Document


	For the Three Months Ended or As of																	Years Ended or As of
(in millions USD, unless otherwise indicated)	12/31/2020			3/31/2021			6/30/2021			9/30/2021			12/31/2021			Change		12/31/2020			12/31/2021			Change

Net income (loss)	$	(1,136)		$	(1,400)		$	223		$	765		$	388		134.2	%	$	(349)		$	(24)		93.1	%
Net income (loss) attributable to the noncontrolling interest	(102)			(88)			(100)			(93)			(134)			(31.4)	%	(299)			(415)			(38.8)	%
Net income (loss) attributable to Holdings	$	(1,238)		$	(1,488)		$	123		$	672		$	254		120.5	%	$	(648)		$	(439)		32.3	%

Non-GAAP Operating Earnings (1)	$	748		$	600		$	758		$	818		$	649		(13.2)	%	$	2,302		$	2,825		22.7	%

Total equity attributable to Holdings' shareholders	$	15,576		$	10,693		$	11,732		$	11,680		$	11,519		(26.0)	%	$	15,576		$	11,519		(26.0)	%
Less: Preferred Stock	1,269			1,562			1,562			1,562			1,562			23.1	%	1,269			1,562			23.1	%
Total equity attributable to Holdings' common shareholders	14,307			9,131			10,170			10,118			9,957			(30.4)	%	14,307			9,957			(30.4)	%
Less: Accumulated other comprehensive income (loss)	3,863			740			1,983			1,876			2,004			(48.1)	%	3,863			2,004			(48.1)	%
Total equity attributable to Holdings' common shareholders (ex. AOCI)	$	10,444		$	8,391		$	8,187		$	8,242		$	7,953		(23.9)	%	$	10,444		$	7,953		(23.9)	%

Return on Equity (ex. AOCI) - TTM	(5.4)		%	(69.7)		%	(35.5)		%	(22.7)		%	(6.3)		%			(5.4)		%	(6.3)		%
Non-GAAP Operating ROE (1)	17.3		%	21.3		%	26.8		%	32.4		%	33.5		%			17.3		%	33.5		%

Debt to capital:
Debt to Capital	20.9		%	26.4		%	24.6		%	24.7		%	25.0		%			20.9		%	25.0		%
Debt to Capital (ex. AOCI)	26.0		%	27.8		%	28.2		%	28.1		%	28.7		%			26.0		%	28.7		%

Per common share:
Diluted earnings per common share: (2)
Net income (loss) attributable to Holdings	$	(2.84)		$	(3.46)		$	0.23		$	1.59		$	0.56		119.9	%	$	(1.56)		$	(1.24)		20.3	%
Non-GAAP Operating Earnings (1)	$	1.65		$	1.35		$	1.71		$	1.94		$	1.54		(6.4)	%	$	4.99		$	6.58		31.8	%
Book value per common share	$	32.46		$	21.32		$	24.20		$	25.00		$	25.45		(21.6)	%	$	32.46		$	25.45		(21.6)	%
Book value per common share (ex. AOCI)	$	23.70		$	19.59		$	19.48		$	20.37		$	20.33		(14.2)	%	$	23.70		$	20.33		(14.2)	%

Weighted-average common shares outstanding:
Basic	442.8			434.2			424.2			411.3			400.4			(9.6)	%	450.4			417.4			(7.3)	%
Diluted	442.8			434.2			428.3			414.6			404.3			(8.7)	%	450.4			417.4			(7.3)	%

Ending common shares outstanding	440.8			428.3			420.2			404.7			391.2			(11.2)	%	440.8			391.2			(11.2)	%

Return to common shareholders:
Common stock dividend	$	75		$	74		$	76		$	74		$	72				$	297		$	296
Repurchase of common shares (3)	100			430			279			460			468					430			1,637
Total capital returned to common shareholders	$	175		$	504		$	355		$	534		$	540				$	727		$	1,933

Market Values:
S&P 500	3,756			3,973			4,298			4,308			4,766			26.9	%	3,756			4,766			26.9	%
US 10-Year Treasury	0.9		%	1.7		%	1.5		%	1.5		%	1.5		%			0.9		%	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.
(3) Fourth quarter 2021 repurchase of common shares includes $112 million accelerated from first quarter 2022.

Consolidated Statements of Income (Loss)


	For the Three Months Ended												Years Ended
(in millions USD, unless otherwise indicated)	12/31/2020		3/31/2021		6/30/2021		9/30/2021		12/31/2021		Change		12/31/2020		12/31/2021		Change

Revenues
Policy charges and fee income	$	948	$	949	$	939	$	867	$	882	(7.0)	%	$	3,735	$	3,637	(2.6)	%
Premiums	243		258		241		230		231		(4.9)	%	997		960		(3.7)	%
Net derivative gains (losses)	(3,612)		(2,546)		(1,199)		(185)		(535)		85.2	%	(1,722)		(4,465)		(159.3)	%
Net investment income (loss)	947		884		1,033		997		933		(1.5)	%	3,477		3,847		10.6	%
Investment gains (losses), net	554		184		420		163		100		(81.9)	%	744		867		16.5	%
Investment management and service fees	1,294		1,257		1,318		1,323		1,497		15.7	%	4,608		5,395		17.1	%
Other income	142		167		198		220		210		47.9	%	576		795		38.0	%
Total revenues	516		1,153		2,950		3,615		3,318		543.0	%	12,415		11,036		(11.1)	%

Benefits and other deductions
Policyholders’ benefits	780		939		828		751		700		(10.3)	%	5,326		3,218		(39.6)	%
Interest credited to policyholders’ account balances	292		291		309		305		314		7.5	%	1,222		1,219		(0.2)	%
Compensation and benefits	598		580		568		614		598		—	%	2,096		2,360		12.6	%
Commissions and distribution related payments	369		382		397		436		447		21.1	%	1,351		1,662		23.0	%
Interest expense	48		74		51		59		60		25.0	%	200		244		22.0	%
Amortization of deferred policy acquisition costs	58		87		106		64		136		134.5	%	1,613		393		(75.6)	%
Other operating costs and expenses	392		608		447		456		598		52.6	%	1,700		2,109		24.1	%
Total benefits and other deductions	2,537		2,961		2,706		2,685		2,853		12.5	%	13,508		11,205		(17.0)	%

Income (loss) from operations, before income taxes	(2,021)		(1,808)		244		930		465		123.0	%	(1,093)		(169)		84.5	%
Income tax (expense) benefit	885		408		(21)		(165)		(77)		(108.7)	%	744		145		(80.5)	%
Net income (loss)	(1,136)		(1,400)		223		765		388		134.2	%	(349)		(24)		93.1	%
Less: net (income) loss attributable to the noncontrolling interest	(102)		(88)		(100)		(93)		(134)		(31.4)	%	(299)		(415)		(38.8)	%
Net income (loss) attributable to Holdings	$	(1,238)	$	(1,488)	$	123	$	672	$	254	120.5	%	$	(648)	$	(439)	32.3	%
Less: Preferred stock dividends	(19)		(13)		(26)		(14)		(26)		(36.8)	%	(53)		(79)		(49.1)	%
Net income (loss) available to Holdings' common shareholders	$	(1,257)	$	(1,501)	$	97	$	658	$	228	118.1	%	$	(701)	$	(518)	26.1	%

Adjustments related to:
Variable annuity product features (1)	$	3,439	$	2,267	$	1,193	$	172	$	513			$	3,912	$	4,145
Investment gains (losses), net	(554)		(183)		(420)		(164)		(100)				(744)		(867)

Net actuarial gains (losses) related to pension and other postretirement benefit obligations	23		34		26		27		33				109		120
Other adjustments (2) (3) (4) (5)	116		524		7		141		45				952		717
Income tax (expense) benefit related to above adjustments (6)	(635)		(555)		(171)		(35)		(103)				(888)		(864)
Non-recurring tax items (8)	(403)		1		—		5		7				(391)		13
Non-GAAP Operating earnings (7)	$	748	$	600	$	758	$	818	$	649			$	2,302	$	2,825

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 year ended December 31, 2020.
(2) Includes separation costs of $20 million, $25 million, $82 million and $108 million for the three months and year ended December 31, 2021 and 2020, respectively.
(3) Includes certain legal accruals related to the cost of insurance litigation of $207 million for the year ended December 31, 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 year ended December 31, 2020.
(5) Includes Non-GMxB related derivative hedge losses of ($75) million, $57 million, $65 million, and ($404) million for the three months and year ended December 31, 2021 and 2020, respectively.
(6) Includes income taxes of ($554) million for the above related COVID-19 items for the year ended December 31, 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.
(8) Includes a reduction in the reserve for uncertain tax positions resulting from the completion of an IRS examination in the year ended December 31, 2020.


