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Equitable Holdings (NYSE: EQH) Q2 2026 earnings and Corebridge merger

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Form Type
8-K

Rhea-AI Filing Summary

Equitable Holdings reported second-quarter 2026 results with a GAAP net loss of $453 million, or $(1.68) per share, while generating Non-GAAP operating earnings of $488 million, or $1.70 per share (or $1.75 excluding notable items), which management states was up 24% from the prior-year quarter. Total assets under management and administration rose 10% year over year to a record $1.2 trillion, helped by net inflows of $1.7 billion in Retirement, $2.0 billion in Wealth Management and $0.8 billion in Asset Management.

Retirement operating earnings increased to $402 million on higher fee-based revenue, while Asset Management and Wealth Management earned $158 million and $63 million, respectively. The company returned $449 million to shareholders in the quarter, including dividends and share repurchases, and maintains a 2026 payout ratio target of 60–70%. Shareholders approved the planned merger with Corebridge Financial on July 30, 2026; subject to regulatory approvals, the company expects closing by year-end 2026 and describes the transaction as immediately accretive to earnings per share and cash generation, with 10%+ EPS accretion on a run-rate basis by year-end 2028.

Positive

  • Non-GAAP operating earnings rose to $488 million and operating EPS to $1.70 (or $1.75 excluding notable items), with management noting a 24% year-over-year increase and total AUM/A reaching a record $1.2 trillion.
  • All three core businesses contributed, with Retirement operating earnings of $402 million, Asset Management at $158 million, Wealth Management at $63 million, and positive net inflows across each segment.

Negative

  • GAAP net results showed a wider net loss of $453 million, or $(1.68) per share, versus a $349 million loss a year earlier, while book value per common share including AOCI remained negative at $(6.79).
  • Total equity attributable to common shareholders including AOCI was negative $1.85 billion as of June 30, 2026, and Return on Equity (ex. AOCI) on a trailing twelve-month basis was (19.1)%.

Insights

Analyzing...

Item 0.02 Item 0.02
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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, and exhibit attachments filed with this report.
Net loss attributable to Holdings $453 million For the quarter ended June 30, 2026, compared with a $349 million loss in Q2 2025.
Non-GAAP operating earnings $488 million Q2 2026 Non-GAAP operating earnings versus $352 million in the prior-year quarter.
Non-GAAP operating EPS $1.70 Per common share in Q2 2026; management states this was up 24% year over year.
Total AUM/A $1.2 trillion Total assets under management/administration as of June 30, 2026, up 10% year over year.
Capital returned to shareholders $449 million Total capital returned in Q2 2026, including $83 million in dividends and $366 million in share repurchases.
Retirement segment operating earnings $402 million Second-quarter 2026 operating earnings for the Retirement segment, compared with $354 million in Q2 2025.
Book value per common share (ex. AOCI) $16.89 Book value per common share excluding accumulated other comprehensive income as of June 30, 2026.
Book value per common share including AOCI $(6.79) Book value per common share including accumulated other comprehensive income as of June 30, 2026.
Market risk benefits financial
"Change in market risk benefits and purchased market risk benefits"
Market risk benefits are the extra returns or advantages investors expect or receive for taking on broad, system‑wide swings in the overall market — essentially the premium for bearing risk that cannot be eliminated by diversification. This matters because it helps investors weigh whether the potential higher gains justify larger price swings, guides how portfolios are balanced, and sets expectations for compensation when choosing riskier market exposures; think of it as the extra pay you demand for riding a roller‑coaster instead of a calm bus ride.
Accumulated other comprehensive income financial
"Book value per common share including 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.
Non-GAAP Operating Earnings financial
"Non-GAAP Operating Earnings in the second quarter of 2026 were $488 million"
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.
Registered indexed-linked annuities financial
"First year premiums and deposits: Registered indexed-linked annuities (RILA) $4,136 million"
Return on Equity (ex. AOCI) financial
"Return on Equity (ex. AOCI) (TTM) was (19.1)% as of June 30, 2026"
GAAP net income (loss) $(453) million Compared with $(349) million in the quarter ended June 30, 2025.
GAAP EPS $(1.68) Compared with $(1.21) per common share in the prior-year quarter.
Non-GAAP operating earnings $488 million Compared with $352 million in Q2 2025; $501 million, or $1.75 per share, excluding $14 million of notable items.
Non-GAAP operating EPS $1.70 (or $1.75 excluding notable items) Management states this was up 24% from the prior-year quarter’s $1.10.
Total AUM/A $1.2 trillion Increased 10% year over year from $1.07 trillion as of June 30, 2025.
Guidance

The company targets 2026 cash generation of $1.8 billion and a 60–70% payout ratio, and expects the Corebridge merger to be immediately accretive to earnings per share and cash generation with 10%+ EPS accretion on a run-rate basis by year-end 2028.

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FAQ

What were Equitable Holdings (EQH) key earnings figures for Q2 2026?
Equitable Holdings reported a GAAP net loss of $453 million, or $(1.68) per share, for Q2 2026. Non-GAAP operating earnings were $488 million, or $1.70 per share, and $1.75 per share after excluding $14 million of notable items.

How did assets under management and administration change for EQH in Q2 2026?
Total AUM/A increased to a record $1.2 trillion as of June 30, 2026, a 10% year-over-year rise from $1.07 trillion. Management attributes this to positive net flows and favorable markets across Retirement, Wealth Management and AllianceBernstein’s asset management platforms.

How did Equitable Holdings (EQH) business segments perform in Q2 2026?
In Q2 2026, Retirement generated operating earnings of $402 million, Asset Management $158 million, and Wealth Management $63 million. Retirement saw $1.7 billion net inflows, Asset Management $0.8 billion, and Wealth Management advisory net inflows of $2.0 billion.

How much capital did Equitable Holdings (EQH) return to shareholders in Q2 2026?
Equitable Holdings returned $449 million to shareholders in Q2 2026, including $83 million in quarterly cash dividends and $366 million of share repurchases. The company reports a 70% payout ratio for the first half of 2026 and targets a 60–70% payout ratio for the full year.

What is the status of Equitable Holdings (EQH) merger with Corebridge Financial?
Shareholders of Equitable Holdings approved the Corebridge Financial merger on July 30, 2026. Subject to regulatory approvals, the merger is expected to close by year-end 2026 and is described as immediately accretive to earnings per share and cash generation, with 10%+ EPS accretion by year-end 2028.

What are EQH’s book value per share metrics as of June 30, 2026?
As of June 30, 2026, book value per common share including AOCI was $(6.79). Excluding AOCI it was $16.89, and excluding AOCI but reflecting the 68% AllianceBernstein stake at fair market value, book value per common share was $30.92.

What financial targets did Equitable Holdings (EQH) highlight for 2026?
The company continues to target $1.8 billion of cash generation for 2026 and a 60–70% payout ratio. It has received regulatory approval for up to $0.9 billion of insurance company dividends in the second half of 2026 to support capital returns and flexibility.
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 4, 2026
equitableimage.jpg
Equitable Holdings, Inc.
(Exact name of registrant as specified in its charter)
Delaware001-3846990-0226248
(State or other jurisdiction of(Commission File Number)(I.R.S. Employer
incorporation or organization)Identification No.)
1345 Avenue of the Americas, New York, New York                     10105
(Address of principal executive offices) (Zip Code)
(212) 554-1234
(Registrant’s telephone number, including area code)
Not Applicable
(Former name or address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of Exchange on which registered
Common StockEQHNew York Stock Exchange
Depositary Shares, each representing a 1/1,000th interest in a share of Fixed Rate Noncumulative Perpetual Preferred Stock, Series AEQH PR ANew York Stock Exchange
Depositary Shares, each representing a 1/1,000th interest in a share of Fixed Rate Noncumulative Perpetual Preferred Stock, Series CEQH PR CNew York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 under the Securities Act (17 CFR 230.405) or Rule 12b-2 under the Exchange Act (17 CFR 240.12b-2).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


Item 2.02    Results of Operations and Financial Condition.
On August 4, 2026, Equitable Holdings, Inc. (“EQH”) issued a press release announcing its financial results for the quarter ended June 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 June 30, 2026. A copy of the Financial Supplement for the quarter ended June 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 June 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, August 4, 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 August 4, 2026 (furnished and not filed)
99.2
Financial Supplement for the quarter ended June 30, 2026 (furnished and not filed)
104Cover Page Interactive Data File (embedded within the Inline XBRL document).



SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
EQUITABLE HOLDINGS, INC.
Date: August 4, 2026
By:
/s/ William Eckert
Name:
William Eckert
Title:
Chief Accounting Officer
(Principal Accounting Officer)




EQUITABLE HOLDINGS REPORTS SECOND QUARTER 2026 RESULTS
_______________________________________

•Merger with Corebridge Financial approved by shareholders on July 30th and on track to close by year-end 2026

•Positive organic growth across all businesses with net inflows of $1.7 billion in Retirement; $2.0 billion in Wealth Management and $0.8 billion in Asset Management

•Net loss of $453 million, or $1.68 per share

•Non-GAAP operating earnings1 of $488 million, or $1.70 per share; Adjusting for notable items2, Non-GAAP operating earnings of $501 million, or $1.75 per share

•Returned $449 million to shareholders in the quarter, on track to deliver a 60-70% payout ratio target in 2026



_______________________________________
New York, NY, August 4, 2026 — Equitable Holdings, Inc. (“Equitable Holdings”, “Holdings”, or the “Company”) (NYSE: EQH) today announced financial results for the second quarter ended June 30, 2026.
“During the second quarter, we made significant progress on the merger with Corebridge while also delivering strong financial results. We reported Non-GAAP operating earnings per share of $1.70, or $1.75 excluding notable items, up 24% from the prior year quarter. Our businesses delivered healthy organic growth, highlighted by $1.7 billion of net inflows in Retirement, $2.0 billion of advisory net inflows in Wealth Management and $0.8 billion of net inflows for AllianceBernstein. Positive flows, coupled with favorable market conditions, drove assets under management to a record $1.2 trillion in the quarter,” said Mark Pearson, President and Chief Executive Officer.

Mr. Pearson concluded, “We remain focused on executing our growth strategy and delivering on our 2026 financial targets so that we enter the merger with strong momentum. Shareholders overwhelmingly approved the merger on July 30th and we remain on track to close by year-end 2026. Our joint integration efforts are well underway, and I am confident that the New Equitable will have the scale, distribution reach and business model to be a winner in growing markets and deliver long-term value for our customers and 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.

1




Consolidated Results
Second Quarter
(in millions, except per share amounts or unless otherwise noted)20262025
Total Assets Under Management/Administration (“AUM/A”, in billions)$1,175 $1,070 
Net income (loss) attributable to Holdings(453)(349)
    Net income (loss) attributable to Holdings per common share(1.68)(1.21)
Non-GAAP operating earnings488 352 
    Non-GAAP operating earnings per common share (“EPS”)1.70 1.10 
As of June 30, 2026, total AUM/A increased 10% year-over-year to $1.2 trillion, driven by positive net flows and higher markets over the prior twelve months.
Net loss attributable to Holdings for the second quarter of 2026 was $453 million compared to $349 million in the second quarter of 2025.

Non-GAAP operating earnings in the second quarter of 2026 were $488 million compared to $352 million in the second quarter of 2025. Adjusting for notable items3 of $14 million, second quarter 2026 Non-GAAP operating earnings were $501 million or $1.75 per share.
As of June 30, 2026, book value per common share including accumulated other comprehensive income (“AOCI”) was $(6.79). Book value per common share excluding AOCI was $16.89. 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 $30.92.
3 Please refer to Exhibit 1 for detailed reconciliation and definitions related to notable items.

