What were Equitable Holdings’ key earnings per share metrics for Q1 2026?

Diluted EPS from net income was $2.14 in Q1 2026, compared with $0.16 a year earlier. Non-GAAP operating EPS was $1.62, and $1.68 after adjusting for notable items, which management indicated represents about 25% year-over-year growth versus the prior-year quarter.

Equitable (NYSE: EQH) Q1 earnings surge and all-stock Corebridge merger plan

Filing Impact

(High)

Filing Sentiment

(Neutral)

Form Type

8-K

Rhea-AI Filing Summary

Equitable Holdings reported sharply stronger first-quarter 2026 results and highlighted a planned all-stock merger with Corebridge Financial. Net income rose to $621 million, or $2.14 per share, up from $63 million a year earlier. Non-GAAP operating earnings were $472 million, or $1.62 per share, and $1.68 excluding $19 million of notable items, which management said was about a 25% year-over-year EPS increase. Total assets under management and administration reached $1.1 trillion, up 9%.

Retirement delivered $1.3 billion of net inflows and 10% growth in first-year premiums to $6.0 billion, while Wealth Management generated $2.0 billion of advisory net inflows and grew assets under administration to $131 billion. Asset Management produced operating earnings of $140 million with AUM of $838.6 billion, though segment net outflows were $7.1 billion, mainly in active equities.

The company returned $223 million to shareholders through dividends and buybacks and reaffirmed its 60–70% payout ratio target for 2026. Management reiterated 2026 goals of $1.8 billion in cash generation and over 15% growth in earnings per share. The announced Corebridge merger, targeted to close by year-end 2026 subject to approvals, is expected to be immediately accretive to EPS and cash generation and to deliver at least 10% run-rate EPS accretion by year-end 2028.

Positive

Profitability surged: Net income rose to $621 million (EPS $2.14) from $63 million (EPS $0.16) a year earlier, while Non-GAAP operating EPS reached $1.62, or $1.68 excluding notable items, which management describes as roughly 25% year-over-year EPS growth.
Strategic Corebridge merger: The announced all-stock combination with Corebridge Financial is expected to be immediately accretive to earnings per share and cash generation and to deliver at least 10% run-rate EPS accretion by year-end 2028, creating a larger diversified retirement, wealth, and asset manager.
Healthy franchise growth: Total AUM/A increased 9% year-over-year to $1.1 trillion, Retirement posted $1.3 billion of net inflows and 10% growth in first-year premiums to $6.0 billion, and Wealth Management advisory net inflows were $2.0 billion with assets under administration of $131 billion.
Shareholder returns and capital: Equitable returned $223 million in Q1 through $76 million of dividends and $147 million of buybacks, reaffirmed a 60–70% payout ratio target for 2026, reported $1.2 billion of holding-company cash and liquid assets, and cited a combined NAIC RBC ratio of about 475% versus a 400% target.

Negative

None.

Insights

Strong Q1 profitability and an accretive Corebridge merger plan reshape Equitable’s earnings profile.

Equitable Holdings posted net income of $621 million, versus $63 million a year earlier, with Non-GAAP operating EPS of $1.62 and $1.68 excluding notable items. Management characterizes this as a 25% year-over-year EPS increase, supported by higher fee revenue and lower market-driven volatility.

Business trends were largely constructive: Retirement operating earnings rose to $396 million, with $6.0 billion of first-year premiums and $1.3 billion of net inflows. Wealth Management operating earnings improved to $55 million as assets under administration climbed to $131 billion. Asset Management generated $140 million of operating earnings, though net outflows of $7.1 billion in Q1 highlight ongoing pressure in active strategies despite higher AUM.

The all-stock merger with Corebridge Financial, announced on March 26, 2026, is positioned as immediately accretive to earnings per share and cash generation, with at least 10% run-rate EPS accretion targeted by year-end 2028. Combined with a 60–70% payout ratio target, $223 million of Q1 capital returned, and an NAIC RBC ratio of about 475% versus a 400% target, the capital story appears robust. Actual outcomes will depend on regulatory approvals, integration execution, and sustaining organic growth across retirement, wealth, and asset management.

8-K Event Classification

6 items: 0.02, 0.03, 0.67, 2.02, 7.01, 9.01

6 items

Item 0.02 Item 0.02

Item 0.03 Item 0.03

Item 0.67 Item 0.67

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.

Key Figures

Net income attributable to Holdings: $621 million Diluted EPS (GAAP): $2.14 per share Non-GAAP operating earnings: $472 million +5 more

8 metrics

Net income attributable to Holdings $621 million Q1 2026 vs $63 million in Q1 2025

Diluted EPS (GAAP) $2.14 per share Q1 2026 net income per common share

Non-GAAP operating earnings $472 million Q1 2026, company-defined measure

Non-GAAP operating EPS (ex notable items) $1.68 per share Q1 2026 after $19 million notable items adjustment

Total AUM/A $1.1 trillion As of March 31, 2026, up 9% year-over-year

Retirement net inflows $1.3 billion Q1 2026 segment net flows

Asset Management net flows -$7.1 billion Q1 2026 net outflows, mainly active equities

Capital returned to shareholders $223 million Q1 2026 dividends and share repurchases

Key Terms

Non-GAAP operating earnings, assets under management and administration, NAIC RBC ratio, all-stock merger, +1 more

5 terms

Non-GAAP operating earnings financial

"Non-GAAP operating earnings in the first quarter of 2026 were $472 million compared to $421 million in the first quarter of 2025."

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.

assets under management and administration financial

"As of March 31, 2026, total AUM/A was $1.1 trillion, a year-over-year increase of 9%."

NAIC RBC ratio financial

"The combined NAIC RBC ratio was approximately 475% at year end, above the Company’s target of 400%."

The NAIC RBC ratio is a regulator-created measure that compares an insurance company's available financial cushion to the amount of capital regulators think is needed given the company’s size and risks. It matters to investors because a low ratio signals a weak safety buffer and higher risk of regulatory intervention or financial trouble, while a high ratio suggests the insurer is better protected — think of it as the company’s shock absorber for unexpected losses.

all-stock merger financial

"On March 26th, the Company announced an agreement to combine with Corebridge Financial in an all-stock merger, creating an industry-leading Retirement, Wealth and Asset Management company."

An all-stock merger is a deal in which one company combines with another by paying only with shares rather than cash, so owners of the target company receive new stock in the combined business. For investors this matters because it changes who owns what percentage of the merged company, can dilute existing shareholders, ties the value of the deal to future share performance, and signals that management prefers using equity over cash for the transaction—like paying with IOUs that depend on how well the new company does.

Earnings Snapshot

Total revenues: $4,230 million · Guidance included

Q1 2026

Total revenues $4,230 million -7.6% vs Q1 2025

Net income attributable to Holdings $621 million up from $63 million in Q1 2025

Non-GAAP operating earnings $472 million up 12.1% vs $421 million in Q1 2025

Non-GAAP operating EPS $1.62 up 24.6% vs $1.30 in Q1 2025

Guidance

Management reaffirmed 2026 targets of $1.8 billion of cash generation and over 15% earnings per share growth, and expects the Corebridge merger to be immediately accretive with 10%+ run-rate EPS accretion by year-end 2028.

Understanding 8-K Material Events →

05/04/2026 - 04:15 PM

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): May 4, 2026

Equitable Holdings, Inc.

(Exact name of registrant as specified in its charter)


Delaware	001-38469	90-0226248
(State or other jurisdiction of	(Commission File Number)	(I.R.S. Employer
incorporation or organization)		Identification No.)

1345 Avenue of the Americas, New York, New York 10105

(Address of principal executive offices) (Zip Code)

(212) 554-1234

(Registrant’s telephone number, including area code)

Not Applicable

(Former name or address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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

Title of each class

Trading Symbol

Name of Exchange on which registered

Common Stock

EQH

New York Stock Exchange

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

EQH PR A

New York Stock Exchange

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

EQH PR C

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 under the Securities Act (17 CFR 230.405) or Rule 12b-2 under the Exchange Act (17 CFR 240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On May 4, 2026, Equitable Holdings, Inc. (“EQH”) issued a press release announcing its financial results for the quarter ended March 31, 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 March 31, 2026. A copy of the Financial Supplement for the quarter ended March 31, 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 March 31, 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, May 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 May 4, 2026 (furnished and not filed)
99.2			Financial Supplement for the quarter ended March 31, 2026 (furnished and not filed)
104			Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.



	EQUITABLE HOLDINGS, INC.

Date: May 4, 2026	By:	/s/ William Eckert
	Name:	William Eckert
	Title:	Chief Accounting Officer (Principal Accounting Officer)

EQUITABLE HOLDINGS REPORTS FIRST QUARTER 2026 RESULTS

_______________________________________

•Net income of $621 million, or $2.14 per share

•Non-GAAP operating earnings1 of $472 million, or $1.62 per share; Adjusting for notable items2, Non-GAAP operating earnings of $491 million, or $1.68 per share

•Net inflows of $1.3 billion in Retirement and $2.0 billion in Wealth Management; net outflows of $7.1 billion in Asset Management

•Returned $223 million to shareholders in the first quarter and remain committed to the 60-70% payout ratio target for 2026

•On March 26th, announced an all-stock merger with Corebridge Financial to create a leading diversified financial institution with superior scale, distribution access and product breadth, which will accelerate our growth strategy and better position us to win with customers

_______________________________________

New York, NY, May 4, 2026 — Equitable Holdings, Inc. (“Equitable Holdings”, “Holdings”, or the “Company”) (NYSE: EQH) today announced financial results for the first quarter ended March 31, 2026.

“We reported solid first quarter results with Non-GAAP operating earnings per share of $1.62, or $1.68 excluding notable items, up 25% from the prior year quarter. Within our businesses, we continued to see healthy organic growth momentum, highlighted by $1.3 billion of net inflows in Retirement and $2.0 billion of advisory net inflows in Wealth Management. Looking forward, we remain confident in achieving our 2026 guidance of $1.8 billion of cash generation and over 15% growth in earnings per share,” said Mark Pearson, President and Chief Executive Officer.

Mr. Pearson concluded, “I am incredibly excited about the announced merger with Corebridge, which will create a diversified financial services company with leading positions across retirement, life insurance, asset management, and wealth management and accelerate our growth strategy. The transaction will be immediately accretive to earnings per share and cash generation, and we project at least 10% accretion on a run-rate basis by year-end 2028. By leveraging the complementary strengths of Equitable and Corebridge, the combined company will have the scale, product breadth, and distribution platform to deliver superior value to both 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.


Consolidated Results
	First Quarter
(in millions, except per share amounts or unless otherwise noted)	2026		2025
Total Assets Under Management/Administration (“AUM/A”, in billions)	$	1,094	$	1,006
Net income (loss) attributable to Holdings	621		63
Net income (loss) attributable to Holdings per common share	2.14		0.16
Non-GAAP operating earnings	472		421
Non-GAAP operating earnings per common share (“EPS”)	1.62		1.30

As of March 31, 2026, total AUM/A was $1.1 trillion, a year-over-year increase of 9%, driven by positive net flows and higher markets over the prior twelve months.

Net income (loss) attributable to Holdings for the first quarter of 2026 was $621 million compared to $63 million in the first quarter of 2025.

Non-GAAP operating earnings in the first quarter of 2026 were $472 million compared to $421 million in the first quarter of 2025. Adjusting for notable items3 of $19 million, first quarter 2026 Non-GAAP operating earnings were $491 million or $1.68 per share.

As of March 31, 2026, book value per common share including accumulated other comprehensive income (“AOCI”) was $(2.83). Book value per common share excluding AOCI was $19.56. Both of these measures reflect the Company’s 68% ownership stake in AllianceBernstein (“AB”) at book value. Book value per common share excluding AOCI but with AB reflected at fair market value was $34.70.

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

Business Highlights

•First quarter 2026 business segment highlights:

◦Retirement reported net inflows of $1.3 billion and first year premiums of $6.0 billion were up 10% over the prior year.

◦Asset Management (AllianceBernstein or “AB”)4 reported net outflows of $7.1 billion, primarily driven by active equities. The institutional pipeline increased to a record $27.5 billion as of quarter end.

◦Wealth Management (“WM”) reported advisory net inflows of $2.0 billion, with total assets under administration reaching $131 billion.

•Capital management program:

◦The Company returned $223 million to shareholders in the first quarter, including $76 million quarterly cash dividends and $147 million of share repurchases. The Company remains committed to its 60-70% payout ratio target for 2026.

◦The Company reported cash and liquid assets of $1.2 billion at Holdings5 as of quarter end, which remains above the $500 million minimum target. The combined NAIC RBC ratio was approximately 475% at year end, above the Company’s target of 400%.

•Delivering shareholder value:

◦The Company has completed the deployment of its $20 billion capital committed to AB. This supports growth in AB’s Private Markets business, which had $85 billion of assets under management as of quarter end.

◦During the first quarter, the Company closed on the acquisition of Stifel Independent Advisors, adding over $9 billion of client assets.

