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	9
		Assets Under Management and Administration	10
		Sales Metrics by Segment	11
	Select Metrics from Business Segments
Individual Retirement
		Statements of Operating Earnings (Loss) and Summary Metrics	13
		Select Operating Metrics	14
Group Retirement
		Statements of Operating Earnings (Loss) and Summary Metrics	16
		Select Operating Metrics	17
Investment Management and Research
		Statements of Operating Earnings (Loss) and Summary Metrics	19
		Select Operating Metrics	20
		Net Flows	21
Protection Solutions
		Statements of Operating Earnings (Loss) and Summary Metrics	22
		Select Operating Metrics	23
	Investments
		Consolidated Investment Portfolio Composition	25
		Consolidated Results of General Account Investment Portfolio	26
	Additional Information
		Deferred Policy Acquisition Costs Rollforward	28
		Use of Non-GAAP Financial Measures	29
		Reconciliation of Non-GAAP Measures	31
		Glossary of Selected Financial and Product Terms	34
		Analyst Coverage, Ratings & Contact Information	35

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.

2Q 2022 Financial Supplement 2

Consolidated Financials

and Key Metrics

2Q 2022 Financial Supplement 3

Key Metrics Summary

	For the Three Months Ended or As of																	Six Months Ended or As of
(in millions USD, unless otherwise indicated)	6/30/2021			9/30/2021			12/31/2021			3/31/2022			6/30/2022			Change		6/30/2021			6/30/2022			Change
Net income (loss)	$	223		$	765		$	388		$	639		$	1,773		695.1	%	$	(1,177)		$	2,412		304.9	%
Net income (loss) attributable to the noncontrolling interest	(100)			(93)			(134)			(66)			(45)			55.0	%	(188)			(111)			41.0	%
Net income (loss) attributable to Holdings	$	123		$	672		$	254		$	573		$	1,728		N/M		$	(1,365)		$	2,301		268.6	%
Non-GAAP Operating Earnings (1)	$	758		$	818		$	649		$	548		$	526		(30.7)	%	$	1,358		$	1,074		(20.9)	%
Total equity attributable to Holdings' shareholders	$	11,732		$	11,680		$	11,519		$	7,954		$	5,589		(52.4)	%	$	11,732		$	5,589		(52.4)	%
Less: Preferred Stock	1,562			1,562			1,562			1,562			1,562			—	%	1,562			1,562			—	%
Total equity attributable to Holdings' common shareholders	10,170			10,118			9,957			6,392			4,027			(60.4)	%	10,170			4,027			(60.4)	%
Less: Accumulated other comprehensive income (loss)	1,983			1,876			2,004			(1,787)			(5,548)			(379.8)	%	1,983			(5,548)			(379.8)	%
Total equity attributable to Holdings' common shareholders (ex. AOCI)	$	8,187		$	8,242		$	7,953		$	8,179		$	9,575		17.0	%	$	8,187		$	9,575		17.0	%
Return on Equity (ex. AOCI) - TTM	(35.5)		%	(22.7)		%	(6.3)		%	18.9		%	37.1		%			(35.5)		%	37.1		%
Non-GAAP Operating ROE (1)	26.8		%	32.4		%	33.5		%	33.1		%	29.0		%			26.8		%	29.0		%
Debt to capital:
Debt to Capital (ex. AOCI)	28.2		%	28.1		%	28.7		%	28.3		%	25.6		%			28.2		%	25.6		%
Per common share:
Diluted earnings per common share: (2)
Net income (loss) attributable to Holdings	$	0.23		$	1.59		$	0.56		$	1.43		$	4.47		N/M		$	(3.27)		$	5.86		279.0	%
Non-GAAP Operating Earnings (1)	$	1.71		$	1.94		$	1.54		$	1.36		$	1.31		(23.2)	%	$	3.07		$	2.68		(12.9)	%
Book value per common share	$	24.20		$	25.00		$	25.45		$	16.64		$	10.69		(55.8)	%	$	24.20		$	10.69		(55.8)	%
Book value per common share (ex. AOCI)	$	19.48		$	20.37		$	20.33		$	21.29		$	25.41		30.4	%	$	19.48		$	25.41		30.4	%
Weighted-average common shares outstanding:
Basic	424.2			411.3			400.4			388.6			378.9			(10.7)	%	429.2			383.7			(10.6)	%
Diluted	428.3			414.6			404.3			391.7			380.6			(11.1)	%	429.2			386.1			(10.0)	%
Ending common shares outstanding	420.2			404.7			391.2			384.2			376.8			(10.3)	%	420.2			376.8			(10.3)	%
Return to common shareholders:
Common stock dividend	$	76		$	74		$	72		$	70		$	75				$	150		$	145
Repurchase of common shares (3)	279			460			468			279			220					709			499
Total capital returned to common shareholders	$	355		$	534		$	540		$	349		$	295				$	859		$	644
Market Values:
S&P 500	4,298			4,308			4,766			4,530			3,785			(11.9)	%	4,298			3,785			(11.9)	%
US 10-Year Treasury	1.5		%	1.5		%	1.5		%	2.3		%	3.0		%			1.5		%	3.0		%
Notes:
(1) This measure is a Non-GAAP financial measure. For an explanation of our use of Non-GAAP financial measures, refer to the “Use of Non-GAAP Financial Measures” 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.

2Q 2022 Financial Supplement 4

Consolidated Statements of Income (Loss)

	For the Three Months Ended												Six Months Ended
(in millions USD, unless otherwise indicated)	6/30/2021		9/30/2021		12/31/2021		3/31/2022		6/30/2022		Change		6/30/2021		6/30/2022		Change
Revenues
Policy charges and fee income	$	939	$	867	$	882	$	840	$	813	(13.4)	%	$	1,888	$	1,653	(12.4)	%
Premiums	241		230		231		247		238		(1.2)	%	499		485		(2.8)	%
Net derivative gains (losses)	(1,199)		(185)		(535)		821		2,229		285.9	%	(3,745)		3,050		181.4	%
Net investment income (loss)	1,033		997		932		804		711		(31.2)	%	1,917		1,515		(21.0)	%
Investment gains (losses), net	420		163		101		(326)		(232)		(155.2)	%	604		(558)		(192.4)	%
Investment management and service fees	1,318		1,323		1,497		1,355		1,197		(9.2)	%	2,575		2,552		(0.9)	%
Other income	198		220		210		203		212		7.1	%	365		415		13.7	%
Total revenues	2,950		3,615		3,318		3,944		5,168		75.2	%	4,103		9,112		122.1	%
Benefits and other deductions
Policyholders’ benefits	828		751		700		1,060		914		10.4	%	1,767		1,974		11.7	%
Interest credited to policyholders’ account balances	309		305		314		315		309		—	%	600		624		4.0	%
Compensation and benefits	568		614		598		595		518		(8.8)	%	1,148		1,113		(3.0)	%
Commissions and distribution related payments	397		436		447		422		394		(0.8)	%	779		816		4.7	%
Interest expense	51		59		60		47		50		(2.0)	%	125		97		(22.4)	%
Amortization of deferred policy acquisition costs	106		64		136		181		160		50.9	%	193		341		76.7	%
Other operating costs and expenses	447		456		598		537		583		30.4	%	1,055		1,120		6.2	%
Total benefits and other deductions	2,706		2,685		2,853		3,157		2,928		8.2	%	5,667		6,085		7.4	%
Income (loss) from operations, before income taxes	244		930		465		787		2,240		818.0	%	(1,564)		3,027		293.5	%
Income tax (expense) benefit	(21)		(165)		(77)		(148)		(467)		N/M		387		(615)		(258.9)	%
Net income (loss)	223		765		388		639		1,773		695.1	%	(1,177)		2,412		304.9	%
Less: net (income) loss attributable to the noncontrolling interest	(100)		(93)		(134)		(66)		(45)		55.0	%	(188)		(111)		41.0	%
Net income (loss) attributable to Holdings	$	123	$	672	$	254	$	573	$	1,728	N/M		$	(1,365)	$	2,301	268.6	%
Less: Preferred stock dividends	(26)		(14)		(26)		(14)		(26)		—	%	(39)		(40)		(2.6)	%
Net income (loss) available to Holdings' common shareholders	$	97	$	658	$	228	$	559	$	1,702	N/M		$	(1,404)	$	2,261	261.0	%
Adjustments related to:
Variable annuity product features	$	1,193	$	172	$	513	$	(601)	$	(1,924)			$	3,460	$	(2,525)
Investment gains (losses), net	(420)		(164)		(100)		326		231				(603)		557
Net actuarial gains (losses) related to pension and other postretirement benefit obligations	26		27		33		19		19				60		38
Other adjustments (1) (2) (3)	7		141		45		220		148				531		368
Income tax (expense) benefit related to above adjustments	(171)		(35)		(103)		8		321				(726)		329
Non-recurring tax items	—		5		7		3		3				1		6
Non-GAAP Operating earnings (4)	$	758	$	818	$	649	$	548	$	526			$	1,358	$	1,074
Notes:
(1) Includes Separation Costs of $16 million and $37 million for the three months and six months ended June 30, 2021, respectively. Separation costs were completed during 2021.
(2) Includes certain gross legal expenses related to the cost of insurance litigation of $107 million and $0 million, $166 million and $180 million for the three and six months ended June 30, 2022 and 2021, respectively. Includes policyholder benefit costs of $0 million and $75 million for the three and six months ended June 30, 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 ($38) million, ($100) million, ($40) million and $144 million for the three and six months ended June 30, 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.

