Financial Supplement Fourth Quarter 2018

Table of Contents Consolidated Financials and Key Metrics Page Key Metrics Summary 4 Consolidated Statements of Income (Loss) 5 Consolidated Balance Sheets 6 Consolidated Capital Structure 7 Operating Earnings (Loss) by Segment and Corporate and Other (1/2) 8 Operating Earnings (Loss) by Segment and Corporate and Other (2/2) 9 Assets Under Management and Administration 10 Sales Metrics by Segment 11 Select Metrics from Business Segments Individual Retirement Statements of Operating Earnings (Loss) and Summary Metrics 13 Select Operating Metrics 14 Group Retirement Statements of Operating Earnings (Loss) and Summary Metrics 15 Select Operating Metrics 16 Investment Management and Research Statements of Operating Earnings (Loss) and Summary Metrics 17 Select Operating Metrics 18 Net Flows 19 Protection Solutions Statements of Operating Earnings (Loss) and Summary Metrics 20 Select Operating Metrics 21 Investments Consolidated Investment Portfolio Composition 23 Consolidated Results of General Account Investment Portfolio 24 Additional Information Deferred Acquisition Costs Roll-forward 26 Use of Non-GAAP Financial Measures 27 Reconciliation of Non-GAAP Measures (1/3) 28 Reconciliation of Non-GAAP Measures (2/3) 29 Reconciliation of Non-GAAP Measures (3/3) 30 Capitalization of DAC Changes 31 Glossary of Selected Financial and Product Terms 32 Analyst Coverage, Ratings & Contact Information 33 This financial supplement should be read in conjunction with AXA Equitable Holdings, Inc.’s (“EQH”) Annual Report on Form 10-K for the year ended December 31, 2018. AXA 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.axaequitableholdings.com. All information included in this financial supplement is unaudited. This Financial Supplement includes information from prior periods which have been revised and/or restated. For additional details, please refer to our Form 10-K for the year ended December 31, 2018. 2

Consolidated Financials and Key Metrics 3

Key Metrics Summary Three Months Ended or As of Year Ended or As of (in millions USD, except per share and O/S share amounts) 12/31/2017 3/31/2018 6/30/2018 9/30/2018 12/31/2018 Change 12/31/2017 12/31/2018 Change Net income (loss) $ 627 $ 337 $ 261 $ (443) $ 1,999 218.8 % $ 1,257 $ 2,154 71.4 % Net income (loss) attributable to the noncontrolling interest (144) (123) (97) (53) (61) 57.6 % (423) (334) 21.0 % Net income (loss) attributable to Holdings $ 483 $ 214 $ 164 $ (496) $ 1,938 301.2 % $ 834 $ 1,820 118.2 % Non-GAAP Operating Earnings (1) $ 921 $ 483 $ 486 $ 693 $ 504 (45.3)% $ 2,035 $ 2,166 6.4 % Total equity attributable to Holdings $ 13,421 $ 13,547 $ 13,364 $ 12,411 $ 13,866 3.3 % $ 13,421 $ 13,866 3.3 % Less: Accumulated other comprehensive income (loss) (108) (946) (1,310) (1,595) (1,396) N/M (108) (1,396) N/M Total equity attributable to Holdings (ex. AOCI) $ 13,529 $ 14,493 $ 14,674 $ 14,006 $ 15,262 12.8 % $ 13,529 $ 15,262 12.8 % Pro Forma Non-GAAP Operating ROE (1)(2) 12.0% 13.6% 13.6% 15.6% 14.9% 12.0% 14.9% Debt to capital: Debt to Capital 26.9% 27.9% 26.3% 26.3% Debt to Capital (ex. AOCI) 25.1% 25.5% 24.5% 24.5% Per share: Diluted earnings per share Net income (loss) attributable to Holdings $ 0.86 $ 0.38 $ 0.29 $ (0.89) $ 3.57 314.1 % $ 1.48 $ 3.27 120.2 % Non-GAAP Operating Earnings (1) $ 1.64 $ 0.86 $ 0.87 $ 1.23 $ 0.93 (43.5)% $ 3.63 $ 3.89 7.3 % Book value per share $ 23.92 $ 24.15 $ 23.82 $ 22.22 $ 26.22 9.6 % $ 23.92 $ 26.22 9.6 % Book value per share (ex. AOCI) $ 24.12 $ 25.83 $ 26.16 $ 25.08 $ 28.86 19.7 % $ 24.12 $ 28.86 19.7 % Weighted-average common shares outstanding Basic 561.0 561.0 561.0 560.3 543.3 (3.1)% 561.0 556.4 (0.8)% Diluted 561.0 561.0 561.1 560.3 543.7 (3.1)% 561.0 556.5 (0.8)% Ending common shares outstanding 561.0 561.0 561.0 558.5 528.9 (5.7)% 561.0 528.9 (5.7)% Return to Stockholders: Common stock dividend $ — $ 73 $ 69 $ — $ 142 Repurchase of common shares — 57 592 — 649 Total capital returned to stockholders $ — $ 130 $ 661 $ — $ 791 Market Values: S&P 500 2,674 2,641 2,718 2,914 2,507 (6.3)% 2,674 2,507 (6.3)% US 10-Year Treasury 2.4% 2.7% 2.9% 3.1% 2.7% 2.4% 2.7% 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” section 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) Calculated using Pro Forma Non-GAAP Operating Earnings, excluding impact of non-recurring items which occurred in the fourth quarter of 2017. Please see “Additional Information” for adjustments of non-recurring items. 4

Consolidated Statements of Income (Loss) Three Months Ended Year Ended (in millions USD, unless otherwise indicated) 12/31/2017 3/31/2018 6/30/2018 9/30/2018 12/31/2018 Change 12/31/2017 12/31/2018 Change Revenues Policy charges and fee income $ 883 $ 966 $ 964 $ 951 $ 943 6.8 % $ 3,693 $ 3,824 3.5 % Premiums 299 279 275 269 271 (9.4)% 1,124 1,094 (2.7)% Net derivative gains (losses) (18) (236) (46) (2,006) 2,057 N/M 214 (231) N/M Net investment income (loss) 705 591 596 681 825 17.0 % 3,082 2,693 (12.6)% Total investment gains (losses), net (159) 102 (22) (35) (131) 17.6 % (191) (86) 55.0 % Investment management and service fees 1,123 1,055 1,075 1,088 1,050 (6.5)% 4,093 4,268 4.3 % Other income 89 117 124 135 140 57.3 % 445 516 16.0 % Total revenues 2,922 2,874 2,966 1,083 5,155 76.4 % 12,460 12,078 (3.1)% Benefits and other deductions Policyholders’ benefits 466 594 900 318 1,103 136.7 % 4,366 2,915 (33.2)% Interest credited to policyholders’ account balances 252 271 268 278 273 8.3 % 995 1,090 9.5 % Compensation and benefits 488 579 520 507 473 (3.1)% 1,980 2,079 5.0 % Commissions and distribution related payments 289 291 287 286 296 2.4 % 1,081 1,160 7.3 % Interest expense 45 46 60 65 60 33.3 % 160 231 44.4 % Amortization of deferred policy acquisition costs 140 172 185 (182) 158 12.9 % 503 333 (33.8)% Other operating costs and expenses 466 493 424 429 463 (0.6)% 2,069 1,809 (12.6)% Total benefits and other deductions 2,146 2,446 2,644 1,701 2,826 31.7 % 11,154 9,617 (13.8)% Income (loss) from operations, before income taxes 776 428 322 (618) 2,329 200.1 % 1,306 2,461 88.4 % Income tax (expense) benefit (149) (91) (61) 175 (330) (121.5)% (49) (307) (526.5)% Net income (loss) 627 337 261 (443) 1,999 218.8 % 1,257 2,154 71.4 % Less: net (income) loss attributable to the noncontrolling (144) (123) (97) (53) (61) 57.6 % (423) (334) 21.0 % interest Net income (loss) attributable to Holdings $ 483 $ 214 $ 164 $ (496) $ 1,938 301.2 % $ 834 $ 1,820 118.2 % Adjustments related to: Variable annuity product features $ 369 $ 176 $ 249 $ 1,403 $ (1,898) $ 1,107 $ (70) Investment gains (losses) 159 (102) 22 36 130 191 86 Goodwill impairment — — — — — 369 — Net actuarial gains (losses) related to pension and other 34 131 27 24 33 135 215 postretirement benefit obligations Other adjustments 58 91 88 51 69 119 299 Income tax (expense) benefit related to above adjustments (198) (55) (75) (331) 350 (644) (111) Non-recurring tax items 16 28 11 6 (118) (76) (73) Non-GAAP Operating earnings (1) $ 921 $ 483 $ 486 $ 693 $ 504 $ 2,035 $ 2,166 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” section 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. During the fourth quarter of 2018, we revised our presentation of the capitalization of deferred acquisition costs ("DAC") in the consolidated statements of income for all prior periods presented herein by netting the capitalized amounts within the applicable expense line items, such as Compensation and benefits, Commissions and distribution plan payments, and Other operating costs and expenses. Previously, the capitalized amounts were netted within the Amortization of deferred acquisition costs. There was no impact on Net income (loss) or Non-GAAP Operating earnings of this reclassification 5

