Document


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


	For the Three Months Ended or As of																	For the Six Months Ended or As of
(in millions USD, unless otherwise indicated)	6/30/2025			9/30/2025			12/31/2025			3/31/2026			6/30/2026			Change		6/30/2025			6/30/2026			Change

Net income (loss)	$	(283)		$	(1,215)		$	311		$	731		$	(353)		(24.7)	%	$	(133)		$	378		384.2	%
Net income (loss) attributable to the noncontrolling interest	(66)			(94)			(96)			(110)			(100)			(51.5)	%	(153)			(210)			(37.3)	%
Net income (loss) attributable to Holdings	$	(349)		$	(1,309)		$	215		$	621		$	(453)		(29.8)	%	$	(286)		$	168		158.7	%

Non-GAAP Operating Earnings (1)	$	352		$	455		$	513		$	472		$	488		38.6	%	$	773		$	960		24.2	%

Total equity attributable to Holdings' shareholders	$	1,149		$	148		$	(74)		$	273		$	(785)		(168.3)	%	$	1,149		$	(785)		(168.3)	%
Less: Preferred Stock	1,228			1,068			1,068			1,068			1,068			(13.0)	%	1,228			1,068			(13.0)	%
Total equity attributable to Holdings' common shareholders	(79)			(920)			(1,142)			(795)			(1,853)			N/M		(79)			(1,853)			N/M
Less: Accumulated other comprehensive income (loss)	(7,432)			(6,191)			(6,280)			(6,300)			(6,465)			13.0	%	(7,432)			(6,465)			13.0	%
Total equity attributable to Holdings' common shareholders (ex. AOCI)	$	7,353		$	5,271		$	5,138		$	5,505		$	4,612		(37.3)	%	$	7,353		$	4,612		(37.3)	%

Return on Equity (ex. AOCI) (TTM)	4.9		%	(10.4)		%	(22.0)		%	(15.2)		%	(19.1)		%			4.9		%	(19.1)		%
Non-GAAP Operating ROE (TTM) (1)	21.1		%	22.4		%	25.6		%	29.8		%	36.5		%			21.1		%	36.5		%

Debt to capital:
Debt to Capital (ex. AOCI)	33.5		%	37.7		%	38.3		%	36.9		%	40.3		%			33.5		%	40.3		%
Adjusted debt to capital (ex. AOCI)	31.6		%	35.3		%	35.9		%	34.5		%	37.7		%			31.6		%	37.7		%

Adjusted capital metrics:
Total equity adjustment for Holdings' portion of AB's market value (3)	$	4,982		$	4,443		$	4,448		$	4,260		$	3,828		(23.2)	%	$	4,982		$	3,828		(23.2)	%
Book value with AB at market value per common share (ex. AOCI)	$	40.89		$	33.59		$	33.84		$	34.70		$	30.92		(24.4)	%	$	40.89		$	30.92		(24.4)	%
Adjusted debt to capital with AB at market value (ex. AOCI)	22.8		%	24.5		%	24.9		%	24.5		%	26.9		%			22.8		%	26.9		%

Per common share:
Diluted earnings per common share: (2)
Net income (loss) attributable to Holdings	$	(1.21)		$	(4.47)		$	0.70		$	2.14		$	(1.68)		(38.8)	%	$	(1.04)		$	0.50		148.1	%
Non-GAAP Operating Earnings (1)	$	1.10		$	1.48		$	1.73		$	1.62		$	1.70		54.5	%	$	2.43		$	3.31		36.2	%
Book value per common share	$	(0.26)		$	(3.18)		$	(4.03)		$	(2.83)		$	(6.79)		N/M		$	(0.26)		$	(6.79)		N/M
Book value per common share (ex. AOCI)	$	24.37		$	18.23		$	18.14		$	19.56		$	16.89		(30.7)	%	$	24.37		$	16.89		(30.7)	%

Weighted-average common shares outstanding:
Basic	303.2			296.2			285.5			281.3			278.3			(8.2)	%	305.5			279.8			(8.4)	%
Diluted	303.2			296.2			289.1			283.8			278.3			(8.2)	%	305.5			281.6			(7.8)	%

Ending common shares outstanding	301.7			289.2			283.3			281.4			273.0			(9.5)	%	301.7			273.0			(9.5)	%

Return to common shareholders:

Common stock dividend	$	82		$	81		$	77		$	76		$	83				$	156		$	159
Repurchase of common shares	236			676			277			147			366					497			513
Total capital returned to common shareholders	$	318		$	757		$	354		$	223		$	449				$	653		$	672





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 June 30, 2026, March 31, 2026, December 31, 2025, September 30, 2025 and June 30, 2025, AB's total units, including General Partnership units ABLP units, were $297.6 million, $297.6 million, 296.5 million, 295.2 million and 295.0 million, respectively. This is a pro-forma calculation, not the figures recorded in our financial statements.

Consolidated Statements of Income (Loss)


	For the Three Months Ended												For the Six Months Ended
(in millions USD, unless otherwise indicated)	6/30/2025		9/30/2025		12/31/2025		3/31/2026		6/30/2026		Change		6/30/2025		6/30/2026		Change

Revenues
Policy charges and fee income	$	626	$	471	$	435	$	429	$	426	(31.9)	%	$	1,262	$	855	(32.3)	%
Premiums	260		258		224		240		268		3.1	%	564		508		(9.9)	%
Net derivative gains (losses)	(1,374)		(1,117)		(363)		580		(2,055)		(49.6)	%	(575)		(1,475)		(156.5)	%
Net investment income (loss)	1,355		1,343		1,288		1,284		1,397		3.1	%	2,603		2,681		3.0	%
Investment gains (losses), net	(71)		(1,170)		(84)		(29)		(65)		8.5	%	(85)		(94)		(10.6)	%
Investment management and service fees	1,272		1,316		1,390		1,327		1,328		4.4	%	2,557		2,655		3.8	%
Other income	294		349		387		399		359		22.1	%	612		758		23.9	%
Total revenues	2,362		1,450		3,277		4,230		1,658		(29.8)	%	6,938		5,888		(15.1)	%

Benefits and other deductions
Policyholders’ benefits	787		452		397		385		435		(44.7)	%	1,546		820		(47.0)	%
Remeasurement of liability for future policy benefits	(13)		59		(6)		9		(15)		(15.4)	%	(15)		(6)		60.0	%
Change in market risk benefits and purchased market risk benefits	(606)		(353)		(130)		325		(1,001)		(65.2)	%	66		(676)		N/M
Interest credited to policyholders’ account balances	796		798		744		770		834		4.8	%	1,474		1,604		8.8	%
Compensation and benefits	592		601		640		625		642		8.4	%	1,193		1,267		6.2	%
Commissions and distribution-related payments	488		537		567		556		562		15.2	%	989		1,118		13.0	%
Interest expense	61		61		47		62		56		(8.2)	%	116		118		1.7	%
Amortization of deferred policy acquisition costs	193		203		205		209		214		10.9	%	381		423		11.0	%
Other operating costs and expenses	427		440		469		402		424		(0.7)	%	1,377		826		(40.0)	%
Total benefits and other deductions	2,725		2,798		2,933		3,343		2,151		(21.1)	%	7,127		5,494		(22.9)	%

Income (loss) from operations, before income taxes	(363)		(1,348)		344		887		(493)		(35.8)	%	(189)		394		308.5	%
Income tax (expense) benefit	80		133		(33)		(156)		140		75.0	%	56		(16)		(128.6)	%
Net income (loss)	(283)		(1,215)		311		731		(353)		(24.7)	%	(133)		378		384.2	%
Less: net (income) loss attributable to the noncontrolling interest	(66)		(94)		(96)		(110)		(100)		(51.5)	%	(153)		(210)		(37.3)	%
Net income (loss) attributable to Holdings	$	(349)	$	(1,309)	$	215	$	621	$	(453)	(29.8)	%	$	(286)	$	168	158.7	%
Less: Preferred stock dividends	(18)		(16)		(13)		(14)		(13)		27.8	%	(32)		(27)		15.6	%
Net income (loss) available to Holdings' common shareholders	$	(367)	$	(1,325)	$	202	$	607	$	(466)	(27.0)	%	$	(318)	$	141	144.3	%

Adjustments related to:
Variable annuity product features (1)	$	934	$	978	$	258	$	(386)	$	1,522			$	1,145	$	1,136
Investment (gains) losses, net (2)	71		1,170		84		29		65				85		94

Net actuarial (gains) losses related to pension and other postretirement benefit obligations	11		19		9		14		14				22		28
Other adjustments (3)	(137)		(164)		21		148		(430)				68		(282)
Income tax expense (benefit) related to above adjustments	(185)		(437)		(62)		41		(246)				(277)		(205)
Non-recurring tax items	7		198		(12)		5		16				16		21
Non-GAAP Operating earnings (4)	$	352	$	455	$	513	$	472	$	488			$	773	$	960

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 six months ended June 30, 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 gain of $198 million and $33 million for the three and six 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, a loss of $146 million for the three months ended March 31, 2026 and a loss of $176 million and $322 million for the three and six months ended June 30, 2026. Also, includes $14 million for the three and six months ended June 30, 2025, $(8) million for the three months ended September 30, 2025, and $6 million for the three months ended December 31, 2025, respectively, of expense related to a disputed billing practice of an AB third-party service provider.


