Table of Contents
	Consolidated Financials and Key Metrics		Page
		Key Metrics Summary	4
		Consolidated Statements of Income (Loss)	5
		Consolidated Balance Sheets	6
		Consolidated Capital Structure	7
		Operating Earnings (Loss) by Segment and Corporate and Other	8
		Assets Under Management and Administration	9
		Sales Metrics by Segment	10
	Select Metrics from Business Segments
Individual Retirement
		Statements of Operating Earnings (Loss) and Summary Metrics	12
		Select Operating Metrics	13
Group Retirement
		Statements of Operating Earnings (Loss) and Summary Metrics	14
		Select Operating Metrics	15
Asset Management (1)
		Statements of Operating Earnings (Loss) and Summary Metrics	16
		Select Operating Metrics	17
		Net Flows	18
Protection Solutions
		Statements of Operating Earnings (Loss) and Summary Metrics	19
		Select Operating Metrics	20
Wealth Management
		Statements of Operating Earnings (Loss) and Summary Metrics	21
		Select Operating Metrics	22
Legacy
		Statements of Operating Earnings (Loss) and Summary Metrics	23
		Select Operating Metrics	24
	Investments
		Consolidated Investment Portfolio Composition	26
		Consolidated Results of General Account Investment Portfolio	27
	Additional Information
		Deferred Policy Acquisition Costs Rollforward	29
		Use of Non-GAAP Financial Measures	30
		Reconciliation of Non-GAAP Measures	32
		Glossary of Selected Financial and Product Terms	35
		Analyst Coverage, Ratings & Contact Information	37
		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 includes information from prior periods which have been revised

This financial supplement should be read in conjunction with Equitable Holdings' filings with the Securities and Exchange Commission (“SEC”) can be accessed upon filing at the SEC’s website at www.sec.gov, and at our website at ir.equitableholdings.com.

1Q 2025 Financial Supplement 2

Consolidated Financials

and Key Metrics

1Q 2025 Financial Supplement 3

Key Metrics Summary

	For the Three Months Ended or As of																	For the Three Months Ended or As of
(in millions USD, unless otherwise indicated)	3/31/2024			6/30/2024			9/30/2024			12/31/2024			3/31/2025			Change		3/31/2024			3/31/2025			Change
Net income (loss)	$	195		$	565		$	28		$	1,008		$	150		(23.1)	%	$	195		$	150		(23.1)	%
Net income (loss) attributable to the noncontrolling interest	(103)			(137)			(160)			(116)			(87)			15.5	%	(103)			(87)			15.5	%
Net income (loss) attributable to Holdings	$	92		$	428		$	(132)		$	892		$	63		(31.5)	%	$	92		$	63		(31.5)	%
Non-GAAP Operating Earnings (1)	$	477		$	495		$	517		$	515		$	421		(11.7)	%	$	477		$	421		(11.7)	%
Total equity attributable to Holdings' shareholders	$	1,992		$	1,598		$	3,201		$	1,565		$	2,401		20.5	%	$	1,992		$	2,401		20.5	%
Less: Preferred Stock	1,562			1,562			1,562			1,507			1,507			(3.5)	%	1,562			1,507			(3.5)	%
Total equity attributable to Holdings' common shareholders	430			36			1,639			58			894			107.9	%	430			894			107.9	%
Less: Accumulated other comprehensive income (loss)	(8,191)			(8,675)			(6,601)			(8,712)			(7,567)			7.6	%	(8,191)			(7,567)			7.6	%
Total equity attributable to Holdings' common shareholders (ex. AOCI)	$	8,621		$	8,711		$	8,240		$	8,770		$	8,461		(1.9)	%	$	8,621		$	8,461		(1.9)	%
Return on Equity (ex. AOCI) - TTM	12.3		%	8.8		%	(4.5)		%	14.0		%	13.7		%			12.3		%	13.7		%
Non-GAAP Operating ROE (1)	18.4		%	19.3		%	21.7		%	22.4		%	21.9		%			18.4		%	21.9		%
Debt to capital:
Debt to Capital (ex. AOCI)	27.3		%	27.2		%	28.1		%	27.2		%	30.3		%			27.3		%	30.3		%
Per common share:
Diluted earnings per common share: (2)
Net income (loss) attributable to Holdings	$	0.23		$	1.23		$	(0.46)		$	2.74		$	0.16		(33.0)	%	$	0.23		$	0.16		(33.0)	%
Non-GAAP Operating Earnings (1)	$	1.39		$	1.43		$	1.58		$	1.55		$	1.30		(6.5)	%	$	1.39		$	1.30		(6.5)	%
Book value per common share	$	1.31		$	0.11		$	5.20		$	0.19		$	2.92		122.4	%	$	1.31		$	2.92		122.4	%
Book value per common share (ex. AOCI)	$	26.31		$	27.09		$	26.12		$	28.30		$	27.62		5.0	%	$	26.31		$	27.62		5.0	%
Adjusted capital metrics:
Total equity adjustment for Holdings' portion of AB's market value (3)	$	3,393		$	3,177		$	3,309		$	3,684		$	4,003		18.0	%	$	3,393		$	4,003		18.0	%
Book value with AB at market value per common share (ex. AOCI)	$	36.67		$	36.97		$	36.61		$	40.19		$	39.96		9.0	%	$	36.67		$	39.96		9.0	%
Debt to capital with AB at market value (ex. AOCI)	22.0		%	22.2		%	22.6		%	21.5		%	23.7		%			22.0		%	23.7		%
Weighted-average common shares outstanding:
Basic	330.2			324.2			318.2			312.2			307.8			(6.8)	%	330.2			307.8			(6.8)	%
Diluted	332.7			327.3			318.2			316.5			311.9			(6.3)	%	332.7			311.9			(6.3)	%
Ending common shares outstanding	327.6			321.6			315.5			309.9			306.3			(6.5)	%	327.6			306.3			(6.5)	%
Return to common shareholders:
Common stock dividend	$	73		$	78		$	76		$	75		$	74				$	73		$	74
Repurchase of common shares	253			247			254			260			261					253			261
Total capital returned to common shareholders	$	326		$	325		$	330		$	335		$	335				$	326		$	335
Notes:
Some financial metrics have been revised for prior periods; for additional information, please refer to our Form 10-Q, to be filed on or about May 1, 2025.
(1) This measure is a Non-GAAP financial measure. For an explanation of our use of Non-GAAP financial measures, refer to the “Use of Non-GAAP Financial Measures” and "Glossary of Selected Financial and Product Terms" sections of this document. For a reconciliation of this item to the most directly comparable GAAP measure, refer to the “Non-GAAP Reconciliation” section in this document.
(2) For loss periods, dilutive shares were not included in the calculation of net income (loss) available to shareholders per common share or Non-GAAP Operating Earnings per common share as inclusion of such shares would have an anti-dilutive effect.
(3) Adjustment for AB market value represents the difference between EQH economic interest in AB's total units multiplied by AB's total units and EQH economic interest in AB's Total Partners' Capital Attributable to AB Unitholders ex. AOCI. For the quarters ending 3/31/2025, 12/31/2024, 9/30/2024, 6/30/2024 and 3/31/2024, AB's total units, including General Partnership units ABLP units, were 295.2 million, 295.1 million, 288.4 million, 289.7 million and 290.2 million, respectively. This is a pro-forma calculation not the figures recorded in our financial statements.

1Q 2025 Financial Supplement 4

Consolidated Statements of Income (Loss)

	For the Three Months Ended												For the Three Months Ended
(in millions USD, unless otherwise indicated)	3/31/2024		6/30/2024		9/30/2024		12/31/2024		3/31/2025		Change		3/31/2024		3/31/2025		Change
Revenues
Policy charges and fee income	$	614	$	617	$	626	$	638	$	636	3.6	%	$	614	$	636	3.6	%
Premiums	285		282		312		293		304		6.7	%	285		304		6.7	%
Net derivative gains (losses)	(1,376)		(208)		(714)		(253)		799		158.1	%	(1,376)		799		158.1	%
Net investment income (loss)	1,210		1,167		1,308		1,196		1,248		3.1	%	1,210		1,248		3.1	%
Investment gains (losses), net	(39)		(16)		(46)		(32)		(14)		64.1	%	(39)		(14)		64.1	%
Investment management and service fees	1,278		1,240		1,287		1,458		1,285		0.5	%	1,278		1,285		0.5	%
Other income	258		425		300		315		318		23.3	%	258		318		23.3	%
Total revenues	2,230		3,507		3,073		3,615		4,576		105.2	%	2,230		4,576		105.2	%
Benefits and other deductions
Policyholders’ benefits	677		667		663		689		759		12.1	%	677		759		12.1	%
Remeasurement of liability for future policy benefits	5		(7)		(1)		(3)		(2)		(140.0)	%	5		(2)		(140.0)	%
Change in market risk benefits and purchased market risk benefits	(1,088)		(132)		97		(817)		672		161.8	%	(1,088)		672		161.8	%
Interest credited to policyholders’ account balances	579		599		701		614		678		17.1	%	579		678		17.1	%
Compensation and benefits	620		577		571		683		601		(3.1)	%	620		601		(3.1)	%
Commissions and distribution related payments	437		463		485		511		501		14.6	%	437		501		14.6	%
Interest expense	57		62		55		52		55		(3.5)	%	57		55		(3.5)	%
Amortization of deferred policy acquisition costs	172		169		184		186		188		9.3	%	172		188		9.3	%
Other operating costs and expenses	552		428		329		513		950		72.1	%	552		950		72.1	%
Total benefits and other deductions	2,011		2,826		3,084		2,428		4,402		118.9	%	2,011		4,402		118.9	%
Income (loss) from operations, before income taxes	219		681		(11)		1,187		174		(20.5)	%	219		174		(20.5)	%
Income tax (expense) benefit	(24)		(116)		39		(179)		(24)		—	%	(24)		(24)		—	%
Net income (loss)	195		565		28		1,008		150		(23.1)	%	195		150		(23.1)	%
Less: net (income) loss attributable to the noncontrolling interest	(103)		(137)		(160)		(116)		(87)		15.5	%	(103)		(87)		15.5	%
Net income (loss) attributable to Holdings	$	92	$	428	$	(132)	$	892	$	63	(31.5)	%	$	92	$	63	(31.5)	%
Less: Preferred stock dividends	(14)		(26)		(14)		(26)		(14)		—	%	(14)		(14)		—	%
Net income (loss) available to Holdings' common shareholders	$	78	$	402	$	(146)	$	866	$	49	(37.2)	%	$	78	$	49	(37.2)	%
Adjustments related to:
Variable annuity product features (1)	$	330	$	81	$	756	$	(530)	$	211			$	330	$	211
Investment gains (losses), net	39		16		46		32		14				39		14
Net actuarial gains (losses) related to pension and other postretirement benefit obligations	17		14		13		16		11				17		11
Other adjustments (2)	91		(33)		1		34		205				91		205
Income tax (expense) benefit related to above adjustments	(100)		(16)		(172)		94		(92)				(100)		(92)
Non-recurring tax items	8		5		5		(23)		9				8		9
Non-GAAP Operating earnings (3)	$	477	$	495	$	517	$	515	$	421			$	477	$	421
Notes:
(1) As a result of the novation of certain Legacy VA policies completed during the first quarter, the Company recorded a loss of $499 million in pre-tax net income and an increase of $263 million in pre-tax AOCI, for a total impact loss of $236 million.
(2) Includes a loss of $165 million on Non-VA derivatives for the three months ended March 31, 2025 and includes certain gross legal expenses related to the COI litigation of $106 million for the three months ended 2024.
(3) This measure is a Non-GAAP financial measure. For an explanation of our use of Non-GAAP financial measures, refer to the “Use of Non-GAAP Financial Measures” and "Glossary of Selected Financial and Product Terms" sections of this document. For a reconciliation of this item to the most directly comparable GAAP measure, refer to the “Non-GAAP Reconciliation” section in this document.

