EQH 8-K

Equitable Holdings, Inc. (EQH)

8-K 2023-04-04 For: 2023-04-04

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Added on April 11, 2026

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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			Financial Supplement for the period ended December 31, 2022 (adjusted for January 1, 2023 LDTI adoption) (furnished and not filed)
99.2			Investors Briefing Supplement (adjusted for January 1, 2023 LDTI adoption) (furnished and not filed)
104			Cover Page Interactive Data File (embedded within the Inline XBRL document).



	EQUITABLE HOLDINGS, INC.

Date: April 4, 2023	By:	/s/ Ralph Petruzzo
	Name:	Ralph Petruzzo
	Title:	Associate General Counsel


	For the Three Months Ended or As of												Years Ended or As of
(in millions USD, unless otherwise indicated)	3/31/2022			6/30/2022			9/30/2022			12/31/2022				12/31/2021			12/31/2022			Change

Net income (loss)	$	597		$	1,011		$	648		$	138			$	2,172		$	2,394		10.2	%
Net income (loss) attributable to the noncontrolling interest	(67)			(44)			(54)			(76)				(415)			(241)			41.9	%
Net income (loss) attributable to Holdings	$	530		$	967		$	594		$	62			$	1,757		$	2,153		22.5	%

Non-GAAP Operating Earnings (1)	$	499		$	493		$	386		$	348			$	2,555		$	1,726		(32.4)	%

Total equity attributable to Holdings' shareholders	$	7,959		$	5,702		$	3,411		$	1,401			$	10,351		$	1,401		(86.5)	%
Less: Preferred Stock	1,562			1,562			1,562			1,562				1,562			1,562			—	%
Total equity attributable to Holdings' common shareholders	6,397			4,140			1,849			(161)				8,789			(161)			(101.8)	%
Less: Accumulated other comprehensive income (loss)	(1,304)			(4,165)			(6,870)			(8,992)				1,303			(8,992)			(789.9)	%
Total equity attributable to Holdings' common shareholders (ex. AOCI)	$	7,701		$	8,305		$	8,719		$	8,831			$	7,486		$	8,831		18.0	%

Return on Equity (ex. AOCI) - TTM	N/A			N/A			N/A			24.7		%		N/A			24.7		%
Non-GAAP Operating ROE (1)	N/A			N/A			N/A			19.6		%		N/A			19.6		%

Debt to capital:
Debt to Capital (ex. AOCI)	29.3		%	28.0		%	27.2		%	27.0		%		29.8		%	27.0		%

Per common share:
Diluted earnings per common share: (2)
Net income (loss) attributable to Holdings	$	1.32		$	2.47		$	1.54		$	0.10			$	3.98		$	5.46		37.0	%
Non-GAAP Operating Earnings (1)	$	1.24		$	1.23		$	0.99		$	0.87			$	5.88		$	4.33		(26.3)	%
Book value per common share	$	16.65		$	10.99		$	5.00		$	(0.44)			$	22.47		$	(0.44)		(102.0)	%
Book value per common share (ex. AOCI)	$	20.04		$	22.04		$	23.56		$	24.19			$	19.14		$	24.19		26.4	%

Weighted-average common shares outstanding:
Basic	388.6			378.9			374.5			368.6				417.4			377.6			(9.5)	%
Diluted	391.7			380.6			376.8			371.5				421.2			379.9			(9.8)	%

Ending common shares outstanding	384.2			376.8			370.0			365.0				391.2			365.0			(6.7)	%

Return to common shareholders:
Common stock dividend	$	70		$	75		$	75		$	74			$	296		$	294
Repurchase of common shares (3)	279			220			200			150				1,637			849
Total capital returned to common shareholders	$	349		$	295		$	275		$	224			$	1,933		$	1,143

Market Values:
S&P 500	4,530			3,785			3,586			3,840				4,766			3,840			(19.4)	%
US 10-Year Treasury	2.3		%	3.0		%	3.8		%	3.9		%		1.5		%	3.9		%

Notes:

(1) This measure is a Non-GAAP financial measure. For an explanation of our use of Non-GAAP financial measures, refer to the “Use of Non-GAAP Financial Measures” and "Glossary of Selected Financial and Product Terms" sections of this document. For a reconciliation of this item to the most directly comparable GAAP measure, refer to the “Non-GAAP Reconciliation” section in this document.
(2) For loss periods, dilutive shares were not included in the calculation of net income (loss) available to shareholders per common share or Non-GAAP Operating Earnings per common share as inclusion of such shares would have an anti-dilutive effect.
(3) Fourth quarter 2021 repurchase of common shares includes $112 million accelerated from first quarter 2022.