(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)	6/30/2025		9/30/2025		12/31/2025		3/31/2026		6/30/2026

Assets
Total investments	$	121,798	$	116,505	$	121,004	$	121,679	$	125,851
Cash and cash equivalents	14,957		13,604		12,462		9,904		17,183
Cash and securities segregated, at fair value	483		425		499		351		229
Broker-dealer related receivables	1,933		1,996		2,162		2,183		2,291
Deferred policy acquisition costs	7,361		7,430		7,523		7,584		7,638
Goodwill and other intangible assets, net	5,342		5,327		5,309		5,350		5,335
Amounts due from reinsurers	7,501		20,025		20,127		20,373		20,744


Current and deferred income taxes	1,749		2,337		2,577		2,611		2,986
Purchased market risk benefits	5,543		5,415		5,260		5,266		4,710
Other assets	3,962		3,678		3,771		3,936		3,744

Assets for market risk benefits	776		762		752		675		940
Separate Accounts assets	131,683		136,905		136,544		130,470		143,006
Total assets	$	303,088	$	314,409	$	317,990	$	310,382	$	334,657

Liabilities
Policyholders’ account balances	$	123,359	$	129,561	$	133,433	$	132,662	$	146,445
Liability for market risk benefits	10,187		10,301		10,153		9,825		8,816
Future policy benefits and other policyholders’ liabilities	17,557		17,611		17,660		17,441		17,372
Broker-dealer related payables	1,454		1,367		1,370		665		798

Customers related payables	1,885		1,740		1,937		1,988		2,051
Amounts due to reinsurers	1,350		1,451		1,542		1,306		1,155
Short-term debt	—		—		25		—		—
Long-term debt	4,332		3,833		3,835		3,837		3,839



Notes issued by consolidated variable interest entities, at fair value using the fair value option	2,471		2,530		2,702		3,090		3,128
Other liabilities	5,847		7,162		7,001		6,848		6,824

Separate Accounts liabilities	131,683		136,905		136,544		130,470		143,006
Total liabilities	300,125		312,461		316,202		308,132		333,434
Redeemable noncontrolling interest	358		344		322		390		365

Equity
Preferred stock	1,228		1,068		1,068		1,068		1,068
Common stock	5		5		5		5		5
Additional paid-in capital	1,901		1,917		1,932		1,915		1,939
Treasury shares	(4,423)		(5,011)		(5,165)		(5,190)		(5,559)
Retained earnings	9,870		8,360		8,366		8,775		8,227
Accumulated other comprehensive income (loss)	(7,432)		(6,191)		(6,280)		(6,300)		(6,465)
Total equity attributable to Holdings	1,149		148		(74)		273		(785)
Noncontrolling interest	1,456		1,456		1,540		1,587		1,643
Total equity	2,605		1,604		1,466		1,860		858
Total liabilities, redeemable noncontrolling interest and equity	$	303,088	$	314,409	$	317,990	$	310,382	$	334,657


	Balances as of
(in millions USD, unless otherwise indicated)	6/30/2025			9/30/2025			12/31/2025			3/31/2026			6/30/2026

Short-term and long-term debt:







Total short-term debt	$	—		$	—		$	25		$	—		$	—

Total long-term debt	4,332			3,833			3,835			3,837			3,839

Total short-term and long-term debt: [A]	$	4,332		$	3,833		$	3,860		$	3,837		$	3,839

Equity:
Preferred stock	$	1,228		$	1,068		$	1,068		$	1,068		$	1,068
Common stock	5			5			5			5			5
Additional paid-in capital	1,901			1,917			1,932			1,915			1,939
Treasury stock, at cost	(4,423)			(5,011)			(5,165)			(5,190)			(5,559)
Retained earnings	9,870			8,360			8,366			8,775			8,227
Accumulated other comprehensive income (loss)	(7,432)			(6,191)			(6,280)			(6,300)			(6,465)
Total equity attributable to Holdings	1,149			148			(74)			273			(785)
Noncontrolling interest	1,456			1,456			1,540			1,587			1,643
Total equity	$	2,605		$	1,604		$	1,466		$	1,860		$	858

Total equity attributable to Holdings, (ex. AOCI): [B]	$	8,581		$	6,339		$	6,206		$	6,573		$	5,680

Capital:
Total capitalization	$	5,481		$	3,981		$	3,786		$	4,110		$	3,054
Total capitalization (ex. AOCI): [A+B] (2)	$	12,913		$	10,172		$	10,066		$	10,410		$	9,519

Debt to capital:
Debt to capital (ex. AOCI) (1)	33.5		%	37.7		%	38.3		%	36.9		%	40.3		%
Adjusted debt to capital (ex. AOCI)	31.6		%	35.3		%	35.9		%	34.5		%	37.7		%
Adjusted debt to capital with AB at market value (ex. AOCI)	22.8		%	24.5		%	24.9		%	24.5		%	26.9		%

	For the Three Months Ended
	6/30/2025			9/30/2025			12/31/2025			3/31/2026			6/30/2026
Roll-forward of common shares outstanding (millions of shares):
Beginning balance	306.3			301.7			289.2			283.3			281.4
Repurchases	(2.4)			(10.9)			(3.3)			(1.0)			(8.7)
Retirements	(2.4)			(1.8)			(2.6)			(2.1)			—
Issuances	0.2			0.2			—			1.3			0.2
Ending basic common shares outstanding	301.7			289.2			283.3			281.4			273.0
Total potentially dilutive shares	3.0			3.6			3.6			2.5			1.4
Ending common shares outstanding - maximum potential dilution	304.7			292.8			286.9			283.9			274.4
Notes:


Operating Earnings (Loss) by Segment and Corporate and Other

	For the Three Months Ended June 30, 2026
(in millions USD, unless otherwise indicated)	Retirement		Asset Management		Wealth Management		Corporate and Other		Eliminations		Consolidated
Revenues
Policy charges, fee income and premiums	$	328	$	—	$	—	$	366	$	—	$	694
Net investment income (loss)	1,234		12		3		86		32		1,367
Net derivative gains (losses)	(4)		(10)		—		(22)		4		(32)
Investment management, service fees and other income	190		1,132		541		118		(283)		1,698
Segment revenues	1,748		1,134		544		548		(247)		3,727
Benefits and other deductions
Policyholders’ benefits	79		—		—		356		—		435
Remeasurement of liability for future policy benefits	(2)		—		—		(13)		—		(15)

Interest credited to policyholders’ account balances	774		—		—		54		—		828
Commissions and distribution-related payments	176		194		353		74		(235)		562
Amortization of deferred policy acquisition costs	164		—		—		50		—		214
Compensation and benefits, interest expense, financing fees and other operating costs and expense	105		656		112		179		(12)		1,040

Segment benefits and other deductions	1,296		850		465		700		(247)		3,064
Operating earnings (loss), before income taxes	452		284		79		(152)		—		663
Income Taxes	(50)		(36)		(16)		18		—		(84)
Operating earnings (loss), before noncontrolling interest	402		248		63		(134)		—		579
Less: Operating (earnings) loss attributable to the noncontrolling interest	—		(90)		—		(1)		—		(91)
Operating earnings (loss)	$	402	$	158	$	63	$	(135)	$	—	$	488

	For the Three Months Ended June 30, 2025
	Retirement		Asset Management		Wealth Management		Corporate and Other		Eliminations		Consolidated
Revenues
Policy charges, fee income and premiums	$	287	$	—	$	—	$	599	$	—	$	886
Net investment income (loss)	1,048		22		2		274		31		1,377
Net derivative gains (losses)	(5)		(11)		—		(12)		5		(23)
Investment Management, service fees and other income	161		1,083		467		116		(266)		1,561
Segment revenues	1,491		1,094		469		977		(230)		3,801
Benefits and other deductions
Policyholders’ benefits	76		—		—		711		—		787
Remeasurement of liability for future policy benefits	—		—		—		(13)		—		(13)

Interest credited to policyholders’ account balances	632		—		—		173		—		805
Commissions and distribution-related payments	145		197		296		72		(222)		488
Amortization of deferred policy acquisition costs	143		—		—		50		—		193
Compensation and benefits, interest expense, financing fees and other operating costs and expense	71		634		105		210		(8)		1,012

