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
Investment Management and Research (1)
		Statements of Operating Earnings (Loss) and Summary Metrics	17
		Select Operating Metrics	18
		Net Flows	19
Protection Solutions
		Statements of Operating Earnings (Loss) and Summary Metrics	20
		Select Operating Metrics	21
Wealth Management
		Statements of Operating Earnings (Loss) and Summary Metrics	22
		Select Operating Metrics	23
Legacy
		Statements of Operating Earnings (Loss) and Summary Metrics	24
		Select Operating Metrics	25
	Investments
		Consolidated Investment Portfolio Composition	27
		Consolidated Results of General Account Investment Portfolio	28
	Additional Information
		Deferred Policy Acquisition Costs Rollforward	30
		Use of Non-GAAP Financial Measures	31
		Reconciliation of Non-GAAP Measures	33
		Glossary of Selected Financial and Product Terms	36
		Analyst Coverage, Ratings & Contact Information	38
		Notes:
		(1) Refers to AllianceBernsten L.P. and AllianceBernstien Holding L.P., collectively

All information included in this financial supplement is unaudited.

.

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

4Q 2022 Financial Supplement – Updated for LDTI and Resegmentation 2

Consolidated Financials

and Key Metrics

4Q 2022 Financial Supplement – Updated for LDTI and Resegmentation 3

Key Metrics Summary

	For the Three Months Ended or As of												Years Ended or As of
(in millions USD, unless otherwise indicated)	3/31/2022			6/30/2022			9/30/2022			12/31/2022			12/31/2021			12/31/2022			Change
Net income (loss)	$	597		$	1,011		$	648		$	138		$	2,172		$	2,394		10.2	%
Net income (loss) attributable to the noncontrolling interest	(67)			(44)			(54)			(76)			(415)			(241)			41.9	%
Net income (loss) attributable to Holdings	$	530		$	967		$	594		$	62		$	1,757		$	2,153		22.5	%
Non-GAAP Operating Earnings (1)	$	499		$	493		$	386		$	348		$	2,555		$	1,726		(32.4)	%
Total equity attributable to Holdings' shareholders	$	7,959		$	5,702		$	3,411		$	1,401		$	10,351		$	1,401		(86.5)	%
Less: Preferred Stock	1,562			1,562			1,562			1,562			1,562			1,562			—	%
Total equity attributable to Holdings' common shareholders	6,397			4,140			1,849			(161)			8,789			(161)			(101.8)	%
Less: Accumulated other comprehensive income (loss)	(1,304)			(4,165)			(6,870)			(8,992)			1,303			(8,992)			(789.9)	%
Total equity attributable to Holdings' common shareholders (ex. AOCI)	$	7,701		$	8,305		$	8,719		$	8,831		$	7,486		$	8,831		18.0	%
Return on Equity (ex. AOCI) - TTM	N/A			N/A			N/A			24.7		%	N/A			24.7		%
Non-GAAP Operating ROE (1)	N/A			N/A			N/A			19.6		%	N/A			19.6		%
Debt to capital:
Debt to Capital (ex. AOCI)	29.3		%	28.0		%	27.2		%	27.0		%	29.8		%	27.0		%
Per common share:
Diluted earnings per common share: (2)
Net income (loss) attributable to Holdings	$	1.32		$	2.47		$	1.54		$	0.10		$	3.98		$	5.46		37.0	%
Non-GAAP Operating Earnings (1)	$	1.24		$	1.23		$	0.99		$	0.87		$	5.88		$	4.33		(26.3)	%
Book value per common share	$	16.65		$	10.99		$	5.00		$	(0.44)		$	22.47		$	(0.44)		(102.0)	%
Book value per common share (ex. AOCI)	$	20.04		$	22.04		$	23.56		$	24.19		$	19.14		$	24.19		26.4	%
Weighted-average common shares outstanding:
Basic	388.6			378.9			374.5			368.6			417.4			377.6			(9.5)	%
Diluted	391.7			380.6			376.8			371.5			421.2			379.9			(9.8)	%
Ending common shares outstanding	384.2			376.8			370.0			365.0			391.2			365.0			(6.7)	%
Return to common shareholders:
Common stock dividend	$	70		$	75		$	75		$	74		$	296		$	294
Repurchase of common shares (3)	279			220			200			150			1,637			849
Total capital returned to common shareholders	$	349		$	295		$	275		$	224		$	1,933		$	1,143
Market Values:
S&P 500	4,530			3,785			3,586			3,840			4,766			3,840			(19.4)	%
US 10-Year Treasury	2.3		%	3.0		%	3.8		%	3.9		%	1.5		%	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.
(3) Fourth quarter 2021 repurchase of common shares includes $112 million accelerated from first quarter 2022.

4Q 2022 Financial Supplement – Updated for LDTI and Resegmentation 4

Consolidated Statements of Income (Loss)

	For the Three Months Ended								Years Ended
(in millions USD, unless otherwise indicated)	3/31/2022		6/30/2022		9/30/2022		12/31/2022		12/31/2021		12/31/2022		Change
Revenues
Policy charges and fee income	$	650	$	620	$	603	$	581	$	2,768	$	2,454	(11.3)	%
Premiums	247		238		259		250		960		994		3.5	%
Net derivative gains (losses)	159		1,858		199		(1,309)		(7,149)		907		112.7	%
Net investment income (loss)	804		711		842		958		3,846		3,315		(13.8)	%
Investment gains (losses), net	(326)		(232)		(332)		(55)		868		(945)		(208.9)	%
Investment management and service fees	1,355		1,197		1,179		1,160		5,395		4,891		(9.3)	%
Other income	257		298		242		231		928		1,028		10.8	%
Total revenues	3,146		4,690		2,992		1,816		7,616		12,644		66.0	%
Benefits and other deductions
Policyholders’ benefits	799		585		624		689		2,788		2,697		(3.3)	%
Remeasurement of liability for future policy benefits	25		16		25		19		13		85		553.8	%
Change in market risk benefits and purchased market risk benefits	(467)		814		(491)		(1,136)		(5,943)		(1,280)		78.5	%
Interest credited to policyholders’ account balances	313		310		378		409		1,219		1,410		15.7	%
Compensation and benefits	596		518		568		519		2,363		2,201		(6.9)	%
Commissions and distribution related payments	422		394		368		383		1,662		1,567		(5.7)	%
Interest expense	47		50		51		53		244		201		(17.6)	%
Amortization of deferred policy acquisition costs	143		145		148		150		552		586		6.2	%
Other operating costs and expenses	534		583		496		572		2,107		2,185		3.7	%
Total benefits and other deductions	2,412		3,415		2,167		1,658		5,005		9,652		92.8	%
Income (loss) from operations, before income taxes	734		1,275		825		158		2,611		2,992		14.6	%
Income tax (expense) benefit	(137)		(264)		(177)		(20)		(439)		(598)		(36.2)	%
Net income (loss)	597		1,011		648		138		2,172		2,394		10.2	%
Less: net (income) loss attributable to the noncontrolling interest	(67)		(44)		(54)		(76)		(415)		(241)		41.9	%
Net income (loss) attributable to Holdings	$	530	$	967	$	594	$	62	$	1,757	$	2,153	22.5	%
Less: Preferred stock dividends	(14)		(26)		(14)		(26)		(79)		(80)		(1.3)	%
Net income (loss) available to Holdings' common shareholders	$	516	$	941	$	580	$	36	$	1,678	$	2,073	23.5	%
Adjustments related to:
Variable annuity product features	$	(616)	$	(1,031)	$	(675)	$	129	$	1,115	$	(2,193)
Investment gains (losses), net	326		231		333		55		(867)		945
Net actuarial gains (losses) related to pension and other postretirement benefit obligations	19		19		19		25		120		82
Other adjustments (1) (2) (3)	228		177		50		150		626		605
Income tax (expense) benefit related to above adjustments	9		127		58		(76)		(208)		118
Non-recurring tax items	3		3		7		3		12		16
Non-GAAP Operating earnings (4)	$	499	$	493	$	386	$	348	$	2,555	$	1,726
Notes:
(1) Includes separation costs of $82 million for the year ended December 31, 2021. Separation costs were completed during 2021.
(2) Includes certain gross legal expenses related to the cost of insurance litigation and claims related to a commercial relationship of $50 million, $218 million and $207 million for the three months and year ended December 31, 2022 and year ended December 31, 2021, 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.
(3) Includes Non-GMxB related derivative hedge losses of $34 million, ($34) million and $65 million for the three months and year ended December 31, 2022 and year ended December 31, 2021, respectively.
(4) This measure is a Non-GAAP financial measure. For an explanation of our use of Non-GAAP financial measures, refer to the “Use of Non-GAAP Financial Measures” and "Glossary of Selected Financial       and Product Terms" sections of this document. For a reconciliation of this item to the most directly comparable GAAP measure, refer to the “Non-GAAP Reconciliation” section in this document.

4Q 2022 Financial Supplement – Updated for LDTI and Resegmentation 5

Consolidated Balance Sheets

	Balances as of
(in millions USD, unless otherwise indicated)	12/31/2021		3/31/2022		6/30/2022		9/30/2022		12/31/2022
Assets
Total investments	$	105,111	$	98,776	$	93,216	$	92,517	$	93,097
Cash and cash equivalents	5,188		5,713		5,109		4,139		4,281
Cash and securities segregated, at fair value	1,504		1,693		1,747		1,335		1,522
Broker-dealer related receivables	2,599		2,744		2,666		2,539		2,338
Deferred policy acquisition costs	6,113		6,180		6,254		6,322		6,369
Goodwill and other intangible assets, net	4,728		4,723		4,721		5,635		5,482
Amounts due from reinsurers	4,632		4,487		4,376		4,320		8,471
Current and deferred income taxes	505		1,118		1,645		2,207		781
Purchased market risk benefits	14,074		12,521		11,739		10,737		10,423
Other assets	3,609		3,884		4,783		4,678		4,033
Assets held-for-sale	—		—		—		—		562
Separate Accounts assets	147,305		136,812		116,765		109,622		114,853
Assets for market risk benefits	318		489		539		514		490
Total assets	$	295,687	$	279,140	$	253,560	$	244,565	$	252,702
Liabilities
Policyholders’ account balances	$	79,361	$	79,555	$	78,773	$	80,009	$	83,866
Liability for market risk benefits	$	21,688	$	17,976	$	16,723	$	15,569	$	15,766
Future policy benefits and other policyholders’ liabilities	18,178		17,273		16,656		16,305		16,603
Broker-dealer related payables	1,283		1,992		612		607		715
Customers related payables	3,600		3,684		3,821		3,361		3,323
Amounts due to reinsurers	1,381		1,331		1,353		1,348		1,533
Short-term debt	92		204		245		767		759
Long-term debt	3,839		3,840		3,840		3,321		3,322
Income taxes payable	—		—		—		—		—
Notes issued by consolidated variable interest entities, at fair value using the fair value option	1,191		1,182		1,150		1,165		1,150
Other liabilities	5,374		5,417		6,162		7,247		7,108
Liabilities held-for-sale	—		—		—		—		108
Separate Accounts liabilities	147,306		136,812		116,765		109,622		114,853
Total liabilities	283,292		269,266		246,100		239,321		249,106
Redeemable noncontrolling interest	468		386		348		354		455
Equity
Preferred stock	1,562		1,562		1,562		1,562		1,562
Common stock	4		4		4		4		4
Additional paid-in capital	1,919		1,933		1,918		2,027		2,299
Treasury shares	(2,850)		(3,070)		(3,065)		(3,202)		(3,297)
Retained earnings	8,413		8,834		9,448		9,890		9,825
Accumulated other comprehensive income (loss)	1,303		(1,304)		(4,165)		(6,870)		(8,992)
Total equity attributable to Holdings	10,351		7,959		5,702		3,411		1,401
Noncontrolling interest	1,576		1,529		1,410		1,479		1,740
Total equity	11,927		9,488		7,112		4,890		3,141
Total liabilities, redeemable noncontrolling interest and equity	$	295,687	$	279,140	$	253,560	$	244,565	$	252,702

