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	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 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 2024 Financial Supplement 2

Consolidated Financials

and Key Metrics

1Q 2024 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)	3/31/2023			6/30/2023			9/30/2023			12/31/2023			3/31/2024			Change		3/31/2023			3/31/2024			Change
Net income (loss)	$	266		$	831		$	1,135		$	(589)		$	217		(18.4)	%	$	266		$	217		(18.4)	%
Net income (loss) attributable to the noncontrolling interest	(89)			(72)			(71)			(109)			(103)			(15.7)	%	(89)			(103)			(15.7)	%
Net income (loss) attributable to Holdings	$	177		$	759		$	1,064		$	(698)		$	114		(35.6)	%	$	177		$	114		(35.6)	%
Non-GAAP Operating Earnings (1)	$	364		$	441		$	413		$	476		$	490		34.6	%	$	364		$	490		34.6	%
Total equity attributable to Holdings' shareholders	$	3,754		$	3,553		$	1,642		$	2,649		$	2,032		(45.9)	%	$	3,754		$	2,032		(45.9)	%
Less: Preferred Stock	1,562			1,562			1,562			1,562			1,562			—	%	1,562			1,562			—	%
Total equity attributable to Holdings' common shareholders	2,192			1,991			80			1,087			470			(78.6)	%	2,192			470			(78.6)	%
Less: Accumulated other comprehensive income (loss)	(6,516)			(7,142)			(9,802)			(7,777)			(8,166)			(25.3)	%	(6,516)			(8,166)			(25.3)	%
Total equity attributable to Holdings' common shareholders (ex. AOCI)	$	8,708		$	9,133		$	9,882		$	8,864		$	8,636		(0.8)	%	$	8,708		$	8,636		(0.8)	%
Return on Equity (ex. AOCI) - TTM	19.9		%	17.1		%	21.7		%	13.4		%	12.8		%			19.9		%	12.8		%
Non-GAAP Operating ROE (1)	17.5		%	16.5		%	16.3		%	17.6		%	19.2		%			17.5		%	19.2		%
Debt to capital:
Debt to Capital (ex. AOCI)	29.7		%	26.3		%	25.0		%	28.1		%	27.3		%			29.7		%	27.3		%
Per common share:
Diluted earnings per common share: (2)
Net income (loss) attributable to Holdings	$	0.45		$	2.06		$	3.02		$	(2.15)		$	0.30		(32.9)	%	$	0.45		$	0.30		(32.9)	%
Non-GAAP Operating Earnings (1)	$	0.96		$	1.17		$	1.15		$	1.33		$	1.43		48.8	%	$	0.96		$	1.43		48.8	%
Book value per common share	$	6.10		$	5.69		$	0.23		$	3.26		$	1.43		(76.5)	%	$	6.10		$	1.43		(76.5)	%
Book value per common share (ex. AOCI)	$	24.25		$	26.08		$	28.90		$	26.56		$	26.36		8.7	%	$	24.25		$	26.36		8.7	%
Weighted-average common shares outstanding:
Basic	361.9			355.2			346.4			337.2			330.2			(8.7)	%	361.9			330.2			(8.7)	%
Diluted	364.1			356.1			348.0			337.2			332.7			(8.6)	%	364.1			332.7			(8.6)	%
Ending common shares outstanding	359.1			350.2			342.0			333.8			327.6			(8.8)	%	359.1			327.6			(8.8)	%
Return to common shareholders:
Common stock dividend	$	72		$	78		$	77		$	74		$	73				$	72		$	73
Repurchase of common shares	214			226			238			241			253					214			253
Total capital returned to common shareholders	$	286		$	304		$	315		$	315		$	326				$	286		$	326
Market Values:
S&P 500	4,109			4,450			4,288			4,770			5,254			27.9	%	4,109			5,254			27.9	%
US 10-Year Treasury	3.5		%	3.8		%	4.6		%	3.9		%	4.2		%			3.5		%	4.2		%
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.

1Q 2024 Financial Supplement 4

Consolidated Statements of Income (Loss)

	For the Three Months Ended												For the Three Months Ended
(in millions USD, unless otherwise indicated)	3/31/2023		6/30/2023		9/30/2023		12/31/2023		3/31/2024		Change		3/31/2023		3/31/2024		Change
Revenues
Policy charges and fee income	$	588	$	594	$	599	$	599	$	614	4.4	%	$	588	$	614	4.4	%
Premiums	276		280		267		281		275		(0.4)	%	276		275		(0.4)	%
Net derivative gains (losses)	(841)		(917)		615		(1,254)		(1,376)		(63.6)	%	(841)		(1,376)		(63.6)	%
Net investment income (loss)	990		1,036		1,071		1,223		1,219		23.1	%	990		1,219		23.1	%
Investment gains (losses), net	(87)		(56)		(411)		(159)		(39)		55.2	%	(87)		(39)		55.2	%
Investment management and service fees	1,180		1,182		1,217		1,241		1,278		8.3	%	1,180		1,278		8.3	%
Other income	251		258		266		239		259		3.2	%	251		259		3.2	%
Total revenues	2,357		2,377		3,624		2,170		2,230		(5.4)	%	2,357		2,230		(5.4)	%
Benefits and other deductions
Policyholders’ benefits	730		684		693		647		677		(7.3)	%	730		677		(7.3)	%
Remeasurement of liability for future policy benefits	4		(7)		49		29		1		(75.0)	%	4		1		—	%
Change in market risk benefits and purchased market risk benefits	20		(975)		(817)		(35)		(1,100)		N/M		20		(1,100)		—	%
Interest credited to policyholders’ account balances	463		501		556		563		566		22.2	%	463		566		22.2	%
Compensation and benefits	583		566		593		586		620		6.3	%	583		620		6.3	%
Commissions and distribution related payments	380		393		405		412		437		15.0	%	380		437		15.0	%
Interest expense	61		55		55		57		57		(6.6)	%	61		57		(6.6)	%
Amortization of deferred policy acquisition costs	152		155		165		169		172		13.2	%	152		172		13.2	%
Other operating costs and expenses	423		466		450		559		553		30.7	%	423		553		30.7	%
Total benefits and other deductions	2,816		1,838		2,149		2,987		1,983		(29.6)	%	2,816		1,983		(29.6)	%
Income (loss) from operations, before income taxes	(459)		539		1,475		(817)		247		153.8	%	(459)		247		153.8	%
Income tax (expense) benefit	725		292		(340)		228		(30)		(104.1)	%	725		(30)		(104.1)	%
Net income (loss)	266		831		1,135		(589)		217		(18.4)	%	266		217		(18.4)	%
Less: net (income) loss attributable to the noncontrolling interest	(89)		(72)		(71)		(109)		(103)		(15.7)	%	(89)		(103)		(15.7)	%
Net income (loss) attributable to Holdings	$	177	$	759	$	1,064	$	(698)	$	114	(35.6)	%	$	177	$	114	(35.6)	%
Less: Preferred stock dividends	(14)		(26)		(14)		(26)		(14)		—	%	(14)		(14)		—	%
Net income (loss) available to Holdings' common shareholders	$	163	$	733	$	1,050	$	(724)	$	100	(38.7)	%	$	163	$	100	(38.7)	%
Adjustments related to:
Variable annuity product features	$	861	$	(65)	$	(1,380)	$	1,191	$	319			$	861	$	319
Investment gains (losses), net	87		56		411		159		39				87		39
Net actuarial gains (losses) related to pension and other postretirement benefit obligations	9		9		8		13		17				9		17
Other adjustments (1)	45		62		91		153		91				45		91
Income tax (expense) benefit related to above adjustments	(210)		(13)		183		(319)		(98)				(210)		(98)
Non-recurring tax items (2)	(605)		(367)		36		(23)		8				(605)		8
Non-GAAP Operating earnings (3)	$	364	$	441	$	413	$	476	$	490			$	364	$	490
Notes:
(1) Includes certain gross legal expenses related to the cost of insurance litigation of $106 million for the three months ended March 31, 2024.
(2) For the three months ended March, 31 2024, non-recurring tax items reflects the effect of uncertain tax positions for a given audit period and for the three months ended March 31, 2023 primarily includes tax valuation allowance decease.
(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 2024 Financial Supplement 5

Consolidated Balance Sheets

	Balances as of
(in millions USD, unless otherwise indicated)	3/31/2023		6/30/2023		9/30/2023		12/31/2023		3/31/2024
Assets
Total investments	$	96,223	$	97,722	$	97,209	$	102,173	$	102,620
Cash and cash equivalents	5,018		7,693		6,096		8,239		10,357
Cash and securities segregated, at fair value	1,055		879		928		868		866
Broker-dealer related receivables	2,203		2,053		2,017		1,837		1,808
Deferred policy acquisition costs	6,419		6,512		6,599		6,705		6,804
Goodwill and other intangible assets, net	5,478		5,463		5,448		5,433		5,419
Amounts due from reinsurers	8,453		8,395		8,271		8,352		8,387
Current and deferred income taxes	1,294		1,726		2,035		2,050		2,063
Purchased market risk benefits	10,676		9,931		8,745		9,427		8,337
Other assets	3,629		3,391		3,945		3,323		3,618
Assets held-for-sale	671		566		681		565		745
Assets for market risk benefits	629		777		701		591		818
Separate Accounts assets	119,752		123,898		117,577		127,251		133,735
Total assets	$	261,500	$	269,006	$	260,252	$	276,814	$	285,577
Liabilities
Policyholders’ account balances	$	86,761	$	91,595	$	91,912	$	95,673	$	100,246
Liability for market risk benefits	15,061		13,642		13,011		14,612		12,814
Future policy benefits and other policyholders’ liabilities	16,738		16,786		16,647		17,363		17,324
Broker-dealer related payables	888		1,522		454		1,232		1,022
Customers related payables	2,595		2,526		2,321		2,201		2,162
Amounts due to reinsurers	1,428		1,404		1,424		1,450		1,377
Short-term debt	751		—		—		254		—
Long-term debt	3,819		3,819		3,820		3,820		3,821
Notes issued by consolidated variable interest entities, at fair value using the fair value option	1,169		1,484		1,541		1,559		1,580
Other liabilities	6,296		6,410		7,412		6,088		6,511
Liabilities held-for-sale	158		129		216		153		239
Separate Accounts liabilities	119,752		123,898		117,577		127,251		133,735
Total liabilities	255,416		263,215		256,335		271,656		280,831
Redeemable noncontrolling interest	613		531		636		770		991
Equity
Preferred stock	1,562		1,562		1,562		1,562		1,562
Common stock	4		4		3		5		5
Additional paid-in capital	2,298		2,297		2,308		2,328		2,322
Treasury shares	(3,400)		(3,493)		(3,592)		(3,712)		(3,801)
Retained earnings	9,806		10,325		11,163		10,243		10,110
Accumulated other comprehensive income (loss)	(6,516)		(7,142)		(9,802)		(7,777)		(8,166)
Total equity attributable to Holdings	3,754		3,553		1,642		2,649		2,032
Noncontrolling interest	1,717		1,707		1,639		1,739		1,723
Total equity	5,471		5,260		3,281		4,388		3,755
Total liabilities, redeemable noncontrolling interest and equity	$	261,500	$	269,006	$	260,252	$	276,814	$	285,577