	For the Three Months Ended								Years Ended
(in millions USD, unless otherwise indicated)	3/31/2022		6/30/2022		9/30/2022		12/31/2022			12/31/2021		12/31/2022		Change

Revenues
Policy charges and fee income	$	650	$	620	$	603	$	581		$	2,768	$	2,454	(11.3)	%
Premiums	247		238		259		250			960		994		3.5	%
Net derivative gains (losses)	159		1,858		199		(1,309)			(7,149)		907		112.7	%
Net investment income (loss)	804		711		842		958			3,846		3,315		(13.8)	%
Investment gains (losses), net	(326)		(232)		(332)		(55)			868		(945)		(208.9)	%
Investment management and service fees	1,355		1,197		1,179		1,160			5,395		4,891		(9.3)	%
Other income	257		298		242		231			928		1,028		10.8	%
Total revenues	3,146		4,690		2,992		1,816			7,616		12,644		66.0	%

Benefits and other deductions
Policyholders’ benefits	799		585		624		689			2,788		2,697		(3.3)	%
Remeasurement of liability for future policy benefits	25		16		25		19			13		85		553.8	%
Change in market risk benefits and purchased market risk benefits	(467)		814		(491)		(1,136)			(5,943)		(1,280)		78.5	%
Interest credited to policyholders’ account balances	313		310		378		409			1,219		1,410		15.7	%
Compensation and benefits	596		518		568		519			2,363		2,201		(6.9)	%
Commissions and distribution related payments	422		394		368		383			1,662		1,567		(5.7)	%
Interest expense	47		50		51		53			244		201		(17.6)	%
Amortization of deferred policy acquisition costs	143		145		148		150			552		586		6.2	%
Other operating costs and expenses	534		583		496		572			2,107		2,185		3.7	%
Total benefits and other deductions	2,412		3,415		2,167		1,658			5,005		9,652		92.8	%

Income (loss) from operations, before income taxes	734		1,275		825		158			2,611		2,992		14.6	%
Income tax (expense) benefit	(137)		(264)		(177)		(20)			(439)		(598)		(36.2)	%
Net income (loss)	597		1,011		648		138			2,172		2,394		10.2	%
Less: net (income) loss attributable to the noncontrolling interest	(67)		(44)		(54)		(76)			(415)		(241)		41.9	%
Net income (loss) attributable to Holdings	$	530	$	967	$	594	$	62		$	1,757	$	2,153	22.5	%
Less: Preferred stock dividends	(14)		(26)		(14)		(26)			(79)		(80)		(1.3)	%
Net income (loss) available to Holdings' common shareholders	$	516	$	941	$	580	$	36		$	1,678	$	2,073	23.5	%

Adjustments related to:
Variable annuity product features	$	(616)	$	(1,031)	$	(675)	$	129		$	1,115	$	(2,193)
Investment gains (losses), net	326		231		333		55			(867)		945

Net actuarial gains (losses) related to pension and other postretirement benefit obligations	19		19		19		25			120		82
Other adjustments (1) (2) (3)	228		177		50		150			626		605
Income tax (expense) benefit related to above adjustments	9		127		58		(76)			(208)		118
Non-recurring tax items	3		3		7		3			12		16
Non-GAAP Operating earnings (4)	$	499	$	493	$	386	$	348		$	2,555	$	1,726

Notes:

(1) Includes separation costs of $82 million for the year ended December 31, 2021. Separation costs were completed during 2021.
(2) Includes certain gross legal expenses related to the cost of insurance litigation and claims related to a commercial relationship of $50 million, $218 million and $207 million for the three months and year ended December 31, 2022 and year ended December 31, 2021, respectively. Includes policyholder benefit costs of $75 million for the year ended December 31, 2022 stemming from a deal to repurchase UL policies from one entity that had invested in numerous policies purchased in the life settlement market.
(3) Includes Non-GMxB related derivative hedge losses of $34 million, ($34) million and $65 million for the three months and year ended December 31, 2022 and year ended December 31, 2021, respectively.
(4) This measure is a Non-GAAP financial measure. For an explanation of our use of Non-GAAP financial measures, refer to the “Use of Non-GAAP Financial Measures” and "Glossary of Selected Financial and Product Terms" sections of this document. For a reconciliation of this item to the most directly comparable GAAP measure, refer to the “Non-GAAP Reconciliation” section in this document.


4Q 2022 Financial Supplement – Updated for LDTI and Resegmentation						2


	Balances as of
(in millions USD, unless otherwise indicated)	12/31/2021		3/31/2022		6/30/2022		9/30/2022		12/31/2022

Assets
Total investments	$	105,111	$	98,776	$	93,216	$	92,517	$	93,097
Cash and cash equivalents	5,188		5,713		5,109		4,139		4,281
Cash and securities segregated, at fair value	1,504		1,693		1,747		1,335		1,522
Broker-dealer related receivables	2,599		2,744		2,666		2,539		2,338
Deferred policy acquisition costs	6,113		6,180		6,254		6,322		6,369
Goodwill and other intangible assets, net	4,728		4,723		4,721		5,635		5,482
Amounts due from reinsurers	4,632		4,487		4,376		4,320		8,471

