Form 8-K - Current report

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): November 4, 2024

Equitable Holdings, Inc.

(Exact name of registrant as specified in its charter)


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

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

(Address of principal executive offices) (Zip Code)

(212) 554-1234

(Registrant’s telephone number, including area code)

Not Applicable

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

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

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

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

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

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

Title of each class

Trading Symbol

Name of Exchange on which registered

Common Stock

EQH

New York Stock Exchange

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

EQH PR A

New York Stock Exchange

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

EQH PR C

New York Stock Exchange

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

Emerging growth company ☐

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

Item 2.02 Results of Operations and Financial Condition.

On November 4, 2024, Equitable Holdings, Inc. (“EQH”) issued a press release announcing its financial results for the quarter ended September 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 September 30, 2024. A copy of the Financial Supplement for the quarter ended September 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 September 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, November 4, 2024.

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

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits


Exhibit No.			Description of Exhibit
99.1			Press release of Equitable Holdings, Inc., dated November 4, 2024 (furnished and not filed)
99.2			Financial Supplement for the quarter ended September 30, 2024 (furnished and not filed)
104			Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURE

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



	EQUITABLE HOLDINGS, INC.

Date: November 4, 2024	By:	/s/ William Eckert
	Name:	William Eckert
	Title:	Chief Accounting Officer (Principal Accounting Officer)

EQUITABLE HOLDINGS REPORTS THIRD QUARTER 2024 RESULTS

_______________________________________

•Strong organic growth momentum with net inflows of $1.7 billion in Retirement1, $1.9 billion in Wealth Management and $1.1 billion in Asset Management

•Record assets under management and administration of $1.0 trillion, up 20% year-over-year

•Net loss of $134 million, or $(0.47) per share, Non-GAAP operating earnings2 of $501 million, or $1.53 per share; adjusting for notable items3, Non-GAAP operating earnings of $521 million, or $1.59 per share

•Returned $330 million to shareholders, in-line with 60-70% payout ratio target

•Expect 2024 cash generation4 at the high end of the Company’s $1.4 billion to $1.5 billion guidance

_______________________________________

New York, NY, November 4, 2024 — Equitable Holdings, Inc. (“Equitable Holdings”, “Holdings”, or the “Company”) (NYSE: EQH) today announced financial results for the third quarter ended September 30, 2024.

“Our third quarter results highlight sustained organic growth momentum across the company. Non-GAAP operating earnings per share of $1.53 increased 34% from the prior year quarter and were up 22% excluding notable items. In Retirement, our business is growing as we find solutions to serve more Americans’ retirement needs, and we reported net inflows of $1.7 billion in the quarter. Our Wealth Management business delivered record advisory net inflows of $1.9 billion supported by advisor headcount growth and increased productivity. AllianceBernstein also reported its third consecutive quarter of net inflows, including $2.2 billion of active net inflows. The combination of strong new business activity and favorable market conditions drove assets under management and administration to a record $1.0 trillion, which will support future growth in both fee- and spread-based earnings,” said Mark Pearson, President and Chief Executive Officer.

Mr. Pearson concluded, “Turning to capital, we returned $330 million to shareholders in the quarter, which translates to a 65% payout ratio, consistent with our 60-70% target. Based on our strong business performance and the capital generated year-to-date, we now expect 2024 cash generation to be at the higher end of our $1.4 billion to $1.5 billion guidance range. We remain on track to deliver $2.0 billion of annual cash generation by 2027.”

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


Consolidated Results
	Third Quarter
(in millions, except per share amounts or unless otherwise noted)	2024		2023
Total Assets Under Management/Administration (“AUM/A”, in billions)	$	1,034	$	860
Net income (loss) attributable to Holdings	(134)		1,064
Net income (loss) attributable to Holdings per common share	(0.47)		3.02
Non-GAAP operating earnings	501		413
Non-GAAP operating earnings per common share (“EPS”)	1.53		1.15

As of September 30, 2024, total AUM/A was $1.0 trillion, a year-over-year increase of 20%, primarily driven by higher markets over the prior twelve months.

Net income (loss) attributable to Holdings for the third quarter of 2024 was $(134) million compared to $1.1 billion in the third quarter of 2023.

Non-GAAP operating earnings in the third quarter of 2024 was $501 million compared to $413 million in the third quarter of 2023. Adjusting for notable items5 of $20 million, third quarter 2024 Non-GAAP operating earnings was $521 million or $1.59 per share.

As of September 30, 2024, book value per common share including accumulated other comprehensive income (“AOCI”) was $5.26. Book value per common share excluding AOCI was $26.16.

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

Business Highlights

•Business segment highlights:

◦Individual Retirement (“IR”) reported third quarter net inflows of $1.9 billion, and first year premiums were up 27% over the prior year quarter, with growth across all products. On a trailing twelve month basis, organic growth was 9%.

◦Group Retirement (“GR”) reported third quarter net outflows of $246 million, including $87 million of outflows in the tax-exempt channel, which reflects seasonality in the business.

◦Asset Management (AllianceBernstein or “AB”)6 reported net inflows of $1.1 billion. Active net inflows of $2.2 billion were primarily driven by the retail channel.

◦Protection Solutions (“PS”) reported $793 million of gross written premiums with accumulation-oriented VUL first year premiums up 25% and Employee Benefits first year premiums up 32% over the prior year quarter.

◦Wealth Management (“WM”) reported record advisory net inflows of $1.9 billion, with total assets under administration reaching $100 billion. On a trailing twelve month basis, advisory organic growth was 8%.

◦Legacy (“L”) had $712 million of net outflows and continues to run-off at $2-$3 billion annually.

•Capital management program:

◦The Company returned $330 million to shareholders in the third quarter, including $76 million of quarterly cash dividends and $254 million of share repurchases. This was consistent with our payout ratio target of 60-70% of Non-GAAP operating earnings.

◦The Company reported cash and liquid assets of $2.0 billion at Holdings7 as of quarter end, which remains above the $500 million minimum target.

•Delivering shareholder value:

◦The Company has deployed $11 billion of its $20 billion capital commitment to AB. This supports growth in AB’s Private Markets business, which currently has $68 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.

•Completed annual actuarial assumption review:

◦The Company completed its annual actuarial assumption update, which resulted in post-tax benefits of $16 million to net income and $3 million to Non-GAAP operating earnings.

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

7 Excludes c.$400 million of cash at Holdings which is available to AllianceBernstein through its credit facility with Equitable Holdings.

Business Segment Results

Individual Retirement


(in millions, unless otherwise noted)	Q3 2024		Q3 2023
Account value (in billions)	$	108.9	$	83.5
Segment net flows (in billions)	1.9		1.7
Operating earnings (loss)	225		220

•Account value increased by 30%, 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 $4.9 billion increased by 27%.

•Operating earnings of $225 million, were up year-over-year primarily due to higher net interest margin and fee-type revenue partially offset by higher commissions and distribution-related payments.

•Operating earnings adjusted for notable items8 decreased from $233 million in the prior year quarter to $231 million. Notable items of $6 million in the current period reflects lower net investment income from alternatives and a true-up commission adjustment.

Group Retirement


(in millions, unless otherwise noted)	Q3 2024		Q3 2023
Account value (in billions)	$	40.9	$	33.9
Segment net flows	(246)		(130)
Operating earnings (loss)	141		105

•Account value increased by 21%, primarily due to market performance over the prior twelve months.

•Net outflows of $246 million in the third quarter, including $87 million of net outflows from the tax-exempt channel due to seasonality in the K-12 educators offering. Institutional net inflows were limited in the quarter, in line with expectations, with additional plans expected to fund in 1H’25.

•Operating earnings increased from $105 million in the prior year quarter to $141 million, primarily due to higher fee-based revenue and higher net interest margin.

•Operating earnings adjusted for notable items9 increased from $113 million in the prior year quarter to $134 million. Notable items were $(8) million in the quarter and reflect an annual assumption update partially offset by lower net investment income from alternatives and one-time model updates.

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.

Asset Management


(in millions, unless otherwise noted)	Q3 2024		Q3 2023
Total AUM (in billions)	$	805.9	$	669.0
Segment net flows (in billions)	1.1		(1.9)
Operating earnings (loss)	111		99

•AUM increased by 20% due to market performance over the prior twelve months.

•Net inflows of $1.1 billion in the quarter as net inflows of $5.4 billion in the Retail channel and $0.1 billion in Private Wealth were partially offset by net outflows of $4.4 billion in the Institutional channel.

•Operating earnings increased from $99 million in the prior year quarter to $111 million, primarily due to higher base fees on higher average AUM and lower expenses, partially offset by higher commissions and distribution related expenses.

Protection Solutions


(in millions)	Q3 2024		Q3 2023
Gross written premiums	$	793	$	756
Annualized premiums	88		79
Operating earnings (loss)	46		34

•Annualized premiums increased 11% year-over-year, driven by VUL and Employee Benefits.

•Operating earnings increased from $34 million in the prior year quarter to $46 million, primarily due to improved net mortality experience, partially offset by annual assumption and one-time model updates.

•Operating earnings adjusted for notable items10 increased from $62 million in the prior year quarter to $73 million. Notable items of $27 million this period reflect the impact from annual assumption and one-time model updates and lower net investment income from alternatives.

Wealth Management

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


(in millions, unless otherwise noted)	Q3 2024		Q3 2023
Total AUA (in billions)	$	100.4	$	79.4
Advisory Net Flows (in billions)	1.9		0.9
Operating earnings (loss)	50		40

•AUA increased by 27% due to market performance and net inflows over the last twelve months.

•Record advisory net inflows of $1.9 billion in the quarter, primarily attributable to increased sales.

•Operating earnings increased from $40 million in the prior year quarter to $50 million, primarily due to higher advisory and distribution fees partially offset by higher commissions and distribution-related payments.

Legacy


(in millions)	Q3 2024		Q3 2023
Account value (in billions)	$	22.3	$	20.6
Net Flows	(712)		(560)
Operating earnings (loss)	27		31

•Account value increased 8% versus the prior year period as positive market performance was partially offset by outflows as the block runs off.

•Net outflows of $712 million were in line with expectations as this business continues to run-off at $2 billion to $3 billion annually.

•Operating earnings decreased from $31 million in the prior year quarter to $27 million, primarily due to lower net investment income as a result from lower average asset balances.

•Operating earnings adjusted for notable items11 increased from $29 million in the prior year quarter to $34 million. Notable items of $6 million in the current period include the impact from the annual assumption update and lower net investment income.

Corporate and Other (“C&O”)

The operating loss of $99 million in the third quarter decreased from an operating loss of $116 million in the prior year quarter. After adjusting for notable items12, the operating loss increased from $109 million in the prior year quarter to $111 million.

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

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

Exhibit 1: Notable Items

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

Impact of notable items by segment and Corporate & Other:


	Three Months Ended September 30,
(in millions)	2024		2023
Non-GAAP Operating Earnings	$	501	$	413
Post-tax Adjustments related to notable items:
Individual Retirement	6		13
Group Retirement	9		9
Asset Management	—		—
Protection Solutions	18		37
Wealth Management	—		—
Legacy	—		1
Corporate & Other	(10)		8
Notable items subtotal	23		68

Impact of Actuarial Assumption Update	(3)		(13)
Non-GAAP Operating Earnings, less Notable Items	$	521	$	468

Impact of notable items by item category:


	Three Months Ended September 30,
(in millions)	2024		2023
Non-GAAP Operating Earnings	$	501	$	413
Pre-tax adjustments related to Notable Items:
Model Updates/True-Up Adjustments	12		4
Mortality	—		35
Expenses	—		—
Net Investment Income	16		24
Subtotal	27		63
Post-tax impact of Notable Items	23		68

Impact of Actuarial Assumption Update	(3)		(13)
Non-GAAP Operating Earnings, less Notable Items	$	521	$	468

Earnings Conference Call

Equitable Holdings will host a conference call at 9 a.m. ET on November 5, 2024 to discuss its third 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 Third 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 $1,034 billion in assets under management and administration (as of 9/30/2024) 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

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.

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

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

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

•Other adjustments, which primarily include restructuring costs related to severance and separation, lease write-offs related to non-recurring restructuring activities, 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 when the majority of the impact relates to the non-core business; and

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

In the 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 nine months ended September 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.

During the third quarter 2024, the Company moved revenues and expenses related to payout annuitizations from the Legacy segment to the Individual Retirement segment. Now all payout annuities will be reported within the Individual Retirement segment as the block is managed on an aggregate basis. Prior periods have been recast to reflect this change.

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

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

The table below presents a reconciliation of Net income (loss) attributable to Holdings to Non-GAAP Operating Earnings for the three and nine months ended September 30, 2024 and 2023:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	2024		2023		2024		2023
Net income (loss) attributable to Holdings	$	(134)	$	1,064	$	408	$	2,000
Adjustments related to:
Variable annuity product features (1)	738		(1,380)		1,136		(584)
Investment (gains) losses	46		411		101		554
Net actuarial (gains) losses related to pension and other postretirement benefit obligations	13		8		44		26
Other adjustments (2) (3) (4)	—		91		59		198
Income tax expense (benefit) related to above adjustments	(167)		183		(281)		(40)
Non-recurring tax items (5)	5		36		18		(936)
Non-GAAP Operating Earnings	$	501	$	413	$	1,485	$	1,218

______________

(1)Includes the impact of favorable assumption updates of $16 million for the three and nine months ended September 30, 2024, respectively and 40 million for the three and nine months ended September 30, 2023, respectively.

(2)Includes certain gross legal expenses related to the COI litigation of $0 million and $106 million for the three and nine months ended September 30, 2024, respectively, and $0 million and $35 million for the three and nine months ended September 30, 2023, respectively. Includes the impact of unfavorable annual actuarial assumptions updates related to LFPB of $61 million for the three and nine months ended September 30, 2023.

