Equitable Holdings Q3 earnings: $1.12B net income

Q: What were Equitable Holdings (EQH)'s Q3 2026 earnings?

EQH reported $1.121 billion of net income attributable to Holdings and $595 million of Non-GAAP operating earnings for the third quarter of 2026. In the third quarter of 2025, net income attributable to Holdings was a $1.309 billion loss and Non-GAAP operating earnings were $455 million.

Q: How much did EQH return to shareholders in Q3 2026?

EQH returned $320 million to shareholders in the quarter, comprising $82 million in quarterly cash dividends and $238 million in share repurchases. The quarterly payout ratio was 59%.

Quarterly capital returns totaled $320 million, and EQH said it remains on track for a 60–70% payout ratio target in 2026.

Available on EDGAR 11/02/2026 - 04:15 PM EST Accepted by SEC EDGAR 11/02/2026 - 04:14 PM EST

Filing Impact

(High)

Filing Sentiment

(Neutral)How Sentiment works

Sentiment and the balance of points

Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.

How Sentiment works How the balance works

Form Type

8-K

Rhea-AI Filing Summary

Equitable Holdings, Inc. (EQH) reported third-quarter 2026 net income attributable to Holdings of $1.121 billion, compared with a $1.309 billion loss a year earlier. Non-GAAP operating earnings were $595 million, versus $455 million; excluding notable items, earnings were $554 million and adjusted earnings per share were $1.98, up 19% year over year. Nine-month Non-GAAP operating earnings per share rose 22%, delivering on guidance for growth above 15% in 2026.

Retirement recorded $1.1 billion of net inflows, Wealth Management $2.7 billion of advisory net inflows, and AllianceBernstein $6.6 billion, including a $12 billion commercial mortgage loan mandate from Equitable. EQH returned $320 million to shareholders: $82 million in dividends and $238 million in share repurchases. Book value per common share was negative $10.69 including AOCI and $20.17 excluding AOCI as of September 30, 2026. EQH completed its Employee Benefits sale to The Hartford; its Corebridge Financial merger remained on track to close by year-end 2026, subject to regulatory approvals.

1 point · 0 major

How this balance works

Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

How the balance works How Sentiment works

0 major · 1 point

How the balance works

Positive

Moderate pointQ3 2026 Non-GAAP operating earnings: $595 million vs. $455 million.

Negative

Minor pointBook value including AOCI: negative $10.69 per common share.

Filing Explained

As of September 30, Equitable Holdings reported $0.9 billion of cash and liquid assets at Holdings, above its $500 million minimum target; this provides a parent-level liquidity measure alongside the quarter’s reported results.

8-K Event Classification

3 items: 2.02, 7.01, 9.01

3 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 7.01 Regulation FD Disclosure Disclosure

Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, or exhibit attachments filed with this report.

Key Figures

Net income attributable to Holdings: $1.121 billion Non-GAAP operating earnings: $595 million Non-GAAP operating earnings per common share: $2.13 per share +5 more

8 metrics

Net income attributable to Holdings $1.121 billion Third quarter 2026; compared with a $1.309 billion loss in the third quarter of 2025

Non-GAAP operating earnings $595 million Third quarter 2026; $455 million in the third quarter of 2025

Non-GAAP operating earnings per common share $2.13 per share Third quarter 2026; $1.48 per share in the third quarter of 2025

Total AUM/A $1,156 billion As of September 30, 2026

Capital returned to common shareholders $320 million Third quarter 2026

Book value per common share including AOCI Negative $10.69 per share As of September 30, 2026

Retirement net inflows $1.1 billion Third quarter 2026

AllianceBernstein net inflows $6.6 billion Third quarter 2026; includes a $12 billion commercial mortgage loan mandate from Equitable

Key Terms

Non-GAAP Operating Earnings, notable items, AUM/A, Accumulated other comprehensive income

4 terms

Non-GAAP Operating Earnings financial

"Non-GAAP Operating Earnings is an after-tax Non-GAAP financial measure"

Non-GAAP operating earnings are a company’s operating profit figure adjusted by management to remove items they consider unusual, one-time, or not reflective of ongoing business (for example, restructuring costs, large write-downs, stock-based pay or acquisition expenses). Investors care because this “cleaned-up” number aims to show the company’s regular cash-generating ability—like looking past a temporary mess in a store to judge how well it usually sells—but it is not standardized and can vary between companies.

notable items financial

"Adjusting for notable items"

AUM/A financial

"Total Assets Under Management/Administration (“AUM/A”, in billions)"

Accumulated other comprehensive income financial

"accumulated other comprehensive income (“AOCI”)"

Accumulated other comprehensive income is a running total on a company’s balance sheet that records certain gains and losses not included in reported profit, such as unrealized gains or losses on some investments, currency translation differences, and pension plan adjustments. Think of it like items in a shopping cart you haven’t paid for yet: it doesn’t affect current profit but changes the company’s overall equity and signals potential future swings in value that investors should watch.

Earnings Snapshot

Net income attributable to Holdings: $1.121 billion · Guidance included

Third quarter ended September 30, 2026

Net income attributable to Holdings $1.121 billion Compared with a $1.309 billion loss in the third quarter of 2025

Non-GAAP operating earnings $595 million Compared with $455 million in the third quarter of 2025

Non-GAAP operating earnings per common share $2.13 per share Compared with $1.48 per share in the third quarter of 2025

Total AUM/A $1,156 billion Compared with $1,110 billion in the third quarter of 2025

Guidance

EQH said it remains on track for a 60–70% payout ratio target in 2026 and cited guidance for greater than 15% growth in 2026.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were Equitable Holdings (EQH)'s Q3 2026 earnings?

EQH reported $1.121 billion of net income attributable to Holdings and $595 million of Non-GAAP operating earnings for the third quarter of 2026. In the third quarter of 2025, net income attributable to Holdings was a $1.309 billion loss and Non-GAAP operating earnings were $455 million.

How much did EQH return to shareholders in Q3 2026?

EQH returned $320 million to shareholders in the quarter, comprising $82 million in quarterly cash dividends and $238 million in share repurchases. The quarterly payout ratio was 59%.

AI-generated analysis. How Rhea-AI works. Not financial advice.

Understanding 8-K Material Events →

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google

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): November 2, 2026

Equitable Holdings, Inc.

(Exact name of registrant as specified in its charter)


Delaware	001-38469	90-0226248
(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))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol

Name of Exchange on which registered

Common Stock

EQH

New York Stock Exchange

Depositary Shares, each representing a 1/1,000th interest in a share of Fixed Rate Noncumulative Perpetual Preferred Stock, Series A

EQH PR A

New York Stock Exchange

Depositary Shares, each representing a 1/1,000th interest in a share of Fixed Rate Noncumulative Perpetual Preferred Stock, Series C

EQH PR C

New 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 November 2, 2026, Equitable Holdings, Inc. (“EQH”) issued a press release announcing its financial results for the quarter ended September 30, 2026. 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 September 30, 2026. A copy of the Financial Supplement for the quarter ended September 30, 2026 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 ended September 30, 2026, 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, November 2, 2026.

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
99.1			Press release of Equitable Holdings, Inc., dated November 2, 2026 (furnished and not filed)
99.2			Financial Supplement for the quarter ended September 30, 2026 (furnished and not filed)
104			Cover 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: November 2, 2026	By:	/s/ William Eckert
	Name:	William Eckert
	Title:	Chief Accounting Officer (Principal Accounting Officer)

EQUITABLE HOLDINGS REPORTS THIRD QUARTER 2026 RESULTS

_______________________________________

•Positive organic growth across all businesses with net inflows of $1.1 billion in Retirement; $2.7 billion in Wealth Management and $6.6 billion in Asset Management

•Net income of $1.1 billion, or $4.05 per share

•Non-GAAP operating earnings1 of $595 million, or $2.13 per share; Adjusting for notable items2, Non-GAAP operating earnings of $554 million, or $1.98 per share

•Returned $320 million to shareholders in the quarter; on track to deliver on 60-70% payout ratio target for 2026

•Merger with Corebridge Financial remains on track to close by year-end 2026

_______________________________________

New York, NY, November 2, 2026 — Equitable Holdings, Inc. (“Equitable Holdings”, “Holdings”, or the “Company”) (NYSE: EQH) today announced financial results for the third quarter ended September 30, 2026.

“In the third quarter, we delivered Non-GAAP operating earnings per share of $2.13, or $1.98 excluding notable items, up 19% from the prior year. For the first nine months of the year, Non-GAAP operating earnings per share was up 22%, delivering on our guidance for greater than 15% growth in 2026. Organic growth was strong across each of our businesses, highlighted by $1.1 billion of net inflows in Retirement, $2.7 billion of advisory net inflows in Wealth Management and $6.6 billion of net inflows for AllianceBernstein. We also returned $320 million to shareholders, on track to deliver a 60-70% payout ratio for the year,” said Mark Pearson, President and Chief Executive Officer.

Mr. Pearson concluded, “We continue to see tremendous demand for the financial advice and retirement, protection, and asset management solutions we provide. Our merger with Corebridge Financial will bring greater scale, an expanded product offering and broader distribution to meet this demand. Together, these capabilities will position the New Equitable to serve more customers and deliver value for shareholders.”

1 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.

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


Consolidated Results
	Third Quarter
(in millions, except per share amounts or unless otherwise noted)	2026		2025
Total Assets Under Management/Administration (“AUM/A”, in billions)	$	1,156	$	1,110
Net income (loss) attributable to Holdings	1,121		(1,309)
Net income (loss) attributable to Holdings per common share	4.05		(4.47)
Non-GAAP operating earnings	595		455
Non-GAAP operating earnings per common share (“EPS”)	2.13		1.48

As of September 30, 2026, total AUM/A increased 4% year-over-year to $1.2 trillion, driven by positive net flows and higher equity markets over the prior twelve months.

Net income attributable to Holdings for the third quarter of 2026 was $1.1 billion compared to a net loss of $1.3 billion in the third quarter of 2025.

Non-GAAP operating earnings in the third quarter of 2026 were $595 million compared to $455 million in the third quarter of 2025. Adjusting for notable items3 of $(41) million, third quarter 2026 Non-GAAP operating earnings were $554 million or $1.98 per share.

As of September 30, 2026, book value per common share including accumulated other comprehensive income (“AOCI”) was $(10.69). Book value per common share excluding AOCI was $20.17. Both of these measures reflect the Company’s 68% ownership stake in AllianceBernstein (“AB”) at book value. Book value per common share excluding AOCI but with AB reflected at fair market value was $34.25.

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

Business Highlights

•Third quarter 2026 business segment highlights:

◦Retirement reported net inflows of $1.1 billion and first year premiums of $6.2 billion increased 14% over the prior year.

◦Asset Management (AllianceBernstein or “AB”)4 reported net inflows of $6.6 billion, which includes a $12 billion commercial mortgage loan mandate from Equitable.

◦Wealth Management (“WM”) reported advisory net inflows of $2.7 billion and total assets under administration of $140 billion.

•Capital management program:

◦The Company returned $320 million to shareholders in the third quarter, including $82 million of quarterly cash dividends and $238 million of share repurchases. The payout ratio was 59% in the quarter, and the Company remains on track to achieve its targeted 60-70% payout ratio for 2026.

◦The Company reported cash and liquid assets of $0.9 billion at Holdings5 as of quarter end, above the $500 million minimum target.

•Delivering shareholder value:

◦The Company has deployed over $25 billion of capital to AB’s Private Markets Platform, above its original $20 billion capital commitment. This supports growth in AB’s Private Markets business, which had $105 billion of assets under management as of quarter end.

◦On October 13th, the Company completed the sale of its Employee Benefits business to The Hartford.

◦Subject to regulatory approvals, the merger with Corebridge Financial is expected to close by year-end 2026.

•Completed annual actuarial assumption review:

◦The Company completed its annual actuarial assumption update, which resulted in a positive $111 million impact to net income and a positive $28 million impact to Non-GAAP adjusted operating earnings.

4 Refers to AllianceBernstein L.P. and AllianceBernstein Holding L.P., collectively.

5 Excludes c. $145 million of cash at Holdings which is available to AllianceBernstein through its credit facility with Equitable Holdings.

Business Segment Results

Retirement


(in millions, unless otherwise noted)	Q3 2026		Q3 2025
Total Assets (in billions)6	$	189.0	$	171.7
Segment net flows (in billions)	1.1		1.1
Operating earnings (loss)	432		405

•Retirement assets increased by 10%, driven by market performance and net inflows over the prior twelve months.

•First year premiums of $6.2 billion increased by 14% while net inflows of $1.1 billion were roughly flat versus the prior year quarter.

•Operating earnings of $432 million increased versus the prior year quarter, primarily due to higher fee-based revenue, growth in net interest margin, and the actuarial assumption update benefit.

•Operating earnings adjusted for notable items7 increased slightly from $403 million in the prior year quarter to $409 million. Notable items of $(23) million in the current period include benefits from actuarial assumption and model updates, partially offset by lower net investment income from alternatives.

Asset Management


(in millions, unless otherwise noted)	Q3 2026		Q3 2025
Total AUM (in billions)	$	900.4	$	860.1
Segment net flows (in billions)	6.6		(2.3)
Operating earnings (loss)	152		154

•AUM increased by 5% due to market performance over the prior twelve months.

•Net inflows were $6.6 billion in the quarter, driven by net inflows of $15.7 billion in Institutional, partially offset by net outflows of $8.4 billion in Retail and $0.7 billion in Private Wealth.

•Operating earnings decreased from $154 million in the prior year quarter to $152 million, as growth in assets under management was offset by a lower fee rate and higher expenses.

