Table of Contents
	Consolidated Financials and Key Metrics		Page
		Key Metrics Summary	4
		Consolidated Statements of Income (Loss)	5
		Consolidated Balance Sheets	6
		Consolidated Capital Structure	7
		Operating Earnings (Loss) by Segment and Corporate and Other	8
		Assets Under Management and Administration	9
		Sales Metrics by Segment	10
	Select Metrics from Business Segments
Individual Retirement
		Statements of Operating Earnings (Loss) and Summary Metrics	12
		Select Operating Metrics	13
Group Retirement
		Statements of Operating Earnings (Loss) and Summary Metrics	15
		Select Operating Metrics	16
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' filings with the Securities and Exchange Commission (“SEC”) can be accessed upon filing at the SEC’s website at www.sec.gov, and at our website at ir.equitableholdings.com.

1Q 2022 Financial Supplement 2

Consolidated Financials

and Key Metrics

1Q 2022 Financial Supplement 3

Key Metrics Summary

	For the Three Months Ended or As of																	For the Three Months Ended or As of
(in millions USD, unless otherwise indicated)	3/31/2021			6/30/2021			9/30/2021			12/31/2021			3/31/2022			Change		3/31/2021			3/31/2022			Change
Net income (loss)	$	(1,400)		$	223		$	765		$	388		$	639		145.6	%	$	(1,400)		$	639		145.6	%
Net income (loss) attributable to the noncontrolling interest	(88)			(100)			(93)			(134)			(66)			25.0	%	(88)			(66)			25.0	%
Net income (loss) attributable to Holdings	$	(1,488)		$	123		$	672		$	254		$	573		138.5	%	$	(1,488)		$	573		138.5	%
Non-GAAP Operating Earnings (1)	$	600		$	758		$	818		$	649		$	548		(8.7)	%	$	600		$	548		(8.7)	%
Total equity attributable to Holdings' shareholders	$	10,693		$	11,732		$	11,680		$	11,519		$	7,954		(25.6)	%	$	10,693		$	7,954		(25.6)	%
Less: Preferred Stock	1,562			1,562			1,562			1,562			1,562			—	%	1,562			1,562			—	%
Total equity attributable to Holdings' common shareholders	9,131			10,170			10,118			9,957			6,392			(30.0)	%	9,131			6,392			(30.0)	%
Less: Accumulated other comprehensive income (loss)	740			1,983			1,876			2,004			(1,787)			(341.5)	%	740			(1,787)			(341.5)	%
Total equity attributable to Holdings' common shareholders (ex. AOCI)	$	8,391		$	8,187		$	8,242		$	7,953		$	8,179		(2.5)	%	$	8,391		$	8,179		(2.5)	%
Return on Equity (ex. AOCI) - TTM	(69.7)		%	(35.5)		%	(22.7)		%	(6.3)		%	18.9		%			(69.7)		%	18.9		%
Non-GAAP Operating ROE (1)	21.3		%	26.8		%	32.4		%	33.5		%	33.1		%			21.3		%	33.1		%
Debt to capital:
Debt to Capital	26.4		%	24.6		%	24.7		%	25.0		%	32.6		%			26.4		%	32.6		%
Debt to Capital (ex. AOCI)	27.8		%	28.2		%	28.1		%	28.7		%	28.3		%			27.8		%	28.3		%
Per common share:
Diluted earnings per common share: (2)
Net income (loss) attributable to Holdings	$	(3.46)		$	0.23		$	1.59		$	0.56		$	1.43		141.3	%	$	(3.46)		$	1.43		141.2	%
Non-GAAP Operating Earnings (1)	$	1.35		$	1.71		$	1.94		$	1.54		$	1.36		0.8	%	$	1.35		$	1.36		0.8	%
Book value per common share	$	21.32		$	24.20		$	25.00		$	25.45		$	16.64		(22.0)	%	$	21.32		$	16.64		(22.0)	%
Book value per common share (ex. AOCI)	$	19.59		$	19.48		$	20.37		$	20.33		$	21.29		8.6	%	$	19.59		$	21.29		8.6	%
Weighted-average common shares outstanding:
Basic	434.2			424.2			411.3			400.4			388.6			(10.5)	%	434.2			388.6			(10.5)	%
Diluted	434.2			428.3			414.6			404.3			391.7			(9.8)	%	434.2			391.7			(9.8)	%
Ending common shares outstanding	428.3			420.2			404.7			391.2			384.2			(10.3)	%	428.3			384.2			(10.3)	%
Return to common shareholders:
Common stock dividend	$	74		$	76		$	74		$	72		$	70				$	74		$	70
Repurchase of common shares (3)	430			279			460			468			279					430			279
Total capital returned to common shareholders	$	504		$	355		$	534		$	540		$	349				$	504		$	349
Market Values:
S&P 500	3,973			4,298			4,308			4,766			4,530			14.0	%	3,973			4,530			14.0	%
US 10-Year Treasury	1.7		%	1.5		%	1.5		%	1.5		%	2.3		%			1.7		%	2.3		%
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.

1Q 2022 Financial Supplement 4

Consolidated Statements of Income (Loss)

	For the Three Months Ended												For the Three Months Ended
(in millions USD, unless otherwise indicated)	3/31/2021		6/30/2021		9/30/2021		12/31/2021		3/31/2022		Change		3/31/2021		3/31/2022		Change
Revenues
Policy charges and fee income	$	949	$	939	$	867	$	882	$	840	(11.5)	%	$	949	$	840	(11.5)	%
Premiums	258		241		230		231		247		(4.3)	%	258		247		(4.3)	%
Net derivative gains (losses)	(2,546)		(1,199)		(185)		(535)		821		132.2	%	(2,546)		821		132.2	%
Net investment income (loss)	884		1,033		997		932		804		(9.0)	%	884		804		(9.0)	%
Investment gains (losses), net	184		420		163		101		(326)		(277.2)	%	184		(326)		(277.2)	%
Investment management and service fees	1,257		1,318		1,323		1,497		1,355		7.8	%	1,257		1,355		7.8	%
Other income	167		198		220		210		203		21.6	%	167		203		21.6	%
Total revenues	1,153		2,950		3,615		3,318		3,944		242.1	%	1,153		3,944		242.1	%
Benefits and other deductions
Policyholders’ benefits	939		828		751		700		1,060		12.9	%	939		1,060		12.9	%
Interest credited to policyholders’ account balances	291		309		305		314		315		8.2	%	291		315		8.2	%
Compensation and benefits	580		568		614		598		595		2.6	%	580		595		2.6	%
Commissions and distribution related payments	382		397		436		447		422		10.5	%	382		422		10.5	%
Interest expense	74		51		59		60		47		(36.5)	%	74		47		(36.5)	%
Amortization of deferred policy acquisition costs	87		106		64		136		181		108.0	%	87		181		108.0	%
Other operating costs and expenses	608		447		456		598		537		(11.7)	%	608		537		(11.7)	%
Total benefits and other deductions	2,961		2,706		2,685		2,853		3,157		6.6	%	2,961		3,157		6.6	%
Income (loss) from operations, before income taxes	(1,808)		244		930		465		787		143.5	%	(1,808)		787		143.5	%
Income tax (expense) benefit	408		(21)		(165)		(77)		(148)		(136.3)	%	408		(148)		(136.3)	%
Net income (loss)	(1,400)		223		765		388		639		145.6	%	(1,400)		639		145.6	%
Less: net (income) loss attributable to the noncontrolling interest	(88)		(100)		(93)		(134)		(66)		25.0	%	(88)		(66)		25.0	%
Net income (loss) attributable to Holdings	$	(1,488)	$	123	$	672	$	254	$	573	138.5	%	$	(1,488)	$	573	138.5	%
Less: Preferred stock dividends	(13)		(26)		(14)		(26)		(14)		(7.7)	%	(13)		(14)		(7.7)	%
Net income (loss) available to Holdings' common shareholders	$	(1,501)	$	97	$	658	$	228	$	559	137.2	%	$	(1,501)	$	559	137.2	%
Adjustments related to:
Variable annuity product features	$	2,267	$	1,193	$	172	$	513	$	(601)			$	2,267	$	(601)
Investment gains (losses), net	(183)		(420)		(164)		(100)		326				(183)		326
Net actuarial gains (losses) related to pension and other postretirement benefit obligations	34		26		27		33		19				34		19
Other adjustments (1) (2) (3)	524		7		141		45		220				524		220
Income tax (expense) benefit related to above adjustments	(555)		(171)		(35)		(103)		8				(555)		8
Non-recurring tax items	1		—		5		7		3				1		3
Non-GAAP Operating earnings (4)	$	600	$	758	$	818	$	649	$	548			$	600	$	548
Notes:
(1) Includes Separation Costs of $21 million for the three months ended March 31, 2021. Separation costs were completed during 2021.
(2) Includes certain legal accruals related to the cost of insurance litigation of $59 million and $180 million for the three months ended March 31, 2022 and 2021, respectively. Includes policyholder benefit costs of $75 million for the three months ended March 31, 2022 stemming from a deal to repurchase UL policies from one entity that had invested in numerous policies purchased in the life settlement market.
(3) Includes Non-GMxB related derivative hedge losses of ($2) million and $244 million for the three months ended March 31, 2022 and 2021, respectively.
(4) This measure is a Non-GAAP financial measure. For an explanation of our use of Non-GAAP financial measures, refer to the “Use of Non-GAAP Financial Measures” and "Glossary of Selected Financial       and Product Terms" sections of this document. For a reconciliation of this item to the most directly comparable GAAP measure, refer to the “Non-GAAP Reconciliation” section in this document.

