axaeq-20230404
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): April 4, 2023
axaeq-20230404_g1.jpg
Equitable Holdings, Inc.
(Exact name of registrant as specified in its charter)
Delaware001-3846990-0226248
(State or other jurisdiction of(Commission File Number)(I.R.S. Employer
incorporation or organization)Identification No.)
1290 Avenue of the Americas, New York, New York                     10104
(Address of principal executive offices) (Zip Code)
(212) 554-1234
(Registrant’s telephone number, including area code)
Not Applicable
(Former name or address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Title of each classTrading SymbolName of Exchange on which registered
Common StockEQHNew York Stock Exchange
Depositary Shares, each representing a 1/1,000th interest in a share of Fixed Rate Noncumulative Perpetual Preferred Stock, Series AEQH PR ANew York Stock Exchange
Depositary Shares, each representing a 1/1,000th interest in a share of Fixed Rate Noncumulative Perpetual Preferred Stock, Series CEQH PR CNew York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 under the Securities Act (17 CFR 230.405) or Rule 12b-2 under the Exchange Act (17 CFR 240.12b-2).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


Item 2.02 Results of Operations and Financial Condition
The financial information in Exhibit 99.1 (the “Financial Supplement”) is based on Equitable Holdings, Inc.’s (“EQH,” the “Company,” or “our”) implementation of the adoption of the Financial Accounting Standards Board’s Accounting Standard Update 2018-12 Financial Services - Insurance: Targeted Improvements to the Accounting for Long-Duration Contracts (“LDTI”) and on changes to our reportable segments and is currently unaudited.
We expect to file recast audited financial statements for the years ended December 31, 2022 and 2021, shortly after the filing with the Securities and Exchange Commission of our Form 10-Q for the quarter ended March 31, 2023. The information in Exhibit 99.1 is being provided prior to the availability of the audited financial statements to assist investors and other users of our financial statements in evaluating the impact of LDTI on the Company’s financial position and results of operations and changes to our reportable segments. It is possible that the recast audited financial statements may differ, perhaps materially, from the information included in Exhibit 99.1.
Further, the Financial Supplement is also being revised to reflect the reorganization of the Company’s business into six reportable segments to reflect how the Company's chief operating decision maker currently evaluates financial results. In addition to the current segments, which consist of individual retirement, group retirement, investment management and research, and protection solutions, the Company will be adding two additional segments: wealth management and legacy. Our wealth management business offers discretionary and non-discretionary investment advisory accounts, financial planning and advice, insurance, and annuity products. Our legacy segment consists of our fixed-rate GMxB business written prior to 2011. The Company will begin to report under the new reporting segment structure with the filing of its Quarterly Report on Form 10-Q for the quarter ended March 31, 2023.
The information in this Item (including Exhibit 99.1) shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth in such a filing.
See Item 7.01 below for additional information.


Item 7.01    Regulation FD Disclosure.
As described above, EQH is updating the Financial Supplement for the period ended December 31, 2022 furnished herewith as Exhibit 99.1, to reflect the implementation of LDTI and changes to the Company’s reportable segments.
Effective January 1, 2023, we adopted the LDTI accounting guidance, which includes changes to the existing recognition, measurement, presentation, and disclosure requirements for long-duration contracts issued by an insurance entity, and applied the modified retrospective adoption method, except for market risk benefits for which we applied a full retrospective transition approach.
The change in segments and presentation referred to above had no impact on the Company’s historical consolidated financial position, results of operations or cash flows, as reflected in the updated Financial Supplement. To facilitate our investors’ ability to evaluate the changes resulting from LDTI and our resegmentation, the Company has prepared a presentation, attached hereto as Exhibit 99.2, which outlines the key areas of impact. This presentation will be made available to investors on April 4, 2023, on our website, http://ir.equitableholdings.com.
The information in this Item (including Exhibit 99.1 and 99.2) shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth in such a filing.
Item 9.01    Financial Statements and Exhibits.

(d) Exhibits
Exhibit No. Description of Exhibit
Financial Supplement for the period ended December 31, 2022 (adjusted for January 1, 2023 LDTI adoption) (furnished and not filed)
Investors Briefing Supplement (adjusted for January 1, 2023 LDTI adoption) (furnished and not filed)
104Cover Page Interactive Data File (embedded within the Inline XBRL document).



SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
EQUITABLE HOLDINGS, INC.
Date: April 4, 2023
By:
/s/ Ralph Petruzzo
Name:
Ralph Petruzzo
Title:
Associate General Counsel



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

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

4Q 2022 Financial Supplement – Updated for LDTI and Resegmentation
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Consolidated Financials
and Key Metrics

4Q 2022 Financial Supplement – Updated for LDTI and Resegmentation
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Key Metrics Summary
For the Three Months Ended or As ofYears Ended or As of
(in millions USD, unless otherwise indicated)3/31/20226/30/20229/30/202212/31/202212/31/202112/31/2022Change
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 Stock1,562 1,562 1,562 1,562 1,562 1,562 — %
Total equity attributable to Holdings' common shareholders6,397 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) - TTMN/AN/AN/A24.7 %N/A24.7 %
Non-GAAP Operating ROE (1)N/AN/AN/A19.6 %N/A19.6 %
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:
Basic388.6 378.9 374.5 368.6 417.4 377.6 (9.5)%
Diluted391.7 380.6 376.8 371.5 421.2 379.9 (9.8)%
Ending common shares outstanding384.2 376.8 370.0 365.0 391.2 365.0 (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 5004,530 3,785 3,586 3,840 4,766 3,840 (19.4)%
US 10-Year Treasury2.3 %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.
4Q 2022 Financial Supplement – Updated for LDTI and Resegmentation
4

Consolidated Statements of Income (Loss)
For the Three Months EndedYears Ended
(in millions USD, unless otherwise indicated)3/31/20226/30/20229/30/202212/31/202212/31/202112/31/2022Change
Revenues
Policy charges and fee income$650 $620 $603 $581 $2,768 $2,454 (11.3)%
Premiums247 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 fees1,355 1,197 1,179 1,160 5,395 4,891 (9.3)%
Other income257 298 242 231 928 1,028 10.8 %
Total revenues3,146 4,690 2,992 1,816 7,616 12,644 66.0 %
Benefits and other deductions
Policyholders’ benefits799 585 624 689 2,788 2,697 (3.3)%
Remeasurement of liability for future policy benefits25 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 balances313 310 378 409 1,219 1,410 15.7 %
Compensation and benefits596 518 568 519 2,363 2,201 (6.9)%
Commissions and distribution related payments422 394 368 383 1,662 1,567 (5.7)%
Interest expense47 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 expenses534 583 496 572 2,107 2,185 3.7 %
Total benefits and other deductions2,412 3,415 2,167 1,658 5,005 9,652 92.8 %
Income (loss) from operations, before income taxes734 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), net326 231 333 55 (867)945 
Net actuarial gains (losses) related to pension and other postretirement benefit obligations19 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 items3 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
5

Consolidated Balance Sheets
Balances as of
(in millions USD, unless otherwise indicated)12/31/20213/31/20226/30/20229/30/202212/31/2022
Assets
Total investments $105,111 $98,776 $93,216 $92,517 $93,097 
Cash and cash equivalents5,188 5,713 5,109 4,139 4,281 
Cash and securities segregated, at fair value1,504 1,693 1,747 1,335 1,522 
Broker-dealer related receivables2,599 2,744 2,666 2,539 2,338 
Deferred policy acquisition costs6,113 6,180 6,254 6,322 6,369 
Goodwill and other intangible assets, net4,728 4,723 4,721 5,635 5,482 
Amounts due from reinsurers4,632 4,487 4,376 4,320 8,471 
Current and deferred income taxes505 1,118 1,645 2,207 781 
Purchased market risk benefits14,074 12,521 11,739 10,737 10,423 
Other assets3,609 3,884 4,783 4,678 4,033 
Assets held-for-sale— — — — 562 
Separate Accounts assets147,305 136,812 116,765 109,622 114,853 
Assets for market risk benefits318 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’ liabilities18,178 17,273 16,656 16,305 16,603 
Broker-dealer related payables1,283 1,992 612 607 715 
Customers related payables3,600 3,684 3,821 3,361 3,323 
Amounts due to reinsurers1,381 1,331 1,353 1,348 1,533 
Short-term debt92 204 245 767 759 
Long-term debt3,839 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 option1,191 1,182 1,150 1,165 1,150 
Other liabilities5,374 5,417 6,162 7,247 7,108 
Liabilities held-for-sale— — — — 108 
Separate Accounts liabilities147,306 136,812 116,765 109,622 114,853 
Total liabilities283,292 269,266 246,100 239,321 249,106 
Redeemable noncontrolling interest468 386 348 354 455 
Equity
Preferred stock1,562 1,562 1,562 1,562 1,562 
Common stock4 4 4 4 4 
Additional paid-in capital1,919 1,933 1,918 2,027 2,299 
Treasury shares(2,850)(3,070)(3,065)(3,202)(3,297)
Retained earnings8,413 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 Holdings10,351 7,959 5,702 3,411 1,401 
Noncontrolling interest1,576 1,529 1,410 1,479 1,740 
Total equity11,927 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 



