Table of Contents
	Consolidated Financials and Key Metrics		Page
		Key Metrics Summary	4
		Consolidated Statements of Income (Loss)	5
		Consolidated Balance Sheets	6
		Consolidated Capital Structure	7
		Operating Earnings (Loss) by Segment and Corporate and Other	8
		Assets Under Management and Administration	10
		Sales Metrics by Segment	11
	Select Metrics from Business Segments
Individual Retirement
		Statements of Operating Earnings (Loss) and Summary Metrics	13
		Select Operating Metrics	14
Group Retirement
		Statements of Operating Earnings (Loss) and Summary Metrics	15
		Select Operating Metrics	16
Investment Management and Research (1)
		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
Wealth Management
		Statements of Operating Earnings (Loss) and Summary Metrics	23
		Select Operating Metrics	24
Legacy
		Statements of Operating Earnings (Loss) and Summary Metrics	25
		Select Operating Metrics	26
	Investments
		Consolidated Investment Portfolio Composition	28
		Consolidated Results of General Account Investment Portfolio	29
	Additional Information
		Deferred Policy Acquisition Costs Rollforward	31
		Use of Non-GAAP Financial Measures	32
		Reconciliation of Non-GAAP Measures	34
		Glossary of Selected Financial and Product Terms	37
		Analyst Coverage, Ratings & Contact Information	39
		Notes:
		(1) Refers to AllianceBernsten L.P. and AllianceBernstien Holding L.P., collectively

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 2023 Financial Supplement 2

Consolidated Financials

and Key Metrics

2Q 2023 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)	6/30/2022			9/30/2022			12/31/2022			3/31/2023			6/30/2023			Change		6/30/2022			6/30/2023			Change
Net income (loss)	$	1,011		$	648		$	138		$	266		$	831		(17.8)	%	$	1,608		$	1,097		(31.8)	%
Net income (loss) attributable to the noncontrolling interest	(44)			(54)			(76)			(89)			(72)			(63.6)	%	(111)			(161)			(45.0)	%
Net income (loss) attributable to Holdings	$	967		$	594		$	62		$	177		$	759		(21.5)	%	$	1,497		$	936		(37.5)	%
Non-GAAP Operating Earnings (1)	$	493		$	386		$	348		$	364		$	441		(10.5)	%	$	992		$	805		(18.9)	%
Total equity attributable to Holdings' shareholders	$	5,702		$	3,411		$	1,401		$	3,754		$	3,553		(37.7)	%	$	5,702		$	3,553		(37.7)	%
Less: Preferred Stock	1,562			1,562			1,562			1,562			1,562			—	%	1,562			1,562			—	%
Total equity attributable to Holdings' common shareholders	4,140			1,849			(161)			2,192			1,991			(51.9)	%	4,140			1,991			(51.9)	%
Less: Accumulated other comprehensive income (loss)	(4,165)			(6,870)			(8,992)			(6,516)			(7,142)			(71.5)	%	(4,165)			(7,142)			(71.5)	%
Total equity attributable to Holdings' common shareholders (ex. AOCI)	$	8,305		$	8,719		$	8,831		$	8,708		$	9,133		10.0	%	$	8,305		$	9,133		10.0	%
Return on Equity (ex. AOCI) - TTM	N/A			N/A			24.7		%	19.9		%	17.1		%			N/A			17.1		%
Non-GAAP Operating ROE (1)	N/A			N/A			19.6		%	17.5		%	16.5		%			N/A			16.5		%
Debt to capital:
Debt to Capital (ex. AOCI)	28.0		%	27.2		%	27.0		%	29.7		%	26.3		%			28.0		%	26.3		%
Per common share:
Diluted earnings per common share: (2)
Net income (loss) attributable to Holdings	$	2.47		$	1.54		$	0.10		$	0.45		$	2.06		(16.7)	%	$	3.77		$	2.49		(34.0)	%
Non-GAAP Operating Earnings (1)	$	1.23		$	0.99		$	0.87		$	0.96		$	1.17		(5.0)	%	$	2.46		$	2.13		(13.7)	%
Book value per common share	$	10.99		$	5.00		$	(0.44)		$	6.10		$	5.69		(48.3)	%	$	10.99		$	5.69		(48.3)	%
Book value per common share (ex. AOCI)	$	22.04		$	23.56		$	24.19		$	24.25		$	26.08		18.3	%	$	22.04		$	26.08		18.3	%
Weighted-average common shares outstanding:
Basic	378.9			374.5			368.6			361.9			355.2			(6.3)	%	383.7			358.5			(6.6)	%
Diluted	380.6			376.8			371.5			364.1			356.1			(6.4)	%	386.1			360.0			(6.8)	%
Ending common shares outstanding	376.8			370.0			365.0			359.1			350.2			(7.1)	%	376.8			350.2			(7.1)	%
Return to common shareholders:
Common stock dividend	$	75		$	75		$	74		$	72		$	78				$	145		$	150
Repurchase of common shares	220			200			150			214			226					499			440
Total capital returned to common shareholders	$	295		$	275		$	224		$	286		$	304				$	644		$	591
Market Values:
S&P 500	3,785			3,586			3,840			4,109			4,450			17.6	%	3,785			4,450			17.6	%
US 10-Year Treasury	3.0		%	3.8		%	3.9		%	3.5		%	3.8		%			3.0		%	3.8		%
Notes:
(1) This measure is a Non-GAAP financial measure. For an explanation of our use of Non-GAAP financial measures, refer to the “Use of Non-GAAP Financial Measures” and "Glossary of Selected Financial and Product Terms" sections of this document. 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.

2Q 2023 Financial Supplement 4

Consolidated Statements of Income (Loss)

	For the Three Months Ended												Six Months Ended
(in millions USD, unless otherwise indicated)	6/30/2022		9/30/2022		12/31/2022		3/31/2023		6/30/2023		Change		6/30/2022		6/30/2023		Change
Revenues
Policy charges and fee income	$	620	$	603	$	581	$	588	$	594	(4.2)	%	$	1,270	$	1,182	(6.9)	%
Premiums	238		259		250		276		280		17.6	%	485		556		14.6	%
Net derivative gains (losses)	1,858		199		(1,309)		(841)		(917)		(149.4)	%	2,017		(1,758)		(187.2)	%
Net investment income (loss)	711		842		958		990		1,036		45.7	%	1,515		2,026		33.7	%
Investment gains (losses), net	(232)		(332)		(55)		(87)		(56)		75.9	%	(558)		(143)		74.4	%
Investment management and service fees	1,197		1,179		1,160		1,180		1,182		(1.3)	%	2,552		2,362		(7.4)	%
Other income	298		242		231		251		258		(13.4)	%	555		509		(8.3)	%
Total revenues	4,690		2,992		1,816		2,357		2,377		(49.3)	%	7,836		4,734		(39.6)	%
Benefits and other deductions
Policyholders’ benefits	589		629		696		730		684		16.1	%	1,391		1,414		1.7	%
Remeasurement of liability for future policy benefits	12		20		12		4		(7)		(158.3)	%	34		(3)		—	%
Change in market risk benefits and purchased market risk benefits	814		(491)		(1,136)		20		(975)		(219.8)	%	347		(955)		—	%
Interest credited to policyholders’ account balances	310		378		409		463		501		61.6	%	623		964		54.7	%
Compensation and benefits	518		568		519		583		566		9.3	%	1,114		1,149		3.1	%
Commissions and distribution related payments	394		368		383		380		393		(0.3)	%	816		773		(5.3)	%
Interest expense	50		51		53		61		55		10.0	%	97		116		19.6	%
Amortization of deferred policy acquisition costs	145		148		150		152		155		6.9	%	288		307		6.6	%
Other operating costs and expenses	583		496		572		423		466		(20.1)	%	1,117		889		(20.4)	%
Total benefits and other deductions	3,415		2,167		1,658		2,816		1,838		(46.2)	%	5,827		4,654		(20.1)	%
Income (loss) from operations, before income taxes	1,275		825		158		(459)		539		(57.7)	%	2,009		80		(96.0)	%
Income tax (expense) benefit	(264)		(177)		(20)		725		292		210.6	%	(401)		1,017		353.6	%
Net income (loss)	1,011		648		138		266		831		(17.8)	%	1,608		1,097		(31.8)	%
Less: net (income) loss attributable to the noncontrolling interest	(44)		(54)		(76)		(89)		(72)		(63.6)	%	(111)		(161)		(45.0)	%
Net income (loss) attributable to Holdings	$	967	$	594	$	62	$	177	$	759	(21.5)	%	$	1,497	$	936	(37.5)	%
Less: Preferred stock dividends	(26)		(14)		(26)		(14)		(26)		—	%	(40)		(40)		—	%
Net income (loss) available to Holdings' common shareholders	$	941	$	580	$	36	$	163	$	733	(22.1)	%	$	1,457	$	896	(38.5)	%
Adjustments related to:
Variable annuity product features	$	(1,031)	$	(675)	$	129	$	861	$	(65)			$	(1,647)	$	796
Investment gains (losses), net	231		333		55		87		56				557		143
Net actuarial gains (losses) related to pension and other postretirement benefit obligations	19		19		25		9		9				38		18
Other adjustments (1) (2)	177		50		150		45		62				405		107
Income tax (expense) benefit related to above adjustments	127		58		(76)		(210)		(13)				136		(223)
Non-recurring tax items (3)	3		7		3		(605)		(367)				6		(972)
Non-GAAP Operating earnings (4)	$	493	$	386	$	348	$	364	$	441			$	992	$	805
Notes:
(1) Includes certain gross legal expenses related to the cost of insurance litigation, and claims related to a commercial relationship of $35 million, $107 million, $35 million and $166 million for the three and six months ended June 30, 2023 and 2022, respectively. Includes policyholder benefit costs of $75 million for the 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.
(2) Includes Non-GMxB related derivative hedge losses of $7 million, ($38) million, $9 million and ($40) million for the three and six months ended June 30, 2023 and 2022, respectively.
(3) For the three and six months ended March 31 and June, 30 2023, non-recurring tax items reflect the effect of uncertain tax positions for a given audit period and a decrease of a deferred tax valuation allowance recorded during the fourth quarter 2022.
(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 2023 Financial Supplement 5

