axaeq-20240430

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): April 30, 2024

Equitable Holdings, Inc.

(Exact name of registrant as specified in its charter)


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

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

(Address of principal executive offices) (Zip Code)

(212) 554-1234

(Registrant’s telephone number, including area code)

Not Applicable

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

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

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

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

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

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

Title of each class

Trading Symbol

Name of Exchange on which registered

Common Stock

EQH

New York Stock Exchange

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

EQH PR A

New York Stock Exchange

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

EQH PR C

New York Stock Exchange

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

Emerging growth company ☐

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

Item 2.02 Results of Operations and Financial Condition.

On April 30, 2024, Equitable Holdings, Inc. (“EQH”) issued a press release announcing its financial results for the quarter ended March 31, 2024. A copy of the press release containing this information is furnished as Exhibit 99.1 hereto and is incorporated herein by reference. In addition, more detailed financial information may be found in EQH’s Financial Supplement for the quarter ended March 31, 2024. A copy of the Financial Supplement for the quarter ended March 31, 2024 is furnished as Exhibit 99.2 hereto and is incorporated herein by reference.

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

Item 7.01 Regulation FD Disclosure.

In connection with its earnings call for the quarter ended March 31, 2024, EQH has prepared a presentation for use with investors and other members of the investment community, which will be accessible via EQH’s investor relations website at https://ir.equitableholdings.com at 4:15 p.m. ET on Tuesday, April 30, 2024.

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

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits


Exhibit No.			Description of Exhibit
99.1			Press release of Equitable Holdings, Inc., dated April 30, 2024 (furnished and not filed)
99.2			Financial Supplement for the quarter ended March 31, 2024 (furnished and not filed)
104			Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURE

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



	EQUITABLE HOLDINGS, INC.

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

Document

EQUITABLE HOLDINGS REPORTS FIRST QUARTER 2024 RESULTS

_______________________________________

•Strong results across core businesses, with operating earnings up versus 1Q’23 in Individual Retirement, Group Retirement, Protection Solutions, Asset Management, and Wealth Management

•Retirement1 premiums and deposits up 42% versus 1Q’23, driving net inflows of $1.5 billion

•Positive Asset Management active net inflows of $3.7 billion, driven by momentum in Retail

•Net income of $114 million, or $0.30 per share

•Non-GAAP operating earnings2 of $490 million, or $1.43 per share; adjusting for notable items3, Non-GAAP operating earnings of $491 million, or $1.43 per share

•Returned $326 million to shareholders in the quarter, in line with 60-70% payout ratio target

_______________________________________

New York, NY, April 30, 2024 — Equitable Holdings, Inc. (“Equitable Holdings”, “Holdings”, or the “Company”) (NYSE: EQH) today announced financial results for the first quarter ended March 31, 2024.

“We reported non-GAAP operating earnings of $1.43 per share, up 49% compared to the prior year quarter. After adjusting for notable items in both periods, non-GAAP EPS rose 18%. Strong sales and net flows across our businesses are driving increases in both spread- and fee-based earnings, and Equitable is well-positioned to capitalize on the current favorable environment for growth,” said Mark Pearson, President and Chief Executive Officer.

Mr. Pearson continued, “The U.S. market presents a tremendous opportunity with an aging population and a growing retirement savings gap. Equitable and AllianceBernstein are uniquely suited to address this need given our leading positions across the retirement, wealth management, and asset management businesses. In Retirement, we reported net inflows of $1.5 billion, led by robust sales of our spread-based buffered annuity. In Asset Management, AllianceBernstein had $3.7 billion of active net inflows, driven by strong demand for fixed income offerings in the Retail and Private Wealth channels. In Wealth Management, our fastest growing business segment, operating earnings increased 34% year-over-year and remain on pace to exceed our 2027 target.”

Mr. Pearson concluded, “We are pleased with the acceleration in earnings growth this quarter and remain focused on delivering against our 2027 financial targets of $2 billion of holding company cash flow, 12-15% annual growth in non-GAAP EPS, and a 60-70% payout ratio of non-GAAP operating earnings.”

1 Includes Individual Retirement and Group Retirement.

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

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


Consolidated Results
	1st Quarter
(in millions, except per share amounts or unless otherwise noted)		2024		2023
Total Assets Under Management/Administration (“AUM/A”, in billions)		$	974	$	864
Net income attributable to Holdings		114		177
Net income attributable to Holdings per common share		0.30		0.45
Non-GAAP operating earnings		490		364
Non-GAAP operating earnings per common share (“EPS”)		1.43		0.96

As of March 31, 2024, total AUM/A was $974 billion, a year-over-year increase of 13%, driven by higher markets over the prior twelve months.

Net income attributable to Holdings for the first quarter of 2024 was $114 million compared to $177 million in the first quarter of 2023.

Non-GAAP operating earnings in the first quarter of 2024 was $490 million compared to $364 million in the first quarter of 2023. Adjusting for notable items4 of $1 million, first quarter 2024 Non-GAAP operating earnings were $491 million or $1.43 per share.

As of March 31, 2024, book value per common share, including accumulated other comprehensive income (“AOCI”), was $1.43. Book value per common share, excluding AOCI, was $26.36.

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

Business Highlights

•Business segment highlights:

◦Individual Retirement (“IR”) reported first quarter net inflows of $1.6 billion, and first year premiums were up 52% over prior year, driven by continued demand for our spread-based RILA product.

◦Group Retirement (“GR”) reported first quarter net outflows of $132 million. The tax-exempt channel, which includes Equitable’s industry leading K-12 educators offering, reported net inflows of $18 million.

◦Investment Management and Research (AllianceBernstein or “AB”)5 reported net inflows of $0.5 billion, with active net inflows of $3.7 billion partially offset by low-fee passive redemptions.

◦Protection Solutions (“PS”) reported $778 million of gross written premiums with accumulation-oriented VUL first year premiums up 12% and Employee Benefits first year premiums up 6% over the prior year quarter.

◦Wealth Management (“WM”) reported advisory net outflows of $175 million, primarily attributable to an advisor group departure. On a trailing twelve month basis, advisory organic growth was 4%.

◦Legacy (“L”) had $659 million of net outflows and continues to run-off at $2-$3 billion annually.

•Capital management program:

◦The Company returned $326 million to shareholders, including $73 million of quarterly cash dividends and $253 million of share repurchases, delivering on its payout ratio target of 60-70% of Non-GAAP operating earnings.

◦The Company intends to increase its quarterly cash dividend from $0.22 to $0.24 per share in the second quarter.6

◦The Company reported cash and liquid assets of $1.9 billion at Holdings, which remains above the $500 million minimum target. The Company’s year end combined RBC ratio was 411%. On an NAIC basis, the combined RBC ratio was c.425% at year end, above the Company’s target of 375-400%.

•Delivering shareholder value:

◦The Company has deployed $9.6 billion of its $20 billion capital commitment to AB. This supports growth in AB’s Private Markets business, which currently has $63 billion in assets under management.

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

6 Any declaration of dividends will be at the discretion of the Board of Directors and will depend on our financial condition and other factors.

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

Business Segment Results

Individual Retirement


(in millions, unless otherwise noted)	Q1 2024		Q1 2023
Account value (in billions)	$	98.3	$	78.8
Segment net flows (in billions)	1.6		0.9
Operating earnings (loss)	228		200

•Account value increased by 25%, primarily due to market performance and net inflows over the prior twelve months.

•Net inflows of $1.6 billion in the quarter were higher versus the prior year quarter and total sales of $4.3 billion increased 51%.

•Operating earnings increased from $200 million in the prior year quarter to $228 million, primarily driven by higher net interest margin.

•Operating earnings adjusted for notable items7 increased from $204 million in the prior year quarter to $229 million. Notable items of $1 million in the current period reflect lower net investment income from alternatives.

Group Retirement


(in millions, unless otherwise noted)	Q1 2024		Q1 2023
Account value (in billions)	$	38.5	$	33.6
Segment net flows	(132)		29
Operating earnings (loss)	126		89

•Account value increased by 15%, primarily due to market performance over the prior twelve months.

•Net outflows of $132 million in the first quarter, primarily attributable to non-core channels; the core tax-exempt channel delivered $18 million of net inflows.

•Operating earnings increased from $89 million in the prior year quarter to $126 million, primarily due to higher net interest margin and higher fee income.

•Operating earnings adjusted for notable items8 increased from $97 million in the prior year quarter to $124 million. Notable items of $2 million reflect lower net investment income from alternatives offset by a one-time model update benefit.

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

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

AllianceBernstein


(in millions, unless otherwise noted)	Q1 2024		Q1 2023
Total AUM (in billions)	$	758.7	$	675.9
Segment net flows (in billions)	0.5		0.8
Operating earnings (loss)	106		99

•AUM increased by 12% due to market performance over the prior twelve months.

•Net inflows of $0.5 billion in the quarter, with net inflows of $4.2 billion in the Retail channel and $0.5 billion in Private Wealth partially offset by Institutional channel net outflows of $4.2 billion.

•Operating earnings increased from $99 million in the prior year quarter to $106 million, primarily due to higher base fees on higher average AUM, partially offset by higher expenses.

•Operating earnings adjusted for notable items9 decreased from $99 million in the prior year quarter to $97 million. Notable items of $9 million reflects a favorable tax credit in the quarter.

Protection Solutions


(in millions)	Q1 2024		Q1 2023
Gross written premiums	$	778	$	786
Annualized premiums	80		76
Operating earnings (loss)	41		(35)

•Annualized premiums increased 5% year-over-year driven by a 4% increase in Life and a 8% increase in Employee Benefits.

•Operating earnings increased from a $35 million loss in the prior year quarter to $41 million, primarily due to improved mortality, higher net interest margin and higher fee-type revenue from Employee Benefits premium growth.

•Operating earnings adjusted for notable items10 increased from $46 million in the prior year quarter to $47 million. Notable items of $6 million reflect lower net investment income from alternatives.

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

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

Wealth Management


(in millions, unless otherwise noted)	Q1 2024		Q1 2023
Total AUA (in billions)	$	91.9	$	75.6
Advisory Net Flows (in billions)	(0.2)		0.8
Operating earnings (loss)	43		32

•AUA increased by 22% due to market performance and net inflows over the last twelve months.

•Advisory net outflows of $175 million in the quarter, primarily attributable to an advisor group departure.

•Operating earnings increased from $32 million in the prior year quarter to $43 million, primarily due to higher distribution and advisory fees and increased interest income on cash balances. This was partially offset by higher commissions and distribution-related payments.

Legacy


(in millions)	Q1 2024		Q1 2023
Account value (in billions)	$	22.8	$	22.0
Net Flows	(659)		(523)
Operating earnings (loss)	51		60

•Account value was up 4% year-over-year as expected net outflows were more than offset by positive market performance over the prior twelve months.

•Net outflows of $659 million were in line with expectations as this business continues to run-off at $2 billion to $3 billion annually.

•Operating earnings decreased from $60 million in the prior year quarter to $51 million, primarily due to lower GMxB fees as the block continues to run off.

•Operating earnings adjusted for notable items11 decreased from $64 million in the prior year quarter to $52 million. Notable items of $1 million in the current period reflect lower net investment income from alternatives.

Corporate and Other (“C&O”)

The operating loss of $105 million in the first quarter increased from an operating loss of $81 million in the prior year quarter. Operating loss after adjusting for notable items12 increased from $87 million in the prior year quarter to $101 million, in line with the Company’s expectations for an annual loss of approximately $400 million.

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

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

Exhibit 1: Notable Items

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

Impact of notable items by segment and Corporate & Other:


	Three Months Ended March 31,
(in millions)	2024			2023
Non-GAAP Operating Earnings	490			$	364
Post-tax Adjustments related to notable items:
Individual Retirement	1			4
Group Retirement	(2)			8
Investment Management and Research	(9)			—
Protection Solutions	6			81
Wealth Management	—			—
Legacy	1			4
Corporate & Other	3			(5)
Notable items subtotal	1		1	92

Non-GAAP Operating Earnings, less Notable Items	$	491		$	456

Impact of notable items by item category:


	Three Months Ended March 31,
(in millions)	2024		2023
Non-GAAP Operating Earnings	490		$	364
Pre-tax adjustments related to Notable Items:
Actuarial and Model Updates	(6)		—
Mortality	—		62
Expenses	(13)		—
Net Investment Income	17		47
Subtotal	(1)		109
Post-tax impact of Notable Items	1		92

Non-GAAP Operating Earnings, less Notable Items	$	491	$	456

Earnings Conference Call

Equitable Holdings will host a conference call at 9 a.m. ET on May 1, 2024 to discuss its first quarter 2024 results. The conference call webcast, along with additional earnings materials, will be accessible on the company’s investor relations website at ir.equitableholdings.com. Please log on to the webcast at least 15 minutes prior to the call to download and install any necessary software.

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

EQH First Quarter 2024 Earnings Call

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

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

About Equitable Holdings

Equitable Holdings, Inc. (NYSE: EQH) is a financial services holding company comprised of two complementary and well-established principal franchises, Equitable and AllianceBernstein. Founded in 1859, Equitable provides advice, protection and retirement strategies to individuals, families and small businesses. AllianceBernstein is a global investment management firm that offers high-quality research and diversified investment services to institutional investors, individuals and private wealth clients in major world markets. Equitable Holdings has approximately 12,800 employees and financial professionals, $974 billion in assets under management and administration (as of 3/31/2024) and more than 5 million client relationships globally.

