Document


Table of Contents

	Consolidated Financials and Key Metrics		Page
		Key Metrics Summary	4
		Consolidated Statements of Income (Loss)	6
		Consolidated Balance Sheets	7
		Consolidated Capital Structure	8
		Operating Earnings (Loss) by Segment and Corporate and Other	9
		Assets Under Management and Administration	10
		Sales Metrics by Segment	11

	Select Metrics from Business Segments
Individual Retirement
		Statements of Operating Earnings (Loss) and Summary Metrics	13
		Select Operating Metrics	14
Group Retirement
		Statements of Operating Earnings (Loss) and Summary Metrics	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


	For the Three Months Ended or As of																	Years Ended or As of
(in millions USD, unless otherwise indicated)	12/31/2022			3/31/2023			6/30/2023			9/30/2023			12/31/2023			Change		12/31/2022			12/31/2023			Change

Net income (loss)	$	138		$	266		$	831		$	1,135		$	(589)		(526.8)	%	$	2,394		$	1,643		(31.4)	%
Net income (loss) attributable to the noncontrolling interest	(76)			(89)			(72)			(71)			(109)			(43.4)	%	(241)			(341)			(41.5)	%
Net income (loss) attributable to Holdings	$	62		$	177		$	759		$	1,064		$	(698)		N/M		$	2,153		$	1,302		(39.5)	%

Non-GAAP Operating Earnings (1)	$	348		$	364		$	441		$	413		$	476		36.8	%	$	1,726		$	1,694		(1.9)	%

Total equity attributable to Holdings' shareholders	$	1,401		$	3,754		$	3,553		$	1,642		$	2,649		89.1	%	$	1,401		$	2,649		89.1	%
Less: Preferred Stock	1,562			1,562			1,562			1,562			1,562			—	%	1,562			1,562			—	%
Total equity attributable to Holdings' common shareholders	(161)			2,192			1,991			80			1,087			775.2	%	(161)			1,087			775.2	%
Less: Accumulated other comprehensive income (loss)	(8,992)			(6,516)			(7,142)			(9,802)			(7,777)			13.5	%	(8,992)			(7,777)			13.5	%
Total equity attributable to Holdings' common shareholders (ex. AOCI)	$	8,831		$	8,708		$	9,133		$	9,882		$	8,864		0.4	%	$	8,831		$	8,864		0.4	%

Return on Equity (ex. AOCI) - TTM	24.7		%	19.9		%	17.1		%	21.7		%	13.4		%			24.7		%	13.4		%
Non-GAAP Operating ROE (1)	19.6		%	17.5		%	16.5		%	16.3		%	17.6		%			19.6		%	17.6		%

Debt to capital:
Debt to Capital (ex. AOCI)	27.0		%	29.7		%	26.3		%	25.0		%	28.1		%			27.0		%	28.1		%

Per common share:
Diluted earnings per common share: (2)
Net income (loss) attributable to Holdings	$	0.10		$	0.45		$	2.06		$	3.02		$	(2.15)		N/M		$	5.46		$	3.48		(36.3)	%
Non-GAAP Operating Earnings (1)	$	0.87		$	0.96		$	1.17		$	1.15		$	1.33		54.0	%	$	4.33		$	4.59		6.0	%
Book value per common share	$	(0.44)		$	6.10		$	5.69		$	0.23		$	3.26		838.4	%	$	(0.44)		$	3.26		838.4	%
Book value per common share (ex. AOCI)	$	24.19		$	24.25		$	26.08		$	28.90		$	26.56		9.8	%	$	24.19		$	26.56		9.8	%

Weighted-average common shares outstanding:
Basic	368.6			361.9			355.2			346.4			337.2			(8.5)	%	377.6			350.1			(7.3)	%
Diluted	371.5			364.1			356.1			348.0			337.2			(9.2)	%	379.9			351.6			(7.5)	%

Ending common shares outstanding	365.0			359.1			350.2			342.0			333.8			(8.6)	%	365.0			333.8			(8.6)	%

Return to common shareholders:
Common stock dividend	$	74		$	72		$	78		$	77		$	74				$	294		$	301
Repurchase of common shares	150			214			226			238			241					849			919
Total capital returned to common shareholders	$	224		$	286		$	304		$	315		$	315				$	1,143		$	1,220

Market Values:
S&P 500	3,840			4,109			4,450			4,288			4,770			24.2	%	3,840			4,770			24.2	%
US 10-Year Treasury	3.9		%	3.5		%	3.8		%	4.6		%	3.9		%			3.9		%	3.9		%

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.


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

	Year Ended December 31, 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	$	660	$	268	$	—	$	2,104	$	—	$	155	$	297	$	—	$	3,484
Net investment income (loss)	1,643		497		18		952		13		238		821		83		4,265
Net derivative gains (losses)	(20)		(1)		(16)		(16)		—		—		(17)		19		(51)
Investment Management, service fees and other income	360		257		4,115		140		1,538		408		17		(912)		5,923
Segment revenues	2,643		1,021		4,117		3,180		1,551		801		1,118		(810)		13,621
Benefits and other deductions
Policyholders’ benefits	82		—		—		1,975		—		217		486		—		2,760
Remeasurement of liability for future policy benefits	—		—		—		18		—		(2)		(6)		—		10

Interest credited to policyholders’ account balances	699		215		—		520		—		45		604		—		2,083
Commissions and distribution related payments	261		155		610		158		968		172		18		(752)		1,590
Amortization of deferred policy acquisition costs	388		59		—		120		—		63		11		—		641
Compensation and benefits, interest expense and financing fees and other operating costs and expense	194		113		2,621		328		373		83		418		(58)		4,072
Segment benefits and other deductions	1,624		542		3,231		3,119		1,341		578		1,531		(810)		11,156
Operating earnings (loss), before income taxes	1,019		479		886		61		210		223		(413)		—		2,465
Income Taxes	(169)		(80)		(126)		(10)		(51)		(37)		72		—		(401)
Operating earnings (loss), before noncontrolling interest	850		399		760		51		159		186		(341)		—		2,064
Less: Operating (earnings) loss attributable to the noncontrolling interest	—		—		(349)		—		—		—		(21)		—		(370)
Operating earnings (loss) (1)	$	850	$	399	$	411	$	51	$	159	$	186	$	(362)	$	—	$	1,694

	Year Ended December 31, 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	$	655	$	318	$	—	$	2,018	$	—	$	139	$	318	$	—	$	3,448
Net investment income (loss)	1,056		624		(43)		981		2		252		552		95		3,519
Net derivative gains (losses)	(42)		(30)		41		(20)		—		—		22		15		(14)
Investment Management, service fees and other income	359		246		4,107		141		1,444		428		18		(870)		5,873
Segment revenues	2,028		1,158		4,105		3,120		1,446		819		910		(760)		12,826
Benefits and other deductions
Policyholders’ benefits	56		—		—		1,896		—		167		509		—		2,628
Remeasurement of liability for future policy benefits	(3)		—		—		47		—		—		36		—		80

Interest credited to policyholders’ account balances	318		281		—		511		—		49		251		—		1,410
Commissions and distribution related payments	235		154		630		142		940		187		15		(736)		1,567
Amortization of deferred policy acquisition costs	334		59		—		117		—		65		11		—		586
Compensation and benefits, interest expense and financing fees and other operating costs and expense	165		124		2,537		290		370		66		505		(24)		4,033
Segment benefits and other deductions	1,105		618		3,167		3,003		1,310		534		1,327		(760)		10,304
Operating earnings (loss), before income taxes	923		540		938		117		136		285		(417)		—		2,522
Income Taxes	(161)		(94)		(162)		(20)		(35)		(50)		73		—		(449)
Operating earnings (loss), before noncontrolling interest	762		446		776		97		101		235		(344)		—		2,073
Less: Operating (earnings) loss attributable to the noncontrolling interest	—		—		(352)		—		—		—		5		—		(347)
Operating earnings (loss)	$	762	$	446	$	424	$	97	$	101	$	235	$	(339)	$	—	$	1,726
Notes:
(1) Corporate and Other includes an out of period adjustment of $58 million related to income from hedging of TIPS.

Consolidated Statements of Income (Loss)


	For the Three Months Ended												Years Ended
(in millions USD, unless otherwise indicated)	12/31/2022		3/31/2023		6/30/2023		9/30/2023		12/31/2023		Change		12/31/2022		12/31/2023		Change

Revenues
Policy charges and fee income	$	581	$	588	$	594	$	599	$	599	3.1	%	$	2,454	$	2,380	(3.0)	%
Premiums	250		276		280		267		281		12.4	%	994		1,104		11.1	%
Net derivative gains (losses)	(1,309)		(841)		(917)		615		(1,254)		4.2	%	907		(2,397)		(364.3)	%
Net investment income (loss)	958		990		1,036		1,071		1,223		27.7	%	3,315		4,320		30.3	%
Investment gains (losses), net	(55)		(87)		(56)		(411)		(159)		(189.1)	%	(945)		(713)		24.6	%
Investment management and service fees	1,160		1,180		1,182		1,217		1,241		7.0	%	4,891		4,820		(1.5)	%
Other income	231		251		258		266		239		3.5	%	1,028		1,014		(1.4)	%
Total revenues	1,816		2,357		2,377		3,624		2,170		19.5	%	12,644		10,528		(16.7)	%

Benefits and other deductions
Policyholders’ benefits	696		730		684		693		647		(7.0)	%	2,716		2,754		1.4	%
Remeasurement of liability for future policy benefits	12		4		(7)		49		29		141.7	%	66		75		—	%
Change in market risk benefits and purchased market risk benefits	(1,136)		20		(975)		(817)		(35)		96.9	%	(1,280)		(1,807)		—	%
Interest credited to policyholders’ account balances	409		463		501		556		563		37.7	%	1,410		2,083		47.7	%
Compensation and benefits	519		583		566		593		586		12.9	%	2,201		2,328		5.8	%
Commissions and distribution related payments	383		380		393		405		412		7.6	%	1,567		1,590		1.5	%
Interest expense	53		61		55		55		57		7.5	%	201		228		13.4	%
Amortization of deferred policy acquisition costs	150		152		155		165		169		12.7	%	586		641		9.4	%
Other operating costs and expenses	572		423		466		450		559		(2.3)	%	2,185		1,898		(13.1)	%
Total benefits and other deductions	1,658		2,816		1,838		2,149		2,987		80.2	%	9,652		9,790		1.4	%