Consolidated Balance Sheets

	Balances as of
(in millions USD, unless otherwise indicated)	6/30/2022		9/30/2022		12/31/2022		3/31/2023		6/30/2023
Assets
Total investments	$	93,216	$	92,517	$	93,097	$	96,223	$	97,722
Cash and cash equivalents	5,109		4,139		4,281		5,018		7,693
Cash and securities segregated, at fair value	1,747		1,335		1,522		1,055		879
Broker-dealer related receivables	2,666		2,539		2,338		2,203		2,053
Deferred policy acquisition costs	6,254		6,322		6,369		6,419		6,512
Goodwill and other intangible assets, net	4,721		5,635		5,482		5,478		5,463
Amounts due from reinsurers	4,376		4,320		8,471		8,453		8,395
Current and deferred income taxes	1,645		2,207		781		1,294		1,726
Purchased market risk benefits	11,739		10,737		10,423		10,676		9,931
Other assets	4,783		4,678		4,033		3,629		3,391
Assets held-for-sale	—		—		562		671		566
Separate Accounts assets	116,765		109,622		114,853		119,752		123,898
Assets for market risk benefits	539		514		490		629		777
Total assets	$	253,560	$	244,565	$	252,702	$	261,500	$	269,006
Liabilities
Policyholders’ account balances	$	78,773	$	80,009	$	83,866	$	86,761	$	91,595
Liability for market risk benefits	16,723		15,569		15,766		15,061		13,642
Future policy benefits and other policyholders’ liabilities	16,656		16,305		16,603		16,738		16,786
Broker-dealer related payables	612		607		715		888		1,522
Customers related payables	3,821		3,361		3,323		2,595		2,526
Amounts due to reinsurers	1,353		1,348		1,533		1,428		1,404
Short-term debt	245		767		759		751		—
Long-term debt	3,840		3,321		3,322		3,819		3,819
Notes issued by consolidated variable interest entities, at fair value using the fair value option	1,150		1,165		1,150		1,169		1,484
Other liabilities	6,162		7,247		7,108		6,296		6,410
Liabilities held-for-sale	—		—		108		158		129
Separate Accounts liabilities	116,765		109,622		114,853		119,752		123,898
Total liabilities	246,100		239,321		249,106		255,416		263,215
Redeemable noncontrolling interest	348		354		455		613		531
Equity
Preferred stock	1,562		1,562		1,562		1,562		1,562
Common stock	4		4		4		4		4
Additional paid-in capital	1,918		2,027		2,299		2,298		2,297
Treasury shares	(3,065)		(3,202)		(3,297)		(3,400)		(3,493)
Retained earnings	9,448		9,890		9,825		9,806		10,325
Accumulated other comprehensive income (loss)	(4,165)		(6,870)		(8,992)		(6,516)		(7,142)
Total equity attributable to Holdings	5,702		3,411		1,401		3,754		3,553
Noncontrolling interest	1,410		1,479		1,740		1,717		1,707
Total equity	7,112		4,890		3,141		5,471		5,260
Total liabilities, redeemable noncontrolling interest and equity	$	253,560	$	244,565	$	252,702	$	261,500	$	269,006

2Q 2023 Financial Supplement 6

Consolidated Capital Structure

	Balances as of
(in millions USD, unless otherwise indicated)	6/30/2022			9/30/2022			12/31/2022			3/31/2023			6/30/2023
Short-term and long-term debt:
Short-term debt
AB commercial paper	$	—		$	—		$	—		$	—		$	—
AB revolving credit facility	—			—			—			—			—
CLO Warehousing Debt (1)	245			248			239			231			—
Current portion of Long-term debt	—			519			520			520			—
Total short-term debt	245			767			759			751			—
Total long-term debt	3,840			3,321			3,322			3,819			3,819
Total short-term and long-term debt: [A]	$	4,085		$	4,088		$	4,081		$	4,570		$	3,819
Equity:
Preferred stock	$	1,562		$	1,562		$	1,562		$	1,562		$	1,562
Common stock	4			4			4			4			4
Additional paid-in capital	1,918			2,027			2,299			2,298			2,297
Treasury stock, at cost	(3,065)			(3,202)			(3,297)			(3,400)			(3,493)
Retained earnings	9,448			9,890			9,825			9,806			10,325
Accumulated other comprehensive income (loss)	(4,165)			(6,870)			(8,992)			(6,516)			(7,142)
Total equity attributable to Holdings	5,702			3,411			1,401			3,754			3,553
Noncontrolling interest	1,410			1,479			1,740			1,717			1,707
Total equity	$	7,112		$	4,890		$	3,141		$	5,471		$	5,260
Total equity attributable to Holdings, (ex. AOCI): [B]	$	9,867		$	10,281		$	10,393		$	10,270		$	10,695
Capital:
Total capitalization (2)	$	9,542		$	7,251		$	5,243		$	8,093		$	7,372
Total capitalization (ex. AOCI): [A+B] (3)	$	13,707		$	14,121		$	14,235		$	14,609		$	14,514
Debt to capital:
Debt to capital (ex. AOCI) (3)	28.0		%	27.2		%	27.0		%	29.7		%	26.3		%
	For the Three Months Ended
Roll-forward of common shares outstanding (millions of shares):
Beginning balance	384.2			376.8			370.0			365.0			359.1
Repurchases	—			(4.7)			(3.1)			(4.5)			(3.6)
Retirements	(7.6)			(2.3)			(1.9)			(2.8)			(5.3)
Issuances	0.2			0.2			—			1.3			0.1
Ending basic common shares outstanding	376.8			370.0			365.0			359.1			350.2
Total potentially dilutive shares	2.3			2.3			2.3			2.2			1.5
Ending common shares outstanding - maximum potential dilution	379.1			372.3			367.3			361.3			351.7
Notes:

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

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

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

2Q 2023 Financial Supplement 7

Operating Earnings (Loss) by Segment and Corporate and Other (1/2)
	Three Months Ended June 30, 2023
(in millions USD, unless otherwise indicated)	Individual Retirement		Group Retirement		Inv Mgmt and Research		Protection Solutions		Wealth Management		Legacy		Corporate and Other		Eliminations		Consolidated
Revenues
Policy charges, fee income and premiums	$	165	$	66	$	—	$	524	$	—	$	44	$	75	$	—	$	874
Net investment income (loss)	391		132		2		242		3		60		187		8		1,025
Net derivative gains (losses)	(5)		—		(1)		(16)		—		—		(5)		4		(23)
Investment management, service fees and other income	96		69		999		34		388		99		5		(230)		1,460
Segment revenues	647		267		1,000		784		391		203		262		(218)		3,336
Benefits and other deductions
Policyholders’ benefits	19		—		—		484		—		61		120		—		684
Remeasurement of liability for future policy benefits	(1)		—		—		(2)		—		—		(4)		—		(7)
Interest credited to policyholders’ account balances	160		52		—		130		—		12		147		—		501
Commissions and distribution related payments	63		47		150		36		243		43		4		(193)		393
Amortization of deferred policy acquisition costs	92		15		—		30		—		16		2		—		155
Compensation and benefits, interest expense and financing fees and other operating costs and expense	43		29		647		77		94		19		119		(25)		1,003
Segment benefits and other deductions	376		143		797		755		337		151		388		(218)		2,729
Operating earnings (loss), before income taxes	271		124		203		29		54		52		(126)		—		607
Income Taxes	(37)		(17)		(24)		(5)		(12)		(7)		19		—		(83)
Operating earnings (loss), before noncontrolling interest	234		107		179		24		42		45		(107)		—		524
Less: Operating (earnings) loss attributable to the noncontrolling interest	—		—		(80)		—		—		—		(3)		—		(83)
Operating earnings (loss)	$	234	$	107	$	99	$	24	$	42	$	45	$	(110)	$	—	$	441
	Three Months Ended June 30, 2022
	Individual Retirement		Group Retirement		Inv Mgmt and Research		Protection Solutions		Wealth Management		Legacy		Corporate and Other		Eliminations		Consolidated
Revenues
Policy charges, fee income and premiums	$	163	$	83	$	—	$	505	$	—	$	37	$	70	$	—	$	858
Net investment income (loss)	229		163		(26)		252		—		59		111		24		812
Net derivative gains (losses)	(10)		(9)		22		(5)		—		—		17		3		18
Investment Management, service fees and other income	89		61		1,007		37		368		103		2		(223)		1,444
Segment revenues	471		298		1,003		789		368		199		200		(196)		3,132
Benefits and other deductions
Policyholders’ benefits	13		—		—		396		—		38		142		—		589
Remeasurement of liability for future policy benefits	(1)		—		—		5		—		1		8		—		13
Interest credited to policyholders’ account balances	66		72		—		122		—		13		37		—		310
Commissions and distribution related payments	54		42		159		34		245		47		3		(190)		394
Amortization of deferred policy acquisition costs	82		15		—		29		—		17		2		—		145
Compensation and benefits, interest expense and financing fees and other operating costs and expense	30		32		623		70		91		14		128		(6)		982
Segment benefits and other deductions	244		161		782		656		336		130		320		(196)		2,433
Operating earnings (loss), before income taxes	227		137		221		133		32		69		(120)		—		699
Income Taxes	(41)		(26)		(40)		(23)		(8)		(12)		20		—		(130)
Operating earnings (loss), before noncontrolling interest	186		111		181		110		24		57		(100)		—		569
Less: Operating (earnings) loss attributable to the noncontrolling interest	—		—		(80)		—		—		—		4		—		(76)
Operating earnings (loss)	$	186	$	111	$	101	$	110	$	24	$	57	$	(96)	$	—	$	493

2Q 2023 Financial Supplement 8

Operating Earnings (Loss) by Segment and Corporate and Other (2/2)
	Six Months Ended June 30, 2023
(in millions USD, unless otherwise indicated)	Individual Retirement		Group Retirement		Inv Mgmt and Research		Protection Solutions		Wealth Management		Legacy		Corporate and Other		Eliminations		Consolidated
Revenues
Policy charges, fee income and premiums	$	328	$	130	$	—	$	1,044	$	—	$	78	$	158	$	—	$	1,738
Net investment income (loss)	731		244		11		459		5		126		384		42		2,002
Net derivative gains (losses)	(10)		(1)		(11)		(18)		—		—		(11)		8		(43)
Investment Management, service fees and other income	186		131		2,009		66		748		205		12		(448)		2,909
Segment revenues	1,235		504		2,009		1,551		753		409		543		(398)		6,606
Benefits and other deductions
Policyholders’ benefits	43		—		—		1,019		—		107		245		—		1,414
Remeasurement of liability for future policy benefits	—		—		—		4		—		—		(7)		—		(3)
Interest credited to policyholders’ account balances	289		102		—		255		—		24		294		—		964
Commissions and distribution related payments	123		84		298		70		471		86		9		(368)		773
Amortization of deferred policy acquisition costs	181		30		—		59		—		32		5		—		307
Compensation and benefits, interest expense and financing fees and other operating costs and expense	90		58		1,284		157		185		37		222		(30)		2,003
Segment benefits and other deductions	726		274		1,582		1,564		656		286		768		(398)		5,458
Operating earnings (loss), before income taxes	509		230		427		(13)		97		123		(225)		—		1,148
Income Taxes	(75)		(34)		(60)		2		(23)		(18)		39		—		(169)
Operating earnings (loss), before noncontrolling interest	434		196		367		(11)		74		105		(186)		—		979
Less: Operating (earnings) loss attributable to the noncontrolling interest	—		—		(169)		—		—		—		(5)		—		(174)
Operating earnings (loss)	$	434	$	196	$	198	$	(11)	$	74	$	105	$	(191)	$	—	$	805
	Six Months Ended June 30, 2022
	Individual Retirement		Group Retirement		Inv Mgmt and Research		Protection Solutions		Wealth Management		Legacy		Corporate and Other		Eliminations		Consolidated
Revenues
Policy charges, fee income and premiums	$	346	$	177	$	—	$	1,005	$	—	$	72	$	155	$	—	$	1,755
Net investment income (loss)	465		343		(49)		524		—		120		237		47		1,687
Net derivative gains (losses)	(18)		(14)		42		(5)		—		—		18		7		30
Investment Management, service fees and other income	185		127		2,145		74		744		222		13		(449)		3,061
Segment revenues	978		633		2,138		1,598		744		414		423		(395)		6,533
Benefits and other deductions
Policyholders’ benefits	31		—		—		946		—		74		270		—		1,321
Remeasurement of liability for future policy benefits	(1)		—		—		13		—		2		15		—		29
Interest credited to policyholders’ account balances	126		150		—		250		—		25		72		—		623
Commissions and distribution related payments	118		84		335		68		484		102		8		(383)		816
Amortization of deferred policy acquisition costs	162		30		—		58		—		33		5		—		288
Compensation and benefits, interest expense and financing fees and other operating costs and expense	71		60		1,298		133		184		33		268		(12)		2,035
Segment benefits and other deductions	507		324		1,633		1,468		668		269		638		(395)		5,112
Operating earnings (loss), before income taxes	471		309		505		130		76		145		(215)		—		1,421
Income Taxes	(82)		(54)		(86)		(23)		(20)		(25)		40		—		(250)
Operating earnings (loss), before noncontrolling interest	389		255		419		107		56		120		(175)		—		1,171
Less: Operating (earnings) loss attributable to the noncontrolling interest	—		—		(182)		—		—		—		3		—		(179)
Operating earnings (loss)	$	389	$	255	$	237	$	107	$	56	$	120	$	(172)	$	—	$	992