(3)For the nine months ended September 30, 2024, includes $82 million of the gain on sale on AB's Bernstein Research Service attributable to Holdings.

(4)For the three and nine months ended September 30, 2024, includes $78 million contingent payment gain recognized in connection with a fair value remeasurement of the contingent payment liability associated with AB's acquisition of CarVal in 2022.

(5)For the three and nine months ended September 30, 2024 and 2023, respectively, non-recurring tax items reflect primarily the effect of uncertain tax positions for a given audit period. An increase of the deferred tax valuation allowance of $20 million and a decrease of $970 million for the three and nine months ended September 30, 2023, respectively.

Non-GAAP Operating EPS

Non-GAAP Operating Earnings per common share is calculated by dividing Non-GAAP Operating Earnings less preferred stock dividends by diluted common shares outstanding. The table below presents a reconciliation of GAAP EPS to Non-GAAP Operating EPS for the three and nine months ended September 30, 2024 and 2023.


	Three Months Ended September 30,				Nine Months Ended September 30,
(per share amounts)	2024		2023		2024		2023
Net income (loss) attributable to Holdings	$	(0.42)	$	3.06	$	1.25	$	5.62
Less: Preferred stock dividend	0.05		0.04		0.17		0.15
Net Income (loss) available to common shareholders	(0.47)		3.02		1.08		5.47
Adjustments related to:
Variable annuity product features (1)	2.32		(3.97)		3.47		(1.64)
Investment (gains) losses	0.14		1.18		0.31		1.56
Net actuarial (gains) losses related to pension and other postretirement benefit obligations	0.04		0.02		0.13		0.07
Other adjustments (2) (3) (4)	—		0.27		0.19		0.55
Income tax expense (benefit) related to above adjustments	(0.52)		0.53		(0.86)		(0.11)
Non-recurring tax items (5)	0.02		0.10		0.05		(2.63)
Non-GAAP Operating Earnings	$	1.53	$	1.15	$	4.37	$	3.27

_______________

(1)Includes the impact of favorable assumption updates of $0.05 for the three and nine months ended September 30, 2024, respectively and 0.11 for the three and nine months ended September 30, 2023, respectively.

(2)Includes certain gross legal expenses related to the COI litigation of $0 and $0.32 for the three and nine months ended September 30, 2024, respectively, and $0 and $0.10 for the three and nine months ended September 30, 2023, respectively. Includes the impact of unfavorable annual actuarial assumptions updates related to LFPB of $0.18 and $0.17 for the three and nine months ended September 30, 2023.

(3)For the nine months ended September 30, 2024, includes $0.25 of the gain on sale on AB's Bernstein Research Service attributable to Holdings.

(4)For the three and nine months ended September 30, 2024 includes $0.24 contingent payment gain recognized in connection with a fair value remeasurement of the contingent payment liability associated with AB's acquisition of CarVal in 2022.

(5)For the three and nine months ended September 30, 2024 and 2023, respectively, non-recurring tax items reflect primarily the effect of uncertain tax positions for a given audit period. An increase of the deferred tax valuation allowance of $0.06 and a decrease of $2.73 for the three and nine months ended September 30, 2023, respectively.

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.


	September 30, 2024		December 31, 2023
Book value per common share	$	5.26	$	3.26
Per share impact of AOCI	20.90		23.30
Book Value per common share, excluding AOCI	$	26.16	$	26.56

Other Operating Measures

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

Account Value (“AV”)

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

Assets Under Management (“AUM”)

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

Assets Under Management (“AUA”)

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

Segment net flows

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

Consolidated Statements of Income (Loss) (Unaudited)


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
	(in millions)
REVENUES
Policy charges and fee income	$	626	$	599	$	1,857	$	1,781
Premiums	313		267		870		823
Net derivative gains (losses)	(714)		615		(2,298)		(1,143)
Net investment income (loss)	1,309		1,071		3,694		3,097
Investment gains (losses), net:
Credit losses on available-for-sale debt securities and loans	(28)		(65)		(63)		(145)
Other investment gains (losses), net	(18)		(346)		(38)		(409)
Total investment gains (losses), net	(46)		(411)		(101)		(554)
Investment management and service fees	1,287		1,217		3,805		3,579
Other income	301		266		989		775
Total revenues	3,076		3,624		8,816		8,358
BENEFITS AND OTHER DEDUCTIONS
Policyholders’ benefits	663		693		2,007		2,107
Remeasurement of liability for future policy benefits	16		49		9		46
Change in market risk benefits and purchased market risk benefits	79		(817)		(1,154)		(1,772)
Interest credited to policyholders’ account balances	708		556		1,879		1,520
Compensation and benefits	571		593		1,768		1,742
Commissions and distribution-related payments	485		405		1,385		1,178
Interest expense	55		55		174		171
Amortization of deferred policy acquisition costs	184		165		525		472
Other operating costs and expenses	329		450		1,309		1,339
Total benefits and other deductions	3,090		2,149		7,902		6,803
Income (loss) from continuing operations, before income taxes	(14)		1,475		914		1,555
Income tax (expense) benefit	40		(340)		(106)		677
Net income (loss)	26		1,135		808		2,232
Less: Net income (loss) attributable to the noncontrolling interest	160		71		400		232
Net income (loss) attributable to Holdings	(134)		1,064		408		2,000
Less: Preferred stock dividends	14		14		54		54
Net income (loss) available to Holdings’ common shareholders	$	(148)	$	1,050	$	354	$	1,946

Earnings Per Common Share


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
	(in millions)
Earnings per common share
Basic	$	(0.47)	$	3.03	$	1.09	$	5.49
Diluted	$	(0.47)	$	3.02	$	1.08	$	5.47
Weighted average shares
Weighted average common stock outstanding for basic earnings per common share	318.2		346.4		324.2		354.4
Weighted average common stock outstanding for diluted earnings per common share (1)	318.2		348.0		327.7		355.9

(1)For the three and nine months ended September 30, 2024 and 2023, 6.4 million, 3.0 million, 3.5 million and 2.4 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 September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
	(in millions)
Operating earnings (loss) by segment:
Individual Retirement	$	225	$	220	$	713	$	671
Group Retirement	141		105		390		301
Asset Management	111		99		318		297
Protection Solutions	46		34		154		23
Wealth Management	50		40		137		114
Legacy	27		31		93		119
Corporate and Other (1)	(99)		(116)		(320)		(307)
Non-GAAP Operating Earnings	$	501	$	413	$	1,485	$	1,218

______________

(1)Includes interest expense and financing fees of $57 million and $171 million for the three and nine months ended September 30, 2024, respectively, and $54 million and $173 million for the three and nine months ended September 30, 2023, respectively.

Select Balance Sheet Statistics


	September 30, 2024		December 31, 2023
	(in millions)
ASSETS


Total investments and cash and cash equivalents	$	123,825	$	110,412
Separate Accounts assets	137,407		127,251
Total assets	298,989		276,814

LIABILITIES
Long-term debt	$	3,831	$	3,820
Future policy benefits and other policyholders' liabilities	17,936		17,363
Policyholders’ account balances	107,433		95,673
Total liabilities	292,791		271,656

EQUITY
Preferred stock	1,562		1,562
Accumulated other comprehensive income (loss)	(6,595)		(7,777)
Total equity attributable to Holdings	$	3,220	$	2,649
Total equity attributable to Holdings' common shareholders (ex. AOCI)	8,253		8,864

Assets Under Management (Unaudited)


	September 30, 2024		December 31, 2023
	(in billions)
Assets Under Management
AB AUM	$	805.9	$	725.2
Exclusion for General Account and other Affiliated Accounts	(71.7)		(75.0)
Exclusion for Separate Accounts	(61.7)		(44.5)
AB third party	$	672.6	$	605.7

Total company AUM
AB third party	$	672.6	$	605.7
General Account and other Affiliated Accounts (1) (3) (4)	123.8		110.4
Separate Accounts (2) (3) (4)	137.4		127.3
Total AUM	$	933.8	$	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 September 30, 2024 and December 31, 2023, Separate Account is inclusive of $12.8 billion and $12.5 billion & General Account AUM is inclusive of $44 million and $49 million, respectively, Account Value ceded to Venerable.

(4) As of September 30, 2024 and December 31, 2023, Separate Account is inclusive of $7.1 billion and $6.4 billion & General Account AUM is inclusive of $3.3 billion and $3.6 billion, respectively, Account Value ceded to Global Atlantic.


Table of Contents

	Consolidated Financials and Key Metrics		Page
		Key Metrics Summary	4
		Consolidated Statements of Income (Loss)	5
		Consolidated Balance Sheets	6
		Consolidated Capital Structure	7
		Operating Earnings (Loss) by Segment and Corporate and Other	8
		Assets Under Management and Administration	10
		Sales Metrics by Segment	11

	Select Metrics from Business Segments
Individual Retirement
		Statements of Operating Earnings (Loss) and Summary Metrics	13
		Select Operating Metrics	14
Group Retirement
		Statements of Operating Earnings (Loss) and Summary Metrics	15
		Select Operating Metrics	16
Asset Management (1) (2)
		Statements of Operating Earnings (Loss) and Summary Metrics	17
		Select Operating Metrics	18
		Net Flows	19
Protection Solutions
		Statements of Operating Earnings (Loss) and Summary Metrics	20
		Select Operating Metrics	21
Wealth Management
		Statements of Operating Earnings (Loss) and Summary Metrics	22
		Select Operating Metrics	23
Legacy
		Statements of Operating Earnings (Loss) and Summary Metrics	24
		Select Operating Metrics	25

	Investments
		Consolidated Investment Portfolio Composition	27
		Consolidated Results of General Account Investment Portfolio	28

	Additional Information
		Deferred Policy Acquisition Costs Rollforward	30
		Use of Non-GAAP Financial Measures	31
		Reconciliation of Non-GAAP Measures	33
		Glossary of Selected Financial and Product Terms	36
		Analyst Coverage, Ratings & Contact Information	38
		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.


3Q 2024 Financial Supplement						2

Consolidated Financials

and Key Metrics


3Q 2024 Financial Supplement						3

Key Metrics Summary


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

Net income (loss)	$	1,135		$	(589)		$	217		$	565		$	26		(97.7)	%	$	2,232		$	808		(63.8)	%
Net income (loss) attributable to the noncontrolling interest	(71)			(109)			(103)			(137)			(160)			(125.4)	%	(232)			(400)			(72.4)	%
Net income (loss) attributable to Holdings	$	1,064		$	(698)		$	114		$	428		$	(134)		(112.6)	%	$	2,000		$	408		(79.6)	%

Non-GAAP Operating Earnings (1)	$	413		$	476		$	490		$	494		$	501		21.3	%	$	1,218		$	1,485		21.9	%

Total equity attributable to Holdings' shareholders	$	1,642		$	2,649		$	2,032		$	1,644		$	3,220		96.1	%	$	1,642		$	3,220		96.1	%
Less: Preferred Stock	1,562			1,562			1,562			1,562			1,562			—	%	1,562			1,562			—	%
Total equity attributable to Holdings' common shareholders	80			1,087			470			82			1,658			N/M		80			1,658			N/M
Less: Accumulated other comprehensive income (loss)	(9,802)			(7,777)			(8,166)			(8,645)			(6,595)			32.7	%	(9,802)			(6,595)			32.7	%
Total equity attributable to Holdings' common shareholders (ex. AOCI)	$	9,882		$	8,864		$	8,636		$	8,727		$	8,253		(16.5)	%	$	9,882		$	8,253		(16.5)	%

Return on Equity (ex. AOCI) - TTM	21.7		%	13.4		%	12.8		%	9.2		%	(4.2)		%			21.7		%	(4.2)		%
Non-GAAP Operating ROE (1)	16.3		%	17.6		%	19.2		%	19.8		%	21.2		%			16.3		%	21.2		%

Debt to capital:
Debt to Capital (ex. AOCI)	25.0		%	28.1		%	27.3		%	27.1		%	28.1		%			25.0		%	28.1		%

Per common share:
Diluted earnings per common share: (2)
Net income (loss) attributable to Holdings	$	3.02		$	(2.15)		$	0.30		$	1.23		$	(0.47)		(115.4)	%	$	5.47		$	1.08		(80.2)	%
Non-GAAP Operating Earnings (1)	$	1.15		$	1.33		$	1.43		$	1.43		$	1.53		33.5	%	$	3.27		$	4.37		33.5	%
Book value per common share	$	0.23		$	3.26		$	1.43		$	0.25		$	5.26		N/M		$	0.23		$	5.26		N/M
Book value per common share (ex. AOCI)	$	28.90		$	26.56		$	26.36		$	27.14		$	26.16		(9.5)	%	$	28.90		$	26.16		(9.5)	%

Weighted-average common shares outstanding:
Basic	346.4			337.2			330.2			324.2			318.2			(8.1)	%	354.4			324.2			(8.5)	%
Diluted	348.0			337.2			332.7			327.3			318.2			(8.6)	%	355.9			327.7			(7.9)	%

Ending common shares outstanding	342.0			333.8			327.6			321.6			315.5			(7.7)	%	342.0			315.5			(7.7)	%

Return to common shareholders:
Common stock dividend	$	77		$	74		$	73		$	78		$	76				$	227		$	227
Repurchase of common shares	238			241			253			247			254					678			754
Total capital returned to common shareholders	$	315		$	315		$	326		$	325		$	330				$	905		$	981

Market Values:
S&P 500	4,288			4,770			5,254			5,460			5,762			34.4	%	4,288			5,762			34.4	%
US 10-Year Treasury	4.6		%	3.9		%	4.2		%	4.4		%	3.7		%			4.6		%	3.7		%

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.