6 Retirement assets includes account value (net of embedded derivatives), spread lending balances and reserves (excluding MRBs)

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

Wealth Management


(in millions, unless otherwise noted)	Q3 2026		Q3 2025
Total AUA (in billions)	$	140.4	$	118.2
Advisory net new assets (in billions)	2.7		2.2
Operating earnings (loss)	75		59

•AUA increased by 19% over the last twelve months due to market performance, net inflows and acquired assets from the Stifel transaction.

•Advisory net inflows were $2.7 billion in the quarter, supported by a 14% year-over-year increase in advisor productivity.

•There were no notable items in the current quarter. Adjusting for notable items8 in the prior year quarter, operating earnings increased from $55 million to $75 million, primarily due to growth in client assets and higher advisor productivity.

Corporate and Other (“C&O”)

The operating loss of $64 million in the third quarter decreased from an operating loss of $163 million in the prior year quarter. After adjusting for notable items9, the operating loss was $82 million versus a loss of $102 million in the prior year quarter.

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

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

Exhibit 1: Notable Items

Notable items represent the impact on results from our annual actuarial assumption review, approximate impacts attributable to significant variances from the Company’s expectations, and other items that the Company believes may not be indicative of future performance. The Company chooses to highlight the impact of these items and give Non-GAAP measures less notable items to provide a better understanding of our results of operations in a given period. Certain figures may not sum due to rounding.

Impact of notable items by segment and Corporate & Other:


	Three Months Ended September 30,
(in millions)	2026		2025
Non-GAAP Operating Earnings	$	595	$	455
Post-tax adjustments related to notable items:
Retirement	7		—
Asset Management	—		—
Wealth Management	—		(4)
Corporate & Other	(20)		60
Subtotal	(14)		56
Impact of actuarial assumption update	(28)		(1)
Non-GAAP Operating Earnings, less Notable Items	$	554	$	510

Impact of notable items by item category:


	Three Months Ended September 30,
(in millions)	2026		2025
Non-GAAP Operating Earnings	$	595	$	455
Post-tax adjustments related to notable Items:
Net Investment Income	20		—
Model changes / True-ups	(11)		(4)
Expenses	15		24
One-timers	(37)		36


Notable Items Subtotal	(14)		56
Impact of actuarial assumption update	(28)		(1)
Non-GAAP Operating Earnings, less Notable Items	$	554	$	510

Earnings Conference Call

Equitable Holdings will host a conference call at 8 a.m. ET on November 3, 2026 to discuss its third quarter 2026 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 Third Quarter 2026 Earnings Call

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

A webcast replay will be made available on the Equitable Holdings Investor Relations website at ir.equitableholdings.com.

About Equitable Holdings

Equitable Holdings, Inc. (NYSE: EQH) is a leading financial services holding company comprised of complementary and well-established businesses, Equitable, AllianceBernstein and Equitable Advisors. Equitable Holdings has $1.2 trillion in assets under management and administration (as of 9/30/2026) and more than 5 million client relationships globally. Founded in 1859, Equitable provides retirement and protection strategies to individuals, families and small businesses. AllianceBernstein is a global investment management firm that offers diversified investment services to institutional investors, individuals and private wealth clients. Equitable Advisors, LLC (Equitable Financial Advisors in MI and TN) has approximately 4,500 duly registered and licensed financial professionals that provide financial planning, wealth management, retirement planning, protection and risk management services to clients across the country.

Contacts:

Investor Relations

Erik Bass

IR@equitable.com

Media Relations

Laura Yagerman

mediarelations@equitable.com

Note Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by the use of terms such as “believes,” “expects,” “may,” “will,” “shall,” “should,” “would,” “could,” “seeks,” “aims,” “projects,” “forecasts,” “intends,” “targets,” “plans,” “estimates,” “anticipates,” “goals,” “guidance,” “formidable,” “preliminary,” “objective,” “continue,” “drive,” “improve,” “superior,” “robust,” “positioned,” “resilient,” “vision,” “potential,” “immediate,” and similar expressions or the negative of those expressions or verbs. Forward-looking statements are made based on management’s current expectations and beliefs concerning future developments and their potential effects upon Equitable Holdings, Inc. (“Equitable”) and its consolidated subsidiaries. “We”, “us”, the “Company” and “our” refer to Equitable and its consolidated subsidiaries, unless the context refers only to Equitable as a corporate entity.

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) the ability to repurchase shares (if Holdings decides to do so) within the expected timing or at all; (ii) the ability to complete the proposed transaction between Holdings and Corebridge (the “Proposed Transaction”) on the timeframe or in the terms currently anticipated or at all, including due to a failure to obtain requisite stockholder, stock exchange, regulatory, governmental or other approvals; (iii) risks related to difficulties, inabilities or delays in integrating the parties’ businesses; (iv) the ability to realize the anticipated benefits of the Proposed Transaction, including estimated run-rate expense synergies and projected cost savings at the times, and to the extent anticipated, as well as expected, operating earnings and cash flow generation; (v) the occurrence of any event, change or other circumstance that could give rise to the right of either or both parties to terminate the merger agreement; (vi) the potential impact of the announcement or consummation of the Proposed Transaction on Holdings or Corebridge’s stock price and on their respective business, contractual and operational relationships (including with regulatory bodies, employees, suppliers, clients and competitors); (vii) risks related to business disruptions from the Proposed Transaction that may harm the business or current plans and operations of either or both parties, including diversion of management time from ongoing business operations; (viii) the risk that the Proposed Transaction and the announcement thereof could have an adverse effect on the ability of either or both parties to hire and retain key personnel; (ix) the parties’ ability to raise debt on favorable terms or at all; (x) the outcome of any legal proceedings that may be instituted against Holdings, Corebridge, their new parent company or their respective directors; (xi) restrictions on the conduct of Holdings and Corebridge’s respective businesses prior to the closing of the Proposed Transaction and on each of their ability to pursue alternatives to the Proposed Transaction; (xii) the possibility that the Proposed Transaction may be more expensive to complete than anticipated, including as a result of unexpected factors or events, or unforeseen or unknown liabilities; (xiii) the potential impact of a downgrade in Holdings or Corebridge’s insurer financial strength ratings or credit ratings or of the new parent company of Holdings and Corebridge following completion of the Proposed Transaction; (xiv) conditions in the financial markets and economy, including the impact of geopolitical conflicts, changes in tariffs and trade barriers, the impact on Holdings of a shutdown of the U.S. government, 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; (xv) 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; (xvi) 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; (xvii) our reinsurance and hedging programs; (xviii) 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; (xix) 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; (xx) our Asset Management segment, including fluctuations in assets under management and the industry-wide shift from actively-managed investment services to passive services; (xxi) recruitment and retention of key employees and experienced and productive financial professionals; (xxii) subjectivity of the determination of the amount of allowances and impairments taken on our investments; (xxiii) legal and regulatory risks, including federal and state legislation affecting financial institutions, insurance regulation and tax reform; (xxiv) risks related to our common stock; and (xxv) 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.

Forward-looking Non-GAAP Metrics

The Company has presented forward-looking statements regarding Non-GAAP operating earnings, and Non-GAAP operating earnings per share. 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, 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, Policy Reserves and certain other operating measures, which management believes provide useful information about our businesses and the operational factors underlying our financial performance.

Non-GAAP Operating Earnings

Non-GAAP Operating Earnings is an after-tax Non-GAAP financial measure used to evaluate our financial performance on a consolidated basis that is determined by making certain adjustments to our consolidated after-tax net income attributable to Holdings. The most significant of such adjustments relates to our derivative positions, which protect economic value and statutory capital, and the variable annuity product MRBs. This is a large source of volatility in net income.

Non-GAAP Operating Earnings equals our consolidated after-tax net income attributable to Holdings adjusted to eliminate the impact of the following items:

•Items related to variable annuity product features, which include: (i) changes in the fair value of MRB and purchased MRB, including the related attributed fees and claims, offset by derivatives and other securities used to hedge the MRB which result in residual net income volatility as the change in fair value of certain securities is reflected in OCI and due to our statutory capital hedge program; and (ii) market adjustments to deposit asset or liability accounts arising from reinsurance agreements which do not expose the reinsurer to a reasonable possibility of a significant loss from insurance risk;

•Investment (gains) losses, which includes credit loss impairments of securities/investments, sales or disposals of securities/investments, realized capital gains/losses and valuation allowances;

•Net actuarial (gains) losses, which includes actuarial gains and losses as a result of differences between actual and expected experience on pension plan assets or projected benefit obligation during a given period related to pension, other postretirement benefit obligations, and the one-time impact of the settlement of the defined benefit obligation;

•Other adjustments, which primarily include restructuring costs related to severance and separation, lease write-offs related to non-recurring restructuring activities, 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, impact of the annual actuarial assumption updates attributable to LFPB when the majority of the impact relates to the non-core business, net results of businesses exited or to be exited as these are considered non-core, gains/losses from the sale of businesses; and

•Income tax expense (benefit) related to the above items and non-recurring tax items, which includes the effect of uncertain tax positions for a given audit period and changes to the deferred tax valuation allowance.

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.

The table below presents a reconciliation of Net income (loss) attributable to Holdings to Non-GAAP Operating Earnings for the three and nine months ended September 30, 2026 and 2025:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	2026		2025		2026		2025
Net income (loss) attributable to Holdings	$	1,121	$	(1,309)	$	1,289	$	(1,595)
Adjustments related to:
Variable annuity product features (1)	(796)		978		340		2,123
Investment (gains) losses (2)	84		1,170		178		1,255
Net actuarial (gains) losses related to pension and other postretirement benefit obligations	14		19		42		41
Other adjustments (3)	125		(164)		(157)		(96)
Income tax expense (benefit) related to above adjustments	120		(437)		(85)		(714)
Non-recurring tax items	(73)		198		(52)		214
Non-GAAP Operating Earnings	$	595	$	455	$	1,555	$	1,228

______________

(1)As a result of the novation of certain Legacy VA policies completed during the first quarter of 2025, the Company recorded a loss of $499 million in pre-tax net income and an increase of $263 million in pre-tax AOCI, for a total impact loss of $236 million for the nine months ended September 30, 2025.

(2)Includes $1.1 billion as a result of assets transferred related to the reinsurance transaction with RGA for the three and nine months ended September 30, 2025.

(3)Includes a loss of $7 million and a gain of $315 million on Non-VA derivatives for the three and nine months ended September 30, 2026, and a gain of $230 million and $262 million for the three and nine months ended September 30, 2025, respectively. ”

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 and nine months ended September 30, 2026 and 2025.


	Three Months Ended September 30,				Nine Months Ended September 30,
(per share amounts)	2026		2025		2026		2025
Net income (loss) attributable to Holdings	$	4.10	$	(4.42)	$	4.62	$	(5.27)
Less: Preferred stock dividend	0.05		0.05		0.15		0.16
Net Income (loss) available to common shareholders	4.05		(4.47)		4.47		(5.43)
Adjustments related to:
Variable annuity product features (1)	(2.91)		3.30		1.22		7.02
Investment (gains) losses (2)	0.31		3.95		0.64		4.15
Net actuarial (gains) losses related to pension and other postretirement benefit obligations	0.05		0.06		0.15		0.14
Other adjustments (3)	0.46		(0.55)		(0.56)		(0.33)
Income tax expense (benefit) related to above adjustments	0.44		(1.48)		(0.30)		(2.36)
Non-recurring tax items	(0.27)		0.67		(0.19)		0.71
Non-GAAP Operating Earnings	$	2.13	$	1.48	$	5.43	$	3.90

_______________

(1)As a result of the novation of certain Legacy VA policies completed during the first quarter of 2025, the Company recorded an impact per common shares of $1.65 for the nine months ended September 30, 2025.

(2)Includes $3.86 and $3.78 as a result of assets transferred related to the reinsurance transaction with RGA for the three and nine months ended September 30, 2025, respectively.

(3)Includes a loss of $0.03 and a gain of $1.13 on Non-VA derivatives for the three and nine months ended September 30, 2026 and a gain of $0.78 and $0.87 for the three and nine months ended September 30, 2025, respectively.

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.


	September 30, 2026		December 31, 2025
Book value per common share	$	(10.69)	$	(4.03)
Per share impact of AOCI	30.86		22.17
Book Value per common share, excluding AOCI	$	20.17	$	18.14

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 Retirement and Life 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.

