Form 8-K - Current report

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): July 30, 2024

Equitable Holdings, Inc.

(Exact name of registrant as specified in its charter)


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

1345 Avenue of the Americas, New York, New York 10105

(Address of principal executive offices) (Zip Code)

(212) 554-1234

(Registrant’s telephone number, including area code)

Not Applicable

(Former name or address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Title of each class

Trading Symbol

Name of Exchange on which registered

Common Stock

EQH

New York Stock Exchange

Depositary Shares, each representing a 1/1,000th interest in a share of Fixed Rate Noncumulative Perpetual Preferred Stock, Series A

EQH PR A

New York Stock Exchange

Depositary Shares, each representing a 1/1,000th interest in a share of Fixed Rate Noncumulative Perpetual Preferred Stock, Series C

EQH PR C

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 under the Securities Act (17 CFR 230.405) or Rule 12b-2 under the Exchange Act (17 CFR 240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On July 30, 2024, Equitable Holdings, Inc. (“EQH”) issued a press release announcing its financial results for the quarter ended June 30, 2024. A copy of the press release containing this information is furnished as Exhibit 99.1 hereto and is incorporated herein by reference. In addition, more detailed financial information may be found in EQH’s Financial Supplement for the quarter ended June 30, 2024. A copy of the Financial Supplement for the quarter ended June 30, 2024 is furnished as Exhibit 99.2 hereto and is incorporated herein by reference.

As provided in General Instruction B.2 of Form 8-K, the information and exhibits provided pursuant to this Item 2.02 shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section, nor shall they be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

Item 7.01 Regulation FD Disclosure.

In connection with its earnings call for the quarter ended June 30, 2024, EQH has prepared a presentation for use with investors and other members of the investment community, which will be accessible via EQH’s investor relations website at https://ir.equitableholdings.com at 4:15 p.m. ET on Tuesday, July 30, 2024.

As provided in General Instruction B.2 of Form 8-K, the information provided pursuant to this Item 7.01 shall not be deemed to be “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liability of that section, nor shall it be deemed to be incorporated by reference in any filing under the Securities Act or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits


Exhibit No.			Description of Exhibit
99.1			Press release of Equitable Holdings, Inc., dated July 30, 2024 (furnished and not filed)
99.2			Financial Supplement for the quarter ended June 30, 2024 (furnished and not filed)
104			Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.



	EQUITABLE HOLDINGS, INC.

Date: July 30, 2024	By:	/s/ William Eckert
	Name:	William Eckert
	Title:	Chief Accounting Officer (Principal Accounting Officer)

EQUITABLE HOLDINGS REPORTS SECOND QUARTER 2024 RESULTS

_______________________________________

•Strong earnings growth driven by increased AUM/A, spread income, and fee-based revenues

•Net inflows of $2.3 billion in Retirement1, $1.5 billion in Wealth Management and $0.9 billion in Asset Management

•Net income of $428 million, or $1.23 per share

•Non-GAAP operating earnings2 of $494 million, or $1.43 per share; adjusting for notable items3, Non-GAAP operating earnings of $525 million, or $1.52 per share

•Returned $325 million to shareholders, delivering on 60-70% payout ratio target

•Resilient balance sheet with combined NAIC RBC ratio of c.425-450%, above 375-400% target

_______________________________________

New York, NY, July 30, 2024 — Equitable Holdings, Inc. (“Equitable Holdings”, “Holdings”, or the “Company”) (NYSE: EQH) today announced financial results for the second quarter ended June 30, 2024.

“Equitable’s second quarter results highlight the building growth momentum across the company. Non-GAAP operating earnings per share of $1.43 increased 23% from the prior year quarter and was up 20% excluding notable items. We continue to see robust organic growth momentum across our businesses, highlighted by record Retirement net inflows of $2.3 billion including $0.5 billion of initial inflows from BlackRock Lifepath Paycheck. AllianceBernstein also reported $1.3 billion of active net inflows, and our Wealth Management segment had $1.5 billion of advisory net inflows. The combination of organic growth and favorable market conditions drove assets under management and administration to a record $986 billion, boosting both fee and spread-based earnings,” said Mark Pearson, President and Chief Executive Officer.

Mr. Pearson concluded, “Turning to capital, we returned $325 million to shareholders in the quarter, delivering on our 60-70% payout ratio target. Given our strong performance, we remain on track to deliver $1.4 billion to $1.5 billion of cash generation in 2024 and increase this to $2.0 billion annually by 20274.”

1 Includes Individual Retirement and Group Retirement

2 This press release includes certain Non-GAAP financial measures. More information on these measures and reconciliations to the most comparable U.S. GAAP measures can be found in the “Use of Non-GAAP Financial Measures” section of this release.

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

4 Cash generation is the cash flow from asset and wealth management subsidiaries, along with capital generated in excess of the target combined NAIC RBC ratio at the insurance subsidiaries. Financial guidance assumes normal market conditions including 6% equity return, 2% dividend yield and interest rates following the forward curve is net dividends and distributions to Equitable Holdings from its subsidiaries


Consolidated Results
	Second Quarter
(in millions, except per share amounts or unless otherwise noted)	2024		2023
Total Assets Under Management/Administration (“AUM/A”, in billions)	$	986	$	887
Net income attributable to Holdings	428		759
Net income attributable to Holdings per common share	1.23		2.06
Non-GAAP operating earnings	494		441
Non-GAAP operating earnings per common share (“EPS”)	1.43		1.17

As of June 30, 2024, total AUM/A was $986 billion, a year-over-year increase of 11%, primarily driven by higher markets over the prior twelve months.

Net income attributable to Holdings for the second quarter of 2024 was $428 million compared to $759 million in the second quarter of 2023.

Non-GAAP operating earnings in the second quarter of 2024 was $494 million compared to $441 million in the second quarter of 2023. Adjusting for notable items5 of $31 million, second quarter 2024 Non-GAAP operating earnings were $525 million or $1.52 per share.

As of June 30, 2024, book value per common share, including accumulated other comprehensive income (“AOCI”), was $0.25. Book value per common share, excluding AOCI, was $27.14.

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

Business Highlights

•Business segment highlights:

◦Individual Retirement (“IR”) reported second quarter net inflows of $1.9 billion, and first year premiums were up 23% over the prior year quarter, driven by continued demand for our spread-based RILA product.

◦Group Retirement (“GR”) reported second quarter net inflows of $408 million, primarily attributable to the institutional channel with initial inflows from BlackRock’s LifePath Paycheck.

◦Asset Management (AllianceBernstein or “AB”)6 reported net inflows of $0.9 billion. Active net inflows of $1.3 billion were driven by the retail channel and strength in fixed income.

◦Protection Solutions (“PS”) reported $784 million of gross written premiums with accumulation-oriented VUL first year premiums up 14% and Employee Benefits first year premiums up 16% over the prior year quarter.

◦Wealth Management (“WM”) reported advisory net inflows of $1.5 billion, primarily driven by higher sales. On a trailing twelve month basis, advisory organic growth was 6%.

◦Legacy (“L”) had $672 million of net outflows and continues to run-off at $2-$3 billion annually.

•Capital management program:

◦The Company returned $325 million to shareholders, including $78 million of quarterly cash dividends and $247 million of share repurchases, delivering on its payout ratio target of 60-70% of Non-GAAP operating earnings.

◦The Company reported cash and liquid assets of $1.6 billion at Holdings7, which remains above the $500 million minimum target.

◦The Company maintained its strong financial condition with a combined NAIC RBC ratio of approximately 425-450% at quarter end, above the Company’s target of 375-400%.

•Delivering shareholder value:

◦The Company has deployed $10 billion of its $20 billion capital commitment to AB. This supports growth in AB’s Private Markets business, which currently has $64 billion in assets under management.

◦The Company remains on track to achieve its 2027 strategic targets of $150 million of net expense savings and $110 million of incremental general account investment income.

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

7 Excludes c.$300 million of cash at Holdings which is available to AllianceBernstein through its credit facility with Equitable Holdings.

Business Segment Results

Individual Retirement


(in millions, unless otherwise noted)	Q2 2024		Q2 2023
Account value (in billions)	$	101.9	$	83.9
Segment net flows (in billions)	1.9		1.5
Operating earnings (loss)	234		234

•Account value increased by 22%, driven by positive market performance and net inflows over the prior twelve months.

•Net inflows of $1.9 billion in the quarter were higher versus the prior year quarter, and first year premiums of $4.5 billion increased by 23%.

•Operating earnings of $234 million were flat year-over-year with higher net interest margin and fee-type revenue partially offset by higher DAC amortization and higher commissions.

•Operating earnings adjusted for notable items8 increased from $224 million in the prior year quarter to $236 million. Notable items of $2 million in the current period reflect lower net investment income from alternatives.

Group Retirement


(in millions, unless otherwise noted)	Q2 2024		Q2 2023
Account value (in billions)	$	39.3	$	35.0
Segment net flows	408		(20)
Operating earnings (loss)	123		107

•Account value increased by 12%, primarily due to market performance over the prior twelve months.

•Net inflows of $408 million in the second quarter were primarily attributable to the institutional channel including initial inflows from BlackRock’s LifePath Paycheck. The tax-exempt channel, which includes our industry leading K-12 educators offering, reported net inflows of $91 million.

•Operating earnings increased from $107 million in the prior year quarter to $123 million, primarily due to higher fee-based revenue.

•Operating earnings adjusted for notable items9 increased from $103 million in the prior year quarter to $127 million. Notable items were $4 million in each period and reflect lower net investment income from alternatives.

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

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

Asset Management


(in millions, unless otherwise noted)	Q2 2024		Q2 2023
Total AUM (in billions)	$	769.5	$	691.5
Segment net flows (in billions)	0.9		(4.0)
Operating earnings (loss)	101		99

•AUM increased by 11% due to market performance over the prior twelve months.

•Net inflows of $0.9 billion in the quarter as $2.8 billion of net inflows in the Retail channel were partially offset by net outflows of $1.8 billion in the Institutional channel and $0.1 billion in Private Wealth.

•Operating earnings increased from $99 million in the prior year quarter to $101 million, primarily due to higher base fees on higher average AUM and lower expenses.

•Operating earnings adjusted for notable items10 increased from $89 million in the prior year quarter to $101 million. Notable items of $10 million in the second quarter of 2023 were attributable to favorable tax items.

Protection Solutions


(in millions)	Q2 2024		Q2 2023
Gross written premiums	$	784	$	769
Annualized premiums	91		78
Operating earnings (loss)	67		24

•Annualized premiums increased 16% year-over-year, driven by VUL and Employee Benefits.

•Operating earnings increased from $24 million in the prior year quarter to $67 million, primarily due to improved net mortality experience.

•Operating earnings adjusted for notable items11 decreased from $77 million in the prior year quarter to $76 million. Notable items of $9 million this period reflect lower net investment income from alternatives.

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

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

Wealth Management


(in millions, unless otherwise noted)	Q2 2024		Q2 2023
Total AUA (in billions)	$	93.8	$	80.4
Advisory Net Flows (in billions)	1.5		0.7
Operating earnings (loss)	44		42

•AUA increased by 17% due to market performance and net inflows over the last twelve months.

•Advisory net inflows of $1.5 billion in the quarter, primarily attributable to increased sales.

•Operating earnings increased from $42 million in the prior year quarter to $44 million, primarily due to higher advisory and distribution fees.

Legacy


(in millions)	Q2 2024		Q2 2023
Account value (in billions)	$	22.2	$	22.4
Net Flows	(672)		(569)
Operating earnings (loss)	41		45

•Account value decreased 1% as expected outflows were partially offset by positive market performance over the prior twelve months.

•Net outflows of $672 million were in line with expectations as this business continues to run-off at $2 billion to $3 billion annually.

•Operating earnings decreased from $45 million in the prior year quarter to $41 million, primarily due to the timing of certain fee accruals.

•Operating earnings adjusted for notable items12 decreased from $48 million in the prior year quarter to $43 million. Notable items of $2 million in the current period attributable to lower net investment income from alternatives.

Corporate and Other (“C&O”)

The operating loss of $116 million in the second quarter increased from an operating loss of $110 million in the prior year quarter. After adjusting for notable items13, the operating loss increased from $102 million in the prior year quarter to $103 million, in line with the Company’s expectations for an annual loss of approximately $400 million.

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

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

Exhibit 1: Notable Items

Notable items represent the impact on results from our annual actuarial assumption review, approximate impacts attributable to significant variances from the Company’s expectations, and other items that the Company believes may not be indicative of future performance. The Company chooses to highlight the impact of these items and give Non-GAAP measures less notable items to provide a better understanding of our results of operations in a given period. Certain figures may not sum due to rounding.

Impact of notable items by segment and Corporate & Other:


	Three Months Ended June 30,
(in millions)	2024		2023
Non-GAAP Operating Earnings	$	494	$	441
Post-tax Adjustments related to notable items:
Individual Retirement	2		(10)
Group Retirement	4		(4)
Asset Management	—		(10)
Protection Solutions	9		53
Wealth Management	—		—
Legacy	2		3
Corporate & Other	13		7
Notable items subtotal	31		39

Non-GAAP Operating Earnings, less Notable Items	$	525	$	480

Impact of notable items by item category:


	Three Months Ended June 30,
(in millions)	2024		2023
Non-GAAP Operating Earnings	$	494	$	441
Pre-tax adjustments related to Notable Items:
Actuarial and Model Updates	—		(21)
Mortality	—		53
Expenses	11		—
Net Investment Income	25		38
Subtotal	37		70
Post-tax impact of Notable Items	31		39

Non-GAAP Operating Earnings, less Notable Items	$	525	$	480

Earnings Conference Call

Equitable Holdings will host a conference call at 9 a.m. ET on July 31, 2024 to discuss its second quarter 2024 results. The conference call webcast, along with additional earnings materials, will be accessible on the company’s investor relations website at ir.equitableholdings.com. Please log on to the webcast at least 15 minutes prior to the call to download and install any necessary software.

To register for the conference call, please use the following link:

EQH Second Quarter 2024 Earnings Call

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

A webcast replay will be made available on the Equitable Holdings Investor Relations website at ir.equitableholdings.com.

About Equitable Holdings

Equitable Holdings, Inc. (NYSE: EQH) is a leading financial services holding company comprised of complementary and well-established businesses, Equitable, AllianceBernstein and Equitable Advisors. Equitable Holdings has $986 billion in assets under management and administration (as of 6/30/2024) and more than 5 million client relationships globally. Founded in 1859, Equitable provides retirement and protection strategies to individuals, families and small businesses. AllianceBernstein is a global investment management firm that offers diversified investment services to institutional investors, individuals and private wealth clients. Equitable Advisors, LLC (Equitable Financial Advisors in MI and TN) has 4,400 duly registered and licensed financial professionals that provide financial planning, wealth management, retirement planning, protection and risk management services to clients across the country.

Contacts:

Investor Relations

Erik Bass

(212) 314-2476

IR@equitable.com

Media Relations

Sophia Kim

(212) 314-2010

mediarelations@equitable.com

Note Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “expects,” “believes,” “anticipates,” “intends,” “seeks,” “aims,” “plans,” “assumes,” “estimates,” “projects,” “should,” “would,” “could,” “may,” “will,” “shall” or variations of such words are generally part of forward-looking statements. Forward-looking statements are made based on management’s current expectations and beliefs concerning future developments and their potential effects upon Equitable Holdings, Inc. (“Holdings”) and its consolidated subsidiaries. These forward-looking statements include, but are not limited to, statements regarding projections, estimates, forecasts and other financial and performance metrics and projections of market expectations. “We,” “us” and “our” refer to Holdings and its consolidated subsidiaries, unless the context refers only to Holdings as a corporate entity. There can be no assurance that future developments affecting Holdings will be those anticipated by management. Forward-looking statements include, without limitation, all matters that are not historical facts.