Income (loss) from operations, before income taxes	158		(459)		539		1,475		(817)		(617.1)	%	2,992		738		(75.3)	%
Income tax (expense) benefit	(20)		725		292		(340)		228		N/M		(598)		905		251.3	%
Net income (loss)	138		266		831		1,135		(589)		(526.8)	%	2,394		1,643		(31.4)	%
Less: net (income) loss attributable to the noncontrolling interest	(76)		(89)		(72)		(71)		(109)		(43.4)	%	(241)		(341)		(41.5)	%
Net income (loss) attributable to Holdings (1)	$	62	$	177	$	759	$	1,064	$	(698)	N/M		$	2,153	$	1,302	(39.5)	%
Less: Preferred stock dividends	(26)		(14)		(26)		(14)		(26)		—	%	(80)		(80)		—	%
Net income (loss) available to Holdings' common shareholders	$	36	$	163	$	733	$	1,050	$	(724)	N/M		$	2,073	$	1,222	(41.1)	%

Adjustments related to:
Variable annuity product features	$	129	$	861	$	(65)	$	(1,380)	$	1,191			$	(2,193)	$	607
Investment gains (losses), net	55		87		56		411		159				945		713

Net actuarial gains (losses) related to pension and other postretirement benefit obligations	25		9		9		8		13				82		39
Other adjustments (2)	150		45		62		91		153				605		351
Income tax (expense) benefit related to above adjustments	(76)		(210)		(13)		183		(319)				118		(359)
Non-recurring tax items (3)	3		(605)		(367)		36		(23)				16		(959)
Non-GAAP Operating earnings (4)	$	348	$	364	$	441	$	413	$	476			$	1,726	$	1,694

Notes:


(1) For the three months and year ended December 31, 2023, includes an out of period pre-tax adjustment of $17 million and $58 million, respectively, related to the income recognition of our hedging on the TIPS.
(2) Includes certain gross legal expenses related to the cost of insurance litigation, and claims related to a commercial relationship of $109 million, $50 million,$144 million and $218 million for the three months and years ended December 31, 2023 and 2022, respectively. Includes policyholder benefit costs of $75 million for the year ended December 31, 2022, stemming from a deal to repurchase UL policies from one entity that had invested in numerous policies purchased in the life settlement market. Includes the impact of unfavorable annual actuarial assumptions updates of $12 million for the year ended December 31, 2023 and favorable impact of $1M for the year ended December 31, 2022.

(3) For the three months and year ended December 31, 2023, non-recurring tax items reflect primarily the effect of uncertain tax positions for a given audit period and tax valuation allowance decreases of $30 million and $1 billion, respectively.
(4) This measure is a Non-GAAP financial measure. For an explanation of our use of Non-GAAP financial measures, refer to the “Use of Non-GAAP Financial Measures” and "Glossary of Selected Financial and Product Terms" sections of this document. For a reconciliation of this item to the most directly comparable GAAP measure, refer to the “Non-GAAP Reconciliation” section in this document.


	Balances as of
(in millions USD, unless otherwise indicated)	12/31/2022		3/31/2023		6/30/2023		9/30/2023		12/31/2023

Assets
Total investments	$	93,097	$	96,223	$	97,722	$	97,209	$	102,173
Cash and cash equivalents	4,281		5,018		7,693		6,096		8,239
Cash and securities segregated, at fair value	1,522		1,055		879		928		868
Broker-dealer related receivables	2,338		2,203		2,053		2,017		1,837
Deferred policy acquisition costs	6,369		6,419		6,512		6,599		6,705
Goodwill and other intangible assets, net	5,482		5,478		5,463		5,448		5,433
Amounts due from reinsurers	8,471		8,453		8,395		8,271		8,352


Current and deferred income taxes	781		1,294		1,726		2,035		2,050
Purchased market risk benefits	10,423		10,676		9,931		8,745		9,427
Other assets	4,033		3,629		3,391		3,945		3,323
Assets held-for-sale	562		671		566		681		565
Assets for market risk benefits	490		629		777		701		591
Separate Accounts assets	114,853		119,752		123,898		117,577		127,251
Total assets	$	252,702	$	261,500	$	269,006	$	260,252	$	276,814

Liabilities
Policyholders’ account balances	$	83,866	$	86,761	$	91,595	$	91,912	$	95,673
Liability for market risk benefits	15,766		15,061		13,642		13,011		14,612
Future policy benefits and other policyholders’ liabilities	16,603		16,738		16,786		16,647		17,363
Broker-dealer related payables	715		888		1,522		454		1,232

Customers related payables	3,323		2,595		2,526		2,321		2,201
Amounts due to reinsurers	1,533		1,428		1,404		1,424		1,450
Short-term debt	759		751		—		—		254
Long-term debt	3,322		3,819		3,819		3,820		3,820



Notes issued by consolidated variable interest entities, at fair value using the fair value option	1,150		1,169		1,484		1,541		1,559
Other liabilities	7,108		6,296		6,410		7,412		6,088
Liabilities held-for-sale	108		158		129		216		153
Separate Accounts liabilities	114,853		119,752		123,898		117,577		127,251
Total liabilities	249,106		255,416		263,215		256,335		271,656
Redeemable noncontrolling interest	455		613		531		636		770

Equity
Preferred stock	1,562		1,562		1,562		1,562		1,562
Common stock	4		4		4		3		3
Additional paid-in capital	2,299		2,298		2,297		2,308		2,328
Treasury shares	(3,297)		(3,400)		(3,493)		(3,592)		(3,710)
Retained earnings	9,825		9,806		10,325		11,163		10,243
Accumulated other comprehensive income (loss)	(8,992)		(6,516)		(7,142)		(9,802)		(7,777)
Total equity attributable to Holdings	1,401		3,754		3,553		1,642		2,649
Noncontrolling interest	1,740		1,717		1,707		1,639		1,739
Total equity	3,141		5,471		5,260		3,281		4,388
Total liabilities, redeemable noncontrolling interest and equity	$	252,702	$	261,500	$	269,006	$	260,252	$	276,814


	Balances as of
(in millions USD, unless otherwise indicated)	12/31/2022			3/31/2023			6/30/2023			9/30/2023			12/31/2023

Short-term and long-term debt:
Short-term debt
AB commercial paper	$	—		$	—		$	—		$	—		$	254
AB revolving credit facility	—			—			—			—			—
CLO Warehousing Debt (1)	239			231			—			—			—

Current portion of long-term debt	520			520			—			—			—
Total short-term debt	759			751			—			—			254

Total long-term debt	3,322			3,819			3,819			3,820			3,820

Total short-term and long-term debt: [A]	$	4,081		$	4,570		$	3,819		$	3,820		$	4,074

Equity:
Preferred stock	$	1,562		$	1,562		$	1,562		$	1,562		$	1,562
Common stock	4			4			4			3			3
Additional paid-in capital	2,299			2,298			2,297			2,308			2,328
Treasury stock, at cost	(3,297)			(3,400)			(3,493)			(3,592)			(3,710)
Retained earnings	9,825			9,806			10,325			11,163			10,243
Accumulated other comprehensive income (loss)	(8,992)			(6,516)			(7,142)			(9,802)			(7,777)
Total equity attributable to Holdings	1,401			3,754			3,553			1,642			2,649
Noncontrolling interest	1,740			1,717			1,707			1,639			1,739
Total equity	$	3,141		$	5,471		$	5,260		$	3,281		$	4,388

Total equity attributable to Holdings, (ex. AOCI): [B]	$	10,393		$	10,270		$	10,695		$	11,444		$	10,426

Capital:
Total capitalization (2)	$	5,243		$	8,093		$	7,372		$	5,462		$	6,723
Total capitalization (ex. AOCI): [A+B] (2)	$	14,235		$	14,609		$	14,514		$	15,264		$	14,500

Debt to capital:
Debt to capital (ex. AOCI) (3)	27.0		%	29.7		%	26.3		%	25.0		%	28.1		%

	For the Three Months Ended
Roll-forward of common shares outstanding (millions of shares):
Beginning balance	370.0			365.0			359.1			350.2			342.0
Repurchases	(3.1)			(4.5)			(3.6)			(3.4)			(3.9)
Retirements	(1.9)			(2.8)			(5.3)			(4.9)			(4.4)
Issuances	—			1.3			0.1			0.1			0.1
Ending basic common shares outstanding	365.0			359.1			350.2			342.0			333.8
Total potentially dilutive shares	2.3			2.2			1.5			1.4			1.5
Ending common shares outstanding - maximum potential dilution	367.3			361.3			351.7			343.4			335.3
Notes:


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

	Three Months Ended December 31, 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	$	163	$	67	$	—	$	544	$	—	$	37	$	69	$	—	$	880
Net investment income (loss)	474		125		16		233		4		53		259		21		1,185
Net derivative gains (losses)	(5)		—		(14)		(5)		—		—		(11)		5		(30)
Investment management, service fees and other income	83		58		1,072		35		404		104		1		(239)		1,518
Segment revenues	715		250		1,074		807		408		194		318		(213)		3,553
Benefits and other deductions
Policyholders’ benefits	19		—		—		444		—		57		127		—		647
Remeasurement of liability for future policy benefits	—		—		—		30		—		(3)		2		—		29

Interest credited to policyholders’ account balances	224		58		—		128		—		9		144		—		563
Commissions and distribution related payments	69		36		156		51		253		41		5		(199)		412
Amortization of deferred policy acquisition costs	105		15		—		31		—		15		3		—		169
Compensation and benefits, interest expense and financing fees and other operating costs and expense	53		24		679		90		95		26		88		(14)		1,041
Segment benefits and other deductions	470		133		835		774		348		145		369		(213)		2,861
Operating earnings (loss), before income taxes	245		117		239		33		60		49		(51)		—		692
Income Taxes	(39)		(19)		(30)		(5)		(15)		(9)		4		—		(113)
Operating earnings (loss), before noncontrolling interest	206		98		209		28		45		40		(47)		—		579
Less: Operating (earnings) loss attributable to the noncontrolling interest	—		—		(95)		—		—		—		(8)		—		(103)
Operating earnings (loss)	$	206	$	98	$	114	$	28	$	45	$	40	$	(55)	$	—	$	476

	Three Months Ended December 31, 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	$	151	$	61	$	—	$	511	$	—	$	30	$	77	$	—	$	830
Net investment income (loss)	308		121		15		221		1		67		191		24		948
Net derivative gains (losses)	(8)		(3)		(16)		(2)		—		—		(6)		4		(31)
Investment Management, service fees and other income	87		59		972		33		348		104		3		(209)		1,397
Segment revenues	538		238		971		763		349		201		265		(181)		3,144
Benefits and other deductions
Policyholders’ benefits	11		—		—		520		—		48		98		—		677
Remeasurement of liability for future policy benefits	(1)		—		—		12		—		(1)		22		—		32