◦On March 26th, the Company announced an agreement to combine with Corebridge Financial in an all-stock merger, creating an industry-leading Retirement, Wealth and Asset Management company. The merger is expected to close by year-end 2026, subject to a shareholder vote and regulatory approvals. 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. $195 million of cash at Holdings which is available to AllianceBernstein through its credit facility with Equitable Holdings.

Business Segment Results

Retirement


(in millions, unless otherwise noted)	Q1 2026		Q1 2025
Total Assets (in billions)6	$	175.7	$	154.6
Segment net flows (in billions)	1.3		1.6
Operating earnings (loss)	396		380

•Assets increased by 14%, driven by market performance and net inflows over the prior twelve months.

•First year premiums of $6.0 billion increased by 10% while net inflows of $1.3 billion were lower than the prior year quarter.

•Operating earnings of $396 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 $385 million in the prior year quarter to $394 million. Notable items of $(2) million in the current period reflect lower net investment income from alternatives, offset by a favorable tax credit.

Asset Management


(in millions, unless otherwise noted)	Q1 2026		Q1 2025
Total AUM (in billions)	$	838.6	$	784.5
Segment net flows (in billions)	(7.1)		2.4
Operating earnings (loss)	140		126

•AUM increased by 7% due to market performance over the prior twelve months.

•Net outflows were $7.1 billion in the quarter, including net outflows of $5.8 billion in Retail and $1.9 billion in Institutional, partially offset by net inflows of $0.6 billion in Private Wealth.

•Operating earnings increased from $126 million in the prior year quarter to $140 million, due to growth in base fees and a higher ownership percentage of AB.

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

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

Wealth Management


(in millions, unless otherwise noted)	Q1 2026		Q1 2025
Total AUA (in billions)	$	131.0	$	102.1
Advisory net new assets (in billions)	2.0		2.0
Operating earnings (loss)	55		45

•AUA increased by 28% 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 an 11% year-over-year increase in advisor productivity.

•Operating earnings increased from $45 million in the prior year quarter to $55 million, primarily due to growth in client assets and advisory fees.

Corporate and Other (“C&O”)

The operating loss of $119 million in the first quarter decreased from an operating loss of $130 million in the prior year quarter. After adjusting for notable items8, the operating loss was $98 million versus a loss of $122 million in the prior year quarter.

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

Exhibit 1: Notable Items

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

Impact of notable items by segment and Corporate & Other:


	Three Months Ended March 31,
(in millions)	2026		2025
Non-GAAP Operating Earnings	$	472	$	421
Post-tax adjustments related to notable items:
Retirement	(2)		5
Asset Management	—		—
Wealth Management	—		—
Corporate & Other	21		8



Non-GAAP Operating Earnings, less Notable Items	$	491	$	434

Impact of notable items by item category:


	Three Months Ended March 31,
(in millions)	2026		2025
Non-GAAP Operating Earnings	$	472	$	421
Post-tax adjustments related to notable Items:
Net investment income	32		13
Tax credit	(13)		—




Non-GAAP Operating Earnings, less Notable Items	$	491	$	434

Earnings Conference Call

Equitable Holdings will host a conference call at 9 a.m. ET on May 5, 2026 to discuss its first 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 First 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 $1.1 trillion in assets under management and administration (as of 3/31/2026) 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

Note Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “expects,” “believes,” “anticipates,” “forecasts,” “intends,” “seeks,” “aims,” “plans,” “assumes,” “estimates,” “projects,” “should,” “would,” “could,” “may,” “will,” “shall” or variations of such words are generally part of forward-looking statements. Forward-looking statements are made based on management’s current expectations and beliefs concerning future developments and their potential effects upon Equitable Holdings, Inc. (“Holdings”) and its consolidated subsidiaries. These forward-looking statements include, but are not limited to, statements regarding projections, estimates, forecasts and other financial and performance metrics and projections of market expectations. “We,” “us” and “our” refer to Holdings and its consolidated subsidiaries, unless the context refers only to Holdings as a corporate entity. There can be no assurance that future developments affecting Holdings will be those anticipated by management. Forward-looking statements include, without limitation, all matters that are not historical facts.

These forward-looking statements are not a guarantee of future performance and involve risks and uncertainties, and there are certain important factors that could cause actual results to differ, possibly materially, from expectations or estimates reflected in such forward-looking statements, including, among others: (i) the ability to complete 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; (ii) risks related to difficulties, inabilities or delays in integrating the parties’ businesses; (iii) the ability to realize the anticipated benefits of the Proposed Transaction, including estimated run-rate expense synergies and projected cost savings at the time, and to the extent anticipated, as well as expected, operating earnings and cash flow generation; (iv) 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; (v) the potential impact of the announcement or consummation of the Proposed Transaction on Equitable or Corebridge’s stock price and on their respective business, contractual and operational relationships (including with regulatory bodies, employees, suppliers, clients and competitors); (vi) risk 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; (vii) the risk that the Proposed Transaction and the announcement thereof could have an adverse effect on the 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 Equitable, Corebridge, their new parent company or their respective directors; (xi) restrictions on the conduct of Equitable 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 Equitable or Corebridge’s Insurer Financial Strength ratings or credit ratings or of the new parent company of Equitable 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 the Company of a continued shutdown of the U.S. government, and related economic conditions, equity market declines and volatility, interest rate fluctuations, impacts on our goodwill and changes in liquidity and access to and cost of capital; (xv) operational factors, including reliance on the payment of dividends to Holdings by its subsidiaries, protection of confidential customer information or proprietary business information, operational failures by us or our service providers, potential strategic transactions, changes in accounting standards, and catastrophic events, such as the outbreak of pandemic diseases; (xvi) credit, counterparties and investments, including counterparty default on derivative contracts, failure of financial institutions, defaults by third parties and affiliates and economic downturns, defaults and other events adversely affecting our investments; (xvii) our reinsurance and hedging programs; (xviii) our products, structure and product distribution, including variable annuity guaranteed benefits features within certain of our products, variations in statutory capital requirements, financial strength and claims-paying ratings,

state insurance laws limiting the ability of our insurance subsidiaries to pay dividends and key product distribution relationships; (xix) estimates, assumptions and valuations, including risk management policies and procedures, potential inadequacy of reserves and experience differing from pricing expectations, amortization of deferred acquisition costs and financial models; (xx) our Asset Management segment, including fluctuations in assets under management and the industry-wide shift from actively-managed investment services to passive services; (xxi) recruitment and retention of key employees and experienced and productive financial professionals; (xxii) subjectivity of the determination of the amount of allowances and impairments taken on our investments; (xxiii) legal and regulatory risks, including federal and state legislation affecting financial institutions, insurance regulation and tax reform; (xxiv) risks related to our common stock and (xxv) general risks, including strong industry competition, information systems failing or being compromised and protecting our intellectual property.

Forward-looking statements, including any financial guidance, should be read in conjunction with the other cautionary statements, risks, uncertainties and other factors identified in Holdings’ filings with the Securities and Exchange Commission. Further, any forward-looking statement speaks only as of the date on which it is made, and we undertake no obligation to update or revise any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events, except as otherwise may be required by law.

Forward-looking Non-GAAP Metrics

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

Use of Non-GAAP Financial Measures

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

We also discuss certain operating measures, including AUM, AUA, AV, policy reserves and certain other operating measures, which management believes provide useful information about our businesses and the operational factors underlying our financial performance.

Non-GAAP Operating Earnings

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

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

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

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

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

•Other adjustments, which primarily include restructuring costs related to severance and separation, lease write-offs related to non-recurring restructuring activities, net derivative gains (losses) on certain Non-GMxB derivatives, net investment income from certain items including consolidated VIE investments, seed capital mark-to-market adjustments, unrealized gain/losses and realized capital gains/losses from sales or disposals of select securities, certain legal accruals; 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.

The table below presents a reconciliation of Net income (loss) attributable to Holdings to Non-GAAP Operating Earnings for the three months ended March 31, 2026 and 2025:


	Three Months Ended March 31,
(in millions)	2026		2025
Net income (loss) attributable to Holdings	$	621	$	63
Adjustments related to:
Variable annuity product features (1)	(386)		211
Investment (gains) losses	29		14
Net actuarial (gains) losses related to pension and other postretirement benefit obligations	14		11
Other adjustments (2)	148		205
Income tax expense (benefit) related to above adjustments	41		(92)
Non-recurring tax items	5		9
Non-GAAP Operating Earnings	$	472	$	421

______________

(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 for the three months ended March 31, 2025.

(2)Includes a loss of $146 million and $165 million on Non-VA derivatives for the three months ended March 31, 2026 and 2025, respectively.

Non-GAAP Operating EPS

Non-GAAP Operating Earnings per common share is calculated by dividing Non-GAAP Operating Earnings less preferred stock dividends by diluted common shares outstanding. The table below presents a reconciliation of GAAP EPS to Non-GAAP Operating EPS for the three months ended March 31, 2026 and 2025.


	Three Months Ended March 31,
(per share amounts)	2026		2025
Net income (loss) attributable to Holdings	$	2.19	$	0.20
Less: Preferred stock dividend	0.05		0.04
Net Income (loss) available to common shareholders	2.14		0.16
Adjustments related to:
Variable annuity product features (1)	(1.36)		0.68
Investment (gains) losses	0.10		0.04
Net actuarial (gains) losses related to pension and other postretirement benefit obligations	0.05		0.04
Other adjustments (2)	0.53		0.64
Income tax expense (benefit) related to above adjustments	0.14		(0.29)
Non-recurring tax items	0.02		0.03
Non-GAAP Operating Earnings	$	1.62	$	1.30

_______________

(1)As a result of the novation of certain Legacy VA policies completed during the first quarter, the Company recorded a loss of $1.60 for the three months ended March 31, 2025.

(2)Includes a loss of $0.51 and $0.53 on Non-VA derivatives for the three months ended March 31, 2026 and 2025, respectively.

Book Value per common share, excluding AOCI

We use the term “book value” to refer to total equity attributable to Holdings’ common shareholders. Book Value per common share, excluding AOCI, is our total equity attributable to Holdings, excluding AOCI and preferred stock, divided by ending common shares outstanding.


	March 31, 2026		December 31, 2025
Book value per common share	$	(2.83)	$	(4.03)
Per share impact of AOCI	22.39		22.17
Book Value per common share, excluding AOCI	$	19.56	$	18.14

Other Operating Measures

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

Account Value (“AV”)

Account value generally equals the aggregate policy account value of our retirement products.

Assets Under Management (“AUM”)

AUM means investment assets that are managed by one of our subsidiaries and includes: (i) assets managed by AB, (ii) the assets in our general account investment portfolio and (iii) the separate account assets of our Retirement and Life businesses. Total AUM reflects exclusions between segments to avoid double counting.

Assets Under Management (“AUA”)

AUA means advisory and brokerage investment assets included in the Company’s Wealth Management segment.

Segment net flows

Net change in segment customer account balances in a period including, but not limited to, gross premiums, surrenders, withdrawals and benefits. It excludes investment performance, interest credited to customer accounts and policy charges.

Consolidated Statements of Income (Loss) (Unaudited)


	Three Months Ended March 31,
	2026		2025
	(in millions)
REVENUES
Policy charges and fee income	$	429	$	636
Premiums	240		304
Net derivative gains (losses)	580		799
Net investment income (loss)	1,284		1,248
Investment gains (losses), net:
Credit and intent to sell losses on available-for-sale debt securities and loans	7		—
Other investment gains (losses), net	(36)		(14)
Total investment gains (losses), net	(29)		(14)
Investment management and service fees	1,327		1,285
Other income	399		318
Total revenues	4,230		4,576
BENEFITS AND OTHER DEDUCTIONS
Policyholders’ benefits	385		759
Remeasurement of liability for future policy benefits	9		(2)
Change in market risk benefits and purchased market risk benefits	325		672
Interest credited to policyholders’ account balances	770		678
Compensation and benefits	625		601
Commissions and distribution-related payments	556		501
Interest expense	62		55
Amortization of deferred policy acquisition costs	209		188
Other operating costs and expenses	402		950
Total benefits and other deductions	3,343		4,402
Income (loss) from continuing operations, before income taxes	887		174
Income tax (expense) benefit	(156)		(24)
Net income (loss)	731		150
Less: Net income (loss) attributable to the noncontrolling interest	110		87
Net income (loss) attributable to Holdings	621		63
Less: Preferred stock dividends	14		14
Net income (loss) available to Holdings’ common shareholders	$	607	$	49

Earnings Per Common Share


	Three Months Ended March 31,
	2026		2025
	(in millions)
Earnings per common share
Basic	$	2.16	$	0.16
Diluted	$	2.14	$	0.16
Weighted average shares
Weighted average common stock outstanding for basic earnings per common share	281.3		307.8
Weighted average common stock outstanding for diluted earnings per common share	283.8		311.9

Results of Operations by Segment


	Three Months Ended March 31,
	2026		2025
	(in millions)
Operating earnings (loss) by segment:
Retirement	$	396	$	380

Asset Management	140		126

Wealth Management	55		45

Corporate and Other	(119)		(130)
Non-GAAP Operating Earnings	$	472	$	421

Select Balance Sheet Statistics


	March 31, 2026		December 31, 2025
	(in millions)
ASSETS


Total investments and cash and cash equivalents	$	131,583	$	133,466
Separate Accounts assets	130,470		136,544
Total assets	$	310,382	$	317,990

LIABILITIES
Long-term debt	$	3,837	$	3,835
Future policy benefits and other policyholders' liabilities	17,441		17,660
Policyholders’ account balances	132,662		133,433
Total liabilities	$	308,132	$	316,202

EQUITY
Preferred stock	$	1,068	$	1,068
Accumulated other comprehensive income (loss)	(6,300)		(6,280)
Total equity attributable to Holdings	273		(74)
Total equity attributable to Holdings' common shareholders (ex. AOCI)	5,505		5,138

Assets Under Management (Unaudited)


	March 31, 2026		December 31, 2025

	(in billions)
Assets Under Management
AB AUM	$	838.6	$	866.9
Exclusion for General Account and other Affiliated Accounts	(88.8)		(87.3)
Exclusion for Separate Accounts	(48.8)		(51.0)
AB third party	$	701.0	$	728.6

Total Company AUM
AB third party	$	701.0	$	728.6
General Account and other Affiliated Accounts (1) (3) (4) (5)	131.6		133.5
Separate Accounts (2) (3) (4) (5)	130.5		136.5
Total AUM	$	963.1	$	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 March 31, 2026 and December 31, 2025, Separate Accounts AUM is inclusive of $7.6 billion and $8.2 billion & General Account AUM is inclusive of $27 million and $28 million, respectively, ceded to Venerable.