2Q 2022 Financial Supplement 5

Consolidated Balance Sheets

	Balances as of
(in millions USD, unless otherwise indicated)	6/30/2021		9/30/2021		12/31/2021		3/31/2022		6/30/2022
Assets
Total investments	$	100,467	$	102,007	$	105,111	$	98,776	$	93,216
Cash and cash equivalents	5,761		5,255		5,188		5,713		5,109
Cash and securities segregated, at fair value	1,073		909		1,504		1,693		1,747
Broker-dealer related receivables	2,474		2,639		2,599		2,744		2,666
Deferred policy acquisition costs	4,838		5,366		5,491		6,592		7,541
Goodwill and other intangible assets, net	4,739		4,734		4,728		4,723		4,721
Amounts due from reinsurers	14,462		14,801		14,679		14,060		13,758
GMIB reinsurance contract asset, at fair value	2,026		1,937		1,848		1,582		1,498
Current and deferred income taxes	428		293		195		1,111		1,674
Other assets	4,149		4,545		3,613		3,852		4,787
Assets held-for-sale	—		—		—		—		—
Separate Accounts assets	145,565		142,093		147,306		136,812		116,765
Total assets	$	285,982	$	284,579	$	292,262	$	277,658	$	253,482
Liabilities
Policyholders’ account balances	$	75,169	$	75,909	$	79,357	$	79,549	$	78,766
Future policy benefits and other policyholders’ liabilities	36,835		37,184		36,717		35,165		34,717
Broker-dealer related payables	1,643		1,087		1,283		1,992		612
Customers related payables	2,942		3,153		3,600		3,684		3,821
Amounts due to reinsurers	1,377		1,466		1,381		1,331		1,353
Short-term and long-term debt	3,920		3,839		3,931		4,044		4,085
Income taxes payable	—		—		—		—		—
Notes issued by consolidated variable interest entities, at fair value using the fair value option	746		1,190		1,191		1,182		1,150
Other liabilities	4,439		5,343		3,933		4,030		4,866
Liabilities held-for-sale	—		—		—		—		—
Separate Accounts liabilities	145,565		142,093		147,306		136,812		116,765
Total liabilities	272,636		271,264		278,699		267,789		246,135
Redeemable noncontrolling interest	42		143		468		386		348
Equity
Preferred stock	1,562		1,562		1,562		1,562		1,562
Common stock	5		5		4		4		4
Additional paid-in capital	1,980		1,917		1,919		1,933		1,918
Treasury shares	(2,537)		(2,537)		(2,850)		(3,070)		(3,065)
Retained earnings	8,739		8,857		8,880		9,312		10,718
Accumulated other comprehensive income (loss)	1,983		1,876		2,004		(1,787)		(5,548)
Total equity attributable to Holdings	11,732		11,680		11,519		7,954		5,589
Noncontrolling interest	1,572		1,492		1,576		1,529		1,410
Total equity	13,304		13,172		13,095		9,483		6,999
Total liabilities, redeemable noncontrolling interest and equity	$	285,982	$	284,579	$	292,262	$	277,658	$	253,482

2Q 2022 Financial Supplement 6

Consolidated Capital Structure

	Balances as of
(in millions USD, unless otherwise indicated)	6/30/2021			9/30/2021			12/31/2021			3/31/2022			6/30/2022
Short-term and long-term debt:
Short-term debt
AB commercial paper	$	—		$	—		$	—		$	—		$	—
AB revolving credit facility	—			—			—			—			—
CLO Warehousing Debt (1)	82			1			92			204			245
Total short-term debt	82			1			92			204			245
Total long-term debt	3,838			3,838			3,839			3,840			3,840
Total short-term and long-term debt: [A]	$	3,920		$	3,839		$	3,931		$	4,044		$	4,085
Equity:
Preferred stock	$	1,562		$	1,562		$	1,562		$	1,562		$	1,562
Common stock	$	5		$	5		$	4		$	4		$	4
Additional paid-in capital	1,980			1,917			1,919			1,933			1,918
Treasury stock, at cost	(2,537)			(2,537)			(2,850)			(3,070)			(3,065)
Retained earnings	8,739			8,857			8,880			9,312			10,718
Accumulated other comprehensive income (loss)	1,983			1,876			2,004			(1,787)			(5,548)
Total equity attributable to Holdings	11,732			11,680			11,519			7,954			5,589
Noncontrolling interest	1,572			1,492			1,576			1,529			1,410
Total equity	$	13,304		$	13,172		$	13,095		$	9,483		$	6,999
Total equity attributable to Holdings, (ex. AOCI): [B]	$	9,749		$	9,804		$	9,515		$	9,741		$	11,137
Capital:
Total capitalization (3)	$	15,570		$	15,518		$	15,358		$	11,794		$	9,429
Total capitalization (ex. AOCI): [A+B] (3)	$	13,587		$	13,642		$	13,354		$	13,581		$	14,977
Debt to capital:
Debt to capital (ex. AOCI) (2)	28.2		%	28.1		%	28.7		%	28.3		%	25.6		%
	For the Three Months Ended
Roll-forward of common shares outstanding (millions of shares):
Beginning balance	428.3			420.2			404.7			391.2			384.2
Repurchases	(7.1)			—			(9.6)			(7.9)			—
Retirements	(1.1)			(15.6)			(4.0)			(0.7)			(7.6)
Issuances	0.1			0.1			0.1			1.6			0.2
Ending basic common shares outstanding	420.2			404.7			391.2			384.2			376.8
Total potentially dilutive shares	—			—			—			3.1			2.3
Ending common shares outstanding - maximum potential dilution	420.2			404.7			391.2			387.3			379.1
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.

2Q 2022 Financial Supplement 7

Operating Earnings (Loss) by Segment and Corporate and Other (1/2)
	Three Months Ended June 30, 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	$	373	$	83	$	—	$	525	$	70	$	1,051
Net investment income (loss)	288		163		(26)		252		134		811
Net derivative gains (losses)	210		(7)		22		(5)		26		246
Investment management, service fees and other income	151		62		1,007		64		120		1,404
Segment revenues	1,022		301		1,003		836		350		3,512
Benefits and other deductions
Policyholders’ benefits	374		—		—		429		150		953
Interest credited to policyholders’ account balances	78		72		—		122		37		309
Commissions and distribution related payments	67		16		159		45		107		394
Amortization of deferred policy acquisition costs	86		7		—		29		9		131
Compensation, benefits and other operating costs and expenses	79		45		619		86		98		927
Interest expense and financing fees	—		—		4		—		52		56
Segment benefits and other deductions	684		140		782		711		453		2,770
Operating earnings (loss), before income taxes	338		161		221		125		(103)		742
Income Taxes	(64)		(30)		(40)		(24)		19		(139)
Operating earnings (loss), before noncontrolling interest	274		131		181		101		(84)		603
Less: Operating (earnings) loss attributable to the noncontrolling interest	—		—		(80)		—		3		(77)
Operating earnings (loss)	$	274	$	131	$	101	$	101	$	(81)	$	526
	Three Months Ended June 30, 2021
	Individual Retirement		Group Retirement		Inv Mgmt and Research		Protection Solutions		Corporate and Other		Consolidated
Revenues
Policy charges, fee income and premiums	$	496	$	91	$	—	$	507	$	86	$	1,180
Net investment income (loss)	351		195		12		271		200		1,029
Net derivative gains (losses)	(69)		(5)		(11)		(10)		(15)		(110)
Investment Management, service fees and other income	201		65		1,071		64		115		1,516
Segment revenues	979		346		1,072		832		386		3,615
Benefits and other deductions
Policyholders’ benefits	163		—		—		469		150		782
Interest credited to policyholders’ account balances	67		75		—		134		33		309
Commissions and distribution related payments	75		16		168		42		96		397
Amortization of deferred policy acquisition costs	73		8		—		33		3		117
Compensation, benefits and other operating costs and expenses	99		40		629		78		60		906
Interest Expense and Financing Fees	—		—		—		—		57		57
Segment benefits and other deductions	477		139		797		756		399		2,568
Operating earnings (loss), before income taxes	502		207		275		76		(13)		1,047
Income Taxes	(88)		(36)		(49)		(13)		(2)		(188)
Operating earnings (loss), before noncontrolling interest	414		171		226		63		(15)		859
Less: Operating (earnings) loss attributable to the noncontrolling interest	—		—		(100)		—		(1)		(101)
Operating earnings (loss)	$	414	$	171	$	126	$	63	$	(16)	$	758