1Q 2024 Financial Supplement 6

Consolidated Capital Structure

	Balances as of
(in millions USD, unless otherwise indicated)	3/31/2023			6/30/2023			9/30/2023			12/31/2023			3/31/2024
Short-term and long-term debt:
Short-term debt
AB commercial paper	$	—		$	—		$	—		$	254		$	—
AB revolving credit facility	—			—			—			—			—
CLO Warehousing Debt (1)	231			—			—			—			—
Current portion of long-term debt	520			—			—			—			—
Total short-term debt	751			—			—			254			—
Total long-term debt	3,819			3,819			3,820			3,820			3,821
Total short-term and long-term debt: [A]	$	4,570		$	3,819		$	3,820		$	4,074		$	3,821
Equity:
Preferred stock	$	1,562		$	1,562		$	1,562		$	1,562		$	1,562
Common stock	4			4			3			5			5
Additional paid-in capital	2,298			2,297			2,308			2,328			2,322
Treasury stock, at cost	(3,400)			(3,493)			(3,592)			(3,712)			(3,801)
Retained earnings	9,806			10,325			11,163			10,243			10,110
Accumulated other comprehensive income (loss)	(6,516)			(7,142)			(9,802)			(7,777)			(8,166)
Total equity attributable to Holdings	3,754			3,553			1,642			2,649			2,032
Noncontrolling interest	1,717			1,707			1,639			1,739			1,723
Total equity	$	5,471		$	5,260		$	3,281		$	4,388		$	3,755
Total equity attributable to Holdings, (ex. AOCI): [B]	$	10,270		$	10,695		$	11,444		$	10,426		$	10,198
Capital:
Total capitalization (2)	$	8,093		$	7,372		$	5,462		$	6,723		$	5,853
Total capitalization (ex. AOCI): [A+B] (2)	$	14,609		$	14,514		$	15,264		$	14,500		$	14,019
Debt to capital:
Debt to capital (ex. AOCI) (3)	29.7		%	26.3		%	25.0		%	28.1		%	27.3		%
	For the Three Months Ended
Roll-forward of common shares outstanding (millions of shares):
Beginning balance	365.0			359.1			350.2			342.0			333.8
Repurchases	(4.5)			(3.6)			(3.4)			(3.9)			(3.2)
Retirements	(2.8)			(5.3)			(4.9)			(4.4)			(4.3)
Issuances	1.3			0.1			0.1			0.1			1.3
Ending basic common shares outstanding	359.1			350.2			342.0			333.8			327.6
Total potentially dilutive shares	2.2			1.5			1.4			1.5			2.5
Ending common shares outstanding - maximum potential dilution	361.3			351.7			343.4			335.3			330.1
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.

1Q 2024 Financial Supplement 7

Operating Earnings (Loss) by Segment and Corporate and Other
	Three Months Ended March 31, 2024
(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	$	174	$	73	$	—	$	528	$	—	$	47	$	67	$	—	$	889
Net investment income (loss)	510		142		8		257		4		62		179		21		1,183
Net derivative gains (losses)	(5)		—		(5)		—		—		—		(8)		5		(13)
Investment management, service fees and other income	87		77		1,090		40		419		101		8		(242)		1,580
Segment revenues	766		292		1,093		825		423		210		246		(216)		3,639
Benefits and other deductions
Policyholders’ benefits	17		—		—		487		—		59		114		—		677
Remeasurement of liability for future policy benefits	(2)		—		—		(4)		—		(2)		9		—		1
Interest credited to policyholders’ account balances	246		52		—		133		—		11		124		—		566
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		91		105		27		106		(16)		1,074
Segment benefits and other deductions	501		146		845		777		365		151		358		(216)		2,927
Operating earnings (loss), before income taxes	265		146		248		48		58		59		(112)		—		712
Income Taxes	(37)		(20)		(44)		(7)		(15)		(8)		17		—		(114)
Operating earnings (loss), before noncontrolling interest	228		126		204		41		43		51		(95)		—		598
Less: Operating (earnings) loss attributable to the noncontrolling interest	—		—		(98)		—		—		—		(10)		—		(108)
Operating earnings (loss)	$	228	$	126	$	106	$	41	$	43	$	51	$	(105)	$	—	$	490
	Three Months Ended March 31, 2023
	Individual Retirement		Group Retirement		Inv Mgmt and Research		Protection Solutions		Wealth Management		Legacy		Corporate and Other		Eliminations		Consolidated
Revenues
Policy charges, fee income and premiums	$	163	$	64	$	—	$	520	$	—	$	34	$	83	$	—	$	864
Net investment income (loss)	340		112		9		217		2		66		197		34		977
Net derivative gains (losses)	(5)		(1)		(10)		(2)		—		—		(6)		4		(20)
Investment Management, service fees and other income	90		62		1,010		32		360		106		7		(218)		1,449
Segment revenues	588		237		1,009		767		362		206		281		(180)		3,270
Benefits and other deductions
Policyholders’ benefits	24		—		—		535		—		46		125		—		730
Remeasurement of liability for future policy benefits	1		—		—		6		—		—		(3)		—		4
Interest credited to policyholders’ account balances	129		50		—		125		—		12		147		—		463
Commissions and distribution related payments	60		37		148		34		228		43		5		(175)		380
Amortization of deferred policy acquisition costs	89		15		—		29		—		16		3		—		152
Compensation and benefits, interest expense and financing fees and other operating costs and expense	47		29		637		80		91		18		103		(5)		1,000
Segment benefits and other deductions	350		131		785		809		319		135		380		(180)		2,729
Operating earnings (loss), before income taxes	238		106		224		(42)		43		71		(99)		—		541
Income Taxes	(38)		(17)		(36)		7		(11)		(11)		20		—		(86)
Operating earnings (loss), before noncontrolling interest	200		89		188		(35)		32		60		(79)		—		455
Less: Operating (earnings) loss attributable to the noncontrolling interest	—		—		(89)		—		—		—		(2)		—		(91)
Operating earnings (loss)	$	200	$	89	$	99	$	(35)	$	32	$	60	$	(81)	$	—	$	364

1Q 2024 Financial Supplement 8

Assets Under Management and Administration

	Balances as of
(in billions USD, except for Equitable Headcount)	3/31/2023		6/30/2023		9/30/2023		12/31/2023		3/31/2024
Assets Under Management
AB AUM
Total AB	$	675.9	$	691.5	$	669.0	$	725.2	$	758.7
Exclusion for General Account and other Affiliated Accounts	(69.3)		(73.7)		(69.8)		(75.0)		(75.9)
Exclusion for Separate Accounts	(39.5)		(41.0)		(39.3)		(44.5)		(47.3)
AB third party	$	567.2	$	576.8	$	559.9	$	605.7	$	635.4
Total company AUM
AB third party	$	567.2	$	576.8	$	559.9	$	605.7	$	635.4
General Account and other Affiliated Accounts (1) (3) (4)	101.2		105.4		103.3		110.4		113.0
Separate Accounts (2) (3) (4)	119.8		123.9		117.6		127.3		133.7
Total AUM	$	788.1	$	806.1	$	780.8	$	843.4	$	882.1
Total Assets Under Administration (AUA) (5)	$	75.6	$	80.4	$	79.4	$	87.0	$	91.9
Equitable Advisor Headcount
Total Number of Equitable Advisors	4,124		4,101		4,141		4,406		4,320
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, 2023, June 30, 2023, September 30, 2023, December 31, 2023 and March 31, 2024, Separate Account is inclusive of $12.3 billion, $12.6 billion, $11.7 billion, $12.5 billion and $12.9 billion & General Account AUM is inclusive of $54 million, $52 million, $51 million, $49 million and $47 million, respectively, Account Value ceded to Venerable.
(4) As of March 31, 2023, June 30, 2023, September 30, 2023, December 31, 2023 and March 31, 2024, Separate Account is inclusive of $5.9 billion, $6.3 billion, $5.9 billion, $6.4 billion and $6.9 million & General Account AUM is inclusive of $3.9 billion, $3.8 billion, $3.7 billion, $3.6 billion and $3.5 billion, respectively, Account Value ceded to Global Atlantic.
(5) Includes Advisory and Brokerage AUA included in our Wealth Management segment.

