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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): February 5, 2025
equitableimage.jpg
Equitable Holdings, Inc.
(Exact name of registrant as specified in its charter)
Delaware001-3846990-0226248
(State or other jurisdiction of(Commission File Number)(I.R.S. Employer
incorporation or organization)Identification No.)
1345 Avenue of the Americas, New York, New York                     10105
(Address of principal executive offices) (Zip Code)
(212) 554-1234
(Registrant’s telephone number, including area code)
Not Applicable
(Former name or address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Title of each classTrading SymbolName of Exchange on which registered
Common StockEQHNew York Stock Exchange
Depositary Shares, each representing a 1/1,000th interest in a share of Fixed Rate Noncumulative Perpetual Preferred Stock, Series AEQH PR ANew York Stock Exchange
Depositary Shares, each representing a 1/1,000th interest in a share of Fixed Rate Noncumulative Perpetual Preferred Stock, Series CEQH PR CNew York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 under the Securities Act (17 CFR 230.405) or Rule 12b-2 under the Exchange Act (17 CFR 240.12b-2).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


Item 2.02    Results of Operations and Financial Condition.
On February 5, 2025, Equitable Holdings, Inc. (“EQH”) issued a press release announcing its financial results for the quarter and full year ended December 31, 2024. A copy of the press release containing this information is furnished as Exhibit 99.1 hereto and is incorporated herein by reference. In addition, more detailed financial information may be found in EQH’s Financial Supplement for the quarter ended December 31, 2024. A copy of the Financial Supplement for the quarter ended December 31, 2024 is furnished as Exhibit 99.2 hereto and is incorporated herein by reference.
As provided in General Instruction B.2 of Form 8-K, the information and exhibits provided pursuant to this Item 2.02 shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section, nor shall they be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
Item 7.01    Regulation FD Disclosure.
In connection with its earnings call for the quarter and full year ended December 31, 2024, EQH has prepared a presentation for use with investors and other members of the investment community, which will be accessible via EQH’s investor relations website at https://ir.equitableholdings.com at 4:15 p.m. ET on Wednesday, February 5, 2025.
As provided in General Instruction B.2 of Form 8-K, the information provided pursuant to this Item 7.01 shall not be deemed to be “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liability of that section, nor shall it be deemed to be incorporated by reference in any filing under the Securities Act or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
Item 9.01    Financial Statements and Exhibits.

(d) Exhibits
Exhibit No. Description of Exhibit
Press release of Equitable Holdings, Inc., dated February 5, 2025 (furnished and not filed)
Financial Supplement for the quarter ended December 31, 2024 (furnished and not filed)
104Cover Page Interactive Data File (embedded within the Inline XBRL document).



SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
EQUITABLE HOLDINGS, INC.
Date: February 5, 2025
By:
/s/ William Eckert
Name:
William Eckert
Title:
Chief Accounting Officer
(Principal Accounting Officer)




EQUITABLE HOLDINGS REPORTS FULL YEAR AND FOURTH QUARTER 2024 RESULTS
_______________________________________
•Robust growth momentum with record full year net inflows of $7.1 billion in Retirement1, $4.0 billion in Wealth Management and active net inflows of $4.3 billion in Asset Management

•Full year Net income of $1.3 billion, or $3.78 per share; fourth quarter Net income of $899 million, or $2.76 per share

•Non-GAAP operating earnings2 of $2.0 billion, or $5.93 per share for the full year and $522 million, or $1.57 per share, for the fourth quarter 2024. Adjusting for notable items3, Non-GAAP operating earnings of $2.1 billion, or $6.18 per share, for the full year and $549 million, or $1.65 per share, for the fourth quarter 2024

•Cash generation of $1.5 billion in 2024, expected to increase to $1.6-1.7 billion in 20254

•Returned $1.3 billion to shareholders this year, including $335 million in the fourth quarter, for a payout ratio of 66%, in-line with 60-70% target


_______________________________________
New York, NY, February 5, 2025 — Equitable Holdings, Inc. (“Equitable Holdings”, “Holdings”, or the “Company”) (NYSE: EQH) today announced financial results for the full year and fourth quarter ended December 31, 2024.
“2024 highlighted the building growth momentum for Equitable Holdings and we remain on track to deliver on each of our 2027 financial targets. Full year Non-GAAP operating earnings per share of $5.93 increased 29% from 2023 and was up 20% excluding notable items, above our 12-15% target. Equitable’s integrated business model positions us well to benefit from the tremendous growth in the US retirement market and the need for advice-driven solutions. Our Retirement businesses reported record net inflows of $7.1 billion for the full year, including $1.6 billion in the fourth quarter. In Wealth Management, we had $4.0 billion of advisory net inflows for the year and advisor productivity increased 10% year-over-year. Despite challenging industry dynamics, our asset management business, AllianceBernstein, delivered $4.3 billion of active net inflows in 2024. Strong sales and net inflows helped drive steady growth in both spread- and fee-based earnings, contributing to a 15% increase in annual cash generation to $1.5 billion. This enabled us to return $1.3 billion of capital to shareholders in the year, delivering on our 60-70% payout ratio guidance,” said Mark Pearson, President and Chief Executive Officer.

Mr. Pearson concluded, “Looking forward, we expect our strong momentum to continue in 2025. We forecast Non-GAAP operating EPS growth to be consistent with our 12-15% target and project cash generation to increase to $1.6-1.7 billion, supported by organic growth across our Retirement, Asset Management, and Wealth Management businesses and continued execution against our strategic initiatives.”
1 Retirement includes Individual Retirement and Group Retirement segments.
2 This press release includes certain Non-GAAP financial measures. More information on these measures and reconciliations to the most comparable U.S. GAAP measures can be found in the “Use of Non-GAAP Financial Measures” section of this release.
3 Please refer to Exhibit 1 for a detailed reconciliation and definitions related to notable items.
4 Cash generation is the cash flow from asset and wealth management subsidiaries, along with capital generated in excess of the target combined NAIC RBC ratio at the insurance subsidiaries; Financial guidance assumes normal market conditions including 6% equity return, 2% dividend yield and interest rates following the forward curve is net dividends and distributions to Equitable Holdings from its subsidiaries.

1






Consolidated Results
Fourth Quarter
Full Year
(in millions, except per share amounts or unless otherwise noted)2024202320242023
Total Assets Under Management/Administration (“AUM/A”, in billions)$1,019 $930 $1,019 $930 
Net income (loss) attributable to Holdings
899 (698)1,307 1,302 
    Net income (loss) attributable to Holdings per common share
2.76 (2.15)3.78 3.48 
Non-GAAP operating earnings522 476 2,007 1,694 
    Non-GAAP operating earnings per common share (“EPS”)1.57 1.33 5.93 4.59 

As of December 31, 2024, total AUM/A was $1.0 trillion, a year-over-year increase of 10%, driven by positive net inflows and higher markets over the prior twelve months.
On a full year basis, Net income attributable to Holdings was $1.3 billion in 2024, flat compared to 2023.

Full year Non-GAAP operating earnings were $2.0 billion in 2024 versus $1.7 billion in 2023. Adjusting for notable items of $79 million, 2024 Non-GAAP operating earnings were $2.1 billion or $6.18 per share.

Net income (loss) attributable to Holdings for the fourth quarter of 2024 was $899 million compared to $(698) million in the fourth quarter of 2023.

Non-GAAP operating earnings in the fourth quarter of 2024 was $522 million compared to $476 million in the fourth quarter of 2023. Adjusting for notable items5 of $27 million, fourth quarter 2024 Non-GAAP operating earnings was $549 million or $1.65 per share.
As of December 31, 2024, book value per common share including accumulated other comprehensive income (“AOCI”) was $0.25. Book value per common share excluding AOCI was $28.36.
5 Please refer to Exhibit 1 for detailed reconciliation and definitions related to notable items.

2

Business Highlights

•Full year 2024 business segment highlights:
◦Individual Retirement (“IR”) reported full year net inflows of $7.2 billion, and first year premiums were up 30% over the prior year, with growth across all products.
◦Group Retirement (“GR”) reported full year net outflows of $104 million. Tax-exempt net inflows of $77 million and institutional premiums of $692 million were more than offset by outflows in the corporate channel and other run-off products.

◦Asset Management (AllianceBernstein or “AB”)6 reported full year net outflows of $2.2 billion with lower-fee passive net outflows partially offset by active net inflows of $4.3 billion.

◦Protection Solutions (“PS”) reported $3.2 billion of full year gross written premiums with accumulation-oriented VUL first year premiums up 9% and Employee Benefits first year premiums up 15% over the prior year.

◦Wealth Management (“WM”) reported full year advisory net inflows of $4.0 billion, with total assets under administration reaching $100.6 billion.

◦Legacy (“L”) had $2.8 billion of full year net outflows and continues to run-off at $2-$3 billion annually.

•Capital management program:
◦The Company returned $1.3 billion to shareholders in 2024, including $335 million in the fourth quarter. This was consistent with our payout ratio target of 60-70% of Non-GAAP operating earnings.

◦The Company continues to benefit from a diverse business mix, with $1.5 billion of cash flows to the Holding company for the year, in line with the 2024 guidance.

◦The Company reported cash and liquid assets of $1.8 billion at Holdings7 as of quarter end, which remains above the $500 million minimum target. The combined NAIC RBC ratio was approximately 425% at year end, above the Company’s target of 375-400%.

•Delivering shareholder value:

◦The Company has deployed $12 billion of its $20 billion capital commitment to AB. This supports growth in AB’s Private Markets business, which currently has $70 billion in assets under management.

◦Through year end 2024, the Company has achieved $100 million of its targeted $150 million of run-rate expense savings by 2027. It has also achieved $80 million of the targeted $110 million of incremental investment income from the general account by 2027.
6 Refers to AllianceBernstein L.P. and AllianceBernstein Holding L.P., collectively.
7 Excludes c.$190 million of cash at Holdings which is available to AllianceBernstein through its credit facility with Equitable Holdings.


3

Business Segment Results

Individual Retirement
 (in millions, unless otherwise noted)Q4 2024Q4 2023
Account value (in billions)$110.5 $92.0 
Segment net flows (in billions)1.7 1.5 
Operating earnings (loss)240 213 
•Account value increased by 20%, driven by positive market performance and net inflows over the prior twelve months.
•Net inflows of $1.7 billion in the quarter were higher versus the prior year quarter, and first year premiums of $4.9 billion increased by 27%.
•Operating earnings of $240 million, were up over the prior year quarter primarily due to higher net interest margin and fee-based revenue, partially offset by higher commissions.
•Operating earnings adjusted for notable items8 increased from $222 million in the prior year quarter to $244 million. Notable items of $4 million in the current period reflects lower net investment income from alternatives.

Group Retirement
 (in millions, unless otherwise noted)Q4 2024Q4 2023
Account value (in billions)
$40.7 $36.5 
Segment net flows
(134)(135)
Operating earnings (loss)132 98 

•Account value increased by 11%, primarily due to market performance over the prior twelve months.
•Net outflows were $134 million in the fourth quarter, with $55 million of tax-exempt net inflows, offset by net outflows in corporate and other run-off products. Institutional inflows totaled $108 million in the quarter.
•Operating earnings increased from $98 million in the prior year quarter to $132 million, primarily due to higher net interest margin and higher fee-based revenue.
•Operating earnings adjusted for notable items9 increased from $109 million in the prior year quarter to $137 million. Notable items were $5 million in the quarter reflecting lower net investment income from alternatives.

8 Please refer to Exhibit 1 for a detailed reconciliation and definitions related to notable items.
9 Please refer to Exhibit 1 for a detailed reconciliation and definitions related to notable items.
4

Asset Management
 (in millions, unless otherwise noted)Q4 2024Q4 2023
Total AUM (in billions)$792.2 $725.2 
Segment net flows (in billions)(4.8)(1.8)
Operating earnings (loss)161 114 
•AUM increased by 9% due to market performance over the prior twelve months.
•Net outflows of $4.8 billion in the quarter as net outflows of $6.2 billion in the Institutional channel were partially offset by net inflows of $1.1 billion in Retail and $0.3 billion in Private Wealth.

•Operating earnings increased from $114 million in the prior year quarter to $161 million, primarily due to higher base fees on higher average AUM and higher performance fees, partially offset by increased expenses.

Protection Solutions
 (in millions)Q4 2024Q4 2023
Gross written premiums$829 $821 
Annualized premiums102 102 
Operating earnings (loss)32 28 
•Gross written premiums increased by 1% year-over-year, driven by growth in Employee Benefits.
•Operating earnings increased from $28 million in the prior year quarter to $32 million, with higher net investment income partially offset by higher net mortality.

•Operating earnings adjusted for notable items10 decreased from $68 million in the prior year quarter to $43 million. Notable items of $11 million this period reflect lower net investment income from alternatives.
















10 Please refer to Exhibit 1 for a detailed reconciliation and definitions related to notable items.

5


Wealth Management
 (in millions, unless otherwise noted)Q4 2024Q4 2023
Total AUA (in billions)$100.6 $87.0 
Advisory Net Flows (in billions)
0.8 0.5 
Operating earnings (loss)47 45 
•AUA increased by 16% due to market performance and net inflows over the last twelve months.
•Advisory net inflows of $776 million in the quarter, supported by a 10% year-over-year increase in advisor productivity.
•Operating earnings increased from $45 million in the prior year quarter to $47 million, primarily due to higher advisory and distribution fees, which were partially offset by higher commissions and distribution-related payments.


Legacy
 (in millions)Q4 2024Q4 2023
Account value (in billions)$21.4 $21.8 
Net Flows
(787)(648)
Operating earnings (loss)38 31 

•Account value decreased by 2% versus the prior year period as positive market performance was offset by outflows as the block runs off.
•Net outflows of $787 million were in line with expectations as this business continues to run-off at $2 billion to $3 billion annually.
•Operating earnings increased from $31 million in the prior year quarter to $38 million, primarily due to higher fee-based revenue.
•Operating earnings adjusted for notable items11 increased from $28 million in the prior year quarter to $39 million. Notable items of $1 million in the current period reflects lower net investment income.


Corporate and Other (“C&O”)

The operating loss of $128 million in the fourth quarter increased from an operating loss of $53 million in the prior year quarter. After adjusting for notable items12, the operating loss increased from $93 million in the prior year quarter to $122 million.
11 Please refer to Exhibit 1 for a detailed reconciliation and definitions related to notable items.
12 Please refer to Exhibit 1 for a detailed reconciliation and definitions related to notable items.

6



Exhibit 1: Notable Items

Notable items represent the impact on results from our annual actuarial assumption review, approximate impacts attributable to significant variances from the Company’s expectations, and other items that the Company believes may not be indicative of future performance. The Company chooses to highlight the impact of these items and give Non-GAAP measures less notable items to provide a better understanding of our results of operations in a given period. Certain figures may not sum due to rounding.
Impact of notable items by segment and Corporate & Other:
Three Months Ended December 31,Year Ended December 31,
(in millions)2024202320242023
Non-GAAP Operating Earnings$522 $476 $2,007 $1,694 
Post-tax Adjustments related to notable items:
Individual Retirement4 9 16 22 
Group Retirement5 11 17 24 
Asset Management— (14)(9)(23)
Protection Solutions11 40 43 211 
Wealth Management— — — — 
Legacy1 (3)2 (2)
Corporate & Other6 (40)13 (31)
Notable items subtotal27 3 82 201 
Impact of Actuarial Assumption Update— — (3)(12)
Non-GAAP Operating Earnings, less Notable Items$549 $479 $2,086 $1,883 

Impact of notable items by item category:
Three Months Ended December 31,Year Ended December 31,
(in millions)2024202320242023
Non-GAAP Operating Earnings$522 $476 $2,007 $1,694 
Pre-tax adjustments related to Notable Items:
Model Updates/True-Up Adjustments — 14 6 (2)
Mortality — — — 151 
Expenses— — (1)— 
Net Investment Income31 9 88 117 
Subtotal31 23 93 266 
Post-tax impact of Notable Items27 3 82 201 
Impact of Actuarial Assumption Update— — (3)(12)
Non-GAAP Operating Earnings, less Notable Items$549 $479 $2,086 $1,883 


7


Earnings Conference Call
Equitable Holdings will host a conference call at 10 a.m. ET on February 6, 2025 to discuss its full year and fourth quarter 2024 results. The conference call webcast, along with additional earnings materials, will be accessible on the company’s investor relations website at ir.equitableholdings.com. Please log on to the webcast at least 15 minutes prior to the call to download and install any necessary software.

