Table of Contents
	Consolidated Financials and Key Metrics		Page
		Key Metrics Summary	4
		Consolidated Statements of Income (Loss)	5
		Consolidated Balance Sheets	6
		Consolidated Capital Structure	7
		Operating Earnings (Loss) by Segment and Corporate and Other	8
		Assets Under Management and Administration	10
		Sales Metrics by Segment	11
	Select Metrics from Business Segments
Individual Retirement
		Statements of Operating Earnings (Loss) and Summary Metrics	13
		Select Operating Metrics	14
Group Retirement
		Statements of Operating Earnings (Loss) and Summary Metrics	16
		Select Operating Metrics	17
Investment Management and Research
		Statements of Operating Earnings (Loss) and Summary Metrics	18
		Select Operating Metrics	19
		Net Flows	20
Protection Solutions
		Statements of Operating Earnings (Loss) and Summary Metrics	21
		Select Operating Metrics	22
	Investments
		Consolidated Investment Portfolio Composition	24
		Consolidated Results of General Account Investment Portfolio	25
	Additional Information
		Deferred Policy Acquisition Costs Rollforward	27
		Use of Non-GAAP Financial Measures	28
		Reconciliation of Non-GAAP Measures	30
		Glossary of Selected Financial and Product Terms	33
		Analyst Coverage, Ratings & Contact Information	34

All information included in this financial supplement is unaudited.

.

This financial supplement should be read in conjunction with Equitable Holdings, Inc.’s (“EQH”) Quarterly Report on Form 10-Q for the quarter ended September 30, 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.

3Q 2021 Financial Supplement 2

Consolidated Financials

and Key Metrics

3Q 2021 Financial Supplement 3

Key Metrics Summary

	For the Three Months Ended or As of																	Nine Months Ended or As of
(in millions USD, unless otherwise indicated)	9/30/2020			12/31/2020			3/31/2021			6/30/2021			9/30/2021			Change		9/30/2020			9/30/2021			Change
Net income (loss)	$	(705)		$	(1,136)		$	(1,400)		$	223		$	765		208.5	%	$	787		$	(412)		(152.4)	%
Net income (loss) attributable to the noncontrolling interest	(74)			(102)			(88)			(100)			(93)			(25.7)	%	(197)			(281)			(42.6)	%
Net income (loss) attributable to Holdings	$	(779)		$	(1,238)		$	(1,488)		$	123		$	672		186.3	%	$	590		$	(693)		(217.5)	%
Non-GAAP Operating Earnings (1)	$	568		$	748		$	600		$	758		$	818		44.0	%	$	1,554		$	2,176		40.0	%
Total equity attributable to Holdings' shareholders	$	17,300		$	15,576		$	10,693		$	11,732		$	11,680		(32.5)	%	$	17,300		$	11,680		(32.5)	%
Less: Preferred Stock	1,269			1,269			1,562			1,562			1,562			23.1	%	1,269			1,562			23.1	%
Total equity attributable to Holdings' common shareholders	16,031			14,307			9,131			10,170			10,118			(36.9)	%	16,031			10,118			(36.9)	%
Less: Accumulated other comprehensive income (loss)	4,188			3,863			740			1,983			1,876			(55.2)	%	4,188			1,876			(55.2)	%
Total equity attributable to Holdings' common shareholders (ex. AOCI)	$	11,843		$	10,444		$	8,391		$	8,187		$	8,242		(30.4)	%	$	11,843		$	8,242		(30.4)	%
Return on Equity (ex. AOCI) - TTM	(2.9)		%	(5.4)		%	(69.7)		%	(35.5)		%	(22.7)		%			(2.9)		%	(22.7)		%
Non-GAAP Operating ROE (1)	16.3		%	17.3		%	21.3		%	26.8		%	32.4		%			16.3		%	32.4		%
Debt to capital:
Debt to Capital	19.2		%	20.9		%	26.4		%	24.6		%	24.7		%			19.2		%	24.7		%
Debt to Capital (ex. AOCI)	23.9		%	26.0		%	27.8		%	28.2		%	28.1		%			23.9		%	28.1		%
Per common share:
Diluted earnings per common share: (2)
Net income (loss) attributable to Holdings	$	(1.77)		$	(2.84)		$	(3.46)		$	0.23		$	1.59		189.9	%	$	1.22		$	(1.76)		(244.0)	%
Non-GAAP Operating Earnings (1)	$	1.24		$	1.65		$	1.35		$	1.71		$	1.94		55.8	%	$	3.35		$	5.02		49.9	%
Book value per common share	$	36.05		$	32.46		$	21.32		$	24.20		$	25.00		(30.6)	%	$	36.05		$	25.00		(30.6)	%
Book value per common share (ex. AOCI)	$	26.63		$	23.70		$	19.59		$	19.48		$	20.37		(23.5)	%	$	26.63		$	20.37		(23.5)	%
Weighted-average common shares outstanding:
Basic	447.5			442.8			434.2			424.2			411.3			(8.1)	%	453.0			423.2			(6.6)	%
Diluted	447.5			442.8			434.2			428.3			414.6			(7.3)	%	454.1			423.2			(6.8)	%
Ending common shares outstanding	444.7			440.8			428.3			420.2			404.7			(9.0)	%	444.7			404.7			(9.0)	%
Return to common shareholders:
Common stock dividend	$	76		$	75		$	74		$	76		$	74				$	222		$	224
Repurchase of common shares	100			100			430			279			460					330			1,169
Total capital returned to common shareholders	$	176		$	175		$	504		$	355		$	534				$	552		$	1,393
Market Values:
S&P 500	3,363			3,756			3,973			4,298			4,308			28.1	%	3,363			4,308			28.1	%
US 10-Year Treasury	0.7		%	0.9		%	1.7		%	1.5		%	1.5		%			0.7		%	1.5		%
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” and "Glossary of Selected Financial and Product Terms" sections of this document. For a reconciliation of this item to the most directly comparable GAAP measure, refer to the “Non-GAAP Reconciliation” section in this document.
(2) For loss periods, dilutive shares were not included in the calculation of net income (loss) available to shareholders per common share or Non-GAAP Operating Earnings per common share as inclusion of such shares would have an anti-dilutive effect.

3Q 2021 Financial Supplement 4

Consolidated Statements of Income (Loss)

	For the Three Months Ended												Nine Months Ended
(in millions USD, unless otherwise indicated)	9/30/2020		12/31/2020		3/31/2021		6/30/2021		9/30/2021		Change		9/30/2020		9/30/2021		Change
Revenues
Policy charges and fee income	$	914	$	948	$	949	$	939	$	867	(5.1)	%	$	2,787	$	2,755	(1.1)	%
Premiums	221		243		258		241		230		4.1	%	754		729		(3.3)	%
Net derivative gains (losses)	(1,472)		(3,612)		(2,546)		(1,199)		(185)		87.4	%	1,890		(3,930)		(307.9)	%
Net investment income (loss)	879		947		884		1,033		997		13.4	%	2,530		2,914		15.2	%
Investment gains (losses), net	17		554		184		420		163		858.8	%	190		767		303.7	%
Investment management and service fees	1,126		1,294		1,257		1,318		1,323		17.5	%	3,314		3,898		17.6	%
Other income	155		142		167		198		220		41.9	%	434		585		34.8	%
Total revenues	1,840		516		1,153		2,950		3,615		96.5	%	11,899		7,718		(35.1)	%
Benefits and other deductions
Policyholders’ benefits	1,034		780		939		828		751		(27.4)	%	4,546		2,518		(44.6)	%
Interest credited to policyholders’ account balances	306		292		291		309		305		(0.3)	%	930		905		(2.7)	%
Compensation and benefits	503		598		580		568		614		22.1	%	1,498		1,762		17.6	%
Commissions and distribution related payments	342		369		382		397		436		27.5	%	982		1,215		23.7	%
Interest expense	52		48		74		51		59		13.5	%	152		184		21.1	%
Amortization of deferred policy acquisition costs	90		58		87		106		64		(28.9)	%	1,555		257		(83.5)	%
Other operating costs and expenses	436		392		608		447		456		4.6	%	1,308		1,511		15.5	%
Total benefits and other deductions	2,763		2,537		2,961		2,706		2,685		(2.8)	%	10,971		8,352		(23.9)	%
Income (loss) from operations, before income taxes	(923)		(2,021)		(1,808)		244		930		200.8	%	928		(634)		(168.3)	%
Income tax (expense) benefit	218		885		408		(21)		(165)		(175.7)	%	(141)		222		257.4	%
Net income (loss)	(705)		(1,136)		(1,400)		223		765		208.5	%	787		(412)		(152.4)	%
Less: net (income) loss attributable to the noncontrolling interest	(74)		(102)		(88)		(100)		(93)		(25.7)	%	(197)		(281)		(42.6)	%
Net income (loss) attributable to Holdings	$	(779)	$	(1,238)	$	(1,488)	$	123	$	672	186.3	%	$	590	$	(693)	(217.5)	%
Less: Preferred stock dividends	(11)		(19)		(13)		(26)		(14)		(27.3)	%	(34)		(53)		(55.9)	%
Net income (loss) available to Holdings' common shareholders	$	(790)	$	(1,257)	$	(1,501)	$	97	$	658	183.3	%	$	556	$	(746)	(234.2)	%
Adjustments related to:
Variable annuity product features (1)	$	1,620	$	3,439	$	2,267	$	1,193	$	172			$	473	$	3,632
Investment gains (losses), net	(17)		(554)		(183)		(420)		(164)				(190)		(767)
Net actuarial gains (losses) related to pension and other postretirement benefit obligations	31		23		34		26		27				86		87
Other adjustments (2) (3) (4) (5)	66		116		524		7		141				836		672
Income tax (expense) benefit related to above adjustments (6)	(357)		(635)		(555)		(171)		(35)				(253)		(761)
Non-recurring tax items	4		(403)		1		—		5				12		6
Non-GAAP Operating earnings (7)	$	568	$	748	$	600	$	758	$	818			$	1,554	$	2,176
Notes:
(1) Includes COVID-19 impact on Variable annuity product features due to a first quarter 2020 assumption update of $1.5 billion and other COVID-19 related impacts of $35 million for the nine months ended September 30, 2020.
(2) Includes separation costs of $25 million,$37 million,$62 million and $108 million for the three and nine months ended September 30, 2021 and 2020.
(3) Includes certain legal accruals related to the cost of insurance litigation of $180 million for the nine months ended September 30, 2021. No adjustment was made to prior period operating earnings as the impact was immaterial.
(4) Includes COVID-19 impact on Other adjustments due to a first quarter 2020 assumption update of $1.0 billion and other COVID-19 related impacts of $86 million for the nine months ended September 30, 2020.
(5) Includes Non-GMxB related derivative hedge losses of ($4) million, $10 million, $140 million, and ($461) million for the three and nine months ended September 30, 2021 and 2020.
(6) Includes income taxes of ($554) million for the above related COVID-19 items for the nine months ended September 30, 2020.
(7) This measure is a Non-GAAP financial measure. For an explanation of our use of Non-GAAP financial measures, refer to the “Use of Non-GAAP Financial Measures” and "Glossary of Selected Financial       and Product Terms" sections of this document. For a reconciliation of this item to the most directly comparable GAAP measure, refer to the “Non-GAAP Reconciliation” section in this document.