Interest credited to policyholders’ account balances	107		52		—		131		—		11		108		—		409
Commissions and distribution related payments	63		37		143		43		225		43		4		(175)		383
Amortization of deferred policy acquisition costs	87		15		—		30		—		16		2		—		150
Compensation and benefits, interest expense and financing fees and other operating costs and expense	47		27		598		78		94		7		120		(6)		965
Segment benefits and other deductions	314		131		741		814		319		124		354		(181)		2,616
Operating earnings (loss), before income taxes	224		107		230		(51)		30		77		(89)		—		528
Income Taxes	(34)		(15)		(41)		11		(7)		(12)		11		—		(87)
Operating earnings (loss), before noncontrolling interest	190		92		189		(40)		23		65		(78)		—		441
Less: Operating (earnings) loss attributable to the noncontrolling interest	—		—		(95)		(1)		—		—		3		—		(93)
Operating earnings (loss)	$	190	$	92	$	94	$	(41)	$	23	$	65	$	(75)	$	—	$	348


	Balances as of
(in billions USD, except for Equitable Headcount)	12/31/2022		3/31/2023		6/30/2023		9/30/2023		12/31/2023

Assets Under Management

AB AUM
Total AB	$	646.4	$	675.9	$	691.5	$	669.0	$	725.2
Exclusion for General Account and other Affiliated Accounts	(66.8)		(69.3)		(73.7)		(69.8)		(75.0)
Exclusion for Separate Accounts	(38.2)		(39.5)		(41.0)		(39.3)		(44.5)
AB third party	$	541.4	$	567.2	$	576.8	$	559.9	$	605.7

Total company AUM
AB third party	$	541.4	$	567.2	$	576.8	$	559.9	$	605.7
General Account and other Affiliated Accounts (1) (3) (4)	97.4		101.2		105.4		103.3		110.4
Separate Accounts (2) (3) (4)	114.9		119.8		123.9		117.6		127.3
Total AUM	$	753.6	$	788.1	$	806.1	$	780.8	$	843.4

Total Assets Under Administration (AUA) (5)	$	72.4	$	75.6	$	80.4	$	79.4	$	87.0

Equitable Advisor Headcount
Total Number of Equitable Advisors	4,258		4,124		4,101		4,141		4,406

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 December 31, 2022, March 31, 2023, June 30, 2023, September 30, 2023 and December 31, 2023, Separate Account is inclusive of $12.1 billion, $12.3 billion, $12.6 billion, $11.7 billion and $12.5 billion & General Account AUM is inclusive of $56 million, $54 million, $52 million, $51 million and $49 million, respectively, Account Value ceded to Venerable. For additional information on the Venerable transaction see Note 13 of the Notes to Consolidated Financial Statements within the 10-K.
(4) As of December 31, 2022, March 31, 2023, June 30, 2023, September 30, 2023 and December 31, 2023, Separate Account is inclusive of $5.6 billion, $5.9 billion, $6.3 billion, $5.9 billion and $6.4 billion & General Account AUM is inclusive of $3.9 billion, $3.9 billion, $3.8 billion, $3.7 billion and $3.6 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.


	For the Three Months Ended												Years Ended
(in millions USD, unless otherwise indicated)	12/31/2022		3/31/2023		6/30/2023		9/30/2023		12/31/2023		Change		12/31/2022		12/31/2023		Change

Insurance Operations

Individual Retirement
First year premiums and deposits	$	2,594	$	2,843	$	3,650	$	3,804	$	3,848	48.4	%	$	11,363	$	14,145	24.5	%
Renewal premium and deposits	6		8		10		8		7		20.9	%	42		33		(20.8)	%
Total Gross Premiums	$	2,600	$	2,851	$	3,660	$	3,812	$	3,855	48.3	%	$	11,405	$	14,178	24.3	%

Group Retirement
First year premiums and deposits	$	392	$	323	$	370	$	343	$	545	39.0	%	$	2,118	$	1,581	(25.4)	%
Renewal premium and deposits	560		574		595		464		592		5.8	%	2,330		2,225		(4.5)	%
Total Gross Premiums	$	952	$	897	$	965	$	807	$	1,137	19.5	%	$	4,448	$	3,806	(14.4)	%

Protection Solutions
First year premiums and deposits	$	108	$	103	$	107	$	103	$	154	42.7	%	$	424	$	467	10.2	%
Renewal premium and deposits	668		683		662		653		667		(0.1)	%	2,659		2,665		0.2	%
Total Gross Premiums	$	776	$	786	$	769	$	756	$	821	5.8	%	$	3,083	$	3,132	1.6	%

Investment Management and Research (in billions USD)
Gross Sales by distribution channel
Institutional	$	12.6	$	3.0	$	1.5	$	4.3	$	3.0	(76.2)	%	$	32.2	$	11.8	(63.4)	%
Retail (3)	14.2		16.8		16.5		16.9		21.0		47.9	%	65.9		71.1		7.9	%
Private Wealth (3)	4.1		5.8		4.4		4.0		4.3		4.9	%	17.5		18.6		6.3	%
Firmwide Gross Sales	$	30.9	$	25.6	$	22.4	$	25.2	$	28.3	(8.4)	%	$	115.6	$	101.5	(12.2)	%

Gross sales by investment service
Equity Active	$	9.3	$	8.5	$	9.3	$	10.3	$	9.2	(1.1)	%	$	46.0	$	37.3	(18.9)	%
Equity Passive (1) (3)	0.1		0.2		0.4		0.4		0.2		100.0	%	1.8		1.3		(27.8)	%
Fixed Income - Taxable (3)	8.3		11.1		7.6		7.6		10.2		22.9	%	25.5		36.4		42.7	%
Fixed Income - Tax-Exempt (3)	3.6		3.9		3.4		3.8		5.5		52.8	%	16.0		16.5		3.1	%
Fixed Income Passive (1)	—		—		—		0.4		1.3		100.0	%	(0.1)		1.7		N/M
Alternatives/Multi-Asset Solutions (2) (3)	9.5		1.9		1.7		2.7		1.9		(80.0)	%	26.4		8.3		(68.6)	%
Firmwide Gross Sales	$	30.9	$	25.6	$	22.4	$	25.2	$	28.3	(8.4)	%	$	115.6	$	101.5	(12.2)	%

Wealth Management
Sales by Product Type
Advisory	$	1,850	$	2,316	$	2,315	$	2,369	$	2,518	36.1	%	$	9,089	$	9,518	4.7	%
Brokerage and Direct	907		1,099		1,172		1,272		1,308		44.2	%	3,077		4,851		57.7	%
Retirement, Premiums and Deposits	2,877		3,024		3,231		2,965		3,324		15.5	%	10,746		12,544		16.7	%
Total Sales	$	5,634	$	6,439	$	6,718	$	6,606	$	7,150	26.9	%	$	22,912	$	26,913	17.5	%
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) Line item does not cross foot for the year ended 2023 due to rounding.


	For the Three Months Ended or As of																	Years Ended or As of
(in millions USD, unless otherwise indicated)	12/31/2022			3/31/2023			6/30/2023			9/30/2023			12/31/2023			Change		12/31/2022			12/31/2023			Change

Revenues
Policy charges, fee income and premiums	$	151		$	163		$	165		$	169		$	163		7.9	%	$	655		$	660		0.8	%
Net investment income (loss)	308			340			391			438			474			53.9	%	1,056			1,643			55.6	%
Net derivative gains (losses)	(8)			(5)			(5)			(5)			(5)			37.5	%	(42)			(20)			52.4	%
Investment management, service fees and other income	87			90			96			91			83			(4.6)	%	359			360			0.3	%
Segment revenues	538			588			647			693			715			32.9	%	2,028			2,643			30.3	%

Benefits and other deductions
Policyholders’ benefits	11			24			19			20			19			72.7	%	56			82			46.4	%
Remeasurement of liability for future policy benefits	(1)			1			(1)			—			—			100.0	%	(3)			—			100.0	%
Interest credited to policyholders’ account balances	107			129			160			186			224			109.3	%	318			699			119.8	%
Commissions and distribution-related payments	63			60			63			69			69			9.5	%	235			261			11.1	%
Amortization of deferred policy acquisition costs	87			89			92			102			105			20.7	%	334			388			16.2	%
Compensation and benefits, interest expense and financing fees and other operating costs and expense	47			47			43			51			53			12.8	%	165			194			17.0	%
Segment benefits and other deductions	314			350			376			428			470			49.7	%	1,105			1,624			47.0	%

Operating earnings (loss), before income taxes	224			238			271			265			245			9.4	%	923			1,019			10.4	%
Income taxes	(34)			(38)			(37)			(55)			(39)			(14.7)	%	(161)			(169)			(5.0)	%
Operating earnings (loss), before noncontrolling interest	190			200			234			210			206			8.4	%	762			850			11.5	%
Less: Operating (earnings) loss attributable to the noncontrolling interest	—			—			—			—			—			—	%	—			—			—	%
Operating earnings (loss)	$	190		$	200		$	234		$	210		$	206		8.4	%	$	762		$	850		11.5	%

Summary Metrics

Operating earnings (loss) - TTM:	$	762		$	759		$	807		$	834		$	850		11.5	%	$	762		$	850		11.5	%

Average Account Value (TTM)	$	75,584		$	74,819		$	75,675		$	77,955		$	82,361		9.0	%	$	75,584		$	82,361		9.0	%

Return on assets (TTM)	1.22		%	1.23		%	1.27		%	1.28		%	1.24		%			1.22		%	1.24		%

Net flows	$	840		$	932		$	1,501		$	1,663		$	1,460		73.8	%	$	3,933		$	5,556		41.3	%

First year premiums and deposits	$	2,594		$	2,843		$	3,650		$	3,804		$	3,848		48.4	%	$	11,363		$	14,145		24.5	%

In-force Policy Count by Product (in thousands):	587			590			596			604			610					587			610


Individual Retirement - Select Operating Metrics
	For the Three Months Ended or As of										Years Ended or As of
(in millions USD, unless otherwise indicated)	12/31/2022		3/31/2023		6/30/2023		9/30/2023		12/31/2023		12/31/2022		12/31/2023

