Equitable Holdings, Inc 8-K, filed Nov 2, 2026

Equitable Holdings, Inc. (EQH)

8-K 2026-11-02 For: 2026-11-02

Added on November 02, 2026

About this 8-K

Equitable Holdings, Inc filed this 8-K on November 2, 2026.

Equitable Holdings reported third-quarter 2026 net income of $1.1 billion and Non-GAAP operating earnings of $595 million, alongside net inflows of $1.1 billion in Retirement, $2.7 billion in Wealth Management and $6.6 billion in Asset Management. AI summary

Items reported

Item 2.02: Financial results
Item 7.01: Regulation FD disclosure
Item 9.01: Financial statements and exhibits

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


Exhibit No.			Description of Exhibit
99.1			Press release of Equitable Holdings, Inc., dated November 2, 2026 (furnished and not filed)
99.2			Financial Supplement for the quarter ended September 30, 2026 (furnished and not filed)
104			Cover Page Interactive Data File (embedded within the Inline XBRL document).



	EQUITABLE HOLDINGS, INC.

Date: November 2, 2026	By:	/s/ William Eckert
	Name:	William Eckert
	Title:	Chief Accounting Officer (Principal Accounting Officer)


Consolidated Results
	Third Quarter
(in millions, except per share amounts or unless otherwise noted)	2026		2025
Total Assets Under Management/Administration (“AUM/A”, in billions)	$	1,156	$	1,110
Net income (loss) attributable to Holdings	1,121		(1,309)
Net income (loss) attributable to Holdings per common share	4.05		(4.47)
Non-GAAP operating earnings	595		455
Non-GAAP operating earnings per common share (“EPS”)	2.13		1.48


(in millions, unless otherwise noted)	Q3 2026		Q3 2025
Total Assets (in billions)6	$	189.0	$	171.7
Segment net flows (in billions)	1.1		1.1
Operating earnings (loss)	432		405


	Three Months Ended September 30,
(in millions)	2026		2025
Non-GAAP Operating Earnings	$	595	$	455
Post-tax adjustments related to notable items:
Retirement	7		—
Asset Management	—		—
Wealth Management	—		(4)
Corporate & Other	(20)		60
Subtotal	(14)		56
Impact of actuarial assumption update	(28)		(1)
Non-GAAP Operating Earnings, less Notable Items	$	554	$	510


	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	2026		2025		2026		2025
Net income (loss) attributable to Holdings	$	1,121	$	(1,309)	$	1,289	$	(1,595)
Adjustments related to:
Variable annuity product features (1)	(796)		978		340		2,123
Investment (gains) losses (2)	84		1,170		178		1,255
Net actuarial (gains) losses related to pension and other postretirement benefit obligations	14		19		42		41
Other adjustments (3)	125		(164)		(157)		(96)
Income tax expense (benefit) related to above adjustments	120		(437)		(85)		(714)
Non-recurring tax items	(73)		198		(52)		214
Non-GAAP Operating Earnings	$	595	$	455	$	1,555	$	1,228


	Three Months Ended September 30,				Nine Months Ended September 30,
(per share amounts)	2026		2025		2026		2025
Net income (loss) attributable to Holdings	$	4.10	$	(4.42)	$	4.62	$	(5.27)
Less: Preferred stock dividend	0.05		0.05		0.15		0.16
Net Income (loss) available to common shareholders	4.05		(4.47)		4.47		(5.43)
Adjustments related to:
Variable annuity product features (1)	(2.91)		3.30		1.22		7.02
Investment (gains) losses (2)	0.31		3.95		0.64		4.15
Net actuarial (gains) losses related to pension and other postretirement benefit obligations	0.05		0.06		0.15		0.14
Other adjustments (3)	0.46		(0.55)		(0.56)		(0.33)
Income tax expense (benefit) related to above adjustments	0.44		(1.48)		(0.30)		(2.36)
Non-recurring tax items	(0.27)		0.67		(0.19)		0.71
Non-GAAP Operating Earnings	$	2.13	$	1.48	$	5.43	$	3.90


	September 30, 2026		December 31, 2025
Book value per common share	$	(10.69)	$	(4.03)
Per share impact of AOCI	30.86		22.17
Book Value per common share, excluding AOCI	$	20.17	$	18.14


	September 30, 2026		December 31, 2025
	(in millions)
ASSETS


Total investments and cash and cash equivalents	$	145,180	$	133,466
Separate Accounts assets	139,161		136,544
Total assets	$	334,008	$	317,990

LIABILITIES
Long-term debt	$	3,841	$	3,835
Future policy benefits and other policyholders' liabilities	16,949		17,660
Policyholders’ account balances	150,483		133,433
Total liabilities	$	333,764	$	316,202

EQUITY
Preferred stock	$	1,068	$	1,068
Accumulated other comprehensive income (loss)	(8,286)		(6,280)
Total equity attributable to Holdings	(1,803)		(74)
Total equity attributable to Holdings' common shareholders (ex. AOCI)	$	5,415	$	5,138


	September 30, 2026		December 31, 2025

	(in billions)
Assets Under Management
AB AUM	$	900.4	$	866.9
Exclusion for General Account and other Affiliated Accounts	(106.7)		(87.3)
Exclusion for Separate Accounts	(62.3)		(51.0)
AB third party	$	731.4	$	728.6

Total Company AUM
AB third party	$	731.4	$	728.6
General Account and other Affiliated Accounts (1) (3) (4) (5) (6)	145.2		133.5
Separate Accounts (2) (3) (4) (5) (6)	139.2		136.5
Total AUM	$	1,015.8	$	998.6


Table of Contents

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


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



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



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

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

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


	For the Three Months Ended or As of																	For the Nine Months Ended or As of
(in millions USD, unless otherwise indicated)	9/30/2025			12/31/2025			3/31/2026			6/30/2026			9/30/2026			Change		9/30/2025			9/30/2026			Change

Net income (loss)	$	(1,215)		$	311		$	731		$	(353)		$	1,186		197.6	%	$	(1,348)		$	1,564		216.0	%
Net income (loss) attributable to the noncontrolling interest	(94)			(96)			(110)			(100)			(65)			30.9	%	(247)			(275)			(11.3)	%
Net income (loss) attributable to Holdings	$	(1,309)		$	215		$	621		$	(453)		$	1,121		185.6	%	$	(1,595)		$	1,289		180.8	%