Segment benefits and other deductions	1,067		831		401		1,203		(230)		3,272
Operating earnings (loss), before income taxes	424		263		68		(226)		—		529
Income Taxes	(70)		(48)		(18)		44		—		(92)
Operating earnings (loss), before noncontrolling interest	354		215		50		(182)		—		437
Less: Operating (earnings) loss attributable to the noncontrolling interest	—		(84)		—		(1)		—		(85)
Operating earnings (loss)	$	354	$	131	$	50	$	(183)	$	—	$	352


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

	For the Six Months Ended June 30, 2026
(in millions USD, unless otherwise indicated)	Retirement		Asset Management		Wealth Management		Corporate and Other		Eliminations		Consolidated
Revenues
Policy charges, fee income and premiums	$	635	$	—	$	—	$	728	$	—	$	1,363
Net investment income (loss)	2,427		6		6		125		64		2,628
Net derivative gains (losses)	(10)		(6)		—		(20)		10		(26)
Investment Management, service fees and other income	375		2,248		1,079		240		(567)		3,375
Segment revenues	3,427		2,248		1,085		1,073		(493)		7,340
Benefits and other deductions
Policyholders’ benefits	149		—		—		671		—		820
Remeasurement of liability for future policy benefits	(3)		—		—		(3)		—		(6)

Interest credited to policyholders’ account balances	1,511		—		—		105		—		1,616
Commissions and distribution-related payments	347		391		701		152		(473)		1,118
Amortization of deferred policy acquisition costs	324		—		—		99		—		423
Compensation and benefits, interest expense, financing fees and other operating costs and expense	197		1,295		233		333		(20)		2,038

Segment benefits and other deductions	2,525		1,686		934		1,357		(493)		6,009
Operating earnings (loss), before income taxes	902		562		151		(284)		—		1,331
Income Taxes	(104)		(85)		(33)		33		—		(189)
Operating earnings (loss), before noncontrolling interest	798		477		118		(251)		—		1,142
Less: Operating (earnings) loss attributable to the noncontrolling interest	—		(179)		—		(3)		—		(182)
Operating earnings (loss)	$	798	$	298	$	118	$	(254)	$	—	$	960

	For the Six Months Ended June 30, 2025
	Retirement		Asset Management		Wealth Management		Corporate and Other		Eliminations		Consolidated
Revenues
Policy charges, fee income and premiums	$	593	$	—	$	—	$	1,233	$	—	$	1,826
Net investment income (loss)	2,035		25		5		501		56		2,622
Net derivative gains (losses)	(10)		(24)		—		(3)		10		(27)
Investment Management, service fees and other income	328		2,181		926		255		(526)		3,164
Segment revenues	2,946		2,182		931		1,986		(460)		7,585
Benefits and other deductions
Policyholders’ benefits	168		—		—		1,378		—		1,546
Remeasurement of liability for future policy benefits	(1)		—		—		(14)		—		(15)

Interest credited to policyholders’ account balances	1,162		—		—		306		—		1,468
Commissions and distribution-related payments	287		398		589		155		(440)		989
Amortization of deferred policy acquisition costs	282		—		—		99		—		381
Compensation and benefits, interest expense, financing fees and other operating costs and expense	175		1,248		214		438		(20)		2,055

Segment benefits and other deductions	2,073		1,646		803		2,362		(460)		6,424
Operating earnings (loss), before income taxes	873		536		128		(376)		—		1,161
Income Taxes	(139)		(89)		(33)		67		—		(194)
Operating earnings (loss), before noncontrolling interest	734		447		95		(309)		—		967
Less: Operating (earnings) loss attributable to the noncontrolling interest	—		(190)		—		(4)		—		(194)
Operating earnings (loss)	$	734	$	257	$	95	$	(313)	$	—	$	773


	Balances as of
(in billions USD, unless otherwise indicated)	6/30/2025			9/30/2025			12/31/2025			3/31/2026			6/30/2026



AB AUM
Total AB	$	829.1		$	860.1		$	866.9		$	838.6		$	905.5
Exclusion for General Account and other Affiliated Accounts	(90.0)			(85.3)			(87.3)			(88.8)			(94.2)
Exclusion for Separate Accounts	(47.8)			(50.4)			(51.0)			(48.8)			(63.3)
AB third party	$	691.3		$	724.4		$	728.6		$	701.0		$	748.0

Total Company AUM
AB third party	$	691.3		$	724.4		$	728.6		$	701.0		$	748.0
General Account and other Affiliated Accounts (1) (3) (4) (6)	136.8			130.1			133.5			131.6			143.0
Separate Accounts (2) (3) (4) (6)	131.7			136.9			136.5			130.5			143.0
Total AUM	$	959.7		$	991.4		$	998.6		$	963.1		$	1,034.0

Total AUA (5)	$	110.3		$	118.2		$	122.0		$	131.0		$	140.6
Total AUM/A	$	1,070.0		$	1,109.6		$	1,120.6		$	1,094.1		$	1,174.6

Market Values:
S&P 500	6,205			6,688			6,846			6,529			7,499
US 10-Year Treasury	4.2		%	4.2		%	4.2		%	4.3		%	4.4		%



Notes:


(1) “General Account and other Affiliated Accounts” refers to assets held in the general accounts of our insurance companies and other assets on which we bear the investment risk.
(2) “Separate Accounts” refers to the separate account investment assets of our insurance subsidiaries excluding any assets on which we bear the investment risk.
(3) As of June 30, 2026, March 31, 2026, December 31, 2025, September 30, 2025 and June 30, 2025, Separate Accounts AUM is inclusive of $8.2 billion, $7.6 billion, $8.2 billion, $8.4 billion and $8.2 billion & General Account AUM is inclusive of $28 million, $27 million, $28 million, $30 million and $31 million, respectively, ceded to Venerable.
(4) As of June 30, 2026, March 31, 2026, December 31, 2025, September 30, 2025 and June 30, 2025, Separate Accounts AUM is inclusive of $7.6 billion, $6.8 billion, $7.2 billion, $7.2 billion and $7.0 billion & General Account AUM is inclusive of $2.9 billion, $2.9 billion, $3.0 billion, $3.1 billion and $3.1 billion, respectively, ceded to Global Atlantic.
(5) Includes Advisory, Brokerage and Direct assets included in our Wealth Management segment.
(6) As of June 30, 2026, March 31, 2026, December 31, 2025 and September 30, 2025, Separate Accounts AUM is inclusive of $16.3 billion, $14.5 billion, $15.1 billion and $15.0 billion & General Account AUM is inclusive of $9.3 billion, $9.3 billion, $9.3 billion and $9.3 billion, respectively, ceded to RGA.


	For the Three Months Ended or As of																	For the Six Months Ended or As of
(in millions USD, unless otherwise indicated)	6/30/2025			9/30/2025			12/31/2025			3/31/2026			6/30/2026			Change		6/30/2025			6/30/2026			Change

Revenues
Policy charges, fee income and premiums	$	287		$	296		$	328		$	307		$	328		14.3	%	$	593		$	635		7.1	%
Net investment income (loss)	1,048			1,116			1,161			1,193			1,234			17.7	%	2,035			2,427			19.3	%
Net derivative gains (losses)	(5)			(2)			(9)			(6)			(4)			20.0	%	(10)			(10)			—	%
Investment management, service fees and other income	161			182			186			185			190			18.0	%	328			375			14.3	%
Segment revenues	1,491			1,592			1,666			1,679			1,748			17.2	%	2,946			3,427			16.3	%

Benefits and other deductions
Policyholders’ benefits	76			73			84			70			79			3.9	%	168			149			(11.3)	%
Remeasurement of liability for future policy benefits	—			(1)			—			(1)			(2)			(100.0)	%	(1)			(3)			(200.0)	%

Interest credited to policyholders’ account balances	632			685			713			737			774			22.5	%	1,162			1,511			30.0	%
Commissions and distribution-related payments	145			153			178			171			176			21.4	%	287			347			20.9	%
Amortization of deferred policy acquisition costs	143			153			156			160			164			14.7	%	282			324			14.9	%
Compensation and benefits, interest expense, financing fees and other operating costs and expense	71			86			95			92			105			47.9	%	175			197			12.6	%

Segment benefits and other deductions	1,067			1,149			1,226			1,229			1,296			21.5	%	2,073			2,525			21.8	%

