Skip to main content
Equibles

8-K

Equitable Holdings, Inc. (EQH)

8-K 2026-02-04 For: 2026-02-04
View Original
Added on April 11, 2026

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): February 4, 2026

equitableimage.jpg

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))

Securities registered pursuant to Section 12(b) of the Act:

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. ☐

Item 2.02    Results of Operations and Financial Condition.

On February 4, 2026, Equitable Holdings, Inc. (“EQH”) issued a press release announcing its financial results for the quarter and full year ended December 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 December 31, 2025. A copy of the Financial Supplement for the quarter ended December 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 and full year ended December 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, February 4, 2026.

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 February 4, 2026 (furnished and not filed)
99.2 Financial Supplement for the quarter ended December 31, 2025 (furnished and not filed)
104 Cover Page Interactive Data File (embedded within the Inline XBRL document).

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: February 4, 2026 By: /s/ William Eckert
Name: William Eckert
Title: Chief Accounting Officer<br><br>(Principal Accounting Officer)

Document

EQUITABLE HOLDINGS REPORTS FULL YEAR AND FOURTH QUARTER 2025 RESULTS

_______________________________________

•Organic cash generation of $1.6 billion in 2025, expected to increase to c.$1.8 billion in 20261

•Full year net loss of $1.4 billion, or $(4.83) per share; fourth quarter Net income of $215 million, or $0.70 per share

•Non-GAAP operating earnings2 of $1.7 billion, or $5.64 per share for the full year and $513 million, or $1.73 per share for the fourth quarter 2025. Adjusting for notable items3, Non-GAAP operating earnings of $1.9 billion, or $6.21 per share for the full year and $523 million, or $1.76 per share, for the fourth quarter 2025.

•Full year net inflows of $5.9 billion in Retirement and $8.4 billion in Wealth Management; net outflows of $11.3 billion in Asset Management.

•Returned $1.8 billion to shareholders this year, including $354 million in the fourth quarter.

•Executed on strategic initiatives including reinsuring 75% of inforce individual life block to RGA, completing our first Bermuda reinsurance transaction and scaling our fast-growing Wealth Management and AB Private Markets businesses.

_______________________________________

New York, NY, February 4, 2026 — Equitable Holdings, Inc. (“Equitable Holdings”, “Holdings”, or the “Company”) (NYSE: EQH) today announced financial results for the full year and fourth quarter ended December 31, 2025.

“In 2025, Equitable Holdings made significant progress on our journey to become a more capital light company focused on three core growth engines of Retirement, Asset Management and Wealth Management. The execution of our individual life reinsurance transaction with RGA freed $2 billion of capital and reduced our exposure to mortality by 75%. We used the proceeds to invest in growing AllianceBernstein and Equitable Advisors as well as to accelerate capital return to shareholders, actions which we believe will create a more valuable company. Our business model positions us well to be a long-term winner in each of our core markets. We continue to see strong organic growth momentum in Retirement, Wealth Management and AB Private Markets, ending the year with a record $1.1 trillion of assets under management and administration. This bodes well for future growth in earnings and cash flows.” said Mark Pearson, President and Chief Executive Officer.

Mr. Pearson concluded, “Looking to 2026, we expect Non-GAAP earnings per share growth to accelerate and remain focused on achieving our targeted 12-15% EPS CAGR for 2023-2027. We also project cash generation to increase from $1.6 billion in 2025 to approximately $1.8 billion in 2026 and are on track to reach $2 billion by 2027. Our strong cash flows allow us to consistently return capital to shareholders, with payout ratios at the upper end of our 60-70% target range. Equitable is well positioned in attractive, growing markets, and I’m confident in our ability to execute on the opportunity in front of us.”

1Cash generation is the cash flow from asset and wealth management subsidiaries, along with capital generated in excess of the target combined NAIC RBC ratio at the insurance subsidiaries. Organic cash generation of $1.6 billion does not include $1.0 billion of cash generation attributable to proceeds from the individual life transaction with RGA. Financial guidance assumes normal market conditions including 6% equity return, 2% dividend yield and interest rates following the forward curve.

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.

Consolidated Results
Fourth Quarter Full Year
(in millions, except per share amounts or unless otherwise noted) 2025 2024 2025 2024
Total Assets Under Management/Administration (“AUM/A”, in billions) $ 1,121 $ 1,021 $ 1,121 $ 1,021
Net income (loss) attributable to Holdings 215 892 (1,380) 1,280
Net income (loss) attributable to Holdings per common share 0.70 2.74 (4.83) 3.69
Non-GAAP operating earnings 513 515 1,741 2,004
Non-GAAP operating earnings per common share (“EPS”) 1.73 1.55 5.64 5.92

As of December 31, 2025, total AUM/A was $1.1 trillion, a year-over-year increase of 10%, driven by positive net flows and higher markets over the prior twelve months.

On a full year basis, the net loss attributable to Holdings was $1.4 billion in 2025 compared to net income of $1.3 billion in 2024.

Full year Non-GAAP operating earnings were $1.7 billion in 2025 versus $2.0 billion in 2024. Adjusting for notable items4 of $172 million, 2025 operating earnings were $1.9 billion or $6.21 per share.

Net income (loss) attributable to Holdings for the fourth quarter of 2025 was $215 million compared to $892 million in the fourth quarter of 2024.

Non-GAAP operating earnings in the fourth quarter of 2025 were $513 million compared to $515 million in the fourth quarter of 2024. Adjusting for notable items5 of $10 million, fourth quarter 2025 Non-GAAP operating earnings were $523 million or $1.76 per share.

As of December 31, 2025, book value per common share including accumulated other comprehensive income (“AOCI”) was $(4.03). Book value per common share excluding AOCI was $18.14. Both of these measures reflect the Company’s 68% ownership stake in AllianceBernstein (“AB”) at book value. Book value per common share excluding AOCI but with AB reflected at fair market value was $33.84.

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

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

Business Highlights

•Full year 2025 business segment highlights:

◦Retirement reported full year net inflows of $5.9 billion and first year premiums of $22.4 billion were up 11% over the prior year.

◦Asset Management (AllianceBernstein or “AB”)6 reported full year net outflows of $11.3 billion, which includes $4 billion of low-fee outflows related to the RGA transaction.

◦Wealth Management (“WM”) reported full year advisory net inflows of $8.4 billion, with total assets under administration reaching $122 billion.

•Capital management program:

◦The Company returned $1.8 billion to shareholders in 2025, including $354 million in the fourth quarter and $500 million of additional share repurchases executed following the life reinsurance transaction. Excluding the incremental buybacks, the full year payout ratio was 68%, at the high end of the Company’s 60-70% target range.

◦The Company continues to benefit from a diverse business mix, with over 50% of the $1.6 billion of organic cash generation in 2025 coming from Asset and Wealth Management businesses. The Company expects approximately $1.8 billion of cash generation in 2026.

◦The Company reported cash and liquid assets of $1.1 billion at Holdings7 as of quarter end, which remains above the $500 million minimum target. The combined NAIC RBC ratio was approximately 475% at year end, above the Company’s target of 400%.

•Delivering shareholder value:

◦The Company has deployed over $19 billion of its $20 billion capital commitment to AB. This supports growth in AB’s Private Markets business, which had $82 billion of assets under management as of year end.

◦Through year end 2025, the Company has achieved $120 million of its targeted $150 million of run-rate expense savings by 2027. It has surpassed the targeted $110 million of incremental investment income from the general account and sees opportunity for further upside.

◦The Company closed the Individual Life reinsurance with RGA in the third quarter of 2025, which freed over $2 billion of capital and reduced exposure to mortality by 75%. The Company used the proceeds to invest for growth in Asset and Wealth Management, accelerate capital return to shareholders, and repay debt.

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

7 Excludes c.$90 million of cash at Holdings which is available to AllianceBernstein through its credit facility with Equitable Holdings.

Business Segment Results

Retirement

(in millions, unless otherwise noted) Q4 2025 Q4 2024
Total Assets (in billions)8 $ 176.2 $ 152.2
Segment net flows (in billions) 1.3 1.6
Operating earnings (loss) 410 385

•Assets increased by 16%, driven by market performance and net inflows over the prior twelve months.

•First year premiums of $6.0 billion increased by 11% while net inflows of $1.3 billion were lower than the prior year quarter.

•Operating earnings of $410 million increased versus the prior year quarter, due to higher net interest margin and fee-type revenue and a lower tax rate, partially offset by increased commissions and DAC amortization.

•There were no notable items in the current quarter. Adjusting for notable items9 in the prior year quarter, operating earnings increased from $395 million to $410 million.

Asset Management

(in millions, unless otherwise noted) Q4 2025 Q4 2024
Total AUM (in billions) $ 866.9 $ 792.2
Segment net flows (in billions) (4.7) (4.8)
Operating earnings (loss) 160 161

•AUM increased by 9% due to market performance over the prior twelve months.

•Net outflows were $4.7 billion in the quarter, including net outflows of $3.5 billion in Retail and $2.0 billion in Institutional, partially offset by net inflows of $0.8 billion in Private Wealth.

•Operating earnings decreased from $161 million in the prior year quarter to $160 million, as increased base fees were offset by lower performance fees.

8 Retirement assets includes account value (net of embedded derivatives), spread lending balances and reserves (excluding MRBs)

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

Wealth Management

(in millions, unless otherwise noted) Q4 2025 Q4 2024
Total AUA (in billions) $ 122.0 $ 101.7
Advisory net new assets (in billions) 2.1 1.1
Operating earnings (loss) 66 47

•AUA increased by 20% due to market performance and net inflows over the last twelve months.

•Advisory net inflows were $2.1 billion in the quarter, supported by an 8% year-over-year increase in advisor productivity.

•Operating earnings increased from $47 million in the prior year quarter to $66 million, primarily due to higher assets under management and a higher level of transaction activity.

Corporate and Other (“C&O”)

The operating loss of $123 million in the fourth quarter increased from an operating loss of $78 million in the prior year quarter. After adjusting for notable items10, the operating loss was $113 million versus a loss of $61 million in the prior year quarter, primarily driven by lower earnings due to the RGA transaction.

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

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 December 31, Year Ended December 31,
(in millions) 2025 2024 2025 2024
Non-GAAP Operating Earnings $ 513 $ 515 $ 1,741 $ 2,004
Post-tax Adjustments related to notable items:
Retirement — 10 19 31
Asset Management — — — (9)
Wealth Management — — (4) —
Corporate & Other 10 17 159 58
Notable items subtotal 10 26 175 80
Impact of actuarial assumption update — — (3) (3)
Non-GAAP Operating Earnings, less Notable Items $ 523 $ 541 $ 1,913 $ 2,081

Impact of notable items by item category:

Three Months Ended December 31, Year Ended December 31,
(in millions) 2025 2024 2025 2024
Non-GAAP Operating Earnings $ 513 $ 515 $ 1,741 $ 2,004
Post-tax adjustments related to notable Items:
Net investment income — 26 26 74
Model updates/true-up adjustments — — 49 6
Expenses 10 — 99 —
Mortality — — — —
Notable Items Subtotal 10 26 175 80
Impact of actuarial assumption update — — (3) (3)
Non-GAAP Operating Earnings, less Notable Items $ 523 $ 541 $ 1,913 $ 2,081

Earnings Conference Call

Equitable Holdings will host a conference call at 10 a.m. ET on February 5, 2026 to discuss its full year and fourth 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 Full Year and Fourth 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 $1.1 trillion in assets under management and administration (as of 12/31/2025) 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 approximately 4,600 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

IR@equitable.com

Media Relations

Laura Yagerman

mediarelations@equitable.com

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, the impact on the Company of a continued shutdown of the U.S. government, 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.

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, policy reserves and certain other operating measures, which management believes provide useful information about our businesses and the operational factors underlying our financial performance.

Non-GAAP Operating Earnings

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

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

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

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

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

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

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

In the third quarter of 2025, the Company updated its net investment income (“NII”) segment reporting to better align with our GAAP segments, as well as the reporting of our spread lending programs' income and expenses. Previously, direct and allocated segment NII were recorded based on assets tied to statutory asset tagging and net statutory liabilities for allocation. To better align with our GAAP segments, the Company changed the recording methodology for direct NII. It is now based on the book yields of assets tied to specific segments, considering general account values plus reserves, net of embedded derivatives. Indirect NII, which was previously allocated based on net statutory liabilities, is now allocated based on general account values and reserves, net of embedded derivatives. Additionally, revenues and expenses from our spread lending programs are now primarily recorded within the Retirement segment. Previously, spread lending revenues and expenses were recorded in Corporate and Other, with the excess of revenues over expenses allocated to the insurance segments based on net statutory liabilities. Prior periods have been revised to reflect these changes.

Because Non-GAAP Operating Earnings excludes the foregoing items that can be distortive or unpredictable, management believes that this measure enhances the understanding of the Company’s underlying drivers of profitability and trends in our business, thereby allowing management to make decisions that will positively impact our business.

We use the prevailing corporate federal income tax rate of 21% while taking into account any non-recurring differences for events recognized differently in our financial statements and federal income tax returns as well as partnership income taxed at lower rates when reconciling Net income (loss) attributable to Holdings to Non-GAAP Operating Earnings.