Non-GAAP Operating Earnings (1)	$	455		$	513		$	472		$	488		$	595		30.8	%	$	1,228		$	1,555		26.6	%

Total equity attributable to Holdings' shareholders	$	148		$	(74)		$	273		$	(785)		$	(1,803)		N/M		$	148		$	(1,803)		N/M
Less: Preferred Stock	1,068			1,068			1,068			1,068			1,068			—	%	1,068			1,068			—	%
Total equity attributable to Holdings' common shareholders	(920)			(1,142)			(795)			(1,853)			(2,871)			(212.1)	%	(920)			(2,871)			(212.1)	%
Less: Accumulated other comprehensive income (loss)	(6,191)			(6,280)			(6,300)			(6,465)			(8,286)			(33.8)	%	(6,191)			(8,286)			(33.8)	%
Total equity attributable to Holdings' common shareholders (ex. AOCI)	$	5,271		$	5,138		$	5,505		$	4,612		$	5,415		2.7	%	$	5,271		$	5,415		2.7	%

Return on Equity (ex. AOCI) (TTM)	(10.4)		%	(22.0)		%	(15.2)		%	(19.1)		%	28.1		%			(10.4)		%	28.1		%
Non-GAAP Operating ROE (TTM) (1)	22.4		%	25.6		%	29.8		%	36.5		%	39.0		%			22.4		%	39.0		%

Debt to capital:
Debt to Capital (ex. AOCI)	37.7		%	38.3		%	36.9		%	40.3		%	37.2		%			37.7		%	37.2		%
Adjusted debt to capital (ex. AOCI)	35.3		%	35.9		%	34.5		%	37.7		%	34.8		%			35.3		%	34.8		%

Adjusted capital metrics:
Total equity adjustment for Holdings' portion of AB's market value (3)	$	4,443		$	4,448		$	4,260		$	3,828		$	3,780		(14.9)	%	$	4,443		$	3,780		(14.9)	%
Book value with AB at market value per common share (ex. AOCI)	$	33.59		$	33.84		$	34.70		$	30.92		$	34.25		2.0	%	$	33.59		$	34.25		2.0	%
Adjusted debt to capital with AB at market value (ex. AOCI)	24.5		%	24.9		%	24.5		%	26.9		%	25.5		%			24.5		%	25.5		%

Per common share:
Diluted earnings per common share: (2)
Net income (loss) attributable to Holdings	$	(4.47)		$	0.70		$	2.14		$	(1.68)		$	4.05		190.6	%	$	(5.43)		$	4.47		182.3	%
Non-GAAP Operating Earnings (1)	$	1.48		$	1.73		$	1.62		$	1.70		$	2.13		43.9	%	$	3.90		$	5.43		39.2	%
Book value per common share	$	(3.18)		$	(4.03)		$	(2.83)		$	(6.79)		$	(10.69)		(236.2)	%	$	(3.18)		$	(10.69)		(236.2)	%
Book value per common share (ex. AOCI)	$	18.23		$	18.14		$	19.56		$	16.89		$	20.17		10.6	%	$	18.23		$	20.17		10.6	%

Weighted-average common shares outstanding:
Basic	296.2			285.5			281.3			278.3			271.4			(8.4)	%	302.4			277.0			(8.4)	%
Diluted	296.2			289.1			283.8			278.3			273.4			(7.7)	%	302.4			278.8			(7.8)	%

Ending common shares outstanding	289.2			283.3			281.4			273.0			268.5			(7.2)	%	289.2			268.5			(7.2)	%
Return to common shareholders:

Common stock dividend	$	81		$	77		$	76		$	83		$	82				$	237		$	241
Repurchase of common shares	676			277			147			366			238					1,173			751
Total capital returned to common shareholders	$	757		$	354		$	223		$	449		$	320				$	1,410		$	992

Notes:
(1) This measure is a Non-GAAP financial measure. For an explanation of our use of Non-GAAP financial measures, refer to the “Use of Non-GAAP Financial Measures” and "Glossary of Selected Financial and Product Terms" sections of this document. For a reconciliation of this item to the most directly comparable GAAP measure, refer to the “Non-GAAP Reconciliation” section in this document.
(2) For loss periods, dilutive shares were not included in the calculation of net income (loss) available to shareholders per common share or Non-GAAP Operating Earnings per common share as inclusion of such shares would have an anti-dilutive effect.
(3) Adjustment for AB market value represents the difference between EQH economic interest in AB's total units multiplied by AB's total units and EQH economic interest in AB's Total Partners' Capital Attributable to AB Unit holders ex. AOCI. As of September 30, 2026, June 30, 2026, March 31, 2026, December 31, 2025 and September 30, 2025, AB's total units, including General Partnership units ABLP units, were $296.1 million, $297.6 million, 297.6 million, 296.5 million and 295.2 million, respectively. This is a pro-forma calculation, not the figures recorded in our financial statements.


	For the Three Months Ended												For the Nine Months Ended
(in millions USD, unless otherwise indicated)	9/30/2025		12/31/2025		3/31/2026		6/30/2026		9/30/2026		Change		9/30/2025		9/30/2026		Change

Revenues
Policy charges and fee income	$	471	$	435	$	429	$	426	$	488	3.6	%	$	1,733	$	1,343	(22.5)	%
Premiums	258		224		240		268		216		(16.3)	%	822		724		(11.9)	%
Net derivative gains (losses)	(1,117)		(363)		580		(2,055)		20		101.8	%	(1,692)		(1,455)		14.0	%
Net investment income (loss)	1,343		1,288		1,284		1,397		1,350		0.5	%	3,946		4,031		2.2	%
Investment gains (losses), net	(1,170)		(84)		(29)		(65)		(84)		92.8	%	(1,255)		(178)		85.8	%
Investment management and service fees	1,316		1,390		1,327		1,328		1,407		6.9	%	3,873		4,062		4.9	%
Other income	349		387		399		359		484		38.7	%	961		1,242		29.2	%
Total revenues	1,450		3,277		4,230		1,658		3,881		167.7	%	8,388		9,769		16.5	%