These forward-looking statements are not a guarantee of future performance and involve risks and uncertainties, and there are certain important factors that could cause actual results to differ, possibly materially, from expectations or estimates reflected in such forward-looking statements, including, among others: (i) conditions in the financial markets and economy, including the impact of geopolitical conflicts 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 Asset Management segment, including fluctuations in assets under management and the industry-wide shift from actively-managed investment services to passive services; (viii) recruitment and retention of key employees and experienced and productive financial professionals; (ix) subjectivity of the determination of the amount of allowances and impairments taken on our investments; (x) legal and regulatory risks, including federal and state legislation affecting financial institutions, insurance regulation and tax reform; (xi) risks related to our common stock and (xii) general risks, including strong industry competition, information systems failing or being compromised and protecting our intellectual property.

Forward-looking statements, including any financial guidance, should be read in conjunction with the other cautionary statements, risks, uncertainties and other factors identified in Holdings’ filings with the Securities and Exchange Commission. Further, any forward-looking statement speaks only as of the date on which it is made, and we undertake no obligation to update or revise any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events, except as otherwise may be required by law.

Forward-looking Non-GAAP Metrics

The Company has presented forward-looking statements regarding Non-GAAP operating earnings, Non-GAAP operating earnings per share and Adjusted Operating Margin at AB. These non-GAAP financial measures are derived by excluding certain amounts, expenses or income, from the corresponding financial measures determined in accordance with GAAP. The determination of the amounts that are excluded from these non-GAAP financial measures is a matter of management judgment and depends upon, among other factors, the nature of the underlying expense or income amounts recognized in a given period. We are unable to present a quantitative reconciliation of forward-looking adjusted operating earnings per share and payout ratio targeted to non-GAAP operating earnings to their most directly comparable forward-looking GAAP financial measures because such information is not available, and management cannot reliably predict all of the necessary components of such GAAP measures without unreasonable effort or expense. In addition, we believe such reconciliations would imply a degree of precision that would be confusing or misleading to investors. The unavailable information could have a significant impact on the Company’s future financial results. These non-GAAP financial measures are preliminary estimates and are subject to risks and uncertainties, including, among others changes in connection with quarter-end and year-end adjustments. Any variations between the Company’s actual results and preliminary financial data set forth above may be material.

Use of Non-GAAP Financial Measures

In addition to our results presented in accordance with U.S. GAAP, we report Non-GAAP Operating Earnings, Non-GAAP Operating EPS, and Book Value per common share, excluding AOCI, each of which is a measure that is not determined in accordance with U.S. GAAP. Management principally uses these non-GAAP financial measures in evaluating performance because they present a clearer picture of our operating performance and they allow management to allocate resources. Similarly, management believes that the use of these Non-GAAP financial measures, together with relevant U.S. GAAP measures, provide investors with a better understanding of our results of operations and the underlying profitability drivers and trends of our business. These non-GAAP financial measures are intended to remove from our results of operations the impact of market changes (where there is mismatch in the valuation of assets and liabilities) as well as certain other expenses which are not part of our underlying profitability drivers or likely to re-occur in the foreseeable future, as such items fluctuate from period-to-period in a manner inconsistent with these drivers. These measures should be considered supplementary to our results that are presented in accordance with U.S. GAAP and should not be viewed as a substitute for the U.S. GAAP measures. Other companies may use similarly titled non-GAAP financial measures that are calculated differently from the way we calculate such measures. Consequently, our non-GAAP financial measures may not be comparable to similar measures used by other companies.

We also discuss certain operating measures, including AUM, AV, and certain other operating measures, which management believes provide useful information about our businesses and the operational factors underlying our financial performance.

Non-GAAP Operating Earnings

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

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

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

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

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

•Other adjustments, which primarily include restructuring costs related to severance and separation, lease write-offs related to non-recurring restructuring activities, COVID-19 related impacts, net derivative gains (losses) on certain Non-GMxB derivatives, net investment income from certain items including consolidated VIE investments, seed capital mark-to-market adjustments, unrealized gain/losses and realized capital gains/losses from sales or disposals of select securities, certain legal accruals; a bespoke deal to repurchase UL policies from one entity that had invested in numerous policies purchased in the life settlement market, which disposed of the risk of additional COI litigation by that entity related to those UL policies, impact of the annual actuarial assumption updates attributable to LFPB; and

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

In the fourth quarter of 2023, the Company updated its operating earnings measure to exclude the impact of realized amounts related to equity classified instruments. The recognition of the realized capital gains and losses from investments in current net investment income is generally considered distortive and not reflective of the ongoing core business activities of the segments. The presentation of operating earnings in prior periods was not revised to reflect this modification. The impact to operating earnings was immaterial for the three and six months ended June 30, 2023.

In the first quarter of 2024, the Company began allocating to its business segments collateral expense resulting from a designated rate to be paid on the collateral held back to counterparties. The new segment allocation methodology for collateral expense is based on the income earned on cash equivalents held in the surplus segments and income earned in portfolios backing collateral expenses, such that the collateral expense would be allocated to the segments up to that amount. Any remaining amount is included within Corporate and Other. This expense was previously recorded in Corporate and Other with no allocation to our business segments in prior reporting periods.

The presentation of operating earnings in prior periods was not revised to reflect this modification, however, the Company estimated that allocating collateral expense to the segments for the twelve months ended December 31, 2023 and 2022, respectively, would have resulted in a decrease to operating earnings of $4.0 million and $0.8 million for Individual Retirement, $7.7 million and $1.4 million for Group Retirement, $21.9 million and $2.5 million for Protection Solutions, $4.2 million and $1.0 million for Legacy, and an increase of $37.8 million and $5.7 million for Corporate and Other. The impact to operating earnings for each segment during the quarters of 2023 was not material. Total Company operating earnings were not impacted.

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

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

The table below presents a reconciliation of Net income (loss) attributable to Holdings to Non-GAAP Operating Earnings for the six months ended June 30, 2024 and 2023:


	Three Months Ended June 30,				Six Months Ended June 30,
(in millions)	2024		2023		2024		2023
Net income (loss) attributable to Holdings	$	428	$	759	$	542	$	936
Adjustments related to:
Variable annuity product features	79		(65)		398		796
Investment (gains) losses	16		56		55		143
Net actuarial (gains) losses related to pension and other postretirement benefit obligations	14		9		31		18
Other adjustments (1) (2)	(32)		62		59		107
Income tax expense (benefit) related to above adjustments	(16)		(13)		(114)		(223)
Non-recurring tax items (3)	5		(367)		13		(972)
Non-GAAP Operating Earnings	$	494	$	441	$	984	$	805

(1)Includes certain gross legal expenses related to the cost of insurance litigation of $0 million and $106 million for the three and six months ended June 30, 2024, respectively and $35 million and $35 million for the three and six months ended June 30, 2023.

(2)For the three and six months ended June 30, 2024, includes $82 million of the gain on sale on AB's Bernstein Research Service attributable to Holdings.

(3)For the three and six months ended June 30, 2024, non-recurring tax items reflects the effect of uncertain tax positions for a given audit period and for the three and six months ended June 30, 2023 primarily includes a decrease of the deferred tax valuation allowance of $376 million and $990 million.

Non-GAAP Operating EPS

Non-GAAP Operating Earnings per common share is calculated by dividing Non-GAAP Operating Earnings less preferred stock dividends by diluted common shares outstanding. The table below presents a reconciliation of GAAP EPS to Non-GAAP Operating EPS for the six months ended June 30, 2024 and 2023.


	Three Months Ended June 30,				Six Months Ended June 30,
(per share amounts)	2024		2023		2024		2023
Net income (loss) attributable to Holdings	$	1.31	$	2.13	$	1.64	$	2.60
Less: Preferred stock dividend	0.08		0.07		0.12		0.11
Net Income (loss) available to common shareholders	1.23		2.06		1.52		2.49
Adjustments related to:
Variable annuity product features	0.24		(0.18)		1.20		2.21
Investment (gains) losses	0.05		0.16		0.17		0.40
Net actuarial (gains) losses related to pension and other postretirement benefit obligations	0.04		0.03		0.09		0.05
Other adjustments (1) (2)	(0.10)		0.17		0.18		0.30
Income tax expense (benefit) related to above adjustments	(0.05)		(0.04)		(0.35)		(0.62)
Non-recurring tax items (3)	0.02		(1.03)		0.04		(2.70)
Non-GAAP Operating Earnings	$	1.43	$	1.17	$	2.85	$	2.13

_______________

(1)Includes certain gross legal expenses related to the cost of insurance litigation of $0.00 and $0.32 for the three and six months ended June 30, 2024, respectively and $0.10 and $0.10 for the three and six months ended June 30, 2023.

(2)For the three and six months ended June 30, 2024, includes $0.25 of the gain on sale on AB's Bernstein Research Service attributable to Holdings.

Book Value per common share, excluding AOCI

We use the term “book value” to refer to total equity attributable to Holdings’ common shareholders. Book Value per common share, excluding AOCI, is our total equity attributable to Holdings, excluding AOCI and preferred stock, divided by ending common shares outstanding.


	June 30, 2024		December 31, 2023
Book value per common share	$	0.25	$	3.26
Per share impact of AOCI	26.89		23.30
Book Value per common share, excluding AOCI	$	27.14	$	26.56

Other Operating Measures

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

Account Value (“AV”)

Account value generally equals the aggregate policy account value of our retirement products.

Assets Under Management (“AUM”)

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

Assets Under Management (“AUA”)

AUA means advisory and brokerage investment assets included in the Company’s Wealth Management segment.

Segment net flows

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

Consolidated Statements of Income (Loss) (Unaudited)


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
	(in millions)
REVENUES
Policy charges and fee income	$	617	$	594	$	1,231	$	1,182
Premiums	282		280		557		556
Net derivative gains (losses)	(208)		(917)		(1,584)		(1,758)
Net investment income (loss)	1,166		1,036		2,385		2,026
Investment gains (losses), net:
Credit losses on available-for-sale debt securities and loans	(15)		(14)		(35)		(80)
Other investment gains (losses), net	(1)		(42)		(20)		(63)
Total investment gains (losses), net	(16)		(56)		(55)		(143)
Investment management and service fees	1,240		1,182		2,518		2,362
Other income	429		258		688		509
Total revenues	3,510		2,377		5,740		4,734
BENEFITS AND OTHER DEDUCTIONS
Policyholders’ benefits	667		684		1,344		1,414
Remeasurement of liability for future policy benefits	(8)		(7)		(7)		(3)
Change in market risk benefits and purchased market risk benefits	(133)		(975)		(1,233)		(955)
Interest credited to policyholders’ account balances	605		501		1,171		964
Compensation and benefits	577		566		1,197		1,149
Commissions and distribution-related payments	463		393		900		773
Interest expense	62		55		119		116
Amortization of deferred policy acquisition costs	169		155		341		307
Other operating costs and expenses	427		466		980		889
Total benefits and other deductions	2,829		1,838		4,812		4,654
Income (loss) from continuing operations, before income taxes	681		539		928		80
Income tax (expense) benefit	(116)		292		(146)		1,017
Net income (loss)	565		831		782		1,097
Less: Net income (loss) attributable to the noncontrolling interest	137		72		240		161
Net income (loss) attributable to Holdings	428		759		542		936
Less: Preferred stock dividends	26		26		40		40
Net income (loss) available to Holdings’ common shareholders	$	402	$	733	$	502	$	896

Earnings Per Common Share


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
	(in millions)
Earnings per common share
Basic	$	1.24	$	2.06	$	1.53	$	2.50
Diluted	$	1.23	$	2.06	$	1.52	$	2.49
Weighted average shares
Weighted average common stock outstanding for basic earnings per common share	324.2		355.2		327.2		358.5
Weighted average common stock outstanding for diluted earnings per common share (1)	327.3		356.1		330.4		360.0

(1)For the three and six months ended June 30, 2024 and 2023, 3.0 million, 3.1 million, 3.0 million and 2.5 million, respectively, of outstanding stock awards, were not included in the computation of diluted earnings per share because their effect was anti-dilutive.

Results of Operations by Segment


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
	(in millions)
Operating earnings (loss) by segment:
Individual Retirement	$	234	$	234	$	462	$	434
Group Retirement	123		107		249		196
Asset Management	101		99		207		198
Protection Solutions	67		24		108		(11)
Wealth Management	44		42		87		74
Legacy	41		45		92		105
Corporate and Other (1)	(116)		(110)		(221)		(191)
Non-GAAP Operating Earnings	$	494	$	441	$	984	$	805

(1)Includes interest expense and financing fees of $58 million and $114 million for the three and six months ended June 30, 2024, respectively, and $57 million and $119 million for the three and six months ended June 30, 2023, respectively.

Select Balance Sheet Statistics


	June 30, 2024		December 31, 2023
	(in millions)
ASSETS


Total investments and cash and cash equivalents	$	117,410	$	110,412
Separate Accounts assets	132,664		127,251
Total assets	287,769		276,814

LIABILITIES
Long-term debt	$	3,830	$	3,820
Future policy benefits and other policyholders' liabilities	17,417		17,363
Policyholders’ account balances	104,072		95,673
Total liabilities	283,296		271,656

EQUITY
Preferred stock	1,562		1,562
Accumulated other comprehensive income (loss)	(8,645)		(7,777)
Total equity attributable to Holdings	$	1,644	$	2,649
Total equity attributable to Holdings' common shareholders (ex. AOCI)	8,727		8,864

Assets Under Management (Unaudited)


	June 30, 2024		December 31, 2023
	(in billions)
Assets Under Management
AB AUM	$	769.5	$	725.2
Exclusion for General Account and other Affiliated Accounts	(68.9)		(75.0)
Exclusion for Separate Accounts	(58.2)		(44.5)
AB third party	$	642.4	$	605.7

Total company AUM
AB third party	$	642.4	$	605.7
General Account and other Affiliated Accounts (1) (3) (4)	117.4		110.4
Separate Accounts (2) (3) (4)	132.7		127.3
Total AUM	$	892.5	$	843.4

_______________

(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 June 30, 2024 and December 31, 2023, Separate Account is inclusive of $12.5 billion and $12.5 billion & General Account AUM is inclusive of $46 million and $49 million, respectively, Account Value ceded to Venerable.

(4) As of June 30, 2024 and December 31, 2023, Separate Account is inclusive of $6.8 billion and $6.4 billion & General Account AUM is inclusive of $3.4. billion and $3.6 billion, respectively, Account Value ceded to Global Atlantic.


Table of Contents

	Consolidated Financials and Key Metrics		Page
		Key Metrics Summary	4
		Consolidated Statements of Income (Loss)	5
		Consolidated Balance Sheets	6
		Consolidated Capital Structure	7
		Operating Earnings (Loss) by Segment and Corporate and Other	8
		Assets Under Management and Administration	10
		Sales Metrics by Segment	11

	Select Metrics from Business Segments
Individual Retirement
		Statements of Operating Earnings (Loss) and Summary Metrics	13
		Select Operating Metrics	14
Group Retirement
		Statements of Operating Earnings (Loss) and Summary Metrics	15
		Select Operating Metrics	16
Asset Management (1) (2)
		Statements of Operating Earnings (Loss) and Summary Metrics	17
		Select Operating Metrics	18
		Net Flows	19
Protection Solutions
		Statements of Operating Earnings (Loss) and Summary Metrics	20
		Select Operating Metrics	21
Wealth Management
		Statements of Operating Earnings (Loss) and Summary Metrics	22
		Select Operating Metrics	23
Legacy
		Statements of Operating Earnings (Loss) and Summary Metrics	24
		Select Operating Metrics	25

	Investments
		Consolidated Investment Portfolio Composition	27
		Consolidated Results of General Account Investment Portfolio	28

	Additional Information
		Deferred Policy Acquisition Costs Rollforward	31
		Use of Non-GAAP Financial Measures	32
		Reconciliation of Non-GAAP Measures	34
		Glossary of Selected Financial and Product Terms	37
		Analyst Coverage, Ratings & Contact Information	39
		Notes:
		(1) Refers to AllianceBernsten L.P. and AllianceBernstien Holding L.P., collectively (2) formerly known as Investment Management and Research

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.