4Q 2022 Financial Supplement – Updated for LDTI and Resegmentation 6

Consolidated Capital Structure

	Balances as of
(in millions USD, unless otherwise indicated)	12/31/2021			3/31/2022			6/30/2022			9/30/2022			12/31/2022
Short-term and long-term debt:
Short-term debt
AB commercial paper	$	—		$	—		$	—		$	—		$	—
AB revolving credit facility	—			—			—			—			—
CLO Warehousing Debt (1)	92			204			245			248			239
Current portion of Long-term debt	—			—			—			519			520
Total short-term debt	92			204			245			767			759
Total long-term debt	3,839			3,840			3,840			3,321			3,322
Total short-term and long-term debt: [A]	$	3,931		$	4,044		$	4,085		$	4,088		$	4,081
Equity:
Preferred stock	$	1,562		$	1,562		$	1,562		$	1,562		$	1,562
Common stock	4			4			4			4			4
Additional paid-in capital	1,919			1,933			1,918			2,027			2,299
Treasury stock, at cost	(2,850)			(3,070)			(3,065)			(3,202)			(3,297)
Retained earnings	8,413			8,834			9,448			9,890			9,825
Accumulated other comprehensive income (loss)	1,303			(1,304)			(4,165)			(6,870)			(8,992)
Total equity attributable to Holdings	10,351			7,959			5,702			3,411			1,401
Noncontrolling interest	1,576			1,529			1,410			1,479			1,740
Total equity	$	11,927		$	9,488		$	7,112		$	4,890		$	3,141
Total equity attributable to Holdings, (ex. AOCI): [B]	$	9,048		$	9,263		$	9,867		$	10,281		$	10,393
Capital:
Total capitalization (2)	$	14,190		$	11,799		$	9,542		$	7,251		$	5,243
Total capitalization (ex. AOCI): [A+B] (3)	$	12,887		$	13,103		$	13,707		$	14,121		$	14,235
Debt to capital:
Debt to capital (ex. AOCI) (3)	29.8		%	29.3		%	28.0		%	27.2		%	27.0		%
	For the Three Months Ended
Roll-forward of common shares outstanding (millions of shares):
Beginning balance	404.7			391.2			384.2			376.8			370.0
Repurchases	(9.6)			(7.9)			—			(4.7)			(3.1)
Retirements	(4.0)			(0.7)			(7.6)			(2.3)			(1.9)
Issuances	0.1			1.6			0.2			0.2			—
Ending basic common shares outstanding	391.2			384.2			376.8			370.0			365.0
Total potentially dilutive shares	—			3.1			2.3			2.3			2.3
Ending common shares outstanding - maximum potential dilution	391.2			387.3			379.1			372.3			367.3
Notes:

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

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

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

4Q 2022 Financial Supplement – Updated for LDTI and Resegmentation 7

Operating Earnings (Loss) by Segment and Corporate and Other (2/2)
	Year Ended December 31, 2022
(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	$	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
	Year Ended December 31, 2021
	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	$	726	$	371	$	—	$	1,951	$	—	$	335	$	345	$	—	$	3,728
Net investment income (loss)	863		752		13		1,102		—		424		693		82		3,929
Net derivative gains (losses)	(31)		(20)		(13)		(20)		—		—		(42)		14		(112)
Investment Management, service fees and other income	431		268		4,430		146		1,437		470		25		(875)		6,332
Segment revenues	1,989		1,371		4,430		3,179		1,437		1,229		1,021		(779)		13,877
Benefits and other deductions
Policyholders’ benefits	67		—		—		1,881		—		175		610		—		2,733
Remeasurement of liability for future policy benefits	30		—		—		(33)		—		9		7		—		13
Interest credited to policyholders’ account balances	225		303		—		516		—		53		122		—		1,219
Commissions and distribution related payments	233		149		708		131		946		230		14		(749)		1,662
Amortization of deferred policy acquisition costs	294		64		—		116		—		66		12		—		552
Compensation and benefits, interest expense and financing fees and other operating costs and expense	191		163		2,512		255		408		72		524		(30)		4,095
Segment benefits and other deductions	1,040		679		3,220		2,866		1,354		605		1,289		(779)		10,274
Operating earnings (loss), before income taxes	949		692		1,210		313		83		624		(268)		—		3,603
Income Taxes	(155)		(113)		(208)		(51)		(25)		(102)		44		—		(610)
Operating earnings (loss), before noncontrolling interest	794		579		1,002		262		58		522		(224)		—		2,993
Less: Operating (earnings) loss attributable to the noncontrolling interest	—		—		(438)		—		—		—		—		—		(438)
Operating earnings (loss)	$	794	$	579	$	564	$	262	$	58	$	522	$	(224)	$	—	$	2,555

4Q 2022 Financial Supplement – Updated for LDTI and Resegmentation 8

Assets Under Management and Administration

	Balances as of
(in billions USD, except for Equitable Headcount)	12/31/2021		3/31/2022		6/30/2022		9/30/2022		12/31/2022
Assets Under Management
AB AUM
Total AB	$	778.6	$	735.4	$	646.8	$	612.7	$	646.4
Exclusion for General Account and other Affiliated Accounts	(79.7)		(75.1)		(69.4)		(66.8)		(66.8)
Exclusion for Separate Accounts	(48.8)		(45.3)		(38.4)		(36.1)		(38.2)
AB third party	$	650.1	$	615.0	$	539.0	$	509.8	$	541.4
Total company AUM
AB third party	$	650.1	$	615.0	$	539.0	$	509.8	$	541.4
General Account and other Affiliated Accounts (1) (3) (4)	110.3		104.5		98.3		96.7		97.4
Separate Accounts (2) (3) (4)	147.3		136.8		116.8		109.6		114.9
Total AUM	$	907.7	$	856.3	$	754.1	$	716.1	$	753.6
Total Assets Under Administration (AUA) (5)	$	82.8	$	78.9	$	70.4	68.4		72.4
Equitable Advisor Headcount
Total Number of Equitable Advisors	4,382		4,252		4,166		4,129		4,258
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, 2021, March 31, 2022, June 30, 2022, September 30, 2022 and December 31, 2022, Separate Account and General Account AUM is inclusive of $16.6 billion, $61 million, $15.1 billion, $60 million, $12.7 billion, $60 million, $11.7 billion, $58 million, $12.1 billion and $56 million, respectively, Account Value ceded to Venerable. For additional information on the Venerable transaction see Note 1 of the Notes to Consolidated Financial Statements within the 10-K.
(4) As of December 31, 2022, Separate Account and General Account AUM is inclusive $5.6 billion and $3.9 billion, respectively, Account Value ceded to Global Atlantic. For additional information on the Global Atlantic transaction see MD&A - Executive Summary “Global Atlantic Reinsurance Transaction" within the 10-K.
(5) AUA includes Equitable Advisors Advisory and Brokerage AUA; Equitable Advisors broker-dealer business is included in Wealth Management.

4Q 2022 Financial Supplement – Updated for LDTI and Resegmentation 9

Sales Metrics by Segment

	For the Three Months Ended										Years Ended
(in millions USD, unless otherwise indicated)	12/31/2021		3/31/2022		6/30/2022		9/30/2022		12/31/2022		12/31/2021		12/31/2022		Change
Retirement Operations
Individual Retirement
First year premiums and deposits	$	3,037	$	2,735	$	2,930	$	2,799	$	2,438	$	10,977	$	10,902	(0.7)	%
Renewal premium and deposits	68		84		89		111		86		324		370		14.2	%
Total Gross Premiums	$	3,105	$	2,819	$	3,019	$	2,910	$	2,524	$	11,301	$	11,272	(0.3)	%
Group Retirement
First year premiums and deposits	$	452	$	879	$	476	$	371	$	392	$	1,501	$	2,118	41.1	%
Renewal premium and deposits	626		623		657		490		560		2,338		2,330		(0.3)	%
Total Gross Premiums	$	1,078	$	1,502	$	1,133	$	861	$	952	$	3,839	$	4,448	15.9	%
Protection Solutions
First year premiums and deposits	$	133	$	116	$	99	$	101	$	108	$	426	$	424	(0.5)	%
Renewal premium and deposits (1)	668		662		661		668		668		2,639		2,659		0.7	%
Total Gross Premiums (1)	$	801	$	778	$	760	$	769	$	776	$	3,065	$	3,083	0.6	%
Investment Management and Research (in billions USD)
Gross Sales by distribution channel
Institutional (4)	$	6.6	$	14.3	$	3.3	$	1.9	$	12.6	$	31.7	$	32.2	1.6	%
Retail	27.6		20.6		17.3		13.8		14.2		100.0		65.9		(34.1)	%
Private Wealth	5.2		6.0		3.3		4.1		4.1		18.3		17.5		(4.4)	%
Firmwide Gross Sales (4)	$	39.4	$	40.9	$	23.9	$	19.8	$	30.9	$	150.0	$	115.6	(22.9)	%
Gross sales by investment service
Equity Active	$	21.8	$	17.3	$	11.4	$	8.0	$	9.3	$	72.9	$	46.0	(36.9)	%
Equity Passive (2) (4)	0.3		0.2		1.1		0.4		0.1		1.4		1.8		28.6	%
Fixed Income - Taxable	7.4		7.1		4.0		6.1		8.3		44.9		25.5		(43.2)	%
Fixed Income - Tax-Exempt	3.6		4.0		5.2		3.2		3.6		13.5		16.0		18.5	%
Fixed Income Passive (2) (4)	3.4		(0.1)		—		—		—		4.6		(0.1)		(102.2)	%
Alternatives/Multi-Asset Solutions (3) (4)	2.9		12.4		2.2		2.1		9.5		12.7		26.4		107.9	%
Firmwide Gross Sales (4)	$	39.4	$	40.9	$	23.9	$	19.8	$	30.8	$	150.0	$	115.6	(22.9)	%
Wealth Management (in millions USD)
Sales by Product Type
Advisory	$	3,052	$	2,745	$	2,379	$	2,114	$	1,850	$	11,449	$	9,089	(20.6)	%
Brokerage and Direct	754		711		654		805		907		3,037		3,077		1.3	%
Retirement, Premiums and Deposits (5)	2,602		2,559		2,597		2,713		2,877		10,058		10,746		6.8	%
Total sales	$	6,408	$	6,015	$	5,631	$	5,632	$	5,634	$	24,544	$	22,912	(12.5)	%
Notes:
(1) 1Q'22 variable universal life renewals previously reported as $514M during first quarter 2022. Amount updated to $249M during second quarter 2022 to properly reflect variable universal life product renewals. This resulted in a change for gross written premiums from $1,033 to $778.
(2) Includes index and enhanced index services.
(3) Includes certain multi-asset solutions and services not included in equity or fixed income services
(4) AB line item does not cross foot for the twelve months ended 2022 due to rounding.
(5) Represents premiums and deposits associated with Retirement Operations

