Equitable Holdings, Inc. Form 8-K Current Report Filed 2025-08-05

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): August 5, 2025

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))

Securities registered pursuant to Section 12(b) of the Act:

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 August 5, 2025, Equitable Holdings, Inc. (“EQH”) issued a press release announcing its financial results for the quarter ended June 30, 2025. A copy of the press release containing this information is furnished as Exhibit 99.1 hereto and is incorporated herein by reference. In addition, more detailed financial information may be found in EQH’s Financial Supplement for the quarter ended June 30, 2025. A copy of the Financial Supplement for the quarter ended June 30, 2025 is furnished as Exhibit 99.2 hereto and is incorporated herein by reference.

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

Item 7.01 Regulation FD Disclosure.

In connection with its earnings call for the quarter ended June 30, 2025, 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, August 5, 2025.

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 August 5, 2025 (furnished and not filed)
99.2			Financial Supplement for the quarter ended June 30, 2025 (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: August 5, 2025	By:	/s/ William Eckert
	Name:	William Eckert
	Title:	Chief Accounting Officer (Principal Accounting Officer)

EQUITABLE HOLDINGS REPORTS SECOND QUARTER 2025 RESULTS

_______________________________________

•Closed Individual Life reinsurance transaction with RGA on July 31st, generating over $2 billion of value and reducing mortality exposure by 75%

•Combined NAIC RBC ratio over 500% following the Life reinsurance transaction and $1.7 billion of planned insurance subsidiary dividends to Holdings in the second half of 2025

•Positive net flows of $1.9 billion in Retirement1 and $2.0 billion in Wealth Management; active net outflows of $4.8 billion in Asset Management

•Net loss of $349 million, or $(1.21) per share

•Non-GAAP operating earnings2 of $352 million, or $1.10 per share; adjusting for notable items3, Non-GAAP operating earnings were $447 million, or $1.41 per share

•Returned $318 million to shareholders in the second quarter, above 60-70% payout ratio target

_______________________________________

New York, NY, August 5, 2025 — Equitable Holdings, Inc. (“Equitable Holdings”, “Holdings”, or the “Company”) (NYSE: EQH) today announced financial results for the second quarter ended June 30, 2025.

“We reported second quarter Non-GAAP operating earnings per share of $1.10, or $1.41 excluding notable items, down 8% from the prior year quarter. While results were below our expectations in the quarter, primarily due to elevated mortality in our Individual Life block, we continue to see strong organic growth momentum, highlighted by net flows of $1.9 billion in Retirement and $2.0 billion in Wealth Management. In addition, we achieved several strategic milestones. Most notably, we closed our Individual Life reinsurance transaction with RGA on July 31st creating over $2 billion of value, further strengthening our balance sheet and reducing our exposure to future mortality claims by 75%. This will enhance focus on our core growth drivers of retirement, asset management and wealth management and drive significant shareholder value as we redeploy the proceeds,” said Mark Pearson, President and Chief Executive Officer.

Mr. Pearson concluded, “Looking forward, we see strong growth momentum, supported by the flywheel benefits of our integrated business model. We expect earnings per share growth to accelerate in the second half of 2025 and remain confident in achieving our 2027 financial targets of $2 billion in annual cash generation, a 12-15% earnings per share growth CAGR, and a 60-70% payout ratio.”

1 Retirement includes Individual Retirement and Group Retirement segments.

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

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


Consolidated Results
	Second Quarter
(in millions, except per share amounts or unless otherwise noted)	2025		2024
Total Assets Under Management/Administration (“AUM/A”, in billions)	$	1,070	$	987
Net income (loss) attributable to Holdings	(349)		428
Net income (loss) attributable to Holdings per common share	(1.21)		1.23
Non-GAAP operating earnings	352		495
Non-GAAP operating earnings per common share (“EPS”)	1.10		1.43

As of June 30, 2025, total AUM/A was $1.1 trillion, a year-over-year increase of 8%, driven by positive net flows and higher markets over the prior twelve months.

Net income (loss) attributable to Holdings for the second quarter of 2025 was $(349) million compared to $428 million in the second quarter of 2024.

Non-GAAP operating earnings in the second quarter of 2025 were $352 million compared to $495 million in the second quarter of 2024. Adjusting for notable items4 of $95 million, second quarter 2025 Non-GAAP operating earnings were $447 million or $1.41 per share.

As of June 30, 2025, book value per common share including accumulated other comprehensive income (“AOCI”) was $(0.26). Book value per common share excluding AOCI was $24.37. Both of these measures reflect The Company’s 69% ownership stake in AllianceBernstein (“AB”) at book value. Book value per common share excluding AOCI but with AB reflected at fair market value was $40.89.

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

Business Highlights

•Second quarter 2025 business segment highlights:

◦Individual Retirement (“IR”) reported net inflows of $1.7 billion, and first year premiums of $4.8 billion were up 7% over the prior year.

◦Group Retirement (“GR”) reported net inflows of $217 million, with net inflows in the institutional and tax-exempt channels, partially offset by net outflows in the corporate channel.

◦Asset Management (AllianceBernstein or “AB”)5 reported active net outflows of $4.8 billion which were concentrated in April due to market volatility.

◦Protection Solutions (“PS”) reported $776 million of gross written premiums, with accumulation-oriented VUL first year premiums up 14% and Employee Benefits first year premiums up 7% over the prior year.

◦Wealth Management (“WM”) reported advisory net inflows of $2.0 billion, with total assets under administration reaching $110 billion.

◦Legacy (“L”) had $580 million of net outflows and is running off at $2-$3 billion annually.

•Capital management program:

◦The Company returned $318 million to shareholders in the second quarter, including $82 million of quarterly cash dividends and $236 million of share repurchases.

◦The Company closed the Individual Life reinsurance transaction on July 31st, which frees over $2 billion of capital and reduces exposure to mortality volatility by 75%.

◦The Company reinsured approximately $30 billion of group annuity liabilities to its Bermuda entity which will improve the visibility into and consistency of future cash generation.

◦The Company expects to take $1.7 billion of dividends to Holdings in the second half of 2025, including $0.7 billion of organic cash generation and $1.0 billion of individual life transaction proceeds. The Company has received approval for any required extraordinary dividends.

◦The Company maintained its strong financial condition with a combined NAIC RBC ratio of greater than 500%, pro-forma for the individual life transaction and planned dividends to Holdings. In addition, the Company reported cash and liquid assets of $0.8 billion at Holdings6 as of quarter end, which is above the $500 million minimum target.

•Delivering shareholder value:

◦The Company has deployed over $15 billion of its $20 billion capital commitment to AB. This supports growth in AB’s Private Markets business, which currently has $77 billion of 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.

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

6 Excludes c.$250 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)	Q2 2025		Q2 2024
Account value (in billions)	$	118.6	$	102.3
Segment net flows (in billions)	1.7		1.9
Operating earnings (loss)	215		246

•Account value increased by 16%, driven by market performance and net inflows over the prior twelve months.

•Net inflows of $1.7 billion were modestly lower than the prior year quarter, and first year premiums of $4.8 billion increased by 7%.

•Operating earnings of $215 million were down versus the prior year quarter, primarily due to lower fee-based revenues, higher commission expenses and higher DAC amortization.

•Operating earnings adjusted for notable items7 decreased from $250 million in the prior year quarter to $217 million. Notable items of $2 million in the current period reflect lower net investment income from alternatives.

Group Retirement


(in millions, unless otherwise noted)	Q2 2025		Q2 2024
Account value (in billions)	$	42.9	$	39.3
Segment net flows	217		408
Operating earnings (loss)	124		125

•Account value increased by 9%, primarily due to market performance over the prior twelve months.

•Net inflows were $217 million in the second quarter as institutional and tax-exempt net inflows were partially offset by net outflows in corporate and other run-off products.

•Operating earnings decreased from $125 million in the prior year quarter to $124 million, as higher expenses were partially offset by higher fee-based revenues.

•Operating earnings adjusted for notable items8 decreased from $129 million in the prior year quarter to $127 million. Notable items were $3 million in the quarter reflecting lower net investment income from alternatives.

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

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

Asset Management


(in millions, unless otherwise noted)	Q2 2025		Q2 2024
Total AUM (in billions)	$	829.1	$	769.5
Segment net flows (in billions)	(6.7)		0.9
Operating earnings (loss)	131		101

•AUM increased by 8% due to market performance over the prior twelve months.

•Net outflows were $6.7 billion in the quarter, including net outflows of $4.8 billion in Retail, $1.5 billion in Institutional, and $0.4 billion in Private Wealth. Net outflows were primarily concentrated in April due to market volatility.

•Operating earnings increased from $101 million in the prior year quarter to $131 million, primarily driven by higher base fees and an increased ownership percentage.

Protection Solutions


(in millions)	Q2 2025		Q2 2024
Gross written premiums	$	776	$	784
Annualized premiums	102		91
Operating earnings (loss)	(58)		72

•Annualized premiums increased by 12% year-over-year, driven by growth in Employee Benefits and accumulation-oriented VUL.

•Operating earnings decreased from $72 million in the prior year quarter to $(58) million due to elevated mortality claims.

•Operating earnings adjusted for notable items9 decreased from $81 million in the prior year quarter to $16 million. Notable items of $74 million this period primarily reflect lated reported COLI claims and associated expenses resulting from a third-party administrator issue. In addition, notables reflect lower net investment income from alternatives.

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

Wealth Management


(in millions, unless otherwise noted)	Q2 2025		Q2 2024
Total AUA (in billions)	$	110.3	$	94.8
Advisory net new assets (in billions)	2.0		1.6
Operating earnings (loss)	51		44

•AUA increased by 16% due to market performance and net inflows over the last twelve months.

•Advisory net inflows were $2.0 billion in the quarter, supported by an 8% year-over-year increase in advisor productivity.

•Operating earnings increased from $44 million in the prior year quarter to $51 million, primarily due to higher advisory and distribution fees.

Legacy


(in millions)	Q2 2025		Q2 2024
Account value (in billions)	$	20.5	$	21.9
Net Flows	(580)		(667)
Operating earnings (loss)	28		28

•Account value decreased by 6% versus the prior year period due to expected outflows as the block runs off.

•Net outflows of $580 million were in line with expectations as this business continues to run-off at $2 billion to $3 billion annually.

•Operating earnings of $28 million were flat versus prior year.

Corporate and Other (“C&O”)

The operating loss of $139 million in the second quarter increased from an operating loss of $121 million in the prior year quarter. After adjusting for notable items10, the operating loss increased from $108 million in the prior year quarter to $123 million.

10 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 June 30,
(in millions)	2025		2024
Non-GAAP Operating Earnings	$	352	$	495
Post-tax Adjustments related to notable items:
Individual Retirement	2		4
Group Retirement	3		4
Asset Management	—		—
Protection Solutions	74		9
Wealth Management	—		—
Legacy	—		—
Corporate & Other	16		13
Notable items subtotal	95		30

Impact of actuarial assumption update	—		—
Non-GAAP Operating Earnings, less Notable Items	$	447	$	525

Impact of notable items by item category:


	Three Months Ended June 30,
(in millions)	2025		2024
Non-GAAP Operating Earnings	$	352	$	495
Pre-tax adjustments related to notable Items:
Late reported claims & associated expenses	73		—

Expenses	26		11
Alternatives vs. plan	15		25
Subtotal	114		37
Tax adjustment	(19)		(6)
Post-tax impact of notable Items	95		30

Impact of actuarial assumption update	—		—
Non-GAAP Operating Earnings, less Notable Items	$	447	$	525

Earnings Conference Call

Equitable Holdings will host a conference call at 9 a.m. ET on August 6, 2025 to discuss its second quarter 2025 results. The conference call webcast, along with additional earnings materials, will be accessible on the company’s investor relations website at ir.equitableholdings.com. Please log on to the webcast at least 15 minutes prior to the call to download and install any necessary software.

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

EQH Second Quarter 2025 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 trillion in assets under management and administration (as of 6/30/2025) 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 4,500 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

Laura Yagerman

(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,” “forecasts,” “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, changes in tariffs and trade barriers, 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; (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, and Non-GAAP operating earnings per share. 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, 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, 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.

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 are reported within the Individual Retirement segment as the block is managed on an aggregate basis. Prior periods were 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 six months ended June 30, 2025 and 2024:


	Three Months Ended June 30,				Six Months Ended June 30,
(in millions)	2025		2024		2025		2024
Net income (loss) attributable to Holdings	$	(349)	$	428	$	(286)	$	520
Adjustments related to:
Variable annuity product features (1)	934		81		1,145		411
Investment (gains) losses	71		16		85		55
Net actuarial (gains) losses related to pension and other postretirement benefit obligations	11		14		22		31
Other adjustments (2)	(137)		(33)		68		58
Income tax expense (benefit) related to above adjustments	(185)		(16)		(277)		(116)
Non-recurring tax items	7		5		16		13
Non-GAAP Operating Earnings	$	352	$	495	$	773	$	972

______________

(1)As a result of the novation of certain Legacy VA policies completed during the first quarter of 2025, the Company recorded a loss of $499 million in pre-tax net income and an increase of $263 million in pre-tax AOCI, for a total impact loss of $236 million for the six months ended June 30, 2025.

(2)Includes a gain of $198 million and $33 million on Non-VA derivatives for the three and six months ended June 30, 2025, respectively. Also includes $14 million of expense related to a disputed billing practice of an AB third-party service provider for the three and six months ended June 30, 2025, respectively, and certain gross legal expenses related to the COI litigation of $106 million for the six months ended June 30, 2024.

Non-GAAP Operating EPS

Non-GAAP Operating Earnings per common share is calculated by dividing Non-GAAP Operating Earnings less preferred stock dividends by diluted common shares outstanding. The table below presents a reconciliation of GAAP EPS to Non-GAAP Operating EPS for the six months ended June 30, 2025 and 2024.