2

Business Highlights
•Second quarter 2026 business segment highlights:
◦Retirement reported net inflows of $1.7 billion and first year premiums of $6.2 billion increased 13% over the prior year.
◦Asset Management (AllianceBernstein or “AB”)4 reported net inflows of $0.8 billion, driven by the retail and institutional channels.
◦Wealth Management (“WM”) reported advisory net inflows of $2.0 billion and total assets under administration of $141 billion.
•Capital management program:
◦The Company returned $449 million to shareholders in the second quarter, including $83 million quarterly cash dividends and $366 million of share repurchases. The Company had a payout ratio of 70% in the first half of 2026 and remains on track to achieve its targeted 60-70% payout ratio for 2026.
◦The Company continues to target $1.8 billion of cash generation for 2026 and has received regulatory approval for up to $0.9 billion of insurance company dividends in the second half of the year.
◦The Company reported cash and liquid assets of $0.8 billion at Holdings5 as of quarter end, which remains above the $500 million minimum target. The combined NAIC RBC ratio remains well above the Company’s target of 400% as of quarter end.
•Delivering shareholder value:
◦The Company has deployed $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 $91 billion of assets under management as of quarter end.
◦On July 30th, the Company received shareholder approval for the merger with Corebridge Financial. Subject to regulatory approvals, the merger is expected to close by year-end 2026. The transaction is expected to be immediately accretive to earnings per share and cash generation with 10%+ accretion on a run rate basis by year-end 2028.



4 Refers to AllianceBernstein L.P. and AllianceBernstein Holding L.P., collectively.
5 Excludes c. $320 million of cash at Holdings which is available to AllianceBernstein through its credit facility with Equitable Holdings.


3

Business Segment Results

Retirement
 (in millions, unless otherwise noted)Q2 2026Q2 2025
Total Assets (in billions)6
$188.8 $164.7 
Segment net flows (in billions)1.7 1.9 
Operating earnings (loss)402 354 
•Assets increased by 15%, driven by market performance and net inflows over the prior twelve months.
•First year premiums of $6.2 billion increased by 13% while net inflows of $1.7 billion were lower than the prior year quarter.
•Operating earnings of $402 million increased versus the prior year quarter, primarily due to higher fee-based revenue and a lower tax rate.
•Operating earnings adjusted for notable items7 increased from $368 million in the prior year quarter to $408 million. Notable items of $6 million in the current period reflect lower net investment income from alternatives, partially offset by a benefit from tax credits.

Asset Management
 (in millions, unless otherwise noted)Q2 2026Q2 2025
Total AUM (in billions)$905.5 $829.1 
Segment net flows (in billions)0.8 (6.7)
Operating earnings (loss)158 131 
•AUM increased by 9% due to market performance over the prior twelve months.
•Net inflows were $0.8 billion in the quarter, driven by net inflows of $0.9 billion in Retail and $0.6 billion in Institutional, partially offset by net outflows of $0.7 billion in Private Wealth.

•Operating earnings adjusted for notable items increased from $131 million in the prior year quarter to $139 million, primarily due to growth in base fees. Notable items of $19 million in the current period reflect a non-recurring tax benefit.






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.
4


Wealth Management
 (in millions, unless otherwise noted)Q2 2026Q2 2025
Total AUA (in billions)$140.6 $110.3 
Advisory net new assets (in billions)
2.0 2.0 
Operating earnings (loss)63 50 
•AUA increased by 27% over the last twelve months due to market performance, net inflows and acquired assets from the Stifel transaction.
•Advisory net inflows were $2.0 billion in the quarter, supported by a 13% year-over-year increase in advisor productivity.
•Operating earnings adjusted for notable items increased from $50 million in the prior year quarter to $60 million, primarily due to growth in client assets and advisory fees. Notable items of $3 million in the current period reflect a non-recurring tax benefit.

Corporate and Other (“C&O”)

The operating loss of $135 million in the second quarter decreased from an operating loss of $183 million in the prior year quarter. After adjusting for notable items8, the operating loss was $106 million versus a loss of $103 million in the prior year quarter.
8 Please refer to Exhibit 1 for a detailed reconciliation and definitions related to notable items.

5



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 June 30,
(in millions)20262025
Non-GAAP Operating Earnings$488 $352 
Post-tax adjustments related to notable items:
Retirement6 14 
Asset Management(19)— 
Wealth Management(3)— 
Corporate & Other29 80 
Non-GAAP Operating Earnings, less Notable Items$501 $447 

Impact of notable items by item category:

Three Months Ended June 30,
(in millions)20262025
Non-GAAP Operating Earnings$488 $352 
Post-tax adjustments related to notable Items:
Net investment income49 12 
Late reported claims & associated expenses— 61 
Expenses— 21 
Tax credit(35)— 
Non-GAAP Operating Earnings, less Notable Items$501 $447 


6


Earnings Conference Call
Equitable Holdings will host a conference call at 8 a.m. ET on August 5, 2026 to discuss its second 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 Second 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 6/30/2026) 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 4,600 duly registered and licensed financial professionals that provide financial planning, wealth management, retirement planning, protection and risk management services to clients across the country.
Contacts:
Investor Relations
Erik Bass
IR@equitable.com

Media Relations
Laura Yagerman
mediarelations@equitable.com

7

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
8

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.
9

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.

10

Non-GAAP Operating Earnings
Non-GAAP Operating Earnings is an after-tax Non-GAAP financial measure used to evaluate our financial performance on a consolidated basis that is determined by making certain adjustments to our consolidated after-tax net income attributable to Holdings. The most significant of such adjustments relates to our derivative positions, which protect economic value and statutory capital, and the variable annuity product MRBs. This is a large source of volatility in net income.
Non-GAAP Operating Earnings equals our consolidated after-tax net income attributable to Holdings adjusted to eliminate the impact of the following items:
•Items related to variable annuity product features, which include: (i) changes in the fair value of MRB and purchased MRB, including the related attributed fees and claims, offset by derivatives and other securities used to hedge the MRB which result in residual net income volatility as the change in fair value of certain securities is reflected in OCI and due to our statutory capital hedge program; and (ii) market adjustments to deposit asset or liability accounts arising from reinsurance agreements which do not expose the reinsurer to a reasonable possibility of a significant loss from insurance risk;
•Investment (gains) losses, which includes credit loss impairments of securities/investments, sales or disposals of securities/investments, realized capital gains/losses and valuation allowances;
•Net actuarial (gains) losses, which includes actuarial gains and losses as a result of differences between actual and expected experience on pension plan assets or projected benefit obligation during a given period related to pension, other postretirement benefit obligations, and the one-time impact of the settlement of the defined benefit obligation;
•Other adjustments, which primarily include restructuring costs related to severance and separation, lease write-offs related to non-recurring restructuring activities, net derivative gains (losses) on certain Non-GMxB derivatives, net investment income from certain items including consolidated VIE investments, seed capital mark-to-market adjustments, unrealized gain/losses and realized capital gains/losses from sales or disposals of select securities, certain legal accruals; a bespoke deal to repurchase UL policies from one entity that had invested in numerous policies purchased in the life settlement market, which disposed of the risk of additional COI litigation by that entity related to those UL policies, impact of the annual actuarial assumption updates attributable to LFPB when the majority of the impact relates to the non-core business; and
•Income tax expense (benefit) related to the above items and non-recurring tax items, which includes the effect of uncertain tax positions for a given audit period and changes to the deferred tax valuation allowance.
In the third quarter of 2025, the Company updated its net investment income (“NII”) segment reporting to better align with our GAAP segments, as well as the reporting of our spread lending programs' income and expenses. Previously, direct and allocated segment NII were recorded based on assets tied to statutory asset tagging and net statutory liabilities for allocation. To better align with our GAAP segments, the Company changed the recording methodology for direct NII. It is now based on the book yields of assets tied to specific segments, considering General Account values plus reserves, net of embedded derivatives. Indirect NII, which was previously allocated based on net statutory liabilities, is now allocated based on General Account values and reserves, net of embedded derivatives. Additionally, revenues and expenses from our spread lending programs are now primarily recorded within the Retirement segment. Previously, spread lending revenues and expenses were recorded in Corporate and Other, with the excess of revenues over expenses allocated to the insurance segments based on net statutory liabilities. Prior periods have been revised to reflect these changes.
11

Because Non-GAAP Operating Earnings excludes the foregoing items that can be distortive or unpredictable, management believes that this measure enhances the understanding of the Company’s underlying drivers of profitability and trends in our business, thereby allowing management to make decisions that will positively impact our business.
We use the prevailing corporate federal income tax rate of 21% while taking into account any non-recurring differences for events recognized differently in our financial statements and federal income tax returns as well as partnership income taxed at lower rates when reconciling Net income (loss) attributable to Holdings to Non-GAAP Operating Earnings.
12

The table below presents a reconciliation of Net income (loss) attributable to Holdings to Non-GAAP Operating Earnings for the six months ended June 30, 2026 and 2025:
Three Months Ended June 30,Six Months Ended June 30,
(in millions)2026202520262025
Net income (loss) attributable to Holdings$(453)$(349)$168 $(286)
Adjustments related to:
Variable annuity product features (1)
1,522 934 1,136 1,145 
Investment (gains) losses65 71 94 85 
Net actuarial (gains) losses related to pension and other postretirement benefit obligations14 11 28 22 
Other adjustments (2)
(430)(137)(282)68 
Income tax expense (benefit) related to above adjustments(246)(185)(205)(277)
Non-recurring tax items16 7 21 16 
Non-GAAP Operating Earnings
$488 $352 $960 $773 
______________
(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 six months ended June 30, 2025.
(2)Includes the following impacts on Non-VA derivatives: a gain of $198 million and $33 million for the three and six months ended June 30, 2025, respectively; a loss of $176 million and $322 million for the three and six months ended June 30, 2026, respectively. Also includes $14 million of expense related to a disputed billing practice of an AB third-party service provider for the three and six months ended June 30, 2025, respectively.
13

Non-GAAP Operating EPS
Non-GAAP Operating Earnings per common share is calculated by dividing Non-GAAP Operating Earnings less preferred stock dividends by diluted common shares outstanding. The table below presents a reconciliation of GAAP EPS to Non-GAAP Operating EPS for the six months ended June 30, 2026 and 2025.
Three Months Ended June 30,Six Months Ended June 30,
(per share amounts)2026202520262025
Net income (loss) attributable to Holdings
$(1.63)$(1.15)$0.60 $(0.94)
Less: Preferred stock dividend0.05 0.06 0.10 0.10 
Net Income (loss) available to common shareholders(1.68)(1.21)0.50 (1.04)
Adjustments related to:
Variable annuity product features (1)
5.47 3.08 4.03 3.75 
Investment (gains) losses
0.23 0.23 0.33 0.28 
Net actuarial (gains) losses related to pension and other postretirement benefit obligations0.05 0.04 0.10 0.07 
Other adjustments (2)
(1.55)(0.45)(0.99)0.23 
Income tax expense (benefit) related to above adjustments(0.88)(0.61)(0.73)(0.91)
Non-recurring tax items0.06 0.02 0.07 0.05 
Non-GAAP Operating Earnings$1.70 $1.10 $3.31 $2.43 
_______________
(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 $1.63 for the six months ended June 30, 2025.
(2)Includes the following impacts on Non-VA derivatives: a gain of $0.65 and $0.11 for the three and six months ended June 30, 2025, respectively; a loss of $0.63 and $1.14 for the three and six months ended June 30, 2026, respectively. Also includes $0.05 of expense related to a disputed billing practice of an AB third-party service provider for the three and six months ended June 30, 2025, respectively.



