performance, interest credited and policy charges (1)						1,332						56						1,063						(109)						(727)						1,332						(727)
Balance as of end of period						$	22,514					$	21,903					$	22,254					$	21,358					$	19,912					$	22,514					$	19,912
Net Amount at Risk (NAR)
Total GMIB NAR						$	2,502					$	2,462					$	2,692					$	2,390					$	2,706					$	2,502					$	2,706
Total GMDB NAR						$	8,982					$	8,984					$	8,472					$	8,602					$	9,034					$	8,982					$	9,034
MRB Reserves (Net of Reinsurance)						$	3,368					$	3,429					$	3,416					$	3,136					$	3,532					$	3,368					$	3,532
Notes:
(1) Net of the Venerable transaction.

1Q 2025 Financial Supplement						24

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Investments

1Q 2025 Financial Supplement						25

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Consolidated Investment Portfolio Composition

						Balances as of
(in millions USD, unless otherwise indicated)						December 31, 2024												March 31, 2025
						Amount (1)						% of Total						Amount (1)						% of Total
Composition of investment portfolio
Fixed maturities, available-for-sale, at fair value						$	76,641					62.1		%				$	77,997					61.4		%
Fixed maturities, at fair value using the fair value option						2,053						1.7		%				2,105						1.7		%
Mortgage loans on real estate						20,072						16.3		%				20,566						16.2		%
Policy loans						4,330						3.5		%				4,318						3.4		%
Other equity investments						3,719						3.0		%				3,748						2.9		%
Other invested assets						8,537						6.9		%				8,971						7.1		%
Subtotal investment assets						115,352						93.5		%				117,705						92.6		%
Trading securities						1,089						0.9		%				1,203						0.9		%
Total investments						116,441						94.4		%				118,908						93.6		%
Cash and cash equivalents						6,964						5.6		%				8,164						6.4		%
Total						$	123,405					100.0		%				$	127,072					100.0		%
General Account AFS Fixed maturities by industry (Based on amortized cost)
Corporate securities:
Finance						$	16,080					19.1		%				$	15,441					18.2		%
Manufacturing						12,499						14.8		%				12,456						14.7		%
Utilities						8,476						10.1		%				8,347						9.8		%
Services						8,899						10.6		%				7,960						9.4		%
Energy						2,546						3.0		%				2,603						3.1		%
Retail and wholesale						2,979						3.5		%				3,941						4.6		%
Transportation						1,559						1.9		%				2,604						3.1		%
Other						1,665						2.0		%				450						0.5		%
Total corporate securities						54,703						65.0		%				53,802						63.5		%
U.S. government and agency						5,801						6.9		%				6,110						7.2		%
Residential mortgage-backed (2)						4,520						5.4		%				5,323						6.3		%
Preferred stock						56						0.1		%				54						0.1		%
State & political						472						0.6		%				469						0.6		%
Foreign governments						689						0.8		%				684						0.8		%
Commercial mortgage-backed						4,301						5.1		%				4,485						5.3		%
Asset-backed securities						13,660						16.2		%				13,857						16.3		%
Total						$	84,202					100.0		%				$	84,784					100.0		%
General Account AFS Fixed maturities credit quality (3) (Based on amortized cost)
Aaa, Aa, A (NAIC Designation 1)						$	56,266					66.8		%				$	56,443					66.6		%
Baa (NAIC Designation 2)						26,255						31.2		%				26,701						31.5		%
Investment grade						82,521						98.0		%				83,144						98.1		%
Below investment grade (NAIC Designation 3 and 4)						1,681						2.0		%				1,640						1.9		%
Total						$	84,202					100.0		%				$	84,784					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 2025 Financial Supplement						26