To register for the conference call, please use the following link:
EQH Full Year and Fourth Quarter 2024 Earnings Call

After registering, you will receive an email confirmation including dial in details and a unique conference call code for entry. Registration is open through the live call. To ensure you are connected for the full call we suggest registering a day in advance or at minimum 10 minutes before the start of the call.

A webcast replay will be made available on the Equitable Holdings Investor Relations website at ir.equitableholdings.com.
About Equitable Holdings
Equitable Holdings, Inc. (NYSE: EQH) is a leading financial services holding company comprised of complementary and well-established businesses, Equitable, AllianceBernstein and Equitable Advisors. Equitable Holdings has $1 trillion in assets under management and administration (as of 12/31/2024) and more than 5 million client relationships globally. Founded in 1859, Equitable provides retirement and protection strategies to individuals, families and small businesses. AllianceBernstein is a global investment management firm that offers diversified investment services to institutional investors, individuals and private wealth clients. Equitable Advisors, LLC (Equitable Financial Advisors in MI and TN) has 4,600 duly registered and licensed financial professionals that provide financial planning, wealth management, retirement planning, protection and risk management services to clients across the country.
Contacts:
Investor Relations
Erik Bass
(212) 314-2476
IR@equitable.com

Media Relations
Laura Yagerman
(212) 314-2010
mediarelations@equitable.com

8

Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “expects,” “believes,” “anticipates,” “forecasts,” “intends,” “seeks,” “aims,” “plans,” “assumes,” “estimates,” “projects,” “should,” “would,” “could,” “may,” “will,” “shall” or variations of such words are generally part of forward-looking statements. Forward-looking statements are made based on management’s current expectations and beliefs concerning future developments and their potential effects upon Equitable Holdings, Inc. (“Holdings”) and its consolidated subsidiaries. These forward-looking statements include, but are not limited to, statements regarding projections, estimates, forecasts and other financial and performance metrics and projections of market expectations. “We,” “us” and “our” refer to Holdings and its consolidated subsidiaries, unless the context refers only to Holdings as a corporate entity. There can be no assurance that future developments affecting Holdings will be those anticipated by management. Forward-looking statements include, without limitation, all matters that are not historical facts.
These forward-looking statements are not a guarantee of future performance and involve risks and uncertainties, and there are certain important factors that could cause actual results to differ, possibly materially, from expectations or estimates reflected in such forward-looking statements, including, among others: (i) conditions in the financial markets and economy, including the impact of geopolitical conflicts, changes in tariffs and trade barriers, and related economic conditions, equity market declines and volatility, interest rate fluctuations, impacts on our goodwill and changes in liquidity and access to and cost of capital; (ii) operational factors, including reliance on the payment of dividends to Holdings by its subsidiaries, protection of confidential customer information or proprietary business information, operational failures by us or our service providers, potential strategic transactions, changes in accounting standards, and catastrophic events, such as the outbreak of pandemic diseases; (iii) credit, counterparties and investments, including counterparty default on derivative contracts, failure of financial institutions, defaults by third parties and affiliates and economic downturns, defaults and other events adversely affecting our investments; (iv) our reinsurance and hedging programs; (v) our products, structure and product distribution, including variable annuity guaranteed benefits features within certain of our products, variations in statutory capital requirements, financial strength and claims-paying ratings, state insurance laws limiting the ability of our insurance subsidiaries to pay dividends and key product distribution relationships; (vi) estimates, assumptions and valuations, including risk management policies and procedures, potential inadequacy of reserves and experience differing from pricing expectations, amortization of deferred acquisition costs and financial models; (vii) our Asset Management segment, including fluctuations in assets under management and the industry-wide shift from actively-managed investment services to passive services; (viii) recruitment and retention of key employees and experienced and productive financial professionals; (ix) subjectivity of the determination of the amount of allowances and impairments taken on our investments; (x) legal and regulatory risks, including federal and state legislation affecting financial institutions, insurance regulation and tax reform; (xi) risks related to our common stock and (xii) general risks, including strong industry competition, information systems failing or being compromised and protecting our intellectual property.
Forward-looking statements, including any financial guidance, should be read in conjunction with the other cautionary statements, risks, uncertainties and other factors identified in Holdings’ filings with the Securities and Exchange Commission. Further, any forward-looking statement speaks only as of the date on which it is made, and we undertake no obligation to update or revise any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events, except as otherwise may be required by law.
9



Forward-looking Non-GAAP Metrics
The Company has presented forward-looking statements regarding Non-GAAP operating earnings, Non-GAAP operating earnings per share and Adjusted Operating Margin at AB. These non-GAAP financial measures are derived by excluding certain amounts, expenses or income, from the corresponding financial measures determined in accordance with GAAP. The determination of the amounts that are excluded from these non-GAAP financial measures is a matter of management judgment and depends upon, among other factors, the nature of the underlying expense or income amounts recognized in a given period. We are unable to present a quantitative reconciliation of forward-looking adjusted operating earnings per share and payout ratio targeted to non-GAAP operating earnings to their most directly comparable forward-looking GAAP financial measures because such information is not available, and management cannot reliably predict all of the necessary components of such GAAP measures without unreasonable effort or expense. In addition, we believe such reconciliations would imply a degree of precision that would be confusing or misleading to investors. The unavailable information could have a significant impact on the Company’s future financial results. These non-GAAP financial measures are preliminary estimates and are subject to risks and uncertainties, including, among others changes in connection with quarter-end and year-end adjustments. Any variations between the Company’s actual results and preliminary financial data set forth above may be material.

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.

10

Non-GAAP Operating Earnings
Non-GAAP Operating Earnings is an after-tax Non-GAAP financial measure used to evaluate our financial performance on a consolidated basis that is determined by making certain adjustments to our consolidated after-tax net income attributable to Holdings. The most significant of such adjustments relates to our derivative positions, which protect economic value and statutory capital, and the variable annuity product MRBs. This is a large source of volatility in net income.
Non-GAAP Operating Earnings equals our consolidated after-tax net income attributable to Holdings adjusted to eliminate the impact of the following items:
•Items related to variable annuity product features, which include: (i) changes in the fair value of MRB and purchased MRB, including the related attributed fees and claims, offset by derivatives and other securities used to hedge the MRB which result in residual net income volatility as the change in fair value of certain securities is reflected in OCI and due to our statutory capital hedge program; and (ii) market adjustments to deposit asset or liability accounts arising from reinsurance agreements which do not expose the reinsurer to a reasonable possibility of a significant loss from insurance risk;
•Investment (gains) losses, which includes credit loss impairments of securities/investments, sales or disposals of securities/investments, realized capital gains/losses and valuation allowances;
•Net actuarial (gains) losses, which includes actuarial gains and losses as a result of differences between actual and expected experience on pension plan assets or projected benefit obligation during a given period related to pension, other postretirement benefit obligations, and the one-time impact of the settlement of the defined benefit obligation;
•Other adjustments, which primarily include restructuring costs related to severance and separation, lease write-offs related to non-recurring restructuring activities, 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 when the majority of the impact relates to the non-core business; and
•Income tax expense (benefit) related to the above items and non-recurring tax items, which includes the effect of uncertain tax positions for a given audit period and changes to the deferred tax valuation allowance.
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 year ended December 31, 2023.

11

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, respectively, would have resulted in a decrease to operating earnings of $4.0 million for Individual Retirement, $7.7 million for Group Retirement, $21.9 million for Protection Solutions, $4.2 million for Legacy, and an increase of $37.8 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.
During the third quarter 2024, the Company moved revenues and expenses related to payout annuitizations from the Legacy segment to the Individual Retirement segment. Now all payout annuities will be reported within the Individual Retirement segment as the block is managed on an aggregate basis. Prior periods have been recast to reflect this change.
Because Non-GAAP Operating Earnings excludes the foregoing items that can be distortive or unpredictable, management believes that this measure enhances the understanding of the Company’s underlying drivers of profitability and trends in our business, thereby allowing management to make decisions that will positively impact our business.
We use the prevailing corporate federal income tax rate of 21% while taking into account any non-recurring differences for events recognized differently in our financial statements and federal income tax returns as well as partnership income taxed at lower rates when reconciling Net income (loss) attributable to Holdings to Non-GAAP Operating Earnings.

12

The table below presents a reconciliation of Net income (loss) attributable to Holdings to Non-GAAP Operating Earnings for the three months and years ended December 31, 2024 and 2023:
Three Months Ended December 31,Year Ended December 31,
(in millions)2024202320242023
Net income (loss) attributable to Holdings$899 $(698)$1,307 $1,302 
Adjustments related to:
Variable annuity product features (1)
(530)1,191 606 607 
Investment (gains) losses32 159 133 713 
Net actuarial (gains) losses related to pension and other postretirement benefit obligations16 13 60 39 
Other adjustments (2) (3) (4) (6)
34 153 93 351 
Income tax expense (benefit) related to above adjustments94 (319)(187)(359)
Non-recurring tax items (5)
(23)(23)(5)(959)
Non-GAAP Operating Earnings$522 $476 $2,007 $1,694 
______________
(1)Includes the impact of favorable assumption updates of $16 million and $40 million for the year ended December 31, 2024 and 2023, respectively.
(2)Includes certain gross legal expenses related to the COI litigation of $106 million and $144 million for the year ended December 31, 2024 and 2023, respectively. Includes the impact of annual actuarial assumptions updates related to LFPB of $61 million for the year ended December 31, 2023.
(3)For the year ended December 31, 2024, includes $82 million of the gain on sale on AB's Bernstein Research Service attributable to Holdings.
(4)For the year ended December 31, 2024, includes $78 million contingent payment gain recognized in connection with a fair value remeasurement of the contingent payment liability associated with AB's acquisition of CarVal in 2022.
(5)For the year ended December 31, 2024 and 2023, respectively, non-recurring tax items reflect primarily the effect of uncertain tax positions for a given audit period. Include a decrease of the deferred tax valuation allowance of $30 million and $1.0 billion for the three months and year ended December 31, 2023, respectively.
(6)Includes Non-GMxB related derivative hedge losses (gains) of $(29) million and $6 million for the three months and year ended December 31, 2024, respectively, and $33 million and $34 million for the three months and year ended December 31, 2023, respectively.
13

Non-GAAP Operating EPS
Non-GAAP Operating Earnings per common share is calculated by dividing Non-GAAP Operating Earnings less preferred stock dividends by diluted common shares outstanding. The table below presents a reconciliation of GAAP EPS to Non-GAAP Operating EPS for the three months and years ended December 31, 2024 and 2023.
Three Months Ended December 31,Year Ended December 31,
(per share amounts)2024202320242023
Net income (loss) attributable to Holdings
$2.84 $(2.07)$4.02 $3.70 
Less: Preferred stock dividend0.08 0.08 0.24 0.22 
Net Income (loss) available to common shareholders2.76 (2.15)3.78 3.48 
Adjustments related to:
Variable annuity product features (1)
(1.67)3.53 1.87 1.73 
Investment (gains) losses0.10 0.47 0.41 2.03 
Net actuarial (gains) losses related to pension and other postretirement benefit obligations0.05 0.04 0.18 0.11 
Other adjustments (2) (3) (4) (6)
0.10 0.46 0.29 0.99 
Income tax expense (benefit) related to above adjustments0.30 (0.95)(0.58)(1.02)
Non-recurring tax items (5)(0.07)(0.07)(0.02)(2.73)
Non-GAAP Operating Earnings$1.57 $1.33 $5.93 $4.59 
_______________
(1)Includes the impact of favorable assumption updates of $0.05 and $0.11 for the year ended December 31, 2024 and 2023, respectively.
(2)Includes certain gross legal expenses related to the COI litigation of $0.33 and $0.41 for the year ended December 31, 2024 and 2023, respectively. Includes the impact of annual actuarial assumptions updates related to LFPB of 0.17 for the year ended December 31, 2023.
(3)For the year ended December 31, 2024, includes $0.25 of the gain on sale on AB's Bernstein Research Service attributable to Holdings.
(4)For the year ended December 31, 2024 includes $0.24 contingent payment gain recognized in connection with a fair value remeasurement of the contingent payment liability associated with AB's acquisition of CarVal in 2022.
(5)For the year ended December 31, 2024 and 2023, respectively, non-recurring tax items reflect primarily the effect of uncertain tax positions for a given audit period. Include a decrease of the deferred tax valuation allowance of $0.09 and $2.84 per common share for the three months and year ended December 31, 2023, respectively.
(6)Includes Non-GMxB related derivative hedge losses (gains) of $(0.09) and $0.02 for the three months and year ended December 31, 2024, respectively, and $0.10 and $0.07 for the three months and year ended December 31, 2023, respectively.





14

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 total equity attributable to Holdings, excluding AOCI and preferred stock, divided by ending common shares outstanding.
 December 31,
2024		December 31, 2023
Book value per common share$0.25 $3.26 
Per share impact of AOCI28.11 23.30 
Book Value per common share, excluding AOCI$28.36 $26.56 

Other Operating Measures
We also use certain operating measures which management believes provide useful information about our businesses and the operational factors underlying our financial performance.

Account Value (“AV”)
Account value generally equals the aggregate policy account value of our retirement products.

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.

Assets Under Management (“AUA”)
AUA means advisory and brokerage investment assets included in the Company’s Wealth Management segment.

Segment net flows
Net change in segment 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.
15

Consolidated Statements of Income (Loss) (Unaudited)
Three Months Ended December 31,Year Ended December 31,
 2024202320242023
(in millions)
REVENUES
Policy charges and fee income$638 $599 $2,495 $2,380 
Premiums292 281 1,162 1,104 
Net derivative gains (losses)(253)(1,254)(2,551)(2,397)
Net investment income (loss)1,202 1,223 4,896 4,320 
Investment gains (losses), net:
Credit losses on available-for-sale debt securities and loans(19)(75)(82)(220)
Other investment gains (losses), net(13)(84)(51)(493)
Total investment gains (losses), net(32)(159)(133)(713)
Investment management and service fees1,458 1,241 5,263 4,820 
Other income316 239 1,305 1,014 
Total revenues3,621 2,170 12,437 10,528 
BENEFITS AND OTHER DEDUCTIONS
Policyholders’ benefits689 647 2,696 2,754 
Remeasurement of liability for future policy benefits(3)29 6 75 
Change in market risk benefits and purchased market risk benefits(817)(35)(1,971)(1,807)
Interest credited to policyholders’ account balances620 563 2,499 2,083 
Compensation and benefits673 586 2,441 2,328 
Commissions and distribution-related payments511 412 1,896 1,590 
Interest expense52 57 226 228 
Amortization of deferred policy acquisition costs186 169 711 641 
Other operating costs and expenses513 559 1,822 1,898 
Total benefits and other deductions2,424 2,987 10,326 9,790 
Income (loss) from continuing operations, before income taxes1,197 (817)2,111 738 
Income tax (expense) benefit(182)228 (288)905 
Net income (loss)1,015 (589)1,823 1,643 
Less: Net income (loss) attributable to the noncontrolling interest116 109 516 341 
Net income (loss) attributable to Holdings899 (698)1,307 1,302 
Less: Preferred stock dividends26 26 80 80 
Net income (loss) available to Holdings’ common shareholders$873 $(724)$1,227 $1,222 

16

Earnings Per Common Share
Three Months Ended December 31,Year Ended December 31,
 2024202320242023
(in millions)
Earnings per common share
Basic$2.80 $(2.15)$3.82 $3.49 
Diluted$2.76 $(2.15)$3.78 $3.48 
Weighted average shares
Weighted average common stock outstanding for basic earnings per common share312.2 337.2 321.2 350.1 
Weighted average common stock outstanding for diluted earnings per common share (1)316.5 337.2 324.8 351.6 
(1)Due to net loss, for the three months ended December 31, 2023 approximately 2.0 million share awards were excluded from the diluted EPS calculation.