14

Book Value per common share, excluding AOCI
We use the term “book value” to refer to total equity attributable to Holdings’ common shareholders. Book Value per common share, excluding AOCI, is our total equity attributable to Holdings, excluding AOCI and preferred stock, divided by ending common shares outstanding.
June 30,
2026		December 31, 2025
Book value per common share$(6.79)$(4.03)
Per share impact of AOCI23.68 22.17 
Book Value per common share, excluding AOCI$16.89 $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.
15

Consolidated Statements of Income (Loss) (Unaudited)
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
(in millions)
REVENUES
Policy charges and fee income$426 $626 $855 $1,262 
Premiums268 260 508 564 
Net derivative gains (losses)(2,055)(1,374)(1,475)(575)
Net investment income (loss)1,397 1,355 2,681 2,603 
Investment gains (losses), net:
Credit and intent to sell losses on available-for-sale debt securities and loans(44)(54)(37)(54)
Other investment gains (losses), net(21)(17)(57)(31)
Total investment gains (losses), net(65)(71)(94)(85)
Investment management and service fees1,328 1,272 2,655 2,557 
Other income359 294 758 612 
Total revenues1,658 2,362 5,888 6,938 
BENEFITS AND OTHER DEDUCTIONS
Policyholders’ benefits435 787 820 1,546 
Remeasurement of liability for future policy benefits(15)(13)(6)(15)
Change in market risk benefits and purchased market risk benefits(1,001)(606)(676)66 
Interest credited to policyholders’ account balances834 796 1,604 1,474 
Compensation and benefits642 592 1,267 1,193 
Commissions and distribution-related payments562 488 1,118 989 
Interest expense56 61 118 116 
Amortization of deferred policy acquisition costs214 193 423 381 
Other operating costs and expenses424 427 826 1,377 
Total benefits and other deductions2,151 2,725 5,494 7,127 
Income (loss) from continuing operations, before income taxes(493)(363)394 (189)
Income tax (expense) benefit140 80 (16)56 
Net income (loss)(353)(283)378 (133)
Less: Net income (loss) attributable to the noncontrolling interest100 66 210 153 
Net income (loss) attributable to Holdings(453)(349)168 (286)
Less: Preferred stock dividends13 18 27 32 
Net income (loss) available to Holdings’ common shareholders$(466)$(367)$141 $(318)

16

Earnings Per Common Share
Three Months Ended June 30,
20262025
(in millions)
Earnings per common share
Basic$(1.68)$(1.21)
Diluted$(1.68)$(1.21)
Weighted average shares
Weighted average common stock outstanding for basic earnings per common share278.3 303.2 
Weighted average common stock outstanding for diluted earnings per common share
278.3 303.2 

Results of Operations by Segment
Three Months Ended June 30,
20262025
(in millions)
Operating earnings (loss) by segment:
Retirement
$402 $354 
Asset Management
158 131 
Wealth Management63 50 
Corporate and Other
(135)(183)
Non-GAAP Operating Earnings$488 $352 

17

Select Balance Sheet Statistics
June 30,
2026		December 31,
2025
(in millions)
ASSETS
Total investments and cash and cash equivalents$143,034 $133,466 
Separate Accounts assets143,006 136,544 
Total assets$334,657 $317,990 
LIABILITIES
Long-term debt$3,839 $3,835 
Future policy benefits and other policyholders' liabilities17,372 17,660 
Policyholders’ account balances146,445 133,433 
Total liabilities$333,434 $316,202 
EQUITY
Preferred stock$1,068 $1,068 
Accumulated other comprehensive income (loss)(6,465)(6,280)
Total equity attributable to Holdings(785)(74)
Total equity attributable to Holdings' common shareholders (ex. AOCI)4,612 5,138 
18

Assets Under Management (Unaudited)
June 30,
2026		December 31,
2025
(in billions)
Assets Under Management
AB AUM$905.5 $866.9 
Exclusion for General Account and other Affiliated Accounts(94.2)(87.3)
Exclusion for Separate Accounts(63.3)(51.0)
AB third party$748.0 $728.6 
Total Company AUM
AB third party$748.0 $728.6 
General Account and other Affiliated Accounts (1) (3) (4) (5) (6)143.0 133.5 
Separate Accounts (2) (3) (4) (5) (6)143.0 136.5 
Total AUM$1,034.0 $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 June 30, 2026 and December 31, 2025, Separate Accounts AUM is inclusive of $8.2 billion and $8.2 billion & General Account AUM is inclusive of $28 million and $28 million, respectively, ceded to Venerable.
(4) As of June 30, 2026 and December 31, 2025, Separate Accounts AUM is inclusive of $7.6 billion and $7.2 billion & General Account AUM is inclusive of $2.9 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 June 30, 2026 and December 31, 2025, Separate Accounts AUM is inclusive of $16.3 billion and $15.1 billion & General Account AUM is inclusive of $9.3 billion and $9.3 billion, respectively, ceded to RGA.
19

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Table of Contents
Consolidated Financials and Key MetricsPage
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
30
Glossary of Selected Financial and Product Terms
33
Analyst Coverage, Ratings & Contact Information
35
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.
2Q 2026 Financial Supplement
2







Consolidated Financials
and Key Metrics

2Q 2026 Financial Supplement
3

Key Metrics Summary
For the Three Months Ended or As ofFor the Six Months Ended or As of
(in millions USD, unless otherwise indicated)6/30/20259/30/202512/31/20253/31/20266/30/2026Change6/30/20256/30/2026Change
Net income (loss)$(283)$(1,215)$311$731$(353)(24.7)%$(133)$378384.2 %
Net income (loss) attributable to the noncontrolling interest(66)(94)(96)(110)(100)(51.5)%(153)(210)(37.3)%
Net income (loss) attributable to Holdings$(349)$(1,309)$215$621$(453)(29.8)%$(286)$168158.7 %
Non-GAAP Operating Earnings (1)$352$455$513$472$48838.6 %$773$96024.2 %
Total equity attributable to Holdings' shareholders$1,149$148$(74)$273$(785)(168.3)%$1,149$(785)(168.3)%
Less: Preferred Stock1,2281,0681,0681,0681,068(13.0)%1,2281,068(13.0)%
Total equity attributable to Holdings' common shareholders(79)(920)(1,142)(795)(1,853)N/M(79)(1,853)N/M
Less: Accumulated other comprehensive income (loss)(7,432)(6,191)(6,280)(6,300)(6,465)13.0 %(7,432)(6,465)13.0 %
Total equity attributable to Holdings' common shareholders (ex. AOCI)$7,353$5,271$5,138$5,505$4,612(37.3)%$7,353$4,612(37.3)%
Return on Equity (ex. AOCI) (TTM)4.9 %(10.4)%(22.0)%(15.2)%(19.1)%4.9 %(19.1)%
Non-GAAP Operating ROE (TTM) (1)21.1 %22.4 %25.6 %29.8 %36.5 %21.1 %36.5 %
Debt to capital:
Debt to Capital (ex. AOCI)33.5 %37.7 %38.3 %36.9 %40.3 %33.5 %40.3 %
Adjusted debt to capital (ex. AOCI)31.6 %35.3 %35.9 %34.5 %37.7 %31.6 %37.7 %
Adjusted capital metrics:
Total equity adjustment for Holdings' portion of AB's market value (3)$4,982$4,443$4,448$4,260$3,828(23.2)%$4,982$3,828(23.2)%
Book value with AB at market value per common share (ex. AOCI)$40.89$33.59$33.84$34.70$30.92(24.4)%$40.89$30.92(24.4)%
Adjusted debt to capital with AB at market value (ex. AOCI)22.8 %24.5 %24.9 %24.5 %26.9 %22.8 %26.9 %
Per common share:
Diluted earnings per common share: (2)
Net income (loss) attributable to Holdings$(1.21)$(4.47)$0.70$2.14$(1.68)(38.8)%$(1.04)$0.50148.1 %
Non-GAAP Operating Earnings (1)$1.10$1.48$1.73$1.62$1.7054.5 %$2.43$3.3136.2 %
Book value per common share$(0.26)$(3.18)$(4.03)$(2.83)$(6.79)N/M$(0.26)$(6.79)N/M
Book value per common share (ex. AOCI)$24.37$18.23$18.14$19.56$16.89(30.7)%$24.37$16.89(30.7)%
Weighted-average common shares outstanding:
Basic303.2296.2285.5281.3278.3(8.2)%305.5279.8(8.4)%
Diluted303.2296.2289.1283.8278.3(8.2)%305.5281.6(7.8)%
Ending common shares outstanding301.7289.2283.3281.4273.0(9.5)%301.7273.0(9.5)%
Return to common shareholders:
Common stock dividend$82$81$77$76$83$156$159
Repurchase of common shares236676277147366497513
Total capital returned to common shareholders$318$757$354$223$449$653$672
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 Unitholders ex. AOCI. As of June 30, 2026, March 31, 2026, December 31, 2025, September 30, 2025 and June 30, 2025, AB's total units, including General Partnership units ABLP units, were $297.6 million, $297.6 million, 296.5 million, 295.2 million and 295.0 million, respectively. This is a pro-forma calculation, not the figures recorded in our financial statements.
2Q 2026 Financial Supplement
4

Consolidated Statements of Income (Loss)
For the Three Months EndedFor the Six Months Ended
(in millions USD, unless otherwise indicated)6/30/20259/30/202512/31/20253/31/20266/30/2026Change6/30/20256/30/2026Change
Revenues
Policy charges and fee income$626 $471 $435 $429 $426 (31.9)%$1,262 $855 (32.3)%
Premiums260 258 224 240 268 3.1 %564 508 (9.9)%
Net derivative gains (losses)(1,374)(1,117)(363)580 (2,055)(49.6)%(575)(1,475)(156.5)%
Net investment income (loss)1,355 1,343 1,288 1,284 1,397 3.1 %2,603 2,681 3.0 %
Investment gains (losses), net(71)(1,170)(84)(29)(65)8.5 %(85)(94)(10.6)%
Investment management and service fees1,272 1,316 1,390 1,327 1,328 4.4 %2,557 2,655 3.8 %
Other income294 349 387 399 359 22.1 %612 758 23.9 %
Total revenues2,362 1,450 3,277 4,230 1,658 (29.8)%6,938 5,888 (15.1)%
Benefits and other deductions
Policyholders’ benefits787 452 397 385 435 (44.7)%1,546 820 (47.0)%
Remeasurement of liability for future policy benefits(13)59 (6)9 (15)(15.4)%(15)(6)60.0 %
Change in market risk benefits and purchased market risk benefits(606)(353)(130)325 (1,001)(65.2)%66 (676)N/M
Interest credited to policyholders’ account balances796 798 744 770 834 4.8 %1,474 1,604 8.8 %
Compensation and benefits592 601 640 625 642 8.4 %1,193 1,267 6.2 %
Commissions and distribution-related payments488 537 567 556 562 15.2 %989 1,118 13.0 %
Interest expense61 61 47 62 56 (8.2)%116 118 1.7 %
Amortization of deferred policy acquisition costs193 203 205 209 214 10.9 %381 423 11.0 %
Other operating costs and expenses427 440 469 402 424 (0.7)%1,377 826 (40.0)%
Total benefits and other deductions2,725 2,798 2,933 3,343 2,151 (21.1)%7,127 5,494 (22.9)%
Income (loss) from operations, before income taxes(363)(1,348)344 887 (493)(35.8)%(189)394 308.5 %
Income tax (expense) benefit80 133 (33)(156)140 75.0 %56 (16)(128.6)%
Net income (loss)(283)(1,215)311 731 (353)(24.7)%(133)378 384.2 %
Less: net (income) loss attributable to the noncontrolling interest(66)(94)(96)(110)(100)(51.5)%(153)(210)(37.3)%
Net income (loss) attributable to Holdings$(349)$(1,309)$215 $621 $(453)(29.8)%$(286)$168 158.7 %
Less: Preferred stock dividends(18)(16)(13)(14)(13)27.8 %(32)(27)15.6 %
Net income (loss) available to Holdings' common shareholders$(367)$(1,325)$202 $607 $(466)(27.0)%$(318)$141 144.3 %
Adjustments related to:
Variable annuity product features (1)$934 $978 $258 $(386)$1,522 $1,145 $1,136 
Investment (gains) losses, net (2)71 1,170 84 29 65 85 94 
Net actuarial (gains) losses related to pension and other postretirement benefit obligations
11 19 9 14 14 22 28 
Other adjustments (3)(137)(164)21 148 (430)68 (282)
Income tax expense (benefit) related to above adjustments
(185)(437)(62)41 (246)(277)(205)
Non-recurring tax items7 198 (12)5 16 16 21 
Non-GAAP Operating earnings (4)$352 $455 $513 $472 $488 $773 $960 
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 six months ended June 30, 2025.
(2) Includes $1.1 billion as a result of the assets transferred related to the reinsurance agreement with RGA for the three months ended September 30, 2025.
(3) Includes the following impacts on Non-VA derivatives: a gain of $198 million and $33 million for the three and six months ended June 30, 2025, a gain of $230 million for the three months ended September 30, 2025, a gain of $41 million for the three months ended December 31, 2025, a loss of $146 million for the three months ended March 31, 2026 and a loss of $176 million and $322 million for the three and six months ended June 30, 2026. Also, includes $14 million for the three and six months ended June 30, 2025, $(8) million for the three months ended September 30, 2025, and $6 million for the three months ended December 31, 2025, respectively, of expense related to a disputed billing practice of an AB third-party service provider.
(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.
2Q 2026 Financial Supplement
5