3Q 2024 Financial Supplement						4

Consolidated Statements of Income (Loss)


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

Revenues
Policy charges and fee income	$	599	$	599	$	614	$	617	$	626	4.5	%	$	1,781	$	1,857	4.3	%
Premiums	267		281		275		282		313		17.2	%	823		870		5.7	%
Net derivative gains (losses)	615		(1,254)		(1,376)		(208)		(714)		(216.1)	%	(1,143)		(2,298)		(101.0)	%
Net investment income (loss)	1,071		1,223		1,219		1,166		1,309		22.2	%	3,097		3,694		19.3	%
Investment gains (losses), net	(411)		(159)		(39)		(16)		(46)		88.8	%	(554)		(101)		81.8	%
Investment management and service fees	1,217		1,241		1,278		1,240		1,287		5.8	%	3,579		3,805		6.3	%
Other income	266		239		259		429		301		13.2	%	775		989		27.6	%
Total revenues	3,624		2,170		2,230		3,510		3,076		(15.1)	%	8,358		8,816		5.5	%

Benefits and other deductions
Policyholders’ benefits	693		647		677		667		663		(4.3)	%	2,107		2,007		(4.7)	%
Remeasurement of liability for future policy benefits	49		29		1		(8)		16		(67.3)	%	46		9		(80.4)	%
Change in market risk benefits and purchased market risk benefits	(817)		(35)		(1,100)		(133)		79		109.7	%	(1,772)		(1,154)		34.9	%
Interest credited to policyholders’ account balances	556		563		566		605		708		27.3	%	1,520		1,879		23.6	%
Compensation and benefits	593		586		620		577		571		(3.7)	%	1,742		1,768		1.5	%
Commissions and distribution related payments	405		412		437		463		485		19.8	%	1,178		1,385		17.6	%
Interest expense	55		57		57		62		55		—	%	171		174		1.8	%
Amortization of deferred policy acquisition costs	165		169		172		169		184		11.5	%	472		525		11.2	%
Other operating costs and expenses	450		559		553		427		329		(26.9)	%	1,339		1,309		(2.2)	%
Total benefits and other deductions	2,149		2,987		1,983		2,829		3,090		43.8	%	6,803		7,902		16.2	%

Income (loss) from operations, before income taxes	1,475		(817)		247		681		(14)		(100.9)	%	1,555		914		(41.2)	%
Income tax (expense) benefit	(340)		228		(30)		(116)		40		111.8	%	677		(106)		(115.7)	%
Net income (loss)	1,135		(589)		217		565		26		(97.7)	%	2,232		808		(63.8)	%
Less: net (income) loss attributable to the noncontrolling interest	(71)		(109)		(103)		(137)		(160)		(125.4)	%	(232)		(400)		(72.4)	%
Net income (loss) attributable to Holdings	$	1,064	$	(698)	$	114	$	428	$	(134)	(112.6)	%	$	2,000	$	408	(79.6)	%
Less: Preferred stock dividends	(14)		(26)		(14)		(26)		(14)		—	%	(54)		(54)		—	%
Net income (loss) available to Holdings' common shareholders	$	1,050	$	(724)	$	100	$	402	$	(148)	(114.1)	%	$	1,946	$	354	(81.8)	%

Adjustments related to:
Variable annuity product features (1)	$	(1,380)	$	1,191	$	319	$	79	$	738			$	(584)	$	1,136
Investment gains (losses), net	411		159		39		16		46				554		101

Net actuarial gains (losses) related to pension and other postretirement benefit obligations	8		13		17		14		13				26		44
Other adjustments (2) (3) (4)	91		153		91		(32)		—				198		59
Income tax (expense) benefit related to above adjustments	183		(319)		(98)		(16)		(167)				(40)		(281)
Non-recurring tax items (5)	36		(23)		8		5		5				(936)		18
Non-GAAP Operating earnings (6)	$	413	$	476	$	490	$	494	$	501			$	1,218	$	1,485

Notes:
(1) Includes the impact of favorable assumption updates of $16 million for the three and nine months ended September 30, 2024, respectively and 40 million for the three and nine months ended September 30, 2023, respectively.
(2) Includes certain gross legal expenses related to the COI litigation of $0 million and $106 million for the three and nine months ended September 30, 2024, respectively, and $0 million and $35 million for the three and nine months ended September 30, 2023, respectively. Includes the impact of unfavorable annual actuarial assumptions updates related to LFPB of $61 million for the three and nine months ended September 30, 2023.
(3) For the nine months ended September 30, 2024, includes $82 million of the gain on sale on AB's Bernstein Research Service attributable to Holdings.
(4) For the three and nine months ended September 30, 2024, includes $78 million contingent payment gain recognized in connection with a fair value remeasurement of the contingent payment liability associated with AB's acquisition of CarVal in 2022.
(5) For the three and nine months ended September 30, 2024 and 2023, respectively, non-recurring tax items reflect primarily the effect of uncertain tax positions for a given audit period. An increase of the deferred tax valuation allowance of $20 million and a decrease of $970 million for the three and nine months ended September 30, 2023, respectively.
(6) This measure is a Non-GAAP financial measure. For an explanation of our use of Non-GAAP financial measures, refer to the “Use of Non-GAAP Financial Measures” and "Glossary of Selected Financial and Product Terms" sections of this document. For a reconciliation of this item to the most directly comparable GAAP measure, refer to the “Non-GAAP Reconciliation” section in this document.


3Q 2024 Financial Supplement						5

Consolidated Balance Sheets


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

Assets
Total investments	$	97,209	$	102,173	$	102,620	$	107,726	$	114,246
Cash and cash equivalents	6,096		8,239		10,357		9,684		9,579
Cash and securities segregated, at fair value	928		868		866		592		547
Broker-dealer related receivables	2,017		1,837		1,808		1,801		1,898
Deferred policy acquisition costs	6,599		6,705		6,804		6,924		7,031
Goodwill and other intangible assets, net	5,448		5,433		5,419		5,403		5,388
Amounts due from reinsurers	8,271		8,352		8,387		8,237		8,222


Current and deferred income taxes	2,035		2,050		2,063		2,117		1,701
Purchased market risk benefits	8,745		9,427		8,337		7,993		8,492
Other assets	3,945		3,323		3,618		3,825		3,738
Assets held-for-sale	681		565		745		—		—
Assets for market risk benefits	701		591		818		803		740
Separate Accounts assets	117,577		127,251		133,735		132,664		137,407
Total assets	$	260,252	$	276,814	$	285,577	$	287,769	$	298,989

Liabilities
Policyholders’ account balances	$	91,912	$	95,673	$	100,246	$	104,072	$	107,433
Liability for market risk benefits	13,011		14,612		12,814		12,593		13,197
Future policy benefits and other policyholders’ liabilities	16,647		17,363		17,324		17,417		17,936
Broker-dealer related payables	454		1,232		1,022		839		1,382

Customers related payables	2,321		2,201		2,162		2,060		1,795
Amounts due to reinsurers	1,424		1,450		1,377		1,363		1,421
Short-term debt	—		254		—		—		—
Long-term debt	3,820		3,820		3,821		3,830		3,831



Notes issued by consolidated variable interest entities, at fair value using the fair value option	1,541		1,559		1,580		1,740		1,744
Other liabilities	7,412		6,088		6,511		6,718		6,645
Liabilities held-for-sale	216		153		239		—		—
Separate Accounts liabilities	117,577		127,251		133,735		132,664		137,407
Total liabilities	256,335		271,656		280,831		283,296		292,791
Redeemable noncontrolling interest	636		770		991		1,088		1,223

Equity
Preferred stock	1,562		1,562		1,562		1,562		1,562
Common stock	3		5		5		5		5
Additional paid-in capital	2,308		2,328		2,322		2,337		2,343
Treasury shares	(3,592)		(3,712)		(3,801)		(3,932)		(4,072)
Retained earnings	11,163		10,243		10,110		10,317		9,977
Accumulated other comprehensive income (loss)	(9,802)		(7,777)		(8,166)		(8,645)		(6,595)
Total equity attributable to Holdings	1,642		2,649		2,032		1,644		3,220
Noncontrolling interest	1,639		1,739		1,723		1,741		1,755
Total equity	3,281		4,388		3,755		3,385		4,975
Total liabilities, redeemable noncontrolling interest and equity	$	260,252	$	276,814	$	285,577	$	287,769	$	298,989


3Q 2024 Financial Supplement						6

Consolidated Capital Structure


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

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

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

Total long-term debt	3,820			3,820			3,821			3,830			3,831

Total short-term and long-term debt: [A]	$	3,820		$	4,074		$	3,821		$	3,830		$	3,831

Equity:
Preferred stock	$	1,562		$	1,562		$	1,562		$	1,562		$	1,562
Common stock	3			5			5			5			5
Additional paid-in capital	2,308			2,328			2,322			2,337			2,343
Treasury stock, at cost	(3,592)			(3,712)			(3,801)			(3,932)			(4,072)
Retained earnings	11,163			10,243			10,110			10,317			9,977
Accumulated other comprehensive income (loss)	(9,802)			(7,777)			(8,166)			(8,645)			(6,595)
Total equity attributable to Holdings	1,642			2,649			2,032			1,644			3,220
Noncontrolling interest	1,639			1,739			1,723			1,741			1,755
Total equity	$	3,281		$	4,388		$	3,755		$	3,385		$	4,975

Total equity attributable to Holdings, (ex. AOCI): [B]	$	11,444		$	10,426		$	10,198		$	10,289		$	9,815

Capital:
Total capitalization (1)	$	5,462		$	6,723		$	5,853		$	5,474		$	7,051
Total capitalization (ex. AOCI): [A+B] (2)	$	15,264		$	14,500		$	14,019		$	14,119		$	13,646

Debt to capital:
Debt to capital (ex. AOCI) (2)	25.0		%	28.1		%	27.3		%	27.1		%	28.1		%

	For the Three Months Ended
Roll-forward of common shares outstanding (millions of shares):
Beginning balance	350.2			342.0			333.8			327.6			321.6
Repurchases	(3.4)			(3.9)			(3.2)			(3.2)			(3.4)
Retirements	(4.9)			(4.4)			(4.3)			(3.1)			(2.8)
Issuances	0.1			0.1			1.3			0.3			0.1
Ending basic common shares outstanding	342.0			333.8			327.6			321.6			315.5
Total potentially dilutive shares	1.4			1.5			2.5			3.2			3.4
Ending common shares outstanding - maximum potential dilution	343.4			335.3			330.1			324.7			318.9
Notes:

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

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


3Q 2024 Financial Supplement						7


Operating Earnings (Loss) by Segment and Corporate and Other

	Three Months Ended September 30, 2024
(in millions USD, unless otherwise indicated)	Individual Retirement		Group Retirement		Asset Management		Protection Solutions		Wealth Management		Legacy		Corporate and Other		Eliminations		Consolidated
Revenues
Policy charges, fee income and premiums	$	224	$	81	$	—	$	537	$	—	$	6	$	91	$	—	$	939
Net investment income (loss)	635		143		17		258		4		15		157		28		1,257
Net derivative gains (losses)	(5)		(1)		(16)		1		—		—		(6)		6		(21)
Investment management, service fees and other income	90		91		1,085		43		446		96		4		(254)		1,601
Segment revenues	944		314		1,086		839		450		117		246		(220)		3,776
Benefits and other deductions
Policyholders’ benefits	82		—		—		455		—		—		126		—		663
Remeasurement of liability for future policy benefits	1		—		—		26		—		—		(11)		—		16

Interest credited to policyholders’ account balances	336		60		—		141		—		9		131		—		677
Commissions and distribution related payments	97		39		192		43		281		40		5		(212)		485
Amortization of deferred policy acquisition costs	119		16		—		31		—		16		2		—		184
Compensation and benefits, interest expense and financing fees and other operating costs and expense	47		35		641		87		103		20		86		(8)		1,011
Segment benefits and other deductions	682		150		833		783		384		85		339		(220)		3,036
Operating earnings (loss), before income taxes	262		164		253		56		66		32		(93)		—		740
Income Taxes	(37)		(23)		(42)		(8)		(16)		(5)		14		—		(117)
Operating earnings (loss), before noncontrolling interest	225		141		211		48		50		27		(79)		—		623
Less: Operating (earnings) loss attributable to the noncontrolling interest	—		—		(100)		(2)		—		—		(20)		—		(122)
Operating earnings (loss)	$	225	$	141	$	111	$	46	$	50	$	27	$	(99)	$	—	$	501

	Three Months Ended September 30, 2023 (1)
	Individual Retirement		Group Retirement		Asset Management		Protection Solutions		Wealth Management		Legacy		Corporate and Other		Eliminations		Consolidated
Revenues
Policy charges, fee income and premiums	$	202	$	71	$	—	$	516	$	—	$	7	$	70	$	—	$	866
Net investment income (loss)	475		128		(9)		260		4		22		178		20		1,078
Net derivative gains (losses)	(5)		—		9		7		—		—		5		6		22
Investment Management, service fees and other income	90		68		1,034		39		386		100		4		(225)		1,496
Segment revenues	762		267		1,034		822		390		129		257		(199)		3,462
Benefits and other deductions
Policyholders’ benefits	73		—		—		512		—		—		114		—		699
Remeasurement of liability for future policy benefits	1		—		—		(16)		—		—		(1)		—		(16)

Interest credited to policyholders’ account balances	189		55		—		137		—		9		166		—		556
Commissions and distribution related payments	69		35		156		37		244		45		4		(185)		405
Amortization of deferred policy acquisition costs	102		14		—		30		—		16		3		—		165
Compensation and benefits, interest expense and financing fees and other operating costs and expense	51		31		658		81		93		20		108		(14)		1,028
Segment benefits and other deductions	485		135		814		781		337		90		394		(199)		2,837
Operating earnings (loss), before income taxes	277		132		220		41		53		39		(137)		—		625
Income Taxes	(57)		(27)		(36)		(7)		(13)		(8)		29		—		(119)
Operating earnings (loss), before noncontrolling interest	220		105		184		34		40		31		(108)		—		506
Less: Operating (earnings) loss attributable to the noncontrolling interest	—		—		(85)		—		—		—		(8)		—		(93)
Operating earnings (loss)	$	220	$	105	$	99	$	34	$	40	$	31	$	(116)	$	—	$	413

(1) Prior periods were updated to reflect the impact of moving payout annuity policies from Legacy to IR.