3Q 2021 Financial Supplement 5

Consolidated Balance Sheets

	Balances as of
(in millions USD, unless otherwise indicated)	9/30/2020		12/31/2020		3/31/2021		6/30/2021		9/30/2021
Assets
Total investments	$	105,778	$	109,087	$	105,497	$	100,467	$	102,007
Cash and cash equivalents	8,684		6,179		6,795		5,761		5,255
Cash and securities segregated, at fair value	1,869		1,753		1,413		1,073		909
Broker-dealer related receivables	1,929		2,223		2,361		2,474		2,639
Deferred policy acquisition costs	4,171		4,243		4,943		4,838		5,366
Goodwill and other intangible assets, net	4,745		4,737		4,744		4,739		4,734
Amounts due from reinsurers	4,580		4,566		4,526		14,462		14,801
GMIB reinsurance contract asset, at fair value	2,818		2,488		1,907		2,026		1,937
Current and deferred income taxes	—		—		509		428		293
Other assets	4,476		3,701		3,859		4,149		4,545
Assets held-for-sale	—		470		483		—		—
Separate Accounts assets	123,446		135,950		139,795		145,565		142,093
Total assets	$	262,496	$	275,397	$	276,832	$	285,982	$	284,579
Liabilities
Policyholders’ account balances	$	62,726	$	66,820	$	73,303	$	75,169	$	75,909
Future policy benefits and other policyholders’ liabilities	41,139		39,881		35,922		36,835		37,184
Broker-dealer related payables	760		1,443		2,283		1,643		1,087
Customers related payables	3,461		3,417		3,179		2,942		3,153
Amounts due to reinsurers	1,391		1,381		1,340		1,377		1,466
Short-term and long-term debt	4,114		4,115		4,022		3,920		3,839
Income taxes payable	1,648		749		—		—		—
Notes issued by consolidated variable interest entities, at fair value using the fair value option	—		313		323		746		1,190
Other liabilities	4,864		3,686		3,990		4,439		5,343
Liabilities held-for-sale	—		322		270		—		—
Separate Accounts liabilities	123,446		135,950		139,795		145,565		142,093
Total liabilities	243,549		258,077		264,427		272,636		271,264
Redeemable noncontrolling interest	95		143		137		42		143
Equity
Preferred stock	1,269		1,269		1,562		1,562		1,562
Common stock	5		5		5		5		5
Additional paid-in capital	1,953		1,985		1,928		1,980		1,917
Treasury shares	(2,147)		(2,245)		(2,300)		(2,537)		(2,537)
Retained earnings	12,032		10,699		8,758		8,739		8,857
Accumulated other comprehensive income (loss)	4,188		3,863		740		1,983		1,876
Total equity attributable to Holdings	17,300		15,576		10,693		11,732		11,680
Noncontrolling interest	1,552		1,601		1,575		1,572		1,492
Total equity	18,852		17,177		12,268		13,304		13,172
Total liabilities, redeemable noncontrolling interest and equity	$	262,496	$	275,397	$	276,832	$	285,982	$	284,579

3Q 2021 Financial Supplement 6

Consolidated Capital Structure

	Balances as of
(in millions USD, unless otherwise indicated)	9/30/2020			12/31/2020			3/31/2021			6/30/2021			9/30/2021
Short-term and long-term debt:
Short-term debt
AB commercial paper	$	—		$	—		$	—		$	—		$	—
AB revolving credit facility	—			—			—			—			—
CLO Warehousing Debt (1)	—			—			185			82			1
Total short-term debt	—			—			185			82			1
Total long-term debt	4,114			4,115			3,837			3,838			3,838
Total short-term and long-term debt: [A]	$	4,114		$	4,115		$	4,022		$	3,920		$	3,839
Equity:
Preferred stock	$	1,269		$	1,269		$	1,562		$	1,562		$	1,562
Common stock	$	5		$	5		$	5		$	5		$	5
Additional paid-in capital	1,953			1,985			1,928			1,980			1,917
Treasury stock, at cost	(2,147)			(2,245)			(2,300)			(2,537)			(2,537)
Retained earnings	12,032			10,699			8,758			8,739			8,857
Accumulated other comprehensive income (loss)	4,188			3,863			740			1,983			1,876
Total equity attributable to Holdings	17,300			15,576			10,693			11,732			11,680
Noncontrolling interest	1,552			1,601			1,575			1,572			1,492
Total equity	$	18,852		$	17,177		$	12,268		$	13,304		$	13,172
Total equity attributable to Holdings, (ex. AOCI): [B]	$	13,112		$	11,713		$	9,953		$	9,749		$	9,804
Capital:
Total capitalization (3)	$	21,414		$	19,691		$	14,530		$	15,570		$	15,518
Total capitalization (ex. AOCI): [A+B] (3)	$	17,226		$	15,828		$	13,790		$	13,587		$	13,642
Debt to capital:
Debt to capital (2)	19.2		%	20.9		%	26.4		%	24.6		%	24.7		%
Debt to capital (ex. AOCI) (2)	23.9		%	26.0		%	27.8		%	28.2		%	28.1		%
	For the Three Months Ended
Roll-forward of common shares outstanding (millions of shares):
Beginning balance	449.4			444.7			440.8			428.3			420.2
Repurchases	(4.7)			(4.0)			(3.2)			(7.1)			—
Retirements	—			—			(11.2)			(1.1)			(15.6)
Issuances	—			0.1			2.0			0.1			0.1
Ending basic common shares outstanding	444.7			440.8			428.3			420.2			404.7
Total potentially dilutive shares	1.1			—			—			—			—
Ending common shares outstanding - maximum potential dilution	445.8			440.8			428.3			420.2			404.7
Notes:

(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.

3Q 2021 Financial Supplement 7

Operating Earnings (Loss) by Segment and Corporate and Other (1/2)
	Three Months Ended September 30, 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	$	439	$	96	$	—	$	482	$	80	$	1,097
Net investment income (loss)	296		189		(2)		294		270		1,047
Net derivative gains (losses)	77		(11)		2		(7)		3		64
Investment management, service fees and other income	186		69		1,093		69		126		1,543
Segment revenues	998		343		1,093		838		479		3,751
Benefits and other deductions
Policyholders’ benefits	272		—		—		392		164		828
Interest credited to policyholders’ account balances	70		77		—		126		32		305
Commissions and distribution related payments	89		12		187		44		104		436
Amortization of deferred policy acquisition costs	88		(24)		—		4		(13)		55
Compensation, benefits and other operating costs and expenses	96		45		622		78		112		953
Interest expense and financing fees	—		—		—		—		65		65
Segment benefits and other deductions	615		110		809		644		464		2,642
Operating earnings (loss), before income taxes	383		233		284		194		15		1,109
Income Taxes	(67)		(41)		(49)		(34)		1		(190)
Operating earnings (loss), before noncontrolling interest	316		192		235		160		16		919
Less: Operating (earnings) loss attributable to the noncontrolling interest	—		—		(101)		—		—		(101)
Operating earnings (loss)	$	316	$	192	$	134	$	160	$	16	$	818
	Three Months Ended September 30, 2020
	Individual Retirement		Group Retirement		Inv Mgmt and Research		Protection Solutions		Corporate and Other		Consolidated
Revenues
Policy charges, fee income and premiums	$	519	$	75	$	—	$	450	$	90	$	1,134
Net investment income (loss)	324		174		13		240		121		872
Net derivative gains (losses)	58		(3)		(14)		3		1		45
Investment Management, service fees and other income	178		55		900		58		88		1,279
Segment revenues	1,079		301		899		751		300		3,330
Benefits and other deductions
Policyholders’ benefits	298		1		—		455		163		917
Interest credited to policyholders’ account balances	78		76		—		130		22		306
Commissions and distribution related payments	71		9		148		40		74		342
Amortization of deferred policy acquisition costs	94		14		—		(16)		—		92
Compensation, benefits and other operating costs and expenses	93		46		531		82		89		841
Interest Expense and Financing Fees	—		—		1		—		56		57
Segment benefits and other deductions	634		146		680		691		404		2,555
Operating earnings (loss), before income taxes	445		155		219		60		(104)		775
Income Taxes	(74)		(26)		(40)		(9)		18		(131)
Operating earnings (loss), before noncontrolling interest	371		129		179		51		(86)		644
Less: Operating (earnings) loss attributable to the noncontrolling interest	—		—		(75)		—		(1)		(76)
Operating earnings (loss)	$	371	$	129	$	104	$	51	$	(87)	$	568