Consolidated Balance Sheets
Balances as of
(in millions USD, unless otherwise indicated)6/30/20259/30/202512/31/20253/31/20266/30/2026
Assets
Total investments$121,798 $116,505 $121,004 $121,679 $125,851 
Cash and cash equivalents14,957 13,604 12,462 9,904 17,183 
Cash and securities segregated, at fair value483 425 499 351 229 
Broker-dealer related receivables1,933 1,996 2,162 2,183 2,291 
Deferred policy acquisition costs7,361 7,430 7,523 7,584 7,638 
Goodwill and other intangible assets, net5,342 5,327 5,309 5,350 5,335 
Amounts due from reinsurers7,501 20,025 20,127 20,373 20,744 
Current and deferred income taxes1,749 2,337 2,577 2,611 2,986 
Purchased market risk benefits5,543 5,415 5,260 5,266 4,710 
Other assets3,962 3,678 3,771 3,936 3,744 
Assets for market risk benefits776 762 752 675 940 
Separate Accounts assets131,683 136,905 136,544 130,470 143,006 
Total assets$303,088 $314,409 $317,990 $310,382 $334,657 
Liabilities
Policyholders’ account balances$123,359 $129,561 $133,433 $132,662 $146,445 
Liability for market risk benefits10,187 10,301 10,153 9,825 8,816 
Future policy benefits and other policyholders’ liabilities17,557 17,611 17,660 17,441 17,372 
Broker-dealer related payables1,454 1,367 1,370 665 798 
Customers related payables1,885 1,740 1,937 1,988 2,051 
Amounts due to reinsurers1,350 1,451 1,542 1,306 1,155 
Short-term debt— — 25 — — 
Long-term debt4,332 3,833 3,835 3,837 3,839 
Notes issued by consolidated variable interest entities, at fair value using the fair value option2,471 2,530 2,702 3,090 3,128 
Other liabilities5,847 7,162 7,001 6,848 6,824 
Separate Accounts liabilities131,683 136,905 136,544 130,470 143,006 
Total liabilities300,125 312,461 316,202 308,132 333,434 
Redeemable noncontrolling interest358 344 322 390 365 
Equity
Preferred stock1,228 1,068 1,068 1,068 1,068 
Common stock5 5 5 5 5 
Additional paid-in capital1,901 1,917 1,932 1,915 1,939 
Treasury shares(4,423)(5,011)(5,165)(5,190)(5,559)
Retained earnings9,870 8,360 8,366 8,775 8,227 
Accumulated other comprehensive income (loss)(7,432)(6,191)(6,280)(6,300)(6,465)
Total equity attributable to Holdings1,149 148 (74)273 (785)
Noncontrolling interest1,456 1,456 1,540 1,587 1,643 
Total equity2,605 1,604 1,466 1,860 858 
Total liabilities, redeemable noncontrolling interest and equity$303,088 $314,409 $317,990 $310,382 $334,657 



2Q 2026 Financial Supplement
6

Consolidated Capital Structure
Balances as of
(in millions USD, unless otherwise indicated)6/30/20259/30/202512/31/20253/31/20266/30/2026
Short-term and long-term debt:
Total short-term debt$—$—$25$—$—
Total long-term debt4,3323,8333,8353,8373,839
Total short-term and long-term debt: [A]
$4,332$3,833$3,860$3,837$3,839
Equity:
Preferred stock$1,228$1,068$1,068$1,068$1,068
Common stock55555
Additional paid-in capital1,9011,9171,9321,9151,939
Treasury stock, at cost(4,423)(5,011)(5,165)(5,190)(5,559)
Retained earnings9,8708,3608,3668,7758,227
Accumulated other comprehensive income (loss)(7,432)(6,191)(6,280)(6,300)(6,465)
Total equity attributable to Holdings1,149148(74)273(785)
Noncontrolling interest1,4561,4561,5401,5871,643
Total equity$2,605$1,604$1,466$1,860$858
Total equity attributable to Holdings, (ex. AOCI): [B]
$8,581$6,339$6,206$6,573$5,680
Capital:
Total capitalization$5,481$3,981$3,786$4,110$3,054
Total capitalization (ex. AOCI): [A+B] (2)
$12,913$10,172$10,066$10,410$9,519
Debt to capital:
Debt to capital (ex. AOCI) (1)33.5 %37.7 %38.3 %36.9 %40.3 %
Adjusted debt to capital (ex. AOCI)31.6 %35.3 %35.9 %34.5 %37.7 %
Adjusted debt to capital with AB at market value (ex. AOCI)22.8 %24.5 %24.9 %24.5 %26.9 %
For the Three Months Ended
6/30/20259/30/202512/31/20253/31/20266/30/2026
Roll-forward of common shares outstanding (millions of shares):
Beginning balance306.3301.7289.2283.3281.4
Repurchases(2.4)(10.9)(3.3)(1.0)(8.7)
Retirements(2.4)(1.8)(2.6)(2.1)—
Issuances0.20.2—1.30.2
Ending basic common shares outstanding301.7289.2283.3281.4273.0
Total potentially dilutive shares3.03.63.62.51.4
Ending common shares outstanding - maximum potential dilution304.7292.8286.9283.9274.4
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


2Q 2026 Financial Supplement
7

Operating Earnings (Loss) by Segment and Corporate and Other
For the Three Months Ended June 30, 2026
(in millions USD, unless otherwise indicated)RetirementAsset ManagementWealth ManagementCorporate and OtherEliminationsConsolidated
Revenues
Policy charges, fee income and premiums$328 $— $— $366 $— $694 
Net investment income (loss)1,234 12 3 86 32 1,367 
Net derivative gains (losses)(4)(10)— (22)4 (32)
Investment management, service fees and other income190 1,132 541 118 (283)1,698 
Segment revenues1,748 1,134 544 548 (247)3,727 
Benefits and other deductions
Policyholders’ benefits79 — — 356 — 435 
Remeasurement of liability for future policy benefits(2)— — (13)— (15)
Interest credited to policyholders’ account balances774 — — 54 — 828 
Commissions and distribution-related payments176 194 353 74 (235)562 
Amortization of deferred policy acquisition costs164 — — 50 — 214 
Compensation and benefits, interest expense, financing fees and other operating costs and expense105 656 112 179 (12)1,040 
Segment benefits and other deductions1,296 850 465 700 (247)3,064 
Operating earnings (loss), before income taxes452 284 79 (152)— 663 
Income Taxes(50)(36)(16)18 — (84)
Operating earnings (loss), before noncontrolling interest402 248 63 (134)— 579 
Less: Operating (earnings) loss attributable to the noncontrolling interest— (90)— (1)— (91)
Operating earnings (loss)$402 $158 $63 $(135)$— $488 
For the Three Months Ended June 30, 2025
RetirementAsset ManagementWealth ManagementCorporate and OtherEliminationsConsolidated
Revenues
Policy charges, fee income and premiums$287 $— $— $599 $— $886 
Net investment income (loss)1,048 22 2 274 31 1,377 
Net derivative gains (losses)(5)(11)— (12)5 (23)
Investment Management, service fees and other income161 1,083 467 116 (266)1,561 
Segment revenues1,491 1,094 469 977 (230)3,801 
Benefits and other deductions
Policyholders’ benefits76 — — 711 — 787 
Remeasurement of liability for future policy benefits— — — (13)— (13)
Interest credited to policyholders’ account balances632 — — 173 — 805 
Commissions and distribution-related payments145 197 296 72 (222)488 
Amortization of deferred policy acquisition costs143 — — 50 — 193 
Compensation and benefits, interest expense, financing fees and other operating costs and expense71 634 105 210 (8)1,012 
Segment benefits and other deductions1,067 831 401 1,203 (230)3,272 
Operating earnings (loss), before income taxes424 263 68 (226)— 529 
Income Taxes(70)(48)(18)44 — (92)
Operating earnings (loss), before noncontrolling interest354 215 50 (182)— 437 
Less: Operating (earnings) loss attributable to the noncontrolling interest— (84)— (1)— (85)
Operating earnings (loss)$354 $131 $50 $(183)$— $352 
2Q 2026 Financial Supplement
8

Operating Earnings (Loss) by Segment and Corporate and Other (2/2)
For the Six Months Ended June 30, 2026
(in millions USD, unless otherwise indicated)RetirementAsset ManagementWealth ManagementCorporate and OtherEliminationsConsolidated
Revenues
Policy charges, fee income and premiums$635 $— $— $728 $— $1,363 
Net investment income (loss)2,427 6 6 125 64 2,628 
Net derivative gains (losses)(10)(6)— (20)10 (26)
Investment Management, service fees and other income375 2,248 1,079 240 (567)3,375 
Segment revenues3,427 2,248 1,085 1,073 (493)7,340 
Benefits and other deductions
Policyholders’ benefits149 — — 671 — 820 
Remeasurement of liability for future policy benefits(3)— — (3)— (6)
Interest credited to policyholders’ account balances1,511 — — 105 — 1,616 
Commissions and distribution-related payments347 391 701 152 (473)1,118 
Amortization of deferred policy acquisition costs324 — — 99 — 423 
Compensation and benefits, interest expense, financing fees and other operating costs and expense197 1,295 233 333 (20)2,038 
Segment benefits and other deductions2,525 1,686 934 1,357 (493)6,009 
Operating earnings (loss), before income taxes902 562 151 (284)— 1,331 
Income Taxes(104)(85)(33)33 — (189)
Operating earnings (loss), before noncontrolling interest798 477 118 (251)— 1,142 
Less: Operating (earnings) loss attributable to the noncontrolling interest— (179)— (3)— (182)
Operating earnings (loss)$798 $298 $118 $(254)$— $960 
For the Six Months Ended June 30, 2025
Retirement Asset ManagementWealth ManagementCorporate and OtherEliminationsConsolidated
Revenues
Policy charges, fee income and premiums$593 $— $— $1,233 $— $1,826 
Net investment income (loss)2,035 25 5 501 56 2,622 
Net derivative gains (losses)(10)(24)— (3)10 (27)
Investment Management, service fees and other income328 2,181 926 255 (526)3,164 
Segment revenues2,946 2,182 931 1,986 (460)7,585 
Benefits and other deductions
Policyholders’ benefits168 — — 1,378 — 1,546 
Remeasurement of liability for future policy benefits(1)— — (14)— (15)
Interest credited to policyholders’ account balances1,162 — — 306 — 1,468 
Commissions and distribution-related payments287 398 589 155 (440)989 
Amortization of deferred policy acquisition costs282 — — 99 — 381 
Compensation and benefits, interest expense, financing fees and other operating costs and expense175 1,248 214 438 (20)2,055 
Segment benefits and other deductions2,073 1,646 803 2,362 (460)6,424 
Operating earnings (loss), before income taxes873 536 128 (376)— 1,161 
Income Taxes(139)(89)(33)67 — (194)
Operating earnings (loss), before noncontrolling interest734 447 95 (309)— 967 
Less: Operating (earnings) loss attributable to the noncontrolling interest— (190)— (4)— (194)
Operating earnings (loss)
$734 $257 $95 $(313)$— $773 