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

Three Months Ended December 31, Year Ended December 31,
(in millions) 2025 2024 2025 2024
Net income (loss) attributable to Holdings $ 215 $ 892 $ (1,380) $ 1,280
Adjustments related to:
Variable annuity product features (1) 258 (530) 2,381 637
Investment (gains) losses (2) 84 32 1,339 133
Net actuarial (gains) losses related to pension and other postretirement benefit obligations 9 16 50 60
Other adjustments (3) (4) (5) 21 34 (75) 93
Income tax expense (benefit) related to above adjustments (62) 94 (776) (194)
Non-recurring tax items (12) (23) 202 (5)
Non-GAAP Operating Earnings $ 513 $ 515 $ 1,741 $ 2,004

______________

(1)As a result of the novation of certain Legacy VA policies completed during the first quarter of 2025, the Company recorded a loss of $499 million in pre-tax net income and an increase of $263 million in pre-tax AOCI, for a total impact loss of $236 million for the year ended December 31, 2025.

(2)Includes $1.1 billion as a result of assets transferred related to the reinsurance transaction with RGA for the year ended December 31, 2025.

(3)Includes a gain of $304 million on Non-VA derivatives for the year ended December 31, 2025. Also includes $6 million of expense related to a disputed billing practice of an AB third-party service provider for the year ended December 31, 2025 and certain gross legal expenses related to the COI litigation of $106 million for the year ended December 31, 2024.

(4)For the year ended December 31, 2024, includes $82 million of the gain on sale on AB's Bernstein Research Service attributable to Holdings.

(5)For the year ended December 31, 2024, includes $78 million contingent payment gain recognized related to a fair value remeasurement of the contingent payment liability associated with AB's acquisition of CarVal in 2022.

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 and years ended December 31, 2025 and 2024.

Three Months Ended December 31, Year Ended December 31,
(per share amounts) 2025 2024 2025 2024
Net income (loss) attributable to Holdings $ 0.74 $ 2.82 $ (4.63) $ 3.94
Less: Preferred stock dividend 0.04 0.08 0.20 0.25
Net Income (loss) available to common shareholders 0.70 2.74 (4.83) 3.69
Adjustments related to:
Variable annuity product features (1) 0.89 (1.67) 7.99 1.96
Investment (gains) losses (2) 0.29 0.10 4.49 0.41
Net actuarial (gains) losses related to pension and other postretirement benefit obligations 0.03 0.05 0.17 0.19
Other adjustments (3) (4) (5) 0.07 0.10 (0.26) 0.29
Income tax expense (benefit) related to above adjustments (0.21) 0.30 (2.60) (0.60)
Non-recurring tax items (0.04) (0.07) 0.68 (0.02)
Non-GAAP Operating Earnings $ 1.73 $ 1.55 $ 5.64 $ 5.92

_______________

(1)As a result of the novation of certain Legacy VA policies completed during the first quarter of 2025, the Company recorded a loss of $1.67 for the year ended December 31, 2025.

(2)Includes $3.84 as a result of assets transferred related to the reinsurance transaction with RGA for the year ended December 31, 2025.

(3)Includes a gain of $1.02 on Non-VA derivatives for the year ended December 31, 2025. Also includes $0.02 of expense related to a disputed billing practice of an AB third-party service provider for the year ended December 31, 2025 and certain gross legal expenses related to the COI litigation of $0.33 for the year ended December 31, 2024.

(4)For the year ended December 31, 2024, includes $0.25 of the gain on sale on AB's Bernstein Research Service attributable to Holdings.

(5)For the year ended December 31, 2024 includes $0.24 contingent payment gain recognized in connection with a fair value remeasurement of the contingent payment liability associated with AB's acquisition of CarVal in 2022.

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.

December 31,<br>2025 December 31, 2024
Book value per common share $ (4.03) $ 0.19
Per share impact of AOCI 22.17 28.11
Book Value per common share, excluding AOCI $ 18.14 $ 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 Retirement and Life 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.

Consolidated Statements of Income (Loss) (Unaudited)

Three Months Ended December 31, Year Ended December 31,
2025 2024 2025 2024
(in millions)
REVENUES
Policy charges and fee income $ 435 $ 638 $ 2,168 $ 2,495
Premiums 224 293 1,046 1,172
Net derivative gains (losses) (363) (253) (2,055) (2,551)
Net investment income (loss) 1,288 1,196 5,234 4,881
Investment gains (losses), net:
Credit losses on available-for-sale debt securities and loans (25) (19) (68) (82)
Other investment gains (losses), net (59) (13) (1,271) (51)
Total investment gains (losses), net (84) (32) (1,339) (133)
Investment management and service fees 1,390 1,458 5,263 5,263
Other income 387 315 1,348 1,298
Total revenues 3,277 3,615 11,665 12,425
BENEFITS AND OTHER DEDUCTIONS
Policyholders’ benefits 397 689 2,395 2,696
Remeasurement of liability for future policy benefits (6) (3) 38 (6)
Change in market risk benefits and purchased market risk benefits (130) (817) (417) (1,940)
Interest credited to policyholders’ account balances 744 614 3,016 2,493
Compensation and benefits 640 683 2,434 2,451
Commissions and distribution-related payments 567 511 2,093 1,896
Interest expense 47 52 224 226
Amortization of deferred policy acquisition costs 205 186 789 711
Other operating costs and expenses 469 513 2,286 1,822
Total benefits and other deductions 2,933 2,428 12,858 10,349
Income (loss) from continuing operations, before income taxes 344 1,187 (1,193) 2,076
Income tax (expense) benefit (33) (179) 156 (280)
Net income (loss) 311 1,008 (1,037) 1,796
Less: Net income (loss) attributable to the noncontrolling interest 96 116 343 516
Net income (loss) attributable to Holdings 215 892 (1,380) 1,280
Less: Preferred stock dividends 13 26 61 80
Net income (loss) available to Holdings’ common shareholders $ 202 $ 866 $ (1,441) $ 1,200

Earnings Per Common Share

Three Months Ended December 31, Year Ended December 31,
2025 2024 2025 2024
(in millions)
Earnings per common share
Basic $ 0.71 $ 2.77 $ (4.83) $ 3.74
Diluted $ 0.70 $ 2.74 $ (4.83) $ 3.69
Weighted average shares
Weighted average common stock outstanding for basic earnings per common share 285.5 312.2 298.1 321.2
Weighted average common stock outstanding for diluted earnings per common share 289.1 316.5 298.1 324.8

Results of Operations by Segment

Three Months Ended December 31, Year Ended December 31,
2025 2024 2025 2024
(in millions)
Operating earnings (loss) by segment:
Retirement $ 410 $ 385 $ 1,549 $ 1,602
Asset Management 160 161 571 479
Wealth Management 66 47 220 182
Corporate and Other (1) (123) (78) (599) (259)
Non-GAAP Operating Earnings $ 513 $ 515 $ 1,741 $ 2,004

(1)Includes interest expense and financing fees of $52 million, $52 million, $237 million and $223 million for the three months and year ended December 31, 2025, and 2024, respectively.

Select Balance Sheet Statistics

December 31,<br>2025 December 31,<br>2024
(in millions)
ASSETS
Total investments and cash and cash equivalents $ 133,466 $ 123,405
Separate Accounts assets 136,544 134,717
Total assets $ 318,312 $ 295,727
LIABILITIES
Long-term debt $ 3,835 $ 3,833
Future policy benefits and other policyholders' liabilities 17,660 17,613
Policyholders’ account balances 133,433 110,929
Total liabilities $ 316,524 $ 292,179
EQUITY
Preferred stock $ 1,068 $ 1,507
Accumulated other comprehensive income (loss) (6,280) (8,712)
Total equity attributable to Holdings (74) 1,565
Total equity attributable to Holdings' common shareholders (ex. AOCI) 5,138 8,770

Assets Under Management (Unaudited)

December 31,<br>2025 December 31,<br>2024
(in billions)
Assets Under Management
AB AUM $ 866.9 $ 792.2
Exclusion for General Account and other Affiliated Accounts (87.3) (84.2)
Exclusion for Separate Accounts (51.0) (47.3)
AB third party $ 728.6 $ 660.7
Total Company AUM
AB third party $ 728.6 $ 660.7
General Account and other Affiliated Accounts (1) (3) (4) (5) 133.5 123.4
Separate Accounts (2) (3) (4) (5) 136.5 134.7
Total AUM $ 998.6 $ 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 December 31, 2025 and 2024, Separate Account is inclusive of $8.2 billion and $12.3 billion & General Account AUM is inclusive of $28 million and $43 million, respectively, Account Value ceded to Venerable.

(4) As of December 31, 2025 and 2024, Separate Account is inclusive of $3.0 billion and $6.9 billion & General Account AUM is inclusive of $7.2 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) As of December 31, 2025, Separate Account is inclusive of $15.1 billion & General Account AUM is inclusive of $9.3 billion, Account Value ceded to RGA.

18

Document

coverpage.jpg

Table of Contents
Consolidated Financials and Key Metrics Page
Key Metrics Summary 4
Consolidated Statements of Income (Loss) 5
Consolidated Balance Sheets 6
Consolidated Capital Structure 7
Operating Earnings (Loss) by Segment and Corporate and Other 8
Assets Under Management and Administration 10
Select Metrics from Business Segments
Retirement
Statements of Operating Earnings (Loss) and Summary Metrics 12
Select Operating Metrics 13
Asset Value Rollforward 14
Asset Management (1)
Statements of Operating Earnings (Loss) and Summary Metrics 15
AB Select Adjusted Financials and Ratios 16
Select Operating Metrics 17
Net Flows 18
Wealth Management
Statements of Operating Earnings (Loss) and Summary Metrics 19
Select Operating Metrics 20
Corporate and Other
Statements of Operating Earnings (Loss) and Summary Metrics 21
Select Operating Metrics 22
Investments
Consolidated Investment Portfolio Composition 24
Consolidated Results of General Account Investment Portfolio 25
Additional Information
Deferred Policy Acquisition Costs Rollforward 27
Use of Non-GAAP Financial Measures 28
Reconciliation of Non-GAAP Measures 30
Glossary of Selected Financial and Product Terms 33
Analyst Coverage, Ratings & Contact Information 35
Notes:
(1) Refers to AllianceBernstein L.P. and AllianceBernstein Holding L.P., collectively

All information included in this financial supplement is unaudited.