3Q 2021 Financial Supplement 8

Operating Earnings (Loss) by Segment and Corporate and Other (2/2)
	Nine Months Ended September 30, 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	$	1,457	$	273	$	—	$	1,493	$	261	$	3,484
Net investment income (loss)	972		564		10		827		613		2,986
Net derivative gains (losses)	(51)		(16)		(7)		(18)		(22)		(114)
Investment Management, service fees and other income	579		197		3,166		194		347		4,483
Segment revenues	2,957		1,018		3,169		2,496		1,199		10,839
Benefits and other deductions
Policyholders’ benefits	641		—		—		1,370		485		2,496
Interest credited to policyholders’ account balances	205		227		—		383		90		905
Commissions and distribution related payments	245		41		517		120		292		1,215
Amortization of deferred policy acquisition costs	239		(11)		—		63		(16)		275
Compensation, benefits and other operating costs and expenses	307		140		1,831		241		257		2,776
Interest expense and financing fees	—		—		1		—		180		181
Segment benefits and other deductions	1,637		397		2,349		2,177		1,288		7,848
Operating earnings (loss), before income taxes	1,320		621		820		319		(89)		2,991
Income Taxes	(227)		(107)		(142)		(55)		14		(517)
Operating earnings (loss), before noncontrolling interest	1,093		514		678		264		(75)		2,474
Less: Operating (earnings) loss attributable to the noncontrolling interest	—		—		(297)		—		(1)		(298)
Operating earnings (loss)	$	1,093	$	514	$	381	$	264	$	(76)	$	2,176
	Nine Months Ended September 30, 2020
	Individual Retirement		Group Retirement		Inv Mgmt and Research		Protection Solutions		Corporate and Other		Consolidated
Revenues
Policy charges, fee income and premiums	$	1,513	$	214	$	—	$	1,480	$	291	$	3,498
Net investment income (loss)	906		460		12		688		338		2,404
Net derivative gains (losses)	414		1		(15)		10		(3)		407
Investment Management, service fees and other income	519		154		2,653		166		255		3,747
Segment revenues	3,352		829		2,650		2,344		881		10,056
Benefits and other deductions
Policyholders’ benefits	1,046		2		—		1,415		504		2,967
Interest credited to policyholders’ account balances	241		226		—		394		75		936
Commissions and distribution related payments	203		33		414		115		217		982
Amortization of deferred policy acquisition costs	253		28		—		63		(1)		343
Compensation, benefits and other operating costs and expenses	286		147		1,612		251		221		2,517
Interest Expense and Financing Fees	—		—		5		—		164		169
Segment benefits and other deductions	2,029		436		2,031		2,238		1,180		7,914
Operating earnings (loss), before income taxes	1,323		393		619		106		(299)		2,142
Income Taxes	(229)		(68)		(109)		(18)		53		(371)
Operating earnings (loss), before noncontrolling interest	1,094		325		510		88		(246)		1,771
Less: Operating (earnings) loss attributable to the noncontrolling interest	—		—		(219)		—		2		(217)
Operating earnings (loss)	$	1,094	$	325	$	291	$	88	$	(244)	$	1,554

3Q 2021 Financial Supplement 9

Assets Under Management and Administration

	Balances as of
(in billions USD, except for Equitable Headcount)	9/30/2020		12/31/2020		3/31/2021		6/30/2021		9/30/2021
Assets Under Management
AB AUM
Total AB	$	630.8	$	685.9	$	697.2	$	738.4	$	742.2
Exclusion for General Account and other Affiliated Accounts	(85.9)		(87.6)		(84.5)		(76.7)		(77.4)
Exclusion for Separate Accounts	(36.6)		(40.5)		(42.2)		(44.4)		(43.6)
AB third party	$	508.3	$	557.8	$	570.4	$	617.3	$	621.2
Total company AUM
AB third party	$	508.3	$	557.8	$	570.4	$	617.3	$	621.2
General Account and other Affiliated Accounts (1) (3)	114.5		115.3		112.3		106.2		107.3
Separate Accounts (2) (3)	123.4		136.0		139.8		145.6		142.1
Total AUM	$	746.3	$	809.0	$	822.5	$	869.1	$	870.6
Total Assets Under Administration (AUA) (4)	$	56.3	$	62.3	$	70.1	$	75.4	$	77.4
Equitable Advisor Headcount
Total Number of Equitable Advisors	4,273		4,530		4,369		4,314		4,263
Notes:
(1) “General Account and Other Affiliated Accounts” refers to assets held in the general accounts of our insurance companies and other assets on which we bear the investment risk.
(2) “Separate Accounts” refers to the separate account investment assets of our insurance subsidiaries excluding any assets on which we bear the investment risk.
(3) As of June 30, 2021 and September 30, 2021, Separate Account and General Account AUM is inclusive of $16.9 billion, $63 million, $16.3 billion and $64 million, respectively, Account Value ceded to Venerable. For additional information on the Venerable transaction see Note 1 of the Notes to Consolidated Financial Statements within the 10-Q.
(4) AUA includes Equitable Advisors Advisory and Brokerage AUA; Equitable Advisors broker-dealer business is included in Corporate and Other.

3Q 2021 Financial Supplement 10

Sales Metrics by Segment

	For the Three Months Ended												Nine Months Ended
(in millions USD, unless otherwise indicated)	9/30/2020		12/31/2020		3/31/2021		6/30/2021		9/30/2021		Change		9/30/2020		9/30/2021		Change
Insurance Operations
Individual Retirement
First year premiums and deposits	$	1,656	$	1,968	$	2,386	$	2,753	$	2,801	69.1	%	$	5,205	$	7,940	52.5	%
Renewal premium and deposits	91		81		83		90		83		(8.8)	%	258		256		(0.8)	%
Total Gross Premiums	$	1,747	$	2,049	$	2,469	$	2,843	$	2,884	65.1	%	$	5,463	$	8,196	50.0	%
Group Retirement
First year premiums and deposits	$	254	$	332	$	308	$	306	$	352	38.6	%	$	844	$	966	14.5	%
Renewal premium and deposits	452		584		597		623		479		6.0	%	1,583		1,699		7.3	%
Total Gross Premiums	$	706	$	916	$	905	$	929	$	831	17.7	%	$	2,427	$	2,665	9.8	%
Protection Solutions
First year premiums and deposits	$	76	$	95	$	98	$	100	$	95	25.0	%	$	264	$	293	11.0	%
Renewal premium and deposits	624		653		664		648		659		5.6	%	1,907		1,971		3.4	%
Total Gross Premiums	$	700	$	748	$	762	$	748	$	754	7.7	%	$	2,171	$	2,264	4.3	%
Investment Management and Research (in billions USD)
Gross Sales by distribution channel
Institutional	$	8.3	$	9.9	$	4.9	$	17.6	$	2.6	(68.7)	%	$	21.0	$	25.1	19.5	%
Retail	17.5		17.7		23.0		23.8		25.6		46.3	%	61.3		72.4		18.1	%
Private Wealth Management	3.5		3.7		5.4		3.6		4.1		17.1	%	10.5		13.1		24.8	%
Firmwide Gross Sales	$	29.3	$	31.3	$	33.3	$	45.0	$	32.3	10.2	%	$	92.8	$	110.6	19.2	%
Gross sales by investment service
Equity Active	$	12.0	$	13.5	$	15.6	$	18.3	$	17.2	43.3	%	$	37.9	$	51.1	34.8	%
Equity Passive (1)	1.2		0.1		0.2		0.4		0.5		(58.3)	%	1.6		1.1		(31.3)	%
Fixed Income - Taxable	11.0		13.6		12.4		16.3		8.8		(20.0)	%	40.7		37.5		(7.9)	%
Fixed Income - Tax-Exempt	2.2		2.8		3.4		3.2		3.3		50.0	%	7.5		9.9		32.0	%
Fixed Income Passive (1)	—		—		—		0.8		0.4		100.0	%	—		1.2		100.0	%
Alternatives/Multi-Asset Solutions (2)	2.9		1.3		1.7		6.0		2.1		(27.6)	%	5.1		9.8		92.2	%
Firmwide Gross Sales	$	29.3	$	31.3	$	33.3	$	45.0	$	32.3	10.2	%	$	92.8	$	110.6	19.2	%
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."

3Q 2021 Financial Supplement 11

Business Segments:

Operating Earnings Results and Metrics

3Q 2021 Financial Supplement 12

Individual Retirement - Operating Earnings (Loss) and Summary Metrics

	For the Three Months Ended or As of																	Nine Months Ended or As of
(in millions USD, unless otherwise indicated)	9/30/2020			12/31/2020			3/31/2021			6/30/2021			9/30/2021			Change		9/30/2020			9/30/2021			Change
Revenues
Policy charges, fee income and premiums	$	519		$	521		$	522		$	496		$	439		(15.4)	%	$	1,513		$	1,457		(3.7)	%
Net investment income (loss)	324			340			325			351			296			(8.6)	%	906			972			7.3	%
Net derivative gains (losses)	58			(83)			(59)			(69)			77			32.8	%	414			(51)			(112.3)	%
Investment management, service fees and other income	178			181			192			201			186			4.5	%	519			579			11.6	%
Segment revenues	1,079			959			980			979			998			(7.5)	%	3,352			2,957			(11.8)	%
Benefits and other deductions
Policyholders’ benefits	298			161			206			163			272			(8.7)	%	1,046			641			(38.7)	%
Interest credited to policyholders’ account balances	78			71			68			67			70			(10.3)	%	241			205			(14.9)	%
Commissions and distribution-related payments	71			78			81			75			89			25.4	%	203			245			20.7	%
Amortization of deferred policy acquisition costs	94			46			78			73			88			(6.4)	%	253			239			(5.5)	%
Compensation and benefits, interest expense and financing fees and other operating costs and expense	93			96			112			99			96			3.2	%	286			307			7.3	%
Segment benefits and other deductions	634			452			545			477			615			(3.0)	%	2,029			1,637			(19.3)	%
Operating earnings (loss), before income taxes	445			507			435			502			383			(13.9)	%	1,323			1,320			(0.2)	%
Income taxes	(74)			(65)			(72)			(88)			(67)			9.5	%	(229)			(227)			0.9	%
Operating earnings (loss), before noncontrolling interest	371			442			363			414			316			(14.8)	%	1,094			1,093			(0.1)	%
Less: Operating (earnings) loss attributable to the noncontrolling interest	—			—			—			—			—			—	%	—			—			—	%
Operating earnings (loss)	$	371		$	442		$	363		$	414		$	316		(14.8)	%	$	1,094		$	1,093		(0.1)	%
Summary Metrics
Operating earnings (loss) - TTM:[A]	$	1,486		$	1,536		$	1,526		$	1,590		$	1,535		3.3	%	$	1,486		$	1,535		3.3	%
Average capital - TTM:[B]	$	6,682		$	6,352		$	6,248		$	6,426		$	6,304		(5.7)	%	$	6,682		$	6,304		(5.7)	%
Non-GAAP Operating ROC - TTM (1): [A/B]	22.2		%	24.2		%	24.4		%	24.8		%	24.4		%			22.2		%	24.4		%
Average Account Value (TTM)	$	103,546		$	105,663		$	112,460		$	113,609		$	113,580		9.7	%	$	103,546		$	113,580		9.7	%
Return on assets (TTM)	1.74		%	1.73		%	1.61		%	1.66		%	1.61		%			1.74		%	1.61		%
Net flows
Current Product Offering	$	351		$	534		$	559		$	762		$	702		99.9	%	$	1,622		$	2,023		24.7	%
Fixed Rate (3)	(778)			(863)			(1,075)			(940)			(689)			11.5	%	(2,422)			(2,704)			(11.7)	%
Net flows	$	(427)		$	(329)		$	(516)		$	(178)		$	13		103.0	%	$	(800)		$	(681)		14.9	%
First year premiums and deposits	$	1,656		$	1,968		$	2,386		$	2,753		$	2,801		69.1	%	$	5,205		$	7,940		52.5	%
In-force Policy Count by Product (in thousands) (2):
Current Product Offering	557			560			561			564			568					557			568
Fixed Rate	342			338			333			328			322					342			322
Total	899			898			894			892			890					899			890
Notes:
(1) This measure is a Non-GAAP financial measure. For an explanation of our use of Non-GAAP financial measures, refer to the “Use of Non-GAAP Financial Measures” and      "Glossary of Selected Financial and Product Terms" sections of this document.
(2) As of June 30, 2021 and September 30, 2021, In-force Policy Count by Product presented on a gross basis includes 108 thousand and 107 thousand ceded policies, respectively, related to the Venerable transaction.
(3) Net flows excluded as it relates to AV ceded to Venerable for the three months ended June 30, 2021 and September 30, 2021 and nine months ended September 30, 2021 were $(120) million, $(322) million and $(442) million, respectively.

