axaeq-20230503
0001333986false00013339862023-05-032023-05-030001333986exch:XNYSus-gaap:CommonClassAMember2023-05-032023-05-030001333986exch:XNYSus-gaap:SeriesAPreferredStockMember2023-05-032023-05-030001333986exch:XNYSus-gaap:SeriesCPreferredStockMember2023-05-032023-05-03

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 3, 2023
Equitable Holdings, Inc.
(Exact name of registrant as specified in its charter)
Delaware001-3846990-0226248
(State or other jurisdiction of(Commission File Number)(I.R.S. Employer
incorporation or organization)Identification No.)
1290 Avenue of the Americas, New York, New York                     10104
(Address of principal executive offices) (Zip Code)
(212) 554-1234
(Registrant’s telephone number, including area code)
Not Applicable
(Former name or address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Title of each classTrading SymbolName of Exchange on which registered
Common StockEQHNew York Stock Exchange
Depositary Shares, each representing a 1/1,000th interest in a share of Fixed Rate Noncumulative Perpetual Preferred Stock, Series AEQH PR ANew York Stock Exchange
Depositary Shares, each representing a 1/1,000th interest in a share of Fixed Rate Noncumulative Perpetual Preferred Stock, Series CEQH PR CNew 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 May 3, 2023, Equitable Holdings, Inc. (“EQH”) issued a press release announcing its financial results for the quarter and full year ended March 31, 2023. A copy of the press release containing this information is furnished as Exhibit 99.1 hereto and is incorporated herein by reference. In addition, more detailed financial information may be found in EQH’s Financial Supplement for the quarter ended March 31, 2023. A copy of the Financial Supplement for the quarter ended March 31, 2023 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 ended March 31, 2023, EQH has prepared a presentation for use with investors and other members of the investment community, which will be accessible via EQH’s investor relations website at https://ir.equitableholdings.com at 8 a.m. ET on Thursday, May 4, 2023.
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
Press release of Equitable Holdings, Inc., dated May 3, 2023 (furnished and not filed)
Financial Supplement for the quarter ended March 31, 2023 (furnished and not filed)
104Cover 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: May 3, 2023
By:
/s/ William Eckert
Name:
William Eckert
Title:
Chief Accounting Officer
(Principal Accounting Officer)




EQUITABLE HOLDINGS REPORTS FIRST QUARTER 2023 RESULTS
_______________________________________
•Strong results across Retirement1, Asset and Wealth Management businesses with $3.2 billion core inflows2

•Robust balance sheet, strong capital position with $1.8 billion3 of cash at HoldCo and high quality investment portfolio with 96% of fixed maturities rated investment grade

•Net income of $177 million; Net income per share of $0.45

•Non-GAAP operating earnings4 of $364 million, or $0.96 per share; adjusting for notable items5, Non-GAAP operating earnings of $456 million, or $1.21 per share

•Returned $286 million in the quarter, consistently delivering on payout target

_______________________________________
New York, NY, May 3, 2023 — Equitable Holdings, Inc. (“Equitable Holdings”, “Holdings”, or the “Company”) (NYSE: EQH) today announced financial results for the first quarter ended March 31, 2023.
“We reported non-GAAP operating earnings of $0.96 per share, or $1.21 per share after adjusting for notable items, up 9% compared to the fourth quarter 2022 and down 18% compared to the prior year quarter. Adjusted results, which account for volatility in mortality and lower alternatives performance, were in line with expectations with equity markets driving fee-based earnings. Our Retirement, Asset and Wealth Management businesses continue to generate strong new business value with in-demand offerings leading to $3.2 billion in core net inflows2.” said Mark Pearson, President and Chief Executive Officer.

Mr. Pearson continued, “With an increasing focus on the balance sheet across our industry, we are well-positioned for periods of market stress with a conservatively positioned and high quality investment portfolio, which is A2-rated with fixed maturities that are 96% investment grade, and a strong capital position supported by $1.8 billion of cash and liquid assets at Holdings3.”

Mr. Pearson concluded, “This quarter, we have also enhanced our disclosures, providing further transparency into the strength of our integrated business model, and look forward to highlighting the significant opportunity ahead for Equitable Holdings at our inaugural Investor Day on May 10th.”

1 Includes Individual Retirement, Group Retirement and Protection Solutions
2 Includes Individual Retirement, Group Retirement, Investment Management and Research and Wealth Management segments.
3 Holding Company cash of $2.4 billion as of March 31, 2023; $1.8 billion is net of $520 million debt repayment in April 2023.
4 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.
5 Please refer to Exhibit 1 for detailed reconciliation and definitions related to notable items.

1

Consolidated Results
First Quarter
(in millions, except per share amounts or unless otherwise noted)20232022
Total Assets Under Management/Administration (“AUM/A”, in billions)$864 $935 
Net income attributable to Holdings177 530 
    Net income attributable to Holdings per common share0.45 1.32 
Non-GAAP operating earnings364 499 
    Non-GAAP operating earnings per common share (“EPS”)0.96 1.24 
As of March 31, 2023, total AUM/A was $864 billion, a year-over-year decrease of 7.6%, driven by lower markets over the prior twelve months.
The Net income attributable to Holdings for the first quarter of 2023 was $177 million compared to $530 million in the first quarter of 2022.

Non-GAAP operating earnings in the first quarter of 2023 was $364 million compared to $499 million in the first quarter of 2022. Adjusting for notable items6 of $92 million, first quarter 2023 Non-GAAP operating earnings were $456 million or $1.21 per share.

As of March 31, 2023, book value per common share, including accumulated other comprehensive income (“AOCI”), was $6.10. Book value per common share, excluding AOCI, was $24.25.
6 Please refer to Exhibit 1 for detailed reconciliation and definitions related to notable items.

2

Business Highlights

•Business segment highlights:
◦Individual Retirement (“IR”) reported net inflows of $932 million supported by continued demand for industry-leading RILA products with first year premiums up 12% over prior year.
◦Group Retirement (“GR”) reported net inflows of $30 million led by the tax-exempt market which had $639 million of total premiums in the quarter.
◦Investment Management and Research (AllianceBernstein or “AB”)7 reported net inflows of $0.8 billion, with $1.8 billion of active inflows, meeting demand for taxable fixed income and municipals in higher rate environment.

◦Protection Solutions (“PS”) reported $786 million in gross written premiums, up 1% over prior year quarter, with $330 million of gross premiums in the quarter continuing the Company’s strategic shift toward accumulation-oriented VUL.

◦Wealth Management (“WM”) reported net inflows of $1.4 billion supported by $2.3 billion of advisory sales continuing the Company’s shift toward fee-based advisory AUA.

◦Legacy (“L”) reported $523 million net outflows and continues to run-off at $2 billion to $3 billion per annum.

•Capital management program:
◦The Company returned $286 million to shareholders in the quarter, including $72 million of quarterly cash dividends and $214 million of share repurchases, which is in line with our 55-65% payout target.
◦The Company intends to increase its quarterly cash dividend from $0.20 to $0.22 per share in the second quarter.8
◦The Company reported cash and liquid assets of $1.8 billion at Holdings9, which remains above the $500 million minimum target, with a continued focus on maximizing financial flexibility to support consistent capital return.

◦Fair value hedging program targets the Company’s economic liability while protecting the statutory balance sheet to CTE98 and maintained over 95% hedging effectiveness in the quarter.
.




7 Refers to AllianceBernstein L.P. and AllianceBernstein Holding L.P., collectively.
8 Any declaration of dividends will be at the discretion of the Board of Directors and will depend on our financial condition and other factors.
9 Holding Company cash of $2.4 billion as of March 31, 2023; $1.8 billion is net of $520 million debt repayment in April 2023.


3

•Delivering long-term shareholder value:
◦Continuing to deliver 8-10% long-term annualized Non-GAAP EPS growth supported by the Company realizing $60 million of its $80 million net expense savings target. The Company is on track to complete the program by year end 2023.

◦Enhanced disclosures highlight the strength of the Company’s integrated business model, delivering organic growth across Retirement, Asset Management and the Company’s new Wealth Management segment.

◦New Legacy segment, which includes more capital intensive pre-2011 fixed-rate variable annuities previously reported in Individual Retirement, represents approximately 16% of account value10 with $2 billion to $3 billion of expected outflows per annum.
10 Includes Individual Retirement, Group Retirement and Legacy segment account value.


4

Business Segment Results

Individual Retirement
 (in millions, unless otherwise noted)Q1 2023Q1 2022
Account value (in billions)$78.8 $79.6 
Segment net flows932 665 
Operating earnings (loss)200 203 
•Account value decreased by 1% primarily due to lower markets, partially offset by continued demand for protected equity products through volatile markets.
•Net inflows of $932 million were higher over prior year quarter supported by continued demand for less capital-intensive products which include industry leading RILA offerings.
•Operating earnings decreased from $203 million in the prior year quarter to $200 million, primarily driven by lower fee-type revenue on lower average account values partially offset by higher net investment income due to higher SCS asset balances.

•Operating earnings adjusting for notable items11 increased from $200 million in the prior year quarter to $204 million. Notable items of $4 million in the current period reflect lower net investment income from alternatives.

Group Retirement
 (in millions, unless otherwise noted)Q1 2023Q1 2022
Account value (in billions) (1)$33.6 $46.0 
Segment net flows (2)30 523 
Operating earnings (loss)89 144 
(1) Effective October 3, 2022, AV excludes activity related to ceded AV to Global Atlantic. In addition, roll-forward reflects the AV ceded to Global Atlantic as of the transaction date.
(2) For the three months ended March 31, 2023, net out flows of $180 million are excluded as these amounts are related to ceded AV to Global Atlantic.

•Account value decreased by 27% driven primarily by the reinsurance transaction with Global Atlantic, which reduced account value by c. $9.4 billion, and market performance over the prior twelve months.
•Net inflows of $30 million decreased versus prior year quarter, primarily due to a large institutional mandate in the first quarter of 2022, with tax-exempt channel inflows in the current period supported by premiums of $639 million and lower redemptions due to reinsured policies.
•Operating earnings decreased from $144 million in the prior year quarter to $89 million primarily due to lower net investment income from alternatives income and lower fee-type revenue on lower average account values.

•Operating earnings adjusting for notable items12 decreased from $139 million in the prior year quarter to $97 million. Notable items of $8 million reflect lower net investment income from alternatives.
11 Please refer to Exhibit 1 for detailed reconciliation and definitions related to notable items.
12 Please refer to Exhibit 1 for detailed reconciliation and definitions related to notable items.
5


AllianceBernstein
 (in millions, unless otherwise noted)Q1 2023Q1 2022
Total AUM (in billions)$675.9 $735.4 
Segment net flows (in billions)0.8 11.4 
Operating earnings (loss)99 136 
•AUM decreased by 8% due to market performance over the prior twelve months.
•First quarter net inflows of $0.8 billion were driven by net inflows of $1.6 billion in Retail and $1.9 billion in Private Wealth with growth in the quarter driven by taxable bonds, municipals and money markets.
•Operating earnings decreased from $136 million in the prior year quarter to $99 million, primarily due to lower base fees on lower average AUM and lower performance fees.

Protection Solutions
 (in millions)Q1 2023Q1 2022
Gross written premiums$786 $778 
Annualized premiums292 77 
Operating earnings (loss)(35)(3)
•Gross written premiums increased 1% year-over-year with higher Employee Benefits premiums partially offset by lower Life premiums compared to prior year quarter.
•Operating earnings decreased from a $3 million loss in the prior year quarter to a $35 million loss, primarily due higher than expected mortality and lower net investment income from lower alternatives income.
•Operating earnings adjusting for notable items13 decreased from $109 million in the prior year quarter to $46 million. Notable items of $81 million reflect elevated mortality and lower net investment income from alternatives.















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

6


Wealth Management
 (in millions, unless otherwise noted)Q1 2023Q1 2022
Total AUA (in billions)$75.6 $78.9 
Net Flows (in billions)1.4 1.7 
Operating earnings (loss)32 32 
•AUA decreased by 4% due to market performance, partially offset by net inflows, over the last twelve months.
•First quarter net inflows of $1.4 billion supported by Advisory net inflows of $828 million in the quarter.
•Operating earnings were $32 million, in line with prior year quarter, with higher interest income offsetting lower fees on lower balances.


Legacy
 (in millions)Q1 2023Q1 2022
Account value (in billions)$22.0 $26.8 
Net Flows (1)(523)(613)
Operating earnings (loss)60 63 
(1) Net flows excluded as it relates to AV ceded to Venerable for the discrete periods of March 31, 2022 and March 31, 2023 were $(316) million and $(292) million, respectively.

•Account value decreased by 18% primarily due to lower markets and expected outflows over the prior twelve months.
•First quarter net outflows of $523 million in line with expectations as this business continues to run-off at $2 billion to $3 billion per annum.
•Operating earnings decreased from $63 million in the prior year quarter to $60 million, primarily due to lower fees on lower account balances.
•Operating earnings adjusting for notable items14 increased from $60 million in the prior year quarter to $64 million. Notable items of $4 million in the current period reflect lower net investment income from alternatives.

Corporate and Other (“C&O”)
Operating loss of $81 million in the first quarter increased compared to operating loss of $76 million in the prior year quarter, primarily driven by higher interest credited partially offset by higher net investment income and lower expenses compared to the prior year quarter. Operating loss after adjusting for notable items15 increased from $82 million in the prior year quarter to $86 million.
14 Please refer to Exhibit 1 for detailed reconciliation and definitions related to notable items.
15 Please refer to Exhibit 1 for detailed reconciliation and definitions related to notable items.

7



Exhibit 1: Notable Items

Notable items represent the impact on results from our annual actuarial assumption review, approximate impacts attributable to significant variances from the Company’s expectations, and other items that the Company believes may not be indicative of future performance. The Company chooses to highlight the impact of these items and Non-GAAP measures, less notable items to provide a better understanding of our results of operations in a given period. Certain figures may not sum due to rounding.
Impact of notable items by segment and Corporate & Other:
Three Months Ended March 31,
(in millions)20232022
Non-GAAP Operating Earnings364 $499 
Post-tax Adjustments related to notable items:
Individual Retirement4 (3)
Group Retirement8 (5)
Investment Management and Research— — 
Protection Solutions81 112 
Wealth Management— — 
Legacy4 (3)
Corporate & Other(5)(6)
Notable items subtotal92 95 
Less: impact of actuarial assumption update— — 
Non-GAAP Operating Earnings, less Notable Items$456 $594 

Impact of notable items by item category:
Three Months Ended March 31,
(in millions)20232022
Non-GAAP Operating Earnings364 $499 
Pre-tax adjustments related to Notable Items:
Actuarial Updates/Reserve— — 
Mortality62 143 
Expenses— — 
Net Investment Income47 (24)
Subtotal109 119 
Post-tax impact of Notable Items92 95 
Less: impact of actuarial assumption update— — 
Non-GAAP Operating Earnings, less Notable Items$456 $594 



8




Impact of Notable Items by segment and corporate & other:
Three months ended 3/31/2023 ($m)IRGRABPSWMLC&OConsolidated
Non-GAAP Operating Earnings200 89 99 (35)32 60 (81)364 
Pre-tax adjustments related to Notable Items:
     Actuarial Updates/Reserve— — — — — — — — 
     Mortality— — — 77 — — (15)62 
     Expenses— — — — — — — — 
     Net Investment Income4 9 — 19 — 5 9 47 
Pre-tax Subtotal4 9 — 96 — 5 (6)109 
Tax adjustment(1)(1)— (15)— (1)1 (17)
Post-tax impact of Notable Items4 8 — 81 — 4 (5)92 
     Impact of Actuarial Assumption Update— — — — — — — — 
Non-GAAP Operating Earnings, less Notable Items204 97 99 46 32 64 (86)456 
0
Three months ended 3/31/2022 ($m)IRGRABPSWMLC&OConsolidated
Non-GAAP Operating Earnings203 144 136 (3)32 63 (76)499 
Pre-tax adjustments related to Notable Items:
     Actuarial Updates/Reserve— — — — — — — — 
     Mortality— — — 143 — — — 143 
     Expenses— — — — — — — — 
     Net Investment Income(3)(6)— (8)— (3)(4)(24)
Pre-tax Subtotal(3)(6)— 135 — (3)(4)119 
Tax adjustment(1)0— (23)— 0(1)(24)
Post-tax impact of Notable Items(3)(5)— 112 — (3)(6)95 
     Impact of Actuarial Assumption Update— — — — — — — — 
Non-GAAP Operating Earnings, less Notable Items200 139 136 109 32 60 (82)594 


9


Earnings Conference Call
Equitable Holdings will host a conference call at 8 a.m. ET May 4, 2023 to discuss its first quarter 2023 results. The conference call webcast, along with additional earnings materials will be accessible on the company’s investor relations website at ir.equitableholdings.com. Please log on to the webcast at least 15 minutes prior to the call to download and install any necessary software.