	Balances as of
(in millions USD, unless otherwise indicated)	12/31/2020		3/31/2021		6/30/2021		9/30/2021		12/31/2021

Assets
Total investments	$	109,087	$	105,497	$	100,467	$	102,007	$	105,111
Cash and cash equivalents	6,179		6,795		5,761		5,255		5,188
Cash and securities segregated, at fair value	1,753		1,413		1,073		909		1,504
Broker-dealer related receivables	2,223		2,361		2,474		2,639		2,599
Deferred policy acquisition costs	4,243		4,943		4,838		5,366		5,491
Goodwill and other intangible assets, net	4,737		4,744		4,739		4,734		4,728
Amounts due from reinsurers	4,566		4,526		14,462		14,801		14,679

GMIB reinsurance contract asset, at fair value	2,488		1,907		2,026		1,937		1,848
Current and deferred income taxes	—		509		428		293		195
Other assets	3,701		3,859		4,149		4,545		3,613
Assets held-for-sale	470		483		—		—		—
Separate Accounts assets	135,950		139,795		145,565		142,093		147,306
Total assets	$	275,397	$	276,832	$	285,982	$	284,579	$	292,262

Liabilities
Policyholders’ account balances	$	66,820	$	73,303	$	75,169	$	75,909	$	79,357
Future policy benefits and other policyholders’ liabilities	39,881		35,922		36,835		37,184		36,717
Broker-dealer related payables	1,443		2,283		1,643		1,087		1,283

Customers related payables	3,417		3,179		2,942		3,153		3,600
Amounts due to reinsurers	1,381		1,340		1,377		1,466		1,381
Short-term and long-term debt	4,115		4,022		3,920		3,839		3,931

Income taxes payable	749		—		—		—		—
Notes issued by consolidated variable interest entities, at fair value using the fair value option	313		323		746		1,190		1,191
Other liabilities	3,686		3,990		4,439		5,343		3,933
Liabilities held-for-sale	322		270		—		—		—
Separate Accounts liabilities	135,950		139,795		145,565		142,093		147,306
Total liabilities	258,077		264,427		272,636		271,264		278,699
Redeemable noncontrolling interest	143		137		42		143		468

Equity
Preferred stock	1,269		1,562		1,562		1,562		1,562
Common stock	5		5		5		5		4
Additional paid-in capital	1,985		1,928		1,980		1,917		1,919
Treasury shares	(2,245)		(2,300)		(2,537)		(2,537)		(2,850)
Retained earnings	10,699		8,758		8,739		8,857		8,880
Accumulated other comprehensive income (loss)	3,863		740		1,983		1,876		2,004
Total equity attributable to Holdings	15,576		10,693		11,732		11,680		11,519
Noncontrolling interest	1,601		1,575		1,572		1,492		1,576
Total equity	17,177		12,268		13,304		13,172		13,095
Total liabilities, redeemable noncontrolling interest and equity	$	275,397	$	276,832	$	285,982	$	284,579	$	292,262


	Balances as of
(in millions USD, unless otherwise indicated)	12/31/2020			3/31/2021			6/30/2021			9/30/2021			12/31/2021

Short-term and long-term debt:
Short-term debt
AB commercial paper	$	—		$	—		$	—		$	—		$	—
AB revolving credit facility	—			—			—			—			—
CLO Warehousing Debt (1)	—			185			82			1			92
Total short-term debt	—			185			82			1			92

Total long-term debt	4,115			3,837			3,838			3,838			3,839

Total short-term and long-term debt: [A]	$	4,115		$	4,022		$	3,920		$	3,839		$	3,931

Equity:
Preferred stock	$	1,269		$	1,562		$	1,562		$	1,562		$	1,562
Common stock	$	5		$	5		$	5		$	5		$	4
Additional paid-in capital	1,985			1,928			1,980			1,917			1,919
Treasury stock, at cost	(2,245)			(2,300)			(2,537)			(2,537)			(2,850)
Retained earnings	10,699			8,758			8,739			8,857			8,880
Accumulated other comprehensive income (loss)	3,863			740			1,983			1,876			2,004
Total equity attributable to Holdings	15,576			10,693			11,732			11,680			11,519
Noncontrolling interest	1,601			1,575			1,572			1,492			1,576
Total equity	$	17,177		$	12,268		$	13,304		$	13,172		$	13,095

Total equity attributable to Holdings, (ex. AOCI): [B]	$	11,713		$	9,953		$	9,749		$	9,804		$	9,515

Capital:
Total capitalization (3)	$	19,691		$	14,530		$	15,570		$	15,518		$	15,358
Total capitalization (ex. AOCI): [A+B] (3)	$	15,828		$	13,790		$	13,587		$	13,642		$	13,354

Debt to capital:
Debt to capital (2)	20.9		%	26.4		%	24.6		%	24.7		%	25.0		%
Debt to capital (ex. AOCI) (2)	26.0		%	27.8		%	28.2		%	28.1		%	28.7		%

	For the Three Months Ended
Roll-forward of common shares outstanding (millions of shares):
Beginning balance	444.7			440.8			428.3			420.2			404.7
Repurchases	(4.0)			(3.2)			(7.1)			—			(9.6)
Retirements	—			(11.2)			(1.1)			(15.6)			(4.0)
Issuances	0.1			2.0			0.1			0.1			0.1
Ending basic common shares outstanding	440.8			428.3			420.2			404.7			391.2
Total potentially dilutive shares	—			—			—			—			—
Ending common shares outstanding - maximum potential dilution	440.8			428.3			420.2			404.7			391.2
Notes:


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

	Three Months Ended December 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	$	410	$	98	$	—	$	523	$	82	$	1,113
Net investment income (loss)	315		188		3		275		162		943
Net derivative gains (losses)	(77)		(3)		(6)		(2)		(6)		(94)
Investment management, service fees and other income	180		71		1,264		66		126		1,707
Segment revenues	828		354		1,261		862		364		3,669
Benefits and other deductions
Policyholders’ benefits	79		—		—		480		136		695
Interest credited to policyholders’ account balances	71		76		—		133		34		314
Commissions and distribution related payments	83		15		191		50		108		447
Amortization of deferred policy acquisition costs	64		11		—		30		14		119
Compensation, benefits and other operating costs and expenses	104		108		676		104		82		1,074
Interest expense and financing fees	—		—		4		—		61		65
Segment benefits and other deductions	401		210		871		797		435		2,714
Operating earnings (loss), before income taxes	427		144		390		65		(71)		955
Income Taxes	(76)		(27)		(66)		(12)		15		(166)
Operating earnings (loss), before noncontrolling interest	351		117		324		53		(56)		789
Less: Operating (earnings) loss attributable to the noncontrolling interest	—		—		(141)		—		1		(140)
Operating earnings (loss)	$	351	$	117	$	183	$	53	$	(55)	$	649

	Three Months Ended December 31, 2020
	Individual Retirement		Group Retirement		Inv Mgmt and Research		Protection Solutions		Corporate and Other		Consolidated
Revenues
Policy charges, fee income and premiums	$	521	$	81	$	—	$	490	$	99	$	1,191
Net investment income (loss)	340		181		19		256		163		959
Net derivative gains (losses)	(83)		—		(21)		(5)		(21)		(130)
Investment Management, service fees and other income	181		57		1,055		59		85		1,437
Segment revenues	959		319		1,053		800		326		3,457
Benefits and other deductions
Policyholders’ benefits	161		—		—		460		148		769
Interest credited to policyholders’ account balances	71		77		—		120		24		292
Commissions and distribution related payments	78		12		155		45		79		369
Amortization of deferred policy acquisition costs	46		(7)		—		21		—		60
Compensation, benefits and other operating costs and expenses	96		45		599		86		83		909
Interest Expense and Financing Fees	—		—		1		—		54		55
Segment benefits and other deductions	452		127		755		732		388		2,454
Operating earnings (loss), before income taxes	507		192		298		68		(62)		1,003
Income Taxes	(65)		(26)		(52)		(10)		5		(148)
Operating earnings (loss), before noncontrolling interest	442		166		246		58		(57)		855
Less: Operating (earnings) loss attributable to the noncontrolling interest	—		—		(105)		—		(2)		(107)
Operating earnings (loss)	$	442	$	166	$	141	$	58	$	(59)	$	748


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

	Year Ended December 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	$	1,867	$	371	$	—	$	2,016	$	343	$	4,597
Net investment income (loss)	1,287		752		13		1,102		775		3,929
Net derivative gains (losses)	(128)		(19)		(13)		(20)		(28)		(208)
Investment Management, service fees and other income	759		268		4,430		260		473		6,190
Segment revenues	3,785		1,372		4,430		3,358		1,563		14,508
Benefits and other deductions
Policyholders’ benefits	720		—		—		1,850		621		3,191
Interest credited to policyholders’ account balances	276		303		—		516		124		1,219
Commissions and distribution related payments	328		56		708		170		400		1,662
Amortization of deferred policy acquisition costs	303		—		—		93		(2)		394
Compensation, benefits and other operating costs and expenses	411		248		2,507		345		339		3,850
Interest expense and financing fees	—		—		5		—		241		246
Segment benefits and other deductions	2,038		607		3,220		2,974		1,723		10,562
Operating earnings (loss), before income taxes	1,747		765		1,210		384		(160)		3,946
Income Taxes	(303)		(134)		(208)		(67)		29		(683)
Operating earnings (loss), before noncontrolling interest	1,444		631		1,002		317		(131)		3,263
Less: Operating (earnings) loss attributable to the noncontrolling interest	—		—		(438)		—		—		(438)
Operating earnings (loss)	$	1,444	$	631	$	564	$	317	$	(131)	$	2,825

