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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): November 4, 2024
equitableimage.jpg
Equitable Holdings, Inc.
(Exact name of registrant as specified in its charter)
Delaware001-3846990-0226248
(State or other jurisdiction of(Commission File Number)(I.R.S. Employer
incorporation or organization)Identification No.)
1345 Avenue of the Americas, New York, New York                     10105
(Address of principal executive offices) (Zip Code)
(212) 554-1234
(Registrant’s telephone number, including area code)
Not Applicable
(Former name or address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Title of each classTrading SymbolName of Exchange on which registered
Common StockEQHNew York Stock Exchange
Depositary Shares, each representing a 1/1,000th interest in a share of Fixed Rate Noncumulative Perpetual Preferred Stock, Series AEQH PR ANew York Stock Exchange
Depositary Shares, each representing a 1/1,000th interest in a share of Fixed Rate Noncumulative Perpetual Preferred Stock, Series CEQH PR CNew York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 under the Securities Act (17 CFR 230.405) or Rule 12b-2 under the Exchange Act (17 CFR 240.12b-2).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


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

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



SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
EQUITABLE HOLDINGS, INC.
Date: November 4, 2024
By:
/s/ William Eckert
Name:
William Eckert
Title:
Chief Accounting Officer
(Principal Accounting Officer)




EQUITABLE HOLDINGS REPORTS THIRD QUARTER 2024 RESULTS
_______________________________________
•Strong organic growth momentum with net inflows of $1.7 billion in Retirement1, $1.9 billion in Wealth Management and $1.1 billion in Asset Management

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

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

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

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

_______________________________________
New York, NY, November 4, 2024 — Equitable Holdings, Inc. (“Equitable Holdings”, “Holdings”, or the “Company”) (NYSE: EQH) today announced financial results for the third quarter ended September 30, 2024.
“Our third quarter results highlight sustained organic growth momentum across the company. Non-GAAP operating earnings per share of $1.53 increased 34% from the prior year quarter and were up 22% excluding notable items. In Retirement, our business is growing as we find solutions to serve more Americans’ retirement needs, and we reported net inflows of $1.7 billion in the quarter. Our Wealth Management business delivered record advisory net inflows of $1.9 billion supported by advisor headcount growth and increased productivity. AllianceBernstein also reported its third consecutive quarter of net inflows, including $2.2 billion of active net inflows. The combination of strong new business activity and favorable market conditions drove assets under management and administration to a record $1.0 trillion, which will support future growth in both fee- and spread-based earnings,” said Mark Pearson, President and Chief Executive Officer.

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



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

1




Consolidated Results
Third Quarter
(in millions, except per share amounts or unless otherwise noted)20242023
Total Assets Under Management/Administration (“AUM/A”, in billions)$1,034 $860 
Net income (loss) attributable to Holdings
(134)1,064 
    Net income (loss) attributable to Holdings per common share
(0.47)3.02 
Non-GAAP operating earnings501 413 
    Non-GAAP operating earnings per common share (“EPS”)1.53 1.15 

As of September 30, 2024, total AUM/A was $1.0 trillion, a year-over-year increase of 20%, primarily driven by higher markets over the prior twelve months.
Net income (loss) attributable to Holdings for the third quarter of 2024 was $(134) million compared to $1.1 billion in the third quarter of 2023.

Non-GAAP operating earnings in the third quarter of 2024 was $501 million compared to $413 million in the third quarter of 2023. Adjusting for notable items5 of $20 million, third quarter 2024 Non-GAAP operating earnings was $521 million or $1.59 per share.
As of September 30, 2024, book value per common share including accumulated other comprehensive income (“AOCI”) was $5.26. Book value per common share excluding AOCI was $26.16.
5 Please refer to Exhibit 1 for detailed reconciliation and definitions related to notable items.

2

Business Highlights

•Business segment highlights:
◦Individual Retirement (“IR”) reported third quarter net inflows of $1.9 billion, and first year premiums were up 27% over the prior year quarter, with growth across all products. On a trailing twelve month basis, organic growth was 9%.
◦Group Retirement (“GR”) reported third quarter net outflows of $246 million, including $87 million of outflows in the tax-exempt channel, which reflects seasonality in the business.

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

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

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

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

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

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

•Delivering shareholder value:

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

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

•Completed annual actuarial assumption review:
◦The Company completed its annual actuarial assumption update, which resulted in post-tax benefits of $16 million to net income and $3 million to Non-GAAP operating earnings.
6 Refers to AllianceBernstein L.P. and AllianceBernstein Holding L.P., collectively.
7 Excludes c.$400 million of cash at Holdings which is available to AllianceBernstein through its credit facility with Equitable Holdings.


3

Business Segment Results

Individual Retirement
 (in millions, unless otherwise noted)Q3 2024Q3 2023
Account value (in billions)$108.9 $83.5 
Segment net flows (in billions)1.9 1.7 
Operating earnings (loss)225 220 
•Account value increased by 30%, driven by positive market performance and net inflows over the prior twelve months.
•Net inflows of $1.9 billion in the quarter were higher versus the prior year quarter, and first year premiums of $4.9 billion increased by 27%.
•Operating earnings of $225 million, were up year-over-year primarily due to higher net interest margin and fee-type revenue partially offset by higher commissions and distribution-related payments.
•Operating earnings adjusted for notable items8 decreased from $233 million in the prior year quarter to $231 million. Notable items of $6 million in the current period reflects lower net investment income from alternatives and a true-up commission adjustment.

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

•Account value increased by 21%, primarily due to market performance over the prior twelve months.
•Net outflows of $246 million in the third quarter, including $87 million of net outflows from the tax-exempt channel due to seasonality in the K-12 educators offering. Institutional net inflows were limited in the quarter, in line with expectations, with additional plans expected to fund in 1H’25.
•Operating earnings increased from $105 million in the prior year quarter to $141 million, primarily due to higher fee-based revenue and higher net interest margin.
•Operating earnings adjusted for notable items9 increased from $113 million in the prior year quarter to $134 million. Notable items were $(8) million in the quarter and reflect an annual assumption update partially offset by lower net investment income from alternatives and one-time model updates.

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

Asset Management
 (in millions, unless otherwise noted)Q3 2024Q3 2023
Total AUM (in billions)$805.9 $669.0 
Segment net flows (in billions)1.1 (1.9)
Operating earnings (loss)111 99 
•AUM increased by 20% due to market performance over the prior twelve months.
•Net inflows of $1.1 billion in the quarter as net inflows of $5.4 billion in the Retail channel and $0.1 billion in Private Wealth were partially offset by net outflows of $4.4 billion in the Institutional channel.

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

Protection Solutions
 (in millions)Q3 2024Q3 2023
Gross written premiums$793 $756 
Annualized premiums88 79 
Operating earnings (loss)46 34 
•Annualized premiums increased 11% year-over-year, driven by VUL and Employee Benefits.
•Operating earnings increased from $34 million in the prior year quarter to $46 million, primarily due to improved net mortality experience, partially offset by annual assumption and one-time model updates.

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















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

5


 (in millions, unless otherwise noted)Q3 2024Q3 2023
Total AUA (in billions)$100.4 $79.4 
Advisory Net Flows (in billions)
1.9 0.9 
Operating earnings (loss)50 40 
•AUA increased by 27% due to market performance and net inflows over the last twelve months.
•Record advisory net inflows of $1.9 billion in the quarter, primarily attributable to increased sales.
•Operating earnings increased from $40 million in the prior year quarter to $50 million, primarily due to higher advisory and distribution fees partially offset by higher commissions and distribution-related payments.


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

•Account value increased 8% versus the prior year period as positive market performance was partially offset by outflows as the block runs off.
•Net outflows of $712 million were in line with expectations as this business continues to run-off at $2 billion to $3 billion annually.
•Operating earnings decreased from $31 million in the prior year quarter to $27 million, primarily due to lower net investment income as a result from lower average asset balances.
•Operating earnings adjusted for notable items11 increased from $29 million in the prior year quarter to $34 million. Notable items of $6 million in the current period include the impact from the annual assumption update and lower net investment income.


Corporate and Other (“C&O”)

The operating loss of $99 million in the third quarter decreased from an operating loss of $116 million in the prior year quarter. After adjusting for notable items12, the operating loss increased from $109 million in the prior year quarter to $111 million.
11 Please refer to Exhibit 1 for a detailed reconciliation and definitions related to notable items.
12 Please refer to Exhibit 1 for a detailed reconciliation and definitions related to notable items.

6



Exhibit 1: Notable Items

Notable items represent the impact on results from our annual actuarial assumption review, approximate impacts attributable to significant variances from the Company’s expectations, and other items that the Company believes may not be indicative of future performance. The Company chooses to highlight the impact of these items and give Non-GAAP measures less notable items to provide a better understanding of our results of operations in a given period. Certain figures may not sum due to rounding.
Impact of notable items by segment and Corporate & Other:
Three Months Ended September 30,
(in millions)20242023
Non-GAAP Operating Earnings$501 $413 
Post-tax Adjustments related to notable items:
Individual Retirement6 13 
Group Retirement9 9 
Asset Management— — 
Protection Solutions18 37 
Wealth Management— — 
Legacy— 1 
Corporate & Other(10)8 
Notable items subtotal23 68 
Impact of Actuarial Assumption Update(3)(13)
Non-GAAP Operating Earnings, less Notable Items$521 $468 

Impact of notable items by item category:
Three Months Ended September 30,
(in millions)20242023
Non-GAAP Operating Earnings$501 $413 
Pre-tax adjustments related to Notable Items:
Model Updates/True-Up Adjustments 12 4 
Mortality — 35 
Expenses— — 
Net Investment Income16 24 
Subtotal27 63 
Post-tax impact of Notable Items23 68 
Impact of Actuarial Assumption Update(3)(13)
Non-GAAP Operating Earnings, less Notable Items$521 $468 


7


Earnings Conference Call
Equitable Holdings will host a conference call at 9 a.m. ET on November 5, 2024 to discuss its third quarter 2024 results. The conference call webcast, along with additional earnings materials, will be accessible on the company’s investor relations website at ir.equitableholdings.com. Please log on to the webcast at least 15 minutes prior to the call to download and install any necessary software.

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

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

A webcast replay will be made available on the Equitable Holdings Investor Relations website at ir.equitableholdings.com.
About Equitable Holdings
Equitable Holdings, Inc. (NYSE: EQH) is a leading financial services holding company comprised of complementary and well-established businesses, Equitable, AllianceBernstein and Equitable Advisors. Equitable Holdings has $1,034 billion in assets under management and administration (as of 9/30/2024) and more than 5 million client relationships globally. Founded in 1859, Equitable provides retirement and protection strategies to individuals, families and small businesses. AllianceBernstein is a global investment management firm that offers diversified investment services to institutional investors, individuals and private wealth clients. Equitable Advisors, LLC (Equitable Financial Advisors in MI and TN) has 4,400 duly registered and licensed financial professionals that provide financial planning, wealth management, retirement planning, protection and risk management services to clients across the country.
Contacts:
Investor Relations
Erik Bass
(212) 314-2476
IR@equitable.com

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

8

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



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

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

10

Non-GAAP Operating Earnings
Non-GAAP Operating Earnings is an after-tax non-GAAP financial measure used to evaluate our financial performance on a consolidated basis that is determined by making certain adjustments to our consolidated after-tax net income attributable to Holdings. The most significant of such adjustments relates to our derivative positions, which protect economic value and statutory capital, and the variable annuity product MRBs. This is a large source of volatility in net income.
Non-GAAP Operating Earnings equals our consolidated after-tax net income attributable to Holdings adjusted to eliminate the impact of the following items:
•Items related to variable annuity product features, which include: (i) changes in the fair value of MRB and purchased MRB, including the related attributed fees and claims, offset by derivatives and other securities used to hedge the MRB which result in residual net income volatility as the change in fair value of certain securities is reflected in OCI and due to our statutory capital hedge program; and (ii) market adjustments to deposit asset or liability accounts arising from reinsurance agreements which do not expose the reinsurer to a reasonable possibility of a significant loss from insurance risk;
•Investment (gains) losses, which includes credit loss impairments of securities/investments, sales or disposals of securities/investments, realized capital gains/losses and valuation allowances;
•Net actuarial (gains) losses, which includes actuarial gains and losses as a result of differences between actual and expected experience on pension plan assets or projected benefit obligation during a given period related to pension, other postretirement benefit obligations, and the one-time impact of the settlement of the defined benefit obligation;
•Other adjustments, which primarily include restructuring costs related to severance and separation, lease write-offs related to non-recurring restructuring activities, COVID-19 related impacts, net derivative gains (losses) on certain Non-GMxB derivatives, Net investment income from certain items including consolidated VIE investments, seed capital mark-to-market adjustments, unrealized gain/losses and realized capital gains/losses from sales or disposals of select securities, certain legal accruals; a bespoke deal to repurchase UL policies from one entity that had invested in numerous policies purchased in the life settlement market, which disposed of the risk of additional COI litigation by that entity related to those UL policies, impact of the annual actuarial assumption updates attributable to LFPB when the majority of the impact relates to the non-core business; and
•Income tax expense (benefit) related to the above items and non-recurring tax items, which includes the effect of uncertain tax positions for a given audit period and changes to the deferred tax valuation allowance.
In the fourth quarter of 2023, the Company updated its operating earnings measure to exclude the impact of realized amounts related to equity classified instruments. The recognition of the realized capital gains and losses from investments in current Net investment income is generally considered distortive and not reflective of the ongoing core business activities of the segments. The presentation of operating earnings in prior periods was not revised to reflect this modification. The impact to operating earnings was immaterial for the three and nine months ended September 30, 2023.
11

In the first quarter of 2024, the Company began allocating to its business segments collateral expense resulting from a designated rate to be paid on the collateral held back to counterparties. The new segment allocation methodology for collateral expense is based on the income earned on cash equivalents held in the surplus segments and income earned in portfolios backing collateral expenses, such that the collateral expense would be allocated to the segments up to that amount. Any remaining amount is included within Corporate and Other. This expense was previously recorded in Corporate and Other with no allocation to our business segments in prior reporting periods.
The presentation of operating earnings in prior periods was not revised to reflect this modification, however, the Company estimated that allocating collateral expense to the segments for the twelve months ended December 31, 2023 and 2022, respectively, would have resulted in a decrease to operating earnings of $4.0 million and $0.8 million for Individual Retirement, $7.7 million and $1.4 million for Group Retirement, $21.9 million and $2.5 million for Protection Solutions, $4.2 million and $1.0 million for Legacy, and an increase of $37.8 million and $5.7 million for Corporate and Other. The impact to operating earnings for each segment during the quarters of 2023 was not material. Total Company operating earnings were not impacted.
During the third quarter 2024, the Company moved revenues and expenses related to payout annuitizations from the Legacy segment to the Individual Retirement segment. Now all payout annuities will be reported within the Individual Retirement segment as the block is managed on an aggregate basis. Prior periods have been recast to reflect this change.
Because Non-GAAP Operating Earnings excludes the foregoing items that can be distortive or unpredictable, management believes that this measure enhances the understanding of the Company’s underlying drivers of profitability and trends in our business, thereby allowing management to make decisions that will positively impact our business.
We use the prevailing corporate federal income tax rate of 21% while taking into account any non-recurring differences for events recognized differently in our financial statements and federal income tax returns as well as partnership income taxed at lower rates when reconciling Net income (loss) attributable to Holdings to Non-GAAP Operating Earnings.