Benefits and other deductions
Policyholders’ benefits	452		397		385		435		357		(21.0)	%	1,998		1,177		(41.1)	%
Remeasurement of liability for future policy benefits	59		(6)		9		(15)		15		(74.6)	%	44		9		(79.5)	%
Change in market risk benefits and purchased market risk benefits	(353)		(130)		325		(1,001)		(729)		(106.5)	%	(287)		(1,405)		(389.5)	%
Interest credited to policyholders’ account balances	798		744		770		834		793		(0.6)	%	2,272		2,397		5.5	%
Compensation and benefits	601		640		625		642		723		20.3	%	1,794		1,990		10.9	%
Commissions and distribution-related payments	537		567		556		562		577		7.4	%	1,526		1,695		11.1	%
Interest expense	61		47		62		56		55		(9.8)	%	177		173		(2.3)	%
Amortization of deferred policy acquisition costs	203		205		209		214		230		13.3	%	584		653		11.8	%
Other operating costs and expenses	440		469		402		424		472		7.3	%	1,817		1,298		(28.6)	%
Total benefits and other deductions	2,798		2,933		3,343		2,151		2,493		(10.9)	%	9,925		7,987		(19.5)	%

Income (loss) from operations, before income taxes	(1,348)		344		887		(493)		1,388		203.0	%	(1,537)		1,782		215.9	%
Income tax (expense) benefit	133		(33)		(156)		140		(202)		(251.9)	%	189		(218)		(215.3)	%
Net income (loss)	(1,215)		311		731		(353)		1,186		197.6	%	(1,348)		1,564		216.0	%
Less: net (income) loss attributable to the noncontrolling interest	(94)		(96)		(110)		(100)		(65)		30.9	%	(247)		(275)		(11.3)	%
Net income (loss) attributable to Holdings	$	(1,309)	$	215	$	621	$	(453)	$	1,121	185.6	%	$	(1,595)	$	1,289	180.8	%
Less: Preferred stock dividends	(16)		(13)		(14)		(13)		(14)		12.5	%	(48)		(41)		14.6	%
Net income (loss) available to Holdings' common shareholders	$	(1,325)	$	202	$	607	$	(466)	$	1,107	183.5	%	$	(1,643)	$	1,248	176.0	%

Adjustments related to:
Variable annuity product features (1)	$	978	$	258	$	(386)	$	1,522	$	(796)			$	2,123	$	340
Investment (gains) losses, net (2)	1,170		84		29		65		84				1,255		178

Net actuarial (gains) losses related to pension and other postretirement benefit obligations	19		9		14		14		14				41		42
Other adjustments (3)	(164)		21		148		(430)		125				(96)		(157)
Income tax expense (benefit) related to above adjustments	(437)		(62)		41		(246)		120				(714)		(85)
Non-recurring tax items	198		(12)		5		16		(73)				214		(52)
Non-GAAP Operating earnings (4)	$	455	$	513	$	472	$	488	$	595			$	1,228	$	1,555

Notes:
(1) As a result of the novation of certain Legacy VA policies completed during the first quarter of 2025, the Company recorded a loss of $499 million in pre-tax net income and an increase of $263 million in pre-tax AOCI, for a total impact loss of $236 million for the nine months ended September 30, 2025.
(2) Includes $1.1 billion as a result of assets transferred related to the reinsurance transaction with RGA for the three and nine months ended September 30, 2025.
(3) Includes the following impacts on Non-VA derivatives: a loss of $7 million and a gain of $315 million on Non-VA derivatives for the three and nine months ended September 30, 2026, a loss of $176 million for the three months ended June 30, 2026, a loss of $146 million for the three months ended March 31, 2026, a gain of $41 million for the three months ended December 31, 2025, and a gain of $230 million and $262 million for the three and nine months ended September 30, 2025, respectively.

(4) This measure is a Non-GAAP financial measure. For an explanation of our use of Non-GAAP financial measures, refer to the “Use of Non-GAAP Financial Measures” and "Glossary of Selected Financial and Product Terms" sections of this document. For a reconciliation of this item to the most directly comparable GAAP measure, refer to the “Non-GAAP Reconciliation” section in this document.


	Balances as of
(in millions USD, unless otherwise indicated)	9/30/2025		12/31/2025		3/31/2026		6/30/2026		9/30/2026

Assets
Total investments	$	116,505	$	121,004	$	121,679	$	125,851	$	127,653
Cash and cash equivalents	13,604		12,462		9,904		17,183		17,527
Cash and securities segregated, at fair value	425		499		351		229		579
Broker-dealer related receivables	1,996		2,162		2,183		2,291		2,371
Deferred policy acquisition costs	7,430		7,523		7,584		7,638		7,686
Goodwill and other intangible assets, net	5,327		5,309		5,350		5,335		5,317
Amounts due from reinsurers	20,025		20,127		20,373		20,744		21,137


Current and deferred income taxes	2,337		2,577		2,611		2,986		3,269
Purchased market risk benefits	5,415		5,260		5,266		4,710		4,190
Other assets	3,678		3,771		3,936		3,744		3,815

Assets for market risk benefits	762		752		675		940		1,303
Separate Accounts assets	136,905		136,544		130,470		143,006		139,161
Total assets	$	314,409	$	317,990	$	310,382	$	334,657	$	334,008

Liabilities
Policyholders’ account balances	$	129,561	$	133,433	$	132,662	$	146,445	$	150,483
Liability for market risk benefits	10,301		10,153		9,825		8,816		7,705
Future policy benefits and other policyholders’ liabilities	17,611		17,660		17,441		17,372		16,949
Broker-dealer related payables	1,367		1,370		665		798		905

Customers related payables	1,740		1,937		1,988		2,051		2,153
Amounts due to reinsurers	1,451		1,542		1,306		1,155		1,199
Short-term debt	—		25		—		—		—
Long-term debt	3,833		3,835		3,837		3,839		3,841