4Q 2022 Financial Supplement – Updated for LDTI and Resegmentation
6

Consolidated Capital Structure
Balances as of
(in millions USD, unless otherwise indicated)12/31/20213/31/20226/30/20229/30/202212/31/2022
Short-term and long-term debt:
Short-term debt
AB commercial paper$— $— $— $— $— 
AB revolving credit facility— — — — — 
CLO Warehousing Debt (1)92 204 245 248 239 
Current portion of Long-term debt— — — 519 520 
Total short-term debt92 204 245 767 759 
Total long-term debt3,839 3,840 3,840 3,321 3,322 
Total short-term and long-term debt: [A]
$3,931 $4,044 $4,085 $4,088 $4,081 
Equity:
Preferred stock$1,562 $1,562 $1,562 $1,562 $1,562 
Common stock4 4 4 4 4 
Additional paid-in capital1,919 1,933 1,918 2,027 2,299 
Treasury stock, at cost(2,850)(3,070)(3,065)(3,202)(3,297)
Retained earnings8,413 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 Holdings10,351 7,959 5,702 3,411 1,401 
Noncontrolling interest1,576 1,529 1,410 1,479 1,740 
Total equity$11,927 $9,488 $7,112 $4,890 $3,141 
Total equity attributable to Holdings, (ex. AOCI): [B]
$9,048 $9,263 $9,867 $10,281 $10,393 
Capital:
Total capitalization (2)$14,190 $11,799 $9,542 $7,251 $5,243 
Total capitalization (ex. AOCI): [A+B] (3)
$12,887 $13,103 $13,707 $14,121 $14,235 
Debt to capital:
Debt to capital (ex. AOCI) (3)29.8 %29.3 %28.0 %27.2 %27.0 %
For the Three Months Ended
Roll-forward of common shares outstanding (millions of shares):
Beginning balance404.7 391.2 384.2 376.8 370.0 
Repurchases(9.6)(7.9)— (4.7)(3.1)
Retirements(4.0)(0.7)(7.6)(2.3)(1.9)
Issuances0.1 1.6 0.2 0.2 — 
Ending basic common shares outstanding391.2 384.2 376.8 370.0 365.0 
Total potentially dilutive shares— 3.1 2.3 2.3 2.3 
Ending common shares outstanding - maximum potential dilution391.2 387.3 379.1 372.3 367.3 
Notes:
(1) CLO Warehousing Debt related to VIE consolidation of CLO investment.
(2) Total capitalization exclusive of CLO Warehousing Debt as the VIE debt is non-recourse.
(3) Debt to capital ratio exclusive of CLO Warehousing Debt as the VIE debt is non-recourse.

4Q 2022 Financial Supplement – Updated for LDTI and Resegmentation
7

Operating Earnings (Loss) by Segment and Corporate and Other (2/2)
Year Ended December 31, 2022
(in millions USD, unless otherwise indicated)Individual RetirementGroup RetirementInv Mgmt and ResearchProtection SolutionsWealth ManagementLegacyCorporate and OtherEliminationsConsolidated
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 income359 246 4,107 141 1,444 428 18 (870)5,873 
Segment revenues2,028 1,158 4,105 3,120 1,446 819 910 (760)12,826 
Benefits and other deductions
Policyholders’ benefits56 — — 1,896 — 167 509 — 2,628 
Remeasurement of liability for future policy benefits(3)— — 47 — — 36 — 80 
Interest credited to policyholders’ account balances318 281 — 511 — 49 251 — 1,410 
Commissions and distribution related payments235 154 630 142 940 187 15 (736)1,567 
Amortization of deferred policy acquisition costs334 59 — 117 — 65 11 — 586 
Compensation and benefits, interest expense and financing fees and other operating costs and expense165 124 2,537 290 370 66 505 (24)4,033 
Segment benefits and other deductions1,105 618 3,167 3,003 1,310 534 1,327 (760)10,304 
Operating earnings (loss), before income taxes923 540 938 117 136 285 (417)— 2,522 
Income Taxes(161)(94)(162)(20)(35)(50)73 — (449)
Operating earnings (loss), before noncontrolling interest762 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 RetirementGroup RetirementInv Mgmt and ResearchProtection SolutionsWealth ManagementLegacyCorporate and OtherEliminationsConsolidated
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 income431 268 4,430 146 1,437 470 25 (875)6,332 
Segment revenues1,989 1,371 4,430 3,179 1,437 1,229 1,021 (779)13,877 
Benefits and other deductions
Policyholders’ benefits67 — — 1,881 — 175 610 — 2,733 
Remeasurement of liability for future policy benefits30 — — (33)— 9 7 — 13 
Interest credited to policyholders’ account balances225 303 — 516 — 53 122 — 1,219 
Commissions and distribution related payments233 149 708 131 946 230 14 (749)1,662 
Amortization of deferred policy acquisition costs294 64 — 116 — 66 12 — 552 
Compensation and benefits, interest expense and financing fees and other operating costs and expense191 163 2,512 255 408 72 524 (30)4,095 
Segment benefits and other deductions1,040 679 3,220 2,866 1,354 605 1,289 (779)10,274 
Operating earnings (loss), before income taxes949 692 1,210 313 83 624 (268)— 3,603 
Income Taxes(155)(113)(208)(51)(25)(102)44 — (610)
Operating earnings (loss), before noncontrolling interest794 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 
4Q 2022 Financial Supplement – Updated for LDTI and Resegmentation
8

Assets Under Management and Administration
Balances as of
(in billions USD, except for Equitable Headcount)12/31/20213/31/20226/30/20229/30/202212/31/2022
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 Advisors4,382 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.

4Q 2022 Financial Supplement – Updated for LDTI and Resegmentation
9

Sales Metrics by Segment
For the Three Months EndedYears Ended
(in millions USD, unless otherwise indicated)12/31/20213/31/20226/30/20229/30/202212/31/202212/31/202112/31/2022Change
Retirement Operations
Individual Retirement
First year premiums and deposits$3,037 $2,735 $2,930 $2,799 $2,438 $10,977 $10,902 (0.7)%
Renewal premium and deposits68 84 89 111 86 324 370 14.2 %
Total Gross Premiums$3,105 $2,819 $3,019 $2,910 $2,524 $11,301 $11,272 (0.3)%
Group Retirement
First year premiums and deposits$452 $879 $476 $371 $392 $1,501 $2,118 41.1 %
Renewal premium and deposits626 623 657 490 560 2,338 2,330 (0.3)%
Total Gross Premiums$1,078 $1,502 $1,133 $861 $952 $3,839 $4,448 15.9 %
Protection Solutions
First year premiums and deposits$133 $116 $99 $101 $108 $426 $424 (0.5)%
Renewal premium and deposits (1)668 662 661 668 668 2,639 2,659 0.7 %
Total Gross Premiums (1)$801 $778 $760 $769 $776 $3,065 $3,083 0.6 %
Investment Management and Research (in billions USD)
Gross Sales by distribution channel
Institutional (4)$6.6 $14.3 $3.3 $1.9 $12.6 $31.7 $32.2 1.6 %
Retail 27.6 20.6 17.3 13.8 14.2 100.0 65.9 (34.1)%
Private Wealth5.2 6.0 3.3 4.1 4.1 18.3 17.5 (4.4)%
Firmwide Gross Sales (4)$39.4 $40.9 $23.9 $19.8 $30.9 $150.0 $115.6 (22.9)%
Gross sales by investment service
Equity Active $21.8 $17.3 $11.4 $8.0 $9.3 $72.9 $46.0 (36.9)%
Equity Passive (2) (4)0.3 0.2 1.1 0.4 0.1 1.4 1.8 28.6 %
Fixed Income - Taxable 7.4 7.1 4.0 6.1 8.3 44.9 25.5 (43.2)%
Fixed Income - Tax-Exempt 3.6 4.0 5.2 3.2 3.6 13.5 16.0 18.5 %
Fixed Income Passive (2) (4)3.4 (0.1)— — — 4.6 (0.1)(102.2)%
Alternatives/Multi-Asset Solutions (3) (4)2.9 12.4 2.2 2.1 9.5 12.7 26.4 107.9 %
Firmwide Gross Sales (4)$39.4 $40.9 $23.9 $19.8 $30.8 $150.0 $115.6 (22.9)%
Wealth Management (in millions USD)
Sales by Product Type
Advisory$3,052 $2,745 $2,379 $2,114 $1,850 $11,449 $9,089 (20.6)%
Brokerage and Direct754 711 654 805 907 3,037 3,077 1.3 %
Retirement, Premiums and Deposits (5)2,602 2,559 2,597 2,713 2,877 10,058 10,746 6.8 %
Total sales$6,408 $6,015 $5,631 $5,632 $5,634 $24,544 $22,912 (12.5)%
Notes:
(1) 1Q'22 variable universal life renewals previously reported as $514M during first quarter 2022. Amount updated to $249M during second quarter 2022 to properly reflect variable universal life product renewals. This resulted in a change for gross written premiums from $1,033 to $778.
(2) Includes index and enhanced index services.
(3) Includes certain multi-asset solutions and services not included in equity or fixed income services
(4) AB line item does not cross foot for the twelve months ended 2022 due to rounding.
(5) Represents premiums and deposits associated with Retirement Operations
4Q 2022 Financial Supplement – Updated for LDTI and Resegmentation
10





Business Segments:
Operating Earnings Results and Metrics

4Q 2022 Financial Supplement – Updated for LDTI and Resegmentation
11

Individual Retirement - Operating Earnings (Loss) and Summary Metrics
For the Three Months Ended or As ofYears Ended or As of
(in millions USD, unless otherwise indicated)3/31/20226/30/20229/30/202212/31/202212/31/202112/31/2022Change
Revenues
Policy charges, fee income and premiums$183 $163 $158 $151 $726 $655 (9.8)%
Net investment income (loss)236 229 283 308 863 1,056 22.4 %
Net derivative gains (losses)(8)(10)(16)(8)(31)(42)(35.5)%
Investment management, service fees and other income96 89 87 87 431 359 (16.7)%
Segment revenues507 471 512 538 1,989 2,028 2.0 %
Benefits and other deductions
Policyholders’ benefits18 13 14 11 67 56 (16.4)%
Remeasurement of Liability for Future Policy Benefits— (1)(1)(1)30 (3)— %
Interest credited to policyholders’ account balances60 66 85 107 225 318 41.3 %
Commissions and distribution-related payments64 54 54 63 233 235 0.9 %
Amortization of deferred policy acquisition costs80 82 85 87 294 334 13.6 %
Compensation and benefits, interest expense and financing fees and other operating costs and expense41 30 47 47 191 165 (13.6)%
Segment benefits and other deductions263 244 284 314 1,040 1,105 6.3 %
Operating earnings (loss), before income taxes244 227 228 224 949 923 (2.7)%
Income taxes(41)(41)(45)(34)(155)(161)(3.9)%
Operating earnings (loss), before noncontrolling interest203 186 183 190 794 762 (4.0)%
Less: Operating (earnings) loss attributable to the noncontrolling interest— — — — — — — %
Operating earnings (loss)$203 $186 $183 $190 $794 $762 (4.0)%
Summary Metrics
Operating earnings (loss) - TTM:
N/AN/AN/A$762 $794 $762 (4.0)%
Average Account Value (TTM)$70,950 $64,978 $58,389 $67,818 $74,667 $67,818 (11.0)%
Return on assets (TTM)N/AN/AN/A1.36 %1.27 %1.36 %
Net flows$397 $1,433 $1,264 $838 $2,598 $3,932 51.3 %
First year premiums and deposits$2,802 $3,054 $3,003 $2,624 $10,983 $11,483 (0.7)%
In-force Policy Count by Product (in thousands):573578583587571587
4Q 2022 Financial Supplement – Updated for LDTI and Resegmentation
12

