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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): July 30, 2024
equitableimage.jpg
Equitable Holdings, Inc.
(Exact name of registrant as specified in its charter)
Delaware001-3846990-0226248
(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 classTrading SymbolName of Exchange on which registered
Common StockEQHNew York Stock Exchange
Depositary Shares, each representing a 1/1,000th interest in a share of Fixed Rate Noncumulative Perpetual Preferred Stock, Series AEQH PR ANew York Stock Exchange
Depositary Shares, each representing a 1/1,000th interest in a share of Fixed Rate Noncumulative Perpetual Preferred Stock, Series CEQH PR CNew York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 under the Securities Act (17 CFR 230.405) or Rule 12b-2 under the Exchange Act (17 CFR 240.12b-2).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


Item 2.02    Results of Operations and Financial Condition.
On July 30, 2024, Equitable Holdings, Inc. (“EQH”) issued a press release announcing its financial results for the quarter ended June 30, 2024. A copy of the press release containing this information is furnished as Exhibit 99.1 hereto and is incorporated herein by reference. In addition, more detailed financial information may be found in EQH’s Financial Supplement for the quarter ended June 30, 2024. A copy of the Financial Supplement for the quarter ended June 30, 2024 is furnished as Exhibit 99.2 hereto and is incorporated herein by reference.
As provided in General Instruction B.2 of Form 8-K, the information and exhibits provided pursuant to this Item 2.02 shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section, nor shall they be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
Item 7.01    Regulation FD Disclosure.
In connection with its earnings call for the quarter ended June 30, 2024, EQH has prepared a presentation for use with investors and other members of the investment community, which will be accessible via EQH’s investor relations website at https://ir.equitableholdings.com at 4:15 p.m. ET on Tuesday, July 30, 2024.
As provided in General Instruction B.2 of Form 8-K, the information provided pursuant to this Item 7.01 shall not be deemed to be “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liability of that section, nor shall it be deemed to be incorporated by reference in any filing under the Securities Act or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
Item 9.01    Financial Statements and Exhibits.

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



SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
EQUITABLE HOLDINGS, INC.
Date: July 30, 2024
By:
/s/ William Eckert
Name:
William Eckert
Title:
Chief Accounting Officer
(Principal Accounting Officer)




EQUITABLE HOLDINGS REPORTS SECOND QUARTER 2024 RESULTS
_______________________________________
•Strong earnings growth driven by increased AUM/A, spread income, and fee-based revenues

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

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

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

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

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

_______________________________________
New York, NY, July 30, 2024 — Equitable Holdings, Inc. (“Equitable Holdings”, “Holdings”, or the “Company”) (NYSE: EQH) today announced financial results for the second quarter ended June 30, 2024.
“Equitable’s second quarter results highlight the building growth momentum across the company. Non-GAAP operating earnings per share of $1.43 increased 23% from the prior year quarter and was up 20% excluding notable items. We continue to see robust organic growth momentum across our businesses, highlighted by record Retirement net inflows of $2.3 billion including $0.5 billion of initial inflows from BlackRock Lifepath Paycheck. AllianceBernstein also reported $1.3 billion of active net inflows, and our Wealth Management segment had $1.5 billion of advisory net inflows. The combination of organic growth and favorable market conditions drove assets under management and administration to a record $986 billion, boosting both fee and spread-based earnings,” said Mark Pearson, President and Chief Executive Officer.

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





1 Includes Individual Retirement and Group Retirement
2 This press release includes certain Non-GAAP financial measures. More information on these measures and reconciliations to the most comparable U.S. GAAP measures can be found in the “Use of Non-GAAP Financial Measures” section of this release.
3 Please refer to Exhibit 1 for a detailed reconciliation and definitions related to notable items.
4 Cash generation is the cash flow from asset and wealth management subsidiaries, along with capital generated in excess of the target combined NAIC RBC ratio at the insurance subsidiaries. Financial guidance assumes normal market conditions including 6% equity return, 2% dividend yield and interest rates following the forward curve is net dividends and distributions to Equitable Holdings from its subsidiaries

1


Consolidated Results
Second Quarter
(in millions, except per share amounts or unless otherwise noted)20242023
Total Assets Under Management/Administration (“AUM/A”, in billions)$986 $887 
Net income attributable to Holdings428 759 
    Net income attributable to Holdings per common share1.23 2.06 
Non-GAAP operating earnings494 441 
    Non-GAAP operating earnings per common share (“EPS”)1.43 1.17 

As of June 30, 2024, total AUM/A was $986 billion, a year-over-year increase of 11%, primarily driven by higher markets over the prior twelve months.
Net income attributable to Holdings for the second quarter of 2024 was $428 million compared to $759 million in the second quarter of 2023.

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

As of June 30, 2024, book value per common share, including accumulated other comprehensive income (“AOCI”), was $0.25. Book value per common share, excluding AOCI, was $27.14.
5 Please refer to Exhibit 1 for detailed reconciliation and definitions related to notable items.

2

Business Highlights

•Business segment highlights:
◦Individual Retirement (“IR”) reported second quarter net inflows of $1.9 billion, and first year premiums were up 23% over the prior year quarter, driven by continued demand for our spread-based RILA product.
◦Group Retirement (“GR”) reported second quarter net inflows of $408 million, primarily attributable to the institutional channel with initial inflows from BlackRock’s LifePath Paycheck.

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

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

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

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

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

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

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


•Delivering shareholder value:

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

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

6 Refers to AllianceBernstein L.P. and AllianceBernstein Holding L.P., collectively.
7 Excludes c.$300 million of cash at Holdings which is available to AllianceBernstein through its credit facility with Equitable Holdings.


3

Business Segment Results

Individual Retirement
 (in millions, unless otherwise noted)Q2 2024Q2 2023
Account value (in billions)$101.9 $83.9 
Segment net flows (in billions)1.9 1.5 
Operating earnings (loss)234 234 
•Account value increased by 22%, driven by positive market performance and net inflows over the prior twelve months.
•Net inflows of $1.9 billion in the quarter were higher versus the prior year quarter, and first year premiums of $4.5 billion increased by 23%.
•Operating earnings of $234 million were flat year-over-year with higher net interest margin and fee-type revenue partially offset by higher DAC amortization and higher commissions.
•Operating earnings adjusted for notable items8 increased from $224 million in the prior year quarter to $236 million. Notable items of $2 million in the current period reflect lower net investment income from alternatives.

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

•Account value increased by 12%, primarily due to market performance over the prior twelve months.
•Net inflows of $408 million in the second quarter were primarily attributable to the institutional channel including initial inflows from BlackRock’s LifePath Paycheck. The tax-exempt channel, which includes our industry leading K-12 educators offering, reported net inflows of $91 million.
•Operating earnings increased from $107 million in the prior year quarter to $123 million, primarily due to higher fee-based revenue.
•Operating earnings adjusted for notable items9 increased from $103 million in the prior year quarter to $127 million. Notable items were $4 million in each period and reflect lower net investment income from alternatives.

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

Asset Management
 (in millions, unless otherwise noted)Q2 2024Q2 2023
Total AUM (in billions)$769.5 $691.5 
Segment net flows (in billions)0.9 (4.0)
Operating earnings (loss)101 99 
•AUM increased by 11% due to market performance over the prior twelve months.
•Net inflows of $0.9 billion in the quarter as $2.8 billion of net inflows in the Retail channel were partially offset by net outflows of $1.8 billion in the Institutional channel and $0.1 billion in Private Wealth.

•Operating earnings increased from $99 million in the prior year quarter to $101 million, primarily due to higher base fees on higher average AUM and lower expenses.
•Operating earnings adjusted for notable items10 increased from $89 million in the prior year quarter to $101 million. Notable items of $10 million in the second quarter of 2023 were attributable to favorable tax items.

Protection Solutions
 (in millions)Q2 2024Q2 2023
Gross written premiums$784 $769 
Annualized premiums91 78 
Operating earnings (loss)67 24 
•Annualized premiums increased 16% year-over-year, driven by VUL and Employee Benefits.
•Operating earnings increased from $24 million in the prior year quarter to $67 million, primarily due to improved net mortality experience.

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











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

5





Wealth Management
 (in millions, unless otherwise noted)Q2 2024Q2 2023
Total AUA (in billions)$93.8 $80.4 
Advisory Net Flows (in billions)
1.5 0.7 
Operating earnings (loss)44 42 
•AUA increased by 17% due to market performance and net inflows over the last twelve months.
•Advisory net inflows of $1.5 billion in the quarter, primarily attributable to increased sales.
•Operating earnings increased from $42 million in the prior year quarter to $44 million, primarily due to higher advisory and distribution fees.


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

•Account value decreased 1% as expected outflows were partially offset by positive market performance over the prior twelve months.
•Net outflows of $672 million were in line with expectations as this business continues to run-off at $2 billion to $3 billion annually.
•Operating earnings decreased from $45 million in the prior year quarter to $41 million, primarily due to the timing of certain fee accruals.
•Operating earnings adjusted for notable items12 decreased from $48 million in the prior year quarter to $43 million. Notable items of $2 million in the current period attributable to lower net investment income from alternatives.


Corporate and Other (“C&O”)

The operating loss of $116 million in the second quarter increased from an operating loss of $110 million in the prior year quarter. After adjusting for notable items13, the operating loss increased from $102 million in the prior year quarter to $103 million, in line with the Company’s expectations for an annual loss of approximately $400 million.
12 Please refer to Exhibit 1 for a detailed reconciliation and definitions related to notable items.
13 Please refer to Exhibit 1 for a detailed reconciliation and definitions related to notable items.

6



Exhibit 1: Notable Items

Notable items represent the impact on results from our annual actuarial assumption review, approximate impacts attributable to significant variances from the Company’s expectations, and other items that the Company believes may not be indicative of future performance. The Company chooses to highlight the impact of these items and give Non-GAAP measures less notable items to provide a better understanding of our results of operations in a given period. Certain figures may not sum due to rounding.
Impact of notable items by segment and Corporate & Other:
Three Months Ended June 30,
(in millions)20242023
Non-GAAP Operating Earnings$494 $441 
Post-tax Adjustments related to notable items:
Individual Retirement2 (10)
Group Retirement4 (4)
Asset Management— (10)
Protection Solutions9 53 
Wealth Management— — 
Legacy2 3 
Corporate & Other13 7 
Notable items subtotal31 39 
Non-GAAP Operating Earnings, less Notable Items$525 $480 

Impact of notable items by item category:
Three Months Ended June 30,
(in millions)20242023
Non-GAAP Operating Earnings$494 $441 
Pre-tax adjustments related to Notable Items:
Actuarial and Model Updates— (21)
Mortality— 53 
Expenses11 — 
Net Investment Income25 38 
Subtotal37 70 
Post-tax impact of Notable Items31 39 
Non-GAAP Operating Earnings, less Notable Items$525 $480 


7


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

To register for the conference call, please use the following link:
EQH Second Quarter 2024 Earnings Call

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

A webcast replay will be made available on the Equitable Holdings Investor Relations website at ir.equitableholdings.com.
About Equitable Holdings
Equitable Holdings, Inc. (NYSE: EQH) is a leading financial services holding company comprised of complementary and well-established businesses, Equitable, AllianceBernstein and Equitable Advisors. Equitable Holdings has $986 billion in assets under management and administration (as of 6/30/2024) and more than 5 million client relationships globally. Founded in 1859, Equitable provides retirement and protection strategies to individuals, families and small businesses. AllianceBernstein is a global investment management firm that offers diversified investment services to institutional investors, individuals and private wealth clients. Equitable Advisors, LLC (Equitable Financial Advisors in MI and TN) has 4,400 duly registered and licensed financial professionals that provide financial planning, wealth management, retirement planning, protection and risk management services to clients across the country.
Contacts:
Investor Relations
Erik Bass
(212) 314-2476
IR@equitable.com

Media Relations
Sophia Kim
(212) 314-2010
mediarelations@equitable.com

8

Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “expects,” “believes,” “anticipates,” “intends,” “seeks,” “aims,” “plans,” “assumes,” “estimates,” “projects,” “should,” “would,” “could,” “may,” “will,” “shall” or variations of such words are generally part of forward-looking statements. Forward-looking statements are made based on management’s current expectations and beliefs concerning future developments and their potential effects upon Equitable Holdings, Inc. (“Holdings”) and its consolidated subsidiaries. These forward-looking statements include, but are not limited to, statements regarding projections, estimates, forecasts and other financial and performance metrics and projections of market expectations. “We,” “us” and “our” refer to Holdings and its consolidated subsidiaries, unless the context refers only to Holdings as a corporate entity. There can be no assurance that future developments affecting Holdings will be those anticipated by management. Forward-looking statements include, without limitation, all matters that are not historical facts.
These forward-looking statements are not a guarantee of future performance and involve risks and uncertainties, and there are certain important factors that could cause actual results to differ, possibly materially, from expectations or estimates reflected in such forward-looking statements, including, among others: (i) conditions in the financial markets and economy, including the impact of geopolitical conflicts and related economic conditions, equity market declines and volatility, interest rate fluctuations, impacts on our goodwill and changes in liquidity and access to and cost of capital; (ii) operational factors, including reliance on the payment of dividends to Holdings by its subsidiaries, protection of confidential customer information or proprietary business information, operational failures by us or our service providers, potential strategic transactions, changes in accounting standards, and catastrophic events, such as the outbreak of pandemic diseases including COVID-19; (iii) credit, counterparties and investments, including counterparty default on derivative contracts, failure of financial institutions, defaults by third parties and affiliates and economic downturns, defaults and other events adversely affecting our investments; (iv) our reinsurance and hedging programs; (v) our products, structure and product distribution, including variable annuity guaranteed benefits features within certain of our products, variations in statutory capital requirements, financial strength and claims-paying ratings, state insurance laws limiting the ability of our insurance subsidiaries to pay dividends and key product distribution relationships; (vi) estimates, assumptions and valuations, including risk management policies and procedures, potential inadequacy of reserves and experience differing from pricing expectations, amortization of deferred acquisition costs and financial models; (vii) our Asset Management segment, including fluctuations in assets under management and the industry-wide shift from actively-managed investment services to passive services; (viii) recruitment and retention of key employees and experienced and productive financial professionals; (ix) subjectivity of the determination of the amount of allowances and impairments taken on our investments; (x) legal and regulatory risks, including federal and state legislation affecting financial institutions, insurance regulation and tax reform; (xi) risks related to our common stock and (xii) general risks, including strong industry competition, information systems failing or being compromised and protecting our intellectual property.
Forward-looking statements, including any financial guidance, should be read in conjunction with the other cautionary statements, risks, uncertainties and other factors identified in Holdings’ filings with the Securities and Exchange Commission. Further, any forward-looking statement speaks only as of the date on which it is made, and we undertake no obligation to update or revise any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events, except as otherwise may be required by law.
9



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.

