0001333986false00013339862024-02-062024-02-060001333986us-gaap:CommonClassAMemberexch:XNYS2024-02-062024-02-060001333986us-gaap:SeriesAPreferredStockMemberexch:XNYS2024-02-062024-02-060001333986us-gaap:SeriesCPreferredStockMemberexch:XNYS2024-02-062024-02-06

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 6, 2024
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 6, 2024, Equitable Holdings, Inc. (“EQH”) issued a press release announcing its financial results for the quarter and full year ended December 31, 2023. 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, 2023. A copy of the Financial Supplement for the quarter ended December 31, 2023 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, 2023, 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 Tuesday, February 6, 2024.
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 6, 2024 (furnished and not filed)
Financial Supplement for the quarter ended December 31, 2023 (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 6, 2024
By:
/s/ William Eckert
Name:
William Eckert
Title:
Chief Accounting Officer
(Principal Accounting Officer)




EQUITABLE HOLDINGS REPORTS FULL YEAR AND FOURTH QUARTER 2023 RESULTS
_______________________________________
•Solid business results with full year cash flow1 of $1.3 billion, in line with guidance

•Strong organic growth momentum with $5.3 billion of Retirement2 net inflows and $3.0 billion in Wealth Management advisory net inflows

•Asset Management’s Retail and Private Wealth channels delivered full year net inflows, which was offset by Institutional net outflows; Institutional pipeline remains strong with $12 billion

•Full year Net income of $1.3 billion, or $3.48 per share; fourth quarter Net loss of $698 million, or $2.15 per share

•Non-GAAP operating earnings3 of $1.7 billion, or $4.59 per share, for the full year and $476 million, or $1.33 per share, for the fourth quarter 2023. Adjusting for notable items4, Non-GAAP operating earnings of $1.9 billion, or $5.13 per share, for the full year and $479 million, or $1.34 per share, for the fourth quarter 2023

•Returned $1.2 billion to shareholders this year, including $315 million in the quarter, delivering on the 60-70% payout ratio target; Board approved a new $1.3 billion share repurchase authorization5
_______________________________________
New York, NY, February 6, 2024 — 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, 2023.
“2023 was a momentous year for Equitable Holdings. We celebrated our fifth anniversary as a public company while also holding our inaugural investor day in May, where we highlighted our growth strategy and financial goals for the next five years. Equitable delivered solid financial results despite an uncertain macro environment, and our businesses continue to drive predictable cash flow to Holdings, with $1.3 billion in 2023, in line with our full year guidance. This, in combination with $2.0 billion of cash at Holdings, enabled us to deliver capital return consistent with our 60-70% payout ratio target and was recognized by S&P Global’s upgrade of Equitable Holdings to A-. Higher interest rates and favorable demographic trends have led clients to seek our advice-centric solutions, resulting in $8.3 billion of Retirement and Wealth Management advisory net inflows over the past year. In asset management, we were not immune to industry-wide pressures on net flows, but AB remains well-positioned with a global distribution platform, strong performance track record and strategic focus on higher-growth segments like Private Markets,” said Mark Pearson, President and Chief Executive Officer.

Mr. Pearson concluded, “While we faced some short-term headwinds this past year, we expect non-GAAP operating earnings per share growth to accelerate in 2024 and project increased cash generation of $1.4
1 Cash flow is net dividends and distributions to Equitable Holdings from its subsidiaries.
2 Includes Individual Retirement and Group Retirement segments.
3 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.
4 Please refer to Exhibit 1 for a detailed reconciliation and definitions related to notable items.
5 Under this authorization, the Company may, from time to time, purchase shares of its common stock through various means including open market transactions, privately negotiated transactions, forward, derivative, accelerated repurchase, or automatic share repurchase transactions, or tender offers. The authorization for the share repurchase program may be terminated, increased or decreased by the board of directors at any time.

1

billion to $1.5 billion6. This momentum is supported by the combination of organic growth within our Retirement and Wealth Management businesses and continued execution against our strategic initiatives.”



Consolidated Results
Fourth QuarterFull Year
(in millions, except per share amounts or unless otherwise noted)2023202220232022
Total Assets Under Management/Administration (“AUM/A”, in billions)$930 $826 $930 $826 
Net income attributable to Holdings(698)62 1,302 2,153 
    Net income attributable to Holdings per common share(2.15)0.10 3.48 5.46 
Non-GAAP operating earnings476 348 1,694 1,726 
    Non-GAAP operating earnings per common share (“EPS”)1.33 0.87 4.59 4.33 

As of December 31, 2023, total AUM/A was $930 billion, a year-over-year increase of 13%, driven by higher markets over the prior twelve months.
On a full year basis, Net income attributable to Holdings was $1.3 billion in 2023 compared to $2.2 billion in 2022.

Full year Non-GAAP operating earnings were $1.7 billion in 2023 compared to $1.7 billion in 2022. Adjusting for notable items7 of $189 million, 2023 Non-GAAP operating earnings were $1.9 billion or $5.13 per share.
Net income attributable to Holdings for the fourth quarter of 2023 was $(698) million compared to $62 million in the fourth quarter of 2022.

Non-GAAP operating earnings in the fourth quarter of 2023 was $476 million compared to $348 million in the fourth quarter of 2022. Adjusting for notable items8 of $3 million, fourth quarter 2023 Non-GAAP operating earnings were $479 million or $1.34 per share.

As of December 31, 2023, book value per common share, including accumulated other comprehensive income (“AOCI”), was $3.26. Book value per common share, excluding AOCI, was $26.56.
6 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.
7 Please refer to Exhibit 1 for detailed reconciliation and definitions related to notable items.
8 Please refer to Exhibit 1 for detailed reconciliation and definitions related to notable items.

2

Business Highlights

•Full year 2023 business segment highlights:
◦Individual Retirement (“IR”) reported record full year net inflows of $5.6 billion, and first year premiums were up 24% over prior year, attributable to growth in our industry leading spread-based RILA product.
◦Group Retirement (“GR”) reported full year net outflows of $256 million. The tax-exempt channel, which includes Equitable’s industry leading K-12 educators offering, reported net inflows of $365 million.

◦Investment Management and Research (AllianceBernstein or “AB”)9 reported full year net outflows of $7.0 billion, with Institutional channel outflows partially offset by organic growth in Retail and Private Wealth.

◦Protection Solutions (“PS”) reported $3.1 billion of full year gross written premiums with accumulation-oriented VUL first year premiums up 10% and Employee Benefits first year premiums up 27% over the prior year.

◦Wealth Management (“WM”) reported full year advisory net inflows of $3.0 billion with a continued shift toward fee-based advice supported by approximately 750 dedicated wealth planners, up 7% over prior year.

◦Legacy (“L”) reported $2.3 billion of full year net outflows and continues to run-off at $2-$3 billion annually.

•Capital management program:
◦The Company returned $1.2 billion to shareholders, including $315 million in the fourth quarter of 2023, delivering on its payout ratio target of 60-70% of Non-GAAP operating earnings. Looking ahead, the Board of Directors authorized a new $1.3 billion share repurchase program10.

◦The Company continues to benefit from diverse businesses which drive predictable cash flow with $1.3 billion to the Holding company this year, in line with 2023 guidance. The Company expects $1.4 billion to $1.5 billion of cash generation in 202411, supported by organic growth across retirement, asset and wealth management.

◦The Company reported cash and liquid assets of $2.0 billion at Holdings, which remains above the $500 million minimum target. The combined NAIC RBC ratio was approximately 400%-425% at year end, above the Company’s target of 375-400%.

9 Refers to AllianceBernstein L.P. and AllianceBernstein Holding L.P., collectively.
10 Under this authorization, the Company may, from time to time, purchase shares of its common stock through various means including open market transactions, privately negotiated transactions, forward, derivative, accelerated repurchase, or automatic share repurchase transactions, or tender offers. The authorization for the share repurchase program may be terminated, increased or decreased by the board of directors at any time.
11 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.


3


•Delivering shareholder value:

◦The Company has deployed $9 billion of its $20 billion capital commitment to AB, supporting growth in AB’s Private Markets business, which currently has $61 billion in assets under management.

◦The Company achieved $38 million of its targeted $150 million of net expense savings by 2027 and $52 million of its targeted $110 million of incremental income for the Company’s general account by 2027.





4

Business Segment Results

Individual Retirement
 (in millions, unless otherwise noted)Q4 2023Q4 2022
Account value (in billions)$91.7 $74.3 
Segment net flows (in billions)1.5 0.8 
Operating earnings (loss)206 190 
•Account value increased by 23% primarily due to market performance and net inflows over the prior twelve months.
•Net inflows of $1.5 billion in the quarter were higher over the prior year quarter with sales of $3.8 billion.
•Operating earnings increased from $190 million in the prior year quarter to $206 million, primarily driven by higher net interest margin due to higher interest rates and higher SCS asset balances.
•Operating earnings adjusting for notable items12 increased from $188 million in the prior year quarter to $211 million. Notable items of $5 million in the current period reflects lower net investment income from alternatives and prepayments.

Group Retirement
 (in millions, unless otherwise noted)Q4 2023Q4 2022
Account value (in billions)
$36.5 $32.0 
Segment net flows
(135)24 
Operating earnings (loss)98 92 

•Account value increased by 14% primarily due to market performance over the prior twelve months.
•Net outflows of $135 million in the fourth quarter, primarily attributable to non-core channels; the core tax-exempt channel delivered $115 million of net inflows.
•Operating earnings increased from $92 million in the prior year quarter to $98 million, primarily due to higher net investment income and higher fee income, partially offset by higher interest credited.
•Operating earnings adjusting for notable items13 increased from $98 million in the prior year quarter to $109 million. Notable items of $11 million reflect lower net investment income from alternatives and prepayments.

12 Please refer to Exhibit 1 for a detailed reconciliation and definitions related to notable items.
13 Please refer to Exhibit 1 for a detailed reconciliation and definitions related to notable items.
5

AllianceBernstein
 (in millions, unless otherwise noted)Q4 2023Q4 2022
Total AUM (in billions)$725.2 $646.4 
Segment net flows (in billions)(1.8)(1.9)
Operating earnings (loss)114 94 
•AUM increased by 12% due to market performance over the prior twelve months.
•Net outflows of $1.8 billion in the quarter, with net inflows in the Retail channel of $1.3 billion, led by taxable fixed income and municipals, partially offset by Institutional channel net outflows of $2.5 billion and Private Wealth net outflows of $0.6 billion.

•Operating earnings increased from $94 million in the prior year quarter to $114 million, primarily due to higher base fees on higher average AUM, higher performance fees and a lower tax rate.
•Operating earnings adjusting for notable items14 increased from $94 million in the prior year quarter to $100 million. Notable items of $14 million reflects a favorable tax item in the quarter.

Protection Solutions
 (in millions)Q4 2023Q4 2022
Gross written premiums$821 $776 
Annualized premiums102 74 
Operating earnings (loss)28 (41)
•Annualized premiums increased 38% year-over-year, driven by an 40% increase in Life and a 32% increase in Employee Benefits.
•Operating earnings increased from a $41 million loss in the prior year quarter to $28 million, primarily due to improved mortality compared to the prior year quarter and higher fee type revenue from Employee Benefits premium growth.

•Operating earnings adjusting for notable items15 increased from $58 million in the prior year quarter to $68 million. Notable items of $40 million reflect lower net investment income from alternatives and prepayments and a one-time model update.










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

6




Wealth Management
 (in millions, unless otherwise noted)Q4 2023Q4 2022
Total AUA (in billions)$87.0 $72.4 
Advisory Net Flows (in billions)
0.5 0.2 
Operating earnings (loss)45 23 
•AUA increased by 20% due to market performance and net inflows over the last twelve months.
•Advisory net inflows of $0.5 billion in the quarter.
•Operating earnings increased from $23 million in the prior year quarter to $45 million, primarily due to higher distribution fees and increased advisory fees on higher average asset balances.


Legacy
 (in millions)Q4 2023Q4 2022
Account value (in billions)$22.2 $21.5 
Net Flows (1)(643)(589)
Operating earnings (loss)40 65 
(1)     Net flows excluded as it relates to AV ceded to Venerable for the discrete periods of December 31, 2023 and December 31, 2022 were $(324) million and $(292) million, respectively.

•Account value was flat year-over-year with expected net outflows offset by positive market performance over the prior twelve months.
•Net outflows of $643 million were in line with expectations as this business continues to run-off at $2 billion to $3 billion annually.
•Operating earnings decreased from $65 million in the prior year quarter to $40 million, primarily due to higher operating expenses and lower net investment income as the business continues to run off.
•Operating earnings adjusting for notable items16 decreased from $67 million in the prior year quarter to $41 million. Notable items of $1 million in the current period reflects lower net investment income from alternatives and prepayments partially offset by a one-time model update.

Corporate and Other (“C&O”)
The operating loss of $55 million in the fourth quarter decreased from an operating loss of $75 million in the prior year quarter, primarily driven by the benefit from a favorable out-of-period adjustment related to derivatives reporting. Operating loss after adjusting for notable items17 increased from $89 million in the prior year quarter to $95 million.
16 Please refer to Exhibit 1 for a detailed reconciliation and definitions related to notable items.
17 Please refer to Exhibit 1 for a detailed reconciliation and definitions related to notable items.