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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, 2024												March 31, 2025												December 31, 2024
						Yield						Amount (2)						Yield						Amount (2)						Yield						Amount (2)
Fixed Maturities:
Income (loss)						4.37		%				$	812					4.39		%				$	928					4.39		%				$	3,447
Ending assets												74,825												84,784												84,202
Mortgages:
Income (loss)						5.11		%				234						5.11		%				260						5.14		%				973
Ending assets												18,570												20,566												20,072
Other Equity Investments (1):
Income (loss)						6.24		%				54						6.23		%				53						5.75		%				203
Ending assets												3,519												3,484												3,495
Trading Securities:
Income						—		%				—						5.57		%				8						5.07		%				16
Ending assets												—												619												527
Policy Loans:
Income						5.22		%				54						5.07		%				55						5.31		%				225
Ending assets												4,191												4,318												4,330
Cash and Short-term Investments: (3)
Income (loss)						(2.00)		%				(29)						(7.87)		%				(72)						(4.10)		%				(223)
Ending assets												6,907												4,106												3,259
Funding Agreements:
Interest expense and other												(74)												(74)												(335)
Ending (liabilities)												(7,165)												(6,837)												(7,167)
Total invested Assets:
Income (loss)						4.26		%				1,051						4.22		%				1,158						4.15		%				4,306
Ending assets												100,847												111,040												108,718
Total Net Investment Income:
Investment income						4.26		%				1,051						4.22		%				1,158						4.15		%				4,306
Less: investment fees (4)						(0.16)		%				(41)						(0.18)		%				(49)						(0.17)		%				(180)
Investment income, net						4.10		%				$	1,010					4.04		%				$	1,109					3.98		%				$	4,126
General Account Ending Net Assets												$	100,847											$	111,040											$	108,718
Operating Earnings adjustments:
Funding Agreements interest expense												74												74												335
AB and other non-General Account investment income												91												62												389
Operating Net investment income (loss)												$	1,174											$	1,245											$	4,850
Notes:
(1) Includes, as of March 31, 2024, March 31, 2025 and December 31, 2024, $340 million, $362 million and $431 million of other invested assets. Amounts for certain consolidated VIE investments are shown net of associated non-controlling interest.
(2) Amount for fixed maturities and mortgages represents original cost, reduced by repayments, write-downs, adjusted amortization of premiums, accretion of discount and allowances. Cost for equity securities represents original cost reduced by write-downs; cost for other limited partnership interests represents original cost adjusted for equity in earnings and reduced by distributions.
(3) Cash and Short-term net of collateral expense.

1Q 2025 Financial Supplement						27

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Additional Information

1Q 2025 Financial Supplement						28

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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)						3/31/2024						6/30/2024						9/30/2024						12/31/2024						3/31/2025						3/31/2024						3/31/2025
TOTAL
Beginning balance						$	6,705					$	6,804					$	6,924					$	7,031					$	7,170					$	6,705					$	7,170
Capitalization of commissions, sales and issue expenses						270						291						291						324						282						270						282
Amortization						(171)						(171)						(184)						(185)						(190)						(171)						(190)
Ending balance						$	6,804					$	6,924					$	7,031					$	7,170					$	7,262					$	6,804					$	7,262
Individual Retirement
Beginning balance						$	3,508					$	3,601					$	3,703					$	3,807					$	3,929					$	3,508					$	3,929
Capitalization of commissions, sales and issue expenses						202						213						222						243						214						202						214
Amortization						(109)						(111)						(118)						(121)						(124)						(109)						(124)
Ending balance						$	3,601					$	3,703					$	3,807					$	3,929					$	4,019					$	3,601					$	4,019
Group Retirement
Beginning balance						$	825					$	828					$	839					$	842					$	851					$	825					$	851
Capitalization of commissions, sales and issue expenses						18						20						18						24						17						18						17
Amortization						(15)						(9)						(15)						(15)						(15)						(15)						(15)
Ending balance						$	828					$	839					$	842					$	851					$	853					$	828					$	853
Protection Solutions
Beginning balance						$	1,700					$	1,714					$	1,731					$	1,745					$	1,766					$	1,700					$	1,766
Capitalization of commissions, sales and issue expenses						44						49						46						52						45						44						45
Amortization						(30)						(32)						(32)						(31)						(32)						(30)						(32)
Ending balance						$	1,714					$	1,731					$	1,745					$	1,766					$	1,779					$	1,714					$	1,779
Legacy
Beginning balance						$	555					$	546					$	538					$	527					$	517					$	555					$	517
Capitalization of commissions, sales and issue expenses						6						8						5						5						5						6						5
Amortization						(15)						(16)						(16)						(15)						(17)						(15)						(17)
Ending balance						$	546					$	538					$	527					$	517					$	505					$	546					$	505
Corporate and Other
Beginning balance						$	117					$	115					$	113					$	110					$	107					$	117					$	107
Capitalization of commissions, sales and issue expenses						—						1						—						—						1						—						1
Amortization						(2)						(3)						(3)						(3)						(2)						(2)						(2)
Ending balance						$	115					$	113					$	110					$	107					$	106					$	115					$	106