2Q 2024 Financial Supplement						2

Consolidated Financials

and Key Metrics


2Q 2024 Financial Supplement						3

Key Metrics Summary


	For the Three Months Ended or As of																	Six Months Ended or As of
(in millions USD, unless otherwise indicated)	6/30/2023			9/30/2023			12/31/2023			3/31/2024			6/30/2024			Change		6/30/2023			6/30/2024			Change

Net income (loss)	$	831		$	1,135		$	(589)		$	217		$	565		(32.0)	%	$	1,097		$	782		(28.7)	%
Net income (loss) attributable to the noncontrolling interest	(72)			(71)			(109)			(103)			(137)			(90.3)	%	(161)			(240)			(49.1)	%
Net income (loss) attributable to Holdings	$	759		$	1,064		$	(698)		$	114		$	428		(43.6)	%	$	936		$	542		(42.1)	%

Non-GAAP Operating Earnings (1)	$	441		$	413		$	476		$	490		$	494		12.0	%	$	805		$	984		22.2	%

Total equity attributable to Holdings' shareholders	$	3,553		$	1,642		$	2,649		$	2,032		$	1,644		(53.7)	%	$	3,553		$	1,644		(53.7)	%
Less: Preferred Stock	1,562			1,562			1,562			1,562			1,562			—	%	1,562			1,562			—	%
Total equity attributable to Holdings' common shareholders	1,991			80			1,087			470			82			(95.9)	%	1,991			82			(95.9)	%
Less: Accumulated other comprehensive income (loss)	(7,142)			(9,802)			(7,777)			(8,166)			(8,645)			(21.0)	%	(7,142)			(8,645)			(21.0)	%
Total equity attributable to Holdings' common shareholders (ex. AOCI)	$	9,133		$	9,882		$	8,864		$	8,636		$	8,727		(4.4)	%	$	9,133		$	8,727		(4.4)	%

Return on Equity (ex. AOCI) - TTM	17.1		%	21.7		%	13.4		%	12.8		%	9.2		%			17.1		%	9.2		%
Non-GAAP Operating ROE (1)	16.5		%	16.3		%	17.6		%	19.2		%	19.8		%			16.5		%	19.8		%

Debt to capital:
Debt to Capital (ex. AOCI)	26.3		%	25.0		%	28.1		%	27.3		%	27.1		%			26.3		%	27.1		%

Per common share:
Diluted earnings per common share: (2)
Net income (loss) attributable to Holdings	$	2.06		$	3.02		$	(2.15)		$	0.30		$	1.23		(40.3)	%	$	2.49		$	1.52		(39.0)	%
Non-GAAP Operating Earnings (1)	$	1.17		$	1.15		$	1.33		$	1.43		$	1.43		22.7	%	$	2.13		$	2.86		34.5	%
Book value per common share	$	5.69		$	0.23		$	3.26		$	1.43		$	0.25		(95.5)	%	$	5.69		$	0.25		(95.5)	%
Book value per common share (ex. AOCI)	$	26.08		$	28.90		$	26.56		$	26.36		$	27.14		4.1	%	$	26.08		$	27.14		4.1	%

Weighted-average common shares outstanding:
Basic	355.2			346.4			337.2			330.2			324.2			(8.7)	%	358.5			327.2			(8.7)	%
Diluted	356.1			348.0			337.2			332.7			327.3			(8.1)	%	360.0			330.4			(8.2)	%

Ending common shares outstanding	350.2			342.0			333.8			327.6			321.6			(8.2)	%	350.2			321.6			(8.2)	%

Return to common shareholders:
Common stock dividend	$	78		$	77		$	74		$	73		$	78				$	150		$	151
Repurchase of common shares	226			238			241			253			247					440			500
Total capital returned to common shareholders	$	304		$	315		$	315		$	326		$	325				$	590		$	651

Market Values:
S&P 500	4,450			4,288			4,770			5,254			5,460			22.7	%	4,450			5,460			22.7	%
US 10-Year Treasury	3.8		%	4.6		%	3.9		%	4.2		%	4.4		%			3.8		%	4.4		%

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.


2Q 2024 Financial Supplement						4

Consolidated Statements of Income (Loss)


	For the Three Months Ended												Six Months Ended
(in millions USD, unless otherwise indicated)	6/30/2023		9/30/2023		12/31/2023		3/31/2024		6/30/2024		Change		6/30/2023		6/30/2024		Change

Revenues
Policy charges and fee income	$	594	$	599	$	599	$	614	$	617	3.9	%	$	1,182	$	1,231	4.1	%
Premiums	280		267		281		275		282		0.7	%	556		557		0.2	%
Net derivative gains (losses)	(917)		615		(1,254)		(1,376)		(208)		77.3	%	(1,758)		(1,584)		9.9	%
Net investment income (loss)	1,036		1,071		1,223		1,219		1,166		12.5	%	2,026		2,385		17.7	%
Investment gains (losses), net	(56)		(411)		(159)		(39)		(16)		71.4	%	(143)		(55)		61.5	%
Investment management and service fees	1,182		1,217		1,241		1,278		1,240		4.9	%	2,362		2,518		6.6	%
Other income	258		266		239		259		429		66.3	%	509		688		35.2	%
Total revenues	2,377		3,624		2,170		2,230		3,510		47.7	%	4,734		5,740		21.3	%

Benefits and other deductions
Policyholders’ benefits	684		693		647		677		667		(2.5)	%	1,414		1,344		(5.0)	%
Remeasurement of liability for future policy benefits	(7)		49		29		1		(8)		(14.3)	%	(3)		(7)		—	%
Change in market risk benefits and purchased market risk benefits	(975)		(817)		(35)		(1,100)		(133)		86.4	%	(955)		(1,233)		—	%
Interest credited to policyholders’ account balances	501		556		563		566		605		20.8	%	964		1,171		21.5	%
Compensation and benefits	566		593		586		620		577		1.9	%	1,149		1,197		4.2	%
Commissions and distribution related payments	393		405		412		437		463		17.8	%	773		900		16.4	%
Interest expense	55		55		57		57		62		12.7	%	116		119		2.6	%
Amortization of deferred policy acquisition costs	155		165		169		172		169		9.0	%	307		341		11.1	%
Other operating costs and expenses	466		450		559		553		427		(8.4)	%	889		980		10.2	%
Total benefits and other deductions	1,838		2,149		2,987		1,983		2,829		53.9	%	4,654		4,812		3.4	%

Income (loss) from operations, before income taxes	539		1,475		(817)		247		681		26.3	%	80		928		N/M
Income tax (expense) benefit	292		(340)		228		(30)		(116)		(139.7)	%	1,017		(146)		(114.4)	%
Net income (loss)	831		1,135		(589)		217		565		(32.0)	%	1,097		782		(28.7)	%
Less: net (income) loss attributable to the noncontrolling interest	(72)		(71)		(109)		(103)		(137)		(90.3)	%	(161)		(240)		(49.1)	%
Net income (loss) attributable to Holdings	$	759	$	1,064	$	(698)	$	114	$	428	(43.6)	%	$	936	$	542	(42.1)	%
Less: Preferred stock dividends	(26)		(14)		(26)		(14)		(26)		—	%	(40)		(40)		—	%
Net income (loss) available to Holdings' common shareholders	$	733	$	1,050	$	(724)	$	100	$	402	(45.2)	%	$	896	$	502	(44.0)	%

Adjustments related to:
Variable annuity product features	$	(65)	$	(1,380)	$	1,191	$	319	$	79			$	796	$	398
Investment gains (losses), net	56		411		159		39		16				143		55

Net actuarial gains (losses) related to pension and other postretirement benefit obligations	9		8		13		17		14				18		31
Other adjustments (1) (2)	62		91		153		91		(32)				107		59
Income tax (expense) benefit related to above adjustments	(13)		183		(319)		(98)		(16)				(223)		(114)
Non-recurring tax items (3)	(367)		36		(23)		8		5				(972)		13
Non-GAAP Operating earnings (4)	$	441	$	413	$	476	$	490	$	494			$	805	$	984

Notes:
(1) Includes certain gross legal expenses related to the cost of insurance litigation of $0 million and $106 million for the three and six months ended June 30, 2024, respectively and $35 million and $35 million for the three and six months ended June 30, 2023.
(2) For the three and six months ended June 30, 2024, includes $82 million of the gain on sale on AB's Bernstein Research Service attributable to Holdings.
(3) For the three and six months ended June 30, 2024, non-recurring tax items reflects the effect of uncertain tax positions for a given audit period and for the three and six months ended June 30, 2023 primarily includes a decrease of the deferred tax valuation allowance of $376 million and $990 million.
(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.


2Q 2024 Financial Supplement						5

Consolidated Balance Sheets


	Balances as of
(in millions USD, unless otherwise indicated)	6/30/2023		9/30/2023		12/31/2023		3/31/2024		6/30/2024

Assets
Total investments	$	97,722	$	97,209	$	102,173	$	102,620	$	107,726
Cash and cash equivalents	7,693		6,096		8,239		10,357		9,684
Cash and securities segregated, at fair value	879		928		868		866		592
Broker-dealer related receivables	2,053		2,017		1,837		1,808		1,801
Deferred policy acquisition costs	6,512		6,599		6,705		6,804		6,924
Goodwill and other intangible assets, net	5,463		5,448		5,433		5,419		5,403
Amounts due from reinsurers	8,395		8,271		8,352		8,387		8,237


Current and deferred income taxes	1,726		2,035		2,050		2,063		2,117
Purchased market risk benefits	9,931		8,745		9,427		8,337		7,993
Other assets	3,391		3,945		3,323		3,618		3,825
Assets held-for-sale	566		681		565		745		—
Assets for market risk benefits	777		701		591		818		803
Separate Accounts assets	123,898		117,577		127,251		133,735		132,664
Total assets	$	269,006	$	260,252	$	276,814	$	285,577	$	287,769

Liabilities
Policyholders’ account balances	$	91,595	$	91,912	$	95,673	$	100,246	$	104,072
Liability for market risk benefits	13,642		13,011		14,612		12,814		12,593
Future policy benefits and other policyholders’ liabilities	16,786		16,647		17,363		17,324		17,417
Broker-dealer related payables	1,522		454		1,232		1,022		839

Customers related payables	2,526		2,321		2,201		2,162		2,060
Amounts due to reinsurers	1,404		1,424		1,450		1,377		1,363
Short-term debt	—		—		254		—		—
Long-term debt	3,819		3,820		3,820		3,821		3,830



Notes issued by consolidated variable interest entities, at fair value using the fair value option	1,484		1,541		1,559		1,580		1,740
Other liabilities	6,410		7,412		6,088		6,511		6,718
Liabilities held-for-sale	129		216		153		239		—
Separate Accounts liabilities	123,898		117,577		127,251		133,735		132,664
Total liabilities	263,215		256,335		271,656		280,831		283,296
Redeemable noncontrolling interest	531		636		770		991		1,088

Equity
Preferred stock	1,562		1,562		1,562		1,562		1,562
Common stock	4		3		5		5		5
Additional paid-in capital	2,297		2,308		2,328		2,322		2,337
Treasury shares	(3,493)		(3,592)		(3,712)		(3,801)		(3,932)
Retained earnings	10,325		11,163		10,243		10,110		10,317
Accumulated other comprehensive income (loss)	(7,142)		(9,802)		(7,777)		(8,166)		(8,645)
Total equity attributable to Holdings	3,553		1,642		2,649		2,032		1,644
Noncontrolling interest	1,707		1,639		1,739		1,723		1,741
Total equity	5,260		3,281		4,388		3,755		3,385
Total liabilities, redeemable noncontrolling interest and equity	$	269,006	$	260,252	$	276,814	$	285,577	$	287,769


2Q 2024 Financial Supplement						6

Consolidated Capital Structure


	Balances as of
(in millions USD, unless otherwise indicated)	6/30/2023			9/30/2023			12/31/2023			3/31/2024			6/30/2024

Short-term and long-term debt:
Short-term debt
AB commercial paper	$	—		$	—		$	254		$	—		$	—
AB revolving credit facility	—			—			—			—			—
CLO Warehousing Debt (1)	—			—			—			—			—

Current portion of long-term debt	—			—			—			—			—
Total short-term debt	—			—			254			—			—

Total long-term debt	3,819			3,820			3,820			3,821			3,830

Total short-term and long-term debt: [A]	$	3,819		$	3,820		$	4,074		$	3,821		$	3,830

Equity:
Preferred stock	$	1,562		$	1,562		$	1,562		$	1,562		$	1,562
Common stock	4			3			5			5			5
Additional paid-in capital	2,297			2,308			2,328			2,322			2,337
Treasury stock, at cost	(3,493)			(3,592)			(3,712)			(3,801)			(3,932)
Retained earnings	10,325			11,163			10,243			10,110			10,317
Accumulated other comprehensive income (loss)	(7,142)			(9,802)			(7,777)			(8,166)			(8,645)
Total equity attributable to Holdings	3,553			1,642			2,649			2,032			1,644
Noncontrolling interest	1,707			1,639			1,739			1,723			1,741
Total equity	$	5,260		$	3,281		$	4,388		$	3,755		$	3,385

Total equity attributable to Holdings, (ex. AOCI): [B]	$	10,695		$	11,444		$	10,426		$	10,198		$	10,289

Capital:
Total capitalization (2)	$	7,372		$	5,462		$	6,723		$	5,853		$	5,474
Total capitalization (ex. AOCI): [A+B] (2)	$	14,514		$	15,264		$	14,500		$	14,019		$	14,119

Debt to capital:
Debt to capital (ex. AOCI) (3)	26.3		%	25.0		%	28.1		%	27.3		%	27.1		%

	For the Three Months Ended
Roll-forward of common shares outstanding (millions of shares):
Beginning balance	359.1			350.2			342.0			333.8			327.6
Repurchases	(3.6)			(3.4)			(3.9)			(3.2)			(3.2)
Retirements	(5.3)			(4.9)			(4.4)			(4.3)			(3.1)
Issuances	0.1			0.1			0.1			1.3			0.3
Ending basic common shares outstanding	350.2			342.0			333.8			327.6			321.6
Total potentially dilutive shares	1.5			1.4			1.5			2.5			3.2
Ending common shares outstanding - maximum potential dilution	351.7			343.4			335.3			330.1			324.7
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.