10

Non-GAAP Operating Earnings
Non-GAAP Operating Earnings is an after-tax non-GAAP financial measure used to evaluate our financial performance on a consolidated basis that is determined by making certain adjustments to our consolidated after-tax net income attributable to Holdings. The most significant of such adjustments relates to our derivative positions, which protect economic value and statutory capital, and the variable annuity product MRBs. This is a large source of volatility in net income.
Non-GAAP Operating Earnings equals our consolidated after-tax net income attributable to Holdings adjusted to eliminate the impact of the following items:
•Items related to variable annuity product features, which include: (i) changes in the fair value of market risk benefits and purchased market risk benefits, including the related attributed fees and claims, offset by derivatives and other securities used to hedge the market risk benefits which result in residual net income volatility as the change in fair value of certain securities is reflected in OCI and due to our statutory capital hedge program; and (ii) market adjustments to deposit asset or liability accounts arising from reinsurance agreements which do not expose the reinsurer to a reasonable possibility of a significant loss from insurance risk;
•Investment (gains) losses, which includes credit loss impairments of securities/investments, sales or disposals of securities/investments, realized capital gains/losses and valuation allowances;
•Net actuarial (gains) losses, which includes actuarial gains and losses as a result of differences between actual and expected experience on pension plan assets or projected benefit obligation during a given period related to pension, other postretirement benefit obligations, and the one-time impact of the settlement of the defined benefit obligation;
•Other adjustments, which primarily include restructuring costs related to severance and separation, lease write-offs related to non-recurring restructuring activities, COVID-19 related impacts, net derivative gains (losses) on certain Non-GMxB derivatives, net investment income from certain items including consolidated VIE investments, seed capital mark-to-market adjustments, unrealized gain/losses and realized capital gains/losses from sales or disposals of select securities, certain legal accruals; a bespoke deal to repurchase UL policies from one entity that had invested in numerous policies purchased in the life settlement market, which disposed of the risk of additional COI litigation by that entity related to those UL policies, impact of the annual actuarial assumption updates attributable to LFPB; and
•Income tax expense (benefit) related to the above items and non-recurring tax items, which includes the effect of uncertain tax positions for a given audit period and changes to the deferred tax valuation allowance.
In the fourth quarter of 2023, the Company updated its operating earnings measure to exclude the impact of realized amounts related to equity classified instruments. The recognition of the realized capital gains and losses from investments in current net investment income is generally considered distortive and not reflective of the ongoing core business activities of the segments. The presentation of operating earnings in prior periods was not revised to reflect this modification. The impact to operating earnings was immaterial for the three and six months ended June 30, 2023.
In the first quarter of 2024, the Company began allocating to its business segments collateral expense resulting from a designated rate to be paid on the collateral held back to counterparties. The new segment allocation methodology for collateral expense is based on the income earned on cash equivalents held in the surplus segments and income earned in portfolios backing collateral expenses, such that the collateral expense would be allocated to the segments up to that amount. Any remaining amount is included within Corporate and Other. This expense was previously recorded in Corporate and Other with no allocation to our business segments in prior reporting periods.
11

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.

12

The table below presents a reconciliation of Net income (loss) attributable to Holdings to Non-GAAP Operating Earnings for the six months ended June 30, 2024 and 2023:
Three Months Ended June 30,Six Months Ended June 30,
(in millions)2024202320242023
Net income (loss) attributable to Holdings$428 $759 $542 $936 
Adjustments related to:
Variable annuity product features
79 (65)398 796 
Investment (gains) losses16 56 55 143 
Net actuarial (gains) losses related to pension and other postretirement benefit obligations14 9 31 18 
Other adjustments (1) (2)(32)62 59 107 
Income tax expense (benefit) related to above adjustments(16)(13)(114)(223)
Non-recurring tax items (3)5 (367)13 (972)
Non-GAAP Operating Earnings$494 $441 $984 $805 

(1)Includes certain gross legal expenses related to the cost of insurance litigation of $0 million and $106 million for the three and six months ended June 30, 2024, respectively and $35 million and $35 million for the three and six months ended June 30, 2023.
(2)For the three and six months ended June 30, 2024, includes $82 million of the gain on sale on AB's Bernstein Research Service attributable to Holdings.
(3)For the three and six months ended June 30, 2024, non-recurring tax items reflects the effect of uncertain tax positions for a given audit period and for the three and six months ended June 30, 2023 primarily includes a decrease of the deferred tax valuation allowance of $376 million and $990 million.
13

Non-GAAP Operating EPS
Non-GAAP Operating Earnings per common share is calculated by dividing Non-GAAP Operating Earnings less preferred stock dividends by diluted common shares outstanding. The table below presents a reconciliation of GAAP EPS to Non-GAAP Operating EPS for the six months ended June 30, 2024 and 2023.
Three Months Ended June 30,Six Months Ended June 30,
(per share amounts)2024202320242023
Net income (loss) attributable to Holdings
$1.31 $2.13 $1.64 $2.60 
Less: Preferred stock dividend0.08 0.07 0.12 0.11 
Net Income (loss) available to common shareholders1.23 2.06 1.52 2.49 
Adjustments related to:
Variable annuity product features
0.24 (0.18)1.20 2.21 
Investment (gains) losses0.05 0.16 0.17 0.40 
Net actuarial (gains) losses related to pension and other postretirement benefit obligations0.04 0.03 0.09 0.05 
Other adjustments (1) (2)(0.10)0.17 0.18 0.30 
Income tax expense (benefit) related to above adjustments(0.05)(0.04)(0.35)(0.62)
Non-recurring tax items (3)0.02 (1.03)0.04 (2.70)
Non-GAAP Operating Earnings$1.43 $1.17 $2.85 $2.13 
_______________
(1)Includes certain gross legal expenses related to the cost of insurance litigation of $0.00 and $0.32 for the three and six months ended June 30, 2024, respectively and $0.10 and $0.10 for the three and six months ended June 30, 2023.
(2)For the three and six months ended June 30, 2024, includes $0.25 of the gain on sale on AB's Bernstein Research Service attributable to Holdings.
(3)For the three and six months ended June 30, 2024, non-recurring tax items reflects the effect of uncertain tax positions for a given audit period and for the three and six months ended June 30, 2023 primarily includes a decrease of the deferred tax valuation allowance of $1.06 and $2.75.





14

Book Value per common share, excluding AOCI
We use the term “book value” to refer to total equity attributable to Holdings’ common shareholders. Book Value per common share, excluding AOCI, is our total equity attributable to Holdings, excluding AOCI and preferred stock, divided by ending common shares outstanding.
 June 30,
2024		December 31, 2023
Book value per common share$0.25 $3.26 
Per share impact of AOCI26.89 23.30 
Book Value per common share, excluding AOCI$27.14 $26.56 

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

Account Value (“AV”)
Account value generally equals the aggregate policy account value of our retirement products.

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

Assets Under Management (“AUA”)
AUA means advisory and brokerage investment assets included in the Company’s Wealth Management segment.

Segment net flows
Net change in segment customer account balances in a period including, but not limited to, gross premiums, surrenders, withdrawals and benefits. It excludes investment performance, interest credited to customer accounts and policy charges.
15

Consolidated Statements of Income (Loss) (Unaudited)
Three Months Ended June 30,Six Months Ended June 30,
 2024202320242023
(in millions)
REVENUES
Policy charges and fee income$617 $594 $1,231 $1,182 
Premiums282 280 557 556 
Net derivative gains (losses)(208)(917)(1,584)(1,758)
Net investment income (loss)1,166 1,036 2,385 2,026 
Investment gains (losses), net:
Credit losses on available-for-sale debt securities and loans(15)(14)(35)(80)
Other investment gains (losses), net(1)(42)(20)(63)
Total investment gains (losses), net(16)(56)(55)(143)
Investment management and service fees1,240 1,182 2,518 2,362 
Other income429 258 688 509 
Total revenues3,510 2,377 5,740 4,734 
BENEFITS AND OTHER DEDUCTIONS
Policyholders’ benefits667 684 1,344 1,414 
Remeasurement of liability for future policy benefits(8)(7)(7)(3)
Change in market risk benefits and purchased market risk benefits(133)(975)(1,233)(955)
Interest credited to policyholders’ account balances605 501 1,171 964 
Compensation and benefits577 566 1,197 1,149 
Commissions and distribution-related payments463 393 900 773 
Interest expense62 55 119 116 
Amortization of deferred policy acquisition costs169 155 341 307 
Other operating costs and expenses427 466 980 889 
Total benefits and other deductions2,829 1,838 4,812 4,654 
Income (loss) from continuing operations, before income taxes681 539 928 80 
Income tax (expense) benefit(116)292 (146)1,017 
Net income (loss)565 831 782 1,097 
Less: Net income (loss) attributable to the noncontrolling interest137 72 240 161 
Net income (loss) attributable to Holdings428 759 542 936 
Less: Preferred stock dividends26 26 40 40 
Net income (loss) available to Holdings’ common shareholders$402 $733 $502 $896 

16

Earnings Per Common Share
Three Months Ended June 30,Six Months Ended June 30,
 2024202320242023
(in millions)
Earnings per common share
Basic$1.24 $2.06 $1.53 $2.50 
Diluted$1.23 $2.06 $1.52 $2.49 
Weighted average shares
Weighted average common stock outstanding for basic earnings per common share324.2 355.2 327.2 358.5 
Weighted average common stock outstanding for diluted earnings per common share (1)327.3 356.1 330.4 360.0 
(1)For the three and six months ended June 30, 2024 and 2023, 3.0 million, 3.1 million, 3.0 million and 2.5 million, respectively, of outstanding stock awards, were not included in the computation of diluted earnings per share because their effect was anti-dilutive.

Results of Operations by Segment
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
(in millions)
Operating earnings (loss) by segment:
Individual Retirement$234 $234 $462 $434 
Group Retirement123 107 249 196 
Asset Management
101 99 207 198 
Protection Solutions67 24 108 (11)
Wealth Management44 42 87 74 
Legacy41 45 92 105 
Corporate and Other (1)(116)(110)(221)(191)
Non-GAAP Operating Earnings$494 $441 $984 $805 
(1)Includes interest expense and financing fees of $58 million and $114 million for the three and six months ended June 30, 2024, respectively, and $57 million and $119 million for the three and six months ended June 30, 2023, respectively.

17

Select Balance Sheet Statistics
June 30,
2024		December 31,
2023
 (in millions)
ASSETS
Total investments and cash and cash equivalents$117,410 $110,412 
Separate Accounts assets132,664 127,251 
Total assets287,769 276,814 
LIABILITIES
Long-term debt$3,830 $3,820 
Future policy benefits and other policyholders' liabilities17,417 17,363 
Policyholders’ account balances104,072 95,673 
Total liabilities283,296 271,656 
EQUITY
Preferred stock1,562 1,562 
Accumulated other comprehensive income (loss)(8,645)(7,777)
Total equity attributable to Holdings$1,644 $2,649 
Total equity attributable to Holdings' common shareholders (ex. AOCI)8,727 8,864 
18

Assets Under Management (Unaudited)
June 30,
2024		December 31,
2023
(in billions)
Assets Under Management
AB AUM$769.5 $725.2 
Exclusion for General Account and other Affiliated Accounts(68.9)(75.0)
Exclusion for Separate Accounts(58.2)(44.5)
AB third party$642.4 $605.7 
Total company AUM
AB third party$642.4 $605.7 
General Account and other Affiliated Accounts (1) (3) (4)117.4 110.4 
Separate Accounts (2) (3) (4)132.7 127.3 
Total AUM$892.5 $843.4 
_______________
(1) “General Account and Other Affiliated Accounts” refers to assets held in the general accounts of our insurance companies and other assets on which we bear the investment risk.
(2) “Separate Accounts” refers to the separate account investment assets of our insurance subsidiaries excluding any assets on which we bear the investment risk.
(3) As of June 30, 2024 and December 31, 2023, Separate Account is inclusive of $12.5 billion and $12.5 billion & General Account AUM is inclusive of $46 million and $49 million, respectively, Account Value ceded to Venerable.
(4) As of June 30, 2024 and December 31, 2023, Separate Account is inclusive of $6.8 billion and $6.4 billion & General Account AUM is inclusive of $3.4. billion and $3.6 billion, respectively, Account Value ceded to Global Atlantic.
19

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Table of Contents
Consolidated Financials and Key MetricsPage
Key Metrics Summary
Consolidated Statements of Income (Loss)
Consolidated Balance Sheets
Consolidated Capital Structure
Operating Earnings (Loss) by Segment and Corporate and Other
Assets Under Management and Administration
Sales Metrics by Segment
Select Metrics from Business Segments
Individual Retirement
Statements of Operating Earnings (Loss) and Summary Metrics
Select Operating Metrics
Group Retirement
Statements of Operating Earnings (Loss) and Summary Metrics
Select Operating Metrics
Asset Management (1) (2)
Statements of Operating Earnings (Loss) and Summary Metrics
Select Operating Metrics
Net Flows
Protection Solutions
Statements of Operating Earnings (Loss) and Summary Metrics
Select Operating Metrics
Wealth Management
Statements of Operating Earnings (Loss) and Summary Metrics
Select Operating Metrics
Legacy
Statements of Operating Earnings (Loss) and Summary Metrics
Select Operating Metrics
Investments
Consolidated Investment Portfolio Composition
Consolidated Results of General Account Investment Portfolio
Additional Information
Deferred Policy Acquisition Costs Rollforward
Use of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Measures
Glossary of Selected Financial and Product Terms
Analyst Coverage, Ratings & Contact Information
Notes:
(1) Refers to AllianceBernsten L.P. and AllianceBernstien Holding L.P., collectively (2) formerly known as Investment Management and Research
All information included in this financial supplement is unaudited.

This financial supplement should be read in conjunction with Equitable Holdings' filings with the Securities and Exchange Commission (“SEC”) can be accessed upon filing at the SEC’s website at www.sec.gov, and at our website at ir.equitableholdings.com.
2Q 2024 Financial Supplement
2







Consolidated Financials
and Key Metrics

2Q 2024 Financial Supplement
3

Key Metrics Summary
For the Three Months Ended or As ofSix Months Ended or As of
(in millions USD, unless otherwise indicated)6/30/20239/30/202312/31/20233/31/20246/30/2024Change6/30/20236/30/2024Change
Net income (loss)$831 $1,135 $(589)$217 $565 (32.0)%$1,097 $782 (28.7)%
Net income (loss) attributable to the noncontrolling interest(72)(71)(109)(103)(137)(90.3)%(161)(240)(49.1)%
Net income (loss) attributable to Holdings$759 $1,064 $(698)$114 $428 (43.6)%$936 $542 (42.1)%
Non-GAAP Operating Earnings (1)$441 $413 $476 $490 $494 12.0 %$805 $984 22.2 %
Total equity attributable to Holdings' shareholders$3,553 $1,642 $2,649 $2,032 $1,644 (53.7)%$3,553 $1,644 (53.7)%
Less: Preferred Stock1,562 1,562 1,562 1,562 1,562 — %1,562 1,562 — %
Total equity attributable to Holdings' common shareholders1,991 80 1,087 470 82 (95.9)%1,991 82 (95.9)%
Less: Accumulated other comprehensive income (loss)(7,142)(9,802)(7,777)(8,166)(8,645)(21.0)%(7,142)(8,645)(21.0)%
Total equity attributable to Holdings' common shareholders (ex. AOCI)$9,133 $9,882 $8,864 $8,636 $8,727 (4.4)%$9,133 $8,727 (4.4)%
Return on Equity (ex. AOCI) - TTM17.1 %21.7 %13.4 %12.8 %9.2 %17.1 %9.2 %
Non-GAAP Operating ROE (1)16.5 %16.3 %17.6 %19.2 %19.8 %16.5 %19.8 %
Debt to capital:
Debt to Capital (ex. AOCI)26.3 %25.0 %28.1 %27.3 %27.1 %26.3 %27.1 %
Per common share:
Diluted earnings per common share: (2)
Net income (loss) attributable to Holdings$2.06 $3.02 $(2.15)$0.30 $1.23 (40.3)%$2.49 $1.52 (39.0)%
Non-GAAP Operating Earnings (1)$1.17 $1.15 $1.33 $1.43 $1.43 22.7 %$2.13 $2.86 34.5 %
Book value per common share$5.69 $0.23 $3.26 $1.43 $0.25 (95.5)%$5.69 $0.25 (95.5)%
Book value per common share (ex. AOCI)$26.08 $28.90 $26.56 $26.36 $27.14 4.1 %$26.08 $27.14 4.1 %
Weighted-average common shares outstanding:
Basic355.2 346.4 337.2 330.2 324.2 (8.7)%358.5 327.2 (8.7)%
Diluted356.1 348.0 337.2 332.7 327.3 (8.1)%360.0 330.4 (8.2)%
Ending common shares outstanding350.2 342.0 333.8 327.6 321.6 (8.2)%350.2 321.6 (8.2)%
Return to common shareholders:
Common stock dividend$78 $77 $74 $73 $78 $150 $151 
Repurchase of common shares 226 238 241 253 247 440 500 
Total capital returned to common shareholders$304 $315 $315 $326 $325 $590 $651 
Market Values:
S&P 5004,450 4,288 4,770 5,254 5,460 22.7 %4,450 5,460 22.7 %
US 10-Year Treasury3.8 %4.6 %3.9 %4.2 %4.4 %3.8 %4.4 %
Notes:
(1) This measure is a Non-GAAP financial measure. For an explanation of our use of Non-GAAP financial measures, refer to the “Use of Non-GAAP Financial Measures” and "Glossary of Selected Financial and Product Terms" sections of this document. For a reconciliation of this item to the most directly comparable GAAP measure, refer to the “Non-GAAP Reconciliation” section in this document.
(2) For loss periods, dilutive shares were not included in the calculation of net income (loss) available to shareholders per common share or Non-GAAP Operating Earnings per common share as inclusion of such shares would have an anti-dilutive effect.
2Q 2024 Financial Supplement
4