Consolidated Balance Sheets Balances as of (in millions USD, unless otherwise indicated) 12/31/2017 3/31/2018 6/30/2018 9/30/2018 12/31/2018 Assets Total investments $ 81,782 $ 78,883 $ 76,828 $ 78,942 $ 81,333 Cash and cash equivalents 4,814 6,091 6,833 4,777 4,469 Cash and securities segregated, at fair value 825 1,025 1,289 1,263 1,170 Broker-dealer related receivables 2,158 2,300 2,276 2,224 2,209 Deferred policy acquisition costs 5,919 6,243 6,285 6,736 6,745 Goodwill and other intangible assets, net 4,824 4,813 4,802 4,791 4,780 Amounts due from reinsurers 5,023 4,953 4,954 4,909 4,895 Loans to affiliates 1,230 885 — — — GMIB reinsurance contract asset, at fair value 1,894 1,734 1,636 1,375 1,732 Current and deferred income taxes 84 232 52 321 — Other assets 2,510 3,239 3,025 3,124 3,127 Separate Accounts assets 124,552 121,858 122,967 125,989 110,337 Total assets $ 235,615 $ 232,256 $ 230,947 $ 234,451 $ 220,797 Liabilities Policyholders’ account balances $ 47,171 $ 47,666 $ 48,849 $ 50,066 $ 49,923 Future policy benefits and other policyholders’ liabilities 30,330 29,566 29,298 29,504 30,998 Broker-dealer related payables 783 466 603 491 431 Securities sold under agreements to repurchase 1,887 1,904 1,850 1,900 573 Customers related payables 2,229 2,549 2,713 2,781 3,095 Amounts due to reinsurers 1,436 1,396 1,398 1,415 1,438 Short-term and long-term debt 2,408 2,373 4,922 4,806 4,955 Loans from affiliates 3,622 2,530 — — — Income taxes payable — — — — 68 Other liabilities 4,053 4,342 3,350 3,485 3,360 Separate Accounts liabilities 124,552 121,858 122,967 125,989 110,337 Total liabilities 218,471 214,650 215,950 220,437 205,178 Redeemable noncontrolling interest 626 1,024 146 143 187 Equity Common stock 5 5 5 5 5 Capital in excess of par value 1,299 2,051 2,068 2,026 1,908 Treasury shares — — — (56) (640) Retained earnings 12,225 12,437 12,601 12,031 13,989 Accumulated other comprehensive income (loss) (108) (946) (1,310) (1,595) (1,396) Total equity attributable to Holdings 13,421 13,547 13,364 12,411 13,866 Noncontrolling interest 3,097 3,035 1,487 1,460 1,566 Total equity 16,518 16,582 14,851 13,871 15,432 Total liabilities, redeemable noncontrolling interest and equity $ 235,615 $ 232,256 $ 230,947 $ 234,451 $ 220,797 6

Consolidated Capital Structure Balances as of (in millions USD, unless otherwise indicated) 6/30/2018 9/30/2018 12/31/2018 Short and long-term debt Short-term debt AB commercial paper $ 515 $ 398 $ 521 AB revolving credit facility — — 25 Total short-term debt 515 398 546 Total long-term debt 4,922 4,408 4,409 Total short-term and long-term debt: [A] $ 5,437 $ 4,806 $ 4,955 Equity Common stock $ 5 $ 5 $ 5 Capital in excess of par value 2,068 2,026 1,908 Treasury stock, at cost — (56) (640) Retained earnings 12,601 12,031 13,989 Accumulated other comprehensive income (loss) (1,310) (1,595) (1,396) Total equity attributable to Holdings 13,364 12,411 13,866 Noncontrolling interest 1,487 1,460 1,566 Total equity $ 14,851 $ 13,871 $ 15,432 Total equity attributable to Holdings, ex. AOCI: [B] $ 14,674 $ 14,006 $ 15,262 Capital Total capitalization $ 18,801 $ 17,217 $ 18,821 Total capitalization ex. AOCI: [A+B] $ 20,111 $ 18,812 $ 20,217 Debt to capital Debt to capital 26.9% 27.9% 26.3% Debt to capital ex. AOCI 25.1% 25.5% 24.5% Roll-forward of common shares outstanding (millions of shares) Beginning balance 561.0 561.0 558.5 Repurchases — (2.5) (29.6) Issuances — — — Ending basic common shares outstanding 561.0 558.5 528.9 Total potentially dilutive shares — — — Ending common shares outstanding - maximum potential dilution 561.0 558.5 528.9 7

Operating Earnings (Loss) by Segment and Corporate and Other (1/2) Three Months Ended December 31, 2018 (in millions USD, unless otherwise indicated) Individual Retirement Group Retirement Inv Mgmt and Research Protection Solutions Corporate and Other Consolidated Revenues Policy charges, fee income and premiums $ 505 $ 67 $ — $ 541 $ 103 $ 1,216 Net investment income (loss) 248 157 (24) 254 98 733 Investment gains (losses), net including derivative gains (losses) 249 1 16 1 1 268 Investment Management, service fees and other income 179 49 817 57 85 1,187 Segment revenues 1,181 274 809 853 287 3,404 Benefits and other deductions Policyholders’ benefits 465 1 — 484 155 1,105 Interest credited to policyholders’ account balances 53 74 — 122 24 273 Commissions and distribution related payments 70 12 104 41 67 294 Amortization of deferred policy acquisition costs 87 11 — 61 12 171 Compensation and benefits and other operating costs and expenses 102 56 500 101 74 833 Interest expense — — 2 — 59 61 Segment benefits and other deductions 777 154 606 809 391 2,737 Operating earnings (loss), before income taxes 404 120 203 44 (104) 667 Income Taxes (56) (18) (24) (7) 10 (95) Operating earnings (loss), before noncontrolling interest 348 102 179 37 (94) 572 Less: Operating (earnings) loss attributable to the noncontrolling — — (72) — 4 (68) interest Operating earnings (loss) $ 348 $ 102 $ 107 $ 37 $ (90) $ 504 Average capital (1) 6,921 1,227 2,659 Non-GAAP Operating ROC by segment (2)(3)(4) 22.5% 31.7% 7.4% Three Months Ended December 31, 2017 Individual Retirement Group Retirement Inv Mgmt and Research Protection Solutions Corporate and Other Consolidated Revenues Policy charges, fee income and premiums $ 556 $ 77 $ — $ 436 $ 113 $ 1,182 Net investment income (loss) 256 137 28 243 75 739 Investment gains (losses), net including derivative gains (losses) 314 (2) (4) (4) 19 323 Investment Management, service fees and other income 190 45 885 52 39 1,211 Segment revenues 1,316 257 909 727 246 3,455 Benefits and other deductions Policyholders’ benefits 585 — — (300) 196 481 Interest credited to policyholders’ account balances 48 71 — 111 22 252 Commissions and distribution related payments 66 17 110 37 59 289 Amortization of deferred policy acquisition costs (2) 16 — 111 7 132 Compensation and benefits and other operating costs and expenses 107 51 519 97 78 852 Interest expense — — 1 — 39 40 Segment benefits and other deductions 804 155 630 56 401 2,046 Operating earnings (loss), before income taxes 512 102 279 671 (155) 1,409 Income Taxes (101) (14) (54) (221) 59 (331) Operating earnings (loss), before noncontrolling interest 411 88 225 450 (96) 1,078 Less: Operating (earnings) loss attributable to the noncontrolling interest (3) 2 (151) (2) (3) (157) Operating earnings (loss) $ 408 $ 90 $ 74 $ 448 $ (99) $ 921 Average capital (1) 6,912 1,154 2,760 Non-GAAP Operating ROC by segment (2)(3)(4) 18.1% 24.5% 5.2% Notes: (1) For average capital by segment, capital components pertaining to specific segments such as DAC along with targeted capital are directly attributed to these segments. Targeted capital for each segment is established using assumptions supporting CTE98 levels under most economic conditions. (2) Protection Solutions Non-GAAP Operating ROC excludes impact of certain one-time items. Total post-tax adjustment to operating earnings was determined by multiplying approximately $535 million total pre-tax adjustments in policyholders’ benefits, DAC amortization (net) and policy charges, fee income and premiums by a tax rate of 33%. (3) Non-GAAP Operating ROC is calculated by dividing trailing twelve months operating earnings (loss) on a segment basis by average capital on a segment basis, excluding AOCI and NCI. For average capital amounts by segment, capital components pertaining directly to specific segments such as DAC along with targeted capital are directly attributed to these segments. Targeted capital for each segment is established using assumptions supporting CTE98 levels under most economic conditions. (4) This measure is a Non-GAAP financial measure. For an explanation of our use of Non-GAAP financial measures, refer to the “Use of Non-GAAP Financial Measures” section 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. 8

Operating Earnings (Loss) by Segment and Corporate and Other (2/2) Year Ended December 31, 2018 (in millions USD, unless otherwise indicated) Individual Retirement Group Retirement Inv Mgmt and Research Protection Solutions Corporate and Other Consolidated Revenues Policy charges, fee income and premiums $ 2,124 $ 271 $ — $ 2,103 $ 420 $ 4,918 Net investment income (loss) 981 552 (10) 901 438 2,862 Investment gains (losses), net including derivative gains (losses) 197 2 12 5 6 222 Investment Management, service fees and other income 752 194 3,409 223 284 4,862 Segment revenues 4,054 1,019 3,411 3,232 1,148 12,864 Benefits and other deductions Policyholders’ benefits 1,073 4 — 1,827 723 3,627 Interest credited to policyholders’ account balances 229 290 — 481 90 1,090 Commissions and distribution related payments 291 42 427 142 258 1,160 Amortization of deferred policy acquisition costs 186 (7) — 166 (1) 344 Compensation and benefits and other operating costs and 415 225 2,115 380 288 3,423 Interest expense — — 8 — 223 231 Segment benefits and other deductions 2,194 554 2,550 2,996 1,581 9,875 Operating earnings (loss), before income taxes 1,860 465 861 236 (433) 2,989 Income Taxes (305) (76) (122) (39) 70 (472) Operating earnings (loss), before noncontrolling interest 1,555 389 739 197 (363) 2,517 Less: Operating (earnings) loss attributable to the noncontrolling interest — — (358) — 7 (351) Operating earnings (loss) $ 1,555 $ 389 $ 381 $ 197 $ (356) $ 2,166 Year Ended December 31, 2017 Individual Retirement Group Retirement Inv Mgmt and Research Protection Solutions Corporate and Other Consolidated Revenues Policy charges, fee income and premiums $ 2,116 $ 248 $ — $ 1,995 $ 458 $ 4,817 Net investment income (loss) 865 528 60 850 503 2,806 Investment gains (losses), net including derivative gains (losses) 654 (8) (24) — 18 640 Investment Management, service fees and other income 739 174 3,180 212 232 4,537 Segment revenues 4,374 942 3,216 3,057 1,211 12,800 Benefits and other deductions Policyholders’ benefits 1,667 — — 965 865 3,497 Interest credited to policyholders’ account balances 174 282 — 466 73 995 Commissions and distribution related payments 281 38 415 134 214 1,082 Amortization of deferred policy acquisition costs 108 23 — 373 2 506 Compensation and benefits and other operating costs and 450 230 2,036 383 254 3,353 Interest expense — — 6 — 138 144 Segment benefits and other deductions 2,680 573 2,457 2,321 1,546 9,577 Operating earnings (loss), before income taxes 1,694 369 759 736 (335) 3,223 Income Taxes (435) (87) (139) (232) 124 (769) Operating earnings (loss), before noncontrolling interest 1,259 282 620 504 (211) 2,454 Less: Operating (earnings) loss attributable to the noncontrolling interest (7) 1 (409) (2) (2) (419) Operating earnings (loss) $ 1,252 $ 283 $ 211 $ 502 $ (213) $ 2,035 Notes During the fourth quarter of 2018, we revised our presentation of the capitalization of deferred acquisition costs ("DAC") in the consolidated statements of income for all prior periods presented herein by netting the capitalized amounts within the applicable expense line items, such as Compensation and benefits, Commissions and distribution plan payments, and Other operating costs and expenses. Previously, the capitalized amounts were netted within the Amortization of deferred acquisition costs. There was no impact on Net income (loss) or Non-GAAP Operating earnings from this reclassification. 9

