Document


	For the Three Months Ended or As of																	Nine Months Ended or As of
(in millions USD, unless otherwise indicated)	9/30/2023			12/31/2023			3/31/2024			6/30/2024			9/30/2024			Change		9/30/2023			9/30/2024			Change

Net income (loss)	$	1,135		$	(589)		$	217		$	565		$	26		(97.7)	%	$	2,232		$	808		(63.8)	%
Net income (loss) attributable to the noncontrolling interest	(71)			(109)			(103)			(137)			(160)			(125.4)	%	(232)			(400)			(72.4)	%
Net income (loss) attributable to Holdings	$	1,064		$	(698)		$	114		$	428		$	(134)		(112.6)	%	$	2,000		$	408		(79.6)	%

Non-GAAP Operating Earnings (1)	$	413		$	476		$	490		$	494		$	501		21.3	%	$	1,218		$	1,485		21.9	%

Total equity attributable to Holdings' shareholders	$	1,642		$	2,649		$	2,032		$	1,644		$	3,220		96.1	%	$	1,642		$	3,220		96.1	%
Less: Preferred Stock	1,562			1,562			1,562			1,562			1,562			—	%	1,562			1,562			—	%
Total equity attributable to Holdings' common shareholders	80			1,087			470			82			1,658			N/M		80			1,658			N/M
Less: Accumulated other comprehensive income (loss)	(9,802)			(7,777)			(8,166)			(8,645)			(6,595)			32.7	%	(9,802)			(6,595)			32.7	%
Total equity attributable to Holdings' common shareholders (ex. AOCI)	$	9,882		$	8,864		$	8,636		$	8,727		$	8,253		(16.5)	%	$	9,882		$	8,253		(16.5)	%

Return on Equity (ex. AOCI) - TTM	21.7		%	13.4		%	12.8		%	9.2		%	(4.2)		%			21.7		%	(4.2)		%
Non-GAAP Operating ROE (1)	16.3		%	17.6		%	19.2		%	19.8		%	21.2		%			16.3		%	21.2		%

Debt to capital:
Debt to Capital (ex. AOCI)	25.0		%	28.1		%	27.3		%	27.1		%	28.1		%			25.0		%	28.1		%

Per common share:
Diluted earnings per common share: (2)
Net income (loss) attributable to Holdings	$	3.02		$	(2.15)		$	0.30		$	1.23		$	(0.47)		(115.4)	%	$	5.47		$	1.08		(80.2)	%
Non-GAAP Operating Earnings (1)	$	1.15		$	1.33		$	1.43		$	1.43		$	1.53		33.5	%	$	3.27		$	4.37		33.5	%
Book value per common share	$	0.23		$	3.26		$	1.43		$	0.25		$	5.26		N/M		$	0.23		$	5.26		N/M
Book value per common share (ex. AOCI)	$	28.90		$	26.56		$	26.36		$	27.14		$	26.16		(9.5)	%	$	28.90		$	26.16		(9.5)	%

Weighted-average common shares outstanding:
Basic	346.4			337.2			330.2			324.2			318.2			(8.1)	%	354.4			324.2			(8.5)	%
Diluted	348.0			337.2			332.7			327.3			318.2			(8.6)	%	355.9			327.7			(7.9)	%

Ending common shares outstanding	342.0			333.8			327.6			321.6			315.5			(7.7)	%	342.0			315.5			(7.7)	%

Return to common shareholders:
Common stock dividend	$	77		$	74		$	73		$	78		$	76				$	227		$	227
Repurchase of common shares	238			241			253			247			254					678			754
Total capital returned to common shareholders	$	315		$	315		$	326		$	325		$	330				$	905		$	981

Market Values:
S&P 500	4,288			4,770			5,254			5,460			5,762			34.4	%	4,288			5,762			34.4	%
US 10-Year Treasury	4.6		%	3.9		%	4.2		%	4.4		%	3.7		%			4.6		%	3.7		%

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)	9/30/2023		12/31/2023		3/31/2024		6/30/2024		9/30/2024		Change		9/30/2023		9/30/2024		Change

Revenues
Policy charges and fee income	$	599	$	599	$	614	$	617	$	626	4.5	%	$	1,781	$	1,857	4.3	%
Premiums	267		281		275		282		313		17.2	%	823		870		5.7	%
Net derivative gains (losses)	615		(1,254)		(1,376)		(208)		(714)		(216.1)	%	(1,143)		(2,298)		(101.0)	%
Net investment income (loss)	1,071		1,223		1,219		1,166		1,309		22.2	%	3,097		3,694		19.3	%
Investment gains (losses), net	(411)		(159)		(39)		(16)		(46)		88.8	%	(554)		(101)		81.8	%
Investment management and service fees	1,217		1,241		1,278		1,240		1,287		5.8	%	3,579		3,805		6.3	%
Other income	266		239		259		429		301		13.2	%	775		989		27.6	%
Total revenues	3,624		2,170		2,230		3,510		3,076		(15.1)	%	8,358		8,816		5.5	%

Benefits and other deductions
Policyholders’ benefits	693		647		677		667		663		(4.3)	%	2,107		2,007		(4.7)	%
Remeasurement of liability for future policy benefits	49		29		1		(8)		16		(67.3)	%	46		9		(80.4)	%
Change in market risk benefits and purchased market risk benefits	(817)		(35)		(1,100)		(133)		79		109.7	%	(1,772)		(1,154)		34.9	%
Interest credited to policyholders’ account balances	556		563		566		605		708		27.3	%	1,520		1,879		23.6	%
Compensation and benefits	593		586		620		577		571		(3.7)	%	1,742		1,768		1.5	%
Commissions and distribution related payments	405		412		437		463		485		19.8	%	1,178		1,385		17.6	%
Interest expense	55		57		57		62		55		—	%	171		174		1.8	%
Amortization of deferred policy acquisition costs	165		169		172		169		184		11.5	%	472		525		11.2	%
Other operating costs and expenses	450		559		553		427		329		(26.9)	%	1,339		1,309		(2.2)	%
Total benefits and other deductions	2,149		2,987		1,983		2,829		3,090		43.8	%	6,803		7,902		16.2	%

Income (loss) from operations, before income taxes	1,475		(817)		247		681		(14)		(100.9)	%	1,555		914		(41.2)	%
Income tax (expense) benefit	(340)		228		(30)		(116)		40		111.8	%	677		(106)		(115.7)	%
Net income (loss)	1,135		(589)		217		565		26		(97.7)	%	2,232		808		(63.8)	%
Less: net (income) loss attributable to the noncontrolling interest	(71)		(109)		(103)		(137)		(160)		(125.4)	%	(232)		(400)		(72.4)	%
Net income (loss) attributable to Holdings	$	1,064	$	(698)	$	114	$	428	$	(134)	(112.6)	%	$	2,000	$	408	(79.6)	%
Less: Preferred stock dividends	(14)		(26)		(14)		(26)		(14)		—	%	(54)		(54)		—	%
Net income (loss) available to Holdings' common shareholders	$	1,050	$	(724)	$	100	$	402	$	(148)	(114.1)	%	$	1,946	$	354	(81.8)	%

Adjustments related to:
Variable annuity product features (1)	$	(1,380)	$	1,191	$	319	$	79	$	738			$	(584)	$	1,136
Investment gains (losses), net	411		159		39		16		46				554		101

Net actuarial gains (losses) related to pension and other postretirement benefit obligations	8		13		17		14		13				26		44
Other adjustments (2) (3) (4)	91		153		91		(32)		—				198		59
Income tax (expense) benefit related to above adjustments	183		(319)		(98)		(16)		(167)				(40)		(281)
Non-recurring tax items (5)	36		(23)		8		5		5				(936)		18
Non-GAAP Operating earnings (6)	$	413	$	476	$	490	$	494	$	501			$	1,218	$	1,485

Notes:
(1) Includes the impact of favorable assumption updates of $16 million for the three and nine months ended September 30, 2024, respectively and 40 million for the three and nine months ended September 30, 2023, respectively.
(2) Includes certain gross legal expenses related to the COI litigation of $0 million and $106 million for the three and nine months ended September 30, 2024, respectively, and $0 million and $35 million for the three and nine months ended September 30, 2023, respectively. 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.
(3) For the nine months ended September 30, 2024, includes $82 million of the gain on sale on AB's Bernstein Research Service attributable to Holdings.
(4) For the three and nine months ended September 30, 2024, includes $78 million contingent payment gain recognized in connection with a fair value remeasurement of the contingent payment liability associated with AB's acquisition of CarVal in 2022.
(5) For the three and nine months ended September 30, 2024 and 2023, respectively, non-recurring tax items reflect primarily the effect of uncertain tax positions for a given audit period. An increase of the deferred tax valuation allowance of $20 million and a decrease of $970 million for the three and nine months ended September 30, 2023, 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.


	Balances as of
(in millions USD, unless otherwise indicated)	9/30/2023		12/31/2023		3/31/2024		6/30/2024		9/30/2024

Assets
Total investments	$	97,209	$	102,173	$	102,620	$	107,726	$	114,246
Cash and cash equivalents	6,096		8,239		10,357		9,684		9,579
Cash and securities segregated, at fair value	928		868		866		592		547
Broker-dealer related receivables	2,017		1,837		1,808		1,801		1,898
Deferred policy acquisition costs	6,599		6,705		6,804		6,924		7,031
Goodwill and other intangible assets, net	5,448		5,433		5,419		5,403		5,388
Amounts due from reinsurers	8,271		8,352		8,387		8,237		8,222


Current and deferred income taxes	2,035		2,050		2,063		2,117		1,701
Purchased market risk benefits	8,745		9,427		8,337		7,993		8,492
Other assets	3,945		3,323		3,618		3,825		3,738
Assets held-for-sale	681		565		745		—		—
Assets for market risk benefits	701		591		818		803		740
Separate Accounts assets	117,577		127,251		133,735		132,664		137,407
Total assets	$	260,252	$	276,814	$	285,577	$	287,769	$	298,989

Liabilities
Policyholders’ account balances	$	91,912	$	95,673	$	100,246	$	104,072	$	107,433
Liability for market risk benefits	13,011		14,612		12,814		12,593		13,197
Future policy benefits and other policyholders’ liabilities	16,647		17,363		17,324		17,417		17,936
Broker-dealer related payables	454		1,232		1,022		839		1,382

Customers related payables	2,321		2,201		2,162		2,060		1,795
Amounts due to reinsurers	1,424		1,450		1,377		1,363		1,421
Short-term debt	—		254		—		—		—
Long-term debt	3,820		3,820		3,821		3,830		3,831