2Q 2026 Financial Supplement
9

Assets Under Management and Administration
Balances as of
(in billions USD, unless otherwise indicated)
6/30/20259/30/202512/31/20253/31/20266/30/2026
AB AUM
Total AB$829.1$860.1$866.9$838.6$905.5
Exclusion for General Account and other Affiliated Accounts
(90.0)(85.3)(87.3)(88.8)(94.2)
Exclusion for Separate Accounts
(47.8)(50.4)(51.0)(48.8)(63.3)
AB third party$691.3$724.4$728.6$701.0$748.0
Total Company AUM
AB third party$691.3$724.4$728.6$701.0$748.0
General Account and other Affiliated Accounts (1) (3) (4) (6)
136.8130.1133.5131.6143.0
Separate Accounts (2) (3) (4) (6)
131.7136.9136.5130.5143.0
Total AUM$959.7$991.4$998.6$963.1$1,034.0
Total AUA (5)$110.3$118.2$122.0$131.0$140.6
Total AUM/A
$1,070.0$1,109.6$1,120.6$1,094.1$1,174.6
Market Values:
S&P 5006,2056,6886,8466,5297,499
US 10-Year Treasury4.2 %4.2 %4.2 %4.3 %4.4 %
Notes:
(1) “General Account and other Affiliated Accounts” refers to assets held in the general accounts of our insurance companies and other assets on which we bear the investment risk.
(2) “Separate Accounts” refers to the separate account investment assets of our insurance subsidiaries excluding any assets on which we bear the investment risk.
(3) As of June 30, 2026, March 31, 2026, December 31, 2025, September 30, 2025 and June 30, 2025, Separate Accounts AUM is inclusive of $8.2 billion, $7.6 billion, $8.2 billion, $8.4 billion and $8.2 billion & General Account AUM is inclusive of $28 million, $27 million, $28 million, $30 million and $31 million, respectively, ceded to Venerable.
(4) As of June 30, 2026, March 31, 2026, December 31, 2025, September 30, 2025 and June 30, 2025, Separate Accounts AUM is inclusive of $7.6 billion, $6.8 billion, $7.2 billion, $7.2 billion and $7.0 billion & General Account AUM is inclusive of $2.9 billion, $2.9 billion, $3.0 billion, $3.1 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 June 30, 2026, March 31, 2026, December 31, 2025 and September 30, 2025, Separate Accounts AUM is inclusive of $16.3 billion, $14.5 billion, $15.1 billion and $15.0 billion & General Account AUM is inclusive of $9.3 billion, $9.3 billion, $9.3 billion and $9.3 billion, respectively, ceded to RGA.

2Q 2026 Financial Supplement
10





Business Segments:
Operating Earnings Results and Metrics

2Q 2026 Financial Supplement
11

Retirement - Operating Earnings (Loss) and Summary Metrics
For the Three Months Ended or As ofFor the Six Months Ended or As of
(in millions USD, unless otherwise indicated)6/30/20259/30/202512/31/20253/31/20266/30/2026Change6/30/20256/30/2026Change
Revenues
Policy charges, fee income and premiums$287$296$328$307$32814.3 %$593$6357.1 %
Net investment income (loss)1,0481,1161,1611,1931,23417.7 %2,0352,42719.3 %
Net derivative gains (losses)(5)(2)(9)(6)(4)20.0 %(10)(10)— %
Investment management, service fees and other income16118218618519018.0 %32837514.3 %
Segment revenues1,4911,5921,6661,6791,74817.2 %2,9463,42716.3 %
Benefits and other deductions
Policyholders’ benefits76738470793.9 %168149(11.3)%
Remeasurement of liability for future policy benefits—(1)—(1)(2)(100.0)%(1)(3)(200.0)%
Interest credited to policyholders’ account balances63268571373777422.5 %1,1621,51130.0 %
Commissions and distribution-related payments14515317817117621.4 %28734720.9 %
Amortization of deferred policy acquisition costs14315315616016414.7 %28232414.9 %
Compensation and benefits, interest expense, financing fees and other operating costs and expense7186959210547.9 %17519712.6 %
Segment benefits and other deductions1,0671,1491,2261,2291,29621.5 %2,0732,52521.8 %
Operating earnings (loss), before income taxes4244434404504526.6 %8739023.3 %
Income taxes(70)(38)(30)(54)(50)28.6 %(139)(104)25.2 %
Operating earnings (loss), before noncontrolling interest35440541039640213.6 %7347988.7 %
Less: Operating (earnings) loss attributable to the noncontrolling interest—————— %——— %
Operating earnings (loss)$354$405$410$396$40213.6 %$734$7988.7 %
Summary Metrics
Operating earnings (loss) (TTM)$1,537$1,524$1,549$1,565$1,6134.9 %$1,537$1,6134.9 %
Average asset value (TTM)$153,648$158,988$163,857$168,549$175,38714.1 %$153,648$175,38714.1 %
Return on assets (TTM)1.17 %1.11 %1.07 %1.04 %1.02 %1.17 %1.02 %
Net flows$1,919$1,120$1,260$1,288$1,684(12.2)%$3,543$2,972(16.1)%
Additional Detail
Net investment income (loss):
Investment income, excluding alternatives$1,028$1,093$1,128$1,174$1,22919.6 %$1,985$2,40321.1 %
Alternative investment income
202333195(75.0)%5024(52.0)%
Total Net investment income (loss)$1,048$1,116$1,161$1,193$1,23417.7 %$2,035$2,42719.3 %
Net interest margin$411$429$439$450$45610.9 %$863$9065.0 %
    
2Q 2026 Financial Supplement
12

Retirement - Select Operating Metrics
For the Three Months Ended or As ofFor the Six Months Ended or As of
(in millions USD, unless otherwise indicated)6/30/20259/30/202512/31/20253/31/20266/30/20266/30/20256/30/2026
Sales Metrics
First Year Premiums and Deposits:
Registered indexed-linked annuities (RILA)$3,772 $3,870 $4,190 $4,024 $4,136 $7,306 $8,160 
Traditional variable annuities984 962 994 1,087 1,069 1,984 2,156 
Tax-exempt (1)
297 387 574 511 360 646 871 
Corporate70 64 70 94 103 148 197 
Institutional325 87 87 204 480 749 684 
Other (1)
64 88 60 52 71 95 123 
Total First Year Premiums and Deposits$5,512 $5,458 $5,975 $5,972 $6,219 $10,928 $12,191 
Renewal Premiums and Deposits:
Tax-exempt (1)
$512 $396 $517 $493 $538 $998 $1,031 
Corporate91 95 91 99 89 194 188 
Other (1)
88 91 98 84 70 179 154 
Total Renewal Premiums and Deposits$691 $582 $706 $676 $697 $1,371 $1,373 
Total Premiums and Deposits
$6,203 $6,040 $6,681 $6,648 $6,916 $12,299 $13,564 
Net Amount at Risk (NAR)
Total GMIB NAR$52 $60 $71 $84 $92 $52 $92 
Total GMWB NAR$— $— $— $— $— $— $— 
Total GMDB NAR$3,058 $2,907 $2,957 $3,262 $2,897 $3,058 $2,897 
MRB Reserves (Net of Reinsurance)$596 $706 $767 $814 $520 $596 $520 
Notes:
(1) Net of reinsurance
2Q 2026 Financial Supplement
13

Retirement - Asset Value Rollforward
For the Three Months Ended or As ofFor the Six Months Ended or As of
(in millions USD, unless otherwise indicated)6/30/20259/30/202512/31/20253/31/20266/30/20266/30/20256/30/2026
General Account:
Account value balance, beginning of period$79,820 $87,413 $93,825 $97,628 $96,753 $78,361 $97,628 
Premiums and deposits (1)
4,288 4,219 4,718 4,064 4,996 8,817 9,060 
Surrenders, withdrawals and benefits(1,891)(2,186)(2,429)(2,354)(2,341)(3,731)(4,695)
Net flows 2,397 2,033 2,289 1,710 2,655 5,086 4,365 
Net flows ceded for third-party flow reinsurance
— — (181)(395)(496)— (891)
Change in market value, reinvestment
584 658 609 239 98 2,290 337 
Change in fair value of embedded derivative instruments4,612 3,721 1,086 (2,429)7,921 1,676 5,492 
Account value balance, end of period87,413 93,825 97,628 96,753 106,931 87,413 106,931 
Embedded derivative value, end of period18,097 21,215 21,553 18,269 25,230 18,097 25,230 
Account value balance, end of period (net of embedded derivatives)
69,316 72,610 76,075 78,484 81,701 69,316 81,701 
Total spread lending balances, end of period16,315 16,755 17,534 17,064 19,658 16,315 19,658 
Reserves, end of period (excluding MRBs)4,995 5,177 5,300 5,284 5,400 4,995 5,400 
Balance, end of period, General Account asset value
$90,626 $94,542 $98,909 $100,832 $106,759 $90,626 $106,759 
Separate Accounts:
Account value balance, beginning of period$69,788 $74,029 $77,131 $77,257 $74,844 $72,837 $77,257 
Premiums and deposits (1)
1,876 1,779 1,922 2,555 1,885 3,400 4,440 
Surrenders, withdrawals and benefits(2,354)(2,692)(2,951)(2,977)(2,856)(4,943)(5,833)
Net flows (478)(913)(1,029)(422)(971)(1,543)(1,393)
Change in market value, reinvestment and other
4,719 4,015 1,155 (1,991)8,135 2,735 6,144 
Balance, end of period, Separate Accounts asset value
$74,029 $77,131 $77,257 $74,844 $82,008 $74,029 $82,008 
Total:
Account value balance, beginning of period$149,608 $161,442 $170,956 $174,885 $171,597 $151,198 $174,885 
Premiums and deposits (1)
6,164 5,998 6,640 6,619 6,881 12,217 13,500 
Surrenders, withdrawals and benefits(4,245)(4,878)(5,380)(5,331)(5,197)(8,674)(10,528)
Net flows 1,919 1,120 1,260 1,288 1,684 3,543 2,972 
Net flows ceded for third-party flow reinsurance
— — (181)(395)(496)— (891)
Change in market value, reinvestment
5,303 4,673 1,764 (1,752)8,233 5,025 6,481 
Change in fair value of embedded derivative instruments4,612 3,721 1,086 (2,429)7,921 1,676 5,492 
Account value balance, end of period161,442 170,956 174,885 171,597 188,939 161,442 188,939 
Embedded derivative value, end of period18,097 21,215 21,553 18,269 25,230 18,097 25,230 
Account value balance, end of period (net of embedded derivatives)
143,345 149,741 153,332 153,328 163,709 143,345 163,709 
Total spread lending balances, end of period16,315 16,755 17,534 17,064 19,658 16,315 19,658 
Reserves, end of period (excluding MRBs)4,995 5,177 5,300 5,284 5,400 4,995 5,400 
Balance, end of period, total asset value
$164,655 $171,673 $176,166 $175,676 $188,767 $164,655 $188,767 
Notes:
(1) Excludes deposits from certain other products reported as first year premiums and deposits or renewal premiums and deposits elsewhere in this document.
2Q 2026 Financial Supplement
14

