Document


Table of Contents

	Consolidated Financials and Key Metrics		Page
		Key Metrics Summary	4
		Consolidated Statements of Income (Loss)	5
		Consolidated Balance Sheets	6
		Consolidated Capital Structure	7
		Operating Earnings (Loss) by Segment and Corporate and Other	8
		Assets Under Management and Administration	10
		Sales Metrics by Segment	11

	Select Metrics from Business Segments
Individual Retirement
		Statements of Operating Earnings (Loss) and Summary Metrics	13
		Select Operating Metrics	14
Group Retirement
		Statements of Operating Earnings (Loss) and Summary Metrics	15
		Select Operating Metrics	16
Asset Management (1) (2)
		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	31
		Use of Non-GAAP Financial Measures	32
		Reconciliation of Non-GAAP Measures	34
		Glossary of Selected Financial and Product Terms	37
		Analyst Coverage, Ratings & Contact Information	39
		Notes:
		(1) Refers to AllianceBernsten L.P. and AllianceBernstien Holding L.P., collectively (2) formerly known as Investment Management and Research


	For the Three Months Ended or As of																	Six Months Ended or As of
(in millions USD, unless otherwise indicated)	6/30/2023			9/30/2023			12/31/2023			3/31/2024			6/30/2024			Change		6/30/2023			6/30/2024			Change

Net income (loss)	$	831		$	1,135		$	(589)		$	217		$	565		(32.0)	%	$	1,097		$	782		(28.7)	%
Net income (loss) attributable to the noncontrolling interest	(72)			(71)			(109)			(103)			(137)			(90.3)	%	(161)			(240)			(49.1)	%
Net income (loss) attributable to Holdings	$	759		$	1,064		$	(698)		$	114		$	428		(43.6)	%	$	936		$	542		(42.1)	%

Non-GAAP Operating Earnings (1)	$	441		$	413		$	476		$	490		$	494		12.0	%	$	805		$	984		22.2	%

Total equity attributable to Holdings' shareholders	$	3,553		$	1,642		$	2,649		$	2,032		$	1,644		(53.7)	%	$	3,553		$	1,644		(53.7)	%
Less: Preferred Stock	1,562			1,562			1,562			1,562			1,562			—	%	1,562			1,562			—	%
Total equity attributable to Holdings' common shareholders	1,991			80			1,087			470			82			(95.9)	%	1,991			82			(95.9)	%
Less: Accumulated other comprehensive income (loss)	(7,142)			(9,802)			(7,777)			(8,166)			(8,645)			(21.0)	%	(7,142)			(8,645)			(21.0)	%
Total equity attributable to Holdings' common shareholders (ex. AOCI)	$	9,133		$	9,882		$	8,864		$	8,636		$	8,727		(4.4)	%	$	9,133		$	8,727		(4.4)	%

Return on Equity (ex. AOCI) - TTM	17.1		%	21.7		%	13.4		%	12.8		%	9.2		%			17.1		%	9.2		%
Non-GAAP Operating ROE (1)	16.5		%	16.3		%	17.6		%	19.2		%	19.8		%			16.5		%	19.8		%

Debt to capital:
Debt to Capital (ex. AOCI)	26.3		%	25.0		%	28.1		%	27.3		%	27.1		%			26.3		%	27.1		%

Per common share:
Diluted earnings per common share: (2)
Net income (loss) attributable to Holdings	$	2.06		$	3.02		$	(2.15)		$	0.30		$	1.23		(40.3)	%	$	2.49		$	1.52		(39.0)	%
Non-GAAP Operating Earnings (1)	$	1.17		$	1.15		$	1.33		$	1.43		$	1.43		22.7	%	$	2.13		$	2.86		34.5	%
Book value per common share	$	5.69		$	0.23		$	3.26		$	1.43		$	0.25		(95.5)	%	$	5.69		$	0.25		(95.5)	%
Book value per common share (ex. AOCI)	$	26.08		$	28.90		$	26.56		$	26.36		$	27.14		4.1	%	$	26.08		$	27.14		4.1	%

Weighted-average common shares outstanding:
Basic	355.2			346.4			337.2			330.2			324.2			(8.7)	%	358.5			327.2			(8.7)	%
Diluted	356.1			348.0			337.2			332.7			327.3			(8.1)	%	360.0			330.4			(8.2)	%

Ending common shares outstanding	350.2			342.0			333.8			327.6			321.6			(8.2)	%	350.2			321.6			(8.2)	%

Return to common shareholders:
Common stock dividend	$	78		$	77		$	74		$	73		$	78				$	150		$	151
Repurchase of common shares	226			238			241			253			247					440			500
Total capital returned to common shareholders	$	304		$	315		$	315		$	326		$	325				$	590		$	651

Market Values:
S&P 500	4,450			4,288			4,770			5,254			5,460			22.7	%	4,450			5,460			22.7	%
US 10-Year Treasury	3.8		%	4.6		%	3.9		%	4.2		%	4.4		%			3.8		%	4.4		%

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.

Consolidated Statements of Income (Loss)


	For the Three Months Ended												Six Months Ended
(in millions USD, unless otherwise indicated)	6/30/2023		9/30/2023		12/31/2023		3/31/2024		6/30/2024		Change		6/30/2023		6/30/2024		Change

Revenues
Policy charges and fee income	$	594	$	599	$	599	$	614	$	617	3.9	%	$	1,182	$	1,231	4.1	%
Premiums	280		267		281		275		282		0.7	%	556		557		0.2	%
Net derivative gains (losses)	(917)		615		(1,254)		(1,376)		(208)		77.3	%	(1,758)		(1,584)		9.9	%
Net investment income (loss)	1,036		1,071		1,223		1,219		1,166		12.5	%	2,026		2,385		17.7	%
Investment gains (losses), net	(56)		(411)		(159)		(39)		(16)		71.4	%	(143)		(55)		61.5	%
Investment management and service fees	1,182		1,217		1,241		1,278		1,240		4.9	%	2,362		2,518		6.6	%
Other income	258		266		239		259		429		66.3	%	509		688		35.2	%
Total revenues	2,377		3,624		2,170		2,230		3,510		47.7	%	4,734		5,740		21.3	%

Benefits and other deductions
Policyholders’ benefits	684		693		647		677		667		(2.5)	%	1,414		1,344		(5.0)	%
Remeasurement of liability for future policy benefits	(7)		49		29		1		(8)		(14.3)	%	(3)		(7)		—	%
Change in market risk benefits and purchased market risk benefits	(975)		(817)		(35)		(1,100)		(133)		86.4	%	(955)		(1,233)		—	%
Interest credited to policyholders’ account balances	501		556		563		566		605		20.8	%	964		1,171		21.5	%
Compensation and benefits	566		593		586		620		577		1.9	%	1,149		1,197		4.2	%
Commissions and distribution related payments	393		405		412		437		463		17.8	%	773		900		16.4	%
Interest expense	55		55		57		57		62		12.7	%	116		119		2.6	%
Amortization of deferred policy acquisition costs	155		165		169		172		169		9.0	%	307		341		11.1	%
Other operating costs and expenses	466		450		559		553		427		(8.4)	%	889		980		10.2	%
Total benefits and other deductions	1,838		2,149		2,987		1,983		2,829		53.9	%	4,654		4,812		3.4	%

Income (loss) from operations, before income taxes	539		1,475		(817)		247		681		26.3	%	80		928		N/M
Income tax (expense) benefit	292		(340)		228		(30)		(116)		(139.7)	%	1,017		(146)		(114.4)	%
Net income (loss)	831		1,135		(589)		217		565		(32.0)	%	1,097		782		(28.7)	%
Less: net (income) loss attributable to the noncontrolling interest	(72)		(71)		(109)		(103)		(137)		(90.3)	%	(161)		(240)		(49.1)	%
Net income (loss) attributable to Holdings	$	759	$	1,064	$	(698)	$	114	$	428	(43.6)	%	$	936	$	542	(42.1)	%
Less: Preferred stock dividends	(26)		(14)		(26)		(14)		(26)		—	%	(40)		(40)		—	%
Net income (loss) available to Holdings' common shareholders	$	733	$	1,050	$	(724)	$	100	$	402	(45.2)	%	$	896	$	502	(44.0)	%

Adjustments related to:
Variable annuity product features	$	(65)	$	(1,380)	$	1,191	$	319	$	79			$	796	$	398
Investment gains (losses), net	56		411		159		39		16				143		55

Net actuarial gains (losses) related to pension and other postretirement benefit obligations	9		8		13		17		14				18		31
Other adjustments (1) (2)	62		91		153		91		(32)				107		59
Income tax (expense) benefit related to above adjustments	(13)		183		(319)		(98)		(16)				(223)		(114)
Non-recurring tax items (3)	(367)		36		(23)		8		5				(972)		13
Non-GAAP Operating earnings (4)	$	441	$	413	$	476	$	490	$	494			$	805	$	984

Notes:
(1) Includes certain gross legal expenses related to the cost of insurance litigation of $0 million and $106 million for the three and six months ended June 30, 2024, respectively and $35 million and $35 million for the three and six months ended June 30, 2023.
(2) For the three and six months ended June 30, 2024, includes $82 million of the gain on sale on AB's Bernstein Research Service attributable to Holdings.
(3) For the three and six months ended June 30, 2024, non-recurring tax items reflects the effect of uncertain tax positions for a given audit period and for the three and six months ended June 30, 2023 primarily includes a decrease of the deferred tax valuation allowance of $376 million and $990 million.
(4) This measure is a Non-GAAP financial measure. For an explanation of our use of Non-GAAP financial measures, refer to the “Use of Non-GAAP Financial Measures” and "Glossary of Selected Financial and Product Terms" sections of this document. For a reconciliation of this item to the most directly comparable GAAP measure, refer to the “Non-GAAP Reconciliation” section in this document.


