Document


Table of Contents

	Consolidated Financials and Key Metrics		Page
		Key Metrics Summary	4
		Consolidated Statements of Income (Loss)	5
		Consolidated Balance Sheets	6
		Consolidated Capital Structure	7
		Operating Earnings (Loss) by Segment and Corporate and Other	8
		Assets Under Management and Administration	10
		Sales Metrics by Segment	11

	Select Metrics from Business Segments
Individual Retirement
		Statements of Operating Earnings (Loss) and Summary Metrics	13
		Select Operating Metrics	14
Group Retirement
		Statements of Operating Earnings (Loss) and Summary Metrics	15
		Select Operating Metrics	16
Investment Management and Research (1)
		Statements of Operating Earnings (Loss) and Summary Metrics	18
		Select Operating Metrics	19
		Net Flows	20
Protection Solutions
		Statements of Operating Earnings (Loss) and Summary Metrics	21
		Select Operating Metrics	22
Wealth Management
		Statements of Operating Earnings (Loss) and Summary Metrics	23
		Select Operating Metrics	24
Legacy
		Statements of Operating Earnings (Loss) and Summary Metrics	25
		Select Operating Metrics	26

	Investments
		Consolidated Investment Portfolio Composition	28
		Consolidated Results of General Account Investment Portfolio	29

	Additional Information
		Deferred Policy Acquisition Costs Rollforward	31
		Use of Non-GAAP Financial Measures	32
		Reconciliation of Non-GAAP Measures	34
		Glossary of Selected Financial and Product Terms	37
		Analyst Coverage, Ratings & Contact Information	39
		Notes:
		(1) Refers to AllianceBernsten L.P. and AllianceBernstien Holding L.P., collectively


	For the Three Months Ended or As of																	Nine Months Ended or As of
(in millions USD, unless otherwise indicated)	9/30/2022			12/31/2022			3/31/2023			6/30/2023			9/30/2023			Change		9/30/2022			9/30/2023			Change

Net income (loss)	$	648		$	138		$	266		$	831		$	1,135		75.2	%	$	2,256		$	2,232		(1.1)	%
Net income (loss) attributable to the noncontrolling interest	(54)			(76)			(89)			(72)			(71)			(31.5)	%	(165)			(232)			(40.6)	%
Net income (loss) attributable to Holdings	$	594		$	62		$	177		$	759		$	1,064		79.1	%	$	2,091		$	2,000		(4.4)	%

Non-GAAP Operating Earnings (1)	$	386		$	348		$	364		$	441		$	413		7.0	%	$	1,378		$	1,218		(11.6)	%

Total equity attributable to Holdings' shareholders	$	3,411		$	1,401		$	3,754		$	3,553		$	1,642		(51.9)	%	$	3,411		$	1,642		(51.9)	%
Less: Preferred Stock	1,562			1,562			1,562			1,562			1,562			—	%	1,562			1,562			—	%
Total equity attributable to Holdings' common shareholders	1,849			(161)			2,192			1,991			80			(95.7)	%	1,849			80			(95.7)	%
Less: Accumulated other comprehensive income (loss)	(6,870)			(8,992)			(6,516)			(7,142)			(9,802)			(42.7)	%	(6,870)			(9,802)			(42.7)	%
Total equity attributable to Holdings' common shareholders (ex. AOCI)	$	8,719		$	8,831		$	8,708		$	9,133		$	9,882		13.3	%	$	8,719		$	9,882		13.3	%

Return on Equity (ex. AOCI) - TTM	N/A			24.7		%	19.9		%	17.1		%	21.7		%			N/A			21.7		%
Non-GAAP Operating ROE (1)	N/A			19.6		%	17.5		%	16.5		%	16.3		%			N/A			16.3		%

Debt to capital:
Debt to Capital (ex. AOCI)	27.2		%	27.0		%	29.7		%	26.3		%	25.0		%			27.2		%	25.0		%

Per common share:
Diluted earnings per common share: (2)
Net income (loss) attributable to Holdings	$	1.54		$	0.10		$	0.45		$	2.06		$	3.02		96.0	%	$	5.32		$	5.47		2.8	%
Non-GAAP Operating Earnings (1)	$	0.99		$	0.87		$	0.96		$	1.17		$	1.15		16.1	%	$	3.46		$	3.27		(5.4)	%
Book value per common share	$	5.00		$	(0.44)		$	6.10		$	5.69		$	0.23		(95.3)	%	$	5.00		$	0.23		(95.3)	%
Book value per common share (ex. AOCI)	$	23.56		$	24.19		$	24.25		$	26.08		$	28.90		22.6	%	$	23.56		$	28.90		22.6	%

Weighted-average common shares outstanding:
Basic	374.5			368.6			361.9			355.2			346.4			(7.5)	%	380.6			354.4			(6.9)	%
Diluted	376.8			371.5			364.1			356.1			348.0			(7.6)	%	382.9			355.9			(7.1)	%

Ending common shares outstanding	370.0			365.0			359.1			350.2			342.0			(7.6)	%	370.0			342.0			(7.6)	%

Return to common shareholders:
Common stock dividend	$	75		$	74		$	72		$	78		$	77				$	220		$	227
Repurchase of common shares	200			150			214			226			238					699			678
Total capital returned to common shareholders	$	275		$	224		$	286		$	304		$	315				$	919		$	905

Market Values:
S&P 500	3,586			3,840			4,109			4,450			4,288			19.6	%	3,586			4,288			19.6	%
US 10-Year Treasury	3.8		%	3.9		%	3.5		%	3.8		%	4.6		%			3.8		%	4.6		%

Notes:

(1) This measure is a Non-GAAP financial measure. For an explanation of our use of Non-GAAP financial measures, refer to the “Use of Non-GAAP Financial Measures” and "Glossary of Selected Financial and Product Terms" sections of this document. For a reconciliation of this item to the most directly comparable GAAP measure, refer to the “Non-GAAP Reconciliation” section in this document.
(2) For loss periods, dilutive shares were not included in the calculation of net income (loss) available to shareholders per common share or Non-GAAP Operating Earnings per common share as inclusion of such shares would have an anti-dilutive effect.

Consolidated Statements of Income (Loss)


	For the Three Months Ended												Nine Months Ended
(in millions USD, unless otherwise indicated)	9/30/2022		12/31/2022		3/31/2023		6/30/2023		9/30/2023		Change		9/30/2022		9/30/2023		Change

Revenues
Policy charges and fee income	$	603	$	581	$	588	$	594	$	599	(0.7)	%	$	1,873	$	1,781	(4.9)	%
Premiums	259		250		276		280		267		3.1	%	744		823		10.6	%
Net derivative gains (losses)	199		(1,309)		(841)		(917)		615		209.0	%	2,216		(1,143)		(151.6)	%
Net investment income (loss)	842		958		990		1,036		1,071		27.2	%	2,357		3,097		31.4	%
Investment gains (losses), net	(332)		(55)		(87)		(56)		(411)		(23.8)	%	(890)		(554)		37.8	%
Investment management and service fees	1,179		1,160		1,180		1,182		1,217		3.2	%	3,731		3,579		(4.1)	%
Other income	242		231		251		258		266		9.9	%	797		775		(2.8)	%
Total revenues	2,992		1,816		2,357		2,377		3,624		21.1	%	10,828		8,358		(22.8)	%

Benefits and other deductions
Policyholders’ benefits	629		696		730		684		693		10.2	%	2,020		2,107		4.3	%
Remeasurement of liability for future policy benefits	20		12		4		(7)		49		145.0	%	54		46		—	%
Change in market risk benefits and purchased market risk benefits	(491)		(1,136)		20		(975)		(817)		(66.4)	%	(144)		(1,772)		—	%
Interest credited to policyholders’ account balances	378		409		463		501		556		47.1	%	1,001		1,520		51.8	%
Compensation and benefits	568		519		583		566		593		4.4	%	1,682		1,742		3.6	%
Commissions and distribution related payments	368		383		380		393		405		10.1	%	1,184		1,178		(0.5)	%
Interest expense	51		53		61		55		55		7.8	%	148		171		15.5	%
Amortization of deferred policy acquisition costs	148		150		152		155		165		11.5	%	436		472		8.3	%
Other operating costs and expenses	496		572		423		466		450		(9.3)	%	1,613		1,339		(17.0)	%
Total benefits and other deductions	2,167		1,658		2,816		1,838		2,149		(0.8)	%	7,994		6,803		(14.9)	%

Income (loss) from operations, before income taxes	825		158		(459)		539		1,475		78.8	%	2,834		1,555		(45.1)	%
Income tax (expense) benefit	(177)		(20)		725		292		(340)		(92.1)	%	(578)		677		217.1	%
Net income (loss)	648		138		266		831		1,135		75.2	%	2,256		2,232		(1.1)	%
Less: net (income) loss attributable to the noncontrolling interest	(54)		(76)		(89)		(72)		(71)		(31.5)	%	(165)		(232)		(40.6)	%
Net income (loss) attributable to Holdings	$	594	$	62	$	177	$	759	$	1,064	79.1	%	$	2,091	$	2,000	(4.4)	%
Less: Preferred stock dividends	(14)		(26)		(14)		(26)		(14)		—	%	(54)		(54)		—	%
Net income (loss) available to Holdings' common shareholders	$	580	$	36	$	163	$	733	$	1,050	81.0	%	$	2,037	$	1,946	(4.5)	%

Adjustments related to:
Variable annuity product features	$	(675)	$	129	$	861	$	(65)	$	(1,380)			$	(2,322)	$	(584)
Investment gains (losses), net	333		55		87		56		411				890		554

Net actuarial gains (losses) related to pension and other postretirement benefit obligations	19		25		9		9		8				57		26
Other adjustments (1)	50		150		45		62		91				455		198
Income tax (expense) benefit related to above adjustments	58		(76)		(210)		(13)		183				194		(40)
Non-recurring tax items (2)	7		3		(605)		(367)		36				13		(936)
Non-GAAP Operating earnings (3)	$	386	$	348	$	364	$	441	$	413			$	1,378	$	1,218

Notes:


(1) Includes certain gross legal expenses related to the cost of insurance litigation, and claims related to a commercial relationship of $0 million, $2 million, $35 million and $168 million for the three and nine months ended September 30, 2023 and 2022, respectively. Includes policyholder benefit costs of $75 million for the nine months ended September 30, 2022, stemming from a deal to repurchase UL policies from one entity that had invested in numerous policies purchased in the life settlement market.

(2) For the three and nine months ended September 30, 2023, non-recurring tax items reflect primarily the effect of uncertain tax positions for a given audit period and an increase to the tax valuation allowance of $20 million and a decrease of $970 million.
(3) 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.