3Q 2024 Financial Supplement						8


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

	Nine Months Ended September 30, 2024
(in millions USD, unless otherwise indicated)	Individual Retirement		Group Retirement		Asset Management		Protection Solutions		Wealth Management		Legacy		Corporate and Other		Eliminations		Consolidated
Revenues
Policy charges, fee income and premiums	$	641	$	233	$	—	$	1,597	$	—	$	27	$	229	$	—	$	2,727
Net investment income (loss)	1,783		424		32		775		12		46		488		71		3,631
Net derivative gains (losses)	(16)		(1)		(22)		—		—		—		(16)		17		(38)
Investment Management, service fees and other income	270		233		3,220		126		1,303		296		19		(751)		4,716
Segment revenues	2,678		889		3,230		2,498		1,315		369		720		(663)		11,036
Benefits and other deductions
Policyholders’ benefits	237		—		—		1,415		—		—		355		—		2,007
Remeasurement of liability for future policy benefits	(1)		—		—		10		—		—		—		—		9

Interest credited to policyholders’ account balances	865		168		—		409		—		26		379		—		1,847
Commissions and distribution related payments	254		128		545		126		823		121		14		(626)		1,385
Amortization of deferred policy acquisition costs	339		39		—		93		—		47		7		—		525
Compensation and benefits, interest expense and financing fees and other operating costs and expense	152		99		1,946		264		307		67		293		(37)		3,091
Segment benefits and other deductions	1,846		434		2,491		2,317		1,130		261		1,048		(663)		8,864
Operating earnings (loss), before income taxes	832		455		739		181		185		108		(328)		—		2,172
Income Taxes	(119)		(65)		(128)		(26)		(48)		(15)		51		—		(350)
Operating earnings (loss), before noncontrolling interest	713		390		611		155		137		93		(277)		—		1,822
Less: Operating (earnings) loss attributable to the noncontrolling interest	—		—		(293)		(1)		—		—		(43)		—		(337)
Operating earnings (loss)	$	713	$	390	$	318	$	154	$	137	$	93	$	(320)	$	—	$	1,485

	Nine Months Ended September 30, 2023 (2)
	Individual Retirement		Group Retirement		Asset Management		Protection Solutions		Wealth Management		Legacy		Corporate and Other		Eliminations		Consolidated
Revenues
Policy charges, fee income and premiums	$	596	$	201	$	—	$	1,560	$	—	$	19	$	228	$	—	$	2,604
Net investment income (loss)	1,272		372		2		719		9		82		562		62		3,080
Net derivative gains (losses)	(15)		(1)		(2)		(11)		—		—		(6)		14		(21)
Investment Management, service fees and other income	277		199		3,043		105		1,134		304		16		(673)		4,405
Segment revenues	2,130		771		3,043		2,373		1,143		405		800		(597)		10,068
Benefits and other deductions
Policyholders’ benefits	223		—		—		1,531		—		—		359		—		2,113
Remeasurement of liability for future policy benefits	1		—		—		(12)		—		—		(8)		—		(19)

Interest credited to policyholders’ account balances	482		157		—		392		—		29		460		—		1,520
Commissions and distribution related payments	192		119		454		107		715		131		13		(553)		1,178
Amortization of deferred policy acquisition costs	283		44		—		89		—		48		8		—		472
Compensation and benefits, interest expense and financing fees and other operating costs and expense	143		89		1,942		238		278		55		330		(44)		3,031
Segment benefits and other deductions	1,324		409		2,396		2,345		993		263		1,162		(597)		8,295
Operating earnings (loss), before income taxes	806		362		647		28		150		142		(362)		—		1,773
Income Taxes	(135)		(61)		(96)		(5)		(36)		(23)		68		—		(288)
Operating earnings (loss), before noncontrolling interest	671		301		551		23		114		119		(294)		—		1,485
Less: Operating (earnings) loss attributable to the noncontrolling interest	—		—		(254)		—		—		—		(13)		—		(267)
Operating earnings (loss)	$	671	$	301	$	297	$	23	$	114	$	119	$	(307)	$	—	$	1,218
Notes:

(1) Prior periods were updated to reflect the impact of moving payout annuity policies from Legacy to IR.


3Q 2024 Financial Supplement						9


Assets Under Management and Administration


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

Assets Under Management

AB AUM
Total AB	$	669.0	$	725.2	$	758.7	$	769.5	$	805.9
Exclusion for General Account and other Affiliated Accounts	(69.8)		(75.0)		(75.9)		(68.9)		(71.7)
Exclusion for Separate Accounts	(39.3)		(44.5)		(47.3)		(58.2)		(61.7)
AB third party	$	559.9	$	605.7	$	635.4	$	642.4	$	672.6

Total company AUM
AB third party	$	559.9	$	605.7	$	635.4	$	642.4	$	672.6
General Account and other Affiliated Accounts (1) (3) (4)	103.3		110.4		113.0		117.4		123.8
Separate Accounts (2) (3) (4)	117.6		127.3		133.7		132.7		137.4
Total AUM	$	780.8	$	843.4	$	882.1	$	892.5	$	933.8

Total Assets Under Administration (AUA) (5)	$	79.4	$	87.0	$	91.9	$	93.8	$	100.4

Equitable Advisor Headcount
Total Number of Equitable Advisors	4,141		4,406		4,320		4,358		4,396

Notes:

(1) “General Account and Other Affiliated Accounts” refers to assets held in the general accounts of our insurance companies and other assets on which we bear the investment risk.
(2) “Separate Accounts” refers to the separate account investment assets of our insurance subsidiaries excluding any assets on which we bear the investment risk.
(3) As of September 30, 2023, December 31, 2023, March 31, 2024, June 30, 2024 and September 30, 2024, Separate Account is inclusive of $11.7 billion, $12.5 billion, $12.9 billion, $12.5 billion and $12.8 billion & General Account AUM is inclusive of $51 million, $49 million, $47 million, $46 million and $44 million, respectively, Account Value ceded to Venerable.
(4) As of September 30, 2023, December 31, 2023, March 31, 2024, June 30, 2024 and September 30, 2024, Separate Account is inclusive of $5.9 billion, $6.4 billion, $6.9 billion, $6.8 billion and $7.1 billion & General Account AUM is inclusive of $3.7 billion, $3.6 billion, $3.5 billion, $3.4 billion and $3.3 billion, respectively, Account Value ceded to Global Atlantic.
(5) Includes Advisory and Brokerage AUA included in our Wealth Management segment.


3Q 2024 Financial Supplement						10

Sales Metrics by Segment


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

Insurance Operations

Individual Retirement (3)
First year premiums and deposits	$	3,833	$	3,868	$	4,313	$	4,485	$	4,854	26.6	%	$	10,358	$	13,652	31.8	%
Renewal premium and deposits	60		71		72		58		58		(3.3)	%	182		188		3.3	%
Total Gross Premiums	$	3,893	$	3,939	$	4,385	$	4,543	$	4,912	26.2	%	$	10,540	$	13,840	31.3	%

Group Retirement
First year premiums and deposits	$	343	$	545	$	428	$	950	$	454	32.5	%	$	1,036	$	1,832	76.8	%
Renewal premium and deposits	464		592		590		620		501		8.0	%	1,633		1,711		4.8	%
Total Gross Premiums	$	807	$	1,137	$	1,018	$	1,570	$	955	18.4	%	$	2,669	$	3,543	32.8	%

Protection Solutions
First year premiums and deposits	$	103	$	154	$	113	$	121	$	127	23.5	%	$	313	$	361	15.4	%
Renewal premium and deposits	653		667		665		663		666		2.0	%	1,998		1,994		(0.2)	%
Total Gross Premiums	$	756	$	821	$	778	$	784	$	793	4.9	%	$	2,311	$	2,356	1.9	%

Asset Management (in billions USD)
Gross Sales by distribution channel
Institutional	$	4.3	$	3.0	$	3.3	$	3.3	$	4.2	(2.3)	%	$	8.8	$	10.8	22.7	%
Retail	16.9		21.0		23.8		23.2		26.6		57.4	%	50.2		73.6		46.6	%
Private Wealth	4.0		4.3		5.5		5.4		4.7		17.5	%	14.2		15.6		9.9	%
Firmwide Gross Sales	$	25.2	$	28.3	$	32.6	$	31.9	$	35.5	40.9	%	$	73.2	$	100.0	36.6	%

Gross sales by investment service
Equity Active	$	10.3	$	9.2	$	11.7	$	12.5	$	13.0	26.2	%	$	28.1	$	37.2	32.4	%
Equity Passive (1)	0.4		0.2		0.7		0.3		0.2		(50.0)	%	1.0		1.2		20.0	%
Fixed Income - Taxable	7.6		10.2		12.1		10.3		11.6		52.6	%	26.3		34.0		29.3	%
Fixed Income - Tax-Exempt	3.8		5.5		5.3		4.9		5.6		47.4	%	11.1		15.8		42.3	%
Fixed Income Passive (1)	0.4		1.3		—		—		—		(100.0)	%	0.4		—		(100.0)	%
Alternatives/Multi-Asset Solutions (2)	2.7		1.9		2.8		3.9		5.1		88.9	%	6.3		11.8		87.3	%
Firmwide Gross Sales	$	25.2	$	28.3	$	32.6	$	31.9	$	35.5	40.9	%	$	73.2	$	100.0	36.6	%

Wealth Management
Sales by Product Type
Advisory	$	2,369	$	2,518	2,866		3,304		3,725		57.3	%	$	7,000	$	9,895	41.4	%
Brokerage and Direct	1,272		1,308		1,357		1,481		1,446		13.6	%	3,543		4,284		20.9	%
Retirement, Premiums and Deposits	2,965		3,324		3,565		3,504		3,539		19.4	%	9,220		10,608		15.1	%
Total Sales	$	6,606	$	7,150	$	7,788	$	8,290	$	8,710	31.9	%	$	19,763	$	24,787	25.4	%
Notes:

(1) Includes index and enhanced index services.
(2) Includes certain multi-asset solutions and services not included in equity or fixed income services.
(3) Prior periods were updated to reflect the impact of moving payout annuity policies from Legacy to IR.


3Q 2024 Financial Supplement						11

Business Segments:

Operating Earnings Results and Metrics


3Q 2024 Financial Supplement						12

Individual Retirement - Operating Earnings (Loss) and Summary Metrics


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

Revenues
Policy charges, fee income and premiums	$	202		$	195		$	208		$	209		$	224		10.9	%	$	596		$	641		7.6	%
Net investment income (loss)	475			510			555			593			635			33.7	%	1,272			1,783			40.2	%
Net derivative gains (losses)	(5)			(5)			(5)			(6)			(5)			—	%	(15)			(16)			(6.7)	%
Investment management, service fees and other income	90			83			88			92			90			—	%	277			270			(2.5)	%
Segment revenues	762			783			846			888			944			23.9	%	2,130			2,678			25.7	%

Benefits and other deductions
Policyholders’ benefits	73			76			77			78			82			12.3	%	223			237			6.3	%
Remeasurement of liability for future policy benefits	1			(3)			(3)			1			1			—	%	1			(1)			(200.0)	%
Interest credited to policyholders’ account balances	189			226			248			281			336			77.8	%	482			865			79.5	%
Commissions and distribution-related payments	69			70			77			80			97			40.6	%	192			254			32.3	%
Amortization of deferred policy acquisition costs	102			105			109			111			119			16.7	%	283			339			19.8	%
Compensation and benefits, interest expense and financing fees and other operating costs and expense	51			55			55			50			47			(7.8)	%	143			152			6.3	%
Segment benefits and other deductions	485			529			563			601			682			40.6	%	1,324			1,846			39.4	%

Operating earnings (loss), before income taxes	277			254			283			287			262			(5.4)	%	806			832			3.2	%
Income taxes	(57)			(41)			(39)			(43)			(37)			35.1	%	(135)			(119)			11.9	%
Operating earnings (loss), before noncontrolling interest	220			213			244			244			225			2.3	%	671			713			6.3	%
Less: Operating (earnings) loss attributable to the noncontrolling interest	—			—			—			—			—			—	%	—			—			—	%
Operating earnings (loss)	$	220		$	213		$	244		$	244		$	225		2.3	%	$	671		$	713		6.3	%

Summary Metrics

Operating earnings (loss) - TTM:	$	861		$	884		$	921		$	921		$	926		7.5	%	$	861		$	926		7.5	%

Average Account Value (TTM)	$	78,199		$	82,670		$	87,482		$	92,113		$	97,050		24.1	%	$	78,199		$	97,050		24.1	%

Return on assets (TTM)	1.32		%	1.28		%	1.25		%	1.20		%	1.12		%			1.32		%	1.12		%

Net flows	$	1,670		$	1,464		$	1,647		$	1,853		$	1,910		14.4	%	$	4,101		$	5,410		31.9	%

First year premiums and deposits	$	3,833		$	3,868		$	4,313		$	4,485		$	4,854		26.6	%	$	10,358		$	13,652		31.8	%

In-force Policy Count by Product (in thousands):	610			616			622			629			636					610			636

(1) Prior periods were updated to reflect the impact of moving payout annuity policies from Legacy to IR.