Notes issued by consolidated variable interest entities, at fair value using the fair value option	2,530		2,702		3,090		3,128		3,485
Other liabilities	7,162		7,001		6,848		6,824		7,883

Separate Accounts liabilities	136,905		136,544		130,470		143,006		139,161
Total liabilities	312,461		316,202		308,132		333,434		333,764
Redeemable noncontrolling interest	344		322		390		365		425

Equity
Preferred stock	1,068		1,068		1,068		1,068		1,068
Common stock	5		5		5		5		5
Additional paid-in capital	1,917		1,932		1,915		1,939		1,955
Treasury shares	(5,011)		(5,165)		(5,190)		(5,559)		(5,799)
Retained earnings	8,360		8,366		8,775		8,227		9,254
Accumulated other comprehensive income (loss)	(6,191)		(6,280)		(6,300)		(6,465)		(8,286)
Total equity attributable to Holdings	148		(74)		273		(785)		(1,803)
Noncontrolling interest	1,456		1,540		1,587		1,643		1,622
Total equity	1,604		1,466		1,860		858		(181)
Total liabilities, redeemable noncontrolling interest and equity	$	314,409	$	317,990	$	310,382	$	334,657	$	334,008


Operating Earnings (Loss) by Segment and Corporate and Other

	For the Three Months Ended September 30, 2026
(in millions USD, unless otherwise indicated)	Retirement		Asset Management		Wealth Management		Corporate and Other		Eliminations		Consolidated
Revenues
Policy charges, fee income and premiums	$	331	$	—	$	—	$	262	$	—	$	593
Net investment income (loss)	1,315		1		4		45		39		1,404
Net derivative gains (losses)	(5)		6		—		(2)		6		5
Investment management, service fees and other income	243		1,134		578		128		(298)		1,785
Segment revenues	1,884		1,141		582		433		(253)		3,787
Benefits and other deductions
Policyholders’ benefits	71		—		—		209		—		280
Remeasurement of liability for future policy benefits	—		—		—		(17)		—		(17)

Interest credited to policyholders’ account balances	830		—		—		54		—		884
Commissions and distribution-related payments	188		189		369		58		(247)		557
Amortization of deferred policy acquisition costs	182		—		—		48		—		230
Compensation and benefits, interest expense, financing fees and other operating costs and expense	95		652		114		153		(6)		1,008

Segment benefits and other deductions	1,366		841		483		505		(253)		2,942
Operating earnings (loss), before income taxes	518		300		99		(72)		—		845
Income Taxes	(86)		(52)		(24)		11		—		(151)
Operating earnings (loss), before noncontrolling interest	432		248		75		(61)		—		694
Less: Operating (earnings) loss attributable to the noncontrolling interest	—		(96)		—		(3)		—		(99)
Operating earnings (loss)	$	432	$	152	$	75	$	(64)	$	—	$	595

	For the Three Months Ended September 30, 2025
	Retirement		Asset Management		Wealth Management		Corporate and Other		Eliminations		Consolidated
Revenues
Policy charges, fee income and premiums	$	296	$	—	$	—	$	433	$	—	$	729
Net investment income (loss)	1,116		14		3		183		34		1,350
Net derivative gains (losses)	(2)		(4)		—		(13)		2		(17)
Investment Management, service fees and other income	182		1,134		496		134		(271)		1,675
Segment revenues	1,592		1,144		499		737		(235)		3,737
Benefits and other deductions
Policyholders’ benefits	73		—		—		438		—		511
Remeasurement of liability for future policy benefits	(1)		—		—		16		—		15

Interest credited to policyholders’ account balances	685		—		—		96		—		781
Commissions and distribution-related payments	153		209		320		82		(227)		537
Amortization of deferred policy acquisition costs	153		—		—		50		—		203
Compensation and benefits, interest expense, financing fees and other operating costs and expense	86		642		101		222		(8)		1,043

Segment benefits and other deductions	1,149		851		421		904		(235)		3,090
Operating earnings (loss), before income taxes	443		293		78		(167)		—		647
Income Taxes	(38)		(46)		(19)		8		—		(95)
Operating earnings (loss), before noncontrolling interest	405		247		59		(159)		—		552
Less: Operating (earnings) loss attributable to the noncontrolling interest	—		(93)		—		(4)		—		(97)
Operating earnings (loss)	$	405	$	154	$	59	$	(163)	$	—	$	455


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

	For the Nine Months Ended September 30, 2026
(in millions USD, unless otherwise indicated)	Retirement		Asset Management		Wealth Management		Corporate and Other		Eliminations		Consolidated
Revenues
Policy charges, fee income and premiums	$	966	$	—	$	—	$	990	$	—	$	1,956
Net investment income (loss)	3,742		7		10		170		103		4,032
Net derivative gains (losses)	(15)		—		—		(22)		16		(21)
Investment Management, service fees and other income	618		3,382		1,657		368		(865)		5,160
Segment revenues	5,311		3,389		1,667		1,506		(746)		11,127
Benefits and other deductions
Policyholders’ benefits	220		—		—		880		—		1,100
Remeasurement of liability for future policy benefits	(3)		—		—		(20)		—		(23)

Interest credited to policyholders’ account balances	2,341		—		—		159		—		2,500
Commissions and distribution-related payments	535		580		1,070		210		(720)		1,675
Amortization of deferred policy acquisition costs	506		—		—		147		—		653
Compensation and benefits, interest expense, financing fees and other operating costs and expense	292		1,947		347		486		(26)		3,046

Segment benefits and other deductions	3,891		2,527		1,417		1,862		(746)		8,951
Operating earnings (loss), before income taxes	1,420		862		250		(356)		—		2,176
Income Taxes	(190)		(137)		(57)		44		—		(340)
Operating earnings (loss), before noncontrolling interest	1,230		725		193		(312)		—		1,836
Less: Operating (earnings) loss attributable to the noncontrolling interest	—		(275)		—		(6)		—		(281)
Operating earnings (loss)	$	1,230	$	450	$	193	$	(318)	$	—	$	1,555

