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


This financial supplement should be read in conjunction with Equitable Holdings' filings with the Securities and Exchange Commission (“SEC”) can be accessed upon filing at the SEC’s website at www.sec.gov, and at our website at ir.equitableholdings.com.
1Q 2026 Financial Supplement
2







Consolidated Financials
and Key Metrics

1Q 2026 Financial Supplement
3

Key Metrics Summary
For the Three Months Ended or As ofFor the Three Months Ended
(in millions USD, unless otherwise indicated)3/31/20256/30/20259/30/202512/31/20253/31/2026Change3/31/20253/31/2026Change
Net income (loss)$150$(283)$(1,215)$311$731387.3 %$150$731387.3 %
Net income (loss) attributable to the noncontrolling interest(87)(66)(94)(96)(110)(26.4)%(87)(110)(26.4)%
Net income (loss) attributable to Holdings$63$(349)$(1,309)$215$621885.7 %$63$621885.7 %
Non-GAAP Operating Earnings (1)$421$352$455$513$47212.1 %$421$47212.1 %
Total equity attributable to Holdings' shareholders$2,401$1,149$148$(74)$273(88.6)%$2,401$273(88.6)%
Less: Preferred Stock1,5071,2281,0681,0681,068(29.1)%1,5071,068(29.1)%
Total equity attributable to Holdings' common shareholders894(79)(920)(1,142)(795)(188.9)%894(795)(188.9)%
Less: Accumulated other comprehensive income (loss)(7,567)(7,432)(6,191)(6,280)(6,300)16.7 %(7,567)(6,300)16.7 %
Total equity attributable to Holdings' common shareholders (ex. AOCI)$8,461$7,353$5,271$5,138$5,505(34.9)%$8,461$5,505(34.9)%
Return on Equity (ex. AOCI) (TTM)13.7 %4.9 %(10.4)%(22.0)%(15.2)%13.7 %(15.2)%
Non-GAAP Operating ROE (TTM) (1)21.9 %21.1 %22.4 %25.6 %29.8 %21.9 %29.8 %
Debt to capital:
Debt to Capital (ex. AOCI)30.3 %33.5 %37.7 %38.3 %36.9 %30.3 %36.9 %
Adjusted debt to capital (ex. AOCI) (4)
28.6 %31.6 %35.3 %35.9 %34.5 %28.6 %34.5 %
Adjusted capital metrics:
Total equity adjustment for Holdings' portion of AB's market value (3)$4,003$4,982$4,443$4,448$4,2606.4 %$4,003$4,2606.4 %
Book value with AB at market value per common share (ex. AOCI)$40.69$40.89$33.59$33.84$34.70(14.7)%$40.69$34.70(14.7)%
Adjusted debt to capital with AB at market value (ex. AOCI) (4)22.3 %22.8 %24.5 %24.9 %24.5 %22.3 %24.5 %
Per common share:
Diluted earnings per common share: (2)
Net income (loss) attributable to Holdings$0.16$(1.21)$(4.47)$0.70$2.14N/M$0.16$2.14N/M
Non-GAAP Operating Earnings (1)$1.30$1.10$1.48$1.73$1.6224.6 %$1.30$1.6224.6 %
Book value per common share$2.92$(0.26)$(3.18)$(4.03)$(2.83)(196.9)%$2.92$(2.83)(196.9)%
Book value per common share (ex. AOCI)$27.62$24.37$18.23$18.14$19.56(29.2)%$27.62$19.56(29.2)%
Weighted-average common shares outstanding:
Basic307.8303.2296.2285.5281.3(8.6)%307.8281.3(8.6)%
Diluted311.9303.2296.2289.1283.8(9.0)%311.9283.8(9.0)%
Ending common shares outstanding306.3301.7289.2283.3281.4(8.1)%306.3281.4(8.1)%
Return to common shareholders:
Common stock dividend$74$82$81$77$76$74$76
Repurchase of common shares261236676277147261147
Total capital returned to common shareholders$335$318$757$354$223$335$223
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 March 31, 2026, December 31, 2025, September 30, 2025, June 30, 2025 and March 31, 2025, AB's total units, including General Partnership units ABLP units, were $297.6 million, $296.5 million, 295.2 million, 295.0 million and 295.2 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.
1Q 2026 Financial Supplement
4

Consolidated Statements of Income (Loss)
For the Three Months EndedFor the Three Months Ended
(in millions USD, unless otherwise indicated)3/31/20256/30/20259/30/202512/31/20253/31/2026Change3/31/20253/31/2026Change
Revenues
Policy charges and fee income$636 $626 $471 $435 $429 (32.5)%$636 $429 (32.5)%
Premiums304 260 258 224 240 (21.1)%304 240 (21.1)%
Net derivative gains (losses)799 (1,374)(1,117)(363)580 (27.4)%799 580 (27.4)%
Net investment income (loss)1,248 1,355 1,343 1,288 1,284 2.9 %1,248 1,284 2.9 %
Investment gains (losses), net(14)(71)(1,170)(84)(29)(107.1)%(14)(29)(107.1)%
Investment management and service fees1,285 1,272 1,316 1,390 1,327 3.3 %1,285 1,327 3.3 %
Other income318 294 349 387 399 25.5 %318 399 25.5 %
Total revenues4,576 2,362 1,450 3,277 4,230 (7.6)%4,576 4,230 (7.6)%
Benefits and other deductions
Policyholders’ benefits759 787 452 397 385 (49.3)%759 385 (49.3)%
Remeasurement of liability for future policy benefits(2)(13)59 (6)9 550.0 %(2)9 550.0 %
Change in market risk benefits and purchased market risk benefits672 (606)(353)(130)325 (51.6)%672 325 (51.6)%
Interest credited to policyholders’ account balances678 796 798 744 770 13.6 %678 770 13.6 %
Compensation and benefits601 592 601 640 625 4.0 %601 625 4.0 %
Commissions and distribution-related payments501 488 537 567 556 11.0 %501 556 11.0 %
Interest expense55 61 61 47 62 12.7 %55 62 12.7 %
Amortization of deferred policy acquisition costs188 193 203 205 209 11.2 %188 209 11.2 %
Other operating costs and expenses950 427 440 469 402 (57.7)%950 402 (57.7)%
Total benefits and other deductions4,402 2,725 2,798 2,933 3,343 (24.1)%4,402 3,343 (24.1)%
Income (loss) from operations, before income taxes174 (363)(1,348)344 887 409.8 %174 887 409.8 %
Income tax (expense) benefit(24)80 133 (33)(156)(550.0)%(24)(156)(550.0)%
Net income (loss)150 (283)(1,215)311 731 387.3 %150 731 387.3 %
Less: net (income) loss attributable to the noncontrolling interest(87)(66)(94)(96)(110)(26.4)%(87)(110)(26.4)%
Net income (loss) attributable to Holdings$63 $(349)$(1,309)$215 $621 885.7 %$63 $621 885.7 %
Less: Preferred stock dividends(14)(18)(16)(13)(14)— %(14)(14)— %
Net income (loss) available to Holdings' common shareholders$49 $(367)$(1,325)$202 $607 N/M$49 $607 N/M
Adjustments related to:
Variable annuity product features (1)
$211 $934 $978 $258 $(386)$211 $(386)
Investment (gains) losses, net (2)
14 71 1,170 84 29 14 29 
Net actuarial (gains) losses related to pension and other postretirement benefit obligations
11 11 19 9 14 11 14 
Other adjustments (3) (4) (5)
205 (137)(164)21 148 205 148 
Income tax expense (benefit) related to above adjustments
(92)(185)(437)(62)41 (92)41 
Non-recurring tax items9 7 198 (12)5 9 5 
Non-GAAP Operating earnings (6)
$421 $352 $455 $513 $472 $421 $472 
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 for the three months ended March 31, 2025.
(2) Includes $1.1 billion as a result of the assets transferred related to the reinsurance agreement with RGA for the three months ended September 30, 2025.
(3) Includes the following impacts on Non-VA derivatives: a loss of $165 million for the three months ended March 31, 2025, a gain of $198 million for the three months ended June 30, 2025, a gain of $230 million for the three months ended September 30, 2025, a gain of $41 million for the three months ended December 31, 2025 and a loss of $146 million for the three months ended March 31, 2026. Also, for the three months ended June 30, 2025, September 30, 2025, and December 31, 2025, includes $14 million, $(8) million and $6 million, respectively, of expense related to a disputed billing practice of an AB third-party service provider.
(4) For the three months ended March 31, 2025, includes $82 million of the gain on sale on AB's Bernstein Research Service attributable to Holdings.
(5) For the three months ended March 31, 2025, includes $78 million contingent payment gain recognized related to a fair value remeasurement of the contingent payment liability associated with AB's acquisition of CarVal in 2022.
(6) 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.
1Q 2026 Financial Supplement
5