(4) As of March 31, 2026 and December 31, 2025, Separate Accounts AUM is inclusive of $6.8 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.

As of March 31, 2026 and December 31, 2025, Separate Accounts AUM is inclusive of $14.5 billion and $15.1 billion & General Account AUM is inclusive of $9.3 billion and $9.3 billion, respectively, ceded to RGA.


Table of Contents

	Consolidated Financials and Key Metrics		Page
		Key Metrics Summary	4
		Consolidated Statements of Income (Loss)	5
		Consolidated Balance Sheets	6
		Consolidated Capital Structure	7
		Operating Earnings (Loss) by Segment and Corporate and Other	8
		Assets Under Management and Administration	9


	Select Metrics from Business Segments
Retirement
		Statements of Operating Earnings (Loss) and Summary Metrics	11
		Select Operating Metrics	12
		Asset Value Rollforward	13



Asset Management (1)
		Statements of Operating Earnings (Loss) and Summary Metrics	14
		AB Select Adjusted Financials and Ratios	15
		Select Operating Metrics	16
		Net Flows	17



Wealth Management
		Statements of Operating Earnings (Loss) and Summary Metrics	18
		Select Operating Metrics	19
Corporate and Other
		Statements of Operating Earnings (Loss) and Summary Metrics	20
		Select Operating Metrics	21

	Investments
		Consolidated Investment Portfolio Composition	23
		Consolidated Results of General Account Investment Portfolio	24

	Additional Information
		Deferred Policy Acquisition Costs Rollforward	26
		Use of Non-GAAP Financial Measures	27
		Reconciliation of Non-GAAP Measures	29
		Glossary of Selected Financial and Product Terms	32
		Analyst Coverage, Ratings & Contact Information	34
		Notes:
		(1) Refers to AllianceBernstein L.P. and AllianceBernstein Holding L.P., collectively

All information included in this financial supplement is unaudited.

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


1Q 2026 Financial Supplement						2

Consolidated Financials

and Key Metrics


1Q 2026 Financial Supplement						3

Key Metrics Summary


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

Net income (loss)	$	150		$	(283)		$	(1,215)		$	311		$	731		387.3	%	$	150		$	731		387.3	%
Net income (loss) attributable to the noncontrolling interest	(87)			(66)			(94)			(96)			(110)			(26.4)	%	(87)			(110)			(26.4)	%
Net income (loss) attributable to Holdings	$	63		$	(349)		$	(1,309)		$	215		$	621		885.7	%	$	63		$	621		885.7	%

Non-GAAP Operating Earnings (1)	$	421		$	352		$	455		$	513		$	472		12.1	%	$	421		$	472		12.1	%

Total equity attributable to Holdings' shareholders	$	2,401		$	1,149		$	148		$	(74)		$	273		(88.6)	%	$	2,401		$	273		(88.6)	%
Less: Preferred Stock	1,507			1,228			1,068			1,068			1,068			(29.1)	%	1,507			1,068			(29.1)	%
Total equity attributable to Holdings' common shareholders	894			(79)			(920)			(1,142)			(795)			(188.9)	%	894			(795)			(188.9)	%
Less: Accumulated other comprehensive income (loss)	(7,567)			(7,432)			(6,191)			(6,280)			(6,300)			16.7	%	(7,567)			(6,300)			16.7	%
Total equity attributable to Holdings' common shareholders (ex. AOCI)	$	8,461		$	7,353		$	5,271		$	5,138		$	5,505		(34.9)	%	$	8,461		$	5,505		(34.9)	%

Return on Equity (ex. AOCI) (TTM)	13.7		%	4.9		%	(10.4)		%	(22.0)		%	(15.2)		%			13.7		%	(15.2)		%
Non-GAAP Operating ROE (TTM) (1)	21.9		%	21.1		%	22.4		%	25.6		%	29.8		%			21.9		%	29.8		%

Debt to capital:
Debt to Capital (ex. AOCI)	30.3		%	33.5		%	37.7		%	38.3		%	36.9		%			30.3		%	36.9		%
Adjusted debt to capital (ex. AOCI) (4)	28.6		%	31.6		%	35.3		%	35.9		%	34.5		%			28.6		%	34.5		%

Adjusted capital metrics:
Total equity adjustment for Holdings' portion of AB's market value (3)	$	4,003		$	4,982		$	4,443		$	4,448		$	4,260		6.4	%	$	4,003		$	4,260		6.4	%
Book value with AB at market value per common share (ex. AOCI)	$	40.69		$	40.89		$	33.59		$	33.84		$	34.70		(14.7)	%	$	40.69		$	34.70		(14.7)	%
Adjusted debt to capital with AB at market value (ex. AOCI) (4)	22.3		%	22.8		%	24.5		%	24.9		%	24.5		%			22.3		%	24.5		%

Per common share:
Diluted earnings per common share: (2)
Net income (loss) attributable to Holdings	$	0.16		$	(1.21)		$	(4.47)		$	0.70		$	2.14		N/M		$	0.16		$	2.14		N/M
Non-GAAP Operating Earnings (1)	$	1.30		$	1.10		$	1.48		$	1.73		$	1.62		24.6	%	$	1.30		$	1.62		24.6	%
Book value per common share	$	2.92		$	(0.26)		$	(3.18)		$	(4.03)		$	(2.83)		(196.9)	%	$	2.92		$	(2.83)		(196.9)	%
Book value per common share (ex. AOCI)	$	27.62		$	24.37		$	18.23		$	18.14		$	19.56		(29.2)	%	$	27.62		$	19.56		(29.2)	%

Weighted-average common shares outstanding:
Basic	307.8			303.2			296.2			285.5			281.3			(8.6)	%	307.8			281.3			(8.6)	%
Diluted	311.9			303.2			296.2			289.1			283.8			(9.0)	%	311.9			283.8			(9.0)	%

Ending common shares outstanding	306.3			301.7			289.2			283.3			281.4			(8.1)	%	306.3			281.4			(8.1)	%

Return to common shareholders:

Common stock dividend	$	74		$	82		$	81		$	77		$	76				$	74		$	76
Repurchase of common shares	261			236			676			277			147					261			147
Total capital returned to common shareholders	$	335		$	318		$	757		$	354		$	223				$	335		$	223





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 March 31, 2026, December 31, 2025, September 30, 2025, June 30, 2025 and March 31, 2025, AB's total units, including General Partnership units ABLP units, were $297.6 million, $296.5 million, 295.2 million, 295.0 million and 295.2 million, respectively. This is a pro-forma calculation, not the figures recorded in our financial statements.
(4) Adjusted to reflect 50% equity credit for $500 million of Junior Subordinated debt issued during Q1’25.


1Q 2026 Financial Supplement						4

Consolidated Statements of Income (Loss)


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

Revenues
Policy charges and fee income	$	636	$	626	$	471	$	435	$	429	(32.5)	%	$	636	$	429	(32.5)	%
Premiums	304		260		258		224		240		(21.1)	%	304		240		(21.1)	%
Net derivative gains (losses)	799		(1,374)		(1,117)		(363)		580		(27.4)	%	799		580		(27.4)	%
Net investment income (loss)	1,248		1,355		1,343		1,288		1,284		2.9	%	1,248		1,284		2.9	%
Investment gains (losses), net	(14)		(71)		(1,170)		(84)		(29)		(107.1)	%	(14)		(29)		(107.1)	%
Investment management and service fees	1,285		1,272		1,316		1,390		1,327		3.3	%	1,285		1,327		3.3	%
Other income	318		294		349		387		399		25.5	%	318		399		25.5	%
Total revenues	4,576		2,362		1,450		3,277		4,230		(7.6)	%	4,576		4,230		(7.6)	%

Benefits and other deductions
Policyholders’ benefits	759		787		452		397		385		(49.3)	%	759		385		(49.3)	%
Remeasurement of liability for future policy benefits	(2)		(13)		59		(6)		9		550.0	%	(2)		9		550.0	%
Change in market risk benefits and purchased market risk benefits	672		(606)		(353)		(130)		325		(51.6)	%	672		325		(51.6)	%
Interest credited to policyholders’ account balances	678		796		798		744		770		13.6	%	678		770		13.6	%
Compensation and benefits	601		592		601		640		625		4.0	%	601		625		4.0	%
Commissions and distribution-related payments	501		488		537		567		556		11.0	%	501		556		11.0	%
Interest expense	55		61		61		47		62		12.7	%	55		62		12.7	%
Amortization of deferred policy acquisition costs	188		193		203		205		209		11.2	%	188		209		11.2	%
Other operating costs and expenses	950		427		440		469		402		(57.7)	%	950		402		(57.7)	%
Total benefits and other deductions	4,402		2,725		2,798		2,933		3,343		(24.1)	%	4,402		3,343		(24.1)	%

Income (loss) from operations, before income taxes	174		(363)		(1,348)		344		887		409.8	%	174		887		409.8	%
Income tax (expense) benefit	(24)		80		133		(33)		(156)		(550.0)	%	(24)		(156)		(550.0)	%
Net income (loss)	150		(283)		(1,215)		311		731		387.3	%	150		731		387.3	%
Less: net (income) loss attributable to the noncontrolling interest	(87)		(66)		(94)		(96)		(110)		(26.4)	%	(87)		(110)		(26.4)	%
Net income (loss) attributable to Holdings	$	63	$	(349)	$	(1,309)	$	215	$	621	885.7	%	$	63	$	621	885.7	%
Less: Preferred stock dividends	(14)		(18)		(16)		(13)		(14)		—	%	(14)		(14)		—	%
Net income (loss) available to Holdings' common shareholders	$	49	$	(367)	$	(1,325)	$	202	$	607	N/M		$	49	$	607	N/M

Adjustments related to:
Variable annuity product features (1)	$	211	$	934	$	978	$	258	$	(386)			$	211	$	(386)
Investment (gains) losses, net (2)	14		71		1,170		84		29				14		29

Net actuarial (gains) losses related to pension and other postretirement benefit obligations	11		11		19		9		14				11		14
Other adjustments (3) (4) (5)	205		(137)		(164)		21		148				205		148
Income tax expense (benefit) related to above adjustments	(92)		(185)		(437)		(62)		41				(92)		41
Non-recurring tax items	9		7		198		(12)		5				9		5
Non-GAAP Operating earnings (6)	$	421	$	352	$	455	$	513	$	472			$	421	$	472

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 for the three months ended March 31, 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 loss of $165 million for the three months ended March 31, 2025, a gain of $198 million for the three 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 and a loss of $146 million for the three months ended March 31, 2026. Also, for the three months ended June 30, 2025, September 30, 2025, and December 31, 2025, includes $14 million, $(8) million and $6 million, respectively, of expense related to a disputed billing practice of an AB third-party service provider.
(4) For the three months ended March 31, 2025, includes $82 million of the gain on sale on AB's Bernstein Research Service attributable to Holdings.
(5) For the three months ended March 31, 2025, includes $78 million contingent payment gain recognized related to a fair value remeasurement of the contingent payment liability associated with AB's acquisition of CarVal in 2022.


(6) This measure is a Non-GAAP financial measure. For an explanation of our use of Non-GAAP financial measures, refer to the “Use of Non-GAAP Financial Measures” and "Glossary of Selected Financial and Product Terms" sections of this document. For a reconciliation of this item to the most directly comparable GAAP measure, refer to the “Non-GAAP Reconciliation” section in this document.