	Balances as of
(in millions USD, unless otherwise indicated)	9/30/2022		12/31/2022		3/31/2023		6/30/2023		9/30/2023

Assets
Total investments	$	92,517	$	93,097	$	96,223	$	97,722	$	97,209
Cash and cash equivalents	4,139		4,281		5,018		7,693		6,096
Cash and securities segregated, at fair value	1,335		1,522		1,055		879		928
Broker-dealer related receivables	2,539		2,338		2,203		2,053		2,017
Deferred policy acquisition costs	6,322		6,369		6,419		6,512		6,599
Goodwill and other intangible assets, net	5,635		5,482		5,478		5,463		5,448
Amounts due from reinsurers	4,320		8,471		8,453		8,395		8,271


Current and deferred income taxes	2,207		781		1,294		1,726		2,035
Purchased market risk benefits	10,737		10,423		10,676		9,931		8,745
Other assets	4,678		4,033		3,629		3,391		3,945
Assets held-for-sale	—		562		671		566		681
Separate Accounts assets	109,622		114,853		119,752		123,898		117,577
Assets for market risk benefits	514		490		629		777		701
Total assets	$	244,565	$	252,702	$	261,500	$	269,006	$	260,252

Liabilities
Policyholders’ account balances	$	80,009	$	83,866	$	86,761	$	91,595	$	91,912
Liability for market risk benefits	15,569		15,766		15,061		13,642		13,011
Future policy benefits and other policyholders’ liabilities	16,305		16,603		16,738		16,786		16,647
Broker-dealer related payables	607		715		888		1,522		454

Customers related payables	3,361		3,323		2,595		2,526		2,321
Amounts due to reinsurers	1,348		1,533		1,428		1,404		1,424
Short-term debt	767		759		751		—		—
Long-term debt	3,321		3,322		3,819		3,819		3,820



Notes issued by consolidated variable interest entities, at fair value using the fair value option	1,165		1,150		1,169		1,484		1,541
Other liabilities	7,247		7,108		6,296		6,410		7,412
Liabilities held-for-sale	—		108		158		129		216
Separate Accounts liabilities	109,622		114,853		119,752		123,898		117,577
Total liabilities	239,321		249,106		255,416		263,215		256,335
Redeemable noncontrolling interest	354		455		613		531		636

Equity
Preferred stock	1,562		1,562		1,562		1,562		1,562
Common stock	4		4		4		4		3
Additional paid-in capital	2,027		2,299		2,298		2,297		2,308
Treasury shares	(3,202)		(3,297)		(3,400)		(3,493)		(3,592)
Retained earnings	9,890		9,825		9,806		10,325		11,163
Accumulated other comprehensive income (loss)	(6,870)		(8,992)		(6,516)		(7,142)		(9,802)
Total equity attributable to Holdings	3,411		1,401		3,754		3,553		1,642
Noncontrolling interest	1,479		1,740		1,717		1,707		1,639
Total equity	4,890		3,141		5,471		5,260		3,281
Total liabilities, redeemable noncontrolling interest and equity	$	244,565	$	252,702	$	261,500	$	269,006	$	260,252


	Balances as of
(in millions USD, unless otherwise indicated)	9/30/2022			12/31/2022			3/31/2023			6/30/2023			9/30/2023

Short-term and long-term debt:
Short-term debt
AB commercial paper	$	—		$	—		$	—		$	—		$	—
AB revolving credit facility	—			—			—			—			—
CLO Warehousing Debt (1)	248			239			231			—			—

Current portion of Long-term debt	519			520			520			—			—
Total short-term debt	767			759			751			—			—

Total long-term debt	3,321			3,322			3,819			3,819			3,820

Total short-term and long-term debt: [A]	$	4,088		$	4,081		$	4,570		$	3,819		$	3,820

Equity:
Preferred stock	$	1,562		$	1,562		$	1,562		$	1,562		$	1,562
Common stock	4			4			4			4			3
Additional paid-in capital	2,027			2,299			2,298			2,297			2,308
Treasury stock, at cost	(3,202)			(3,297)			(3,400)			(3,493)			(3,592)
Retained earnings	9,890			9,825			9,806			10,325			11,163
Accumulated other comprehensive income (loss)	(6,870)			(8,992)			(6,516)			(7,142)			(9,802)
Total equity attributable to Holdings	3,411			1,401			3,754			3,553			1,642
Noncontrolling interest	1,479			1,740			1,717			1,707			1,639
Total equity	$	4,890		$	3,141		$	5,471		$	5,260		$	3,281

Total equity attributable to Holdings, (ex. AOCI): [B]	$	10,281		$	10,393		$	10,270		$	10,695		$	11,444

Capital:
Total capitalization (2)	$	7,251		$	5,243		$	8,093		$	7,372		$	5,462
Total capitalization (ex. AOCI): [A+B] (3)	$	14,121		$	14,235		$	14,609		$	14,514		$	15,264

Debt to capital:
Debt to capital (ex. AOCI) (3)	27.2		%	27.0		%	29.7		%	26.3		%	25.0		%

	For the Three Months Ended
Roll-forward of common shares outstanding (millions of shares):
Beginning balance	376.8			370.0			365.0			359.1			350.2
Repurchases	(4.7)			(3.1)			(4.5)			(3.6)			(3.4)
Retirements	(2.3)			(1.9)			(2.8)			(5.3)			(4.9)
Issuances	0.2			—			1.3			0.1			0.1
Ending basic common shares outstanding	370.0			365.0			359.1			350.2			342.0
Total potentially dilutive shares	2.3			2.3			2.2			1.5			1.4
Ending common shares outstanding - maximum potential dilution	372.3			367.3			361.3			351.7			343.4
Notes:


Operating Earnings (Loss) by Segment and Corporate and Other (1/2)

	Three Months Ended September 30, 2023
(in millions USD, unless otherwise indicated)	Individual Retirement		Group Retirement		Inv Mgmt and Research		Protection Solutions		Wealth Management		Legacy		Corporate and Other		Eliminations		Consolidated
Revenues
Policy charges, fee income and premiums	$	169	$	71	$	—	$	516	$	—	$	40	$	70	$	—	$	866
Net investment income (loss)	438		128		(9)		260		4		59		178		20		1,078
Net derivative gains (losses)	(5)		—		9		7		—		—		5		6		22
Investment management, service fees and other income	91		68		1,034		39		386		99		4		(225)		1,496
Segment revenues	693		267		1,034		822		390		198		257		(199)		3,462
Benefits and other deductions
Policyholders’ benefits	20		—		—		512		—		53		114		—		699
Remeasurement of liability for future policy benefits	—		—		—		(16)		—		1		(1)		—		(16)

Interest credited to policyholders’ account balances	186		55		—		137		—		12		166		—		556
Commissions and distribution related payments	69		35		156		37		244		45		4		(185)		405
Amortization of deferred policy acquisition costs	102		14		—		30		—		16		3		—		165
Compensation and benefits, interest expense and financing fees and other operating costs and expense	51		31		658		81		93		20		108		(14)		1,028
Segment benefits and other deductions	428		135		814		781		337		147		394		(199)		2,837
Operating earnings (loss), before income taxes	265		132		220		41		53		51		(137)		—		625
Income Taxes	(55)		(27)		(36)		(7)		(13)		(10)		29		—		(119)
Operating earnings (loss), before noncontrolling interest	210		105		184		34		40		41		(108)		—		506
Less: Operating (earnings) loss attributable to the noncontrolling interest	—		—		(85)		—		—		—		(8)		—		(93)
Operating earnings (loss)	$	210	$	105	$	99	$	34	$	40	$	41	$	(116)	$	—	$	413

	Three Months Ended September 30, 2022
	Individual Retirement		Group Retirement		Inv Mgmt and Research		Protection Solutions		Wealth Management		Legacy		Corporate and Other		Eliminations		Consolidated
Revenues
Policy charges, fee income and premiums	$	158	$	80	$	—	$	502	$	—	$	37	$	86	$	—	$	863
Net investment income (loss)	283		160		(9)		236		1		65		124		24		884
Net derivative gains (losses)	(16)		(13)		15		(13)		—		—		10		4		(13)
Investment Management, service fees and other income	87		60		990		34		352		102		2		(212)		1,415
Segment revenues	512		287		996		759		353		204		222		(184)		3,149
Benefits and other deductions
Policyholders’ benefits	14		—		—		430		—		45		141		—		630
Remeasurement of liability for future policy benefits	(1)		—		—		22		—		(1)		(1)		—		19

Interest credited to policyholders’ account balances	85		79		—		130		—		13		71		—		378
Commissions and distribution related payments	54		33		152		31		231		42		3		(178)		368
Amortization of deferred policy acquisition costs	85		14		—		29		—		16		4		—		148
Compensation and benefits, interest expense and financing fees and other operating costs and expense	47		37		641		79		92		26		117		(6)		1,033
Segment benefits and other deductions	284		163		793		721		323		141		335		(184)		2,576
Operating earnings (loss), before income taxes	228		124		203		38		30		63		(113)		—		573
Income Taxes	(45)		(25)		(35)		(8)		(8)		(13)		22		—		(112)
Operating earnings (loss), before noncontrolling interest	183		99		168		30		22		50		(91)		—		461
Less: Operating (earnings) loss attributable to the noncontrolling interest	—		—		(75)		—		—		—		—		—		(75)
Operating earnings (loss)	$	183	$	99	$	94	$	30	$	22	$	50	$	(92)	$	—	$	386


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

	Nine Months Ended September 30, 2023
(in millions USD, unless otherwise indicated)	Individual Retirement		Group Retirement		Inv Mgmt and Research		Protection Solutions		Wealth Management		Legacy		Corporate and Other		Eliminations		Consolidated
Revenues
Policy charges, fee income and premiums	$	497	$	201	$	—	$	1,560	$	—	$	118	$	228	$	—	$	2,604
Net investment income (loss)	1,169		372		2		719		9		185		562		62		3,080
Net derivative gains (losses)	(15)		(1)		(2)		(11)		—		—		(6)		14		(21)
Investment Management, service fees and other income	277		199		3,043		105		1,134		304		16		(673)		4,405
Segment revenues	1,928		771		3,043		2,373		1,143		607		800		(597)		10,068
Benefits and other deductions
Policyholders’ benefits	63		—		—		1,531		—		160		359		—		2,113
Remeasurement of liability for future policy benefits	—		—		—		(12)		—		1		(8)		—		(19)

Interest credited to policyholders’ account balances	475		157		—		392		—		36		460		—		1,520
Commissions and distribution related payments	192		119		454		107		715		131		13		(553)		1,178
Amortization of deferred policy acquisition costs	283		44		—		89		—		48		8		—		472
Compensation and benefits, interest expense and financing fees and other operating costs and expense	141		89		1,942		238		278		57		330		(44)		3,031
Segment benefits and other deductions	1,154		409		2,396		2,345		993		433		1,162		(597)		8,295
Operating earnings (loss), before income taxes	774		362		647		28		150		174		(362)		—		1,773
Income Taxes	(130)		(61)		(96)		(5)		(36)		(28)		68		—		(288)
Operating earnings (loss), before noncontrolling interest	644		301		551		23		114		146		(294)		—		1,485
Less: Operating (earnings) loss attributable to the noncontrolling interest	—		—		(254)		—		—		—		(13)		—		(267)
Operating earnings (loss)	$	644	$	301	$	297	$	23	$	114	$	146	$	(307)	$	—	$	1,218

	Nine Months Ended September 30, 2022
	Individual Retirement		Group Retirement		Inv Mgmt and Research		Protection Solutions		Wealth Management		Legacy		Corporate and Other		Eliminations		Consolidated
Revenues
Policy charges, fee income and premiums	$	504	$	257	$	—	$	1,507	$	—	$	109	$	241	$	—	$	2,618
Net investment income (loss)	748		503		(58)		760		1		185		361		71		2,571
Net derivative gains (losses)	(34)		(27)		57		(18)		—		—		28		11		17
Investment Management, service fees and other income	272		187		3,135		108		1,096		324		15		(661)		4,476
Segment revenues	1,490		920		3,134		2,357		1,097		618		645		(579)		9,682
Benefits and other deductions
Policyholders’ benefits	45		—		—		1,376		—		119		411		—		1,951
Remeasurement of liability for future policy benefits	(2)		—		—		35		—		1		14		—		48