Operating earnings (loss), before income taxes	424			443			440			450			452			6.6	%	873			902			3.3	%
Income taxes	(70)			(38)			(30)			(54)			(50)			28.6	%	(139)			(104)			25.2	%
Operating earnings (loss), before noncontrolling interest	354			405			410			396			402			13.6	%	734			798			8.7	%
Less: Operating (earnings) loss attributable to the noncontrolling interest	—			—			—			—			—			—	%	—			—			—	%
Operating earnings (loss)	$	354		$	405		$	410		$	396		$	402		13.6	%	$	734		$	798		8.7	%

Summary Metrics

Operating earnings (loss) (TTM)	$	1,537		$	1,524		$	1,549		$	1,565		$	1,613		4.9	%	$	1,537		$	1,613		4.9	%

Average asset value (TTM)	$	153,648		$	158,988		$	163,857		$	168,549		$	175,387		14.1	%	$	153,648		$	175,387		14.1	%

Return on assets (TTM)	1.17		%	1.11		%	1.07		%	1.04		%	1.02		%			1.17		%	1.02		%

Net flows	$	1,919		$	1,120		$	1,260		$	1,288		$	1,684		(12.2)	%	$	3,543		$	2,972		(16.1)	%

Additional Detail

Net investment income (loss):
Investment income, excluding alternatives	$	1,028		$	1,093		$	1,128		$	1,174		$	1,229		19.6	%	$	1,985		$	2,403		21.1	%
Alternative investment income	20			23			33			19			5			(75.0)	%	50			24			(52.0)	%
Total Net investment income (loss)	$	1,048		$	1,116		$	1,161		$	1,193		$	1,234		17.7	%	$	2,035		$	2,427		19.3	%

Net interest margin	$	411		$	429		$	439		$	450		$	456		10.9	%	$	863		$	906		5.0	%


Retirement - Asset Value Rollforward

	For the Three Months Ended or As of										For the Six Months Ended or As of
(in millions USD, unless otherwise indicated)	6/30/2025		9/30/2025		12/31/2025		3/31/2026		6/30/2026		6/30/2025		6/30/2026
General Account:
Account value balance, beginning of period	$	79,820	$	87,413	$	93,825	$	97,628	$	96,753	$	78,361	$	97,628
Premiums and deposits (1)	4,288		4,219		4,718		4,064		4,996		8,817		9,060
Surrenders, withdrawals and benefits	(1,891)		(2,186)		(2,429)		(2,354)		(2,341)		(3,731)		(4,695)
Net flows	2,397		2,033		2,289		1,710		2,655		5,086		4,365
Net flows ceded for third-party flow reinsurance	—		—		(181)		(395)		(496)		—		(891)
Change in market value, reinvestment	584		658		609		239		98		2,290		337
Change in fair value of embedded derivative instruments	4,612		3,721		1,086		(2,429)		7,921		1,676		5,492

Account value balance, end of period	87,413		93,825		97,628		96,753		106,931		87,413		106,931
Embedded derivative value, end of period	18,097		21,215		21,553		18,269		25,230		18,097		25,230
Account value balance, end of period (net of embedded derivatives)	69,316		72,610		76,075		78,484		81,701		69,316		81,701
Total spread lending balances, end of period	16,315		16,755		17,534		17,064		19,658		16,315		19,658
Reserves, end of period (excluding MRBs)	4,995		5,177		5,300		5,284		5,400		4,995		5,400
Balance, end of period, General Account asset value	$	90,626	$	94,542	$	98,909	$	100,832	$	106,759	$	90,626	$	106,759

Separate Accounts:
Account value balance, beginning of period	$	69,788	$	74,029	$	77,131	$	77,257	$	74,844	$	72,837	$	77,257
Premiums and deposits (1)	1,876		1,779		1,922		2,555		1,885		3,400		4,440
Surrenders, withdrawals and benefits	(2,354)		(2,692)		(2,951)		(2,977)		(2,856)		(4,943)		(5,833)
Net flows	(478)		(913)		(1,029)		(422)		(971)		(1,543)		(1,393)
Change in market value, reinvestment and other	4,719		4,015		1,155		(1,991)		8,135		2,735		6,144


Balance, end of period, Separate Accounts asset value	$	74,029	$	77,131	$	77,257	$	74,844	$	82,008	$	74,029	$	82,008

Total:
Account value balance, beginning of period	$	149,608	$	161,442	$	170,956	$	174,885	$	171,597	$	151,198	$	174,885
Premiums and deposits (1)	6,164		5,998		6,640		6,619		6,881		12,217		13,500
Surrenders, withdrawals and benefits	(4,245)		(4,878)		(5,380)		(5,331)		(5,197)		(8,674)		(10,528)
Net flows	1,919		1,120		1,260		1,288		1,684		3,543		2,972
Net flows ceded for third-party flow reinsurance	—		—		(181)		(395)		(496)		—		(891)
Change in market value, reinvestment	5,303		4,673		1,764		(1,752)		8,233		5,025		6,481
Change in fair value of embedded derivative instruments	4,612		3,721		1,086		(2,429)		7,921		1,676		5,492

Account value balance, end of period	161,442		170,956		174,885		171,597		188,939		161,442		188,939
Embedded derivative value, end of period	18,097		21,215		21,553		18,269		25,230		18,097		25,230
Account value balance, end of period (net of embedded derivatives)	143,345		149,741		153,332		153,328		163,709		143,345		163,709
Total spread lending balances, end of period	16,315		16,755		17,534		17,064		19,658		16,315		19,658
Reserves, end of period (excluding MRBs)	4,995		5,177		5,300		5,284		5,400		4,995		5,400
Balance, end of period, total asset value	$	164,655	$	171,673	$	176,166	$	175,676	$	188,767	$	164,655	$	188,767
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 Six Months Ended or As of
(in millions USD, unless otherwise indicated)	6/30/2025			9/30/2025			12/31/2025			3/31/2026			6/30/2026			Change		6/30/2025			6/30/2026			Change

Revenues
Net investment income (loss)	$	22		$	14		$	9		$	(6)		$	12		(45.5)	%	$	25		$	6		(76.0)	%
Net derivative gains (losses)	(11)			(4)			(1)			4			(10)			9.1	%	(24)			(6)			75.0	%
Investment management, service fees and other income	1,083			1,134			1,217			1,116			1,132			4.5	%	2,181			2,248			3.1	%
Segment revenues	1,094			1,144			1,225			1,114			1,134			3.7	%	2,182			2,248			3.0	%

Benefits and other deductions
Commissions and distribution-related payments	197			209			206			197			194			(1.5)	%	398			391			(1.8)	%
Compensation and benefits, interest expense, financing fees and other operating costs and expense	634			642			695			639			656			3.5	%	1,248			1,295			3.8	%

Segment benefits and other deductions	831			851			901			836			850			2.3	%	1,646			1,686			2.4	%

Operating earnings (loss), before income taxes	263			293			324			278			284			8.0	%	536			562			4.9	%
Income taxes	(48)			(46)			(61)			(49)			(36)			25.0	%	(89)			(85)			4.5	%
Operating earnings (loss), before noncontrolling interest	215			247			263			229			248			15.3	%	447			477			6.7	%
Less: Operating (earnings) loss attributable to the noncontrolling interest	(84)			(93)			(103)			(89)			(90)			(7.1)	%	(190)			(179)			5.8	%
Operating earnings (loss)	$	131		$	154		$	160		$	140		$	158		20.6	%	$	257		$	298		16.0	%

Summary Metrics

Adjusted operating margin (1)	32.3		%	34.2		%	34.5		%	33.4		%	33.0		%			33.0		%	33.2		%

Net flows (in billions USD)	$	(6.7)		$	(2.3)		$	(4.7)		$	(7.1)		$	0.8				$	(4.3)		$	(6.3)

Total AUM (in billions USD)	$	829.1		$	860.1		$	866.9		$	838.6		$	905.5				$	829.1		$	905.5

Ownership Structure of AB

Holdings and its subsidiaries	61.9		%	68.5		%	68.2		%	68.0		%	68.1		%			61.9		%	68.1		%
AB Holding	37.5		%	30.8		%	31.1		%	31.4		%	31.3		%			37.5		%	31.3		%
Unaffiliated holders	0.6		%	0.7		%	0.7		%	0.6		%	0.6		%			0.6		%	0.6		%
Total	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%			100.0		%	100.0		%

EQH economic interest	68.6		%	68.5		%	68.3		%	68.0		%	68.1		%			68.6		%	68.1		%
EQH average economic interest	68.6		%	68.6		%	68.5		%	68.1		%	68.0		%			65.2		%	68.1		%

Units of limited partnership outstanding (in millions)	292.1			292.2			293.5			294.6			294.3					292.1			294.3

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 Six Months Ended or As of
(in millions USD, unless otherwise indicated)	6/30/2025			9/30/2025			12/31/2025			3/31/2026			6/30/2026			Change		6/30/2025			6/30/2026			Change

