Document


	For the Three Months Ended or As of																	For the Nine Months Ended or As of
(in millions USD, unless otherwise indicated)	9/30/2024			12/31/2024			3/31/2025			6/30/2025			9/30/2025			Change		9/30/2024			9/30/2025			Change

Net income (loss)	$	28		$	1,008		$	150		$	(283)		$	(1,215)		N/M		$	788		$	(1,348)		(271.1)	%
Net income (loss) attributable to the noncontrolling interest	(160)			(116)			(87)			(66)			(94)			41.3	%	(400)			(247)			38.3	%
Net income (loss) attributable to Holdings	$	(132)		$	892		$	63		$	(349)		$	(1,309)		(891.7)	%	$	388		$	(1,595)		(511.1)	%

Non-GAAP Operating Earnings (1)	$	517		$	515		$	421		$	352		$	455		(12.0)	%	$	1,489		$	1,228		(17.5)	%

Total equity attributable to Holdings' shareholders	$	3,201		$	1,565		$	2,401		$	1,149		$	148		(95.4)	%	$	3,201		$	148		(95.4)	%
Less: Preferred Stock	1,562			1,507			1,507			1,228			1,068			(31.6)	%	1,562			1,068			(31.6)	%
Total equity attributable to Holdings' common shareholders	1,639			58			894			(79)			(920)			(156.1)	%	1,639			(920)			(156.1)	%
Less: Accumulated other comprehensive income (loss)	(6,601)			(8,712)			(7,567)			(7,432)			(6,191)			6.2	%	(6,601)			(6,191)			6.2	%
Total equity attributable to Holdings' common shareholders (ex. AOCI)	$	8,240		$	8,770		$	8,461		$	7,353		$	5,271		(36.0)	%	$	8,240		$	5,271		(36.0)	%

Return on Equity (ex. AOCI) (TTM)	(4.5)		%	14.0		%	13.7		%	4.9		%	(10.4)		%			(4.5)		%	(10.4)		%
Non-GAAP Operating ROE (TTM) (1)	21.7		%	22.4		%	21.9		%	21.1		%	22.4		%			21.7		%	22.4		%

Debt to capital:
Debt to Capital (ex. AOCI)	28.1		%	27.2		%	30.3		%	33.5		%	37.7		%			28.1		%	37.7		%
Adjusted debt to capital (ex. AOCI) (4)	28.1		%	27.2		%	28.6		%	31.6		%	35.3		%			28.1		%	35.3		%

Adjusted capital metrics:
Total equity adjustment for Holdings' portion of AB's market value (3)	$	3,309		$	3,684		$	4,003		$	4,982		$	4,443		34.3	%	$	3,309		$	4,443		34.3	%
Book value with AB at market value per common share (ex. AOCI)	$	36.61		$	40.19		$	40.69		$	40.89		$	33.59		(8.2)	%	$	36.61		$	33.59		(8.2)	%
Adjusted debt to capital with AB at market value (ex. AOCI) (4)	22.6		%	21.5		%	22.3		%	22.8		%	24.5		%			22.6		%	24.5		%

Per common share:
Diluted earnings per common share: (2)
Net income (loss) attributable to Holdings	$	(0.46)		$	2.74		$	0.16		$	(1.21)		$	(4.47)		(871.7)	%	$	1.02		$	(5.43)		(632.4)	%
Non-GAAP Operating Earnings (1)	$	1.58		$	1.55		$	1.30		$	1.10		$	1.48		(6.3)	%	$	4.38		$	3.90		(11.0)	%
Book value per common share	$	5.20		$	0.19		$	2.92		$	(0.26)		$	(3.18)		(161.2)	%	$	5.20		$	(3.18)		(161.2)	%
Book value per common share (ex. AOCI)	$	26.12		$	28.30		$	27.62		$	24.37		$	18.23		(30.2)	%	$	26.12		$	18.23		(30.2)	%

Weighted-average common shares outstanding:
Basic	318.2			312.2			307.8			303.2			296.2			(6.9)	%	324.2			302.4			(6.7)	%
Diluted	318.2			316.5			311.9			303.2			296.2			(6.9)	%	327.7			302.4			(7.7)	%

Ending common shares outstanding	315.5			309.9			306.3			301.7			289.2			(8.3)	%	315.5			289.2			(8.3)	%

Return to common shareholders:

Common stock dividend	$	76		$	75		$	74		$	82		$	81				$	227		$	237
Repurchase of common shares	254			260			261			236			676					754			1,173
Total capital returned to common shareholders	$	330		$	335		$	335		$	318		$	757				$	981		$	1,410





Notes:


(1) This measure is a Non-GAAP financial measure. For an explanation of our use of Non-GAAP financial measures, refer to the “Use of Non-GAAP Financial Measures” and "Glossary of Selected Financial and Product Terms" sections of this document. For a reconciliation of this item to the most directly comparable GAAP measure, refer to the “Non-GAAP Reconciliation” section in this document.
(2) For loss periods, dilutive shares were not included in the calculation of net income (loss) available to shareholders per common share or Non-GAAP Operating Earnings per common share as inclusion of such shares would have an anti-dilutive effect.
(3) Adjustment for AB market value represents the difference between EQH economic interest in AB's total units multiplied by AB's total units and EQH economic interest in AB's Total Partners' Capital Attributable to AB Unitholders ex. AOCI. As of September 30, 2025, June 30, 2025, March 31, 2025, December 31, 2024 and September 30, 2024, AB's total units, including General Partnership units ABLP units, were 295.2 million, 295.0 million, 295.2 million, 295.1 million, and 288.4 million, respectively. This is a pro-forma calculation, not the figures recorded in our financial statements.
(4) Adjusted to reflect 50% equity credit for $500 million of Junior Subordinated debt issued during Q1’25.

Consolidated Statements of Income (Loss)


	For the Three Months Ended												For the Nine Months Ended
(in millions USD, unless otherwise indicated)	9/30/2024		12/31/2024		3/31/2025		6/30/2025		9/30/2025		Change		9/30/2024		9/30/2025		Change

Revenues
Policy charges and fee income	$	626	$	638	$	636	$	626	$	471	(24.8)	%	$	1,857	$	1,733	(6.7)	%
Premiums	312		293		304		260		258		(17.3)	%	879		822		(6.5)	%
Net derivative gains (losses)	(714)		(253)		799		(1,374)		(1,117)		(56.4)	%	(2,298)		(1,692)		26.4	%
Net investment income (loss)	1,308		1,196		1,248		1,355		1,343		2.7	%	3,685		3,946		7.1	%
Investment gains (losses), net	(46)		(32)		(14)		(71)		(1,170)		N/M		(101)		(1,255)		N/M
Investment management and service fees	1,287		1,458		1,285		1,272		1,316		2.3	%	3,805		3,873		1.8	%
Other income	300		315		318		294		349		16.3	%	983		961		(2.2)	%
Total revenues	3,073		3,615		4,576		2,362		1,450		(52.8)	%	8,810		8,388		(4.8)	%

Benefits and other deductions
Policyholders’ benefits	663		689		759		787		452		(31.8)	%	2,007		1,998		(0.4)	%
Remeasurement of liability for future policy benefits	(1)		(3)		(2)		(13)		59		N/M		(3)		44		N/M
Change in market risk benefits and purchased market risk benefits	97		(817)		672		(606)		(353)		(463.9)	%	(1,123)		(287)		74.4	%
Interest credited to policyholders’ account balances	701		614		678		796		798		13.8	%	1,879		2,272		20.9	%
Compensation and benefits	571		683		601		592		601		5.3	%	1,768		1,794		1.5	%
Commissions and distribution-related payments	485		511		501		488		537		10.7	%	1,385		1,526		10.2	%
Interest expense	55		52		55		61		61		10.9	%	174		177		1.7	%
Amortization of deferred policy acquisition costs	184		186		188		193		203		10.3	%	525		584		11.2	%
Other operating costs and expenses	329		513		950		427		440		33.7	%	1,309		1,817		38.8	%
Total benefits and other deductions	3,084		2,428		4,402		2,725		2,798		(9.3)	%	7,921		9,925		25.3	%

Income (loss) from operations, before income taxes	(11)		1,187		174		(363)		(1,348)		N/M		889		(1,537)		(272.9)	%
Income tax (expense) benefit	39		(179)		(24)		80		133		241.0	%	(101)		189		287.1	%
Net income (loss)	28		1,008		150		(283)		(1,215)		N/M		788		(1,348)		(271.1)	%
Less: net (income) loss attributable to the noncontrolling interest	(160)		(116)		(87)		(66)		(94)		41.3	%	(400)		(247)		38.3	%
Net income (loss) attributable to Holdings	$	(132)	$	892	$	63	$	(349)	$	(1,309)	(891.7)	%	$	388	$	(1,595)	(511.1)	%
Less: Preferred stock dividends	(14)		(26)		(14)		(18)		(16)		(14.3)	%	(54)		(48)		11.1	%
Net income (loss) available to Holdings' common shareholders	$	(146)	$	866	$	49	$	(367)	$	(1,325)	(807.5)	%	$	334	$	(1,643)	(591.9)	%

Adjustments related to:
Variable annuity product features (1)	$	756	$	(530)	$	211	$	934	$	978			$	1,167	$	2,123
Investment (gains) losses, net (2)	46		32		14		71		1,170				101		1,255

Net actuarial (gains) losses related to pension and other postretirement benefit obligations	13		16		11		11		19				44		41
Other adjustments (3)	1		34		205		(137)		(164)				59		(96)
Income tax expense (benefit) related to above adjustments	(172)		94		(92)		(185)		(437)				(288)		(714)
Non-recurring tax items	5		(23)		9		7		198				18		214
Non-GAAP Operating earnings (4)	$	517	$	515	$	421	$	352	$	455			$	1,489	$	1,228

Notes:

(1) As a result of the novation of certain Legacy VA policies completed during the first quarter of 2025, the Company recorded a loss of $499 million in pre-tax net income and an increase of $263 million in pre-tax AOCI, for a total impact loss of $236 million for the three months ended March 31, 2025 and nine months ended September 30, 2025.
(2) Includes $1.1 billion as a result of assets transferred related to the reinsurance transaction with RGA for the three and nine months ended September 30, 2025.
(3) Includes a loss of $165 million on Non-VA derivatives for the three months ended March 31, 2025 and a gain of $198 million on Non-VA derivatives for the three months ended June 30, 2025, respectively and a gain of $223 million and $256 million on Non-VA derivatives for the three and nine months ended September 30, 2025, respectively. Also includes $(8) million and $6 million of expense related to a disputed billing practice of an AB third-party service provider for the three and nine months ended September 30, 2025, respectively and certain gross legal expenses related to the COI litigation of $106 million for the nine months ended September 30, 2024.