Contacts:

Investor Relations

Erik Bass

(212) 314-2476

IR@equitable.com

Media Relations

Sophia Kim

(212) 314-2010

mediarelations@equitable.com

Note Regarding Forward-Looking Statements

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

These forward-looking statements are not a guarantee of future performance and involve risks and uncertainties, and there are certain important factors that could cause actual results to differ, possibly materially, from expectations or estimates reflected in such forward-looking statements, including, among others: (i) conditions in the financial markets and economy, including the impact of geopolitical conflicts and related economic conditions, equity market declines and volatility, interest rate fluctuations, impacts on our goodwill and changes in liquidity and access to and cost of capital; (ii) operational factors, including reliance on the payment of dividends to Holdings by its subsidiaries, protection of confidential customer information or proprietary business information, operational failures by us or our service providers, potential strategic transactions, changes in accounting standards, and catastrophic events, such as the outbreak of pandemic diseases including COVID-19; (iii) credit, counterparties and investments, including counterparty default on derivative contracts, failure of financial institutions, defaults by third parties and affiliates and economic downturns, defaults and other events adversely affecting our investments; (iv) our reinsurance and hedging programs; (v) our products, structure and product distribution, including variable annuity guaranteed benefits features within certain of our products, variations in statutory capital requirements, financial strength and claims-paying ratings, state insurance laws limiting the ability of our insurance subsidiaries to pay dividends and key product distribution relationships; (vi) estimates, assumptions and valuations, including risk management policies and procedures, potential inadequacy of reserves and experience differing from pricing expectations, amortization of deferred acquisition costs and financial models; (vii) our Investment Management and Research segment, including fluctuations in assets under management and the industry-wide shift from actively-managed investment services to passive services; (viii) recruitment and retention of key employees and experienced and productive financial professionals; (ix) subjectivity of the determination of the amount of allowances and impairments taken on our investments; (x) legal and regulatory risks, including federal and state legislation affecting financial institutions, insurance regulation and tax reform; (xi) risks related to our common stock and (xii) general risks, including strong industry competition, information systems failing or being compromised and protecting our intellectual property.

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

Forward-looking Non-GAAP Metrics

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

Use of Non-GAAP Financial Measures

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

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

Non-GAAP Operating Earnings

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

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

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

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

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

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

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

In the fourth quarter of 2023, the Company updated its operating earnings measure to exclude the impact of realized amounts related to equity classified instruments. The recognition of the realized capital gains and losses from investments in current net investment income is generally considered distortive and not reflective of the ongoing core business activities of the segments. The presentation of operating earnings in prior periods was not revised to reflect this modification. The impact to operating earnings was immaterial for the three months ended March 31, 2023.

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

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

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

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

The table below presents a reconciliation of Net income (loss) attributable to Holdings to Non-GAAP Operating Earnings for the three months ended March 31, 2024 and 2023:


	Three Months Ended March 31,
(in millions)		2024		2023
Net income (loss) attributable to Holdings		$	114	$	177
Adjustments related to:
Variable annuity product features		319		861
Investment (gains) losses		39		87
Net actuarial (gains) losses related to pension and other postretirement benefit obligations		17		9
Other adjustments (1)		91		45
Income tax expense (benefit) related to above adjustments		(98)		(210)
Non-recurring tax items (2)		8		(605)
Non-GAAP Operating Earnings		$	490	$	364

_______________

(1)Includes certain gross legal expenses related to the cost of insurance litigation of $106 million for the three months ended March 31, 2024.

(2)For the three months ended March, 31 2024, non-recurring tax items reflects the effect of uncertain tax positions for a given audit period and for the three months ended March 31, 2023 primarily includes tax valuation allowance decease.

Non-GAAP Operating EPS

Non-GAAP Operating Earnings per common share is calculated by dividing Non-GAAP Operating Earnings less preferred stock dividends by diluted common shares outstanding. The table below presents a reconciliation of GAAP EPS to Non-GAAP Operating EPS for the three months ended March 31, 2024 and 2023.


	Three Months Ended March 31,
(per share amounts)		2024		2023
Net income (loss) attributable to Holdings		$	0.34	$	0.49
Less: Preferred stock dividend		0.04		0.04
Net Income (loss) available to common shareholders		0.30		0.45
Adjustments related to:
Variable annuity product features		0.96		2.36
Investment (gains) losses		0.12		0.24
Net actuarial (gains) losses related to pension and other postretirement benefit obligations		0.05		0.02
Other adjustments (1)		0.27		0.13
Income tax expense (benefit) related to above adjustments		(0.29)		(0.58)
Non-recurring tax items (2)		0.02		(1.66)
Non-GAAP Operating Earnings		$	1.43	$	0.96

_______________

(1)Includes certain gross legal expenses related to the cost of insurance litigation of $0.32 for the three months ended March 31, 2024.

Book Value per common share, excluding AOCI

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


	March 31, 2024		December 31, 2023
Book value per common share	$	1.43	$	3.26
Per share impact of AOCI	24.93		23.30
Book Value per common share, excluding AOCI	$	26.36	$	26.56

Other Operating Measures

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

Account Value (“AV”)

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

Assets Under Management (“AUM”)

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

Assets Under Management (“AUA”)

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

Segment net flows

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

Consolidated Statements of Income (Loss) (Unaudited)


	Three Months Ended March 31,
			2024		2023
		(in millions)
REVENUES
Policy charges and fee income			$	614	$	588
Premiums			275		276
Net derivative gains (losses)			(1,376)		(841)
Net investment income (loss)			1,219		990
Investment gains (losses), net:
Credit losses on available-for-sale debt securities and loans			(20)		(66)
Other investment gains (losses), net			(19)		(21)
Total investment gains (losses), net			(39)		(87)
Investment management and service fees			1,278		1,180
Other income			259		251
Total revenues			2,230		2,357
BENEFITS AND OTHER DEDUCTIONS
Policyholders’ benefits			677		730
Remeasurement of liability for future policy benefits			1		4
Change in market risk benefits and purchased market risk benefits			(1,100)		20
Interest credited to policyholders’ account balances			566		463
Compensation and benefits			620		583
Commissions and distribution-related payments			437		380
Interest expense			57		61
Amortization of deferred policy acquisition costs			172		152
Other operating costs and expenses			553		423
Total benefits and other deductions			1,983		2,816
Income (loss) from continuing operations, before income taxes			247		(459)
Income tax (expense) benefit			(30)		725
Net income (loss)			217		266
Less: Net income (loss) attributable to the noncontrolling interest			103		89
Net income (loss) attributable to Holdings			114		177
Less: Preferred stock dividends			14		14
Net income (loss) available to Holdings’ common shareholders			$	100	$	163

Earnings Per Common Share


	Three Months Ended March 31,
	2024		2023
	(in millions)
Earnings per common share
Basic	$	0.30	$	0.45
Diluted	$	0.30	$	0.45
Weighted average shares
Weighted average common stock outstanding for basic earnings per common share	330.2		361.9
Weighted average common stock outstanding for diluted earnings per common share (1)	332.7		364.1

(1)For the three months ended March 31, 2024 and 2023, 3.0 million and 2.5 million, respectively, of outstanding stock awards, were not included in the computation of diluted earnings per share because their effect was anti-dilutive.

Results of Operations by Segment


	Three Months Ended March 31,
	2024		2023
	(in millions)
Operating earnings (loss) by segment:
Individual Retirement	$	228	$	200
Group Retirement	126		89
Investment Management and Research	106		99
Protection Solutions	41		(35)
Wealth Management	43		32
Legacy	51		60
Corporate and Other (1)	(105)		(81)
Non-GAAP Operating Earnings	$	490	$	364

(1)Includes interest expense and financing fees of $56 million and $67 million for the three months ended March 31, 2024, and 2023 respectively.

Select Balance Sheet Statistics


	March 31, 2024		December 31, 2023
	(in millions)
ASSETS


Total investments and cash and cash equivalents	$	112,977	$	110,412
Separate Accounts assets	133,735		127,251
Total assets	285,577		276,814

LIABILITIES
Long-term debt	$	3,821	$	3,820
Future policy benefits and other policyholders' liabilities	17,324		17,363
Policyholders’ account balances	100,246		95,673
Total liabilities	280,831		271,656

EQUITY
Preferred stock	1,562		1,562
Accumulated other comprehensive income (loss)	(8,166)		(7,777)
Total equity attributable to Holdings	$	2,032	$	2,649
Total equity attributable to Holdings' common shareholders (ex. AOCI)	8,636		8,864

Assets Under Management (Unaudited)


	March 31, 2024		December 31, 2023
	(in billions)
Assets Under Management
AB AUM	$	758.7	$	725.2
Exclusion for General Account and other Affiliated Accounts	(75.9)		(75.0)
Exclusion for Separate Accounts	(47.3)		(44.5)
AB third party	$	635.4	$	605.7

Total company AUM
AB third party	$	635.4	$	605.7
General Account and other Affiliated Accounts (1) (3) (4)	113.0		110.4
Separate Accounts (2) (3) (4)	133.7		127.3
Total AUM	$	882.1	$	843.4

_______________

(1) “General Account and Other Affiliated Accounts” refers to assets held in the general accounts of our insurance companies and other assets on which we bear the investment risk.

(2) “Separate Accounts” refers to the separate account investment assets of our insurance subsidiaries excluding any assets on which we bear the investment risk.

(3) As of December 31, 2023 and March 31, 2024, Separate Account is inclusive of $12.5 billion and $12.9 billion & General Account AUM is inclusive of $49 million and $47 million, respectively, Account Value ceded to Venerable.

(4) As of December 31, 2023 and March 31, 2024, Separate Account is inclusive of $6.4 billion and $6.9 billion & General Account AUM is inclusive of $3.6 billion and $3.5 billion, respectively, Account Value ceded to Global Atlantic.

Document

http://api.rkd.refinitiv.com/api/FilingsRetrieval3/.78844307.0001333986-24-000015coverpage.jpg.ashx


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	9
		Sales Metrics by Segment	10

	Select Metrics from Business Segments
Individual Retirement
		Statements of Operating Earnings (Loss) and Summary Metrics	12
		Select Operating Metrics	13
Group Retirement
		Statements of Operating Earnings (Loss) and Summary Metrics	14
		Select Operating Metrics	15
Investment Management and Research (1)
		Statements of Operating Earnings (Loss) and Summary Metrics	16
		Select Operating Metrics	17
		Net Flows	18
Protection Solutions
		Statements of Operating Earnings (Loss) and Summary Metrics	19
		Select Operating Metrics	20
Wealth Management
		Statements of Operating Earnings (Loss) and Summary Metrics	21
		Select Operating Metrics	22
Legacy
		Statements of Operating Earnings (Loss) and Summary Metrics	23
		Select Operating Metrics	24

	Investments
		Consolidated Investment Portfolio Composition	26
		Consolidated Results of General Account Investment Portfolio	27

	Additional Information
		Deferred Policy Acquisition Costs Rollforward	29
		Use of Non-GAAP Financial Measures	30
		Reconciliation of Non-GAAP Measures	32
		Glossary of Selected Financial and Product Terms	35
		Analyst Coverage, Ratings & Contact Information	37
		Notes:
		(1) Refers to AllianceBernsten L.P. and AllianceBernstien Holding L.P., collectively

All information included in this financial supplement is unaudited.

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


1Q 2024 Financial Supplement						2

Consolidated Financials

and Key Metrics


1Q 2024 Financial Supplement						3

Key Metrics Summary


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

Net income (loss)	$	266		$	831		$	1,135		$	(589)		$	217		(18.4)	%	$	266		$	217		(18.4)	%
Net income (loss) attributable to the noncontrolling interest	(89)			(72)			(71)			(109)			(103)			(15.7)	%	(89)			(103)			(15.7)	%
Net income (loss) attributable to Holdings	$	177		$	759		$	1,064		$	(698)		$	114		(35.6)	%	$	177		$	114		(35.6)	%

Non-GAAP Operating Earnings (1)	$	364		$	441		$	413		$	476		$	490		34.6	%	$	364		$	490		34.6	%

Total equity attributable to Holdings' shareholders	$	3,754		$	3,553		$	1,642		$	2,649		$	2,032		(45.9)	%	$	3,754		$	2,032		(45.9)	%
Less: Preferred Stock	1,562			1,562			1,562			1,562			1,562			—	%	1,562			1,562			—	%
Total equity attributable to Holdings' common shareholders	2,192			1,991			80			1,087			470			(78.6)	%	2,192			470			(78.6)	%
Less: Accumulated other comprehensive income (loss)	(6,516)			(7,142)			(9,802)			(7,777)			(8,166)			(25.3)	%	(6,516)			(8,166)			(25.3)	%
Total equity attributable to Holdings' common shareholders (ex. AOCI)	$	8,708		$	9,133		$	9,882		$	8,864		$	8,636		(0.8)	%	$	8,708		$	8,636		(0.8)	%

Return on Equity (ex. AOCI) - TTM	19.9		%	17.1		%	21.7		%	13.4		%	12.8		%			19.9		%	12.8		%
Non-GAAP Operating ROE (1)	17.5		%	16.5		%	16.3		%	17.6		%	19.2		%			17.5		%	19.2		%

Debt to capital:
Debt to Capital (ex. AOCI)	29.7		%	26.3		%	25.0		%	28.1		%	27.3		%			29.7		%	27.3		%

Per common share:
Diluted earnings per common share: (2)
Net income (loss) attributable to Holdings	$	0.45		$	2.06		$	3.02		$	(2.15)		$	0.30		(32.9)	%	$	0.45		$	0.30		(32.9)	%
Non-GAAP Operating Earnings (1)	$	0.96		$	1.17		$	1.15		$	1.33		$	1.43		48.8	%	$	0.96		$	1.43		48.8	%
Book value per common share	$	6.10		$	5.69		$	0.23		$	3.26		$	1.43		(76.5)	%	$	6.10		$	1.43		(76.5)	%
Book value per common share (ex. AOCI)	$	24.25		$	26.08		$	28.90		$	26.56		$	26.36		8.7	%	$	24.25		$	26.36		8.7	%

Weighted-average common shares outstanding:
Basic	361.9			355.2			346.4			337.2			330.2			(8.7)	%	361.9			330.2			(8.7)	%
Diluted	364.1			356.1			348.0			337.2			332.7			(8.6)	%	364.1			332.7			(8.6)	%

Ending common shares outstanding	359.1			350.2			342.0			333.8			327.6			(8.8)	%	359.1			327.6			(8.8)	%

Return to common shareholders:
Common stock dividend	$	72		$	78		$	77		$	74		$	73				$	72		$	73
Repurchase of common shares	214			226			238			241			253					214			253
Total capital returned to common shareholders	$	286		$	304		$	315		$	315		$	326				$	286		$	326

Market Values:
S&P 500	4,109			4,450			4,288			4,770			5,254			27.9	%	4,109			5,254			27.9	%
US 10-Year Treasury	3.5		%	3.8		%	4.6		%	3.9		%	4.2		%			3.5		%	4.2		%

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.