Consolidated Statements of Income (Loss)
For the Three Months EndedSix Months Ended
(in millions USD, unless otherwise indicated)6/30/20239/30/202312/31/20233/31/20246/30/2024Change6/30/20236/30/2024Change
Revenues
Policy charges and fee income$594 $599 $599 $614 $617 3.9 %$1,182 $1,231 4.1 %
Premiums280 267 281 275 282 0.7 %556 557 0.2 %
Net derivative gains (losses)(917)615 (1,254)(1,376)(208)77.3 %(1,758)(1,584)9.9 %
Net investment income (loss)1,036 1,071 1,223 1,219 1,166 12.5 %2,026 2,385 17.7 %
Investment gains (losses), net (56)(411)(159)(39)(16)71.4 %(143)(55)61.5 %
Investment management and service fees1,182 1,217 1,241 1,278 1,240 4.9 %2,362 2,518 6.6 %
Other income258 266 239 259 429 66.3 %509 688 35.2 %
Total revenues2,377 3,624 2,170 2,230 3,510 47.7 %4,734 5,740 21.3 %
Benefits and other deductions
Policyholders’ benefits684 693 647 677 667 (2.5)%1,414 1,344 (5.0)%
Remeasurement of liability for future policy benefits(7)49 29 1 (8)(14.3)%(3)(7)— %
Change in market risk benefits and purchased market risk benefits(975)(817)(35)(1,100)(133)86.4 %(955)(1,233)— %
Interest credited to policyholders’ account balances501 556 563 566 605 20.8 %964 1,171 21.5 %
Compensation and benefits566 593 586 620 577 1.9 %1,149 1,197 4.2 %
Commissions and distribution related payments393 405 412 437 463 17.8 %773 900 16.4 %
Interest expense55 55 57 57 62 12.7 %116 119 2.6 %
Amortization of deferred policy acquisition costs 155 165 169 172 169 9.0 %307 341 11.1 %
Other operating costs and expenses466 450 559 553 427 (8.4)%889 980 10.2 %
Total benefits and other deductions1,838 2,149 2,987 1,983 2,829 53.9 %4,654 4,812 3.4 %
Income (loss) from operations, before income taxes539 1,475 (817)247 681 26.3 %80 928 N/M
Income tax (expense) benefit292 (340)228 (30)(116)(139.7)%1,017 (146)(114.4)%
Net income (loss)831 1,135 (589)217 565 (32.0)%1,097 782 (28.7)%
Less: net (income) loss attributable to the noncontrolling interest(72)(71)(109)(103)(137)(90.3)%(161)(240)(49.1)%
Net income (loss) attributable to Holdings$759 $1,064 $(698)$114 $428 (43.6)%$936 $542 (42.1)%
Less: Preferred stock dividends(26)(14)(26)(14)(26)— %(40)(40)— %
Net income (loss) available to Holdings' common shareholders$733 $1,050 $(724)$100 $402 (45.2)%$896 $502 (44.0)%
Adjustments related to:
Variable annuity product features $(65)$(1,380)$1,191 $319 $79 $796 $398 
Investment gains (losses), net56 411 159 39 16 143 55 
Net actuarial gains (losses) related to pension and other postretirement benefit obligations9 8 13 17 14 18 31 
Other adjustments (1) (2)62 91 153 91 (32)107 59 
Income tax (expense) benefit related to above adjustments (13)183 (319)(98)(16)(223)(114)
Non-recurring tax items (3)(367)36 (23)8 5 (972)13 
Non-GAAP Operating earnings (4)$441 $413 $476 $490 $494 $805 $984 
Notes:
(1) Includes certain gross legal expenses related to the cost of insurance litigation of $0 million and $106 million for the three and six months ended June 30, 2024, respectively and $35 million and $35 million for the three and six months ended June 30, 2023.
(2) For the three and six months ended June 30, 2024, includes $82 million of the gain on sale on AB's Bernstein Research Service attributable to Holdings.
(3) For the three and six months ended June 30, 2024, non-recurring tax items reflects the effect of uncertain tax positions for a given audit period and for the three and six months ended June 30, 2023 primarily includes a decrease of the deferred tax valuation allowance of $376 million and $990 million.
(4) This measure is a Non-GAAP financial measure. For an explanation of our use of Non-GAAP financial measures, refer to the “Use of Non-GAAP Financial Measures” and "Glossary of Selected Financial and Product Terms" sections of this document. For a reconciliation of this item to the most directly comparable GAAP measure, refer to the “Non-GAAP Reconciliation” section in this document.
2Q 2024 Financial Supplement
5

Consolidated Balance Sheets
Balances as of
(in millions USD, unless otherwise indicated)6/30/20239/30/202312/31/20233/31/20246/30/2024
Assets
Total investments $97,722 $97,209 $102,173 $102,620 $107,726 
Cash and cash equivalents7,693 6,096 8,239 10,357 9,684 
Cash and securities segregated, at fair value879 928 868 866 592 
Broker-dealer related receivables2,053 2,017 1,837 1,808 1,801 
Deferred policy acquisition costs6,512 6,599 6,705 6,804 6,924 
Goodwill and other intangible assets, net5,463 5,448 5,433 5,419 5,403 
Amounts due from reinsurers8,395 8,271 8,352 8,387 8,237 
Current and deferred income taxes1,726 2,035 2,050 2,063 2,117 
Purchased market risk benefits9,931 8,745 9,427 8,337 7,993 
Other assets3,391 3,945 3,323 3,618 3,825 
Assets held-for-sale566 681 565 745 — 
Assets for market risk benefits777 701 591 818 803 
Separate Accounts assets123,898 117,577 127,251 133,735 132,664 
Total assets$269,006 $260,252 $276,814 $285,577 $287,769 
Liabilities
Policyholders’ account balances $91,595 $91,912 $95,673 $100,246 $104,072 
Liability for market risk benefits13,642 13,011 14,612 12,814 12,593 
Future policy benefits and other policyholders’ liabilities16,786 16,647 17,363 17,324 17,417 
Broker-dealer related payables1,522 454 1,232 1,022 839 
Customers related payables2,526 2,321 2,201 2,162 2,060 
Amounts due to reinsurers1,404 1,424 1,450 1,377 1,363 
Short-term debt— — 254 — — 
Long-term debt3,819 3,820 3,820 3,821 3,830 
Notes issued by consolidated variable interest entities, at fair value using the fair value option1,484 1,541 1,559 1,580 1,740 
Other liabilities6,410 7,412 6,088 6,511 6,718 
Liabilities held-for-sale129 216 153 239 — 
Separate Accounts liabilities123,898 117,577 127,251 133,735 132,664 
Total liabilities263,215 256,335 271,656 280,831 283,296 
Redeemable noncontrolling interest531 636 770 991 1,088 
Equity
Preferred stock1,562 1,562 1,562 1,562 1,562 
Common stock4 3 5 5 5 
Additional paid-in capital2,297 2,308 2,328 2,322 2,337 
Treasury shares(3,493)(3,592)(3,712)(3,801)(3,932)
Retained earnings10,325 11,163 10,243 10,110 10,317 
Accumulated other comprehensive income (loss)(7,142)(9,802)(7,777)(8,166)(8,645)
Total equity attributable to Holdings3,553 1,642 2,649 2,032 1,644 
Noncontrolling interest1,707 1,639 1,739 1,723 1,741 
Total equity5,260 3,281 4,388 3,755 3,385 
Total liabilities, redeemable noncontrolling interest and equity$269,006 $260,252 $276,814 $285,577 $287,769 



2Q 2024 Financial Supplement
6

Consolidated Capital Structure
Balances as of
(in millions USD, unless otherwise indicated)6/30/20239/30/202312/31/20233/31/20246/30/2024
Short-term and long-term debt:
Short-term debt
AB commercial paper$— $— $254 $— $— 
AB revolving credit facility— — — — — 
CLO Warehousing Debt (1)— — — — — 
Current portion of long-term debt— — — — — 
Total short-term debt— — 254 — — 
Total long-term debt3,819 3,820 3,820 3,821 3,830 
Total short-term and long-term debt: [A]
$3,819 $3,820 $4,074 $3,821 $3,830 
Equity:
Preferred stock$1,562 $1,562 $1,562 $1,562 $1,562 
Common stock4 3 5 5 5 
Additional paid-in capital2,297 2,308 2,328 2,322 2,337 
Treasury stock, at cost(3,493)(3,592)(3,712)(3,801)(3,932)
Retained earnings10,325 11,163 10,243 10,110 10,317 
Accumulated other comprehensive income (loss)(7,142)(9,802)(7,777)(8,166)(8,645)
Total equity attributable to Holdings3,553 1,642 2,649 2,032 1,644 
Noncontrolling interest1,707 1,639 1,739 1,723 1,741 
Total equity$5,260 $3,281 $4,388 $3,755 $3,385 
Total equity attributable to Holdings, (ex. AOCI): [B]
$10,695 $11,444 $10,426 $10,198 $10,289 
Capital:
Total capitalization (2)$7,372 $5,462 $6,723 $5,853 $5,474 
Total capitalization (ex. AOCI): [A+B] (2)
$14,514 $15,264 $14,500 $14,019 $14,119 
Debt to capital:
Debt to capital (ex. AOCI) (3)26.3 %25.0 %28.1 %27.3 %27.1 %
For the Three Months Ended
Roll-forward of common shares outstanding (millions of shares):
Beginning balance359.1 350.2 342.0 333.8 327.6 
Repurchases(3.6)(3.4)(3.9)(3.2)(3.2)
Retirements(5.3)(4.9)(4.4)(4.3)(3.1)
Issuances0.1 0.1 0.1 1.3 0.3 
Ending basic common shares outstanding350.2 342.0 333.8 327.6 321.6 
Total potentially dilutive shares1.5 1.4 1.5 2.5 3.2 
Ending common shares outstanding - maximum potential dilution351.7 343.4 335.3 330.1 324.7 
Notes:
(1) CLO Warehousing Debt related to VIE consolidation of CLO investment.
(2) Total capitalization exclusive of CLO Warehousing Debt as the VIE debt is non-recourse.
(3) Debt to capital ratio exclusive of CLO Warehousing Debt as the VIE debt is non-recourse.

2Q 2024 Financial Supplement
7

Operating Earnings (Loss) by Segment and Corporate and Other
Three Months Ended June 30, 2024
(in millions USD, unless otherwise indicated)Individual RetirementGroup RetirementAsset ManagementProtection SolutionsWealth ManagementLegacyCorporate and OtherEliminationsConsolidated
Revenues
Policy charges, fee income and premiums$176 $79 $— $532 $— $41 $71 $— $899 
Net investment income (loss)548 139 7 260 4 59 152 22 1,191 
Net derivative gains (losses)(6)— (1)(1)— — (2)6 (4)
Investment management, service fees and other income92 65 1,045 43 438 100 7 (255)1,535 
Segment revenues810 283 1,051 834 442 200 228 (227)3,621 
Benefits and other deductions
Policyholders’ benefits19 — — 473 — 60 115 — 667 
Remeasurement of liability for future policy benefits— — — (12)— 2 2 — (8)
Interest credited to policyholders’ account balances278 56 — 135 — 11 124 — 604 
Commissions and distribution related payments80 45 180 43 282 41 6 (214)463 
Amortization of deferred policy acquisition costs 111 8 — 32 — 15 3 — 169 
Compensation and benefits, interest expense and financing fees and other operating costs and expense48 29 633 86 99 23 101 (13)1,006 
Segment benefits and other deductions536 138 813 757 381 152 351 (227)2,901 
Operating earnings (loss), before income taxes274 145 238 77 61 48 (123)— 720 
Income Taxes(40)(22)(42)(11)(17)(7)20 — (119)
Operating earnings (loss), before noncontrolling interest234 123 196 66 44 41 (103)— 601 
Less: Operating (earnings) loss attributable to the noncontrolling interest— — (95)1 — — (13)— (107)
Operating earnings (loss)$234 $123 $101 $67 $44 $41 $(116)$— $494 
Three Months Ended June 30, 2023
Individual RetirementGroup RetirementAsset ManagementProtection SolutionsWealth ManagementLegacyCorporate and OtherEliminationsConsolidated
Revenues
Policy charges, fee income and premiums$165 $66 $— $524 $— $44 $75 $— $874 
Net investment income (loss)391 132 2 242 3 60 187 8 1,025 
Net derivative gains (losses)(5)— (1)(16)— — (5)4 (23)
Investment Management, service fees and other income96 69 999 34 388 99 5 (230)1,460 
Segment revenues647 267 1,000 784 391 203 262 (218)3,336 
Benefits and other deductions
Policyholders’ benefits19 — — 484 — 61 120 — 684 
Remeasurement of liability for future policy benefits(1)— — (2)— — (4)— (7)
Interest credited to policyholders’ account balances160 52 — 130 — 12 147 — 501 
Commissions and distribution related payments63 47 150 36 243 43 4 (193)393 
Amortization of deferred policy acquisition costs 92 15 — 30 — 16 2 — 155 
Compensation and benefits, interest expense and financing fees and other operating costs and expense43 29 647 77 94 19 119 (25)1,003 
Segment benefits and other deductions376 143 797 755 337 151 388 (218)2,729 
Operating earnings (loss), before income taxes271 124 203 29 54 52 (126)— 607 
Income Taxes(37)(17)(24)(5)(12)(7)19 — (83)
Operating earnings (loss), before noncontrolling interest234 107 179 24 42 45 (107)— 524 
Less: Operating (earnings) loss attributable to the noncontrolling interest— — (80)— — — (3)— (83)
Operating earnings (loss)$234 $107 $99 $24 $42 $45 $(110)$— $441 
2Q 2024 Financial Supplement
8