Sales Metrics
First Year Premiums and Deposits by Product:
SCS	$	1,806	$	1,997	$	2,626	$	2,847	$	2,931	$	7,953	$	10,401
SCS Income	186		243		258		214		218		581		933
Retirement Cornerstone	334		300		511		518		477		1,626		1,806
Investment Edge	235		253		216		190		185		1,036		844
Other	33		50		39		35		37		167		161
Total First Year Premiums and Deposits	$	2,594	$	2,843	$	3,650	$	3,804	$	3,848	$	11,363	$	14,145

Account Values
General Account:
Balance as of beginning of period	$	34,562	$	37,822	$	41,166	$	45,304	$	46,332	$	36,709	$	37,822
Gross premiums and deposits (1)	1,942		2,172		2,752		2,951		2,918		8,103		10,793
Surrenders, withdrawals and benefits	(764)		(870)		(955)		(972)		(1,101)		(3,192)		(3,898)
Net flows	1,178		1,302		1,797		1,979		1,817		4,911		6,895
Investment performance, interest credited and policy charges	2,082		2,039		2,341		(951)		3,913		(3,798)		7,342
Other	—		3		—		—		—		—		3
Balance as of end of period	$	37,822	$	41,166	$	45,304	$	46,332	$	52,062	$	37,822	$	52,062
Separate Accounts:
Balance as of beginning of period	$	35,091	$	36,455	$	37,634	$	38,589	$	36,820	$	45,920	$	36,455
Gross premiums and deposits (1)	669		699		923		881		949		3,385		3,452
Surrenders, withdrawals and benefits	(1,007)		(1,069)		(1,219)		(1,197)		(1,306)		(4,363)		(4,791)
Net flows	(338)		(370)		(296)		(316)		(357)		(978)		(1,339)
Investment performance, interest credited and policy charges	1,702		1,545		1,251		(1,453)		3,156		(8,487)		4,499
Other	—		4		—		—		—		—		4
Balance as of end of period	$	36,455	$	37,634	$	38,589	$	36,820	$	39,619	$	36,455	$	39,619
Total:
Balance as of beginning of period	$	69,653	$	74,277	$	78,800	$	83,893	$	83,152	$	82,629	$	74,277
Gross premiums and deposits (1)	2,611		2,871		3,675		3,832		3,867		11,488		14,245
Surrenders, withdrawals and benefits	(1,771)		(1,939)		(2,174)		(2,169)		(2,407)		(7,555)		(8,689)
Net flows	840		932		1,501		1,663		1,460		3,933		5,556
Investment performance, interest credited and policy charges	3,784		3,584		3,592		(2,404)		7,069		(12,285)		11,841
Other	—		7		—		—		—		—		7
Balance as of end of period	$	74,277	$	78,800	$	83,893	$	83,152	$	91,681	$	74,277	$	91,681

Net Amount at Risk (NAR)
Total GMIB NAR	$	18	$	7	$	12	$	10	$	14	$	18	$	14
Total GMWB NAR	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Total GMDB NAR	$	4,248	$	3,458	$	3,294	$	3,755	$	3,104	$	4,248	$	3,104
MRB Reserves (Net of Reinsurance)	$	588	$	367	$	168	$	354	$	618	$	588	$	618
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.


	For the Three Months Ended or As of																	Years Ended or As of
(in millions USD, unless otherwise indicated)	12/31/2022			3/31/2023			6/30/2023			9/30/2023			12/31/2023			Change		12/31/2022			12/31/2023			Change

Revenues
Policy charges, fee income and premiums	$	61		$	64		$	66		$	71		$	67		9.8	%	$	318		$	268		(15.7)	%
Net investment income (loss)	121			112			132			128			125			3.3	%	624			497			(20.4)	%
Net derivative gains (losses)	(3)			(1)			—			—			—			100.0	%	(30)			(1)			96.7	%
Investment management, service fees and other income	59			62			69			68			58			(1.7)	%	246			257			4.5	%
Segment revenues	238			237			267			267			250			5.0	%	1,158			1,021			(11.8)	%

Benefits and other deductions
Policyholder benefits	—			—			—			—			—			—	%	—			—			—	%
Remeasurement of liability for future policy benefits	—			—			—			—			—			—	%	—			—			—	%

Interest credited to policyholders’ account balances	52			50			52			55			58			11.5	%	281			215			(23.5)	%
Commissions and distribution-related payments	37			37			47			35			36			(2.7)	%	154			155			0.6	%
Amortization of deferred policy acquisition costs	15			15			15			14			15			—	%	59			59			—	%
Compensation and benefits, interest expense and financing fees and other operating costs and expense	27			29			29			31			24			(11.1)	%	124			113			(8.1)	%
Segment benefits and other deductions	131			131			143			135			133			1.5	%	618			542			(12.3)	%

Operating earnings (loss), before income taxes	107			106			124			132			117			9.3	%	540			479			(11.3)	%
Income taxes	(15)			(17)			(17)			(27)			(19)			(26.7)	%	(94)			(80)			14.9	%
Operating earnings (loss), before noncontrolling interest	92			89			107			105			98			6.5	%	446			399			(10.5)	%
Less: Operating (earnings) loss attributable to the noncontrolling interest	—			—			—			—			—			—	%	—			—			—	%
Operating earnings (loss)	$	92		$	89		$	107		$	105		$	98		6.5	%	$	446		$	399		(10.5)	%

Summary Metrics

Operating earnings (loss) - TTM:	$	446		$	391		$	387		$	393		$	399		(10.5)		$	446		$	399		(10.5)	%

Average Account Value (TTM)	$	41,345		$	38,497		$	36,287		$	34,823		$	34,175		(17.3)	%	$	41,345		$	34,175		(17.3)	%

Return on assets (TTM)	1.31		%	1.23		%	1.27		%	1.35		%	1.40		%			1.31		%	1.40		%

Net flows (1) (2)	$	24		$	29		$	(20)		$	(130)		$	(135)		(662.5)	%	$	634		$	(256)		(140.2)	%

Gross premiums and deposits (2)	$	952		$	897		$	965		$	807		$	1,137		19.5	%	$	4,448		$	3,806		(14.4)	%

Notes:

(1) For the three months ended March 31, 2023, June 30, 2023, September 30, 2023, and December 31, 2023, and year ended December 31, 2023 net outflows of $180 million, $186 million, $216 million, $266 million, and $848 million, respectively are excluded as these amounts are related to ceded AV to Global Atlantic.
(2) Balances for the three months ended March 31, 2023, June 30, 2023 and September 30, 2023 were revised from previously filed financial statement supplement.

Group Retirement - Select Operating Metrics


	For the Three Months Ended or As of										Years Ended or As of
(in millions USD, unless otherwise indicated)	12/31/2022		3/31/2023		6/30/2023		9/30/2023		12/31/2023		12/31/2022		12/31/2023

Sales Metrics
Gross premiums and deposits:
First-year premiums and deposits	$	392	$	323	$	370	$	343	$	545	$	2,118	$	1,581
Renewal premiums and deposits	560		574		595		464		592		2,330		2,225
Group Retirement premiums and deposits	$	952	$	897	$	965	$	807	$	1,137	$	4,448	$	3,806

Gross premiums and deposits by market:
Tax-exempt	$	258	$	211	$	274	$	260	$	368	$	1,001	$	1,113
Corporate	103		84		70		54		149		323		357
Institutional	25		25		23		26		24		772		98
Other	6		3		3		3		4		22		13
Total first year premiums and deposits	392		323		370		343		545		2,118		1,581
Tax-exempt	435		428		471		341		463		1,785		1,703
Corporate	87		105		89		94		90		377		378
Institutional	—		—		—		—		—		—		—
Other	38		41		35		29		39		168		144
Total renewal premiums and deposits	560		574		595		464		592		2,330		2,225
Group Retirement premiums and deposits by market	$	952	$	897	$	965	$	807	$	1,137	$	4,448	$	3,806

Account Values and Assets under Administration
General Account:
Balance as of beginning of period	$	13,234	$	9,175	$	9,121	$	9,088	$	9,002	$	13,046	$	9,175
Gross premiums and deposits	239		200		241		198		257		1,109		896
Surrenders, withdrawals and benefits	(333)		(331)		(351)		(326)		(404)		(1,163)		(1,412)
Net flows (1) )(4)	(94)		(131)		(110)		(128)		(147)		(54)		(516)
Investment performance, interest credited and policy charges (1) (4)	87		81		77		42		96		235		296
Ceded to Global Atlantic (2)	(4,052)		—		—		—		—		(4,052)		—
Other (3) (4)	—		(4)		—		—		12		—		8
Balance as of end of period (4)	$	9,175	$	9,121	$	9,088	$	9,002	$	8,963	$	9,175	$	8,963

Separate Accounts and Mutual Funds
Balance as of beginning of period	$	26,476	$	22,830	$	24,446	$	25,898	$	24,848	$	34,763	$	22,830
Gross premiums and deposits	713		697		724		609		880		3,339		2,910
Surrenders, withdrawals and benefits	(595)		(537)		(634)		(611)		(868)		(2,651)		(2,650)
Net flows (1) (4)	118		160		90		(2)		12		688		260
Investment performance, interest credited and policy charges (1) (4)	1,547		1,426		1,362		(1,048)		2,658		(7,310)		4,398
Ceded to Global Atlantic (2)	(5,311)		—		—		—		—		(5,311)		—
Other (3) (4)	—		30		—		—		(11)		—		19
Balance as of end of period (4)	$	22,830	$	24,446	$	25,898	$	24,848	$	27,507	$	22,830	$	27,507

Total:
Balance as of beginning of period	$	39,710	$	32,005	$	33,567	$	34,986	$	33,850	$	47,809	$	32,005
Gross premiums and deposits	952		897		965		807		1,137		4,448		3,806
Surrenders, withdrawals and benefits	(928)		(868)		(985)		(937)		(1,272)		(3,814)		(4,062)
Net flows (1)	24		29		(20)		(130)		(135)		634		(256)
Investment performance, interest credited and policy charges (1)	1,634		1,507		1,439		(1,006)		2,754		(7,075)		4,694
Ceded to Global Atlantic (2)	(9,363)		—		—		—		—		(9,363)		—
Other (3)	—		26		—		—		1		—		27
Balance as of end of period	$	32,005	$	33,567	$	34,986	$	33,850	$	36,470	$	32,005	$	36,470
Notes:


	For the Three Months Ended or As of																	Years Ended or As of
(in millions USD, unless otherwise indicated)	12/31/2022			3/31/2023			6/30/2023			9/30/2023			12/31/2023			Change		12/31/2022			12/31/2023			Change