1Q 2024 Financial Supplement						4

Consolidated Statements of Income (Loss)


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

Revenues
Policy charges and fee income	$	588	$	594	$	599	$	599	$	614	4.4	%	$	588	$	614	4.4	%
Premiums	276		280		267		281		275		(0.4)	%	276		275		(0.4)	%
Net derivative gains (losses)	(841)		(917)		615		(1,254)		(1,376)		(63.6)	%	(841)		(1,376)		(63.6)	%
Net investment income (loss)	990		1,036		1,071		1,223		1,219		23.1	%	990		1,219		23.1	%
Investment gains (losses), net	(87)		(56)		(411)		(159)		(39)		55.2	%	(87)		(39)		55.2	%
Investment management and service fees	1,180		1,182		1,217		1,241		1,278		8.3	%	1,180		1,278		8.3	%
Other income	251		258		266		239		259		3.2	%	251		259		3.2	%
Total revenues	2,357		2,377		3,624		2,170		2,230		(5.4)	%	2,357		2,230		(5.4)	%

Benefits and other deductions
Policyholders’ benefits	730		684		693		647		677		(7.3)	%	730		677		(7.3)	%
Remeasurement of liability for future policy benefits	4		(7)		49		29		1		(75.0)	%	4		1		—	%
Change in market risk benefits and purchased market risk benefits	20		(975)		(817)		(35)		(1,100)		N/M		20		(1,100)		—	%
Interest credited to policyholders’ account balances	463		501		556		563		566		22.2	%	463		566		22.2	%
Compensation and benefits	583		566		593		586		620		6.3	%	583		620		6.3	%
Commissions and distribution related payments	380		393		405		412		437		15.0	%	380		437		15.0	%
Interest expense	61		55		55		57		57		(6.6)	%	61		57		(6.6)	%
Amortization of deferred policy acquisition costs	152		155		165		169		172		13.2	%	152		172		13.2	%
Other operating costs and expenses	423		466		450		559		553		30.7	%	423		553		30.7	%
Total benefits and other deductions	2,816		1,838		2,149		2,987		1,983		(29.6)	%	2,816		1,983		(29.6)	%

Income (loss) from operations, before income taxes	(459)		539		1,475		(817)		247		153.8	%	(459)		247		153.8	%
Income tax (expense) benefit	725		292		(340)		228		(30)		(104.1)	%	725		(30)		(104.1)	%
Net income (loss)	266		831		1,135		(589)		217		(18.4)	%	266		217		(18.4)	%
Less: net (income) loss attributable to the noncontrolling interest	(89)		(72)		(71)		(109)		(103)		(15.7)	%	(89)		(103)		(15.7)	%
Net income (loss) attributable to Holdings	$	177	$	759	$	1,064	$	(698)	$	114	(35.6)	%	$	177	$	114	(35.6)	%
Less: Preferred stock dividends	(14)		(26)		(14)		(26)		(14)		—	%	(14)		(14)		—	%
Net income (loss) available to Holdings' common shareholders	$	163	$	733	$	1,050	$	(724)	$	100	(38.7)	%	$	163	$	100	(38.7)	%

Adjustments related to:
Variable annuity product features	$	861	$	(65)	$	(1,380)	$	1,191	$	319			$	861	$	319
Investment gains (losses), net	87		56		411		159		39				87		39

Net actuarial gains (losses) related to pension and other postretirement benefit obligations	9		9		8		13		17				9		17
Other adjustments (1)	45		62		91		153		91				45		91
Income tax (expense) benefit related to above adjustments	(210)		(13)		183		(319)		(98)				(210)		(98)
Non-recurring tax items (2)	(605)		(367)		36		(23)		8				(605)		8
Non-GAAP Operating earnings (3)	$	364	$	441	$	413	$	476	$	490			$	364	$	490

Notes:



(1) Includes certain gross legal expenses related to the cost of insurance litigation of $106 million for the three months ended March 31, 2024.

(2) For the three months ended March, 31 2024, non-recurring tax items reflects the effect of uncertain tax positions for a given audit period and for the three months ended March 31, 2023 primarily includes tax valuation allowance decease.
(3) 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 2024 Financial Supplement						5

Consolidated Balance Sheets


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

Assets
Total investments	$	96,223	$	97,722	$	97,209	$	102,173	$	102,620
Cash and cash equivalents	5,018		7,693		6,096		8,239		10,357
Cash and securities segregated, at fair value	1,055		879		928		868		866
Broker-dealer related receivables	2,203		2,053		2,017		1,837		1,808
Deferred policy acquisition costs	6,419		6,512		6,599		6,705		6,804
Goodwill and other intangible assets, net	5,478		5,463		5,448		5,433		5,419
Amounts due from reinsurers	8,453		8,395		8,271		8,352		8,387


Current and deferred income taxes	1,294		1,726		2,035		2,050		2,063
Purchased market risk benefits	10,676		9,931		8,745		9,427		8,337
Other assets	3,629		3,391		3,945		3,323		3,618
Assets held-for-sale	671		566		681		565		745
Assets for market risk benefits	629		777		701		591		818
Separate Accounts assets	119,752		123,898		117,577		127,251		133,735
Total assets	$	261,500	$	269,006	$	260,252	$	276,814	$	285,577

Liabilities
Policyholders’ account balances	$	86,761	$	91,595	$	91,912	$	95,673	$	100,246
Liability for market risk benefits	15,061		13,642		13,011		14,612		12,814
Future policy benefits and other policyholders’ liabilities	16,738		16,786		16,647		17,363		17,324
Broker-dealer related payables	888		1,522		454		1,232		1,022

Customers related payables	2,595		2,526		2,321		2,201		2,162
Amounts due to reinsurers	1,428		1,404		1,424		1,450		1,377
Short-term debt	751		—		—		254		—
Long-term debt	3,819		3,819		3,820		3,820		3,821



Notes issued by consolidated variable interest entities, at fair value using the fair value option	1,169		1,484		1,541		1,559		1,580
Other liabilities	6,296		6,410		7,412		6,088		6,511
Liabilities held-for-sale	158		129		216		153		239
Separate Accounts liabilities	119,752		123,898		117,577		127,251		133,735
Total liabilities	255,416		263,215		256,335		271,656		280,831
Redeemable noncontrolling interest	613		531		636		770		991

Equity
Preferred stock	1,562		1,562		1,562		1,562		1,562
Common stock	4		4		3		5		5
Additional paid-in capital	2,298		2,297		2,308		2,328		2,322
Treasury shares	(3,400)		(3,493)		(3,592)		(3,712)		(3,801)
Retained earnings	9,806		10,325		11,163		10,243		10,110
Accumulated other comprehensive income (loss)	(6,516)		(7,142)		(9,802)		(7,777)		(8,166)
Total equity attributable to Holdings	3,754		3,553		1,642		2,649		2,032
Noncontrolling interest	1,717		1,707		1,639		1,739		1,723
Total equity	5,471		5,260		3,281		4,388		3,755
Total liabilities, redeemable noncontrolling interest and equity	$	261,500	$	269,006	$	260,252	$	276,814	$	285,577


1Q 2024 Financial Supplement						6

Consolidated Capital Structure


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

Short-term and long-term debt:
Short-term debt
AB commercial paper	$	—		$	—		$	—		$	254		$	—
AB revolving credit facility	—			—			—			—			—
CLO Warehousing Debt (1)	231			—			—			—			—

Current portion of long-term debt	520			—			—			—			—
Total short-term debt	751			—			—			254			—

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

Total short-term and long-term debt: [A]	$	4,570		$	3,819		$	3,820		$	4,074		$	3,821

Equity:
Preferred stock	$	1,562		$	1,562		$	1,562		$	1,562		$	1,562
Common stock	4			4			3			5			5
Additional paid-in capital	2,298			2,297			2,308			2,328			2,322
Treasury stock, at cost	(3,400)			(3,493)			(3,592)			(3,712)			(3,801)
Retained earnings	9,806			10,325			11,163			10,243			10,110
Accumulated other comprehensive income (loss)	(6,516)			(7,142)			(9,802)			(7,777)			(8,166)
Total equity attributable to Holdings	3,754			3,553			1,642			2,649			2,032
Noncontrolling interest	1,717			1,707			1,639			1,739			1,723
Total equity	$	5,471		$	5,260		$	3,281		$	4,388		$	3,755

Total equity attributable to Holdings, (ex. AOCI): [B]	$	10,270		$	10,695		$	11,444		$	10,426		$	10,198

Capital:
Total capitalization (2)	$	8,093		$	7,372		$	5,462		$	6,723		$	5,853
Total capitalization (ex. AOCI): [A+B] (2)	$	14,609		$	14,514		$	15,264		$	14,500		$	14,019

Debt to capital:
Debt to capital (ex. AOCI) (3)	29.7		%	26.3		%	25.0		%	28.1		%	27.3		%

	For the Three Months Ended
Roll-forward of common shares outstanding (millions of shares):
Beginning balance	365.0			359.1			350.2			342.0			333.8
Repurchases	(4.5)			(3.6)			(3.4)			(3.9)			(3.2)
Retirements	(2.8)			(5.3)			(4.9)			(4.4)			(4.3)
Issuances	1.3			0.1			0.1			0.1			1.3
Ending basic common shares outstanding	359.1			350.2			342.0			333.8			327.6
Total potentially dilutive shares	2.2			1.5			1.4			1.5			2.5
Ending common shares outstanding - maximum potential dilution	361.3			351.7			343.4			335.3			330.1
Notes:

(1) CLO Warehousing Debt related to VIE consolidation of CLO investment.

(2) Total capitalization exclusive of CLO Warehousing Debt as the VIE debt is non-recourse.

(3) Debt to capital ratio exclusive of CLO Warehousing Debt as the VIE debt is non-recourse.