2Q 2022 Financial Supplement 8

Operating Earnings (Loss) by Segment and Corporate and Other (2/2)
	Six Months Ended June 30, 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	$	767	$	177	$	—	$	1,039	$	155	$	2,138
Net investment income (loss)	585		343		(49)		524		284		1,687
Net derivative gains (losses)	374		(12)		42		(5)		33		432
Investment Management, service fees and other income	318		127		2,145		129		252		2,971
Segment revenues	2,044		635		2,138		1,687		724		7,228
Benefits and other deductions
Policyholders’ benefits	698		—		—		950		292		1,940
Interest credited to policyholders’ account balances	154		150		—		250		70		624
Commissions and distribution related payments	147		31		335		86		217		816
Amortization of deferred policy acquisition costs	183		23		—		64		19		289
Compensation, benefits and other operating costs and expenses	167		87		1,294		170		208		1,926
Interest expense and financing fees	—		—		4		—		105		109
Segment benefits and other deductions	1,349		291		1,633		1,520		911		5,704
Operating earnings (loss), before income taxes	695		344		505		167		(187)		1,524
Income Taxes	(128)		(63)		(86)		(31)		36		(272)
Operating earnings (loss), before noncontrolling interest	567		281		419		136		(151)		1,252
Less: Operating (earnings) loss attributable to the noncontrolling interest	—		—		(182)		—		4		(178)
Operating earnings (loss)	$	567	$	281	$	237	$	136	$	(147)	$	1,074
	Six Months Ended June 30, 2021
	Individual Retirement		Group Retirement		Inv Mgmt and Research		Protection Solutions		Corporate and Other		Consolidated
Revenues
Policy charges, fee income and premiums	$	1,018	$	177	$	—	$	1,011	$	181	$	2,387
Net investment income (loss)	676		375		12		533		343		1,939
Net derivative gains (losses)	(128)		(5)		(9)		(11)		(25)		(178)
Investment Management, service fees and other income	393		128		2,073		125		221		2,940
Segment revenues	1,959		675		2,076		1,658		720		7,088
Benefits and other deductions
Policyholders’ benefits	369		—		—		978		321		1,668
Interest credited to policyholders’ account balances	135		150		—		257		58		600
Commissions and distribution related payments	156		29		330		76		188		779
Amortization of deferred policy acquisition costs	151		13		—		59		(3)		220
Compensation, benefits and other operating costs and expenses	211		95		1,209		163		145		1,823
Interest Expense and Financing Fees	—		—		1		—		115		116
Segment benefits and other deductions	1,022		287		1,540		1,533		824		5,206
Operating earnings (loss), before income taxes	937		388		536		125		(104)		1,882
Income Taxes	(160)		(66)		(93)		(21)		13		(327)
Operating earnings (loss), before noncontrolling interest	777		322		443		104		(91)		1,555
Less: Operating (earnings) loss attributable to the noncontrolling interest	—		—		(196)		—		(1)		(197)
Operating earnings (loss)	$	777	$	322	$	247	$	104	$	(92)	$	1,358

2Q 2022 Financial Supplement 9

Assets Under Management and Administration

	Balances as of
(in billions USD, except for Equitable Headcount)	6/30/2021		9/30/2021		12/31/2021		3/31/2022		6/30/2022
Assets Under Management
AB AUM
Total AB	$	738.4	$	742.2	$	778.6	$	735.4	$	646.8
Exclusion for General Account and other Affiliated Accounts	(76.7)		(77.4)		(79.7)		(75.1)		(69.4)
Exclusion for Separate Accounts	(44.4)		(43.6)		(48.8)		(45.3)		(38.4)
AB third party	$	617.3	$	621.2	$	650.1	$	615.0	$	539.0
Total company AUM
AB third party	$	617.3	$	621.2	$	650.1	$	615.0	$	539.0
General Account and other Affiliated Accounts (1) (3)	106.2		107.3		110.3		104.5		98.3
Separate Accounts (2) (3)	145.6		142.1		147.3		136.8		116.8
Total AUM	$	869.1	$	870.6	$	907.7	$	856.3	$	754.1
Total Assets Under Administration (AUA) (4)	$	75.4	$	77.4	$	83.3	$	79.3	$	70.8
Equitable Advisor Headcount
Total Number of Equitable Advisors	4,314		4,263		4,382		4,252		4,166
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, March 31, 2022 and June 30, 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, $60 million, $12.7 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.

2Q 2022 Financial Supplement 10

Sales Metrics by Segment

	For the Three Months Ended												Six Months Ended
(in millions USD, unless otherwise indicated)	6/30/2021		9/30/2021		12/31/2021		3/31/2022		6/30/2022		Change		6/30/2021		6/30/2022		Change
Insurance Operations
Individual Retirement
First year premiums and deposits	$	2,753	$	2,801	$	3,043	$	2,802	$	3,054	10.9	%	$	5,139	$	5,856	14.0	%
Renewal premium and deposits	90		83		68		84		89		(1.2)	%	173		173		(0.3)	%
Total Gross Premiums	$	2,843	$	2,884	$	3,111	$	2,886	$	3,143	10.6	%	$	5,312	$	6,029	13.5	%
Group Retirement
First year premiums and deposits	$	352	$	364	$	452	$	879	$	476	35.1	%	$	685	$	1,355	98.0	%
Renewal premium and deposits	628		485		626		623		657		4.7	%	1,227		1,280		4.3	%
Total Gross Premiums	$	980	$	849	$	1,078	$	1,502	$	1,133	15.6	%	$	1,912	$	2,635	37.8	%
Protection Solutions
First year premiums and deposits	$	100	$	95	$	133	$	116	$	99	(0.5)	%	$	198	$	215	8.7	%
Renewal premium and deposits (1)	648		659		668		662		661		2.0	%	1,312		1,323		0.9	%
Total Gross Premiums (1)	$	748	$	754	$	801	$	778	$	760	1.7	%	$	1,510	$	1,538	1.9	%
Investment Management and Research (in billions USD)
Gross Sales by distribution channel
Institutional	$	17.6	$	2.6	$	6.6	$	14.3	$	3.3	(81.3)	%	$	22.5	$	17.6	(21.8)	%
Retail	23.8		25.6		27.6		20.6		17.3		(27.3)	%	46.9		37.9		(19.2)	%
Private Wealth	3.6		4.1		5.2		6.0		3.3		(8.3)	%	9.0		9.3		3.3	%
Firmwide Gross Sales	$	45.0	$	32.3	$	39.4	$	40.9	$	23.9	(46.9)	%	$	78.4	$	64.8	(17.3)	%
Gross sales by investment service
Equity Active	$	18.3	$	17.2	$	21.8	$	17.3	$	11.4	(37.7)	%	$	33.9	$	28.7	(15.3)	%
Equity Passive (2)	0.4		0.5		0.3		0.2		1.1		175.0	%	0.6		1.3		116.7	%
Fixed Income - Taxable	16.3		8.8		7.4		7.1		4.0		(75.5)	%	28.7		11.1		(61.3)	%
Fixed Income - Tax-Exempt	3.2		3.3		3.6		4.0		5.2		62.5	%	6.7		9.2		37.3	%
Fixed Income Passive (2)	0.8		0.4		3.4		(0.1)		—		(100.0)	%	0.8		(0.1)		(112.5)	%
Alternatives/Multi-Asset Solutions (3)	6.0		2.1		2.9		12.4		2.2		(63.3)	%	7.7		14.6		89.6	%
Firmwide Gross Sales	$	45.0	$	32.3	$	39.4	$	40.9	$	23.9	(46.9)	%	$	78.4	$	64.8	(17.3)	%
Notes:
(1) 1Q'22 variable universal life renewals previously reported as $514M during first quarter 2022. Amount updated to $249M during second quarter 2022 to properly reflect variable universal life product renewals. This resulted in a change for gross written premiums from $1,033 to $778.
(2) Includes index and enhanced index services.
(3) Includes certain multi-asset solutions and services not included in equity or fixed income services

2Q 2022 Financial Supplement 11

Business Segments:

Operating Earnings Results and Metrics

2Q 2022 Financial Supplement 12

Individual Retirement - Operating Earnings (Loss) and Summary Metrics

	For the Three Months Ended or As of																	Six Months Ended or As of
(in millions USD, unless otherwise indicated)	6/30/2021			9/30/2021			12/31/2021			3/31/2022			6/30/2022			Change		6/30/2021			6/30/2022			Change
Revenues
Policy charges, fee income and premiums	$	496		$	439		$	410		$	394		$	373		(24.8)	%	$	1,018		$	767		(24.7)	%
Net investment income (loss)	351			296			315			297			288			(17.9)	%	676			585			(13.5)	%
Net derivative gains (losses)	(69)			77			(77)			164			210			404.3	%	(128)			374			392.2	%
Investment management, service fees and other income	201			186			180			167			151			(24.9)	%	393			318			(19.1)	%
Segment revenues	979			998			828			1,022			1,022			4.4	%	1,959			2,044			4.3	%
Benefits and other deductions
Policyholders’ benefits	163			272			79			324			374			129.4	%	369			698			89.2	%
Interest credited to policyholders’ account balances	67			70			71			76			78			16.4	%	135			154			14.1	%
Commissions and distribution-related payments	75			89			83			80			67			(10.7)	%	156			147			(5.8)	%
Amortization of deferred policy acquisition costs	73			88			64			97			86			17.8	%	151			183			21.2	%
Compensation and benefits, interest expense and financing fees and other operating costs and expense	99			96			104			88			79			(20.2)	%	211			167			(20.9)	%
Segment benefits and other deductions	477			615			401			665			684			43.4	%	1,022			1,349			32.0	%
Operating earnings (loss), before income taxes	502			383			427			357			338			(32.7)	%	937			695			(25.8)	%
Income taxes	(88)			(67)			(76)			(64)			(64)			27.3	%	(160)			(128)			20.0	%
Operating earnings (loss), before noncontrolling interest	414			316			351			293			274			(33.8)	%	777			567			(27.0)	%
Less: Operating (earnings) loss attributable to the noncontrolling interest	—			—			—			—			—			—	%	—			—			—	%
Operating earnings (loss)	$	414		$	316		$	351		$	293		$	274		(33.8)	%	$	777		$	567		(27.0)	%
Summary Metrics
Operating earnings (loss) - TTM:[A]	$	1,590		$	1,535		$	1,444		$	1,374		$	1,234		(22.4)	%	$	1,590		$	1,234		(22.4)	%
Average Account Value (TTM)	$	113,609		$	113,580		$	112,208		$	108,605		$	105,062		(7.5)	%	$	113,609		$	105,062		(7.5)	%
Return on assets (TTM)	1.66		%	1.61		%	1.56		%	1.54		%	1.43		%			1.66		%	1.43		%
Net flows (1)
Current Product Offering	$	762		$	702		$	574		$	665		$	1,165		52.9	%	$	1,321		$	1,830		38.5	%
Legacy	(940)			(689)			(787)			(613)			(532)			43.5	%	(2,015)			(1,144)			43.2	%
Net flows	$	(178)		$	13		$	(213)		$	52		$	634		456.2	%	$	(694)		$	686		198.8	%
First year premiums and deposits	$	2,753		$	2,801		$	3,043		$	2,802		$	3,054		10.9	%	$	5,139		$	5,856		14.0	%
In-force Policy Count by Product (in thousands) (2):
Current Product Offering	564			568			571			573			578					564			578
Legacy	328			322			318			313			308					328			308
Total	892			890			889			886			886					892			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, March 31, 2022, June 30, 2022 and for the six months ended June 30, 2021 and 2022 were $(120) million, $(322) million, $(388) million, $(316) million, $(266) million, $(120) million and $(582) million, respectively.
(2) As of June 30, 2021, September 30, 2021, December 31, 2021, March 31, 2022 and June 30, 2022, In-force Policy Count by Product presented on a gross basis includes 108 thousand, 107 thousand, 106 thousand, 104 thousand and 102 thousand ceded policies, respectively, related to the Venerable transaction.