AB revenues
Base fees	$	772		$	821		$	840		$	819		$	829		7.4	%	$	1,554		$	1,648		6.0	%
Performance fees
Private markets (1)	22			19			46			5			8			(63.6)	%	42			13			(69.0)	%
Public markets	8			1			37			18			16			100.0	%	27			34			25.9	%

Investment gains (losses)	8			8			—			(5)			2			(75.0)	%	(3)			(3)			—	%
Dividend & interest revenue	31			32			31			27			27			(12.9)	%	63			54			(14.3)	%
Other revenues	19			19			18			20			19			—	%	33			39			18.2	%
Total AB revenues	860			900			972			884			901			4.8	%	1,716			1,785			4.0	%
Less: broker-dealer related interest expense	16			15			14			13			13			(18.8)	%	34			26			(23.5)	%
AB adjusted net revenues	844			885			958			871			888			5.2	%	1,682			1,759			4.6	%

AB expenses
Compensation and fringes	409			429			458			422			431			5.4	%	815			853			4.7	%
Other employment costs	10			10			8			10			10			—	%	18			20			11.1	%
Total AB compensation and benefits	419			439			466			432			441			5.3	%	833			873			4.8	%
Promotion and servicing	34			30			40			31			33			(2.9)	%	64			64			—	%
General and administrative	118			113			123			117			121			2.5	%	229			238			3.9	%
Total AB adjusted operating expenses	571			582			629			580			595			4.2	%	1,126			1,175			4.4	%

AB adjusted operating income, before income taxes	273			303			329			291			293			7.3	%	556			584			5.0	%
Interest on borrowings	9			7			5			7			7			(22.2)	%	16			14			(12.5)	%
Other	1			3			—			6			2			100.0	%	4			8			100.0	%
Operating earnings (loss), before income taxes	263			293			324			278			284			8.0	%	536			562			4.9	%
Income taxes	(48)			(46)			(61)			(49)			(36)			25.0	%	(89)			(85)			4.5	%
Operating earnings (loss), before noncontrolling interest	215			247			263			229			248			15.3	%	447			477			6.7	%
Less: Operating (earnings) loss attributable to the noncontrolling interest	(84)			(93)			(103)			(89)			(90)			(7.1)	%	(190)			(179)			5.8	%
Operating earnings (loss)	$	131		$	154		$	160		$	140		$	158		20.6	%	$	257		$	298		16.0	%

Adjusted operating margin (2)	32.3		%	34.2		%	34.5		%	33.4		%	33.0		%			33.0		%	33.2		%
Compensation ratio	48.5		%	48.5		%	47.8		%	48.5		%	48.5		%			48.5		%	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) 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)	6/30/2025		9/30/2025		12/31/2025		3/31/2026		6/30/2026

AUM Roll-forward
Balance as of beginning of period	$	784.5	$	829.1	$	860.1	$	866.9	$	838.6
Sales/new accounts	27.9		42.4		33.7		35.6		44.8
Redemptions/terminations	(30.7)		(27.8)		(32.6)		(35.8)		(37.5)
Cash flow/unreinvested dividends	(3.9)		(16.9)		(5.8)		(6.9)		(6.5)
Net long-term (outflows) inflows	(6.7)		(2.3)		(4.7)		(7.1)		0.8


Market appreciation (depreciation)	51.3		33.3		11.5		(21.2)		66.1
Net change	44.6		31.0		6.8		(28.3)		66.9
Balance as of end of period	$	829.1	$	860.1	$	866.9	$	838.6	$	905.5

Ending Assets by distribution channel
Institutions	$	340.0	$	351.4	$	354.2	$	347.7	$	371.1
Retail	344.7		356.2		356.4		335.5		367.3
Private Wealth	144.4		152.5		156.3		155.4		167.1
Total	$	829.1	$	860.1	$	866.9	$	838.6	$	905.5

Ending Assets by investment service
Equity
Actively Managed	$	273.4	$	281.3	$	278.0	$	252.5	$	279.1
Passively Managed (1)	70.8		77.3		78.3		74.7		85.9
Total Equity	$	344.2	$	358.6	$	356.3	$	327.2	$	365.0
Fixed Income
Actively Managed	$	294.0	$	300.1	$	303.9	$	303.6	$	306.2
Passively Managed (1)	10.2		10.1		9.7		9.4		18.4
Total Fixed Income	304.2		310.2		313.6		313.0		324.6
Total Alternatives/Multi-Asset Solutions (2)	180.7		191.3		197.0		198.4		215.9
Total	$	829.1	$	860.1	$	866.9	$	838.6	$	905.5

Notes:


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


Asset Management - Net Flows

	For the Three Months Ended										For the Six Months Ended
(in billions USD, unless otherwise indicated)	6/30/2025		9/30/2025		12/31/2025		3/31/2026		6/30/2026		6/30/2025		6/30/2026
Net Flows by Distribution Channel
Institutions
US	$	2.8	$	(2.1)	$	2.3	$	0.3	$	3.6	$	5.5	$	3.9
Global and Non-US	(4.3)		0.3		(4.3)		(2.2)		(3.0)		(6.3)		(5.2)
Total Institutions	$	(1.5)	$	(1.8)	$	(2.0)	$	(1.9)	$	0.6	$	(0.8)	$	(1.3)
Retail
US	$	(1.6)	$	(2.3)	$	(1.6)	$	(1.9)	$	5.1	$	1.4	$	3.2
Global and Non-US	(3.2)		0.6		(1.9)		(3.9)		(4.2)		(5.3)		(8.1)
Total Retail	$	(4.8)	$	(1.7)	$	(3.5)	$	(5.8)	$	0.9	$	(3.9)	$	(4.9)
Private Wealth
US	$	0.1	$	1.3	$	0.5	$	0.9	$	(0.3)	$	1.7	$	0.6
Global and Non-US	(0.5)		(0.1)		0.3		(0.3)		(0.4)		(1.3)		(0.7)
Total Private Wealth	$	(0.4)	$	1.2	$	0.8	$	0.6	$	(0.7)	$	0.4	$	(0.1)
Total Net Flows by Distribution Channel	$	(6.7)	$	(2.3)	$	(4.7)	$	(7.1)	$	0.8	$	(4.3)	$	(6.3)
Net Flows by Investment Service
Equity Active
US	$	(3.3)	$	(6.3)	$	(5.1)	$	(5.5)	$	(6.5)	$	(3.6)	$	(12.0)
Global and Non-US	(2.7)		(0.1)		(2.5)		(5.4)		(4.1)		(4.9)		(9.5)
Total Equity Active	$	(6.0)	$	(6.4)	$	(7.6)	$	(10.9)	$	(10.6)	$	(8.5)	$	(21.5)
Equity Passive (1)
US	$	—	$	(1.1)	$	(1.0)	$	(0.6)	$	(0.2)	$	(0.1)	$	(0.8)
Global and Non-US	(1.9)		2.3		—		(0.3)		0.2		(1.6)		(0.1)
Total Equity Passive (1)	$	(1.9)	$	1.2	$	(1.0)	$	(0.9)	$	—	$	(1.7)	$	(0.9)
Fixed Income - Taxable
US	$	2.0	$	(2.7)	$	1.4	$	2.3	$	(0.7)	$	4.2	$	1.6
Global and Non-US	(3.5)		(1.5)		(3.4)		(4.0)		(3.9)		(7.1)		(7.9)
Total Fixed Income - Taxable	$	(1.5)	$	(4.2)	$	(2.0)	$	(1.7)	$	(4.6)	$	(2.9)	$	(6.3)
Fixed Income - Tax-Exempt
US	$	1.2	$	4.1	$	3.9	$	3.3	$	2.9	$	3.6	$	6.2
Global and Non-US	—		—		—		—		—		—		—
Total Fixed Income - Tax-Exempt	$	1.2	$	4.1	$	3.9	$	3.3	$	2.9	$	3.6	$	6.2
Fixed Income - Passive (1)
US	$	(0.1)	$	(0.1)	$	0.1	$	(0.2)	$	8.9	$	(0.5)	$	8.7
Global and Non-US	—		(0.1)		(0.5)		(0.1)		—		(0.1)		(0.1)
Total Fixed Income - Passive (1)	$	(0.1)	$	(0.2)	$	(0.4)	$	(0.3)	$	8.9	$	(0.6)	$	8.6
Alternatives/Multi-Asset Solutions (2)
US	$	1.5	$	3.0	$	1.9	$	—	$	4.0	$	5.0	$	4.0
Global and Non-US	0.1		0.2		0.5		3.4		0.2		0.8		3.6
Total Alternatives/Multi-Asset Solutions (2)	$	1.6	$	3.2	$	2.4	$	3.4	$	4.2	$	5.8	$	7.6
Total Net Flows by Investment Service	$	(6.7)	$	(2.3)	$	(4.7)	$	(7.1)	$	0.8	$	(4.3)	$	(6.3)
Active vs. Passive Net Flows
Actively Managed
Equity	$	(6.0)	$	(6.4)	$	(7.6)	$	(10.9)	$	(10.6)	$	(8.5)	$	(21.5)
Fixed Income	(0.4)		—		1.9		1.6		(1.8)		0.6		(0.2)
Alternatives/Multi-Asset Solutions (2)	1.6		3.0		1.9		3.0		3.8		5.8		6.8
Total	$	(4.8)	$	(3.4)	$	(3.8)	$	(6.3)	$	(8.6)	$	(2.1)	$	(14.9)
Passively Managed (1)
Equity	$	(1.9)	$	1.1	$	(1.0)	$	(0.9)	$	—	$	(1.7)	$	(0.9)
Fixed Income	(0.1)		(0.2)		(0.4)		(0.3)		8.9		(0.6)		8.6
Alternatives/Multi-Asset Solutions (2)	0.1		0.2		0.5		0.4		0.5		0.1		0.9
Total	$	(1.9)	$	1.1	$	(0.9)	$	(0.8)	$	9.4	$	(2.2)	$	8.6
Total Active vs Passive Net Flows	$	(6.7)	$	(2.3)	$	(4.7)	$	(7.1)	$	0.8	$	(4.3)	$	(6.3)
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 Six Months Ended or As of
(in millions USD, unless otherwise indicated)	6/30/2025			9/30/2025			12/31/2025			3/31/2026			6/30/2026			Change		6/30/2025			6/30/2026			Change