1Q 2024 Financial Supplement						7


Operating Earnings (Loss) by Segment and Corporate and Other

	Three Months Ended March 31, 2024
(in millions USD, unless otherwise indicated)	Individual Retirement		Group Retirement		Inv Mgmt and Research		Protection Solutions		Wealth Management		Legacy		Corporate and Other		Eliminations		Consolidated
Revenues
Policy charges, fee income and premiums	$	174	$	73	$	—	$	528	$	—	$	47	$	67	$	—	$	889
Net investment income (loss)	510		142		8		257		4		62		179		21		1,183
Net derivative gains (losses)	(5)		—		(5)		—		—		—		(8)		5		(13)
Investment management, service fees and other income	87		77		1,090		40		419		101		8		(242)		1,580
Segment revenues	766		292		1,093		825		423		210		246		(216)		3,639
Benefits and other deductions
Policyholders’ benefits	17		—		—		487		—		59		114		—		677
Remeasurement of liability for future policy benefits	(2)		—		—		(4)		—		(2)		9		—		1

Interest credited to policyholders’ account balances	246		52		—		133		—		11		124		—		566
Commissions and distribution related payments	77		44		173		40		260		40		3		(200)		437
Amortization of deferred policy acquisition costs	109		15		—		30		—		16		2		—		172
Compensation and benefits, interest expense and financing fees and other operating costs and expense	54		35		672		91		105		27		106		(16)		1,074
Segment benefits and other deductions	501		146		845		777		365		151		358		(216)		2,927
Operating earnings (loss), before income taxes	265		146		248		48		58		59		(112)		—		712
Income Taxes	(37)		(20)		(44)		(7)		(15)		(8)		17		—		(114)
Operating earnings (loss), before noncontrolling interest	228		126		204		41		43		51		(95)		—		598
Less: Operating (earnings) loss attributable to the noncontrolling interest	—		—		(98)		—		—		—		(10)		—		(108)
Operating earnings (loss)	$	228	$	126	$	106	$	41	$	43	$	51	$	(105)	$	—	$	490

	Three Months Ended March 31, 2023
	Individual Retirement		Group Retirement		Inv Mgmt and Research		Protection Solutions		Wealth Management		Legacy		Corporate and Other		Eliminations		Consolidated
Revenues
Policy charges, fee income and premiums	$	163	$	64	$	—	$	520	$	—	$	34	$	83	$	—	$	864
Net investment income (loss)	340		112		9		217		2		66		197		34		977
Net derivative gains (losses)	(5)		(1)		(10)		(2)		—		—		(6)		4		(20)
Investment Management, service fees and other income	90		62		1,010		32		360		106		7		(218)		1,449
Segment revenues	588		237		1,009		767		362		206		281		(180)		3,270
Benefits and other deductions
Policyholders’ benefits	24		—		—		535		—		46		125		—		730
Remeasurement of liability for future policy benefits	1		—		—		6		—		—		(3)		—		4

Interest credited to policyholders’ account balances	129		50		—		125		—		12		147		—		463
Commissions and distribution related payments	60		37		148		34		228		43		5		(175)		380
Amortization of deferred policy acquisition costs	89		15		—		29		—		16		3		—		152
Compensation and benefits, interest expense and financing fees and other operating costs and expense	47		29		637		80		91		18		103		(5)		1,000
Segment benefits and other deductions	350		131		785		809		319		135		380		(180)		2,729
Operating earnings (loss), before income taxes	238		106		224		(42)		43		71		(99)		—		541
Income Taxes	(38)		(17)		(36)		7		(11)		(11)		20		—		(86)
Operating earnings (loss), before noncontrolling interest	200		89		188		(35)		32		60		(79)		—		455
Less: Operating (earnings) loss attributable to the noncontrolling interest	—		—		(89)		—		—		—		(2)		—		(91)
Operating earnings (loss)	$	200	$	89	$	99	$	(35)	$	32	$	60	$	(81)	$	—	$	364


1Q 2024 Financial Supplement						8


Assets Under Management and Administration


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

Assets Under Management

AB AUM
Total AB	$	675.9	$	691.5	$	669.0	$	725.2	$	758.7
Exclusion for General Account and other Affiliated Accounts	(69.3)		(73.7)		(69.8)		(75.0)		(75.9)
Exclusion for Separate Accounts	(39.5)		(41.0)		(39.3)		(44.5)		(47.3)
AB third party	$	567.2	$	576.8	$	559.9	$	605.7	$	635.4

Total company AUM
AB third party	$	567.2	$	576.8	$	559.9	$	605.7	$	635.4
General Account and other Affiliated Accounts (1) (3) (4)	101.2		105.4		103.3		110.4		113.0
Separate Accounts (2) (3) (4)	119.8		123.9		117.6		127.3		133.7
Total AUM	$	788.1	$	806.1	$	780.8	$	843.4	$	882.1

Total Assets Under Administration (AUA) (5)	$	75.6	$	80.4	$	79.4	$	87.0	$	91.9

Equitable Advisor Headcount
Total Number of Equitable Advisors	4,124		4,101		4,141		4,406		4,320

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, 2023, June 30, 2023, September 30, 2023, December 31, 2023 and March 31, 2024, Separate Account is inclusive of $12.3 billion, $12.6 billion, $11.7 billion, $12.5 billion and $12.9 billion & General Account AUM is inclusive of $54 million, $52 million, $51 million, $49 million and $47 million, respectively, Account Value ceded to Venerable.
(4) As of March 31, 2023, June 30, 2023, September 30, 2023, December 31, 2023 and March 31, 2024, Separate Account is inclusive of $5.9 billion, $6.3 billion, $5.9 billion, $6.4 billion and $6.9 million & General Account AUM is inclusive of $3.9 billion, $3.8 billion, $3.7 billion, $3.6 billion and $3.5 billion, respectively, Account Value ceded to Global Atlantic.
(5) Includes Advisory and Brokerage AUA included in our Wealth Management segment.


1Q 2024 Financial Supplement						9

Sales Metrics by Segment


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

Insurance Operations

Individual Retirement
First year premiums and deposits	$	2,843	$	3,650	$	3,804	$	3,848	$	4,314	51.8	%	$	2,843	$	4,314	51.8	%
Renewal premium and deposits	8		10		8		7		13		62.5	%	8		13		61.5	%
Total Gross Premiums	$	2,851	$	3,660	$	3,812	$	3,855	$	4,327	51.8	%	$	2,851	$	4,327	51.8	%

Group Retirement
First year premiums and deposits	$	323	$	370	$	343	$	545	$	428	32.5	%	$	323	$	428	32.5	%
Renewal premium and deposits	574		595		464		592		590		2.9	%	574		590		2.9	%
Total Gross Premiums	$	897	$	965	$	807	$	1,137	$	1,018	13.6	%	$	897	$	1,018	13.6	%

Protection Solutions
First year premiums and deposits	$	103	$	107	$	103	$	154	$	113	9.6	%	$	103	$	113	9.4	%
Renewal premium and deposits	683		662		653		667		665		(2.6)	%	683		665		(2.6)	%
Total Gross Premiums	$	786	$	769	$	756	$	821	$	778	(1.0)	%	$	786	$	778	(1.0)	%

Investment Management and Research (in billions USD)
Gross Sales by distribution channel
Institutional	$	3.0	$	1.5	$	4.3	$	3.0	$	3.3	10.0	%	$	3.0	$	3.3	10.0	%
Retail (3)	16.8		16.5		16.9		21.0		23.8		41.7	%	16.8		23.8		41.7	%
Private Wealth (3)	5.8		4.4		4.0		4.3		5.5		(5.2)	%	5.8		5.5		(5.2)	%
Firmwide Gross Sales	$	25.6	$	22.4	$	25.2	$	28.3	$	32.6	27.3	%	$	25.6	$	32.6	27.3	%

Gross sales by investment service
Equity Active	$	8.5	$	9.3	$	10.3	$	9.2	$	11.7	37.6	%	$	8.5	$	11.7	37.6	%
Equity Passive (1) (3)	0.2		0.4		0.4		0.2		0.7		250.0	%	0.2		0.7		250.0	%
Fixed Income - Taxable (3)	11.1		7.6		7.6		10.2		12.1		9.0	%	11.1		12.1		9.0	%
Fixed Income - Tax-Exempt (3)	3.9		3.4		3.8		5.5		5.3		35.9	%	3.9		5.3		35.9	%
Fixed Income Passive (1)	—		—		0.4		1.3		—		—	%	—		—		—	%
Alternatives/Multi-Asset Solutions (2) (3)	1.9		1.7		2.7		1.9		2.8		47.4	%	1.9		2.8		47.4	%
Firmwide Gross Sales	$	25.6	$	22.4	$	25.2	$	28.3	$	32.6	27.3	%	$	25.6	$	32.6	27.3	%

Wealth Management
Sales by Product Type
Advisory	$	2,316	$	2,315	$	2,369	$	2,518	$	2,866	23.8	%	$	2,316	$	2,866	23.8	%
Brokerage and Direct	1,099		1,172		1,272		1,308		1,357		23.6	%	1,099		1,357		23.6	%
Retirement, Premiums and Deposits	3,024		3,231		2,965		3,324		3,570		18.1	%	3,024		3,570		18.1	%
Total Sales	$	6,439	$	6,718	$	6,606	$	7,150	$	7,794	21.0	%	$	6,439	$	7,794	21.0	%
Notes:

(1) Includes index and enhanced index services.
(2) Includes certain multi-asset solutions and services not included in equity or fixed income services.
(3) Line item does not cross foot for the year ended 2023 due to rounding.


1Q 2024 Financial Supplement						10

Business Segments:

Operating Earnings Results and Metrics


1Q 2024 Financial Supplement						11

Individual Retirement - Operating Earnings (Loss) and Summary Metrics


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

Revenues
Policy charges, fee income and premiums	$	163		$	165		$	169		$	163		$	174		6.7	%	$	163		$	174		6.7	%
Net investment income (loss)	340			391			438			474			510			50.0	%	340			510			50.0	%
Net derivative gains (losses)	(5)			(5)			(5)			(5)			(5)			—	%	(5)			(5)			—	%
Investment management, service fees and other income	90			96			91			83			87			(3.3)	%	90			87			(3.3)	%
Segment revenues	588			647			693			715			766			30.3	%	588			766			30.3	%

Benefits and other deductions
Policyholders’ benefits	24			19			20			19			17			(29.2)	%	24			17			(29.2)	%
Remeasurement of liability for future policy benefits	1			(1)			—			—			(2)			(300.0)	%	1			(2)			(300.0)	%
Interest credited to policyholders’ account balances	129			160			186			224			246			90.7	%	129			246			90.7	%
Commissions and distribution-related payments	60			63			69			69			77			28.3	%	60			77			28.3	%
Amortization of deferred policy acquisition costs	89			92			102			105			109			22.5	%	89			109			22.5	%
Compensation and benefits, interest expense and financing fees and other operating costs and expense	47			43			51			53			54			14.9	%	47			54			14.9	%
Segment benefits and other deductions	350			376			428			470			501			43.1	%	350			501			43.1	%

Operating earnings (loss), before income taxes	238			271			265			245			265			11.3	%	238			265			11.3	%
Income taxes	(38)			(37)			(55)			(39)			(37)			2.6	%	(38)			(37)			2.6	%
Operating earnings (loss), before noncontrolling interest	200			234			210			206			228			14.0	%	200			228			14.0	%
Less: Operating (earnings) loss attributable to the noncontrolling interest	—			—			—			—			—			—	%	—			—			—	%
Operating earnings (loss)	$	200		$	234		$	210		$	206		$	228		14.0	%	$	200		$	228		14.0	%

Summary Metrics

Operating earnings (loss) - TTM:	$	759		$	807		$	834		$	850		$	878		15.7	%	$	759		$	878		15.7	%

Average Account Value (TTM)	$	74,819		$	75,675		$	77,955		$	82,361		$	87,169		16.5	%	$	74,819		$	87,169		16.5	%

Return on assets (TTM)	1.23		%	1.27		%	1.28		%	1.24		%	1.20		%			1.23		%	1.20		%

Net flows	$	932		$	1,501		$	1,663		$	1,460		$	1,649		76.9	%	$	932		$	1,649		76.9	%

First year premiums and deposits	$	2,843		$	3,650		$	3,804		$	3,848		$	4,314		51.8	%	$	2,843		$	4,314		51.8	%

In-force Policy Count by Product (in thousands):	590			596			604			610			616					590			616


1Q 2024 Financial Supplement						12


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

Sales Metrics
First Year Premiums and Deposits by Product:
SCS	$	1,997	$	2,626	$	2,847	$	2,931	$	3,023	$	1,997	$	3,023
SCS Income	243		258		214		218		393		243		393
Retirement Cornerstone	300		511		518		477		561		300		561
Investment Edge	253		216		190		185		310		253		310
Other	50		39		35		37		27		50		27
Total First Year Premiums and Deposits	$	2,843	$	3,650	$	3,804	$	3,848	$	4,314	$	2,843	$	4,314

Account Values
General Account:
Balance as of beginning of period	$	37,822	$	41,166	$	45,304	$	46,332	$	52,062	$	37,822	$	52,062
Gross premiums and deposits (1)	2,172		2,752		2,951		2,918		3,392		2,172		3,392
Surrenders, withdrawals and benefits	(870)		(955)		(972)		(1,101)		(1,205)		(870)		(1,205)
Net flows	1,302		1,797		1,979		1,817		2,187		1,302		2,187
Investment performance, interest credited and policy charges	2,039		2,341		(951)		3,913		3,008		2,039		3,008
Other	3		—		—		—		—		3		—
Balance as of end of period	$	41,166	$	45,304	$	46,332	$	52,062	$	57,257	$	41,166	$	57,257
Separate Accounts:
Balance as of beginning of period	$	36,455	$	37,634	$	38,589	$	36,820	$	39,619	$	36,455	$	39,619
Gross premiums and deposits (1)	699		923		881		949		946		699		946
Surrenders, withdrawals and benefits	(1,069)		(1,219)		(1,197)		(1,306)		(1,484)		(1,069)		(1,484)
Net flows	(370)		(296)		(316)		(357)		(538)		(370)		(538)
Investment performance, interest credited and policy charges	1,545		1,251		(1,453)		3,156		1,981		1,545		1,981
Other	4		—		—		—		—		4		—
Balance as of end of period	$	37,634	$	38,589	$	36,820	$	39,619	$	41,062	$	37,634	$	41,062
Total:
Balance as of beginning of period	$	74,277	$	78,800	$	83,893	$	83,152	$	91,681	$	74,277	$	91,681
Gross premiums and deposits (1)	2,871		3,675		3,832		3,867		4,338		2,871		4,338
Surrenders, withdrawals and benefits	(1,939)		(2,174)		(2,169)		(2,407)		(2,689)		(1,939)		(2,689)
Net flows	932		1,501		1,663		1,460		1,649		932		1,649
Investment performance, interest credited and policy charges	3,584		3,592		(2,404)		7,069		4,989		3,584		4,989
Other	7		—		—		—		—		7		—
Balance as of end of period	$	78,800	$	83,893	$	83,152	$	91,681	$	98,319	$	78,800	$	98,319

Net Amount at Risk (NAR)
Total GMIB NAR	$	7	$	12	$	10	$	14	$	17	$	7	$	17
Total GMWB NAR	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Total GMDB NAR	$	3,458	$	3,294	$	3,755	$	3,104	$	2,868	$	3,458	$	2,868
MRB Reserves (Net of Reinsurance)	$	367	$	168	$	354	$	618	$	320	$	367	$	320
Notes:
(1) Includes deposits from certain other products not reported as first year premiums and deposits or renewal premiums and deposits elsewhere in this document.