2Q 2023 Financial Supplement 9

Assets Under Management and Administration

	Balances as of
(in billions USD, except for Equitable Headcount)	6/30/2022		9/30/2022		12/31/2022		3/31/2023		6/30/2023
Assets Under Management
AB AUM
Total AB	$	646.8	$	612.7	$	646.4	$	675.9	$	691.5
Exclusion for General Account and other Affiliated Accounts	(69.4)		(66.8)		(66.8)		(69.3)		(73.7)
Exclusion for Separate Accounts	(38.4)		(36.1)		(38.2)		(39.5)		(41.0)
AB third party	$	539.0	$	509.8	$	541.4	$	567.2	$	576.8
Total company AUM
AB third party	$	539.0	$	509.8	$	541.4	$	567.2	$	576.8
General Account and other Affiliated Accounts (1) (3) (4)	98.3		96.7		97.4		101.2		105.4
Separate Accounts (2) (3) (4)	116.8		109.6		114.9		119.8		123.9
Total AUM	$	754.1	$	716.1	$	753.6	$	788.1	$	806.1
Total Assets Under Administration (AUA) (5)	$	70.4	$	68.4	$	72.4	$	75.6	$	80.4
Equitable Advisor Headcount
Total Number of Equitable Advisors	4,166		4,129		4,258		4,124		4,101
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, 2022, September 30, 2022, December 31, 2022, March 31, 2023 and June 30, 2023, Separate Account and General Account AUM is inclusive of $12.7 billion, $60 million, $11.7 billion, $58 million, $12.1 billion, $56 million, $12.3 billion, $54 million, $12.6 billion and $52 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-K.
(4) As of June 30, 2023 and December 31, 2022, Separate Account is inclusive $6.3 billion and $5.6 billion & General Account AUM is inclusive $3.8 billion and $3.9 billion, respectively, Account Value ceded to Global Atlantic. For additional information on the Global Atlantic transaction see MD&A - Executive Summary “Global Atlantic Reinsurance Transaction" within the 10-K.
(5) Includes Advisory and Brokerage AUA included in our Wealth Management segment.

2Q 2023 Financial Supplement 10

Sales Metrics by Segment

	For the Three Months Ended												Six Months Ended
(in millions USD, unless otherwise indicated)	6/30/2022		9/30/2022		12/31/2022		3/31/2023		6/30/2023		Change		6/30/2022		6/30/2023		Change
Insurance Operations
Individual Retirement
First year premiums and deposits	$	3,021	$	2,975	$	2,594	$	2,843	$	3,650	20.8	%	$	5,794	$	6,493	12.1	%
Renewal premium and deposits	11		14		6		8		10		(12.2)	%	23		18		(21.5)	%
Total Gross Premiums	$	3,032	$	2,989	$	2,600	$	2,851	$	3,660	20.7	%	$	5,817	$	6,511	11.9	%
Group Retirement
First year premiums and deposits	$	476	$	371	$	392	$	323	$	372	(21.8)	%	$	1,355	$	695	(48.7)	%
Renewal premium and deposits	657		490		560		574		622		(5.4)	%	1,280		1,196		(6.6)	%
Total Gross Premiums	$	1,133	$	861	$	952	$	897	$	994	(12.2)	%	$	2,635	$	1,891	(28.2)	%
Protection Solutions
First year premiums and deposits	$	99	$	101	$	108	$	103	$	107	8.4	%	$	215	$	210	(2.2)	%
Renewal premium and deposits	661		668		668		683		662		0.2	%	1,323		1,345		1.7	%
Total Gross Premiums	$	760	$	769	$	776	$	786	$	770	1.3	%	$	1,538	$	1,556	1.2	%
Investment Management and Research (in billions USD)
Gross Sales by distribution channel
Institutional	$	3.3	$	1.9	$	12.6	$	3.0	$	1.5	(54.5)	%	$	17.6	$	4.5	(74.4)	%
Retail	17.3		13.8		14.2		16.8		16.5		(4.6)	%	37.9		33.3		(12.1)	%
Private Wealth	3.3		4.1		4.1		5.8		4.4		33.3	%	9.3		10.2		9.7	%
Firmwide Gross Sales	$	23.9	$	19.8	$	30.9	$	25.6	$	22.4	(6.3)	%	$	64.8	$	48.0	(25.9)	%
Gross sales by investment service
Equity Active (3)	$	11.4	$	8.0	$	9.3	$	8.5	$	9.3	(18.4)	%	$	28.7	$	17.8	(38.0)	%
Equity Passive (1)	1.1		0.4		0.1		0.2		0.4		(63.6)	%	1.3		0.6		(53.8)	%
Fixed Income - Taxable	4.0		6.1		8.3		11.1		7.6		90.0	%	11.1		18.7		68.5	%
Fixed Income - Tax-Exempt	5.2		3.2		3.6		3.9		3.4		(34.6)	%	9.2		7.3		(20.7)	%
Fixed Income Passive (1)	—		—		—		—		—		—	%	(0.1)		—		100.0	%
Alternatives/Multi-Asset Solutions (2) (3)	2.2		2.1		9.5		1.9		1.7		(22.7)	%	14.6		3.6		(75.3)	%
Firmwide Gross Sales	$	23.9	$	19.8	$	30.9	$	25.6	$	22.4	(6.3)	%	$	64.8	$	48.0	(25.9)	%
Wealth Management (in millions USD)
Sales by Product Type
Advisory	$	2,379	$	2,114	$	1,850	$	2,316	$	2,315	(2.7)	%	$	5,124	$	4,631	(9.6)	%
Brokerage and Direct	654		805		907		1,099		1,172		79.2	%	1,365		2,271		66.4	%
Retirement, Premiums and Deposits	2,597		2,713		2,877		3,024		3,231		24.4	%	5,157		6,255		21.3	%
Total sales	$	5,631	$	5,632	$	5,634	$	6,439	$	6,718	19.3	%	$	11,646	$	13,157	13.0	%
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) AB line item does not cross foot for the six months ended 2023 due to rounding.

2Q 2023 Financial Supplement 11

Business Segments:

Operating Earnings Results and Metrics

2Q 2023 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)	6/30/2022		9/30/2022		12/31/2022			3/31/2023			6/30/2023			Change		6/30/2022		6/30/2023			Change
Revenues
Policy charges, fee income and premiums	$	163	$	158	$	151		$	163		$	165		1.2	%	$	346	$	328		(5.2)	%
Net investment income (loss)	229		283		308			340			391			70.7	%	465		731			57.2	%
Net derivative gains (losses)	(10)		(16)		(8)			(5)			(5)			50.0	%	(18)		(10)			44.4	%
Investment management, service fees and other income	89		87		87			90			96			7.9	%	185		186			0.5	%
Segment revenues	471		512		538			588			647			37.4	%	978		1,235			26.3	%
Benefits and other deductions
Policyholders’ benefits	13		14		11			24			19			46.2	%	31		43			38.7	%
Remeasurement of Liability for Future Policy Benefits	(1)		(1)		(1)			1			(1)			—	%	(1)		—			100.0	%
Interest credited to policyholders’ account balances	66		85		107			129			160			142.4	%	126		289			129.4	%
Commissions and distribution-related payments	54		54		63			60			63			16.7	%	118		123			4.2	%
Amortization of deferred policy acquisition costs	82		85		87			89			92			12.2	%	162		181			11.7	%
Compensation and benefits, interest expense and financing fees and other operating costs and expense	30		47		47			47			43			43.3	%	71		90			26.8	%
Segment benefits and other deductions	244		284		314			350			376			54.1	%	507		726			43.2	%
Operating earnings (loss), before income taxes	227		228		224			238			271			19.4	%	471		509			8.1	%
Income taxes	(41)		(45)		(34)			(38)			(37)			9.8	%	(82)		(75)			8.5	%
Operating earnings (loss), before noncontrolling interest	186		183		190			200			234			25.8	%	389		434			11.6	%
Less: Operating (earnings) loss attributable to the noncontrolling interest	—		—		—			—			—			—	%	—		—			—	%
Operating earnings (loss)	$	186	$	183	$	190		$	200		$	234		25.8	%	$	389	$	434		11.6	%
Summary Metrics
Operating earnings (loss) - TTM:[A]	N/A		N/A		$	762		$	759		$	807		(23.6)	%	N/A		$	807		(23.6)	%
Average Account Value (TTM)	$	78,269	$	75,911	$	73,823		$	73,620		$	76,656		(2.1)	%	$	78,269	$	76,656		(2.1)	%
Return on assets (TTM)	N/A		N/A		1.25		%	1.25		%	1.25		%			N/A		1.25		%
Net flows	$	1,166	$	1,262	$	840		$	932		$	1,501		28.7	%	$	1,831	$	2,433		32.9	%
First year premiums and deposits	$	3,021	$	2,975	$	2,594		$	2,843		$	3,650		20.8	%	$	5,794	$	6,493		12.1	%
In-force Policy Count by Product (in thousands):	578		583		587			590			596					578		596