1Q 2022 Financial Supplement 5

Consolidated Balance Sheets

	Balances as of
(in millions USD, unless otherwise indicated)	3/31/2021		6/30/2021		9/30/2021		12/31/2021		3/31/2022
Assets
Total investments	$	105,497	$	100,467	$	102,007	$	105,111	$	98,776
Cash and cash equivalents	6,795		5,761		5,255		5,188		5,713
Cash and securities segregated, at fair value	1,413		1,073		909		1,504		1,693
Broker-dealer related receivables	2,361		2,474		2,639		2,599		2,744
Deferred policy acquisition costs	4,943		4,838		5,366		5,491		6,592
Goodwill and other intangible assets, net	4,744		4,739		4,734		4,728		4,723
Amounts due from reinsurers	4,526		14,462		14,801		14,679		14,060
GMIB reinsurance contract asset, at fair value	1,907		2,026		1,937		1,848		1,582
Current and deferred income taxes	509		428		293		195		1,111
Other assets	3,859		4,149		4,545		3,613		3,852
Assets held-for-sale	483		—		—		—		—
Separate Accounts assets	139,795		145,565		142,093		147,306		136,812
Total assets	$	276,832	$	285,982	$	284,579	$	292,262	$	277,658
Liabilities
Policyholders’ account balances	$	73,303	$	75,169	$	75,909	$	79,357	$	79,549
Future policy benefits and other policyholders’ liabilities	35,922		36,835		37,184		36,717		35,165
Broker-dealer related payables	2,283		1,643		1,087		1,283		1,992
Customers related payables	3,179		2,942		3,153		3,600		3,684
Amounts due to reinsurers	1,340		1,377		1,466		1,381		1,331
Short-term and long-term debt	4,022		3,920		3,839		3,931		4,044
Income taxes payable	—		—		—		—		—
Notes issued by consolidated variable interest entities, at fair value using the fair value option	323		746		1,190		1,191		1,182
Other liabilities	3,990		4,439		5,343		3,933		4,030
Liabilities held-for-sale	270		—		—		—		—
Separate Accounts liabilities	139,795		145,565		142,093		147,306		136,812
Total liabilities	264,427		272,636		271,264		278,699		267,789
Redeemable noncontrolling interest	137		42		143		468		386
Equity
Preferred stock	1,562		1,562		1,562		1,562		1,562
Common stock	5		5		5		4		4
Additional paid-in capital	1,928		1,980		1,917		1,919		1,933
Treasury shares	(2,300)		(2,537)		(2,537)		(2,850)		(3,070)
Retained earnings	8,758		8,739		8,857		8,880		9,312
Accumulated other comprehensive income (loss)	740		1,983		1,876		2,004		(1,787)
Total equity attributable to Holdings	10,693		11,732		11,680		11,519		7,954
Noncontrolling interest	1,575		1,572		1,492		1,576		1,529
Total equity	12,268		13,304		13,172		13,095		9,483
Total liabilities, redeemable noncontrolling interest and equity	$	276,832	$	285,982	$	284,579	$	292,262	$	277,658

1Q 2022 Financial Supplement 6

Consolidated Capital Structure

	Balances as of
(in millions USD, unless otherwise indicated)	3/31/2021			6/30/2021			9/30/2021			12/31/2021			3/31/2022
Short-term and long-term debt:
Short-term debt
AB commercial paper	$	—		$	—		$	—		$	—		$	—
AB revolving credit facility	—			—			—			—			—
CLO Warehousing Debt (1)	185			82			1			92			204
Total short-term debt	185			82			1			92			204
Total long-term debt	3,837			3,838			3,838			3,839			3,840
Total short-term and long-term debt: [A]	$	4,022		$	3,920		$	3,839		$	3,931		$	4,044
Equity:
Preferred stock	$	1,562		$	1,562		$	1,562		$	1,562		$	1,562
Common stock	$	5		$	5		$	5		$	4		$	4
Additional paid-in capital	1,928			1,980			1,917			1,919			1,933
Treasury stock, at cost	(2,300)			(2,537)			(2,537)			(2,850)			(3,070)
Retained earnings	8,758			8,739			8,857			8,880			9,312
Accumulated other comprehensive income (loss)	740			1,983			1,876			2,004			(1,787)
Total equity attributable to Holdings	10,693			11,732			11,680			11,519			7,954
Noncontrolling interest	1,575			1,572			1,492			1,576			1,529
Total equity	$	12,268		$	13,304		$	13,172		$	13,095		$	9,483
Total equity attributable to Holdings, (ex. AOCI): [B]	$	9,953		$	9,749		$	9,804		$	9,515		$	9,741
Capital:
Total capitalization (3)	$	14,530		$	15,570		$	15,518		$	15,358		$	11,794
Total capitalization (ex. AOCI): [A+B] (3)	$	13,790		$	13,587		$	13,642		$	13,354		$	13,581
Debt to capital:
Debt to capital (2)	26.4		%	24.6		%	24.7		%	25.0		%	32.6		%
Debt to capital (ex. AOCI) (2)	27.8		%	28.2		%	28.1		%	28.7		%	28.3		%
	For the Three Months Ended
Roll-forward of common shares outstanding (millions of shares):
Beginning balance	440.8			428.3			420.2			404.7			391.2
Repurchases	(3.2)			(7.1)			—			(9.6)			(7.9)
Retirements	(11.2)			(1.1)			(15.6)			(4.0)			(0.7)
Issuances	2.0			0.1			0.1			0.1			1.6
Ending basic common shares outstanding	428.3			420.2			404.7			391.2			384.2
Total potentially dilutive shares	—			—			—			—			3.1
Ending common shares outstanding - maximum potential dilution	428.3			420.2			404.7			391.2			387.3
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.

1Q 2022 Financial Supplement 7

Operating Earnings (Loss) by Segment and Corporate and Other
	Three Months Ended March 31, 2022
(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	$	394	$	94	$	—	$	514	$	85	$	1,087
Net investment income (loss)	297		180		(23)		272		150		876
Net derivative gains (losses)	164		(5)		20		—		7		186
Investment Management, service fees and other income	167		65		1,138		65		132		1,567
Segment revenues	1,022		334		1,135		851		374		3,716
Benefits and other deductions
Policyholders’ benefits	324		—		—		521		142		987
Interest credited to policyholders’ account balances	76		78		—		128		33		315
Commissions and distribution related payments	80		15		176		41		110		422
Amortization of deferred policy acquisition costs	97		16		—		35		10		158
Compensation, benefits and other operating costs and expenses	88		42		675		84		110		999
Interest expense and financing fees	—		—		—		—		53		53
Segment benefits and other deductions	665		151		851		809		458		2,934
Operating earnings (loss), before income taxes	357		183		284		42		(84)		782
Income Taxes	(64)		(33)		(46)		(7)		17		(133)
Operating earnings (loss), before noncontrolling interest	293		150		238		35		(67)		649
Less: Operating (earnings) loss attributable to the noncontrolling interest	—		—		(102)		—		1		(101)
Operating earnings (loss)	$	293	$	150	$	136	$	35	$	(66)	$	548
	Three Months Ended March 31, 2021
	Individual Retirement		Group Retirement		Inv Mgmt and Research		Protection Solutions		Corporate and Other		Consolidated
Revenues
Policy charges, fee income and premiums	$	522	$	86	$	—	$	504	$	95	$	1,207
Net investment income (loss)	325		180		—		262		143		910
Net derivative gains (losses)	(59)		—		2		(1)		(10)		(68)
Investment Management, service fees and other income	192		63		1,002		61		106		1,424
Segment revenues	980		329		1,004		826		334		3,473
Benefits and other deductions
Policyholders’ benefits	206		—		—		509		171		886
Interest credited to policyholders’ account balances	68		75		—		123		25		291
Commissions and distribution related payments	81		13		162		34		92		382
Amortization of deferred policy acquisition costs	78		5		—		26		(6)		103
Compensation, benefits and other operating costs and expenses	112		55		580		85		85		917
Interest Expense and Financing Fees	—		—		1		—		58		59
Segment benefits and other deductions	545		148		743		777		425		2,638
Operating earnings (loss), before income taxes	435		181		261		49		(91)		835
Income Taxes	(72)		(30)		(44)		(8)		15		(139)
Operating earnings (loss), before noncontrolling interest	363		151		217		41		(76)		696
Less: Operating (earnings) loss attributable to the noncontrolling interest	—		—		(96)		—		—		(96)
Operating earnings (loss)	$	363	$	151	$	121	$	41	$	(76)	$	600

1Q 2022 Financial Supplement 8

Assets Under Management and Administration

	Balances as of
(in billions USD, except for Equitable Headcount)	3/31/2021		6/30/2021		9/30/2021		12/31/2021		3/31/2022
Assets Under Management
AB AUM
Total AB	$	697.2	$	738.4	$	742.2	$	778.6	$	735.4
Exclusion for General Account and other Affiliated Accounts	(84.5)		(76.7)		(77.4)		(79.7)		(75.1)
Exclusion for Separate Accounts	(42.2)		(44.4)		(43.6)		(48.8)		(45.3)
AB third party	$	570.4	$	617.3	$	621.2	$	650.1	$	615.0
Total company AUM
AB third party	$	570.4	$	617.3	$	621.2	$	650.1	$	615.0
General Account and other Affiliated Accounts (1) (3)	112.3		106.2		107.3		110.3		104.5
Separate Accounts (2) (3)	139.8		145.6		142.1		147.3		136.8
Total AUM	$	822.5	$	869.1	$	870.6	$	907.7	$	856.3
Total Assets Under Administration (AUA) (4)	$	70.1	$	75.4	$	77.4	$	83.3	$	79.3
Equitable Advisor Headcount
Total Number of Equitable Advisors	4,369		4,314		4,263		4,382		4,252
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, December 31, 2021 and March 31, 2022, Separate Account and General Account AUM is inclusive of $16.9 billion, $63 million, $16.3 billion, $64 million, $16.6 billion, $61 million, $15.1 billion and $60 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.