	Year Ended December 31, 2020
	Individual Retirement		Group Retirement		Inv Mgmt and Research		Protection Solutions		Corporate and Other		Consolidated
Revenues
Policy charges, fee income and premiums	$	2,034	$	295	$	—	$	1,970	$	390	$	4,689
Net investment income (loss)	1,246		641		31		944		501		3,363
Net derivative gains (losses)	331		1		(36)		5		(24)		277
Investment Management, service fees and other income	700		211		3,708		225		340		5,184
Segment revenues	4,311		1,148		3,703		3,144		1,207		13,513
Benefits and other deductions
Policyholders’ benefits	1,207		2		—		1,875		652		3,736
Interest credited to policyholders’ account balances	312		303		—		514		99		1,228
Commissions and distribution related payments	281		45		569		160		296		1,351
Amortization of deferred policy acquisition costs	299		21		—		84		(1)		403
Compensation, benefits and other operating costs and expenses	382		192		2,211		337		304		3,426
Interest Expense and Financing Fees	—		—		6		—		218		224
Segment benefits and other deductions	2,481		563		2,786		2,970		1,568		10,368
Operating earnings (loss), before income taxes	1,830		585		917		174		(361)		3,145
Income Taxes	(294)		(94)		(161)		(28)		58		(519)
Operating earnings (loss), before noncontrolling interest	1,536		491		756		146		(303)		2,626
Less: Operating (earnings) loss attributable to the noncontrolling interest	—		—		(324)		—		—		(324)
Operating earnings (loss)	$	1,536	$	491	$	432	$	146	$	(303)	$	2,302


	Balances as of
(in billions USD, except for Equitable Headcount)	12/31/2020		3/31/2021		6/30/2021		9/30/2021		12/31/2021

Assets Under Management

AB AUM
Total AB	$	685.9	$	697.2	$	738.4	$	742.2	$	778.6
Exclusion for General Account and other Affiliated Accounts	(87.6)		(84.5)		(76.7)		(77.4)		(79.7)
Exclusion for Separate Accounts	(40.5)		(42.2)		(44.4)		(43.6)		(48.8)
AB third party	$	557.8	$	570.4	$	617.3	$	621.2	$	650.1

Total company AUM
AB third party	$	557.8	$	570.4	$	617.3	$	621.2	$	650.1
General Account and other Affiliated Accounts (1) (3)	115.3		112.3		106.2		107.3		110.3
Separate Accounts (2) (3)	136.0		139.8		145.6		142.1		147.3
Total AUM	$	809.0	$	822.5	$	869.1	$	870.6	$	907.7

Total Assets Under Administration (AUA) (4)	$	62.3	$	70.1	$	75.4	$	77.4	$	83.3

Equitable Advisor Headcount
Total Number of Equitable Advisors	4,530		4,369		4,314		4,263		4,382

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, September 30, 2021 and December 31, 2021, Separate Account and General Account AUM is inclusive of $16.9 billion, $63 million, $16.3 billion, $64 million, $16.6 billion and $61 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.


	For the Three Months Ended												Years Ended
(in millions USD, unless otherwise indicated)	12/31/2020		3/31/2021		6/30/2021		9/30/2021		12/31/2021		Change		12/31/2020		12/31/2021		Change

Insurance Operations

Individual Retirement
First year premiums and deposits	$	1,968	$	2,386	$	2,753	$	2,801	$	3,043	54.6	%	$	7,173	$	10,983	53.1	%
Renewal premium and deposits	81		83		90		83		68		(16.0)	%	339		324		(4.4)	%
Total Gross Premiums	$	2,049	$	2,469	$	2,843	$	2,884	$	3,111	51.8	%	$	7,512	$	11,307	50.5	%

Group Retirement
First year premiums and deposits	$	332	$	308	$	306	$	352	$	340	2.5	%	$	1,176	$	1,306	11.1	%
Renewal premium and deposits	584		597		623		479		618		5.8	%	2,167		2,317		6.9	%
Total Gross Premiums	$	916	$	905	$	929	$	831	$	958	4.6	%	$	3,343	$	3,623	8.4	%

Protection Solutions
First year premiums and deposits	$	95	$	98	$	100	$	95	$	133	39.9	%	$	359	$	426	18.6	%
Renewal premium and deposits	653		664		648		659		668		2.3	%	2,560		2,639		3.1	%
Total Gross Premiums	$	748	$	762	$	748	$	754	$	801	7.1	%	$	2,919	$	3,065	5.0	%

Investment Management and Research (in billions USD)
Gross Sales by distribution channel
Institutional	$	9.9	$	4.9	$	17.6	$	2.6	$	6.6	(33.3)	%	$	30.9	$	31.7	2.6	%
Retail	17.7		23.0		23.8		25.6		27.6		55.9	%	78.9		100.0		26.7	%
Private Wealth Management	3.7		5.4		3.6		4.1		5.2		40.5	%	14.3		18.3		28.0	%
Firmwide Gross Sales	$	31.3	$	33.3	$	45.0	$	32.3	$	39.4	25.9	%	$	124.1	$	150.0	20.9	%

Gross sales by investment service
Equity Active	$	13.5	$	15.6	$	18.3	$	17.2	$	21.8	61.5	%	$	51.4	$	72.9	41.8	%
Equity Passive (1)	0.1		0.2		0.4		0.5		0.3		200.0	%	1.7		1.4		(17.6)	%
Fixed Income - Taxable	13.6		12.4		16.3		8.8		7.4		(45.6)	%	54.3		44.9		(17.3)	%
Fixed Income - Tax-Exempt	2.8		3.4		3.2		3.3		3.6		28.6	%	10.3		13.5		31.1	%
Fixed Income Passive (1)	—		—		0.8		0.4		3.4		100.0	%	—		4.6		100.0	%
Alternatives/Multi-Asset Solutions (2)	1.3		1.7		6.0		2.1		2.9		123.1	%	6.4		12.7		98.4	%
Firmwide Gross Sales	$	31.3	$	33.3	$	45.0	$	32.3	$	39.4	25.9	%	$	124.1	$	150.0	20.9	%

Notes:

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


	For the Three Months Ended or As of																	Years Ended or As of
(in millions USD, unless otherwise indicated)	12/31/2020			3/31/2021			6/30/2021			9/30/2021			12/31/2021			Change		12/31/2020			12/31/2021			Change

Revenues
Policy charges, fee income and premiums	$	521		$	522		$	496		$	439		$	410		(21.3)	%	$	2,034		$	1,867		(8.2)	%
Net investment income (loss)	340			325			351			296			315			(7.4)	%	1,246			1,287			3.3	%
Net derivative gains (losses)	(83)			(59)			(69)			77			(77)			7.2	%	331			(128)			(138.7)	%
Investment management, service fees and other income	181			192			201			186			180			(0.6)	%	700			759			8.4	%
Segment revenues	959			980			979			998			828			(13.7)	%	4,311			3,785			(12.2)	%

Benefits and other deductions
Policyholders’ benefits	161			206			163			272			79			(50.9)	%	1,207			720			(40.3)	%
Interest credited to policyholders’ account balances	71			68			67			70			71			—	%	312			276			(11.5)	%
Commissions and distribution-related payments	78			81			75			89			83			6.4	%	281			328			16.7	%
Amortization of deferred policy acquisition costs	46			78			73			88			64			39.1	%	299			303			1.3	%
Compensation and benefits, interest expense and financing fees and other operating costs and expense	96			112			99			96			104			8.3	%	382			411			7.6	%
Segment benefits and other deductions	452			545			477			615			401			(11.3)	%	2,481			2,038			(17.9)	%

Operating earnings (loss), before income taxes	507			435			502			383			427			(15.8)	%	1,830			1,747			(4.5)	%
Income taxes	(65)			(72)			(88)			(67)			(76)			(16.9)	%	(294)			(303)			(3.1)	%
Operating earnings (loss), before noncontrolling interest	442			363			414			316			351			(20.6)	%	1,536			1,444			(6.0)	%
Less: Operating (earnings) loss attributable to the noncontrolling interest	—			—			—			—			—			—	%	—			—			—	%
Operating earnings (loss)	$	442		$	363		$	414		$	316		$	351		(20.6)	%	$	1,536		$	1,444		(6.0)	%

Summary Metrics

Operating earnings (loss) - TTM: [A]	$	1,536		$	1,526		$	1,590		$	1,535		$	1,444		(6.0)	%	$	1,536		$	1,444		(6.0)	%
Average capital - TTM: [B]	$	6,352		$	6,248		$	6,426		$	6,304		$	6,350		—	%	$	6,352		$	6,350		—	%
Non-GAAP Operating ROC - TTM (1): [A/B]	24.2		%	24.4		%	24.8		%	24.4		%	22.8		%			24.2		%	22.8		%

Average Account Value (TTM)	$	105,663		$	112,460		$	113,609		$	113,580		$	112,208		6.2	%	$	105,663		$	112,208		6.2	%

Return on assets (TTM)	1.73		%	1.61		%	1.66		%	1.61		%	1.56		%			1.73		%	1.56		%

Net flows
Current Product Offering	$	534		$	559		$	762		$	702		$	574		7.5	%	$	2,156		$	2,597		20.5	%
Fixed Rate (3)	(863)			(1,075)			(940)			(689)			(787)			8.8	%	(3,285)			(3,491)			(6.3)	%
Net flows	$	(329)		$	(516)		$	(178)		$	13		$	(213)		35.3	%	$	(1,129)		$	(894)		20.8	%

First year premiums and deposits	$	1,968		$	2,386		$	2,753		$	2,801		$	3,043		54.6	%	$	7,173		$	10,983		53.0	%

In-force Policy Count by Product (in thousands) (2):
Current Product Offering	560			561			564			568			571					560			571
Fixed Rate	338			333			328			322			318					338			318
Total	898			894			892			890			889					898			889

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, September 30, 2021 and December 31, 2021, In-force Policy Count by Product presented on a gross basis includes 108 thousand, 107 thousand and 106 thousand ceded policies, respectively, related to the Venerable transaction.
(3) Net flows excluded as it relates to AV ceded to Venerable for the discrete periods of June 30, 2021, September 30, 2021, December 31, 2021 and for the year ended December 31, 2021 were $(120) million, $(322) million, $(388) million and $(830) million, respectively.