Notes issued by consolidated variable interest entities, at fair value using the fair value option	1,541		1,559		1,580		1,740		1,744
Other liabilities	7,412		6,088		6,511		6,718		6,645
Liabilities held-for-sale	216		153		239		—		—
Separate Accounts liabilities	117,577		127,251		133,735		132,664		137,407
Total liabilities	256,335		271,656		280,831		283,296		292,791
Redeemable noncontrolling interest	636		770		991		1,088		1,223

Equity
Preferred stock	1,562		1,562		1,562		1,562		1,562
Common stock	3		5		5		5		5
Additional paid-in capital	2,308		2,328		2,322		2,337		2,343
Treasury shares	(3,592)		(3,712)		(3,801)		(3,932)		(4,072)
Retained earnings	11,163		10,243		10,110		10,317		9,977
Accumulated other comprehensive income (loss)	(9,802)		(7,777)		(8,166)		(8,645)		(6,595)
Total equity attributable to Holdings	1,642		2,649		2,032		1,644		3,220
Noncontrolling interest	1,639		1,739		1,723		1,741		1,755
Total equity	3,281		4,388		3,755		3,385		4,975
Total liabilities, redeemable noncontrolling interest and equity	$	260,252	$	276,814	$	285,577	$	287,769	$	298,989


	Balances as of
(in millions USD, unless otherwise indicated)	9/30/2023			12/31/2023			3/31/2024			6/30/2024			9/30/2024

Short-term and long-term debt:
Short-term debt
AB commercial paper	$	—		$	254		$	—		$	—		$	—
AB revolving credit facility	—			—			—			—			—
CLO Warehousing Debt	—			—			—			—			—

Current portion of long-term debt	—			—			—			—			—
Total short-term debt	—			254			—			—			—

Total long-term debt	3,820			3,820			3,821			3,830			3,831

Total short-term and long-term debt: [A]	$	3,820		$	4,074		$	3,821		$	3,830		$	3,831

Equity:
Preferred stock	$	1,562		$	1,562		$	1,562		$	1,562		$	1,562
Common stock	3			5			5			5			5
Additional paid-in capital	2,308			2,328			2,322			2,337			2,343
Treasury stock, at cost	(3,592)			(3,712)			(3,801)			(3,932)			(4,072)
Retained earnings	11,163			10,243			10,110			10,317			9,977
Accumulated other comprehensive income (loss)	(9,802)			(7,777)			(8,166)			(8,645)			(6,595)
Total equity attributable to Holdings	1,642			2,649			2,032			1,644			3,220
Noncontrolling interest	1,639			1,739			1,723			1,741			1,755
Total equity	$	3,281		$	4,388		$	3,755		$	3,385		$	4,975

Total equity attributable to Holdings, (ex. AOCI): [B]	$	11,444		$	10,426		$	10,198		$	10,289		$	9,815

Capital:
Total capitalization (1)	$	5,462		$	6,723		$	5,853		$	5,474		$	7,051
Total capitalization (ex. AOCI): [A+B] (2)	$	15,264		$	14,500		$	14,019		$	14,119		$	13,646

Debt to capital:
Debt to capital (ex. AOCI) (2)	25.0		%	28.1		%	27.3		%	27.1		%	28.1		%

	For the Three Months Ended
Roll-forward of common shares outstanding (millions of shares):
Beginning balance	350.2			342.0			333.8			327.6			321.6
Repurchases	(3.4)			(3.9)			(3.2)			(3.2)			(3.4)
Retirements	(4.9)			(4.4)			(4.3)			(3.1)			(2.8)
Issuances	0.1			0.1			1.3			0.3			0.1
Ending basic common shares outstanding	342.0			333.8			327.6			321.6			315.5
Total potentially dilutive shares	1.4			1.5			2.5			3.2			3.4
Ending common shares outstanding - maximum potential dilution	343.4			335.3			330.1			324.7			318.9
Notes:


Operating Earnings (Loss) by Segment and Corporate and Other

	Three Months Ended September 30, 2024
(in millions USD, unless otherwise indicated)	Individual Retirement		Group Retirement		Asset Management		Protection Solutions		Wealth Management		Legacy		Corporate and Other		Eliminations		Consolidated
Revenues
Policy charges, fee income and premiums	$	224	$	81	$	—	$	537	$	—	$	6	$	91	$	—	$	939
Net investment income (loss)	635		143		17		258		4		15		157		28		1,257
Net derivative gains (losses)	(5)		(1)		(16)		1		—		—		(6)		6		(21)
Investment management, service fees and other income	90		91		1,085		43		446		96		4		(254)		1,601
Segment revenues	944		314		1,086		839		450		117		246		(220)		3,776
Benefits and other deductions
Policyholders’ benefits	82		—		—		455		—		—		126		—		663
Remeasurement of liability for future policy benefits	1		—		—		26		—		—		(11)		—		16

Interest credited to policyholders’ account balances	336		60		—		141		—		9		131		—		677
Commissions and distribution related payments	97		39		192		43		281		40		5		(212)		485
Amortization of deferred policy acquisition costs	119		16		—		31		—		16		2		—		184
Compensation and benefits, interest expense and financing fees and other operating costs and expense	47		35		641		87		103		20		86		(8)		1,011
Segment benefits and other deductions	682		150		833		783		384		85		339		(220)		3,036
Operating earnings (loss), before income taxes	262		164		253		56		66		32		(93)		—		740
Income Taxes	(37)		(23)		(42)		(8)		(16)		(5)		14		—		(117)
Operating earnings (loss), before noncontrolling interest	225		141		211		48		50		27		(79)		—		623
Less: Operating (earnings) loss attributable to the noncontrolling interest	—		—		(100)		(2)		—		—		(20)		—		(122)
Operating earnings (loss)	$	225	$	141	$	111	$	46	$	50	$	27	$	(99)	$	—	$	501

	Three Months Ended September 30, 2023 (1)
	Individual Retirement		Group Retirement		Asset Management		Protection Solutions		Wealth Management		Legacy		Corporate and Other		Eliminations		Consolidated
Revenues
Policy charges, fee income and premiums	$	202	$	71	$	—	$	516	$	—	$	7	$	70	$	—	$	866
Net investment income (loss)	475		128		(9)		260		4		22		178		20		1,078
Net derivative gains (losses)	(5)		—		9		7		—		—		5		6		22
Investment Management, service fees and other income	90		68		1,034		39		386		100		4		(225)		1,496
Segment revenues	762		267		1,034		822		390		129		257		(199)		3,462
Benefits and other deductions
Policyholders’ benefits	73		—		—		512		—		—		114		—		699
Remeasurement of liability for future policy benefits	1		—		—		(16)		—		—		(1)		—		(16)

Interest credited to policyholders’ account balances	189		55		—		137		—		9		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	485		135		814		781		337		90		394		(199)		2,837
Operating earnings (loss), before income taxes	277		132		220		41		53		39		(137)		—		625
Income Taxes	(57)		(27)		(36)		(7)		(13)		(8)		29		—		(119)
Operating earnings (loss), before noncontrolling interest	220		105		184		34		40		31		(108)		—		506
Less: Operating (earnings) loss attributable to the noncontrolling interest	—		—		(85)		—		—		—		(8)		—		(93)
Operating earnings (loss)	$	220	$	105	$	99	$	34	$	40	$	31	$	(116)	$	—	$	413

(1) Prior periods were updated to reflect the impact of moving payout annuity policies from Legacy to IR.


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

	Nine Months Ended September 30, 2024
(in millions USD, unless otherwise indicated)	Individual Retirement		Group Retirement		Asset Management		Protection Solutions		Wealth Management		Legacy		Corporate and Other		Eliminations		Consolidated
Revenues
Policy charges, fee income and premiums	$	641	$	233	$	—	$	1,597	$	—	$	27	$	229	$	—	$	2,727
Net investment income (loss)	1,783		424		32		775		12		46		488		71		3,631
Net derivative gains (losses)	(16)		(1)		(22)		—		—		—		(16)		17		(38)
Investment Management, service fees and other income	270		233		3,220		126		1,303		296		19		(751)		4,716
Segment revenues	2,678		889		3,230		2,498		1,315		369		720		(663)		11,036
Benefits and other deductions
Policyholders’ benefits	237		—		—		1,415		—		—		355		—		2,007
Remeasurement of liability for future policy benefits	(1)		—		—		10		—		—		—		—		9

Interest credited to policyholders’ account balances	865		168		—		409		—		26		379		—		1,847
Commissions and distribution related payments	254		128		545		126		823		121		14		(626)		1,385
Amortization of deferred policy acquisition costs	339		39		—		93		—		47		7		—		525
Compensation and benefits, interest expense and financing fees and other operating costs and expense	152		99		1,946		264		307		67		293		(37)		3,091
Segment benefits and other deductions	1,846		434		2,491		2,317		1,130		261		1,048		(663)		8,864
Operating earnings (loss), before income taxes	832		455		739		181		185		108		(328)		—		2,172
Income Taxes	(119)		(65)		(128)		(26)		(48)		(15)		51		—		(350)
Operating earnings (loss), before noncontrolling interest	713		390		611		155		137		93		(277)		—		1,822
Less: Operating (earnings) loss attributable to the noncontrolling interest	—		—		(293)		(1)		—		—		(43)		—		(337)
Operating earnings (loss)	$	713	$	390	$	318	$	154	$	137	$	93	$	(320)	$	—	$	1,485

	Nine Months Ended September 30, 2023 (2)
	Individual Retirement		Group Retirement		Asset Management		Protection Solutions		Wealth Management		Legacy		Corporate and Other		Eliminations		Consolidated
Revenues
Policy charges, fee income and premiums	$	596	$	201	$	—	$	1,560	$	—	$	19	$	228	$	—	$	2,604
Net investment income (loss)	1,272		372		2		719		9		82		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	2,130		771		3,043		2,373		1,143		405		800		(597)		10,068
Benefits and other deductions
Policyholders’ benefits	223		—		—		1,531		—		—		359		—		2,113
Remeasurement of liability for future policy benefits	1		—		—		(12)		—		—		(8)		—		(19)

Interest credited to policyholders’ account balances	482		157		—		392		—		29		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	143		89		1,942		238		278		55		330		(44)		3,031
Segment benefits and other deductions	1,324		409		2,396		2,345		993		263		1,162		(597)		8,295
Operating earnings (loss), before income taxes	806		362		647		28		150		142		(362)		—		1,773
Income Taxes	(135)		(61)		(96)		(5)		(36)		(23)		68		—		(288)
Operating earnings (loss), before noncontrolling interest	671		301		551		23		114		119		(294)		—		1,485
Less: Operating (earnings) loss attributable to the noncontrolling interest	—		—		(254)		—		—		—		(13)		—		(267)
Operating earnings (loss)	$	671	$	301	$	297	$	23	$	114	$	119	$	(307)	$	—	$	1,218
Notes:

(1) Prior periods were updated to reflect the impact of moving payout annuity policies from Legacy to IR.