Operating Earnings (Loss) by Segment and Corporate and Other (2/2)
Six Months Ended June 30, 2024
(in millions USD, unless otherwise indicated)Individual RetirementGroup RetirementAsset ManagementProtection SolutionsWealth ManagementLegacyCorporate and OtherEliminationsConsolidated
Revenues
Policy charges, fee income and premiums$350 $152 $— $1,060 $— $88 $138 $— $1,788 
Net investment income (loss)1,058 281 15 517 8 121 331 43 2,374 
Net derivative gains (losses)(11)— (6)(1)— — (10)11 (17)
Investment Management, service fees and other income179 142 2,135 83 857 201 15 (497)3,115 
Segment revenues1,576 575 2,144 1,659 865 410 474 (443)7,260 
Benefits and other deductions
Policyholders’ benefits36 — — 960 — 119 229 — 1,344 
Remeasurement of liability for future policy benefits(2)— — (16)— — 11 — (7)
Interest credited to policyholders’ account balances524 108 — 268 — 22 248 — 1,170 
Commissions and distribution related payments157 89 353 83 542 81 9 (414)900 
Amortization of deferred policy acquisition costs220 23 — 62 — 31 5 — 341 
Compensation and benefits, interest expense and financing fees and other operating costs and expense102 64 1,305 177 204 50 207 (29)2,080 
Segment benefits and other deductions1,037 284 1,658 1,534 746 303 709 (443)5,828 
Operating earnings (loss), before income taxes539 291 486 125 119 107 (235)— 1,432 
Income Taxes(77)(42)(86)(18)(32)(15)37 — (233)
Operating earnings (loss), before noncontrolling interest462 249 400 107 87 92 (198)— 1,199 
Less: Operating (earnings) loss attributable to the noncontrolling interest— — (193)1 — — (23)— (215)
Operating earnings (loss) (1)$462 $249 $207 $108 $87 $92 $(221)$— $984 
Six Months Ended June 30, 2023
Individual RetirementGroup RetirementAsset ManagementProtection SolutionsWealth ManagementLegacyCorporate and OtherEliminationsConsolidated
Revenues
Policy charges, fee income and premiums$328 $130 $— $1,044 $— $78 $158 $— $1,738 
Net investment income (loss)731 244 11 459 5 126 384 42 2,002 
Net derivative gains (losses)(10)(1)(11)(18)— — (11)8 (43)
Investment Management, service fees and other income186 131 2,009 66 748 205 12 (448)2,909 
Segment revenues1,235 504 2,009 1,551 753 409 543 (398)6,606 
Benefits and other deductions
Policyholders’ benefits43 — — 1,019 — 107 245 — 1,414 
Remeasurement of liability for future policy benefits— — — 4 — — (7)— (3)
Interest credited to policyholders’ account balances289 102 — 255 — 24 294 — 964 
Commissions and distribution related payments123 84 298 70 471 86 9 (368)773 
Amortization of deferred policy acquisition costs181 30 — 59 — 32 5 — 307 
Compensation and benefits, interest expense and financing fees and other operating costs and expense90 58 1,284 157 185 37 222 (30)2,003 
Segment benefits and other deductions726 274 1,582 1,564 656 286 768 (398)5,458 
Operating earnings (loss), before income taxes509 230 427 (13)97 123 (225)— 1,148 
Income Taxes(75)(34)(60)2 (23)(18)39 — (169)
Operating earnings (loss), before noncontrolling interest434 196 367 (11)74 105 (186)— 979 
Less: Operating (earnings) loss attributable to the noncontrolling interest— — (169)— — — (5)— (174)
Operating earnings (loss)$434 $196 $198 $(11)$74 $105 $(191)$— $805 
Notes:
(1) Corporate and Other includes an out of period adjustment of $58 million related to income from hedging of TIPS for the six months ended June 30, 2024.

2Q 2024 Financial Supplement
9

Assets Under Management and Administration
Balances as of
(in billions USD, except for Equitable Headcount)6/30/20239/30/202312/31/20233/31/20246/30/2024
Assets Under Management
AB AUM
Total AB$691.5 $669.0 $725.2 $758.7 $769.5 
Exclusion for General Account and other Affiliated Accounts(73.7)(69.8)(75.0)(75.9)(68.9)
Exclusion for Separate Accounts(41.0)(39.3)(44.5)(47.3)(58.2)
AB third party$576.8 $559.9 $605.7 $635.4 $642.4 
Total company AUM
AB third party$576.8 $559.9 $605.7 $635.4 $642.4 
General Account and other Affiliated Accounts (1) (3) (4)105.4 103.3 110.4 113.0 117.4 
Separate Accounts (2) (3) (4)123.9 117.6 127.3 133.7 132.7 
Total AUM$806.1 $780.8 $843.4 $882.1 $892.5 
Total Assets Under Administration (AUA) (5)$80.4 $79.4 $87.0 $91.9 $93.8 
Equitable Advisor Headcount
Total Number of Equitable Advisors4,101 4,141 4,406 4,320 4,358 
Notes:
(1) “General Account and Other Affiliated Accounts” refers to assets held in the general accounts of our insurance companies and other assets on which we bear the investment risk.
(2) “Separate Accounts” refers to the separate account investment assets of our insurance subsidiaries excluding any assets on which we bear the investment risk.
(3) As of June 30, 2023, September 30, 2023, December 31, 2023, March 31, 2024 and June 30, 2024, Separate Account is inclusive of $12.6 billion, $11.7 billion, $12.5 billion, $12.9 billion and $12.5 billion & General Account AUM is inclusive of $52 million, $51 million, $49 million, $47 million and $46 million, respectively, Account Value ceded to Venerable.
(4) As of June 30, 2023, September 30, 2023, December 31, 2023, March 31, 2024, and June 2024 Separate Account is inclusive of $6.3 billion, $5.9 billion, $6.4 billion, $6.9 billion and $6.8 billion & General Account AUM is inclusive of $3.8 billion, $3.7 billion, $3.6 billion, $3.5 billion and $3.4 billion, respectively, Account Value ceded to Global Atlantic.
(5) Includes Advisory and Brokerage AUA included in our Wealth Management segment. 

2Q 2024 Financial Supplement
10

Sales Metrics by Segment
For the Three Months EndedSix Months Ended
(in millions USD, unless otherwise indicated)6/30/20239/30/202312/31/20233/31/20246/30/2024Change6/30/20236/30/2024Change
Insurance Operations
Individual Retirement
First year premiums and deposits$3,650 $3,804 $3,848 $4,314 $4,488 22.9 %$6,493 $8,802 35.6 %
Renewal premium and deposits10 8 7 13 8 (20.0)%18 21 18.6 %
Total Gross Premiums$3,660 $3,812 $3,855 $4,327 $4,496 22.8 %$6,511 $8,823 35.5 %
Group Retirement
First year premiums and deposits$370 $343 $545 $428 $950 156.6 %$693 $1,378 98.9 %
Renewal premium and deposits595 464 592 590 620 4.2 %1,169 1,210 3.5 %
Total Gross Premiums$965 $807 $1,137 $1,018 $1,570 62.7 %$1,862 $2,588 39.0 %
Protection Solutions
First year premiums and deposits$107 $103 $154 $113 $121 13.1 %$210 $234 11.3 %
Renewal premium and deposits662 653 667 665 663 0.2 %1,345 1,328 (1.3)%
Total Gross Premiums$769 $756 $821 $778 $784 2.0 %$1,556 $1,562 0.4 %
Asset Management (in billions USD)
Gross Sales by distribution channel
Institutional$1.5 $4.3 $3.0 $3.3 $3.3 120.0 %$4.5 $6.6 46.7 %
Retail16.5 16.9 21.0 23.8 23.2 40.6 %33.3 47.0 41.1 %
Private Wealth4.4 4.0 4.3 5.5 5.4 22.7 %10.2 10.9 6.9 %
Firmwide Gross Sales$22.4 $25.2 $28.3 $32.6 $31.9 42.4 %$48.0 $64.5 34.4 %
Gross sales by investment service
Equity Active$9.3 $10.3 $9.2 $11.7 $12.5 34.4 %$17.8 $24.2 36.0 %
Equity Passive (1)0.4 0.4 0.2 0.7 0.3 (25.0)%0.6 1.0 66.7 %
Fixed Income - Taxable7.6 7.6 10.2 12.1 10.3 35.5 %18.7 22.4 19.8 %
Fixed Income - Tax-Exempt3.4 3.8 5.5 5.3 4.9 44.1 %7.3 10.2 39.7 %
Fixed Income Passive (1)— 0.4 1.3 — — — %— — — %
Alternatives/Multi-Asset Solutions (2)1.7 2.7 1.9 2.8 3.9 129.4 %3.6 6.7 86.1 %
Firmwide Gross Sales$22.4 $25.2 $28.3 $32.6 $31.9 42.4 %$48.0 $64.5 34.4 %
Wealth Management
Sales by Product Type
Advisory$2,315 $2,369 $2,518 $2,866 $3,304 42.7 %$4,631 $6,171 33.2 %
Brokerage and Direct1,172 1,272 1,308 1,357 1,481 26.4 %2,271 2,839 25.0 %
Retirement, Premiums and Deposits3,231 2,965 3,324 3,565 3,504 8.5 %6,255 7,069 13.0 %
Total Sales$6,718 $6,606 $7,150 $7,794 $8,290 23.4 %$13,157 $16,078 22.2 %
Notes:
(1) Includes index and enhanced index services.
(2) Includes certain multi-asset solutions and services not included in equity or fixed income services.
2Q 2024 Financial Supplement
11





Business Segments:
Operating Earnings Results and Metrics

2Q 2024 Financial Supplement
12

I
Individual Retirement - Operating Earnings (Loss) and Summary Metrics
For the Three Months Ended or As ofSix Months Ended or As of
(in millions USD, unless otherwise indicated)6/30/20239/30/202312/31/20233/31/20246/30/2024Change6/30/20236/30/2024Change
Revenues
Policy charges, fee income and premiums$165 $169 $163 $174 $176 6.7 %$328 $350 6.7 %
Net investment income (loss)391 438 474 510 548 40.2 %731 1,058 44.7 %
Net derivative gains (losses)(5)(5)(5)(5)(6)(20.0)%(10)(11)(10.0)%
Investment management, service fees and other income96 91 83 87 92 (4.2)%186 179 (3.8)%
Segment revenues647 693 715 766 810 25.2 %1,235 1,576 27.6 %
Benefits and other deductions
Policyholders’ benefits19 20 19 17 19 — %43 36 (16.3)%
Remeasurement of liability for future policy benefits(1)— — (2)— 100.0 %— (2)(100.0)%
Interest credited to policyholders’ account balances160 186 224 246 278 73.8 %289 524 81.3 %
Commissions and distribution-related payments63 69 69 77 80 27.0 %123 157 27.6 %
Amortization of deferred policy acquisition costs92 102 105 109 111 20.7 %181 220 21.5 %
Compensation and benefits, interest expense and financing fees and other operating costs and expense43 51 53 54 48 11.6 %90 102 13.3 %
Segment benefits and other deductions376 428 470 501 536 42.6 %726 1,037 42.8 %
Operating earnings (loss), before income taxes271 265 245 265 274 1.1 %509 539 5.9 %
Income taxes(37)(55)(39)(37)(40)(8.1)%(75)(77)(2.7)%
Operating earnings (loss), before noncontrolling interest234 210 206 228 234 — %434 462 6.5 %
Less: Operating (earnings) loss attributable to the noncontrolling interest— — — — — — %— — — %
Operating earnings (loss)$234 $210 $206 $228 $234 — %$434 $462 6.5 %
Summary Metrics
Operating earnings (loss) - TTM:
$807 $834 $850 $878 $878 8.8 %$807 $878 8.8 %
Average Account Value (TTM)$75,675 $77,955 $82,361 $87,169 $91,797 21.3 %$75,675 $91,797 21.3 %
Return on assets (TTM)1.27 %1.28 %1.24 %1.20 %1.14 %1.27 %1.14 %
Net flows$1,501 $1,663 $1,460 $1,649 $1,857 23.7 %$2,433 $3,506 44.1 %
First year premiums and deposits$3,650 $3,804 $3,848 $4,314 $4,488 22.9 %$6,493 $8,802 35.6 %
In-force Policy Count by Product (in thousands):596 604 610 616 623 596 623 
2Q 2024 Financial Supplement
13

Individual Retirement - Select Operating Metrics
For the Three Months Ended or As ofSix Months Ended or As of
(in millions USD, unless otherwise indicated)6/30/20239/30/202312/31/20233/31/20246/30/20246/30/20236/30/2024
Sales Metrics
First Year Premiums and Deposits by Product:
SCS$2,626 $2,847 $2,931 $3,023 $2,983 $4,623 $6,006 
SCS Income258 214 218 393 482 501 875 
Retirement Cornerstone511 518 477 561 555 811 1,116 
Investment Edge216 190 185 310 430 469 740 
Other39 35 37 27 38 89 65 
Total First Year Premiums and Deposits$3,650 $3,804 $3,848 $4,314 $4,488 $6,493 $8,802 
Account Values
General Account:
Balance as of beginning of period$41,166 $45,304 $46,332 $52,062 $57,257 $37,822 $52,062 
Gross premiums and deposits (1)2,752 2,951 2,918 3,392 3,479 4,924 6,871 
Surrenders, withdrawals and benefits(955)(972)(1,101)(1,205)(1,172)(1,825)(2,377)
Net flows 1,797 1,979 1,817 2,187 2,307 3,099 4,494 
Investment performance, interest credited and policy charges 2,341 (951)3,913 3,008 1,564 4,380 4,572 
Other — — — — — 3 — 
Balance as of end of period$45,304 $46,332 $52,062 $57,257 $61,128 $45,304 $61,128 
Separate Accounts:
Balance as of beginning of period$37,634 $38,589 $36,820 $39,619 $41,062 $36,455 $39,619 
Gross premiums and deposits (1)923 881 949 946 1,026 1,622 1,972 
Surrenders, withdrawals and benefits(1,219)(1,197)(1,306)(1,484)(1,476)(2,288)(2,960)
Net flows (296)(316)(357)(538)(450)(666)(988)
Investment performance, interest credited and policy charges 1,251 (1,453)3,156 1,981 198 2,796 2,179 
Other — — — — — 4 — 
Balance as of end of period$38,589 $36,820 $39,619 $41,062 $40,810 $38,589 $40,810 
Total:
Balance as of beginning of period$78,800 $83,893 $83,152 $91,681 $98,319 $74,277 $91,681 
Gross premiums and deposits (1)3,675 3,832 3,867 4,338 4,505 6,546 8,843 
Surrenders, withdrawals and benefits(2,174)(2,169)(2,407)(2,689)(2,648)(4,113)(5,337)
Net flows 1,501 1,663 1,460 1,649 1,857 2,433 3,506 
Investment performance, interest credited and policy charges 3,592 (2,404)7,069 4,989 1,762 7,176 6,751 
Other — — — — — 7 — 
Balance as of end of period$83,893 $83,152 $91,681 $98,319 $101,938 $83,893 $101,938 
Net Amount at Risk (NAR)
Total GMIB NAR$12 $10 $14 $17 $21 $12 $21 
Total GMWB NAR$— $— $— $— $— $— $— 
Total GMDB NAR$3,294 $3,755 $3,104 $2,868 $2,972 $3,294 $2,972 
MRB Reserves (Net of Reinsurance)$168 $354 $618 $320 $399 $168 $399 
Notes:
(1) Includes deposits from certain other products not reported as first year premiums and deposits or renewal premiums and deposits elsewhere in this document.
2Q 2024 Financial Supplement
14