1Q 2025 Financial Supplement 5

Consolidated Balance Sheets

	Balances as of
(in millions USD, unless otherwise indicated)	3/31/2024		6/30/2024		9/30/2024		12/31/2024		3/31/2025
Assets
Total investments	$	102,620	$	107,726	$	114,246	$	116,441	$	118,908
Cash and cash equivalents	10,357		9,684		9,579		6,964		8,164
Cash and securities segregated, at fair value	866		592		547		500		772
Broker-dealer related receivables	1,808		1,801		1,898		1,961		1,931
Deferred policy acquisition costs	6,804		6,924		7,031		7,170		7,262
Goodwill and other intangible assets, net	5,419		5,403		5,388		5,371		5,356
Amounts due from reinsurers	8,252		8,087		8,068		7,899		7,523
Current and deferred income taxes	2,075		2,129		1,707		2,003		1,687
Purchased market risk benefits	8,348		8,002		8,492		7,376		5,976
Other assets	3,619		3,828		3,738		4,462		4,574
Assets held-for-sale	745		—		—		—		—
Assets for market risk benefits	821		799		740		863		644
Separate Accounts assets	133,735		132,664		137,407		134,717		124,569
Total assets	$	285,469	$	287,639	$	298,841	$	295,727	$	287,366
Liabilities
Policyholders’ account balances	$	100,228	$	104,049	$	107,404	$	110,929	$	112,793
Liability for market risk benefits	12,833		12,612		13,197		11,810		10,864
Future policy benefits and other policyholders’ liabilities	17,340		17,433		17,936		17,613		17,372
Broker-dealer related payables	1,022		839		1,382		775		642
Customers related payables	2,162		2,060		1,795		1,933		2,135
Amounts due to reinsurers	1,402		1,373		1,426		1,421		1,357
Short-term debt	—		—		—		—		—
Long-term debt	3,821		3,830		3,831		3,833		4,330
Notes issued by consolidated variable interest entities, at fair value using the fair value option	1,580		1,740		1,744		2,116		2,110
Other liabilities	6,401		6,612		6,540		7,032		6,700
Liabilities held-for-sale	239		—		—		—		—
Separate Accounts liabilities	133,735		132,664		137,407		134,717		124,569
Total liabilities	280,763		283,212		292,662		292,179		282,872
Redeemable noncontrolling interest	991		1,088		1,223		125		289
Equity
Preferred stock	1,562		1,562		1,562		1,507		1,507
Common stock	5		5		5		5		5
Additional paid-in capital	2,322		2,337		2,343		2,336		2,305
Treasury shares	(3,801)		(3,932)		(4,072)		(4,198)		(4,296)
Retained earnings	10,095		10,301		9,964		10,627		10,447
Accumulated other comprehensive income (loss)	(8,191)		(8,675)		(6,601)		(8,712)		(7,567)
Total equity attributable to Holdings	1,992		1,598		3,201		1,565		2,401
Noncontrolling interest	1,723		1,741		1,755		1,858		1,804
Total equity	3,715		3,339		4,956		3,423		4,205
Total liabilities, redeemable noncontrolling interest and equity	$	285,469	$	287,639	$	298,841	$	295,727	$	287,366

1Q 2025 Financial Supplement 6

Consolidated Capital Structure

	Balances as of
(in millions USD, unless otherwise indicated)	3/31/2024			6/30/2024			9/30/2024			12/31/2024			3/31/2025
Short-term and long-term debt:
Short-term debt
AB commercial paper	$	—		$	—		$	—		$	—		$	—
AB revolving credit facility	—			—			—			—			—
CLO Warehousing Debt	—			—			—			—			—
Current portion of long-term debt	—			—			—			—			—
Total short-term debt	—			—			—			—			—
Total long-term debt	3,821			3,830			3,831			3,833			4,330
Total short-term and long-term debt: [A]	$	3,821		$	3,830		$	3,831		$	3,833		$	4,330
Equity:
Preferred stock	$	1,562		$	1,562		$	1,562		$	1,507		$	1,507
Common stock	5			5			5			5			5
Additional paid-in capital	2,322			2,337			2,343			2,336			2,305
Treasury stock, at cost	(3,801)			(3,932)			(4,072)			(4,198)			(4,296)
Retained earnings	10,095			10,301			9,964			10,627			10,447
Accumulated other comprehensive income (loss)	(8,191)			(8,675)			(6,601)			(8,712)			(7,567)
Total equity attributable to Holdings	1,992			1,598			3,201			1,565			2,401
Noncontrolling interest	1,723			1,741			1,755			1,858			1,804
Total equity	$	3,715		$	3,339		$	4,956		$	3,423		$	4,205
Total equity attributable to Holdings, (ex. AOCI): [B]	$	10,183		$	10,273		$	9,802		$	10,277		$	9,968
Capital:
Total capitalization (1)	$	5,813		$	5,428		$	7,032		$	5,398		$	6,731
Total capitalization (ex. AOCI): [A+B] (2)	$	14,004		$	14,103		$	13,633		$	14,110		$	14,298
Debt to capital:
Debt to capital (ex. AOCI) (2)	27.3		%	27.2		%	28.1		%	27.2		%	30.3		%
	For the Three Months Ended
Roll-forward of common shares outstanding (millions of shares):
Beginning balance	333.8			327.6			321.6			315.5			309.9
Repurchases	(3.2)			(3.2)			(3.4)			(2.6)			(2.3)
Retirements	(4.3)			(3.1)			(2.8)			(3.1)			(2.7)
Issuances	1.3			0.3			0.1			0.1			1.4
Ending basic common shares outstanding	327.6			321.6			315.5			309.9			306.3
Total potentially dilutive shares	2.5			3.2			3.4			3.6			4.1
Ending common shares outstanding - maximum potential dilution	330.1			324.7			318.9			313.5			310.4
Notes:

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

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

1Q 2025 Financial Supplement 7

Operating Earnings (Loss) by Segment and Corporate and Other
	Three Months Ended March 31, 2025
(in millions USD, unless otherwise indicated)	Individual Retirement		Group Retirement		Asset Management		Protection Solutions		Wealth Management		Legacy		Corporate and Other		Eliminations		Consolidated
Revenues
Policy charges, fee income and premiums	$	224	$	82	$	—	$	534	$	—	$	19	$	81	$	—	$	940
Net investment income (loss)	693		151		3		251		3		9		110		25		1,245
Net derivative gains (losses)	(5)		—		(13)		1		—		—		8		5		(4)
Investment management, service fees and other income	85		83		1,098		40		460		92		5		(260)		1,603
Segment revenues	997		316		1,088		826		463		120		204		(230)		3,784
Benefits and other deductions
Policyholders’ benefits	92		—		—		556		—		—		111		—		759
Remeasurement of liability for future policy benefits	(1)		—		—		(2)		—		—		1		—		(2)
Interest credited to policyholders’ account balances	365		63		—		121		—		7		107		—		663
Commissions and distribution related payments	98		43		201		42		293		36		6		(218)		501
Amortization of deferred policy acquisition costs	124		15		—		32		—		15		2		—		188
Compensation and benefits, interest expense and financing fees and other operating costs and expense	64		42		614		96		109		34		96		(12)		1,043
Segment benefits and other deductions	742		163		815		845		402		92		323		(230)		3,152
Operating earnings (loss), before income taxes	255		153		273		(19)		61		28		(119)		—		632
Income Taxes	(39)		(23)		(41)		3		(15)		(4)		17		—		(102)
Operating earnings (loss), before noncontrolling interest	216		130		232		(16)		46		24		(102)		—		530
Less: Operating (earnings) loss attributable to the noncontrolling interest	—		—		(106)		(1)		—		—		(2)		—		(109)
Operating earnings (loss)	$	216	$	130	$	126	$	(17)	$	46	$	24	$	(104)	$	—	$	421
	Three Months Ended March 31, 2024
	Individual Retirement		Group Retirement		Asset Management		Protection Solutions		Wealth Management		Legacy		Corporate and Other		Eliminations		Consolidated
Revenues
Policy charges, fee income and premiums	$	208	$	73	$	—	$	528	$	—	$	12	$	78	$	—	$	899
Net investment income (loss)	549		141		8		256		4		16		179		21		1,174
Net derivative gains (losses)	(5)		—		(5)		—		—		—		(8)		5		(13)
Investment Management, service fees and other income	88		77		1,090		40		419		101		6		(242)		1,579
Segment revenues	840		291		1,093		824		423		129		255		(216)		3,639
Benefits and other deductions
Policyholders’ benefits	77		—		—		487		—		—		113		—		677
Remeasurement of liability for future policy benefits	(3)		—		—		(4)		—		—		12		—		5
Interest credited to policyholders’ account balances	248		52		—		128		—		9		142		—		579
Commissions and distribution related payments	77		44		173		40		260		40		3		(200)		437
Amortization of deferred policy acquisition costs	109		15		—		30		—		16		2		—		172
Compensation and benefits, interest expense and financing fees and other operating costs and expense	54		35		672		92		105		25		107		(16)		1,074
Segment benefits and other deductions	562		146		845		773		365		90		379		(216)		2,944
Operating earnings (loss), before income taxes	278		145		248		51		58		39		(124)		—		695
Income Taxes	(40)		(21)		(44)		(7)		(15)		(6)		23		—		(110)
Operating earnings (loss), before noncontrolling interest	238		124		204		44		43		33		(101)		—		585
Less: Operating (earnings) loss attributable to the noncontrolling interest	—		—		(98)		—		—		—		(10)		—		(108)
Operating earnings (loss)	$	238	$	124	$	106	$	44	$	43	$	33	$	(111)	$	—	$	477