1Q 2024 Financial Supplement						13

Group Retirement - Operating Earnings (Loss) and Summary Metrics


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

Revenues
Policy charges, fee income and premiums	$	64		$	66		$	71		$	67		$	73		14.1	%	$	64		$	73		14.1	%
Net investment income (loss)	112			132			128			125			142			26.8	%	112			142			26.8	%
Net derivative gains (losses)	(1)			—			—			—			—			100.0	%	(1)			—			100.0	%
Investment management, service fees and other income	62			69			68			58			77			24.2	%	62			77			24.2	%
Segment revenues	237			267			267			250			292			23.2	%	237			292			23.2	%

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

Interest credited to policyholders’ account balances	50			52			55			58			52			4.0	%	50			52			4.0	%
Commissions and distribution-related payments	37			47			35			36			44			18.9	%	37			44			18.9	%
Amortization of deferred policy acquisition costs	15			15			14			15			15			—	%	15			15			—	%
Compensation and benefits, interest expense and financing fees and other operating costs and expense	29			29			31			24			35			20.7	%	29			35			20.7	%
Segment benefits and other deductions	131			143			135			133			146			11.5	%	131			146			11.5	%

Operating earnings (loss), before income taxes	106			124			132			117			146			37.7	%	106			146			37.7	%
Income taxes	(17)			(17)			(27)			(19)			(20)			(17.6)	%	(17)			(20)			(17.6)	%
Operating earnings (loss), before noncontrolling interest	89			107			105			98			126			41.6	%	89			126			41.6	%
Less: Operating (earnings) loss attributable to the noncontrolling interest	—			—			—			—			—			—	%	—			—			—	%
Operating earnings (loss)	$	89		$	107		$	105		$	98		$	126		41.6	%	$	89		$	126		41.6	%

Summary Metrics

Operating earnings (loss) - TTM:	$	391		$	387		$	393		$	399		$	436		11.5		$	391		$	436		11.5	%

Average Account Value (TTM)	$	38,497		$	36,287		$	34,823		$	34,175		$	35,472		(7.9)	%	$	38,497		$	35,472		(7.9)	%

Return on assets (TTM)	1.23		%	1.27		%	1.35		%	1.40		%	1.46		%			1.23		%	1.46		%

Net flows (1) (2)	$	29		$	(20)		$	(130)		$	(135)		$	(132)		(555.2)	%	$	29		$	(132)		(556.3)	%

Gross premiums and deposits (2)	$	897		$	965		$	807		$	1,137		$	1,018		13.6	%	$	897		$	1,018		13.6	%

Notes:

(1) Net of the Global Atlantic transaction.
(2) Balances for the three months ended March 31, 2023, June 30, 2023 and September 30, 2023 were revised from previously filed financial statement supplement.


1Q 2024 Financial Supplement						14

Group Retirement - Select Operating Metrics


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

Sales Metrics
Gross premiums and deposits:
First-year premiums and deposits	$	323	$	370	$	343	$	545	$	428	$	323	$	428
Renewal premiums and deposits	574		595		464		592		590		574		590
Group Retirement premiums and deposits	$	897	$	965	$	807	$	1,137	$	1,018	$	897	$	1,018

Gross premiums and deposits by market:
Tax-exempt	$	211	$	274	$	260	$	368	$	317	$	211	$	317
Corporate	84		70		54		149		93		84		93
Institutional	25		23		26		24		15		25		15
Other	3		3		3		4		3		3		3
Total first year premiums and deposits	323		370		343		545		428		323		428
Tax-exempt	428		471		341		463		453		428		453
Corporate	105		89		94		90		99		105		99
Institutional	—		—		—		—		—		—		—
Other	41		35		29		39		38		41		38
Total renewal premiums and deposits	574		595		464		592		590		574		590
Group Retirement premiums and deposits by market	$	897	$	965	$	807	$	1,137	$	1,018	$	897	$	1,018

Account Values and Assets under Administration
General Account:
Balance as of beginning of period	$	9,175	$	9,121	$	9,088	$	9,002	$	8,963	$	9,175	$	8,963
Gross premiums and deposits	200		241		198		257		222		200		222
Surrenders, withdrawals and benefits	(331)		(351)		(326)		(404)		(360)		(331)		(360)
Net flows (1) )(3)	(131)		(110)		(128)		(147)		(138)		(131)		(138)
Investment performance, interest credited and policy charges (1) (3)	81		77		42		96		69		81		69

Other (2) (3)	(4)		—		—		12		(11)		(4)		(11)
Balance as of end of period (3)	$	9,121	$	9,088	$	9,002	$	8,963	$	8,883	$	9,121	$	8,883

Separate Accounts and Mutual Funds
Balance as of beginning of period	$	22,830	$	24,446	$	25,898	$	24,848	$	27,507	$	22,830	$	27,507
Gross premiums and deposits	697		724		609		880		796		697		796
Surrenders, withdrawals and benefits	(537)		(634)		(611)		(868)		(790)		(537)		(790)
Net flows (1) (3)	160		90		(2)		12		6		160		6
Investment performance, interest credited and policy charges (1) (3)	1,426		1,362		(1,048)		2,658		2,083		1,426		2,083

Other (2) (3)	30		—		—		(11)		11		30		11
Balance as of end of period (3)	$	24,446	$	25,898	$	24,848	$	27,507	$	29,607	$	24,446	$	29,607

Total:
Balance as of beginning of period	$	32,005	$	33,567	$	34,986	$	33,850	$	36,470	$	32,005	$	36,470
Gross premiums and deposits	897		965		807		1,137		1,018		897		1,018
Surrenders, withdrawals and benefits	(868)		(985)		(937)		(1,272)		(1,150)		(868)		(1,150)
Net flows (1)	29		(20)		(130)		(135)		(132)		29		(132)
Investment performance, interest credited and policy charges (1)	1,507		1,439		(1,006)		2,754		2,152		1,507		2,152

Other (2)	26		—		—		1		—		26		—
Balance as of end of period	$	33,567	$	34,986	$	33,850	$	36,470	$	38,490	$	33,567	$	38,490
Notes:
(1) Net of the Global Atlantic transaction.

(2) For the three months ended March 31, 2023, amounts reflect a total special payment applied to the accounts of active clients as part of a previously disclosed settlement agreement between Equitable Financial and the SEC.
(3) Balances for the three months ended March 31, 2023, June 30, 2023 and September 30, 2023 were revised from previously filed financial statement supplement.


1Q 2024 Financial Supplement						15

Investment Management and Research - Operating Earnings (Loss) and Summary Metrics


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

Revenues
Net investment income (loss)	$	9		$	2		$	(9)		$	16		$	8		(11.1)	%	$	9		$	8		(11.1)	%
Net derivative gains (losses)	(10)			(1)			9			(14)			(5)			50.0	%	(10)			(5)			50.0	%
Investment management, service fees and other income	1,010			999			1,034			1,072			1,090			7.9	%	1,010			1,090			7.9	%
Segment revenues	1,009			1,000			1,034			1,074			1,093			8.3	%	1,009			1,093			8.3	%

Benefits and other deductions
Commissions and distribution-related payments	148			150			156			156			173			16.9	%	148			173			16.9	%
Compensation and benefits, interest expense and financing fees and other operating costs and expense	637			647			658			679			672			5.1	%	637			672			5.1	%
Total benefits and other deductions	785			797			814			835			845			7.6	%	785			845			7.6	%

Operating earnings (loss), before income taxes	224			203			220			239			248			10.7	%	224			248			10.7	%
Income taxes	(36)			(24)			(36)			(30)			(44)			(22.2)	%	(36)			(44)			(22.2)	%
Operating earnings (loss), before noncontrolling interest	188			179			184			209			204			8.5	%	188			204			8.5	%
Less: Operating (earnings) loss attributable to the noncontrolling interest	(89)			(80)			(85)			(95)			(98)			(10.1)	%	(89)			(98)			(10.1)	%
Operating earnings (loss)	$	99		$	99		$	99		$	114		$	106		7.1	%	$	99		$	106		7.1	%

Summary Metrics

Adjusted operating margin (1)	28.7		%	27.0		%	28.0		%	29.2		%	30.3		%			28.7		%	30.3		%

Net flows (in billions USD)	$	0.8		$	(4.0)		$	(1.9)		$	(1.8)		$	0.5				$	0.8		$	0.5

Total AUM (in billions USD)	$	675.9		$	691.5		$	669.0		$	725.2		$	758.7				$	675.9		$	758.7

Ownership Structure of AB

Holdings and its subsidiaries	60.0		%	59.9		%	60.3		%	59.8		%	59.6		%			60.0		%	59.6		%
AB Holding	39.3		%	39.3		%	39.0		%	39.5		%	39.7		%			39.3		%	39.7		%
Unaffiliated holders	0.7		%	0.8		%	0.7		%	0.7		%	0.7		%			0.7		%	0.7		%
Total	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%			100.0		%	100.0		%

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

Units of limited partnership outstanding (in millions)	285.7			285.7			284.0			286.6			287.3					285.7			287.3
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. During the second quarter of 2023, AB revised adjusted operating income to exclude interest on borrowings. We have recast prior periods presentation to align with the current period presentation.


1Q 2024 Financial Supplement						16

Investment Management and Research - Select Operating Metrics


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

AUM Roll-forward
Balance as of beginning of period	$	646.4	$	675.9	$	691.5	$	669.0	$	725.2
Sales/new accounts	25.6		22.4		25.2		28.3		32.6
Redemptions/terminations	(20.6)		(23.1)		(20.3)		(24.1)		(25.2)
Cash flow/unreinvested dividends	(4.2)		(3.3)		(6.8)		(6.0)		(6.9)
Net long-term (outflows) inflows	0.8		(4.0)		(1.9)		(1.8)		0.5

Acquisition	—		—		—		—		—
Market appreciation (depreciation)	28.7		19.6		(20.6)		58.0		33.0
Net change	29.5		15.6		(22.5)		56.2		33.5
Balance as of end of period	$	675.9	$	691.5	$	669.0	$	725.2	$	758.7

Ending Assets by distribution channel
Institutions	$	306.6	$	309.2	$	296.9	$	317.1	$	322.5
Retail	256.7		266.6		259.2		286.8		308.0
Private Wealth	112.6		115.7		112.9		121.3		128.2
Total	$	675.9	$	691.5	$	669.0	$	725.2	$	758.7

Ending Assets by investment service
Equity
Actively Managed	$	229.1	$	235.9	$	226.8	$	247.5	$	264.1
Passively Managed (1)	56.6		60.5		56.0		62.1		64.7
Total Equity	$	285.7	$	296.4	$	282.8	$	309.6	$	328.8
Fixed Income
Actively Managed	$	253.7	$	258.4	$	250.6	$	269.7	$	276.1
Passively Managed (1)	9.5		9.4		9.4		11.4		11.2
Total Fixed Income	263.2		267.8		260.0		281.1		287.3
Total Alternatives/Multi-Asset Solutions (2)	127.0		127.3		126.2		134.5		142.6
Total	$	675.9	$	691.5	$	669.0	$	725.2	$	758.7

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 2024 Financial Supplement						17