12

The table below presents a reconciliation of Net income (loss) attributable to Holdings to Non-GAAP Operating Earnings for the three and nine months ended September 30, 2024 and 2023:
Three Months Ended September 30,Nine Months Ended September 30,
(in millions)2024202320242023
Net income (loss) attributable to Holdings$(134)$1,064 $408 $2,000 
Adjustments related to:
Variable annuity product features (1)
738 (1,380)1,136 (584)
Investment (gains) losses46 411 101 554 
Net actuarial (gains) losses related to pension and other postretirement benefit obligations13 8 44 26 
Other adjustments (2) (3) (4)
— 91 59 198 
Income tax expense (benefit) related to above adjustments(167)183 (281)(40)
Non-recurring tax items (5)
5 36 18 (936)
Non-GAAP Operating Earnings$501 $413 $1,485 $1,218 
______________
(1)Includes the impact of favorable assumption updates of $16 million for the three and nine months ended September 30, 2024, respectively and 40 million for the three and nine months ended September 30, 2023, respectively.
(2)Includes certain gross legal expenses related to the COI litigation of $0 million and $106 million for the three and nine months ended September 30, 2024, respectively, and $0 million and $35 million for the three and nine months ended September 30, 2023, respectively. Includes the impact of unfavorable annual actuarial assumptions updates related to LFPB of $61 million for the three and nine months ended September 30, 2023.
(3)For the nine months ended September 30, 2024, includes $82 million of the gain on sale on AB's Bernstein Research Service attributable to Holdings.
(4)For the three and nine months ended September 30, 2024, includes $78 million contingent payment gain recognized in connection with a fair value remeasurement of the contingent payment liability associated with AB's acquisition of CarVal in 2022.
(5)For the three and nine months ended September 30, 2024 and 2023, respectively, non-recurring tax items reflect primarily the effect of uncertain tax positions for a given audit period. An increase of the deferred tax valuation allowance of $20 million and a decrease of $970 million for the three and nine months ended September 30, 2023, respectively.
13

Non-GAAP Operating EPS
Non-GAAP Operating Earnings per common share is calculated by dividing Non-GAAP Operating Earnings less preferred stock dividends by diluted common shares outstanding. The table below presents a reconciliation of GAAP EPS to Non-GAAP Operating EPS for the three and nine months ended September 30, 2024 and 2023.
Three Months Ended September 30,Nine Months Ended September 30,
(per share amounts)2024202320242023
Net income (loss) attributable to Holdings
$(0.42)$3.06 $1.25 $5.62 
Less: Preferred stock dividend0.05 0.04 0.17 0.15 
Net Income (loss) available to common shareholders(0.47)3.02 1.08 5.47 
Adjustments related to:
Variable annuity product features (1)
2.32 (3.97)3.47 (1.64)
Investment (gains) losses0.14 1.18 0.31 1.56 
Net actuarial (gains) losses related to pension and other postretirement benefit obligations0.04 0.02 0.13 0.07 
Other adjustments (2) (3) (4)
— 0.27 0.19 0.55 
Income tax expense (benefit) related to above adjustments(0.52)0.53 (0.86)(0.11)
Non-recurring tax items (5)
0.02 0.10 0.05 (2.63)
Non-GAAP Operating Earnings$1.53 $1.15 $4.37 $3.27 
_______________
(1)Includes the impact of favorable assumption updates of $0.05 for the three and nine months ended September 30, 2024, respectively and 0.11 for the three and nine months ended September 30, 2023, respectively.
(2)Includes certain gross legal expenses related to the COI litigation of $0 and $0.32 for the three and nine months ended September 30, 2024, respectively, and $0 and $0.10 for the three and nine months ended September 30, 2023, respectively. Includes the impact of unfavorable annual actuarial assumptions updates related to LFPB of $0.18 and $0.17 for the three and nine months ended September 30, 2023.
(3)For the nine months ended September 30, 2024, includes $0.25 of the gain on sale on AB's Bernstein Research Service attributable to Holdings.
(4)For the three and nine months ended September 30, 2024 includes $0.24 contingent payment gain recognized in connection with a fair value remeasurement of the contingent payment liability associated with AB's acquisition of CarVal in 2022.
(5)For the three and nine months ended September 30, 2024 and 2023, respectively, non-recurring tax items reflect primarily the effect of uncertain tax positions for a given audit period. An increase of the deferred tax valuation allowance of $0.06 and a decrease of $2.73 for the three and nine months ended September 30, 2023, respectively.





14

Book Value per common share, excluding AOCI
We use the term “book value” to refer to total equity attributable to Holdings’ common shareholders. Book Value per common share, excluding AOCI, is our total equity attributable to Holdings, excluding AOCI and preferred stock, divided by ending common shares outstanding.
 September 30,
2024		December 31, 2023
Book value per common share$5.26 $3.26 
Per share impact of AOCI20.90 23.30 
Book Value per common share, excluding AOCI$26.16 $26.56 

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

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

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

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

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

Consolidated Statements of Income (Loss) (Unaudited)
Three Months Ended September 30,Nine Months Ended September 30,
 2024202320242023
(in millions)
REVENUES
Policy charges and fee income$626 $599 $1,857 $1,781 
Premiums313 267 870 823 
Net derivative gains (losses)(714)615 (2,298)(1,143)
Net investment income (loss)1,309 1,071 3,694 3,097 
Investment gains (losses), net:
Credit losses on available-for-sale debt securities and loans(28)(65)(63)(145)
Other investment gains (losses), net(18)(346)(38)(409)
Total investment gains (losses), net(46)(411)(101)(554)
Investment management and service fees1,287 1,217 3,805 3,579 
Other income301 266 989 775 
Total revenues3,076 3,624 8,816 8,358 
BENEFITS AND OTHER DEDUCTIONS
Policyholders’ benefits663 693 2,007 2,107 
Remeasurement of liability for future policy benefits16 49 9 46 
Change in market risk benefits and purchased market risk benefits79 (817)(1,154)(1,772)
Interest credited to policyholders’ account balances708 556 1,879 1,520 
Compensation and benefits571 593 1,768 1,742 
Commissions and distribution-related payments485 405 1,385 1,178 
Interest expense55 55 174 171 
Amortization of deferred policy acquisition costs184 165 525 472 
Other operating costs and expenses329 450 1,309 1,339 
Total benefits and other deductions3,090 2,149 7,902 6,803 
Income (loss) from continuing operations, before income taxes(14)1,475 914 1,555 
Income tax (expense) benefit40 (340)(106)677 
Net income (loss)26 1,135 808 2,232 
Less: Net income (loss) attributable to the noncontrolling interest160 71 400 232 
Net income (loss) attributable to Holdings(134)1,064 408 2,000 
Less: Preferred stock dividends14 14 54 54 
Net income (loss) available to Holdings’ common shareholders$(148)$1,050 $354 $1,946 

16

Earnings Per Common Share
Three Months Ended September 30,Nine Months Ended September 30,
 2024202320242023
(in millions)
Earnings per common share
Basic$(0.47)$3.03 $1.09 $5.49 
Diluted$(0.47)$3.02 $1.08 $5.47 
Weighted average shares
Weighted average common stock outstanding for basic earnings per common share318.2 346.4 324.2 354.4 
Weighted average common stock outstanding for diluted earnings per common share (1)318.2 348.0 327.7 355.9 
(1)For the three and nine months ended September 30, 2024 and 2023, 6.4 million, 3.0 million, 3.5 million and 2.4 million, respectively, of outstanding stock awards, were not included in the computation of diluted earnings per share because their effect was anti-dilutive.

Results of Operations by Segment
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
(in millions)
Operating earnings (loss) by segment:
Individual Retirement$225 $220 $713 $671 
Group Retirement141 105 390 301 
Asset Management
111 99 318 297 
Protection Solutions46 34 154 23 
Wealth Management50 40 137 114 
Legacy27 31 93 119 
Corporate and Other (1)(99)(116)(320)(307)
Non-GAAP Operating Earnings$501 $413 $1,485 $1,218 
______________
(1)Includes interest expense and financing fees of $57 million and $171 million for the three and nine months ended September 30, 2024, respectively, and $54 million and $173 million for the three and nine months ended September 30, 2023, respectively.

17

Select Balance Sheet Statistics
September 30,
2024		December 31,
2023
 (in millions)
ASSETS
Total investments and cash and cash equivalents$123,825 $110,412 
Separate Accounts assets137,407 127,251 
Total assets298,989 276,814 
LIABILITIES
Long-term debt$3,831 $3,820 
Future policy benefits and other policyholders' liabilities17,936 17,363 
Policyholders’ account balances107,433 95,673 
Total liabilities292,791 271,656 
EQUITY
Preferred stock1,562 1,562 
Accumulated other comprehensive income (loss)(6,595)(7,777)
Total equity attributable to Holdings$3,220 $2,649 
Total equity attributable to Holdings' common shareholders (ex. AOCI)8,253 8,864 
18

Assets Under Management (Unaudited)
September 30,
2024		December 31,
2023
(in billions)
Assets Under Management
AB AUM$805.9 $725.2 
Exclusion for General Account and other Affiliated Accounts(71.7)(75.0)
Exclusion for Separate Accounts(61.7)(44.5)
AB third party$672.6 $605.7 
Total company AUM
AB third party$672.6 $605.7 
General Account and other Affiliated Accounts (1) (3) (4)123.8 110.4 
Separate Accounts (2) (3) (4)137.4 127.3 
Total AUM$933.8 $843.4 
_______________
(1) “General Account and Other Affiliated Accounts” refers to assets held in the general accounts of our insurance companies and other assets on which we bear the investment risk.
(2) “Separate Accounts” refers to the separate account investment assets of our insurance subsidiaries excluding any assets on which we bear the investment risk.
(3) As of September 30, 2024 and December 31, 2023, Separate Account is inclusive of $12.8 billion and $12.5 billion & General Account AUM is inclusive of $44 million and $49 million, respectively, Account Value ceded to Venerable.
(4) As of September 30, 2024 and December 31, 2023, Separate Account is inclusive of $7.1 billion and $6.4 billion & General Account AUM is inclusive of $3.3 billion and $3.6 billion, respectively, Account Value ceded to Global Atlantic.
19

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

This financial supplement should be read in conjunction with Equitable Holdings' filings with the Securities and Exchange Commission (“SEC”) can be accessed upon filing at the SEC’s website at www.sec.gov, and at our website at ir.equitableholdings.com.
3Q 2024 Financial Supplement
2







Consolidated Financials
and Key Metrics

3Q 2024 Financial Supplement
3

Key Metrics Summary
For the Three Months Ended or As ofNine Months Ended or As of
(in millions USD, unless otherwise indicated)9/30/202312/31/20233/31/20246/30/20249/30/2024Change9/30/20239/30/2024Change
Net income (loss)$1,135 $(589)$217 $565 $26 (97.7)%$2,232 $808 (63.8)%
Net income (loss) attributable to the noncontrolling interest(71)(109)(103)(137)(160)(125.4)%(232)(400)(72.4)%
Net income (loss) attributable to Holdings$1,064 $(698)$114 $428 $(134)(112.6)%$2,000 $408 (79.6)%
Non-GAAP Operating Earnings (1)$413 $476 $490 $494 $501 21.3 %$1,218 $1,485 21.9 %
Total equity attributable to Holdings' shareholders$1,642 $2,649 $2,032 $1,644 $3,220 96.1 %$1,642 $3,220 96.1 %
Less: Preferred Stock1,562 1,562 1,562 1,562 1,562 — %1,562 1,562 — %
Total equity attributable to Holdings' common shareholders80 1,087 470 82 1,658 N/M80 1,658 N/M
Less: Accumulated other comprehensive income (loss)(9,802)(7,777)(8,166)(8,645)(6,595)32.7 %(9,802)(6,595)32.7 %
Total equity attributable to Holdings' common shareholders (ex. AOCI)$9,882 $8,864 $8,636 $8,727 $8,253 (16.5)%$9,882 $8,253 (16.5)%
Return on Equity (ex. AOCI) - TTM21.7 %13.4 %12.8 %9.2 %(4.2)%21.7 %(4.2)%
Non-GAAP Operating ROE (1)16.3 %17.6 %19.2 %19.8 %21.2 %16.3 %21.2 %
Debt to capital:
Debt to Capital (ex. AOCI)25.0 %28.1 %27.3 %27.1 %28.1 %25.0 %28.1 %
Per common share:
Diluted earnings per common share: (2)
Net income (loss) attributable to Holdings$3.02 $(2.15)$0.30 $1.23 $(0.47)(115.4)%$5.47 $1.08 (80.2)%
Non-GAAP Operating Earnings (1)$1.15 $1.33 $1.43 $1.43 $1.53 33.5 %$3.27 $4.37 33.5 %
Book value per common share$0.23 $3.26 $1.43 $0.25 $5.26 N/M$0.23 $5.26 N/M
Book value per common share (ex. AOCI)$28.90 $26.56 $26.36 $27.14 $26.16 (9.5)%$28.90 $26.16 (9.5)%
Weighted-average common shares outstanding:
Basic346.4 337.2 330.2 324.2 318.2 (8.1)%354.4 324.2 (8.5)%
Diluted348.0 337.2 332.7 327.3 318.2 (8.6)%355.9 327.7 (7.9)%
Ending common shares outstanding342.0 333.8 327.6 321.6 315.5 (7.7)%342.0 315.5 (7.7)%
Return to common shareholders:
Common stock dividend$77 $74 $73 $78 $76 $227 $227 
Repurchase of common shares 238 241 253 247 254 678 754 
Total capital returned to common shareholders$315 $315 $326 $325 $330 $905 $981 
Market Values:
S&P 5004,288 4,770 5,254 5,460 5,762 34.4 %4,288 5,762 34.4 %
US 10-Year Treasury4.6 %3.9 %4.2 %4.4 %3.7 %4.6 %3.7 %
Notes:
(1) This measure is a Non-GAAP financial measure. For an explanation of our use of Non-GAAP financial measures, refer to the “Use of Non-GAAP Financial Measures” and "Glossary of Selected Financial and Product Terms" sections of this document. For a reconciliation of this item to the most directly comparable GAAP measure, refer to the “Non-GAAP Reconciliation” section in this document.
(2) For loss periods, dilutive shares were not included in the calculation of net income (loss) available to shareholders per common share or Non-GAAP Operating Earnings per common share as inclusion of such shares would have an anti-dilutive effect.
3Q 2024 Financial Supplement
4

