Table of Contents
	Consolidated Financials and Key Metrics		Page
		Key Metrics Summary	4
		Consolidated Statements of Income (Loss)	5
		Consolidated Balance Sheets	6
		Consolidated Capital Structure	7
		Operating Earnings (Loss) by Segment and Corporate and Other	8
		Assets Under Management and Administration	9
		Sales Metrics by Segment	10
	Select Metrics from Business Segments
Individual Retirement
		Statements of Operating Earnings (Loss) and Summary Metrics	12
		Select Operating Metrics	13
Group Retirement
		Statements of Operating Earnings (Loss) and Summary Metrics	14
		Select Operating Metrics	15
Investment Management and Research
		Statements of Operating Earnings (Loss) and Summary Metrics	16
		Select Operating Metrics	17
		Net Flows	18
Protection Solutions
		Statements of Operating Earnings (Loss) and Summary Metrics	19
		Select Operating Metrics	20
	Investments
		Consolidated Investment Portfolio Composition	22
		Consolidated Results of General Account Investment Portfolio	23
	Additional Information
		Deferred Policy Acquisition Costs Rollforward	25
		Use of Non-GAAP Financial Measures	26
		Reconciliation of Non-GAAP Measures	28
		Glossary of Selected Financial and Product Terms	31
		Analyst Coverage, Ratings & Contact Information	32

All information included in this financial supplement is unaudited.

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

This financial supplement should be read in conjunction with Equitable Holdings, Inc.’s (“EQH”) Quarterly Report on Form 10-Q for the quarter ended March 31, 2021.

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.

1Q 2021 Financial Supplement 2

Consolidated Financials

and Key Metrics

1Q 2021 Financial Supplement 3

Key Metrics Summary

	For the Three Months Ended or As of																	For the Three Months Ended or As of
(in millions USD, unless otherwise indicated)	3/31/2020			6/30/2020			9/30/2020			12/31/2020			3/31/2021			Change		3/31/2020			3/31/2021			Change
Net income (loss)	$	5,425		$	(3,933)		$	(705)		$	(1,136)		$	(1,400)		(125.8)	%	$	5,425		$	(1,400)		(125.8)	%
Net income (loss) attributable to the noncontrolling interest	(37)			(86)			(74)			(102)			(88)			(137.8)	%	(37)			(88)			(137.8)	%
Net income (loss) attributable to Holdings	$	5,388		$	(4,019)		$	(779)		$	(1,238)		$	(1,488)		(127.6)	%	$	5,388		$	(1,488)		(127.6)	%
Non-GAAP Operating Earnings (1)	$	535		$	451		$	568		$	748		$	600		12.1	%	$	535		$	600		12.1	%
Total equity attributable to Holdings' shareholders	$	19,981		$	17,498		$	17,300		$	15,576		$	10,693		(46.5)	%	$	19,981		$	10,693		(46.5)	%
Less: Preferred Stock	775			775			1,269			1,269			1,562			101.5	%	775			1,562			101.5	%
Total equity attributable to Holdings' common shareholders	19,206			16,723			16,031			14,307			9,131			(52.5)	%	19,206			9,131			(52.5)	%
Less: Accumulated other comprehensive income (loss)	2,289			3,928			4,188			3,863			740			(67.7)	%	2,289			740			(67.7)	%
Total equity attributable to Holdings' common shareholders (ex. AOCI)	$	16,917		$	12,795		$	11,843		$	10,444		$	8,391		(50.4)	%	$	16,917		$	8,391		(50.4)	%
Return on Equity (ex. AOCI) - TTM	31.5		%	0.2		%	(2.9)		%	(5.4)		%	(69.7)		%			31.5		%	(69.7)		%
Non-GAAP Operating ROE (1)	17.1		%	16.7		%	16.3		%	17.3		%	21.3		%			17.1		%	21.3		%
Debt to capital:
Debt to Capital	17.4		%	19.0		%	19.2		%	20.9		%	26.4		%			17.4		%	26.4		%
Debt to Capital (ex. AOCI)	19.2		%	23.3		%	23.9		%	26.0		%	27.8		%			19.2		%	27.8		%
Per common share:
Diluted earnings per common share: (2)
Net income (loss) attributable to Holdings	$	11.60		$	(8.94)		$	(1.77)		$	(2.84)		$	(3.46)		(129.8)	%	$	11.60		$	(3.46)		(129.8)	%
Non-GAAP Operating Earnings (1)	$	1.13		$	0.98		$	1.24		$	1.65		$	1.35		20.0	%	$	1.13		$	1.35		20.0	%
Book value per common share	$	42.63		$	37.21		$	36.05		$	32.46		$	21.32		(50.0)	%	$	42.63		$	21.32		(50.0)	%
Book value per common share (ex. AOCI)	$	37.55		$	28.47		$	26.63		$	23.70		$	19.59		(47.8)	%	$	37.55		$	19.59		(47.8)	%
Weighted-average common shares outstanding:
Basic	461.0			450.4			447.5			442.8			434.2			(5.8)	%	461.0			434.2			(5.8)	%
Diluted	463.5			450.4			447.5			442.8			434.2			(6.3)	%	463.5			434.2			(6.3)	%
Ending common shares outstanding	450.5			449.4			444.7			440.8			428.3			(4.9)	%	450.5			428.3			(4.9)	%
Return to common shareholders:
Common stock dividend	$	69		$	77		$	76		$	75		$	74				$	69		$	74
Repurchase of common shares	205			25			100			100			430					205			430
Total capital returned to common shareholders	$	274		$	102		$	176		$	175		$	504				$	274		$	504
Market Values:
S&P 500	2,585			3,100			3,363			3,756			3,973			53.7	%	2,585			3,973			53.7	%
US 10-Year Treasury	0.7		%	0.7		%	0.7		%	0.9		%	1.7		%			0.7		%	1.7		%
Notes:
Some financial metrics have been revised for prior periods; for additional information, please refer to the 10-Q.
(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.

1Q 2021 Financial Supplement 4

Consolidated Statements of Income (Loss)

	For the Three Months Ended												For the Three Months Ended
(in millions USD, unless otherwise indicated)	3/31/2020		6/30/2020		9/30/2020		12/31/2020		3/31/2021		Change		3/31/2020		3/31/2021		Change
Revenues
Policy charges and fee income	$	996	$	877	$	914	$	948	$	949	(4.7)	%	$	996	$	949	(4.7)	%
Premiums	289		244		221		243		258		(10.7)	%	289		258		(10.7)	%
Net derivative gains (losses)	9,400		(6,038)		(1,472)		(3,612)		(2,546)		(127.1)	%	9,400		(2,546)		(127.1)	%
Net investment income (loss)	629		1,022		879		947		884		40.5	%	629		884		40.5	%
Investment gains (losses), net	4		169		17		554		184		N/M		4		184		N/M
Investment management and service fees	1,136		1,052		1,126		1,294		1,257		10.7	%	1,136		1,257		10.7	%
Other income	155		124		155		142		167		7.7	%	155		167		7.7	%
Total revenues	12,609		(2,550)		1,840		516		1,153		(90.9)	%	12,609		1,153		(90.9)	%
Benefits and other deductions
Policyholders’ benefits	2,776		736		1,034		780		939		(66.2)	%	2,776		939		(66.2)	%
Interest credited to policyholders’ account balances	317		307		306		292		291		(8.2)	%	317		291		(8.2)	%
Compensation and benefits	526		469		503		598		580		10.3	%	526		580		10.3	%
Commissions and distribution related payments	338		302		342		369		382		13.0	%	338		382		13.0	%
Interest expense	52		48		52		48		74		42.3	%	52		74		42.3	%
Amortization of deferred policy acquisition costs	1,303		162		90		58		87		(93.3)	%	1,303		87		(93.3)	%
Other operating costs and expenses	438		434		436		392		608		38.8	%	438		608		38.8	%
Total benefits and other deductions	5,750		2,458		2,763		2,537		2,961		(48.5)	%	5,750		2,961		(48.5)	%
Income (loss) from operations, before income taxes	6,859		(5,008)		(923)		(2,021)		(1,808)		(126.4)	%	6,859		(1,808)		(126.4)	%
Income tax (expense) benefit	(1,434)		1,075		218		885		408		128.5	%	(1,434)		408		128.5	%
Net income (loss)	5,425		(3,933)		(705)		(1,136)		(1,400)		(125.8)	%	5,425		(1,400)		(125.8)	%
Less: net (income) loss attributable to the noncontrolling interest	(37)		(86)		(74)		(102)		(88)		(137.8)	%	(37)		(88)		(137.8)	%
Net income (loss) attributable to Holdings	$	5,388	$	(4,019)	$	(779)	$	(1,238)	$	(1,488)	(127.6)	%	$	5,388	$	(1,488)	(127.6)	%
Less: Preferred stock dividends	(13)		(10)		(11)		(19)		(13)		—	%	(13)		(13)		—	%
Net income (loss) available to Holdings' common shareholders	$	5,375	$	(4,029)	$	(790)	$	(1,257)	$	(1,501)	(127.9)	%	$	5,375	$	(1,501)	(127.9)	%
Adjustments related to:
Variable annuity product features (1)	$	(6,869)	$	5,722	$	1,620	$	3,439	$	2,267			$	(6,869)	$	2,267
Investment gains (losses), net	(4)		(169)		(17)		(554)		(183)				(4)		(183)
Net actuarial gains (losses) related to pension and other postretirement benefit obligations	27		28		31		23		34				27		34
Other adjustments (2) (3) (4)	695		75		66		116		524				695		524
Income tax (expense) benefit related to above adjustments (5)	1,292		(1,188)		(357)		(635)		(555)				1,292		(555)
Non-recurring tax items	6		2		4		(403)		1				6		1
Non-GAAP Operating earnings (6)	$	535	$	451	$	568	$	748	$	600			$	535	$	600
Notes:
Some financial metrics have been revised for prior periods; for additional information, please refer to the 10-Q.
(1) Includes COVID-19 impact on Variable annuity product features due to an assumption update of $1.5 billion and other COVID-19 related impacts of $35 million for the three months ended March 31, 2020.
(2) Includes separation costs of $21 million and $32 million for the three months ended March 31, 2021 and 2020, respectively.
(3) Includes certain legal accruals related to the cost of insurance litigation of $180 million for the three months ended March 31, 2021. No adjustment was made to prior period operating earnings as the impact was immaterial.
(4) Includes assumption update due to COVID-19 of $1.0 billion and other COVID-19 related impacts of $51 million for the three months ended March 31, 2020.
(5) Includes income taxes of ($547) million for the above related COVID-19 items for the three months ended March 31, 2020.
(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.