Investment Management and Research - Net Flows
	For the Three Months Ended										For the Three Months Ended
(in billions USD, unless otherwise indicated)	3/31/2023		6/30/2023		9/30/2023		12/31/2023		3/31/2024		3/31/2023		3/31/2024
Net Flows by Distribution Channel
Institutions
US	$	—	$	4.0	$	(1.6)	$	(1.0)	$	(1.5)	$	—	$	(1.5)
Global and Non-US	(2.7)		(7.2)		(1.9)		(1.5)		(2.7)		(2.7)		(2.7)
Total Institutions	$	(2.7)	$	(3.2)	$	(3.5)	$	(2.5)	$	(4.2)	$	(2.7)	$	(4.2)
Retail
US	$	—	$	(1.0)	$	2.5	$	1.4	$	1.9	$	—	$	1.9
Global and Non-US	1.6		0.3		(0.9)		(0.1)		2.3		1.6		2.3
Total Retail	$	1.6	$	(0.7)	$	1.6	$	1.3	$	4.2	$	1.6	$	4.2
Private Wealth
US	$	2.0	$	0.3	$	0.1	$	(0.1)	$	0.7	$	2.0	$	0.7
Global and Non-US	(0.1)		(0.4)		(0.1)		(0.5)		(0.2)		(0.1)		(0.2)
Total Private Wealth	$	1.9	$	(0.1)	$	—	$	(0.6)	$	0.5	$	1.9	$	0.5
Total Net Flows by Distribution Channel	$	0.8	$	(4.0)	$	(1.9)	$	(1.8)	$	0.5	$	0.8	$	0.5
Net Flows by Investment Service
Equity Active
US	$	(1.4)	$	(3.0)	$	1.4	$	(3.3)	$	(1.5)	$	(1.4)	$	(1.5)
Global and Non-US	(2.0)		(3.8)		(1.6)		(1.7)		(4.7)		(2.0)		(4.7)
Total Equity Active	$	(3.4)	$	(6.8)	$	(0.2)	$	(5.0)	$	(6.2)	$	(3.4)	$	(6.2)
Equity Passive (1)
US	$	(0.6)	$	—	$	(2.6)	$	(0.3)	$	(3.2)	$	(0.6)	$	(3.2)
Global and Non-US	(0.2)		(0.3)		0.2		(0.2)		(0.1)		(0.2)		(0.1)
Total Equity Passive (1)	$	(0.8)	$	(0.3)	$	(2.4)	$	(0.5)	$	(3.3)	$	(0.8)	$	(3.3)
Fixed Income - Taxable
US	$	2.5	$	5.4	$	0.2	$	0.7	$	1.3	$	2.5	$	1.3
Global and Non-US	1.0		(0.5)		(2.6)		(0.1)		3.3		1.0		3.3
Total Fixed Income - Taxable	$	3.5	$	4.9	$	(2.4)	$	0.6	$	4.6	$	3.5	$	4.6
Fixed Income - Tax-Exempt
US	$	1.6	$	0.9	$	1.3	$	1.9	$	2.9	$	1.6	$	2.9
Global and Non-US	—		—		—		—		—		—		—
Total Fixed Income - Tax-Exempt	$	1.6	$	0.9	$	1.3	$	1.9	$	2.9	$	1.6	$	2.9
Fixed Income - Passive (1)
US	$	(0.1)	$	(0.1)	$	0.5	$	1.2	$	—	$	(0.1)	$	—
Global and Non-US	(0.1)		0.2		(0.1)		—		(0.1)		(0.1)		(0.1)
Total Fixed Income - Passive (1)	$	(0.2)	$	0.1	$	0.4	$	1.2	$	(0.1)	$	(0.2)	$	(0.1)
Alternatives/Multi-Asset Solutions (2)
US	$	—	$	0.1	$	0.2	$	0.1	$	1.6	$	—	$	1.6
Global and Non-US	0.1		(2.9)		1.2		(0.1)		1.0		0.1		1.0
Total Alternatives/Multi-Asset Solutions (2)	$	0.1	$	(2.8)	$	1.4	$	—	$	2.6	$	0.1	$	2.6
Total Net Flows by Investment Service	$	0.8	$	(4.0)	$	(1.9)	$	(1.8)	$	0.5	$	0.8	$	0.5
Active vs. Passive Net Flows
Actively Managed
Equity	$	(3.4)	$	(6.8)	$	(0.2)	$	(5.0)	$	(6.2)	$	(3.4)	$	(6.2)
Fixed Income	5.1		5.8		(1.1)		2.5		7.5		5.1		7.5
Alternatives/Multi-Asset Solutions (2)	0.1		(3.0)		1.2		(0.3)		2.4		0.1		2.4
Total	$	1.8	$	(4.0)	$	(0.1)	$	(2.8)	$	3.7	$	1.8	$	3.7
Passively Managed (1)
Equity	$	(0.8)	$	(0.3)	$	(2.4)	$	(0.5)	$	(3.3)	$	(0.8)	$	(3.3)
Fixed Income	(0.2)		0.1		0.4		1.2		(0.1)		(0.2)		(0.1)
Alternatives/Multi-Asset Solutions (2)	—		0.2		0.2		0.3		0.2		—		0.2
Total	$	(1.0)	$	—	$	(1.8)	$	1.0	$	(3.2)	$	(1.0)	$	(3.2)
Total Active vs Passive Net Flows	$	0.8	$	(4.0)	$	(1.9)	$	(1.8)	$	0.5	$	0.8	$	0.5
Notes:

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


1Q 2024 Financial Supplement						18

Protection Solutions - Operating Earnings (Loss) and Summary Metrics


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

Revenues
Policy charges, fee income and premiums	$	520		$	524		$	516		$	544		$	528		1.5	%	$	520		$	528		1.5	%
Net investment income (loss)	217			242			260			233			257			18.4	%	217			257			18.4	%
Net derivative gains (losses)	(2)			(16)			7			(5)			—			100.0	%	(2)			—			100.0	%
Investment management, service fees and other income	32			34			39			35			40			25.0	%	32			40			25.0	%
Segment revenues	767			784			822			807			825			7.6	%	767			825			7.6	%

Benefits and other deductions
Policyholders’ benefits	535			484			512			444			487			(9.0)	%	535			487			(9.0)	%
Remeasurement of liability for future policy benefits	6			(2)			(16)			30			(4)			(166.7)	%	6			(4)			(166.7)	%

Interest credited to policyholders’ account balances	125			130			137			128			133			6.4	%	125			133			6.4	%
Commissions and distribution-related payments	34			36			37			51			40			17.6	%	34			40			17.6	%
Amortization of deferred policy acquisition costs	29			30			30			31			30			3.4	%	29			30			3.4	%
Compensation and benefits, interest expense and financing fees and other operating costs and expense	80			77			81			90			91			13.8	%	80			91			13.8	%
Segment benefits and other deductions	809			755			781			774			777			(4.0)	%	809			777			(4.0)	%

Operating earnings (loss), before income taxes	(42)			29			41			33			48			214.3	%	(42)			48			214.3	%
Income taxes	7			(5)			(7)			(5)			(7)			(200.0)	%	7			(7)			(200.0)	%
Operating earnings (loss), before noncontrolling interest	(35)			24			34			28			41			217.1	%	(35)			41			217.1	%
Less: Operating (earnings) loss attributable to the noncontrolling interest	—			—			—			—			—			—	%	—			—			—	%
Operating earnings (loss)	$	(35)		$	24		$	34		$	28		$	41		217.1	%	$	(35)		$	41		217.1	%

Summary Metrics

Operating earnings (loss) - TTM:	$	65		$	(21)		$	(18)		$	51		$	127		95.4	%	$	65		$	127		95.4	%

Benefit ratio	86.0		%	78.3		%	79.0		%	70.9		%	75.2		%			86.8		%	75.2		%

Gross written premiums	$	786		$	769		$	756		$	821		$	778		(1.0)	%	$	786		$	778		(1.0)	%

Annualized premiums	$	76		$	78		$	79		$	102		$	80		5.1	%	$	76		$	80		5.4	%

Total in-force face amount (in billions USD) (1)	$	415.5		$	414.7		$	413.2		$	412.3		$	413.2		(0.5)	%	$	415.5		$	413.2		(0.5)	%

Notes:

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


1Q 2024 Financial Supplement						19

Protection Solutions - Select Operating Metrics


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

Sales Metrics
First Year Premiums and Deposits by Product Line:
Universal Life	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Indexed Universal Life	2		3		4		2		2		2		2
Variable Universal Life	72		76		72		119		80		72		80
Term	3		3		3		3		3		3		3
Employee Benefits	26		25		24		29		28		26		28
Other (1)	—		—		—		1		—		—		—
Total	$	103	$	107	$	103	$	154	$	113	$	103	$	113

Renewals by Product Line:
Universal Life	$	188	$	179	$	187	$	175	$	169	$	188	$	169
Indexed Universal Life	76		73		71		68		74		76		74
Variable Universal Life	258		251		236		257		251		258		251
Term	94		89		88		92		92		94		92
Employee Benefits	63		66		68		71		75		63		75
Other (1)	4		4		3		4		4		4		4
Total	683		662		653		667		665		683		665
Total Gross Premiums	$	786	$	769	$	756	$	821	$	778	$	786	$	778

In-force Metrics
In-force Face Amount by Product (2) (in billions USD):
Universal Life (3)	$	42.5	$	42.0	$	41.5	$	40.9	$	40.6	$	42.5	$	40.6
Indexed Universal Life	27.3		27.2		27.1		26.9		26.6		27.3		26.6
Variable Universal Life (4)	133.9		134.8		135.4		136.9		138.1		133.9		138.1
Term	210.5		209.6		208.1		206.5		206.8		210.5		206.8
Whole Life	1.2		1.1		1.1		1.1		1.1		1.2		1.1
Total	$	415.5	$	414.7	$	413.2	$	412.3	$	413.2	$	415.5	$	413.2

In-force Policy Count by Product (2) (in thousands):
Universal Life (3)	127		125		123		122		120		127		120
Indexed Universal Life	64		63		63		63		63		64		63
Variable Universal Life (4)	292		292		292		291		290		292		290
Term	253		251		248		245		246		253		246
Whole Life	15		15		15		15		15		15		15
Total	751		746		741		736		734		751		734

Protection Solutions Reserves
General Account	$	18,137	$	18,071	$	17,949	$	18,184	$	18,167	$	18,137	$	18,167
Separate Accounts	14,562		15,401		14,782		16,337		17,560		14,562		17,560
Total	$	32,699	$	33,472	$	32,731	$	34,521	$	35,727	$	32,699	$	35,727

Notes:

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


1Q 2024 Financial Supplement						20


Wealth Management - Operating Earnings (Loss) and Summary Metrics


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

Revenues

Net investment income (loss)	$	2		$	3		$	4		$	4		$	4		100.0	%	$	2		$	4		100.0	%
Net derivative gains (losses)	—			—			—			—			—			—	%	—			—			—	%
Investment management, service fees and other income	360			388			386			404			419			16.4	%	360			419			16.4	%
Segment revenues	362			391			390			408			423			16.9	%	362			423			16.9	%

Benefits and other deductions




Commissions and distribution-related payments	228			243			244			253			260			14.0	%	228			260			14.0	%

Compensation and benefits, interest expense and financing fees and other operating costs and expense	91			94			93			95			105			15.4	%	91			105			15.4	%
Segment benefits and other deductions	319			337			337			348			365			14.4	%	319			365			14.4	%

Operating earnings (loss), before income taxes	43			54			53			60			58			34.9	%	43			58			34.9	%
Income taxes	(11)			(12)			(13)			(15)			(15)			(36.4)	%	(11)			(15)			(36.4)	%
Operating earnings (loss), before noncontrolling interest	32			42			40			45			43			34.4	%	32			43			34.4	%
Less: Operating (earnings) loss attributable to the noncontrolling interest	—			—			—			—			—			—	%	—			—			—	%
Operating earnings (loss)	$	32		$	42		$	40		$	45		$	43		34.4	%	$	32		$	43		34.4	%

Revenue by Activity Type

Investment management, service fees and other income:
Investment management and advisory fees	$	127		$	134		$	141		$	140		$	150		17.7	%	$	127		$	150		17.7	%
Distribution fees	218			239			229			246			253			16.0	%	218			253			16.0	%
Interest income	11			13			13			13			13			15.5	%	11			13			15.5	%
Service and other income	4			3			3			5			3			(13.3)	%	4			3			(13.3)	%
Total Investment management, service fees and other income	$	360		$	388		$	386		$	404		$	419		16.6	%	$	360		$	419		16.6	%
Summary Metrics
Pre-tax operating margin	11.88		%	13.81		%	13.59		%	14.71		%	13.71		%			11.88		%	13.71		%

Advisory net flows	$	828		$	697		$	909		$	544		$	(175)		(66.4)	%	$	828		$	(175)		(66.4)	%

Total AUA	$	75,640		$	80,421		$	79,359		$	87,047		$	91,936		21.5	%	$	75,640		$	91,936		21.5	%


1Q 2024 Financial Supplement						21


Wealth Management - Select Operating Metrics


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

AUA Roll-forward
Advisory assets :
Beginning assets	$	45,544	$	47,844	$	50,862	$	50,118	$	55,072	$	45,544	$	55,072
Net flows	828		697		909		544		(175)		828		(175)
Market appreciation (depreciation) and other	1,473		2,321		(1,654)		4,410		3,178		1,473		3,178
Advisory ending assets	$	47,845	$	50,862	$	50,118	$	55,072	$	58,075	$	47,845	$	58,075

Brokerage and direct assets	$	27,796	$	29,559	$	29,241	$	31,975	$	33,861	$	27,796	$	33,861





Total Wealth Management assets	$	75,640	$	80,421	$	79,359	$	87,047	$	91,936	$	75,640	$	91,936

Cash balances	$	3,200	$	2,926	$	2,771	$	2,953	$	2,804	$	3,200	$	2,804

Advisors
Advisors	4,124		4,101		4,141		4,406		4,320		4,124		4,320
Revenue per advisor TTM (in thousands USD)	$	343	$	350	$	359	$	370	$	380	$	343	$	380

Sales by Product Type
Advisory	$	2,316	$	2,315	$	2,369	$	2,518	$	2,866	$	2,316	$	2,866
Brokerage and direct	1,099		1,172		1,272		1,308		1,357		1,099		1,357
Retirement, premiums and deposits	3,024		3,231		2,965		3,324		3,570		3,024		3,570
Total sales	$	6,439	$	6,718	$	6,606	$	7,150	$	7,794	$	6,439	$	7,794


1Q 2024 Financial Supplement						22

Legacy - Operating Earnings (Loss) and Summary Metrics


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

Revenues
Policy charges, fee income and premiums	$	34		$	44		$	40		$	37		$	47		38.2	%	$	34		$	47		38.2	%
Net investment income (loss)	66			60			59			53			62			(6.1)	%	66			62			(6.1)	%
Net derivative gains (losses)	—			—			—			—			—			—	%	—			—			—	%
Investment management, service fees and other income	106			99			99			104			101			(4.7)	%	106			101			(4.7)	%
Segment revenues	206			203			198			194			210			1.9	%	206			210			1.9	%