Consolidated Statements of Income (Loss)
For the Three Months EndedNine Months Ended
(in millions USD, unless otherwise indicated)9/30/202312/31/20233/31/20246/30/20249/30/2024Change9/30/20239/30/2024Change
Revenues
Policy charges and fee income$599 $599 $614 $617 $626 4.5 %$1,781 $1,857 4.3 %
Premiums267 281 275 282 313 17.2 %823 870 5.7 %
Net derivative gains (losses)615 (1,254)(1,376)(208)(714)(216.1)%(1,143)(2,298)(101.0)%
Net investment income (loss)1,071 1,223 1,219 1,166 1,309 22.2 %3,097 3,694 19.3 %
Investment gains (losses), net (411)(159)(39)(16)(46)88.8 %(554)(101)81.8 %
Investment management and service fees1,217 1,241 1,278 1,240 1,287 5.8 %3,579 3,805 6.3 %
Other income266 239 259 429 301 13.2 %775 989 27.6 %
Total revenues3,624 2,170 2,230 3,510 3,076 (15.1)%8,358 8,816 5.5 %
Benefits and other deductions
Policyholders’ benefits693 647 677 667 663 (4.3)%2,107 2,007 (4.7)%
Remeasurement of liability for future policy benefits49 29 1 (8)16 (67.3)%46 9 (80.4)%
Change in market risk benefits and purchased market risk benefits(817)(35)(1,100)(133)79 109.7 %(1,772)(1,154)34.9 %
Interest credited to policyholders’ account balances556 563 566 605 708 27.3 %1,520 1,879 23.6 %
Compensation and benefits593 586 620 577 571 (3.7)%1,742 1,768 1.5 %
Commissions and distribution related payments405 412 437 463 485 19.8 %1,178 1,385 17.6 %
Interest expense55 57 57 62 55 — %171 174 1.8 %
Amortization of deferred policy acquisition costs 165 169 172 169 184 11.5 %472 525 11.2 %
Other operating costs and expenses450 559 553 427 329 (26.9)%1,339 1,309 (2.2)%
Total benefits and other deductions2,149 2,987 1,983 2,829 3,090 43.8 %6,803 7,902 16.2 %
Income (loss) from operations, before income taxes1,475 (817)247 681 (14)(100.9)%1,555 914 (41.2)%
Income tax (expense) benefit(340)228 (30)(116)40 111.8 %677 (106)(115.7)%
Net income (loss)1,135 (589)217 565 26 (97.7)%2,232 808 (63.8)%
Less: net (income) loss attributable to the noncontrolling interest(71)(109)(103)(137)(160)(125.4)%(232)(400)(72.4)%
Net income (loss) attributable to Holdings$1,064 $(698)$114 $428 $(134)(112.6)%$2,000 $408 (79.6)%
Less: Preferred stock dividends(14)(26)(14)(26)(14)— %(54)(54)— %
Net income (loss) available to Holdings' common shareholders$1,050 $(724)$100 $402 $(148)(114.1)%$1,946 $354 (81.8)%
Adjustments related to:
Variable annuity product features (1)$(1,380)$1,191 $319 $79 $738 $(584)$1,136 
Investment gains (losses), net411 159 39 16 46 554 101 
Net actuarial gains (losses) related to pension and other postretirement benefit obligations8 13 17 14 13 26 44 
Other adjustments (2) (3) (4)91 153 91 (32)— 198 59 
Income tax (expense) benefit related to above adjustments 183 (319)(98)(16)(167)(40)(281)
Non-recurring tax items (5)36 (23)8 5 5 (936)18 
Non-GAAP Operating earnings (6)$413 $476 $490 $494 $501 $1,218 $1,485 
Notes:
(1) Includes the impact of favorable assumption updates of $16 million for the three and nine months ended September 30, 2024, respectively and 40 million for the three and nine months ended September 30, 2023, respectively.
(2) Includes certain gross legal expenses related to the COI litigation of $0 million and $106 million for the three and nine months ended September 30, 2024, respectively, and $0 million and $35 million for the three and nine months ended September 30, 2023, respectively. Includes the impact of unfavorable annual actuarial assumptions updates related to LFPB of $61 million for the three and nine months ended September 30, 2023.
(3) For the nine months ended September 30, 2024, includes $82 million of the gain on sale on AB's Bernstein Research Service attributable to Holdings.
(4) For the three and nine months ended September 30, 2024, includes $78 million contingent payment gain recognized in connection with a fair value remeasurement of the contingent payment liability associated with AB's acquisition of CarVal in 2022.
(5) For the three and nine months ended September 30, 2024 and 2023, respectively, non-recurring tax items reflect primarily the effect of uncertain tax positions for a given audit period. An increase of the deferred tax valuation allowance of $20 million and a decrease of $970 million for the three and nine months ended September 30, 2023, respectively.
(6) This measure is a Non-GAAP financial measure. For an explanation of our use of Non-GAAP financial measures, refer to the “Use of Non-GAAP Financial Measures” and "Glossary of Selected Financial and Product Terms" sections of this document. For a reconciliation of this item to the most directly comparable GAAP measure, refer to the “Non-GAAP Reconciliation” section in this document.
3Q 2024 Financial Supplement
5

Consolidated Balance Sheets
Balances as of
(in millions USD, unless otherwise indicated)9/30/202312/31/20233/31/20246/30/20249/30/2024
Assets
Total investments $97,209 $102,173 $102,620 $107,726 $114,246 
Cash and cash equivalents6,096 8,239 10,357 9,684 9,579 
Cash and securities segregated, at fair value928 868 866 592 547 
Broker-dealer related receivables2,017 1,837 1,808 1,801 1,898 
Deferred policy acquisition costs6,599 6,705 6,804 6,924 7,031 
Goodwill and other intangible assets, net5,448 5,433 5,419 5,403 5,388 
Amounts due from reinsurers8,271 8,352 8,387 8,237 8,222 
Current and deferred income taxes2,035 2,050 2,063 2,117 1,701 
Purchased market risk benefits8,745 9,427 8,337 7,993 8,492 
Other assets3,945 3,323 3,618 3,825 3,738 
Assets held-for-sale681 565 745 — — 
Assets for market risk benefits701 591 818 803 740 
Separate Accounts assets117,577 127,251 133,735 132,664 137,407 
Total assets$260,252 $276,814 $285,577 $287,769 $298,989 
Liabilities
Policyholders’ account balances $91,912 $95,673 $100,246 $104,072 $107,433 
Liability for market risk benefits13,011 14,612 12,814 12,593 13,197 
Future policy benefits and other policyholders’ liabilities16,647 17,363 17,324 17,417 17,936 
Broker-dealer related payables454 1,232 1,022 839 1,382 
Customers related payables2,321 2,201 2,162 2,060 1,795 
Amounts due to reinsurers1,424 1,450 1,377 1,363 1,421 
Short-term debt— 254 — — — 
Long-term debt3,820 3,820 3,821 3,830 3,831 
Notes issued by consolidated variable interest entities, at fair value using the fair value option1,541 1,559 1,580 1,740 1,744 
Other liabilities7,412 6,088 6,511 6,718 6,645 
Liabilities held-for-sale216 153 239 — — 
Separate Accounts liabilities117,577 127,251 133,735 132,664 137,407 
Total liabilities256,335 271,656 280,831 283,296 292,791 
Redeemable noncontrolling interest636 770 991 1,088 1,223 
Equity
Preferred stock1,562 1,562 1,562 1,562 1,562 
Common stock3 5 5 5 5 
Additional paid-in capital2,308 2,328 2,322 2,337 2,343 
Treasury shares(3,592)(3,712)(3,801)(3,932)(4,072)
Retained earnings11,163 10,243 10,110 10,317 9,977 
Accumulated other comprehensive income (loss)(9,802)(7,777)(8,166)(8,645)(6,595)
Total equity attributable to Holdings1,642 2,649 2,032 1,644 3,220 
Noncontrolling interest1,639 1,739 1,723 1,741 1,755 
Total equity3,281 4,388 3,755 3,385 4,975 
Total liabilities, redeemable noncontrolling interest and equity$260,252 $276,814 $285,577 $287,769 $298,989 



3Q 2024 Financial Supplement
6

Consolidated Capital Structure
Balances as of
(in millions USD, unless otherwise indicated)9/30/202312/31/20233/31/20246/30/20249/30/2024
Short-term and long-term debt:
Short-term debt
AB commercial paper$— $254 $— $— $— 
AB revolving credit facility— — — — — 
CLO Warehousing Debt — — — — — 
Current portion of long-term debt— — — — — 
Total short-term debt— 254 — — — 
Total long-term debt3,820 3,820 3,821 3,830 3,831 
Total short-term and long-term debt: [A]
$3,820 $4,074 $3,821 $3,830 $3,831 
Equity:
Preferred stock$1,562 $1,562 $1,562 $1,562 $1,562 
Common stock3 5 5 5 5 
Additional paid-in capital2,308 2,328 2,322 2,337 2,343 
Treasury stock, at cost(3,592)(3,712)(3,801)(3,932)(4,072)
Retained earnings11,163 10,243 10,110 10,317 9,977 
Accumulated other comprehensive income (loss)(9,802)(7,777)(8,166)(8,645)(6,595)
Total equity attributable to Holdings1,642 2,649 2,032 1,644 3,220 
Noncontrolling interest1,639 1,739 1,723 1,741 1,755 
Total equity$3,281 $4,388 $3,755 $3,385 $4,975 
Total equity attributable to Holdings, (ex. AOCI): [B]
$11,444 $10,426 $10,198 $10,289 $9,815 
Capital:
Total capitalization (1)$5,462 $6,723 $5,853 $5,474 $7,051 
Total capitalization (ex. AOCI): [A+B] (2)
$15,264 $14,500 $14,019 $14,119 $13,646 
Debt to capital:
Debt to capital (ex. AOCI) (2)25.0 %28.1 %27.3 %27.1 %28.1 %
For the Three Months Ended
Roll-forward of common shares outstanding (millions of shares):
Beginning balance350.2 342.0 333.8 327.6 321.6 
Repurchases(3.4)(3.9)(3.2)(3.2)(3.4)
Retirements(4.9)(4.4)(4.3)(3.1)(2.8)
Issuances0.1 0.1 1.3 0.3 0.1 
Ending basic common shares outstanding342.0 333.8 327.6 321.6 315.5 
Total potentially dilutive shares1.4 1.5 2.5 3.2 3.4 
Ending common shares outstanding - maximum potential dilution343.4 335.3 330.1 324.7 318.9 
Notes:
(1) Total capitalization exclusive of CLO Warehousing Debt as the VIE debt is non-recourse.
(2) Debt to capital ratio exclusive of CLO Warehousing Debt as the VIE debt is non-recourse.

3Q 2024 Financial Supplement
7

Operating Earnings (Loss) by Segment and Corporate and Other
Three Months Ended September 30, 2024
(in millions USD, unless otherwise indicated)Individual RetirementGroup RetirementAsset ManagementProtection SolutionsWealth ManagementLegacyCorporate and OtherEliminationsConsolidated
Revenues
Policy charges, fee income and premiums$224 $81 $— $537 $— $6 $91 $— $939 
Net investment income (loss)635 143 17 258 4 15 157 28 1,257 
Net derivative gains (losses)(5)(1)(16)1 — — (6)6 (21)
Investment management, service fees and other income90 91 1,085 43 446 96 4 (254)1,601 
Segment revenues944 314 1,086 839 450 117 246 (220)3,776 
Benefits and other deductions
Policyholders’ benefits82 — — 455 — — 126 — 663 
Remeasurement of liability for future policy benefits1 — — 26 — — (11)— 16 
Interest credited to policyholders’ account balances336 60 — 141 — 9 131 — 677 
Commissions and distribution related payments97 39 192 43 281 40 5 (212)485 
Amortization of deferred policy acquisition costs 119 16 — 31 — 16 2 — 184 
Compensation and benefits, interest expense and financing fees and other operating costs and expense47 35 641 87 103 20 86 (8)1,011 
Segment benefits and other deductions682 150 833 783 384 85 339 (220)3,036 
Operating earnings (loss), before income taxes262 164 253 56 66 32 (93)— 740 
Income Taxes(37)(23)(42)(8)(16)(5)14 — (117)
Operating earnings (loss), before noncontrolling interest225 141 211 48 50 27 (79)— 623 
Less: Operating (earnings) loss attributable to the noncontrolling interest— — (100)(2)— — (20)— (122)
Operating earnings (loss)$225 $141 $111 $46 $50 $27 $(99)$— $501 
Three Months Ended September 30, 2023 (1)
Individual RetirementGroup RetirementAsset ManagementProtection SolutionsWealth ManagementLegacyCorporate and OtherEliminationsConsolidated
Revenues
Policy charges, fee income and premiums$202 $71 $— $516 $— $7 $70 $— $866 
Net investment income (loss)475 128 (9)260 4 22 178 20 1,078 
Net derivative gains (losses)(5)— 9 7 — — 5 6 22 
Investment Management, service fees and other income90 68 1,034 39 386 100 4 (225)1,496 
Segment revenues762 267 1,034 822 390 129 257 (199)3,462 
Benefits and other deductions
Policyholders’ benefits73 — — 512 — — 114 — 699 
Remeasurement of liability for future policy benefits1 — — (16)— — (1)— (16)
Interest credited to policyholders’ account balances189 55 — 137 — 9 166 — 556 
Commissions and distribution related payments69 35 156 37 244 45 4 (185)405 
Amortization of deferred policy acquisition costs 102 14 — 30 — 16 3 — 165 
Compensation and benefits, interest expense and financing fees and other operating costs and expense51 31 658 81 93 20 108 (14)1,028 
Segment benefits and other deductions485 135 814 781 337 90 394 (199)2,837 
Operating earnings (loss), before income taxes277 132 220 41 53 39 (137)— 625 
Income Taxes(57)(27)(36)(7)(13)(8)29 — (119)
Operating earnings (loss), before noncontrolling interest220 105 184 34 40 31 (108)— 506 
Less: Operating (earnings) loss attributable to the noncontrolling interest— — (85)— — — (8)— (93)
Operating earnings (loss)$220 $105 $99 $34 $40 $31 $(116)$— $413 
(1) Prior periods were updated to reflect the impact of moving payout annuity policies from Legacy to IR.
3Q 2024 Financial Supplement
8

Operating Earnings (Loss) by Segment and Corporate and Other (2/2)
Nine Months Ended September 30, 2024
(in millions USD, unless otherwise indicated)Individual RetirementGroup RetirementAsset ManagementProtection SolutionsWealth ManagementLegacyCorporate and OtherEliminationsConsolidated
Revenues
Policy charges, fee income and premiums$641 $233 $— $1,597 $— $27 $229 $— $2,727 
Net investment income (loss)1,783 424 32 775 12 46 488 71 3,631 
Net derivative gains (losses)(16)(1)(22)— — — (16)17 (38)
Investment Management, service fees and other income270 233 3,220 126 1,303 296 19 (751)4,716 
Segment revenues2,678 889 3,230 2,498 1,315 369 720 (663)11,036 
Benefits and other deductions
Policyholders’ benefits237 — — 1,415 — — 355 — 2,007 
Remeasurement of liability for future policy benefits(1)— — 10 — — — — 9 
Interest credited to policyholders’ account balances865 168 — 409 — 26 379 — 1,847 
Commissions and distribution related payments254 128 545 126 823 121 14 (626)1,385 
Amortization of deferred policy acquisition costs339 39 — 93 — 47 7 — 525 
Compensation and benefits, interest expense and financing fees and other operating costs and expense152 99 1,946 264 307 67 293 (37)3,091 
Segment benefits and other deductions1,846 434 2,491 2,317 1,130 261 1,048 (663)8,864 
Operating earnings (loss), before income taxes832 455 739 181 185 108 (328)— 2,172 
Income Taxes(119)(65)(128)(26)(48)(15)51 — (350)
Operating earnings (loss), before noncontrolling interest713 390 611 155 137 93 (277)— 1,822 
Less: Operating (earnings) loss attributable to the noncontrolling interest— — (293)(1)— — (43)— (337)
Operating earnings (loss)$713 $390 $318 $154 $137 $93 $(320)$— $1,485 
Nine Months Ended September 30, 2023 (2)
Individual RetirementGroup RetirementAsset ManagementProtection SolutionsWealth ManagementLegacyCorporate and OtherEliminationsConsolidated
Revenues
Policy charges, fee income and premiums$596 $201 $— $1,560 $— $19 $228 $— $2,604 
Net investment income (loss)1,272 372 2 719 9 82 562 62 3,080 
Net derivative gains (losses)(15)(1)(2)(11)— — (6)14 (21)
Investment Management, service fees and other income277 199 3,043 105 1,134 304 16 (673)4,405 
Segment revenues2,130 771 3,043 2,373 1,143 405 800 (597)10,068 
Benefits and other deductions
Policyholders’ benefits223 — — 1,531 — — 359 — 2,113 
Remeasurement of liability for future policy benefits1 — — (12)— — (8)— (19)
Interest credited to policyholders’ account balances482 157 — 392 — 29 460 — 1,520 
Commissions and distribution related payments192 119 454 107 715 131 13 (553)1,178 
Amortization of deferred policy acquisition costs283 44 — 89 — 48 8 — 472 
Compensation and benefits, interest expense and financing fees and other operating costs and expense143 89 1,942 238 278 55 330 (44)3,031 
Segment benefits and other deductions1,324 409 2,396 2,345 993 263 1,162 (597)8,295 
Operating earnings (loss), before income taxes806 362 647 28 150 142 (362)— 1,773 
Income Taxes(135)(61)(96)(5)(36)(23)68 — (288)
Operating earnings (loss), before noncontrolling interest671 301 551 23 114 119 (294)— 1,485 
Less: Operating (earnings) loss attributable to the noncontrolling interest— — (254)— — — (13)— (267)
Operating earnings (loss)$671 $301 $297 $23 $114 $119 $(307)$— $1,218 
Notes:
(1) Prior periods were updated to reflect the impact of moving payout annuity policies from Legacy to IR.