Revenues
Net investment income (loss)	$	15		$	9		$	2		$	(9)		$	16		6.7	%	$	(43)		$	18		141.9	%
Net derivative gains (losses)	(16)			(10)			(1)			9			(14)			12.5	%	41			(16)			(139.0)	%
Investment management, service fees and other income	972			1,010			999			1,034			1,072			10.3	%	4,107			4,115			0.2	%
Segment revenues	971			1,009			1,000			1,034			1,074			10.6	%	4,105			4,117			0.3	%

Benefits and other deductions
Commissions and distribution-related payments	143			148			150			156			156			9.1	%	630			610			(3.2)	%
Compensation and benefits, interest expense and financing fees and other operating costs and expense	598			637			647			658			679			11.5	%	2,537			2,621			1.9	%
Total benefits and other deductions	741			785			797			814			835			12.7	%	3,167			3,231			2.0	%

Operating earnings (loss), before income taxes	230			224			203			220			239			3.9	%	938			886			(5.5)	%
Income taxes	(41)			(36)			(24)			(36)			(30)			26.8	%	(162)			(126)			22.2	%
Operating earnings (loss), before noncontrolling interest	189			188			179			184			209			10.6	%	776			760			(2.1)	%
Less: Operating (earnings) loss attributable to the noncontrolling interest	(95)			(89)			(80)			(85)			(95)			—	%	(352)			(349)			0.9	%
Operating earnings (loss)	$	94		$	99		$	99		$	99		$	114		21.3	%	$	424		$	411		(3.1)	%

Summary Metrics

Adjusted operating margin (1)	30.0		%	28.7		%	27.0		%	28.0		%	29.2		%			28.9		%	28.2		%

Net flows (in billions USD)	$	(1.9)		$	0.8		$	(4.0)		$	(1.9)		$	(1.8)				$	(3.6)		$	(7.0)

Total AUM (in billions USD)	$	646.4		$	675.9		$	691.5		$	669.0		$	725.2				$	646.4		$	725.2

Ownership Structure of AB

Holdings and its subsidiaries	59.9		%	60.0		%	59.9		%	60.3		%	59.8		%			59.9		%	59.8		%
AB Holding	39.4		%	39.3		%	39.3		%	39.0		%	39.5		%			39.4		%	39.5		%
Unaffiliated holders	0.7		%	0.7		%	0.8		%	0.7		%	0.7		%			0.7		%	0.7		%
Total	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%			100.0		%	100.0		%

EQH economic interest	61.3		%	61.4		%	61.4		%	61.7		%	61.2		%			61.3		%	61.2		%
EQH average economic interest	62.4		%	61.4		%	61.4		%	61.5		%	61.6		%			64.0		%	61.5		%

Units of limited partnership outstanding (in millions)	286.0			285.7			285.7			284.0			286.6					286.0			286.6
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.


	For the Three Months Ended or As of
(in billions USD, unless otherwise indicated)	12/31/2022		3/31/2023		6/30/2023		9/30/2023		12/31/2023

AUM Roll-forward
Balance as of beginning of period	$	612.7	$	646.4	$	675.9	$	691.5	$	669.0
Sales/new accounts	30.9		25.6		22.4		25.2		28.3
Redemptions/terminations	(23.2)		(20.6)		(23.1)		(20.3)		(24.1)
Cash flow/unreinvested dividends	(9.6)		(4.2)		(3.3)		(6.8)		(6.0)
Net long-term (outflows) inflows	(1.9)		0.8		(4.0)		(1.9)		(1.8)

Acquisition	—		—		—		—		—
Market appreciation (depreciation)	35.6		28.7		19.6		(20.6)		58.0
Net change	33.7		29.5		15.6		(22.5)		56.2
Balance as of end of period	$	646.4	$	675.9	$	691.5	$	669.0	$	725.2

Ending Assets by distribution channel
Institutions	$	297.3	$	306.6	$	309.2	$	296.9	$	317.1
Retail	242.9		256.7		266.6		259.2		286.8
Private Wealth	106.2		112.6		115.7		112.9		121.3
Total	$	646.4	$	675.9	$	691.5	$	669.0	$	725.2

Ending Assets by investment service
Equity
Actively Managed	$	217.9	$	229.1	$	235.9	$	226.8	$	247.5
Passively Managed (1)	53.8		56.6		60.5		56.0		62.1
Total Equity	$	271.7	$	285.7	$	296.4	$	282.8	$	309.6
Fixed Income
Actively Managed	$	242.8	$	253.7	$	258.4	$	250.6	$	269.7
Passively Managed (1)	9.4		9.5		9.4		9.4		11.4
Total Fixed Income	252.2		263.2		267.8		260.0		281.1
Total Alternatives/Multi-Asset Solutions (2)	122.5		127.0		127.3		126.2		134.5
Total	$	646.4	$	675.9	$	691.5	$	669.0	$	725.2

Notes:

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


Investment Management and Research - Net Flows
	For the Three Months Ended										Years Ended or As of
(in billions USD, unless otherwise indicated)	12/31/2022		3/31/2023		6/30/2023		9/30/2023		12/31/2023		12/31/2022		12/31/2023
Net Flows by Distribution Channel
Institutions
US (3)	$	(2.2)	$	—	$	4.0	$	(1.6)	$	(1.0)	$	(1.8)	$	1.3
Global and Non-US (3)	3.9		(2.7)		(7.2)		(1.9)		(1.5)		8.1		(13.1)
Total Institutions (3)	$	1.7	$	(2.7)	$	(3.2)	$	(3.5)	$	(2.5)	$	6.3	$	(11.8)
Retail
US (3)	$	(0.7)	$	—	$	(1.0)	$	2.5	$	1.4	$	5.5	$	2.8
Global and Non-US	(2.7)		1.6		0.3		(0.9)		(0.1)		(17.1)		0.9
Total Retail (3)	$	(3.4)	$	1.6	$	(0.7)	$	1.6	$	1.3	$	(11.6)	$	3.7
Private Wealth
US	$	0.1	$	2.0	$	0.3	$	0.1	$	(0.1)	$	0.8	$	2.3
Global and Non-US	(0.3)		(0.1)		(0.4)		(0.1)		(0.5)		0.9		(1.2)
Total Private Wealth	$	(0.2)	$	1.9	$	(0.1)	$	—	$	(0.6)	$	1.7	$	1.1
Total Net Flows by Distribution Channel	$	(1.9)	$	0.8	$	(4.0)	$	(1.9)	$	(1.8)	$	(3.6)	$	(7.0)
Net Flows by Investment Service
Equity Active
US (3)	$	—	$	(1.4)	$	(3.0)	$	1.4	$	(3.3)	$	5.2	$	(6.2)
Global and Non-US (3)	(2.6)		(2.0)		(3.8)		(1.6)		(1.7)		(7.9)		(9.3)
Total Equity Active (3)	$	(2.6)	$	(3.4)	$	(6.8)	$	(0.2)	$	(5.0)	$	(2.7)	$	(15.5)
Equity Passive (1)
US (3)	$	(2.0)	$	(0.6)	$	—	$	(2.6)	$	(0.3)	$	(2.4)	$	(3.7)
Global and Non-US (3)	(0.3)		(0.2)		(0.3)		0.2		(0.2)		(2.9)		(0.3)
Total Equity Passive (1)	$	(2.3)	$	(0.8)	$	(0.3)	$	(2.4)	$	(0.5)	$	(5.3)	$	(4.0)
Fixed Income - Taxable
US (3)	$	(0.2)	$	2.5	$	5.4	$	0.2	$	0.7	$	(1.2)	$	8.7
Global and Non-US (3)	(3.8)		1.0		(0.5)		(2.6)		(0.1)		(16.7)		(2.1)
Total Fixed Income - Taxable	$	(4.0)	$	3.5	$	4.9	$	(2.4)	$	0.6	$	(17.9)	$	6.6
Fixed Income - Tax-Exempt
US	$	(1.0)	$	1.6	$	0.9	$	1.3	$	1.9	$	0.7	$	5.7
Global and Non-US	(0.1)		—		—		—		—		(0.1)		—
Total Fixed Income - Tax-Exempt	$	(1.1)	$	1.6	$	0.9	$	1.3	$	1.9	$	0.6	$	5.7
Fixed Income - Passive (1)
US	$	(0.3)	$	(0.1)	$	(0.1)	$	0.5	$	1.2	$	(0.3)	$	1.5
Global and Non-US	—		(0.1)		0.2		(0.1)		—		(1.0)		—
Total Fixed Income - Passive (1)	$	(0.3)	$	(0.2)	$	0.1	$	0.4	$	1.2	$	(1.3)	$	1.5
Alternatives/Multi-Asset Solutions (2)
US	$	0.7	$	—	$	0.1	$	0.2	$	0.1	$	2.5	$	0.4
Global and Non-US	7.7		0.1		(2.9)		1.2		(0.1)		20.5		(1.7)
Total Alternatives/Multi-Asset Solutions (2)	$	8.4	$	0.1	$	(2.8)	$	1.4	$	—	$	23.0	$	(1.3)
Total Net Flows by Investment Service	$	(1.9)	$	0.8	$	(4.0)	$	(1.9)	$	(1.8)	$	(3.6)	$	(7.0)
Active vs. Passive Net Flows
Actively Managed
Equity	$	(2.6)	$	(3.4)	$	(6.8)	$	(0.2)	$	(5.0)	$	(2.7)	$	(15.5)
Fixed Income	(5.1)		5.1		5.8		(1.1)		2.5		(17.3)		12.3
Alternatives/Multi-Asset Solutions (2)	7.6		0.1		(3.0)		1.2		(0.3)		20.9		(2.0)
Total	$	(0.1)	$	1.8	$	(4.0)	$	(0.1)	$	(2.8)	$	0.9	$	(5.2)
Passively Managed (1)
Equity	$	(2.3)	$	(0.8)	$	(0.3)	$	(2.4)	$	(0.5)	$	(5.3)	$	(4.0)
Fixed Income	(0.3)		(0.2)		0.1		0.4		1.2		(1.3)		1.5
Alternatives/Multi-Asset Solutions (2)	0.8		—		0.2		0.2		0.3		2.1		0.7
Total	$	(1.8)	$	(1.0)	$	—	$	(1.8)	$	1.0	$	(4.5)	$	(1.8)
Total Active vs Passive Net Flows	$	(1.9)	$	0.8	$	(4.0)	$	(1.9)	$	(1.8)	$	(3.6)	$	(7.0)
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) Line item does not cross foot for the year ended 2023 due to rounding.