-

2Q 2022 Financial Supplement 13

Individual Retirement - Select Operating Metrics
	For the Three Months Ended or As of										Six Months Ended or As of
(in millions USD, unless otherwise indicated)	6/30/2021		9/30/2021		12/31/2021		3/31/2022		6/30/2022		6/30/2021		6/30/2022
Sales Metrics
First Year Premiums and Deposits by Product:
SCS	$	1,905	$	1,910	$	2,060	$	1,926	$	2,183	$	3,657	$	4,109
Retirement Cornerstone	454		531		597		481		390		823		871
Investment Edge	301		274		289		241		289		485		530
Other	93		86		97		154		192		174		346
Total First Year Premiums and Deposits	$	2,753	$	2,801	$	3,043	$	2,802	$	3,054	$	5,139	$	5,856
First Year Premiums and Deposits by Guarantee:
Non-GMxB	$	2,168	$	2,186	$	2,375	$	2,231	$	2,517	$	4,087	$	4,748
ROP death benefit only	203		160		161		109		81		382		190
Total non-GMxB & ROP death benefit only	2,371		2,346		2,536		2,340		2,598		4,469		4,938
Floating rate GMxB	381		455		500		395		332		668		727
Fixed rate GMxB	1		—		1		—		—		2		—
Other	—		—		6		67		124		—		191
Total First Year Premiums and Deposits	$	2,753	$	2,801	$	3,043	$	2,802	$	3,054	$	5,139	$	5,856
Account Values
General Account:
Balance as of beginning of period	$	32,259	$	34,090	$	35,590	$	37,698	$	37,874	$	30,783	$	37,698
Gross premiums and deposits (6)	1,760		2,137		1,898		1,831		2,221		3,148		4,052
Surrenders, withdrawals and benefits	(787)		(847)		(1,015)		(933)		(851)		(1,471)		(1,784)
Net flows (1)	973		1,290		883		898		1,370		1,677		2,268
Investment performance, interest credited and policy charges (1)	917		248		1,225		(722)		(3,670)		1,689		(4,392)
Ceded to Venerable (2)	(61)		—		—		—		—		(61)		—
Other (3) (4) (5)	2		(38)		—		—		—		2		—
Reclassified to Assets held-for-sale	—		—		—		—		—		—		—
Balance as of end of period	$	34,090	$	35,590	$	37,698	$	37,874	$	35,574	$	34,090	$	35,574
Separate Accounts:
Balance as of beginning of period	$	88,521	$	74,345	$	72,123	$	74,206	$	68,495	$	86,607	$	74,206
Gross premiums and deposits (6)	1,061		711		1,214		1,027		903		2,142		1,930
Surrenders, withdrawals and benefits	(2,212)		(1,988)		(2,310)		(1,873)		(1,639)		(4,513)		(3,512)
Net flows (1)	(1,151)		(1,277)		(1,096)		(846)		(736)		(2,371)		(1,582)
Investment performance, interest credited and policy charges (1)	3,786		(945)		3,179		(4,865)		(9,070)		6,920		(13,935)
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	$	74,345	$	72,123	$	74,206	$	68,495	$	58,689	$	74,345	$	58,689
Total:
Balance as of beginning of period	$	120,780	$	108,435	$	107,713	$	111,904	$	106,369	$	117,390	$	111,904
Gross premiums and deposits (5)	2,821		2,848		3,111		2,858		3,124		5,290		5,982
Surrenders, withdrawals and benefits	(2,999)		(2,835)		(3,324)		(2,806)		(2,490)		(5,984)		(5,296)
Net flows (1)	(178)		13		(213)		52		634		(694)		686
Investment performance, interest credited and policy charges (1)	4,703		(697)		4,404		(5,587)		(12,740)		8,609		(18,327)
Ceded to Venerable (2)	(16,927)		—		—		—		—		(16,927)		—
Other (3) (4)	57		(38)		—		—		—		57		—
Balance as of end of period	$	108,435	$	107,713	$	111,904	$	106,369	$	94,263	$	108,435	$	94,263
Net Amount at Risk (NAR)
Total GMIB NAR	$	3,820	$	4,119	$	3,910	$	3,727	$	4,232	$	3,820	$	4,232
Total GMDB NAR	9,002		9,569		8,987		10,856		15,214		9,002		15,214
Reserves (Net of Reinsurance)
GMIB Reserves	$	4,606	$	4,913	$	4,613	$	4,149	$	3,977	$	4,606	$	3,977
GMDB Reserves	2,829		2,765		2,737		2,792		2,824		2,829		2,824
Total GMDB/IB Variable Annuity Reserves (Net of Reinsurance)	$	7,435	$	7,678	$	7,350	$	6,941	$	6,801	$	7,435	$	6,801
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, March 31, 2022, June 30, 2022 and for the six months ended June 30, 2021 and 2022 were $(120) million, $(322) million, $(388) million, $(316) million, $(266) million, $(120) million and $(582) million, respectively. Investment performance, interest credited and policy charges of $148 million, $(273) million, $714 million, $(1.2) billion, $(2.2) billion, $148 million and $(3.4) billion, for the three months ended June 30, 2021, September 30, 2021, December 31, 2021, March 31, 2022 and June 30, 2022 and for the six months ended June 30, 2021 and 2022, respectively, are not included as it excludes activity related to ceded AV to Venerable.

2Q 2022 Financial Supplement 14

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

(3) For the three 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.

2Q 2022 Financial Supplement 15

Group Retirement - Operating Earnings (Loss) and Summary Metrics

	For the Three Months Ended or As of																	Six Months Ended or As of
(in millions USD, unless otherwise indicated)	6/30/2021			9/30/2021			12/31/2021			3/31/2022			6/30/2022			Change		6/30/2021			6/30/2022			Change
Revenues
Policy charges, fee income and premiums	$	91		$	96		$	98		$	94		$	83		(8.8)	%	$	177		$	177		—	%
Net investment income (loss)	195			189			188			180			163			(16.4)	%	375			343			(8.5)	%
Net derivative gains (losses)	(5)			(11)			(3)			(5)			(7)			(40.0)	%	(5)			(12)			(140.0)	%
Investment management, service fees and other income	65			69			71			65			62			(4.6)	%	128			127			(0.8)	%
Segment revenues	346			343			354			334			301			(13.0)	%	675			635			(5.9)	%
Benefits and other deductions
Policyholder benefits	—			—			—			—			—			—	%	—			—			—	%
Interest credited to policyholders’ account balances	75			77			76			78			72			(4.0)	%	150			150			—	%
Commissions and distribution-related payments	16			12			15			15			16			—	%	29			31			6.9	%
Amortization of deferred policy acquisition costs	8			(24)			11			16			7			(12.5)	%	13			23			76.9	%
Compensation and benefits, interest expense and financing fees and other operating costs and expense	40			45			108			42			45			12.5	%	95			87			(8.4)	%
Segment benefits and other deductions	139			110			210			151			140			0.7	%	287			291			1.4	%
Operating earnings (loss), before income taxes	207			233			144			183			161			(22.2)	%	388			344			(11.3)	%
Income taxes	(36)			(41)			(27)			(33)			(30)			16.7	%	(66)			(63)			4.5	%
Operating earnings (loss), before noncontrolling interest	171			192			117			150			131			(23.4)	%	322			281			(12.7)	%
Less: Operating (earnings) loss attributable to the noncontrolling interest	—			—			—			—			—			—	%	—			—			—	%
Operating earnings (loss)	$	171		$	192		$	117		$	150		$	131		(23.4)	%	$	322		$	281		(12.7)	%
Summary Metrics
Operating earnings (loss) - TTM:[A]	$	617		$	680		$	631		$	630		$	590		(4.4)		$	617		$	590		(4.4)	%
Average Account Value (TTM) (1)	$	43,068		$	44,812		$	46,075		$	46,515		$	45,232		5.0	%	$	43,068		$	45,232		5.0	%
Return on assets (TTM) (1)	1.71		%	1.81		%	1.66		%	1.65		%	1.59		%			1.71		%	1.59		%
Net flows	$	101		$	(135)		$	(109)		$	523		$	144		42.1	%	$	65		$	667		922.8	%
Gross premiums and deposits	$	980		$	849		$	1,078		$	1,502		$	1,133		15.6	%	$	1,912		$	2,635		37.8	%
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.