Interest credited to policyholders’ account balances	211		229		—		380		—		38		143		—		1,001
Commissions and distribution related payments	172		117		487		99		715		144		11		(561)		1,184
Amortization of deferred policy acquisition costs	247		44		—		87		—		49		9		—		436
Compensation and benefits, interest expense and financing fees and other operating costs and expense	118		97		1,939		212		276		59		385		(18)		3,068
Segment benefits and other deductions	791		487		2,426		2,189		991		410		973		(579)		7,688
Operating earnings (loss), before income taxes	699		433		708		168		106		208		(328)		—		1,994
Income Taxes	(127)		(79)		(121)		(31)		(28)		(38)		62		—		(362)
Operating earnings (loss), before noncontrolling interest	572		354		587		137		78		170		(266)		—		1,632
Less: Operating (earnings) loss attributable to the noncontrolling interest	—		—		(256)		—		—		—		2		—		(254)
Operating earnings (loss)	$	572	$	354	$	331	$	137	$	78	$	170	$	(264)	$	—	$	1,378


	Balances as of
(in billions USD, except for Equitable Headcount)	9/30/2022		12/31/2022		3/31/2023		6/30/2023		9/30/2023

Assets Under Management

AB AUM
Total AB	$	612.7	$	646.4	$	675.9	$	691.5	$	669.0
Exclusion for General Account and other Affiliated Accounts	(66.8)		(66.8)		(69.3)		(73.7)		(69.8)
Exclusion for Separate Accounts	(36.1)		(38.2)		(39.5)		(41.0)		(39.3)
AB third party	$	509.8	$	541.4	$	567.2	$	576.8	$	559.9

Total company AUM
AB third party	$	509.8	$	541.4	$	567.2	$	576.8	$	559.9
General Account and other Affiliated Accounts (1) (3) (4)	96.7		97.4		101.2		105.4		103.3
Separate Accounts (2) (3) (4)	109.6		114.9		119.8		123.9		117.6
Total AUM	$	716.1	$	753.6	$	788.1	$	806.1	$	780.8

Total Assets Under Administration (AUA) (5)	$	68.4	$	72.4	$	75.6	$	80.4	$	79.4

Equitable Advisor Headcount
Total Number of Equitable Advisors	4,129		4,258		4,124		4,101		4,141

Notes:

(1) “General Account and Other Affiliated Accounts” refers to assets held in the general accounts of our insurance companies and other assets on which we bear the investment risk.
(2) “Separate Accounts” refers to the separate account investment assets of our insurance subsidiaries excluding any assets on which we bear the investment risk.
(3) As of September 30, 2022, December 31, 2022, March 31, 2023, June 30, 2023 and September 30, 2023, Separate Account and General Account AUM is inclusive of $11.7 billion, $58 million, $12.1 billion, $56 million, $12.3 billion, $54 million, $12.6 billion, $52 million, $11.7 billion and $51 million, respectively, Account Value ceded to Venerable. For additional information on the Venerable transaction see Note 1 of the Notes to Consolidated Financial Statements within the 10-K.
(4) As of September 30, 2023 and December 31, 2022, Separate Account is exclusive of $5.9 billion and $5.6 billion & General Account AUM is exclusive of $3.7 billion and $3.9 billion, respectively, Account Value ceded to Global Atlantic. For additional information on the Global Atlantic transaction see MD&A - Executive Summary “Global Atlantic Reinsurance Transaction" within the 10-K.
(5) Includes Advisory and Brokerage AUA included in our Wealth Management segment.


	For the Three Months Ended												Nine Months Ended
(in millions USD, unless otherwise indicated)	9/30/2022		12/31/2022		3/31/2023		6/30/2023		9/30/2023		Change		9/30/2022		9/30/2023		Change

Insurance Operations

Individual Retirement
First year premiums and deposits	$	2,975	$	2,594	$	2,843	$	3,650	$	3,804	27.9	%	$	8,769	$	10,297	17.4	%
Renewal premium and deposits	14		6		8		10		8		(41.1)	%	37		26		(28.2)	%
Total Gross Premiums	$	2,989	$	2,600	$	2,851	$	3,660	$	3,812	27.5	%	$	8,806	$	10,323	17.2	%

Group Retirement
First year premiums and deposits	$	371	$	392	$	323	$	372	$	343	(7.5)	%	$	1,726	$	1,038	(39.8)	%
Renewal premium and deposits	490		560		574		622		474		(3.3)	%	1,770		1,670		(5.7)	%
Total Gross Premiums	$	861	$	952	$	897	$	994	$	817	(5.1)	%	$	3,496	$	2,708	(22.5)	%

Protection Solutions
First year premiums and deposits	$	101	$	108	$	103	$	107	$	103	2.0	%	$	316	$	313	(1.1)	%
Renewal premium and deposits	668		668		683		662		653		(2.2)	%	1,990		1,998		0.4	%
Total Gross Premiums	$	769	$	776	$	786	$	769	$	756	(1.7)	%	$	2,307	$	2,311	0.2	%

Investment Management and Research (in billions USD)
Gross Sales by distribution channel
Institutional	$	1.9	$	12.6	$	3.0	$	1.5	$	4.3	126.3	%	$	19.5	$	8.8	(54.9)	%
Retail	13.8		14.2		16.8		16.5		16.9		22.5	%	51.7		50.2		(2.9)	%
Private Wealth	4.1		4.1		5.8		4.4		4.0		(2.4)	%	13.4		14.2		6.0	%
Firmwide Gross Sales	$	19.8	$	30.9	$	25.6	$	22.4	$	25.2	27.3	%	$	84.6	$	73.2	(13.5)	%

Gross sales by investment service
Equity Active (3)	$	8.0	$	9.3	$	8.5	$	9.3	$	10.3	28.8	%	$	36.7	$	28.1	(23.4)	%
Equity Passive (1) (3)	0.4		0.1		0.2		0.4		0.4		—	%	1.6		1.0		(37.5)	%
Fixed Income - Taxable (3)	6.1		8.3		11.1		7.6		7.6		24.6	%	17.2		26.3		52.9	%
Fixed Income - Tax-Exempt (3)	3.2		3.6		3.9		3.4		3.8		18.8	%	12.4		11.1		(10.5)	%
Fixed Income Passive (1) (3)	—		—		—		—		0.4		100.0	%	(0.1)		0.4		500.0	%
Alternatives/Multi-Asset Solutions (2) (3)	2.1		9.5		1.9		1.7		2.7		28.6	%	16.8		6.3		(62.5)	%
Firmwide Gross Sales	$	19.8	$	30.9	$	25.6	$	22.4	$	25.2	27.3	%	$	84.6	$	73.2	(13.5)	%

Wealth Management
Sales by Product Type
Advisory	$	2,114	$	1,850	$	2,316	$	2,315	$	2,369	12.0	%	$	7,239	$	7,000	(3.3)	%
Brokerage and Direct	805		907		1,099		1,172		1,272		58.0	%	2,170		3,543		63.3	%
Retirement, Premiums and Deposits	2,713		2,877		3,024		3,231		2,965		9.3	%	7,870		9,220		17.2	%
Total Sales	$	5,632	$	5,634	$	6,439	$	6,718	$	6,606	17.3	%	$	17,278	$	19,763	14.4	%
Notes:

(1) Includes index and enhanced index services.
(2) Includes certain multi-asset solutions and services not included in equity or fixed income services.
(3) AB line item does not cross foot for the nine months ended 2023 due to rounding.


	For the Three Months Ended or As of																Nine Months Ended or As of
(in millions USD, unless otherwise indicated)	9/30/2022		12/31/2022			3/31/2023			6/30/2023			9/30/2023			Change		9/30/2022		9/30/2023			Change

Revenues
Policy charges, fee income and premiums	$	158	$	151		$	163		$	165		$	169		7.0	%	$	504	$	497		(1.4)	%
Net investment income (loss)	283		308			340			391			438			54.8	%	748		1,169			56.3	%
Net derivative gains (losses)	(16)		(8)			(5)			(5)			(5)			68.8	%	(34)		(15)			55.9	%
Investment management, service fees and other income	87		87			90			96			91			4.6	%	272		277			1.8	%
Segment revenues	512		538			588			647			693			35.4	%	1,490		1,928			29.4	%

Benefits and other deductions
Policyholders’ benefits	14		11			24			19			20			42.9	%	45		63			40.0	%
Remeasurement of liability for future policy benefits	(1)		(1)			1			(1)			—			100.0	%	(2)		—			100.0	%
Interest credited to policyholders’ account balances	85		107			129			160			186			118.8	%	211		475			125.1	%
Commissions and distribution-related payments	54		63			60			63			69			27.8	%	172		192			11.6	%
Amortization of deferred policy acquisition costs	85		87			89			92			102			20.0	%	247		283			14.6	%
Compensation and benefits, interest expense and financing fees and other operating costs and expense	47		47			47			43			51			6.4	%	118		141			18.6	%
Segment benefits and other deductions	284		314			350			376			428			50.7	%	791		1,154			45.9	%

Operating earnings (loss), before income taxes	228		224			238			271			265			16.2	%	699		774			10.7	%
Income taxes	(45)		(34)			(38)			(37)			(55)			(22.2)	%	(127)		(130)			(2.4)	%
Operating earnings (loss), before noncontrolling interest	183		190			200			234			210			14.8	%	572		644			12.6	%
Less: Operating (earnings) loss attributable to the noncontrolling interest	—		—			—			—			—			—	%	—		—			—	%
Operating earnings (loss)	$	183	$	190		$	200		$	234		$	210		14.8	%	$	572	$	644		12.6	%

Summary Metrics

Operating earnings (loss) - TTM:	N/A		$	762		$	759		$	807		$	834		(9.6)	%	N/A		$	834		(9.6)	%

Average Account Value (TTM)	$	75,911	$	73,823		$	73,620		$	76,656		$	80,031		5.4	%	$	75,911	$	80,031		5.4	%

Return on assets (TTM)	N/A		1.25		%	1.25		%	1.25		%	1.25		%			N/A		1.25		%

Net flows	$	1,262	$	840		$	932		$	1,501		$	1,663		31.8	%	$	3,093	$	4,096		32.4	%

First year premiums and deposits	$	2,975	$	2,594		$	2,843		$	3,650		$	3,804		27.9	%	$	8,769	$	10,297		17.4	%

In-force Policy Count by Product (in thousands):	583		587			590			596			604					583		604


Individual Retirement - Select Operating Metrics
	For the Three Months Ended or As of										Nine Months Ended or As of
(in millions USD, unless otherwise indicated)	9/30/2022		12/31/2022		3/31/2023		6/30/2023		9/30/2023		9/30/2022		9/30/2023

Sales Metrics
First Year Premiums and Deposits by Product:
SCS	$	2,038	$	1,806	$	1,997	$	2,626	$	2,847	$	6,147	$	7,470
SCS Income	204		186		243		258		214		395		715
Retirement Cornerstone	421		334		300		511		518		1,292		1,329
Investment Edge	271		235		253		216		190		801		659
Other	41		33		50		39		35		134		124
Total First Year Premiums and Deposits	$	2,975	$	2,594	$	2,843	$	3,650	$	3,804	$	8,769	$	10,297