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


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

Assets
Total investments	$	114,246	$	116,441	$	118,908	$	121,798	$	116,505
Cash and cash equivalents	9,579		6,964		8,164		14,957		13,604
Cash and securities segregated, at fair value	547		500		772		483		425
Broker-dealer related receivables	1,898		1,961		1,931		1,933		1,996
Deferred policy acquisition costs	7,031		7,170		7,262		7,361		7,430
Goodwill and other intangible assets, net	5,388		5,371		5,356		5,342		5,327
Amounts due from reinsurers	8,068		7,899		7,523		7,501		20,132


Current and deferred income taxes	1,707		2,003		1,687		1,749		2,337
Purchased market risk benefits	8,492		7,376		5,976		5,543		5,415
Other assets	3,738		4,462		4,574		3,962		3,677

Assets for market risk benefits	740		863		644		776		762
Separate Accounts assets	137,407		134,717		124,569		131,683		136,905
Total assets	$	298,841	$	295,727	$	287,366	$	303,088	$	314,515

Liabilities
Policyholders’ account balances	$	107,404	$	110,929	$	112,793	$	123,359	$	129,561
Liability for market risk benefits	13,197		11,810		10,864		10,187		10,301
Future policy benefits and other policyholders’ liabilities	17,936		17,613		17,372		17,557		17,611
Broker-dealer related payables	1,382		775		642		1,454		1,367

Customers related payables	1,795		1,933		2,135		1,885		1,740
Amounts due to reinsurers	1,426		1,421		1,357		1,350		1,451
Short-term debt	—		—		—		—		—
Long-term debt	3,831		3,833		4,330		4,332		3,833



Notes issued by consolidated variable interest entities, at fair value using the fair value option	1,744		2,116		2,110		2,471		2,530
Other liabilities	6,540		7,032		6,700		5,847		7,268

Separate Accounts liabilities	137,407		134,717		124,569		131,683		136,905
Total liabilities	292,662		292,179		282,872		300,125		312,567
Redeemable noncontrolling interest	1,223		125		289		358		344

Equity
Preferred stock	1,562		1,507		1,507		1,228		1,068
Common stock	5		5		5		5		5
Additional paid-in capital	2,343		2,336		2,305		1,901		1,917
Treasury shares	(4,072)		(4,198)		(4,296)		(4,423)		(5,011)
Retained earnings	9,964		10,627		10,447		9,870		8,360
Accumulated other comprehensive income (loss)	(6,601)		(8,712)		(7,567)		(7,432)		(6,191)
Total equity attributable to Holdings	3,201		1,565		2,401		1,149		148
Noncontrolling interest	1,755		1,858		1,804		1,456		1,456
Total equity	4,956		3,423		4,205		2,605		1,604
Total liabilities, redeemable noncontrolling interest and equity	$	298,841	$	295,727	$	287,366	$	303,088	$	314,515


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

Short-term and long-term debt:







Total short-term debt	$	—		$	—		$	—		$	—		$	—

Total long-term debt	3,831			3,833			4,330			4,332			3,833

Total short-term and long-term debt: [A]	$	3,831		$	3,833		$	4,330		$	4,332		$	3,833

Equity:
Preferred stock	$	1,562		$	1,507		$	1,507		$	1,228		$	1,068
Common stock	5			5			5			5			5
Additional paid-in capital	2,343			2,336			2,305			1,901			1,917
Treasury stock, at cost	(4,072)			(4,198)			(4,296)			(4,423)			(5,011)
Retained earnings	9,964			10,627			10,447			9,870			8,360
Accumulated other comprehensive income (loss)	(6,601)			(8,712)			(7,567)			(7,432)			(6,191)
Total equity attributable to Holdings	3,201			1,565			2,401			1,149			148
Noncontrolling interest	1,755			1,858			1,804			1,456			1,456
Total equity	$	4,956		$	3,423		$	4,205		$	2,605		$	1,604

Total equity attributable to Holdings, (ex. AOCI): [B]	$	9,802		$	10,277		$	9,968		$	8,581		$	6,339

Capital:
Total capitalization	$	7,032		$	5,398		$	6,731		$	5,481		$	3,981
Total capitalization (ex. AOCI): [A+B] (2)	$	13,633		$	14,110		$	14,298		$	12,913		$	10,172

Debt to capital:
Debt to capital (ex. AOCI) (1)	28.1		%	27.2		%	30.3		%	33.5		%	37.7		%
Adjusted debt to capital (ex. AOCI) (2)	28.1		%	27.2		%	28.6		%	31.6		%	35.3		%
Adjusted debt to capital with AB at market value (ex. AOCI) (2)	22.6		%	21.5		%	22.3		%	22.8		%	24.5		%

	For the Three Months Ended
Roll-forward of common shares outstanding (millions of shares):
Beginning balance	321.6			315.5			309.9			306.3			301.7
Repurchases	(3.4)			(2.6)			(2.3)			(2.4)			(10.9)
Retirements	(2.8)			(3.1)			(2.7)			(2.4)			(1.8)
Issuances	0.1			0.1			1.4			0.2			0.2
Ending basic common shares outstanding	315.5			309.9			306.3			301.7			289.2
Total potentially dilutive shares	3.4			3.6			4.1			3.0			3.6
Ending common shares outstanding - maximum potential dilution	318.9			313.5			310.4			304.7			292.8
Notes:


Operating Earnings (Loss) by Segment and Corporate and Other (1/2)

	For the Three Months Ended September 30, 2025
(in millions USD, unless otherwise indicated)	Retirement		Asset Management		Wealth Management		Corporate and Other		Eliminations		Consolidated
Revenues
Policy charges, fee income and premiums	$	296	$	—	$	—	$	433	$	—	$	729
Net investment income (loss)	1,112		14		3		187		34		1,350
Net derivative gains (losses)	(2)		(4)		—		(13)		2		(17)
Investment management, service fees and other income	182		1,134		496		134		(271)		1,675
Segment revenues	1,588		1,144		499		741		(235)		3,737
Benefits and other deductions
Policyholders’ benefits	73		—		—		438		—		511
Remeasurement of liability for future policy benefits	(1)		—		—		16		—		15

Interest credited to policyholders’ account balances	685		—		—		96		—		781
Commissions and distribution-related payments	153		209		320		82		(227)		537
Amortization of deferred policy acquisition costs	153		—		—		50		—		203
Compensation and benefits, interest expense and financing fees and other operating costs and expense	86		642		101		222		(8)		1,043
Segment benefits and other deductions	1,149		851		421		904		(235)		3,090
Operating earnings (loss), before income taxes	439		293		78		(163)		—		647
Income Taxes	(38)		(46)		(19)		8		—		(95)
Operating earnings (loss), before noncontrolling interest	401		247		59		(155)		—		552
Less: Operating (earnings) loss attributable to the noncontrolling interest	—		(93)		—		(4)		—		(97)
Operating earnings (loss)	$	401	$	154	$	59	$	(159)	$	—	$	455

	For the Three Months Ended September 30, 2024
	Retirement		Asset Management		Wealth Management		Corporate and Other		Eliminations		Consolidated
Revenues
Policy charges, fee income and premiums	$	305	$	—	$	—	$	633	$	—	$	938
Net investment income (loss)	959		17		4		248		28		1,256
Net derivative gains (losses)	(5)		(16)		—		(6)		6		(21)
Investment Management, service fees and other income	180		1,085		445		145		(255)		1,600
Segment revenues	1,439		1,086		449		1,020		(221)		3,773
Benefits and other deductions
Policyholders’ benefits	83		—		—		580		—		663
Remeasurement of liability for future policy benefits	1		—		—		(2)		—		(1)

Interest credited to policyholders’ account balances	520		—		—		150		—		670
Commissions and distribution-related payments	136		192		281		88		(212)		485
Amortization of deferred policy acquisition costs	135		—		—		49		—		184
Compensation and benefits, interest expense and financing fees and other operating costs and expense	80		641		103		195		(9)		1,010
Segment benefits and other deductions	955		833		384		1,060		(221)		3,011
Operating earnings (loss), before income taxes	484		253		65		(40)		—		762
Income Taxes	(68)		(42)		(16)		4		—		(122)
Operating earnings (loss), before noncontrolling interest	416		211		49		(36)		—		640
Less: Operating (earnings) loss attributable to the noncontrolling interest	—		(100)		—		(23)		—		(123)
Operating earnings (loss)	$	416	$	111	$	49	$	(59)	$	—	$	517