	For the Nine Months Ended September 30, 2025
	Retirement		Asset Management		Wealth Management		Corporate and Other		Eliminations		Consolidated
Revenues
Policy charges, fee income and premiums	$	889	$	—	$	—	$	1,666	$	—	$	2,555
Net investment income (loss)	3,151		39		8		684		90		3,972
Net derivative gains (losses)	(12)		(28)		—		(16)		12		(44)
Investment Management, service fees and other income	510		3,315		1,422		389		(797)		4,839
Segment revenues	4,538		3,326		1,430		2,723		(695)		11,322
Benefits and other deductions
Policyholders’ benefits	241		—		—		1,816		—		2,057
Remeasurement of liability for future policy benefits	(2)		—		—		2		—		—

Interest credited to policyholders’ account balances	1,847		—		—		402		—		2,249
Commissions and distribution-related payments	440		607		909		237		(667)		1,526
Amortization of deferred policy acquisition costs	435		—		—		149		—		584
Compensation and benefits, interest expense, financing fees and other operating costs and expense	261		1,890		315		660		(28)		3,098

Segment benefits and other deductions	3,222		2,497		1,224		3,266		(695)		9,514
Operating earnings (loss), before income taxes	1,316		829		206		(543)		—		1,808
Income Taxes	(177)		(135)		(52)		75		—		(289)
Operating earnings (loss), before noncontrolling interest	1,139		694		154		(468)		—		1,519
Less: Operating (earnings) loss attributable to the noncontrolling interest	—		(283)		—		(8)		—		(291)
Operating earnings (loss)	$	1,139	$	411	$	154	$	(476)	$	—	$	1,228


	Balances as of
(in billions USD, unless otherwise indicated)	9/30/2025			12/31/2025			3/31/2026			6/30/2026			9/30/2026



AB AUM
Total AB	$	860.1		$	866.9		$	838.6		$	905.5		$	900.4
Exclusion for General Account and other Affiliated Accounts	(85.3)			(87.3)			(88.8)			(94.2)			(106.7)
Exclusion for Separate Accounts	(50.4)			(51.0)			(48.8)			(63.3)			(62.3)
AB third party	$	724.4		$	728.6		$	701.0		$	748.0		$	731.4

Total Company AUM
AB third party	$	724.4		$	728.6		$	701.0		$	748.0		$	731.4
General Account and other Affiliated Accounts (1) (3) (4) (6)	130.1			133.5			131.6			143.0			145.2
Separate Accounts (2) (3) (4) (6)	136.9			136.5			130.5			143.0			139.2
Total AUM	$	991.4		$	998.6		$	963.1		$	1,034.0		$	1,015.8

Total AUA (5)	$	118.2		$	122.0		$	131.0		$	140.6		$	140.4
Total AUM/A	$	1,109.6		$	1,120.6		$	1,094.1		$	1,174.6		$	1,156.2

Market Values:
S&P 500	6,688			6,846			6,529			7,499			7,652
US 10-Year Treasury	4.2		%	4.2		%	4.3		%	4.4		%	5.3		%



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 September 30, 2026, June 30, 2026, March 31, 2026, December 31, 2025 and September 30, 2025, Separate Accounts AUM is inclusive of $7.8 billion, $8.2 billion, $7.6 billion, $8.2 billion and $8.4 billion & General Account AUM is inclusive of $26 million, $28 million, $27 million, $28 million and $30 million, respectively, ceded to Venerable.
(4) As of September 30, 2026, June 30, 2026, March 31, 2026, December 31, 2025 and September 30, 2025, Separate Accounts AUM is inclusive of $7.3 billion, $7.6 billion, $6.8 billion, $7.2 billion and $7.2 billion & General Account AUM is inclusive of $2.8 billion, $2.9 billion, $2.9 billion, $3.0 billion and $3.1 billion, respectively, ceded to Global Atlantic.
(5) Includes Advisory, Brokerage and Direct assets included in our Wealth Management segment.
(6) As of September 30, 2026, June 30, 2026, March 31, 2026, December 31, 2025 and September 30, 2025, Separate Accounts AUM is inclusive of $16.1 billion, $16.3 billion, $14.5 billion, $15.1 billion and $15.0 billion & General Account AUM is inclusive of $9.4 billion, $9.3 billion, $9.3 billion, $9.3 billion and $9.3 billion, respectively, ceded to RGA.


Retirement - Select Operating Metrics

	For the Three Months Ended or As of										For the Nine Months Ended or As of
(in millions USD, unless otherwise indicated)	9/30/2025		12/31/2025		3/31/2026		6/30/2026		9/30/2026		9/30/2025		9/30/2026

Sales Metrics
First Year Premiums and Deposits:
Registered indexed-linked annuities (RILA)	$	3,870	$	4,190	$	4,024	$	4,136	$	4,191	$	11,176	$	12,351

Traditional variable annuities	962		994		1,087		1,069		1,197		2,946		3,353
Tax-exempt (1)	387		574		511		360		449		1,033		1,320
Corporate	64		70		94		103		108		212		305
Institutional	87		87		204		480		171		836		855
Other (1)	88		60		52		71		79		183		202
Total First Year Premiums and Deposits	$	5,458	$	5,975	$	5,972	$	6,219	$	6,195	$	16,386	$	18,386

Renewal Premiums and Deposits:
Tax-exempt (1)	$	396	$	517	$	493	$	538	$	424	$	1,394	$	1,455
Corporate	95		91		99		89		91		289		279

Other (1)	91		98		84		70		68		270		222
Total Renewal Premiums and Deposits	$	582	$	706	$	676	$	697	$	583	$	1,953	$	1,956

Total Premiums and Deposits	$	6,040	$	6,681	$	6,648	$	6,916	$	6,778	$	18,339	$	20,342

Net Amount at Risk (NAR)
Total GMIB NAR	$	60	$	71	$	84	$	92	$	91	$	60	$	91
Total GMWB NAR	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Total GMDB NAR	$	2,907	$	2,957	$	3,262	$	2,897	$	3,157	$	2,907	$	3,157
MRB Reserves (Net of Reinsurance)	$	706	$	767	$	814	$	520	$	71	$	706	$	71
Notes:
(1) Net of reinsurance