Individual Retirement - Select Operating Metrics
	For the Three Months Ended or As of										Years Ended or As of
(in millions USD, unless otherwise indicated)	12/31/2020		3/31/2021		6/30/2021		9/30/2021		12/31/2021		12/31/2020		12/31/2021

Sales Metrics
First Year Premiums by Product:
SCS	$	1,511	$	1,752	$	1,905	$	1,910	$	2,060	$	4,891	$	7,627
Retirement Cornerstone	256		369		454		531		597		1,506		1,951
Investment Edge	130		184		301		274		289		448		1,048
Other	71		81		93		86		97		328		357
Total First Year Premiums	$	1,968	$	2,386	$	2,753	$	2,801	$	3,043	$	7,173	$	10,983

First Year Premiums by Guarantee:
Non-GMxB	$	1,617	$	1,919	$	2,168	$	2,186	$	2,375	$	5,342	$	8,648
ROP death benefit only	144		179		203		160		161		532		703
Total non-GMxB & ROP death benefit only	1,761		2,098		2,371		2,346		2,536		5,874		9,351
Floating rate GMxB	205		287		381		455		500		1,278		1,623
Fixed rate GMxB	2		1		1		—		1		21		3
Other	—		—		—		—		6		—		6
Total First Year Premiums	$	1,968	$	2,386	$	2,753	$	2,801	$	3,043	$	7,173	$	10,983

Account Values
General Account:
Balance as of beginning of period	$	28,376	$	30,783	$	32,259	$	34,090	$	35,590	$	26,108	$	30,783
Gross premiums (6)	1,409		1,388		1,760		2,137		1,898		4,656		7,183
Surrenders, withdrawals and benefits	(572)		(684)		(787)		(847)		(1,015)		(1,955)		(3,333)
Net flows (1)	837		704		973		1,290		883		2,701		3,850
Investment performance, interest credited and policy charges (1)	1,570		772		917		248		1,225		1,983		3,162
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	$	30,783	$	32,259	$	34,090	$	35,590	$	37,698	$	30,783	$	37,698

Separate Accounts:
Balance as of beginning of period	$	79,455	$	86,607	$	88,521	$	74,345	$	72,123	$	82,814	$	86,607
Gross premiums (6)	640		1,081		1,061		711		1,214		2,837		4,067
Surrenders, withdrawals and benefits	(1,806)		(2,301)		(2,212)		(1,988)		(2,310)		(6,667)		(8,811)
Net flows (1)	(1,166)		(1,220)		(1,151)		(1,277)		(1,096)		(3,830)		(4,744)
Investment performance, interest credited and policy charges (1)	8,318		3,134		3,786		(945)		3,179		7,623		9,154
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	$	86,607	$	88,521	$	74,345	$	72,123	$	74,206	$	86,607	$	74,206

Total:
Balance as of beginning of period	$	107,831	$	117,390	$	120,780	$	108,435	$	107,713	$	108,922	$	117,390
Gross premiums (6)	2,049		2,469		2,821		2,848		3,112		7,493		11,249
Surrenders, withdrawals and benefits	(2,378)		(2,985)		(2,999)		(2,835)		(3,325)		(8,622)		(12,143)
Net flows (1)	(329)		(516)		(178)		13		(213)		(1,129)		(894)
Investment performance, interest credited and policy charges (1)	9,888		3,906		4,703		(697)		4,404		9,606		12,316
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	$	117,390	$	120,780	$	108,435	$	107,713	$	111,904	$	117,390	$	111,904

Net Amount at Risk (NAR)
Total GMIB NAR	$	10,461	$	8,049	$	3,820	$	4,119	$	3,910	$	10,461	$	3,910
Total GMDB NAR	18,271		17,562		9,002		9,569		8,987		18,271		8,987
Reserves (Net of Reinsurance)

GMIB Reserves	$	14,246	$	11,680	$	4,606	$	4,913	$	4,613	$	14,246	$	4,613
GMDB Reserves	5,006		4,999		2,829		2,765		2,737		5,006		2,737
Total GMDB/IB Variable Annuity Reserves (Net of Reinsurance)	$	19,252	$	16,679	$	7,435	$	7,678	$	7,350	$	19,252	$	7,350

Notes:

(1) Net flows excluded as it relates to AV ceded to Venerable for the discrete periods of June 30, 2021, September 30, 2021, December 31, 2021 and for the year ended December 31, 2021 were $(120) million, $(322) million, $(388) million and $(830) million, respectively. Investment performance, interest credited and policy charges of $148 million ,$(273) million , $714 million and $589 million, for the three months ended June 30, 2021, September 30, 2021, December 31, 2021 and year ended December 31, 2021, respectively, are not included as it excludes activity related to ceded AV to Venerable.

(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 months ended September 30, 2021 and twelve months ended December 31, 2021 amounts reflect [($38) million] transfer 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 twelve months ended December 31, 2021 amounts reflect $57 million of AV transfer of a closed block of GMxB business from GR to IR.

(5) For the twelve months ended December 31, 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.


	For the Three Months Ended or As of																	Years Ended or As of
(in millions USD, unless otherwise indicated)	12/31/2020			3/31/2021			6/30/2021			9/30/2021			12/31/2021			Change		12/31/2020			12/31/2021			Change

Revenues
Policy charges, fee income and premiums	$	81		$	86		$	91		$	96		$	98		21.0	%	$	295		$	371		25.8	%
Net investment income (loss)	181			180			195			189			188			3.9	%	641			752			17.3	%
Net derivative gains (losses)	—			—			(5)			(11)			(3)			(100.0)	%	1			(19)			N/M
Investment management, service fees and other income	57			63			65			69			71			24.6	%	211			268			27.0	%
Segment revenues	319			329			346			343			354			11.0	%	1,148			1,372			19.5	%

Benefits and other deductions
Policyholder benefits	—			—			—			—			—			—	%	2			—			(100.0)	%
Interest credited to policyholders’ account balances	77			75			75			77			76			(1.3)	%	303			303			—	%
Commissions and distribution-related payments	12			13			16			12			15			25.0	%	45			56			24.4	%
Amortization of deferred policy acquisition costs	(7)			5			8			(24)			11			257.1	%	21			—			(100.0)	%
Compensation and benefits, interest expense and financing fees and other operating costs and expense	45			55			40			45			108			140.0	%	192			248			29.2	%
Segment benefits and other deductions	127			148			139			110			210			65.4	%	563			607			7.8	%

Operating earnings (loss), before income taxes	192			181			207			233			144			(25.0)	%	585			765			30.8	%
Income taxes	(26)			(30)			(36)			(41)			(27)			(3.8)	%	(94)			(134)			(42.6)	%
Operating earnings (loss), before noncontrolling interest	166			151			171			192			117			(29.5)	%	491			631			28.5	%
Less: Operating (earnings) loss attributable to the noncontrolling interest	—			—			—			—			—			—	%	—			—			—	%
Operating earnings (loss)	$	166		$	151		$	171		$	192		$	117		(29.5)	%	$	491		$	631		28.5	%

Summary Metrics

Operating earnings (loss) - TTM: [A]	$	491		$	536		$	617		$	680		$	631		28.5		$	491		$	631		28.5	%
Average capital - TTM: [B]	$	1,073		$	1,090		$	1,108		$	1,132		$	1,154		7.5		$	1,073		$	1,154		7.5	%
Non-GAAP Operating ROC - TTM (1): [A/B]	45.8		%	49.1		%	55.5		%	60.0		%	54.6		%			45.8		%	54.6		%

Average Account Value (TTM)	$	37,853		$	40,553		$	42,762		$	44,469		$	45,692		20.7	%	$	37,853		$	45,692		20.7	%

Return on assets (TTM)	1.55		%	1.57		%	1.72		%	1.83		%	1.67		%			1.55		%	1.67		%

Net flows	$	45		$	(51)		$	68		$	(135)		$	(188)		(518.6)	%	$	296		$	(306)		(203.5)	%

Gross premiums	$	916		$	905		$	929		$	831		$	958		4.6	%	$	3,343		$	3,623		8.4	%

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.