	Balances as of
(in billions USD, except for Equitable Headcount)	9/30/2023		12/31/2023		3/31/2024		6/30/2024		9/30/2024

Assets Under Management

AB AUM
Total AB	$	669.0	$	725.2	$	758.7	$	769.5	$	805.9
Exclusion for General Account and other Affiliated Accounts	(69.8)		(75.0)		(75.9)		(68.9)		(71.7)
Exclusion for Separate Accounts	(39.3)		(44.5)		(47.3)		(58.2)		(61.7)
AB third party	$	559.9	$	605.7	$	635.4	$	642.4	$	672.6

Total company AUM
AB third party	$	559.9	$	605.7	$	635.4	$	642.4	$	672.6
General Account and other Affiliated Accounts (1) (3) (4)	103.3		110.4		113.0		117.4		123.8
Separate Accounts (2) (3) (4)	117.6		127.3		133.7		132.7		137.4
Total AUM	$	780.8	$	843.4	$	882.1	$	892.5	$	933.8

Total Assets Under Administration (AUA) (5)	$	79.4	$	87.0	$	91.9	$	93.8	$	100.4

Equitable Advisor Headcount
Total Number of Equitable Advisors	4,141		4,406		4,320		4,358		4,396

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, 2023, December 31, 2023, March 31, 2024, June 30, 2024 and September 30, 2024, Separate Account is inclusive of $11.7 billion, $12.5 billion, $12.9 billion, $12.5 billion and $12.8 billion & General Account AUM is inclusive of $51 million, $49 million, $47 million, $46 million and $44 million, respectively, Account Value ceded to Venerable.
(4) As of September 30, 2023, December 31, 2023, March 31, 2024, June 30, 2024 and September 30, 2024, Separate Account is inclusive of $5.9 billion, $6.4 billion, $6.9 billion, $6.8 billion and $7.1 billion & General Account AUM is inclusive of $3.7 billion, $3.6 billion, $3.5 billion, $3.4 billion and $3.3 billion, respectively, Account Value ceded to Global Atlantic.
(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)	9/30/2023		12/31/2023		3/31/2024		6/30/2024		9/30/2024		Change		9/30/2023		9/30/2024		Change

Insurance Operations

Individual Retirement (3)
First year premiums and deposits	$	3,833	$	3,868	$	4,313	$	4,485	$	4,854	26.6	%	$	10,358	$	13,652	31.8	%
Renewal premium and deposits	60		71		72		58		58		(3.3)	%	182		188		3.3	%
Total Gross Premiums	$	3,893	$	3,939	$	4,385	$	4,543	$	4,912	26.2	%	$	10,540	$	13,840	31.3	%

Group Retirement
First year premiums and deposits	$	343	$	545	$	428	$	950	$	454	32.5	%	$	1,036	$	1,832	76.8	%
Renewal premium and deposits	464		592		590		620		501		8.0	%	1,633		1,711		4.8	%
Total Gross Premiums	$	807	$	1,137	$	1,018	$	1,570	$	955	18.4	%	$	2,669	$	3,543	32.8	%

Protection Solutions
First year premiums and deposits	$	103	$	154	$	113	$	121	$	127	23.5	%	$	313	$	361	15.4	%
Renewal premium and deposits	653		667		665		663		666		2.0	%	1,998		1,994		(0.2)	%
Total Gross Premiums	$	756	$	821	$	778	$	784	$	793	4.9	%	$	2,311	$	2,356	1.9	%

Asset Management (in billions USD)
Gross Sales by distribution channel
Institutional	$	4.3	$	3.0	$	3.3	$	3.3	$	4.2	(2.3)	%	$	8.8	$	10.8	22.7	%
Retail	16.9		21.0		23.8		23.2		26.6		57.4	%	50.2		73.6		46.6	%
Private Wealth	4.0		4.3		5.5		5.4		4.7		17.5	%	14.2		15.6		9.9	%
Firmwide Gross Sales	$	25.2	$	28.3	$	32.6	$	31.9	$	35.5	40.9	%	$	73.2	$	100.0	36.6	%

Gross sales by investment service
Equity Active	$	10.3	$	9.2	$	11.7	$	12.5	$	13.0	26.2	%	$	28.1	$	37.2	32.4	%
Equity Passive (1)	0.4		0.2		0.7		0.3		0.2		(50.0)	%	1.0		1.2		20.0	%
Fixed Income - Taxable	7.6		10.2		12.1		10.3		11.6		52.6	%	26.3		34.0		29.3	%
Fixed Income - Tax-Exempt	3.8		5.5		5.3		4.9		5.6		47.4	%	11.1		15.8		42.3	%
Fixed Income Passive (1)	0.4		1.3		—		—		—		(100.0)	%	0.4		—		(100.0)	%
Alternatives/Multi-Asset Solutions (2)	2.7		1.9		2.8		3.9		5.1		88.9	%	6.3		11.8		87.3	%
Firmwide Gross Sales	$	25.2	$	28.3	$	32.6	$	31.9	$	35.5	40.9	%	$	73.2	$	100.0	36.6	%

Wealth Management
Sales by Product Type
Advisory	$	2,369	$	2,518	2,866		3,304		3,725		57.3	%	$	7,000	$	9,895	41.4	%
Brokerage and Direct	1,272		1,308		1,357		1,481		1,446		13.6	%	3,543		4,284		20.9	%
Retirement, Premiums and Deposits	2,965		3,324		3,565		3,504		3,539		19.4	%	9,220		10,608		15.1	%
Total Sales	$	6,606	$	7,150	$	7,788	$	8,290	$	8,710	31.9	%	$	19,763	$	24,787	25.4	%
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) Prior periods were updated to reflect the impact of moving payout annuity policies from Legacy to IR.


	For the Three Months Ended or As of																	Nine Months Ended or As of
(in millions USD, unless otherwise indicated)	9/30/2023			12/31/2023			3/31/2024			6/30/2024			9/30/2024			Change		9/30/2023			9/30/2024			Change

Revenues
Policy charges, fee income and premiums	$	202		$	195		$	208		$	209		$	224		10.9	%	$	596		$	641		7.6	%
Net investment income (loss)	475			510			555			593			635			33.7	%	1,272			1,783			40.2	%
Net derivative gains (losses)	(5)			(5)			(5)			(6)			(5)			—	%	(15)			(16)			(6.7)	%
Investment management, service fees and other income	90			83			88			92			90			—	%	277			270			(2.5)	%
Segment revenues	762			783			846			888			944			23.9	%	2,130			2,678			25.7	%

Benefits and other deductions
Policyholders’ benefits	73			76			77			78			82			12.3	%	223			237			6.3	%
Remeasurement of liability for future policy benefits	1			(3)			(3)			1			1			—	%	1			(1)			(200.0)	%
Interest credited to policyholders’ account balances	189			226			248			281			336			77.8	%	482			865			79.5	%
Commissions and distribution-related payments	69			70			77			80			97			40.6	%	192			254			32.3	%
Amortization of deferred policy acquisition costs	102			105			109			111			119			16.7	%	283			339			19.8	%
Compensation and benefits, interest expense and financing fees and other operating costs and expense	51			55			55			50			47			(7.8)	%	143			152			6.3	%
Segment benefits and other deductions	485			529			563			601			682			40.6	%	1,324			1,846			39.4	%

Operating earnings (loss), before income taxes	277			254			283			287			262			(5.4)	%	806			832			3.2	%
Income taxes	(57)			(41)			(39)			(43)			(37)			35.1	%	(135)			(119)			11.9	%
Operating earnings (loss), before noncontrolling interest	220			213			244			244			225			2.3	%	671			713			6.3	%
Less: Operating (earnings) loss attributable to the noncontrolling interest	—			—			—			—			—			—	%	—			—			—	%
Operating earnings (loss)	$	220		$	213		$	244		$	244		$	225		2.3	%	$	671		$	713		6.3	%

Summary Metrics

Operating earnings (loss) - TTM:	$	861		$	884		$	921		$	921		$	926		7.5	%	$	861		$	926		7.5	%

Average Account Value (TTM)	$	78,199		$	82,670		$	87,482		$	92,113		$	97,050		24.1	%	$	78,199		$	97,050		24.1	%

Return on assets (TTM)	1.32		%	1.28		%	1.25		%	1.20		%	1.12		%			1.32		%	1.12		%

Net flows	$	1,670		$	1,464		$	1,647		$	1,853		$	1,910		14.4	%	$	4,101		$	5,410		31.9	%

First year premiums and deposits	$	3,833		$	3,868		$	4,313		$	4,485		$	4,854		26.6	%	$	10,358		$	13,652		31.8	%

In-force Policy Count by Product (in thousands):	610			616			622			629			636					610			636

(1) Prior periods were updated to reflect the impact of moving payout annuity policies from Legacy to IR.