	For the Three Months Ended or As of																	Years Ended or As of
(in millions USD, unless otherwise indicated)	12/31/2022			3/31/2023			6/30/2023			9/30/2023			12/31/2023			Change		12/31/2022			12/31/2023			Change

Revenues
Policy charges, fee income and premiums	$	511		$	520		$	524		$	516		$	544		6.5	%	$	2,018		$	2,104		4.3	%
Net investment income (loss)	221			217			242			260			233			5.4	%	981			952			(3.0)	%
Net derivative gains (losses)	(2)			(2)			(16)			7			(5)			(150.0)	%	(20)			(16)			20.0	%
Investment management, service fees and other income	33			32			34			39			35			6.1	%	141			140			(0.7)	%
Segment revenues	763			767			784			822			807			5.8	%	3,120			3,180			1.9	%

Benefits and other deductions
Policyholders’ benefits	520			535			484			512			444			(14.6)	%	1,896			1,975			4.2	%
Remeasurement of liability for future policy benefits	12			6			(2)			(16)			30			150.0	%	47			18			(61.7)	%

Interest credited to policyholders’ account balances	131			125			130			137			128			(2.3)	%	511			520			1.8	%
Commissions and distribution-related payments	43			34			36			37			51			18.6	%	142			158			11.3	%
Amortization of deferred policy acquisition costs	30			29			30			30			31			3.3	%	117			120			2.6	%
Compensation and benefits, interest expense and financing fees and other operating costs and expense	78			80			77			81			90			11.5	%	290			328			11.8	%
Segment benefits and other deductions	814			809			755			781			774			(4.9)	%	3,003			3,119			3.9	%

Operating earnings (loss), before income taxes	(51)			(42)			29			41			33			164.7	%	117			61			(47.9)	%
Income taxes	11			7			(5)			(7)			(5)			(145.5)	%	(20)			(10)			50.0	%
Operating earnings (loss), before noncontrolling interest	(40)			(35)			24			34			28			170.0	%	97			51			(47.4)	%
Less: Operating (earnings) loss attributable to the noncontrolling interest	(1)			—			—			—			—			100.0	%	—			—			—	%
Operating earnings (loss)	$	(41)		$	(35)		$	24		$	34		$	28		168.3	%	$	97		$	51		(47.4)	%

Summary Metrics

Operating earnings (loss) - TTM:	$	97		$	65		$	(21)		$	(18)		$	51		(47.4)	%	$	97		$	51		(47.4)	%

Benefit ratio	85.3		%	86.0		%	78.3		%	79.0		%	70.9		%			78.7		%	78.5		%

Gross written premiums	$	776		$	786		$	769		$	756		$	821		5.8	%	$	3,083		$	3,132		1.6	%

Annualized premiums	$	74		$	76		$	78		$	79		$	102		38.1	%	$	292		$	335		14.8	%

Total in-force face amount (in billions USD) (1)	$	417.0		$	415.5		$	414.7		$	413.2		$	412.3		(1.1)	%	$	417.0		$	412.3		(1.1)	%

Notes:

(1) Total in-force face amount presented on a gross basis including ceded policies.


	For the Three Months Ended or As of										Years Ended or As of
(in millions USD, unless otherwise indicated)	12/31/2022		3/31/2023		6/30/2023		9/30/2023		12/31/2023		12/31/2022		12/31/2023

Sales Metrics
First Year Premiums and Deposits by Product Line:
Universal Life	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Indexed Universal Life	5		2		3		4		2		19		11
Variable Universal Life	77		72		76		72		119		309		339
Term	3		3		3		3		3		13		12
Employee Benefits	22		26		25		24		29		82		104
Other (1)	1		—		—		—		1		1		1
Total	$	108	$	103	$	107	$	103	$	154	$	424	$	467

Renewals by Product Line:
Universal Life	$	179	$	188	$	179	$	187	$	175	$	764	$	729
Indexed Universal Life	74		76		73		71		68		304		288
Variable Universal Life	257		258		251		236		257		989		1,002
Term	96		94		89		88		92		373		363
Employee Benefits	57		63		66		68		71		212		268
Other (1)	5		4		4		3		4		17		15
Total	668		683		662		653		667		2,659		2,665
Total Gross Premiums	$	776	$	786	$	769	$	756	$	821	$	3,083	$	3,132

In-force Metrics
In-force Face Amount by Product (2) (in billions USD):
Universal Life (3)	$	43.1	$	42.5	$	42.0	$	41.5	$	40.9	$	43.1	$	40.9
Indexed Universal Life	27.5		27.3		27.2		27.1		26.9		27.5		26.9
Variable Universal Life (4)	133.4		133.9		134.8		135.4		136.9		133.4		136.9
Term	211.9		210.5		209.6		208.1		206.5		211.9		206.5
Whole Life	1.1		1.2		1.1		1.1		1.1		1.1		1.1
Total	$	417.0	$	415.5	$	414.7	$	413.2	$	412.3	$	417.0	$	412.3

In-force Policy Count by Product (2) (in thousands):
Universal Life (3)	129		127		125		123		122		129		122
Indexed Universal Life	64		64		63		63		63		64		63
Variable Universal Life (4)	293		292		292		292		291		293		291
Term	256		253		251		248		245		256		245
Whole Life	15		15		15		15		15		15		15
Total	757		751		746		741		736		757		736

Protection Solutions Reserves
General Account	$	18,208	$	18,137	$	18,071	$	17,949	$	18,184	$	18,208	$	18,184
Separate Accounts	13,634		14,562		15,401		14,782		16,337		13,634		16,337
Total	$	31,842	$	32,699	$	33,472	$	32,731	$	34,521	$	31,842	$	34,521

Notes:

(1) For the individual life insurance premiums, Other includes Whole Life insurance and other products available-for-sale but not actively marketed.
(2) Includes individual life insurance and does not include Employee Benefits as it is a start-up business and therefore has immaterial in-force policies.
(3) Universal Life includes Guaranteed Universal Life.
(4) Variable Universal Life includes variable life insurance and corporate-owned life insurance.


	For the Three Months Ended or As of																	Years Ended or As of
(in millions USD, unless otherwise indicated)	12/31/2022			3/31/2023			6/30/2023			9/30/2023			12/31/2023			Change		12/31/2022			12/31/2023			Change

Revenues

Net investment income (loss)	$	1		$	2		$	3		$	4		$	4		300.0	%	$	2		$	13		550.0	%
Net derivative gains (losses)	—			—			—			—			—			—	%	—			—			—	%
Investment management, service fees and other income	348			360			388			386			404			16.1	%	1,444			1,538			6.5	%
Segment revenues	349			362			391			390			408			16.9	%	1,446			1,551			7.3	%

Benefits and other deductions




Commissions and distribution-related payments	225			228			243			244			253			12.4	%	940			968			3.0	%

Compensation and benefits, interest expense and financing fees and other operating costs and expense	94			91			94			93			95			1.1	%	370			373			0.8	%
Segment benefits and other deductions	319			319			337			337			348			9.1	%	1,310			1,341			2.4	%

Operating earnings (loss), before income taxes	30			43			54			53			60			100.0	%	136			210			54.4	%
Income taxes	(7)			(11)			(12)			(13)			(15)			(114.3)	%	(35)			(51)			(45.7)	%
Operating earnings (loss), before noncontrolling interest	23			32			42			40			45			95.7	%	101			159			57.4	%
Less: Operating (earnings) loss attributable to the noncontrolling interest	—			—			—			—			—			—	%	—			—			—	%
Operating earnings (loss)	$	23		$	32		$	42		$	40		$	45		95.7	%	$	101		$	159		57.4	%

Revenue by Activity Type

Investment management, service fees and other income:
Investment management and advisory fees	$	120		$	127		$	134		$	141		$	140		16.4	%	$	519		$	542		4.4	%
Distribution fees	213			218			239			229			246			15.3	%	894			931			4.2	%
Interest income	8			11			13			13			13			57.3	%	15			50			238.5	%
Service and other income	7			4			3			3			5			(13.9)	%	17			15			(8.5)	%
Total Investment management, service fees and other income	$	348		$	360		$	388		$	386		$	404		16.2	%	$	1,444		$	1,538		6.5	%
Summary Metrics
Pre-tax operating margin	8.60		%	11.88		%	13.81		%	13.59		%	14.71		%			9.41		%	13.54		%

Advisory net flows	$	186		$	828		$	697		$	909		$	544		106.1	%	$	3,513		$	2,978		22.1	%

Total AUA	$	72,406		$	75,640		$	80,421		$	79,359		$	87,047		20.2	%	$	72,406		$	87,047		20.2	%


	For the Three Months Ended or As of																	Years Ended or As of
(in millions USD, unless otherwise indicated)	12/31/2022			3/31/2023			6/30/2023			9/30/2023			12/31/2023			Change		12/31/2022			12/31/2023			Change

Revenues
Policy charges, fee income and premiums	$	30		$	34		$	44		$	40		$	37		23.3	%	$	139		$	155		11.5	%
Net investment income (loss)	67			66			60			59			53			(20.9)	%	252			238			(5.6)	%
Net derivative gains (losses)	—			—			—			—			—			—	%	—			—			—	%
Investment management, service fees and other income	104			106			99			99			104			—	%	428			408			(4.7)	%
Segment revenues	201			206			203			198			194			(3.5)	%	819			801			(2.2)	%

Benefits and other deductions
Policyholders’ benefits	48			46			61			53			57			18.8	%	167			217			29.9	%
Remeasurement of liability for future policy benefits	(1)			—			—			1			(3)			(200.0)	%	—			(2)			(100.0)	%

Interest credited to policyholders’ account balances	11			12			12			12			9			(18.2)	%	49			45			(8.2)	%
Commissions and distribution-related payments	43			43			43			45			41			(4.7)	%	187			172			(8.0)	%
Amortization of deferred policy acquisition costs	16			16			16			16			15			(6.3)	%	65			63			(3.1)	%
Compensation and benefits, interest expense and financing fees and other operating costs and expense	7			18			19			20			26			271.4	%	66			83			27.7	%
Segment benefits and other deductions	124			135			151			147			145			16.9	%	534			578			8.2	%