3Q 2021 Financial Supplement 13

Individual Retirement - Select Operating Metrics
	For the Three Months Ended or As of										Nine Months Ended or As of
(in millions USD, unless otherwise indicated)	9/30/2020		12/31/2020		3/31/2021		6/30/2021		9/30/2021		9/30/2020		9/30/2021
Sales Metrics
First Year Premiums by Product:
SCS	$	1,166	$	1,511	$	1,752	$	1,905	$	1,910	$	3,380	$	5,567
Retirement Cornerstone	324		256		369		454		531		1,250		1,354
Investment Edge	97		130		184		301		274		318		759
Other	69		71		81		93		86		257		260
Total First Year Premiums	$	1,656	$	1,968	$	2,386	$	2,753	$	2,801	$	5,205	$	7,940
First Year Premiums by Guarantee:
Non-GMxB	$	1,255	$	1,617	$	1,919	$	2,168	$	2,186	$	3,725	$	6,273
ROP death benefit only	134		144		179		203		160		388		542
Total non-GMxB & ROP death benefit only	1,389		1,761		2,098		2,371		2,346		4,113		6,815
Floating rate GMxB	266		205		287		381		455		1,073		1,123
Fixed rate GMxB	1		2		1		1		—		19		2
Total First Year Premiums	$	1,656	$	1,968	$	2,386	$	2,753	$	2,801	$	5,205	$	7,940
Account Values
General Account:
Balance as of beginning of period	$	27,075	$	28,376	$	30,783	$	32,259	$	34,090	$	26,108	$	30,783
Gross premiums (6)	915		1,409		1,388		1,760		2,137		3,247		5,285
Surrenders, withdrawals and benefits	(528)		(572)		(684)		(787)		(847)		(1,383)		(2,318)
Net flows (1)	387		837		704		973		1,290		1,864		2,967
Investment performance, interest credited and policy charges (1)	914		1,570		772		917		248		413		1,937
Ceded to Venerable (2)	—		—		—		(61)		—		—		(61)
Other (3) (4) (5)	—		—		—		2		(38)		(6)		(36)
Reclassified to Assets held-for-sale	—		—		—		—		—		(3)		—
Balance as of end of period	$	28,376	$	30,783	$	32,259	$	34,090	$	35,590	$	28,376	$	35,590
Separate Accounts:
Balance as of beginning of period	$	76,765	$	79,455	$	86,607	$	88,521	$	74,345	$	82,814	$	86,607
Gross premiums (6)	820		640		1,081		1,061		711		2,197		2,853
Surrenders, withdrawals and benefits	(1,634)		(1,806)		(2,301)		(2,212)		(1,988)		(4,861)		(6,501)
Net flows (1)	(814)		(1,166)		(1,220)		(1,151)		(1,277)		(2,664)		(3,648)
Investment performance, interest credited and policy charges (1)	3,504		8,318		3,134		3,786		(945)		(695)		5,975
Ceded to Venerable (2)	—		—		—		(16,866)		—		—		(16,866)
Other (3) (4) (5)	—		—		—		55		—		—		55
Reclassified to Assets held-for-sale	—		—		—		—		—		—		—
Balance as of end of period	$	79,455	$	86,607	$	88,521	$	74,345	$	72,123	$	79,455	$	72,123
Total:
Balance as of beginning of period	$	103,840	$	107,831	$	117,390	$	120,780	$	108,435	$	108,922	$	117,390
Gross premiums (6)	1,735		2,049		2,469		2,821		2,848		5,444		8,138
Surrenders, withdrawals and benefits	(2,162)		(2,378)		(2,985)		(2,999)		(2,835)		(6,244)		(8,819)
Net flows (1)	(427)		(329)		(516)		(178)		13		(800)		(681)
Investment performance, interest credited and policy charges (1)	4,418		9,888		3,906		4,703		(697)		(282)		7,912
Ceded to Venerable (2)	—		—		—		(16,927)		—		—		(16,927)
Other (3) (4) (5)	—		—		—		57		(38)		(6)		19
Reclassified to Assets held-for-sale	—		—		—		—		—		(3)		—
Balance as of end of period	$	107,831	$	117,390	$	120,780	$	108,435	$	107,713	$	107,831	$	107,713
Net Amount at Risk (NAR)
Total GMIB NAR	$	13,403	$	10,461	$	8,049	$	3,820	$	4,119	$	13,403	$	4,119
Total GMDB NAR	21,061		18,271		17,562		9,002		9,569		21,061		9,569
Reserves (Net of Reinsurance)
GMIB Reserves	$	14,984	$	14,246	$	11,680	$	4,606	$	4,913	$	14,984	$	4,913
GMDB Reserves	5,021		5,006		4,999		2,829		2,765		5,021		2,765
Total GMDB/IB Variable Annuity Reserves (Net of Reinsurance)	$	20,005	$	19,252	$	16,679	$	7,435	$	7,678	$	20,005	$	7,678
Notes:
(1) Net flows excluded as it relates to AV ceded to Venerable for the three months ended June 30, 2021 and September 30, 2021 and nine months ended September 30, 2021 were ($120) million, ($322) million and ($442) million respectively. Investment performance, interest credited and policy charges excluded as it relates to AV ceded to Venerable for the three months ended June 30, 2021 and September 30, 2021 and nine months ended September 30, 2021 were $148 million, ($273) million and ($125) million, respectively.

3Q 2021 Financial Supplement 14

(2) Effective June 1, 2021, AV excludes activity related to ceded AV to Venerable. In addition, roll-forward reflects the AV ceded to Venerable as of the transaction date. For additional information on the Venerable transaction see Note 1 of the Notes to Consolidated Financial Statements within the 10-Q.

(3) For the three and nine months ended September 30, 2021 amounts reflect ($38) million trasnfer of policyholders account balances to future policyholder benefits and other policyholders liabilities related to structured settlement contracts.

(4) For the three months ended June 30, 2021 and nine months ended September 30, 2021 amounts reflect $57 million of AV transfer of a closed block of GMxB business from GR to IR.

(5) For the nine months ended September 30, 2020, amounts are primarily 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”. Effective January 1, 2020, FIAs are reported as future policy benefits and other policyholders’ liabilities in the consolidated balance sheets and accordingly were excluded from Account Value.

(6) Includes deposits from certain other products not reported as first year premiums and deposits or renewal premiums and deposits elsewhere in this document.

3Q 2021 Financial Supplement 15

Group Retirement - Operating Earnings (Loss) and Summary Metrics

	For the Three Months Ended or As of																	Nine Months Ended or As of
(in millions USD, unless otherwise indicated)	9/30/2020			12/31/2020			3/31/2021			6/30/2021			9/30/2021			Change		9/30/2020			9/30/2021			Change
Revenues
Policy charges, fee income and premiums	$	75		$	81		$	86		$	91		$	96		28.0	%	$	214		$	273		27.6	%
Net investment income (loss)	174			181			180			195			189			8.6	%	460			564			22.6	%
Net derivative gains (losses)	(3)			—			—			(5)			(11)			(266.7)	%	1			(16)			N/M
Investment management, service fees and other income	55			57			63			65			69			25.5	%	154			197			27.9	%
Segment revenues	301			319			329			346			343			14.0	%	829			1,018			22.8	%
Benefits and other deductions
Policyholder benefits	1			—			—			—			—			(100.0)	%	2			—			(100.0)	%
Interest credited to policyholders’ account balances	76			77			75			75			77			1.3	%	226			227			0.4	%
Commissions and distribution-related payments	9			12			13			16			12			33.3	%	33			41			24.2	%
Amortization of deferred policy acquisition costs	14			(7)			5			8			(24)			(271.4)	%	28			(11)			(139.3)	%
Compensation and benefits, interest expense and financing fees and other operating costs and expense	46			45			55			40			45			(2.2)	%	147			140			(4.8)	%
Segment benefits and other deductions	146			127			148			139			110			(24.7)	%	436			397			(8.9)	%
Operating earnings (loss), before income taxes	155			192			181			207			233			50.3	%	393			621			58.0	%
Income taxes	(26)			(26)			(30)			(36)			(41)			(57.7)	%	(68)			(107)			(57.4)	%
Operating earnings (loss), before noncontrolling interest	129			166			151			171			192			48.8	%	325			514			58.2	%
Less: Operating (earnings) loss attributable to the noncontrolling interest	—			—			—			—			—			—	%	—			—			—	%
Operating earnings (loss)	$	129		$	166		$	151		$	171		$	192		48.8	%	$	325		$	514		58.2	%
Summary Metrics
Operating earnings (loss) - TTM:[A]	$	434		$	491		$	536		$	617		$	680		56.7		$	434		$	680		56.7	%
Average capital - TTM:[B]	$	1,136		$	1,073		$	1,090		$	1,108		$	1,132		(0.3)		$	1,136		$	1,132		(0.3)	%
Non-GAAP Operating ROC - TTM (1): [A/B]	38.3		%	45.8		%	49.1		%	55.5		%	60.0		%			38.3		%	60.0		%
Average Account Value (TTM)	$	36,708		$	37,853		$	40,553		$	42,762		$	44,469		21.1	%	$	36,708		$	44,469		21.1	%
Return on assets (TTM)	1.43		%	1.55		%	1.57		%	1.72		%	1.83		%			1.43		%	1.83		%
Net flows	$	(93)		$	45		$	(51)		$	68		$	(135)		(45.2)	%	$	251		$	(118)		(147.0)	%
Gross premiums	$	706		$	916		$	905		$	929		$	831		17.7	%	$	2,427		$	2,665		9.8	%
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” and "Glossary of Selected Financial and Product Terms" sections of this document.