Retirement - Asset Value Rollforward

	For the Three Months Ended or As of										For the Nine Months Ended or As of
(in millions USD, unless otherwise indicated)	9/30/2025		12/31/2025		3/31/2026		6/30/2026		9/30/2026		9/30/2025		9/30/2026
General Account:
Account value balance, beginning of period	$	87,413	$	93,825	$	97,628	$	96,753	$	106,931	$	78,361	$	97,628
Premiums and deposits (1)	4,219		4,718		4,064		4,996		4,217		13,036		13,277
Surrenders, withdrawals and benefits	(2,186)		(2,429)		(2,354)		(2,341)		(2,514)		(5,917)		(7,209)
Net flows	2,033		2,289		1,710		2,655		1,703		7,119		6,068
Net flows ceded for third-party flow reinsurance	—		(181)		(395)		(496)		(526)		—		(1,417)
Change in market value, reinvestment	658		609		239		98		(592)		2,948		(255)
Change in fair value of embedded derivative instruments	3,721		1,086		(2,429)		7,921		1,501		5,397		6,993

Account value balance, end of period	93,825		97,628		96,753		106,931		109,017		93,825		109,017
Embedded derivative value, end of period	21,215		21,553		18,269		25,230		25,628		21,215		25,628
Account value balance, end of period (net of embedded derivatives)	72,610		76,075		78,484		81,701		83,389		72,610		83,389
Total spread lending balances, end of period	16,755		17,534		17,064		19,658		20,154		16,755		20,154
Reserves, end of period (excluding MRBs)	5,177		5,300		5,284		5,400		5,212		5,177		5,212
Balance, end of period, General Account asset value	$	94,542	$	98,909	$	100,832	$	106,759	$	108,755	$	94,542	$	108,755

Separate Accounts:
Account value balance, beginning of period	$	74,029	$	77,131	$	77,257	$	74,844	$	82,008	$	72,837	$	77,257
Premiums and deposits (1)	1,779		1,922		2,555		1,885		2,527		5,179		6,967
Surrenders, withdrawals and benefits	(2,692)		(2,951)		(2,977)		(2,856)		(3,133)		(7,635)		(8,966)
Net flows	(913)		(1,029)		(422)		(971)		(606)		(2,456)		(1,999)
Change in market value, reinvestment and other	4,015		1,155		(1,991)		8,135		(1,176)		6,750		4,968


Balance, end of period, Separate Accounts asset value	$	77,131	$	77,257	$	74,844	$	82,008	$	80,226	$	77,131	$	80,226

Total:
Account value balance, beginning of period	$	161,442	$	170,956	$	174,885	$	171,597	$	188,939	$	151,198	$	174,885
Premiums and deposits (1)	5,998		6,640		6,619		6,881		6,744		18,215		20,244
Surrenders, withdrawals and benefits	(4,878)		(5,380)		(5,331)		(5,197)		(5,647)		(13,552)		(16,175)
Net flows	1,120		1,260		1,288		1,684		1,097		4,663		4,069
Net flows ceded for third-party flow reinsurance	—		(181)		(395)		(496)		(526)		—		(1,417)
Change in market value, reinvestment	4,673		1,764		(1,752)		8,233		(1,768)		9,698		4,713
Change in fair value of embedded derivative instruments	3,721		1,086		(2,429)		7,921		1,501		5,397		6,993

Account value balance, end of period	170,956		174,885		171,597		188,939		189,243		170,956		189,243
Embedded derivative value, end of period	21,215		21,553		18,269		25,230		25,628		21,215		25,628
Account value balance, end of period (net of embedded derivatives)	149,741		153,332		153,328		163,709		163,615		149,741		163,615
Total spread lending balances, end of period	16,755		17,534		17,064		19,658		20,154		16,755		20,154
Reserves, end of period (excluding MRBs)	5,177		5,300		5,284		5,400		5,212		5,177		5,212
Balance, end of period, total asset value	$	171,673	$	176,166	$	175,676	$	188,767	$	188,981	$	171,673	$	188,981
Notes:
(1) Excludes deposits from certain other products reported as first year premiums and deposits or renewal premiums and deposits elsewhere in this document.