	Balances as of
(in millions USD, unless otherwise indicated)	6/30/2023		9/30/2023		12/31/2023		3/31/2024		6/30/2024

Assets
Total investments	$	97,722	$	97,209	$	102,173	$	102,620	$	107,726
Cash and cash equivalents	7,693		6,096		8,239		10,357		9,684
Cash and securities segregated, at fair value	879		928		868		866		592
Broker-dealer related receivables	2,053		2,017		1,837		1,808		1,801
Deferred policy acquisition costs	6,512		6,599		6,705		6,804		6,924
Goodwill and other intangible assets, net	5,463		5,448		5,433		5,419		5,403
Amounts due from reinsurers	8,395		8,271		8,352		8,387		8,237


Current and deferred income taxes	1,726		2,035		2,050		2,063		2,117
Purchased market risk benefits	9,931		8,745		9,427		8,337		7,993
Other assets	3,391		3,945		3,323		3,618		3,825
Assets held-for-sale	566		681		565		745		—
Assets for market risk benefits	777		701		591		818		803
Separate Accounts assets	123,898		117,577		127,251		133,735		132,664
Total assets	$	269,006	$	260,252	$	276,814	$	285,577	$	287,769

Liabilities
Policyholders’ account balances	$	91,595	$	91,912	$	95,673	$	100,246	$	104,072
Liability for market risk benefits	13,642		13,011		14,612		12,814		12,593
Future policy benefits and other policyholders’ liabilities	16,786		16,647		17,363		17,324		17,417
Broker-dealer related payables	1,522		454		1,232		1,022		839

Customers related payables	2,526		2,321		2,201		2,162		2,060
Amounts due to reinsurers	1,404		1,424		1,450		1,377		1,363
Short-term debt	—		—		254		—		—
Long-term debt	3,819		3,820		3,820		3,821		3,830



Notes issued by consolidated variable interest entities, at fair value using the fair value option	1,484		1,541		1,559		1,580		1,740
Other liabilities	6,410		7,412		6,088		6,511		6,718
Liabilities held-for-sale	129		216		153		239		—
Separate Accounts liabilities	123,898		117,577		127,251		133,735		132,664
Total liabilities	263,215		256,335		271,656		280,831		283,296
Redeemable noncontrolling interest	531		636		770		991		1,088

Equity
Preferred stock	1,562		1,562		1,562		1,562		1,562
Common stock	4		3		5		5		5
Additional paid-in capital	2,297		2,308		2,328		2,322		2,337
Treasury shares	(3,493)		(3,592)		(3,712)		(3,801)		(3,932)
Retained earnings	10,325		11,163		10,243		10,110		10,317
Accumulated other comprehensive income (loss)	(7,142)		(9,802)		(7,777)		(8,166)		(8,645)
Total equity attributable to Holdings	3,553		1,642		2,649		2,032		1,644
Noncontrolling interest	1,707		1,639		1,739		1,723		1,741
Total equity	5,260		3,281		4,388		3,755		3,385
Total liabilities, redeemable noncontrolling interest and equity	$	269,006	$	260,252	$	276,814	$	285,577	$	287,769


	Balances as of
(in millions USD, unless otherwise indicated)	6/30/2023			9/30/2023			12/31/2023			3/31/2024			6/30/2024

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

Current portion of long-term debt	—			—			—			—			—
Total short-term debt	—			—			254			—			—

Total long-term debt	3,819			3,820			3,820			3,821			3,830

Total short-term and long-term debt: [A]	$	3,819		$	3,820		$	4,074		$	3,821		$	3,830

Equity:
Preferred stock	$	1,562		$	1,562		$	1,562		$	1,562		$	1,562
Common stock	4			3			5			5			5
Additional paid-in capital	2,297			2,308			2,328			2,322			2,337
Treasury stock, at cost	(3,493)			(3,592)			(3,712)			(3,801)			(3,932)
Retained earnings	10,325			11,163			10,243			10,110			10,317
Accumulated other comprehensive income (loss)	(7,142)			(9,802)			(7,777)			(8,166)			(8,645)
Total equity attributable to Holdings	3,553			1,642			2,649			2,032			1,644
Noncontrolling interest	1,707			1,639			1,739			1,723			1,741
Total equity	$	5,260		$	3,281		$	4,388		$	3,755		$	3,385

Total equity attributable to Holdings, (ex. AOCI): [B]	$	10,695		$	11,444		$	10,426		$	10,198		$	10,289

Capital:
Total capitalization (2)	$	7,372		$	5,462		$	6,723		$	5,853		$	5,474
Total capitalization (ex. AOCI): [A+B] (2)	$	14,514		$	15,264		$	14,500		$	14,019		$	14,119

Debt to capital:
Debt to capital (ex. AOCI) (3)	26.3		%	25.0		%	28.1		%	27.3		%	27.1		%

	For the Three Months Ended
Roll-forward of common shares outstanding (millions of shares):
Beginning balance	359.1			350.2			342.0			333.8			327.6
Repurchases	(3.6)			(3.4)			(3.9)			(3.2)			(3.2)
Retirements	(5.3)			(4.9)			(4.4)			(4.3)			(3.1)
Issuances	0.1			0.1			0.1			1.3			0.3
Ending basic common shares outstanding	350.2			342.0			333.8			327.6			321.6
Total potentially dilutive shares	1.5			1.4			1.5			2.5			3.2
Ending common shares outstanding - maximum potential dilution	351.7			343.4			335.3			330.1			324.7
Notes:


Operating Earnings (Loss) by Segment and Corporate and Other

	Three Months Ended June 30, 2024
(in millions USD, unless otherwise indicated)	Individual Retirement		Group Retirement		Asset Management		Protection Solutions		Wealth Management		Legacy		Corporate and Other		Eliminations		Consolidated
Revenues
Policy charges, fee income and premiums	$	176	$	79	$	—	$	532	$	—	$	41	$	71	$	—	$	899
Net investment income (loss)	548		139		7		260		4		59		152		22		1,191
Net derivative gains (losses)	(6)		—		(1)		(1)		—		—		(2)		6		(4)
Investment management, service fees and other income	92		65		1,045		43		438		100		7		(255)		1,535
Segment revenues	810		283		1,051		834		442		200		228		(227)		3,621
Benefits and other deductions
Policyholders’ benefits	19		—		—		473		—		60		115		—		667
Remeasurement of liability for future policy benefits	—		—		—		(12)		—		2		2		—		(8)

Interest credited to policyholders’ account balances	278		56		—		135		—		11		124		—		604
Commissions and distribution related payments	80		45		180		43		282		41		6		(214)		463
Amortization of deferred policy acquisition costs	111		8		—		32		—		15		3		—		169
Compensation and benefits, interest expense and financing fees and other operating costs and expense	48		29		633		86		99		23		101		(13)		1,006
Segment benefits and other deductions	536		138		813		757		381		152		351		(227)		2,901
Operating earnings (loss), before income taxes	274		145		238		77		61		48		(123)		—		720
Income Taxes	(40)		(22)		(42)		(11)		(17)		(7)		20		—		(119)
Operating earnings (loss), before noncontrolling interest	234		123		196		66		44		41		(103)		—		601
Less: Operating (earnings) loss attributable to the noncontrolling interest	—		—		(95)		1		—		—		(13)		—		(107)
Operating earnings (loss)	$	234	$	123	$	101	$	67	$	44	$	41	$	(116)	$	—	$	494

	Three Months Ended June 30, 2023
	Individual Retirement		Group Retirement		Asset Management		Protection Solutions		Wealth Management		Legacy		Corporate and Other		Eliminations		Consolidated
Revenues
Policy charges, fee income and premiums	$	165	$	66	$	—	$	524	$	—	$	44	$	75	$	—	$	874
Net investment income (loss)	391		132		2		242		3		60		187		8		1,025
Net derivative gains (losses)	(5)		—		(1)		(16)		—		—		(5)		4		(23)
Investment Management, service fees and other income	96		69		999		34		388		99		5		(230)		1,460
Segment revenues	647		267		1,000		784		391		203		262		(218)		3,336
Benefits and other deductions
Policyholders’ benefits	19		—		—		484		—		61		120		—		684
Remeasurement of liability for future policy benefits	(1)		—		—		(2)		—		—		(4)		—		(7)

Interest credited to policyholders’ account balances	160		52		—		130		—		12		147		—		501
Commissions and distribution related payments	63		47		150		36		243		43		4		(193)		393
Amortization of deferred policy acquisition costs	92		15		—		30		—		16		2		—		155
Compensation and benefits, interest expense and financing fees and other operating costs and expense	43		29		647		77		94		19		119		(25)		1,003
Segment benefits and other deductions	376		143		797		755		337		151		388		(218)		2,729
Operating earnings (loss), before income taxes	271		124		203		29		54		52		(126)		—		607
Income Taxes	(37)		(17)		(24)		(5)		(12)		(7)		19		—		(83)
Operating earnings (loss), before noncontrolling interest	234		107		179		24		42		45		(107)		—		524
Less: Operating (earnings) loss attributable to the noncontrolling interest	—		—		(80)		—		—		—		(3)		—		(83)
Operating earnings (loss)	$	234	$	107	$	99	$	24	$	42	$	45	$	(110)	$	—	$	441


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

	Six Months Ended June 30, 2024
(in millions USD, unless otherwise indicated)	Individual Retirement		Group Retirement		Asset Management		Protection Solutions		Wealth Management		Legacy		Corporate and Other		Eliminations		Consolidated
Revenues
Policy charges, fee income and premiums	$	350	$	152	$	—	$	1,060	$	—	$	88	$	138	$	—	$	1,788
Net investment income (loss)	1,058		281		15		517		8		121		331		43		2,374
Net derivative gains (losses)	(11)		—		(6)		(1)		—		—		(10)		11		(17)
Investment Management, service fees and other income	179		142		2,135		83		857		201		15		(497)		3,115
Segment revenues	1,576		575		2,144		1,659		865		410		474		(443)		7,260
Benefits and other deductions
Policyholders’ benefits	36		—		—		960		—		119		229		—		1,344
Remeasurement of liability for future policy benefits	(2)		—		—		(16)		—		—		11		—		(7)

Interest credited to policyholders’ account balances	524		108		—		268		—		22		248		—		1,170
Commissions and distribution related payments	157		89		353		83		542		81		9		(414)		900
Amortization of deferred policy acquisition costs	220		23		—		62		—		31		5		—		341
Compensation and benefits, interest expense and financing fees and other operating costs and expense	102		64		1,305		177		204		50		207		(29)		2,080
Segment benefits and other deductions	1,037		284		1,658		1,534		746		303		709		(443)		5,828
Operating earnings (loss), before income taxes	539		291		486		125		119		107		(235)		—		1,432
Income Taxes	(77)		(42)		(86)		(18)		(32)		(15)		37		—		(233)
Operating earnings (loss), before noncontrolling interest	462		249		400		107		87		92		(198)		—		1,199
Less: Operating (earnings) loss attributable to the noncontrolling interest	—		—		(193)		1		—		—		(23)		—		(215)
Operating earnings (loss) (1)	$	462	$	249	$	207	$	108	$	87	$	92	$	(221)	$	—	$	984