7



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 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)2023202220232022
Non-GAAP Operating Earnings476 $348 $1,694 $1,726 
Post-tax Adjustments related to notable items:
Individual Retirement5 (2)10 23 
Group Retirement11 6 24 16 
Investment Management and Research(14)— (23)— 
Protection Solutions40 99 211 213 
Wealth Management— — — — 
Legacy1 2 10 (1)
Corporate & Other(40)(14)(31)(8)
Notable items subtotal3 91 201 243 
Less: impact of actuarial assumption update— — (12)1 
Non-GAAP Operating Earnings, less Notable Items$479 $439 $1,883 $1,970 

Impact of notable items by item category:
Three Months Ended December 31,Year Ended December 31,
(in millions)2023202220232022
Non-GAAP Operating Earnings476 $348 $1,694 $1,726 
Pre-tax adjustments related to Notable Items:
Actuarial and Model Updates14 1 (2)6 
Mortality— 84 151 209 
Expenses— — — 42 
Net Investment Income9 27 117 30 
Subtotal23 112 265 287 
Post-tax impact of Notable Items3 91 201 243 
Less: impact of actuarial assumption update— — (12)1 
Non-GAAP Operating Earnings, less Notable Items$479 $439 $1,883 $1,970 


8


Earnings Conference Call
Equitable Holdings will host a conference call at 8 a.m. ET on February 7, 2024 to discuss its full year and fourth quarter 2023 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 2023 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 financial services holding company comprised of two complementary and well-established principal franchises, Equitable and AllianceBernstein. Founded in 1859, Equitable provides advice, protection and retirement strategies to individuals, families and small businesses. AllianceBernstein is a global investment management firm that offers high-quality research and diversified investment services to institutional investors, individuals and private wealth clients in major world markets. Equitable Holdings has approximately 9,100 employees and financial professionals, $930 billion in assets under management and administration (as of 12/31/2023) and more than 5 million client relationships globally.
Contacts:
Investor Relations
Erik Bass
(212) 314-2476
IR@equitable.com

Media Relations
Sophia Kim
(212) 314-2010
mediarelations@equitable.com

9

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,” “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 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 plateauing or decreasing economic growth and geopolitical conflicts 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 including COVID-19; (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 Investment Management and Research 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.
10



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 EPS, and Book Value per common share, excluding AOCI, each of which is a measure that is not determined in accordance with U.S. GAAP. Management principally uses these non-GAAP financial measures in evaluating performance because they present a clearer picture of our operating performance and they allow management to allocate resources. Similarly, management believes that the use of these Non-GAAP financial measures, together with relevant U.S. GAAP measures, provide investors with a better understanding of our results of operations and the underlying profitability drivers and trends of our business. These non-GAAP financial measures are intended to remove from our results of operations the impact of market changes (where there is mismatch in the valuation of assets and liabilities) as well as certain other expenses which are not part of our underlying profitability drivers or likely to re-occur in the foreseeable future, as such items fluctuate from period-to-period in a manner inconsistent with these drivers. These measures should be considered supplementary to our results that are presented in accordance with U.S. GAAP and should not be viewed as a substitute for the U.S. GAAP measures. Other companies may use similarly titled non-GAAP financial measures that are calculated differently from the way we calculate such measures. Consequently, our non-GAAP financial measures may not be comparable to similar measures used by other companies.
We also discuss certain operating measures, including AUM, AV, and certain other operating measures, which management believes provide useful information about our businesses and the operational factors underlying our financial performance.

11

Non-GAAP Operating Earnings
Non-GAAP Operating Earnings is an after-tax non-GAAP financial measure used to evaluate our financial performance on a consolidated basis that is determined by making certain adjustments to our consolidated after-tax net income attributable to Holdings. The most significant of such adjustments relates to our derivative positions, which protect economic value and statutory capital, and the variable annuity product MRBs. This is a large source of volatility in net income.
Non-GAAP Operating Earnings equals our consolidated after-tax net income attributable to Holdings adjusted to eliminate the impact of the following items:
•Items related to variable annuity product features, which include: (i) changes in the fair value of market risk benefits and purchased market risk benefits, including the related attributed fees and claims, offset by derivatives and other securities used to hedge the market risk benefits which result in residual net income volatility as the change in fair value of certain securities is reflected in OCI and due to our statutory capital hedge program; and (ii) market adjustments to deposit asset or liability accounts arising from reinsurance agreements which do not expose the reinsurer to a reasonable possibility of a significant loss from insurance risk;
•Investment (gains) losses, which includes credit loss impairments of securities/investments, sales or disposals of securities/investments, realized capital gains/losses and valuation allowances;
•Net actuarial (gains) losses, which includes actuarial gains and losses as a result of differences between actual and expected experience on pension plan assets or projected benefit obligation during a given period related to pension, other postretirement benefit obligations, and the one-time impact of the settlement of the defined benefit obligation;
•Other adjustments, which primarily include restructuring costs related to severance and separation, lease write-offs related to non-recurring restructuring activities, COVID-19 related impacts, net derivative gains (losses) on certain Non-GMxB derivatives, net investment income from certain items including consolidated VIE investments, seed capital mark-to-market adjustments, unrealized gain/losses and realized capital gains/losses from sales or disposals of select securities, certain legal accruals; a bespoke deal to repurchase UL policies from one entity that had invested in numerous policies purchased in the life settlement market, which disposed of the risk of additional COI litigation by that entity related to those UL policies, impact of the annual actuarial assumption updates attributable to LFPB; and
•Income tax expense (benefit) related to the above items and non-recurring tax items, which includes the effect of uncertain tax positions for a given audit period and a decrease of deferred tax valuation allowance.
In the third quarter 2023, the Company updated its operating earnings measure to exclude the impact of the annual actuarial assumption update attributable to LFPB as the majority of the earnings volatility attributable to these assumption updates relate to the Company’s Legacy and non-business segment products and as such do not represent the Company’s ongoing revenue generating activities or future business strategy, and impedes comparability of operating results period over period. Operating earnings were favorably impacted by this change in the amount of $61 million for the year ended December 31, 2023. The presentation of operating earnings in prior periods was not revised to reflect this modification because the impact to those periods was immaterial.
Also, 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. Operating earnings were favorably impacted in the amount of $8 million for the year ended December 31, 2023. The presentation of
12

operating earnings in prior periods was not revised to reflect this modification. The impact to operating earnings would have been $36 million favorable for the year ended December 31, 2022 and $50 million unfavorable for the year ended December 31, 2021.
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.

13

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, 2023 and 2022:
Three Months Ended December 31,Year Ended December 31,
(in millions)2023202220232022
Net income (loss) attributable to Holdings$(698)$62 $1,302 $2,153 
Adjustments related to:
Variable annuity product features
1,191 129 607 (2,193)
Investment (gains) losses159 55 713 945 
Net actuarial (gains) losses related to pension and other postretirement benefit obligations13 25 39 82 
Other adjustments (1) (2)
153 150 351 605 
Income tax expense (benefit) related to above adjustments(319)(76)(359)118 
Non-recurring tax items (3)
(23)3 (959)16 
Non-GAAP Operating Earnings$476 $348 $1,694 $1,726 
_______________

(1)Includes certain gross legal expenses related to the cost of insurance litigation, and claims related to a commercial relationship of $109 million, $50 million, $144 million and $218 million for the three months and years ended December 31, 2023 and 2022, respectively. Includes policyholder benefit costs of $75 million for the year ended December 31, 2022, stemming from a deal to repurchase UL policies from one entity that had invested in numerous policies purchased in the life settlement market.
(2)Includes Non-GMxB related derivative hedge losses of $33 million, $26 million, $34 million and ($34) million for the three months and years ended December 31, 2023 and 2022, respectively.
(3)For the three and twelve months ended December 31, 2023, non-recurring tax items reflect primarily the effect of uncertain tax positions for a given audit period and tax valuation allowance decreases of $30 million and $1 billion, respectively.
14

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, 2023 and 2022.
Three Months Ended December 31,Year Ended December 31,
(per share amounts)2023202220232022
Net income (loss) attributable to Holdings (1)$(2.07)$0.17 $3.70 $5.67 
Less: Preferred stock dividend0.08 0.07 0.22 0.21 
Net Income (loss) available to common shareholders(2.15)0.10 3.48 5.46 
Adjustments related to:
Variable annuity product features
3.53 0.35 1.73 (5.77)
Investment (gains) losses0.47 0.15 2.03 2.49 
Net actuarial (gains) losses related to pension and other postretirement benefit obligations0.04 0.07 0.11 0.22 
Other adjustments (2) (3)
0.46 0.39 0.99 1.58 
Income tax expense (benefit) related to above adjustments(0.95)(0.20)(1.02)0.31 
Non-recurring tax items (4)
(0.07)0.01 (2.73)0.04 
Non-GAAP Operating Earnings$1.33 $0.87 $4.59 $4.33 
_______________
(1)For periods presented with a net loss, basic shares are used for EPS.
(2)The legal accruals impact per common share is $0.32, $0.13, $0.41 and $0.57 for the three months and years ended December 31, 2023 and 2022, respectively. Includes policyholder benefit costs of $0.20 per common share for the year ended December 31, 2022 stemming from a deal to repurchase UL policies from one entity that had invested in numerous policies purchased in the life settlement market.
(3)Includes Non-GMxB related derivative hedge losses impact per common share is $0.10, $0.07, $0.09 and $(0.09) for the three months and years ended December 31, 2023 and 2022, respectively.
(4)For the three and twelve months ended December 31, 2023, non-recurring tax items reflect primarily the effect of uncertain tax positions for a given audit period and tax valuation allowance decreases of $0.09 and $2.84 per common share, respectively.





15

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,
2023		December 31, 2022
Book value per common share$3.26 $(0.44)
Per share impact of AOCI23.30 24.63 
Book Value per common share, excluding AOCI$26.56 $24.19 

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.
16

Consolidated Statements of Income (Loss) (Unaudited)
Three Months Ended December 31,Year Ended December 31,
 2023202220232022
(in millions)
REVENUES
Policy charges and fee income$599 $581 $2,380 $2,454 
Premiums281 250 1,104 994 
Net derivative gains (losses)(1,254)(1,309)(2,397)907 
Net investment income (loss)1,223 958 4,320 3,315 
Investment gains (losses), net:
Credit losses on available-for-sale debt securities and loans(75)(48)(220)(314)
Other investment gains (losses), net(84)(7)(493)(631)
Total investment gains (losses), net(159)(55)(713)(945)
Investment management and service fees1,241 1,160 4,820 4,891 
Other income239 231 1,014 1,028 
Total revenues2,170 1,816 10,528 12,644 
BENEFITS AND OTHER DEDUCTIONS
Policyholders’ benefits647 696 2,754 2,716 
Remeasurement of liability for future policy benefits29 12 75 66 
Change in market risk benefits and purchased market risk benefits(35)(1,136)(1,807)(1,280)
Interest credited to policyholders’ account balances563 409 2,083 1,410 
Compensation and benefits586 519 2,328 2,201 
Commissions and distribution-related payments412 383 1,590 1,567 
Interest expense57 53 228 201 
Amortization of deferred policy acquisition costs169 150 641 586 
Other operating costs and expenses559 572 1,898 2,185 
Total benefits and other deductions2,987 1,658 9,790 9,652 
Income (loss) from continuing operations, before income taxes(817)158 738 2,992 
Income tax (expense) benefit228 (20)905 (598)
Net income (loss)(589)138 1,643 2,394 
Less: Net income (loss) attributable to the noncontrolling interest109 76 341 241 
Net income (loss) attributable to Holdings(698)62 1,302 2,153 
Less: Preferred stock dividends26 26 80 80 
Net income (loss) available to Holdings’ common shareholders$(724)$36 $1,222 $2,073 

17

Earnings Per Common Share
Three Months Ended December 31,Year Ended December 31,
 2023202220232022
(in millions)
Earnings per common share
Basic$(2.15)$0.10 $3.49 $5.49 
Diluted$(2.15)$0.10 $3.48 $5.46 
Weighted average shares
Weighted average common stock outstanding for basic earnings per common share337.2 368.6 350.1 377.6 
Weighted average common stock outstanding for diluted earnings per common share (1)337.2 371.5 351.6 379.9 
(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,
2023202220232022
(in millions)
Operating earnings (loss) by segment:
Individual Retirement$206 $190 $850 $762 
Group Retirement98 92 399 446 
Investment Management and Research114 94 411 424 
Protection Solutions28 (41)51 97 
Wealth Management45 23 159 101 
Legacy40 65 186 235 
Corporate and Other (1)(55)(75)(362)(339)
Non-GAAP Operating Earnings$476 $348 $1,694 $1,726 
(1)Includes interest expense and financing fees of $56 million, $49 million, $229 million and $205 million for the three months and year ended December 31, 2023, and 2022 respectively.

18

Select Balance Sheet Statistics
December 31,
2023		December 31,
2022
 (in millions)
ASSETS
Total investments and cash and cash equivalents$110,412 $97,378 
Separate Accounts assets127,251 114,853 
Total assets276,814 252,702 
LIABILITIES
Long-term debt$3,820 $3,322 
Future policy benefits and other policyholders' liabilities17,363 16,603 
Policyholders’ account balances95,673 83,866 
Total liabilities271,656 249,106 
EQUITY
Preferred stock1,562 1,562 
Accumulated other comprehensive income (loss)(7,777)(8,992)
Total equity attributable to Holdings$2,649 $1,401 
Total equity attributable to Holdings' common shareholders (ex. AOCI)8,864 8,831 
19

Assets Under Management (Unaudited)
December 31,
2023		December 31,
2022
(in billions)
Assets Under Management
AB AUM$725.2 $646.4 
Exclusion for General Account and other Affiliated Accounts(75.0)(66.8)
Exclusion for Separate Accounts(44.5)(38.2)
AB third party$605.7 $541.4 
Total company AUM
AB third party$605.7 $541.4 
General Account and other Affiliated Accounts (1) (3) (4)110.4 97.4 
Separate Accounts (2) (3) (4)127.3 114.9 
Total AUM$843.4 $753.6 
_______________
(1) “General Account and Other Affiliated Accounts” refers to assets held in the general accounts of our insurance companies and other assets on which we bear the investment risk.
(2) “Separate Accounts” refers to the separate account investment assets of our insurance subsidiaries excluding any assets on which we bear the investment risk.
(3) As of December 31, 2023 and December 31, 2022, Separate Account and General Account AUM is inclusive of $12.5 billion and $49 million as well as $12.1 billion and $56 million, respectively, Account Value ceded to Venerable. For additional information on the Venerable transaction see Note 13 of the Notes to Consolidated Financial Statements within the 10-K.
((4) As of December 31, 2023 and December 31, 2022, Separate Account and General Account AUM is inclusive of $6.4 billion and $3.6 billion as well as $5.6 billion and $3.9 billion, respectively, Account Value ceded to Global Atlantic. For additional information on the Global Atlantic transaction see MD&A - Executive Summary 'Global Atlantic Reinsurance Transaction' within the 10-K..
20

inkedimage_li.jpg


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
Investment Management and Research (1)
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
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 2023 Financial Supplement
2