Consolidated Statements of Income (Loss) (Unaudited)


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
	(in millions)
REVENUES
Policy charges and fee income	$	488	$	471	$	1,343	$	1,733
Premiums	216		258		724		822
Net derivative gains (losses)	20		(1,117)		(1,455)		(1,692)
Net investment income (loss)	1,350		1,343		4,031		3,946
Investment gains (losses), net:
Credit and intent to sell losses on available-for-sale debt securities and loans	(64)		11		(101)		(43)
Other investment gains (losses), net	(20)		(1,181)		(77)		(1,212)
Total investment gains (losses), net	(84)		(1,170)		(178)		(1,255)
Investment management and service fees	1,407		1,316		4,062		3,873
Other income	484		349		1,242		961
Total revenues	3,881		1,450		9,769		8,388
BENEFITS AND OTHER DEDUCTIONS
Policyholders’ benefits	357		452		1,177		1,998
Remeasurement of liability for future policy benefits	15		59		9		44
Change in market risk benefits and purchased market risk benefits	(729)		(353)		(1,405)		(287)
Interest credited to policyholders’ account balances	793		798		2,397		2,272
Compensation and benefits	723		601		1,990		1,794
Commissions and distribution-related payments	577		537		1,695		1,526
Interest expense	55		61		173		177
Amortization of deferred policy acquisition costs	230		203		653		584
Other operating costs and expenses	472		440		1,298		1,817
Total benefits and other deductions	2,493		2,798		7,987		9,925
Income (loss) from continuing operations, before income taxes	1,388		(1,348)		1,782		(1,537)
Income tax (expense) benefit	(202)		133		(218)		189
Net income (loss)	1,186		(1,215)		1,564		(1,348)
Less: Net income (loss) attributable to the noncontrolling interest	65		94		275		247
Net income (loss) attributable to Holdings	1,121		(1,309)		1,289		(1,595)
Less: Preferred stock dividends	14		16		41		48
Net income (loss) available to Holdings’ common shareholders	$	1,107	$	(1,325)	$	1,248	$	(1,643)

Earnings Per Common Share


	Three Months Ended September 30,
	2026		2025

Earnings per common share
Basic	$	4.08	$	(4.47)
Diluted	$	4.05	$	(4.47)

Weighted average shares	(in millions)
Weighted average common stock outstanding for basic earnings per common share	271.4		296.2
Weighted average common stock outstanding for diluted earnings per common share	273.4		296.2

Results of Operations by Segment


	Three Months Ended September 30,
	2026		2025
	(in millions)
Operating earnings (loss) by segment:
Retirement	$	432	$	405

Asset Management	152		154

Wealth Management	75		59

Corporate and Other	(64)		(163)
Non-GAAP Operating Earnings	$	595	$	455

Select Balance Sheet Statistics


	September 30, 2026		December 31, 2025
	(in millions)
ASSETS


Total investments and cash and cash equivalents	$	145,180	$	133,466
Separate Accounts assets	139,161		136,544
Total assets	$	334,008	$	317,990

LIABILITIES
Long-term debt	$	3,841	$	3,835
Future policy benefits and other policyholders' liabilities	16,949		17,660
Policyholders’ account balances	150,483		133,433
Total liabilities	$	333,764	$	316,202

EQUITY
Preferred stock	$	1,068	$	1,068
Accumulated other comprehensive income (loss)	(8,286)		(6,280)
Total equity attributable to Holdings	(1,803)		(74)
Total equity attributable to Holdings' common shareholders (ex. AOCI)	$	5,415	$	5,138

Assets Under Management (Unaudited)


	September 30, 2026		December 31, 2025

	(in billions)
Assets Under Management
AB AUM	$	900.4	$	866.9
Exclusion for General Account and other Affiliated Accounts	(106.7)		(87.3)
Exclusion for Separate Accounts	(62.3)		(51.0)
AB third party	$	731.4	$	728.6

Total Company AUM
AB third party	$	731.4	$	728.6
General Account and other Affiliated Accounts (1) (3) (4) (5) (6)	145.2		133.5
Separate Accounts (2) (3) (4) (5) (6)	139.2		136.5
Total AUM	$	1,015.8	$	998.6

_______________

(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 September 30, 2026 and December 31, 2025, Separate Accounts AUM is inclusive of $7.8 billion and $8.2 billion & General Account AUM is inclusive of $26 million and $28 million, respectively, ceded to Venerable.

(4) As of September 30, 2026 and December 31, 2025, Separate Accounts AUM is inclusive of $7.3 billion and $7.2 billion & General Account AUM is inclusive of $2.8 billion and $3.0 billion, respectively, ceded to Global Atlantic.

(5) Includes Advisory, Brokerage and Direct assets included in our Wealth Management segment.

(6) As of September 30, 2026 and December 31, 2025, Separate Accounts AUM is inclusive of $16.1 billion and $15.1 billion & General Account AUM is inclusive of $9.4 billion and $9.3 billion, respectively, ceded to RGA.


Table of Contents

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


	Select Metrics from Business Segments
Retirement
		Statements of Operating Earnings (Loss) and Summary Metrics	12
		Select Operating Metrics	13
		Asset Value Rollforward	14



Asset Management (1)
		Statements of Operating Earnings (Loss) and Summary Metrics	15
		AB Select Adjusted Financials and Ratios	16
		Select Operating Metrics	17
		Net Flows	18



Wealth Management
		Statements of Operating Earnings (Loss) and Summary Metrics	19
		Select Operating Metrics	20
Corporate and Other
		Statements of Operating Earnings (Loss) and Summary Metrics	21
		Select Operating Metrics	22

	Investments
		Consolidated Investment Portfolio Composition	24
		Consolidated Results of General Account Investment Portfolio	25

	Additional Information
		Deferred Policy Acquisition Costs Rollforward	27
		Use of Non-GAAP Financial Measures	28
		Reconciliation of Non-GAAP Measures	29
		Glossary of Selected Financial and Product Terms	32
		Analyst Coverage, Ratings & Contact Information	34
		Notes:
		(1) Refers to AllianceBernstein L.P. and AllianceBernstein 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.


3Q 2026 Financial Supplement						2

Consolidated Financials

and Key Metrics


3Q 2026 Financial Supplement						3

Key Metrics Summary


	For the Three Months Ended or As of																	For the Nine Months Ended or As of
(in millions USD, unless otherwise indicated)	9/30/2025			12/31/2025			3/31/2026			6/30/2026			9/30/2026			Change		9/30/2025			9/30/2026			Change

Net income (loss)	$	(1,215)		$	311		$	731		$	(353)		$	1,186		197.6	%	$	(1,348)		$	1,564		216.0	%
Net income (loss) attributable to the noncontrolling interest	(94)			(96)			(110)			(100)			(65)			30.9	%	(247)			(275)			(11.3)	%
Net income (loss) attributable to Holdings	$	(1,309)		$	215		$	621		$	(453)		$	1,121		185.6	%	$	(1,595)		$	1,289		180.8	%

Non-GAAP Operating Earnings (1)	$	455		$	513		$	472		$	488		$	595		30.8	%	$	1,228		$	1,555		26.6	%

Total equity attributable to Holdings' shareholders	$	148		$	(74)		$	273		$	(785)		$	(1,803)		N/M		$	148		$	(1,803)		N/M
Less: Preferred Stock	1,068			1,068			1,068			1,068			1,068			—	%	1,068			1,068			—	%
Total equity attributable to Holdings' common shareholders	(920)			(1,142)			(795)			(1,853)			(2,871)			(212.1)	%	(920)			(2,871)			(212.1)	%
Less: Accumulated other comprehensive income (loss)	(6,191)			(6,280)			(6,300)			(6,465)			(8,286)			(33.8)	%	(6,191)			(8,286)			(33.8)	%
Total equity attributable to Holdings' common shareholders (ex. AOCI)	$	5,271		$	5,138		$	5,505		$	4,612		$	5,415		2.7	%	$	5,271		$	5,415		2.7	%

Return on Equity (ex. AOCI) (TTM)	(10.4)		%	(22.0)		%	(15.2)		%	(19.1)		%	28.1		%			(10.4)		%	28.1		%
Non-GAAP Operating ROE (TTM) (1)	22.4		%	25.6		%	29.8		%	36.5		%	39.0		%			22.4		%	39.0		%

Debt to capital:
Debt to Capital (ex. AOCI)	37.7		%	38.3		%	36.9		%	40.3		%	37.2		%			37.7		%	37.2		%
Adjusted debt to capital (ex. AOCI)	35.3		%	35.9		%	34.5		%	37.7		%	34.8		%			35.3		%	34.8		%

Adjusted capital metrics:
Total equity adjustment for Holdings' portion of AB's market value (3)	$	4,443		$	4,448		$	4,260		$	3,828		$	3,780		(14.9)	%	$	4,443		$	3,780		(14.9)	%
Book value with AB at market value per common share (ex. AOCI)	$	33.59		$	33.84		$	34.70		$	30.92		$	34.25		2.0	%	$	33.59		$	34.25		2.0	%
Adjusted debt to capital with AB at market value (ex. AOCI)	24.5		%	24.9		%	24.5		%	26.9		%	25.5		%			24.5		%	25.5		%

Per common share:
Diluted earnings per common share: (2)
Net income (loss) attributable to Holdings	$	(4.47)		$	0.70		$	2.14		$	(1.68)		$	4.05		190.6	%	$	(5.43)		$	4.47		182.3	%
Non-GAAP Operating Earnings (1)	$	1.48		$	1.73		$	1.62		$	1.70		$	2.13		43.9	%	$	3.90		$	5.43		39.2	%
Book value per common share	$	(3.18)		$	(4.03)		$	(2.83)		$	(6.79)		$	(10.69)		(236.2)	%	$	(3.18)		$	(10.69)		(236.2)	%
Book value per common share (ex. AOCI)	$	18.23		$	18.14		$	19.56		$	16.89		$	20.17		10.6	%	$	18.23		$	20.17		10.6	%

Weighted-average common shares outstanding:
Basic	296.2			285.5			281.3			278.3			271.4			(8.4)	%	302.4			277.0			(8.4)	%
Diluted	296.2			289.1			283.8			278.3			273.4			(7.7)	%	302.4			278.8			(7.8)	%

Ending common shares outstanding	289.2			283.3			281.4			273.0			268.5			(7.2)	%	289.2			268.5			(7.2)	%
Return to common shareholders:

Common stock dividend	$	81		$	77		$	76		$	83		$	82				$	237		$	241
Repurchase of common shares	676			277			147			366			238					1,173			751
Total capital returned to common shareholders	$	757		$	354		$	223		$	449		$	320				$	1,410		$	992

Notes:
(1) This measure is a Non-GAAP financial measure. For an explanation of our use of Non-GAAP financial measures, refer to the “Use of Non-GAAP Financial Measures” and "Glossary of Selected Financial and Product Terms" sections of this document. For a reconciliation of this item to the most directly comparable GAAP measure, refer to the “Non-GAAP Reconciliation” section in this document.
(2) For loss periods, dilutive shares were not included in the calculation of net income (loss) available to shareholders per common share or Non-GAAP Operating Earnings per common share as inclusion of such shares would have an anti-dilutive effect.
(3) Adjustment for AB market value represents the difference between EQH economic interest in AB's total units multiplied by AB's total units and EQH economic interest in AB's Total Partners' Capital Attributable to AB Unit holders ex. AOCI. As of September 30, 2026, June 30, 2026, March 31, 2026, December 31, 2025 and September 30, 2025, AB's total units, including General Partnership units ABLP units, were $296.1 million, $297.6 million, 297.6 million, 296.5 million and 295.2 million, respectively. This is a pro-forma calculation, not the figures recorded in our financial statements.


3Q 2026 Financial Supplement						4

Consolidated Statements of Income (Loss)


	For the Three Months Ended												For the Nine Months Ended
(in millions USD, unless otherwise indicated)	9/30/2025		12/31/2025		3/31/2026		6/30/2026		9/30/2026		Change		9/30/2025		9/30/2026		Change

Revenues
Policy charges and fee income	$	471	$	435	$	429	$	426	$	488	3.6	%	$	1,733	$	1,343	(22.5)	%
Premiums	258		224		240		268		216		(16.3)	%	822		724		(11.9)	%
Net derivative gains (losses)	(1,117)		(363)		580		(2,055)		20		101.8	%	(1,692)		(1,455)		14.0	%
Net investment income (loss)	1,343		1,288		1,284		1,397		1,350		0.5	%	3,946		4,031		2.2	%
Investment gains (losses), net	(1,170)		(84)		(29)		(65)		(84)		92.8	%	(1,255)		(178)		85.8	%
Investment management and service fees	1,316		1,390		1,327		1,328		1,407		6.9	%	3,873		4,062		4.9	%
Other income	349		387		399		359		484		38.7	%	961		1,242		29.2	%
Total revenues	1,450		3,277		4,230		1,658		3,881		167.7	%	8,388		9,769		16.5	%

Benefits and other deductions
Policyholders’ benefits	452		397		385		435		357		(21.0)	%	1,998		1,177		(41.1)	%
Remeasurement of liability for future policy benefits	59		(6)		9		(15)		15		(74.6)	%	44		9		(79.5)	%
Change in market risk benefits and purchased market risk benefits	(353)		(130)		325		(1,001)		(729)		(106.5)	%	(287)		(1,405)		(389.5)	%
Interest credited to policyholders’ account balances	798		744		770		834		793		(0.6)	%	2,272		2,397		5.5	%
Compensation and benefits	601		640		625		642		723		20.3	%	1,794		1,990		10.9	%
Commissions and distribution-related payments	537		567		556		562		577		7.4	%	1,526		1,695		11.1	%
Interest expense	61		47		62		56		55		(9.8)	%	177		173		(2.3)	%
Amortization of deferred policy acquisition costs	203		205		209		214		230		13.3	%	584		653		11.8	%
Other operating costs and expenses	440		469		402		424		472		7.3	%	1,817		1,298		(28.6)	%
Total benefits and other deductions	2,798		2,933		3,343		2,151		2,493		(10.9)	%	9,925		7,987		(19.5)	%

Income (loss) from operations, before income taxes	(1,348)		344		887		(493)		1,388		203.0	%	(1,537)		1,782		215.9	%
Income tax (expense) benefit	133		(33)		(156)		140		(202)		(251.9)	%	189		(218)		(215.3)	%
Net income (loss)	(1,215)		311		731		(353)		1,186		197.6	%	(1,348)		1,564		216.0	%
Less: net (income) loss attributable to the noncontrolling interest	(94)		(96)		(110)		(100)		(65)		30.9	%	(247)		(275)		(11.3)	%
Net income (loss) attributable to Holdings	$	(1,309)	$	215	$	621	$	(453)	$	1,121	185.6	%	$	(1,595)	$	1,289	180.8	%
Less: Preferred stock dividends	(16)		(13)		(14)		(13)		(14)		12.5	%	(48)		(41)		14.6	%
Net income (loss) available to Holdings' common shareholders	$	(1,325)	$	202	$	607	$	(466)	$	1,107	183.5	%	$	(1,643)	$	1,248	176.0	%

Adjustments related to:
Variable annuity product features (1)	$	978	$	258	$	(386)	$	1,522	$	(796)			$	2,123	$	340
Investment (gains) losses, net (2)	1,170		84		29		65		84				1,255		178

Net actuarial (gains) losses related to pension and other postretirement benefit obligations	19		9		14		14		14				41		42
Other adjustments (3)	(164)		21		148		(430)		125				(96)		(157)
Income tax expense (benefit) related to above adjustments	(437)		(62)		41		(246)		120				(714)		(85)
Non-recurring tax items	198		(12)		5		16		(73)				214		(52)
Non-GAAP Operating earnings (4)	$	455	$	513	$	472	$	488	$	595			$	1,228	$	1,555

Notes:
(1) As a result of the novation of certain Legacy VA policies completed during the first quarter of 2025, the Company recorded a loss of $499 million in pre-tax net income and an increase of $263 million in pre-tax AOCI, for a total impact loss of $236 million for the nine months ended September 30, 2025.
(2) Includes $1.1 billion as a result of assets transferred related to the reinsurance transaction with RGA for the three and nine months ended September 30, 2025.
(3) Includes the following impacts on Non-VA derivatives: a loss of $7 million and a gain of $315 million on Non-VA derivatives for the three and nine months ended September 30, 2026, a loss of $176 million for the three months ended June 30, 2026, a loss of $146 million for the three months ended March 31, 2026, a gain of $41 million for the three months ended December 31, 2025, and a gain of $230 million and $262 million for the three and nine months ended September 30, 2025, 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.