	Six Months Ended June 30, 2023
	Individual Retirement		Group Retirement		Asset Management		Protection Solutions		Wealth Management		Legacy		Corporate and Other		Eliminations		Consolidated
Revenues
Policy charges, fee income and premiums	$	328	$	130	$	—	$	1,044	$	—	$	78	$	158	$	—	$	1,738
Net investment income (loss)	731		244		11		459		5		126		384		42		2,002
Net derivative gains (losses)	(10)		(1)		(11)		(18)		—		—		(11)		8		(43)
Investment Management, service fees and other income	186		131		2,009		66		748		205		12		(448)		2,909
Segment revenues	1,235		504		2,009		1,551		753		409		543		(398)		6,606
Benefits and other deductions
Policyholders’ benefits	43		—		—		1,019		—		107		245		—		1,414
Remeasurement of liability for future policy benefits	—		—		—		4		—		—		(7)		—		(3)

Interest credited to policyholders’ account balances	289		102		—		255		—		24		294		—		964
Commissions and distribution related payments	123		84		298		70		471		86		9		(368)		773
Amortization of deferred policy acquisition costs	181		30		—		59		—		32		5		—		307
Compensation and benefits, interest expense and financing fees and other operating costs and expense	90		58		1,284		157		185		37		222		(30)		2,003
Segment benefits and other deductions	726		274		1,582		1,564		656		286		768		(398)		5,458
Operating earnings (loss), before income taxes	509		230		427		(13)		97		123		(225)		—		1,148
Income Taxes	(75)		(34)		(60)		2		(23)		(18)		39		—		(169)
Operating earnings (loss), before noncontrolling interest	434		196		367		(11)		74		105		(186)		—		979
Less: Operating (earnings) loss attributable to the noncontrolling interest	—		—		(169)		—		—		—		(5)		—		(174)
Operating earnings (loss)	$	434	$	196	$	198	$	(11)	$	74	$	105	$	(191)	$	—	$	805
Notes:
(1) Corporate and Other includes an out of period adjustment of $58 million related to income from hedging of TIPS for the six months ended June 30, 2024.


	Balances as of
(in billions USD, except for Equitable Headcount)	6/30/2023		9/30/2023		12/31/2023		3/31/2024		6/30/2024

Assets Under Management

AB AUM
Total AB	$	691.5	$	669.0	$	725.2	$	758.7	$	769.5
Exclusion for General Account and other Affiliated Accounts	(73.7)		(69.8)		(75.0)		(75.9)		(68.9)
Exclusion for Separate Accounts	(41.0)		(39.3)		(44.5)		(47.3)		(58.2)
AB third party	$	576.8	$	559.9	$	605.7	$	635.4	$	642.4

Total company AUM
AB third party	$	576.8	$	559.9	$	605.7	$	635.4	$	642.4
General Account and other Affiliated Accounts (1) (3) (4)	105.4		103.3		110.4		113.0		117.4
Separate Accounts (2) (3) (4)	123.9		117.6		127.3		133.7		132.7
Total AUM	$	806.1	$	780.8	$	843.4	$	882.1	$	892.5

Total Assets Under Administration (AUA) (5)	$	80.4	$	79.4	$	87.0	$	91.9	$	93.8

Equitable Advisor Headcount
Total Number of Equitable Advisors	4,101		4,141		4,406		4,320		4,358

Notes:

(1) “General Account and Other Affiliated Accounts” refers to assets held in the general accounts of our insurance companies and other assets on which we bear the investment risk.
(2) “Separate Accounts” refers to the separate account investment assets of our insurance subsidiaries excluding any assets on which we bear the investment risk.
(3) As of June 30, 2023, September 30, 2023, December 31, 2023, March 31, 2024 and June 30, 2024, Separate Account is inclusive of $12.6 billion, $11.7 billion, $12.5 billion, $12.9 billion and $12.5 billion & General Account AUM is inclusive of $52 million, $51 million, $49 million, $47 million and $46 million, respectively, Account Value ceded to Venerable.
(4) As of June 30, 2023, September 30, 2023, December 31, 2023, March 31, 2024, and June 2024 Separate Account is inclusive of $6.3 billion, $5.9 billion, $6.4 billion, $6.9 billion and $6.8 billion & General Account AUM is inclusive of $3.8 billion, $3.7 billion, $3.6 billion, $3.5 billion and $3.4 billion, respectively, Account Value ceded to Global Atlantic.
(5) Includes Advisory and Brokerage AUA included in our Wealth Management segment.


	For the Three Months Ended												Six Months Ended
(in millions USD, unless otherwise indicated)	6/30/2023		9/30/2023		12/31/2023		3/31/2024		6/30/2024		Change		6/30/2023		6/30/2024		Change

Insurance Operations

Individual Retirement
First year premiums and deposits	$	3,650	$	3,804	$	3,848	$	4,314	$	4,488	22.9	%	$	6,493	$	8,802	35.6	%
Renewal premium and deposits	10		8		7		13		8		(20.0)	%	18		21		18.6	%
Total Gross Premiums	$	3,660	$	3,812	$	3,855	$	4,327	$	4,496	22.8	%	$	6,511	$	8,823	35.5	%

Group Retirement
First year premiums and deposits	$	370	$	343	$	545	$	428	$	950	156.6	%	$	693	$	1,378	98.9	%
Renewal premium and deposits	595		464		592		590		620		4.2	%	1,169		1,210		3.5	%
Total Gross Premiums	$	965	$	807	$	1,137	$	1,018	$	1,570	62.7	%	$	1,862	$	2,588	39.0	%

Protection Solutions
First year premiums and deposits	$	107	$	103	$	154	$	113	$	121	13.1	%	$	210	$	234	11.3	%
Renewal premium and deposits	662		653		667		665		663		0.2	%	1,345		1,328		(1.3)	%
Total Gross Premiums	$	769	$	756	$	821	$	778	$	784	2.0	%	$	1,556	$	1,562	0.4	%

Asset Management (in billions USD)
Gross Sales by distribution channel
Institutional	$	1.5	$	4.3	$	3.0	$	3.3	$	3.3	120.0	%	$	4.5	$	6.6	46.7	%
Retail	16.5		16.9		21.0		23.8		23.2		40.6	%	33.3		47.0		41.1	%
Private Wealth	4.4		4.0		4.3		5.5		5.4		22.7	%	10.2		10.9		6.9	%
Firmwide Gross Sales	$	22.4	$	25.2	$	28.3	$	32.6	$	31.9	42.4	%	$	48.0	$	64.5	34.4	%

Gross sales by investment service
Equity Active	$	9.3	$	10.3	$	9.2	$	11.7	$	12.5	34.4	%	$	17.8	$	24.2	36.0	%
Equity Passive (1)	0.4		0.4		0.2		0.7		0.3		(25.0)	%	0.6		1.0		66.7	%
Fixed Income - Taxable	7.6		7.6		10.2		12.1		10.3		35.5	%	18.7		22.4		19.8	%
Fixed Income - Tax-Exempt	3.4		3.8		5.5		5.3		4.9		44.1	%	7.3		10.2		39.7	%
Fixed Income Passive (1)	—		0.4		1.3		—		—		—	%	—		—		—	%
Alternatives/Multi-Asset Solutions (2)	1.7		2.7		1.9		2.8		3.9		129.4	%	3.6		6.7		86.1	%
Firmwide Gross Sales	$	22.4	$	25.2	$	28.3	$	32.6	$	31.9	42.4	%	$	48.0	$	64.5	34.4	%

Wealth Management
Sales by Product Type
Advisory	$	2,315	$	2,369	$	2,518	$	2,866	$	3,304	42.7	%	$	4,631	$	6,171	33.2	%
Brokerage and Direct	1,172		1,272		1,308		1,357		1,481		26.4	%	2,271		2,839		25.0	%
Retirement, Premiums and Deposits	3,231		2,965		3,324		3,565		3,504		8.5	%	6,255		7,069		13.0	%
Total Sales	$	6,718	$	6,606	$	7,150	$	7,794	$	8,290	23.4	%	$	13,157	$	16,078	22.2	%
Notes:

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


	For the Three Months Ended or As of																	Six Months Ended or As of
(in millions USD, unless otherwise indicated)	6/30/2023			9/30/2023			12/31/2023			3/31/2024			6/30/2024			Change		6/30/2023			6/30/2024			Change

Revenues
Policy charges, fee income and premiums	$	165		$	169		$	163		$	174		$	176		6.7	%	$	328		$	350		6.7	%
Net investment income (loss)	391			438			474			510			548			40.2	%	731			1,058			44.7	%
Net derivative gains (losses)	(5)			(5)			(5)			(5)			(6)			(20.0)	%	(10)			(11)			(10.0)	%
Investment management, service fees and other income	96			91			83			87			92			(4.2)	%	186			179			(3.8)	%
Segment revenues	647			693			715			766			810			25.2	%	1,235			1,576			27.6	%

Benefits and other deductions
Policyholders’ benefits	19			20			19			17			19			—	%	43			36			(16.3)	%
Remeasurement of liability for future policy benefits	(1)			—			—			(2)			—			100.0	%	—			(2)			(100.0)	%
Interest credited to policyholders’ account balances	160			186			224			246			278			73.8	%	289			524			81.3	%
Commissions and distribution-related payments	63			69			69			77			80			27.0	%	123			157			27.6	%
Amortization of deferred policy acquisition costs	92			102			105			109			111			20.7	%	181			220			21.5	%
Compensation and benefits, interest expense and financing fees and other operating costs and expense	43			51			53			54			48			11.6	%	90			102			13.3	%
Segment benefits and other deductions	376			428			470			501			536			42.6	%	726			1,037			42.8	%

Operating earnings (loss), before income taxes	271			265			245			265			274			1.1	%	509			539			5.9	%
Income taxes	(37)			(55)			(39)			(37)			(40)			(8.1)	%	(75)			(77)			(2.7)	%
Operating earnings (loss), before noncontrolling interest	234			210			206			228			234			—	%	434			462			6.5	%
Less: Operating (earnings) loss attributable to the noncontrolling interest	—			—			—			—			—			—	%	—			—			—	%
Operating earnings (loss)	$	234		$	210		$	206		$	228		$	234		—	%	$	434		$	462		6.5	%