Consolidated Financials
and Key Metrics

4Q 2023 Financial Supplement
3

Key Metrics Summary
For the Three Months Ended or As ofYears Ended or As of
(in millions USD, unless otherwise indicated)12/31/20223/31/20236/30/20239/30/202312/31/2023Change12/31/202212/31/2023Change
Net income (loss)$138 $266 $831 $1,135 $(589)(526.8)%$2,394 $1,643 (31.4)%
Net income (loss) attributable to the noncontrolling interest(76)(89)(72)(71)(109)(43.4)%(241)(341)(41.5)%
Net income (loss) attributable to Holdings$62 $177 $759 $1,064 $(698)N/M$2,153 $1,302 (39.5)%
Non-GAAP Operating Earnings (1)$348 $364 $441 $413 $476 36.8 %$1,726 $1,694 (1.9)%
Total equity attributable to Holdings' shareholders$1,401 $3,754 $3,553 $1,642 $2,649 89.1 %$1,401 $2,649 89.1 %
Less: Preferred Stock1,562 1,562 1,562 1,562 1,562 — %1,562 1,562 — %
Total equity attributable to Holdings' common shareholders(161)2,192 1,991 80 1,087 775.2 %(161)1,087 775.2 %
Less: Accumulated other comprehensive income (loss)(8,992)(6,516)(7,142)(9,802)(7,777)13.5 %(8,992)(7,777)13.5 %
Total equity attributable to Holdings' common shareholders (ex. AOCI)$8,831 $8,708 $9,133 $9,882 $8,864 0.4 %$8,831 $8,864 0.4 %
Return on Equity (ex. AOCI) - TTM24.7 %19.9 %17.1 %21.7 %13.4 %24.7 %13.4 %
Non-GAAP Operating ROE (1)19.6 %17.5 %16.5 %16.3 %17.6 %19.6 %17.6 %
Debt to capital:
Debt to Capital (ex. AOCI)27.0 %29.7 %26.3 %25.0 %28.1 %27.0 %28.1 %
Per common share:
Diluted earnings per common share: (2)
Net income (loss) attributable to Holdings$0.10 $0.45 $2.06 $3.02 $(2.15)N/M$5.46 $3.48 (36.3)%
Non-GAAP Operating Earnings (1)$0.87 $0.96 $1.17 $1.15 $1.33 54.0 %$4.33 $4.59 6.0 %
Book value per common share$(0.44)$6.10 $5.69 $0.23 $3.26 838.4 %$(0.44)$3.26 838.4 %
Book value per common share (ex. AOCI)$24.19 $24.25 $26.08 $28.90 $26.56 9.8 %$24.19 $26.56 9.8 %
Weighted-average common shares outstanding:
Basic368.6 361.9 355.2 346.4 337.2 (8.5)%377.6 350.1 (7.3)%
Diluted371.5 364.1 356.1 348.0 337.2 (9.2)%379.9 351.6 (7.5)%
Ending common shares outstanding365.0 359.1 350.2 342.0 333.8 (8.6)%365.0 333.8 (8.6)%
Return to common shareholders:
Common stock dividend$74 $72 $78 $77 $74 $294 $301 
Repurchase of common shares 150 214 226 238 241 849 919 
Total capital returned to common shareholders$224 $286 $304 $315 $315 $1,143 $1,220 
Market Values:
S&P 5003,840 4,109 4,450 4,288 4,770 24.2 %3,840 4,770 24.2 %
US 10-Year Treasury3.9 %3.5 %3.8 %4.6 %3.9 %3.9 %3.9 %
Notes:
(1) This measure is a Non-GAAP financial measure. For an explanation of our use of Non-GAAP financial measures, refer to the “Use of Non-GAAP Financial Measures” and "Glossary of Selected Financial and Product Terms" sections of this document. For a reconciliation of this item to the most directly comparable GAAP measure, refer to the “Non-GAAP Reconciliation” section in this document.
(2) For loss periods, dilutive shares were not included in the calculation of net income (loss) available to shareholders per common share or Non-GAAP Operating Earnings per common share as inclusion of such shares would have an anti-dilutive effect.
4Q 2023 Financial Supplement
4

Operating Earnings (Loss) by Segment and Corporate and Other (2/2)
Year Ended December 31, 2023
(in millions USD, unless otherwise indicated)Individual RetirementGroup RetirementInv Mgmt and ResearchProtection SolutionsWealth ManagementLegacyCorporate and OtherEliminationsConsolidated
Revenues
Policy charges, fee income and premiums$660 $268 $— $2,104 $— $155 $297 $— $3,484 
Net investment income (loss)1,643 497 18 952 13 238 821 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 revenues2,643 1,021 4,117 3,180 1,551 801 1,118 (810)13,621 
Benefits and other deductions
Policyholders’ benefits82 — — 1,975 — 217 486 — 2,760 
Remeasurement of liability for future policy benefits— — — 18 — (2)(6)— 10 
Interest credited to policyholders’ account balances699 215 — 520 — 45 604 — 2,083 
Commissions and distribution related payments261 155 610 158 968 172 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 expense194 113 2,621 328 373 83 418 (58)4,072 
Segment benefits and other deductions1,624 542 3,231 3,119 1,341 578 1,531 (810)11,156 
Operating earnings (loss), before income taxes1,019 479 886 61 210 223 (413)— 2,465 
Income Taxes(169)(80)(126)(10)(51)(37)72 — (401)
Operating earnings (loss), before noncontrolling interest850 399 760 51 159 186 (341)— 2,064 
Less: Operating (earnings) loss attributable to the noncontrolling interest— — (349)— — — (21)— (370)
Operating earnings (loss) (1)$850 $399 $411 $51 $159 $186 $(362)$— $1,694 
Year Ended December 31, 2022
Individual RetirementGroup RetirementInv Mgmt and ResearchProtection SolutionsWealth ManagementLegacyCorporate and OtherEliminationsConsolidated
Revenues
Policy charges, fee income and premiums$655 $318 $— $2,018 $— $139 $318 $— $3,448 
Net investment income (loss)1,056 624 (43)981 2 252 552 95 3,519 
Net derivative gains (losses)(42)(30)41 (20)— — 22 15 (14)
Investment Management, service fees and other income359 246 4,107 141 1,444 428 18 (870)5,873 
Segment revenues2,028 1,158 4,105 3,120 1,446 819 910 (760)12,826 
Benefits and other deductions
Policyholders’ benefits56 — — 1,896 — 167 509 — 2,628 
Remeasurement of liability for future policy benefits(3)— — 47 — — 36 — 80 
Interest credited to policyholders’ account balances318 281 — 511 — 49 251 — 1,410 
Commissions and distribution related payments235 154 630 142 940 187 15 (736)1,567 
Amortization of deferred policy acquisition costs334 59 — 117 — 65 11 — 586 
Compensation and benefits, interest expense and financing fees and other operating costs and expense165 124 2,537 290 370 66 505 (24)4,033 
Segment benefits and other deductions1,105 618 3,167 3,003 1,310 534 1,327 (760)10,304 
Operating earnings (loss), before income taxes923 540 938 117 136 285 (417)— 2,522 
Income Taxes(161)(94)(162)(20)(35)(50)73 — (449)
Operating earnings (loss), before noncontrolling interest762 446 776 97 101 235 (344)— 2,073 
Less: Operating (earnings) loss attributable to the noncontrolling interest— — (352)— — — 5 — (347)
Operating earnings (loss)$762 $446 $424 $97 $101 $235 $(339)$— $1,726 
Notes:
(1) Corporate and Other includes an out of period adjustment of $58 million related to income from hedging of TIPS.

4Q 2023 Financial Supplement
5

Consolidated Statements of Income (Loss)
For the Three Months EndedYears Ended
(in millions USD, unless otherwise indicated)12/31/20223/31/20236/30/20239/30/202312/31/2023Change12/31/202212/31/2023Change
Revenues
Policy charges and fee income$581 $588 $594 $599 $599 3.1 %$2,454 $2,380 (3.0)%
Premiums250 276 280 267 281 12.4 %994 1,104 11.1 %
Net derivative gains (losses)(1,309)(841)(917)615 (1,254)4.2 %907 (2,397)(364.3)%
Net investment income (loss)958 990 1,036 1,071 1,223 27.7 %3,315 4,320 30.3 %
Investment gains (losses), net (55)(87)(56)(411)(159)(189.1)%(945)(713)24.6 %
Investment management and service fees1,160 1,180 1,182 1,217 1,241 7.0 %4,891 4,820 (1.5)%
Other income231 251 258 266 239 3.5 %1,028 1,014 (1.4)%
Total revenues1,816 2,357 2,377 3,624 2,170 19.5 %12,644 10,528 (16.7)%
Benefits and other deductions
Policyholders’ benefits696 730 684 693 647 (7.0)%2,716 2,754 1.4 %
Remeasurement of liability for future policy benefits12 4 (7)49 29 141.7 %66 75 — %
Change in market risk benefits and purchased market risk benefits(1,136)20 (975)(817)(35)96.9 %(1,280)(1,807)— %
Interest credited to policyholders’ account balances409 463 501 556 563 37.7 %1,410 2,083 47.7 %
Compensation and benefits519 583 566 593 586 12.9 %2,201 2,328 5.8 %
Commissions and distribution related payments383 380 393 405 412 7.6 %1,567 1,590 1.5 %
Interest expense53 61 55 55 57 7.5 %201 228 13.4 %
Amortization of deferred policy acquisition costs 150 152 155 165 169 12.7 %586 641 9.4 %
Other operating costs and expenses572 423 466 450 559 (2.3)%2,185 1,898 (13.1)%
Total benefits and other deductions1,658 2,816 1,838 2,149 2,987 80.2 %9,652 9,790 1.4 %
Income (loss) from operations, before income taxes158 (459)539 1,475 (817)(617.1)%2,992 738 (75.3)%
Income tax (expense) benefit(20)725 292 (340)228 N/M(598)905 251.3 %
Net income (loss)138 266 831 1,135 (589)(526.8)%2,394 1,643 (31.4)%
Less: net (income) loss attributable to the noncontrolling interest(76)(89)(72)(71)(109)(43.4)%(241)(341)(41.5)%
Net income (loss) attributable to Holdings (1)$62 $177 $759 $1,064 $(698)N/M$2,153 $1,302 (39.5)%
Less: Preferred stock dividends(26)(14)(26)(14)(26)— %(80)(80)— %
Net income (loss) available to Holdings' common shareholders$36 $163 $733 $1,050 $(724)N/M$2,073 $1,222 (41.1)%
Adjustments related to:
Variable annuity product features $129 $861 $(65)$(1,380)$1,191 $(2,193)$607 
Investment gains (losses), net55 87 56 411 159 945 713 
Net actuarial gains (losses) related to pension and other postretirement benefit obligations25 9 9 8 13 82 39 
Other adjustments (2)150 45 62 91 153 605 351 
Income tax (expense) benefit related to above adjustments (76)(210)(13)183 (319)118 (359)
Non-recurring tax items (3)3 (605)(367)36 (23)16 (959)
Non-GAAP Operating earnings (4)$348 $364 $441 $413 $476 $1,726 $1,694 
Notes:
(1) For the three months and year ended December 31, 2023, includes an out of period pre-tax adjustment of $17 million and $58 million, respectively, related to the income recognition of our hedging on the TIPS.
(2) Includes certain gross legal expenses related to the cost of insurance litigation, and claims related to a commercial relationship of $109 million, $50 million,$144 million and $218 million for the three months and years ended December 31, 2023 and 2022, respectively. Includes policyholder benefit costs of $75 million for the year ended December 31, 2022, stemming from a deal to repurchase UL policies from one entity that had invested in numerous policies purchased in the life settlement market. Includes the impact of unfavorable annual actuarial assumptions updates of $12 million for the year ended December 31, 2023 and favorable impact of $1M for the year ended December 31, 2022.
(3) For the three months and year ended December 31, 2023, non-recurring tax items reflect primarily the effect of uncertain tax positions for a given audit period and tax valuation allowance decreases of $30 million and $1 billion, respectively.
(4) This measure is a Non-GAAP financial measure. For an explanation of our use of Non-GAAP financial measures, refer to the “Use of Non-GAAP Financial Measures” and "Glossary of Selected Financial and Product Terms" sections of this document. For a reconciliation of this item to the most directly comparable GAAP measure, refer to the “Non-GAAP Reconciliation” section in this document.
4Q 2023 Financial Supplement
6

Consolidated Balance Sheets
Balances as of
(in millions USD, unless otherwise indicated)12/31/20223/31/20236/30/20239/30/202312/31/2023
Assets
Total investments $93,097 $96,223 $97,722 $97,209 $102,173 
Cash and cash equivalents4,281 5,018 7,693 6,096 8,239 
Cash and securities segregated, at fair value1,522 1,055 879 928 868 
Broker-dealer related receivables2,338 2,203 2,053 2,017 1,837 
Deferred policy acquisition costs6,369 6,419 6,512 6,599 6,705 
Goodwill and other intangible assets, net5,482 5,478 5,463 5,448 5,433 
Amounts due from reinsurers8,471 8,453 8,395 8,271 8,352 
Current and deferred income taxes781 1,294 1,726 2,035 2,050 
Purchased market risk benefits10,423 10,676 9,931 8,745 9,427 
Other assets4,033 3,629 3,391 3,945 3,323 
Assets held-for-sale562 671 566 681 565 
Assets for market risk benefits490 629 777 701 591 
Separate Accounts assets114,853 119,752 123,898 117,577 127,251 
Total assets$252,702 $261,500 $269,006 $260,252 $276,814 
Liabilities
Policyholders’ account balances $83,866 $86,761 $91,595 $91,912 $95,673 
Liability for market risk benefits15,766 15,061 13,642 13,011 14,612 
Future policy benefits and other policyholders’ liabilities16,603 16,738 16,786 16,647 17,363 
Broker-dealer related payables715 888 1,522 454 1,232 
Customers related payables3,323 2,595 2,526 2,321 2,201 
Amounts due to reinsurers1,533 1,428 1,404 1,424 1,450 
Short-term debt759 751 — — 254 
Long-term debt3,322 3,819 3,819 3,820 3,820 
Notes issued by consolidated variable interest entities, at fair value using the fair value option1,150 1,169 1,484 1,541 1,559 
Other liabilities7,108 6,296 6,410 7,412 6,088 
Liabilities held-for-sale108 158 129 216 153 
Separate Accounts liabilities114,853 119,752 123,898 117,577 127,251 
Total liabilities249,106 255,416 263,215 256,335 271,656 
Redeemable noncontrolling interest455 613 531 636 770 
Equity
Preferred stock1,562 1,562 1,562 1,562 1,562 
Common stock4 4 4 3 3 
Additional paid-in capital2,299 2,298 2,297 2,308 2,328 
Treasury shares(3,297)(3,400)(3,493)(3,592)(3,710)
Retained earnings9,825 9,806 10,325 11,163 10,243 
Accumulated other comprehensive income (loss)(8,992)(6,516)(7,142)(9,802)(7,777)
Total equity attributable to Holdings1,401 3,754 3,553 1,642 2,649 
Noncontrolling interest1,740 1,717 1,707 1,639 1,739 
Total equity3,141 5,471 5,260 3,281 4,388 
Total liabilities, redeemable noncontrolling interest and equity$252,702 $261,500 $269,006 $260,252 $276,814 



4Q 2023 Financial Supplement
7

Consolidated Capital Structure
Balances as of
(in millions USD, unless otherwise indicated)12/31/20223/31/20236/30/20239/30/202312/31/2023
Short-term and long-term debt:
Short-term debt
AB commercial paper$— $— $— $— $254 
AB revolving credit facility— — — — — 
CLO Warehousing Debt (1)239 231 — — — 
Current portion of long-term debt520 520 — — — 
Total short-term debt759 751 — — 254 
Total long-term debt3,322 3,819 3,819 3,820 3,820 
Total short-term and long-term debt: [A]
$4,081 $4,570 $3,819 $3,820 $4,074 
Equity:
Preferred stock$1,562 $1,562 $1,562 $1,562 $1,562 
Common stock4 4 4 3 3 
Additional paid-in capital2,299 2,298 2,297 2,308 2,328 
Treasury stock, at cost(3,297)(3,400)(3,493)(3,592)(3,710)
Retained earnings9,825 9,806 10,325 11,163 10,243 
Accumulated other comprehensive income (loss)(8,992)(6,516)(7,142)(9,802)(7,777)
Total equity attributable to Holdings1,401 3,754 3,553 1,642 2,649 
Noncontrolling interest1,740 1,717 1,707 1,639 1,739 
Total equity$3,141 $5,471 $5,260 $3,281 $4,388 
Total equity attributable to Holdings, (ex. AOCI): [B]
$10,393 $10,270 $10,695 $11,444 $10,426 
Capital:
Total capitalization (2)$5,243 $8,093 $7,372 $5,462 $6,723 
Total capitalization (ex. AOCI): [A+B] (2)
$14,235 $14,609 $14,514 $15,264 $14,500 
Debt to capital:
Debt to capital (ex. AOCI) (3)27.0 %29.7 %26.3 %25.0 %28.1 %
For the Three Months Ended
Roll-forward of common shares outstanding (millions of shares):
Beginning balance370.0 365.0 359.1 350.2 342.0 
Repurchases(3.1)(4.5)(3.6)(3.4)(3.9)
Retirements(1.9)(2.8)(5.3)(4.9)(4.4)
Issuances— 1.3 0.1 0.1 0.1 
Ending basic common shares outstanding365.0 359.1 350.2 342.0 333.8 
Total potentially dilutive shares2.3 2.2 1.5 1.4 1.5 
Ending common shares outstanding - maximum potential dilution367.3 361.3 351.7 343.4 335.3 
Notes:
(1) CLO Warehousing Debt related to VIE consolidation of CLO investment.
(2) Total capitalization exclusive of CLO Warehousing Debt as the VIE debt is non-recourse.
(3) Debt to capital ratio exclusive of CLO Warehousing Debt as the VIE debt is non-recourse.