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

	For the Nine Months Ended September 30, 2025
(in millions USD, unless otherwise indicated)	Retirement		Asset Management		Wealth Management		Corporate and Other		Eliminations		Consolidated
Revenues
Policy charges, fee income and premiums	$	889	$	—	$	—	$	1,666	$	—	$	2,555
Net investment income (loss)	3,140		39		8		695		90		3,972
Net derivative gains (losses)	(12)		(28)		—		(16)		12		(44)
Investment Management, service fees and other income	510		3,315		1,422		389		(797)		4,839
Segment revenues	4,527		3,326		1,430		2,734		(695)		11,322
Benefits and other deductions
Policyholders’ benefits	241		—		—		1,816		—		2,057
Remeasurement of liability for future policy benefits	(2)		—		—		2		—		—

Interest credited to policyholders’ account balances	1,847		—		—		402		—		2,249
Commissions and distribution-related payments	440		607		909		237		(667)		1,526
Amortization of deferred policy acquisition costs	435		—		—		149		—		584
Compensation and benefits, interest expense and financing fees and other operating costs and expense	261		1,890		315		660		(28)		3,098
Segment benefits and other deductions	3,222		2,497		1,224		3,266		(695)		9,514
Operating earnings (loss), before income taxes	1,305		829		206		(532)		—		1,808
Income Taxes	(176)		(135)		(52)		74		—		(289)
Operating earnings (loss), before noncontrolling interest	1,129		694		154		(458)		—		1,519
Less: Operating (earnings) loss attributable to the noncontrolling interest	—		(283)		—		(8)		—		(291)
Operating earnings (loss)	$	1,129	$	411	$	154	$	(466)	$	—	$	1,228

	For the Nine Months Ended September 30, 2024
	Retirement		Asset Management		Wealth Management		Corporate and Other		Eliminations		Consolidated
Revenues
Policy charges, fee income and premiums	$	874	$	—	$	—	$	1,862	$	—	$	2,736
Net investment income (loss)	2,695		32		12		812		71		3,622
Net derivative gains (losses)	(16)		(22)		—		(17)		17		(38)
Investment Management, service fees and other income	502		3,220		1,300		440		(752)		4,710
Segment revenues	4,055		3,230		1,312		3,097		(664)		11,030
Benefits and other deductions
Policyholders’ benefits	238		—		—		1,769		—		2,007
Remeasurement of liability for future policy benefits	(1)		—		—		(2)		—		(3)

Interest credited to policyholders’ account balances	1,400		—		—		447		—		1,847
Commissions and distribution-related payments	383		545		823		260		(626)		1,385
Amortization of deferred policy acquisition costs	378		—		—		147		—		525
Compensation and benefits, interest expense and financing fees and other operating costs and expense	249		1,946		306		629		(38)		3,092
Segment benefits and other deductions	2,647		2,491		1,129		3,250		(664)		8,853
Operating earnings (loss), before income taxes	1,408		739		183		(153)		—		2,177
Income Taxes	(200)		(128)		(48)		25		—		(351)
Operating earnings (loss), before noncontrolling interest	1,208		611		135		(128)		—		1,826
Less: Operating (earnings) loss attributable to the noncontrolling interest	—		(293)		—		(44)		—		(337)
Operating earnings (loss)	$	1,208	$	318	$	135	$	(172)	$	—	$	1,489


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



AB AUM
Total AB	$	805.9		$	792.2		$	784.5		$	829.1		$	860.1
Exclusion for General Account and other Affiliated Accounts	(85.0)			(84.2)			(87.4)			(90.0)			(85.3)
Exclusion for Separate Accounts	(48.4)			(47.3)			(44.7)			(47.8)			(50.4)
AB third party	$	672.6		$	660.7		$	652.4		$	691.3		$	724.4

Total Company AUM
AB third party	$	672.6		$	660.7		$	652.4		$	691.3		$	724.4
General Account and other Affiliated Accounts (1) (3) (4) (6)	123.8			123.4			127.1			136.8			130.1
Separate Accounts (2) (3) (4) (6)	137.4			134.7			124.6			131.7			136.9
Total AUM	$	933.8		$	918.8		$	904.0		$	959.7		$	991.4

Total AUA (5)	$	101.5		$	101.7		$	102.1		$	110.3		$	118.2
Total AUM/A	$	1,035.3		$	1,020.5		$	1,006.1		$	1,070.0		$	1,109.6

Market Values:
S&P 500	5,762			5,882			5,612			6,205			6,688
US 10-Year Treasury	3.7		%	4.6		%	4.2		%	4.2		%	4.2		%



Notes:


(1) “General Account and other Affiliated Accounts” refers to assets held in the general accounts of our insurance companies and other assets on which we bear the investment risk.
(2) “Separate Accounts” refers to the separate account investment assets of our insurance subsidiaries excluding any assets on which we bear the investment risk.
(3) As of September 30, 2025, June 30, 2025, March 31, 2025, December 31, 2024 and September 30, 2024, Separate Account is inclusive of $8.4 billion, $8.2 billion, $7.9 billion, $12.3 billion and $12.8 billion & General Account AUM is inclusive of $30 million, $31 million, $31 million, $43 million and $44 million, respectively, Account Value ceded to Venerable.
(4) As of September 30, 2025, June 30, 2025, March 31, 2025, December 31, 2024 and September 30, 2024, Separate Account is inclusive of $3.1 billion, $7.0 billion, $6.5 billion, $6.9 billion and $7.1 billion & General Account AUM is inclusive of $7.2 billion, $3.1 billion, $3.2 billion, $3.2 billion and $3.3 billion, respectively, Account Value ceded to Global Atlantic.
(5) Includes Advisory, Brokerage and Direct assets included in our Wealth Management segment.
(6) As of September 30, 2025, Separate Account is inclusive of $15 billion & General Account AUM is inclusive of $2.7 billion, respectively, Account Value ceded to RGA.


	For the Three Months Ended or As of																	For the Nine Months Ended or As of
(in millions USD, unless otherwise indicated)	9/30/2024			12/31/2024			3/31/2025			6/30/2025			9/30/2025			Change		9/30/2024			9/30/2025			Change

Revenues
Policy charges, fee income and premiums	$	305		$	305		$	306		$	287		$	296		(3.0)	%	$	874		$	889		1.7	%
Net investment income (loss)	959			942			983			1,045			1,112			16.0	%	2,695			3,140			16.5	%
Net derivative gains (losses)	(5)			(6)			(5)			(5)			(2)			60.0	%	(16)			(12)			25.0	%
Investment management, service fees and other income	180			183			167			161			182			1.1	%	502			510			1.6	%
Segment revenues	1,439			1,424			1,451			1,488			1,588			10.4	%	4,055			4,527			11.6	%

Benefits and other deductions
Policyholders’ benefits	83			86			92			76			73			(12.0)	%	238			241			1.3	%
Remeasurement of liability for future policy benefits	1			(1)			(1)			—			(1)			(200.0)	%	(1)			(2)			(100.0)	%

Interest credited to policyholders’ account balances	520			530			530			632			685			31.7	%	1,400			1,847			31.9	%
Commissions and distribution-related payments	136			143			142			145			153			12.5	%	383			440			14.9	%
Amortization of deferred policy acquisition costs	135			135			139			143			153			13.3	%	378			435			15.1	%
Compensation and benefits, interest expense and financing fees and other operating costs and expense	80			93			104			71			86			7.5	%	249			261			4.8	%
Segment benefits and other deductions	955			986			1,006			1,067			1,149			20.3	%	2,647			3,222			21.7	%

Operating earnings (loss), before income taxes	484			438			445			421			439			(9.3)	%	1,408			1,305			(7.3)	%
Income taxes	(68)			(55)			(68)			(70)			(38)			44.1	%	(200)			(176)			12.0	%
Operating earnings (loss), before noncontrolling interest	416			383			377			351			401			(3.6)	%	1,208			1,129			(6.5)	%
Less: Operating (earnings) loss attributable to the noncontrolling interest	—			—			—			—			—			—	%	—			—			—	%
Operating earnings (loss)	$	416		$	383		$	377		$	351		$	401		(3.6)	%	$	1,208		$	1,129		(6.5)	%

Summary Metrics

Operating earnings (loss) (TTM)	$	1,641		$	1,591		$	1,586		$	1,527		$	1,512		(7.9)	%	$	1,641		$	1,512		(7.9)	%

Average asset value (TTM)	$	140,673		$	145,408		$	149,051		$	153,648		$	158,988		13.0	%	$	140,673		$	158,988		13.0	%

Return on assets (TTM)	1.37		%	1.27		%	1.24		%	1.16		%	1.10		%			1.37		%	1.10		%

Net flows	$	1,664		$	1,614		$	1,624		$	1,919		$	1,120		(32.7)	%	$	5,439		$	4,663		(14.3)	%

Additional Detail

Net investment income (loss):
Investment income, excluding alternatives	$	939		$	925		$	953		$	1,025		$	1,089		16.0	%	$	2,632		$	3,067		16.5	%
Alternative investment income	20			17			30			20			23			15.0	%	63			73			15.9	%
Total Net investment income (loss)	$	959		$	942		$	983		$	1,045		$	1,112		16.0	%	$	2,695		$	3,140		16.5	%