Individual Retirement - Select Operating Metrics
For the Three Months Ended or As ofYears Ended or As of
(in millions USD, unless otherwise indicated)3/31/20226/30/20229/30/202212/31/202212/31/202112/31/2022
Sales Metrics
First Year Premiums and Deposits by Product:
SCS$1,926 $2,183 $2,038 $1,806 $7,627 $7,953 
SCS Income67 124 204 186 6 581 
Retirement Cornerstone481 390 421 334 1,951 1,626 
Investment Edge241 289 271 235 1,048 1,036 
Other87 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 flows945 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 flows397 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 NAR404 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.
4Q 2022 Financial Supplement – Updated for LDTI and Resegmentation
13

Group Retirement - Operating Earnings (Loss) and Summary Metrics
For the Three Months Ended or As ofYears Ended or As of
(in millions USD, unless otherwise indicated)3/31/20226/30/20229/30/202212/31/202212/31/202112/31/2022Change
Revenues
Policy charges, fee income and premiums$94 $83 $80 $61 $371 $318 (14.3)%
Net investment income (loss)180 163 160 121 752 624 (17.0)%
Net derivative gains (losses)(5)(9)(13)(3)(20)(30)(50.0)%
Investment management, service fees and other income66 61 60 59 268 246 (8.2)%
Segment revenues335 298 287 238 1,371 1,158 (15.5)%
Benefits and other deductions
Policyholder benefits— — — — — — — %
Remeasurement of liability for future policy benefits— — — — — — — %
Interest credited to policyholders’ account balances78 72 79 52 303 281 (7.3)%
Commissions and distribution-related payments42 42 33 37 149 154 3.4 %
Amortization of deferred policy acquisition costs15 15 14 15 64 59 (7.8)%
Compensation and benefits, interest expense and financing fees and other operating costs and expense28 32 37 27 163 124 (23.9)%
Segment benefits and other deductions163 161 163 131 679 618 (9.0)%
Operating earnings (loss), before income taxes172 137 124 107 692 540 (22.0)%
Income taxes(28)(26)(25)(15)(113)(94)16.8 %
Operating earnings (loss), before noncontrolling interest144 111 99 92 579 446 (23.0)%
Less: Operating (earnings) loss attributable to the noncontrolling interest— — — — — — — %
Operating earnings (loss)$144 $111 $99 $92 $579 $446 (23.0)%
Summary Metrics
Operating earnings (loss) - TTM: [A]
N/AN/AN/A$446 $579 $446 (23.0)%
Average Account Value (TTM) (1)$46,515 $45,232 $43,680 $39,729 $46,075 $39,729 (13.8)%
Return on assets (TTM) (1)N/AN/AN/A1.36 %1.50 %1.36 %
Net flows (2)$523 $144 $(57)$24 $(177)$634 458.5 %
Gross premiums and deposits$1,502 $1,133 $861 $952 $3,839 $4,448 15.9 %
Notes:
(1) Amounts revised to include Mutual Fund AUA balances. Impact to average account value TTM for December 31 2021 is $(383) million.
(2) For the three months ended and year ended December 31, 2022, net outflows of $179 million are excluded as these amounts are related to ceded AV to Global Atlantic.

4Q 2022 Financial Supplement – Updated for LDTI and Resegmentation
14

Group Retirement - Select Operating Metrics
For the Three Months Ended or As ofYears Ended or As of
(in millions USD, unless otherwise indicated)3/31/20226/30/20229/30/202212/31/202212/31/202112/31/2022
Sales Metrics
Gross premiums and deposits: (1)
First-year premiums and deposits$879 $476 $371 $392 $1,501 $2,118 
Renewal premiums and deposits623 657 490 560 2,338 2,330 
Group Retirement premiums and deposits$1,502 $1,133 $861 $952 $3,839 $4,448 
Gross premiums and deposits by market: (1)
Tax-exempt$219 $231 $293 $258 $1,017 $1,001 
Corporate89 62 69 103 450 323 
Institutional565 179 3 25 9 772 
Other6 4 6 6 25 22 
Total First Year Premiums and Deposits879 476 371 392 1,501 2,118 
Tax-exempt468 518 364 435 1,789 1,785 
Corporate103 94 93 87 373 377 
Institutional— — — — — — 
Other52 45 33 38 176 168 
Total renewal premiums and deposits623 657 490 560 2,338 2,330 
Group Retirement premiums and deposits by market$1,502 $1,133 $861 $952 $3,839 $4,448 
Account Values and Assets under Administration
General Account:
Balance as of beginning of period$13,046 $13,171 $13,240 $13,234 $12,826 $13,046 
Gross premiums and deposits329 299 242 239 1,055 1,109 
Surrenders, withdrawals and benefits(270)(256)(304)(333)(1,178)(1,163)
Net flows59 43 (62)(94)(123)(54)
Investment performance, interest credited and policy charges66 26 56 87 345 235 
Other (2)— — — — (2)— 
Ceded to Global Atlantic (6)— — — (4,052)— (4,052)
Balance as of end of period$13,171 $13,240 $13,234 $9,175 $13,046 $9,175 
Separate Accounts and Mutual Funds (3) (4) (5)
Balance as of beginning of period$34,763 $32,864 $27,927 $26,476 $29,930 $34,763 
Gross premiums and deposits1,173 834 619 713 2,784 3,339 
Surrenders, withdrawals and benefits(709)(733)(614)(595)(2,838)(2,651)
Net flows464 101 5 118 (54)688 
Investment performance, interest credited and policy charges(2,363)(5,038)(1,456)1,547 4,942 (7,310)
Other (2)— — — — (55)— 
Ceded to Global Atlantic (6)— — — (5,311)— (5,311)
Balance as of end of period$32,864 $27,927 $26,476 $22,830 $34,763 $22,830 
Total: (3) (4)
Balance as of beginning of period$47,809 $46,035 $41,167 $39,710 $42,756 $47,809 
Gross premiums and deposits1,502 1,133 861 952 3,839 4,448 
Surrenders, withdrawals and benefits(979)(989)(918)(928)(4,016)(3,814)
Net flows 523 144 (57)24 (177)634 
Investment performance, interest credited and policy charges (2,297)(5,012)(1,400)1,634 5,287 (7,075)
Transfer from (to) GR— — — — (57)— 
Other— — — — — — 
Ceded to Global Atlantic (6)— — — (9,363)— (9,363)
Balance as of end of period$46,035 $41,167 $39,710 $32,005 $47,809 $32,005 
Notes:
4Q 2022 Financial Supplement – Updated for LDTI and Resegmentation
15

(1) Includes both AUM and AUA. Prior period amounts related to the premiums and deposits were revised to include Mutual Fund AUA. Gross premium and deposits revisions for the year ended of December 31, 2021 of $189 million.
(2) For the nine months ended September 30, 2021, amounts reflect AV transfer of GMxB closed block business from GR to IR.
(3) Prior period amounts related to the net flows were revised to include Mutual Fund AUA. Net Flow revision for the year ended December 31, 2021 is $129 million.
(4) Prior period amounts related to Investment performance, interest credited and policy charges were revised to include Mutual Fund AUA. Investment performance, interest credited and policy charges revisions for the year ended December 31, 2021 is $30 million.
(5) December 31, 2021 beginning balance revision of $297 million to reflect inclusion of December 31, 2020 year-end Mutual Fund AUA ending balance.
(6) Effective October 3, 2022, AV excludes activity related to ceded AV to Global Atlantic. In addition, roll-forward reflects the AV ceded to Global Atlantic as of the transaction date. For additional information on the Global Atlantic see MD&A - Executive Summary “.EQUI-VEST Reinsurance Transaction”.
4Q 2022 Financial Supplement – Updated for LDTI and Resegmentation
16