Benefits and other deductions
Policyholders’ benefits	46			61			53			57			59			28.3	%	46			59			28.3	%
Remeasurement of liability for future policy benefits	—			—			1			(3)			(2)			(100.0)	%	—			(2)			(100.0)	%

Interest credited to policyholders’ account balances	12			12			12			9			11			(8.3)	%	12			11			(8.3)	%
Commissions and distribution-related payments	43			43			45			41			40			(7.0)	%	43			40			(7.0)	%
Amortization of deferred policy acquisition costs	16			16			16			15			16			—	%	16			16			—	%
Compensation and benefits, interest expense and financing fees and other operating costs and expense	18			19			20			26			27			50.0	%	18			27			50.0	%
Segment benefits and other deductions	135			151			147			145			151			11.9	%	135			151			11.9	%

Operating earnings (loss), before income taxes	71			52			51			49			59			(16.9)	%	71			59			(16.9)	%
Income taxes	(11)			(7)			(10)			(9)			(8)			27.3	%	(11)			(8)			27.3	%
Operating earnings (loss), before noncontrolling interest	60			45			41			40			51			(15.0)	%	60			51			(15.0)	%
Less: Operating (earnings) loss attributable to the noncontrolling interest	—			—			—			—			—			—	%	—			—			—	%
Operating earnings (loss)	$	60		$	45		$	41		$	40		$	51		(15.0)	%	$	60		$	51		(15.0)	%

Summary Metrics

Operating earnings (loss) - TTM:	$	232		$	220		$	211		$	186		$	177		100.0	%	$	232		$	177		100.0	%

Average Account Value (TTM)	$	22,728		$	21,851		$	21,530		$	21,790		$	22,061		100.0	%	$	22,728		$	22,061		100.0	%

Return on assets (TTM)	1.23		%	1.20		%	1.17		%	1.02		%	0.96		%			1.23		%	0.96		%




Net flows (1)	$	(523)		$	(569)		$	(554)		$	(643)		$	(659)		(26.0)	%	$	(523)		$	(659)		(26.0)	%

In-force Policy Count by Product (in thousands) (2):	293			287			281			277			269					293			269

Notes:

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


1Q 2024 Financial Supplement						23


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


















Account Values
General Account:
Balance as of beginning of period	$	925	$	905	$	887	$	876	$	849	$	925	$	849
Net flows (1)	(26)		(24)		(18)		(31)		(24)		(26)		(24)
Investment performance, interest credited and policy charges (2)	6		6		7		4		5		6		5

Balance as of end of period	$	905	$	887	$	876	$	849	$	830	$	905	$	830
Separate Accounts:
Balance as of beginning of period	$	20,557	$	21,115	$	21,485	$	20,033	$	21,316	$	20,557	$	21,316
Net flows (1)	(497)		(545)		(536)		(612)		(635)		(497)		(635)
Investment performance, interest credited and policy charges (2)	1,055		915		(916)		1,895		1,329		1,055		1,329

Balance as of end of period	$	21,115	$	21,485	$	20,033	$	21,316	$	22,010	$	21,115	$	22,010
Total:
Balance as of beginning of period	$	21,482	$	22,020	$	22,372	$	20,909	$	22,165	$	21,482	$	22,165
Net flows (1)	(523)		(569)		(554)		(643)		(659)		(523)		(659)
Investment performance, interest credited and policy charges (2)	1,061		921		(909)		1,899		1,334		1,061		1,334

Balance as of end of period	$	22,020	$	22,372	$	20,909	$	22,165	$	22,840	$	22,020	$	22,840
Net Amount at Risk (NAR)
Total GMIB NAR (3)	$	3,135	$	2,992	$	2,767	$	2,822	$	2,502	$	3,135	$	2,502
Total GMDB NAR (3)	$	10,696	$	10,082	$	10,690	$	9,465	$	8,982	$	10,696	$	8,982
MRB Reserves (Net of Reinsurance)	$	3,414	$	2,797	$	3,243	$	3,998	$	3,368	$	3,414	$	3,368


Notes:
(1) Net of the Venerable transaction.
(2) Net of the Venerable transaction.
(3) Balance for the three months ended March 31, 2023 was revised from previously filed financial statement supplement.


1Q 2024 Financial Supplement						24

Investments


1Q 2024 Financial Supplement						25

Consolidated Investment Portfolio Composition


	Balances as of
(in millions USD, unless otherwise indicated)	December 31, 2023				March 31, 2024
	Amount (1)		% of Total		Amount (1)		% of Total
Composition of investment portfolio
Fixed maturities, available-for-sale, at fair value	$	67,030	60.7	%	$	67,606	59.8	%
Fixed maturities, at fair value using the fair value option	1,654		1.5	%	1,687		1.5	%
Mortgage loans on real estate	18,171		16.5	%	18,570		16.4	%
Policy loans	4,158		3.8	%	4,191		3.7	%
Other equity investments	3,384		3.1	%	3,502		3.1	%
Other invested assets	6,719		6.1	%	5,724		5.1	%
Subtotal investment assets	101,116		91.6	%	101,280		89.6	%
Trading securities	1,057		1.0	%	1,340		1.2	%
Total investments	102,173		92.5	%	102,620		90.8	%
Cash and cash equivalents	8,239		7.5	%	10,357		9.2	%
Total	$	110,412	100.0	%	$	112,977	100.0	%

General Account AFS Fixed maturities by industry (Based on amortized cost)
Corporate securities:
Finance	$	13,181	17.9	%	$	15,072	20.1	%
Manufacturing	11,333		15.4	%	10,691		14.3	%
Utilities	6,838		9.3	%	7,058		9.4	%
Services	8,242		11.2	%	8,104		10.8	%
Energy	3,758		5.1	%	2,655		3.5	%
Retail and wholesale	3,253		4.4	%	3,004		4.0	%
Transportation	2,493		3.4	%	2,253		3.0	%
Other	190		0.3	%	685		0.9	%
Total corporate securities	49,288		67.0	%	49,522		66.2	%
U.S. government and agency	5,735		7.8	%	5,759		7.7	%
Residential mortgage-backed (2)	2,470		3.4	%	2,678		3.6	%
Preferred stock	56		0.1	%	56		0.1	%
State & municipal	614		0.8	%	586		0.8	%
Foreign governments	719		1.0	%	711		1.0	%
Commercial mortgage-backed	3,595		4.9	%	3,653		4.9	%
Asset-backed securities	11,049		15.0	%	11,845		15.8	%
Total	$	73,526	100.0	%	$	74,810	100.0	%

General Account AFS Fixed maturities credit quality (3) (Based on amortized cost)
Aaa, Aa, A (NAIC Designation 1)	$	47,694	64.9	%	$	49,013	65.5	%
Baa (NAIC Designation 2)	23,476		31.9	%	23,553		31.5	%
Investment grade	71,170		96.8	%	72,567		97.0	%
Below investment grade (NAIC Designation 3 and 4)	2,356		3.2	%	2,243		3.0	%
Total	$	73,526	100.0	%	$	74,810	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 2024 Financial Supplement						26


Consolidated Results of General Account Investment Portfolio


	For the Three Months Ended or As of								Years Ended or As of
(in millions USD, unless otherwise indicated)	March 31, 2023				March 31, 2024				December 31, 2023
	Yield		Amount (2)		Yield		Amount (2)		Yield		Amount (2)
Fixed Maturities:
Income (loss)	3.95	%	$	714	4.42	%	$	821	4.17	%	$	3,103
Ending assets			72,394				74,810				73,526
Mortgages:
Income (loss)	4.24	%	177		5.11	%	234		4.65	%	806
Ending assets			16,969				18,570				18,171
Other Equity Investments (1):
Income (loss)	4.68	%	41		6.24	%	54		3.88	%	135
Ending assets			3,498				3,519				3,433
Policy Loans:
Income	5.12	%	52		5.22	%	54		5.30	%	216
Ending assets			4,028				4,191				4,158
Cash and Short-term Investments: (3)
Income (loss)	(5.00)	%	(23)		(2.00)	%	(29)		(2.51)	%	(81)
Ending assets			2,219				6,907				4,718
Funding Agreements:
Interest expense and other			(87)				(74)				(425)
Ending (liabilities)			(8,366)				(7,165)				(7,616)
Total invested Assets:
Income (loss)	3.89	%	873		4.30	%	1,060		3.98	%	3,754
Ending assets			90,742				100,832				96,389
Short Duration Fixed Maturities:
Income (loss)	3.79	%	1		3.82	%	—		4.14	%	3
Ending assets			87				15				16
Total Net Investment Income:
Investment income	3.89	%	874		4.30	%	1,060		3.98	%	3,757
Less: investment fees (4)	(0.17)	%	(39)		(0.17)	%	(41)		(0.18)	%	(166)
Investment income, net	3.71	%	$	835	4.13	%	$	1,019	3.80	%	$	3,591
General Account Ending Net Assets			$	90,829			$	100,847			$	96,405
Operating Earnings adjustments:
Funding Agreements interest expense			156				74				425
AB and other non-General Account investment income			84				91				249
Operating Net investment income (loss)			$	1,075			$	1,183			$	4,265
Notes:

(1) Includes, as of March 31, 2023, March 31, 2024 and December 31, 2023, $394 million, $340 million and $361 million of other invested assets. Amounts for certain consolidated VIE investments are shown net of associated non-controlling interest.
(2) Amount for fixed maturities and mortgages represents original cost, reduced by repayments, write-downs, adjusted amortization of premiums, accretion of discount and allowances. Cost for equity securities represents original cost reduced by write-downs; cost for other limited partnership interests represents original cost adjusted for equity in earnings and reduced by distributions.
(3) Cash and Short-term net of collateral expense.
(4) Fixed maturities yield excludes out of period income adjustment .


1Q 2024 Financial Supplement						27

Additional Information


1Q 2024 Financial Supplement						28


Deferred Policy Acquisition Costs Rollforward


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

TOTAL
Beginning balance	$	6,369	$	6,419	$	6,512	$	6,599	$	6,705	$	6,369	$	6,705
Capitalization of commissions, sales and issue expenses	202		248		252		274		270		202		270
Amortization	(152)		(155)		(165)		(168)		(172)		(152)		(172)
Ending balance	$	6,419	$	6,512	$	6,599	$	6,705	$	6,804	$	6,419	$	6,804

Individual Retirement
Beginning balance	$	3,219	$	3,264	$	3,347	$	3,426	$	3,508	$	3,219	$	3,508
Capitalization of commissions, sales and issue expenses	134		175		181		187		202		134		202
Amortization	(89)		(92)		(102)		(105)		(109)		(89)		(109)
Ending balance	$	3,264	$	3,347	$	3,426	$	3,508	$	3,601	$	3,264	$	3,601

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

Protection Solutions
Beginning balance	$	1,630	$	1,644	$	1,660	$	1,676	$	1,700	$	1,630	$	1,700
Capitalization of commissions, sales and issue expenses	43		46		46		55		44		43		44
Amortization	(29)		(30)		(30)		(31)		(30)		(29)		(30)
Ending balance	$	1,644	$	1,660	$	1,676	$	1,700	$	1,714	$	1,644	$	1,714

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

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


1Q 2024 Financial Supplement						29


Use of Non-GAAP Financial Measures


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



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

Because Non-GAAP Operating Earnings excludes the foregoing items that can be distortive or unpredictable, management believes that this measure enhances the understanding of the Company’s underlying drivers of profitability and trends in our business, thereby allowing management to make decisions that will positively impact our business.
We use the prevailing corporate federal income tax rate of 21% while taking into account any non-recurring differences for events recognized differently in our financial statements and federal income tax returns as well as partnership income taxed at lower rates when reconciling Net income (loss) attributable to Holdings to Non-GAAP Operating Earnings.