Consolidated Balance Sheets
Balances as of
(in millions USD, unless otherwise indicated)3/31/20256/30/20259/30/202512/31/2025 (1)3/31/2026
Assets
Total investments$118,908 $121,798 $116,505 $121,004 $121,679 
Cash and cash equivalents8,164 14,957 13,604 12,462 9,904 
Cash and securities segregated, at fair value772 483 425 499 351 
Broker-dealer related receivables1,931 1,933 1,996 2,162 2,183 
Deferred policy acquisition costs7,262 7,361 7,430 7,523 7,584 
Goodwill and other intangible assets, net5,356 5,342 5,327 5,309 5,350 
Amounts due from reinsurers7,523 7,501 20,025 20,127 20,373 
Current and deferred income taxes1,687 1,749 2,337 2,577 2,611 
Purchased market risk benefits5,976 5,543 5,415 5,260 5,266 
Other assets4,574 3,962 3,678 3,771 3,936 
Assets for market risk benefits644 776 762 752 675 
Separate Accounts assets124,569 131,683 136,905 136,544 130,470 
Total assets$287,366 $303,088 $314,409 $317,990 $310,382 
Liabilities
Policyholders’ account balances$112,793 $123,359 $129,561 $133,433 $132,662 
Liability for market risk benefits10,864 10,187 10,301 10,153 9,825 
Future policy benefits and other policyholders’ liabilities17,372 17,557 17,611 17,660 17,441 
Broker-dealer related payables642 1,454 1,367 1,370 665 
Customers related payables2,135 1,885 1,740 1,937 1,988 
Amounts due to reinsurers1,357 1,350 1,451 1,542 1,306 
Short-term debt— — — 25 — 
Long-term debt4,330 4,332 3,833 3,835 3,837 
Notes issued by consolidated variable interest entities, at fair value using the fair value option2,110 2,471 2,530 2,702 3,090 
Other liabilities6,700 5,847 7,162 7,001 6,848 
Separate Accounts liabilities124,569 131,683 136,905 136,544 130,470 
Total liabilities282,872 300,125 312,461 316,202 308,132 
Redeemable noncontrolling interest289 358 344 322 390 
Equity
Preferred stock1,507 1,228 1,068 1,068 1,068 
Common stock5 5 5 5 5 
Additional paid-in capital2,305 1,901 1,917 1,932 1,915 
Treasury shares(4,296)(4,423)(5,011)(5,165)(5,190)
Retained earnings10,447 9,870 8,360 8,366 8,775 
Accumulated other comprehensive income (loss)(7,567)(7,432)(6,191)(6,280)(6,300)
Total equity attributable to Holdings2,401 1,149 148 (74)273 
Noncontrolling interest1,804 1,456 1,456 1,540 1,587 
Total equity4,205 2,605 1,604 1,466 1,860 
Total liabilities, redeemable noncontrolling interest and equity$287,366 $303,088 $314,409 $317,990 $310,382 
Notes:
(1) Balances have been revised from previously filed Financial Supplement to reflect final published results.



1Q 2026 Financial Supplement
6

Consolidated Capital Structure
Balances as of
(in millions USD, unless otherwise indicated)3/31/20256/30/20259/30/202512/31/20253/31/2026
Short-term and long-term debt:
Total short-term debt$—$—$—$25$—
Total long-term debt4,3304,3323,8333,8353,837
Total short-term and long-term debt: [A]
$4,330$4,332$3,833$3,860$3,837
Equity:
Preferred stock$1,507$1,228$1,068$1,068$1,068
Common stock55555
Additional paid-in capital2,3051,9011,9171,9321,915
Treasury stock, at cost(4,296)(4,423)(5,011)(5,165)(5,190)
Retained earnings10,4479,8708,3608,3668,775
Accumulated other comprehensive income (loss)(7,567)(7,432)(6,191)(6,280)(6,300)
Total equity attributable to Holdings2,4011,149148(74)273
Noncontrolling interest1,8041,4561,4561,5401,587
Total equity$4,205$2,605$1,604$1,466$1,860
Total equity attributable to Holdings, (ex. AOCI): [B]
$9,968$8,581$6,339$6,206$6,573
Capital:
Total capitalization$6,731$5,481$3,981$3,786$4,110
Total capitalization (ex. AOCI): [A+B] (2)
$14,298$12,913$10,172$10,066$10,410
Debt to capital:
Debt to capital (ex. AOCI) (1)30.3 %33.5 %37.7 %38.3 %36.9 %
Adjusted debt to capital (ex. AOCI) (2)28.6 %31.6 %35.3 %35.9 %34.5 %
Adjusted debt to capital with AB at market value (ex. AOCI) (2)
22.3 %22.8 %24.5 %24.9 %24.5 %
For the Three Months Ended
3/31/20256/30/20259/30/202512/31/20253/31/2026
Roll-forward of common shares outstanding (millions of shares):
Beginning balance309.9306.3301.7289.2283.3
Repurchases(2.3)(2.4)(10.9)(3.3)(1.0)
Retirements(2.7)(2.4)(1.8)(2.6)(2.1)
Issuances1.40.20.2—1.3
Ending basic common shares outstanding306.3301.7289.2283.3281.4
Total potentially dilutive shares4.13.03.63.6—
Ending common shares outstanding - maximum potential dilution310.4304.7292.8286.9281.4
Notes:
(1) Debt to capital ratio exclusive of CLO Warehousing Debt as the VIE debt is non-recourse.
(2) Adjusted to reflect 50% equity credit for $500 million of Junior Subordinated debt issued during Q1’25


1Q 2026 Financial Supplement
7

Operating Earnings (Loss) by Segment and Corporate and Other
For the Three Months Ended March 31, 2026
(in millions USD, unless otherwise indicated)RetirementAsset ManagementWealth ManagementCorporate and OtherEliminationsConsolidated
Revenues
Policy charges, fee income and premiums$307 $— $— $362 $— $669 
Net investment income (loss)1,193 (6)3 39 32 1,261 
Net derivative gains (losses)(6)4 — 2 6 6 
Investment management, service fees and other income185 1,116 538 122 (284)1,677 
Segment revenues1,679 1,114 541 525 (246)3,613 
Benefits and other deductions
Policyholders’ benefits70 — — 315 — 385 
Remeasurement of liability for future policy benefits(1)— — 10 — 9 
Interest credited to policyholders’ account balances737 — — 51 — 788 
Commissions and distribution-related payments171 197 348 78 (238)556 
Amortization of deferred policy acquisition costs160 — — 49 — 209 
Compensation and benefits, interest expense, financing fees and other operating costs and expense92 639 121 154 (8)998 
Segment benefits and other deductions1,229 836 469 657 (246)2,945 
Operating earnings (loss), before income taxes450 278 72 (132)— 668 
Income Taxes(54)(49)(17)15 — (105)
Operating earnings (loss), before noncontrolling interest396 229 55 (117)— 563 
Less: Operating (earnings) loss attributable to the noncontrolling interest— (89)— (2)— (91)
Operating earnings (loss)$396 $140 $55 $(119)$— $472 
For the Three Months Ended March 31, 2025
RetirementAsset ManagementWealth ManagementCorporate and OtherEliminationsConsolidated
Revenues
Policy charges, fee income and premiums$306 $— $— $634 $— $940 
Net investment income (loss)987 3 3 227 25 1,245 
Net derivative gains (losses)(5)(13)— 9 5 (4)
Investment Management, service fees and other income167 1,098 459 139 (260)1,603 
Segment revenues1,455 1,088 462 1,009 (230)3,784 
Benefits and other deductions
Policyholders’ benefits92 — — 667 — 759 
Remeasurement of liability for future policy benefits(1)— — (1)— (2)
Interest credited to policyholders’ account balances530 — — 133 — 663 
Commissions and distribution-related payments142 201 293 83 (218)501 
Amortization of deferred policy acquisition costs139 — — 49 — 188 
Compensation and benefits, interest expense, financing fees and other operating costs and expense104 614 109 228 (12)1,043 
Segment benefits and other deductions1,006 815 402 1,159 (230)3,152 
Operating earnings (loss), before income taxes449 273 60 (150)— 632 
Income Taxes(69)(41)(15)23 — (102)
Operating earnings (loss), before noncontrolling interest380 232 45 (127)— 530 
Less: Operating (earnings) loss attributable to the noncontrolling interest— (106)— (3)— (109)
Operating earnings (loss)$380 $126 $45 $(130)$— $421 
1Q 2026 Financial Supplement
8