1Q 2022 Financial Supplement 9

Sales Metrics by Segment

	For the Three Months Ended												For the Three Months Ended
(in millions USD, unless otherwise indicated)	3/31/2021		6/30/2021		9/30/2021		12/31/2021		3/31/2022		Change		3/31/2021		3/31/2022		Change
Insurance Operations
Individual Retirement
First year premiums and deposits	$	2,386	$	2,753	$	2,801	$	3,043	$	2,802	17.4	%	$	2,386	$	2,802	17.4	%
Renewal premium and deposits	83		90		83		68		84		0.7	%	83		84		0.7	%
Total Gross Premiums	$	2,469	$	2,843	$	2,884	$	3,111	$	2,886	16.9	%	$	2,469	$	2,886	16.9	%
Group Retirement
First year premiums and deposits	$	332	$	352	$	364	$	452	$	879	164.6	%	$	332	$	879	164.6	%
Renewal premium and deposits	600		628		485		626		623		3.8	%	600		623		3.8	%
Total Gross Premiums	$	932	$	980	$	849	$	1,078	$	1,502	61.2	%	$	932	$	1,502	61.2	%
Protection Solutions
First year premiums and deposits	$	98	$	100	$	95	$	133	$	117	19.4	%	$	98	$	117	19.4	%
Renewal premium and deposits	664		648		659		668		916		37.9	%	664		916		37.9	%
Total Gross Premiums	$	762	$	748	$	754	$	801	$	1,033	35.5	%	$	762	$	1,033	35.5	%
Investment Management and Research (in billions USD)
Gross Sales by distribution channel
Institutional	$	4.9	$	17.6	$	2.6	$	6.6	$	14.3	191.8	%	$	4.9	$	14.3	191.8	%
Retail	23.0		23.8		25.6		27.6		20.6		(10.4)	%	23.0		20.6		(10.4)	%
Private Wealth	5.4		3.6		4.1		5.2		6.0		11.1	%	5.4		6.0		11.1	%
Firmwide Gross Sales	$	33.3	$	45.0	$	32.3	$	39.4	$	40.9	22.8	%	$	33.3	$	40.9	22.8	%
Gross sales by investment service
Equity Active	$	15.6	$	18.3	$	17.2	$	21.8	$	17.3	10.9	%	$	15.6	$	17.3	10.9	%
Equity Passive (1)	0.2		0.4		0.5		0.3		0.2		—	%	0.2		0.2		—	%
Fixed Income - Taxable	12.4		16.3		8.8		7.4		7.1		(42.7)	%	12.4		7.1		(42.7)	%
Fixed Income - Tax-Exempt	3.4		3.2		3.3		3.6		4.0		17.6	%	3.4		4.0		17.6	%
Fixed Income Passive (1)	—		0.8		0.4		3.4		(0.1)		(100.0)	%	—		(0.1)		(100.0)	%
Alternatives/Multi-Asset Solutions (2)	1.7		6.0		2.1		2.9		12.4		629.4	%	1.7		12.4		629.4	%
Firmwide Gross Sales	$	33.3	$	45.0	$	32.3	$	39.4	$	40.9	22.8	%	$	33.3	$	40.9	22.8	%
Notes:
(1) Includes index and enhanced index services.
(2) Includes certain multi-asset solutions and services not included in equity or fixed income services

1Q 2022 Financial Supplement 10

Business Segments:

Operating Earnings Results and Metrics

1Q 2022 Financial Supplement 11

Individual Retirement - Operating Earnings (Loss) and Summary Metrics

	For the Three Months Ended or As of																	For the Three Months Ended or As of
(in millions USD, unless otherwise indicated)	3/31/2021			6/30/2021			9/30/2021			12/31/2021			3/31/2022			Change		3/31/2021			3/31/2022			Change
Revenues
Policy charges, fee income and premiums	$	522		$	496		$	439		$	410		$	394		(24.5)	%	$	522		$	394		(24.5)	%
Net investment income (loss)	325			351			296			315			297			(8.6)	%	325			297			(8.6)	%
Net derivative gains (losses)	(59)			(69)			77			(77)			164			378.0	%	(59)			164			378.0	%
Investment management, service fees and other income	192			201			186			180			167			(13.0)	%	192			167			(13.0)	%
Segment revenues	980			979			998			828			1,022			4.3	%	980			1,022			4.3	%
Benefits and other deductions
Policyholders’ benefits	206			163			272			79			324			57.3	%	206			324			57.3	%
Interest credited to policyholders’ account balances	68			67			70			71			76			11.8	%	68			76			11.8	%
Commissions and distribution-related payments	81			75			89			83			80			(1.2)	%	81			80			(1.2)	%
Amortization of deferred policy acquisition costs	78			73			88			64			97			24.4	%	78			97			24.4	%
Compensation and benefits, interest expense and financing fees and other operating costs and expense	112			99			96			104			88			(21.4)	%	112			88			(21.4)	%
Segment benefits and other deductions	545			477			615			401			665			22.0	%	545			665			22.0	%
Operating earnings (loss), before income taxes	435			502			383			427			357			(17.9)	%	435			357			(17.9)	%
Income taxes	(72)			(88)			(67)			(76)			(64)			11.1	%	(72)			(64)			11.1	%
Operating earnings (loss), before noncontrolling interest	363			414			316			351			293			(19.3)	%	363			293			(19.3)	%
Less: Operating (earnings) loss attributable to the noncontrolling interest	—			—			—			—			—			—	%	—			—			—	%
Operating earnings (loss)	$	363		$	414		$	316		$	351		$	293		(19.3)	%	$	363		$	293		(19.3)	%
Summary Metrics
Operating earnings (loss) - TTM:[A]	$	1,526		$	1,590		$	1,535		$	1,444		$	1,374		(10.0)	%	$	1,526		$	1,374		(10.0)	%
Average Account Value (TTM)	$	112,460		$	113,609		$	113,580		$	112,208		$	108,605		(3.4)	%	$	112,460		$	108,605		(3.4)	%
Return on assets (TTM)	1.61		%	1.66		%	1.61		%	1.56		%	1.54		%			1.61		%	1.54		%
Net flows (1)
Current Product Offering	$	559		$	762		$	702		$	574		$	665		18.9	%	$	559		$	665		18.9	%
Legacy	(1,075)			(940)			(689)			(787)			(613)			43.0	%	(1,075)			(613)			43.0	%
Net flows	$	(516)		$	(178)		$	13		$	(213)		$	52		110.1	%	$	(516)		$	52		110.1	%
First year premiums and deposits	$	2,386		$	2,753		$	2,801		$	3,043		$	2,802		17.4	%	$	2,386		$	2,802		17.4	%
In-force Policy Count by Product (in thousands) (2):
Current Product Offering	561			564			568			571			573					561			573
Legacy	333			328			322			318			313					333			313
Total	894			892			890			889			886					894			886
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 March 31, 2022 were $(120) million, $(322) million, $(388) million and $(316) million, respectively.
(2) As of September 30, 2021, December 31, 2021 and March 31, 2022, In-force Policy Count by Product presented on a gross basis includes 107 thousand, 106 thousand and 104 thousand ceded policies, respectively, related to the Venerable transaction.