To register for the conference call, please use the following link:
EQH First Quarter 2023 Earnings Call

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

A webcast replay will be made available on the Equitable Holdings Investor Relations website at ir.equitableholdings.com.
About Equitable Holdings
Equitable Holdings, Inc. (NYSE: EQH) is a financial services holding company comprised of two complementary and well-established principal franchises, Equitable and AllianceBernstein. Founded in 1859, Equitable provides advice, protection and retirement strategies to individuals, families and small businesses. AllianceBernstein is a global investment management firm that offers high-quality research and diversified investment services to institutional investors, individuals and private wealth clients in major world markets. Equitable Holdings has approximately 12,300 employees and financial professionals, $864 billion in assets under management and administration (as of 3/31/2023) and more than 5 million client relationships globally.
Contacts:
Investor Relations
Işıl Müderrisoğlu
(212) 314-2476
[email protected]

Media Relations
Sophia Kim
(212) 314-2010
[email protected]

10

Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “expects,” “believes,” “anticipates,” “intends,” “seeks,” “aims,” “plans,” “assumes,” “estimates,” “projects,” “should,” “would,” “could,” “may,” “will,” “shall” or variations of such words are generally part of forward-looking statements. Forward-looking statements are made based on management’s current expectations and beliefs concerning future developments and their potential effects upon Equitable Holdings, Inc. (“Holdings”) and its consolidated subsidiaries. “We,” “us” and “our” refer to Holdings and its consolidated subsidiaries, unless the context refers only to Holdings as a corporate entity. There can be no assurance that future developments affecting Holdings will be those anticipated by management. Forward-looking statements include, without limitation, all matters that are not historical facts.
These forward-looking statements are not a guarantee of future performance and involve risks and uncertainties, and there are certain important factors that could cause actual results to differ, possibly materially, from expectations or estimates reflected in such forward-looking statements, including, among others: (i) conditions in the financial markets and economy, including the impact of plateauing or decreasing economic growth and geopolitical conflicts 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 including COVID-19; (iii) credit, counterparties and investments, including counterparty default on derivative contracts, failure of financial institutions, defaults by third parties and affiliates and economic downturns, defaults and other events adversely affecting our investments; (iv) our reinsurance and hedging programs; (v) our products, structure and product distribution, including variable annuity guaranteed benefits features within certain of our products, variations in statutory capital requirements, financial strength and claims-paying ratings, state insurance laws limiting the ability of our insurance subsidiaries to pay dividends and key product distribution relationships; (vi) estimates, assumptions and valuations, including risk management policies and procedures, potential inadequacy of reserves and experience differing from pricing expectations, amortization of deferred acquisition costs and financial models; (vii) our Investment Management and Research segment, including fluctuations in assets under management and the industry-wide shift from actively-managed investment services to passive services; (viii) 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 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.
11

Use of Non-GAAP Financial Measures
In addition to our results presented in accordance with U.S. GAAP, we report Non-GAAP Operating Earnings, Non-GAAP Operating EPS, and Book Value per common share, excluding AOCI, each of which is a measure that is not determined in accordance with U.S. GAAP. Management principally uses these non-GAAP financial measures in evaluating performance because they present a clearer picture of our operating performance and they allow management to allocate resources. Similarly, management believes that the use of these Non-GAAP financial measures, together with relevant U.S. GAAP measures, provide investors with a better understanding of our results of operations and the underlying profitability drivers and trends of our business. These non-GAAP financial measures are intended to remove from our results of operations the impact of market changes (where there is mismatch in the valuation of assets and liabilities) as well as certain other expenses which are not part of our underlying profitability drivers or likely to re-occur in the foreseeable future, as such items fluctuate from period-to-period in a manner inconsistent with these drivers. These measures should be considered supplementary to our results that are presented in accordance with U.S. GAAP and should not be viewed as a substitute for the U.S. GAAP measures. Other companies may use similarly titled non-GAAP financial measures that are calculated differently from the way we calculate such measures. Consequently, our non-GAAP financial measures may not be comparable to similar measures used by other companies.
We also discuss certain operating measures, including AUM, AV, and certain other operating measures, which management believes provide useful information about our businesses and the operational factors underlying our financial performance.
Non-GAAP Operating Earnings
Non-GAAP Operating Earnings is an after-tax non-GAAP financial measure used to evaluate our financial performance on a consolidated basis that is determined by making certain adjustments to our consolidated after-tax net income attributable to Holdings. The most significant of such adjustments relates to our derivative positions, which protect economic value and statutory capital, and 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 market risk benefits and purchased market risk benefits, including the related attributed fees and claims, offset by derivatives and other securities used to hedge the market risk benefits 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, COVID-19 related impacts, net derivative gains (losses) on certain Non-GMxB derivatives, net investment income from certain items including consolidated VIE investments, seed capital mark-to-market adjustments, unrealized gain/losses and realized capital gains/losses from sales or disposals of
12

select securities, certain legal accruals; and a bespoke deal to repurchase UL policies from one entity that had invested in numerous policies purchased in the life settlement market, which disposed of the risk of additional COI litigation by that entity related to those UL policies; and
•Income tax expense (benefit) related to the above items and non-recurring tax items, which includes the effect of uncertain tax positions for a given audit period, and a decrease of a deferred tax valuation allowance.
Because Non-GAAP Operating Earnings excludes the foregoing items that can be distortive or unpredictable, management believes that this measure enhances the understanding of the Company’s underlying drivers of profitability and trends in our business, thereby allowing management to make decisions that will positively impact our business.
We use the prevailing corporate federal income tax rate of 21% while taking into account any non-recurring differences for events recognized differently in our financial statements and federal income tax returns as well as partnership income taxed at lower rates when reconciling Net income (loss) attributable to Holdings to Non-GAAP Operating Earnings.
The table below presents a reconciliation of Net income (loss) attributable to Holdings to Non-GAAP Operating Earnings for the three months and three months ended March 31, 2023 and 2022:
Three Months Ended March 31,
(in millions)20232022
Net income (loss) attributable to Holdings$177 $530 
Adjustments related to:
Variable annuity product features861 (616)
Investment (gains) losses87 326 
Net actuarial (gains) losses related to pension and other postretirement benefit obligations9 19 
Other adjustments (1) (2)45 228 
Income tax expense (benefit) related to above adjustments(210)9 
Non-recurring tax items (3)(605)3 
Non-GAAP Operating Earnings$364 $499 
_______________
(1)Includes certain gross legal expenses related to the cost of insurance litigation, and claims related to a commercial relationship of, $0 million and $59 million for the three months ended March 31, 2023 and 2022, respectively. Includes policyholder benefit costs of $75 million for the three months ended March 31, 2022 stemming from a deal to repurchase UL policies from one entity that had invested in numerous policies purchased in the life settlement market.
(2)Includes Non-GMxB related derivative hedge losses of $0 million and ($2) million for the three months ended March 31, 2023 and 2022, respectively.
(3) For the three months ended March, 31 2023, non-recurring tax items reflect the effect of uncertain tax positions for a given audit period and a decrease of a deferred tax valuation allowance.


13


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 three months ended March 31, 2023 and 2022.
Three Months Ended March 31,
(per share amounts)20232022
Net income (loss) attributable to Holdings (1)$0.49 $1.35 
Less: Preferred stock dividend0.04 0.04 
Net Income (loss) available to common shareholders0.45 1.33 
Adjustments related to:
Variable annuity product features2.36 (1.57)
Investment (gains) losses0.24 0.83 
Net actuarial (gains) losses related to pension and other postretirement benefit obligations0.02 0.05 
Other adjustments (2) (3) (4)0.13 0.58 
Income tax expense (benefit) related to above adjustments(0.58)0.02 
Non-recurring tax items (5)(1.66)0.01 
Non-GAAP Operating Earnings$0.96 $1.25 
_______________
(1)For periods presented with a net loss, basic shares are used for EPS.
(2)The impact per common share is $0.00 and $0.21 for the three months ended March 31, 2022. Separation costs were completed during 2021.
(3)Includes certain gross legal expenses related to the cost of insurance litigation and claims related to a commercial relationship of $0 million and $59 million for the three months ended March 31, 2023 and 2022, respectively. Includes policyholder benefit costs of $75 million for the three months ended March 31, 2022 stemming from a deal to repurchase UL policies from one entity that had invested in numerous policies purchased in the life settlement market. The legal accruals impact per common share is $0.00 and $0.15 for the three months ended March 31, 2023 and 2022, respectively. Includes policyholder benefit costs of $0.19 for the three months ended March 31, 2022 stemming from a deal to repurchase UL policies from one entity that had invested in numerous policies purchased in the life settlement market. No adjustments were made to prior period Non-GAAP Operating EPS as the impact was immaterial.
(4)Includes Non-GMxB related derivative hedge losses of $0.01 and $(0.01) for the three months ended March 31, 2023 and 2022, respectively.
(5) For the three months ended March, 31 2023, non-recurring tax items reflect the effect of uncertain tax positions for a given audit period and a decrease of a deferred tax valuation allowance.


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.
14

 March 31,
2023		December 31, 2022
Book value per common share$6.10 $(0.44)
Per share impact of AOCI18.15 24.63 
Book Value per common share, excluding AOCI$24.25 $24.19 

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

Account Value (“AV”)
Account value generally equals the aggregate policy account value of our retirement products.

Assets Under Management (“AUM”)
AUM means investment assets that are managed by one of our subsidiaries and includes: (i) assets managed by AB, (ii) the assets in our general account investment portfolio and (iii) the separate account assets of our Individual Retirement, Group Retirement and Protection Solutions businesses. Total AUM reflects exclusions between segments to avoid double counting.

Assets Under Management (“AUA”)
AUA means advisory and brokerage investment assets included in the Company’s Wealth Management segment.

Segment net flows
Net change in segment customer account balances in a period including, but not limited to, gross premiums, surrenders, withdrawals and benefits. It excludes investment performance, interest credited to customer accounts and policy charges.
15

Consolidated Statements of Income (Loss) (Unaudited)
Three Months Ended March 31,
 20232022
(in millions)
REVENUES
Policy charges and fee income$588 $650 
Premiums276 247 
Net derivative gains (losses)(841)159 
Net investment income (loss)990 804 
Investment gains (losses), net:
Credit losses on available-for-sale debt securities and loans(66)10 
Other investment gains (losses), net(21)(336)
Total investment gains (losses), net(87)(326)
Investment management and service fees1,180 1,355 
Other income251 257 
Total revenues2,357 3,146 
BENEFITS AND OTHER DEDUCTIONS
Policyholders’ benefits730 802 
Remeasurement of liability for future policy benefits4 22 
Change in market risk benefits and purchased market risk benefits20 (467)
Interest credited to policyholders’ account balances463 313 
Compensation and benefits583 596 
Commissions and distribution-related payments380 422 
Interest expense61 47 
Amortization of deferred policy acquisition costs152 143 
Other operating costs and expenses423 534 
Total benefits and other deductions2,816 2,412 
Income (loss) from continuing operations, before income taxes(459)734 
Income tax (expense) benefit725 (137)
Net income (loss)266 597 
Less: Net income (loss) attributable to the noncontrolling interest89 67 
Net income (loss) attributable to Holdings177 530 
Less: Preferred stock dividends14 14 
Net income (loss) available to Holdings’ common shareholders$163 $516 

16

Earnings Per Common Share
Three Months Ended March 31,
 20232022
(in millions)
Earnings per common share
Basic$0.45 $1.33 
Diluted$0.45 $1.32 
Weighted average shares
Weighted average common stock outstanding for basic earnings per common share361.9 388.6 
Weighted average common stock outstanding for diluted earnings per common share (1)364.1 391.7 
(1)Due to net loss for the three months ended March 31, 2022 approximately 3.1 million share awards were excluded from the diluted EPS calculation.

Results of Operations by Segment
Three Months Ended March 31,
20232022
(in millions)
Operating earnings (loss) by segment:
Individual Retirement$200 $203 
Group Retirement89 144 
Investment Management and Research99 136 
Protection Solutions(35)(3)
Wealth Management32 32 
Legacy60 63 
Corporate and Other (1)(81)(76)
Non-GAAP Operating Earnings$364 $499 
(1)Includes interest expense and financing fees of $62 million and $53 million for the three months ended March 31, 2023, and 2022 respectively.