2Q 2023 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)	6/30/2022		9/30/2022		12/31/2022		3/31/2023		6/30/2023		6/30/2022		6/30/2023
Sales Metrics
First Year Premiums and Deposits by Product:
SCS	$	2,183	$	2,038	$	1,806	$	1,997	$	2,626	$	4,109	$	4,623
SCS Income	124		204		186		243		258		191		501
Retirement Cornerstone	390		421		334		300		511		871		811
Investment Edge	289		271		235		253		216		530		469
Other	35		41		33		50		39		93		89
Total First Year Premiums and Deposits	$	3,021	$	2,975	$	2,594	$	2,843	$	3,650	$	5,794	$	6,493
Account Values
General Account:
Balance as of beginning of period	$	36,901	$	34,614	$	34,562	$	37,822	$	41,166	$	36,709	$	37,822
Gross premiums and deposits (1)	2,202		2,147		1,942		2,172		2,752		4,014		4,924
Surrenders, withdrawals and benefits	(813)		(723)		(764)		(870)		(955)		(1,705)		(1,825)
Net flows	1,389		1,424		1,178		1,302		1,797		2,309		3,099
Investment performance, interest credited and policy charges	(3,676)		(1,476)		2,082		2,039		2,341		(4,404)		4,380
Balance as of end of period	$	34,614	$	34,562	$	37,822	$	41,166	$	45,304	$	34,614	$	45,304
Separate Accounts:
Balance as of beginning of period	$	42,711	$	37,137	$	35,091	$	36,455	$	37,634	$	45,920	$	36,455
Gross premiums and deposits (1)	855		872		669		699		923		1,844		1,622
Surrenders, withdrawals and benefits	(1,078)		(1,034)		(1,007)		(1,069)		(1,219)		(2,322)		(2,288)
Net flows	(223)		(162)		(338)		(370)		(296)		(478)		(666)
Investment performance, interest credited and policy charges	(5,351)		(1,884)		1,702		1,545		1,251		(8,305)		2,796
Balance as of end of period	$	37,137	$	35,091	$	36,455	$	37,634	$	38,589	$	37,137	$	38,589
Total:
Balance as of beginning of period	$	79,612	$	71,751	$	69,653	$	74,277	$	78,800	$	82,629	$	74,277
Gross premiums and deposits (1)	3,057		3,019		2,611		2,871		3,675		5,858		6,546
Surrenders, withdrawals and benefits	(1,891)		(1,757)		(1,771)		(1,939)		(2,174)		(4,027)		(4,113)
Net flows	1,166		1,262		840		932		1,501		1,831		2,433
Investment performance, interest credited and policy charges	(9,027)		(3,360)		3,784		3,584		3,592		(12,709)		7,176
Other	—		—		—		7		—		—		7
Balance as of end of period	$	71,751	$	69,653	$	74,277	$	78,800	$	83,893	$	71,751	$	83,893
Net Amount at Risk (NAR)
Total GMIB NAR	$	31	$	18	$	18	$	7	$	12	$	31	$	12
Total GMWB NAR	—		—		—		—		—		—		—
Total GMDB NAR	3,856		4,804		4,248		3,458		3,294		3,856		3,294
MRB Reserves (Net of Reinsurance)	$	477	$	459	$	588	$	367	$	168	$	477	$	168
Notes:
(1) Includes deposits from certain other products not reported as first year premiums and deposits or renewal premiums and deposits elsewhere in this document.

2Q 2023 Financial Supplement 14

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)	6/30/2022		9/30/2022		12/31/2022			3/31/2023			6/30/2023			Change		6/30/2022		6/30/2023			Change
Revenues
Policy charges, fee income and premiums	$	83	$	80	$	61		$	64		$	66		(20.5)	%	$	177	$	130		(26.6)	%
Net investment income (loss)	163		160		121			112			132			(19.0)	%	343		244			(28.9)	%
Net derivative gains (losses)	(9)		(13)		(3)			(1)			—			100.0	%	(14)		(1)			92.9	%
Investment management, service fees and other income	61		60		59			62			69			13.1	%	127		131			3.1	%
Segment revenues	298		287		238			237			267			(10.4)	%	633		504			(20.4)	%
Benefits and other deductions
Policyholder benefits	—		—		—			—			—			—	%	—		—			—	%
Remeasurement of liability for future policy benefits	—		—		—			—			—			—	%	—		—			—	%
Interest credited to policyholders’ account balances	72		79		52			50			52			(27.8)	%	150		102			(32.0)	%
Commissions and distribution-related payments	42		33		37			37			47			11.9	%	84		84			—	%
Amortization of deferred policy acquisition costs	15		14		15			15			15			—	%	30		30			—	%
Compensation and benefits, interest expense and financing fees and other operating costs and expense	32		37		27			29			29			(9.4)	%	60		58			(3.3)	%
Segment benefits and other deductions	161		163		131			131			143			(11.2)	%	324		274			(15.4)	%
Operating earnings (loss), before income taxes	137		124		107			106			124			(9.5)	%	309		230			(25.6)	%
Income taxes	(26)		(25)		(15)			(17)			(17)			34.6	%	(54)		(34)			37.0	%
Operating earnings (loss), before noncontrolling interest	111		99		92			89			107			(3.6)	%	255		196			(23.1)	%
Less: Operating (earnings) loss attributable to the noncontrolling interest	—		—		—			—			—			—	%	—		—			—	%
Operating earnings (loss)	$	111	$	99	$	92		$	89		$	107		(3.6)	%	$	255	$	196		(23.1)	%
Summary Metrics
Operating earnings (loss) - TTM:[A]	N/A		N/A		$	446		$	391		$	387		(31.4)		N/A		$	387		(31.4)	%
Average Account Value (TTM)	$	45,232	$	43,680	$	39,729		$	36,612		$	35,067		(22.5)	%	$	45,232	$	35,067		(22.5)	%
Return on assets (TTM)	N/A		N/A		1.36		%	1.29		%	1.31		%			N/A		1.31		%
Net flows (1)	$	144	$	(57)	$	24		$	30		$	(66)		(145.8)	%	$	667	$	(36)		(105.4)	%
Gross premiums and deposits	$	1,133	$	861	$	952		$	897		$	994		(12.2)	%	$	2,635	$	1,891		(28.2)	%
Notes:
(1) For the three months ended March 31, 2023, three months ended June 30, 2023, and six months ended June 30, 2023 net outflows of $180 million, $140 million,and $320 million are excluded as these amounts are related to ceded AV to Global Atlantic.

2Q 2023 Financial Supplement 15

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)	6/30/2022		9/30/2022		12/31/2022		3/31/2023		6/30/2023		6/30/2022		6/30/2023
Sales Metrics
Gross premiums and deposits:
First-year premiums and deposits	$	476	$	371	$	392	$	323	$	372	$	1,355	$	695
Renewal premiums and deposits	657		490		560		574		622		1,280		1,196
Group Retirement premiums and deposits	$	1,133	$	861	$	952	$	897	$	994	$	2,635	$	1,891
Gross premiums and deposits by market:
Tax-exempt	$	231	$	293	$	258	$	211	$	275	$	450	$	485
Corporate	62		69		103		84		70		151		153
Institutional	179		3		25		25		23		744		49
Other	4		6		6		3		4		10		8
Total First Year Premiums and Deposits	476		371		392		323		372		1,355		695
Tax-exempt	518		364		435		428		494		986		922
Corporate	94		93		87		105		88		197		193
Institutional	—		—		—		—		—		—		—
Other	45		33		38		41		40		97		81
Total renewal premiums and deposits	657		490		560		574		622		1,280		1,196
Group Retirement premiums and deposits by market	$	1,133	$	861	$	952	$	897	$	994	$	2,635	$	1,891
Account Values and Assets under Administration
General Account:
Balance as of beginning of period	$	13,171	$	13,240	$	13,234	$	9,175	$	9,133	$	13,046	$	9,175
Gross premiums and deposits	299		242		239		201		242		628		443
Surrenders, withdrawals and benefits	(256)		(304)		(333)		(331)		(352)		(526)		(683)
Net flows (1)	43		(62)		(94)		(130)		(110)		102		(240)
Investment performance, interest credited and policy charges (1)	26		56		87		80		78		92		158
Ceded to Global Atlantic (2)	—		—		(4,052)		—		—		—		—
Other (3)	—		—		—		8		—		—		8
Balance as of end of period	$	13,240	$	13,234	$	9,175	$	9,133	$	9,101	$	13,240	$	9,101
Separate Accounts and Mutual Funds
Balance as of beginning of period	$	32,864	$	27,927	$	26,476	$	22,830	$	24,434	$	34,763	$	22,830
Gross premiums and deposits	834		619		713		697		751		2,007		1,448
Surrenders, withdrawals and benefits	(733)		(614)		(595)		(537)		(707)		(1,442)		(1,244)
Net flows (1)	101		5		118		160		44		565		204
Investment performance, interest credited and policy charges (1)	(5,038)		(1,456)		1,547		1,422		1,406		(7,401)		2,828
Ceded to Global Atlantic (2)	—		—		(5,311)		—		—		—		—
Other (3)	—		—		—		22		—		—		22
Balance as of end of period	$	27,927	$	26,476	$	22,830	$	24,434	$	25,884	$	27,927	$	25,884
Total:
Balance as of beginning of period	$	46,035	$	41,167	$	39,710	$	32,005	$	33,567	$	47,809	$	32,005
Gross premiums and deposits	1,133		861		952		898		993		2,635		1,891
Surrenders, withdrawals and benefits	(989)		(918)		(928)		(868)		(1,059)		(1,968)		(1,927)
Net flows (1)	144		(57)		24		30		(66)		667		(36)
Investment performance, interest credited and policy charges (1)	(5,012)		(1,400)		1,634		1,502		1,484		(7,309)		2,986
Ceded to Global Atlantic (2)	—		—		(9,363)		—		—		—		—
Other (3)	—		—		—		30		—		—		30
Balance as of end of period	$	41,167	$	39,710	$	32,005	$	33,567	$	34,985	$	41,167	$	34,985
Notes:

2Q 2023 Financial Supplement 16

(1) For the three and six months ended June 30, 2023, net outflows of $140 million and $320 million and investment performance, interest credited and policy charges of $349 million and $749 million, respectively, are excluded as these amounts are related to ceded AV to Global Atlantic.

(2) Effective October 3, 2022, AV excludes activity related to ceded AV to Global Atlantic. In addition, roll-forward reflects the AV ceded to Global Atlantic as of the transaction date. For additional information on the Global Atlantic see MD&A - Executive Summary “.EQUI-VEST Reinsurance Transaction”.

(3) For the six months ended June 30, 2023, amounts reflect a total special payment applied to the accounts of active clients as part of a previously disclosed settlement agreement between Equitable Financial and the SEC.