Group Retirement - Operating Earnings (Loss) and Summary Metrics
For the Three Months Ended or As ofSix Months Ended or As of
(in millions USD, unless otherwise indicated)6/30/20239/30/202312/31/20233/31/20246/30/2024Change6/30/20236/30/2024Change
Revenues
Policy charges, fee income and premiums$66 $71 $67 $73 $79 19.7 %$130 $152 16.9 %
Net investment income (loss)132 128 125 142 139 5.3 %244 281 15.2 %
Net derivative gains (losses)— — — — — — %(1)— 100.0 %
Investment management, service fees and other income69 68 58 77 65 (5.8)%131 142 8.4 %
Segment revenues267 267 250 292 283 6.0 %504 575 14.1 %
Benefits and other deductions
Policyholder benefits— — — — — — %— — — %
Remeasurement of liability for future policy benefits— — — — — — %— — — %
Interest credited to policyholders’ account balances52 55 58 52 56 7.7 %102 108 5.9 %
Commissions and distribution-related payments47 35 36 44 45 (4.3)%84 89 6.0 %
Amortization of deferred policy acquisition costs15 14 15 15 8 (46.7)%30 23 (23.3)%
Compensation and benefits, interest expense and financing fees and other operating costs and expense29 31 24 35 29 — %58 64 10.3 %
Segment benefits and other deductions143 135 133 146 138 (3.5)%274 284 3.6 %
Operating earnings (loss), before income taxes124 132 117 146 145 16.9 %230 291 26.5 %
Income taxes(17)(27)(19)(20)(22)(29.4)%(34)(42)(23.5)%
Operating earnings (loss), before noncontrolling interest107 105 98 126 123 15.0 %196 249 27.0 %
Less: Operating (earnings) loss attributable to the noncontrolling interest— — — — — — %— — — %
Operating earnings (loss)$107 $105 $98 $126 $123 15.0 %$196 $249 27.0 %
Summary Metrics
Operating earnings (loss) - TTM:
$387 $393 $399 $436 $452 16.8 $387 $452 16.8 %
Average Account Value (TTM) $36,287 $34,823 $34,175 $35,472 $36,612 0.9 %$36,287 $36,612 0.9 %
Return on assets (TTM) 1.27 %1.35 %1.40 %1.46 %1.47 %1.27 %1.47 %
Net flows (1) (2)$(20)$(130)$(135)$(132)$408 N/M$9 $276 N/M
Gross premiums and deposits (2)$965 $807 $1,137 $1,018 $1,570 62.7 %$1,862 $2,588 39.0 %
Notes:
(1) Net of the Global Atlantic transaction.
(2) Balances for the three months ended June 30, 2023 and September 30, 2023 were revised from previously filed financial statement supplement.

2Q 2024 Financial Supplement
15

Group Retirement - Select Operating Metrics
For the Three Months Ended or As ofSix Months Ended or As of
(in millions USD, unless otherwise indicated)6/30/20239/30/202312/31/20233/31/20246/30/20246/30/20236/30/2024
Sales Metrics
Gross premiums and deposits:
First-year premiums and deposits$370 $343 $545 $428 $950 $693 $1,378 
Renewal premiums and deposits595 464 592 590 620 1,169 1,210 
Group Retirement premiums and deposits$965 $807 $1,137 $1,018 $1,570 $1,862 $2,588 
Gross premiums and deposits by market:
Tax-exempt$274 $260 $368 $317 $298 $485 $615 
Corporate70 54 149 93 108 154 201 
Institutional23 26 24 15 542 48 557 
Other3 3 4 3 2 6 5 
Total first year premiums and deposits370 343 545 428 950 693 1,378 
Tax-exempt471 341 463 453 492 899 945 
Corporate89 94 90 99 93 194 192 
Institutional— — — — — — — 
Other35 29 39 38 35 76 73 
Total renewal premiums and deposits595 464 592 590 620 1,169 1,210 
Group Retirement premiums and deposits by market$965 $807 $1,137 $1,018 $1,570 $1,862 $2,588 
Account Values and Assets under Administration
General Account:
Balance as of beginning of period$9,121 $9,088 $9,002 $8,963 $8,883 $9,175 $8,963 
Gross premiums and deposits241 198 257 222 768 441 990 
Surrenders, withdrawals and benefits(351)(326)(404)(360)(332)(682)(692)
Net flows (1) )(3)(110)(128)(147)(138)436 (241)298 
Investment performance, interest credited and policy charges (1) (3)77 42 96 69 64 158 133 
Other (2) (3)— — 12 (11)— (4)(11)
Balance as of end of period (3)$9,088 $9,002 $8,963 $8,883 $9,383 $9,088 $9,383 
Separate Accounts and Mutual Funds
Balance as of beginning of period$24,446 $25,898 $24,848 $27,507 $29,607 $22,830 $27,507 
Gross premiums and deposits724 609 880 796 802 1,421 1,598 
Surrenders, withdrawals and benefits(634)(611)(868)(790)(830)(1,171)(1,620)
Net flows (1) (3)90 (2)12 6 (28)250 (22)
Investment performance, interest credited and policy charges (1) (3)1,362 (1,048)2,658 2,083 305 2,788 2,388 
Other (2) (3)— — (11)11 — 30 11 
Balance as of end of period (3)$25,898 $24,848 $27,507 $29,607 $29,884 $25,898 $29,884 
Total:
Balance as of beginning of period$33,567 $34,986 $33,850 $36,470 $38,490 $32,005 $36,470 
Gross premiums and deposits965 807 1,137 1,018 1,570 1,862 2,588 
Surrenders, withdrawals and benefits(985)(937)(1,272)(1,150)(1,162)(1,853)(2,312)
Net flows (1)(20)(130)(135)(132)408 9 276 
Investment performance, interest credited and policy charges (1)1,439 (1,006)2,754 2,152 369 2,946 2,521 
Other (2)— — 1 — — 26 — 
Balance as of end of period$34,986 $33,850 $36,470 $38,490 $39,267 $34,986 $39,267 
Notes:
(1) Net of the Global Atlantic transaction.
(2) For the six months ended June 30, 2023, amounts reflect a total special payment applied to the accounts of active clients as part of a previously disclosed settlement agreement between Equitable Financial and the SEC.
(3) Balances for the three months ended June 30, 2023 and September 30, 2023 were revised from previously filed financial statement supplement.
2Q 2024 Financial Supplement
16

Asset Management - Operating Earnings (Loss) and Summary Metrics
For the Three Months Ended or As ofSix Months Ended or As of
(in millions USD, unless otherwise indicated)6/30/20239/30/202312/31/20233/31/20246/30/2024Change6/30/20236/30/2024Change
Revenues
Net investment income (loss)$2 $(9)$16 $8 $7 250.0 %$11 $15 36.4 %
Net derivative gains (losses)(1)9 (14)(5)(1)— %(11)(6)45.5 %
Investment management, service fees and other income999 1,034 1,072 1,090 1,045 4.6 %2,009 2,135 6.3 %
Segment revenues1,000 1,034 1,074 1,093 1,051 5.1 %2,009 2,144 6.7 %
Benefits and other deductions
Commissions and distribution-related payments150 156 156 173 180 20.0 %298 353 18.5 %
Compensation and benefits, interest expense and financing fees and other operating costs and expense647 658 679 672 633 (1.9)%1,284 1,305 1.6 %
Total benefits and other deductions797 814 835 845 813 2.0 %1,582 1,658 4.8 %
Operating earnings (loss), before income taxes203 220 239 248 238 17.2 %427 486 13.8 %
Income taxes(24)(36)(30)(44)(42)(75.0)%(60)(86)(43.3)%
Operating earnings (loss), before noncontrolling interest179 184 209 204 196 9.5 %367 400 9.0 %
Less: Operating (earnings) loss attributable to the noncontrolling interest(80)(85)(95)(98)(95)(18.8)%(169)(193)(14.2)%
Operating earnings (loss)$99 $99 $114 $106 $101 2.0 %$198 $207 4.5 %
Summary Metrics
Adjusted operating margin (1)27.0 %28.0 %29.2 %30.3 %30.8 %27.8 %30.5 %
Net flows (in billions USD)$(4.0)$(1.9)$(1.8)$0.5 0.9 $(3.2)$1.4 
Total AUM (in billions USD)$691.5 $669.0 $725.2 $758.7 $769.5 $691.5 $769.5 
Ownership Structure of AB
Holdings and its subsidiaries59.9 %60.3 %59.8 %59.6 %59.7 %59.9 %59.7 %
AB Holding39.3 %39.0 %39.5 %39.7 %39.6 %39.3 %39.6 %
Unaffiliated holders0.8 %0.7 %0.7 %0.7 %0.7 %0.8 %0.7 %
Total100.0 %100.0 %100.0 %100.0 %100.0 %100.0 %100.0 %
EQH economic interest 61.4 %61.7 %61.2 %61.0 %61.2 %61.4 %61.2 %
EQH average economic interest61.4 %61.5 %61.6 %61.1 %61.1 %61.1 %61.4 %61.1 %
Units of limited partnership outstanding (in millions)285.7 284.0 286.6 287.3 286.8 285.7 286.8 
Notes:
(1) Adjusted operating margin is a non-GAAP financial measure used by AllianceBernstein L.P. (“AB”) management in evaluating AB’s financial performance on a standalone basis and to compare its performance, as reported by AB in its public filings. It is not comparable to any other non-GAAP financial measure used herein.

2Q 2024 Financial Supplement
17

Asset Management - Select Operating Metrics
For the Three Months Ended or As of
(in billions USD, unless otherwise indicated)6/30/20239/30/202312/31/20233/31/20246/30/2024
AUM Roll-forward
Balance as of beginning of period$675.9 $691.5 $669.0 $725.2 $758.7 
Sales/new accounts22.4 25.2 28.3 32.6 31.9 
Redemptions/terminations(23.1)(20.3)(24.1)(25.2)(25.7)
Cash flow/unreinvested dividends(3.3)(6.8)(6.0)(6.9)(5.3)
Net long-term (outflows) inflows(4.0)(1.9)(1.8)0.5 0.9 
Acquisition— — — — — 
Market appreciation (depreciation)19.6 (20.6)58.0 33.0 9.9 
Net change15.6 (22.5)56.2 33.5 10.8 
Balance as of end of period$691.5 $669.0 $725.2 $758.7 $769.5 
Ending Assets by distribution channel
Institutions$309.2 $296.9 $317.1 $322.5 $322.7 
Retail266.6 259.2 286.8 308.0 316.4 
Private Wealth115.7 112.9 121.3 128.2 130.4 
Total$691.5 $669.0 $725.2 $758.7 $769.5 
Ending Assets by investment service
Equity
Actively Managed$235.9 $226.8 $247.5 $264.1 $264.4 
Passively Managed (1)60.5 56.0 62.1 64.7 65.8 
Total Equity$296.4 $282.8 $309.6 $328.8 $330.2 
Fixed Income
Actively Managed$258.4 $250.6 $269.7 $276.1 $282.2 
Passively Managed (1)9.4 9.4 11.4 11.2 11.0 
Total Fixed Income267.8 260.0 281.1 287.3 293.2 
Total Alternatives/Multi-Asset Solutions (2)127.3 126.2 134.5 142.6 146.1 
Total$691.5 $669.0 $725.2 $758.7 $769.5 
Notes:
(1) Includes index and enhanced index services.
(2) Includes certain multi-asset solutions and services not included in equity or fixed income services.

2Q 2024 Financial Supplement
18

Asset Management - Net Flows
For the Three Months EndedSix Months Ended or As of
(in billions USD, unless otherwise indicated)6/30/20239/30/202312/31/20233/31/20246/30/20246/30/20236/30/2024
Net Flows by Distribution Channel
Institutions
US $4.0 $(1.6)$(1.0)$(1.5)$1.9 $4.0 $0.4 
Global and Non-US (7.2)(1.9)(1.5)(2.7)(3.7)(9.9)(6.4)
Total Institutions $(3.2)$(3.5)$(2.5)$(4.2)$(1.8)$(5.9)$(6.0)
Retail
US$(1.0)$2.5 $1.4 $1.9 $2.7 $(1.0)$4.6 
Global and Non-US0.3 (0.9)(0.1)2.3 0.1 1.9 2.4 
Total Retail $(0.7)$1.6 $1.3 $4.2 $2.8 $0.9 $7.0 
Private Wealth
US$0.3 $0.1 $(0.1)$0.7 $0.2 $2.3 $0.9 
Global and Non-US(0.4)(0.1)(0.5)(0.2)(0.3)(0.5)(0.5)
Total Private Wealth$(0.1)$— $(0.6)$0.5 $(0.1)$1.8 $0.4 
Total Net Flows by Distribution Channel$(4.0)$(1.9)$(1.8)$0.5 $0.9 $(3.2)$1.4 
Net Flows by Investment Service
Equity Active
US $(3.0)$1.4 $(3.3)$(1.5)$(1.5)$(4.4)$(3.0)
Global and Non-US (3.8)(1.6)(1.7)(4.7)(4.6)(5.8)(9.3)
Total Equity Active $(6.8)$(0.2)$(5.0)$(6.2)$(6.1)$(10.2)$(12.3)
Equity Passive (1)
US $— $(2.6)$(0.3)$(3.2)$(0.6)$(0.6)$(3.8)
Global and Non-US (0.3)0.2 (0.2)(0.1)(0.1)(0.5)(0.2)
Total Equity Passive (1) $(0.3)$(2.4)$(0.5)$(3.3)$(0.7)$(1.1)$(4.0)
Fixed Income - Taxable
US $5.4 $0.2 $0.7 $1.3 $4.6 $7.9 $5.9 
Global and Non-US (0.5)(2.6)(0.1)3.3 (0.2)0.5 3.1 
Total Fixed Income - Taxable$4.9 $(2.4)$0.6 $4.6 $4.4 $8.4 $9.0 
Fixed Income - Tax-Exempt
US $0.9 $1.3 $1.9 $2.9 $1.9 $2.5 $4.8 
Global and Non-US — — — — — — — 
Total Fixed Income - Tax-Exempt$0.9 $1.3 $1.9 $2.9 $1.9 $2.5 $4.8 
Fixed Income - Passive (1)
US $(0.1)$0.5 $1.2 $— $(0.1)$(0.2)$(0.1)
Global and Non-US 0.2 (0.1)— (0.1)0.1 0.1 — 
Total Fixed Income - Passive (1)$0.1 $0.4 $1.2 $(0.1)$— $(0.1)$(0.1)
Alternatives/Multi-Asset Solutions (2)
US $0.1 $0.2 $0.1 $1.6 $0.5 $0.1 $2.1 
Global and Non-US (2.9)1.2 (0.1)1.0 0.9 (2.8)1.9 
Total Alternatives/Multi-Asset Solutions (2) $(2.8)$1.4 $— $2.6 $1.4 $(2.7)$4.0 
Total Net Flows by Investment Service $(4.0)$(1.9)$(1.8)$0.5 $0.9 $(3.2)$1.4 
Active vs. Passive Net Flows
Actively Managed
Equity $(6.8)$(0.2)$(5.0)$(6.2)$(6.1)$(10.2)$(12.3)
Fixed Income5.8 (1.1)2.5 7.5 6.3 10.9 13.9 
Alternatives/Multi-Asset Solutions (2) (3.0)1.2 (0.3)2.4 1.1 (2.9)3.4 
Total$(4.0)$(0.1)$(2.8)$3.7 $1.3 $(2.2)$5.0 
Passively Managed (1)
Equity $(0.3)$(2.4)$(0.5)$(3.3)$(0.7)$(1.1)$(4.1)
Fixed Income 0.1 0.4 1.2 (0.1)— (0.1)(0.1)
Alternatives/Multi-Asset Solutions (2) 0.20.2 0.3 0.20.30.20.6 
Total $— $(1.8)$1.0 $(3.2)$(0.4)$(1.0)$(3.6)
Total Active vs Passive Net Flows $(4.0)$(1.9)$(1.8)$0.5 $0.9 $(3.2)$1.4 
Notes:
(1) Includes index and enhanced index services.
(2) Includes certain multi-asset solutions and services not included in equity or fixed income services.
2Q 2024 Financial Supplement
19