Asset Management - Operating Earnings (Loss) and Summary Metrics
For the Three Months Ended or As ofFor the Six Months Ended or As of
(in millions USD, unless otherwise indicated)6/30/20259/30/202512/31/20253/31/20266/30/2026Change6/30/20256/30/2026Change
Revenues
Net investment income (loss)$22$14$9$(6)$12(45.5)%$25$6(76.0)%
Net derivative gains (losses)(11)(4)(1)4(10)9.1 %(24)(6)75.0 %
Investment management, service fees and other income1,0831,1341,2171,1161,1324.5 %2,1812,2483.1 %
Segment revenues1,0941,1441,2251,1141,1343.7 %2,1822,2483.0 %
Benefits and other deductions
Commissions and distribution-related payments197209206197194(1.5)%398391(1.8)%
Compensation and benefits, interest expense, financing fees and other operating costs and expense6346426956396563.5 %1,2481,2953.8 %
Segment benefits and other deductions8318519018368502.3 %1,6461,6862.4 %
Operating earnings (loss), before income taxes2632933242782848.0 %5365624.9 %
Income taxes(48)(46)(61)(49)(36)25.0 %(89)(85)4.5 %
Operating earnings (loss), before noncontrolling interest21524726322924815.3 %4474776.7 %
Less: Operating (earnings) loss attributable to the noncontrolling interest(84)(93)(103)(89)(90)(7.1)%(190)(179)5.8 %
Operating earnings (loss)$131$154$160$140$15820.6 %$257$29816.0 %
Summary Metrics
Adjusted operating margin (1)32.3 %34.2 %34.5 %33.4 %33.0 %33.0 %33.2 %
Net flows (in billions USD)$(6.7)$(2.3)$(4.7)$(7.1)$0.8 $(4.3)$(6.3)
Total AUM (in billions USD)$829.1$860.1$866.9$838.6$905.5$829.1$905.5
Ownership Structure of AB
Holdings and its subsidiaries61.9 %68.5 %68.2 %68.0 %68.1 %61.9 %68.1 %
AB Holding37.5 %30.8 %31.1 %31.4 %31.3 %37.5 %31.3 %
Unaffiliated holders0.6 %0.7 %0.7 %0.6 %0.6 %0.6 %0.6 %
Total100.0 %100.0 %100.0 %100.0 %100.0 %100.0 %100.0 %
EQH economic interest68.6 %68.5 %68.3 %68.0 %68.1 %68.6 %68.1 %
EQH average economic interest68.6 %68.6 %68.5 %68.1 %68.0 %65.2 %68.1 %
Units of limited partnership outstanding (in millions)292.1292.2293.5294.6294.3292.1294.3
Notes:
(1) Adjusted operating margin is a non-GAAP financial measure used by AllianceBernstein L.P. (“AB”) management in evaluating AB’s financial performance on a standalone basis and to compare its performance, as reported by AB in its public filings. It is not comparable to any other non-GAAP financial measure used herein.

2Q 2026 Financial Supplement
15

Asset Management - AB Select Adjusted Financials and Ratios
For the Three Months Ended or As ofFor the Six Months Ended or As of
(in millions USD, unless otherwise indicated)6/30/20259/30/202512/31/20253/31/20266/30/2026Change6/30/20256/30/2026Change
AB revenues
Base fees$772$821$840$819$8297.4 %$1,554$1,6486.0 %
Performance fees
Private markets (1)22194658(63.6)%4213(69.0)%
Public markets81371816100.0 %273425.9 %
Investment gains (losses)88—(5)2(75.0)%(3)(3)— %
Dividend & interest revenue3132312727(12.9)%6354(14.3)%
Other revenues1919182019— %333918.2 %
Total AB revenues8609009728849014.8 %1,7161,7854.0 %
Less: broker-dealer related interest expense1615141313(18.8)%3426(23.5)%
AB adjusted net revenues8448859588718885.2 %1,6821,7594.6 %
AB expenses
Compensation and fringes4094294584224315.4 %8158534.7 %
Other employment costs101081010— %182011.1 %
Total AB compensation and benefits4194394664324415.3 %8338734.8 %
Promotion and servicing3430403133(2.9)%6464— %
General and administrative1181131231171212.5 %2292383.9 %
Total AB adjusted operating expenses5715826295805954.2 %1,1261,1754.4 %
AB adjusted operating income, before income taxes2733033292912937.3 %5565845.0 %
Interest on borrowings97577(22.2)%1614(12.5)%
Other13—62100.0 %48100.0 %
Operating earnings (loss), before income taxes2632933242782848.0 %5365624.9 %
Income taxes(48)(46)(61)(49)(36)25.0 %(89)(85)4.5 %
Operating earnings (loss), before noncontrolling interest21524726322924815.3 %4474776.7 %
Less: Operating (earnings) loss attributable to the noncontrolling interest(84)(93)(103)(89)(90)(7.1)%(190)(179)5.8 %
Operating earnings (loss)$131$154$160$140$15820.6 %$257$29816.0 %
Adjusted operating margin (2)32.3 %34.2 %34.5 %33.4 %33.0 %33.0 %33.2 %
Compensation ratio48.5 %48.5 %47.8 %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.
2Q 2026 Financial Supplement
16

Asset Management - Select Operating Metrics
For the Three Months Ended or As of
(in billions USD, unless otherwise indicated)6/30/20259/30/202512/31/20253/31/20266/30/2026
AUM Roll-forward
Balance as of beginning of period$784.5 $829.1 $860.1 $866.9 $838.6 
Sales/new accounts27.9 42.4 33.7 35.6 44.8 
Redemptions/terminations(30.7)(27.8)(32.6)(35.8)(37.5)
Cash flow/unreinvested dividends(3.9)(16.9)(5.8)(6.9)(6.5)
Net long-term (outflows) inflows(6.7)(2.3)(4.7)(7.1)0.8 
Market appreciation (depreciation)51.3 33.3 11.5 (21.2)66.1 
Net change44.6 31.0 6.8 (28.3)66.9 
Balance as of end of period$829.1 $860.1 $866.9 $838.6 $905.5 
Ending Assets by distribution channel
Institutions$340.0 $351.4 $354.2 $347.7 $371.1 
Retail344.7 356.2 356.4 335.5 367.3 
Private Wealth144.4 152.5 156.3 155.4 167.1 
Total$829.1 $860.1 $866.9 $838.6 $905.5 
Ending Assets by investment service
Equity
Actively Managed$273.4 $281.3 $278.0 $252.5 $279.1 
Passively Managed (1)70.8 77.3 78.3 74.7 85.9 
Total Equity$344.2 $358.6 $356.3 $327.2 $365.0 
Fixed Income
Actively Managed$294.0 $300.1 $303.9 $303.6 $306.2 
Passively Managed (1)10.2 10.1 9.7 9.4 18.4 
Total Fixed Income304.2 310.2 313.6 313.0 324.6 
Total Alternatives/Multi-Asset Solutions (2)180.7 191.3 197.0 198.4 215.9 
Total$829.1 $860.1 $866.9 $838.6 $905.5 
Notes:
(1) Includes index and enhanced index services.
(2) Includes certain multi-asset solutions and services not included in equity or fixed income services.

2Q 2026 Financial Supplement
17

Asset Management - Net Flows
For the Three Months EndedFor the Six Months Ended
(in billions USD, unless otherwise indicated)6/30/20259/30/202512/31/20253/31/20266/30/20266/30/20256/30/2026
Net Flows by Distribution Channel
Institutions
US $2.8 $(2.1)$2.3 $0.3 $3.6 $5.5 $3.9 
Global and Non-US (4.3)0.3 (4.3)(2.2)(3.0)(6.3)(5.2)
Total Institutions $(1.5)$(1.8)$(2.0)$(1.9)$0.6 $(0.8)$(1.3)
Retail
US$(1.6)$(2.3)$(1.6)$(1.9)$5.1 $1.4 $3.2 
Global and Non-US(3.2)0.6 (1.9)(3.9)(4.2)(5.3)(8.1)
Total Retail $(4.8)$(1.7)$(3.5)$(5.8)$0.9 $(3.9)$(4.9)
Private Wealth
US$0.1 $1.3 $0.5 $0.9 $(0.3)$1.7 $0.6 
Global and Non-US(0.5)(0.1)0.3 (0.3)(0.4)(1.3)(0.7)
Total Private Wealth$(0.4)$1.2 $0.8 $0.6 $(0.7)$0.4 $(0.1)
Total Net Flows by Distribution Channel$(6.7)$(2.3)$(4.7)$(7.1)$0.8 $(4.3)$(6.3)
Net Flows by Investment Service
Equity Active
US$(3.3)$(6.3)$(5.1)$(5.5)$(6.5)$(3.6)$(12.0)
Global and Non-US(2.7)(0.1)(2.5)(5.4)(4.1)(4.9)(9.5)
Total Equity Active $(6.0)$(6.4)$(7.6)$(10.9)$(10.6)$(8.5)$(21.5)
Equity Passive (1)
US$— $(1.1)$(1.0)$(0.6)$(0.2)$(0.1)$(0.8)
Global and Non-US(1.9)2.3 — (0.3)0.2 (1.6)(0.1)
Total Equity Passive (1) $(1.9)$1.2 $(1.0)$(0.9)$— $(1.7)$(0.9)
Fixed Income - Taxable
US$2.0 $(2.7)$1.4 $2.3 $(0.7)$4.2 $1.6 
Global and Non-US(3.5)(1.5)(3.4)(4.0)(3.9)(7.1)(7.9)
Total Fixed Income - Taxable$(1.5)$(4.2)$(2.0)$(1.7)$(4.6)$(2.9)$(6.3)
Fixed Income - Tax-Exempt
US$1.2 $4.1 $3.9 $3.3 $2.9 $3.6 $6.2 
Global and Non-US— — — — — — — 
Total Fixed Income - Tax-Exempt$1.2 $4.1 $3.9 $3.3 $2.9 $3.6 $6.2 
Fixed Income - Passive (1)
US$(0.1)$(0.1)$0.1 $(0.2)$8.9 $(0.5)$8.7 
Global and Non-US— (0.1)(0.5)(0.1)— (0.1)(0.1)
Total Fixed Income - Passive (1)$(0.1)$(0.2)$(0.4)$(0.3)$8.9 $(0.6)$8.6 
Alternatives/Multi-Asset Solutions (2)
US$1.5 $3.0 $1.9 $— $4.0 $5.0 $4.0 
Global and Non-US0.1 0.2 0.5 3.4 0.2 0.8 3.6 
Total Alternatives/Multi-Asset Solutions (2) $1.6 $3.2 $2.4 $3.4 $4.2 $5.8 $7.6 
Total Net Flows by Investment Service $(6.7)$(2.3)$(4.7)$(7.1)$0.8 $(4.3)$(6.3)
Active vs. Passive Net Flows
Actively Managed
Equity$(6.0)$(6.4)$(7.6)$(10.9)$(10.6)$(8.5)$(21.5)
Fixed Income(0.4)— 1.9 1.6 (1.8)0.6 (0.2)
Alternatives/Multi-Asset Solutions (2)1.6 3.0 1.9 3.0 3.8 5.8 6.8 
Total$(4.8)$(3.4)$(3.8)$(6.3)$(8.6)$(2.1)$(14.9)
Passively Managed (1)
Equity$(1.9)$1.1 $(1.0)$(0.9)$— $(1.7)$(0.9)
Fixed Income(0.1)(0.2)(0.4)(0.3)8.9 (0.6)8.6 
Alternatives/Multi-Asset Solutions (2)0.10.2 0.5 0.40.50.10.9 
Total $(1.9)$1.1 $(0.9)$(0.8)$9.4 $(2.2)$8.6 
Total Active vs Passive Net Flows $(6.7)$(2.3)$(4.7)$(7.1)$0.8 $(4.3)$(6.3)
Notes:
(1) Includes index and enhanced index services.
(2) Includes certain multi-asset solutions and services not included in equity or fixed income services.
2Q 2026 Financial Supplement
18

Wealth Management - Operating Earnings (Loss) and Summary Metrics
For the Three Months Ended or As ofFor the Six Months Ended or As of
(in millions USD, unless otherwise indicated)6/30/20259/30/202512/31/20253/31/20266/30/2026Change6/30/20256/30/2026Change
Revenues
Net investment income (loss)$2$3$4$3$350.0 %$5$620.0 %
Investment management, service fees and other income46749654453854115.8 %9261,07916.5 %
Segment revenues46949954854154416.0 %9311,08516.5 %
Benefits and other deductions
Commissions and distribution-related payments29632035034835319.3 %58970119.0 %
Compensation and benefits, interest expense, financing fees and other operating costs and expense1051011081211126.7 %2142338.9 %
Segment benefits and other deductions40142145846946516.0 %80393416.3 %
Operating earnings (loss), before income taxes687890727916.2 %12815118.0 %
Income taxes(18)(19)(24)(17)(16)11.1 %(33)(33)— %
Operating earnings (loss), before noncontrolling interest505966556326.0 %9511824.2 %
Less: Operating (earnings) loss attributable to the noncontrolling interest—————— %——— %
Operating earnings (loss)$50$59$66$55$6326.0 %$95$11824.2 %
Summary Metrics
Pre-tax operating margin14.5 %15.6 %16.4 %13.3 %14.5 %13.7 %13.9 %
Advisory net new assets$2,027$2,210$2,148$2,021$1,992(1.7)%$4,008$4,0130.1 %
Total AUA$110,265$118,196$122,014$131,037$140,58627.5 %$110,265$140,58627.5 %
Revenue by Activity Type
Investment management, service fees and other income:
Investment management and advisory fees$184$197$214$229$23527.7 %$365$46427.1 %
Distribution fees2682803152922897.8 %5315819.4 %
Interest income10111199(10.0)%2118(14.3)%
Service and other income5848860.0 %91677.8 %
Total Investment management, service fees and other income$467$496$544$538$54115.8 %$926$1,07916.5 %