1Q 2025 Financial Supplement 8

Assets Under Management and Administration

	Balances as of
(in billions USD, unless otherwise indicated)	3/31/2024			6/30/2024			9/30/2024			12/31/2024			3/31/2025
AB AUM
Total AB	$	758.7		$	769.5		$	805.9		$	792.2		$	784.5
Exclusion for General Account and other Affiliated Accounts	(76.8)			(80.8)			(85.0)			(84.2)			(87.4)
Exclusion for Separate Accounts	(46.4)			(46.3)			(48.4)			(47.3)			(44.7)
AB third party	$	635.4		$	642.4		$	672.6		$	660.7		$	652.4
Total Company AUM
AB third party	$	635.4		$	642.4		$	672.6		$	660.7		$	652.4
General Account and other Affiliated Accounts (1) (3) (4)	113.0			117.4			123.8			123.4			127.1
Separate Accounts (2) (3) (4)	133.7			132.7			137.4			134.7			124.6
Total AUM	$	882.1		$	892.5		$	933.8		$	918.8		$	904.0
Total AUA (5) (6)	$	92.5		$	94.8		$	101.5		$	101.7		$	102.1
Total AUM/A	$	974.6		$	987.3		$	1,035.3		$	1,020.5		$	1,006.1
Market Values:
S&P 500	5,254			5,460			5,762			5,882			5,612
US 10-Year Treasury	4.2		%	4.4		%	3.7		%	4.6		%	4.2		%
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 March 31, 2024, June 30, 2024, September 30, 2024, December 31, 2024 and March 31, 2025, Separate Account is inclusive of $12.9 billion, $12.5 billion, $12.8 billion, $12.3 billion and $7.9 billion & General Account AUM is inclusive of $47 million, $46 million, $44 million, $43 million and $31 million, respectively, Account Value ceded to Venerable.
(4) As of March 31, 2024, June 30, 2024, September 30, 2024, December 31, 2024 and March 31, 2025, Separate Account is inclusive of $6.9 billion, $6.8 billion, $7.1 billion, $6.9 billion and $6.5 billion & General Account AUM is inclusive of $3.5 billion, $3.4 billion, $3.3 billion, $3.2 billion and $3.2 billion, respectively, Account Value ceded to Global Atlantic.
(5) Includes Advisory, Brokerage and Direct assets included in our Wealth Management segment.
(6) Balances were revised from previously filed financial statement supplement.

1Q 2025 Financial Supplement 9

Sales Metrics by Segment

	For the Three Months Ended												For the Three Months Ended
(in millions USD, unless otherwise indicated)	3/31/2024		6/30/2024		9/30/2024		12/31/2024		3/31/2025		Change		3/31/2024		3/31/2025		Change
Insurance Operations
Individual Retirement
First year premiums and deposits	$	4,313	$	4,485	$	4,854	$	4,908	$	4,563	5.8	%	$	4,313	$	4,563	5.8	%
Renewal premium and deposits	72		58		58		60		58		(19.4)	%	72		58		(19.4)	%
Total Gross Premiums	$	4,385	$	4,543	$	4,912	$	4,968	$	4,621	5.4	%	$	4,385	$	4,621	5.4	%
Group Retirement
First year premiums and deposits	$	428	$	950	$	454	$	530	$	854	99.5	%	$	428	$	854	99.5	%
Renewal premium and deposits	590		620		501		619		622		5.4	%	590		622		5.3	%
Total Gross Premiums	$	1,018	$	1,570	$	955	$	1,149	$	1,476	45.0	%	$	1,018	$	1,476	44.9	%
Protection Solutions
First year premiums and deposits	$	113	$	121	$	127	$	148	$	130	15.0	%	$	113	$	130	15.0	%
Renewal premium and deposits	665		663		666		681		670		0.8	%	665		670		0.8	%
Total Gross Premiums	$	778	$	784	$	793	$	829	$	800	2.8	%	$	778	$	800	2.8	%
Asset Management (in billions USD)
Gross Sales by distribution channel
Institutional	$	3.3	$	3.3	$	4.2	$	2.0	$	4.6	39.4	%	$	3.3	$	4.6	39.4	%
Retail	23.8		23.2		26.6		26.4		25.7		8.0	%	23.8		25.7		8.0	%
Private Wealth	5.5		5.4		4.7		5.2		5.8		5.5	%	5.5		5.8		5.5	%
Firmwide Gross Sales	$	32.6	$	31.9	$	35.5	$	33.6	$	36.1	10.7	%	$	32.6	$	36.1	10.7	%
Gross sales by investment service
Equity Active	$	11.7	$	12.5	$	13.0	$	11.8	$	13.2	12.8	%	$	11.7	$	13.2	12.8	%
Equity Passive (1)	0.7		0.3		0.2		0.2		0.5		(28.6)	%	0.7		0.5		(28.6)	%
Fixed Income - Taxable	12.1		10.3		11.6		10.4		12.4		2.5	%	12.1		12.4		2.5	%
Fixed Income - Tax-Exempt	5.3		4.9		5.6		8.5		5.8		9.4	%	5.3		5.8		9.4	%
Fixed Income Passive (1)	—		—		—		—		—		—	%	—		—		100.0	%
Alternatives/Multi-Asset Solutions (2)	2.8		3.9		5.1		2.7		4.2		50.0	%	2.8		4.2		50.0	%
Firmwide Gross Sales	$	32.6	$	31.9	$	35.5	$	33.6	$	36.1	10.7	%	$	32.6	$	36.1	10.7	%
Notes:
(1) Includes index and enhanced index services.
(2) Includes certain multi-asset solutions and services not included in equity or fixed income services.

1Q 2025 Financial Supplement 10

Business Segments:

Operating Earnings Results and Metrics

1Q 2025 Financial Supplement 11

Individual Retirement - Operating Earnings (Loss) and Summary Metrics

	For the Three Months Ended or As of																	For the Three Months Ended or As of
(in millions USD, unless otherwise indicated)	3/31/2024			6/30/2024			9/30/2024			12/31/2024			3/31/2025			Change		3/31/2024			3/31/2025			Change
Revenues
Policy charges, fee income and premiums	$	208		$	209		$	224		$	223		$	224		7.7	%	$	208		$	224		7.7	%
Net investment income (loss)	549			593			635			666			693			26.2	%	549			693			26.2	%
Net derivative gains (losses)	(5)			(6)			(5)			(5)			(5)			—	%	(5)			(5)			—	%
Investment management, service fees and other income	88			92			90			95			85			(3.4)	%	88			85			(3.4)	%
Segment revenues	840			888			944			979			997			18.7	%	840			997			18.7	%
Benefits and other deductions
Policyholders’ benefits	77			78			82			87			92			19.5	%	77			92			19.5	%
Remeasurement of liability for future policy benefits	(3)			1			1			(1)			(1)			66.7	%	(3)			(1)			66.7	%
Interest credited to policyholders’ account balances	248			281			336			343			365			47.2	%	248			365			47.2	%
Commissions and distribution-related payments	77			80			97			102			98			27.3	%	77			98			27.3	%
Amortization of deferred policy acquisition costs	109			111			119			121			124			13.8	%	109			124			13.8	%
Compensation and benefits, interest expense and financing fees and other operating costs and expense	54			51			48			52			64			18.5	%	54			64			18.5	%
Segment benefits and other deductions	562			602			683			704			742			32.0	%	562			742			32.0	%
Operating earnings (loss), before income taxes	278			286			261			275			255			(8.3)	%	278			255			(8.3)	%
Income taxes	(40)			(40)			(37)			(35)			(39)			2.5	%	(40)			(39)			2.5	%
Operating earnings (loss), before noncontrolling interest	238			246			224			240			216			(9.2)	%	238			216			(9.2)	%
Less: Operating (earnings) loss attributable to the noncontrolling interest	—			—			—			—			—			—	%	—			—			—	%
Operating earnings (loss)	$	238		$	246		$	224		$	240		$	216		(9.2)	%	$	238		$	216		(9.2)	%
Summary Metrics
Operating earnings (loss) - TTM:	$	918		$	920		$	922		$	948		$	926		0.9	%	$	918		$	926		0.9	%
Average Account Value net of embedded derivative instruments (TTM)	$	78,256		$	81,128		$	84,596		$	88,164		$	91,041		16.3	%	$	78,256		$	91,041		16.3	%
Return on assets net of embedded derivative instruments (TTM)	1.40		%	1.36		%	1.28		%	1.25		%	1.18		%			1.40		%	1.18		%
Net flows	$	1,647		$	1,853		$	1,910		$	1,747		$	1,431		(13.1)	%	$	1,647		$	1,431		(13.1)	%
First year premiums and deposits	$	4,313		$	4,485		$	4,854		$	4,908		$	4,563		5.8	%	$	4,313		$	4,563		5.8	%
In-force Policy Count by Product (in thousands):	622			629			636			643			648					622			648