3Q 2024 Financial Supplement						13


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

Sales Metrics
First Year Premiums and Deposits by Product:
SCS	$	2,847	$	2,931	$	3,023	$	2,983	$	3,072	$	7,470	$	9,078
SCS Income	214		218		393		482		556		715		1,431
Retirement Cornerstone	518		477		561		555		555		1,329		1,671
Investment Edge	190		185		310		430		594		659		1,334
Other	64		57		26		35		77		185		138
Total First Year Premiums and Deposits	$	3,833	$	3,868	$	4,313	$	4,485	$	4,854	$	10,358	$	13,652

Account Values
General Account:
Balance as of beginning of period	$	45,593	$	46,650	$	52,387	$	57,583	$	61,452	$	38,128	$	52,387
Gross premiums and deposits (1)	2,978		2,943		3,410		3,494		3,621		7,938		10,525
Surrenders, withdrawals and benefits	(991)		(1,122)		(1,225)		(1,191)		(1,343)		(2,855)		(3,759)
Net flows	1,987		1,821		2,185		2,303		2,278		5,083		6,766
Change in market value and reinvestment	117		1,150		(58)		294		1,247		361		1,483
Change in fair value of embedded derivative instruments	(1,047)		2,766		3,069		1,272		1,496		3,075		5,837
Other	—		—		—		—		—		3		—
Balance as of end of period	$	46,650	$	52,387	$	57,583	$	61,452	$	66,473	$	46,650	$	66,473

Balance as of end of period net of embedded derivative instruments	$	38,952	$	41,914	$	44,122	$	46,782	$	50,506	$	38,952	$	50,506
Separate Accounts:
Balance as of beginning of period	$	38,590	$	36,820	$	39,619	$	41,062	$	40,810	$	36,455	$	39,619
Gross premiums and deposits (1)	881		949		946		1,026		1,235		2,502		3,207
Surrenders, withdrawals and benefits	(1,198)		(1,306)		(1,484)		(1,476)		(1,603)		(3,484)		(4,563)
Net flows	(317)		(357)		(538)		(450)		(368)		(982)		(1,356)
Change in market value and reinvestment	(1,453)		3,156		1,981		198		1,951		1,343		4,130
Change in fair value of embedded derivative instruments	—		—		—		—		—		—		—
Other	—		—		—		—		—		4		—
Balance as of end of period	$	36,820	$	39,619	$	41,062	$	40,810	$	42,393	$	36,820	$	42,393
Total:
Balance as of beginning of period	$	84,183	$	83,470	$	92,006	$	98,645	$	102,262	$	74,583	$	92,006
Gross premiums and deposits (1)	3,859		3,892		4,356		4,520		4,856		10,440		13,732
Surrenders, withdrawals and benefits	(2,189)		(2,428)		(2,709)		(2,667)		(2,946)		(6,339)		(8,322)
Net flows	1,670		1,464		1,647		1,853		1,910		4,101		5,410
Change in market value and reinvestment	(1,336)		4,306		1,923		492		3,198		1,704		5,613
Change in fair value of embedded derivative instruments	(1,047)		2,766		3,069		1,272		1,496		3,075		5,837
Other	—		—		—		—		—		7		—
Balance as of end of period	$	83,470	$	92,006	$	98,645	$	102,262	$	108,866	$	83,470	$	108,866

Balance as of end of period net of embedded derivative instruments	$	75,772	$	81,533	$	85,184	$	87,592	$	92,899	$	75,772	$	92,899

Net Amount at Risk (NAR)
Total GMIB NAR	$	10	$	14	$	17	$	21	$	31	$	10	$	31
Total GMWB NAR	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Total GMDB NAR	$	3,755	$	3,104	$	2,868	$	2,972	$	2,705	$	3,755	$	2,705
MRB Reserves (Net of Reinsurance)	$	354	$	618	$	320	$	399	$	576	$	354	$	576
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.
(2) Prior periods were updated to reflect the impact of moving payout annuity policies from Legacy to IR.


3Q 2024 Financial Supplement						14

Group Retirement - Operating Earnings (Loss) and Summary Metrics


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

Revenues
Policy charges, fee income and premiums	$	71		$	67		$	73		$	79		$	81		14.1	%	$	201		$	233		15.9	%
Net investment income (loss)	128			125			142			139			143			11.7	%	372			424			14.0	%
Net derivative gains (losses)	—			—			—			—			(1)			(100.0)	%	(1)			(1)			—	%
Investment management, service fees and other income	68			58			77			65			91			33.8	%	199			233			17.1	%
Segment revenues	267			250			292			283			314			17.6	%	771			889			15.3	%

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

Interest credited to policyholders’ account balances	55			58			52			56			60			9.1	%	157			168			7.0	%
Commissions and distribution-related payments	35			36			44			45			39			11.4	%	119			128			7.6	%
Amortization of deferred policy acquisition costs	14			15			15			8			16			14.3	%	44			39			(11.4)	%
Compensation and benefits, interest expense and financing fees and other operating costs and expense	31			24			35			29			35			12.9	%	89			99			11.2	%
Segment benefits and other deductions	135			133			146			138			150			11.1	%	409			434			6.1	%

Operating earnings (loss), before income taxes	132			117			146			145			164			24.2	%	362			455			25.7	%
Income taxes	(27)			(19)			(20)			(22)			(23)			14.8	%	(61)			(65)			(6.6)	%
Operating earnings (loss), before noncontrolling interest	105			98			126			123			141			34.3	%	301			390			29.6	%
Less: Operating (earnings) loss attributable to the noncontrolling interest	—			—			—			—			—			—	%	—			—			—	%
Operating earnings (loss)	$	105		$	98		$	126		$	123		$	141		34.3	%	$	301		$	390		29.6	%

Summary Metrics

Operating earnings (loss) - TTM:	$	393		$	399		$	436		$	452		$	488		24.2	%	$	393		$	488		24.2	%

Average Account Value (TTM) (1)	$	34,823		$	34,175		$	35,472		$	36,612		$	37,788		8.5	%	$	34,823		$	37,788		8.5	%

Return on assets (TTM) (1)	1.35		%	1.40		%	1.46		%	1.47		%	1.51		%			1.35		%	1.51		%

Net flows (1)	$	(130)		$	(135)		$	(132)		$	408		$	(246)		(89.2)	%	$	(121)		$	30		124.8	%

Gross premiums and deposits (1)	$	807		$	1,137		$	1,018		$	1,570		$	955		18.4	%	$	2,669		$	3,543		32.8	%

Notes:

(1) Balances for the three months ended September 30, 2023 were revised from previously filed financial statement supplement.


3Q 2024 Financial Supplement						15

Group Retirement - Select Operating Metrics


	For the Three Months Ended or As of										Nine Months Ended or As of
(in millions USD, unless otherwise indicated)	9/30/2023		12/31/2023		3/31/2024		6/30/2024		9/30/2024		9/30/2023 (2)		9/30/2024

Sales Metrics
Gross premiums and deposits:
First-year premiums and deposits	$	343	$	545	$	428	$	950	$	454	$	1,036	$	1,832
Renewal premiums and deposits	464		592		590		620		501		1,633		1,711
Group Retirement premiums and deposits	$	807	$	1,137	$	1,018	$	1,570	$	955	$	2,669	$	3,543

Gross premiums and deposits by market:
Tax-exempt	$	260	$	368	$	317	$	298	$	311	$	745	$	926
Corporate	54		149		93		108		115		208		316
Institutional	26		24		15		542		26		74		583
Other	3		4		3		2		2		9		7
Total first year premiums and deposits	343		545		428		950		454		1,036		1,832
Tax-exempt	341		463		453		492		381		1,240		1,326
Corporate	94		90		99		93		92		288		284
Institutional	—		—		—		—		—		—		—
Other	29		39		38		35		28		105		101
Total renewal premiums and deposits	464		592		590		620		501		1,633		1,711
Group Retirement premiums and deposits by market	$	807	$	1,137	$	1,018	$	1,570	$	955	$	2,669	$	3,543

Account Values and Assets under Administration
General Account:
Balance as of beginning of period	$	9,088	$	9,002	$	8,952	$	8,882	$	9,382	$	9,175	$	8,952
Gross premiums and deposits	198		257		222		768		240		639		1,230
Surrenders, withdrawals and benefits	(326)		(404)		(360)		(332)		(362)		(1,008)		(1,054)
Net flows (2)	(128)		(147)		(138)		436		(122)		(369)		176
Change in market value and reinvestment	59		55		45		57		96		155		198
Change in fair value of embedded derivative instruments	(17)		42		23		7		13		45		43

Other (1) (2)	—		—		—		—		—		(4)		—
Balance as of end of period (2)	$	9,002	$	8,952	$	8,882	$	9,382	$	9,369	$	9,002	$	9,369

Balance as of end of period net of embedded derivative instruments	$	8,944	$	8,870	$	8,795	$	9,306	$	9,293	$	8,944	$	9,293
Separate Accounts and Mutual Funds
Balance as of beginning of period	$	25,898	$	24,848	$	27,519	$	29,608	$	29,885	$	22,830	$	27,519
Gross premiums and deposits	609		880		796		802		716		2,030		2,314
Surrenders, withdrawals and benefits	(611)		(868)		(790)		(830)		(840)		(1,782)		(2,460)
Net flows (2)	(2)		12		6		(28)		(124)		248		(146)
Change in market value and reinvestment	(1,048)		2,659		2,083		305		1,732		1,740		4,120
Change in fair value of embedded derivative instruments	—		—		—		—		—		—		—

Other (1) (2)	—		—		—		—		—		30		—
Balance as of end of period (2)	$	24,848	$	27,519	$	29,608	$	29,885	$	31,493	$	24,848	$	31,493

Total:
Balance as of beginning of period	$	34,986	$	33,850	$	36,471	$	38,490	$	39,267	$	32,005	$	36,471
Gross premiums and deposits	807		1,137		1,018		1,570		956		2,669		3,544
Surrenders, withdrawals and benefits	(937)		(1,272)		(1,150)		(1,162)		(1,202)		(2,790)		(3,514)
Net flows	(130)		(135)		(132)		408		(246)		(121)		30
Change in market value and reinvestment	(989)		2,714		2,128		362		1,828		1,895		4,318
Change in fair value of embedded derivative instruments	(17)		42		23		7		13		45		43

Other (1)	—		—		—		—		—		26		—
Balance as of end of period	$	33,850	$	36,471	$	38,490	$	39,267	$	40,862	$	33,850	$	40,862

Balance as of end of period net of embedded derivative instruments	$	33,792	$	36,389	$	38,403	$	39,191	$	40,786	$	33,792	$	40,786
Notes:

(1) For the nine months ended September 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.
(2) Balances for the three and nine months ended September 30, 2023 were revised from previously filed financial statement supplement.


3Q 2024 Financial Supplement						16

Asset Management - Operating Earnings (Loss) and Summary Metrics


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

Revenues
Net investment income (loss)	$	(9)		$	16		$	8		$	7		$	17		288.9	%	$	2		$	32		N/M
Net derivative gains (losses)	9			(14)			(5)			(1)			(16)			(277.8)	%	(2)			(22)			N/M
Investment management, service fees and other income	1,034			1,072			1,090			1,045			1,085			4.9	%	3,043			3,220			5.8	%
Segment revenues	1,034			1,074			1,093			1,051			1,086			5.0	%	3,043			3,230			6.1	%

Benefits and other deductions
Commissions and distribution-related payments	156			156			173			180			192			23.1	%	454			545			20.0	%
Compensation and benefits, interest expense and financing fees and other operating costs and expense	658			679			672			633			641			(2.6)	%	1,942			1,946			0.2	%
Total benefits and other deductions	814			835			845			813			833			2.3	%	2,396			2,491			4.0	%

Operating earnings (loss), before income taxes	220			239			248			238			253			15.0	%	647			739			14.2	%
Income taxes	(36)			(30)			(44)			(42)			(42)			(16.7)	%	(96)			(128)			(33.3)	%
Operating earnings (loss), before noncontrolling interest	184			209			204			196			211			14.7	%	551			611			10.9	%
Less: Operating (earnings) loss attributable to the noncontrolling interest	(85)			(95)			(98)			(95)			(100)			(17.6)	%	(254)			(293)			(15.4)	%
Operating earnings (loss)	$	99		$	114		$	106		$	101		$	111		12.1	%	$	297		$	318		7.1	%

Summary Metrics

Adjusted operating margin (1)	28.0		%	29.2		%	30.3		%	30.8		%	31.3		%			27.9		%	30.8		%

Net flows (in billions USD)	$	(1.9)		$	(1.8)		$	0.5		$	0.9		$	1.1				$	(5.2)		$	2.5

Total AUM (in billions USD)	$	669.0		$	725.2		$	758.7		$	769.5		$	805.9				$	669.0		$	805.9

Ownership Structure of AB

Holdings and its subsidiaries	60.3		%	59.8		%	59.6		%	59.7		%	60.0		%			60.3		%	60.0		%
AB Holding	39.0		%	39.5		%	39.7		%	39.6		%	39.3		%			39.0		%	39.3		%
Unaffiliated holders	0.7		%	0.7		%	0.7		%	0.7		%	0.7		%			0.7		%	0.7		%
Total	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%			100.0		%	100.0		%

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

Units of limited partnership outstanding (in millions)	284.0			286.6			287.3			286.8			285.6					284.0			285.6
Notes:
(1) Adjusted operating margin is a non-GAAP financial measure used by AllianceBernstein L.P. (“AB”) management in evaluating AB’s financial performance on a standalone basis and to compare its performance, as reported by AB in its public filings. It is not comparable to any other non-GAAP financial measure used herein.