Assets Under Management and Administration Balances as of (in millions USD, except for AXA Headcount) 12/31/2017 3/31/2018 6/30/2018 9/30/2018 12/31/2018 Assets Under Management AB AUM Total AB $ 554,491 $ 549,468 $ 539,800 $ 550,400 $ 516,353 Exclusion for General Account and other Affiliated Accounts (59,669) (58,130) (57,757) (58,339) (61,483) Exclusion for Separate Accounts (33,748) (32,683) (32,919) (33,968) (32,399) AB third party $ 461,074 $ 458,655 $ 449,124 $ 458,093 $ 422,471 Total company AUM AB third party $ 461,074 $ 458,655 $ 449,124 $ 458,093 $ 422,471 General Account and other Affiliated Accounts 86,596 84,974 83,661 83,719 85,802 Separate Accounts 124,552 121,858 122,967 125,989 110,337 Total AUM $ 672,222 $ 665,487 $ 655,752 $ 667,801 $ 618,610 Total Assets Under Administration (AUA) (1) $ 44,372 $ 44,750 $ 45,890 $ 47,785 $ 43,873 AXA Advisor Headcount Total Number of AXA Advisors 4,668 4,584 4,576 4,544 4,722 Notes: (1) AUA includes AXA Advisors Advisory and Brokerage AUA; AXA Advisors broker-dealer business is included in Corporate and Other. 10

Sales Metrics by Segment Three Months Ended or As of Year Ended or As of (in millions USD, unless otherwise indicated) 12/31/2017 3/31/2018 6/30/2018 9/30/2018 12/31/2018 Change 12/31/2017 12/31/2018 Change Insurance Operations Individual Retirement First year premiums and deposits $ 1,683 $ 1,619 $ 1,861 $ 1,897 $ 1,931 14.7 % $ 7,095 $ 7,308 3.0 % Renewal premium and deposits 102 87 78 82 80 (21.4)% 354 327 (7.6)% Total Gross Premiums $ 1,785 $ 1,706 $ 1,939 $ 1,979 $ 2,011 12.7 % $ 7,449 $ 7,635 2.5 % Group Retirement First year premiums and deposits $ 387 $ 343 $ 351 $ 344 $ 390 0.8 % $ 1,382 $ 1,428 3.4 % Renewal premium and deposits 473 494 534 400 527 11.3 % 1,823 1,955 7.2 % Total Gross Premiums $ 860 $ 837 $ 885 $ 744 $ 917 6.6 % $ 3,205 $ 3,383 5.5 % Protection Solutions First year premiums and deposits $ 120 $ 102 $ 125 $ 105 $ 119 (1.1)% $ 430 $ 451 4.8 % Renewal premium and deposits 648 652 642 632 651 0.5 % 2,592 2,577 (0.6)% Total Gross Premiums $ 768 $ 754 $ 767 $ 737 $ 770 0.2 % $ 3,022 $ 3,028 0.2 % Investment Management and Research (in billions USD) Gross Sales by distribution channel Institutional $ 3.5 $ 14.8 $ 3.9 $ 3.7 $ 3.4 (2.3)% $ 13.4 $ 25.8 93.4 % Retail 12.9 14.9 11.6 12.6 15.1 17.1 % 53.8 54.2 0.7 % Private Wealth Management 2.9 4.4 3.5 3.0 2.6 (11.9)% 11.5 13.5 17.0 % Firmwide Gross Sales $ 19.3 $ 34.1 $ 19.0 $ 19.3 $ 21.1 9.2 % $ 78.7 $ 93.5 18.8 % Gross sales by investment service Equity Active $ 6.0 $ 10.9 $ 8.6 $ 8.7 $ 8.3 37.6 % $ 21.9 $ 36.5 66.3 % Equity Passive (1) — — 1.1 (0.1) 3.1 1.2 4.1 255.0 % Fixed Income - Taxable 8.9 8.5 5.2 7.3 6.6 (26.2)% 41.1 27.6 (32.9)% Fixed Income - Tax-Exempt 2.2 2.3 1.9 2.0 1.7 (23.7)% 7.9 7.9 0.1 % Fixed Income Passive (1) — — — — — 0.1 — N/M Other (2) 2.2 12.4 2.2 1.4 1.4 (34.1)% 6.5 17.4 166.9 % Firmwide Gross Sales $ 19.3 $ 34.1 $ 19.0 $ 19.3 $ 21.1 9.2 % $ 78.7 $ 93.5 18.8 % Notes: (1) Includes index and enhanced index services. (2) Includes certain multi-asset solutions and services and certain alternative investments. 11

Business Segments: Operating Earnings Results and Metrics 12

Individual Retirement - Operating Earnings (Loss) and Summary Metrics Three Months Ended or As of Year Ended or As of (in millions USD, unless otherwise indicated) 12/31/2017 3/31/2018 6/30/2018 9/30/2018 12/31/2018 Change 12/31/2017 12/31/2018 Change Revenues Policy charges, fee income and premiums $ 556 $ 529 $ 530 $ 560 $ 505 (9.2)% $ 2,116 $ 2,124 0.4 % Net investment income (loss) 256 228 258 247 248 (3.1)% 865 981 13.4 % Investment gains (losses), net including derivative gains (losses) 314 (216) 95 69 249 (20.7)% 654 197 (69.9)% Investment Management, service fees and other income 190 188 191 194 179 (5.8)% 739 752 1.8 % Segment revenues 1,316 729 1,074 1,070 1,181 (10.3)% 4,374 4,054 (7.3)% Benefits and other deductions Policyholders’ benefits 585 (9) 305 312 465 (20.5)% 1,667 1,073 (35.6)% Interest credited to policyholders’ account balances 48 59 54 63 53 10.4 % 174 229 31.6 % Commissions and distribution related payments 66 72 71 78 70 6.1 % 281 291 3.6 % Amortization of deferred policy acquisition costs (2) 44 50 5 87 N/M 108 186 72.2 % Compensation and benefits, interest expense, and other operating costs and expenses 107 106 104 103 102 (4.7)% 450 415 (7.8)% Segment benefits and other deductions 804 272 584 561 777 (3.3)% 2,680 2,194 (18.1)% Operating earnings (loss), before income taxes 512 457 490 509 404 (21.1)% 1,694 1,860 9.8 % Income taxes (101) (87) (87) (75) (56) 44.6 % (435) (305) 29.9 % Operating earnings (loss), before noncontrolling interest 411 370 403 434 348 (15.3)% 1,259 1,555 23.5 % Less: Operating (earnings) loss attributable to the noncontrolling interest (3) (2) 2 — — 100.0 % (7) — 100.0 % Operating earnings (loss) $ 408 $ 368 $ 405 $ 434 $ 348 (14.7)% $ 1,252 $ 1,555 24.2 % Summary Metrics — — — — — — Non-GAAP Operating ROC (1)(2) 18.1% 20.2% 20.8% 22.9% 22.5% 18.1% 22.5% Average Account Value (3) $ 102,180 $ 102,606 $ 102,451 $ 104,429 $ 100,166 (2.0)% $ 98,514 $ 99,006 0.5 % Return on assets (4) 1.66% 1.82% 1.87% 1.88% 1.86% 1.72% 1.88% Net flows $ (314) $ (462) $ (149) $ (258) $ (329) (4.8)% (68) (1,198) N/M Current Product Offering $ 788 $ 579 $ 867 $ 749 $ 718 (8.9)% (68) 2,913 N/M Fixed Rate $ (1,102) $ (1,041) $ (1,016) $ (1,007) $ (1,047) 5.0 % — (4,111) First year premiums and deposits $ 1,683 $ 1,619 $ 1,861 $ 1,897 $ 1,931 14.7 % 7,095 7,308 3.0 % 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” section 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) Non-GAAP Operating ROC is calculated by dividing trailing twelve months operating earnings (loss) on a segment basis by average capital on a segment basis, excluding AOCI and NCI. For average capital by segment, capital components pertaining to specific segments such as DAC along with targeted capital are directly attributed to these segments. Targeted capital for each segment is established using assumptions supporting CTE98 levels under most economic conditions. (3) Average Account Value calculated as the sum of total Account Value balance as of beginning of period and total Account Value balance as of end of period, divided by two. (4) Return on assets calculated using trailing twelve months operating earnings, before income taxes and average Account Value. During the fourth quarter of 2018, we revised our presentation of the capitalization of deferred acquisition costs ("DAC") in the consolidated statements of income for all prior periods presented herein by netting the capitalized amounts within the applicable expense line items, such as Compensation and benefits, Commissions and distribution plan payments, and Other operating costs and expenses. Previously, the capitalized amounts were netted within the Amortization of deferred acquisition costs. There was no impact on Net income (loss) or Non-GAAP Operating earnings of this reclassification. 13