4Q 2023 Financial Supplement
8

Operating Earnings (Loss) by Segment and Corporate and Other (1/2)
Three Months Ended December 31, 2023
(in millions USD, unless otherwise indicated)Individual RetirementGroup RetirementInv Mgmt and ResearchProtection SolutionsWealth ManagementLegacyCorporate and OtherEliminationsConsolidated
Revenues
Policy charges, fee income and premiums$163 $67 $— $544 $— $37 $69 $— $880 
Net investment income (loss)474 125 16 233 4 53 259 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 revenues715 250 1,074 807 408 194 318 (213)3,553 
Benefits and other deductions
Policyholders’ benefits19 — — 444 — 57 127 — 647 
Remeasurement of liability for future policy benefits— — — 30 — (3)2 — 29 
Interest credited to policyholders’ account balances224 58 — 128 — 9 144 — 563 
Commissions and distribution related payments69 36 156 51 253 41 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 expense53 24 679 90 95 26 88 (14)1,041 
Segment benefits and other deductions470 133 835 774 348 145 369 (213)2,861 
Operating earnings (loss), before income taxes245 117 239 33 60 49 (51)— 692 
Income Taxes(39)(19)(30)(5)(15)(9)4 — (113)
Operating earnings (loss), before noncontrolling interest206 98 209 28 45 40 (47)— 579 
Less: Operating (earnings) loss attributable to the noncontrolling interest— — (95)— — — (8)— (103)
Operating earnings (loss)$206 $98 $114 $28 $45 $40 $(55)$— $476 
Three Months Ended December 31, 2022
Individual RetirementGroup RetirementInv Mgmt and ResearchProtection SolutionsWealth ManagementLegacyCorporate and OtherEliminationsConsolidated
Revenues
Policy charges, fee income and premiums$151 $61 $— $511 $— $30 $77 $— $830 
Net investment income (loss)308 121 15 221 1 67 191 24 948 
Net derivative gains (losses)(8)(3)(16)(2)— — (6)4 (31)
Investment Management, service fees and other income87 59 972 33 348 104 3 (209)1,397 
Segment revenues538 238 971 763 349 201 265 (181)3,144 
Benefits and other deductions
Policyholders’ benefits11 — — 520 — 48 98 — 677 
Remeasurement of liability for future policy benefits(1)— — 12 — (1)22 — 32 
Interest credited to policyholders’ account balances107 52 — 131 — 11 108 — 409 
Commissions and distribution related payments63 37 143 43 225 43 4 (175)383 
Amortization of deferred policy acquisition costs 87 15 — 30 — 16 2 — 150 
Compensation and benefits, interest expense and financing fees and other operating costs and expense47 27 598 78 94 7 120 (6)965 
Segment benefits and other deductions314 131 741 814 319 124 354 (181)2,616 
Operating earnings (loss), before income taxes224 107 230 (51)30 77 (89)— 528 
Income Taxes(34)(15)(41)11 (7)(12)11 — (87)
Operating earnings (loss), before noncontrolling interest190 92 189 (40)23 65 (78)— 441 
Less: Operating (earnings) loss attributable to the noncontrolling interest— — (95)(1)— — 3 — (93)
Operating earnings (loss)$190 $92 $94 $(41)$23 $65 $(75)$— $348 
4Q 2023 Financial Supplement
9

Assets Under Management and Administration
Balances as of
(in billions USD, except for Equitable Headcount)12/31/20223/31/20236/30/20239/30/202312/31/2023
Assets Under Management
AB AUM
Total AB$646.4 $675.9 $691.5 $669.0 $725.2 
Exclusion for General Account and other Affiliated Accounts(66.8)(69.3)(73.7)(69.8)(75.0)
Exclusion for Separate Accounts(38.2)(39.5)(41.0)(39.3)(44.5)
AB third party$541.4 $567.2 $576.8 $559.9 $605.7 
Total company AUM
AB third party$541.4 $567.2 $576.8 $559.9 $605.7 
General Account and other Affiliated Accounts (1) (3) (4)97.4 101.2 105.4 103.3 110.4 
Separate Accounts (2) (3) (4)114.9 119.8 123.9 117.6 127.3 
Total AUM$753.6 $788.1 $806.1 $780.8 $843.4 
Total Assets Under Administration (AUA) (5)$72.4 $75.6 $80.4 $79.4 $87.0 
Equitable Advisor Headcount
Total Number of Equitable Advisors4,258 4,124 4,101 4,141 4,406 
Notes:
(1) “General Account and Other Affiliated Accounts” refers to assets held in the general accounts of our insurance companies and other assets on which we bear the investment risk.
(2) “Separate Accounts” refers to the separate account investment assets of our insurance subsidiaries excluding any assets on which we bear the investment risk.
(3) As of December 31, 2022, March 31, 2023, June 30, 2023, September 30, 2023 and December 31, 2023, Separate Account is inclusive of $12.1 billion, $12.3 billion, $12.6 billion, $11.7 billion and $12.5 billion & General Account AUM is inclusive of $56 million, $54 million, $52 million, $51 million and $49 million, respectively, Account Value ceded to Venerable. For additional information on the Venerable transaction see Note 13 of the Notes to Consolidated Financial Statements within the 10-K.
(4) As of December 31, 2022, March 31, 2023, June 30, 2023, September 30, 2023 and December 31, 2023, Separate Account is inclusive of $5.6 billion, $5.9 billion, $6.3 billion, $5.9 billion and $6.4 billion & General Account AUM is inclusive of $3.9 billion, $3.9 billion, $3.8 billion, $3.7 billion and $3.6 billion, respectively, Account Value ceded to Global Atlantic. For additional information on the Global Atlantic transaction see MD&A - Executive Summary 'Global Atlantic Reinsurance Transaction' within the 10-K.
(5) Includes Advisory and Brokerage AUA included in our Wealth Management segment. 

4Q 2023 Financial Supplement
10

Sales Metrics by Segment
For the Three Months EndedYears Ended
(in millions USD, unless otherwise indicated)12/31/20223/31/20236/30/20239/30/202312/31/2023Change12/31/202212/31/2023Change
Insurance Operations
Individual Retirement
First year premiums and deposits$2,594 $2,843 $3,650 $3,804 $3,848 48.4 %$11,363 $14,145 24.5 %
Renewal premium and deposits6 8 10 8 7 20.9 %42 33 (20.8)%
Total Gross Premiums$2,600 $2,851 $3,660 $3,812 $3,855 48.3 %$11,405 $14,178 24.3 %
Group Retirement
First year premiums and deposits$392 $323 $370 $343 $545 39.0 %$2,118 $1,581 (25.4)%
Renewal premium and deposits560 574 595 464 592 5.8 %2,330 2,225 (4.5)%
Total Gross Premiums$952 $897 $965 $807 $1,137 19.5 %$4,448 $3,806 (14.4)%
Protection Solutions
First year premiums and deposits$108 $103 $107 $103 $154 42.7 %$424 $467 10.2 %
Renewal premium and deposits668 683 662 653 667 (0.1)%2,659 2,665 0.2 %
Total Gross Premiums$776 $786 $769 $756 $821 5.8 %$3,083 $3,132 1.6 %
Investment Management and Research (in billions USD)
Gross Sales by distribution channel
Institutional$12.6 $3.0 $1.5 $4.3 $3.0 (76.2)%$32.2 $11.8 (63.4)%
Retail (3)14.2 16.8 16.5 16.9 21.0 47.9 %65.9 71.1 7.9 %
Private Wealth (3)4.1 5.8 4.4 4.0 4.3 4.9 %17.5 18.6 6.3 %
Firmwide Gross Sales$30.9 $25.6 $22.4 $25.2 $28.3 (8.4)%$115.6 $101.5 (12.2)%
Gross sales by investment service
Equity Active$9.3 $8.5 $9.3 $10.3 $9.2 (1.1)%$46.0 $37.3 (18.9)%
Equity Passive (1) (3)0.1 0.2 0.4 0.4 0.2 100.0 %1.8 1.3 (27.8)%
Fixed Income - Taxable (3)8.3 11.1 7.6 7.6 10.2 22.9 %25.5 36.4 42.7 %
Fixed Income - Tax-Exempt (3)3.6 3.9 3.4 3.8 5.5 52.8 %16.0 16.5 3.1 %
Fixed Income Passive (1)— — — 0.4 1.3 100.0 %(0.1)1.7 N/M
Alternatives/Multi-Asset Solutions (2) (3)9.5 1.9 1.7 2.7 1.9 (80.0)%26.4 8.3 (68.6)%
Firmwide Gross Sales$30.9 $25.6 $22.4 $25.2 $28.3 (8.4)%$115.6 $101.5 (12.2)%
Wealth Management
Sales by Product Type
Advisory$1,850 $2,316 $2,315 $2,369 $2,518 36.1 %$9,089 $9,518 4.7 %
Brokerage and Direct907 1,099 1,172 1,272 1,308 44.2 %3,077 4,851 57.7 %
Retirement, Premiums and Deposits2,877 3,024 3,231 2,965 3,324 15.5 %10,746 12,544 16.7 %
Total Sales$5,634 $6,439 $6,718 $6,606 $7,150 26.9 %$22,912 $26,913 17.5 %
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) Line item does not cross foot for the year ended 2023 due to rounding.
4Q 2023 Financial Supplement
11





