EX-99.2 3 eqh1q2025qfsdocument.htm EX-99.2

Table of Contents |
| Consolidated Financials and Key Metrics | Page
|  | Key Metrics Summary | 4
|  | Consolidated Statements of Income (Loss) | 5
|  | Consolidated Balance Sheets | 6
|  | Consolidated Capital Structure | 7
|  | Operating Earnings (Loss) by Segment and Corporate and Other | 8
|  | Assets Under Management and Administration | 9
|  | Sales Metrics by Segment | 10
| Select Metrics from Business Segments |
Individual Retirement |
|  | Statements of Operating Earnings (Loss) and Summary Metrics | 12
|  | Select Operating Metrics | 13
Group Retirement |
|  | Statements of Operating Earnings (Loss) and Summary Metrics | 14
|  | Select Operating Metrics | 15
Asset Management (1) |
|  | Statements of Operating Earnings (Loss) and Summary Metrics | 16
|  | Select Operating Metrics | 17
|  | Net Flows | 18
Protection Solutions |
|  | Statements of Operating Earnings (Loss) and Summary Metrics | 19
|  | Select Operating Metrics | 20
Wealth Management |
|  | Statements of Operating Earnings (Loss) and Summary Metrics | 21
|  | Select Operating Metrics | 22
Legacy |
|  | Statements of Operating Earnings (Loss) and Summary Metrics | 23
|  | Select Operating Metrics | 24
| Investments |
|  | Consolidated Investment Portfolio Composition | 26
|  | Consolidated Results of General Account Investment Portfolio | 27
| Additional Information |
|  | Deferred Policy Acquisition Costs Rollforward | 29
|  | Use of Non-GAAP Financial Measures | 30
|  | Reconciliation of Non-GAAP Measures | 32
|  | Glossary of Selected Financial and Product Terms | 35
|  | Analyst Coverage, Ratings & Contact Information | 37
|  | Notes: |
|  | (1) Refers to AllianceBernsten L.P. and AllianceBernstien Holding L.P., collectively |

All information included in this financial supplement is unaudited.
This financial supplement includes information from prior periods which have been revised
This financial supplement should be read in conjunction with Equitable Holdings' filings with the Securities and Exchange Commission (“SEC”) can be accessed upon filing at the SEC’s website at www.sec.gov, and at our website at ir.equitableholdings.com.