1Q 2021 Financial Supplement 5

Consolidated Balance Sheets

	Balances as of
(in millions USD, unless otherwise indicated)	3/31/2020		6/30/2020		9/30/2020		12/31/2020		3/31/2021
Assets
Total investments	$	96,228	$	102,693	$	105,778	$	109,087	$	105,497
Cash and cash equivalents	10,315		8,364		8,684		6,179		6,795
Cash and securities segregated, at fair value	2,013		1,882		1,869		1,753		1,413
Broker-dealer related receivables	2,436		1,998		1,929		2,223		2,361
Deferred policy acquisition costs	4,697		4,090		4,171		4,243		4,943
Goodwill and other intangible assets, net	4,760		4,756		4,745		4,737		4,744
Amounts due from reinsurers	4,614		4,665		4,580		4,566		4,526
GMIB reinsurance contract asset, at fair value	2,823		2,931		2,818		2,488		1,907
Other assets	5,824		3,724		4,476		3,701		3,859
Assets held-for-sale	843		—		—		470		483
Separate Accounts assets	106,128		118,915		123,446		135,950		139,795
Total assets	$	240,681	$	254,018	$	262,496	$	275,397	$	276,832
Liabilities
Policyholders’ account balances	$	55,810	$	59,272	$	62,726	$	66,820	$	73,303
Future policy benefits and other policyholders’ liabilities	38,001		41,506		41,139		39,881		35,922
Broker-dealer related payables	1,001		1,001		760		1,443		2,283
Customers related payables	3,630		3,199		3,461		3,417		3,179
Amounts due to reinsurers	1,380		1,399		1,391		1,381		1,340
Short-term and long-term debt	4,217		4,113		4,114		4,115		4,022
Income taxes payable	2,327		1,822		1,648		749		—
Notes issued by consolidated variable interest entities, at fair value using the fair value option	—		—		—		313		323
Other liabilities	5,716		3,666		4,864		3,686		3,990
Liabilities held-for-sale	679		—		—		322		270
Separate Accounts liabilities	106,128		118,915		123,446		135,950		139,795
Total liabilities	218,889		234,893		243,549		258,077		264,427
Redeemable noncontrolling interest	257		87		95		143		137
Equity
Preferred stock	775		775		1,269		1,269		1,562
Common stock	5		5		5		5		5
Additional paid-in capital	1,930		1,938		1,953		1,985		1,928
Treasury shares	(2,025)		(2,047)		(2,147)		(2,245)		(2,300)
Retained earnings	17,007		12,899		12,032		10,699		8,758
Accumulated other comprehensive income (loss)	2,289		3,928		4,188		3,863		740
Total equity attributable to Holdings	19,981		17,498		17,300		15,576		10,693
Noncontrolling interest	1,554		1,540		1,552		1,601		1,575
Total equity	21,535		19,038		18,852		17,177		12,268
Total liabilities, redeemable noncontrolling interest and equity	$	240,681	$	254,018	$	262,496	$	275,397	$	276,832

Some financial metrics have been revised for prior periods; for additional information, please refer to the 10-Q.

1Q 2021 Financial Supplement 6

Consolidated Capital Structure

	Balances as of
(in millions USD, unless otherwise indicated)	3/31/2020			6/30/2020			9/30/2020			12/31/2020			3/31/2021
Short-term and long-term debt:
Short-term debt
AB commercial paper	$	105		$	—		$	—		$	—		$	—
AB revolving credit facility	—			—			—			—			—
CLO Warehousing Debt (1)	—			—			—			—			185
Total short-term debt	105			—			—			—			185
Total long-term debt	4,112			4,113			4,114			4,115			3,837
Total short-term and long-term debt: [A]	$	4,217		$	4,113		$	4,114		$	4,115		$	4,022
Equity:
Preferred stock	$	775		$	775		$	1,269		$	1,269		$	1,562
Common stock	$	5		$	5		$	5		$	5		$	5
Additional paid-in capital	1,930			1,938			1,953			1,985			1,928
Treasury stock, at cost	(2,025)			(2,047)			(2,147)			(2,245)			(2,300)
Retained earnings	17,007			12,899			12,032			10,699			8,758
Accumulated other comprehensive income (loss)	2,289			3,928			4,188			3,863			740
Total equity attributable to Holdings	19,981			17,498			17,300			15,576			10,693
Noncontrolling interest	1,554			1,540			1,552			1,601			1,575
Total equity	$	21,535		$	19,038		$	18,852		$	17,177		$	12,268
Total equity attributable to Holdings, (ex. AOCI): [B]	$	17,692		$	13,570		$	13,112		$	11,713		$	9,953
Capital:
Total capitalization (3)	$	24,198		$	21,611		$	21,414		$	19,691		$	14,530
Total capitalization (ex. AOCI): [A+B] (3)	$	21,909		$	17,683		$	17,226		$	15,828		$	13,790
Debt to capital:
Debt to capital (2)	17.4		%	19.0		%	19.2		%	20.9		%	26.4		%
Debt to capital (ex. AOCI) (2)	19.2		%	23.3		%	23.9		%	26.0		%	27.8		%
	For the Three Months Ended
Roll-forward of common shares outstanding (millions of shares):
Beginning balance	463.7			450.5			449.4			444.7			440.8
Repurchases	(13.7)			(1.2)			(4.7)			(4.0)			(3.2)
Retirements	—			—			—			—			(11.2)
Issuances	0.5			0.1			—			0.1			2.0
Ending basic common shares outstanding	450.5			449.4			444.7			440.8			428.3
Total potentially dilutive shares	2.5			1.4			1.1			—			—
Ending common shares outstanding - maximum potential dilution	453.0			450.8			445.8			440.8			428.3

Some financial metrics have been revised for prior periods; for additional information, please refer to the 10-Q

(1) CLO Warehousing Debt related to VIE consolidation of CLO investment.

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

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

1Q 2021 Financial Supplement 7

Operating Earnings (Loss) by Segment and Corporate and Other
	Three Months Ended March 31, 2021
(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	$	522	$	86	$	—	$	504	$	95	$	1,207
Net investment income (loss)	325		180		—		262		143		910
Net derivative gains (losses)	(59)		—		2		(1)		(10)		(68)
Investment Management, service fees and other income	192		63		1,002		61		106		1,424
Segment revenues	980		329		1,004		826		334		3,473
Benefits and other deductions
Policyholders’ benefits	206		—		—		509		171		886
Interest credited to policyholders’ account balances	68		75		—		123		25		291
Commissions and distribution related payments	81		13		162		34		92		382
Amortization of deferred policy acquisition costs	78		5		—		26		(6)		103
Compensation, benefits and other operating costs and expenses	112		55		580		85		85		917
Interest expense and financing fees	—		—		1		—		58		59
Segment benefits and other deductions	545		148		743		777		425		2,638
Operating earnings (loss), before income taxes	435		181		261		49		(91)		835
Income Taxes	(72)		(30)		(44)		(8)		15		(139)
Operating earnings (loss), before noncontrolling interest	363		151		217		41		(76)		696
Less: Operating (earnings) loss attributable to the noncontrolling interest	—		—		(96)		—		—		(96)
Operating earnings (loss)	$	363	$	151	$	121	$	41	$	(76)	$	600
	Three Months Ended March 31, 2020
	Individual Retirement		Group Retirement		Inv Mgmt and Research		Protection Solutions		Corporate and Other		Consolidated
Revenues
Policy charges, fee income and premiums	$	501	$	71	$	—	$	562	$	105	$	1,239
Net investment income (loss)	316		159		(33)		244		116		802
Net derivative gains (losses)	479		—		30		2		(6)		505
Investment Management, service fees and other income	177		52		910		57		96		1,292
Segment revenues	1,473		282		907		865		311		3,838
Benefits and other deductions
Policyholders’ benefits	672		—		—		500		178		1,350
Interest credited to policyholders’ account balances	82		76		—		127		38		323
Commissions and distribution related payments	72		11		140		40		75		338
Amortization of deferred policy acquisition costs	87		12		—		50		2		151
Compensation, benefits and other operating costs and expenses	106		54		558		88		76		882
Interest Expense and Financing Fees	—		—		2		—		56		58
Segment benefits and other deductions	1,019		153		700		805		425		3,102
Operating earnings (loss), before income taxes	454		129		207		60		(114)		736
Income Taxes	(81)		(23)		(37)		(11)		19		(133)
Operating earnings (loss), before noncontrolling interest	373		106		170		49		(95)		603
Less: Operating (earnings) loss attributable to the noncontrolling interest	—		—		(75)		—		7		(68)
Operating earnings (loss)	$	373	$	106	$	95	$	49	$	(88)	$	535
Some Financial metrics have been revised for prior periods; for additional information, please refer to the 10-Q.