Revenues

Net investment income (loss)	$	2		$	3		$	4		$	3		$	3		50.0	%	$	5		$	6		20.0	%

Investment management, service fees and other income	467			496			544			538			541			15.8	%	926			1,079			16.5	%
Segment revenues	469			499			548			541			544			16.0	%	931			1,085			16.5	%

Benefits and other deductions




Commissions and distribution-related payments	296			320			350			348			353			19.3	%	589			701			19.0	%

Compensation and benefits, interest expense, financing fees and other operating costs and expense	105			101			108			121			112			6.7	%	214			233			8.9	%

Segment benefits and other deductions	401			421			458			469			465			16.0	%	803			934			16.3	%

Operating earnings (loss), before income taxes	68			78			90			72			79			16.2	%	128			151			18.0	%
Income taxes	(18)			(19)			(24)			(17)			(16)			11.1	%	(33)			(33)			—	%
Operating earnings (loss), before noncontrolling interest	50			59			66			55			63			26.0	%	95			118			24.2	%
Less: Operating (earnings) loss attributable to the noncontrolling interest	—			—			—			—			—			—	%	—			—			—	%
Operating earnings (loss)	$	50		$	59		$	66		$	55		$	63		26.0	%	$	95		$	118		24.2	%

Summary Metrics

Pre-tax operating margin	14.5		%	15.6		%	16.4		%	13.3		%	14.5		%			13.7		%	13.9		%

Advisory net new assets	$	2,027		$	2,210		$	2,148		$	2,021		$	1,992		(1.7)	%	$	4,008		$	4,013		0.1	%

Total AUA	$	110,265		$	118,196		$	122,014		$	131,037		$	140,586		27.5	%	$	110,265		$	140,586		27.5	%

Revenue by Activity Type

Investment management, service fees and other income:
Investment management and advisory fees	$	184		$	197		$	214		$	229		$	235		27.7	%	$	365		$	464		27.1	%
Distribution fees	268			280			315			292			289			7.8	%	531			581			9.4	%
Interest income	10			11			11			9			9			(10.0)	%	21			18			(14.3)	%
Service and other income	5			8			4			8			8			60.0	%	9			16			77.8	%
Total Investment management, service fees and other income	$	467		$	496		$	544		$	538		$	541		15.8	%	$	926		$	1,079		16.5	%


	For the Three Months Ended or As of												For the Six Months Ended or As of
(in millions USD, unless otherwise indicated)	6/30/2025		9/30/2025		12/31/2025		3/31/2026		6/30/2026		Change		6/30/2025		6/30/2026		Change

Revenues
Policy charges, fee income and premiums	$	599	$	433	$	331	$	362	$	366	(38.9)	%	$	1,233	$	728	(41.0)	%
Net investment income (loss)	274		183		104		39		86		(68.6)	%	501		125		(75.0)	%
Net derivative gains (losses)	(12)		(13)		(5)		2		(22)		(83.3)	%	(3)		(20)		(566.7)	%
Investment management, service fees and other income	116		134		127		122		118		1.7	%	255		240		(5.9)	%
Segment revenues	977		737		557		525		548		(43.9)	%	1,986		1,073		(46.0)	%

Benefits and other deductions
Policyholders’ benefits	711		438		312		315		356		(49.9)	%	1,378		671		(51.3)	%
Remeasurement of liability for future policy benefits	(13)		16		(7)		10		(13)		—	%	(14)		(3)		78.6	%

Interest credited to policyholders’ account balances	173		96		43		51		54		(68.8)	%	306		105		(65.7)	%
Commissions and distribution-related payments	72		82		81		78		74		2.8	%	155		152		(1.9)	%
Amortization of deferred policy acquisition costs	50		50		49		49		50		—	%	99		99		—	%
Compensation and benefits, interest expense, financing fees and other operating costs and expense (1)	210		222		205		154		179		(14.8)	%	438		333		(24.0)	%

Segment benefits and other deductions	1,203		904		683		657		700		(41.8)	%	2,362		1,357		(42.5)	%

Operating earnings (loss), before income taxes	(226)		(167)		(126)		(132)		(152)		32.7	%	(376)		(284)		24.5	%
Income taxes	44		8		6		15		18		(59.1)	%	67		33		(50.7)	%
Operating earnings (loss), before noncontrolling interest	(182)		(159)		(120)		(117)		(134)		26.4	%	(309)		(251)		18.8	%
Less: Operating (earnings) loss attributable to the noncontrolling interest	(1)		(4)		(3)		(2)		(1)		—	%	(4)		(3)		25.0	%
Operating earnings (loss)	$	(183)	$	(163)	$	(123)	$	(119)	$	(135)	26.2	%	$	(313)	$	(254)	18.8	%

Additional Detail

Net investment income (loss):
Investment income, excluding alternatives	$	246	$	144	$	76	$	30	$	82	(66.7)	%	$	457	$	112	(75.5)	%
Alternative investment income	28		39		28		9		4		(85.7)	%	44		13		(70.5)	%
Total net investment income (loss)	$	274	$	183	$	104	$	39	$	86	(68.6)	%	$	501	$	125	(75.0)	%

(1) Interest expense on EQH debt	$	58	$	56	$	52	$	52	$	54	(7.5)	%	$	113	$	106	(6.4)	%


Corporate and Other - Select Operating Metrics

	For the Three Months Ended or As of															For the Six Months Ended or As of
(in millions USD, unless otherwise indicated)	6/30/2025			9/30/2025			12/31/2025			3/31/2026			6/30/2026			6/30/2025			6/30/2026

Individual Life (Net of Reinsurance)
First Year Premiums and Deposits:
Variable Universal Life	$	99		$	91		$	93		$	74		$	76		$	189		$	150
Other	4			4			3			3			3			9			6
Total First Year Premiums and Deposits	$	103		$	95		$	96		$	77		$	79		$	198		$	156

Renewal Premiums and Deposits:
Universal Life/ Indexed Universal Life	$	206		$	121		$	50		$	54		$	46		$	430		$	100
Variable Universal Life	262			179			89			75			88			534			163
Other	79			41			28			46			21			164			67
Total Renewal Premiums and Deposits	$	547		$	341		$	167		$	176		$	155		$	1,128		$	331

Total Premiums and Deposits	$	650		$	436		$	263		$	253		$	234		$	1,326		$	487

Individual Life Benefit Ratio	113.5		%	93.9		%	90.1		%	83.1		%	96.1		%	109.4		%	90.0		%

Individual Life In-force Face Amount (in billions USD)	$	352.1		$	113.4		$	116.6		$	115.5		$	117.9		$	352.1		$	117.9

Employee Benefits
First Year Premiums and Deposits	$	31		$	33		$	28		$	30		$	28		$	66		$	58
Renewal Premiums and Deposits	86			87			91			91			92			171			183
Total Premiums and Deposits	$	117		$	120		$	119		$	121		$	120		$	237		$	241