2Q 2024 Financial Supplement						7


Operating Earnings (Loss) by Segment and Corporate and Other

	Three Months Ended June 30, 2024
(in millions USD, unless otherwise indicated)	Individual Retirement		Group Retirement		Asset Management		Protection Solutions		Wealth Management		Legacy		Corporate and Other		Eliminations		Consolidated
Revenues
Policy charges, fee income and premiums	$	176	$	79	$	—	$	532	$	—	$	41	$	71	$	—	$	899
Net investment income (loss)	548		139		7		260		4		59		152		22		1,191
Net derivative gains (losses)	(6)		—		(1)		(1)		—		—		(2)		6		(4)
Investment management, service fees and other income	92		65		1,045		43		438		100		7		(255)		1,535
Segment revenues	810		283		1,051		834		442		200		228		(227)		3,621
Benefits and other deductions
Policyholders’ benefits	19		—		—		473		—		60		115		—		667
Remeasurement of liability for future policy benefits	—		—		—		(12)		—		2		2		—		(8)

Interest credited to policyholders’ account balances	278		56		—		135		—		11		124		—		604
Commissions and distribution related payments	80		45		180		43		282		41		6		(214)		463
Amortization of deferred policy acquisition costs	111		8		—		32		—		15		3		—		169
Compensation and benefits, interest expense and financing fees and other operating costs and expense	48		29		633		86		99		23		101		(13)		1,006
Segment benefits and other deductions	536		138		813		757		381		152		351		(227)		2,901
Operating earnings (loss), before income taxes	274		145		238		77		61		48		(123)		—		720
Income Taxes	(40)		(22)		(42)		(11)		(17)		(7)		20		—		(119)
Operating earnings (loss), before noncontrolling interest	234		123		196		66		44		41		(103)		—		601
Less: Operating (earnings) loss attributable to the noncontrolling interest	—		—		(95)		1		—		—		(13)		—		(107)
Operating earnings (loss)	$	234	$	123	$	101	$	67	$	44	$	41	$	(116)	$	—	$	494

	Three Months Ended June 30, 2023
	Individual Retirement		Group Retirement		Asset Management		Protection Solutions		Wealth Management		Legacy		Corporate and Other		Eliminations		Consolidated
Revenues
Policy charges, fee income and premiums	$	165	$	66	$	—	$	524	$	—	$	44	$	75	$	—	$	874
Net investment income (loss)	391		132		2		242		3		60		187		8		1,025
Net derivative gains (losses)	(5)		—		(1)		(16)		—		—		(5)		4		(23)
Investment Management, service fees and other income	96		69		999		34		388		99		5		(230)		1,460
Segment revenues	647		267		1,000		784		391		203		262		(218)		3,336
Benefits and other deductions
Policyholders’ benefits	19		—		—		484		—		61		120		—		684
Remeasurement of liability for future policy benefits	(1)		—		—		(2)		—		—		(4)		—		(7)

Interest credited to policyholders’ account balances	160		52		—		130		—		12		147		—		501
Commissions and distribution related payments	63		47		150		36		243		43		4		(193)		393
Amortization of deferred policy acquisition costs	92		15		—		30		—		16		2		—		155
Compensation and benefits, interest expense and financing fees and other operating costs and expense	43		29		647		77		94		19		119		(25)		1,003
Segment benefits and other deductions	376		143		797		755		337		151		388		(218)		2,729
Operating earnings (loss), before income taxes	271		124		203		29		54		52		(126)		—		607
Income Taxes	(37)		(17)		(24)		(5)		(12)		(7)		19		—		(83)
Operating earnings (loss), before noncontrolling interest	234		107		179		24		42		45		(107)		—		524
Less: Operating (earnings) loss attributable to the noncontrolling interest	—		—		(80)		—		—		—		(3)		—		(83)
Operating earnings (loss)	$	234	$	107	$	99	$	24	$	42	$	45	$	(110)	$	—	$	441


2Q 2024 Financial Supplement						8


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

	Six Months Ended June 30, 2024
(in millions USD, unless otherwise indicated)	Individual Retirement		Group Retirement		Asset Management		Protection Solutions		Wealth Management		Legacy		Corporate and Other		Eliminations		Consolidated
Revenues
Policy charges, fee income and premiums	$	350	$	152	$	—	$	1,060	$	—	$	88	$	138	$	—	$	1,788
Net investment income (loss)	1,058		281		15		517		8		121		331		43		2,374
Net derivative gains (losses)	(11)		—		(6)		(1)		—		—		(10)		11		(17)
Investment Management, service fees and other income	179		142		2,135		83		857		201		15		(497)		3,115
Segment revenues	1,576		575		2,144		1,659		865		410		474		(443)		7,260
Benefits and other deductions
Policyholders’ benefits	36		—		—		960		—		119		229		—		1,344
Remeasurement of liability for future policy benefits	(2)		—		—		(16)		—		—		11		—		(7)

Interest credited to policyholders’ account balances	524		108		—		268		—		22		248		—		1,170
Commissions and distribution related payments	157		89		353		83		542		81		9		(414)		900
Amortization of deferred policy acquisition costs	220		23		—		62		—		31		5		—		341
Compensation and benefits, interest expense and financing fees and other operating costs and expense	102		64		1,305		177		204		50		207		(29)		2,080
Segment benefits and other deductions	1,037		284		1,658		1,534		746		303		709		(443)		5,828
Operating earnings (loss), before income taxes	539		291		486		125		119		107		(235)		—		1,432
Income Taxes	(77)		(42)		(86)		(18)		(32)		(15)		37		—		(233)
Operating earnings (loss), before noncontrolling interest	462		249		400		107		87		92		(198)		—		1,199
Less: Operating (earnings) loss attributable to the noncontrolling interest	—		—		(193)		1		—		—		(23)		—		(215)
Operating earnings (loss) (1)	$	462	$	249	$	207	$	108	$	87	$	92	$	(221)	$	—	$	984

	Six Months Ended June 30, 2023
	Individual Retirement		Group Retirement		Asset Management		Protection Solutions		Wealth Management		Legacy		Corporate and Other		Eliminations		Consolidated
Revenues
Policy charges, fee income and premiums	$	328	$	130	$	—	$	1,044	$	—	$	78	$	158	$	—	$	1,738
Net investment income (loss)	731		244		11		459		5		126		384		42		2,002
Net derivative gains (losses)	(10)		(1)		(11)		(18)		—		—		(11)		8		(43)
Investment Management, service fees and other income	186		131		2,009		66		748		205		12		(448)		2,909
Segment revenues	1,235		504		2,009		1,551		753		409		543		(398)		6,606
Benefits and other deductions
Policyholders’ benefits	43		—		—		1,019		—		107		245		—		1,414
Remeasurement of liability for future policy benefits	—		—		—		4		—		—		(7)		—		(3)

Interest credited to policyholders’ account balances	289		102		—		255		—		24		294		—		964
Commissions and distribution related payments	123		84		298		70		471		86		9		(368)		773
Amortization of deferred policy acquisition costs	181		30		—		59		—		32		5		—		307
Compensation and benefits, interest expense and financing fees and other operating costs and expense	90		58		1,284		157		185		37		222		(30)		2,003
Segment benefits and other deductions	726		274		1,582		1,564		656		286		768		(398)		5,458
Operating earnings (loss), before income taxes	509		230		427		(13)		97		123		(225)		—		1,148
Income Taxes	(75)		(34)		(60)		2		(23)		(18)		39		—		(169)
Operating earnings (loss), before noncontrolling interest	434		196		367		(11)		74		105		(186)		—		979
Less: Operating (earnings) loss attributable to the noncontrolling interest	—		—		(169)		—		—		—		(5)		—		(174)
Operating earnings (loss)	$	434	$	196	$	198	$	(11)	$	74	$	105	$	(191)	$	—	$	805
Notes:
(1) Corporate and Other includes an out of period adjustment of $58 million related to income from hedging of TIPS for the six months ended June 30, 2024.


2Q 2024 Financial Supplement						9


Assets Under Management and Administration


	Balances as of
(in billions USD, except for Equitable Headcount)	6/30/2023		9/30/2023		12/31/2023		3/31/2024		6/30/2024

Assets Under Management

AB AUM
Total AB	$	691.5	$	669.0	$	725.2	$	758.7	$	769.5
Exclusion for General Account and other Affiliated Accounts	(73.7)		(69.8)		(75.0)		(75.9)		(68.9)
Exclusion for Separate Accounts	(41.0)		(39.3)		(44.5)		(47.3)		(58.2)
AB third party	$	576.8	$	559.9	$	605.7	$	635.4	$	642.4

Total company AUM
AB third party	$	576.8	$	559.9	$	605.7	$	635.4	$	642.4
General Account and other Affiliated Accounts (1) (3) (4)	105.4		103.3		110.4		113.0		117.4
Separate Accounts (2) (3) (4)	123.9		117.6		127.3		133.7		132.7
Total AUM	$	806.1	$	780.8	$	843.4	$	882.1	$	892.5

Total Assets Under Administration (AUA) (5)	$	80.4	$	79.4	$	87.0	$	91.9	$	93.8

Equitable Advisor Headcount
Total Number of Equitable Advisors	4,101		4,141		4,406		4,320		4,358

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 June 30, 2023, September 30, 2023, December 31, 2023, March 31, 2024 and June 30, 2024, Separate Account is inclusive of $12.6 billion, $11.7 billion, $12.5 billion, $12.9 billion and $12.5 billion & General Account AUM is inclusive of $52 million, $51 million, $49 million, $47 million and $46 million, respectively, Account Value ceded to Venerable.
(4) As of June 30, 2023, September 30, 2023, December 31, 2023, March 31, 2024, and June 2024 Separate Account is inclusive of $6.3 billion, $5.9 billion, $6.4 billion, $6.9 billion and $6.8 billion & General Account AUM is inclusive of $3.8 billion, $3.7 billion, $3.6 billion, $3.5 billion and $3.4 billion, respectively, Account Value ceded to Global Atlantic.
(5) Includes Advisory and Brokerage AUA included in our Wealth Management segment.


2Q 2024 Financial Supplement						10

Sales Metrics by Segment


	For the Three Months Ended												Six Months Ended
(in millions USD, unless otherwise indicated)	6/30/2023		9/30/2023		12/31/2023		3/31/2024		6/30/2024		Change		6/30/2023		6/30/2024		Change

Insurance Operations

Individual Retirement
First year premiums and deposits	$	3,650	$	3,804	$	3,848	$	4,314	$	4,488	22.9	%	$	6,493	$	8,802	35.6	%
Renewal premium and deposits	10		8		7		13		8		(20.0)	%	18		21		18.6	%
Total Gross Premiums	$	3,660	$	3,812	$	3,855	$	4,327	$	4,496	22.8	%	$	6,511	$	8,823	35.5	%

Group Retirement
First year premiums and deposits	$	370	$	343	$	545	$	428	$	950	156.6	%	$	693	$	1,378	98.9	%
Renewal premium and deposits	595		464		592		590		620		4.2	%	1,169		1,210		3.5	%
Total Gross Premiums	$	965	$	807	$	1,137	$	1,018	$	1,570	62.7	%	$	1,862	$	2,588	39.0	%

Protection Solutions
First year premiums and deposits	$	107	$	103	$	154	$	113	$	121	13.1	%	$	210	$	234	11.3	%
Renewal premium and deposits	662		653		667		665		663		0.2	%	1,345		1,328		(1.3)	%
Total Gross Premiums	$	769	$	756	$	821	$	778	$	784	2.0	%	$	1,556	$	1,562	0.4	%

Asset Management (in billions USD)
Gross Sales by distribution channel
Institutional	$	1.5	$	4.3	$	3.0	$	3.3	$	3.3	120.0	%	$	4.5	$	6.6	46.7	%
Retail	16.5		16.9		21.0		23.8		23.2		40.6	%	33.3		47.0		41.1	%
Private Wealth	4.4		4.0		4.3		5.5		5.4		22.7	%	10.2		10.9		6.9	%
Firmwide Gross Sales	$	22.4	$	25.2	$	28.3	$	32.6	$	31.9	42.4	%	$	48.0	$	64.5	34.4	%

Gross sales by investment service
Equity Active	$	9.3	$	10.3	$	9.2	$	11.7	$	12.5	34.4	%	$	17.8	$	24.2	36.0	%
Equity Passive (1)	0.4		0.4		0.2		0.7		0.3		(25.0)	%	0.6		1.0		66.7	%
Fixed Income - Taxable	7.6		7.6		10.2		12.1		10.3		35.5	%	18.7		22.4		19.8	%
Fixed Income - Tax-Exempt	3.4		3.8		5.5		5.3		4.9		44.1	%	7.3		10.2		39.7	%
Fixed Income Passive (1)	—		0.4		1.3		—		—		—	%	—		—		—	%
Alternatives/Multi-Asset Solutions (2)	1.7		2.7		1.9		2.8		3.9		129.4	%	3.6		6.7		86.1	%
Firmwide Gross Sales	$	22.4	$	25.2	$	28.3	$	32.6	$	31.9	42.4	%	$	48.0	$	64.5	34.4	%

Wealth Management
Sales by Product Type
Advisory	$	2,315	$	2,369	$	2,518	$	2,866	$	3,304	42.7	%	$	4,631	$	6,171	33.2	%
Brokerage and Direct	1,172		1,272		1,308		1,357		1,481		26.4	%	2,271		2,839		25.0	%
Retirement, Premiums and Deposits	3,231		2,965		3,324		3,565		3,504		8.5	%	6,255		7,069		13.0	%
Total Sales	$	6,718	$	6,606	$	7,150	$	7,794	$	8,290	23.4	%	$	13,157	$	16,078	22.2	%
Notes:

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


2Q 2024 Financial Supplement						11

Business Segments:

Operating Earnings Results and Metrics


2Q 2024 Financial Supplement						12

Individual Retirement - Operating Earnings (Loss) and Summary Metrics


	For the Three Months Ended or As of																	Six Months Ended or As of
(in millions USD, unless otherwise indicated)	6/30/2023			9/30/2023			12/31/2023			3/31/2024			6/30/2024			Change		6/30/2023			6/30/2024			Change

Revenues
Policy charges, fee income and premiums	$	165		$	169		$	163		$	174		$	176		6.7	%	$	328		$	350		6.7	%
Net investment income (loss)	391			438			474			510			548			40.2	%	731			1,058			44.7	%
Net derivative gains (losses)	(5)			(5)			(5)			(5)			(6)			(20.0)	%	(10)			(11)			(10.0)	%
Investment management, service fees and other income	96			91			83			87			92			(4.2)	%	186			179			(3.8)	%
Segment revenues	647			693			715			766			810			25.2	%	1,235			1,576			27.6	%

Benefits and other deductions
Policyholders’ benefits	19			20			19			17			19			—	%	43			36			(16.3)	%
Remeasurement of liability for future policy benefits	(1)			—			—			(2)			—			100.0	%	—			(2)			(100.0)	%
Interest credited to policyholders’ account balances	160			186			224			246			278			73.8	%	289			524			81.3	%
Commissions and distribution-related payments	63			69			69			77			80			27.0	%	123			157			27.6	%
Amortization of deferred policy acquisition costs	92			102			105			109			111			20.7	%	181			220			21.5	%
Compensation and benefits, interest expense and financing fees and other operating costs and expense	43			51			53			54			48			11.6	%	90			102			13.3	%
Segment benefits and other deductions	376			428			470			501			536			42.6	%	726			1,037			42.8	%

Operating earnings (loss), before income taxes	271			265			245			265			274			1.1	%	509			539			5.9	%
Income taxes	(37)			(55)			(39)			(37)			(40)			(8.1)	%	(75)			(77)			(2.7)	%
Operating earnings (loss), before noncontrolling interest	234			210			206			228			234			—	%	434			462			6.5	%
Less: Operating (earnings) loss attributable to the noncontrolling interest	—			—			—			—			—			—	%	—			—			—	%
Operating earnings (loss)	$	234		$	210		$	206		$	228		$	234		—	%	$	434		$	462		6.5	%

Summary Metrics

Operating earnings (loss) - TTM:	$	807		$	834		$	850		$	878		$	878		8.8	%	$	807		$	878		8.8	%

Average Account Value (TTM)	$	75,675		$	77,955		$	82,361		$	87,169		$	91,797		21.3	%	$	75,675		$	91,797		21.3	%

Return on assets (TTM)	1.27		%	1.28		%	1.24		%	1.20		%	1.14		%			1.27		%	1.14		%

Net flows	$	1,501		$	1,663		$	1,460		$	1,649		$	1,857		23.7	%	$	2,433		$	3,506		44.1	%

First year premiums and deposits	$	3,650		$	3,804		$	3,848		$	4,314		$	4,488		22.9	%	$	6,493		$	8,802		35.6	%

In-force Policy Count by Product (in thousands):	596			604			610			616			623					596			623


2Q 2024 Financial Supplement						13


Individual Retirement - Select Operating Metrics
	For the Three Months Ended or As of										Six Months Ended or As of
(in millions USD, unless otherwise indicated)	6/30/2023		9/30/2023		12/31/2023		3/31/2024		6/30/2024		6/30/2023		6/30/2024