Individual Retirement - Select Operating Metrics Three Months Ended or As of Year Ended or As of (in millions USD, unless otherwise indicated) 12/31/2017 3/31/2018 6/30/2018 9/30/2018 12/31/2018 12/31/2017 12/31/2018 Sales Metrics First Year Premiums by Product: SCS $ 799 $ 775 $ 999 $ 1,064 $ 1,088 $ 3,781 $ 3,926 Retirement Cornerstone 667 627 625 607 620 2,522 2,479 Investment Edge 127 132 138 133 134 418 537 Other 90 85 99 93 89 374 366 Total First Year Premiums $ 1,683 $ 1,619 $ 1,861 $ 1,897 $ 1,931 $ 7,095 $ 7,308 First Year Premiums by Guarantee: Non-GMxB $ 1,065 $ 1,003 $ 1,234 $ 1,209 $ 1,194 $ 4,622 $ 4,640 ROP death benefit only 51 78 80 161 177 276 496 Total non-GMxB & ROP death benefit only 1,116 1,081 1,314 1,370 1,371 4,898 5,136 Floating rate GMxB 559 525 537 519 543 2,108 2,124 Fixed rate GMxB 8 13 10 8 17 89 48 Total First Year Premiums $ 1,683 $ 1,619 $ 1,861 $ 1,897 $ 1,931 $ 7,095 $ 7,308 Account Values General Account: Balance as of beginning of period $ 18,297 $ 19,059 $ 19,479 $ 20,470 $ 21,403 $ 15,384 $ 19,059 Gross premiums 958 793 1,138 1,045 1,069 4,131 4,045 Surrenders, withdrawals and benefits (476) (461) (452) (515) (577) (1,536) (2,005) Net flows 482 332 686 530 492 2,595 2,040 Investment performance, interest credited and policy charges 280 88 305 403 (1,264) 1,080 (468) Balance as of end of period $ 19,059 $ 19,479 $ 20,470 $ 21,403 $ 20,631 $ 19,059 $ 20,631 Separate Accounts: Balance as of beginning of period $ 82,639 $ 84,364 $ 82,310 $ 82,643 $ 84,341 $ 78,220 $ 84,364 Gross premiums 977 993 918 946 991 3,655 3,848 Surrenders, withdrawals and benefits (1,773) (1,787) (1,753) (1,734) (1,812) (6,318) (7,086) Net flows (796) (794) (835) (788) (821) (2,663) (3,238) Investment performance, interest credited and policy charges 2,521 (1,260) 1,168 2,486 (9,562) 8,807 (7,168) Balance as of end of period $ 84,364 $ 82,310 $ 82,643 $ 84,341 $ 73,958 $ 84,364 $ 73,958 Total: Balance as of beginning of period $ 100,936 $ 103,423 $ 101,789 $ 103,113 $ 105,744 $ 93,604 $ 103,423 Gross premiums (1) 1,935 1,786 2,056 1,991 2,060 7,786 7,893 Surrenders, withdrawals and benefits (2,249) (2,248) (2,205) (2,249) (2,389) (7,854) (9,091) Net flows (314) (462) (149) (258) (329) (68) (1,198) Investment performance, interest credited and policy charges 2,801 (1,172) 1,473 2,889 (10,826) 9,887 (7,636) Balance as of end of period $ 103,423 $ 101,789 $ 103,113 $ 105,744 $ 94,589 $ 103,423 $ 94,589 Net Amount at Risk (NAR) Total GMIB NAR $ 6,032 $ 6,002 $ 5,961 $ 5,508 $ 8,572 $ 6,032 $ 8,572 Total GMDB NAR 16,875 18,029 18,087 17,584 23,273 16,875 23,273 Reserves (Net of Reinsurance) GMIB Reserves $ 7,010 $ 6,611 $ 6,429 $ 6,391 $ 7,349 $ 7,010 $ 7,349 GMDB Reserves 3,947 3,942 4,004 4,412 4,545 3,947 4,545 Total GMDB/IB Variable Annuity Reserves (Net of Reinsurance) $ 10,957 $ 10,553 $ 10,433 $ 10,803 $ 11,894 $ 10,957 $ 11,894 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. 14

Group Retirement - Operating Earnings (Loss) and Summary Metrics Three Months Ended or As of Year Ended or As of (in millions USD, unless otherwise indicated) 12/31/2017 3/31/2018 6/30/2018 9/30/2018 12/31/2018 Change 12/31/2017 12/31/2018 Change Revenues Policy charges, fee income and premiums $ 77 $ 64 $ 70 $ 70 $ 67 (13.0)% $ 248 $ 271 9.3 % Net investment income (loss) 137 131 124 140 157 14.6 % 528 552 4.5 % Investment gains (losses), net including derivative gains (losses) (2) (1) 2 — 1 150.0 % (8) 2 125.0 % Investment Management, service fees and other income 45 44 49 52 49 8.9 % 174 194 11.5 % Segment revenues 257 238 245 262 274 6.6 % 942 1,019 8.2 % Benefits and other deductions Policyholder benefits — — — 3 1 — 4 Interest credited to policyholders’ account balances 71 70 74 72 74 4.2 % 282 290 2.8 % Commissions and distribution related payments 17 10 12 8 12 (29.4)% 38 42 10.5 % Amortization of deferred policy acquisition costs 16 11 6 (35) 11 (31.3)% 23 (7) (130.4)% Compensation and benefits, interest expense, and other operating costs and expenses 51 54 59 56 56 9.8 % 230 225 (2.2)% Segment benefits and other deductions 155 145 151 104 154 (0.6)% 573 554 (3.3)% Operating earnings (loss), before income taxes 102 93 94 158 120 17.6 % 369 465 26.0 % Income taxes (14) (17) (17) (24) (18) (28.6)% (87) (76) 12.6 % Operating earnings (loss), before noncontrolling interest 88 76 77 134 102 15.9 % 282 389 37.9 % Less: Operating (earnings) loss attributable to the noncontrolling interest 2 — — — — (100.0)% 1 — (100.0)% Operating earnings (loss) $ 90 $ 76 $ 77 $ 134 $ 102 13.3 % $ 283 $ 389 37.5 % Summary Metrics Non-GAAP Operating ROC (1)(2) 24.5% 25.8% 27.5% 31.2% 31.7% 24.5% 31.7% Average Account Value (3) $ 33,382 $ 33,912 $ 34,284 $ 35,113 $ 33,989 1.8 % $ 32,022 $ 33,154 3.5 % Return on assets (4) 1.11% 1.12% 1.19% 1.27% 1.37% 1.15% 1.40% Net flows $ 20 $ 101 $ 151 $ (100) $ (56) (380.7)% $ 267 $ 96 (64.1)% Gross premiums $ 860 $ 837 $ 885 $ 744 $ 917 6.6 % $ 3,205 $ 3,383 5.5 % 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” section 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) Non-GAAP Operating ROC is calculated by dividing trailing twelve months operating earnings (loss) on a segment basis by average capital on a segment basis, excluding AOCI and NCI. For average capital amounts by segment, capital components pertaining directly to specific segments such as DAC along with targeted capital are directly attributed to these segments. Targeted capital for each segment is established using assumptions supporting CTE98 levels under most economic conditions. (3) Average Account Value calculated as the sum of total Account Value balance as of beginning of period and total Account Value balance as of end of period, divided by two. (4) Return on assets calculated using trailing twelve months operating earnings, before income taxes and average Account Value. During the fourth quarter of 2018, we revised our presentation of the capitalization of deferred acquisition costs ("DAC") in the consolidated statements of income for all prior periods presented herein by netting the capitalized amounts within the applicable expense line items, such as Compensation and benefits, Commissions and distribution plan payments, and Other operating costs and expenses. Previously, the capitalized amounts were netted within the Amortization of deferred acquisition costs. There was no impact on Net income (loss) or Non-GAAP Operating earnings of this reclassification. 15

Group Retirement - Select Operating Metrics Three Months Ended or As of Year Ended or As of (in millions USD, unless otherwise indicated) 12/31/2017 3/31/2018 6/30/2018 9/30/2018 12/31/2018 12/31/2017 12/31/2018 Sales Metrics Gross premiums: First-year premiums $ 387 $ 343 $ 351 $ 344 $ 390 $ 1,382 $ 1,428 Renewal premiums 473 494 534 400 527 1,823 1,955 Group Retirement premiums $ 860 $ 837 $ 885 $ 744 $ 917 $ 3,205 $ 3,383 Gross premiums by market: Tax-exempt $ 260 $ 207 $ 212 $ 225 $ 267 $ 872 $ 911 Corporate 115 122 133 111 113 470 479 Other 12 14 6 8 10 40 38 Total First Year Premiums 387 343 351 344 390 1,382 1,428 Tax-exempt 355 357 399 286 408 1,330 1,450 Corporate 72 84 82 77 76 293 319 Other 46 53 53 37 43 200 186 Total renewal premiums 473 494 534 400 527 1,823 1,955 Group Retirement premiums by market $ 860 $ 837 $ 885 $ 744 $ 917 $ 3,205 $ 3,383 Account Values General Account: Balance as of beginning of period $ 11,316 $ 11,319 $ 11,393 $ 11,502 $ 11,587 $ 10,999 $ 11,319 Gross premiums 257 259 283 290 339 1,082 1,171 Surrenders, withdrawals and benefits (323) (254) (248) (284) (355) (1,051) (1,141) Net flows (66) 5 35 6 (16) 31 30 Investment performance, interest credited and policy charges 69 69 74 79 48 289 270 Balance as of end of period $ 11,319 $ 11,393 $ 11,502 $ 11,587 $ 11,619 $ 11,319 $ 11,619 Separate Accounts: Balance as of beginning of period $ 21,541 $ 22,587 $ 22,525 $ 23,147 $ 23,989 $ 19,139 $ 22,587 Gross premiums 603 578 602 454 578 2,123 2,212 Surrenders, withdrawals and benefits (517) (482) (486) (560) (618) (1,887) (2,146) Net flows 86 96 116 (106) (40) 236 66 Investment performance, interest credited and policy charges 960 (158) 506 948 (3,167) 3,212 (1,871) Balance as of end of period $ 22,587 $ 22,525 $ 23,147 $ 23,989 $ 20,782 $ 22,587 $ 20,782 Total: Balance as of beginning of period $ 32,857 $ 33,906 $ 33,918 $ 34,649 $ 35,576 $ 30,138 $ 33,906 Gross premiums 860 837 885 744 917 3,205 3,383 Surrenders, withdrawals and benefits (840) (736) (734) (844) (973) (2,938) (3,287) Net flows 20 101 151 (100) (56) 267 96 Investment performance, interest credited and policy charges 1,029 (89) 580 1,027 (3,119) 3,501 (1,601) Balance as of end of period $ 33,906 $ 33,918 $ 34,649 $ 35,576 $ 32,401 $ 33,906 $ 32,401 16