Legacy Annuity
Net flows (1)	$	(580)		$	(634)		$	(796)		$	(709)		$	(663)		$	(1,299)		$	(1,372)
Account value - balance, end of period	$	20,490		$	20,939		$	20,386		$	19,061		$	20,503		$	20,490		$	20,503

Net Amount at Risk (NAR)
Total GMIB NAR	$	2,489		$	2,370		$	2,340		$	2,383		$	2,011		$	2,489		$	2,011
Total GMDB NAR	$	8,411		$	7,958		$	7,852		$	8,184		$	7,219		$	8,411		$	7,219

MRB Reserves (Net of Reinsurance)	$	3,271		$	3,418		$	3,374		$	3,070		$	2,646		$	3,271		$	2,646

Notes:
(1) Net of the Venerable transaction


	Balances as of
(in millions USD, unless otherwise indicated)	December 31, 2025				June 30, 2026
	Amount (1)		% of Total		Amount (1)		% of Total
Composition of investment portfolio
Fixed maturities, available-for-sale, at fair value	$	77,162	57.9	%	$	80,191	56.1	%
Fixed maturities, at fair value using the fair value option	2,943		2.2	%	2,948		2.1	%
Mortgage loans, at fair value using the fair value option	50		—	%	71		—	%

Mortgage loans on real estate	22,668		17.0	%	24,795		17.3	%
Policy loans	1,862		1.4	%	1,846		1.3	%
Other equity investments	3,779		2.8	%	3,635		2.5	%
Other invested assets	10,968		8.2	%	10,616		7.5	%
Subtotal investment assets	119,432		89.5	%	124,102		86.8	%
Trading securities	1,572		1.2	%	1,749		1.2	%
Total investments	121,004		90.7	%	125,851		88.0	%
Cash and cash equivalents	12,462		9.3	%	17,183		12.0	%
Total	$	133,466	100.0	%	$	143,034	100.0	%

General Account AFS Fixed maturities by industry (Based on amortized cost)
Corporate securities:
Finance	$	14,676	17.9	%	$	16,033	18.7	%
Manufacturing	9,904		12.1	%	10,210		11.9	%
Utilities	7,873		9.6	%	8,082		9.4	%
Services	7,328		8.9	%	7,208		8.4	%
Energy	2,373		2.9	%	2,633		3.1	%
Retail and wholesale	3,047		3.7	%	3,100		3.6	%

Transportation	2,162		2.6	%	2,240		2.6	%
Other	376		0.5	%	515		0.6	%
Total corporate securities	47,739		58.2	%	50,021		58.3	%
U.S. government and agency	5,040		6.2	%	5,308		6.2	%
Residential mortgage-backed (2)	7,093		8.7	%	7,782		9.1	%
Preferred stock	54		0.1	%	54		0.1	%
State & political	378		0.5	%	374		0.4	%
Foreign governments	556		0.7	%	510		0.6	%
Commercial mortgage-backed	4,814		5.9	%	4,789		5.6	%
Asset-backed securities	16,142		19.7	%	16,915		19.7	%
Total	$	81,816	100.0	%	$	85,753	100.0	%

General Account AFS Fixed maturities credit quality (3) (Based on amortized cost)
Aaa, Aa, A (NAIC Designation 1)	$	56,880	69.5	%	$	60,311	70.3	%
Baa (NAIC Designation 2)	23,488		28.7	%	24,079		28.1	%
Investment grade	80,368		98.2	%	84,390		98.4	%
Below investment grade (NAIC Designation 3 and 4)	1,448		1.8	%	1,363		1.6	%
Total	$	81,816	100.0	%	$	85,753	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 Six Months Ended or As of								Year Ended or As of
(in millions USD, unless otherwise indicated)	June 30, 2025				June 30, 2026				December 31, 2025
	Yield		Amount (2)		Yield		Amount (2)		Yield		Amount (2)
Fixed Maturities:
Income (loss)	4.37	%	$	1,859	4.61	%	$	1,922	4.41	%	$	3,693
Ending assets			86,509				85,753				81,816
Mortgages:
Income (loss)	4.99	%	516		5.33	%	621		4.96	%	1,061
Ending assets			21,536				24,848				22,718
Other Equity Investments (1):
Income (loss)	5.75	%	101		3.82	%	67		5.22	%	185
Ending assets			3,571				3,506				3,519
Trading Securities:
Income	9.47	%	29		6.00	%	25		5.80	%	42
Ending assets			723				909				804
Policy Loans:
Income	4.93	%	107		4.93	%	46		4.57	%	168
Ending assets			4,355				1,846				1,862
Cash and Short-term Investments:
Income (loss)	4.26	%	126		3.14	%	151		3.94	%	323
Ending assets			12,239				13,958				9,103









Total Net Investment Income:
Investment income	4.56	%	2,738		4.62	%	2,832		4.51	%	5,472
Less: investment fees	(0.16)	%	(97)		(0.18)	%	(112)		(0.16)	%	(199)
Investment income, net	4.40	%	$	2,641	4.44	%	$	2,720	4.35	%	$	5,273
General Account Ending Net Assets			$	128,933			$	130,820			$	119,822
Operating Earnings adjustments:

AB and other non-General Account investment income (loss)			(19)				(92)				10
Operating Net investment income (loss)			$	2,622			$	2,628			$	5,283
Notes:

(1) Includes, as of June 30, 2026, June 30, 2025 and December 31, 2025, $438 million, $364 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.


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 Six Months Ended or As of
(in millions USD, unless otherwise indicated)	6/30/2025		9/30/2025		12/31/2025		3/31/2026		6/30/2026		6/30/2025		6/30/2026

Net income (loss) attributable to Holdings
Net income (loss) attributable to Holdings	$	(349)	$	(1,309)	$	215	$	621	$	(453)	$	(286)	$	168
Adjustments related to:
Variable annuity product features (1)	934		978		258		(386)		1,522		1,145		1,136
Investment (gains) losses, net (2)	71		1,170		84		29		65		85		94

Net actuarial (gains) losses related to pension and other postretirement benefit obligations	11		19		9		14		14		22		28
Other adjustments (3)	(137)		(164)		21		148		(430)		68		(282)
Income tax expense (benefit) related to above adjustments	(185)		(437)		(62)		41		(246)		(277)		(205)
Non-recurring tax items	7		198		(12)		5		16		16		21
Non-GAAP Operating earnings (4)	$	352	$	455	$	513	$	472	$	488	$	773	$	960

Net income (loss) attributable to Holdings	$	(1.15)	$	(4.42)	$	0.74	$	2.19	$	(1.63)	$	(0.94)	$	0.60
Less: Preferred stock dividends	0.06		0.05		0.04		0.05		0.05		0.10		0.10
Net income (loss) available to Holdings' common shareholders	(1.21)		(4.47)		0.70		2.14		(1.68)		(1.04)		0.50
Adjustments related to:
Variable annuity product features (1)	3.08		3.30		0.89		(1.36)		5.47		3.75		4.03
Investment (gains) losses, net (2)	0.23		3.95		0.29		0.10		0.23		0.28		0.33

Net actuarial (gains) losses related to pension and other postretirement benefit obligations	0.04		0.06		0.03		0.05		0.05		0.07		0.10
Other adjustments (3)	(0.45)		(0.55)		0.07		0.53		(1.55)		0.23		(0.99)
Income tax expense (benefit) related to above adjustments	(0.61)		(1.48)		(0.21)		0.14		(0.88)		(0.91)		(0.73)
Non-recurring tax items	0.02		0.67		(0.04)		0.02		0.06		0.05		0.07
Non-GAAP Operating Earnings (loss) available to Holdings' common shareholders (4)	$	1.10	$	1.48	$	1.73	$	1.62	$	1.70	$	2.43	$	3.31

Book Value per common share
Book Value per common share	$	(0.26)	$	(3.18)	$	(4.03)	$	(2.83)	$	(6.79)	$	(0.26)	$	(6.79)
Less: Per share impact of AOCI	(24.63)		(21.41)		(22.17)		(22.39)		(23.68)		(24.63)		(23.68)
Book value per common share (ex. AOCI)	$	24.37	$	18.23	$	18.14	$	19.56	$	16.89	$	24.37	$	16.89



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 six months ended June 30, 2025. The impact per common share was $1.63 for the six months ended June 30, 2025.
(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 gain of $198 million or $0.65 and $33 million or $0.11 for the three and six 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, a loss of $146 million or $0.51 for the three months ended March 31, 2026 and a loss of $176 million or $0.63 and $322 million or $1.14 for the three and six months ended June 30, 2026. Also, includes $14 million or $0.05 for the three and six months ended June 30, 2025, $(8) million or $(0.03) for the three months ended September 30, 2025, and $6 million or $0.02 for the three months ended December 31, 2025, respectively, of expense related to a disputed billing practice of an AB third-party service provider.
(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.