3Q 2026 Financial Supplement						5

Consolidated Balance Sheets


	Balances as of
(in millions USD, unless otherwise indicated)	9/30/2025		12/31/2025		3/31/2026		6/30/2026		9/30/2026

Assets
Total investments	$	116,505	$	121,004	$	121,679	$	125,851	$	127,653
Cash and cash equivalents	13,604		12,462		9,904		17,183		17,527
Cash and securities segregated, at fair value	425		499		351		229		579
Broker-dealer related receivables	1,996		2,162		2,183		2,291		2,371
Deferred policy acquisition costs	7,430		7,523		7,584		7,638		7,686
Goodwill and other intangible assets, net	5,327		5,309		5,350		5,335		5,317
Amounts due from reinsurers	20,025		20,127		20,373		20,744		21,137


Current and deferred income taxes	2,337		2,577		2,611		2,986		3,269
Purchased market risk benefits	5,415		5,260		5,266		4,710		4,190
Other assets	3,678		3,771		3,936		3,744		3,815

Assets for market risk benefits	762		752		675		940		1,303
Separate Accounts assets	136,905		136,544		130,470		143,006		139,161
Total assets	$	314,409	$	317,990	$	310,382	$	334,657	$	334,008

Liabilities
Policyholders’ account balances	$	129,561	$	133,433	$	132,662	$	146,445	$	150,483
Liability for market risk benefits	10,301		10,153		9,825		8,816		7,705
Future policy benefits and other policyholders’ liabilities	17,611		17,660		17,441		17,372		16,949
Broker-dealer related payables	1,367		1,370		665		798		905

Customers related payables	1,740		1,937		1,988		2,051		2,153
Amounts due to reinsurers	1,451		1,542		1,306		1,155		1,199
Short-term debt	—		25		—		—		—
Long-term debt	3,833		3,835		3,837		3,839		3,841



Notes issued by consolidated variable interest entities, at fair value using the fair value option	2,530		2,702		3,090		3,128		3,485
Other liabilities	7,162		7,001		6,848		6,824		7,883

Separate Accounts liabilities	136,905		136,544		130,470		143,006		139,161
Total liabilities	312,461		316,202		308,132		333,434		333,764
Redeemable noncontrolling interest	344		322		390		365		425

Equity
Preferred stock	1,068		1,068		1,068		1,068		1,068
Common stock	5		5		5		5		5
Additional paid-in capital	1,917		1,932		1,915		1,939		1,955
Treasury shares	(5,011)		(5,165)		(5,190)		(5,559)		(5,799)
Retained earnings	8,360		8,366		8,775		8,227		9,254
Accumulated other comprehensive income (loss)	(6,191)		(6,280)		(6,300)		(6,465)		(8,286)
Total equity attributable to Holdings	148		(74)		273		(785)		(1,803)
Noncontrolling interest	1,456		1,540		1,587		1,643		1,622
Total equity	1,604		1,466		1,860		858		(181)
Total liabilities, redeemable noncontrolling interest and equity	$	314,409	$	317,990	$	310,382	$	334,657	$	334,008


3Q 2026 Financial Supplement						6

Consolidated Capital Structure


	Balances as of
(in millions USD, unless otherwise indicated)	9/30/2025			12/31/2025			3/31/2026			6/30/2026			9/30/2026

Short-term and long-term debt:







Total short-term debt	$	—		$	25		$	—		$	—		$	—

Total long-term debt	3,833			3,835			3,837			3,839			3,841

Total short-term and long-term debt: [A]	$	3,833		$	3,860		$	3,837		$	3,839		$	3,841

Equity:
Preferred stock	$	1,068		$	1,068		$	1,068		$	1,068		$	1,068
Common stock	5			5			5			5			5
Additional paid-in capital	1,917			1,932			1,915			1,939			1,955
Treasury stock, at cost	(5,011)			(5,165)			(5,190)			(5,559)			(5,799)
Retained earnings	8,360			8,366			8,775			8,227			9,254
Accumulated other comprehensive income (loss)	(6,191)			(6,280)			(6,300)			(6,465)			(8,286)
Total equity attributable to Holdings	148			(74)			273			(785)			(1,803)
Noncontrolling interest	1,456			1,540			1,587			1,643			1,622
Total equity	$	1,604		$	1,466		$	1,860		$	858		$	(181)

Total equity attributable to Holdings, (ex. AOCI): [B]	$	6,339		$	6,206		$	6,573		$	5,680		$	6,483

Capital:
Total capitalization	$	3,981		$	3,786		$	4,110		$	3,054		$	2,038
Total capitalization (ex. AOCI): [A+B] (2)	$	10,172		$	10,066		$	10,410		$	9,519		$	10,324

Debt to capital:
Debt to capital (ex. AOCI) (1)	37.7		%	38.3		%	36.9		%	40.3		%	37.2		%
Adjusted debt to capital (ex. AOCI)	35.3		%	35.9		%	34.5		%	37.7		%	34.8		%
Adjusted debt to capital with AB at market value (ex. AOCI)	24.5		%	24.9		%	24.5		%	26.9		%	25.5		%

	For the Three Months Ended
	9/30/2025			12/31/2025			3/31/2026			6/30/2026			9/30/2026
Roll-forward of common shares outstanding (millions of shares):
Beginning balance	301.7			289.2			283.3			281.4			273.0
Repurchases	(10.9)			(3.3)			(1.0)			(8.7)			(4.6)
Retirements	(1.8)			(2.6)			(2.1)			—			—
Issuances	0.2			—			1.3			0.2			0.1
Ending basic common shares outstanding	289.2			283.3			281.4			273.0			268.5
Total potentially dilutive shares	3.6			3.6			2.5			1.4			2.0
Ending common shares outstanding - maximum potential dilution	292.8			286.9			283.9			274.4			270.5
Notes:

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

(2) Adjusted to reflect 50% equity credit for $500 million of Junior Subordinated debt issued during Q1’25


3Q 2026 Financial Supplement						7


Operating Earnings (Loss) by Segment and Corporate and Other

	For the Three Months Ended September 30, 2026
(in millions USD, unless otherwise indicated)	Retirement		Asset Management		Wealth Management		Corporate and Other		Eliminations		Consolidated
Revenues
Policy charges, fee income and premiums	$	331	$	—	$	—	$	262	$	—	$	593
Net investment income (loss)	1,315		1		4		45		39		1,404
Net derivative gains (losses)	(5)		6		—		(2)		6		5
Investment management, service fees and other income	243		1,134		578		128		(298)		1,785
Segment revenues	1,884		1,141		582		433		(253)		3,787
Benefits and other deductions
Policyholders’ benefits	71		—		—		209		—		280
Remeasurement of liability for future policy benefits	—		—		—		(17)		—		(17)

Interest credited to policyholders’ account balances	830		—		—		54		—		884
Commissions and distribution-related payments	188		189		369		58		(247)		557
Amortization of deferred policy acquisition costs	182		—		—		48		—		230
Compensation and benefits, interest expense, financing fees and other operating costs and expense	95		652		114		153		(6)		1,008

Segment benefits and other deductions	1,366		841		483		505		(253)		2,942
Operating earnings (loss), before income taxes	518		300		99		(72)		—		845
Income Taxes	(86)		(52)		(24)		11		—		(151)
Operating earnings (loss), before noncontrolling interest	432		248		75		(61)		—		694
Less: Operating (earnings) loss attributable to the noncontrolling interest	—		(96)		—		(3)		—		(99)
Operating earnings (loss)	$	432	$	152	$	75	$	(64)	$	—	$	595

	For the Three Months Ended September 30, 2025
	Retirement		Asset Management		Wealth Management		Corporate and Other		Eliminations		Consolidated
Revenues
Policy charges, fee income and premiums	$	296	$	—	$	—	$	433	$	—	$	729
Net investment income (loss)	1,116		14		3		183		34		1,350
Net derivative gains (losses)	(2)		(4)		—		(13)		2		(17)
Investment Management, service fees and other income	182		1,134		496		134		(271)		1,675
Segment revenues	1,592		1,144		499		737		(235)		3,737
Benefits and other deductions
Policyholders’ benefits	73		—		—		438		—		511
Remeasurement of liability for future policy benefits	(1)		—		—		16		—		15

Interest credited to policyholders’ account balances	685		—		—		96		—		781
Commissions and distribution-related payments	153		209		320		82		(227)		537
Amortization of deferred policy acquisition costs	153		—		—		50		—		203
Compensation and benefits, interest expense, financing fees and other operating costs and expense	86		642		101		222		(8)		1,043

Segment benefits and other deductions	1,149		851		421		904		(235)		3,090
Operating earnings (loss), before income taxes	443		293		78		(167)		—		647
Income Taxes	(38)		(46)		(19)		8		—		(95)
Operating earnings (loss), before noncontrolling interest	405		247		59		(159)		—		552
Less: Operating (earnings) loss attributable to the noncontrolling interest	—		(93)		—		(4)		—		(97)
Operating earnings (loss)	$	405	$	154	$	59	$	(163)	$	—	$	455


3Q 2026 Financial Supplement						8


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

	For the Nine Months Ended September 30, 2026
(in millions USD, unless otherwise indicated)	Retirement		Asset Management		Wealth Management		Corporate and Other		Eliminations		Consolidated
Revenues
Policy charges, fee income and premiums	$	966	$	—	$	—	$	990	$	—	$	1,956
Net investment income (loss)	3,742		7		10		170		103		4,032
Net derivative gains (losses)	(15)		—		—		(22)		16		(21)
Investment Management, service fees and other income	618		3,382		1,657		368		(865)		5,160
Segment revenues	5,311		3,389		1,667		1,506		(746)		11,127
Benefits and other deductions
Policyholders’ benefits	220		—		—		880		—		1,100
Remeasurement of liability for future policy benefits	(3)		—		—		(20)		—		(23)

Interest credited to policyholders’ account balances	2,341		—		—		159		—		2,500
Commissions and distribution-related payments	535		580		1,070		210		(720)		1,675
Amortization of deferred policy acquisition costs	506		—		—		147		—		653
Compensation and benefits, interest expense, financing fees and other operating costs and expense	292		1,947		347		486		(26)		3,046

Segment benefits and other deductions	3,891		2,527		1,417		1,862		(746)		8,951
Operating earnings (loss), before income taxes	1,420		862		250		(356)		—		2,176
Income Taxes	(190)		(137)		(57)		44		—		(340)
Operating earnings (loss), before noncontrolling interest	1,230		725		193		(312)		—		1,836
Less: Operating (earnings) loss attributable to the noncontrolling interest	—		(275)		—		(6)		—		(281)
Operating earnings (loss)	$	1,230	$	450	$	193	$	(318)	$	—	$	1,555

	For the Nine Months Ended September 30, 2025
	Retirement		Asset Management		Wealth Management		Corporate and Other		Eliminations		Consolidated
Revenues
Policy charges, fee income and premiums	$	889	$	—	$	—	$	1,666	$	—	$	2,555
Net investment income (loss)	3,151		39		8		684		90		3,972
Net derivative gains (losses)	(12)		(28)		—		(16)		12		(44)
Investment Management, service fees and other income	510		3,315		1,422		389		(797)		4,839
Segment revenues	4,538		3,326		1,430		2,723		(695)		11,322
Benefits and other deductions
Policyholders’ benefits	241		—		—		1,816		—		2,057
Remeasurement of liability for future policy benefits	(2)		—		—		2		—		—

Interest credited to policyholders’ account balances	1,847		—		—		402		—		2,249
Commissions and distribution-related payments	440		607		909		237		(667)		1,526
Amortization of deferred policy acquisition costs	435		—		—		149		—		584
Compensation and benefits, interest expense, financing fees and other operating costs and expense	261		1,890		315		660		(28)		3,098

Segment benefits and other deductions	3,222		2,497		1,224		3,266		(695)		9,514
Operating earnings (loss), before income taxes	1,316		829		206		(543)		—		1,808
Income Taxes	(177)		(135)		(52)		75		—		(289)
Operating earnings (loss), before noncontrolling interest	1,139		694		154		(468)		—		1,519
Less: Operating (earnings) loss attributable to the noncontrolling interest	—		(283)		—		(8)		—		(291)
Operating earnings (loss)	$	1,139	$	411	$	154	$	(476)	$	—	$	1,228


3Q 2026 Financial Supplement						9


Assets Under Management and Administration


	Balances as of
(in billions USD, unless otherwise indicated)	9/30/2025			12/31/2025			3/31/2026			6/30/2026			9/30/2026