1Q 2024 Financial Supplement 9

Sales Metrics by Segment

	For the Three Months Ended												For the Three Months Ended
(in millions USD, unless otherwise indicated)	3/31/2023		6/30/2023		9/30/2023		12/31/2023		3/31/2024		Change		3/31/2023		3/31/2024		Change
Insurance Operations
Individual Retirement
First year premiums and deposits	$	2,843	$	3,650	$	3,804	$	3,848	$	4,314	51.8	%	$	2,843	$	4,314	51.8	%
Renewal premium and deposits	8		10		8		7		13		62.5	%	8		13		61.5	%
Total Gross Premiums	$	2,851	$	3,660	$	3,812	$	3,855	$	4,327	51.8	%	$	2,851	$	4,327	51.8	%
Group Retirement
First year premiums and deposits	$	323	$	370	$	343	$	545	$	428	32.5	%	$	323	$	428	32.5	%
Renewal premium and deposits	574		595		464		592		590		2.9	%	574		590		2.9	%
Total Gross Premiums	$	897	$	965	$	807	$	1,137	$	1,018	13.6	%	$	897	$	1,018	13.6	%
Protection Solutions
First year premiums and deposits	$	103	$	107	$	103	$	154	$	113	9.6	%	$	103	$	113	9.4	%
Renewal premium and deposits	683		662		653		667		665		(2.6)	%	683		665		(2.6)	%
Total Gross Premiums	$	786	$	769	$	756	$	821	$	778	(1.0)	%	$	786	$	778	(1.0)	%
Investment Management and Research (in billions USD)
Gross Sales by distribution channel
Institutional	$	3.0	$	1.5	$	4.3	$	3.0	$	3.3	10.0	%	$	3.0	$	3.3	10.0	%
Retail (3)	16.8		16.5		16.9		21.0		23.8		41.7	%	16.8		23.8		41.7	%
Private Wealth (3)	5.8		4.4		4.0		4.3		5.5		(5.2)	%	5.8		5.5		(5.2)	%
Firmwide Gross Sales	$	25.6	$	22.4	$	25.2	$	28.3	$	32.6	27.3	%	$	25.6	$	32.6	27.3	%
Gross sales by investment service
Equity Active	$	8.5	$	9.3	$	10.3	$	9.2	$	11.7	37.6	%	$	8.5	$	11.7	37.6	%
Equity Passive (1) (3)	0.2		0.4		0.4		0.2		0.7		250.0	%	0.2		0.7		250.0	%
Fixed Income - Taxable (3)	11.1		7.6		7.6		10.2		12.1		9.0	%	11.1		12.1		9.0	%
Fixed Income - Tax-Exempt (3)	3.9		3.4		3.8		5.5		5.3		35.9	%	3.9		5.3		35.9	%
Fixed Income Passive (1)	—		—		0.4		1.3		—		—	%	—		—		—	%
Alternatives/Multi-Asset Solutions (2) (3)	1.9		1.7		2.7		1.9		2.8		47.4	%	1.9		2.8		47.4	%
Firmwide Gross Sales	$	25.6	$	22.4	$	25.2	$	28.3	$	32.6	27.3	%	$	25.6	$	32.6	27.3	%
Wealth Management
Sales by Product Type
Advisory	$	2,316	$	2,315	$	2,369	$	2,518	$	2,866	23.8	%	$	2,316	$	2,866	23.8	%
Brokerage and Direct	1,099		1,172		1,272		1,308		1,357		23.6	%	1,099		1,357		23.6	%
Retirement, Premiums and Deposits	3,024		3,231		2,965		3,324		3,570		18.1	%	3,024		3,570		18.1	%
Total Sales	$	6,439	$	6,718	$	6,606	$	7,150	$	7,794	21.0	%	$	6,439	$	7,794	21.0	%
Notes:
(1) Includes index and enhanced index services.
(2) Includes certain multi-asset solutions and services not included in equity or fixed income services.
(3) Line item does not cross foot for the year ended 2023 due to rounding.

1Q 2024 Financial Supplement 10

Business Segments:

Operating Earnings Results and Metrics

1Q 2024 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)	3/31/2023			6/30/2023			9/30/2023			12/31/2023			3/31/2024			Change		3/31/2023			3/31/2024			Change
Revenues
Policy charges, fee income and premiums	$	163		$	165		$	169		$	163		$	174		6.7	%	$	163		$	174		6.7	%
Net investment income (loss)	340			391			438			474			510			50.0	%	340			510			50.0	%
Net derivative gains (losses)	(5)			(5)			(5)			(5)			(5)			—	%	(5)			(5)			—	%
Investment management, service fees and other income	90			96			91			83			87			(3.3)	%	90			87			(3.3)	%
Segment revenues	588			647			693			715			766			30.3	%	588			766			30.3	%
Benefits and other deductions
Policyholders’ benefits	24			19			20			19			17			(29.2)	%	24			17			(29.2)	%
Remeasurement of liability for future policy benefits	1			(1)			—			—			(2)			(300.0)	%	1			(2)			(300.0)	%
Interest credited to policyholders’ account balances	129			160			186			224			246			90.7	%	129			246			90.7	%
Commissions and distribution-related payments	60			63			69			69			77			28.3	%	60			77			28.3	%
Amortization of deferred policy acquisition costs	89			92			102			105			109			22.5	%	89			109			22.5	%
Compensation and benefits, interest expense and financing fees and other operating costs and expense	47			43			51			53			54			14.9	%	47			54			14.9	%
Segment benefits and other deductions	350			376			428			470			501			43.1	%	350			501			43.1	%
Operating earnings (loss), before income taxes	238			271			265			245			265			11.3	%	238			265			11.3	%
Income taxes	(38)			(37)			(55)			(39)			(37)			2.6	%	(38)			(37)			2.6	%
Operating earnings (loss), before noncontrolling interest	200			234			210			206			228			14.0	%	200			228			14.0	%
Less: Operating (earnings) loss attributable to the noncontrolling interest	—			—			—			—			—			—	%	—			—			—	%
Operating earnings (loss)	$	200		$	234		$	210		$	206		$	228		14.0	%	$	200		$	228		14.0	%
Summary Metrics
Operating earnings (loss) - TTM:	$	759		$	807		$	834		$	850		$	878		15.7	%	$	759		$	878		15.7	%
Average Account Value (TTM)	$	74,819		$	75,675		$	77,955		$	82,361		$	87,169		16.5	%	$	74,819		$	87,169		16.5	%
Return on assets (TTM)	1.23		%	1.27		%	1.28		%	1.24		%	1.20		%			1.23		%	1.20		%
Net flows	$	932		$	1,501		$	1,663		$	1,460		$	1,649		76.9	%	$	932		$	1,649		76.9	%
First year premiums and deposits	$	2,843		$	3,650		$	3,804		$	3,848		$	4,314		51.8	%	$	2,843		$	4,314		51.8	%
In-force Policy Count by Product (in thousands):	590			596			604			610			616					590			616

1Q 2024 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)	3/31/2023		6/30/2023		9/30/2023		12/31/2023		3/31/2024		3/31/2023		3/31/2024
Sales Metrics
First Year Premiums and Deposits by Product:
SCS	$	1,997	$	2,626	$	2,847	$	2,931	$	3,023	$	1,997	$	3,023
SCS Income	243		258		214		218		393		243		393
Retirement Cornerstone	300		511		518		477		561		300		561
Investment Edge	253		216		190		185		310		253		310
Other	50		39		35		37		27		50		27
Total First Year Premiums and Deposits	$	2,843	$	3,650	$	3,804	$	3,848	$	4,314	$	2,843	$	4,314
Account Values
General Account:
Balance as of beginning of period	$	37,822	$	41,166	$	45,304	$	46,332	$	52,062	$	37,822	$	52,062
Gross premiums and deposits (1)	2,172		2,752		2,951		2,918		3,392		2,172		3,392
Surrenders, withdrawals and benefits	(870)		(955)		(972)		(1,101)		(1,205)		(870)		(1,205)
Net flows	1,302		1,797		1,979		1,817		2,187		1,302		2,187
Investment performance, interest credited and policy charges	2,039		2,341		(951)		3,913		3,008		2,039		3,008
Other	3		—		—		—		—		3		—
Balance as of end of period	$	41,166	$	45,304	$	46,332	$	52,062	$	57,257	$	41,166	$	57,257
Separate Accounts:
Balance as of beginning of period	$	36,455	$	37,634	$	38,589	$	36,820	$	39,619	$	36,455	$	39,619
Gross premiums and deposits (1)	699		923		881		949		946		699		946
Surrenders, withdrawals and benefits	(1,069)		(1,219)		(1,197)		(1,306)		(1,484)		(1,069)		(1,484)
Net flows	(370)		(296)		(316)		(357)		(538)		(370)		(538)
Investment performance, interest credited and policy charges	1,545		1,251		(1,453)		3,156		1,981		1,545		1,981
Other	4		—		—		—		—		4		—
Balance as of end of period	$	37,634	$	38,589	$	36,820	$	39,619	$	41,062	$	37,634	$	41,062
Total:
Balance as of beginning of period	$	74,277	$	78,800	$	83,893	$	83,152	$	91,681	$	74,277	$	91,681
Gross premiums and deposits (1)	2,871		3,675		3,832		3,867		4,338		2,871		4,338
Surrenders, withdrawals and benefits	(1,939)		(2,174)		(2,169)		(2,407)		(2,689)		(1,939)		(2,689)
Net flows	932		1,501		1,663		1,460		1,649		932		1,649
Investment performance, interest credited and policy charges	3,584		3,592		(2,404)		7,069		4,989		3,584		4,989
Other	7		—		—		—		—		7		—
Balance as of end of period	$	78,800	$	83,893	$	83,152	$	91,681	$	98,319	$	78,800	$	98,319
Net Amount at Risk (NAR)
Total GMIB NAR	$	7	$	12	$	10	$	14	$	17	$	7	$	17
Total GMWB NAR	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Total GMDB NAR	$	3,458	$	3,294	$	3,755	$	3,104	$	2,868	$	3,458	$	2,868
MRB Reserves (Net of Reinsurance)	$	367	$	168	$	354	$	618	$	320	$	367	$	320
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 2024 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)	3/31/2023			6/30/2023			9/30/2023			12/31/2023			3/31/2024			Change		3/31/2023			3/31/2024			Change
Revenues
Policy charges, fee income and premiums	$	64		$	66		$	71		$	67		$	73		14.1	%	$	64		$	73		14.1	%
Net investment income (loss)	112			132			128			125			142			26.8	%	112			142			26.8	%
Net derivative gains (losses)	(1)			—			—			—			—			100.0	%	(1)			—			100.0	%
Investment management, service fees and other income	62			69			68			58			77			24.2	%	62			77			24.2	%
Segment revenues	237			267			267			250			292			23.2	%	237			292			23.2	%
Benefits and other deductions
Policyholder benefits	—			—			—			—			—			—	%	—			—			—	%
Remeasurement of liability for future policy benefits	—			—			—			—			—			—	%	—			—			—	%
Interest credited to policyholders’ account balances	50			52			55			58			52			4.0	%	50			52			4.0	%
Commissions and distribution-related payments	37			47			35			36			44			18.9	%	37			44			18.9	%
Amortization of deferred policy acquisition costs	15			15			14			15			15			—	%	15			15			—	%
Compensation and benefits, interest expense and financing fees and other operating costs and expense	29			29			31			24			35			20.7	%	29			35			20.7	%
Segment benefits and other deductions	131			143			135			133			146			11.5	%	131			146			11.5	%
Operating earnings (loss), before income taxes	106			124			132			117			146			37.7	%	106			146			37.7	%
Income taxes	(17)			(17)			(27)			(19)			(20)			(17.6)	%	(17)			(20)			(17.6)	%
Operating earnings (loss), before noncontrolling interest	89			107			105			98			126			41.6	%	89			126			41.6	%
Less: Operating (earnings) loss attributable to the noncontrolling interest	—			—			—			—			—			—	%	—			—			—	%
Operating earnings (loss)	$	89		$	107		$	105		$	98		$	126		41.6	%	$	89		$	126		41.6	%
Summary Metrics
Operating earnings (loss) - TTM:	$	391		$	387		$	393		$	399		$	436		11.5		$	391		$	436		11.5	%
Average Account Value (TTM)	$	38,497		$	36,287		$	34,823		$	34,175		$	35,472		(7.9)	%	$	38,497		$	35,472		(7.9)	%
Return on assets (TTM)	1.23		%	1.27		%	1.35		%	1.40		%	1.46		%			1.23		%	1.46		%
Net flows (1) (2)	$	29		$	(20)		$	(130)		$	(135)		$	(132)		(555.2)	%	$	29		$	(132)		(556.3)	%
Gross premiums and deposits (2)	$	897		$	965		$	807		$	1,137		$	1,018		13.6	%	$	897		$	1,018		13.6	%
Notes:
(1) Net of the Global Atlantic transaction.
(2) Balances for the three months ended March 31, 2023, June 30, 2023 and September 30, 2023 were revised from previously filed financial statement supplement.