Operating earnings (loss), before income taxes	77			71			52			51			49			(36.4)	%	285			223			(21.8)	%
Income taxes	(12)			(11)			(7)			(10)			(9)			25.0	%	(50)			(37)			26.0	%
Operating earnings (loss), before noncontrolling interest	65			60			45			41			40			(38.5)	%	235			186			(20.9)	%
Less: Operating (earnings) loss attributable to the noncontrolling interest	—			—			—			—			—			—	%	—			—			—	%
Operating earnings (loss)	$	65		$	60		$	45		$	41		$	40		(38.5)	%	$	235		$	186		(20.9)	%

Summary Metrics

Operating earnings (loss) - TTM:	$	235		$	232		$	220		$	211		$	186		100.0	%	$	235		$	186		100.0	%

Average Account Value (TTM)	$	24,179		$	22,728		$	21,851		$	21,530		$	21,790		100.0	%	$	24,179		$	21,790		100.0	%

Return on assets (TTM)	1.18		%	1.23		%	1.20		%	1.17		%	1.02		%			1.18		%	1.02		%




Net flows (1)	$	(589)		$	(523)		$	(569)		$	(554)		$	(643)		(9.2)	%	$	(2,232)		$	(2,289)		(2.6)	%

In-force Policy Count by Product (in thousands) (2):	299			293			287			281			277					299			277

Notes:

(1) Net flows excluded as it relates to AV ceded to Venerable for the discrete periods of December 31, 2022, March 31, 2023, June 30, 2023, September 30, 2023, December 31, 2023 and for the years ended December 31, 2022 and 2023 were $(292) million, $(292) million, $(269) million, $(263) million, $(324) million, $(1.2) billion and $(1.1) billion, respectively.
(2) As of December 31, 2022, March 31, 2023, June 30, 2023, September 30, 2023 and December 31, 2023, In-force Policy Count by Product presented on a gross basis includes 99 thousand, 98 thousand, 96 thousand, 94 thousand and 92 thousand ceded policies, respectively, related to the Venerable transaction.


Legacy - Select Operating Metrics
	For the Three Months Ended or As of										Years Ended or As of
(in millions USD, unless otherwise indicated)	12/31/2022		3/31/2023		6/30/2023		9/30/2023		12/31/2023		12/31/2022		12/31/2023


















Account Values
General Account:
Balance as of beginning of period	$	947	$	925	$	905	$	887	$	876	$	988	$	925
Net flows (1)	(27)		(26)		(24)		(18)		(31)		(87)		(99)
Investment performance, interest credited and policy charges (2)	5		6		6		7		4		24		23

Balance as of end of period	$	925	$	905	$	887	$	876	$	849	$	925	$	849
Separate Accounts:
Balance as of beginning of period	$	19,922	$	20,557	$	21,115	$	21,485	$	20,033	$	28,287	$	20,557
Net flows (1)	(562)		(497)		(545)		(536)		(612)		(2,145)		(2,190)
Investment performance, interest credited and policy charges (2)	1,197		1,055		915		(916)		1,895		(5,585)		2,949

Balance as of end of period	$	20,557	$	21,115	$	21,485	$	20,033	$	21,316	$	20,557	$	21,316
Total:
Balance as of beginning of period	$	20,869	$	21,482	$	22,020	$	22,372	$	20,909	$	29,275	$	21,482
Net flows (1)	(589)		(523)		(569)		(554)		(643)		(2,232)		(2,289)
Investment performance, interest credited and policy charges (2)	1,202		1,061		921		(909)		1,899		(5,561)		2,972

Balance as of end of period	$	21,482	$	22,020	$	22,372	$	20,909	$	22,165	$	21,482	$	22,165
Net Amount at Risk (NAR)
Total GMIB NAR (3)	$	3,211	$	3,135	$	2,992	$	2,767	$	2,822	$	3,211	$	2,822
Total GMDB NAR (3)	$	11,428	$	10,696	$	10,082	$	10,690	$	9,465	$	11,428	$	9,465
MRB Reserves (Net of Reinsurance)	$	4,287	$	3,414	$	2,797	$	3,243	$	3,998	$	4,287	$	3,998


Notes:
(1) Net flows excluded as it relates to AV ceded to Venerable for the discrete periods of December 31, 2022, March 31, 2023, June 30, 2023, September 30, 2023, December 31, 2023 and for the years ended December 31, 2022 and 2023 were $(292) million, $(292) million, $(269) million, $(263) million, $(324) million, $(1.2) billion and $(1.1) billion, respectively.
(2) Investment performance, interest credited and policy charges of $689 million, $575 million, 508 million, $(586) million, $0 million, $(3.5) billion, and $0 million for the three months ended December 31, 2022, March 31, 2023, June 30, 2023, September 30, 2023, December 31, 2023 and for the years ended December 31, 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.


	Balances as of
(in millions USD, unless otherwise indicated)	December 31, 2022				December 31, 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	%	$	67,030	60.7	%
Fixed maturities, at fair value using the fair value option	1,508		1.5	%	1,654		1.5	%
Mortgage loans on real estate	16,481		16.9	%	18,171		16.5	%
Policy loans	4,033		4.1	%	4,158		3.8	%
Other equity investments	3,152		3.2	%	3,384		3.1	%
Other invested assets	3,885		4.0	%	6,719		6.1	%
Subtotal investment assets	92,420		94.9	%	101,116		91.6	%
Trading securities	677		0.7	%	1,057		1.0	%
Total investments	93,097		95.6	%	102,173		92.5	%
Cash and cash equivalents	4,281		4.4	%	8,239		7.5	%
Total	$	97,378	100.0	%	$	110,412	100.0	%

General Account AFS Fixed maturities by industry (Based on amortized cost)
Corporate securities:
Finance	$	13,537	18.7	%	$	13,181	17.9	%
Manufacturing	11,797		16.3	%	11,333		15.4	%
Utilities	6,808		9.4	%	6,838		9.3	%
Services	8,299		11.5	%	8,242		11.2	%
Energy	3,740		5.2	%	3,758		5.1	%
Retail and wholesale	3,394		4.7	%	3,253		4.4	%
Transportation	2,277		3.2	%	2,493		3.4	%
Other	124		0.2	%	190		0.3	%
Total corporate securities	49,976		69.2	%	49,288		67.0	%
U.S. government and agency	7,054		9.8	%	5,735		7.8	%
Residential mortgage-backed (2)	908		1.3	%	2,470		3.4	%
Preferred stock	41		0.1	%	56		0.1	%
State & municipal	609		0.8	%	614		0.8	%
Foreign governments	985		1.4	%	719		1.0	%
Commercial mortgage-backed	3,823		5.3	%	3,595		4.9	%
Asset-backed securities	8,859		12.3	%	11,049		15.0	%
Total	$	72,255	100.0	%	$	73,526	100.0	%

General Account AFS Fixed maturities credit quality (3) (Based on amortized cost)
Aaa, Aa, A (NAIC Designation 1)	$	44,612	61.7	%	$	47,694	64.9	%
Baa (NAIC Designation 2)	24,843		34.4	%	23,476		31.9	%
Investment grade	69,455		96.1	%	71,170		96.8	%
Below investment grade (NAIC Designation 3 and 4)	2,800		3.9	%	2,356		3.2	%
Total	$	72,255	100.0	%	$	73,526	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.


	For the Years Ended or As of
(in millions USD, unless otherwise indicated)	December 31, 2022				December 31, 2023
	Yield		Amount (2)		Yield		Amount (2)
Fixed Maturities:
Income (loss)	3.57	%	$	2,619	4.17	%	$	3,103
Ending assets			72,255				73,527
Mortgages:
Income (loss)	3.92	%	587		4.65	%	806
Ending assets			16,481				18,171
Other Equity Investments (1):
Income (loss)	5.21	%	171		3.88	%	135
Ending assets			3,433				3,433
Policy Loans:
Income	5.35	%	215		5.30	%	216
Ending assets			4,033				4,158
Cash and Short-term Investments: (3)
Income (loss)	(1.44)	%	(24)		(2.51)	%	(81)
Ending assets			1,419				4,718
Funding Agreements:
Interest expense and other			(156)				(425)
Ending (liabilities)			(8,501)				(7,616)
Total invested Assets:
Income (loss)	3.79	%	3,412		3.98	%	3,754
Ending assets			89,120				96,390
Short Duration Fixed Maturities:
Income (loss)	3.62	%	5		4.14	%	3
Ending assets			87				15
Total Net Investment Income:
Investment income	3.79	%	3,417		3.98	%	3,757
Less: investment fees (4)	(0.15)	%	(138)		(0.18)	%	(166)
Investment income, net	3.63	%	$	3,279	3.80	%	$	3,591
General Account Ending Net Assets			$	89,207			$	96,405
Operating Earnings adjustments:
Funding Agreements interest expense			156				425
AB and other non-General Account investment income			84				249
Operating Net investment income (loss)			$	3,519			$	4,265
Notes:

(1) Includes, as of December 31, 2022 and December 31, 2023, $400 million and $361 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 Short-term net of collateral expense.
(4) Fixed maturities yield excludes out of period income adjustment .


	For the Three Months Ended or As of										Years Ended or As of
(in millions USD, unless otherwise indicated)	12/31/2022		3/31/2023		6/30/2023		9/30/2023		12/31/2023		12/31/2022		12/31/2023

TOTAL
Beginning balance	$	6,322	$	6,369	$	6,419	$	6,512	$	6,599	$	6,113	$	6,369
Capitalization of commissions, sales and issue expenses	198		202		248		252		274		842		976
Amortization	(151)		(152)		(155)		(165)		(168)		(586)		(640)
Ending balance	$	6,369	$	6,419	$	6,512	$	6,599	$	6,705	$	6,369	$	6,705

Individual Retirement
Beginning balance	$	3,180	$	3,219	$	3,264	$	3,347	$	3,426	$	3,013	$	3,219
Capitalization of commissions, sales and issue expenses	126		134		175		181		187		539		677
Amortization	(87)		(89)		(92)		(102)		(105)		(333)		(388)
Ending balance	$	3,219	$	3,264	$	3,347	$	3,426	$	3,508	$	3,219	$	3,508

Group Retirement
Beginning balance	$	792	$	800	$	804	$	808	$	814	$	771	$	800
Capitalization of commissions, sales and issue expenses	23		19		19		20		25		88		83
Amortization	(15)		(15)		(15)		(14)		(14)		(59)		(58)
Ending balance	$	800	$	804	$	808	$	814	$	825	$	800	$	825

Protection Solutions
Beginning balance	$	1,614	$	1,630	$	1,644	$	1,660	$	1,676	$	1,559	$	1,630
Capitalization of commissions, sales and issue expenses	46		43		46		46		55		188		190
Amortization	(30)		(29)		(30)		(30)		(31)		(117)		(120)
Ending balance	$	1,630	$	1,644	$	1,660	$	1,676	$	1,700	$	1,630	$	1,700

Legacy
Beginning balance	$	606	$	593	$	583	$	575	$	564	$	631	$	593
Capitalization of commissions, sales and issue expenses	3		6		8		5		7		28		26
Amortization	(16)		(16)		(16)		(16)		(16)		(66)		(64)
Ending balance	$	593	$	583	$	575	$	564	$	555	$	593	$	555

Corporate and Other
Beginning balance	$	130	$	127	$	124	$	122	$	119	$	139	$	127
Capitalization of commissions, sales and issue expenses	—		—		—		—		—		(1)		—
Amortization	(3)		(3)		(2)		(3)		(2)		(11)		(10)
Ending balance	$	127	$	124	$	122	$	119	$	117	$	127	$	117


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 a 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; 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, impact of the annual actuarial assumption updates attributable to LFPB; 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.