AB AUM
Total AB	$	860.1		$	866.9		$	838.6		$	905.5		$	900.4
Exclusion for General Account and other Affiliated Accounts	(85.3)			(87.3)			(88.8)			(94.2)			(106.7)
Exclusion for Separate Accounts	(50.4)			(51.0)			(48.8)			(63.3)			(62.3)
AB third party	$	724.4		$	728.6		$	701.0		$	748.0		$	731.4

Total Company AUM
AB third party	$	724.4		$	728.6		$	701.0		$	748.0		$	731.4
General Account and other Affiliated Accounts (1) (3) (4) (6)	130.1			133.5			131.6			143.0			145.2
Separate Accounts (2) (3) (4) (6)	136.9			136.5			130.5			143.0			139.2
Total AUM	$	991.4		$	998.6		$	963.1		$	1,034.0		$	1,015.8

Total AUA (5)	$	118.2		$	122.0		$	131.0		$	140.6		$	140.4
Total AUM/A	$	1,109.6		$	1,120.6		$	1,094.1		$	1,174.6		$	1,156.2

Market Values:
S&P 500	6,688			6,846			6,529			7,499			7,652
US 10-Year Treasury	4.2		%	4.2		%	4.3		%	4.4		%	5.3		%



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 September 30, 2026, June 30, 2026, March 31, 2026, December 31, 2025 and September 30, 2025, Separate Accounts AUM is inclusive of $7.8 billion, $8.2 billion, $7.6 billion, $8.2 billion and $8.4 billion & General Account AUM is inclusive of $26 million, $28 million, $27 million, $28 million and $30 million, respectively, ceded to Venerable.
(4) As of September 30, 2026, June 30, 2026, March 31, 2026, December 31, 2025 and September 30, 2025, Separate Accounts AUM is inclusive of $7.3 billion, $7.6 billion, $6.8 billion, $7.2 billion and $7.2 billion & General Account AUM is inclusive of $2.8 billion, $2.9 billion, $2.9 billion, $3.0 billion and $3.1 billion, respectively, ceded to Global Atlantic.
(5) Includes Advisory, Brokerage and Direct assets included in our Wealth Management segment.
(6) As of September 30, 2026, June 30, 2026, March 31, 2026, December 31, 2025 and September 30, 2025, Separate Accounts AUM is inclusive of $16.1 billion, $16.3 billion, $14.5 billion, $15.1 billion and $15.0 billion & General Account AUM is inclusive of $9.4 billion, $9.3 billion, $9.3 billion, $9.3 billion and $9.3 billion, respectively, ceded to RGA.


3Q 2026 Financial Supplement						10

Business Segments:

Operating Earnings Results and Metrics


3Q 2026 Financial Supplement						11

Retirement - Operating Earnings (Loss) and Summary Metrics


	For the Three Months Ended or As of																	For the Nine Months Ended or As of
(in millions USD, unless otherwise indicated)	9/30/2025			12/31/2025			3/31/2026			6/30/2026			9/30/2026			Change		9/30/2025			9/30/2026			Change

Revenues
Policy charges, fee income and premiums	$	296		$	328		$	307		$	328		$	331		11.8	%	$	889		$	966		8.7	%
Net investment income (loss)	1,116			1,161			1,193			1,234			1,315			17.8	%	3,151			3,742			18.8	%
Net derivative gains (losses)	(2)			(9)			(6)			(4)			(5)			(150.0)	%	(12)			(15)			(25.0)	%
Investment management, service fees and other income	182			186			185			190			243			33.5	%	510			618			21.2	%
Segment revenues	1,592			1,666			1,679			1,748			1,884			18.3	%	4,538			5,311			17.0	%

Benefits and other deductions
Policyholders’ benefits	73			84			70			79			71			(2.7)	%	241			220			(8.7)	%
Remeasurement of liability for future policy benefits	(1)			—			(1)			(2)			—			100.0	%	(2)			(3)			(50.0)	%

Interest credited to policyholders’ account balances	685			713			737			774			830			21.2	%	1,847			2,341			26.7	%
Commissions and distribution-related payments	153			178			171			176			188			22.9	%	440			535			21.6	%
Amortization of deferred policy acquisition costs	153			156			160			164			182			19.0	%	435			506			16.3	%
Compensation and benefits, interest expense, financing fees and other operating costs and expense	86			95			92			105			95			10.5	%	261			292			11.9	%

Segment benefits and other deductions	1,149			1,226			1,229			1,296			1,366			18.9	%	3,222			3,891			20.8	%

Operating earnings (loss), before income taxes	443			440			450			452			518			16.9	%	1,316			1,420			7.9	%
Income taxes	(38)			(30)			(54)			(50)			(86)			(126.3)	%	(177)			(190)			(7.3)	%
Operating earnings (loss), before noncontrolling interest	405			410			396			402			432			6.7	%	1,139			1,230			8.0	%
Less: Operating (earnings) loss attributable to the noncontrolling interest	—			—			—			—			—			—	%	—			—			—	%
Operating earnings (loss)	$	405		$	410		$	396		$	402		$	432		6.7	%	$	1,139		$	1,230		8.0	%

Summary Metrics

Operating earnings (loss) (TTM)	$	1,524		$	1,549		$	1,565		$	1,613		$	1,640		7.6	%	$	1,524		$	1,640		7.6	%

Average asset value (TTM)	$	158,988		$	163,857		$	168,549		$	175,387		$	180,252		13.4	%	$	158,988		$	180,252		13.4	%

Return on assets (TTM)	1.11		%	1.07		%	1.04		%	1.02		%	1.03		%			1.11		%	1.03		%

Net flows	$	1,120		$	1,260		$	1,288		$	1,684		$	1,097		(2.1)	%	$	4,663		$	4,069		(12.7)	%

Additional Detail

Net investment income (loss):
Investment income, excluding alternatives	$	1,093		$	1,128		$	1,174		$	1,229		$	1,289		17.9	%	$	3,078		$	3,692		19.9	%
Alternative investment income	23			33			19			5			26			13.0	%	73			50			(31.5)	%
Total Net investment income (loss)	$	1,116		$	1,161		$	1,193		$	1,234		$	1,315		17.8	%	$	3,151		$	3,742		18.8	%

Net interest margin	$	429		$	439		$	450		$	456		$	480		11.9	%	$	1,292		$	1,386		7.3	%


3Q 2026 Financial Supplement						12


Retirement - Select Operating Metrics

	For the Three Months Ended or As of										For the Nine Months Ended or As of
(in millions USD, unless otherwise indicated)	9/30/2025		12/31/2025		3/31/2026		6/30/2026		9/30/2026		9/30/2025		9/30/2026

Sales Metrics
First Year Premiums and Deposits:
Registered indexed-linked annuities (RILA)	$	3,870	$	4,190	$	4,024	$	4,136	$	4,191	$	11,176	$	12,351

Traditional variable annuities	962		994		1,087		1,069		1,197		2,946		3,353
Tax-exempt (1)	387		574		511		360		449		1,033		1,320
Corporate	64		70		94		103		108		212		305
Institutional	87		87		204		480		171		836		855
Other (1)	88		60		52		71		79		183		202
Total First Year Premiums and Deposits	$	5,458	$	5,975	$	5,972	$	6,219	$	6,195	$	16,386	$	18,386

Renewal Premiums and Deposits:
Tax-exempt (1)	$	396	$	517	$	493	$	538	$	424	$	1,394	$	1,455
Corporate	95		91		99		89		91		289		279

Other (1)	91		98		84		70		68		270		222
Total Renewal Premiums and Deposits	$	582	$	706	$	676	$	697	$	583	$	1,953	$	1,956

Total Premiums and Deposits	$	6,040	$	6,681	$	6,648	$	6,916	$	6,778	$	18,339	$	20,342

Net Amount at Risk (NAR)
Total GMIB NAR	$	60	$	71	$	84	$	92	$	91	$	60	$	91
Total GMWB NAR	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Total GMDB NAR	$	2,907	$	2,957	$	3,262	$	2,897	$	3,157	$	2,907	$	3,157
MRB Reserves (Net of Reinsurance)	$	706	$	767	$	814	$	520	$	71	$	706	$	71
Notes:
(1) Net of reinsurance


3Q 2026 Financial Supplement						13


Retirement - Asset Value Rollforward

	For the Three Months Ended or As of										For the Nine Months Ended or As of
(in millions USD, unless otherwise indicated)	9/30/2025		12/31/2025		3/31/2026		6/30/2026		9/30/2026		9/30/2025		9/30/2026
General Account:
Account value balance, beginning of period	$	87,413	$	93,825	$	97,628	$	96,753	$	106,931	$	78,361	$	97,628
Premiums and deposits (1)	4,219		4,718		4,064		4,996		4,217		13,036		13,277
Surrenders, withdrawals and benefits	(2,186)		(2,429)		(2,354)		(2,341)		(2,514)		(5,917)		(7,209)
Net flows	2,033		2,289		1,710		2,655		1,703		7,119		6,068
Net flows ceded for third-party flow reinsurance	—		(181)		(395)		(496)		(526)		—		(1,417)
Change in market value, reinvestment	658		609		239		98		(592)		2,948		(255)
Change in fair value of embedded derivative instruments	3,721		1,086		(2,429)		7,921		1,501		5,397		6,993

Account value balance, end of period	93,825		97,628		96,753		106,931		109,017		93,825		109,017
Embedded derivative value, end of period	21,215		21,553		18,269		25,230		25,628		21,215		25,628
Account value balance, end of period (net of embedded derivatives)	72,610		76,075		78,484		81,701		83,389		72,610		83,389
Total spread lending balances, end of period	16,755		17,534		17,064		19,658		20,154		16,755		20,154
Reserves, end of period (excluding MRBs)	5,177		5,300		5,284		5,400		5,212		5,177		5,212
Balance, end of period, General Account asset value	$	94,542	$	98,909	$	100,832	$	106,759	$	108,755	$	94,542	$	108,755

Separate Accounts:
Account value balance, beginning of period	$	74,029	$	77,131	$	77,257	$	74,844	$	82,008	$	72,837	$	77,257
Premiums and deposits (1)	1,779		1,922		2,555		1,885		2,527		5,179		6,967
Surrenders, withdrawals and benefits	(2,692)		(2,951)		(2,977)		(2,856)		(3,133)		(7,635)		(8,966)
Net flows	(913)		(1,029)		(422)		(971)		(606)		(2,456)		(1,999)
Change in market value, reinvestment and other	4,015		1,155		(1,991)		8,135		(1,176)		6,750		4,968


Balance, end of period, Separate Accounts asset value	$	77,131	$	77,257	$	74,844	$	82,008	$	80,226	$	77,131	$	80,226

Total:
Account value balance, beginning of period	$	161,442	$	170,956	$	174,885	$	171,597	$	188,939	$	151,198	$	174,885
Premiums and deposits (1)	5,998		6,640		6,619		6,881		6,744		18,215		20,244
Surrenders, withdrawals and benefits	(4,878)		(5,380)		(5,331)		(5,197)		(5,647)		(13,552)		(16,175)
Net flows	1,120		1,260		1,288		1,684		1,097		4,663		4,069
Net flows ceded for third-party flow reinsurance	—		(181)		(395)		(496)		(526)		—		(1,417)
Change in market value, reinvestment	4,673		1,764		(1,752)		8,233		(1,768)		9,698		4,713
Change in fair value of embedded derivative instruments	3,721		1,086		(2,429)		7,921		1,501		5,397		6,993

Account value balance, end of period	170,956		174,885		171,597		188,939		189,243		170,956		189,243
Embedded derivative value, end of period	21,215		21,553		18,269		25,230		25,628		21,215		25,628
Account value balance, end of period (net of embedded derivatives)	149,741		153,332		153,328		163,709		163,615		149,741		163,615
Total spread lending balances, end of period	16,755		17,534		17,064		19,658		20,154		16,755		20,154
Reserves, end of period (excluding MRBs)	5,177		5,300		5,284		5,400		5,212		5,177		5,212
Balance, end of period, total asset value	$	171,673	$	176,166	$	175,676	$	188,767	$	188,981	$	171,673	$	188,981
Notes:
(1) Excludes deposits from certain other products reported as first year premiums and deposits or renewal premiums and deposits elsewhere in this document.


3Q 2026 Financial Supplement						14

Asset Management - Operating Earnings (Loss) and Summary Metrics


	For the Three Months Ended or As of																	For the Nine Months Ended or As of
(in millions USD, unless otherwise indicated)	9/30/2025			12/31/2025			3/31/2026			6/30/2026			9/30/2026			Change		9/30/2025			9/30/2026			Change

Revenues
Net investment income (loss)	$	14		$	9		$	(6)		$	12		$	1		(92.9)	%	$	39		$	7		(82.1)	%
Net derivative gains (losses)	(4)			(1)			4			(10)			6			250.0	%	(28)			—			100.0	%
Investment management, service fees and other income	1,134			1,217			1,116			1,132			1,134			—	%	3,315			3,382			2.0	%
Segment revenues	1,144			1,225			1,114			1,134			1,141			(0.3)	%	3,326			3,389			1.9	%

Benefits and other deductions
Commissions and distribution-related payments	209			206			197			194			189			(9.6)	%	607			580			(4.4)	%
Compensation and benefits, interest expense, financing fees and other operating costs and expense	642			695			639			656			652			1.6	%	1,890			1,947			3.0	%

Segment benefits and other deductions	851			901			836			850			841			(1.2)	%	2,497			2,527			1.2	%

Operating earnings (loss), before income taxes	293			324			278			284			300			2.4	%	829			862			4.0	%
Income taxes	(46)			(61)			(49)			(36)			(52)			(13.0)	%	(135)			(137)			(1.5)	%
Operating earnings (loss), before noncontrolling interest	247			263			229			248			248			0.4	%	694			725			4.5	%
Less: Operating (earnings) loss attributable to the noncontrolling interest	(93)			(103)			(89)			(90)			(96)			(3.2)	%	(283)			(275)			2.8	%
Operating earnings (loss)	$	154		$	160		$	140		$	158		$	152		(1.3)	%	$	411		$	450		9.5	%

Summary Metrics

Adjusted operating margin (1)	34.2		%	34.5		%	33.4		%	33.0		%	33.5		%			33.4		%	33.3		%

Net flows (in billions USD)	$	(2.3)		$	(4.7)		$	(7.1)		$	0.8		$	6.6				$	(6.6)		$	0.3

Total AUM (in billions USD)	$	860.1		$	866.9		$	838.6		$	905.5		$	900.4				$	860.1		$	900.4

Ownership Structure of AB

Holdings and its subsidiaries	68.5		%	68.2		%	68.0		%	68.1		%	68.3		%			68.5		%	68.3		%
AB Holding	30.8		%	31.1		%	31.4		%	31.3		%	31.1		%			30.8		%	31.1		%
Unaffiliated holders	0.7		%	0.7		%	0.6		%	0.6		%	0.6		%			0.7		%	0.6		%
Total	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%			100.0		%	100.0		%

EQH economic interest	68.5		%	68.3		%	68.0		%	68.1		%	68.3		%			68.5		%	68.3		%
EQH average economic interest	68.6		%	68.5		%	68.1		%	68.0		%	68.2		%			66.3		%	68.1		%

Units of limited partnership outstanding (in millions)	292.2			293.5			294.6			294.3			293.1					292.2			293.1

Notes:
(1) Adjusted operating margin is a non-GAAP financial measure used by AllianceBernstein L.P. (“AB”) management in evaluating AB’s financial performance on a standalone basis and to compare its performance, as reported by AB in its public filings. It is not comparable to any other non-GAAP financial measure used herein.