2Q 2023 Financial Supplement 17

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)	6/30/2022			9/30/2022			12/31/2022			3/31/2023			6/30/2023			Change		6/30/2022			6/30/2023			Change
Revenues
Net investment income (loss)	$	(26)		$	(9)		$	15		$	9		$	2		107.7	%	$	(49)		$	11		122.4	%
Net derivative gains (losses)	22			15			(16)			(10)			(1)			(104.5)	%	42			(11)			(126.2)	%
Investment management, service fees and other income	1,007			990			972			1,010			999			(0.8)	%	2,145			2,009			(6.3)	%
Segment Revenues	1,003			996			971			1,009			1,000			(0.3)	%	2,138			2,009			(6.0)	%
Benefits and other deductions
Commissions and distribution-related payments	159			152			143			148			150			(5.7)	%	335			298			(11.0)	%
Compensation and benefits, interest expense and financing fees and other operating costs and expense	623			641			598			637			647			1.6	%	1,298			1,284			(2.9)	%
Total benefits and other deductions	782			793			741			785			797			1.9	%	1,633			1,582			(3.1)	%
Operating earnings (loss), before income taxes	221			203			230			224			203			(8.1)	%	505			427			(15.4)	%
Income taxes	(40)			(35)			(41)			(36)			(24)			40.0	%	(86)			(60)			30.2	%
Operating earnings (loss), before noncontrolling interest	181			168			189			188			179			(1.1)	%	419			367			(12.4)	%
Less: Operating (earnings) loss attributable to the noncontrolling interest	(80)			(75)			(95)			(89)			(80)			—	%	(182)			(169)			7.1	%
Operating earnings (loss)	$	101		$	94		$	94		$	99		$	99		(2.0)	%	$	237		$	198		(16.5)	%
Summary Metrics
Adjusted operating margin (1)	28.0		%	25.8		%	30.0		%	28.7		%	27.0		%			29.9		%	27.8		%
Net flows (in billions USD) (2)	$	(2.7)		$	(10.5)		$	(1.9)		$	0.8		$	(4.0)				$	8.7		$	(3.2)
Total AUM (in billions USD)	$	646.8		$	612.7		$	646.4		$	675.9		$	691.5				$	646.8		$	691.5
Ownership Structure of AB
Holdings and its subsidiaries	63.5		%	62.8		%	59.9		%	60.0		%	59.9		%			63.5		%	59.9		%
AB Holding	35.7		%	36.5		%	39.4		%	39.3		%	39.3		%			35.7		%	39.3		%
Unaffiliated holders	0.8		%	0.7		%	0.7		%	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	65.0		%	64.3		%	61.3		%	61.4		%	61.4		%			65.0		%	61.4		%
EQH average economic interest	64.8		%	64.3		%	62.4		%	61.4		%	61.4		%			64.6		%	61.4		%
Units of limited partnership outstanding (in millions)	269.4			272.6			286.0			285.7			285.7					269.4			285.7
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. During the second quarter of 2023, AB revised adjusted operating income to exclude interest on borrowings. We have recast prior periods presentation to align with the current period presentation.
(2) Discrete quarterly outflows related to AXA's redemptions for periods presented were $0.6 billion and $3.9 billion for the second and third quarter of 2022, respectively.

2Q 2023 Financial Supplement 18

Investment Management and Research - Select Operating Metrics

	For the Three Months Ended or As of
(in billions USD, unless otherwise indicated)	6/30/2022		9/30/2022		12/31/2022		3/31/2023		6/30/2023
AUM Roll-forward
Balance as of beginning of period	$	735.4	$	646.8	$	612.7	$	646.4	$	675.9
Sales/new accounts	23.9		19.8		30.9		25.6		22.4
Redemptions/terminations	(22.6)		(24.9)		(23.2)		(20.6)		(23.1)
Cash flow/unreinvested dividends	(4.0)		(5.4)		(9.6)		(4.2)		(3.3)
Net long-term (outflows) inflows (5)	(2.7)		(10.5)		(1.9)		0.8		(4.0)
Adjustment (3)	(0.4)		—		—		—		—
Acquisition (4)	—		12.2		—		—		—
Market appreciation (depreciation)	(85.5)		(35.8)		35.6		28.7		19.6
Net change	(88.6)		(34.1)		33.7		29.5		15.6
Balance as of end of period	$	646.8	$	612.7	$	646.4	$	675.9	$	691.5
Ending Assets by distribution channel
Institutions	$	290.5	$	279.4	$	297.3	$	306.6	$	309.2
Retail	251.0		232.3		242.9		256.7		266.6
Private Wealth	105.3		101.0		106.2		112.6		115.7
Total	$	646.8	$	612.7	$	646.4	$	675.9	$	691.5
Ending Assets by investment service
Equity
Actively Managed	$	223.2	$	202.9	$	217.9	$	229.1	$	235.9
Passively Managed (1)	55.7		52.1		53.8		56.6		60.5
Total Equity	$	278.9	$	255.0	$	271.7	$	285.7	$	296.4
Fixed Income
Actively Managed	$	254.7	$	239.1	$	242.8	$	253.7	$	258.4
Passively Managed (1)	12.3		9.5		9.4		9.5		9.4
Total Fixed Income	267.0		248.6		252.2		263.2		267.8
Total Alternatives/Multi-Asset Solutions (2)	100.9		109.1		122.5		127.0		127.3
Total	$	646.8	$	612.7	$	646.4	$	675.9	$	691.5
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.
(4) The CarVal acquisition added approximately $12.2 billion of Institutional AUM in the third quarter of 2022.
(5) Discrete quarterly outflows related to AXA's redemptions for periods presented were as follows: $0.6 billion for the second quarter of 2022 and $3.9 billion for the third quarter of 2022.

2Q 2023 Financial Supplement 19

Investment Management and Research - Net Flows
	For the Three Months Ended										Six Months Ended or As of
(in billions USD, unless otherwise indicated)	6/30/2022		9/30/2022		12/31/2022		3/31/2023		6/30/2023		6/30/2022		6/30/2023
Net Flows by Distribution Channel
Institutions
US	$	0.6	$	(0.6)	$	(2.2)	$	—	$	4.0	$	1.0	$	4.0
Global and Non-US	0.1		(5.7)		3.9		(2.7)		(7.2)		9.9		(9.9)
Total Institutions	$	0.7	$	(6.3)	$	1.7	$	(2.7)	$	(3.2)	$	10.9	$	(5.9)
Retail
US	$	2.3	$	(0.3)	$	(0.7)	$	—	$	(1.0)	$	6.5	$	(1.0)
Global and Non-US	(4.6)		(4.7)		(2.7)		1.6		0.3		(9.8)		1.9
Total Retail	$	(2.3)	$	(5.0)	$	(3.4)	$	1.6	$	(0.7)	$	(3.3)	$	0.9
Private Wealth
US	$	(1.1)	$	0.5	$	0.1	$	2.0	$	0.3	$	0.3	$	2.3
Global and Non-US	—		0.3		(0.3)		(0.1)		(0.4)		0.8		(0.5)
Total Private Wealth	$	(1.1)	$	0.8	$	(0.2)	$	1.9	$	(0.1)	$	1.1	$	1.8
Total Net Flows by Distribution Channel	$	(2.7)	$	(10.5)	$	(1.9)	$	0.8	$	(4.0)	$	8.7	$	(3.2)
Net Flows by Investment Service
Equity Active
US	$	0.8	$	(0.3)	$	—	$	(1.4)	$	(3.0)	$	5.5	$	(4.4)
Global and Non-US	(0.5)		(4.7)		(2.6)		(2.0)		(3.8)		(0.6)		(5.8)
Total Equity Active	$	0.3	$	(5.0)	$	(2.6)	$	(3.4)	$	(6.8)	$	4.9	$	(10.2)
Equity Passive (1)
US	$	0.5	$	(0.2)	$	(2.0)	$	(0.6)	$	—	$	(0.2)	$	(0.6)
Global and Non-US	(0.7)		(0.7)		(0.3)		(0.2)		(0.3)		(1.8)		(0.5)
Total Equity Passive (1)	$	(0.2)	$	(0.9)	$	(2.3)	$	(0.8)	$	(0.3)	$	(2.0)	$	(1.1)
Fixed Income - Taxable (3)
US	$	(1.3)	$	(0.1)	$	(0.2)	$	2.5	$	5.4	$	(1.0)	$	7.9
Global and Non-US	(4.3)		(3.5)		(3.8)		1.0		(0.5)		(9.3)		0.5
Total Fixed Income - Taxable	$	(5.6)	$	(3.6)	$	(4.0)	$	3.5	$	4.9	$	(10.3)	$	8.4
Fixed Income - Tax-Exempt
US	$	0.6	$	—	$	(1.0)	$	1.6	$	0.9	$	1.6	$	2.5
Global and Non-US	0.1		—		(0.1)		—		—		0.1		—
Total Fixed Income - Tax-Exempt	$	0.7	$	—	$	(1.1)	$	1.6	$	0.9	$	1.7	$	2.5
Fixed Income - Passive (1)
US	$	0.5	$	(0.2)	$	(0.3)	$	(0.1)	$	(0.1)	$	0.3	$	(0.2)
Global and Non-US	0.2		(1.9)		—		(0.1)		0.2		0.8		0.1
Total Fixed Income - Passive (1)	$	0.7	$	(2.1)	$	(0.3)	$	(0.2)	$	0.1	$	1.1	$	(0.1)
Alternatives/Multi-Asset Solutions (2)
US	$	0.5	$	0.4	$	0.7	$	—	$	0.1	$	1.4	$	0.1
Global and Non-US	0.9		0.7		7.7		0.1		(2.9)		11.9		(2.8)
Total Alternatives/Multi-Asset Solutions (2)	$	1.4	$	1.1	$	8.4	$	0.1	$	(2.8)	$	13.3	$	(2.7)
Total Net Flows by Investment Service	$	(2.7)	$	(10.5)	$	(1.9)	$	0.8	$	(4.0)	$	8.7	$	(3.2)
Active vs. Passive Net Flows
Actively Managed
Equity	$	0.3	$	(5.0)	$	(2.6)	$	(3.4)	$	(6.8)	$	4.9	$	(10.2)
Fixed Income (3)	(4.8)		(3.6)		(5.1)		5.1		5.8		(8.6)		10.9
Alternatives/Multi-Asset Solutions (2)	1.1		0.8		7.6		0.1		(3.0)		12.4		(2.9)
Total	$	(3.4)	$	(7.8)	$	(0.1)	$	1.8	$	(4.0)	$	8.7	$	(2.2)
Passively Managed (1)
Equity	$	(0.3)	$	(0.9)	$	(2.3)	$	(0.8)	$	(0.3)	$	(2.0)	$	(1.1)
Fixed Income	0.7		(2.1)		(0.3)		(0.2)		0.1		1.1		(0.1)
Alternatives/Multi-Asset Solutions (2)	0.3		0.3		0.8		—		0.2		0.9		0.2
Total	$	0.7	$	(2.7)	$	(1.8)	$	(1.0)	$	—	$	—	$	(1.0)
Total Active vs Passive Net Flows	$	(2.7)	$	(10.5)	$	(1.9)	$	0.8	$	(4.0)	$	8.7	$	(3.2)
Notes:
(1) Includes index and enhanced index services.
(2) Includes certain multi-asset solutions and services not included in equity or fixed income services
(3) Discrete quarterly outflows related to AXA's redemptions for periods presented were as follows: $0.6 billion for the second quarter of 2022 and $3.9 billion for the third quarter of 2022.