Summary Metrics

Operating earnings (loss) - TTM:	$	807		$	834		$	850		$	878		$	878		8.8	%	$	807		$	878		8.8	%

Average Account Value (TTM)	$	75,675		$	77,955		$	82,361		$	87,169		$	91,797		21.3	%	$	75,675		$	91,797		21.3	%

Return on assets (TTM)	1.27		%	1.28		%	1.24		%	1.20		%	1.14		%			1.27		%	1.14		%

Net flows	$	1,501		$	1,663		$	1,460		$	1,649		$	1,857		23.7	%	$	2,433		$	3,506		44.1	%

First year premiums and deposits	$	3,650		$	3,804		$	3,848		$	4,314		$	4,488		22.9	%	$	6,493		$	8,802		35.6	%

In-force Policy Count by Product (in thousands):	596			604			610			616			623					596			623


Individual Retirement - Select Operating Metrics
	For the Three Months Ended or As of										Six Months Ended or As of
(in millions USD, unless otherwise indicated)	6/30/2023		9/30/2023		12/31/2023		3/31/2024		6/30/2024		6/30/2023		6/30/2024

Sales Metrics
First Year Premiums and Deposits by Product:
SCS	$	2,626	$	2,847	$	2,931	$	3,023	$	2,983	$	4,623	$	6,006
SCS Income	258		214		218		393		482		501		875
Retirement Cornerstone	511		518		477		561		555		811		1,116
Investment Edge	216		190		185		310		430		469		740
Other	39		35		37		27		38		89		65
Total First Year Premiums and Deposits	$	3,650	$	3,804	$	3,848	$	4,314	$	4,488	$	6,493	$	8,802

Account Values
General Account:
Balance as of beginning of period	$	41,166	$	45,304	$	46,332	$	52,062	$	57,257	$	37,822	$	52,062
Gross premiums and deposits (1)	2,752		2,951		2,918		3,392		3,479		4,924		6,871
Surrenders, withdrawals and benefits	(955)		(972)		(1,101)		(1,205)		(1,172)		(1,825)		(2,377)
Net flows	1,797		1,979		1,817		2,187		2,307		3,099		4,494
Investment performance, interest credited and policy charges	2,341		(951)		3,913		3,008		1,564		4,380		4,572
Other	—		—		—		—		—		3		—
Balance as of end of period	$	45,304	$	46,332	$	52,062	$	57,257	$	61,128	$	45,304	$	61,128
Separate Accounts:
Balance as of beginning of period	$	37,634	$	38,589	$	36,820	$	39,619	$	41,062	$	36,455	$	39,619
Gross premiums and deposits (1)	923		881		949		946		1,026		1,622		1,972
Surrenders, withdrawals and benefits	(1,219)		(1,197)		(1,306)		(1,484)		(1,476)		(2,288)		(2,960)
Net flows	(296)		(316)		(357)		(538)		(450)		(666)		(988)
Investment performance, interest credited and policy charges	1,251		(1,453)		3,156		1,981		198		2,796		2,179
Other	—		—		—		—		—		4		—
Balance as of end of period	$	38,589	$	36,820	$	39,619	$	41,062	$	40,810	$	38,589	$	40,810
Total:
Balance as of beginning of period	$	78,800	$	83,893	$	83,152	$	91,681	$	98,319	$	74,277	$	91,681
Gross premiums and deposits (1)	3,675		3,832		3,867		4,338		4,505		6,546		8,843
Surrenders, withdrawals and benefits	(2,174)		(2,169)		(2,407)		(2,689)		(2,648)		(4,113)		(5,337)
Net flows	1,501		1,663		1,460		1,649		1,857		2,433		3,506
Investment performance, interest credited and policy charges	3,592		(2,404)		7,069		4,989		1,762		7,176		6,751
Other	—		—		—		—		—		7		—
Balance as of end of period	$	83,893	$	83,152	$	91,681	$	98,319	$	101,938	$	83,893	$	101,938

Net Amount at Risk (NAR)
Total GMIB NAR	$	12	$	10	$	14	$	17	$	21	$	12	$	21
Total GMWB NAR	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Total GMDB NAR	$	3,294	$	3,755	$	3,104	$	2,868	$	2,972	$	3,294	$	2,972
MRB Reserves (Net of Reinsurance)	$	168	$	354	$	618	$	320	$	399	$	168	$	399
Notes:
(1) Includes deposits from certain other products not reported as first year premiums and deposits or renewal premiums and deposits elsewhere in this document.


	For the Three Months Ended or As of																	Six Months Ended or As of
(in millions USD, unless otherwise indicated)	6/30/2023			9/30/2023			12/31/2023			3/31/2024			6/30/2024			Change		6/30/2023			6/30/2024			Change

Revenues
Policy charges, fee income and premiums	$	66		$	71		$	67		$	73		$	79		19.7	%	$	130		$	152		16.9	%
Net investment income (loss)	132			128			125			142			139			5.3	%	244			281			15.2	%
Net derivative gains (losses)	—			—			—			—			—			—	%	(1)			—			100.0	%
Investment management, service fees and other income	69			68			58			77			65			(5.8)	%	131			142			8.4	%
Segment revenues	267			267			250			292			283			6.0	%	504			575			14.1	%

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

Interest credited to policyholders’ account balances	52			55			58			52			56			7.7	%	102			108			5.9	%
Commissions and distribution-related payments	47			35			36			44			45			(4.3)	%	84			89			6.0	%
Amortization of deferred policy acquisition costs	15			14			15			15			8			(46.7)	%	30			23			(23.3)	%
Compensation and benefits, interest expense and financing fees and other operating costs and expense	29			31			24			35			29			—	%	58			64			10.3	%
Segment benefits and other deductions	143			135			133			146			138			(3.5)	%	274			284			3.6	%

Operating earnings (loss), before income taxes	124			132			117			146			145			16.9	%	230			291			26.5	%
Income taxes	(17)			(27)			(19)			(20)			(22)			(29.4)	%	(34)			(42)			(23.5)	%
Operating earnings (loss), before noncontrolling interest	107			105			98			126			123			15.0	%	196			249			27.0	%
Less: Operating (earnings) loss attributable to the noncontrolling interest	—			—			—			—			—			—	%	—			—			—	%
Operating earnings (loss)	$	107		$	105		$	98		$	126		$	123		15.0	%	$	196		$	249		27.0	%

Summary Metrics

Operating earnings (loss) - TTM:	$	387		$	393		$	399		$	436		$	452		16.8		$	387		$	452		16.8	%

Average Account Value (TTM)	$	36,287		$	34,823		$	34,175		$	35,472		$	36,612		0.9	%	$	36,287		$	36,612		0.9	%

Return on assets (TTM)	1.27		%	1.35		%	1.40		%	1.46		%	1.47		%			1.27		%	1.47		%

Net flows (1) (2)	$	(20)		$	(130)		$	(135)		$	(132)		$	408		N/M		$	9		$	276		N/M

Gross premiums and deposits (2)	$	965		$	807		$	1,137		$	1,018		$	1,570		62.7	%	$	1,862		$	2,588		39.0	%

Notes:

(1) Net of the Global Atlantic transaction.
(2) Balances for the three months ended June 30, 2023 and September 30, 2023 were revised from previously filed financial statement supplement.

Group Retirement - Select Operating Metrics


	For the Three Months Ended or As of										Six Months Ended or As of
(in millions USD, unless otherwise indicated)	6/30/2023		9/30/2023		12/31/2023		3/31/2024		6/30/2024		6/30/2023		6/30/2024

Sales Metrics
Gross premiums and deposits:
First-year premiums and deposits	$	370	$	343	$	545	$	428	$	950	$	693	$	1,378
Renewal premiums and deposits	595		464		592		590		620		1,169		1,210
Group Retirement premiums and deposits	$	965	$	807	$	1,137	$	1,018	$	1,570	$	1,862	$	2,588

Gross premiums and deposits by market:
Tax-exempt	$	274	$	260	$	368	$	317	$	298	$	485	$	615
Corporate	70		54		149		93		108		154		201
Institutional	23		26		24		15		542		48		557
Other	3		3		4		3		2		6		5
Total first year premiums and deposits	370		343		545		428		950		693		1,378
Tax-exempt	471		341		463		453		492		899		945
Corporate	89		94		90		99		93		194		192
Institutional	—		—		—		—		—		—		—
Other	35		29		39		38		35		76		73
Total renewal premiums and deposits	595		464		592		590		620		1,169		1,210
Group Retirement premiums and deposits by market	$	965	$	807	$	1,137	$	1,018	$	1,570	$	1,862	$	2,588

Account Values and Assets under Administration
General Account:
Balance as of beginning of period	$	9,121	$	9,088	$	9,002	$	8,963	$	8,883	$	9,175	$	8,963
Gross premiums and deposits	241		198		257		222		768		441		990
Surrenders, withdrawals and benefits	(351)		(326)		(404)		(360)		(332)		(682)		(692)
Net flows (1) )(3)	(110)		(128)		(147)		(138)		436		(241)		298
Investment performance, interest credited and policy charges (1) (3)	77		42		96		69		64		158		133

Other (2) (3)	—		—		12		(11)		—		(4)		(11)
Balance as of end of period (3)	$	9,088	$	9,002	$	8,963	$	8,883	$	9,383	$	9,088	$	9,383

Separate Accounts and Mutual Funds
Balance as of beginning of period	$	24,446	$	25,898	$	24,848	$	27,507	$	29,607	$	22,830	$	27,507
Gross premiums and deposits	724		609		880		796		802		1,421		1,598
Surrenders, withdrawals and benefits	(634)		(611)		(868)		(790)		(830)		(1,171)		(1,620)
Net flows (1) (3)	90		(2)		12		6		(28)		250		(22)
Investment performance, interest credited and policy charges (1) (3)	1,362		(1,048)		2,658		2,083		305		2,788		2,388

Other (2) (3)	—		—		(11)		11		—		30		11
Balance as of end of period (3)	$	25,898	$	24,848	$	27,507	$	29,607	$	29,884	$	25,898	$	29,884

Total:
Balance as of beginning of period	$	33,567	$	34,986	$	33,850	$	36,470	$	38,490	$	32,005	$	36,470
Gross premiums and deposits	965		807		1,137		1,018		1,570		1,862		2,588
Surrenders, withdrawals and benefits	(985)		(937)		(1,272)		(1,150)		(1,162)		(1,853)		(2,312)
Net flows (1)	(20)		(130)		(135)		(132)		408		9		276
Investment performance, interest credited and policy charges (1)	1,439		(1,006)		2,754		2,152		369		2,946		2,521

Other (2)	—		—		1		—		—		26		—
Balance as of end of period	$	34,986	$	33,850	$	36,470	$	38,490	$	39,267	$	34,986	$	39,267
Notes:
(1) Net of the Global Atlantic transaction.