Reconciliation of Non-GAAP Measures (2/3)

	As of and for the Twelve Months Ended
(in millions USD, unless otherwise indicated)	12/31/2025			3/31/2026			6/30/2026

Net Income to Non-GAAP Operating Earnings
Net income (loss) attributable to Holdings	$	(1,380)		$	(822)		$	(926)
Adjustments related to:
Variable annuity product features	2,381			1,784			2,372
Investment (gains) losses	1,339			1,354			1,348

Net actuarial (gains) losses related to pension and other postretirement benefit obligations	50			53			56
Other adjustments	(75)			(132)			(425)
Income tax expense (benefit) related to above adjustments	(776)			(643)			(704)
Non-recurring tax items	202			198			207
Non-GAAP Operating Earnings	$	1,741		$	1,792		$	1,928

Return on Equity and Non-GAAP Operating Return on Equity - Trailing twelve months
Net income (loss) attributable to Holdings	$	(1,380)		$	(822)		$	(926)
Less: Preferred stock	(61)			(61)			(56)
Net income (loss) available to Holdings' common shareholders	$	(1,441)		$	(883)		$	(982)
Average equity attributable to Holdings' common shareholders (ex. AOCI)	$	6,556		$	5,817		$	5,132

Return on Equity (ex. AOCI)	(22.0)		%	(15.2)		%	(19.1)		%

Non-GAAP Operating Earnings	$	1,741		$	1,792		$	1,928
Less: Preferred stock	(61)			(61)			(56)
Non-GAAP Operating Earnings available to Holdings' common shareholders	$	1,680		$	1,731		$	1,872
Average equity attributable to Holdings' common shareholders (ex. AOCI)	$	6,556		$	5,817		$	5,132

Non-GAAP Operating Return on Equity (ex. AOCI)	25.6		%	29.8		%	36.5		%


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.

Analyst Coverage

Firm

Analyst

Phone Number

Barclays

Alex Scott

1 (212) 526-1561

BMO

Jack Matten

1 (212) 671-8000

Deutsche Bank

Cave Montazeri

1 (212) 250-2798

Dowling & Partners

Joel Hurwitz

1 (860) 676-7312

Evercore ISI

Thomas Gallagher

1 (212) 446-9439

Jefferies

Suneet Kamath

1 (212) 778-8602

J.P. Morgan

Pablo Singzon II

1 (212) 622-2295

KBW

Ryan Krueger

1 (860) 722-5930

Mizuho Securities

Yaron Kinar

1 (646) 445-0248

Morgan Stanley

Bob Jian Huang

1 (212) 761-6136

Raymond James

Wilma Burdis

1 (727) 567-9371

Truist Securities

Mark Hughes

1 (615) 748-4422

UBS

Michael Ward

1 (917) 270-2483

Wells Fargo Securities

Wes Carmichael

1 (212) 214-5335

Wolfe Research

Tracy Dolin-Benguigui

1 (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. Best

S&P

Moody’s

Last review date

Mar '26

Financial Strength Ratings:

Equitable Financial Life Insurance Company

A+

Equitable Financial Life Insurance Company of America

A+

Credit Ratings:

Equitable Holdings, Inc.

bbb+

A-

Baa1

Investor and Media Contacts

Contact Investor Relations

Contact Media Relations

Erik Bass

Laura Yagerman

IR@equitable.com

MediaRelations@equitable.com

ir.equitableholdings.com


	For the Three Months Ended or As of										For the Six Months Ended or As of
(in millions USD, unless otherwise indicated)	6/30/2025		9/30/2025		12/31/2025		3/31/2026		6/30/2026		6/30/2025		6/30/2026

AUA Roll-forward
Advisory assets :
Beginning assets	$	66,795	$	73,293	$	79,378	$	82,594	$	87,605	$	65,839	$	82,594
Acquired assets	—		—		—		4,508		—		—		4,508
Net new assets	2,027		2,210		2,148		2,021		1,992		4,008		4,013
Market appreciation (depreciation) and other	4,471		3,875		1,068		(1,518)		6,151		3,446		4,633
Advisory ending assets	$	73,293	$	79,378	$	82,594	$	87,605	$	95,748	$	73,293	$	95,748

Acquired assets, brokerage and direct	—		—		—		4,546		—		—		—
Brokerage and direct	36,972		38,818		39,420		38,886		44,838		36,972		44,838

Total Wealth Management assets (incl. acquired assets)	$	110,265	$	118,196	$	122,014	$	131,037	$	140,586	$	110,265	$	140,586

Cash balances	$	3,004	$	3,143	$	3,299	$	3,319	$	3,256	$	3,004	$	3,256

Advisors
Advisors	4,476		4,446		4,582		4,605		4,559		4,476		4,559
Revenue per advisor TTM (in thousands USD)	$	414	$	426	$	440	$	456	$	469	$	414	$	469


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)	9/30/2024		12/31/2024		3/31/2025		6/30/2025		9/30/2025		12/31/2025		3/31/2026		6/30/2026

Equity Reconciliation - Twelve Month Rolling Average
Total equity attributable to Holdings' shareholders	$	2,357	$	2,089	$	2,191	$	2,079	$	1,316	$	906	$	374	$	(110)
Less: Preferred Stock	1,562		1,548		1,535		1,451		1,328		1,218		1,108		1,068
Total equity attributable to Holdings' common shareholders	795		541		656		628		(12)		(312)		(734)		(1,178)
Less: Accumulated other comprehensive income (loss)	(7,816)		(8,045)		(7,889)		(7,578)		(7,476)		(6,868)		(6,551)		(6,309)
Total equity attributable to Holdings' common shareholders (ex. AOCI)	$	8,611	$	8,586	$	8,545	$	8,206	$	7,464	$	6,556	$	5,817	$	5,131


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.


Retirement - Select Operating Metrics

	For the Three Months Ended or As of										For the Six Months Ended or As of
(in millions USD, unless otherwise indicated)	6/30/2025		9/30/2025		12/31/2025		3/31/2026		6/30/2026		6/30/2025		6/30/2026

Sales Metrics
First Year Premiums and Deposits:
Registered indexed-linked annuities (RILA)	$	3,772	$	3,870	$	4,190	$	4,024	$	4,136	$	7,306	$	8,160

Traditional variable annuities	984		962		994		1,087		1,069		1,984		2,156
Tax-exempt (1)	297		387		574		511		360		646		871
Corporate	70		64		70		94		103		148		197
Institutional	325		87		87		204		480		749		684
Other (1)	64		88		60		52		71		95		123
Total First Year Premiums and Deposits	$	5,512	$	5,458	$	5,975	$	5,972	$	6,219	$	10,928	$	12,191

Renewal Premiums and Deposits:
Tax-exempt (1)	$	512	$	396	$	517	$	493	$	538	$	998	$	1,031
Corporate	91		95		91		99		89		194		188

Other (1)	88		91		98		84		70		179		154
Total Renewal Premiums and Deposits	$	691	$	582	$	706	$	676	$	697	$	1,371	$	1,373

Total Premiums and Deposits	$	6,203	$	6,040	$	6,681	$	6,648	$	6,916	$	12,299	$	13,564

Net Amount at Risk (NAR)
Total GMIB NAR	$	52	$	60	$	71	$	84	$	92	$	52	$	92
Total GMWB NAR	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Total GMDB NAR	$	3,058	$	2,907	$	2,957	$	3,262	$	2,897	$	3,058	$	2,897
MRB Reserves (Net of Reinsurance)	$	596	$	706	$	767	$	814	$	520	$	596	$	520
Notes:
(1) Net of reinsurance


Wealth Management - Operating Earnings (Loss) and Summary Metrics


Reconciliation of Non-GAAP Measures (3/3)

	Balances as of
(in millions USD, unless otherwise indicated)	9/30/2024		12/31/2024		3/31/2025		6/30/2025		9/30/2025		12/31/2025		3/31/2026		6/30/2026

Equity Reconciliation - Quarter-end Balances
Total equity attributable to Holdings' shareholders	$	3,201	$	1,565	$	2,401	$	1,149	$	148	$	(74)	$	273	$	(785)
Less: Preferred Stock	1,562		1,507		1,507		1,228		1,068		1,068		1,068		1,068
Total equity attributable to Holdings' common shareholders	1,639		58		894		(79)		(920)		(1,142)		(795)		(1,853)
Less: Accumulated other comprehensive income (loss)	(6,601)		(8,712)		(7,567)		(7,432)		(6,191)		(6,280)		(6,300)		(6,465)
Total equity attributable to Holdings' common shareholders (ex. AOCI)	$	8,240	$	8,770	$	8,461	$	7,353	$	5,271	$	5,138	$	5,505	$	4,612