1Q 2021 Financial Supplement 8

Assets Under Management and Administration

	Balances as of
(in billions USD, except for Equitable Headcount)	3/31/2020		6/30/2020		9/30/2020		12/31/2020		3/31/2021
Assets Under Management
AB AUM
Total AB	$	541.8	$	600.0	$	630.8	$	685.9	$	697.2
Exclusion for General Account and other Affiliated Accounts	(77.4)		(82.9)		(85.9)		(87.6)		(84.5)
Exclusion for Separate Accounts	(30.9)		(35.6)		(36.6)		(40.5)		(42.2)
AB third party	$	433.5	$	481.5	$	508.3	$	557.8	$	570.4
Total company AUM
AB third party	$	433.5	$	481.5	$	508.3	$	557.8	$	570.4
General Account and other Affiliated Accounts (1)	106.5		111.1		114.5		115.3		112.3
Separate Accounts (2)	106.1		118.9		123.4		136.0		139.8
Total AUM	$	646.2	$	711.5	$	746.3	$	809.0	$	822.5
Total Assets Under Administration (AUA) (3)	$	47.9	$	53.5	$	56.3	$	62.3	$	70.1
Equitable Advisor Headcount
Total Number of Equitable Advisors	4,357		4,333		4,273		4,530		4,369
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) AUA includes Equitable Advisors Advisory and Brokerage AUA; Equitable Advisors broker-dealer business is included in Corporate and Other.

1Q 2021 Financial Supplement 9

Sales Metrics by Segment

	For the Three Months Ended												For the Three Months Ended
(in millions USD, unless otherwise indicated)	3/31/2020		6/30/2020		9/30/2020		12/31/2020		3/31/2021		Change		3/31/2020		3/31/2021		Change
Insurance Operations
Individual Retirement
First year premiums and deposits	$	1,918	$	1,631	$	1,656	$	1,968	$	2,386	24.4	%	$	1,918	$	2,386	24.4	%
Renewal premium and deposits	76		91		91		81		83		9.3	%	76		83		9.3	%
Total Gross Premiums	$	1,994	$	1,722	$	1,747	$	2,049	$	2,469	23.8	%	$	1,994	$	2,469	23.8	%
Group Retirement
First year premiums and deposits	$	364	$	226	$	254	$	332	$	308	(15.3)	%	$	364	$	308	(15.3)	%
Renewal premium and deposits	561		570		452		584		597		6.4	%	561		597		6.4	%
Total Gross Premiums	$	925	$	796	$	706	$	916	$	905	(2.1)	%	$	925	$	905	(2.1)	%
Protection Solutions
First year premiums and deposits	$	99	$	89	$	76	$	95	$	98	(1.7)	%	$	99	$	98	(1.7)	%
Renewal premium and deposits	679		604		624		653		664		(2.1)	%	679		664		(2.1)	%
Total Gross Premiums	$	778	$	693	$	700	$	748	$	762	(2.1)	%	$	778	$	762	(2.1)	%
Investment Management and Research (in billions USD)
Gross Sales by distribution channel
Institutional	$	3.9	$	8.8	$	8.3	$	9.9	$	4.9	25.6	%	$	3.9	$	4.9	25.6	%
Retail	24.2		19.6		17.5		17.7		23.0		(5.0)	%	24.2		23.0		(5.0)	%
Private Wealth Management	3.5		3.4		3.5		3.7		5.4		54.3	%	3.5		5.4		54.3	%
Firmwide Gross Sales	$	31.6	$	31.8	$	29.3	$	31.3	$	33.3	5.4	%	$	31.6	$	33.3	5.4	%
Gross sales by investment service
Equity Active	$	12.1	$	13.8	$	12.0	$	13.5	$	15.6	28.9	%	$	12.1	$	15.6	28.9	%
Equity Passive (1)	0.4		—		1.2		0.1		0.2		(50.0)	%	0.4		0.2		(50.0)	%
Fixed Income - Taxable	14.7		15.0		11.0		13.6		12.4		(15.6)	%	14.7		12.4		(15.6)	%
Fixed Income - Tax-Exempt	2.9		2.3		2.2		2.8		3.4		17.2	%	2.9		3.4		17.2	%
Fixed Income Passive (1)	—		—		—		—		—		—	%	—		—		—	%
Alternatives/Multi-Asset Solutions (2)	1.5		0.7		2.9		1.3		1.7		13.3	%	1.5		1.7		13.3	%
Firmwide Gross Sales	$	31.6	$	31.8	$	29.3	$	31.3	$	33.3	5.4	%	$	31.6	$	33.3	5.4	%
Notes:
(1) Includes index and enhanced index services.
(2) Includes certain multi-asset solutions and services not included in equity or fixed income services. Prior to December 31, 2020, this investment service line was disclosed as “Other.” In order to reflect the increasing significance of our Alternatives and Multi-Asset Solutions services, we updated the investment service line to “Alternatives and Multi-Asset Solutions."

1Q 2021 Financial Supplement 10

Business Segments:

Operating Earnings Results and Metrics

1Q 2021 Financial Supplement 11

Individual Retirement - Operating Earnings (Loss) and Summary Metrics

	For the Three Months Ended or As of																	For the Three Months Ended or As of
(in millions USD, unless otherwise indicated)	3/31/2020			6/30/2020			9/30/2020			12/31/2020			3/31/2021			Change		3/31/2020			3/31/2021			Change
Revenues
Policy charges, fee income and premiums	$	501		$	493		$	519		$	521		$	522		4.2	%	$	501		$	522		4.2	%
Net investment income (loss)	316			266			324			340			325			2.8	%	316			325			2.8	%
Net derivative gains (losses)	479			(123)			58			(83)			(59)			(112.3)	%	479			(59)			(112.3)	%
Investment management, service fees and other income	177			164			178			181			192			8.5	%	177			192			8.5	%
Segment revenues	1,473			800			1,079			959			980			(33.5)	%	1,473			980			(33.5)	%
Benefits and other deductions
Policyholders’ benefits	672			76			298			161			206			(69.3)	%	672			206			(69.3)	%
Interest credited to policyholders’ account balances	82			81			78			71			68			(17.1)	%	82			68			(17.1)	%
Commissions and distribution-related payments	72			60			71			78			81			12.5	%	72			81			12.5	%
Amortization of deferred policy acquisition costs	87			72			94			46			78			(10.3)	%	87			78			(10.3)	%
Compensation and benefits, interest expense and financing fees and other operating costs and expense	106			87			93			96			112			5.7	%	106			112			5.7	%
Segment benefits and other deductions	1,019			376			634			452			545			(46.5)	%	1,019			545			(46.5)	%
Operating earnings (loss), before income taxes	454			424			445			507			435			(4.2)	%	454			435			(4.2)	%
Income taxes	(81)			(74)			(74)			(65)			(72)			11.1	%	(81)			(72)			11.1	%
Operating earnings (loss), before noncontrolling interest	373			350			371			442			363			(2.7)	%	373			363			(2.7)	%
Less: Operating (earnings) loss attributable to the noncontrolling interest	—			—			—			—			—			—	%	—			—			—	%
Operating earnings (loss)	$	373		$	350		$	371		$	442		$	363		(2.7)	%	$	373		$	363		(2.7)	%
Summary Metrics
Operating earnings (loss) - TTM:[A]	$	1,589		$	1,580		$	1,486		$	1,536		$	1,526		(4.0)	%	$	1,589		$	1,526		(4.0)	%
Average capital - TTM:[B]	$	7,322		$	7,004		$	6,682		$	6,352		$	6,248		(14.7)	%	$	7,322		$	6,248		(14.7)	%
Non-GAAP Operating ROC - TTM (1): [A/B]	21.7		%	22.6		%	22.2		%	24.2		%	24.4		%			21.7		%	24.4		%
Average Account Value (TTM)	$	102,699		$	102,583		$	103,546		$	105,663		$	112,460		9.5	%	$	102,699		$	112,460		9.5	%
Return on assets (TTM)	1.88		%	1.87		%	1.74		%	1.73		%	1.61		%			1.88		%	1.61		%
Net flows
Current Product Offering	$	615		$	656		$	351		$	534		$	559		(9.1)	%	$	615		$	559		(9.1)	%
Fixed Rate	(935)			(709)			(778)			(863)			(1,075)			(14.9)	%	(935)			(1,075)			(14.9)	%
Net flows	$	(320)		$	(53)		$	(427)		$	(329)		$	(516)		(61.1)	%	$	(320)		$	(516)		(61.1)	%
First year premiums and deposits	$	1,918		$	1,631		$	1,656		$	1,968		$	2,386		24.4	%	$	1,918		$	2,386		24.4	%
In-force Policy Count by Product (in thousands):
Fixed rate	351			347			342			338			333					351			333
Current product offering	553			556			557			560			561					553			561
Total	904			903			899			898			894					904			894
Notes:
Some financial metrics have been revised for prior periods; for additional information, please refer to the 10-Q
(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.