17

Select Balance Sheet Statistics
March 31,
2023		December 31,
2022
 (in millions)
ASSETS
Total investments and cash and cash equivalents$101,241 $97,378 
Separate Accounts assets119,752 114,853 
Total assets261,500 252,702 
LIABILITIES
Long-term debt$3,819 $3,322 
Future policy benefits and other policyholders' liabilities16,738 16,603 
Policyholders’ account balances86,761 83,866 
Total liabilities255,416 249,106 
EQUITY
Preferred stock1,562 1,562 
Accumulated other comprehensive income (loss)(6,516)(8,992)
Total equity attributable to Holdings$3,754 $1,401 
Total equity attributable to Holdings' common shareholders (ex. AOCI)8,708 8,831 
18

Assets Under Management (Unaudited)
March 31,
2023		December 31,
2022
(in billions)
Assets Under Management
AB AUM$675.9 $646.4 
Exclusion for General Account and other Affiliated Accounts(69.3)(66.8)
Exclusion for Separate Accounts(39.5)(38.2)
AB third party$567.2 $541.4 
Total company AUM
AB third party$567.2 $541.4 
General Account and other Affiliated Accounts (1) (3) (4)101.2 97.4 
Separate Accounts (2) (3) (4)119.8 114.9 
Total AUM$788.1 $753.6 
_______________
(1) “General Account and Other Affiliated Accounts” refers to assets held in the general accounts of our insurance companies and other assets on which we bear the investment risk.
(2) “Separate Accounts” refers to the separate account investment assets of our insurance subsidiaries excluding any assets on which we bear the investment risk.
(3) As of March 31, 2022, June 30, 2022, September 30, 2022, December 31, 2022 and March 31, 2023, Separate Account and General Account AUM is inclusive of $15.1 billion, $60 million, $12.7 billion, $60 million, $11.7 billion, $58 million, $12.1 billion, $56 million, $12.3 billion and $54 million, respectively, Account Value ceded to Venerable. For additional information on the Venerable transaction see Note 1 of the Notes to Consolidated Financial Statements within the 10-K.
(4) As of March 31, 2022 and December 31, 2023, Separate Account is inclusive $0.0 billion and $5.6 billion & General Account AUM is inclusive $0.0 billion and $3.9 billion, respectively, Account Value ceded to Global Atlantic. For additional information on the Global Atlantic transaction see MD&A - Executive Summary “Global Atlantic Reinsurance Transaction" within the 10-K.
19



Table of Contents
Consolidated Financials and Key MetricsPage
Key Metrics Summary
Consolidated Statements of Income (Loss)
Consolidated Balance Sheets
Consolidated Capital Structure
Operating Earnings (Loss) by Segment and Corporate and Other
Assets Under Management and Administration
Sales Metrics by Segment
Select Metrics from Business Segments
Individual Retirement
Statements of Operating Earnings (Loss) and Summary Metrics
Select Operating Metrics
Group Retirement
Statements of Operating Earnings (Loss) and Summary Metrics
Select Operating Metrics
Investment Management and Research
Statements of Operating Earnings (Loss) and Summary Metrics
Select Operating Metrics
Net Flows
Protection Solutions
Statements of Operating Earnings (Loss) and Summary Metrics
Select Operating Metrics
Wealth Management
Statements of Operating Earnings (Loss) and Summary Metrics23
Select Operating Metrics24
Legacy
Statements of Operating Earnings (Loss) and Summary Metrics25
Select Operating Metrics26
Investments
Consolidated Investment Portfolio Composition
Consolidated Results of General Account Investment Portfolio
Additional Information
Deferred Policy Acquisition Costs Rollforward
Use of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Measures
Glossary of Selected Financial and Product Terms
Analyst Coverage, Ratings & Contact Information
Notes:
(1) Refers to AllianceBernsten L.P. and AllianceBernstien Holding L.P., collectively
All information included in this financial supplement is unaudited.
1Q 2023 Financial Supplement
2

.

This financial supplement should be read in conjunction with Equitable Holdings' filings with the Securities and Exchange Commission (“SEC”) can be accessed upon filing at the SEC’s website at www.sec.gov, and at our website at ir.equitableholdings.com.
1Q 2023 Financial Supplement
3







Consolidated Financials
and Key Metrics

1Q 2023 Financial Supplement
3

Key Metrics Summary
For the Three Months Ended or As ofFor the Three Months Ended or As of
(in millions USD, unless otherwise indicated)3/31/20226/30/20229/30/202212/31/20223/31/2023Change3/31/20223/31/2023Change
Net income (loss)$597 $1,011 $648 $138 $266 (55.4)%$597 $266 (55.4)%
Net income (loss) attributable to the noncontrolling interest(67)(44)(54)(76)(89)(32.8)%(67)(89)(32.8)%
Net income (loss) attributable to Holdings$530 $967 $594 $62 $177 (66.6)%$530 $177 (66.6)%
Non-GAAP Operating Earnings (1)$499 $493 $386 $348 $364 (27.1)%$499 $364 (27.1)%
Total equity attributable to Holdings' shareholders$7,959 $5,702 $3,411 $1,401 $3,754 (52.8)%$7,959 $3,754 (52.8)%
Less: Preferred Stock1,562 1,562 1,562 1,562 1,562 — %1,562 1,562 — %
Total equity attributable to Holdings' common shareholders6,397 4,140 1,849 (161)2,192 (65.7)%6,397 2,192 (65.7)%
Less: Accumulated other comprehensive income (loss)(1,304)(4,165)(6,870)(8,992)(6,516)(399.7)%(1,304)(6,516)(399.7)%
Total equity attributable to Holdings' common shareholders (ex. AOCI)$7,701 $8,305 $8,719 $8,831 $8,708 13.1 %$7,701 $8,708 13.1 %
Return on Equity (ex. AOCI) - TTMN/AN/AN/A24.7 %19.9 %N/A19.9 %
Non-GAAP Operating ROE (1)N/AN/AN/A19.6 %17.5 %N/A17.5 %
Debt to capital:
Debt to Capital (ex. AOCI)29.3 %28.0 %27.2 %27.0 %29.7 %29.3 %29.7 %
Per common share:
Diluted earnings per common share: (2)
Net income (loss) attributable to Holdings$1.32 $2.47 $1.54 $0.10 $0.45 (66.0)%$1.32 $0.45 (66.1)%
Non-GAAP Operating Earnings (1)$1.24 $1.23 $0.99 $0.87 $0.96 (22.4)%$1.24 $0.96 (22.4)%
Book value per common share$16.65 $10.99 $5.00 $(0.44)$6.10 (63.3)%$16.65 $6.10 (63.3)%
Book value per common share (ex. AOCI)$20.04 $22.04 $23.56 $24.19 $24.25 21.0 %$20.04 $24.25 21.0 %
Weighted-average common shares outstanding:
Basic388.6 378.9 374.5 368.6 361.9 (6.9)%388.6 361.9 (6.9)%
Diluted391.7 380.6 376.8 371.5 364.1 (7.1)%391.7 364.1 (7.1)%
Ending common shares outstanding384.2 376.8 370.0 365.0 359.1 (6.5)%384.2 359.1 (6.5)%
Return to common shareholders:
Common stock dividend$70 $75 $75 $74 $72 $70 $72 
Repurchase of common shares 279 220 200 150 214 279 214 
Total capital returned to common shareholders$349 $295 $275 $224 $286 $349 $286 
Market Values:
S&P 5004,530 3,785 3,586 3,840 4,109 (9.3)%4,530 4,109 (9.3)%
US 10-Year Treasury2.3 %3.0 %3.8 %3.9 %3.5 %2.3 %3.5 %
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.
1Q 2023 Financial Supplement
4

Consolidated Statements of Income (Loss)
For the Three Months EndedFor the Three Months Ended
(in millions USD, unless otherwise indicated)3/31/20226/30/20229/30/202212/31/20223/31/2023Change3/31/20223/31/2023Change
Revenues
Policy charges and fee income$650 $620 $603 $581 $588 (9.5)%$650 $588 (9.5)%
Premiums247 238 259 250 276 11.7 %247 276 11.7 %
Net derivative gains (losses)159 1,858 199 (1,309)(841)(628.9)%159 (841)(628.9)%
Net investment income (loss)804 711 842 958 990 23.1 %804 990 23.1 %
Investment gains (losses), net (326)(232)(332)(55)(87)73.3 %(326)(87)73.3 %
Investment management and service fees1,355 1,197 1,179 1,160 1,180 (12.9)%1,355 1,180 (12.9)%
Other income257 298 242 231 251 (2.3)%257 251 (2.3)%
Total revenues3,146 4,690 2,992 1,816 2,357 (25.1)%3,146 2,357 (25.1)%
Benefits and other deductions
Policyholders’ benefits802 589 629 696 730 (9.0)%802 730 (9.0)%
Remeasurement of liability for future policy benefits22 12 20 12 4 (81.8)%22 4 — %
Change in market risk benefits and purchased market risk benefits(467)814 (491)(1,136)20 104.3 %(467)20 — %
Interest credited to policyholders’ account balances313 310 378 409 463 47.9 %313 463 47.9 %
Compensation and benefits596 518 568 519 583 (2.2)%596 583 (2.2)%
Commissions and distribution related payments422 394 368 383 380 (10.0)%422 380 (10.0)%
Interest expense47 50 51 53 61 29.8 %47 61 29.8 %
Amortization of deferred policy acquisition costs 143 145 148 150 152 6.3 %143 152 6.3 %
Other operating costs and expenses534 583 496 572 423 (20.8)%534 423 (20.8)%
Total benefits and other deductions2,412 3,415 2,167 1,658 2,816 16.7 %2,412 2,816 16.7 %
Income (loss) from operations, before income taxes734 1,275 825 158 (459)(162.5)%734 (459)(162.5)%
Income tax (expense) benefit(137)(264)(177)(20)725 629.2 %(137)725 629.2 %
Net income (loss)597 1,011 648 138 266 (55.4)%597 266 (55.4)%
Less: net (income) loss attributable to the noncontrolling interest(67)(44)(54)(76)(89)(32.8)%(67)(89)(32.8)%
Net income (loss) attributable to Holdings$530 $967 $594 $62 $177 (66.6)%$530 $177 (66.6)%
Less: Preferred stock dividends(14)(26)(14)(26)(14)— %(14)(14)— %
Net income (loss) available to Holdings' common shareholders$516 $941 $580 $36 $163 (68.4)%$516 $163 (68.4)%
Adjustments related to:
Variable annuity product features $(616)$(1,031)$(675)$129 $861 $(616)$861 
Investment gains (losses), net326 231 333 55 87 326 87 
Net actuarial gains (losses) related to pension and other postretirement benefit obligations19 19 19 25 9 19 9 
Other adjustments (1) (2)228 177 50 150 45 228 45 
Income tax (expense) benefit related to above adjustments 9 127 58 (76)(210)9 (210)
Non-recurring tax items (3)3 3 7 3 (605)3 (605)
Non-GAAP Operating earnings (4)$499 $493 $386 $348 $364 $499 $364 
Notes:
(1) Includes certain gross legal expenses related to the cost of insurance litigation, and claims related to a commercial relationship of, $0 million and $59 million for the three months ended March 31, 2023 and 2022, respectively. Includes policyholder benefit costs of $75 million for the three months ended March 31, 2022 stemming from a deal to repurchase UL policies from one entity that had invested in numerous policies purchased in the life settlement market.
(2) Includes Non-GMxB related derivative hedge losses of $0 million and ($2) million for the three months ended March 31, 2023 and 2022, respectively.
(3) For the three months ended March, 31 2023, non-recurring tax items reflect the effect of uncertain tax positions for a given audit period and a decrease of a deferred tax valuation allowance recorded during the fourth quarter 2022.
(4) This measure is a Non-GAAP financial measure. For an explanation of our use of Non-GAAP financial measures, refer to the “Use of Non-GAAP Financial Measures” and "Glossary of Selected Financial
      and Product Terms" sections of this document. For a reconciliation of this item to the most directly comparable GAAP measure, refer to the “Non-GAAP Reconciliation” section in this document.
1Q 2023 Financial Supplement
5

Consolidated Balance Sheets
Balances as of
(in millions USD, unless otherwise indicated)3/31/20226/30/20229/30/202212/31/20223/31/2023
Assets
Total investments $98,776 $93,216 $92,517 $93,097 $96,223 
Cash and cash equivalents5,713 5,109 4,139 4,281 5,018 
Cash and securities segregated, at fair value1,693 1,747 1,335 1,522 1,055 
Broker-dealer related receivables2,744 2,666 2,539 2,338 2,203 
Deferred policy acquisition costs6,180 6,254 6,322 6,369 6,419 
Goodwill and other intangible assets, net4,723 4,721 5,635 5,482 5,478 
Amounts due from reinsurers4,487 4,376 4,320 8,471 8,453 
Current and deferred income taxes1,118 1,645 2,207 781 1,294 
Purchased market risk benefits12,521 11,739 10,737 10,423 10,676 
Other assets3,884 4,783 4,678 4,033 3,629 
Assets held-for-sale— — — 562 671 
Separate Accounts assets136,812 116,765 109,622 114,853 119,752 
Assets for market risk benefits489 539 514 490 629 
Total assets$279,140 $253,560 $244,565 $252,702 $261,500 
Liabilities
Policyholders’ account balances $79,555 $78,773 $80,009 $83,866 $86,761 
Liability for market risk benefits17,976 16,723 15,569 15,766 15,061 
Future policy benefits and other policyholders’ liabilities17,273 16,656 16,305 16,603 16,738 
Broker-dealer related payables1,992 612 607 715 888 
Customers related payables3,684 3,821 3,361 3,323 2,595 
Amounts due to reinsurers1,331 1,353 1,348 1,533 1,428 
Short-term debt204 245 767 759 751 
Long-term debt3,840 3,840 3,321 3,322 3,819 
Notes issued by consolidated variable interest entities, at fair value using the fair value option1,182 1,150 1,165 1,150 1,169 
Other liabilities5,417 6,162 7,247 7,108 6,296 
Liabilities held-for-sale— — — 108 158 
Separate Accounts liabilities136,812 116,765 109,622 114,853 119,752 
Total liabilities269,266 246,100 239,321 249,106 255,416 
Redeemable noncontrolling interest386 348 354 455 613 
Equity
Preferred stock1,562 1,562 1,562 1,562 1,562 
Common stock4 4 4 4 4 
Additional paid-in capital1,933 1,918 2,027 2,299 2,298 
Treasury shares(3,070)(3,065)(3,202)(3,297)(3,400)
Retained earnings8,834 9,448 9,890 9,825 9,806 
Accumulated other comprehensive income (loss)(1,304)(4,165)(6,870)(8,992)(6,516)
Total equity attributable to Holdings7,959 5,702 3,411 1,401 3,754 
Noncontrolling interest1,529 1,410 1,479 1,740 1,717 
Total equity9,488 7,112 4,890 3,141 5,471 
Total liabilities, redeemable noncontrolling interest and equity$279,140 $253,560 $244,565 $252,702 $261,500 



1Q 2023 Financial Supplement
6

Consolidated Capital Structure
Balances as of
(in millions USD, unless otherwise indicated)3/31/20226/30/20229/30/202212/31/20223/31/2023
Short-term and long-term debt:
Short-term debt
AB commercial paper$— $— $— $— $— 
AB revolving credit facility— — — — — 
CLO Warehousing Debt (1)204 245 248 239 231 
Current portion of Long-term debt— — 519 520 520 
Total short-term debt204 245 767 759 751 
Total long-term debt3,840 3,840 3,321 3,322 3,819 
Total short-term and long-term debt: [A]
$4,044 $4,085 $4,088 $4,081 $4,570 
Equity:
Preferred stock$1,562 $1,562 $1,562 $1,562 $1,562 
Common stock4 4 4 4 4 
Additional paid-in capital1,933 1,918 2,027 2,299 2,298 
Treasury stock, at cost(3,070)(3,065)(3,202)(3,297)(3,400)
Retained earnings8,834 9,448 9,890 9,825 9,806 
Accumulated other comprehensive income (loss)(1,304)(4,165)(6,870)(8,992)(6,516)
Total equity attributable to Holdings7,959 5,702 3,411 1,401 3,754 
Noncontrolling interest1,529 1,410 1,479 1,740 1,717 
Total equity$9,488 $7,112 $4,890 $3,141 $5,471 
Total equity attributable to Holdings, (ex. AOCI): [B]
$9,263 $9,867 $10,281 $10,393 $10,270 
Capital:
Total capitalization (2)$11,799 $9,542 $7,251 $5,243 $8,093 
Total capitalization (ex. AOCI): [A+B] (3)
$13,103 $13,707 $14,121 $14,235 $14,609 
Debt to capital:
Debt to capital (ex. AOCI) (3)29.3 %28.0 %27.2 %27.0 %29.7 %
For the Three Months Ended
Roll-forward of common shares outstanding (millions of shares):
Beginning balance391.2 384.2 376.8 370.0 365.0 
Repurchases(7.9)— (4.7)(3.1)(4.5)
Retirements(0.7)(7.6)(2.3)(1.9)(2.8)
Issuances1.6 0.2 0.2 — 1.3 
Ending basic common shares outstanding384.2 376.8 370.0 365.0 359.1 
Total potentially dilutive shares3.1 2.3 2.3 2.3 2.2 
Ending common shares outstanding - maximum potential dilution387.3 379.1 372.3 367.3 361.3 
Notes:
(1) CLO Warehousing Debt related to VIE consolidation of CLO investment.
(2) Total capitalization exclusive of CLO Warehousing Debt as the VIE debt is non-recourse.
(3) Debt to capital ratio exclusive of CLO Warehousing Debt as the VIE debt is non-recourse.