Assets Under Management and Administration
Balances as of
(in billions USD, unless otherwise indicated)
3/31/20256/30/20259/30/202512/31/20253/31/2026
AB AUM
Total AB$784.5$829.1$860.1$866.9$838.6
Exclusion for General Account and other Affiliated Accounts
(87.4)(90.0)(85.3)(87.3)(88.8)
Exclusion for Separate Accounts
(44.7)(47.8)(50.4)(51.0)(48.8)
AB third party$652.4$691.3$724.4$728.6$701.0
Total Company AUM
AB third party$652.4$691.3$724.4$728.6$701.0
General Account and other Affiliated Accounts (1) (3) (4) (6)
127.1136.8130.1133.5131.6
Separate Accounts (2) (3) (4) (6)
124.6131.7136.9136.5130.5
Total AUM$904.0$959.7$991.4$998.6$963.1
Total AUA (5)$102.1$110.3$118.2$122.0$131.0
Total AUM/A
$1,006.1$1,070.0$1,109.6$1,120.6$1,094.1
Market Values:
S&P 5005,6126,2056,6886,8466,529
US 10-Year Treasury4.2 %4.2 %4.2 %4.2 %4.3 %
Notes:
(1) “General Account and other Affiliated Accounts” refers to assets held in the general accounts of our insurance companies and other assets on which we bear the investment risk.
(2) “Separate Accounts” refers to the separate account investment assets of our insurance subsidiaries excluding any assets on which we bear the investment risk.
(3) As of March 31, 2026, December 31, 2025, September 30, 2025, June 30, 2025 and March 31, 2025, Separate Accounts AUM is inclusive of $7.6 billion, $8.2 billion, $8.4 billion, $8.2 billion and $7.9 billion & General Account AUM is inclusive of $27 million, $28 million, $30 million, $31 million and $31 million, respectively, ceded to Venerable.
(4) As of March 31, 2026, December 31, 2025, September 30, 2025, June 30, 2025 and March 31, 2025, Separate Accounts AUM is inclusive of $6.8 billion, $7.2 billion, $7.2 billion, $7.0 billion and $6.5 billion & General Account AUM is inclusive of $2.9 billion, $3.0 billion, $3.1 billion, $3.1 billion and $3.2 billion, respectively, ceded to Global Atlantic.
(5) Includes Advisory, Brokerage and Direct assets included in our Wealth Management segment.
(6) As of March 31, 2026, December 31, 2025 and September 30, 2025, Separate Accounts AUM is inclusive of $14.5 billion, $15.1 billion and $15.0 billion & General Account AUM is inclusive of $9.3 billion, $9.3 billion and $9.3 billion, respectively, ceded to RGA.

1Q 2026 Financial Supplement
9





Business Segments:
Operating Earnings Results and Metrics

1Q 2026 Financial Supplement
10

Retirement - Operating Earnings (Loss) and Summary Metrics
For the Three Months Ended or As ofFor the Three Months Ended
(in millions USD, unless otherwise indicated)3/31/20256/30/20259/30/202512/31/20253/31/2026Change3/31/20253/31/2026Change
Revenues
Policy charges, fee income and premiums$306$287$296$328$3070.3 %$306$3070.3 %
Net investment income (loss)9871,0481,1161,1611,19320.9 %9871,19320.9 %
Net derivative gains (losses)(5)(5)(2)(9)(6)(20.0)%(5)(6)(20.0)%
Investment management, service fees and other income16716118218618510.8 %16718510.8 %
Segment revenues1,4551,4911,5921,6661,67915.4 %1,4551,67915.4 %
Benefits and other deductions
Policyholders’ benefits9276738470(23.9)%9270(23.9)%
Remeasurement of liability for future policy benefits(1)—(1)—(1)— %(1)(1)— %
Interest credited to policyholders’ account balances53063268571373739.1 %53073739.1 %
Commissions and distribution-related payments14214515317817120.4 %14217120.4 %
Amortization of deferred policy acquisition costs13914315315616015.1 %13916015.1 %
Compensation and benefits, interest expense, financing fees and other operating costs and expense10471869592(11.5)%10492(11.5)%
Segment benefits and other deductions1,0061,0671,1491,2261,22922.2 %1,0061,22922.2 %
Operating earnings (loss), before income taxes4494244434404500.2 %4494500.2 %
Income taxes(69)(70)(38)(30)(54)21.7 %(69)(54)21.7 %
Operating earnings (loss), before noncontrolling interest3803544054103964.2 %3803964.2 %
Less: Operating (earnings) loss attributable to the noncontrolling interest—————— %——— %
Operating earnings (loss)$380$354$405$410$3964.2 %$380$3964.2 %
Summary Metrics
Operating earnings (loss) (TTM)$1,598$1,537$1,524$1,549$1,565(2.1)%$1,598$1,565(2.1)%
Average asset value (TTM)$149,051$153,648$158,988$163,857$168,54913.1 %$149,051$168,54913.1 %
Return on assets (TTM)1.25 %1.17 %1.11 %1.07 %1.04 %1.25 %1.04 %
Net flows$1,624$1,919$1,120$1,260$1,288(20.7)%$1,624$1,288(20.7)%
Additional Detail
Net investment income (loss):
Investment income, excluding alternatives$957$1,028$1,093$1,128$1,17422.7 %$957$1,17422.7 %
Alternative investment income
3020233319(36.7)%3019(36.7)%
Total Net investment income (loss)$987$1,048$1,116$1,161$1,19320.9 %$987$1,19320.9 %
Net interest margin$452$411$429$439$450(0.4)%$452$450(0.4)%
    
1Q 2026 Financial Supplement
11

Retirement - Select Operating Metrics
For the Three Months Ended or As ofFor the Three Months Ended
(in millions USD, unless otherwise indicated)3/31/20256/30/20259/30/202512/31/20253/31/20263/31/20253/31/2026
Sales Metrics
First Year Premiums and Deposits:
Registered indexed-linked annuities (RILA)$3,534 $3,772 $3,870 $4,190 $4,024 $3,534 $4,024 
Traditional variable annuities1,000 984 962 994 1,087 1,000 1,087 
Tax-exempt (1)
349 297 387 574 511 349 511 
Corporate78 70 64 70 94 78 94 
Institutional424 325 87 87 204 424 204 
Other (1)
31 64 88 60 52 31 52 
Total First Year Premiums and Deposits$5,416 $5,512 $5,458 $5,975 $5,972 $5,416 $5,972 
Renewal Premiums and Deposits:
Tax-exempt (1)
$486 $512 $396 $517 $493 $486 $493 
Corporate103 91 95 91 99 103 99 
Other (1)
91 88 91 98 84 91 84 
Total Renewal Premiums and Deposits$680 $691 $582 $706 $676 $680 $676 
Total Premiums and Deposits
$6,096 $6,203 $6,040 $6,681 $6,648 $6,096 $6,648 
Net Amount at Risk (NAR)
Total GMIB NAR$45 $52 $60 $71 $84 $45 $84 
Total GMWB NAR$— $— $— $— $— $— $— 
Total GMDB NAR$3,277 $3,058 $2,907 $2,957 $3,262 $3,277 $3,262 
MRB Reserves (Net of Reinsurance)$711 $596 $706 $767 $814 $711 $814 
Notes:
(1) Net of reinsurance
1Q 2026 Financial Supplement
12