1Q 2021 Financial Supplement 12

Individual Retirement - Select Operating Metrics
	For the Three Months Ended or As of										For the Three Months Ended or As of
(in millions USD, unless otherwise indicated)	3/31/2020		6/30/2020		9/30/2020		12/31/2020		3/31/2021		3/31/2020		3/31/2021
Sales Metrics
First Year Premiums by Product:
SCS	$	1,227	$	987	$	1,166	$	1,511	$	1,752	$	1,227	$	1,752
Retirement Cornerstone	461		465		324		256		369		461		369
Investment Edge	132		89		97		130		184		132		184
Other	98		90		69		71		81		98		81
Total First Year Premiums	$	1,918	$	1,631	$	1,656	$	1,968	$	2,386	$	1,918	$	2,386
First Year Premiums by Guarantee:
Non-GMxB	$	1,377	$	1,093	$	1,255	$	1,617	$	1,919	$	1,377	$	1,919
ROP death benefit only	135		119		134		144		179		135		179
Total non-GMxB & ROP death benefit only	1,512		1,212		1,389		1,761		2,098		1,512		2,098
Floating rate GMxB	398		409		266		205		287		398		287
Fixed rate GMxB	8		10		1		2		1		8		1
Total First Year Premiums	$	1,918	$	1,631	$	1,656	$	1,968	$	2,386	$	1,918	$	2,386
Account Values
General Account:
Balance as of beginning of period	$	26,108	$	23,862	$	27,075	$	28,376	$	30,783	$	26,108	$	30,783
Gross premiums	1,376		956		915		1,409		1,388		1,376		1,388
Surrenders, withdrawals and benefits	(477)		(378)		(528)		(572)		(684)		(477)		(684)
Net flows	899		578		387		837		704		899		704
Investment performance, interest credited and policy charges	(3,136)		2,635		914		1,570		772		(3,136)		772
Transfer to Corp & Other	—		—		—		—		—		—		—
Other (2)	(6)		—		—		—		—		(6)		—
Reclassified to Assets held-for-sale	(3)		—		—		—		—		(3)		—
Balance as of end of period	$	23,862	$	27,075	$	28,376	$	30,783	$	32,259	$	23,862	$	32,259
Separate Accounts:
Balance as of beginning of period	$	82,814	$	69,727	$	76,765	$	79,455	$	86,607	$	82,814	$	86,607
Gross premiums	614		763		820		640		1,081		614		1,081
Surrenders, withdrawals and benefits	(1,833)		(1,394)		(1,634)		(1,806)		(2,301)		(1,833)		(2,301)
Net flows	(1,219)		(631)		(814)		(1,166)		(1,220)		(1,219)		(1,220)
Investment performance, interest credited and policy charges	(11,868)		7,669		3,504		8,318		3,134		(11,868)		3,134
Transfer to Corp & Other	—		—		—		—		—		—		—
Other (2)	—		—		—		—		—		—		—
Reclassified to Assets held-for-sale	—		—		—		—		—		—		—
Balance as of end of period	$	69,727	$	76,765	$	79,455	$	86,607	$	88,521	$	69,727	$	88,521
Total:
Balance as of beginning of period	$	108,922	$	93,589	$	103,840	$	107,831	$	117,390	$	108,922	$	117,390
Gross premiums (1)	1,990		1,719		1,735		2,049		2,469		1,990		2,469
Surrenders, withdrawals and benefits	(2,310)		(1,772)		(2,162)		(2,378)		(2,985)		(2,310)		(2,985)
Net flows	(320)		(53)		(427)		(329)		(516)		(320)		(516)
Investment performance, interest credited and policy charges	(15,004)		10,304		4,418		9,888		3,906		(15,004)		3,906
Transfer to Corp & Other	—		—		—		—		—		—		—
Other (2)	(6)		—		—		—		—		(6)		—
Reclassified to Assets held-for-sale	(3)		—		—		—		—		(3)		—
Balance as of end of period	$	93,589	$	103,840	$	107,831	$	117,390	$	120,780	$	93,589	$	120,780
Net Amount at Risk (NAR)
Total GMIB NAR	$	16,184	$	14,234	$	13,403	$	10,461	$	8,049	$	16,184	$	8,049
Total GMDB NAR	25,791		22,134		21,061		18,271		17,562		25,791		17,562
Reserves (Net of Reinsurance)
GMIB Reserves	$	12,754	$	15,267	$	14,984	$	14,246	$	11,680	$	12,754	$	11,680
GMDB Reserves	4,933		4,897		5,021		5,006		4,999		4,933		4,999
Total GMDB/IB Variable Annuity Reserves (Net of Reinsurance)	$	17,687	$	20,164	$	20,005	$	19,252	$	16,679	$	17,687	$	16,679
Notes:
Some financial metrics have been revised for prior periods; for additional information, please refer to the 10-Q.
(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) Represents amounts related to our fixed income annuity (“FIA”) contracts which were previously reported as Policyholders’ account balances in the consolidated balance sheets and therefore included in our definition      of “Account Value”. As of March 31, 2020, FIAs are reported as Future policy benefits and other policyholders’ liabilities in the consolidated balance sheets and accordingly were excluded from Account Value.

1Q 2021 Financial Supplement 13

Group Retirement - Operating Earnings (Loss) and Summary Metrics

	For the Three Months Ended or As of																	For the Three Months Ended or As of
(in millions USD, unless otherwise indicated)	3/31/2020			6/30/2020			9/30/2020			12/31/2020			3/31/2021			Change		3/31/2020			3/31/2021			Change
Revenues
Policy charges, fee income and premiums	$	71		$	68		$	75		$	81		$	86		21.1	%	$	71		$	86		21.1	%
Net investment income (loss)	159			127			174			181			180			13.2	%	159			180			13.2	%
Net derivative gains (losses)	—			4			(3)			—			—			—	%	—			—			—	%
Investment management, service fees and other income	52			47			55			57			63			21.2	%	52			63			21.2	%
Segment revenues	282			246			301			319			329			16.7	%	282			329			16.7	%
Benefits and other deductions
Policyholder benefits	—			1			1			—			—			—	%	—			—			—	%
Interest credited to policyholders’ account balances	76			74			76			77			75			(1.3)	%	76			75			(1.3)	%
Commissions and distribution-related payments	11			13			9			12			13			18.2	%	11			13			18.2	%
Amortization of deferred policy acquisition costs	12			2			14			(7)			5			(58.3)	%	12			5			(58.3)	%
Compensation and benefits, interest expense and financing fees and other operating costs and expense	54			47			46			45			55			1.9	%	54			55			1.9	%
Segment benefits and other deductions	153			137			146			127			148			(3.3)	%	153			148			(3.3)	%
Operating earnings (loss), before income taxes	129			109			155			192			181			40.3	%	129			181			40.3	%
Income taxes	(23)			(19)			(26)			(26)			(30)			(30.4)	%	(23)			(30)			(30.4)	%
Operating earnings (loss), before noncontrolling interest	106			90			129			166			151			42.5	%	106			151			42.5	%
Less: Operating (earnings) loss attributable to the noncontrolling interest	—			—			—			—			—			—	%	—			—			—	%
Operating earnings (loss)	$	106		$	90		$	129		$	166		$	151		42.5	%	$	106		$	151		42.5	%
Summary Metrics
Operating earnings (loss) - TTM:[A]	$	415		$	410		$	434		$	491		$	536		29.2		$	415		$	536		29.2	%
Average capital - TTM:[B]	$	1,272		$	1,204		$	1,136		$	1,073		$	1,090		(14.3)		$	1,272		$	1,090		(14.3)	%
Non-GAAP Operating ROC - TTM (1): [A/B]	32.7		%	34.1		%	38.3		%	45.8		%	49.1		%			32.7		%	49.1		%
Average Account Value (TTM)	$	35,787		$	36,045		$	36,708		$	37,853		$	40,553		13.3	%	$	35,787		$	40,553		13.3	%
Return on assets (TTM)	1.41		%	1.38		%	1.43		%	1.55		%	1.57		%			1.41		%	1.57		%
Net flows	$	128		$	216		$	(93)		$	45		$	(51)		(139.9)	%	$	128		$	(51)		(139.9)	%
Gross premiums	$	925		$	796		$	706		$	916		$	905		(2.1)	%	$	925		$	905		(2.1)	%
Notes:
Some financial metrics have been revised for prior periods; for additional information, please refer to the 10-Q.
(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.

1Q 2021 Financial Supplement 14

Group Retirement - Select Operating Metrics

	For the Three Months Ended or As of										For the Three Months Ended or As of
(in millions USD, unless otherwise indicated)	3/31/2020		6/30/2020		9/30/2020		12/31/2020		3/31/2021		3/31/2020		3/31/2021
Sales Metrics
Gross premiums:
First-year premiums	$	364	$	226	$	254	$	332	$	308	$	364	$	308
Renewal premiums	561		570		452		584		597		561		597
Group Retirement premiums	$	925	$	796	$	706	$	916	$	905	$	925	$	905
Gross premiums by market:
Tax-exempt	$	214	$	162	$	173	$	175	$	179	$	214	$	179
Corporate	135		55		72		130		119		135		119
Other	15		9		9		27		10		15		10
Total First Year Premiums	364		226		254		332		308		364		308
Tax-exempt	412		448		320		452		447		412		447
Corporate	89		81		87		85		96		89		96
Other	60		41		45		47		54		60		54
Total renewal premiums	561		570		452		584		597		561		597
Group Retirement premiums by market	$	925	$	796	$	706	$	916	$	905	$	925	$	905
Account Values
General Account:
Balance as of beginning of period	$	12,071	$	12,257	$	12,420	$	12,627	$	12,826	$	12,071	$	12,826
Gross premiums	447		259		355		376		288		447		288
Surrenders, withdrawals and benefits	(280)		(217)		(239)		(274)		(278)		(280)		(278)
Net flows	167		42		116		102		10		167		10
Investment performance, interest credited and policy charges	19		121		91		97		88		19		88
Balance as of end of period	$	12,257	$	12,420	$	12,627	$	12,826	$	12,924	$	12,257	$	12,924
Separate Accounts:
Balance as of beginning of period	$	25,809	$	20,891	$	24,670	$	26,088	$	29,633	$	25,809	$	29,633
Gross premiums	478		537		351		540		617		478		617
Surrenders, withdrawals and benefits	(517)		(363)		(560)		(597)		(678)		(517)		(678)
Net flows	(39)		174		(209)		(57)		(61)		(39)		(61)
Investment performance, interest credited and policy charges	(4,879)		3,605		1,627		3,602		1,454		(4,879)		1,454
Balance as of end of period	$	20,891	$	24,670	$	26,088	$	29,633	$	31,026	$	20,891	$	31,026
Total:
Balance as of beginning of period	$	37,880	$	33,148	$	37,090	$	38,715	$	42,459	$	37,880	$	42,459
Gross premiums	925		796		706		916		905		925		905
Surrenders, withdrawals and benefits	(797)		(580)		(799)		(871)		(956)		(797)		(956)
Net flows	128		216		(93)		45		(51)		128		(51)
Investment performance, interest credited and policy charges	(4,860)		3,726		1,718		3,699		1,542		(4,860)		1,542
Balance as of end of period	$	33,148	$	37,090	$	38,715	$	42,459	$	43,950	$	33,148	$	43,950