Current and deferred income taxes	505		1,118		1,645		2,207		781
Purchased market risk benefits	14,074		12,521		11,739		10,737		10,423
Other assets	3,609		3,884		4,783		4,678		4,033
Assets held-for-sale	—		—		—		—		562
Separate Accounts assets	147,305		136,812		116,765		109,622		114,853
Assets for market risk benefits	318		489		539		514		490
Total assets	$	295,687	$	279,140	$	253,560	$	244,565	$	252,702

Liabilities
Policyholders’ account balances	$	79,361	$	79,555	$	78,773	$	80,009	$	83,866
Liability for market risk benefits	$	21,688	$	17,976	$	16,723	$	15,569	$	15,766
Future policy benefits and other policyholders’ liabilities	18,178		17,273		16,656		16,305		16,603
Broker-dealer related payables	1,283		1,992		612		607		715

Customers related payables	3,600		3,684		3,821		3,361		3,323
Amounts due to reinsurers	1,381		1,331		1,353		1,348		1,533
Short-term debt	92		204		245		767		759
Long-term debt	3,839		3,840		3,840		3,321		3,322


Income taxes payable	—		—		—		—		—
Notes issued by consolidated variable interest entities, at fair value using the fair value option	1,191		1,182		1,150		1,165		1,150
Other liabilities	5,374		5,417		6,162		7,247		7,108
Liabilities held-for-sale	—		—		—		—		108
Separate Accounts liabilities	147,306		136,812		116,765		109,622		114,853
Total liabilities	283,292		269,266		246,100		239,321		249,106
Redeemable noncontrolling interest	468		386		348		354		455

Equity
Preferred stock	1,562		1,562		1,562		1,562		1,562
Common stock	4		4		4		4		4
Additional paid-in capital	1,919		1,933		1,918		2,027		2,299
Treasury shares	(2,850)		(3,070)		(3,065)		(3,202)		(3,297)
Retained earnings	8,413		8,834		9,448		9,890		9,825
Accumulated other comprehensive income (loss)	1,303		(1,304)		(4,165)		(6,870)		(8,992)
Total equity attributable to Holdings	10,351		7,959		5,702		3,411		1,401
Noncontrolling interest	1,576		1,529		1,410		1,479		1,740
Total equity	11,927		9,488		7,112		4,890		3,141
Total liabilities, redeemable noncontrolling interest and equity	$	295,687	$	279,140	$	253,560	$	244,565	$	252,702


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

	Year Ended December 31, 2022
(in millions USD, unless otherwise indicated)	Individual Retirement		Group Retirement		Inv Mgmt and Research		Protection Solutions		Wealth Management		Legacy		Corporate and Other		Eliminations		Consolidated
Revenues
Policy charges, fee income and premiums	$	655	$	318	$	—	$	2,018	$	—	$	139	$	318	$	—	$	3,448
Net investment income (loss)	1,056		624		(43)		981		2		252		552		95		3,519
Net derivative gains (losses)	(42)		(30)		41		(20)		—		—		22		15		(14)
Investment Management, service fees and other income	359		246		4,107		141		1,444		428		18		(870)		5,873
Segment revenues	2,028		1,158		4,105		3,120		1,446		819		910		(760)		12,826
Benefits and other deductions
Policyholders’ benefits	56		—		—		1,896		—		167		509		—		2,628
Remeasurement of liability for future policy benefits	(3)		—		—		47		—		—		36		—		80

Interest credited to policyholders’ account balances	318		281		—		511		—		49		251		—		1,410
Commissions and distribution related payments	235		154		630		142		940		187		15		(736)		1,567
Amortization of deferred policy acquisition costs	334		59		—		117		—		65		11		—		586
Compensation and benefits, interest expense and financing fees and other operating costs and expense	165		124		2,537		290		370		66		505		(24)		4,033

Segment benefits and other deductions	1,105		618		3,167		3,003		1,310		534		1,327		(760)		10,304
Operating earnings (loss), before income taxes	923		540		938		117		136		285		(417)		—		2,522
Income Taxes	(161)		(94)		(162)		(20)		(35)		(50)		73		—		(449)
Operating earnings (loss), before noncontrolling interest	762		446		776		97		101		235		(344)		—		2,073
Less: Operating (earnings) loss attributable to the noncontrolling interest	—		—		(352)		—		—		—		5		—		(347)
Operating earnings (loss)	$	762	$	446	$	424	$	97	$	101	$	235	$	(339)	$	—	$	1,726

	Year Ended December 31, 2021
	Individual Retirement		Group Retirement		Inv Mgmt and Research		Protection Solutions		Wealth Management		Legacy		Corporate and Other		Eliminations		Consolidated
Revenues
Policy charges, fee income and premiums	$	726	$	371	$	—	$	1,951	$	—	$	335	$	345	$	—	$	3,728
Net investment income (loss)	863		752		13		1,102		—		424		693		82		3,929
Net derivative gains (losses)	(31)		(20)		(13)		(20)		—		—		(42)		14		(112)
Investment Management, service fees and other income	431		268		4,430		146		1,437		470		25		(875)		6,332
Segment revenues	1,989		1,371		4,430		3,179		1,437		1,229		1,021		(779)		13,877
Benefits and other deductions
Policyholders’ benefits	67		—		—		1,881		—		175		610		—		2,733
Remeasurement of liability for future policy benefits	30		—		—		(33)		—		9		7		—		13