1Q 2025 Financial Supplement 12

Individual Retirement - Select Operating Metrics
	For the Three Months Ended or As of										For the Three Months Ended or As of
(in millions USD, unless otherwise indicated)	3/31/2024		6/30/2024		9/30/2024		12/31/2024		3/31/2025		3/31/2024		3/31/2025
Sales Metrics
First Year Premiums and Deposits by Product:
SCS	$	3,023	$	2,983	$	3,072	$	3,127	$	2,988	$	3,023	$	2,988
SCS Income	393		482		556		619		546		393		546
Retirement Cornerstone	561		555		555		588		556		561		556
Investment Edge	310		430		594		462		413		310		413
Other	26		35		77		112		60		26		60
Total First Year Premiums and Deposits	$	4,313	$	4,485	$	4,854	$	4,908	$	4,563	$	4,313	$	4,563
Account Values
General Account:
Balance as of beginning of period	$	52,387	$	57,583	$	61,452	$	66,473	$	69,020	$	52,387	$	69,020
Gross premiums and deposits (1)	3,410		3,494		3,621		3,552		3,859		3,410		3,859
Surrenders, withdrawals and benefits	(1,225)		(1,191)		(1,343)		(1,416)		(1,485)		(1,225)		(1,485)
Net flows	2,185		2,303		2,278		2,136		2,374		2,185		2,374
Change in market value and reinvestment	(58)		294		1,247		(856)		1,623		(58)		1,623
Change in fair value of embedded derivative instruments	3,069		1,272		1,496		1,267		(2,918)		3,069		(2,918)
Other	—		—		—		—		—		—		—
Balance as of end of period	$	57,583	$	61,452	$	66,473	$	69,020	$	70,099	$	57,583	$	70,099
Balance as of end of period net of embedded derivative instruments	$	44,122	$	46,782	$	50,506	$	52,090	$	56,324	$	44,122	$	56,324
Separate Accounts:
Balance as of beginning of period	$	39,619	$	41,062	$	40,810	$	42,393	$	41,524	$	39,619	$	41,524
Gross premiums and deposits (1)	946		1,026		1,235		1,316		718		946		718
Surrenders, withdrawals and benefits	(1,484)		(1,476)		(1,603)		(1,705)		(1,661)		(1,484)		(1,661)
Net flows	(538)		(450)		(368)		(389)		(943)		(538)		(943)
Change in market value and reinvestment	1,981		198		1,951		(480)		(987)		1,981		(987)
Change in fair value of embedded derivative instruments	—		—		—		—		—		—		—
Other	—		—		—		—		—		—		—
Balance as of end of period	$	41,062	$	40,810	$	42,393	$	41,524	$	39,594	$	41,062	$	39,594
Total:
Balance as of beginning of period	$	92,006	$	98,645	$	102,262	$	108,866	$	110,544	$	92,006	$	110,544
Gross premiums and deposits (1)	4,356		4,520		4,856		4,868		4,577		4,356		4,577
Surrenders, withdrawals and benefits	(2,709)		(2,667)		(2,946)		(3,121)		(3,146)		(2,709)		(3,146)
Net flows	1,647		1,853		1,910		1,747		1,431		1,647		1,431
Change in market value and reinvestment	1,923		492		3,198		(1,336)		636		1,923		636
Change in fair value of embedded derivative instruments	3,069		1,272		1,496		1,267		(2,918)		3,069		(2,918)
Other	—		—		—		—		—		—		—
Balance as of end of period	$	98,645	$	102,262	$	108,866	$	110,544	$	109,693	$	98,645	$	109,693
Balance as of end of period net of embedded derivative instruments	$	85,184	$	87,592	$	92,899	$	93,614	$	95,918	$	85,184	$	95,918
Net Amount at Risk (NAR)
Total GMIB NAR	$	17	$	21	$	31	$	31	$	45	$	17	$	45
Total GMWB NAR	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Total GMDB NAR	$	2,868	$	2,972	$	2,705	$	2,977	$	3,261	$	2,868	$	3,261
MRB Reserves (Net of Reinsurance)	$	320	$	399	$	576	$	468	$	738	$	320	$	738
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.

1Q 2025 Financial Supplement 13

Group Retirement - Operating Earnings (Loss) and Summary Metrics

	For the Three Months Ended or As of																	For the Three Months Ended or As of
(in millions USD, unless otherwise indicated)	3/31/2024			6/30/2024			9/30/2024			12/31/2024			3/31/2025			Change		3/31/2024			3/31/2025			Change
Revenues
Policy charges, fee income and premiums	$	73		$	79		$	81		$	84		$	82		12.3	%	$	73		$	82		12.3	%
Net investment income (loss)	141			139			142			137			151			7.1	%	141			151			7.1	%
Net derivative gains (losses)	—			—			(1)			—			—			—	%	—			—			—	%
Investment management, service fees and other income	77			65			91			85			83			7.8	%	77			83			7.8	%
Segment revenues	291			283			313			306			316			8.6	%	291			316			8.6	%
Benefits and other deductions
Policyholder benefits	—			—			—			—			—			—	%	—			—			—	%
Remeasurement of liability for future policy benefits	—			—			—			—			—			—	%	—			—			—	%
Interest credited to policyholders’ account balances	52			56			60			59			63			21.2	%	52			63			21.2	%
Commissions and distribution-related payments	44			45			39			42			43			(2.3)	%	44			43			(2.3)	%
Amortization of deferred policy acquisition costs	15			8			16			15			15			—	%	15			15			—	%
Compensation and benefits, interest expense and financing fees and other operating costs and expense	35			29			34			38			42			20.0	%	35			42			20.0	%
Segment benefits and other deductions	146			138			149			154			163			11.6	%	146			163			11.6	%
Operating earnings (loss), before income taxes	145			145			164			152			153			5.5	%	145			153			5.5	%
Income taxes	(21)			(20)			(23)			(20)			(23)			(9.5)	%	(21)			(23)			(9.5)	%
Operating earnings (loss), before noncontrolling interest	124			125			141			132			130			4.8	%	124			130			4.8	%
Less: Operating (earnings) loss attributable to the noncontrolling interest	—			—			—			—			—			—	%	—			—			—	%
Operating earnings (loss)	$	124		$	125		$	141		$	132		$	130		4.8	%	$	124		$	130		4.8	%
Summary Metrics
Operating earnings (loss) - TTM:	$	432		$	453		$	489		$	522		$	528		22.2	%	$	432		$	528		22.2	%
Average Account Value net of embedded derivative instruments (TTM)	$	35,400		$	36,535		$	37,712		$	39,071		$	39,767		12.3	%	$	35,400		$	39,767		12.3	%
Return on assets net of embedded derivative instruments (TTM)	1.46		%	1.48		%	1.52		%	1.55		%	1.54		%			1.46		%	1.54		%
Net flows	$	(132)		$	408		$	(246)		$	(134)		$	192		245.5	%	$	(132)		$	192		245.5	%
Gross premiums and deposits	$	1,018		$	1,570		$	955		$	1,149		$	1,476		45.0	%	$	1,018		$	1,476		45.0	%

1Q 2025 Financial Supplement 14

Group Retirement - Select Operating Metrics

	For the Three Months Ended or As of										For the Three Months Ended or As of
(in millions USD, unless otherwise indicated)	3/31/2024		6/30/2024		9/30/2024		12/31/2024		3/31/2025		3/31/2024		3/31/2025
Sales Metrics
Gross premiums and deposits:
First-year premiums and deposits	$	428	$	950	$	454	$	530	$	854	$	428	$	854
Renewal premiums and deposits	590		620		501		619		622		590		622
Group Retirement premiums and deposits	$	1,018	$	1,570	$	955	$	1,149	$	1,476	$	1,018	$	1,476
Gross premiums and deposits by market:
Tax-exempt	$	317	$	298	$	311	$	326	$	349	$	317	$	349
Corporate	93		108		115		93		78		93		78
Institutional	15		542		26		108		424		15		424
Other	3		2		2		3		3		3		3
Total first year premiums and deposits	428		950		454		530		854		428		854
Tax-exempt	453		492		381		492		486		453		486
Corporate	99		93		92		92		103		99		103
Institutional	—		—		—		—		—		—		—
Other	38		35		28		35		33		38		33
Total renewal premiums and deposits	590		620		501		619		622		590		622
Group Retirement premiums and deposits by market	$	1,018	$	1,570	$	955	$	1,149	$	1,476	$	1,018	$	1,476
Account Values and Assets under Administration
General Account:
Balance as of beginning of period	$	8,952	$	8,882	$	9,382	$	9,369	$	9,341	$	8,952	$	9,341
Gross premiums and deposits	222		768		240		325		669		222		669
Surrenders, withdrawals and benefits	(360)		(332)		(362)		(372)		(355)		(360)		(355)
Net flows	(138)		436		(122)		(47)		314		(138)		314
Change in market value and reinvestment	45		57		96		14		84		45		84
Change in fair value of embedded derivative instruments	23		7		13		5		(18)		23		(18)
Other	—		—		—		—		—		—		—
Balance as of end of period	$	8,882	$	9,382	$	9,369	$	9,341	$	9,721	$	8,882	$	9,721
Balance as of end of period net of embedded derivative instruments	$	8,795	$	9,306	$	9,293	$	9,271	$	9,679	$	8,795	$	9,679
Separate Accounts and Mutual Funds
Balance as of beginning of period	$	27,519	$	29,608	$	29,885	$	31,493	$	31,313	$	27,519	$	31,313
Gross premiums and deposits	796		802		716		824		806		796		806
Surrenders, withdrawals and benefits	(790)		(830)		(840)		(911)		(928)		(790)		(928)
Net flows	6		(28)		(124)		(87)		(122)		6		(122)
Change in market value and reinvestment	2,083		305		1,732		(93)		(998)		2,083		(998)
Change in fair value of embedded derivative instruments	—		—		—		—		—		—		—
Other	—		—		—		—		—		—		—
Balance as of end of period	$	29,608	$	29,885	$	31,493	$	31,313	$	30,193	$	29,608	$	30,193
Total:
Balance as of beginning of period	$	36,471	$	38,490	$	39,267	$	40,862	$	40,654	$	36,471	$	40,654
Gross premiums and deposits	1,018		1,570		956		1,149		1,475		1,018		1,475
Surrenders, withdrawals and benefits	(1,150)		(1,162)		(1,202)		(1,283)		(1,283)		(1,150)		(1,283)
Net flows	(132)		408		(246)		(134)		192		(132)		192
Change in market value and reinvestment	2,128		362		1,828		(79)		(914)		2,128		(914)
Change in fair value of embedded derivative instruments	23		7		13		5		(18)		23		(18)
Other	—		—		—		—		—		—		—
Balance as of end of period	$	38,490	$	39,267	$	40,862	$	40,654	$	39,914	$	38,490	$	39,914
Balance as of end of period net of embedded derivative instruments	$	38,403	$	39,191	$	40,786	$	40,584	$	39,872	$	38,403	$	39,872