Protection Solutions - Operating Earnings (Loss) and Summary Metrics
For the Three Months Ended or As ofSix Months Ended or As of
(in millions USD, unless otherwise indicated)6/30/20239/30/202312/31/20233/31/20246/30/2024Change6/30/20236/30/2024Change
Revenues
Policy charges, fee income and premiums$524 $516 $544 $528 $532 1.5 %$1,044 $1,060 1.5 %
Net investment income (loss)242 260 233 257 260 7.4 %459 517 12.6 %
Net derivative gains (losses)(16)7 (5)— (1)93.8 %(18)(1)94.4 %
Investment management, service fees and other income34 39 35 40 43 26.5 %66 83 25.8 %
Segment revenues784 822 807 825 834 6.4 %1,551 1,659 7.0 %
Benefits and other deductions
Policyholders’ benefits484 512 444 487 473 (2.3)%1,019 960 (5.8)%
Remeasurement of liability for future policy benefits(2)(16)30 (4)(12)(500.0)%4 (16)(500.0)%
Interest credited to policyholders’ account balances130 137 128 133 135 3.8 %255 268 5.1 %
Commissions and distribution-related payments36 37 51 40 43 19.4 %70 83 18.6 %
Amortization of deferred policy acquisition costs30 30 31 30 32 6.7 %59 62 5.1 %
Compensation and benefits, interest expense and financing fees and other operating costs and expense77 81 90 91 86 11.7 %157 177 12.7 %
Segment benefits and other deductions755 781 774 777 757 0.3 %1,564 1,534 (1.9)%
Operating earnings (loss), before income taxes29 41 33 48 77 165.5 %(13)125 N/M
Income taxes(5)(7)(5)(7)(11)(120.0)%2 (18)N/M
Operating earnings (loss), before noncontrolling interest24 34 28 41 66 175.0 %(11)107 N/M
Less: Operating (earnings) loss attributable to the noncontrolling interest— — — — 1 100.0 %— 1 100.0 %
Operating earnings (loss)$24 $34 $28 $41 $67 179.2 %$(11)$108 N/M
Summary Metrics
Operating earnings (loss) - TTM:
$(21)$(18)$51 $127 $170 909.5 %$(21)$170 909.5 %
Benefit ratio78.3 %79.0 %70.9 %75.2 %72.9 %82.1 %74.0 %
Gross written premiums$770 $756 $821 $778 $784 1.9 %$1,556 $1,562 0.4 %
Annualized premiums$78 $79 $102 $80 $91 16.4 %$154 $171 10.8 %
Total in-force face amount (in billions USD) (1)$414.7 $413.2 $412.3 $413.2 $411.7 (0.7)%$414.7 $411.7 (0.7)%
Notes:
(1) Total in-force face amount presented on a gross basis including ceded policies.
2Q 2024 Financial Supplement
20

Protection Solutions - Select Operating Metrics
For the Three Months Ended or As ofSix Months Ended or As of
(in millions USD, unless otherwise indicated)6/30/20239/30/202312/31/20233/31/20246/30/20246/30/20236/30/2024
Sales Metrics
First Year Premiums and Deposits by Product Line:
Universal Life$— $— $— $— $— $— $— 
Indexed Universal Life3 4 2 2 3 5 5 
Variable Universal Life76 72 119 80 87 148 167 
Term3 3 3 3 2 6 5 
Employee Benefits25 24 29 28 29 51 57 
Other (1)— — 1 — — — — 
Total$107 $103 $154 $113 $121 $210 $234 
Renewals by Product Line:
Universal Life$179 $187 $175 $169 $166 $367 $335 
Indexed Universal Life73 71 68 74 69 149 143 
Variable Universal Life251 236 257 251 259 509 510 
Term89 88 92 92 86 183 178 
Employee Benefits66 68 71 75 80 129 155 
Other (1)4 3 4 4 3 8 7 
Total662 653 667 665 663 1,345 1,328 
Total Gross Premiums$769 $756 $821 $778 $784 $1,556 $1,562 
In-force Metrics
In-force Face Amount by Product (2) (in billions USD):
Universal Life (3)$42.0 $41.5 $40.9 $40.6 $39.6 $42.0 $39.6 
Indexed Universal Life27.2 27.1 26.9 26.6 26.5 27.2 26.5 
Variable Universal Life (4)134.8 135.4 136.9 138.1 139.0 134.8 139.0 
Term209.6 208.1 206.5 206.8 205.5 209.6 205.5 
Whole Life1.1 1.1 1.1 1.1 1.1 1.1 1.1 
Total$414.7 $413.2 $412.3 $413.2 $411.7 $414.7 $411.7 
In-force Policy Count by Product (2) (in thousands):
Universal Life (3)125 123 122 120 118 125 118 
Indexed Universal Life63 63 63 63 62 63 62 
Variable Universal Life (4)292 292 291 290 290 292 290 
Term251 248 245 246 243 251 243 
Whole Life15 15 15 15 15 15 15 
Total746 741 736 734 728 746 728 
Protection Solutions Reserves
General Account$18,071 $17,949 $18,184 $18,167 $18,150 $18,071 $18,150 
Separate Accounts15,401 14,782 16,337 17,560 17,761 15,401 17,761 
Total$33,472 $32,731 $34,521 $35,727 $35,911 $33,472 $35,911 
Notes:
(1) For the individual life insurance premiums, Other includes Whole Life insurance and other products available-for-sale but not actively marketed.
(2) Includes individual life insurance and does not include Employee Benefits as it is a start-up business and therefore has immaterial in-force policies.
(3) Universal Life includes Guaranteed Universal Life.
(4) Variable Universal Life includes variable life insurance and corporate-owned life insurance.
2Q 2024 Financial Supplement
21

Wealth Management - Operating Earnings (Loss) and Summary Metrics
For the Three Months Ended or As ofSix Months Ended or As of
(in millions USD, unless otherwise indicated)6/30/20239/30/202312/31/20233/31/20246/30/2024Change6/30/20236/30/2024Change
Revenues
Net investment income (loss)$3 $4 $4 $4 $4 33.3 %$5 $8 60.0 %
Net derivative gains (losses)— — — — — — %— — — %
Investment management, service fees and other income388 386 404 419 438 12.9 %748 857 14.6 %
Segment revenues391 390 408 423 442 13.0 %753 865 14.9 %
Benefits and other deductions
Commissions and distribution-related payments243 244 253 260 282 16.0 %471 542 15.1 %
Compensation and benefits, interest expense and financing fees and other operating costs and expense94 93 95 105 99 5.3 %185 204 10.3 %
Segment benefits and other deductions337 337 348 365 381 13.1 %656 746 13.7 %
Operating earnings (loss), before income taxes54 53 60 58 61 13.0 %97 119 22.7 %
Income taxes(12)(13)(15)(15)(17)(41.7)%(23)(32)(39.1)%
Operating earnings (loss), before noncontrolling interest42 40 45 43 44 4.8 %74 87 17.6 %
Less: Operating (earnings) loss attributable to the noncontrolling interest— — — — — — %— — — %
Operating earnings (loss)$42 $40 $45 $43 $44 4.8 %$74 $87 17.6 %
Revenue by Activity Type
Investment management, service fees and other income:
Investment management and advisory fees$134 $141 $140 $150 161 20.2 %$261 311 19.2 %
Distribution fees239 229 246 253 260 9.2 %456 513 12.4 %
Interest income13 13 13 13 12 (5.1)%24 25 4.7 %
Service and other income3 3 5 3 5 77.6 %7 8 16.2 %
Total Investment management, service fees and other income$388 $386 $404 $419 438 12.7 %748 857 14.6 %
Summary Metrics
Pre-tax operating margin13.8 %13.6 %14.7 %13.7 %13.8 %12.9 %13.8 %
Advisory net flows$697 $909 $544 $(175)$1,539 69.4 %$1,525 $1,364 (0.3)%
Total AUA$80,421 $79,359 $87,047 $91,936 $93,816 16.7 %$80,421 $93,816 16.7 %



2Q 2024 Financial Supplement
22

Wealth Management - Select Operating Metrics
For the Three Months Ended or As ofSix Months Ended or As of
(in millions USD, unless otherwise indicated)6/30/20239/30/202312/31/20233/31/20246/30/20246/30/20236/30/2024
AUA Roll-forward
Advisory assets :
Beginning assets$47,844 $50,862 $50,118 $55,072 $58,075 $45,544 $55,072 
Net flows697 909 544 (175)1,539 1,525 1,364 
Market appreciation (depreciation) and other2,321 (1,654)4,410 3,178 784 3,793 3,962 
Advisory ending assets$50,862 $50,118 $55,072 $58,075 $60,398 $50,862 $60,398 
Brokerage and direct assets $29,559 $29,241 $31,975 $33,861 $33,418 $29,559 $33,418 
Total Wealth Management assets$80,421 $79,359 $87,047 $91,936 $93,816 $80,421 $93,816 
Cash balances$2,926 $2,771 $2,953 $2,804 $2,695 $2,926 $2,695 
Advisors
Advisors4,101 4,141 4,406 4,320 4,358 4,101 4,358 
Revenue per advisor TTM (in thousands USD)$350 $359 $370 $380 $386 $350 $386 
Sales by Product Type
Advisory$2,315 $2,369 $2,518 $2,866 $3,304 $4,631 $6,171 
Brokerage and direct1,172 1,272 1,308 1,357 1,481 2,271 2,839 
Retirement, premiums and deposits3,231 2,965 3,324 3,565 3,504 6,255 7,069 
Total sales$6,718 $6,606 $7,150 $7,788 $8,290 $13,157 $16,078 




2Q 2024 Financial Supplement
23

Legacy - Operating Earnings (Loss) and Summary Metrics
For the Three Months Ended or As ofSix Months Ended or As of
(in millions USD, unless otherwise indicated)6/30/20239/30/202312/31/20233/31/20246/30/2024Change6/30/20236/30/2024Change
Revenues
Policy charges, fee income and premiums$44 $40 $37 $47 $41 (6.8)%$78 $88 12.8 %
Net investment income (loss)60 59 53 62 59 (1.7)%126 121 (4.0)%
Net derivative gains (losses)— — — — — — %— — — %
Investment management, service fees and other income99 99 104 101 100 1.0 %205 201 (2.0)%
Segment revenues203 198 194 210 200 (1.5)%409 410 0.2 %
Benefits and other deductions
Policyholders’ benefits61 53 57 59 60 (1.6)%107 119 11.2 %
Remeasurement of liability for future policy benefits— 1 (3)(2)2 100.0 %— — — %
Interest credited to policyholders’ account balances12 12 9 11 11 (8.3)%24 22 (8.3)%
Commissions and distribution-related payments43 45 41 40 41 (4.7)%86 81 (5.8)%
Amortization of deferred policy acquisition costs16 16 15 16 15 (6.3)%32 31 (3.1)%
Compensation and benefits, interest expense and financing fees and other operating costs and expense19 20 26 27 23 21.1 %37 50 35.1 %
Segment benefits and other deductions151 147 145 151 152 0.7 %286 303 5.9 %
Operating earnings (loss), before income taxes52 51 49 59 48 (7.7)%123 107 (13.0)%
Income taxes(7)(10)(9)(8)(7)— %(18)(15)16.7 %
Operating earnings (loss), before noncontrolling interest45 41 40 51 41 (8.9)%105 92 (12.4)%
Less: Operating (earnings) loss attributable to the noncontrolling interest— — — — — — %— — — %
Operating earnings (loss)$45 $41 $40 $51 $41 (8.9)%$105 $92 (12.4)%
Summary Metrics
Operating earnings (loss) - TTM:$220 $211 $186 $177 $173 100.0 %$220 $173 100.0 %
Average Account Value (TTM)$21,851 $21,530 $21,790 $22,061 $22,103 100.0 %$21,851 $22,103 100.0 %
Return on assets (TTM)1.20 %1.17 %1.02 %0.96 %0.94 %1.20 %0.94 %
Net flows (1)$(569)$(554)$(643)$(659)$(672)(18.1)%$(1,092)$(1,331)(21.9)%
In-force Policy Count by Product (in thousands) (2):287 281277269263 287263
Notes:
(1) Net of the Venerable transaction.
(2) In-force Policy Count by Product presented on a gross basis includes ceded policies related to the Venerable transaction.