Results of Operations by Segment
Three Months Ended December 31,Year Ended December 31,
2024202320242023
(in millions)
Operating earnings (loss) by segment:
Individual Retirement$240 $213 $953 $884 
Group Retirement132 98 522 399 
Asset Management
161 114 479 411 
Protection Solutions32 28 186 51 
Wealth Management47 45 184 159 
Legacy38 31 131 151 
Corporate and Other (1)(128)(53)(448)(361)
Non-GAAP Operating Earnings$522 $476 $2,007 $1,694 
(1)Includes interest expense and financing fees of $51 million, $56 million, $222 million and $229 million for the three months and year ended December 31, 2024, and 2023, respectively.

17

Select Balance Sheet Statistics
December 31,
2024		December 31,
2023
 (in millions)
ASSETS
Total investments and cash and cash equivalents$123,411 $110,412 
Separate Accounts assets134,711 127,251 
Total assets295,866 276,814 
LIABILITIES
Long-term debt$3,833 $3,820 
Future policy benefits and other policyholders' liabilities17,613 17,363 
Policyholders’ account balances110,965 95,673 
Total liabilities292,298 271,656 
EQUITY
Preferred stock1,507 1,562 
Accumulated other comprehensive income (loss)(8,712)(7,777)
Total equity attributable to Holdings$1,585 $2,649 
Total equity attributable to Holdings' common shareholders (ex. AOCI)8,790 8,864 
18

Assets Under Management (Unaudited)
December 31,
2024		December 31,
2023
(in billions)
Assets Under Management
AB AUM$792.2 $725.2 
Exclusion for General Account and other Affiliated Accounts (1)(84.2)(75.5)
Exclusion for Separate Accounts (1)(47.3)(44.0)
AB third party$660.7 $605.7 
Total company AUM
AB third party$660.7 $605.7 
General Account and other Affiliated Accounts (2) (4) (5)123.4 110.4 
Separate Accounts (3) (4) (5)134.7 127.3 
Total AUM$918.8 $843.4 
_______________
(1) Balances were revised from previously filed financial statement supplement
(2) “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.
(3) As of December 31, 2024 and December 31, 2023, Separate Account is inclusive of $12.3 billion and $12.5 billion & General Account AUM is inclusive of $43 million and $49 million, respectively, Account Value ceded to Venerable.
(4) As of December 31, 2024 and December 31, 2023, Separate Account is inclusive of $6.9 billion and $6.4 billion & General Account AUM is inclusive of $3.2 billion and $3.6 billion, respectively, Account Value ceded to Global Atlantic.
19

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Table of Contents
Consolidated Financials and Key MetricsPage
Key Metrics Summary
Consolidated Statements of Income (Loss)
Consolidated Balance Sheets
Consolidated Capital Structure
Operating Earnings (Loss) by Segment and Corporate and Other
Assets Under Management and Administration
Sales Metrics by Segment
Select Metrics from Business Segments
Individual Retirement
Statements of Operating Earnings (Loss) and Summary Metrics
Select Operating Metrics
Group Retirement
Statements of Operating Earnings (Loss) and Summary Metrics
Select Operating Metrics
Asset Management (1) (2)
Statements of Operating Earnings (Loss) and Summary Metrics
Select Operating Metrics
Net Flows
Protection Solutions
Statements of Operating Earnings (Loss) and Summary Metrics
Select Operating Metrics
Wealth Management
Statements of Operating Earnings (Loss) and Summary Metrics
Select Operating Metrics
Legacy
Statements of Operating Earnings (Loss) and Summary Metrics
Select Operating Metrics
Investments
Consolidated Investment Portfolio Composition
Consolidated Results of General Account Investment Portfolio
Additional Information
Deferred Policy Acquisition Costs Rollforward
Use of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Measures
Glossary of Selected Financial and Product Terms
Analyst Coverage, Ratings & Contact Information
Notes:
(1) Refers to AllianceBernsten L.P. and AllianceBernstien Holding L.P., collectively (2) formerly known as Investment Management and Research
All information included in this financial supplement is unaudited.

This financial supplement should be read in conjunction with Equitable Holdings' filings with the Securities and Exchange Commission (“SEC”) can be accessed upon filing at the SEC’s website at www.sec.gov, and at our website at ir.equitableholdings.com.
4Q 2024 Financial Supplement
2







Consolidated Financials
and Key Metrics

4Q 2024 Financial Supplement
3

Key Metrics Summary
For the Three Months Ended or As ofYears Ended or As of
(in millions USD, unless otherwise indicated)12/31/20233/31/20246/30/20249/30/202412/31/2024Change12/31/202312/31/2024Change
Net income (loss)$(589)$217 $565 $26 $1,015 272.3 %$1,643 $1,823 11.0 %
Net income (loss) attributable to the noncontrolling interest(109)(103)(137)(160)(116)(6.4)%(341)(516)(51.3)%
Net income (loss) attributable to Holdings$(698)$114 $428 $(134)$899 228.8 %$1,302 $1,307 0.4 %
Non-GAAP Operating Earnings (1)$476 $490 $494 $501 $522 9.7 %$1,694 $2,007 18.5 %
Total equity attributable to Holdings' shareholders$2,649 $2,032 $1,644 $3,220 $1,585 (40.2)%$2,649 $1,585 (40.2)%
Less: Preferred Stock1,562 1,562 1,562 1,562 1,507 (3.5)%1,562 1,507 (3.5)%
Total equity attributable to Holdings' common shareholders1,087 470 82 1,658 78 (92.8)%1,087 78 (92.8)%
Less: Accumulated other comprehensive income (loss)(7,777)(8,166)(8,645)(6,595)(8,712)(12.0)%(7,777)(8,712)(12.0)%
Total equity attributable to Holdings' common shareholders (ex. AOCI)$8,864 $8,636 $8,727 $8,253 $8,790 (0.8)%$8,864 $8,790 (0.8)%
Return on Equity (ex. AOCI) - TTM13.4 %12.8 %9.2 %(4.2)%14.3 %13.4 %14.3 %
Non-GAAP Operating ROE (1)17.6 %19.2 %19.8 %21.2 %22.4 %17.6 %22.4 %
Debt to capital:
Debt to Capital (ex. AOCI)28.1 %27.3 %27.1 %28.1 %27.1 %28.1 %27.1 %
Per common share:
Diluted earnings per common share: (2)
Net income (loss) attributable to Holdings$(2.15)$0.30 $1.23 $(0.47)$2.76 228.5 %$3.48 $3.78 8.7 %
Non-GAAP Operating Earnings (1)$1.33 $1.43 $1.43 $1.53 $1.57 18.0 %$4.59 $5.93 29.2 %
Book value per common share$3.26 $1.43 $0.25 $5.26 $0.25 (92.3)%$3.26 $0.25 (92.3)%
Book value per common share (ex. AOCI)$26.56 $26.36 $27.14 $26.16 $28.36 6.8 %$26.56 $28.36 6.8 %
Weighted-average common shares outstanding:
Basic337.2 330.2 324.2 318.2 312.2 (7.4)%350.1 321.2 (8.3)%
Diluted337.2 332.7 327.3 318.2 316.5 (6.2)%351.6 324.8 (7.7)%
Ending common shares outstanding333.8 327.6 321.6 315.5 309.9 (7.2)%333.8 309.9 (7.2)%
Return to common shareholders:
Common stock dividend$74 $73 $78 $76 $75 $301 $302 
Repurchase of common shares 241 253 247 254 260 919 1,014 
Total capital returned to common shareholders$315 $326 $325 $330 $335 $1,220 $1,316 
Market Values:
S&P 5004,770 5,254 5,460 5,762 5,882 23.3 %4,770 5,882 23.3 %
US 10-Year Treasury3.9 %4.2 %4.4 %3.7 %4.6 %3.9 %4.6 %
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.
4Q 2024 Financial Supplement
4

Consolidated Statements of Income (Loss)
For the Three Months EndedYears Ended
(in millions USD, unless otherwise indicated)12/31/20233/31/20246/30/20249/30/202412/31/2024Change12/31/202312/31/2024Change
Revenues
Policy charges and fee income$599 $614 $617 $626 $638 6.5 %$2,380 $2,495 4.8 %
Premiums281 275 282 313 292 3.9 %1,104 1,162 5.3 %
Net derivative gains (losses)(1,254)(1,376)(208)(714)(253)79.8 %(2,397)(2,551)(6.4)%
Net investment income (loss)1,223 1,219 1,166 1,309 1,202 (1.7)%4,320 4,896 13.3 %
Investment gains (losses), net (159)(39)(16)(46)(32)79.9 %(713)(133)81.3 %
Investment management and service fees1,241 1,278 1,240 1,287 1,458 17.5 %4,820 5,263 9.2 %
Other income239 259 429 301 316 32.2 %1,014 1,305 28.7 %
Total revenues2,170 2,230 3,510 3,076 3,621 66.9 %10,528 12,437 18.1 %
Benefits and other deductions
Policyholders’ benefits647 677 667 663 689 6.5 %2,754 2,696 (2.1)%
Remeasurement of liability for future policy benefits29 1 (8)16 (3)(110.3)%75 6 (92.0)%
Change in market risk benefits and purchased market risk benefits(35)(1,100)(133)79 (817)N/M(1,807)(1,971)(9.1)%
Interest credited to policyholders’ account balances563 566 605 708 620 10.1 %2,083 2,499 20.0 %
Compensation and benefits586 620 577 571 673 14.8 %2,328 2,441 4.9 %
Commissions and distribution related payments412 437 463 485 511 24.0 %1,590 1,896 19.2 %
Interest expense57 57 62 55 52 (8.8)%228 226 (0.9)%
Amortization of deferred policy acquisition costs 169 172 169 184 186 10.1 %641 711 10.9 %
Other operating costs and expenses559 553 427 329 513 (8.2)%1,898 1,822 (4.0)%
Total benefits and other deductions2,987 1,983 2,829 3,090 2,424 (18.8)%9,790 10,326 5.5 %
Income (loss) from operations, before income taxes(817)247 681 (14)1,197 246.5 %738 2,111 186.0 %
Income tax (expense) benefit228 (30)(116)40 (182)(179.8)%905 (288)(131.8)%
Net income (loss)(589)217 565 26 1,015 272.3 %1,643 1,823 11.0 %
Less: net (income) loss attributable to the noncontrolling interest(109)(103)(137)(160)(116)(6.4)%(341)(516)(51.3)%
Net income (loss) attributable to Holdings$(698)$114 $428 $(134)$899 228.8 %$1,302 $1,307 0.4 %
Less: Preferred stock dividends(26)(14)(26)(14)(26)— %(80)(80)— %
Net income (loss) available to Holdings' common shareholders$(724)$100 $402 $(148)$873 220.6 %$1,222 $1,227 0.4 %
Adjustments related to:
Variable annuity product features (1)$1,191 $319 $79 $738 $(530)$607 $606 
Investment gains (losses), net159 39 16 46 32 713 133 
Net actuarial gains (losses) related to pension and other postretirement benefit obligations13 17 14 13 16 39 60 
Other adjustments (2) (3) (4) (7)153 91 (32)— 34 351 93 
Income tax (expense) benefit related to above adjustments (319)(98)(16)(167)94 (359)(187)
Non-recurring tax items (5)(23)8 5 5 (23)(959)(5)
Non-GAAP Operating earnings (6)$476 $490 $494 $501 $522 $1,694 $2,007 
Notes:
(1) Includes the impact of favorable assumption updates of $16 million and $40 million for the year ended December 31, 2024 and 2023, respectively.
(2) Includes certain gross legal expenses related to the COI litigation of $106 million and $144 million for the year ended December 31, 2024 and 2023, respectively. Includes the impact of annual actuarial assumptions updates related to LFPB of $61 million for the year ended December 31, 2023.
(3) For the year ended December 31, 2024, includes $82 million of the gain on sale on AB's Bernstein Research Service attributable to Holdings.
(4) For the year ended December 31, 2024, includes $78 million contingent payment gain recognized in connection with a fair value remeasurement of the contingent payment liability associated with AB's acquisition of CarVal in 2022.
(5) For 2023 non-recurring tax items reflect primarily the effect of uncertain tax positions for a given audit period. Includes a decrease of the deferred tax valuation allowance of $30 million and $1.0 billion for the three months and year ended December 31, 2023.
(6) 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.
(7) Includes Non-GMxB related derivative hedge losses (gains) of $(29) million and $6 million for the three months and year ended December 31, 2024, respectively, and $33 million and $34 million for the three months and year ended December 31, 2023, respectively.
4Q 2024 Financial Supplement
5

Consolidated Balance Sheets
Balances as of
(in millions USD, unless otherwise indicated)12/31/20233/31/20246/30/20249/30/202412/31/2024
Assets
Total investments $102,173 $102,620 $107,726 $114,246 $116,447 
Cash and cash equivalents8,239 10,357 9,684 9,579 6,964 
Cash and securities segregated, at fair value868 866 592 547 500 
Broker-dealer related receivables1,837 1,808 1,801 1,898 1,961 
Deferred policy acquisition costs6,705 6,804 6,924 7,031 7,170 
Goodwill and other intangible assets, net5,433 5,419 5,403 5,388 5,371 
Amounts due from reinsurers8,352 8,387 8,237 8,222 8,044 
Current and deferred income taxes2,050 2,063 2,117 1,701 1,997 
Purchased market risk benefits9,427 8,337 7,993 8,492 7,376 
Other assets3,323 3,618 3,825 3,738 4,462 
Assets held-for-sale565 745 — — — 
Assets for market risk benefits591 818 803 740 863 
Separate Accounts assets127,251 133,735 132,664 137,407 134,711 
Total assets$276,814 $285,577 $287,769 $298,989 $295,866 
Liabilities
Policyholders’ account balances $95,673 $100,246 $104,072 $107,433 $110,965 
Liability for market risk benefits14,612 12,814 12,593 13,197 11,810 
Future policy benefits and other policyholders’ liabilities17,363 17,324 17,417 17,936 17,613 
Broker-dealer related payables1,232 1,022 839 1,382 775 
Customers related payables2,201 2,162 2,060 1,795 1,933 
Amounts due to reinsurers1,450 1,377 1,363 1,421 1,407 
Short-term debt254 — — — — 
Long-term debt3,820 3,821 3,830 3,831 3,833 
Notes issued by consolidated variable interest entities, at fair value using the fair value option1,559 1,580 1,740 1,744 2,116 
Other liabilities6,088 6,511 6,718 6,645 7,135 
Liabilities held-for-sale153 239 — — — 
Separate Accounts liabilities127,251 133,735 132,664 137,407 134,711 
Total liabilities271,656 280,831 283,296 292,791 292,298 
Redeemable noncontrolling interest770 991 1,088 1,223 125 
Equity
Preferred stock1,562 1,562 1,562 1,562 1,507 
Common stock5 5 5 5 5 
Additional paid-in capital2,328 2,322 2,337 2,343 2,336 
Treasury shares(3,712)(3,801)(3,932)(4,072)(4,198)
Retained earnings10,243 10,110 10,317 9,977 10,647 
Accumulated other comprehensive income (loss)(7,777)(8,166)(8,645)(6,595)(8,712)
Total equity attributable to Holdings2,649 2,032 1,644 3,220 1,585 
Noncontrolling interest1,739 1,723 1,741 1,755 1,858 
Total equity4,388 3,755 3,385 4,975 3,443 
Total liabilities, redeemable noncontrolling interest and equity$276,814 $285,577 $287,769 $298,989 $295,866 