	Three Months Ended June 30,				Six Months Ended June 30,
(per share amounts)	2025		2024		2025		2024
Net income (loss) attributable to Holdings	$	(1.15)	$	1.31	$	(0.94)	$	1.57
Less: Preferred stock dividend	0.06		0.08		0.10		0.12
Net Income (loss) available to common shareholders	(1.21)		1.23		(1.04)		1.45
Adjustments related to:
Variable annuity product features (1)	3.08		0.25		3.75		1.24
Investment (gains) losses	0.23		0.05		0.28		0.17
Net actuarial (gains) losses related to pension and other postretirement benefit obligations	0.04		0.04		0.07		0.09
Other adjustments (2)	(0.45)		(0.11)		0.23		0.18
Income tax expense (benefit) related to above adjustments	(0.61)		(0.05)		(0.91)		(0.35)
Non-recurring tax items	0.02		0.02		0.05		0.04
Non-GAAP Operating Earnings	$	1.10	$	1.43	$	2.43	$	2.82

_______________

(1)As a result of the novation of certain Legacy VA policies completed during the first quarter of 2025, the Company recorded a loss of $1.63 for the six months ended June 30, 2025.

(2)Includes a gain of $0.65 and $0.11 on Non-VA derivatives for the three and six months ended June 30, 2025, respectively. Also includes $0.05 of expense related to a disputed billing practice of an AB third-party service provider for the three and six months ended June 30, 2025, respectively, and certain gross legal expenses related to the COI litigation of $0.32 for the six months ended June 30, 2024.

Book Value per common share, excluding AOCI

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


	June 30, 2025		December 31, 2024
Book value per common share	$	(0.26)	$	0.19
Per share impact of AOCI	24.63		28.11
Book Value per common share, excluding AOCI	$	24.37	$	28.30

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 June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
	(in millions)
REVENUES
Policy charges and fee income	$	626	$	617	$	1,262	$	1,231
Premiums	260		282		564		567
Net derivative gains (losses)	(1,374)		(208)		(575)		(1,584)
Net investment income (loss)	1,355		1,167		2,603		2,377
Investment gains (losses), net:
Credit losses on available-for-sale debt securities and loans	(54)		(15)		(54)		(35)
Other investment gains (losses), net	(17)		(1)		(31)		(20)
Total investment gains (losses), net	(71)		(16)		(85)		(55)
Investment management and service fees	1,272		1,240		2,557		2,518
Other income	294		425		612		683
Total revenues	2,362		3,507		6,938		5,737
BENEFITS AND OTHER DEDUCTIONS
Policyholders’ benefits	787		667		1,546		1,344
Remeasurement of liability for future policy benefits	(13)		(7)		(15)		(2)
Change in market risk benefits and purchased market risk benefits	(606)		(132)		66		(1,220)
Interest credited to policyholders’ account balances	796		599		1,474		1,178
Compensation and benefits	592		577		1,193		1,197
Commissions and distribution-related payments	488		463		989		900
Interest expense	61		62		116		119
Amortization of deferred policy acquisition costs	193		169		381		341
Other operating costs and expenses	427		428		1,377		980
Total benefits and other deductions	2,725		2,826		7,127		4,837
Income (loss) from continuing operations, before income taxes	(363)		681		(189)		900
Income tax (expense) benefit	80		(116)		56		(140)
Net income (loss)	(283)		565		(133)		760
Less: Net income (loss) attributable to the noncontrolling interest	66		137		153		240
Net income (loss) attributable to Holdings	(349)		428		(286)		520
Less: Preferred stock dividends	18		26		32		40
Net income (loss) available to Holdings’ common shareholders	$	(367)	$	402	$	(318)	$	480

Earnings Per Common Share


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
	(in millions)
Earnings per common share
Basic	$	(1.21)	$	1.24	$	(1.04)	$	1.47
Diluted	$	(1.21)	$	1.23	$	(1.04)	$	1.45
Weighted average shares
Weighted average common stock outstanding for basic earnings per common share	303.2		324.2		305.5		327.2
Weighted average common stock outstanding for diluted earnings per common share	303.2		327.3		305.5		330.4

Results of Operations by Segment


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
	(in millions)
Operating earnings (loss) by segment:
Individual Retirement	$	215	$	246	$	431	$	484
Group Retirement	124		125		254		249
Asset Management	131		101		257		207
Protection Solutions	(58)		72		(75)		116
Wealth Management	51		44		97		87
Legacy	28		28		52		61
Corporate and Other (1)	(139)		(121)		(243)		(232)
Non-GAAP Operating Earnings	$	352	$	495	$	773	$	972

(1)Includes interest expense and financing fees of $122 million and $114 million for the six months ended June 30, 2025 and 2024, respectively.

Select Balance Sheet Statistics


	June 30, 2025		December 31, 2024
	(in millions)
ASSETS


Total investments and cash and cash equivalents	$	136,755	$	123,405
Separate Accounts assets	131,683		134,717
Total assets	303,088		295,727

LIABILITIES
Long-term debt	$	4,332	$	3,833
Future policy benefits and other policyholders' liabilities	17,557		17,613
Policyholders’ account balances	123,359		110,929
Total liabilities	300,125		292,179

EQUITY
Preferred stock	$	1,228	$	1,507
Accumulated other comprehensive income (loss)	(7,432)		(8,712)
Total equity attributable to Holdings	1,149		1,565
Total equity attributable to Holdings' common shareholders (ex. AOCI)	7,353		8,770

Assets Under Management (Unaudited)


	June 30, 2025		December 31, 2024
	(in billions)
Assets Under Management
AB AUM	$	829.1	$	792.2
Exclusion for General Account and other Affiliated Accounts	(90.0)		(84.2)
Exclusion for Separate Accounts	(47.8)		(47.3)
AB third party	$	691.3	$	660.7

Total Company AUM
AB third party	$	691.3	$	660.7
General Account and other Affiliated Accounts (1) (3) (4)	136.8		123.4
Separate Accounts (2) (3) (4)	131.7		134.7
Total AUM	$	959.7	$	918.8

_______________

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

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

(3) As of June 30, 2025 and December 31, 2024, Separate Account is inclusive of $8.2 billion and $12.3 billion & General Account AUM is inclusive of $31 million and $43 million, respectively, Account Value ceded to Venerable.

(4) As of June 30, 2025 and December 31, 2024, Separate Account is inclusive of $7.0 billion and $6.9 billion & General Account AUM is inclusive of $3.1 billion and $3.2 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)
		Statements of Operating Earnings (Loss) and Summary Metrics	17
		AB Select Adjusted Financials and Ratios	18
		Select Operating Metrics	19
		Net Flows	20
Protection Solutions
		Statements of Operating Earnings (Loss) and Summary Metrics	21
		Select Operating Metrics	22
Wealth Management
		Statements of Operating Earnings (Loss) and Summary Metrics	23
		Select Operating Metrics	24
Legacy
		Statements of Operating Earnings (Loss) and Summary Metrics	25
		Select Operating Metrics	26

	Investments
		Consolidated Investment Portfolio Composition	28
		Consolidated Results of General Account Investment Portfolio	29

	Additional Information
		Deferred Policy Acquisition Costs Rollforward	31
		Use of Non-GAAP Financial Measures	32
		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

All information included in this financial supplement is unaudited.

This financial supplement includes information from prior periods which have been revised

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


2Q 2025 Financial Supplement						2

Consolidated Financials

and Key Metrics


2Q 2025 Financial Supplement						3

Key Metrics Summary


	For the Three Months Ended or As of																	For the Six Months Ended or As of
(in millions USD, unless otherwise indicated)	6/30/2024			9/30/2024			12/31/2024			3/31/2025			6/30/2025			Change		6/30/2024			6/30/2025			Change

Net income (loss)	$	565		$	28		$	1,008		$	150		$	(283)		(150.1)	%	$	760		$	(133)		(117.5)	%
Net income (loss) attributable to the noncontrolling interest	(137)			(160)			(116)			(87)			(66)			51.8	%	(240)			(153)			36.3	%
Net income (loss) attributable to Holdings	$	428		$	(132)		$	892		$	63		$	(349)		(181.5)	%	$	520		$	(286)		(155.0)	%

Non-GAAP Operating Earnings (1)	$	495		$	517		$	515		$	421		$	352		(28.9)	%	$	972		$	773		(20.5)	%

Total equity attributable to Holdings' shareholders	$	1,598		$	3,201		$	1,565		$	2,401		$	1,149		(28.1)	%	$	1,598		$	1,149		(28.1)	%
Less: Preferred Stock	1,562			1,562			1,507			1,507			1,228			(21.4)	%	1,562			1,228			(21.4)	%
Total equity attributable to Holdings' common shareholders	36			1,639			58			894			(79)			(319.4)	%	36			(79)			(319.4)	%
Less: Accumulated other comprehensive income (loss)	(8,675)			(6,601)			(8,712)			(7,567)			(7,432)			14.3	%	(8,675)			(7,432)			14.3	%
Total equity attributable to Holdings' common shareholders (ex. AOCI)	$	8,711		$	8,240		$	8,770		$	8,461		$	7,353		(15.6)	%	$	8,711		$	7,353		(15.6)	%

Return on Equity (ex. AOCI) - TTM	8.8		%	(4.5)		%	14.0		%	13.7		%	4.9		%			8.8		%	4.9		%
Non-GAAP Operating ROE (1)	19.3		%	21.7		%	22.4		%	21.9		%	21.1		%			19.3		%	21.1		%

Debt to capital:
Debt to Capital (ex. AOCI)	27.2		%	28.1		%	27.2		%	30.3		%	33.5		%			27.2		%	33.5		%
Adjusted debt to capital (ex. AOCI) (4)	27.2		%	28.1		%	27.2		%	28.6		%	31.6		%			27.2		%	31.6		%

Per common share:
Diluted earnings per common share: (2)
Net income (loss) attributable to Holdings	$	1.23		$	(0.46)		$	2.74		$	0.16		$	(1.21)		(198.4)	%	$	1.45		$	(1.04)		(171.7)	%
Non-GAAP Operating Earnings (1)	$	1.43		$	1.58		$	1.55		$	1.30		$	1.10		(23.1)	%	$	2.82		$	2.43		(13.8)	%
Book value per common share	$	0.11		$	5.20		$	0.19		$	2.92		$	(0.26)		(336.4)	%	$	0.11		$	(0.26)		(336.4)	%
Book value per common share (ex. AOCI)	$	27.09		$	26.12		$	28.30		$	27.62		$	24.37		(10.0)	%	$	27.09		$	24.37		(10.0)	%

Adjusted capital metrics:
Total equity adjustment for Holdings' portion of AB's market value (3)	$	3,177		$	3,309		$	3,684		$	4,003		$	4,982		56.8	%	$	3,177		$	4,982		56.8	%
Book value with AB at market value per common share (ex. AOCI)	$	36.97		$	36.61		$	40.19		$	40.69		$	40.89		10.6	%	$	36.97		$	40.89		10.6	%
Adjusted debt to capital with AB at market value (ex. AOCI) (4)	22.2		%	22.6		%	21.5		%	22.3		%	22.8		%			22.2		%	22.8		%

Weighted-average common shares outstanding:
Basic	324.2			318.2			312.2			307.8			303.2			(6.5)	%	327.2			305.5			(6.6)	%
Diluted	327.3			318.2			316.5			311.9			303.2			(7.4)	%	330.4			305.5			(7.5)	%

Ending common shares outstanding	321.6			315.5			309.9			306.3			301.7			(6.2)	%	321.6			301.7			(6.2)	%

Return to common shareholders:
Common stock dividend	$	78		$	76		$	75		$	74		$	82				$	151		$	156
Repurchase of common shares	247			254			260			261			236					500			497
Total capital returned to common shareholders	$	325		$	330		$	335		$	335		$	318				$	651		$	653





Notes:


(1) This measure is a Non-GAAP financial measure. For an explanation of our use of Non-GAAP financial measures, refer to the “Use of Non-GAAP Financial Measures” and "Glossary of Selected Financial and Product Terms" sections of this document. For a reconciliation of this item to the most directly comparable GAAP measure, refer to the “Non-GAAP Reconciliation” section in this document.
(2) For loss periods, dilutive shares were not included in the calculation of net income (loss) available to shareholders per common share or Non-GAAP Operating Earnings per common share as inclusion of such shares would have an anti-dilutive effect.
(3) Adjustment for AB market value represents the difference between EQH economic interest in AB's total units multiplied by AB's total units and EQH economic interest in AB's Total Partners' Capital Attributable to AB Unitholders ex. AOCI. For the quarters ending 6/30/2025, 3/31/2025, 12/31/2024, 9/30/2024 and 6/30/2024, AB's total units, including General Partnership units ABLP units, were 295.0 million, 295.2 million, 295.1 million, 288.4 million and 289.7 million, respectively. This is a pro-forma calculation not the figures recorded in our financial statements.
(4) Adjusted to reflect 50% equity credit for $500 million of Junior Subordinated debt issued during Q1’25


2Q 2025 Financial Supplement						4

Consolidated Statements of Income (Loss)


	For the Three Months Ended												For the Six Months Ended
(in millions USD, unless otherwise indicated)	6/30/2024		9/30/2024		12/31/2024		3/31/2025		6/30/2025		Change		6/30/2024		6/30/2025		Change

Revenues
Policy charges and fee income	$	617	$	626	$	638	$	636	$	626	1.5	%	$	1,231	$	1,262	2.5	%
Premiums	282		312		293		304		260		(7.8)	%	567		564		(0.5)	%
Net derivative gains (losses)	(208)		(714)		(253)		799		(1,374)		(560.6)	%	(1,584)		(575)		63.7	%
Net investment income (loss)	1,167		1,308		1,196		1,248		1,355		16.1	%	2,377		2,603		9.5	%
Investment gains (losses), net	(16)		(46)		(32)		(14)		(71)		(343.8)	%	(55)		(85)		(54.5)	%
Investment management and service fees	1,240		1,287		1,458		1,285		1,272		2.6	%	2,518		2,557		1.5	%
Other income	425		300		315		318		294		(30.8)	%	683		612		(10.4)	%
Total revenues	3,507		3,073		3,615		4,576		2,362		(32.6)	%	5,737		6,938		20.9	%