Account Values
General Account:
Balance as of beginning of period	$	34,614	$	34,562	$	37,822	$	41,166	$	45,304	$	36,709	$	37,822
Gross premiums and deposits (1)	2,147		1,942		2,172		2,752		2,951		6,161		7,875
Surrenders, withdrawals and benefits	(723)		(764)		(870)		(955)		(972)		(2,428)		(2,797)
Net flows	1,424		1,178		1,302		1,797		1,979		3,733		5,078
Investment performance, interest credited and policy charges	(1,476)		2,082		2,039		2,341		(951)		(5,880)		3,429
Balance as of end of period	$	34,562	$	37,822	$	41,166	$	45,304	$	46,332	$	34,562	$	46,332
Separate Accounts:
Balance as of beginning of period	$	37,137	$	35,091	$	36,455	$	37,634	$	38,589	$	45,920	$	36,455
Gross premiums and deposits (1)	872		669		699		923		881		2,716		2,502
Surrenders, withdrawals and benefits	(1,034)		(1,007)		(1,069)		(1,219)		(1,197)		(3,356)		(3,484)
Net flows	(162)		(338)		(370)		(296)		(316)		(640)		(982)
Investment performance, interest credited and policy charges	(1,884)		1,702		1,545		1,251		(1,453)		(10,189)		1,343
Balance as of end of period	$	35,091	$	36,455	$	37,634	$	38,589	$	36,820	$	35,091	$	36,820
Total:
Balance as of beginning of period	$	71,751	$	69,653	$	74,277	$	78,800	$	83,893	$	82,629	$	74,277
Gross premiums and deposits (1)	3,019		2,611		2,871		3,675		3,832		8,877		10,377
Surrenders, withdrawals and benefits	(1,757)		(1,771)		(1,939)		(2,174)		(2,169)		(5,784)		(6,281)
Net flows	1,262		840		932		1,501		1,663		3,093		4,096
Investment performance, interest credited and policy charges	(3,360)		3,784		3,584		3,592		(2,404)		(16,069)		4,772
Other	—		—		7		—		—		—		7
Balance as of end of period	$	69,653	$	74,277	$	78,800	$	83,893	$	83,152	$	69,653	$	83,152

Net Amount at Risk (NAR)
Total GMIB NAR	$	18	$	18	$	7	$	12	$	10	$	18	$	10
Total GMWB NAR	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Total GMDB NAR	$	4,804	$	4,248	$	3,458	$	3,294	$	3,755	$	4,804	$	3,755
MRB Reserves (Net of Reinsurance)	$	459	$	588	$	367	$	168	$	354	$	459	$	354
Notes:
(1) Includes deposits from certain other products not reported as first year premiums and deposits or renewal premiums and deposits elsewhere in this document.


	For the Three Months Ended or As of																Nine Months Ended or As of
(in millions USD, unless otherwise indicated)	9/30/2022		12/31/2022			3/31/2023			6/30/2023			9/30/2023			Change		9/30/2022		9/30/2023			Change

Revenues
Policy charges, fee income and premiums	$	80	$	61		$	64		$	66		$	71		(11.3)	%	$	257	$	201		(21.8)	%
Net investment income (loss)	160		121			112			132			128			(20.0)	%	503		372			(26.0)	%
Net derivative gains (losses)	(13)		(3)			(1)			—			—			100.0	%	(27)		(1)			96.3	%
Investment management, service fees and other income	60		59			62			69			68			13.3	%	187		199			6.4	%
Segment revenues	287		238			237			267			267			(7.0)	%	920		771			(16.2)	%

Benefits and other deductions
Policyholder benefits	—		—			—			—			—			—	%	—		—			—	%
Remeasurement of liability for future policy benefits	—		—			—			—			—			—	%	—		—			—	%

Interest credited to policyholders’ account balances	79		52			50			52			55			(30.4)	%	229		157			(31.4)	%
Commissions and distribution-related payments	33		37			37			47			35			6.1	%	117		119			1.7	%
Amortization of deferred policy acquisition costs	14		15			15			15			14			—	%	44		44			—	%
Compensation and benefits, interest expense and financing fees and other operating costs and expense	37		27			29			29			31			(16.2)	%	97		89			(7.3)	%
Segment benefits and other deductions	163		131			131			143			135			(17.2)	%	487		409			(16.0)	%

Operating earnings (loss), before income taxes	124		107			106			124			132			6.5	%	433		362			(16.4)	%
Income taxes	(25)		(15)			(17)			(17)			(27)			(8.0)	%	(79)		(61)			22.8	%
Operating earnings (loss), before noncontrolling interest	99		92			89			107			105			6.1	%	354		301			(15.0)	%
Less: Operating (earnings) loss attributable to the noncontrolling interest	—		—			—			—			—			—	%	—		—			—	%
Operating earnings (loss)	$	99	$	92		$	89		$	107		$	105		6.1	%	$	354	$	301		(15.0)	%

Summary Metrics

Operating earnings (loss) - TTM:	N/A		$	446		$	391		$	387		$	393		(16.6)		N/A		$	393		(16.6)	%

Average Account Value (TTM)	$	43,680	$	39,729		$	36,612		$	35,067		$	33,601		(23.1)	%	$	43,680	$	33,601		(23.1)	%

Return on assets (TTM)	N/A		1.36		%	1.29		%	1.31		%	1.40		%			N/A		1.40		%

Net flows (1)	$	(57)	$	24		$	30		$	(66)		$	(175)		(207.0)	%	$	610	$	(211)		(134.6)	%

Gross premiums and deposits	$	861	$	952		$	897		$	994		$	817		(5.1)	%	$	3,496	$	2,708		(22.5)	%

Notes:

(1) For the three months ended March 31, 2023, three months ended June 30, 2023, three months ended September 30, 2023, and nine months ended September 30, 2023 net outflows of $180 million, $140 million, $172 million, and $492 million are excluded as these amounts are related to ceded AV to Global Atlantic.

Group Retirement - Select Operating Metrics


	For the Three Months Ended or As of										Nine Months Ended or As of
(in millions USD, unless otherwise indicated)	9/30/2022		12/31/2022		3/31/2023		6/30/2023		9/30/2023		9/30/2022		9/30/2023

Sales Metrics
Gross premiums and deposits:
First-year premiums and deposits	$	371	$	392	$	323	$	372	$	343	$	1,726	$	1,038
Renewal premiums and deposits	490		560		574		622		474		1,770		1,670
Group Retirement premiums and deposits	$	861	$	952	$	897	$	994	$	817	$	3,496	$	2,708

Gross premiums and deposits by market:
Tax-exempt	$	293	$	258	$	211	$	275	$	259	$	743	$	745
Corporate	69		103		84		70		53		220		207
Institutional	3		25		25		23		27		747		75
Other	6		6		3		4		4		16		11
Total first year premiums and deposits	371		392		323		372		343		1,726		1,038
Tax-exempt	364		435		428		494		352		1,350		1,274
Corporate	93		87		105		88		94		290		287
Institutional	—		—		—		—		—		—		—
Other	33		38		41		40		28		130		109
Total renewal premiums and deposits	490		560		574		622		474		1,770		1,670
Group Retirement premiums and deposits by market	$	861	$	952	$	897	$	994	$	817	$	3,496	$	2,708

Account Values and Assets under Administration
General Account:
Balance as of beginning of period	$	13,240	$	13,234	$	9,175	$	9,133	$	9,101	$	13,046	$	9,175
Gross premiums and deposits	242		239		201		242		198		870		641
Surrenders, withdrawals and benefits	(304)		(333)		(331)		(352)		(326)		(830)		(1,009)
Net flows (1)	(62)		(94)		(130)		(110)		(128)		40		(368)
Investment performance, interest credited and policy charges (1)	56		87		80		78		43		148		201
Ceded to Global Atlantic (2)	—		(4,052)		—		—		—		—		—
Other (3)	—		—		8		—		—		—		8
Balance as of end of period	$	13,234	$	9,175	$	9,133	$	9,101	$	9,016	$	13,234	$	9,016

Separate Accounts and Mutual Funds
Balance as of beginning of period	$	27,927	$	26,476	$	22,830	$	24,434	$	25,884	$	34,763	$	22,830
Gross premiums and deposits	619		713		697		751		620		2,626		2,068
Surrenders, withdrawals and benefits	(614)		(595)		(537)		(707)		(667)		(2,056)		(1,911)
Net flows (1)	5		118		160		44		(47)		570		157
Investment performance, interest credited and policy charges (1)	(1,456)		1,547		1,422		1,406		(1,004)		(8,857)		1,824
Ceded to Global Atlantic (2)	—		(5,311)		—		—		—		—		—
Other (3)	—		—		22		—		—		—		22
Balance as of end of period	$	26,476	$	22,830	$	24,434	$	25,884	$	24,833	$	26,476	$	24,833

Total:
Balance as of beginning of period	$	41,167	$	39,710	$	32,005	$	33,567	$	34,985	$	47,809	$	32,005
Gross premiums and deposits	861		952		898		993		818		3,496		2,709
Surrenders, withdrawals and benefits	(918)		(928)		(868)		(1,059)		(993)		(2,886)		(2,920)
Net flows (1)	(57)		24		30		(66)		(175)		610		(211)
Investment performance, interest credited and policy charges (1)	(1,400)		1,634		1,502		1,484		(961)		(8,709)		2,025
Ceded to Global Atlantic (2)	—		(9,363)		—		—		—		—		—
Other (3)	—		—		30		—		—		—		30
Balance as of end of period	$	39,710	$	32,005	$	33,567	$	34,985	$	33,849	$	39,710	$	33,849
Notes:


	For the Three Months Ended or As of																	Nine Months Ended or As of
(in millions USD, unless otherwise indicated)	9/30/2022			12/31/2022			3/31/2023			6/30/2023			9/30/2023			Change		9/30/2022			9/30/2023			Change

Revenues
Net investment income (loss)	$	(9)		$	15		$	9		$	2		$	(9)		—	%	$	(58)		$	2		103.4	%
Net derivative gains (losses)	15			(16)			(10)			(1)			9			(40.0)	%	57			(2)			(103.5)	%
Investment management, service fees and other income	990			972			1,010			999			1,034			4.4	%	3,135			3,043			(2.9)	%
Segment revenues	996			971			1,009			1,000			1,034			3.8	%	3,134			3,043			(2.9)	%

Benefits and other deductions
Commissions and distribution-related payments	152			143			148			150			156			2.6	%	487			454			(6.8)	%
Compensation and benefits, interest expense and financing fees and other operating costs and expense	641			598			637			647			658			0.5	%	1,939			1,942			(1.6)	%
Total benefits and other deductions	793			741			785			797			814			2.6	%	2,426			2,396			(1.2)	%

Operating earnings (loss), before income taxes	203			230			224			203			220			8.4	%	708			647			(8.6)	%
Income taxes	(35)			(41)			(36)			(24)			(36)			(2.9)	%	(121)			(96)			20.7	%
Operating earnings (loss), before noncontrolling interest	168			189			188			179			184			9.5	%	587			551			(6.1)	%
Less: Operating (earnings) loss attributable to the noncontrolling interest	(75)			(95)			(89)			(80)			(85)			(13.3)	%	(256)			(254)			0.8	%
Operating earnings (loss)	$	94		$	94		$	99		$	99		$	99		5.3	%	$	331		$	297		(10.3)	%