4Q 2024 Financial Supplement
6

Consolidated Capital Structure
Balances as of
(in millions USD, unless otherwise indicated)12/31/20233/31/20246/30/20249/30/202412/31/2024
Short-term and long-term debt:
Short-term debt
AB commercial paper$254 $— $— $— $— 
AB revolving credit facility— — — — — 
CLO Warehousing Debt — — — — — 
Current portion of long-term debt— — — — — 
Total short-term debt254 — — — — 
Total long-term debt3,820 3,821 3,830 3,831 3,833 
Total short-term and long-term debt: [A]
$4,074 $3,821 $3,830 $3,831 $3,833 
Equity:
Preferred stock$1,562 $1,562 $1,562 $1,562 $1,507 
Common stock5 5 5 5 5 
Additional paid-in capital2,328 2,322 2,337 2,343 2,336 
Treasury stock, at cost(3,712)(3,801)(3,932)(4,072)(4,198)
Retained earnings10,243 10,110 10,317 9,977 10,647 
Accumulated other comprehensive income (loss)(7,777)(8,166)(8,645)(6,595)(8,712)
Total equity attributable to Holdings2,649 2,032 1,644 3,220 1,585 
Noncontrolling interest1,739 1,723 1,741 1,755 1,858 
Total equity$4,388 $3,755 $3,385 $4,975 $3,443 
Total equity attributable to Holdings, (ex. AOCI): [B]
$10,426 $10,198 $10,289 $9,815 $10,297 
Capital:
Total capitalization (1)$6,723 $5,853 $5,474 $7,051 $5,418 
Total capitalization (ex. AOCI): [A+B] (2)
$14,500 $14,019 $14,119 $13,646 $14,130 
Debt to capital:
Debt to capital (ex. AOCI) (2)28.1 %27.3 %27.1 %28.1 %27.1 %
For the Three Months Ended
Roll-forward of common shares outstanding (millions of shares):
Beginning balance342.0 333.8 327.6 321.6 315.5 
Repurchases(3.9)(3.2)(3.2)(3.4)(2.6)
Retirements(4.4)(4.3)(3.1)(2.8)(3.1)
Issuances0.1 1.3 0.3 0.1 0.1 
Ending basic common shares outstanding333.8 327.6 321.6 315.5 309.9 
Total potentially dilutive shares1.5 2.5 3.2 3.4 3.6 
Ending common shares outstanding - maximum potential dilution335.3 330.1 324.7 318.9 313.5 
Notes:
(1) Total capitalization exclusive of CLO Warehousing Debt as the VIE debt is non-recourse.
(2) Debt to capital ratio exclusive of CLO Warehousing Debt as the VIE debt is non-recourse.

4Q 2024 Financial Supplement
7

Operating Earnings (Loss) by Segment and Corporate and Other
Three Months Ended December 31, 2024
(in millions USD, unless otherwise indicated)Individual RetirementGroup RetirementAsset ManagementProtection SolutionsWealth ManagementLegacyCorporate and OtherEliminationsConsolidated
Revenues
Policy charges, fee income and premiums$223 $84 $— $537 $— $14 $72 $— $930 
Net investment income (loss)666 136 (5)251 5 12 144 25 1,234 
Net derivative gains (losses)(5)— 15 — — — (1)5 14 
Investment management, service fees and other income94 85 1,239 43 476 103 9 (273)1,776 
Segment revenues978 305 1,249 831 481 129 224 (243)3,954 
Benefits and other deductions
Policyholders’ benefits87 — — 486 — 1 115 — 689 
Remeasurement of liability for future policy benefits(1)— — (1)— — (1)— (3)
Interest credited to policyholders’ account balances343 59 — 125 — 7 130 — 664 
Commissions and distribution related payments102 42 197 46 310 39 6 (231)511 
Amortization of deferred policy acquisition costs 121 15 — 32 — 15 3 — 186 
Compensation and benefits, interest expense and financing fees and other operating costs and expense52 38 707 108 112 23 121 (12)1,149 
Segment benefits and other deductions704 154 904 796 422 85 374 (243)3,196 
Operating earnings (loss), before income taxes274 151 345 35 59 44 (150)— 758 
Income Taxes(34)(19)(50)(4)(12)(6)20 — (105)
Operating earnings (loss), before noncontrolling interest240 132 295 31 47 38 (130)— 653 
Less: Operating (earnings) loss attributable to the noncontrolling interest— — (134)1 — — 2 — (131)
Operating earnings (loss)$240 $132 $161 $32 $47 $38 $(128)$— $522 
Three Months Ended December 31, 2023
Individual Retirement (1)Group RetirementAsset ManagementProtection SolutionsWealth ManagementLegacy (1)Corporate and OtherEliminationsConsolidated
Revenues
Policy charges, fee income and premiums$195 $67 $— $544 $— $5 $69 $— $880 
Net investment income (loss)510 125 16 233 4 17 259 21 1,185 
Net derivative gains (losses)(5)— (14)(5)— — (11)5 (30)
Investment Management, service fees and other income83 58 1,072 35 404 104 1 (239)1,518 
Segment revenues783 250 1,074 807 408 126 318 (213)3,553 
Benefits and other deductions
Policyholders’ benefits76 — — 444 — — 127 — 647 
Remeasurement of liability for future policy benefits(3)— — 30 — — 2 — 29 
Interest credited to policyholders’ account balances226 58 — 128 — 7 144 — 563 
Commissions and distribution related payments70 36 156 51 253 40 5 (199)412 
Amortization of deferred policy acquisition costs 105 15 — 31 — 15 3 — 169 
Compensation and benefits, interest expense and financing fees and other operating costs and expense55 24 679 90 95 26 86 (14)1,041 
Segment benefits and other deductions529 133 835 774 348 88 367 (213)2,861 
Operating earnings (loss), before income taxes254 117 239 33 60 38 (49)— 692 
Income Taxes(41)(19)(30)(5)(15)(7)4 — (113)
Operating earnings (loss), before noncontrolling interest213 98 209 28 45 31 (45)— 579 
Less: Operating (earnings) loss attributable to the noncontrolling interest— — (95)— — — (8)— (103)
Operating earnings (loss)$213 $98 $114 $28 $45 $31 $(53)$— $476 
(1) Prior periods were updated to reflect the impact of moving payout annuity policies from Legacy to IR.
4Q 2024 Financial Supplement
8

Operating Earnings (Loss) by Segment and Corporate and Other (2/2)
Year Ended December 31, 2024
(in millions USD, unless otherwise indicated)Individual RetirementGroup RetirementAsset ManagementProtection SolutionsWealth ManagementLegacyCorporate and OtherEliminationsConsolidated
Revenues
Policy charges, fee income and premiums$864 $317 $— $2,134 $— $41 $301 $— $3,657 
Net investment income (loss)2,449 560 27 1,026 17 58 632 96 4,865 
Net derivative gains (losses)(21)(1)(7)— — — (17)22 (24)
Investment Management, service fees and other income364 318 4,459 169 1,779 399 28 (1,024)6,492 
Segment revenues3,656 1,194 4,479 3,329 1,796 498 944 (906)14,990 
Benefits and other deductions
Policyholders’ benefits324 — — 1,901 — 1 470 — 2,696 
Remeasurement of liability for future policy benefits(2)— — 9 — — (1)— 6 
Interest credited to policyholders’ account balances1,208 227 — 534 — 33 509 — 2,511 
Commissions and distribution related payments356 170 742 172 1,133 160 20 (857)1,896 
Amortization of deferred policy acquisition costs460 54 — 125 — 62 10 — 711 
Compensation and benefits, interest expense and financing fees and other operating costs and expense204 137 2,653 372 419 90 414 (49)4,240 
Segment benefits and other deductions2,550 588 3,395 3,113 1,552 346 1,422 (906)12,060 
Operating earnings (loss), before income taxes1,106 606 1,084 216 244 152 (478)— 2,930 
Income Taxes(153)(84)(178)(30)(60)(21)71 — (455)
Operating earnings (loss), before noncontrolling interest953 522 906 186 184 131 (407)— 2,475 
Less: Operating (earnings) loss attributable to the noncontrolling interest— — (427)— — — (41)— (468)
Operating earnings (loss)$953 $522 $479 $186 $184 $131 $(448)$— $2,007 
Year Ended December 31, 2023
Individual Retirement (1)Group RetirementAsset ManagementProtection SolutionsWealth ManagementLegacy (1)Corporate and OtherEliminationsConsolidated
Revenues
Policy charges, fee income and premiums$791 $268 $— $2,104 $— $24 $297 $— $3,484 
Net investment income (loss)1,782 497 18 952 13 99 821 83 4,265 
Net derivative gains (losses)(20)(1)(16)(16)— — (17)19 (51)
Investment Management, service fees and other income360 257 4,115 140 1,538 408 17 (912)5,923 
Segment revenues2,913 1,021 4,117 3,180 1,551 531 1,118 (810)13,621 
Benefits and other deductions
Policyholders’ benefits299 — — 1,975 — — 486 — 2,760 
Remeasurement of liability for future policy benefits(2)— — 18 — — (6)— 10 
Interest credited to policyholders’ account balances708 215 — 520 — 36 604 — 2,083 
Commissions and distribution related payments262 155 610 158 968 171 18 (752)1,590 
Amortization of deferred policy acquisition costs388 59 — 120 — 63 11 — 641 
Compensation and benefits, interest expense and financing fees and other operating costs and expense198 113 2,621 328 373 80 417 (58)4,072 
Segment benefits and other deductions1,853 542 3,231 3,119 1,341 350 1,530 (810)11,156 
Operating earnings (loss), before income taxes1,060 479 886 61 210 181 (412)— 2,465 
Income Taxes(176)(80)(126)(10)(51)(30)72 — (401)
Operating earnings (loss), before noncontrolling interest884 399 760 51 159 151 (340)— 2,064 
Less: Operating (earnings) loss attributable to the noncontrolling interest— — (349)— — — (21)— (370)
Operating earnings (loss) (2)$884 $399 $411 $51 $159 $151 $(361)$— $1,694 
Notes:
(1) Prior periods were updated to reflect the impact of moving payout annuity policies from Legacy to IR.
(2) Corporate and Other includes an out of period adjustment of $58 million related to income from hedging of TIPS.

4Q 2024 Financial Supplement
9

Assets Under Management and Administration
Balances as of
(in billions USD, except for Equitable Headcount)12/31/20233/31/20246/30/20249/30/202412/31/2024
Assets Under Management
AB AUM
Total AB$725.2 $758.7 $769.5 $805.9 $792.2 
Exclusion for General Account and other Affiliated Accounts (1)(75.5)(76.8)(80.8)(85.0)(84.2)
Exclusion for Separate Accounts (1)(44.0)(46.4)(46.3)(48.4)(47.3)
AB third party$605.7 $635.4 $642.4 $672.6 $660.7 
Total company AUM
AB third party$605.7 $635.4 $642.4 $672.6 $660.7 
General Account and other Affiliated Accounts (2) (4) (5)110.4 113.0 117.4 123.8 123.4 
Separate Accounts (3) (4) (5)127.3 133.7 132.7 137.4 134.7 
Total AUM$843.4 $882.1 $892.5 $933.8 $918.8 
Total Assets Under Administration (AUA) (6)$87.0 $91.9 $93.8 $100.4 $100.6 
Equitable Advisor Headcount
Total Number of Equitable Advisors4,406 4,320 4,358 4,396 4,587 
Notes:
(1) Balances were revised from previously filed financial statement supplement
(2) “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.
(3) “Separate Accounts” refers to the separate account investment assets of our insurance subsidiaries excluding any assets on which we bear the investment risk.
(4) As of December 31, 2023, March 31, 2024, June 30, 2024, September 30, 2024 and December 31, 2024, Separate Account is inclusive of $12.5 billion, $12.9 billion, $12.5 billion, $12.8 billion and $12.3 billion & General Account AUM is inclusive of $49 million, $47 million, $46 million, $44 million and $43 million, respectively, Account Value ceded to Venerable.
(5) As of December 31, 2023, March 31, 2024, June 30, 2024, September 30, 2024 and December 31, 2024, Separate Account is inclusive of $6.4 billion, $6.9 billion, $6.8 billion, $7.1 billion and $6.9 billion & General Account AUM is inclusive of $3.6 billion, $3.5 billion, $3.4 billion, $3.3 billion and $3.2 billion, respectively, Account Value ceded to Global Atlantic.
(6) Includes Advisory and Brokerage AUA included in our Wealth Management segment.

4Q 2024 Financial Supplement
10

Sales Metrics by Segment
For the Three Months EndedYears Ended
(in millions USD, unless otherwise indicated)12/31/20233/31/20246/30/20249/30/202412/31/2024Change12/31/202312/31/2024Change
Insurance Operations
Individual Retirement (3)
First year premiums and deposits$3,868 $4,313 $4,485 $4,854 $4,908 26.9 %$14,226 $18,560 30.5 %
Renewal premium and deposits71 72 58 58 60 (15.5)%253 248 (2.0)%
Total Gross Premiums$3,939 $4,385 $4,543 $4,912 $4,968 26.1 %$14,479 $18,808 29.9 %
Group Retirement
First year premiums and deposits$545 $428 $950 $454 $530 (2.7)%$1,581 $2,362 49.4 %
Renewal premium and deposits592 590 620 501 619 4.6 %2,225 2,331 4.7 %
Total Gross Premiums$1,137 $1,018 $1,570 $955 $1,149 1.1 %$3,806 $4,693 23.3 %
Protection Solutions
First year premiums and deposits$154 $113 $121 $127 $148 (4.2)%$467 $509 8.9 %
Renewal premium and deposits667 665 663 666 681 2.1 %2,665 2,675 0.4 %
Total Gross Premiums$821 $778 $784 $793 $829 0.9 %$3,132 $3,184 1.6 %
Asset Management (in billions USD)
Gross Sales by distribution channel
Institutional (4)$3.0 $3.3 $3.3 $4.2 $2.0 (33.3)%$11.8 $13.0 10.2 %
Retail (4)21.0 23.8 23.2 26.6 26.4 25.7 %71.1 99.9 40.5 %
Private Wealth4.3 5.5 5.4 4.7 5.2 20.9 %18.6 20.8 11.8 %
Firmwide Gross Sales (4)$28.3 $32.6 $31.9 $35.5 $33.6 18.7 %$101.5 $133.7 31.7 %
Gross sales by investment service
Equity Active$9.2 $11.7 $12.5 $13.0 $11.8 28.3 %$37.3 $49.0 31.4 %
Equity Passive (1) (4)0.2 0.7 0.3 0.2 0.2 — %1.3 1.5 15.4 %
Fixed Income - Taxable10.2 12.1 10.3 11.6 10.4 2.0 %36.4 44.4 22.0 %
Fixed Income - Tax-Exempt (4)5.5 5.3 4.9 5.6 8.5 54.5 %16.5 24.2 46.7 %
Fixed Income Passive (1)1.3 — — — — (100.0)%1.7 — (100.0)%
Alternatives/Multi-Asset Solutions (2) (4)1.9 2.8 3.9 5.1 2.7 42.1 %8.3 14.6 75.9 %
Firmwide Gross Sales (4)$28.3 $32.6 $31.9 $35.5 $33.6 18.7 %$101.5 $133.7 31.7 %
Wealth Management
Sales by Product Type
Advisory$2,518 $2,866 3,304 3,725 3,623 43.9 %$9,518 $13,519 42.0 %
Brokerage and Direct1,308 1,357 1,481 1,446 1,523 16.5 %4,851 5,807 19.7 %
Retirement, Premiums and Deposits3,324 3,565 3,504 3,539 3,561 7.1 %12,544 14,169 13.0 %
Total Sales$7,150 $7,788 $8,290 $8,710 $8,707 21.8 %$26,913 $33,495 24.5 %
Notes:
(1) Includes index and enhanced index services.
(2) Includes certain multi-asset solutions and services not included in equity or fixed income services.
(3) Prior periods were updated to reflect the impact of moving payout annuity policies from Legacy to IR.
(4) Line item does not cross foot for the year ended 2024 due to rounding.
4Q 2024 Financial Supplement
11