Benefits and other deductions
Policyholders’ benefits	667		663		689		759		787		18.0	%	1,344		1,546		15.0	%
Remeasurement of liability for future policy benefits	(7)		(1)		(3)		(2)		(13)		(85.7)	%	(2)		(15)		(650.0)	%
Change in market risk benefits and purchased market risk benefits	(132)		97		(817)		672		(606)		(359.1)	%	(1,220)		66		105.4	%
Interest credited to policyholders’ account balances	599		701		614		678		796		32.9	%	1,178		1,474		25.1	%
Compensation and benefits	577		571		683		601		592		2.6	%	1,197		1,193		(0.3)	%
Commissions and distribution-related payments	463		485		511		501		488		5.4	%	900		989		9.9	%
Interest expense	62		55		52		55		61		(1.6)	%	119		116		(2.5)	%
Amortization of deferred policy acquisition costs	169		184		186		188		193		14.2	%	341		381		11.7	%
Other operating costs and expenses	428		329		513		950		427		(0.2)	%	980		1,377		40.5	%
Total benefits and other deductions	2,826		3,084		2,428		4,402		2,725		(3.6)	%	4,837		7,127		47.3	%

Income (loss) from operations, before income taxes	681		(11)		1,187		174		(363)		(153.3)	%	900		(189)		(121.0)	%
Income tax (expense) benefit	(116)		39		(179)		(24)		80		169.0	%	(140)		56		140.0	%
Net income (loss)	565		28		1,008		150		(283)		(150.1)	%	760		(133)		(117.5)	%
Less: net (income) loss attributable to the noncontrolling interest	(137)		(160)		(116)		(87)		(66)		51.8	%	(240)		(153)		36.3	%
Net income (loss) attributable to Holdings	$	428	$	(132)	$	892	$	63	$	(349)	(181.5)	%	$	520	$	(286)	(155.0)	%
Less: Preferred stock dividends	(26)		(14)		(26)		(14)		(18)		30.8	%	(40)		(32)		20.0	%
Net income (loss) available to Holdings' common shareholders	$	402	$	(146)	$	866	$	49	$	(367)	(191.3)	%	$	480	$	(318)	(166.3)	%

Adjustments related to:
Variable annuity product features (1)	$	81	$	756	$	(530)	$	211	$	934			$	411	$	1,145
Investment (gains) losses, net	16		46		32		14		71				55		85

Net actuarial (gains) losses related to pension and other postretirement benefit obligations	14		13		16		11		11				31		22
Other adjustments (2)	(33)		1		34		205		(137)				58		68
Income tax expense (benefit) related to above adjustments	(16)		(172)		94		(92)		(185)				(116)		(277)
Non-recurring tax items	5		5		(23)		9		7				13		16
Non-GAAP Operating earnings (3)	$	495	$	517	$	515	$	421	$	352			$	972	$	773

Notes:

(1) As a result of the novation of certain Legacy VA policies completed during the first quarter of 2025, the Company recorded a loss of $499 million in pre-tax net income and an increase of $263 million in pre-tax AOCI, for a total impact loss of $236 million for the three months ended March 31, 2025 and six months ended June 30, 2025.
(2) Includes a loss of $165 million on Non-VA derivatives for the three months ended March 31, 2025 and a gain of $198 million and $33 million on Non-VA derivatives for the three and six months ended June 30, 2025, respectively. Also includes $14 million of expense related to a disputed billing practice of an AB third-party service provider for the three and six months ended June 30, 2025, respectively, and certain gross legal expenses related to the COI litigation of $106 million for the six months ended June 30, 2024.




(3) This measure is a Non-GAAP financial measure. For an explanation of our use of Non-GAAP financial measures, refer to the “Use of Non-GAAP Financial Measures” and "Glossary of Selected Financial and Product Terms" sections of this document. For a reconciliation of this item to the most directly comparable GAAP measure, refer to the “Non-GAAP Reconciliation” section in this document.


2Q 2025 Financial Supplement						5

Consolidated Balance Sheets


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

Assets
Total investments	$	107,726	$	114,246	$	116,441	$	118,908	$	121,798
Cash and cash equivalents	9,684		9,579		6,964		8,164		14,957
Cash and securities segregated, at fair value	592		547		500		772		483
Broker-dealer related receivables	1,801		1,898		1,961		1,931		1,933
Deferred policy acquisition costs	6,924		7,031		7,170		7,262		7,361
Goodwill and other intangible assets, net	5,403		5,388		5,371		5,356		5,342
Amounts due from reinsurers	8,087		8,068		7,899		7,523		7,501


Current and deferred income taxes	2,129		1,707		2,003		1,687		1,749
Purchased market risk benefits	8,002		8,492		7,376		5,976		5,543
Other assets	3,828		3,738		4,462		4,574		3,962

Assets for market risk benefits	799		740		863		644		776
Separate Accounts assets	132,664		137,407		134,717		124,569		131,683
Total assets	$	287,639	$	298,841	$	295,727	$	287,366	$	303,088

Liabilities
Policyholders’ account balances	$	104,049	$	107,404	$	110,929	$	112,793	$	123,359
Liability for market risk benefits	12,612		13,197		11,810		10,864		10,187
Future policy benefits and other policyholders’ liabilities	17,433		17,936		17,613		17,372		17,557
Broker-dealer related payables	839		1,382		775		642		1,454

Customers related payables	2,060		1,795		1,933		2,135		1,885
Amounts due to reinsurers	1,373		1,426		1,421		1,357		1,350
Short-term debt	—		—		—		—		—
Long-term debt	3,830		3,831		3,833		4,330		4,332



Notes issued by consolidated variable interest entities, at fair value using the fair value option	1,740		1,744		2,116		2,110		2,471
Other liabilities	6,612		6,540		7,032		6,700		5,847

Separate Accounts liabilities	132,664		137,407		134,717		124,569		131,683
Total liabilities	283,212		292,662		292,179		282,872		300,125
Redeemable noncontrolling interest	1,088		1,223		125		289		358

Equity
Preferred stock	1,562		1,562		1,507		1,507		1,228
Common stock	5		5		5		5		5
Additional paid-in capital	2,337		2,343		2,336		2,305		1,901
Treasury shares	(3,932)		(4,072)		(4,198)		(4,296)		(4,423)
Retained earnings	10,301		9,964		10,627		10,447		9,870
Accumulated other comprehensive income (loss)	(8,675)		(6,601)		(8,712)		(7,567)		(7,432)
Total equity attributable to Holdings	1,598		3,201		1,565		2,401		1,149
Noncontrolling interest	1,741		1,755		1,858		1,804		1,456
Total equity	3,339		4,956		3,423		4,205		2,605
Total liabilities, redeemable noncontrolling interest and equity	$	287,639	$	298,841	$	295,727	$	287,366	$	303,088


2Q 2025 Financial Supplement						6

Consolidated Capital Structure


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

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

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

Total long-term debt	3,830			3,831			3,833			4,330			4,332

Total short-term and long-term debt: [A]	$	3,830		$	3,831		$	3,833		$	4,330		$	4,332

Equity:
Preferred stock	$	1,562		$	1,562		$	1,507		$	1,507		$	1,228
Common stock	5			5			5			5			5
Additional paid-in capital	2,337			2,343			2,336			2,305			1,901
Treasury stock, at cost	(3,932)			(4,072)			(4,198)			(4,296)			(4,423)
Retained earnings	10,301			9,964			10,627			10,447			9,870
Accumulated other comprehensive income (loss)	(8,675)			(6,601)			(8,712)			(7,567)			(7,432)
Total equity attributable to Holdings	1,598			3,201			1,565			2,401			1,149
Noncontrolling interest	1,741			1,755			1,858			1,804			1,456
Total equity	$	3,339		$	4,956		$	3,423		$	4,205		$	2,605

Total equity attributable to Holdings, (ex. AOCI): [B]	$	10,273		$	9,802		$	10,277		$	9,968		$	8,581

Capital:
Total capitalization (1)	$	5,428		$	7,032		$	5,398		$	6,731		$	5,481
Total capitalization (ex. AOCI): [A+B] (2)	$	14,103		$	13,633		$	14,110		$	14,298		$	12,913

Debt to capital:
Debt to capital (ex. AOCI) (2)	27.2		%	28.1		%	27.2		%	30.3		%	33.5		%
Adjusted debt to capital (ex. AOCI) (3)	27.2		%	28.1		%	27.2		%	28.6		%	31.6		%
Adjusted debt to capital with AB at market value (ex. AOCI) (3)	22.2		%	22.6		%	21.5		%	22.3		%	22.8		%

	For the Three Months Ended
Roll-forward of common shares outstanding (millions of shares):
Beginning balance	327.6			321.6			315.5			309.9			306.3
Repurchases	(3.2)			(3.4)			(2.6)			(2.3)			(2.4)
Retirements	(3.1)			(2.8)			(3.1)			(2.7)			(2.4)
Issuances	0.3			0.1			0.1			1.4			0.2
Ending basic common shares outstanding	321.6			315.5			309.9			306.3			301.7
Total potentially dilutive shares	3.2			3.4			3.6			4.1			3.0
Ending common shares outstanding - maximum potential dilution	324.7			318.9			313.5			310.4			304.7
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.

(3) Adjusted to reflect 50% equity credit for $500 million of Junior Subordinated debt issued during Q1’25


2Q 2025 Financial Supplement						7


Operating Earnings (Loss) by Segment and Corporate and Other (1/2)

	For the Three Months Ended June 30, 2025
(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	$	208	$	80	$	—	$	529	$	—	$	17	$	52	$	—	$	886
Net investment income (loss)	719		154		22		257		2		14		178		31		1,377
Net derivative gains (losses)	(5)		—		(11)		—		—		—		(12)		5		(23)
Investment management, service fees and other income	84		75		1,083		39		469		69		8		(266)		1,561
Segment revenues	1,006		309		1,094		825		471		100		226		(230)		3,801
Benefits and other deductions
Policyholders’ benefits	76		—		—		603		—		—		108		—		787
Remeasurement of liability for future policy benefits	—		—		—		(4)		—		—		(9)		—		(13)

Interest credited to policyholders’ account balances	408		68		—		145		—		9		175		—		805
Commissions and distribution-related payments	101		44		197		41		296		29		2		(222)		488
Amortization of deferred policy acquisition costs	127		16		—		32		—		15		3		—		193
Compensation and benefits, interest expense and financing fees and other operating costs and expense	37		32		634		77		106		13		121		(8)		1,012
Segment benefits and other deductions	749		160		831		894		402		66		400		(230)		3,272
Operating earnings (loss), before income taxes	257		149		263		(69)		69		34		(174)		—		529
Income Taxes	(42)		(25)		(48)		11		(18)		(6)		36		—		(92)
Operating earnings (loss), before noncontrolling interest	215		124		215		(58)		51		28		(138)		—		437
Less: Operating (earnings) loss attributable to the noncontrolling interest	—		—		(84)		—		—		—		(1)		—		(85)
Operating earnings (loss)	$	215	$	124	$	131	$	(58)	$	51	$	28	$	(139)	$	—	$	352

	For the Three Months Ended June 30, 2024
	Individual Retirement		Group Retirement		Asset Management		Protection Solutions		Wealth Management		Legacy		Corporate and Other		Eliminations		Consolidated
Revenues
Policy charges, fee income and premiums	$	209	$	79	$	—	$	532	$	—	$	8	$	71	$	—	$	899
Net investment income (loss)	593		139		7		260		4		14		153		22		1,192
Net derivative gains (losses)	(6)		—		(1)		(1)		—		—		(2)		6		(4)
Investment Management, service fees and other income	92		65		1,045		43		438		95		8		(255)		1,531
Segment revenues	888		283		1,051		834		442		117		230		(227)		3,618
Benefits and other deductions
Policyholders’ benefits	78		—		—		473		—		—		116		—		667
Remeasurement of liability for future policy benefits	1		—		—		(11)		—		—		3		—		(7)

Interest credited to policyholders’ account balances	281		56		—		128		—		8		125		—		598
Commissions and distribution-related payments	80		45		180		43		282		40		7		(214)		463
Amortization of deferred policy acquisition costs	111		8		—		32		—		15		3		—		169
Compensation and benefits, interest expense and financing fees and other operating costs and expense	51		29		633		86		99		22		101		(13)		1,008
Segment benefits and other deductions	602		138		813		751		381		85		355		(227)		2,898
Operating earnings (loss), before income taxes	286		145		238		83		61		32		(125)		—		720
Income Taxes	(40)		(20)		(42)		(12)		(17)		(4)		16		—		(119)
Operating earnings (loss), before noncontrolling interest	246		125		196		71		44		28		(109)		—		601
Less: Operating (earnings) loss attributable to the noncontrolling interest	—		—		(95)		1		—		—		(12)		—		(106)
Operating earnings (loss)	$	246	$	125	$	101	$	72	$	44	$	28	$	(121)	$	—	$	495


2Q 2025 Financial Supplement						8


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

	For the Six Months Ended June 30, 2025
(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	$	432	$	162	$	—	$	1,063	$	—	$	36	$	133	$	—	$	1,826
Net investment income (loss)	1,412		305		25		508		5		23		288		56		2,622
Net derivative gains (losses)	(10)		—		(24)		1		—		—		(4)		10		(27)
Investment Management, service fees and other income	169		158		2,181		79		929		161		13		(526)		3,164
Segment revenues	2,003		625		2,182		1,651		934		220		430		(460)		7,585
Benefits and other deductions
Policyholders’ benefits	168		—		—		1,159		—		—		219		—		1,546
Remeasurement of liability for future policy benefits	(1)		—		—		(6)		—		—		(8)		—		(15)

Interest credited to policyholders’ account balances	773		131		—		266		—		16		282		—		1,468
Commissions and distribution-related payments	199		87		398		83		589		65		8		(440)		989
Amortization of deferred policy acquisition costs	251		31		—		64		—		30		5		—		381
Compensation and benefits, interest expense and financing fees and other operating costs and expense	101		74		1,248		173		215		47		217		(20)		2,055
Segment benefits and other deductions	1,491		323		1,646		1,739		804		158		723		(460)		6,424
Operating earnings (loss), before income taxes	512		302		536		(88)		130		62		(293)		—		1,161
Income Taxes	(81)		(48)		(89)		14		(33)		(10)		53		—		(194)
Operating earnings (loss), before noncontrolling interest	431		254		447		(74)		97		52		(240)		—		967
Less: Operating (earnings) loss attributable to the noncontrolling interest	—		—		(190)		(1)		—		—		(3)		—		(194)
Operating earnings (loss)	$	431	$	254	$	257	$	(75)	$	97	$	52	$	(243)	$	—	$	773