Retirement - Asset Value Rollforward
For the Three Months Ended or As ofFor the Three Months Ended
(in millions USD, unless otherwise indicated)3/31/20256/30/20259/30/202512/31/20253/31/20263/31/20253/31/2026
General Account:
Account value balance, beginning of period$78,361 $79,820 $87,413 $93,825 $97,628 $78,361 $97,628 
Premiums and deposits (1)
4,529 4,288 4,219 4,718 4,064 4,529 4,064 
Surrenders, withdrawals and benefits(1,840)(1,891)(2,186)(2,429)(2,354)(1,840)(2,354)
Net flows 2,689 2,397 2,033 2,289 1,710 2,689 1,710 
Net flows ceded for third-party flow reinsurance
— — — (181)(395)— (395)
Change in market value, reinvestment
1,706 584 658 609 239 1,706 239 
Change in fair value of embedded derivative instruments(2,936)4,612 3,721 1,086 (2,429)(2,936)(2,429)
Account value balance, end of period79,820 87,413 93,825 97,628 96,753 79,820 96,753 
Embedded derivative value, end of period13,816 18,097 21,215 21,553 18,269 13,816 18,269 
Account value balance, end of period (net of embedded derivatives)
66,004 69,316 72,610 76,075 78,484 66,004 78,484 
Total spread lending balances, end of period13,943 16,315 16,755 17,534 17,064 13,943 17,064 
Reserves, end of period (excluding MRBs)4,842 4,995 5,177 5,300 5,284 4,842 5,284 
Balance, end of period, General Account asset value
$84,789 $90,626 $94,542 $98,909 $100,832 $84,789 $100,832 
Separate Accounts:
Account value balance, beginning of period$72,837 $69,788 $74,029 $77,131 $77,257 $72,837 $77,257 
Premiums and deposits (1)
1,524 1,876 1,779 1,922 2,555 1,524 2,555 
Surrenders, withdrawals and benefits(2,589)(2,354)(2,692)(2,951)(2,977)(2,589)(2,977)
Net flows (1,065)(478)(913)(1,029)(422)(1,065)(422)
Change in market value, reinvestment and other
(1,984)4,719 4,015 1,155 (1,991)(1,984)(1,991)
Balance, end of period, Separate Accounts asset value
$69,788 $74,029 $77,131 $77,257 $74,844 $69,788 $74,844 
Total:
Account value balance, beginning of period$151,198 $149,608 $161,442 $170,956 $174,885 $151,198 $174,885 
Premiums and deposits (1)
6,053 6,164 5,998 6,640 6,619 6,053 6,619 
Surrenders, withdrawals and benefits(4,429)(4,245)(4,878)(5,380)(5,331)(4,429)(5,331)
Net flows 1,624 1,919 1,120 1,260 1,288 1,624 1,288 
Net flows ceded for third-party flow reinsurance
— — — (181)(395)— (395)
Change in market value, reinvestment
(278)5,303 4,673 1,764 (1,752)(278)(1,752)
Change in fair value of embedded derivative instruments(2,936)4,612 3,721 1,086 (2,429)(2,936)(2,429)
Account value balance, end of period149,608 161,442 170,956 174,885 171,597 149,608 171,597 
Embedded derivative value, end of period13,816 18,097 21,215 21,553 18,269 13,816 18,269 
Account value balance, end of period (net of embedded derivatives)
135,792 143,345 149,741 153,332 153,328 135,792 153,328 
Total spread lending balances, end of period13,943 16,315 16,755 17,534 17,064 13,943 17,064 
Reserves, end of period (excluding MRBs)4,842 4,995 5,177 5,300 5,284 4,842 5,284 
Balance, end of period, total asset value
$154,577 $164,655 $171,673 $176,166 $175,676 $154,577 $175,676 
Notes:
(1) Excludes deposits from certain other products reported as first year premiums and deposits or renewal premiums and deposits elsewhere in this document.
1Q 2026 Financial Supplement
13

Asset Management - Operating Earnings (Loss) and Summary Metrics
For the Three Months Ended or As ofFor the Three Months Ended
(in millions USD, unless otherwise indicated)3/31/20256/30/20259/30/202512/31/20253/31/2026Change3/31/20253/31/2026Change
Revenues
Net investment income (loss)$3$22$14$9$(6)(300.0)%$3$(6)(300.0)%
Net derivative gains (losses)(13)(11)(4)(1)4130.8 %(13)4130.8 %
Investment management, service fees and other income1,0981,0831,1341,2171,1161.6 %1,0981,1161.6 %
Segment revenues1,0881,0941,1441,2251,1142.4 %1,0881,1142.4 %
Benefits and other deductions
Commissions and distribution-related payments201197209206197(2.0)%201197(2.0)%
Compensation and benefits, interest expense, financing fees and other operating costs and expense6146346426956394.1 %6146394.1 %
Segment benefits and other deductions8158318519018362.6 %8158362.6 %
Operating earnings (loss), before income taxes2732632933242781.8 %2732781.8 %
Income taxes(41)(48)(46)(61)(49)(19.5)%(41)(49)(19.5)%
Operating earnings (loss), before noncontrolling interest232215247263229(1.3)%232229(1.3)%
Less: Operating (earnings) loss attributable to the noncontrolling interest(106)(84)(93)(103)(89)16.0 %(106)(89)16.0 %
Operating earnings (loss)$126$131$154$160$14011.1 %$126$14011.1 %
Summary Metrics
Adjusted operating margin (1)33.7 %32.3 %34.2 %34.5 %33.4 %33.7 %33.4 %
Net flows (in billions USD)$2.4$(6.7)$(2.3)$(4.7)$(7.1)$2.4$(7.1)
Total AUM (in billions USD)$784.5$829.1$860.1$866.9$838.6$784.5$838.6
Ownership Structure of AB
Holdings and its subsidiaries61.8 %61.9 %68.5 %68.2 %68.0 %61.8 %68.0 %
AB Holding37.5 %37.5 %30.8 %31.1 %31.4 %37.5 %31.4 %
Unaffiliated holders0.7 %0.6 %0.7 %0.7 %0.6 %0.7 %0.6 %
Total100.0 %100.0 %100.0 %100.0 %100.0 %100.0 %100.0 %
EQH economic interest61.9 %68.6 %68.5 %68.3 %68.0 %61.9 %68.0 %
EQH average economic interest61.9 %68.6 %68.6 %68.5 %68.1 %61.9 %68.1 %
Units of limited partnership outstanding (in millions)292.3292.1292.2293.5294.6292.3294.6
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.

1Q 2026 Financial Supplement
14

Asset Management - AB Select Adjusted Financials and Ratios
For the Three Months Ended or As ofFor the Three Months Ended
(in millions USD, unless otherwise indicated)3/31/20256/30/20259/30/202512/31/20253/31/2026Change3/31/20253/31/2026Change
AB revenues
Base fees$782$772$821$840$8194.7 %$782$8194.7 %
Performance fees
Private markets (1)202219465(75.0)%205(75.0)%
Public markets19813718(5.3)%1918(5.3)%
Investment gains (losses)(11)88—(5)54.5 %(11)(5)54.5 %
Dividend & interest revenue3231323127(15.6)%3227(15.6)%
Other revenues141919182042.9 %142042.9 %
Total AB revenues8568609009728843.3 %8568843.3 %
Less: broker-dealer related interest expense1816151413(27.8)%1813(27.8)%
AB adjusted net revenues8388448859588713.9 %8388713.9 %
AB expenses
Compensation and fringes4064094294584223.9 %4064223.9 %
Other employment costs8101081025.0 %81025.0 %
Total AB compensation and benefits4144194394664324.3 %4144324.3 %
Promotion and servicing30343040313.3 %30313.3 %
General and administrative1111181131231175.4 %1111175.4 %
Total AB adjusted operating expenses5555715826295804.5 %5555804.5 %
AB adjusted operating income, before income taxes2832733033292912.8 %2832912.8 %
Interest on borrowings79757— %77— %
Other (2)313—6100.0 %36100.0 %
Operating earnings (loss), before income taxes2732632933242781.8 %2732781.8 %
Income taxes(41)(48)(46)(61)(49)(19.5)%(41)(49)(19.5)%
Operating earnings (loss), before noncontrolling interest232215247263229(1.3)%232229(1.3)%
Less: Operating (earnings) loss attributable to the noncontrolling interest(106)(84)(93)(103)(89)16.0 %(106)(89)16.0 %
Operating earnings (loss)$126$131$154$160$14011.1 %$126$14011.1 %
Adjusted operating margin (3)33.7 %32.3 %34.2 %34.5 %33.4 %33.7 %33.4 %
Compensation ratio48.4 %48.5 %48.5 %47.8 %48.5 %48.4 %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.
1Q 2026 Financial Supplement
15