1Q 2026 Financial Supplement						5

Consolidated Balance Sheets


	Balances as of
(in millions USD, unless otherwise indicated)	3/31/2025		6/30/2025		9/30/2025		12/31/2025 (1)		3/31/2026

Assets
Total investments	$	118,908	$	121,798	$	116,505	$	121,004	$	121,679
Cash and cash equivalents	8,164		14,957		13,604		12,462		9,904
Cash and securities segregated, at fair value	772		483		425		499		351
Broker-dealer related receivables	1,931		1,933		1,996		2,162		2,183
Deferred policy acquisition costs	7,262		7,361		7,430		7,523		7,584
Goodwill and other intangible assets, net	5,356		5,342		5,327		5,309		5,350
Amounts due from reinsurers	7,523		7,501		20,025		20,127		20,373


Current and deferred income taxes	1,687		1,749		2,337		2,577		2,611
Purchased market risk benefits	5,976		5,543		5,415		5,260		5,266
Other assets	4,574		3,962		3,678		3,771		3,936

Assets for market risk benefits	644		776		762		752		675
Separate Accounts assets	124,569		131,683		136,905		136,544		130,470
Total assets	$	287,366	$	303,088	$	314,409	$	317,990	$	310,382

Liabilities
Policyholders’ account balances	$	112,793	$	123,359	$	129,561	$	133,433	$	132,662
Liability for market risk benefits	10,864		10,187		10,301		10,153		9,825
Future policy benefits and other policyholders’ liabilities	17,372		17,557		17,611		17,660		17,441
Broker-dealer related payables	642		1,454		1,367		1,370		665

Customers related payables	2,135		1,885		1,740		1,937		1,988
Amounts due to reinsurers	1,357		1,350		1,451		1,542		1,306
Short-term debt	—		—		—		25		—
Long-term debt	4,330		4,332		3,833		3,835		3,837



Notes issued by consolidated variable interest entities, at fair value using the fair value option	2,110		2,471		2,530		2,702		3,090
Other liabilities	6,700		5,847		7,162		7,001		6,848

Separate Accounts liabilities	124,569		131,683		136,905		136,544		130,470
Total liabilities	282,872		300,125		312,461		316,202		308,132
Redeemable noncontrolling interest	289		358		344		322		390

Equity
Preferred stock	1,507		1,228		1,068		1,068		1,068
Common stock	5		5		5		5		5
Additional paid-in capital	2,305		1,901		1,917		1,932		1,915
Treasury shares	(4,296)		(4,423)		(5,011)		(5,165)		(5,190)
Retained earnings	10,447		9,870		8,360		8,366		8,775
Accumulated other comprehensive income (loss)	(7,567)		(7,432)		(6,191)		(6,280)		(6,300)
Total equity attributable to Holdings	2,401		1,149		148		(74)		273
Noncontrolling interest	1,804		1,456		1,456		1,540		1,587
Total equity	4,205		2,605		1,604		1,466		1,860
Total liabilities, redeemable noncontrolling interest and equity	$	287,366	$	303,088	$	314,409	$	317,990	$	310,382

Notes:
(1) Balances have been revised from previously filed Financial Supplement to reflect final published results.


1Q 2026 Financial Supplement						6

Consolidated Capital Structure


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

Short-term and long-term debt:







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

Total long-term debt	4,330			4,332			3,833			3,835			3,837

Total short-term and long-term debt: [A]	$	4,330		$	4,332		$	3,833		$	3,860		$	3,837

Equity:
Preferred stock	$	1,507		$	1,228		$	1,068		$	1,068		$	1,068
Common stock	5			5			5			5			5
Additional paid-in capital	2,305			1,901			1,917			1,932			1,915
Treasury stock, at cost	(4,296)			(4,423)			(5,011)			(5,165)			(5,190)
Retained earnings	10,447			9,870			8,360			8,366			8,775
Accumulated other comprehensive income (loss)	(7,567)			(7,432)			(6,191)			(6,280)			(6,300)
Total equity attributable to Holdings	2,401			1,149			148			(74)			273
Noncontrolling interest	1,804			1,456			1,456			1,540			1,587
Total equity	$	4,205		$	2,605		$	1,604		$	1,466		$	1,860

Total equity attributable to Holdings, (ex. AOCI): [B]	$	9,968		$	8,581		$	6,339		$	6,206		$	6,573

Capital:
Total capitalization	$	6,731		$	5,481		$	3,981		$	3,786		$	4,110
Total capitalization (ex. AOCI): [A+B] (2)	$	14,298		$	12,913		$	10,172		$	10,066		$	10,410

Debt to capital:
Debt to capital (ex. AOCI) (1)	30.3		%	33.5		%	37.7		%	38.3		%	36.9		%
Adjusted debt to capital (ex. AOCI) (2)	28.6		%	31.6		%	35.3		%	35.9		%	34.5		%
Adjusted debt to capital with AB at market value (ex. AOCI) (2)	22.3		%	22.8		%	24.5		%	24.9		%	24.5		%

	For the Three Months Ended
	3/31/2025			6/30/2025			9/30/2025			12/31/2025			3/31/2026
Roll-forward of common shares outstanding (millions of shares):
Beginning balance	309.9			306.3			301.7			289.2			283.3
Repurchases	(2.3)			(2.4)			(10.9)			(3.3)			(1.0)
Retirements	(2.7)			(2.4)			(1.8)			(2.6)			(2.1)
Issuances	1.4			0.2			0.2			—			1.3
Ending basic common shares outstanding	306.3			301.7			289.2			283.3			281.4
Total potentially dilutive shares	4.1			3.0			3.6			3.6			—
Ending common shares outstanding - maximum potential dilution	310.4			304.7			292.8			286.9			281.4
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


1Q 2026 Financial Supplement						7


Operating Earnings (Loss) by Segment and Corporate and Other

	For the Three Months Ended March 31, 2026
(in millions USD, unless otherwise indicated)	Retirement		Asset Management		Wealth Management		Corporate and Other		Eliminations		Consolidated
Revenues
Policy charges, fee income and premiums	$	307	$	—	$	—	$	362	$	—	$	669
Net investment income (loss)	1,193		(6)		3		39		32		1,261
Net derivative gains (losses)	(6)		4		—		2		6		6
Investment management, service fees and other income	185		1,116		538		122		(284)		1,677
Segment revenues	1,679		1,114		541		525		(246)		3,613
Benefits and other deductions
Policyholders’ benefits	70		—		—		315		—		385
Remeasurement of liability for future policy benefits	(1)		—		—		10		—		9

Interest credited to policyholders’ account balances	737		—		—		51		—		788
Commissions and distribution-related payments	171		197		348		78		(238)		556
Amortization of deferred policy acquisition costs	160		—		—		49		—		209
Compensation and benefits, interest expense, financing fees and other operating costs and expense	92		639		121		154		(8)		998

Segment benefits and other deductions	1,229		836		469		657		(246)		2,945
Operating earnings (loss), before income taxes	450		278		72		(132)		—		668
Income Taxes	(54)		(49)		(17)		15		—		(105)
Operating earnings (loss), before noncontrolling interest	396		229		55		(117)		—		563
Less: Operating (earnings) loss attributable to the noncontrolling interest	—		(89)		—		(2)		—		(91)
Operating earnings (loss)	$	396	$	140	$	55	$	(119)	$	—	$	472

	For the Three Months Ended March 31, 2025
	Retirement		Asset Management		Wealth Management		Corporate and Other		Eliminations		Consolidated
Revenues
Policy charges, fee income and premiums	$	306	$	—	$	—	$	634	$	—	$	940
Net investment income (loss)	987		3		3		227		25		1,245
Net derivative gains (losses)	(5)		(13)		—		9		5		(4)
Investment Management, service fees and other income	167		1,098		459		139		(260)		1,603
Segment revenues	1,455		1,088		462		1,009		(230)		3,784
Benefits and other deductions
Policyholders’ benefits	92		—		—		667		—		759
Remeasurement of liability for future policy benefits	(1)		—		—		(1)		—		(2)

Interest credited to policyholders’ account balances	530		—		—		133		—		663
Commissions and distribution-related payments	142		201		293		83		(218)		501
Amortization of deferred policy acquisition costs	139		—		—		49		—		188
Compensation and benefits, interest expense, financing fees and other operating costs and expense	104		614		109		228		(12)		1,043

Segment benefits and other deductions	1,006		815		402		1,159		(230)		3,152
Operating earnings (loss), before income taxes	449		273		60		(150)		—		632
Income Taxes	(69)		(41)		(15)		23		—		(102)
Operating earnings (loss), before noncontrolling interest	380		232		45		(127)		—		530
Less: Operating (earnings) loss attributable to the noncontrolling interest	—		(106)		—		(3)		—		(109)
Operating earnings (loss)	$	380	$	126	$	45	$	(130)	$	—	$	421


1Q 2026 Financial Supplement						8


Assets Under Management and Administration


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



AB AUM
Total AB	$	784.5		$	829.1		$	860.1		$	866.9		$	838.6
Exclusion for General Account and other Affiliated Accounts	(87.4)			(90.0)			(85.3)			(87.3)			(88.8)
Exclusion for Separate Accounts	(44.7)			(47.8)			(50.4)			(51.0)			(48.8)
AB third party	$	652.4		$	691.3		$	724.4		$	728.6		$	701.0

Total Company AUM
AB third party	$	652.4		$	691.3		$	724.4		$	728.6		$	701.0
General Account and other Affiliated Accounts (1) (3) (4) (6)	127.1			136.8			130.1			133.5			131.6
Separate Accounts (2) (3) (4) (6)	124.6			131.7			136.9			136.5			130.5
Total AUM	$	904.0		$	959.7		$	991.4		$	998.6		$	963.1

Total AUA (5)	$	102.1		$	110.3		$	118.2		$	122.0		$	131.0
Total AUM/A	$	1,006.1		$	1,070.0		$	1,109.6		$	1,120.6		$	1,094.1

Market Values:
S&P 500	5,612			6,205			6,688			6,846			6,529
US 10-Year Treasury	4.2		%	4.2		%	4.2		%	4.2		%	4.3		%



Notes:


(1) “General Account and other Affiliated Accounts” refers to assets held in the general accounts of our insurance companies and other assets on which we bear the investment risk.
(2) “Separate Accounts” refers to the separate account investment assets of our insurance subsidiaries excluding any assets on which we bear the investment risk.
(3) As of March 31, 2026, December 31, 2025, September 30, 2025, June 30, 2025 and March 31, 2025, Separate Accounts AUM is inclusive of $7.6 billion, $8.2 billion, $8.4 billion, $8.2 billion and $7.9 billion & General Account AUM is inclusive of $27 million, $28 million, $30 million, $31 million and $31 million, respectively, ceded to Venerable.
(4) As of March 31, 2026, December 31, 2025, September 30, 2025, June 30, 2025 and March 31, 2025, Separate Accounts AUM is inclusive of $6.8 billion, $7.2 billion, $7.2 billion, $7.0 billion and $6.5 billion & General Account AUM is inclusive of $2.9 billion, $3.0 billion, $3.1 billion, $3.1 billion and $3.2 billion, respectively, ceded to Global Atlantic.
(5) Includes Advisory, Brokerage and Direct assets included in our Wealth Management segment.
(6) As of March 31, 2026, December 31, 2025 and September 30, 2025, Separate Accounts AUM is inclusive of $14.5 billion, $15.1 billion and $15.0 billion & General Account AUM is inclusive of $9.3 billion, $9.3 billion and $9.3 billion, respectively, ceded to RGA.