	For the Six Months Ended June 30, 2024
	Individual Retirement		Group Retirement		Asset Management		Protection Solutions		Wealth Management		Legacy		Corporate and Other		Eliminations		Consolidated
Revenues
Policy charges, fee income and premiums	$	417	$	152	$	—	$	1,060	$	—	$	20	$	149	$	—	$	1,798
Net investment income (loss)	1,142		280		15		516		8		30		332		43		2,366
Net derivative gains (losses)	(11)		—		(6)		(1)		—		—		(10)		11		(17)
Investment Management, service fees and other income	180		142		2,135		83		857		196		14		(497)		3,110
Segment revenues	1,728		574		2,144		1,658		865		246		485		(443)		7,257
Benefits and other deductions
Policyholders’ benefits	155		—		—		960		—		—		229		—		1,344
Remeasurement of liability for future policy benefits	(2)		—		—		(15)		—		—		15		—		(2)

Interest credited to policyholders’ account balances	529		108		—		256		—		17		267		—		1,177
Commissions and distribution-related payments	157		89		353		83		542		80		10		(414)		900
Amortization of deferred policy acquisition costs	220		23		—		62		—		31		5		—		341
Compensation and benefits, interest expense and financing fees and other operating costs and expense	105		64		1,305		178		204		47		208		(29)		2,082
Segment benefits and other deductions	1,164		284		1,658		1,524		746		175		734		(443)		5,842
Operating earnings (loss), before income taxes	564		290		486		134		119		71		(249)		—		1,415
Income Taxes	(80)		(41)		(86)		(19)		(32)		(10)		39		—		(229)
Operating earnings (loss), before noncontrolling interest	484		249		400		115		87		61		(210)		—		1,186
Less: Operating (earnings) loss attributable to the noncontrolling interest	—		—		(193)		1		—		—		(22)		—		(214)
Operating earnings (loss)	$	484	$	249	$	207	$	116	$	87	$	61	$	(232)	$	—	$	972


2Q 2025 Financial Supplement						9


Assets Under Management and Administration


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



AB AUM
Total AB	$	769.5		$	805.9		$	792.2		$	784.5		$	829.1
Exclusion for General Account and other Affiliated Accounts	(80.8)			(85.0)			(84.2)			(87.4)			(90.0)
Exclusion for Separate Accounts	(46.3)			(48.4)			(47.3)			(44.7)			(47.8)
AB third party	$	642.4		$	672.6		$	660.7		$	652.4		$	691.3

Total Company AUM
AB third party	$	642.4		$	672.6		$	660.7		$	652.4		$	691.3
General Account and other Affiliated Accounts (1) (3) (4)	117.4			123.8			123.4			127.1			136.8
Separate Accounts (2) (3) (4)	132.7			137.4			134.7			124.6			131.7
Total AUM	$	892.5		$	933.8		$	918.8		$	904.0		$	959.7

Total AUA (5)	$	94.8		$	101.5		$	101.7		$	102.1		$	110.3
Total AUM/A	$	987.3		$	1,035.3		$	1,020.5		$	1,006.1		$	1,070.0

Market Values:
S&P 500	5,460			5,762			5,882			5,612			6,205
US 10-Year Treasury	4.4		%	3.7		%	4.6		%	4.2		%	4.2		%



Notes:


(1) “General Account and other Affiliated Accounts” refers to assets held in the general accounts of our insurance companies and other assets on which we bear the investment risk.
(2) “Separate Accounts” refers to the separate account investment assets of our insurance subsidiaries excluding any assets on which we bear the investment risk.
(3) As of June 30, 2024, September 30, 2024, December 31, 2024, March 31, 2025 and June 30, 2025, Separate Account is inclusive of $12.5 billion, $12.8 billion, $12.3 billion, $7.9 billion and $8.2 billion & General Account AUM is inclusive of $46 million, $44 million, $43 million, $31 million and $31 million, respectively, Account Value ceded to Venerable.
(4) As of June 30, 2024, September 30, 2024, December 31, 2024, March 31, 2025 and June 30, 2025, Separate Account is inclusive of $6.8 billion, $7.1 billion, $6.9 billion, $6.5 billion and $7.0 billion & General Account AUM is inclusive of $3.4 billion, $3.3 billion, $3.2 billion, $3.2 billion and $3.1 billion, respectively, Account Value ceded to Global Atlantic.
(5) Includes Advisory, Brokerage and Direct assets included in our Wealth Management segment.


2Q 2025 Financial Supplement						10

Sales Metrics by Segment


	For the Three Months Ended												For the Six Months Ended
(in millions USD, unless otherwise indicated)	6/30/2024		9/30/2024		12/31/2024		3/31/2025		6/30/2025		Change		6/30/2024		6/30/2025		Change

Insurance Operations

Individual Retirement
First year premiums and deposits	$	4,485	$	4,854	$	4,908	$	4,563	$	4,817	7.4	%	$	8,798	$	9,380	6.6	%
Renewal premium and deposits	58		58		60		58		58		—	%	130		116		(10.8)	%
Total Gross Premiums	$	4,543	$	4,912	$	4,968	$	4,621	$	4,875	7.3	%	$	8,928	$	9,496	6.4	%

Group Retirement
First year premiums and deposits	$	950	$	454	$	530	$	854	$	694	(26.9)	%	$	1,378	$	1,548	12.3	%
Renewal premium and deposits	620		501		619		622		633		2.1	%	1,210		1,255		3.7	%
Total Gross Premiums	$	1,570	$	955	$	1,149	$	1,476	$	1,327	(15.5)	%	$	2,588	$	2,803	8.3	%

Protection Solutions
First year premiums and deposits	$	121	$	127	$	148	$	130	$	134	10.7	%	$	234	$	264	12.8	%
Renewal premium and deposits	663		666		681		670		642		(3.2)	%	1,328		1,312		(1.2)	%
Total Gross Premiums	$	784	$	793	$	829	$	800	$	776	(1.0)	%	$	1,562	$	1,576	0.9	%

Asset Management (in billions USD)
Gross Sales by distribution channel
Institutional	$	3.3	$	4.2	$	2.0	$	4.6	$	3.7	12.1	%	$	6.6	$	8.3	25.8	%
Retail	23.2		26.6		26.4		25.7		19.4		(16.4)	%	47.0		45.1		(4.0)	%
Private Wealth	5.4		4.7		5.2		5.8		4.8		(11.1)	%	10.9		10.6		(2.8)	%
Firmwide Gross Sales	$	31.9	$	35.5	$	33.6	$	36.1	$	27.9	(12.5)	%	$	64.5	$	64.0	(0.8)	%

Gross sales by investment service
Equity Active	$	12.5	$	13.0	$	11.8	$	13.2	$	8.3	(33.6)	%	$	24.2	$	21.5	(11.2)	%
Equity Passive (1)	0.3		0.2		0.2		0.5		0.4		33.3	%	1.0		0.9		(10.0)	%
Fixed Income - Taxable	10.3		11.6		10.4		12.4		9.4		(8.7)	%	22.4		21.8		(2.7)	%
Fixed Income - Tax-Exempt	4.9		5.6		8.5		5.8		6.0		22.4	%	10.2		11.8		15.7	%
Fixed Income Passive (1)	—		—		—		—		0.2		100.0	%	—		0.2		100.0	%
Alternatives/Multi-Asset Solutions (2)	3.9		5.1		2.7		4.2		3.6		(7.7)	%	6.7		7.8		16.4	%
Firmwide Gross Sales	$	31.9	$	35.5	$	33.6	$	36.1	$	27.9	(12.5)	%	$	64.5	$	64.0	(0.8)	%

Notes:

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


2Q 2025 Financial Supplement						11

Business Segments:

Operating Earnings Results and Metrics


2Q 2025 Financial Supplement						12

Individual Retirement - Operating Earnings (Loss) and Summary Metrics


	For the Three Months Ended or As of																	For the Six Months Ended or As of
(in millions USD, unless otherwise indicated)	6/30/2024			9/30/2024			12/31/2024			3/31/2025			6/30/2025			Change		6/30/2024			6/30/2025			Change

Revenues
Policy charges, fee income and premiums	$	209		$	224		$	223		$	224		$	208		(0.5)	%	$	417		$	432		3.6	%
Net investment income (loss)	593			635			666			693			719			21.2	%	1,142			1,412			23.6	%
Net derivative gains (losses)	(6)			(5)			(5)			(5)			(5)			16.7	%	(11)			(10)			9.1	%
Investment management, service fees and other income	92			90			95			85			84			(8.7)	%	180			169			(6.1)	%
Segment revenues	888			944			979			997			1,006			13.3	%	1,728			2,003			15.9	%

Benefits and other deductions
Policyholders’ benefits	78			82			87			92			76			(2.6)	%	155			168			8.4	%
Remeasurement of liability for future policy benefits	1			1			(1)			(1)			—			(100.0)	%	(2)			(1)			50.0	%

Interest credited to policyholders’ account balances	281			336			343			365			408			45.2	%	529			773			46.1	%
Commissions and distribution-related payments	80			97			102			98			101			26.3	%	157			199			26.8	%
Amortization of deferred policy acquisition costs	111			119			121			124			127			14.4	%	220			251			14.1	%
Compensation and benefits, interest expense and financing fees and other operating costs and expense	51			48			52			64			37			(27.5)	%	105			101			(3.8)	%
Segment benefits and other deductions	602			683			704			742			749			24.4	%	1,164			1,491			28.1	%

Operating earnings (loss), before income taxes	286			261			275			255			257			(10.1)	%	564			512			(9.2)	%
Income taxes	(40)			(37)			(35)			(39)			(42)			(5.0)	%	(80)			(81)			(1.3)	%
Operating earnings (loss), before noncontrolling interest	246			224			240			216			215			(12.6)	%	484			431			(11.0)	%
Less: Operating (earnings) loss attributable to the noncontrolling interest	—			—			—			—			—			—	%	—			—			—	%
Operating earnings (loss)	$	246		$	224		$	240		$	216		$	215		(12.6)	%	$	484		$	431		(11.0)	%

Summary Metrics

Operating earnings (loss) - TTM:	$	920		$	922		$	948		$	926		$	895		(2.7)	%	$	920		$	895		(2.7)	%

Average Account Value net of embedded derivative instruments (TTM)	$	81,128		$	84,596		$	88,164		$	91,041		$	94,116		16.0	%	$	81,128		$	94,116		16.0	%

Return on assets net of embedded derivative instruments (TTM)	1.36		%	1.28		%	1.25		%	1.18		%	1.11		%			1.36		%	1.11		%

Net flows	$	1,853		$	1,910		$	1,747		$	1,431		$	1,703		(8.1)	%	$	3,500		$	3,134		(10.5)	%

First year premiums and deposits	$	4,485		$	4,854		$	4,908		$	4,563		$	4,817		7.4	%	$	8,798		$	9,380		6.6	%

In-force Policy Count by Product (in thousands):	629			636			643			648			655					629			655


2Q 2025 Financial Supplement						13


Individual Retirement - Select Operating Metrics
	For the Three Months Ended or As of										For the Six Months Ended or As of
(in millions USD, unless otherwise indicated)	6/30/2024		9/30/2024		12/31/2024		3/31/2025		6/30/2025		6/30/2024		6/30/2025

Sales Metrics
First Year Premiums and Deposits by Product:
SCS	$	2,983	$	3,072	$	3,127	$	2,988	$	3,226	$	6,006	$	6,214
SCS Income	482		556		619		546		546		875		1,092
Retirement Cornerstone	555		555		588		556		465		1,116		1,021
Investment Edge	430		594		462		413		488		740		901
Other	35		77		112		60		92		61		152
Total First Year Premiums and Deposits	$	4,485	$	4,854	$	4,908	$	4,563	$	4,817	$	8,798	$	9,380

Account Values
General Account:
Balance as of beginning of period	$	57,583	$	61,452	$	66,473	$	69,020	$	70,099	$	52,387	$	69,020
Gross premiums and deposits (1)	3,494		3,621		3,552		3,859		3,734		6,904		7,593
Surrenders, withdrawals and benefits	(1,191)		(1,343)		(1,416)		(1,485)		(1,557)		(2,416)		(3,042)
Net flows	2,303		2,278		2,136		2,374		2,177		4,488		4,551
Change in market value and reinvestment	294		1,247		(856)		1,623		526		236		2,149
Change in fair value of embedded derivative instruments	1,272		1,496		1,267		(2,918)		4,573		4,341		1,655
Other	—		—		—		—		—		—		—
Balance as of end of period	$	61,452	$	66,473	$	69,020	$	70,099	$	77,375	$	61,452	$	77,375

Balance as of end of period net of embedded derivative instruments	$	46,782	$	50,506	$	52,090	$	56,324	$	59,352	$	46,782	$	59,352
Separate Accounts:
Balance as of beginning of period	$	41,062	$	40,810	$	42,393	$	41,524	$	39,594	$	39,619	$	41,524
Gross premiums and deposits (1)	1,026		1,235		1,316		718		1,103		1,972		1,821
Surrenders, withdrawals and benefits	(1,476)		(1,603)		(1,705)		(1,661)		(1,577)		(2,960)		(3,238)
Net flows	(450)		(368)		(389)		(943)		(474)		(988)		(1,417)
Change in market value and reinvestment	198		1,951		(480)		(987)		2,087		2,179		1,100
Change in fair value of embedded derivative instruments	—		—		—		—		—		—		—
Other	—		—		—		—		—		—		—
Balance as of end of period	$	40,810	$	42,393	$	41,524	$	39,594	$	41,207	$	40,810	$	41,207
Total:
Balance as of beginning of period	$	98,645	$	102,262	$	108,866	$	110,544	$	109,693	$	92,006	$	110,544
Gross premiums and deposits (1)	4,520		4,856		4,868		4,577		4,837		8,876		9,414
Surrenders, withdrawals and benefits	(2,667)		(2,946)		(3,121)		(3,146)		(3,134)		(5,376)		(6,280)
Net flows	1,853		1,910		1,747		1,431		1,703		3,500		3,134
Change in market value and reinvestment	492		3,198		(1,336)		636		2,613		2,415		3,249
Change in fair value of embedded derivative instruments	1,272		1,496		1,267		(2,918)		4,573		4,341		1,655
Other	—		—		—		—		—		—		—
Balance as of end of period	$	102,262	$	108,866	$	110,544	$	109,693	$	118,582	$	102,262	$	118,582

Balance as of end of period net of embedded derivative instruments	$	87,592	$	92,899	$	93,614	$	95,918	$	100,559	$	87,592	$	100,559

Net Amount at Risk (NAR)
Total GMIB NAR	$	21	$	31	$	31	$	45	$	52	$	21	$	52
Total GMWB NAR	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Total GMDB NAR	$	2,972	$	2,705	$	2,977	$	3,261	$	3,051	$	2,972	$	3,051
MRB Reserves (Net of Reinsurance)	$	399	$	576	$	468	$	738	$	630	$	399	$	630
Notes:
(1) Includes deposits from certain other products not reported as first year premiums and deposits or renewal premiums and deposits elsewhere in this document.