Business Segments:
Operating Earnings Results and Metrics

4Q 2023 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)12/31/20223/31/20236/30/20239/30/202312/31/2023Change12/31/202212/31/2023Change
Revenues
Policy charges, fee income and premiums$151 $163 $165 $169 $163 7.9 %$655 $660 0.8 %
Net investment income (loss)308 340 391 438 474 53.9 %1,056 1,643 55.6 %
Net derivative gains (losses)(8)(5)(5)(5)(5)37.5 %(42)(20)52.4 %
Investment management, service fees and other income87 90 96 91 83 (4.6)%359 360 0.3 %
Segment revenues538 588 647 693 715 32.9 %2,028 2,643 30.3 %
Benefits and other deductions
Policyholders’ benefits11 24 19 20 19 72.7 %56 82 46.4 %
Remeasurement of liability for future policy benefits(1)1 (1)— — 100.0 %(3)— 100.0 %
Interest credited to policyholders’ account balances107 129 160 186 224 109.3 %318 699 119.8 %
Commissions and distribution-related payments63 60 63 69 69 9.5 %235 261 11.1 %
Amortization of deferred policy acquisition costs87 89 92 102 105 20.7 %334 388 16.2 %
Compensation and benefits, interest expense and financing fees and other operating costs and expense47 47 43 51 53 12.8 %165 194 17.0 %
Segment benefits and other deductions314 350 376 428 470 49.7 %1,105 1,624 47.0 %
Operating earnings (loss), before income taxes224 238 271 265 245 9.4 %923 1,019 10.4 %
Income taxes(34)(38)(37)(55)(39)(14.7)%(161)(169)(5.0)%
Operating earnings (loss), before noncontrolling interest190 200 234 210 206 8.4 %762 850 11.5 %
Less: Operating (earnings) loss attributable to the noncontrolling interest— — — — — — %— — — %
Operating earnings (loss)$190 $200 $234 $210 $206 8.4 %$762 $850 11.5 %
Summary Metrics
Operating earnings (loss) - TTM:
$762 $759 $807 $834 $850 11.5 %$762 $850 11.5 %
Average Account Value (TTM)$75,584 $74,819 $75,675 $77,955 $82,361 9.0 %$75,584 $82,361 9.0 %
Return on assets (TTM)1.22 %1.23 %1.27 %1.28 %1.24 %1.22 %1.24 %
Net flows$840 $932 $1,501 $1,663 $1,460 73.8 %$3,933 $5,556 41.3 %
First year premiums and deposits$2,594 $2,843 $3,650 $3,804 $3,848 48.4 %$11,363 $14,145 24.5 %
In-force Policy Count by Product (in thousands):587 590 596 604 610 587 610 
4Q 2023 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)12/31/20223/31/20236/30/20239/30/202312/31/202312/31/202212/31/2023
Sales Metrics
First Year Premiums and Deposits by Product:
SCS$1,806 $1,997 $2,626 $2,847 $2,931 $7,953 $10,401 
SCS Income186 243 258 214 218 581 933 
Retirement Cornerstone334 300 511 518 477 1,626 1,806 
Investment Edge235 253 216 190 185 1,036 844 
Other33 50 39 35 37 167 161 
Total First Year Premiums and Deposits$2,594 $2,843 $3,650 $3,804 $3,848 $11,363 $14,145 
Account Values
General Account:
Balance as of beginning of period$34,562 $37,822 $41,166 $45,304 $46,332 $36,709 $37,822 
Gross premiums and deposits (1)1,942 2,172 2,752 2,951 2,918 8,103 10,793 
Surrenders, withdrawals and benefits(764)(870)(955)(972)(1,101)(3,192)(3,898)
Net flows 1,178 1,302 1,797 1,979 1,817 4,911 6,895 
Investment performance, interest credited and policy charges 2,082 2,039 2,341 (951)3,913 (3,798)7,342 
Other — 3 — — — — 3 
Balance as of end of period$37,822 $41,166 $45,304 $46,332 $52,062 $37,822 $52,062 
Separate Accounts:
Balance as of beginning of period$35,091 $36,455 $37,634 $38,589 $36,820 $45,920 $36,455 
Gross premiums and deposits (1)669 699 923 881 949 3,385 3,452 
Surrenders, withdrawals and benefits(1,007)(1,069)(1,219)(1,197)(1,306)(4,363)(4,791)
Net flows (338)(370)(296)(316)(357)(978)(1,339)
Investment performance, interest credited and policy charges 1,702 1,545 1,251 (1,453)3,156 (8,487)4,499 
Other — 4 — — — — 4 
Balance as of end of period$36,455 $37,634 $38,589 $36,820 $39,619 $36,455 $39,619 
Total:
Balance as of beginning of period$69,653 $74,277 $78,800 $83,893 $83,152 $82,629 $74,277 
Gross premiums and deposits (1)2,611 2,871 3,675 3,832 3,867 11,488 14,245 
Surrenders, withdrawals and benefits(1,771)(1,939)(2,174)(2,169)(2,407)(7,555)(8,689)
Net flows 840 932 1,501 1,663 1,460 3,933 5,556 
Investment performance, interest credited and policy charges 3,784 3,584 3,592 (2,404)7,069 (12,285)11,841 
Other — 7 — — — — 7 
Balance as of end of period$74,277 $78,800 $83,893 $83,152 $91,681 $74,277 $91,681 
Net Amount at Risk (NAR)
Total GMIB NAR$18 $7 $12 $10 $14 $18 $14 
Total GMWB NAR$— $— $— $— $— $— $— 
Total GMDB NAR$4,248 $3,458 $3,294 $3,755 $3,104 $4,248 $3,104 
MRB Reserves (Net of Reinsurance)$588 $367 $168 $354 $618 $588 $618 
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.
4Q 2023 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)12/31/20223/31/20236/30/20239/30/202312/31/2023Change12/31/202212/31/2023Change
Revenues
Policy charges, fee income and premiums$61 $64 $66 $71 $67 9.8 %$318 $268 (15.7)%
Net investment income (loss)121 112 132 128 125 3.3 %624 497 (20.4)%
Net derivative gains (losses)(3)(1)— — — 100.0 %(30)(1)96.7 %
Investment management, service fees and other income59 62 69 68 58 (1.7)%246 257 4.5 %
Segment revenues238 237 267 267 250 5.0 %1,158 1,021 (11.8)%
Benefits and other deductions
Policyholder benefits— — — — — — %— — — %
Remeasurement of liability for future policy benefits— — — — — — %— — — %
Interest credited to policyholders’ account balances52 50 52 55 58 11.5 %281 215 (23.5)%
Commissions and distribution-related payments37 37 47 35 36 (2.7)%154 155 0.6 %
Amortization of deferred policy acquisition costs15 15 15 14 15 — %59 59 — %
Compensation and benefits, interest expense and financing fees and other operating costs and expense27 29 29 31 24 (11.1)%124 113 (8.1)%
Segment benefits and other deductions131 131 143 135 133 1.5 %618 542 (12.3)%
Operating earnings (loss), before income taxes107 106 124 132 117 9.3 %540 479 (11.3)%
Income taxes(15)(17)(17)(27)(19)(26.7)%(94)(80)14.9 %
Operating earnings (loss), before noncontrolling interest92 89 107 105 98 6.5 %446 399 (10.5)%
Less: Operating (earnings) loss attributable to the noncontrolling interest— — — — — — %— — — %
Operating earnings (loss)$92 $89 $107 $105 $98 6.5 %$446 $399 (10.5)%
Summary Metrics
Operating earnings (loss) - TTM:
$446 $391 $387 $393 $399 (10.5)$446 $399 (10.5)%
Average Account Value (TTM) $41,345 $38,497 $36,287 $34,823 $34,175 (17.3)%$41,345 $34,175 (17.3)%
Return on assets (TTM) 1.31 %1.23 %1.27 %1.35 %1.40 %1.31 %1.40 %
Net flows (1) (2)$24 $29 $(20)$(130)$(135)(662.5)%$634 $(256)(140.2)%
Gross premiums and deposits (2)$952 $897 $965 $807 $1,137 19.5 %$4,448 $3,806 (14.4)%
Notes:
(1) For the three months ended March 31, 2023, June 30, 2023, September 30, 2023, and December 31, 2023, and year ended December 31, 2023 net outflows of $180 million, $186 million, $216 million, $266 million, and $848 million, respectively are excluded as these amounts are related to ceded AV to Global Atlantic.
(2) Balances for the three months ended March 31, 2023, June 30, 2023 and September 30, 2023 were revised from previously filed financial statement supplement.

4Q 2023 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)12/31/20223/31/20236/30/20239/30/202312/31/202312/31/202212/31/2023
Sales Metrics
Gross premiums and deposits:
First-year premiums and deposits$392 $323 $370 $343 $545 $2,118 $1,581 
Renewal premiums and deposits560 574 595 464 592 2,330 2,225 
Group Retirement premiums and deposits$952 $897 $965 $807 $1,137 $4,448 $3,806 
Gross premiums and deposits by market:
Tax-exempt$258 $211 $274 $260 $368 $1,001 $1,113 
Corporate103 84 70 54 149 323 357 
Institutional25 25 23 26 24 772 98 
Other6 3 3 3 4 22 13 
Total first year premiums and deposits392 323 370 343 545 2,118 1,581 
Tax-exempt435 428 471 341 463 1,785 1,703 
Corporate87 105 89 94 90 377 378 
Institutional— — — — — — — 
Other38 41 35 29 39 168 144 
Total renewal premiums and deposits560 574 595 464 592 2,330 2,225 
Group Retirement premiums and deposits by market$952 $897 $965 $807 $1,137 $4,448 $3,806 
Account Values and Assets under Administration
General Account:
Balance as of beginning of period$13,234 $9,175 $9,121 $9,088 $9,002 $13,046 $9,175 
Gross premiums and deposits239 200 241 198 257 1,109 896 
Surrenders, withdrawals and benefits(333)(331)(351)(326)(404)(1,163)(1,412)
Net flows (1) )(4)(94)(131)(110)(128)(147)(54)(516)
Investment performance, interest credited and policy charges (1) (4)87 81 77 42 96 235 296 
Ceded to Global Atlantic (2)(4,052)— — — — (4,052)— 
Other (3) (4)— (4)— — 12 — 8 
Balance as of end of period (4)$9,175 $9,121 $9,088 $9,002 $8,963 $9,175 $8,963 
Separate Accounts and Mutual Funds
Balance as of beginning of period$26,476 $22,830 $24,446 $25,898 $24,848 $34,763 $22,830 
Gross premiums and deposits713 697 724 609 880 3,339 2,910 
Surrenders, withdrawals and benefits(595)(537)(634)(611)(868)(2,651)(2,650)
Net flows (1) (4)118 160 90 (2)12 688 260 
Investment performance, interest credited and policy charges (1) (4)1,547 1,426 1,362 (1,048)2,658 (7,310)4,398 
Ceded to Global Atlantic (2)(5,311)— — — — (5,311)— 
Other (3) (4)— 30 — — (11)— 19 
Balance as of end of period (4)$22,830 $24,446 $25,898 $24,848 $27,507 $22,830 $27,507 
Total:
Balance as of beginning of period$39,710 $32,005 $33,567 $34,986 $33,850 $47,809 $32,005 
Gross premiums and deposits952 897 965 807 1,137 4,448 3,806 
Surrenders, withdrawals and benefits(928)(868)(985)(937)(1,272)(3,814)(4,062)
Net flows (1)24 29 (20)(130)(135)634 (256)
Investment performance, interest credited and policy charges (1)1,634 1,507 1,439 (1,006)2,754 (7,075)4,694 
Ceded to Global Atlantic (2)(9,363)— — — — (9,363)— 
Other (3)— 26 — — 1 — 27 
Balance as of end of period$32,005 $33,567 $34,986 $33,850 $36,470 $32,005 $36,470 
Notes:
4Q 2023 Financial Supplement
16

(1) For the three months and year ended December 31, 2023, net outflows of $266 million and $848 million and investment performance, interest credited and policy charges of $679 million and $1.2 billion, respectively, are excluded as these amounts are related to ceded AV to Global Atlantic.
(2) Effective October 3, 2022, AV excludes activity related to ceded AV to Global Atlantic. In addition, roll-forward reflects the AV ceded to Global Atlantic as of the transaction date.
(3) For the three months ended March 31, 2023 and 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.
(4) Balances for the three months ended March 31, 2023, June 30, 2023 and September 30, 2023 were revised from previously filed financial statement supplement.
4Q 2023 Financial Supplement
17

Investment Management and Research - Operating Earnings (Loss) and Summary Metrics
For the Three Months Ended or As ofYears Ended or As of
(in millions USD, unless otherwise indicated)12/31/20223/31/20236/30/20239/30/202312/31/2023Change12/31/202212/31/2023Change
Revenues
Net investment income (loss)$15 $9 $2 $(9)$16 6.7 %$(43)$18 141.9 %
Net derivative gains (losses)(16)(10)(1)9 (14)12.5 %41 (16)(139.0)%
Investment management, service fees and other income972 1,010 999 1,034 1,072 10.3 %4,107 4,115 0.2 %
Segment revenues971 1,009 1,000 1,034 1,074 10.6 %4,105 4,117 0.3 %
Benefits and other deductions
Commissions and distribution-related payments143 148 150 156 156 9.1 %630 610 (3.2)%
Compensation and benefits, interest expense and financing fees and other operating costs and expense598 637 647 658 679 11.5 %2,537 2,621 1.9 %
Total benefits and other deductions741 785 797 814 835 12.7 %3,167 3,231 2.0 %
Operating earnings (loss), before income taxes230 224 203 220 239 3.9 %938 886 (5.5)%
Income taxes(41)(36)(24)(36)(30)26.8 %(162)(126)22.2 %
Operating earnings (loss), before noncontrolling interest189 188 179 184 209 10.6 %776 760 (2.1)%
Less: Operating (earnings) loss attributable to the noncontrolling interest(95)(89)(80)(85)(95)— %(352)(349)0.9 %
Operating earnings (loss)$94 $99 $99 $99 $114 21.3 %$424 $411 (3.1)%
Summary Metrics
Adjusted operating margin (1)30.0 %28.7 %27.0 %28.0 %29.2 %28.9 %28.2 %
Net flows (in billions USD)$(1.9)$0.8 $(4.0)$(1.9)$(1.8)$(3.6)$(7.0)
Total AUM (in billions USD)$646.4 $675.9 $691.5 $669.0 $725.2 $646.4 $725.2 
Ownership Structure of AB
Holdings and its subsidiaries59.9 %60.0 %59.9 %60.3 %59.8 %59.9 %59.8 %
AB Holding39.4 %39.3 %39.3 %39.0 %39.5 %39.4 %39.5 %
Unaffiliated holders0.7 %0.7 %0.8 %0.7 %0.7 %0.7 %0.7 %
Total100.0 %100.0 %100.0 %100.0 %100.0 %100.0 %100.0 %
EQH economic interest 61.3 %61.4 %61.4 %61.7 %61.2 %61.3 %61.2 %
EQH average economic interest62.4 %61.4 %61.4 %61.5 %61.6 %64.0 %61.5 %
Units of limited partnership outstanding (in millions)286.0 285.7 285.7 284.0 286.6 286.0 286.6 
Notes:
(1) Adjusted operating margin is a non-GAAP financial measure used by AllianceBernstein L.P. (“AB”) management in evaluating AB’s financial performance on a standalone basis and to compare its performance, as reported by AB in its public filings. It is not comparable to any other non-GAAP financial measure used herein. During the second quarter of 2023, AB revised adjusted operating income to exclude interest on borrowings. We have recast prior periods presentation to align with the current period presentation.

4Q 2023 Financial Supplement
18

Investment Management and Research - Select Operating Metrics
For the Three Months Ended or As of
(in billions USD, unless otherwise indicated)12/31/20223/31/20236/30/20239/30/202312/31/2023
AUM Roll-forward
Balance as of beginning of period$612.7 $646.4 $675.9 $691.5 $669.0 
Sales/new accounts30.9 25.6 22.4 25.2 28.3 
Redemptions/terminations(23.2)(20.6)(23.1)(20.3)(24.1)
Cash flow/unreinvested dividends(9.6)(4.2)(3.3)(6.8)(6.0)
Net long-term (outflows) inflows(1.9)0.8 (4.0)(1.9)(1.8)
Acquisition— — — — — 
Market appreciation (depreciation)35.6 28.7 19.6 (20.6)58.0 
Net change33.7 29.5 15.6 (22.5)56.2 
Balance as of end of period$646.4 $675.9 $691.5 $669.0 $725.2 
Ending Assets by distribution channel
Institutions$297.3 $306.6 $309.2 $296.9 $317.1 
Retail242.9 256.7 266.6 259.2 286.8 
Private Wealth106.2 112.6 115.7 112.9 121.3 
Total$646.4 $675.9 $691.5 $669.0 $725.2 
Ending Assets by investment service
Equity
Actively Managed$217.9 $229.1 $235.9 $226.8 $247.5 
Passively Managed (1)53.8 56.6 60.5 56.0 62.1 
Total Equity$271.7 $285.7 $296.4 $282.8 $309.6 
Fixed Income
Actively Managed$242.8 $253.7 $258.4 $250.6 $269.7 
Passively Managed (1)9.4 9.5 9.4 9.4 11.4 
Total Fixed Income252.2 263.2 267.8 260.0 281.1 
Total Alternatives/Multi-Asset Solutions (2)122.5 127.0 127.3 126.2 134.5 
Total$646.4 $675.9 $691.5 $669.0 $725.2 
Notes:
(1) Includes index and enhanced index services.
(2) Includes certain multi-asset solutions and services not included in equity or fixed income services.