Investment Management and Research - Operating Earnings (Loss) and Summary Metrics
For the Three Months Ended or As ofYears Ended or As of
(in millions USD, unless otherwise indicated)3/31/20226/30/20229/30/202212/31/202212/31/202112/31/2022Change
Revenues
Net investment income (loss)$(23)$(26)$(9)$15 $13 $(43)(430.8)%
Net derivative gains (losses)20 22 15 (16)(13)41 415.4 %
Investment management, service fees and other income1,138 1,007 990 972 4,430 4,107 (7.3)%
Segment Revenues1,135 1,003 996 971 4,430 4,105 (7.3)%
Benefits and other deductions
Commissions and distribution-related payments176 159 152 143 708 630 (11.0)%
Compensation and benefits, interest expense and financing fees and other operating costs and expense675 623 641 598 2,512 2,537 1.0 %
Total benefits and other deductions851 782 793 741 3,220 3,167 (1.6)%
Operating earnings (loss), before income taxes284 221 203 230 1,210 938 (22.5)%
Income taxes(46)(40)(35)(41)(208)(162)22.1 %
Operating earnings (loss), before noncontrolling interest238 181 168 189 1,002 776 (22.6)%
Less: Operating (earnings) loss attributable to the noncontrolling interest(102)(80)(75)(95)(438)(352)19.6 %
Operating earnings (loss)$136 $101 $94 $94 $564 $424 (24.8)%
Summary Metrics
Adjusted operating margin (1)31.5 %27.7 %25.1 %28.9 %33.6 %28.4 %
Net flows (in billions USD) (2)$11.4 $(2.7)$(10.5)$(1.9)$26.1 $(3.6)
Total AUM (in billions USD)$735.4 $646.8 $612.7 $646.4 $778.6 $646.4 
Ownership Structure of AB
Holdings and its subsidiaries63.0 %63.5 %62.8 %59.9 %63.0 %59.9 %
AB Holding36.3 %35.7 %36.5 %39.4 %36.2 %39.4 %
Unaffiliated holders0.7 %0.8 %0.7 %0.7 %0.8 %0.7 %
Total100.0 %100.0 %100.0 %100.0 %100.0 %100.0 %
EQH economic interest 64.5 %65.0 %64.3 %61.3 %64.5 %61.3 %
EQH average economic interest64.5 %64.8 %64.3 %62.4 %64.5 %64.0 %
Units of limited partnership outstanding (in millions)271.8 269.4 272.6 286.0 271.5 286.0 
Notes:
(1) Adjusted Operating Margin is a non-GAAP financial measure used by AllianceBernstein L.P. (“AB”) management in evaluating AB’s financial performance on a standalone basis and
     to compare its performance, as reported by AB in its public filings. It is not comparable to any other non-GAAP financial measure used herein.
(2) Discrete quarterly outflows related to AXA's redemptions for periods presented were $0.6 billion and $3.9 billion for the second and third quarter of 2022, respectively.

4Q 2022 Financial Supplement – Updated for LDTI and Resegmentation
17

Investment Management and Research - Select Operating Metrics
For the Three Months Ended or As of
(in billions USD, unless otherwise indicated)3/31/20226/30/20229/30/202212/31/2022
AUM Roll-forward
Balance as of beginning of period$778.6 $735.4 $646.8 $612.7 
Sales/new accounts40.9 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 
Retail292.6 251.0 232.3 242.9 
Private Wealth116.9 105.3 101.0 106.2 
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 Income293.5 267.0 248.6 252.2 
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.

4Q 2022 Financial Supplement – Updated for LDTI and Resegmentation
18

Investment Management and Research - Net Flows
For the Three Months EndedYears Ended or As of
(in billions USD, unless otherwise indicated)3/31/20226/30/20229/30/202212/31/202212/31/202112/31/2022
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 0.30.82.32.1 
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.
4Q 2022 Financial Supplement – Updated for LDTI and Resegmentation
19

Protection Solutions - Operating Earnings (Loss) and Summary Metrics
For the Three Months Ended or As ofYears Ended or As of
(in millions USD, unless otherwise indicated)3/31/20226/30/20229/30/202212/31/202212/31/202112/31/2022Change
Revenues
Policy charges, fee income and premiums$500 $505 $502 $511 $1,951 $2,018 3.4 %
Net investment income (loss)272 252 236 221 1,102 981 (11.0)%
Net derivative gains (losses)— (5)(13)(2)(20)(20)— %
Investment management, service fees and other income37 37 34 33 146 141 (3.4)%
Segment revenues809 789 759 763 3,179 3,120 (1.9)%
Benefits and other deductions
Policyholders’ benefits550 396 430 520 1,881 1,896 0.8 %
Remeasurement of liability for future policy benefits8 5 22 12 (33)47 242.4 %
Interest credited to policyholders’ account balances128 122 130 131 516 511 (1.0)%
Commissions and distribution-related payments34 34 31 43 131 142 8.4 %
Amortization of deferred policy acquisition costs29 29 29 30 116 117 0.9 %
Compensation and benefits, interest expense and financing fees and other operating costs and expense63 70 79 78 255 290 13.7 %
Segment benefits and other deductions812 656 721 814 2,866 3,003 4.8 %
Operating earnings (loss), before income taxes(3)133 38 (51)313 117 (62.6)%
Income taxes— (23)(8)11 (51)(20)60.8 %
Operating earnings (loss), before noncontrolling interest(3)110 30 (40)262 97 (63.0)%
Less: Operating (earnings) loss attributable to the noncontrolling interest— — — (1)— — — %
Operating earnings (loss)$(3)$110 $30 $(41)$262 $97 (63.0)%
Summary Metrics
Operating earnings (loss) - TTM: [A]
N/AN/AN/A$97 $262 $97 (63.0)%
Benefit ratio83.8 %65.7 %73.8 %86.9 %74.4 %78.7 %
Gross written premiums (1)$778 $760 $769 $776 $3,065 $3,083 0.6 %
Annualized premiums$77 $67 $74 $74 $287 $292 1.8 %
Total in-force face amount (in billions USD) (2)$421.8 $420.6 $418.3 $417.0 $423.2 $417.0 (1.5)%
Notes:
(1) 1Q'22 variable universal life renewals previously reported as $514M during first quarter 2022. Amount updated to $249M during second quarter 2022 to properly reflect variable universal life product renewals. This resulted in a change for gross written premiums from $1,033 to $778.
(2) Total in-force face amount presented on a gross basis including ceded policies.
4Q 2022 Financial Supplement – Updated for LDTI and Resegmentation
20

Protection Solutions - Select Operating Metrics
For the Three Months Ended or As ofYears Ended or As of
(in millions USD, unless otherwise indicated)3/31/20226/30/20229/30/202212/31/202212/31/202112/31/2022
Sales Metrics
First Year Premiums and Deposits by Product Line:
Universal Life$— $— $— $— $— $— 
Indexed Universal Life6 4 4 5 45 19 
Variable Universal Life85 76 71 77 287 309 
Term4 3 3 3 16 13 
Employee Benefits21 16 23 22 77 82 
Other (1)— — — 1 1 1 
Total$116 $99 $101 $108 $426 $424 
Renewals by Product Line:
Universal Life$193 $185 $207 $179 $824 $764 
Indexed Universal Life80 76 74 74 310 304 
Variable Universal Life (2)249 239 244 257 968 989 
Term93 94 90 96 379 373 
Employee Benefits43 63 49 57 139 212 
Other (1)4 4 4 5 19 17 
Total662 661 668 668 2,639 2,659 
Total Gross Premiums$778 $760 $769 $776 $3,065 $3,083 
In-force Metrics
In-force Face Amount by Product (3) (in billions):
Universal Life (4)$44.9 $44.4 $43.7 $43.1 $45.9 $43.1 
Indexed Universal Life27.9 27.7 27.6 27.5 27.9 27.5 
Variable Universal Life (5)132.9 132.6 132.8 133.4 132.8 133.4 
Term214.9 214.7 213.0 211.9 215.4 211.9 
Whole Life1.2 1.2 1.2 1.1 1.2 1.1 
Total$421.8 $420.6 $418.3 $417.0 $423.2 $417.0 
In-force Policy Count by Product (3) (in thousands):
Universal Life (4)134 132 130 129 136 129 
Indexed Universal Life65 65 64 64 65 64 
Variable Universal Life (5)293 293 293 293 293 293 
Term264 262 259 256 266 256 
Whole Life16 16 16 15 16 15 
Total772 768 762 757 776 757 
Protection Solutions Reserves
General Account$18,432 $18,241 $18,243 $18,237 $18,625 $18,237 
Separate Accounts15,883 13,524 12,783 13,634 17,012 13,634 
Total$34,315 $31,765 $31,026 $31,871 $35,637 $31,871 
Notes:
(1) For the individual life insurance premiums, Other includes Whole Life insurance and other products available-for-sale but not actively marketed.
(2) 1Q'22 variable universal life renewals previously reported as $514M during first quarter 2022. Amount updated to $249M during second quarter 2022 to properly reflect variable universal life product renewals.
(3) Includes individual life insurance and does not include Employee Benefits as it is a start-up business and therefore has immaterial in-force policies.
(4) Universal Life includes Guaranteed Universal Life.
(5) Variable Universal Life includes variable life insurance and corporate-owned life insurance.


4Q 2022 Financial Supplement – Updated for LDTI and Resegmentation
21




Wealth Management - Operating Earnings (Loss) and Summary Metrics
For the Three Months Ended or As ofYears Ended or As of
(in millions USD, unless otherwise indicated)3/31/20226/30/20229/30/202212/31/202212/31/202112/31/2022Change
Revenues
Net investment income (loss)— — 1 1 — 2 100.0 %
Investment management, service fees and other income376 368 352 348 1,437 1,444 0.5 %
Segment revenues376 368 353 349 1,437 1,446 0.6 %
Benefits and other deductions
Commissions and distribution-related payments239 245 231 225 946 940 (0.6)%
Compensation and benefits, interest expense and financing fees and other operating costs and expense93 91 92 94 408 370 (9.3)%
Segment benefits and other deductions332 336 323 319 1,354 1,310 (3.2)%
-0.280166435506241
Operating earnings (loss), before income taxes44 32 30 30 83 136 63.9 %
Income taxes(12)(8)(8)(7)(25)(35)(40.0)%
Operating earnings (loss), before noncontrolling interest32 24 22 23 58 101 74.1 %
Less: Operating (earnings) loss attributable to the noncontrolling interest— — — — — — — %
Operating earnings (loss)$32 $24 $22 $23 $58 $101 74.1 %
1.2824427480916
Revenue by Activity Type
Investment management, service fees and other income :
Investment management and advisory fees139 135 125 120 505 519 2.8 %
Distribution fees233 227 219 213 914 894 (2.2)%
Interest Income— 2 5 8 1 15 N/M
Service and Other income3 5 3 6 17 17 (2.7)%
Total Investment management, service fees and other income$376 $368 $352 $348 $1,437 $1,444 0.5 %
Summary Metrics
Pre-tax operating margin11.70 %8.70 %8.50 %8.60 %5.78 %9.41 %
Net flows1,659 1,161 1,117 575 7,213 4,512 (37.4)%
Total AUA$78,873 $70,411 $68,393 $72,406 $82,794 $72,406 (12.5)%
Notes:




4Q 2022 Financial Supplement – Updated for LDTI and Resegmentation
22

Wealth Management - Select Operating Metrics
For the Three Months Ended or As ofYears Ended or As of
(in millions USD, unless otherwise indicated)3/31/20226/30/20229/30/202212/31/202212/31/202112/31/2022
AUA Roll-forward
Advisory assets :
Beginning assets$50,575 $49,150 $43,994 $42,645 $39,146 $50,575 
Net flows1,531 988 809 186 6,471 3,513 
Market appreciation (depreciation) and other(2,956)(6,144)(2,157)2,713 4,958 (8,545)
Total advisory ending assets$49,150 $43,994 $42,645 $45,544 $50,575 $45,544 
Brokerage and direct assets $29,723 $26,417 $25,748 $26,862 $32,219 $26,862 
Total Wealth Management assets
Beginning assets$82,794 $78,873 $70,411 $68,393 $61,984 $82,794 
Net flows1,659 1,161 1,117 575 7,213 4,512 
Market appreciation (depreciation) and other(5,581)(9,622)(3,135)3,437 13,596 (14,901)
Total Wealth Management ending assets$78,873 $70,411 $68,393 $72,406 $82,794 $72,406 
Cash balances$3,467 $3,748 $3,672 $3,566 $3,311 $3,566 
Advisors
Advisors4,252 4,166 4,129 4,258 4,382 4,258 
Revenue per advisor TTM ($ thousands)N/AN/AN/A$344 $332 $344 
Sales by Product Type
Advisory$2,745 $2,379 $2,114 $1,850 $11,449 $9,089 
Brokerage and Direct711 654 805 907 3,037 3,077 
Retirement, Premiums and Deposits2,559 2,597 2,713 2,877 10,058 10,746 
Total sales$6,015 $5,631 $5,632 $5,634 $24,544 $22,912 
Notes:












4Q 2022 Financial Supplement – Updated for LDTI and Resegmentation
23


Legacy - Operating Earnings (Loss) and Summary Metrics
For the Three Months Ended or As ofYears Ended or As of
(in millions USD, unless otherwise indicated)3/31/20226/30/20229/30/202212/31/202212/31/202112/31/2022Change
Revenues
Policy charges, fee income and premiums$35 $37 $37 $30 $335 $139 (58.5)%
Net investment income (loss)61 59 65 67 424 252 (40.6)%
Net derivative gains (losses)— — — — — — — %
Investment management, service fees and other income119 103 102 104 470 428 (8.9)%
Segment revenues215 199 204 201 1,229 819 (33.4)%
Benefits and other deductions
Policyholders’ benefits36 38 45 48 175 167 (4.6)%
Remeasurement of liability for future policy benefits1 1 (1)(1)9 — (100.0)%
Interest credited to policyholders’ account balances12 13 13 11 53 49 (7.5)%
Commissions and distribution-related payments55 47 42 43 230 187 (18.7)%
Amortization of deferred policy acquisition costs16 17 16 16 66 65 (1.5)%
Compensation and benefits, interest expense and financing fees and other operating costs and expense19 14 26 7 72 66 (8.3)%
Segment benefits and other deductions139 130 141 124 605 534 (11.7)%
-0.280166435506241
Operating earnings (loss), before income taxes76 69 63 77 624 285 (54.3)%
Income taxes(13)(12)(13)(12)(102)(50)51.0 %
Operating earnings (loss), before noncontrolling interest63 57 50 65 522 235 (55.0)%
Less: Operating (earnings) loss attributable to the noncontrolling interest— — — — — — — %
Operating earnings (loss)$63 $57 $50 $65 $522 $235 (55.0)%
1.2824427480916
Summary Metrics
Operating earnings (loss) - TTM: [A]N/AN/AN/A$235 $522 $235 (55.0)%
Average Account Value (TTM)$37,530 $31,489 $25,449 $23,501 $41,648 $23,501 (31.5)%
Return on assets (TTM)N/AN/AN/A1.21 %1.50 %1.21 %
Net flows (1)(345)(799)(499)(588)(3,492)(2,231)(36.1)%
In-force Policy Count by Product (in thousands) (2):313308303299318299
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.
(2) As of December 31, 2021, March 31, 2022, June 30, 2022, September 30, 2022 and December 31, 2022, In-force Policy Count by Product presented on a gross basis includes 106 thousand, 104 thousand, 102 thousand, 101 thousand and 99 thousand ceded policies, respectively, related to the Venerable transaction.




4Q 2022 Financial Supplement – Updated for LDTI and Resegmentation
24

Legacy - Select Operating Metrics
For the Three Months Ended or As ofYears Ended or As of
(in millions USD, unless otherwise indicated)3/31/20226/30/20229/30/202212/31/202212/31/202112/31/2022
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.
4Q 2022 Financial Supplement – Updated for LDTI and Resegmentation
25







Investments

4Q 2022 Financial Supplement – Updated for LDTI and Resegmentation
26

Consolidated Investment Portfolio Composition
Balances as of
(in millions USD, unless otherwise indicated)December 31, 2021December 31, 2022
Amount (1)% of TotalAmount (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 option1,641 1.5 %1,508 1.5 %
Mortgage loans on real estate14,033 12.7 %16,481 16.9 %
Policy loans4,024 3.6 %4,033 4.1 %
Other equity investments 2,975 2.7 %3,152 3.2 %
Other invested assets3,591 3.3 %3,885 4.0 %
Subtotal investment assets104,480 94.7 %92,420 94.9 %
Trading securities631 0.6 %677 0.7 %
Total investments105,111 95.3 %93,097 95.6 %
Cash and cash equivalents5,188 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 %
Manufacturing12,212 16.8 %11,797 16.3 %
Utilities6,446 8.9 %6,808 9.4 %
Services8,191 11.3 %8,299 11.5 %
Energy3,854 5.3 %3,740 5.2 %
Retail and wholesale3,390 4.7 %3,394 4.7 %
Transportation2,181 3.0 %2,277 3.2 %
Other60 0.1 %124 0.2 %
Total corporate securities49,288 67.9 %49,976 69.2 %
U.S. government and agency13,056 18.0 %7,054 9.8 %
Residential mortgage-backed (2)90 0.1 %908 1.3 %
Preferred stock41 0.1 %41 0.1 %
State & municipal586 0.8 %609 0.8 %
Foreign governments1,124 1.5 %985 1.4 %
Commercial mortgage-backed2,427 3.3 %3,823 5.3 %
Asset-backed securities5,933 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 grade69,794 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.
4Q 2022 Financial Supplement – Updated for LDTI and Resegmentation
27

Consolidated Results of General Account Investment Portfolio
For the Years Ended or As of
(in millions USD, unless otherwise indicated)December 31, 2021December 31, 2022
YieldAmount (2)YieldAmount (2)
Fixed Maturities:
Income (loss)3.40 %$2,429 3.57 %$2,619 
Ending assets72,545 72,255 
Mortgages:
Income (loss)4.08 %547 3.92 %587 
Ending assets14,033 16,481 
Other Equity Investments (1):
Income (loss)20.45 %534 5.21 %171 
Ending assets2,901 3,433 
Policy Loans:
Income5.01 %203 5.35 %215 
Ending assets4,024 4,033 
Cash and Short-term Investments:
Income(0.13)%(2)(1.44)%(24)
Ending assets1,662 1,419 
Funding Agreements:
Interest expense and other(56)(156)
Ending (liabilities)(6,647)(8,501)
Total invested Assets:
Income4.28 %3,655 3.79 %3,412 
Ending assets88,518 89,120 
Short Duration Fixed Maturities:
Income (loss)4.48 %78 3.62 %5 
Ending assets142 87 
Total Net Investment Income:
Investment income4.28 %3,733 3.79 %3,417 
Less: investment fees (3)(0.14)%(118)(0.15)%(138)
Investment income, net4.15 %$3,615 3.63 %$3,279 
General Account Ending Net Assets$88,660 $89,207 
Operating Earnings adjustments:
Funding Agreements interest expense56 156 
AB and other non-General Account investment income258 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.
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Additional Information
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Deferred Policy Acquisition Costs Rollforward
For the Three Months Ended or As ofYears Ended or As of
(in millions USD, unless otherwise indicated)3/31/20226/30/20229/30/202212/31/202212/31/202112/31/2022
TOTAL
Beginning balance$6,113 $6,180 $6,254 $6,322 $5,791 $6,113 
Capitalization of commissions, sales and issue expenses210 219 215 198 874 842 
Amortization(143)(145)(147)(151)(552)(586)
Ending balance$6,180 $6,254 $6,322 $6,369 $6,113 $6,369 
Individual Retirement
Beginning balance$3,013 $3,065 $3,127 $3,180 $2,764 $3,013 
Capitalization of commissions, sales and issue expenses132 144 137 126 543 539 
Amortization(80)(82)(84)(87)(294)(333)
Ending balance$3,065 $3,127 $3,180 $3,219 $3,013 $3,219 
Group Retirement
Beginning balance$771 $778 $785 $792 $735 $771 
Capitalization of commissions, sales and issue expenses22 21 22 23 100 88 
Amortization(15)(14)(15)(15)(64)(59)
Ending balance$778 $785 $792 $800 $771 $800 
Protection Solutions
Beginning balance$1,559 $1,579 $1,596 $1,614 $1,474 $1,559 
Capitalization of commissions, sales and issue expenses49 46 47 46 201 188 
Amortization(29)(29)(29)(30)(116)(117)
Ending balance$1,579 $1,596 $1,614 $1,630 $1,559 $1,630 
Legacy
Beginning balance$631 $623 $614 $606 $667 $631 
Capitalization of commissions, sales and issue expenses8 8 9 3 30 28 
Amortization(16)(17)(17)(16)(66)(66)
Ending balance$623 $614 $606 $593 $631 $593 
Corporate and Other
Beginning balance$139 $135 $132 $130 $151 $139 
Capitalization of commissions, sales and issue expenses(1)— — — — (1)
Amortization(3)(3)(2)(3)(12)(11)
Reclassified to Assets held-for-sale— — — — — — 
Ending balance$135 $132 $130 $127 $139 $127 