3Q 2026 Financial Supplement						15

Asset Management - AB Select Adjusted Financials and Ratios


	For the Three Months Ended or As of																	For the Nine Months Ended or As of
(in millions USD, unless otherwise indicated)	9/30/2025			12/31/2025			3/31/2026			6/30/2026			9/30/2026			Change		9/30/2025			9/30/2026			Change

AB revenues
Base fees	$	821		$	840		$	819		$	829		$	845		2.9	%	$	2,375		$	2,493		5.0	%
Performance fees
Private markets (1)	19			46			5			8			21			10.5	%	61			34			(44.3)	%
Public markets	1			37			18			16			5			400.0	%	28			39			39.3	%

Investment gains (losses)	8			—			(5)			2			2			(75.0)	%	5			(1)			(120.0)	%
Dividend & interest revenue	32			31			27			27			26			(18.8)	%	95			80			(15.8)	%
Other revenues	19			18			20			19			18			(5.3)	%	52			57			9.6	%
Total AB revenues	900			972			884			901			917			1.9	%	2,616			2,702			3.3	%
Less: broker-dealer related interest expense	15			14			13			13			13			(13.3)	%	49			39			(20.4)	%
AB adjusted net revenues	885			958			871			888			904			2.1	%	2,567			2,663			3.7	%

AB expenses
Compensation and fringes	429			458			422			431			439			2.3	%	1,244			1,292			3.9	%
Other employment costs	10			8			10			10			10			—	%	28			30			7.1	%
Total AB compensation and benefits	439			466			432			441			449			2.3	%	1,272			1,322			3.9	%
Promotion and servicing	30			40			31			33			32			6.7	%	94			96			2.1	%
General and administrative	113			123			117			121			120			6.2	%	342			358			4.7	%
Total AB adjusted operating expenses	582			629			580			595			601			3.3	%	1,708			1,776			4.0	%

AB adjusted operating income, before income taxes	303			329			291			293			303			—	%	859			887			3.3	%
Interest on borrowings	7			5			7			7			5			(28.6)	%	23			19			(17.4)	%
Other	3			—			6			2			(2)			(166.7)	%	7			6			(14.3)	%
Operating earnings (loss), before income taxes	293			324			278			284			300			2.4	%	829			862			4.0	%
Income taxes	(46)			(61)			(49)			(36)			(52)			(13.0)	%	(135)			(137)			(1.5)	%
Operating earnings (loss), before noncontrolling interest	247			263			229			248			248			0.4	%	694			725			4.5	%
Less: Operating (earnings) loss attributable to the noncontrolling interest	(93)			(103)			(89)			(90)			(96)			(3.2)	%	(283)			(275)			2.8	%
Operating earnings (loss)	$	154		$	160		$	140		$	158		$	152		(1.3)	%	$	411		$	450		9.5	%

Adjusted operating margin (2)	34.2		%	34.5		%	33.4		%	33.0		%	33.5		%			33.4		%	33.3		%
Compensation ratio	48.5		%	47.8		%	48.5		%	48.5		%	48.5		%			48.5		%	48.5		%

Notes:
(1) Private Market strategies eligible for performance fees include: AB-Private Credit Investors (“AB-PCI”), US and EU Commercial Real Estate Debt, and AB CarVal.
(2) 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.


3Q 2026 Financial Supplement						16

Asset Management - Select Operating Metrics


	For the Three Months Ended or As of
(in billions USD, unless otherwise indicated)	9/30/2025		12/31/2025		3/31/2026		6/30/2026		9/30/2026

AUM Roll-forward
Balance as of beginning of period	$	829.1	$	860.1	$	866.9	$	838.6	$	905.5
Sales/new accounts	42.4		33.7		35.6		44.8		47.1
Redemptions/terminations	(27.8)		(32.6)		(35.8)		(37.5)		(34.1)
Cash flow/unreinvested dividends	(16.9)		(5.8)		(6.9)		(6.5)		(6.4)
Net long-term (outflows) inflows	(2.3)		(4.7)		(7.1)		0.8		6.6


Market appreciation (depreciation)	33.3		11.5		(21.2)		66.1		(11.7)
Net change	31.0		6.8		(28.3)		66.9		(5.1)
Balance as of end of period	$	860.1	$	866.9	$	838.6	$	905.5	$	900.4

Ending Assets by distribution channel
Institutions	$	351.4	$	354.2	$	347.7	$	371.1	$	382.4
Retail	356.2		356.4		335.5		367.3		352.9
Private Wealth	152.5		156.3		155.4		167.1		165.1
Total	$	860.1	$	866.9	$	838.6	$	905.5	$	900.4

Ending Assets by investment service
Equity
Actively Managed	$	281.3	$	278.0	$	252.5	$	279.1	$	266.3
Passively Managed (1)	77.3		78.3		74.7		85.9		89.4
Total Equity	$	358.6	$	356.3	$	327.2	$	365.0	$	355.7
Fixed Income
Actively Managed	$	300.1	$	303.9	$	303.6	$	306.2	$	297.3
Passively Managed (1)	10.1		9.7		9.4		18.4		17.5
Total Fixed Income	310.2		313.6		313.0		324.6		314.8
Total Alternatives/Multi-Asset Solutions (2)	191.3		197.0		198.4		215.9		229.9
Total	$	860.1	$	866.9	$	838.6	$	905.5	$	900.4

Notes:


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


3Q 2026 Financial Supplement						17


Asset Management - Net Flows

	For the Three Months Ended										For the Nine Months Ended
(in billions USD, unless otherwise indicated)	9/30/2025		12/31/2025		3/31/2026		6/30/2026		9/30/2026		9/30/2025		9/30/2026
Net Flows by Distribution Channel
Institutions
US	$	(2.1)	$	2.3	$	0.3	$	3.6	$	18.2	$	3.4	$	22.1
Global and Non-US	0.3		(4.3)		(2.2)		(3.0)		(2.5)		(6.0)		(7.7)
Total Institutions	$	(1.8)	$	(2.0)	$	(1.9)	$	0.6	$	15.7	$	(2.6)	$	14.4
Retail
US	$	(2.3)	$	(1.6)	$	(1.9)	$	5.1	$	(4.9)	$	(0.9)	$	(1.7)
Global and Non-US	0.6		(1.9)		(3.9)		(4.2)		(3.5)		(4.7)		(11.6)
Total Retail	$	(1.7)	$	(3.5)	$	(5.8)	$	0.9	$	(8.4)	$	(5.6)	$	(13.3)
Private Wealth
US	$	1.3	$	0.5	$	0.9	$	(0.3)	$	(1.2)	$	3.0	$	(0.6)
Global and Non-US	(0.1)		0.3		(0.3)		(0.4)		0.5		(1.4)		(0.2)
Total Private Wealth	$	1.2	$	0.8	$	0.6	$	(0.7)	$	(0.7)	$	1.6	$	(0.8)
Total Net Flows by Distribution Channel	$	(2.3)	$	(4.7)	$	(7.1)	$	0.8	$	6.6	$	(6.6)	$	0.3
Net Flows by Investment Service
Equity Active
US	$	(6.3)	$	(5.1)	$	(5.5)	$	(6.5)	$	(9.1)	$	(9.9)	$	(21.1)
Global and Non-US	(0.1)		(2.5)		(5.4)		(4.1)		(3.4)		(5.0)		(12.9)
Total Equity Active	$	(6.4)	$	(7.6)	$	(10.9)	$	(10.6)	$	(12.5)	$	(14.9)	$	(34.0)
Equity Passive (1)
US	$	(1.1)	$	(1.0)	$	(0.6)	$	(0.2)	$	2.0	$	(1.2)	$	1.2
Global and Non-US	2.3		—		(0.3)		0.2		0.5		0.7		0.4
Total Equity Passive (1)	$	1.2	$	(1.0)	$	(0.9)	$	—	$	2.5	$	(0.5)	$	1.6
Fixed Income - Taxable
US	$	(2.7)	$	1.4	$	2.3	$	(0.7)	$	4.2	$	1.5	$	5.8
Global and Non-US	(1.5)		(3.4)		(4.0)		(3.9)		(3.9)		(8.6)		(11.8)
Total Fixed Income - Taxable	$	(4.2)	$	(2.0)	$	(1.7)	$	(4.6)	$	0.3	$	(7.1)	$	(6.0)
Fixed Income - Tax-Exempt
US	$	4.1	$	3.9	$	3.3	$	2.9	$	1.6	$	7.7	$	7.8
Global and Non-US	—		—		—		—		—		—		—
Total Fixed Income - Tax-Exempt	$	4.1	$	3.9	$	3.3	$	2.9	$	1.6	$	7.7	$	7.8
Fixed Income - Passive (1)
US	$	(0.1)	$	0.1	$	(0.2)	$	8.9	$	(0.3)	$	(0.6)	$	8.4
Global and Non-US	(0.1)		(0.5)		(0.1)		—		—		(0.2)		(0.1)
Total Fixed Income - Passive (1)	$	(0.2)	$	(0.4)	$	(0.3)	$	8.9	$	(0.3)	$	(0.8)	$	8.3
Alternatives/Multi-Asset Solutions (2)
US	$	3.0	$	1.9	$	—	$	4.0	$	13.7	$	8.0	$	17.7
Global and Non-US	0.2		0.5		3.4		0.2		1.3		1.0		4.9
Total Alternatives/Multi-Asset Solutions (2)	$	3.2	$	2.4	$	3.4	$	4.2	$	15.0	$	9.0	$	22.6
Total Net Flows by Investment Service	$	(2.3)	$	(4.7)	$	(7.1)	$	0.8	$	6.6	$	(6.6)	$	0.3
Active vs. Passive Net Flows
Actively Managed
Equity	$	(6.4)	$	(7.6)	$	(10.9)	$	(10.6)	$	(12.5)	$	(14.9)	$	(34.1)
Fixed Income	—		1.9		1.6		(1.8)		1.9		0.6		1.8
Alternatives/Multi-Asset Solutions (2)	3.0		1.9		3.0		3.8		14.7		8.7		21.5
Total	$	(3.4)	$	(3.8)	$	(6.3)	$	(8.6)	$	4.1	$	(5.6)	$	(10.8)
Passively Managed (1)
Equity	$	1.1	$	(1.0)	$	(0.9)	$	—	$	2.5	$	(0.6)	$	1.6
Fixed Income	(0.2)		(0.4)		(0.3)		8.9		(0.3)		(0.8)		8.4
Alternatives/Multi-Asset Solutions (2)	0.2		0.5		0.4		0.5		0.3		0.4		1.1
Total	$	1.1	$	(0.9)	$	(0.8)	$	9.4	$	2.5	$	(1.0)	$	11.1
Total Active vs Passive Net Flows	$	(2.3)	$	(4.7)	$	(7.1)	$	0.8	$	6.6	$	(6.6)	$	0.3
Notes:

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


3Q 2026 Financial Supplement						18


Wealth Management - Operating Earnings (Loss) and Summary Metrics


	For the Three Months Ended or As of																	For the Nine Months Ended or As of
(in millions USD, unless otherwise indicated)	9/30/2025			12/31/2025			3/31/2026			6/30/2026			9/30/2026			Change		9/30/2025			9/30/2026			Change

Revenues

Net investment income (loss)	$	3		$	4		$	3		$	3		$	4		33.3	%	$	8		$	10		25.0	%

Investment management, service fees and other income	496			544			538			541			578			16.5	%	1,422			1,657			16.5	%
Segment revenues	499			548			541			544			582			16.6	%	1,430			1,667			16.6	%

Benefits and other deductions




Commissions and distribution-related payments	320			350			348			353			369			15.3	%	909			1,070			17.7	%

Compensation and benefits, interest expense, financing fees and other operating costs and expense	101			108			121			112			114			12.9	%	315			347			10.2	%

Segment benefits and other deductions	421			458			469			465			483			14.7	%	1,224			1,417			15.8	%