Investment Management and Research - Operating Earnings (Loss) and Summary Metrics Three Months Ended or As of Year Ended or As of (in millions USD, unless otherwise indicated) 12/31/2017 3/31/2018 6/30/2018 9/30/2018 12/31/2018 Change 12/31/2017 12/31/2018 Change Revenues Net investment income (loss) $ 28 $ 3 $ 4 $ 7 $ (24) (185.7)% $ 60 $ (10) (116.7)% Investment gains (losses), net including derivative gains (losses) (4) 2 — (6) 16 500.0 % (24) 12 150.0 % Investment Management, service fees and other income 885 904 838 850 817 (7.7)% 3,180 3,409 7.2 % Segment Revenues 909 909 842 851 809 (11.0)% 3,216 3,411 6.1 % Benefits and other deductions Commissions and distribution related payments 110 110 106 107 104 (5.5)% 415 427 2.9 % Compensation and benefits and other operating costs and expenses 519 562 513 540 500 (3.7)% 2,036 2,115 3.9 % Interest expense 1 2 2 2 2 100.0 % 6 8 33.3 % Total benefits and other deductions 630 674 621 649 606 (3.8)% 2,457 2,550 3.8 % Operating earnings (loss), before income taxes 279 235 221 202 203 (27.2)% 759 861 13.4 % Income taxes (54) (27) (41) (30) (24) 55.6 % (139) (122) 12.2 % Operating earnings (loss), before noncontrolling interest 225 208 180 172 179 (20.4)% 620 739 19.2 % Less: Operating (earnings) loss attributable to the noncontrolling interest (151) (127) (83) (76) (72) 52.3 % (409) (358) 12.5 % Operating earnings (loss) $ 74 $ 81 $ 97 $ 96 $ 107 44.6 % $ 211 $ 381 80.6 % Summary Metrics Adjusted operating margin (1) 35.2% 30.1% 27.3% 29.7% 29.3% 27.7% 29.1% Net flows (in billions USD) $ 4.2 $ (2.4) $ (7.7) $ 1.3 $ 0.8 $ 13.2 $ (8.1) Total AUM (in billions USD) $ 554.5 $ 549.5 $ 539.8 $ 550.4 $ 516.4 $ 554.5 $ 516.4 Ownership Structure of AB AXA and its subsidiaries 63.3% 63.0% 63.3% 63.7% 63.6% 63.3% 63.6% AB Holding 35.5% 35.8% 35.9% 35.5% 35.6% 35.5% 35.6% Unaffiliated holders 1.2% 1.2% 0.8% 0.8% 0.8% 1.2% 0.8% Total 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% AXA and its subsidiaries total economic interest 64.7% 64.4% 64.7% 65.1% 65.2% 64.7% 65.2% o/w EQH total economic interest 46.7% 46.5% 64.7% 65.1% 65.2% 46.7% 65.2% Units of limited partnership outstanding (in millions) 268.7 269.8 270.2 268.6 268.9 268.7 268.9 Notes: (1) Adjusted Operating Margin is a non-GAAP financial measure used by AllianceBernstein’s (“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. 17

Investment Management and Research - Select Operating Metrics Three Months Ended or As of (in billions USD, unless otherwise indicated) 12/31/2017 3/31/2018 6/30/2018 9/30/2018 12/31/2018 AUM Roll-forward Balance as of beginning of period $ 534.9 $ 554.5 $ 549.5 $ 539.8 $ 550.4 Sales/new accounts 19.3 34.1 19.0 19.3 21.2 Redemptions/terminations (14.0) (31.2) (23.3) (13.3) (19.7) Cash flow/un-reinvested dividends (1.1) (5.3) (3.4) (4.7) (0.7) Net long-term (outflows) inflows 4.2 (2.4) (7.7) 1.3 0.8 Market appreciation 15.4 (2.6) (2.0) 9.3 (34.8) Balance as of end of period $ 554.5 $ 549.5 $ 539.8 $ 550.4 $ 516.4 Ending Assets by distribution channel Institutions $ 269.3 $ 265.0 $ 254.4 $ 257.0 $ 246.3 Retail 192.9 191.0 190.3 196.3 180.8 Private Wealth Management 92.3 93.5 95.1 97.1 89.3 Total $ 554.5 $ 549.5 $ 539.8 $ 550.4 $ 516.4 Ending Assets by investment service Equity Actively Managed $ 139.4 $ 142.5 $ 147.2 $ 155.9 $ 136.2 Passively Managed (1) 54.3 52.2 53.8 56.0 50.2 Total Equity $ 193.7 $ 194.7 $ 201.0 $ 211.9 $ 186.4 Fixed Income Actively Managed $ 288.3 $ 277.9 $ 267.5 $ 266.8 $ 261.4 Passively Managed (1) 9.9 10.0 10.1 9.9 9.4 Total Fixed Income 298.2 287.9 277.6 276.7 270.8 Total Other (2) 62.6 66.9 61.2 61.8 59.2 Total $ 554.5 $ 549.5 $ 539.8 $ 550.4 $ 516.4 Notes: (1) Includes index and enhanced index services. (2) Includes certain multi-asset solutions and services and certain alternative investments. 18

Investment Management and Research - Net Flows Three Months Ended or As of Year Ended or As of (in billions USD, unless otherwise indicated) 12/31/2017 3/31/2018 6/30/2018 9/30/2018 12/31/2018 12/31/2017 12/31/2018 Net Flows by Distribution Channel Institutions US $ 1.6 $ (5.6) $ (0.7) $ (1.2) $ 3.6 $ (1.0) $ (3.9) Global and Non-US 1.4 2.8 (7.3) 1.0 (2.6) 4.6 (6.1) Total Institutions $ 3.0 $ (2.8) $ (8.0) $ (0.2) $ 1.0 $ 3.6 $ (10.0) Retail US 0.7 0.2 1.0 2.6 2.9 (1.1) 6.7 Global and Non-US 0.3 (1.5) (1.6) (1.4) (2.2) 10.0 (6.7) Total Retail $ 1.0 $ (1.3) $ (0.6) $ 1.2 $ 0.7 $ 8.9 $ — Private Wealth US (0.1) 0.8 0.2 (0.2) (0.8) (0.2) — Global and Non-US 0.3 0.9 0.7 0.5 (0.2) 0.9 1.9 Total Private Wealth $ 0.2 $ 1.7 $ 0.9 $ 0.3 $ (1.0) $ 0.7 $ 1.9 Total Net Flows by Distribution Channel $ 4.2 $ (2.4) $ (7.7) $ 1.3 $ 0.7 $ 13.2 $ (8.1) Net Flows by Investment Service Equity Active US $ (0.9) $ (1.5) $ 1.2 $ 1.3 $ 1.6 $ (3.6) $ 2.6 Global and Non-US 0.9 4.4 2.2 1.6 — 4.4 8.2 Total Equity Active $ — $ 2.9 $ 3.4 $ 2.9 $ 1.6 $ 0.8 $ 10.8 Equity Passive (1) US $ (1.2) $ (1.1) $ 0.1 $ (1.1) $ 2.6 $ (2.9) $ 0.5 Global and Non-US (0.2) (0.4) 0.2 (0.1) (0.4) (1.4) (0.7) Total Equity Passive (1) $ (1.4) $ (1.5) $ 0.3 $ (1.2) $ 2.2 $ (4.3) $ (0.2) Fixed Income - Taxable US $ 2.8 $ (4.4) $ (1.8) $ 0.5 $ 2.5 $ 2.7 $ (3.2) Global and Non-US 0.1 (5.2) (4.1) (1.0) (5.9) 10.1 (16.2) Total Fixed Income - Taxable $ 2.9 $ (9.6) $ (5.9) $ (0.5) $ (3.4) $ 12.8 $ (19.4) Fixed Income - Tax-Exempt US $ 0.9 $ 0.8 $ 0.3 $ 0.4 $ (0.7) $ 1.9 $ 0.8 Global and Non-US — — — — — — — Total Fixed Income - Taxable $ 0.9 $ 0.8 $ 0.3 $ 0.4 $ (0.7) $ 1.9 $ 0.8 Fixed Income - Passive (1) US $ — $ 0.1 $ 0.2 $ — $ (0.4) $ (1.5) $ (0.1) Global and Non-US — — — (0.1) (0.1) (0.2) $ (0.2) Total Fixed Income - Passive (1) $ — $ 0.1 $ 0.2 $ (0.1) $ (0.5) $ (1.7) $ (0.3) Other (2) US $ 0.6 $ 1.5 $ 0.6 $ 0.1 $ — $ 1.1 $ 2.2 Global and Non-US 1.2 3.4 (6.6) (0.3) 1.5 2.6 (2.0) Total Other (2) $ 1.8 $ 4.9 $ (6.0) $ (0.2) $ 1.5 $ 3.7 $ 0.2 Total Net Flows by Investment Service $ 4.2 $ (2.4) $ (7.7) $ 1.3 $ 0.7 $ 13.2 $ (8.1) Active vs. Passive Net Flows Actively Managed Equity $ — $ 2.9 $ 3.4 $ 2.9 $ 1.6 $ 0.8 $ 10.8 Fixed Income 3.8 (8.8) (5.6) (0.1) (4.1) 14.7 (18.6) Other (2) 1.7 4.8 (6.0) (0.3) 1.4 3.6 (0.1) Total $ 5.5 $ (1.1) $ (8.2) $ 2.5 $ (1.1) $ 19.1 $ (7.9) Passively Managed (1) Equity $ (1.4) $ (1.5) $ 0.3 $ (1.2) $ 2.2 $ (4.3) $ (0.2) Fixed Income — 0.1 0.2 (0.1) (0.5) (1.7) (0.3) Other (2) 0.1 0.1 — 0.1 0.1 0.1 0.3 Total $ (1.3) $ (1.3) $ 0.5 $ (1.2) $ 1.8 $ (5.9) $ (0.2) Total Active vs Passive Net Flows $ 4.2 $ (2.4) $ (7.7) $ 1.3 $ 0.7 $ 13.2 $ (8.1) Notes: (1) Includes index and enhanced index services (2) Includes certain multi-asset solutions and services and certain alternative investments 19