1Q 2024 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)	3/31/2023		6/30/2023		9/30/2023		12/31/2023		3/31/2024		3/31/2023		3/31/2024
Sales Metrics
Gross premiums and deposits:
First-year premiums and deposits	$	323	$	370	$	343	$	545	$	428	$	323	$	428
Renewal premiums and deposits	574		595		464		592		590		574		590
Group Retirement premiums and deposits	$	897	$	965	$	807	$	1,137	$	1,018	$	897	$	1,018
Gross premiums and deposits by market:
Tax-exempt	$	211	$	274	$	260	$	368	$	317	$	211	$	317
Corporate	84		70		54		149		93		84		93
Institutional	25		23		26		24		15		25		15
Other	3		3		3		4		3		3		3
Total first year premiums and deposits	323		370		343		545		428		323		428
Tax-exempt	428		471		341		463		453		428		453
Corporate	105		89		94		90		99		105		99
Institutional	—		—		—		—		—		—		—
Other	41		35		29		39		38		41		38
Total renewal premiums and deposits	574		595		464		592		590		574		590
Group Retirement premiums and deposits by market	$	897	$	965	$	807	$	1,137	$	1,018	$	897	$	1,018
Account Values and Assets under Administration
General Account:
Balance as of beginning of period	$	9,175	$	9,121	$	9,088	$	9,002	$	8,963	$	9,175	$	8,963
Gross premiums and deposits	200		241		198		257		222		200		222
Surrenders, withdrawals and benefits	(331)		(351)		(326)		(404)		(360)		(331)		(360)
Net flows (1) )(3)	(131)		(110)		(128)		(147)		(138)		(131)		(138)
Investment performance, interest credited and policy charges (1) (3)	81		77		42		96		69		81		69
Other (2) (3)	(4)		—		—		12		(11)		(4)		(11)
Balance as of end of period (3)	$	9,121	$	9,088	$	9,002	$	8,963	$	8,883	$	9,121	$	8,883
Separate Accounts and Mutual Funds
Balance as of beginning of period	$	22,830	$	24,446	$	25,898	$	24,848	$	27,507	$	22,830	$	27,507
Gross premiums and deposits	697		724		609		880		796		697		796
Surrenders, withdrawals and benefits	(537)		(634)		(611)		(868)		(790)		(537)		(790)
Net flows (1) (3)	160		90		(2)		12		6		160		6
Investment performance, interest credited and policy charges (1) (3)	1,426		1,362		(1,048)		2,658		2,083		1,426		2,083
Other (2) (3)	30		—		—		(11)		11		30		11
Balance as of end of period (3)	$	24,446	$	25,898	$	24,848	$	27,507	$	29,607	$	24,446	$	29,607
Total:
Balance as of beginning of period	$	32,005	$	33,567	$	34,986	$	33,850	$	36,470	$	32,005	$	36,470
Gross premiums and deposits	897		965		807		1,137		1,018		897		1,018
Surrenders, withdrawals and benefits	(868)		(985)		(937)		(1,272)		(1,150)		(868)		(1,150)
Net flows (1)	29		(20)		(130)		(135)		(132)		29		(132)
Investment performance, interest credited and policy charges (1)	1,507		1,439		(1,006)		2,754		2,152		1,507		2,152
Other (2)	26		—		—		1		—		26		—
Balance as of end of period	$	33,567	$	34,986	$	33,850	$	36,470	$	38,490	$	33,567	$	38,490
Notes:
(1) Net of the Global Atlantic transaction.
(2) For the three months ended March 31, 2023, amounts reflect a total special payment applied to the accounts of active clients as part of a previously disclosed settlement agreement between Equitable Financial and the SEC.
(3) Balances for the three months ended March 31, 2023, June 30, 2023 and September 30, 2023 were revised from previously filed financial statement supplement.

1Q 2024 Financial Supplement 15

Investment Management and Research - 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)	3/31/2023			6/30/2023			9/30/2023			12/31/2023			3/31/2024			Change		3/31/2023			3/31/2024			Change
Revenues
Net investment income (loss)	$	9		$	2		$	(9)		$	16		$	8		(11.1)	%	$	9		$	8		(11.1)	%
Net derivative gains (losses)	(10)			(1)			9			(14)			(5)			50.0	%	(10)			(5)			50.0	%
Investment management, service fees and other income	1,010			999			1,034			1,072			1,090			7.9	%	1,010			1,090			7.9	%
Segment revenues	1,009			1,000			1,034			1,074			1,093			8.3	%	1,009			1,093			8.3	%
Benefits and other deductions
Commissions and distribution-related payments	148			150			156			156			173			16.9	%	148			173			16.9	%
Compensation and benefits, interest expense and financing fees and other operating costs and expense	637			647			658			679			672			5.1	%	637			672			5.1	%
Total benefits and other deductions	785			797			814			835			845			7.6	%	785			845			7.6	%
Operating earnings (loss), before income taxes	224			203			220			239			248			10.7	%	224			248			10.7	%
Income taxes	(36)			(24)			(36)			(30)			(44)			(22.2)	%	(36)			(44)			(22.2)	%
Operating earnings (loss), before noncontrolling interest	188			179			184			209			204			8.5	%	188			204			8.5	%
Less: Operating (earnings) loss attributable to the noncontrolling interest	(89)			(80)			(85)			(95)			(98)			(10.1)	%	(89)			(98)			(10.1)	%
Operating earnings (loss)	$	99		$	99		$	99		$	114		$	106		7.1	%	$	99		$	106		7.1	%
Summary Metrics
Adjusted operating margin (1)	28.7		%	27.0		%	28.0		%	29.2		%	30.3		%			28.7		%	30.3		%
Net flows (in billions USD)	$	0.8		$	(4.0)		$	(1.9)		$	(1.8)		$	0.5				$	0.8		$	0.5
Total AUM (in billions USD)	$	675.9		$	691.5		$	669.0		$	725.2		$	758.7				$	675.9		$	758.7
Ownership Structure of AB
Holdings and its subsidiaries	60.0		%	59.9		%	60.3		%	59.8		%	59.6		%			60.0		%	59.6		%
AB Holding	39.3		%	39.3		%	39.0		%	39.5		%	39.7		%			39.3		%	39.7		%
Unaffiliated holders	0.7		%	0.8		%	0.7		%	0.7		%	0.7		%			0.7		%	0.7		%
Total	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%			100.0		%	100.0		%
EQH economic interest	61.4		%	61.4		%	61.7		%	61.2		%	61.0		%			61.4		%	61.0		%
EQH average economic interest	61.4		%	61.4		%	61.5		%	61.6		%	61.1		%			61.4		%	61.1		%
Units of limited partnership outstanding (in millions)	285.7			285.7			284.0			286.6			287.3					285.7			287.3
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. During the second quarter of 2023, AB revised adjusted operating income to exclude interest on borrowings. We have recast prior periods presentation to align with the current period presentation.

1Q 2024 Financial Supplement 16

Investment Management and Research - Select Operating Metrics

	For the Three Months Ended or As of
(in billions USD, unless otherwise indicated)	3/31/2023		6/30/2023		9/30/2023		12/31/2023		3/31/2024
AUM Roll-forward
Balance as of beginning of period	$	646.4	$	675.9	$	691.5	$	669.0	$	725.2
Sales/new accounts	25.6		22.4		25.2		28.3		32.6
Redemptions/terminations	(20.6)		(23.1)		(20.3)		(24.1)		(25.2)
Cash flow/unreinvested dividends	(4.2)		(3.3)		(6.8)		(6.0)		(6.9)
Net long-term (outflows) inflows	0.8		(4.0)		(1.9)		(1.8)		0.5
Acquisition	—		—		—		—		—
Market appreciation (depreciation)	28.7		19.6		(20.6)		58.0		33.0
Net change	29.5		15.6		(22.5)		56.2		33.5
Balance as of end of period	$	675.9	$	691.5	$	669.0	$	725.2	$	758.7
Ending Assets by distribution channel
Institutions	$	306.6	$	309.2	$	296.9	$	317.1	$	322.5
Retail	256.7		266.6		259.2		286.8		308.0
Private Wealth	112.6		115.7		112.9		121.3		128.2
Total	$	675.9	$	691.5	$	669.0	$	725.2	$	758.7
Ending Assets by investment service
Equity
Actively Managed	$	229.1	$	235.9	$	226.8	$	247.5	$	264.1
Passively Managed (1)	56.6		60.5		56.0		62.1		64.7
Total Equity	$	285.7	$	296.4	$	282.8	$	309.6	$	328.8
Fixed Income
Actively Managed	$	253.7	$	258.4	$	250.6	$	269.7	$	276.1
Passively Managed (1)	9.5		9.4		9.4		11.4		11.2
Total Fixed Income	263.2		267.8		260.0		281.1		287.3
Total Alternatives/Multi-Asset Solutions (2)	127.0		127.3		126.2		134.5		142.6
Total	$	675.9	$	691.5	$	669.0	$	725.2	$	758.7
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 2024 Financial Supplement 17