Operating earnings (loss), before income taxes	78			90			72			79			99			26.9	%	206			250			21.4	%
Income taxes	(19)			(24)			(17)			(16)			(24)			(26.3)	%	(52)			(57)			(9.6)	%
Operating earnings (loss), before noncontrolling interest	59			66			55			63			75			27.1	%	154			193			25.3	%
Less: Operating (earnings) loss attributable to the noncontrolling interest	—			—			—			—			—			—	%	—			—			—	%
Operating earnings (loss)	$	59		$	66		$	55		$	63		$	75		27.1	%	$	154		$	193		25.3	%

Summary Metrics

Pre-tax operating margin	15.6		%	16.4		%	13.3		%	14.5		%	17.0		%			14.4		%	15.0		%

Advisory net new assets	$	2,210		$	2,148		$	2,021		$	1,992		$	2,724		23.2	%	$	6,218		$	6,736		8.3	%

Total AUA	$	118,196		$	122,014		$	131,037		$	140,586		$	140,439		18.8	%	$	118,196		$	140,439		18.8	%

Revenue by Activity Type

Investment management, service fees and other income:
Investment management and advisory fees	$	197		$	214		$	229		$	235		$	253		28.4	%	$	562		$	717		27.6	%
Distribution fees	280			315			292			289			305			8.9	%	811			886			9.2	%
Interest income	11			11			9			9			11			—	%	32			29			(9.4)	%
Service and other income	8			4			8			8			9			12.5	%	17			25			47.1	%
Total Investment management, service fees and other income	$	496		$	544		$	538		$	541		$	578		16.5	%	$	1,422		$	1,657		16.5	%


3Q 2026 Financial Supplement						19


Wealth Management - Select Operating Metrics


	For the Three Months Ended or As of										For the Nine Months Ended or As of
(in millions USD, unless otherwise indicated)	9/30/2025		12/31/2025		3/31/2026		6/30/2026		9/30/2026		9/30/2025		9/30/2026

AUA Roll-forward
Advisory assets :
Beginning assets	$	73,293	$	79,378	$	82,594	$	87,605	$	95,748	$	65,839	$	82,594
Acquired assets	—		—		4,508		—		—		—		4,508
Net new assets	2,210		2,148		2,021		1,992		2,724		6,218		6,736
Market appreciation (depreciation) and other	3,875		1,068		(1,518)		6,151		(1,383)		7,321		3,251
Advisory ending assets	$	79,378	$	82,594	$	87,605	$	95,748	$	97,089	$	79,378	$	97,089

Acquired assets, brokerage and direct	—		—		4,546		—		—		—		—
Brokerage and direct	38,818		39,420		38,886		44,838		43,350		38,818		43,350

Total Wealth Management assets (incl. acquired assets)	$	118,196	$	122,014	$	131,037	$	140,586	$	140,439	$	118,196	$	140,439

Cash balances	$	3,143	$	3,299	$	3,319	$	3,256	$	3,466	$	3,143	$	3,466

Advisors
Advisors	4,446		4,582		4,605		4,559		4,461		4,446		4,461
Revenue per advisor TTM (in thousands USD)	$	426	$	440	$	456	$	469	$	487	$	426	$	487


3Q 2026 Financial Supplement						20

Corporate and Other - Operating Earnings (Loss) and Summary Metrics


	For the Three Months Ended or As of												For the Nine Months Ended or As of
(in millions USD, unless otherwise indicated)	9/30/2025		12/31/2025		3/31/2026		6/30/2026		9/30/2026		Change		9/30/2025		9/30/2026		Change

Revenues
Policy charges, fee income and premiums	$	433	$	331	$	362	$	366	$	262	(39.5)	%	$	1,666	$	990	(40.6)	%
Net investment income (loss)	183		104		39		86		45		(75.4)	%	684		170		(75.1)	%
Net derivative gains (losses)	(13)		(5)		2		(22)		(2)		84.6	%	(16)		(22)		(37.5)	%
Investment management, service fees and other income	134		127		122		118		128		(4.5)	%	389		368		(5.4)	%
Segment revenues	737		557		525		548		433		(41.2)	%	2,723		1,506		(44.7)	%

Benefits and other deductions
Policyholders’ benefits	438		312		315		356		209		(52.3)	%	1,816		880		(51.5)	%
Remeasurement of liability for future policy benefits	16		(7)		10		(13)		(17)		(206.3)	%	2		(20)		N/M

Interest credited to policyholders’ account balances	96		43		51		54		54		(43.8)	%	402		159		(60.4)	%
Commissions and distribution-related payments	82		81		78		74		58		(29.3)	%	237		210		(11.4)	%
Amortization of deferred policy acquisition costs	50		49		49		50		48		(4.0)	%	149		147		(1.3)	%
Compensation and benefits, interest expense, financing fees and other operating costs and expense (1)	222		205		154		179		153		(31.1)	%	660		486		(26.4)	%

Segment benefits and other deductions	904		683		657		700		505		(44.1)	%	3,266		1,862		(43.0)	%

Operating earnings (loss), before income taxes	(167)		(126)		(132)		(152)		(72)		56.9	%	(543)		(356)		34.4	%
Income taxes	8		6		15		18		11		37.5	%	75		44		(41.3)	%
Operating earnings (loss), before noncontrolling interest	(159)		(120)		(117)		(134)		(61)		61.6	%	(468)		(312)		33.3	%
Less: Operating (earnings) loss attributable to the noncontrolling interest	(4)		(3)		(2)		(1)		(3)		25.0	%	(8)		(6)		25.0	%
Operating earnings (loss)	$	(163)	$	(123)	$	(119)	$	(135)	$	(64)	60.7	%	$	(476)	$	(318)	33.2	%

Additional Detail

Net investment income (loss):
Investment income, excluding alternatives	$	144	$	76	$	30	$	82	$	30	(79.2)	%	$	601	$	142	(76.4)	%
Alternative investment income	39		28		9		4		15		(61.5)	%	83		28		(66.4)	%
Total net investment income (loss)	$	183	$	104	$	39	$	86	$	45	(75.4)	%	$	684	$	170	(75.1)	%

(1) Interest expense on EQH debt	$	56	$	52	$	52	$	54	$	53	(6.5)	%	$	169	$	159	(6.2)	%


3Q 2026 Financial Supplement						21


Corporate and Other - Select Operating Metrics

	For the Three Months Ended or As of															For the Nine Months Ended or As of
(in millions USD, unless otherwise indicated)	9/30/2025			12/31/2025			3/31/2026			6/30/2026			9/30/2026			9/30/2025			9/30/2026

Individual Life (Net of Reinsurance)
First Year Premiums and Deposits:
Variable Universal Life	$	91		$	93		$	74		$	76		$	90		$	280		$	240
Other	4			3			3			3			2			13			8
Total First Year Premiums and Deposits	$	95		$	96		$	77		$	79		$	92		$	293		$	248

Renewal Premiums and Deposits:
Universal Life/ Indexed Universal Life	$	121		$	50		$	54		$	46		$	60		$	551		$	160
Variable Universal Life	179			89			75			88			89			713			252
Other	41			28			46			21			33			205			100
Total Renewal Premiums and Deposits	$	341		$	167		$	176		$	155		$	182		$	1,469		$	512

Total Premiums and Deposits	$	436		$	263		$	253		$	234		$	274		$	1,762		$	760

Individual Life Benefit Ratio	93.9		%	90.1		%	83.1		%	96.1		%	57.9		%	106.0		%	78.3		%

Individual Life In-force Face Amount (in billions USD)	$	113.4		$	116.6		$	115.5		$	117.9		$	119.3		$	113.4		$	119.3

Employee Benefits
First Year Premiums and Deposits	$	33		$	28		$	30		$	28		$	25		$	99		$	83
Renewal Premiums and Deposits	87			91			91			92			93			258			276
Total Premiums and Deposits	$	120		$	119		$	121		$	120		$	118		$	357		$	359

Legacy Annuity
Net flows (1)	$	(634)		$	(796)		$	(709)		$	(663)		$	(689)		$	(1,933)		$	(2,061)
Account value - balance, end of period	$	20,939		$	20,386		$	19,061		$	20,503		$	19,486		$	20,939		$	19,486

Net Amount at Risk (NAR)
Total GMIB NAR	$	2,370		$	2,340		$	2,383		$	2,011		$	1,792		$	2,370		$	1,792
Total GMDB NAR	$	7,958		$	7,852		$	8,184		$	7,219		$	7,391		$	7,958		$	7,391

MRB Reserves (Net of Reinsurance)	$	3,418		$	3,374		$	3,070		$	2,646		$	2,141		$	3,418		$	2,141

Notes:
(1) Net of the Venerable transaction


3Q 2026 Financial Supplement						22

Investments


3Q 2026 Financial Supplement						23

Consolidated Investment Portfolio Composition


	Balances as of
(in millions USD, unless otherwise indicated)	December 31, 2025				September 30, 2026
	Amount (1)		% of Total		Amount (1)		% of Total
Composition of investment portfolio
Fixed maturities, available-for-sale, at fair value	$	77,162	57.9	%	$	81,216	55.9	%
Fixed maturities, at fair value using the fair value option	2,943		2.2	%	3,333		2.3	%
Mortgage loans, at fair value using the fair value option	50		—	%	71		0.1	%

Mortgage loans on real estate	22,668		17.0	%	24,596		16.9	%
Policy loans	1,862		1.4	%	1,845		1.3	%
Other equity investments	3,779		2.8	%	3,747		2.6	%
Other invested assets	10,968		8.2	%	10,934		7.5	%
Subtotal investment assets	119,432		89.5	%	125,742		86.6	%
Trading securities	1,572		1.2	%	1,911		1.3	%
Total investments	121,004		90.7	%	127,653		87.9	%
Cash and cash equivalents	12,462		9.3	%	17,527		12.1	%
Total	$	133,466	100.0	%	$	145,180	100.0	%

General Account AFS Fixed maturities by industry (Based on amortized cost)
Corporate securities:
Finance	$	14,676	17.9	%	$	16,539	18.4	%
Manufacturing	9,904		12.1	%	10,618		11.8	%
Utilities	7,873		9.6	%	8,355		9.3	%
Services	7,328		8.9	%	7,398		8.3	%
Energy	2,373		2.9	%	2,717		3.0	%
Retail and wholesale	3,047		3.7	%	3,197		3.6	%

Transportation	2,162		2.6	%	2,407		2.7	%
Other	376		0.5	%	551		0.6	%
Total corporate securities	47,739		58.2	%	51,782		57.7	%
U.S. government and agency	5,040		6.2	%	5,119		5.7	%
Residential mortgage-backed (2)	7,093		8.7	%	9,142		10.2	%
Preferred stock	54		0.1	%	54		0.1	%
State & political	378		0.5	%	359		0.4	%
Foreign governments	556		0.7	%	508		0.6	%
Commercial mortgage-backed	4,814		5.9	%	5,333		5.9	%
Asset-backed securities	16,142		19.7	%	17,418		19.4	%
Total	$	81,816	100.0	%	$	89,715	100.0	%

General Account AFS Fixed maturities credit quality (3) (Based on amortized cost)
Aaa, Aa, A (NAIC Designation 1)	$	56,880	69.5	%	$	64,253	71.6	%
Baa (NAIC Designation 2)	23,488		28.7	%	24,070		26.8	%
Investment grade	80,368		98.2	%	88,323		98.4	%
Below investment grade (NAIC Designation 3 and 4)	1,448		1.8	%	1,392		1.6	%
Total	$	81,816	100.0	%	$	89,715	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.


3Q 2026 Financial Supplement						24


Consolidated Results of General Account Investment Portfolio


	For the Nine Months Ended or As of								Year Ended or As of
(in millions USD, unless otherwise indicated)	September 30, 2025				September 30, 2026				December 31, 2025
	Yield		Amount (2)		Yield		Amount (2)		Yield		Amount (2)
Fixed Maturities:
Income (loss)	4.37	%	$	2,771	4.60	%	$	2,928	4.41	%	$	3,693
Ending assets			80,416				89,715				81,816
Mortgages:
Income (loss)	4.97	%	786		5.42	%	967		4.96	%	1,061
Ending assets			22,150				24,671				22,718
Other Equity Investments (1):
Income (loss)	5.70	%	151		4.41	%	117		5.22	%	185
Ending assets			3,527				3,559				3,519
Trading Securities:
Income	10.63	%	54		5.96	%	39		5.80	%	42
Ending assets			863				940				804
Policy Loans:
Income	4.83	%	142		4.97	%	69		4.57	%	168
Ending assets			1,855				1,845				1,862
Cash and Short-term Investments:
Income (loss)	4.03	%	233		3.25	%	271		3.94	%	323
Ending assets			10,200				14,261				9,103









Total Net Investment Income:
Investment income	4.54	%	4,137		4.65	%	4,391		4.51	%	5,472
Less: investment fees	(0.16)	%	(148)		(0.18)	%	(171)		(0.16)	%	(199)
Investment income, net	4.38	%	$	3,989	4.47	%	$	4,220	4.35	%	$	5,273
General Account Ending Net Assets			$	119,011			$	134,991			$	119,822
Operating Earnings adjustments:

AB and other non-General Account investment income (loss)			(17)				(188)				10
Operating Net investment income (loss)			$	3,972			$	4,032			$	5,283
Notes:

(1) Includes, as of September 30, 2026, September 30, 2025 and December 31, 2025, $443 million, $424 million and $439 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.