(2) For the six months ended June 30, 2023, amounts reflect a total special payment applied to the accounts of active clients as part of a previously disclosed settlement agreement between Equitable Financial and the SEC.
(3) Balances for the three months ended June 30, 2023 and September 30, 2023 were revised from previously filed financial statement supplement.


	For the Three Months Ended or As of																			Six Months Ended or As of
(in millions USD, unless otherwise indicated)	6/30/2023			9/30/2023			12/31/2023			3/31/2024					6/30/2024			Change		6/30/2023			6/30/2024			Change

Revenues
Net investment income (loss)	$	2		$	(9)		$	16		$	8				$	7		250.0	%	$	11		$	15		36.4	%
Net derivative gains (losses)	(1)			9			(14)			(5)					(1)			—	%	(11)			(6)			45.5	%
Investment management, service fees and other income	999			1,034			1,072			1,090					1,045			4.6	%	2,009			2,135			6.3	%
Segment revenues	1,000			1,034			1,074			1,093					1,051			5.1	%	2,009			2,144			6.7	%

Benefits and other deductions
Commissions and distribution-related payments	150			156			156			173					180			20.0	%	298			353			18.5	%
Compensation and benefits, interest expense and financing fees and other operating costs and expense	647			658			679			672					633			(1.9)	%	1,284			1,305			1.6	%
Total benefits and other deductions	797			814			835			845					813			2.0	%	1,582			1,658			4.8	%

Operating earnings (loss), before income taxes	203			220			239			248					238			17.2	%	427			486			13.8	%
Income taxes	(24)			(36)			(30)			(44)					(42)			(75.0)	%	(60)			(86)			(43.3)	%
Operating earnings (loss), before noncontrolling interest	179			184			209			204					196			9.5	%	367			400			9.0	%
Less: Operating (earnings) loss attributable to the noncontrolling interest	(80)			(85)			(95)			(98)					(95)			(18.8)	%	(169)			(193)			(14.2)	%
Operating earnings (loss)	$	99		$	99		$	114		$	106				$	101		2.0	%	$	198		$	207		4.5	%

Summary Metrics

Adjusted operating margin (1)	27.0		%	28.0		%	29.2		%	30.3		%			30.8		%			27.8		%	30.5		%

Net flows (in billions USD)	$	(4.0)		$	(1.9)		$	(1.8)		$	0.5				0.9					$	(3.2)		$	1.4

Total AUM (in billions USD)	$	691.5		$	669.0		$	725.2		$	758.7				$	769.5				$	691.5		$	769.5

Ownership Structure of AB

Holdings and its subsidiaries	59.9		%	60.3		%	59.8		%	59.6		%			59.7		%			59.9		%	59.7		%
AB Holding	39.3		%	39.0		%	39.5		%	39.7		%			39.6		%			39.3		%	39.6		%
Unaffiliated holders	0.8		%	0.7		%	0.7		%	0.7		%			0.7		%			0.8		%	0.7		%
Total	100.0		%	100.0		%	100.0		%	100.0		%			100.0		%			100.0		%	100.0		%

EQH economic interest	61.4		%	61.7		%	61.2		%	61.0		%			61.2		%			61.4		%	61.2		%
EQH average economic interest	61.4		%	61.5		%	61.6		%	61.1		%	61.1	%	61.1		%			61.4		%	61.1		%

Units of limited partnership outstanding (in millions)	285.7			284.0			286.6			287.3					286.8					285.7			286.8
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.


	For the Three Months Ended or As of
(in billions USD, unless otherwise indicated)	6/30/2023		9/30/2023		12/31/2023		3/31/2024		6/30/2024

AUM Roll-forward
Balance as of beginning of period	$	675.9	$	691.5	$	669.0	$	725.2	$	758.7
Sales/new accounts	22.4		25.2		28.3		32.6		31.9
Redemptions/terminations	(23.1)		(20.3)		(24.1)		(25.2)		(25.7)
Cash flow/unreinvested dividends	(3.3)		(6.8)		(6.0)		(6.9)		(5.3)
Net long-term (outflows) inflows	(4.0)		(1.9)		(1.8)		0.5		0.9

Acquisition	—		—		—		—		—
Market appreciation (depreciation)	19.6		(20.6)		58.0		33.0		9.9
Net change	15.6		(22.5)		56.2		33.5		10.8
Balance as of end of period	$	691.5	$	669.0	$	725.2	$	758.7	$	769.5

Ending Assets by distribution channel
Institutions	$	309.2	$	296.9	$	317.1	$	322.5	$	322.7
Retail	266.6		259.2		286.8		308.0		316.4
Private Wealth	115.7		112.9		121.3		128.2		130.4
Total	$	691.5	$	669.0	$	725.2	$	758.7	$	769.5

Ending Assets by investment service
Equity
Actively Managed	$	235.9	$	226.8	$	247.5	$	264.1	$	264.4
Passively Managed (1)	60.5		56.0		62.1		64.7		65.8
Total Equity	$	296.4	$	282.8	$	309.6	$	328.8	$	330.2
Fixed Income
Actively Managed	$	258.4	$	250.6	$	269.7	$	276.1	$	282.2
Passively Managed (1)	9.4		9.4		11.4		11.2		11.0
Total Fixed Income	267.8		260.0		281.1		287.3		293.2
Total Alternatives/Multi-Asset Solutions (2)	127.3		126.2		134.5		142.6		146.1
Total	$	691.5	$	669.0	$	725.2	$	758.7	$	769.5

Notes:

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


Asset Management - Net Flows
	For the Three Months Ended										Six Months Ended or As of
(in billions USD, unless otherwise indicated)	6/30/2023		9/30/2023		12/31/2023		3/31/2024		6/30/2024		6/30/2023		6/30/2024
Net Flows by Distribution Channel
Institutions
US	$	4.0	$	(1.6)	$	(1.0)	$	(1.5)	$	1.9	$	4.0	$	0.4
Global and Non-US	(7.2)		(1.9)		(1.5)		(2.7)		(3.7)		(9.9)		(6.4)
Total Institutions	$	(3.2)	$	(3.5)	$	(2.5)	$	(4.2)	$	(1.8)	$	(5.9)	$	(6.0)
Retail
US	$	(1.0)	$	2.5	$	1.4	$	1.9	$	2.7	$	(1.0)	$	4.6
Global and Non-US	0.3		(0.9)		(0.1)		2.3		0.1		1.9		2.4
Total Retail	$	(0.7)	$	1.6	$	1.3	$	4.2	$	2.8	$	0.9	$	7.0
Private Wealth
US	$	0.3	$	0.1	$	(0.1)	$	0.7	$	0.2	$	2.3	$	0.9
Global and Non-US	(0.4)		(0.1)		(0.5)		(0.2)		(0.3)		(0.5)		(0.5)
Total Private Wealth	$	(0.1)	$	—	$	(0.6)	$	0.5	$	(0.1)	$	1.8	$	0.4
Total Net Flows by Distribution Channel	$	(4.0)	$	(1.9)	$	(1.8)	$	0.5	$	0.9	$	(3.2)	$	1.4
Net Flows by Investment Service
Equity Active
US	$	(3.0)	$	1.4	$	(3.3)	$	(1.5)	$	(1.5)	$	(4.4)	$	(3.0)
Global and Non-US	(3.8)		(1.6)		(1.7)		(4.7)		(4.6)		(5.8)		(9.3)
Total Equity Active	$	(6.8)	$	(0.2)	$	(5.0)	$	(6.2)	$	(6.1)	$	(10.2)	$	(12.3)
Equity Passive (1)
US	$	—	$	(2.6)	$	(0.3)	$	(3.2)	$	(0.6)	$	(0.6)	$	(3.8)
Global and Non-US	(0.3)		0.2		(0.2)		(0.1)		(0.1)		(0.5)		(0.2)
Total Equity Passive (1)	$	(0.3)	$	(2.4)	$	(0.5)	$	(3.3)	$	(0.7)	$	(1.1)	$	(4.0)
Fixed Income - Taxable
US	$	5.4	$	0.2	$	0.7	$	1.3	$	4.6	$	7.9	$	5.9
Global and Non-US	(0.5)		(2.6)		(0.1)		3.3		(0.2)		0.5		3.1
Total Fixed Income - Taxable	$	4.9	$	(2.4)	$	0.6	$	4.6	$	4.4	$	8.4	$	9.0
Fixed Income - Tax-Exempt
US	$	0.9	$	1.3	$	1.9	$	2.9	$	1.9	$	2.5	$	4.8
Global and Non-US	—		—		—		—		—		—		—
Total Fixed Income - Tax-Exempt	$	0.9	$	1.3	$	1.9	$	2.9	$	1.9	$	2.5	$	4.8
Fixed Income - Passive (1)
US	$	(0.1)	$	0.5	$	1.2	$	—	$	(0.1)	$	(0.2)	$	(0.1)
Global and Non-US	0.2		(0.1)		—		(0.1)		0.1		0.1		—
Total Fixed Income - Passive (1)	$	0.1	$	0.4	$	1.2	$	(0.1)	$	—	$	(0.1)	$	(0.1)
Alternatives/Multi-Asset Solutions (2)
US	$	0.1	$	0.2	$	0.1	$	1.6	$	0.5	$	0.1	$	2.1
Global and Non-US	(2.9)		1.2		(0.1)		1.0		0.9		(2.8)		1.9
Total Alternatives/Multi-Asset Solutions (2)	$	(2.8)	$	1.4	$	—	$	2.6	$	1.4	$	(2.7)	$	4.0
Total Net Flows by Investment Service	$	(4.0)	$	(1.9)	$	(1.8)	$	0.5	$	0.9	$	(3.2)	$	1.4
Active vs. Passive Net Flows
Actively Managed
Equity	$	(6.8)	$	(0.2)	$	(5.0)	$	(6.2)	$	(6.1)	$	(10.2)	$	(12.3)
Fixed Income	5.8		(1.1)		2.5		7.5		6.3		10.9		13.9
Alternatives/Multi-Asset Solutions (2)	(3.0)		1.2		(0.3)		2.4		1.1		(2.9)		3.4
Total	$	(4.0)	$	(0.1)	$	(2.8)	$	3.7	$	1.3	$	(2.2)	$	5.0
Passively Managed (1)
Equity	$	(0.3)	$	(2.4)	$	(0.5)	$	(3.3)	$	(0.7)	$	(1.1)	$	(4.1)
Fixed Income	0.1		0.4		1.2		(0.1)		—		(0.1)		(0.1)
Alternatives/Multi-Asset Solutions (2)	0.2		0.2		0.3		0.2		0.3		0.2		0.6
Total	$	—	$	(1.8)	$	1.0	$	(3.2)	$	(0.4)	$	(1.0)	$	(3.6)
Total Active vs Passive Net Flows	$	(4.0)	$	(1.9)	$	(1.8)	$	0.5	$	0.9	$	(3.2)	$	1.4
Notes:

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


	For the Three Months Ended or As of																	Six Months Ended or As of
(in millions USD, unless otherwise indicated)	6/30/2023			9/30/2023			12/31/2023			3/31/2024			6/30/2024			Change		6/30/2023			6/30/2024			Change

Revenues
Policy charges, fee income and premiums	$	524		$	516		$	544		$	528		$	532		1.5	%	$	1,044		$	1,060		1.5	%
Net investment income (loss)	242			260			233			257			260			7.4	%	459			517			12.6	%
Net derivative gains (losses)	(16)			7			(5)			—			(1)			93.8	%	(18)			(1)			94.4	%
Investment management, service fees and other income	34			39			35			40			43			26.5	%	66			83			25.8	%
Segment revenues	784			822			807			825			834			6.4	%	1,551			1,659			7.0	%

Benefits and other deductions
Policyholders’ benefits	484			512			444			487			473			(2.3)	%	1,019			960			(5.8)	%
Remeasurement of liability for future policy benefits	(2)			(16)			30			(4)			(12)			(500.0)	%	4			(16)			(500.0)	%

Interest credited to policyholders’ account balances	130			137			128			133			135			3.8	%	255			268			5.1	%
Commissions and distribution-related payments	36			37			51			40			43			19.4	%	70			83			18.6	%
Amortization of deferred policy acquisition costs	30			30			31			30			32			6.7	%	59			62			5.1	%
Compensation and benefits, interest expense and financing fees and other operating costs and expense	77			81			90			91			86			11.7	%	157			177			12.7	%
Segment benefits and other deductions	755			781			774			777			757			0.3	%	1,564			1,534			(1.9)	%

Operating earnings (loss), before income taxes	29			41			33			48			77			165.5	%	(13)			125			N/M
Income taxes	(5)			(7)			(5)			(7)			(11)			(120.0)	%	2			(18)			N/M
Operating earnings (loss), before noncontrolling interest	24			34			28			41			66			175.0	%	(11)			107			N/M
Less: Operating (earnings) loss attributable to the noncontrolling interest	—			—			—			—			1			100.0	%	—			1			100.0	%
Operating earnings (loss)	$	24		$	34		$	28		$	41		$	67		179.2	%	$	(11)		$	108		N/M

Summary Metrics

Operating earnings (loss) - TTM:	$	(21)		$	(18)		$	51		$	127		$	170		909.5	%	$	(21)		$	170		909.5	%

Benefit ratio	78.3		%	79.0		%	70.9		%	75.2		%	72.9		%			82.1		%	74.0		%

Gross written premiums	$	770		$	756		$	821		$	778		$	784		1.9	%	$	1,556		$	1,562		0.4	%

Annualized premiums	$	78		$	79		$	102		$	80		$	91		16.4	%	$	154		$	171		10.8	%

Total in-force face amount (in billions USD) (1)	$	414.7		$	413.2		$	412.3		$	413.2		$	411.7		(0.7)	%	$	414.7		$	411.7		(0.7)	%

Notes:

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


	For the Three Months Ended or As of										Six Months Ended or As of
(in millions USD, unless otherwise indicated)	6/30/2023		9/30/2023		12/31/2023		3/31/2024		6/30/2024		6/30/2023		6/30/2024

Sales Metrics
First Year Premiums and Deposits by Product Line:
Universal Life	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Indexed Universal Life	3		4		2		2		3		5		5
Variable Universal Life	76		72		119		80		87		148		167
Term	3		3		3		3		2		6		5
Employee Benefits	25		24		29		28		29		51		57
Other (1)	—		—		1		—		—		—		—
Total	$	107	$	103	$	154	$	113	$	121	$	210	$	234

Renewals by Product Line:
Universal Life	$	179	$	187	$	175	$	169	$	166	$	367	$	335
Indexed Universal Life	73		71		68		74		69		149		143
Variable Universal Life	251		236		257		251		259		509		510
Term	89		88		92		92		86		183		178
Employee Benefits	66		68		71		75		80		129		155
Other (1)	4		3		4		4		3		8		7
Total	662		653		667		665		663		1,345		1,328
Total Gross Premiums	$	769	$	756	$	821	$	778	$	784	$	1,556	$	1,562

In-force Metrics
In-force Face Amount by Product (2) (in billions USD):
Universal Life (3)	$	42.0	$	41.5	$	40.9	$	40.6	$	39.6	$	42.0	$	39.6
Indexed Universal Life	27.2		27.1		26.9		26.6		26.5		27.2		26.5
Variable Universal Life (4)	134.8		135.4		136.9		138.1		139.0		134.8		139.0
Term	209.6		208.1		206.5		206.8		205.5		209.6		205.5
Whole Life	1.1		1.1		1.1		1.1		1.1		1.1		1.1
Total	$	414.7	$	413.2	$	412.3	$	413.2	$	411.7	$	414.7	$	411.7

In-force Policy Count by Product (2) (in thousands):
Universal Life (3)	125		123		122		120		118		125		118
Indexed Universal Life	63		63		63		63		62		63		62
Variable Universal Life (4)	292		292		291		290		290		292		290
Term	251		248		245		246		243		251		243
Whole Life	15		15		15		15		15		15		15
Total	746		741		736		734		728		746		728

Protection Solutions Reserves
General Account	$	18,071	$	17,949	$	18,184	$	18,167	$	18,150	$	18,071	$	18,150
Separate Accounts	15,401		14,782		16,337		17,560		17,761		15,401		17,761
Total	$	33,472	$	32,731	$	34,521	$	35,727	$	35,911	$	33,472	$	35,911

Notes:

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


	For the Three Months Ended or As of																	Six Months Ended or As of
(in millions USD, unless otherwise indicated)	6/30/2023			9/30/2023			12/31/2023			3/31/2024			6/30/2024			Change		6/30/2023			6/30/2024			Change

Revenues

Net investment income (loss)	$	3		$	4		$	4		$	4		$	4		33.3	%	$	5		$	8		60.0	%
Net derivative gains (losses)	—			—			—			—			—			—	%	—			—			—	%
Investment management, service fees and other income	388			386			404			419			438			12.9	%	748			857			14.6	%
Segment revenues	391			390			408			423			442			13.0	%	753			865			14.9	%

Benefits and other deductions




Commissions and distribution-related payments	243			244			253			260			282			16.0	%	471			542			15.1	%

Compensation and benefits, interest expense and financing fees and other operating costs and expense	94			93			95			105			99			5.3	%	185			204			10.3	%
Segment benefits and other deductions	337			337			348			365			381			13.1	%	656			746			13.7	%

Operating earnings (loss), before income taxes	54			53			60			58			61			13.0	%	97			119			22.7	%
Income taxes	(12)			(13)			(15)			(15)			(17)			(41.7)	%	(23)			(32)			(39.1)	%
Operating earnings (loss), before noncontrolling interest	42			40			45			43			44			4.8	%	74			87			17.6	%
Less: Operating (earnings) loss attributable to the noncontrolling interest	—			—			—			—			—			—	%	—			—			—	%
Operating earnings (loss)	$	42		$	40		$	45		$	43		$	44		4.8	%	$	74		$	87		17.6	%

Revenue by Activity Type

Investment management, service fees and other income:
Investment management and advisory fees	$	134		$	141		$	140		$	150		161			20.2	%	$	261		311			19.2	%
Distribution fees	239			229			246			253			260			9.2	%	456			513			12.4	%
Interest income	13			13			13			13			12			(5.1)	%	24			25			4.7	%
Service and other income	3			3			5			3			5			77.6	%	7			8			16.2	%
Total Investment management, service fees and other income	$	388		$	386		$	404		$	419		438			12.7	%	748			857			14.6	%
Summary Metrics
Pre-tax operating margin	13.8		%	13.6		%	14.7		%	13.7		%	13.8		%			12.9		%	13.8		%

Advisory net flows	$	697		$	909		$	544		$	(175)		$	1,539		69.4	%	$	1,525		$	1,364		(0.3)	%

Total AUA	$	80,421		$	79,359		$	87,047		$	91,936		$	93,816		16.7	%	$	80,421		$	93,816		16.7	%


	For the Three Months Ended or As of																	Six Months Ended or As of
(in millions USD, unless otherwise indicated)	6/30/2023			9/30/2023			12/31/2023			3/31/2024			6/30/2024			Change		6/30/2023			6/30/2024			Change

Revenues
Policy charges, fee income and premiums	$	44		$	40		$	37		$	47		$	41		(6.8)	%	$	78		$	88		12.8	%
Net investment income (loss)	60			59			53			62			59			(1.7)	%	126			121			(4.0)	%
Net derivative gains (losses)	—			—			—			—			—			—	%	—			—			—	%
Investment management, service fees and other income	99			99			104			101			100			1.0	%	205			201			(2.0)	%
Segment revenues	203			198			194			210			200			(1.5)	%	409			410			0.2	%

Benefits and other deductions
Policyholders’ benefits	61			53			57			59			60			(1.6)	%	107			119			11.2	%
Remeasurement of liability for future policy benefits	—			1			(3)			(2)			2			100.0	%	—			—			—	%