2Q 2025 Financial Supplement						14

Group Retirement - Operating Earnings (Loss) and Summary Metrics


	For the Three Months Ended or As of																	For the Six Months Ended or As of
(in millions USD, unless otherwise indicated)	6/30/2024			9/30/2024			12/31/2024			3/31/2025			6/30/2025			Change		6/30/2024			6/30/2025			Change

Revenues
Policy charges, fee income and premiums	$	79		$	81		$	84		$	82		$	80		1.3	%	$	152		$	162		6.6	%
Net investment income (loss)	139			142			137			151			154			10.8	%	280			305			8.9	%
Net derivative gains (losses)	—			(1)			—			—			—			—	%	—			—			—	%
Investment management, service fees and other income	65			91			85			83			75			15.4	%	142			158			11.3	%
Segment revenues	283			313			306			316			309			9.2	%	574			625			8.9	%

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

Interest credited to policyholders’ account balances	56			60			59			63			68			21.4	%	108			131			21.3	%
Commissions and distribution-related payments	45			39			42			43			44			(2.2)	%	89			87			(2.2)	%
Amortization of deferred policy acquisition costs	8			16			15			15			16			100.0	%	23			31			34.8	%
Compensation and benefits, interest expense and financing fees and other operating costs and expense	29			34			38			42			32			10.3	%	64			74			15.6	%
Segment benefits and other deductions	138			149			154			163			160			15.9	%	284			323			13.7	%

Operating earnings (loss), before income taxes	145			164			152			153			149			2.8	%	290			302			4.1	%
Income taxes	(20)			(23)			(20)			(23)			(25)			(25.0)	%	(41)			(48)			(17.1)	%
Operating earnings (loss), before noncontrolling interest	125			141			132			130			124			(0.8)	%	249			254			2.0	%
Less: Operating (earnings) loss attributable to the noncontrolling interest	—			—			—			—			—			—	%	—			—			—	%
Operating earnings (loss)	$	125		$	141		$	132		$	130		$	124		(0.8)	%	$	249		$	254		2.0	%

Summary Metrics

Operating earnings (loss) - TTM:	$	453		$	489		$	522		$	528		$	527		16.3	%	$	453		$	527		16.3	%

Average Account Value net of embedded derivative instruments (TTM)	$	36,535		$	37,712		$	39,071		$	39,767		$	40,644		11.2	%	$	36,535		$	40,644		11.2	%

Return on assets net of embedded derivative instruments (TTM)	1.48		%	1.52		%	1.55		%	1.54		%	1.52		%			1.48		%	1.52		%

Net flows	$	408		$	(246)		$	(134)		$	192		$	217		(46.8)	%	$	276		$	409		48.2	%

Gross premiums and deposits	$	1,570		$	955		$	1,149		$	1,476		$	1,327		(15.5)	%	$	2,588		$	2,803		8.3	%


2Q 2025 Financial Supplement						15

Group Retirement - Select Operating Metrics


	For the Three Months Ended or As of										For the Six Months Ended or As of
(in millions USD, unless otherwise indicated)	6/30/2024		9/30/2024		12/31/2024		3/31/2025		6/30/2025		6/30/2024		6/30/2025

Sales Metrics
Gross premiums and deposits:
First-year premiums and deposits	$	950	$	454	$	530	$	854	$	694	$	1,378	$	1,548
Renewal premiums and deposits	620		501		619		622		633		1,210		1,255
Group Retirement premiums and deposits	$	1,570	$	955	$	1,149	$	1,476	$	1,327	$	2,588	$	2,803

Gross premiums and deposits by market:
Tax-exempt	$	298	$	311	$	326	$	349	$	297	$	615	$	646
Corporate	108		115		93		78		70		201		148
Institutional	542		26		108		424		325		557		749
Other	2		2		3		3		2		5		5
Total first year premiums and deposits	950		454		530		854		694		1,378		1,548
Tax-exempt	492		381		492		486		511		945		997
Corporate	93		92		92		103		91		192		194
Institutional	—		—		—		—		—		—		—
Other	35		28		35		33		31		73		64
Total renewal premiums and deposits	620		501		619		622		633		1,210		1,255
Group Retirement premiums and deposits by market	$	1,570	$	955	$	1,149	$	1,476	$	1,327	$	2,588	$	2,803

Account Values and Assets under Administration
General Account:
Balance as of beginning of period	$	8,882	$	9,382	$	9,369	$	9,341	$	9,721	$	8,952	$	9,341
Gross premiums and deposits	768		240		325		669		554		990		1,223
Surrenders, withdrawals and benefits	(332)		(362)		(372)		(355)		(334)		(692)		(689)
Net flows	436		(122)		(47)		314		220		298		534
Change in market value and reinvestment	57		96		14		84		58		102		142
Change in fair value of embedded derivative instruments	7		13		5		(18)		39		30		21

Other	—		—		—		—		—		—		—
Balance as of end of period	$	9,382	$	9,369	$	9,341	$	9,721	$	10,038	$	9,382	$	10,038

Balance as of end of period net of embedded derivative instruments	$	9,306	$	9,293	$	9,271	$	9,679	$	9,964	$	9,306	$	9,964
Separate Accounts and Mutual Funds
Balance as of beginning of period	$	29,608	$	29,885	$	31,493	$	31,313	$	30,193	$	27,519	$	31,313
Gross premiums and deposits	802		716		824		806		774		1,598		1,580
Surrenders, withdrawals and benefits	(830)		(840)		(911)		(928)		(777)		(1,620)		(1,705)
Net flows	(28)		(124)		(87)		(122)		(3)		(22)		(125)
Change in market value and reinvestment	305		1,732		(93)		(998)		2,632		2,388		1,634
Change in fair value of embedded derivative instruments	—		—		—		—		—		—		—

Other	—		—		—		—		—		—		—
Balance as of end of period	$	29,885	$	31,493	$	31,313	$	30,193	$	32,822	$	29,885	$	32,822

Total:
Balance as of beginning of period	$	38,490	$	39,267	$	40,862	$	40,654	$	39,914	$	36,471	$	40,654
Gross premiums and deposits	1,570		956		1,149		1,475		1,328		2,588		2,803
Surrenders, withdrawals and benefits	(1,162)		(1,202)		(1,283)		(1,283)		(1,111)		(2,312)		(2,394)
Net flows	408		(246)		(134)		192		217		276		409
Change in market value and reinvestment	362		1,828		(79)		(914)		2,690		2,490		1,776
Change in fair value of embedded derivative instruments	7		13		5		(18)		39		30		21

Other	—		—		—		—		—		—		—
Balance as of end of period	$	39,267	$	40,862	$	40,654	$	39,914	$	42,860	$	39,267	$	42,860

Balance as of end of period net of embedded derivative instruments	$	39,191	$	40,786	$	40,584	$	39,872	$	42,786	$	39,191	$	42,786


2Q 2025 Financial Supplement						16

Asset Management - Operating Earnings (Loss) and Summary Metrics


	For the Three Months Ended or As of																	For the Six Months Ended or As of
(in millions USD, unless otherwise indicated)	6/30/2024			9/30/2024			12/31/2024			3/31/2025			6/30/2025			Change		6/30/2024			6/30/2025			Change

Revenues
Net investment income (loss)	$	7		$	17		$	(5)		$	3		$	22		214.3	%	$	15		$	25		66.7	%
Net derivative gains (losses)	(1)			(16)			15			(13)			(11)			N/M		(6)			(24)			(300.0)	%
Investment management, service fees and other income	1,045			1,085			1,239			1,098			1,083			3.6	%	2,135			2,181			2.2	%
Segment revenues	1,051			1,086			1,249			1,088			1,094			4.1	%	2,144			2,182			1.8	%

Benefits and other deductions
Commissions and distribution-related payments	180			192			197			201			197			9.4	%	353			398			12.7	%
Compensation and benefits, interest expense and financing fees and other operating costs and expense	633			641			707			614			634			0.2	%	1,305			1,248			(4.4)	%
Segment benefits and other deductions	813			833			904			815			831			2.2	%	1,658			1,646			(0.7)	%

Operating earnings (loss), before income taxes	238			253			345			273			263			10.5	%	486			536			10.3	%
Income taxes	(42)			(42)			(50)			(41)			(48)			(14.3)	%	(86)			(89)			(3.5)	%
Operating earnings (loss), before noncontrolling interest	196			211			295			232			215			9.7	%	400			447			11.8	%
Less: Operating (earnings) loss attributable to the noncontrolling interest	(95)			(100)			(134)			(106)			(84)			11.6	%	(193)			(190)			1.6	%
Operating earnings (loss)	$	101		$	111		$	161		$	126		$	131		29.7	%	$	207		$	257		24.2	%

Summary Metrics

Adjusted operating margin (1)	30.8		%	31.3		%	36.4		%	33.7		%	32.3		%			30.5		%	33.0		%

Net flows (in billions USD)	$	0.9		$	1.1		$	(4.8)		$	2.4		$	(6.7)				$	1.4		$	(4.3)

Total AUM (in billions USD)	$	769.5		$	805.9		$	792.2		$	784.5		$	829.1				$	769.5		$	829.1

Ownership Structure of AB

Holdings and its subsidiaries	59.7		%	60.0		%	61.9		%	61.8		%	61.9		%			59.7		%	61.9		%
AB Holding	39.6		%	39.3		%	37.5		%	37.5		%	37.5		%			39.6		%	37.5		%
Unaffiliated holders	0.7		%	0.7		%	0.6		%	0.7		%	0.6		%			0.7		%	0.6		%
Total	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%			100.0		%	100.0		%

EQH economic interest	61.2		%	61.6		%	61.9		%	61.9		%	68.6		%			61.2		%	68.6		%
EQH average economic interest	61.1		%	61.4		%	61.8		%	61.9		%	68.6		%			61.1		%	65.2		%

Units of limited partnership outstanding (in millions)	286.8			285.6			292.1			292.3			292.1					286.8			292.1
Notes:
(1) Adjusted operating margin is a non-GAAP financial measure used by AllianceBernstein L.P. (“AB”) management in evaluating AB’s financial performance on a standalone basis and to compare its performance, as reported by AB in its public filings. It is not comparable to any other non-GAAP financial measure used herein.


2Q 2025 Financial Supplement						17

Asset Management - AB Select Adjusted Financials and Ratios


	For the Three Months Ended or As of																	For the Six Months Ended or As of
(in millions USD, unless otherwise indicated)	6/30/2024			9/30/2024			12/31/2024			3/31/2025			6/30/2025			Change		6/30/2024			6/30/2025			Change

AB revenues
Base fees	$	742		$	785		$	798		$	782		$	772		4.0	%	$	1,465		$	1,554		6.1	%
Performance fees
Private markets (1)	25			24			67			20			22			(12.0)	%	45			42			(6.7)	%
Public markets	17			2			66			19			8			(52.9)	%	24			27			12.5	%
Bernstein Research Services	—			—			—			—			—			—	%	96			—			(100.0)	%
Investment gains (losses)	4			—			6			(11)			8			100.0	%	7			(3)			(142.9)	%
Dividend & interest revenue	41			36			34			32			31			(24.4)	%	83			63			(24.1)	%
Other revenues	19			19			20			14			19			—	%	36			33			(8.3)	%
Total AB revenues	848			866			991			856			860			1.4	%	1,756			1,716			(2.3)	%
Less: broker-dealer related interest expense	22			21			18			18			16			(27.3)	%	46			34			(26.1)	%
AB adjusted net revenues	826			845			973			838			844			2.2	%	1,710			1,682			(1.6)	%

AB expenses
Compensation and fringes	404			406			447			406			409			1.2	%	838			815			(2.7)	%
Other employment costs	9			8			10			8			10			11.1	%	17			18			5.9	%
Total AB compensation and benefits	413			414			457			414			419			1.5	%	855			833			(2.6)	%
Promotion and servicing	33			30			40			30			34			3.0	%	79			64			(19.0)	%
General and administrative	126			137			122			111			118			(6.3)	%	254			229			(9.8)	%
Total AB adjusted operating expenses	572			581			619			555			571			(0.2)	%	1,188			1,126			(5.2)	%

AB adjusted operating income, before income taxes	254			264			354			283			273			7.5	%	522			556			6.5	%
Interest on borrowings	12			8			6			7			9			(25.0)	%	29			16			(44.8)	%
Other (2)	4			3			3			3			1			(75.0)	%	7			4			(42.9)	%
Operating earnings (loss), before income taxes	238			253			345			273			263			10.5	%	486			536			10.3	%
Income taxes	(42)			(42)			(50)			(41)			(48)			(14.3)	%	(86)			(89)			(3.5)	%
Operating earnings (loss), before noncontrolling interest	196			211			295			232			215			9.7	%	400			447			11.8	%
Less: Operating (earnings) loss attributable to the noncontrolling interest	(95)			(100)			(134)			(106)			(84)			11.6	%	(193)			(190)			1.6	%
Operating earnings (loss)	$	101		$	111		$	161		$	126		$	131		29.7	%	$	207		$	257		24.2	%

Adjusted operating margin (3)	30.8		%	31.3		%	36.4		%	33.7		%	32.3		%			30.5		%	33.0		%
Compensation ratio	48.9		%	48.0		%	45.9		%	48.4		%	48.5		%			49.0		%	48.5		%

Notes:
(1) Private Market strategies eligible for performance fees include: AB-Private Credit Investors (“AB-PCI”), US and EU Commercial Real Estate Debt, and AB CarVal.
(2) Includes amortization expense of intangible assets associated with EQH purchase of AB and equity income/loss associated with certain AB equity method investments.
(3) Adjusted operating margin is a non-GAAP financial measure used by AllianceBernstein L.P. (“AB”) management in evaluating AB’s financial performance on a standalone basis and to compare its performance, as reported by AB in its public filings. It is not comparable to any other non-GAAP financial measure used herein.