Protection Solutions - Operating Earnings (Loss) and Summary Metrics Three Months Ended or As of Year Ended or As of (in millions USD, unless otherwise indicated) 12/31/2017 3/31/2018 6/30/2018 9/30/2018 12/31/2018 Change 12/31/2017 12/31/2018 Change Revenues Policy charges, fee income and premiums $ 436 $ 540 $ 537 $ 485 $ 541 24.1 % $ 1,995 $ 2,103 5.4 % Net investment income (loss) 243 220 194 233 254 4.5 % 850 901 6.0 % Investment gains (losses), net including derivative gains (losses) (4) (1) 3 2 1 125.0 % — 5 Investment Management, service fees and other income 52 55 56 55 57 9.6 % 212 223 5.2 % Segment revenues 727 814 790 775 853 17.3 % 3,057 3,232 5.7 % Benefits and other deductions Policyholders’ benefits (300) 409 419 515 484 261.3 % 965 1,827 89.3 % Interest credited to policyholders’ account balances 111 122 120 117 122 9.9 % 466 481 3.2 % Commissions and distribution related payments 37 32 39 30 41 10.8 % 134 142 6.0 % Amortization of deferred policy acquisition costs 111 113 133 (141) 61 (45.0)% 373 166 (55.5)% Compensation and benefits and other operating costs and expenses 97 96 94 89 101 4.1 % 383 380 (0.8)% Segment benefits and other deductions 56 772 805 610 809 N/M 2,321 2,996 29.1 % Operating earnings (loss), before income taxes 671 42 (15) 165 44 (93.4)% 736 236 (67.9)% Income taxes (221) (7) 3 (28) (7) 96.8 % (232) (39) 83.2 % Operating earnings (loss), before noncontrolling interest 450 35 (12) 137 37 (91.8)% 504 197 (60.9)% Less: Operating (earnings) loss attributable to the noncontrolling interest (2) — — — — 100.0 % (2) — 100.0 % Operating earnings (loss) $ 448 $ 35 $ (12) $ 137 $ 37 (91.7)% $ 502 $ 197 (60.8)% Summary Metrics Non-GAAP Operating ROC (1)(2)(3) 5.2 % 5.2% 4.2% 9.6% 7.4% 5.2% 7.4% Benefit ratio (4) (26.0)% 65.2% 68.2% 81.5% 71.0% Gross written premiums $ 768 $ 754 $ 767 $ 737 770 0.2 % $ 3,022 $ 3,028 0.2 % Annualized premiums $ 61 $ 56 $ 67 $ 56 67 9.8 % $ 228 $ 246 7.9 % Total in-force face amount (in billions USD) $ 446 $ 445 $ 444 $ 443 442 (0.8)% $ 446 $ 442 (0.8)% 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” section 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) Protection Solutions Non-GAAP Operating ROC excludes impact of certain one-time items. Total post-tax adjustment to operating earnings was determined by multiplying approximately $535 million total pre-tax adjustments in policyholders’ benefits, DAC amortization (net) and policy charges, fee income and premiums by a tax rate of 33%. (3) Non-GAAP Operating ROC is calculated by dividing trailing twelve months operating earnings (loss) on a segment basis by average capital on a segment basis, excluding AOCI and NCI. For average capital by segment, capital components pertaining to specific segments such as DAC along with targeted capital are directly attributed to these segments. Targeted capital for each segment is established using assumptions supporting CTE98 levels under most economic conditions. (4) Benefit ratio is calculated as sum of policyholders’ benefits and interest credited to policyholders’ account balances dividend by segment revenues. During the fourth quarter of 2018, we revised our presentation of the capitalization of deferred acquisition costs ("DAC") in the consolidated statements of income for all prior periods presented herein by netting the capitalized amounts within the applicable expense line items, such as Compensation and benefits, Commissions and distribution plan payments, and Other operating costs and expenses. Previously, the capitalized amounts were netted within the Amortization of deferred acquisition costs. There was no impact on Net income (loss) or Non-GAAP Operating earnings of this reclassification. 20

Protection Solutions - Select Operating Metrics Three Months Ended or As of Year Ended or As of (in millions USD, unless otherwise indicated) 12/31/2017 3/31/2018 6/30/2018 9/30/2018 12/31/2018 12/31/2017 12/31/2018 Sales Metrics First Year Premiums by Product Line: Universal Life $ — $ 1 $ 1 $ 1 $ — $ 4 $ 3 Indexed Universal Life 58 48 65 51 52 218 216 Variable Universal Life 45 39 43 40 54 163 176 Term 5 4 5 5 5 19 19 Employee Benefits 13 10 11 8 7 25 36 Other (1) (1) — — — 1 1 1 Total $ 120 $ 102 $ 125 $ 105 $ 119 $ 430 $ 451 Renewals by Product Line: Universal Life $ 221 $ 220 $ 230 $ 237 $ 231 $ 913 $ 918 Indexed Universal Life 48 55 56 55 58 189 224 Variable Universal Life 239 242 225 213 224 958 904 Term 130 126 122 114 121 504 483 Employee Benefits 1 3 4 7 10 1 24 Other (1) 9 6 5 6 7 27 24 Total $ 648 $ 652 $ 642 $ 632 $ 651 $ 2,592 $ 2,577 Total Gross Premiums $ 768 $ 754 $ 767 $ 737 $ 770 $ 3,022 $ 3,028 In-force Metrics In-force Face Amount by Product (2) (in billions): Universal Life (3) $ 59 $ 58 $ 58 $ 57 $ 56 $ 59 $ 56 Indexed Universal Life 20 21 22 22 23 20 23 Variable Universal Life (4) 129 129 128 128 127 129 127 Term 236 235 234 234 235 236 235 Whole Life 2 2 2 2 1 2 1 Total $ 446 $ 445 $ 444 $ 443 $ 442 $ 446 $ 442 In-force Policy Count by Product (2) (in thousands): Universal Life (3) $ 188 $ 185 $ 181 $ 180 $ 177 $ 188 $ 177 Indexed Universal Life 45 47 48 50 52 45 52 Variable Universal Life (4) 316 314 312 309 307 316 307 Term 340 338 336 335 333 340 333 Whole Life 20 20 19 19 19 20 19 Total $ 909 $ 904 $ 896 $ 893 $ 888 $ 909 $ 888 Protection Solutions Reserves (5) General Account $ 17,296 $ 17,338 $ 17,407 $ 17,564 $ 17,562 $ 17,296 $ 17,562 Separate Accounts 12,643 12,396 12,597 13,055 11,393 12,643 11,393 Total $ 29,939 $ 29,734 $ 30,004 $ 30,619 $ 28,955 $ 29,939 $ 28,955 Notes: (1) For the individual life insurance premiums, other includes Whole Life insurance and other products available for sale but not actively marketed. (2) Does not include life insurance sold as part of our employee benefits business as it is a start-up business with a limited amount of in-force policies. (3) Universal Life includes guaranteed Universal Life insurance products. (4) Variable Universal Life includes variable life insurance and corporate-owned life insurance. (5) Does not include our employee benefits business as it is a start-up business and therefore has immaterial in-force policies. 21

Investments 22

Consolidated Investment Portfolio Composition Balances as of (in millions USD, unless otherwise indicated) 12/31/2017 12/31/2018 Amount % of Total Amount % of Total Composition of investment portfolio Fixed maturities, available for sale, at fair value $ 46,941 54.2% $ 46,279 53.9% Mortgage loans on real estate 10,952 12.6% 11,835 13.8% Policy loans 3,819 4.4% 3,779 4.4% Real estate held for the production of income 390 0.5% 52 0.1% Other equity investments 1,392 1.6% 1,334 1.6% Other invested assets 4,118 4.8% 2,037 2.4% Subtotal investment assets 67,612 78.1% 65,316 76.1% Trading securities 14,170 16.4% 16,017 18.7% Total investments 81,782 94.4% 81,333 94.8% Cash and cash equivalents 4,814 5.6% 4,469 5.2% Total $ 86,596 100.0% $ 85,802 100.0% General Account Fixed maturities by industry Corporate securities: Finance $ 5,824 12.7% $ 6,343 13.7% Manufacturing 7,546 17.0% 9,123 19.6% Utilities 4,032 8.8% 4,413 9.5% Services 3,307 7.2% 4,317 9.3% Energy 1,980 4.3% 2,347 5.1% Retail and wholesale 1,404 3.1% 2,163 4.7% Transportation 957 2.1% 1,357 2.9% Other 128 0.3% 171 0.4% Total corporate securities 25,178 55.0% 30,234 65.1% U.S. government 17,744 38.8% 13,989 30.1% Residential mortgage-backed 797 1.7% 225 0.5% Preferred stock 470 1.0% 448 1.0% State & municipal 422 0.9% 415 0.9% Foreign governments 395 0.9% 524 1.1% Asset-backed securities 745 1.6% 612 1.3% Total $ 45,751 100.0% $ 46,447 100.0% General Account Fixed maturities credit quality (1) Aaa, Aa, A 33,493 73.2% 30,805 66.3% Baa 11,131 24.3% 14,541 31.3% Investment grade 44,624 97.5% 45,346 97.6% Ba 662 1.4% 589 1.3% B 434 0.9% 489 1.1% Caa 20 —% 18 —% Ca, C 11 —% 5 —% Below investment grade 1,127 2.5% 1,101 2.4% Total $ 45,751 100.0% $ 46,447 100.0% Notes: (1) Credit quality based on NAIC rating. 23

Consolidated Results of General Account Investment Portfolio Year Ended or As of (in millions USD, unless otherwise indicated) 12/31/2018 12/31/2017 Yield Amount (1) Yield Amount (1) Fixed Maturities Income (loss) 3.86 % $ 1,732 3.77% $ 1,628 Ending assets 46,447 45,751 Mortgages: Income (loss) 4.26 % 494 4.38% 454 Ending assets 11,835 10,952 Real Estate Held for Production of Income: Income (loss) (5.29)% (6) 1.30% 2 Ending assets 52 390 Other Equity Investments: Income (loss) 10.08 % 133 14.37% 169 Ending assets 1,354 1,289 Policy Loans: Income 5.71 % 215 5.77% 221 Ending assets 3,779 3,819 Cash and Short-term Investments: Income 0.49 % 21 0.65% 32 Ending assets 3,332 4,539 Repurchase and Funding agreements: Interest expense and other (104) (71) Ending (liabilities) (4,561) (4,882) Total invested Assets: Income 4.06 % 2,485 4.12% 2,435 Ending assets 62,238 61,858 Short Duration Fixed Maturities: Income (loss) 2.49 % 333 2.00% 206 Ending assets 14,818 11,945 Total: Investment income 3.78 % 2,818 3.81% 2,641 Less: investment fees (0.08)% (62) (0.08)% (59) Investment income, net 3.70 % $ 2,756 3.73% $ 2,582 General Account Ending Net Assets $ 77,056 $ 73,803 Operating Earnings adjustments: Repurchase and Funding Agreements interest expense 104 71 AB and other non-General Account investment income 2 153 Operating Net investment income (loss) $ 2,862 $ 2,806 Notes: (1) Amount for fixed maturities and mortgages represents original cost, reduced by repayments, writedowns, adjusted amortization of premiums, accretion of discount, and for valuation allowances. Cost for equity securities represents original cost reduced by writedowns; cost for other limited partnership interests represents original cost adjusted for equity in earnings and reduced by distributions. 24