3Q 2024 Financial Supplement
9

Assets Under Management and Administration
Balances as of
(in billions USD, except for Equitable Headcount)9/30/202312/31/20233/31/20246/30/20249/30/2024
Assets Under Management
AB AUM
Total AB$669.0 $725.2 $758.7 $769.5 $805.9 
Exclusion for General Account and other Affiliated Accounts(69.8)(75.0)(75.9)(68.9)(71.7)
Exclusion for Separate Accounts(39.3)(44.5)(47.3)(58.2)(61.7)
AB third party$559.9 $605.7 $635.4 $642.4 $672.6 
Total company AUM
AB third party$559.9 $605.7 $635.4 $642.4 $672.6 
General Account and other Affiliated Accounts (1) (3) (4)103.3 110.4 113.0 117.4 123.8 
Separate Accounts (2) (3) (4)117.6 127.3 133.7 132.7 137.4 
Total AUM$780.8 $843.4 $882.1 $892.5 $933.8 
Total Assets Under Administration (AUA) (5)$79.4 $87.0 $91.9 $93.8 $100.4 
Equitable Advisor Headcount
Total Number of Equitable Advisors4,141 4,406 4,320 4,358 4,396 
Notes:
(1) “General Account and Other Affiliated Accounts” refers to assets held in the general accounts of our insurance companies and other assets on which we bear the investment risk.
(2) “Separate Accounts” refers to the separate account investment assets of our insurance subsidiaries excluding any assets on which we bear the investment risk.
(3) As of September 30, 2023, December 31, 2023, March 31, 2024, June 30, 2024 and September 30, 2024, Separate Account is inclusive of $11.7 billion, $12.5 billion, $12.9 billion, $12.5 billion and $12.8 billion & General Account AUM is inclusive of $51 million, $49 million, $47 million, $46 million and $44 million, respectively, Account Value ceded to Venerable.
(4) As of September 30, 2023, December 31, 2023, March 31, 2024, June 30, 2024 and September 30, 2024, Separate Account is inclusive of $5.9 billion, $6.4 billion, $6.9 billion, $6.8 billion and $7.1 billion & General Account AUM is inclusive of $3.7 billion, $3.6 billion, $3.5 billion, $3.4 billion and $3.3 billion, respectively, Account Value ceded to Global Atlantic.
(5) Includes Advisory and Brokerage AUA included in our Wealth Management segment. 

3Q 2024 Financial Supplement
10

Sales Metrics by Segment
For the Three Months EndedNine Months Ended
(in millions USD, unless otherwise indicated)9/30/202312/31/20233/31/20246/30/20249/30/2024Change9/30/20239/30/2024Change
Insurance Operations
Individual Retirement (3)
First year premiums and deposits$3,833 $3,868 $4,313 $4,485 $4,854 26.6 %$10,358 $13,652 31.8 %
Renewal premium and deposits60 71 72 58 58 (3.3)%182 188 3.3 %
Total Gross Premiums$3,893 $3,939 $4,385 $4,543 $4,912 26.2 %$10,540 $13,840 31.3 %
Group Retirement
First year premiums and deposits$343 $545 $428 $950 $454 32.5 %$1,036 $1,832 76.8 %
Renewal premium and deposits464 592 590 620 501 8.0 %1,633 1,711 4.8 %
Total Gross Premiums$807 $1,137 $1,018 $1,570 $955 18.4 %$2,669 $3,543 32.8 %
Protection Solutions
First year premiums and deposits$103 $154 $113 $121 $127 23.5 %$313 $361 15.4 %
Renewal premium and deposits653 667 665 663 666 2.0 %1,998 1,994 (0.2)%
Total Gross Premiums$756 $821 $778 $784 $793 4.9 %$2,311 $2,356 1.9 %
Asset Management (in billions USD)
Gross Sales by distribution channel
Institutional$4.3 $3.0 $3.3 $3.3 $4.2 (2.3)%$8.8 $10.8 22.7 %
Retail16.9 21.0 23.8 23.2 26.6 57.4 %50.2 73.6 46.6 %
Private Wealth4.0 4.3 5.5 5.4 4.7 17.5 %14.2 15.6 9.9 %
Firmwide Gross Sales$25.2 $28.3 $32.6 $31.9 $35.5 40.9 %$73.2 $100.0 36.6 %
Gross sales by investment service
Equity Active$10.3 $9.2 $11.7 $12.5 $13.0 26.2 %$28.1 $37.2 32.4 %
Equity Passive (1)0.4 0.2 0.7 0.3 0.2 (50.0)%1.0 1.2 20.0 %
Fixed Income - Taxable7.6 10.2 12.1 10.3 11.6 52.6 %26.3 34.0 29.3 %
Fixed Income - Tax-Exempt3.8 5.5 5.3 4.9 5.6 47.4 %11.1 15.8 42.3 %
Fixed Income Passive (1)0.4 1.3 — — — (100.0)%0.4 — (100.0)%
Alternatives/Multi-Asset Solutions (2)2.7 1.9 2.8 3.9 5.1 88.9 %6.3 11.8 87.3 %
Firmwide Gross Sales$25.2 $28.3 $32.6 $31.9 $35.5 40.9 %$73.2 $100.0 36.6 %
Wealth Management
Sales by Product Type
Advisory$2,369 $2,518 2,866 3,304 3,725 57.3 %$7,000 $9,895 41.4 %
Brokerage and Direct1,272 1,308 1,357 1,481 1,446 13.6 %3,543 4,284 20.9 %
Retirement, Premiums and Deposits2,965 3,324 3,565 3,504 3,539 19.4 %9,220 10,608 15.1 %
Total Sales$6,606 $7,150 $7,788 $8,290 $8,710 31.9 %$19,763 $24,787 25.4 %
Notes:
(1) Includes index and enhanced index services.
(2) Includes certain multi-asset solutions and services not included in equity or fixed income services.
(3) Prior periods were updated to reflect the impact of moving payout annuity policies from Legacy to IR.
3Q 2024 Financial Supplement
11





Business Segments:
Operating Earnings Results and Metrics

3Q 2024 Financial Supplement
12

I
Individual Retirement - Operating Earnings (Loss) and Summary Metrics
For the Three Months Ended or As ofNine Months Ended or As of
(in millions USD, unless otherwise indicated)9/30/202312/31/20233/31/20246/30/20249/30/2024Change9/30/20239/30/2024Change
Revenues
Policy charges, fee income and premiums$202 $195 $208 $209 $224 10.9 %$596 $641 7.6 %
Net investment income (loss)475 510 555 593 635 33.7 %1,272 1,783 40.2 %
Net derivative gains (losses)(5)(5)(5)(6)(5)— %(15)(16)(6.7)%
Investment management, service fees and other income90 83 88 92 90 — %277 270 (2.5)%
Segment revenues762 783 846 888 944 23.9 %2,130 2,678 25.7 %
Benefits and other deductions
Policyholders’ benefits73 76 77 78 82 12.3 %223 237 6.3 %
Remeasurement of liability for future policy benefits1 (3)(3)1 1 — %1 (1)(200.0)%
Interest credited to policyholders’ account balances189 226 248 281 336 77.8 %482 865 79.5 %
Commissions and distribution-related payments69 70 77 80 97 40.6 %192 254 32.3 %
Amortization of deferred policy acquisition costs102 105 109 111 119 16.7 %283 339 19.8 %
Compensation and benefits, interest expense and financing fees and other operating costs and expense51 55 55 50 47 (7.8)%143 152 6.3 %
Segment benefits and other deductions485 529 563 601 682 40.6 %1,324 1,846 39.4 %
Operating earnings (loss), before income taxes277 254 283 287 262 (5.4)%806 832 3.2 %
Income taxes(57)(41)(39)(43)(37)35.1 %(135)(119)11.9 %
Operating earnings (loss), before noncontrolling interest220 213 244 244 225 2.3 %671 713 6.3 %
Less: Operating (earnings) loss attributable to the noncontrolling interest— — — — — — %— — — %
Operating earnings (loss)$220 $213 $244 $244 $225 2.3 %$671 $713 6.3 %
Summary Metrics
Operating earnings (loss) - TTM:
$861 $884 $921 $921 $926 7.5 %$861 $926 7.5 %
Average Account Value (TTM)$78,199 $82,670 $87,482 $92,113 $97,050 24.1 %$78,199 $97,050 24.1 %
Return on assets (TTM)1.32 %1.28 %1.25 %1.20 %1.12 %1.32 %1.12 %
Net flows$1,670 $1,464 $1,647 $1,853 $1,910 14.4 %$4,101 $5,410 31.9 %
First year premiums and deposits$3,833 $3,868 $4,313 $4,485 $4,854 26.6 %$10,358 $13,652 31.8 %
In-force Policy Count by Product (in thousands):610 616 622 629 636 610 636 
(1) Prior periods were updated to reflect the impact of moving payout annuity policies from Legacy to IR.
3Q 2024 Financial Supplement
13

Individual Retirement - Select Operating Metrics
For the Three Months Ended or As ofNine Months Ended or As of
(in millions USD, unless otherwise indicated)9/30/202312/31/20233/31/20246/30/20249/30/20249/30/20239/30/2024
Sales Metrics
First Year Premiums and Deposits by Product:
SCS$2,847 $2,931 $3,023 $2,983 $3,072 $7,470 $9,078 
SCS Income214 218 393 482 556 715 1,431 
Retirement Cornerstone518 477 561 555 555 1,329 1,671 
Investment Edge190 185 310 430 594 659 1,334 
Other64 57 26 35 77 185 138 
Total First Year Premiums and Deposits$3,833 $3,868 $4,313 $4,485 $4,854 $10,358 $13,652 
Account Values
General Account:
Balance as of beginning of period$45,593 $46,650 $52,387 $57,583 $61,452 $38,128 $52,387 
Gross premiums and deposits (1)2,978 2,943 3,410 3,494 3,621 7,938 10,525 
Surrenders, withdrawals and benefits(991)(1,122)(1,225)(1,191)(1,343)(2,855)(3,759)
Net flows 1,987 1,821 2,185 2,303 2,278 5,083 6,766 
Change in market value and reinvestment117 1,150 (58)294 1,247 361 1,483 
Change in fair value of embedded derivative instruments(1,047)2,766 3,069 1,272 1,496 3,075 5,837 
Other — — — — — 3 — 
Balance as of end of period$46,650 $52,387 $57,583 $61,452 $66,473 $46,650 $66,473 
Balance as of end of period net of embedded derivative instruments$38,952 $41,914 $44,122 $46,782 $50,506 $38,952 $50,506 
Separate Accounts:
Balance as of beginning of period$38,590 $36,820 $39,619 $41,062 $40,810 $36,455 $39,619 
Gross premiums and deposits (1)881 949 946 1,026 1,235 2,502 3,207 
Surrenders, withdrawals and benefits(1,198)(1,306)(1,484)(1,476)(1,603)(3,484)(4,563)
Net flows (317)(357)(538)(450)(368)(982)(1,356)
Change in market value and reinvestment(1,453)3,156 1,981 198 1,951 1,343 4,130 
Change in fair value of embedded derivative instruments— — — — — — — 
Other — — — — — 4 — 
Balance as of end of period$36,820 $39,619 $41,062 $40,810 $42,393 $36,820 $42,393 
Total:
Balance as of beginning of period$84,183 $83,470 $92,006 $98,645 $102,262 $74,583 $92,006 
Gross premiums and deposits (1)3,859 3,892 4,356 4,520 4,856 10,440 13,732 
Surrenders, withdrawals and benefits(2,189)(2,428)(2,709)(2,667)(2,946)(6,339)(8,322)
Net flows 1,670 1,464 1,647 1,853 1,910 4,101 5,410 
Change in market value and reinvestment(1,336)4,306 1,923 492 3,198 1,704 5,613 
Change in fair value of embedded derivative instruments(1,047)2,766 3,069 1,272 1,496 3,075 5,837 
Other — — — — — 7 — 
Balance as of end of period$83,470 $92,006 $98,645 $102,262 $108,866 $83,470 $108,866 
Balance as of end of period net of embedded derivative instruments$75,772 $81,533 $85,184 $87,592 $92,899 $75,772 $92,899 
Net Amount at Risk (NAR)
Total GMIB NAR$10 $14 $17 $21 $31 $10 $31 
Total GMWB NAR$— $— $— $— $— $— $— 
Total GMDB NAR$3,755 $3,104 $2,868 $2,972 $2,705 $3,755 $2,705 
MRB Reserves (Net of Reinsurance)$354 $618 $320 $399 $576 $354 $576 
Notes:
(1) Includes deposits from certain other products not reported as first year premiums and deposits or renewal premiums and deposits elsewhere in this document.
(2) Prior periods were updated to reflect the impact of moving payout annuity policies from Legacy to IR.
3Q 2024 Financial Supplement
14

Group Retirement - Operating Earnings (Loss) and Summary Metrics
For the Three Months Ended or As ofNine Months Ended or As of
(in millions USD, unless otherwise indicated)9/30/202312/31/20233/31/20246/30/20249/30/2024Change9/30/20239/30/2024Change
Revenues
Policy charges, fee income and premiums$71 $67 $73 $79 $81 14.1 %$201 $233 15.9 %
Net investment income (loss)128 125 142 139 143 11.7 %372 424 14.0 %
Net derivative gains (losses)— — — — (1)(100.0)%(1)(1)— %
Investment management, service fees and other income68 58 77 65 91 33.8 %199 233 17.1 %
Segment revenues267 250 292 283 314 17.6 %771 889 15.3 %
Benefits and other deductions
Policyholder benefits— — — — — — %— — — %
Remeasurement of liability for future policy benefits— — — — — — %— — — %
Interest credited to policyholders’ account balances55 58 52 56 60 9.1 %157 168 7.0 %
Commissions and distribution-related payments35 36 44 45 39 11.4 %119 128 7.6 %
Amortization of deferred policy acquisition costs14 15 15 8 16 14.3 %44 39 (11.4)%
Compensation and benefits, interest expense and financing fees and other operating costs and expense31 24 35 29 35 12.9 %89 99 11.2 %
Segment benefits and other deductions135 133 146 138 150 11.1 %409 434 6.1 %
Operating earnings (loss), before income taxes132 117 146 145 164 24.2 %362 455 25.7 %
Income taxes(27)(19)(20)(22)(23)14.8 %(61)(65)(6.6)%
Operating earnings (loss), before noncontrolling interest105 98 126 123 141 34.3 %301 390 29.6 %
Less: Operating (earnings) loss attributable to the noncontrolling interest— — — — — — %— — — %
Operating earnings (loss)$105 $98 $126 $123 $141 34.3 %$301 $390 29.6 %
Summary Metrics
Operating earnings (loss) - TTM:
$393 $399 $436 $452 $488 24.2 %$393 $488 24.2 %
Average Account Value (TTM) (1)$34,823 $34,175 $35,472 $36,612 $37,788 8.5 %$34,823 $37,788 8.5 %
Return on assets (TTM) (1)1.35 %1.40 %1.46 %1.47 %1.51 %1.35 %1.51 %
Net flows (1)$(130)$(135)$(132)$408 $(246)(89.2)%$(121)$30 124.8 %
Gross premiums and deposits (1)$807 $1,137 $1,018 $1,570 $955 18.4 %$2,669 $3,543 32.8 %
Notes:
(1) Balances for the three months ended September 30, 2023 were revised from previously filed financial statement supplement.