Investment Management and Research - Net Flows
	For the Three Months Ended										For the Three Months Ended
(in billions USD, unless otherwise indicated)	3/31/2023		6/30/2023		9/30/2023		12/31/2023		3/31/2024		3/31/2023		3/31/2024
Net Flows by Distribution Channel
Institutions
US	$	—	$	4.0	$	(1.6)	$	(1.0)	$	(1.5)	$	—	$	(1.5)
Global and Non-US	(2.7)		(7.2)		(1.9)		(1.5)		(2.7)		(2.7)		(2.7)
Total Institutions	$	(2.7)	$	(3.2)	$	(3.5)	$	(2.5)	$	(4.2)	$	(2.7)	$	(4.2)
Retail
US	$	—	$	(1.0)	$	2.5	$	1.4	$	1.9	$	—	$	1.9
Global and Non-US	1.6		0.3		(0.9)		(0.1)		2.3		1.6		2.3
Total Retail	$	1.6	$	(0.7)	$	1.6	$	1.3	$	4.2	$	1.6	$	4.2
Private Wealth
US	$	2.0	$	0.3	$	0.1	$	(0.1)	$	0.7	$	2.0	$	0.7
Global and Non-US	(0.1)		(0.4)		(0.1)		(0.5)		(0.2)		(0.1)		(0.2)
Total Private Wealth	$	1.9	$	(0.1)	$	—	$	(0.6)	$	0.5	$	1.9	$	0.5
Total Net Flows by Distribution Channel	$	0.8	$	(4.0)	$	(1.9)	$	(1.8)	$	0.5	$	0.8	$	0.5
Net Flows by Investment Service
Equity Active
US	$	(1.4)	$	(3.0)	$	1.4	$	(3.3)	$	(1.5)	$	(1.4)	$	(1.5)
Global and Non-US	(2.0)		(3.8)		(1.6)		(1.7)		(4.7)		(2.0)		(4.7)
Total Equity Active	$	(3.4)	$	(6.8)	$	(0.2)	$	(5.0)	$	(6.2)	$	(3.4)	$	(6.2)
Equity Passive (1)
US	$	(0.6)	$	—	$	(2.6)	$	(0.3)	$	(3.2)	$	(0.6)	$	(3.2)
Global and Non-US	(0.2)		(0.3)		0.2		(0.2)		(0.1)		(0.2)		(0.1)
Total Equity Passive (1)	$	(0.8)	$	(0.3)	$	(2.4)	$	(0.5)	$	(3.3)	$	(0.8)	$	(3.3)
Fixed Income - Taxable
US	$	2.5	$	5.4	$	0.2	$	0.7	$	1.3	$	2.5	$	1.3
Global and Non-US	1.0		(0.5)		(2.6)		(0.1)		3.3		1.0		3.3
Total Fixed Income - Taxable	$	3.5	$	4.9	$	(2.4)	$	0.6	$	4.6	$	3.5	$	4.6
Fixed Income - Tax-Exempt
US	$	1.6	$	0.9	$	1.3	$	1.9	$	2.9	$	1.6	$	2.9
Global and Non-US	—		—		—		—		—		—		—
Total Fixed Income - Tax-Exempt	$	1.6	$	0.9	$	1.3	$	1.9	$	2.9	$	1.6	$	2.9
Fixed Income - Passive (1)
US	$	(0.1)	$	(0.1)	$	0.5	$	1.2	$	—	$	(0.1)	$	—
Global and Non-US	(0.1)		0.2		(0.1)		—		(0.1)		(0.1)		(0.1)
Total Fixed Income - Passive (1)	$	(0.2)	$	0.1	$	0.4	$	1.2	$	(0.1)	$	(0.2)	$	(0.1)
Alternatives/Multi-Asset Solutions (2)
US	$	—	$	0.1	$	0.2	$	0.1	$	1.6	$	—	$	1.6
Global and Non-US	0.1		(2.9)		1.2		(0.1)		1.0		0.1		1.0
Total Alternatives/Multi-Asset Solutions (2)	$	0.1	$	(2.8)	$	1.4	$	—	$	2.6	$	0.1	$	2.6
Total Net Flows by Investment Service	$	0.8	$	(4.0)	$	(1.9)	$	(1.8)	$	0.5	$	0.8	$	0.5
Active vs. Passive Net Flows
Actively Managed
Equity	$	(3.4)	$	(6.8)	$	(0.2)	$	(5.0)	$	(6.2)	$	(3.4)	$	(6.2)
Fixed Income	5.1		5.8		(1.1)		2.5		7.5		5.1		7.5
Alternatives/Multi-Asset Solutions (2)	0.1		(3.0)		1.2		(0.3)		2.4		0.1		2.4
Total	$	1.8	$	(4.0)	$	(0.1)	$	(2.8)	$	3.7	$	1.8	$	3.7
Passively Managed (1)
Equity	$	(0.8)	$	(0.3)	$	(2.4)	$	(0.5)	$	(3.3)	$	(0.8)	$	(3.3)
Fixed Income	(0.2)		0.1		0.4		1.2		(0.1)		(0.2)		(0.1)
Alternatives/Multi-Asset Solutions (2)	—		0.2		0.2		0.3		0.2		—		0.2
Total	$	(1.0)	$	—	$	(1.8)	$	1.0	$	(3.2)	$	(1.0)	$	(3.2)
Total Active vs Passive Net Flows	$	0.8	$	(4.0)	$	(1.9)	$	(1.8)	$	0.5	$	0.8	$	0.5
Notes:
(1) Includes index and enhanced index services.
(2) Includes certain multi-asset solutions and services not included in equity or fixed income services.

1Q 2024 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)	3/31/2023			6/30/2023			9/30/2023			12/31/2023			3/31/2024			Change		3/31/2023			3/31/2024			Change
Revenues
Policy charges, fee income and premiums	$	520		$	524		$	516		$	544		$	528		1.5	%	$	520		$	528		1.5	%
Net investment income (loss)	217			242			260			233			257			18.4	%	217			257			18.4	%
Net derivative gains (losses)	(2)			(16)			7			(5)			—			100.0	%	(2)			—			100.0	%
Investment management, service fees and other income	32			34			39			35			40			25.0	%	32			40			25.0	%
Segment revenues	767			784			822			807			825			7.6	%	767			825			7.6	%
Benefits and other deductions
Policyholders’ benefits	535			484			512			444			487			(9.0)	%	535			487			(9.0)	%
Remeasurement of liability for future policy benefits	6			(2)			(16)			30			(4)			(166.7)	%	6			(4)			(166.7)	%
Interest credited to policyholders’ account balances	125			130			137			128			133			6.4	%	125			133			6.4	%
Commissions and distribution-related payments	34			36			37			51			40			17.6	%	34			40			17.6	%
Amortization of deferred policy acquisition costs	29			30			30			31			30			3.4	%	29			30			3.4	%
Compensation and benefits, interest expense and financing fees and other operating costs and expense	80			77			81			90			91			13.8	%	80			91			13.8	%
Segment benefits and other deductions	809			755			781			774			777			(4.0)	%	809			777			(4.0)	%
Operating earnings (loss), before income taxes	(42)			29			41			33			48			214.3	%	(42)			48			214.3	%
Income taxes	7			(5)			(7)			(5)			(7)			(200.0)	%	7			(7)			(200.0)	%
Operating earnings (loss), before noncontrolling interest	(35)			24			34			28			41			217.1	%	(35)			41			217.1	%
Less: Operating (earnings) loss attributable to the noncontrolling interest	—			—			—			—			—			—	%	—			—			—	%
Operating earnings (loss)	$	(35)		$	24		$	34		$	28		$	41		217.1	%	$	(35)		$	41		217.1	%
Summary Metrics
Operating earnings (loss) - TTM:	$	65		$	(21)		$	(18)		$	51		$	127		95.4	%	$	65		$	127		95.4	%
Benefit ratio	86.0		%	78.3		%	79.0		%	70.9		%	75.2		%			86.8		%	75.2		%
Gross written premiums	$	786		$	769		$	756		$	821		$	778		(1.0)	%	$	786		$	778		(1.0)	%
Annualized premiums	$	76		$	78		$	79		$	102		$	80		5.1	%	$	76		$	80		5.4	%
Total in-force face amount (in billions USD) (1)	$	415.5		$	414.7		$	413.2		$	412.3		$	413.2		(0.5)	%	$	415.5		$	413.2		(0.5)	%
Notes:
(1) Total in-force face amount presented on a gross basis including ceded policies.