Group Retirement - Select Operating Metrics


	For the Three Months Ended or As of										Years Ended or As of
(in millions USD, unless otherwise indicated)	12/31/2020		3/31/2021		6/30/2021		9/30/2021		12/31/2021		12/31/2020		12/31/2021

Sales Metrics
Gross premiums:
First-year premiums	$	332	$	308	$	306	$	352	$	340	$	1,176	$	1,306
Renewal premiums	584		597		623		479		618		2,167		2,317
Group Retirement premiums	$	916	$	905	$	929	$	831	$	958	$	3,343	$	3,623

Gross premiums by market:
Tax-exempt	$	175	$	179	$	187	$	213	$	230	$	724	$	809
Corporate	130		119		107		128		81		392		435
Other	27		10		12		11		29		60		62
Total First Year Premiums	332		308		306		352		340		1,176		1,306
Tax-exempt	452		447		481		347		482		1,632		1,757
Corporate	85		96		93		90		90		342		369
Other	47		54		49		42		46		193		191
Total renewal premiums	584		597		623		479		618		2,167		2,317
Group Retirement premiums by market	$	916	$	905	$	929	$	831	$	958	$	3,343	$	3,623

Account Values
General Account:
Balance as of beginning of period	$	12,627	$	12,826	$	12,924	$	12,983	$	13,042	$	12,071	$	12,826
Gross premiums	376		288		225		253		289		1,437		1,055
Surrenders, withdrawals and benefits	(274)		(278)		(251)		(276)		(373)		(1,010)		(1,178)
Net flows	102		10		(26)		(23)		(84)		427		(123)
Investment performance, interest credited and policy charges	97		88		87		82		88		328		345
Other (1)	—		—		(2)		—		—		—		(2)
Balance as of end of period	$	12,826	$	12,924	$	12,983	$	13,042	$	13,046	$	12,826	$	13,046

Separate Accounts
Balance as of beginning of period	$	26,088	$	29,633	$	31,026	$	32,940	$	32,502	$	25,809	$	29,633
Gross premiums	540		617		703		578		670		1,906		2,568
Surrenders, withdrawals and benefits	(597)		(678)		(609)		(690)		(774)		(2,037)		(2,751)
Net flows	(57)		(61)		94		(112)		(104)		(131)		(183)
Investment performance, interest credited and policy charges	3,602		1,454		1,875		(326)		1,909		3,955		4,912
Other (1)	—		—		(55)		—		—		—		(55)
Balance as of end of period	$	29,633	$	31,026	$	32,940	$	32,502	$	34,307	$	29,633	$	34,307

Total:
Balance as of beginning of period	$	38,715	$	42,459	$	43,950	$	45,923	$	45,544	$	37,880	$	42,459
Gross premiums	916		905		928		831		959		3,343		3,623
Surrenders, withdrawals and benefits	(871)		(956)		(860)		(966)		(1,147)		(3,047)		(3,929)
Net flows	45		(51)		68		(135)		(188)		296		(306)
Investment performance, interest credited and policy charges	3,699		1,542		1,962		(244)		1,997		4,283		5,257
Other (1)	—		—		(57)		—		—		—		(57)
Balance as of end of period	$	42,459	$	43,950	$	45,923	$	45,544	$	47,353	$	42,459	$	47,353
Notes:
(1) For the three months and year ended December 31, 2021, amounts reflect AV transfer of GMxB closed block business from GR to IR.


	For the Three Months Ended or As of																	Years Ended or As of
(in millions USD, unless otherwise indicated)	12/31/2020			3/31/2021			6/30/2021			9/30/2021			12/31/2021			Change		12/31/2020			12/31/2021			Change

Revenues
Net investment income (loss)	$	19		$	—		$	12		$	(2)		$	3		(84.2)	%	$	31		$	13		(58.1)	%
Net derivative gains (losses)	(21)			2			(11)			2			(6)			71.4	%	(36)			(13)			63.9	%
Investment management, service fees and other income	1,055			1,002			1,071			1,093			1,264			19.8	%	3,708			4,430			19.5	%
Segment Revenues	1,053			1,004			1,072			1,093			1,261			19.8	%	3,703			4,430			19.6	%

Benefits and other deductions
Commissions and distribution-related payments	155			162			168			187			191			23.2	%	569			708			24.4	%
Compensation, benefits and other operating costs and expenses	599			580			629			622			676			12.9	%	2,211			2,507			13.4	%
Interest expense and financing fees	1			1			—			—			4			300.0	%	6			5			(16.7)	%
Total benefits and other deductions	755			743			797			809			871			15.4	%	2,786			3,220			15.6	%

Operating earnings (loss), before income taxes	298			261			275			284			390			30.9	%	917			1,210			32.0	%
Income taxes	(52)			(44)			(49)			(49)			(66)			(26.9)	%	(161)			(208)			(29.2)	%
Operating earnings (loss), before noncontrolling interest	246			217			226			235			324			31.7	%	756			1,002			32.5	%
Less: Operating (earnings) loss attributable to the noncontrolling interest	(105)			(96)			(100)			(101)			(141)			(34.3)	%	(324)			(438)			(35.2)	%
Operating earnings (loss)	$	141		$	121		$	126		$	134		$	183		29.8	%	$	432		$	564		30.6	%

Summary Metrics

Adjusted operating margin (1)	34.2		%	31.7		%	31.7		%	31.8		%	38.5		%			30.1		%	33.6		%

Net flows (in billions USD)	$	3.2		$	5.2		$	6.2		$	7.2		$	7.4				$	(2.6)		$	26.1

Total AUM (in billions USD)	$	685.9		$	697.2		$	738.4		$	742.2		$	778.6				$	685.9		$	778.6

Ownership Structure of AB

Holdings and its subsidiaries	63.3		%	62.8		%	62.9		%	63.2		%	63.0		%			63.3		%	63.0		%
AB Holding	36.0		%	36.5		%	36.3		%	36.1		%	36.2		%			36.0		%	36.2		%
Unaffiliated holders	0.7		%	0.7		%	0.8		%	0.7		%	0.8		%			0.7		%	0.8		%
Total	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%			100.0		%	100.0		%

EQH economic interest	64.8		%	64.3		%	64.4		%	64.7		%	64.5		%			64.8		%	64.5		%
EQH average economic interest	65.1		%	64.2		%	64.4		%	64.6		%	64.7		%			65.1		%	64.4		%

Units of limited partnership outstanding (in millions)	270.5			272.7			272.0			270.9			271.5					270.5			271.5
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.


	For the Three Months Ended or As of
(in billions USD, unless otherwise indicated)	12/31/2020		3/31/2021		6/30/2021		9/30/2021		12/31/2021

AUM Roll-forward
Balance as of beginning of period	$	630.8	$	685.9	$	697.2	$	738.4	$	742.2
Sales/new accounts	31.3		33.3		45.0		32.3		39.4
Redemptions/terminations	(22.0)		(24.2)		(32.4)		(21.5)		(25.7)
Cash flow/unreinvested dividends	(6.1)		(3.9)		(6.4)		(3.6)		(6.3)
Net long-term (outflows) inflows	3.2		5.2		6.2		7.2		7.4

Market appreciation (depreciation)	51.9		6.1		35.0		(3.4)		29.0
Net change	55.1		11.3		41.2		3.8		36.4
Balance as of end of period	$	685.9	$	697.2	$	738.4	$	742.2	$	778.6

Ending Assets by distribution channel
Institutions	$	315.6	$	314.7	$	329.1	$	327.5	$	337.1
Retail	265.3		272.3		293.7		298.8		319.9
Private Wealth Management	105.0		110.2		115.6		115.9		121.6
Total	$	685.9	$	697.2	$	738.4	$	742.2	$	778.6

Ending Assets by investment service
Equity
Actively Managed	$	217.8	$	231.8	$	256.7	$	260.3	$	287.6
Passively Managed (1)	64.5		66.3		69.5		69.1		71.6
Total Equity	$	282.3	$	298.1	$	326.2	$	329.4	$	359.2
Fixed Income
Actively Managed	$	313.5	$	304.0	$	306.3	$	306.2	$	303.4
Passively Managed (1)	8.5		8.3		9.3		9.5		13.2
Total Fixed Income	322.0		312.3		315.6		315.7		316.6
Total Alternatives/Multi-Asset Solutions (2)	81.6		86.8		96.6		97.1		102.8
Total	$	685.9	$	697.2	$	738.4	$	742.2	$	778.6

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."