Summary Metrics

Adjusted operating margin (1)	25.8		%	30.0		%	28.7		%	27.0		%	28.0		%			29.9		%	27.9		%

Net flows (in billions USD)	$	(10.5)		$	(1.9)		$	0.8		$	(4.0)		$	(1.9)				$	(1.8)		$	(5.2)

Total AUM (in billions USD)	$	612.7		$	646.4		$	675.9		$	691.5		$	669.0				$	612.7		$	669.0

Ownership Structure of AB

Holdings and its subsidiaries	62.8		%	59.9		%	60.0		%	59.9		%	60.3		%			62.8		%	60.3		%
AB Holding	36.5		%	39.4		%	39.3		%	39.3		%	39.0		%			36.5		%	39.0		%
Unaffiliated holders	0.7		%	0.7		%	0.7		%	0.8		%	0.7		%			0.7		%	0.7		%
Total	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%			100.0		%	100.0		%

EQH economic interest	64.3		%	61.3		%	61.4		%	61.4		%	61.7		%			64.3		%	61.7		%
EQH average economic interest	64.3		%	62.4		%	61.4		%	61.4		%	61.5		%			64.5		%	61.4		%

Units of limited partnership outstanding (in millions)	272.6			286.0			285.7			285.7			284.0					272.6			284.0
Notes:
(1) Adjusted operating margin is a non-GAAP financial measure used by AllianceBernstein L.P. (“AB”) management in evaluating AB’s financial performance on a standalone basis and to compare its performance, as reported by AB in its public filings. It is not comparable to any other non-GAAP financial measure used herein. During the second quarter of 2023, AB revised adjusted operating income to exclude interest on borrowings. We have recast prior periods presentation to align with the current period presentation.


	For the Three Months Ended or As of
(in billions USD, unless otherwise indicated)	9/30/2022		12/31/2022		3/31/2023		6/30/2023		9/30/2023

AUM Roll-forward
Balance as of beginning of period	$	646.8	$	612.7	$	646.4	$	675.9	$	691.5
Sales/new accounts	19.8		30.9		25.6		22.4		25.2
Redemptions/terminations	(24.9)		(23.2)		(20.6)		(23.1)		(20.3)
Cash flow/unreinvested dividends	(5.4)		(9.6)		(4.2)		(3.3)		(6.8)
Net long-term (outflows) inflows	(10.5)		(1.9)		0.8		(4.0)		(1.9)

Acquisition	12.2		—		—		—		—
Market appreciation (depreciation)	(35.8)		35.6		28.7		19.6		(20.6)
Net change	(34.1)		33.7		29.5		15.6		(22.5)
Balance as of end of period	$	612.7	$	646.4	$	675.9	$	691.5	$	669.0

Ending Assets by distribution channel
Institutions	$	279.4	$	297.3	$	306.6	$	309.2	$	296.9
Retail	232.3		242.9		256.7		266.6		259.2
Private Wealth	101.0		106.2		112.6		115.7		112.9
Total	$	612.7	$	646.4	$	675.9	$	691.5	$	669.0

Ending Assets by investment service
Equity
Actively Managed	$	202.9	$	217.9	$	229.1	$	235.9	$	226.8
Passively Managed (1)	52.1		53.8		56.6		60.5		56.0
Total Equity	$	255.0	$	271.7	$	285.7	$	296.4	$	282.8
Fixed Income
Actively Managed	$	239.1	$	242.8	$	253.7	$	258.4	$	250.6
Passively Managed (1)	9.5		9.4		9.5		9.4		9.4
Total Fixed Income	248.6		252.2		263.2		267.8		260.0
Total Alternatives/Multi-Asset Solutions (2)	109.1		122.5		127.0		127.3		126.2
Total	$	612.7	$	646.4	$	675.9	$	691.5	$	669.0

Notes:

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


Investment Management and Research - Net Flows
	For the Three Months Ended										Nine Months Ended or As of
(in billions USD, unless otherwise indicated)	9/30/2022		12/31/2022		3/31/2023		6/30/2023		9/30/2023		9/30/2022		9/30/2023
Net Flows by Distribution Channel
Institutions
US	$	(0.6)	$	(2.2)	$	—	$	4.0	$	(1.6)	$	0.4	$	2.4
Global and Non-US	(5.7)		3.9		(2.7)		(7.2)		(1.9)		4.2		(11.8)
Total Institutions	$	(6.3)	$	1.7	$	(2.7)	$	(3.2)	$	(3.5)	$	4.6	$	(9.4)
Retail
US	$	(0.3)	$	(0.7)	$	—	$	(1.0)	$	2.5	$	6.2	$	1.5
Global and Non-US	(4.7)		(2.7)		1.6		0.3		(0.9)		(14.4)		1.0
Total Retail	$	(5.0)	$	(3.4)	$	1.6	$	(0.7)	$	1.6	$	(8.2)	$	2.5
Private Wealth
US	$	0.5	$	0.1	$	2.0	$	0.3	$	0.1	$	0.7	$	2.4
Global and Non-US	0.3		(0.3)		(0.1)		(0.4)		(0.1)		1.1		(0.7)
Total Private Wealth	$	0.8	$	(0.2)	$	1.9	$	(0.1)	$	—	$	1.8	$	1.7
Total Net Flows by Distribution Channel	$	(10.5)	$	(1.9)	$	0.8	$	(4.0)	$	(1.9)	$	(1.8)	$	(5.2)
Net Flows by Investment Service
Equity Active
US	$	(0.3)	$	—	$	(1.4)	$	(3.0)	$	1.4	$	5.2	$	(3.0)
Global and Non-US	(4.7)		(2.6)		(2.0)		(3.8)		(1.6)		(5.3)		(7.5)
Total Equity Active	$	(5.0)	$	(2.6)	$	(3.4)	$	(6.8)	$	(0.2)	$	(0.1)	$	(10.5)
Equity Passive (1)
US	$	(0.2)	$	(2.0)	$	(0.6)	$	—	$	(2.6)	$	(0.4)	$	(3.2)
Global and Non-US	(0.7)		(0.3)		(0.2)		(0.3)		0.2		(2.6)		(0.3)
Total Equity Passive (1)	$	(0.9)	$	(2.3)	$	(0.8)	$	(0.3)	$	(2.4)	$	(3.0)	$	(3.5)
Fixed Income - Taxable
US	$	(0.1)	$	(0.2)	$	2.5	$	5.4	$	0.2	$	(1.1)	$	8.1
Global and Non-US	(3.5)		(3.8)		1.0		(0.5)		(2.6)		(12.9)		(2.1)
Total Fixed Income - Taxable	$	(3.6)	$	(4.0)	$	3.5	$	4.9	$	(2.4)	$	(14.0)	$	6.0
Fixed Income - Tax-Exempt
US	$	—	$	(1.0)	$	1.6	$	0.9	$	1.3	$	1.7	$	3.8
Global and Non-US	—		(0.1)		—		—		—		0.1		—
Total Fixed Income - Tax-Exempt	$	—	$	(1.1)	$	1.6	$	0.9	$	1.3	$	1.8	$	3.8
Fixed Income - Passive (1)
US	$	(0.2)	$	(0.3)	$	(0.1)	$	(0.1)	$	0.5	$	0.1	$	0.3
Global and Non-US	(1.9)		—		(0.1)		0.2		(0.1)		(1.1)		—
Total Fixed Income - Passive (1)	$	(2.1)	$	(0.3)	$	(0.2)	$	0.1	$	0.4	$	(1.0)	$	0.3
Alternatives/Multi-Asset Solutions (2)
US	$	0.4	$	0.7	$	—	$	0.1	$	0.2	$	1.8	$	0.3
Global and Non-US	0.7		7.7		0.1		(2.9)		1.2		12.7		(1.6)
Total Alternatives/Multi-Asset Solutions (2)	$	1.1	$	8.4	$	0.1	$	(2.8)	$	1.4	$	14.5	$	(1.3)
Total Net Flows by Investment Service	$	(10.5)	$	(1.9)	$	0.8	$	(4.0)	$	(1.9)	$	(1.8)	$	(5.2)
Active vs. Passive Net Flows
Actively Managed
Equity	$	(5.0)	$	(2.6)	$	(3.4)	$	(6.8)	$	(0.2)	$	(0.1)	$	(10.5)
Fixed Income	(3.6)		(5.1)		5.1		5.8		(1.1)		(12.2)		9.8
Alternatives/Multi-Asset Solutions (2)	0.8		7.6		0.1		(3.0)		1.2		13.3		(1.7)
Total	$	(7.8)	$	(0.1)	$	1.8	$	(4.0)	$	(0.1)	$	1.0	$	(2.4)
Passively Managed (1)
Equity	$	(0.9)	$	(2.3)	$	(0.8)	$	(0.3)	$	(2.4)	$	(3.0)	$	(3.5)
Fixed Income	(2.1)		(0.3)		(0.2)		0.1		0.4		(1.0)		0.3
Alternatives/Multi-Asset Solutions (2)	0.3		0.8		—		0.2		0.2		1.2		0.4
Total	$	(2.7)	$	(1.8)	$	(1.0)	$	—	$	(1.8)	$	(2.8)	$	(2.8)
Total Active vs Passive Net Flows	$	(10.5)	$	(1.9)	$	0.8	$	(4.0)	$	(1.9)	$	(1.8)	$	(5.2)
Notes:

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


	For the Three Months Ended or As of																	Nine Months Ended or As of
(in millions USD, unless otherwise indicated)	9/30/2022			12/31/2022			3/31/2023			6/30/2023			9/30/2023			Change		9/30/2022			9/30/2023			Change

Revenues
Policy charges, fee income and premiums	$	502		$	511		$	520		$	524		$	516		2.8	%	$	1,507		$	1,560		3.5	%
Net investment income (loss)	236			221			217			242			260			10.2	%	760			719			(5.4)	%
Net derivative gains (losses)	(13)			(2)			(2)			(16)			7			153.8	%	(18)			(11)			38.9	%
Investment management, service fees and other income	34			33			32			34			39			14.7	%	108			105			(2.8)	%
Segment revenues	759			763			767			784			822			8.3	%	2,357			2,373			0.7	%

Benefits and other deductions
Policyholders’ benefits	430			520			535			484			512			19.1	%	1,376			1,531			11.3	%
Remeasurement of liability for future policy benefits	22			12			6			(2)			(16)			(172.7)	%	35			(12)			(134.3)	%

Interest credited to policyholders’ account balances	130			131			125			130			137			5.4	%	380			392			3.2	%
Commissions and distribution-related payments	31			43			34			36			37			19.4	%	99			107			8.1	%
Amortization of deferred policy acquisition costs	29			30			29			30			30			3.4	%	87			89			2.3	%
Compensation and benefits, interest expense and financing fees and other operating costs and expense	79			78			80			77			81			—	%	212			238			11.3	%
Segment benefits and other deductions	721			814			809			755			781			8.3	%	2,189			2,345			7.1	%

Operating earnings (loss), before income taxes	38			(51)			(42)			29			41			7.9	%	168			28			(83.3)	%
Income taxes	(8)			11			7			(5)			(7)			12.5	%	(31)			(5)			83.9	%
Operating earnings (loss), before noncontrolling interest	30			(40)			(35)			24			34			13.3	%	137			23			(83.2)	%
Less: Operating (earnings) loss attributable to the noncontrolling interest	—			(1)			—			—			—			—	%	—			—			—	%
Operating earnings (loss)	$	30		$	(41)		$	(35)		$	24		$	34		13.3	%	$	137		$	23		(83.2)	%

Summary Metrics

Operating earnings (loss) - TTM:	N/A			$	97		$	65		$	(21)		$	(18)		(109.4)	%	N/A			$	(18)		(109.4)	%

Benefit ratio	73.8		%	85.3		%	86.0		%	78.3		%	79.0		%			74.5		%	81.0		%

Gross written premiums	$	769		$	776		$	786		$	769		$	756		(1.7)	%	$	2,307		$	2,311		0.2	%

Annualized premiums	$	74		$	74		$	76		$	78		$	79		7.3	%	$	218		$	233		7.0	%

Total in-force face amount (in billions USD) (1)	$	418.3		$	417.0		$	415.5		$	414.7		$	413.2		(1.2)	%	$	418.3		$	413.2		(1.2)	%

Notes:

(1) Total in-force face amount presented on a gross basis including ceded policies.