4Q 2022 Financial Supplement – Updated for LDTI and Resegmentation 10

Business Segments:

Operating Earnings Results and Metrics

4Q 2022 Financial Supplement – Updated for LDTI and Resegmentation 11

Individual Retirement - Operating Earnings (Loss) and Summary Metrics

	For the Three Months Ended or As of										Years Ended or As of
(in millions USD, unless otherwise indicated)		3/31/2022		6/30/2022		9/30/2022		12/31/2022			12/31/2021			12/31/2022			Change
Revenues
Policy charges, fee income and premiums		$	183	$	163	$	158	$	151		$	726		$	655		(9.8)	%
Net investment income (loss)		236		229		283		308			863			1,056			22.4	%
Net derivative gains (losses)		(8)		(10)		(16)		(8)			(31)			(42)			(35.5)	%
Investment management, service fees and other income		96		89		87		87			431			359			(16.7)	%
Segment revenues		507		471		512		538			1,989			2,028			2.0	%
Benefits and other deductions
Policyholders’ benefits		18		13		14		11			67			56			(16.4)	%
Remeasurement of Liability for Future Policy Benefits		—		(1)		(1)		(1)			30			(3)			—	%
Interest credited to policyholders’ account balances		60		66		85		107			225			318			41.3	%
Commissions and distribution-related payments		64		54		54		63			233			235			0.9	%
Amortization of deferred policy acquisition costs		80		82		85		87			294			334			13.6	%
Compensation and benefits, interest expense and financing fees and other operating costs and expense		41		30		47		47			191			165			(13.6)	%
Segment benefits and other deductions		263		244		284		314			1,040			1,105			6.3	%
Operating earnings (loss), before income taxes		244		227		228		224			949			923			(2.7)	%
Income taxes		(41)		(41)		(45)		(34)			(155)			(161)			(3.9)	%
Operating earnings (loss), before noncontrolling interest		203		186		183		190			794			762			(4.0)	%
Less: Operating (earnings) loss attributable to the noncontrolling interest		—		—		—		—			—			—			—	%
Operating earnings (loss)		$	203	$	186	$	183	$	190		$	794		$	762		(4.0)	%
Summary Metrics
Operating earnings (loss) - TTM:		N/A		N/A		N/A		$	762		$	794		$	762		(4.0)	%
Average Account Value (TTM)		$	70,950	$	64,978	$	58,389	$	67,818		$	74,667		$	67,818		(11.0)	%
Return on assets (TTM)		N/A		N/A		N/A		1.36		%	1.27		%	1.36		%
Net flows		$	397	$	1,433	$	1,264	$	838		$	2,598		$	3,932		51.3	%
First year premiums and deposits		$	2,802	$	3,054	$	3,003	$	2,624		$	10,983		$	11,483		(0.7)	%
In-force Policy Count by Product (in thousands):		573		578		583		587			571			587

4Q 2022 Financial Supplement – Updated for LDTI and Resegmentation 12

Individual Retirement - Select Operating Metrics
	For the Three Months Ended or As of								Years Ended or As of
(in millions USD, unless otherwise indicated)	3/31/2022		6/30/2022		9/30/2022		12/31/2022		12/31/2021		12/31/2022
Sales Metrics
First Year Premiums and Deposits by Product:
SCS	$	1,926	$	2,183	$	2,038	$	1,806	$	7,627	$	7,953
SCS Income	67		124		204		186		6		581
Retirement Cornerstone	481		390		421		334		1,951		1,626
Investment Edge	241		289		271		235		1,048		1,036
Other	87		68		69		63		351		287
Total First Year Premiums and Deposits	$	2,802	$	3,054	$	3,003	$	2,624	$	10,983	$	11,483
Account Values
General Account:
Balance as of beginning of period	$	36,649	$	36,665	$	34,554	$	34,502	$	29,661	$	36,649
Gross premiums and deposits (3)	1,830		2,184		2,146		1,943		7,111		8,103
Surrenders, withdrawals and benefits	(885)		(821)		(721)		(765)		(3,161)		(3,192)
Net flows	945		1,363		1,425		1,178		3,950		4,911
Investment performance, interest credited and policy charges	(930)		(3,474)		(1,477)		2,083		3,136		(3,798)
Other (1)	—		—		—		—		(36)		—
Balance as of end of period	$	36,665	$	34,554	$	34,502	$	37,763	$	36,649	$	37,763
Separate Accounts:
Balance as of beginning of period	$	29,053	$	23,638	$	20,270	$	18,225	$	42,860	$	29,053
Gross premiums and deposits (3)	1,014		831		871		669		3,880		3,385
Surrenders, withdrawals and benefits	(1,562)		(761)		(1,032)		(1,009)		(5,232)		(4,364)
Net flows	(548)		70		(161)		(340)		(1,352)		(979)
Investment performance, interest credited and policy charges	(4,867)		(3,438)		(1,884)		1,702		4,356		(8,487)
Other (2)	—		—		—		—		55		—
Balance as of end of period	$	23,638	$	20,270	$	18,225	$	19,587	$	29,053	$	19,587
Total:
Balance as of beginning of period	$	65,702	$	60,303	$	54,824	$	52,727	$	72,521	$	65,702
Gross premiums and deposits (3)	2,844		3,015		3,017		2,612		10,991		11,488
Surrenders, withdrawals and benefits	(2,447)		(1,582)		(1,753)		(1,774)		(8,393)		(7,556)
Net flows	397		1,433		1,264		838		2,598		3,932
Investment performance, interest credited and policy charges	(5,797)		(6,912)		(3,361)		3,785		7,492		(12,285)
Other (1) (2)	—		—		—		—		19		—
Balance as of end of period	$	60,302	$	54,824	$	52,727	$	57,350	$	65,703	$	57,349
Net Amount at Risk (NAR)
Total GMIB NAR	$	26	$	31	$	18	$	18	$	20	$	18
Total GMWB NAR	—		—		—		—		—		—
Total GMDB NAR	404		584		659		646		294		646
MRB Reserves (Net of Reinsurance)	$	555	$	477	$	459	$	588	$	1,131	$	588
Notes:
(1) For the twelve months ended December 31, 2021, amounts reflect ($38) million transfer of policyholders account balances to future policyholder benefits and other policyholders liabilities related to structured settlement contracts.
(2) For the twelve months ended December 31, 2021 amounts reflect $57 million of AV transfer of a closed block of GMxB business from GR to IR.
(3) Includes deposits from certain other products not reported as first year premiums and deposits or renewal premiums and deposits elsewhere in this document.

4Q 2022 Financial Supplement – Updated for LDTI and Resegmentation 13

Group Retirement - Operating Earnings (Loss) and Summary Metrics

	For the Three Months Ended or As of									Years Ended or As of
(in millions USD, unless otherwise indicated)	3/31/2022		6/30/2022		9/30/2022		12/31/2022			12/31/2021			12/31/2022			Change
Revenues
Policy charges, fee income and premiums	$	94	$	83	$	80	$	61		$	371		$	318		(14.3)	%
Net investment income (loss)	180		163		160		121			752			624			(17.0)	%
Net derivative gains (losses)	(5)		(9)		(13)		(3)			(20)			(30)			(50.0)	%
Investment management, service fees and other income	66		61		60		59			268			246			(8.2)	%
Segment revenues	335		298		287		238			1,371			1,158			(15.5)	%
Benefits and other deductions
Policyholder benefits	—		—		—		—			—			—			—	%
Remeasurement of liability for future policy benefits	—		—		—		—			—			—			—	%
Interest credited to policyholders’ account balances	78		72		79		52			303			281			(7.3)	%
Commissions and distribution-related payments	42		42		33		37			149			154			3.4	%
Amortization of deferred policy acquisition costs	15		15		14		15			64			59			(7.8)	%
Compensation and benefits, interest expense and financing fees and other operating costs and expense	28		32		37		27			163			124			(23.9)	%
Segment benefits and other deductions	163		161		163		131			679			618			(9.0)	%
Operating earnings (loss), before income taxes	172		137		124		107			692			540			(22.0)	%
Income taxes	(28)		(26)		(25)		(15)			(113)			(94)			16.8	%
Operating earnings (loss), before noncontrolling interest	144		111		99		92			579			446			(23.0)	%
Less: Operating (earnings) loss attributable to the noncontrolling interest	—		—		—		—			—			—			—	%
Operating earnings (loss)	$	144	$	111	$	99	$	92		$	579		$	446		(23.0)	%
Summary Metrics
Operating earnings (loss) - TTM:[A]	N/A		N/A		N/A		$	446		$	579		$	446		(23.0)	%
Average Account Value (TTM) (1)	$	46,515	$	45,232	$	43,680	$	39,729		$	46,075		$	39,729		(13.8)	%
Return on assets (TTM) (1)	N/A		N/A		N/A		1.36		%	1.50		%	1.36		%
Net flows (2)	$	523	$	144	$	(57)	$	24		$	(177)		$	634		458.5	%
Gross premiums and deposits	$	1,502	$	1,133	$	861	$	952		$	3,839		$	4,448		15.9	%
Notes:
(1) Amounts revised to include Mutual Fund AUA balances. Impact to average account value TTM for December 31 2021 is $(383) million.
(2) For the three months ended and year ended December 31, 2022, net outflows of $179 million are excluded as these amounts are related to ceded AV to Global Atlantic.