-

1Q 2022 Financial Supplement 12

Individual Retirement - Select Operating Metrics
	For the Three Months Ended or As of										For the Three Months Ended or As of
(in millions USD, unless otherwise indicated)	3/31/2021		6/30/2021		9/30/2021		12/31/2021		3/31/2022		3/31/2021		3/31/2022
Sales Metrics
First Year Premiums and Deposits by Product:
SCS	$	1,752	$	1,905	$	1,910	$	2,060	$	1,926	$	1,752	$	1,926
Retirement Cornerstone	369		454		531		597		481		369		481
Investment Edge	184		301		274		289		241		184		241
Other	81		93		86		97		154		81		154
Total First Year Premiums and Deposits	$	2,386	$	2,753	$	2,801	$	3,043	$	2,802	$	2,386	$	2,802
First Year Premiums and Deposits by Guarantee:
Non-GMxB	$	1,919	$	2,168	$	2,186	$	2,375	$	2,231	$	1,919	$	2,231
ROP death benefit only	179		203		160		161		109		179		109
Total non-GMxB & ROP death benefit only	2,098		2,371		2,346		2,536		2,340		2,098		2,340
Floating rate GMxB	287		381		455		500		395		287		395
Fixed rate GMxB	1		1		—		1		—		1		—
Other	—		—		—		6		67		—		67
Total First Year Premiums and Deposits	$	2,386	$	2,753	$	2,801	$	3,043	$	2,802	$	2,386	$	2,802
Account Values
General Account:
Balance as of beginning of period	$	30,783	$	32,259	$	34,090	$	35,590	$	37,698	$	30,783	$	37,698
Gross premiums and deposits (6)	1,388		1,760		2,137		1,898		1,831		1,388		1,831
Surrenders, withdrawals and benefits	(684)		(787)		(847)		(1,015)		(933)		(684)		(933)
Net flows (1)	704		973		1,290		883		898		704		898
Investment performance, interest credited and policy charges (1)	772		917		248		1,225		(722)		772		(722)
Ceded to Venerable (2)	—		(61)		—		—		—		—		—
Other (3) (4) (5)	—		2		(38)		—		—		—		—
Reclassified to Assets held-for-sale	—		—		—		—		—		—		—
Balance as of end of period	$	32,259	$	34,090	$	35,590	$	37,698	$	37,874	$	32,259	$	37,874
Separate Accounts:
Balance as of beginning of period	$	86,607	$	88,521	$	74,345	$	72,123	$	74,206	$	86,607	$	74,206
Gross premiums and deposits (6)	1,081		1,061		711		1,214		1,027		1,081		1,027
Surrenders, withdrawals and benefits	(2,301)		(2,212)		(1,988)		(2,310)		(1,873)		(2,301)		(1,873)
Net flows (1)	(1,220)		(1,151)		(1,277)		(1,096)		(846)		(1,220)		(846)
Investment performance, interest credited and policy charges (1)	3,134		3,786		(945)		3,179		(4,865)		3,134		(4,865)
Ceded to Venerable (2)	—		(16,866)		—		—		—		—		—
Other (3) (4) (5)	—		55		—		—		—		—		—
Reclassified to Assets held-for-sale	—		—		—		—		—		—		—
Balance as of end of period	$	88,521	$	74,345	$	72,123	$	74,206	$	68,495	$	88,521	$	68,495
Total:
Balance as of beginning of period	$	117,390	$	120,780	$	108,435	$	107,713	$	111,904	$	117,390	$	111,904
Gross premiums and deposits (5)	2,469		2,821		2,848		3,111		2,858		2,469		2,858
Surrenders, withdrawals and benefits	(2,985)		(2,999)		(2,835)		(3,324)		(2,806)		(2,985)		(2,806)
Net flows (1)	(516)		(178)		13		(213)		52		(516)		52
Investment performance, interest credited and policy charges (1)	3,906		4,703		(697)		4,404		(5,587)		3,906		(5,587)
Ceded to Venerable (2)	—		(16,927)		—		—		—		—		—
Other (3) (4)	—		57		(38)		—		—		—		—
Balance as of end of period	$	120,780	$	108,435	$	107,713	$	111,904	$	106,369	$	120,780	$	106,369
Net Amount at Risk (NAR)
Total GMIB NAR	$	8,049	$	3,820	$	4,119	$	3,910	$	3,727	$	8,049	$	3,727
Total GMDB NAR	17,562		9,002		9,569		8,987		10,856		17,562		10,856
Reserves (Net of Reinsurance)
GMIB Reserves	$	11,680	$	4,606	$	4,913	$	4,613	$	4,149	$	11,680	$	4,149
GMDB Reserves	4,999		2,829		2,765		2,737		2,792		4,999		2,792
Total GMDB/IB Variable Annuity Reserves (Net of Reinsurance)	$	16,679	$	7,435	$	7,678	$	7,350	$	6,941	$	16,679	$	6,941
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 March 31, 2022 were $(120) million, $(322) million, $(388) million and $(316) million, respectively. Investment performance, interest credited and policy charges of $(273) million ,$714 million and $(1.2) billion, for the three months ended September 30, 2021, December 31, 2021 and March 31, 2022, respectively, are not included as it excludes activity related to ceded AV to Venerable.

1Q 2022 Financial Supplement 13

(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, 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, amounts reflect $57 million of AV transfer of a closed block of GMxB business from GR to IR.

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

1Q 2022 Financial Supplement 14

Group Retirement - Operating Earnings (Loss) and Summary Metrics

	For the Three Months Ended or As of																	For the Three Months Ended or As of
(in millions USD, unless otherwise indicated)	3/31/2021			6/30/2021			9/30/2021			12/31/2021			3/31/2022			Change		3/31/2021			3/31/2022			Change
Revenues
Policy charges, fee income and premiums	$	86		$	91		$	96		$	98		$	94		9.3	%	$	86		$	94		9.3	%
Net investment income (loss)	180			195			189			188			180			—	%	180			180			—	%
Net derivative gains (losses)	—			(5)			(11)			(3)			(5)			(100.0)	%	—			(5)			(100.0)	%
Investment management, service fees and other income	63			65			69			71			65			3.2	%	63			65			3.2	%
Segment revenues	329			346			343			354			334			1.5	%	329			334			1.5	%
Benefits and other deductions
Policyholder benefits	—			—			—			—			—			—	%	—			—			—	%
Interest credited to policyholders’ account balances	75			75			77			76			78			4.0	%	75			78			4.0	%
Commissions and distribution-related payments	13			16			12			15			15			15.4	%	13			15			15.4	%
Amortization of deferred policy acquisition costs	5			8			(24)			11			16			220.0	%	5			16			220.0	%
Compensation and benefits, interest expense and financing fees and other operating costs and expense	55			40			45			108			42			(23.6)	%	55			42			(23.6)	%
Segment benefits and other deductions	148			139			110			210			151			2.0	%	148			151			2.0	%
Operating earnings (loss), before income taxes	181			207			233			144			183			1.1	%	181			183			1.1	%
Income taxes	(30)			(36)			(41)			(27)			(33)			(10.0)	%	(30)			(33)			(10.0)	%
Operating earnings (loss), before noncontrolling interest	151			171			192			117			150			(0.7)	%	151			150			(0.7)	%
Less: Operating (earnings) loss attributable to the noncontrolling interest	—			—			—			—			—			—	%	—			—			—	%
Operating earnings (loss)	$	151		$	171		$	192		$	117		$	150		(0.7)	%	$	151		$	150		(0.7)	%
Summary Metrics
Operating earnings (loss) - TTM:[A]	$	536		$	617		$	680		$	631		$	630		17.5		$	536		$	630		17.5	%
Average Account Value (TTM) (1)	$	40,813		$	43,068		$	44,812		$	46,075		$	46,515		14.0	%	$	40,813		$	46,515		14.0	%
Return on assets (TTM) (1)	1.56		%	1.71		%	1.81		%	1.66		%	1.65		%			1.56		%	1.65		%
Net flows	$	(36)		$	101		$	(135)		$	(109)		$	523		N/M		$	(36)		$	523		N/M
Gross premiums and deposits	$	932		$	980		$	849		$	1,078		$	1,502		61.2	%	$	932		$	1,502		61.2	%
Notes:
(1) Amounts revised to include Mutual Fund AUA balances. Impact to average account value TTM for March 31 2021, June 30 2021, September 30 2021 and December 31 2021 are: $(260) million, $(307) million, $(343) million and $(383) million, respectively, and an impact on return on assets of (0.01)% per aforementioned periods.

1Q 2022 Financial Supplement 15

Group Retirement - Select Operating Metrics

	For the Three Months Ended or As of										For the Three Months Ended or As of
(in millions USD, unless otherwise indicated)	3/31/2021		6/30/2021		9/30/2021		12/31/2021		3/31/2022		3/31/2021		3/31/2022
Sales Metrics
Gross premiums and deposits: (1)
First-year premiums and deposits	$	332	$	352	$	364	$	452	$	879	$	332	$	879
Renewal premiums and deposits	600		628		485		626		623		600		623
Group Retirement premiums and deposits	$	932	$	980	$	849	$	1,078	$	1,502	$	932	$	1,502
Gross premiums and deposits by market: (1)
Tax-exempt	$	204	$	238	$	228	$	346	$	219	$	204	$	219
Corporate	119		106		128		97		89		119		89
Institutional	3		2		2		2		565		3		565
Other	6		6		6		7		6		6		6
Total First Year Premiums and Deposits	332		352		364		452		879		332		879
Tax-exempt	454		489		355		491		468		454		468
Corporate	97		93		91		92		103		97		103
Institutional	—		—		—		—		—		—		—
Other	49		46		39		43		52		49		52
Total renewal premiums and deposits	600		628		485		626		623		600		623
Group Retirement premiums and deposits by market	$	932	$	980	$	849	$	1,078	$	1,502	$	932	$	1,502
Account Values and Assets under Administration
General Account:
Balance as of beginning of period	$	12,826	$	12,924	$	12,983	$	13,042	$	13,046	$	12,826	$	13,046
Gross premiums and deposits	288		225		253		289		329		288		329
Surrenders, withdrawals and benefits	(278)		(251)		(276)		(373)		(270)		(278)		(270)
Net flows	10		(26)		(23)		(84)		59		10		59
Investment performance, interest credited and policy charges	88		87		82		88		66		88		66
Other (2)	—		(2)		—		—		—		—		—
Balance as of end of period	$	12,924	$	12,983	$	13,042	$	13,046	$	13,171	$	12,924	$	13,171
Separate Accounts and Mutual Funds (3) (4) (5)
Balance as of beginning of period	$	29,930	$	31,350	$	33,316	$	32,875	$	34,763	$	29,930	$	34,763
Gross premiums and deposits	644		755		596		789		1,173		644		1,173
Surrenders, withdrawals and benefits	(690)		(628)		(708)		(814)		(709)		(690)		(709)
Net flows	(46)		127		(112)		(25)		464		(46)		464
Investment performance, interest credited and policy charges	1,466		1,894		(329)		1,913		(2,363)		1,466		(2,363)
Other (2)	—		(55)		—		—		—		—		—
Balance as of end of period	$	31,350	$	33,316	$	32,875	$	34,763	$	32,864	$	31,350	$	32,864
Total: (3) (4) (5)
Balance as of beginning of period	$	42,756	$	44,274	$	46,299	$	45,917	$	47,809	$	42,756	$	47,809
Gross premiums and deposits	932		980		849		1,078		1,502		932		1,502
Surrenders, withdrawals and benefits	(968)		(879)		(984)		(1,187)		(979)		(968)		(979)
Net flows	(36)		101		(135)		(109)		523		(36)		523
Investment performance, interest credited and policy charges	1,554		1,981		(247)		2,001		(2,297)		1,554		(2,297)
Other (2)	—		(57)		—		—		—		—		—
Balance as of end of period	$	44,274	$	46,299	$	45,917	$	47,809	$	46,035	$	44,274	$	46,035
Notes:
(1) Includes both AUM and AUA. Prior period amounts related to the premiums and deposits were revised to include Mutual Fund AUA. Gross premium and deposits revisions for the discrete periods of March 31, 2021, June 30, 2021, September 30, 2021 and December 31, 2021 are $28 million, $52 million, $17 million, and $120 million, respectively.
(2) For the three months ended June 31, 2021, amounts reflect AV transfer of GMxB closed block business from GR to IR.