Asset Management - Select Operating Metrics
For the Three Months Ended or As of
(in billions USD, unless otherwise indicated)3/31/20256/30/20259/30/202512/31/20253/31/2026
AUM Roll-forward
Balance as of beginning of period$792.2 $784.5 $829.1 $860.1 $866.9 
Sales/new accounts36.1 27.9 42.4 33.7 35.6 
Redemptions/terminations(29.7)(30.7)(27.8)(32.6)(35.8)
Cash flow/unreinvested dividends(4.0)(3.9)(16.9)(5.8)(6.9)
Net long-term (outflows) inflows2.4 (6.7)(2.3)(4.7)(7.1)
Market appreciation (depreciation)(10.1)51.3 33.3 11.5 (21.2)
Net change(7.7)44.6 31.0 6.8 (28.3)
Balance as of end of period$784.5 $829.1 $860.1 $866.9 $838.6 
Ending Assets by distribution channel
Institutions$324.1 $340.0 $351.4 $354.2 $347.7 
Retail324.1 344.7 356.2 356.4 335.5 
Private Wealth136.3 144.4 152.5 156.3 155.4 
Total$784.5 $829.1 $860.1 $866.9 $838.6 
Ending Assets by investment service
Equity
Actively Managed$249.0 $273.4 $281.3 $278.0 $252.5 
Passively Managed (1)65.8 70.8 77.3 78.3 74.7 
Total Equity$314.8 $344.2 $358.6 $356.3 $327.2 
Fixed Income
Actively Managed$290.0 $294.0 $300.1 $303.9 $303.6 
Passively Managed (1)10.1 10.2 10.1 9.7 9.4 
Total Fixed Income300.1 304.2 310.2 313.6 313.0 
Total Alternatives/Multi-Asset Solutions (2)169.6 180.7 191.3 197.0 198.4 
Total$784.5 $829.1 $860.1 $866.9 $838.6 
Notes:
(1) Includes index and enhanced index services.
(2) Includes certain multi-asset solutions and services not included in equity or fixed income services.

1Q 2026 Financial Supplement
16

Asset Management - Net Flows
For the Three Months EndedFor the Three Months Ended
(in billions USD, unless otherwise indicated)3/31/20256/30/20259/30/202512/31/20253/31/20263/31/20253/31/2026
Net Flows by Distribution Channel
Institutions
US $2.7 $2.8 $(2.1)$2.3 $0.3 $2.7 $0.3 
Global and Non-US (2.0)(4.3)0.3 (4.3)(2.2)(2.0)(2.2)
Total Institutions $0.7 $(1.5)$(1.8)$(2.0)$(1.9)$0.7 $(1.9)
Retail
US$3.0 $(1.6)$(2.3)$(1.6)$(1.9)$3.0 $(1.9)
Global and Non-US(2.1)(3.2)0.6 (1.9)(3.9)(2.1)(3.9)
Total Retail $0.9 $(4.8)$(1.7)$(3.5)$(5.8)$0.9 $(5.8)
Private Wealth
US$1.6 $0.1 $1.3 $0.5 $0.9 $1.6 $0.9 
Global and Non-US(0.8)(0.5)(0.1)0.3 (0.3)(0.8)(0.3)
Total Private Wealth$0.8 $(0.4)$1.2 $0.8 $0.6 $0.8 $0.6 
Total Net Flows by Distribution Channel$2.4 $(6.7)$(2.3)$(4.7)$(7.1)$2.4 $(7.1)
Net Flows by Investment Service
Equity Active
US$(0.3)$(3.3)$(6.3)$(5.1)$(5.5)$(0.3)$(5.5)
Global and Non-US(2.2)(2.7)(0.1)(2.5)(5.4)(2.2)(5.4)
Total Equity Active $(2.5)$(6.0)$(6.4)$(7.6)$(10.9)$(2.5)$(10.9)
Equity Passive (1)
US$(0.1)$— $(1.1)$(1.0)$(0.6)$(0.1)$(0.6)
Global and Non-US0.3 (1.9)2.3 — (0.3)0.3 (0.3)
Total Equity Passive (1) $0.2 $(1.9)$1.2 $(1.0)$(0.9)$0.2 $(0.9)
Fixed Income - Taxable
US$2.2 $2.0 $(2.7)$1.4 $2.3 $2.2 $2.3 
Global and Non-US(3.6)(3.5)(1.5)(3.4)(4.0)(3.6)(4.0)
Total Fixed Income - Taxable$(1.4)$(1.5)$(4.2)$(2.0)$(1.7)$(1.4)$(1.7)
Fixed Income - Tax-Exempt
US$2.4 $1.2 $4.1 $3.9 $3.3 $2.4 $3.3 
Global and Non-US— — — — — — — 
Total Fixed Income - Tax-Exempt$2.4 $1.2 $4.1 $3.9 $3.3 $2.4 $3.3 
Fixed Income - Passive (1)
US$(0.4)$(0.1)$(0.1)$0.1 $(0.2)$(0.4)$(0.2)
Global and Non-US(0.1)— (0.1)(0.5)(0.1)(0.1)(0.1)
Total Fixed Income - Passive (1)$(0.5)$(0.1)$(0.2)$(0.4)$(0.3)$(0.5)$(0.3)
Alternatives/Multi-Asset Solutions (2)
US$3.5 $1.5 $3.0 $1.9 $— $3.5 $— 
Global and Non-US0.7 0.1 0.2 0.5 3.4 0.7 3.4 
Total Alternatives/Multi-Asset Solutions (2) $4.2 $1.6 $3.2 $2.4 $3.4 $4.2 $3.4 
Total Net Flows by Investment Service $2.4 $(6.7)$(2.3)$(4.7)$(7.1)$2.4 $(7.1)
Active vs. Passive Net Flows
Actively Managed
Equity$(2.5)$(6.0)$(6.4)$(7.6)$(10.9)$(2.5)$(10.9)
Fixed Income1.0 (0.4)— 1.9 1.6 1.0 1.6 
Alternatives/Multi-Asset Solutions (2)4.2 1.6 3.0 1.9 3.0 4.2 3.0 
Total$2.7 $(4.8)$(3.4)$(3.8)$(6.3)$2.7 $(6.3)
Passively Managed (1)
Equity$0.2 $(1.9)$1.1 $(1.0)$(0.9)$0.2 $(0.9)
Fixed Income(0.5)(0.1)(0.2)(0.4)(0.3)(0.5)(0.3)
Alternatives/Multi-Asset Solutions (2)—0.1 0.2 0.50.4—0.4 
Total $(0.3)$(1.9)$1.1 $(0.9)$(0.8)$(0.3)$(0.8)
Total Active vs Passive Net Flows $2.4 $(6.7)$(2.3)$(4.7)$(7.1)$2.4 $(7.1)
Notes:
(1) Includes index and enhanced index services.
(2) Includes certain multi-asset solutions and services not included in equity or fixed income services.
1Q 2026 Financial Supplement
17