2Q 2023 Financial Supplement 20

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)	6/30/2022			9/30/2022			12/31/2022			3/31/2023			6/30/2023			Change		6/30/2022			6/30/2023			Change
Revenues
Policy charges, fee income and premiums	$	505		$	502		$	511		$	520		$	524		3.8	%	$	1,005		$	1,044		3.9	%
Net investment income (loss)	252			236			221			217			242			(4.0)	%	524			459			(12.4)	%
Net derivative gains (losses)	(5)			(13)			(2)			(2)			(16)			(220.0)	%	(5)			(18)			(260.0)	%
Investment management, service fees and other income	37			34			33			32			34			(8.1)	%	74			66			(10.8)	%
Segment revenues	789			759			763			767			784			(0.6)	%	1,598			1,551			(2.9)	%
Benefits and other deductions
Policyholders’ benefits	396			430			520			535			484			22.2	%	946			1,019			7.7	%
Remeasurement of liability for future policy benefits	5			22			12			6			(2)			(140.0)	%	13			4			(69.2)	%
Interest credited to policyholders’ account balances	122			130			131			125			130			6.6	%	250			255			2.0	%
Commissions and distribution-related payments	34			31			43			34			36			5.9	%	68			70			2.9	%
Amortization of deferred policy acquisition costs	29			29			30			29			30			3.4	%	58			59			1.7	%
Compensation and benefits, interest expense and financing fees and other operating costs and expense	70			79			78			80			77			10.0	%	133			157			18.0	%
Segment benefits and other deductions	656			721			814			809			755			15.1	%	1,468			1,564			6.5	%
Operating earnings (loss), before income taxes	133			38			(51)			(42)			29			(78.2)	%	130			(13)			(110.0)	%
Income taxes	(23)			(8)			11			7			(5)			78.3	%	(23)			2			108.7	%
Operating earnings (loss), before noncontrolling interest	110			30			(40)			(35)			24			(78.2)	%	107			(11)			(110.3)	%
Less: Operating (earnings) loss attributable to the noncontrolling interest	—			—			(1)			—			—			—	%	—			—			—	%
Operating earnings (loss)	$	110		$	30		$	(41)		$	(35)		$	24		(78.2)	%	$	107		$	(11)		(110.3)	%
Summary Metrics
Operating earnings (loss) - TTM:[A]	N/A			N/A			$	97		$	65		$	(21)		(106.6)	%	N/A			$	(21)		(106.6)	%
Benefit ratio	65.7		%	73.8		%	85.3		%	86.0		%	78.3		%			74.8		%	82.1		%
Gross written premiums (1)	$	760		$	769		$	776		$	786		$	770		1.3	%	$	1,538		$	1,556		1.2	%
Annualized premiums	$	67		$	74		$	74		$	76		$	78		16.1	%	$	144		$	154		6.8	%
Total in-force face amount (in billions USD) (2)	$	420.6		$	418.3		$	417.0		$	415.5		$	414.7		(1.4)	%	$	420.6		$	414.7		(1.4)	%
Notes:
(1) 1Q'22 variable universal life renewals previously reported as $514 million during first quarter 2022. Amount updated to $249 million during second quarter 2022 to properly reflect variable universal life product renewals. This resulted in a change for gross written premiums from $1,033 million to $778 million.
(2) Total in-force face amount presented on a gross basis including ceded policies.

2Q 2023 Financial Supplement 21

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)	6/30/2022		9/30/2022		12/31/2022		3/31/2023		6/30/2023		6/30/2022		6/30/2023
Sales Metrics
First Year Premiums and Deposits by Product Line:
Universal Life	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Indexed Universal Life	4		4		5		2		3		10		5
Variable Universal Life	76		71		77		72		76		161		148
Term	3		3		3		3		3		7		6
Employee Benefits	16		23		22		26		25		37		51
Other (1)	—		—		1		—		—		—		—
Total	$	99	$	101	$	108	$	103	$	107	$	215	$	210
Renewals by Product Line:
Universal Life	$	185	$	207	$	179	$	188	$	179	$	377	$	367
Indexed Universal Life	76		74		74		76		73		157		149
Variable Universal Life (2)	239		244		257		258		251		488		509
Term	94		90		96		94		89		188		183
Employee Benefits	63		49		57		63		66		105		129
Other (1)	4		4		5		4		4		8		8
Total	661		668		668		683		662		1,323		1,345
Total Gross Premiums	$	760	$	769	$	776	$	786	$	770	$	1,538	$	1,556
In-force Metrics
In-force Face Amount by Product (3) (in billions):
Universal Life (4)	$	44.4	$	43.7	$	43.1	$	42.5	$	42.0	$	44.4	$	42.0
Indexed Universal Life	27.7		27.6		27.5		27.3		27.2		27.7		27.2
Variable Universal Life (5)	132.6		132.8		133.4		133.9		134.8		132.6		134.8
Term	214.7		213.0		211.9		210.5		209.6		214.7		209.6
Whole Life	1.2		1.2		1.1		1.2		1.1		1.2		1.1
Total	$	420.6	$	418.3	$	417.0	$	415.5	$	414.7	$	420.6	$	414.7
In-force Policy Count by Product (3) (in thousands):
Universal Life (4)	132		130		129		127		125		132		125
Indexed Universal Life	65		64		64		64		63		65		63
Variable Universal Life (5)	293		293		293		292		292		293		292
Term	262		259		256		253		251		262		251
Whole Life	16		16		15		15		15		16		15
Total	768		762		757		751		746		768		746
Protection Solutions Reserves
General Account	$	18,241	$	18,243	$	18,237	$	18,137	$	18,071	$	18,241	$	18,071
Separate Accounts	13,524		12,783		13,634		14,562		15,401		13,524		15,401
Total	$	31,765	$	31,026	$	31,871	$	32,699	$	33,472	$	31,765	$	33,472
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 $514 million during first quarter 2022. Amount updated to $249 million 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 2023 Financial Supplement 22

Wealth Management - 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)	6/30/2022			9/30/2022			12/31/2022			3/31/2023			6/30/2023			Change		6/30/2022			6/30/2023			Change
Revenues
Net investment income (loss)	$	—		$	1		$	1		$	2		$	3		100.0	%	$	—		$	5		100.0	%
Net derivative gains (losses)	—			—			—			—			—			—	%	—			—			—	%
Investment management, service fees and other income	368			352			348			360			388			5.4	%	744			748			0.5	%
Segment revenues	368			353			349			362			391			6.3	%	744			753			1.2	%
Benefits and other deductions
Commissions and distribution-related payments	245			231			225			228			243			(0.8)	%	484			471			(2.7)	%
Compensation and benefits, interest expense and financing fees and other operating costs and expense	91			92			94			91			94			3.3	%	184			185			0.5	%
Segment benefits and other deductions	336			323			319			319			337			0.3	%	668			656			(1.8)	%
Operating earnings (loss), before income taxes	32			30			30			43			54			68.8	%	76			97			27.6	%
Income taxes	(8)			(8)			(7)			(11)			(12)			(50.0)	%	(20)			(23)			(15.0)	%
Operating earnings (loss), before noncontrolling interest	24			22			23			32			42			75.0	%	56			74			32.1	%
Less: Operating (earnings) loss attributable to the noncontrolling interest	—			—			—			—			—			—	%	—			—			—	%
Operating earnings (loss)	$	24		$	22		$	23		$	32		$	42		75.0	%	$	56		$	74		32.1	%
																1.2824427480916								1.2824427480916
Revenue by Activity Type
Investment management, service fees and other income :
Investment management and advisory fees	$	135		$	125		$	120		$	127		$	134		(0.7)	%	$	274		$	261		(4.8)	%
Distribution fees	227			219			213			218			239			5.0	%	461			456			(1.0)	%
Interest Income	2			5			8			11			13			701.8	%	2			24			N/M
Service and Other income	5			3			6			4			3			(42.7)	%	7			7			(4.8)	%
Total Investment management, service fees and other income	$	369		$	351		$	347		$	360		$	388		5.3	%	$	744		$	748		0.6	%
Summary Metrics
Pre-tax operating margin	8.70		%	8.50		%	8.60		%	11.88		%	13.81		%			10.22		%	12.88		%
Net flows	1,161			1,117			575			1,418			1,345			15.8	%	2,806			2,763			(1.5)	%
Total AUA	$	70,411		$	68,393		$	72,406		$	75,640		$	80,421		14.2	%	$	70,411		$	80,421		14.2	%

2Q 2023 Financial Supplement 23

Wealth Management - Select Operating Metrics

	For the Three Months Ended or As of										Six Months Ended or As of
(in millions USD, unless otherwise indicated)	6/30/2022		9/30/2022		12/31/2022		3/31/2023		6/30/2023		6/30/2022		6/30/2023
AUA Roll-forward
Advisory assets :
Beginning assets	$	49,150	$	43,994	$	42,645	$	45,544	$	47,844	$	50,575	$	45,544
Net flows	988		809		186		828		697		2,519		1,525
Market appreciation (depreciation) and other	(6,144)		(2,157)		2,713		1,473		2,321		(9,100)		3,793
Total advisory ending assets	$	43,994	$	42,645	$	45,544	$	47,845	$	50,862	$	43,994	$	50,862
Brokerage and direct assets	$	26,417	$	25,748	$	26,862	$	27,796	$	29,559	$	26,417	$	29,559
Total Wealth Management assets
Beginning assets	$	78,873	$	70,411	$	68,393	$	72,406	$	75,640	$	82,794	$	72,406
Net flows	1,161		1,117		575		1,418		1,345		2,806		2,763
Market appreciation (depreciation) and other	(9,623)		(3,135)		3,437		1,816		3,436		(15,189)		5,252
Total Wealth Management ending assets	$	70,411	$	68,393	$	72,406	$	75,640	$	80,421	$	70,411	$	80,421
Cash balances	$	3,748	$	3,672	$	3,566	$	3,200	$	2,926	$	3,748	$	2,926
Advisors
Advisors	4,166		4,129		4,258		4,124		4,101		4,166		4,101
Revenue per advisor TTM ($ thousands)	N/A		N/A		$	344	$	343	$	350	N/A		$	350
Sales by Product Type
Advisory	$	2,379	$	2,114	$	1,850	$	2,316	$	2,315	$	5,124	$	4,631
Brokerage and Direct	654		805		907		1,099		1,172		1,365		2,271
Retirement, Premiums and Deposits	2,597		2,713		2,877		3,024		3,231		5,157		6,255
Total sales	$	5,631	$	5,632	$	5,634	$	6,439	$	6,718	$	11,646	$	13,157