2Q 2022 Financial Supplement 16

Group Retirement - Select Operating Metrics

	For the Three Months Ended or As of										Six Months Ended or As of
(in millions USD, unless otherwise indicated)	6/30/2021		9/30/2021		12/31/2021		3/31/2022		6/30/2022		6/30/2021		6/30/2022
Sales Metrics
Gross premiums and deposits: (1)
First-year premiums and deposits	$	352	$	364	$	452	$	879	$	476	$	685	$	1,355
Renewal premiums and deposits	628		485		626		623		657		1,227		1,280
Group Retirement premiums and deposits	$	980	$	849	$	1,078	$	1,502	$	1,133	$	1,912	$	2,635
Gross premiums and deposits by market: (1)
Tax-exempt	$	238	$	228	$	346	$	219	$	231	$	442	$	450
Corporate	106		128		97		89		62		226		151
Institutional	2		2		2		565		179		5		744
Other	6		6		7		6		4		12		10
Total First Year Premiums and Deposits	352		364		452		879		476		685		1,355
Tax-exempt	489		355		491		468		518		943		986
Corporate	93		91		92		103		94		190		197
Institutional	—		—		—		—		—		—		—
Other	46		39		43		52		45		94		97
Total renewal premiums and deposits	628		485		626		623		657		1,227		1,280
Group Retirement premiums and deposits by market	$	980	$	849	$	1,078	$	1,502	$	1,133	$	1,912	$	2,635
Account Values and Assets under Administration
General Account:
Balance as of beginning of period	$	12,924	$	12,983	$	13,042	$	13,046	$	13,171	$	12,826	$	13,046
Gross premiums and deposits	225		253		289		329		299		513		628
Surrenders, withdrawals and benefits	(251)		(276)		(373)		(270)		(256)		(529)		(526)
Net flows	(26)		(23)		(84)		59		43		(16)		102
Investment performance, interest credited and policy charges	87		82		88		66		26		175		92
Other (2)	(2)		—		—		—		—		(2)		—
Balance as of end of period	$	12,983	$	13,042	$	13,046	$	13,171	$	13,240	$	12,983	$	13,240
Separate Accounts and Mutual Funds (3) (4) (5)
Balance as of beginning of period	$	31,350	$	33,316	$	32,875	$	34,763	$	32,864	$	29,930	$	34,763
Gross premiums and deposits	755		596		789		1,173		834		1,399		2,007
Surrenders, withdrawals and benefits	(628)		(708)		(814)		(709)		(733)		(1,318)		(1,442)
Net flows	127		(112)		(25)		464		101		81		565
Investment performance, interest credited and policy charges	1,894		(329)		1,913		(2,363)		(5,038)		3,360		(7,401)
Other (2)	(55)		—		—		—		—		(55)		—
Balance as of end of period	$	33,316	$	32,875	$	34,763	$	32,864	$	27,927	$	33,316	$	27,927
Total: (3) (4) (5)
Balance as of beginning of period	$	44,274	$	46,299	$	45,917	$	47,809	$	46,035	$	42,756	$	47,809
Gross premiums and deposits	980		849		1,078		1,502		1,133		1,912		2,635
Surrenders, withdrawals and benefits	(879)		(984)		(1,187)		(979)		(989)		(1,847)		(1,968)
Net flows	101		(135)		(109)		523		144		65		667
Investment performance, interest credited and policy charges	1,981		(247)		2,001		(2,297)		(5,012)		3,535		(7,309)
Other (2)	(57)		—		—		—		—		(57)		—
Balance as of end of period	$	46,299	$	45,917	$	47,809	$	46,035	$	41,167	$	46,299	$	41,167
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 June 30, 2021, September 30, 2021 and December 31, 2021 are $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.

2Q 2022 Financial Supplement 17

(3) Prior period amounts related to the net flows were revised to include Mutual Fund AUA. Net Flow revisions for the discrete periods of June 30, 2021, September 30, 2021 and December 31, 2021 are $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) June 30, 2021 beginning balance revision of $297 million to reflect inclusion of December 31, 2020 year-end Mutual Fund AUA ending balance.

2Q 2022 Financial Supplement 18

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

	For the Three Months Ended or As of																	Six Months Ended or As of
(in millions USD, unless otherwise indicated)	6/30/2021			9/30/2021			12/31/2021			3/31/2022			6/30/2022			Change		6/30/2021			6/30/2022			Change
Revenues
Net investment income (loss)	$	12		$	(2)		$	3		$	(23)		$	(26)		(316.7)	%	$	12		$	(49)		(508.3)	%
Net derivative gains (losses)	(11)			2			(6)			20			22			300.0	%	(9)			42			566.7	%
Investment management, service fees and other income	1,071			1,093			1,264			1,138			1,007			(6.0)	%	2,073			2,145			3.4	%
Segment Revenues	1,072			1,093			1,261			1,135			1,003			(6.5)	%	2,076			2,138			3.0	%
Benefits and other deductions
Commissions and distribution-related payments	168			187			191			176			159			(5.4)	%	330			335			1.5	%
Compensation, benefits and other operating costs and expenses	629			622			676			675			619			(1.6)	%	1,209			1,294			7.0	%
Interest expense and financing fees	—			—			4			—			4			100.0	%	1			4			300.0	%
Total benefits and other deductions	797			809			871			851			782			(1.9)	%	1,540			1,633			6.0	%
Operating earnings (loss), before income taxes	275			284			390			284			221			(19.8)	%	536			505			(5.9)	%
Income taxes	(49)			(49)			(66)			(46)			(40)			18.4	%	(93)			(86)			7.5	%
Operating earnings (loss), before noncontrolling interest	226			235			324			238			181			(20.1)	%	443			419			(5.5)	%
Less: Operating (earnings) loss attributable to the noncontrolling interest	(100)			(101)			(141)			(102)			(80)			20.0	%	(196)			(182)			7.1	%
Operating earnings (loss)	$	126		$	134		$	183		$	136		$	101		(20.2)	%	$	247		$	237		(4.2)	%
Summary Metrics
Adjusted operating margin (1)	31.7		%	31.8		%	38.5		%	31.5		%	27.7		%			31.7		%	29.7		%
Net flows (in billions USD) (2)	$	6.2		$	7.2		$	7.4		$	11.4		$	(2.7)				$	11.5		$	8.7
Total AUM (in billions USD)	$	738.4		$	742.2		$	778.6		$	735.4		$	646.8				$	738.4		$	646.8
Ownership Structure of AB
Holdings and its subsidiaries	62.9		%	63.2		%	63.0		%	63.0		%	63.5		%			62.9		%	63.5		%
AB Holding	36.3		%	36.1		%	36.2		%	36.3		%	35.7		%			36.3		%	35.7		%
Unaffiliated holders	0.8		%	0.7		%	0.8		%	0.7		%	0.8		%			0.8		%	0.8		%
Total	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%			100.0		%	100.0		%
EQH economic interest	64.4		%	64.7		%	64.5		%	64.5		%	65.0		%			64.4		%	65.0		%
EQH average economic interest	64.4		%	64.6		%	64.7		%	64.5		%	64.8		%			64.3		%	64.6		%
Units of limited partnership outstanding (in millions)	272.0			270.9			271.5			271.8			269.4					272.0			269.4
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.
(2) Discrete quarterly outflows related to AXA's redemptions for periods presented were as follows: $1.3 billion for the second quarter of 2021 and $0.6 billion for the second quarter of 2022.

2Q 2022 Financial Supplement 19

Investment Management and Research - Select Operating Metrics

	For the Three Months Ended or As of
(in billions USD, unless otherwise indicated)	6/30/2021		9/30/2021		12/31/2021		3/31/2022		6/30/2022
AUM Roll-forward
Balance as of beginning of period	$	697.2	$	738.4	$	742.2	$	778.6	$	735.4
Sales/new accounts	45.0		32.3		39.4		40.9		23.9
Redemptions/terminations	(32.4)		(21.5)		(25.7)		(24.6)		(22.6)
Cash flow/unreinvested dividends	(6.4)		(3.6)		(6.3)		(4.9)		(4.0)
Net long-term (outflows) inflows	6.2		7.2		7.4		11.4		(2.7)
Adjustment (3)	—		—		—		—		(0.4)
Market appreciation (depreciation)	35.0		(3.4)		29.0		(54.6)		(85.5)
Net change	41.2		3.8		36.4		(43.2)		(88.6)
Balance as of end of period	$	738.4	$	742.2	$	778.6	$	735.4	$	646.8
Ending Assets by distribution channel
Institutions	$	329.1	$	327.5	$	337.1	$	325.9	$	290.5
Retail	293.7		298.8		319.9		292.6		251.0
Private Wealth	115.6		115.9		121.6		116.9		105.3
Total	$	738.4	$	742.2	$	778.6	$	735.4	$	646.8
Ending Assets by investment service
Equity
Actively Managed	$	256.7	$	260.3	$	287.6	$	265.2	$	223.2
Passively Managed (1)	69.5		69.1		71.6		66.2		55.7
Total Equity	$	326.2	$	329.4	$	359.2	$	331.4	$	278.9
Fixed Income
Actively Managed	$	306.3	$	306.2	$	303.4	$	280.8	$	254.7
Passively Managed (1)	9.3		9.5		13.2		12.7		12.3
Total Fixed Income	315.6		315.7		316.6		293.5		267.0
Total Alternatives/Multi-Asset Solutions (2)	96.6		97.1		102.8		110.5		100.9
Total	$	738.4	$	742.2	$	778.6	$	735.4	$	646.8
Notes:
(1) Includes index and enhanced index services.
(2) Includes certain multi-asset solutions and services not included in equity or fixed income services
(3) Approximately $0.4 billion of Institutional AUM was removed from our total assets under management during the second quarter of 2022 due to a change in the fee structure.