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)	9/30/2023		12/31/2023		3/31/2024		6/30/2024		9/30/2024		9/30/2023		9/30/2024

Sales Metrics
First Year Premiums and Deposits by Product:
SCS	$	2,847	$	2,931	$	3,023	$	2,983	$	3,072	$	7,470	$	9,078
SCS Income	214		218		393		482		556		715		1,431
Retirement Cornerstone	518		477		561		555		555		1,329		1,671
Investment Edge	190		185		310		430		594		659		1,334
Other	64		57		26		35		77		185		138
Total First Year Premiums and Deposits	$	3,833	$	3,868	$	4,313	$	4,485	$	4,854	$	10,358	$	13,652

Account Values
General Account:
Balance as of beginning of period	$	45,593	$	46,650	$	52,387	$	57,583	$	61,452	$	38,128	$	52,387
Gross premiums and deposits (1)	2,978		2,943		3,410		3,494		3,621		7,938		10,525
Surrenders, withdrawals and benefits	(991)		(1,122)		(1,225)		(1,191)		(1,343)		(2,855)		(3,759)
Net flows	1,987		1,821		2,185		2,303		2,278		5,083		6,766
Change in market value and reinvestment	117		1,150		(58)		294		1,247		361		1,483
Change in fair value of embedded derivative instruments	(1,047)		2,766		3,069		1,272		1,496		3,075		5,837
Other	—		—		—		—		—		3		—
Balance as of end of period	$	46,650	$	52,387	$	57,583	$	61,452	$	66,473	$	46,650	$	66,473

Balance as of end of period net of embedded derivative instruments	$	38,952	$	41,914	$	44,122	$	46,782	$	50,506	$	38,952	$	50,506
Separate Accounts:
Balance as of beginning of period	$	38,590	$	36,820	$	39,619	$	41,062	$	40,810	$	36,455	$	39,619
Gross premiums and deposits (1)	881		949		946		1,026		1,235		2,502		3,207
Surrenders, withdrawals and benefits	(1,198)		(1,306)		(1,484)		(1,476)		(1,603)		(3,484)		(4,563)
Net flows	(317)		(357)		(538)		(450)		(368)		(982)		(1,356)
Change in market value and reinvestment	(1,453)		3,156		1,981		198		1,951		1,343		4,130
Change in fair value of embedded derivative instruments	—		—		—		—		—		—		—
Other	—		—		—		—		—		4		—
Balance as of end of period	$	36,820	$	39,619	$	41,062	$	40,810	$	42,393	$	36,820	$	42,393
Total:
Balance as of beginning of period	$	84,183	$	83,470	$	92,006	$	98,645	$	102,262	$	74,583	$	92,006
Gross premiums and deposits (1)	3,859		3,892		4,356		4,520		4,856		10,440		13,732
Surrenders, withdrawals and benefits	(2,189)		(2,428)		(2,709)		(2,667)		(2,946)		(6,339)		(8,322)
Net flows	1,670		1,464		1,647		1,853		1,910		4,101		5,410
Change in market value and reinvestment	(1,336)		4,306		1,923		492		3,198		1,704		5,613
Change in fair value of embedded derivative instruments	(1,047)		2,766		3,069		1,272		1,496		3,075		5,837
Other	—		—		—		—		—		7		—
Balance as of end of period	$	83,470	$	92,006	$	98,645	$	102,262	$	108,866	$	83,470	$	108,866

Balance as of end of period net of embedded derivative instruments	$	75,772	$	81,533	$	85,184	$	87,592	$	92,899	$	75,772	$	92,899

Net Amount at Risk (NAR)
Total GMIB NAR	$	10	$	14	$	17	$	21	$	31	$	10	$	31
Total GMWB NAR	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Total GMDB NAR	$	3,755	$	3,104	$	2,868	$	2,972	$	2,705	$	3,755	$	2,705
MRB Reserves (Net of Reinsurance)	$	354	$	618	$	320	$	399	$	576	$	354	$	576
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.
(2) Prior periods were updated to reflect the impact of moving payout annuity policies from Legacy to IR.


	For the Three Months Ended or As of																	Nine Months Ended or As of
(in millions USD, unless otherwise indicated)	9/30/2023			12/31/2023			3/31/2024			6/30/2024			9/30/2024			Change		9/30/2023			9/30/2024			Change

Revenues
Policy charges, fee income and premiums	$	71		$	67		$	73		$	79		$	81		14.1	%	$	201		$	233		15.9	%
Net investment income (loss)	128			125			142			139			143			11.7	%	372			424			14.0	%
Net derivative gains (losses)	—			—			—			—			(1)			(100.0)	%	(1)			(1)			—	%
Investment management, service fees and other income	68			58			77			65			91			33.8	%	199			233			17.1	%
Segment revenues	267			250			292			283			314			17.6	%	771			889			15.3	%

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

Interest credited to policyholders’ account balances	55			58			52			56			60			9.1	%	157			168			7.0	%
Commissions and distribution-related payments	35			36			44			45			39			11.4	%	119			128			7.6	%
Amortization of deferred policy acquisition costs	14			15			15			8			16			14.3	%	44			39			(11.4)	%
Compensation and benefits, interest expense and financing fees and other operating costs and expense	31			24			35			29			35			12.9	%	89			99			11.2	%
Segment benefits and other deductions	135			133			146			138			150			11.1	%	409			434			6.1	%

Operating earnings (loss), before income taxes	132			117			146			145			164			24.2	%	362			455			25.7	%
Income taxes	(27)			(19)			(20)			(22)			(23)			14.8	%	(61)			(65)			(6.6)	%
Operating earnings (loss), before noncontrolling interest	105			98			126			123			141			34.3	%	301			390			29.6	%
Less: Operating (earnings) loss attributable to the noncontrolling interest	—			—			—			—			—			—	%	—			—			—	%
Operating earnings (loss)	$	105		$	98		$	126		$	123		$	141		34.3	%	$	301		$	390		29.6	%

Summary Metrics

Operating earnings (loss) - TTM:	$	393		$	399		$	436		$	452		$	488		24.2	%	$	393		$	488		24.2	%

Average Account Value (TTM) (1)	$	34,823		$	34,175		$	35,472		$	36,612		$	37,788		8.5	%	$	34,823		$	37,788		8.5	%

Return on assets (TTM) (1)	1.35		%	1.40		%	1.46		%	1.47		%	1.51		%			1.35		%	1.51		%

Net flows (1)	$	(130)		$	(135)		$	(132)		$	408		$	(246)		(89.2)	%	$	(121)		$	30		124.8	%

Gross premiums and deposits (1)	$	807		$	1,137		$	1,018		$	1,570		$	955		18.4	%	$	2,669		$	3,543		32.8	%

Notes:

(1) Balances for the three months ended September 30, 2023 were revised from previously filed financial statement supplement.

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)	9/30/2023		12/31/2023		3/31/2024		6/30/2024		9/30/2024		9/30/2023 (2)		9/30/2024

Sales Metrics
Gross premiums and deposits:
First-year premiums and deposits	$	343	$	545	$	428	$	950	$	454	$	1,036	$	1,832
Renewal premiums and deposits	464		592		590		620		501		1,633		1,711
Group Retirement premiums and deposits	$	807	$	1,137	$	1,018	$	1,570	$	955	$	2,669	$	3,543

Gross premiums and deposits by market:
Tax-exempt	$	260	$	368	$	317	$	298	$	311	$	745	$	926
Corporate	54		149		93		108		115		208		316
Institutional	26		24		15		542		26		74		583
Other	3		4		3		2		2		9		7
Total first year premiums and deposits	343		545		428		950		454		1,036		1,832
Tax-exempt	341		463		453		492		381		1,240		1,326
Corporate	94		90		99		93		92		288		284
Institutional	—		—		—		—		—		—		—
Other	29		39		38		35		28		105		101
Total renewal premiums and deposits	464		592		590		620		501		1,633		1,711
Group Retirement premiums and deposits by market	$	807	$	1,137	$	1,018	$	1,570	$	955	$	2,669	$	3,543

Account Values and Assets under Administration
General Account:
Balance as of beginning of period	$	9,088	$	9,002	$	8,952	$	8,882	$	9,382	$	9,175	$	8,952
Gross premiums and deposits	198		257		222		768		240		639		1,230
Surrenders, withdrawals and benefits	(326)		(404)		(360)		(332)		(362)		(1,008)		(1,054)
Net flows (2)	(128)		(147)		(138)		436		(122)		(369)		176
Change in market value and reinvestment	59		55		45		57		96		155		198
Change in fair value of embedded derivative instruments	(17)		42		23		7		13		45		43

Other (1) (2)	—		—		—		—		—		(4)		—
Balance as of end of period (2)	$	9,002	$	8,952	$	8,882	$	9,382	$	9,369	$	9,002	$	9,369

Balance as of end of period net of embedded derivative instruments	$	8,944	$	8,870	$	8,795	$	9,306	$	9,293	$	8,944	$	9,293
Separate Accounts and Mutual Funds
Balance as of beginning of period	$	25,898	$	24,848	$	27,519	$	29,608	$	29,885	$	22,830	$	27,519
Gross premiums and deposits	609		880		796		802		716		2,030		2,314
Surrenders, withdrawals and benefits	(611)		(868)		(790)		(830)		(840)		(1,782)		(2,460)
Net flows (2)	(2)		12		6		(28)		(124)		248		(146)
Change in market value and reinvestment	(1,048)		2,659		2,083		305		1,732		1,740		4,120
Change in fair value of embedded derivative instruments	—		—		—		—		—		—		—

Other (1) (2)	—		—		—		—		—		30		—
Balance as of end of period (2)	$	24,848	$	27,519	$	29,608	$	29,885	$	31,493	$	24,848	$	31,493

Total:
Balance as of beginning of period	$	34,986	$	33,850	$	36,471	$	38,490	$	39,267	$	32,005	$	36,471
Gross premiums and deposits	807		1,137		1,018		1,570		956		2,669		3,544
Surrenders, withdrawals and benefits	(937)		(1,272)		(1,150)		(1,162)		(1,202)		(2,790)		(3,514)
Net flows	(130)		(135)		(132)		408		(246)		(121)		30
Change in market value and reinvestment	(989)		2,714		2,128		362		1,828		1,895		4,318
Change in fair value of embedded derivative instruments	(17)		42		23		7		13		45		43

Other (1)	—		—		—		—		—		26		—
Balance as of end of period	$	33,850	$	36,471	$	38,490	$	39,267	$	40,862	$	33,850	$	40,862

Balance as of end of period net of embedded derivative instruments	$	33,792	$	36,389	$	38,403	$	39,191	$	40,786	$	33,792	$	40,786
Notes:

(1) For the nine months ended September 30, 2023, amounts reflect a total special payment applied to the accounts of active clients as part of a previously disclosed settlement agreement between Equitable Financial and the SEC.
(2) Balances for the three and nine months ended September 30, 2023 were revised from previously filed financial statement supplement.