3Q 2021 Financial Supplement 16

Group Retirement - Select Operating Metrics

	For the Three Months Ended or As of										Nine Months Ended or As of
(in millions USD, unless otherwise indicated)	9/30/2020		12/31/2020		3/31/2021		6/30/2021		9/30/2021		9/30/2020		9/30/2021
Sales Metrics
Gross premiums:
First-year premiums	$	254	$	332	$	308	$	306	$	352	$	844	$	966
Renewal premiums	452		584		597		623		479		1,583		1,699
Group Retirement premiums	$	706	$	916	$	905	$	929	$	831	$	2,427	$	2,665
Gross premiums by market:
Tax-exempt	$	173	$	175	$	179	$	187	$	213	$	549	$	579
Corporate	72		130		119		107		128		262		354
Other	9		27		10		12		11		33		33
Total First Year Premiums	254		332		308		306		352		844		966
Tax-exempt	320		452		447		481		347		1,180		1,275
Corporate	87		85		96		93		90		257		279
Other	45		47		54		49		42		146		145
Total renewal premiums	452		584		597		623		479		1,583		1,699
Group Retirement premiums by market	$	706	$	916	$	905	$	929	$	831	$	2,427	$	2,665
Account Values
General Account:
Balance as of beginning of period	$	12,420	$	12,627	$	12,826	$	12,924	$	12,983	$	12,071	$	12,826
Gross premiums	355		376		288		225		253		1,061		766
Surrenders, withdrawals and benefits	(239)		(274)		(278)		(251)		(276)		(736)		(805)
Net flows	116		102		10		(26)		(23)		325		(39)
Investment performance, interest credited and policy charges	91		97		88		87		82		231		257
Other (1)	—		—		—		(2)		—		—		(2)
Balance as of end of period	$	12,627	$	12,826	$	12,924	$	12,983	$	13,042	$	12,627	$	13,042
Separate Accounts
Balance as of beginning of period	$	24,670	$	26,088	$	29,633	$	31,026	$	32,940	$	25,809	$	29,633
Gross premiums	351		540		617		703		578		1,366		1,898
Surrenders, withdrawals and benefits	(560)		(597)		(678)		(609)		(690)		(1,440)		(1,977)
Net flows	(209)		(57)		(61)		94		(112)		(74)		(79)
Investment performance, interest credited and policy charges	1,627		3,602		1,454		1,875		(326)		353		3,003
Other (1)	—		—		—		(55)		—		—		(55)
Balance as of end of period	$	26,088	$	29,633	$	31,026	$	32,940	$	32,502	$	26,088	$	32,502
Total:
Balance as of beginning of period	$	37,090	$	38,715	$	42,459	$	43,950	$	45,923	$	37,880	$	42,459
Gross premiums	706		916		905		928		831		2,427		2,664
Surrenders, withdrawals and benefits	(799)		(871)		(956)		(860)		(966)		(2,176)		(2,782)
Net flows	(93)		45		(51)		68		(135)		251		(118)
Investment performance, interest credited and policy charges	1,718		3,699		1,542		1,962		(244)		584		3,260
Other (1)	—		—		—		(57)		—		—		(57)
Balance as of end of period	$	38,715	$	42,459	$	43,950	$	45,923	$	45,544	$	38,715	$	45,544
Notes:
(1) For the three and nine months ended September 30, 2021, amounts reflect AV transfer of GMxB closed block business from GR to IR.

3Q 2021 Financial Supplement 17

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

	For the Three Months Ended or As of																	Nine Months Ended or As of
(in millions USD, unless otherwise indicated)	9/30/2020			12/31/2020			3/31/2021			6/30/2021			9/30/2021			Change		9/30/2020			9/30/2021			Change
Revenues
Net investment income (loss)	$	13		$	19		$	—		$	12		$	(2)		(115.4)	%	$	12		$	10		(16.7)	%
Net derivative gains (losses)	(14)			(21)			2			(11)			2			114.3	%	(15)			(7)			53.3	%
Investment management, service fees and other income	900			1,055			1,002			1,071			1,093			21.4	%	2,653			3,166			19.3	%
Segment Revenues	899			1,053			1,004			1,072			1,093			21.6	%	2,650			3,169			19.6	%
Benefits and other deductions
Commissions and distribution-related payments	148			155			162			168			187			26.4	%	414			517			24.9	%
Compensation, benefits and other operating costs and expenses	531			599			580			629			622			17.1	%	1,612			1,831			13.6	%
Interest expense and financing fees	1			1			1			—			—			(100.0)	%	5			1			(80.0)	%
Total benefits and other deductions	680			755			743			797			809			19.0	%	2,031			2,349			15.7	%
Operating earnings (loss), before income taxes	219			298			261			275			284			29.7	%	619			820			32.5	%
Income taxes	(40)			(52)			(44)			(49)			(49)			(22.5)	%	(109)			(142)			(30.3)	%
Operating earnings (loss), before noncontrolling interest	179			246			217			226			235			31.3	%	510			678			32.9	%
Less: Operating (earnings) loss attributable to the noncontrolling interest	(75)			(105)			(96)			(100)			(101)			(34.7)	%	(219)			(297)			(35.6)	%
Operating earnings (loss)	$	104		$	141		$	121		$	126		$	134		28.8	%	$	291		$	381		30.9	%
Summary Metrics
Adjusted operating margin (1)	29.7		%	34.2		%	31.7		%	31.7		%	31.8		%			28.4		%	31.7		%
Net flows (in billions USD)	$	3.1		$	3.2		$	5.2		$	6.2		$	7.2				$	(5.8)		$	18.7
Total AUM (in billions USD)	$	630.8		$	685.9		$	697.2		$	738.4		$	742.2				$	630.8		$	742.2
Ownership Structure of AB
Holdings and its subsidiaries	63.8		%	63.3		%	62.8		%	62.9		%	63.2		%			63.8		%	63.2		%
AB Holding	35.5		%	36.0		%	36.5		%	36.3		%	36.1		%			35.5		%	36.1		%
Unaffiliated holders	0.7		%	0.7		%	0.7		%	0.8		%	0.7		%			0.7		%	0.7		%
Total	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%			100.0		%	100.0		%
EQH economic interest	65.3		%	64.8		%	64.3		%	64.4		%	64.7		%			65.3		%	64.7		%
EQH average economic interest	65.2		%	65.1		%	64.2		%	64.4		%	64.6		%			65.1		%	64.4		%
Units of limited partnership outstanding (in millions)	268.4			270.5			272.7			272.0			270.9					268.4			270.9
Notes:
(1) Adjusted Operating Margin is a non-GAAP financial measure used by AllianceBernstein L.P. (“AB”) management in evaluating AB’s financial performance on a standalone basis and      to compare its performance, as reported by AB in its public filings. It is not comparable to any other non-GAAP financial measure used herein.

3Q 2021 Financial Supplement 18

Investment Management and Research - Select Operating Metrics

	For the Three Months Ended or As of
(in billions USD, unless otherwise indicated)	9/30/2020		12/31/2020		3/31/2021		6/30/2021		9/30/2021
AUM Roll-forward
Balance as of beginning of period	$	600.0	$	630.8	$	685.9	$	697.2	$	738.4
Sales/new accounts	29.3		31.3		33.3		45.0		32.3
Redemptions/terminations	(23.2)		(22.0)		(24.2)		(32.4)		(21.5)
Cash flow/unreinvested dividends	(3.0)		(6.1)		(3.9)		(6.4)		(3.6)
Net long-term (outflows) inflows	3.1		3.2		5.2		6.2		7.2
Market appreciation (depreciation)	27.7		51.9		6.1		35.0		(3.4)
Net change	30.8		55.1		11.3		41.2		3.8
Balance as of end of period	$	630.8	$	685.9	$	697.2	$	738.4	$	742.2
Ending Assets by distribution channel
Institutions	$	289.5	$	315.6	$	314.7	$	329.1	$	327.5
Retail	242.9		265.3		272.3		293.7		298.8
Private Wealth Management	98.4		105.0		110.2		115.6		115.9
Total	$	630.8	$	685.9	$	697.2	$	738.4	$	742.2
Ending Assets by investment service
Equity
Actively Managed	$	188.8	$	217.8	$	231.8	$	256.7	$	260.3
Passively Managed (1)	57.5		64.5		66.3		69.5		69.1
Total Equity	$	246.3	$	282.3	$	298.1	$	326.2	$	329.4
Fixed Income
Actively Managed	$	302.0	$	313.5	$	304.0	$	306.3	$	306.2
Passively Managed (1)	9.0		8.5		8.3		9.3		9.5
Total Fixed Income	311.0		322.0		312.3		315.6		315.7
Total Alternatives/Multi-Asset Solutions (2)	73.5		81.6		86.8		96.6		97.1
Total	$	630.8	$	685.9	$	697.2	$	738.4	$	742.2
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."