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

4Q 2025 Financial Supplement 2

Consolidated Financials

and Key Metrics

4Q 2025 Financial Supplement 3
Key Metrics Summary
---
Years Ended or As of
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
(in millions , unless otherwise indicated) 3/31/2025 6/30/2025 9/30/2025 12/31/2025 Change 12/31/2024 12/31/2025 Change
Net income (loss) 1,008 $ 150 $ (283) $ (1,215) $ 311 (69.1) % $ 1,796 $ (1,037) (157.7) %
Net income (loss) attributable to the noncontrolling interest (87) (66) (94) (96) 17.2 % (516) (343) 33.5 %
Net income (loss) attributable to Holdings 892 $ 63 $ (349) $ (1,309) $ 215 (75.9) % $ 1,280 $ (1,380) (207.8) %
Non-GAAP Operating Earnings (1) 515 $ 421 $ 352 $ 455 $ 513 (0.4) % $ 2,004 $ 1,741 (13.1) %
Total equity attributable to Holdings' shareholders 1,565 $ 2,401 $ 1,149 $ 148 $ (74) (104.7) % $ 1,565 $ (74) (104.7) %
Less: Preferred Stock 1,507 1,228 1,068 1,068 (29.1) % 1,507 1,068 (29.1) %
Total equity attributable to Holdings' common shareholders 894 (79) (920) (1,142) N/M 58 (1,142) N/M
Less: Accumulated other comprehensive income (loss) (7,567) (7,432) (6,191) (6,280) 27.9 % (8,712) (6,280) 27.9 %
Total equity attributable to Holdings' common shareholders (ex. AOCI) 8,770 $ 8,461 $ 7,353 $ 5,271 $ 5,138 (41.4) % $ 8,770 $ 5,138 (41.4) %
Return on Equity (ex. AOCI) (TTM) % 13.7 % 4.9 % (10.4) % (22.0) % 14.0 % (22.0) %
Non-GAAP Operating ROE (TTM) (1) % 21.9 % 21.1 % 22.4 % 25.6 % 22.4 % 25.6 %
Debt to capital:
Debt to Capital (ex. AOCI) % 30.3 % 33.5 % 37.7 % 38.3 % 27.2 % 38.3 %
Adjusted debt to capital (ex. AOCI) (4) % 28.6 % 31.6 % 35.3 % 35.9 % 27.2 % 35.9 %
Adjusted capital metrics:
Total equity adjustment for Holdings' portion of AB's market value (3) 3,684 $ 4,003 $ 4,982 $ 4,443 $ 4,448 20.7 % $ 3,684 $ 4,448 20.7 %
Book value with AB at market value per common share (ex. AOCI) 40.19 $ 40.69 $ 40.89 $ 33.59 $ 33.84 (15.8) % $ 40.19 $ 33.84 (15.8) %
Adjusted debt to capital with AB at market value (ex. AOCI) (4) % 22.3 % 22.8 % 24.5 % 24.9 % 21.5 % 24.9 %
Per common share:
Diluted earnings per common share: (2)
Net income (loss) attributable to Holdings 2.74 $ 0.16 $ (1.21) $ (4.47) $ 0.70 (74.5) % $ 3.69 $ (4.83) (230.9) %
Non-GAAP Operating Earnings (1) 1.55 $ 1.30 $ 1.10 $ 1.48 $ 1.73 11.6 % $ 5.92 $ 5.64 (4.7) %
Book value per common share 0.19 $ 2.92 $ (0.26) $ (3.18) $ (4.03) N/M $ 0.19 $ (4.03) N/M
Book value per common share (ex. AOCI) 28.30 $ 27.62 $ 24.37 $ 18.23 $ 18.14 (35.9) % $ 28.30 $ 18.14 (35.9) %
Weighted-average common shares outstanding:
Basic 307.8 303.2 296.2 285.5 (8.6) % 321.2 298.1 (7.2) %
Diluted 311.9 303.2 296.2 289.1 (8.7) % 324.8 298.1 (8.2) %
Ending common shares outstanding 306.3 301.7 289.2 283.3 (8.6) % 309.9 283.3 (8.6) %
Return to common shareholders:
Common stock dividend 75 $ 74 $ 82 $ 81 $ 77 $ 302 $ 314
Repurchase of common shares 261 236 676 277 1,014 1,450
Total capital returned to common shareholders 335 $ 335 $ 318 $ 757 $ 354 $ 1,316 $ 1,764
Notes:
(1) This measure is a Non-GAAP financial measure. For an explanation of our use of Non-GAAP financial measures, refer to the “Use of Non-GAAP Financial Measures” and "Glossary of Selected Financial and Product Terms" sections of this document. For a reconciliation of this item to the most directly comparable GAAP measure, refer to the “Non-GAAP Reconciliation” section in this document.
(2) For loss periods, dilutive shares were not included in the calculation of net income (loss) available to shareholders per common share or Non-GAAP Operating Earnings per common share as inclusion of such shares would have an anti-dilutive effect.
(3) Adjustment for AB market value represents the difference between EQH economic interest in AB's total units multiplied by AB's total units and EQH economic interest in AB's Total Partners' Capital Attributable to AB Unitholders ex. AOCI. As of December 31, 2025, September 30, 2025, June 30, 2025, March 31, 2025, and December 31, 2024, AB's total units, including General Partnership units ABLP units, were 296.5 million, 295.2 million, 295.0 million, 295.2 million and 295.1 million, respectively. This is a pro-forma calculation, not the figures recorded in our financial statements.
(4) Adjusted to reflect 50% equity credit for 500 million of Junior Subordinated debt issued during Q1’25.

All values are in US Dollars.

4Q 2025 Financial Supplement 4
Consolidated Statements of Income (Loss)
---
Years Ended or As of
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
(in millions , unless otherwise indicated) 3/31/2025 6/30/2025 9/30/2025 12/31/2025 Change 12/31/2024 12/31/2025 Change
Revenues
Policy charges and fee income 638 $ 636 $ 626 $ 471 $ 435 (31.8) % $ 2,495 $ 2,168 (13.1) %
Premiums 304 260 258 224 (23.5) % 1,172 1,046 (10.8) %
Net derivative gains (losses) 799 (1,374) (1,117) (363) (43.5) % (2,551) (2,055) 19.4 %
Net investment income (loss) 1,248 1,355 1,343 1,288 7.7 % 4,881 5,234 7.2 %
Investment gains (losses), net (14) (71) (1,170) (84) (162.5) % (133) (1,339) (906.8) %
Investment management and service fees 1,285 1,272 1,316 1,390 (4.7) % 5,263 5,263 — %
Other income 318 294 349 387 22.9 % 1,298 1,348 3.9 %
Total revenues 4,576 2,362 1,450 3,277 (9.3) % 12,425 11,665 (6.1) %
Benefits and other deductions
Policyholders’ benefits 759 787 452 397 (42.4) % 2,696 2,395 (11.2) %
Remeasurement of liability for future policy benefits (2) (13) 59 (6) (100.0) % (6) 38 733.3 %
Change in market risk benefits and purchased market risk benefits 672 (606) (353) (130) 84.1 % (1,940) (417) 78.5 %
Interest credited to policyholders’ account balances 678 796 798 744 21.2 % 2,493 3,016 21.0 %
Compensation and benefits 601 592 601 640 (6.3) % 2,451 2,434 (0.7) %
Commissions and distribution-related payments 501 488 537 567 11.0 % 1,896 2,093 10.4 %
Interest expense 55 61 61 47 (9.6) % 226 224 (0.9) %
Amortization of deferred policy acquisition costs 188 193 203 205 10.2 % 711 789 11.0 %
Other operating costs and expenses 950 427 440 469 (8.6) % 1,822 2,286 25.5 %
Total benefits and other deductions 4,402 2,725 2,798 2,933 20.8 % 10,349 12,858 24.2 %
Income (loss) from operations, before income taxes 174 (363) (1,348) 344 (71.0) % 2,076 (1,193) (157.5) %
Income tax (expense) benefit (24) 80 133 (33) 81.6 % (280) 156 155.7 %
Net income (loss) 150 (283) (1,215) 311 (69.1) % 1,796 (1,037) (157.7) %
Less: net (income) loss attributable to the noncontrolling interest (87) (66) (94) (96) 17.2 % (516) (343) 33.5 %
Net income (loss) attributable to Holdings 892 $ 63 $ (349) $ (1,309) $ 215 (75.9) % $ 1,280 $ (1,380) (207.8) %
Less: Preferred stock dividends (14) (18) (16) (13) 50.0 % (80) (61) 23.8 %
Net income (loss) available to Holdings' common shareholders 866 $ 49 $ (367) $ (1,325) $ 202 (76.7) % $ 1,200 $ (1,441) (220.1) %
Adjustments related to:
Variable annuity product features (1) (530) $ 211 $ 934 $ 978 $ 258 $ 637 $ 2,381
Investment (gains) losses, net (2) 14 71 1,170 84 133 1,339
Net actuarial (gains) losses related to pension and other postretirement benefit obligations 11 11 19 9 60 50
Other adjustments (3) (4) (5) 205 (137) (164) 21 93 (75)
Income tax expense (benefit) related to above adjustments (92) (185) (437) (62) (194) (776)
Non-recurring tax items 9 7 198 (12) (5) 202
Non-GAAP Operating earnings (6) 515 $ 421 $ 352 $ 455 $ 513 $ 2,004 $ 1,741
Notes:
(1) As a result of the novation of certain Legacy VA policies completed during the first quarter of 2025, the Company recorded a loss of 499 million in pre-tax net income and an increase of 263 million in pre-tax AOCI, for a total impact loss of 236 million for the three months ended March 31, 2025 and year ended December 31, 2025.
(2) Includes 1.1 billion as a result of assets transferred related to the reinsurance transaction with RGA for the three months ended September 30, 2025 and year ended December 31, 2025.
(3) Includes the following impacts on Non-VA derivatives: a loss of 165 million for the three months ended March 31, 2025, a gain of 198 million for the three months ended June 30, 2025, a gain of 230 million for the three months ended September 30, 2025, and a gain of 41 million and 304 million for the three months and year ended December 31, 2025, respectively. Also, for the three months ended June 30, 2025 and September 30, 2025, and the year ended December 31, 2025, includes 14 million, (8) million and 6 million, respectively, of expense related to a disputed billing practice of an AB third-party service provider. There are certain gross legal expenses related to the COI litigation of 106 million for the year ended December 31, 2024.
(4) For the year ended December 31, 2024, includes 82 million of the gain on sale on AB's Bernstein Research Service attributable to Holdings.
(5) For the year ended December 31, 2024, includes 78 million contingent payment gain recognized related to a fair value remeasurement of the contingent payment liability associated with AB's acquisition of CarVal in 2022.
(6) 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.

All values are in US Dollars.

4Q 2025 Financial Supplement 5
Consolidated Balance Sheets
--- Balances as of
--- --- --- --- --- --- --- --- --- --- ---
(in millions USD, unless otherwise indicated) 12/31/2024 3/31/2025 6/30/2025 9/30/2025 (1) 12/31/2025
Assets
Total investments $ 116,441 $ 118,908 $ 121,798 $ 116,505 $ 121,004
Cash and cash equivalents 6,964 8,164 14,957 13,604 12,462
Cash and securities segregated, at fair value 500 772 483 425 499
Broker-dealer related receivables 1,961 1,931 1,933 1,996 2,162
Deferred policy acquisition costs 7,170 7,262 7,361 7,430 7,523
Goodwill and other intangible assets, net 5,371 5,356 5,342 5,327 5,309
Amounts due from reinsurers 7,899 7,523 7,501 20,025 20,449
Current and deferred income taxes 2,003 1,687 1,749 2,337 2,577
Purchased market risk benefits 7,376 5,976 5,543 5,415 5,260
Other assets 4,462 4,574 3,962 3,678 3,771
Assets for market risk benefits 863 644 776 762 752
Separate Accounts assets 134,717 124,569 131,683 136,905 136,544
Total assets $ 295,727 $ 287,366 $ 303,088 $ 314,409 $ 318,312
Liabilities
Policyholders’ account balances $ 110,929 $ 112,793 $ 123,359 $ 129,561 $ 133,433
Liability for market risk benefits 11,810 10,864 10,187 10,301 10,153
Future policy benefits and other policyholders’ liabilities 17,613 17,372 17,557 17,611 17,660
Broker-dealer related payables 775 642 1,454 1,367 1,370
Customers related payables 1,933 2,135 1,885 1,740 1,937
Amounts due to reinsurers 1,421 1,357 1,350 1,451 1,673
Short-term debt — — — — 25
Long-term debt 3,833 4,330 4,332 3,833 3,835
Notes issued by consolidated variable interest entities, at fair value using the fair value option 2,116 2,110 2,471 2,530 2,702
Other liabilities 7,032 6,700 5,847 7,162 7,192
Separate Accounts liabilities 134,717 124,569 131,683 136,905 136,544
Total liabilities 292,179 282,872 300,125 312,461 316,524
Redeemable noncontrolling interest 125 289 358 344 322
Equity
Preferred stock 1,507 1,507 1,228 1,068 1,068
Common stock 5 5 5 5 5
Additional paid-in capital 2,336 2,305 1,901 1,917 1,932
Treasury shares (4,198) (4,296) (4,423) (5,011) (5,165)
Retained earnings 10,627 10,447 9,870 8,360 8,366
Accumulated other comprehensive income (loss) (8,712) (7,567) (7,432) (6,191) (6,280)
Total equity attributable to Holdings 1,565 2,401 1,149 148 (74)
Noncontrolling interest 1,858 1,804 1,456 1,456 1,540
Total equity 3,423 4,205 2,605 1,604 1,466
Total liabilities, redeemable noncontrolling interest and equity $ 295,727 $ 287,366 $ 303,088 $ 314,409 $ 318,312
Notes:
(1) Balances have been revised from previously filed Financial Supplement to reflect final published results.
4Q 2025 Financial Supplement 6
--- ---
Consolidated Capital Structure
--- Balances as of
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
(in millions USD, unless otherwise indicated) 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025
Short-term and long-term debt:
Total short-term debt $ — $ — $ — $ — $ 25
Total long-term debt 3,833 4,330 4,332 3,833 3,835
Total short-term and long-term debt: [A] $ 3,833 $ 4,330 $ 4,332 $ 3,833 $ 3,860
Equity:
Preferred stock $ 1,507 $ 1,507 $ 1,228 $ 1,068 $ 1,068
Common stock 5 5 5 5 5
Additional paid-in capital 2,336 2,305 1,901 1,917 1,932
Treasury stock, at cost (4,198) (4,296) (4,423) (5,011) (5,165)
Retained earnings 10,627 10,447 9,870 8,360 8,366
Accumulated other comprehensive income (loss) (8,712) (7,567) (7,432) (6,191) (6,280)
Total equity attributable to Holdings 1,565 2,401 1,149 148 (74)
Noncontrolling interest 1,858 1,804 1,456 1,456 1,540
Total equity $ 3,423 $ 4,205 $ 2,605 $ 1,604 $ 1,466
Total equity attributable to Holdings, (ex. AOCI): [B] $ 10,277 $ 9,968 $ 8,581 $ 6,339 $ 6,206
Capital:
Total capitalization $ 5,398 $ 6,731 $ 5,481 $ 3,981 $ 3,786
Total capitalization (ex. AOCI): [A+B] (2) $ 14,110 $ 14,298 $ 12,913 $ 10,172 $ 10,066
Debt to capital:
Debt to capital (ex. AOCI) (1) 27.2 % 30.3 % 33.5 % 37.7 % 38.3 %
Adjusted debt to capital (ex. AOCI) (2) 27.2 % 28.6 % 31.6 % 35.3 % 35.9 %
Adjusted debt to capital with AB at market value (ex. AOCI) (2) 21.5 % 22.3 % 22.8 % 24.5 % 24.9 %
For the Three Months Ended
12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025
Roll-forward of common shares outstanding (millions of shares):
Beginning balance 315.5 309.9 306.3 301.7 289.2
Repurchases (2.6) (2.3) (2.4) (10.9) (3.3)
Retirements (3.1) (2.7) (2.4) (1.8) (2.6)
Issuances 0.1 1.4 0.2 0.2 —
Ending basic common shares outstanding 309.9 306.3 301.7 289.2 283.3
Total potentially dilutive shares 3.6 4.1 3.0 3.6 3.6
Ending common shares outstanding - maximum potential dilution 313.5 310.4 304.7 292.8 286.9
Notes:

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

(2) Adjusted to reflect 50% equity credit for $500 million of Junior Subordinated debt issued during Q1’25

4Q 2025 Financial Supplement 7
Operating Earnings (Loss) by Segment and Corporate and Other (1/2)
--- --- --- --- --- --- --- --- --- --- --- --- ---
For the Three Months Ended December 31, 2025
(in millions USD, unless otherwise indicated) Retirement Asset Management Wealth Management Corporate and Other Eliminations Consolidated
Revenues
Policy charges, fee income and premiums $ 328 $ — $ — $ 331 $ — $ 659
Net investment income (loss) 1,161 9 4 104 33 1,311
Net derivative gains (losses) (9) (1) — (5) 7 (8)
Investment management, service fees and other income 186 1,217 544 127 (295) 1,779
Segment revenues 1,666 1,225 548 557 (255) 3,741
Benefits and other deductions
Policyholders’ benefits 84 — — 312 — 396
Remeasurement of liability for future policy benefits — — — (7) — (7)
Interest credited to policyholders’ account balances 713 — — 43 — 756
Commissions and distribution-related payments 178 206 350 81 (248) 567
Amortization of deferred policy acquisition costs 156 — — 49 — 205
Compensation and benefits, interest expense, financing fees and other operating costs and expense 95 695 108 205 (7) 1,096
Segment benefits and other deductions 1,226 901 458 683 (255) 3,013
Operating earnings (loss), before income taxes 440 324 90 (126) — 728
Income Taxes (30) (61) (24) 6 — (109)
Operating earnings (loss), before noncontrolling interest 410 263 66 (120) — 619
Less: Operating (earnings) loss attributable to the noncontrolling interest — (103) — (3) — (106)
Operating earnings (loss) $ 410 $ 160 $ 66 $ (123) $ — $ 513
For the Three Months Ended December 31, 2024
Retirement Asset Management Wealth Management Corporate and Other Eliminations Consolidated
Revenues
Policy charges, fee income and premiums $ 305 $ — $ — $ 626 $ — $ 931
Net investment income (loss) 945 (5) 5 258 25 1,228
Net derivative gains (losses) (6) 15 — — 5 14
Investment Management, service fees and other income 183 1,239 474 151 (272) 1,775
Segment revenues 1,427 1,249 479 1,035 (242) 3,948
Benefits and other deductions
Policyholders’ benefits 86 — — 603 — 689
Remeasurement of liability for future policy benefits (1) — — (2) — (3)
Interest credited to policyholders’ account balances 530 — — 127 — 657
Commissions and distribution-related payments 143 197 310 92 (231) 511
Amortization of deferred policy acquisition costs 135 — — 51 — 186
Compensation and benefits, interest expense, financing fees and other operating costs and expense 93 707 110 260 (11) 1,159
Segment benefits and other deductions 986 904 420 1,131 (242) 3,199
Operating earnings (loss), before income taxes 441 345 59 (96) — 749
Income Taxes (56) (50) (12) 15 — (103)
Operating earnings (loss), before noncontrolling interest 385 295 47 (81) — 646
Less: Operating (earnings) loss attributable to the noncontrolling interest — (134) — 3 — (131)
Operating earnings (loss) $ 385 $ 161 $ 47 $ (78) $ — $ 515 4Q 2025 Financial Supplement 8
--- ---
Operating Earnings (Loss) by Segment and Corporate and Other (2/2)
--- --- --- --- --- --- --- --- --- --- --- --- ---
For the Year Ended December 31, 2025
(in millions USD, unless otherwise indicated) Retirement Asset Management Wealth Management Corporate and Other Eliminations Consolidated
Revenues
Policy charges, fee income and premiums $ 1,217 $ — $ — $ 1,997 $ — $ 3,214
Net investment income (loss) 4,312 48 12 788 123 5,283
Net derivative gains (losses) (21) (29) — (21) 19 (52)
Investment Management, service fees and other income 696 4,532 1,966 516 (1,092) 6,618
Segment revenues 6,204 4,551 1,978 3,280 (950) 15,063
Benefits and other deductions
Policyholders’ benefits 325 — — 2,128 — 2,453
Remeasurement of liability for future policy benefits (2) — — (5) — (7)
Interest credited to policyholders’ account balances 2,560 — — 445 — 3,005
Commissions and distribution-related payments 618 813 1,259 318 (915) 2,093
Amortization of deferred policy acquisition costs 591 — — 198 — 789
Compensation and benefits, interest expense, financing fees and other operating costs and expense 356 2,585 423 865 (35) 4,194
Segment benefits and other deductions 4,448 3,398 1,682 3,949 (950) 12,527
Operating earnings (loss), before income taxes 1,756 1,153 296 (669) — 2,536
Income Taxes (207) (196) (76) 81 — (398)
Operating earnings (loss), before noncontrolling interest 1,549 957 220 (588) — 2,138
Less: Operating (earnings) loss attributable to the noncontrolling interest — (386) — (11) — (397)
Operating earnings (loss) $ 1,549 $ 571 $ 220 $ (599) $ — $ 1,741
For the Year Ended December 31, 2024
Retirement Asset Management Wealth Management Corporate and Other Eliminations Consolidated
Revenues
Policy charges, fee income and premiums $ 1,179 $ — $ — $ 2,488 $ — $ 3,667
Net investment income (loss) 3,650 27 17 1,060 96 4,850
Net derivative gains (losses) (22) (7) — (17) 22 (24)
Investment Management, service fees and other income 685 4,459 1,774 591 (1,024) 6,485
Segment revenues 5,492 4,479 1,791 4,122 (906) 14,978
Benefits and other deductions
Policyholders’ benefits 324 — — 2,372 — 2,696
Remeasurement of liability for future policy benefits (2) — — (4) — (6)
Interest credited to policyholders’ account balances 1,930 — — 574 — 2,504
Commissions and distribution-related payments 526 742 1,133 352 (857) 1,896
Amortization of deferred policy acquisition costs 513 — — 198 — 711
Compensation and benefits, interest expense, financing fees and other operating costs and expense 342 2,653 416 889 (49) 4,251
Segment benefits and other deductions 3,633 3,395 1,549 4,381 (906) 12,052
Operating earnings (loss), before income taxes 1,859 1,084 242 (259) — 2,926
Income Taxes (257) (178) (60) 41 — (454)
Operating earnings (loss), before noncontrolling interest 1,602 906 182 (218) — 2,472
Less: Operating (earnings) loss attributable to the noncontrolling interest — (427) — (41) — (468)
Operating earnings (loss) $ 1,602 $ 479 $ 182 $ (259) $ — $ 2,004
4Q 2025 Financial Supplement 9
--- ---
Assets Under Management and Administration
---
--- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
(in billions , unless otherwise indicated) 3/31/2025 6/30/2025 9/30/2025 12/31/2025
AB AUM
Total AB 792.2 $ 784.5 $ 829.1 $ 860.1 $ 866.9
Exclusion for General Account and other Affiliated Accounts (87.4) (90.0) (85.3) (87.3)
Exclusion for Separate Accounts (44.7) (47.8) (50.4) (51.0)
AB third party 660.7 $ 652.4 $ 691.3 $ 724.4 $ 728.6
Total Company AUM
AB third party 660.7 $ 652.4 $ 691.3 $ 724.4 $ 728.6
General Account and other Affiliated Accounts (1) (3) (4) (6) 127.1 136.8 130.1 133.5
Separate Accounts (2) (3) (4) (6) 124.6 131.7 136.9 136.5
Total AUM 918.8 $ 904.0 $ 959.7 $ 991.4 $ 998.6
Total AUA (5) 101.7 $ 102.1 $ 110.3 $ 118.2 $ 122.0
Total AUM/A 1,020.5 $ 1,006.1 $ 1,070.0 $ 1,109.6 $ 1,120.6
Market Values:
S&P 500 5,612 6,205 6,688 6,846
US 10-Year Treasury % 4.2 % 4.2 % 4.2 % 4.2 %
Notes:
(1) “General Account and other Affiliated Accounts” refers to assets held in the general accounts of our insurance companies and other assets on which we bear the investment risk.
(2) “Separate Accounts” refers to the separate account investment assets of our insurance subsidiaries excluding any assets on which we bear the investment risk.
(3) As of December 31, 2025, September 30, 2025, June 30, 2025, March 31, 2025 and December 31, 2024, Separate Account is inclusive of 8.2 billion, 8.4 billion, 8.2 billion, 7.9 billion and 12.3 billion & General Account AUM is inclusive of 28 million, 30 million, 31 million, 31 million and 43 million, respectively, Account Value ceded to Venerable.
(4) As of December 31, 2025, September 30, 2025, June 30, 2025, March 31, 2025 and December 31, 2024, Separate Account is inclusive of 3.0 billion, 3.1 billion, 7.0 billion, 6.5 billion and 6.9 billion & General Account AUM is inclusive of 7.2 billion, 7.2 billion, 3.1 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) As of December 31, 2025 and September 30, 2025, Separate Account is inclusive of 15.1 billion and 15.0 billion & General Account AUM is inclusive of 9.3 billion and 9.3 billion, respectively, Account Value ceded to RGA.

All values are in US Dollars.

4Q 2025 Financial Supplement 10

Business Segments:

Operating Earnings Results and Metrics

4Q 2025 Financial Supplement 11
Retirement - Operating Earnings (Loss) and Summary Metrics
--- For the Three Months Ended or As of Years Ended or As of
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
(in millions USD, unless otherwise indicated) 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 Change 12/31/2024 12/31/2025 Change
Revenues
Policy charges, fee income and premiums $ 305 $ 306 $ 287 $ 296 $ 328 7.5 % $ 1,179 $ 1,217 3.2 %
Net investment income (loss) 945 987 1,048 1,116 1,161 22.9 % 3,650 4,312 18.1 %
Net derivative gains (losses) (6) (5) (5) (2) (9) (50.0) % (22) (21) 4.5 %
Investment management, service fees and other income 183 167 161 182 186 1.6 % 685 696 1.6 %
Segment revenues 1,427 1,455 1,491 1,592 1,666 16.7 % 5,492 6,204 13.0 %
Benefits and other deductions
Policyholders’ benefits 86 92 76 73 84 (2.3) % 324 325 0.3 %
Remeasurement of liability for future policy benefits (1) (1) — (1) — 100.0 % (2) (2) — %
Interest credited to policyholders’ account balances 530 530 632 685 713 34.5 % 1,930 2,560 32.6 %
Commissions and distribution-related payments 143 142 145 153 178 24.5 % 526 618 17.5 %
Amortization of deferred policy acquisition costs 135 139 143 153 156 15.6 % 513 591 15.2 %
Compensation and benefits, interest expense, financing fees and other operating costs and expense 93 104 71 86 95 2.2 % 342 356 4.1 %
Segment benefits and other deductions 986 1,006 1,067 1,149 1,226 24.3 % 3,633 4,448 22.4 %
Operating earnings (loss), before income taxes 441 449 424 443 440 (0.2) % 1,859 1,756 (5.5) %
Income taxes (56) (69) (70) (38) (30) 46.4 % (257) (207) 19.5 %
Operating earnings (loss), before noncontrolling interest 385 380 354 405 410 6.5 % 1,602 1,549 (3.3) %
Less: Operating (earnings) loss attributable to the noncontrolling interest — — — — — — % — — — %
Operating earnings (loss) $ 385 $ 380 $ 354 $ 405 $ 410 6.5 % $ 1,602 $ 1,549 (3.3) %
Summary Metrics
Operating earnings (loss) (TTM) $ 1,602 $ 1,598 $ 1,537 $ 1,524 $ 1,549 (3.3) % $ 1,602 $ 1,549 (3.3) %
Average asset value (TTM) $ 145,408 $ 149,051 $ 153,648 $ 158,988 $ 163,857 12.7 % $ 145,408 $ 163,857 12.7 %
Return on assets (TTM) 1.28 % 1.25 % 1.17 % 1.11 % 1.07 % 1.28 % 1.07 %
Net flows $ 1,614 $ 1,624 $ 1,919 $ 1,120 $ 1,260 (21.9) % $ 7,053 $ 5,923 (16.0) %
Additional Detail
Net investment income (loss):
Investment income, excluding alternatives $ 928 $ 957 $ 1,028 $ 1,093 $ 1,128 21.6 % $ 3,570 $ 4,206 17.8 %
Alternative investment income 17 30 20 23 33 94.1 % 80 106 32.5 %
Total Net investment income (loss) $ 945 $ 987 $ 1,048 $ 1,116 $ 1,161 22.9 % $ 3,650 $ 4,312 18.1 %
Net interest margin $ 409 $ 452 $ 411 $ 429 $ 439 7.3 % $ 1,698 $ 1,731 1.9 % 4Q 2025 Financial Supplement 12
--- ---
Retirement - Select Operating Metrics
--- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
For the Three Months Ended or As of Years Ended or As of
(in millions USD, unless otherwise indicated) 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 12/31/2024 12/31/2025
Sales Metrics
First Year Premiums and Deposits:
Registered indexed-linked annuities (RILA) $ 3,746 $ 3,534 $ 3,772 $ 3,870 $ 4,190 $ 14,254 $ 15,366
Traditional variable annuities 1,081 1,000 984 962 994 4,171 3,940
Tax-exempt (1) 326 349 297 387 574 1,252 1,607
Corporate 93 78 70 64 70 409 282
Institutional 108 424 325 87 87 692 923
Other (1) 40 31 64 88 60 144 243
Total First Year Premiums and Deposits $ 5,394 $ 5,416 $ 5,512 $ 5,458 $ 5,975 $ 20,922 $ 22,361
Renewal Premiums and Deposits:
Tax-exempt (1) $ 492 $ 486 $ 512 $ 396 $ 517 $ 1,818 $ 1,911
Corporate 93 103 91 95 91 377 380
Other (1) 95 91 88 91 98 384 368
Total Renewal Premiums and Deposits $ 680 $ 680 $ 691 $ 582 $ 706 $ 2,579 $ 2,659
Total Premiums and Deposits $ 6,074 $ 6,096 $ 6,203 $ 6,040 $ 6,681 $ 23,501 $ 25,020
Net Amount at Risk (NAR)
Total GMIB NAR $ 31 $ 45 $ 52 $ 60 $ 71 $ 31 $ 71
Total GMWB NAR $ — $ — $ — $ — $ — $ — $ —
Total GMDB NAR $ 2,986 $ 3,277 $ 3,058 $ 2,907 $ 2,957 $ 2,986 $ 2,957
MRB Reserves (Net of Reinsurance) $ 436 $ 711 $ 596 $ 706 $ 767 $ 436 $ 767
Notes:
(1) Net of reinsurance 4Q 2025 Financial Supplement 13
--- ---
Retirement - Asset Value Rollforward
--- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
For the Three Months Ended or As of Years Ended or As of
(in millions USD, unless otherwise indicated) 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 12/31/2024 12/31/2025
General Account:
Account value balance, beginning of period $ 75,842 $ 78,361 $ 79,820 $ 87,413 $ 93,825 $ 61,339 $ 78,361
Premiums and deposits (1) 3,877 4,529 4,288 4,219 4,718 15,632 17,754
Surrenders, withdrawals and benefits (1,787) (1,840) (1,891) (2,186) (2,429) (6,600) (8,346)
Net flows 2,090 2,689 2,397 2,033 2,289 9,032 9,408
Change in market value, reinvestment and other (2) (843) 1,706 584 658 428 838 3,376
Change in fair value of embedded derivative instruments 1,272 (2,936) 4,612 3,721 1,086 7,152 6,483
Account value balance, end of period 78,361 79,820 87,413 93,825 97,628 78,361 97,628
Embedded derivative value, end of period 17,000 13,816 18,097 21,215 21,553 17,000 21,553
Account value balance, end of period (net of embedded derivatives) 61,361 66,004 69,316 72,610 76,075 61,361 76,075
Total spread lending balances, end of period 12,908 13,943 16,315 16,755 17,534 12,908 17,534
Reserves, end of period (excluding MRBs) 5,107 4,842 4,995 5,177 5,300 5,107 5,300
Balance, end of period, General Account asset value $ 79,376 $ 84,789 $ 90,626 $ 94,542 $ 98,909 $ 79,376 $ 98,909
Separate Accounts:
Account value balance, beginning of period $ 73,886 $ 72,837 $ 69,788 $ 74,029 $ 77,131 $ 67,139 $ 72,837
Premiums and deposits (1) 2,141 1,524 1,876 1,779 1,922 7,661 7,101
Surrenders, withdrawals and benefits (2,617) (2,589) (2,354) (2,692) (2,951) (9,640) (10,586)
Net flows (476) (1,065) (478) (913) (1,029) (1,979) (3,485)
Change in market value, reinvestment and other (573) (1,984) 4,719 4,015 1,155 7,677 7,905
Balance, end of period, Separate Accounts asset value $ 72,837 $ 69,788 $ 74,029 $ 77,131 $ 77,257 $ 72,837 $ 77,257
Total:
Account value balance, beginning of period $ 149,728 $ 151,198 $ 149,608 $ 161,442 $ 170,956 $ 128,478 $ 151,198
Premiums and deposits (1) 6,018 6,053 6,164 5,998 6,640 23,293 24,855
Surrenders, withdrawals and benefits (4,404) (4,429) (4,245) (4,878) (5,380) (16,240) (18,932)
Net flows 1,614 1,624 1,919 1,120 1,260 7,053 5,923
Change in market value, reinvestment and other (2) (1,416) (278) 5,303 4,673 1,583 8,515 11,281
Change in fair value of embedded derivative instruments 1,272 (2,936) 4,612 3,721 1,086 7,152 6,483
Account value balance, end of period 151,198 149,608 161,442 170,956 174,885 151,198 174,885
Embedded derivative value, end of period 17,000 13,816 18,097 21,215 21,553 17,000 21,553
Account value balance, end of period (net of embedded derivatives) 134,198 135,792 143,345 149,741 153,332 134,198 153,332
Total spread lending balances, end of period 12,908 13,943 16,315 16,755 17,534 12,908 17,534
Reserves, end of period (excluding MRBs) 5,107 4,842 4,995 5,177 5,300 5,107 5,300
Balance, end of period, total asset value $ 152,213 $ 154,577 $ 164,655 $ 171,673 $ 176,166 $ 152,213 $ 176,166
Notes:
(1) Excludes deposits from certain other products reported as first year premiums and deposits or renewal premiums and deposits elsewhere in this document.
(2) Other includes flows reinsured to third parties 4Q 2025 Financial Supplement 14
--- ---
Asset Management - Operating Earnings (Loss) and Summary Metrics
--- For the Three Months Ended or As of Years Ended or As of
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
(in millions USD, unless otherwise indicated) 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 Change 12/31/2024 12/31/2025 Change
Revenues
Net investment income (loss) $ (5) $ 3 $ 22 $ 14 $ 9 280.0 % $ 27 $ 48 77.8 %
Net derivative gains (losses) 15 (13) (11) (4) (1) (106.7) % (7) (29) (314.3) %
Investment management, service fees and other income 1,239 1,098 1,083 1,134 1,217 (1.8) % 4,459 4,532 1.6 %
Segment revenues 1,249 1,088 1,094 1,144 1,225 (1.9) % 4,479 4,551 1.6 %
Benefits and other deductions
Commissions and distribution-related payments 197 201 197 209 206 4.6 % 742 813 9.6 %
Compensation and benefits, interest expense, financing fees and other operating costs and expense 707 614 634 642 695 (1.7) % 2,653 2,585 (2.6) %
Segment benefits and other deductions 904 815 831 851 901 (0.3) % 3,395 3,398 0.1 %
Operating earnings (loss), before income taxes 345 273 263 293 324 (6.1) % 1,084 1,153 6.4 %
Income taxes (50) (41) (48) (46) (61) (22.0) % (178) (196) (10.1) %
Operating earnings (loss), before noncontrolling interest 295 232 215 247 263 (10.8) % 906 957 5.6 %
Less: Operating (earnings) loss attributable to the noncontrolling interest (134) (106) (84) (93) (103) 23.1 % (427) (386) 9.6 %
Operating earnings (loss) $ 161 $ 126 $ 131 $ 154 $ 160 (0.6) % $ 479 $ 571 19.2 %
Summary Metrics
Adjusted operating margin (1) 36.4 % 33.7 % 32.3 % 34.2 % 34.5 % 32.3 % 33.7 %
Net flows (in billions USD) $ (4.8) $ 2.4 $ (6.7) $ (2.3) $ (4.7) $ (2.2) $ (11.3)
Total AUM (in billions USD) $ 792.2 $ 784.5 $ 829.1 $ 860.1 $ 866.9 $ 792.2 $ 866.9
Ownership Structure of AB
Holdings and its subsidiaries 61.9 % 61.8 % 61.9 % 68.5 % 68.2 % 61.9 % 68.2 %
AB Holding 37.5 % 37.5 % 37.5 % 30.8 % 31.1 % 37.5 % 31.1 %
Unaffiliated holders 0.6 % 0.7 % 0.6 % 0.7 % 0.7 % 0.6 % 0.7 %
Total 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % 100.0 %
EQH economic interest 61.9 % 61.9 % 68.6 % 68.5 % 68.3 % 61.9 % 68.3 %
EQH average economic interest 61.8 % 61.9 % 68.6 % 68.6 % 68.5 % 61.3 % 66.9 %
Units of limited partnership outstanding (in millions) 292.1 292.3 292.1 292.2 293.5 292.1 293.5
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.
4Q 2025 Financial Supplement 15
--- ---
Asset Management - AB Select Adjusted Financials and Ratios
--- For the Three Months Ended or As of Years Ended or As of
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
(in millions USD, unless otherwise indicated) 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 Change 12/31/2024 12/31/2025 Change
AB revenues
Base fees $ 798 $ 782 $ 772 $ 821 $ 840 5.3 % $ 3,048 $ 3,215 5.5 %
Performance fees
Private markets (1) 67 20 22 19 46 (31.3) % 136 107 (21.3) %
Public markets 66 19 8 1 37 (43.9) % 92 65 (29.3) %
Bernstein Research Services — — — — — — % 96 — (100.0) %
Investment gains (losses) 6 (11) 8 8 — (100.0) % 13 5 (61.5) %
Dividend & interest revenue 34 32 31 32 31 (8.8) % 153 126 (17.6) %
Other revenues 20 14 19 19 18 (10.0) % 75 70 (6.7) %
Total AB revenues 991 856 860 900 972 (1.9) % 3,613 3,588 (0.7) %
Less: broker-dealer related interest expense 18 18 16 15 14 (22.2) % 85 63 (25.9) %
AB adjusted net revenues 973 838 844 885 958 (1.5) % 3,528 3,525 (0.1) %
AB expenses
Compensation and fringes 447 406 409 429 458 2.5 % 1,690 1,702 0.7 %
Other employment costs 10 8 10 10 8 (20.0) % 36 36 — %
Total AB compensation and benefits 457 414 419 439 466 2.0 % 1,726 1,738 0.7 %
Promotion and servicing 40 30 34 30 40 — % 149 134 (10.1) %
General and administrative 122 111 118 113 123 0.8 % 513 465 (9.4) %
Total AB adjusted operating expenses 619 555 571 582 629 1.6 % 2,388 2,337 (2.1) %
AB adjusted operating income, before income taxes 354 283 273 303 329 (7.1) % 1,140 1,188 4.2 %
Interest on borrowings 6 7 9 7 5 (16.7) % 43 28 (34.9) %
Other (2) 3 3 1 3 — (100.0) % 13 7 (46.2) %
Operating earnings (loss), before income taxes 345 273 263 293 324 (6.1) % 1,084 1,153 6.4 %
Income taxes (50) (41) (48) (46) (61) (22.0) % (178) (196) (10.1) %
Operating earnings (loss), before noncontrolling interest 295 232 215 247 263 (10.8) % 906 957 5.6 %
Less: Operating (earnings) loss attributable to the noncontrolling interest (134) (106) (84) (93) (103) 23.1 % (427) (386) 9.6 %
Operating earnings (loss) $ 161 $ 126 $ 131 $ 154 $ 160 (0.6) % $ 479 $ 571 19.2 %
Adjusted operating margin (3) 36.4 % 33.7 % 32.3 % 34.2 % 34.5 % 32.3 % 33.7 %
Compensation ratio 45.9 % 48.4 % 48.5 % 48.5 % 47.8 % 47.9 % 48.3 %
Notes:
(1) Private Market strategies eligible for performance fees include: AB-Private Credit Investors (“AB-PCI”), US and EU Commercial Real Estate Debt, and AB CarVal.