1Q 2025 Financial Supplement |  | 2

Consolidated Financials
and Key Metrics

1Q 2025 Financial Supplement |  | 3

Key Metrics Summary

|  | For the Three Months Ended or As of |  | For the Three Months Ended or As of
(in millions USD, unless otherwise indicated) |  | 3/31/2024 |  | 6/30/2024 |  | 9/30/2024 |  | 12/31/2024 |  | 3/31/2025 |  | Change |  | 3/31/2024 |  | 3/31/2025 |  | Change
Net income (loss) |  | $ | 195 |  |  | $ | 565 |  |  | $ | 28 |  |  | $ | 1,008 |  |  | $ | 150 |  |  | (23.1) | % |  | $ | 195 |  |  | $ | 150 |  |  | (23.1) | %
Net income (loss) attributable to the noncontrolling interest |  | (103) |  |  | (137) |  |  | (160) |  |  | (116) |  |  | (87) |  |  | 15.5 | % |  | (103) |  |  | (87) |  |  | 15.5 | %
Net income (loss) attributable to Holdings |  | $ | 92 |  |  | $ | 428 |  |  | $ | (132) |  |  | $ | 892 |  |  | $ | 63 |  |  | (31.5) | % |  | $ | 92 |  |  | $ | 63 |  |  | (31.5) | %
Non-GAAP Operating Earnings (1) |  | $ | 477 |  |  | $ | 495 |  |  | $ | 517 |  |  | $ | 515 |  |  | $ | 421 |  |  | (11.7) | % |  | $ | 477 |  |  | $ | 421 |  |  | (11.7) | %
Total equity attributable to Holdings' shareholders |  | $ | 1,992 |  |  | $ | 1,598 |  |  | $ | 3,201 |  |  | $ | 1,565 |  |  | $ | 2,401 |  |  | 20.5 | % |  | $ | 1,992 |  |  | $ | 2,401 |  |  | 20.5 | %
Less: Preferred Stock |  | 1,562 |  |  | 1,562 |  |  | 1,562 |  |  | 1,507 |  |  | 1,507 |  |  | (3.5) | % |  | 1,562 |  |  | 1,507 |  |  | (3.5) | %
Total equity attributable to Holdings' common shareholders |  | 430 |  |  | 36 |  |  | 1,639 |  |  | 58 |  |  | 894 |  |  | 107.9 | % |  | 430 |  |  | 894 |  |  | 107.9 | %
Less: Accumulated other comprehensive income (loss) |  | (8,191) |  |  | (8,675) |  |  | (6,601) |  |  | (8,712) |  |  | (7,567) |  |  | 7.6 | % |  | (8,191) |  |  | (7,567) |  |  | 7.6 | %
Total equity attributable to Holdings' common shareholders (ex. AOCI) |  | $ | 8,621 |  |  | $ | 8,711 |  |  | $ | 8,240 |  |  | $ | 8,770 |  |  | $ | 8,461 |  |  | (1.9) | % |  | $ | 8,621 |  |  | $ | 8,461 |  |  | (1.9) | %
Return on Equity (ex. AOCI) - TTM |  | 12.3 | % |  | 8.8 | % |  | (4.5) | % |  | 14.0 | % |  | 13.7 | % |  |  |  | 12.3 | % |  | 13.7 | % |  |
Non-GAAP Operating ROE (1) |  | 18.4 | % |  | 19.3 | % |  | 21.7 | % |  | 22.4 | % |  | 21.9 | % |  |  |  | 18.4 | % |  | 21.9 | % |  |
Debt to capital: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Debt to Capital (ex. AOCI) |  | 27.3 | % |  | 27.2 | % |  | 28.1 | % |  | 27.2 | % |  | 30.3 | % |  |  |  | 27.3 | % |  | 30.3 | % |  |
Per common share: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Diluted earnings per common share: (2) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) attributable to Holdings |  | $ | 0.23 |  |  | $ | 1.23 |  |  | $ | (0.46) |  |  | $ | 2.74 |  |  | $ | 0.16 |  |  | (33.0) | % |  | $ | 0.23 |  |  | $ | 0.16 |  |  | (33.0) | %
Non-GAAP Operating Earnings (1) |  | $ | 1.39 |  |  | $ | 1.43 |  |  | $ | 1.58 |  |  | $ | 1.55 |  |  | $ | 1.30 |  |  | (6.5) | % |  | $ | 1.39 |  |  | $ | 1.30 |  |  | (6.5) | %
Book value per common share |  | $ | 1.31 |  |  | $ | 0.11 |  |  | $ | 5.20 |  |  | $ | 0.19 |  |  | $ | 2.92 |  |  | 122.4 | % |  | $ | 1.31 |  |  | $ | 2.92 |  |  | 122.4 | %