2Q 2026 Financial Supplement
19

Wealth Management - Select Operating Metrics
For the Three Months Ended or As ofFor the Six Months Ended or As of
(in millions USD, unless otherwise indicated)6/30/20259/30/202512/31/20253/31/20266/30/20266/30/20256/30/2026
AUA Roll-forward
Advisory assets :
Beginning assets$66,795 $73,293 $79,378 $82,594 $87,605 $65,839 $82,594 
Acquired assets— — — 4,508 — — 4,508 
Net new assets2,027 2,210 2,148 2,021 1,992 4,008 4,013 
Market appreciation (depreciation) and other4,471 3,875 1,068 (1,518)6,151 3,446 4,633 
Advisory ending assets$73,293 $79,378 $82,594 $87,605 $95,748 $73,293 $95,748 
Acquired assets, brokerage and direct— — — 4,546 — — — 
Brokerage and direct36,972 38,818 39,420 38,886 44,838 36,972 44,838 
Total Wealth Management assets (incl. acquired assets)$110,265 $118,196 $122,014 $131,037 $140,586 $110,265 $140,586 
Cash balances$3,004 $3,143 $3,299 $3,319 $3,256 $3,004 $3,256 
Advisors
Advisors4,476 4,446 4,582 4,605 4,559 4,476 4,559 
Revenue per advisor TTM (in thousands USD)$414 $426 $440 $456 $469 $414 $469 




2Q 2026 Financial Supplement
20

Corporate and Other - Operating Earnings (Loss) and Summary Metrics
For the Three Months Ended or As ofFor the Six Months Ended or As of
(in millions USD, unless otherwise indicated)6/30/20259/30/202512/31/20253/31/20266/30/2026Change6/30/20256/30/2026Change
Revenues
Policy charges, fee income and premiums$599$433$331$362$366(38.9)%$1,233$728(41.0)%
Net investment income (loss)2741831043986(68.6)%501125(75.0)%
Net derivative gains (losses)(12)(13)(5)2(22)(83.3)%(3)(20)(566.7)%
Investment management, service fees and other income1161341271221181.7 %255240(5.9)%
Segment revenues977737557525548(43.9)%1,9861,073(46.0)%
Benefits and other deductions
Policyholders’ benefits711438312315356(49.9)%1,378671(51.3)%
Remeasurement of liability for future policy benefits(13)16(7)10(13)— %(14)(3)78.6 %
Interest credited to policyholders’ account balances17396435154(68.8)%306105(65.7)%
Commissions and distribution-related payments72828178742.8 %155152(1.9)%
Amortization of deferred policy acquisition costs5050494950— %9999— %
Compensation and benefits, interest expense, financing fees and other operating costs and expense (1)210222205154179(14.8)%438333(24.0)%
Segment benefits and other deductions1,203904683657700(41.8)%2,3621,357(42.5)%
Operating earnings (loss), before income taxes(226)(167)(126)(132)(152)32.7 %(376)(284)24.5 %
Income taxes44861518(59.1)%6733(50.7)%
Operating earnings (loss), before noncontrolling interest(182)(159)(120)(117)(134)26.4 %(309)(251)18.8 %
Less: Operating (earnings) loss attributable to the noncontrolling interest(1)(4)(3)(2)(1)— %(4)(3)25.0 %
Operating earnings (loss)$(183)$(163)$(123)$(119)$(135)26.2 %$(313)$(254)18.8 %
Additional Detail
Net investment income (loss):
Investment income, excluding alternatives$246$144$76$30$82(66.7)%$457$112(75.5)%
Alternative investment income
28392894(85.7)%4413(70.5)%
Total net investment income (loss)
$274$183$104$39$86(68.6)%$501$125(75.0)%
(1) Interest expense on EQH debt
$58$56$52$52$54(7.5)%$113$106(6.4)%

2Q 2026 Financial Supplement
21

Corporate and Other - Select Operating Metrics
For the Three Months Ended or As ofFor the Six Months Ended or As of
(in millions USD, unless otherwise indicated)6/30/20259/30/202512/31/20253/31/20266/30/20266/30/20256/30/2026
Individual Life (Net of Reinsurance)
First Year Premiums and Deposits:
Variable Universal Life$99$91$93$74$76$189$150
Other4433396
Total First Year Premiums and Deposits$103$95$96$77$79$198$156
Renewal Premiums and Deposits:
Universal Life/ Indexed Universal Life$206$121$50$54$46$430$100
Variable Universal Life262179897588534163
Other794128462116467
Total Renewal Premiums and Deposits$547$341$167$176$155$1,128$331
Total Premiums and Deposits
$650$436$263$253$234$1,326$487
Individual Life Benefit Ratio113.5 %93.9 %90.1 %83.1 %96.1 %109.4 %90.0 %
Individual Life In-force Face Amount (in billions USD)$352.1$113.4$116.6$115.5$117.9$352.1$117.9
Employee Benefits
First Year Premiums and Deposits$31$33$28$30$28$66$58
Renewal Premiums and Deposits8687919192171183
Total Premiums and Deposits
$117$120$119$121$120$237$241
Legacy Annuity
Net flows (1)
$(580)$(634)$(796)$(709)$(663)$(1,299)$(1,372)
Account value - balance, end of period$20,490$20,939$20,386$19,061$20,503$20,490$20,503
Net Amount at Risk (NAR)
Total GMIB NAR$2,489$2,370$2,340$2,383$2,011$2,489$2,011
Total GMDB NAR$8,411$7,958$7,852$8,184$7,219$8,411$7,219
MRB Reserves (Net of Reinsurance)$3,271$3,418$3,374$3,070$2,646$3,271$2,646
Notes:
(1) Net of the Venerable transaction
2Q 2026 Financial Supplement
22







Investments

2Q 2026 Financial Supplement
23

Consolidated Investment Portfolio Composition
Balances as of
(in millions USD, unless otherwise indicated)December 31, 2025June 30, 2026
Amount (1)% of TotalAmount (1)% of Total
Composition of investment portfolio
Fixed maturities, available-for-sale, at fair value $77,162 57.9 %$80,191 56.1 %
Fixed maturities, at fair value using the fair value option2,943 2.2 %2,948 2.1 %
Mortgage loans, at fair value using the fair value option50 — %71 — %
Mortgage loans on real estate22,668 17.0 %24,795 17.3 %
Policy loans1,862 1.4 %1,846 1.3 %
Other equity investments 3,779 2.8 %3,635 2.5 %
Other invested assets10,968 8.2 %10,616 7.5 %
Subtotal investment assets119,432 89.5 %124,102 86.8 %
Trading securities1,572 1.2 %1,749 1.2 %
Total investments121,004 90.7 %125,851 88.0 %
Cash and cash equivalents12,462 9.3 %17,183 12.0 %
Total$133,466 100.0 %$143,034 100.0 %
General Account AFS Fixed maturities by industry (Based on amortized cost)
Corporate securities:
Finance$14,676 17.9 %$16,033 18.7 %
Manufacturing9,904 12.1 %10,210 11.9 %
Utilities7,873 9.6 %8,082 9.4 %
Services7,328 8.9 %7,208 8.4 %
Energy2,373 2.9 %2,633 3.1 %
Retail and wholesale3,047 3.7 %3,100 3.6 %
Transportation2,162 2.6 %2,240 2.6 %
Other376 0.5 %515 0.6 %
Total corporate securities47,739 58.2 %50,021 58.3 %
U.S. government and agency5,040 6.2 %5,308 6.2 %
Residential mortgage-backed (2)7,093 8.7 %7,782 9.1 %
Preferred stock54 0.1 %54 0.1 %
State & political378 0.5 %374 0.4 %
Foreign governments556 0.7 %510 0.6 %
Commercial mortgage-backed4,814 5.9 %4,789 5.6 %
Asset-backed securities16,142 19.7 %16,915 19.7 %
Total$81,816 100.0 %$85,753 100.0 %
General Account AFS Fixed maturities credit quality (3) (Based on amortized cost)
Aaa, Aa, A (NAIC Designation 1)$56,880 69.5 %$60,311 70.3 %
Baa (NAIC Designation 2)23,488 28.7 %24,079 28.1 %
Investment grade80,368 98.2 %84,390 98.4 %
Below investment grade (NAIC Designation 3 and 4)1,448 1.8 %1,363 1.6 %
Total$81,816 100.0 %$85,753 100.0 %
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.
2Q 2026 Financial Supplement
24

Consolidated Results of General Account Investment Portfolio
For the Six Months Ended or As ofYear Ended or As of
(in millions USD, unless otherwise indicated)June 30, 2025June 30, 2026December 31, 2025
YieldAmount (2)YieldAmount (2)YieldAmount (2)
Fixed Maturities:
Income (loss)4.37 %$1,859 4.61 %$1,922 4.41 %$3,693 
Ending assets86,509 85,753 81,816 
Mortgages:
Income (loss)4.99 %516 5.33 %621 4.96 %1,061 
Ending assets21,536 24,848 22,718 
Other Equity Investments (1):
Income (loss)5.75 %101 3.82 %67 5.22 %185 
Ending assets3,571 3,506 3,519 
Trading Securities:
Income9.47 %29 6.00 %25 5.80 %42 
Ending assets723 909 804 
Policy Loans:
Income4.93 %107 4.93 %46 4.57 %168 
Ending assets4,355 1,846 1,862 
Cash and Short-term Investments:
Income (loss)4.26 %126 3.14 %151 3.94 %323 
Ending assets12,239 13,958 9,103 
Total Net Investment Income:
Investment income 4.56 %2,738 4.62 %2,832 4.51 %5,472 
Less: investment fees
(0.16)%(97)(0.18)%(112)(0.16)%(199)
Investment income, net4.40 %$2,641 4.44 %$2,720 4.35 %$5,273 
General Account Ending Net Assets$128,933 $130,820 $119,822 
Operating Earnings adjustments:
AB and other non-General Account investment income (loss)
(19)(92)10 
Operating Net investment income (loss)$2,622 $2,628 $5,283 
Notes:
(1) Includes, as of June 30, 2026, June 30, 2025 and December 31, 2025, $438 million, $364 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.
2Q 2026 Financial Supplement
25








Additional Information
2Q 2026 Financial Supplement
26

Deferred Policy Acquisition Costs Rollforward
For the Three Months Ended or As ofFor the Six Months Ended or As of
(in millions USD, unless otherwise indicated)6/30/20259/30/202512/31/20253/31/20266/30/20266/30/20256/30/2026
Total
Beginning balance$7,262 $7,361 $7,430 $7,523 $7,584 $7,170 $7,523 
Capitalization of commissions, sales and issue expenses292 283 312 301 295 574 596 
Amortization(193)(201)(205)(209)(214)(383)(423)
Recovery of acquisition cost (1)— (13)(14)(31)(27)— (58)
Ending balance$7,361 $7,430 $7,523 $7,584 $7,638 $7,361 $7,638 
Retirement
Beginning balance$4,872 $4,972 $5,062 $5,162 $5,244 $4,780 $5,162 
Capitalization of commissions, sales and issue expenses243 243 265 260 258 474 518 
Amortization(143)(153)(156)(160)(164)(282)(324)
Recovery of acquisition cost (1)— — (9)(18)(24)— (42)
Ending balance$4,972 $5,062 $5,162 $5,244 $5,314 $4,972 $5,314 
Corporate and Other
Beginning balance$2,390 $2,389 $2,368 $2,361 $2,340 $2,390 $2,361 
Capitalization of commissions, sales and issue expenses49 40 47 41 37 100 78 
Amortization(50)(48)(49)(49)(50)(101)(99)
Recovery of acquisition cost (1)— (13)(5)(13)(3)— (16)
Ending balance$2,389 $2,368 $2,361 $2,340 $2,324 $2,389 $2,324 
Notes:
(1) Related to third party reinsurance transactions.