Business Segments:
Operating Earnings Results and Metrics

4Q 2024 Financial Supplement
12

Individual Retirement - Operating Earnings (Loss) and Summary Metrics
For the Three Months Ended or As ofYears Ended or As of
(in millions USD, unless otherwise indicated)12/31/20233/31/20246/30/20249/30/202412/31/2024Change12/31/2023 (1)12/31/2024Change
Revenues
Policy charges, fee income and premiums$195 $208 $209 $224 $223 14.4 %$791 $864 9.2 %
Net investment income (loss)510 555 593 635 666 30.6 %1,782 2,449 37.4 %
Net derivative gains (losses)(5)(5)(6)(5)(5)— %(20)(21)(5.0)%
Investment management, service fees and other income83 88 92 90 94 13.3 %360 364 1.1 %
Segment revenues783 846 888 944 978 24.9 %2,913 3,656 25.5 %
Benefits and other deductions
Policyholders’ benefits76 77 78 82 87 14.5 %299 324 8.4 %
Remeasurement of liability for future policy benefits(3)(3)1 1 (1)66.7 %(2)(2)— %
Interest credited to policyholders’ account balances226 248 281 336 343 51.8 %708 1,208 70.6 %
Commissions and distribution-related payments70 77 80 97 102 45.7 %262 356 35.9 %
Amortization of deferred policy acquisition costs105 109 111 119 121 15.2 %388 460 18.6 %
Compensation and benefits, interest expense and financing fees and other operating costs and expense55 55 50 47 52 (5.5)%198 204 3.0 %
Segment benefits and other deductions529 563 601 682 704 33.1 %1,853 2,550 37.6 %
Operating earnings (loss), before income taxes254 283 287 262 274 7.9 %1,060 1,106 4.3 %
Income taxes(41)(39)(43)(37)(34)17.1 %(176)(153)13.1 %
Operating earnings (loss), before noncontrolling interest213 244 244 225 240 12.7 %884 953 7.8 %
Less: Operating (earnings) loss attributable to the noncontrolling interest— — — — — — %— — — %
Operating earnings (loss)$213 $244 $244 $225 $240 12.7 %$884 $953 7.8 %
Summary Metrics
Operating earnings (loss) - TTM:
$884 $921 $921 $926 $953 7.8 %$884 $953 7.8 %
Average Account Value net of embedded derivative instruments (TTM) (2)$75,324 $78,256 $81,128 $84,596 $88,164 17.0 %$75,324 $88,164 17.0 %
Return on assets net of embedded derivative instruments (TTM) (2)1.41 %1.40 %1.36 %1.28 %1.25 %1.41 %1.25 %
Net flows$1,464 $1,647 $1,853 $1,910 $1,747 19.3 %$5,565 $7,157 28.6 %
First year premiums and deposits$3,868 $4,313 $4,485 $4,854 $4,908 26.9 %$14,226 $18,560 30.5 %
In-force Policy Count by Product (in thousands):616 622 629 636 643 616 643 
(1) Prior periods were updated to reflect the impact of moving payout annuity policies from Legacy to IR.
(2) Balances have been revised from previously filed financial statement supplement to be net of embedded derivative instruments.
4Q 2024 Financial Supplement
13

Individual Retirement - Select Operating Metrics
For the Three Months Ended or As ofYears Ended or As of
(in millions USD, unless otherwise indicated)12/31/20233/31/20246/30/20249/30/202412/31/202412/31/2023 (2)12/31/2024
Sales Metrics
First Year Premiums and Deposits by Product:
SCS$2,931 $3,023 $2,983 $3,072 $3,127 $10,401 $12,205 
SCS Income218 393 482 556 619 933 2,050 
Retirement Cornerstone477 561 555 555 588 1,806 2,259 
Investment Edge185 310 430 594 462 844 1,796 
Other57 26 35 77 112 242 250 
Total First Year Premiums and Deposits$3,868 $4,313 $4,485 $4,854 $4,908 $14,226 $18,560 
Account Values
General Account:
Balance as of beginning of period$46,650 $52,387 $57,583 $61,452 $66,473 $38,128 $52,387 
Gross premiums and deposits (1)2,943 3,410 3,494 3,621 3,552 10,881 14,077 
Surrenders, withdrawals and benefits(1,122)(1,225)(1,191)(1,343)(1,416)(3,977)(5,175)
Net flows 1,821 2,185 2,303 2,278 2,136 6,904 8,902 
Change in market value and reinvestment1,150 (58)294 1,247 (856)1,511 627 
Change in fair value of embedded derivative instruments2,766 3,069 1,272 1,496 1,267 5,841 7,104 
Other — — — — — 3 — 
Balance as of end of period$52,387 $57,583 $61,452 $66,473 $69,020 $52,387 $69,020 
Balance as of end of period net of embedded derivative instruments$41,914 $44,122 $46,782 $50,506 $52,090 $41,914 $52,090 
Separate Accounts:
Balance as of beginning of period$36,820 $39,619 $41,062 $40,810 $42,393 $36,455 $39,619 
Gross premiums and deposits (1)949 946 1,026 1,235 1,316 3,451 4,523 
Surrenders, withdrawals and benefits(1,306)(1,484)(1,476)(1,603)(1,705)(4,790)(6,268)
Net flows (357)(538)(450)(368)(389)(1,339)(1,745)
Change in market value and reinvestment3,156 1,981 198 1,951 (480)4,499 3,650 
Change in fair value of embedded derivative instruments— — — — — — — 
Other — — — — — 4 — 
Balance as of end of period$39,619 $41,062 $40,810 $42,393 $41,524 $39,619 $41,524 
Total:
Balance as of beginning of period$83,470 $92,006 $98,645 $102,262 $108,866 $74,583 $92,006 
Gross premiums and deposits (1)3,892 4,356 4,520 4,856 4,868 14,332 18,600 
Surrenders, withdrawals and benefits(2,428)(2,709)(2,667)(2,946)(3,121)(8,767)(11,443)
Net flows 1,464 1,647 1,853 1,910 1,747 5,565 7,157 
Change in market value and reinvestment4,306 1,923 492 3,198 (1,336)6,010 4,277 
Change in fair value of embedded derivative instruments2,766 3,069 1,272 1,496 1,267 5,841 7,104 
Other — — — — — 7 — 
Balance as of end of period$92,006 $98,645 $102,262 $108,866 $110,544 $92,006 $110,544 
Balance as of end of period net of embedded derivative instruments$81,533 $85,184 $87,592 $92,899 $93,614 $81,533 $93,614 
Net Amount at Risk (NAR)
Total GMIB NAR$14 $17 $21 $31 $31 $14 $31 
Total GMWB NAR$— $— $— $— $— $— $— 
Total GMDB NAR$3,104 $2,868 $2,972 $2,705 $2,977 $3,104 $2,977 
MRB Reserves (Net of Reinsurance)$618 $320 $399 $576 $468 $618 $468 
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.
(2) Prior periods were updated to reflect the impact of moving payout annuity policies from Legacy to IR.
4Q 2024 Financial Supplement
14

Group Retirement - Operating Earnings (Loss) and Summary Metrics
For the Three Months Ended or As ofYears Ended or As of
(in millions USD, unless otherwise indicated)12/31/20233/31/20246/30/20249/30/202412/31/2024Change12/31/202312/31/2024Change
Revenues
Policy charges, fee income and premiums$67 $73 $79 $81 $84 25.4 %$268 $317 18.3 %
Net investment income (loss)125 142 139 143 136 8.8 %497 560 12.7 %
Net derivative gains (losses)— — — (1)— — %(1)(1)— %
Investment management, service fees and other income58 77 65 91 85 46.6 %257 318 23.7 %
Segment revenues250 292 283 314 305 22.0 %1,021 1,194 16.9 %
Benefits and other deductions
Policyholder benefits— — — — — — %— — — %
Remeasurement of liability for future policy benefits— — — — — — %— — — %
Interest credited to policyholders’ account balances58 52 56 60 59 1.7 %215 227 5.6 %
Commissions and distribution-related payments36 44 45 39 42 16.7 %155 170 9.7 %
Amortization of deferred policy acquisition costs15 15 8 16 15 — %59 54 (8.5)%
Compensation and benefits, interest expense and financing fees and other operating costs and expense24 35 29 35 38 58.3 %113 137 21.2 %
Segment benefits and other deductions133 146 138 150 154 15.8 %542 588 8.5 %
Operating earnings (loss), before income taxes117 146 145 164 151 29.1 %479 606 26.5 %
Income taxes(19)(20)(22)(23)(19)— %(80)(84)(5.0)%
Operating earnings (loss), before noncontrolling interest98 126 123 141 132 34.7 %399 522 30.8 %
Less: Operating (earnings) loss attributable to the noncontrolling interest— — — — — — %— — — %
Operating earnings (loss)$98 $126 $123 $141 $132 34.7 %$399 $522 30.8 %
Summary Metrics
Operating earnings (loss) - TTM:$399 $436 $452 $488 $522 30.8 %$399 $522 30.8 %
Average Account Value net of embedded derivative instruments (TTM) (1)$34,116 $35,400 $36,535 $37,712 $39,071 14.5 %$34,116 $39,071 14.5 %
Return on assets net of embedded derivative instruments (TTM) (1)1.40 %1.47 %1.48 %1.52 %1.55 %1.40 %1.55 %
Net flows$(135)$(132)$408 $(246)$(134)0.7 %$(256)$(104)59.4 %
Gross premiums and deposits$1,137 $1,018 $1,570 $955 $1,149 1.1 %$3,806 $4,693 23.3 %
(1) Balances have been revised from previously filed financial statement supplement to be net of embedded derivative instruments.

4Q 2024 Financial Supplement
15

Group Retirement - Select Operating Metrics
For the Three Months Ended or As ofYears Ended or As of
(in millions USD, unless otherwise indicated)12/31/20233/31/20246/30/20249/30/202412/31/202412/31/2023 (2)12/31/2024
Sales Metrics
Gross premiums and deposits:
First-year premiums and deposits$545 $428 $950 $454 $530 $1,581 $2,362 
Renewal premiums and deposits592 590 620 501 619 2,225 2,331 
Group Retirement premiums and deposits$1,137 $1,018 $1,570 $955 $1,149 $3,806 $4,693 
Gross premiums and deposits by market:
Tax-exempt$368 $317 $298 $311 $326 $1,113 $1,251 
Corporate149 93 108 115 93 357 409 
Institutional24 15 542 26 108 98 692 
Other4 3 2 2 3 13 10 
Total first year premiums and deposits545 428 950 454 530 1,581 2,362 
Tax-exempt463 453 492 381 492 1,703 1,819 
Corporate90 99 93 92 92 378 376 
Institutional— — — — — — — 
Other39 38 35 28 35 144 136 
Total renewal premiums and deposits592 590 620 501 619 2,225 2,331 
Group Retirement premiums and deposits by market$1,137 $1,018 $1,570 $955 $1,149 $3,806 $4,693 
Account Values and Assets under Administration
General Account:
Balance as of beginning of period$9,002 $8,952 $8,882 $9,382 $9,369 $9,175 $8,952 
Gross premiums and deposits257 222 768 240 325 896 1,555 
Surrenders, withdrawals and benefits(404)(360)(332)(362)(372)(1,412)(1,426)
Net flows (2)(147)(138)436 (122)(47)(516)129 
Change in market value and reinvestment55 45 57 96 14 210 212 
Change in fair value of embedded derivative instruments42 23 7 13 5 87 48 
Other (1) (2)— — — — — (4)— 
Balance as of end of period (2)$8,952 $8,882 $9,382 $9,369 $9,341 $8,952 $9,341 
Balance as of end of period net of embedded derivative instruments$8,870 $8,795 $9,306 $9,293 $9,271 $8,870 $9,271 
Separate Accounts and Mutual Funds
Balance as of beginning of period$24,848 $27,519 $29,608 $29,885 $31,493 $22,830 $27,519 
Gross premiums and deposits880 796 802 716 824 2,910 3,138 
Surrenders, withdrawals and benefits(868)(790)(830)(840)(911)(2,650)(3,371)
Net flows (2)12 6 (28)(124)(87)260 (233)
Change in market value and reinvestment2,659 2,083 305 1,732 (93)4,399 4,027 
Change in fair value of embedded derivative instruments— — — — — — — 
Other (1) (2)— — — — — 30 — 
Balance as of end of period (2)$27,519 $29,608 $29,885 $31,493 $31,313 $27,519 $31,313 
Total:
Balance as of beginning of period$33,850 $36,471 $38,490 $39,267 $40,862 $32,005 $36,471 
Gross premiums and deposits1,137 1,018 1,570 956 1,149 3,806 4,693 
Surrenders, withdrawals and benefits(1,272)(1,150)(1,162)(1,202)(1,283)(4,062)(4,797)
Net flows(135)(132)408 (246)(134)(256)(104)
Change in market value and reinvestment2,714 2,128 362 1,828 (79)4,609 4,239 
Change in fair value of embedded derivative instruments42 23 7 13 5 87 48 
Other (1)— — — — — 26 — 
Balance as of end of period$36,471 $38,490 $39,267 $40,862 $40,654 $36,471 $40,654 
Balance as of end of period net of embedded derivative instruments$36,389 $38,403 $39,191 $40,786 $40,584 $36,389 $40,584 
Notes:
(1) For the year ended December 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.
(2) Balances for the year ended December 31, 2023 were revised from previously filed financial statement supplement.
4Q 2024 Financial Supplement
16

Asset Management - Operating Earnings (Loss) and Summary Metrics
For the Three Months Ended or As ofYears Ended or As of
(in millions USD, unless otherwise indicated)12/31/20233/31/20246/30/20249/30/202412/31/2024Change12/31/202312/31/2024Change
Revenues
Net investment income (loss)$16 $8 $7 $17 $(5)(131.3)%$18 $27 50.0 %
Net derivative gains (losses)(14)(5)(1)(16)15 207.1 %(16)(7)56.3 %
Investment management, service fees and other income1,072 1,090 1,045 1,085 1,239 15.6 %4,115 4,459 8.4 %
Segment revenues1,074 1,093 1,051 1,086 1,249 16.3 %4,117 4,479 8.8 %
Benefits and other deductions
Commissions and distribution-related payments156 173 180 192 197 26.3 %610 742 21.6 %
Compensation and benefits, interest expense and financing fees and other operating costs and expense679 672 633 641 707 4.1 %2,621 2,653 1.2 %
Total benefits and other deductions835 845 813 833 904 8.3 %3,231 3,395 5.1 %
Operating earnings (loss), before income taxes239 248 238 253 345 44.4 %886 1,084 22.3 %
Income taxes(30)(44)(42)(42)(50)(66.7)%(126)(178)(41.3)%
Operating earnings (loss), before noncontrolling interest209 204 196 211 295 41.1 %760 906 19.2 %
Less: Operating (earnings) loss attributable to the noncontrolling interest(95)(98)(95)(100)(134)(41.1)%(349)(427)(22.3)%
Operating earnings (loss)$114 $106 $101 $111 $161 41.2 %$411 $479 16.5 %
Summary Metrics
Adjusted operating margin (1)29.2 %30.3 %30.8 %31.3 %36.4 %28.2 %32.3 %
Net flows (in billions USD)$(1.8)$0.5 $0.9 $1.1 $(4.8)$(7.0)$(2.2)
Total AUM (in billions USD)$725.2 $758.7 $769.5 $805.9 $792.2 $725.2 $792.2 
Ownership Structure of AB
Holdings and its subsidiaries59.8 %59.6 %59.7 %60.0 %61.9 %59.8 %61.9 %
AB Holding39.5 %39.7 %39.6 %39.3 %37.5 %39.5 %37.5 %
Unaffiliated holders0.7 %0.7 %0.7 %0.7 %0.6 %0.7 %0.6 %
Total100.0 %100.0 %100.0 %100.0 %100.0 %100.0 %100.0 %
EQH economic interest 61.2 %61.0 %61.2 %61.6 %61.9 %61.2 %61.9 %
EQH average economic interest61.6 %61.1 %61.1 %61.4 %61.8 %61.5 %61.3 %
Units of limited partnership outstanding (in millions)286.6 287.3 286.8 285.6 292.1 286.6 292.1 
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.