Sales Metrics
First Year Premiums and Deposits by Product:
SCS	$	2,626	$	2,847	$	2,931	$	3,023	$	2,983	$	4,623	$	6,006
SCS Income	258		214		218		393		482		501		875
Retirement Cornerstone	511		518		477		561		555		811		1,116
Investment Edge	216		190		185		310		430		469		740
Other	39		35		37		27		38		89		65
Total First Year Premiums and Deposits	$	3,650	$	3,804	$	3,848	$	4,314	$	4,488	$	6,493	$	8,802

Account Values
General Account:
Balance as of beginning of period	$	41,166	$	45,304	$	46,332	$	52,062	$	57,257	$	37,822	$	52,062
Gross premiums and deposits (1)	2,752		2,951		2,918		3,392		3,479		4,924		6,871
Surrenders, withdrawals and benefits	(955)		(972)		(1,101)		(1,205)		(1,172)		(1,825)		(2,377)
Net flows	1,797		1,979		1,817		2,187		2,307		3,099		4,494
Investment performance, interest credited and policy charges	2,341		(951)		3,913		3,008		1,564		4,380		4,572
Other	—		—		—		—		—		3		—
Balance as of end of period	$	45,304	$	46,332	$	52,062	$	57,257	$	61,128	$	45,304	$	61,128
Separate Accounts:
Balance as of beginning of period	$	37,634	$	38,589	$	36,820	$	39,619	$	41,062	$	36,455	$	39,619
Gross premiums and deposits (1)	923		881		949		946		1,026		1,622		1,972
Surrenders, withdrawals and benefits	(1,219)		(1,197)		(1,306)		(1,484)		(1,476)		(2,288)		(2,960)
Net flows	(296)		(316)		(357)		(538)		(450)		(666)		(988)
Investment performance, interest credited and policy charges	1,251		(1,453)		3,156		1,981		198		2,796		2,179
Other	—		—		—		—		—		4		—
Balance as of end of period	$	38,589	$	36,820	$	39,619	$	41,062	$	40,810	$	38,589	$	40,810
Total:
Balance as of beginning of period	$	78,800	$	83,893	$	83,152	$	91,681	$	98,319	$	74,277	$	91,681
Gross premiums and deposits (1)	3,675		3,832		3,867		4,338		4,505		6,546		8,843
Surrenders, withdrawals and benefits	(2,174)		(2,169)		(2,407)		(2,689)		(2,648)		(4,113)		(5,337)
Net flows	1,501		1,663		1,460		1,649		1,857		2,433		3,506
Investment performance, interest credited and policy charges	3,592		(2,404)		7,069		4,989		1,762		7,176		6,751
Other	—		—		—		—		—		7		—
Balance as of end of period	$	83,893	$	83,152	$	91,681	$	98,319	$	101,938	$	83,893	$	101,938

Net Amount at Risk (NAR)
Total GMIB NAR	$	12	$	10	$	14	$	17	$	21	$	12	$	21
Total GMWB NAR	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Total GMDB NAR	$	3,294	$	3,755	$	3,104	$	2,868	$	2,972	$	3,294	$	2,972
MRB Reserves (Net of Reinsurance)	$	168	$	354	$	618	$	320	$	399	$	168	$	399
Notes:
(1) Includes deposits from certain other products not reported as first year premiums and deposits or renewal premiums and deposits elsewhere in this document.


2Q 2024 Financial Supplement						14

Group Retirement - Operating Earnings (Loss) and Summary Metrics


	For the Three Months Ended or As of																	Six Months Ended or As of
(in millions USD, unless otherwise indicated)	6/30/2023			9/30/2023			12/31/2023			3/31/2024			6/30/2024			Change		6/30/2023			6/30/2024			Change

Revenues
Policy charges, fee income and premiums	$	66		$	71		$	67		$	73		$	79		19.7	%	$	130		$	152		16.9	%
Net investment income (loss)	132			128			125			142			139			5.3	%	244			281			15.2	%
Net derivative gains (losses)	—			—			—			—			—			—	%	(1)			—			100.0	%
Investment management, service fees and other income	69			68			58			77			65			(5.8)	%	131			142			8.4	%
Segment revenues	267			267			250			292			283			6.0	%	504			575			14.1	%

Benefits and other deductions
Policyholder benefits	—			—			—			—			—			—	%	—			—			—	%
Remeasurement of liability for future policy benefits	—			—			—			—			—			—	%	—			—			—	%

Interest credited to policyholders’ account balances	52			55			58			52			56			7.7	%	102			108			5.9	%
Commissions and distribution-related payments	47			35			36			44			45			(4.3)	%	84			89			6.0	%
Amortization of deferred policy acquisition costs	15			14			15			15			8			(46.7)	%	30			23			(23.3)	%
Compensation and benefits, interest expense and financing fees and other operating costs and expense	29			31			24			35			29			—	%	58			64			10.3	%
Segment benefits and other deductions	143			135			133			146			138			(3.5)	%	274			284			3.6	%

Operating earnings (loss), before income taxes	124			132			117			146			145			16.9	%	230			291			26.5	%
Income taxes	(17)			(27)			(19)			(20)			(22)			(29.4)	%	(34)			(42)			(23.5)	%
Operating earnings (loss), before noncontrolling interest	107			105			98			126			123			15.0	%	196			249			27.0	%
Less: Operating (earnings) loss attributable to the noncontrolling interest	—			—			—			—			—			—	%	—			—			—	%
Operating earnings (loss)	$	107		$	105		$	98		$	126		$	123		15.0	%	$	196		$	249		27.0	%

Summary Metrics

Operating earnings (loss) - TTM:	$	387		$	393		$	399		$	436		$	452		16.8		$	387		$	452		16.8	%

Average Account Value (TTM)	$	36,287		$	34,823		$	34,175		$	35,472		$	36,612		0.9	%	$	36,287		$	36,612		0.9	%

Return on assets (TTM)	1.27		%	1.35		%	1.40		%	1.46		%	1.47		%			1.27		%	1.47		%

Net flows (1) (2)	$	(20)		$	(130)		$	(135)		$	(132)		$	408		N/M		$	9		$	276		N/M

Gross premiums and deposits (2)	$	965		$	807		$	1,137		$	1,018		$	1,570		62.7	%	$	1,862		$	2,588		39.0	%

Notes:

(1) Net of the Global Atlantic transaction.
(2) Balances for the three months ended June 30, 2023 and September 30, 2023 were revised from previously filed financial statement supplement.


2Q 2024 Financial Supplement						15

Group Retirement - Select Operating Metrics


	For the Three Months Ended or As of										Six Months Ended or As of
(in millions USD, unless otherwise indicated)	6/30/2023		9/30/2023		12/31/2023		3/31/2024		6/30/2024		6/30/2023		6/30/2024

Sales Metrics
Gross premiums and deposits:
First-year premiums and deposits	$	370	$	343	$	545	$	428	$	950	$	693	$	1,378
Renewal premiums and deposits	595		464		592		590		620		1,169		1,210
Group Retirement premiums and deposits	$	965	$	807	$	1,137	$	1,018	$	1,570	$	1,862	$	2,588

Gross premiums and deposits by market:
Tax-exempt	$	274	$	260	$	368	$	317	$	298	$	485	$	615
Corporate	70		54		149		93		108		154		201
Institutional	23		26		24		15		542		48		557
Other	3		3		4		3		2		6		5
Total first year premiums and deposits	370		343		545		428		950		693		1,378
Tax-exempt	471		341		463		453		492		899		945
Corporate	89		94		90		99		93		194		192
Institutional	—		—		—		—		—		—		—
Other	35		29		39		38		35		76		73
Total renewal premiums and deposits	595		464		592		590		620		1,169		1,210
Group Retirement premiums and deposits by market	$	965	$	807	$	1,137	$	1,018	$	1,570	$	1,862	$	2,588

Account Values and Assets under Administration
General Account:
Balance as of beginning of period	$	9,121	$	9,088	$	9,002	$	8,963	$	8,883	$	9,175	$	8,963
Gross premiums and deposits	241		198		257		222		768		441		990
Surrenders, withdrawals and benefits	(351)		(326)		(404)		(360)		(332)		(682)		(692)
Net flows (1) )(3)	(110)		(128)		(147)		(138)		436		(241)		298
Investment performance, interest credited and policy charges (1) (3)	77		42		96		69		64		158		133

Other (2) (3)	—		—		12		(11)		—		(4)		(11)
Balance as of end of period (3)	$	9,088	$	9,002	$	8,963	$	8,883	$	9,383	$	9,088	$	9,383

Separate Accounts and Mutual Funds
Balance as of beginning of period	$	24,446	$	25,898	$	24,848	$	27,507	$	29,607	$	22,830	$	27,507
Gross premiums and deposits	724		609		880		796		802		1,421		1,598
Surrenders, withdrawals and benefits	(634)		(611)		(868)		(790)		(830)		(1,171)		(1,620)
Net flows (1) (3)	90		(2)		12		6		(28)		250		(22)
Investment performance, interest credited and policy charges (1) (3)	1,362		(1,048)		2,658		2,083		305		2,788		2,388

Other (2) (3)	—		—		(11)		11		—		30		11
Balance as of end of period (3)	$	25,898	$	24,848	$	27,507	$	29,607	$	29,884	$	25,898	$	29,884

Total:
Balance as of beginning of period	$	33,567	$	34,986	$	33,850	$	36,470	$	38,490	$	32,005	$	36,470
Gross premiums and deposits	965		807		1,137		1,018		1,570		1,862		2,588
Surrenders, withdrawals and benefits	(985)		(937)		(1,272)		(1,150)		(1,162)		(1,853)		(2,312)
Net flows (1)	(20)		(130)		(135)		(132)		408		9		276
Investment performance, interest credited and policy charges (1)	1,439		(1,006)		2,754		2,152		369		2,946		2,521

Other (2)	—		—		1		—		—		26		—
Balance as of end of period	$	34,986	$	33,850	$	36,470	$	38,490	$	39,267	$	34,986	$	39,267
Notes:
(1) Net of the Global Atlantic transaction.

(2) For the six months ended June 30, 2023, amounts reflect a total special payment applied to the accounts of active clients as part of a previously disclosed settlement agreement between Equitable Financial and the SEC.
(3) Balances for the three months ended June 30, 2023 and September 30, 2023 were revised from previously filed financial statement supplement.


2Q 2024 Financial Supplement						16

Asset Management - Operating Earnings (Loss) and Summary Metrics


	For the Three Months Ended or As of																			Six Months Ended or As of
(in millions USD, unless otherwise indicated)	6/30/2023			9/30/2023			12/31/2023			3/31/2024					6/30/2024			Change		6/30/2023			6/30/2024			Change

Revenues
Net investment income (loss)	$	2		$	(9)		$	16		$	8				$	7		250.0	%	$	11		$	15		36.4	%
Net derivative gains (losses)	(1)			9			(14)			(5)					(1)			—	%	(11)			(6)			45.5	%
Investment management, service fees and other income	999			1,034			1,072			1,090					1,045			4.6	%	2,009			2,135			6.3	%
Segment revenues	1,000			1,034			1,074			1,093					1,051			5.1	%	2,009			2,144			6.7	%

Benefits and other deductions
Commissions and distribution-related payments	150			156			156			173					180			20.0	%	298			353			18.5	%
Compensation and benefits, interest expense and financing fees and other operating costs and expense	647			658			679			672					633			(1.9)	%	1,284			1,305			1.6	%
Total benefits and other deductions	797			814			835			845					813			2.0	%	1,582			1,658			4.8	%

Operating earnings (loss), before income taxes	203			220			239			248					238			17.2	%	427			486			13.8	%
Income taxes	(24)			(36)			(30)			(44)					(42)			(75.0)	%	(60)			(86)			(43.3)	%
Operating earnings (loss), before noncontrolling interest	179			184			209			204					196			9.5	%	367			400			9.0	%
Less: Operating (earnings) loss attributable to the noncontrolling interest	(80)			(85)			(95)			(98)					(95)			(18.8)	%	(169)			(193)			(14.2)	%
Operating earnings (loss)	$	99		$	99		$	114		$	106				$	101		2.0	%	$	198		$	207		4.5	%

Summary Metrics

Adjusted operating margin (1)	27.0		%	28.0		%	29.2		%	30.3		%			30.8		%			27.8		%	30.5		%

Net flows (in billions USD)	$	(4.0)		$	(1.9)		$	(1.8)		$	0.5				0.9					$	(3.2)		$	1.4

Total AUM (in billions USD)	$	691.5		$	669.0		$	725.2		$	758.7				$	769.5				$	691.5		$	769.5

Ownership Structure of AB

Holdings and its subsidiaries	59.9		%	60.3		%	59.8		%	59.6		%			59.7		%			59.9		%	59.7		%
AB Holding	39.3		%	39.0		%	39.5		%	39.7		%			39.6		%			39.3		%	39.6		%
Unaffiliated holders	0.8		%	0.7		%	0.7		%	0.7		%			0.7		%			0.8		%	0.7		%
Total	100.0		%	100.0		%	100.0		%	100.0		%			100.0		%			100.0		%	100.0		%

EQH economic interest	61.4		%	61.7		%	61.2		%	61.0		%			61.2		%			61.4		%	61.2		%
EQH average economic interest	61.4		%	61.5		%	61.6		%	61.1		%	61.1	%	61.1		%			61.4		%	61.1		%

Units of limited partnership outstanding (in millions)	285.7			284.0			286.6			287.3					286.8					285.7			286.8
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.


2Q 2024 Financial Supplement						17

Asset Management - Select Operating Metrics


	For the Three Months Ended or As of
(in billions USD, unless otherwise indicated)	6/30/2023		9/30/2023		12/31/2023		3/31/2024		6/30/2024

AUM Roll-forward
Balance as of beginning of period	$	675.9	$	691.5	$	669.0	$	725.2	$	758.7
Sales/new accounts	22.4		25.2		28.3		32.6		31.9
Redemptions/terminations	(23.1)		(20.3)		(24.1)		(25.2)		(25.7)
Cash flow/unreinvested dividends	(3.3)		(6.8)		(6.0)		(6.9)		(5.3)
Net long-term (outflows) inflows	(4.0)		(1.9)		(1.8)		0.5		0.9

Acquisition	—		—		—		—		—
Market appreciation (depreciation)	19.6		(20.6)		58.0		33.0		9.9
Net change	15.6		(22.5)		56.2		33.5		10.8
Balance as of end of period	$	691.5	$	669.0	$	725.2	$	758.7	$	769.5

Ending Assets by distribution channel
Institutions	$	309.2	$	296.9	$	317.1	$	322.5	$	322.7
Retail	266.6		259.2		286.8		308.0		316.4
Private Wealth	115.7		112.9		121.3		128.2		130.4
Total	$	691.5	$	669.0	$	725.2	$	758.7	$	769.5

Ending Assets by investment service
Equity
Actively Managed	$	235.9	$	226.8	$	247.5	$	264.1	$	264.4
Passively Managed (1)	60.5		56.0		62.1		64.7		65.8
Total Equity	$	296.4	$	282.8	$	309.6	$	328.8	$	330.2
Fixed Income
Actively Managed	$	258.4	$	250.6	$	269.7	$	276.1	$	282.2
Passively Managed (1)	9.4		9.4		11.4		11.2		11.0
Total Fixed Income	267.8		260.0		281.1		287.3		293.2
Total Alternatives/Multi-Asset Solutions (2)	127.3		126.2		134.5		142.6		146.1
Total	$	691.5	$	669.0	$	725.2	$	758.7	$	769.5

Notes:

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


2Q 2024 Financial Supplement						18


Asset Management - Net Flows
	For the Three Months Ended										Six Months Ended or As of
(in billions USD, unless otherwise indicated)	6/30/2023		9/30/2023		12/31/2023		3/31/2024		6/30/2024		6/30/2023		6/30/2024
Net Flows by Distribution Channel
Institutions
US	$	4.0	$	(1.6)	$	(1.0)	$	(1.5)	$	1.9	$	4.0	$	0.4
Global and Non-US	(7.2)		(1.9)		(1.5)		(2.7)		(3.7)		(9.9)		(6.4)
Total Institutions	$	(3.2)	$	(3.5)	$	(2.5)	$	(4.2)	$	(1.8)	$	(5.9)	$	(6.0)
Retail
US	$	(1.0)	$	2.5	$	1.4	$	1.9	$	2.7	$	(1.0)	$	4.6
Global and Non-US	0.3		(0.9)		(0.1)		2.3		0.1		1.9		2.4
Total Retail	$	(0.7)	$	1.6	$	1.3	$	4.2	$	2.8	$	0.9	$	7.0
Private Wealth
US	$	0.3	$	0.1	$	(0.1)	$	0.7	$	0.2	$	2.3	$	0.9
Global and Non-US	(0.4)		(0.1)		(0.5)		(0.2)		(0.3)		(0.5)		(0.5)
Total Private Wealth	$	(0.1)	$	—	$	(0.6)	$	0.5	$	(0.1)	$	1.8	$	0.4
Total Net Flows by Distribution Channel	$	(4.0)	$	(1.9)	$	(1.8)	$	0.5	$	0.9	$	(3.2)	$	1.4
Net Flows by Investment Service
Equity Active
US	$	(3.0)	$	1.4	$	(3.3)	$	(1.5)	$	(1.5)	$	(4.4)	$	(3.0)
Global and Non-US	(3.8)		(1.6)		(1.7)		(4.7)		(4.6)		(5.8)		(9.3)
Total Equity Active	$	(6.8)	$	(0.2)	$	(5.0)	$	(6.2)	$	(6.1)	$	(10.2)	$	(12.3)
Equity Passive (1)
US	$	—	$	(2.6)	$	(0.3)	$	(3.2)	$	(0.6)	$	(0.6)	$	(3.8)
Global and Non-US	(0.3)		0.2		(0.2)		(0.1)		(0.1)		(0.5)		(0.2)
Total Equity Passive (1)	$	(0.3)	$	(2.4)	$	(0.5)	$	(3.3)	$	(0.7)	$	(1.1)	$	(4.0)
Fixed Income - Taxable
US	$	5.4	$	0.2	$	0.7	$	1.3	$	4.6	$	7.9	$	5.9
Global and Non-US	(0.5)		(2.6)		(0.1)		3.3		(0.2)		0.5		3.1
Total Fixed Income - Taxable	$	4.9	$	(2.4)	$	0.6	$	4.6	$	4.4	$	8.4	$	9.0
Fixed Income - Tax-Exempt
US	$	0.9	$	1.3	$	1.9	$	2.9	$	1.9	$	2.5	$	4.8
Global and Non-US	—		—		—		—		—		—		—
Total Fixed Income - Tax-Exempt	$	0.9	$	1.3	$	1.9	$	2.9	$	1.9	$	2.5	$	4.8
Fixed Income - Passive (1)
US	$	(0.1)	$	0.5	$	1.2	$	—	$	(0.1)	$	(0.2)	$	(0.1)
Global and Non-US	0.2		(0.1)		—		(0.1)		0.1		0.1		—
Total Fixed Income - Passive (1)	$	0.1	$	0.4	$	1.2	$	(0.1)	$	—	$	(0.1)	$	(0.1)
Alternatives/Multi-Asset Solutions (2)
US	$	0.1	$	0.2	$	0.1	$	1.6	$	0.5	$	0.1	$	2.1
Global and Non-US	(2.9)		1.2		(0.1)		1.0		0.9		(2.8)		1.9
Total Alternatives/Multi-Asset Solutions (2)	$	(2.8)	$	1.4	$	—	$	2.6	$	1.4	$	(2.7)	$	4.0
Total Net Flows by Investment Service	$	(4.0)	$	(1.9)	$	(1.8)	$	0.5	$	0.9	$	(3.2)	$	1.4
Active vs. Passive Net Flows
Actively Managed
Equity	$	(6.8)	$	(0.2)	$	(5.0)	$	(6.2)	$	(6.1)	$	(10.2)	$	(12.3)
Fixed Income	5.8		(1.1)		2.5		7.5		6.3		10.9		13.9
Alternatives/Multi-Asset Solutions (2)	(3.0)		1.2		(0.3)		2.4		1.1		(2.9)		3.4
Total	$	(4.0)	$	(0.1)	$	(2.8)	$	3.7	$	1.3	$	(2.2)	$	5.0
Passively Managed (1)
Equity	$	(0.3)	$	(2.4)	$	(0.5)	$	(3.3)	$	(0.7)	$	(1.1)	$	(4.1)
Fixed Income	0.1		0.4		1.2		(0.1)		—		(0.1)		(0.1)
Alternatives/Multi-Asset Solutions (2)	0.2		0.2		0.3		0.2		0.3		0.2		0.6
Total	$	—	$	(1.8)	$	1.0	$	(3.2)	$	(0.4)	$	(1.0)	$	(3.6)
Total Active vs Passive Net Flows	$	(4.0)	$	(1.9)	$	(1.8)	$	0.5	$	0.9	$	(3.2)	$	1.4
Notes:

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


2Q 2024 Financial Supplement						19

Protection Solutions - Operating Earnings (Loss) and Summary Metrics


	For the Three Months Ended or As of																	Six Months Ended or As of
(in millions USD, unless otherwise indicated)	6/30/2023			9/30/2023			12/31/2023			3/31/2024			6/30/2024			Change		6/30/2023			6/30/2024			Change

Revenues
Policy charges, fee income and premiums	$	524		$	516		$	544		$	528		$	532		1.5	%	$	1,044		$	1,060		1.5	%
Net investment income (loss)	242			260			233			257			260			7.4	%	459			517			12.6	%
Net derivative gains (losses)	(16)			7			(5)			—			(1)			93.8	%	(18)			(1)			94.4	%
Investment management, service fees and other income	34			39			35			40			43			26.5	%	66			83			25.8	%
Segment revenues	784			822			807			825			834			6.4	%	1,551			1,659			7.0	%

Benefits and other deductions
Policyholders’ benefits	484			512			444			487			473			(2.3)	%	1,019			960			(5.8)	%
Remeasurement of liability for future policy benefits	(2)			(16)			30			(4)			(12)			(500.0)	%	4			(16)			(500.0)	%

Interest credited to policyholders’ account balances	130			137			128			133			135			3.8	%	255			268			5.1	%
Commissions and distribution-related payments	36			37			51			40			43			19.4	%	70			83			18.6	%
Amortization of deferred policy acquisition costs	30			30			31			30			32			6.7	%	59			62			5.1	%
Compensation and benefits, interest expense and financing fees and other operating costs and expense	77			81			90			91			86			11.7	%	157			177			12.7	%
Segment benefits and other deductions	755			781			774			777			757			0.3	%	1,564			1,534			(1.9)	%

Operating earnings (loss), before income taxes	29			41			33			48			77			165.5	%	(13)			125			N/M
Income taxes	(5)			(7)			(5)			(7)			(11)			(120.0)	%	2			(18)			N/M
Operating earnings (loss), before noncontrolling interest	24			34			28			41			66			175.0	%	(11)			107			N/M
Less: Operating (earnings) loss attributable to the noncontrolling interest	—			—			—			—			1			100.0	%	—			1			100.0	%
Operating earnings (loss)	$	24		$	34		$	28		$	41		$	67		179.2	%	$	(11)		$	108		N/M

Summary Metrics

Operating earnings (loss) - TTM:	$	(21)		$	(18)		$	51		$	127		$	170		909.5	%	$	(21)		$	170		909.5	%

Benefit ratio	78.3		%	79.0		%	70.9		%	75.2		%	72.9		%			82.1		%	74.0		%

Gross written premiums	$	770		$	756		$	821		$	778		$	784		1.9	%	$	1,556		$	1,562		0.4	%

Annualized premiums	$	78		$	79		$	102		$	80		$	91		16.4	%	$	154		$	171		10.8	%

Total in-force face amount (in billions USD) (1)	$	414.7		$	413.2		$	412.3		$	413.2		$	411.7		(0.7)	%	$	414.7		$	411.7		(0.7)	%

Notes:

(1) Total in-force face amount presented on a gross basis including ceded policies.


2Q 2024 Financial Supplement						20

Protection Solutions - Select Operating Metrics


	For the Three Months Ended or As of										Six Months Ended or As of
(in millions USD, unless otherwise indicated)	6/30/2023		9/30/2023		12/31/2023		3/31/2024		6/30/2024		6/30/2023		6/30/2024

Sales Metrics
First Year Premiums and Deposits by Product Line:
Universal Life	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Indexed Universal Life	3		4		2		2		3		5		5
Variable Universal Life	76		72		119		80		87		148		167
Term	3		3		3		3		2		6		5
Employee Benefits	25		24		29		28		29		51		57
Other (1)	—		—		1		—		—		—		—
Total	$	107	$	103	$	154	$	113	$	121	$	210	$	234

Renewals by Product Line:
Universal Life	$	179	$	187	$	175	$	169	$	166	$	367	$	335
Indexed Universal Life	73		71		68		74		69		149		143
Variable Universal Life	251		236		257		251		259		509		510
Term	89		88		92		92		86		183		178
Employee Benefits	66		68		71		75		80		129		155
Other (1)	4		3		4		4		3		8		7
Total	662		653		667		665		663		1,345		1,328
Total Gross Premiums	$	769	$	756	$	821	$	778	$	784	$	1,556	$	1,562

In-force Metrics
In-force Face Amount by Product (2) (in billions USD):
Universal Life (3)	$	42.0	$	41.5	$	40.9	$	40.6	$	39.6	$	42.0	$	39.6
Indexed Universal Life	27.2		27.1		26.9		26.6		26.5		27.2		26.5
Variable Universal Life (4)	134.8		135.4		136.9		138.1		139.0		134.8		139.0
Term	209.6		208.1		206.5		206.8		205.5		209.6		205.5
Whole Life	1.1		1.1		1.1		1.1		1.1		1.1		1.1
Total	$	414.7	$	413.2	$	412.3	$	413.2	$	411.7	$	414.7	$	411.7

In-force Policy Count by Product (2) (in thousands):
Universal Life (3)	125		123		122		120		118		125		118
Indexed Universal Life	63		63		63		63		62		63		62
Variable Universal Life (4)	292		292		291		290		290		292		290
Term	251		248		245		246		243		251		243
Whole Life	15		15		15		15		15		15		15
Total	746		741		736		734		728		746		728

Protection Solutions Reserves
General Account	$	18,071	$	17,949	$	18,184	$	18,167	$	18,150	$	18,071	$	18,150
Separate Accounts	15,401		14,782		16,337		17,560		17,761		15,401		17,761
Total	$	33,472	$	32,731	$	34,521	$	35,727	$	35,911	$	33,472	$	35,911

Notes:

(1) For the individual life insurance premiums, Other includes Whole Life insurance and other products available-for-sale but not actively marketed.
(2) Includes individual life insurance and does not include Employee Benefits as it is a start-up business and therefore has immaterial in-force policies.
(3) Universal Life includes Guaranteed Universal Life.
(4) Variable Universal Life includes variable life insurance and corporate-owned life insurance.


2Q 2024 Financial Supplement						21


Wealth Management - Operating Earnings (Loss) and Summary Metrics


	For the Three Months Ended or As of																	Six Months Ended or As of
(in millions USD, unless otherwise indicated)	6/30/2023			9/30/2023			12/31/2023			3/31/2024			6/30/2024			Change		6/30/2023			6/30/2024			Change

Revenues

Net investment income (loss)	$	3		$	4		$	4		$	4		$	4		33.3	%	$	5		$	8		60.0	%
Net derivative gains (losses)	—			—			—			—			—			—	%	—			—			—	%
Investment management, service fees and other income	388			386			404			419			438			12.9	%	748			857			14.6	%
Segment revenues	391			390			408			423			442			13.0	%	753			865			14.9	%

Benefits and other deductions




Commissions and distribution-related payments	243			244			253			260			282			16.0	%	471			542			15.1	%

Compensation and benefits, interest expense and financing fees and other operating costs and expense	94			93			95			105			99			5.3	%	185			204			10.3	%
Segment benefits and other deductions	337			337			348			365			381			13.1	%	656			746			13.7	%

Operating earnings (loss), before income taxes	54			53			60			58			61			13.0	%	97			119			22.7	%
Income taxes	(12)			(13)			(15)			(15)			(17)			(41.7)	%	(23)			(32)			(39.1)	%
Operating earnings (loss), before noncontrolling interest	42			40			45			43			44			4.8	%	74			87			17.6	%
Less: Operating (earnings) loss attributable to the noncontrolling interest	—			—			—			—			—			—	%	—			—			—	%
Operating earnings (loss)	$	42		$	40		$	45		$	43		$	44		4.8	%	$	74		$	87		17.6	%

Revenue by Activity Type

Investment management, service fees and other income:
Investment management and advisory fees	$	134		$	141		$	140		$	150		161			20.2	%	$	261		311			19.2	%
Distribution fees	239			229			246			253			260			9.2	%	456			513			12.4	%
Interest income	13			13			13			13			12			(5.1)	%	24			25			4.7	%
Service and other income	3			3			5			3			5			77.6	%	7			8			16.2	%
Total Investment management, service fees and other income	$	388		$	386		$	404		$	419		438			12.7	%	748			857			14.6	%
Summary Metrics
Pre-tax operating margin	13.8		%	13.6		%	14.7		%	13.7		%	13.8		%			12.9		%	13.8		%

Advisory net flows	$	697		$	909		$	544		$	(175)		$	1,539		69.4	%	$	1,525		$	1,364		(0.3)	%

Total AUA	$	80,421		$	79,359		$	87,047		$	91,936		$	93,816		16.7	%	$	80,421		$	93,816		16.7	%


2Q 2024 Financial Supplement						22


Wealth Management - Select Operating Metrics


	For the Three Months Ended or As of										Six Months Ended or As of
(in millions USD, unless otherwise indicated)	6/30/2023		9/30/2023		12/31/2023		3/31/2024		6/30/2024		6/30/2023		6/30/2024

AUA Roll-forward
Advisory assets :
Beginning assets	$	47,844	$	50,862	$	50,118	$	55,072	$	58,075	$	45,544	$	55,072
Net flows	697		909		544		(175)		1,539		1,525		1,364
Market appreciation (depreciation) and other	2,321		(1,654)		4,410		3,178		784		3,793		3,962
Advisory ending assets	$	50,862	$	50,118	$	55,072	$	58,075	$	60,398	$	50,862	$	60,398

Brokerage and direct assets	$	29,559	$	29,241	$	31,975	$	33,861	$	33,418	$	29,559	$	33,418





Total Wealth Management assets	$	80,421	$	79,359	$	87,047	$	91,936	$	93,816	$	80,421	$	93,816

Cash balances	$	2,926	$	2,771	$	2,953	$	2,804	$	2,695	$	2,926	$	2,695

Advisors
Advisors	4,101		4,141		4,406		4,320		4,358		4,101		4,358
Revenue per advisor TTM (in thousands USD)	$	350	$	359	$	370	$	380	$	386	$	350	$	386

Sales by Product Type
Advisory	$	2,315	$	2,369	$	2,518	$	2,866	$	3,304	$	4,631	$	6,171
Brokerage and direct	1,172		1,272		1,308		1,357		1,481		2,271		2,839
Retirement, premiums and deposits	3,231		2,965		3,324		3,565		3,504		6,255		7,069
Total sales	$	6,718	$	6,606	$	7,150	$	7,788	$	8,290	$	13,157	$	16,078


2Q 2024 Financial Supplement						23

Legacy - Operating Earnings (Loss) and Summary Metrics


	For the Three Months Ended or As of																	Six Months Ended or As of
(in millions USD, unless otherwise indicated)	6/30/2023			9/30/2023			12/31/2023			3/31/2024			6/30/2024			Change		6/30/2023			6/30/2024			Change