1Q 2022 Financial Supplement 16

(3) Prior period amounts related to the net flows were revised to include Mutual Fund AUA. Net Flow revisions for the discrete periods of March 31, 2021, June 30, 2021, September 30, 2021 and December 31, 2021 are $14 million, $33 million, $1 million and $80 million, respectively.

(4) Prior period amounts related to Investment performance, interest credited and policy charges were revised to include Mutual Fund AUA. Investment performance, interest credited and policy charges revisions for the discrete periods of March 31, 2021, June 30, 2021, September 30, 2021 and December 31, 2021 are $11 million, $19 million, ($3 million) and $3 million, respectively.

(5) March 31, 2021 beginning balance revision of $297 million to reflect inclusion of December 31, 2020 year-end Mutual Fund AUA ending balance.

1Q 2022 Financial Supplement 17

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

	For the Three Months Ended or As of																	For the Three Months Ended or As of
(in millions USD, unless otherwise indicated)	3/31/2021			6/30/2021			9/30/2021			12/31/2021			3/31/2022			Change		3/31/2021			3/31/2022			Change
Revenues
Net investment income (loss)	$	—		$	12		$	(2)		$	3		$	(23)		(100.0)	%	$	—		$	(23)		(100.0)	%
Net derivative gains (losses)	2			(11)			2			(6)			20			900.0	%	2			20			900.0	%
Investment management, service fees and other income	1,002			1,071			1,093			1,264			1,138			13.6	%	1,002			1,138			13.6	%
Segment Revenues	1,004			1,072			1,093			1,261			1,135			13.0	%	1,004			1,135			13.0	%
Benefits and other deductions
Commissions and distribution-related payments	162			168			187			191			176			8.6	%	162			176			8.6	%
Compensation, benefits and other operating costs and expenses	580			629			622			676			675			16.4	%	580			675			16.4	%
Interest expense and financing fees	1			—			—			4			—			(100.0)	%	1			—			(100.0)	%
Total benefits and other deductions	743			797			809			871			851			14.5	%	743			851			14.5	%
Operating earnings (loss), before income taxes	261			275			284			390			284			8.8	%	261			284			8.8	%
Income taxes	(44)			(49)			(49)			(66)			(46)			(4.5)	%	(44)			(46)			(4.5)	%
Operating earnings (loss), before noncontrolling interest	217			226			235			324			238			9.7	%	217			238			9.7	%
Less: Operating (earnings) loss attributable to the noncontrolling interest	(96)			(100)			(101)			(141)			(102)			(6.3)	%	(96)			(102)			(6.3)	%
Operating earnings (loss)	$	121		$	126		$	134		$	183		$	136		12.4	%	$	121		$	136		12.4	%
Summary Metrics
Adjusted operating margin (1)	31.7		%	31.7		%	31.8		%	38.5		%	31.5		%			31.7		%	31.5		%
Net flows (in billions USD)	$	5.2		$	6.2		$	7.2		$	7.4		$	11.4				$	5.2		$	11.4
Total AUM (in billions USD)	$	697.2		$	738.4		$	742.2		$	778.6		$	735.4				$	697.2		$	735.4
Ownership Structure of AB
Holdings and its subsidiaries	62.8		%	62.9		%	63.2		%	63.0		%	63.0		%			62.8		%	63.0		%
AB Holding	36.5		%	36.3		%	36.1		%	36.2		%	36.3		%			36.5		%	36.3		%
Unaffiliated holders	0.7		%	0.8		%	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	64.3		%	64.4		%	64.7		%	64.5		%	64.5		%			64.3		%	64.5		%
EQH average economic interest	64.2		%	64.4		%	64.6		%	64.7		%	64.5		%			64.2		%	64.5		%
Units of limited partnership outstanding (in millions)	272.7			272.0			270.9			271.5			271.8					272.7			271.8
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.

1Q 2022 Financial Supplement 18

Investment Management and Research - Select Operating Metrics

	For the Three Months Ended or As of
(in billions USD, unless otherwise indicated)	3/31/2021		6/30/2021		9/30/2021		12/31/2021		3/31/2022
AUM Roll-forward
Balance as of beginning of period	$	685.9	$	697.2	$	738.4	$	742.2	$	778.6
Sales/new accounts	33.3		45.0		32.3		39.4		40.9
Redemptions/terminations	(24.2)		(32.4)		(21.5)		(25.7)		(24.6)
Cash flow/unreinvested dividends	(3.9)		(6.4)		(3.6)		(6.3)		(4.9)
Net long-term (outflows) inflows	5.2		6.2		7.2		7.4		11.4
Market appreciation (depreciation)	6.1		35.0		(3.4)		29.0		(54.6)
Net change	11.3		41.2		3.8		36.4		(43.2)
Balance as of end of period	$	697.2	$	738.4	$	742.2	$	778.6	$	735.4
Ending Assets by distribution channel
Institutions	$	314.7	$	329.1	$	327.5	$	337.1	$	325.9
Retail	272.3		293.7		298.8		319.9		292.6
Private Wealth	110.2		115.6		115.9		121.6		116.9
Total	$	697.2	$	738.4	$	742.2	$	778.6	$	735.4
Ending Assets by investment service
Equity
Actively Managed	$	231.8	$	256.7	$	260.3	$	287.6	$	265.2
Passively Managed (1)	66.3		69.5		69.1		71.6		66.2
Total Equity	$	298.1	$	326.2	$	329.4	$	359.2	$	331.4
Fixed Income
Actively Managed	$	304.0	$	306.3	$	306.2	$	303.4	$	280.8
Passively Managed (1)	8.3		9.3		9.5		13.2		12.7
Total Fixed Income	312.3		315.6		315.7		316.6		293.5
Total Alternatives/Multi-Asset Solutions (2)	86.8		96.6		97.1		102.8		110.5
Total	$	697.2	$	738.4	$	742.2	$	778.6	$	735.4
Notes:
(1) Includes index and enhanced index services.
(2) Includes certain multi-asset solutions and services not included in equity or fixed income services