1Q 2023 Financial Supplement
7

Operating Earnings (Loss) by Segment and Corporate and Other (1/2)
Three Months Ended March 31, 2023
(in millions USD, unless otherwise indicated)Individual RetirementGroup RetirementInv Mgmt and ResearchProtection SolutionsWealth ManagementLegacyCorporate and OtherEliminationsConsolidated
Revenues
Policy charges, fee income and premiums$163 $64 $— $520 $— $34 $83 $— $864 
Net investment income (loss)340 112 9 217 2 66 197 34 977 
Net derivative gains (losses)(5)(1)(10)(2)— — (6)4 (20)
Investment management, service fees and other income90 62 1,010 32 360 106 7 (218)1,449 
Segment revenues588 237 1,009 767 362 206 281 (180)3,270 
Benefits and other deductions
Policyholders’ benefits24 — — 535 — 46 125 — 730 
Remeasurement of liability for future policy benefits1 — — 6 — — (3)— 4 
Interest credited to policyholders’ account balances129 50 — 125 — 12 147 — 463 
Commissions and distribution related payments60 37 148 34 228 43 5 (175)380 
Amortization of deferred policy acquisition costs 89 15 — 29 — 16 3 — 152 
Compensation and benefits, interest expense and financing fees and other operating costs and expense47 29 637 80 91 18 103 (5)1,000 
Segment benefits and other deductions350 131 785 809 319 135 380 (180)2,729 
Operating earnings (loss), before income taxes238 106 224 (42)43 71 (99)— 541 
Income Taxes(38)(17)(36)7 (11)(11)20 — (86)
Operating earnings (loss), before noncontrolling interest200 89 188 (35)32 60 (79)— 455 
Less: Operating (earnings) loss attributable to the noncontrolling interest— — (89)— — — (2)— (91)
Operating earnings (loss)$200 $89 $99 $(35)$32 $60 $(81)$— $364 
Three Months Ended March 31, 2022
Individual RetirementGroup RetirementInv Mgmt and ResearchProtection SolutionsWealth ManagementLegacyCorporate and OtherEliminationsConsolidated
Revenues
Policy charges, fee income and premiums$183 $94 $— $500 $— $35 $85 $— $897 
Net investment income (loss)236 180 (23)272 — 61 126 23 875 
Net derivative gains (losses)(8)(5)20 — — — 1 4 12 
Investment Management, service fees and other income96 66 1,138 37 376 119 11 (226)1,617 
Segment revenues507 335 1,135 809 376 215 223 (199)3,401 
Benefits and other deductions
Policyholders’ benefits18 — — 550 — 36 128 — 732 
Remeasurement of liability for future policy benefits— — — 8 — 1 7 — 16 
Interest credited to policyholders’ account balances60 78 — 128 — 12 35 — 313 
Commissions and distribution related payments64 42 176 34 239 55 5 (193)422 
Amortization of deferred policy acquisition costs 80 15 — 29 — 16 3 — 143 
Compensation and benefits, interest expense and financing fees and other operating costs and expense41 28 675 63 93 19 140 (6)1,053 
Segment benefits and other deductions263 163 851 812 332 139 318 (199)2,679 
Operating earnings (loss), before income taxes244 172 284 (3)44 76 (95)— 722 
Income Taxes(41)(28)(46)— (12)(13)20 — (120)
Operating earnings (loss), before noncontrolling interest203 144 238 (3)32 63 (75)— 602 
Less: Operating (earnings) loss attributable to the noncontrolling interest— — (102)— — — (1)— (103)
Operating earnings (loss)$203 $144 $136 $(3)$32 $63 $(76)$— $499 
1Q 2023 Financial Supplement
8

Assets Under Management and Administration
Balances as of
(in billions USD, except for Equitable Headcount)3/31/20226/30/20229/30/202212/31/20223/31/2023
Assets Under Management
AB AUM
Total AB$735.4 $646.8 $612.7 $646.4 $675.9 
Exclusion for General Account and other Affiliated Accounts(75.1)(69.4)(66.8)(66.8)(69.3)
Exclusion for Separate Accounts(45.3)(38.4)(36.1)(38.2)(39.5)
AB third party$615.0 $539.0 $509.8 $541.4 $567.2 
Total company AUM
AB third party$615.0 $539.0 $509.8 $541.4 $567.2 
General Account and other Affiliated Accounts (1) (3) (4)104.5 98.3 96.7 97.4 101.2 
Separate Accounts (2) (3) (4)136.8 116.8 109.6 114.9 119.8 
Total AUM$856.3 $754.1 $716.1 $753.6 $788.1 
Total Assets Under Administration (AUA) (5)$78.9 $70.4 $68.4 $72.4 $75.6 
Equitable Advisor Headcount
Total Number of Equitable Advisors4,252 4,166 4,129 4,258 4,124 
Notes:
(1) “General Account and Other Affiliated Accounts” refers to assets held in the general accounts of our insurance companies and other assets on which we bear the investment risk.
(2) “Separate Accounts” refers to the separate account investment assets of our insurance subsidiaries excluding any assets on which we bear the investment risk.
(3) As of March 31, 2022, June 30, 2022, September 30, 2022, December 31, 2022 and March 31, 2023, Separate Account and General Account AUM is inclusive of $15.1 billion, $60 million, $12.7 billion, $60 million, $11.7 billion, $58 million, $12.1 billion, $56 million, $12.3 billion and $54 million, respectively, Account Value ceded to Venerable. For additional information on the Venerable transaction see Note 1 of the Notes to Consolidated Financial Statements within the 10-K.
(4) As of March 31, 2022 and December 31, 2023, Separate Account is inclusive $6.0 billion and $5.6 billion & General Account AUM is inclusive $3.9 billion and $3.9 billion, respectively, Account Value ceded to Global Atlantic. For additional information on the Global Atlantic transaction see MD&A - Executive Summary “Global Atlantic Reinsurance Transaction" within the 10-K.
(5) Includes Advisory and Brokerage AUA included in our Wealth Management segment. 

1Q 2023 Financial Supplement
9

Sales Metrics by Segment
For the Three Months EndedFor the Three Months Ended
(in millions USD, unless otherwise indicated)3/31/20226/30/20229/30/202212/31/20223/31/2023Change3/31/20223/31/2023Change
Insurance Operations
Individual Retirement
First year premiums and deposits$2,773 $3,021 $2,975 $2,594 $2,843 2.5 %$2,773 $2,843 2.5 %
Renewal premium and deposits113 122 139 116 132 17.3 %113 132 17.3 %
Total Gross Premiums$2,886 $3,143 $3,114 $2,710 $2,975 3.1 %$2,886 $2,975 3.1 %
Group Retirement
First year premiums and deposits$879 $476 $371 $392 $323 (63.3)%$879 $323 (63.3)%
Renewal premium and deposits623 657 490 560 574 (7.9)%623 574 (7.9)%
Total Gross Premiums$1,502 $1,133 $861 $952 $897 (40.3)%$1,502 $897 (40.3)%
Protection Solutions
First year premiums and deposits$116 $99 $101 $108 $103 (11.1)%$116 $103 (11.1)%
Renewal premium and deposits (1)662 661 668 668 683 3.1 %662 683 3.1 %
Total Gross Premiums (1)$778 $760 $769 $776 $786 1.0 %$778 $786 1.0 %
Investment Management and Research (in billions USD)
Gross Sales by distribution channel
Institutional (4)$14.3 $3.3 $1.9 $12.6 $3.0 (79.0)%$14.3 $3.0 (79.0)%
Retail 20.6 17.3 13.8 14.2 16.8 (18.4)%20.6 16.8 (18.4)%
Private Wealth6.0 3.3 4.1 4.1 5.8 (3.3)%6.0 5.8 (3.3)%
Firmwide Gross Sales (4)$40.9 $23.9 $19.8 $30.9 $25.6 (37.4)%$40.9 $25.6 (37.4)%
Gross sales by investment service
Equity Active $17.3 $11.4 $8.0 $9.3 $8.5 (50.9)%$17.3 $8.5 (50.9)%
Equity Passive (2) (4)0.2 1.1 0.4 0.1 0.2 — %0.2 0.2 — %
Fixed Income - Taxable 7.1 4.0 6.1 8.3 11.1 56.3 %7.1 11.1 56.3 %
Fixed Income - Tax-Exempt 4.0 5.2 3.2 3.6 3.9 (2.5)%4.0 3.9 (2.5)%
Fixed Income Passive (2) (4)(0.1)— — — — 100.0 %(0.1)— 100.0 %
Alternatives/Multi-Asset Solutions (3) (4)12.4 2.2 2.1 9.5 1.9 (84.7)%12.4 1.9 (84.7)%
Firmwide Gross Sales (4)$40.9 $23.9 $19.8 $30.9 $25.6 (37.4)%$40.9 $25.6 (37.4)%
Wealth Management (in millions USD)
Sales by Product Type
Advisory$2,745 $2,379 $2,114 $1,850 $2,316 (15.6)%$2,745 $2,316 (15.6)%
Brokerage and Direct711 654 805 907 $1,099 54.6 %711 $1,099 54.6 %
Retirement, Premiums and Deposits (5)2,559 2,597 2,713 2,877 3,024 18.2 %2,559 3,024 18.2 %
Total sales$6,015 $5,631 $5,632 $5,634 $6,439 7.0 %$6,015 $6,439 7.0 %
Notes:
(1) 1Q'22 variable universal life renewals previously reported as $514M during first quarter 2022. Amount updated to $249M during second quarter 2022 to properly reflect variable universal life product renewals. This resulted in a change for gross written premiums from $1,033 to $778.
1Q 2023 Financial Supplement
10

(2) Includes index and enhanced index services.
(3) Includes certain multi-asset solutions and services not included in equity or fixed income services
(4) AB line item does not cross foot for the twelve months ended 2022 due to rounding.


1Q 2023 Financial Supplement
11





Business Segments:
Operating Earnings Results and Metrics

1Q 2023 Financial Supplement
12

Individual Retirement - Operating Earnings (Loss) and Summary Metrics
For the Three Months Ended or As ofFor the Three Months Ended or As of
(in millions USD, unless otherwise indicated)3/31/20226/30/20229/30/202212/31/20223/31/2023Change3/31/20223/31/2023Change
Revenues
Policy charges, fee income and premiums$183 $163 $158 $151 $163 (10.9)%$183 $163 (10.9)%
Net investment income (loss)236 229 283 308 340 44.1 %236 340 44.1 %
Net derivative gains (losses)(8)(10)(16)(8)(5)37.5 %(8)(5)37.5 %
Investment management, service fees and other income96 89 87 87 90 (6.3)%96 90 (6.3)%
Segment revenues507 471 512 538 588 16.0 %507 588 16.0 %
Benefits and other deductions
Policyholders’ benefits18 13 14 11 24 33.3 %18 24 33.3 %
Remeasurement of Liability for Future Policy Benefits— (1)(1)(1)1 100.0 %— 1 100.0 %
Interest credited to policyholders’ account balances60 66 85 107 129 115.0 %60 129 115.0 %
Commissions and distribution-related payments64 54 54 63 60 (6.3)%64 60 (6.3)%
Amortization of deferred policy acquisition costs80 82 85 87 89 11.3 %80 89 11.3 %
Compensation and benefits, interest expense and financing fees and other operating costs and expense41 30 47 47 47 14.6 %41 47 14.6 %
Segment benefits and other deductions263 244 284 314 350 33.1 %263 350 33.1 %
Operating earnings (loss), before income taxes244 227 228 224 238 (2.5)%244 238 (2.5)%
Income taxes(41)(41)(45)(34)(38)7.3 %(41)(38)7.3 %
Operating earnings (loss), before noncontrolling interest203 186 183 190 200 (1.5)%203 200 (1.5)%
Less: Operating (earnings) loss attributable to the noncontrolling interest— — — — — — %— — — %
Operating earnings (loss)$203 $186 $183 $190 $200 (1.5)%$203 $200 (1.5)%
Summary Metrics
Operating earnings (loss) - TTM: [A]
N/AN/AN/A$762 $759 (40.9)%N/A$759 (40.9)%
Average Account Value (TTM)$80,009 $78,269 $75,911 $73,823 $73,620 (8.0)%$80,009 $73,620 (8.0)%
Return on assets (TTM)N/AN/AN/A1.25 %1.25 %N/A1.25 %
Net flows$665 $1,166 $1,262 $840 $932 40.2 %$665 $932 40.2 %
First year premiums and deposits$2,773 $3,021 $2,975 $2,594 $2,843 2.5 %$2,773 $2,843 2.5 %
In-force Policy Count by Product (in thousands):573 578 583 587 590 573 590 
Notes:
1Q 2023 Financial Supplement
13