3Q 2026 Financial Supplement						25

Additional Information


3Q 2026 Financial Supplement						26


Deferred Policy Acquisition Costs Rollforward


	For the Three Months Ended or As of										For the Nine Months Ended or As of
(in millions USD, unless otherwise indicated)	9/30/2025		12/31/2025		3/31/2026		6/30/2026		9/30/2026		9/30/2025		9/30/2026

Total
Beginning balance	$	7,361	$	7,430	$	7,523	$	7,584	$	7,638	$	7,170	$	7,523
Capitalization of commissions, sales and issue expenses	283		312		301		295		308		857		904
Amortization	(201)		(205)		(209)		(214)		(230)		(584)		(653)
Recovery of acquisition cost (1)	(13)		(14)		(31)		(27)		(30)		(13)		(88)
Ending balance	$	7,430	$	7,523	$	7,584	$	7,638	$	7,686	$	7,430	$	7,686

Retirement
Beginning balance	$	4,972	$	5,062	$	5,162	$	5,244	$	5,314	$	4,780	$	5,162
Capitalization of commissions, sales and issue expenses	243		265		260		258		266		717		784
Amortization	(153)		(156)		(160)		(164)		(182)		(435)		(506)
Recovery of acquisition cost (1)	—		(9)		(18)		(24)		(24)		—		(66)
Ending balance	$	5,062	$	5,162	$	5,244	$	5,314	$	5,374	$	5,062	$	5,374



















Corporate and Other
Beginning balance	$	2,389	$	2,368	$	2,361	$	2,340	$	2,324	$	2,390	$	2,361
Capitalization of commissions, sales and issue expenses	40		47		41		37		42		140		120
Amortization	(48)		(49)		(49)		(50)		(48)		(149)		(147)
Recovery of acquisition cost (1)	(13)		(5)		(13)		(3)		(6)		(13)		(22)
Ending balance	$	2,368	$	2,361	$	2,340	$	2,324	$	2,312	$	2,368	$	2,312

Notes:
(1) Related to third party reinsurance transactions.


3Q 2026 Financial Supplement						27


Use of Non-GAAP Financial Measures


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

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.


"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.


3Q 2026 Financial Supplement						28

Reconciliation of Non-GAAP Measures (1/3)


	For the Three Months Ended or As of										For the Nine Months Ended or As of
(in millions USD, unless otherwise indicated)	9/30/2025		12/31/2025		3/31/2026		6/30/2026		9/30/2026		9/30/2025		9/30/2026

Net income (loss) attributable to Holdings
Net income (loss) attributable to Holdings	$	(1,309)	$	215	$	621	$	(453)	$	1,121	$	(1,595)	$	1,289
Adjustments related to:
Variable annuity product features (1)	978		258		(386)		1,522		(796)		2,123		340
Investment (gains) losses, net (2)	1,170		84		29		65		84		1,255		178

Net actuarial (gains) losses related to pension and other postretirement benefit obligations	19		9		14		14		14		41		42
Other adjustments (3)	(164)		21		148		(430)		125		(96)		(157)
Income tax expense (benefit) related to above adjustments	(437)		(62)		41		(246)		120		(714)		(85)
Non-recurring tax items	198		(12)		5		16		(73)		214		(52)
Non-GAAP Operating earnings (4)	$	455	$	513	$	472	$	488	$	595	$	1,228	$	1,555

Net income (loss) attributable to Holdings	$	(4.42)	$	0.74	$	2.19	$	(1.63)	$	4.10	$	(5.27)	$	4.62
Less: Preferred stock dividends	0.05		0.04		0.05		0.05		0.05		0.16		0.15
Net income (loss) available to Holdings' common shareholders	(4.47)		0.70		2.14		(1.68)		4.05		(5.43)		4.47
Adjustments related to:
Variable annuity product features (1)	3.30		0.89		(1.36)		5.47		(2.91)		7.02		1.22
Investment (gains) losses, net (2)	3.95		0.29		0.10		0.23		0.31		4.15		0.64

Net actuarial (gains) losses related to pension and other postretirement benefit obligations	0.06		0.03		0.05		0.05		0.05		0.14		0.15
Other adjustments (3)	(0.55)		0.07		0.53		(1.55)		0.46		(0.33)		(0.56)
Income tax expense (benefit) related to above adjustments	(1.48)		(0.21)		0.14		(0.88)		0.44		(2.36)		(0.30)
Non-recurring tax items	0.67		(0.04)		0.02		0.06		(0.27)		0.71		(0.19)
Non-GAAP Operating Earnings (loss) available to Holdings' common shareholders (4)	$	1.48	$	1.73	$	1.62	$	1.70	$	2.13	$	3.90	$	5.43

Book Value per common share
Book Value per common share	$	(3.18)	$	(4.03)	$	(2.83)	$	(6.79)	$	(10.69)	$	(3.18)	$	(10.69)
Less: Per share impact of AOCI	(21.41)		(22.17)		(22.39)		(23.68)		(30.86)		(21.41)		(30.86)
Book value per common share (ex. AOCI)	$	18.23	$	18.14	$	19.56	$	16.89	$	20.17	$	18.23	$	20.17



Notes:

(1) As a result of the novation of certain Legacy VA policies completed during the first quarter of 2025, the Company recorded a loss of $499 million in pre-tax net income and an increase of $263 million in pre-tax AOCI, for a total impact loss of $236 million for the nine months ended September 30, 2025. The impact per common share was $1.65 for the nine months ended September 30, 2025.
(2) Includes $1.1 billion as a result of assets transferred related to the reinsurance transaction with RGA for the three and nine months ended September 30, 2025. The impact per common shares are $3.86 and $3.78 for the three and nine months ended September 30, 2025, respectively.
(3) Includes the following impacts on Non-VA derivatives: a loss of $7 million or $0.03 and a gain of $315 million or $1.13 on Non-VA derivatives for the three and nine months ended September 30, 2026, a loss of $176 million or $0.63 for the three months ended June 30, 2026, a loss of $146 million or $0.51 for the three months ended March 31, 2026, a gain of $41 million or $0.14 for the three months ended December 31, 2025, and a gain of $230 million or $0.78 and $262 million or $0.87 for the three and nine months ended September 30, 2025, 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.


3Q 2026 Financial Supplement						29


Reconciliation of Non-GAAP Measures (2/3)

	As of and for the Twelve Months Ended
(in millions USD, unless otherwise indicated)	3/31/2026			6/30/2026			9/30/2026

Net Income to Non-GAAP Operating Earnings
Net income (loss) attributable to Holdings	$	(822)		$	(926)		$	1,504
Adjustments related to:
Variable annuity product features	1,784			2,372			598
Investment (gains) losses	1,354			1,348			262

Net actuarial (gains) losses related to pension and other postretirement benefit obligations	53			56			51
Other adjustments	(132)			(425)			(136)
Income tax expense (benefit) related to above adjustments	(643)			(704)			(147)
Non-recurring tax items	198			207			(64)
Non-GAAP Operating Earnings	$	1,792		$	1,928		$	2,068

Return on Equity and Non-GAAP Operating Return on Equity - Trailing twelve months
Net income (loss) attributable to Holdings	$	(822)		$	(926)		$	1,504
Less: Preferred stock	(61)			(56)			(54)
Net income (loss) available to Holdings' common shareholders	$	(883)		$	(982)		$	1,450
Average equity attributable to Holdings' common shareholders (ex. AOCI)	$	5,817		$	5,132		$	5,168

Return on Equity (ex. AOCI)	(15.2)		%	(19.1)		%	28.1		%

Non-GAAP Operating Earnings	$	1,792		$	1,928		$	2,068
Less: Preferred stock	(61)			(56)			(54)
Non-GAAP Operating Earnings available to Holdings' common shareholders	$	1,731		$	1,872		$	2,014
Average equity attributable to Holdings' common shareholders (ex. AOCI)	$	5,817		$	5,132		$	5,168

Non-GAAP Operating Return on Equity (ex. AOCI)	29.8		%	36.5		%	39.0		%


3Q 2026 Financial Supplement						30


Reconciliation of Non-GAAP Measures (3/3)

	Balances as of
(in millions USD, unless otherwise indicated)	12/31/2024		3/31/2025		6/30/2025		9/30/2025		12/31/2025		3/31/2026		6/30/2026		9/30/2026

Equity Reconciliation - Quarter-end Balances
Total equity attributable to Holdings' shareholders	$	1,565	$	2,401	$	1,149	$	148	$	(74)	$	273	$	(785)	$	(1,803)
Less: Preferred Stock	1,507		1,507		1,228		1,068		1,068		1,068		1,068		1,068
Total equity attributable to Holdings' common shareholders	58		894		(79)		(920)		(1,142)		(795)		(1,853)		(2,871)
Less: Accumulated other comprehensive income (loss)	(8,712)		(7,567)		(7,432)		(6,191)		(6,280)		(6,300)		(6,465)		(8,286)
Total equity attributable to Holdings' common shareholders (ex. AOCI)	$	8,770	$	8,461	$	7,353	$	5,271	$	5,138	$	5,505	$	4,612	$	5,415


	Balances as of
(in millions USD, unless otherwise indicated)	12/31/2024		3/31/2025		6/30/2025		9/30/2025		12/31/2025		3/31/2026		6/30/2026		9/30/2026

Equity Reconciliation - Twelve Month Rolling Average
Total equity attributable to Holdings' shareholders	$	2,089	$	2,191	$	2,079	$	1,316	$	906	$	374	$	(110)	$	(597)
Less: Preferred Stock	1,548		1,535		1,451		1,328		1,218		1,108		1,068		1,068
Total equity attributable to Holdings' common shareholders	541		656		628		(12)		(312)		(734)		(1,178)		(1,665)
Less: Accumulated other comprehensive income (loss)	(8,045)		(7,889)		(7,578)		(7,476)		(6,868)		(6,551)		(6,309)		(6,833)
Total equity attributable to Holdings' common shareholders (ex. AOCI)	$	8,586	$	8,545	$	8,206	$	7,464	$	6,556	$	5,817	$	5,131	$	5,168


3Q 2026 Financial Supplement						31


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 Retirement and Life businesses. Total AUM reflects exclusions between segments to avoid double counting.
Average Account Value (TTM) - Calculated as an average of the previous twelve calendar months total Account Value balance, net of embedded derivative instruments where applicable.
Benefit base - A notional amount (not actual cash value) used to calculate the owner’s guaranteed benefits within an annuity contract. The death benefit and living benefit within the same contract may not have the same benefit base.
Brokerage Assets - Brokerage accounts which allow clients a variety of investments, including mutual funds, exchange traded products, equities and fixed income, to be managed in one account. The client is charged for all buy and sell transactions.
Current Product Offering (Retirement) - Products sold 2011 and later.
Deferred policy acquisition costs (“DAC”) - Represents the incremental costs related directly to the successful acquisition of new and certain renewal insurance policies and annuity contracts and which have been deferred on the balance sheet as an asset.
Direct Assets - Mutual Funds purchased through and registered directly with an asset management company. No other agents, such as brokers or distributors, are involved in the transactions.
Equitable Advisors - means Equitable Advisors, LLC, a Delaware limited liability company, our retail broker/dealer for our retirement and protection businesses and a wholly-owned indirect subsidiary of Holdings.
Fixed Rate (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).


Individual Life Benefit Ratio - Policyholders’ benefits as a percent of policy charges, fee income and premium and investment management and services fees (net of reinsurance).
Invested assets - Includes fixed maturity securities, equity securities, mortgage loans, policy loans, alternative investments and short-term investments.

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).
Life Reserves - Equals the aggregate value of Policyholders’ account balances and future policy benefits for policies.
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 interest margin - Net investment income (loss) plus net derivative gains (losses) less interest credited to policyholder's account balances.
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.
Net new assets - Consists of total client deposits into advisory accounts less total client withdrawals from advisory accounts, plus dividends, plus interest, minus advisory fees. AUA reflects adjusted balances with no financial impact.
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.

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


3Q 2026 Financial Supplement						32


Glossary of Selected Financial and Product Terms

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


3Q 2026 Financial Supplement						33

Analyst Coverage, Ratings & Contact Information

Analyst Coverage

Firm

Analyst

Phone Number

Barclays

Alex Scott

1 (212) 526-1561

BMO

Jack Matten

1 (212) 671-8000

Deutsche Bank

Cave Montazeri

1 (212) 250-2798

Dowling & Partners

Joel Hurwitz

1 (860) 676-7312

Evercore ISI

Thomas Gallagher

1 (212) 446-9439

Jefferies

Suneet Kamath

1 (212) 778-8602

J.P. Morgan

Pablo Singzon II

1 (212) 622-2295

KBW

Ryan Krueger

1 (860) 722-5930

Mizuho Securities

Yaron Kinar

1 (646) 445-0248

Morgan Stanley

Bob Jian Huang

1 (212) 761-6136

Raymond James

Wilma Burdis

1 (727) 567-9371

Truist Securities

Mark Hughes

1 (615) 748-4422

UBS

Michael Ward

1 (917) 270-2483

Wells Fargo Securities

Wes Carmichael

1 (212) 214-5335

Wolfe Research

Tracy Dolin-Benguigui

1 (646) 419-2560

This list is provided for informational purposes only. Equitable Holdings does not endorse the analyses, conclusions or recommendations contained in any reports issued by these or any other analysts.

Ratings

A.M. Best

S&P

Moody’s

Last review date

Mar '26

Financial Strength Ratings:

Equitable Financial Life Insurance Company

A+

Equitable Financial Life Insurance Company of America

A+

Credit Ratings:

Equitable Holdings, Inc.

bbb+

A-

Baa1

Investor and Media Contacts

Contact Investor Relations

Contact Media Relations

Erik Bass

Laura Yagerman

IR@equitable.com

MediaRelations@equitable.com

ir.equitableholdings.com


3Q 2026 Financial Supplement						34

Source: View Original Filing on SEC EDGAR

Filing Exhibits & Attachments

6 documents

Equitable Holdings Q3 earnings: $1.12B net income

Rhea-AI Filing Summary

Positive

Negative

Filing Explained

8-K Event Classification

Key Figures

Key Terms

Earnings Snapshot

FAQ

What were Equitable Holdings (EQH)'s Q3 2026 earnings?

How much did EQH return to shareholders in Q3 2026?

Filing Exhibits & Attachments

Press Releases

Other Documents

Keep reading

More on EQH

Trending in the feed