Revenues
Policy charges, fee income and premiums	$	44		$	40		$	37		$	47		$	41		(6.8)	%	$	78		$	88		12.8	%
Net investment income (loss)	60			59			53			62			59			(1.7)	%	126			121			(4.0)	%
Net derivative gains (losses)	—			—			—			—			—			—	%	—			—			—	%
Investment management, service fees and other income	99			99			104			101			100			1.0	%	205			201			(2.0)	%
Segment revenues	203			198			194			210			200			(1.5)	%	409			410			0.2	%

Benefits and other deductions
Policyholders’ benefits	61			53			57			59			60			(1.6)	%	107			119			11.2	%
Remeasurement of liability for future policy benefits	—			1			(3)			(2)			2			100.0	%	—			—			—	%

Interest credited to policyholders’ account balances	12			12			9			11			11			(8.3)	%	24			22			(8.3)	%
Commissions and distribution-related payments	43			45			41			40			41			(4.7)	%	86			81			(5.8)	%
Amortization of deferred policy acquisition costs	16			16			15			16			15			(6.3)	%	32			31			(3.1)	%
Compensation and benefits, interest expense and financing fees and other operating costs and expense	19			20			26			27			23			21.1	%	37			50			35.1	%
Segment benefits and other deductions	151			147			145			151			152			0.7	%	286			303			5.9	%

Operating earnings (loss), before income taxes	52			51			49			59			48			(7.7)	%	123			107			(13.0)	%
Income taxes	(7)			(10)			(9)			(8)			(7)			—	%	(18)			(15)			16.7	%
Operating earnings (loss), before noncontrolling interest	45			41			40			51			41			(8.9)	%	105			92			(12.4)	%
Less: Operating (earnings) loss attributable to the noncontrolling interest	—			—			—			—			—			—	%	—			—			—	%
Operating earnings (loss)	$	45		$	41		$	40		$	51		$	41		(8.9)	%	$	105		$	92		(12.4)	%

Summary Metrics

Operating earnings (loss) - TTM:	$	220		$	211		$	186		$	177		$	173		100.0	%	$	220		$	173		100.0	%

Average Account Value (TTM)	$	21,851		$	21,530		$	21,790		$	22,061		$	22,103		100.0	%	$	21,851		$	22,103		100.0	%

Return on assets (TTM)	1.20		%	1.17		%	1.02		%	0.96		%	0.94		%			1.20		%	0.94		%




Net flows (1)	$	(569)		$	(554)		$	(643)		$	(659)		$	(672)		(18.1)	%	$	(1,092)		$	(1,331)		(21.9)	%

In-force Policy Count by Product (in thousands) (2):	287			281			277			269			263					287			263

Notes:

(1) Net of the Venerable transaction.
(2) In-force Policy Count by Product presented on a gross basis includes ceded policies related to the Venerable transaction.


2Q 2024 Financial Supplement						24


Legacy - Select Operating Metrics
	For the Three Months Ended or As of										Six Months Ended or As of
(in millions USD, unless otherwise indicated)	6/30/2023		9/30/2023		12/31/2023		3/31/2024		6/30/2024		6/30/2023		6/30/2024


















Account Values
General Account:
Balance as of beginning of period	$	905	$	887	$	876	$	849	$	830	$	925	$	849
Net flows (1)	(24)		(18)		(31)		(24)		(26)		(50)		(50)
Investment performance, interest credited and policy charges (1)	6		7		4		5		6		12		11

Balance as of end of period	$	887	$	876	$	849	$	830	$	810	$	887	$	810
Separate Accounts:
Balance as of beginning of period	$	21,115	$	21,485	$	20,033	$	21,316	$	22,010	$	20,557	$	21,316
Net flows (1)	(545)		(536)		(612)		(635)		(646)		(1,042)		(1,281)
Investment performance, interest credited and policy charges (1)	915		(916)		1,895		1,329		53		1,970		1,382

Balance as of end of period	$	21,485	$	20,033	$	21,316	$	22,010	$	21,417	$	21,485	$	21,417
Total:
Balance as of beginning of period	$	22,020	$	22,372	$	20,909	$	22,165	$	22,840	$	21,482	$	22,165
Net flows (1)	(569)		(554)		(643)		(659)		(672)		(1,092)		(1,331)
Investment performance, interest credited and policy charges (1)	921		(909)		1,899		1,334		59		1,982		1,393

Balance as of end of period	$	22,372	$	20,909	$	22,165	$	22,840	$	22,227	$	22,372	$	22,227
Net Amount at Risk (NAR)
Total GMIB NAR	$	2,992	$	2,767	$	2,822	$	2,502	$	2,462	$	2,992	$	2,462
Total GMDB NAR	$	10,082	$	10,690	$	9,465	$	8,982	$	8,984	$	10,082	$	8,984
MRB Reserves (Net of Reinsurance)	$	2,797	$	3,243	$	3,998	$	3,368	$	3,429	$	2,797	$	3,429


Notes:
(1) Net of the Venerable transaction.


2Q 2024 Financial Supplement						25

Investments


2Q 2024 Financial Supplement						26

Consolidated Investment Portfolio Composition


	Balances as of
(in millions USD, unless otherwise indicated)	December 31, 2023				June 30, 2024
	Amount (1)		% of Total		Amount (1)		% of Total
Composition of investment portfolio
Fixed maturities, available-for-sale, at fair value	$	67,030	60.7	%	$	71,579	61.0	%
Fixed maturities, at fair value using the fair value option	1,654		1.5	%	1,703		1.5	%
Mortgage loans on real estate	18,171		16.5	%	18,802		16.0	%
Policy loans	4,158		3.8	%	4,247		3.6	%
Other equity investments	3,384		3.1	%	3,743		3.2	%
Other invested assets	6,719		6.1	%	5,635		4.8	%
Subtotal investment assets	101,116		91.6	%	105,709		90.0	%
Trading securities	1,057		1.0	%	2,017		1.7	%
Total investments	102,173		92.5	%	107,726		91.8	%
Cash and cash equivalents	8,239		7.5	%	9,684		8.2	%
Total	$	110,412	100.0	%	$	117,410	100.0	%

General Account AFS Fixed maturities by industry (Based on amortized cost)
Corporate securities:
Finance	$	13,181	17.9	%	$	15,718	19.9	%
Manufacturing	11,333		15.4	%	11,467		14.5	%
Utilities	6,838		9.3	%	7,545		9.5	%
Services	8,242		11.2	%	8,718		11.0	%
Energy	3,758		5.1	%	2,790		3.5	%
Retail and wholesale	3,253		4.4	%	2,540		3.2	%
State and Political	—		—	%	99		0.1	%
Transportation	2,493		3.4	%	1,557		2.0	%
Other	190		0.3	%	1,388		1.8	%
Total corporate securities	49,288		67.0	%	51,822		65.5	%
U.S. government and agency	5,735		7.8	%	5,773		7.3	%
Residential mortgage-backed (2)	2,470		3.4	%	3,519		4.4	%
Preferred stock	56		0.1	%	56		0.1	%
State & municipal	614		0.8	%	519		0.7	%
Foreign governments	719		1.0	%	707		0.9	%
Commercial mortgage-backed	3,595		4.9	%	3,864		4.9	%
Asset-backed securities	11,049		15.0	%	12,864		16.3	%
Total	$	73,526	100.0	%	$	79,124	100.0	%

General Account AFS Fixed maturities credit quality (3) (Based on amortized cost)
Aaa, Aa, A (NAIC Designation 1)	$	47,694	64.9	%	$	52,384	66.2	%
Baa (NAIC Designation 2)	23,476		31.9	%	24,727		31.3	%
Investment grade	71,170		96.8	%	77,111		97.5	%
Below investment grade (NAIC Designation 3 and 4)	2,356		3.2	%	2,013		2.5	%
Total	$	73,526	100.0	%	$	79,124	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.


2Q 2024 Financial Supplement						27


Consolidated Results of General Account Investment Portfolio


	For the Six Months Ended or As of								Years Ended or As of
(in millions USD, unless otherwise indicated)	June 30, 2023				June 30, 2024				December 31, 2023
	Yield		Amount (2)		Yield		Amount (2)		Yield		Amount (2)
Fixed Maturities:
Income (loss)	4.03	%	$	1,464	4.39	%	$	1,656	4.17	%	$	3,103
Ending assets			73,413				79,124				73,526
Mortgages:
Income (loss)	4.42	%	375		5.10	%	473		4.65	%	806
Ending assets			17,364				18,802				18,171
Other Equity Investments (1):
Income (loss)	2.55	%	45		6.23	%	110		3.88	%	135
Ending assets			3,575				3,598				3,433
Trading Securities:
Income	—	%	—		0.73	%	2		—	%	—
Ending assets			—				495				—
Policy Loans:
Income	5.11	%	103		5.23	%	110		5.30	%	216
Ending assets			4,061				4,247				4,158
Cash and Short-term Investments: (3)
Income (loss)	(3.00)	%	(40)		(2.13)	%	(65)		(2.51)	%	(81)
Ending assets			4,773				5,817				4,718
Funding Agreements:
Interest expense and other			(194)				(155)				(425)
Ending (liabilities)			(8,875)				(7,165)				(7,616)
Total invested Assets:
Income (loss)	3.84	%	1,753		4.21	%	2,131		3.98	%	3,754
Ending assets			94,311				104,918				96,389
Short Duration Fixed Maturities:
Income (loss)	3.97	%	2		—	%	—		4.14	%	3
Ending assets			67				—				16
Total Net Investment Income:
Investment income	3.84	%	1,755		4.22	%	2,131		3.98	%	3,757
Less: investment fees (4)	(0.17)	%	(78)		(0.17)	%	(88)		(0.18)	%	(166)
Investment income, net	3.67	%	$	1,677	4.04	%	$	2,043	3.80	%	$	3,591
General Account Ending Net Assets			$	94,378			$	104,918			$	96,405
Operating Earnings adjustments:
Funding Agreements interest expense			194				155				425
AB and other non-General Account investment income			131				176				249
Operating Net investment income (loss)			$	2,002			$	2,374			$	4,265
Notes:

(1) Includes, as of June 30, 2023, June 30, 2024 and December 31, 2023, $466 million, $371 million and $361 million of other invested assets. Amounts for certain consolidated VIE investments are shown net of associated non-controlling interest.


2Q 2024 Financial Supplement						28

(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) Cash and Short-term net of collateral expense.

(4) Fixed maturities yield excludes out of period income adjustment .


2Q 2024 Financial Supplement						29

Additional Information


2Q 2024 Financial Supplement						30


Deferred Policy Acquisition Costs Rollforward


	For the Three Months Ended or As of										Six Months Ended or As of
(in millions USD, unless otherwise indicated)	6/30/2023		9/30/2023		12/31/2023		3/31/2024		6/30/2024		6/30/2023		6/30/2024

TOTAL
Beginning balance	$	6,419	$	6,512	$	6,599	$	6,705	$	6,804	$	6,369	$	6,705
Capitalization of commissions, sales and issue expenses	248		252		274		270		291		450		561
Amortization	(155)		(165)		(168)		(171)		(171)		(307)		(342)
Ending balance	$	6,512	$	6,599	$	6,705	$	6,804	$	6,924	$	6,512	$	6,924

Individual Retirement
Beginning balance	$	3,264	$	3,347	$	3,426	$	3,508	$	3,601	$	3,219	$	3,508
Capitalization of commissions, sales and issue expenses	175		181		187		202		213		309		415
Amortization	(92)		(102)		(105)		(109)		(111)		(181)		(220)
Ending balance	$	3,347	$	3,426	$	3,508	$	3,601	$	3,703	$	3,347	$	3,703

Group Retirement
Beginning balance	$	804	$	808	$	814	$	825	$	828	$	800	$	825
Capitalization of commissions, sales and issue expenses	19		20		25		18		20		38		38
Amortization	(15)		(14)		(14)		(15)		(9)		(30)		(24)
Ending balance	$	808	$	814	$	825	$	828	$	839	$	808	$	839

Protection Solutions
Beginning balance	$	1,644	$	1,660	$	1,676	$	1,700	$	1,714	$	1,630	$	1,700
Capitalization of commissions, sales and issue expenses	46		46		55		44		49		89		93
Amortization	(30)		(30)		(31)		(30)		(32)		(59)		(62)
Ending balance	$	1,660	$	1,676	$	1,700	$	1,714	$	1,731	$	1,660	$	1,731

Legacy
Beginning balance	$	583	$	575	$	564	$	555	$	546	$	593	$	555
Capitalization of commissions, sales and issue expenses	8		5		7		6		8		14		14
Amortization	(16)		(16)		(16)		(15)		(16)		(32)		(31)
Ending balance	$	575	$	564	$	555	$	546	$	538	$	575	$	538

Corporate and Other
Beginning balance	$	124	$	122	$	119	$	117	$	115	$	127	$	117
Capitalization of commissions, sales and issue expenses	—		—		—		—		1		—		1
Amortization	(2)		(3)		(2)		(2)		(3)		(5)		(5)
Ending balance	$	122	$	119	$	117	$	115	$	113	$	122	$	113


2Q 2024 Financial Supplement						31


Use of Non-GAAP Financial Measures


In addition to our results presented in accordance with U.S. GAAP, we report Non-GAAP Operating Earnings, Non-GAAP Operating ROE, and Non-GAAP operating common EPS, each of which is a measure that is not determined in accordance with U.S. GAAP. Management principally uses these non-GAAP financial measures in evaluating performance because they present a clearer picture of our operating performance and they allow management to allocate resources. Similarly, management believes that the use of these Non-GAAP financial measures, together with relevant U.S. GAAP measures, provide investors with a better understanding of our results of operations and the underlying profitability drivers and trends of our business. These non-GAAP financial measures are intended to remove from our results of operations the impact of market changes (where there is a mismatch in the valuation of assets and liabilities) as well as certain other expenses which are not part of our underlying profitability drivers or likely to re-occur in the foreseeable future, as such items fluctuate from period-to-period in a manner inconsistent with these drivers. These measures should be considered supplementary to our results that are presented in accordance with U.S. GAAP and should not be viewed as a substitute for the U.S. GAAP measures. Other companies may use similarly titled non-GAAP financial measures that are calculated differently from the way we calculate such measures. Consequently, our non-GAAP financial measures may not be comparable to similar measures used by other companies.
We also discuss certain operating measures, including AUM, AUA, AV, Protection Solutions reserves and certain other operating measures, which management believes provide useful information about our businesses and the operational factors underlying our financial performance.
Non-GAAP Operating Earnings
Non-GAAP Operating Earnings is an after-tax non-GAAP financial measure used to evaluate our financial performance on a consolidated basis that is determined by making certain adjustments to our consolidated after-tax net income attributable to Holdings. The most significant of such adjustments relates to our derivative positions, which protect economic value and statutory capital, and the variable annuity product MRBs. This is a large source of volatility in net income.
Non-GAAP Operating Earnings equals our consolidated after-tax net income attributable to Holdings adjusted to eliminate the impact of the following items:
•			Items related to variable annuity product features, which include: (i) changes in the fair value of market risk benefits and purchased market risk benefits, including the related attributed fees and claims, offset by derivatives and other securities used to hedge the market risk benefits which result in residual net income volatility as the change in fair value of certain securities is reflected in OCI and due to our statutory capital hedge program; and (ii) market adjustments to deposit asset or liability accounts arising from reinsurance agreements which do not expose the reinsurer to a reasonable possibility of a significant loss from insurance risk;
•			Investment (gains) losses, which includes credit loss impairments of securities/investments, sales or disposals of securities/investments, realized capital gains/losses and valuation allowances;
•			Net actuarial (gains) losses, which includes actuarial gains and losses as a result of differences between actual and expected experience on pension plan assets or projected benefit obligation during a given period related to pension, other postretirement benefit obligations, and the one-time impact of the settlement of the defined benefit obligation;
•			Other adjustments, which primarily include restructuring costs related to severance and separation, lease write-offs related to non-recurring restructuring activities, COVID-19 related impacts, net derivative gains (losses) on certain Non-GMxB derivatives, net investment income from certain items including consolidated VIE investments, seed capital mark-to-market adjustments, unrealized gain/losses and realized capital gains/losses from sales or disposals of select securities, certain legal accruals; a bespoke deal to repurchase UL policies from one entity that had invested in numerous policies purchased in the life settlement market, which disposed of the risk of additional COI litigation by that entity related to those UL policies, impact of the annual actuarial assumption updates attributable to LFPB; and
•			Income tax expense (benefit) related to the above items and non-recurring tax items, which includes the effect of uncertain tax positions for a given audit period and changes to the deferred tax valuation allowance.