1Q 2025 Financial Supplement 15

Asset Management - Operating Earnings (Loss) and Summary Metrics

	For the Three Months Ended or As of																	For the Three Months Ended or As of
(in millions USD, unless otherwise indicated)	3/31/2024			6/30/2024			9/30/2024			12/31/2024			3/31/2025			Change		3/31/2024			3/31/2025			Change
Revenues
Net investment income (loss)	$	8		$	7		$	17		$	(5)		$	3		(62.5)	%	$	8		$	3		(62.5)	%
Net derivative gains (losses)	(5)			(1)			(16)			15			(13)			(160.0)	%	(5)			(13)			(160.0)	%
Investment management, service fees and other income	1,090			1,045			1,085			1,239			1,098			0.7	%	1,090			1,098			0.7	%
Segment revenues	1,093			1,051			1,086			1,249			1,088			(0.5)	%	1,093			1,088			(0.5)	%
Benefits and other deductions
Commissions and distribution-related payments	173			180			192			197			201			16.2	%	173			201			16.2	%
Compensation and benefits, interest expense and financing fees and other operating costs and expense	672			633			641			707			614			(8.6)	%	672			614			(8.6)	%
Total benefits and other deductions	845			813			833			904			815			(3.6)	%	845			815			(3.6)	%
Operating earnings (loss), before income taxes	248			238			253			345			273			10.1	%	248			273			10.1	%
Income taxes	(44)			(42)			(42)			(50)			(41)			6.8	%	(44)			(41)			6.8	%
Operating earnings (loss), before noncontrolling interest	204			196			211			295			232			13.7	%	204			232			13.7	%
Less: Operating (earnings) loss attributable to the noncontrolling interest	(98)			(95)			(100)			(134)			(106)			(8.2)	%	(98)			(106)			(8.2)	%
Operating earnings (loss)	$	106		$	101		$	111		$	161		$	126		18.9	%	$	106		$	126		18.9	%
Summary Metrics
Adjusted operating margin (1)	30.3		%	30.8		%	31.3		%	36.4		%	33.7		%			30.3		%	33.7		%
Net flows (in billions USD)	$	0.5		$	0.9		$	1.1		$	(4.8)		$	2.4				$	0.5		$	2.4
Total AUM (in billions USD)	$	758.7		$	769.5		$	805.9		$	792.2		$	784.5				$	758.7		$	784.5
Ownership Structure of AB
Holdings and its subsidiaries	59.6		%	59.7		%	60.0		%	61.9		%	61.8		%			59.6		%	61.8		%
AB Holding	39.7		%	39.6		%	39.3		%	37.5		%	37.5		%			39.7		%	37.5		%
Unaffiliated holders	0.7		%	0.7		%	0.7		%	0.6		%	0.7		%			0.7		%	0.7		%
Total	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%			100.0		%	100.0		%
EQH economic interest	61.0		%	61.2		%	61.6		%	61.9		%	61.9		%			61.0		%	61.9		%
EQH average economic interest	61.1		%	61.1		%	61.4		%	61.8		%	61.9		%			61.1		%	61.9		%
Units of limited partnership outstanding (in millions)	287.3			286.8			285.6			292.1			292.3					287.3			292.3
Notes:
(1) Adjusted operating margin is a non-GAAP financial measure used by AllianceBernstein L.P. (“AB”) management in evaluating AB’s financial performance on a standalone basis and to compare its performance, as reported by AB in its public filings. It is not comparable to any other non-GAAP financial measure used herein.

1Q 2025 Financial Supplement 16

Asset Management - Select Operating Metrics

	For the Three Months Ended or As of
(in billions USD, unless otherwise indicated)	3/31/2024		6/30/2024		9/30/2024		12/31/2024		3/31/2025
AUM Roll-forward
Balance as of beginning of period	$	725.2	$	758.7	$	769.5	$	805.9	$	792.2
Sales/new accounts	32.6		31.9		35.5		33.6		36.1
Redemptions/terminations	(25.2)		(25.7)		(26.4)		(29.2)		(29.7)
Cash flow/unreinvested dividends	(6.9)		(5.3)		(8.0)		(9.2)		(4.0)
Net long-term (outflows) inflows	0.5		0.9		1.1		(4.8)		2.4
Adjustment (1)	—		—		—		0.7		—
Market appreciation (depreciation)	33.0		9.9		35.3		(9.6)		(10.1)
Net change	33.5		10.8		36.4		(13.7)		(7.7)
Balance as of end of period	$	758.7	$	769.5	$	805.9	$	792.2	$	784.5
Ending Assets by distribution channel
Institutions	$	322.5	$	322.7	$	335.2	$	321.4	$	324.1
Retail	308.0		316.4		334.5		334.3		324.1
Private Wealth	128.2		130.4		136.2		136.5		136.3
Total	$	758.7	$	769.5	$	805.9	$	792.2	$	784.5
Ending Assets by investment service
Equity
Actively Managed	$	264.1	$	264.4	$	271.3	$	263.4	$	249.0
Passively Managed (2)	64.7		65.8		68.9		68.3		65.8
Total Equity	$	328.8	$	330.2	$	340.2	$	331.7	$	314.8
Fixed Income
Actively Managed	$	276.1	$	282.2	$	287.4	$	285.5	$	290.0
Passively Managed (2)	11.2		11.0		11.4		10.3		10.1
Total Fixed Income	287.3		293.2		298.8		295.8		300.1
Total Alternatives/Multi-Asset Solutions (3)	142.6		146.1		166.9		164.7		169.6
Total	$	758.7	$	769.5	$	805.9	$	792.2	$	784.5
Notes:
(1) This adjustment is due to a change in fee policy related to certain fixed income assets effective October 1, 2024.
(2) Includes index and enhanced index services.
(3) Includes certain multi-asset solutions and services not included in equity or fixed income services.

1Q 2025 Financial Supplement 17

Asset Management - Net Flows
	For the Three Months Ended										For the Three Months Ended
(in billions USD, unless otherwise indicated)	3/31/2024		6/30/2024		9/30/2024		12/31/2024		3/31/2025		3/31/2024		3/31/2025
Net Flows by Distribution Channel
Institutions
US	$	(1.5)	$	1.9	$	1.7	$	(0.2)	$	2.7	$	(1.5)	$	2.7
Global and Non-US	(2.7)		(3.7)		(6.1)		(6.0)		(2.0)		(2.7)		(2.0)
Total Institutions	$	(4.2)	$	(1.8)	$	(4.4)	$	(6.2)	$	0.7	$	(4.2)	$	0.7
Retail
US	$	1.9	$	2.7	$	4.0	$	4.3	$	3.0	$	1.9	$	3.0
Global and Non-US	2.3		0.1		1.4		(3.2)		(2.1)		2.3		(2.1)
Total Retail	$	4.2	$	2.8	$	5.4	$	1.1	$	0.9	$	4.2	$	0.9
Private Wealth
US	$	0.7	$	0.2	$	0.2	$	0.5	$	1.6	$	0.7	$	1.6
Global and Non-US	(0.2)		(0.3)		(0.1)		(0.2)		(0.8)		(0.2)		(0.8)
Total Private Wealth	$	0.5	$	(0.1)	$	0.1	$	0.3	$	0.8	$	0.5	$	0.8
Total Net Flows by Distribution Channel	$	0.5	$	0.9	$	1.1	$	(4.8)	$	2.4	$	0.5	$	2.4
Net Flows by Investment Service
Equity Active
US	$	(1.5)	$	(1.5)	$	(0.3)	$	(4.1)	$	(0.3)	$	(1.5)	$	(0.3)
Global and Non-US	(4.7)		(4.6)		(4.2)		(3.3)		(2.2)		(4.7)		(2.2)
Total Equity Active	$	(6.2)	$	(6.1)	$	(4.5)	$	(7.4)	$	(2.5)	$	(6.2)	$	(2.5)
Equity Passive (1)
US	$	(3.2)	$	(0.6)	$	(0.7)	$	(1.1)	$	(0.1)	$	(3.2)	$	(0.1)
Global and Non-US	(0.1)		(0.1)		(0.4)		(0.3)		0.3		(0.1)		0.3
Total Equity Passive (1)	$	(3.3)	$	(0.7)	$	(1.1)	$	(1.4)	$	0.2	$	(3.3)	$	0.2
Fixed Income - Taxable
US	$	1.3	$	4.6	$	1.5	$	3.2	$	2.2	$	1.3	$	2.2
Global and Non-US	3.3		(0.2)		1.2		(3.9)		(3.6)		3.3		(3.6)
Total Fixed Income - Taxable	$	4.6	$	4.4	$	2.7	$	(0.7)	$	(1.4)	$	4.6	$	(1.4)
Fixed Income - Tax-Exempt
US	$	2.9	$	1.9	$	3.3	$	5.5	$	2.4	$	2.9	$	2.4
Global and Non-US	—		—		—		—		—		—		—
Total Fixed Income - Tax-Exempt	$	2.9	$	1.9	$	3.3	$	5.5	$	2.4	$	2.9	$	2.4
Fixed Income - Passive (1)
US	$	—	$	(0.1)	$	(0.2)	$	(0.1)	$	(0.4)	$	—	$	(0.4)
Global and Non-US	(0.1)		0.1		(0.1)		(0.5)		(0.1)		(0.1)		(0.1)
Total Fixed Income - Passive (1)	$	(0.1)	$	—	$	(0.3)	$	(0.6)	$	(0.5)	$	(0.1)	$	(0.5)
Alternatives/Multi-Asset Solutions (2)
US	$	1.6	$	0.5	$	2.3	$	1.2	$	3.5	$	1.6	$	3.5
Global and Non-US	1.0		0.9		(1.3)		(1.4)		0.7		1.0		0.7
Total Alternatives/Multi-Asset Solutions (2)	$	2.6	$	1.4	$	1.0	$	(0.2)	$	4.2	$	2.6	$	4.2
Total Net Flows by Investment Service	$	0.5	$	0.9	$	1.1	$	(4.8)	$	2.4	$	0.5	$	2.4
Active vs. Passive Net Flows
Actively Managed
Equity	$	(6.2)	$	(6.1)	$	(4.5)	$	(7.4)	$	(2.5)	$	(6.2)	$	(2.5)
Fixed Income	7.5		6.3		6.0		4.8		1.0		7.5		1.0
Alternatives/Multi-Asset Solutions (2)	2.4		1.1		0.7		(0.4)		4.2		2.4		4.2
Total	$	3.7	$	1.3	$	2.2	$	(3.0)	$	2.7	$	3.7	$	2.7
Passively Managed (1)
Equity	$	(3.3)	$	(0.7)	$	(1.2)	$	(1.4)	$	0.2	$	(3.3)	$	0.2
Fixed Income	(0.1)		—		(0.3)		(0.6)		(0.5)		(0.1)		(0.5)
Alternatives/Multi-Asset Solutions (2)	0.2		0.3		0.4		0.2		—		0.2		—
Total	$	(3.2)	$	(0.4)	$	(1.1)	$	(1.8)	$	(0.3)	$	(3.2)	$	(0.3)
Total Active vs Passive Net Flows	$	0.5	$	0.9	$	1.1	$	(4.8)	$	2.4	$	0.5	$	2.4
Notes:
(1) Includes index and enhanced index services.
(2) Includes certain multi-asset solutions and services not included in equity or fixed income services.