3Q 2024 Financial Supplement
15

Group Retirement - Select Operating Metrics
For the Three Months Ended or As ofNine Months Ended or As of
(in millions USD, unless otherwise indicated)9/30/202312/31/20233/31/20246/30/20249/30/20249/30/2023 (2)9/30/2024
Sales Metrics
Gross premiums and deposits:
First-year premiums and deposits$343 $545 $428 $950 $454 $1,036 $1,832 
Renewal premiums and deposits464 592 590 620 501 1,633 1,711 
Group Retirement premiums and deposits$807 $1,137 $1,018 $1,570 $955 $2,669 $3,543 
Gross premiums and deposits by market:
Tax-exempt$260 $368 $317 $298 $311 $745 $926 
Corporate54 149 93 108 115 208 316 
Institutional26 24 15 542 26 74 583 
Other3 4 3 2 2 9 7 
Total first year premiums and deposits343 545 428 950 454 1,036 1,832 
Tax-exempt341 463 453 492 381 1,240 1,326 
Corporate94 90 99 93 92 288 284 
Institutional— — — — — — — 
Other29 39 38 35 28 105 101 
Total renewal premiums and deposits464 592 590 620 501 1,633 1,711 
Group Retirement premiums and deposits by market$807 $1,137 $1,018 $1,570 $955 $2,669 $3,543 
Account Values and Assets under Administration
General Account:
Balance as of beginning of period$9,088 $9,002 $8,952 $8,882 $9,382 $9,175 $8,952 
Gross premiums and deposits198 257 222 768 240 639 1,230 
Surrenders, withdrawals and benefits(326)(404)(360)(332)(362)(1,008)(1,054)
Net flows (2)(128)(147)(138)436 (122)(369)176 
Change in market value and reinvestment59 55 45 57 96 155 198 
Change in fair value of embedded derivative instruments(17)42 23 7 13 45 43 
Other (1) (2)— — — — — (4)— 
Balance as of end of period (2)$9,002 $8,952 $8,882 $9,382 $9,369 $9,002 $9,369 
Balance as of end of period net of embedded derivative instruments$8,944 $8,870 $8,795 $9,306 $9,293 $8,944 $9,293 
Separate Accounts and Mutual Funds
Balance as of beginning of period$25,898 $24,848 $27,519 $29,608 $29,885 $22,830 $27,519 
Gross premiums and deposits609 880 796 802 716 2,030 2,314 
Surrenders, withdrawals and benefits(611)(868)(790)(830)(840)(1,782)(2,460)
Net flows (2)(2)12 6 (28)(124)248 (146)
Change in market value and reinvestment(1,048)2,659 2,083 305 1,732 1,740 4,120 
Change in fair value of embedded derivative instruments— — — — — — — 
Other (1) (2)— — — — — 30 — 
Balance as of end of period (2)$24,848 $27,519 $29,608 $29,885 $31,493 $24,848 $31,493 
Total:
Balance as of beginning of period$34,986 $33,850 $36,471 $38,490 $39,267 $32,005 $36,471 
Gross premiums and deposits807 1,137 1,018 1,570 956 2,669 3,544 
Surrenders, withdrawals and benefits(937)(1,272)(1,150)(1,162)(1,202)(2,790)(3,514)
Net flows(130)(135)(132)408 (246)(121)30 
Change in market value and reinvestment(989)2,714 2,128 362 1,828 1,895 4,318 
Change in fair value of embedded derivative instruments(17)42 23 7 13 45 43 
Other (1)— — — — — 26 — 
Balance as of end of period$33,850 $36,471 $38,490 $39,267 $40,862 $33,850 $40,862 
Balance as of end of period net of embedded derivative instruments$33,792 $36,389 $38,403 $39,191 $40,786 $33,792 $40,786 
Notes:
(1) For the nine months ended September 30, 2023, amounts reflect a total special payment applied to the accounts of active clients as part of a previously disclosed settlement agreement between Equitable Financial and the SEC.
(2) Balances for the three and nine months ended September 30, 2023 were revised from previously filed financial statement supplement.
3Q 2024 Financial Supplement
16

Asset Management - Operating Earnings (Loss) and Summary Metrics
For the Three Months Ended or As ofNine Months Ended or As of
(in millions USD, unless otherwise indicated)9/30/202312/31/20233/31/20246/30/20249/30/2024Change9/30/20239/30/2024Change
Revenues
Net investment income (loss)$(9)$16 $8 $7 $17 288.9 %$2 $32 N/M
Net derivative gains (losses)9 (14)(5)(1)(16)(277.8)%(2)(22)N/M
Investment management, service fees and other income1,034 1,072 1,090 1,045 1,085 4.9 %3,043 3,220 5.8 %
Segment revenues1,034 1,074 1,093 1,051 1,086 5.0 %3,043 3,230 6.1 %
Benefits and other deductions
Commissions and distribution-related payments156 156 173 180 192 23.1 %454 545 20.0 %
Compensation and benefits, interest expense and financing fees and other operating costs and expense658 679 672 633 641 (2.6)%1,942 1,946 0.2 %
Total benefits and other deductions814 835 845 813 833 2.3 %2,396 2,491 4.0 %
Operating earnings (loss), before income taxes220 239 248 238 253 15.0 %647 739 14.2 %
Income taxes(36)(30)(44)(42)(42)(16.7)%(96)(128)(33.3)%
Operating earnings (loss), before noncontrolling interest184 209 204 196 211 14.7 %551 611 10.9 %
Less: Operating (earnings) loss attributable to the noncontrolling interest(85)(95)(98)(95)(100)(17.6)%(254)(293)(15.4)%
Operating earnings (loss)$99 $114 $106 $101 $111 12.1 %$297 $318 7.1 %
Summary Metrics
Adjusted operating margin (1)28.0 %29.2 %30.3 %30.8 %31.3 %27.9 %30.8 %
Net flows (in billions USD)$(1.9)$(1.8)$0.5 $0.9 $1.1 $(5.2)$2.5 
Total AUM (in billions USD)$669.0 $725.2 $758.7 $769.5 $805.9 $669.0 $805.9 
Ownership Structure of AB
Holdings and its subsidiaries60.3 %59.8 %59.6 %59.7 %60.0 %60.3 %60.0 %
AB Holding39.0 %39.5 %39.7 %39.6 %39.3 %39.0 %39.3 %
Unaffiliated holders0.7 %0.7 %0.7 %0.7 %0.7 %0.7 %0.7 %
Total100.0 %100.0 %100.0 %100.0 %100.0 %100.0 %100.0 %
EQH economic interest 61.7 %61.2 %61.0 %61.2 %61.6 %61.7 %61.6 %
EQH average economic interest61.5 %61.6 %61.1 %61.1 %61.4 %61.4 %61.2 %
Units of limited partnership outstanding (in millions)284.0 286.6 287.3 286.8 285.6 284.0 285.6 
Notes:
(1) Adjusted operating margin is a non-GAAP financial measure used by AllianceBernstein L.P. (“AB”) management in evaluating AB’s financial performance on a standalone basis and to compare its performance, as reported by AB in its public filings. It is not comparable to any other non-GAAP financial measure used herein.

3Q 2024 Financial Supplement
17

Asset Management - Select Operating Metrics
For the Three Months Ended or As of
(in billions USD, unless otherwise indicated)9/30/202312/31/20233/31/20246/30/20249/30/2024
AUM Roll-forward
Balance as of beginning of period$691.5 $669.0 $725.2 $758.7 $769.5 
Sales/new accounts25.2 28.3 32.6 31.9 35.5 
Redemptions/terminations(20.3)(24.1)(25.2)(25.7)(26.4)
Cash flow/unreinvested dividends(6.8)(6.0)(6.9)(5.3)(8.0)
Net long-term (outflows) inflows(1.9)(1.8)0.5 0.9 1.1 
Market appreciation (depreciation)(20.6)58.0 33.0 9.9 35.3 
Net change(22.5)56.2 33.5 10.8 36.4 
Balance as of end of period$669.0 $725.2 $758.7 $769.5 $805.9 
Ending Assets by distribution channel
Institutions$296.9 $317.1 $322.5 $322.7 $335.2 
Retail259.2 286.8 308.0 316.4 334.5 
Private Wealth112.9 121.3 128.2 130.4 136.2 
Total$669.0 $725.2 $758.7 $769.5 $805.9 
Ending Assets by investment service
Equity
Actively Managed$226.8 $247.5 $264.1 $264.4 $271.3 
Passively Managed (1)56.0 62.1 64.7 65.8 68.9 
Total Equity$282.8 $309.6 $328.8 $330.2 $340.2 
Fixed Income
Actively Managed$250.6 $269.7 $276.1 $282.2 $287.4 
Passively Managed (1)9.4 11.4 11.2 11.0 11.4 
Total Fixed Income260.0 281.1 287.3 293.2 298.8 
Total Alternatives/Multi-Asset Solutions (2)126.2 134.5 142.6 146.1 166.9 
Total$669.0 $725.2 $758.7 $769.5 $805.9 
Notes:
(1) Includes index and enhanced index services.
(2) Includes certain multi-asset solutions and services not included in equity or fixed income services.

3Q 2024 Financial Supplement
18

Asset Management - Net Flows
For the Three Months EndedNine Months Ended or As of
(in billions USD, unless otherwise indicated)9/30/202312/31/20233/31/20246/30/20249/30/20249/30/20239/30/2024
Net Flows by Distribution Channel
Institutions
US $(1.6)$(1.0)$(1.5)$1.9 $1.7 $2.4 $2.2 
Global and Non-US (1.9)(1.5)(2.7)(3.7)(6.1)(11.8)(12.6)
Total Institutions $(3.5)$(2.5)$(4.2)$(1.8)$(4.4)$(9.4)$(10.4)
Retail
US$2.5 $1.4 $1.9 $2.7 $4.0 $1.5 $8.5 
Global and Non-US(0.9)(0.1)2.3 0.1 1.4 1.0 3.8 
Total Retail $1.6 $1.3 $4.2 $2.8 $5.4 $2.5 $12.3 
Private Wealth
US$0.1 $(0.1)$0.7 $0.2 $0.2 $2.4 $1.1 
Global and Non-US(0.1)(0.5)(0.2)(0.3)(0.1)(0.7)(0.5)
Total Private Wealth$— $(0.6)$0.5 $(0.1)$0.1 $1.7 $0.6 
Total Net Flows by Distribution Channel$(1.9)$(1.8)$0.5 $0.9 $1.1 $(5.2)$2.5 
Net Flows by Investment Service
Equity Active
US $1.4 $(3.3)$(1.5)$(1.5)$(0.3)$(3.0)$(3.4)
Global and Non-US (1.6)(1.7)(4.7)(4.6)(4.2)(7.5)(13.4)
Total Equity Active $(0.2)$(5.0)$(6.2)$(6.1)$(4.5)$(10.5)$(16.8)
Equity Passive (1)
US $(2.6)$(0.3)$(3.2)$(0.6)$(0.7)$(3.2)$(4.6)
Global and Non-US 0.2 (0.2)(0.1)(0.1)(0.4)(0.3)(0.6)
Total Equity Passive (1) $(2.4)$(0.5)$(3.3)$(0.7)$(1.1)$(3.5)$(5.2)
Fixed Income - Taxable
US $0.2 $0.7 $1.3 $4.6 $1.5 $8.1 $7.5 
Global and Non-US (2.6)(0.1)3.3 (0.2)1.2 (2.1)4.2 
Total Fixed Income - Taxable$(2.4)$0.6 $4.6 $4.4 $2.7 $6.0 $11.7 
Fixed Income - Tax-Exempt
US $1.3 $1.9 $2.9 $1.9 $3.3 $3.8 $8.1 
Global and Non-US — — — — — — — 
Total Fixed Income - Tax-Exempt$1.3 $1.9 $2.9 $1.9 $3.3 $3.8 $8.1 
Fixed Income - Passive (1)
US $0.5 $1.2 $— $(0.1)$(0.2)$0.3 $(0.3)
Global and Non-US (0.1)— (0.1)0.1 (0.1)— (0.1)
Total Fixed Income - Passive (1)$0.4 $1.2 $(0.1)$— $(0.3)$0.3 $(0.4)
Alternatives/Multi-Asset Solutions (2)
US $0.2 $0.1 $1.6 $0.5 $2.3 $0.3 $4.5 
Global and Non-US 1.2 (0.1)1.0 0.9 (1.3)(1.6)0.6 
Total Alternatives/Multi-Asset Solutions (2) $1.4 $— $2.6 $1.4 $1.0 $(1.3)$5.1 
Total Net Flows by Investment Service $(1.9)$(1.8)$0.5 $0.9 $1.1 $(5.2)$2.5 
Active vs. Passive Net Flows
Actively Managed
Equity $(0.2)$(5.0)$(6.2)$(6.1)$(4.5)$(10.5)$(16.8)
Fixed Income(1.1)2.5 7.5 6.3 6.0 9.8 19.8 
Alternatives/Multi-Asset Solutions (2) 1.2 (0.3)2.4 1.1 0.7 (1.7)4.2 
Total$(0.1)$(2.8)$3.7 $1.3 $2.2 $(2.4)$7.2 
Passively Managed (1)
Equity $(2.4)$(0.5)$(3.3)$(0.7)$(1.2)$(3.5)$(5.2)
Fixed Income 0.4 1.2 (0.1)— (0.3)0.3 (0.4)
Alternatives/Multi-Asset Solutions (2) 0.20.3 0.2 0.30.40.40.9 
Total $(1.8)$1.0 $(3.2)$(0.4)$(1.1)$(2.8)$(4.7)
Total Active vs Passive Net Flows $(1.9)$(1.8)$0.5 $0.9 $1.1 $(5.2)$2.5 
Notes:
(1) Includes index and enhanced index services.
(2) Includes certain multi-asset solutions and services not included in equity or fixed income services.
3Q 2024 Financial Supplement
19