3Q 2024 Financial Supplement						17

Asset Management - Select Operating Metrics


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

AUM Roll-forward
Balance as of beginning of period	$	691.5	$	669.0	$	725.2	$	758.7	$	769.5
Sales/new accounts	25.2		28.3		32.6		31.9		35.5
Redemptions/terminations	(20.3)		(24.1)		(25.2)		(25.7)		(26.4)
Cash flow/unreinvested dividends	(6.8)		(6.0)		(6.9)		(5.3)		(8.0)
Net long-term (outflows) inflows	(1.9)		(1.8)		0.5		0.9		1.1


Market appreciation (depreciation)	(20.6)		58.0		33.0		9.9		35.3
Net change	(22.5)		56.2		33.5		10.8		36.4
Balance as of end of period	$	669.0	$	725.2	$	758.7	$	769.5	$	805.9

Ending Assets by distribution channel
Institutions	$	296.9	$	317.1	$	322.5	$	322.7	$	335.2
Retail	259.2		286.8		308.0		316.4		334.5
Private Wealth	112.9		121.3		128.2		130.4		136.2
Total	$	669.0	$	725.2	$	758.7	$	769.5	$	805.9

Ending Assets by investment service
Equity
Actively Managed	$	226.8	$	247.5	$	264.1	$	264.4	$	271.3
Passively Managed (1)	56.0		62.1		64.7		65.8		68.9
Total Equity	$	282.8	$	309.6	$	328.8	$	330.2	$	340.2
Fixed Income
Actively Managed	$	250.6	$	269.7	$	276.1	$	282.2	$	287.4
Passively Managed (1)	9.4		11.4		11.2		11.0		11.4
Total Fixed Income	260.0		281.1		287.3		293.2		298.8
Total Alternatives/Multi-Asset Solutions (2)	126.2		134.5		142.6		146.1		166.9
Total	$	669.0	$	725.2	$	758.7	$	769.5	$	805.9

Notes:

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


3Q 2024 Financial Supplement						18


Asset Management - Net Flows
	For the Three Months Ended										Nine Months Ended or As of
(in billions USD, unless otherwise indicated)	9/30/2023		12/31/2023		3/31/2024		6/30/2024		9/30/2024		9/30/2023		9/30/2024
Net Flows by Distribution Channel
Institutions
US	$	(1.6)	$	(1.0)	$	(1.5)	$	1.9	$	1.7	$	2.4	$	2.2
Global and Non-US	(1.9)		(1.5)		(2.7)		(3.7)		(6.1)		(11.8)		(12.6)
Total Institutions	$	(3.5)	$	(2.5)	$	(4.2)	$	(1.8)	$	(4.4)	$	(9.4)	$	(10.4)
Retail
US	$	2.5	$	1.4	$	1.9	$	2.7	$	4.0	$	1.5	$	8.5
Global and Non-US	(0.9)		(0.1)		2.3		0.1		1.4		1.0		3.8
Total Retail	$	1.6	$	1.3	$	4.2	$	2.8	$	5.4	$	2.5	$	12.3
Private Wealth
US	$	0.1	$	(0.1)	$	0.7	$	0.2	$	0.2	$	2.4	$	1.1
Global and Non-US	(0.1)		(0.5)		(0.2)		(0.3)		(0.1)		(0.7)		(0.5)
Total Private Wealth	$	—	$	(0.6)	$	0.5	$	(0.1)	$	0.1	$	1.7	$	0.6
Total Net Flows by Distribution Channel	$	(1.9)	$	(1.8)	$	0.5	$	0.9	$	1.1	$	(5.2)	$	2.5
Net Flows by Investment Service
Equity Active
US	$	1.4	$	(3.3)	$	(1.5)	$	(1.5)	$	(0.3)	$	(3.0)	$	(3.4)
Global and Non-US	(1.6)		(1.7)		(4.7)		(4.6)		(4.2)		(7.5)		(13.4)
Total Equity Active	$	(0.2)	$	(5.0)	$	(6.2)	$	(6.1)	$	(4.5)	$	(10.5)	$	(16.8)
Equity Passive (1)
US	$	(2.6)	$	(0.3)	$	(3.2)	$	(0.6)	$	(0.7)	$	(3.2)	$	(4.6)
Global and Non-US	0.2		(0.2)		(0.1)		(0.1)		(0.4)		(0.3)		(0.6)
Total Equity Passive (1)	$	(2.4)	$	(0.5)	$	(3.3)	$	(0.7)	$	(1.1)	$	(3.5)	$	(5.2)
Fixed Income - Taxable
US	$	0.2	$	0.7	$	1.3	$	4.6	$	1.5	$	8.1	$	7.5
Global and Non-US	(2.6)		(0.1)		3.3		(0.2)		1.2		(2.1)		4.2
Total Fixed Income - Taxable	$	(2.4)	$	0.6	$	4.6	$	4.4	$	2.7	$	6.0	$	11.7
Fixed Income - Tax-Exempt
US	$	1.3	$	1.9	$	2.9	$	1.9	$	3.3	$	3.8	$	8.1
Global and Non-US	—		—		—		—		—		—		—
Total Fixed Income - Tax-Exempt	$	1.3	$	1.9	$	2.9	$	1.9	$	3.3	$	3.8	$	8.1
Fixed Income - Passive (1)
US	$	0.5	$	1.2	$	—	$	(0.1)	$	(0.2)	$	0.3	$	(0.3)
Global and Non-US	(0.1)		—		(0.1)		0.1		(0.1)		—		(0.1)
Total Fixed Income - Passive (1)	$	0.4	$	1.2	$	(0.1)	$	—	$	(0.3)	$	0.3	$	(0.4)
Alternatives/Multi-Asset Solutions (2)
US	$	0.2	$	0.1	$	1.6	$	0.5	$	2.3	$	0.3	$	4.5
Global and Non-US	1.2		(0.1)		1.0		0.9		(1.3)		(1.6)		0.6
Total Alternatives/Multi-Asset Solutions (2)	$	1.4	$	—	$	2.6	$	1.4	$	1.0	$	(1.3)	$	5.1
Total Net Flows by Investment Service	$	(1.9)	$	(1.8)	$	0.5	$	0.9	$	1.1	$	(5.2)	$	2.5
Active vs. Passive Net Flows
Actively Managed
Equity	$	(0.2)	$	(5.0)	$	(6.2)	$	(6.1)	$	(4.5)	$	(10.5)	$	(16.8)
Fixed Income	(1.1)		2.5		7.5		6.3		6.0		9.8		19.8
Alternatives/Multi-Asset Solutions (2)	1.2		(0.3)		2.4		1.1		0.7		(1.7)		4.2
Total	$	(0.1)	$	(2.8)	$	3.7	$	1.3	$	2.2	$	(2.4)	$	7.2
Passively Managed (1)
Equity	$	(2.4)	$	(0.5)	$	(3.3)	$	(0.7)	$	(1.2)	$	(3.5)	$	(5.2)
Fixed Income	0.4		1.2		(0.1)		—		(0.3)		0.3		(0.4)
Alternatives/Multi-Asset Solutions (2)	0.2		0.3		0.2		0.3		0.4		0.4		0.9
Total	$	(1.8)	$	1.0	$	(3.2)	$	(0.4)	$	(1.1)	$	(2.8)	$	(4.7)
Total Active vs Passive Net Flows	$	(1.9)	$	(1.8)	$	0.5	$	0.9	$	1.1	$	(5.2)	$	2.5
Notes:

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


3Q 2024 Financial Supplement						19

Protection Solutions - Operating Earnings (Loss) and Summary Metrics


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

Revenues
Policy charges, fee income and premiums	$	516		$	544		$	528		$	532		$	537		4.1	%	$	1,560		$	1,597		2.4	%
Net investment income (loss)	260			233			257			260			258			(0.8)	%	719			775			7.8	%
Net derivative gains (losses)	7			(5)			—			(1)			1			(85.7)	%	(11)			—			100.0	%
Investment management, service fees and other income	39			35			40			43			43			10.3	%	105			126			20.0	%
Segment revenues	822			807			825			834			839			2.1	%	2,373			2,498			5.3	%

Benefits and other deductions
Policyholders’ benefits	512			444			487			473			455			(11.1)	%	1,531			1,415			(7.6)	%
Remeasurement of liability for future policy benefits	(16)			30			(4)			(12)			26			262.5	%	(12)			10			183.3	%

Interest credited to policyholders’ account balances	137			128			133			135			141			2.9	%	392			409			4.3	%
Commissions and distribution-related payments	37			51			40			43			43			16.2	%	107			126			17.8	%
Amortization of deferred policy acquisition costs	30			31			30			32			31			3.3	%	89			93			4.5	%
Compensation and benefits, interest expense and financing fees and other operating costs and expense	81			90			91			86			87			7.4	%	238			264			10.9	%
Segment benefits and other deductions	781			774			777			757			783			0.3	%	2,345			2,317			(1.2)	%

Operating earnings (loss), before income taxes	41			33			48			77			56			36.6	%	28			181			546.4	%
Income taxes	(7)			(5)			(7)			(11)			(8)			(14.3)	%	(5)			(26)			(420.0)	%
Operating earnings (loss), before noncontrolling interest	34			28			41			66			48			41.2	%	23			155			573.9	%
Less: Operating (earnings) loss attributable to the noncontrolling interest	—			—			—			1			(2)			(100.0)	%	—			(1)			(100.0)	%
Operating earnings (loss)	$	34		$	28		$	41		$	67		$	46		35.3	%	$	23		$	154		569.6	%

Summary Metrics

Operating earnings (loss) - TTM:	$	(18)		$	51		$	127		$	170		$	182		N/M		$	(18)		$	182		N/M

Benefit ratio	79.0		%	70.9		%	75.2		%	72.9		%	71.0		%			81.0		%	73.0		%

Gross written premiums	$	756		$	821		$	778		$	784		$	793		4.9	%	$	2,311		$	2,356		1.9	%

Annualized premiums	$	79		$	102		$	80		$	91		$	88		11.3	%	$	233		$	259		11.0	%

Total in-force face amount (in billions USD) (1)	$	413.2		$	412.3		$	413.2		$	411.7		$	410.3		(0.7)	%	$	413.2		$	410.3		(0.7)	%

Notes:

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


3Q 2024 Financial Supplement						20

Protection Solutions - Select Operating Metrics


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

Sales Metrics
First Year Premiums and Deposits by Product Line:
Universal Life	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Indexed Universal Life	4		2		2		3		3		9		8
Variable Universal Life	72		119		80		87		90		220		256
Term	3		3		3		2		2		9		8
Employee Benefits	24		29		28		29		32		75		89
Other (1)	—		1		—		—		—		—		—
Total	$	103	$	154	$	113	$	121	$	127	$	313	$	361

Renewals by Product Line:
Universal Life	$	187	$	175	$	169	$	166	$	179	$	554	$	514
Indexed Universal Life	71		68		74		69		67		220		210
Variable Universal Life	236		257		251		259		249		745		759
Term	88		92		92		86		86		271		264
Employee Benefits	68		71		75		80		81		197		236
Other (1)	3		4		4		3		4		11		11
Total	653		667		665		663		666		1,998		1,994
Total Gross Premiums	$	756	$	821	$	778	$	784	$	793	$	2,311	$	2,356

In-force Metrics
In-force Face Amount by Product (2) (in billions USD):
Universal Life (3)	$	41.5	$	40.9	$	40.6	$	39.6	$	39.1	$	41.5	$	39.1
Indexed Universal Life	27.1		26.9		26.6		26.5		26.3		27.1		26.3
Variable Universal Life (4)	135.4		136.9		138.1		139.0		140.1		135.4		140.1
Term	208.1		206.5		206.8		205.5		203.7		208.1		203.7
Whole Life	1.1		1.1		1.1		1.1		1.1		1.1		1.1
Total	$	413.2	$	412.3	$	413.2	$	411.7	$	410.3	$	413.2	$	410.3

In-force Policy Count by Product (2) (in thousands):
Universal Life (3)	123		122		120		118		116		123		116
Indexed Universal Life	63		63		63		62		62		63		62
Variable Universal Life (4)	292		291		290		290		290		292		290
Term	248		245		246		243		240		248		240
Whole Life	15		15		15		15		15		15		15
Total	741		736		734		728		723		741		723

Protection Solutions Reserves
General Account	$	17,949	$	18,184	$	18,167	$	18,150	$	18,318	$	17,949	$	18,318
Separate Accounts	14,782		16,337		17,560		17,761		18,684		14,782		18,684
Total	$	32,731	$	34,521	$	35,727	$	35,911	$	37,002	$	32,731	$	37,002

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.