1Q 2025 Financial Supplement 18

Protection Solutions - Operating Earnings (Loss) and Summary Metrics

	For the Three Months Ended or As of																	For the Three Months Ended or As of
(in millions USD, unless otherwise indicated)	3/31/2024			6/30/2024			9/30/2024			12/31/2024			3/31/2025			Change		3/31/2024			3/31/2025			Change
Revenues
Policy charges, fee income and premiums	$	528		$	532		$	537		$	537		$	534		1.1	%	$	528		$	534		1.1	%
Net investment income (loss)	256			260			258			251			251			(2.0)	%	256			251			(2.0)	%
Net derivative gains (losses)	—			(1)			1			—			1			100.0	%	—			1			100.0	%
Investment management, service fees and other income	40			43			43			43			40			—	%	40			40			—	%
Segment revenues	824			834			839			831			826			0.2	%	824			826			0.2	%
Benefits and other deductions
Policyholders’ benefits	487			473			455			486			556			14.2	%	487			556			14.2	%
Remeasurement of liability for future policy benefits	(4)			(11)			9			(1)			(2)			50.0	%	(4)			(2)			50.0	%
Interest credited to policyholders’ account balances	128			128			135			119			121			(5.5)	%	128			121			(5.5)	%
Commissions and distribution-related payments	40			43			43			46			42			5.0	%	40			42			5.0	%
Amortization of deferred policy acquisition costs	30			32			31			32			32			6.7	%	30			32			6.7	%
Compensation and benefits, interest expense and financing fees and other operating costs and expense	92			86			87			107			96			4.3	%	92			96			4.3	%
Segment benefits and other deductions	773			751			760			789			845			9.3	%	773			845			9.3	%
Operating earnings (loss), before income taxes	51			83			79			42			(19)			(137.3)	%	51			(19)			(137.3)	%
Income taxes	(7)			(12)			(11)			(5)			3			142.9	%	(7)			3			142.9	%
Operating earnings (loss), before noncontrolling interest	44			71			68			37			(16)			(136.4)	%	44			(16)			(136.4)	%
Less: Operating (earnings) loss attributable to the noncontrolling interest	—			1			(2)			1			(1)			(100.0)	%	—			(1)			(100.0)	%
Operating earnings (loss)	$	44		$	72		$	66		$	38		$	(17)		(138.6)	%	$	44		$	(17)		(138.6)	%
Summary Metrics
Operating earnings (loss) - TTM:	$	125		$	166		$	225		$	220		$	159		27.2	%	$	125		$	159		27.2	%
Benefit ratio	74.6		%	72.1		%	70.3		%	72.8		%	82.0		%			74.6		%	82.0		%
Gross written premiums	$	778		$	784		$	793		$	829		$	800		2.8	%	$	778		$	800		2.8	%
Annualized premiums	$	80		$	91		$	88		$	102		$	93		16.3	%	$	80		$	93		16.3	%
Total in-force face amount (in billions USD) (1)	$	413.0		$	411.7		$	410.3		$	409.2		$	406.8		(1.5)	%	$	413.0		$	406.8		(1.5)	%
Notes:
(1) Total in-force face amount presented on a gross basis including ceded policies.

1Q 2025 Financial Supplement 19

Protection Solutions - Select Operating Metrics

	For the Three Months Ended or As of										For the Three Months Ended or As of
(in millions USD, unless otherwise indicated)	3/31/2024		6/30/2024		9/30/2024		12/31/2024		3/31/2025		3/31/2024		3/31/2025
Sales Metrics
First Year Premiums and Deposits by Product Line:
Universal Life	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Indexed Universal Life	2		3		3		2		3		2		3
Variable Universal Life	80		87		90		112		90		80		90
Term	3		2		2		3		2		3		2
Employee Benefits	28		29		32		31		35		28		35
Other (1)	—		—		—		—		—		—		—
Total	$	113	$	121	$	127	$	148	$	130	$	113	$	130
Renewals by Product Line:
Universal Life	$	169	$	166	$	179	$	160	$	158	$	169	$	158
Indexed Universal Life	74		69		67		66		69		74		69
Variable Universal Life	251		259		249		279		272		251		272
Term	92		86		86		88		83		92		83
Employee Benefits	75		80		81		84		85		75		85
Other (1)	4		3		4		4		3		4		3
Total	665		663		666		681		670		665		670
Total Gross Premiums	$	778	$	784	$	793	$	829	$	800	$	778	$	800
In-force Metrics
In-force Face Amount by Product (2) (in billions USD):
Universal Life (3)	$	40.3	$	39.6	$	39.1	$	38.5	$	37.9	$	40.3	$	37.9
Indexed Universal Life	26.6		26.5		26.3		26.2		25.9		26.6		25.9
Variable Universal Life (4)	138.1		139.0		140.1		141.6		141.5		138.1		141.5
Term	206.9		205.5		203.7		201.8		200.4		206.9		200.4
Whole Life	1.1		1.1		1.1		1.1		1.1		1.1		1.1
Total	$	413.0	$	411.7	$	410.3	$	409.2	$	406.8	$	413.0	$	406.8
In-force Policy Count by Product (2) (in thousands):
Universal Life (3)	120		118		116		115		113		120		113
Indexed Universal Life	63		62		62		62		61		63		61
Variable Universal Life (4)	290		290		290		289		289		290		289
Term	246		243		240		237		234		246		234
Whole Life	15		15		15		15		14		15		14
Total	734		728		723		717		711		734		711
Protection Solutions Reserves
General Account	$	18,166	$	18,143	$	18,288	$	18,171	$	18,124	$	18,166	$	18,124
Separate Accounts	17,560		17,761		18,684		18,753		18,005		17,560		18,005
Total	$	35,726	$	35,904	$	36,972	$	36,924	$	36,129	$	35,726	$	36,129
Notes:
(1) For the individual life insurance premiums, Other includes Whole Life insurance and other products available-for-sale but not actively marketed.
(2) Includes individual life insurance and does not include Employee Benefits as it is a start-up business and therefore has immaterial in-force policies.
(3) Universal Life includes Guaranteed Universal Life.
(4) Variable Universal Life includes variable life insurance and corporate-owned life insurance.

1Q 2025 Financial Supplement 20

Wealth Management - Operating Earnings (Loss) and Summary Metrics

	For the Three Months Ended or As of																	For the Three Months Ended or As of
(in millions USD, unless otherwise indicated)	3/31/2024			6/30/2024			9/30/2024			12/31/2024			3/31/2025			Change		3/31/2024			3/31/2025			Change
Revenues
Net investment income (loss)	$	4		$	4		$	4		$	5		$	3		(25.0)	%	$	4		$	3		(25.0)	%
Net derivative gains (losses)	—			—			—			—			—			—	%	—			—			—	%
Investment management, service fees and other income	419			438			446			476			460			9.8	%	419			460			9.8	%
Segment revenues	423			442			450			481			463			9.5	%	423			463			9.5	%
Benefits and other deductions
Commissions and distribution-related payments	260			282			281			310			293			12.7	%	260			293			12.7	%
Compensation and benefits, interest expense and financing fees and other operating costs and expense	105			99			103			112			109			3.8	%	105			109			3.8	%
Segment benefits and other deductions	365			381			384			422			402			10.1	%	365			402			10.1	%
Operating earnings (loss), before income taxes	58			61			66			59			61			5.2	%	58			61			5.2	%
Income taxes	(15)			(17)			(16)			(12)			(15)			—	%	(15)			(15)			—	%
Operating earnings (loss), before noncontrolling interest	43			44			50			47			46			7.0	%	43			46			7.0	%
Less: Operating (earnings) loss attributable to the noncontrolling interest	—			—			—			—			—			—	%	—			—			—	%
Operating earnings (loss)	$	43		$	44		$	50		$	47		$	46		7.0	%	$	43		$	46		7.0	%
Revenue by Activity Type
Investment management, service fees and other income:
Investment management and advisory fees	$	150		$	161		$	167		$	179		181			20.7	%	$	150		181			20.7	%
Distribution fees	253			260			262			281			263			4.0	%	253			263			4.0	%
Interest income	13			12			12			12			11			(15.4)	%	13			11			(15.4)	%
Service and other income	3			5			5			4			5			66.7	%	3			5			66.7	%
Total Investment management, service fees and other income	$	419		$	438		$	446		$	476		460			9.8	%	$	419		460			9.8	%
Summary Metrics
Pre-tax operating margin	13.7		%	13.8		%	14.7		%	12.3		%	13.2		%			13.7		%	13.2		%
Advisory net new assets	$	(39)		$	1,602		$	2,064		$	1,139		$	1,981		N/M		$	(39)		$	1,981		N/M
Total AUA	$	92,472		$	94,786		$	101,487		$	101,695		$	102,057		10.4	%	$	92,472		$	102,057		10.4	%

1Q 2025 Financial Supplement 21

Wealth Management - Select Operating Metrics

	For the Three Months Ended or As of										Three Months Ended or As of
(in millions USD, unless otherwise indicated)	3/31/2024		6/30/2024		9/30/2024		12/31/2024		3/31/2025		3/31/2024		3/31/2025
AUA Roll-forward
Advisory assets :
Beginning assets	$	54,978	$	57,923	$	60,134	$	65,267	$	65,839	$	54,978	$	65,839
Net new assets	(39)		1,602		2,064		1,139		1,981		(39)		1,981
Market appreciation (depreciation) and other	2,984		609		3,069		(567)		(1,025)		2,984		(1,025)
Advisory ending assets	$	57,923	$	60,134	$	65,267	$	65,839	$	66,795	$	57,923	$	66,795
Brokerage and direct assets	$	34,549	$	34,652	$	36,220	$	35,856	$	35,263	$	34,549	$	35,263
Total Wealth Management assets (1)	$	92,472	$	94,786	$	101,487	$	101,695	$	102,057	$	92,472	$	102,057
Cash balances	$	2,804	$	2,695	$	2,767	$	3,083	$	2,985	$	2,804	$	2,985
Advisors
Advisors	4,320		4,358		4,396		4,587		4,502		4,320		4,502
Revenue per advisor TTM (in thousands USD)	$	380	$	386	$	394	$	407	$	412	$	380	$	412
Notes:
(1) Some operating metrics have been revised for prior periods. Net New Assets consist of total client deposits into advisory accounts less total client withdrawals from advisory accounts, plus dividends, plus interest, minus advisory fees. AUA reflects adjusted balances with no financial impact.