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Use of Non-GAAP Financial Measures
In addition to our results presented in accordance with U.S. GAAP, we report Non-GAAP Operating Earnings, 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.
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Use of Non-GAAP Financial Measures
Non-GAAP Operating ROE
We calculate Non-GAAP Operating ROE by dividing Non-GAAP Operating Earnings for the previous twelve calendar months by consolidated average equity attributable to Holdings’ common shareholders, excluding AOCI. AOCI fluctuates period-to-period in a manner inconsistent with our underlying profitability drivers as the majority of such fluctuation is related to the market volatility of the unrealized gains and losses associated with our AFS securities. Therefore, we believe excluding AOCI is more effective for analyzing the trends of our operations.
Book Value per common share, excluding AOCI
We use the term “book value” to refer to “Total equity attributable to Holdings' common shareholders.” Book Value per common share, excluding AOCI, is our stockholder’s equity, excluding AOCI, divided by ending common shares outstanding.
Non-GAAP Operating Earnings per common share
Non-GAAP Operating Earnings per common share is calculated by dividing Non-GAAP Operating Earnings less preferred stock dividends by diluted common shares outstanding.
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Reconciliation of Non-GAAP Measures (1/3)
For the Three Months Ended or As ofYears Ended or As of
(in millions USD, unless otherwise indicated)3/31/20226/30/20229/30/202212/31/202212/31/202112/31/2022
Net income (loss) attributable to Holdings
Net income (loss) attributable to Holdings$530 $967 $594 $62 $1,757 $2,153 
Adjustments related to:
Variable annuity product features (616)(1,031)(675)129 1,115 (2,193)
Investment gains (losses), net326 231 333 55 (867)945 
Net actuarial gains (losses) related to pension and other postretirement benefit obligations19 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$499 $493 $386 $348 $2,555 $1,726 
Net income (loss) attributable to Holdings (4)$1.35 $2.54 $1.58 $0.17 $4.17 $5.67 
Less: Preferred stock dividends0.04 0.07 0.04 0.07 0.19 0.21 
Net income (loss) available to Holdings' common shareholders1.32 2.47 1.54 0.10 3.98 5.46 
Adjustments related to:
Variable annuity product features (1.57)(2.71)(1.79)0.35 2.65 (5.77)
Investment gains (losses), net0.83 0.61 0.88 0.15 (2.08)2.49 
Net actuarial gains (losses) related to pension and other postretirement benefit obligations0.05 0.05 0.05 0.07 0.29 0.22 
Other adjustments (1) (2) (3) 0.58 0.47 0.13 0.39 1.48 1.58 
Income tax (expense) benefit related to above adjustments 0.02 0.33 0.15 (0.20)(0.49)0.31 
Non-recurring tax items0.01 0.01 0.02 0.01 0.03 0.04 
Non-GAAP Operating Earnings (loss) available to Holdings' common shareholders (4)$1.24 $1.23 $0.99 $0.87 $5.86 $4.33 
Book Value per common share
Book Value per common share$16.65 $10.99 $5.00 $(0.44)$22.47 $(0.44)
Less: Per share impact of AOCI(3.39)(11.05)(18.57)(24.63)3.33 (24.63)
Book value per common share (ex. AOCI)$20.04 $22.04 $23.56 $24.19 $19.14 $24.19 
Notes:
(1) Includes separation costs of $82 million for the year ended December 31, 2021. Separation costs were completed during 2021. The impact per common share is $0.20 for the year ended December 31, 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. The legal accruals impact per common share is $0.13, $0.57 and $0.50 for the three months and year ended December 31, 2022 and year ended December 31, 2021, respectively. Includes policyholder benefit costs of $0.20 and $0.00 for the years ended December 31, 2022 and 2021 stemming from a deal to repurchase UL policies from one entity that had invested in numerous policies purchased in the life settlement market. No adjustments were made to prior period non-GAAP operating EPS as the impact was immaterial.
(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. The impact per common share is $0.09, ($0.09) and $0.14 for the three months and year ended December 31, 2022 and year ended December 31, 2021, respectively.
(4) For periods with a net loss, dilutive shares were not included in the calculation of net income (loss) available to shareholders per common share or Non-GAAP Operating Earnings per common share as inclusion of such shares would have an anti-dilutive effect.
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Reconciliation of Non-GAAP Measures (2/3)
As of and for the Twelve Months Ended
(in millions USD, unless otherwise indicated)12/31/202112/31/2022
Net Income to Non-GAAP Operating Earnings
Net income (loss) attributable to Holdings$1,757 $2,153 
Adjustments related to:
Variable annuity product features1,115 (2,193)
Investment (gains) losses(867)945 
Net actuarial (gains) losses related to pension and other postretirement benefit obligations120 82 
Other adjustments626 605 
Income tax (expense) benefits related to above adjustments(208)118 
Non-recurring tax items12 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 %




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Reconciliation of Non-GAAP Measures (3/3)
Balances as of
(in millions USD, unless otherwise indicated)12/31/20213/31/20226/30/20229/30/202212/31/2022
Equity Reconciliation - Quarter-end Balances
Total equity attributable to Holdings' shareholders$10,351 $7,959 $5,702 $3,411 $1,401 
Less: Preferred Stock1,562 1,562 1,562 1,562 1,562 
Total equity attributable to Holdings' common shareholders8,789 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 

Balances as of
(in millions USD, unless otherwise indicated)12/31/2022
Equity Reconciliation - Twelve Month Rolling Average
Total equity attributable to Holdings' shareholders$4,618 
Less: Preferred Stock1,562 
Total equity attributable to Holdings' common shareholders3,056 
Less: Accumulated other comprehensive income (loss)(5,333)
Total equity attributable to Holdings' common shareholders (ex. AOCI)$8,389 






















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

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Equitable Equitable Holdings Long-duration Targeted Improvements (LDTI) and Resegmentation Supplement April 4, 2023

 
LDTI and Resegmentation Supplement Note Regarding Forward-Looking and Non-GAAP Financial Measures This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “expects,” “believes,” “anticipates,” “intends,” “seeks,” “aims,” “plans,” “assumes,” “estimates,” “projects,” “should,” “would,” “could,” “may,” “will,” “shall” or variations of such words are generally part of forward-looking statements. Forward-looking statements are made based on management’s current expectations and beliefs concerning future developments and their potential effects upon Equitable Holdings, Inc. (“Holdings”) and its consolidated subsidiaries. “We,” “us” and “our” refer to Holdings and its consolidated subsidiaries, unless the context refers only to Holdings as a corporate entity. There can be no assurance that future developments affecting Holdings will be those anticipated by management. Forward-looking statements include, without limitation, all matters that are not historical facts. These forward-looking statements are not a guarantee of future performance and involve risks and uncertainties, and there are certain important factors that could cause actual results to differ, possibly materially, from expectations or estimates reflected in such forward-looking statements, including, among others: (i) conditions in the financial markets and economy, including the impact of plateauing or decreasing economic growth and geopolitical conflicts and related economic conditions, equity market declines and volatility, interest rate fluctuations, impacts on our goodwill and changes in liquidity and access to and cost of capital; (ii) operational factors, including reliance on the payment of dividends to Holdings by its subsidiaries, protection of confidential customer information or proprietary business information, operational failures by us or our service providers, potential strategic transactions, changes in accounting standards, and catastrophic events, such as the outbreak of pandemic diseases including COVID-19; (iii) credit, counterparties and investments, including counterparty default on derivative contracts, failure of financial institutions, defaults by third parties and affiliates and economic downturns, defaults and other events adversely affecting our investments; (iv) our reinsurance and hedging programs; (v) our products, structure and product distribution, including variable annuity guaranteed benefits features within certain of our products, variations in statutory capital requirements, financial strength and claims-paying ratings, state insurance laws limiting the ability of our insurance subsidiaries to pay dividends and key product distribution relationships; (vi) estimates, assumptions and valuations, including risk management policies and procedures, potential inadequacy of reserves and experience differing from pricing expectations, amortization of deferred acquisition costs and financial models; (vii) our Investment Management and Research segment, including fluctuations in assets under management and the industry-wide shift from actively-managed investment services to passive services; (viii) legal and regulatory risks, including federal and state legislation affecting financial institutions, insurance regulation and tax reform; (ix) risks related to our common stock and (x) general risks, including strong industry competition, information systems failing or being compromised and protecting our intellectual property. Forward-looking statements should be read in conjunction with the other cautionary statements, risks, uncertainties and other factors identified in Holdings’ filings with the Securities and Exchange Commission. Further, any forward-looking statement speaks only as of the date on which it is made, and we undertake no obligation to update or revise any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events, except as otherwise may be required by law. This presentation and certain of the remarks made orally contain non-GAAP financial measures. Non-GAAP financial measures include Non-GAAP Operating Earnings, Non-GAAP Operating EPS, and Non-GAAP Operating ROE. Information regarding these and other non-GAAP financial measures, including reconciliations to the most directly comparable GAAP financial measures, is provided in our quarterly earnings press releases and in our quarterly financial supplements, which are available on our Investor Relations website at ir.equitableholdings.com. 2

 
LDTI and Resegmentation Supplement LDTI and resegmentation highlights 3 Results more closely align to the economics of our business • New 2022 non-GAAP operating earnings1 of $1.7bn, or $2.0bn and $4.97 per share after adjusting for notable items2 • Positive net income in 2021 and all four quarters of 2022; expect consistently positive net income moving forward LDTI transition impacts in line with expectations • Results c. $200m closer to cash generation from LDTI, in line with guidance, driving increased payout target of 55-65% • Limited book value transition impact with more consistently positive net income expected to build equity over time Two new segments highlight strength of our integrated business model • Wealth Management segment reflects proprietary retirement distribution and growing advisory business • Legacy segment3 represents only c. 15% of new non-GAAP operating earnings mix after adjusting for notable items4 First quarter 2023 modeling guidance (additional information on page 5) • $439m 4Q’22 non-GAAP operating earnings, adjusted for notable items, is an appropriate starting point for 1Q’23 estimates • Maintain long-term guidance for alternatives and expect similar performance in 1Q’23 compared to 4Q’22 • Maintain Protection Solutions guidance of $75m per quarter but expect elevated mortality in 1Q’23 Note: See appendix for explanation of footnotes.