	For the Three Months Ended or As of																	Nine Months Ended or As of
(in millions USD, unless otherwise indicated)	9/30/2023			12/31/2023			3/31/2024			6/30/2024			9/30/2024			Change		9/30/2023			9/30/2024			Change

Revenues
Net investment income (loss)	$	(9)		$	16		$	8		$	7		$	17		288.9	%	$	2		$	32		N/M
Net derivative gains (losses)	9			(14)			(5)			(1)			(16)			(277.8)	%	(2)			(22)			N/M
Investment management, service fees and other income	1,034			1,072			1,090			1,045			1,085			4.9	%	3,043			3,220			5.8	%
Segment revenues	1,034			1,074			1,093			1,051			1,086			5.0	%	3,043			3,230			6.1	%

Benefits and other deductions
Commissions and distribution-related payments	156			156			173			180			192			23.1	%	454			545			20.0	%
Compensation and benefits, interest expense and financing fees and other operating costs and expense	658			679			672			633			641			(2.6)	%	1,942			1,946			0.2	%
Total benefits and other deductions	814			835			845			813			833			2.3	%	2,396			2,491			4.0	%

Operating earnings (loss), before income taxes	220			239			248			238			253			15.0	%	647			739			14.2	%
Income taxes	(36)			(30)			(44)			(42)			(42)			(16.7)	%	(96)			(128)			(33.3)	%
Operating earnings (loss), before noncontrolling interest	184			209			204			196			211			14.7	%	551			611			10.9	%
Less: Operating (earnings) loss attributable to the noncontrolling interest	(85)			(95)			(98)			(95)			(100)			(17.6)	%	(254)			(293)			(15.4)	%
Operating earnings (loss)	$	99		$	114		$	106		$	101		$	111		12.1	%	$	297		$	318		7.1	%

Summary Metrics

Adjusted operating margin (1)	28.0		%	29.2		%	30.3		%	30.8		%	31.3		%			27.9		%	30.8		%

Net flows (in billions USD)	$	(1.9)		$	(1.8)		$	0.5		$	0.9		$	1.1				$	(5.2)		$	2.5

Total AUM (in billions USD)	$	669.0		$	725.2		$	758.7		$	769.5		$	805.9				$	669.0		$	805.9

Ownership Structure of AB

Holdings and its subsidiaries	60.3		%	59.8		%	59.6		%	59.7		%	60.0		%			60.3		%	60.0		%
AB Holding	39.0		%	39.5		%	39.7		%	39.6		%	39.3		%			39.0		%	39.3		%
Unaffiliated holders	0.7		%	0.7		%	0.7		%	0.7		%	0.7		%			0.7		%	0.7		%
Total	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%			100.0		%	100.0		%

EQH economic interest	61.7		%	61.2		%	61.0		%	61.2		%	61.6		%			61.7		%	61.6		%
EQH average economic interest	61.5		%	61.6		%	61.1		%	61.1		%	61.4		%			61.4		%	61.2		%

Units of limited partnership outstanding (in millions)	284.0			286.6			287.3			286.8			285.6					284.0			285.6
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.


Asset Management - Net Flows
	For the Three Months Ended										Nine Months Ended or As of
(in billions USD, unless otherwise indicated)	9/30/2023		12/31/2023		3/31/2024		6/30/2024		9/30/2024		9/30/2023		9/30/2024
Net Flows by Distribution Channel
Institutions
US	$	(1.6)	$	(1.0)	$	(1.5)	$	1.9	$	1.7	$	2.4	$	2.2
Global and Non-US	(1.9)		(1.5)		(2.7)		(3.7)		(6.1)		(11.8)		(12.6)
Total Institutions	$	(3.5)	$	(2.5)	$	(4.2)	$	(1.8)	$	(4.4)	$	(9.4)	$	(10.4)
Retail
US	$	2.5	$	1.4	$	1.9	$	2.7	$	4.0	$	1.5	$	8.5
Global and Non-US	(0.9)		(0.1)		2.3		0.1		1.4		1.0		3.8
Total Retail	$	1.6	$	1.3	$	4.2	$	2.8	$	5.4	$	2.5	$	12.3
Private Wealth
US	$	0.1	$	(0.1)	$	0.7	$	0.2	$	0.2	$	2.4	$	1.1
Global and Non-US	(0.1)		(0.5)		(0.2)		(0.3)		(0.1)		(0.7)		(0.5)
Total Private Wealth	$	—	$	(0.6)	$	0.5	$	(0.1)	$	0.1	$	1.7	$	0.6
Total Net Flows by Distribution Channel	$	(1.9)	$	(1.8)	$	0.5	$	0.9	$	1.1	$	(5.2)	$	2.5
Net Flows by Investment Service
Equity Active
US	$	1.4	$	(3.3)	$	(1.5)	$	(1.5)	$	(0.3)	$	(3.0)	$	(3.4)
Global and Non-US	(1.6)		(1.7)		(4.7)		(4.6)		(4.2)		(7.5)		(13.4)
Total Equity Active	$	(0.2)	$	(5.0)	$	(6.2)	$	(6.1)	$	(4.5)	$	(10.5)	$	(16.8)
Equity Passive (1)
US	$	(2.6)	$	(0.3)	$	(3.2)	$	(0.6)	$	(0.7)	$	(3.2)	$	(4.6)
Global and Non-US	0.2		(0.2)		(0.1)		(0.1)		(0.4)		(0.3)		(0.6)
Total Equity Passive (1)	$	(2.4)	$	(0.5)	$	(3.3)	$	(0.7)	$	(1.1)	$	(3.5)	$	(5.2)
Fixed Income - Taxable
US	$	0.2	$	0.7	$	1.3	$	4.6	$	1.5	$	8.1	$	7.5
Global and Non-US	(2.6)		(0.1)		3.3		(0.2)		1.2		(2.1)		4.2
Total Fixed Income - Taxable	$	(2.4)	$	0.6	$	4.6	$	4.4	$	2.7	$	6.0	$	11.7
Fixed Income - Tax-Exempt
US	$	1.3	$	1.9	$	2.9	$	1.9	$	3.3	$	3.8	$	8.1
Global and Non-US	—		—		—		—		—		—		—
Total Fixed Income - Tax-Exempt	$	1.3	$	1.9	$	2.9	$	1.9	$	3.3	$	3.8	$	8.1
Fixed Income - Passive (1)
US	$	0.5	$	1.2	$	—	$	(0.1)	$	(0.2)	$	0.3	$	(0.3)
Global and Non-US	(0.1)		—		(0.1)		0.1		(0.1)		—		(0.1)
Total Fixed Income - Passive (1)	$	0.4	$	1.2	$	(0.1)	$	—	$	(0.3)	$	0.3	$	(0.4)
Alternatives/Multi-Asset Solutions (2)
US	$	0.2	$	0.1	$	1.6	$	0.5	$	2.3	$	0.3	$	4.5
Global and Non-US	1.2		(0.1)		1.0		0.9		(1.3)		(1.6)		0.6
Total Alternatives/Multi-Asset Solutions (2)	$	1.4	$	—	$	2.6	$	1.4	$	1.0	$	(1.3)	$	5.1
Total Net Flows by Investment Service	$	(1.9)	$	(1.8)	$	0.5	$	0.9	$	1.1	$	(5.2)	$	2.5
Active vs. Passive Net Flows
Actively Managed
Equity	$	(0.2)	$	(5.0)	$	(6.2)	$	(6.1)	$	(4.5)	$	(10.5)	$	(16.8)
Fixed Income	(1.1)		2.5		7.5		6.3		6.0		9.8		19.8
Alternatives/Multi-Asset Solutions (2)	1.2		(0.3)		2.4		1.1		0.7		(1.7)		4.2
Total	$	(0.1)	$	(2.8)	$	3.7	$	1.3	$	2.2	$	(2.4)	$	7.2
Passively Managed (1)
Equity	$	(2.4)	$	(0.5)	$	(3.3)	$	(0.7)	$	(1.2)	$	(3.5)	$	(5.2)
Fixed Income	0.4		1.2		(0.1)		—		(0.3)		0.3		(0.4)
Alternatives/Multi-Asset Solutions (2)	0.2		0.3		0.2		0.3		0.4		0.4		0.9
Total	$	(1.8)	$	1.0	$	(3.2)	$	(0.4)	$	(1.1)	$	(2.8)	$	(4.7)
Total Active vs Passive Net Flows	$	(1.9)	$	(1.8)	$	0.5	$	0.9	$	1.1	$	(5.2)	$	2.5
Notes:

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


	For the Three Months Ended or As of																	Nine Months Ended or As of
(in millions USD, unless otherwise indicated)	9/30/2023			12/31/2023			3/31/2024			6/30/2024			9/30/2024			Change		9/30/2023			9/30/2024			Change

Revenues
Policy charges, fee income and premiums	$	516		$	544		$	528		$	532		$	537		4.1	%	$	1,560		$	1,597		2.4	%
Net investment income (loss)	260			233			257			260			258			(0.8)	%	719			775			7.8	%
Net derivative gains (losses)	7			(5)			—			(1)			1			(85.7)	%	(11)			—			100.0	%
Investment management, service fees and other income	39			35			40			43			43			10.3	%	105			126			20.0	%
Segment revenues	822			807			825			834			839			2.1	%	2,373			2,498			5.3	%

Benefits and other deductions
Policyholders’ benefits	512			444			487			473			455			(11.1)	%	1,531			1,415			(7.6)	%
Remeasurement of liability for future policy benefits	(16)			30			(4)			(12)			26			262.5	%	(12)			10			183.3	%

Interest credited to policyholders’ account balances	137			128			133			135			141			2.9	%	392			409			4.3	%
Commissions and distribution-related payments	37			51			40			43			43			16.2	%	107			126			17.8	%
Amortization of deferred policy acquisition costs	30			31			30			32			31			3.3	%	89			93			4.5	%
Compensation and benefits, interest expense and financing fees and other operating costs and expense	81			90			91			86			87			7.4	%	238			264			10.9	%
Segment benefits and other deductions	781			774			777			757			783			0.3	%	2,345			2,317			(1.2)	%

Operating earnings (loss), before income taxes	41			33			48			77			56			36.6	%	28			181			546.4	%
Income taxes	(7)			(5)			(7)			(11)			(8)			(14.3)	%	(5)			(26)			(420.0)	%
Operating earnings (loss), before noncontrolling interest	34			28			41			66			48			41.2	%	23			155			573.9	%
Less: Operating (earnings) loss attributable to the noncontrolling interest	—			—			—			1			(2)			(100.0)	%	—			(1)			(100.0)	%
Operating earnings (loss)	$	34		$	28		$	41		$	67		$	46		35.3	%	$	23		$	154		569.6	%

Summary Metrics

Operating earnings (loss) - TTM:	$	(18)		$	51		$	127		$	170		$	182		N/M		$	(18)		$	182		N/M

Benefit ratio	79.0		%	70.9		%	75.2		%	72.9		%	71.0		%			81.0		%	73.0		%

Gross written premiums	$	756		$	821		$	778		$	784		$	793		4.9	%	$	2,311		$	2,356		1.9	%

Annualized premiums	$	79		$	102		$	80		$	91		$	88		11.3	%	$	233		$	259		11.0	%

Total in-force face amount (in billions USD) (1)	$	413.2		$	412.3		$	413.2		$	411.7		$	410.3		(0.7)	%	$	413.2		$	410.3		(0.7)	%

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)	9/30/2023		12/31/2023		3/31/2024		6/30/2024		9/30/2024		9/30/2023		9/30/2024

Sales Metrics
First Year Premiums and Deposits by Product Line:
Universal Life	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Indexed Universal Life	4		2		2		3		3		9		8
Variable Universal Life	72		119		80		87		90		220		256
Term	3		3		3		2		2		9		8
Employee Benefits	24		29		28		29		32		75		89
Other (1)	—		1		—		—		—		—		—
Total	$	103	$	154	$	113	$	121	$	127	$	313	$	361