3Q 2021 Financial Supplement 19

Investment Management and Research - Net Flows
	For the Three Months Ended										Nine Months Ended or As of
(in billions USD, unless otherwise indicated)	9/30/2020		12/31/2020		3/31/2021		6/30/2021		9/30/2021		9/30/2020		9/30/2021
Net Flows by Distribution Channel
Institutions
US	$	(0.6)	$	3.4	$	(1.7)	$	(1.9)	$	1.8	$	(4.6)	$	(1.7)
Global and Non-US	2.7		1.6		2.5		2.8		(1.6)		0.7		3.7
Total Institutions	$	2.1	$	5.0	$	0.8	$	0.9	$	0.2	$	(3.9)	$	2.0
Retail
US	$	1.2	$	1.0	$	3.6	$	5.2	$	7.0	$	2.0	$	15.9
Global and Non-US	(0.5)		(1.7)		(0.9)		—		(0.4)		(2.9)		(1.3)
Total Retail	$	0.7	$	(0.7)	$	2.7	$	5.2	$	6.6	$	(0.9)	$	14.4
Private Wealth
US (4)	$	0.5	$	(1.2)	$	0.8	$	(0.7)	$	(0.3)	$	(0.1)	$	(0.1)
Global and Non-US	(0.2)		0.1		0.9		0.8		0.7		(0.9)		2.4
Total Private Wealth (4)	$	0.3	$	(1.1)	$	1.7	$	0.1	$	0.4	$	(1.0)	$	2.3
Total Net Flows by Distribution Channel (4)	$	3.1	$	3.2	$	5.2	$	6.2	$	7.2	$	(5.8)	$	18.7
Net Flows by Investment Service
Equity Active
US	$	1.2	$	0.5	$	2.0	$	4.3	$	4.7	$	3.0	$	11.0
Global and Non-US	1.0		0.5		1.7		1.3		0.1		3.4		3.1
Total Equity Active	$	2.2	$	1.0	$	3.7	$	5.6	$	4.8	$	6.4	$	14.1
Equity Passive (1)
US	$	(1.8)	$	(0.8)	$	(1.6)	$	(1.1)	$	(0.5)	$	(3.3)	$	(3.2)
Global and Non-US	0.8		(0.1)		(0.4)		(0.6)		0.2		(0.5)		(0.8)
Total Equity Passive (1)	$	(1.0)	$	(0.9)	$	(2.0)	$	(1.7)	$	(0.3)	$	(3.8)	$	(4.0)
Fixed Income - Taxable (3)
US (4)	$	1.1	$	3.4	$	0.2	$	(2.6)	$	2.2	$	(2.6)	$	(0.1)
Global and Non-US	(1.3)		(1.4)		(1.0)		(2.7)		(2.1)		(9.1)		(5.8)
Total Fixed Income - Taxable (4)	$	(0.2)	$	2.0	$	(0.8)	$	(5.3)	$	0.1	$	(11.7)	$	(5.9)
Fixed Income - Tax-Exempt
US	$	0.8	$	0.5	$	1.6	$	1.5	$	1.5	$	0.5	$	4.6
Global and Non-US	—		—		—		—		—		—		—
Total Fixed Income - Tax-Exempt	$	0.8	$	0.5	$	1.6	$	1.5	$	1.5	$	0.5	$	4.6
Fixed Income - Passive (1)
US	$	(0.3)	$	(0.4)	$	0.2	$	0.1	$	0.3	$	(0.6)	$	0.6
Global and Non-US	(0.8)		(0.2)		—		0.8		(0.1)		(0.4)		0.7
Total Fixed Income - Passive (1)	$	(1.1)	$	(0.6)	$	0.2	$	0.9	$	0.2	$	(1.0)	$	1.3
Alternatives/Multi-Asset Solutions (2)
US	$	0.1	$	—	$	0.3	$	0.4	$	0.3	$	0.3	$	1.0
Global and Non-US	2.3		1.2		2.2		4.8		0.6		3.5		7.6
Total Alternatives/Multi-Asset Solutions (2)	$	2.4	$	1.2	$	2.5	$	5.2	$	0.9	$	3.8	$	8.6
Total Net Flows by Investment Service	$	3.1	$	3.2	$	5.2	$	6.2	$	7.2	$	(5.8)	$	18.7
Active vs. Passive Net Flows
Actively Managed
Equity	$	2.2	$	1.0	$	3.7	$	5.6	$	4.8	$	6.4	$	14.1
Fixed Income (3) (4)	0.6		2.5		0.8		(3.8)		1.6		(11.2)		(1.3)
Alternatives/Multi-Asset Solutions (2) (4)	2.3		1.0		2.0		4.9		0.3		3.5		7.1
Total	$	5.1	$	4.5	$	6.5	$	6.7	$	6.7	$	(1.3)	$	19.9
Passively Managed (1)
Equity	$	(1.0)	$	(0.9)	$	(2.0)	$	(1.7)	$	(0.3)	$	(3.8)	$	(4.0)
Fixed Income	(1.1)		(0.6)		0.2		0.9		0.2		(1.0)		1.3
Alternatives/Multi-Asset Solutions (2) (4)	0.1		0.2		0.5		0.3		0.6		0.3		1.5
Total (4)	$	(2.0)	$	(1.3)	$	(1.3)	$	(0.5)	$	0.5	$	(4.5)	$	(1.2)
Total Active vs Passive Net Flows	$	3.1	$	3.2	$	5.2	$	6.2	$	7.2	$	(5.8)	$	18.7
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 $1.3 billion of AXA's redemptions of certain low-fee fixed income mandates for the nine-month period ended September 30, 2021. Discrete quarterly outflows related to AXA's redemptions for periods presented were as follows: $2.2 billion and $0.7 billion for the third and fourth quarter of 2020, respectively, as well as $1.3 billion for the second quarter of 2021.
(4) AB line item does not cross foot for the nine months ended 2021 due to rounding.

3Q 2021 Financial Supplement 20

Protection Solutions - Operating Earnings (Loss) and Summary Metrics

	For the Three Months Ended or As of																	Nine Months Ended or As of
(in millions USD, unless otherwise indicated)	9/30/2020			12/31/2020			3/31/2021			6/30/2021			9/30/2021			Change		9/30/2020			9/30/2021			Change
Revenues
Policy charges, fee income and premiums	$	450		$	490		$	504		$	507		$	482		7.1	%	$	1,480		$	1,493		0.9	%
Net investment income (loss)	240			256			262			271			294			22.5	%	688			827			20.2	%
Net derivative gains (losses)	3			(5)			(1)			(10)			(7)			(333.3)	%	10			(18)			(280.0)	%
Investment management, service fees and other income	58			59			61			64			69			19.0	%	166			194			16.9	%
Segment revenues	751			800			826			832			838			11.6	%	2,344			2,496			6.5	%
Benefits and other deductions
Policyholders’ benefits	455			460			509			469			392			(13.8)	%	1,415			1,370			(3.2)	%
Interest credited to policyholders’ account balances	130			120			123			134			126			(3.1)	%	394			383			(2.8)	%
Commissions and distribution-related payments	40			45			34			42			44			10.0	%	115			120			4.3	%
Amortization of deferred policy acquisition costs	(16)			21			26			33			4			125.0	%	63			63			—	%
Compensation and benefits, interest expense and financing fees and other operating costs and expense	82			86			85			78			78			(4.9)	%	251			241			(4.0)	%
Segment benefits and other deductions	691			732			777			756			644			(6.8)	%	2,238			2,177			(2.7)	%
Operating earnings (loss), before income taxes	60			68			49			76			194			223.3	%	106			319			200.9	%
Income taxes	(9)			(10)			(8)			(13)			(34)			(277.8)	%	(18)			(55)			(205.6)	%
Operating earnings (loss), before noncontrolling interest	51			58			41			63			160			213.7	%	88			264			200.0	%
Less: Operating (earnings) loss attributable to the noncontrolling interest	—			—			—			—			—			—	%	—			—			—	%
Operating earnings (loss)	$	51		$	58		$	41		$	63		$	160		213.7	%	$	88		$	264		200.0	%
Summary Metrics
Operating earnings (loss) - TTM:[A]	$	217		$	146		$	138		$	213		$	322		48.4	%	$	217		$	322		48.4	%
Average capital - TTM:[B]	$	2,370		$	2,170		$	2,145		$	2,137		$	2,150		(9.3)	%	$	2,370		$	2,150		(9.3)	%
Non-GAAP Operating ROC - TTM (1): [A/B]	9.2		%	6.7		%	6.5		%	10.0		%	15.0		%			9.2		%	15.0		%
Benefit ratio	77.9		%	72.5		%	76.5		%	72.5		%	61.8		%			77.2		%	70.2		%
Gross written premiums	$	700		$	748		$	762		$	748		$	754		7.7	%	$	2,171		$	2,264		4.3	%
Annualized premiums	$	49		$	59		$	69		$	67		$	67		36.7	%	$	162		$	203		25.3	%
Total in-force face amount (in billions USD) (2)	$	419.9		$	420.6		$	421.3		$	422.4		$	422.4		0.6	%	$	419.9		$	422.4		0.6	%
Notes:
(1) This measure is a Non-GAAP financial measure. For an explanation of our use of Non-GAAP financial measures, refer to the “Use of Non-GAAP Financial Measures” and "Glossary of Selected Financial and Product Terms" sections of this document.
(2) Total in-force face amount presented on a gross basis including ceded policies.