Investment Management and Research - Net Flows
	For the Three Months Ended										Years Ended or As of
(in billions USD, unless otherwise indicated)	12/31/2020		3/31/2021		6/30/2021		9/30/2021		12/31/2021		12/31/2020		12/31/2021
Net Flows by Distribution Channel
Institutions
US	$	3.4	$	(1.7)	$	(1.9)	$	1.8	$	(2.0)	$	(1.1)	$	(3.8)
Global and Non-US	1.6		2.5		2.8		(1.6)		2.4		2.1		6.1
Total Institutions	$	5.0	$	0.8	$	0.9	$	0.2	$	0.4	$	1.0	$	2.3
Retail
US (4)	$	1.0	$	3.6	$	5.2	$	7.0	$	9.4	$	3.0	$	25.3
Global and Non-US (4)	(1.7)		(0.9)		—		(0.4)		(3.1)		(4.6)		(4.5)
Total Retail	$	(0.7)	$	2.7	$	5.2	$	6.6	$	6.3	$	(1.6)	$	20.8
Private Wealth
US (4)	$	(1.2)	$	0.8	$	(0.7)	$	(0.3)	$	(0.4)	$	(1.3)	$	(0.5)
Global and Non-US	0.1		0.9		0.8		0.7		1.1		(0.7)		3.5
Total Private Wealth (4)	$	(1.1)	$	1.7	$	0.1	$	0.4	$	0.7	$	(2.0)	$	3.0
Total Net Flows by Distribution Channel (4)	$	3.2	$	5.2	$	6.2	$	7.2	$	7.4	$	(2.6)	$	26.1
Net Flows by Investment Service
Equity Active
US (4)	$	0.5	$	2.0	$	4.3	$	4.7	$	4.8	$	3.6	$	15.7
Global and Non-US	0.5		1.7		1.3		0.1		3.1		3.8		6.2
Total Equity Active (4)	$	1.0	$	3.7	$	5.6	$	4.8	$	7.9	$	7.4	$	21.9
Equity Passive (1)
US (4)	$	(0.8)	$	(1.6)	$	(1.1)	$	(0.5)	$	(3.2)	$	(4.0)	$	(6.3)
Global and Non-US (4)	(0.1)		(0.4)		(0.6)		0.2		(0.3)		(0.6)		(1.2)
Total Equity Passive (1)	$	(0.9)	$	(2.0)	$	(1.7)	$	(0.3)	$	(3.5)	$	(4.6)	$	(7.5)
Fixed Income - Taxable (3)
US (4)	$	3.4	$	0.2	$	(2.6)	$	2.2	$	(0.9)	$	0.7	$	(1.0)
Global and Non-US	(1.4)		(1.0)		(2.7)		(2.1)		(3.1)		(10.5)		(8.9)
Total Fixed Income - Taxable (4)	$	2.0	$	(0.8)	$	(5.3)	$	0.1	$	(4.0)	$	(9.8)	$	(9.9)
Fixed Income - Tax-Exempt
US	$	0.5	$	1.6	$	1.5	$	1.5	$	1.4	$	1.0	$	6.0
Global and Non-US	—		—		—		—		—		—		—
Total Fixed Income - Tax-Exempt	$	0.5	$	1.6	$	1.5	$	1.5	$	1.4	$	1.0	$	6.0
Fixed Income - Passive (1)
US (4)	$	(0.4)	$	0.2	$	0.1	$	0.3	$	3.8	$	(1.0)	$	4.5
Global and Non-US	(0.2)		—		0.8		(0.1)		(0.2)		(0.6)		0.5
Total Fixed Income - Passive (1) (4)	$	(0.6)	$	0.2	$	0.9	$	0.2	$	3.6	$	(1.6)	$	5.0
Alternatives/Multi-Asset Solutions (2)
US	$	—	$	0.3	$	0.4	$	0.3	$	1.1	$	0.3	$	2.1
Global and Non-US	1.2		2.2		4.8		0.6		0.9		4.7		8.5
Total Alternatives/Multi-Asset Solutions (2)	$	1.2	$	2.5	$	5.2	$	0.9	$	2.0	$	5.0	$	10.6
Total Net Flows by Investment Service (4)	$	3.2	$	5.2	$	6.2	$	7.2	$	7.4	$	(2.6)	$	26.1
Active vs. Passive Net Flows
Actively Managed
Equity (4)	$	1.0	$	3.7	$	5.6	$	4.8	$	7.9	$	7.4	$	21.9
Fixed Income (3) (4)	2.5		0.8		(3.8)		1.6		(2.6)		(8.8)		(3.9)
Alternatives/Multi-Asset Solutions (2)	1.0		2.0		4.9		0.3		1.1		4.5		8.3
Total	$	4.5	$	6.5	$	6.7	$	6.7	$	6.4	$	3.1	$	26.3
Passively Managed (1)
Equity	$	(0.9)	$	(2.0)	$	(1.7)	$	(0.3)	$	(3.5)	$	(4.6)	$	(7.5)
Fixed Income (4)	(0.6)		0.2		0.9		0.2		3.6		(1.6)		5.0
Alternatives/Multi-Asset Solutions (2)	0.2		0.5		0.3		0.6		0.9		0.5		2.3
Total (4)	$	(1.3)	$	(1.3)	$	(0.5)	$	0.5	$	1.0	$	(5.7)	$	(0.2)
Total Active vs Passive Net Flows (4)	$	3.2	$	5.2	$	6.2	$	7.2	$	7.4	$	(2.6)	$	26.1
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 twelve-month period ended December 31, 2021. Discrete quarterly outflows related to AXA's redemptions for periods presented were as follows: $0.7 billion for the fourth quarter of 2020 and $1.3 billion for the second quarter of 2021.
(4) AB line item does not cross foot for the twelve months ended 2021 due to rounding.


	For the Three Months Ended or As of																	Years Ended or As of
(in millions USD, unless otherwise indicated)	12/31/2020			3/31/2021			6/30/2021			9/30/2021			12/31/2021			Change		12/31/2020			12/31/2021			Change

Revenues
Policy charges, fee income and premiums	$	490		$	504		$	507		$	482		$	523		6.7	%	$	1,970		$	2,016		2.3	%
Net investment income (loss)	256			262			271			294			275			7.4	%	944			1,102			16.7	%
Net derivative gains (losses)	(5)			(1)			(10)			(7)			(2)			60.0	%	5			(20)			(500.0)	%
Investment management, service fees and other income	59			61			64			69			66			11.9	%	225			260			15.6	%
Segment revenues	800			826			832			838			862			7.8	%	3,144			3,358			6.8	%

Benefits and other deductions
Policyholders’ benefits	460			509			469			392			480			4.3	%	1,875			1,850			(1.3)	%
Interest credited to policyholders’ account balances	120			123			134			126			133			10.8	%	514			516			0.4	%
Commissions and distribution-related payments	45			34			42			44			50			11.1	%	160			170			6.3	%
Amortization of deferred policy acquisition costs	21			26			33			4			30			42.9	%	84			93			10.7	%
Compensation and benefits, interest expense and financing fees and other operating costs and expense	86			85			78			78			104			20.9	%	337			345			2.4	%
Segment benefits and other deductions	732			777			756			644			797			8.9	%	2,970			2,974			0.1	%

Operating earnings (loss), before income taxes	68			49			76			194			65			(4.4)	%	174			384			120.7	%
Income taxes	(10)			(8)			(13)			(34)			(12)			(20.0)	%	(28)			(67)			(139.3)	%
Operating earnings (loss), before noncontrolling interest	58			41			63			160			53			(8.6)	%	146			317			117.1	%
Less: Operating (earnings) loss attributable to the noncontrolling interest	—			—			—			—			—			—	%	—			—			—	%
Operating earnings (loss)	$	58		$	41		$	63		$	160		$	53		(8.6)	%	$	146		$	317		117.1	%

Summary Metrics

Operating earnings (loss) - TTM: [A]	$	146		$	138		$	213		$	322		$	317		117.1	%	$	146		$	317		117.1	%
Average capital - TTM: [B]	$	2,170		$	2,145		$	2,137		$	2,150		$	2,154		(0.7)	%	$	2,170		$	2,154		(0.7)	%
Non-GAAP Operating ROC - TTM (1): [A/B]	6.7		%	6.5		%	10.0		%	15.0		%	14.7		%			6.7		%	14.7		%

Benefit ratio	72.5		%	76.5		%	72.5		%	61.8		%	71.1		%			76.0		%	70.5		%

Gross written premiums	$	748		$	762		$	748		$	754		$	801		7.1	%	$	2,919		$	3,065		5.0	%

Annualized premiums	$	59		$	69		$	67		$	67		$	84		42.2	%	$	221		$	287		29.8	%

Total in-force face amount (in billions USD) (2)	$	420.6		$	421.3		$	422.4		$	422.4		$	423.2		0.6	%	$	420.6		$	423.2		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.