2Q 2022 Financial Supplement 20

Investment Management and Research - Net Flows
	For the Three Months Ended										Six Months Ended or As of
(in billions USD, unless otherwise indicated)	6/30/2021		9/30/2021		12/31/2021		3/31/2022		6/30/2022		6/30/2021		6/30/2022
Net Flows by Distribution Channel
Institutions
US	$	(1.9)	$	1.8	$	(2.0)	$	0.4	$	0.6	$	(3.6)	$	1.0
Global and Non-US	2.8		(1.6)		2.4		9.8		0.1		5.3		9.9
Total Institutions	$	0.9	$	0.2	$	0.4	$	10.2	$	0.7	$	1.7	$	10.9
Retail
US	$	5.2	$	7.0	$	9.4	$	4.2	$	2.3	$	8.8	$	6.5
Global and Non-US	—		(0.4)		(3.1)		(5.2)		(4.6)		(0.9)		(9.8)
Total Retail	$	5.2	$	6.6	$	6.3	$	(1.0)	$	(2.3)	$	7.9	$	(3.3)
Private Wealth
US	$	(0.7)	$	(0.3)	$	(0.4)	$	1.4	$	(1.1)	$	0.2	$	0.3
Global and Non-US	0.8		0.7		1.1		0.8		—		1.7		0.8
Total Private Wealth	$	0.1	$	0.4	$	0.7	$	2.2	$	(1.1)	$	1.9	$	1.1
Total Net Flows by Distribution Channel	$	6.2	$	7.2	$	7.4	$	11.4	$	(2.7)	$	11.5	$	8.7
Net Flows by Investment Service
Equity Active
US	$	4.3	$	4.7	$	4.8	$	4.7	$	0.8	$	6.3	$	5.5
Global and Non-US	1.3		0.1		3.1		(0.1)		(0.5)		3.0		(0.6)
Total Equity Active	$	5.6	$	4.8	$	7.9	$	4.6	$	0.3	$	9.3	$	4.9
Equity Passive (1)
US	$	(1.1)	$	(0.5)	$	(3.2)	$	(0.7)	$	0.5	$	(2.7)	$	(0.2)
Global and Non-US	(0.6)		0.2		(0.3)		(1.1)		(0.7)		(1.0)		(1.8)
Total Equity Passive (1)	$	(1.7)	$	(0.3)	$	(3.5)	$	(1.8)	$	(0.2)	$	(3.7)	$	(2.0)
Fixed Income - Taxable (3)
US	$	(2.6)	$	2.2	$	(0.9)	$	0.3	$	(1.3)	$	(2.3)	$	(1.0)
Global and Non-US	(2.7)		(2.1)		(3.1)		(5.0)		(4.3)		(3.7)		(9.3)
Total Fixed Income - Taxable	$	(5.3)	$	0.1	$	(4.0)	$	(4.7)	$	(5.6)	$	(6.0)	$	(10.3)
Fixed Income - Tax-Exempt
US	$	1.5	$	1.5	$	1.4	$	1.0	$	0.6	$	3.1	$	1.6
Global and Non-US	—		—		—		—		0.1		—		0.1
Total Fixed Income - Tax-Exempt	$	1.5	$	1.5	$	1.4	$	1.0	$	0.7	$	3.1	$	1.7
Fixed Income - Passive (1)
US	$	0.1	$	0.3	$	3.8	$	(0.2)	$	0.5	$	0.3	$	0.3
Global and Non-US	0.8		(0.1)		(0.2)		0.6		0.2		0.8		0.8
Total Fixed Income - Passive (1)	$	0.9	$	0.2	$	3.6	$	0.4	$	0.7	$	1.1	$	1.1
Alternatives/Multi-Asset Solutions (2)
US	$	0.4	$	0.3	$	1.1	$	0.9	$	0.5	$	0.7	$	1.4
Global and Non-US	4.8		0.6		0.9		11.0		0.9		7.0		11.9
Total Alternatives/Multi-Asset Solutions (2)	$	5.2	$	0.9	$	2.0	$	11.9	$	1.4	$	7.7	$	13.3
Total Net Flows by Investment Service	$	6.2	$	7.2	$	7.4	$	11.4	$	(2.7)	$	11.5	$	8.7
Active vs. Passive Net Flows
Actively Managed
Equity	$	5.6	$	4.8	$	7.9	$	4.6	$	0.3	$	9.3	$	4.9
Fixed Income (3) (4)	(3.8)		1.6		(2.6)		(3.7)		(4.8)		(2.9)		(8.6)
Alternatives/Multi-Asset Solutions (2)	4.9		0.3		1.1		11.3		1.1		6.8		12.4
Total (4)	$	6.7	$	6.7	$	6.4	$	12.2	$	(3.4)	$	13.2	$	8.7
Passively Managed (1)
Equity (4)	$	(1.7)	$	(0.3)	$	(3.5)	$	(1.8)	$	(0.3)	$	(3.7)	$	(2.0)
Fixed Income	0.9		0.2		3.6		0.4		0.7		1.1		1.1
Alternatives/Multi-Asset Solutions (2)	0.3		0.6		0.9		0.6		0.3		0.9		0.9
Total (4)	$	(0.5)	$	0.5	$	1.0	$	(0.8)	$	0.7	$	(1.7)	$	—
Total Active vs Passive Net Flows	$	6.2	$	7.2	$	7.4	$	11.4	$	(2.7)	$	11.5	$	8.7
Notes:
(1) Includes index and enhanced index services.
(2) Includes certain multi-asset solutions and services not included in equity or fixed income services
(3) Discrete quarterly outflows related to AXA's redemptions for periods presented were as follows: $1.3 billion for the second quarter of 2021 and $0.6 billion for the second quarter of 2022.
(4) AB line item does not cross foot for the six months ended 2022 due to rounding.

2Q 2022 Financial Supplement 21

Protection Solutions - Operating Earnings (Loss) and Summary Metrics

	For the Three Months Ended or As of																	Six Months Ended or As of
(in millions USD, unless otherwise indicated)	6/30/2021			9/30/2021			12/31/2021			3/31/2022			6/30/2022			Change		6/30/2021			6/30/2022			Change
Revenues
Policy charges, fee income and premiums	$	507		$	482		$	523		$	514		$	525		3.6	%	$	1,011		$	1,039		2.8	%
Net investment income (loss)	271			294			275			272			252			(7.0)	%	533			524			(1.7)	%
Net derivative gains (losses)	(10)			(7)			(2)			—			(5)			50.0	%	(11)			(5)			54.5	%
Investment management, service fees and other income	64			69			66			65			64			—	%	125			129			3.2	%
Segment revenues	832			838			862			851			836			0.5	%	1,658			1,687			1.7	%
Benefits and other deductions
Policyholders’ benefits	469			392			480			521			429			(8.5)	%	978			950			(2.9)	%
Interest credited to policyholders’ account balances	134			126			133			128			122			(9.0)	%	257			250			(2.7)	%
Commissions and distribution-related payments	42			44			50			41			45			7.1	%	76			86			13.2	%
Amortization of deferred policy acquisition costs	33			4			30			35			29			(12.1)	%	59			64			8.5	%
Compensation and benefits, interest expense and financing fees and other operating costs and expense	78			78			104			84			86			10.3	%	163			170			4.3	%
Segment benefits and other deductions	756			644			797			809			711			(6.0)	%	1,533			1,520			(0.8)	%
Operating earnings (loss), before income taxes	76			194			65			42			125			64.5	%	125			167			33.6	%
Income taxes	(13)			(34)			(12)			(7)			(24)			(84.6)	%	(21)			(31)			(47.6)	%
Operating earnings (loss), before noncontrolling interest	63			160			53			35			101			60.3	%	104			136			30.8	%
Less: Operating (earnings) loss attributable to the noncontrolling interest	—			—			—			—			—			—	%	—			—			—	%
Operating earnings (loss)	$	63		$	160		$	53		$	35		$	101		60.3	%	$	104		$	136		30.8	%
Summary Metrics
Operating earnings (loss) - TTM:[A]	$	213		$	322		$	317		$	311		$	349		63.8	%	$	213		$	349		63.8	%
Benefit ratio	72.5		%	61.8		%	71.1		%	76.3		%	65.9		%			74.5		%	71.1		%
Gross written premiums (1)	$	748		$	754		$	801		$	778		$	760		1.7	%	$	1,510		$	1,538		1.9	%
Annualized premiums	$	67		$	67		$	84		$	77		$	67		0.4	%	$	136		$	144		6.1	%
Total in-force face amount (in billions USD) (2)	$	422.4		$	422.4		$	423.2		$	421.8		$	420.6		(0.4)	%	$	422.4		$	420.6		(0.4)	%
Notes:
(1) 1Q'22 variable universal life renewals previously reported as $514M during first quarter 2022. Amount updated to $249M during second quarter 2022 to properly reflect variable universal life product renewals. This resulted in a change for gross written premiums from $1,033 to $778.
(2) Total in-force face amount presented on a gross basis including ceded policies.