2Q 2024 Financial Supplement
24

Legacy - Select Operating Metrics
For the Three Months Ended or As ofSix Months Ended or As of
(in millions USD, unless otherwise indicated)6/30/20239/30/202312/31/20233/31/20246/30/20246/30/20236/30/2024
Account Values
General Account:
Balance as of beginning of period$905 $887 $876 $849 $830 $925 $849 
Net flows (1)(24)(18)(31)(24)(26)(50)(50)
Investment performance, interest credited and policy charges (1)
6 7 4 5 6 12 11 
Balance as of end of period$887 $876 $849 $830 $810 $887 $810 
Separate Accounts:
Balance as of beginning of period$21,115 $21,485 $20,033 $21,316 $22,010 $20,557 $21,316 
Net flows (1)(545)(536)(612)(635)(646)(1,042)(1,281)
Investment performance, interest credited and policy charges (1)
915 (916)1,895 1,329 53 1,970 1,382 
Balance as of end of period$21,485 $20,033 $21,316 $22,010 $21,417 $21,485 $21,417 
Total:
Balance as of beginning of period$22,020 $22,372 $20,909 $22,165 $22,840 $21,482 $22,165 
Net flows (1)(569)(554)(643)(659)(672)(1,092)(1,331)
Investment performance, interest credited and policy charges (1)
921 (909)1,899 1,334 59 1,982 1,393 
Balance as of end of period$22,372 $20,909 $22,165 $22,840 $22,227 $22,372 $22,227 
Net Amount at Risk (NAR)
Total GMIB NAR
$2,992 $2,767 $2,822 $2,502 $2,462 $2,992 $2,462 
Total GMDB NAR
$10,082 $10,690 $9,465 $8,982 $8,984 $10,082 $8,984 
MRB Reserves (Net of Reinsurance)$2,797 $3,243 $3,998 $3,368 $3,429 $2,797 $3,429 
Notes:
(1) Net of the Venerable transaction.
2Q 2024 Financial Supplement
25







Investments

2Q 2024 Financial Supplement
26

Consolidated Investment Portfolio Composition
Balances as of
(in millions USD, unless otherwise indicated)December 31, 2023June 30, 2024
Amount (1)% of TotalAmount (1)% of Total
Composition of investment portfolio
Fixed maturities, available-for-sale, at fair value $67,030 60.7 %$71,579 61.0 %
Fixed maturities, at fair value using the fair value option1,654 1.5 %1,703 1.5 %
Mortgage loans on real estate18,171 16.5 %18,802 16.0 %
Policy loans4,158 3.8 %4,247 3.6 %
Other equity investments 3,384 3.1 %3,743 3.2 %
Other invested assets6,719 6.1 %5,635 4.8 %
Subtotal investment assets101,116 91.6 %105,709 90.0 %
Trading securities1,057 1.0 %2,017 1.7 %
Total investments102,173 92.5 %107,726 91.8 %
Cash and cash equivalents8,239 7.5 %9,684 8.2 %
Total$110,412 100.0 %$117,410 100.0 %
General Account AFS Fixed maturities by industry (Based on amortized cost)
Corporate securities:
Finance$13,181 17.9 %$15,718 19.9 %
Manufacturing11,333 15.4 %11,467 14.5 %
Utilities6,838 9.3 %7,545 9.5 %
Services8,242 11.2 %8,718 11.0 %
Energy3,758 5.1 %2,790 3.5 %
Retail and wholesale3,253 4.4 %2,540 3.2 %
State and Political— — %99 0.1 %
Transportation2,493 3.4 %1,557 2.0 %
Other190 0.3 %1,388 1.8 %
Total corporate securities49,288 67.0 %51,822 65.5 %
U.S. government and agency5,735 7.8 %5,773 7.3 %
Residential mortgage-backed (2)2,470 3.4 %3,519 4.4 %
Preferred stock56 0.1 %56 0.1 %
State & municipal614 0.8 %519 0.7 %
Foreign governments719 1.0 %707 0.9 %
Commercial mortgage-backed3,595 4.9 %3,864 4.9 %
Asset-backed securities11,049 15.0 %12,864 16.3 %
Total$73,526 100.0 %$79,124 100.0 %
General Account AFS Fixed maturities credit quality (3) (Based on amortized cost)
Aaa, Aa, A (NAIC Designation 1)$47,694 64.9 %$52,384 66.2 %
Baa (NAIC Designation 2)23,476 31.9 %24,727 31.3 %
Investment grade71,170 96.8 %77,111 97.5 %
Below investment grade (NAIC Designation 3 and 4)2,356 3.2 %2,013 2.5 %
Total$73,526 100.0 %$79,124 100.0 %
Notes:
(1) Investment data has been classified based on standard industry categorizations for domestic public holdings and similar classifications by industry for all other holdings.
(2) Includes publicly traded agency pass-through securities and collateralized obligations.
(3) Credit quality based on NAIC rating.
2Q 2024 Financial Supplement
27

Consolidated Results of General Account Investment Portfolio
For the Six Months Ended or As ofYears Ended or As of
(in millions USD, unless otherwise indicated)June 30, 2023June 30, 2024December 31, 2023
YieldAmount (2)YieldAmount (2)YieldAmount (2)
Fixed Maturities:
Income (loss)4.03 %$1,464 4.39 %$1,656 4.17 %$3,103 
Ending assets73,413 79,124 73,526 
Mortgages:
Income (loss)4.42 %375 5.10 %473 4.65 %806 
Ending assets17,364 18,802 18,171 
Other Equity Investments (1):
Income (loss)2.55 %45 6.23 %110 3.88 %135 
Ending assets3,575 3,598 3,433 
Trading Securities:
Income— %— 0.73 %2 — %— 
Ending assets— 495 — 
Policy Loans:
Income5.11 %103 5.23 %110 5.30 %216 
Ending assets4,061 4,247 4,158 
Cash and Short-term Investments: (3)
Income (loss)(3.00)%(40)(2.13)%(65)(2.51)%(81)
Ending assets4,773 5,817 4,718 
Funding Agreements:
Interest expense and other(194)(155)(425)
Ending (liabilities)(8,875)(7,165)(7,616)
Total invested Assets:
Income (loss)3.84 %1,753 4.21 %2,131 3.98 %3,754 
Ending assets94,311 104,918 96,389 
Short Duration Fixed Maturities:
Income (loss)3.97 %2 — %— 4.14 %3 
Ending assets67 — 16 
Total Net Investment Income:
Investment income 3.84 %1,755 4.22 %2,131 3.98 %3,757 
Less: investment fees (4)(0.17)%(78)(0.17)%(88)(0.18)%(166)
Investment income, net3.67 %$1,677 4.04 %$2,043 3.80 %$3,591 
General Account Ending Net Assets$94,378 $104,918 $96,405 
Operating Earnings adjustments:
Funding Agreements interest expense194 155 425 
AB and other non-General Account investment income131 176 249 
Operating Net investment income (loss)$2,002 $2,374 $4,265 
Notes:
(1) Includes, as of June 30, 2023, June 30, 2024 and December 31, 2023, $466 million, $371 million and $361 million of other invested assets. Amounts for certain consolidated VIE investments are shown net of associated non-controlling interest.
2Q 2024 Financial Supplement
28

(2) Amount for fixed maturities and mortgages represents original cost, reduced by repayments, write-downs, adjusted amortization of premiums, accretion of discount and allowances. Cost for equity securities represents original cost reduced by write-downs; cost for other limited partnership interests represents original cost adjusted for equity in earnings and reduced by distributions.
(3) Cash and Short-term net of collateral expense.
(4) Fixed maturities yield excludes out of period income adjustment .
2Q 2024 Financial Supplement
29








Additional Information
2Q 2024 Financial Supplement
30


Deferred Policy Acquisition Costs Rollforward
For the Three Months Ended or As ofSix Months Ended or As of
(in millions USD, unless otherwise indicated)6/30/20239/30/202312/31/20233/31/20246/30/20246/30/20236/30/2024
TOTAL
Beginning balance$6,419 $6,512 $6,599 $6,705 $6,804 $6,369 $6,705 
Capitalization of commissions, sales and issue expenses248 252 274 270 291 450 561 
Amortization(155)(165)(168)(171)(171)(307)(342)
Ending balance$6,512 $6,599 $6,705 $6,804 $6,924 $6,512 $6,924 
Individual Retirement
Beginning balance$3,264 $3,347 $3,426 $3,508 $3,601 $3,219 $3,508 
Capitalization of commissions, sales and issue expenses175 181 187 202 213 309 415 
Amortization(92)(102)(105)(109)(111)(181)(220)
Ending balance$3,347 $3,426 $3,508 $3,601 $3,703 $3,347 $3,703 
Group Retirement
Beginning balance$804 $808 $814 $825 $828 $800 $825 
Capitalization of commissions, sales and issue expenses19 20 25 18 20 38 38 
Amortization(15)(14)(14)(15)(9)(30)(24)
Ending balance$808 $814 $825 $828 $839 $808 $839 
Protection Solutions
Beginning balance$1,644 $1,660 $1,676 $1,700 $1,714 $1,630 $1,700 
Capitalization of commissions, sales and issue expenses46 46 55 44 49 89 93 
Amortization(30)(30)(31)(30)(32)(59)(62)
Ending balance$1,660 $1,676 $1,700 $1,714 $1,731 $1,660 $1,731 
Legacy
Beginning balance$583 $575 $564 $555 $546 $593 $555 
Capitalization of commissions, sales and issue expenses8 5 7 6 8 14 14 
Amortization(16)(16)(16)(15)(16)(32)(31)
Ending balance$575 $564 $555 $546 $538 $575 $538 
Corporate and Other
Beginning balance$124 $122 $119 $117 $115 $127 $117 
Capitalization of commissions, sales and issue expenses— — — — 1 — 1 
Amortization(2)(3)(2)(2)(3)(5)(5)
Ending balance$122 $119 $117 $115 $113 $122 $113 

2Q 2024 Financial Supplement
31

Use of Non-GAAP Financial Measures
In addition to our results presented in accordance with U.S. GAAP, we report Non-GAAP Operating Earnings, Non-GAAP Operating ROE, and Non-GAAP operating common EPS, each of which is a measure that is not determined in accordance with U.S. GAAP. Management principally uses these non-GAAP financial measures in evaluating performance because they present a clearer picture of our operating performance and they allow management to allocate resources. Similarly, management believes that the use of these Non-GAAP financial measures, together with relevant U.S. GAAP measures, provide investors with a better understanding of our results of operations and the underlying profitability drivers and trends of our business. These non-GAAP financial measures are intended to remove from our results of operations the impact of market changes (where there is a mismatch in the valuation of assets and liabilities) as well as certain other expenses which are not part of our underlying profitability drivers or likely to re-occur in the foreseeable future, as such items fluctuate from period-to-period in a manner inconsistent with these drivers. These measures should be considered supplementary to our results that are presented in accordance with U.S. GAAP and should not be viewed as a substitute for the U.S. GAAP measures. Other companies may use similarly titled non-GAAP financial measures that are calculated differently from the way we calculate such measures. Consequently, our non-GAAP financial measures may not be comparable to similar measures used by other companies.
We also discuss certain operating measures, including AUM, AUA, AV, Protection Solutions reserves and certain other operating measures, which management believes provide useful information about our businesses and the operational factors underlying our financial performance.
Non-GAAP Operating Earnings
Non-GAAP Operating Earnings is an after-tax non-GAAP financial measure used to evaluate our financial performance on a consolidated basis that is determined by making certain adjustments to our consolidated after-tax net income attributable to Holdings. The most significant of such adjustments relates to our derivative positions, which protect economic value and statutory capital, and the variable annuity product MRBs. This is a large source of volatility in net income.
Non-GAAP Operating Earnings equals our consolidated after-tax net income attributable to Holdings adjusted to eliminate the impact of the following items:
•
Items related to variable annuity product features, which include: (i) changes in the fair value of market risk benefits and purchased market risk benefits, including the related attributed fees and claims, offset by derivatives and other securities used to hedge the market risk benefits which result in residual net income volatility as the change in fair value of certain securities is reflected in OCI and due to our statutory capital hedge program; and (ii) market adjustments to deposit asset or liability accounts arising from reinsurance agreements which do not expose the reinsurer to a reasonable possibility of a significant loss from insurance risk;
•
Investment (gains) losses, which includes credit loss impairments of securities/investments, sales or disposals of securities/investments, realized capital gains/losses and valuation allowances;
•
Net actuarial (gains) losses, which includes actuarial gains and losses as a result of differences between actual and expected experience on pension plan assets or projected benefit obligation during a given period related to pension, other postretirement benefit obligations, and the one-time impact of the settlement of the defined benefit obligation;
•
Other adjustments, which primarily include restructuring costs related to severance and separation, lease write-offs related to non-recurring restructuring activities, COVID-19 related impacts, net derivative gains (losses) on certain Non-GMxB derivatives, net investment income from certain items including consolidated VIE investments, seed capital mark-to-market adjustments, unrealized gain/losses and realized capital gains/losses from sales or disposals of select securities, certain legal accruals; a bespoke deal to repurchase UL policies from one entity that had invested in numerous policies purchased in the life settlement market, which disposed of the risk of additional COI litigation by that entity related to those UL policies, impact of the annual actuarial assumption updates attributable to LFPB; and
•Income tax expense (benefit) related to the above items and non-recurring tax items, which includes the effect of uncertain tax positions for a given audit period and changes to the deferred tax valuation allowance.
•
In the fourth quarter of 2023, the Company updated its operating earnings measure to exclude the impact of realized amounts related to equity classified instruments. The recognition of the realized capital gains and losses from investments in current net investment income is generally considered distortive and not reflective of the ongoing core business activities of the segments. The presentation of operating earnings in prior periods was not revised to reflect this modification. The impact to operating earnings was immaterial for the three and six months ended June 30, 2023.
•
In the first quarter of 2024, the Company began allocating to its business segments collateral expense resulting from a designated rate to be paid on the collateral held back to counterparties. The new segment allocation methodology for collateral expense is based on the income earned on cash equivalents held in the surplus segments and income earned in portfolios backing collateral expenses, such that the collateral expense would be allocated to the segments up to that amount. Any remaining amount is included within Corporate and Other. This expense was previously recorded in Corporate and Other with no allocation to our business segments in prior reporting periods. The presentation of operating earnings in prior periods was not revised to reflect this modification, however, the Company estimated that allocating collateral expense to the segments for the twelve months ended December 31, 2023 and 2022, respectively, would have resulted in a decrease to operating earnings of $4.0 million and $0.8 million for Individual Retirement, $7.7 million and $1.4 million for Group Retirement, $21.9 million and $2.5 million for Protection Solutions, $4.2 million and $1.0 million for Legacy, and an increase of $37.8 million and $5.7 million for Corporate and Other. The impact to operating earnings for each segment during the quarters of 2023 was not material. Total Company operating earnings were not impacted.
Because Non-GAAP Operating Earnings excludes the foregoing items that can be distortive or unpredictable, management believes that this measure enhances the understanding of the Company’s underlying drivers of profitability and trends in our business, thereby allowing management to make decisions that will positively impact our business.
We use the prevailing corporate federal income tax rate of 21% while taking into account any non-recurring differences for events recognized differently in our financial statements and federal income tax returns as well as partnership income taxed at lower rates when reconciling Net income (loss) attributable to Holdings to Non-GAAP Operating Earnings.
2Q 2024 Financial Supplement
32

Use of Non-GAAP Financial Measures
Non-GAAP Operating ROE
We calculate Non-GAAP Operating ROE by dividing Non-GAAP Operating Earnings for the previous twelve calendar months by consolidated average equity attributable to Holdings’ common shareholders, excluding AOCI. AOCI fluctuates period-to-period in a manner inconsistent with our underlying profitability drivers as the majority of such fluctuation is related to the market volatility of the unrealized gains and losses associated with our AFS securities. Therefore, we believe excluding AOCI is more effective for analyzing the trends of our operations.
Book Value per common share, excluding AOCI
We use the term “book value” to refer to “Total equity attributable to Holdings' common shareholders.” Book Value per common share, excluding AOCI, is our stockholder’s equity, excluding AOCI, divided by ending common shares outstanding.
Non-GAAP Operating Earnings per common share
Non-GAAP Operating Earnings per common share is calculated by dividing Non-GAAP Operating Earnings less preferred stock dividends by diluted common shares outstanding.
2Q 2024 Financial Supplement
33