	For the Three Months Ended or As of										Years Ended or As of
(in millions USD, unless otherwise indicated)	12/31/2020		3/31/2021		6/30/2021		9/30/2021		12/31/2021		12/31/2020		12/31/2021

Sales Metrics
First Year Premiums by Product Line:
Universal Life	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Indexed Universal Life	26		21		10		7		7		144		45
Variable Universal Life	49		52		67		66		102		144		287
Term	4		5		4		3		4		18		16
Employee Benefits	15		20		19		18		20		52		77
Other (1)	1		—		—		1		—		1		1
Total	$	95	$	98	$	100	$	95	$	133	$	359	$	426

Renewals by Product Line:
Universal Life	$	205	$	201	$	204	$	221	$	198	$	845	$	824
Indexed Universal Life	74		76		75		79		80		276		310
Variable Universal Life	253		256		238		224		250		947		968
Term	91		97		94		90		98		375		379
Employee Benefits	25		30		32		41		36		98		139
Other (1)	5		4		5		4		6		19		19
Total	653		664		648		659		668		2,560		2,639
Total Gross Premiums	$	748	$	762	$	748	$	754	$	801	$	2,919	$	3,065

In-force Metrics
In-force Face Amount by Product (2) (in billions):
Universal Life (3)	$	48.7	$	48.0	$	47.3	$	46.7	$	45.9	$	48.7	$	45.9
Indexed Universal Life	27.7		28.0		28.0		28.0		27.9		27.7		27.9
Variable Universal Life (4)	127.7		128.5		129.8		130.9		132.8		127.7		132.8
Term	215.2		215.5		216.0		215.6		215.4		215.2		215.4
Whole Life	1.3		1.3		1.3		1.2		1.2		1.3		1.2
Total	$	420.6	$	421.3	$	422.4	$	422.4	$	423.2	$	420.6	$	423.2

In-force Policy Count by Product (2) (in thousands):
Universal Life (3)	144		142		140		138		136		144		136
Indexed Universal Life	64		64		64		64		65		64		65
Variable Universal Life (4)	291		290		290		291		293		291		293
Term	268		268		268		267		266		268		266
Whole Life	17		17		17		17		16		17		16
Total	784		781		779		777		776		784		776

Protection Solutions Reserves
General Account	$	18,905	$	18,401	$	18,588	$	18,584	$	18,625	$	18,905	$	18,625
Separate Accounts	14,771		15,387		16,281		16,080		17,012		14,771		17,012
Total	$	33,676	$	33,788	$	34,869	$	34,664	$	35,637	$	33,676	$	35,637

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.


	Balances as of
(in millions USD, unless otherwise indicated)	December 31, 2020				December 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	%	$	78,216	70.9	%
Fixed maturities, at fair value using the fair value option	389		0.3	%	1,641		1.5	%
Mortgage loans on real estate	13,159		11.4	%	14,033		12.7	%
Policy loans	4,118		3.6	%	4,024		3.6	%
Other equity investments (4)	1,502		1.3	%	2,975		2.7	%
Other invested assets	2,728		2.4	%	3,591		3.3	%
Subtotal investment assets	103,534		89.8	%	104,480		94.7	%
Trading securities	5,553		4.8	%	631		0.6	%
Total investments	109,087		94.6	%	105,111		95.3	%
Cash and cash equivalents	6,179		5.4	%	5,188		4.7	%
Total	$	115,266	100.0	%	$	110,299	100.0	%

General Account Fixed maturities by industry (Based on amortized cost)
Corporate securities:
Finance	$	14,411	20.1	%	$	12,954	17.9	%
Manufacturing	13,040		18.2	%	12,212		16.8	%
Utilities	6,352		8.9	%	6,446		8.9	%
Services	7,830		10.9	%	8,191		11.3	%
Energy	4,084		5.7	%	3,854		5.3	%
Retail and wholesale	3,747		5.2	%	3,390		4.7	%
Transportation	2,424		3.4	%	2,181		3.0	%
Other	157		0.2	%	60		0.1	%
Total corporate securities	52,045		72.5	%	49,288		67.9	%
U.S. government and agency	12,660		17.6	%	13,056		18.0	%
Residential mortgage-backed (2)	130		0.2	%	90		0.1	%
Preferred stock	621		0.9	%	41		0.1	%
State & municipal	536		0.7	%	586		0.8	%
Foreign governments	1,011		1.4	%	1,124		1.5	%
Commercial mortgage-backed	1,148		1.6	%	2,427		3.3	%
Asset-backed securities	3,587		5.0	%	5,933		8.2	%
Total	$	71,738	100.0	%	$	72,545	100.0	%

General Account Fixed maturities credit quality (3) (Based on amortized cost)
Aaa, Aa, A (NAIC Designation 1)	$	44,146	61.5	%	$	44,653	61.6	%
Baa (NAIC Designation 2)	25,285		35.2	%	25,141		34.7	%
Investment grade	69,431		96.8	%	69,794		96.2	%
Below investment grade (NAIC Designation 3 and 4)	2,307		3.2	%	2,751		3.8	%
Total	$	71,738	100.0	%	$	72,545	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).


	For the Years Ended or As of
(in millions USD, unless otherwise indicated)	December 31, 2020				December 31, 2021
	Yield		Amount (1)		Yield		Amount (1)
Fixed Maturities:
Income (loss)	3.46	%	$	2,318	3.40	%	$	2,429
Ending assets			71,738				72,545
Mortgages:
Income (loss)	4.13	%	517		4.08	%	547
Ending assets			13,159				14,033
Other Equity Investments (2):
Income (loss)	6.14	%	95		20.45	%	534
Ending assets			1,621				2,901
Policy Loans:
Income	5.28	%	204		5.01	%	203
Ending assets			4,118				4,024
Cash and Short-term Investments:
Income	0.03	%	1		(0.13)	%	(2)
Ending assets			2,095				1,662
Funding Agreements:
Interest expense and other			(75)				(56)
Ending (liabilities)			(6,897)				(6,647)
Total invested Assets:
Income	3.72	%	3,060		4.28	%	3,655
Ending assets			85,834				88,518
Short Duration Fixed Maturities:
Income (loss)	3.39	%	184		4.48	%	78
Ending assets			4,704				142
Total Net Investment Income:
Investment income	3.70	%	3,244		4.28	%	3,733
Less: investment fees	(0.12)	%	(107)		(0.14)	%	(118)
Investment income, net	3.57	%	$	3,137	4.15	%	$	3,615
General Account Ending Net Assets			$	90,538			$	88,660
Operating Earnings adjustments:
Funding Agreements interest expense			75				56
AB and other non-General Account investment income			151				258
Operating Net investment income (loss)			$	3,363			$	3,929
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).


	For the Three Months Ended or As of										Years Ended or As of
(in millions USD, unless otherwise indicated)	12/31/2020		3/31/2021		6/30/2021		9/30/2021		12/31/2021		12/31/2020		12/31/2021

TOTAL
Beginning balance	$	4,171	$	4,243	$	4,943	$	4,838	$	5,366	$	5,840	$	4,243
Capitalization of commissions, sales and issue expenses	181		186		220		214		255		669		875
Amortization	(59)		(87)		(106)		(64)		(136)		(1,613)		(393)
Change in unrealized investment gains and losses	(50)		601		(219)		378		6		(654)		766
Reclassified to Assets held-for-sale	—		—		—		—		—		1		—
Ending balance	$	4,243	$	4,943	$	4,838	$	5,366	$	5,491	$	4,243	$	5,491

Individual Retirement
Beginning balance	$	3,128	$	3,178	$	3,390	$	3,393	$	3,486	$	3,285	$	3,178
Capitalization of commissions, sales and issue expenses	110		123		149		142		159		405		573
Amortization	(41)		(61)		(58)		(96)		(80)		(321)		(295)
Change in unrealized investment gains and losses	(19)		150		(88)		47		74		(191)		183
Reclassified to Assets held-for-sale	—		—		—		—		—		—		—
Ending balance	$	3,178	$	3,390	$	3,393	$	3,486	$	3,639	$	3,178	$	3,639

Group Retirement
Beginning balance	$	601	$	632	$	705	$	702	$	757	$	659	$	632
Capitalization of commissions, sales and issue expenses	27		21		22		24		33		93		100
Amortization	7		(6)		(9)		23		(10)		(73)		(2)
Change in unrealized investment gains and losses	(3)		58		(16)		8		(4)		(47)		46
Reclassified to Assets held-for-sale	—		—		—		—		—		—		—
Ending balance	$	632	$	705	$	702	$	757	$	776	$	632	$	776

Protection Solutions
Beginning balance	$	426	$	418	$	836	$	732	$	1,113	$	1,880	$	418
Capitalization of commissions, sales and issue expenses	44		42		49		48		63		171		202
Amortization	(24)		(27)		(34)		(4)		(30)		(1,221)		(95)
Change in unrealized investment gains and losses	(28)		403		(119)		337		(80)		(413)		541
Reclassified to Assets held-for-sale	—		—		—		—		—		1		—
Ending balance	$	418	$	836	$	732	$	1,113	$	1,066	$	418	$	1,066

Corporate and Other
Beginning balance	$	16	$	15	$	12	$	11	$	10	$	16	$	15
Capitalization of commissions, sales and issue expenses	—		—		—		—		—		—		—
Amortization	(1)		7		(5)		13		(16)		2		(1)
Change in unrealized investment gains and losses	—		(10)		4		(14)		16		(3)		(4)
Reclassified to Assets held-for-sale	—		—		—		—		—		—		—
Ending balance	$	15	$	12	$	11	$	10	$	10	$	15	$	10


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.



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.