Individual Retirement - Select Operating Metrics
For the Three Months Ended or As ofFor the Three Months Ended or As of
(in millions USD, unless otherwise indicated)3/31/20226/30/20229/30/202212/31/20223/31/20233/31/20223/31/2023
Sales Metrics
First Year Premiums and Deposits by Product:
SCS$1,926 $2,183 $2,038 $1,806 $1,997 $1,926 $1,997 
SCS Income67 124 204 186 243 67 243 
Retirement Cornerstone481 390 421 334 300 481 300 
Investment Edge241 289 271 235 253 241 253 
Other58 35 41 33 50 58 50 
Total First Year Premiums and Deposits$2,773 $3,021 $2,975 $2,594 $2,843 $2,773 $2,843 
Account Values
General Account:
Balance as of beginning of period$36,709 $36,901 $34,614 $34,562 $37,822 $36,709 $37,822 
Gross premiums and deposits (1)1,812 2,202 2,147 1,942 2,172 1,812 2,172 
Surrenders, withdrawals and benefits(892)(813)(723)(764)(870)(892)(870)
Net flows 920 1,389 1,424 1,178 1,302 920 1,302 
Investment performance, interest credited and policy charges (728)(3,676)(1,476)2,082 2,039 (728)2,039 
Balance as of end of period$36,901 $34,614 $34,562 $37,822 $41,166 $36,901 $41,166 
Separate Accounts:
Balance as of beginning of period$45,920 $42,711 $37,137 $35,091 $36,455 $45,920 $36,455 
Gross premiums and deposits (1)989 855 872 669 699 989 699 
Surrenders, withdrawals and benefits(1,244)(1,078)(1,034)(1,007)(1,069)(1,244)(1,069)
Net flows (255)(223)(162)(338)(370)(255)(370)
Investment performance, interest credited and policy charges (2,954)(5,351)(1,884)1,702 1,545 (2,954)1,545 
Balance as of end of period$42,711 $37,137 $35,091 $36,455 $37,634 $42,711 $37,634 
Total:
Balance as of beginning of period$82,629 $79,612 $71,751 $69,653 $74,277 $82,629 $74,277 
Gross premiums and deposits (1)2,801 3,057 3,019 2,611 2,871 2,801 2,871 
Surrenders, withdrawals and benefits(2,136)(1,891)(1,757)(1,771)(1,939)(2,136)(1,939)
Net flows 665 1,166 1,262 840 932 665 932 
Investment performance, interest credited and policy charges (3,682)(9,027)(3,360)3,784 3,584 (3,682)3,584 
Other — — — — 7 — 7 
Balance as of end of period$79,612 $71,751 $69,653 $74,277 $78,800 $79,612 $78,800 
Net Amount at Risk (NAR)
Total GMIB NAR$26 $31 $18 $18 $7 $26 $7 
Total GMWB NAR— — — — — — — 
Total GMDB NAR2,016 3,856 4,804 4,248 3,458 2,016 3,458 
MRB Reserves (Net of Reinsurance)$555 $477 $459 $588 $367 $555 $367 
Notes:
(1) Includes deposits from certain other products not reported as first year premiums and deposits or renewal premiums and deposits elsewhere in this document.
1Q 2023 Financial Supplement
14

Group Retirement - Operating Earnings (Loss) and Summary Metrics
For the Three Months Ended or As ofFor the Three Months Ended or As of
(in millions USD, unless otherwise indicated)3/31/20226/30/20229/30/202212/31/20223/31/2023Change3/31/20223/31/2023Change
Revenues
Policy charges, fee income and premiums$94 $83 $80 $61 $64 (31.9)%$94 $64 (31.9)%
Net investment income (loss)180 163 160 121 112 (37.8)%180 112 (37.8)%
Net derivative gains (losses)(5)(9)(13)(3)(1)80.0 %(5)(1)80.0 %
Investment management, service fees and other income66 61 60 59 62 (6.1)%66 62 (6.1)%
Segment revenues335 298 287 238 237 (29.3)%335 237 (29.3)%
Benefits and other deductions
Policyholder benefits— — — — — — %— — — %
Remeasurement of liability for future policy benefits— — — — — — %— — — %
Interest credited to policyholders’ account balances78 72 79 52 50 (35.9)%78 50 (35.9)%
Commissions and distribution-related payments42 42 33 37 37 (11.9)%42 37 (11.9)%
Amortization of deferred policy acquisition costs15 15 14 15 15 — %15 15 — %
Compensation and benefits, interest expense and financing fees and other operating costs and expense28 32 37 27 29 3.6 %28 29 3.6 %
Segment benefits and other deductions163 161 163 131 131 (19.6)%163 131 (19.6)%
Operating earnings (loss), before income taxes172 137 124 107 106 (38.4)%172 106 (38.4)%
Income taxes(28)(26)(25)(15)(17)39.3 %(28)(17)39.3 %
Operating earnings (loss), before noncontrolling interest144 111 99 92 89 (38.2)%144 89 (38.2)%
Less: Operating (earnings) loss attributable to the noncontrolling interest— — — — — — %— — — %
Operating earnings (loss)$144 $111 $99 $92 $89 (38.2)%$144 $89 (38.2)%
Summary Metrics
Operating earnings (loss) - TTM: [A]
N/AN/AN/A$446 $391 (37.3)N/A$391 (37.3)%
Average Account Value (TTM) $46,515 $45,232 $43,680 $39,729 $36,612 (21.3)%$46,515 $36,612 (21.3)%
Return on assets (TTM) N/AN/AN/A1.36 %1.29 %N/A1.29 %
Net flows (1)$523 $144 $(57)$24 $30 (94.3)%$523 $30 (94.3)%
Gross premiums and deposits$1,502 $1,133 $861 $952 $897 (40.3)%$1,502 $897 (40.3)%
Notes:
(1) For the three months ended March 31, 2023, net outflows of $180 million are excluded as these amounts are related to ceded AV to Global Atlantic.

1Q 2023 Financial Supplement
15

Group Retirement - Select Operating Metrics
For the Three Months Ended or As ofFor the Three Months Ended or As of
(in millions USD, unless otherwise indicated)3/31/20226/30/20229/30/202212/31/20223/31/20233/31/20223/31/2023
Sales Metrics
Gross premiums and deposits:
First-year premiums and deposits$879 $476 $371 $392 $323 $879 $323 
Renewal premiums and deposits623 657 490 560 574 623 574 
Group Retirement premiums and deposits$1,502 $1,133 $861 $952 $897 $1,502 $897 
Gross premiums and deposits by market:
Tax-exempt$219 $231 $293 $258 $211 $219 $211 
Corporate89 62 69 103 84 89 84 
Institutional565 179 3 25 25 565 25 
Other6 4 6 6 3 6 3 
Total First Year Premiums and Deposits879 476 371 392 323 879 323 
Tax-exempt468 518 364 435 428 468 428 
Corporate103 94 93 87 105 103 105 
Institutional— — — — — — — 
Other52 45 33 38 41 52 41 
Total renewal premiums and deposits623 657 490 560 574 623 574 
Group Retirement premiums and deposits by market$1,502 $1,133 $861 $952 $897 $1,502 $897 
Account Values and Assets under Administration
General Account:
Balance as of beginning of period$13,046 $13,171 $13,240 $13,234 $9,175 $13,046 $9,175 
Gross premiums and deposits329 299 242 239 201 329 201 
Surrenders, withdrawals and benefits(270)(256)(304)(333)(331)(270)(331)
Net flows (1)59 43 (62)(94)(130)59 (130)
Investment performance, interest credited and policy charges (1)66 26 56 87 80 66 80 
Ceded to Global Atlantic (2)— — — (4,052)— — — 
Other (3)— — — — 8 — 8 
Balance as of end of period$13,171 $13,240 $13,234 $9,175 $9,133 $13,171 $9,133 
Separate Accounts and Mutual Funds
Balance as of beginning of period$34,763 $32,864 $27,927 $26,476 $22,830 $34,763 $22,830 
Gross premiums and deposits1,173 834 619 713 697 1,173 697 
Surrenders, withdrawals and benefits(709)(733)(614)(595)(537)(709)(537)
Net flows (1)464 101 5 118 160 464 160 
Investment performance, interest credited and policy charges (1)(2,363)(5,038)(1,456)1,547 1,422 (2,363)1,422 
Ceded to Global Atlantic (2)— — — (5,311)— — — 
Other (3)— — — — 22 — 22 
Balance as of end of period$32,864 $27,927 $26,476 $22,830 $24,434 $32,864 $24,434 
Total:
Balance as of beginning of period$47,809 $46,035 $41,167 $39,710 $32,005 $47,809 $32,005 
Gross premiums and deposits1,502 1,133 861 952 898 1,502 898 
Surrenders, withdrawals and benefits(979)(989)(918)(928)(868)(979)(868)
Net flows (1)523 144 (57)24 30 523 30 
Investment performance, interest credited and policy charges (1)(2,297)(5,012)(1,400)1,634 1,502 (2,297)1,502 
Transfer from (to) GR
Ceded to Global Atlantic (2)— — — (9,363)— — — 
Other (3)— — — — 30 — 30 
Balance as of end of period$46,035 $41,167 $39,710 $32,005 $33,567 $46,035 $33,567 
Notes:
1Q 2023 Financial Supplement
16

(1) For the three months ended March 31, 2023, net outflows of $180 million and investment performance, interest credited and policy charges of $400 million, respectively, are excluded as these amounts are related to ceded AV to Global Atlantic.
(2) Effective October 3, 2022, AV excludes activity related to ceded AV to Global Atlantic. In addition, roll-forward reflects the AV ceded to Global Atlantic as of the transaction date. For additional information on the Global Atlantic see MD&A - Executive Summary “.EQUI-VEST Reinsurance Transaction”.
(3) For the three months ending March 31, 2023, amounts reflect a total special payment applied to the accounts of active clients as part of a previously disclosed settlement agreement between Equitable Financial Life Insurance Company and the Securities & Exchange Commission.
1Q 2023 Financial Supplement
17

Investment Management and Research - Operating Earnings (Loss) and Summary Metrics
For the Three Months Ended or As ofFor the Three Months Ended or As of
(in millions USD, unless otherwise indicated)3/31/20226/30/20229/30/202212/31/20223/31/2023Change3/31/20223/31/2023Change
Revenues
Net investment income (loss)$(23)$(26)$(9)$15 $9 139.1 %$(23)$9 139.1 %
Net derivative gains (losses)20 22 15 (16)(10)(150.0)%20 (10)(150.0)%
Investment management, service fees and other income1,138 1,007 990 972 1,010 (11.2)%1,138 1,010 (11.2)%
Segment Revenues1,135 1,003 996 971 1,009 (11.1)%1,135 1,009 (11.1)%
Benefits and other deductions
Commissions and distribution-related payments176 159 152 143 148 (15.9)%176 148 (15.9)%
Compensation and benefits, interest expense and financing fees and other operating costs and expense675 623 641 598 637 (7.7)%675 637 (7.7)%
Total benefits and other deductions851 782 793 741 785 (7.8)%851 785 (7.8)%
Operating earnings (loss), before income taxes284 221 203 230 224 (21.1)%284 224 (21.1)%
Income taxes(46)(40)(35)(41)(36)21.7 %(46)(36)21.7 %
Operating earnings (loss), before noncontrolling interest238 181 168 189 188 (21.0)%238 188 (21.0)%
Less: Operating (earnings) loss attributable to the noncontrolling interest(102)(80)(75)(95)(89)12.7 %(102)(89)12.7 %
Operating earnings (loss)$136 $101 $94 $94 $99 (27.2)%$136 $99 (27.2)%
Summary Metrics
Adjusted operating margin (1)31.5 %27.7 %25.1 %28.9 %27.0 %31.5 %27.0 %
Net flows (in billions USD) (2)$11.4 $(2.7)$(10.5)$(1.9)$0.8 $11.4 $0.8 
Total AUM (in billions USD)$735.4 $646.8 $612.7 $646.4 $675.9 $735.4 $675.9 
Ownership Structure of AB
Holdings and its subsidiaries63.0 %63.5 %62.8 %59.9 %60.0 %63.0 %60.0 %
AB Holding36.3 %35.7 %36.5 %39.4 %39.3 %36.3 %39.3 %
Unaffiliated holders0.7 %0.8 %0.7 %0.7 %0.7 %0.7 %0.7 %
Total100.0 %100.0 %100.0 %100.0 %100.0 %100.0 %100.0 %
EQH economic interest 64.5 %65.0 %64.3 %61.3 %61.4 %64.5 %61.4 %
EQH average economic interest64.5 %64.8 %64.3 %62.4 %61.4 %64.5 %61.4 %
Units of limited partnership outstanding (in millions)271.8 269.4 272.6 286.0 285.7 271.8 285.7 
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.
(2) Discrete quarterly outflows related to AXA's redemptions for periods presented were $0.6 billion and $3.9 billion for the second and third quarter of 2022, respectively.

1Q 2023 Financial Supplement
18

Investment Management and Research - Select Operating Metrics
For the Three Months Ended or As of
(in billions USD, unless otherwise indicated)3/31/20226/30/20229/30/202212/31/20223/31/2023
AUM Roll-forward
Balance as of beginning of period$778.6 $735.4 $646.8 $612.7 $646.4 
Sales/new accounts40.9 23.9 19.8 30.9 25.6 
Redemptions/terminations(24.6)(22.6)(24.9)(23.2)(20.6)
Cash flow/unreinvested dividends(4.9)(4.0)(5.4)(9.6)(4.2)
Net long-term (outflows) inflows (5)11.4 (2.7)(10.5)(1.9)0.8 
Adjustment (3)— (0.4)— — — 
Acquisition (4)— — 12.2 — — 
Market appreciation (depreciation)(54.6)(85.5)(35.8)35.6 28.7 
Net change(43.2)(88.6)(34.1)33.7 29.5 
Balance as of end of period$735.4 $646.8 $612.7 $646.4 $675.9 
Ending Assets by distribution channel
Institutions$325.9 $290.5 $279.4 $297.3 $306.6 
Retail292.6 251.0 232.3 242.9 256.7 
Private Wealth116.9 105.3 101.0 106.2 112.6 
Total$735.4 $646.8 $612.7 $646.4 $675.9 
Ending Assets by investment service
Equity
Actively Managed$265.2 $223.2 $202.9 $217.9 $229.1 
Passively Managed (1)66.2 55.7 52.1 53.8 56.6 
Total Equity$331.4 $278.9 $255.0 $271.7 $285.7 
Fixed Income
Actively Managed$280.8 $254.7 $239.1 $242.8 $253.7 
Passively Managed (1)12.7 12.3 9.5 9.4 9.5 
Total Fixed Income293.5 267.0 248.6 252.2 263.2 
Total Alternatives/Multi-Asset Solutions (2)110.5 100.9 109.1 122.5 127.0 
Total$735.4 $646.8 $612.7 $646.4 $675.9 
Notes:
(1) Includes index and enhanced index services.
(2) Includes certain multi-asset solutions and services not included in equity or fixed income services
(3) Approximately $0.4 billion of Institutional AUM was removed from our total assets under management during the second quarter of 2022 due to a change in the fee structure.
(4) The CarVal acquisition added approximately $12.2 billion of Institutional AUM in the third quarter of 2022.
(5) Discrete quarterly outflows related to AXA's redemptions for periods presented were as follows: $0.6 billion for the second quarter of 2022 and $3.9 billion for the third quarter of 2022.