1Q 2022 Financial Supplement 19

Investment Management and Research - Net Flows
	For the Three Months Ended										For the Three Months Ended
(in billions USD, unless otherwise indicated)	3/31/2021		6/30/2021		9/30/2021		12/31/2021		3/31/2022		3/31/2021		3/31/2022
Net Flows by Distribution Channel
Institutions
US	$	(1.7)	$	(1.9)	$	1.8	$	(2.0)	$	0.4	$	(1.7)	$	0.4
Global and Non-US	2.5		2.8		(1.6)		2.4		9.8		2.5		9.8
Total Institutions	$	0.8	$	0.9	$	0.2	$	0.4	$	10.2	$	0.8	$	10.2
Retail
US	$	3.6	$	5.2	$	7.0	$	9.4	$	4.2	$	3.6	$	4.2
Global and Non-US	(0.9)		—		(0.4)		(3.1)		(5.2)		(0.9)		(5.2)
Total Retail	$	2.7	$	5.2	$	6.6	$	6.3	$	(1.0)	$	2.7	$	(1.0)
Private Wealth
US	$	0.8	$	(0.7)	$	(0.3)	$	(0.4)	$	1.4	$	0.8	$	1.4
Global and Non-US	0.9		0.8		0.7		1.1		0.8		0.9		0.8
Total Private Wealth	$	1.7	$	0.1	$	0.4	$	0.7	$	2.2	$	1.7	$	2.2
Total Net Flows by Distribution Channel	$	5.2	$	6.2	$	7.2	$	7.4	$	11.4	$	5.2	$	11.4
Net Flows by Investment Service
Equity Active
US	$	2.0	$	4.3	$	4.7	$	4.8	$	4.7	$	2.0	$	4.7
Global and Non-US	1.7		1.3		0.1		3.1		(0.1)		1.7		(0.1)
Total Equity Active	$	3.7	$	5.6	$	4.8	$	7.9	$	4.6	$	3.7	$	4.6
Equity Passive (1)
US	$	(1.6)	$	(1.1)	$	(0.5)	$	(3.2)	$	(0.7)	$	(1.6)	$	(0.7)
Global and Non-US	(0.4)		(0.6)		0.2		(0.3)		(1.1)		(0.4)		(1.1)
Total Equity Passive (1)	$	(2.0)	$	(1.7)	$	(0.3)	$	(3.5)	$	(1.8)	$	(2.0)	$	(1.8)
Fixed Income - Taxable (3)
US	$	0.2	$	(2.6)	$	2.2	$	(0.9)	$	0.3	$	0.2	$	0.3
Global and Non-US	(1.0)		(2.7)		(2.1)		(3.1)		(5.0)		(1.0)		(5.0)
Total Fixed Income - Taxable	$	(0.8)	$	(5.3)	$	0.1	$	(4.0)	$	(4.7)	$	(0.8)	$	(4.7)
Fixed Income - Tax-Exempt
US	$	1.6	$	1.5	$	1.5	$	1.4	$	1.0	$	1.6	$	1.0
Global and Non-US	—		—		—		—		—		—		—
Total Fixed Income - Tax-Exempt	$	1.6	$	1.5	$	1.5	$	1.4	$	1.0	$	1.6	$	1.0
Fixed Income - Passive (1)
US	$	0.2	$	0.1	$	0.3	$	3.8	$	(0.2)	$	0.2	$	(0.2)
Global and Non-US	—		0.8		(0.1)		(0.2)		0.6		—		0.6
Total Fixed Income - Passive (1)	$	0.2	$	0.9	$	0.2	$	3.6	$	0.4	$	0.2	$	0.4
Alternatives/Multi-Asset Solutions (2)
US	$	0.3	$	0.4	$	0.3	$	1.1	$	0.9	$	0.3	$	0.9
Global and Non-US	2.2		4.8		0.6		0.9		11.0		2.2		11.0
Total Alternatives/Multi-Asset Solutions (2)	$	2.5	$	5.2	$	0.9	$	2.0	$	11.9	$	2.5	$	11.9
Total Net Flows by Investment Service	$	5.2	$	6.2	$	7.2	$	7.4	$	11.4	$	5.2	$	11.4
Active vs. Passive Net Flows
Actively Managed
Equity	$	3.7	$	5.6	$	4.8	$	7.9	$	4.6	$	3.7	$	4.6
Fixed Income (3)	0.8		(3.8)		1.6		(2.6)		(3.7)		0.8		(3.7)
Alternatives/Multi-Asset Solutions (2)	2.0		4.9		0.3		1.1		11.3		2.0		11.3
Total	$	6.5	$	6.7	$	6.7	$	6.4	$	12.2	$	6.5	$	12.2
Passively Managed (1)
Equity	$	(2.0)	$	(1.7)	$	(0.3)	$	(3.5)	$	(1.8)	$	(2.0)	$	(1.8)
Fixed Income	0.2		0.9		0.2		3.6		0.4		0.2		0.4
Alternatives/Multi-Asset Solutions (2)	0.5		0.3		0.6		0.9		0.6		0.5		0.6
Total	$	(1.3)	$	(0.5)	$	0.5	$	1.0	$	(0.8)	$	(1.3)	$	(0.8)
Total Active vs Passive Net Flows	$	5.2	$	6.2	$	7.2	$	7.4	$	11.4	$	5.2	$	11.4
Notes:
(1) Includes index and enhanced index services.
(2) Includes certain multi-asset solutions and services not included in equity or fixed income services
(3) Discrete quarterly outflows related to AXA's redemptions for periods presented were as follows: $1.3 billion for the second quarter of 2021.

1Q 2022 Financial Supplement 20

Protection Solutions - Operating Earnings (Loss) and Summary Metrics

	For the Three Months Ended or As of																	For the Three Months Ended or As of
(in millions USD, unless otherwise indicated)	3/31/2021			6/30/2021			9/30/2021			12/31/2021			3/31/2022			Change		3/31/2021			3/31/2022			Change
Revenues
Policy charges, fee income and premiums	$	504		$	507		$	482		$	523		$	514		2.0	%	$	504		$	514		2.0	%
Net investment income (loss)	262			271			294			275			272			3.8	%	262			272			3.8	%
Net derivative gains (losses)	(1)			(10)			(7)			(2)			—			100.0	%	(1)			—			100.0	%
Investment management, service fees and other income	61			64			69			66			65			6.6	%	61			65			6.6	%
Segment revenues	826			832			838			862			851			3.0	%	826			851			3.0	%
Benefits and other deductions
Policyholders’ benefits	509			469			392			480			521			2.4	%	509			521			2.4	%
Interest credited to policyholders’ account balances	123			134			126			133			128			4.1	%	123			128			4.1	%
Commissions and distribution-related payments	34			42			44			50			41			20.6	%	34			41			20.6	%
Amortization of deferred policy acquisition costs	26			33			4			30			35			34.6	%	26			35			34.6	%
Compensation and benefits, interest expense and financing fees and other operating costs and expense	85			78			78			104			84			(1.2)	%	85			84			(1.2)	%
Segment benefits and other deductions	777			756			644			797			809			4.1	%	777			809			4.1	%
Operating earnings (loss), before income taxes	49			76			194			65			42			(14.3)	%	49			42			(14.3)	%
Income taxes	(8)			(13)			(34)			(12)			(7)			12.5	%	(8)			(7)			12.5	%
Operating earnings (loss), before noncontrolling interest	41			63			160			53			35			(14.6)	%	41			35			(14.6)	%
Less: Operating (earnings) loss attributable to the noncontrolling interest	—			—			—			—			—			—	%	—			—			—	%
Operating earnings (loss)	$	41		$	63		$	160		$	53		$	35		(14.6)	%	$	41		$	35		(14.6)	%
Summary Metrics
Operating earnings (loss) - TTM:[A]	$	138		$	213		$	322		$	317		$	311		125.4	%	$	138		$	311		125.4	%
Benefit ratio	76.5		%	72.5		%	61.8		%	71.1		%	76.3		%			76.5		%	76.3		%
Gross written premiums	$	762		$	748		$	754		$	801		$	1,033		35.5	%	$	762		$	1,033		35.5	%
Annualized premiums	$	69		$	67		$	67		$	84		$	77		11.5	%	$	69		$	77		11.5	%
Total in-force face amount (in billions USD) (1)	$	421.3		$	422.4		$	422.4		$	423.2		$	421.8		0.1	%	$	421.3		$	421.8		0.1	%
Notes:
(1) Total in-force face amount presented on a gross basis including ceded policies.

1Q 2022 Financial Supplement 21

Protection Solutions - Select Operating Metrics

	For the Three Months Ended or As of										For the Three Months Ended or As of
(in millions USD, unless otherwise indicated)	3/31/2021		6/30/2021		9/30/2021		12/31/2021		3/31/2022		3/31/2021		3/31/2022
Sales Metrics
First Year Premiums and Deposits by Product Line:
Universal Life	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Indexed Universal Life	21		10		7		7		6		21		6
Variable Universal Life	52		67		66		102		86		52		86
Term	5		4		3		4		4		5		4
Employee Benefits	20		19		18		20		21		20		21
Other (1)	—		—		1		—		—		—		—
Total	$	98	$	100	$	95	$	133	$	117	$	98	$	117
Renewals by Product Line:
Universal Life	$	201	$	204	$	221	$	198	$	181	$	201	$	181
Indexed Universal Life	76		75		79		80		80		76		80
Variable Universal Life	256		238		224		250		514		256		514
Term	97		94		90		98		92		97		92
Employee Benefits	30		32		41		36		43		30		43
Other (1)	4		5		4		6		6		4		6
Total	664		648		659		668		916		664		916
Total Gross Premiums	$	762	$	748	$	754	$	801	$	1,033	$	762	$	1,033
In-force Metrics
In-force Face Amount by Product (2) (in billions):
Universal Life (3)	$	48.0	$	47.3	$	46.7	$	45.9	$	44.9	$	48.0	$	44.9
Indexed Universal Life	28.0		28.0		28.0		27.9		27.9		28.0		27.9
Variable Universal Life (4)	128.5		129.8		130.9		132.8		132.9		128.5		132.9
Term	215.5		216.0		215.6		215.4		214.9		215.5		214.9
Whole Life	1.3		1.3		1.2		1.2		1.2		1.3		1.2
Total	$	421.3	$	422.4	$	422.4	$	423.2	$	421.8	$	421.3	$	421.8
In-force Policy Count by Product (2) (in thousands):
Universal Life (3)	142		140		138		136		134		142		134
Indexed Universal Life	64		64		64		65		65		64		65
Variable Universal Life (4)	290		290		291		293		293		290		293
Term	268		268		267		266		264		268		264
Whole Life	17		17		17		16		16		17		16
Total	781		779		777		776		772		781		772
Protection Solutions Reserves
General Account	$	18,401	$	18,588	$	18,584	$	18,625	$	18,432	$	18,401	$	18,432
Separate Accounts	15,387		16,281		16,080		17,012		15,883		15,387		15,883
Total	$	33,788	$	34,869	$	34,664	$	35,637	$	34,315	$	33,788	$	34,315
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.