Additional Information 25

Deferred Acquisition Costs Roll-forward and Reclassification of DAC Capitalization Three Months Ended or As of Year Ended or As of (in millions USD, unless otherwise indicated) 12/31/2017 3/31/2018 6/30/2018 9/30/2018 12/31/2018 12/31/2017 12/31/2018 Deferred Acquisition Costs Balance as of beginning of period $ 6,090 $ 5,919 $ 6,245 $ 6,285 $ 6,736 $ 6,049 $ 5,919 Capitalization of commissions, sales and issue expenses 173 161 171 180 189 687 701 Amortization (139) (171) (186) 183 (159) (503) (333) Change in unrealized investment gains and losses (205) 336 55 88 (21) (314) 458 Balance as of end of period $ 5,919 $ 6,245 $ 6,285 $ 6,736 $ 6,745 $ 5,919 $ 6,745 Deferred Acquisition Costs by segment and Corporate and Other Individual Retirement $ 2,988 $ 3,039 $ 3,089 $ 3,171 $ 3,229 $ 2,988 $ 3,229 Group Retirement 519 554 578 640 657 519 657 Protection Solutions 2,352 2,538 2,471 2,757 2,706 2,352 2,706 Corporate and Other 60 114 147 168 153 60 153 Total $ 5,919 $ 6,245 $ 6,285 $ 6,736 $ 6,745 $ 5,919 $ 6,745 26

Use of Non-GAAP Financial Measures In addition to our results presented in accordance with U.S. GAAP, we report Non-GAAP Operating Earnings, Pro Forma Non-GAAP Operating ROE, and Non-GAAP Operating ROC by segment for our Individual Retirement, Group Retirement and Protection Solutions segments, Book value per share, excluding AOCI, and Non-GAAP Operating Earnings per share, each of which is a measure that is not determined in accordance with U.S. GAAP. Management believes that the use of these non-GAAP financial measures, together with relevant U.S. GAAP measures, provides a better understanding of our results of operations and the underlying profitability drivers and trends of our business. These non-GAAP financial measures are intended to remove from our results of operations the impact of market changes (where there is mismatch in the valuation of assets and liabilities) as well as certain other expenses which are not part of our underlying profitability drivers or likely to re-occur in the foreseeable future, as such items fluctuate from period-to period in a manner inconsistent with these drivers. These measures should be considered supplementary to our results that are presented in accordance with U.S. GAAP and should not be viewed as a substitute for the U.S. GAAP measures. Other companies may use similarly titled non-GAAP financial measures that are calculated differently from the way we calculate such measures. Consequently, our non-GAAP financial measures may not be comparable to similar measures used by other companies. 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. The most significant of such adjustments relates to our derivative positions, which protect economic value and statutory capital, and are more sensitive to changes in market conditions than the variable annuity product liabilities as valued under U.S. GAAP. This is a large source of volatility in net income. In the first quarter of 2018, the Company revised its Non-GAAP Operating Earnings definition as it relates to the treatment of certain elements of the profitability of its variable annuity products with indexed-linked features to align to the treatment of its variable annuity products with GMxB features. In addition, adjustments for variable annuity products with index-linked features previously included within Other adjustments in the calculation of Non-GAAP Operating Earnings are now included with the adjustments for variable annuity products with GMxB features in the broader adjustment category, Variable annuity product features. The presentations of Non-GAAP Operating Earnings in prior periods were revised to reflect this change in definition. 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 certain changes in the fair value of the derivatives and other securities we use to hedge these features and changes in the fair value of the embedded derivatives reflected within Variable annuity products’ net derivative results; • Investment (gains) losses, which includes other-than-temporary impairments of securities, sales or disposals of securities/investments, realized capital gains/losses and valuation allowances; • Goodwill impairment, which includes a write-down of goodwill in first quarter of 2017; • 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 post retirement benefit obligations, and the one-time impact of the settlement of the defined benefit obligation; • Other adjustments, which includes restructuring costs related to severance, lease write-offs related to non-recurring restructuring activities and separation costs; 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, permanent differences due to goodwill impairment and the Tax Reform Act. 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 our prevailing corporate federal income tax rate of 21% in 2018 and 35% in 2017, 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. Pro Forma Non-GAAP Operating ROE and Non-GAAP Operating ROC by Segment We report Pro Forma Non-GAAP Operating ROE as well as Non-GAAP Operating ROC by segment for our Individual Retirement, Group Retirement and Protection Solutions segments, each of which is a non-GAAP financial measure used to evaluate our recurrent profitability on a consolidated basis and by segment, respectively. We calculate Pro Forma Non-GAAP Operating ROE by dividing Pro Forma Non-GAAP Operating Earnings by consolidated average equity attributable to Holdings, excluding AOCI and NCI. We calculate Non-GAAP Operating ROC by segment by dividing operating earnings (loss) on a segment basis by average capital on a segment basis, excluding AOCI and NCI, as described below. 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 available for sale (“AFS”) securities. Therefore, we believe excluding AOCI is more effective for analyzing the trends of our operations. We do not calculate Non-GAAP Operating ROC by segment for our Investment Management & Research segment because we do not manage that segment from a return of capital perspective. Instead, we use metrics more directly applicable to an asset management business, such as AUM, to evaluate and manage that segment. For Non-GAAP Operating ROC by segment, capital components pertaining directly to specific segments such as DAC along with targeted capital are directly attributed to these segments. Targeted capital for each segment is established using assumptions supporting CTE98 levels under most economic scenarios. CTE is a statistical measure of tail risk which quantifies the total asset requirement to sustain a loss if an event outside a given probability level has occurred. CTE98 denotes the financial resources a company would need to cover the average of the worst 2% of scenarios. To enhance the ability to analyze these measures across periods, interim periods are annualized. Non-GAAP Operating ROC by segment should not be used as a substitute for ROE. Book Value Per Share, excluding AOCI We use the term “book value” to refer to “Total equity attributable to Holdings.” Book Value Per Share, excluding AOCI, is our stockholder’s equity, excluding AOCI, divided by ending common shares outstanding. Non-GAAP Operating Earnings Per Share Non-GAAP Operating Earnings Per Share is calculated by dividing Non-GAAP Operating Earnings by diluted weighted average common shares outstanding. 27

Reconciliation of Non-GAAP Measures (1/3) Three Months Ended Year Ended (in millions USD, unless otherwise indicated) 12/31/2017 3/31/2018 6/30/2018 9/30/2018 12/31/2018 12/31/2017 12/31/2018 Net income (loss) attributable to Holdings Net income (loss) attributable to Holdings $ 483 $ 214 $ 164 $ (496) $ 1,938 $ 834 $ 1,820 Adjustments related to: Variable annuity product features (1) 369 176 249 1,403 (1,898) 1,107 (70) Investment gains (losses) 159 (102) 22 36 130 191 86 Goodwill impairment — — — — — 369 — Net actuarial gains (losses) related to pension and other postretirement benefit obligations 34 131 27 24 33 135 215 Other adjustments 58 91 88 51 69 119 299 Income tax (expense) benefits related to above adjustments (198) (55) (75) (409) 350 (644) (111) Non-recurring tax items 16 28 11 84 (118) (76) (73) Non-GAAP Operating earnings (loss) $ 921 $ 483 $ 486 $ 693 $ 504 $ 2,035 $ 2,166 Net income (loss) attributable to Holdings 0.86 0.38 0.29 (0.89) 3.57 1.49 3.27 Adjustments related to: Variable annuity product features (1) 0.66 0.31 0.44 2.50 (3.49) 1.97 (0.13) Investment gains (losses) 0.28 (0.18) 0.04 0.06 0.24 0.34 0.15 Goodwill impairment — — — — — 0.66 — Net actuarial gains (losses) related to pension and other postretirement benefit obligations 0.06 0.23 0.05 0.04 0.06 0.24 0.39 Other adjustments 0.10 0.16 0.16 0.10 0.13 0.22 0.54 Income tax (expense) benefit related to above adjustments (0.35) (0.10) (0.13) (0.73) 0.64 (1.15) (0.20) Non-recurring tax items 0.03 0.05 0.02 0.15 (0.22) (0.14) (0.13) Non-GAAP Operating earnings $ 1.64 $ 0.86 $ 0.87 $ 1.23 $ 0.93 $ 3.63 $ 3.89 Book Value per share Book Value per Share $ 23.92 $ 24.15 $ 23.82 $ 22.22 $ 26.22 $ 23.92 $ 26.22 Less: Per share impact of AOCI (0.20) (1.68) (2.34) (2.86) (2.64) (0.20) (2.64) Book value per share (ex. AOCI) $ 24.12 $ 25.83 $ 26.16 $ 25.08 $ 28.86 $ 24.12 $ 28.86 Notes: 561.0 561.0 561.0 561.1 560.3 561.0 560.8 (1) This reconciling item was previously referred to as “GMxB product features”, but is now referred to more broadly as “Variable annuity product features” to reflect the exclusion of embedded derivatives on our SCS product from non-GAAP Operating Earnings. 28