Protection Solutions - Operating Earnings (Loss) and Summary Metrics
For the Three Months Ended or As ofNine Months Ended or As of
(in millions USD, unless otherwise indicated)9/30/202312/31/20233/31/20246/30/20249/30/2024Change9/30/20239/30/2024Change
Revenues
Policy charges, fee income and premiums$516 $544 $528 $532 $537 4.1 %$1,560 $1,597 2.4 %
Net investment income (loss)260 233 257 260 258 (0.8)%719 775 7.8 %
Net derivative gains (losses)7 (5)— (1)1 (85.7)%(11)— 100.0 %
Investment management, service fees and other income39 35 40 43 43 10.3 %105 126 20.0 %
Segment revenues822 807 825 834 839 2.1 %2,373 2,498 5.3 %
Benefits and other deductions
Policyholders’ benefits512 444 487 473 455 (11.1)%1,531 1,415 (7.6)%
Remeasurement of liability for future policy benefits(16)30 (4)(12)26 262.5 %(12)10 183.3 %
Interest credited to policyholders’ account balances137 128 133 135 141 2.9 %392 409 4.3 %
Commissions and distribution-related payments37 51 40 43 43 16.2 %107 126 17.8 %
Amortization of deferred policy acquisition costs30 31 30 32 31 3.3 %89 93 4.5 %
Compensation and benefits, interest expense and financing fees and other operating costs and expense81 90 91 86 87 7.4 %238 264 10.9 %
Segment benefits and other deductions781 774 777 757 783 0.3 %2,345 2,317 (1.2)%
Operating earnings (loss), before income taxes41 33 48 77 56 36.6 %28 181 546.4 %
Income taxes(7)(5)(7)(11)(8)(14.3)%(5)(26)(420.0)%
Operating earnings (loss), before noncontrolling interest34 28 41 66 48 41.2 %23 155 573.9 %
Less: Operating (earnings) loss attributable to the noncontrolling interest— — — 1 (2)(100.0)%— (1)(100.0)%
Operating earnings (loss)$34 $28 $41 $67 $46 35.3 %$23 $154 569.6 %
Summary Metrics
Operating earnings (loss) - TTM:
$(18)$51 $127 $170 $182 N/M$(18)$182 N/M
Benefit ratio79.0 %70.9 %75.2 %72.9 %71.0 %81.0 %73.0 %
Gross written premiums$756 $821 $778 $784 $793 4.9 %$2,311 $2,356 1.9 %
Annualized premiums$79 $102 $80 $91 $88 11.3 %$233 $259 11.0 %
Total in-force face amount (in billions USD) (1)$413.2 $412.3 $413.2 $411.7 $410.3 (0.7)%$413.2 $410.3 (0.7)%
Notes:
(1) Total in-force face amount presented on a gross basis including ceded policies.
3Q 2024 Financial Supplement
20

Protection Solutions - Select Operating Metrics
For the Three Months Ended or As ofNine Months Ended or As of
(in millions USD, unless otherwise indicated)9/30/202312/31/20233/31/20246/30/20249/30/20249/30/20239/30/2024
Sales Metrics
First Year Premiums and Deposits by Product Line:
Universal Life$— $— $— $— $— $— $— 
Indexed Universal Life4 2 2 3 3 9 8 
Variable Universal Life72 119 80 87 90 220 256 
Term3 3 3 2 2 9 8 
Employee Benefits24 29 28 29 32 75 89 
Other (1)— 1 — — — — — 
Total$103 $154 $113 $121 $127 $313 $361 
Renewals by Product Line:
Universal Life$187 $175 $169 $166 $179 $554 $514 
Indexed Universal Life71 68 74 69 67 220 210 
Variable Universal Life236 257 251 259 249 745 759 
Term88 92 92 86 86 271 264 
Employee Benefits68 71 75 80 81 197 236 
Other (1)3 4 4 3 4 11 11 
Total653 667 665 663 666 1,998 1,994 
Total Gross Premiums$756 $821 $778 $784 $793 $2,311 $2,356 
In-force Metrics
In-force Face Amount by Product (2) (in billions USD):
Universal Life (3)$41.5 $40.9 $40.6 $39.6 $39.1 $41.5 $39.1 
Indexed Universal Life27.1 26.9 26.6 26.5 26.3 27.1 26.3 
Variable Universal Life (4)135.4 136.9 138.1 139.0 140.1 135.4 140.1 
Term208.1 206.5 206.8 205.5 203.7 208.1 203.7 
Whole Life1.1 1.1 1.1 1.1 1.1 1.1 1.1 
Total$413.2 $412.3 $413.2 $411.7 $410.3 $413.2 $410.3 
In-force Policy Count by Product (2) (in thousands):
Universal Life (3)123 122 120 118 116 123 116 
Indexed Universal Life63 63 63 62 62 63 62 
Variable Universal Life (4)292 291 290 290 290 292 290 
Term248 245 246 243 240 248 240 
Whole Life15 15 15 15 15 15 15 
Total741 736 734 728 723 741 723 
Protection Solutions Reserves
General Account$17,949 $18,184 $18,167 $18,150 $18,318 $17,949 $18,318 
Separate Accounts14,782 16,337 17,560 17,761 18,684 14,782 18,684 
Total$32,731 $34,521 $35,727 $35,911 $37,002 $32,731 $37,002 
Notes:
(1) For the individual life insurance premiums, Other includes Whole Life insurance and other products available-for-sale but not actively marketed.
(2) Includes individual life insurance and does not include Employee Benefits as it is a start-up business and therefore has immaterial in-force policies.
(3) Universal Life includes Guaranteed Universal Life.
(4) Variable Universal Life includes variable life insurance and corporate-owned life insurance.
3Q 2024 Financial Supplement
21

Wealth Management - Operating Earnings (Loss) and Summary Metrics
For the Three Months Ended or As ofNine Months Ended or As of
(in millions USD, unless otherwise indicated)9/30/202312/31/20233/31/20246/30/20249/30/2024Change9/30/20239/30/2024Change
Revenues
Net investment income (loss)$4 $4 $4 $4 $4 — %$9 $12 33.3 %
Net derivative gains (losses)— — — — — — %— — — %
Investment management, service fees and other income386 404 419 438 446 15.5 %1,134 1,303 14.9 %
Segment revenues390 408 423 442 450 15.4 %1,143 1,315 15.0 %
Benefits and other deductions
Commissions and distribution-related payments244 253 260 282 281 15.2 %715 823 15.1 %
Compensation and benefits, interest expense and financing fees and other operating costs and expense93 95 105 99 103 10.8 %278 307 10.4 %
Segment benefits and other deductions337 348 365 381 384 13.9 %993 1,130 13.8 %
Operating earnings (loss), before income taxes53 60 58 61 66 24.5 %150 185 23.3 %
Income taxes(13)(15)(15)(17)(16)(23.1)%(36)(48)(33.3)%
Operating earnings (loss), before noncontrolling interest40 45 43 44 50 25.0 %114 137 20.2 %
Less: Operating (earnings) loss attributable to the noncontrolling interest— — — — — — %— — — %
Operating earnings (loss)$40 $45 $43 $44 $50 25.0 %$114 $137 20.2 %
Revenue by Activity Type
Investment management, service fees and other income:
Investment management and advisory fees$141 $140 $150 $161 167 18.5 %$402 478 18.9 %
Distribution fees229 246 253 260 262 14.4 %685 775 13.1 %
Interest income13 13 13 12 12 (8.4)%37 37 — %
Service and other income3 5 3 5 5 50.2 %10 13 31.5 %
Total Investment management, service fees and other income$386 $404 $419 $438 446 15.6 %$1,134 1,303 14.9 %
Summary Metrics
Pre-tax operating margin13.6 %14.7 %13.7 %13.8 %14.7 %13.1 %14.1 %
Advisory net flows$909 $544 $(175)$1,539 $1,860 104.6 %2,434$3,224 32.5 %
Total AUA$79,359 $87,047 $91,936 $93,816 $100,431 26.6 %$79,359 $100,431 26.6 %



3Q 2024 Financial Supplement
22

Wealth Management - Select Operating Metrics
For the Three Months Ended or As ofNine Months Ended or As of
(in millions USD, unless otherwise indicated)9/30/202312/31/20233/31/20246/30/20249/30/20249/30/20239/30/2024
AUA Roll-forward
Advisory assets :
Beginning assets$50,862 $50,118 $55,072 $58,075 $60,398 $45,544 $55,072 
Net flows909 544 (175)1,539 1,860 2,434 3,224 
Market appreciation (depreciation) and other(1,654)4,410 3,178 784 3,132 2,140 7,094 
Advisory ending assets$50,118 $55,072 $58,075 $60,398 $65,390 $50,118 $65,390 
Brokerage and direct assets $29,241 $31,975 $33,861 $33,418 $35,041 $29,241 $35,041 
Total Wealth Management assets$79,359 $87,047 $91,936 $93,816 $100,431 $79,359 $100,431 
Cash balances$2,771 $2,953 $2,804 $2,695 $2,767 $2,771 $2,767 
Advisors
Advisors4,141 4,406 4,320 4,358 4,396 4,141 4,396 
Revenue per advisor TTM (in thousands USD)$359 $370 $380 $386 $394 $359 $394 
Sales by Product Type
Advisory$2,369 $2,518 $2,866 $3,304 $3,725 $7,000 $9,895 
Brokerage and direct1,272 1,308 1,357 1,481 1,446 3,543 4,284 
Retirement, premiums and deposits2,965 3,324 3,565 3,504 3,539 9,220 10,608 
Total sales$6,606 $7,150 $7,788 $8,290 $8,710 $19,763 $24,787 




3Q 2024 Financial Supplement
23

Legacy - Operating Earnings (Loss) and Summary Metrics
For the Three Months Ended or As ofNine Months Ended or As of
(in millions USD, unless otherwise indicated)9/30/202312/31/20233/31/20246/30/20249/30/2024Change9/30/20239/30/2024Change
Revenues
Policy charges, fee income and premiums$7 $5 $13 $8 $6 (14.3)%$19 $27 42.1 %
Net investment income (loss)22 17 17 14 15 (31.8)%82 46 (43.9)%
Net derivative gains (losses)— — — — — — %— — — %
Investment management, service fees and other income100 104 100 100 96 (4.0)%304 296 (2.6)%
Segment revenues129 126 130 122 117 (9.3)%405 369 (8.9)%
Benefits and other deductions
Policyholders’ benefits— — (1)1 — — %— — — %
Remeasurement of liability for future policy benefits— — (1)1 — — %— — — %
Interest credited to policyholders’ account balances9 7 9 8 9 — %29 26 (10.3)%
Commissions and distribution-related payments45 40 40 41 40 (11.1)%131 121 (7.6)%
Amortization of deferred policy acquisition costs16 15 16 15 16 — %48 47 (2.1)%
Compensation and benefits, interest expense and financing fees and other operating costs and expense20 25 26 21 20 — %55 67 21.8 %
Segment benefits and other deductions90 87 89 87 85 (5.6)%263 261 (0.8)%
Operating earnings (loss), before income taxes39 39 41 35 32 (17.9)%142 108 (23.9)%
Income taxes(8)(7)(6)(4)(5)37.5 %(23)(15)34.8 %
Operating earnings (loss), before noncontrolling interest31 32 35 31 27 (12.9)%119 93 (21.8)%
Less: Operating (earnings) loss attributable to the noncontrolling interest— — — — — — %— — — %
Operating earnings (loss)$31 $32 $35 $31 $27 (12.9)%$119 $93 (21.8)%
Summary Metrics
Operating earnings (loss) - TTM:$184 $151 $133 $129 $125 (32.1)%$184 $125 (32.1)%
Average Account Value (TTM)$21,290 $21,484 $21,751 $21,786 $21,820 2.5 %$21,290 $21,820 2.5 %
Return on assets (TTM)1.03 %0.84 %0.73 %0.71 %0.67 %1.03 %0.67 %
Net flows (1)$(560)$(648)$(658)$(667)$(712)(27.1)%$(1,650)$(2,037)(23.5)%
In-force Policy Count by Product (in thousands) (2):275 270263257251 275251
Notes:
(1) Net of the Venerable transaction.
(2) In-force Policy Count by Product presented on a gross basis includes ceded policies related to the Venerable transaction.
(3) Prior periods were updated to reflect the impact of moving payout annuity policies from Legacy to IR.

3Q 2024 Financial Supplement
24

Legacy - Select Operating Metrics
For the Three Months Ended or As ofNine Months Ended or As of
(in millions USD, unless otherwise indicated)9/30/202312/31/20233/31/20246/30/20249/30/20249/30/20239/30/2024
Account Values
General Account:
Balance as of beginning of period$598 $557 $524 $504 $486 $619 $524 
Net flows (1)(24)(36)(23)(21)(25)(72)(69)
Investment performance, interest credited and policy charges (1)
(17)3 3 3 4 10 10 
Balance as of end of period$557 $524 $504 $486 $465 $557 $465 
Separate Accounts:
Balance as of beginning of period$21,485 $20,033 $21,316 $22,010 $21,417 $20,557 $21,316 
Net flows (1)(536)(612)(635)(646)(687)(1,578)(1,968)
Investment performance, interest credited and policy charges (1)
(916)1,895 1,329 53 1,059 1,054 2,441 
Balance as of end of period$20,033 $21,316 $22,010 $21,417 $21,789 $20,033 $21,789 
Total:
Balance as of beginning of period$22,083 $20,590 $21,840 $22,514 $21,903 $21,176 $21,840 
Net flows (1)(560)(648)(658)(667)(712)(1,650)(2,037)
Investment performance, interest credited and policy charges (1)
(933)1,898 1,332 56 1,063 1,064 2,451 
Balance as of end of period$20,590 $21,840 $22,514 $21,903 $22,254 $20,590 $22,254 
Net Amount at Risk (NAR)
Total GMIB NAR
$2,767 $2,822 $2,502 $2,462 $2,692 $2,767 $2,692 
Total GMDB NAR
$10,690 $9,465 $8,982 $8,984 $8,472 $10,690 $8,472 
MRB Reserves (Net of Reinsurance)$3,243 $3,998 $3,368 $3,429 $3,416 $3,243 $3,416 
Notes:
(1) Net of the Venerable transaction.
(2) Prior periods were updated to reflect the impact of moving payout annuity policies from Legacy to IR.
3Q 2024 Financial Supplement
25