1Q 2025 Financial Supplement						29

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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, and Non-GAAP operating common EPS, each of which is a measure that is not determined in accordance with U.S. GAAP. Management principally uses these Non-GAAP financial measures in evaluating performance because they present a clearer picture of our operating performance and they allow management to allocate resources. Similarly, management believes that the use of these Non-GAAP financial measures, together with relevant U.S. GAAP measures, provide investors with a better understanding of our results of operations and the underlying profitability drivers and trends of our business. These Non-GAAP financial measures are intended to remove from our results of operations the impact of market changes (where there is a mismatch in the valuation of assets and liabilities) as well as certain other expenses which are not part of our underlying profitability drivers or likely to re-occur in the foreseeable future, as such items fluctuate from period-to-period in a manner inconsistent with these drivers. These measures should be considered supplementary to our results that are presented in accordance with U.S. GAAP and should not be viewed as a substitute for the U.S. GAAP measures. Other companies may use similarly titled Non-GAAP financial measures that are calculated differently from the way we calculate such measures. Consequently, our Non-GAAP financial measures may not be comparable to similar measures used by other companies.
We also discuss certain operating measures, including AUM, AUA, AV, 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 the variable annuity product MRBs. This is a large source of volatility in net income.
Non-GAAP Operating Earnings equals our consolidated after-tax net income attributable to Holdings adjusted to eliminate the impact of the following items:
•			Items related to variable annuity product features, which include: (i) changes in the fair value of MRB and purchased MRB, including the related attributed fees and claims, offset by derivatives and other securities used to hedge the MRB which result in residual net income volatility as the change in fair value of certain securities is reflected in OCI and due to our statutory capital hedge program; and (ii) market adjustments to deposit asset or liability accounts arising from reinsurance agreements which do not expose the reinsurer to a reasonable possibility of a significant loss from insurance risk;
•			Investment (gains) losses, which includes credit loss impairments of securities/investments, sales or disposals of securities/investments, realized capital gains/losses and valuation allowances;
•			Net actuarial (gains) losses, which includes actuarial gains and losses as a result of differences between actual and expected experience on pension plan assets or projected benefit obligation during a given period related to pension, other postretirement benefit obligations, and the one-time impact of the settlement of the defined benefit obligation;
•			Other adjustments, which primarily include restructuring costs related to severance and separation, lease write-offs related to non-recurring restructuring activities, net derivative gains (losses) on certain Non-GMxB derivatives, net investment income from certain items including consolidated VIE investments, seed capital mark-to-market adjustments, unrealized gain/losses and realized capital gains/losses from sales or disposals of select securities, certain legal accruals; a bespoke deal to repurchase UL policies from one entity that had invested in numerous policies purchased in the life settlement market, which disposed of the risk of additional COI litigation by that entity related to those UL policies, impact of the annual actuarial assumption updates attributable to LFPB when the majority of the impact relates to the non-core business; and
•			Income tax expense (benefit) related to the above items and non-recurring tax items, which includes the effect of uncertain tax positions for a given audit period and changes to the deferred tax valuation allowance.
During the third quarter 2024, the Company moved revenues and expenses related to payout annuitizations from the Legacy segment to the Individual Retirement segment. Now all payout annuities are reported within the Individual Retirement segment as the block is managed on an aggregate basis. Prior periods were recast to reflect this change.
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 2025 Financial Supplement						30