Renewals by Product Line:
Universal Life	$	187	$	175	$	169	$	166	$	179	$	554	$	514
Indexed Universal Life	71		68		74		69		67		220		210
Variable Universal Life	236		257		251		259		249		745		759
Term	88		92		92		86		86		271		264
Employee Benefits	68		71		75		80		81		197		236
Other (1)	3		4		4		3		4		11		11
Total	653		667		665		663		666		1,998		1,994
Total Gross Premiums	$	756	$	821	$	778	$	784	$	793	$	2,311	$	2,356

In-force Metrics
In-force Face Amount by Product (2) (in billions USD):
Universal Life (3)	$	41.5	$	40.9	$	40.6	$	39.6	$	39.1	$	41.5	$	39.1
Indexed Universal Life	27.1		26.9		26.6		26.5		26.3		27.1		26.3
Variable Universal Life (4)	135.4		136.9		138.1		139.0		140.1		135.4		140.1
Term	208.1		206.5		206.8		205.5		203.7		208.1		203.7
Whole Life	1.1		1.1		1.1		1.1		1.1		1.1		1.1
Total	$	413.2	$	412.3	$	413.2	$	411.7	$	410.3	$	413.2	$	410.3

In-force Policy Count by Product (2) (in thousands):
Universal Life (3)	123		122		120		118		116		123		116
Indexed Universal Life	63		63		63		62		62		63		62
Variable Universal Life (4)	292		291		290		290		290		292		290
Term	248		245		246		243		240		248		240
Whole Life	15		15		15		15		15		15		15
Total	741		736		734		728		723		741		723

Protection Solutions Reserves
General Account	$	17,949	$	18,184	$	18,167	$	18,150	$	18,318	$	17,949	$	18,318
Separate Accounts	14,782		16,337		17,560		17,761		18,684		14,782		18,684
Total	$	32,731	$	34,521	$	35,727	$	35,911	$	37,002	$	32,731	$	37,002

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)	9/30/2023			12/31/2023			3/31/2024			6/30/2024			9/30/2024			Change		9/30/2023			9/30/2024			Change

Revenues

Net investment income (loss)	$	4		$	4		$	4		$	4		$	4		—	%	$	9		$	12		33.3	%
Net derivative gains (losses)	—			—			—			—			—			—	%	—			—			—	%
Investment management, service fees and other income	386			404			419			438			446			15.5	%	1,134			1,303			14.9	%
Segment revenues	390			408			423			442			450			15.4	%	1,143			1,315			15.0	%

Benefits and other deductions




Commissions and distribution-related payments	244			253			260			282			281			15.2	%	715			823			15.1	%

Compensation and benefits, interest expense and financing fees and other operating costs and expense	93			95			105			99			103			10.8	%	278			307			10.4	%
Segment benefits and other deductions	337			348			365			381			384			13.9	%	993			1,130			13.8	%

Operating earnings (loss), before income taxes	53			60			58			61			66			24.5	%	150			185			23.3	%
Income taxes	(13)			(15)			(15)			(17)			(16)			(23.1)	%	(36)			(48)			(33.3)	%
Operating earnings (loss), before noncontrolling interest	40			45			43			44			50			25.0	%	114			137			20.2	%
Less: Operating (earnings) loss attributable to the noncontrolling interest	—			—			—			—			—			—	%	—			—			—	%
Operating earnings (loss)	$	40		$	45		$	43		$	44		$	50		25.0	%	$	114		$	137		20.2	%

Revenue by Activity Type

Investment management, service fees and other income:
Investment management and advisory fees	$	141		$	140		$	150		$	161		167			18.5	%	$	402		478			18.9	%
Distribution fees	229			246			253			260			262			14.4	%	685			775			13.1	%
Interest income	13			13			13			12			12			(8.4)	%	37			37			—	%
Service and other income	3			5			3			5			5			50.2	%	10			13			31.5	%
Total Investment management, service fees and other income	$	386		$	404		$	419		$	438		446			15.6	%	$	1,134		1,303			14.9	%
Summary Metrics
Pre-tax operating margin	13.6		%	14.7		%	13.7		%	13.8		%	14.7		%			13.1		%	14.1		%

Advisory net flows	$	909		$	544		$	(175)		$	1,539		$	1,860		104.6	%	2,434			$	3,224		32.5	%

Total AUA	$	79,359		$	87,047		$	91,936		$	93,816		$	100,431		26.6	%	$	79,359		$	100,431		26.6	%


	For the Three Months Ended or As of																	Nine Months Ended or As of
(in millions USD, unless otherwise indicated)	9/30/2023			12/31/2023			3/31/2024			6/30/2024			9/30/2024			Change		9/30/2023			9/30/2024			Change

Revenues
Policy charges, fee income and premiums	$	7		$	5		$	13		$	8		$	6		(14.3)	%	$	19		$	27		42.1	%
Net investment income (loss)	22			17			17			14			15			(31.8)	%	82			46			(43.9)	%
Net derivative gains (losses)	—			—			—			—			—			—	%	—			—			—	%
Investment management, service fees and other income	100			104			100			100			96			(4.0)	%	304			296			(2.6)	%
Segment revenues	129			126			130			122			117			(9.3)	%	405			369			(8.9)	%

Benefits and other deductions
Policyholders’ benefits	—			—			(1)			1			—			—	%	—			—			—	%
Remeasurement of liability for future policy benefits	—			—			(1)			1			—			—	%	—			—			—	%

Interest credited to policyholders’ account balances	9			7			9			8			9			—	%	29			26			(10.3)	%
Commissions and distribution-related payments	45			40			40			41			40			(11.1)	%	131			121			(7.6)	%
Amortization of deferred policy acquisition costs	16			15			16			15			16			—	%	48			47			(2.1)	%
Compensation and benefits, interest expense and financing fees and other operating costs and expense	20			25			26			21			20			—	%	55			67			21.8	%
Segment benefits and other deductions	90			87			89			87			85			(5.6)	%	263			261			(0.8)	%

Operating earnings (loss), before income taxes	39			39			41			35			32			(17.9)	%	142			108			(23.9)	%
Income taxes	(8)			(7)			(6)			(4)			(5)			37.5	%	(23)			(15)			34.8	%
Operating earnings (loss), before noncontrolling interest	31			32			35			31			27			(12.9)	%	119			93			(21.8)	%
Less: Operating (earnings) loss attributable to the noncontrolling interest	—			—			—			—			—			—	%	—			—			—	%
Operating earnings (loss)	$	31		$	32		$	35		$	31		$	27		(12.9)	%	$	119		$	93		(21.8)	%

Summary Metrics

Operating earnings (loss) - TTM:	$	184		$	151		$	133		$	129		$	125		(32.1)	%	$	184		$	125		(32.1)	%

Average Account Value (TTM)	$	21,290		$	21,484		$	21,751		$	21,786		$	21,820		2.5	%	$	21,290		$	21,820		2.5	%

Return on assets (TTM)	1.03		%	0.84		%	0.73		%	0.71		%	0.67		%			1.03		%	0.67		%




Net flows (1)	$	(560)		$	(648)		$	(658)		$	(667)		$	(712)		(27.1)	%	$	(1,650)		$	(2,037)		(23.5)	%

In-force Policy Count by Product (in thousands) (2):	275			270			263			257			251					275			251

Notes:

(1) Net of the Venerable transaction.
(2) In-force Policy Count by Product presented on a gross basis includes ceded policies related to the Venerable transaction.
(3) Prior periods were updated to reflect the impact of moving payout annuity policies from Legacy to IR.


Legacy - Select Operating Metrics
	For the Three Months Ended or As of										Nine Months Ended or As of
(in millions USD, unless otherwise indicated)	9/30/2023		12/31/2023		3/31/2024		6/30/2024		9/30/2024		9/30/2023		9/30/2024


















Account Values
General Account:
Balance as of beginning of period	$	598	$	557	$	524	$	504	$	486	$	619	$	524
Net flows (1)	(24)		(36)		(23)		(21)		(25)		(72)		(69)
Investment performance, interest credited and policy charges (1)	(17)		3		3		3		4		10		10

Balance as of end of period	$	557	$	524	$	504	$	486	$	465	$	557	$	465
Separate Accounts:
Balance as of beginning of period	$	21,485	$	20,033	$	21,316	$	22,010	$	21,417	$	20,557	$	21,316
Net flows (1)	(536)		(612)		(635)		(646)		(687)		(1,578)		(1,968)
Investment performance, interest credited and policy charges (1)	(916)		1,895		1,329		53		1,059		1,054		2,441

Balance as of end of period	$	20,033	$	21,316	$	22,010	$	21,417	$	21,789	$	20,033	$	21,789
Total:
Balance as of beginning of period	$	22,083	$	20,590	$	21,840	$	22,514	$	21,903	$	21,176	$	21,840
Net flows (1)	(560)		(648)		(658)		(667)		(712)		(1,650)		(2,037)
Investment performance, interest credited and policy charges (1)	(933)		1,898		1,332		56		1,063		1,064		2,451

Balance as of end of period	$	20,590	$	21,840	$	22,514	$	21,903	$	22,254	$	20,590	$	22,254
Net Amount at Risk (NAR)
Total GMIB NAR	$	2,767	$	2,822	$	2,502	$	2,462	$	2,692	$	2,767	$	2,692
Total GMDB NAR	$	10,690	$	9,465	$	8,982	$	8,984	$	8,472	$	10,690	$	8,472
MRB Reserves (Net of Reinsurance)	$	3,243	$	3,998	$	3,368	$	3,429	$	3,416	$	3,243	$	3,416


Notes:
(1) Net of the Venerable transaction.
(2) Prior periods were updated to reflect the impact of moving payout annuity policies from Legacy to IR.