	For the Three Months Ended or As of										Years Ended or As of
(in millions USD, unless otherwise indicated)	12/31/2020		3/31/2021		6/30/2021		9/30/2021		12/31/2021		12/31/2020		12/31/2021

Net income (loss) attributable to Holdings
Net income (loss) attributable to Holdings	$	(1,238)	$	(1,488)	$	123	$	672	$	254	$	(648)	$	(439)
Adjustments related to:
Variable annuity product features (1)	3,439		2,267		1,193		172		513		3,912		4,145
Investment gains (losses), net	(554)		(183)		(420)		(164)		(100)		(744)		(867)

Net actuarial gains (losses) related to pension and other postretirement benefit obligations	23		34		26		27		33		109		120
Other adjustments (2) (3) (4) (5)	116		524		7		141		45		952		717
Income tax (expense) benefit related to above adjustments (6)	(635)		(555)		(171)		(35)		(103)		(888)		(864)
Non-recurring tax items (8)	(403)		1		—		5		7		(391)		13
Non-GAAP Operating Earnings	$	748	$	600	$	758	$	818	$	649	$	2,302	$	2,825

Net income (loss) attributable to Holdings (7)	$	(2.80)	$	(3.43)	$	0.29	$	1.62	$	0.63	$	(1.44)	$	(1.05)
Less: Preferred stock dividends	0.04		0.03		0.06		0.03		0.07		0.12		0.19
Net income (loss) available to Holdings' common shareholders	(2.84)		(3.46)		0.23		1.59		0.56		(1.56)		(1.24)
Adjustments related to:
Variable annuity product features (1)	7.77		5.22		2.79		0.41		1.27		8.68		9.93
Investment gains (losses), net	(1.25)		(0.42)		(0.98)		(0.41)		(0.25)		(1.65)		(2.08)

Net actuarial gains (losses) related to pension and other postretirement benefit obligations	0.05		0.08		0.06		0.07		0.08		0.24		0.29
Other adjustments (2) (3) (4) (5)	0.26		1.21		0.01		0.35		0.11		2.12		1.72
Income tax (expense) benefit related to above adjustments (6)	(1.43)		(1.28)		(0.40)		(0.08)		(0.25)		(1.97)		(2.07)
Non-recurring tax items (8)	(0.91)		—		—		0.01		0.02		(0.87)		0.03
Non-GAAP Operating Earnings (loss) available to Holdings' common shareholders (7)	$	1.65	$	1.35	$	1.71	$	1.94	$	1.54	$	4.99	$	6.58

Book Value per common share
Book Value per common share	$	32.46	$	21.32	$	24.20	$	25.00	$	25.45	$	32.46	$	25.45
Less: Per share impact of AOCI	8.76		1.73		4.72		4.64		5.12		8.76		5.12
Book value per common share (ex. AOCI)	$	23.70	$	19.59	$	19.48	$	20.37	$	20.33	$	23.70	$	20.33



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 year ended December 31, 2020. The impact per common share is $3.26 and other COVID-19 related impacts of $0.08 for the three months and year ended December 31, 2020.
(2) Includes separation costs of $20 million, $25 million, $82 million and $108 million for the three months and year ended December 31, 2021 and 2020, respectively. The impact per common share is $0.05, $0.06, $0.20 and $0.24 for the three months and year ended December 31, 2021 and 2020, respectively.
(3) Includes certain legal accruals related to the cost of insurance litigation of $207 million for the year ended December 31, 2021. The impact per common share is $0.50 for the year ended December 31, 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 year ended December 31, 2020. The impact per common share is $2.33 for the year ended December 31, 2020 and other COVID-19 related impacts of $0.00 and $0.19 for the three months and year ended December 31, 2020.
(5) Includes Non-GMxB related derivative hedge losses of ($75) million, $57 million, $65 million, and ($404) million for the three months and year ended December 31, 2021 and 2020, respectively. The impact per common share is ($0.17), $0.13, $0.14, and ($0.90) for the three months and year ended December 31, 2021 and 2020, respectively.
(6) Includes income taxes of ($554) million for the above related COVID-19 items for the year ended December 31, 2020. The impact per common share is $(1.23) for the three months and year ended December 31, 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.
(8) Includes a reduction in the reserve for uncertain tax positions resulting from the completion of an IRS examination in the year ended December 31, 2020.


Reconciliation of Non-GAAP Measures (2/3)

	As of and for the Twelve Months Ended
(in millions USD, unless otherwise indicated)	12/31/2020			3/31/2021			6/30/2021			9/30/2021			12/31/2021

Net Income to Non-GAAP Operating Earnings
Net income (loss) attributable to Holdings	$	(648)		$	(7,524)		$	(3,382)		$	(1,931)		$	(439)
Adjustments related to:
Variable annuity product features	3,912			13,048			8,519			7,071			4,145
Investment (gains) losses	(744)			(923)			(1,174)			(1,321)			(867)

Net actuarial (gains) losses related to pension and other postretirement benefit obligations	109			116			114			110			120
Other adjustments	952			781			713			788			717
Income tax (expense) benefits related to above adjustments	(888)			(2,735)			(1,718)			(1,396)			(864)
Non-recurring tax items	(391)			(396)			(398)			(397)			13
Non-GAAP Operating Earnings	$	2,302		$	2,367		$	2,674		$	2,924		$	2,825

Return on Equity and Non-GAAP Operating Return on Equity - Trailing twelve months
Net income (loss) attributable to Holdings	$	(648)		$	(7,524)		$	(3,382)		$	(1,931)		$	(439)
Less: Preferred stock	(53)			(53)			(69)			(72)			(79)
Net income (loss) available to Holdings' common shareholders	$	(701)		$	(7,577)		$	(3,451)		$	(2,003)		$	(518)
Average equity attributable to Holdings' common shareholders (ex. AOCI)	$	13,000		$	10,868		$	9,716		$	8,816		$	8,193

Return on Equity (ex. AOCI)	(5.4)		%	(69.7)		%	(35.5)		%	(22.7)		%	(6.3)		%

Non-GAAP Operating Earnings	$	2,302		$	2,367		$	2,674		$	2,924		$	2,825
Less: Preferred stock	(53)			(53)			(69)			(72)			(79)
Non-GAAP Operating Earnings available to Holdings' common shareholders	$	2,249		$	2,314		$	2,605		$	2,852		$	2,746
Average equity attributable to Holdings' common shareholders (ex. AOCI)	$	13,000		$	10,868		$	9,716		$	8,816		$	8,193

Non-GAAP Operating Return on Equity (ex. AOCI)	17.3		%	21.3		%	26.8		%	32.4		%	33.5		%


Reconciliation of Non-GAAP Measures (3/3)

	Balances as of
(in millions USD, unless otherwise indicated)	3/31/2020		6/30/2020		9/30/2020		12/31/2020		3/31/2021		6/30/2021		9/30/2021		12/31/2021

Equity Reconciliation - Quarter-end Balances
Total equity attributable to Holdings' shareholders	$	19,981	$	17,498	$	17,300	$	15,576	$	10,693	$	11,732	$	11,680	$	11,519
Less: Preferred Stock	775		775		1,269		1,269		1,562		1,562		1,562		1,562
Total equity attributable to Holdings' common shareholders	19,206		16,723		16,031		14,307		9,131		10,170		10,118		9,957
Less: Accumulated other comprehensive income (loss)	2,289		3,928		4,188		3,863		740		1,983		1,876		2,004
Total equity attributable to Holdings' common shareholders (ex. AOCI)	$	16,917	$	12,795	$	11,843	$	10,444	$	8,391	$	8,187	$	8,242	$	7,953

	Balances as of
(in millions USD, unless otherwise indicated)	3/31/2020		6/30/2020		9/30/2020		12/31/2020		3/31/2021		6/30/2021		9/30/2021		12/31/2021

Equity Reconciliation - Twelve Month Rolling Average (2)
Total equity attributable to Holdings' shareholders	15,762		16,469		17,059		17,589		15,267		13,825		12,420		11,406
Less: Preferred Stock	388		581		899		1,022		1,219		1,416		1,489		1,562
Total equity attributable to Holdings' common shareholders	15,375		15,888		16,160		16,567		14,048		12,410		10,932		9,844
Less: Accumulated other comprehensive income (loss)	1,367		2,152		2,812		3,567		3,180		2,694		2,116		1,651
Total equity attributable to Holdings' common shareholders (ex. AOCI)	$	14,008	$	13,736	$	13,348	$	13,000	$	10,868	$	9,716	$	8,816	$	8,193


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.

Analyst Coverage

Firm

Analyst

Phone Number

Barclays

Tracy Benguigui

1 (212) 526-1561

Credit Suisse

Andrew Kligerman

1 (212) 325-5069

Dowling & Partners

Humphrey Lee

1 (860) 676-8600

Evercore ISI

Thomas Gallagher

1 (212) 446-9439

Goldman Sachs

Alex Scott

1 (212) 902-9592

Jefferies

Suneet Kamath

1 (212) 778-8602

J.P. Morgan

Jimmy Bhullar

1 (212) 622-6397

Keefe, Bruyette, & Woods

Ryan Krueger

1 (860) 722-5930

Morgan Stanley

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 '22

Nov '21

Aug '21

Financial Strength Ratings:

Equitable Financial Life Insurance Company

A+

Equitable Financial Life Insurance Company of America

A+

Credit Ratings:

Equitable Holdings, Inc.

—

BBB+

Baa2

AllianceBernstein L.P. (1)

—

Investor and Media Contacts

Contact Investor Relations

Contact Media Relations

Işıl Müderrisoğlu

Thomas Lewis

Matt Asensio

(212) 314-2476

(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 Dec '21.


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