Interest credited to policyholders’ account balances	225		303		—		516		—		53		122		—		1,219
Commissions and distribution related payments	233		149		708		131		946		230		14		(749)		1,662
Amortization of deferred policy acquisition costs	294		64		—		116		—		66		12		—		552
Compensation and benefits, interest expense and financing fees and other operating costs and expense	191		163		2,512		255		408		72		524		(30)		4,095

Segment benefits and other deductions	1,040		679		3,220		2,866		1,354		605		1,289		(779)		10,274
Operating earnings (loss), before income taxes	949		692		1,210		313		83		624		(268)		—		3,603
Income Taxes	(155)		(113)		(208)		(51)		(25)		(102)		44		—		(610)
Operating earnings (loss), before noncontrolling interest	794		579		1,002		262		58		522		(224)		—		2,993
Less: Operating (earnings) loss attributable to the noncontrolling interest	—		—		(438)		—		—		—		—		—		(438)
Operating earnings (loss)	$	794	$	579	$	564	$	262	$	58	$	522	$	(224)	$	—	$	2,555


	Balances as of
(in billions USD, except for Equitable Headcount)	12/31/2021		3/31/2022		6/30/2022		9/30/2022		12/31/2022

Assets Under Management

AB AUM
Total AB	$	778.6	$	735.4	$	646.8	$	612.7	$	646.4
Exclusion for General Account and other Affiliated Accounts	(79.7)		(75.1)		(69.4)		(66.8)		(66.8)
Exclusion for Separate Accounts	(48.8)		(45.3)		(38.4)		(36.1)		(38.2)
AB third party	$	650.1	$	615.0	$	539.0	$	509.8	$	541.4

Total company AUM
AB third party	$	650.1	$	615.0	$	539.0	$	509.8	$	541.4
General Account and other Affiliated Accounts (1) (3) (4)	110.3		104.5		98.3		96.7		97.4
Separate Accounts (2) (3) (4)	147.3		136.8		116.8		109.6		114.9
Total AUM	$	907.7	$	856.3	$	754.1	$	716.1	$	753.6

Total Assets Under Administration (AUA) (5)	$	82.8	$	78.9	$	70.4	68.4		72.4

Equitable Advisor Headcount
Total Number of Equitable Advisors	4,382		4,252		4,166		4,129		4,258

Notes:

(1) “General Account and Other Affiliated Accounts” refers to assets held in the general accounts of our insurance companies and other assets on which we bear the investment risk.
(2) “Separate Accounts” refers to the separate account investment assets of our insurance subsidiaries excluding any assets on which we bear the investment risk.
(3) As of December 31, 2021, March 31, 2022, June 30, 2022, September 30, 2022 and December 31, 2022, Separate Account and General Account AUM is inclusive of $16.6 billion, $61 million, $15.1 billion, $60 million, $12.7 billion, $60 million, $11.7 billion, $58 million, $12.1 billion and $56 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 December 31, 2022, Separate Account and General Account AUM is inclusive $5.6 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) AUA includes Equitable Advisors Advisory and Brokerage AUA; Equitable Advisors broker-dealer business is included in Wealth Management.


Individual Retirement - Select Operating Metrics
	For the Three Months Ended or As of								Years Ended or As of
(in millions USD, unless otherwise indicated)	3/31/2022		6/30/2022		9/30/2022		12/31/2022		12/31/2021		12/31/2022

Sales Metrics
First Year Premiums and Deposits by Product:
SCS	$	1,926	$	2,183	$	2,038	$	1,806	$	7,627	$	7,953
SCS Income	67		124		204		186		6		581
Retirement Cornerstone	481		390		421		334		1,951		1,626
Investment Edge	241		289		271		235		1,048		1,036
Other	87		68		69		63		351		287
Total First Year Premiums and Deposits	$	2,802	$	3,054	$	3,003	$	2,624	$	10,983	$	11,483







Account Values
General Account:
Balance as of beginning of period	$	36,649	$	36,665	$	34,554	$	34,502	$	29,661	$	36,649
Gross premiums and deposits (3)	1,830		2,184		2,146		1,943		7,111		8,103
Surrenders, withdrawals and benefits	(885)		(821)		(721)		(765)		(3,161)		(3,192)
Net flows	945		1,363		1,425		1,178		3,950		4,911
Investment performance, interest credited and policy charges	(930)		(3,474)		(1,477)		2,083		3,136		(3,798)