1Q 2023 Financial Supplement
19

Investment Management and Research - Net Flows
For the Three Months EndedFor the Three Months Ended
(in billions USD, unless otherwise indicated)3/31/20226/30/20229/30/202212/31/20223/31/20233/31/20223/31/2023
Net Flows by Distribution Channel
Institutions
US $0.4 $0.6 $(0.6)$(2.2)$— $0.4 $— 
Global and Non-US 9.8 0.1 (5.7)3.9 (2.7)9.8 (2.7)
Total Institutions $10.2 $0.7 $(6.3)$1.7 $(2.7)$10.2 $(2.7)
Retail
US $4.2 $2.3 $(0.3)$(0.7)$— $4.2 $— 
Global and Non-US (4)(5.2)(4.6)(4.7)(2.7)1.6 (5.2)1.6 
Total Retail (4)$(1.0)$(2.3)$(5.0)$(3.4)$1.6 $(1.0)$1.6 
Private Wealth
US (4)$1.4 $(1.1)$0.5 $0.1 $2.0 $1.4 $2.0 
Global and Non-US (4)0.8 — 0.3 (0.3)(0.1)0.8 (0.1)
Total Private Wealth$2.2 $(1.1)$0.8 $(0.2)$1.9 $2.2 $1.9 
Total Net Flows by Distribution Channel (4)$11.4 $(2.7)$(10.5)$(1.9)$0.8 $11.4 $0.8 
Net Flows by Investment Service
Equity Active
US $4.7 $0.8 $(0.3)$— $(1.4)$4.7 $(1.4)
Global and Non-US (0.1)(0.5)(4.7)(2.6)(2.0)(0.1)(2.0)
Total Equity Active (4)$4.6 $0.3 $(5.0)$(2.6)$(3.4)$4.6 $(3.4)
Equity Passive (1)
US $(0.7)$0.5 $(0.2)$(2.0)$(0.6)$(0.7)$(0.6)
Global and Non-US (1.1)(0.7)(0.7)(0.3)(0.2)(1.1)(0.2)
Total Equity Passive (1) $(1.8)$(0.2)$(0.9)$(2.3)$(0.8)$(1.8)$(0.8)
Fixed Income - Taxable (3)
US $0.3 $(1.3)$(0.1)$(0.2)$2.5 $0.3 $2.5 
Global and Non-US (5.0)(4.3)(3.5)(3.8)1.0 (5.0)1.0 
Total Fixed Income - Taxable$(4.7)$(5.6)$(3.6)$(4.0)$3.5 $(4.7)$3.5 
Fixed Income - Tax-Exempt
US $1.0 $0.6 $— $(1.0)$1.6 $1.0 $1.6 
Global and Non-US — 0.1 — (0.1)— — — 
Total Fixed Income - Tax-Exempt$1.0 $0.7 $— $(1.1)$1.6 $1.0 $1.6 
Fixed Income - Passive (1)
US $(0.2)$0.5 $(0.2)$(0.3)$(0.1)$(0.2)$(0.1)
Global and Non-US 0.6 0.2 (1.9)— (0.1)0.6 (0.1)
Total Fixed Income - Passive (1)$0.4 $0.7 $(2.1)$(0.3)$(0.2)$0.4 $(0.2)
Alternatives/Multi-Asset Solutions (2)
US $0.9 $0.5 $0.4 $0.7 $— $0.9 $— 
Global and Non-US 11.0 0.9 0.7 7.7 0.1 11.0 0.1 
Total Alternatives/Multi-Asset Solutions (2) $11.9 $1.4 $1.1 $8.4 $0.1 $11.9 $0.1 
Total Net Flows by Investment Service $11.4 $(2.7)$(10.5)$(1.9)$0.8 $11.4 $0.8 
Active vs. Passive Net Flows
Actively Managed
Equity $4.6 $0.3 $(5.0)$(2.6)$(3.4)$4.6 $(3.4)
Fixed Income (3) (3.7)(4.8)(3.6)(5.1)5.1 (3.7)5.1 
Alternatives/Multi-Asset Solutions (2) 11.3 1.1 0.8 7.6 0.1 11.3 0.1 
Total$12.2 $(3.4)$(7.8)$(0.1)$1.8 $12.2 $1.8 
Passively Managed (1)
Equity $(1.8)$(0.3)$(0.9)$(2.3)$(0.8)$(1.8)$(0.8)
Fixed Income 0.4 0.7 (2.1)(0.3)(0.2)0.4 (0.2)
Alternatives/Multi-Asset Solutions (2) 0.60.3 0.3 0.8—0.6— 
Total $(0.8)$0.7 $(2.7)$(1.8)$(1.0)$(0.8)$(1.0)
Total Active vs Passive Net Flows $11.4 $(2.7)$(10.5)$(1.9)$0.8 $11.4 $0.8 
Notes:
(1) Includes index and enhanced index services.
(2) Includes certain multi-asset solutions and services not included in equity or fixed income services
(3) Discrete quarterly outflows related to AXA's redemptions for periods presented were as follows: $0.6 billion for the second quarter of 2022 and $3.9 billion for the third quarter of 2022.
1Q 2023 Financial Supplement
20

Protection Solutions - Operating Earnings (Loss) and Summary Metrics
For the Three Months Ended or As ofFor the Three Months Ended or As of
(in millions USD, unless otherwise indicated)3/31/20226/30/20229/30/202212/31/20223/31/2023Change3/31/20223/31/2023Change
Revenues
Policy charges, fee income and premiums$500 $505 $502 $511 $520 4.0 %$500 $520 4.0 %
Net investment income (loss)272 252 236 221 217 (20.2)%272 217 (20.2)%
Net derivative gains (losses)— (5)(13)(2)(2)(100.0)%— (2)(100.0)%
Investment management, service fees and other income37 37 34 33 32 (13.5)%37 32 (13.5)%
Segment revenues809 789 759 763 767 (5.2)%809 767 (5.2)%
Benefits and other deductions
Policyholders’ benefits550 396 430 520 535 (2.7)%550 535 (2.7)%
Remeasurement of liability for future policy benefits8 5 22 12 6 (25.0)%8 6 (25.0)%
Interest credited to policyholders’ account balances128 122 130 131 125 (2.3)%128 125 (2.3)%
Commissions and distribution-related payments34 34 31 43 34 — %34 34 — %
Amortization of deferred policy acquisition costs29 29 29 30 29 — %29 29 — %
Compensation and benefits, interest expense and financing fees and other operating costs and expense63 70 79 78 80 27.0 %63 80 27.0 %
Segment benefits and other deductions812 656 721 814 809 (0.4)%812 809 (0.4)%
Operating earnings (loss), before income taxes(3)133 38 (51)(42)N/M(3)(42)N/M
Income taxes— (23)(8)11 7 100.0 %— 7 100.0 %
Operating earnings (loss), before noncontrolling interest(3)110 30 (40)(35)N/M(3)(35)N/M
Less: Operating (earnings) loss attributable to the noncontrolling interest— — — (1)— — %— — — %
Operating earnings (loss)$(3)$110 $30 $(41)$(35)N/M$(3)$(35)N/M
Summary Metrics
Operating earnings (loss) - TTM: [A]
N/AN/AN/A$97 $65 (76.2)%N/A$65 (76.2)%
Benefit ratio83.8 %65.7 %73.8 %86.9 %86.0 %83.8 %86.0 %
Gross written premiums (1)$778 $760 $769 $776 $786 1.0 %$778 $786 1.0 %
Annualized premiums$77 $67 $74 $74 $292 279.6 %$77 $292 279.6 %
Total in-force face amount (in billions USD) (2)$421.8 $420.6 $418.3 $417.0 $415.5 (1.5)%$421.8 $415.5 (1.5)%
Notes:
(1) 1Q'22 variable universal life renewals previously reported as $514M during first quarter 2022. Amount updated to $249M during second quarter 2022 to properly reflect variable universal life product renewals. This resulted in a change for gross written premiums from $1,033 to $778.
(2) Total in-force face amount presented on a gross basis including ceded policies.
1Q 2023 Financial Supplement
21

Protection Solutions - Select Operating Metrics
For the Three Months Ended or As ofFor the Three Months Ended or As of
(in millions USD, unless otherwise indicated)3/31/20226/30/20229/30/202212/31/20223/31/20233/31/20223/31/2023
Sales Metrics
First Year Premiums and Deposits by Product Line:
Universal Life$— $— $— $— $— $— $— 
Indexed Universal Life6 4 4 5 2 6 2 
Variable Universal Life85 76 71 77 72 85 72 
Term4 3 3 3 3 4 3 
Employee Benefits21 16 23 22 26 21 26 
Other (1)— — — 1 — — — 
Total$116 $99 $101 $108 $103 $116 $103 
Renewals by Product Line:
Universal Life$193 $185 $207 $179 $188 $193 $188 
Indexed Universal Life80 76 74 74 76 80 76 
Variable Universal Life (2)249 239 244 257 258 249 258 
Term93 94 90 96 94 93 94 
Employee Benefits43 63 49 57 63 43 63 
Other (1)4 4 4 5 4 4 4 
Total662 661 668 668 683 662 683 
Total Gross Premiums$778 $760 $769 $776 $786 $778 $786 
In-force Metrics
In-force Face Amount by Product (3) (in billions):
Universal Life (4)$44.9 $44.4 $43.7 $43.1 $42.5 $44.9 $42.5 
Indexed Universal Life27.9 27.7 27.6 27.5 27.3 27.9 27.3 
Variable Universal Life (5)132.9 132.6 132.8 133.4 133.9 132.9 133.9 
Term214.9 214.7 213.0 211.9 210.5 214.9 210.5 
Whole Life1.2 1.2 1.2 1.1 1.2 1.2 1.2 
Total$421.8 $420.6 $418.3 $417.0 $415.5 $421.8 $415.5 
In-force Policy Count by Product (3) (in thousands):
Universal Life (4)134 132 130 129 127 134 127 
Indexed Universal Life65 65 64 64 64 65 64 
Variable Universal Life (5)293 293 293 293 292 293 292 
Term264 262 259 256 253 264 253 
Whole Life16 16 16 15 15 16 15 
Total772 768 762 757 751 772 751 
Protection Solutions Reserves
General Account$18,432 $18,241 $18,243 $18,237 $18,137 $18,432 $18,137 
Separate Accounts15,883 13,524 12,783 13,634 14,562 15,883 14,562 
Total$34,315 $31,765 $31,026 $31,871 $32,699 $34,315 $32,699 
Notes:
(1) For the individual life insurance premiums, Other includes Whole Life insurance and other products available-for-sale but not actively marketed.
(2) 1Q'22 variable universal life renewals previously reported as $514M during first quarter 2022. Amount updated to $249M during second quarter 2022 to properly reflect variable universal life product renewals.
(3) Includes individual life insurance and does not include Employee Benefits as it is a start-up business and therefore has immaterial in-force policies.
(4) Universal Life includes Guaranteed Universal Life.
(5) Variable Universal Life includes variable life insurance and corporate-owned life insurance.



1Q 2023 Financial Supplement
22

Wealth Management - Operating Earnings (Loss) and Summary Metrics
For the Three Months Ended or As ofThree Months Ended or As of
(in millions USD, unless otherwise indicated)3/31/20226/30/20229/30/202212/31/20223/31/2023Change3/31/20223/31/2023Change
Revenues
Net investment income (loss)$— $— $1 $1 $2 100.0 %$— $2 100.0 %
Net derivative gains (losses)— — — — — — %— — — %
Investment management, service fees and other income376 368 352 348 360 (4.3)%376 360 (4.3)%
Segment revenues376 368 353 349 362 (3.7)%376 362 (3.7)%
Benefits and other deductions
Commissions and distribution-related payments239 245 231 225 228 (4.6)%239 228 (4.6)%
Compensation and benefits, interest expense and financing fees and other operating costs and expense93 91 92 94 91 (2.2)%93 91 (2.2)%
Segment benefits and other deductions332 336 323 319 319 (3.9)%332 319 (3.9)%
Operating earnings (loss), before income taxes44 32 30 30 43 (2.3)%44 43 (2.3)%
Income taxes(12)(8)(8)(7)(11)8.3 %(12)(11)8.3 %
Operating earnings (loss), before noncontrolling interest32 24 22 23 32 — %32 32 — %
Less: Operating (earnings) loss attributable to the noncontrolling interest— — — — — — %— — — %
Operating earnings (loss)$32 $24 $22 $23 $32 — %$32 $32 — %
1.28244274809161.2824427480916
Revenue by Activity Type
Investment management, service fees and other income :
Investment management and advisory fees139 135 125 120 127 (8.7)%139 127 (8.7)%
Distribution fees233 227 219 213 218 (6.7)%233 218 (6.7)%
Interest Income— 2 5 8 11 N/M— 11 N/M
Service and Other income3 5 3 6 4 25.1 %3 4 25.1 %
Total Investment management, service fees and other income$376 $369 $351 $347 $360 (4.3)%$376 $360 (4.3)%
Summary Metrics
Pre-tax operating margin11.70 %8.70 %8.50 %8.60 %11.88 %11.70 %11.88 %
Net flows1,659 1,161 1,117 575 1,418 (14.5)%1,659 1,418 (14.5)%
Total AUA$78,873 $70,411 $68,393 $72,406 $75,640 (4.1)%$78,873 $75,640 (4.1)%
Notes:













1Q 2023 Financial Supplement
23

Wealth Management - Select Operating Metrics
For the Three Months Ended or As ofThree Months Ended or As of
(in millions USD, unless otherwise indicated)3/31/20226/30/20229/30/202212/31/20223/31/20233/31/20223/31/2023
AUA Roll-forward
Advisory assets :
Beginning assets$50,575 $49,150 $43,994 $42,645 $45,544 $50,575 $45,544 
Net flows1,531 988 809 186 828 1,531 828 
Market appreciation (depreciation) and other(2,956)(6,144)(2,157)2,713 1,473 (2,956)1,473 
Total advisory ending assets$49,150 $43,994 $42,645 $45,544 $47,845 $49,150 $47,845 
Brokerage and direct assets $29,723 $26,417 $25,748 $26,862 $27,796 $29,723 $27,796 
Total Wealth Management assets
Beginning assets$82,794 $78,873 $70,411 $68,393 $72,406 $82,794 $72,406 
Net flows1,659 1,161 1,117 575 1,418 1,659 1,418 
Market appreciation (depreciation) and other(5,581)(9,622)(3,135)3,437 1,816 (5,581)1,816 
Total Wealth Management ending assets$78,873 $70,411 $68,393 $72,406 $75,640 $78,873 $75,640 
Cash balances$3,467 $3,748 $3,672 $3,566 $3,200 $3,467 $3,200 
Advisors
Advisors4,252 4,166 4,129 4,258 4,124 4,252 4,124 
Revenue per advisor TTM ($ thousands)N/AN/AN/A$344 $343 N/A$343 
Sales by Product Type
Advisory$2,745 $2,379 $2,114 $1,850 $2,316 $2,745 $2,316 
Brokerage and Direct711 654 805 907 1,099 711 1,099 
Retirement, Premiums and Deposits2,559 2,597 2,713 2,877 3,024 2,559 3,024 
Total sales$6,015 $5,631 $5,632 $5,634 $6,439 $6,015 $6,439 
Notes:










1Q 2023 Financial Supplement
24

Legacy - Operating Earnings (Loss) and Summary Metrics
For the Three Months Ended or As ofThree Months Ended or As of
(in millions USD, unless otherwise indicated)3/31/20226/30/20229/30/202212/31/20223/31/2023Change3/31/20223/31/2023Change
Revenues
Policy charges, fee income and premiums$35 $37 $37 $30 $34 (2.9)%$35 $34 (2.9)%
Net investment income (loss)61 59 65 67 66 8.2 %61 66 8.2 %
Net derivative gains (losses)— — — — — — %— — — %
Investment management, service fees and other income119 103 102 104 106 (10.9)%119 106 (10.9)%
Segment revenues215 199 204 201 206 (4.2)%215 206 (4.2)%
Benefits and other deductions
Policyholders’ benefits36 38 45 48 46 27.8 %36 46 27.8 %
Remeasurement of liability for future policy benefits1 1 (1)(1)— (100.0)%1 — (100.0)%
Interest credited to policyholders’ account balances12 13 13 11 12 — %12 12 — %
Commissions and distribution-related payments55 47 42 43 43 (21.8)%55 43 (21.8)%
Amortization of deferred policy acquisition costs16 17 16 16 16 — %16 16 — %
Compensation and benefits, interest expense and financing fees and other operating costs and expense19 14 26 7 18 (5.3)%19 18 (5.3)%
Segment benefits and other deductions139 130 141 124 135 (2.9)%139 135 (2.9)%
Operating earnings (loss), before income taxes76 69 63 77 71 (6.6)%76 71 (6.6)%
Income taxes(13)(12)(13)(12)(11)15.4 %(13)(11)15.4 %
Operating earnings (loss), before noncontrolling interest63 57 50 65 60 (4.8)%63 60 (4.8)%
Less: Operating (earnings) loss attributable to the noncontrolling interest— — — — — — %— — — %
Operating earnings (loss)$63 $57 $50 $65 $60 (4.8)%$63 $60 (4.8)%
Summary Metrics
Operating earnings (loss) - TTM: [A]N/AN/AN/A$235 $232 N/AN/A$232 N/A
Average Account Value (TTM)$36,934 $30,893 $24,854 $22,905 $21,721 N/A$36,934 $21,721 N/A
Return on assets (TTM)N/AN/AN/A1.24 %1.29 %N/A1.29 %
Net flows (1)$(613)$(531)$(499)$(589)$(523)14.7 %$(613)$(523)14.7 %
In-force Policy Count by Product (in thousands) (2):313308303299293313293
Notes:
Some financial metrics have been revised for prior periods; for additional information, please refer to the 10-Q
(1)Net flows excluded as it relates to AV ceded to Venerable for the discrete periods of March 31, 2022, June 30, 2022, September 30, 2022, December 31, 2022 and March 31, 2023 were $(316) million, $(266) million, $(258) million, $(312) million and $(292) million, respectively.
(2) As of March 31, 2022, June 30, 2022, September 30, 2022, December 31, 2022 and March 31, 2023, In-force Policy Count by Product presented on a gross basis includes 104 thousand, 102 thousand, 101 thousand, 99 thousand and 98 thousand ceded policies, respectively, related to the Venerable transaction.