	For the Three Months Ended or As of										Nine Months Ended or As of
(in millions USD, unless otherwise indicated)	9/30/2022		12/31/2022		3/31/2023		6/30/2023		9/30/2023		9/30/2022		9/30/2023

Sales Metrics
First Year Premiums and Deposits by Product Line:
Universal Life	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Indexed Universal Life	4		5		2		3		4		14		9
Variable Universal Life	71		77		72		76		72		232		220
Term	3		3		3		3		3		10		9
Employee Benefits	23		22		26		25		24		60		75
Other (1)	—		1		—		—		—		—		—
Total	$	101	$	108	$	103	$	107	$	103	$	316	$	313

Renewals by Product Line:
Universal Life	$	207	$	179	$	188	$	179	$	187	$	584	$	554
Indexed Universal Life	74		74		76		73		71		231		220
Variable Universal Life	244		257		258		251		236		732		745
Term	90		96		94		89		88		278		271
Employee Benefits	49		57		63		66		68		154		197
Other (1)	4		5		4		4		3		12		11
Total	668		668		683		662		653		1,990		1,998
Total Gross Premiums	$	769	$	776	$	786	$	769	$	756	$	2,307	$	2,311

In-force Metrics
In-force Face Amount by Product (2) (in billions USD):
Universal Life (3)	$	43.7	$	43.1	$	42.5	$	42.0	$	41.5	$	43.7	$	41.5
Indexed Universal Life	27.6		27.5		27.3		27.2		27.1		27.6		27.1
Variable Universal Life (4)	132.8		133.4		133.9		134.8		135.4		132.8		135.4
Term	213.0		211.9		210.5		209.6		208.1		213.0		208.1
Whole Life	1.2		1.1		1.2		1.1		1.1		1.2		1.1
Total	$	418.3	$	417.0	$	415.5	$	414.7	$	413.2	$	418.3	$	413.2

In-force Policy Count by Product (2) (in thousands):
Universal Life (3)	130		129		127		125		123		130		123
Indexed Universal Life	64		64		64		63		63		64		63
Variable Universal Life (4)	293		293		292		292		292		293		292
Term	259		256		253		251		248		259		248
Whole Life	16		15		15		15		15		16		15
Total	762		757		751		746		741		762		741

Protection Solutions Reserves
General Account	$	18,243	$	18,208	$	18,137	$	18,071	$	17,949	$	18,243	$	17,949
Separate Accounts	12,783		13,634		14,562		15,401		14,782		12,783		14,782
Total	$	31,026	$	31,842	$	32,699	$	33,472	$	32,731	$	31,026	$	32,731

Notes:

(1) For the individual life insurance premiums, Other includes Whole Life insurance and other products available-for-sale but not actively marketed.
(2) Includes individual life insurance and does not include Employee Benefits as it is a start-up business and therefore has immaterial in-force policies.
(3) Universal Life includes Guaranteed Universal Life.
(4) Variable Universal Life includes variable life insurance and corporate-owned life insurance.


	For the Three Months Ended or As of																	Nine Months Ended or As of
(in millions USD, unless otherwise indicated)	9/30/2022			12/31/2022			3/31/2023			6/30/2023			9/30/2023			Change		9/30/2022			9/30/2023			Change

Revenues

Net investment income (loss)	$	1		$	1		$	2		$	3		$	4		300.0	%	$	1		$	9		800.0	%
Net derivative gains (losses)	—			—			—			—			—			—	%	—			—			—	%
Investment management, service fees and other income	352			348			360			388			386			9.7	%	1,096			1,134			3.5	%
Segment revenues	353			349			362			391			390			10.5	%	1,097			1,143			4.2	%

Benefits and other deductions




Commissions and distribution-related payments	231			225			228			243			244			5.6	%	715			715			—	%

Compensation and benefits, interest expense and financing fees and other operating costs and expense	92			94			91			94			93			1.1	%	276			278			0.7	%
Segment benefits and other deductions	323			319			319			337			337			4.3	%	991			993			0.2	%

Operating earnings (loss), before income taxes	30			30			43			54			53			76.7	%	106			150			41.5	%
Income taxes	(8)			(7)			(11)			(12)			(13)			(62.5)	%	(28)			(36)			(28.6)	%
Operating earnings (loss), before noncontrolling interest	22			23			32			42			40			81.8	%	78			114			46.2	%
Less: Operating (earnings) loss attributable to the noncontrolling interest	—			—			—			—			—			—	%	—			—			—	%
Operating earnings (loss)	$	22		$	23		$	32		$	42		$	40		81.8	%	$	78		$	114		46.2	%
																1.2824427480916								1.2824427480916
Revenue by Activity Type

Investment management, service fees and other income :
Investment management and advisory fees	$	125		$	120		$	127		$	134		$	141		13.0	%	$	399		$	402		0.8	%
Distribution fees	219			213			218			239			229			4.6	%	679			685			0.8	%
Interest income	5			8			11			13			13			184.9	%	7			37			469.2	%
Service and other income	3			6			4			3			3			(10.3)	%	12			10			(14.6)	%

Total Investment management, service fees and other income	$	351		$	347		$	360		$	388		$	386		9.8	%	$	1,096		$	1,134		3.4	%
Summary Metrics
Pre-tax operating margin	8.50		%	8.60		%	11.88		%	13.81		%	13.59		%			9.66		%	13.12		%

Net flows	$	1,117		$	575		$	1,418		$	1,345		$	1,560		39.7	%	$	3,937		$	4,323		9.8	%

Total AUA	$	68,393		$	72,406		$	75,640		$	80,421		$	79,359		16.0	%	$	68,393		$	79,359		16.0	%


	For the Three Months Ended or As of										Nine Months Ended or As of
(in millions USD, unless otherwise indicated)	9/30/2022		12/31/2022		3/31/2023		6/30/2023		9/30/2023		9/30/2022		9/30/2023

AUA Roll-forward
Advisory assets :
Beginning assets	$	43,994	$	42,645	$	45,544	$	47,844	$	50,862	$	50,575	$	45,544
Net flows	809		186		828		697		909		3,328		2,434
Market appreciation (depreciation) and other	(2,157)		2,713		1,473		2,321		(1,654)		(11,257)		2,140
Total advisory ending assets	$	42,645	$	45,544	$	47,845	$	50,862	$	50,118	$	42,645	$	50,118

Brokerage and direct assets	$	25,748	$	26,862	$	27,796	$	29,559	$	29,241	$	25,748	$	29,241

Total Wealth Management assets
Beginning assets	$	70,411	$	68,393	$	72,406	$	75,640	$	80,421	$	82,794	$	72,406
Net flows	1,117		575		1,418		1,345		1,560		3,937		4,323
Market appreciation (depreciation) and other	(3,135)		3,437		1,816		3,436		(2,622)		(18,338)		2,630
Total Wealth Management ending assets	$	68,393	$	72,406	$	75,640	$	80,421	$	79,359	$	68,393	$	79,359

Cash balances	$	3,672	$	3,566	$	3,200	$	2,926	$	2,771	$	3,672	$	2,771

Advisors
Advisors	4,129		4,258		4,124		4,101		4,141		4,129		4,141
Revenue per advisor TTM (in thousands USD)	N/A		N/A		$	343	$	350	$	359	N/A		$	359

Sales by Product Type
Advisory	$	2,114	$	1,850	$	2,316	$	2,315	$	2,369	$	7,239	$	7,000
Brokerage and direct	805		907		1,099		1,172		1,272		2,170		3,543
Retirement, premiums and deposits	2,713		2,877		3,024		3,231		2,965		7,870		9,220
Total sales	$	5,632	$	5,634	$	6,439	$	6,718	$	6,606	$	17,278	$	19,763


	For the Three Months Ended or As of																Nine Months Ended or As of
(in millions USD, unless otherwise indicated)	9/30/2022		12/31/2022			3/31/2023			6/30/2023			9/30/2023			Change		9/30/2022		9/30/2023			Change

Revenues
Policy charges, fee income and premiums	$	37	$	30		$	34		$	44		$	40		8.1	%	$	109	$	118		8.3	%
Net investment income (loss)	65		67			66			60			59			(9.2)	%	185		185			—	%
Net derivative gains (losses)	—		—			—			—			—			—	%	—		—			—	%
Investment management, service fees and other income	102		104			106			99			99			(2.9)	%	324		304			(6.2)	%
Segment revenues	204		201			206			203			198			(2.9)	%	618		607			(1.8)	%

Benefits and other deductions
Policyholders’ benefits	45		48			46			61			53			17.8	%	119		160			34.5	%
Remeasurement of liability for future policy benefits	(1)		(1)			—			—			1			200.0	%	1		1			—	%

Interest credited to policyholders’ account balances	13		11			12			12			12			(7.7)	%	38		36			(5.3)	%
Commissions and distribution-related payments	42		43			43			43			45			7.1	%	144		131			(9.0)	%
Amortization of deferred policy acquisition costs	16		16			16			16			16			—	%	49		48			(2.0)	%
Compensation and benefits, interest expense and financing fees and other operating costs and expense	26		7			18			19			20			(23.1)	%	59		57			(3.4)	%
Segment benefits and other deductions	141		124			135			151			147			4.3	%	410		433			5.6	%

Operating earnings (loss), before income taxes	63		77			71			52			51			(19.0)	%	208		174			(16.3)	%
Income taxes	(13)		(12)			(11)			(7)			(10)			23.1	%	(38)		(28)			26.3	%
Operating earnings (loss), before noncontrolling interest	50		65			60			45			41			(18.0)	%	170		146			(14.1)	%
Less: Operating (earnings) loss attributable to the noncontrolling interest	—		—			—			—			—			—	%	—		—			—	%
Operating earnings (loss)	$	50	$	65		$	60		$	45		$	41		(18.0)	%	$	170	$	146		(14.1)	%

Summary Metrics

Operating earnings (loss) - TTM:	N/A		$	235		$	232		$	220		$	211		N/A		N/A		$	211		N/A

Average Account Value (TTM)	$	24,854	$	22,905		$	21,721		$	21,686		$	21,696		N/A		$	24,854	$	21,696		N/A

Return on assets (TTM)	N/A		1.24		%	1.29		%	1.21		%	1.16		%			N/A		1.16		%




Net flows (1)	$	(499)	$	(589)		$	(523)		$	(569)		$	(554)		(11.0)	%	$	(1,643)	$	(1,646)		(0.2)	%

In-force Policy Count by Product (in thousands) (2):	303		299			293			287			281					303		281

Notes:
Some financial metrics have been revised for prior periods; for additional information, please refer to the 10-Q
(1) Net flows excluded as it relates to AV ceded to Venerable for the discrete periods of September 30, 2022, December 31, 2022, March 31, 2023, June 30, 2023, September 30, 2023 and for the nine months ended September 30, 2022 and 2023 were $(312) million, $(292) million, $(292) million, $(269) million, $(263) million, $(840) million and $(824) million, respectively.
(2) As of September 30, 2022, December 31, 2022, March 31, 2023, June 30, 2023 and September 30, 2023, In-force Policy Count by Product presented on a gross basis includes 101 thousand, 99 thousand, 98 thousand, 96 thousand and 94 thousand ceded policies, respectively, related to the Venerable transaction.