3Q 2024 Financial Supplement						21


Wealth Management - Operating Earnings (Loss) and Summary Metrics


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

Revenues

Net investment income (loss)	$	4		$	4		$	4		$	4		$	4		—	%	$	9		$	12		33.3	%
Net derivative gains (losses)	—			—			—			—			—			—	%	—			—			—	%
Investment management, service fees and other income	386			404			419			438			446			15.5	%	1,134			1,303			14.9	%
Segment revenues	390			408			423			442			450			15.4	%	1,143			1,315			15.0	%

Benefits and other deductions




Commissions and distribution-related payments	244			253			260			282			281			15.2	%	715			823			15.1	%

Compensation and benefits, interest expense and financing fees and other operating costs and expense	93			95			105			99			103			10.8	%	278			307			10.4	%
Segment benefits and other deductions	337			348			365			381			384			13.9	%	993			1,130			13.8	%

Operating earnings (loss), before income taxes	53			60			58			61			66			24.5	%	150			185			23.3	%
Income taxes	(13)			(15)			(15)			(17)			(16)			(23.1)	%	(36)			(48)			(33.3)	%
Operating earnings (loss), before noncontrolling interest	40			45			43			44			50			25.0	%	114			137			20.2	%
Less: Operating (earnings) loss attributable to the noncontrolling interest	—			—			—			—			—			—	%	—			—			—	%
Operating earnings (loss)	$	40		$	45		$	43		$	44		$	50		25.0	%	$	114		$	137		20.2	%

Revenue by Activity Type

Investment management, service fees and other income:
Investment management and advisory fees	$	141		$	140		$	150		$	161		167			18.5	%	$	402		478			18.9	%
Distribution fees	229			246			253			260			262			14.4	%	685			775			13.1	%
Interest income	13			13			13			12			12			(8.4)	%	37			37			—	%
Service and other income	3			5			3			5			5			50.2	%	10			13			31.5	%
Total Investment management, service fees and other income	$	386		$	404		$	419		$	438		446			15.6	%	$	1,134		1,303			14.9	%
Summary Metrics
Pre-tax operating margin	13.6		%	14.7		%	13.7		%	13.8		%	14.7		%			13.1		%	14.1		%

Advisory net flows	$	909		$	544		$	(175)		$	1,539		$	1,860		104.6	%	2,434			$	3,224		32.5	%

Total AUA	$	79,359		$	87,047		$	91,936		$	93,816		$	100,431		26.6	%	$	79,359		$	100,431		26.6	%


3Q 2024 Financial Supplement						22


Wealth Management - Select Operating Metrics


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

AUA Roll-forward
Advisory assets :
Beginning assets	$	50,862	$	50,118	$	55,072	$	58,075	$	60,398	$	45,544	$	55,072
Net flows	909		544		(175)		1,539		1,860		2,434		3,224
Market appreciation (depreciation) and other	(1,654)		4,410		3,178		784		3,132		2,140		7,094
Advisory ending assets	$	50,118	$	55,072	$	58,075	$	60,398	$	65,390	$	50,118	$	65,390

Brokerage and direct assets	$	29,241	$	31,975	$	33,861	$	33,418	$	35,041	$	29,241	$	35,041





Total Wealth Management assets	$	79,359	$	87,047	$	91,936	$	93,816	$	100,431	$	79,359	$	100,431

Cash balances	$	2,771	$	2,953	$	2,804	$	2,695	$	2,767	$	2,771	$	2,767

Advisors
Advisors	4,141		4,406		4,320		4,358		4,396		4,141		4,396
Revenue per advisor TTM (in thousands USD)	$	359	$	370	$	380	$	386	$	394	$	359	$	394

Sales by Product Type
Advisory	$	2,369	$	2,518	$	2,866	$	3,304	$	3,725	$	7,000	$	9,895
Brokerage and direct	1,272		1,308		1,357		1,481		1,446		3,543		4,284
Retirement, premiums and deposits	2,965		3,324		3,565		3,504		3,539		9,220		10,608
Total sales	$	6,606	$	7,150	$	7,788	$	8,290	$	8,710	$	19,763	$	24,787


3Q 2024 Financial Supplement						23

Legacy - Operating Earnings (Loss) and Summary Metrics


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

Revenues
Policy charges, fee income and premiums	$	7		$	5		$	13		$	8		$	6		(14.3)	%	$	19		$	27		42.1	%
Net investment income (loss)	22			17			17			14			15			(31.8)	%	82			46			(43.9)	%
Net derivative gains (losses)	—			—			—			—			—			—	%	—			—			—	%
Investment management, service fees and other income	100			104			100			100			96			(4.0)	%	304			296			(2.6)	%
Segment revenues	129			126			130			122			117			(9.3)	%	405			369			(8.9)	%

Benefits and other deductions
Policyholders’ benefits	—			—			(1)			1			—			—	%	—			—			—	%
Remeasurement of liability for future policy benefits	—			—			(1)			1			—			—	%	—			—			—	%

Interest credited to policyholders’ account balances	9			7			9			8			9			—	%	29			26			(10.3)	%
Commissions and distribution-related payments	45			40			40			41			40			(11.1)	%	131			121			(7.6)	%
Amortization of deferred policy acquisition costs	16			15			16			15			16			—	%	48			47			(2.1)	%
Compensation and benefits, interest expense and financing fees and other operating costs and expense	20			25			26			21			20			—	%	55			67			21.8	%
Segment benefits and other deductions	90			87			89			87			85			(5.6)	%	263			261			(0.8)	%

Operating earnings (loss), before income taxes	39			39			41			35			32			(17.9)	%	142			108			(23.9)	%
Income taxes	(8)			(7)			(6)			(4)			(5)			37.5	%	(23)			(15)			34.8	%
Operating earnings (loss), before noncontrolling interest	31			32			35			31			27			(12.9)	%	119			93			(21.8)	%
Less: Operating (earnings) loss attributable to the noncontrolling interest	—			—			—			—			—			—	%	—			—			—	%
Operating earnings (loss)	$	31		$	32		$	35		$	31		$	27		(12.9)	%	$	119		$	93		(21.8)	%

Summary Metrics

Operating earnings (loss) - TTM:	$	184		$	151		$	133		$	129		$	125		(32.1)	%	$	184		$	125		(32.1)	%

Average Account Value (TTM)	$	21,290		$	21,484		$	21,751		$	21,786		$	21,820		2.5	%	$	21,290		$	21,820		2.5	%

Return on assets (TTM)	1.03		%	0.84		%	0.73		%	0.71		%	0.67		%			1.03		%	0.67		%




Net flows (1)	$	(560)		$	(648)		$	(658)		$	(667)		$	(712)		(27.1)	%	$	(1,650)		$	(2,037)		(23.5)	%

In-force Policy Count by Product (in thousands) (2):	275			270			263			257			251					275			251

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.
(3) Prior periods were updated to reflect the impact of moving payout annuity policies from Legacy to IR.


3Q 2024 Financial Supplement						24


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


















Account Values
General Account:
Balance as of beginning of period	$	598	$	557	$	524	$	504	$	486	$	619	$	524
Net flows (1)	(24)		(36)		(23)		(21)		(25)		(72)		(69)
Investment performance, interest credited and policy charges (1)	(17)		3		3		3		4		10		10

Balance as of end of period	$	557	$	524	$	504	$	486	$	465	$	557	$	465
Separate Accounts:
Balance as of beginning of period	$	21,485	$	20,033	$	21,316	$	22,010	$	21,417	$	20,557	$	21,316
Net flows (1)	(536)		(612)		(635)		(646)		(687)		(1,578)		(1,968)
Investment performance, interest credited and policy charges (1)	(916)		1,895		1,329		53		1,059		1,054		2,441

Balance as of end of period	$	20,033	$	21,316	$	22,010	$	21,417	$	21,789	$	20,033	$	21,789
Total:
Balance as of beginning of period	$	22,083	$	20,590	$	21,840	$	22,514	$	21,903	$	21,176	$	21,840
Net flows (1)	(560)		(648)		(658)		(667)		(712)		(1,650)		(2,037)
Investment performance, interest credited and policy charges (1)	(933)		1,898		1,332		56		1,063		1,064		2,451

Balance as of end of period	$	20,590	$	21,840	$	22,514	$	21,903	$	22,254	$	20,590	$	22,254
Net Amount at Risk (NAR)
Total GMIB NAR	$	2,767	$	2,822	$	2,502	$	2,462	$	2,692	$	2,767	$	2,692
Total GMDB NAR	$	10,690	$	9,465	$	8,982	$	8,984	$	8,472	$	10,690	$	8,472
MRB Reserves (Net of Reinsurance)	$	3,243	$	3,998	$	3,368	$	3,429	$	3,416	$	3,243	$	3,416


Notes:
(1) Net of the Venerable transaction.
(2) Prior periods were updated to reflect the impact of moving payout annuity policies from Legacy to IR.


3Q 2024 Financial Supplement						25

Investments


3Q 2024 Financial Supplement						26

Consolidated Investment Portfolio Composition


	Balances as of
(in millions USD, unless otherwise indicated)	December 31, 2023				September 30, 2024
	Amount (1)		% of Total		Amount (1)		% of Total
Composition of investment portfolio
Fixed maturities, available-for-sale, at fair value	$	67,030	60.7	%	$	76,245	61.6	%
Fixed maturities, at fair value using the fair value option	1,654		1.5	%	1,700		1.4	%
Mortgage loans on real estate	18,171		16.5	%	19,237		15.5	%
Policy loans	4,158		3.8	%	4,293		3.5	%
Other equity investments	3,384		3.1	%	3,731		3.0	%
Other invested assets	6,719		6.1	%	6,825		5.5	%
Subtotal investment assets	101,116		91.6	%	112,031		90.5	%
Trading securities	1,057		1.0	%	2,215		1.8	%
Total investments	102,173		92.5	%	114,246		92.3	%
Cash and cash equivalents	8,239		7.5	%	9,579		7.7	%
Total	$	110,412	100.0	%	$	123,825	100.0	%

General Account AFS Fixed maturities by industry (Based on amortized cost)
Corporate securities:
Finance	$	13,181	17.9	%	$	16,019	19.8	%
Manufacturing	11,333		15.4	%	11,816		14.6	%
Utilities	6,838		9.3	%	7,839		9.7	%
Services	8,242		11.2	%	8,874		10.9	%
Energy	3,758		5.1	%	2,790		3.4	%
Retail and wholesale	3,253		4.4	%	2,556		3.2	%
State and Political	—		—	%	—		—	%
Transportation	2,493		3.4	%	1,585		2.0	%
Other	190		0.3	%	1,368		1.7	%
Total corporate securities	49,288		67.0	%	52,847		65.2	%
U.S. government and agency	5,735		7.8	%	5,795		7.1	%
Residential mortgage-backed (2)	2,470		3.4	%	3,934		4.9	%
Preferred stock	56		0.1	%	56		0.1	%
State & municipal	614		0.8	%	472		0.6	%
Foreign governments	719		1.0	%	703		0.9	%
Commercial mortgage-backed	3,595		4.9	%	3,978		4.9	%
Asset-backed securities	11,049		15.0	%	13,287		16.4	%
Total	$	73,526	100.0	%	$	81,072	100.0	%

General Account AFS Fixed maturities credit quality (3) (Based on amortized cost)
Aaa, Aa, A (NAIC Designation 1)	$	47,694	64.9	%	$	53,791	66.3	%
Baa (NAIC Designation 2)	23,476		31.9	%	25,541		31.5	%
Investment grade	71,170		96.8	%	79,332		97.9	%
Below investment grade (NAIC Designation 3 and 4)	2,356		3.2	%	1,740		2.1	%
Total	$	73,526	100.0	%	$	81,072	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.


3Q 2024 Financial Supplement						27


Consolidated Results of General Account Investment Portfolio


	For the Nine Months Ended or As of								Years Ended or As of
(in millions USD, unless otherwise indicated)	September 30, 2023				September 30, 2024				December 31, 2023
	Yield		Amount (2)		Yield		Amount (2)		Yield		Amount (2)
Fixed Maturities:
Income (loss)	4.11	%	$	2,251	4.40	%	$	2,544	4.17	%	$	3,103
Ending assets			73,776				81,072				73,526
Mortgages:
Income (loss)	4.66	%	599		5.12	%	718		4.65	%	806
Ending assets			17,655				19,238				18,171
Other Equity Investments (1):
Income (loss)	3.40	%	89		7.61	%	202		3.88	%	135
Ending assets			3,389				3,540				3,433
Trading Securities:
Income	—	%	—		4.81	%	9		—	%	—
Ending assets			—				497				—
Policy Loans:
Income	5.21	%	158		5.27	%	167		5.30	%	216
Ending assets			4,089				4,293				4,158
Cash and Short-term Investments: (3)
Income (loss)	(2.88)	%	(66)		(3.35)	%	(148)		(2.51)	%	(81)
Ending assets			2,822				5,045				4,718
Funding Agreements:
Interest expense and other			(326)				(246)				(425)
Ending (liabilities)			(8,175)				(7,165)				(7,616)
Total invested Assets:
Income (loss)	3.92	%	2,706		4.23	%	3,246		3.98	%	3,754
Ending assets			93,557				106,520				96,389
Short Duration Fixed Maturities:
Income (loss)	3.96	%	2		—	%	—		4.14	%	3
Ending assets			62				—				16
Total Net Investment Income:
Investment income	3.92	%	2,708		4.23	%	3,246		3.98	%	3,757
Less: investment fees (4)	(0.18)	%	(123)		(0.18)	%	(137)		(0.18)	%	(166)
Investment income, net	3.74	%	$	2,585	4.05	%	$	3,109	3.80	%	$	3,591
General Account Ending Net Assets			$	93,619			$	106,520			$	96,405
Operating Earnings adjustments:
Funding Agreements interest expense			326				246				425
AB and other non-General Account investment income			170				276				249
Operating Net investment income (loss)			$	3,080			$	3,631			$	4,265
Notes:

(1) Includes, as of September 30, 2023, September 30, 2024 and December 31, 2023, $436 million, $412 million and $361 million of other invested assets. Amounts for certain consolidated VIE investments are shown net of associated non-controlling interest.
(2) Amount for fixed maturities and mortgages represents original cost, reduced by repayments, write-downs, adjusted amortization of premiums, accretion of discount and allowances. Cost for equity securities represents original cost reduced by write-downs; cost for other limited partnership interests represents original cost adjusted for equity in earnings and reduced by distributions.
(3) Cash and Short-term net of collateral expense.
(4) Fixed maturities yield excludes out of period income adjustment.