Interest credited to policyholders’ account balances	12			12			9			11			11			(8.3)	%	24			22			(8.3)	%
Commissions and distribution-related payments	43			45			41			40			41			(4.7)	%	86			81			(5.8)	%
Amortization of deferred policy acquisition costs	16			16			15			16			15			(6.3)	%	32			31			(3.1)	%
Compensation and benefits, interest expense and financing fees and other operating costs and expense	19			20			26			27			23			21.1	%	37			50			35.1	%
Segment benefits and other deductions	151			147			145			151			152			0.7	%	286			303			5.9	%

Operating earnings (loss), before income taxes	52			51			49			59			48			(7.7)	%	123			107			(13.0)	%
Income taxes	(7)			(10)			(9)			(8)			(7)			—	%	(18)			(15)			16.7	%
Operating earnings (loss), before noncontrolling interest	45			41			40			51			41			(8.9)	%	105			92			(12.4)	%
Less: Operating (earnings) loss attributable to the noncontrolling interest	—			—			—			—			—			—	%	—			—			—	%
Operating earnings (loss)	$	45		$	41		$	40		$	51		$	41		(8.9)	%	$	105		$	92		(12.4)	%

Summary Metrics

Operating earnings (loss) - TTM:	$	220		$	211		$	186		$	177		$	173		100.0	%	$	220		$	173		100.0	%

Average Account Value (TTM)	$	21,851		$	21,530		$	21,790		$	22,061		$	22,103		100.0	%	$	21,851		$	22,103		100.0	%

Return on assets (TTM)	1.20		%	1.17		%	1.02		%	0.96		%	0.94		%			1.20		%	0.94		%




Net flows (1)	$	(569)		$	(554)		$	(643)		$	(659)		$	(672)		(18.1)	%	$	(1,092)		$	(1,331)		(21.9)	%

In-force Policy Count by Product (in thousands) (2):	287			281			277			269			263					287			263

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.


Legacy - Select Operating Metrics
	For the Three Months Ended or As of										Six Months Ended or As of
(in millions USD, unless otherwise indicated)	6/30/2023		9/30/2023		12/31/2023		3/31/2024		6/30/2024		6/30/2023		6/30/2024


















Account Values
General Account:
Balance as of beginning of period	$	905	$	887	$	876	$	849	$	830	$	925	$	849
Net flows (1)	(24)		(18)		(31)		(24)		(26)		(50)		(50)
Investment performance, interest credited and policy charges (1)	6		7		4		5		6		12		11

Balance as of end of period	$	887	$	876	$	849	$	830	$	810	$	887	$	810
Separate Accounts:
Balance as of beginning of period	$	21,115	$	21,485	$	20,033	$	21,316	$	22,010	$	20,557	$	21,316
Net flows (1)	(545)		(536)		(612)		(635)		(646)		(1,042)		(1,281)
Investment performance, interest credited and policy charges (1)	915		(916)		1,895		1,329		53		1,970		1,382

Balance as of end of period	$	21,485	$	20,033	$	21,316	$	22,010	$	21,417	$	21,485	$	21,417
Total:
Balance as of beginning of period	$	22,020	$	22,372	$	20,909	$	22,165	$	22,840	$	21,482	$	22,165
Net flows (1)	(569)		(554)		(643)		(659)		(672)		(1,092)		(1,331)
Investment performance, interest credited and policy charges (1)	921		(909)		1,899		1,334		59		1,982		1,393

Balance as of end of period	$	22,372	$	20,909	$	22,165	$	22,840	$	22,227	$	22,372	$	22,227
Net Amount at Risk (NAR)
Total GMIB NAR	$	2,992	$	2,767	$	2,822	$	2,502	$	2,462	$	2,992	$	2,462
Total GMDB NAR	$	10,082	$	10,690	$	9,465	$	8,982	$	8,984	$	10,082	$	8,984
MRB Reserves (Net of Reinsurance)	$	2,797	$	3,243	$	3,998	$	3,368	$	3,429	$	2,797	$	3,429


Notes:
(1) Net of the Venerable transaction.


	Balances as of
(in millions USD, unless otherwise indicated)	December 31, 2023				June 30, 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	%	$	71,579	61.0	%
Fixed maturities, at fair value using the fair value option	1,654		1.5	%	1,703		1.5	%
Mortgage loans on real estate	18,171		16.5	%	18,802		16.0	%
Policy loans	4,158		3.8	%	4,247		3.6	%
Other equity investments	3,384		3.1	%	3,743		3.2	%
Other invested assets	6,719		6.1	%	5,635		4.8	%
Subtotal investment assets	101,116		91.6	%	105,709		90.0	%
Trading securities	1,057		1.0	%	2,017		1.7	%
Total investments	102,173		92.5	%	107,726		91.8	%
Cash and cash equivalents	8,239		7.5	%	9,684		8.2	%
Total	$	110,412	100.0	%	$	117,410	100.0	%

General Account AFS Fixed maturities by industry (Based on amortized cost)
Corporate securities:
Finance	$	13,181	17.9	%	$	15,718	19.9	%
Manufacturing	11,333		15.4	%	11,467		14.5	%
Utilities	6,838		9.3	%	7,545		9.5	%
Services	8,242		11.2	%	8,718		11.0	%
Energy	3,758		5.1	%	2,790		3.5	%
Retail and wholesale	3,253		4.4	%	2,540		3.2	%
State and Political	—		—	%	99		0.1	%
Transportation	2,493		3.4	%	1,557		2.0	%
Other	190		0.3	%	1,388		1.8	%
Total corporate securities	49,288		67.0	%	51,822		65.5	%
U.S. government and agency	5,735		7.8	%	5,773		7.3	%
Residential mortgage-backed (2)	2,470		3.4	%	3,519		4.4	%
Preferred stock	56		0.1	%	56		0.1	%
State & municipal	614		0.8	%	519		0.7	%
Foreign governments	719		1.0	%	707		0.9	%
Commercial mortgage-backed	3,595		4.9	%	3,864		4.9	%
Asset-backed securities	11,049		15.0	%	12,864		16.3	%
Total	$	73,526	100.0	%	$	79,124	100.0	%

General Account AFS Fixed maturities credit quality (3) (Based on amortized cost)
Aaa, Aa, A (NAIC Designation 1)	$	47,694	64.9	%	$	52,384	66.2	%
Baa (NAIC Designation 2)	23,476		31.9	%	24,727		31.3	%
Investment grade	71,170		96.8	%	77,111		97.5	%
Below investment grade (NAIC Designation 3 and 4)	2,356		3.2	%	2,013		2.5	%
Total	$	73,526	100.0	%	$	79,124	100.0	%

Notes:

(1) Investment data has been classified based on standard industry categorizations for domestic public holdings and similar classifications by industry for all other holdings.
(2) Includes publicly traded agency pass-through securities and collateralized obligations.
(3) Credit quality based on NAIC rating.


	For the Six Months Ended or As of								Years Ended or As of
(in millions USD, unless otherwise indicated)	June 30, 2023				June 30, 2024				December 31, 2023
	Yield		Amount (2)		Yield		Amount (2)		Yield		Amount (2)
Fixed Maturities:
Income (loss)	4.03	%	$	1,464	4.39	%	$	1,656	4.17	%	$	3,103
Ending assets			73,413				79,124				73,526
Mortgages:
Income (loss)	4.42	%	375		5.10	%	473		4.65	%	806
Ending assets			17,364				18,802				18,171
Other Equity Investments (1):
Income (loss)	2.55	%	45		6.23	%	110		3.88	%	135
Ending assets			3,575				3,598				3,433
Trading Securities:
Income	—	%	—		0.73	%	2		—	%	—
Ending assets			—				495				—
Policy Loans:
Income	5.11	%	103		5.23	%	110		5.30	%	216
Ending assets			4,061				4,247				4,158
Cash and Short-term Investments: (3)
Income (loss)	(3.00)	%	(40)		(2.13)	%	(65)		(2.51)	%	(81)
Ending assets			4,773				5,817				4,718
Funding Agreements:
Interest expense and other			(194)				(155)				(425)
Ending (liabilities)			(8,875)				(7,165)				(7,616)
Total invested Assets:
Income (loss)	3.84	%	1,753		4.21	%	2,131		3.98	%	3,754
Ending assets			94,311				104,918				96,389
Short Duration Fixed Maturities:
Income (loss)	3.97	%	2		—	%	—		4.14	%	3
Ending assets			67				—				16
Total Net Investment Income:
Investment income	3.84	%	1,755		4.22	%	2,131		3.98	%	3,757
Less: investment fees (4)	(0.17)	%	(78)		(0.17)	%	(88)		(0.18)	%	(166)
Investment income, net	3.67	%	$	1,677	4.04	%	$	2,043	3.80	%	$	3,591
General Account Ending Net Assets			$	94,378			$	104,918			$	96,405
Operating Earnings adjustments:
Funding Agreements interest expense			194				155				425
AB and other non-General Account investment income			131				176				249
Operating Net investment income (loss)			$	2,002			$	2,374			$	4,265
Notes:

(1) Includes, as of June 30, 2023, June 30, 2024 and December 31, 2023, $466 million, $371 million and $361 million of other invested assets. Amounts for certain consolidated VIE investments are shown net of associated non-controlling interest.