Reconciliation of Non-GAAP Measures (2/3) Twelve Months Ended (in millions USD, unless otherwise indicated) 12/31/2017 3/31/2018 6/30/2018 9/30/2018 12/31/2018 Net Income to Pro forma Net Income Net Income (loss), as reported $ 1,257 $ 1,778 $ 1,331 $ 782 $ 2,154 Adjustments related to: Pro forma adjustments before income tax (1) (154) (181) (115) (75) (34) Income tax impact (3) (8) (13) (12) (6) Pro forma adjustments, net of income tax (157) (189) (128) (87) (40) Pro forma net income (loss) 1,100 1,589 1,203 695 2,114 Less: Pro forma net income (loss) attributable to the noncontrolling interest (276) (265) (327) (315) (285) Pro forma net income (loss) attributable to Holdings $ 824 $ 1,324 $ 876 $ 380 $ 1,829 Pro forma Net Income to Pro forma Non-GAAP Operating Earnings Pro forma net income (loss) attributable to Holdings $ 824 $ 1,324 $ 876 $ 380 $ 1,829 Adjustments related to: Variable annuity product features 1,113 1,013 1,307 2,201 (70) Investment (gains) losses 192 65 92 116 86 Goodwill impairment 369 (2) (2) — — Net actuarial (gains) losses related to pension and other postretirement benefit obligations 136 234 227 216 215 Other adjustments 115 230 293 284 299 Income tax (expense) benefits related to above adjustments (651) (605) (461) (662) (111) Non-recurring tax items (76) (49) (37) 61 (73) Pro forma Non-GAAP Operating Earnings $ 2,022 $ 2,210 $ 2,295 $ 2,596 $ 2,175 Return on Equity Reconciliation Net income (loss) attributable to Holdings $ 824 $ 1,324 $ 876 $ 380 $ 1,829 Average equity attributable to Holdings $ 12,414 $ 12,932 $ 13,183 $ 13,186 $ 13,328 Return on Equity 6.6% 10.2% 6.6% 2.9% 13.7% Pro forma Non-GAAP Operating Earnings $ 2,022 $ 2,210 $ 2,295 $ 2,596 $ 2,175 Pro forma average equity attributable to Holdings excluding AOCI $ 13,819 $ 13,585 $ 14,260 $ 14,352 $ 14,610 Pro forma Non-GAAP Return on Equity 14.6% 16.3% 16.1% 18.1% 14.9% Pro forma Non-GAAP Operating Earnings excluding Q4 2017 non-recurring items (2) $ 1,663 $ 1,851 $ 1,936 $ 2,237 $ 2,175 Pro forma average equity attributable to Holdings excluding AOCI $ 13,819 $ 13,585 $ 14,260 $ 14,352 $ 14,610 Pro forma Non-GAAP ROE excluding Q4 2017 non-recurring items 12.0% 13.6% 13.6% 15.6% 14.9% Notes: (1) Pro Forma adjustments relate to certain Reorganization transactions that occurred in 2018, including: (1) the acquisition of AXA’s remaining interest in AB and minority interests in AXA Financial, Inc.; (2) the transfer of certain U.S. property & casualty business held by AXA Equitable Holdings to AXA; (3) the issuance of $3.8 billion of external debt and (4) the settlement of all outstanding financing balances with AXA. (2) All Pro Forma average equity amounts are calculated based on a four-quarter rolling average except for the twelve months ended 12/31/17,which is calculated using an annual two-point average. 29

Reconciliation of Non-GAAP Measures (3/3) As of (in millions USD, unless otherwise indicated) 12/31/2016 6/30/2017 9/30/2017 12/31/2017 3/31/2018 6/30/2018 9/30/2018 12/31/2018 Pro forma Equity Reconciliation - Quarter-end Balances Total equity attributable to Holdings $ 11,406 $ 12,360 $ 12,401 $ 13,421 $ 13,547 $ 13,364 $ 12,411 $ 13,866 Pro forma adjustments (1) 1,080 (718) 892 702 3 — — — Pro forma total equity attributable to Holdings 12,486 11,642 13,293 14,123 13,550 13,364 12,411 13,866 Less: Accumulated other comprehensive income (loss) (921) (333) (345) (108) (946) (1,310) (1,595) (1,396) Pro forma total equity attributable to Holdings excluding AOCI $ 13,407 $ 11,975 $ 13,638 $ 14,231 $ 14,496 $ 14,674 $ 14,006 $ 15,262 Pro forma Equity Reconciliation - Twelve Month Rolling Average (2) Total equity attributable to Holdings $ 12,414 $ 12,932 $ 13,182 $ 13,186 $ 13,297 Pro forma adjustments (1) 891 220 399 176 1 Pro forma total equity attributable to Holdings 13,305 13,152 13,582 13,362 13,298 Less: Accumulated other comprehensive income (loss) (514) (433) (677) (990) (1,312) Pro forma total equity attributable to Holdings excluding AOCI $ 13,819 $ 13,585 $ 14,259 $ 14,352 $ 14,610 Notes: (1) Pro Forma adjustments relate to certain Reorganization transactions that occurred in 2018, including: (1) the acquisition of AXA’s remaining interest in AB and minority interests in AXA Financial, Inc.; (2) the transfer of certain U.S. property & casualty business held by AXA Equitable Holdings to AXA; (3) the issuance of $3.8 billion of external debt and (4) the settlement of all outstanding financing balances with AXA. (2) All Pro Forma average equity amounts are calculated based on a four-quarter rolling average except for the twelve months ended 12/31/17,which is calculated using an annual two-point average. 30

Reclassification of DAC Capitalization Three Months Ended Year Ended (in millions USD, unless otherwise indicated) 12/31/2017 3/31/2018 6/30/2018 9/30/2018 12/31/2018 12/31/2017 12/31/2018 Individual Retirement Commissions and distribution related payments $ (85) $ (72) $ (81) $ (88) $ — $ (328) $ — Amortization of deferred policy acquisition costs, 96 87 101 107 — 401 — Compensation and benefits, interest expense, and other operating costs and expenses (11) (15) (20) (19) — (73) — Net impact $ — $ — $ — $ — $ — $ — $ — Group Retirement Commissions and distribution related payments $ (9) $ (14) $ (14) $ (14) $ — $ (55) $ — Amortization of deferred policy acquisition costs, 26 22 21 21 — 86 — Compensation and benefits, interest expense, and other operating costs and expenses (17) (8) (7) (7) — (31) — Net impact $ — $ — $ — $ — $ — $ — $ — Protection Solutions Commissions and distribution related payments $ (36) $ (34) $ (36) $ (36) $ — $ (140) $ — Amortization of deferred policy acquisition costs, 51 52 49 51 — 200 — Compensation and benefits, interest expense, and other operating costs and expenses (15) (18) (13) (15) — (60) — Net impact $ — $ — $ — $ — $ — $ — $ — EQH Consolidated Commissions and distribution related payments $ (130) $ (120) $ (131) $ (138) $ — $ (523) $ — Amortization of deferred policy acquisition costs 173 161 171 179 — 687 — Compensation and benefits, interest expense, and other operating costs and expenses (43) (41) (40) (41) — (164) — Net impact $ — $ — $ — $ — $ — $ — $ — Notes: During the fourth quarter of 2018, we revised our presentation of the capitalization of deferred acquisition costs ("DAC") in the consolidated statements of income for all prior periods presented herein by netting the capitalized amounts within the applicable expense line items, such as Compensation and benefits, Commissions and distribution plan payments, and Other operating costs and expenses. Previously, the capitalized amounts were netted within the Amortization of deferred acquisition costs. There was no impact on Net income (loss) or Non-GAAP Operating earnings of this reclassification. 31

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. 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 AXA 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. 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. 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. Fixed Rate (Individual Retirement) - Pre-2011 GMxB products. FYP - First year premium and deposits. Gross premiums - FYP and Renewal 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). Guaranteed minimum death benefits (“GMDB”) - An optional benefit (available for an additional cost) that guarantees an annuitant’s beneficiaries are entitled to a minimum payment based on the benefit base, which could be greater than the underlying AV, upon the death of the annuitant. Guaranteed minimum income benefits (“GMIB”) - An optional benefit (available for an additional cost) where an annuitant is entitled to annuitize the policy and receive a minimum payment stream based on the benefit base, which could be greater than the underlying AV. Guaranteed minimum living benefits (“GMLB”) - A reference to all forms of guaranteed minimum living benefits, including GMIBs, GMWBs and GMABs (does not include GMDBs). Invested assets - Includes fixed maturity securities, equity securities, mortgage loans, policy loans, alternative investments and short-term investments. Inv Mgmt and Research - Abbreviation for Investment Management and Research. 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. Protection Solutions Reserves - 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. 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. 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 from existing clients. In addition, cash flow includes fees received from certain clients. It excludes the impact of the markets. Pre-tax return on assets - Calculated as segment pre-tax operating earnings. 32

Analyst Coverage, Ratings & Contact Information Analyst Coverage Firm Analyst Phone Number Autonomous Research Erik Bass 1 (646) 561-6248 Bank of America Merrill Lynch Ian Ryave 1 (646) 855-2926 Barclays Jay Gelb 1 (212) 526-1561 Citi Suneet Kamath 1 (212) 816-3457 Credit Suisse Andrew Kligerman 1 (212) 325-5069 Deutsche Bank Joshua Shanker 1 (212) 250-7127 Evercore ISI Thomas Gallagher 1 (212) 446-9439 Goldman Sachs Alex Scott 1 (917) 343-7160 J.P. Morgan Jimmy Bhullar 1 (212) 622-6397 Keefe, Bruyette, & Woods Ryan Krueger 1 (860) 722-5930 Morgan Stanley Nigel Dally 1 (212) 761-4132 RBC Capital Markets Mark Dwelle 1 (804) 782-4008 SunTrust Robinson Humphrey Mark Hughes 1 (615) 748-4422 Wells Fargo Securities Elyse Greenspan 1 (212) 214-8031 This list is provided for informational purposes only. AXA Equitable Holdings does not endorse the analyses, conclusions or recommendations contained in any reports issued by these or any other analysts. Ratings A.M. Best S&P Moody’s Last review date 12/17/2018 12/11/2018 9/18/2018 Financial Strength Ratings: AXA Equitable Life A A+ A2 MLOA A A+ A2 Credit Ratings: AXA Equitable Holdings bbb+ BBB+ Baa2 Alliance Bernstein (1) — A/Stable/A-1 A2 Investor and Media Contacts Contact Investor Relations Contact Media Relations Kevin Molloy Priya Mehrotra Dan Woodrow Gina Tyler (212) 314-2476 (212) 314-2466 (212) 314-2036 (212) 314-2010 IR@axa-equitable.com MediaRelations@axa-equitable.com ir.axaequitableholdings.com www.axaequitableholdings.com Notes: (1) Last review dates: S&P as of 11/9/2018, Moody’s as of 10/05/2018. 33