(2) Includes amortization expense of intangible assets associated with EQH purchase of AB and equity income/loss associated with certain AB equity method investments.
(3) 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. 4Q 2025 Financial Supplement 16
--- ---
Asset Management - Select Operating Metrics
--- For the Three Months Ended or As of
--- --- --- --- --- --- --- --- --- --- ---
(in billions USD, unless otherwise indicated) 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025
AUM Roll-forward
Balance as of beginning of period $ 805.9 $ 792.2 $ 784.5 $ 829.1 $ 860.1
Sales/new accounts 33.6 36.1 27.9 42.4 33.7
Redemptions/terminations (29.2) (29.7) (30.7) (27.8) (32.6)
Cash flow/unreinvested dividends (9.2) (4.0) (3.9) (16.9) (5.8)
Net long-term (outflows) inflows (4.8) 2.4 (6.7) (2.3) (4.7)
Adjustment (1) 0.7 — — — —
Market appreciation (depreciation) (9.6) (10.1) 51.3 33.3 11.5
Net change (13.7) (7.7) 44.6 31.0 6.8
Balance as of end of period $ 792.2 $ 784.5 $ 829.1 $ 860.1 $ 866.9
Ending Assets by distribution channel
Institutions $ 321.4 $ 324.1 $ 340.0 $ 351.4 $ 354.2
Retail 334.3 324.1 344.7 356.2 356.4
Private Wealth 136.5 136.3 144.4 152.5 156.3
Total $ 792.2 $ 784.5 $ 829.1 $ 860.1 $ 866.9
Ending Assets by investment service
Equity
Actively Managed $ 263.4 $ 249.0 $ 273.4 $ 281.3 $ 278.0
Passively Managed (2) 68.3 65.8 70.8 77.3 78.3
Total Equity $ 331.7 $ 314.8 $ 344.2 $ 358.6 $ 356.3
Fixed Income
Actively Managed $ 285.5 $ 290.0 $ 294.0 $ 300.1 $ 303.9
Passively Managed (2) 10.3 10.1 10.2 10.1 9.7
Total Fixed Income 295.8 300.1 304.2 310.2 313.6
Total Alternatives/Multi-Asset Solutions (3) 164.7 169.6 180.7 191.3 197.0
Total $ 792.2 $ 784.5 $ 829.1 $ 860.1 $ 866.9
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.
4Q 2025 Financial Supplement 17
--- ---
Asset Management - Net Flows
--- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
For the Three Months Ended Years Ended or As of
(in billions USD, unless otherwise indicated) 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 12/31/2024 12/31/2025
Net Flows by Distribution Channel
Institutions
US $ (0.2) $ 2.7 $ 2.8 $ (2.1) $ 2.3 $ 2.1 $ 5.7
Global and Non-US (6.0) (2.0) (4.3) 0.3 (4.3) (18.6) (10.3)
Total Institutions $ (6.2) $ 0.7 $ (1.5) $ (1.8) $ (2.0) $ (16.5) $ (4.6)
Retail
US $ 4.3 $ 3.0 $ (1.6) $ (2.3) $ (1.6) $ 12.7 $ (2.5)
Global and Non-US (3.2) (2.1) (3.2) 0.6 (1.9) 0.7 (6.6)
Total Retail $ 1.1 $ 0.9 $ (4.8) $ (1.7) $ (3.5) $ 13.4 $ (9.1)
Private Wealth
US $ 0.5 $ 1.6 $ 0.1 $ 1.3 $ 0.5 $ 1.7 $ 3.5
Global and Non-US (0.2) (0.8) (0.5) (0.1) 0.3 (0.8) (1.1)
Total Private Wealth $ 0.3 $ 0.8 $ (0.4) $ 1.2 $ 0.8 $ 0.9 $ 2.4
Total Net Flows by Distribution Channel $ (4.8) $ 2.4 $ (6.7) $ (2.3) $ (4.7) $ (2.2) $ (11.3)
Net Flows by Investment Service
Equity Active
US $ (4.1) $ (0.3) $ (3.3) $ (6.3) $ (5.1) $ (7.3) $ (15.0)
Global and Non-US (3.3) (2.2) (2.7) (0.1) (2.5) (16.8) (7.5)
Total Equity Active $ (7.4) $ (2.5) $ (6.0) $ (6.4) $ (7.6) $ (24.1) $ (22.5)
Equity Passive (1)
US $ (1.1) $ (0.1) $ — $ (1.1) $ (1.0) $ (5.6) $ (2.2)
Global and Non-US (0.3) 0.3 (1.9) 2.3 — (1.0) 0.7
Total Equity Passive (1) $ (1.4) $ 0.2 $ (1.9) $ 1.2 $ (1.0) $ (6.6) $ (1.5)
Fixed Income - Taxable
US $ 3.2 $ 2.2 $ 2.0 $ (2.7) $ 1.4 $ 10.6 $ 2.9
Global and Non-US (3.9) (3.6) (3.5) (1.5) (3.4) 0.4 (12.0)
Total Fixed Income - Taxable $ (0.7) $ (1.4) $ (1.5) $ (4.2) $ (2.0) $ 11.0 $ (9.1)
Fixed Income - Tax-Exempt
US $ 5.5 $ 2.4 $ 1.2 $ 4.1 $ 3.9 $ 13.6 $ 11.6
Global and Non-US — — — — — — —
Total Fixed Income - Tax-Exempt $ 5.5 $ 2.4 $ 1.2 $ 4.1 $ 3.9 $ 13.6 $ 11.6
Fixed Income - Passive (1)
US $ (0.1) $ (0.4) $ (0.1) $ (0.1) $ 0.1 $ (0.5) $ (0.5)
Global and Non-US (0.5) (0.1) — (0.1) (0.5) (0.5) (0.7)
Total Fixed Income - Passive (1) $ (0.6) $ (0.5) $ (0.1) $ (0.2) $ (0.4) $ (1.0) $ (1.2)
Alternatives/Multi-Asset Solutions (2)
US $ 1.2 $ 3.5 $ 1.5 $ 3.0 $ 1.9 $ 5.7 $ 9.9
Global and Non-US (1.4) 0.7 0.1 0.2 0.5 (0.8) 1.5
Total Alternatives/Multi-Asset Solutions (2) $ (0.2) $ 4.2 $ 1.6 $ 3.2 $ 2.4 $ 4.9 $ 11.4
Total Net Flows by Investment Service $ (4.8) $ 2.4 $ (6.7) $ (2.3) $ (4.7) $ (2.2) $ (11.3)
Active vs. Passive Net Flows
Actively Managed
Equity $ (7.4) $ (2.5) $ (6.0) $ (6.4) $ (7.6) $ (24.1) $ (22.5)
Fixed Income 4.8 1.0 (0.4) — 1.9 24.6 2.5
Alternatives/Multi-Asset Solutions (2) (0.4) 4.2 1.6 3.0 1.9 3.8 10.6
Total $ (3.0) $ 2.7 $ (4.8) $ (3.4) $ (3.8) $ 4.3 $ (9.4)
Passively Managed (1)
Equity $ (1.4) $ 0.2 $ (1.9) $ 1.1 $ (1.0) $ (6.6) $ (1.5)
Fixed Income (0.6) (0.5) (0.1) (0.2) (0.4) (1.0) (1.2)
Alternatives/Multi-Asset Solutions (2) 0.2 — 0.1 0.2 0.5 1.1 0.8
Total $ (1.8) $ (0.3) $ (1.9) $ 1.1 $ (0.9) $ (6.5) $ (1.9)
Total Active vs Passive Net Flows $ (4.8) $ 2.4 $ (6.7) $ (2.3) $ (4.7) $ (2.2) $ (11.3)
Notes:
(1) Includes index and enhanced index services.
(2) Includes certain multi-asset solutions and services not included in equity or fixed income services. 4Q 2025 Financial Supplement 18
--- ---
Wealth Management - Operating Earnings (Loss) and Summary Metrics
--- For the Three Months Ended or As of Years Ended or As of
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
(in millions USD, unless otherwise indicated) 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 Change 12/31/2024 12/31/2025 Change
Revenues
Net investment income (loss) $ 5 $ 3 $ 2 $ 3 4 (20.0) % $ 17 $ 12 (29.4) %
Investment management, service fees and other income 474 459 467 496 544 14.8 % 1,774 1,966 10.8 %
Segment revenues 479 462 469 499 548 14.4 % 1,791 1,978 10.4 %
Benefits and other deductions
Commissions and distribution-related payments 310 293 296 320 350 12.9 % 1,133 1,259 11.1 %
Compensation and benefits, interest expense, financing fees and other operating costs and expense 110 109 105 101 108 (1.8) % 416 423 1.7 %
Segment benefits and other deductions 420 402 401 421 458 9.0 % 1,549 1,682 8.6 %
Operating earnings (loss), before income taxes 59 60 68 78 90 52.5 % 242 296 22.3 %
Income taxes (12) (15) (18) (19) (24) (100.0) % (60) (76) (26.7) %
Operating earnings (loss), before noncontrolling interest 47 45 50 59 66 40.4 % 182 220 20.9 %
Less: Operating (earnings) loss attributable to the noncontrolling interest — — — — — — % — — — %
Operating earnings (loss) $ 47 $ 45 $ 50 $ 59 $ 66 40.4 % $ 182 $ 220 20.9 %
Summary Metrics
Pre-tax operating margin 12.3 % 13.0 % 14.5 % 15.6 % 16.4 % 13.5 % 15.0 %
Advisory net new assets $ 1,139 $ 1,981 $ 2,027 $ 2,210 $ 2,148 88.5 % $ 4,766 $ 8,366 75.5 %
Total AUA $ 101,695 $ 102,057 $ 110,265 $ 118,196 $ 122,014 20.0 % $ 101,695 $ 122,014 20.0 %
Revenue by Activity Type
Investment management, service fees and other income:
Investment management and advisory fees $ 179 $ 181 $ 184 $ 197 214 19.6 % $ 656 776 18.3 %
Distribution fees 281 263 268 280 315 12.1 % 1,056 1,126 6.6 %
Interest income 11 11 10 11 11 — % 48 43 (10.4) %
Service and other income 3 4 5 8 4 33.3 % 14 21 50.0 %
Total Investment management, service fees and other income $ 474 $ 459 $ 467 $ 496 544 14.8 % $ 1,774 1,966 10.8 %
4Q 2025 Financial Supplement 19
--- ---
Wealth Management - Select Operating Metrics
--- For the Three Months Ended or As of Years Ended or As of
--- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
(in millions USD, unless otherwise indicated) 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 12/31/2024 12/31/2025
AUA Roll-forward
Advisory assets :
Beginning assets $ 65,267 $ 65,839 $ 66,795 $ 73,293 $ 79,378 $ 54,978 $ 65,839
Net new assets 1,139 1,981 2,027 2,210 2,148 4,766 8,366
Market appreciation (depreciation) and other (567) (1,025) 4,471 3,875 1,068 6,095 8,389
Advisory ending assets $ 65,839 $ 66,795 $ 73,293 $ 79,378 $ 82,594 $ 65,839 $ 82,594
Brokerage and direct assets $ 35,856 $ 35,263 $ 36,972 $ 38,818 $ 39,420 $ 35,856 $ 39,420
Total Wealth Management assets $ 101,695 $ 102,057 $ 110,265 $ 118,196 $ 122,014 $ 101,695 $ 122,014
Cash balances $ 3,083 $ 2,985 $ 3,004 $ 3,143 $ 3,299 $ 3,083 $ 3,299
Advisors
Advisors 4,587 4,502 4,476 4,446 4,582 4,587 4,582
Revenue per advisor TTM (in thousands USD) $ 406 $ 410 $ 414 $ 426 $ 440 $ 406 $ 440
4Q 2025 Financial Supplement 20
--- ---
Corporate and Other - Operating Earnings (Loss) and Summary Metrics
--- For the Three Months Ended or As of Years Ended or As of
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
(in millions USD, unless otherwise indicated) 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 Change 12/31/2024 12/31/2025 Change
Revenues
Policy charges, fee income and premiums $ 626 $ 634 $ 599 $ 433 $ 331 (47.1) % $ 2,488 $ 1,997 (19.7) %
Net investment income (loss) 258 227 274 183 104 (59.7) % 1,060 788 (25.7) %
Net derivative gains (losses) — 9 (12) (13) (5) (100.0) % (17) (21) (23.5) %
Investment management, service fees and other income 151 139 116 134 127 (15.9) % 591 516 (12.7) %
Segment revenues 1,035 1,009 977 737 557 (46.2) % 4,122 3,280 (20.4) %
Benefits and other deductions
Policyholders’ benefits 603 667 711 438 312 (48.3) % 2,372 2,128 (10.3) %
Remeasurement of liability for future policy benefits (2) (1) (13) 16 (7) (250.0) % (4) (5) (25.0) %
Interest credited to policyholders’ account balances 127 133 173 96 43 (66.1) % 574 445 (22.5) %
Commissions and distribution-related payments 92 83 72 82 81 (12.0) % 352 318 (9.7) %
Amortization of deferred policy acquisition costs 51 49 50 50 49 (3.9) % 198 198 — %
Compensation and benefits, interest expense, financing fees and other operating costs and expense 260 228 210 222 205 (21.2) % 889 865 (2.7) %
Segment benefits and other deductions 1,131 1,159 1,203 904 683 (39.6) % 4,381 3,949 (9.9) %
Operating earnings (loss), before income taxes (96) (150) (226) (167) (126) (31.3) % (259) (669) (158.3) %
Income taxes 15 23 44 8 6 (60.0) % 41 81 97.6 %
Operating earnings (loss), before noncontrolling interest (81) (127) (182) (159) (120) (48.1) % (218) (588) (169.7) %
Less: Operating (earnings) loss attributable to the noncontrolling interest 3 (3) (1) (4) (3) (200.0) % (41) (11) 73.2 %
Operating earnings (loss) $ (78) $ (130) $ (183) $ (163) $ (123) (57.7) % $ (259) $ (599) (131.3) %
Additional Detail
Net investment income (loss):
Investment income, excluding alternatives $ 246 $ 211 $ 246 $ 144 $ 76 (69.1) % $ 990 $ 677 (31.6) %
Alternative investment income 12 16 28 39 28 133.3 % 70 111 58.6 %
Total net investment income (loss) $ 258 $ 227 $ 274 $ 183 $ 104 (59.7) % $ 1,060 $ 788 (25.7) %
4Q 2025 Financial Supplement 21
--- ---
Corporate and Other - Select Operating Metrics
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
For the Three Months Ended or As of Years Ended or As of
(in millions USD, unless otherwise indicated) 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 12/31/2024 12/31/2025
Individual Life (Net of Reinsurance)
First Year Premiums and Deposits:
Variable Universal Life $ 112 $ 90 $ 99 $ 91 $ 93 $ 369 $ 373
Other 5 5 4 4 3 21 16
Total First Year Premiums and Deposits $ 117 $ 95 $ 103 $ 95 $ 96 $ 390 $ 389
Renewal Premiums and Deposits:
Universal Life/ Indexed Universal Life $ 214 $ 224 $ 206 $ 121 $ 50 $ 925 $ 601
Variable Universal Life 279 272 262 179 89 1,038 802
Other 85 85 79 41 28 344 233
Total Renewal Premiums and Deposits $ 578 $ 581 $ 547 $ 341 $ 167 $ 2,307 $ 1,636
Total Premiums and Deposits $ 695 $ 676 $ 650 $ 436 $ 263 $ 2,697 $ 2,025
Individual Life Benefit Ratio 86.4 % 105.3 % 113.5 % 93.9 % 90.1 % 85.3 % 104.2 %
Individual Life In-force Face Amount (in billions USD) $ 354.1 $ 353.0 $ 352.1 $ 113.4 $ 116.6 $ 354.1 $ 116.6
Employee Benefits
First Year Premiums and Deposits $ 31 $ 35 $ 31 $ 33 $ 28 $ 120 $ 127
Renewal Premiums and Deposits 84 85 86 87 91 320 349
Total Premiums and Deposits $ 115 $ 120 $ 117 $ 120 $ 119 $ 440 $ 476
Legacy Annuity
Net flows (1) $ (787) $ (719) $ (580) $ (634) $ (796) $ (2,824) $ (2,729)
Account value - balance, end of period $ 21,358 $ 19,912 $ 20,490 $ 20,939 $ 20,386 $ 21,358 $ 20,386
Net Amount at Risk (NAR)
Total GMIB NAR $ 2,390 $ 2,706 $ 2,489 $ 2,370 $ 2,340 $ 2,390 $ 2,340
Total GMDB NAR $ 8,602 $ 9,034 $ 8,411 $ 7,958 $ 7,852 $ 8,602 $ 7,852
MRB Reserves (Net of Reinsurance) $ 3,136 $ 3,532 $ 3,271 $ 3,418 $ 3,374 $ 3,136 $ 3,374
Notes:
(1) Net of the Venerable transaction 4Q 2025 Financial Supplement 22
--- ---