Wealth Management - Operating Earnings (Loss) and Summary Metrics
For the Three Months Ended or As ofFor the Three Months Ended
(in millions USD, unless otherwise indicated)3/31/20256/30/20259/30/202512/31/20253/31/2026Change3/31/20253/31/2026Change
Revenues
Net investment income (loss)$3$2$3$4$3— %$3$3— %
Investment management, service fees and other income45946749654453817.2 %45953817.2 %
Segment revenues46246949954854117.1 %46254117.1 %
Benefits and other deductions
Commissions and distribution-related payments29329632035034818.8 %29334818.8 %
Compensation and benefits, interest expense, financing fees and other operating costs and expense10910510110812111.0 %10912111.0 %
Segment benefits and other deductions40240142145846916.7 %40246916.7 %
Operating earnings (loss), before income taxes606878907220.0 %607220.0 %
Income taxes(15)(18)(19)(24)(17)(13.3)%(15)(17)(13.3)%
Operating earnings (loss), before noncontrolling interest455059665522.2 %455522.2 %
Less: Operating (earnings) loss attributable to the noncontrolling interest—————— %——— %
Operating earnings (loss)$45$50$59$66$5522.2 %$45$5522.2 %
Summary Metrics
Pre-tax operating margin13.0 %14.5 %15.6 %16.4 %13.3 %13.0 %13.3 %
Advisory net new assets$1,981$2,027$2,210$2,148$2,0212.0 %$1,981$2,0212.0 %
Total AUA$102,057$110,265$118,196$122,014$131,03728.4 %$102,057$131,03728.4 %
Revenue by Activity Type
Investment management, service fees and other income:
Investment management and advisory fees$181$184$197$214$22926.5 %$181$22926.5 %
Distribution fees26326828031529211.0 %26329211.0 %
Interest income111011119(18.2)%119(18.2)%
Service and other income45848100.0 %48100.0 %
Total Investment management, service fees and other income$459$467$496$54453817.2 %$459$53817.2 %



1Q 2026 Financial Supplement
18

Wealth Management - Select Operating Metrics
For the Three Months Ended or As ofFor the Three Months Ended
(in millions USD, unless otherwise indicated)3/31/20256/30/20259/30/202512/31/20253/31/20263/31/20253/31/2026
AUA Roll-forward
Advisory assets :
Beginning assets$65,839 $66,795 $73,293 $79,378 $82,594 $65,839 $82,594 
Acquired assets— — — — 4,508 — 4,508 
Net new assets1,981 2,027 2,210 2,148 2,021 1,981 2,021 
Market appreciation (depreciation) and other(1,025)4,471 3,875 1,068 (1,518)(1,025)(1,518)
Advisory ending assets$66,795 $73,293 $79,378 $82,594 $87,605 $66,795 $87,605 
Acquired assets, brokerage and direct$— $— $— $— $4,546 $— $4,546 
Brokerage and direct$35,263 $36,972 $38,818 $39,420 $38,886 $35,263 $38,886 
Total Wealth Management assets (incl. acquired assets)$102,057 $110,265 $118,196 $122,014 $131,037 $102,057 $131,037 
Cash balances$2,985 $3,004 $3,143 $3,299 $3,319 $2,985 $3,319 
Advisors
Advisors4,502 4,476 4,446 4,582 4,605 4,502 4,605 
Revenue per advisor TTM (in thousands USD)$410 $414 $426 $440 $456 $410 $456 




1Q 2026 Financial Supplement
19

Corporate and Other - Operating Earnings (Loss) and Summary Metrics
For the Three Months Ended or As ofFor the Three Months Ended
(in millions USD, unless otherwise indicated)3/31/20256/30/20259/30/202512/31/20253/31/2026Change3/31/20253/31/2026Change
Revenues
Policy charges, fee income and premiums$634$599$433$331$362(42.9)%$634$362(42.9)%
Net investment income (loss)22727418310439(82.8)%22739(82.8)%
Net derivative gains (losses)9(12)(13)(5)2(77.8)%92(77.8)%
Investment management, service fees and other income139116134127122(12.2)%139122(12.2)%
Segment revenues1,009977737557525(48.0)%1,009525(48.0)%
Benefits and other deductions
Policyholders’ benefits667711438312315(52.8)%667315(52.8)%
Remeasurement of liability for future policy benefits(1)(13)16(7)10N/M(1)10N/M
Interest credited to policyholders’ account balances133173964351(61.7)%13351(61.7)%
Commissions and distribution-related payments8372828178(6.0)%8378(6.0)%
Amortization of deferred policy acquisition costs4950504949— %4949— %
Compensation and benefits, interest expense, financing fees and other operating costs and expense (1)228210222205154(32.5)%228154(32.5)%
Segment benefits and other deductions1,1591,203904683657(43.3)%1,159657(43.3)%
Operating earnings (loss), before income taxes(150)(226)(167)(126)(132)12.0 %(150)(132)12.0 %
Income taxes23448615(34.8)%2315(34.8)%
Operating earnings (loss), before noncontrolling interest(127)(182)(159)(120)(117)7.9 %(127)(117)7.9 %
Less: Operating (earnings) loss attributable to the noncontrolling interest(3)(1)(4)(3)(2)33.3 %(3)(2)33.3 %
Operating earnings (loss)$(130)$(183)$(163)$(123)$(119)8.5 %$(130)$(119)8.5 %
Additional Detail
Net investment income (loss):
Investment income, excluding alternatives$211$246$144$76$30(85.8)%$211$30(85.8)%
Alternative investment income
162839289(43.8)%169(43.8)%
Total net investment income (loss)
$227$274$183$104$39(82.8)%$227$39(82.8)%
(1) Interest expense on EQH debt
$55$58$56$52$52(5.5)%$55$52(5.5)%

1Q 2026 Financial Supplement
20

Corporate and Other - Select Operating Metrics
For the Three Months Ended or As ofFor the Three Months Ended
(in millions USD, unless otherwise indicated)3/31/20256/30/20259/30/202512/31/20253/31/20263/31/20253/31/2026
Individual Life (Net of Reinsurance)
First Year Premiums and Deposits:
Variable Universal Life$90$99$91$93$74$90$74
Other5443353
Total First Year Premiums and Deposits$95$103$95$96$77$95$77
Renewal Premiums and Deposits:
Universal Life/ Indexed Universal Life$224$206$121$50$54$224$54
Variable Universal Life272262179897527275
Other85794128468546
Total Renewal Premiums and Deposits$581$547$341$167$176$581$176
Total Premiums and Deposits
$676$650$436$263$253$676$253
Individual Life Benefit Ratio105.3 %113.5 %93.9 %90.1 %83.1 %105.3 %83.1 %
Individual Life In-force Face Amount (in billions USD)$353.0$352.1$113.4$116.6$115.5$353.0$115.5
Employee Benefits
First Year Premiums and Deposits$35$31$33$28$30$35$30
Renewal Premiums and Deposits85868791918591
Total Premiums and Deposits
$120$117$120$119$121$120$121
Legacy Annuity
Net flows (1)
$(719)$(580)$(634)$(796)$(709)$(719)$(709)
Account value - balance, end of period$19,912$20,490$20,939$20,386$19,061$19,912$19,061
Net Amount at Risk (NAR)
Total GMIB NAR$2,706$2,489$2,370$2,340$2,383$2,706$2,383
Total GMDB NAR$9,034$8,411$7,958$7,852$8,184$9,034$8,184
MRB Reserves (Net of Reinsurance)$3,532$3,271$3,418$3,374$3,070$3,532$3,070
Notes:
(1) Net of the Venerable transaction
1Q 2026 Financial Supplement
21