 
Figures post-tax in millions Non-GAAP operating earnings adjusted for notable items2 LDTI Update Wealth Management Resegmentation Update Tax Rate Change3 New Non-GAAP operating earnings adjusted for notable items2 Individual Retirement $1,206 $(176) $1 – $786 Legacy $(11) – $234 Group Retirement $520 $(24) $(34) – $462 AllianceBernstein4 $424 – – – $424 Protection Solutions $307 $(2) $6 – $311 Wealth Management – – $101 – $101 Corporate & Other $(270) $0 $(63) $(16) $(349) Consolidated results $2,187 $(202) – $(16) $1,970 LDTI and Resegmentation Supplement LDTI and resegmentation reconciliation Full year 2022 non-GAAP operating earnings1 4Note: See appendix for explanation of footnotes; Figures reflect full year unless otherwise noted. Certain figures may not sum due to rounding.

 
LDTI and Resegmentation Supplement Post-LDTI and resegmentation 1Q’23 guidance 5Note: See appendix for explanation of footnotes; Figures reflect full year unless otherwise noted. Guidance Pre-LDTI & Resegmentation Post-LDTI & Resegmentation Total company equity market sensitivity +/-10% = c. $150m after tax Non-GAAP Operating Earnings impact Unchanged Total company interest rate sensitivity +/-50bps = c. $10m after tax Non-GAAP Operating Earnings impact Unchanged Below-the-line hedge sensitivity 6.5% equity markets and 10bps UST 10 year rate increase Equities: c. $(1.0)bn Interest Rates: c. $(0.2)bn Equities: c. $(0.2)bn (reduced by 80%) Interest Rates: c. $0.2bn (offset by OCI movement) Protection Solutions operating earnings $75m per quarter $75m per quarter with higher potential volatility from mortality Corporate & Other operating earnings $(300)m per annum $(375-400)m per annum Alternatives 8-10% long-term annualized return; 0.3-0.5 beta equity market in periods volatility Unchanged Capital generation $1.3bn dividends and distributions from subsidiaries to HoldCo1 Unchanged Payout ratio target 50-60% of Non-GAAP operating earnings adjusted for notable items 55-65% of Non-GAAP operating earnings adjusted for notable items Long-term EPS growth target 8-10% Unchanged Debt-to-capital ratio (ex. AOCI) 25-30% Unchanged

 
Appendix Equitable Holdings LDTI and Resegmentation Supplement

 
Explanation of footnotes Page 3 1Non-GAAP Operating Earnings equals our consolidated after-tax net income attributable to Holdings adjusted to eliminate the impact of certain items; Please see detailed non-GAAP reconciliation in Appendix 2Please see the Appendix for detailed reconciliations and the definition of Notable Items 3The 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. 4Legacy mix relative to full year 2022 non-GAAP operating earnings, adjusted for notable items, excluding Corporate & Other Page 4 1Non-GAAP Operating Earnings equals our consolidated after-tax net income attributable to Holdings adjusted to eliminate the impact of certain items; Please see detailed non-GAAP reconciliation in Appendix 2Please see the Appendix for detailed reconciliations and the definition of Notable Items 3Higher effective tax rate associated with disclosing Wealth Management segment, previously reported in Corporate & Other 4AllianceBernstein, or AB, refers to Investment Management and Research Page 5 1Expected net annual dividends and distributions to Equitable Holdings from its subsidiaries based on 12/31/22 market levels 7LDTI and Resegmentation Supplement

 
LDTI and Resegmentation Supplement Appendix Reconciliation of non-GAAP and other financial disclosures Updated for long-duration targeted improvements and resegmentation 8 EQH Non-GAAP Operating Earnings EQH Non-GAAP Operating EPS Three Months Ended December 31, Year Ended December 31, (per share amounts) 2022 2022 Net income (loss) attributable to Holdings $ 0.17 $ 5.67 Less: Preferred stock dividends 0.07 0.21 Net income (loss) available to Holdings' common shareholders 0.10 5.46 Adjustments related to: Variable annuity product features 0.35 (5.77) Investment gains (losses), net 0.15 2.49 Net actuarial gains (losses) related to pension and other postretirement benefit obligations 0.07 0.22 Other adjustments (1) (2) 0.39 1.58 Income tax (expense) benefit related to above adjustments (0.20) 0.31 Non-recurring tax items 0.01 0.04 Non-GAAP Operating Earnings $ 0.87 $ 4.33 (1) Includes certain gross legal expenses related to the cost of insurance litigation and claims related to a commercial relationship of $50 million and $218 million for the three months and year ended December 31, 2022, 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. The legal accruals impact per common share is $0.14 and $0.57 for the three months and years ended December 31, 2022. Includes policyholder benefit costs of $0.20 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. No adjustments were made to prior period non-GAAP operating EPS as the impact was immaterial. (2) Includes Non-GMxB related derivative hedge losses of $34 million and ($34) million for the three months and year ended December 31, 2022. The impact per common share is $0.09 and ($0.09) for the three months and year ended December 31, 2022. Three Months Ended December 31, Year Ended December 31, (in millions) 2022 2022 Net income (loss) attributable to Holdings $ 62 $ 2,153 Adjustments related to: Variable annuity product features 129 (2,193) Investment gains (losses), net 55 945 Net actuarial gains (losses) related to pension and other postretirement benefit obligations 25 82 Other adjustments (1) (2) 150 552 Income tax (expense) benefit related to above adjustments (76) (56) Non-recurring tax items 3 16 Non-GAAP Operating Earnings $ 348 $ 1,726

 
LDTI and Resegmentation Supplement Appendix Reconciliation of non-GAAP and other financial disclosures Pre-LDTI and resegmentation (previously disclosed) 9 EQH Non-GAAP Operating Earnings EQH Non-GAAP Operating EPS Three Months Ended December 31, Year Ended December 31, (per share amounts) 2022 2022 Net income (loss) attributable to Holdings $ (2.14) $ 4.70 Less: Preferred stock dividends 0.07 0.21 Net income (loss) available to Holdings' common shareholders (2.21) 4.49 Adjustments related to: Variable annuity product features 3.59 (3.46) Investment gains (losses), net 0.14 2.49 Net actuarial gains (losses) related to pension and other postretirement benefit obligations 0.07 0.22 Other adjustments (1) (2) 0.39 1.45 Income tax (expense) benefit related to above adjustments (0.88) (0.15) Non-recurring tax items 0.01 0.04 Non-GAAP Operating Earnings $ 1.11 $ 5.08 (1) Includes certain gross legal expenses related to the cost of insurance litigation and claims related to a commercial relationship of $50 million and $218 million for the three months and year ended December 31, 2022, 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. The legal accruals impact per common share is $0.14 and $0.57 for the three months and years ended December 31, 2022. Includes policyholder benefit costs of $0.20 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. No adjustments were made to prior period non-GAAP operating EPS as the impact was immaterial. (2) Includes Non-GMxB related derivative hedge losses of $34 million and ($34) million for the three months and year ended December 31, 2022. The impact per common share is $0.09 and ($0.09) for the three months and year ended December 31, 2022. Three Months Ended December 31, Year Ended December 31, (in millions) 2022 2022 Net income (loss) attributable to Holdings $ (789) $ 1,785 Adjustments related to: Variable annuity product features 1,324 (1,315) Investment gains (losses), net 55 945 Net actuarial gains (losses) related to pension and other postretirement benefit obligations 25 82 Other adjustments (1) (2) 144 552 Income tax (expense) benefit related to above adjustments (326) (56) Non-recurring tax items 3 16 Non-GAAP Operating Earnings $ 436 $ 2,009

 
LDTI and Resegmentation Supplement Appendix Impact of notable items1 by segment and corporate & other and by category Updated for long-duration targeted improvements and resegmentation 1Notable Items represent the impact on results from our annual actuarial assumption review, approximate impacts attributable to significant variances from the Company’s expectations, and other items that the Company believes may not be indicative of future performance. The Company chooses to highlight the impact of these items and Non-GAAP measures, adjusted for Notable Items to provide a better understanding of our results of operations in a given period. Certain figures may not sum due to rounding. 10 Non-GAAP Operating Earnings, adjusted for Notable Items, ($m) Three Months Ended Dec 31, 2022 Twelve Months Ended Dec 31, 2022 Non-GAAP Operating Earnings $ 348 $ 1,726 Post-tax Adjustments related to Notable Items: Individual Retirement (2) 23 Group Retirement 7 16 Investment Management and Research — Protection Solutions 99 212 Wealth Management — Legacy 2 (1) Corporate & Other (14) (7) Subtotal 91 243 Impact of Actuarial Assumption Update — 1 Non-GAAP Operating Earnings, adjusted for Notable Items $ 439 $ 1,970 Non-GAAP Operating Earnings, adjusted for Notable Items, ($m) Three Months Ended Dec 31, 2022 Twelve Months Ended Dec 31, 2022 Non-GAAP Operating Earnings $ 348 $ 1,726 Pre-tax adjustments related to Notable Items: Actuarial Updates/Reserve 1 6 Mortality 84 209 Expenses - 42 Net Investment Income 27 30 Pre-tax Subtotal 112 287 Tax adjustment (21) (44) Post-tax impact of Notable Items 91 243 Impact of Actuarial Assumption Update — 1 Non-GAAP Operating Earnings, adjusted for Notable Items $ 439 $ 1,970