Investments

4Q 2025 Financial Supplement 23
Consolidated Investment Portfolio Composition
--- Balances as of
--- --- --- --- --- --- --- --- ---
(in millions USD, unless otherwise indicated) December 31, 2024 (4) December 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 % $ 77,162 57.9 %
Fixed maturities, at fair value using the fair value option 2,053 1.7 % 2,943 2.2 %
Mortgage loans, at fair value using the fair value option — — % 50 — %
Mortgage loans on real estate 20,072 16.3 % 22,668 17.0 %
Policy loans 4,330 3.5 % 1,862 1.4 %
Other equity investments 3,719 3.0 % 3,779 2.8 %
Other invested assets 8,537 6.9 % 10,968 8.2 %
Subtotal investment assets 115,352 93.5 % 119,432 89.5 %
Trading securities 1,089 0.9 % 1,572 1.2 %
Total investments 116,441 94.4 % 121,004 90.7 %
Cash and cash equivalents 6,964 5.6 % 12,462 9.3 %
Total $ 123,405 100.0 % $ 133,466 100.0 %
General Account AFS Fixed maturities by industry (Based on amortized cost)
Corporate securities:
Finance $ 15,958 19.0 % $ 14,676 17.9 %
Manufacturing 12,488 14.8 % 9,904 12.1 %
Utilities 8,476 10.1 % 7,873 9.6 %
Services 8,977 10.7 % 7,328 8.9 %
Energy 2,546 3.0 % 2,373 2.9 %
Retail and wholesale 2,979 3.5 % 3,047 3.7 %
Transportation 1,559 1.9 % 2,162 2.6 %
Other 1,665 2.0 % 376 0.5 %
Total corporate securities 54,648 64.9 % 47,739 58.2 %
U.S. government and agency 5,801 6.9 % 5,040 6.2 %
Residential mortgage-backed (2) 4,520 5.4 % 7,093 8.7 %
Preferred stock 56 0.1 % 54 0.1 %
State & political 472 0.6 % 378 0.5 %
Foreign governments 689 0.8 % 556 0.7 %
Commercial mortgage-backed 4,301 5.1 % 4,814 5.9 %
Asset-backed securities 13,715 16.3 % 16,142 19.7 %
Total $ 84,202 100.0 % $ 81,816 100.0 %
General Account AFS Fixed maturities credit quality (3) (Based on amortized cost)
Aaa, Aa, A (NAIC Designation 1) $ 56,266 66.8 % $ 56,880 69.5 %
Baa (NAIC Designation 2) 26,255 31.2 % 23,488 28.7 %
Investment grade 82,521 98.0 % 80,368 98.2 %
Below investment grade (NAIC Designation 3 and 4) 1,681 2.0 % 1,448 1.8 %
Total $ 84,202 100.0 % $ 81,816 100.0 %
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.
(4) Balances have been revised from previously filed Financial Supplement to reflect final published results. 4Q 2025 Financial Supplement 24
--- ---
Consolidated Results of General Account Investment Portfolio
---
--- --- --- --- --- --- --- ---
(in millions , unless otherwise indicated) December 31, 2025
Amount (2) Yield Amount (2)
Fixed Maturities:
Income (loss) % $ 3,447 4.41 % $ 3,693
Ending assets 84,202 81,816
Mortgages:
Income (loss) % 973 4.96 % 1,061
Ending assets 20,072 22,718
Other Equity Investments (1):
Income (loss) % 203 5.22 % 185
Ending assets 3,495 3,519
Trading Securities:
Income % 16 5.80 % 42
Ending assets 527 804
Policy Loans:
Income % 225 4.57 % 168
Ending assets 4,330 1,862
Cash and Short-term Investments:
Income (loss) % 266 3.94 % 323
Ending assets 3,259 9,103
Total Net Investment Income:
Investment income % 5,130 4.51 % 5,472
Less: investment fees % (180) (0.16) % (199)
Investment income, net % $ 4,950 4.35 % $ 5,273
General Account Ending Net Assets $ 115,885 $ 119,822
Operating Earnings adjustments:
AB and other non-General Account investment income (loss) (100) 10
Operating Net investment income (loss) $ 4,850 $ 5,283
Notes:
(1) Includes, as of December 31, 2025 and 2024, 439 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.

All values are in US Dollars.

4Q 2025 Financial Supplement 25

Additional Information

4Q 2025 Financial Supplement 26
Deferred Policy Acquisition Costs Rollforward
--- For the Three Months Ended or As of Years Ended or As of
--- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
(in millions USD, unless otherwise indicated) 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 12/31/2024 12/31/2025
TOTAL
Beginning balance $ 7,031 $ 7,170 $ 7,262 $ 7,361 $ 7,430 $ 6,705 $ 7,170
Capitalization of commissions, sales and issue expenses 324 282 292 283 312 1,176 1,169
Amortization (185) (190) (193) (201) (205) (711) (789)
Recovery of acquisition cost (1) — — — (13) (14) — (27)
Ending balance $ 7,170 $ 7,262 $ 7,361 $ 7,430 $ 7,523 $ 7,170 $ 7,523
Retirement
Beginning balance $ 4,649 $ 4,780 $ 4,872 $ 4,972 $ 5,062 $ 4,333 $ 4,780
Capitalization of commissions, sales and issue expenses 267 231 243 243 265 960 982
Amortization (136) (139) (143) (153) (156) (513) (591)
Recovery of acquisition cost (1) — — — — (9) — (9)
Ending balance $ 4,780 $ 4,872 $ 4,972 $ 5,062 $ 5,162 $ 4,780 $ 5,162
Corporate and Other
Beginning balance $ 2,382 $ 2,390 $ 2,390 $ 2,389 $ 2,368 $ 2,372 $ 2,390
Capitalization of commissions, sales and issue expenses 57 51 49 40 47 216 187
Amortization (49) (51) (50) (48) (49) (198) (198)
Recovery of acquisition cost (1) — — — (13) (5) — (18)
Ending balance $ 2,390 $ 2,390 $ 2,389 $ 2,368 $ 2,361 $ 2,390 $ 2,361
Notes:
(1) Related to third party reinsurance transactions.
4Q 2025 Financial Supplement 27
--- ---
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, policy reserves and certain other operating measures, which management believes provide useful information about our businesses and the operational factors underlying our financial performance.
Non-GAAP Operating Earnings
Non-GAAP Operating Earnings is an after-tax Non-GAAP financial measure used to evaluate our financial performance on a consolidated basis that is determined by making certain adjustments to our consolidated after-tax net income attributable to Holdings. The most significant of such adjustments relates to our derivative positions, which protect economic value and statutory capital, and the variable annuity product MRBs. This is a large source of volatility in net income.
Non-GAAP Operating Earnings equals our consolidated after-tax net income attributable to Holdings adjusted to eliminate the impact of the following items:
• Items related to variable annuity product features, which include: (i) changes in the fair value of MRB and purchased MRB, including the related attributed fees and claims, offset by derivatives and other securities used to hedge the MRB which result in residual net income volatility as the change in fair value of certain securities is reflected in OCI and due to our statutory capital hedge program; and (ii) market adjustments to deposit asset or liability accounts arising from reinsurance agreements which do not expose the reinsurer to a reasonable possibility of a significant loss from insurance risk;
• Investment (gains) losses, which includes credit loss impairments of securities/investments, sales or disposals of securities/investments, realized capital gains/losses and valuation allowances;
• Net actuarial (gains) losses, which includes actuarial gains and losses as a result of differences between actual and expected experience on pension plan assets or projected benefit obligation during a given period related to pension, other postretirement benefit obligations, and the one-time impact of the settlement of the defined benefit obligation;
• Other adjustments, which primarily include restructuring costs related to severance and separation, lease write-offs related to non-recurring restructuring activities, net derivative gains (losses) on certain Non-GMxB derivatives, net investment income from certain items including consolidated VIE investments, seed capital mark-to-market adjustments, unrealized gain/losses and realized capital gains/losses from sales or disposals of select securities, certain legal accruals; a bespoke deal to repurchase UL policies from one entity that had invested in numerous policies purchased in the life settlement market, which disposed of the risk of additional COI litigation by that entity related to those UL policies, impact of the annual actuarial assumption updates attributable to LFPB when the majority of the impact relates to the non-core business; and
• Income tax expense (benefit) related to the above items and non-recurring tax items, which includes the effect of uncertain tax positions for a given audit period and changes to the deferred tax valuation allowance.
In the third quarter of 2025, the Company updated its net investment income (“NII”) segment reporting to better align with our GAAP segments, as well as the reporting of our spread lending programs' income and expenses. Previously, direct and allocated segment NII were recorded based on assets tied to statutory asset tagging and net statutory liabilities for allocation. To better align with our GAAP segments, the Company changed the recording methodology for direct NII. It is now based on the book yields of assets tied to specific segments, considering general account values plus reserves, net of embedded derivatives. Indirect NII, which was previously allocated based on net statutory liabilities, is now allocated based on general account values and reserves, net of embedded derivatives. Additionally, revenues and expenses from our spread lending programs are now primarily recorded within the Retirement segment. Previously, spread lending revenues and expenses were recorded in Corporate and Other, with the excess of revenues over expenses allocated to the insurance segments based on net statutory liabilities. Prior periods have been revised to reflect these changes.
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. 4Q 2025 Financial Supplement 28
--- ---
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. 4Q 2025 Financial Supplement 29
--- ---
Reconciliation of Non-GAAP Measures (1/3)
---
Years Ended or As of
--- --- --- --- --- --- --- --- --- --- --- --- --- ---
(in millions , unless otherwise indicated) 3/31/2025 6/30/2025 9/30/2025 12/31/2025 12/31/2024 12/31/2025
Net income (loss) attributable to Holdings
Net income (loss) attributable to Holdings 892 $ 63 $ (349) $ (1,309) $ 215 $ 1,280 $ (1,380)
Adjustments related to:
Variable annuity product features (1) 211 934 978 258 637 2,381
Investment (gains) losses, net (2) 14 71 1,170 84 133 1,339
Net actuarial (gains) losses related to pension and other postretirement benefit obligations 11 11 19 9 60 50
Other adjustments (3) (4) (5) 205 (137) (164) 21 93 (75)
Income tax expense (benefit) related to above adjustments (92) (185) (437) (62) (194) (776)
Non-recurring tax items 9 7 198 (12) (5) 202
Non-GAAP Operating Earnings (6) 515 $ 421 $ 352 $ 455 $ 513 $ 2,004 $ 1,741
Net income (loss) attributable to Holdings 2.82 $ 0.20 $ (1.15) $ (4.42) $ 0.74 $ 3.94 $ (4.63)
Less: Preferred stock dividends 0.04 0.06 0.05 0.04 0.25 0.20
Net income (loss) available to Holdings' common shareholders 0.16 (1.21) (4.47) 0.70 3.69 (4.83)
Adjustments related to:
Variable annuity product features (1) 0.68 3.08 3.30 0.89 1.96 7.99
Investment (gains) losses, net (2) 0.04 0.23 3.95 0.29 0.41 4.49
Net actuarial (gains) losses related to pension and other postretirement benefit obligations 0.04 0.04 0.06 0.03 0.19 0.17
Other adjustments (3) (4) (5) 0.64 (0.45) (0.55) 0.07 0.29 (0.26)
Income tax expense (benefit) related to above adjustments (0.29) (0.61) (1.48) (0.21) (0.60) (2.60)
Non-recurring tax items 0.03 0.02 0.67 (0.04) (0.02) 0.68
Non-GAAP Operating Earnings (loss) available to Holdings' common shareholders (6) 1.55 $ 1.30 $ 1.10 $ 1.48 $ 1.73 $ 5.92 $ 5.64
Book Value per common share
Book Value per common share 0.19 $ 2.92 $ (0.26) $ (3.18) $ (4.03) $ 0.19 $ (4.03)
Less: Per share impact of AOCI (24.70) (24.63) (21.41) (22.17) (28.11) (22.17)
Book value per common share (ex. AOCI) 28.30 $ 27.62 $ 24.37 $ 18.23 $ 18.14 $ 28.30 $ 18.14
Notes:
(1) As a result of the novation of certain Legacy VA policies completed during the first quarter of 2025, the Company recorded a loss of 499 million in pre-tax net income and an increase of 263 million in pre-tax AOCI, for a total impact loss of 236 million for the three months ended March 31, 2025 and year ended December 31, 2025. The impact per common share is 1.60 and 1.67 for the three months ended March 31, 2025 and year ended December 31, 2025, respectively.
(2) Includes 1.1 billion or 3.86 and 1.1 billion or 3.84 as a result of assets transferred related to the reinsurance transaction with RGA for the three months ended September 30, 2025 and year ended December 31, 2025, respectively.
(3) Includes the following impacts on Non-VA derivatives: a loss of 165 million or 0.53 for the three months ended March 31, 2025, a gain of 198 million or 0.65 for the three months ended June 30, 2025, a gain of 230 million or 0.78 for the three months ended September 30, 2025, and a gain of 41 million or 0.14 and 304 million or 1.02 for the three months and year ended December 31, 2025, respectively. Also, for the three months ended June 30, 2025 and September 30, 2025, and the year ended December 31, 2025, includes 14 million or 0.05, (8) million or (0.03) and 6 million or 0.02, respectively, of expense related to a disputed billing practice of an AB third-party service provider. There are certain gross legal expenses related to the COI litigation of 106 million or 0.33 for the year ended December 31, 2024.
(4) For the year ended December 31, 2024, includes 82 million of the gain on sale on AB's Bernstein Research Service attributable to Holdings. The impact per common share is 0.25 for the year ended December 31, 2024.
(5) For the year ended December 31, 2024, includes 78 million contingent payment gain recognized related to a fair value remeasurement of the contingent payment liability associated with AB's acquisition of CarVal in 2022. The impact per common share is 0.24 for the year ended December 31, 2024, respectively.
(6) 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.