4Q 2022 Financial Supplement – Updated for LDTI and Resegmentation 14

Group Retirement - Select Operating Metrics

	For the Three Months Ended or As of								Years Ended or As of
(in millions USD, unless otherwise indicated)	3/31/2022		6/30/2022		9/30/2022		12/31/2022		12/31/2021		12/31/2022
Sales Metrics
Gross premiums and deposits: (1)
First-year premiums and deposits	$	879	$	476	$	371	$	392	$	1,501	$	2,118
Renewal premiums and deposits	623		657		490		560		2,338		2,330
Group Retirement premiums and deposits	$	1,502	$	1,133	$	861	$	952	$	3,839	$	4,448
Gross premiums and deposits by market: (1)
Tax-exempt	$	219	$	231	$	293	$	258	$	1,017	$	1,001
Corporate	89		62		69		103		450		323
Institutional	565		179		3		25		9		772
Other	6		4		6		6		25		22
Total First Year Premiums and Deposits	879		476		371		392		1,501		2,118
Tax-exempt	468		518		364		435		1,789		1,785
Corporate	103		94		93		87		373		377
Institutional	—		—		—		—		—		—
Other	52		45		33		38		176		168
Total renewal premiums and deposits	623		657		490		560		2,338		2,330
Group Retirement premiums and deposits by market	$	1,502	$	1,133	$	861	$	952	$	3,839	$	4,448
Account Values and Assets under Administration
General Account:
Balance as of beginning of period	$	13,046	$	13,171	$	13,240	$	13,234	$	12,826	$	13,046
Gross premiums and deposits	329		299		242		239		1,055		1,109
Surrenders, withdrawals and benefits	(270)		(256)		(304)		(333)		(1,178)		(1,163)
Net flows	59		43		(62)		(94)		(123)		(54)
Investment performance, interest credited and policy charges	66		26		56		87		345		235
Other (2)	—		—		—		—		(2)		—
Ceded to Global Atlantic (6)	—		—		—		(4,052)		—		(4,052)
Balance as of end of period	$	13,171	$	13,240	$	13,234	$	9,175	$	13,046	$	9,175
Separate Accounts and Mutual Funds (3) (4) (5)
Balance as of beginning of period	$	34,763	$	32,864	$	27,927	$	26,476	$	29,930	$	34,763
Gross premiums and deposits	1,173		834		619		713		2,784		3,339
Surrenders, withdrawals and benefits	(709)		(733)		(614)		(595)		(2,838)		(2,651)
Net flows	464		101		5		118		(54)		688
Investment performance, interest credited and policy charges	(2,363)		(5,038)		(1,456)		1,547		4,942		(7,310)
Other (2)	—		—		—		—		(55)		—
Ceded to Global Atlantic (6)	—		—		—		(5,311)		—		(5,311)
Balance as of end of period	$	32,864	$	27,927	$	26,476	$	22,830	$	34,763	$	22,830
Total: (3) (4)
Balance as of beginning of period	$	47,809	$	46,035	$	41,167	$	39,710	$	42,756	$	47,809
Gross premiums and deposits	1,502		1,133		861		952		3,839		4,448
Surrenders, withdrawals and benefits	(979)		(989)		(918)		(928)		(4,016)		(3,814)
Net flows	523		144		(57)		24		(177)		634
Investment performance, interest credited and policy charges	(2,297)		(5,012)		(1,400)		1,634		5,287		(7,075)
Transfer from (to) GR	—		—		—		—		(57)		—
Other	—		—		—		—		—		—
Ceded to Global Atlantic (6)	—		—		—		(9,363)		—		(9,363)
Balance as of end of period	$	46,035	$	41,167	$	39,710	$	32,005	$	47,809	$	32,005
Notes:

4Q 2022 Financial Supplement – Updated for LDTI and Resegmentation 15

(1) Includes both AUM and AUA. Prior period amounts related to the premiums and deposits were revised to include Mutual Fund AUA. Gross premium and deposits revisions for the year ended of December 31, 2021 of $189 million.

(2) For the nine months ended September 30, 2021, amounts reflect AV transfer of GMxB closed block business from GR to IR.

(3) Prior period amounts related to the net flows were revised to include Mutual Fund AUA. Net Flow revision for the year ended December 31, 2021 is $129 million.

(4) Prior period amounts related to Investment performance, interest credited and policy charges were revised to include Mutual Fund AUA. Investment performance, interest credited and policy charges revisions for the year ended December 31, 2021 is $30 million.

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

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

4Q 2022 Financial Supplement – Updated for LDTI and Resegmentation 16

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

	For the Three Months Ended or As of												Years Ended or As of
(in millions USD, unless otherwise indicated)	3/31/2022			6/30/2022			9/30/2022			12/31/2022			12/31/2021			12/31/2022			Change
Revenues
Net investment income (loss)	$	(23)		$	(26)		$	(9)		$	15		$	13		$	(43)		(430.8)	%
Net derivative gains (losses)	20			22			15			(16)			(13)			41			415.4	%
Investment management, service fees and other income	1,138			1,007			990			972			4,430			4,107			(7.3)	%
Segment Revenues	1,135			1,003			996			971			4,430			4,105			(7.3)	%
Benefits and other deductions
Commissions and distribution-related payments	176			159			152			143			708			630			(11.0)	%
Compensation and benefits, interest expense and financing fees and other operating costs and expense	675			623			641			598			2,512			2,537			1.0	%
Total benefits and other deductions	851			782			793			741			3,220			3,167			(1.6)	%
Operating earnings (loss), before income taxes	284			221			203			230			1,210			938			(22.5)	%
Income taxes	(46)			(40)			(35)			(41)			(208)			(162)			22.1	%
Operating earnings (loss), before noncontrolling interest	238			181			168			189			1,002			776			(22.6)	%
Less: Operating (earnings) loss attributable to the noncontrolling interest	(102)			(80)			(75)			(95)			(438)			(352)			19.6	%
Operating earnings (loss)	$	136		$	101		$	94		$	94		$	564		$	424		(24.8)	%
Summary Metrics
Adjusted operating margin (1)	31.5		%	27.7		%	25.1		%	28.9		%	33.6		%	28.4		%
Net flows (in billions USD) (2)	$	11.4		$	(2.7)		$	(10.5)		$	(1.9)		$	26.1		$	(3.6)
Total AUM (in billions USD)	$	735.4		$	646.8		$	612.7		$	646.4		$	778.6		$	646.4
Ownership Structure of AB
Holdings and its subsidiaries	63.0		%	63.5		%	62.8		%	59.9		%	63.0		%	59.9		%
AB Holding	36.3		%	35.7		%	36.5		%	39.4		%	36.2		%	39.4		%
Unaffiliated holders	0.7		%	0.8		%	0.7		%	0.7		%	0.8		%	0.7		%
Total	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%
EQH economic interest	64.5		%	65.0		%	64.3		%	61.3		%	64.5		%	61.3		%
EQH average economic interest	64.5		%	64.8		%	64.3		%	62.4		%	64.5		%	64.0		%
Units of limited partnership outstanding (in millions)	271.8			269.4			272.6			286.0			271.5			286.0
Notes:
(1) Adjusted Operating Margin is a non-GAAP financial measure used by AllianceBernstein L.P. (“AB”) management in evaluating AB’s financial performance on a standalone basis and      to compare its performance, as reported by AB in its public filings. It is not comparable to any other non-GAAP financial measure used herein.
(2) Discrete quarterly outflows related to AXA's redemptions for periods presented were $0.6 billion and $3.9 billion for the second and third quarter of 2022, respectively.

4Q 2022 Financial Supplement – Updated for LDTI and Resegmentation 17

Investment Management and Research - Select Operating Metrics

	For the Three Months Ended or As of
(in billions USD, unless otherwise indicated)	3/31/2022		6/30/2022		9/30/2022		12/31/2022
AUM Roll-forward
Balance as of beginning of period	$	778.6	$	735.4	$	646.8	$	612.7
Sales/new accounts	40.9		23.9		19.8		30.9
Redemptions/terminations	(24.6)		(22.6)		(24.9)		(23.2)
Cash flow/unreinvested dividends	(4.9)		(4.0)		(5.4)		(9.6)
Net long-term (outflows) inflows (5)	11.4		(2.7)		(10.5)		(1.9)
Adjustment (3)	—		(0.4)		—		—
Acquisition (4)	—		—		12.2		—
Market appreciation (depreciation)	(54.6)		(85.5)		(35.8)		35.6
Net change	(43.2)		(88.6)		(34.1)		33.7
Balance as of end of period	$	735.4	$	646.8	$	612.7	$	646.4
Ending Assets by distribution channel
Institutions	$	325.9	$	290.5	$	279.4	$	297.3
Retail	292.6		251.0		232.3		242.9
Private Wealth	116.9		105.3		101.0		106.2
Total	$	735.4	$	646.8	$	612.7	$	646.4
Ending Assets by investment service
Equity
Actively Managed	$	265.2	$	223.2	$	202.9	$	217.9
Passively Managed (1)	66.2		55.7		52.1		53.8
Total Equity	$	331.4	$	278.9	$	255.0	$	271.7
Fixed Income
Actively Managed	$	280.8	$	254.7	$	239.1	$	242.8
Passively Managed (1)	12.7		12.3		9.5		9.4
Total Fixed Income	293.5		267.0		248.6		252.2
Total Alternatives/Multi-Asset Solutions (2)	110.5		100.9		109.1		122.5
Total	$	735.4	$	646.8	$	612.7	$	646.4
Notes:
(1) Includes index and enhanced index services.
(2) Includes certain multi-asset solutions and services not included in equity or fixed income services
(3) Approximately $0.4 billion of Institutional AUM was removed from our total assets under management during the second quarter of 2022 due to a change in the fee structure.
(4) The CarVal acquisition added approximately $12.2 billion of Institutional AUM in the third quarter of 2022.
(5) Discrete quarterly outflows related to AXA's redemptions for periods presented were as follows: $0.6 billion for the second quarter of 2022 and $3.9 billion for the third quarter of 2022.