Other (1)	—		—		—		—		(36)		—

Balance as of end of period	$	36,665	$	34,554	$	34,502	$	37,763	$	36,649	$	37,763

Separate Accounts:
Balance as of beginning of period	$	29,053	$	23,638	$	20,270	$	18,225	$	42,860	$	29,053
Gross premiums and deposits (3)	1,014		831		871		669		3,880		3,385
Surrenders, withdrawals and benefits	(1,562)		(761)		(1,032)		(1,009)		(5,232)		(4,364)
Net flows	(548)		70		(161)		(340)		(1,352)		(979)
Investment performance, interest credited and policy charges	(4,867)		(3,438)		(1,884)		1,702		4,356		(8,487)

Other (2)	—		—		—		—		55		—

Balance as of end of period	$	23,638	$	20,270	$	18,225	$	19,587	$	29,053	$	19,587

Total:
Balance as of beginning of period	$	65,702	$	60,303	$	54,824	$	52,727	$	72,521	$	65,702
Gross premiums and deposits (3)	2,844		3,015		3,017		2,612		10,991		11,488
Surrenders, withdrawals and benefits	(2,447)		(1,582)		(1,753)		(1,774)		(8,393)		(7,556)
Net flows	397		1,433		1,264		838		2,598		3,932
Investment performance, interest credited and policy charges	(5,797)		(6,912)		(3,361)		3,785		7,492		(12,285)

Other (1) (2)	—		—		—		—		19		—

Balance as of end of period	$	60,302	$	54,824	$	52,727	$	57,350	$	65,703	$	57,349

Net Amount at Risk (NAR)
Total GMIB NAR	$	26	$	31	$	18	$	18	$	20	$	18
Total GMWB NAR	—		—		—		—		—		—
Total GMDB NAR	404		584		659		646		294		646




MRB Reserves (Net of Reinsurance)	$	555	$	477	$	459	$	588	$	1,131	$	588
Notes:
(1) For the twelve months ended December 31, 2021, amounts reflect ($38) million transfer of policyholders account balances to future policyholder benefits and other policyholders liabilities related to structured settlement contracts.
(2) For the twelve months ended December 31, 2021 amounts reflect $57 million of AV transfer of a closed block of GMxB business from GR to IR.
(3) Includes deposits from certain other products not reported as first year premiums and deposits or renewal premiums and deposits elsewhere in this document.


	For the Three Months Ended or As of
(in billions USD, unless otherwise indicated)	3/31/2022		6/30/2022		9/30/2022		12/31/2022

AUM Roll-forward
Balance as of beginning of period	$	778.6	$	735.4	$	646.8	$	612.7
Sales/new accounts	40.9		23.9		19.8		30.9
Redemptions/terminations	(24.6)		(22.6)		(24.9)		(23.2)
Cash flow/unreinvested dividends	(4.9)		(4.0)		(5.4)		(9.6)
Net long-term (outflows) inflows (5)	11.4		(2.7)		(10.5)		(1.9)
Adjustment (3)	—		(0.4)		—		—
Acquisition (4)	—		—		12.2		—
Market appreciation (depreciation)	(54.6)		(85.5)		(35.8)		35.6
Net change	(43.2)		(88.6)		(34.1)		33.7
Balance as of end of period	$	735.4	$	646.8	$	612.7	$	646.4

Ending Assets by distribution channel
Institutions	$	325.9	$	290.5	$	279.4	$	297.3
Retail	292.6		251.0		232.3		242.9
Private Wealth	116.9		105.3		101.0		106.2
Total	$	735.4	$	646.8	$	612.7	$	646.4

Ending Assets by investment service
Equity
Actively Managed	$	265.2	$	223.2	$	202.9	$	217.9
Passively Managed (1)	66.2		55.7		52.1		53.8
Total Equity	$	331.4	$	278.9	$	255.0	$	271.7
Fixed Income
Actively Managed	$	280.8	$	254.7	$	239.1	$	242.8
Passively Managed (1)	12.7		12.3		9.5		9.4
Total Fixed Income	293.5		267.0		248.6		252.2
Total Alternatives/Multi-Asset Solutions (2)	110.5		100.9		109.1		122.5
Total	$	735.4	$	646.8	$	612.7	$	646.4

Notes:

(1) Includes index and enhanced index services.
(2) Includes certain multi-asset solutions and services not included in equity or fixed income services
(3) 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.