3Q 2021 Financial Supplement 21

Protection Solutions - Select Operating Metrics

	For the Three Months Ended or As of										Nine Months Ended or As of
(in millions USD, unless otherwise indicated)	9/30/2020		12/31/2020		3/31/2021		6/30/2021		9/30/2021		9/30/2020		9/30/2021
Sales Metrics
First Year Premiums by Product Line:
Universal Life	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Indexed Universal Life	28		26		21		10		7		118		38
Variable Universal Life	31		49		52		67		66		95		185
Term	5		4		5		4		3		14		12
Employee Benefits	12		15		20		19		18		37		57
Other (1)	—		1		—		—		1		—		1
Total	$	76	$	95	$	98	$	100	$	95	$	264	$	293
Renewals by Product Line:
Universal Life	$	223	$	205	$	201	$	204	$	221	$	640	$	626
Indexed Universal Life	63		74		76		75		79		202		230
Variable Universal Life	226		253		256		238		224		694		718
Term	81		91		97		94		90		284		281
Employee Benefits	26		25		30		32		41		73		103
Other (1)	5		5		4		5		4		14		13
Total	624		653		664		648		659		1,907		1,971
Total Gross Premiums	$	700	$	748	$	762	$	748	$	754	$	2,171	$	2,264
In-force Metrics
In-force Face Amount by Product (2) (in billions):
Universal Life (3)	$	49.5	$	48.7	$	48.0	$	47.3	$	46.7	$	49.5	$	46.7
Indexed Universal Life	27.5		27.7		28.0		28.0		28.0		27.5		28.0
Variable Universal Life (4)	126.7		127.7		128.5		129.8		130.9		126.7		130.9
Term	214.9		215.2		215.5		216.0		215.6		214.9		215.6
Whole Life	1.3		1.3		1.3		1.3		1.2		1.3		1.2
Total	$	419.9	$	420.6	$	421.3	$	422.4	$	422.4	$	419.9	$	422.4
In-force Policy Count by Product (2) (in thousands):
Universal Life (3)	147		144		142		140		138		147		138
Indexed Universal Life	63		64		64		64		64		63		64
Variable Universal Life (4)	292		291		290		290		291		292		291
Term	268		268		268		268		267		268		267
Whole Life	17		17		17		17		17		17		17
Total	787		784		781		779		777		787		777
Protection Solutions Reserves
General Account	$	18,691	$	18,905	$	18,401	$	18,588	$	18,584	$	18,691	$	18,584
Separate Accounts	13,190		14,771		15,387		16,281		16,080		13,190		16,080
Total	$	31,881	$	33,676	$	33,788	$	34,869	$	34,664	$	31,881	$	34,664
Notes:
(1) For the individual life insurance premiums, Other includes Whole Life insurance and other products available-for-sale but not actively marketed.
(2) Includes individual life insurance and does not include Employee Benefits as it is a start-up business and therefore has immaterial in-force policies.
(3) Universal Life includes Guaranteed Universal Life.
(4) Variable Universal Life includes variable life insurance and corporate-owned life insurance.

3Q 2021 Financial Supplement 22

Investments

3Q 2021 Financial Supplement 23

Consolidated Investment Portfolio Composition

	Balances as of
(in millions USD, unless otherwise indicated)	December 31, 2020				September 30, 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	%	$	76,968	71.8	%
Fixed maturities, at fair value using the fair value option	389		0.3	%	1,334		1.2	%
Mortgage loans on real estate	13,159		11.4	%	13,448		12.5	%
Policy loans	4,118		3.6	%	4,027		3.8	%
Other equity investments (4)	1,502		1.3	%	2,986		2.8	%
Other invested assets	2,728		2.4	%	2,660		2.5	%
Subtotal investment assets	103,534		89.8	%	101,423		94.6	%
Trading securities	5,553		4.8	%	584		0.5	%
Total investments	109,087		94.6	%	102,007		95.1	%
Cash and cash equivalents	6,179		5.4	%	5,255		4.9	%
Total	$	115,266	100.0	%	$	107,262	100.0	%
General Account Fixed maturities by industry (Based on amortized cost)
Corporate securities:
Finance	$	14,411	20.1	%	$	12,663	17.8	%
Manufacturing	13,040		18.2	%	12,360		17.4	%
Utilities	6,352		8.9	%	6,016		8.4	%
Services	7,830		10.9	%	7,959		11.2	%
Energy	4,084		5.7	%	3,838		5.4	%
Retail and wholesale	3,747		5.2	%	3,512		4.9	%
Transportation	2,424		3.4	%	2,201		3.1	%
Other	157		0.2	%	85		0.1	%
Total corporate securities	52,045		72.5	%	48,634		68.3	%
U.S. government and agency	12,660		17.6	%	13,487		18.9	%
Residential mortgage-backed (2)	130		0.2	%	98		0.1	%
Preferred stock	621		0.9	%	40		0.1	%
State & municipal	536		0.7	%	558		0.8	%
Foreign governments	1,011		1.4	%	977		1.4	%
Commercial mortgage-backed	1,148		1.6	%	1,863		2.6	%
Asset-backed securities	3,587		5.0	%	5,559		7.8	%
Total	$	71,738	100.0	%	$	71,216	100.0	%
General Account Fixed maturities credit quality (3) (Based on amortized cost)
Aaa, Aa, A (NAIC Designation 1)	$	44,146	61.5	%	$	44,500	62.5	%
Baa (NAIC Designation 2)	25,285		35.2	%	23,931		33.6	%
Investment grade	69,431		96.8	%	68,431		96.1	%
Below investment grade (NAIC Designation 3 and 4)	2,307		3.2	%	2,785		3.9	%
Total	$	71,738	100.0	%	$	71,216	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).

3Q 2021 Financial Supplement 24

Consolidated Results of General Account Investment Portfolio

	For the Nine Months Ended or As of								Years Ended or As of
(in millions USD, unless otherwise indicated)	September 30, 2020				September 30, 2021				December 31, 2020
	Yield		Amount (1)		Yield		Amount (1)		Yield		Amount (1)
Fixed Maturities:
Income (loss)	3.49	%	$	1,725	3.41	%	$	1,822	3.46	%	$	2,318
Ending assets			70,135				71,216				71,738
Mortgages:
Income (loss)	4.15	%	384		4.07	%	407		4.13	%	517
Ending assets			12,802				13,448				13,159
Other Equity Investments (2):
Income (loss)	0.21	%	2		22.97	%	433		6.14	%	95
Ending assets			1,588				2,903				1,621
Policy Loans:
Income	5.38	%	153		5.28	%	161		5.28	%	204
Ending assets			4,123				4,027				4,118
Cash and Short-term Investments:
Income	0.05	%	2		(0.05)	%	(1)		0.03	%	1
Ending assets			3,931				1,215				2,095
Funding Agreements:
Interest expense and other			(61)				(44)				(75)
Ending (liabilities)			(6,848)				(6,807)				(6,897)
Total invested Assets:
Income	3.62	%	2,205		4.37	%	2,778		3.72	%	3,060
Ending assets			85,731				86,002				85,834
Short Duration Fixed Maturities:
Income (loss)	3.33	%	140		3.38	%	77		3.39	%	184
Ending assets			5,448				142				4,704
Total Net Investment Income:
Investment income	3.60	%	2,345		4.34	%	2,855		3.70	%	3,244
Less: investment fees	(0.12)	%	(75)		(0.13)	%	(82)		(0.12)	%	(107)
Investment income, net	3.49	%	$	2,270	4.25	%	$	2,773	3.57	%	$	3,137
General Account Ending Net Assets			$	91,179			$	86,144			$	90,538
Operating Earnings adjustments:
Funding Agreements interest expense			61				44				75
AB and other non-General Account investment income			73				169				151
Operating Net investment income (loss)			$	2,404			$	2,986			$	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).

3Q 2021 Financial Supplement 25

Additional Information

3Q 2021 Financial Supplement 26

Deferred Policy Acquisition Costs Rollforward

	For the Three Months Ended or As of										Nine Months Ended or As of
(in millions USD, unless otherwise indicated)	9/30/2020		12/31/2020		3/31/2021		6/30/2021		9/30/2021		9/30/2020		9/30/2021
TOTAL
Beginning balance (1)	$	4,090	$	4,171	$	4,243	$	4,943	$	4,838	$	5,840	$	4,243
Capitalization of commissions, sales and issue expenses	148		181		186		220		214		488		620
Amortization	(90)		(59)		(87)		(106)		(64)		(1,554)		(257)
Change in unrealized investment gains and losses	23		(50)		601		(219)		378		(604)		760
Reclassified to Assets held-for-sale	—		—		—		—		—		1		—
Ending balance	$	4,171	$	4,243	$	4,943	$	4,838	$	5,366	$	4,171	$	5,366
Individual Retirement
Beginning balance	$	3,134	$	3,128	$	3,178	$	3,390	$	3,393	$	3,285	$	3,178
Capitalization of commissions, sales and issue expenses	90		110		123		149		142		295		414
Amortization	(91)		(41)		(61)		(58)		(96)		(280)		(215)
Change in unrealized investment gains and losses	(5)		(19)		150		(88)		47		(172)		109
Reclassified to Assets held-for-sale	—		—		—		—		—		—		—
Ending balance	$	3,128	$	3,178	$	3,390	$	3,393	$	3,486	$	3,128	$	3,486
Group Retirement
Beginning balance	$	596	$	601	$	632	$	705	$	702	$	659	$	632
Capitalization of commissions, sales and issue expenses	21		27		21		22		24		66		67
Amortization	(15)		7		(6)		(9)		23		(80)		8
Change in unrealized investment gains and losses	(1)		(3)		58		(16)		8		(44)		50
Reclassified to Assets held-for-sale	—		—		—		—		—		—		—
Ending balance	$	601	$	632	$	705	$	702	$	757	$	601	$	757
Protection Solutions
Beginning balance	$	344	$	426	$	418	$	836	$	732	$	1,880	$	418
Capitalization of commissions, sales and issue expenses	37		44		42		49		48		127		139
Amortization	15		(24)		(27)		(34)		(4)		(1,197)		(65)
Change in unrealized investment gains and losses	30		(28)		403		(119)		337		(385)		621
Reclassified to Assets held-for-sale	—		—		—		—		—		1		—
Ending balance	$	426	$	418	$	836	$	732	$	1,113	$	426	$	1,113
Corporate and Other
Beginning balance (1)	$	16	$	16	$	15	$	12	$	11	$	16	$	15
Capitalization of commissions, sales and issue expenses	—		—		—		—		—		—		—
Amortization	1		(1)		7		(5)		13		3		15
Change in unrealized investment gains and losses	(1)		—		(10)		4		(14)		(3)		(20)
Reclassified to Assets held-for-sale	—		—		—		—		—		—		—
Ending balance	$	16	$	15	$	12	$	11	$	10	$	16	$	10

(1) June 30, 2020 DAC beginning balance is $3 million more than December 31, 2019 ending balance due to impact of CECL.