Asset Management - Net Flows

	For the Three Months Ended										For the Nine Months Ended
(in billions USD, unless otherwise indicated)	9/30/2025		12/31/2025		3/31/2026		6/30/2026		9/30/2026		9/30/2025		9/30/2026
Net Flows by Distribution Channel
Institutions
US	$	(2.1)	$	2.3	$	0.3	$	3.6	$	18.2	$	3.4	$	22.1
Global and Non-US	0.3		(4.3)		(2.2)		(3.0)		(2.5)		(6.0)		(7.7)
Total Institutions	$	(1.8)	$	(2.0)	$	(1.9)	$	0.6	$	15.7	$	(2.6)	$	14.4
Retail
US	$	(2.3)	$	(1.6)	$	(1.9)	$	5.1	$	(4.9)	$	(0.9)	$	(1.7)
Global and Non-US	0.6		(1.9)		(3.9)		(4.2)		(3.5)		(4.7)		(11.6)
Total Retail	$	(1.7)	$	(3.5)	$	(5.8)	$	0.9	$	(8.4)	$	(5.6)	$	(13.3)
Private Wealth
US	$	1.3	$	0.5	$	0.9	$	(0.3)	$	(1.2)	$	3.0	$	(0.6)
Global and Non-US	(0.1)		0.3		(0.3)		(0.4)		0.5		(1.4)		(0.2)
Total Private Wealth	$	1.2	$	0.8	$	0.6	$	(0.7)	$	(0.7)	$	1.6	$	(0.8)
Total Net Flows by Distribution Channel	$	(2.3)	$	(4.7)	$	(7.1)	$	0.8	$	6.6	$	(6.6)	$	0.3
Net Flows by Investment Service
Equity Active
US	$	(6.3)	$	(5.1)	$	(5.5)	$	(6.5)	$	(9.1)	$	(9.9)	$	(21.1)
Global and Non-US	(0.1)		(2.5)		(5.4)		(4.1)		(3.4)		(5.0)		(12.9)
Total Equity Active	$	(6.4)	$	(7.6)	$	(10.9)	$	(10.6)	$	(12.5)	$	(14.9)	$	(34.0)
Equity Passive (1)
US	$	(1.1)	$	(1.0)	$	(0.6)	$	(0.2)	$	2.0	$	(1.2)	$	1.2
Global and Non-US	2.3		—		(0.3)		0.2		0.5		0.7		0.4
Total Equity Passive (1)	$	1.2	$	(1.0)	$	(0.9)	$	—	$	2.5	$	(0.5)	$	1.6
Fixed Income - Taxable
US	$	(2.7)	$	1.4	$	2.3	$	(0.7)	$	4.2	$	1.5	$	5.8
Global and Non-US	(1.5)		(3.4)		(4.0)		(3.9)		(3.9)		(8.6)		(11.8)
Total Fixed Income - Taxable	$	(4.2)	$	(2.0)	$	(1.7)	$	(4.6)	$	0.3	$	(7.1)	$	(6.0)
Fixed Income - Tax-Exempt
US	$	4.1	$	3.9	$	3.3	$	2.9	$	1.6	$	7.7	$	7.8
Global and Non-US	—		—		—		—		—		—		—
Total Fixed Income - Tax-Exempt	$	4.1	$	3.9	$	3.3	$	2.9	$	1.6	$	7.7	$	7.8
Fixed Income - Passive (1)
US	$	(0.1)	$	0.1	$	(0.2)	$	8.9	$	(0.3)	$	(0.6)	$	8.4
Global and Non-US	(0.1)		(0.5)		(0.1)		—		—		(0.2)		(0.1)
Total Fixed Income - Passive (1)	$	(0.2)	$	(0.4)	$	(0.3)	$	8.9	$	(0.3)	$	(0.8)	$	8.3
Alternatives/Multi-Asset Solutions (2)
US	$	3.0	$	1.9	$	—	$	4.0	$	13.7	$	8.0	$	17.7
Global and Non-US	0.2		0.5		3.4		0.2		1.3		1.0		4.9
Total Alternatives/Multi-Asset Solutions (2)	$	3.2	$	2.4	$	3.4	$	4.2	$	15.0	$	9.0	$	22.6
Total Net Flows by Investment Service	$	(2.3)	$	(4.7)	$	(7.1)	$	0.8	$	6.6	$	(6.6)	$	0.3
Active vs. Passive Net Flows
Actively Managed
Equity	$	(6.4)	$	(7.6)	$	(10.9)	$	(10.6)	$	(12.5)	$	(14.9)	$	(34.1)
Fixed Income	—		1.9		1.6		(1.8)		1.9		0.6		1.8
Alternatives/Multi-Asset Solutions (2)	3.0		1.9		3.0		3.8		14.7		8.7		21.5
Total	$	(3.4)	$	(3.8)	$	(6.3)	$	(8.6)	$	4.1	$	(5.6)	$	(10.8)
Passively Managed (1)
Equity	$	1.1	$	(1.0)	$	(0.9)	$	—	$	2.5	$	(0.6)	$	1.6
Fixed Income	(0.2)		(0.4)		(0.3)		8.9		(0.3)		(0.8)		8.4
Alternatives/Multi-Asset Solutions (2)	0.2		0.5		0.4		0.5		0.3		0.4		1.1
Total	$	1.1	$	(0.9)	$	(0.8)	$	9.4	$	2.5	$	(1.0)	$	11.1
Total Active vs Passive Net Flows	$	(2.3)	$	(4.7)	$	(7.1)	$	0.8	$	6.6	$	(6.6)	$	0.3
Notes:

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


Wealth Management - Operating Earnings (Loss) and Summary Metrics


Corporate and Other - Select Operating Metrics

	For the Three Months Ended or As of															For the Nine Months Ended or As of
(in millions USD, unless otherwise indicated)	9/30/2025			12/31/2025			3/31/2026			6/30/2026			9/30/2026			9/30/2025			9/30/2026

Individual Life (Net of Reinsurance)
First Year Premiums and Deposits:
Variable Universal Life	$	91		$	93		$	74		$	76		$	90		$	280		$	240
Other	4			3			3			3			2			13			8
Total First Year Premiums and Deposits	$	95		$	96		$	77		$	79		$	92		$	293		$	248

Renewal Premiums and Deposits:
Universal Life/ Indexed Universal Life	$	121		$	50		$	54		$	46		$	60		$	551		$	160
Variable Universal Life	179			89			75			88			89			713			252
Other	41			28			46			21			33			205			100
Total Renewal Premiums and Deposits	$	341		$	167		$	176		$	155		$	182		$	1,469		$	512

Total Premiums and Deposits	$	436		$	263		$	253		$	234		$	274		$	1,762		$	760

Individual Life Benefit Ratio	93.9		%	90.1		%	83.1		%	96.1		%	57.9		%	106.0		%	78.3		%

Individual Life In-force Face Amount (in billions USD)	$	113.4		$	116.6		$	115.5		$	117.9		$	119.3		$	113.4		$	119.3

Employee Benefits
First Year Premiums and Deposits	$	33		$	28		$	30		$	28		$	25		$	99		$	83
Renewal Premiums and Deposits	87			91			91			92			93			258			276
Total Premiums and Deposits	$	120		$	119		$	121		$	120		$	118		$	357		$	359

Legacy Annuity
Net flows (1)	$	(634)		$	(796)		$	(709)		$	(663)		$	(689)		$	(1,933)		$	(2,061)
Account value - balance, end of period	$	20,939		$	20,386		$	19,061		$	20,503		$	19,486		$	20,939		$	19,486

Net Amount at Risk (NAR)
Total GMIB NAR	$	2,370		$	2,340		$	2,383		$	2,011		$	1,792		$	2,370		$	1,792
Total GMDB NAR	$	7,958		$	7,852		$	8,184		$	7,219		$	7,391		$	7,958		$	7,391

MRB Reserves (Net of Reinsurance)	$	3,418		$	3,374		$	3,070		$	2,646		$	2,141		$	3,418		$	2,141