4Q 2022 Financial Supplement – Updated for LDTI and Resegmentation 18

Investment Management and Research - Net Flows
	For the Three Months Ended								Years Ended or As of
(in billions USD, unless otherwise indicated)	3/31/2022		6/30/2022		9/30/2022		12/31/2022		12/31/2021		12/31/2022
Net Flows by Distribution Channel
Institutions
US	$	0.4	$	0.6	$	(0.6)	$	(2.2)	$	(3.8)	$	(1.8)
Global and Non-US	9.8		0.1		(5.7)		3.9		6.1		8.1
Total Institutions	$	10.2	$	0.7	$	(6.3)	$	1.7	$	2.3	$	6.3
Retail
US	$	4.2	$	2.3	$	(0.3)	$	(0.7)	$	25.3	$	5.5
Global and Non-US (4)	(5.2)		(4.6)		(4.7)		(2.7)		(4.5)		(17.1)
Total Retail (4)	$	(1.0)	$	(2.3)	$	(5.0)	$	(3.4)	$	20.8	$	(11.6)
Private Wealth
US (4)	$	1.4	$	(1.1)	$	0.5	$	0.1	$	(0.5)	$	0.8
Global and Non-US (4)	0.8		—		0.3		(0.3)		3.5		0.9
Total Private Wealth	$	2.2	$	(1.1)	$	0.8	$	(0.2)	$	3.0	$	1.7
Total Net Flows by Distribution Channel (4)	$	11.4	$	(2.7)	$	(10.5)	$	(1.9)	$	26.1	$	(3.6)
Net Flows by Investment Service
Equity Active
US	$	4.7	$	0.8	$	(0.3)	$	—	$	15.7	$	5.2
Global and Non-US	(0.1)		(0.5)		(4.7)		(2.6)		6.2		(7.9)
Total Equity Active (4)	$	4.6	$	0.3	$	(5.0)	$	(2.6)	$	21.9	$	(2.7)
Equity Passive (1)
US	$	(0.7)	$	0.5	$	(0.2)	$	(2.0)	$	(6.3)	$	(2.4)
Global and Non-US (4)	(1.1)		(0.7)		(0.7)		(0.3)		(1.2)		(2.9)
Total Equity Passive (1) (4)	$	(1.8)	$	(0.2)	$	(0.9)	$	(2.3)	$	(7.5)	$	(5.3)
Fixed Income - Taxable (3)
US (4)	$	0.3	$	(1.3)	$	(0.1)	$	(0.2)	$	(1.0)	$	(1.2)
Global and Non-US (4)	(5.0)		(4.3)		(3.5)		(3.8)		(8.9)		(16.7)
Total Fixed Income - Taxable	$	(4.7)	$	(5.6)	$	(3.6)	$	(4.0)	$	(9.9)	$	(17.9)
Fixed Income - Tax-Exempt
US (4)	$	1.0	$	0.6	$	—	$	(1.0)	$	6.0	$	0.7
Global and Non-US (4)	—		0.1		—		(0.1)		—		(0.1)
Total Fixed Income - Tax-Exempt	$	1.0	$	0.7	$	—	$	(1.1)	$	6.0	$	0.6
Fixed Income - Passive (1)
US (4)	$	(0.2)	$	0.5	$	(0.2)	$	(0.3)	$	4.5	$	(0.3)
Global and Non-US (4)	0.6		0.2		(1.9)		—		0.5		(1.0)
Total Fixed Income - Passive (1)	$	0.4	$	0.7	$	(2.1)	$	(0.3)	$	5.0	$	(1.3)
Alternatives/Multi-Asset Solutions (2)
US	$	0.9	$	0.5	$	0.4	$	0.7	$	2.1	$	2.5
Global and Non-US (4)	11.0		0.9		0.7		7.7		8.5		20.5
Total Alternatives/Multi-Asset Solutions (2) (4)	$	11.9	$	1.4	$	1.1	$	8.4	$	10.6	$	23.0
Total Net Flows by Investment Service (4)	$	11.4	$	(2.7)	$	(10.5)	$	(1.9)	$	26.1	$	(3.6)
Active vs. Passive Net Flows
Actively Managed
Equity (4)	$	4.6	$	0.3	$	(5.0)	$	(2.6)	$	21.9	$	(2.7)
Fixed Income (3) (4)	(3.7)		(4.8)		(3.6)		(5.1)		(3.9)		(17.3)
Alternatives/Multi-Asset Solutions (2) (4)	11.3		1.1		0.8		7.6		8.3		20.9
Total	$	12.2	$	(3.4)	$	(7.8)	$	(0.1)	$	26.3	$	0.9
Passively Managed (1)
Equity	$	(1.8)	$	(0.3)	$	(0.9)	$	(2.3)	$	(7.5)	$	(5.3)
Fixed Income	0.4		0.7		(2.1)		(0.3)		5.0		(1.3)
Alternatives/Multi-Asset Solutions (2) (4)	0.6		0.3		0.3		0.8		2.3		2.1
Total (4)	$	(0.8)	$	0.7	$	(2.7)	$	(1.8)	$	(0.2)	$	(4.5)
Total Active vs Passive Net Flows (4)	$	11.4	$	(2.7)	$	(10.5)	$	(1.9)	$	26.1	$	(3.6)
Notes:
(1) Includes index and enhanced index services.
(2) Includes certain multi-asset solutions and services not included in equity or fixed income services
(3) Discrete quarterly outflows related to AXA's redemptions for periods presented were as follows: $0.6 billion for the second quarter of 2022 and $3.9 billion for the third quarter of 2022.
(4) AB line item does not cross foot for the twelve months ended 2022 due to rounding.

4Q 2022 Financial Supplement – Updated for LDTI and Resegmentation 19

Protection Solutions - Operating Earnings (Loss) and Summary Metrics

	For the Three Months Ended or As of												Years Ended or As of
(in millions USD, unless otherwise indicated)	3/31/2022			6/30/2022			9/30/2022			12/31/2022			12/31/2021			12/31/2022			Change
Revenues
Policy charges, fee income and premiums	$	500		$	505		$	502		$	511		$	1,951		$	2,018		3.4	%
Net investment income (loss)	272			252			236			221			1,102			981			(11.0)	%
Net derivative gains (losses)	—			(5)			(13)			(2)			(20)			(20)			—	%
Investment management, service fees and other income	37			37			34			33			146			141			(3.4)	%
Segment revenues	809			789			759			763			3,179			3,120			(1.9)	%
Benefits and other deductions
Policyholders’ benefits	550			396			430			520			1,881			1,896			0.8	%
Remeasurement of liability for future policy benefits	8			5			22			12			(33)			47			242.4	%
Interest credited to policyholders’ account balances	128			122			130			131			516			511			(1.0)	%
Commissions and distribution-related payments	34			34			31			43			131			142			8.4	%
Amortization of deferred policy acquisition costs	29			29			29			30			116			117			0.9	%
Compensation and benefits, interest expense and financing fees and other operating costs and expense	63			70			79			78			255			290			13.7	%
Segment benefits and other deductions	812			656			721			814			2,866			3,003			4.8	%
Operating earnings (loss), before income taxes	(3)			133			38			(51)			313			117			(62.6)	%
Income taxes	—			(23)			(8)			11			(51)			(20)			60.8	%
Operating earnings (loss), before noncontrolling interest	(3)			110			30			(40)			262			97			(63.0)	%
Less: Operating (earnings) loss attributable to the noncontrolling interest	—			—			—			(1)			—			—			—	%
Operating earnings (loss)	$	(3)		$	110		$	30		$	(41)		$	262		$	97		(63.0)	%
Summary Metrics
Operating earnings (loss) - TTM:[A]	N/A			N/A			N/A			$	97		$	262		$	97		(63.0)	%
Benefit ratio	83.8		%	65.7		%	73.8		%	86.9		%	74.4		%	78.7		%
Gross written premiums (1)	$	778		$	760		$	769		$	776		$	3,065		$	3,083		0.6	%
Annualized premiums	$	77		$	67		$	74		$	74		$	287		$	292		1.8	%
Total in-force face amount (in billions USD) (2)	$	421.8		$	420.6		$	418.3		$	417.0		$	423.2		$	417.0		(1.5)	%
Notes:
(1) 1Q'22 variable universal life renewals previously reported as $514M during first quarter 2022. Amount updated to $249M during second quarter 2022 to properly reflect variable universal life product renewals. This resulted in a change for gross written premiums from $1,033 to $778.
(2) Total in-force face amount presented on a gross basis including ceded policies.

4Q 2022 Financial Supplement – Updated for LDTI and Resegmentation 20

Protection Solutions - Select Operating Metrics

	For the Three Months Ended or As of								Years Ended or As of
(in millions USD, unless otherwise indicated)	3/31/2022		6/30/2022		9/30/2022		12/31/2022		12/31/2021		12/31/2022
Sales Metrics
First Year Premiums and Deposits by Product Line:
Universal Life	$	—	$	—	$	—	$	—	$	—	$	—
Indexed Universal Life	6		4		4		5		45		19
Variable Universal Life	85		76		71		77		287		309
Term	4		3		3		3		16		13
Employee Benefits	21		16		23		22		77		82
Other (1)	—		—		—		1		1		1
Total	$	116	$	99	$	101	$	108	$	426	$	424
Renewals by Product Line:
Universal Life	$	193	$	185	$	207	$	179	$	824	$	764
Indexed Universal Life	80		76		74		74		310		304
Variable Universal Life (2)	249		239		244		257		968		989
Term	93		94		90		96		379		373
Employee Benefits	43		63		49		57		139		212
Other (1)	4		4		4		5		19		17
Total	662		661		668		668		2,639		2,659
Total Gross Premiums	$	778	$	760	$	769	$	776	$	3,065	$	3,083
In-force Metrics
In-force Face Amount by Product (3) (in billions):
Universal Life (4)	$	44.9	$	44.4	$	43.7	$	43.1	$	45.9	$	43.1
Indexed Universal Life	27.9		27.7		27.6		27.5		27.9		27.5
Variable Universal Life (5)	132.9		132.6		132.8		133.4		132.8		133.4
Term	214.9		214.7		213.0		211.9		215.4		211.9
Whole Life	1.2		1.2		1.2		1.1		1.2		1.1
Total	$	421.8	$	420.6	$	418.3	$	417.0	$	423.2	$	417.0
In-force Policy Count by Product (3) (in thousands):
Universal Life (4)	134		132		130		129		136		129
Indexed Universal Life	65		65		64		64		65		64
Variable Universal Life (5)	293		293		293		293		293		293
Term	264		262		259		256		266		256
Whole Life	16		16		16		15		16		15
Total	772		768		762		757		776		757
Protection Solutions Reserves
General Account	$	18,432	$	18,241	$	18,243	$	18,237	$	18,625	$	18,237
Separate Accounts	15,883		13,524		12,783		13,634		17,012		13,634
Total	$	34,315	$	31,765	$	31,026	$	31,871	$	35,637	$	31,871
Notes:
(1) For the individual life insurance premiums, Other includes Whole Life insurance and other products available-for-sale but not actively marketed.
(2) 1Q'22 variable universal life renewals previously reported as $514M during first quarter 2022. Amount updated to $249M during second quarter 2022 to properly reflect variable universal life product renewals.
(3) Includes individual life insurance and does not include Employee Benefits as it is a start-up business and therefore has immaterial in-force policies.
(4) Universal Life includes Guaranteed Universal Life.
(5) Variable Universal Life includes variable life insurance and corporate-owned life insurance.

4Q 2022 Financial Supplement – Updated for LDTI and Resegmentation 21

Wealth Management - Operating Earnings (Loss) and Summary Metrics

	For the Three Months Ended or As of												Years Ended or As of
(in millions USD, unless otherwise indicated)	3/31/2022			6/30/2022			9/30/2022			12/31/2022			12/31/2021			12/31/2022			Change
Revenues
Net investment income (loss)	—			—			1			1			—			2			100.0	%
Investment management, service fees and other income	376			368			352			348			1,437			1,444			0.5	%
Segment revenues	376			368			353			349			1,437			1,446			0.6	%
Benefits and other deductions
Commissions and distribution-related payments	239			245			231			225			946			940			(0.6)	%
Compensation and benefits, interest expense and financing fees and other operating costs and expense	93			91			92			94			408			370			(9.3)	%
Segment benefits and other deductions	332			336			323			319			1,354			1,310			(3.2)	%
																			-0.280166435506241
Operating earnings (loss), before income taxes	44			32			30			30			83			136			63.9	%
Income taxes	(12)			(8)			(8)			(7)			(25)			(35)			(40.0)	%
Operating earnings (loss), before noncontrolling interest	32			24			22			23			58			101			74.1	%
Less: Operating (earnings) loss attributable to the noncontrolling interest	—			—			—			—			—			—			—	%
Operating earnings (loss)	$	32		$	24		$	22		$	23		$	58		$	101		74.1	%
																			1.2824427480916
Revenue by Activity Type
Investment management, service fees and other income :
Investment management and advisory fees	139			135			125			120			505			519			2.8	%
Distribution fees	233			227			219			213			914			894			(2.2)	%
Interest Income	—			2			5			8			1			15			N/M
Service and Other income	3			5			3			6			17			17			(2.7)	%
Total Investment management, service fees and other income	$	376		$	368		$	352		$	348		$	1,437		$	1,444		0.5	%
Summary Metrics
Pre-tax operating margin	11.70		%	8.70		%	8.50		%	8.60		%	5.78		%	9.41		%
Net flows	1,659			1,161			1,117			575			7,213			4,512			(37.4)	%
Total AUA	$	78,873		$	70,411		$	68,393		$	72,406		$	82,794		$	72,406		(12.5)	%
Notes:

4Q 2022 Financial Supplement – Updated for LDTI and Resegmentation 22

Wealth Management - Select Operating Metrics

	For the Three Months Ended or As of								Years Ended or As of
(in millions USD, unless otherwise indicated)	3/31/2022		6/30/2022		9/30/2022		12/31/2022		12/31/2021		12/31/2022
AUA Roll-forward
Advisory assets :
Beginning assets	$	50,575	$	49,150	$	43,994	$	42,645	$	39,146	$	50,575
Net flows	1,531		988		809		186		6,471		3,513
Market appreciation (depreciation) and other	(2,956)		(6,144)		(2,157)		2,713		4,958		(8,545)
Total advisory ending assets	$	49,150	$	43,994	$	42,645	$	45,544	$	50,575	$	45,544
Brokerage and direct assets	$	29,723	$	26,417	$	25,748	$	26,862	$	32,219	$	26,862
Total Wealth Management assets
Beginning assets	$	82,794	$	78,873	$	70,411	$	68,393	$	61,984	$	82,794
Net flows	1,659		1,161		1,117		575		7,213		4,512
Market appreciation (depreciation) and other	(5,581)		(9,622)		(3,135)		3,437		13,596		(14,901)
Total Wealth Management ending assets	$	78,873	$	70,411	$	68,393	$	72,406	$	82,794	$	72,406
Cash balances	$	3,467	$	3,748	$	3,672	$	3,566	$	3,311	$	3,566
Advisors
Advisors	4,252		4,166		4,129		4,258		4,382		4,258
Revenue per advisor TTM ($ thousands)	N/A		N/A		N/A		$	344	$	332	$	344
Sales by Product Type
Advisory	$	2,745	$	2,379	$	2,114	$	1,850	$	11,449	$	9,089
Brokerage and Direct	711		654		805		907		3,037		3,077
Retirement, Premiums and Deposits	2,559		2,597		2,713		2,877		10,058		10,746
Total sales	$	6,015	$	5,631	$	5,632	$	5,634	$	24,544	$	22,912
Notes:

4Q 2022 Financial Supplement – Updated for LDTI and Resegmentation 23

Legacy - Operating Earnings (Loss) and Summary Metrics

	For the Three Months Ended or As of									Years Ended or As of
(in millions USD, unless otherwise indicated)	3/31/2022		6/30/2022		9/30/2022		12/31/2022			12/31/2021			12/31/2022			Change
Revenues
Policy charges, fee income and premiums	$	35	$	37	$	37	$	30		$	335		$	139		(58.5)	%
Net investment income (loss)	61		59		65		67			424			252			(40.6)	%
Net derivative gains (losses)	—		—		—		—			—			—			—	%
Investment management, service fees and other income	119		103		102		104			470			428			(8.9)	%
Segment revenues	215		199		204		201			1,229			819			(33.4)	%
Benefits and other deductions
Policyholders’ benefits	36		38		45		48			175			167			(4.6)	%
Remeasurement of liability for future policy benefits	1		1		(1)		(1)			9			—			(100.0)	%
Interest credited to policyholders’ account balances	12		13		13		11			53			49			(7.5)	%
Commissions and distribution-related payments	55		47		42		43			230			187			(18.7)	%
Amortization of deferred policy acquisition costs	16		17		16		16			66			65			(1.5)	%
Compensation and benefits, interest expense and financing fees and other operating costs and expense	19		14		26		7			72			66			(8.3)	%
Segment benefits and other deductions	139		130		141		124			605			534			(11.7)	%
																-0.280166435506241
Operating earnings (loss), before income taxes	76		69		63		77			624			285			(54.3)	%
Income taxes	(13)		(12)		(13)		(12)			(102)			(50)			51.0	%
Operating earnings (loss), before noncontrolling interest	63		57		50		65			522			235			(55.0)	%
Less: Operating (earnings) loss attributable to the noncontrolling interest	—		—		—		—			—			—			—	%
Operating earnings (loss)	$	63	$	57	$	50	$	65		$	522		$	235		(55.0)	%
																1.2824427480916
Summary Metrics
Operating earnings (loss) - TTM: [A]	N/A		N/A		N/A		$	235		$	522		$	235		(55.0)	%
Average Account Value (TTM)	$	37,530	$	31,489	$	25,449	$	23,501		$	41,648		$	23,501		(31.5)	%
Return on assets (TTM)	N/A		N/A		N/A		1.21		%	1.50		%	1.21		%
Net flows (1)	(345)		(799)		(499)		(588)			(3,492)			(2,231)			(36.1)	%
In-force Policy Count by Product (in thousands) (2):	313		308		303		299			318			299
Notes:
(1)Net flows excluded as it relates to AV ceded to Venerable for the year ended December 31, 2022 and 2021 were $(1.2) billion and $(830) million, respectively.
(2) As of December 31, 2021, March 31, 2022, June 30, 2022, September 30, 2022 and December 31, 2022, In-force Policy Count by Product presented on a gross basis includes 106 thousand, 104 thousand, 102 thousand, 101 thousand and 99 thousand ceded policies, respectively, related to the Venerable transaction.

4Q 2022 Financial Supplement – Updated for LDTI and Resegmentation 24

Legacy - Select Operating Metrics
	For the Three Months Ended or As of								Years Ended or As of
(in millions USD, unless otherwise indicated)	3/31/2022		6/30/2022		9/30/2022		12/31/2022		12/31/2021		12/31/2022
Account Values (1)
General Account:
Balance as of beginning of period	$	988	$	1,149	$	960	$	947	$	1,122	$	988
Net flows (1)	(48)		(30)		(37)		(27)		(100)		(163)
Investment performance, interest credited and policy charges (1)	208		(196)		7		5		27		24
Ceded to Venerable (2)	—		—		—		—		(61)		—
Balance as of end of period	$	1,149	$	960	$	947	$	925	$	988	$	925
Separate Accounts:
Balance as of beginning of period	$	28,287	$	27,991	$	21,553	$	19,922	$	43,747	$	28,287
Net flows (1)	(298)		(806)		(479)		(561)		(3,392)		(2,144)
Investment performance, interest credited and policy charges (1)	2		(5,632)		(1,152)		1,196		4,798		(5,586)
Ceded to Venerable (2)	$	—	$	—	$	—	$	—	$	(16,866)	$	—
Balance as of end of period	$	27,991	$	21,553	$	19,922	$	20,557	$	28,287	$	20,557
Total:
Balance as of beginning of period	$	29,275	$	29,140	$	22,513	$	20,869	$	44,869	$	29,275
Net flows (1)	(345)		(799)		(499)		(588)		(3,492)		(2,231)
Investment performance, interest credited and policy charges (1)	210		(5,828)		(1,145)		1,201		4,825		(5,562)
Ceded to Venerable (2)	—		—		—		—		(16,927)		—
Balance as of end of period	$	29,140	$	22,513	$	20,869	$	21,482	$	29,275	$	21,482
Net Amount at Risk (NAR)
Total GMIB NAR	$	3,701	$	4,201	$	3,535	$	3,211	$	3,890	$	3,211
Total GMDB NAR	$	8,840	$	11,358	$	12,207	$	11,428	$	7,744	$	11,428
MRB Reserves (Net of Reinsurance)	$	4,425	$	3,985	$	3,877	$	4,287	$	6,178	$	4,287
Notes:
(1) Net flows excluded as it relates to AV ceded to Venerable for the year ended December 31, 2022 and 2021 were $(1.2) billion and $(830) million, respectively. Investment performance, interest credited and policy charges for the year ended December 31, 2022 and 2021 was $(3.4) billion and $589 million, respectively, are not included as it excludes activity related to ceded AV to Venerable.
(2) Effective June 1, 2021, AV excludes activity related to ceded AV to Venerable. In addition, roll-forward reflects the AV ceded to Venerable as of the transaction date. For additional information on the Venerable transaction see Note 1 of the Notes to Consolidated Financial Statements within the 10-Q.

4Q 2022 Financial Supplement – Updated for LDTI and Resegmentation 25

Investments

4Q 2022 Financial Supplement – Updated for LDTI and Resegmentation 26

Consolidated Investment Portfolio Composition

	Balances as of
(in millions USD, unless otherwise indicated)	December 31, 2021				December 31, 2022
	Amount (1)		% of Total		Amount (1)		% of Total
Composition of investment portfolio
Fixed maturities, available-for-sale, at fair value	$	78,216	70.9	%	$	63,361	65.1	%
Fixed maturities, at fair value using the fair value option	1,641		1.5	%	1,508		1.5	%
Mortgage loans on real estate	14,033		12.7	%	16,481		16.9	%
Policy loans	4,024		3.6	%	4,033		4.1	%
Other equity investments	2,975		2.7	%	3,152		3.2	%
Other invested assets	3,591		3.3	%	3,885		4.0	%
Subtotal investment assets	104,480		94.7	%	92,420		94.9	%
Trading securities	631		0.6	%	677		0.7	%
Total investments	105,111		95.3	%	93,097		95.6	%
Cash and cash equivalents	5,188		4.7	%	4,281		4.4	%
Total	$	110,299	100.0	%	$	97,378	100.0	%
General Account AFS Fixed maturities by industry (Based on amortized cost)
Corporate securities:
Finance	$	12,954	17.9	%	$	13,537	18.7	%
Manufacturing	12,212		16.8	%	11,797		16.3	%
Utilities	6,446		8.9	%	6,808		9.4	%
Services	8,191		11.3	%	8,299		11.5	%
Energy	3,854		5.3	%	3,740		5.2	%
Retail and wholesale	3,390		4.7	%	3,394		4.7	%
Transportation	2,181		3.0	%	2,277		3.2	%
Other	60		0.1	%	124		0.2	%
Total corporate securities	49,288		67.9	%	49,976		69.2	%
U.S. government and agency	13,056		18.0	%	7,054		9.8	%
Residential mortgage-backed (2)	90		0.1	%	908		1.3	%
Preferred stock	41		0.1	%	41		0.1	%
State & municipal	586		0.8	%	609		0.8	%
Foreign governments	1,124		1.5	%	985		1.4	%
Commercial mortgage-backed	2,427		3.3	%	3,823		5.3	%
Asset-backed securities	5,933		8.2	%	8,859		12.3	%
Total	$	72,545	100.0	%	$	72,255	100.0	%
General Account AFS Fixed maturities credit quality (3) (Based on amortized cost)
Aaa, Aa, A (NAIC Designation 1)	$	44,653	61.6	%	$	44,612	61.7	%
Baa (NAIC Designation 2)	25,141		34.7	%	24,843		34.4	%
Investment grade	69,794		96.2	%	69,454		96.1	%
Below investment grade (NAIC Designation 3 and 4)	2,751		3.8	%	2,800		3.9	%
Total	$	72,545	100.0	%	$	72,255	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.