1Q 2022 Financial Supplement 22

Investments

1Q 2022 Financial Supplement 23

Consolidated Investment Portfolio Composition

	Balances as of
(in millions USD, unless otherwise indicated)	December 31, 2021				March 31, 2022
	Amount (1)		% of Total		Amount (1)		% of Total
Composition of investment portfolio
Fixed maturities, available-for-sale, at fair value	$	78,216	70.9	%	$	72,386	69.3	%
Fixed maturities, at fair value using the fair value option	1,641		1.5	%	1,627		1.6	%
Mortgage loans on real estate	14,033		12.7	%	14,452		13.8	%
Policy loans	4,024		3.6	%	4,010		3.8	%
Other equity investments	2,975		2.7	%	3,087		3.0	%
Other invested assets	3,591		3.3	%	2,625		2.5	%
Subtotal investment assets	104,480		94.7	%	98,187		94.0	%
Trading securities	631		0.6	%	589		0.6	%
Total investments	105,111		95.3	%	98,776		94.5	%
Cash and cash equivalents	5,188		4.7	%	5,713		5.5	%
Total	$	110,299	100.0	%	$	104,489	100.0	%
General Account Fixed maturities by industry (Based on amortized cost)
Corporate securities:
Finance	$	12,954	17.9	%	$	13,635	18.7	%
Manufacturing	12,212		16.8	%	12,430		17.1	%
Utilities	6,446		8.9	%	6,617		9.1	%
Services	8,191		11.3	%	8,373		11.5	%
Energy	3,854		5.3	%	3,936		5.4	%
Retail and wholesale	3,390		4.7	%	3,594		4.9	%
Transportation	2,181		3.0	%	2,339		3.2	%
Other	60		0.1	%	213		0.3	%
Total corporate securities	49,288		67.9	%	51,137		70.2	%
U.S. government and agency	13,056		18.0	%	8,586		11.8	%
Residential mortgage-backed (2)	90		0.1	%	84		0.1	%
Preferred stock	41		0.1	%	40		0.1	%
State & municipal	586		0.8	%	670		0.9	%
Foreign governments	1,124		1.5	%	1,121		1.5	%
Commercial mortgage-backed	2,427		3.3	%	3,700		5.1	%
Asset-backed securities	5,933		8.2	%	7,528		10.3	%
Total	$	72,545	100.0	%	$	72,866	100.0	%
General Account Fixed maturities credit quality (3) (Based on amortized cost)
Aaa, Aa, A (NAIC Designation 1)	$	44,653	61.6	%	$	44,199	60.7	%
Baa (NAIC Designation 2)	25,141		34.7	%	25,820		35.4	%
Investment grade	69,794		96.2	%	70,019		96.1	%
Below investment grade (NAIC Designation 3 and 4)	2,751		3.8	%	2,847		3.9	%
Total	$	72,545	100.0	%	$	72,866	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.

1Q 2022 Financial Supplement 24

Consolidated Results of General Account Investment Portfolio

	For the Three Months Ended or As of								Years Ended or As of
(in millions USD, unless otherwise indicated)	March 31, 2021				March 31, 2022				December 31, 2021
	Yield		Amount (2)		Yield		Amount (2)		Yield		Amount (2)
Fixed Maturities:
Income (loss)	3.19	%	$	577	3.29	%	$	598	3.40	%	$	2,429
Ending assets			72,679				72,866				72,545
Mortgages:
Income (loss)	4.01	%	132		3.89	%	139		4.08	%	547
Ending assets			13,280				14,452				14,033
Other Equity Investments (1):
Income (loss)	19.76	%	107		11.02	%	81		20.45	%	534
Ending assets			2,679				3,006				2,901
Policy Loans:
Income	5.54	%	57		5.74	%	58		5.01	%	203
Ending assets			4,091				4,010				4,024
Cash and Short-term Investments:
Income	(0.04)	%	—		(0.16)	%	(1)		(0.13)	%	(2)
Ending assets			2,919				2,645				1,662
Funding Agreements:
Interest expense and other			(14)				(12)				(56)
Ending (liabilities)			(10,223)				(6,088)				(6,647)
Total invested Assets:
Income	4.01	%	859		3.85	%	863		4.28	%	3,655
Ending assets			85,425				90,891				88,518
Short Duration Fixed Maturities:
Income (loss)	3.13	%	35		3.67	%	1		4.48	%	78
Ending assets			4,154				137				142
Total Net Investment Income:
Investment income	3.97	%	894		3.85	%	864		4.28	%	3,733
Less: investment fees (3)	(0.13)	%	(28)		(0.13)	%	(29)		(0.14)	%	(118)
Investment income, net	3.84	%	$	866	3.72	%	$	835	4.15	%	$	3,615
General Account Ending Net Assets			$	89,579			$	91,028			$	88,660
Operating Earnings adjustments:
Funding Agreements interest expense			14				12				56
AB and other non-General Account investment income			30				29				258
Operating Net investment income (loss)			$	910			$	876			$	3,929
Notes:
(1) Includes, as of March 31, 2021, March 31, 2022 and December 31, 2021 $480 million, $314 million and $319 million of other invested assets.
(2) Amount for fixed maturities and mortgages represents original cost, reduced by repayments, write-downs, adjusted amortization of premiums, accretion of discount and allowances. Cost for equity securities represents original cost reduced by write-downs; cost for other limited partnership interests represents original cost adjusted for equity in earnings and reduced by distributions.
(3) Investment fees are inclusive of investment management fees paid to AB.

1Q 2022 Financial Supplement 25

Additional Information

1Q 2022 Financial Supplement 26

Deferred Policy Acquisition Costs Rollforward

	For the Three Months Ended or As of										For the Three Months Ended or As of
(in millions USD, unless otherwise indicated)	3/31/2021		6/30/2021		9/30/2021		12/31/2021		3/31/2022		3/31/2021		3/31/2022
TOTAL
Beginning balance	$	4,243	$	4,943	$	4,838	$	5,366	$	5,491	$	4,243	$	5,491
Capitalization of commissions, sales and issue expenses	186		220		214		255		209		186		209
Amortization	(87)		(106)		(64)		(136)		(181)		(87)		(181)
Change in unrealized investment gains and losses	601		(219)		378		6		1,073		601		1,073
Reclassified to Assets held-for-sale	—		—		—		—		—		—		—
Ending balance	$	4,943	$	4,838	$	5,366	$	5,491	$	6,592	$	4,943	$	6,592
Individual Retirement
Beginning balance	$	3,178	$	3,390	$	3,393	$	3,486	$	3,639	$	3,178	$	3,639
Capitalization of commissions, sales and issue expenses	123		149		142		159		140		123		140
Amortization	(61)		(58)		(96)		(80)		(121)		(61)		(121)
Change in unrealized investment gains and losses	150		(88)		47		74		299		150		299
Reclassified to Assets held-for-sale	—		—		—		—		—		—		—
Ending balance	$	3,390	$	3,393	$	3,486	$	3,639	$	3,957	$	3,390	$	3,957
Group Retirement
Beginning balance	$	632	$	705	$	702	$	757	$	776	$	632	$	776
Capitalization of commissions, sales and issue expenses	21		22		24		33		22		21		22
Amortization	(6)		(9)		23		(10)		(14)		(6)		(14)
Change in unrealized investment gains and losses	58		(16)		8		(4)		82		58		82
Reclassified to Assets held-for-sale	—		—		—		—		—		—		—
Ending balance	$	705	$	702	$	757	$	776	$	866	$	705	$	866
Protection Solutions
Beginning balance	$	418	$	836	$	732	$	1,113	$	1,066	$	418	$	1,066
Capitalization of commissions, sales and issue expenses	42		49		48		63		48		42		48
Amortization	(27)		(34)		(4)		(30)		(35)		(27)		(35)
Change in unrealized investment gains and losses	403		(119)		337		(80)		553		403		553
Reclassified to Assets held-for-sale	—		—		—		—		—		—		—
Ending balance	$	836	$	732	$	1,113	$	1,066	$	1,632	$	836	$	1,632
Corporate and Other
Beginning balance	$	15	$	12	$	11	$	10	$	10	$	15	$	10
Capitalization of commissions, sales and issue expenses	—		—		—		—		(1)		—		(1)
Amortization	7		(5)		13		(16)		(11)		7		(11)
Change in unrealized investment gains and losses	(10)		4		(14)		16		139		(10)		139
Reclassified to Assets held-for-sale	—		—		—		—		—		—		—
Ending balance	$	12	$	11	$	10	$	10	$	137	$	12	$	137

1Q 2022 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, 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; (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; and (iv) DAC amortization for the SCS variable annuity product arising from near-term fluctuations in index segment returns;
•	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, certain legal accruals; and a bespoke deal to repurchase UL policies from one entity that had invested in numerous policies purchased in the life settlement market, which disposed of the risk of additional COI litigation by that entity related to those UL policies; and
•	Income tax expense (benefit) related to the above items and non-recurring tax items, which includes the effect of uncertain tax positions for a given audit period.
Because Non-GAAP Operating Earnings excludes the foregoing items that can be distortive or unpredictable, management believes that this measure enhances the understanding of the Company’s underlying drivers of profitability and trends in our business, thereby allowing management to make decisions that will positively impact our business.
We use the prevailing corporate federal income tax rate of 21% while taking into account any non-recurring differences for events recognized differently in our financial statements and federal income tax returns as well as partnership income taxed at lower rates when reconciling Net income (loss) attributable to Holdings to Non-GAAP Operating Earnings.