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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 stock dividends by diluted common shares outstanding.

1Q 2025 Financial Supplement						31

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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)						3/31/2024						6/30/2024						9/30/2024						12/31/2024						3/31/2025						3/31/2024						3/31/2025
Net income (loss) attributable to Holdings
Net income (loss) attributable to Holdings						$	92					$	428					$	(132)					$	892					$	63					$	92					$	63
Adjustments related to:
Variable annuity product features (1)						330						81						756						(530)						211						330						211
Investment gains (losses), net						39						16						46						32						14						39						14
Net actuarial gains (losses) related to pension and other postretirement benefit obligations						17						14						13						16						11						17						11
Other adjustments (2)						91						(33)						1						34						205						91						205
Income tax (expense) benefit related to above adjustments						(100)						(16)						(172)						94						(92)						(100)						(92)
Non-recurring tax items						8						5						5						(23)						9						8						9
Non-GAAP Operating Earnings						$	477					$	495					$	517					$	515					$	421					$	477					$	421
Net income (loss) attributable to Holdings						$	0.27					$	1.31					$	(0.42)					$	2.82					$	0.20					$	0.27					$	0.20
Less: Preferred stock dividends						0.04						0.08						0.04						0.08						0.04						0.04						0.04
Net income (loss) available to Holdings' common shareholders						0.23						1.23						(0.46)						2.74						0.16						0.23						0.16
Adjustments related to:
Variable annuity product features (1)						0.99						0.25						2.38						(1.67)						0.68						0.99						0.68
Investment gains (losses), net						0.12						0.05						0.14						0.10						0.04						0.12						0.04
Net actuarial gains (losses) related to pension and other postretirement benefit obligations						0.05						0.04						0.04						0.05						0.04						0.05						0.04
Other adjustments (2)						0.28						(0.11)						—						0.10						0.64						0.28						0.64
Income tax (expense) benefit related to above adjustments						(0.30)						(0.05)						(0.54)						0.30						(0.29)						(0.30)						(0.29)
Non-recurring tax items						0.02						0.02						0.02						(0.07)						0.03						0.02						0.03
Non-GAAP Operating Earnings (loss) available to Holdings' common shareholders						$	1.39					$	1.43					$	1.58					$	1.55					$	1.30					$	1.39					$	1.30
Book Value per common share
Book Value per common share						$	1.31					$	0.11					$	5.20					$	0.19					$	2.92					$	1.31					$	2.92
Less: Per share impact of AOCI						(25.00)						(26.98)						(20.92)						(28.11)						(24.70)						(25.00)						(24.70)
Book value per common share (ex. AOCI)						$	26.31					$	27.09					$	26.12					$	28.30					$	27.62					$	26.31					$	27.62
Notes:
(1) As a result of the novation of certain Legacy VA policies completed during the first quarter, the Company recorded a loss of $499 million in pre-tax net income and an increase of $263 million in pre-tax AOCI, for a total impact loss of $236 million. The impact per common share is $1.60 for the three months ended March 31, 2025.
(2) Includes a loss of $165 million or $0.53 on Non-VA derivatives, including our statutory capital hedging program for the three months ended March 31, 2025 and includes certain gross legal expenses related to the COI litigation of $106 million or $0.32 for the three months ended 2024.