Net interest margin	$	434		$	406		$	448		$	408		$	425		(2.1)	%	$	1,279		$	1,281		0.2	%


Retirement - Asset Value Rollforward

	For the Three Months Ended or As of										For the Nine Months Ended or As of
(in millions USD, unless otherwise indicated)	9/30/2024		12/31/2024		3/31/2025		6/30/2025		9/30/2025		9/30/2024		9/30/2025











General Account:
Account value balance, beginning of period	$	70,835	$	75,842	$	78,361	$	79,820	$	87,413	$	61,339	$	78,361
Premiums and deposits (1)	3,860		3,877		4,529		4,288		4,219		11,755		13,036
Surrenders, withdrawals and benefits	(1,704)		(1,787)		(1,840)		(1,891)		(2,186)		(4,813)		(5,917)
Net flows	2,156		2,090		2,689		2,397		2,033		6,942		7,119
Change in market value and reinvestment	1,342		(843)		1,706		584		658		1,681		2,948
Change in fair value of embedded derivative instruments	1,509		1,272		(2,936)		4,612		3,721		5,880		5,397

Account value balance, end of period	75,842		78,361		79,820		87,413		93,825		75,842		93,825
Embedded derivative value, end of period	16,043		17,000		13,816		18,097		21,215		16,043		21,215
Account value balance, end of period (net of embedded derivatives)	59,799		61,361		66,004		69,316		72,610		59,799		72,610
Total spread lending balances, end of period	12,973		12,908		13,943		16,315		16,755		12,973		16,755
Reserves, end of period (excluding MRBs)	5,164		5,107		4,842		4,995		5,177		5,164		5,177
Balance, end of period, General Account asset value	$	77,936	$	79,376	$	84,789	$	90,626	$	94,542	$	77,936	$	94,542

Separate Accounts:
Account value balance, beginning of period	$	70,694	$	73,886	$	72,837	$	69,788	$	74,029	$	67,139	$	72,837
Premiums and deposits (1)	1,950		2,141		1,524		1,876		1,779		5,520		5,179
Surrenders, withdrawals and benefits	(2,442)		(2,617)		(2,589)		(2,354)		(2,692)		(7,023)		(7,635)
Net flows	(492)		(476)		(1,065)		(478)		(913)		(1,503)		(2,456)
Change in market value and reinvestment	3,684		(573)		(1,984)		4,719		4,015		8,250		6,750


Balance, end of period, Separate Accounts asset value	$	73,886	$	72,837	$	69,788	$	74,029	$	77,131	$	73,886	$	77,131

Total:
Account value balance, beginning of period	$	141,529	$	149,728	$	151,198	$	149,608	$	161,442	$	128,478	$	151,198
Premiums and deposits (1)	5,810		6,018		6,053		6,164		5,998		17,275		18,215
Surrenders, withdrawals and benefits	(4,146)		(4,404)		(4,429)		(4,245)		(4,878)		(11,836)		(13,552)
Net flows	1,664		1,614		1,624		1,919		1,120		5,439		4,663
Change in market value and reinvestment	5,026		(1,416)		(278)		5,303		4,673		9,931		9,698
Change in fair value of embedded derivative instruments	1,509		1,272		(2,936)		4,612		3,721		5,880		5,397

Account value balance, end of period	149,728		151,198		149,608		161,442		170,956		149,728		170,956
Embedded derivative value, end of period	16,043		17,000		13,816		18,097		21,215		16,043		21,215
Account value balance, end of period (net of embedded derivatives)	133,685		134,198		135,792		143,345		149,741		133,685		149,741
Total spread lending balances, end of period	12,973		12,908		13,943		16,315		16,755		12,973		16,755
Reserves, end of period (excluding MRBs)	5,164		5,107		4,842		4,995		5,177		5,164		5,177
Balance, end of period, total asset value	$	151,822	$	152,213	$	154,577	$	164,655	$	171,673	$	151,822	$	171,673
Notes:
(1) Excludes deposits from certain other products reported as first year premiums and deposits or renewal premiums and deposits elsewhere in this document.


	For the Three Months Ended or As of																	For the Nine Months Ended or As of
(in millions USD, unless otherwise indicated)	9/30/2024			12/31/2024			3/31/2025			6/30/2025			9/30/2025			Change		9/30/2024			9/30/2025			Change

Revenues
Net investment income (loss)	$	17		$	(5)		$	3		$	22		$	14		(17.6)	%	$	32		$	39		21.9	%
Net derivative gains (losses)	(16)			15			(13)			(11)			(4)			75.0	%	(22)			(28)			(27.3)	%
Investment management, service fees and other income	1,085			1,239			1,098			1,083			1,134			4.5	%	3,220			3,315			3.0	%
Segment revenues	1,086			1,249			1,088			1,094			1,144			5.3	%	3,230			3,326			3.0	%

Benefits and other deductions
Commissions and distribution-related payments	192			197			201			197			209			8.9	%	545			607			11.4	%
Compensation and benefits, interest expense and financing fees and other operating costs and expense	641			707			614			634			642			0.2	%	1,946			1,890			(2.9)	%
Segment benefits and other deductions	833			904			815			831			851			2.2	%	2,491			2,497			0.2	%

Operating earnings (loss), before income taxes	253			345			273			263			293			15.8	%	739			829			12.2	%
Income taxes	(42)			(50)			(41)			(48)			(46)			(9.5)	%	(128)			(135)			(5.5)	%
Operating earnings (loss), before noncontrolling interest	211			295			232			215			247			17.1	%	611			694			13.6	%
Less: Operating (earnings) loss attributable to the noncontrolling interest	(100)			(134)			(106)			(84)			(93)			7.0	%	(293)			(283)			3.4	%
Operating earnings (loss)	$	111		$	161		$	126		$	131		$	154		38.7	%	$	318		$	411		29.2	%

Summary Metrics

Adjusted operating margin (1)	31.3		%	36.4		%	33.7		%	32.3		%	34.2		%			30.8		%	33.4		%

Net flows (in billions USD)	$	1.1		$	(4.8)		$	2.4		$	(6.7)		$	(2.3)				$	2.5		$	(6.6)

Total AUM (in billions USD)	$	805.9		$	792.2		$	784.5		$	829.1		$	860.1				$	805.9		$	860.1

Ownership Structure of AB

Holdings and its subsidiaries	60.0		%	61.9		%	61.8		%	61.9		%	68.5		%			60.0		%	68.5		%
AB Holding	39.3		%	37.5		%	37.5		%	37.5		%	30.8		%			39.3		%	30.8		%
Unaffiliated holders	0.7		%	0.6		%	0.7		%	0.6		%	0.7		%			0.7		%	0.7		%
Total	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%			100.0		%	100.0		%

EQH economic interest	61.6		%	61.9		%	61.9		%	68.6		%	68.5		%			61.6		%	68.5		%
EQH average economic interest	61.4		%	61.8		%	61.9		%	68.6		%	68.6		%			61.2		%	66.3		%

Units of limited partnership outstanding (in millions)	285.6			292.1			292.3			292.1			292.2					285.6			292.2

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.


	For the Three Months Ended or As of																	For the Nine Months Ended or As of
(in millions USD, unless otherwise indicated)	9/30/2024			12/31/2024			3/31/2025			6/30/2025			9/30/2025			Change		9/30/2024			9/30/2025			Change

AB revenues
Base fees	$	785		$	798		$	782		$	772		$	821		4.6	%	$	2,250		$	2,375		5.6	%
Performance fees
Private markets (1)	24			67			20			22			19			(20.8)	%	69			61			(11.6)	%
Public markets	2			66			19			8			1			(50.0)	%	26			28			7.7	%
Bernstein Research Services	—			—			—			—			—			—	%	96			—			(100.0)	%
Investment gains (losses)	—			6			(11)			8			8			100.0	%	7			5			(28.6)	%
Dividend & interest revenue	36			34			32			31			32			(11.1)	%	119			95			(20.2)	%
Other revenues	19			20			14			19			19			—	%	55			52			(5.5)	%
Total AB revenues	866			991			856			860			900			3.9	%	2,622			2,616			(0.2)	%
Less: broker-dealer related interest expense	21			18			18			16			15			(28.6)	%	67			49			(26.9)	%
AB adjusted net revenues	845			973			838			844			885			4.7	%	2,555			2,567			0.5	%

AB expenses
Compensation and fringes	406			447			406			409			429			5.7	%	1,243			1,244			0.1	%
Other employment costs	8			10			8			10			10			25.0	%	26			28			7.7	%
Total AB compensation and benefits	414			457			414			419			439			6.0	%	1,269			1,272			0.2	%
Promotion and servicing	30			40			30			34			30			—	%	109			94			(13.8)	%
General and administrative	137			122			111			118			113			(17.5)	%	391			342			(12.5)	%
Total AB adjusted operating expenses	581			619			555			571			582			0.2	%	1,769			1,708			(3.4)	%

AB adjusted operating income, before income taxes	264			354			283			273			303			14.8	%	786			859			9.3	%
Interest on borrowings	8			6			7			9			7			(12.5)	%	37			23			(37.8)	%
Other (2)	3			3			3			1			3			—	%	10			7			(30.0)	%
Operating earnings (loss), before income taxes	253			345			273			263			293			15.8	%	739			829			12.2	%
Income taxes	(42)			(50)			(41)			(48)			(46)			(9.5)	%	(128)			(135)			(5.5)	%
Operating earnings (loss), before noncontrolling interest	211			295			232			215			247			17.1	%	611			694			13.6	%
Less: Operating (earnings) loss attributable to the noncontrolling interest	(100)			(134)			(106)			(84)			(93)			7.0	%	(293)			(283)			3.4	%
Operating earnings (loss)	$	111		$	161		$	126		$	131		$	154		38.7	%	$	318		$	411		29.2	%

Adjusted operating margin (3)	31.3		%	36.4		%	33.7		%	32.3		%	34.2		%			30.8		%	33.4		%
Compensation ratio	48.0		%	45.9		%	48.4		%	48.5		%	48.5		%			48.6		%	48.5		%

Notes:
(1) Private Market strategies eligible for performance fees include: AB-Private Credit Investors (“AB-PCI”), US and EU Commercial Real Estate Debt, and AB CarVal.
(2) Includes amortization expense of intangible assets associated with EQH purchase of AB and equity income/loss associated with certain AB equity method investments.
(3) 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.