2Q 2023 Financial Supplement 24

Legacy - 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)	6/30/2022		9/30/2022		12/31/2022			3/31/2023			6/30/2023			Change		6/30/2022		6/30/2023			Change
Revenues
Policy charges, fee income and premiums	$	37	$	37	$	30		$	34		$	44		18.9	%	$	72	$	78		8.3	%
Net investment income (loss)	59		65		67			66			60			1.7	%	120		126			5.0	%
Net derivative gains (losses)	—		—		—			—			—			—	%	—		—			—	%
Investment management, service fees and other income	103		102		104			106			99			(3.9)	%	222		205			(7.7)	%
Segment revenues	199		204		201			206			203			2.0	%	414		409			(1.2)	%
Benefits and other deductions
Policyholders’ benefits	38		45		48			46			61			60.5	%	74		107			44.6	%
Remeasurement of liability for future policy benefits	1		(1)		(1)			—			—			(100.0)	%	2		—			(100.0)	%
Interest credited to policyholders’ account balances	13		13		11			12			12			(7.7)	%	25		24			(4.0)	%
Commissions and distribution-related payments	47		42		43			43			43			(8.5)	%	102		86			(15.7)	%
Amortization of deferred policy acquisition costs	17		16		16			16			16			(5.9)	%	33		32			(3.0)	%
Compensation and benefits, interest expense and financing fees and other operating costs and expense	14		26		7			18			19			35.7	%	33		37			12.1	%
Segment benefits and other deductions	130		141		124			135			151			16.2	%	269		286			6.3	%
Operating earnings (loss), before income taxes	69		63		77			71			52			(24.6)	%	145		123			(15.2)	%
Income taxes	(12)		(13)		(12)			(11)			(7)			41.7	%	(25)		(18)			28.0	%
Operating earnings (loss), before noncontrolling interest	57		50		65			60			45			(21.1)	%	120		105			(12.5)	%
Less: Operating (earnings) loss attributable to the noncontrolling interest	—		—		—			—			—			—	%	—		—			—	%
Operating earnings (loss)	$	57	$	50	$	65		$	60		$	45		(21.1)	%	$	120	$	105		(12.5)	%
Summary Metrics
Operating earnings (loss) - TTM: [A]	N/A		N/A		$	235		$	232		$	220		N/A		N/A		$	220		N/A
Average Account Value (TTM)	$	30,893	$	24,854	$	22,905		$	21,721		$	21,686		N/A		$	30,893	$	21,686		N/A
Return on assets (TTM)	N/A		N/A		1.24		%	1.29		%	1.21		%			N/A		1.21		%
Net flows (1)	$	(531)	$	(499)	$	(589)		$	(523)		$	(569)		(7.2)	%	$	(1,144)	$	(1,092)		4.5	%
In-force Policy Count by Product (in thousands) (2):	308		303		299			293			287					308		287
Notes:
Some financial metrics have been revised for prior periods; for additional information, please refer to the 10-Q
(1) Net flows excluded as it relates to AV ceded to Venerable for the discrete periods of June 30, 2022, September 30, 2022, December 31, 2022, March 31, 2023, June 30, 2023 and for the six months ended June 30, 2022 and 2023 were $(266) million, $(258) million, $(312) million, $(292) million, $(269) million, $(582) million and $(561) million, respectively.
(2) As of June 30, 2022, September 30, 2022, December 31, 2022, March 31, 2023 and June 30, 2023, In-force Policy Count by Product presented on a gross basis includes 102 thousand, 101 thousand, 99 thousand, 98 thousand and 96 thousand ceded policies, respectively, related to the Venerable transaction.

2Q 2023 Financial Supplement 25

Legacy - Select Operating Metrics
	For the Three Months Ended or As of										Six Months Ended or As of
(in millions USD, unless otherwise indicated)	6/30/2022		9/30/2022		12/31/2022		3/31/2023		6/30/2023		6/30/2022		6/30/2023
Account Values
General Account:
Balance as of beginning of period	$	973	$	960	$	947	$	925	$	905	$	988	$	925
Net flows (1)	(18)		(20)		(27)		(26)		(24)		(40)		(50)
Investment performance, interest credited and policy charges (2)	5		7		5		6		6		12		12
Ceded to Venerable	—		—		—		—		—		—		—
Balance as of end of period	$	960	$	947	$	925	$	905	$	887	$	960	$	887
Separate Accounts:
Balance as of beginning of period	$	25,785	$	21,553	$	19,922	$	20,557	$	21,115	$	28,287	$	20,557
Net flows (1)	(513)		(479)		(562)		(497)		(545)		(1,104)		(1,042)
Investment performance, interest credited and policy charges (2)	(3,719)		(1,152)		1,197		1,055		915		(5,630)		1,970
Ceded to Venerable	—		—		—		—		—		—		$	—
Balance as of end of period	$	21,553	$	19,922	$	20,557	$	21,115	$	21,485	$	21,553	$	21,485
Total:
Balance as of beginning of period	$	26,758	$	22,513	$	20,869	$	21,482	$	22,020	$	29,275	$	21,482
Net flows (1)	(531)		(499)		(589)		(523)		(569)		(1,144)		(1,092)
Investment performance, interest credited and policy charges (2)	(3,714)		(1,145)		1,202		1,061		921		(5,618)		1,982
Ceded to Venerable	—		—		—		—		—		—		—
Balance as of end of period	$	22,513	$	20,869	$	21,482	$	22,020	$	22,372	$	22,513	$	22,372
Net Amount at Risk (NAR)
Total GMIB NAR (3)	$	4,201	$	3,535	$	3,211	$	3,135	$	2,992	$	4,201	$	2,992
Total GMDB NAR (3)	$	11,358	$	12,207	$	11,428	$	10,696	$	10,082	$	11,358	$	10,082
MRB Reserves (Net of Reinsurance)	$	3,985	$	3,877	$	4,287	$	3,414	$	2,797	$	3,985	$	2,797
Notes:
(1) Net flows excluded as it relates to AV ceded to Venerable for the discrete periods of June 30, 2022, September 30, 2022, December 31, 2022, March 31, 2023, June 30, 2023 and for the six months ended June 30, 2022 and 2023 were $(266) million, $(258) million, $(312) million, $(292) million, $(269) million, $(582) million and $(561) million, respectively.
(2) Investment performance, interest credited and policy charges of $(2.2) billion, $(721) million, $689 million,$671 million, $575 million, 508 million, $(3.4) billion, and 1.1 billion for the three months ended June 30, 2022, September 30, 2022, December 31, 2022, March 31, 2023, June 30, 2023 and for the six months ended June 30, 2022 and 2023, respectively, are not included as it excludes activity related to ceded AV to Venerable.
(3) Balance for the three months ended March 31, 2023 was revised from previously filed financial statement supplement.

2Q 2023 Financial Supplement 26

Investments

2Q 2023 Financial Supplement 27

Consolidated Investment Portfolio Composition

	Balances as of
(in millions USD, unless otherwise indicated)	December 31, 2022				June 30, 2023
	Amount (1)		% of Total		Amount (1)		% of Total
Composition of investment portfolio
Fixed maturities, available-for-sale, at fair value	$	63,361	65.1	%	$	65,351	62.0	%
Fixed maturities, at fair value using the fair value option	1,508		1.5	%	1,574		1.5	%
Mortgage loans on real estate	16,481		16.9	%	17,364		16.5	%
Policy loans	4,033		4.1	%	4,061		3.9	%
Other equity investments	3,152		3.2	%	3,264		3.1	%
Other invested assets	3,885		4.0	%	5,235		5.0	%
Subtotal investment assets	92,420		94.9	%	96,849		91.9	%
Trading securities	677		0.7	%	873		0.8	%
Total investments	93,097		95.6	%	97,722		92.7	%
Cash and cash equivalents	4,281		4.4	%	7,693		7.3	%
Total	$	97,378	100.0	%	$	105,415	100.0	%
General Account AFS Fixed maturities by industry (Based on amortized cost)
Corporate securities:
Finance	$	13,537	18.7	%	$	13,722	18.7	%
Manufacturing	11,797		16.3	%	11,317		15.4	%
Utilities	6,808		9.4	%	6,725		9.2	%
Services	8,299		11.5	%	8,388		11.4	%
Energy	3,740		5.2	%	3,719		5.1	%
Retail and wholesale	3,394		4.7	%	3,466		4.7	%
Transportation	2,277		3.2	%	2,333		3.2	%
Other	124		0.2	%	131		0.2	%
Total corporate securities	49,976		69.2	%	49,801		67.9	%
U.S. government and agency	7,054		9.8	%	6,998		9.5	%
Residential mortgage-backed (2)	908		1.3	%	1,389		1.9	%
Preferred stock	41		0.1	%	41		0.1	%
State & municipal	609		0.8	%	622		0.8	%
Foreign governments	985		1.4	%	894		1.2	%
Commercial mortgage-backed	3,823		5.3	%	3,889		5.3	%
Asset-backed securities	8,859		12.3	%	9,741		13.3	%
Total	$	72,255	100.0	%	$	73,375	100.0	%
General Account AFS Fixed maturities credit quality (3) (Based on amortized cost)
Aaa, Aa, A (NAIC Designation 1)	$	44,612	61.7	%	$	46,440	63.3	%
Baa (NAIC Designation 2)	24,843		34.4	%	24,373		33.2	%
Investment grade	69,455		96.1	%	70,813		96.5	%
Below investment grade (NAIC Designation 3 and 4)	2,800		3.9	%	2,562		3.5	%
Total	$	72,255	100.0	%	$	73,375	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 2023 Financial Supplement 28

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, 2022				June 30, 2023				December 31, 2022
	Yield		Amount (2)		Yield		Amount (2)		Yield		Amount (2)
Fixed Maturities:
Income (loss)	3.39	%	$	1,236	4.03	%	$	1,464	3.57	%	$	2,619
Ending assets			73,443				73,413				72,255
Mortgages:
Income (loss)	3.85	%	276		4.42	%	375		3.92	%	587
Ending assets			14,480				17,364				16,481
Other Equity Investments (1):
Income (loss)	10.52	%	163		2.55	%	45		5.21	%	171
Ending assets			3,462				3,575				3,433
Policy Loans:
Income	5.49	%	110		5.11	%	103		5.35	%	215
Ending assets			4,020				4,061				4,033
Cash and Short-term Investments:
Income	(0.34)	%	(4)		(3.00)	%	(40)		(1.44)	%	(24)
Ending assets			2,069				4,773				1,419
Funding Agreements:
Interest expense and other			(35)				(194)				(156)
Ending (liabilities)			(7,286)				(8,875)				(8,501)
Total invested Assets:
Income	3.88	%	1,746		3.84	%	1,753		3.79	%	3,412
Ending assets			90,188				94,311				89,120
Short Duration Fixed Maturities:
Income (loss)	3.58	%	2		3.97	%	2		3.62	%	5
Ending assets			137				67				87
Total Net Investment Income:
Investment income	3.87	%	1,748		3.84	%	1,755		3.79	%	3,417
Less: investment fees (3)	(0.14)	%	(64)		(0.17)	%	(78)		(0.15)	%	(138)
Investment income, net	3.73	%	$	1,684	3.67	%	$	1,677	3.63	%	$	3,279
General Account Ending Net Assets			$	90,325			$	94,378			$	89,207
Operating Earnings adjustments:
Funding Agreements interest expense			35				194				156
AB and other non-General Account investment income			(32)				131				84
Operating Net investment income (loss)			$	1,687			$	2,002			$	3,519
Notes:
(1) Includes, as of June 30, 2022, June 30, 2023 and December 31, 2022, $369 million, $466 million and $400 million of other invested assets. Amounts for certain consolidated VIE investments are shown net of associated non-controlling interest.
(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) Cash and ST net of collateral expense. Investment fees are inclusive of investment management fees paid to AB.