Investments

3Q 2024 Financial Supplement
26

Consolidated Investment Portfolio Composition
Balances as of
(in millions USD, unless otherwise indicated)December 31, 2023September 30, 2024
Amount (1)% of TotalAmount (1)% of Total
Composition of investment portfolio
Fixed maturities, available-for-sale, at fair value $67,030 60.7 %$76,245 61.6 %
Fixed maturities, at fair value using the fair value option1,654 1.5 %1,700 1.4 %
Mortgage loans on real estate18,171 16.5 %19,237 15.5 %
Policy loans4,158 3.8 %4,293 3.5 %
Other equity investments 3,384 3.1 %3,731 3.0 %
Other invested assets6,719 6.1 %6,825 5.5 %
Subtotal investment assets101,116 91.6 %112,031 90.5 %
Trading securities1,057 1.0 %2,215 1.8 %
Total investments102,173 92.5 %114,246 92.3 %
Cash and cash equivalents8,239 7.5 %9,579 7.7 %
Total$110,412 100.0 %$123,825 100.0 %
General Account AFS Fixed maturities by industry (Based on amortized cost)
Corporate securities:
Finance$13,181 17.9 %$16,019 19.8 %
Manufacturing11,333 15.4 %11,816 14.6 %
Utilities6,838 9.3 %7,839 9.7 %
Services8,242 11.2 %8,874 10.9 %
Energy3,758 5.1 %2,790 3.4 %
Retail and wholesale3,253 4.4 %2,556 3.2 %
State and Political— — %— — %
Transportation2,493 3.4 %1,585 2.0 %
Other190 0.3 %1,368 1.7 %
Total corporate securities49,288 67.0 %52,847 65.2 %
U.S. government and agency5,735 7.8 %5,795 7.1 %
Residential mortgage-backed (2)2,470 3.4 %3,934 4.9 %
Preferred stock56 0.1 %56 0.1 %
State & municipal614 0.8 %472 0.6 %
Foreign governments719 1.0 %703 0.9 %
Commercial mortgage-backed3,595 4.9 %3,978 4.9 %
Asset-backed securities11,049 15.0 %13,287 16.4 %
Total$73,526 100.0 %$81,072 100.0 %
General Account AFS Fixed maturities credit quality (3) (Based on amortized cost)
Aaa, Aa, A (NAIC Designation 1)$47,694 64.9 %$53,791 66.3 %
Baa (NAIC Designation 2)23,476 31.9 %25,541 31.5 %
Investment grade71,170 96.8 %79,332 97.9 %
Below investment grade (NAIC Designation 3 and 4)2,356 3.2 %1,740 2.1 %
Total$73,526 100.0 %$81,072 100.0 %
Notes:
(1) Investment data has been classified based on standard industry categorizations for domestic public holdings and similar classifications by industry for all other holdings.
(2) Includes publicly traded agency pass-through securities and collateralized obligations.
(3) Credit quality based on NAIC rating.
3Q 2024 Financial Supplement
27

Consolidated Results of General Account Investment Portfolio
For the Nine Months Ended or As ofYears Ended or As of
(in millions USD, unless otherwise indicated)September 30, 2023September 30, 2024December 31, 2023
YieldAmount (2)YieldAmount (2)YieldAmount (2)
Fixed Maturities:
Income (loss)4.11 %$2,251 4.40 %$2,544 4.17 %$3,103 
Ending assets73,776 81,072 73,526 
Mortgages:
Income (loss)4.66 %599 5.12 %718 4.65 %806 
Ending assets17,655 19,238 18,171 
Other Equity Investments (1):
Income (loss)3.40 %89 7.61 %202 3.88 %135 
Ending assets3,389 3,540 3,433 
Trading Securities:
Income— %— 4.81 %9 — %— 
Ending assets— 497 — 
Policy Loans:
Income5.21 %158 5.27 %167 5.30 %216 
Ending assets4,089 4,293 4,158 
Cash and Short-term Investments: (3)
Income (loss)(2.88)%(66)(3.35)%(148)(2.51)%(81)
Ending assets2,822 5,045 4,718 
Funding Agreements:
Interest expense and other(326)(246)(425)
Ending (liabilities)(8,175)(7,165)(7,616)
Total invested Assets:
Income (loss)3.92 %2,706 4.23 %3,246 3.98 %3,754 
Ending assets93,557 106,520 96,389 
Short Duration Fixed Maturities:
Income (loss)3.96 %2 — %— 4.14 %3 
Ending assets62 — 16 
Total Net Investment Income:
Investment income 3.92 %2,708 4.23 %3,246 3.98 %3,757 
Less: investment fees (4)(0.18)%(123)(0.18)%(137)(0.18)%(166)
Investment income, net3.74 %$2,585 4.05 %$3,109 3.80 %$3,591 
General Account Ending Net Assets$93,619 $106,520 $96,405 
Operating Earnings adjustments:
Funding Agreements interest expense326 246 425 
AB and other non-General Account investment income170 276 249 
Operating Net investment income (loss)$3,080 $3,631 $4,265 
Notes:
(1) Includes, as of September 30, 2023, September 30, 2024 and December 31, 2023, $436 million, $412 million and $361 million of other invested assets. Amounts for certain consolidated VIE investments are shown net of associated non-controlling interest.
(2) Amount for fixed maturities and mortgages represents original cost, reduced by repayments, write-downs, adjusted amortization of premiums, accretion of discount and allowances. Cost for equity securities represents original cost reduced by write-downs; cost for other limited partnership interests represents original cost adjusted for equity in earnings and reduced by distributions.
(3) Cash and Short-term net of collateral expense.
(4) Fixed maturities yield excludes out of period income adjustment.
3Q 2024 Financial Supplement
28








Additional Information
3Q 2024 Financial Supplement
29


Deferred Policy Acquisition Costs Rollforward
For the Three Months Ended or As ofNine Months Ended or As of
(in millions USD, unless otherwise indicated)9/30/202312/31/20233/31/20246/30/20249/30/20249/30/20239/30/2024
TOTAL
Beginning balance$6,512 $6,599 $6,705 $6,804 $6,924 $6,369 $6,705 
Capitalization of commissions, sales and issue expenses252 274 270 291 291 702 852 
Amortization(165)(168)(171)(171)(184)(472)(526)
Ending balance$6,599 $6,705 $6,804 $6,924 $7,031 $6,599 $7,031 
Individual Retirement
Beginning balance$3,347 $3,426 $3,508 $3,601 $3,703 $3,219 $3,508 
Capitalization of commissions, sales and issue expenses181 187 202 213 222 490 637 
Amortization(102)(105)(109)(111)(118)(283)(338)
Ending balance$3,426 $3,508 $3,601 $3,703 $3,807 $3,426 $3,807 
Group Retirement
Beginning balance$808 $814 $825 $828 $839 $800 $825 
Capitalization of commissions, sales and issue expenses20 25 18 20 18 58 56 
Amortization(14)(14)(15)(9)(15)(44)(39)
Ending balance$814 $825 $828 $839 $842 $814 $842 
Protection Solutions
Beginning balance$1,660 $1,676 $1,700 $1,714 $1,731 $1,630 $1,700 
Capitalization of commissions, sales and issue expenses46 55 44 49 46 135 139 
Amortization(30)(31)(30)(32)(32)(89)(94)
Ending balance$1,676 $1,700 $1,714 $1,731 $1,745 $1,676 $1,745 
Legacy
Beginning balance$575 $564 $555 $546 $538 $593 $555 
Capitalization of commissions, sales and issue expenses5 7 6 8 5 19 19 
Amortization(16)(16)(15)(16)(16)(48)(47)
Ending balance$564 $555 $546 $538 $527 $564 $527 
Corporate and Other
Beginning balance$122 $119 $117 $115 $113 $127 $117 
Capitalization of commissions, sales and issue expenses— — — 1 — — 1 
Amortization(3)(2)(2)(3)(3)(8)(8)
Ending balance$119 $117 $115 $113 $110 $119 $110 

3Q 2024 Financial Supplement
30

Use of Non-GAAP Financial Measures
In addition to our results presented in accordance with U.S. GAAP, we report Non-GAAP Operating Earnings, Non-GAAP Operating ROE, and Non-GAAP operating common EPS, each of which is a measure that is not determined in accordance with U.S. GAAP. Management principally uses these non-GAAP financial measures in evaluating performance because they present a clearer picture of our operating performance and they allow management to allocate resources. Similarly, management believes that the use of these Non-GAAP financial measures, together with relevant U.S. GAAP measures, provide investors with a better understanding of our results of operations and the underlying profitability drivers and trends of our business. These non-GAAP financial measures are intended to remove from our results of operations the impact of market changes (where there is a mismatch in the valuation of assets and liabilities) as well as certain other expenses which are not part of our underlying profitability drivers or likely to re-occur in the foreseeable future, as such items fluctuate from period-to-period in a manner inconsistent with these drivers. These measures should be considered supplementary to our results that are presented in accordance with U.S. GAAP and should not be viewed as a substitute for the U.S. GAAP measures. Other companies may use similarly titled non-GAAP financial measures that are calculated differently from the way we calculate such measures. Consequently, our non-GAAP financial measures may not be comparable to similar measures used by other companies.
We also discuss certain operating measures, including AUM, AUA, AV, Protection Solutions reserves and certain other operating measures, which management believes provide useful information about our businesses and the operational factors underlying our financial performance.
Non-GAAP Operating Earnings
Non-GAAP Operating Earnings is an after-tax non-GAAP financial measure used to evaluate our financial performance on a consolidated basis that is determined by making certain adjustments to our consolidated after-tax net income attributable to Holdings. The most significant of such adjustments relates to our derivative positions, which protect economic value and statutory capital, and the variable annuity product MRBs. This is a large source of volatility in net income.
Non-GAAP Operating Earnings equals our consolidated after-tax net income attributable to Holdings adjusted to eliminate the impact of the following items:
•Items related to variable annuity product features, which include: (i) changes in the fair value of MRB and purchased MRB, including the related attributed fees and claims, offset by derivatives and other securities used to hedge the MRB which result in residual net income volatility as the change in fair value of certain securities is reflected in OCI and due to our statutory capital hedge program; and (ii) market adjustments to deposit asset or liability accounts arising from reinsurance agreements which do not expose the reinsurer to a reasonable possibility of a significant loss from insurance risk;
•Investment (gains) losses, which includes credit loss impairments of securities/investments, sales or disposals of securities/investments, realized capital gains/losses and valuation allowances;
•Net actuarial (gains) losses, which includes actuarial gains and losses as a result of differences between actual and expected experience on pension plan assets or projected benefit obligation during a given period related to pension, other postretirement benefit obligations, and the one-time impact of the settlement of the defined benefit obligation;
•Other adjustments, which primarily include restructuring costs related to severance and separation, lease write-offs related to non-recurring restructuring activities, COVID-19 related impacts, net derivative gains (losses) on certain Non-GMxB derivatives, Net investment income from certain items including consolidated VIE investments, seed capital mark-to-market adjustments, unrealized gain/losses and realized capital gains/losses from sales or disposals of select securities, certain legal accruals; a bespoke deal to repurchase UL policies from one entity that had invested in numerous policies purchased in the life settlement market, which disposed of the risk of additional COI litigation by that entity related to those UL policies, impact of the annual actuarial assumption updates attributable to LFPB when the majority of the impact relates to the non-core business; and
•Income tax expense (benefit) related to the above items and non-recurring tax items, which includes the effect of uncertain tax positions for a given audit period and changes to the deferred tax valuation allowance.
In the fourth quarter of 2023, the Company updated its operating earnings measure to exclude the impact of realized amounts related to equity classified instruments. The recognition of the realized capital gains and losses from investments in current Net investment income is generally considered distortive and not reflective of the ongoing core business activities of the segments. The presentation of operating earnings in prior periods was not revised to reflect this modification. The impact to operating earnings was immaterial for the three and nine months ended September 30, 2023.
In the first quarter of 2024, the Company began allocating to its business segments collateral expense resulting from a designated rate to be paid on the collateral held back to counterparties. The new segment allocation methodology for collateral expense is based on the income earned on cash equivalents held in the surplus segments and income earned in portfolios backing collateral expenses, such that the collateral expense would be allocated to the segments up to that amount. Any remaining amount is included within Corporate and Other. This expense was previously recorded in Corporate and Other with no allocation to our business segments in prior reporting periods.The presentation of operating earnings in prior periods was not revised to reflect this modification, however, the Company estimated that allocating collateral expense to the segments for the twelve months ended December 31, 2023 and 2022, respectively, would have resulted in a decrease to operating earnings of $4.0 million and $0.8 million for Individual Retirement, $7.7 million and $1.4 million for Group Retirement, $21.9 million and $2.5 million for Protection Solutions, $4.2 million and $1.0 million for Legacy, and an increase of $37.8 million and $5.7 million for Corporate and Other. The impact to operating earnings for each segment during the quarters of 2023 was not material. Total Company operating earnings were not impacted.
During the third quarter 2024, the Company moved revenues and expenses related to payout annuitizations from the Legacy segment to the Individual Retirement segment. Now all payout annuities will be reported within the Individual Retirement segment as the block is managed on an aggregate basis. Prior periods have been recast to reflect this change.
Because Non-GAAP Operating Earnings excludes the foregoing items that can be distortive or unpredictable, management believes that this measure enhances the understanding of the Company’s underlying drivers of profitability and trends in our business, thereby allowing management to make decisions that will positively impact our business.
We use the prevailing corporate federal income tax rate of 21% while taking into account any non-recurring differences for events recognized differently in our financial statements and federal income tax returns as well as partnership income taxed at lower rates when reconciling Net income (loss) attributable to Holdings to Non-GAAP Operating Earnings.
3Q 2024 Financial Supplement
31

Use of Non-GAAP Financial Measures
"Non-GAAP Operating ROE"
We calculate Non-GAAP Operating ROE by dividing Non-GAAP Operating Earnings for the previous twelve calendar months by consolidated average equity attributable to Holdings’ common shareholders, excluding AOCI. AOCI fluctuates period-to-period in a manner inconsistent with our underlying profitability drivers as the majority of such fluctuation is related to the market volatility of the unrealized gains and losses associated with our AFS securities. Therefore, we believe excluding AOCI is more effective for analyzing the trends of our operations.
Book Value per common share, excluding AOCI
We use the term “book value” to refer to “Total equity attributable to Holdings' common shareholders.” Book Value per common share, excluding AOCI, is our stockholder’s equity, excluding AOCI, divided by ending common shares outstanding.
Non-GAAP Operating Earnings per common share
Non-GAAP Operating Earnings per common share is calculated by dividing Non-GAAP Operating Earnings less preferred stock dividends by diluted common shares outstanding.
3Q 2024 Financial Supplement
32