1Q 2026 Financial Supplement						9

Business Segments:

Operating Earnings Results and Metrics


1Q 2026 Financial Supplement						10

Retirement - Operating Earnings (Loss) and Summary Metrics


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

Revenues
Policy charges, fee income and premiums	$	306		$	287		$	296		$	328		$	307		0.3	%	$	306		$	307		0.3	%
Net investment income (loss)	987			1,048			1,116			1,161			1,193			20.9	%	987			1,193			20.9	%
Net derivative gains (losses)	(5)			(5)			(2)			(9)			(6)			(20.0)	%	(5)			(6)			(20.0)	%
Investment management, service fees and other income	167			161			182			186			185			10.8	%	167			185			10.8	%
Segment revenues	1,455			1,491			1,592			1,666			1,679			15.4	%	1,455			1,679			15.4	%

Benefits and other deductions
Policyholders’ benefits	92			76			73			84			70			(23.9)	%	92			70			(23.9)	%
Remeasurement of liability for future policy benefits	(1)			—			(1)			—			(1)			—	%	(1)			(1)			—	%

Interest credited to policyholders’ account balances	530			632			685			713			737			39.1	%	530			737			39.1	%
Commissions and distribution-related payments	142			145			153			178			171			20.4	%	142			171			20.4	%
Amortization of deferred policy acquisition costs	139			143			153			156			160			15.1	%	139			160			15.1	%
Compensation and benefits, interest expense, financing fees and other operating costs and expense	104			71			86			95			92			(11.5)	%	104			92			(11.5)	%

Segment benefits and other deductions	1,006			1,067			1,149			1,226			1,229			22.2	%	1,006			1,229			22.2	%

Operating earnings (loss), before income taxes	449			424			443			440			450			0.2	%	449			450			0.2	%
Income taxes	(69)			(70)			(38)			(30)			(54)			21.7	%	(69)			(54)			21.7	%
Operating earnings (loss), before noncontrolling interest	380			354			405			410			396			4.2	%	380			396			4.2	%
Less: Operating (earnings) loss attributable to the noncontrolling interest	—			—			—			—			—			—	%	—			—			—	%
Operating earnings (loss)	$	380		$	354		$	405		$	410		$	396		4.2	%	$	380		$	396		4.2	%

Summary Metrics

Operating earnings (loss) (TTM)	$	1,598		$	1,537		$	1,524		$	1,549		$	1,565		(2.1)	%	$	1,598		$	1,565		(2.1)	%

Average asset value (TTM)	$	149,051		$	153,648		$	158,988		$	163,857		$	168,549		13.1	%	$	149,051		$	168,549		13.1	%

Return on assets (TTM)	1.25		%	1.17		%	1.11		%	1.07		%	1.04		%			1.25		%	1.04		%

Net flows	$	1,624		$	1,919		$	1,120		$	1,260		$	1,288		(20.7)	%	$	1,624		$	1,288		(20.7)	%

Additional Detail

Net investment income (loss):
Investment income, excluding alternatives	$	957		$	1,028		$	1,093		$	1,128		$	1,174		22.7	%	$	957		$	1,174		22.7	%
Alternative investment income	30			20			23			33			19			(36.7)	%	30			19			(36.7)	%
Total Net investment income (loss)	$	987		$	1,048		$	1,116		$	1,161		$	1,193		20.9	%	$	987		$	1,193		20.9	%

Net interest margin	$	452		$	411		$	429		$	439		$	450		(0.4)	%	$	452		$	450		(0.4)	%


1Q 2026 Financial Supplement						11


Retirement - Select Operating Metrics

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

Sales Metrics
First Year Premiums and Deposits:
Registered indexed-linked annuities (RILA)	$	3,534	$	3,772	$	3,870	$	4,190	$	4,024	$	3,534	$	4,024

Traditional variable annuities	1,000		984		962		994		1,087		1,000		1,087
Tax-exempt (1)	349		297		387		574		511		349		511
Corporate	78		70		64		70		94		78		94
Institutional	424		325		87		87		204		424		204
Other (1)	31		64		88		60		52		31		52
Total First Year Premiums and Deposits	$	5,416	$	5,512	$	5,458	$	5,975	$	5,972	$	5,416	$	5,972

Renewal Premiums and Deposits:
Tax-exempt (1)	$	486	$	512	$	396	$	517	$	493	$	486	$	493
Corporate	103		91		95		91		99		103		99

Other (1)	91		88		91		98		84		91		84
Total Renewal Premiums and Deposits	$	680	$	691	$	582	$	706	$	676	$	680	$	676

Total Premiums and Deposits	$	6,096	$	6,203	$	6,040	$	6,681	$	6,648	$	6,096	$	6,648

Net Amount at Risk (NAR)
Total GMIB NAR	$	45	$	52	$	60	$	71	$	84	$	45	$	84
Total GMWB NAR	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Total GMDB NAR	$	3,277	$	3,058	$	2,907	$	2,957	$	3,262	$	3,277	$	3,262
MRB Reserves (Net of Reinsurance)	$	711	$	596	$	706	$	767	$	814	$	711	$	814
Notes:
(1) Net of reinsurance


1Q 2026 Financial Supplement						12


Retirement - Asset Value Rollforward

	For the Three Months Ended or As of										For the Three Months Ended
(in millions USD, unless otherwise indicated)	3/31/2025		6/30/2025		9/30/2025		12/31/2025		3/31/2026		3/31/2025		3/31/2026
General Account:
Account value balance, beginning of period	$	78,361	$	79,820	$	87,413	$	93,825	$	97,628	$	78,361	$	97,628
Premiums and deposits (1)	4,529		4,288		4,219		4,718		4,064		4,529		4,064
Surrenders, withdrawals and benefits	(1,840)		(1,891)		(2,186)		(2,429)		(2,354)		(1,840)		(2,354)
Net flows	2,689		2,397		2,033		2,289		1,710		2,689		1,710
Net flows ceded for third-party flow reinsurance	—		—		—		(181)		(395)		—		(395)
Change in market value, reinvestment	1,706		584		658		609		239		1,706		239
Change in fair value of embedded derivative instruments	(2,936)		4,612		3,721		1,086		(2,429)		(2,936)		(2,429)

Account value balance, end of period	79,820		87,413		93,825		97,628		96,753		79,820		96,753
Embedded derivative value, end of period	13,816		18,097		21,215		21,553		18,269		13,816		18,269
Account value balance, end of period (net of embedded derivatives)	66,004		69,316		72,610		76,075		78,484		66,004		78,484
Total spread lending balances, end of period	13,943		16,315		16,755		17,534		17,064		13,943		17,064
Reserves, end of period (excluding MRBs)	4,842		4,995		5,177		5,300		5,284		4,842		5,284
Balance, end of period, General Account asset value	$	84,789	$	90,626	$	94,542	$	98,909	$	100,832	$	84,789	$	100,832

Separate Accounts:
Account value balance, beginning of period	$	72,837	$	69,788	$	74,029	$	77,131	$	77,257	$	72,837	$	77,257
Premiums and deposits (1)	1,524		1,876		1,779		1,922		2,555		1,524		2,555
Surrenders, withdrawals and benefits	(2,589)		(2,354)		(2,692)		(2,951)		(2,977)		(2,589)		(2,977)
Net flows	(1,065)		(478)		(913)		(1,029)		(422)		(1,065)		(422)
Change in market value, reinvestment and other	(1,984)		4,719		4,015		1,155		(1,991)		(1,984)		(1,991)


Balance, end of period, Separate Accounts asset value	$	69,788	$	74,029	$	77,131	$	77,257	$	74,844	$	69,788	$	74,844

Total:
Account value balance, beginning of period	$	151,198	$	149,608	$	161,442	$	170,956	$	174,885	$	151,198	$	174,885
Premiums and deposits (1)	6,053		6,164		5,998		6,640		6,619		6,053		6,619
Surrenders, withdrawals and benefits	(4,429)		(4,245)		(4,878)		(5,380)		(5,331)		(4,429)		(5,331)
Net flows	1,624		1,919		1,120		1,260		1,288		1,624		1,288
Net flows ceded for third-party flow reinsurance	—		—		—		(181)		(395)		—		(395)
Change in market value, reinvestment	(278)		5,303		4,673		1,764		(1,752)		(278)		(1,752)
Change in fair value of embedded derivative instruments	(2,936)		4,612		3,721		1,086		(2,429)		(2,936)		(2,429)

Account value balance, end of period	149,608		161,442		170,956		174,885		171,597		149,608		171,597
Embedded derivative value, end of period	13,816		18,097		21,215		21,553		18,269		13,816		18,269
Account value balance, end of period (net of embedded derivatives)	135,792		143,345		149,741		153,332		153,328		135,792		153,328
Total spread lending balances, end of period	13,943		16,315		16,755		17,534		17,064		13,943		17,064
Reserves, end of period (excluding MRBs)	4,842		4,995		5,177		5,300		5,284		4,842		5,284
Balance, end of period, total asset value	$	154,577	$	164,655	$	171,673	$	176,166	$	175,676	$	154,577	$	175,676
Notes:
(1) Excludes deposits from certain other products reported as first year premiums and deposits or renewal premiums and deposits elsewhere in this document.


1Q 2026 Financial Supplement						13

Asset Management - Operating Earnings (Loss) and Summary Metrics


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

Revenues
Net investment income (loss)	$	3		$	22		$	14		$	9		$	(6)		(300.0)	%	$	3		$	(6)		(300.0)	%
Net derivative gains (losses)	(13)			(11)			(4)			(1)			4			130.8	%	(13)			4			130.8	%
Investment management, service fees and other income	1,098			1,083			1,134			1,217			1,116			1.6	%	1,098			1,116			1.6	%
Segment revenues	1,088			1,094			1,144			1,225			1,114			2.4	%	1,088			1,114			2.4	%

Benefits and other deductions
Commissions and distribution-related payments	201			197			209			206			197			(2.0)	%	201			197			(2.0)	%
Compensation and benefits, interest expense, financing fees and other operating costs and expense	614			634			642			695			639			4.1	%	614			639			4.1	%

Segment benefits and other deductions	815			831			851			901			836			2.6	%	815			836			2.6	%

Operating earnings (loss), before income taxes	273			263			293			324			278			1.8	%	273			278			1.8	%
Income taxes	(41)			(48)			(46)			(61)			(49)			(19.5)	%	(41)			(49)			(19.5)	%
Operating earnings (loss), before noncontrolling interest	232			215			247			263			229			(1.3)	%	232			229			(1.3)	%
Less: Operating (earnings) loss attributable to the noncontrolling interest	(106)			(84)			(93)			(103)			(89)			16.0	%	(106)			(89)			16.0	%
Operating earnings (loss)	$	126		$	131		$	154		$	160		$	140		11.1	%	$	126		$	140		11.1	%

Summary Metrics

Adjusted operating margin (1)	33.7		%	32.3		%	34.2		%	34.5		%	33.4		%			33.7		%	33.4		%

Net flows (in billions USD)	$	2.4		$	(6.7)		$	(2.3)		$	(4.7)		$	(7.1)				$	2.4		$	(7.1)

Total AUM (in billions USD)	$	784.5		$	829.1		$	860.1		$	866.9		$	838.6				$	784.5		$	838.6

Ownership Structure of AB

Holdings and its subsidiaries	61.8		%	61.9		%	68.5		%	68.2		%	68.0		%			61.8		%	68.0		%
AB Holding	37.5		%	37.5		%	30.8		%	31.1		%	31.4		%			37.5		%	31.4		%
Unaffiliated holders	0.7		%	0.6		%	0.7		%	0.7		%	0.6		%			0.7		%	0.6		%
Total	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%			100.0		%	100.0		%

EQH economic interest	61.9		%	68.6		%	68.5		%	68.3		%	68.0		%			61.9		%	68.0		%
EQH average economic interest	61.9		%	68.6		%	68.6		%	68.5		%	68.1		%			61.9		%	68.1		%

Units of limited partnership outstanding (in millions)	292.3			292.1			292.2			293.5			294.6					292.3			294.6

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


1Q 2026 Financial Supplement						14

Asset Management - AB Select Adjusted Financials and Ratios


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

AB revenues
Base fees	$	782		$	772		$	821		$	840		$	819		4.7	%	$	782		$	819		4.7	%
Performance fees
Private markets (1)	20			22			19			46			5			(75.0)	%	20			5			(75.0)	%
Public markets	19			8			1			37			18			(5.3)	%	19			18			(5.3)	%

Investment gains (losses)	(11)			8			8			—			(5)			54.5	%	(11)			(5)			54.5	%
Dividend & interest revenue	32			31			32			31			27			(15.6)	%	32			27			(15.6)	%
Other revenues	14			19			19			18			20			42.9	%	14			20			42.9	%
Total AB revenues	856			860			900			972			884			3.3	%	856			884			3.3	%
Less: broker-dealer related interest expense	18			16			15			14			13			(27.8)	%	18			13			(27.8)	%
AB adjusted net revenues	838			844			885			958			871			3.9	%	838			871			3.9	%

AB expenses
Compensation and fringes	406			409			429			458			422			3.9	%	406			422			3.9	%
Other employment costs	8			10			10			8			10			25.0	%	8			10			25.0	%
Total AB compensation and benefits	414			419			439			466			432			4.3	%	414			432			4.3	%
Promotion and servicing	30			34			30			40			31			3.3	%	30			31			3.3	%
General and administrative	111			118			113			123			117			5.4	%	111			117			5.4	%
Total AB adjusted operating expenses	555			571			582			629			580			4.5	%	555			580			4.5	%

AB adjusted operating income, before income taxes	283			273			303			329			291			2.8	%	283			291			2.8	%
Interest on borrowings	7			9			7			5			7			—	%	7			7			—	%
Other (2)	3			1			3			—			6			100.0	%	3			6			100.0	%
Operating earnings (loss), before income taxes	273			263			293			324			278			1.8	%	273			278			1.8	%
Income taxes	(41)			(48)			(46)			(61)			(49)			(19.5)	%	(41)			(49)			(19.5)	%
Operating earnings (loss), before noncontrolling interest	232			215			247			263			229			(1.3)	%	232			229			(1.3)	%
Less: Operating (earnings) loss attributable to the noncontrolling interest	(106)			(84)			(93)			(103)			(89)			16.0	%	(106)			(89)			16.0	%
Operating earnings (loss)	$	126		$	131		$	154		$	160		$	140		11.1	%	$	126		$	140		11.1	%

Adjusted operating margin (3)	33.7		%	32.3		%	34.2		%	34.5		%	33.4		%			33.7		%	33.4		%
Compensation ratio	48.4		%	48.5		%	48.5		%	47.8		%	48.5		%			48.4		%	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) Includes amortization expense of intangible assets associated with EQH purchase of AB and equity income/loss associated with certain AB equity method investments.
(3) 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.