	For the Three Months Ended or As of
(in billions USD, unless otherwise indicated)	9/30/2024		12/31/2024		3/31/2025		6/30/2025		9/30/2025

AUM Roll-forward
Balance as of beginning of period	$	769.5	$	805.9	$	792.2	$	784.5	$	829.1
Sales/new accounts	35.5		33.6		36.1		27.9		42.4
Redemptions/terminations	(26.4)		(29.2)		(29.7)		(30.7)		(27.8)
Cash flow/unreinvested dividends	(8.0)		(9.2)		(4.0)		(3.9)		(16.9)
Net long-term (outflows) inflows	1.1		(4.8)		2.4		(6.7)		(2.3)
Adjustment (1)	—		0.7		—		—		—

Market appreciation (depreciation)	35.3		(9.6)		(10.1)		51.3		33.3
Net change	36.4		(13.7)		(7.7)		44.6		31.0
Balance as of end of period	$	805.9	$	792.2	$	784.5	$	829.1	$	860.1

Ending Assets by distribution channel
Institutions	$	335.2	$	321.4	$	324.1	$	340.0	$	351.4
Retail	334.5		334.3		324.1		344.7		356.2
Private Wealth	136.2		136.5		136.3		144.4		152.5
Total	$	805.9	$	792.2	$	784.5	$	829.1	$	860.1

Ending Assets by investment service
Equity
Actively Managed	$	271.3	$	263.4	$	249.0	$	273.4	$	281.3
Passively Managed (2)	68.9		68.3		65.8		70.8		77.3
Total Equity	$	340.2	$	331.7	$	314.8	$	344.2	$	358.6
Fixed Income
Actively Managed	$	287.4	$	285.5	$	290.0	$	294.0	$	300.1
Passively Managed (2)	11.4		10.3		10.1		10.2		10.1
Total Fixed Income	298.8		295.8		300.1		304.2		310.2
Total Alternatives/Multi-Asset Solutions (3)	166.9		164.7		169.6		180.7		191.3
Total	$	805.9	$	792.2	$	784.5	$	829.1	$	860.1

Notes:

(1) This adjustment is due to a change in fee policy related to certain fixed income assets effective October 1, 2024.
(2) Includes index and enhanced index services.
(3) Includes certain multi-asset solutions and services not included in equity or fixed income services.


Asset Management - Net Flows

	For the Three Months Ended										For the Nine Months Ended
(in billions USD, unless otherwise indicated)	9/30/2024		12/31/2024		3/31/2025		6/30/2025		9/30/2025		9/30/2024		9/30/2025
Net Flows by Distribution Channel
Institutions
US	$	1.7	$	(0.2)	$	2.7	$	2.8	$	(2.1)	$	2.2	$	3.4
Global and Non-US	(6.1)		(6.0)		(2.0)		(4.3)		0.3		(12.6)		(6.0)
Total Institutions	$	(4.4)	$	(6.2)	$	0.7	$	(1.5)	$	(1.8)	$	(10.4)	$	(2.6)
Retail
US	$	4.0	$	4.3	$	3.0	$	(1.6)	$	(2.3)	$	8.5	$	(0.9)
Global and Non-US	1.4		(3.2)		(2.1)		(3.2)		0.6		3.8		(4.7)
Total Retail	$	5.4	$	1.1	$	0.9	$	(4.8)	$	(1.7)	$	12.3	$	(5.6)
Private Wealth
US	$	0.2	$	0.5	$	1.6	$	0.1	$	1.3	$	1.1	$	3.0
Global and Non-US	(0.1)		(0.2)		(0.8)		(0.5)		(0.1)		(0.5)		(1.4)
Total Private Wealth	$	0.1	$	0.3	$	0.8	$	(0.4)	$	1.2	$	0.6	$	1.6
Total Net Flows by Distribution Channel	$	1.1	$	(4.8)	$	2.4	$	(6.7)	$	(2.3)	$	2.5	$	(6.6)
Net Flows by Investment Service
Equity Active
US	$	(0.3)	$	(4.1)	$	(0.3)	$	(3.3)	$	(6.3)	$	(3.4)	$	(9.9)
Global and Non-US	(4.2)		(3.3)		(2.2)		(2.7)		(0.1)		(13.4)		(5.0)
Total Equity Active	$	(4.5)	$	(7.4)	$	(2.5)	$	(6.0)	$	(6.4)	$	(16.8)	$	(14.9)
Equity Passive (1)
US	$	(0.7)	$	(1.1)	$	(0.1)	$	—	$	(1.1)	$	(4.6)	$	(1.2)
Global and Non-US	(0.4)		(0.3)		0.3		(1.9)		2.3		(0.6)		0.7
Total Equity Passive (1)	$	(1.1)	$	(1.4)	$	0.2	$	(1.9)	$	1.2	$	(5.2)	$	(0.5)
Fixed Income - Taxable
US	$	1.5	$	3.2	$	2.2	$	2.0	$	(2.7)	$	7.5	$	1.5
Global and Non-US	1.2		(3.9)		(3.6)		(3.5)		(1.5)		4.2		(8.6)
Total Fixed Income - Taxable	$	2.7	$	(0.7)	$	(1.4)	$	(1.5)	$	(4.2)	$	11.7	$	(7.1)
Fixed Income - Tax-Exempt
US	$	3.3	$	5.5	$	2.4	$	1.2	$	4.1	$	8.1	$	7.7
Global and Non-US	—		—		—		—		—		—		—
Total Fixed Income - Tax-Exempt	$	3.3	$	5.5	$	2.4	$	1.2	$	4.1	$	8.1	$	7.7
Fixed Income - Passive (1)
US	$	(0.2)	$	(0.1)	$	(0.4)	$	(0.1)	$	(0.1)	$	(0.3)	$	(0.6)
Global and Non-US	(0.1)		(0.5)		(0.1)		—		(0.1)		(0.1)		(0.2)
Total Fixed Income - Passive (1)	$	(0.3)	$	(0.6)	$	(0.5)	$	(0.1)	$	(0.2)	$	(0.4)	$	(0.8)
Alternatives/Multi-Asset Solutions (2)
US	$	2.3	$	1.2	$	3.5	$	1.5	$	3.0	$	4.5	$	8.0
Global and Non-US	(1.3)		(1.4)		0.7		0.1		0.2		0.6		1.0
Total Alternatives/Multi-Asset Solutions (2)	$	1.0	$	(0.2)	$	4.2	$	1.6	$	3.2	$	5.1	$	9.0
Total Net Flows by Investment Service	$	1.1	$	(4.8)	$	2.4	$	(6.7)	$	(2.3)	$	2.5	$	(6.6)
Active vs. Passive Net Flows
Actively Managed
Equity	$	(4.5)	$	(7.4)	$	(2.5)	$	(6.0)	$	(6.4)	$	(16.8)	$	(14.9)
Fixed Income	6.0		4.8		1.0		(0.4)		—		19.8		0.6
Alternatives/Multi-Asset Solutions (2)	0.7		(0.4)		4.2		1.6		3.0		4.2		8.7
Total	$	2.2	$	(3.0)	$	2.7	$	(4.8)	$	(3.4)	$	7.2	$	(5.6)
Passively Managed (1)
Equity	$	(1.2)	$	(1.4)	$	0.2	$	(1.9)	$	1.1	$	(5.2)	$	(0.6)
Fixed Income	(0.3)		(0.6)		(0.5)		(0.1)		(0.2)		(0.4)		(0.8)
Alternatives/Multi-Asset Solutions (2)	0.4		0.2		—		0.1		0.2		0.9		0.4
Total	$	(1.1)	$	(1.8)	$	(0.3)	$	(1.9)	$	1.1	$	(4.7)	$	(1.0)
Total Active vs Passive Net Flows	$	1.1	$	(4.8)	$	2.4	$	(6.7)	$	(2.3)	$	2.5	$	(6.6)
Notes:

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


	For the Three Months Ended or As of																	For the Nine Months Ended or As of
(in millions USD, unless otherwise indicated)	9/30/2024			12/31/2024			3/31/2025			6/30/2025			9/30/2025			Change		9/30/2024			9/30/2025			Change

Revenues

Net investment income (loss)	$	4		$	5		$	3		$	2		3			(25.0)	%	$	12		$	8		(33.3)	%

Investment management, service fees and other income	445			474			459			467			496			11.5	%	1,300			1,422			9.4	%
Segment revenues	449			479			462			469			499			11.1	%	1,312			1,430			9.0	%