Reconciliation of Non-GAAP Measures (1/3)
For the Three Months Ended or As ofNine Months Ended or As of
(in millions USD, unless otherwise indicated)9/30/202312/31/20233/31/20246/30/20249/30/20249/30/20239/30/2024
Net income (loss) attributable to Holdings
Net income (loss) attributable to Holdings$1,064 $(698)$114 $428 $(134)$2,000 $408 
Adjustments related to:
Variable annuity product features (1)(1,380)1,191 319 79 738 (584)1,136 
Investment gains (losses), net411 159 39 16 46 554 101 
Net actuarial gains (losses) related to pension and other postretirement benefit obligations8 13 17 14 13 26 44 
Other adjustments (2) (3) (4)91 153 91 (32)— 198 59 
Income tax (expense) benefit related to above adjustments 183 (319)(98)(16)(167)(40)(281)
Non-recurring tax items (5)36 (23)8 5 5 (936)18 
Non-GAAP Operating Earnings$413 $476 $490 $494 $501 $1,218 $1,485 
Net income (loss) attributable to Holdings$3.06 $(2.07)$0.34 $1.31 $(0.42)$5.62 $1.25 
Less: Preferred stock dividends0.04 0.08 0.04 0.08 0.05 0.15 0.17 
Net income (loss) available to Holdings' common shareholders3.02 (2.15)0.30 1.23 (0.47)5.47 1.08 
Adjustments related to:
Variable annuity product features (1)(3.97)3.53 0.96 0.24 2.32 (1.64)3.47 
Investment gains (losses), net1.18 0.47 0.12 0.05 0.14 1.56 0.31 
Net actuarial gains (losses) related to pension and other postretirement benefit obligations0.02 0.04 0.05 0.04 0.04 0.07 0.13 
Other adjustments (2) (3) (4)0.27 0.46 0.27 (0.10)— 0.55 0.19 
Income tax (expense) benefit related to above adjustments 0.53 (0.95)(0.29)(0.05)(0.52)(0.11)(0.86)
Non-recurring tax items (5)0.10 (0.07)0.02 0.02 0.02 (2.63)0.05 
Non-GAAP Operating Earnings (loss) available to Holdings' common shareholders $1.15 $1.33 $1.43 $1.43 $1.53 $3.27 $4.37 
Book Value per common share
Book Value per common share$0.23 $3.26 $1.43 $0.25 $5.26 $0.23 $5.26 
Less: Per share impact of AOCI(28.66)(23.30)(24.93)(26.88)(20.90)(28.66)(20.90)
Book value per common share (ex. AOCI)$28.90 $26.56 $26.36 $27.14 $26.16 $28.90 $26.16 
Notes:
(1) Includes the impact of favorable assumption updates of $16 million for the three and nine months ended September 30, 2024, respectively and 40 million for the three and nine months ended September 30, 2023, respectively. The impact per common share is $0.05 for the three and nine months ended September 30, 2024, respectively and 0.11 for the three and nine months ended September 30, 2023, respectively.
(2) Includes certain gross legal expenses related to the COI litigation of $0 million and $106 million for the three and nine months ended September 30, 2024, respectively, and $0 million and $35 million for the three and nine months ended September 30, 2023, respectively. Includes the impact of unfavorable annual actuarial assumptions updates related to LFPB of $61 million for the three and nine months ended September 30, 2023. The legal accruals impact per common share is $0 and $0.32 for the three and nine months ended September 30, 2024, respectively, and $0 and $0.10 for the three and nine months ended September 30, 2023, respectively. Includes the impact of unfavorable annual actuarial assumptions updates related to LFPB of $0.18 and $0.17 for the three and nine months ended September 30, 2023.
(3) For the nine months ended September 30, 2024, includes $82 million of the gain on sale on AB's Bernstein Research Service attributable to Holdings. The impact per common share is $0.25 for the nine months ended September 30, 2024.
(4) For the three and nine months ended September 30, 2024, includes $78 million contingent payment gain recognized in connection with a fair value remeasurement of the contingent payment liability associated with AB's acquisition of CarVal in 2022. The impact per common share is $0.24 for the three and nine months ended September 30, 2024, respectively.
(5) For the three and nine months ended September 30, 2024 and 2023, respectively, non-recurring tax items reflect primarily the effect of uncertain tax positions for a given audit period. An increase of the deferred tax valuation allowance of $20 million and a decrease of $970 million for the three and nine months ended September 30, 2023, respectively. The impact per common share is $0.06 and $2.73 for the three and nine months ended September 30, 2023, respectively.
3Q 2024 Financial Supplement
33

Reconciliation of Non-GAAP Measures (2/3)
As of and for the Twelve Months Ended
(in millions USD, unless otherwise indicated)3/31/20246/30/20249/30/2024
Net Income to Non-GAAP Operating Earnings
Net income (loss) attributable to Holdings$1,239 $908 $(290)
Adjustments related to:
Variable annuity product features65 209 2,327 
Investment (gains) losses665 625 260 
Net actuarial (gains) losses related to pension and other postretirement benefit obligations47 52 57 
Other adjustments397 303 212 
Income tax (expense) benefits related to above adjustments(247)(250)(600)
Non-recurring tax items(346)26 (5)
Non-GAAP Operating Earnings$1,820 $1,873 $1,961 
Return on Equity and Non-GAAP Operating Return on Equity - Trailing twelve months
Net income (loss) attributable to Holdings$1,239 $908 $(290)
Less: Preferred stock(80)(80)(80)
Net income (loss) available to Holdings' common shareholders$1,159 $828 $(370)
Average equity attributable to Holdings' common shareholders (ex. AOCI)$9,045 $9,048 $8,872 
Return on Equity (ex. AOCI)12.8 %9.2 %(4.2)%
Non-GAAP Operating Earnings$1,820 $1,873 $1,961 
Less: Preferred stock(80)(80)(80)
Non-GAAP Operating Earnings available to Holdings' common shareholders$1,740 $1,793 $1,881 
Average equity attributable to Holdings' common shareholders (ex. AOCI)$9,045 $9,048 $8,872 
Non-GAAP Operating Return on Equity (ex. AOCI)19.2 %19.8 %21.2 %
3Q 2024 Financial Supplement
34

Reconciliation of Non-GAAP Measures (3/3)
Balances as of
(in millions USD, unless otherwise indicated)12/31/20223/31/20236/30/20239/30/202312/31/20233/31/20246/30/20249/30/2024
Equity Reconciliation - Quarter-end Balances
Total equity attributable to Holdings' shareholders$1,401 $3,754 $3,553 $1,642 $2,649 $2,032 $1,644 $3,220 
Less: Preferred Stock1,562 1,562 1,562 1,562 1,562 1,562 1,562 1,562 
Total equity attributable to Holdings' common shareholders(161)2,192 1,991 80 1,087 470 82 1,658 
Less: Accumulated other comprehensive income (loss)(8,992)(6,516)(7,142)(9,802)(7,777)(8,166)(8,645)(6,595)
Total equity attributable to Holdings' common shareholders (ex. AOCI)$8,831 $8,708 $9,133 $9,882 $8,864 $8,636 $8,727 $8,253 
Balances as of
(in millions USD, unless otherwise indicated)12/31/20223/31/20236/30/20239/30/202312/31/20233/31/20246/30/20249/30/2024
Equity Reconciliation - Twelve Month Rolling Average
Total equity attributable to Holdings' shareholders$4,610 $3,567 $3,030 $2,588 $2,900 $2,469 $1,992 $2,386 
Less: Preferred Stock1,562 1,562 1,562 1,562 1,562 1,562 1,562 1,562 
Total equity attributable to Holdings' common shareholders3,048 2,005 1,468 1,026 1,338 907 430 824 
Less: Accumulated other comprehensive income (loss)(5,333)(6,636)(7,380)(8,113)(7,809)(8,222)(8,598)(7,796)
Total equity attributable to Holdings' common shareholders (ex. AOCI)$8,381 $8,641 $8,848 $9,139 $9,147 $9,129 $9,027 $8,620 


3Q 2024 Financial Supplement
35

Glossary of Selected Financial and Product Terms
Account Value (“AV”) - AV generally equals the aggregate policy account value of our retirement and protection products. General Account AV refers to account balances in investment options that are backed by the General Account while Separate Accounts AV refers to Separate Accounts investment assets. AV is reflected net of reinsurance.
Advisory Assets - Assets invested in a variety of investments using an asset allocation model designed for the client’s objectives. The client is charged a fee based on the value of the assets in the account.
Annualized premiums - 100% of first year recurring premiums (up to target) and 10% of excess first year premiums or first year premiums from single premium products.
Assets Under Administration (“AUA”) - AUA includes non-insurance client assets that are invested in our savings and investment products or serviced by our Equitable Advisors platform. We provide administrative services for these assets and generally record the revenues received as distribution fees.
Assets Under Management (“AUM”) - AUM means investment assets that are managed by one of our subsidiaries and includes: (i) assets managed by AB; (ii) the assets in our General Account investment portfolio; and (iii) the Separate Account assets of our Individual Retirement, Group Retirement and Protection Solutions businesses. Total AUM reflects exclusions between segments to avoid double counting.
Average Account Value (TTM) - Calculated as an average of the previous twelve calendar months total Account Value balance as of end of period.
Benefit base - A notional amount (not actual cash value) used to calculate the owner’s guaranteed benefits within an annuity contract. The death benefit and living benefit within the same contract may not have the same benefit base.
Brokerage Assets - Brokerage accounts which allow clients a variety of investments, including mutual funds, exchange traded products, equities and fixed income, to be managed in one account. The client is charged for all buy and sell transactions.
Current Product Offering (Individual Retirement) - Products sold 2011 and later.
Deferred policy acquisition costs (“DAC”) - Represents the incremental costs related directly to the successful acquisition of new and certain renewal insurance policies and annuity contracts and which have been deferred on the balance sheet as an asset.
Direct Assets - Mutual Funds purchased through and registered directly with an asset management company. No other agents, such as brokers or distributors, are involved in the transactions.
Equitable Advisors - means Equitable Advisors, LLC, a Delaware limited liability company, our retail broker/dealer for our retirement and protection businesses and a wholly-owned indirect subsidiary of Holdings.
Equitable America - means Equitable Financial Life Insurance Company of America, an Arizona corporation and a wholly-owned indirect subsidiary of Holdings.
Equitable Life - means Equitable Financial Life Insurance Company, a New York corporation, a life insurance company and a wholly-owned subsidiary of EFS.
Fixed Rate (Individual Retirement) - Pre-2011 GMxB products.
FYP - First year premium and deposits.
GMxB - A general reference to all forms of variable annuity guaranteed benefits, including guaranteed minimum living benefits, or GMLBs (such as GMIBs, GMWBs and GMABs), and guaranteed minimum death benefits, or GMDBs (inclusive of return of premium death benefit guarantees).
Gross premiums - FYP and Renewal premium and deposits.
Guaranteed minimum death benefits (“GMDB”) - An optional benefit (available for an additional cost) that guarantees an annuitant’s beneficiaries are entitled to a minimum payment based on the benefit base, which could be greater than the underlying AV, upon the death of the annuitant.
Guaranteed minimum income benefits (“GMIB”) - An optional benefit (available for an additional cost) where an annuitant is entitled to annuitize the policy and receive a minimum payment stream based on the benefit base, which could be greater than the underlying AV.
Guaranteed minimum living benefits (“GMLB”) - A reference to all forms of guaranteed minimum living benefits, including GMIBs, GMWBs and GMABs (does not include GMDBs).
Invested assets - Includes fixed maturity securities, equity securities, mortgage loans, policy loans, alternative investments and short-term investments.
Legacy - The Legacy segment consists of our fixed-rate GMxB business written prior to 2011. In 2023, we began reporting this business separately from our Individual Retirement business.
Liability for future policy benefits - the liability related to life insurance policies such as non-participating traditional life insurance policies (Term) and limited pay contracts (Payout, Pension).
Market risk benefits - (“MRBs”) are contracts or contract features that provide protection to the contract holder from other than nominal capital market risk and expose the Company to other than nominal capital market risk. Market risk benefits include contract features that provide minimum guarantees to policyholders and include GMIB, GMDB, GMWB, GMAB, and ROP DB benefits.
Net flows - Net change in customer account balances in a period including, but not limited to, gross premiums, surrenders, withdrawals and benefits. It excludes investment performance, interest credited to customer accounts and policy charges.
Net long-term flows - Net change of assets under management in a period which includes new sales net of redemptions of mutual funds and terminations of separately managed accounts and cash flow which includes both cash invested or withdrawn by existing clients. In addition, cash flow includes fees received from certain clients. It excludes the impact of the markets.
Premiums and deposits - Amounts a policyholder agrees to pay for an insurance policy or annuity contract that may be paid in one or a series of payments as defined by the terms of the policy or contract.
Pre-tax operating margin - Calculated as operating earnings, before income taxes, divided by revenue.
Protection Solutions Benefit Ratio - Calculated as the sum of policyholders’ benefits and interest credited to policyholders’ account balances dividend by segment revenues.
Protection Solutions Reserves - Equals the aggregate value of Policyholders’ account balances and future policy benefits for policies in our Protection Solutions segment.
Renewal premium and deposits - Premiums and deposits after the first twelve months of the policy or contract.
3Q 2024 Financial Supplement
36

Return of Premium (“ROP”) death benefit - This death benefit pays the greater of the account value at the time of a claim following the owner’s death or the total contributions to the contract (subject to adjustment for withdrawals). The charge for this benefit is usually included in the M&E fee that is deducted daily from the net assets in each variable investment option. We also refer to this death benefit as the Return of Principal death benefit.
Return on Assets - Calculated as trailing twelve months operating earnings (loss), before income taxes, divided by trailing twelve months average account value.
Return on Equity (ex. AOCI) - Calculated as trailing twelve months net income (loss) attributable to Holdings' common shareholders divided by average equity attributable to Holdings' common shareholders, excluding Accumulated Other Comprehensive Income (“AOCI”).
Revenue per advisor - Calculated as trailing twelve months revenue divided by the average number of advisors for each of the most recent four quarters.
Trailing Twelve Months ("TTM") - The twelve calendar months preceding the balance sheet date of a given reporting period.
3Q 2024 Financial Supplement
37

Analyst Coverage, Ratings & Contact Information
Analyst Coverage
FirmAnalystPhone Number
Barclays
Alex Scott
1 (212) 526-1561
Deutsche BankCave Montazeri1 (212) 250-2798
Dowling & PartnersJoel Hurwitz1 (860) 676-7312
Evercore ISIThomas Gallagher1 (212) 446-9439
Goldman SachsAlex Scott1 (212) 902-9592
JefferiesSuneet Kamath1 (212) 778-8602
J.P. MorganJimmy Bhullar1 (212) 622-6397
Keefe, Bruyette, & WoodsRyan Krueger1 (860) 722-5930
Morgan StanleyBob Jian Huang1 (212) 761-6136
Raymond JamesWilma Burdis1 (727) 567-9371
Truist SecuritiesMark Hughes1 (615) 748-4422
UBSBrian Meredith 1 (212) 713-2492
Wells Fargo SecuritiesElyse Greenspan1 (212) 214-8031
This list is provided for informational purposes only. Equitable Holdings does not endorse the analyses, conclusions or recommendations contained in any reports issued by these or any other analysts.
Ratings
A.M. BestS&PMoody’s
Last review dateFeb '24Feb '24May '24
Financial Strength Ratings:
Equitable Financial Life Insurance CompanyAA+A1
Equitable Financial Life Insurance Company of AmericaAA+A1
Credit Ratings:
Equitable Holdings, Inc.bbb+A-Baa1
AllianceBernstein L.P. (1)—AA2
Investor and Media Contacts
Contact Investor RelationsContact Media Relations
Erik BassThomas LewisRowan Clymer
Sophia Kim
(212) 314-2476(212) 314-2010
Notes:
(1) Last review dates: S&P as of Sep '24, Moody’s as of Mar '24.

3Q 2024 Financial Supplement
38
v3.24.3
COVER
Nov. 04, 2024
Entity Information [Line Items]  
Document Type 8-K
Document Period End Date Nov. 04, 2024
Entity Registrant Name Equitable Holdings, Inc.
Entity Incorporation, State or Country Code DE
Entity File Number 001-38469
Entity Tax Identification Number 90-0226248
Entity Address, Address Line One 1345 Avenue of the Americas
Entity Address, City or Town New York
Entity Address, State or Province NY
Entity Address, Postal Zip Code 10105
City Area Code 212
Local Phone Number 554-1234
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Entity Central Index Key 0001333986
Amendment Flag false
Common Stock | New York Stock Exchange  
Entity Information [Line Items]  
Title of 12(b) Security Common Stock
Trading Symbol EQH
Security Exchange Name NYSE
Depositary Shares, each representing a 1/1,000th interest in a share of Fixed Rate Noncumulative Perpetual Preferred Stock, Series A | New York Stock Exchange  
Entity Information [Line Items]  
Title of 12(b) Security Depositary Shares, each representing a 1/1,000th interest in a share of Fixed Rate Noncumulative Perpetual Preferred Stock, Series A
Trading Symbol EQH PR A
Security Exchange Name NYSE
Depositary Shares, each representing a 1/1,000th interest in a share of Fixed Rate Noncumulative Perpetual Preferred Stock, Series C | New York Stock Exchange  
Entity Information [Line Items]  
Title of 12(b) Security Depositary Shares, each representing a 1/1,000th interest in a share of Fixed Rate Noncumulative Perpetual Preferred Stock, Series C
Trading Symbol EQH PR C
Security Exchange Name NYSE
Equitable (NYSE:EQH-C)
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