4Q 2024 Financial Supplement
17

Asset Management - Select Operating Metrics
For the Three Months Ended or As of
(in billions USD, unless otherwise indicated)12/31/20233/31/20246/30/20249/30/202412/31/2024
AUM Roll-forward
Balance as of beginning of period$669.0 $725.2 $758.7 $769.5 $805.9 
Sales/new accounts28.3 32.6 31.9 35.5 33.6 
Redemptions/terminations(24.1)(25.2)(25.7)(26.4)(29.2)
Cash flow/unreinvested dividends(6.0)(6.9)(5.3)(8.0)(9.2)
Net long-term (outflows) inflows(1.8)0.5 0.9 1.1 (4.8)
Adjustment (1)— — — — 0.7 
Market appreciation (depreciation)58.0 33.0 9.9 35.3 (9.6)
Net change56.2 33.5 10.8 36.4 (13.7)
Balance as of end of period$725.2 $758.7 $769.5 $805.9 $792.2 
Ending Assets by distribution channel
Institutions$317.1 $322.5 $322.7 $335.2 $321.4 
Retail286.8 308.0 316.4 334.5 334.3 
Private Wealth121.3 128.2 130.4 136.2 136.5 
Total$725.2 $758.7 $769.5 $805.9 $792.2 
Ending Assets by investment service
Equity
Actively Managed$247.5 $264.1 $264.4 $271.3 $263.4 
Passively Managed (2)62.1 64.7 65.8 68.9 68.3 
Total Equity$309.6 $328.8 $330.2 $340.2 $331.7 
Fixed Income
Actively Managed$269.7 $276.1 $282.2 $287.4 $285.5 
Passively Managed (2)11.4 11.2 11.0 11.4 10.3 
Total Fixed Income281.1 287.3 293.2 298.8 295.8 
Total Alternatives/Multi-Asset Solutions (3)134.5 142.6 146.1 166.9 164.7 
Total$725.2 $758.7 $769.5 $805.9 $792.2 
Notes:
(1) This adjustment is due to a change in fee policy related to certain fixed income assets effective October 1, 2024.
(2) Includes index and enhanced index services.
(3) Includes certain multi-asset solutions and services not included in equity or fixed income services.

4Q 2024 Financial Supplement
18

Asset Management - Net Flows
For the Three Months EndedYears Ended or As of
(in billions USD, unless otherwise indicated)12/31/20233/31/20246/30/20249/30/202412/31/202412/31/202312/31/2024 (3)
Net Flows by Distribution Channel
Institutions
US $(1.0)$(1.5)$1.9 $1.7 $(0.2)$1.3 $2.1 
Global and Non-US (1.5)(2.7)(3.7)(6.1)(6.0)(13.1)(18.6)
Total Institutions $(2.5)$(4.2)$(1.8)$(4.4)$(6.2)$(11.8)$(16.5)
Retail
US$1.4 $1.9 $2.7 $4.0 $4.3 $2.8 $12.7 
Global and Non-US(0.1)2.3 0.1 1.4 (3.2)0.9 0.7 
Total Retail $1.3 $4.2 $2.8 $5.4 $1.1 $3.7 $13.4 
Private Wealth
US$(0.1)$0.7 $0.2 $0.2 $0.5 $2.3 $1.7 
Global and Non-US(0.5)(0.2)(0.3)(0.1)(0.2)(1.2)(0.8)
Total Private Wealth$(0.6)$0.5 $(0.1)$0.1 $0.3 $1.1 $0.9 
Total Net Flows by Distribution Channel$(1.8)$0.5 $0.9 $1.1 $(4.8)$(7.0)$(2.2)
Net Flows by Investment Service
Equity Active
US $(3.3)$(1.5)$(1.5)$(0.3)$(4.1)$(6.2)$(7.3)
Global and Non-US (1.7)(4.7)(4.6)(4.2)(3.3)(9.3)(16.8)
Total Equity Active $(5.0)$(6.2)$(6.1)$(4.5)$(7.4)$(15.5)$(24.1)
Equity Passive (1)
US $(0.3)$(3.2)$(0.6)$(0.7)$(1.1)$(3.7)$(5.6)
Global and Non-US (0.2)(0.1)(0.1)(0.4)(0.3)(0.3)(1.0)
Total Equity Passive (1) $(0.5)$(3.3)$(0.7)$(1.1)$(1.4)$(4.0)$(6.6)
Fixed Income - Taxable
US $0.7 $1.3 $4.6 $1.5 $3.2 $8.7 $10.6 
Global and Non-US (0.1)3.3 (0.2)1.2 (3.9)(2.1)0.4 
Total Fixed Income - Taxable$0.6 $4.6 $4.4 $2.7 $(0.7)$6.6 $11.0 
Fixed Income - Tax-Exempt
US $1.9 $2.9 $1.9 $3.3 $5.5 $5.7 $13.6 
Global and Non-US — — — — — — — 
Total Fixed Income - Tax-Exempt$1.9 $2.9 $1.9 $3.3 $5.5 $5.7 $13.6 
Fixed Income - Passive (1)
US $1.2 $— $(0.1)$(0.2)$(0.1)$1.5 $(0.5)
Global and Non-US — (0.1)0.1 (0.1)(0.5)— (0.5)
Total Fixed Income - Passive (1)$1.2 $(0.1)$— $(0.3)$(0.6)$1.5 $(1.0)
Alternatives/Multi-Asset Solutions (2)
US $0.1 $1.6 $0.5 $2.3 $1.2 $0.4 $5.7 
Global and Non-US (0.1)1.0 0.9 (1.3)(1.4)(1.7)(0.8)
Total Alternatives/Multi-Asset Solutions (2) $— $2.6 $1.4 $1.0 $(0.2)$(1.3)$4.9 
Total Net Flows by Investment Service $(1.8)$0.5 $0.9 $1.1 $(4.8)$(7.0)$(2.2)
Active vs. Passive Net Flows
Actively Managed
Equity $(5.0)$(6.2)$(6.1)$(4.5)$(7.4)$(15.5)$(24.1)
Fixed Income2.5 7.5 6.3 6.0 4.8 12.3 24.6 
Alternatives/Multi-Asset Solutions (2) (0.3)2.4 1.1 0.7 (0.4)(2.0)3.8 
Total$(2.8)$3.7 $1.3 $2.2 $(3.0)$(5.2)$4.3 
Passively Managed (1)
Equity $(0.5)$(3.3)$(0.7)$(1.2)$(1.4)$(4.0)$(6.6)
Fixed Income 1.2 (0.1)— (0.3)(0.6)1.5 (1.0)
Alternatives/Multi-Asset Solutions (2) 0.30.2 0.3 0.40.20.71.1 
Total $1.0 $(3.2)$(0.4)$(1.1)$(1.8)$(1.8)$(6.5)
Total Active vs Passive Net Flows $(1.8)$0.5 $0.9 $1.1 $(4.8)$(7.0)$(2.2)
Notes:
(1) Includes index and enhanced index services.
(2) Includes certain multi-asset solutions and services not included in equity or fixed income services.
(3) Certain line items do not cross foot for the year ended 2024 due to rounding.
4Q 2024 Financial Supplement
19

Protection Solutions - Operating Earnings (Loss) and Summary Metrics
For the Three Months Ended or As ofYears Ended or As of
(in millions USD, unless otherwise indicated)12/31/20233/31/20246/30/20249/30/202412/31/2024Change12/31/202312/31/2024Change
Revenues
Policy charges, fee income and premiums$544 $528 $532 $537 $537 (1.3)%$2,104 $2,134 1.4 %
Net investment income (loss)233 257 260 258 251 7.7 %952 1,026 7.8 %
Net derivative gains (losses)(5)— (1)1 — 100.0 %(16)— 100.0 %
Investment management, service fees and other income35 40 43 43 43 22.9 %140 169 20.7 %
Segment revenues807 825 834 839 831 3.0 %3,180 3,329 4.7 %
Benefits and other deductions
Policyholders’ benefits444 487 473 455 486 9.5 %1,975 1,901 (3.7)%
Remeasurement of liability for future policy benefits30 (4)(12)26 (1)(103.3)%18 9 (50.0)%
Interest credited to policyholders’ account balances128 133 135 141 125 (2.3)%520 534 2.7 %
Commissions and distribution-related payments51 40 43 43 46 (9.8)%158 172 8.9 %
Amortization of deferred policy acquisition costs31 30 32 31 32 3.2 %120 125 4.2 %
Compensation and benefits, interest expense and financing fees and other operating costs and expense90 91 86 87 108 20.0 %328 372 13.4 %
Segment benefits and other deductions774 777 757 783 796 2.8 %3,119 3,113 (0.2)%
Operating earnings (loss), before income taxes33 48 77 56 35 6.1 %61 216 254.1 %
Income taxes(5)(7)(11)(8)(4)20.0 %(10)(30)(200.0)%
Operating earnings (loss), before noncontrolling interest28 41 66 48 31 10.7 %51 186 264.7 %
Less: Operating (earnings) loss attributable to the noncontrolling interest— — 1 (2)1 100.0 %— — — %
Operating earnings (loss)$28 $41 $67 $46 $32 14.3 %$51 $186 264.7 %
Summary Metrics
Operating earnings (loss) - TTM:
$51 $127 $170 $182 $186 264.7 %$51 $186 264.7 %
Benefit ratio70.9 %75.2 %72.9 %71.0 %73.5 %78.5 %73.1 %
Gross written premiums$821 $778 $784 $793 $829 0.9 %$3,132 $3,184 1.6 %
Annualized premiums$102 $80 $91 $88 $102 flat$335 $361 7.6 %
Total in-force face amount (in billions USD) (1)$412.3 $413.2 $411.7 $410.3 $409.2 (0.8)%$412.3 $409.2 (0.8)%
Notes:
(1) Total in-force face amount presented on a gross basis including ceded policies.
4Q 2024 Financial Supplement
20

Protection Solutions - Select Operating Metrics
For the Three Months Ended or As ofYears Ended or As of
(in millions USD, unless otherwise indicated)12/31/20233/31/20246/30/20249/30/202412/31/202412/31/202312/31/2024
Sales Metrics
First Year Premiums and Deposits by Product Line:
Universal Life$— $— $— $— $— $— $— 
Indexed Universal Life2 2 3 3 2 11 10 
Variable Universal Life119 80 87 90 112 339 369 
Term3 3 2 2 3 12 10 
Employee Benefits29 28 29 32 31 104 120 
Other (1)1 — — — — 1 — 
Total$154 $113 $121 $127 $148 $467 $509 
Renewals by Product Line:
Universal Life$175 $169 $166 $179 $160 $729 $674 
Indexed Universal Life68 74 69 67 66 288 276 
Variable Universal Life257 251 259 249 279 1,002 1,038 
Term92 92 86 86 88 363 352 
Employee Benefits71 75 80 81 84 268 320 
Other (1)4 4 3 4 4 15 15 
Total667 665 663 666 681 2,665 2,675 
Total Gross Premiums$821 $778 $784 $793 $829 $3,132 $3,184 
In-force Metrics
In-force Face Amount by Product (2) (in billions USD):
Universal Life (3)$40.9 $40.6 $39.6 $39.1 $38.5 $40.9 $38.5 
Indexed Universal Life26.9 26.6 26.5 26.3 26.2 26.9 26.2 
Variable Universal Life (4)136.9 138.1 139.0 140.1 141.6 136.9 141.6 
Term206.5 206.8 205.5 203.7 201.8 206.5 201.8 
Whole Life1.1 1.1 1.1 1.1 1.1 1.1 1.1 
Total$412.3 $413.2 $411.7 $410.3 $409.2 $412.3 $409.2 
In-force Policy Count by Product (2) (in thousands):
Universal Life (3)122 120 118 116 114 122 114 
Indexed Universal Life63 63 62 62 62 63 62 
Variable Universal Life (4)291 290 290 290 289 291 289 
Term245 246 243 240 237 245 237 
Whole Life15 15 15 15 15 15 15 
Total736 734 728 723 717 736 717 
Protection Solutions Reserves
General Account$18,184 $18,167 $18,150 $18,318 $18,208 $18,184 $18,208 
Separate Accounts16,337 17,560 17,761 18,684 18,753 16,337 18,753 
Total$34,521 $35,727 $35,911 $37,002 $36,961 $34,521 $36,961 
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.
4Q 2024 Financial Supplement
21

Wealth Management - Operating Earnings (Loss) and Summary Metrics
For the Three Months Ended or As ofYears Ended or As of
(in millions USD, unless otherwise indicated)12/31/20233/31/20246/30/20249/30/202412/31/2024Change12/31/202312/31/2024Change
Revenues
Net investment income (loss)$4 $4 $4 $4 $5 25.0 %$13 $17 30.8 %
Net derivative gains (losses)— — — — — — %— — — %
Investment management, service fees and other income404 419 438 446 476 17.8 %1,538 1,779 15.7 %
Segment revenues408 423 442 450 481 17.9 %1,551 1,796 15.8 %
Benefits and other deductions
Commissions and distribution-related payments253 260 282 281 310 22.5 %968 1,133 17.0 %
Compensation and benefits, interest expense and financing fees and other operating costs and expense95 105 99 103 112 17.9 %373 419 12.3 %
Segment benefits and other deductions348 365 381 384 422 21.3 %1,341 1,552 15.7 %
Operating earnings (loss), before income taxes60 58 61 66 59 (1.7)%210 244 16.2 %
Income taxes(15)(15)(17)(16)(12)20.0 %(51)(60)(17.6)%
Operating earnings (loss), before noncontrolling interest45 43 44 50 47 4.4 %159 184 15.7 %
Less: Operating (earnings) loss attributable to the noncontrolling interest— — — — — — %— — — %
Operating earnings (loss)$45 $43 $44 $50 $47 4.4 %$159 $184 15.7 %
Revenue by Activity Type
Investment management, service fees and other income:
Investment management and advisory fees$140 $150 $161 $167 179 27.9 %$542 657 21.2 %
Distribution fees246 253 260 262 281 14.2 %931 1,056 13.4 %
Interest income13 13 12 12 12 (5.6)%50 49 (2.0)%
Service and other income5 3 5 5 4 (20.0)%15 17 13.3 %
Total Investment management, service fees and other income$404 $419 $438 $446 476 17.8 %$1,538 1,779 15.7 %
Summary Metrics
Pre-tax operating margin14.7 %13.7 %13.8 %14.7 %12.3 %13.5 %13.6 %
Advisory net flows$544 $(175)$1,539 $1,860 $776 42.6 %2,978$4,000 34.3 %
Total AUA$87,047 $91,936 $93,816 $100,431 $100,623 15.6 %$87,047 $100,623 15.6 %