Investment Management and Research - Net Flows
	For the Three Months Ended								Years Ended or As of
(in billions USD, unless otherwise indicated)	3/31/2022		6/30/2022		9/30/2022		12/31/2022		12/31/2021		12/31/2022
Net Flows by Distribution Channel
Institutions
US	$	0.4	$	0.6	$	(0.6)	$	(2.2)	$	(3.8)	$	(1.8)
Global and Non-US	9.8		0.1		(5.7)		3.9		6.1		8.1
Total Institutions	$	10.2	$	0.7	$	(6.3)	$	1.7	$	2.3	$	6.3
Retail
US	$	4.2	$	2.3	$	(0.3)	$	(0.7)	$	25.3	$	5.5
Global and Non-US (4)	(5.2)		(4.6)		(4.7)		(2.7)		(4.5)		(17.1)
Total Retail (4)	$	(1.0)	$	(2.3)	$	(5.0)	$	(3.4)	$	20.8	$	(11.6)
Private Wealth
US (4)	$	1.4	$	(1.1)	$	0.5	$	0.1	$	(0.5)	$	0.8
Global and Non-US (4)	0.8		—		0.3		(0.3)		3.5		0.9
Total Private Wealth	$	2.2	$	(1.1)	$	0.8	$	(0.2)	$	3.0	$	1.7
Total Net Flows by Distribution Channel (4)	$	11.4	$	(2.7)	$	(10.5)	$	(1.9)	$	26.1	$	(3.6)
Net Flows by Investment Service
Equity Active
US	$	4.7	$	0.8	$	(0.3)	$	—	$	15.7	$	5.2
Global and Non-US	(0.1)		(0.5)		(4.7)		(2.6)		6.2		(7.9)
Total Equity Active (4)	$	4.6	$	0.3	$	(5.0)	$	(2.6)	$	21.9	$	(2.7)
Equity Passive (1)
US	$	(0.7)	$	0.5	$	(0.2)	$	(2.0)	$	(6.3)	$	(2.4)
Global and Non-US (4)	(1.1)		(0.7)		(0.7)		(0.3)		(1.2)		(2.9)
Total Equity Passive (1) (4)	$	(1.8)	$	(0.2)	$	(0.9)	$	(2.3)	$	(7.5)	$	(5.3)
Fixed Income - Taxable (3)
US (4)	$	0.3	$	(1.3)	$	(0.1)	$	(0.2)	$	(1.0)	$	(1.2)
Global and Non-US (4)	(5.0)		(4.3)		(3.5)		(3.8)		(8.9)		(16.7)
Total Fixed Income - Taxable	$	(4.7)	$	(5.6)	$	(3.6)	$	(4.0)	$	(9.9)	$	(17.9)
Fixed Income - Tax-Exempt
US (4)	$	1.0	$	0.6	$	—	$	(1.0)	$	6.0	$	0.7
Global and Non-US (4)	—		0.1		—		(0.1)		—		(0.1)
Total Fixed Income - Tax-Exempt	$	1.0	$	0.7	$	—	$	(1.1)	$	6.0	$	0.6
Fixed Income - Passive (1)
US (4)	$	(0.2)	$	0.5	$	(0.2)	$	(0.3)	$	4.5	$	(0.3)
Global and Non-US (4)	0.6		0.2		(1.9)		—		0.5		(1.0)
Total Fixed Income - Passive (1)	$	0.4	$	0.7	$	(2.1)	$	(0.3)	$	5.0	$	(1.3)
Alternatives/Multi-Asset Solutions (2)
US	$	0.9	$	0.5	$	0.4	$	0.7	$	2.1	$	2.5
Global and Non-US (4)	11.0		0.9		0.7		7.7		8.5		20.5
Total Alternatives/Multi-Asset Solutions (2) (4)	$	11.9	$	1.4	$	1.1	$	8.4	$	10.6	$	23.0
Total Net Flows by Investment Service (4)	$	11.4	$	(2.7)	$	(10.5)	$	(1.9)	$	26.1	$	(3.6)
Active vs. Passive Net Flows
Actively Managed
Equity (4)	$	4.6	$	0.3	$	(5.0)	$	(2.6)	$	21.9	$	(2.7)
Fixed Income (3) (4)	(3.7)		(4.8)		(3.6)		(5.1)		(3.9)		(17.3)
Alternatives/Multi-Asset Solutions (2) (4)	11.3		1.1		0.8		7.6		8.3		20.9
Total	$	12.2	$	(3.4)	$	(7.8)	$	(0.1)	$	26.3	$	0.9
Passively Managed (1)
Equity	$	(1.8)	$	(0.3)	$	(0.9)	$	(2.3)	$	(7.5)	$	(5.3)
Fixed Income	0.4		0.7		(2.1)		(0.3)		5.0		(1.3)
Alternatives/Multi-Asset Solutions (2) (4)	0.6		0.3		0.3		0.8		2.3		2.1
Total (4)	$	(0.8)	$	0.7	$	(2.7)	$	(1.8)	$	(0.2)	$	(4.5)
Total Active vs Passive Net Flows (4)	$	11.4	$	(2.7)	$	(10.5)	$	(1.9)	$	26.1	$	(3.6)
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.
(4) AB line item does not cross foot for the twelve months ended 2022 due to rounding.