1Q 2023 Financial Supplement
25

Legacy - Select Operating Metrics
For the Three Months Ended or As ofFor the Three Months Ended or As of
(in millions USD, unless otherwise indicated)3/31/20226/30/20229/30/202212/31/20223/31/20233/31/20223/31/2023
Account Values
General Account:
Balance as of beginning of period$988 $973 $960 $947 $925 $988 $925 
Net flows (1)(22)(18)(20)(27)(26)(22)(26)
Investment performance, interest credited and policy charges (2)7 5 7 5 6 7 6 
Ceded to Venerable — — — — — — — 
Balance as of end of period$973 $960 $947 $925 $905 $973 $905 
Separate Accounts:
Balance as of beginning of period$28,287 $25,785 $21,553 $19,922 $20,557 $28,287 $20,557 
Net flows (1)(591)(513)(479)(562)(497)(591)(497)
Investment performance, interest credited and policy charges (2)(1,911)(3,719)(1,152)1,197 1,055 (1,911)1,055 
Ceded to Venerable — — — — — — $— 
Balance as of end of period$25,785 $21,553 $19,922 $20,557 $21,115 $25,785 $21,115 
Total:
Balance as of beginning of period$29,275 $26,758 $22,513 $20,869 $21,482 $29,275 $21,482 
Net flows (1)(613)(531)(499)(589)(523)(613)(523)
Investment performance, interest credited and policy charges (2)(1,904)(3,714)(1,145)1,202 1,061 (1,904)1,061 
Ceded to Venerable $— — — — — — — 
Balance as of end of period$26,758 $22,513 $20,869 $21,482 $22,020 $26,758 $22,020 
Net Amount at Risk (NAR)
Total GMIB NAR$3,701 $4,201 $3,535 $3,211 $4,107 $3,701 $4,107 
Total GMDB NAR$8,840 $11,358 $12,207 $11,428 $11,184 $8,840 $11,184 
MRB Reserves (Net of Reinsurance)$4,425 $3,985 $3,877 $4,287 $3,414 $4,425 $3,414 
Notes:
(1)Net flows excluded as it relates to AV ceded to Venerable for the discrete periods of March 31, 2022, June 30, 2022, September 30, 2022, December 31, 2022 and March 31, 2023 were $(316) million, $(266) million, $(258) million, $(312) million and $(292) million, respectively.
(2) Investment performance, interest credited and policy charges of $(1.2) billion, $(2.2) billion, $(721) million, $689 million,$671 million and $575 million for the three months ended March 31, 2022, June 30, 2022, September 30, 2022, December 31, 2022 and March 31, 2023, respectively, are not included as it excludes activity related to ceded AV to Venerable.
1Q 2023 Financial Supplement
26







Investments

1Q 2023 Financial Supplement
27

Consolidated Investment Portfolio Composition
Balances as of
(in millions USD, unless otherwise indicated)December 31, 2022March 31, 2023
Amount (1)% of TotalAmount (1)% of Total
Composition of investment portfolio
Fixed maturities, available-for-sale, at fair value $63,361 65.1 %$65,065 64.3 %
Fixed maturities, at fair value using the fair value option1,508 1.5 %1,543 1.5 %
Mortgage loans on real estate16,481 16.9 %16,969 16.8 %
Policy loans4,033 4.1 %4,028 4.0 %
Other equity investments 3,152 3.2 %3,179 3.1 %
Other invested assets3,885 4.0 %4,611 4.6 %
Subtotal investment assets92,420 94.9 %95,395 94.2 %
Trading securities677 0.7 %828 0.8 %
Total investments93,097 95.6 %96,223 95.0 %
Cash and cash equivalents4,281 4.4 %5,018 5.0 %
Total$97,378 100.0 %$101,241 100.0 %
General Account AFS Fixed maturities by industry (Based on amortized cost)
Corporate securities:
Finance$13,537 18.7 %$14,070 19.4 %
Manufacturing11,797 16.3 %11,667 16.1 %
Utilities6,808 9.4 %6,693 9.2 %
Services8,299 11.5 %8,257 11.4 %
Energy3,740 5.2 %3,759 5.2 %
Retail and wholesale3,394 4.7 %3,438 4.7 %
Transportation2,277 3.2 %2,345 3.2 %
Other124 0.2 %134 0.2 %
Total corporate securities49,976 69.2 %50,363 69.6 %
U.S. government and agency7,054 9.8 %6,991 9.7 %
Residential mortgage-backed (2)908 1.3 %930 1.3 %
Preferred stock41 0.1 %40 0.1 %
State & municipal609 0.8 %638 0.9 %
Foreign governments985 1.4 %1,028 1.4 %
Commercial mortgage-backed3,823 5.3 %3,856 5.3 %
Asset-backed securities8,859 12.3 %8,548 11.8 %
Total$72,255 100.0 %$72,394 100.0 %
General Account AFS Fixed maturities credit quality (3) (Based on amortized cost)
Aaa, Aa, A (NAIC Designation 1)$44,612 61.7 %$44,701 61.7 %
Baa (NAIC Designation 2)24,843 34.4 %25,057 34.6 %
Investment grade69,454 96.1 %69,758 96.4 %
Below investment grade (NAIC Designation 3 and 4)2,800 3.9 %2,636 3.6 %
Total$72,255 100.0 %$72,394 100.0 %
Notes:
(1) Investment data has been classified based on standard industry categorizations for domestic public holdings and similar classifications by industry for all other holdings.
(2) Includes publicly traded agency pass-through securities and collateralized obligations.
(3) Credit quality based on NAIC rating.
1Q 2023 Financial Supplement
28

Consolidated Results of General Account Investment Portfolio
For the Three Months Ended or As ofYears Ended or As of
(in millions USD, unless otherwise indicated)March 31, 2022March 31, 2023December 31, 2022
YieldAmount (2)YieldAmount (2)YieldAmount (2)
Fixed Maturities:
Income (loss)3.29 %$598 3.95 %$714 3.57 %$2,619 
Ending assets72,866 72,394 72,255 
Mortgages:
Income (loss)3.89 %139 4.24 %177 3.92 %587 
Ending assets14,452 16,969 16,481 
Other Equity Investments (1):
Income (loss)11.02 %81 4.68 %41 5.21 %171 
Ending assets3,006 3,498 3,433 
Policy Loans:
Income5.74 %58 5.12 %52 5.35 %215 
Ending assets4,010 4,028 4,033 
Cash and Short-term Investments:
Income(0.16)%(1)(5.00)%(23)(1.44)%(24)
Ending assets2,645 2,219 1,419 
Funding Agreements:
Interest expense and other(12)(87)(156)
Ending (liabilities)(6,088)(8,366)(8,501)
Total invested Assets:
Income3.85 %863 3.89 %873 3.79 %3,412 
Ending assets90,891 90,742 89,120 
Short Duration Fixed Maturities:
Income (loss)3.67 %1 3.79 %1 3.62 %5 
Ending assets137 87 87 
Total Net Investment Income:
Investment income3.85 %864 3.89 %874 3.79 %3,417 
Less: investment fees (3)(0.13)%(29)(0.17)%(39)(0.15)%(138)
Investment income, net3.72 %$835 3.71 %$835 3.63 %$3,279 
General Account Ending Net Assets$91,028 $90,829 $89,207 
Operating Earnings adjustments:
Funding Agreements interest expense12 87 156 
AB and other non-General Account investment income29 55 84 
Operating Net investment income (loss)$876 $977 $3,519 
Notes:
(1) Includes, as of March 31, 2022, March 31, 2023 and December 31, 2021 $314 million, $394 million and $400 million of other invested assets. Amounts for certain consolidated VIE investments are shown net of associated non-controlling interest.
(2) Amount for fixed maturities and mortgages represents original cost, reduced by repayments, write-downs, adjusted amortization of premiums, accretion of discount and allowances. Cost for equity securities represents original cost reduced by write-downs; cost for other limited partnership interests represents original cost adjusted for equity in earnings and reduced by distributions.
(3) Investment fees are inclusive of investment management fees paid to AB.
1Q 2023 Financial Supplement
29








Additional Information
1Q 2023 Financial Supplement
30


Deferred Policy Acquisition Costs Rollforward
For the Three Months Ended or As ofFor the Three Months Ended or As of
(in millions USD, unless otherwise indicated)3/31/20226/30/20229/30/202212/31/20223/31/20233/31/20223/31/2023
TOTAL
Beginning balance$6,113 $6,180 $6,254 $6,322 $6,369 $6,113 $6,369 
Capitalization of commissions, sales and issue expenses210 219 215 198 202 210 202 
Amortization(143)(145)(147)(151)(152)(143)(152)
Ending balance$6,180 $6,254 $6,322 $6,369 $6,419 $6,180 $6,419 
Individual Retirement
Beginning balance$3,013 $3,065 $3,127 $3,180 $3,219 $3,013 $3,219 
Capitalization of commissions, sales and issue expenses132 144 137 126 134 132 134 
Amortization(80)(82)(84)(87)(89)(80)(89)
Ending balance$3,065 $3,127 $3,180 $3,219 $3,264 $3,065 $3,264 
Group Retirement
Beginning balance$771 $778 $785 $792 $800 $771 $800 
Capitalization of commissions, sales and issue expenses22 21 22 23 19 22 19 
Amortization(15)(14)(15)(15)(15)(15)(15)
Ending balance$778 $785 $792 $800 $804 $778 $804 
Protection Solutions
Beginning balance$1,559 $1,579 $1,596 $1,614 $1,630 $1,559 $1,630 
Capitalization of commissions, sales and issue expenses49 46 47 46 43 49 43 
Amortization(29)(29)(29)(30)(29)(29)(29)
Ending balance$1,579 $1,596 $1,614 $1,630 $1,644 $1,579 $1,644 
Legacy
Beginning balance$631 $623 $614 $606 $593 $631 $593 
Capitalization of commissions, sales and issue expenses8 8 9 3 6 8 6 
Amortization(16)(17)(17)(16)(16)(16)(16)
Ending balance$623 $614 $606 $593 $583 $623 $583 
Corporate and Other
Beginning balance$139 $135 $132 $130 $127 $139 $127 
Capitalization of commissions, sales and issue expenses(1)— — — — (1)— 
Amortization(3)(3)(2)(3)(3)(3)(3)
Ending balance$135 $132 $130 $127 $124 $135 $124 

1Q 2023 Financial Supplement
31

Use of Non-GAAP Financial Measures
In addition to our results presented in accordance with U.S. GAAP, we report Non-GAAP Operating Earnings, Non-GAAP Operating ROE, and Non-GAAP operating common EPS, each of which is a measure that is not determined in accordance with U.S. GAAP. Management principally uses these non-GAAP financial measures in evaluating performance because they present a clearer picture of our operating performance and they allow management to allocate resources. Similarly, management believes that the use of these Non-GAAP financial measures, together with relevant U.S. GAAP measures, provide investors with a better understanding of our results of operations and the underlying profitability drivers and trends of our business. These non-GAAP financial measures are intended to remove from our results of operations the impact of market changes (where there is mismatch in the valuation of assets and liabilities) as well as certain other expenses which are not part of our underlying profitability drivers or likely to re-occur in the foreseeable future, as such items fluctuate from period-to-period in a manner inconsistent with these drivers. These measures should be considered supplementary to our results that are presented in accordance with U.S. GAAP and should not be viewed as a substitute for the U.S. GAAP measures. Other companies may use similarly titled non-GAAP financial measures that are calculated differently from the way we calculate such measures. Consequently, our non-GAAP financial measures may not be comparable to similar measures used by other companies.
We also discuss certain operating measures, including AUM, AUA, AV, Protection Solutions Reserves and certain other operating measures, which management believes provide useful information about our businesses and the operational factors underlying our financial performance.
Non-GAAP Operating Earnings
Non-GAAP Operating Earnings is an after-tax non-GAAP financial measure used to evaluate our financial performance on a consolidated basis that is determined by making certain adjustments to our consolidated after-tax net income attributable to Holdings. The most significant of such adjustments relates to our derivative positions, which protect economic value and statutory capital, and 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 market risk benefits and purchased market risk benefits, including the related attributed fees and claims, offset by derivatives and other securities used to hedge the market risk benefits 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, COVID-19 related impacts, net derivative gains (losses) on certain Non-GMxB derivatives, net investment income from certain items including consolidated VIE investments, seed capital mark-to-market adjustments, unrealized gain/losses and realized capital gains/losses from sales or disposals of select securities, certain legal accruals; and a bespoke deal to repurchase UL policies from one entity that had invested in numerous policies purchased in the life settlement market, which disposed of the risk of additional COI litigation by that entity related to those UL policies; and
•Income tax expense (benefit) related to the above items and non-recurring tax items, which includes the effect of uncertain tax positions for a given audit period, and a decrease of a deferred tax valuation allowance.
Because Non-GAAP Operating Earnings excludes the foregoing items that can be distortive or unpredictable, management believes that this measure enhances the understanding of the Company’s underlying drivers of profitability and trends in our business, thereby allowing management to make decisions that will positively impact our business.
We use the prevailing corporate federal income tax rate of 21% while taking into account any non-recurring differences for events recognized differently in our financial statements and federal income tax returns as well as partnership income taxed at lower rates when reconciling Net income (loss) attributable to Holdings to Non-GAAP Operating Earnings.
1Q 2023 Financial Supplement
32