Legacy - Select Operating Metrics
	For the Three Months Ended or As of										Nine Months Ended or As of
(in millions USD, unless otherwise indicated)	9/30/2022		12/31/2022		3/31/2023		6/30/2023		9/30/2023		9/30/2022		9/30/2023


















Account Values
General Account:
Balance as of beginning of period	$	960	$	947	$	925	$	905	$	887	$	988	$	925
Net flows (1)	(20)		(27)		(26)		(24)		(18)		(60)		(68)
Investment performance, interest credited and policy charges (2)	7		5		6		6		7		19		19
Ceded to Venerable	—		—		—		—		—		—		—
Balance as of end of period	$	947	$	925	$	905	$	887	$	876	$	947	$	876
Separate Accounts:
Balance as of beginning of period	$	21,553	$	19,922	$	20,557	$	21,115	$	21,485	$	28,287	$	20,557
Net flows (1)	(479)		(562)		(497)		(545)		(536)		(1,583)		(1,578)
Investment performance, interest credited and policy charges (2)	(1,152)		1,197		1,055		915		(916)		(6,782)		1,054
Ceded to Venerable	—		—		—		—		—		—		—
Balance as of end of period	$	19,922	$	20,557	$	21,115	$	21,485	$	20,033	$	19,922	$	20,033
Total:
Balance as of beginning of period	$	22,513	$	20,869	$	21,482	$	22,020	$	22,372	$	29,275	$	21,482
Net flows (1)	(499)		(589)		(523)		(569)		(554)		(1,643)		(1,646)
Investment performance, interest credited and policy charges (2)	(1,145)		1,202		1,061		921		(909)		(6,763)		1,073
Ceded to Venerable	—		—		—		—		—		—		—
Balance as of end of period	$	20,869	$	21,482	$	22,020	$	22,372	$	20,909	$	20,869	$	20,909
Net Amount at Risk (NAR)
Total GMIB NAR (3)	$	3,535	$	3,211	$	3,135	$	2,992	$	2,767	$	3,535	$	2,767
Total GMDB NAR (3)	$	12,207	$	11,428	$	10,696	$	10,082	$	10,690	$	12,207	$	10,690
MRB Reserves (Net of Reinsurance)	$	3,877	$	4,287	$	3,414	$	2,797	$	3,243	$	3,877	$	3,243


Notes:
(1) Net flows excluded as it relates to AV ceded to Venerable for the discrete periods of September 30, 2022, December 31, 2022, March 31, 2023, June 30, 2023, September 30, 2023 and for the nine months ended September 30, 2022 and 2023 were $(312) million, $(292) million, $(292) million, $(269) million, $(263) million, $(840) million and $(824) million, respectively.
(2) Investment performance, interest credited and policy charges of $(721) million, $689 million, $575 million, 508 million, $(586) million, $(4.1) billion, and $497 million for the three months ended September 30, 2022, December 31, 2022, March 31, 2023, June 30, 2023, September 30, 2023 and for the nine months ended September 30, 2022 and 2023, respectively, are not included as it excludes activity related to ceded AV to Venerable.
(3) Balance for the three months ended March 31, 2023 was revised from previously filed financial statement supplement.


	Balances as of
(in millions USD, unless otherwise indicated)	December 31, 2022				September 30, 2023
	Amount (1)		% of Total		Amount (1)		% of Total
Composition of investment portfolio
Fixed maturities, available-for-sale, at fair value	$	63,361	65.1	%	$	63,470	61.4	%
Fixed maturities, at fair value using the fair value option	1,508		1.5	%	1,634		1.6	%
Mortgage loans on real estate	16,481		16.9	%	17,655		17.1	%
Policy loans	4,033		4.1	%	4,089		4.0	%
Other equity investments	3,152		3.2	%	3,272		3.2	%
Other invested assets	3,885		4.0	%	6,080		5.9	%
Subtotal investment assets	92,420		94.9	%	96,200		93.1	%
Trading securities	677		0.7	%	1,009		1.0	%
Total investments	93,097		95.6	%	97,209		94.1	%
Cash and cash equivalents	4,281		4.4	%	6,096		5.9	%
Total	$	97,378	100.0	%	$	103,305	100.0	%

General Account AFS Fixed maturities by industry (Based on amortized cost)
Corporate securities:
Finance	$	13,537	18.7	%	$	13,792	18.7	%
Manufacturing	11,797		16.3	%	11,458		15.5	%
Utilities	6,808		9.4	%	6,786		9.2	%
Services	8,299		11.5	%	8,339		11.3	%
Energy	3,740		5.2	%	3,836		5.2	%
Retail and wholesale	3,394		4.7	%	3,419		4.6	%
Transportation	2,277		3.2	%	2,459		3.3	%
Other	124		0.2	%	132		0.2	%
Total corporate securities	49,976		69.2	%	50,221		68.1	%
U.S. government and agency	7,054		9.8	%	5,744		7.8	%
Residential mortgage-backed (2)	908		1.3	%	1,791		2.4	%
Preferred stock	41		0.1	%	41		0.1	%
State & municipal	609		0.8	%	615		0.8	%
Foreign governments	985		1.4	%	821		1.1	%
Commercial mortgage-backed	3,823		5.3	%	4,051		5.5	%
Asset-backed securities	8,859		12.3	%	10,466		14.2	%
Total	$	72,255	100.0	%	$	73,750	100.0	%

General Account AFS Fixed maturities credit quality (3) (Based on amortized cost)
Aaa, Aa, A (NAIC Designation 1)	$	44,612	61.7	%	$	46,888	63.6	%
Baa (NAIC Designation 2)	24,843		34.4	%	24,299		32.9	%
Investment grade	69,455		96.1	%	71,187		96.5	%
Below investment grade (NAIC Designation 3 and 4)	2,800		3.9	%	2,563		3.5	%
Total	$	72,255	100.0	%	$	73,750	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.


	For the Nine Months Ended or As of								Years Ended or As of
(in millions USD, unless otherwise indicated)	September 30, 2022				September 30, 2023				December 31, 2022
	Yield		Amount (2)		Yield		Amount (2)		Yield		Amount (2)
Fixed Maturities:
Income (loss)	3.52	%	$	1,935	4.11	%	$	2,251	3.57	%	$	2,619
Ending assets			74,565				73,776				72,255
Mortgages:
Income (loss)	3.87	%	424		4.66	%	599		3.92	%	587
Ending assets			15,688				17,655				16,481
Other Equity Investments (1):
Income (loss)	7.80	%	188		3.40	%	89		5.21	%	171
Ending assets			3,468				3,389				3,433
Policy Loans:
Income	5.30	%	160		5.21	%	158		5.35	%	215
Ending assets			4,018				4,089				4,033
Cash and Short-term Investments: (3)
Income (loss)	(0.83)	%	(12)		(2.88)	%	(66)		(1.44)	%	(24)
Ending assets			563				2,822				1,419
Funding Agreements:
Interest expense and other			(82)				(326)				(156)
Ending (liabilities)			(7,830)				(8,175)				(8,501)
Total invested Assets:
Income (loss)	3.86	%	2,613		3.92	%	2,706		3.79	%	3,412
Ending assets			90,472				93,557				89,120
Short Duration Fixed Maturities:
Income (loss)	3.53	%	4		3.96	%	2		3.62	%	5
Ending assets			117				62				87
Total Net Investment Income:
Investment income	3.86	%	2,617		3.92	%	2,708		3.79	%	3,417
Less: investment fees (4)	(0.15)	%	(101)		(0.18)	%	(123)		(0.15)	%	(138)
Investment income, net	3.71	%	$	2,516	3.74	%	$	2,585	3.63	%	$	3,279
General Account Ending Net Assets			$	90,589			$	93,619			$	89,207
Operating Earnings adjustments:
Funding Agreements interest expense			82				326				156
AB and other non-General Account investment income			(27)				170				84
Operating Net investment income (loss)			$	2,571			$	3,080			$	3,519
Notes:

(1) Includes, as of September 30, 2022, September 30, 2023 and December 31, 2022, $370 million, $436 million and $400 million of other invested assets. Amounts for certain consolidated VIE investments are shown net of associated non-controlling interest.
(2) Amount for fixed maturities and mortgages represents original cost, reduced by repayments, write-downs, adjusted amortization of premiums, accretion of discount and allowances. Cost for equity securities represents original cost reduced by write-downs; cost for other limited partnership interests represents original cost adjusted for equity in earnings and reduced by distributions.
(3) Cash and Short-term net of collateral expense.
(4) Investment fees are inclusive of investment management fees paid to AB.


	For the Three Months Ended or As of										Nine Months Ended or As of
(in millions USD, unless otherwise indicated)	9/30/2022		12/31/2022		3/31/2023		6/30/2023		9/30/2023		9/30/2022		9/30/2023

TOTAL
Beginning balance	$	6,254	$	6,322	$	6,369	$	6,419	$	6,512	$	6,113	$	6,369
Capitalization of commissions, sales and issue expenses	215		198		202		248		252		644		702
Amortization	(147)		(151)		(152)		(155)		(165)		(435)		(472)
Ending balance	$	6,322	$	6,369	$	6,419	$	6,512	$	6,599	$	6,322	$	6,599

Individual Retirement
Beginning balance	$	3,127	$	3,180	$	3,219	$	3,264	$	3,347	$	3,013	$	3,219
Capitalization of commissions, sales and issue expenses	137		126		134		175		181		413		490
Amortization	(84)		(87)		(89)		(92)		(102)		(246)		(283)
Ending balance	$	3,180	$	3,219	$	3,264	$	3,347	$	3,426	$	3,180	$	3,426

Group Retirement
Beginning balance	$	785	$	792	$	800	$	804	$	808	$	771	$	800
Capitalization of commissions, sales and issue expenses	22		23		19		19		20		65		58
Amortization	(15)		(15)		(15)		(15)		(14)		(44)		(44)
Ending balance	$	792	$	800	$	804	$	808	$	814	$	792	$	814

Protection Solutions
Beginning balance	$	1,596	$	1,614	$	1,630	$	1,644	$	1,660	$	1,559	$	1,630
Capitalization of commissions, sales and issue expenses	47		46		43		46		46		142		135
Amortization	(29)		(30)		(29)		(30)		(30)		(87)		(89)
Ending balance	$	1,614	$	1,630	$	1,644	$	1,660	$	1,676	$	1,614	$	1,676

Legacy
Beginning balance	$	614	$	606	$	593	$	583	$	575	$	631	$	593
Capitalization of commissions, sales and issue expenses	9		3		6		8		5		25		19
Amortization	(17)		(16)		(16)		(16)		(16)		(50)		(48)
Ending balance	$	606	$	593	$	583	$	575	$	564	$	606	$	564

Corporate and Other
Beginning balance	$	132	$	130	$	127	$	124	$	122	$	139	$	127
Capitalization of commissions, sales and issue expenses	—		—		—		—		—		(1)		—
Amortization	(2)		(3)		(3)		(2)		(3)		(8)		(8)
Ending balance	$	130	$	127	$	124	$	122	$	119	$	130	$	119


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

In the third quarter 2023, the Company updated its operating earnings measure to exclude the impact of the annual actuarial assumption update attributable to LFPB as the majority of the earnings volatility attributable to these assumption updates relate to the Company’s Legacy and non-business segment products and as such do not represent the Company’s ongoing revenue generating activities or future business strategy, and impedes comparability of operating results period over period. Non-GAAP Operating Earnings were favorably impacted by this change in the amount of $61 million for the three and nine months ended September 30, 2023, respectively. The presentation of operating earnings in prior periods was not revised to reflect this modification because the impact to those periods was immaterial.
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.