3Q 2021 Financial Supplement 27

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, including 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.

3Q 2021 Financial Supplement 28

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.

3Q 2021 Financial Supplement 29

Reconciliation of Non-GAAP Measures (1/3)

	For the Three Months Ended or As of										Nine Months Ended or As of
(in millions USD, unless otherwise indicated)	9/30/2020		12/31/2020		3/31/2021		6/30/2021		9/30/2021		9/30/2020		9/30/2021
Net income (loss) attributable to Holdings
Net income (loss) attributable to Holdings	$	(779)	$	(1,238)	$	(1,488)	$	123	$	672	$	590	$	(693)
Adjustments related to:
Variable annuity product features (1)	1,620		3,439		2,267		1,193		172		473		3,632
Investment gains (losses), net	(17)		(554)		(183)		(420)		(164)		(190)		(767)
Net actuarial gains (losses) related to pension and other postretirement benefit obligations	31		23		34		26		27		86		87
Other adjustments (2) (3) (4) (5)	66		116		524		7		141		836		672
Income tax (expense) benefit related to above adjustments (6)	(357)		(635)		(555)		(171)		(35)		(253)		(761)
Non-recurring tax items	4		(403)		1		—		5		12		6
Non-GAAP Operating Earnings	$	568	$	748	$	600	$	758	$	818	$	1,554	$	2,176
Net income (loss) attributable to Holdings (7)	$	(1.74)	$	(2.80)	$	(3.43)	$	0.29	$	1.62	$	1.30	$	(1.64)
Less: Preferred stock dividends	0.03		0.04		0.03		0.06		0.03		0.08		0.12
Net income (loss) available to Holdings' common shareholders	(1.77)		(2.84)		(3.46)		0.23		1.59		1.22		(1.76)
Adjustments related to:
Variable annuity product features (1)	3.62		7.77		5.22		2.79		0.41		1.04		8.58
Investment gains (losses), net	(0.04)		(1.25)		(0.42)		(0.98)		(0.41)		(0.42)		(1.81)
Net actuarial gains (losses) related to pension and other postretirement benefit obligations	0.07		0.05		0.08		0.06		0.07		0.19		0.21
Other adjustments (2) (3) (4) (5)	0.15		0.26		1.21		0.01		0.35		1.85		1.59
Income tax (expense) benefit related to above adjustments (6)	(0.80)		(1.43)		(1.28)		(0.40)		(0.08)		(0.56)		(1.80)
Non-recurring tax items	0.01		(0.91)		—		—		0.01		0.03		0.01
Non-GAAP Operating Earnings (loss) available to Holdings' common shareholders (7)	$	1.24	$	1.65	$	1.35	$	1.71	$	1.94	$	3.35	$	5.02
Book Value per common share
Book Value per common share	$	36.05	$	32.46	$	21.32	$	24.20	$	25.00	$	36.05	$	25.00
Less: Per share impact of AOCI	9.42		8.76		1.73		4.72		4.64		9.42		4.64
Book value per common share (ex. AOCI)	$	26.63	$	23.70	$	19.59	$	19.48	$	20.37	$	26.63	$	20.37
Notes:
(1) Includes COVID-19 impact on Variable annuity product features due to a first quarter 2020 assumption update of $1.5 billion and other COVID-19 related impacts of $35 million for the nine months ended September 30, 2020. The impact per common share is $3.23 and other COVID-19 related impacts of $0.08 for the three and nine months ended September 30, 2020.
(2) Includes separation costs of $25 million, $37 million, $62 million and $108 million for the three and nine months ended September 30, 2021 and 2020. The impact per common share is $0.06, $0.08, $0.15 and $0.24 for the three and nine months ended September 30, 2021 and 2020.
(3) Includes certain legal accruals related to the cost of insurance litigation of $180 million for the nine months ended September 30, 2021. The impact per common share is $0.43 for the nine months ended September 30, 2021. No adjustment was made to prior period operating earnings as the impact was immaterial.
(4) Includes COVID-19 impact on Other adjustments due to a first quarter 2020 assumption update of $1.0 billion and other COVID-19 related impacts of $86 million for the nine months ended September 30, 2020. The impact per common share is $2.31 for the nine months ended September 30, 2020 and other COVID-19 related impacts of $0.00 and $0.19 for the three and nine months ended September 30, 2020.
(5) Includes Non-GMxB related derivative hedge losses of ($4) million, $10 million, $140 million, and ($461) million for the three and nine months ended September 30, 2021 and 2020. The impact per common share is ($0.01), $0.02, $0.31, and ($1.02) for the three and nine months ended September 30, 2021 and 2020.
(6) Includes income taxes of ($554) million for the above related COVID-19 items for the nine months ended September 30, 2020. The impact per common share is $0.00 and $(1.22) for the three and nine months ended September 30, 2020.
(7) For periods with a net loss, dilutive shares were not included in the calculation of net income (loss) available to shareholders per common share or Non-GAAP Operating Earnings per common share as inclusion of such shares would have an anti-dilutive effect.

3Q 2021 Financial Supplement 30

Reconciliation of Non-GAAP Measures (2/3)
	As of and for the Twelve Months Ended
(in millions USD, unless otherwise indicated)	9/30/2020			12/31/2020			3/31/2021			6/30/2021			9/30/2021
Net Income to Non-GAAP Operating Earnings
Net income (loss) attributable to Holdings	$	(356)		$	(648)		$	(7,524)		$	(3,382)		$	(1,931)
Adjustments related to:
Variable annuity product features	2,169			3,912			13,048			8,519			7,071
Investment (gains) losses	(87)			(744)			(923)			(1,174)			(1,321)
Net actuarial (gains) losses related to pension and other postretirement benefit obligations	113			109			116			114			110
Other adjustments	1,031			952			781			713			788
Income tax (expense) benefits related to above adjustments	(665)			(888)			(2,735)			(1,718)			(1,396)
Non-recurring tax items	2			(391)			(396)			(398)			(397)
Non-GAAP Operating Earnings	$	2,207		$	2,302		$	2,367		$	2,674		$	2,924
Return on Equity and Non-GAAP Operating Return on Equity - Trailing twelve months
Net income (loss) attributable to Holdings	$	(356)		$	(648)		$	(7,524)		$	(3,382)		$	(1,931)
Less: Preferred stock	(34)			(53)			(53)			(69)			(72)
Net income (loss) available to Holdings' common shareholders	$	(390)		$	(701)		$	(7,577)		$	(3,451)		$	(2,003)
Average equity attributable to Holdings' common shareholders (ex. AOCI)	$	13,348		$	13,000		$	10,868		$	9,716		$	8,816
Return on Equity (ex. AOCI)	(2.9)		%	(5.4)		%	(69.7)		%	(35.5)		%	(22.7)		%
Non-GAAP Operating Earnings	$	2,207		$	2,302		$	2,367		$	2,674		$	2,924
Less: Preferred stock	(34)			(53)			(53)			(69)			(72)
Non-GAAP Operating Earnings available to Holdings' common shareholders	$	2,173		$	2,249		$	2,314		$	2,605		$	2,852
Average equity attributable to Holdings' common shareholders (ex. AOCI)	$	13,348		$	13,000		$	10,868		$	9,716		$	8,816
Non-GAAP Operating Return on Equity (ex. AOCI)	16.3		%	17.3		%	21.3		%	26.8		%	32.4		%

3Q 2021 Financial Supplement 31

Reconciliation of Non-GAAP Measures (3/3)
	Balances as of
(in millions USD, unless otherwise indicated)	12/31/2019		3/31/2020		6/30/2020		9/30/2020		12/31/2020		3/31/2021		6/30/2021		9/30/2021
Equity Reconciliation - Quarter-end Balances
Total equity attributable to Holdings' shareholders	$	13,456	$	19,981	$	17,498	$	17,300	$	15,576	$	10,693	$	11,732	$	11,680
Less: Preferred Stock	775		775		775		1,269		1,269		1,562		1,562		1,562
Total equity attributable to Holdings' common shareholders	12,681		19,206		16,723		16,031		14,307		9,131		10,170		10,118
Less: Accumulated other comprehensive income (loss)	844		2,289		3,928		4,188		3,863		740		1,983		1,876
Total equity attributable to Holdings' common shareholders (ex. AOCI)	$	11,837	$	16,917	$	12,795	$	11,843	$	10,444	$	8,391	$	8,187	$	8,242
	Balances as of
(in millions USD, unless otherwise indicated)	12/31/2019		3/31/2020		6/30/2020		9/30/2020		12/31/2020		3/31/2021		6/30/2021		9/30/2021
Equity Reconciliation - Twelve Month Rolling Average (2)
Total equity attributable to Holdings' shareholders	14,030		15,762		16,469		17,059		17,589		15,267		13,825		12,420
Less: Preferred Stock	194		388		581		899		1,022		1,219		1,416		1,489
Total equity attributable to Holdings' common shareholders	13,836		15,375		15,888		16,160		16,567		14,048		12,410		10,932
Less: Accumulated other comprehensive income (loss)	664		1,367		2,152		2,812		3,567		3,180		2,694		2,116
Total equity attributable to Holdings' common shareholders (ex. AOCI)	$	13,172	$	14,008	$	13,736	$	13,348	$	13,000	$	10,868	$	9,716	$	8,816

3Q 2021 Financial Supplement 32

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.

3Q 2021 Financial Supplement 33

Analyst Coverage, Ratings & Contact Information

Analyst Coverage
Firm		Analyst			Phone Number
Barclays		Tracy Benguigui			1 (212) 526-1561
Credit Suisse		Andrew Kligerman			1 (212) 325-5069
Evercore ISI		Thomas Gallagher			1 (212) 446-9439
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
Truist Securities		Mark Hughes			1 (615) 748-4422
UBS		Brian Meredith			1 (212) 713-2492
Wells Fargo Securities		Elyse Greenspan			1 (212) 214-8031
This list is provided for informational purposes only. Equitable Holdings does not endorse the analyses, conclusions or recommendations contained in any reports issued by these or any other analysts.
Ratings
			A.M. Best	S&P	Moody’s
Last review date			Jan '21	Jul '21	Aug '21
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
Işıl Müderrisoğlu	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 '21, Moody’s as of Jun '21.

3Q 2021 Financial Supplement 34