Book value per common share (ex. AOCI) |  | $ | 26.31 |  |  | $ | 27.09 |  |  | $ | 26.12 |  |  | $ | 28.30 |  |  | $ | 27.62 |  |  | 5.0 | % |  | $ | 26.31 |  |  | $ | 27.62 |  |  | 5.0 | %
Adjusted capital metrics: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total equity adjustment for Holdings' portion of AB's market value (3) |  | $ | 3,393 |  |  | $ | 3,177 |  |  | $ | 3,309 |  |  | $ | 3,684 |  |  | $ | 4,003 |  |  | 18.0 | % |  | $ | 3,393 |  |  | $ | 4,003 |  |  | 18.0 | %
Book value with AB at market value per common share (ex. AOCI) |  | $ | 36.67 |  |  | $ | 36.97 |  |  | $ | 36.61 |  |  | $ | 40.19 |  |  | $ | 39.96 |  |  | 9.0 | % |  | $ | 36.67 |  |  | $ | 39.96 |  |  | 9.0 | %
Debt to capital with AB at market value (ex. AOCI) |  | 22.0 | % |  | 22.2 | % |  | 22.6 | % |  | 21.5 | % |  | 23.7 | % |  |  |  | 22.0 | % |  | 23.7 | % |  |
Weighted-average common shares outstanding: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic |  | 330.2 |  |  | 324.2 |  |  | 318.2 |  |  | 312.2 |  |  | 307.8 |  |  | (6.8) | % |  | 330.2 |  |  | 307.8 |  |  | (6.8) | %
Diluted |  | 332.7 |  |  | 327.3 |  |  | 318.2 |  |  | 316.5 |  |  | 311.9 |  |  | (6.3) | % |  | 332.7 |  |  | 311.9 |  |  | (6.3) | %
Ending common shares outstanding |  | 327.6 |  |  | 321.6 |  |  | 315.5 |  |  | 309.9 |  |  | 306.3 |  |  | (6.5) | % |  | 327.6 |  |  | 306.3 |  |  | (6.5) | %
Return to common shareholders: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common stock dividend |  | $ | 73 |  |  | $ | 78 |  |  | $ | 76 |  |  | $ | 75 |  |  | $ | 74 |  |  |  |  | $ | 73 |  |  | $ | 74 |  |  |
Repurchase of common shares |  | 253 |  |  | 247 |  |  | 254 |  |  | 260 |  |  | 261 |  |  |  |  | 253 |  |  | 261 |  |  |
Total capital returned to common shareholders |  | $ | 326 |  |  | $ | 325 |  |  | $ | 330 |  |  | $ | 335 |  |  | $ | 335 |  |  |  |  | $ | 326 |  |  | $ | 335 |  |  |
Notes: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Some financial metrics have been revised for prior periods; for additional information, please refer to our Form 10-Q, to be filed on or about May 1, 2025.
(1) This measure is a Non-GAAP financial measure. For an explanation of our use of Non-GAAP financial measures, refer to the “Use of Non-GAAP Financial Measures” and "Glossary of Selected Financial and Product Terms" sections of this document. For a reconciliation of this item to the most directly comparable GAAP measure, refer to the “Non-GAAP Reconciliation” section in this document.
(2) For loss periods, dilutive shares were not included in the calculation of net income (loss) available to shareholders per common share or Non-GAAP Operating Earnings per common share as inclusion of such shares would have an anti-dilutive effect.
(3) Adjustment for AB market value represents the difference between EQH economic interest in AB's total units multiplied by AB's total units and EQH economic interest in AB's Total Partners' Capital Attributable to AB Unitholders ex. AOCI. For the quarters ending 3/31/2025, 12/31/2024, 9/30/2024, 6/30/2024 and 3/31/2024, AB's total units, including General Partnership units ABLP units, were 295.2 million, 295.1 million, 288.4 million, 289.7 million and 290.2 million, respectively. This is a pro-forma calculation not the figures recorded in our financial statements.