Notes:
(1) Net of the Venerable transaction


	For the Nine Months Ended or As of								Year Ended or As of
(in millions USD, unless otherwise indicated)	September 30, 2025				September 30, 2026				December 31, 2025
	Yield		Amount (2)		Yield		Amount (2)		Yield		Amount (2)
Fixed Maturities:
Income (loss)	4.37	%	$	2,771	4.60	%	$	2,928	4.41	%	$	3,693
Ending assets			80,416				89,715				81,816
Mortgages:
Income (loss)	4.97	%	786		5.42	%	967		4.96	%	1,061
Ending assets			22,150				24,671				22,718
Other Equity Investments (1):
Income (loss)	5.70	%	151		4.41	%	117		5.22	%	185
Ending assets			3,527				3,559				3,519
Trading Securities:
Income	10.63	%	54		5.96	%	39		5.80	%	42
Ending assets			863				940				804
Policy Loans:
Income	4.83	%	142		4.97	%	69		4.57	%	168
Ending assets			1,855				1,845				1,862
Cash and Short-term Investments:
Income (loss)	4.03	%	233		3.25	%	271		3.94	%	323
Ending assets			10,200				14,261				9,103









Total Net Investment Income:
Investment income	4.54	%	4,137		4.65	%	4,391		4.51	%	5,472
Less: investment fees	(0.16)	%	(148)		(0.18)	%	(171)		(0.16)	%	(199)
Investment income, net	4.38	%	$	3,989	4.47	%	$	4,220	4.35	%	$	5,273
General Account Ending Net Assets			$	119,011			$	134,991			$	119,822
Operating Earnings adjustments:

AB and other non-General Account investment income (loss)			(17)				(188)				10
Operating Net investment income (loss)			$	3,972			$	4,032			$	5,283
Notes:

(1) Includes, as of September 30, 2026, September 30, 2025 and December 31, 2025, $443 million, $424 million and $439 million of other invested assets. Amounts for certain consolidated VIE investments are shown net of associated non-controlling interest.
(2) Amount for fixed maturities and mortgages represents original cost, reduced by repayments, write-downs, adjusted amortization of premiums, accretion of discount and allowances. Cost for equity securities represents original cost reduced by write-downs; cost for other limited partnership interests represents original cost adjusted for equity in earnings and reduced by distributions.


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

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


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


Reconciliation of Non-GAAP Measures (2/3)

	As of and for the Twelve Months Ended
(in millions USD, unless otherwise indicated)	3/31/2026			6/30/2026			9/30/2026

Net Income to Non-GAAP Operating Earnings
Net income (loss) attributable to Holdings	$	(822)		$	(926)		$	1,504
Adjustments related to:
Variable annuity product features	1,784			2,372			598
Investment (gains) losses	1,354			1,348			262

Net actuarial (gains) losses related to pension and other postretirement benefit obligations	53			56			51
Other adjustments	(132)			(425)			(136)
Income tax expense (benefit) related to above adjustments	(643)			(704)			(147)
Non-recurring tax items	198			207			(64)
Non-GAAP Operating Earnings	$	1,792		$	1,928		$	2,068

Return on Equity and Non-GAAP Operating Return on Equity - Trailing twelve months
Net income (loss) attributable to Holdings	$	(822)		$	(926)		$	1,504
Less: Preferred stock	(61)			(56)			(54)
Net income (loss) available to Holdings' common shareholders	$	(883)		$	(982)		$	1,450
Average equity attributable to Holdings' common shareholders (ex. AOCI)	$	5,817		$	5,132		$	5,168

Return on Equity (ex. AOCI)	(15.2)		%	(19.1)		%	28.1		%

Non-GAAP Operating Earnings	$	1,792		$	1,928		$	2,068
Less: Preferred stock	(61)			(56)			(54)
Non-GAAP Operating Earnings available to Holdings' common shareholders	$	1,731		$	1,872		$	2,014
Average equity attributable to Holdings' common shareholders (ex. AOCI)	$	5,817		$	5,132		$	5,168

Non-GAAP Operating Return on Equity (ex. AOCI)	29.8		%	36.5		%	39.0		%


Reconciliation of Non-GAAP Measures (3/3)

	Balances as of
(in millions USD, unless otherwise indicated)	12/31/2024		3/31/2025		6/30/2025		9/30/2025		12/31/2025		3/31/2026		6/30/2026		9/30/2026

Equity Reconciliation - Quarter-end Balances
Total equity attributable to Holdings' shareholders	$	1,565	$	2,401	$	1,149	$	148	$	(74)	$	273	$	(785)	$	(1,803)
Less: Preferred Stock	1,507		1,507		1,228		1,068		1,068		1,068		1,068		1,068
Total equity attributable to Holdings' common shareholders	58		894		(79)		(920)		(1,142)		(795)		(1,853)		(2,871)
Less: Accumulated other comprehensive income (loss)	(8,712)		(7,567)		(7,432)		(6,191)		(6,280)		(6,300)		(6,465)		(8,286)
Total equity attributable to Holdings' common shareholders (ex. AOCI)	$	8,770	$	8,461	$	7,353	$	5,271	$	5,138	$	5,505	$	4,612	$	5,415


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

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


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

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

Renewal premium and deposits - Premiums and deposits after the first twelve months of the policy or contract.


Glossary of Selected Financial and Product Terms

Return of Premium (“ROP”) death benefit - This death benefit pays the greater of the account value at the time of a claim following the owner’s death or the total contributions to the contract (subject to adjustment for withdrawals). The charge for this benefit is usually included in the M&E fee that is deducted daily from the net assets in each variable investment option. We also refer to this death benefit as the Return of Principal death benefit.
Return on Assets - Calculated as trailing twelve months operating earnings (loss), before income taxes, divided by trailing twelve months average account value, net of embedded derivative instruments.
Return on Equity (ex. AOCI) - Calculated as trailing twelve months net income (loss) attributable to Holdings' common shareholders divided by average equity attributable to Holdings' common shareholders, excluding Accumulated Other Comprehensive Income (“AOCI”).
Revenue per advisor - Calculated as trailing twelve months revenue divided by the average number of advisors for each of the most recent four quarters.
Trailing Twelve Months ("TTM") - The twelve calendar months preceding the balance sheet date of a given reporting period.