1Q 2025 Financial Supplement						32

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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)																		9/30/2024						12/31/2024						3/31/2025
Net Income to Non-GAAP Operating Earnings
Net income (loss) attributable to Holdings																		$	(309)					$	1,280					$	1,251
Adjustments related to:
Variable annuity product features																		2,342						637						518
Investment (gains) losses																		260						133						108
Net actuarial (gains) losses related to pension and other postretirement benefit obligations																		57						60						54
Other adjustments																		209						93						207
Income tax (expense) benefits related to above adjustments																		(603)						(194)						(186)
Non-recurring tax items																		(5)						(5)						(4)
Non-GAAP Operating Earnings																		$	1,951					$	2,004					$	1,948
Return on Equity and Non-GAAP Operating Return on Equity - Trailing twelve months
Net income (loss) attributable to Holdings																		$	(309)					$	1,280					$	1,251
Less: Preferred stock																		(80)						(80)						(80)
Net income (loss) available to Holdings' common shareholders																		$	(389)					$	1,200					$	1,171
Average equity attributable to Holdings' common shareholders (ex. AOCI)																		$	8,611					$	8,586					$	8,546
Return on Equity (ex. AOCI)																		(4.5)		%				14.0		%				13.7		%
Non-GAAP Operating Earnings																		$	1,951					$	2,004					$	1,948
Less: Preferred stock																		(80)						(80)						(80)
Non-GAAP Operating Earnings available to Holdings' common shareholders																		$	1,871					$	1,924					$	1,868
Average equity attributable to Holdings' common shareholders (ex. AOCI)																		$	8,611					$	8,586					$	8,546
Non-GAAP Operating Return on Equity (ex. AOCI)																		21.7		%				22.4		%				21.9		%

1Q 2025 Financial Supplement						33

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Reconciliation of Non-GAAP Measures (3/3)
			Balances as of
(in millions USD, unless otherwise indicated)			6/30/2023						9/30/2023						12/31/2023						3/31/2024						6/30/2024						9/30/2024						12/31/2024						3/31/2025
Equity Reconciliation - Quarter-end Balances
Total equity attributable to Holdings' shareholders			$	3,552					$	1,587					$	2,636					$	1,992					$	1,598					$	3,201					$	1,565					$	2,401
Less: Preferred Stock			1,562						1,562						1,562						1,562						1,562						1,562						1,507						1,507
Total equity attributable to Holdings' common shareholders			1,990						25						1,074						430						36						1,639						58						894
Less: Accumulated other comprehensive income (loss)			(7,165)						(9,863)						(7,797)						(8,191)						(8,675)						(6,601)						(8,712)						(7,567)
Total equity attributable to Holdings' common shareholders (ex. AOCI)			$	9,155					$	9,888					$	8,871					$	8,621					$	8,711					$	8,240					$	8,770					$	8,461

			Balances as of
(in millions USD, unless otherwise indicated)			6/30/2023						9/30/2023						12/31/2023						3/31/2024						6/30/2024						9/30/2024						12/31/2024						3/31/2025
Equity Reconciliation - Twelve Month Rolling Average
Total equity attributable to Holdings' shareholders			$	3,036					$	2,580					$	2,882					$	2,442					$	1,953					$	2,357					$	2,089					$	2,191
Less: Preferred Stock			1,562						1,562						1,562						1,562						1,562						1,562						1,548						1,535
Total equity attributable to Holdings' common shareholders			1,474						1,018						1,320						880						391						795						541						656
Less: Accumulated other comprehensive income (loss)			(7,391)						(8,139)						(7,841)						(8,254)						(8,632)						(7,816)						(8,045)						(7,889)
Total equity attributable to Holdings' common shareholders (ex. AOCI)			$	8,865					$	9,157					$	9,161					$	9,134					$	9,023					$	8,611					$	8,586					$	8,545