All values are in US Dollars.

4Q 2025 Financial Supplement 30
Reconciliation of Non-GAAP Measures (2/3)
--- --- --- --- --- --- ---
As of and for the Twelve Months Ended
(in millions USD, unless otherwise indicated) 6/30/2025 9/30/2025 12/31/2025
Net Income to Non-GAAP Operating Earnings
Net income (loss) attributable to Holdings $ 474 $ (703) $ (1,380)
Adjustments related to:
Variable annuity product features 1,371 1,593 2,381
Investment (gains) losses 163 1,287 1,339
Net actuarial (gains) losses related to pension and other postretirement benefit obligations 51 57 50
Other adjustments 103 (62) (75)
Income tax expense (benefit) related to above adjustments (355) (620) (776)
Non-recurring tax items (2) 191 202
Non-GAAP Operating Earnings $ 1,805 $ 1,743 $ 1,741
Return on Equity and Non-GAAP Operating Return on Equity - Trailing twelve months
Net income (loss) attributable to Holdings $ 474 $ (703) $ (1,380)
Less: Preferred stock (72) (74) (61)
Net income (loss) available to Holdings' common shareholders $ 402 $ (777) $ (1,441)
Average equity attributable to Holdings' common shareholders (ex. AOCI) $ 8,206 $ 7,464 $ 6,556
Return on Equity (ex. AOCI) 4.9 % (10.4) % (22.0) %
Non-GAAP Operating Earnings $ 1,805 $ 1,743 $ 1,741
Less: Preferred stock (72) (74) (61)
Non-GAAP Operating Earnings available to Holdings' common shareholders $ 1,733 $ 1,669 $ 1,680
Average equity attributable to Holdings' common shareholders (ex. AOCI) $ 8,206 $ 7,464 $ 6,556
Non-GAAP Operating Return on Equity (ex. AOCI) 21.1 % 22.4 % 25.6 % 4Q 2025 Financial Supplement 31
--- ---
Reconciliation of Non-GAAP Measures (3/3)
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Balances as of
(in millions USD, unless otherwise indicated) 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025
Equity Reconciliation - Quarter-end Balances
Total equity attributable to Holdings' shareholders $ 1,992 $ 1,598 $ 3,201 $ 1,565 $ 2,401 $ 1,149 $ 148 $ (74)
Less: Preferred Stock 1,562 1,562 1,562 1,507 1,507 1,228 1,068 1,068
Total equity attributable to Holdings' common shareholders 430 36 1,639 58 894 (79) (920) (1,142)
Less: Accumulated other comprehensive income (loss) (8,191) (8,675) (6,601) (8,712) (7,567) (7,432) (6,191) (6,280)
Total equity attributable to Holdings' common shareholders (ex. AOCI) $ 8,621 $ 8,711 $ 8,240 $ 8,770 $ 8,461 $ 7,353 $ 5,271 $ 5,138 Balances as of
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
(in millions USD, unless otherwise indicated) 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025
Equity Reconciliation - Twelve Month Rolling Average
Total equity attributable to Holdings' shareholders $ 2,442 $ 1,953 $ 2,357 $ 2,089 $ 2,191 $ 2,079 $ 1,316 $ 906
Less: Preferred Stock 1,562 1,562 1,562 1,548 1,535 1,451 1,328 1,218
Total equity attributable to Holdings' common shareholders 880 391 795 541 656 628 (12) (312)
Less: Accumulated other comprehensive income (loss) (8,254) (8,632) (7,816) (8,045) (7,889) (7,578) (7,476) (6,868)
Total equity attributable to Holdings' common shareholders (ex. AOCI) $ 9,134 $ 9,023 $ 8,611 $ 8,586 $ 8,545 $ 8,206 $ 7,464 $ 6,556
4Q 2025 Financial Supplement 32
--- ---
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 Retirement and Life businesses. Total AUM reflects exclusions between segments to avoid double counting.
Average Account Value (TTM) - Calculated as an average of the previous twelve calendar months total Account Value balance, net of embedded derivative instruments where applicable.
Benefit base - A notional amount (not actual cash value) used to calculate the owner’s guaranteed benefits within an annuity contract. The death benefit and living benefit within the same contract may not have the same benefit base.
Brokerage Assets - Brokerage accounts which allow clients a variety of investments, including mutual funds, exchange traded products, equities and fixed income, to be managed in one account. The client is charged for all buy and sell transactions.
Current Product Offering (Retirement) - Products sold 2011 and later.
Deferred policy acquisition costs (“DAC”) - Represents the incremental costs related directly to the successful acquisition of new and certain renewal insurance policies and annuity contracts and which have been deferred on the balance sheet as an asset.
Direct Assets - Mutual Funds purchased through and registered directly with an asset management company. No other agents, such as brokers or distributors, are involved in the transactions.
Equitable Advisors - means Equitable Advisors, LLC, a Delaware limited liability company, our retail broker/dealer for our retirement and protection businesses and a wholly-owned indirect subsidiary of Holdings.
Fixed Rate (Retirement) - Pre-2011 GMxB products.
FYP - First year premium and deposits.
GMxB - A general reference to all forms of variable annuity guaranteed benefits, including guaranteed minimum living benefits, or GMLBs (such as GMIBs, GMWBs and GMABs), and guaranteed minimum death benefits, or GMDBs (inclusive of return of premium death benefit guarantees).
Gross premiums - FYP and Renewal premium and deposits.
Guaranteed minimum death benefits (“GMDB”) - An optional benefit (available for an additional cost) that guarantees an annuitant’s beneficiaries are entitled to a minimum payment based on the benefit base, which could be greater than the underlying AV, upon the death of the annuitant.
Guaranteed minimum income benefits (“GMIB”) - An optional benefit (available for an additional cost) where an annuitant is entitled to annuitize the policy and receive a minimum payment stream based on the benefit base, which could be greater than the underlying AV.
Guaranteed minimum living benefits (“GMLB”) - A reference to all forms of guaranteed minimum living benefits, including GMIBs, GMWBs and GMABs (does not include GMDBs).
Individual Life Benefit Ratio - Policyholders’ benefits as a percent of policy charges, fee income and premium and investment management and services fees (net of reinsurance).
Invested assets - Includes fixed maturity securities, equity securities, mortgage loans, policy loans, alternative investments and short-term investments.
Liability for future policy benefits - the liability related to life insurance policies such as non-participating traditional life insurance policies (Term) and limited pay contracts (Payout, Pension).
Life Reserves - Equals the aggregate value of Policyholders’ account balances and future policy benefits for policies.
Market risk benefits - (“MRBs”) are contracts or contract features that provide protection to the contract holder from other than nominal capital market risk and expose the Company to other than nominal capital market risk. Market risk benefits include contract features that provide minimum guarantees to policyholders and include GMIB, GMDB, GMWB, GMAB, and ROP DB benefits.
Net flows - Net change in customer account balances in a period including, but not limited to, gross premiums, surrenders, withdrawals and benefits. It excludes investment performance, interest credited to customer accounts and policy charges.
Net interest margin - Net investment income (loss) plus net derivative gains (losses) less interest credited to policyholder's account balances.
Net long-term flows - Net change of assets under management in a period which includes new sales net of redemptions of mutual funds and terminations of separately managed accounts and cash flow which includes both cash invested or withdrawn by existing clients. In addition, cash flow includes fees received from certain clients. It excludes the impact of the markets.
Net new assets - Consists of total client deposits into advisory accounts less total client withdrawals from advisory accounts, plus dividends, plus interest, minus advisory fees. AUA reflects adjusted balances with no financial impact.
Premiums and deposits - Amounts a policyholder agrees to pay for an insurance policy or annuity contract that may be paid in one or a series of payments as defined by the terms of the policy or contract.
Pre-tax operating margin - Calculated as operating earnings, before income taxes, divided by revenue.
Renewal premium and deposits - Premiums and deposits after the first twelve months of the policy or contract.
Return of Premium (“ROP”) death benefit - This death benefit pays the greater of the account value at the time of a claim following the owner’s death or the total contributions to the contract (subject to adjustment for withdrawals). The charge for this benefit is usually included in the M&E fee that is deducted daily from the net assets in each variable investment option. We also refer to this death benefit as the Return of Principal death benefit. 4Q 2025 Financial Supplement 33
--- ---
Return on Assets - Calculated as trailing twelve months operating earnings (loss), before income taxes, divided by trailing twelve months average account value, net of embedded derivative instruments.
---
Return on Equity (ex. AOCI) - Calculated as trailing twelve months net income (loss) attributable to Holdings' common shareholders divided by average equity attributable to Holdings' common shareholders, excluding Accumulated Other Comprehensive Income (“AOCI”).
Revenue per advisor - Calculated as trailing twelve months revenue divided by the average number of advisors for each of the most recent four quarters.
Trailing Twelve Months ("TTM") - The twelve calendar months preceding the balance sheet date of a given reporting period. 4Q 2025 Financial Supplement 34
--- ---
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
Mizuho Securities Yaron Kinar 1 (646) 445-0248
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 Wes Carmichael 1 (212) 214-5335
Wolfe Research Tracy Dolin-Benguigui 1 (646) 419-2560
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 '25
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
Investor and Media Contacts
Contact Investor Relations Contact Media Relations
Erik Bass Laura Yagerman
IR@equitable.com MediaRelations@equitable.com
ir.equitableholdings.com
4Q 2025 Financial Supplement 35
--- ---

Report a Problem

Category
Description
Email (optional, for follow-up)