4Q 2024 Financial Supplement
22

Wealth Management - Select Operating Metrics
For the Three Months Ended or As ofYears Ended or As of
(in millions USD, unless otherwise indicated)12/31/20233/31/20246/30/20249/30/202412/31/202412/31/202312/31/2024
AUA Roll-forward
Advisory assets :
Beginning assets$50,118 $55,072 $58,075 $60,398 $65,390 $45,544 $55,072 
Net flows544 (175)1,539 1,860 776 2,978 4,000 
Market appreciation (depreciation) and other4,410 3,178 784 3,132 (206)6,550 6,888 
Advisory ending assets$55,072 $58,075 $60,398 $65,390 $65,960 $55,072 $65,960 
Brokerage and direct assets $31,975 $33,861 $33,418 $35,041 $34,663 $31,975 $34,663 
Total Wealth Management assets$87,047 $91,936 $93,816 $100,431 $100,623 $87,047 $100,623 
Cash balances$2,953 $2,804 $2,695 $2,767 $3,083 $2,953 $3,083 
Advisors
Advisors4,406 4,320 4,358 4,396 4,587 4,406 4,587 
Revenue per advisor TTM (in thousands USD)$370 $380 $386 $394 $407 $370 $407 
Sales by Product Type
Advisory$2,518 $2,866 $3,304 $3,725 $3,623 $9,518 $13,519 
Brokerage and direct1,308 1,357 1,481 1,446 1,523 4,851 5,807 
Retirement, premiums and deposits3,324 3,565 3,504 3,539 3,561 12,544 14,169 
Total sales$7,150 $7,788 $8,290 $8,710 $8,707 $26,913 $33,495 




4Q 2024 Financial Supplement
23

Legacy - Operating Earnings (Loss) and Summary Metrics
For the Three Months Ended or As ofYears Ended or As of
(in millions USD, unless otherwise indicated)12/31/20233/31/20246/30/20249/30/202412/31/2024Change12/31/2023 (3)12/31/2024Change
Revenues
Policy charges, fee income and premiums$5 $13 $8 $6 $14 180.0 %$24 $41 70.8 %
Net investment income (loss)17 17 14 15 12 (29.4)%99 58 (41.4)%
Net derivative gains (losses)— — — — — — %— — — %
Investment management, service fees and other income104 100 100 96 103 (1.0)%408 399 (2.2)%
Segment revenues126 130 122 117 129 2.4 %531 498 (6.2)%
Benefits and other deductions
Policyholders’ benefits— (1)1 — 1 100.0 %— 1 100.0 %
Remeasurement of liability for future policy benefits— (1)1 — — — %— — — %
Interest credited to policyholders’ account balances7 9 8 9 7 — %36 33 (8.3)%
Commissions and distribution-related payments40 40 41 40 39 (2.5)%171 160 (6.4)%
Amortization of deferred policy acquisition costs15 16 15 16 15 — %63 62 (1.6)%
Compensation and benefits, interest expense and financing fees and other operating costs and expense26 26 21 20 23 (11.5)%80 90 12.5 %
Segment benefits and other deductions88 89 87 85 85 (3.4)%350 346 (1.1)%
Operating earnings (loss), before income taxes38 41 35 32 44 15.8 %181 152 (16.0)%
Income taxes(7)(6)(4)(5)(6)14.3 %(30)(21)30.0 %
Operating earnings (loss), before noncontrolling interest31 35 31 27 38 22.6 %151 131 (13.2)%
Less: Operating (earnings) loss attributable to the noncontrolling interest— — — — — — %— — — %
Operating earnings (loss)$31 $35 $31 $27 $38 22.6 %$151 $131 (13.2)%
Summary Metrics
Operating earnings (loss) - TTM:$151 $133 $129 $125 $131 (13.2)%$151 $131 (13.2)%
Average Account Value (TTM)$21,484 $21,751 $21,786 $21,820 $21,974 2.3 %$21,484 $21,974 2.3 %
Return on assets (TTM)0.84 %0.73 %0.71 %0.67 %0.69 %0.84 %0.69 %
Net flows (1)$(648)$(658)$(667)$(712)$(787)(21.5)%$(2,298)$(2,824)(22.9)%
In-force Policy Count by Product (in thousands) (2):270 263257251246 270246
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.
(3) Prior periods were updated to reflect the impact of moving payout annuity policies from Legacy to IR.

4Q 2024 Financial Supplement
24

Legacy - Select Operating Metrics
For the Three Months Ended or As ofYears Ended or As of
(in millions USD, unless otherwise indicated)12/31/20233/31/20246/30/20249/30/202412/31/202412/31/2023 (2)12/31/2024
Account Values
General Account:
Balance as of beginning of period$557 $524 $504 $486 $465 $619 $524 
Net flows (1)(36)(23)(21)(25)(20)(108)(89)
Investment performance, interest credited and policy charges (1)
3 3 3 4 2 13 12 
Balance as of end of period$524 $504 $486 $465 $447 $524 $447 
Separate Accounts:
Balance as of beginning of period$20,033 $21,316 $22,010 $21,417 $21,789 $20,557 $21,316 
Net flows (1)(612)(635)(646)(687)(767)(2,190)(2,735)
Investment performance, interest credited and policy charges (1)
1,895 1,329 53 1,059 (111)2,949 2,330 
Balance as of end of period$21,316 $22,010 $21,417 $21,789 $20,911 $21,316 $20,911 
Total:
Balance as of beginning of period$20,590 $21,840 $22,514 $21,903 $22,254 $21,176 $21,840 
Net flows (1)(648)(658)(667)(712)(787)(2,298)(2,824)
Investment performance, interest credited and policy charges (1)
1,898 1,332 56 1,063 (109)2,962 2,342 
Balance as of end of period$21,840 $22,514 $21,903 $22,254 $21,358 $21,840 $21,358 
Net Amount at Risk (NAR)
Total GMIB NAR
$2,822 $2,502 $2,462 $2,692 $2,390 $2,822 $2,390 
Total GMDB NAR
$9,465 $8,982 $8,984 $8,472 $8,602 $9,465 $8,602 
MRB Reserves (Net of Reinsurance)$3,998 $3,368 $3,429 $3,416 $3,136 $3,998 $3,136 
Notes:
(1) Net of the Venerable transaction.
(2) Prior periods were updated to reflect the impact of moving payout annuity policies from Legacy to IR.
4Q 2024 Financial Supplement
25







Investments

4Q 2024 Financial Supplement
26

Consolidated Investment Portfolio Composition
Balances as of
(in millions USD, unless otherwise indicated)December 31, 2023December 31, 2024
Amount (1)% of TotalAmount (1)% of Total
Composition of investment portfolio
Fixed maturities, available-for-sale, at fair value $67,030 60.7 %$76,641 62.1 %
Fixed maturities, at fair value using the fair value option1,654 1.5 %2,053 1.7 %
Mortgage loans on real estate18,171 16.5 %20,072 16.3 %
Policy loans4,158 3.8 %4,330 3.5 %
Other equity investments 3,384 3.1 %3,719 3.0 %
Other invested assets6,719 6.1 %8,537 6.9 %
Subtotal investment assets101,116 91.6 %115,352 93.5 %
Trading securities1,057 1.0 %1,095 0.9 %
Total investments102,173 92.5 %116,447 94.4 %
Cash and cash equivalents8,239 7.5 %6,964 5.6 %
Total$110,412 100.0 %$123,411 100.0 %
General Account AFS Fixed maturities by industry (Based on amortized cost)
Corporate securities:
Finance$13,181 17.9 %$16,080 19.1 %
Manufacturing11,333 15.4 %12,499 14.8 %
Utilities6,838 9.3 %8,476 10.1 %
Services8,242 11.2 %8,899 10.6 %
Energy3,758 5.1 %2,546 3.0 %
Retail and wholesale3,253 4.4 %2,979 3.5 %
Transportation2,493 3.4 %1,559 1.9 %
Other190 0.3 %1,665 2.0 %
Total corporate securities49,288 67.0 %54,703 65.0 %
U.S. government and agency5,735 7.8 %5,801 6.9 %
Residential mortgage-backed (2)2,470 3.4 %4,520 5.4 %
Preferred stock56 0.1 %56 0.1 %
State & political614 0.8 %472 0.6 %
Foreign governments719 1.0 %689 0.8 %
Commercial mortgage-backed3,595 4.9 %4,301 5.1 %
Asset-backed securities11,049 15.0 %13,660 16.2 %
Total$73,526 100.0 %$84,202 100.0 %
General Account AFS Fixed maturities credit quality (3) (Based on amortized cost)
Aaa, Aa, A (NAIC Designation 1)$47,694 64.9 %$56,266 66.8 %
Baa (NAIC Designation 2)23,476 31.9 %26,255 31.2 %
Investment grade71,170 96.8 %82,521 98.0 %
Below investment grade (NAIC Designation 3 and 4)2,356 3.2 %1,681 2.0 %
Total$73,526 100.0 %$84,202 100.0 %
Notes:
(1) Investment data has been classified based on standard industry categorizations for domestic public holdings and similar classifications by industry for all other holdings.
(2) Includes publicly traded agency pass-through securities and collateralized obligations.
(3) Credit quality based on NAIC rating.
4Q 2024 Financial Supplement
27

Consolidated Results of General Account Investment Portfolio
For the Years Ended or As of
(in millions USD, unless otherwise indicated)December 31, 2023December 31, 2024
YieldAmount (2)YieldAmount (2)
Fixed Maturities:
Income (loss)4.17 %$3,103 4.41 %$3,462 
Ending assets73,526 84,202 
Mortgages:
Income (loss)4.65 %806 5.14 %973 
Ending assets18,171 20,072 
Other Equity Investments (1):
Income (loss)3.88 %135 5.75 %203 
Ending assets3,433 3,495 
Trading Securities:
Income— %— 5.07 %16 
Ending assets— 527 
Policy Loans:
Income5.30 %216 5.31 %225 
Ending assets4,158 4,330 
Cash and Short-term Investments: (3)
Income (loss)(2.51)%(81)(4.10)%(223)
Ending assets4,718 3,259 
Funding Agreements:
Interest expense and other(425)(335)
Ending (liabilities)(7,616)(7,167)
Total invested Assets:
Income (loss)3.98 %3,754 4.17 %4,321 
Ending assets96,390 108,718 
Short Duration Fixed Maturities:
Income (loss)4.14 %3 — %— 
Ending assets16 — 
Total Net Investment Income:
Investment income 3.98 %3,757 4.17 %4,321 
Less: investment fees (4)(0.18)%(166)(0.17)%(180)
Investment income, net3.80 %$3,591 3.99 %$4,141 
General Account Ending Net Assets$96,406 $108,718 
Operating Earnings adjustments:
Funding Agreements interest expense425 335 
AB and other non-General Account investment income249 389 
Operating Net investment income (loss)$4,265 $4,865 
Notes:
(1) Includes, as of December 31, 2024 and December 31, 2023, $431 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 during year ended December 31, 2023.
4Q 2024 Financial Supplement
28








Additional Information
4Q 2024 Financial Supplement
29


Deferred Policy Acquisition Costs Rollforward
For the Three Months Ended or As ofYears Ended or As of
(in millions USD, unless otherwise indicated)12/31/20233/31/20246/30/20249/30/202412/31/202412/31/202312/31/2024
TOTAL
Beginning balance$6,599 $6,705 $6,804 $6,924 $7,031 $6,369 $6,705 
Capitalization of commissions, sales and issue expenses274 270 291 291 324 976 1,176 
Amortization(168)(171)(171)(184)(185)(640)(711)
Ending balance$6,705 $6,804 $6,924 $7,031 $7,170 $6,705 $7,170 
Individual Retirement
Beginning balance$3,426 $3,508 $3,601 $3,703 $3,807 $3,219 $3,508 
Capitalization of commissions, sales and issue expenses187 202 213 222 243 677 880 
Amortization(105)(109)(111)(118)(121)(388)(459)
Ending balance$3,508 $3,601 $3,703 $3,807 $3,929 $3,508 $3,929 
Group Retirement
Beginning balance$814 $825 $828 $839 $842 $800 $825 
Capitalization of commissions, sales and issue expenses25 18 20 18 24 83 80 
Amortization(14)(15)(9)(15)(15)(58)(54)
Ending balance$825 $828 $839 $842 $851 $825 $851 
Protection Solutions
Beginning balance$1,676 $1,700 $1,714 $1,731 $1,745 $1,630 $1,700 
Capitalization of commissions, sales and issue expenses55 44 49 46 52 190 191 
Amortization(31)(30)(32)(32)(31)(120)(125)
Ending balance$1,700 $1,714 $1,731 $1,745 $1,766 $1,700 $1,766 
Legacy
Beginning balance$564 $555 $546 $538 $527 $593 $555 
Capitalization of commissions, sales and issue expenses7 6 8 5 5 26 24 
Amortization(16)(15)(16)(16)(15)(64)(62)
Ending balance$555 $546 $538 $527 $517 $555 $517 
Corporate and Other
Beginning balance$119 $117 $115 $113 $110 $127 $117 
Capitalization of commissions, sales and issue expenses— — 1 — — — 1 
Amortization(2)(2)(3)(3)(3)(10)(11)
Ending balance$117 $115 $113 $110 $107 $117 $107 

4Q 2024 Financial Supplement
30

Use of Non-GAAP Financial Measures
In addition to our results presented in accordance with U.S. GAAP, we report Non-GAAP Operating Earnings, Non-GAAP Operating ROE, and Non-GAAP operating common EPS, each of which is a measure that is not determined in accordance with U.S. GAAP. Management principally uses these non-GAAP financial measures in evaluating performance because they present a clearer picture of our operating performance and they allow management to allocate resources. Similarly, management believes that the use of these Non-GAAP financial measures, together with relevant U.S. GAAP measures, provide investors with a better understanding of our results of operations and the underlying profitability drivers and trends of our business. These non-GAAP financial measures are intended to remove from our results of operations the impact of market changes (where there is a mismatch in the valuation of assets and liabilities) as well as certain other expenses which are not part of our underlying profitability drivers or likely to re-occur in the foreseeable future, as such items fluctuate from period-to-period in a manner inconsistent with these drivers. These measures should be considered supplementary to our results that are presented in accordance with U.S. GAAP and should not be viewed as a substitute for the U.S. GAAP measures. Other companies may use similarly titled non-GAAP financial measures that are calculated differently from the way we calculate such measures. Consequently, our non-GAAP financial measures may not be comparable to similar measures used by other companies.
We also discuss certain operating measures, including AUM, AUA, AV, Protection Solutions reserves and certain other operating measures, which management believes provide useful information about our businesses and the operational factors underlying our financial performance.
Non-GAAP Operating Earnings
Non-GAAP Operating Earnings is an after-tax Non-GAAP financial measure used to evaluate our financial performance on a consolidated basis that is determined by making certain adjustments to our consolidated after-tax net income attributable to Holdings. The most significant of such adjustments relates to our derivative positions, which protect economic value and statutory capital, and the variable annuity product MRBs. This is a large source of volatility in net income.
Non-GAAP Operating Earnings equals our consolidated after-tax net income attributable to Holdings adjusted to eliminate the impact of the following items:
•Items related to variable annuity product features, which include: (i) changes in the fair value of MRB and purchased MRB, including the related attributed fees and claims, offset by derivatives and other securities used to hedge the MRB which result in residual net income volatility as the change in fair value of certain securities is reflected in OCI and due to our statutory capital hedge program; and (ii) market adjustments to deposit asset or liability accounts arising from reinsurance agreements which do not expose the reinsurer to a reasonable possibility of a significant loss from insurance risk;
•Investment (gains) losses, which includes credit loss impairments of securities/investments, sales or disposals of securities/investments, realized capital gains/losses and valuation allowances;
•Net actuarial (gains) losses, which includes actuarial gains and losses as a result of differences between actual and expected experience on pension plan assets or projected benefit obligation during a given period related to pension, other postretirement benefit obligations, and the one-time impact of the settlement of the defined benefit obligation;
•Other adjustments, which primarily include restructuring costs related to severance and separation, lease write-offs related to non-recurring restructuring activities, 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 when the majority of the impact relates to the non-core business; and
•Income tax expense (benefit) related to the above items and non-recurring tax items, which includes the effect of uncertain tax positions for a given audit period and changes to the deferred tax valuation allowance.
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 year ended December 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, respectively, would have resulted in a decrease to operating earnings of $4.0 million for Individual Retirement, $7.7 million for Group Retirement, $21.9 million for Protection Solutions, $4.2 million for Legacy, and an increase of $37.8 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.
During the third quarter 2024, the Company moved revenues and expenses related to payout annuitizations from the Legacy segment to the Individual Retirement segment. Now all payout annuities will be reported within the Individual Retirement segment as the block is managed on an aggregate basis. Prior periods have been recast to reflect this change.
Because Non-GAAP Operating Earnings excludes the foregoing items that can be distortive or unpredictable, management believes that this measure enhances the understanding of the Company’s underlying drivers of profitability and trends in our business, thereby allowing management to make decisions that will positively impact our business.
We use the prevailing corporate federal income tax rate of 21% while taking into account any non-recurring differences for events recognized differently in our financial statements and federal income tax returns as well as partnership income taxed at lower rates when reconciling Net income (loss) attributable to Holdings to Non-GAAP Operating Earnings.
4Q 2024 Financial Supplement
31