1Q 2026 Financial Supplement						15

Asset Management - Select Operating Metrics


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

AUM Roll-forward
Balance as of beginning of period	$	792.2	$	784.5	$	829.1	$	860.1	$	866.9
Sales/new accounts	36.1		27.9		42.4		33.7		35.6
Redemptions/terminations	(29.7)		(30.7)		(27.8)		(32.6)		(35.8)
Cash flow/unreinvested dividends	(4.0)		(3.9)		(16.9)		(5.8)		(6.9)
Net long-term (outflows) inflows	2.4		(6.7)		(2.3)		(4.7)		(7.1)


Market appreciation (depreciation)	(10.1)		51.3		33.3		11.5		(21.2)
Net change	(7.7)		44.6		31.0		6.8		(28.3)
Balance as of end of period	$	784.5	$	829.1	$	860.1	$	866.9	$	838.6

Ending Assets by distribution channel
Institutions	$	324.1	$	340.0	$	351.4	$	354.2	$	347.7
Retail	324.1		344.7		356.2		356.4		335.5
Private Wealth	136.3		144.4		152.5		156.3		155.4
Total	$	784.5	$	829.1	$	860.1	$	866.9	$	838.6

Ending Assets by investment service
Equity
Actively Managed	$	249.0	$	273.4	$	281.3	$	278.0	$	252.5
Passively Managed (1)	65.8		70.8		77.3		78.3		74.7
Total Equity	$	314.8	$	344.2	$	358.6	$	356.3	$	327.2
Fixed Income
Actively Managed	$	290.0	$	294.0	$	300.1	$	303.9	$	303.6
Passively Managed (1)	10.1		10.2		10.1		9.7		9.4
Total Fixed Income	300.1		304.2		310.2		313.6		313.0
Total Alternatives/Multi-Asset Solutions (2)	169.6		180.7		191.3		197.0		198.4
Total	$	784.5	$	829.1	$	860.1	$	866.9	$	838.6

Notes:


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


1Q 2026 Financial Supplement						16


Asset Management - Net Flows

	For the Three Months Ended										For the Three Months Ended
(in billions USD, unless otherwise indicated)	3/31/2025		6/30/2025		9/30/2025		12/31/2025		3/31/2026		3/31/2025		3/31/2026
Net Flows by Distribution Channel
Institutions
US	$	2.7	$	2.8	$	(2.1)	$	2.3	$	0.3	$	2.7	$	0.3
Global and Non-US	(2.0)		(4.3)		0.3		(4.3)		(2.2)		(2.0)		(2.2)
Total Institutions	$	0.7	$	(1.5)	$	(1.8)	$	(2.0)	$	(1.9)	$	0.7	$	(1.9)
Retail
US	$	3.0	$	(1.6)	$	(2.3)	$	(1.6)	$	(1.9)	$	3.0	$	(1.9)
Global and Non-US	(2.1)		(3.2)		0.6		(1.9)		(3.9)		(2.1)		(3.9)
Total Retail	$	0.9	$	(4.8)	$	(1.7)	$	(3.5)	$	(5.8)	$	0.9	$	(5.8)
Private Wealth
US	$	1.6	$	0.1	$	1.3	$	0.5	$	0.9	$	1.6	$	0.9
Global and Non-US	(0.8)		(0.5)		(0.1)		0.3		(0.3)		(0.8)		(0.3)
Total Private Wealth	$	0.8	$	(0.4)	$	1.2	$	0.8	$	0.6	$	0.8	$	0.6
Total Net Flows by Distribution Channel	$	2.4	$	(6.7)	$	(2.3)	$	(4.7)	$	(7.1)	$	2.4	$	(7.1)
Net Flows by Investment Service
Equity Active
US	$	(0.3)	$	(3.3)	$	(6.3)	$	(5.1)	$	(5.5)	$	(0.3)	$	(5.5)
Global and Non-US	(2.2)		(2.7)		(0.1)		(2.5)		(5.4)		(2.2)		(5.4)
Total Equity Active	$	(2.5)	$	(6.0)	$	(6.4)	$	(7.6)	$	(10.9)	$	(2.5)	$	(10.9)
Equity Passive (1)
US	$	(0.1)	$	—	$	(1.1)	$	(1.0)	$	(0.6)	$	(0.1)	$	(0.6)
Global and Non-US	0.3		(1.9)		2.3		—		(0.3)		0.3		(0.3)
Total Equity Passive (1)	$	0.2	$	(1.9)	$	1.2	$	(1.0)	$	(0.9)	$	0.2	$	(0.9)
Fixed Income - Taxable
US	$	2.2	$	2.0	$	(2.7)	$	1.4	$	2.3	$	2.2	$	2.3
Global and Non-US	(3.6)		(3.5)		(1.5)		(3.4)		(4.0)		(3.6)		(4.0)
Total Fixed Income - Taxable	$	(1.4)	$	(1.5)	$	(4.2)	$	(2.0)	$	(1.7)	$	(1.4)	$	(1.7)
Fixed Income - Tax-Exempt
US	$	2.4	$	1.2	$	4.1	$	3.9	$	3.3	$	2.4	$	3.3
Global and Non-US	—		—		—		—		—		—		—
Total Fixed Income - Tax-Exempt	$	2.4	$	1.2	$	4.1	$	3.9	$	3.3	$	2.4	$	3.3
Fixed Income - Passive (1)
US	$	(0.4)	$	(0.1)	$	(0.1)	$	0.1	$	(0.2)	$	(0.4)	$	(0.2)
Global and Non-US	(0.1)		—		(0.1)		(0.5)		(0.1)		(0.1)		(0.1)
Total Fixed Income - Passive (1)	$	(0.5)	$	(0.1)	$	(0.2)	$	(0.4)	$	(0.3)	$	(0.5)	$	(0.3)
Alternatives/Multi-Asset Solutions (2)
US	$	3.5	$	1.5	$	3.0	$	1.9	$	—	$	3.5	$	—
Global and Non-US	0.7		0.1		0.2		0.5		3.4		0.7		3.4
Total Alternatives/Multi-Asset Solutions (2)	$	4.2	$	1.6	$	3.2	$	2.4	$	3.4	$	4.2	$	3.4
Total Net Flows by Investment Service	$	2.4	$	(6.7)	$	(2.3)	$	(4.7)	$	(7.1)	$	2.4	$	(7.1)
Active vs. Passive Net Flows
Actively Managed
Equity	$	(2.5)	$	(6.0)	$	(6.4)	$	(7.6)	$	(10.9)	$	(2.5)	$	(10.9)
Fixed Income	1.0		(0.4)		—		1.9		1.6		1.0		1.6
Alternatives/Multi-Asset Solutions (2)	4.2		1.6		3.0		1.9		3.0		4.2		3.0
Total	$	2.7	$	(4.8)	$	(3.4)	$	(3.8)	$	(6.3)	$	2.7	$	(6.3)
Passively Managed (1)
Equity	$	0.2	$	(1.9)	$	1.1	$	(1.0)	$	(0.9)	$	0.2	$	(0.9)
Fixed Income	(0.5)		(0.1)		(0.2)		(0.4)		(0.3)		(0.5)		(0.3)
Alternatives/Multi-Asset Solutions (2)	—		0.1		0.2		0.5		0.4		—		0.4
Total	$	(0.3)	$	(1.9)	$	1.1	$	(0.9)	$	(0.8)	$	(0.3)	$	(0.8)
Total Active vs Passive Net Flows	$	2.4	$	(6.7)	$	(2.3)	$	(4.7)	$	(7.1)	$	2.4	$	(7.1)
Notes:

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


1Q 2026 Financial Supplement						17


Wealth Management - Operating Earnings (Loss) and Summary Metrics


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

Revenues

Net investment income (loss)	$	3		$	2		$	3		$	4		$	3		—	%	$	3		$	3		—	%

Investment management, service fees and other income	459			467			496			544			538			17.2	%	459			538			17.2	%
Segment revenues	462			469			499			548			541			17.1	%	462			541			17.1	%

Benefits and other deductions




Commissions and distribution-related payments	293			296			320			350			348			18.8	%	293			348			18.8	%

Compensation and benefits, interest expense, financing fees and other operating costs and expense	109			105			101			108			121			11.0	%	109			121			11.0	%

Segment benefits and other deductions	402			401			421			458			469			16.7	%	402			469			16.7	%

Operating earnings (loss), before income taxes	60			68			78			90			72			20.0	%	60			72			20.0	%
Income taxes	(15)			(18)			(19)			(24)			(17)			(13.3)	%	(15)			(17)			(13.3)	%
Operating earnings (loss), before noncontrolling interest	45			50			59			66			55			22.2	%	45			55			22.2	%
Less: Operating (earnings) loss attributable to the noncontrolling interest	—			—			—			—			—			—	%	—			—			—	%
Operating earnings (loss)	$	45		$	50		$	59		$	66		$	55		22.2	%	$	45		$	55		22.2	%

Summary Metrics

Pre-tax operating margin	13.0		%	14.5		%	15.6		%	16.4		%	13.3		%			13.0		%	13.3		%

Advisory net new assets	$	1,981		$	2,027		$	2,210		$	2,148		$	2,021		2.0	%	$	1,981		$	2,021		2.0	%

Total AUA	$	102,057		$	110,265		$	118,196		$	122,014		$	131,037		28.4	%	$	102,057		$	131,037		28.4	%

Revenue by Activity Type

Investment management, service fees and other income:
Investment management and advisory fees	$	181		$	184		$	197		$	214		$	229		26.5	%	$	181		$	229		26.5	%
Distribution fees	263			268			280			315			292			11.0	%	263			292			11.0	%
Interest income	11			10			11			11			9			(18.2)	%	11			9			(18.2)	%
Service and other income	4			5			8			4			8			100.0	%	4			8			100.0	%
Total Investment management, service fees and other income	$	459		$	467		$	496		$	544		538			17.2	%	$	459		$	538		17.2	%


1Q 2026 Financial Supplement						18


Wealth Management - Select Operating Metrics


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

AUA Roll-forward
Advisory assets :
Beginning assets	$	65,839	$	66,795	$	73,293	$	79,378	$	82,594	$	65,839	$	82,594
Acquired assets	—		—		—		—		4,508		—		4,508
Net new assets	1,981		2,027		2,210		2,148		2,021		1,981		2,021
Market appreciation (depreciation) and other	(1,025)		4,471		3,875		1,068		(1,518)		(1,025)		(1,518)
Advisory ending assets	$	66,795	$	73,293	$	79,378	$	82,594	$	87,605	$	66,795	$	87,605

Acquired assets, brokerage and direct	$	—	$	—	$	—	$	—	$	4,546	$	—	$	4,546
Brokerage and direct	$	35,263	$	36,972	$	38,818	$	39,420	$	38,886	$	35,263	$	38,886

Total Wealth Management assets (incl. acquired assets)	$	102,057	$	110,265	$	118,196	$	122,014	$	131,037	$	102,057	$	131,037

Cash balances	$	2,985	$	3,004	$	3,143	$	3,299	$	3,319	$	2,985	$	3,319

Advisors
Advisors	4,502		4,476		4,446		4,582		4,605		4,502		4,605
Revenue per advisor TTM (in thousands USD)	$	410	$	414	$	426	$	440	$	456	$	410	$	456


1Q 2026 Financial Supplement						19

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


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

Revenues
Policy charges, fee income and premiums	$	634	$	599	$	433	$	331	$	362	(42.9)	%	$	634	$	362	(42.9)	%
Net investment income (loss)	227		274		183		104		39		(82.8)	%	227		39		(82.8)	%
Net derivative gains (losses)	9		(12)		(13)		(5)		2		(77.8)	%	9		2		(77.8)	%
Investment management, service fees and other income	139		116		134		127		122		(12.2)	%	139		122		(12.2)	%
Segment revenues	1,009		977		737		557		525		(48.0)	%	1,009		525		(48.0)	%

Benefits and other deductions
Policyholders’ benefits	667		711		438		312		315		(52.8)	%	667		315		(52.8)	%
Remeasurement of liability for future policy benefits	(1)		(13)		16		(7)		10		N/M		(1)		10		N/M

Interest credited to policyholders’ account balances	133		173		96		43		51		(61.7)	%	133		51		(61.7)	%
Commissions and distribution-related payments	83		72		82		81		78		(6.0)	%	83		78		(6.0)	%
Amortization of deferred policy acquisition costs	49		50		50		49		49		—	%	49		49		—	%
Compensation and benefits, interest expense, financing fees and other operating costs and expense (1)	228		210		222		205		154		(32.5)	%	228		154		(32.5)	%

Segment benefits and other deductions	1,159		1,203		904		683		657		(43.3)	%	1,159		657		(43.3)	%

Operating earnings (loss), before income taxes	(150)		(226)		(167)		(126)		(132)		12.0	%	(150)		(132)		12.0	%
Income taxes	23		44		8		6		15		(34.8)	%	23		15		(34.8)	%
Operating earnings (loss), before noncontrolling interest	(127)		(182)		(159)		(120)		(117)		7.9	%	(127)		(117)		7.9	%
Less: Operating (earnings) loss attributable to the noncontrolling interest	(3)		(1)		(4)		(3)		(2)		33.3	%	(3)		(2)		33.3	%
Operating earnings (loss)	$	(130)	$	(183)	$	(163)	$	(123)	$	(119)	8.5	%	$	(130)	$	(119)	8.5	%