Reconciliation of Non-GAAP Measures (1/3)
For the Three Months Ended or As ofSix Months Ended or As of
(in millions USD, unless otherwise indicated)6/30/20239/30/202312/31/20233/31/20246/30/20246/30/20236/30/2024
Net income (loss) attributable to Holdings
Net income (loss) attributable to Holdings$759 $1,064 $(698)$114 $428 $936 $542 
Adjustments related to:
Variable annuity product features (65)(1,380)1,191 319 79 796 398 
Investment gains (losses), net56 411 159 39 16 143 55 
Net actuarial gains (losses) related to pension and other postretirement benefit obligations9 8 13 17 14 18 31 
Other adjustments (1) (2)62 91 153 91 (32)107 59 
Income tax (expense) benefit related to above adjustments (13)183 (319)(98)(16)(223)(114)
Non-recurring tax items (3)(367)36 (23)8 5 (972)13 
Non-GAAP Operating Earnings$441 $413 $476 $490 $494 $805 $984 
Net income (loss) attributable to Holdings$2.13 $3.06 $(2.07)$0.34 $1.31 $2.60 $1.64 
Less: Preferred stock dividends0.07 0.04 0.08 0.04 0.08 0.11 0.12 
Net income (loss) available to Holdings' common shareholders2.06 3.02 (2.15)0.30 1.23 2.49 1.52 
Adjustments related to:
Variable annuity product features (0.18)(3.97)3.53 0.96 0.24 2.21 1.20 
Investment gains (losses), net0.16 1.18 0.47 0.12 0.05 0.40 0.17 
Net actuarial gains (losses) related to pension and other postretirement benefit obligations0.03 0.02 0.04 0.05 0.04 0.05 0.09 
Other adjustments (1) (2)0.17 0.27 0.46 0.27 (0.10)0.30 0.18 
Income tax (expense) benefit related to above adjustments (0.04)0.53 (0.95)(0.29)(0.05)(0.62)(0.35)
Non-recurring tax items (3)(1.03)0.10 (0.07)0.02 0.02 (2.70)0.04 
Non-GAAP Operating Earnings (loss) available to Holdings' common shareholders $1.17 $1.15 $1.33 $1.43 $1.43 $2.13 $2.85 
Book Value per common share
Book Value per common share$5.69 $0.23 $3.26 $1.43 $0.25 $5.69 $0.25 
Less: Per share impact of AOCI(20.39)(28.66)(23.30)(24.93)(26.88)(20.39)(26.88)
Book value per common share (ex. AOCI)$26.08 $28.90 $26.56 $26.36 $27.14 $26.08 $27.14 
Notes:
(1) Includes certain gross legal expenses related to the cost of insurance litigation of $0 million and $106 million for the three and six months ended June 30, 2024, respectively and $35 million and $35 million for the three and six months ended June 30, 2023. The legal accruals impact per common share is $0.00 and $0.32 for the three and six months ended June 30, 2024, respectively and $0.10 and $0.10 for the three and six months ended June 30, 2023.
(2) For the three and six months ended June 30, 2024, includes $82 million of the gain on sale on AB's Bernstein Research Service attributable to Holdings. The impact per common share is $0.25 for the three and six months ended June 30, 2024, .
(3) For the three and six months ended June 30, 2024, non-recurring tax items reflects the effect of uncertain tax positions for a given audit period and for the three and six months ended June 30, 2023 primarily includes a decrease of the deferred tax valuation allowance of $376 million and $990 million. The impact per common share is $1.06 and $2.75 for the three and six months ended June 30, 2023.
2Q 2024 Financial Supplement
34

Reconciliation of Non-GAAP Measures (2/3)
As of and for the Twelve Months Ended
(in millions USD, unless otherwise indicated)12/31/20233/31/20246/30/2024
Net Income to Non-GAAP Operating Earnings
Net income (loss) attributable to Holdings$1,302 $1,239 $908 
Adjustments related to:
Variable annuity product features607 65 209 
Investment (gains) losses713 665 625 
Net actuarial (gains) losses related to pension and other postretirement benefit obligations39 47 52 
Other adjustments351 397 303 
Income tax (expense) benefits related to above adjustments(359)(247)(250)
Non-recurring tax items(959)(346)26 
Non-GAAP Operating Earnings$1,694 $1,820 $1,873 
Return on Equity and Non-GAAP Operating Return on Equity - Trailing twelve months
Net income (loss) attributable to Holdings$1,302 $1,239 $908 
Less: Preferred stock(80)(80)(80)
Net income (loss) available to Holdings' common shareholders$1,222 $1,159 $828 
Average equity attributable to Holdings' common shareholders (ex. AOCI)$9,147 $9,045 $9,048 
Return on Equity (ex. AOCI)13.4 %12.8 %9.2 %
Non-GAAP Operating Earnings$1,694 $1,820 $1,873 
Less: Preferred stock(80)(80)(80)
Non-GAAP Operating Earnings available to Holdings' common shareholders$1,614 $1,740 $1,793 
Average equity attributable to Holdings' common shareholders (ex. AOCI)$9,147 $9,045 $9,048 
Non-GAAP Operating Return on Equity (ex. AOCI)17.6 %19.2 %19.8 %
2Q 2024 Financial Supplement
35

Reconciliation of Non-GAAP Measures (3/3)
Balances as of
(in millions USD, unless otherwise indicated)9/30/202212/31/20223/31/20236/30/20239/30/202312/31/20233/31/20246/30/2024
Equity Reconciliation - Quarter-end Balances
Total equity attributable to Holdings' shareholders$3,411 $1,401 $3,754 $3,553 $1,642 $2,649 $2,032 $1,644 
Less: Preferred Stock1,562 1,562 1,562 1,562 1,562 1,562 1,562 1,562 
Total equity attributable to Holdings' common shareholders1,849 (161)2,192 1,991 80 1,087 470 82 
Less: Accumulated other comprehensive income (loss)(6,870)(8,992)(6,516)(7,142)(9,802)(7,777)(8,166)(8,645)
Total equity attributable to Holdings' common shareholders (ex. AOCI)$8,719 $8,831 $8,708 $9,133 $9,882 $8,864 $8,636 $8,727 
Balances as of
(in millions USD, unless otherwise indicated)9/30/202212/31/20223/31/20236/30/20239/30/202312/31/20233/31/20246/30/2024
Equity Reconciliation - Twelve Month Rolling Average
Total equity attributable to Holdings' shareholders$6,848 $4,610 $3,567 $3,030 $2,588 $2,900 $2,469 $1,992 
Less: Preferred Stock1,562 1,562 1,562 1,562 1,562 1,562 1,562 1,562 
Total equity attributable to Holdings' common shareholders5,286 3,048 2,005 1,468 1,026 1,338 907 430 
Less: Accumulated other comprehensive income (loss)(2,759)(5,333)(6,636)(7,380)(8,113)(7,809)(8,222)(8,598)
Total equity attributable to Holdings' common shareholders (ex. AOCI)$8,045 $8,381 $8,641 $8,848 $9,139 $9,147 $9,129 $9,027 


2Q 2024 Financial Supplement
36

Glossary of Selected Financial and Product Terms
Account Value (“AV”) - AV generally equals the aggregate policy account value of our retirement and protection products. General Account AV refers to account balances in investment options that are backed by the General Account while Separate Accounts AV refers to Separate Accounts investment assets. AV is reflected net of reinsurance.
Advisory Assets - Assets invested in a variety of investments using an asset allocation model designed for the client’s objectives. The client is charged a fee based on the value of the assets in the account.
Annualized premiums - 100% of first year recurring premiums (up to target) and 10% of excess first year premiums or first year premiums from single premium products.
Assets Under Administration (“AUA”) - AUA includes non-insurance client assets that are invested in our savings and investment products or serviced by our Equitable Advisors platform. We provide administrative services for these assets and generally record the revenues received as distribution fees.
Assets Under Management (“AUM”) - AUM means investment assets that are managed by one of our subsidiaries and includes: (i) assets managed by AB; (ii) the assets in our General Account investment portfolio; and (iii) the Separate Account assets of our Individual Retirement, Group Retirement and Protection Solutions businesses. Total AUM reflects exclusions between segments to avoid double counting.
Average Account Value (TTM) - Calculated as an average of the previous twelve calendar months total Account Value balance as of end of period.
Benefit base - A notional amount (not actual cash value) used to calculate the owner’s guaranteed benefits within an annuity contract. The death benefit and living benefit within the same contract may not have the same benefit base.
Brokerage Assets - Brokerage accounts which allow clients a variety of investments, including mutual funds, exchange traded products, equities and fixed income, to be managed in one account. The client is charged for all buy and sell transactions.
Current Product Offering (Individual Retirement) - Products sold 2011 and later.
Deferred policy acquisition costs (“DAC”) - Represents the incremental costs related directly to the successful acquisition of new and certain renewal insurance policies and annuity contracts and which have been deferred on the balance sheet as an asset.
Direct Assets - Mutual Funds purchased through and registered directly with an asset management company. No other agents, such as brokers or distributors, are involved in the transactions.
Equitable Advisors - means Equitable Advisors, LLC, a Delaware limited liability company, our retail broker/dealer for our retirement and protection businesses and a wholly-owned indirect subsidiary of Holdings.
Equitable America - means Equitable Financial Life Insurance Company of America, an Arizona corporation and a wholly-owned indirect subsidiary of Holdings.
Equitable Life - means Equitable Financial Life Insurance Company, a New York corporation, a life insurance company and a wholly-owned subsidiary of EFS.
Fixed Rate (Individual Retirement) - Pre-2011 GMxB products.
FYP - First year premium and deposits.
GMxB - A general reference to all forms of variable annuity guaranteed benefits, including guaranteed minimum living benefits, or GMLBs (such as GMIBs, GMWBs and GMABs), and guaranteed minimum death benefits, or GMDBs (inclusive of return of premium death benefit guarantees).
Gross premiums - FYP and Renewal premium and deposits.
Guaranteed minimum death benefits (“GMDB”) - An optional benefit (available for an additional cost) that guarantees an annuitant’s beneficiaries are entitled to a minimum payment based on the benefit base, which could be greater than the underlying AV, upon the death of the annuitant.
Guaranteed minimum income benefits (“GMIB”) - An optional benefit (available for an additional cost) where an annuitant is entitled to annuitize the policy and receive a minimum payment stream based on the benefit base, which could be greater than the underlying AV.
Guaranteed minimum living benefits (“GMLB”) - A reference to all forms of guaranteed minimum living benefits, including GMIBs, GMWBs and GMABs (does not include GMDBs).
Invested assets - Includes fixed maturity securities, equity securities, mortgage loans, policy loans, alternative investments and short-term investments.
Legacy - The Legacy segment consists of our fixed-rate GMxB business written prior to 2011. In 2023, we began reporting this business separately from our Individual Retirement business.
Liability for future policy benefits - the liability related to life insurance policies such as non-participating traditional life insurance policies (Term) and limited pay contracts (Payout, Pension).
Market risk benefits - (“MRBs”) are contracts or contract features that provide protection to the contract holder from other than nominal capital market risk and expose the Company to other than nominal capital market risk. Market risk benefits include contract features that provide minimum guarantees to policyholders and include GMIB, GMDB, GMWB, GMAB, and ROP DB benefits.
Net flows - Net change in customer account balances in a period including, but not limited to, gross premiums, surrenders, withdrawals and benefits. It excludes investment performance, interest credited to customer accounts and policy charges.
Net long-term flows - Net change of assets under management in a period which includes new sales net of redemptions of mutual funds and terminations of separately managed accounts and cash flow which includes both cash invested or withdrawn by existing clients. In addition, cash flow includes fees received from certain clients. It excludes the impact of the markets.
Premiums and deposits - Amounts a policyholder agrees to pay for an insurance policy or annuity contract that may be paid in one or a series of payments as defined by the terms of the policy or contract.
Pre-tax operating margin - Calculated as operating earnings, before income taxes, divided by revenue.
Protection Solutions Benefit Ratio - Calculated as the sum of policyholders’ benefits and interest credited to policyholders’ account balances dividend by segment revenues.
Protection Solutions Reserves - Equals the aggregate value of Policyholders’ account balances and future policy benefits for policies in our Protection Solutions segment.
Renewal premium and deposits - Premiums and deposits after the first twelve months of the policy or contract.
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Return of Premium (“ROP”) death benefit - This death benefit pays the greater of the account value at the time of a claim following the owner’s death or the total contributions to the contract (subject to adjustment for withdrawals). The charge for this benefit is usually included in the M&E fee that is deducted daily from the net assets in each variable investment option. We also refer to this death benefit as the Return of Principal death benefit.
Return on Assets - Calculated as trailing twelve months operating earnings (loss), before income taxes, divided by trailing twelve months average account value.
Return on Equity (ex. AOCI) - Calculated as trailing twelve months net income (loss) attributable to Holdings' common shareholders divided by average equity attributable to Holdings' common shareholders, excluding Accumulated Other Comprehensive Income (“AOCI”).
Revenue per advisor - Calculated as trailing twelve months revenue divided by the average number of advisors for each of the most recent four quarters.
Trailing Twelve Months ("TTM") - The twelve calendar months preceding the balance sheet date of a given reporting period.
2Q 2024 Financial Supplement
38

Analyst Coverage, Ratings & Contact Information
Analyst Coverage
FirmAnalystPhone Number
Citi
Michael Ward
1 (212) 816-4269
Deutsche BankCave Montazeri1 (212) 250-2798
Dowling & PartnersJoel Hurwitz1 (860) 676-7312
Evercore ISIThomas Gallagher1 (212) 446-9439
Goldman SachsAlex Scott1 (212) 902-9592
JefferiesSuneet Kamath1 (212) 778-8602
J.P. MorganJimmy Bhullar1 (212) 622-6397
Keefe, Bruyette, & WoodsRyan Krueger1 (860) 722-5930
Morgan StanleyBob Jian Huang1 (212) 761-6136
Raymond JamesWilma Burdis1 (727) 567-9371
Truist SecuritiesMark Hughes1 (615) 748-4422
UBSBrian Meredith 1 (212) 713-2492
Wells Fargo SecuritiesElyse Greenspan1 (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. BestS&PMoody’s
Last review dateFeb '24Feb '24May '24
Financial Strength Ratings:
Equitable Financial Life Insurance CompanyAA+A1
Equitable Financial Life Insurance Company of AmericaAA+A1
Credit Ratings:
Equitable Holdings, Inc.bbb+A-Baa1
AllianceBernstein L.P. (1)—AA2
Investor and Media Contacts
Contact Investor RelationsContact Media Relations
Erik BassThomas LewisRowan Clymer
Sophia Kim
(212) 314-2476(212) 314-2010
Notes:
(1) Last review dates: S&P as of May '24, Moody’s as of Mar '24.

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39
v3.24.2
COVER
Jul. 30, 2024
Entity Information [Line Items]  
Document Type 8-K
Document Period End Date Jul. 30, 2024
Entity Registrant Name Equitable Holdings, Inc.
Entity Incorporation, State or Country Code DE
Entity File Number 001-38469
Entity Tax Identification Number 90-0226248
Entity Address, Address Line One 1345 Avenue of the Americas
Entity Address, City or Town New York
Entity Address, State or Province NY
Entity Address, Postal Zip Code 10105
City Area Code 212
Local Phone Number 554-1234
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Entity Central Index Key 0001333986
Amendment Flag false
Common Stock | New York Stock Exchange  
Entity Information [Line Items]  
Title of 12(b) Security Common Stock
Trading Symbol EQH
Security Exchange Name NYSE
Depositary Shares, each representing a 1/1,000th interest in a share of Fixed Rate Noncumulative Perpetual Preferred Stock, Series A | New York Stock Exchange  
Entity Information [Line Items]  
Title of 12(b) Security Depositary Shares, each representing a 1/1,000th interest in a share of Fixed Rate Noncumulative Perpetual Preferred Stock, Series A
Trading Symbol EQH PR A
Security Exchange Name NYSE
Depositary Shares, each representing a 1/1,000th interest in a share of Fixed Rate Noncumulative Perpetual Preferred Stock, Series C | New York Stock Exchange  
Entity Information [Line Items]  
Title of 12(b) Security Depositary Shares, each representing a 1/1,000th interest in a share of Fixed Rate Noncumulative Perpetual Preferred Stock, Series C
Trading Symbol EQH PR C
Security Exchange Name NYSE
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