1Q 2021 Financial Supplement 15

Investment Management and Research - Operating Earnings (Loss) and Summary Metrics

	For the Three Months Ended or As of																	For the Three Months Ended or As of
(in millions USD, unless otherwise indicated)	3/31/2020			6/30/2020			9/30/2020			12/31/2020			3/31/2021			Change		3/31/2020			3/31/2021			Change
Revenues
Net investment income (loss)	$	(33)		$	32		$	13		$	19		$	—		100.0	%	$	(33)		$	—		100.0	%
Net derivative gains (losses)	30			(31)			(14)			(21)			2			(93.3)	%	30			2			(93.3)	%
Investment management, service fees and other income	910			843			900			1,055			1,002			10.1	%	910			1,002			10.1	%
Segment Revenues	907			844			899			1,053			1,004			10.7	%	907			1,004			10.7	%
Benefits and other deductions
Commissions and distribution-related payments	140			126			148			155			162			15.7	%	140			162			15.7	%
Compensation, benefits and other operating costs and expenses	558			523			531			599			580			3.9	%	558			580			3.9	%
Interest expense and financing fees	2			2			1			1			1			(50.0)	%	2			1			(50.0)	%
Total benefits and other deductions	700			651			680			755			743			6.1	%	700			743			6.1	%
Operating earnings (loss), before income taxes	207			193			219			298			261			26.1	%	207			261			26.1	%
Income taxes	(37)			(32)			(40)			(52)			(44)			(18.9)	%	(37)			(44)			(18.9)	%
Operating earnings (loss), before noncontrolling interest	170			161			179			246			217			27.6	%	170			217			27.6	%
Less: Operating (earnings) loss attributable to the noncontrolling interest	(75)			(69)			(75)			(105)			(96)			(28.0)	%	(75)			(96)			(28.0)	%
Operating earnings (loss)	$	95		$	92		$	104		$	141		$	121		27.4	%	$	95		$	121		27.4	%
Summary Metrics
Adjusted operating margin (1)	27.6		%	27.9		%	29.7		%	34.2		%	31.7		%			27.6		%	31.7		%
Net flows (in billions USD)	$	(5.6)		$	(3.3)		$	3.1		$	3.2		$	5.2				$	(5.6)		$	5.2
Total AUM (in billions USD)	$	541.8		$	600.0		$	630.8		$	685.9		$	697.2				$	541.8		$	697.2
Ownership Structure of AB
Holdings and its subsidiaries	63.4		%	63.7		%	63.8		%	63.3		%	62.8		%			63.4		%	62.8		%
AB Holding	35.9		%	35.5		%	35.5		%	36.0		%	36.5		%			35.9		%	36.5		%
Unaffiliated holders	0.7		%	0.8		%	0.7		%	0.7		%	0.7		%			0.7		%	0.7		%
Total	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%			100.0		%	100.0		%
EQH economic interest	64.9		%	65.2		%	65.3		%	64.8		%	64.3		%			64.9		%	64.3		%
EQH average economic interest	64.8		%	65.2		%	65.2		%	65.1		%	64.2		%			64.8		%	64.2		%
Units of limited partnership outstanding (in millions)	270.0			268.6			268.4			270.5			272.7					270.0			272.7
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.

1Q 2021 Financial Supplement 16

Investment Management and Research - Select Operating Metrics

	For the Three Months Ended or As of
(in billions USD, unless otherwise indicated)	3/31/2020		6/30/2020		9/30/2020		12/31/2020		3/31/2021
AUM Roll-forward
Balance as of beginning of period	$	622.9	$	541.8	$	600.0	$	630.8	$	685.9
Sales/new accounts	31.6		31.8		29.3		31.3		33.3
Redemptions/terminations	(32.7)		(31.4)		(23.2)		(22.0)		(24.2)
Cash flow/unreinvested dividends	(4.5)		(3.7)		(3.0)		(6.1)		(3.9)
Net long-term (outflows) inflows	(5.6)		(3.3)		3.1		3.2		5.2
Acquisition	0.2		—		—		—		—
Market appreciation (depreciation)	(75.7)		61.5		27.7		51.9		6.1
Net change	(81.1)		58.2		30.8		55.1		11.3
Balance as of end of period	$	541.8	$	600.0	$	630.8	$	685.9	$	697.2
Ending Assets by distribution channel
Institutions	$	256.7	$	276.2	$	289.5	$	315.6	$	314.7
Retail	198.6		229.5		242.9		265.3		272.3
Private Wealth Management	86.5		94.3		98.4		105.0		110.2
Total	$	541.8	$	600.0	$	630.8	$	685.9	$	697.2
Ending Assets by investment service
Equity
Actively Managed	$	141.5	$	173.1	$	188.8	$	217.8	$	231.8
Passively Managed (1)	47.2		54.3		57.5		64.5		66.3
Total Equity	$	188.7	$	227.4	$	246.3	$	282.3	$	298.1
Fixed Income
Actively Managed	$	282.0	$	295.0	$	302.0	$	313.5	$	304.0
Passively Managed (1)	10.3		9.9		9.0		8.5		8.3
Total Fixed Income	292.3		304.9		311.0		322.0		312.3
Total Alternatives/Multi-Asset Solutions (2)	60.8		67.7		73.5		81.6		86.8
Total	$	541.8	$	600.0	$	630.8	$	685.9	$	697.2
Notes:
(1) Includes index and enhanced index services.
(2) Includes certain multi-asset solutions and services not included in equity or fixed income services. Prior to December 31, 2020, this investment service line was disclosed as “Other.” In order to reflect the increasing significance of our Alternatives and Multi-Asset Solutions services, we updated the investment service line to “Alternatives and Multi-Asset Solutions."

1Q 2021 Financial Supplement 17

Investment Management and Research - Net Flows
	For the Three Months Ended										For the Three Months Ended
(in billions USD, unless otherwise indicated)	3/31/2020		6/30/2020		9/30/2020		12/31/2020		3/31/2021		3/31/2020		3/31/2021
Net Flows by Distribution Channel
Institutions
US	$	0.9	$	(4.8)	$	(0.6)	$	3.4	$	(1.7)	$	0.9	$	(1.7)
Global and Non-US	(0.5)		(1.6)		2.7		1.6		2.5		(0.5)		2.5
Total Institutions	$	0.4	$	(6.4)	$	2.1	$	5.0	$	0.8	$	0.4	$	0.8
Retail
US	$	(0.9)	$	1.7	$	1.2	$	1.0	$	3.6	$	(0.9)	$	3.6
Global and Non-US	(4.5)		2.1		(0.5)		(1.7)		(0.9)		(4.5)		(0.9)
Total Retail	$	(5.4)	$	3.8	$	0.7	$	(0.7)	$	2.7	$	(5.4)	$	2.7
Private Wealth
US	$	(0.4)	$	(0.2)	$	0.5	$	(1.2)	$	0.8	$	(0.4)	$	0.8
Global and Non-US	(0.2)		(0.5)		(0.2)		0.1		0.9		(0.2)		0.9
Total Private Wealth	$	(0.6)	$	(0.7)	$	0.3	$	(1.1)	$	1.7	$	(0.6)	$	1.7
Total Net Flows by Distribution Channel	$	(5.6)	$	(3.3)	$	3.1	$	3.2	$	5.2	$	(5.6)	$	5.2
Net Flows by Investment Service
Equity Active
US	$	(0.4)	$	2.2	$	1.2	$	0.5	$	2.0	$	(0.4)	$	2.0
Global and Non-US	1.8		0.6		1.0		0.5		1.7		1.8		1.7
Total Equity Active	$	1.4	$	2.8	$	2.2	$	1.0	$	3.7	$	1.4	$	3.7
Equity Passive (1)
US	$	0.1	$	(1.6)	$	(1.8)	$	(0.8)	$	(1.6)	$	0.1	$	(1.6)
Global and Non-US	(1.4)		0.1		0.8		(0.1)		(0.4)		(1.4)		(0.4)
Total Equity Passive (1)	$	(1.3)	$	(1.5)	$	(1.0)	$	(0.9)	$	(2.0)	$	(1.3)	$	(2.0)
Fixed Income - Taxable (3)
US	$	0.2	$	(3.9)	$	1.1	$	3.4	$	0.2	$	0.2	$	0.2
Global and Non-US	(6.6)		(1.2)		(1.3)		(1.4)		(1.0)		(6.6)		(1.0)
Total Fixed Income - Taxable	$	(6.4)	$	(5.1)	$	(0.2)	$	2.0	$	(0.8)	$	(6.4)	$	(0.8)
Fixed Income - Tax-Exempt
US	$	—	$	(0.3)	$	0.8	$	0.5	$	1.6	$	—	$	1.6
Global and Non-US	—		—		—		—		—		—		—
Total Fixed Income - Tax-Exempt	$	—	$	(0.3)	$	0.8	$	0.5	$	1.6	$	—	$	1.6
Fixed Income - Passive (1)
US	$	(0.2)	$	(0.1)	$	(0.3)	$	(0.4)	$	0.2	$	(0.2)	$	0.2
Global and Non-US	0.9		(0.5)		(0.8)		(0.2)		—		0.9		—
Total Fixed Income - Passive (1)	$	0.7	$	(0.6)	$	(1.1)	$	(0.6)	$	0.2	$	0.7	$	0.2
Alternatives/Multi-Asset Solutions (2)
US	$	(0.1)	$	0.4	$	0.1	$	—	$	0.3	$	(0.1)	$	0.3
Global and Non-US	0.1		1.0		2.3		1.2		2.2		0.1		2.2
Total Alternatives/Multi-Asset Solutions (2)	$	—	$	1.4	$	2.4	$	1.2	$	2.5	$	—	$	2.5
Total Net Flows by Investment Service	$	(5.6)	$	(3.3)	$	3.1	$	3.2	$	5.2	$	(5.6)	$	5.2
Active vs. Passive Net Flows
Actively Managed
Equity	$	1.4	$	2.8	$	2.2	$	1.0	$	3.7	$	1.4	$	3.7
Fixed Income (3)	(6.4)		(5.4)		0.6		2.5		0.8		(6.4)		0.8
Alternatives/Multi-Asset Solutions (2)	(0.2)		1.3		2.3		1.0		2.0		(0.2)		2.0
Total	$	(5.2)	$	(1.3)	$	5.1	$	4.5	$	6.5	$	(5.2)	$	6.5
Passively Managed (1)
Equity	$	(1.3)	$	(1.5)	$	(1.0)	$	(0.9)	$	(2.0)	$	(1.3)	$	(2.0)
Fixed Income	0.7		(0.6)		(1.1)		(0.6)		0.2		0.7		0.2
Alternatives/Multi-Asset Solutions (2)	0.2		0.1		0.1		0.2		0.5		0.2		0.5
Total	$	(0.4)	$	(2.0)	$	(2.0)	$	(1.3)	$	(1.3)	$	(0.4)	$	(1.3)
Total Active vs Passive Net Flows	$	(5.6)	$	(3.3)	$	3.1	$	3.2	$	5.2	$	(5.6)	$	5.2
Notes:
(1) Includes index and enhanced index services.
(2) Includes certain multi-asset solutions and services not included in equity or fixed income services. Prior to December 31, 2020, this investment service line was disclosed as “Other.” In order to reflect the increasing significance of Alternatives and Multi-Asset Solutions services, the investment service line was updated to “Alternatives and Multi-Asset Solutions."
(3) Fixed income – taxable investment service net flows include $10.8 billion of AXA's redemptions of certain low-fee fixed income mandates for the twelve-month period ended March 31, 2021. Discrete quarterly outflows for periods presented were as follows:$ $7.9 billion, $2.2 billion and $0.7 billion for the second, third and fourth quarter of 2020 as well as $0.0 billion for first quarter 2021.