 
LDTI and Resegmentation Supplement Appendix Impact of notable items1 by segment and corporate & other and by category Updated for long-duration targeted improvements and resegmentation 1Notable Items represent the impact on results from our annual actuarial assumption review, approximate impacts attributable to significant variances from the Company’s expectations, and other items that the Company believes may not be indicative of future performance. The Company chooses to highlight the impact of these items and Non-GAAP measures, adjusted for Notable Items to provide a better understanding of our results of operations in a given period. Certain figures may not sum due to rounding. 11 Three months ended 12/31/2022 ($m) Individual Retirement Group Retirement AB Protection Solutions Wealth Management Legacy Corporate & Other Consolidated Non-GAAP Operating Earnings 190 92 94 (41) 23 65 (75) 348 Pre-tax adjustments related to Notable Items: Actuarial Updates/Reserve 1 1 Mortality 111 (27) 84 Expenses Net Investment Income 3 7 9 3 5 27 Pre-tax Subtotal 3 7 121 3 (22) 112 Tax adjustment (5) (1) (22) (1) 8 (21) Post-tax impact of Notable Items (2) 6 99 2 (14) 91 Impact of Actuarial Assumption Update Non-GAAP Operating Earnings, adjusted for Notable Items 188 98 94 58 23 67 (89) 439 Twelve months ended 12/31/2022 ($m) Individual Retirement Group Retirement AB Protection Solutions Wealth Management Legacy Corporate & Other Consolidated Non-GAAP Operating Earnings 762 446 425 97 101 235 (340) 1,726 Pre-tax adjustments related to Notable Items: Actuarial Updates/Reserve 6 6 Mortality 236 (27) 209 Expenses 6 11 8 17 42 Net Investment Income 17 4 4 2 3 30 Pre-tax Subtotal 23 15 254 2 (7) 287 Tax adjustment 0 1 (41) (3) (1) (44) Post-tax impact of Notable Items 23 16 213 (1) (8) 243 Impact of Actuarial Assumption Update 1 2 (1) 1 Non-GAAP Operating Earnings, adjusted for Notable Items 786 462 425 311 101 234 (349) 1,970

 
LDTI and Resegmentation Supplement Appendix Impact of notable items1 by segment and corporate & other and by category Updated for long-duration targeted improvements and resegmentation 1Notable Items represent the impact on results from our annual actuarial assumption review, approximate impacts attributable to significant variances from the Company’s expectations, and other items that the Company believes may not be indicative of future performance. The Company chooses to highlight the impact of these items and Non-GAAP measures, adjusted for Notable Items to provide a better understanding of our results of operations in a given period. Certain figures may not sum due to rounding. 12 Twelve months ended 12/31/2022 ($m) Individual Retirement Group Retirement AB Protection Solutions Wealth Management Legacy Corporate & Other Consolidated Total revenues 17 4 4 2 3 30 Policy charges, fee income and premiums Net investment income 17 4 4 2 3 30 Total benefits and other deductions 7 11 254 (14) 258 Policyholders' benefits 213 (27) 186 Interest credited to policyholders’ account balances Amortization of deferred policy acquisition costs, net 1 1 Compensation, benefits and other operating costs and expenses 6 11 8 17 42 Remeasurement of Liability for Future Policy Benefits 33 (4) 29 Operating earnings (pre-tax and noncontrolling interest) 24 15 258 2 (11) 288 Income Tax and Noncontrolling Interest 0 1 (44) (3) 1 (45) Operating earnings (post-tax and noncontrolling interest) 24 16 211 (1) (10) 244 Three months ended 12/31/2022 ($m) Individual Retirement Group Retirement AB Protection Solutions Wealth Management Legacy Corporate & Other Consolidated Total revenues 3 7 9 3 5 27 Policy charges, fee income and premiums Net investment income 3 7 9 3 5 27 Total benefits and other deductions - - 112 - (27) 85 Policyholders’ benefits 99 (27) 72 Interest credited to policyholders' account balances Amortization of deferred policy acquisition costs, net Compensation, benefits and other operating costs and expenses 13 Remeasurement of Liability for Future Policy Benefits 13 Operating earnings (pre-tax and noncontrolling interest) 3 7 121 3 (22) 112 Income Tax and Noncontrolling Interest (5) (1) (22) (1) 8 (21) Operating earnings (post-tax and noncontrolling interest) (2) 6 99 2 (14) 91

 
LDTI and Resegmentation Supplement Appendix Impact of notable items1 by segment and corporate & other and by category Pre-LDTI and resegmentation (previously disclosed) 1Notable Items represent the impact on results from our annual actuarial assumption review, approximate impacts attributable to significant variances from the Company’s expectations, and other items that the Company believes may not be indicative of future performance. The Company chooses to highlight the impact of these items and Non-GAAP measures, adjusted for Notable Items to provide a better understanding of our results of operations in a given period. Certain figures may not sum due to rounding. 13 Three months ended 12/31/2022 ($m) Individual Retirement Group Retirement AB Protection Solutions Corporate & Other Consolidated Non-GAAP Operating Earnings 303 110 94 (29) (42) 436 Pre-tax adjustments related to Notable Items: Actuarial Updates/Reserve — — — — — — Mortality — — — 111 (27) 84 Expenses — — — — — — Net Investment Income 6 6 — 9 5 27 Pre-tax Subtotal 6 6 — 120 (22) 111 Tax adjustment (1) (1) — (23) 7 (18) Post-tax impact of Notable Items 5 5 — 98 (15) 93 Impact of Actuarial Assumption Update — — — — — — Non-GAAP Operating Earnings, adjusted for Notable Items 308 115 94 69 (57) 529 Twelve months ended 12/31/2022 ($m) Individual Retirement Group Retirement AB Protection Solutions Corporate & Other Consolidated Non-GAAP Operating Earnings 1,140 525 424 179 (259) 2,009 Pre-tax adjustments related to Notable Items: Actuarial Updates/Reserve 15 3 — 7 — 24 Mortality — — — 136 (27) 109 Expenses 6 11 — 8 17 42 Net Investment Income 19 4 — 6 3 31 Pre-tax Subtotal 39 17 — 157 (7) 206 Tax adjustment 17 4 — (23) (4) (6) Post-tax impact of Notable Items 56 21 — 134 (11) 201 Impact of Actuarial Assumption Update 10 (27) — (6) — (23) Non-GAAP Operating Earnings, adjusted for Notable Items 1,206 520 424 307 (270) 2,187

 
LDTI and Resegmentation Supplement Appendix Impact of notable items1 by segment and corporate & other and by category Pre-LDTI and resegmentation (previously disclosed) 1Notable Items represent the impact on results from our annual actuarial assumption review, approximate impacts attributable to significant variances from the Company’s expectations, and other items that the Company believes may not be indicative of future performance. The Company chooses to highlight the impact of these items and Non-GAAP measures, adjusted for Notable Items to provide a better understanding of our results of operations in a given period. Certain figures may not sum due to rounding. 14 Non-GAAP Operating Earnings, adjusted for Notable Items, ($m) Three Months Ended Dec 31, 2022 Twelve Months Ended Dec 31, 2022 Non-GAAP Operating Earnings $ 436 $ 2,009 Post-tax Adjustments related to Notable Items: Individual Retirement 5 56 Group Retirement 5 21 Investment Management and Research — — Protection Solutions 98 134 Corporate & Other (15) (11) Subtotal 93 201 Impact of Actuarial Assumption Update — (23) Non-GAAP Operating Earnings, adjusted for Notable Items $ 529 $ 2,187 Non-GAAP Operating Earnings, adjusted for Notable Items, ($m) Three Months Ended Dec 31, 2022 Twelve Months Ended Dec 31, 2022 Non-GAAP Operating Earnings $ 436 $ 2,009 Pre-tax adjustments related to Notable Items: Actuarial Updates/Reserve — 24 Mortality 84 109 Expenses — 42 Net Investment Income 27 31 Pre-tax Subtotal 111 206 Tax adjustment (18) (6) Post-tax impact of Notable Items 93 201 Impact of Actuarial Assumption Update — (23) Non-GAAP Operating Earnings, adjusted for Notable Items $ 529 $ 2,187

 
LDTI and Resegmentation Supplement Appendix Impact of notable items1 by segment and corporate & other and by category Pre-LDTI and resegmentation (previously disclosed) 1Notable Items represent the impact on results from our annual actuarial assumption review, approximate impacts attributable to significant variances from the Company’s expectations, and other items that the Company believes may not be indicative of future performance. The Company chooses to highlight the impact of these items and Non-GAAP measures, adjusted for Notable Items to provide a better understanding of our results of operations in a given period. Certain figures may not sum due to rounding. 15 Twelve months ended 12/31/2022 ($m) Individual Retirement Group Retirement AB Protection Solutions Corporate & Other Consolidated Total revenues 19 4 — 45 3 70 Policy charges, fee income and premiums — — — 40 — 40 Net investment income 19 4 — 5 3 30 Total benefits and other deductions (33) 20 — (104) 10 (108) Policyholders' benefits — — — (124) 27 (97) Interest credited to policyholders’ account balances (1) — — — — (1) Amortization of deferred policy acquisition costs, net (26) 31 — 28 — 33 Compensation, benefits and other operating costs and expenses (6) (11) — (8) (17) (42) Operating earnings (pre-tax and noncontrolling interest) 52 (16) — 150 (7) 178 Income Tax and Noncontrolling Interest 14 11 — (22) (4) — Operating earnings (post-tax and noncontrolling interest) 66 (5) — 128 (11) 178 Three months ended 12/31/2022 ($m) Individual Retirement Group Retirement AB Protection Solutions Corporate & Other Consolidated Total revenues 6 6 — 9 5 27 Policy charges, fee income and premiums — — — — — — Net investment income 6 6 — 9 5 27 Total benefits and other deductions — — — (111) 27 (84) Policyholders’ benefits — — — (111) 27 (84) Interest credited to policyholders' account balances — — — — — — Amortization of deferred policy acquisition costs, net — — — — — — Compensation, benefits and other operating costs and expenses — — — — — — Operating earnings (pre-tax and noncontrolling interest) 6 6 — 120 (22) 111 Income Tax and Noncontrolling Interest (1) (1) — (23) 7 (18) Operating earnings (post-tax and noncontrolling interest) 5 5 — 97 (15) 93