2Q 2022 Financial Supplement 22

Protection Solutions - Select Operating Metrics

	For the Three Months Ended or As of										Six Months Ended or As of
(in millions USD, unless otherwise indicated)	6/30/2021		9/30/2021		12/31/2021		3/31/2022		6/30/2022		6/30/2021		6/30/2022
Sales Metrics
First Year Premiums and Deposits by Product Line:
Universal Life	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Indexed Universal Life	10		7		7		6		4		31		10
Variable Universal Life	67		66		102		85		76		119		161
Term	4		3		4		4		3		9		7
Employee Benefits	19		18		20		21		16		39		37
Other (1)	—		1		—		—		—		—		—
Total	$	100	$	95	$	133	$	116	$	99	$	198	$	215
Renewals by Product Line:
Universal Life	$	204	$	221	$	198	$	193	$	185	$	405	$	377
Indexed Universal Life	75		79		80		80		76		151		157
Variable Universal Life (2)	238		224		250		249		239		494		488
Term	94		90		98		93		94		191		188
Employee Benefits	32		41		36		43		63		62		105
Other (1)	5		4		6		4		4		9		8
Total	648		659		668		662		661		1,312		1,323
Total Gross Premiums	$	748	$	754	$	801	$	778	$	760	$	1,510	$	1,538
In-force Metrics
In-force Face Amount by Product (3) (in billions):
Universal Life (4)	$	47.3	$	46.7	$	45.9	$	44.9	$	44.4	$	47.3	$	44.4
Indexed Universal Life	28.0		28.0		27.9		27.9		27.7		28.0		27.7
Variable Universal Life (5)	129.8		130.9		132.8		132.9		132.6		129.8		132.6
Term	216.0		215.6		215.4		214.9		214.7		216.0		214.7
Whole Life	1.3		1.2		1.2		1.2		1.2		1.3		1.2
Total	$	422.4	$	422.4	$	423.2	$	421.8	$	420.6	$	422.4	$	420.6
In-force Policy Count by Product (3) (in thousands):
Universal Life (4)	140		138		136		134		132		140		132
Indexed Universal Life	64		64		65		65		65		64		65
Variable Universal Life (5)	290		291		293		293		293		290		293
Term	268		267		266		264		262		268		262
Whole Life	17		17		16		16		16		17		16
Total	779		777		776		772		768		779		768
Protection Solutions Reserves
General Account	$	18,588	$	18,584	$	18,625	$	18,432	$	18,241	$	18,588	$	18,241
Separate Accounts	16,281		16,080		17,012		15,883		13,524		16,281		13,524
Total	$	34,869	$	34,664	$	35,637	$	34,315	$	31,765	$	34,869	$	31,765
Notes:
(1) For the individual life insurance premiums, Other includes Whole Life insurance and other products available-for-sale but not actively marketed.
(2) 1Q'22 variable universal life renewals previously reported as $514M during first quarter 2022. Amount updated to $249M during second quarter 2022 to properly reflect variable universal life product renewals.
(3) Includes individual life insurance and does not include Employee Benefits as it is a start-up business and therefore has immaterial in-force policies.
(4) Universal Life includes Guaranteed Universal Life.
(5) Variable Universal Life includes variable life insurance and corporate-owned life insurance.

2Q 2022 Financial Supplement 23

Investments

2Q 2022 Financial Supplement 24

Consolidated Investment Portfolio Composition

	Balances as of
(in millions USD, unless otherwise indicated)	December 31, 2021				June 30, 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	%	$	67,254	68.4	%
Fixed maturities, at fair value using the fair value option	1,641		1.5	%	1,562		1.6	%
Mortgage loans on real estate	14,033		12.7	%	14,480		14.7	%
Policy loans	4,024		3.6	%	4,020		4.1	%
Other equity investments	2,975		2.7	%	3,202		3.3	%
Other invested assets	3,591		3.3	%	2,160		2.2	%
Subtotal investment assets	104,480		94.7	%	92,678		94.3	%
Trading securities	631		0.6	%	538		0.5	%
Total investments	105,111		95.3	%	93,216		94.8	%
Cash and cash equivalents	5,188		4.7	%	5,109		5.2	%
Total	$	110,299	100.0	%	$	98,325	100.0	%
General Account Fixed maturities by industry (Based on amortized cost)
Corporate securities:
Finance	$	12,954	17.9	%	$	13,851	18.9	%
Manufacturing	12,212		16.8	%	12,416		16.9	%
Utilities	6,446		8.9	%	6,935		9.4	%
Services	8,191		11.3	%	8,203		11.2	%
Energy	3,854		5.3	%	3,853		5.2	%
Retail and wholesale	3,390		4.7	%	3,496		4.8	%
Transportation	2,181		3.0	%	2,392		3.3	%
Other	60		0.1	%	85		0.1	%
Total corporate securities	49,288		67.9	%	51,231		69.8	%
U.S. government and agency	13,056		18.0	%	7,417		10.1	%
Residential mortgage-backed (2)	90		0.1	%	514		0.7	%
Preferred stock	41		0.1	%	41		0.1	%
State & municipal	586		0.8	%	684		0.9	%
Foreign governments	1,124		1.5	%	1,094		1.5	%
Commercial mortgage-backed	2,427		3.3	%	3,728		5.1	%
Asset-backed securities	5,933		8.2	%	8,735		11.9	%
Total	$	72,545	100.0	%	$	73,444	100.0	%
General Account Fixed maturities credit quality (3) (Based on amortized cost)
Aaa, Aa, A (NAIC Designation 1)	$	44,653	61.6	%	$	44,403	60.5	%
Baa (NAIC Designation 2)	25,141		34.7	%	26,257		35.8	%
Investment grade	69,794		96.2	%	70,659		96.2	%
Below investment grade (NAIC Designation 3 and 4)	2,751		3.8	%	2,784		3.8	%
Total	$	72,545	100.0	%	$	73,444	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.

2Q 2022 Financial Supplement 25

Consolidated Results of General Account Investment Portfolio

	For the Six Months Ended or As of								Years Ended or As of
(in millions USD, unless otherwise indicated)	June 30, 2021				June 30, 2022				December 31, 2021
	Yield		Amount (2)		Yield		Amount (2)		Yield		Amount (2)
Fixed Maturities:
Income (loss)	3.41	%	$	1,220	3.39	%	$	1,236	3.40	%	$	2,429
Ending assets			69,407				73,443				72,545
Mortgages:
Income (loss)	4.11	%	273		3.85	%	276		4.08	%	547
Ending assets			13,384				14,480				14,033
Other Equity Investments (1):
Income (loss)	18.35	%	220		10.52	%	163		20.45	%	534
Ending assets			2,588				3,462				2,901
Policy Loans:
Income	5.37	%	110		5.49	%	110		5.01	%	203
Ending assets			4,048				4,020				4,024
Cash and Short-term Investments:
Income	(0.04)	%	(1)		(0.34)	%	(4)		(0.13)	%	(2)
Ending assets			1,679				2,069				1,662
Funding Agreements:
Interest expense and other			(31)				(35)				(56)
Ending (liabilities)			(8,224)				(7,286)				(6,647)
Total invested Assets:
Income	4.22	%	1,791		3.88	%	1,746		4.28	%	3,655
Ending assets			82,882				90,188				88,518
Short Duration Fixed Maturities:
Income (loss)	4.38	%	74		3.58	%	2		4.48	%	78
Ending assets			546				137				142
Total Net Investment Income:
Investment income	4.23	%	1,865		3.87	%	1,748		4.28	%	3,733
Less: investment fees (3)	(0.12)	%	(54)		(0.14)	%	(64)		(0.14)	%	(118)
Investment income, net	4.10	%	$	1,811	3.73	%	$	1,684	4.15	%	$	3,615
General Account Ending Net Assets			$	83,428			$	90,325			$	88,660
Operating Earnings adjustments:
Funding Agreements interest expense			31				35				56
AB and other non-General Account investment income			97				(32)				258
Operating Net investment income (loss)			$	1,939			$	1,687			$	3,929
Notes:
(1) Includes, as of June 30, 2021, June 30, 2022 and December 31, 2021 $391 million, $369 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.

2Q 2022 Financial Supplement 26

Additional Information

2Q 2022 Financial Supplement 27

Deferred Policy Acquisition Costs Rollforward

	For the Three Months Ended or As of										Six Months Ended or As of
(in millions USD, unless otherwise indicated)	6/30/2021		9/30/2021		12/31/2021		3/31/2022		6/30/2022		6/30/2021		6/30/2022
TOTAL
Beginning balance	$	4,943	$	4,838	$	5,366	$	5,491	$	6,592	$	4,243	$	5,491
Capitalization of commissions, sales and issue expenses	220		214		255		209		220		406		429
Amortization	(106)		(64)		(136)		(181)		(160)		(193)		(341)
Change in unrealized investment gains and losses	(219)		378		6		1,073		889		382		1,962
Reclassified to Assets held-for-sale	—		—		—		—		—		—		—
Ending balance	$	4,838	$	5,366	$	5,491	$	6,592	$	7,541	$	4,838	$	7,541
Individual Retirement
Beginning balance	$	3,390	$	3,393	$	3,486	$	3,639	$	3,957	$	3,178	$	3,639
Capitalization of commissions, sales and issue expenses	149		142		159		140		151		272		291
Amortization	(58)		(96)		(80)		(121)		(117)		(119)		(238)
Change in unrealized investment gains and losses	(88)		47		74		299		435		62		734
Reclassified to Assets held-for-sale	—		—		—		—		—		—		—
Ending balance	$	3,393	$	3,486	$	3,639	$	3,957	$	4,426	$	3,393	$	4,426
Group Retirement
Beginning balance	$	705	$	702	$	757	$	776	$	866	$	632	$	776
Capitalization of commissions, sales and issue expenses	22		24		33		22		22		43		44
Amortization	(9)		23		(10)		(14)		(8)		(15)		(22)
Change in unrealized investment gains and losses	(16)		8		(4)		82		111		42		193
Reclassified to Assets held-for-sale	—		—		—		—		—		—		—
Ending balance	$	702	$	757	$	776	$	866	$	991	$	702	$	991
Protection Solutions
Beginning balance	$	836	$	732	$	1,113	$	1,066	$	1,632	$	418	$	1,066
Capitalization of commissions, sales and issue expenses	49		48		63		48		47		91		95
Amortization	(34)		(4)		(30)		(35)		(28)		(61)		(63)
Change in unrealized investment gains and losses	(119)		337		(80)		553		251		284		804
Reclassified to Assets held-for-sale	—		—		—		—		—		—		—
Ending balance	$	732	$	1,113	$	1,066	$	1,632	$	1,902	$	732	$	1,902
Corporate and Other
Beginning balance	$	12	$	11	$	10	$	10	$	137	$	15	$	10
Capitalization of commissions, sales and issue expenses	—		—		—		(1)		—		—		(1)
Amortization	(5)		13		(16)		(11)		(7)		2		(18)
Change in unrealized investment gains and losses	4		(14)		16		139		92		(6)		231
Reclassified to Assets held-for-sale	—		—		—		—		—		—		—
Ending balance	$	11	$	10	$	10	$	137	$	222	$	11	$	222

2Q 2022 Financial Supplement 28

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.