1Q 2025 Financial Supplement 22

Legacy - Operating Earnings (Loss) and Summary Metrics

	For the Three Months Ended or As of																	For the Three Months Ended or As of
(in millions USD, unless otherwise indicated)	3/31/2024			6/30/2024			9/30/2024			12/31/2024			3/31/2025			Change		3/31/2024			3/31/2025			Change
Revenues
Policy charges, fee income and premiums	$	12		$	8		$	7		$	14		$	19		58.3	%	$	12		$	19		58.3	%
Net investment income (loss)	16			14			15			12			9			(43.8)	%	16			9			(43.8)	%
Net derivative gains (losses)	—			—			—			—			—			—	%	—			—			—	%
Investment management, service fees and other income	101			95			94			102			92			(8.9)	%	101			92			(8.9)	%
Segment revenues	129			117			116			128			120			(7.0)	%	129			120			(7.0)	%
Benefits and other deductions
Policyholders’ benefits	—			—			—			1			—			—	%	—			—			—	%
Remeasurement of liability for future policy benefits	—			—			—			—			—			—	%	—			—			—	%
Interest credited to policyholders’ account balances	9			8			9			7			7			(22.2)	%	9			7			(22.2)	%
Commissions and distribution-related payments	40			40			41			39			36			(10.0)	%	40			36			(10.0)	%
Amortization of deferred policy acquisition costs	16			15			16			15			15			(6.3)	%	16			15			(6.3)	%
Compensation and benefits, interest expense and financing fees and other operating costs and expense	25			22			20			23			34			36.0	%	25			34			36.0	%
Segment benefits and other deductions	90			85			86			85			92			2.2	%	90			92			2.2	%
Operating earnings (loss), before income taxes	39			32			30			43			28			(28.2)	%	39			28			(28.2)	%
Income taxes	(6)			(4)			(4)			(6)			(4)			33.3	%	(6)			(4)			33.3	%
Operating earnings (loss), before noncontrolling interest	33			28			26			37			24			(27.3)	%	33			24			(27.3)	%
Less: Operating (earnings) loss attributable to the noncontrolling interest	—			—			—			—			—			—	%	—			—			—	%
Operating earnings (loss)	$	33		$	28		$	26		$	37		$	24		(27.3)	%	$	33		$	24		(27.3)	%
Summary Metrics
Operating earnings (loss) - TTM:	$	124		$	124		$	118		$	124		$	115		(7.3)	%	$	124		$	115		(7.3)	%
Average Account Value (TTM)	$	21,751		$	21,786		$	21,820		$	21,974		$	21,588		(0.7)	%	$	21,751		$	21,588		(0.7)	%
Return on assets (TTM)	0.69		%	0.68		%	0.64		%	0.66		%	0.62		%			0.69		%	0.62		%
Net flows (1)	$	(658)		$	(667)		$	(712)		$	(787)		$	(719)		(9.3)	%	$	(658)		$	(719)		(9.3)	%
In-force Policy Count by Product (in thousands) (2):	263			257			251			246			211					263			211
Notes:
(1) Net of the Venerable transaction.
(2) In-force Policy Count by Product presented on a gross basis includes ceded policies related to the Venerable transaction.

1Q 2025 Financial Supplement 23

Legacy - Select Operating Metrics
	For the Three Months Ended or As of										For the Three Months Ended or As of
(in millions USD, unless otherwise indicated)	3/31/2024		6/30/2024		9/30/2024		12/31/2024		3/31/2025		3/31/2024		3/31/2025
Account Values
General Account:
Balance as of beginning of period	$	524	$	504	$	486	$	465	$	447	$	524	$	447
Net flows (1)	(23)		(21)		(25)		(20)		(15)		(23)		(15)
Investment performance, interest credited and policy charges (1)	3		3		4		2		2		3		2
Balance as of end of period	$	504	$	486	$	465	$	447	$	434	$	504	$	434
Separate Accounts:
Balance as of beginning of period	$	21,316	$	22,010	$	21,417	$	21,789	$	20,911	$	21,316	$	20,911
Net flows (1)	(635)		(646)		(687)		(767)		(704)		(635)		(704)
Investment performance, interest credited and policy charges (1)	1,329		53		1,059		(111)		(729)		1,329		(729)
Balance as of end of period	$	22,010	$	21,417	$	21,789	$	20,911	$	19,478	$	22,010	$	19,478
Total:
Balance as of beginning of period	$	21,840	$	22,514	$	21,903	$	22,254	$	21,358	$	21,840	$	21,358
Net flows (1)	(658)		(667)		(712)		(787)		(719)		(658)		(719)
Investment performance, interest credited and policy charges (1)	1,332		56		1,063		(109)		(727)		1,332		(727)
Balance as of end of period	$	22,514	$	21,903	$	22,254	$	21,358	$	19,912	$	22,514	$	19,912
Net Amount at Risk (NAR)
Total GMIB NAR	$	2,502	$	2,462	$	2,692	$	2,390	$	2,706	$	2,502	$	2,706
Total GMDB NAR	$	8,982	$	8,984	$	8,472	$	8,602	$	9,034	$	8,982	$	9,034
MRB Reserves (Net of Reinsurance)	$	3,368	$	3,429	$	3,416	$	3,136	$	3,532	$	3,368	$	3,532
Notes:
(1) Net of the Venerable transaction.

1Q 2025 Financial Supplement 24

Investments

1Q 2025 Financial Supplement 25

Consolidated Investment Portfolio Composition

	Balances as of
(in millions USD, unless otherwise indicated)	December 31, 2024				March 31, 2025
	Amount (1)		% of Total		Amount (1)		% of Total
Composition of investment portfolio
Fixed maturities, available-for-sale, at fair value	$	76,641	62.1	%	$	77,997	61.4	%
Fixed maturities, at fair value using the fair value option	2,053		1.7	%	2,105		1.7	%
Mortgage loans on real estate	20,072		16.3	%	20,566		16.2	%
Policy loans	4,330		3.5	%	4,318		3.4	%
Other equity investments	3,719		3.0	%	3,748		2.9	%
Other invested assets	8,537		6.9	%	8,971		7.1	%
Subtotal investment assets	115,352		93.5	%	117,705		92.6	%
Trading securities	1,089		0.9	%	1,203		0.9	%
Total investments	116,441		94.4	%	118,908		93.6	%
Cash and cash equivalents	6,964		5.6	%	8,164		6.4	%
Total	$	123,405	100.0	%	$	127,072	100.0	%
General Account AFS Fixed maturities by industry (Based on amortized cost)
Corporate securities:
Finance	$	16,080	19.1	%	$	15,441	18.2	%
Manufacturing	12,499		14.8	%	12,456		14.7	%
Utilities	8,476		10.1	%	8,347		9.8	%
Services	8,899		10.6	%	7,960		9.4	%
Energy	2,546		3.0	%	2,603		3.1	%
Retail and wholesale	2,979		3.5	%	3,941		4.6	%
Transportation	1,559		1.9	%	2,604		3.1	%
Other	1,665		2.0	%	450		0.5	%
Total corporate securities	54,703		65.0	%	53,802		63.5	%
U.S. government and agency	5,801		6.9	%	6,110		7.2	%
Residential mortgage-backed (2)	4,520		5.4	%	5,323		6.3	%
Preferred stock	56		0.1	%	54		0.1	%
State & political	472		0.6	%	469		0.6	%
Foreign governments	689		0.8	%	684		0.8	%
Commercial mortgage-backed	4,301		5.1	%	4,485		5.3	%
Asset-backed securities	13,660		16.2	%	13,857		16.3	%
Total	$	84,202	100.0	%	$	84,784	100.0	%
General Account AFS Fixed maturities credit quality (3) (Based on amortized cost)
Aaa, Aa, A (NAIC Designation 1)	$	56,266	66.8	%	$	56,443	66.6	%
Baa (NAIC Designation 2)	26,255		31.2	%	26,701		31.5	%
Investment grade	82,521		98.0	%	83,144		98.1	%
Below investment grade (NAIC Designation 3 and 4)	1,681		2.0	%	1,640		1.9	%
Total	$	84,202	100.0	%	$	84,784	100.0	%
Notes:
(1) Investment data has been classified based on standard industry categorizations for domestic public holdings and similar classifications by industry for all other holdings.
(2) Includes publicly traded agency pass-through securities and collateralized obligations.
(3) Credit quality based on NAIC rating.

1Q 2025 Financial Supplement 26

Consolidated Results of General Account Investment Portfolio

	For the Three Months Ended or As of								Years Ended or As of
(in millions USD, unless otherwise indicated)	March 31, 2024				March 31, 2025				December 31, 2024
	Yield		Amount (2)		Yield		Amount (2)		Yield		Amount (2)
Fixed Maturities:
Income (loss)	4.37	%	$	812	4.39	%	$	928	4.39	%	$	3,447
Ending assets			74,825				84,784				84,202
Mortgages:
Income (loss)	5.11	%	234		5.11	%	260		5.14	%	973
Ending assets			18,570				20,566				20,072
Other Equity Investments (1):
Income (loss)	6.24	%	54		6.23	%	53		5.75	%	203
Ending assets			3,519				3,484				3,495
Trading Securities:
Income	—	%	—		5.57	%	8		5.07	%	16
Ending assets			—				619				527
Policy Loans:
Income	5.22	%	54		5.07	%	55		5.31	%	225
Ending assets			4,191				4,318				4,330
Cash and Short-term Investments: (3)
Income (loss)	(2.00)	%	(29)		(7.87)	%	(72)		(4.10)	%	(223)
Ending assets			6,907				4,106				3,259
Funding Agreements:
Interest expense and other			(74)				(74)				(335)
Ending (liabilities)			(7,165)				(6,837)				(7,167)
Total invested Assets:
Income (loss)	4.26	%	1,051		4.22	%	1,158		4.15	%	4,306
Ending assets			100,847				111,040				108,718
Total Net Investment Income:
Investment income	4.26	%	1,051		4.22	%	1,158		4.15	%	4,306
Less: investment fees (4)	(0.16)	%	(41)		(0.18)	%	(49)		(0.17)	%	(180)
Investment income, net	4.10	%	$	1,010	4.04	%	$	1,109	3.98	%	$	4,126
General Account Ending Net Assets			$	100,847			$	111,040			$	108,718
Operating Earnings adjustments:
Funding Agreements interest expense			74				74				335
AB and other non-General Account investment income			91				62				389
Operating Net investment income (loss)			$	1,174			$	1,245			$	4,850
Notes:
(1) Includes, as of March 31, 2024, March 31, 2025 and December 31, 2024, $340 million, $362 million and $431 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.