1Q 2021 Financial Supplement 18

Protection Solutions - Operating Earnings (Loss) and Summary Metrics

	For the Three Months Ended or As of																	For the Three Months Ended or As of
(in millions USD, unless otherwise indicated)	3/31/2020			6/30/2020			9/30/2020			12/31/2020			3/31/2021			Change		3/31/2020			3/31/2021			Change
Revenues
Policy charges, fee income and premiums	$	562		$	468		$	450		$	490		$	504		(10.3)	%	$	562		$	504		(10.3)	%
Net investment income (loss)	244			204			240			256			262			7.4	%	244			262			7.4	%
Net derivative gains (losses)	2			5			3			(5)			(1)			(150.0)	%	2			(1)			(150.0)	%
Investment management, service fees and other income	57			51			58			59			61			7.0	%	57			61			7.0	%
Segment revenues	865			728			751			800			826			(4.5)	%	865			826			(4.5)	%
Benefits and other deductions
Policyholders’ benefits	500			460			455			460			509			1.8	%	500			509			1.8	%
Interest credited to policyholders’ account balances	127			137			130			120			123			(3.1)	%	127			123			(3.1)	%
Commissions and distribution-related payments	40			35			40			45			34			(15.0)	%	40			34			(15.0)	%
Amortization of deferred policy acquisition costs	50			29			(16)			21			26			(48.0)	%	50			26			(48.0)	%
Compensation and benefits, interest expense and financing fees and other operating costs and expense	88			81			82			86			85			(3.4)	%	88			85			(3.4)	%
Segment benefits and other deductions	805			742			691			732			777			(3.5)	%	805			777			(3.5)	%
Operating earnings (loss), before income taxes	60			(14)			60			68			49			(18.3)	%	60			49			(18.3)	%
Income taxes	(11)			2			(9)			(10)			(8)			27.3	%	(11)			(8)			27.3	%
Operating earnings (loss), before noncontrolling interest	49			(12)			51			58			41			(16.3)	%	49			41			(16.3)	%
Less: Operating (earnings) loss attributable to the noncontrolling interest	—			—			—			—			—			—	%	—			—			—	%
Operating earnings (loss)	$	49		$	(12)		$	51		$	58		$	41		(16.3)	%	$	49		$	41		(16.3)	%
Summary Metrics
Operating earnings (loss) - TTM:[A]	$	378		$	266		$	217		$	146		$	138		(63.5)	%	$	378		$	138		(63.5)	%
Average capital - TTM:[B]	$	2,801		$	2,591		$	2,370		$	2,170		$	2,145		(23.4)	%	$	2,801		$	2,145		(23.4)	%
Non-GAAP Operating ROC - TTM (1): [A/B]	13.5		%	10.3		%	9.2		%	6.7		%	6.5		%			13.5		%	6.5		%
Benefit ratio	72.5		%	82.0		%	77.9		%	72.5		%	76.5		%			72.5		%	76.5		%
Gross written premiums	$	778		$	693		$	700		$	748		$	762		(2.1)	%	$	778		$	762		(2.1)	%
Annualized premiums	$	56		$	57		$	49		$	59		$	69		22.4	%	$	56		$	69		22.4	%
Total in-force face amount (in billions USD)	$	439.7		$	419.1		$	419.9		$	420.6		$	421.3		(4.2)	%	$	439.7		$	421.3		(4.2)	%
Notes:
Some financial metrics have been revised for prior periods; for additional information, please refer to the 10-Q.
(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.

1Q 2021 Financial Supplement 19

Protection Solutions - Select Operating Metrics

	For the Three Months Ended or As of										For the Three Months Ended or As of
(in millions USD, unless otherwise indicated)	3/31/2020		6/30/2020		9/30/2020		12/31/2020		3/31/2021		3/31/2020		3/31/2021
Sales Metrics
First Year Premiums by Product Line:
Universal Life	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Indexed Universal Life	49		41		28		26		21		49		21
Variable Universal Life	35		29		31		49		52		35		52
Term	4		5		5		4		5		4		5
Employee Benefits	11		14		12		15		20		11		20
Other (1)	—		—		—		1		—		—		—
Total	$	99	$	89	$	76	$	95	$	98	$	99	$	98
Renewals by Product Line:
Universal Life	$	216	$	201	$	223	$	205	$	201	$	216	$	201
Indexed Universal Life	72		67		63		74		76		72		76
Variable Universal Life	243		225		226		253		256		243		256
Term	120		83		81		91		97		120		97
Employee Benefits	23		24		26		25		30		23		30
Other (1)	5		4		5		5		4		5		4
Total	679		604		624		653		664		679		664
Total Gross Premiums	$	778	$	693	$	700	$	748	$	762	$	778	$	762
In-force Metrics
In-force Face Amount by Product (2) (in billions):
Universal Life (3)	$	52.7	$	49.9	$	49.5	$	48.7	$	48.0	$	52.7	$	48.0
Indexed Universal Life	26.4		27.0		27.5		27.7		28.0		26.4		28.0
Variable Universal Life (4)	126.0		126.4		126.7		127.7		128.5		126.0		128.5
Term	233.3		214.4		214.9		215.2		215.5		233.3		215.5
Whole Life	1.3		1.4		1.3		1.3		1.3		1.3		1.3
Total	$	439.7	$	419.1	$	419.9	$	420.6	$	421.3	$	439.7	$	421.3
In-force Policy Count by Product (2) (in thousands):
Universal Life (3)	164		149		147		144		142		164		142
Indexed Universal Life	60		62		63		64		64		60		64
Variable Universal Life (4)	296		294		292		291		290		296		290
Term	319		267		268		268		268		319		268
Whole Life	18		17		17		17		17		18		17
Total	857		789		787		784		781		857		781
Protection Solutions Reserves
General Account	$	17,275	$	17,930	$	18,691	$	18,905	$	18,401	$	17,275	$	18,401
Separate Accounts	11,259		12,928		13,190		14,771		15,387		11,259		15,387
Total	$	28,534	$	30,858	$	31,881	$	33,676	$	33,788	$	28,534	$	33,788
Notes:
Some financial metrics have been revised for prior periods; for additional information, please refer to the 10-Q.
(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.