	Balances as of
(in millions USD, unless otherwise indicated)	December 31, 2023				September 30, 2024
	Amount (1)		% of Total		Amount (1)		% of Total
Composition of investment portfolio
Fixed maturities, available-for-sale, at fair value	$	67,030	60.7	%	$	76,245	61.6	%
Fixed maturities, at fair value using the fair value option	1,654		1.5	%	1,700		1.4	%
Mortgage loans on real estate	18,171		16.5	%	19,237		15.5	%
Policy loans	4,158		3.8	%	4,293		3.5	%
Other equity investments	3,384		3.1	%	3,731		3.0	%
Other invested assets	6,719		6.1	%	6,825		5.5	%
Subtotal investment assets	101,116		91.6	%	112,031		90.5	%
Trading securities	1,057		1.0	%	2,215		1.8	%
Total investments	102,173		92.5	%	114,246		92.3	%
Cash and cash equivalents	8,239		7.5	%	9,579		7.7	%
Total	$	110,412	100.0	%	$	123,825	100.0	%

General Account AFS Fixed maturities by industry (Based on amortized cost)
Corporate securities:
Finance	$	13,181	17.9	%	$	16,019	19.8	%
Manufacturing	11,333		15.4	%	11,816		14.6	%
Utilities	6,838		9.3	%	7,839		9.7	%
Services	8,242		11.2	%	8,874		10.9	%
Energy	3,758		5.1	%	2,790		3.4	%
Retail and wholesale	3,253		4.4	%	2,556		3.2	%
State and Political	—		—	%	—		—	%
Transportation	2,493		3.4	%	1,585		2.0	%
Other	190		0.3	%	1,368		1.7	%
Total corporate securities	49,288		67.0	%	52,847		65.2	%
U.S. government and agency	5,735		7.8	%	5,795		7.1	%
Residential mortgage-backed (2)	2,470		3.4	%	3,934		4.9	%
Preferred stock	56		0.1	%	56		0.1	%
State & municipal	614		0.8	%	472		0.6	%
Foreign governments	719		1.0	%	703		0.9	%
Commercial mortgage-backed	3,595		4.9	%	3,978		4.9	%
Asset-backed securities	11,049		15.0	%	13,287		16.4	%
Total	$	73,526	100.0	%	$	81,072	100.0	%

General Account AFS Fixed maturities credit quality (3) (Based on amortized cost)
Aaa, Aa, A (NAIC Designation 1)	$	47,694	64.9	%	$	53,791	66.3	%
Baa (NAIC Designation 2)	23,476		31.9	%	25,541		31.5	%
Investment grade	71,170		96.8	%	79,332		97.9	%
Below investment grade (NAIC Designation 3 and 4)	2,356		3.2	%	1,740		2.1	%
Total	$	73,526	100.0	%	$	81,072	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, 2023				September 30, 2024				December 31, 2023
	Yield		Amount (2)		Yield		Amount (2)		Yield		Amount (2)
Fixed Maturities:
Income (loss)	4.11	%	$	2,251	4.40	%	$	2,544	4.17	%	$	3,103
Ending assets			73,776				81,072				73,526
Mortgages:
Income (loss)	4.66	%	599		5.12	%	718		4.65	%	806
Ending assets			17,655				19,238				18,171
Other Equity Investments (1):
Income (loss)	3.40	%	89		7.61	%	202		3.88	%	135
Ending assets			3,389				3,540				3,433
Trading Securities:
Income	—	%	—		4.81	%	9		—	%	—
Ending assets			—				497				—
Policy Loans:
Income	5.21	%	158		5.27	%	167		5.30	%	216
Ending assets			4,089				4,293				4,158
Cash and Short-term Investments: (3)
Income (loss)	(2.88)	%	(66)		(3.35)	%	(148)		(2.51)	%	(81)
Ending assets			2,822				5,045				4,718
Funding Agreements:
Interest expense and other			(326)				(246)				(425)
Ending (liabilities)			(8,175)				(7,165)				(7,616)
Total invested Assets:
Income (loss)	3.92	%	2,706		4.23	%	3,246		3.98	%	3,754
Ending assets			93,557				106,520				96,389
Short Duration Fixed Maturities:
Income (loss)	3.96	%	2		—	%	—		4.14	%	3
Ending assets			62				—				16
Total Net Investment Income:
Investment income	3.92	%	2,708		4.23	%	3,246		3.98	%	3,757
Less: investment fees (4)	(0.18)	%	(123)		(0.18)	%	(137)		(0.18)	%	(166)
Investment income, net	3.74	%	$	2,585	4.05	%	$	3,109	3.80	%	$	3,591
General Account Ending Net Assets			$	93,619			$	106,520			$	96,405
Operating Earnings adjustments:
Funding Agreements interest expense			326				246				425
AB and other non-General Account investment income			170				276				249
Operating Net investment income (loss)			$	3,080			$	3,631			$	4,265
Notes:

(1) Includes, as of September 30, 2023, September 30, 2024 and December 31, 2023, $436 million, $412 million and $361 million of other invested assets. Amounts for certain consolidated VIE investments are shown net of associated non-controlling interest.
(2) Amount for fixed maturities and mortgages represents original cost, reduced by repayments, write-downs, adjusted amortization of premiums, accretion of discount and allowances. Cost for equity securities represents original cost reduced by write-downs; cost for other limited partnership interests represents original cost adjusted for equity in earnings and reduced by distributions.
(3) Cash and Short-term net of collateral expense.
(4) Fixed maturities yield excludes out of period income adjustment.


	For the Three Months Ended or As of										Nine Months Ended or As of
(in millions USD, unless otherwise indicated)	9/30/2023		12/31/2023		3/31/2024		6/30/2024		9/30/2024		9/30/2023		9/30/2024

TOTAL
Beginning balance	$	6,512	$	6,599	$	6,705	$	6,804	$	6,924	$	6,369	$	6,705
Capitalization of commissions, sales and issue expenses	252		274		270		291		291		702		852
Amortization	(165)		(168)		(171)		(171)		(184)		(472)		(526)
Ending balance	$	6,599	$	6,705	$	6,804	$	6,924	$	7,031	$	6,599	$	7,031

Individual Retirement
Beginning balance	$	3,347	$	3,426	$	3,508	$	3,601	$	3,703	$	3,219	$	3,508
Capitalization of commissions, sales and issue expenses	181		187		202		213		222		490		637
Amortization	(102)		(105)		(109)		(111)		(118)		(283)		(338)
Ending balance	$	3,426	$	3,508	$	3,601	$	3,703	$	3,807	$	3,426	$	3,807

Group Retirement
Beginning balance	$	808	$	814	$	825	$	828	$	839	$	800	$	825
Capitalization of commissions, sales and issue expenses	20		25		18		20		18		58		56
Amortization	(14)		(14)		(15)		(9)		(15)		(44)		(39)
Ending balance	$	814	$	825	$	828	$	839	$	842	$	814	$	842

Protection Solutions
Beginning balance	$	1,660	$	1,676	$	1,700	$	1,714	$	1,731	$	1,630	$	1,700
Capitalization of commissions, sales and issue expenses	46		55		44		49		46		135		139
Amortization	(30)		(31)		(30)		(32)		(32)		(89)		(94)
Ending balance	$	1,676	$	1,700	$	1,714	$	1,731	$	1,745	$	1,676	$	1,745

Legacy
Beginning balance	$	575	$	564	$	555	$	546	$	538	$	593	$	555
Capitalization of commissions, sales and issue expenses	5		7		6		8		5		19		19
Amortization	(16)		(16)		(15)		(16)		(16)		(48)		(47)
Ending balance	$	564	$	555	$	546	$	538	$	527	$	564	$	527

Corporate and Other
Beginning balance	$	122	$	119	$	117	$	115	$	113	$	127	$	117
Capitalization of commissions, sales and issue expenses	—		—		—		1		—		—		1
Amortization	(3)		(2)		(2)		(3)		(3)		(8)		(8)
Ending balance	$	119	$	117	$	115	$	113	$	110	$	119	$	110


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 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, 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 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 fourth quarter of 2023, the Company updated its operating earnings measure to exclude the impact of realized amounts related to equity classified instruments. The recognition of the realized capital gains and losses from investments in current Net investment income is generally considered distortive and not reflective of the ongoing core business activities of the segments. The presentation of operating earnings in prior periods was not revised to reflect this modification. The impact to operating earnings was immaterial for the three and nine months ended September 30, 2023.

In the first quarter of 2024, the Company began allocating to its business segments collateral expense resulting from a designated rate to be paid on the collateral held back to counterparties. The new segment allocation methodology for collateral expense is based on the income earned on cash equivalents held in the surplus segments and income earned in portfolios backing collateral expenses, such that the collateral expense would be allocated to the segments up to that amount. Any remaining amount is included within Corporate and Other. This expense was previously recorded in Corporate and Other with no allocation to our business segments in prior reporting periods.The presentation of operating earnings in prior periods was not revised to reflect this modification, however, the Company estimated that allocating collateral expense to the segments for the twelve months ended December 31, 2023 and 2022, respectively, would have resulted in a decrease to operating earnings of $4.0 million and $0.8 million for Individual Retirement, $7.7 million and $1.4 million for Group Retirement, $21.9 million and $2.5 million for Protection Solutions, $4.2 million and $1.0 million for Legacy, and an increase of $37.8 million and $5.7 million for Corporate and Other. The impact to operating earnings for each segment during the quarters of 2023 was not material. Total Company operating earnings were not impacted.

During the third quarter 2024, the Company moved revenues and expenses related to payout annuitizations from the Legacy segment to the Individual Retirement segment. Now all payout annuities will be reported within the Individual Retirement segment as the block is managed on an aggregate basis. Prior periods have been recast to reflect this change.
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)	9/30/2023		12/31/2023		3/31/2024		6/30/2024		9/30/2024		9/30/2023		9/30/2024

Net income (loss) attributable to Holdings
Net income (loss) attributable to Holdings	$	1,064	$	(698)	$	114	$	428	$	(134)	$	2,000	$	408
Adjustments related to:
Variable annuity product features (1)	(1,380)		1,191		319		79		738		(584)		1,136
Investment gains (losses), net	411		159		39		16		46		554		101

Net actuarial gains (losses) related to pension and other postretirement benefit obligations	8		13		17		14		13		26		44
Other adjustments (2) (3) (4)	91		153		91		(32)		—		198		59
Income tax (expense) benefit related to above adjustments	183		(319)		(98)		(16)		(167)		(40)		(281)
Non-recurring tax items (5)	36		(23)		8		5		5		(936)		18
Non-GAAP Operating Earnings	$	413	$	476	$	490	$	494	$	501	$	1,218	$	1,485

Net income (loss) attributable to Holdings	$	3.06	$	(2.07)	$	0.34	$	1.31	$	(0.42)	$	5.62	$	1.25
Less: Preferred stock dividends	0.04		0.08		0.04		0.08		0.05		0.15		0.17
Net income (loss) available to Holdings' common shareholders	3.02		(2.15)		0.30		1.23		(0.47)		5.47		1.08
Adjustments related to:
Variable annuity product features (1)	(3.97)		3.53		0.96		0.24		2.32		(1.64)		3.47
Investment gains (losses), net	1.18		0.47		0.12		0.05		0.14		1.56		0.31