•			In the fourth quarter of 2023, the Company updated its operating earnings measure to exclude the impact of realized amounts related to equity classified instruments. The recognition of the realized capital gains and losses from investments in current net investment income is generally considered distortive and not reflective of the ongoing core business activities of the segments. The presentation of operating earnings in prior periods was not revised to reflect this modification. The impact to operating earnings was immaterial for the three and six months ended June 30, 2023.
•			In the first quarter of 2024, the Company began allocating to its business segments collateral expense resulting from a designated rate to be paid on the collateral held back to counterparties. The new segment allocation methodology for collateral expense is based on the income earned on cash equivalents held in the surplus segments and income earned in portfolios backing collateral expenses, such that the collateral expense would be allocated to the segments up to that amount. Any remaining amount is included within Corporate and Other. This expense was previously recorded in Corporate and Other with no allocation to our business segments in prior reporting periods. The presentation of operating earnings in prior periods was not revised to reflect this modification, however, the Company estimated that allocating collateral expense to the segments for the twelve months ended December 31, 2023 and 2022, respectively, would have resulted in a decrease to operating earnings of $4.0 million and $0.8 million for Individual Retirement, $7.7 million and $1.4 million for Group Retirement, $21.9 million and $2.5 million for Protection Solutions, $4.2 million and $1.0 million for Legacy, and an increase of $37.8 million and $5.7 million for Corporate and Other. The impact to operating earnings for each segment during the quarters of 2023 was not material. Total Company operating earnings were not impacted.

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.


2Q 2024 Financial Supplement						32


Use of Non-GAAP Financial Measures

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


2Q 2024 Financial Supplement						33

Reconciliation of Non-GAAP Measures (1/3)


	For the Three Months Ended or As of										Six Months Ended or As of
(in millions USD, unless otherwise indicated)	6/30/2023		9/30/2023		12/31/2023		3/31/2024		6/30/2024		6/30/2023		6/30/2024

Net income (loss) attributable to Holdings
Net income (loss) attributable to Holdings	$	759	$	1,064	$	(698)	$	114	$	428	$	936	$	542
Adjustments related to:
Variable annuity product features	(65)		(1,380)		1,191		319		79		796		398
Investment gains (losses), net	56		411		159		39		16		143		55

Net actuarial gains (losses) related to pension and other postretirement benefit obligations	9		8		13		17		14		18		31
Other adjustments (1) (2)	62		91		153		91		(32)		107		59
Income tax (expense) benefit related to above adjustments	(13)		183		(319)		(98)		(16)		(223)		(114)
Non-recurring tax items (3)	(367)		36		(23)		8		5		(972)		13
Non-GAAP Operating Earnings	$	441	$	413	$	476	$	490	$	494	$	805	$	984

Net income (loss) attributable to Holdings	$	2.13	$	3.06	$	(2.07)	$	0.34	$	1.31	$	2.60	$	1.64
Less: Preferred stock dividends	0.07		0.04		0.08		0.04		0.08		0.11		0.12
Net income (loss) available to Holdings' common shareholders	2.06		3.02		(2.15)		0.30		1.23		2.49		1.52
Adjustments related to:
Variable annuity product features	(0.18)		(3.97)		3.53		0.96		0.24		2.21		1.20
Investment gains (losses), net	0.16		1.18		0.47		0.12		0.05		0.40		0.17

Net actuarial gains (losses) related to pension and other postretirement benefit obligations	0.03		0.02		0.04		0.05		0.04		0.05		0.09
Other adjustments (1) (2)	0.17		0.27		0.46		0.27		(0.10)		0.30		0.18
Income tax (expense) benefit related to above adjustments	(0.04)		0.53		(0.95)		(0.29)		(0.05)		(0.62)		(0.35)
Non-recurring tax items (3)	(1.03)		0.10		(0.07)		0.02		0.02		(2.70)		0.04
Non-GAAP Operating Earnings (loss) available to Holdings' common shareholders	$	1.17	$	1.15	$	1.33	$	1.43	$	1.43	$	2.13	$	2.85

Book Value per common share
Book Value per common share	$	5.69	$	0.23	$	3.26	$	1.43	$	0.25	$	5.69	$	0.25
Less: Per share impact of AOCI	(20.39)		(28.66)		(23.30)		(24.93)		(26.88)		(20.39)		(26.88)
Book value per common share (ex. AOCI)	$	26.08	$	28.90	$	26.56	$	26.36	$	27.14	$	26.08	$	27.14



Notes:
(1) Includes certain gross legal expenses related to the cost of insurance litigation of $0 million and $106 million for the three and six months ended June 30, 2024, respectively and $35 million and $35 million for the three and six months ended June 30, 2023. The legal accruals impact per common share is $0.00 and $0.32 for the three and six months ended June 30, 2024, respectively and $0.10 and $0.10 for the three and six months ended June 30, 2023.
(2) For the three and six months ended June 30, 2024, includes $82 million of the gain on sale on AB's Bernstein Research Service attributable to Holdings. The impact per common share is $0.25 for the three and six months ended June 30, 2024, .
(3) For the three and six months ended June 30, 2024, non-recurring tax items reflects the effect of uncertain tax positions for a given audit period and for the three and six months ended June 30, 2023 primarily includes a decrease of the deferred tax valuation allowance of $376 million and $990 million. The impact per common share is $1.06 and $2.75 for the three and six months ended June 30, 2023.


2Q 2024 Financial Supplement						34


Reconciliation of Non-GAAP Measures (2/3)

	As of and for the Twelve Months Ended
(in millions USD, unless otherwise indicated)	12/31/2023			3/31/2024			6/30/2024

Net Income to Non-GAAP Operating Earnings
Net income (loss) attributable to Holdings	$	1,302		$	1,239		$	908
Adjustments related to:
Variable annuity product features	607			65			209
Investment (gains) losses	713			665			625

Net actuarial (gains) losses related to pension and other postretirement benefit obligations	39			47			52
Other adjustments	351			397			303
Income tax (expense) benefits related to above adjustments	(359)			(247)			(250)
Non-recurring tax items	(959)			(346)			26
Non-GAAP Operating Earnings	$	1,694		$	1,820		$	1,873

Return on Equity and Non-GAAP Operating Return on Equity - Trailing twelve months
Net income (loss) attributable to Holdings	$	1,302		$	1,239		$	908
Less: Preferred stock	(80)			(80)			(80)
Net income (loss) available to Holdings' common shareholders	$	1,222		$	1,159		$	828
Average equity attributable to Holdings' common shareholders (ex. AOCI)	$	9,147		$	9,045		$	9,048

Return on Equity (ex. AOCI)	13.4		%	12.8		%	9.2		%

Non-GAAP Operating Earnings	$	1,694		$	1,820		$	1,873
Less: Preferred stock	(80)			(80)			(80)
Non-GAAP Operating Earnings available to Holdings' common shareholders	$	1,614		$	1,740		$	1,793
Average equity attributable to Holdings' common shareholders (ex. AOCI)	$	9,147		$	9,045		$	9,048

Non-GAAP Operating Return on Equity (ex. AOCI)	17.6		%	19.2		%	19.8		%


2Q 2024 Financial Supplement						35


Reconciliation of Non-GAAP Measures (3/3)

	Balances as of
(in millions USD, unless otherwise indicated)	9/30/2022		12/31/2022		3/31/2023		6/30/2023		9/30/2023		12/31/2023		3/31/2024		6/30/2024

Equity Reconciliation - Quarter-end Balances
Total equity attributable to Holdings' shareholders	$	3,411	$	1,401	$	3,754	$	3,553	$	1,642	$	2,649	$	2,032	$	1,644
Less: Preferred Stock	1,562		1,562		1,562		1,562		1,562		1,562		1,562		1,562
Total equity attributable to Holdings' common shareholders	1,849		(161)		2,192		1,991		80		1,087		470		82
Less: Accumulated other comprehensive income (loss)	(6,870)		(8,992)		(6,516)		(7,142)		(9,802)		(7,777)		(8,166)		(8,645)
Total equity attributable to Holdings' common shareholders (ex. AOCI)	$	8,719	$	8,831	$	8,708	$	9,133	$	9,882	$	8,864	$	8,636	$	8,727


	Balances as of
(in millions USD, unless otherwise indicated)	9/30/2022		12/31/2022		3/31/2023		6/30/2023		9/30/2023		12/31/2023		3/31/2024		6/30/2024

Equity Reconciliation - Twelve Month Rolling Average
Total equity attributable to Holdings' shareholders	$	6,848	$	4,610	$	3,567	$	3,030	$	2,588	$	2,900	$	2,469	$	1,992
Less: Preferred Stock	1,562		1,562		1,562		1,562		1,562		1,562		1,562		1,562
Total equity attributable to Holdings' common shareholders	5,286		3,048		2,005		1,468		1,026		1,338		907		430
Less: Accumulated other comprehensive income (loss)	(2,759)		(5,333)		(6,636)		(7,380)		(8,113)		(7,809)		(8,222)		(8,598)
Total equity attributable to Holdings' common shareholders (ex. AOCI)	$	8,045	$	8,381	$	8,641	$	8,848	$	9,139	$	9,147	$	9,129	$	9,027


2Q 2024 Financial Supplement						36


Glossary of Selected Financial and Product Terms


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

Assets Under Administration (“AUA”) - AUA includes non-insurance client assets that are invested in our savings and investment products or serviced by our Equitable Advisors platform. We provide administrative services for these assets and generally record the revenues received as distribution fees.
Assets Under Management (“AUM”) - AUM means investment assets that are managed by one of our subsidiaries and includes: (i) assets managed by AB; (ii) the assets in our General Account investment portfolio; and (iii) the Separate Account assets of our 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 Equitable Advisors, LLC, a Delaware limited liability company, our retail broker/dealer for our retirement and protection businesses and a wholly-owned indirect subsidiary of Holdings.
Equitable America - means Equitable Financial Life Insurance Company of America, an Arizona corporation and a wholly-owned indirect subsidiary of Holdings.
Equitable Life - means Equitable Financial Life Insurance Company, a New York corporation, a life insurance company and a wholly-owned subsidiary of EFS.
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.

Legacy - The Legacy segment consists of our fixed-rate GMxB business written prior to 2011. In 2023, we began reporting this business separately from our Individual Retirement business.
Liability for future policy benefits - the liability related to life insurance policies such as non-participating traditional life insurance policies (Term) and limited pay contracts (Payout, Pension).
Market risk benefits - (“MRBs”) are contracts or contract features that provide protection to the contract holder from other than nominal capital market risk and expose the Company to other than nominal capital market risk. Market risk benefits include contract features that provide minimum guarantees to policyholders and include GMIB, GMDB, GMWB, GMAB, and ROP DB benefits.
Net flows - Net change in customer account balances in a period including, but not limited to, gross premiums, surrenders, withdrawals and benefits. It excludes investment performance, interest credited to customer accounts and policy charges.
Net long-term flows - Net change of assets under management in a period which includes new sales net of redemptions of mutual funds and terminations of separately managed accounts and cash flow which includes both cash invested or withdrawn by existing clients. In addition, cash flow includes fees received from certain clients. It excludes the impact of the markets.
Premiums and deposits - Amounts a policyholder agrees to pay for an insurance policy or annuity contract that may be paid in one or a series of payments as defined by the terms of the policy or contract.
Pre-tax operating margin - Calculated as operating earnings, before income taxes, divided by revenue.
Protection Solutions Benefit Ratio - Calculated as the 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.


2Q 2024 Financial Supplement						37


Return of Premium (“ROP”) death benefit - This death benefit pays the greater of the account value at the time of a claim following the owner’s death or the total contributions to the contract (subject to adjustment for withdrawals). The charge for this benefit is usually included in the M&E fee that is deducted daily from the net assets in each variable investment option. We also refer to this death benefit as the Return of Principal death benefit.
Return on Assets - Calculated as trailing twelve months operating earnings (loss), 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.


2Q 2024 Financial Supplement						38

Analyst Coverage, Ratings & Contact Information

Analyst Coverage

Firm

Analyst

Phone Number

Citi

Michael Ward

1 (212) 816-4269

Deutsche Bank

Cave Montazeri

1 (212) 250-2798

Dowling & Partners

Joel Hurwitz

1 (860) 676-7312

Evercore ISI

Thomas Gallagher

1 (212) 446-9439

Goldman Sachs

Alex Scott

1 (212) 902-9592

Jefferies

Suneet Kamath

1 (212) 778-8602

J.P. Morgan

Jimmy Bhullar

1 (212) 622-6397

Keefe, Bruyette, & Woods

Ryan Krueger

1 (860) 722-5930

Morgan Stanley

Bob Jian Huang

1 (212) 761-6136

Raymond James

Wilma Burdis

1 (727) 567-9371

Truist Securities

Mark Hughes

1 (615) 748-4422

UBS

Brian Meredith

1 (212) 713-2492

Wells Fargo Securities

Elyse Greenspan

1 (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. Best

S&P

Moody’s

Last review date

Feb '24

May '24

Financial Strength Ratings:

Equitable Financial Life Insurance Company

A+

Equitable Financial Life Insurance Company of America

A+

Credit Ratings:

Equitable Holdings, Inc.

bbb+

A-

Baa1

AllianceBernstein L.P. (1)

—

Investor and Media Contacts

Contact Investor Relations

Contact Media Relations

Erik Bass

Thomas Lewis

Rowan Clymer

Sophia Kim

(212) 314-2476

(212) 314-2010

IR@equitable.com

MediaRelations@equitable.com

ir.equitableholdings.com

www.equitableholdings.com

Notes:

(1) Last review dates: S&P as of May '24, Moody’s as of Mar '24.


2Q 2024 Financial Supplement						39

COVER	Jul. 30, 2024
Entity Information [Line Items]
Document Type	8-K
Document Period End Date	Jul. 30, 2024
Entity Registrant Name	Equitable Holdings, Inc.
Entity Incorporation, State or Country Code	DE
Entity File Number	001-38469
Entity Tax Identification Number	90-0226248
Entity Address, Address Line One	1345 Avenue of the Americas
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10105
City Area Code	212
Local Phone Number	554-1234
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Entity Central Index Key	0001333986
Amendment Flag	false
Common Stock \| New York Stock Exchange
Entity Information [Line Items]
Title of 12(b) Security	Common Stock
Trading Symbol	EQH
Security Exchange Name	NYSE
Depositary Shares, each representing a 1/1,000th interest in a share of Fixed Rate Noncumulative Perpetual Preferred Stock, Series A \| New York Stock Exchange
Entity Information [Line Items]
Title of 12(b) Security	Depositary Shares, each representing a 1/1,000th interest in a share of Fixed Rate Noncumulative Perpetual Preferred Stock, Series A
Trading Symbol	EQH PR A
Security Exchange Name	NYSE
Depositary Shares, each representing a 1/1,000th interest in a share of Fixed Rate Noncumulative Perpetual Preferred Stock, Series C \| New York Stock Exchange
Entity Information [Line Items]
Title of 12(b) Security	Depositary Shares, each representing a 1/1,000th interest in a share of Fixed Rate Noncumulative Perpetual Preferred Stock, Series C
Trading Symbol	EQH PR C
Security Exchange Name	NYSE

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