2Q 2025 Financial Supplement						18

Asset Management - Select Operating Metrics


	For the Three Months Ended or As of
(in billions USD, unless otherwise indicated)	6/30/2024		9/30/2024		12/31/2024		3/31/2025		6/30/2025

AUM Roll-forward
Balance as of beginning of period	$	758.7	$	769.5	$	805.9	$	792.2	$	784.5
Sales/new accounts	31.9		35.5		33.6		36.1		27.9
Redemptions/terminations	(25.7)		(26.4)		(29.2)		(29.7)		(30.7)
Cash flow/unreinvested dividends	(5.3)		(8.0)		(9.2)		(4.0)		(3.9)
Net long-term (outflows) inflows	0.9		1.1		(4.8)		2.4		(6.7)
Adjustment (1)	—		—		0.7		—		—

Market appreciation (depreciation)	9.9		35.3		(9.6)		(10.1)		51.3
Net change	10.8		36.4		(13.7)		(7.7)		44.6
Balance as of end of period	$	769.5	$	805.9	$	792.2	$	784.5	$	829.1

Ending Assets by distribution channel
Institutions	$	322.7	$	335.2	$	321.4	$	324.1	$	340.0
Retail	316.4		334.5		334.3		324.1		344.7
Private Wealth	130.4		136.2		136.5		136.3		144.4
Total	$	769.5	$	805.9	$	792.2	$	784.5	$	829.1

Ending Assets by investment service
Equity
Actively Managed	$	264.4	$	271.3	$	263.4	$	249.0	$	273.4
Passively Managed (2)	65.8		68.9		68.3		65.8		70.8
Total Equity	$	330.2	$	340.2	$	331.7	$	314.8	$	344.2
Fixed Income
Actively Managed	$	282.2	$	287.4	$	285.5	$	290.0	$	294.0
Passively Managed (2)	11.0		11.4		10.3		10.1		10.2
Total Fixed Income	293.2		298.8		295.8		300.1		304.2
Total Alternatives/Multi-Asset Solutions (3)	146.1		166.9		164.7		169.6		180.7
Total	$	769.5	$	805.9	$	792.2	$	784.5	$	829.1

Notes:

(1) This adjustment is due to a change in fee policy related to certain fixed income assets effective October 1, 2024.
(2) Includes index and enhanced index services.
(3) Includes certain multi-asset solutions and services not included in equity or fixed income services.


2Q 2025 Financial Supplement						19


Asset Management - Net Flows
	For the Three Months Ended										For the Six Months Ended
(in billions USD, unless otherwise indicated)	6/30/2024		9/30/2024		12/31/2024		3/31/2025		6/30/2025		6/30/2024		6/30/2025
Net Flows by Distribution Channel
Institutions
US	$	1.9	$	1.7	$	(0.2)	$	2.7	$	2.8	$	0.4	$	5.5
Global and Non-US	(3.7)		(6.1)		(6.0)		(2.0)		(4.3)		(6.4)		(6.3)
Total Institutions	$	(1.8)	$	(4.4)	$	(6.2)	$	0.7	$	(1.5)	$	(6.0)	$	(0.8)
Retail
US	$	2.7	$	4.0	$	4.3	$	3.0	$	(1.6)	$	4.6	$	1.4
Global and Non-US	0.1		1.4		(3.2)		(2.1)		(3.2)		2.4		(5.3)
Total Retail	$	2.8	$	5.4	$	1.1	$	0.9	$	(4.8)	$	7.0	$	(3.9)
Private Wealth
US	$	0.2	$	0.2	$	0.5	$	1.6	$	0.1	$	0.9	$	1.7
Global and Non-US	(0.3)		(0.1)		(0.2)		(0.8)		(0.5)		(0.5)		(1.3)
Total Private Wealth	$	(0.1)	$	0.1	$	0.3	$	0.8	$	(0.4)	$	0.4	$	0.4
Total Net Flows by Distribution Channel	$	0.9	$	1.1	$	(4.8)	$	2.4	$	(6.7)	$	1.4	$	(4.3)
Net Flows by Investment Service
Equity Active
US	$	(1.5)	$	(0.3)	$	(4.1)	$	(0.3)	$	(3.3)	$	(3.0)	$	(3.6)
Global and Non-US	(4.6)		(4.2)		(3.3)		(2.2)		(2.7)		(9.3)		(4.9)
Total Equity Active	$	(6.1)	$	(4.5)	$	(7.4)	$	(2.5)	$	(6.0)	$	(12.3)	$	(8.5)
Equity Passive (1)
US	$	(0.6)	$	(0.7)	$	(1.1)	$	(0.1)	$	—	$	(3.8)	$	(0.1)
Global and Non-US	(0.1)		(0.4)		(0.3)		0.3		(1.9)		(0.2)		(1.6)
Total Equity Passive (1)	$	(0.7)	$	(1.1)	$	(1.4)	$	0.2	$	(1.9)	$	(4.0)	$	(1.7)
Fixed Income - Taxable
US	$	4.6	$	1.5	$	3.2	$	2.2	$	2.0	$	5.9	$	4.2
Global and Non-US	(0.2)		1.2		(3.9)		(3.6)		(3.5)		3.1		(7.1)
Total Fixed Income - Taxable	$	4.4	$	2.7	$	(0.7)	$	(1.4)	$	(1.5)	$	9.0	$	(2.9)
Fixed Income - Tax-Exempt
US	$	1.9	$	3.3	$	5.5	$	2.4	$	1.2	$	4.8	$	3.6
Global and Non-US	—		—		—		—		—		—		—
Total Fixed Income - Tax-Exempt	$	1.9	$	3.3	$	5.5	$	2.4	$	1.2	$	4.8	$	3.6
Fixed Income - Passive (1)
US	$	(0.1)	$	(0.2)	$	(0.1)	$	(0.4)	$	(0.1)	$	(0.1)	$	(0.5)
Global and Non-US	0.1		(0.1)		(0.5)		(0.1)		—		—		(0.1)
Total Fixed Income - Passive (1)	$	—	$	(0.3)	$	(0.6)	$	(0.5)	$	(0.1)	$	(0.1)	$	(0.6)
Alternatives/Multi-Asset Solutions (2)
US	$	0.5	$	2.3	$	1.2	$	3.5	$	1.5	$	2.1	$	5.0
Global and Non-US	0.9		(1.3)		(1.4)		0.7		0.1		1.9		0.8
Total Alternatives/Multi-Asset Solutions (2)	$	1.4	$	1.0	$	(0.2)	$	4.2	$	1.6	$	4.0	$	5.8
Total Net Flows by Investment Service	$	0.9	$	1.1	$	(4.8)	$	2.4	$	(6.7)	$	1.4	$	(4.3)
Active vs. Passive Net Flows
Actively Managed
Equity	$	(6.1)	$	(4.5)	$	(7.4)	$	(2.5)	$	(6.0)	$	(12.3)	$	(8.5)
Fixed Income	6.3		6.0		4.8		1.0		(0.4)		13.9		0.6
Alternatives/Multi-Asset Solutions (2)	1.1		0.7		(0.4)		4.2		1.6		3.4		5.8
Total	$	1.3	$	2.2	$	(3.0)	$	2.7	$	(4.8)	$	5.0	$	(2.1)
Passively Managed (1)
Equity	$	(0.7)	$	(1.2)	$	(1.4)	$	0.2	$	(1.9)	$	(4.1)	$	(1.7)
Fixed Income	—		(0.3)		(0.6)		(0.5)		(0.1)		(0.1)		(0.6)
Alternatives/Multi-Asset Solutions (2)	0.3		0.4		0.2		—		0.1		0.6		0.1
Total	$	(0.4)	$	(1.1)	$	(1.8)	$	(0.3)	$	(1.9)	$	(3.6)	$	(2.2)
Total Active vs Passive Net Flows	$	0.9	$	1.1	$	(4.8)	$	2.4	$	(6.7)	$	1.4	$	(4.3)
Notes:

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


2Q 2025 Financial Supplement						20

Protection Solutions - Operating Earnings (Loss) and Summary Metrics


	For the Three Months Ended or As of																	For the Six Months Ended or As of
(in millions USD, unless otherwise indicated)	6/30/2024			9/30/2024			12/31/2024			3/31/2025			6/30/2025			Change		6/30/2024			6/30/2025			Change

Revenues
Policy charges, fee income and premiums	$	532		$	537		$	537		$	534		$	529		(0.6)	%	$	1,060		$	1,063		0.3	%
Net investment income (loss)	260			258			251			251			257			(1.2)	%	516			508			(1.6)	%
Net derivative gains (losses)	(1)			1			—			1			—			100.0	%	(1)			1			200.0	%
Investment management, service fees and other income	43			43			43			40			39			(9.3)	%	83			79			(4.8)	%
Segment revenues	834			839			831			826			825			(1.1)	%	1,658			1,651			(0.4)	%

Benefits and other deductions
Policyholders’ benefits	473			455			486			556			603			27.5	%	960			1,159			20.7	%
Remeasurement of liability for future policy benefits	(11)			9			(1)			(2)			(4)			63.6	%	(15)			(6)			60.0	%

Interest credited to policyholders’ account balances	128			135			119			121			145			13.3	%	256			266			3.9	%
Commissions and distribution-related payments	43			43			46			42			41			(4.7)	%	83			83			—	%
Amortization of deferred policy acquisition costs	32			31			32			32			32			—	%	62			64			3.2	%
Compensation and benefits, interest expense and financing fees and other operating costs and expense	86			87			107			96			77			(10.5)	%	178			173			(2.8)	%
Segment benefits and other deductions	751			760			789			845			894			19.0	%	1,524			1,739			14.1	%

Operating earnings (loss), before income taxes	83			79			42			(19)			(69)			(183.1)	%	134			(88)			(165.7)	%
Income taxes	(12)			(11)			(5)			3			11			191.7	%	(19)			14			173.7	%
Operating earnings (loss), before noncontrolling interest	71			68			37			(16)			(58)			(181.7)	%	115			(74)			(164.3)	%
Less: Operating (earnings) loss attributable to the noncontrolling interest	1			(2)			1			(1)			—			(100.0)	%	1			(1)			(200.0)	%
Operating earnings (loss)	$	72		$	66		$	38		$	(17)		$	(58)		(180.6)	%	$	116		$	(75)		(164.7)	%

Summary Metrics

Operating earnings (loss) - TTM:	$	166		$	225		$	220		$	159		$	29		(82.5)	%	$	166		$	29		(82.5)	%

Benefit ratio	72.1		%	70.3		%	72.8		%	82.0		%	90.7		%			73.3		%	86.3		%

Gross written premiums	$	784		$	793		$	829		$	800		$	776		(1.0)	%	$	1,562		$	1,576		0.9	%

Annualized premiums	$	91		$	88		$	102		$	93		$	102		12.1	%	$	171		$	195		14.0	%

Total in-force face amount (in billions USD) (1)	$	411.7		$	410.3		$	409.2		$	406.8		$	404.5		(1.8)	%	$	411.7		$	404.5		(1.8)	%

Notes:

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


2Q 2025 Financial Supplement						21

Protection Solutions - Select Operating Metrics


	For the Three Months Ended or As of										For the Six Months Ended or As of
(in millions USD, unless otherwise indicated)	6/30/2024		9/30/2024		12/31/2024		3/31/2025		6/30/2025		6/30/2024		6/30/2025

Sales Metrics
First Year Premiums and Deposits by Product Line:
Universal Life	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Indexed Universal Life	3		3		2		3		2		5		5
Variable Universal Life	87		90		112		90		99		167		189
Term	2		2		3		2		2		5		4
Employee Benefits	29		32		31		35		31		57		66
Other (1)	—		—		—		—		—		—		—
Total	$	121	$	127	$	148	$	130	$	134	$	234	$	264

Renewals by Product Line:
Universal Life	$	166	$	179	$	160	$	158	$	148	$	335	$	306
Indexed Universal Life	69		67		66		69		61		143		130
Variable Universal Life	259		249		279		272		262		510		534
Term	86		86		88		83		82		178		165
Employee Benefits	80		81		84		85		86		155		171
Other (1)	3		4		4		3		3		7		6
Total	663		666		681		670		642		1,328		1,312
Total Gross Premiums	$	784	$	793	$	829	$	800	$	776	$	1,562	$	1,576

In-force Metrics
In-force Face Amount by Product (2) (in billions USD):
Universal Life (3)	$	39.6	$	39.1	$	38.5	$	37.9	$	37.2	$	39.6	$	37.2
Indexed Universal Life	26.5		26.3		26.2		25.9		25.7		26.5		25.7
Variable Universal Life (4)	139.0		140.1		141.6		141.5		142.4		139.0		142.4
Term	205.5		203.7		201.8		200.4		198.2		205.5		198.2
Whole Life	1.1		1.1		1.1		1.1		1.0		1.1		1.0
Total	$	411.7	$	410.3	$	409.2	$	406.8	$	404.5	$	411.7	$	404.5