Benefits and other deductions




Commissions and distribution-related payments	281			310			293			296			320			13.9	%	823			909			10.4	%

Compensation and benefits, interest expense and financing fees and other operating costs and expense	103			110			109			105			101			(1.9)	%	306			315			2.9	%
Segment benefits and other deductions	384			420			402			401			421			9.6	%	1,129			1,224			8.4	%

Operating earnings (loss), before income taxes	65			59			60			68			78			20.0	%	183			206			12.6	%
Income taxes	(16)			(12)			(15)			(18)			(19)			(18.8)	%	(48)			(52)			(8.3)	%
Operating earnings (loss), before noncontrolling interest	49			47			45			50			59			20.4	%	135			154			14.1	%
Less: Operating (earnings) loss attributable to the noncontrolling interest	—			—			—			—			—			—	%	—			—			—	%
Operating earnings (loss)	$	49		$	47		$	45		$	50		$	59		20.4	%	$	135		$	154		14.1	%

Summary Metrics

Pre-tax operating margin	14.5		%	12.3		%	13.0		%	14.5		%	15.6		%			13.9		%	14.4		%

Advisory net new assets	$	2,064		$	1,139		$	1,981		$	2,027		$	2,210		7.1	%	$	3,627		$	6,218		71.4	%

Total AUA	$	101,487		$	101,695		$	102,057		$	110,265		$	118,196		16.5	%	$	101,487		$	118,196		16.5	%

Revenue by Activity Type

Investment management, service fees and other income:
Investment management and advisory fees	$	167		$	179		$	181		$	184		197			18.0	%	$	477		562			17.8	%
Distribution fees	262			281			263			268			280			6.9	%	775			811			4.6	%
Interest income	12			11			11			10			11			(8.3)	%	37			32			(13.5)	%
Service and other income	4			3			4			5			8			100.0	%	11			17			54.5	%
Total Investment management, service fees and other income	$	445		$	474		$	459		$	467		496			11.5	%	$	1,300		1,422			9.4	%


	For the Three Months Ended or As of												For the Nine Months Ended or As of
(in millions USD, unless otherwise indicated)	9/30/2024		12/31/2024		3/31/2025		6/30/2025		9/30/2025		Change		9/30/2024		9/30/2025		Change

Revenues
Policy charges, fee income and premiums	$	633	$	626	$	634	$	599	$	433	(31.6)	%	$	1,862	$	1,666	(10.5)	%
Net investment income (loss)	248		261		231		277		187		(24.6)	%	812		695		(14.4)	%
Net derivative gains (losses)	(6)		—		9		(12)		(13)		(116.7)	%	(17)		(16)		5.9	%
Investment management, service fees and other income	145		151		139		116		134		(7.6)	%	440		389		(11.6)	%
Segment revenues	1,020		1,038		1,013		980		741		(27.4)	%	3,097		2,734		(11.7)	%

Benefits and other deductions
Policyholders’ benefits	580		603		667		711		438		(24.5)	%	1,769		1,816		2.7	%
Remeasurement of liability for future policy benefits	(2)		(2)		(1)		(13)		16		900.0	%	(2)		2		200.0	%

Interest credited to policyholders’ account balances	150		127		133		173		96		(36.0)	%	447		402		(10.1)	%
Commissions and distribution-related payments	88		92		83		72		82		(6.8)	%	260		237		(8.8)	%
Amortization of deferred policy acquisition costs	49		51		49		50		50		2.0	%	147		149		1.4	%
Compensation and benefits, interest expense and financing fees and other operating costs and expense	195		260		228		210		222		13.8	%	629		660		4.9	%
Segment benefits and other deductions	1,060		1,131		1,159		1,203		904		(14.7)	%	3,250		3,266		0.5	%

Operating earnings (loss), before income taxes	(40)		(93)		(146)		(223)		(163)		(307.5)	%	(153)		(532)		(247.7)	%
Income taxes	4		14		22		44		8		100.0	%	25		74		196.0	%
Operating earnings (loss), before noncontrolling interest	(36)		(79)		(124)		(179)		(155)		(330.6)	%	(128)		(458)		(257.8)	%
Less: Operating (earnings) loss attributable to the noncontrolling interest	(23)		3		(3)		(1)		(4)		82.6	%	(44)		(8)		81.8	%
Operating earnings (loss)	$	(59)	$	(76)	$	(127)	$	(180)	$	(159)	(169.5)	%	$	(172)	$	(466)	(170.9)	%

Additional Detail

Net investment income (loss):
Investment income, excluding alternatives	$	222	$	249	$	215	$	249	$	148	(33.3)	%	$	754	$	612	(18.8)	%
Alternative investment income	26		12		16		28		39		50.0	%	58		83		43.1	%
Total Net investment income (loss)	$	248	$	261	$	231	$	277	$	187	(24.6)	%	$	812	$	695	(14.4)	%


Corporate and Other - Select Operating Metrics

	For the Three Months Ended or As of															For the Nine Months Ended or As of
(in millions USD, unless otherwise indicated)	9/30/2024			12/31/2024			3/31/2025			6/30/2025			9/30/2025			9/30/2024			9/30/2025

Individual Life (Net of Reinsurance)
First Year Premiums and Deposits:
Variable Universal Life	$	90		$	112		$	90		$	99		$	91		$	256		$	280
Other	6			5			5			4			4			17			13
Total First Year Premiums and Deposits	$	96		$	117		$	95		$	103		$	95		$	273		$	293

Renewal Premiums and Deposits:
Universal Life/ Indexed Universal Life	$	242		$	214		$	224		$	206		$	121		$	712		$	551
Variable Universal Life	249			279			272			262			179			759			713
Other	84			85			85			79			41			258			205
Total Renewal Premiums and Deposits	$	575		$	578		$	581		$	547		$	341		$	1,729		$	1,469

Total Premiums and Deposits	$	671		$	695		$	676		$	650		$	436		$	2,002		$	1,762

Individual Life Benefit Ratio	81.8		%	86.4		%	105.3		%	113.5		%	93.9		%	84.9		%	106.0		%

Individual Life In-force Face Amount (in billions USD)	$	354.4		$	354.1		$	353.0		$	352.1		$	113.4		$	354.4		$	113.4

Employee Benefits
First Year Premiums and Deposits	$	32		$	31		$	35		$	31		$	33		$	89		$	99
Renewal Premiums and Deposits	81			84			85			86			87			236			258
Total Premiums and Deposits	$	113		$	115		$	120		$	117		$	120		$	325		$	357

Legacy Annuity
Net flows	$	(712)		$	(787)		$	(719)		$	(580)		$	(634)		$	(2,037)		$	(1,933)
Account value - balance, end of period	$	22,254		$	21,358		$	19,912		$	20,490		$	20,939		$	22,254		$	20,939

Net Amount at Risk (NAR)
Total GMIB NAR	$	2,692		$	2,390		$	2,706		$	2,489		$	2,370		$	2,692		$	2,370
Total GMDB NAR	$	8,472		$	8,602		$	9,034		$	8,411		$	7,958		$	8,472		$	7,958
MRB Reserves (Net of Reinsurance)	$	3,416		$	3,136		$	3,532		$	3,271		$	3,418		$	3,416		$	3,418


	Balances as of
(in millions USD, unless otherwise indicated)	December 31, 2024				September 30, 2025
	Amount (1)		% of Total		Amount (1)		% of Total
Composition of investment portfolio
Fixed maturities, available-for-sale, at fair value	$	76,641	62.1	%	$	75,851	58.3	%
Fixed maturities, at fair value using the fair value option	2,053		1.7	%	2,416		1.9	%
Mortgage loans on real estate	20,072		16.3	%	22,150		17.0	%
Policy loans	4,330		3.5	%	1,855		1.4	%
Other equity investments	3,719		3.0	%	3,821		2.9	%
Other invested assets	8,537		6.9	%	8,852		6.8	%
Subtotal investment assets	115,352		93.5	%	114,945		88.3	%
Trading securities	1,089		0.9	%	1,560		1.2	%
Total investments	116,441		94.4	%	116,505		89.5	%
Cash and cash equivalents	6,964		5.6	%	13,604		10.5	%
Total	$	123,405	100.0	%	$	130,109	100.0	%

General Account AFS Fixed maturities by industry (Based on amortized cost)
Corporate securities:
Finance	$	16,080	19.1	%	$	14,053	17.5	%
Manufacturing	12,499		14.8	%	10,068		12.5	%
Utilities	8,476		10.1	%	7,763		9.7	%
Services	8,899		10.6	%	7,031		8.7	%
Energy	2,546		3.0	%	2,338		2.9	%
Retail and wholesale	2,979		3.5	%	3,180		4.0	%

Transportation	1,559		1.9	%	2,125		2.6	%
Other	1,665		2.0	%	384		0.4	%
Total corporate securities	54,703		65.0	%	46,942		58.3	%
U.S. government and agency	5,801		6.9	%	5,042		6.3	%
Residential mortgage-backed (2)	4,520		5.4	%	6,589		8.2	%
Preferred stock	56		0.1	%	54		0.1	%
State & political	472		0.6	%	388		0.5	%
Foreign governments	689		0.8	%	595		0.7	%
Commercial mortgage-backed	4,301		5.1	%	4,825		6.0	%
Asset-backed securities	13,660		16.2	%	15,981		19.9	%
Total	$	84,202	100.0	%	$	80,416	100.0	%

General Account AFS Fixed maturities credit quality (3) (Based on amortized cost)
Aaa, Aa, A (NAIC Designation 1)	$	56,266	66.8	%	$	55,454	69.0	%
Baa (NAIC Designation 2)	26,255		31.2	%	23,555		29.3	%
Investment grade	82,521		98.0	%	79,009		98.3	%
Below investment grade (NAIC Designation 3 and 4)	1,681		2.0	%	1,407		1.7	%
Total	$	84,202	100.0	%	$	80,416	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.