4Q 2023 Financial Supplement
19

Investment Management and Research - Net Flows
For the Three Months EndedYears Ended or As of
(in billions USD, unless otherwise indicated)12/31/20223/31/20236/30/20239/30/202312/31/202312/31/202212/31/2023
Net Flows by Distribution Channel
Institutions
US (3)$(2.2)$— $4.0 $(1.6)$(1.0)$(1.8)$1.3 
Global and Non-US (3)3.9 (2.7)(7.2)(1.9)(1.5)8.1 (13.1)
Total Institutions (3)$1.7 $(2.7)$(3.2)$(3.5)$(2.5)$6.3 $(11.8)
Retail
US (3)$(0.7)$— $(1.0)$2.5 $1.4 $5.5 $2.8 
Global and Non-US(2.7)1.6 0.3 (0.9)(0.1)(17.1)0.9 
Total Retail (3)$(3.4)$1.6 $(0.7)$1.6 $1.3 $(11.6)$3.7 
Private Wealth
US$0.1 $2.0 $0.3 $0.1 $(0.1)$0.8 $2.3 
Global and Non-US(0.3)(0.1)(0.4)(0.1)(0.5)0.9 (1.2)
Total Private Wealth$(0.2)$1.9 $(0.1)$— $(0.6)$1.7 $1.1 
Total Net Flows by Distribution Channel$(1.9)$0.8 $(4.0)$(1.9)$(1.8)$(3.6)$(7.0)
Net Flows by Investment Service
Equity Active
US (3)$— $(1.4)$(3.0)$1.4 $(3.3)$5.2 $(6.2)
Global and Non-US (3)(2.6)(2.0)(3.8)(1.6)(1.7)(7.9)(9.3)
Total Equity Active (3)$(2.6)$(3.4)$(6.8)$(0.2)$(5.0)$(2.7)$(15.5)
Equity Passive (1)
US (3)$(2.0)$(0.6)$— $(2.6)$(0.3)$(2.4)$(3.7)
Global and Non-US (3)(0.3)(0.2)(0.3)0.2 (0.2)(2.9)(0.3)
Total Equity Passive (1) $(2.3)$(0.8)$(0.3)$(2.4)$(0.5)$(5.3)$(4.0)
Fixed Income - Taxable
US (3)$(0.2)$2.5 $5.4 $0.2 $0.7 $(1.2)$8.7 
Global and Non-US (3)(3.8)1.0 (0.5)(2.6)(0.1)(16.7)(2.1)
Total Fixed Income - Taxable$(4.0)$3.5 $4.9 $(2.4)$0.6 $(17.9)$6.6 
Fixed Income - Tax-Exempt
US $(1.0)$1.6 $0.9 $1.3 $1.9 $0.7 $5.7 
Global and Non-US (0.1)— — — — (0.1)— 
Total Fixed Income - Tax-Exempt$(1.1)$1.6 $0.9 $1.3 $1.9 $0.6 $5.7 
Fixed Income - Passive (1)
US $(0.3)$(0.1)$(0.1)$0.5 $1.2 $(0.3)$1.5 
Global and Non-US — (0.1)0.2 (0.1)— (1.0)— 
Total Fixed Income - Passive (1)$(0.3)$(0.2)$0.1 $0.4 $1.2 $(1.3)$1.5 
Alternatives/Multi-Asset Solutions (2)
US $0.7 $— $0.1 $0.2 $0.1 $2.5 $0.4 
Global and Non-US 7.7 0.1 (2.9)1.2 (0.1)20.5 (1.7)
Total Alternatives/Multi-Asset Solutions (2) $8.4 $0.1 $(2.8)$1.4 $— $23.0 $(1.3)
Total Net Flows by Investment Service $(1.9)$0.8 $(4.0)$(1.9)$(1.8)$(3.6)$(7.0)
Active vs. Passive Net Flows
Actively Managed
Equity $(2.6)$(3.4)$(6.8)$(0.2)$(5.0)$(2.7)$(15.5)
Fixed Income(5.1)5.1 5.8 (1.1)2.5 (17.3)12.3 
Alternatives/Multi-Asset Solutions (2) 7.6 0.1 (3.0)1.2 (0.3)20.9 (2.0)
Total$(0.1)$1.8 $(4.0)$(0.1)$(2.8)$0.9 $(5.2)
Passively Managed (1)
Equity $(2.3)$(0.8)$(0.3)$(2.4)$(0.5)$(5.3)$(4.0)
Fixed Income (0.3)(0.2)0.1 0.4 1.2 (1.3)1.5 
Alternatives/Multi-Asset Solutions (2) 0.8— 0.2 0.20.32.10.7 
Total $(1.8)$(1.0)$— $(1.8)$1.0 $(4.5)$(1.8)
Total Active vs Passive Net Flows $(1.9)$0.8 $(4.0)$(1.9)$(1.8)$(3.6)$(7.0)
Notes:
(1) Includes index and enhanced index services.
(2) Includes certain multi-asset solutions and services not included in equity or fixed income services.
(3) Line item does not cross foot for the year ended 2023 due to rounding.
4Q 2023 Financial Supplement
20

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)12/31/20223/31/20236/30/20239/30/202312/31/2023Change12/31/202212/31/2023Change
Revenues
Policy charges, fee income and premiums$511 $520 $524 $516 $544 6.5 %$2,018 $2,104 4.3 %
Net investment income (loss)221 217 242 260 233 5.4 %981 952 (3.0)%
Net derivative gains (losses)(2)(2)(16)7 (5)(150.0)%(20)(16)20.0 %
Investment management, service fees and other income33 32 34 39 35 6.1 %141 140 (0.7)%
Segment revenues763 767 784 822 807 5.8 %3,120 3,180 1.9 %
Benefits and other deductions
Policyholders’ benefits520 535 484 512 444 (14.6)%1,896 1,975 4.2 %
Remeasurement of liability for future policy benefits12 6 (2)(16)30 150.0 %47 18 (61.7)%
Interest credited to policyholders’ account balances131 125 130 137 128 (2.3)%511 520 1.8 %
Commissions and distribution-related payments43 34 36 37 51 18.6 %142 158 11.3 %
Amortization of deferred policy acquisition costs30 29 30 30 31 3.3 %117 120 2.6 %
Compensation and benefits, interest expense and financing fees and other operating costs and expense78 80 77 81 90 11.5 %290 328 11.8 %
Segment benefits and other deductions814 809 755 781 774 (4.9)%3,003 3,119 3.9 %
Operating earnings (loss), before income taxes(51)(42)29 41 33 164.7 %117 61 (47.9)%
Income taxes11 7 (5)(7)(5)(145.5)%(20)(10)50.0 %
Operating earnings (loss), before noncontrolling interest(40)(35)24 34 28 170.0 %97 51 (47.4)%
Less: Operating (earnings) loss attributable to the noncontrolling interest(1)— — — — 100.0 %— — — %
Operating earnings (loss)$(41)$(35)$24 $34 $28 168.3 %$97 $51 (47.4)%
Summary Metrics
Operating earnings (loss) - TTM:
$97 $65 $(21)$(18)$51 (47.4)%$97 $51 (47.4)%
Benefit ratio85.3 %86.0 %78.3 %79.0 %70.9 %78.7 %78.5 %
Gross written premiums$776 $786 $769 $756 $821 5.8 %$3,083 $3,132 1.6 %
Annualized premiums$74 $76 $78 $79 $102 38.1 %$292 $335 14.8 %
Total in-force face amount (in billions USD) (1)$417.0 $415.5 $414.7 $413.2 $412.3 (1.1)%$417.0 $412.3 (1.1)%
Notes:
(1) Total in-force face amount presented on a gross basis including ceded policies.
4Q 2023 Financial Supplement
21

Protection Solutions - Select Operating Metrics
For the Three Months Ended or As ofYears Ended or As of
(in millions USD, unless otherwise indicated)12/31/20223/31/20236/30/20239/30/202312/31/202312/31/202212/31/2023
Sales Metrics
First Year Premiums and Deposits by Product Line:
Universal Life$— $— $— $— $— $— $— 
Indexed Universal Life5 2 3 4 2 19 11 
Variable Universal Life77 72 76 72 119 309 339 
Term3 3 3 3 3 13 12 
Employee Benefits22 26 25 24 29 82 104 
Other (1)1 — — — 1 1 1 
Total$108 $103 $107 $103 $154 $424 $467 
Renewals by Product Line:
Universal Life$179 $188 $179 $187 $175 $764 $729 
Indexed Universal Life74 76 73 71 68 304 288 
Variable Universal Life257 258 251 236 257 989 1,002 
Term96 94 89 88 92 373 363 
Employee Benefits57 63 66 68 71 212 268 
Other (1)5 4 4 3 4 17 15 
Total668 683 662 653 667 2,659 2,665 
Total Gross Premiums$776 $786 $769 $756 $821 $3,083 $3,132 
In-force Metrics
In-force Face Amount by Product (2) (in billions USD):
Universal Life (3)$43.1 $42.5 $42.0 $41.5 $40.9 $43.1 $40.9 
Indexed Universal Life27.5 27.3 27.2 27.1 26.9 27.5 26.9 
Variable Universal Life (4)133.4 133.9 134.8 135.4 136.9 133.4 136.9 
Term211.9 210.5 209.6 208.1 206.5 211.9 206.5 
Whole Life1.1 1.2 1.1 1.1 1.1 1.1 1.1 
Total$417.0 $415.5 $414.7 $413.2 $412.3 $417.0 $412.3 
In-force Policy Count by Product (2) (in thousands):
Universal Life (3)129 127 125 123 122 129 122 
Indexed Universal Life64 64 63 63 63 64 63 
Variable Universal Life (4)293 292 292 292 291 293 291 
Term256 253 251 248 245 256 245 
Whole Life15 15 15 15 15 15 15 
Total757 751 746 741 736 757 736 
Protection Solutions Reserves
General Account$18,208 $18,137 $18,071 $17,949 $18,184 $18,208 $18,184 
Separate Accounts13,634 14,562 15,401 14,782 16,337 13,634 16,337 
Total$31,842 $32,699 $33,472 $32,731 $34,521 $31,842 $34,521 
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 2023 Financial Supplement
22

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)12/31/20223/31/20236/30/20239/30/202312/31/2023Change12/31/202212/31/2023Change
Revenues
Net investment income (loss)$1 $2 $3 $4 $4 300.0 %$2 $13 550.0 %
Net derivative gains (losses)— — — — — — %— — — %
Investment management, service fees and other income348 360 388 386 404 16.1 %1,444 1,538 6.5 %
Segment revenues349 362 391 390 408 16.9 %1,446 1,551 7.3 %
Benefits and other deductions
Commissions and distribution-related payments225 228 243 244 253 12.4 %940 968 3.0 %
Compensation and benefits, interest expense and financing fees and other operating costs and expense94 91 94 93 95 1.1 %370 373 0.8 %
Segment benefits and other deductions319 319 337 337 348 9.1 %1,310 1,341 2.4 %
Operating earnings (loss), before income taxes30 43 54 53 60 100.0 %136 210 54.4 %
Income taxes(7)(11)(12)(13)(15)(114.3)%(35)(51)(45.7)%
Operating earnings (loss), before noncontrolling interest23 32 42 40 45 95.7 %101 159 57.4 %
Less: Operating (earnings) loss attributable to the noncontrolling interest— — — — — — %— — — %
Operating earnings (loss)$23 $32 $42 $40 $45 95.7 %$101 $159 57.4 %
Revenue by Activity Type
Investment management, service fees and other income:
Investment management and advisory fees$120 $127 $134 $141 $140 16.4 %$519 $542 4.4 %
Distribution fees213 218 239 229 246 15.3 %894 931 4.2 %
Interest income8 11 13 13 13 57.3 %15 50 238.5 %
Service and other income7 4 3 3 5 (13.9)%17 15 (8.5)%
Total Investment management, service fees and other income$348 $360 $388 $386 $404 16.2 %$1,444 $1,538 6.5 %
Summary Metrics
Pre-tax operating margin8.60 %11.88 %13.81 %13.59 %14.71 %9.41 %13.54 %
Advisory net flows$186 $828 $697 $909 $544 106.1 %$3,513 $2,978 22.1 %
Total AUA$72,406 $75,640 $80,421 $79,359 $87,047 20.2 %$72,406 $87,047 20.2 %



4Q 2023 Financial Supplement
23

Wealth Management - Select Operating Metrics
For the Three Months Ended or As ofYears Ended or As of
(in millions USD, unless otherwise indicated)12/31/20223/31/20236/30/20239/30/202312/31/202312/31/202212/31/2023
AUA Roll-forward
Advisory assets :
Beginning assets$42,645 $45,544 $47,844 $50,862 $50,118 $50,575 $45,544 
Net flows186 828 697 909 544 3,513 2,978 
Market appreciation (depreciation) and other2,713 1,473 2,321 (1,654)4,410 (8,544)6,550 
Advisory ending assets$45,544 $47,845 $50,862 $50,118 $55,072 $45,544 $55,072 
Brokerage and direct assets $26,862 $27,796 $29,559 $29,241 $31,975 $26,862 $31,975 
Total Wealth Management assets$72,406 $75,640 $80,421 $79,359 $87,047 $72,406 $87,047 
Cash balances$3,566 $3,200 $2,926 $2,771 $2,953 $3,566 $2,953 
Advisors
Advisors4,258 4,124 4,101 4,141 4,406 4,258 4,406 
Revenue per advisor TTM (in thousands USD)$344 $343 $350 $359 $370 $344 $370 
Sales by Product Type
Advisory$1,850 $2,316 $2,315 $2,369 $2,518 $9,089 $9,518 
Brokerage and direct907 1,099 1,172 1,272 1,308 3,077 4,851 
Retirement, premiums and deposits2,877 3,024 3,231 2,965 3,324 10,746 12,544 
Total sales$5,634 $6,439 $6,718 $6,606 $7,150 $22,912 $26,913 




4Q 2023 Financial Supplement
24

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)12/31/20223/31/20236/30/20239/30/202312/31/2023Change12/31/202212/31/2023Change
Revenues
Policy charges, fee income and premiums$30 $34 $44 $40 $37 23.3 %$139 $155 11.5 %
Net investment income (loss)67 66 60 59 53 (20.9)%252 238 (5.6)%
Net derivative gains (losses)— — — — — — %— — — %
Investment management, service fees and other income104 106 99 99 104 — %428 408 (4.7)%
Segment revenues201 206 203 198 194 (3.5)%819 801 (2.2)%
Benefits and other deductions
Policyholders’ benefits48 46 61 53 57 18.8 %167 217 29.9 %
Remeasurement of liability for future policy benefits(1)— — 1 (3)(200.0)%— (2)(100.0)%
Interest credited to policyholders’ account balances11 12 12 12 9 (18.2)%49 45 (8.2)%
Commissions and distribution-related payments43 43 43 45 41 (4.7)%187 172 (8.0)%
Amortization of deferred policy acquisition costs16 16 16 16 15 (6.3)%65 63 (3.1)%
Compensation and benefits, interest expense and financing fees and other operating costs and expense7 18 19 20 26 271.4 %66 83 27.7 %
Segment benefits and other deductions124 135 151 147 145 16.9 %534 578 8.2 %
Operating earnings (loss), before income taxes77 71 52 51 49 (36.4)%285 223 (21.8)%
Income taxes(12)(11)(7)(10)(9)25.0 %(50)(37)26.0 %
Operating earnings (loss), before noncontrolling interest65 60 45 41 40 (38.5)%235 186 (20.9)%
Less: Operating (earnings) loss attributable to the noncontrolling interest— — — — — — %— — — %
Operating earnings (loss)$65 $60 $45 $41 $40 (38.5)%$235 $186 (20.9)%
Summary Metrics
Operating earnings (loss) - TTM:$235 $232 $220 $211 $186 100.0 %$235 $186 100.0 %
Average Account Value (TTM)$24,179 $22,728 $21,851 $21,530 $21,790 100.0 %$24,179 $21,790 100.0 %
Return on assets (TTM)1.18 %1.23 %1.20 %1.17 %1.02 %1.18 %1.02 %
Net flows (1)$(589)$(523)$(569)$(554)$(643)(9.2)%$(2,232)$(2,289)(2.6)%
In-force Policy Count by Product (in thousands) (2):299293287281277299277
Notes:
(1) Net flows excluded as it relates to AV ceded to Venerable for the discrete periods of December 31, 2022, March 31, 2023, June 30, 2023, September 30, 2023, December 31, 2023 and for the years ended December 31, 2022 and 2023 were $(292) million, $(292) million, $(269) million, $(263) million, $(324) million, $(1.2) billion and $(1.1) billion, respectively.
(2) As of December 31, 2022, March 31, 2023, June 30, 2023, September 30, 2023 and December 31, 2023, In-force Policy Count by Product presented on a gross basis includes 99 thousand, 98 thousand, 96 thousand, 94 thousand and 92 thousand ceded policies, respectively, related to the Venerable transaction.