	For the Three Months Ended or As of										Nine Months Ended or As of
(in millions USD, unless otherwise indicated)	9/30/2022		12/31/2022		3/31/2023		6/30/2023		9/30/2023		9/30/2022		9/30/2023

Net income (loss) attributable to Holdings
Net income (loss) attributable to Holdings	$	594	$	62	$	177	$	759	$	1,064	$	2,091	$	2,000
Adjustments related to:
Variable annuity product features (4)	(675)		129		861		(65)		(1,380)		(2,322)		(584)
Investment gains (losses), net	333		55		87		56		411		890		554

Net actuarial gains (losses) related to pension and other postretirement benefit obligations	19		25		9		9		8		57		26
Other adjustments (1) (5)	50		150		45		62		91		455		198
Income tax (expense) benefit related to above adjustments	58		(76)		(210)		(13)		183		194		(40)
Non-recurring tax items (3)	7		3		(605)		(367)		36		13		(936)
Non-GAAP Operating Earnings	$	386	$	348	$	364	$	441	$	413	$	1,378	$	1,218

Net income (loss) attributable to Holdings (2)	$	1.58	$	0.17	$	0.49	$	2.13	$	3.06	$	5.45	$	5.62
Less: Preferred stock dividends	0.04		0.07		0.04		0.07		0.04		0.14		0.15
Net income (loss) available to Holdings' common shareholders	1.54		0.10		0.45		2.06		3.02		5.31		5.47
Adjustments related to:
Variable annuity product features (4)	(1.79)		0.35		2.36		(0.18)		(3.97)		(6.06)		(1.64)
Investment gains (losses), net	0.88		0.15		0.24		0.16		1.18		2.32		1.56

Net actuarial gains (losses) related to pension and other postretirement benefit obligations	0.05		0.07		0.02		0.03		0.02		0.15		0.07
Other adjustments (1) (5)	0.13		0.39		0.13		0.17		0.27		1.20		0.55
Income tax (expense) benefit related to above adjustments	0.15		(0.20)		(0.58)		(0.04)		0.53		0.51		(0.11)
Non-recurring tax items (3)	0.02		0.01		(1.66)		(1.03)		0.10		0.03		(2.63)
Non-GAAP Operating Earnings (loss) available to Holdings' common shareholders	$	0.99	$	0.87	$	0.96	$	1.17	$	1.15	$	3.46	$	3.27

Book Value per common share
Book Value per common share	$	5.00	$	(0.44)	$	6.10	$	5.69	$	0.23	$	5.00	$	0.23
Less: Per share impact of AOCI	(18.57)		(24.63)		(18.15)		(20.39)		(28.66)		(18.57)		(28.66)
Book value per common share (ex. AOCI)	$	23.56	$	24.19	$	24.25	$	26.08	$	28.90	$	23.56	$	28.90



Notes:

(1) Includes certain gross legal expenses related to the cost of insurance litigation and claims related to a commercial relationship of $0 million and $35 million for the three and nine months ended September 30, 2023, respectively and $2 million and $168 million for the three and nine months ended September 30, 2022, respectively. Includes policyholder benefit costs of $75 million for the nine months ended September 30, 2022 stemming from a deal to repurchase UL policies from one entity that had invested in numerous policies purchased in the life settlement market.Includes the impact of unfavorable annual actuarial assumptions updates related to LFPB of $61 million for the three and nine months ended September 30, 2023. Prior period impact was immaterial and was not revised. The legal accruals impact per common share is $0.00 and $0.10 for the three and nine months ended September 30, 2023, respectively and $0.01 and $0.44 for the three and nine months ended September 30, 2022, respectively. Includes policyholder benefit costs of $0.20 for the nine months ended September 30, 2022 stemming from a deal to repurchase UL policies from one entity that had invested in numerous policies purchased in the life settlement market. Includes the impact of unfavorable annual actuarial assumptions updates related to LFPB of $0.18 and $0.17 for the three and nine months ended September 30, 2023. Prior period impact was immaterial and was not revised.

(2) For periods with a net loss, dilutive shares were not included in the calculation of net income (loss) available to shareholders per common share or Non-GAAP Operating Earnings per common share as inclusion of such shares would have an anti-dilutive effect.
(3)For the three and nine months ended September 30, 2023, non-recurring tax items reflect primarily the effect of uncertain tax positions for a given audit period and an increase to the tax valuation allowance of $20 million and a decrease of $970 million, respectively, as well as $0.06 and $2.73, respectively.
(4) Includes the impact of favorable assumption updates of $40 million or $0.11 and $0.67 for the three and nine months ended September 30, 2023. Includes the impact of unfavorable assumption updates of $204 million or $0.54 and $0.53 for the three and nine months ended September 30, 2022.
(5) Includes Non-GMxB related derivative hedge losses of ($16) million and ($7) million for the three and nine months ended September 30, 2023, respectively and ($28) million and ($68) million for the three and nine months ended September 30, 2022, respectively. Includes Non-GMxB related derivative hedge losses of ($0.05) and ($0.02) for the three and nine months ended September 30, 2023, respectively and $(0.07) and $(0.18) for the three and nine months ended September 30, 2022, respectively.


Reconciliation of Non-GAAP Measures (2/3)

	As of and for the Twelve Months Ended
(in millions USD, unless otherwise indicated)	3/31/2023			6/30/2023			9/30/2023

Net Income to Non-GAAP Operating Earnings
Net income (loss) attributable to Holdings	$	1,800		$	1,592		$	2,062
Adjustments related to:
Variable annuity product features	(716)			250			(455)
Investment (gains) losses	706			531			609

Net actuarial (gains) losses related to pension and other postretirement benefit obligations	72			62			51
Other adjustments	422			307			348
Income tax (expense) benefits related to above adjustments	(101)			(241)			(116)
Non-recurring tax items	(592)			(962)			(933)
Non-GAAP Operating Earnings	$	1,591		$	1,539		$	1,566

Return on Equity and Non-GAAP Operating Return on Equity - Trailing twelve months
Net income (loss) attributable to Holdings	$	1,800		$	1,592		$	2,062
Less: Preferred stock	(80)			(80)			(80)
Net income (loss) available to Holdings' common shareholders	$	1,720		$	1,512		$	1,982
Average equity attributable to Holdings' common shareholders (ex. AOCI)	$	8,641		$	8,848		$	9,139

Return on Equity (ex. AOCI)	19.9		%	17.1		%	21.7		%

Non-GAAP Operating Earnings	$	1,591		$	1,539		$	1,566
Less: Preferred stock	(80)			(80)			(80)
Non-GAAP Operating Earnings available to Holdings' common shareholders	$	1,511		$	1,459		$	1,486
Average equity attributable to Holdings' common shareholders (ex. AOCI)	$	8,641		$	8,848		$	9,139

Non-GAAP Operating Return on Equity (ex. AOCI)	17.5		%	16.5		%	16.3		%


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

Analyst Coverage

Firm

Analyst

Phone Number

Barclays

Tracy Benguigui

1 (212) 526-1561

Citi

Michael Ward

1 (212) 816-4269

Deutsche Bank

Cave Montazeri

1 (212) 250-2798

Dowling & Partners

Joel Hurwitz

1 (860) 676-7312

Evercore ISI

Thomas Gallagher

1 (212) 446-9439

Goldman Sachs

Alex Scott

1 (212) 902-9592

Jefferies

Suneet Kamath

1 (212) 778-8602

J.P. Morgan

Jimmy Bhullar

1 (212) 622-6397

Keefe, Bruyette, & Woods

Ryan Krueger

1 (860) 722-5930

Morgan Stanley

Nigel Dally

1 (212) 761-4132

Raymond James

Wilma Burdis

1 (727) 567-9371

Truist Securities

Mark Hughes

1 (615) 748-4422

UBS

Brian Meredith

1 (212) 713-2492

Wells Fargo Securities

Elyse Greenspan

1 (212) 214-8031

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

Ratings

A.M. Best

S&P

Moody’s

Last review date

Feb '23

Jun '23

May '23

Financial Strength Ratings:

Equitable Financial Life Insurance Company

A+

Equitable Financial Life Insurance Company of America

A+

Credit Ratings:

Equitable Holdings, Inc.

bbb+

BBB+

Baa1

AllianceBernstein L.P. (1)

—

Investor and Media Contacts

Contact Investor Relations

Contact Media Relations

Erik Bass

Thomas Lewis

Jake Miller

Sophia Kim

(212) 314-2476

(212) 314-2010

IR@equitable.com

MediaRelations@equitable.com

ir.equitableholdings.com

www.equitableholdings.com

Notes:

(1) Last review dates: S&P as of Sep '23, Moody’s as of Aug '23.






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.


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, before income taxes, divided by trailing twelve months average account value.
Return on Equity (ex. AOCI) - Calculated as trailing twelve months net income (loss) attributable to Holdings' common shareholders divided by average equity attributable to Holdings' common shareholders, excluding Accumulated Other Comprehensive Income (“AOCI”).
Revenue per advisor - Calculated as trailing twelve months revenue, divided by the average number of advisors for each of the most recent four quarters
Trailing Twelve Months ("TTM") - The twelve calendar months preceding the balance sheet date of a given reporting period.


Wealth Management - Operating Earnings (Loss) and Summary Metrics


Reconciliation of Non-GAAP Measures (3/3)

	Balances as of
(in millions USD, unless otherwise indicated)	6/30/2022		9/30/2022		12/31/2022		3/31/2023		6/30/2023		9/30/2023

Equity Reconciliation - Quarter-end Balances
Total equity attributable to Holdings' shareholders	$	5,702	$	3,411	$	1,401	$	3,754	$	3,553	$	1,642
Less: Preferred Stock	1,562		1,562		1,562		1,562		1,562		1,562
Total equity attributable to Holdings' common shareholders	4,140		1,849		(161)		2,192		1,991		80
Less: Accumulated other comprehensive income (loss)	(4,165)		(6,870)		(8,992)		(6,516)		(7,142)		(9,802)
Total equity attributable to Holdings' common shareholders (ex. AOCI)	$	8,305	$	8,719	$	8,831	$	8,708	$	9,133	$	9,882