Legacy - Select Operating Metrics
	For the Three Months Ended or As of								Years Ended or As of
(in millions USD, unless otherwise indicated)	3/31/2022		6/30/2022		9/30/2022		12/31/2022		12/31/2021		12/31/2022


















Account Values (1)
General Account:
Balance as of beginning of period	$	988	$	1,149	$	960	$	947	$	1,122	$	988


Net flows (1)	(48)		(30)		(37)		(27)		(100)		(163)
Investment performance, interest credited and policy charges (1)	208		(196)		7		5		27		24
Ceded to Venerable (2)	—		—		—		—		(61)		—
Balance as of end of period	$	1,149	$	960	$	947	$	925	$	988	$	925

Separate Accounts:
Balance as of beginning of period	$	28,287	$	27,991	$	21,553	$	19,922	$	43,747	$	28,287


Net flows (1)	(298)		(806)		(479)		(561)		(3,392)		(2,144)
Investment performance, interest credited and policy charges (1)	2		(5,632)		(1,152)		1,196		4,798		(5,586)
Ceded to Venerable (2)	$	—	$	—	$	—	$	—	$	(16,866)	$	—
Balance as of end of period	$	27,991	$	21,553	$	19,922	$	20,557	$	28,287	$	20,557

Total:
Balance as of beginning of period	$	29,275	$	29,140	$	22,513	$	20,869	$	44,869	$	29,275


Net flows (1)	(345)		(799)		(499)		(588)		(3,492)		(2,231)
Investment performance, interest credited and policy charges (1)	210		(5,828)		(1,145)		1,201		4,825		(5,562)
Ceded to Venerable (2)	—		—		—		—		(16,927)		—
Balance as of end of period	$	29,140	$	22,513	$	20,869	$	21,482	$	29,275	$	21,482

Net Amount at Risk (NAR)
Total GMIB NAR	$	3,701	$	4,201	$	3,535	$	3,211	$	3,890	$	3,211

Total GMDB NAR	$	8,840	$	11,358	$	12,207	$	11,428	$	7,744	$	11,428
MRB Reserves (Net of Reinsurance)	$	4,425	$	3,985	$	3,877	$	4,287	$	6,178	$	4,287


Notes:
(1) Net flows excluded as it relates to AV ceded to Venerable for the year ended December 31, 2022 and 2021 were $(1.2) billion and $(830) million, respectively. Investment performance, interest credited and policy charges for the year ended December 31, 2022 and 2021 was $(3.4) billion and $589 million, respectively, are not included as it excludes activity related to ceded AV to Venerable.
(2) Effective June 1, 2021, AV excludes activity related to ceded AV to Venerable. In addition, roll-forward reflects the AV ceded to Venerable as of the transaction date. For additional information on the Venerable transaction see Note 1 of the Notes to Consolidated Financial Statements within the 10-Q.


	Balances as of
(in millions USD, unless otherwise indicated)	December 31, 2021				December 31, 2022
	Amount (1)		% of Total		Amount (1)		% of Total
Composition of investment portfolio
Fixed maturities, available-for-sale, at fair value	$	78,216	70.9	%	$	63,361	65.1	%
Fixed maturities, at fair value using the fair value option	1,641		1.5	%	1,508		1.5	%
Mortgage loans on real estate	14,033		12.7	%	16,481		16.9	%
Policy loans	4,024		3.6	%	4,033		4.1	%
Other equity investments	2,975		2.7	%	3,152		3.2	%
Other invested assets	3,591		3.3	%	3,885		4.0	%
Subtotal investment assets	104,480		94.7	%	92,420		94.9	%
Trading securities	631		0.6	%	677		0.7	%
Total investments	105,111		95.3	%	93,097		95.6	%
Cash and cash equivalents	5,188		4.7	%	4,281		4.4	%
Total	$	110,299	100.0	%	$	97,378	100.0	%

General Account AFS Fixed maturities by industry (Based on amortized cost)
Corporate securities:
Finance	$	12,954	17.9	%	$	13,537	18.7	%
Manufacturing	12,212		16.8	%	11,797		16.3	%
Utilities	6,446		8.9	%	6,808		9.4	%
Services	8,191		11.3	%	8,299		11.5	%
Energy	3,854		5.3	%	3,740		5.2	%
Retail and wholesale	3,390		4.7	%	3,394		4.7	%
Transportation	2,181		3.0	%	2,277		3.2	%
Other	60		0.1	%	124		0.2	%
Total corporate securities	49,288		67.9	%	49,976		69.2	%
U.S. government and agency	13,056		18.0	%	7,054		9.8	%
Residential mortgage-backed (2)	90		0.1	%	908		1.3	%
Preferred stock	41		0.1	%	41		0.1	%
State & municipal	586		0.8	%	609		0.8	%
Foreign governments	1,124		1.5	%	985		1.4	%
Commercial mortgage-backed	2,427		3.3	%	3,823		5.3	%
Asset-backed securities	5,933		8.2	%	8,859		12.3	%
Total	$	72,545	100.0	%	$	72,255	100.0	%

General Account AFS Fixed maturities credit quality (3) (Based on amortized cost)
Aaa, Aa, A (NAIC Designation 1)	$	44,653	61.6	%	$	44,612	61.7	%
Baa (NAIC Designation 2)	25,141		34.7	%	24,843		34.4	%
Investment grade	69,794		96.2	%	69,454		96.1	%
Below investment grade (NAIC Designation 3 and 4)	2,751		3.8	%	2,800		3.9	%
Total	$	72,545	100.0	%	$	72,255	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.