1Q 2024 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)	3/31/2023		6/30/2023		9/30/2023		12/31/2023		3/31/2024		3/31/2023		3/31/2024
Sales Metrics
First Year Premiums and Deposits by Product Line:
Universal Life	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Indexed Universal Life	2		3		4		2		2		2		2
Variable Universal Life	72		76		72		119		80		72		80
Term	3		3		3		3		3		3		3
Employee Benefits	26		25		24		29		28		26		28
Other (1)	—		—		—		1		—		—		—
Total	$	103	$	107	$	103	$	154	$	113	$	103	$	113
Renewals by Product Line:
Universal Life	$	188	$	179	$	187	$	175	$	169	$	188	$	169
Indexed Universal Life	76		73		71		68		74		76		74
Variable Universal Life	258		251		236		257		251		258		251
Term	94		89		88		92		92		94		92
Employee Benefits	63		66		68		71		75		63		75
Other (1)	4		4		3		4		4		4		4
Total	683		662		653		667		665		683		665
Total Gross Premiums	$	786	$	769	$	756	$	821	$	778	$	786	$	778
In-force Metrics
In-force Face Amount by Product (2) (in billions USD):
Universal Life (3)	$	42.5	$	42.0	$	41.5	$	40.9	$	40.6	$	42.5	$	40.6
Indexed Universal Life	27.3		27.2		27.1		26.9		26.6		27.3		26.6
Variable Universal Life (4)	133.9		134.8		135.4		136.9		138.1		133.9		138.1
Term	210.5		209.6		208.1		206.5		206.8		210.5		206.8
Whole Life	1.2		1.1		1.1		1.1		1.1		1.2		1.1
Total	$	415.5	$	414.7	$	413.2	$	412.3	$	413.2	$	415.5	$	413.2
In-force Policy Count by Product (2) (in thousands):
Universal Life (3)	127		125		123		122		120		127		120
Indexed Universal Life	64		63		63		63		63		64		63
Variable Universal Life (4)	292		292		292		291		290		292		290
Term	253		251		248		245		246		253		246
Whole Life	15		15		15		15		15		15		15
Total	751		746		741		736		734		751		734
Protection Solutions Reserves
General Account	$	18,137	$	18,071	$	17,949	$	18,184	$	18,167	$	18,137	$	18,167
Separate Accounts	14,562		15,401		14,782		16,337		17,560		14,562		17,560
Total	$	32,699	$	33,472	$	32,731	$	34,521	$	35,727	$	32,699	$	35,727
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 2024 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)	3/31/2023			6/30/2023			9/30/2023			12/31/2023			3/31/2024			Change		3/31/2023			3/31/2024			Change
Revenues
Net investment income (loss)	$	2		$	3		$	4		$	4		$	4		100.0	%	$	2		$	4		100.0	%
Net derivative gains (losses)	—			—			—			—			—			—	%	—			—			—	%
Investment management, service fees and other income	360			388			386			404			419			16.4	%	360			419			16.4	%
Segment revenues	362			391			390			408			423			16.9	%	362			423			16.9	%
Benefits and other deductions
Commissions and distribution-related payments	228			243			244			253			260			14.0	%	228			260			14.0	%
Compensation and benefits, interest expense and financing fees and other operating costs and expense	91			94			93			95			105			15.4	%	91			105			15.4	%
Segment benefits and other deductions	319			337			337			348			365			14.4	%	319			365			14.4	%
Operating earnings (loss), before income taxes	43			54			53			60			58			34.9	%	43			58			34.9	%
Income taxes	(11)			(12)			(13)			(15)			(15)			(36.4)	%	(11)			(15)			(36.4)	%
Operating earnings (loss), before noncontrolling interest	32			42			40			45			43			34.4	%	32			43			34.4	%
Less: Operating (earnings) loss attributable to the noncontrolling interest	—			—			—			—			—			—	%	—			—			—	%
Operating earnings (loss)	$	32		$	42		$	40		$	45		$	43		34.4	%	$	32		$	43		34.4	%
Revenue by Activity Type
Investment management, service fees and other income:
Investment management and advisory fees	$	127		$	134		$	141		$	140		$	150		17.7	%	$	127		$	150		17.7	%
Distribution fees	218			239			229			246			253			16.0	%	218			253			16.0	%
Interest income	11			13			13			13			13			15.5	%	11			13			15.5	%
Service and other income	4			3			3			5			3			(13.3)	%	4			3			(13.3)	%
Total Investment management, service fees and other income	$	360		$	388		$	386		$	404		$	419		16.6	%	$	360		$	419		16.6	%
Summary Metrics
Pre-tax operating margin	11.88		%	13.81		%	13.59		%	14.71		%	13.71		%			11.88		%	13.71		%
Advisory net flows	$	828		$	697		$	909		$	544		$	(175)		(66.4)	%	$	828		$	(175)		(66.4)	%
Total AUA	$	75,640		$	80,421		$	79,359		$	87,047		$	91,936		21.5	%	$	75,640		$	91,936		21.5	%

1Q 2024 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)	3/31/2023		6/30/2023		9/30/2023		12/31/2023		3/31/2024		3/31/2023		3/31/2024
AUA Roll-forward
Advisory assets :
Beginning assets	$	45,544	$	47,844	$	50,862	$	50,118	$	55,072	$	45,544	$	55,072
Net flows	828		697		909		544		(175)		828		(175)
Market appreciation (depreciation) and other	1,473		2,321		(1,654)		4,410		3,178		1,473		3,178
Advisory ending assets	$	47,845	$	50,862	$	50,118	$	55,072	$	58,075	$	47,845	$	58,075
Brokerage and direct assets	$	27,796	$	29,559	$	29,241	$	31,975	$	33,861	$	27,796	$	33,861
Total Wealth Management assets	$	75,640	$	80,421	$	79,359	$	87,047	$	91,936	$	75,640	$	91,936
Cash balances	$	3,200	$	2,926	$	2,771	$	2,953	$	2,804	$	3,200	$	2,804
Advisors
Advisors	4,124		4,101		4,141		4,406		4,320		4,124		4,320
Revenue per advisor TTM (in thousands USD)	$	343	$	350	$	359	$	370	$	380	$	343	$	380
Sales by Product Type
Advisory	$	2,316	$	2,315	$	2,369	$	2,518	$	2,866	$	2,316	$	2,866
Brokerage and direct	1,099		1,172		1,272		1,308		1,357		1,099		1,357
Retirement, premiums and deposits	3,024		3,231		2,965		3,324		3,570		3,024		3,570
Total sales	$	6,439	$	6,718	$	6,606	$	7,150	$	7,794	$	6,439	$	7,794

1Q 2024 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)	3/31/2023			6/30/2023			9/30/2023			12/31/2023			3/31/2024			Change		3/31/2023			3/31/2024			Change
Revenues
Policy charges, fee income and premiums	$	34		$	44		$	40		$	37		$	47		38.2	%	$	34		$	47		38.2	%
Net investment income (loss)	66			60			59			53			62			(6.1)	%	66			62			(6.1)	%
Net derivative gains (losses)	—			—			—			—			—			—	%	—			—			—	%
Investment management, service fees and other income	106			99			99			104			101			(4.7)	%	106			101			(4.7)	%
Segment revenues	206			203			198			194			210			1.9	%	206			210			1.9	%
Benefits and other deductions
Policyholders’ benefits	46			61			53			57			59			28.3	%	46			59			28.3	%
Remeasurement of liability for future policy benefits	—			—			1			(3)			(2)			(100.0)	%	—			(2)			(100.0)	%
Interest credited to policyholders’ account balances	12			12			12			9			11			(8.3)	%	12			11			(8.3)	%
Commissions and distribution-related payments	43			43			45			41			40			(7.0)	%	43			40			(7.0)	%
Amortization of deferred policy acquisition costs	16			16			16			15			16			—	%	16			16			—	%
Compensation and benefits, interest expense and financing fees and other operating costs and expense	18			19			20			26			27			50.0	%	18			27			50.0	%
Segment benefits and other deductions	135			151			147			145			151			11.9	%	135			151			11.9	%
Operating earnings (loss), before income taxes	71			52			51			49			59			(16.9)	%	71			59			(16.9)	%
Income taxes	(11)			(7)			(10)			(9)			(8)			27.3	%	(11)			(8)			27.3	%
Operating earnings (loss), before noncontrolling interest	60			45			41			40			51			(15.0)	%	60			51			(15.0)	%
Less: Operating (earnings) loss attributable to the noncontrolling interest	—			—			—			—			—			—	%	—			—			—	%
Operating earnings (loss)	$	60		$	45		$	41		$	40		$	51		(15.0)	%	$	60		$	51		(15.0)	%
Summary Metrics
Operating earnings (loss) - TTM:	$	232		$	220		$	211		$	186		$	177		100.0	%	$	232		$	177		100.0	%
Average Account Value (TTM)	$	22,728		$	21,851		$	21,530		$	21,790		$	22,061		100.0	%	$	22,728		$	22,061		100.0	%
Return on assets (TTM)	1.23		%	1.20		%	1.17		%	1.02		%	0.96		%			1.23		%	0.96		%
Net flows (1)	$	(523)		$	(569)		$	(554)		$	(643)		$	(659)		(26.0)	%	$	(523)		$	(659)		(26.0)	%
In-force Policy Count by Product (in thousands) (2):	293			287			281			277			269					293			269
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 2024 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)	3/31/2023		6/30/2023		9/30/2023		12/31/2023		3/31/2024		3/31/2023		3/31/2024
Account Values
General Account:
Balance as of beginning of period	$	925	$	905	$	887	$	876	$	849	$	925	$	849
Net flows (1)	(26)		(24)		(18)		(31)		(24)		(26)		(24)
Investment performance, interest credited and policy charges (2)	6		6		7		4		5		6		5
Balance as of end of period	$	905	$	887	$	876	$	849	$	830	$	905	$	830
Separate Accounts:
Balance as of beginning of period	$	20,557	$	21,115	$	21,485	$	20,033	$	21,316	$	20,557	$	21,316
Net flows (1)	(497)		(545)		(536)		(612)		(635)		(497)		(635)
Investment performance, interest credited and policy charges (2)	1,055		915		(916)		1,895		1,329		1,055		1,329
Balance as of end of period	$	21,115	$	21,485	$	20,033	$	21,316	$	22,010	$	21,115	$	22,010
Total:
Balance as of beginning of period	$	21,482	$	22,020	$	22,372	$	20,909	$	22,165	$	21,482	$	22,165
Net flows (1)	(523)		(569)		(554)		(643)		(659)		(523)		(659)
Investment performance, interest credited and policy charges (2)	1,061		921		(909)		1,899		1,334		1,061		1,334
Balance as of end of period	$	22,020	$	22,372	$	20,909	$	22,165	$	22,840	$	22,020	$	22,840
Net Amount at Risk (NAR)
Total GMIB NAR (3)	$	3,135	$	2,992	$	2,767	$	2,822	$	2,502	$	3,135	$	2,502
Total GMDB NAR (3)	$	10,696	$	10,082	$	10,690	$	9,465	$	8,982	$	10,696	$	8,982
MRB Reserves (Net of Reinsurance)	$	3,414	$	2,797	$	3,243	$	3,998	$	3,368	$	3,414	$	3,368
Notes:
(1) Net of the Venerable transaction.
(2) Net of the Venerable transaction.
(3) Balance for the three months ended March 31, 2023 was revised from previously filed financial statement supplement.