Investments

1Q 2026 Financial Supplement
22

Consolidated Investment Portfolio Composition
Balances as of
(in millions USD, unless otherwise indicated)December 31, 2025March 31, 2026
Amount (1)% of TotalAmount (1)% of Total
Composition of investment portfolio
Fixed maturities, available-for-sale, at fair value $77,162 57.9 %$78,808 59.9 %
Fixed maturities, at fair value using the fair value option2,943 2.2 %2,934 2.2 %
Mortgage loans, at fair value using the fair value option50 — %72 0.1 %
Mortgage loans on real estate22,668 17.0 %22,785 17.3 %
Policy loans1,862 1.4 %1,845 1.4 %
Other equity investments 3,779 2.8 %3,670 2.8 %
Other invested assets10,968 8.2 %9,920 7.5 %
Subtotal investment assets119,432 89.5 %120,034 91.2 %
Trading securities1,572 1.2 %1,645 1.3 %
Total investments121,004 90.7 %121,679 92.5 %
Cash and cash equivalents12,462 9.3 %9,904 7.5 %
Total$133,466 100.0 %$131,583 100.0 %
General Account AFS Fixed maturities by industry (Based on amortized cost)
Corporate securities:
Finance$14,676 17.9 %$15,505 18.4 %
Manufacturing9,904 12.1 %10,111 12.0 %
Utilities7,873 9.6 %7,939 9.4 %
Services7,328 8.9 %7,190 8.5 %
Energy2,373 2.9 %2,598 3.1 %
Retail and wholesale3,047 3.7 %3,147 3.7 %
Transportation2,162 2.6 %2,260 2.7 %
Other376 0.5 %533 0.5 %
Total corporate securities47,739 58.2 %49,283 58.3 %
U.S. government and agency5,040 6.2 %5,058 6.0 %
Residential mortgage-backed (2)7,093 8.7 %7,673 9.1 %
Preferred stock54 0.1 %54 0.1 %
State & political378 0.5 %378 0.4 %
Foreign governments556 0.7 %553 0.7 %
Commercial mortgage-backed4,814 5.9 %4,880 5.8 %
Asset-backed securities16,142 19.7 %16,501 19.6 %
Total$81,816 100.0 %$84,380 100.0 %
General Account AFS Fixed maturities credit quality (3) (Based on amortized cost)
Aaa, Aa, A (NAIC Designation 1)$56,880 69.5 %$59,142 70.1 %
Baa (NAIC Designation 2)23,488 28.7 %23,839 28.3 %
Investment grade80,368 98.2 %82,981 98.3 %
Below investment grade (NAIC Designation 3 and 4)1,448 1.8 %1,399 1.7 %
Total$81,816 100.0 %$84,380 100.0 %
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.
1Q 2026 Financial Supplement
23

Consolidated Results of General Account Investment Portfolio
For the Three Months EndedYear Ended or As of
(in millions USD, unless otherwise indicated)March 31, 2025March 31, 2026December 31, 2025
YieldAmount (2)YieldAmount (2)YieldAmount (2)
Fixed Maturities:
Income (loss)4.39 %$928 4.56 %$948 4.41 %$3,693 
Ending assets84,784 84,380 81,816 
Mortgages:
Income (loss)5.11 %260 5.27 %299 4.96 %1,061 
Ending assets20,566 22,860 22,718 
Other Equity Investments (1):
Income (loss)6.23 %53 3.23 %29 5.22 %185 
Ending assets3,484 3,462 3,519 
Trading Securities:
Income5.57 %8 5.97 %12 5.80 %42 
Ending assets619 864 804 
Policy Loans:
Income5.07 %55 5.14 %24 4.57 %168 
Ending assets4,318 1,845 1,862 
Cash and Short-term Investments:
Income (loss)4.35 %40 3.41 %66 3.94 %323 
Ending assets4,106 6,290 9,103 
Total Net Investment Income:
Investment income 4.60 %1,344 4.60 %1,378 4.51 %5,472 
Less: investment fees
(0.17)%(49)(0.17)%(53)(0.16)%(199)
Investment income, net4.43 %$1,295 4.43 %$1,325 4.35 %$5,273 
General Account Ending Net Assets$117,877 $119,701 $119,822 
Operating Earnings adjustments:
AB and other non-General Account investment income (loss)
(50)(64)10 
Operating Net investment income (loss)$1,245 $1,261 $5,283 
Notes:
(1) Includes, as of March 31, 2026, March 31, 2025 and December 31, 2024, $415 million, $362 million and $439 million of other invested assets. Amounts for certain consolidated VIE investments are shown net of associated non-controlling interest.
(2) Amount for fixed maturities and mortgages represents original cost, reduced by repayments, write-downs, adjusted amortization of premiums, accretion of discount and allowances. Cost for equity securities represents original cost reduced by write-downs; cost for other limited partnership interests represents original cost adjusted for equity in earnings and reduced by distributions.
1Q 2026 Financial Supplement
24








Additional Information
1Q 2026 Financial Supplement
25

Deferred Policy Acquisition Costs Rollforward
For the Three Months Ended or As ofFor the Three Months Ended
(in millions USD, unless otherwise indicated)3/31/20256/30/20259/30/202512/31/20253/31/20263/31/20253/31/2026
Total
Beginning balance$7,170 $7,262 $7,361 $7,430 $7,523 $7,170 $7,523 
Capitalization of commissions, sales and issue expenses282 292 283 312 301 282 301 
Amortization(190)(193)(201)(205)(209)(190)(209)
Recovery of acquisition cost (1)— — (13)(14)(31)— (31)
Ending balance$7,262 $7,361 $7,430 $7,523 $7,584 $7,262 $7,584 
Retirement
Beginning balance$4,780 $4,872 $4,972 $5,062 $5,162 $4,780 $5,162 
Capitalization of commissions, sales and issue expenses231 243 243 265 260 231 260 
Amortization(139)(143)(153)(156)(160)(139)(160)
Recovery of acquisition cost (1)— — — (9)(18)— (18)
Ending balance$4,872 $4,972 $5,062 $5,162 $5,244 $4,872 $5,244 
Corporate and Other
Beginning balance$2,390 $2,390 $2,389 $2,368 $2,361 $2,390 $2,361 
Capitalization of commissions, sales and issue expenses51 49 40 47 41 51 41 
Amortization(51)(50)(48)(49)(49)(51)(49)
Recovery of acquisition cost (1)— — (13)(5)(13)— (13)
Ending balance$2,390 $2,389 $2,368 $2,361 $2,340 $2,390 $2,340 
Notes:
(1) Related to third party reinsurance transactions.

1Q 2026 Financial Supplement
26

Use of Non-GAAP Financial Measures
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.
1Q 2026 Financial Supplement
27

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.
1Q 2026 Financial Supplement
28

Reconciliation of Non-GAAP Measures (1/3)
For the Three Months Ended or As ofFor the Three Months Ended
(in millions USD, unless otherwise indicated)3/31/20256/30/20259/30/202512/31/20253/31/20263/31/20253/31/2026
Net income (loss) attributable to Holdings
Net income (loss) attributable to Holdings$63 $(349)$(1,309)$215 $621 $63 $621 
Adjustments related to:
Variable annuity product features (1)
211 934 978 258 (386)211 (386)
Investment (gains) losses, net (2)
14 71 1,170 84 29 14 29 
Net actuarial (gains) losses related to pension and other postretirement benefit obligations11 11 19 9 14 11 14 
Other adjustments (3) (4) (5)205 (137)(164)21 148 205 148 
Income tax expense (benefit) related to above adjustments(92)(185)(437)(62)41 (92)41 
Non-recurring tax items9 7 198 (12)5 9 5 
Non-GAAP Operating Earnings (6)
$421 $352 $455 $513 $472 $421 $472 
Net income (loss) attributable to Holdings$0.20 $(1.15)$(4.42)$0.74 $2.19 $0.20 $2.19 
Less: Preferred stock dividends0.04 0.06 0.05 0.04 0.05 0.04 0.05 
Net income (loss) available to Holdings' common shareholders0.16 (1.21)(4.47)0.70 2.14 0.16 2.14 
Adjustments related to:
Variable annuity product features (1)0.68 3.08 3.30 0.89 (1.36)0.68 (1.36)
Investment (gains) losses, net (2)0.04 0.23 3.95 0.29 0.10 0.04 0.10 
Net actuarial (gains) losses related to pension and other postretirement benefit obligations0.04 0.04 0.06 0.03 0.05 0.04 0.05 
Other adjustments (3) (4) (5)0.64 (0.45)(0.55)0.07 0.53 0.64 0.53 
Income tax expense (benefit) related to above adjustments(0.29)(0.61)(1.48)(0.21)0.14 (0.29)0.14 
Non-recurring tax items0.03 0.02 0.67 (0.04)0.02 0.03 0.02 
Non-GAAP Operating Earnings (loss) available to Holdings' common shareholders (6)
$1.30 $1.10 $1.48 $1.73 $1.62 $1.30 $1.62 
Book Value per common share
Book Value per common share$2.92 $(0.26)$(3.18)$(4.03)$(2.83)$2.92 $(2.83)
Less: Per share impact of AOCI(24.70)(24.63)(21.41)(22.17)(22.39)(24.70)(22.39)
Book value per common share (ex. AOCI)$27.62 $24.37 $18.23 $18.14 $19.56 $27.62 $19.56 
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 year ended December 31, 2025. The impact per common share is $1.60 and $1.67 for the three months ended March 31, 2025 and year ended December 31, 2025, respectively.
(2) Includes $1.1 billion as a result of assets transferred related to the reinsurance transaction with RGA for the three months ended September 30, 2025. The impact per common shares is $3.86 for the three months ended September 30, 2025.
(3) Includes the following impacts on Non-VA derivatives: a loss of $165 million or $0.53 for the three months ended March 31, 2025, a gain of $198 million or $0.65 for the three months ended June 30, 2025, a gain of $230 million or $0.78 for the three months ended September 30, 2025, a gain of $41 million or $0.14 for the three months ended December 31, 2025, and a loss of $146 million or $0.51 for the three months ended March 31, 2026. Also, for the three months ended June 30, 2025 and September 30, 2025, and the three months ended December 31, 2025, includes $14 million or $0.05, $(8) million or $(0.03) and $6 million or $0.02, respectively, of expense related to a disputed billing practice of an AB third-party service provider.
(4) For the three months ended March 31, 2025, 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 months ended March 31, 2025.
(5) For the three months ended March 31, 2025, includes $78 million contingent payment gain recognized related to a fair value remeasurement of the contingent payment liability associated with AB's acquisition of CarVal in 2022. The impact per common share is $0.24 for the three months ended March 31, 2025, respectively.
(6) 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.
1Q 2026 Financial Supplement
29