Consolidated Results of General Account Investment Portfolio


	For the Years Ended or As of
(in millions USD, unless otherwise indicated)	December 31, 2021				December 31, 2022
	Yield		Amount (2)		Yield		Amount (2)
Fixed Maturities:
Income (loss)	3.40	%	$	2,429	3.57	%	$	2,619
Ending assets			72,545				72,255
Mortgages:
Income (loss)	4.08	%	547		3.92	%	587
Ending assets			14,033				16,481
Other Equity Investments (1):
Income (loss)	20.45	%	534		5.21	%	171
Ending assets			2,901				3,433
Policy Loans:
Income	5.01	%	203		5.35	%	215
Ending assets			4,024				4,033
Cash and Short-term Investments:
Income	(0.13)	%	(2)		(1.44)	%	(24)
Ending assets			1,662				1,419
Funding Agreements:
Interest expense and other			(56)				(156)
Ending (liabilities)			(6,647)				(8,501)
Total invested Assets:
Income	4.28	%	3,655		3.79	%	3,412
Ending assets			88,518				89,120
Short Duration Fixed Maturities:
Income (loss)	4.48	%	78		3.62	%	5
Ending assets			142				87
Total Net Investment Income:
Investment income	4.28	%	3,733		3.79	%	3,417
Less: investment fees (3)	(0.14)	%	(118)		(0.15)	%	(138)
Investment income, net	4.15	%	$	3,615	3.63	%	$	3,279
General Account Ending Net Assets			$	88,660			$	89,207
Operating Earnings adjustments:
Funding Agreements interest expense			56				156
AB and other non-General Account investment income			258				84
Operating Net investment income (loss)			$	3,929			$	3,519
Notes:

(1) Includes, as of December 31, 2021 and December 31, 2022, $319 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.


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, net of reinsurance, including the related attributed fees and claims, offset by derivatives and other securities used to hedge the market risk benefits; 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.
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.




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.


Reconciliation of Non-GAAP Measures (2/3)

	As of and for the Twelve Months Ended
(in millions USD, unless otherwise indicated)	12/31/2021		12/31/2022

Net Income to Non-GAAP Operating Earnings
Net income (loss) attributable to Holdings	$	1,757	$	2,153
Adjustments related to:
Variable annuity product features	1,115		(2,193)
Investment (gains) losses	(867)		945

Net actuarial (gains) losses related to pension and other postretirement benefit obligations	120		82
Other adjustments	626		605
Income tax (expense) benefits related to above adjustments	(208)		118
Non-recurring tax items	12		16
Non-GAAP Operating Earnings	$	2,555	$	1,726



	As of and for the Twelve Months Ended
	12/31/2022
Return on Equity and Non-GAAP Operating Return on Equity - Trailing twelve months
Net income (loss) attributable to Holdings	$	2,153
Less: Preferred stock	(80)
Net income (loss) available to Holdings' common shareholders	$	2,073
Average equity attributable to Holdings' common shareholders (ex. AOCI)	$	8,389

Return on Equity (ex. AOCI)	24.7		%

Non-GAAP Operating Earnings	$	1,726
Less: Preferred stock	(80)
Non-GAAP Operating Earnings available to Holdings' common shareholders	$	1,646
Average equity attributable to Holdings' common shareholders (ex. AOCI)	$	8,389

Non-GAAP Operating Return on Equity (ex. AOCI)	19.6		%


Reconciliation of Non-GAAP Measures (3/3)

	Balances as of
(in millions USD, unless otherwise indicated)		12/31/2021		3/31/2022		6/30/2022		9/30/2022		12/31/2022

Equity Reconciliation - Quarter-end Balances
Total equity attributable to Holdings' shareholders		$	10,351	$	7,959	$	5,702	$	3,411	$	1,401
Less: Preferred Stock		1,562		1,562		1,562		1,562		1,562
Total equity attributable to Holdings' common shareholders		8,789		6,397		4,140		1,849		(161)
Less: Accumulated other comprehensive income (loss)		1,303		(1,304)		(4,165)		(6,870)		(8,992)
Total equity attributable to Holdings' common shareholders (ex. AOCI)		$	7,486	$	7,701	$	8,305	$	8,719	$	8,831


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.
Protection Solutions Benefit Ratio - Calculated as sum of policyholders’ benefits and interest credited to policyholders’ account balances dividend by segment revenues.
Protection Solutions Reserves - Equals the aggregate value of Policyholders’ account balances and future policy benefits for policies in our Protection Solutions segment.


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


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