1Q 2021 Financial Supplement 20

Investments

1Q 2021 Financial Supplement 21

Consolidated Investment Portfolio Composition

	Balances as of
(in millions USD, unless otherwise indicated)	December 31, 2020				March 31, 2021
	Amount (1)		% of Total		Amount (1)		% of Total
Composition of investment portfolio
Fixed maturities, available-for-sale, at fair value	$	81,638	70.8	%	$	77,161	68.7	%
Fixed maturities, at fair value using the fair value option	389		0.3	%	844		0.8	%
Mortgage loans on real estate	13,159		11.4	%	13,280		11.8	%
Policy loans	4,118		3.6	%	4,091		3.6	%
Other equity investments (4)	1,502		1.3	%	2,387		2.1	%
Other invested assets	2,728		2.4	%	2,913		2.6	%
Subtotal investment assets	103,534		89.8	%	100,676		89.7	%
Trading securities	5,553		4.8	%	4,821		4.3	%
Total investments	109,087		94.6	%	105,497		93.9	%
Cash and cash equivalents	6,179		5.4	%	6,795		6.1	%
Total	$	115,266	100.0	%	$	112,292	100.0	%
General Account Fixed maturities by industry (Based on amortized cost)
Corporate securities:
Finance	$	14,411	20.1	%	$	13,484	18.6	%
Manufacturing	13,040		18.2	%	12,394		17.1	%
Utilities	6,352		8.9	%	6,088		8.4	%
Services	7,830		10.9	%	7,885		10.8	%
Energy	4,084		5.7	%	3,985		5.5	%
Retail and wholesale	3,747		5.2	%	3,660		5.0	%
Transportation	2,424		3.4	%	2,244		3.1	%
Other	157		0.2	%	201		0.3	%
Total corporate securities	52,045		72.5	%	49,941		68.7	%
U.S. government and agency	12,660		17.6	%	14,809		20.4	%
Residential mortgage-backed (2)	130		0.2	%	119		0.2	%
Preferred stock	621		0.9	%	41		0.1	%
State & municipal	536		0.7	%	569		0.8	%
Foreign governments	1,011		1.4	%	1,065		1.5	%
Commercial mortgage-backed	1,148		1.6	%	1,482		2.0	%
Asset-backed securities	3,587		5.0	%	4,653		6.4	%
Total	$	71,738	100.0	%	$	72,679	100.0	%
General Account Fixed maturities credit quality (3) (Based on amortized cost)
Aaa, Aa, A (NAIC Designation 1)	$	44,146	61.5	%	$	44,588	61.3	%
Baa (NAIC Designation 2)	25,285		35.2	%	25,532		35.1	%
Investment grade	69,431		96.8	%	70,120		96.5	%
Below investment grade (NAIC Designation 3,4,5 and 6)	2,307		3.2	%	2,559		3.5	%
Total	$	71,738	100.0	%	$	72,679	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.
(4) Effective January 1, 2021, certain preferred stock have been reclassified to other equity investments (see 10-Q Note 2 Significant Accounting Policies – Investments).

1Q 2021 Financial Supplement 22

Consolidated Results of General Account Investment Portfolio

	For the Three Months Ended or As of								Years Ended or As of
(in millions USD, unless otherwise indicated)	March 31, 2020				March 31, 2021				December 31, 2020
	Yield		Amount (1)		Yield		Amount (1)		Yield		Amount (1)
Fixed Maturities:
Income (loss)	3.59	%	$	573	3.19	%	$	577	3.46	%	$	2,318
Ending assets			64,815				72,679				71,738
Mortgages:
Income (loss)	4.22	%	128		4.01	%	132		4.13	%	517
Ending assets			12,123				13,280				13,159
Other Equity Investments (2):
Income (loss)	7.42	%	28		19.76	%	107		6.14	%	95
Ending assets			1,556				2,679				1,621
Policy Loans:
Income	5.57	%	52		5.54	%	57		5.28	%	204
Ending assets			3,720				4,091				4,118
Cash and Short-term Investments:
Income	(1.35)	%	(16)		(0.04)	%	—		0.03	%	1
Ending assets			7,552				2,919				2,095
Funding Agreements:
Interest expense and other			(29)				(14)				(75)
Ending (liabilities)			(6,759)				(10,223)				(6,897)
Total invested Assets:
Income	3.73	%	736		4.01	%	859		3.72	%	3,060
Ending assets			83,007				85,425				85,834
Short Duration Fixed Maturities:
Income (loss)	3.60	%	52		3.13	%	35		3.39	%	184
Ending assets			5,729				4,154				4,704
Total Net Investment Income:
Investment income	3.72	%	788		3.97	%	894		3.70	%	3,244
Less: investment fees	(0.12)	%	(25)		(0.13)	%	(28)		(0.12)	%	(107)
Investment income, net	3.60	%	$	763	3.84	%	$	866	3.57	%	$	3,137
General Account Ending Net Assets			$	88,736			$	89,579			$	90,538
Operating Earnings adjustments:
Funding Agreements interest expense			29				14				75
AB and other non-General Account investment income			10				30				151
Operating Net investment income (loss)			$	802			$	910			$	3,363
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.
(2) Effective January 1, 2021, certain preferred stock have been reclassified to other equity investments (see 10-Q Note 2 Significant Accounting Policies – Investments).

1Q 2021 Financial Supplement 23

Additional Information

1Q 2021 Financial Supplement 24

Deferred Policy Acquisition Costs Rollforward

	For the Three Months Ended or As of										For the Three Months Ended or As of
(in millions USD, unless otherwise indicated)	3/31/2020		6/30/2020		9/30/2020		12/31/2020		3/31/2021		3/31/2020		3/31/2021
TOTAL
Beginning balance (1)	$	5,840	$	4,697	$	4,090	$	4,171	$	4,243	$	5,840	$	4,243
Capitalization of commissions, sales and issue expenses	185		155		148		181		186		185		186
Amortization	(1,302)		(162)		(90)		(59)		(87)		(1,302)		(87)
Change in unrealized investment gains and losses	(27)		(600)		23		(50)		601		(27)		601
Reclassified to Assets held-for-sale	1		—		—		—		—		1		—
Ending balance	$	4,697	$	4,090	$	4,171	$	4,243	$	4,943	$	4,697	$	4,943
Individual Retirement
Beginning balance	$	3,285	$	3,401	$	3,134	$	3,128	$	3,178	$	3,285	$	3,178
Capitalization of commissions, sales and issue expenses	112		93		90		110		123		112		123
Amortization	(99)		(90)		(91)		(41)		(61)		(99)		(61)
Change in unrealized investment gains and losses	103		(270)		(5)		(19)		150		103		150
Reclassified to Assets held-for-sale	—		—		—		—		—		—		—
Ending balance	$	3,401	$	3,134	$	3,128	$	3,178	$	3,390	$	3,401	$	3,390
Group Retirement
Beginning balance	$	659	$	626	$	596	$	601	$	632	$	659	$	632
Capitalization of commissions, sales and issue expenses	26		19		21		27		21		26		21
Amortization	(60)		(5)		(15)		7		(6)		(60)		(6)
Change in unrealized investment gains and losses	1		(44)		(1)		(3)		58		1		58
Reclassified to Assets held-for-sale	—		—		—		—		—		—		—
Ending balance	$	626	$	596	$	601	$	632	$	705	$	626	$	705
Protection Solutions
Beginning balance	$	1,880	$	610	$	344	$	426	$	418	$	1,880	$	418
Capitalization of commissions, sales and issue expenses	47		43		37		44		42		47		42
Amortization	(1,141)		(71)		15		(24)		(27)		(1,141)		(27)
Change in unrealized investment gains and losses	(177)		(238)		30		(28)		403		(177)		403
Reclassified to Assets held-for-sale	1		—		—		—		—		1		—
Ending balance	$	610	$	344	$	426	$	418	$	836	$	610	$	836
Corporate and Other
Beginning balance (1)	$	16	$	60	$	16	$	16	$	15	$	16	$	15
Capitalization of commissions, sales and issue expenses	—		—		—		—		—		—		—
Amortization	(2)		4		1		(1)		7		(2)		7
Change in unrealized investment gains and losses	46		(48)		(1)		—		(10)		46		(10)
Reclassified to Assets held-for-sale	—		—		—		—		—		—		—
Ending balance	$	60	$	16	$	16	$	15	$	12	$	60	$	12

Some financial metrics have been revised for prior periods; for additional information, please refer to the 10-Q.

(1) March 31, 2020 DAC beginning balance is $3 million more than December 31, 2019 ending balance due to impact of CECL.

1Q 2021 Financial Supplement 25

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, Non-GAAP Operating ROC by segment for our Individual Retirement, Group Retirement and Protection Solutions segments, 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 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 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.
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) certain changes in the fair value of the derivatives and other securities we use to hedge these features; (ii) the effect of benefit ratio unlock adjustments related to extraordinary economic conditions or events such as COVID-19; and (iii) changes in the fair value of the embedded derivatives reflected within variable annuity products’ net derivative results and the impact of these items on DAC amortization on our SCS product;
•	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, 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 associated with equity securities and certain legal accruals; 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.
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.

1Q 2021 Financial Supplement 26

Use of Non-GAAP Financial Measures

Non-GAAP Operating ROE and Non-GAAP Operating ROC by Segment

We report Non-GAAP Operating ROE and 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 profitability on a consolidated basis and by segment, respectively.

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. We calculate Non-GAAP Operating ROC by segment by dividing Operating earnings (loss) on a segment basis for the previous twelve calendar months by average capital on a segment basis, excluding AOCI, 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 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 and 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 statutory capital adequacy levels, reflecting the NAIC RBC framework adopted as of year-end 2019. To enhance the ability to analyze these measures across periods, interim periods are annualized. Non-GAAP Operating ROE and Non-GAAP Operating ROC by segment should not be used as substitutes for ROE.

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 dividends by diluted common shares outstanding.