1Q 2025 Financial Supplement 27

Additional Information

1Q 2025 Financial Supplement 28

Deferred Policy Acquisition Costs Rollforward

	For the Three Months Ended or As of										For the Three Months Ended or As of
(in millions USD, unless otherwise indicated)	3/31/2024		6/30/2024		9/30/2024		12/31/2024		3/31/2025		3/31/2024		3/31/2025
TOTAL
Beginning balance	$	6,705	$	6,804	$	6,924	$	7,031	$	7,170	$	6,705	$	7,170
Capitalization of commissions, sales and issue expenses	270		291		291		324		282		270		282
Amortization	(171)		(171)		(184)		(185)		(190)		(171)		(190)
Ending balance	$	6,804	$	6,924	$	7,031	$	7,170	$	7,262	$	6,804	$	7,262
Individual Retirement
Beginning balance	$	3,508	$	3,601	$	3,703	$	3,807	$	3,929	$	3,508	$	3,929
Capitalization of commissions, sales and issue expenses	202		213		222		243		214		202		214
Amortization	(109)		(111)		(118)		(121)		(124)		(109)		(124)
Ending balance	$	3,601	$	3,703	$	3,807	$	3,929	$	4,019	$	3,601	$	4,019
Group Retirement
Beginning balance	$	825	$	828	$	839	$	842	$	851	$	825	$	851
Capitalization of commissions, sales and issue expenses	18		20		18		24		17		18		17
Amortization	(15)		(9)		(15)		(15)		(15)		(15)		(15)
Ending balance	$	828	$	839	$	842	$	851	$	853	$	828	$	853
Protection Solutions
Beginning balance	$	1,700	$	1,714	$	1,731	$	1,745	$	1,766	$	1,700	$	1,766
Capitalization of commissions, sales and issue expenses	44		49		46		52		45		44		45
Amortization	(30)		(32)		(32)		(31)		(32)		(30)		(32)
Ending balance	$	1,714	$	1,731	$	1,745	$	1,766	$	1,779	$	1,714	$	1,779
Legacy
Beginning balance	$	555	$	546	$	538	$	527	$	517	$	555	$	517
Capitalization of commissions, sales and issue expenses	6		8		5		5		5		6		5
Amortization	(15)		(16)		(16)		(15)		(17)		(15)		(17)
Ending balance	$	546	$	538	$	527	$	517	$	505	$	546	$	505
Corporate and Other
Beginning balance	$	117	$	115	$	113	$	110	$	107	$	117	$	107
Capitalization of commissions, sales and issue expenses	—		1		—		—		1		—		1
Amortization	(2)		(3)		(3)		(3)		(2)		(2)		(2)
Ending balance	$	115	$	113	$	110	$	107	$	106	$	115	$	106

1Q 2025 Financial Supplement 29

Use of Non-GAAP Financial Measures

In addition to our results presented in accordance with U.S. GAAP, we report Non-GAAP Operating Earnings, 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 MRB and purchased MRB, including the related attributed fees and claims, offset by derivatives and other securities used to hedge the MRB 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, 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 when the majority of the impact relates to the non-core business; 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 changes to the deferred tax valuation allowance.
During the third quarter 2024, the Company moved revenues and expenses related to payout annuitizations from the Legacy segment to the Individual Retirement segment. Now all payout annuities are reported within the Individual Retirement segment as the block is managed on an aggregate basis. Prior periods were recast to reflect this change.
Because Non-GAAP Operating Earnings excludes the foregoing items that can be distortive or unpredictable, management believes that this measure enhances the understanding of the Company’s underlying drivers of profitability and trends in our business, thereby allowing management to make decisions that will positively impact our business.
We use the prevailing corporate federal income tax rate of 21% while taking into account any non-recurring differences for events recognized differently in our financial statements and federal income tax returns as well as partnership income taxed at lower rates when reconciling Net income (loss) attributable to Holdings to Non-GAAP Operating Earnings.

1Q 2025 Financial Supplement 30

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.

1Q 2025 Financial Supplement 31

Reconciliation of Non-GAAP Measures (1/3)

	For the Three Months Ended or As of										For the Three Months Ended or As of
(in millions USD, unless otherwise indicated)	3/31/2024		6/30/2024		9/30/2024		12/31/2024		3/31/2025		3/31/2024		3/31/2025
Net income (loss) attributable to Holdings
Net income (loss) attributable to Holdings	$	92	$	428	$	(132)	$	892	$	63	$	92	$	63
Adjustments related to:
Variable annuity product features (1)	330		81		756		(530)		211		330		211
Investment gains (losses), net	39		16		46		32		14		39		14
Net actuarial gains (losses) related to pension and other postretirement benefit obligations	17		14		13		16		11		17		11
Other adjustments (2)	91		(33)		1		34		205		91		205
Income tax (expense) benefit related to above adjustments	(100)		(16)		(172)		94		(92)		(100)		(92)
Non-recurring tax items	8		5		5		(23)		9		8		9
Non-GAAP Operating Earnings	$	477	$	495	$	517	$	515	$	421	$	477	$	421
Net income (loss) attributable to Holdings	$	0.27	$	1.31	$	(0.42)	$	2.82	$	0.20	$	0.27	$	0.20
Less: Preferred stock dividends	0.04		0.08		0.04		0.08		0.04		0.04		0.04
Net income (loss) available to Holdings' common shareholders	0.23		1.23		(0.46)		2.74		0.16		0.23		0.16
Adjustments related to:
Variable annuity product features (1)	0.99		0.25		2.38		(1.67)		0.68		0.99		0.68
Investment gains (losses), net	0.12		0.05		0.14		0.10		0.04		0.12		0.04
Net actuarial gains (losses) related to pension and other postretirement benefit obligations	0.05		0.04		0.04		0.05		0.04		0.05		0.04
Other adjustments (2)	0.28		(0.11)		—		0.10		0.64		0.28		0.64
Income tax (expense) benefit related to above adjustments	(0.30)		(0.05)		(0.54)		0.30		(0.29)		(0.30)		(0.29)
Non-recurring tax items	0.02		0.02		0.02		(0.07)		0.03		0.02		0.03
Non-GAAP Operating Earnings (loss) available to Holdings' common shareholders	$	1.39	$	1.43	$	1.58	$	1.55	$	1.30	$	1.39	$	1.30
Book Value per common share
Book Value per common share	$	1.31	$	0.11	$	5.20	$	0.19	$	2.92	$	1.31	$	2.92
Less: Per share impact of AOCI	(25.00)		(26.98)		(20.92)		(28.11)		(24.70)		(25.00)		(24.70)
Book value per common share (ex. AOCI)	$	26.31	$	27.09	$	26.12	$	28.30	$	27.62	$	26.31	$	27.62
Notes:
(1) As a result of the novation of certain Legacy VA policies completed during the first quarter, the Company recorded a loss of $499 million in pre-tax net income and an increase of $263 million in pre-tax AOCI, for a total impact loss of $236 million. The impact per common share is $1.60 for the three months ended March 31, 2025.
(2) Includes a loss of $165 million or $0.53 on Non-VA derivatives, including our statutory capital hedging program for the three months ended March 31, 2025 and includes certain gross legal expenses related to the COI litigation of $106 million or $0.32 for the three months ended 2024.

1Q 2025 Financial Supplement 32

Reconciliation of Non-GAAP Measures (2/3)
	As of and for the Twelve Months Ended
(in millions USD, unless otherwise indicated)	9/30/2024			12/31/2024			3/31/2025
Net Income to Non-GAAP Operating Earnings
Net income (loss) attributable to Holdings	$	(309)		$	1,280		$	1,251
Adjustments related to:
Variable annuity product features	2,342			637			518
Investment (gains) losses	260			133			108
Net actuarial (gains) losses related to pension and other postretirement benefit obligations	57			60			54
Other adjustments	209			93			207
Income tax (expense) benefits related to above adjustments	(603)			(194)			(186)
Non-recurring tax items	(5)			(5)			(4)
Non-GAAP Operating Earnings	$	1,951		$	2,004		$	1,948
Return on Equity and Non-GAAP Operating Return on Equity - Trailing twelve months
Net income (loss) attributable to Holdings	$	(309)		$	1,280		$	1,251
Less: Preferred stock	(80)			(80)			(80)
Net income (loss) available to Holdings' common shareholders	$	(389)		$	1,200		$	1,171
Average equity attributable to Holdings' common shareholders (ex. AOCI)	$	8,611		$	8,586		$	8,546
Return on Equity (ex. AOCI)	(4.5)		%	14.0		%	13.7		%
Non-GAAP Operating Earnings	$	1,951		$	2,004		$	1,948
Less: Preferred stock	(80)			(80)			(80)
Non-GAAP Operating Earnings available to Holdings' common shareholders	$	1,871		$	1,924		$	1,868
Average equity attributable to Holdings' common shareholders (ex. AOCI)	$	8,611		$	8,586		$	8,546
Non-GAAP Operating Return on Equity (ex. AOCI)	21.7		%	22.4		%	21.9		%

1Q 2025 Financial Supplement 33

Reconciliation of Non-GAAP Measures (3/3)
	Balances as of
(in millions USD, unless otherwise indicated)	6/30/2023		9/30/2023		12/31/2023		3/31/2024		6/30/2024		9/30/2024		12/31/2024		3/31/2025
Equity Reconciliation - Quarter-end Balances
Total equity attributable to Holdings' shareholders	$	3,552	$	1,587	$	2,636	$	1,992	$	1,598	$	3,201	$	1,565	$	2,401
Less: Preferred Stock	1,562		1,562		1,562		1,562		1,562		1,562		1,507		1,507
Total equity attributable to Holdings' common shareholders	1,990		25		1,074		430		36		1,639		58		894
Less: Accumulated other comprehensive income (loss)	(7,165)		(9,863)		(7,797)		(8,191)		(8,675)		(6,601)		(8,712)		(7,567)
Total equity attributable to Holdings' common shareholders (ex. AOCI)	$	9,155	$	9,888	$	8,871	$	8,621	$	8,711	$	8,240	$	8,770	$	8,461

	Balances as of
(in millions USD, unless otherwise indicated)	6/30/2023		9/30/2023		12/31/2023		3/31/2024		6/30/2024		9/30/2024		12/31/2024		3/31/2025
Equity Reconciliation - Twelve Month Rolling Average
Total equity attributable to Holdings' shareholders	$	3,036	$	2,580	$	2,882	$	2,442	$	1,953	$	2,357	$	2,089	$	2,191
Less: Preferred Stock	1,562		1,562		1,562		1,562		1,562		1,562		1,548		1,535
Total equity attributable to Holdings' common shareholders	1,474		1,018		1,320		880		391		795		541		656
Less: Accumulated other comprehensive income (loss)	(7,391)		(8,139)		(7,841)		(8,254)		(8,632)		(7,816)		(8,045)		(7,889)
Total equity attributable to Holdings' common shareholders (ex. AOCI)	$	8,865	$	9,157	$	9,161	$	9,134	$	9,023	$	8,611	$	8,586	$	8,545

1Q 2025 Financial Supplement 34

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 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, net of embedded derivative instruments where applicable.

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 Equitable 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.

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.

Legacy - The Legacy segment consists of our fixed-rate GMxB business written prior to 2011.

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.

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, net of embedded derivative instruments.

1Q 2025 Financial Supplement 35

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.

1Q 2025 Financial Supplement 36

Analyst Coverage, Ratings & Contact Information

Analyst Coverage
Firm	Analyst			Phone Number
Barclays	Alex Scott			1 (212) 526-1561
BMO	Jack Matten			1 (212) 671-8000
Deutsche Bank	Cave Montazeri			1 (212) 250-2798
Dowling & Partners	Joel Hurwitz			1 (860) 676-7312
Evercore ISI	Thomas Gallagher			1 (212) 446-9439
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	Michael Ward			1 (917) 270-2483
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 25	Mar 25	May 24
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+	A-	Baa1
AllianceBernstein L.P. (1)		—	A	A2
Investor and Media Contacts
Contact Investor Relations			Contact Media Relations
Erik Bass			Laura Yagerman
(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 Nov 24, Moody’s as of Mar 24.

1Q 2025 Financial Supplement 37