Use of Non-GAAP Financial Measures
Non-GAAP Operating ROE
We calculate Non-GAAP Operating ROE by dividing Non-GAAP Operating Earnings for the previous twelve calendar months by consolidated average equity attributable to Holdings’ common shareholders, excluding AOCI. AOCI fluctuates period-to-period in a manner inconsistent with our underlying profitability drivers as the majority of such fluctuation is related to the market volatility of the unrealized gains and losses associated with our AFS securities. Therefore, we believe excluding AOCI is more effective for analyzing the trends of our operations.
Book Value per common share, excluding AOCI
We use the term “book value” to refer to “Total equity attributable to Holdings' common shareholders.” Book Value per common share, excluding AOCI, is our stockholder’s equity, excluding AOCI, divided by ending common shares outstanding.
Non-GAAP Operating Earnings per common share
Non-GAAP Operating Earnings per common share is calculated by dividing Non-GAAP Operating Earnings less preferred stock dividends by diluted common shares outstanding.
1Q 2023 Financial Supplement
33

Reconciliation of Non-GAAP Measures (1/3)
For the Three Months Ended or As ofFor the Three Months Ended or As of
(in millions USD, unless otherwise indicated)3/31/20226/30/20229/30/202212/31/20223/31/20233/31/20223/31/2023
Net income (loss) attributable to Holdings
Net income (loss) attributable to Holdings$530 $967 $594 $62 $177 $530 $177 
Adjustments related to:
Variable annuity product features (616)(1,031)(675)129 861 (616)861 
Investment gains (losses), net326 231 333 55 87 326 87 
Net actuarial gains (losses) related to pension and other postretirement benefit obligations19 19 19 25 9 19 9 
Other adjustments (1) (2)228 177 50 150 45 228 45 
Income tax (expense) benefit related to above adjustments 9 127 58 (76)(210)9 (210)
Non-recurring tax items 3 3 7 3 (605)3 (605)
Non-GAAP Operating Earnings$499 $493 $386 $348 $364 $499 $364 
Net income (loss) attributable to Holdings (3)$1.35 $2.54 $1.58 $0.17 $0.49 $1.35 $0.49 
Less: Preferred stock dividends0.04 0.07 0.04 0.07 0.04 0.04 0.04 
Net income (loss) available to Holdings' common shareholders1.32 2.47 1.54 0.10 0.45 1.32 0.45 
Adjustments related to:
Variable annuity product features (1.57)(2.71)(1.79)0.35 2.36 (1.57)2.36 
Investment gains (losses), net0.83 0.61 0.88 0.15 0.24 0.83 0.24 
Net actuarial gains (losses) related to pension and other postretirement benefit obligations0.05 0.05 0.05 0.07 0.02 0.05 0.02 
Other adjustments (1) (2)0.58 0.47 0.13 0.39 0.13 0.58 0.13 
Income tax (expense) benefit related to above adjustments 0.02 0.33 0.15 (0.20)(0.58)0.02 (0.58)
Non-recurring tax items (4)0.01 0.01 0.02 0.01 (1.66)0.01 (1.66)
Non-GAAP Operating Earnings (loss) available to Holdings' common shareholders $1.24 $1.23 $0.99 $0.87 $0.96 $1.24 $0.96 
Book Value per common share
Book Value per common share$16.65 $10.99 $5.00 $(0.44)$6.10 $16.65 $6.10 
Less: Per share impact of AOCI(3.39)(11.05)(18.57)(24.63)(18.15)(3.39)(18.15)
Book value per common share (ex. AOCI)$20.04 $22.04 $23.56 $24.19 $24.25 $20.04 $24.25 
Notes:
(1) Includes certain gross legal expenses related to the cost of insurance litigation and claims related to a commercial relationship of $0 million and $59 million for the three months ended March 31, 2023 and 2022, respectively. Includes policyholder benefit costs of $75 million for the three months ended March 31, 2022 stemming from a deal to repurchase UL policies from one entity that had invested in numerous policies purchased in the life settlement market. The legal accruals impact per common share is $0.00 and $0.15 for the three months ended March 31, 2023 and 2022, respectively. Includes policyholder benefit costs of $0.19 for the three months ended March 31, 2022 stemming from a deal to repurchase UL policies from one entity that had invested in numerous policies purchased in the life settlement market. No adjustments were made to prior period Non-GAAP Operating EPS as the impact was immaterial.
(2) Includes Non-GMxB related derivative hedge losses of $0 million and ($2) million for the three months ended March 31, 2023 and 2022, respectively. The impact per common share is $0.01 and $(0.01) for the three months ended March 31, 2023 and 2022, respectively.
(3) For periods with a net loss, dilutive shares were not included in the calculation of net income (loss) available to shareholders per common share or Non-GAAP Operating Earnings per common share as inclusion of such shares would have an anti-dilutive effect.
(4) For the three months ended March, 31 2023, non-recurring tax items reflect the effect of uncertain tax positions for a given audit period and a decrease of a deferred tax valuation allowance.
1Q 2023 Financial Supplement
34

Reconciliation of Non-GAAP Measures (2/3)
As of and for the Twelve Months Ended
(in millions USD, unless otherwise indicated)12/31/20223/31/2023
Net Income to Non-GAAP Operating Earnings
Net income (loss) attributable to Holdings$2,153 $1,800 
Adjustments related to:
Variable annuity product features(2,193)(716)
Investment (gains) losses945 706 
Net actuarial (gains) losses related to pension and other postretirement benefit obligations82 72 
Other adjustments605 422 
Income tax (expense) benefits related to above adjustments118 (101)
Non-recurring tax items16 (592)
Non-GAAP Operating Earnings$1,726 $1,591 
Return on Equity and Non-GAAP Operating Return on Equity - Trailing twelve months
Net income (loss) attributable to Holdings$2,153 $1,800 
Less: Preferred stock(80)(80)
Net income (loss) available to Holdings' common shareholders$2,073 $1,720 
Average equity attributable to Holdings' common shareholders (ex. AOCI)$8,389 $8,641 
Return on Equity (ex. AOCI)24.7 %19.9 %
Non-GAAP Operating Earnings$1,726 $1,591 
Less: Preferred stock(80)(80)
Non-GAAP Operating Earnings available to Holdings' common shareholders$1,646 $1,511 
Average equity attributable to Holdings' common shareholders (ex. AOCI)$8,389 $8,641 
Non-GAAP Operating Return on Equity (ex. AOCI)19.6 %17.5 %
1Q 2023 Financial Supplement
35

Reconciliation of Non-GAAP Measures (3/3)
Balances as of
(in millions USD, unless otherwise indicated)12/31/20213/31/20226/30/20229/30/202212/31/20223/31/2023
Equity Reconciliation - Quarter-end Balances
Total equity attributable to Holdings' shareholders$10,351 $7,959 $5,702 $3,411 $1,401 $3,754 
Less: Preferred Stock1,562 1,562 1,562 1,562 1,562 1,562 
Total equity attributable to Holdings' common shareholders8,789 6,397 4,140 1,849 (161)2,192 
Less: Accumulated other comprehensive income (loss)1,303 (1,304)(4,165)(6,870)(8,992)(6,516)
Total equity attributable to Holdings' common shareholders (ex. AOCI)$7,486 $7,701 $8,305 $8,719 $8,831 $8,708 
Balances as of
(in millions USD, unless otherwise indicated)12/31/20223/31/2023
Equity Reconciliation - Twelve Month Rolling Average (2)
Total equity attributable to Holdings' shareholders$4,618 $3,567 
Less: Preferred Stock1,562 1,562 
Total equity attributable to Holdings' common shareholders3,056 2,005 
Less: Accumulated other comprehensive income (loss)(5,333)(6,636)
Total equity attributable to Holdings' common shareholders (ex. AOCI)$8,389 $8,641 


1Q 2023 Financial Supplement
36

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 reflected net of reinsurance.
Advisory Assets - Assets invested in a variety of investments using an asset allocation model designed for the client’s objectives. The client is charged a fee based on the value of the assets in the account.
Annualized premiums - 100% of first year recurring premiums (up to target) and 10% of excess first year premiums or first year premiums from single premium products.
Assets Under Administration (“AUA”) - AUA includes non-insurance client assets that are invested in our savings and investment products or serviced by our Equitable Advisors platform. We provide administrative services for these assets and generally record the revenues received as distribution fees.
Assets Under Management (“AUM”) - AUM means investment assets that are managed by one of our subsidiaries and includes: (i) assets managed by AB; (ii) the assets in our General Account investment portfolio; and (iii) the Separate Account assets of our Individual Retirement, Group Retirement and Protection Solutions businesses. Total AUM reflects exclusions between segments to avoid double counting.
Average Account Value (TTM) - Calculated as an average of the previous twelve calendar months total Account Value balance as of end of period
Benefit base - A notional amount (not actual cash value) used to calculate the owner’s guaranteed benefits within an annuity contract. The death benefit and living benefit within the same contract may not have the same benefit base.
Brokerage Assets - Brokerage accounts which allow clients a variety of investments, including mutual funds, exchange traded Products, equities and fixed income, to be managed in one account. The client is charged for all buy and sell transactions.
Current Product Offering (Individual Retirement) - Products sold 2011 and later.
Deferred policy acquisition costs (“DAC”) - Represents the incremental costs related directly to the successful acquisition of new and certain renewal insurance policies and annuity contracts and which have been deferred on the balance sheet as an asset.
Direct Assets - Mutual Funds purchased through and registered directly with an Asset Management Company, no other agents, such as brokers or distributors, are involved in the transactions.
Equitable Advisors - means AXA Advisors, LLC, a Delaware limited liability company, our retail broker/dealer for our retirement and protection businesses and a wholly-owned indirect subsidiary of Holdings.
Equitable America - means Equitable Financial Life Insurance Company of America, an Arizona corporation and a wholly-owned indirect subsidiary of Holdings.
Equitable Life - means AXA Equitable Life Insurance Company, a New York corporation, a life insurance company and a wholly-owned subsidiary of AEFS.
Fixed Rate (Individual Retirement) - Pre-2011 GMxB products.
FYP - First year premium and deposits.
GMxB - A general reference to all forms of variable annuity guaranteed benefits, including guaranteed minimum living benefits, or GMLBs (such as GMIBs, GMWBs and GMABs), and guaranteed minimum death benefits, or GMDBs (inclusive of return of premium death benefit guarantees).
Gross premiums - FYP and Renewal premium and deposits.
Guaranteed minimum death benefits (“GMDB”) - An optional benefit (available for an additional cost) that guarantees an annuitant’s beneficiaries are entitled to a minimum payment based on the benefit base, which could be greater than the underlying AV, upon the death of the annuitant.
Guaranteed minimum income benefits (“GMIB”) - An optional benefit (available for an additional cost) where an annuitant is entitled to annuitize the policy and receive a minimum payment stream based on the benefit base, which could be greater than the underlying AV.
Guaranteed minimum living benefits (“GMLB”) - A reference to all forms of guaranteed minimum living benefits, including GMIBs, GMWBs and GMABs (does not include GMDBs).
Invested assets - Includes fixed maturity securities, equity securities, mortgage loans, policy loans, alternative investments and short-term investments.
Inv Mgmt and Research - Abbreviation for Investment Management and Research.
Legacy - The Legacy segment consists of our fixed-rate GMxB business written prior to 2011. In 2023, we began reporting this business separately from our Individual Retirement business.
Liability for future policy benefits - the liability related to life insurance policies such as non-participating traditional life insurance policies (Term) and limited pay contracts (Payout, Pension).
Market risk benefits - (“MRBs”) are contracts or contract features that provide protection to the contract holder from other than nominal capital market risk and expose the Company to other than nominal capital market risk. Market risk benefits include contract features that provide minimum guarantees to policyholders and include GMIB, GMDB, GMWB, GMAB, and ROP DB benefits.
Net flows - Net change in customer account balances in a period including, but not limited to, gross premiums, surrenders, withdrawals and benefits. It excludes investment performance, interest credited to customer accounts and policy charges.
Net long-term flows - Net change of assets under management in a period which includes new sales net of redemptions of mutual funds and terminations of separately managed accounts and cash flow which includes both cash invested or withdrawn by existing clients. In addition, cash flow includes fees received from certain clients. It excludes the impact of the markets.
Premiums and deposits - Amounts a policyholder agrees to pay for an insurance policy or annuity contract that may be paid in one or a series of payments as defined by the terms of the policy or contract.
Pre-tax operating margin - Calculated as operating earnings, before income taxes, divided by revenue.
Protection Solutions Benefit Ratio - Calculated as sum of policyholders’ benefits and interest credited to policyholders’ account balances dividend by segment revenues.
Protection Solutions Reserves - Equals the aggregate value of Policyholders’ account balances and future policy benefits for policies in our Protection Solutions segment.
Renewal premium and deposits - Premiums and deposits after the first twelve months of the policy or contract.
1Q 2023 Financial Supplement
37

Return of premium (“ROP”) death benefit - This death benefit pays the greater of the account value at the time of a claim following the owner’s death or the total contributions to the contract (subject to adjustment for withdrawals). The charge for this benefit is usually included in the M&E fee that is deducted daily from the net assets in each variable investment option. We also refer to this death benefit as the Return of Principal death benefit.
Return on Assets - Calculated as trailing twelve months operating earnings, before income taxes, divided by trailing twelve months average account value.
Return on Equity (ex. AOCI) - Calculated as trailing twelve months net income (loss) attributable to Holdings' common shareholders divided by average equity attributable to Holdings' common shareholders, excluding Accumulated Other Comprehensive Income (“AOCI”).
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.
1Q 2023 Financial Supplement
38

Analyst Coverage, Ratings & Contact Information
Analyst Coverage
FirmAnalystPhone Number
BarclaysTracy Benguigui
1 (212) 526-1561
Citi
Michael Ward
1 (212) 816-4269
Credit SuisseAndrew Kligerman1 (212) 325-5069
Evercore ISIThomas Gallagher1 (212) 446-9439
Goldman SachsAlex Scott1 (212) 902-9592
JefferiesSuneet Kamath1 (212) 778-8602
J.P. MorganJimmy Bhullar1 (212) 622-6397
Keefe, Bruyette, & WoodsRyan Krueger1 (860) 722-5930
Morgan StanleyNigel Dally1 (212) 761-4132
Raymond JamesWilma Burdis1 (727) 567-9371
RBC Capital MarketsMark Dwelle1 (804) 782-4008
Truist SecuritiesMark Hughes1 (615) 748-4422
UBSBrian Meredith 1 (212) 713-2492
Wells Fargo SecuritiesElyse Greenspan1 (212) 214-8031
This list is provided for informational purposes only. Equitable Holdings does not endorse the analyses, conclusions or recommendations contained in any reports issued by these or any other analysts.
Ratings
A.M. BestS&PMoody’s
Last review dateFeb '23Jun '22Jan '23
Financial Strength Ratings:
Equitable Financial Life Insurance CompanyAA+A1
Equitable Financial Life Insurance Company of AmericaAA+A1
Credit Ratings:
Equitable Holdings, Inc.—BBB+Baa1
AllianceBernstein L.P. (1)—AA2
Investor and Media Contacts
Contact Investor RelationsContact Media Relations
Işıl Müderrisoğlu
Thomas Lewis
Sophia Kim
(212) 314-2476(212) 314-4638(212) 314-2010
Notes:
(1) Last review dates: S&P as of Sep '22, Moody’s as of Jan '23.

1Q 2023 Financial Supplement
39