Use of Non-GAAP Financial Measures
"Non-GAAP Operating ROE"
We calculate Non-GAAP Operating ROE by dividing Non-GAAP Operating Earnings for the previous twelve calendar months by consolidated average equity attributable to Holdings’ common shareholders, excluding AOCI. AOCI fluctuates period-to-period in a manner inconsistent with our underlying profitability drivers as the majority of such fluctuation is related to the market volatility of the unrealized gains and losses associated with our AFS securities. Therefore, we believe excluding AOCI is more effective for analyzing the trends of our operations.
Book Value per common share, excluding AOCI
We use the term “book value” to refer to “Total equity attributable to Holdings' common shareholders.” Book Value per common share, excluding AOCI, is our stockholder’s equity, excluding AOCI, divided by ending common shares outstanding.
Non-GAAP Operating Earnings per common share
Non-GAAP Operating Earnings per common share is calculated by dividing Non-GAAP Operating Earnings less preferred stock dividends by diluted common shares outstanding.
4Q 2024 Financial Supplement
32

Reconciliation of Non-GAAP Measures (1/3)
For the Three Months Ended or As ofYears Ended or As of
(in millions USD, unless otherwise indicated)12/31/20233/31/20246/30/20249/30/202412/31/202412/31/202312/31/2024
Net income (loss) attributable to Holdings
Net income (loss) attributable to Holdings$(698)$114 $428 $(134)$899 $1,302 $1,307 
Adjustments related to:
Variable annuity product features (1)1,191 319 79 738 (530)607 606 
Investment gains (losses), net159 39 16 46 32 713 133 
Net actuarial gains (losses) related to pension and other postretirement benefit obligations13 17 14 13 16 39 60 
Other adjustments (2) (3) (4) (6)153 91 (32)— 34 351 93 
Income tax (expense) benefit related to above adjustments (319)(98)(16)(167)94 (359)(187)
Non-recurring tax items (5)(23)8 5 5 (23)(959)(5)
Non-GAAP Operating Earnings$476 $490 $494 $501 $522 $1,694 $2,007 
Net income (loss) attributable to Holdings$(2.07)$0.34 $1.31 $(0.42)$2.84 $3.70 $4.02 
Less: Preferred stock dividends0.08 0.04 0.08 0.05 0.08 0.22 0.24 
Net income (loss) available to Holdings' common shareholders(2.15)0.30 1.23 (0.47)2.76 3.48 3.78 
Adjustments related to:
Variable annuity product features (1)3.53 0.96 0.24 2.32 (1.67)1.73 1.87 
Investment gains (losses), net0.47 0.12 0.05 0.14 0.10 2.03 0.41 
Net actuarial gains (losses) related to pension and other postretirement benefit obligations0.04 0.05 0.04 0.04 0.05 0.11 0.18 
Other adjustments (2) (3) (4) (6)0.46 0.27 (0.10)— 0.10 0.99 0.29 
Income tax (expense) benefit related to above adjustments (0.95)(0.29)(0.05)(0.52)0.30 (1.02)(0.58)
Non-recurring tax items (5)(0.07)0.02 0.02 0.02 (0.07)(2.73)(0.02)
Non-GAAP Operating Earnings (loss) available to Holdings' common shareholders $1.33 $1.43 $1.43 $1.53 $1.57 $4.59 $5.93 
Book Value per common share
Book Value per common share$3.26 $1.43 $0.25 $5.26 $0.25 $3.26 $0.25 
Less: Per share impact of AOCI(23.30)(24.93)(26.88)(20.90)(28.11)(23.30)(28.11)
Book value per common share (ex. AOCI)$26.56 $26.36 $27.14 $26.16 $28.36 $26.56 $28.36 
Notes:
(1) Includes the impact of favorable assumption updates of $16 million and $40 million for the year ended December 31, 2024 and 2023, respectively. The impact per common share is $0.05 and $0.11 for the year ended December 31, 2024 and 2023, respectively.
(2) Includes certain gross legal expenses related to the COI litigation of $106 million and $144 million for the year ended December 31, 2024 and 2023, respectively. Includes the impact of annual actuarial assumptions updates related to LFPB of $61 million for the year ended December 31, 2023. The legal accruals impact per common share is $0.33 and $0.41 for the year ended December 31, 2024 and 2023, respectively. Includes the impact of unfavorable annual actuarial assumptions updates related to LFPB of $0.17 for the year ended December 31, 2023.
(3) For the year ended December 31, 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 year ended December 31, 2024.
(4) For the year ended December 31, 2024, includes $78 million contingent payment gain recognized in connection with a fair value remeasurement of the contingent payment liability associated with AB's acquisition of CarVal in 2022. The impact per common share is $0.24 for the year ended December 31, 2024, respectively.
(5) For 2023 non-recurring tax items reflect primarily the effect of uncertain tax positions for a given audit period. Include a decrease of the deferred tax valuation allowance of $30 million and $1.0 billion for the three months and year ended December 31, 2023, as well as $0.09 and $2.84 per common share, respectively.
(6) Includes Non-GMxB related derivative hedge losses (gains) of $(29) million and $6 million for the three months and year ended December 31, 2024, respectively, and $33 million and $34 million for the three months and year ended December 31, 2023, respectively. The impact per common share is $(0.09) and $0.02 for the three months and year ended December 31, 2024, respectively, and $0.10 and $0.07 for the three months and year ended December 31, 2023, respectively.
4Q 2024 Financial Supplement
33

Reconciliation of Non-GAAP Measures (2/3)
As of and for the Twelve Months Ended
(in millions USD, unless otherwise indicated)6/30/20249/30/202412/31/2024
Net Income to Non-GAAP Operating Earnings
Net income (loss) attributable to Holdings$908 $(290)$1,307 
Adjustments related to:
Variable annuity product features209 2,327 606 
Investment (gains) losses625 260 133 
Net actuarial (gains) losses related to pension and other postretirement benefit obligations52 57 60 
Other adjustments303 212 93 
Income tax (expense) benefits related to above adjustments(250)(600)(187)
Non-recurring tax items26 (5)(5)
Non-GAAP Operating Earnings$1,873 $1,961 $2,007 
Return on Equity and Non-GAAP Operating Return on Equity - Trailing twelve months
Net income (loss) attributable to Holdings$908 $(290)$1,307 
Less: Preferred stock(80)(80)(80)
Net income (loss) available to Holdings' common shareholders$828 $(370)$1,227 
Average equity attributable to Holdings' common shareholders (ex. AOCI)$9,048 $8,872 $8,602 
Return on Equity (ex. AOCI)9.2 %(4.2)%14.3 %
Non-GAAP Operating Earnings$1,873 $1,961 $2,007 
Less: Preferred stock(80)(80)(80)
Non-GAAP Operating Earnings available to Holdings' common shareholders$1,793 $1,881 $1,927 
Average equity attributable to Holdings' common shareholders (ex. AOCI)$9,048 $8,872 $8,602 
Non-GAAP Operating Return on Equity (ex. AOCI)19.8 %21.2 %22.4 %
4Q 2024 Financial Supplement
34

Reconciliation of Non-GAAP Measures (3/3)
Balances as of
(in millions USD, unless otherwise indicated)3/31/20236/30/20239/30/202312/31/20233/31/20246/30/20249/30/202412/31/2024
Equity Reconciliation - Quarter-end Balances
Total equity attributable to Holdings' shareholders$3,754 $3,553 $1,642 $2,649 $2,032 $1,644 $3,220 $1,585 
Less: Preferred Stock1,562 1,562 1,562 1,562 1,562 1,562 1,562 1,507 
Total equity attributable to Holdings' common shareholders2,192 1,991 80 1,087 470 82 1,658 78 
Less: Accumulated other comprehensive income (loss)(6,516)(7,142)(9,802)(7,777)(8,166)(8,645)(6,595)(8,712)
Total equity attributable to Holdings' common shareholders (ex. AOCI)$8,708 $9,133 $9,882 $8,864 $8,636 $8,727 $8,253 $8,790 
Balances as of
(in millions USD, unless otherwise indicated)3/31/20236/30/20239/30/202312/31/20233/31/20246/30/20249/30/202412/31/2024
Equity Reconciliation - Twelve Month Rolling Average
Total equity attributable to Holdings' shareholders$3,567 $3,030 $2,588 $2,900 $2,469 $1,992 $2,386 $2,120 
Less: Preferred Stock1,562 1,562 1,562 1,562 1,562 1,562 1,562 1,548 
Total equity attributable to Holdings' common shareholders2,005 1,468 1,026 1,338 907 430 824 572 
Less: Accumulated other comprehensive income (loss)(6,636)(7,380)(8,113)(7,809)(8,222)(8,598)(7,796)(8,030)
Total equity attributable to Holdings' common shareholders (ex. AOCI)$8,641 $8,848 $9,139 $9,147 $9,129 $9,027 $8,620 $8,602 


4Q 2024 Financial Supplement
35

Glossary of Selected Financial and Product Terms
Account Value (“AV”) - AV generally equals the aggregate policy account value of our retirement and protection products. General Account AV refers to account balances in investment options that are backed by the General Account while Separate Accounts AV refers to Separate Accounts investment assets. AV is reflected net of reinsurance.
Advisory Assets - Assets invested in a variety of investments using an asset allocation model designed for the client’s objectives. The client is charged a fee based on the value of the assets in the account.
Annualized premiums - 100% of first year recurring premiums (up to target) and 10% of excess first year premiums or first year premiums from single premium products.
Assets Under Administration (“AUA”) - AUA includes non-insurance client assets that are invested in our savings and investment products or serviced by our Equitable Advisors platform. We provide administrative services for these assets and generally record the revenues received as distribution fees.
Assets Under Management (“AUM”) - AUM means investment assets that are managed by one of our subsidiaries and includes: (i) assets managed by AB; (ii) the assets in our General Account investment portfolio; and (iii) the Separate Account assets of our Individual Retirement, Group Retirement and Protection Solutions businesses. Total AUM reflects exclusions between segments to avoid double counting.
Average Account Value (TTM) - Calculated as an average of the previous twelve calendar months total Account Value balance, net of embedded derivative instruments where applicable.
Benefit base - A notional amount (not actual cash value) used to calculate the owner’s guaranteed benefits within an annuity contract. The death benefit and living benefit within the same contract may not have the same benefit base.
Brokerage Assets - Brokerage accounts which allow clients a variety of investments, including mutual funds, exchange traded products, equities and fixed income, to be managed in one account. The client is charged for all buy and sell transactions.
Current Product Offering (Individual Retirement) - Products sold 2011 and later.
Deferred policy acquisition costs (“DAC”) - Represents the incremental costs related directly to the successful acquisition of new and certain renewal insurance policies and annuity contracts and which have been deferred on the balance sheet as an asset.
Direct Assets - Mutual Funds purchased through and registered directly with an asset management company. No other agents, such as brokers or distributors, are involved in the transactions.
Equitable Advisors - means Equitable Advisors, LLC, a Delaware limited liability company, our retail broker/dealer for our retirement and protection businesses and a wholly-owned indirect subsidiary of Holdings.
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).
IR - Abbreviation for Individual Retirement.
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.
4Q 2024 Financial Supplement
36

Return of Premium (“ROP”) death benefit - This death benefit pays the greater of the account value at the time of a claim following the owner’s death or the total contributions to the contract (subject to adjustment for withdrawals). The charge for this benefit is usually included in the M&E fee that is deducted daily from the net assets in each variable investment option. We also refer to this death benefit as the Return of Principal death benefit.
Return on Assets - Calculated as trailing twelve months operating earnings (loss), before income taxes, divided by trailing twelve months average account value, net of embedded derivative instruments.
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.
4Q 2024 Financial Supplement
37

Analyst Coverage, Ratings & Contact Information
Analyst Coverage
FirmAnalystPhone Number
Barclays
Alex Scott
1 (212) 526-1561
BMO
Jack Matten
1 (212) 671-8000
Deutsche BankCave Montazeri1 (212) 250-2798
Dowling & PartnersJoel Hurwitz1 (860) 676-7312
Evercore ISIThomas Gallagher1 (212) 446-9439
JefferiesSuneet Kamath1 (212) 778-8602
J.P. MorganJimmy Bhullar1 (212) 622-6397
Keefe, Bruyette, & WoodsRyan Krueger1 (860) 722-5930
Morgan StanleyBob Jian Huang1 (212) 761-6136
Raymond JamesWilma Burdis1 (727) 567-9371
Truist SecuritiesMark Hughes1 (615) 748-4422
UBSBrian Meredith 1 (212) 713-2492
Wells Fargo SecuritiesElyse Greenspan1 (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. BestS&PMoody’s
Last review dateFeb '24Feb '24May '24
Financial Strength Ratings:
Equitable Financial Life Insurance CompanyAA+A1
Equitable Financial Life Insurance Company of AmericaAA+A1
Credit Ratings:
Equitable Holdings, Inc.bbb+A-Baa1
AllianceBernstein L.P. (1)—AA2
Investor and Media Contacts
Contact Investor RelationsContact Media Relations
Erik BassLaura Yagerman
(212) 314-2476(212) 314-2010
Notes:
(1) Last review dates: S&P as of May '24, Moody’s as of Mar '24.

4Q 2024 Financial Supplement
38
v3.25.0.1
COVER
Feb. 05, 2025
Entity Information [Line Items]  
Document Type 8-K
Document Period End Date Feb. 05, 2025
Entity Registrant Name Equitable Holdings, Inc.
Entity Incorporation, State or Country Code DE
Entity File Number 001-38469
Entity Tax Identification Number 90-0226248
Entity Address, Address Line One 1345 Avenue of the Americas
Entity Address, City or Town New York
Entity Address, State or Province NY
Entity Address, Postal Zip Code 10105
City Area Code 212
Local Phone Number 554-1234
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Entity Central Index Key 0001333986
Amendment Flag false
Common Stock | New York Stock Exchange  
Entity Information [Line Items]  
Title of 12(b) Security Common Stock
Trading Symbol EQH
Security Exchange Name NYSE
Depositary Shares, each representing a 1/1,000th interest in a share of Fixed Rate Noncumulative Perpetual Preferred Stock, Series A | New York Stock Exchange  
Entity Information [Line Items]  
Title of 12(b) Security Depositary Shares, each representing a 1/1,000th interest in a share of Fixed Rate Noncumulative Perpetual Preferred Stock, Series A
Trading Symbol EQH PR A
Security Exchange Name NYSE
Depositary Shares, each representing a 1/1,000th interest in a share of Fixed Rate Noncumulative Perpetual Preferred Stock, Series C | New York Stock Exchange  
Entity Information [Line Items]  
Title of 12(b) Security Depositary Shares, each representing a 1/1,000th interest in a share of Fixed Rate Noncumulative Perpetual Preferred Stock, Series C
Trading Symbol EQH PR C
Security Exchange Name NYSE
Equitable (NYSE:EQH-C)
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