4Q 2022 Financial Supplement – Updated for LDTI and Resegmentation 27

Consolidated Results of General Account Investment Portfolio

	For the Years Ended or As of
(in millions USD, unless otherwise indicated)	December 31, 2021				December 31, 2022
	Yield		Amount (2)		Yield		Amount (2)
Fixed Maturities:
Income (loss)	3.40	%	$	2,429	3.57	%	$	2,619
Ending assets			72,545				72,255
Mortgages:
Income (loss)	4.08	%	547		3.92	%	587
Ending assets			14,033				16,481
Other Equity Investments (1):
Income (loss)	20.45	%	534		5.21	%	171
Ending assets			2,901				3,433
Policy Loans:
Income	5.01	%	203		5.35	%	215
Ending assets			4,024				4,033
Cash and Short-term Investments:
Income	(0.13)	%	(2)		(1.44)	%	(24)
Ending assets			1,662				1,419
Funding Agreements:
Interest expense and other			(56)				(156)
Ending (liabilities)			(6,647)				(8,501)
Total invested Assets:
Income	4.28	%	3,655		3.79	%	3,412
Ending assets			88,518				89,120
Short Duration Fixed Maturities:
Income (loss)	4.48	%	78		3.62	%	5
Ending assets			142				87
Total Net Investment Income:
Investment income	4.28	%	3,733		3.79	%	3,417
Less: investment fees (3)	(0.14)	%	(118)		(0.15)	%	(138)
Investment income, net	4.15	%	$	3,615	3.63	%	$	3,279
General Account Ending Net Assets			$	88,660			$	89,207
Operating Earnings adjustments:
Funding Agreements interest expense			56				156
AB and other non-General Account investment income			258				84
Operating Net investment income (loss)			$	3,929			$	3,519
Notes:
(1) Includes, as of December 31, 2021 and December 31, 2022, $319 million and $400 million of other invested assets. Amounts for certain consolidated VIE investments are shown net of associated non-controlling interest.
(2) Amount for fixed maturities and mortgages represents original cost, reduced by repayments, write-downs, adjusted amortization of premiums, accretion of discount and allowances. Cost for equity securities represents original cost reduced by write-downs; cost for other limited partnership interests represents original cost adjusted for equity in earnings and reduced by distributions.
(3) Investment fees are inclusive of investment management fees paid to AB.

4Q 2022 Financial Supplement – Updated for LDTI and Resegmentation 28

Additional Information

4Q 2022 Financial Supplement – Updated for LDTI and Resegmentation 29

Deferred Policy Acquisition Costs Rollforward

	For the Three Months Ended or As of									Years Ended or As of
(in millions USD, unless otherwise indicated)		3/31/2022		6/30/2022		9/30/2022		12/31/2022		12/31/2021		12/31/2022
TOTAL
Beginning balance		$	6,113	$	6,180	$	6,254	$	6,322	$	5,791	$	6,113
Capitalization of commissions, sales and issue expenses		210		219		215		198		874		842
Amortization		(143)		(145)		(147)		(151)		(552)		(586)
Ending balance		$	6,180	$	6,254	$	6,322	$	6,369	$	6,113	$	6,369
Individual Retirement
Beginning balance		$	3,013	$	3,065	$	3,127	$	3,180	$	2,764	$	3,013
Capitalization of commissions, sales and issue expenses		132		144		137		126		543		539
Amortization		(80)		(82)		(84)		(87)		(294)		(333)
Ending balance		$	3,065	$	3,127	$	3,180	$	3,219	$	3,013	$	3,219
Group Retirement
Beginning balance		$	771	$	778	$	785	$	792	$	735	$	771
Capitalization of commissions, sales and issue expenses		22		21		22		23		100		88
Amortization		(15)		(14)		(15)		(15)		(64)		(59)
Ending balance		$	778	$	785	$	792	$	800	$	771	$	800
Protection Solutions
Beginning balance		$	1,559	$	1,579	$	1,596	$	1,614	$	1,474	$	1,559
Capitalization of commissions, sales and issue expenses		49		46		47		46		201		188
Amortization		(29)		(29)		(29)		(30)		(116)		(117)
Ending balance		$	1,579	$	1,596	$	1,614	$	1,630	$	1,559	$	1,630
Legacy
Beginning balance		$	631	$	623	$	614	$	606	$	667	$	631
Capitalization of commissions, sales and issue expenses		8		8		9		3		30		28
Amortization		(16)		(17)		(17)		(16)		(66)		(66)
Ending balance		$	623	$	614	$	606	$	593	$	631	$	593
Corporate and Other
Beginning balance		$	139	$	135	$	132	$	130	$	151	$	139
Capitalization of commissions, sales and issue expenses		(1)		—		—		—		—		(1)
Amortization		(3)		(3)		(2)		(3)		(12)		(11)
Reclassified to Assets held-for-sale		—		—		—		—		—		—
Ending balance		$	135	$	132	$	130	$	127	$	139	$	127

4Q 2022 Financial Supplement – Updated for LDTI and Resegmentation 30

Use of Non-GAAP Financial Measures

In addition to our results presented in accordance with U.S. GAAP, we report Non-GAAP Operating Earnings, Non-GAAP Operating ROE, and Non-GAAP operating common EPS, each of which is a measure that is not determined in accordance with U.S. GAAP. Management principally uses these non-GAAP financial measures in evaluating performance because they present a clearer picture of our operating performance and they allow management to allocate resources. Similarly, management believes that the use of these Non-GAAP financial measures, together with relevant U.S. GAAP measures, provide investors with a better understanding of our results of operations and the underlying profitability drivers and trends of our business. These non-GAAP financial measures are intended to remove from our results of operations the impact of market changes (where there is mismatch in the valuation of assets and liabilities) as well as certain other expenses which are not part of our underlying profitability drivers or likely to re-occur in the foreseeable future, as such items fluctuate from period-to-period in a manner inconsistent with these drivers. These measures should be considered supplementary to our results that are presented in accordance with U.S. GAAP and should not be viewed as a substitute for the U.S. GAAP measures. Other companies may use similarly titled non-GAAP financial measures that are calculated differently from the way we calculate such measures. Consequently, our non-GAAP financial measures may not be comparable to similar measures used by other companies.
We also discuss certain operating measures, including AUM, AUA, AV, Protection Solutions Reserves and certain other operating measures, which management believes provide useful information about our businesses and the operational factors underlying our financial performance.
Non-GAAP Operating Earnings
Non-GAAP Operating Earnings is an after-tax non-GAAP financial measure used to evaluate our financial performance on a consolidated basis that is determined by making certain adjustments to our consolidated after-tax net income attributable to Holdings. The most significant of such adjustments relates to our derivative positions, which protect economic value and statutory capital, and the variable annuity product MRBs. This is a large source of volatility in net income.
Non-GAAP Operating Earnings equals our consolidated after-tax net income attributable to Holdings adjusted to eliminate the impact of the following items:
•	Items related to variable annuity product features, which include: (i) Changes in the fair value of market risk benefits, net of reinsurance, including the related attributed fees and claims, offset by derivatives and other securities used to hedge the market risk benefits; and (ii) Market adjustments to deposit asset or liability accounts arising from reinsurance agreements which do not expose the reinsurer to a reasonable possibility of a significant loss from insurance risk.;
•	Investment (gains) losses, which includes credit loss impairments of securities/investments, sales or disposals of securities/investments, realized capital gains/losses and valuation allowances;
•	Net actuarial (gains) losses, which includes actuarial gains and losses as a result of differences between actual and expected experience on pension plan assets or projected benefit obligation during a given period related to pension, other postretirement benefit obligations, and the one-time impact of the settlement of the defined benefit obligation;
•	Other adjustments, which primarily include restructuring costs related to severance and separation, lease write-offs related to non-recurring restructuring activities, COVID-19 related impacts, net derivative gains (losses) on certain Non-GMxB derivatives, net investment income from certain items including consolidated VIE investments, seed capital mark-to-market adjustments, unrealized gain/losses and realized capital gains/losses from sales or disposals of select securities, certain legal accruals; and a bespoke deal to repurchase UL policies from one entity that had invested in numerous policies purchased in the life settlement market, which disposed of the risk of additional COI litigation by that entity related to those UL policies; and
•	Income tax expense (benefit) related to the above items and non-recurring tax items, which includes the effect of uncertain tax positions for a given audit period.
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.

4Q 2022 Financial Supplement – Updated for LDTI and Resegmentation 31

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.

4Q 2022 Financial Supplement – Updated for LDTI and Resegmentation 32

Reconciliation of Non-GAAP Measures (1/3)

	For the Three Months Ended or As of								Years Ended or As of
(in millions USD, unless otherwise indicated)	3/31/2022		6/30/2022		9/30/2022		12/31/2022		12/31/2021		12/31/2022
Net income (loss) attributable to Holdings
Net income (loss) attributable to Holdings	$	530	$	967	$	594	$	62	$	1,757	$	2,153
Adjustments related to:
Variable annuity product features	(616)		(1,031)		(675)		129		1,115		(2,193)
Investment gains (losses), net	326		231		333		55		(867)		945
Net actuarial gains (losses) related to pension and other postretirement benefit obligations	19		19		19		25		120		82
Other adjustments (1) (2) (3)	228		177		50		150		626		605
Income tax (expense) benefit related to above adjustments	9		127		58		(76)		(208)		118
Non-recurring tax items	3		3		7		3		12		16
Non-GAAP Operating Earnings	$	499	$	493	$	386	$	348	$	2,555	$	1,726
Net income (loss) attributable to Holdings (4)	$	1.35	$	2.54	$	1.58	$	0.17	$	4.17	$	5.67
Less: Preferred stock dividends	0.04		0.07		0.04		0.07		0.19		0.21
Net income (loss) available to Holdings' common shareholders	1.32		2.47		1.54		0.10		3.98		5.46
Adjustments related to:
Variable annuity product features	(1.57)		(2.71)		(1.79)		0.35		2.65		(5.77)
Investment gains (losses), net	0.83		0.61		0.88		0.15		(2.08)		2.49
Net actuarial gains (losses) related to pension and other postretirement benefit obligations	0.05		0.05		0.05		0.07		0.29		0.22
Other adjustments (1) (2) (3)	0.58		0.47		0.13		0.39		1.48		1.58
Income tax (expense) benefit related to above adjustments	0.02		0.33		0.15		(0.20)		(0.49)		0.31
Non-recurring tax items	0.01		0.01		0.02		0.01		0.03		0.04
Non-GAAP Operating Earnings (loss) available to Holdings' common shareholders (4)	$	1.24	$	1.23	$	0.99	$	0.87	$	5.86	$	4.33
Book Value per common share
Book Value per common share	$	16.65	$	10.99	$	5.00	$	(0.44)	$	22.47	$	(0.44)
Less: Per share impact of AOCI	(3.39)		(11.05)		(18.57)		(24.63)		3.33		(24.63)
Book value per common share (ex. AOCI)	$	20.04	$	22.04	$	23.56	$	24.19	$	19.14	$	24.19
Notes:
(1) Includes separation costs of $82 million for the year ended December 31, 2021. Separation costs were completed during 2021. The impact per common share is $0.20 for the year ended December 31, 2021.
(2) Includes certain gross legal expenses related to the cost of insurance litigation and claims related to a commercial relationship of $50 million, $218 million and $207 million for the three months and year ended December 31, 2022 and year ended December 31, 2021, 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 $0.13, $0.57 and $0.50 for the three months and year ended December 31, 2022 and year ended December 31, 2021, respectively. Includes policyholder benefit costs of $0.20 and $0.00 for the years ended December 31, 2022 and 2021 stemming from a deal to repurchase UL policies from one entity that had invested in numerous policies purchased in the life settlement market. No adjustments were made to prior period non-GAAP operating EPS as the impact was immaterial.
(3) Includes Non-GMxB related derivative hedge losses of $34 million, ($34) million and $65 million for the three months and year ended December 31, 2022 and year ended December 31, 2021, respectively. The impact per common share is $0.09, ($0.09) and $0.14 for the three months and year ended December 31, 2022 and year ended December 31, 2021, respectively.
(4) For periods with a net loss, dilutive shares were not included in the calculation of net income (loss) available to shareholders per common share or Non-GAAP Operating Earnings per common share as inclusion of such shares would have an anti-dilutive effect.