4Q 2023 Financial Supplement
25

Legacy - Select Operating Metrics
For the Three Months Ended or As ofYears Ended or As of
(in millions USD, unless otherwise indicated)12/31/20223/31/20236/30/20239/30/202312/31/202312/31/202212/31/2023
Account Values
General Account:
Balance as of beginning of period$947 $925 $905 $887 $876 $988 $925 
Net flows (1)(27)(26)(24)(18)(31)(87)(99)
Investment performance, interest credited and policy charges (2)5 6 6 7 4 24 23 
Balance as of end of period$925 $905 $887 $876 $849 $925 $849 
Separate Accounts:
Balance as of beginning of period$19,922 $20,557 $21,115 $21,485 $20,033 $28,287 $20,557 
Net flows (1)(562)(497)(545)(536)(612)(2,145)(2,190)
Investment performance, interest credited and policy charges (2)1,197 1,055 915 (916)1,895 (5,585)2,949 
Balance as of end of period$20,557 $21,115 $21,485 $20,033 $21,316 $20,557 $21,316 
Total:
Balance as of beginning of period$20,869 $21,482 $22,020 $22,372 $20,909 $29,275 $21,482 
Net flows (1)(589)(523)(569)(554)(643)(2,232)(2,289)
Investment performance, interest credited and policy charges (2)1,202 1,061 921 (909)1,899 (5,561)2,972 
Balance as of end of period$21,482 $22,020 $22,372 $20,909 $22,165 $21,482 $22,165 
Net Amount at Risk (NAR)
Total GMIB NAR (3)$3,211 $3,135 $2,992 $2,767 $2,822 $3,211 $2,822 
Total GMDB NAR (3)$11,428 $10,696 $10,082 $10,690 $9,465 $11,428 $9,465 
MRB Reserves (Net of Reinsurance)$4,287 $3,414 $2,797 $3,243 $3,998 $4,287 $3,998 
Notes:
(1) Net flows excluded as it relates to AV ceded to Venerable for the discrete periods of December 31, 2022, March 31, 2023, June 30, 2023, September 30, 2023, December 31, 2023 and for the years ended December 31, 2022 and 2023 were $(292) million, $(292) million, $(269) million, $(263) million, $(324) million, $(1.2) billion and $(1.1) billion, respectively.
(2) Investment performance, interest credited and policy charges of $689 million, $575 million, 508 million, $(586) million, $0 million, $(3.5) billion, and $0 million for the three months ended December 31, 2022, March 31, 2023, June 30, 2023, September 30, 2023, December 31, 2023 and for the years ended December 31, 2022 and 2023, respectively, are not included as it excludes activity related to ceded AV to Venerable.
(3) Balance for the three months ended March 31, 2023 was revised from previously filed financial statement supplement.
4Q 2023 Financial Supplement
26







Investments

4Q 2023 Financial Supplement
27

Consolidated Investment Portfolio Composition
Balances as of
(in millions USD, unless otherwise indicated)December 31, 2022December 31, 2023
Amount (1)% of TotalAmount (1)% of Total
Composition of investment portfolio
Fixed maturities, available-for-sale, at fair value $63,361 65.1 %$67,030 60.7 %
Fixed maturities, at fair value using the fair value option1,508 1.5 %1,654 1.5 %
Mortgage loans on real estate16,481 16.9 %18,171 16.5 %
Policy loans4,033 4.1 %4,158 3.8 %
Other equity investments 3,152 3.2 %3,384 3.1 %
Other invested assets3,885 4.0 %6,719 6.1 %
Subtotal investment assets92,420 94.9 %101,116 91.6 %
Trading securities677 0.7 %1,057 1.0 %
Total investments93,097 95.6 %102,173 92.5 %
Cash and cash equivalents4,281 4.4 %8,239 7.5 %
Total$97,378 100.0 %$110,412 100.0 %
General Account AFS Fixed maturities by industry (Based on amortized cost)
Corporate securities:
Finance$13,537 18.7 %$13,181 17.9 %
Manufacturing11,797 16.3 %11,333 15.4 %
Utilities6,808 9.4 %6,838 9.3 %
Services8,299 11.5 %8,242 11.2 %
Energy3,740 5.2 %3,758 5.1 %
Retail and wholesale3,394 4.7 %3,253 4.4 %
Transportation2,277 3.2 %2,493 3.4 %
Other124 0.2 %190 0.3 %
Total corporate securities49,976 69.2 %49,288 67.0 %
U.S. government and agency7,054 9.8 %5,735 7.8 %
Residential mortgage-backed (2)908 1.3 %2,470 3.4 %
Preferred stock41 0.1 %56 0.1 %
State & municipal609 0.8 %614 0.8 %
Foreign governments985 1.4 %719 1.0 %
Commercial mortgage-backed3,823 5.3 %3,595 4.9 %
Asset-backed securities8,859 12.3 %11,049 15.0 %
Total$72,255 100.0 %$73,526 100.0 %
General Account AFS Fixed maturities credit quality (3) (Based on amortized cost)
Aaa, Aa, A (NAIC Designation 1)$44,612 61.7 %$47,694 64.9 %
Baa (NAIC Designation 2)24,843 34.4 %23,476 31.9 %
Investment grade69,455 96.1 %71,170 96.8 %
Below investment grade (NAIC Designation 3 and 4)2,800 3.9 %2,356 3.2 %
Total$72,255 100.0 %$73,526 100.0 %
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 2023 Financial Supplement
28

Consolidated Results of General Account Investment Portfolio
For the Years Ended or As of
(in millions USD, unless otherwise indicated)December 31, 2022December 31, 2023
YieldAmount (2)YieldAmount (2)
Fixed Maturities:
Income (loss)3.57 %$2,619 4.17 %$3,103 
Ending assets72,255 73,527 
Mortgages:
Income (loss)3.92 %587 4.65 %806 
Ending assets16,481 18,171 
Other Equity Investments (1):
Income (loss)5.21 %171 3.88 %135 
Ending assets3,433 3,433 
Policy Loans:
Income5.35 %215 5.30 %216 
Ending assets4,033 4,158 
Cash and Short-term Investments: (3)
Income (loss)(1.44)%(24)(2.51)%(81)
Ending assets1,419 4,718 
Funding Agreements:
Interest expense and other(156)(425)
Ending (liabilities)(8,501)(7,616)
Total invested Assets:
Income (loss)3.79 %3,412 3.98 %3,754 
Ending assets89,120 96,390 
Short Duration Fixed Maturities:
Income (loss)3.62 %5 4.14 %3 
Ending assets87 15 
Total Net Investment Income:
Investment income 3.79 %3,417 3.98 %3,757 
Less: investment fees (4)(0.15)%(138)(0.18)%(166)
Investment income, net3.63 %$3,279 3.80 %$3,591 
General Account Ending Net Assets$89,207 $96,405 
Operating Earnings adjustments:
Funding Agreements interest expense156 425 
AB and other non-General Account investment income84 249 
Operating Net investment income (loss)$3,519 $4,265 
Notes:
(1) Includes, as of December 31, 2022 and December 31, 2023, $400 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 .
4Q 2023 Financial Supplement
29








Additional Information
4Q 2023 Financial Supplement
30


Deferred Policy Acquisition Costs Rollforward
For the Three Months Ended or As ofYears Ended or As of
(in millions USD, unless otherwise indicated)12/31/20223/31/20236/30/20239/30/202312/31/202312/31/202212/31/2023
TOTAL
Beginning balance$6,322 $6,369 $6,419 $6,512 $6,599 $6,113 $6,369 
Capitalization of commissions, sales and issue expenses198 202 248 252 274 842 976 
Amortization(151)(152)(155)(165)(168)(586)(640)
Ending balance$6,369 $6,419 $6,512 $6,599 $6,705 $6,369 $6,705 
Individual Retirement
Beginning balance$3,180 $3,219 $3,264 $3,347 $3,426 $3,013 $3,219 
Capitalization of commissions, sales and issue expenses126 134 175 181 187 539 677 
Amortization(87)(89)(92)(102)(105)(333)(388)
Ending balance$3,219 $3,264 $3,347 $3,426 $3,508 $3,219 $3,508 
Group Retirement
Beginning balance$792 $800 $804 $808 $814 $771 $800 
Capitalization of commissions, sales and issue expenses23 19 19 20 25 88 83 
Amortization(15)(15)(15)(14)(14)(59)(58)
Ending balance$800 $804 $808 $814 $825 $800 $825 
Protection Solutions
Beginning balance$1,614 $1,630 $1,644 $1,660 $1,676 $1,559 $1,630 
Capitalization of commissions, sales and issue expenses46 43 46 46 55 188 190 
Amortization(30)(29)(30)(30)(31)(117)(120)
Ending balance$1,630 $1,644 $1,660 $1,676 $1,700 $1,630 $1,700 
Legacy
Beginning balance$606 $593 $583 $575 $564 $631 $593 
Capitalization of commissions, sales and issue expenses3 6 8 5 7 28 26 
Amortization(16)(16)(16)(16)(16)(66)(64)
Ending balance$593 $583 $575 $564 $555 $593 $555 
Corporate and Other
Beginning balance$130 $127 $124 $122 $119 $139 $127 
Capitalization of commissions, sales and issue expenses— — — — — (1)— 
Amortization(3)(3)(2)(3)(2)(11)(10)
Ending balance$127 $124 $122 $119 $117 $127 $117 

4Q 2023 Financial Supplement
31

Use of Non-GAAP Financial Measures
In addition to our results presented in accordance with U.S. GAAP, we report Non-GAAP operating earnings, Non-GAAP operating ROE, and Non-GAAP operating common EPS, each of which is a measure that is not determined in accordance with U.S. GAAP. Management principally uses these non-GAAP financial measures in evaluating performance because they present a clearer picture of our operating performance and they allow management to allocate resources. Similarly, management believes that the use of these Non-GAAP financial measures, together with relevant U.S. GAAP measures, provide investors with a better understanding of our results of operations and the underlying profitability drivers and trends of our business. These non-GAAP financial measures are intended to remove from our results of operations the impact of market changes (where there is a mismatch in the valuation of assets and liabilities) as well as certain other expenses which are not part of our underlying profitability drivers or likely to re-occur in the foreseeable future, as such items fluctuate from period-to-period in a manner inconsistent with these drivers. These measures should be considered supplementary to our results that are presented in accordance with U.S. GAAP and should not be viewed as a substitute for the U.S. GAAP measures. Other companies may use similarly titled non-GAAP financial measures that are calculated differently from the way we calculate such measures. Consequently, our non-GAAP financial measures may not be comparable to similar measures used by other companies.
We also discuss certain operating measures, including AUM, AUA, AV, Protection Solutions reserves and certain other operating measures, which management believes provide useful information about our businesses and the operational factors underlying our financial performance.
Non-GAAP Operating Earnings
Non-GAAP Operating Earnings is an after-tax non-GAAP financial measure used to evaluate our financial performance on a consolidated basis that is determined by making certain adjustments to our consolidated after-tax net income attributable to Holdings. The most significant of such adjustments relates to our derivative positions, which protect economic value and statutory capital, and the variable annuity product MRBs. This is a large source of volatility in net income.
Non-GAAP Operating Earnings equals our consolidated after-tax net income attributable to Holdings adjusted to eliminate the impact of the following items:
•
Items related to variable annuity product features, which include: (i) changes in the fair value of market risk benefits and purchased market risk benefits, including the related attributed fees and claims, offset by derivatives and other securities used to hedge the market risk benefits which result in residual net income volatility as the change in fair value of certain securities is reflected in OCI and due to our statutory capital hedge program; and (ii) market adjustments to deposit asset or liability accounts arising from reinsurance agreements which do not expose the reinsurer to a reasonable possibility of a significant loss from insurance risk;
•
Investment (gains) losses, which includes credit loss impairments of securities/investments, sales or disposals of securities/investments, realized capital gains/losses and valuation allowances;
•
Net actuarial (gains) losses, which includes actuarial gains and losses as a result of differences between actual and expected experience on pension plan assets or projected benefit obligation during a given period related to pension, other postretirement benefit obligations, and the one-time impact of the settlement of the defined benefit obligation;
•
Other adjustments, which primarily include restructuring costs related to severance and separation, lease write-offs related to non-recurring restructuring activities, COVID-19 related impacts, net derivative gains (losses) on certain Non-GMxB derivatives, net investment income from certain items including consolidated VIE investments, seed capital mark-to-market adjustments, unrealized gain/losses and realized capital gains/losses from sales or disposals of select securities, certain legal accruals; a bespoke deal to repurchase UL policies from one entity that had invested in numerous policies purchased in the life settlement market, which disposed of the risk of additional COI litigation by that entity related to those UL policies, impact of the annual actuarial assumption updates attributable to LFPB; and
•Income tax expense (benefit) related to the above items and non-recurring tax items, which includes the effect of uncertain tax positions for a given audit period and a decrease of deferred tax valuation allowance.
In the third quarter 2023, the Company updated its operating earnings measure to exclude the impact of the annual actuarial assumption update attributable to LFPB as the majority of the earnings volatility attributable to these assumption updates relate to the Company’s Legacy and non-business segment products and as such do not represent the Company’s ongoing revenue generating activities or future business strategy, and impedes comparability of operating results period over period. Operating earnings were favorably impacted by this change in the amount of $61 million for the year ended December 31, 2023. The presentation of operating earnings in prior periods was not revised to reflect this modification because the impact to those periods was immaterial.
Also, 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. Operating earnings were favorably impacted in the amount of $8 million for the year ended December 31, 2023. The presentation of operating earnings in prior periods was not revised to reflect this modification. The impact to operating earnings would have been $36 million favorable for the year ended December 31, 2022 and $50 million unfavorable for the year ended December 31, 2021.
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 2023 Financial Supplement
32