1Q 2025 Financial Supplement						34

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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. AV is reflected net of reinsurance.
Advisory Assets - Assets invested in a variety of investments using an asset allocation model designed for the client’s objectives. The client is charged a fee based on the value of the assets in the account.
Annualized premiums - 100% of first year recurring premiums (up to target) and 10% of excess first year premiums or first year premiums from single premium products.
Assets Under Administration (“AUA”) - AUA includes non-insurance client assets that are invested in our savings and investment products or serviced by our Equitable Advisors platform. We provide administrative services for these assets and generally record the revenues received as distribution fees.
Assets Under Management (“AUM”) - AUM means investment assets that are managed by one of our subsidiaries and includes: (i) assets managed by AB; (ii) the assets in our General Account investment portfolio; and (iii) the Separate Account assets of our 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, net of embedded derivative instruments where applicable.
Benefit base - A notional amount (not actual cash value) used to calculate the owner’s guaranteed benefits within an annuity contract. The death benefit and living benefit within the same contract may not have the same benefit base.
Brokerage Assets - Brokerage accounts which allow clients a variety of investments, including mutual funds, exchange traded products, equities and fixed income, to be managed in one account. The client is charged for all buy and sell transactions.
Current Product Offering (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.
Direct Assets - Mutual Funds purchased through and registered directly with an asset management company. No other agents, such as brokers or distributors, are involved in the transactions.
Equitable Advisors - means Equitable Advisors, LLC, a Delaware limited liability company, our retail broker/dealer for our retirement and protection businesses and a wholly-owned indirect subsidiary of Holdings.
Fixed Rate (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.
Legacy - The Legacy segment consists of our fixed-rate GMxB business written prior to 2011.
Liability for future policy benefits - the liability related to life insurance policies such as non-participating traditional life insurance policies (Term) and limited pay contracts (Payout, Pension).
Market risk benefits - (“MRBs”) are contracts or contract features that provide protection to the contract holder from other than nominal capital market risk and expose the Company to other than nominal capital market risk. Market risk benefits include contract features that provide minimum guarantees to policyholders and include GMIB, GMDB, GMWB, GMAB, and ROP DB benefits.
Net flows - Net change in customer account balances in a period including, but not limited to, gross premiums, surrenders, withdrawals and benefits. It excludes investment performance, interest credited to customer accounts and policy charges.
Net 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.
Pre-tax operating margin - Calculated as operating earnings, before income taxes, divided by revenue.
Protection Solutions Benefit Ratio - Calculated as the 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 (loss), before income taxes, divided by trailing twelve months average account value, net of embedded derivative instruments.

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

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Analyst Coverage, Ratings & Contact Information

Analyst Coverage

Firm

Analyst

Phone Number

Barclays

Alex Scott

1 (212) 526-1561

BMO

Jack Matten

1 (212) 671-8000

Deutsche Bank

Cave Montazeri

1 (212) 250-2798

Dowling & Partners

Joel Hurwitz

1 (860) 676-7312

Evercore ISI

Thomas Gallagher

1 (212) 446-9439

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

Bob Jian Huang

1 (212) 761-6136

Raymond James

Wilma Burdis

1 (727) 567-9371

Truist Securities

Mark Hughes

1 (615) 748-4422

UBS

Michael Ward

1 (917) 270-2483

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

Feb 25

Mar 25

May 24

Financial Strength Ratings:

Equitable Financial Life Insurance Company

A

A+

A1

Equitable Financial Life Insurance Company of America

A

A+

A1

Credit Ratings:

Equitable Holdings, Inc.

bbb+

A-

Baa1

AllianceBernstein L.P. (1)

—

A

A2

Investor and Media Contacts

Contact Investor Relations

Contact Media Relations

Erik Bass

Laura Yagerman

(212) 314-2476

(212) 314-2010

[email protected]

[email protected]

ir.equitableholdings.com

www.equitableholdings.com

Notes:

(1) Last review dates: S&P as of Nov 24, Moody’s as of Mar 24.

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