1Q 2024 Financial Supplement 24

Investments

1Q 2024 Financial Supplement 25

Consolidated Investment Portfolio Composition

	Balances as of
(in millions USD, unless otherwise indicated)	December 31, 2023				March 31, 2024
	Amount (1)		% of Total		Amount (1)		% of Total
Composition of investment portfolio
Fixed maturities, available-for-sale, at fair value	$	67,030	60.7	%	$	67,606	59.8	%
Fixed maturities, at fair value using the fair value option	1,654		1.5	%	1,687		1.5	%
Mortgage loans on real estate	18,171		16.5	%	18,570		16.4	%
Policy loans	4,158		3.8	%	4,191		3.7	%
Other equity investments	3,384		3.1	%	3,502		3.1	%
Other invested assets	6,719		6.1	%	5,724		5.1	%
Subtotal investment assets	101,116		91.6	%	101,280		89.6	%
Trading securities	1,057		1.0	%	1,340		1.2	%
Total investments	102,173		92.5	%	102,620		90.8	%
Cash and cash equivalents	8,239		7.5	%	10,357		9.2	%
Total	$	110,412	100.0	%	$	112,977	100.0	%
General Account AFS Fixed maturities by industry (Based on amortized cost)
Corporate securities:
Finance	$	13,181	17.9	%	$	15,072	20.1	%
Manufacturing	11,333		15.4	%	10,691		14.3	%
Utilities	6,838		9.3	%	7,058		9.4	%
Services	8,242		11.2	%	8,104		10.8	%
Energy	3,758		5.1	%	2,655		3.5	%
Retail and wholesale	3,253		4.4	%	3,004		4.0	%
Transportation	2,493		3.4	%	2,253		3.0	%
Other	190		0.3	%	685		0.9	%
Total corporate securities	49,288		67.0	%	49,522		66.2	%
U.S. government and agency	5,735		7.8	%	5,759		7.7	%
Residential mortgage-backed (2)	2,470		3.4	%	2,678		3.6	%
Preferred stock	56		0.1	%	56		0.1	%
State & municipal	614		0.8	%	586		0.8	%
Foreign governments	719		1.0	%	711		1.0	%
Commercial mortgage-backed	3,595		4.9	%	3,653		4.9	%
Asset-backed securities	11,049		15.0	%	11,845		15.8	%
Total	$	73,526	100.0	%	$	74,810	100.0	%
General Account AFS Fixed maturities credit quality (3) (Based on amortized cost)
Aaa, Aa, A (NAIC Designation 1)	$	47,694	64.9	%	$	49,013	65.5	%
Baa (NAIC Designation 2)	23,476		31.9	%	23,553		31.5	%
Investment grade	71,170		96.8	%	72,567		97.0	%
Below investment grade (NAIC Designation 3 and 4)	2,356		3.2	%	2,243		3.0	%
Total	$	73,526	100.0	%	$	74,810	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 2024 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, 2023				March 31, 2024				December 31, 2023
	Yield		Amount (2)		Yield		Amount (2)		Yield		Amount (2)
Fixed Maturities:
Income (loss)	3.95	%	$	714	4.42	%	$	821	4.17	%	$	3,103
Ending assets			72,394				74,810				73,526
Mortgages:
Income (loss)	4.24	%	177		5.11	%	234		4.65	%	806
Ending assets			16,969				18,570				18,171
Other Equity Investments (1):
Income (loss)	4.68	%	41		6.24	%	54		3.88	%	135
Ending assets			3,498				3,519				3,433
Policy Loans:
Income	5.12	%	52		5.22	%	54		5.30	%	216
Ending assets			4,028				4,191				4,158
Cash and Short-term Investments: (3)
Income (loss)	(5.00)	%	(23)		(2.00)	%	(29)		(2.51)	%	(81)
Ending assets			2,219				6,907				4,718
Funding Agreements:
Interest expense and other			(87)				(74)				(425)
Ending (liabilities)			(8,366)				(7,165)				(7,616)
Total invested Assets:
Income (loss)	3.89	%	873		4.30	%	1,060		3.98	%	3,754
Ending assets			90,742				100,832				96,389
Short Duration Fixed Maturities:
Income (loss)	3.79	%	1		3.82	%	—		4.14	%	3
Ending assets			87				15				16
Total Net Investment Income:
Investment income	3.89	%	874		4.30	%	1,060		3.98	%	3,757
Less: investment fees (4)	(0.17)	%	(39)		(0.17)	%	(41)		(0.18)	%	(166)
Investment income, net	3.71	%	$	835	4.13	%	$	1,019	3.80	%	$	3,591
General Account Ending Net Assets			$	90,829			$	100,847			$	96,405
Operating Earnings adjustments:
Funding Agreements interest expense			156				74				425
AB and other non-General Account investment income			84				91				249
Operating Net investment income (loss)			$	1,075			$	1,183			$	4,265
Notes:
(1) Includes, as of March 31, 2023, March 31, 2024 and December 31, 2023, $394 million, $340 million and $361 million of other invested assets. Amounts for certain consolidated VIE investments are shown net of associated non-controlling interest.
(2) Amount for fixed maturities and mortgages represents original cost, reduced by repayments, write-downs, adjusted amortization of premiums, accretion of discount and allowances. Cost for equity securities represents original cost reduced by write-downs; cost for other limited partnership interests represents original cost adjusted for equity in earnings and reduced by distributions.
(3) Cash and Short-term net of collateral expense.
(4) Fixed maturities yield excludes out of period income adjustment .

1Q 2024 Financial Supplement 27

Additional Information

1Q 2024 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)	3/31/2023		6/30/2023		9/30/2023		12/31/2023		3/31/2024		3/31/2023		3/31/2024
TOTAL
Beginning balance	$	6,369	$	6,419	$	6,512	$	6,599	$	6,705	$	6,369	$	6,705
Capitalization of commissions, sales and issue expenses	202		248		252		274		270		202		270
Amortization	(152)		(155)		(165)		(168)		(172)		(152)		(172)
Ending balance	$	6,419	$	6,512	$	6,599	$	6,705	$	6,804	$	6,419	$	6,804
Individual Retirement
Beginning balance	$	3,219	$	3,264	$	3,347	$	3,426	$	3,508	$	3,219	$	3,508
Capitalization of commissions, sales and issue expenses	134		175		181		187		202		134		202
Amortization	(89)		(92)		(102)		(105)		(109)		(89)		(109)
Ending balance	$	3,264	$	3,347	$	3,426	$	3,508	$	3,601	$	3,264	$	3,601
Group Retirement
Beginning balance	$	800	$	804	$	808	$	814	$	825	$	800	$	825
Capitalization of commissions, sales and issue expenses	19		19		20		25		18		19		18
Amortization	(15)		(15)		(14)		(14)		(15)		(15)		(15)
Ending balance	$	804	$	808	$	814	$	825	$	828	$	804	$	828
Protection Solutions
Beginning balance	$	1,630	$	1,644	$	1,660	$	1,676	$	1,700	$	1,630	$	1,700
Capitalization of commissions, sales and issue expenses	43		46		46		55		44		43		44
Amortization	(29)		(30)		(30)		(31)		(30)		(29)		(30)
Ending balance	$	1,644	$	1,660	$	1,676	$	1,700	$	1,714	$	1,644	$	1,714
Legacy
Beginning balance	$	593	$	583	$	575	$	564	$	555	$	593	$	555
Capitalization of commissions, sales and issue expenses	6		8		5		7		6		6		6
Amortization	(16)		(16)		(16)		(16)		(15)		(16)		(15)
Ending balance	$	583	$	575	$	564	$	555	$	546	$	583	$	546
Corporate and Other
Beginning balance	$	127	$	124	$	122	$	119	$	117	$	127	$	117
Capitalization of commissions, sales and issue expenses	—		—		—		—		—		—		—
Amortization	(3)		(2)		(3)		(2)		(3)		(3)		(3)
Ending balance	$	124	$	122	$	119	$	117	$	115	$	124	$	115