	For the Nine Months Ended or As of								Year Ended or As of
(in millions USD, unless otherwise indicated)	September 30, 2024				September 30, 2025				December 31, 2024
	Yield		Amount (2)		Yield		Amount (2)		Yield		Amount (2)
Fixed Maturities:
Income (loss)	4.39	%	$	2,535	4.37	%	$	2,771	4.39	%	$	3,447
Ending assets			81,072				80,416				84,202
Mortgages:
Income (loss)	5.12	%	718		4.97	%	786		5.14	%	973
Ending assets			19,238				22,150				20,072
Other Equity Investments (1):
Income (loss)	5.98	%	159		5.70	%	151		5.75	%	203
Ending assets			3,540				3,527				3,495
Trading Securities:
Income	4.81	%	9		10.63	%	54		5.07	%	16
Ending assets			497				863				527
Policy Loans:
Income	5.27	%	167		4.83	%	142		5.31	%	225
Ending assets			4,293				1,855				4,330
Cash and Short-term Investments:
Income (loss)	4.64	%	207		4.03	%	233		4.89	%	266
Ending assets			5,045				10,200				3,259









Total Net Investment Income:
Investment income	4.94	%	3,795		4.54	%	4,137		4.63	%	5,130
Less: investment fees	(0.18)	%	(137)		(0.16)	%	(148)		0.16	%	(180)
Investment income, net	4.76	%	$	3,658	4.38	%	$	3,989	4.46	%	$	4,950
General Account Ending Net Assets			$	113,685			$	119,011			$	115,885
Operating Earnings adjustments:

AB and other non-General Account investment income (loss)			(36)				(17)				(85)
Operating Net investment income (loss)			$	3,622			$	3,972			$	4,865
Notes:

(1) Includes, as of September 30, 2024, September 30, 2025 and December 31, 2024, $412 million, $424 million and $431 million of other invested assets. Amounts for certain consolidated VIE investments are shown net of associated non-controlling interest.
(2) Amount for fixed maturities and mortgages represents original cost, reduced by repayments, write-downs, adjusted amortization of premiums, accretion of discount and allowances. Cost for equity securities represents original cost reduced by write-downs; cost for other limited partnership interests represents original cost adjusted for equity in earnings and reduced by distributions.


In addition to our results presented in accordance with U.S. GAAP, we report Non-GAAP Operating Earnings, and Non-GAAP operating common EPS, each of which is a measure that is not determined in accordance with U.S. GAAP. Management principally uses these Non-GAAP financial measures in evaluating performance because they present a clearer picture of our operating performance and they allow management to allocate resources. Similarly, management believes that the use of these Non-GAAP financial measures, together with relevant U.S. GAAP measures, provide investors with a better understanding of our results of operations and the underlying profitability drivers and trends of our business. These Non-GAAP financial measures are intended to remove from our results of operations the impact of market changes (where there is a mismatch in the valuation of assets and liabilities) as well as certain other expenses which are not part of our underlying profitability drivers or likely to re-occur in the foreseeable future, as such items fluctuate from period-to-period in a manner inconsistent with these drivers. These measures should be considered supplementary to our results that are presented in accordance with U.S. GAAP and should not be viewed as a substitute for the U.S. GAAP measures. Other companies may use similarly titled Non-GAAP financial measures that are calculated differently from the way we calculate such measures. Consequently, our Non-GAAP financial measures may not be comparable to similar measures used by other companies.
We also discuss certain operating measures, including AUM, AUA, AV, policy reserves and certain other operating measures, which management believes provide useful information about our businesses and the operational factors underlying our financial performance.
Non-GAAP Operating Earnings
Non-GAAP Operating Earnings is an after-tax Non-GAAP financial measure used to evaluate our financial performance on a consolidated basis that is determined by making certain adjustments to our consolidated after-tax net income attributable to Holdings. The most significant of such adjustments relates to our derivative positions, which protect economic value and statutory capital, and the variable annuity product MRBs. This is a large source of volatility in net income.
Non-GAAP Operating Earnings equals our consolidated after-tax net income attributable to Holdings adjusted to eliminate the impact of the following items:
•			Items related to variable annuity product features, which include: (i) changes in the fair value of MRB and purchased MRB, including the related attributed fees and claims, offset by derivatives and other securities used to hedge the MRB which result in residual net income volatility as the change in fair value of certain securities is reflected in OCI and due to our statutory capital hedge program; and (ii) market adjustments to deposit asset or liability accounts arising from reinsurance agreements which do not expose the reinsurer to a reasonable possibility of a significant loss from insurance risk;
•			Investment (gains) losses, which includes credit loss impairments of securities/investments, sales or disposals of securities/investments, realized capital gains/losses and valuation allowances;
•			Net actuarial (gains) losses, which includes actuarial gains and losses as a result of differences between actual and expected experience on pension plan assets or projected benefit obligation during a given period related to pension, other postretirement benefit obligations, and the one-time impact of the settlement of the defined benefit obligation;
•			Other adjustments, which primarily include restructuring costs related to severance and separation, lease write-offs related to non-recurring restructuring activities, net derivative gains (losses) on certain Non-GMxB derivatives, net investment income from certain items including consolidated VIE investments, seed capital mark-to-market adjustments, unrealized gain/losses and realized capital gains/losses from sales or disposals of select securities, certain legal accruals; 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 when the majority of the impact relates to the non-core business; 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 third quarter of 2025, the Company updated its net investment income (“NII”) segment reporting to better align with our GAAP segments, as well as the reporting of our spread lending programs' income and expenses. Previously, direct and allocated segment NII were recorded based on assets tied to statutory asset tagging and net statutory liabilities for allocation. To better align with our GAAP segments, the Company changed the recording methodology for direct NII. It is now based on the book yields of assets tied to specific segments, considering general account values plus reserves, net of embedded derivatives. Indirect NII, which was previously allocated based on net statutory liabilities, is now allocated based on general account values and reserves, net of embedded derivatives. Additionally, revenues and expenses from our spread lending programs are now primarily recorded within the Retirement segment. Previously, spread lending revenues and expenses were recorded in Corporate and Other, with the excess of revenues over expenses allocated to the insurance segments based on net statutory liabilities. Prior periods have been revised to reflect these changes.
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.


	For the Three Months Ended or As of										For the Nine Months Ended or As of
(in millions USD, unless otherwise indicated)	9/30/2024		12/31/2024		3/31/2025		6/30/2025		9/30/2025		9/30/2024		9/30/2025

Net income (loss) attributable to Holdings
Net income (loss) attributable to Holdings	$	(132)	$	892	$	63	$	(349)	$	(1,309)	$	388	$	(1,595)
Adjustments related to:
Variable annuity product features (1)	756		(530)		211		934		978		1,167		2,123
Investment (gains) losses, net (2)	46		32		14		71		1,170		101		1,255

Net actuarial (gains) losses related to pension and other postretirement benefit obligations	13		16		11		11		19		44		41
Other adjustments (3)	1		34		205		(137)		(164)		59		(96)
Income tax expense (benefit) related to above adjustments	(172)		94		(92)		(185)		(437)		(288)		(714)
Non-recurring tax items	5		(23)		9		7		198		18		214
Non-GAAP Operating Earnings	$	517	$	515	$	421	$	352	$	455	$	1,489	$	1,228

Net income (loss) attributable to Holdings	$	(0.42)	$	2.82	$	0.20	$	(1.15)	$	(4.42)	$	1.18	$	(5.27)
Less: Preferred stock dividends	0.04		0.08		0.04		0.06		0.05		0.16		0.16
Net income (loss) available to Holdings' common shareholders	(0.46)		2.74		0.16		(1.21)		(4.47)		1.02		(5.43)
Adjustments related to:
Variable annuity product features (1)	2.38		(1.67)		0.68		3.08		3.30		3.56		7.02
Investment (gains) losses, net (2)	0.14		0.10		0.04		0.23		3.95		0.31		4.15

Net actuarial (gains) losses related to pension and other postretirement benefit obligations	0.04		0.05		0.04		0.04		0.06		0.13		0.14
Other adjustments (3)	—		0.10		0.64		(0.45)		(0.55)		0.19		(0.33)
Income tax expense (benefit) related to above adjustments	(0.54)		0.30		(0.29)		(0.61)		(1.48)		(0.88)		(2.36)
Non-recurring tax items	0.02		(0.07)		0.03		0.02		0.67		0.05		0.71
Non-GAAP Operating Earnings (loss) available to Holdings' common shareholders	$	1.58	$	1.55	$	1.30	$	1.10	$	1.48	$	4.38	$	3.90

Book Value per common share
Book Value per common share	$	5.20	$	0.19	$	2.92	$	(0.26)	$	(3.18)	$	5.20	$	(3.18)
Less: Per share impact of AOCI	(20.92)		(28.11)		(24.70)		(24.63)		(21.41)		(20.92)		(21.41)
Book value per common share (ex. AOCI)	$	26.12	$	28.30	$	27.62	$	24.37	$	18.23	$	26.12	$	18.23



Notes:

(1) As a result of the novation of certain Legacy VA policies completed during the first quarter of 2025, the Company recorded a loss of $499 million in pre-tax net income and an increase of $263 million in pre-tax AOCI, for a total impact loss of $236 million for the three months ended March 31, 2025 and nine months ended September 30, 2025. The impact per common share is $1.60 and $1.65 for the three months ended March 31, 2025 and nine months ended September 30, 2025, respectively.
(2) Includes $1.1 billion as a result of assets transferred related to the reinsurance transaction with RGA for the three and nine months ended September 30, 2025. The impact per common shares are $3.86 and $3.78 for the three and nine months ended September 30, 2025, respectively.
(3) Includes a loss of $165 million or $0.53 on Non-VA derivatives for the three months ended March 31, 2025 and a gain of $198 million or $0.65 on Non-VA derivatives for the three months ended June 30, 2025, respectively and a gain of $223 million or $0.75 and $256 million or $0.85 on Non-VA derivatives for the three and nine months ended September 30, 2025, respectively. Also includes $(8) million or $(0.03) and $6 million or $0.02 of expense related to a disputed billing practice of an AB third-party service provider for the three and nine months ended September 30, 2025, respectively and certain gross legal expenses related to the COI litigation of $106 million or $0.32 for the nine months ended September 30, 2024.