2Q 2023 Financial Supplement 29

Additional Information

2Q 2023 Financial Supplement 30

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)	6/30/2022		9/30/2022		12/31/2022		3/31/2023		6/30/2023		6/30/2022		6/30/2023
TOTAL
Beginning balance	$	6,180	$	6,254	$	6,322	$	6,369	$	6,419	$	6,113	$	6,369
Capitalization of commissions, sales and issue expenses	219		215		198		202		248		429		450
Amortization	(145)		(147)		(151)		(152)		(155)		(288)		(307)
Ending balance	$	6,254	$	6,322	$	6,369	$	6,419	$	6,512	$	6,254	$	6,512
Individual Retirement
Beginning balance	$	3,065	$	3,127	$	3,180	$	3,219	$	3,264	$	3,013	$	3,219
Capitalization of commissions, sales and issue expenses	144		137		126		134		175		276		309
Amortization	(82)		(84)		(87)		(89)		(92)		(162)		(181)
Ending balance	$	3,127	$	3,180	$	3,219	$	3,264	$	3,347	$	3,127	$	3,347
Group Retirement
Beginning balance	$	778	$	785	$	792	$	800	$	804	$	771	$	800
Capitalization of commissions, sales and issue expenses	21		22		23		19		19		43		38
Amortization	(14)		(15)		(15)		(15)		(15)		(29)		(30)
Ending balance	$	785	$	792	$	800	$	804	$	808	$	785	$	808
Protection Solutions
Beginning balance	$	1,579	$	1,596	$	1,614	$	1,630	$	1,644	$	1,559	$	1,630
Capitalization of commissions, sales and issue expenses	46		47		46		43		46		95		89
Amortization	(29)		(29)		(30)		(29)		(30)		(58)		(59)
Ending balance	$	1,596	$	1,614	$	1,630	$	1,644	$	1,660	$	1,596	$	1,660
Legacy
Beginning balance	$	623	$	614	$	606	$	593	$	583	$	631	$	593
Capitalization of commissions, sales and issue expenses	8		9		3		6		8		16		14
Amortization	(17)		(17)		(16)		(16)		(16)		(33)		(32)
Ending balance	$	614	$	606	$	593	$	583	$	575	$	614	$	575
Corporate and Other
Beginning balance	$	135	$	132	$	130	$	127	$	124	$	139	$	127
Capitalization of commissions, sales and issue expenses	—		—		—		—		—		(1)		—
Amortization	(3)		(2)		(3)		(3)		(2)		(6)		(5)
Ending balance	$	132	$	130	$	127	$	124	$	122	$	132	$	122

2Q 2023 Financial Supplement 31

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 the variable annuity product MRBs. 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) changes in the fair value of market risk benefits and purchased market risk benefits, including the related attributed fees and claims, offset by derivatives and other securities used to hedge the market risk benefits which result in residual net income volatility as the change in fair value of certain securities is reflected in OCI and due to our statutory capital hedge program; and (ii) market adjustments to deposit asset or liability accounts arising from reinsurance agreements which do not expose the reinsurer to a reasonable possibility of a significant loss from insurance risk;
•	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, lease write-offs related to non-recurring restructuring activities, 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 and realized capital gains/losses from sales or disposals of select 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 and a decrease of deferred tax valuation allowance.
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 2023 Financial Supplement 32

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 stock dividends by diluted common shares outstanding.

2Q 2023 Financial Supplement 33

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)	6/30/2022		9/30/2022		12/31/2022		3/31/2023		6/30/2023		6/30/2022		6/30/2023
Net income (loss) attributable to Holdings
Net income (loss) attributable to Holdings	$	967	$	594	$	62	$	177	$	759	$	1,497	$	936
Adjustments related to:
Variable annuity product features	(1,031)		(675)		129		861		(65)		(1,647)		796
Investment gains (losses), net	231		333		55		87		56		557		143
Net actuarial gains (losses) related to pension and other postretirement benefit obligations	19		19		25		9		9		38		18
Other adjustments (1) (2)	177		50		150		45		62		405		107
Income tax (expense) benefit related to above adjustments	127		58		(76)		(210)		(13)		136		(223)
Non-recurring tax items	3		7		3		(605)		(367)		6		(972)
Non-GAAP Operating Earnings	$	493	$	386	$	348	$	364	$	441	$	992	$	805
Net income (loss) attributable to Holdings (3)	$	2.54	$	1.58	$	0.17	$	0.49	$	2.13	$	3.87	$	2.60
Less: Preferred stock dividends	0.07		0.04		0.07		0.04		0.07		0.10		0.11
Net income (loss) available to Holdings' common shareholders	2.47		1.54		0.10		0.45		2.06		3.77		2.49
Adjustments related to:
Variable annuity product features	(2.71)		(1.79)		0.35		2.36		(0.18)		(4.27)		2.21
Investment gains (losses), net	0.61		0.88		0.15		0.24		0.16		1.44		0.40
Net actuarial gains (losses) related to pension and other postretirement benefit obligations	0.05		0.05		0.07		0.02		0.03		0.10		0.05
Other adjustments (1) (2)	0.47		0.13		0.39		0.13		0.17		1.05		0.30
Income tax (expense) benefit related to above adjustments	0.33		0.15		(0.20)		(0.58)		(0.04)		0.35		(0.62)
Non-recurring tax items (4)	0.01		0.02		0.01		(1.66)		(1.03)		0.02		(2.70)
Non-GAAP Operating Earnings (loss) available to Holdings' common shareholders	$	1.23	$	0.99	$	0.87	$	0.96	$	1.17	$	2.46	$	2.13
Book Value per common share
Book Value per common share	$	10.99	$	5.00	$	(0.44)	$	6.10	$	5.69	$	10.99	$	5.69
Less: Per share impact of AOCI	(11.05)		(18.57)		(24.63)		(18.15)		(20.39)		(11.05)		(20.39)
Book value per common share (ex. AOCI)	$	22.04	$	23.56	$	24.19	$	24.25	$	26.08	$	22.04	$	26.08
Notes:
(1) Includes certain gross legal expenses related to the cost of insurance litigation and claims related to a commercial relationship of $35 million, $107 million, $35 million and $166 million for the three and six months ended June 30, 2023 and 2022, respectively. Includes policyholder benefit costs of $75 million for the 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 $0.10, $0.28, $0.10 and $0.43 for the three and six months ended June 30, 2023 and 2022, respectively. Includes policyholder benefit costs of $0.19 for the 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.
(2) Includes Non-GMxB related derivative hedge losses of $7 million, ($38) million, $9 million and ($40) million for the three and six months ended June 30, 2023 and 2022, respectively. The impact per common share is $0.02, $(0.10), $0.03 and $(0.10) for the three and six months ended June 30, 2023 and 2021, respectively.
(3) 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.
(4) For the three and six months ended June 30, 2023, non-recurring tax items reflect primarily the effect of uncertain tax positions for a given audit period and a decrease of the deferred tax valuation allowance of $376 million and $990 million.

2Q 2023 Financial Supplement 34

Reconciliation of Non-GAAP Measures (2/3)
	As of and for the Twelve Months Ended
(in millions USD, unless otherwise indicated)	12/31/2022			3/31/2023			6/30/2023
Net Income to Non-GAAP Operating Earnings
Net income (loss) attributable to Holdings	$	2,153		$	1,800		$	1,592
Adjustments related to:
Variable annuity product features	(2,193)			(716)			250
Investment (gains) losses	945			706			531
Net actuarial (gains) losses related to pension and other postretirement benefit obligations	82			72			62
Other adjustments	605			422			307
Income tax (expense) benefits related to above adjustments	118			(101)			(241)
Non-recurring tax items	16			(592)			(962)
Non-GAAP Operating Earnings	$	1,726		$	1,591		$	1,539
Return on Equity and Non-GAAP Operating Return on Equity - Trailing twelve months
Net income (loss) attributable to Holdings	$	2,153		$	1,800		$	1,592
Less: Preferred stock	(80)			(80)			(80)
Net income (loss) available to Holdings' common shareholders	$	2,073		$	1,720		$	1,512
Average equity attributable to Holdings' common shareholders (ex. AOCI)	$	8,381		$	8,641		$	8,848
Return on Equity (ex. AOCI)	24.7		%	19.9		%	17.1		%
Non-GAAP Operating Earnings	$	1,726		$	1,591		$	1,539
Less: Preferred stock	(80)			(80)			(80)
Non-GAAP Operating Earnings available to Holdings' common shareholders	$	1,646		$	1,511		$	1,459
Average equity attributable to Holdings' common shareholders (ex. AOCI)	$	8,381		$	8,641		$	8,848
Non-GAAP Operating Return on Equity (ex. AOCI)	19.6		%	17.5		%	16.5		%

2Q 2023 Financial Supplement 35

Reconciliation of Non-GAAP Measures (3/3)
	Balances as of
(in millions USD, unless otherwise indicated)	3/31/2022		6/30/2022		9/30/2022		12/31/2022		3/31/2023		6/30/2023
Equity Reconciliation - Quarter-end Balances
Total equity attributable to Holdings' shareholders	$	7,927	$	5,702	$	3,411	$	1,401	$	3,754	$	3,553
Less: Preferred Stock	1,562		1,562		1,562		1,562		1,562		1,562
Total equity attributable to Holdings' common shareholders	6,365		4,140		1,849		(161)		2,192		1,991
Less: Accumulated other comprehensive income (loss)	(1,304)		(4,165)		(6,870)		(8,992)		(6,516)		(7,142)
Total equity attributable to Holdings' common shareholders (ex. AOCI)	$	7,669	$	8,305	$	8,719	$	8,831	$	8,708	$	9,133

	Balances as of
(in millions USD, unless otherwise indicated)	12/31/2022		3/31/2023		6/30/2023
Equity Reconciliation - Twelve Month Rolling Average (2)
Total equity attributable to Holdings' shareholders	$	4,610	$	3,567	$	3,030
Less: Preferred Stock	1,562		1,562		1,562
Total equity attributable to Holdings' common shareholders	3,048		2,005		1,468
Less: Accumulated other comprehensive income (loss)	(5,333)		(6,636)		(7,380)
Total equity attributable to Holdings' common shareholders (ex. AOCI)	$	8,381	$	8,641	$	8,848

2Q 2023 Financial Supplement 36

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. AV reflected net of reinsurance.

Advisory Assets - Assets invested in a variety of investments using an asset allocation model designed for the client’s objectives. The client is charged a fee based on the value of the assets in the account.

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.

Brokerage Assets - Brokerage accounts which allow clients a variety of investments, including mutual funds, exchange traded Products, equities and fixed income, to be managed in one account. The client is charged for all buy and sell transactions.

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.

Direct Assets - Mutual Funds purchased through and registered directly with an Asset Management Company, no other agents, such as brokers or distributors, are involved in the transactions.

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.

Legacy - The Legacy segment consists of our fixed-rate GMxB business written prior to 2011. In 2023, we began reporting this business separately from our Individual Retirement business.

Liability for future policy benefits - the liability related to life insurance policies such as non-participating traditional life insurance policies (Term) and limited pay contracts (Payout, Pension).

Market risk benefits - (“MRBs”) are contracts or contract features that provide protection to the contract holder from other than nominal capital market risk and expose the Company to other than nominal capital market risk. Market risk benefits include contract features that provide minimum guarantees to policyholders and include GMIB, GMDB, GMWB, GMAB, and ROP DB benefits.

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.

Pre-tax operating margin - Calculated as operating earnings, before income taxes, divided by revenue.

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.

2Q 2023 Financial Supplement 37

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”).

Revenue per advisor - Calculated as trailing twelve months revenue, divided by the average number of advisors for each of the most recent four quarters

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

2Q 2023 Financial Supplement 38

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
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
Raymond James		Wilma Burdis			1 (727) 567-9371
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			Feb '23	Jun '23	May '23
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+	BBB+	Baa1
AllianceBernstein L.P. (1)			—	A	A2
Investor and Media Contacts
Contact Investor Relations				Contact Media Relations
Thomas Lewis	Jake Miller			Todd Williamson
(212) 314-2476				(212) 314-2010
IR@equitable.com				MediaRelations@equitable.com
ir.equitableholdings.com				www.equitableholdings.com
Notes:
(1) Last review dates: S&P as of Sep '22, Moody’s as of Apr '23.

2Q 2023 Financial Supplement 39