2Q 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; a bespoke deal to repurchase UL policies from one entity that had invested in numerous policies purchased in the life settlement market, which disposed of the risk of additional COI litigation by that entity related to those UL policies, impact of the annual actuarial assumption updates attributable to LFPB when the majority of the impact relates to the non-core business; and
•Income tax expense (benefit) related to the above items and non-recurring tax items, which includes the effect of uncertain tax positions for a given audit period and changes to the deferred tax valuation allowance.
In the third quarter of 2025, the Company updated its net investment income (“NII”) segment reporting to better align with our GAAP segments, as well as the reporting of our spread lending programs' income and expenses. Previously, direct and allocated segment NII were recorded based on assets tied to statutory asset tagging and net statutory liabilities for allocation. To better align with our GAAP segments, the Company changed the recording methodology for direct NII. It is now based on the book yields of assets tied to specific segments, considering General Account values plus reserves, net of embedded derivatives. Indirect NII, which was previously allocated based on net statutory liabilities, is now allocated based on General Account values and reserves, net of embedded derivatives. Additionally, revenues and expenses from our spread lending programs are now primarily recorded within the Retirement segment. Previously, spread lending revenues and expenses were recorded in Corporate and Other, with the excess of revenues over expenses allocated to the insurance segments based on net statutory liabilities. Prior periods have been revised to reflect these changes.
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.
2Q 2026 Financial Supplement
28

Use of Non-GAAP Financial Measures
"Non-GAAP Operating ROE"
We calculate Non-GAAP Operating ROE by dividing Non-GAAP Operating Earnings for the previous twelve calendar months by consolidated average equity attributable to Holdings’ common shareholders, excluding AOCI. AOCI fluctuates period-to-period in a manner inconsistent with our underlying profitability drivers as the majority of such fluctuation is related to the market volatility of the unrealized gains and losses associated with our AFS securities. Therefore, we believe excluding AOCI is more effective for analyzing the trends of our operations.
Book Value per common share, excluding AOCI
We use the term “book value” to refer to “Total equity attributable to Holdings' common shareholders.” Book Value per common share, excluding AOCI, is our stockholder’s equity, excluding AOCI, divided by ending common shares outstanding.
Non-GAAP Operating Earnings per common share
Non-GAAP Operating Earnings per common share is calculated by dividing Non-GAAP Operating Earnings less preferred stock dividends by diluted common shares outstanding.
2Q 2026 Financial Supplement
29

Reconciliation of Non-GAAP Measures (1/3)
For the Three Months Ended or As ofFor the Six Months Ended or As of
(in millions USD, unless otherwise indicated)6/30/20259/30/202512/31/20253/31/20266/30/20266/30/20256/30/2026
Net income (loss) attributable to Holdings
Net income (loss) attributable to Holdings$(349)$(1,309)$215 $621 $(453)$(286)$168 
Adjustments related to:
Variable annuity product features (1)934 978 258 (386)1,522 1,145 1,136 
Investment (gains) losses, net (2)71 1,170 84 29 65 85 94 
Net actuarial (gains) losses related to pension and other postretirement benefit obligations11 19 9 14 14 22 28 
Other adjustments (3)(137)(164)21 148 (430)68 (282)
Income tax expense (benefit) related to above adjustments(185)(437)(62)41 (246)(277)(205)
Non-recurring tax items7 198 (12)5 16 16 21 
Non-GAAP Operating earnings (4)$352 $455 $513 $472 $488 $773 $960 
Net income (loss) attributable to Holdings$(1.15)$(4.42)$0.74 $2.19 $(1.63)$(0.94)$0.60 
Less: Preferred stock dividends0.06 0.05 0.04 0.05 0.05 0.10 0.10 
Net income (loss) available to Holdings' common shareholders(1.21)(4.47)0.70 2.14 (1.68)(1.04)0.50 
Adjustments related to:
Variable annuity product features (1)3.08 3.30 0.89 (1.36)5.47 3.75 4.03 
Investment (gains) losses, net (2)0.23 3.95 0.29 0.10 0.23 0.28 0.33 
Net actuarial (gains) losses related to pension and other postretirement benefit obligations0.04 0.06 0.03 0.05 0.05 0.07 0.10 
Other adjustments (3)(0.45)(0.55)0.07 0.53 (1.55)0.23 (0.99)
Income tax expense (benefit) related to above adjustments(0.61)(1.48)(0.21)0.14 (0.88)(0.91)(0.73)
Non-recurring tax items0.02 0.67 (0.04)0.02 0.06 0.05 0.07 
Non-GAAP Operating Earnings (loss) available to Holdings' common shareholders (4)$1.10 $1.48 $1.73 $1.62 $1.70 $2.43 $3.31 
Book Value per common share
Book Value per common share$(0.26)$(3.18)$(4.03)$(2.83)$(6.79)$(0.26)$(6.79)
Less: Per share impact of AOCI(24.63)(21.41)(22.17)(22.39)(23.68)(24.63)(23.68)
Book value per common share (ex. AOCI)$24.37 $18.23 $18.14 $19.56 $16.89 $24.37 $16.89 
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 six months ended June 30, 2025. The impact per common share was $1.63 for the six months ended June 30, 2025.
(2) Includes $1.1 billion as a result of assets transferred related to the reinsurance transaction with RGA for the three months ended September 30, 2025. The impact per common shares is $3.86 for the three months ended September 30, 2025.
(3) Includes the following impacts on Non-VA derivatives: a gain of $198 million or $0.65 and $33 million or $0.11 for the three and six months ended June 30, 2025, a gain of $230 million or $0.78 for the three months ended September 30, 2025, a gain of $41 million or $0.14 for the three months ended December 31, 2025, a loss of $146 million or $0.51 for the three months ended March 31, 2026 and a loss of $176 million or $0.63 and $322 million or $1.14 for the three and six months ended June 30, 2026. Also, includes $14 million or $0.05 for the three and six months ended June 30, 2025, $(8) million or $(0.03) for the three months ended September 30, 2025, and $6 million or $0.02 for the three months ended December 31, 2025, respectively, of expense related to a disputed billing practice of an AB third-party service provider.
(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.
2Q 2026 Financial Supplement
30

Reconciliation of Non-GAAP Measures (2/3)
As of and for the Twelve Months Ended
(in millions USD, unless otherwise indicated)12/31/20253/31/20266/30/2026
Net Income to Non-GAAP Operating Earnings
Net income (loss) attributable to Holdings$(1,380)$(822)$(926)
Adjustments related to:
Variable annuity product features2,3811,7842,372
Investment (gains) losses1,3391,3541,348
Net actuarial (gains) losses related to pension and other postretirement benefit obligations505356
Other adjustments(75)(132)(425)
Income tax expense (benefit) related to above adjustments(776)(643)(704)
Non-recurring tax items202198207
Non-GAAP Operating Earnings$1,741$1,792$1,928
Return on Equity and Non-GAAP Operating Return on Equity - Trailing twelve months
Net income (loss) attributable to Holdings$(1,380)$(822)$(926)
Less: Preferred stock(61)(61)(56)
Net income (loss) available to Holdings' common shareholders$(1,441)$(883)$(982)
Average equity attributable to Holdings' common shareholders (ex. AOCI)$6,556$5,817$5,132
Return on Equity (ex. AOCI)(22.0)%(15.2)%(19.1)%
Non-GAAP Operating Earnings$1,741$1,792$1,928
Less: Preferred stock(61)(61)(56)
Non-GAAP Operating Earnings available to Holdings' common shareholders$1,680$1,731$1,872
Average equity attributable to Holdings' common shareholders (ex. AOCI)$6,556$5,817$5,132
Non-GAAP Operating Return on Equity (ex. AOCI)25.6 %29.8 %36.5 %
2Q 2026 Financial Supplement
31

Reconciliation of Non-GAAP Measures (3/3)
Balances as of
(in millions USD, unless otherwise indicated)9/30/202412/31/20243/31/20256/30/20259/30/202512/31/20253/31/20266/30/2026
Equity Reconciliation - Quarter-end Balances
Total equity attributable to Holdings' shareholders$3,201 $1,565 $2,401 $1,149 $148 $(74)$273 $(785)
Less: Preferred Stock1,562 1,507 1,507 1,228 1,068 1,068 1,068 1,068 
Total equity attributable to Holdings' common shareholders1,639 58 894 (79)(920)(1,142)(795)(1,853)
Less: Accumulated other comprehensive income (loss)(6,601)(8,712)(7,567)(7,432)(6,191)(6,280)(6,300)(6,465)
Total equity attributable to Holdings' common shareholders (ex. AOCI)$8,240 $8,770 $8,461 $7,353 $5,271 $5,138 $5,505 $4,612 
Balances as of
(in millions USD, unless otherwise indicated)9/30/202412/31/20243/31/20256/30/20259/30/202512/31/20253/31/20266/30/2026
Equity Reconciliation - Twelve Month Rolling Average
Total equity attributable to Holdings' shareholders$2,357 $2,089 $2,191 $2,079 $1,316 $906 $374 $(110)
Less: Preferred Stock1,562 1,548 1,535 1,451 1,328 1,218 1,108 1,068 
Total equity attributable to Holdings' common shareholders795 541 656 628 (12)(312)(734)(1,178)
Less: Accumulated other comprehensive income (loss)(7,816)(8,045)(7,889)(7,578)(7,476)(6,868)(6,551)(6,309)
Total equity attributable to Holdings' common shareholders (ex. AOCI)$8,611 $8,586 $8,545 $8,206 $7,464 $6,556 $5,817 $5,131 


2Q 2026 Financial Supplement
32

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.
2Q 2026 Financial Supplement
33

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.
2Q 2026 Financial Supplement
34

Analyst Coverage, Ratings & Contact Information
Analyst Coverage
FirmAnalystPhone Number
BarclaysAlex Scott
1 (212) 526-1561
BMOJack Matten1 (212) 671-8000
Deutsche BankCave Montazeri1 (212) 250-2798
Dowling & PartnersJoel Hurwitz1 (860) 676-7312
Evercore ISIThomas Gallagher1 (212) 446-9439
JefferiesSuneet Kamath1 (212) 778-8602
J.P. MorganPablo Singzon II1 (212) 622-2295
KBWRyan Krueger1 (860) 722-5930
Mizuho SecuritiesYaron Kinar1 (646) 445-0248
Morgan StanleyBob Jian Huang1 (212) 761-6136
Raymond JamesWilma Burdis1 (727) 567-9371
Truist SecuritiesMark Hughes1 (615) 748-4422
UBSMichael Ward 1 (917) 270-2483
Wells Fargo SecuritiesWes Carmichael1 (212) 214-5335
Wolfe ResearchTracy Dolin-Benguigui1 (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. BestS&PMoody’s
Last review dateMar '26Mar '26Mar '26
Financial Strength Ratings:
Equitable Financial Life Insurance CompanyAA+A1
Equitable Financial Life Insurance Company of AmericaAA+A1
Credit Ratings:
Equitable Holdings, Inc.bbb+A-Baa1
Investor and Media Contacts
Contact Investor RelationsContact Media Relations
Erik BassLaura Yagerman
IR@equitable.com
MediaRelations@equitable.com
ir.equitableholdings.com

2Q 2026 Financial Supplement
35

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