4Q 2022 Financial Supplement – Updated for LDTI and Resegmentation 33

Reconciliation of Non-GAAP Measures (2/3)
	As of and for the Twelve Months Ended
(in millions USD, unless otherwise indicated)	12/31/2021		12/31/2022
Net Income to Non-GAAP Operating Earnings
Net income (loss) attributable to Holdings	$	1,757	$	2,153
Adjustments related to:
Variable annuity product features	1,115		(2,193)
Investment (gains) losses	(867)		945
Net actuarial (gains) losses related to pension and other postretirement benefit obligations	120		82
Other adjustments	626		605
Income tax (expense) benefits related to above adjustments	(208)		118
Non-recurring tax items	12		16
Non-GAAP Operating Earnings	$	2,555	$	1,726

	As of and for the Twelve Months Ended
	12/31/2022
Return on Equity and Non-GAAP Operating Return on Equity - Trailing twelve months
Net income (loss) attributable to Holdings	$	2,153
Less: Preferred stock	(80)
Net income (loss) available to Holdings' common shareholders	$	2,073
Average equity attributable to Holdings' common shareholders (ex. AOCI)	$	8,389
Return on Equity (ex. AOCI)	24.7		%
Non-GAAP Operating Earnings	$	1,726
Less: Preferred stock	(80)
Non-GAAP Operating Earnings available to Holdings' common shareholders	$	1,646
Average equity attributable to Holdings' common shareholders (ex. AOCI)	$	8,389
Non-GAAP Operating Return on Equity (ex. AOCI)	19.6		%

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Reconciliation of Non-GAAP Measures (3/3)
	Balances as of
(in millions USD, unless otherwise indicated)		12/31/2021		3/31/2022		6/30/2022		9/30/2022		12/31/2022
Equity Reconciliation - Quarter-end Balances
Total equity attributable to Holdings' shareholders		$	10,351	$	7,959	$	5,702	$	3,411	$	1,401
Less: Preferred Stock		1,562		1,562		1,562		1,562		1,562
Total equity attributable to Holdings' common shareholders		8,789		6,397		4,140		1,849		(161)
Less: Accumulated other comprehensive income (loss)		1,303		(1,304)		(4,165)		(6,870)		(8,992)
Total equity attributable to Holdings' common shareholders (ex. AOCI)		$	7,486	$	7,701	$	8,305	$	8,719	$	8,831

	Balances as of
(in millions USD, unless otherwise indicated)		12/31/2022
Equity Reconciliation - Twelve Month Rolling Average
Total equity attributable to Holdings' shareholders		$	4,618
Less: Preferred Stock		1,562
Total equity attributable to Holdings' common shareholders		3,056
Less: Accumulated other comprehensive income (loss)		(5,333)
Total equity attributable to Holdings' common shareholders (ex. AOCI)		$	8,389

4Q 2022 Financial Supplement – Updated for LDTI and Resegmentation 35

Glossary of Selected Financial and Product Terms

Account Value (“AV”) - AV generally equals the aggregate policy account value of our retirement and protection products. General Account AV refers to account balances in investment options that are backed by the General Account while Separate Accounts AV refers to Separate Accounts investment assets. AV reflected net of reinsurance.

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

Annualized premiums - 100% of first year recurring premiums (up to target) and 10% of excess first year premiums or first year premiums from single premium products.

Assets Under Administration (“AUA”) - AUA includes non-insurance client assets that are invested in our savings and investment products or serviced by our Equitable Advisors platform. We provide administrative services for these assets and generally record the revenues received as distribution fees.

Assets Under Management (“AUM”) - AUM means investment assets that are managed by one of our subsidiaries and includes: (i) assets managed by AB; (ii) the assets in our General Account investment portfolio; and (iii) the Separate Account assets of our Individual Retirement, Group Retirement and Protection Solutions businesses. Total AUM reflects exclusions between segments to avoid double counting.

Average Account Value (TTM) - Calculated as an average of the previous twelve calendar months total Account Value balance as of end of period

Benefit base - A notional amount (not actual cash value) used to calculate the owner’s guaranteed benefits within an annuity contract. The death benefit and living benefit within the same contract may not have the same benefit base.

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

Current Product Offering (Individual Retirement) - Products sold 2011 and later.

Deferred policy acquisition costs (“DAC”) - Represents the incremental costs related directly to the successful acquisition of new and certain renewal insurance policies and annuity contracts and which have been deferred on the balance sheet as an asset.

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

Equitable Advisors - means AXA Advisors, LLC, a Delaware limited liability company, our retail broker/dealer for our retirement and protection businesses and a wholly-owned indirect subsidiary of Holdings.

Equitable America - means Equitable Financial Life Insurance Company of America, an Arizona corporation and a wholly-owned indirect subsidiary of Holdings.

Equitable Life - means AXA Equitable Life Insurance Company, a New York corporation, a life insurance company and a wholly-owned subsidiary of AEFS.

Fixed Rate (Individual Retirement) - Pre-2011 GMxB products.

FYP - First year premium and deposits.

GMxB - A general reference to all forms of variable annuity guaranteed benefits, including guaranteed minimum living benefits, or GMLBs (such as GMIBs, GMWBs and GMABs), and guaranteed minimum death benefits, or GMDBs (inclusive of return of premium death benefit guarantees).

Gross premiums - FYP and Renewal premium and deposits.

Guaranteed minimum death benefits (“GMDB”) - An optional benefit (available for an additional cost) that guarantees an annuitant’s beneficiaries are entitled to a minimum payment based on the benefit base, which could be greater than the underlying AV, upon the death of the annuitant.

Guaranteed minimum income benefits (“GMIB”) - An optional benefit (available for an additional cost) where an annuitant is entitled to annuitize the policy and receive a minimum payment stream based on the benefit base, which could be greater than the underlying AV.

Guaranteed minimum living benefits (“GMLB”) - A reference to all forms of guaranteed minimum living benefits, including GMIBs, GMWBs and GMABs (does not include GMDBs).

Invested assets - Includes fixed maturity securities, equity securities, mortgage loans, policy loans, alternative investments and short-term investments.

Inv Mgmt and Research - Abbreviation for Investment Management and Research.

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

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

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

Net flows - Net change in customer account balances in a period including, but not limited to, gross premiums, surrenders, withdrawals and benefits. It excludes investment performance, interest credited to customer accounts and policy charges.

Net long-term flows - Net change of assets under management in a period which includes new sales net of redemptions of mutual funds and terminations of separately managed accounts and cash flow which includes both cash invested or withdrawn by existing clients. In addition, cash flow includes fees received from certain clients. It excludes the impact of the markets.

Premiums and deposits - Amounts a policyholder agrees to pay for an insurance policy or annuity contract that may be paid in one or a series of payments as defined by the terms of the policy or contract.

Protection Solutions Benefit Ratio - Calculated as sum of policyholders’ benefits and interest credited to policyholders’ account balances dividend by segment revenues.

Protection Solutions Reserves - Equals the aggregate value of Policyholders’ account balances and future policy benefits for policies in our Protection Solutions segment.

Renewal premium and deposits - Premiums and deposits after the first twelve months of the policy or contract.

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Return of premium (“ROP”) death benefit - This death benefit pays the greater of the account value at the time of a claim following the owner’s death or the total contributions to the contract (subject to adjustment for withdrawals). The charge for this benefit is usually included in the M&E fee that is deducted daily from the net assets in each variable investment option. We also refer to this death benefit as the Return of Principal death benefit.

Return on Assets - Calculated as trailing twelve months operating earnings, before income taxes, divided by trailing twelve months average account value.

Return on Equity (ex. AOCI) - Calculated as trailing twelve months net income (loss) attributable to Holdings' common shareholders divided by average equity attributable to Holdings' common shareholders, excluding Accumulated Other Comprehensive Income (“AOCI”).

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

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

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Analyst Coverage, Ratings & Contact Information

Analyst Coverage
Firm		Analyst			Phone Number
Barclays		Tracy Benguigui			1 (212) 526-1561
Citi		Michael Ward			1 (212) 816-4269
Credit Suisse		Andrew Kligerman			1 (212) 325-5069
Evercore ISI		Thomas Gallagher			1 (212) 446-9439
Goldman Sachs		Alex Scott			1 (212) 902-9592
Jefferies		Suneet Kamath			1 (212) 778-8602
J.P. Morgan		Jimmy Bhullar			1 (212) 622-6397
Keefe, Bruyette, & Woods		Ryan Krueger			1 (860) 722-5930
Morgan Stanley		Nigel Dally			1 (212) 761-4132
Raymond James		Wilma Burdis			1 (727) 567-9371
RBC Capital Markets		Mark Dwelle			1 (804) 782-4008
Truist Securities		Mark Hughes			1 (615) 748-4422
UBS		Brian Meredith			1 (212) 713-2492
Wells Fargo Securities		Elyse Greenspan			1 (212) 214-8031
This list is provided for informational purposes only. Equitable Holdings does not endorse the analyses, conclusions or recommendations contained in any reports issued by these or any other analysts.
Ratings
			A.M. Best	S&P	Moody’s
Last review date			Feb '23	Jun '22	Jan '23
Financial Strength Ratings:
Equitable Financial Life Insurance Company			A	A+	A1
Equitable Financial Life Insurance Company of America			A	A+	A1
Credit Ratings:
Equitable Holdings, Inc.			—	BBB+	Baa1
AllianceBernstein L.P. (1)			—	A	A2
Investor and Media Contacts
Contact Investor Relations				Contact Media Relations
Işıl Müderrisoğlu	Thomas Lewis			Sophia Kim
(212) 314-2476	(212) 314-4638			(212) 314-2010
IR@equitable.com				MediaRelations@equitable.com
ir.equitableholdings.com				www.equitableholdings.com
Notes:
(1) Last review dates: S&P as of Sep '22, Moody’s as of Jan '23.

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