In the third quarter 2023, the Company updated its operating earnings measure to exclude the impact of the annual actuarial assumption update attributable to LFPB as the majority of the earnings volatility attributable to these assumption updates relate to the Company’s Legacy and non-business segment products and as such do not represent the Company’s ongoing revenue generating activities or future business strategy, and impedes comparability of operating results period over period. Operating earnings were favorably impacted by this change in the amount of $61 million for the year ended December 31, 2023. The presentation of operating earnings in prior periods was not revised to reflect this modification because the impact to those periods was immaterial.
Also, in the fourth quarter of 2023, the Company updated its operating earnings measure to exclude the impact of realized amounts related to equity classified instruments. The recognition of the realized capital gains and losses from investments in current net investment income is generally considered distortive and not reflective of the ongoing core business activities of the segments. Operating earnings were favorably impacted in the amount of $8 million for the year ended December 31, 2023. The presentation of operating earnings in prior periods was not revised to reflect this modification. The impact to operating earnings would have been $36 million favorable for the year ended December 31, 2022 and $50 million unfavorable for the year ended December 31, 2021.
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.


	For the Three Months Ended or As of										Years Ended or As of
(in millions USD, unless otherwise indicated)	12/31/2022		3/31/2023		6/30/2023		9/30/2023		12/31/2023		12/31/2022		12/31/2023

Net income (loss) attributable to Holdings
Net income (loss) attributable to Holdings	$	62	$	177	$	759	$	1,064	$	(698)	$	2,153	$	1,302
Adjustments related to:
Variable annuity product features	129		861		(65)		(1,380)		1,191		(2,193)		607
Investment gains (losses), net	55		87		56		411		159		945		713

Net actuarial gains (losses) related to pension and other postretirement benefit obligations	25		9		9		8		13		82		39
Other adjustments (1) (2)	150		45		62		91		153		605		351
Income tax (expense) benefit related to above adjustments	(76)		(210)		(13)		183		(319)		118		(359)
Non-recurring tax items (3)	3		(605)		(367)		36		(23)		16		(959)
Non-GAAP Operating Earnings	$	348	$	364	$	441	$	413	$	476	$	1,726	$	1,694

Net income (loss) attributable to Holdings (4)	$	0.17	$	0.49	$	2.13	$	3.06	$	(2.07)	$	5.67	$	3.70
Less: Preferred stock dividends	0.07		0.04		0.07		0.04		0.08		0.21		0.22
Net income (loss) available to Holdings' common shareholders	0.10		0.45		2.06		3.02		(2.15)		5.46		3.48
Adjustments related to:
Variable annuity product features	0.35		2.36		(0.18)		(3.97)		3.53		(5.77)		1.73
Investment gains (losses), net	0.15		0.24		0.16		1.18		0.47		2.49		2.03

Net actuarial gains (losses) related to pension and other postretirement benefit obligations	0.07		0.02		0.03		0.02		0.04		0.22		0.11
Other adjustments (1) (2)	0.39		0.13		0.17		0.27		0.46		1.58		0.99
Income tax (expense) benefit related to above adjustments	(0.20)		(0.58)		(0.04)		0.53		(0.95)		0.31		(1.02)
Non-recurring tax items (3)	0.01		(1.66)		(1.03)		0.10		(0.07)		0.04		(2.73)
Non-GAAP Operating Earnings (loss) available to Holdings' common shareholders	$	0.87	$	0.96	$	1.17	$	1.15	$	1.33	$	4.33	$	4.59

Book Value per common share
Book Value per common share	$	(0.44)	$	6.10	$	5.69	$	0.23	$	3.26	$	(0.44)	$	3.26
Less: Per share impact of AOCI	(24.63)		(18.15)		(20.39)		(28.66)		(23.30)		(24.63)		(23.30)
Book value per common share (ex. AOCI)	$	24.19	$	24.25	$	26.08	$	28.90	$	26.56	$	24.19	$	26.56



Notes:


(1) Includes certain gross legal expenses related to the cost of insurance litigation, and claims related to a commercial relationship of $109 million, $50 million, $144 million and $218 million for the three months and years ended December 31, 2023 and 2022, respectively. Includes policyholder benefit costs of $75 million for the year ended December 31, 2022, stemming from a deal to repurchase UL policies from one entity that had invested in numerous policies purchased in the life settlement market. The legal accruals impact per common share is $0.32, $0.13, $0.41 and $0.57 for the three months and years ended December 31, 2023 and 2022, respectively. Includes policyholder benefit costs of $0.20 per common share for the year ended December 31, 2022 stemming from a deal to repurchase UL policies from one entity that had invested in numerous policies purchased in the life settlement market.

(2) Includes Non-GMxB related derivative hedge losses of $33 million, $26 million, $34 million and ($34) million for the three months and years ended December 31, 2023 and 2022, respectively. The impact per common share is $0.10, $0.07, $0.09 and $(0.09) for the three months and years ended December 31, 2023 and 2022, respectively.
(3) For the three and twelve months ended December 31, 2023, non-recurring tax items reflect primarily the effect of uncertain tax positions for a given audit period and tax valuation allowance decreases of $30 million and $1 billion, respectively, as well as $0.09 and $2.84 per common share, respectively.
(4) For periods with a net loss, dilutive shares were not included in the calculation of net income (loss) available to shareholders per common share or Non-GAAP Operating Earnings per common share as inclusion of such shares would have an anti-dilutive effect.


Reconciliation of Non-GAAP Measures (2/3)

	As of and for the Twelve Months Ended
(in millions USD, unless otherwise indicated)	6/30/2023			9/30/2023			12/31/2023

Net Income to Non-GAAP Operating Earnings
Net income (loss) attributable to Holdings	$	1,592		$	2,062		$	1,302
Adjustments related to:
Variable annuity product features	250			(455)			607
Investment (gains) losses	531			609			713

Net actuarial (gains) losses related to pension and other postretirement benefit obligations	62			51			39
Other adjustments	307			348			351
Income tax (expense) benefits related to above adjustments	(241)			(116)			(359)
Non-recurring tax items	(962)			(933)			(959)
Non-GAAP Operating Earnings	$	1,539		$	1,566		$	1,694

Return on Equity and Non-GAAP Operating Return on Equity - Trailing twelve months
Net income (loss) attributable to Holdings	$	1,592		$	2,062		$	1,302
Less: Preferred stock	(80)			(80)			(80)
Net income (loss) available to Holdings' common shareholders	$	1,512		$	1,982		$	1,222
Average equity attributable to Holdings' common shareholders (ex. AOCI)	$	8,848		$	9,139		$	9,147

Return on Equity (ex. AOCI)	17.1		%	21.7		%	13.4		%

Non-GAAP Operating Earnings	$	1,539		$	1,566		$	1,694
Less: Preferred stock	(80)			(80)			(80)
Non-GAAP Operating Earnings available to Holdings' common shareholders	$	1,459		$	1,486		$	1,614
Average equity attributable to Holdings' common shareholders (ex. AOCI)	$	8,848		$	9,139		$	9,147

Non-GAAP Operating Return on Equity (ex. AOCI)	16.5		%	16.3		%	17.6		%


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 is 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 the 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.

Analyst Coverage

Firm

Analyst

Phone Number

Citi

Michael Ward

1 (212) 816-4269

Deutsche Bank

Cave Montazeri

1 (212) 250-2798

Dowling & Partners

Joel Hurwitz

1 (860) 676-7312

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

Bob Jian Huang

1 (212) 761-6136

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

Feb '24

Dec '23

Financial Strength Ratings:

Equitable Financial Life Insurance Company

A+

Equitable Financial Life Insurance Company of America

A+

Credit Ratings:

Equitable Holdings, Inc.

bbb+

A-

Baa1

AllianceBernstein L.P. (1)

—

Investor and Media Contacts

Contact Investor Relations

Contact Media Relations

Erik Bass

Thomas Lewis

Jake Miller

Sophia Kim

(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 '23, Moody’s as of Aug '23.


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.


	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		9/30/2023		12/31/2023

Equity Reconciliation - Twelve Month Rolling Average
Total equity attributable to Holdings' shareholders	$	10,423	$	8,915	$	6,848	$	4,610	$	3,567	$	3,030	$	2,588	$	2,900
Less: Preferred Stock	1,562		1,562		1,562		1,562		1,562		1,562		1,562		1,562
Total equity attributable to Holdings' common shareholders	8,861		7,353		5,286		3,048		2,005		1,468		1,026		1,338
Less: Accumulated other comprehensive income (loss)	965		(572)		(2,759)		(5,333)		(6,636)		(7,380)		(8,113)		(7,809)
Total equity attributable to Holdings' common shareholders (ex. AOCI)	$	7,896	$	7,925	$	8,045	$	8,381	$	8,641	$	8,848	$	9,139	$	9,147


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 (loss), 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.


Wealth Management - Operating Earnings (Loss) and Summary Metrics


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		9/30/2023		12/31/2023

Equity Reconciliation - Quarter-end Balances
Total equity attributable to Holdings' shareholders	$	7,927	$	5,702	$	3,411	$	1,401	$	3,754	$	3,553	$	1,642	$	2,649
Less: Preferred Stock	1,562		1,562		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		80		1,087
Less: Accumulated other comprehensive income (loss)	(1,304)		(4,165)		(6,870)		(8,992)		(6,516)		(7,142)		(9,802)		(7,777)
Total equity attributable to Holdings' common shareholders (ex. AOCI)	$	7,669	$	8,305	$	8,719	$	8,831	$	8,708	$	9,133	$	9,882	$	8,864