1Q 2024 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, Non-GAAP Operating ROE, and Non-GAAP operating common EPS, each of which is a measure that is not determined in accordance with U.S. GAAP. Management principally uses these non-GAAP financial measures in evaluating performance because they present a clearer picture of our operating performance and they allow management to allocate resources. Similarly, management believes that the use of these Non-GAAP financial measures, together with relevant U.S. GAAP measures, provide investors with a better understanding of our results of operations and the underlying profitability drivers and trends of our business. These non-GAAP financial measures are intended to remove from our results of operations the impact of market changes (where there is a mismatch in the valuation of assets and liabilities) as well as certain other expenses which are not part of our underlying profitability drivers or likely to re-occur in the foreseeable future, as such items fluctuate from period-to-period in a manner inconsistent with these drivers. These measures should be considered supplementary to our results that are presented in accordance with U.S. GAAP and should not be viewed as a substitute for the U.S. GAAP measures. Other companies may use similarly titled non-GAAP financial measures that are calculated differently from the way we calculate such measures. Consequently, our non-GAAP financial measures may not be comparable to similar measures used by other companies.
We also discuss certain operating measures, including AUM, AUA, AV, Protection Solutions reserves and certain other operating measures, which management believes provide useful information about our businesses and the operational factors underlying our financial performance.
Non-GAAP Operating Earnings
Non-GAAP Operating Earnings is an after-tax non-GAAP financial measure used to evaluate our financial performance on a consolidated basis that is determined by making certain adjustments to our consolidated after-tax net income attributable to Holdings. The most significant of such adjustments relates to our derivative positions, which protect economic value and statutory capital, and the variable annuity product MRBs. This is a large source of volatility in net income.
Non-GAAP Operating Earnings equals our consolidated after-tax net income attributable to Holdings adjusted to eliminate the impact of the following items:
•	Items related to variable annuity product features, which include: (i) changes in the fair value of market risk benefits and purchased market risk benefits, including the related attributed fees and claims, offset by derivatives and other securities used to hedge the market risk benefits which result in residual net income volatility as the change in fair value of certain securities is reflected in OCI and due to our statutory capital hedge program; and (ii) market adjustments to deposit asset or liability accounts arising from reinsurance agreements which do not expose the reinsurer to a reasonable possibility of a significant loss from insurance risk;
•	Investment (gains) losses, which includes credit loss impairments of securities/investments, sales or disposals of securities/investments, realized capital gains/losses and valuation allowances;
•	Net actuarial (gains) losses, which includes actuarial gains and losses as a result of differences between actual and expected experience on pension plan assets or projected benefit obligation during a given period related to pension, other postretirement benefit obligations, and the one-time impact of the settlement of the defined benefit obligation;
•	Other adjustments, which primarily include restructuring costs related to severance and separation, lease write-offs related to non-recurring restructuring activities, COVID-19 related impacts, net derivative gains (losses) on certain Non-GMxB derivatives, net investment income from certain items including consolidated VIE investments, seed capital mark-to-market adjustments, unrealized gain/losses and realized capital gains/losses from sales or disposals of select securities, certain legal accruals; a bespoke deal to repurchase UL policies from one entity that had invested in numerous policies purchased in the life settlement market, which disposed of the risk of additional COI litigation by that entity related to those UL policies, impact of the annual actuarial assumption updates attributable to LFPB; and
•	Income tax expense (benefit) related to the above items and non-recurring tax items, which includes the effect of uncertain tax positions for a given audit period and changes to the deferred tax valuation allowance.
•	In the fourth quarter of 2023, the Company updated its operating earnings measure to exclude the impact of realized amounts related to equity classified instruments. The recognition of the realized capital gains and losses from investments in current net investment income is generally considered distortive and not reflective of the ongoing core business activities of the segments. The presentation of operating earnings in prior periods was not revised to reflect this modification. The impact to operating earnings was immaterial for the three months ended March 31, 2023.
•	In the first quarter of 2024, the Company began allocating to its business segments collateral expense resulting from a designated rate to be paid on the collateral held back to counterparties. The new segment allocation methodology for collateral expense is based on the income earned on cash equivalents held in the surplus segments and income earned in portfolios backing collateral expenses, such that the collateral expense would be allocated to the segments up to that amount. Any remaining amount is included within Corporate and Other. This expense was previously recorded in Corporate and Other with no allocation to our business segments in prior reporting periods. The presentation of operating earnings in prior periods was not revised to reflect this modification, however, the Company estimated that allocating collateral expense to the segments for the twelve months ended December 31, 2023 and 2022, respectively, would have resulted in a decrease to operating earnings of $4.0 million and $0.8 million for Individual Retirement, $7.7 million and $1.4 million for Group Retirement, $21.9 million and $2.5 million for Protection Solutions, $4.2 million and $1.0 million for Legacy, and an increase of $37.8 million and $5.7 million for Corporate and Other. The impact to operating earnings for each segment during the quarters of 2023 was not material. Total Company operating earnings were not impacted.
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 2024 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 2024 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)	3/31/2023		6/30/2023		9/30/2023		12/31/2023		3/31/2024		3/31/2023		3/31/2024
Net income (loss) attributable to Holdings
Net income (loss) attributable to Holdings	$	177	$	759	$	1,064	$	(698)	$	114	$	177	$	114
Adjustments related to:
Variable annuity product features	861		(65)		(1,380)		1,191		319		861		319
Investment gains (losses), net	87		56		411		159		39		87		39
Net actuarial gains (losses) related to pension and other postretirement benefit obligations	9		9		8		13		17		9		17
Other adjustments (1)	45		62		91		153		91		45		91
Income tax (expense) benefit related to above adjustments	(210)		(13)		183		(319)		(98)		(210)		(98)
Non-recurring tax items (2)	(605)		(367)		36		(23)		8		(605)		8
Non-GAAP Operating Earnings	$	364	$	441	$	413	$	476	$	490	$	364	$	490
Net income (loss) attributable to Holdings	$	0.49	$	2.13	$	3.06	$	(2.07)	$	0.34	$	0.49	$	0.34
Less: Preferred stock dividends	0.04		0.07		0.04		0.08		0.04		0.04		0.04
Net income (loss) available to Holdings' common shareholders	0.45		2.06		3.02		(2.15)		0.30		0.45		0.30
Adjustments related to:
Variable annuity product features	2.36		(0.18)		(3.97)		3.53		0.96		2.36		0.96
Investment gains (losses), net	0.24		0.16		1.18		0.47		0.12		0.24		0.12
Net actuarial gains (losses) related to pension and other postretirement benefit obligations	0.02		0.03		0.02		0.04		0.05		0.02		0.05
Other adjustments (1)	0.13		0.17		0.27		0.46		0.27		0.13		0.27
Income tax (expense) benefit related to above adjustments	(0.58)		(0.04)		0.53		(0.95)		(0.29)		(0.58)		(0.29)
Non-recurring tax items (2)	(1.66)		(1.03)		0.10		(0.07)		0.02		(1.66)		0.02
Non-GAAP Operating Earnings (loss) available to Holdings' common shareholders	$	0.96	$	1.17	$	1.15	$	1.33	$	1.43	$	0.96	$	1.43
Book Value per common share
Book Value per common share	$	6.10	$	5.69	$	0.23	$	3.26	$	1.43	$	6.10	$	1.43
Less: Per share impact of AOCI	(18.15)		(20.39)		(28.66)		(23.30)		(24.93)		(18.15)		(24.93)
Book value per common share (ex. AOCI)	$	24.25	$	26.08	$	28.90	$	26.56	$	26.36	$	24.25	$	26.36
Notes:
(1) Includes certain gross legal expenses related to the cost of insurance litigation of $106 million or $0.32 per common share for the three months ended March 31, 2024.
(2) For the three months ended March, 31 2024, non-recurring tax items reflects the effect of uncertain tax positions for a given audit period and for the three months ended March 31, 2023 primarily includes tax valuation allowance decease.

1Q 2024 Financial Supplement 32

Reconciliation of Non-GAAP Measures (2/3)
	As of and for the Twelve Months Ended
(in millions USD, unless otherwise indicated)	9/30/2023			12/31/2023			3/31/2024
Net Income to Non-GAAP Operating Earnings
Net income (loss) attributable to Holdings	$	2,062		$	1,302		$	1,239
Adjustments related to:
Variable annuity product features	(455)			607			65
Investment (gains) losses	609			713			665
Net actuarial (gains) losses related to pension and other postretirement benefit obligations	51			39			47
Other adjustments	348			351			397
Income tax (expense) benefits related to above adjustments	(116)			(359)			(247)
Non-recurring tax items	(933)			(959)			(346)
Non-GAAP Operating Earnings	$	1,566		$	1,694		$	1,820
Return on Equity and Non-GAAP Operating Return on Equity - Trailing twelve months
Net income (loss) attributable to Holdings	$	2,062		$	1,302		$	1,239
Less: Preferred stock	(80)			(80)			(80)
Net income (loss) available to Holdings' common shareholders	$	1,982		$	1,222		$	1,159
Average equity attributable to Holdings' common shareholders (ex. AOCI)	$	9,139		$	9,147		$	9,045
Return on Equity (ex. AOCI)	21.7		%	13.4		%	12.8		%
Non-GAAP Operating Earnings	$	1,566		$	1,694		$	1,820
Less: Preferred stock	(80)			(80)			(80)
Non-GAAP Operating Earnings available to Holdings' common shareholders	$	1,486		$	1,614		$	1,740
Average equity attributable to Holdings' common shareholders (ex. AOCI)	$	9,139		$	9,147		$	9,045
Non-GAAP Operating Return on Equity (ex. AOCI)	16.3		%	17.6		%	19.2		%

1Q 2024 Financial Supplement 33

Reconciliation of Non-GAAP Measures (3/3)
	Balances as of
(in millions USD, unless otherwise indicated)	6/30/2022		9/30/2022		12/31/2022		3/31/2023		6/30/2023		9/30/2023		12/31/2023		3/31/2024
Equity Reconciliation - Quarter-end Balances
Total equity attributable to Holdings' shareholders	$	5,702	$	3,411	$	1,401	$	3,754	$	3,553	$	1,642	$	2,649	$	2,032
Less: Preferred Stock	1,562		1,562		1,562		1,562		1,562		1,562		1,562		1,562
Total equity attributable to Holdings' common shareholders	4,140		1,849		(161)		2,192		1,991		80		1,087		470
Less: Accumulated other comprehensive income (loss)	(4,165)		(6,870)		(8,992)		(6,516)		(7,142)		(9,802)		(7,777)		(8,166)
Total equity attributable to Holdings' common shareholders (ex. AOCI)	$	8,305	$	8,719	$	8,831	$	8,708	$	9,133	$	9,882	$	8,864	$	8,636

	Balances as of
(in millions USD, unless otherwise indicated)	6/30/2022		9/30/2022		12/31/2022		3/31/2023		6/30/2023		9/30/2023		12/31/2023		3/31/2024
Equity Reconciliation - Twelve Month Rolling Average
Total equity attributable to Holdings' shareholders	$	8,915	$	6,848	$	4,610	$	3,567	$	3,030	$	2,588	$	2,900	$	2,469
Less: Preferred Stock	1,562		1,562		1,562		1,562		1,562		1,562		1,562		1,562
Total equity attributable to Holdings' common shareholders	7,353		5,286		3,048		2,005		1,468		1,026		1,338		907
Less: Accumulated other comprehensive income (loss)	(572)		(2,759)		(5,333)		(6,636)		(7,380)		(8,113)		(7,809)		(8,222)
Total equity attributable to Holdings' common shareholders (ex. AOCI)	$	7,925	$	8,045	$	8,381	$	8,641	$	8,848	$	9,139	$	9,147	$	9,129

1Q 2024 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 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 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.

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

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

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

FYP - First year premium and deposits.

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

Gross premiums - FYP and Renewal premium and deposits.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

1Q 2024 Financial Supplement 35

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

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

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

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

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

1Q 2024 Financial Supplement 36

Analyst Coverage, Ratings & Contact Information

Analyst Coverage
Firm		Analyst			Phone Number
Citi		Michael Ward			1 (212) 816-4269
Deutsche Bank		Cave Montazeri			1 (212) 250-2798
Dowling & Partners		Joel Hurwitz			1 (860) 676-7312
Evercore ISI		Thomas Gallagher			1 (212) 446-9439
Goldman Sachs		Alex Scott			1 (212) 902-9592
Jefferies		Suneet Kamath			1 (212) 778-8602
J.P. Morgan		Jimmy Bhullar			1 (212) 622-6397
Keefe, Bruyette, & Woods		Ryan Krueger			1 (860) 722-5930
Morgan Stanley		Bob Jian Huang			1 (212) 761-6136
Raymond James		Wilma Burdis			1 (727) 567-9371
Truist Securities		Mark Hughes			1 (615) 748-4422
UBS		Brian Meredith			1 (212) 713-2492
Wells Fargo Securities		Elyse Greenspan			1 (212) 214-8031
This list is provided for informational purposes only. Equitable Holdings does not endorse the analyses, conclusions or recommendations contained in any reports issued by these or any other analysts.
Ratings
			A.M. Best	S&P	Moody’s
Last review date			Feb '24	Feb '24	Dec '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+	A-	Baa1
AllianceBernstein L.P. (1)			—	A	A2
Investor and Media Contacts
Contact Investor Relations				Contact Media Relations
Erik Bass	Thomas Lewis			Sophia Kim
(212) 314-2476				(212) 314-2010
IR@equitable.com				MediaRelations@equitable.com
ir.equitableholdings.com				www.equitableholdings.com
Notes:
(1) Last review dates: S&P as of Sep '23, Moody’s as of Mar '24.

1Q 2024 Financial Supplement 37