Additional Detail

Net investment income (loss):
Investment income, excluding alternatives	$	211	$	246	$	144	$	76	$	30	(85.8)	%	$	211	$	30	(85.8)	%
Alternative investment income	16		28		39		28		9		(43.8)	%	16		9		(43.8)	%
Total net investment income (loss)	$	227	$	274	$	183	$	104	$	39	(82.8)	%	$	227	$	39	(82.8)	%

(1) Interest expense on EQH debt	$	55	$	58	$	56	$	52	$	52	(5.5)	%	$	55	$	52	(5.5)	%


1Q 2026 Financial Supplement						20


Corporate and Other - Select Operating Metrics

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

Individual Life (Net of Reinsurance)
First Year Premiums and Deposits:
Variable Universal Life	$	90		$	99		$	91		$	93		$	74		$	90		$	74
Other	5			4			4			3			3			5			3
Total First Year Premiums and Deposits	$	95		$	103		$	95		$	96		$	77		$	95		$	77

Renewal Premiums and Deposits:
Universal Life/ Indexed Universal Life	$	224		$	206		$	121		$	50		$	54		$	224		$	54
Variable Universal Life	272			262			179			89			75			272			75
Other	85			79			41			28			46			85			46
Total Renewal Premiums and Deposits	$	581		$	547		$	341		$	167		$	176		$	581		$	176

Total Premiums and Deposits	$	676		$	650		$	436		$	263		$	253		$	676		$	253

Individual Life Benefit Ratio	105.3		%	113.5		%	93.9		%	90.1		%	83.1		%	105.3		%	83.1		%

Individual Life In-force Face Amount (in billions USD)	$	353.0		$	352.1		$	113.4		$	116.6		$	115.5		$	353.0		$	115.5

Employee Benefits
First Year Premiums and Deposits	$	35		$	31		$	33		$	28		$	30		$	35		$	30
Renewal Premiums and Deposits	85			86			87			91			91			85			91
Total Premiums and Deposits	$	120		$	117		$	120		$	119		$	121		$	120		$	121

Legacy Annuity
Net flows (1)	$	(719)		$	(580)		$	(634)		$	(796)		$	(709)		$	(719)		$	(709)
Account value - balance, end of period	$	19,912		$	20,490		$	20,939		$	20,386		$	19,061		$	19,912		$	19,061

Net Amount at Risk (NAR)
Total GMIB NAR	$	2,706		$	2,489		$	2,370		$	2,340		$	2,383		$	2,706		$	2,383
Total GMDB NAR	$	9,034		$	8,411		$	7,958		$	7,852		$	8,184		$	9,034		$	8,184

MRB Reserves (Net of Reinsurance)	$	3,532		$	3,271		$	3,418		$	3,374		$	3,070		$	3,532		$	3,070

Notes:
(1) Net of the Venerable transaction


1Q 2026 Financial Supplement						21

Investments


1Q 2026 Financial Supplement						22

Consolidated Investment Portfolio Composition


	Balances as of
(in millions USD, unless otherwise indicated)	December 31, 2025				March 31, 2026
	Amount (1)		% of Total		Amount (1)		% of Total
Composition of investment portfolio
Fixed maturities, available-for-sale, at fair value	$	77,162	57.9	%	$	78,808	59.9	%
Fixed maturities, at fair value using the fair value option	2,943		2.2	%	2,934		2.2	%
Mortgage loans, at fair value using the fair value option	50		—	%	72		0.1	%

Mortgage loans on real estate	22,668		17.0	%	22,785		17.3	%
Policy loans	1,862		1.4	%	1,845		1.4	%
Other equity investments	3,779		2.8	%	3,670		2.8	%
Other invested assets	10,968		8.2	%	9,920		7.5	%
Subtotal investment assets	119,432		89.5	%	120,034		91.2	%
Trading securities	1,572		1.2	%	1,645		1.3	%
Total investments	121,004		90.7	%	121,679		92.5	%
Cash and cash equivalents	12,462		9.3	%	9,904		7.5	%
Total	$	133,466	100.0	%	$	131,583	100.0	%

General Account AFS Fixed maturities by industry (Based on amortized cost)
Corporate securities:
Finance	$	14,676	17.9	%	$	15,505	18.4	%
Manufacturing	9,904		12.1	%	10,111		12.0	%
Utilities	7,873		9.6	%	7,939		9.4	%
Services	7,328		8.9	%	7,190		8.5	%
Energy	2,373		2.9	%	2,598		3.1	%
Retail and wholesale	3,047		3.7	%	3,147		3.7	%

Transportation	2,162		2.6	%	2,260		2.7	%
Other	376		0.5	%	533		0.5	%
Total corporate securities	47,739		58.2	%	49,283		58.3	%
U.S. government and agency	5,040		6.2	%	5,058		6.0	%
Residential mortgage-backed (2)	7,093		8.7	%	7,673		9.1	%
Preferred stock	54		0.1	%	54		0.1	%
State & political	378		0.5	%	378		0.4	%
Foreign governments	556		0.7	%	553		0.7	%
Commercial mortgage-backed	4,814		5.9	%	4,880		5.8	%
Asset-backed securities	16,142		19.7	%	16,501		19.6	%
Total	$	81,816	100.0	%	$	84,380	100.0	%

General Account AFS Fixed maturities credit quality (3) (Based on amortized cost)
Aaa, Aa, A (NAIC Designation 1)	$	56,880	69.5	%	$	59,142	70.1	%
Baa (NAIC Designation 2)	23,488		28.7	%	23,839		28.3	%
Investment grade	80,368		98.2	%	82,981		98.3	%
Below investment grade (NAIC Designation 3 and 4)	1,448		1.8	%	1,399		1.7	%
Total	$	81,816	100.0	%	$	84,380	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.


1Q 2026 Financial Supplement						23


Consolidated Results of General Account Investment Portfolio


	For the Three Months Ended								Year Ended or As of
(in millions USD, unless otherwise indicated)	March 31, 2025				March 31, 2026				December 31, 2025
	Yield		Amount (2)		Yield		Amount (2)		Yield		Amount (2)
Fixed Maturities:
Income (loss)	4.39	%	$	928	4.56	%	$	948	4.41	%	$	3,693
Ending assets			84,784				84,380				81,816
Mortgages:
Income (loss)	5.11	%	260		5.27	%	299		4.96	%	1,061
Ending assets			20,566				22,860				22,718
Other Equity Investments (1):
Income (loss)	6.23	%	53		3.23	%	29		5.22	%	185
Ending assets			3,484				3,462				3,519
Trading Securities:
Income	5.57	%	8		5.97	%	12		5.80	%	42
Ending assets			619				864				804
Policy Loans:
Income	5.07	%	55		5.14	%	24		4.57	%	168
Ending assets			4,318				1,845				1,862
Cash and Short-term Investments:
Income (loss)	4.35	%	40		3.41	%	66		3.94	%	323
Ending assets			4,106				6,290				9,103









Total Net Investment Income:
Investment income	4.60	%	1,344		4.60	%	1,378		4.51	%	5,472
Less: investment fees	(0.17)	%	(49)		(0.17)	%	(53)		(0.16)	%	(199)
Investment income, net	4.43	%	$	1,295	4.43	%	$	1,325	4.35	%	$	5,273
General Account Ending Net Assets			$	117,877			$	119,701			$	119,822
Operating Earnings adjustments:

AB and other non-General Account investment income (loss)			(50)				(64)				10
Operating Net investment income (loss)			$	1,245			$	1,261			$	5,283
Notes:

(1) Includes, as of March 31, 2026, March 31, 2025 and December 31, 2024, $415 million, $362 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.


1Q 2026 Financial Supplement						24

Additional Information


1Q 2026 Financial Supplement						25


Deferred Policy Acquisition Costs Rollforward


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

Total
Beginning balance	$	7,170	$	7,262	$	7,361	$	7,430	$	7,523	$	7,170	$	7,523
Capitalization of commissions, sales and issue expenses	282		292		283		312		301		282		301
Amortization	(190)		(193)		(201)		(205)		(209)		(190)		(209)
Recovery of acquisition cost (1)	—		—		(13)		(14)		(31)		—		(31)
Ending balance	$	7,262	$	7,361	$	7,430	$	7,523	$	7,584	$	7,262	$	7,584

Retirement
Beginning balance	$	4,780	$	4,872	$	4,972	$	5,062	$	5,162	$	4,780	$	5,162
Capitalization of commissions, sales and issue expenses	231		243		243		265		260		231		260
Amortization	(139)		(143)		(153)		(156)		(160)		(139)		(160)
Recovery of acquisition cost (1)	—		—		—		(9)		(18)		—		(18)
Ending balance	$	4,872	$	4,972	$	5,062	$	5,162	$	5,244	$	4,872	$	5,244



















Corporate and Other
Beginning balance	$	2,390	$	2,390	$	2,389	$	2,368	$	2,361	$	2,390	$	2,361
Capitalization of commissions, sales and issue expenses	51		49		40		47		41		51		41
Amortization	(51)		(50)		(48)		(49)		(49)		(51)		(49)
Recovery of acquisition cost (1)	—		—		(13)		(5)		(13)		—		(13)
Ending balance	$	2,390	$	2,389	$	2,368	$	2,361	$	2,340	$	2,390	$	2,340

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


1Q 2026 Financial Supplement						26


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.


1Q 2026 Financial Supplement						27


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.


1Q 2026 Financial Supplement						28

Reconciliation of Non-GAAP Measures (1/3)


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

Net income (loss) attributable to Holdings
Net income (loss) attributable to Holdings	$	63	$	(349)	$	(1,309)	$	215	$	621	$	63	$	621
Adjustments related to:
Variable annuity product features (1)	211		934		978		258		(386)		211		(386)
Investment (gains) losses, net (2)	14		71		1,170		84		29		14		29

Net actuarial (gains) losses related to pension and other postretirement benefit obligations	11		11		19		9		14		11		14
Other adjustments (3) (4) (5)	205		(137)		(164)		21		148		205		148
Income tax expense (benefit) related to above adjustments	(92)		(185)		(437)		(62)		41		(92)		41
Non-recurring tax items	9		7		198		(12)		5		9		5
Non-GAAP Operating Earnings (6)	$	421	$	352	$	455	$	513	$	472	$	421	$	472

Net income (loss) attributable to Holdings	$	0.20	$	(1.15)	$	(4.42)	$	0.74	$	2.19	$	0.20	$	2.19
Less: Preferred stock dividends	0.04		0.06		0.05		0.04		0.05		0.04		0.05
Net income (loss) available to Holdings' common shareholders	0.16		(1.21)		(4.47)		0.70		2.14		0.16		2.14
Adjustments related to:
Variable annuity product features (1)	0.68		3.08		3.30		0.89		(1.36)		0.68		(1.36)
Investment (gains) losses, net (2)	0.04		0.23		3.95		0.29		0.10		0.04		0.10

Net actuarial (gains) losses related to pension and other postretirement benefit obligations	0.04		0.04		0.06		0.03		0.05		0.04		0.05
Other adjustments (3) (4) (5)	0.64		(0.45)		(0.55)		0.07		0.53		0.64		0.53
Income tax expense (benefit) related to above adjustments	(0.29)		(0.61)		(1.48)		(0.21)		0.14		(0.29)		0.14
Non-recurring tax items	0.03		0.02		0.67		(0.04)		0.02		0.03		0.02
Non-GAAP Operating Earnings (loss) available to Holdings' common shareholders (6)	$	1.30	$	1.10	$	1.48	$	1.73	$	1.62	$	1.30	$	1.62

Book Value per common share
Book Value per common share	$	2.92	$	(0.26)	$	(3.18)	$	(4.03)	$	(2.83)	$	2.92	$	(2.83)
Less: Per share impact of AOCI	(24.70)		(24.63)		(21.41)		(22.17)		(22.39)		(24.70)		(22.39)
Book value per common share (ex. AOCI)	$	27.62	$	24.37	$	18.23	$	18.14	$	19.56	$	27.62	$	19.56



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 three months ended March 31, 2025 and year ended December 31, 2025. The impact per common share is $1.60 and $1.67 for the three months ended March 31, 2025 and year ended December 31, 2025, respectively.
(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 loss of $165 million or $0.53 for the three months ended March 31, 2025, a gain of $198 million or $0.65 for the three 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, and a loss of $146 million or $0.51 for the three months ended March 31, 2026. Also, for the three months ended June 30, 2025 and September 30, 2025, and the three months ended December 31, 2025, includes $14 million or $0.05, $(8) million or $(0.03) and $6 million or $0.02, respectively, of expense related to a disputed billing practice of an AB third-party service provider.
(4) For the three months ended March 31, 2025, includes $82 million of the gain on sale on AB's Bernstein Research Service attributable to Holdings. The impact per common share is $0.25 for the three months ended March 31, 2025.
(5) For the three months ended March 31, 2025, includes $78 million contingent payment gain recognized related to a fair value remeasurement of the contingent payment liability associated with AB's acquisition of CarVal in 2022. The impact per common share is $0.24 for the three months ended March 31, 2025, respectively.
(6) This measure is a Non-GAAP financial measure. For an explanation of our use of Non-GAAP financial measures, refer to the “Use of Non-GAAP Financial Measures” and "Glossary of Selected Financial and Product Terms" sections of this document. For a reconciliation of this item to the most directly comparable GAAP measure, refer to the “Non-GAAP Reconciliation” section in this document.