Reconciliation of Non-GAAP Measures (2/3)
As of and for the Twelve Months Ended
(in millions USD, unless otherwise indicated)9/30/202512/31/20253/31/2026
Net Income to Non-GAAP Operating Earnings
Net income (loss) attributable to Holdings$(703)$(1,380)$(822)
Adjustments related to:
Variable annuity product features1,5932,3811,784
Investment (gains) losses1,2871,3391,354
Net actuarial (gains) losses related to pension and other postretirement benefit obligations575053
Other adjustments(62)(75)(132)
Income tax expense (benefit) related to above adjustments(620)(776)(643)
Non-recurring tax items191202198
Non-GAAP Operating Earnings$1,743$1,741$1,792
Return on Equity and Non-GAAP Operating Return on Equity - Trailing twelve months
Net income (loss) attributable to Holdings$(703)$(1,380)$(822)
Less: Preferred stock(74)(61)(61)
Net income (loss) available to Holdings' common shareholders$(777)$(1,441)$(883)
Average equity attributable to Holdings' common shareholders (ex. AOCI)$7,464$6,556$5,817
Return on Equity (ex. AOCI)(10.4)%(22.0)%(15.2)%
Non-GAAP Operating Earnings$1,743$1,741$1,792
Less: Preferred stock(74)(61)(61)
Non-GAAP Operating Earnings available to Holdings' common shareholders$1,669$1,680$1,731
Average equity attributable to Holdings' common shareholders (ex. AOCI)$7,464$6,556$5,817
Non-GAAP Operating Return on Equity (ex. AOCI)22.4 %25.6 %29.8 %
1Q 2026 Financial Supplement
30

Reconciliation of Non-GAAP Measures (3/3)
Balances as of
(in millions USD, unless otherwise indicated)6/30/20249/30/202412/31/20243/31/20256/30/20259/30/202512/31/20253/31/2026
Equity Reconciliation - Quarter-end Balances
Total equity attributable to Holdings' shareholders$1,598 $3,201 $1,565 $2,401 $1,149 $148 $(74)$273 
Less: Preferred Stock1,562 1,562 1,507 1,507 1,228 1,068 1,068 1,068 
Total equity attributable to Holdings' common shareholders36 1,639 58 894 (79)(920)(1,142)(795)
Less: Accumulated other comprehensive income (loss)(8,675)(6,601)(8,712)(7,567)(7,432)(6,191)(6,280)(6,300)
Total equity attributable to Holdings' common shareholders (ex. AOCI)$8,711 $8,240 $8,770 $8,461 $7,353 $5,271 $5,138 $5,505 
Balances as of
(in millions USD, unless otherwise indicated)6/30/20249/30/202412/31/20243/31/20256/30/20259/30/202512/31/20253/31/2026
Equity Reconciliation - Twelve Month Rolling Average
Total equity attributable to Holdings' shareholders$1,953 $2,357 $2,089 $2,191 $2,079 $1,316 $906 $374 
Less: Preferred Stock1,562 1,562 1,548 1,535 1,451 1,328 1,218 1,108 
Total equity attributable to Holdings' common shareholders391 795 541 656 628 (12)(312)(734)
Less: Accumulated other comprehensive income (loss)(8,632)(7,816)(8,045)(7,889)(7,578)(7,476)(6,868)(6,551)
Total equity attributable to Holdings' common shareholders (ex. AOCI)$9,023 $8,611 $8,586 $8,545 $8,206 $7,464 $6,556 $5,817 


1Q 2026 Financial Supplement
31

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 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.
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Glossary of Selected Financial and Product Terms
Return of Premium (“ROP”) death benefit - This death benefit pays the greater of the account value at the time of a claim following the owner’s death or the total contributions to the contract (subject to adjustment for withdrawals). The charge for this benefit is usually included in the M&E fee that is deducted daily from the net assets in each variable investment option. We also refer to this death benefit as the Return of Principal death benefit.
Return on Assets - Calculated as trailing twelve months operating earnings (loss), before income taxes, divided by trailing twelve months average account value, net of embedded derivative instruments.
Return on Equity (ex. AOCI) - Calculated as trailing twelve months net income (loss) attributable to Holdings' common shareholders divided by average equity attributable to Holdings' common shareholders, excluding Accumulated Other Comprehensive Income (“AOCI”).
Revenue per advisor - Calculated as trailing twelve months revenue divided by the average number of advisors for each of the most recent four quarters.
Trailing Twelve Months ("TTM") - The twelve calendar months preceding the balance sheet date of a given reporting period.
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Analyst Coverage, Ratings & Contact Information
Analyst Coverage
FirmAnalystPhone Number
BarclaysAlex Scott
1 (212) 526-1561
BMOJack Matten1 (212) 671-8000
Deutsche BankCave Montazeri1 (212) 250-2798
Dowling & PartnersJoel Hurwitz1 (860) 676-7312
Evercore ISIThomas Gallagher1 (212) 446-9439
JefferiesSuneet Kamath1 (212) 778-8602
J.P. MorganPablo Singzon II1 (212) 622-2295
KBWRyan Krueger1 (860) 722-5930
Mizuho SecuritiesYaron Kinar1 (646) 445-0248
Morgan StanleyBob Jian Huang1 (212) 761-6136
Raymond JamesWilma Burdis1 (727) 567-9371
Truist SecuritiesMark Hughes1 (615) 748-4422
UBSMichael Ward 1 (917) 270-2483
Wells Fargo SecuritiesWes Carmichael1 (212) 214-5335
Wolfe ResearchTracy Dolin-Benguigui1 (646) 419-2560
This list is provided for informational purposes only. Equitable Holdings does not endorse the analyses, conclusions or recommendations contained in any reports issued by these or any other analysts.
Ratings
A.M. BestS&PMoody’s
Last review dateMar '26Mar '26Mar '26
Financial Strength Ratings:
Equitable Financial Life Insurance CompanyAA+A1
Equitable Financial Life Insurance Company of AmericaAA+A1
Credit Ratings:
Equitable Holdings, Inc.bbb+A-Baa1
Investor and Media Contacts
Contact Investor RelationsContact Media Relations
Erik BassLaura Yagerman

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