	For the Three Months Ended or As of										Six Months Ended or As of
(in millions USD, unless otherwise indicated)	6/30/2023		9/30/2023		12/31/2023		3/31/2024		6/30/2024		6/30/2023		6/30/2024

TOTAL
Beginning balance	$	6,419	$	6,512	$	6,599	$	6,705	$	6,804	$	6,369	$	6,705
Capitalization of commissions, sales and issue expenses	248		252		274		270		291		450		561
Amortization	(155)		(165)		(168)		(171)		(171)		(307)		(342)
Ending balance	$	6,512	$	6,599	$	6,705	$	6,804	$	6,924	$	6,512	$	6,924

Individual Retirement
Beginning balance	$	3,264	$	3,347	$	3,426	$	3,508	$	3,601	$	3,219	$	3,508
Capitalization of commissions, sales and issue expenses	175		181		187		202		213		309		415
Amortization	(92)		(102)		(105)		(109)		(111)		(181)		(220)
Ending balance	$	3,347	$	3,426	$	3,508	$	3,601	$	3,703	$	3,347	$	3,703

Group Retirement
Beginning balance	$	804	$	808	$	814	$	825	$	828	$	800	$	825
Capitalization of commissions, sales and issue expenses	19		20		25		18		20		38		38
Amortization	(15)		(14)		(14)		(15)		(9)		(30)		(24)
Ending balance	$	808	$	814	$	825	$	828	$	839	$	808	$	839

Protection Solutions
Beginning balance	$	1,644	$	1,660	$	1,676	$	1,700	$	1,714	$	1,630	$	1,700
Capitalization of commissions, sales and issue expenses	46		46		55		44		49		89		93
Amortization	(30)		(30)		(31)		(30)		(32)		(59)		(62)
Ending balance	$	1,660	$	1,676	$	1,700	$	1,714	$	1,731	$	1,660	$	1,731

Legacy
Beginning balance	$	583	$	575	$	564	$	555	$	546	$	593	$	555
Capitalization of commissions, sales and issue expenses	8		5		7		6		8		14		14
Amortization	(16)		(16)		(16)		(15)		(16)		(32)		(31)
Ending balance	$	575	$	564	$	555	$	546	$	538	$	575	$	538

Corporate and Other
Beginning balance	$	124	$	122	$	119	$	117	$	115	$	127	$	117
Capitalization of commissions, sales and issue expenses	—		—		—		—		1		—		1
Amortization	(2)		(3)		(2)		(2)		(3)		(5)		(5)
Ending balance	$	122	$	119	$	117	$	115	$	113	$	122	$	113


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 and six months ended June 30, 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.


	For the Three Months Ended or As of										Six Months Ended or As of
(in millions USD, unless otherwise indicated)	6/30/2023		9/30/2023		12/31/2023		3/31/2024		6/30/2024		6/30/2023		6/30/2024

Net income (loss) attributable to Holdings
Net income (loss) attributable to Holdings	$	759	$	1,064	$	(698)	$	114	$	428	$	936	$	542
Adjustments related to:
Variable annuity product features	(65)		(1,380)		1,191		319		79		796		398
Investment gains (losses), net	56		411		159		39		16		143		55

Net actuarial gains (losses) related to pension and other postretirement benefit obligations	9		8		13		17		14		18		31
Other adjustments (1) (2)	62		91		153		91		(32)		107		59
Income tax (expense) benefit related to above adjustments	(13)		183		(319)		(98)		(16)		(223)		(114)
Non-recurring tax items (3)	(367)		36		(23)		8		5		(972)		13
Non-GAAP Operating Earnings	$	441	$	413	$	476	$	490	$	494	$	805	$	984

Net income (loss) attributable to Holdings	$	2.13	$	3.06	$	(2.07)	$	0.34	$	1.31	$	2.60	$	1.64
Less: Preferred stock dividends	0.07		0.04		0.08		0.04		0.08		0.11		0.12
Net income (loss) available to Holdings' common shareholders	2.06		3.02		(2.15)		0.30		1.23		2.49		1.52
Adjustments related to:
Variable annuity product features	(0.18)		(3.97)		3.53		0.96		0.24		2.21		1.20
Investment gains (losses), net	0.16		1.18		0.47		0.12		0.05		0.40		0.17

Net actuarial gains (losses) related to pension and other postretirement benefit obligations	0.03		0.02		0.04		0.05		0.04		0.05		0.09
Other adjustments (1) (2)	0.17		0.27		0.46		0.27		(0.10)		0.30		0.18
Income tax (expense) benefit related to above adjustments	(0.04)		0.53		(0.95)		(0.29)		(0.05)		(0.62)		(0.35)
Non-recurring tax items (3)	(1.03)		0.10		(0.07)		0.02		0.02		(2.70)		0.04
Non-GAAP Operating Earnings (loss) available to Holdings' common shareholders	$	1.17	$	1.15	$	1.33	$	1.43	$	1.43	$	2.13	$	2.85

Book Value per common share
Book Value per common share	$	5.69	$	0.23	$	3.26	$	1.43	$	0.25	$	5.69	$	0.25
Less: Per share impact of AOCI	(20.39)		(28.66)		(23.30)		(24.93)		(26.88)		(20.39)		(26.88)
Book value per common share (ex. AOCI)	$	26.08	$	28.90	$	26.56	$	26.36	$	27.14	$	26.08	$	27.14



Notes:
(1) Includes certain gross legal expenses related to the cost of insurance litigation of $0 million and $106 million for the three and six months ended June 30, 2024, respectively and $35 million and $35 million for the three and six months ended June 30, 2023. The legal accruals impact per common share is $0.00 and $0.32 for the three and six months ended June 30, 2024, respectively and $0.10 and $0.10 for the three and six months ended June 30, 2023.
(2) For the three and six months ended June 30, 2024, includes $82 million of the gain on sale on AB's Bernstein Research Service attributable to Holdings. The impact per common share is $0.25 for the three and six months ended June 30, 2024, .
(3) For the three and six months ended June 30, 2024, non-recurring tax items reflects the effect of uncertain tax positions for a given audit period and for the three and six months ended June 30, 2023 primarily includes a decrease of the deferred tax valuation allowance of $376 million and $990 million. The impact per common share is $1.06 and $2.75 for the three and six months ended June 30, 2023.


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.

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.


Use of Non-GAAP Financial Measures

Non-GAAP Operating ROE
We calculate Non-GAAP Operating ROE by dividing Non-GAAP Operating Earnings for the previous twelve calendar months by consolidated average equity attributable to Holdings’ common shareholders, excluding AOCI. AOCI fluctuates period-to-period in a manner inconsistent with our underlying profitability drivers as the majority of such fluctuation is related to the market volatility of the unrealized gains and losses associated with our AFS securities. Therefore, we believe excluding AOCI is more effective for analyzing the trends of our operations.
Book Value per common share, excluding AOCI
We use the term “book value” to refer to “Total equity attributable to Holdings' common shareholders.” Book Value per common share, excluding AOCI, is our stockholder’s equity, excluding AOCI, divided by ending common shares outstanding.
Non-GAAP Operating Earnings per common share
Non-GAAP Operating Earnings per common share is calculated by dividing Non-GAAP Operating Earnings less preferred stock dividends by diluted common shares outstanding.


	Balances as of
(in millions USD, unless otherwise indicated)	9/30/2022		12/31/2022		3/31/2023		6/30/2023		9/30/2023		12/31/2023		3/31/2024		6/30/2024

Equity Reconciliation - Twelve Month Rolling Average
Total equity attributable to Holdings' shareholders	$	6,848	$	4,610	$	3,567	$	3,030	$	2,588	$	2,900	$	2,469	$	1,992
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	5,286		3,048		2,005		1,468		1,026		1,338		907		430
Less: Accumulated other comprehensive income (loss)	(2,759)		(5,333)		(6,636)		(7,380)		(8,113)		(7,809)		(8,222)		(8,598)
Total equity attributable to Holdings' common shareholders (ex. AOCI)	$	8,045	$	8,381	$	8,641	$	8,848	$	9,139	$	9,147	$	9,129	$	9,027


Return of Premium (“ROP”) death benefit - This death benefit pays the greater of the account value at the time of a claim following the owner’s death or the total contributions to the contract (subject to adjustment for withdrawals). The charge for this benefit is usually included in the M&E fee that is deducted daily from the net assets in each variable investment option. We also refer to this death benefit as the Return of Principal death benefit.
Return on Assets - Calculated as trailing twelve months operating earnings (loss), before income taxes, divided by trailing twelve months average account value.
Return on Equity (ex. AOCI) - Calculated as trailing twelve months net income (loss) attributable to Holdings' common shareholders divided by average equity attributable to Holdings' common shareholders, excluding Accumulated Other Comprehensive Income (“AOCI”).
Revenue per advisor - Calculated as trailing twelve months revenue divided by the average number of advisors for each of the most recent four quarters.
Trailing Twelve Months ("TTM") - The twelve calendar months preceding the balance sheet date of a given reporting period.


Wealth Management - Operating Earnings (Loss) and Summary Metrics


Reconciliation of Non-GAAP Measures (2/3)

	As of and for the Twelve Months Ended
(in millions USD, unless otherwise indicated)	12/31/2023			3/31/2024			6/30/2024

Net Income to Non-GAAP Operating Earnings
Net income (loss) attributable to Holdings	$	1,302		$	1,239		$	908
Adjustments related to:
Variable annuity product features	607			65			209
Investment (gains) losses	713			665			625

Net actuarial (gains) losses related to pension and other postretirement benefit obligations	39			47			52
Other adjustments	351			397			303
Income tax (expense) benefits related to above adjustments	(359)			(247)			(250)
Non-recurring tax items	(959)			(346)			26
Non-GAAP Operating Earnings	$	1,694		$	1,820		$	1,873

Return on Equity and Non-GAAP Operating Return on Equity - Trailing twelve months
Net income (loss) attributable to Holdings	$	1,302		$	1,239		$	908
Less: Preferred stock	(80)			(80)			(80)
Net income (loss) available to Holdings' common shareholders	$	1,222		$	1,159		$	828
Average equity attributable to Holdings' common shareholders (ex. AOCI)	$	9,147		$	9,045		$	9,048

Return on Equity (ex. AOCI)	13.4		%	12.8		%	9.2		%

Non-GAAP Operating Earnings	$	1,694		$	1,820		$	1,873
Less: Preferred stock	(80)			(80)			(80)
Non-GAAP Operating Earnings available to Holdings' common shareholders	$	1,614		$	1,740		$	1,793
Average equity attributable to Holdings' common shareholders (ex. AOCI)	$	9,147		$	9,045		$	9,048

Non-GAAP Operating Return on Equity (ex. AOCI)	17.6		%	19.2		%	19.8		%


Reconciliation of Non-GAAP Measures (3/3)

	Balances as of
(in millions USD, unless otherwise indicated)	9/30/2022		12/31/2022		3/31/2023		6/30/2023		9/30/2023		12/31/2023		3/31/2024		6/30/2024

Equity Reconciliation - Quarter-end Balances
Total equity attributable to Holdings' shareholders	$	3,411	$	1,401	$	3,754	$	3,553	$	1,642	$	2,649	$	2,032	$	1,644
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	1,849		(161)		2,192		1,991		80		1,087		470		82
Less: Accumulated other comprehensive income (loss)	(6,870)		(8,992)		(6,516)		(7,142)		(9,802)		(7,777)		(8,166)		(8,645)
Total equity attributable to Holdings' common shareholders (ex. AOCI)	$	8,719	$	8,831	$	8,708	$	9,133	$	9,882	$	8,864	$	8,636	$	8,727