1Q 2025 Financial Supplement |  | 4

Consolidated Statements of Income (Loss)

|  | For the Three Months Ended |  | For the Three Months Ended
(in millions USD, unless otherwise indicated) |  | 3/31/2024 |  | 6/30/2024 |  | 9/30/2024 |  | 12/31/2024 |  | 3/31/2025 |  | Change |  | 3/31/2024 |  | 3/31/2025 |  | Change
Revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Policy charges and fee income |  | $ | 614 |  |  | $ | 617 |  |  | $ | 626 |  |  | $ | 638 |  |  | $ | 636 |  |  | 3.6 | % |  | $ | 614 |  |  | $ | 636 |  |  | 3.6 | %
Premiums |  | 285 |  |  | 282 |  |  | 312 |  |  | 293 |  |  | 304 |  |  | 6.7 | % |  | 285 |  |  | 304 |  |  | 6.7 | %
Net derivative gains (losses) |  | (1,376) |  |  | (208) |  |  | (714) |  |  | (253) |  |  | 799 |  |  | 158.1 | % |  | (1,376) |  |  | 799 |  |  | 158.1 | %
Net investment income (loss) |  | 1,210 |  |  | 1,167 |  |  | 1,308 |  |  | 1,196 |  |  | 1,248 |  |  | 3.1 | % |  | 1,210 |  |  | 1,248 |  |  | 3.1 | %
Investment gains (losses), net |  | (39) |  |  | (16) |  |  | (46) |  |  | (32) |  |  | (14) |  |  | 64.1 | % |  | (39) |  |  | (14) |  |  | 64.1 | %
Investment management and service fees |  | 1,278 |  |  | 1,240 |  |  | 1,287 |  |  | 1,458 |  |  | 1,285 |  |  | 0.5 | % |  | 1,278 |  |  | 1,285 |  |  | 0.5 | %
Other income |  | 258 |  |  | 425 |  |  | 300 |  |  | 315 |  |  | 318 |  |  | 23.3 | % |  | 258 |  |  | 318 |  |  | 23.3 | %
Total revenues |  | 2,230 |  |  | 3,507 |  |  | 3,073 |  |  | 3,615 |  |  | 4,576 |  |  | 105.2 | % |  | 2,230 |  |  | 4,576 |  |  | 105.2 | %
Benefits and other deductions |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Policyholders’ benefits |  | 677 |  |  | 667 |  |  | 663 |  |  | 689 |  |  | 759 |  |  | 12.1 | % |  | 677 |  |  | 759 |  |  | 12.1 | %
Remeasurement of liability for future policy benefits |  | 5 |  |  | (7) |  |  | (1) |  |  | (3) |  |  | (2) |  |  | (140.0) | % |  | 5 |  |  | (2) |  |  | (140.0) | %
Change in market risk benefits and purchased market risk benefits |  | (1,088) |  |  | (132) |  |  | 97 |  |  | (817) |  |  | 672 |  |  | 161.8 | % |  | (1,088) |  |  | 672 |  |  | 161.8 | %
Interest credited to policyholders’ account balances |  | 579 |  |  | 599 |  |  | 701 |  |  | 614 |  |  | 678 |  |  | 17.1 | % |  | 579 |  |  | 678 |  |  | 17.1 | %
Compensation and benefits |  | 620 |  |  | 577 |  |  | 571 |  |  | 683 |  |  | 601 |  |  | (3.1) | % |  | 620 |  |  | 601 |  |  | (3.1) | %
Commissions and distribution related payments |  | 437 |  |  | 463 |  |  | 485 |  |  | 511 |  |  | 501 |  |  | 14.6 | % |  | 437 |  |  | 501 |  |  | 14.6 | %
Interest expense |  | 57 |  |  | 62 |  |  | 55 |  |  | 52 |  |  | 55 |  |  | (3.5) | % |  | 57 |  |  | 55 |  |  | (3.5) | %
Amortization of deferred policy acquisition costs |  | 172 |  |  | 169 |  |  | 184 |  |  | 186 |  |  | 188 |  |  | 9.3 | % |  | 172 |  |  | 188 |  |  | 9.3 | %
Other operating costs and expenses |  | 552 |  |  | 428 |  |  | 329 |  |  | 513 |  |  | 950 |  |  | 72.1 | % |  | 552 |  |  | 950 |  |  | 72.1 | %
Total benefits and other deductions |  | 2,011 |  |  | 2,826 |  |  | 3,084 |  |  | 2,428 |  |  | 4,402 |  |  | 118.9 | % |  | 2,011 |  |  | 4,402 |  |  | 118.9 | %
Income (loss) from operations, before income taxes |  | 219 |  |  | 681 |  |  | (11) |  |  | 1,187 |  |  | 174 |  |  | (20.5) | % |  | 219 |  |  | 174 |  |  | (20.5) | %
Income tax (expense) benefit |  | (24) |  |  | (116) |  |  | 39 |  |  | (179) |  |  | (24) |  |  | — | % |  | (24) |  |  | (24) |  |  | — | %
Net income (loss) |  | 195 |  |  | 565 |  |  | 28 |  |  | 1,008 |  |  | 150 |  |  | (23.1) | % |  | 195 |  |  | 150 |  |  | (23.1) | %
Less: net (income) loss attributable to the noncontrolling interest |  | (103) |  |  | (137) |  |  | (160) |  |  | (116) |  |  | (87) |  |  | 15.5 | % |  | (103) |  |  | (87) |  |  | 15.5 | %
Net income (loss) attributable to Holdings |  | $ | 92 |  |  | $ | 428 |  |  | $ | (132) |  |  | $ | 892 |  |  | $ | 63 |  |  | (31.5) | % |  | $ | 92 |  |  | $ | 63 |  |  | (31.5) | %
Less: Preferred stock dividends |  | (14) |  |  | (26) |  |  | (14) |  |  | (26) |  |  | (14) |  |  | — | % |  | (14) |  |  | (14) |  |  | — | %
Net income (loss) available to Holdings' common shareholders |  | $ | 78 |  |  | $ | 402 |  |  | $ | (146) |  |  | $ | 866 |  |  | $ | 49 |  |  | (37.2) | % |  | $ | 78 |  |  | $ | 49 |  |  | (37.2) | %
Adjustments related to: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Variable annuity product features (1) |  | $ | 330 |  |  | $ | 81 |  |  | $ | 756 |  |  | $ | (530) |  |  | $ | 211 |  |  |  |  | $ | 330 |  |  | $ | 211 |  |  |
Investment gains (losses), net |  | 39 |  |  | 16 |  |  | 46 |  |  | 32 |  |  | 14 |  |  |  |  | 39 |  |  | 14 |  |  |
Net actuarial gains (losses) related to pension and other postretirement benefit obligations |  | 17 |  |  | 14 |  |  | 13 |  |  | 16 |  |  | 11 |  |  |  |  | 17 |  |  | 11 |  |  |
Other adjustments (2) |  | 91 |  |  | (33) |  |  | 1 |  |  | 34 |  |  | 205 |  |  |  |  | 91 |  |  | 205 |  |  |
Income tax (expense) benefit related to above adjustments |  | (100) |  |  | (16) |  |  | (172) |  |  | 94 |  |  | (92) |  |  |  |  | (100) |  |  | (92) |  |  |
Non-recurring tax items |  | 8 |  |  | 5 |  |  | 5 |  |  | (23) |  |  | 9 |  |  |  |  | 8 |  |  | 9 |  |  |
Non-GAAP Operating earnings (3) |  | $ | 477 |  |  | $ | 495 |  |  | $ | 517 |  |  | $ | 515 |  |  | $ | 421 |  |  |  |  | $ | 477 |  |  | $ | 421 |  |  |
Notes: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(1) As a result of the novation of certain Legacy VA policies completed during the first quarter, the Company recorded a loss of $499 million in pre-tax net income and an increase of $263 million in pre-tax AOCI, for a total impact loss of $236 million.
(2) Includes a loss of $165 million on Non-VA derivatives for the three months ended March 31, 2025 and includes certain gross legal expenses related to the COI litigation of $106 million for the three months ended 2024.
(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.