Reconciliation of Non-GAAP Measures (2/3)

	As of and for the Twelve Months Ended
(in millions USD, unless otherwise indicated)	3/31/2025			6/30/2025			9/30/2025

Net Income to Non-GAAP Operating Earnings
Net income (loss) attributable to Holdings	$	1,251		$	474		$	(703)
Adjustments related to:
Variable annuity product features	518			1,371			1,593
Investment (gains) losses	108			163			1,287

Net actuarial (gains) losses related to pension and other postretirement benefit obligations	54			51			57
Other adjustments	207			103			(62)
Income tax expense (benefit) related to above adjustments	(186)			(355)			(620)
Non-recurring tax items	(4)			(2)			191
Non-GAAP Operating Earnings	$	1,948		$	1,805		$	1,743

Return on Equity and Non-GAAP Operating Return on Equity - Trailing twelve months
Net income (loss) attributable to Holdings	$	1,251		$	474		$	(703)
Less: Preferred stock	(80)			(72)			(74)
Net income (loss) available to Holdings' common shareholders	$	1,171		$	402		$	(777)
Average equity attributable to Holdings' common shareholders (ex. AOCI)	$	8,546		$	8,206		$	7,464

Return on Equity (ex. AOCI)	13.7		%	4.9		%	(10.4)		%

Non-GAAP Operating Earnings	$	1,948		$	1,805		$	1,743
Less: Preferred stock	(80)			(72)			(74)
Non-GAAP Operating Earnings available to Holdings' common shareholders	$	1,868		$	1,733		$	1,669
Average equity attributable to Holdings' common shareholders (ex. AOCI)	$	8,546		$	8,206		$	7,464

Non-GAAP Operating Return on Equity (ex. AOCI)	21.9		%	21.1		%	22.4		%


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

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


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

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

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


	For the Three Months Ended or As of										For the Nine Months Ended or As of
(in millions USD, unless otherwise indicated)	9/30/2024		12/31/2024		3/31/2025		6/30/2025		9/30/2025		9/30/2024		9/30/2025

AUA Roll-forward
Advisory assets :
Beginning assets	$	60,134	$	65,267	$	65,839	$	66,795	$	73,293	$	54,978	$	65,839
Net new assets	2,064		1,139		1,981		2,027		2,210		3,627		6,218
Market appreciation (depreciation) and other	3,069		(567)		(1,025)		4,471		3,875		6,662		7,321
Advisory ending assets	$	65,267	$	65,839	$	66,795	$	73,293	$	79,378	$	65,267	$	79,378

Brokerage and direct assets	$	36,220	$	35,856	$	35,263	$	36,972	$	38,818	$	36,220	$	38,818

Total Wealth Management assets	$	101,487	$	101,695	$	102,057	$	110,265	$	118,196	$	101,487	$	118,196

Cash balances	$	2,767	$	3,083	$	2,985	$	3,004	$	3,143	$	2,767	$	3,143

Advisors
Advisors	4,396		4,587		4,502		4,476		4,446		4,396		4,446
Revenue per advisor TTM (in thousands USD)	$	393	$	406	$	410	$	414	$	426	$	393	$	426


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.


	Balances as of
(in millions USD, unless otherwise indicated)	12/31/2023		3/31/2024		6/30/2024		9/30/2024		12/31/2024		3/31/2025		6/30/2025		9/30/2025

Equity Reconciliation - Twelve Month Rolling Average
Total equity attributable to Holdings' shareholders	$	2,882	$	2,442	$	1,953	$	2,357	$	2,089	$	2,191	$	2,079	$	1,316
Less: Preferred Stock	1,562		1,562		1,562		1,562		1,548		1,535		1,451		1,328
Total equity attributable to Holdings' common shareholders	1,320		880		391		795		541		656		628		(12)
Less: Accumulated other comprehensive income (loss)	(7,841)		(8,254)		(8,632)		(7,816)		(8,045)		(7,889)		(7,578)		(7,476)
Total equity attributable to Holdings' common shareholders (ex. AOCI)	$	9,161	$	9,134	$	9,023	$	8,611	$	8,586	$	8,545	$	8,206	$	7,464


Return on Assets - Calculated as trailing twelve months operating earnings (loss), before income taxes, divided by trailing twelve months average account value, net of embedded derivative instruments.
Return on Equity (ex. AOCI) - Calculated as trailing twelve months net income (loss) attributable to Holdings' common shareholders divided by average equity attributable to Holdings' common shareholders, excluding Accumulated Other Comprehensive Income (“AOCI”).
Revenue per advisor - Calculated as trailing twelve months revenue divided by the average number of advisors for each of the most recent four quarters.
Trailing Twelve Months ("TTM") - The twelve calendar months preceding the balance sheet date of a given reporting period.


Table of Contents

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


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



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



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

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

	Additional Information
		Deferred Policy Acquisition Costs Rollforward	27
		Use of Non-GAAP Financial Measures	28
		Reconciliation of Non-GAAP Measures	30
		Glossary of Selected Financial and Product Terms	33
		Analyst Coverage, Ratings & Contact Information	35
		Notes:
		(1) Refers to AllianceBernstein L.P. and AllianceBernstein Holding L.P., collectively


Retirement - Select Operating Metrics

	For the Three Months Ended or As of										For the Nine Months Ended or As of
(in millions USD, unless otherwise indicated)	9/30/2024		12/31/2024		3/31/2025		6/30/2025		9/30/2025		9/30/2024		9/30/2025

Sales Metrics (Net of Reinsurance)
First Year Premiums and Deposits:
Registered indexed-linked annuities (RILA)	$	3,628	$	3,746	$	3,534	$	3,772	$	3,870	$	10,508	$	11,176

Traditional variable annuities	1,188		1,081		1,000		984		962		3,090		2,946
Tax-exempt	311		326		349		297		387		926		1,033
Corporate	115		93		78		70		64		316		212
Institutional	26		108		424		325		87		584		836
Other	43		40		31		64		88		104		183
Total First Year Premiums and Deposits	$	5,311	$	5,394	$	5,416	$	5,512	$	5,458	$	15,528	$	16,386

Renewal Premiums and Deposits:
Tax-exempt	$	381	$	492	$	486	$	512	$	396	$	1,326	$	1,394
Corporate	92		93		103		91		95		284		289

Other	86		95		91		88		91		289		270
Total Renewal Premiums and Deposits	$	559	$	680	$	680	$	691	$	582	$	1,899	$	1,953

Total Premiums and Deposits	$	5,870	$	6,074	$	6,096	$	6,203	$	6,040	$	17,427	$	18,339

Net Amount at Risk (NAR)
Total GMIB NAR	$	31	$	31	$	45	$	52	$	60	$	31	$	60
Total GMWB NAR	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Total GMDB NAR	$	2,714	$	2,986	$	3,277	$	3,058	$	2,907	$	2,714	$	2,907
MRB Reserves (Net of Reinsurance)	$	547	$	436	$	711	$	596	$	706	$	547	$	706


Wealth Management - Operating Earnings (Loss) and Summary Metrics


Reconciliation of Non-GAAP Measures (3/3)

	Balances as of
(in millions USD, unless otherwise indicated)	12/31/2023		3/31/2024		6/30/2024		9/30/2024		12/31/2024		3/31/2025		6/30/2025		9/30/2025

Equity Reconciliation - Quarter-end Balances
Total equity attributable to Holdings' shareholders	$	2,636	$	1,992	$	1,598	$	3,201	$	1,565	$	2,401	$	1,149	$	148
Less: Preferred Stock	1,562		1,562		1,562		1,562		1,507		1,507		1,228		1,068
Total equity attributable to Holdings' common shareholders	1,074		430		36		1,639		58		894		(79)		(920)
Less: Accumulated other comprehensive income (loss)	(7,797)		(8,191)		(8,675)		(6,601)		(8,712)		(7,567)		(7,432)		(6,191)
Total equity attributable to Holdings' common shareholders (ex. AOCI)	$	8,871	$	8,621	$	8,711	$	8,240	$	8,770	$	8,461	$	7,353	$	5,271