In-force Policy Count by Product (2) (in thousands):
Universal Life (3)	118		116		115		113		111		118		111
Indexed Universal Life	62		62		62		61		61		62		61
Variable Universal Life (4)	290		290		289		289		288		290		288
Term	243		240		237		234		231		243		231
Whole Life	15		15		15		14		14		15		14
Total	728		723		717		711		705		728		705

Protection Solutions Reserves
General Account	$	18,143	$	18,288	$	18,171	$	18,124	$	18,149	$	18,143	$	18,149
Separate Accounts	17,761		18,684		18,753		18,005		19,558		17,761		19,558
Total	$	35,904	$	36,972	$	36,924	$	36,129	$	37,707	$	35,904	$	37,707

Notes:

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


2Q 2025 Financial Supplement						22


Wealth Management - Operating Earnings (Loss) and Summary Metrics


	For the Three Months Ended or As of																	For the Six Months Ended or As of
(in millions USD, unless otherwise indicated)	6/30/2024			9/30/2024			12/31/2024			3/31/2025			6/30/2025			Change		6/30/2024			6/30/2025			Change

Revenues

Net investment income (loss)	$	4		$	4		$	5		$	3		$	2		(50.0)	%	$	8		$	5		(37.5)	%
Net derivative gains (losses)	—			—			—			—			—			—	%	—			—			—	%
Investment management, service fees and other income	438			446			476			460			469			7.1	%	857			929			8.4	%
Segment revenues	442			450			481			463			471			6.6	%	865			934			8.0	%

Benefits and other deductions




Commissions and distribution-related payments	282			281			310			293			296			5.0	%	542			589			8.7	%

Compensation and benefits, interest expense and financing fees and other operating costs and expense	99			103			112			109			106			7.1	%	204			215			5.4	%
Segment benefits and other deductions	381			384			422			402			402			5.5	%	746			804			7.8	%

Operating earnings (loss), before income taxes	61			66			59			61			69			13.1	%	119			130			9.2	%
Income taxes	(17)			(16)			(12)			(15)			(18)			(5.9)	%	(32)			(33)			(3.1)	%
Operating earnings (loss), before noncontrolling interest	44			50			47			46			51			15.9	%	87			97			11.5	%
Less: Operating (earnings) loss attributable to the noncontrolling interest	—			—			—			—			—			—	%	—			—			—	%
Operating earnings (loss)	$	44		$	50		$	47		$	46		$	51		15.9	%	$	87		$	97		11.5	%

Revenue by Activity Type

Investment management, service fees and other income:
Investment management and advisory fees	$	161		$	167		$	179		$	181		184			14.3	%	$	311		365			17.4	%
Distribution fees	260			262			281			263			268			3.1	%	513			531			3.5	%
Interest income	12			12			12			11			11			(8.3)	%	25			22			(12.0)	%
Service and other income	5			5			4			5			6			20.0	%	8			11			37.5	%
Total Investment management, service fees and other income	$	438		$	446		$	476		$	460		469			7.1	%	$	857		929			8.4	%
Summary Metrics
Pre-tax operating margin	13.8		%	14.7		%	12.3		%	13.2		%	14.6		%			13.8		%	13.9		%

Advisory net new assets	$	1,602		$	2,064		$	1,139		$	1,981		$	2,027		26.5	%	$	1,563		$	4,008		156.4	%

Total AUA	$	94,786		$	101,487		$	101,695		$	102,057		$	110,265		16.3	%	$	94,786		$	110,265		16.3	%


2Q 2025 Financial Supplement						23


Wealth Management - Select Operating Metrics


	For the Three Months Ended or As of										For the Six Months Ended or As of
(in millions USD, unless otherwise indicated)	6/30/2024		9/30/2024		12/31/2024		3/31/2025		6/30/2025		6/30/2024		6/30/2025

AUA Roll-forward
Advisory assets :
Beginning assets	$	57,923	$	60,134	$	65,267	$	65,839	$	66,795	$	54,978	$	65,839
Net new assets	1,602		2,064		1,139		1,981		2,027		1,563		4,008
Market appreciation (depreciation) and other	609		3,069		(567)		(1,025)		4,471		3,593		3,446
Advisory ending assets	$	60,134	$	65,267	$	65,839	$	66,795	$	73,293	$	60,134	$	73,293

Brokerage and direct assets	$	34,652	$	36,220	$	35,856	$	35,263	$	36,972	$	34,652	$	36,972

Total Wealth Management assets	$	94,786	$	101,487	$	101,695	$	102,057	$	110,265	$	94,786	$	110,265

Cash balances	$	2,695	$	2,767	$	3,083	$	2,985	$	3,004	$	2,695	$	3,004

Advisors
Advisors	4,358		4,396		4,587		4,502		4,476		4,358		4,476
Revenue per advisor TTM (in thousands USD)	$	386	$	394	$	407	$	412	$	418	$	386	$	418


2Q 2025 Financial Supplement						24

Legacy - Operating Earnings (Loss) and Summary Metrics


	For the Three Months Ended or As of																	For the Six Months Ended or As of
(in millions USD, unless otherwise indicated)	6/30/2024			9/30/2024			12/31/2024			3/31/2025			6/30/2025			Change		6/30/2024			6/30/2025			Change

Revenues
Policy charges, fee income and premiums	$	8		$	7		$	14		$	19		$	17		112.5	%	$	20		$	36		80.0	%
Net investment income (loss)	14			15			12			9			14			—	%	30			23			(23.3)	%
Net derivative gains (losses)	—			—			—			—			—			—	%	—			—			—	%
Investment management, service fees and other income	95			94			102			92			69			(27.4)	%	196			161			(17.9)	%
Segment revenues	117			116			128			120			100			(14.5)	%	246			220			(10.6)	%

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

Interest credited to policyholders’ account balances	8			9			7			7			9			12.5	%	17			16			(5.9)	%
Commissions and distribution-related payments	40			41			39			36			29			(27.5)	%	80			65			(18.8)	%
Amortization of deferred policy acquisition costs	15			16			15			15			15			—	%	31			30			(3.2)	%
Compensation and benefits, interest expense and financing fees and other operating costs and expense	22			20			23			34			13			(40.9)	%	47			47			—	%
Segment benefits and other deductions	85			86			85			92			66			(22.4)	%	175			158			(9.7)	%

Operating earnings (loss), before income taxes	32			30			43			28			34			6.3	%	71			62			(12.7)	%
Income taxes	(4)			(4)			(6)			(4)			(6)			(50.0)	%	(10)			(10)			—	%
Operating earnings (loss), before noncontrolling interest	28			26			37			24			28			—	%	61			52			(14.8)	%
Less: Operating (earnings) loss attributable to the noncontrolling interest	—			—			—			—			—			—	%	—			—			—	%
Operating earnings (loss)	$	28		$	26		$	37		$	24		$	28		—	%	$	61		$	52		(14.8)	%

Summary Metrics

Operating earnings (loss) - TTM:	$	124		$	118		$	124		$	115		$	115		(7.3)	%	$	124		$	115		(7.3)	%

Average Account Value (TTM)	$	21,786		$	21,820		$	21,974		$	21,588		$	21,183		(2.8)	%	$	21,786		$	21,183		(2.8)	%

Return on assets (TTM)	0.68		%	0.64		%	0.66		%	0.62		%	0.64		%			0.68		%	0.64		%




Net flows (1)	$	(667)		$	(712)		$	(787)		$	(719)		$	(580)		13.0	%	$	(1,325)		$	(1,299)		2.0	%

In-force Policy Count by Product (in thousands) (2):	257			251			246			211			206					257			206

Notes:

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


2Q 2025 Financial Supplement						25


Legacy - Select Operating Metrics
	For the Three Months Ended or As of										For the Six Months Ended or As of
(in millions USD, unless otherwise indicated)	6/30/2024		9/30/2024		12/31/2024		3/31/2025		6/30/2025		6/30/2024		6/30/2025


















Account Values
General Account:
Balance as of beginning of period	$	504	$	486	$	465	$	447	$	434	$	524	$	447
Net flows (1)	(21)		(25)		(20)		(15)		(13)		(44)		(28)
Investment performance, interest credited and policy charges (1)	3		4		2		2		1		6		3

Balance as of end of period	$	486	$	465	$	447	$	434	$	422	$	486	$	422
Separate Accounts:
Balance as of beginning of period	$	22,010	$	21,417	$	21,789	$	20,911	$	19,478	$	21,316	$	20,911
Net flows (1)	(646)		(687)		(767)		(704)		(567)		(1,281)		(1,271)
Investment performance, interest credited and policy charges (1)	53		1,059		(111)		(729)		1,157		1,382		428

Balance as of end of period	$	21,417	$	21,789	$	20,911	$	19,478	$	20,068	$	21,417	$	20,068
Total:
Balance as of beginning of period	$	22,514	$	21,903	$	22,254	$	21,358	$	19,912	$	21,840	$	21,358
Net flows (1)	(667)		(712)		(787)		(719)		(580)		(1,325)		(1,299)
Investment performance, interest credited and policy charges (1)	56		1,063		(109)		(727)		1,158		1,388		431

Balance as of end of period	$	21,903	$	22,254	$	21,358	$	19,912	$	20,490	$	21,903	$	20,490
Net Amount at Risk (NAR)
Total GMIB NAR	$	2,462	$	2,692	$	2,390	$	2,706	$	2,489	$	2,462	$	2,489
Total GMDB NAR	$	8,984	$	8,472	$	8,602	$	9,034	$	8,411	$	8,984	$	8,411
MRB Reserves (Net of Reinsurance)	$	3,429	$	3,416	$	3,136	$	3,532	$	3,271	$	3,429	$	3,271


Notes:
(1) Net of the Venerable transaction.


2Q 2025 Financial Supplement						26

Investments


2Q 2025 Financial Supplement						27

Consolidated Investment Portfolio Composition


	Balances as of
(in millions USD, unless otherwise indicated)	December 31, 2024				June 30, 2025
	Amount (1)		% of Total		Amount (1)		% of Total
Composition of investment portfolio
Fixed maturities, available-for-sale, at fair value	$	76,641	62.1	%	$	80,094	58.6	%
Fixed maturities, at fair value using the fair value option	2,053		1.7	%	2,428		1.8	%
Mortgage loans on real estate	20,072		16.3	%	21,536		15.7	%
Policy loans	4,330		3.5	%	4,355		3.2	%
Other equity investments	3,719		3.0	%	3,789		2.8	%
Other invested assets	8,537		6.9	%	8,301		6.1	%
Subtotal investment assets	115,352		93.5	%	120,503		88.2	%
Trading securities	1,089		0.9	%	1,295		0.9	%
Total investments	116,441		94.4	%	121,798		89.1	%
Cash and cash equivalents	6,964		5.6	%	14,957		10.9	%
Total	$	123,405	100.0	%	$	136,755	100.0	%

General Account AFS Fixed maturities by industry (Based on amortized cost)
Corporate securities:
Finance	$	16,080	19.1	%	$	15,524	17.9	%
Manufacturing	12,499		14.8	%	11,894		13.7	%
Utilities	8,476		10.1	%	8,423		9.7	%
Services	8,899		10.6	%	7,876		9.1	%
Energy	2,546		3.0	%	2,635		3.0	%
Retail and wholesale	2,979		3.5	%	3,771		4.4	%

Transportation	1,559		1.9	%	2,569		3.0	%
Other	1,665		2.0	%	415		0.5	%
Total corporate securities	54,703		65.0	%	53,107		61.3	%
U.S. government and agency	5,801		6.9	%	5,983		6.9	%
Residential mortgage-backed (2)	4,520		5.4	%	5,506		6.4	%
Preferred stock	56		0.1	%	54		0.1	%
State & political	472		0.6	%	423		0.5	%
Foreign governments	689		0.8	%	690		0.8	%
Commercial mortgage-backed	4,301		5.1	%	4,839		5.6	%
Asset-backed securities	13,660		16.2	%	15,907		18.4	%
Total	$	84,202	100.0	%	$	86,509	100.0	%

General Account AFS Fixed maturities credit quality (3) (Based on amortized cost)
Aaa, Aa, A (NAIC Designation 1)	$	56,266	66.8	%	$	58,605	67.7	%
Baa (NAIC Designation 2)	26,255		31.2	%	26,271		30.4	%
Investment grade	82,521		98.0	%	84,876		98.1	%
Below investment grade (NAIC Designation 3 and 4)	1,681		2.0	%	1,633		1.9	%
Total	$	84,202	100.0	%	$	86,509	100.0	%

Notes:

(1) Investment data has been classified based on standard industry categorizations for domestic public holdings and similar classifications by industry for all other holdings.
(2) Includes publicly traded agency pass-through securities and collateralized obligations.
(3) Credit quality based on NAIC rating.


2Q 2025 Financial Supplement						28


Consolidated Results of General Account Investment Portfolio


	For the Six Months Ended or As of								Years Ended or As of
(in millions USD, unless otherwise indicated)	June 30, 2024				June 30, 2025				December 31, 2024
	Yield		Amount (2)		Yield		Amount (2)		Yield		Amount (2)
Fixed Maturities:
Income (loss)	4.36	%	$	1,648	4.37	%	$	1,859	4.39	%	$	3,447
Ending assets			79,124				86,509				84,202
Mortgages:
Income (loss)	5.10	%	473		4.99	%	516		5.14	%	973
Ending assets			18,802				21,536				20,072
Other Equity Investments (1):
Income (loss)	6.23	%	110		5.75	%	101		5.75	%	203
Ending assets			3,598				3,571				3,495
Trading Securities:
Income	0.73	%	2		9.47	%	29		5.07	%	16
Ending assets			495				723				527
Policy Loans:
Income	5.23	%	110		4.93	%	107		5.31	%	225
Ending assets			4,247				4,355				4,330
Cash and Short-term Investments:
Income (loss)	4.78	%	146		4.26	%	126		4.89	%	266
Ending assets			5,817				12,239				3,259









Total Net Investment Income:
Investment income	4.59	%	2,489		4.56	%	2,738		4.63	%	5,130
Less: investment fees (4)	(0.16)	%	(88)		(0.16)	%	(97)		(0.16)	%	(180)
Investment income, net	4.43	%	$	2,401	4.40	%	$	2,641	4.46	%	$	4,950
General Account Ending Net Assets			$	112,083			$	128,933			$	115,885
Operating Earnings adjustments:

AB and other non-General Account investment income (loss)			(35)				(19)				(85)
Operating Net investment income (loss)			$	2,366			$	2,622			$	4,865
Notes:

(1) Includes, as of June 30, 2024, June 30, 2025 and December 31, 2024, $371 million, $364 million and $431 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.