Net actuarial gains (losses) related to pension and other postretirement benefit obligations	0.02		0.04		0.05		0.04		0.04		0.07		0.13
Other adjustments (2) (3) (4)	0.27		0.46		0.27		(0.10)		—		0.55		0.19
Income tax (expense) benefit related to above adjustments	0.53		(0.95)		(0.29)		(0.05)		(0.52)		(0.11)		(0.86)
Non-recurring tax items (5)	0.10		(0.07)		0.02		0.02		0.02		(2.63)		0.05
Non-GAAP Operating Earnings (loss) available to Holdings' common shareholders	$	1.15	$	1.33	$	1.43	$	1.43	$	1.53	$	3.27	$	4.37

Book Value per common share
Book Value per common share	$	0.23	$	3.26	$	1.43	$	0.25	$	5.26	$	0.23	$	5.26
Less: Per share impact of AOCI	(28.66)		(23.30)		(24.93)		(26.88)		(20.90)		(28.66)		(20.90)
Book value per common share (ex. AOCI)	$	28.90	$	26.56	$	26.36	$	27.14	$	26.16	$	28.90	$	26.16



Notes:
(1) Includes the impact of favorable assumption updates of $16 million for the three and nine months ended September 30, 2024, respectively and 40 million for the three and nine months ended September 30, 2023, respectively. The impact per common share is $0.05 for the three and nine months ended September 30, 2024, respectively and 0.11 for the three and nine months ended September 30, 2023, respectively.
(2) Includes certain gross legal expenses related to the COI litigation of $0 million and $106 million for the three and nine months ended September 30, 2024, respectively, and $0 million and $35 million for the three and nine months ended September 30, 2023, respectively. 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. The legal accruals impact per common share is $0 and $0.32 for the three and nine months ended September 30, 2024, respectively, and $0 and $0.10 for the three and nine months ended September 30, 2023, respectively. 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.
(3) For the nine months ended September 30, 2024, 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 nine months ended September 30, 2024.
(4) For the three and nine months ended September 30, 2024, includes $78 million contingent payment gain recognized in connection with 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 and nine months ended September 30, 2024, respectively.
(5) For the three and nine months ended September 30, 2024 and 2023, respectively, non-recurring tax items reflect primarily the effect of uncertain tax positions for a given audit period. An increase of the deferred tax valuation allowance of $20 million and a decrease of $970 million for the three and nine months ended September 30, 2023, respectively. The impact per common share is $0.06 and $2.73 for the three and nine months ended September 30, 2023, respectively.


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

Assets Under Administration (“AUA”) - AUA includes non-insurance client assets that are invested in our savings and investment products or serviced by our Equitable Advisors platform. We provide administrative services for these assets and generally record the revenues received as distribution fees.
Assets Under Management (“AUM”) - AUM means investment assets that are managed by one of our subsidiaries and includes: (i) assets managed by AB; (ii) the assets in our General Account investment portfolio; and (iii) the Separate Account assets of our Individual Retirement, Group Retirement and Protection Solutions businesses. Total AUM reflects exclusions between segments to avoid double counting.
Average Account Value (TTM) - Calculated as an average of the previous twelve calendar months total Account Value balance as of end of period.
Benefit base - A notional amount (not actual cash value) used to calculate the owner’s guaranteed benefits within an annuity contract. The death benefit and living benefit within the same contract may not have the same benefit base.
Brokerage Assets - Brokerage accounts which allow clients a variety of investments, including mutual funds, exchange traded products, equities and fixed income, to be managed in one account. The client is charged for all buy and sell transactions.
Current Product Offering (Individual Retirement) - Products sold 2011 and later.
Deferred policy acquisition costs (“DAC”) - Represents the incremental costs related directly to the successful acquisition of new and certain renewal insurance policies and annuity contracts and which have been deferred on the balance sheet as an asset.
Direct Assets - Mutual Funds purchased through and registered directly with an asset management company. No other agents, such as brokers or distributors, are involved in the transactions.
Equitable Advisors - means 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.
Equitable America - means Equitable Financial Life Insurance Company of America, an Arizona corporation and a wholly-owned indirect subsidiary of Holdings.
Equitable Life - means Equitable Financial Life Insurance Company, a New York corporation, a life insurance company and a wholly-owned subsidiary of EFS.
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.

Legacy - The Legacy segment consists of our fixed-rate GMxB business written prior to 2011. In 2023, we began reporting this business separately from our Individual Retirement business.
Liability for future policy benefits - the liability related to life insurance policies such as non-participating traditional life insurance policies (Term) and limited pay contracts (Payout, Pension).
Market risk benefits - (“MRBs”) are contracts or contract features that provide protection to the contract holder from other than nominal capital market risk and expose the Company to other than nominal capital market risk. Market risk benefits include contract features that provide minimum guarantees to policyholders and include GMIB, GMDB, GMWB, GMAB, and ROP DB benefits.
Net flows - Net change in customer account balances in a period including, but not limited to, gross premiums, surrenders, withdrawals and benefits. It excludes investment performance, interest credited to customer accounts and policy charges.
Net long-term flows - Net change of assets under management in a period which includes new sales net of redemptions of mutual funds and terminations of separately managed accounts and cash flow which includes both cash invested or withdrawn by existing clients. In addition, cash flow includes fees received from certain clients. It excludes the impact of the markets.
Premiums and deposits - Amounts a policyholder agrees to pay for an insurance policy or annuity contract that may be paid in one or a series of payments as defined by the terms of the policy or contract.
Pre-tax operating margin - Calculated as operating earnings, before income taxes, divided by revenue.
Protection Solutions Benefit Ratio - Calculated as the sum of policyholders’ benefits and interest credited to policyholders’ account balances dividend by segment revenues.
Protection Solutions Reserves - Equals the aggregate value of Policyholders’ account balances and future policy benefits for policies in our Protection Solutions segment.
Renewal premium and deposits - Premiums and deposits after the first twelve months of the policy or contract.


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.


Reconciliation of Non-GAAP Measures (2/3)

	As of and for the Twelve Months Ended
(in millions USD, unless otherwise indicated)	3/31/2024			6/30/2024			9/30/2024

Net Income to Non-GAAP Operating Earnings
Net income (loss) attributable to Holdings	$	1,239		$	908		$	(290)
Adjustments related to:
Variable annuity product features	65			209			2,327
Investment (gains) losses	665			625			260

Net actuarial (gains) losses related to pension and other postretirement benefit obligations	47			52			57
Other adjustments	397			303			212
Income tax (expense) benefits related to above adjustments	(247)			(250)			(600)
Non-recurring tax items	(346)			26			(5)
Non-GAAP Operating Earnings	$	1,820		$	1,873		$	1,961

Return on Equity and Non-GAAP Operating Return on Equity - Trailing twelve months
Net income (loss) attributable to Holdings	$	1,239		$	908		$	(290)
Less: Preferred stock	(80)			(80)			(80)
Net income (loss) available to Holdings' common shareholders	$	1,159		$	828		$	(370)
Average equity attributable to Holdings' common shareholders (ex. AOCI)	$	9,045		$	9,048		$	8,872

Return on Equity (ex. AOCI)	12.8		%	9.2		%	(4.2)		%

Non-GAAP Operating Earnings	$	1,820		$	1,873		$	1,961
Less: Preferred stock	(80)			(80)			(80)
Non-GAAP Operating Earnings available to Holdings' common shareholders	$	1,740		$	1,793		$	1,881
Average equity attributable to Holdings' common shareholders (ex. AOCI)	$	9,045		$	9,048		$	8,872

Non-GAAP Operating Return on Equity (ex. AOCI)	19.2		%	19.8		%	21.2		%


	Balances as of
(in millions USD, unless otherwise indicated)	12/31/2022		3/31/2023		6/30/2023		9/30/2023		12/31/2023		3/31/2024		6/30/2024		9/30/2024

Equity Reconciliation - Twelve Month Rolling Average
Total equity attributable to Holdings' shareholders	$	4,610	$	3,567	$	3,030	$	2,588	$	2,900	$	2,469	$	1,992	$	2,386
Less: Preferred Stock	1,562		1,562		1,562		1,562		1,562		1,562		1,562		1,562
Total equity attributable to Holdings' common shareholders	3,048		2,005		1,468		1,026		1,338		907		430		824
Less: Accumulated other comprehensive income (loss)	(5,333)		(6,636)		(7,380)		(8,113)		(7,809)		(8,222)		(8,598)		(7,796)
Total equity attributable to Holdings' common shareholders (ex. AOCI)	$	8,381	$	8,641	$	8,848	$	9,139	$	9,147	$	9,129	$	9,027	$	8,620


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


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
Asset Management (1) (2)
		Statements of Operating Earnings (Loss) and Summary Metrics	17
		Select Operating Metrics	18
		Net Flows	19
Protection Solutions
		Statements of Operating Earnings (Loss) and Summary Metrics	20
		Select Operating Metrics	21
Wealth Management
		Statements of Operating Earnings (Loss) and Summary Metrics	22
		Select Operating Metrics	23
Legacy
		Statements of Operating Earnings (Loss) and Summary Metrics	24
		Select Operating Metrics	25

	Investments
		Consolidated Investment Portfolio Composition	27
		Consolidated Results of General Account Investment Portfolio	28

	Additional Information
		Deferred Policy Acquisition Costs Rollforward	30
		Use of Non-GAAP Financial Measures	31
		Reconciliation of Non-GAAP Measures	33
		Glossary of Selected Financial and Product Terms	36
		Analyst Coverage, Ratings & Contact Information	38
		Notes:
		(1) Refers to AllianceBernsten L.P. and AllianceBernstien Holding L.P., collectively (2) formerly known as Investment Management and Research


Wealth Management - Operating Earnings (Loss) and Summary Metrics


Reconciliation of Non-GAAP Measures (3/3)

	Balances as of
(in millions USD, unless otherwise indicated)	12/31/2022		3/31/2023		6/30/2023		9/30/2023		12/31/2023		3/31/2024		6/30/2024		9/30/2024

Equity Reconciliation - Quarter-end Balances
Total equity attributable to Holdings' shareholders	$	1,401	$	3,754	$	3,553	$	1,642	$	2,649	$	2,032	$	1,644	$	3,220
Less: Preferred Stock	1,562		1,562		1,562		1,562		1,562		1,562		1,562		1,562
Total equity attributable to Holdings' common shareholders	(161)		2,192		1,991		80		1,087		470		82		1,658
Less: Accumulated other comprehensive income (loss)	(8,992)		(6,516)		(7,142)		(9,802)		(7,777)		(8,166)		(8,645)		(6,595)
Total equity attributable to Holdings' common shareholders (ex. AOCI)	$	8,831	$	8,708	$	9,133	$	9,882	$	8,864	$	8,636	$	8,727	$	8,253