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 2023 Financial Supplement
33

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)12/31/20223/31/20236/30/20239/30/202312/31/202312/31/202212/31/2023
Net income (loss) attributable to Holdings
Net income (loss) attributable to Holdings$62 $177 $759 $1,064 $(698)$2,153 $1,302 
Adjustments related to:
Variable annuity product features 129 861 (65)(1,380)1,191 (2,193)607 
Investment gains (losses), net55 87 56 411 159 945 713 
Net actuarial gains (losses) related to pension and other postretirement benefit obligations25 9 9 8 13 82 39 
Other adjustments (1) (2)150 45 62 91 153 605 351 
Income tax (expense) benefit related to above adjustments (76)(210)(13)183 (319)118 (359)
Non-recurring tax items (3)3 (605)(367)36 (23)16 (959)
Non-GAAP Operating Earnings$348 $364 $441 $413 $476 $1,726 $1,694 
Net income (loss) attributable to Holdings (4)$0.17 $0.49 $2.13 $3.06 $(2.07)$5.67 $3.70 
Less: Preferred stock dividends0.07 0.04 0.07 0.04 0.08 0.21 0.22 
Net income (loss) available to Holdings' common shareholders0.10 0.45 2.06 3.02 (2.15)5.46 3.48 
Adjustments related to:
Variable annuity product features 0.35 2.36 (0.18)(3.97)3.53 (5.77)1.73 
Investment gains (losses), net0.15 0.24 0.16 1.18 0.47 2.49 2.03 
Net actuarial gains (losses) related to pension and other postretirement benefit obligations0.07 0.02 0.03 0.02 0.04 0.22 0.11 
Other adjustments (1) (2)0.39 0.13 0.17 0.27 0.46 1.58 0.99 
Income tax (expense) benefit related to above adjustments (0.20)(0.58)(0.04)0.53 (0.95)0.31 (1.02)
Non-recurring tax items (3)0.01 (1.66)(1.03)0.10 (0.07)0.04 (2.73)
Non-GAAP Operating Earnings (loss) available to Holdings' common shareholders $0.87 $0.96 $1.17 $1.15 $1.33 $4.33 $4.59 
Book Value per common share
Book Value per common share$(0.44)$6.10 $5.69 $0.23 $3.26 $(0.44)$3.26 
Less: Per share impact of AOCI(24.63)(18.15)(20.39)(28.66)(23.30)(24.63)(23.30)
Book value per common share (ex. AOCI)$24.19 $24.25 $26.08 $28.90 $26.56 $24.19 $26.56 
Notes:
(1) Includes certain gross legal expenses related to the cost of insurance litigation, and claims related to a commercial relationship of $109 million, $50 million, $144 million and $218 million for the three months and years ended December 31, 2023 and 2022, respectively. Includes policyholder benefit costs of $75 million for the year ended December 31, 2022, stemming from a deal to repurchase UL policies from one entity that had invested in numerous policies purchased in the life settlement market. The legal accruals impact per common share is $0.32, $0.13, $0.41 and $0.57 for the three months and years ended December 31, 2023 and 2022, respectively. Includes policyholder benefit costs of $0.20 per common share for the year ended December 31, 2022 stemming from a deal to repurchase UL policies from one entity that had invested in numerous policies purchased in the life settlement market.
(2) Includes Non-GMxB related derivative hedge losses of $33 million, $26 million, $34 million and ($34) million for the three months and years ended December 31, 2023 and 2022, respectively. The impact per common share is $0.10, $0.07, $0.09 and $(0.09) for the three months and years ended December 31, 2023 and 2022, respectively.
(3) For the three and twelve months ended December 31, 2023, non-recurring tax items reflect primarily the effect of uncertain tax positions for a given audit period and tax valuation allowance decreases of $30 million and $1 billion, respectively, as well as $0.09 and $2.84 per common share, respectively.
(4) For periods with a net loss, dilutive shares were not included in the calculation of net income (loss) available to shareholders per common share or Non-GAAP Operating Earnings per common share as inclusion of such shares would have an anti-dilutive effect.
4Q 2023 Financial Supplement
34

Reconciliation of Non-GAAP Measures (2/3)
As of and for the Twelve Months Ended
(in millions USD, unless otherwise indicated)6/30/20239/30/202312/31/2023
Net Income to Non-GAAP Operating Earnings
Net income (loss) attributable to Holdings$1,592 $2,062 $1,302 
Adjustments related to:
Variable annuity product features250 (455)607 
Investment (gains) losses531 609 713 
Net actuarial (gains) losses related to pension and other postretirement benefit obligations62 51 39 
Other adjustments307 348 351 
Income tax (expense) benefits related to above adjustments(241)(116)(359)
Non-recurring tax items(962)(933)(959)
Non-GAAP Operating Earnings$1,539 $1,566 $1,694 
Return on Equity and Non-GAAP Operating Return on Equity - Trailing twelve months
Net income (loss) attributable to Holdings$1,592 $2,062 $1,302 
Less: Preferred stock(80)(80)(80)
Net income (loss) available to Holdings' common shareholders$1,512 $1,982 $1,222 
Average equity attributable to Holdings' common shareholders (ex. AOCI)$8,848 $9,139 $9,147 
Return on Equity (ex. AOCI)17.1 %21.7 %13.4 %
Non-GAAP Operating Earnings$1,539 $1,566 $1,694 
Less: Preferred stock(80)(80)(80)
Non-GAAP Operating Earnings available to Holdings' common shareholders$1,459 $1,486 $1,614 
Average equity attributable to Holdings' common shareholders (ex. AOCI)$8,848 $9,139 $9,147 
Non-GAAP Operating Return on Equity (ex. AOCI)16.5 %16.3 %17.6 %
4Q 2023 Financial Supplement
35

Reconciliation of Non-GAAP Measures (3/3)
Balances as of
(in millions USD, unless otherwise indicated)3/31/20226/30/20229/30/202212/31/20223/31/20236/30/20239/30/202312/31/2023
Equity Reconciliation - Quarter-end Balances
Total equity attributable to Holdings' shareholders$7,927 $5,702 $3,411 $1,401 $3,754 $3,553 $1,642 $2,649 
Less: Preferred Stock1,562 1,562 1,562 1,562 1,562 1,562 1,562 1,562 
Total equity attributable to Holdings' common shareholders6,365 4,140 1,849 (161)2,192 1,991 80 1,087 
Less: Accumulated other comprehensive income (loss)(1,304)(4,165)(6,870)(8,992)(6,516)(7,142)(9,802)(7,777)
Total equity attributable to Holdings' common shareholders (ex. AOCI)$7,669 $8,305 $8,719 $8,831 $8,708 $9,133 $9,882 $8,864 
Balances as of
(in millions USD, unless otherwise indicated)3/31/20226/30/20229/30/202212/31/20223/31/20236/30/20239/30/202312/31/2023
Equity Reconciliation - Twelve Month Rolling Average
Total equity attributable to Holdings' shareholders$10,423 $8,915 $6,848 $4,610 $3,567 $3,030 $2,588 $2,900 
Less: Preferred Stock1,562 1,562 1,562 1,562 1,562 1,562 1,562 1,562 
Total equity attributable to Holdings' common shareholders8,861 7,353 5,286 3,048 2,005 1,468 1,026 1,338 
Less: Accumulated other comprehensive income (loss)965 (572)(2,759)(5,333)(6,636)(7,380)(8,113)(7,809)
Total equity attributable to Holdings' common shareholders (ex. AOCI)$7,896 $7,925 $8,045 $8,381 $8,641 $8,848 $9,139 $9,147 


4Q 2023 Financial Supplement
36

Glossary of Selected Financial and Product Terms
Account Value (“AV”) - AV generally equals the aggregate policy account value of our retirement and protection products. General Account AV refers to account balances in investment options that are backed by the General Account while Separate Accounts AV refers to Separate Accounts investment assets. AV is reflected net of reinsurance.
Advisory Assets - Assets invested in a variety of investments using an asset allocation model designed for the client’s objectives. The client is charged a fee based on the value of the assets in the account.
Annualized premiums - 100% of first year recurring premiums (up to target) and 10% of excess first year premiums or first year premiums from single premium products.
Assets Under Administration (“AUA”) - AUA includes non-insurance client assets that are invested in our savings and investment products or serviced by our Equitable Advisors platform. We provide administrative services for these assets and generally record the revenues received as distribution fees.
Assets Under Management (“AUM”) - AUM means investment assets that are managed by one of our subsidiaries and includes: (i) assets managed by AB; (ii) the assets in our General Account investment portfolio; and (iii) the Separate Account assets of our Individual Retirement, Group Retirement and Protection Solutions businesses. Total AUM reflects exclusions between segments to avoid double counting.
Average Account Value (TTM) - Calculated as an average of the previous twelve calendar months total Account Value balance as of end of period.
Benefit base - A notional amount (not actual cash value) used to calculate the owner’s guaranteed benefits within an annuity contract. The death benefit and living benefit within the same contract may not have the same benefit base.
Brokerage Assets - Brokerage accounts which allow clients a variety of investments, including mutual funds, exchange traded products, equities and fixed income, to be managed in one account. The client is charged for all buy and sell transactions.
Current Product Offering (Individual Retirement) - Products sold 2011 and later.
Deferred policy acquisition costs (“DAC”) - Represents the incremental costs related directly to the successful acquisition of new and certain renewal insurance policies and annuity contracts and which have been deferred on the balance sheet as an asset.
Direct Assets - Mutual Funds purchased through and registered directly with an asset management company. No other agents, such as brokers or distributors, are involved in the transactions.
Equitable Advisors - means AXA Advisors, LLC, a Delaware limited liability company, our retail broker/dealer for our retirement and protection businesses and a wholly-owned indirect subsidiary of Holdings.
Equitable America - means Equitable Financial Life Insurance Company of America, an Arizona corporation and a wholly-owned indirect subsidiary of Holdings.
Equitable Life - means AXA Equitable Life Insurance Company, a New York corporation, a life insurance company and a wholly-owned subsidiary of AEFS.
Fixed Rate (Individual Retirement) - Pre-2011 GMxB products.
FYP - First year premium and deposits.
GMxB - A general reference to all forms of variable annuity guaranteed benefits, including guaranteed minimum living benefits, or GMLBs (such as GMIBs, GMWBs and GMABs), and guaranteed minimum death benefits, or GMDBs (inclusive of return of premium death benefit guarantees).
Gross premiums - FYP and Renewal premium and deposits.
Guaranteed minimum death benefits (“GMDB”) - An optional benefit (available for an additional cost) that guarantees an annuitant’s beneficiaries are entitled to a minimum payment based on the benefit base, which could be greater than the underlying AV, upon the death of the annuitant.
Guaranteed minimum income benefits (“GMIB”) - An optional benefit (available for an additional cost) where an annuitant is entitled to annuitize the policy and receive a minimum payment stream based on the benefit base, which could be greater than the underlying AV.
Guaranteed minimum living benefits (“GMLB”) - A reference to all forms of guaranteed minimum living benefits, including GMIBs, GMWBs and GMABs (does not include GMDBs).
Invested assets - Includes fixed maturity securities, equity securities, mortgage loans, policy loans, alternative investments and short-term investments.
Inv Mgmt and Research - Abbreviation for Investment Management and Research.
Legacy - The Legacy segment consists of our fixed-rate GMxB business written prior to 2011. In 2023, we began reporting this business separately from our Individual Retirement business.
Liability for future policy benefits - the liability related to life insurance policies such as non-participating traditional life insurance policies (Term) and limited pay contracts (Payout, Pension).
Market risk benefits - (“MRBs”) are contracts or contract features that provide protection to the contract holder from other than nominal capital market risk and expose the Company to other than nominal capital market risk. Market risk benefits include contract features that provide minimum guarantees to policyholders and include GMIB, GMDB, GMWB, GMAB, and ROP DB benefits.
Net flows - Net change in customer account balances in a period including, but not limited to, gross premiums, surrenders, withdrawals and benefits. It excludes investment performance, interest credited to customer accounts and policy charges.
Net long-term flows - Net change of assets under management in a period which includes new sales net of redemptions of mutual funds and terminations of separately managed accounts and cash flow which includes both cash invested or withdrawn by existing clients. In addition, cash flow includes fees received from certain clients. It excludes the impact of the markets.
Premiums and deposits - Amounts a policyholder agrees to pay for an insurance policy or annuity contract that may be paid in one or a series of payments as defined by the terms of the policy or contract.
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 2023 Financial Supplement
37

Return of Premium (“ROP”) death benefit - This death benefit pays the greater of the account value at the time of a claim following the owner’s death or the total contributions to the contract (subject to adjustment for withdrawals). The charge for this benefit is usually included in the M&E fee that is deducted daily from the net assets in each variable investment option. We also refer to this death benefit as the Return of Principal death benefit.
Return on Assets - Calculated as trailing twelve months operating earnings (loss), before income taxes, divided by trailing twelve months average account value.
Return on Equity (ex. AOCI) - Calculated as trailing twelve months net income (loss) attributable to Holdings' common shareholders divided by average equity attributable to Holdings' common shareholders, excluding Accumulated Other Comprehensive Income (“AOCI”).
Revenue per advisor - Calculated as trailing twelve months revenue divided by the average number of advisors for each of the most recent four quarters.
Trailing Twelve Months ("TTM") - The twelve calendar months preceding the balance sheet date of a given reporting period.
4Q 2023 Financial Supplement
38

Analyst Coverage, Ratings & Contact Information
Analyst Coverage
FirmAnalystPhone Number
Citi
Michael Ward
1 (212) 816-4269
Deutsche BankCave Montazeri1 (212) 250-2798
Dowling & PartnersJoel Hurwitz1 (860) 676-7312
Evercore ISIThomas Gallagher1 (212) 446-9439
Goldman SachsAlex Scott1 (212) 902-9592
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 '23Feb '24Dec '23
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 BassThomas LewisJake Miller
Sophia Kim
(212) 314-2476(212) 314-2010
Notes:
(1) Last review dates: S&P as of Sep '23, Moody’s as of Aug '23.

4Q 2023 Financial Supplement
39
v3.24.0.1
COVER
Feb. 06, 2024
Entity Information [Line Items]  
Document Type 8-K
Document Period End Date Feb. 06, 2024
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)
過去 株価チャート
から 5 2024 まで 6 2024 Equitableのチャートをもっと見るにはこちらをクリック
Equitable (NYSE:EQH-C)
過去 株価チャート
から 6 2023 まで 6 2024 Equitableのチャートをもっと見るにはこちらをクリック