1Q 2024 Financial Supplement						30


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 2024 Financial Supplement						31

Reconciliation of Non-GAAP Measures (1/3)


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

Net income (loss) attributable to Holdings
Net income (loss) attributable to Holdings	$	177	$	759	$	1,064	$	(698)	$	114	$	177	$	114
Adjustments related to:
Variable annuity product features	861		(65)		(1,380)		1,191		319		861		319
Investment gains (losses), net	87		56		411		159		39		87		39

Net actuarial gains (losses) related to pension and other postretirement benefit obligations	9		9		8		13		17		9		17
Other adjustments (1)	45		62		91		153		91		45		91
Income tax (expense) benefit related to above adjustments	(210)		(13)		183		(319)		(98)		(210)		(98)
Non-recurring tax items (2)	(605)		(367)		36		(23)		8		(605)		8
Non-GAAP Operating Earnings	$	364	$	441	$	413	$	476	$	490	$	364	$	490

Net income (loss) attributable to Holdings	$	0.49	$	2.13	$	3.06	$	(2.07)	$	0.34	$	0.49	$	0.34
Less: Preferred stock dividends	0.04		0.07		0.04		0.08		0.04		0.04		0.04
Net income (loss) available to Holdings' common shareholders	0.45		2.06		3.02		(2.15)		0.30		0.45		0.30
Adjustments related to:
Variable annuity product features	2.36		(0.18)		(3.97)		3.53		0.96		2.36		0.96
Investment gains (losses), net	0.24		0.16		1.18		0.47		0.12		0.24		0.12

Net actuarial gains (losses) related to pension and other postretirement benefit obligations	0.02		0.03		0.02		0.04		0.05		0.02		0.05
Other adjustments (1)	0.13		0.17		0.27		0.46		0.27		0.13		0.27
Income tax (expense) benefit related to above adjustments	(0.58)		(0.04)		0.53		(0.95)		(0.29)		(0.58)		(0.29)
Non-recurring tax items (2)	(1.66)		(1.03)		0.10		(0.07)		0.02		(1.66)		0.02
Non-GAAP Operating Earnings (loss) available to Holdings' common shareholders	$	0.96	$	1.17	$	1.15	$	1.33	$	1.43	$	0.96	$	1.43

Book Value per common share
Book Value per common share	$	6.10	$	5.69	$	0.23	$	3.26	$	1.43	$	6.10	$	1.43
Less: Per share impact of AOCI	(18.15)		(20.39)		(28.66)		(23.30)		(24.93)		(18.15)		(24.93)
Book value per common share (ex. AOCI)	$	24.25	$	26.08	$	28.90	$	26.56	$	26.36	$	24.25	$	26.36



Notes:





(1) Includes certain gross legal expenses related to the cost of insurance litigation of $106 million or $0.32 per common share for the three months ended March 31, 2024.
(2) For the three months ended March, 31 2024, non-recurring tax items reflects the effect of uncertain tax positions for a given audit period and for the three months ended March 31, 2023 primarily includes tax valuation allowance decease.


1Q 2024 Financial Supplement						32


Reconciliation of Non-GAAP Measures (2/3)

	As of and for the Twelve Months Ended
(in millions USD, unless otherwise indicated)	9/30/2023			12/31/2023			3/31/2024

Net Income to Non-GAAP Operating Earnings
Net income (loss) attributable to Holdings	$	2,062		$	1,302		$	1,239
Adjustments related to:
Variable annuity product features	(455)			607			65
Investment (gains) losses	609			713			665

Net actuarial (gains) losses related to pension and other postretirement benefit obligations	51			39			47
Other adjustments	348			351			397
Income tax (expense) benefits related to above adjustments	(116)			(359)			(247)
Non-recurring tax items	(933)			(959)			(346)
Non-GAAP Operating Earnings	$	1,566		$	1,694		$	1,820

Return on Equity and Non-GAAP Operating Return on Equity - Trailing twelve months
Net income (loss) attributable to Holdings	$	2,062		$	1,302		$	1,239
Less: Preferred stock	(80)			(80)			(80)
Net income (loss) available to Holdings' common shareholders	$	1,982		$	1,222		$	1,159
Average equity attributable to Holdings' common shareholders (ex. AOCI)	$	9,139		$	9,147		$	9,045

Return on Equity (ex. AOCI)	21.7		%	13.4		%	12.8		%

Non-GAAP Operating Earnings	$	1,566		$	1,694		$	1,820
Less: Preferred stock	(80)			(80)			(80)
Non-GAAP Operating Earnings available to Holdings' common shareholders	$	1,486		$	1,614		$	1,740
Average equity attributable to Holdings' common shareholders (ex. AOCI)	$	9,139		$	9,147		$	9,045

Non-GAAP Operating Return on Equity (ex. AOCI)	16.3		%	17.6		%	19.2		%


1Q 2024 Financial Supplement						33


Reconciliation of Non-GAAP Measures (3/3)

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

Equity Reconciliation - Quarter-end Balances
Total equity attributable to Holdings' shareholders	$	5,702	$	3,411	$	1,401	$	3,754	$	3,553	$	1,642	$	2,649	$	2,032
Less: Preferred Stock	1,562		1,562		1,562		1,562		1,562		1,562		1,562		1,562
Total equity attributable to Holdings' common shareholders	4,140		1,849		(161)		2,192		1,991		80		1,087		470
Less: Accumulated other comprehensive income (loss)	(4,165)		(6,870)		(8,992)		(6,516)		(7,142)		(9,802)		(7,777)		(8,166)
Total equity attributable to Holdings' common shareholders (ex. AOCI)	$	8,305	$	8,719	$	8,831	$	8,708	$	9,133	$	9,882	$	8,864	$	8,636


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

Equity Reconciliation - Twelve Month Rolling Average
Total equity attributable to Holdings' shareholders	$	8,915	$	6,848	$	4,610	$	3,567	$	3,030	$	2,588	$	2,900	$	2,469
Less: Preferred Stock	1,562		1,562		1,562		1,562		1,562		1,562		1,562		1,562
Total equity attributable to Holdings' common shareholders	7,353		5,286		3,048		2,005		1,468		1,026		1,338		907
Less: Accumulated other comprehensive income (loss)	(572)		(2,759)		(5,333)		(6,636)		(7,380)		(8,113)		(7,809)		(8,222)
Total equity attributable to Holdings' common shareholders (ex. AOCI)	$	7,925	$	8,045	$	8,381	$	8,641	$	8,848	$	9,139	$	9,147	$	9,129


1Q 2024 Financial Supplement						34


Glossary of Selected Financial and Product Terms


Account Value (“AV”) - AV generally equals the aggregate policy account value of our retirement and protection products. General Account AV refers to account balances in investment options that are backed by the General Account while Separate Accounts AV refers to Separate Accounts investment assets. AV is reflected net of reinsurance.
Advisory Assets - Assets invested in a variety of investments using an asset allocation model designed for the client’s objectives. The client is charged a fee based on the value of the assets in the account.
Annualized premiums - 100% of first year recurring premiums (up to target) and 10% of excess first year premiums or first year premiums from single premium products.
Assets Under Administration (“AUA”) - AUA includes non-insurance client assets that are invested in our savings and investment products or serviced by our Equitable Advisors platform. We provide administrative services for these assets and generally record the revenues received as distribution fees.
Assets Under Management (“AUM”) - AUM means investment assets that are managed by one of our subsidiaries and includes: (i) assets managed by AB; (ii) the assets in our General Account investment portfolio; and (iii) the Separate Account assets of our Individual Retirement, Group Retirement and Protection Solutions businesses. Total AUM reflects exclusions between segments to avoid double counting.
Average Account Value (TTM) - Calculated as an average of the previous twelve calendar months total Account Value balance as of end of period.
Benefit base - A notional amount (not actual cash value) used to calculate the owner’s guaranteed benefits within an annuity contract. The death benefit and living benefit within the same contract may not have the same benefit base.
Brokerage Assets - Brokerage accounts which allow clients a variety of investments, including mutual funds, exchange traded products, equities and fixed income, to be managed in one account. The client is charged for all buy and sell transactions.
Current Product Offering (Individual Retirement) - Products sold 2011 and later.
Deferred policy acquisition costs (“DAC”) - Represents the incremental costs related directly to the successful acquisition of new and certain renewal insurance policies and annuity contracts and which have been deferred on the balance sheet as an asset.
Direct Assets - Mutual Funds purchased through and registered directly with an asset management company. No other agents, such as brokers or distributors, are involved in the transactions.
Equitable Advisors - means Equitable Advisors, LLC, a Delaware limited liability company, our retail broker/dealer for our retirement and protection businesses and a wholly-owned indirect subsidiary of Holdings.
Equitable America - means Equitable Financial Life Insurance Company of America, an Arizona corporation and a wholly-owned indirect subsidiary of Holdings.
Equitable Life - means Equitable Financial Life Insurance Company, a New York corporation, a life insurance company and a wholly-owned subsidiary of EFS.
Fixed Rate (Individual Retirement) - Pre-2011 GMxB products.
FYP - First year premium and deposits.
GMxB - A general reference to all forms of variable annuity guaranteed benefits, including guaranteed minimum living benefits, or GMLBs (such as GMIBs, GMWBs and GMABs), and guaranteed minimum death benefits, or GMDBs (inclusive of return of premium death benefit guarantees).
Gross premiums - FYP and Renewal premium and deposits.
Guaranteed minimum death benefits (“GMDB”) - An optional benefit (available for an additional cost) that guarantees an annuitant’s beneficiaries are entitled to a minimum payment based on the benefit base, which could be greater than the underlying AV, upon the death of the annuitant.
Guaranteed minimum income benefits (“GMIB”) - An optional benefit (available for an additional cost) where an annuitant is entitled to annuitize the policy and receive a minimum payment stream based on the benefit base, which could be greater than the underlying AV.
Guaranteed minimum living benefits (“GMLB”) - A reference to all forms of guaranteed minimum living benefits, including GMIBs, GMWBs and GMABs (does not include GMDBs).
Invested assets - Includes fixed maturity securities, equity securities, mortgage loans, policy loans, alternative investments and short-term investments.
Inv Mgmt and Research - Abbreviation for Investment Management and Research.
Legacy - The Legacy segment consists of our fixed-rate GMxB business written prior to 2011. In 2023, we began reporting this business separately from our Individual Retirement business.
Liability for future policy benefits - the liability related to life insurance policies such as non-participating traditional life insurance policies (Term) and limited pay contracts (Payout, Pension).
Market risk benefits - (“MRBs”) are contracts or contract features that provide protection to the contract holder from other than nominal capital market risk and expose the Company to other than nominal capital market risk. Market risk benefits include contract features that provide minimum guarantees to policyholders and include GMIB, GMDB, GMWB, GMAB, and ROP DB benefits.
Net flows - Net change in customer account balances in a period including, but not limited to, gross premiums, surrenders, withdrawals and benefits. It excludes investment performance, interest credited to customer accounts and policy charges.
Net long-term flows - Net change of assets under management in a period which includes new sales net of redemptions of mutual funds and terminations of separately managed accounts and cash flow which includes both cash invested or withdrawn by existing clients. In addition, cash flow includes fees received from certain clients. It excludes the impact of the markets.
Premiums and deposits - Amounts a policyholder agrees to pay for an insurance policy or annuity contract that may be paid in one or a series of payments as defined by the terms of the policy or contract.
Pre-tax operating margin - Calculated as operating earnings, before income taxes, divided by revenue.
Protection Solutions Benefit Ratio - Calculated as the sum of policyholders’ benefits and interest credited to policyholders’ account balances dividend by segment revenues.
Protection Solutions Reserves - Equals the aggregate value of Policyholders’ account balances and future policy benefits for policies in our Protection Solutions segment.
Renewal premium and deposits - Premiums and deposits after the first twelve months of the policy or contract.


1Q 2024 Financial Supplement						35


Return of Premium (“ROP”) death benefit - This death benefit pays the greater of the account value at the time of a claim following the owner’s death or the total contributions to the contract (subject to adjustment for withdrawals). The charge for this benefit is usually included in the M&E fee that is deducted daily from the net assets in each variable investment option. We also refer to this death benefit as the Return of Principal death benefit.
Return on Assets - Calculated as trailing twelve months operating earnings (loss), before income taxes, divided by trailing twelve months average account value.
Return on Equity (ex. AOCI) - Calculated as trailing twelve months net income (loss) attributable to Holdings' common shareholders divided by average equity attributable to Holdings' common shareholders, excluding Accumulated Other Comprehensive Income (“AOCI”).
Revenue per advisor - Calculated as trailing twelve months revenue divided by the average number of advisors for each of the most recent four quarters.
Trailing Twelve Months ("TTM") - The twelve calendar months preceding the balance sheet date of a given reporting period.


1Q 2024 Financial Supplement						36

Analyst Coverage, Ratings & Contact Information

Analyst Coverage

Firm

Analyst

Phone Number

Citi

Michael Ward

1 (212) 816-4269

Deutsche Bank

Cave Montazeri

1 (212) 250-2798

Dowling & Partners

Joel Hurwitz

1 (860) 676-7312

Evercore ISI

Thomas Gallagher

1 (212) 446-9439

Goldman Sachs

Alex Scott

1 (212) 902-9592

Jefferies

Suneet Kamath

1 (212) 778-8602

J.P. Morgan

Jimmy Bhullar

1 (212) 622-6397

Keefe, Bruyette, & Woods

Ryan Krueger

1 (860) 722-5930

Morgan Stanley

Bob Jian Huang

1 (212) 761-6136

Raymond James

Wilma Burdis

1 (727) 567-9371

Truist Securities

Mark Hughes

1 (615) 748-4422

UBS

Brian Meredith

1 (212) 713-2492

Wells Fargo Securities

Elyse Greenspan

1 (212) 214-8031

This list is provided for informational purposes only. Equitable Holdings does not endorse the analyses, conclusions or recommendations contained in any reports issued by these or any other analysts.

Ratings

A.M. Best

S&P

Moody’s

Last review date

Feb '24

Dec '23

Financial Strength Ratings:

Equitable Financial Life Insurance Company

A+

Equitable Financial Life Insurance Company of America

A+

Credit Ratings:

Equitable Holdings, Inc.

bbb+

A-

Baa1

AllianceBernstein L.P. (1)

—

Investor and Media Contacts

Contact Investor Relations

Contact Media Relations

Erik Bass

Thomas Lewis

Sophia Kim

(212) 314-2476

(212) 314-2010

IR@equitable.com

MediaRelations@equitable.com

ir.equitableholdings.com

www.equitableholdings.com

Notes:

(1) Last review dates: S&P as of Sep '23, Moody’s as of Mar '24.


1Q 2024 Financial Supplement						37