3Q 2024 Financial Supplement						28

Additional Information


3Q 2024 Financial Supplement						29


Deferred Policy Acquisition Costs Rollforward


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

TOTAL
Beginning balance	$	6,512	$	6,599	$	6,705	$	6,804	$	6,924	$	6,369	$	6,705
Capitalization of commissions, sales and issue expenses	252		274		270		291		291		702		852
Amortization	(165)		(168)		(171)		(171)		(184)		(472)		(526)
Ending balance	$	6,599	$	6,705	$	6,804	$	6,924	$	7,031	$	6,599	$	7,031

Individual Retirement
Beginning balance	$	3,347	$	3,426	$	3,508	$	3,601	$	3,703	$	3,219	$	3,508
Capitalization of commissions, sales and issue expenses	181		187		202		213		222		490		637
Amortization	(102)		(105)		(109)		(111)		(118)		(283)		(338)
Ending balance	$	3,426	$	3,508	$	3,601	$	3,703	$	3,807	$	3,426	$	3,807

Group Retirement
Beginning balance	$	808	$	814	$	825	$	828	$	839	$	800	$	825
Capitalization of commissions, sales and issue expenses	20		25		18		20		18		58		56
Amortization	(14)		(14)		(15)		(9)		(15)		(44)		(39)
Ending balance	$	814	$	825	$	828	$	839	$	842	$	814	$	842

Protection Solutions
Beginning balance	$	1,660	$	1,676	$	1,700	$	1,714	$	1,731	$	1,630	$	1,700
Capitalization of commissions, sales and issue expenses	46		55		44		49		46		135		139
Amortization	(30)		(31)		(30)		(32)		(32)		(89)		(94)
Ending balance	$	1,676	$	1,700	$	1,714	$	1,731	$	1,745	$	1,676	$	1,745

Legacy
Beginning balance	$	575	$	564	$	555	$	546	$	538	$	593	$	555
Capitalization of commissions, sales and issue expenses	5		7		6		8		5		19		19
Amortization	(16)		(16)		(15)		(16)		(16)		(48)		(47)
Ending balance	$	564	$	555	$	546	$	538	$	527	$	564	$	527

Corporate and Other
Beginning balance	$	122	$	119	$	117	$	115	$	113	$	127	$	117
Capitalization of commissions, sales and issue expenses	—		—		—		1		—		—		1
Amortization	(3)		(2)		(2)		(3)		(3)		(8)		(8)
Ending balance	$	119	$	117	$	115	$	113	$	110	$	119	$	110


3Q 2024 Financial Supplement						30


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 MRB and purchased MRB, including the related attributed fees and claims, offset by derivatives and other securities used to hedge the MRB which result in residual net income volatility as the change in fair value of certain securities is reflected in OCI and due to our statutory capital hedge program; and (ii) market adjustments to deposit asset or liability accounts arising from reinsurance agreements which do not expose the reinsurer to a reasonable possibility of a significant loss from insurance risk;
•			Investment (gains) losses, which includes credit loss impairments of securities/investments, sales or disposals of securities/investments, realized capital gains/losses and valuation allowances;
•			Net actuarial (gains) losses, which includes actuarial gains and losses as a result of differences between actual and expected experience on pension plan assets or projected benefit obligation during a given period related to pension, other postretirement benefit obligations, and the one-time impact of the settlement of the defined benefit obligation;
•			Other adjustments, which primarily include restructuring costs related to severance and separation, lease write-offs related to non-recurring restructuring activities, 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 when the majority of the impact relates to the non-core business; and
•			Income tax expense (benefit) related to the above items and non-recurring tax items, which includes the effect of uncertain tax positions for a given audit period and changes to the deferred tax valuation allowance.


In the 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 nine months ended September 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.

During the third quarter 2024, the Company moved revenues and expenses related to payout annuitizations from the Legacy segment to the Individual Retirement segment. Now all payout annuities will be reported within the Individual Retirement segment as the block is managed on an aggregate basis. Prior periods have been recast to reflect this change.
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.


3Q 2024 Financial Supplement						31


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.


3Q 2024 Financial Supplement						32

Reconciliation of Non-GAAP Measures (1/3)


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

Net income (loss) attributable to Holdings
Net income (loss) attributable to Holdings	$	1,064	$	(698)	$	114	$	428	$	(134)	$	2,000	$	408
Adjustments related to:
Variable annuity product features (1)	(1,380)		1,191		319		79		738		(584)		1,136
Investment gains (losses), net	411		159		39		16		46		554		101

Net actuarial gains (losses) related to pension and other postretirement benefit obligations	8		13		17		14		13		26		44
Other adjustments (2) (3) (4)	91		153		91		(32)		—		198		59
Income tax (expense) benefit related to above adjustments	183		(319)		(98)		(16)		(167)		(40)		(281)
Non-recurring tax items (5)	36		(23)		8		5		5		(936)		18
Non-GAAP Operating Earnings	$	413	$	476	$	490	$	494	$	501	$	1,218	$	1,485

Net income (loss) attributable to Holdings	$	3.06	$	(2.07)	$	0.34	$	1.31	$	(0.42)	$	5.62	$	1.25
Less: Preferred stock dividends	0.04		0.08		0.04		0.08		0.05		0.15		0.17
Net income (loss) available to Holdings' common shareholders	3.02		(2.15)		0.30		1.23		(0.47)		5.47		1.08
Adjustments related to:
Variable annuity product features (1)	(3.97)		3.53		0.96		0.24		2.32		(1.64)		3.47
Investment gains (losses), net	1.18		0.47		0.12		0.05		0.14		1.56		0.31

Net actuarial gains (losses) related to pension and other postretirement benefit obligations	0.02		0.04		0.05		0.04		0.04		0.07		0.13
Other adjustments (2) (3) (4)	0.27		0.46		0.27		(0.10)		—		0.55		0.19
Income tax (expense) benefit related to above adjustments	0.53		(0.95)		(0.29)		(0.05)		(0.52)		(0.11)		(0.86)
Non-recurring tax items (5)	0.10		(0.07)		0.02		0.02		0.02		(2.63)		0.05
Non-GAAP Operating Earnings (loss) available to Holdings' common shareholders	$	1.15	$	1.33	$	1.43	$	1.43	$	1.53	$	3.27	$	4.37

Book Value per common share
Book Value per common share	$	0.23	$	3.26	$	1.43	$	0.25	$	5.26	$	0.23	$	5.26
Less: Per share impact of AOCI	(28.66)		(23.30)		(24.93)		(26.88)		(20.90)		(28.66)		(20.90)
Book value per common share (ex. AOCI)	$	28.90	$	26.56	$	26.36	$	27.14	$	26.16	$	28.90	$	26.16



Notes:
(1) Includes the impact of favorable assumption updates of $16 million for the three and nine months ended September 30, 2024, respectively and 40 million for the three and nine months ended September 30, 2023, respectively. The impact per common share is $0.05 for the three and nine months ended September 30, 2024, respectively and 0.11 for the three and nine months ended September 30, 2023, respectively.
(2) Includes certain gross legal expenses related to the COI litigation of $0 million and $106 million for the three and nine months ended September 30, 2024, respectively, and $0 million and $35 million for the three and nine months ended September 30, 2023, respectively. Includes the impact of unfavorable annual actuarial assumptions updates related to LFPB of $61 million for the three and nine months ended September 30, 2023. The legal accruals impact per common share is $0 and $0.32 for the three and nine months ended September 30, 2024, respectively, and $0 and $0.10 for the three and nine months ended September 30, 2023, respectively. Includes the impact of unfavorable annual actuarial assumptions updates related to LFPB of $0.18 and $0.17 for the three and nine months ended September 30, 2023.
(3) For the nine months ended September 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 nine months ended September 30, 2024.
(4) For the three and nine months ended September 30, 2024, includes $78 million contingent payment gain recognized in connection with a fair value remeasurement of the contingent payment liability associated with AB's acquisition of CarVal in 2022. The impact per common share is $0.24 for the three and nine months ended September 30, 2024, respectively.
(5) For the three and nine months ended September 30, 2024 and 2023, respectively, non-recurring tax items reflect primarily the effect of uncertain tax positions for a given audit period. An increase of the deferred tax valuation allowance of $20 million and a decrease of $970 million for the three and nine months ended September 30, 2023, respectively. The impact per common share is $0.06 and $2.73 for the three and nine months ended September 30, 2023, respectively.


3Q 2024 Financial Supplement						33


Reconciliation of Non-GAAP Measures (2/3)

	As of and for the Twelve Months Ended
(in millions USD, unless otherwise indicated)	3/31/2024			6/30/2024			9/30/2024

Net Income to Non-GAAP Operating Earnings
Net income (loss) attributable to Holdings	$	1,239		$	908		$	(290)
Adjustments related to:
Variable annuity product features	65			209			2,327
Investment (gains) losses	665			625			260

Net actuarial (gains) losses related to pension and other postretirement benefit obligations	47			52			57
Other adjustments	397			303			212
Income tax (expense) benefits related to above adjustments	(247)			(250)			(600)
Non-recurring tax items	(346)			26			(5)
Non-GAAP Operating Earnings	$	1,820		$	1,873		$	1,961

Return on Equity and Non-GAAP Operating Return on Equity - Trailing twelve months
Net income (loss) attributable to Holdings	$	1,239		$	908		$	(290)
Less: Preferred stock	(80)			(80)			(80)
Net income (loss) available to Holdings' common shareholders	$	1,159		$	828		$	(370)
Average equity attributable to Holdings' common shareholders (ex. AOCI)	$	9,045		$	9,048		$	8,872

Return on Equity (ex. AOCI)	12.8		%	9.2		%	(4.2)		%

Non-GAAP Operating Earnings	$	1,820		$	1,873		$	1,961
Less: Preferred stock	(80)			(80)			(80)
Non-GAAP Operating Earnings available to Holdings' common shareholders	$	1,740		$	1,793		$	1,881
Average equity attributable to Holdings' common shareholders (ex. AOCI)	$	9,045		$	9,048		$	8,872

Non-GAAP Operating Return on Equity (ex. AOCI)	19.2		%	19.8		%	21.2		%


3Q 2024 Financial Supplement						34


Reconciliation of Non-GAAP Measures (3/3)

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

Equity Reconciliation - Quarter-end Balances
Total equity attributable to Holdings' shareholders	$	1,401	$	3,754	$	3,553	$	1,642	$	2,649	$	2,032	$	1,644	$	3,220
Less: Preferred Stock	1,562		1,562		1,562		1,562		1,562		1,562		1,562		1,562
Total equity attributable to Holdings' common shareholders	(161)		2,192		1,991		80		1,087		470		82		1,658
Less: Accumulated other comprehensive income (loss)	(8,992)		(6,516)		(7,142)		(9,802)		(7,777)		(8,166)		(8,645)		(6,595)
Total equity attributable to Holdings' common shareholders (ex. AOCI)	$	8,831	$	8,708	$	9,133	$	9,882	$	8,864	$	8,636	$	8,727	$	8,253


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

Equity Reconciliation - Twelve Month Rolling Average
Total equity attributable to Holdings' shareholders	$	4,610	$	3,567	$	3,030	$	2,588	$	2,900	$	2,469	$	1,992	$	2,386
Less: Preferred Stock	1,562		1,562		1,562		1,562		1,562		1,562		1,562		1,562
Total equity attributable to Holdings' common shareholders	3,048		2,005		1,468		1,026		1,338		907		430		824
Less: Accumulated other comprehensive income (loss)	(5,333)		(6,636)		(7,380)		(8,113)		(7,809)		(8,222)		(8,598)		(7,796)
Total equity attributable to Holdings' common shareholders (ex. AOCI)	$	8,381	$	8,641	$	8,848	$	9,139	$	9,147	$	9,129	$	9,027	$	8,620


3Q 2024 Financial Supplement						35


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.


3Q 2024 Financial Supplement						36


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.


3Q 2024 Financial Supplement						37

Analyst Coverage, Ratings & Contact Information

Analyst Coverage

Firm

Analyst

Phone Number

Barclays

Alex Scott

1 (212) 526-1561

Deutsche Bank

Cave Montazeri

1 (212) 250-2798

Dowling & Partners

Joel Hurwitz

1 (860) 676-7312

Evercore ISI

Thomas Gallagher

1 (212) 446-9439

Goldman Sachs

Alex Scott

1 (212) 902-9592

Jefferies

Suneet Kamath

1 (212) 778-8602

J.P. Morgan

Jimmy Bhullar

1 (212) 622-6397

Keefe, Bruyette, & Woods

Ryan Krueger

1 (860) 722-5930

Morgan Stanley

Bob Jian Huang

1 (212) 761-6136

Raymond James

Wilma Burdis

1 (727) 567-9371

Truist Securities

Mark Hughes

1 (615) 748-4422

UBS

Brian Meredith

1 (212) 713-2492

Wells Fargo Securities

Elyse Greenspan

1 (212) 214-8031

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

Ratings

A.M. Best

S&P

Moody’s

Last review date

Feb '24

May '24

Financial Strength Ratings:

Equitable Financial Life Insurance Company

A+

Equitable Financial Life Insurance Company of America

A+

Credit Ratings:

Equitable Holdings, Inc.

bbb+

A-

Baa1

AllianceBernstein L.P. (1)

—

Investor and Media Contacts

Contact Investor Relations

Contact Media Relations

Erik Bass

Thomas Lewis

Rowan Clymer

Sophia Kim

(212) 314-2476

(212) 314-2010

IR@equitable.com

MediaRelations@equitable.com

ir.equitableholdings.com

www.equitableholdings.com

Notes:

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


3Q 2024 Financial Supplement						38

COVER	Nov. 04, 2024
Entity Information [Line Items]
Document Type	8-K
Document Period End Date	Nov. 04, 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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