2Q 2025 Financial Supplement						29

Additional Information


2Q 2025 Financial Supplement						30


Deferred Policy Acquisition Costs Rollforward


	For the Three Months Ended or As of										For the Six Months Ended or As of
(in millions USD, unless otherwise indicated)	6/30/2024		9/30/2024		12/31/2024		3/31/2025		6/30/2025		6/30/2024		6/30/2025

TOTAL
Beginning balance	$	6,804	$	6,924	$	7,031	$	7,170	$	7,262	$	6,705	$	7,170
Capitalization of commissions, sales and issue expenses	291		291		324		282		292		561		574
Amortization	(171)		(184)		(185)		(190)		(193)		(342)		(383)
Ending balance	$	6,924	$	7,031	$	7,170	$	7,262	$	7,361	$	6,924	$	7,361

Individual Retirement
Beginning balance	$	3,601	$	3,703	$	3,807	$	3,929	$	4,019	$	3,508	$	3,929
Capitalization of commissions, sales and issue expenses	213		222		243		214		224		415		438
Amortization	(111)		(118)		(121)		(124)		(127)		(220)		(251)
Ending balance	$	3,703	$	3,807	$	3,929	$	4,019	$	4,116	$	3,703	$	4,116

Group Retirement
Beginning balance	$	828	$	839	$	842	$	851	$	853	$	825	$	851
Capitalization of commissions, sales and issue expenses	20		18		24		17		19		38		36
Amortization	(9)		(15)		(15)		(15)		(16)		(24)		(31)
Ending balance	$	839	$	842	$	851	$	853	$	856	$	839	$	856

Protection Solutions
Beginning balance	$	1,714	$	1,731	$	1,745	$	1,766	$	1,779	$	1,700	$	1,766
Capitalization of commissions, sales and issue expenses	49		46		52		45		45		93		90
Amortization	(32)		(32)		(31)		(32)		(32)		(62)		(64)
Ending balance	$	1,731	$	1,745	$	1,766	$	1,779	$	1,792	$	1,731	$	1,792

Legacy
Beginning balance	$	546	$	538	$	527	$	517	$	505	$	555	$	517
Capitalization of commissions, sales and issue expenses	8		5		5		5		4		14		9
Amortization	(16)		(16)		(15)		(17)		(15)		(31)		(32)
Ending balance	$	538	$	527	$	517	$	505	$	494	$	538	$	494

Corporate and Other
Beginning balance	$	115	$	113	$	110	$	107	$	106	$	117	$	107
Capitalization of commissions, sales and issue expenses	1		—		—		1		—		1		1
Amortization	(3)		(3)		(3)		(2)		(3)		(5)		(5)
Ending balance	$	113	$	110	$	107	$	106	$	103	$	113	$	103


2Q 2025 Financial Supplement						31


Use of Non-GAAP Financial Measures


In addition to our results presented in accordance with U.S. GAAP, we report Non-GAAP Operating Earnings, 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, 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.
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 are reported within the Individual Retirement segment as the block is managed on an aggregate basis. Prior periods were 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.
Use of Non-GAAP Financial Measures

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


2Q 2025 Financial Supplement						32

Reconciliation of Non-GAAP Measures (1/3)


	For the Three Months Ended or As of										For the Six Months Ended or As of
(in millions USD, unless otherwise indicated)	6/30/2024		9/30/2024		12/31/2024		3/31/2025		6/30/2025		6/30/2024		6/30/2025

Net income (loss) attributable to Holdings
Net income (loss) attributable to Holdings	$	428	$	(132)	$	892	$	63	$	(349)	$	520	$	(286)
Adjustments related to:
Variable annuity product features (1)	81		756		(530)		211		934		411		1,145
Investment (gains) losses, net	16		46		32		14		71		55		85

Net actuarial (gains) losses related to pension and other postretirement benefit obligations	14		13		16		11		11		31		22
Other adjustments (2)	(33)		1		34		205		(137)		58		68
Income tax expense (benefit) related to above adjustments	(16)		(172)		94		(92)		(185)		(116)		(277)
Non-recurring tax items	5		5		(23)		9		7		13		16
Non-GAAP Operating Earnings	$	495	$	517	$	515	$	421	$	352	$	972	$	773

Net income (loss) attributable to Holdings	$	1.31	$	(0.42)	$	2.82	$	0.20	$	(1.15)	$	1.57	$	(0.94)
Less: Preferred stock dividends	0.08		0.04		0.08		0.04		0.06		0.12		0.10
Net income (loss) available to Holdings' common shareholders	1.23		(0.46)		2.74		0.16		(1.21)		1.45		(1.04)
Adjustments related to:
Variable annuity product features (1)	0.25		2.38		(1.67)		0.68		3.08		1.24		3.75
Investment (gains) losses, net	0.05		0.14		0.10		0.04		0.23		0.17		0.28

Net actuarial (gains) losses related to pension and other postretirement benefit obligations	0.04		0.04		0.05		0.04		0.04		0.09		0.07
Other adjustments (2)	(0.11)		—		0.10		0.64		(0.45)		0.18		0.23
Income tax expense (benefit) related to above adjustments	(0.05)		(0.54)		0.30		(0.29)		(0.61)		(0.35)		(0.91)
Non-recurring tax items	0.02		0.02		(0.07)		0.03		0.02		0.04		0.05
Non-GAAP Operating Earnings (loss) available to Holdings' common shareholders	$	1.43	$	1.58	$	1.55	$	1.30	$	1.10	$	2.82	$	2.43

Book Value per common share
Book Value per common share	$	0.11	$	5.20	$	0.19	$	2.92	$	(0.26)	$	0.11	$	(0.26)
Less: Per share impact of AOCI	(26.98)		(20.92)		(28.11)		(24.70)		(24.63)		(26.98)		(24.63)
Book value per common share (ex. AOCI)	$	27.09	$	26.12	$	28.30	$	27.62	$	24.37	$	27.09	$	24.37



Notes:

(1) As a result of the novation of certain Legacy VA policies completed during the first quarter of 2025, the Company recorded a loss of $499 million in pre-tax net income and an increase of $263 million in pre-tax AOCI, for a total impact loss of $236 million for the three months ended March 31, 2025 and six months ended June 30, 2025. The impact per common share is $1.60 and $1.63 for the three months ended March 31, 2025 and six months ended June 30, 2025, respectively.
(2) Includes a loss of $165 million or $0.53 on Non-VA derivatives for the three months ended March 31, 2025 and a gain of $198 million or $0.65 and $33 million or $0.11 on Non-VA derivatives for the three and six months ended June 30, 2025, respectively. Also includes $14 million or $0.05 of expense related to a disputed billing practice of an AB third-party service provider for the three and six months ended June 30, 2025, respectively, and certain gross legal expenses related to the COI litigation of $106 million or $0.32 for the six months ended June 30, 2024.


2Q 2025 Financial Supplement						33


Reconciliation of Non-GAAP Measures (2/3)

	As of and for the Twelve Months Ended
(in millions USD, unless otherwise indicated)	12/31/2024			3/31/2025			6/30/2025

Net Income to Non-GAAP Operating Earnings
Net income (loss) attributable to Holdings	$	1,280		$	1,251		$	474
Adjustments related to:
Variable annuity product features	637			518			1,371
Investment (gains) losses	133			108			163

Net actuarial (gains) losses related to pension and other postretirement benefit obligations	60			54			51
Other adjustments	93			207			103
Income tax expense (benefit) related to above adjustments	(194)			(186)			(355)
Non-recurring tax items	(5)			(4)			(2)
Non-GAAP Operating Earnings	$	2,004		$	1,948		$	1,805

Return on Equity and Non-GAAP Operating Return on Equity - Trailing twelve months
Net income (loss) attributable to Holdings	$	1,280		$	1,251		$	474
Less: Preferred stock	(80)			(80)			(72)
Net income (loss) available to Holdings' common shareholders	$	1,200		$	1,171		$	402
Average equity attributable to Holdings' common shareholders (ex. AOCI)	$	8,586		$	8,546		$	8,206

Return on Equity (ex. AOCI)	14.0		%	13.7		%	4.9		%

Non-GAAP Operating Earnings	$	2,004		$	1,948		$	1,805
Less: Preferred stock	(80)			(80)			(72)
Non-GAAP Operating Earnings available to Holdings' common shareholders	$	1,924		$	1,868		$	1,733
Average equity attributable to Holdings' common shareholders (ex. AOCI)	$	8,586		$	8,546		$	8,206

Non-GAAP Operating Return on Equity (ex. AOCI)	22.4		%	21.9		%	21.1		%


2Q 2025 Financial Supplement						34


Reconciliation of Non-GAAP Measures (3/3)

	Balances as of
(in millions USD, unless otherwise indicated)	9/30/2023		12/31/2023		3/31/2024		6/30/2024		9/30/2024		12/31/2024		3/31/2025		6/30/2025

Equity Reconciliation - Quarter-end Balances
Total equity attributable to Holdings' shareholders	$	1,587	$	2,636	$	1,992	$	1,598	$	3,201	$	1,565	$	2,401	$	1,149
Less: Preferred Stock	1,562		1,562		1,562		1,562		1,562		1,507		1,507		1,228
Total equity attributable to Holdings' common shareholders	25		1,074		430		36		1,639		58		894		(79)
Less: Accumulated other comprehensive income (loss)	(9,863)		(7,797)		(8,191)		(8,675)		(6,601)		(8,712)		(7,567)		(7,432)
Total equity attributable to Holdings' common shareholders (ex. AOCI)	$	9,888	$	8,871	$	8,621	$	8,711	$	8,240	$	8,770	$	8,461	$	7,353


	Balances as of
(in millions USD, unless otherwise indicated)	9/30/2023		12/31/2023		3/31/2024		6/30/2024		9/30/2024		12/31/2024		3/31/2025		6/30/2025

Equity Reconciliation - Twelve Month Rolling Average
Total equity attributable to Holdings' shareholders	$	2,580	$	2,882	$	2,442	$	1,953	$	2,357	$	2,089	$	2,191	$	2,079
Less: Preferred Stock	1,562		1,562		1,562		1,562		1,562		1,548		1,535		1,451
Total equity attributable to Holdings' common shareholders	1,018		1,320		880		391		795		541		656		628
Less: Accumulated other comprehensive income (loss)	(8,139)		(7,841)		(8,254)		(8,632)		(7,816)		(8,045)		(7,889)		(7,578)
Total equity attributable to Holdings' common shareholders (ex. AOCI)	$	9,157	$	9,161	$	9,134	$	9,023	$	8,611	$	8,586	$	8,545	$	8,206


2Q 2025 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, net of embedded derivative instruments where applicable.
Benefit base - A notional amount (not actual cash value) used to calculate the owner’s guaranteed benefits within an annuity contract. The death benefit and living benefit within the same contract may not have the same benefit base.
Brokerage Assets - Brokerage accounts which allow clients a variety of investments, including mutual funds, exchange traded products, equities and fixed income, to be managed in one account. The client is charged for all buy and sell transactions.
Current Product Offering (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.
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.
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.
Net new assets - Consists of total client deposits into advisory accounts less total client withdrawals from advisory accounts, plus dividends, plus interest, minus advisory fees. AUA reflects adjusted balances with no financial impact.
Premiums and deposits - Amounts a policyholder agrees to pay for an insurance policy or annuity contract that may be paid in one or a series of payments as defined by the terms of the policy or contract.
Pre-tax operating margin - Calculated as operating earnings, before income taxes, divided by revenue.
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.


2Q 2025 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, net of embedded derivative instruments.
Return on Equity (ex. AOCI) - Calculated as trailing twelve months net income (loss) attributable to Holdings' common shareholders divided by average equity attributable to Holdings' common shareholders, excluding Accumulated Other Comprehensive Income (“AOCI”).
Revenue per advisor - Calculated as trailing twelve months revenue divided by the average number of advisors for each of the most recent four quarters.
Trailing Twelve Months ("TTM") - The twelve calendar months preceding the balance sheet date of a given reporting period.


2Q 2025 Financial Supplement						37

Analyst Coverage, Ratings & Contact Information

Analyst Coverage

Firm

Analyst

Phone Number

Barclays

Alex Scott

1 (212) 526-1561

BMO

Jack Matten

1 (212) 671-8000

Deutsche Bank

Cave Montazeri

1 (212) 250-2798

Dowling & Partners

Joel Hurwitz

1 (860) 676-7312

Evercore ISI

Thomas Gallagher

1 (212) 446-9439

Jefferies

Suneet Kamath

1 (212) 778-8602

J.P. Morgan

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

Michael Ward

1 (917) 270-2483

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 '25

Mar '25

May '25

Financial Strength Ratings:

Equitable Financial Life Insurance Company

A+

Equitable Financial Life Insurance Company of America

A+

Credit Ratings:

Equitable Holdings, Inc.

bbb+

A-

Baa1

Investor and Media Contacts

Contact Investor Relations

Contact Media Relations

Erik Bass

Laura Yagerman

(212) 314-2476

(212) 314-2010

IR@equitable.com

MediaRelations@equitable.com

ir.equitableholdings.com

www.equitableholdings.com


2Q 2025 Financial Supplement						38

v3.25.2

COVER

Aug. 05, 2025

Entity Information [Line Items]

Document Type 8-K

Document Period End Date Aug. 05, 2025

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

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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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COVER	Aug. 05, 2025
Entity Information [Line Items]
Document Type	8-K
Document Period End Date	Aug. 05, 2025
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