1Q 2022 Financial Supplement 28

Use of Non-GAAP Financial Measures

Non-GAAP Operating ROE

We calculate Non-GAAP Operating ROE by dividing Non-GAAP operating earnings for the previous twelve calendar months by consolidated average equity attributable to Holdings’ common shareholders, excluding AOCI. AOCI fluctuates period-to-period in a manner inconsistent with our underlying profitability drivers as the majority of such fluctuation is related to the market volatility of the unrealized gains and losses associated with our AFS securities. Therefore, we believe excluding AOCI is more effective for analyzing the trends of our operations.

Book Value per common share, excluding AOCI

We use the term “book value” to refer to “Total equity attributable to Holdings' common shareholders.” Book Value per common share, excluding AOCI, is our stockholder’s equity, excluding AOCI, divided by ending common shares outstanding.

Non-GAAP Operating Earnings per common share

Non-GAAP Operating Earnings per common share is calculated by dividing Non-GAAP Operating Earnings less preferred dividends by diluted common shares outstanding.

1Q 2022 Financial Supplement 29

Reconciliation of Non-GAAP Measures (1/3)

	For the Three Months Ended or As of										For the Three Months Ended or As of
(in millions USD, unless otherwise indicated)	3/31/2021		6/30/2021		9/30/2021		12/31/2021		3/31/2022		3/31/2021		3/31/2022
Net income (loss) attributable to Holdings
Net income (loss) attributable to Holdings	$	(1,488)	$	123	$	672	$	254	$	573	$	(1,488)	$	573
Adjustments related to:
Variable annuity product features	2,267		1,193		172		513		(601)		2,267		(601)
Investment gains (losses), net	(183)		(420)		(164)		(100)		326		(183)		326
Net actuarial gains (losses) related to pension and other postretirement benefit obligations	34		26		27		33		19		34		19
Other adjustments (1) (2) (3)	524		7		141		45		220		524		220
Income tax (expense) benefit related to above adjustments	(555)		(171)		(35)		(103)		8		(555)		8
Non-recurring tax items	1		—		5		7		3		1		3
Non-GAAP Operating Earnings	$	600	$	758	$	818	$	649	$	548	$	600	$	548
Net income (loss) attributable to Holdings (4)	$	(3.43)	$	0.29	$	1.62	$	0.63	$	1.46	$	(3.43)	$	1.46
Less: Preferred stock dividends	0.03		0.06		0.03		0.07		0.03		0.03		0.03
Net income (loss) available to Holdings' common shareholders	(3.46)		0.23		1.59		0.56		1.43		(3.46)		1.43
Adjustments related to:
Variable annuity product features	5.22		2.79		0.41		1.27		(1.53)		5.22		(1.53)
Investment gains (losses), net	(0.42)		(0.98)		(0.41)		(0.25)		0.83		(0.42)		0.83
Net actuarial gains (losses) related to pension and other postretirement benefit obligations	0.08		0.06		0.07		0.08		0.05		0.08		0.05
Other adjustments (1) (2) (3)	1.21		0.01		0.35		0.11		0.55		1.21		0.55
Income tax (expense) benefit related to above adjustments	(1.28)		(0.40)		(0.08)		(0.25)		0.02		(1.28)		0.02
Non-recurring tax items	—		—		0.01		0.02		0.01		—		0.01
Non-GAAP Operating Earnings (loss) available to Holdings' common shareholders (4)	$	1.35	$	1.71	$	1.94	$	1.54	$	1.36	$	1.35	$	1.36
Book Value per common share
Book Value per common share	$	21.32	$	24.20	$	25.00	$	25.45	$	16.64	$	21.32	$	16.64
Less: Per share impact of AOCI	1.73		4.72		4.64		5.12		(4.65)		1.73		(4.65)
Book value per common share (ex. AOCI)	$	19.59	$	19.48	$	20.37	$	20.33	$	21.29	$	19.59	$	21.29
Notes:
(1) Includes Separation Costs of $21 million for the three months ended March 31, 2021. Separation costs were completed during 2021. The impact per common share is $0.05 for the three months ended March 31, 2021.
(2) Includes certain legal accruals related to the cost of insurance litigation of $59 million and $180 million for the three months ended March 31, 2022 and 2021, respectively. The impact per common share is $0.15 and $0.41, respectively. Includes policyholder benefit costs of $75 million for the three months ended March 31, 2022 stemming from a deal to repurchase UL policies from one entity that had invested in numerous policies purchased in the life settlement market. The impact per common share is $0.19. No adjustments were made to prior period non-GAAP operating EPS as the impact was immaterial.
(3) Includes Non-GMxB related derivative hedge losses of ($2) million and $244 million for the three months ended March 31, 2022 and 2021, respectively. The impact per common share is ($0.00) and $0.56 for the three months ended March 31, 2022 and 2021, respectively.
(4) 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.

1Q 2022 Financial Supplement 30

Reconciliation of Non-GAAP Measures (2/3)
	As of and for the Twelve Months Ended
(in millions USD, unless otherwise indicated)	3/31/2021			6/30/2021			9/30/2021			12/31/2021			3/31/2022
Net Income to Non-GAAP Operating Earnings
Net income (loss) attributable to Holdings	$	(7,524)		$	(3,382)		$	(1,931)		$	(439)		$	1,622
Adjustments related to:
Variable annuity product features	13,048			8,519			7,071			4,145			1,277
Investment (gains) losses	(923)			(1,174)			(1,321)			(867)			(358)
Net actuarial (gains) losses related to pension and other postretirement benefit obligations	116			114			110			120			105
Other adjustments	781			713			788			717			413
Income tax (expense) benefits related to above adjustments	(2,735)			(1,718)			(1,396)			(864)			(301)
Non-recurring tax items	(396)			(398)			(397)			13			15
Non-GAAP Operating Earnings	$	2,367		$	2,674		$	2,924		$	2,825		$	2,773
Return on Equity and Non-GAAP Operating Return on Equity - Trailing twelve months
Net income (loss) attributable to Holdings	$	(7,524)		$	(3,382)		$	(1,931)		$	(439)		$	1,622
Less: Preferred stock	(53)			(69)			(72)			(79)			(80)
Net income (loss) available to Holdings' common shareholders	$	(7,577)		$	(3,451)		$	(2,003)		$	(518)		$	1,542
Average equity attributable to Holdings' common shareholders (ex. AOCI)	$	10,868		$	9,716		$	8,816		$	8,193		$	8,140
Return on Equity (ex. AOCI)	(69.7)		%	(35.5)		%	(22.7)		%	(6.3)		%	18.9		%
Non-GAAP Operating Earnings	$	2,367		$	2,674		$	2,924		$	2,825		$	2,773
Less: Preferred stock	(53)			(69)			(72)			(79)			(80)
Non-GAAP Operating Earnings available to Holdings' common shareholders	$	2,314		$	2,605		$	2,852		$	2,746		$	2,693
Average equity attributable to Holdings' common shareholders (ex. AOCI)	$	10,868		$	9,716		$	8,816		$	8,193		$	8,140
Non-GAAP Operating Return on Equity (ex. AOCI)	21.3		%	26.8		%	32.4		%	33.5		%	33.1		%

1Q 2022 Financial Supplement 31

Reconciliation of Non-GAAP Measures (3/3)
	Balances as of
(in millions USD, unless otherwise indicated)	6/30/2020		9/30/2020		12/31/2020		3/31/2021		6/30/2021		9/30/2021		12/31/2021		3/31/2022
Equity Reconciliation - Quarter-end Balances
Total equity attributable to Holdings' shareholders	$	17,498	$	17,300	$	15,576	$	10,693	$	11,732	$	11,680	$	11,519	$	7,954
Less: Preferred Stock	775		1,269		1,269		1,562		1,562		1,562		1,562		1,562
Total equity attributable to Holdings' common shareholders	16,723		16,031		14,307		9,131		10,170		10,118		9,957		6,392
Less: Accumulated other comprehensive income (loss)	3,928		4,188		3,863		740		1,983		1,876		2,004		(1,787)
Total equity attributable to Holdings' common shareholders (ex. AOCI)	$	12,795	$	11,843	$	10,444	$	8,391	$	8,187	$	8,242	$	7,953	$	8,179
	Balances as of
(in millions USD, unless otherwise indicated)	6/30/2020		9/30/2020		12/31/2020		3/31/2021		6/30/2021		9/30/2021		12/31/2021		3/31/2022
Equity Reconciliation - Twelve Month Rolling Average (2)
Total equity attributable to Holdings' shareholders	16,469		17,059		17,589		15,267		13,825		12,420		11,406		10,721
Less: Preferred Stock	581		899		1,022		1,219		1,416		1,489		1,562		1,562
Total equity attributable to Holdings' common shareholders	15,888		16,160		16,567		14,048		12,410		10,932		9,844		9,159
Less: Accumulated other comprehensive income (loss)	2,152		2,812		3,567		3,180		2,694		2,116		1,651		1,019
Total equity attributable to Holdings' common shareholders (ex. AOCI)	$	13,736	$	13,348	$	13,000	$	10,868	$	9,716	$	8,816	$	8,193	$	8,140

1Q 2022 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

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.

1Q 2022 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
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	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 Dec '21.

1Q 2022 Financial Supplement 34