1Q 2026 Financial Supplement						29


Reconciliation of Non-GAAP Measures (2/3)

	As of and for the Twelve Months Ended
(in millions USD, unless otherwise indicated)	9/30/2025			12/31/2025			3/31/2026

Net Income to Non-GAAP Operating Earnings
Net income (loss) attributable to Holdings	$	(703)		$	(1,380)		$	(822)
Adjustments related to:
Variable annuity product features	1,593			2,381			1,784
Investment (gains) losses	1,287			1,339			1,354

Net actuarial (gains) losses related to pension and other postretirement benefit obligations	57			50			53
Other adjustments	(62)			(75)			(132)
Income tax expense (benefit) related to above adjustments	(620)			(776)			(643)
Non-recurring tax items	191			202			198
Non-GAAP Operating Earnings	$	1,743		$	1,741		$	1,792

Return on Equity and Non-GAAP Operating Return on Equity - Trailing twelve months
Net income (loss) attributable to Holdings	$	(703)		$	(1,380)		$	(822)
Less: Preferred stock	(74)			(61)			(61)
Net income (loss) available to Holdings' common shareholders	$	(777)		$	(1,441)		$	(883)
Average equity attributable to Holdings' common shareholders (ex. AOCI)	$	7,464		$	6,556		$	5,817

Return on Equity (ex. AOCI)	(10.4)		%	(22.0)		%	(15.2)		%

Non-GAAP Operating Earnings	$	1,743		$	1,741		$	1,792
Less: Preferred stock	(74)			(61)			(61)
Non-GAAP Operating Earnings available to Holdings' common shareholders	$	1,669		$	1,680		$	1,731
Average equity attributable to Holdings' common shareholders (ex. AOCI)	$	7,464		$	6,556		$	5,817

Non-GAAP Operating Return on Equity (ex. AOCI)	22.4		%	25.6		%	29.8		%


1Q 2026 Financial Supplement						30


Reconciliation of Non-GAAP Measures (3/3)

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

Equity Reconciliation - Quarter-end Balances
Total equity attributable to Holdings' shareholders	$	1,598	$	3,201	$	1,565	$	2,401	$	1,149	$	148	$	(74)	$	273
Less: Preferred Stock	1,562		1,562		1,507		1,507		1,228		1,068		1,068		1,068
Total equity attributable to Holdings' common shareholders	36		1,639		58		894		(79)		(920)		(1,142)		(795)
Less: Accumulated other comprehensive income (loss)	(8,675)		(6,601)		(8,712)		(7,567)		(7,432)		(6,191)		(6,280)		(6,300)
Total equity attributable to Holdings' common shareholders (ex. AOCI)	$	8,711	$	8,240	$	8,770	$	8,461	$	7,353	$	5,271	$	5,138	$	5,505


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

Equity Reconciliation - Twelve Month Rolling Average
Total equity attributable to Holdings' shareholders	$	1,953	$	2,357	$	2,089	$	2,191	$	2,079	$	1,316	$	906	$	374
Less: Preferred Stock	1,562		1,562		1,548		1,535		1,451		1,328		1,218		1,108
Total equity attributable to Holdings' common shareholders	391		795		541		656		628		(12)		(312)		(734)
Less: Accumulated other comprehensive income (loss)	(8,632)		(7,816)		(8,045)		(7,889)		(7,578)		(7,476)		(6,868)		(6,551)
Total equity attributable to Holdings' common shareholders (ex. AOCI)	$	9,023	$	8,611	$	8,586	$	8,545	$	8,206	$	7,464	$	6,556	$	5,817


1Q 2026 Financial Supplement						31


Glossary of Selected Financial and Product Terms


Account Value (“AV”) - AV generally equals the aggregate policy account value of our retirement and protection products. General Account AV refers to account balances in investment options that are backed by the General Account while Separate Accounts AV refers to Separate Accounts investment assets. AV is reflected net of reinsurance.
Advisory Assets - Assets invested in a variety of investments using an asset allocation model designed for the client’s objectives. The client is charged a fee based on the value of the assets in the account.
Annualized premiums - 100% of first year recurring premiums (up to target) and 10% of excess first year premiums or first year premiums from single premium products.

Assets Under Administration (“AUA”) - AUA includes non-insurance client assets that are invested in our savings and investment products or serviced by our Equitable Advisors platform. We provide administrative services for these assets and generally record the revenues received as distribution fees.
Assets Under Management (“AUM”) - AUM means investment assets that are managed by one of our subsidiaries and includes: (i) assets managed by AB; (ii) the assets in our General Account investment portfolio; and (iii) the Separate Account assets of our Retirement and Life businesses. Total AUM reflects exclusions between segments to avoid double counting.
Average Account Value (TTM) - Calculated as an average of the previous twelve calendar months total Account Value balance, net of embedded derivative instruments where applicable.
Benefit base - A notional amount (not actual cash value) used to calculate the owner’s guaranteed benefits within an annuity contract. The death benefit and living benefit within the same contract may not have the same benefit base.
Brokerage Assets - Brokerage accounts which allow clients a variety of investments, including mutual funds, exchange traded products, equities and fixed income, to be managed in one account. The client is charged for all buy and sell transactions.
Current Product Offering (Retirement) - Products sold 2011 and later.
Deferred policy acquisition costs (“DAC”) - Represents the incremental costs related directly to the successful acquisition of new and certain renewal insurance policies and annuity contracts and which have been deferred on the balance sheet as an asset.
Direct Assets - Mutual Funds purchased through and registered directly with an asset management company. No other agents, such as brokers or distributors, are involved in the transactions.
Equitable Advisors - means Equitable Advisors, LLC, a Delaware limited liability company, our retail broker/dealer for our retirement and protection businesses and a wholly-owned indirect subsidiary of Holdings.
Fixed Rate (Retirement) - Pre-2011 GMxB products.
FYP - First year premium and deposits.
GMxB - A general reference to all forms of variable annuity guaranteed benefits, including guaranteed minimum living benefits, or GMLBs (such as GMIBs, GMWBs and GMABs), and guaranteed minimum death benefits, or GMDBs (inclusive of return of premium death benefit guarantees).
Gross premiums - FYP and Renewal premium and deposits.
Guaranteed minimum death benefits (“GMDB”) - An optional benefit (available for an additional cost) that guarantees an annuitant’s beneficiaries are entitled to a minimum payment based on the benefit base, which could be greater than the underlying AV, upon the death of the annuitant.
Guaranteed minimum income benefits (“GMIB”) - An optional benefit (available for an additional cost) where an annuitant is entitled to annuitize the policy and receive a minimum payment stream based on the benefit base, which could be greater than the underlying AV.
Guaranteed minimum living benefits (“GMLB”) - A reference to all forms of guaranteed minimum living benefits, including GMIBs, GMWBs and GMABs (does not include GMDBs).


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

Liability for future policy benefits - the liability related to life insurance policies such as non-participating traditional life insurance policies (Term) and limited pay contracts (Payout, Pension).
Life Reserves - Equals the aggregate value of Policyholders’ account balances and future policy benefits for policies.
Market risk benefits - (“MRBs”) are contracts or contract features that provide protection to the contract holder from other than nominal capital market risk and expose the Company to other than nominal capital market risk. Market risk benefits include contract features that provide minimum guarantees to policyholders and include GMIB, GMDB, GMWB, GMAB, and ROP DB benefits.
Net flows - Net change in customer account balances in a period including, but not limited to, gross premiums, surrenders, withdrawals and benefits. It excludes investment performance, interest credited to customer accounts and policy charges.
Net interest margin - Net investment income (loss) plus net derivative gains (losses) less interest credited to policyholder's account balances.
Net long-term flows - Net change of assets under management in a period which includes new sales net of redemptions of mutual funds and terminations of separately managed accounts and cash flow which includes both cash invested or withdrawn by existing clients. In addition, cash flow includes fees received from certain clients. It excludes the impact of the markets.
Net new assets - Consists of total client deposits into advisory accounts less total client withdrawals from advisory accounts, plus dividends, plus interest, minus advisory fees. AUA reflects adjusted balances with no financial impact.
Premiums and deposits - Amounts a policyholder agrees to pay for an insurance policy or annuity contract that may be paid in one or a series of payments as defined by the terms of the policy or contract.
Pre-tax operating margin - Calculated as operating earnings, before income taxes, divided by revenue.

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


1Q 2026 Financial Supplement						32


Glossary of Selected Financial and Product Terms

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


1Q 2026 Financial Supplement						33

Analyst Coverage, Ratings & Contact Information

Analyst Coverage

Firm

Analyst

Phone Number

Barclays

Alex Scott

1 (212) 526-1561

BMO

Jack Matten

1 (212) 671-8000

Deutsche Bank

Cave Montazeri

1 (212) 250-2798

Dowling & Partners

Joel Hurwitz

1 (860) 676-7312

Evercore ISI

Thomas Gallagher

1 (212) 446-9439

Jefferies

Suneet Kamath

1 (212) 778-8602

J.P. Morgan

Pablo Singzon II

1 (212) 622-2295

KBW

Ryan Krueger

1 (860) 722-5930

Mizuho Securities

Yaron Kinar

1 (646) 445-0248

Morgan Stanley

Bob Jian Huang

1 (212) 761-6136

Raymond James

Wilma Burdis

1 (727) 567-9371

Truist Securities

Mark Hughes

1 (615) 748-4422

UBS

Michael Ward

1 (917) 270-2483

Wells Fargo Securities

Wes Carmichael

1 (212) 214-5335

Wolfe Research

Tracy Dolin-Benguigui

1 (646) 419-2560

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

Ratings

A.M. Best

S&P

Moody’s

Last review date

Mar '26

Financial Strength Ratings:

Equitable Financial Life Insurance Company

A+

Equitable Financial Life Insurance Company of America

A+

Credit Ratings:

Equitable Holdings, Inc.

bbb+

A-

Baa1

Investor and Media Contacts

Contact Investor Relations

Contact Media Relations

Erik Bass

Laura Yagerman

IR@equitable.com

MediaRelations@equitable.com

ir.equitableholdings.com


1Q 2026 Financial Supplement						34

Source: View Original Filing on SEC EDGAR

FAQ

How did Equitable Holdings (EQH) perform financially in Q1 2026?

Equitable generated net income of $621 million in Q1 2026, up from $63 million a year earlier. Non-GAAP operating earnings were $472 million, or $1.62 per share, and $1.68 excluding $19 million of notable items, reflecting significantly stronger underlying profitability.

How much assets under management and administration did Equitable Holdings (EQH) report?

As of March 31, 2026, Equitable reported total assets under management and administration of about $1.1 trillion, up 9% year-over-year. This reflects higher markets and positive net flows, including Retirement and Wealth Management inflows partially offset by Asset Management segment outflows.

What is the status of Equitable Holdings’ merger with Corebridge Financial?

On March 26, 2026, Equitable announced an all-stock merger agreement with Corebridge Financial. The deal is expected to close by year-end 2026, subject to shareholder approval and regulatory clearances, and is projected to be immediately accretive to earnings and cash generation.

How did Equitable’s main business segments perform in Q1 2026?

Retirement posted operating earnings of $396 million with $1.3 billion of net inflows and $6.0 billion of first-year premiums. Asset Management earned $140 million with AUM of $838.6 billion but $7.1 billion of net outflows. Wealth Management earned $55 million, with advisory net inflows of $2.0 billion.

How much capital did Equitable Holdings (EQH) return to shareholders in Q1 2026?

Equitable returned $223 million to shareholders in Q1 2026. This comprised $76 million of quarterly cash dividends and $147 million of share repurchases. Management reiterated its 2026 capital return target of a 60–70% payout ratio based on Non-GAAP operating earnings.

What guidance did Equitable Holdings provide for 2026 cash generation and EPS growth?

Management reaffirmed 2026 guidance of $1.8 billion of cash generation and over 15% growth in earnings per share. These targets are based on Non-GAAP operating metrics and assume continued business momentum and completion of planned strategic initiatives, including the Corebridge combination.

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How did Equitable Holdings (EQH) perform financially in Q1 2026?

How much assets under management and administration did Equitable Holdings (EQH) report?

What is the status of Equitable Holdings’ merger with Corebridge Financial?

How did Equitable’s main business segments perform in Q1 2026?

How much capital did Equitable Holdings (EQH) return to shareholders in Q1 2026?

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Equitable (NYSE: EQH) Q1 earnings surge and all-stock Corebridge merger plan

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How much assets under management and administration did Equitable Holdings (EQH) report?

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How did Equitable’s main business segments perform in Q1 2026?

How much capital did Equitable Holdings (EQH) return to shareholders in Q1 2026?

What guidance did Equitable Holdings provide for 2026 cash generation and EPS growth?

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