2Q 2022 Financial Supplement 29

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.

2Q 2022 Financial Supplement 30

Reconciliation of Non-GAAP Measures (1/3)

	For the Three Months Ended or As of										Six Months Ended or As of
(in millions USD, unless otherwise indicated)	6/30/2021		9/30/2021		12/31/2021		3/31/2022		6/30/2022		6/30/2021		6/30/2022
Net income (loss) attributable to Holdings
Net income (loss) attributable to Holdings	$	123	$	672	$	254	$	573	$	1,728	$	(1,365)	$	2,301
Adjustments related to:
Variable annuity product features	1,193		172		513		(601)		(1,924)		3,460		(2,525)
Investment gains (losses), net	(420)		(164)		(100)		326		231		(603)		557
Net actuarial gains (losses) related to pension and other postretirement benefit obligations	26		27		33		19		19		60		38
Other adjustments (1) (2) (3)	7		141		45		220		148		531		368
Income tax (expense) benefit related to above adjustments	(171)		(35)		(103)		8		321		(726)		329
Non-recurring tax items	—		5		7		3		3		1		6
Non-GAAP Operating Earnings	$	758	$	818	$	649	$	548	$	526	$	1,358	$	1,074
Net income (loss) attributable to Holdings (4)	$	0.29	$	1.62	$	0.63	$	1.46	$	4.54	$	(3.18)	$	5.96
Less: Preferred stock dividends	0.06		0.03		0.07		0.03		0.07		0.09		0.10
Net income (loss) available to Holdings' common shareholders	0.23		1.59		0.56		1.43		4.47		(3.27)		5.86
Adjustments related to:
Variable annuity product features	2.79		0.41		1.27		(1.53)		(5.06)		8.06		(6.54)
Investment gains (losses), net	(0.98)		(0.41)		(0.25)		0.83		0.61		(1.41)		1.44
Net actuarial gains (losses) related to pension and other postretirement benefit obligations	0.06		0.07		0.08		0.05		0.05		0.14		0.10
Other adjustments (1) (2) (3)	0.01		0.35		0.11		0.55		0.39		1.24		0.95
Income tax (expense) benefit related to above adjustments	(0.40)		(0.08)		(0.25)		0.02		0.84		(1.69)		0.85
Non-recurring tax items	—		0.01		0.02		0.01		0.01		—		0.02
Non-GAAP Operating Earnings (loss) available to Holdings' common shareholders (4)	$	1.71	$	1.94	$	1.54	$	1.36	$	1.31	$	3.07	$	2.68
Book Value per common share
Book Value per common share	$	24.20	$	25.00	$	25.45	$	16.64	$	10.69	$	24.20	$	10.69
Less: Per share impact of AOCI	4.72		4.64		5.12		(4.65)		(14.72)		4.72		(14.72)
Book value per common share (ex. AOCI)	$	19.48	$	20.37	$	20.33	$	21.29	$	25.41	$	19.48	$	25.41
Notes:
(1) Includes Separation Costs of $16 million and $37 million for the three months and six months ended June 30, 2021, respectively. Separation costs were completed during 2021. The impact per common share is $0.04 and $0.09 for the three months and six months ended June 30, 2021.
(2) Includes certain gross legal expenses related to the cost of insurance litigation of $107 million and $0 million, $166 million and $180 million for the three and six months ended June 30, 2022 and 2021, respectively. Includes policyholder benefit costs of $0 million and $75 million for the three and six months ended June 30, 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 legal accruals impact per common share is $0.28 and $0.00, $0.43 and $0.42 for the three and six months ended June 30, 2022 and 2021. 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 ($38) million, ($100) million, ($40) million and $144 million for the three and six months ended June 30, 2022 and 2021, respectively. The impact per common share is ($0.10), ($0.23), ($0.09) and $0.34 for the three and six months ended June 30, 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.

2Q 2022 Financial Supplement 31

Reconciliation of Non-GAAP Measures (2/3)
	As of and for the Twelve Months Ended
(in millions USD, unless otherwise indicated)	6/30/2021			9/30/2021			12/31/2021			3/31/2022			6/30/2022
Net Income to Non-GAAP Operating Earnings
Net income (loss) attributable to Holdings	$	(3,382)		$	(1,931)		$	(439)		$	1,622		$	3,227
Adjustments related to:
Variable annuity product features	8,519			7,071			4,145			1,277			(1,840)
Investment (gains) losses	(1,174)			(1,321)			(867)			(358)			293
Net actuarial (gains) losses related to pension and other postretirement benefit obligations	114			110			120			105			98
Other adjustments	713			788			717			413			554
Income tax (expense) benefits related to above adjustments	(1,718)			(1,396)			(864)			(301)			191
Non-recurring tax items	(398)			(397)			13			15			18
Non-GAAP Operating Earnings	$	2,674		$	2,924		$	2,825		$	2,773		$	2,541
Return on Equity and Non-GAAP Operating Return on Equity - Trailing twelve months
Net income (loss) attributable to Holdings	$	(3,382)		$	(1,931)		$	(439)		$	1,622		$	3,227
Less: Preferred stock	(69)			(72)			(79)			(80)			(80)
Net income (loss) available to Holdings' common shareholders	$	(3,451)		$	(2,003)		$	(518)		$	1,542		$	3,147
Average equity attributable to Holdings' common shareholders (ex. AOCI)	$	9,716		$	8,816		$	8,193		$	8,140		$	8,487
Return on Equity (ex. AOCI)	(35.5)		%	(22.7)		%	(6.3)		%	18.9		%	37.1		%
Non-GAAP Operating Earnings	$	2,674		$	2,924		$	2,825		$	2,773		$	2,541
Less: Preferred stock	(69)			(72)			(79)			(80)			(80)
Non-GAAP Operating Earnings available to Holdings' common shareholders	$	2,605		$	2,852		$	2,746		$	2,693		$	2,461
Average equity attributable to Holdings' common shareholders (ex. AOCI)	$	9,716		$	8,816		$	8,193		$	8,140		$	8,487
Non-GAAP Operating Return on Equity (ex. AOCI)	26.8		%	32.4		%	33.5		%	33.1		%	29.0		%

2Q 2022 Financial Supplement 32

Reconciliation of Non-GAAP Measures (3/3)
	Balances as of
(in millions USD, unless otherwise indicated)	9/30/2020		12/31/2020		3/31/2021		6/30/2021		9/30/2021		12/31/2021		3/31/2022		6/30/2022
Equity Reconciliation - Quarter-end Balances
Total equity attributable to Holdings' shareholders	$	17,300	$	15,576	$	10,693	$	11,732	$	11,680	$	11,519	$	7,954	$	5,589
Less: Preferred Stock	1,269		1,269		1,562		1,562		1,562		1,562		1,562		1,562
Total equity attributable to Holdings' common shareholders	16,031		14,307		9,131		10,170		10,118		9,957		6,392		4,027
Less: Accumulated other comprehensive income (loss)	4,188		3,863		740		1,983		1,876		2,004		(1,787)		(5,548)
Total equity attributable to Holdings' common shareholders (ex. AOCI)	$	11,843	$	10,444	$	8,391	$	8,187	$	8,242	$	7,953	$	8,179	$	9,575
	Balances as of
(in millions USD, unless otherwise indicated)	9/30/2020		12/31/2020		3/31/2021		6/30/2021		9/30/2021		12/31/2021		3/31/2022		6/30/2022
Equity Reconciliation - Twelve Month Rolling Average (2)
Total equity attributable to Holdings' shareholders	17,059		17,589		15,267		13,825		12,420		11,406		10,721		9,186
Less: Preferred Stock	899		1,022		1,219		1,416		1,489		1,562		1,562		1,562
Total equity attributable to Holdings' common shareholders	16,160		16,567		14,048		12,410		10,932		9,844		9,159		7,624
Less: Accumulated other comprehensive income (loss)	2,812		3,567		3,180		2,694		2,116		1,651		1,019		(864)
Total equity attributable to Holdings' common shareholders (ex. AOCI)	$	13,348	$	13,000	$	10,868	$	9,716	$	8,816	$	8,193	$	8,140	$	8,487

2Q 2022 Financial Supplement 33

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.

2Q 2022 Financial Supplement 34

Analyst Coverage, Ratings & Contact Information

Analyst Coverage
Firm		Analyst			Phone Number
Barclays		Tracy Benguigui			1 (212) 526-1561
Citi		Michael Ward			1 (212) 816-4269
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	Jun '22	Jul '22
Financial Strength Ratings:
Equitable Financial Life Insurance Company			A	A+	A1
Equitable Financial Life Insurance Company of America			A	A+	A1
Credit Ratings:
Equitable Holdings, Inc.			—	BBB+	Baa1
AllianceBernstein L.P. (1)			—	A	A2
Investor and Media Contacts
Contact Investor Relations				Contact Media Relations
Işıl Müderrisoğlu	Thomas Lewis			Todd Williamson
(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 Jul '22.

2Q 2022 Financial Supplement 35