1Q 2021 Financial Supplement 27

Reconciliation of Non-GAAP Measures (1/3)

	For the Three Months Ended or As of										For the Three Months Ended or As of
(in millions USD, unless otherwise indicated)	3/31/2020		6/30/2020		9/30/2020		12/31/2020		3/31/2021		3/31/2020		3/31/2021
Net income (loss) attributable to Holdings
Net income (loss) attributable to Holdings	$	5,388	$	(4,019)	$	(779)	$	(1,238)	$	(1,488)	$	5,388	$	(1,488)
Adjustments related to:
Variable annuity product features (1)	(6,869)		5,722		1,620		3,439		2,267		(6,869)		2,267
Investment gains (losses), net	(4)		(169)		(17)		(554)		(183)		(4)		(183)
Net actuarial gains (losses) related to pension and other postretirement benefit obligations	27		28		31		23		34		27		34
Other adjustments (2) (3) (4)	695		75		66		116		524		695		524
Income tax (expense) benefit related to above adjustments (5)	1,292		(1,188)		(357)		(635)		(555)		1,292		(555)
Non-recurring tax items	6		2		4		(403)		1		6		1
Non-GAAP Operating Earnings	$	535	$	451	$	568	$	748	$	600	$	535	$	600
Net income (loss) attributable to Holdings	$	11.62	$	(8.92)	$	(1.74)	$	(2.80)	$	(3.43)	$	11.62	$	(3.43)
Less: Preferred stock dividends	0.02		0.02		0.03		0.04		0.03		0.02		0.03
Net income (loss) available to Holdings' common shareholders	11.60		(8.94)		(1.77)		(2.84)		(3.46)		11.60		(3.46)
Adjustments related to:
Variable annuity product features (1)	(14.82)		12.70		3.62		7.77		5.22		(14.82)		5.22
Investment gains (losses), net	(0.01)		(0.38)		(0.04)		(1.25)		(0.42)		(0.01)		(0.42)
Net actuarial gains (losses) related to pension and other postretirement benefit obligations	0.06		0.06		0.07		0.05		0.08		0.06		0.08
Other adjustments (2) (3) (4)	1.50		0.17		0.15		0.26		1.21		1.50		1.21
Income tax (expense) benefit related to above adjustments (5)	2.79		(2.64)		(0.80)		(1.43)		(1.28)		2.79		(1.28)
Non-recurring tax items	0.01		—		0.01		(0.91)		—		0.01		—
Non-GAAP Operating Earnings (loss) available to Holdings' common shareholders	$	1.13	$	0.98	$	1.24	$	1.65	$	1.35	$	1.13	$	1.35
Book Value per common share
Book Value per common share	$	42.63	$	37.21	$	36.05	$	32.46	$	21.32	$	42.63	$	21.32
Less: Per share impact of AOCI	5.08		8.74		9.42		8.76		1.73		5.08		1.73
Book value per common share (ex. AOCI)	$	37.55	$	28.47	$	26.63	$	23.70	$	19.59	$	37.55	$	19.59
Notes:
Some financial metrics have been revised for prior periods; for additional information, please refer to the 10-Q.
(1) Includes COVID-19 impact on Variable annuity product features due to an assumption update of $1.5 billion and other COVID-19 related impacts of $35 million for the three months ended March 31, 2020. The impact per common share is $3.17 and other COVID-19 related impacts of $0.08 for the three months ended March 31, 2020.
(2) Includes separation costs of $21 million and $32 million for the three months ended March 31, 2021 and 2020, respectively. The impact per common share is $0.05 and $0.07 for the three months ended March 31, 2021 and 2020.
(3) Includes certain legal accruals related to the cost of insurance litigation of $180 million for the three months ended March 31, 2021. The impact per common share is $0.41 for the three months ended March 31, 2021. No adjustment was made to prior period operating earnings as the impact was immaterial.
(4) Includes assumption update due to COVID-19 of $1.0 billion and other COVID-19 related impacts of $51 million for the three months ended March 31, 2020. The impact per common share is $2.26 and $0.11 for the three months ended March 31, 2020.
(5) Includes income taxes of ($547) million for the above related COVID-19 items for the three months ended March 31, 2020. The impact per common share is $(1.18) for the three months ended March 31, 2020.

1Q 2021 Financial Supplement 28

Reconciliation of Non-GAAP Measures (2/3)
	As of and for the Twelve Months Ended
(in millions USD, unless otherwise indicated)	3/31/2020			6/30/2020			9/30/2020			12/31/2020			3/31/2021
Net Income to Non-GAAP Operating Earnings
Net income (loss) attributable to Holdings	$	4,429		$	49		$	(356)		$	(648)		$	(7,524)
Adjustments related to:
Variable annuity product features	(3,545)			1,980			2,169			3,912			13,048
Investment (gains) losses	(88)			(269)			(87)			(744)			(923)
Net actuarial (gains) losses related to pension and other postretirement benefit obligations	102			106			113			109			116
Other adjustments	1,051			1,038			1,031			952			781
Income tax (expense) benefits related to above adjustments	531			(586)			(665)			(888)			(2,735)
Non-recurring tax items	(66)			(6)			2			(391)			(396)
Non-GAAP Operating Earnings	$	2,414		$	2,312		$	2,207		$	2,302		$	2,367
Return on Equity and Non-GAAP Operating Return on Equity - Trailing twelve months
Net income (loss) attributable to Holdings	4,429			49			(356)			(648)			(7,524)
Less: Preferred stock	(13)			(23)			(34)			(53)			(53)
Net income (loss) available to Holdings' common shareholders	$	4,416		$	26		$	(390)		$	(701)		$	(7,577)
Average equity attributable to Holdings' common shareholders (ex. AOCI)	$	14,008		$	13,736		$	13,348		$	13,000		$	10,868
Return on Equity (ex. AOCI)	31.5		%	0.2		%	(2.9)		%	(5.4)		%	(69.7)		%
Non-GAAP Operating Earnings	$	2,414		$	2,312		$	2,207		$	2,302		$	2,367
Less: Preferred stock	(13)			(23)			(34)			(53)			(53)
Non-GAAP Operating Earnings available to Holdings' common shareholders	$	2,401		$	2,289		$	2,173		$	2,249		$	2,314
Average equity attributable to Holdings' common shareholders (ex. AOCI)	$	14,008		$	13,736		$	13,348		$	13,000		$	10,868
Non-GAAP Operating Return on Equity (ex. AOCI)	17.1		%	16.7		%	16.3		%	17.3		%	21.3		%

Some financial metrics have been revised for prior periods; for additional information, please refer to the 10-Q.

1Q 2021 Financial Supplement 29

Reconciliation of Non-GAAP Measures (3/3)
	Balances as of
(in millions USD, unless otherwise indicated)	6/30/2019		9/30/2019		12/31/2019		3/31/2020		6/30/2020		9/30/2020		12/31/2020		3/31/2021
Equity Reconciliation - Quarter-end Balances
Total equity attributable to Holdings' shareholders	$	14,672	$	14,940	$	13,456	$	19,981	$	17,498	$	17,300	$	15,576	$	10,693
Less: Preferred Stock	—		—		775		775		775		1,269		1,269		1,562
Total equity attributable to Holdings' common shareholders	14,672		14,940		12,681		19,206		16,723		16,031		14,307		9,131
Less: Accumulated other comprehensive income (loss)	789		1,546		844		2,289		3,928		4,188		3,863		740
Total equity attributable to Holdings' common shareholders (ex. AOCI)	$	13,883	$	13,394	$	11,837	$	16,917	$	12,795	$	11,843	$	10,444	$	8,391
	Balances as of
(in millions USD, unless otherwise indicated)	6/30/2019		9/30/2019		12/31/2019		3/31/2020		6/30/2020		9/30/2020		12/31/2020		3/31/2021
Equity Reconciliation - Twelve Month Rolling Average (2)
Total equity attributable to Holdings' shareholders	13,474		14,117		14,030		15,762		16,469		17,059		17,589		15,267
Less: Preferred Stock	—		—		194		388		581		899		1,022		1,219
Total equity attributable to Holdings' common shareholders	13,474		14,117		13,836		15,375		15,888		16,160		16,567		14,048
Less: Accumulated other comprehensive income (loss)	(678)		101		664		1,367		2,152		2,812		3,567		3,180
Total equity attributable to Holdings' common shareholders (ex. AOCI)	$	14,152	$	14,016	$	13,172	$	14,008	$	13,736	$	13,348	$	13,000	$	10,868
Notes:
Some financial metrics have been revised for prior periods; for additional information, please refer to the 10-Q.

1Q 2021 Financial Supplement 30

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 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

Average Capital - 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 statutory capital adequacy levels (including CTE98).

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.

Equitable Advisors - means AXA 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 AXA Equitable Life Insurance Company, a New York corporation, a life insurance company and a wholly-owned subsidiary of AEFS.

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.

Inv Mgmt and Research - Abbreviation for Investment Management and Research.

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.

Protection Solutions Benefit Ratio - Calculated as 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.

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, 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”).

Trailing Twelve Months ("TTM") - The twelve calendar months preceding the balance sheet date of a given reporting period.

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Analyst Coverage, Ratings & Contact Information

Analyst Coverage
Firm		Analyst			Phone Number
Citi		Suneet Kamath			1 (212) 816-3457
Credit Suisse		Andrew Kligerman			1 (212) 325-5069
Evercore ISI		Thomas Gallagher			1 (212) 446-9439
Goldman Sachs		Yaron Kinar			1 (212) 902-9592
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
UBS		Brian Meredith			1 (212) 713-2492
Wells Fargo Securities		Elyse Greenspan			1 (212) 214-8031
This list is provided for informational purposes only. Equitable Holdings does not endorse the analyses, conclusions or recommendations contained in any reports issued by these or any other analysts.
Ratings
			A.M. Best	S&P	Moody’s
Last review date			Jan '21	Oct '20	Oct '20
Financial Strength Ratings:
Equitable Financial Life Insurance Company			A	A+	A2
Equitable Financial Life Insurance Company of America			A	A+	A2
Credit Ratings:
Equitable Holdings, Inc.			—	BBB+	Baa2
AllianceBernstein L.P. (1)			—	A	A2
Investor and Media Contacts
Contact Investor Relations				Contact Media Relations
Isil Muderrisoglu	Thomas Lewis			Matt Asensio
(212) 314-2476	(212) 314-4638			(212) 314-2010
IR@equitable.com				MediaRelations@equitable.com
ir.equitableholdings.com				www.equitableholdings.com
Notes:
(1) Last review dates: S&P as of Sep '20, Moody’s as of Oct '20.

1Q 2021 Financial Supplement 32