1Q 2025 Financial Supplement |  | 5

Consolidated Balance Sheets

|  | Balances as of
(in millions USD, unless otherwise indicated) |  | 3/31/2024 |  | 6/30/2024 |  | 9/30/2024 |  | 12/31/2024 |  | 3/31/2025
Assets |  |  |  |  |  |  |  |  |  |
Total investments |  | $ | 102,620 |  |  | $ | 107,726 |  |  | $ | 114,246 |  |  | $ | 116,441 |  |  | $ | 118,908 |
Cash and cash equivalents |  | 10,357 |  |  | 9,684 |  |  | 9,579 |  |  | 6,964 |  |  | 8,164 |
Cash and securities segregated, at fair value |  | 866 |  |  | 592 |  |  | 547 |  |  | 500 |  |  | 772 |
Broker-dealer related receivables |  | 1,808 |  |  | 1,801 |  |  | 1,898 |  |  | 1,961 |  |  | 1,931 |
Deferred policy acquisition costs |  | 6,804 |  |  | 6,924 |  |  | 7,031 |  |  | 7,170 |  |  | 7,262 |
Goodwill and other intangible assets, net |  | 5,419 |  |  | 5,403 |  |  | 5,388 |  |  | 5,371 |  |  | 5,356 |
Amounts due from reinsurers |  | 8,252 |  |  | 8,087 |  |  | 8,068 |  |  | 7,899 |  |  | 7,523 |
Current and deferred income taxes |  | 2,075 |  |  | 2,129 |  |  | 1,707 |  |  | 2,003 |  |  | 1,687 |
Purchased market risk benefits |  | 8,348 |  |  | 8,002 |  |  | 8,492 |  |  | 7,376 |  |  | 5,976 |
Other assets |  | 3,619 |  |  | 3,828 |  |  | 3,738 |  |  | 4,462 |  |  | 4,574 |
Assets held-for-sale |  | 745 |  |  | — |  |  | — |  |  | — |  |  | — |
Assets for market risk benefits |  | 821 |  |  | 799 |  |  | 740 |  |  | 863 |  |  | 644 |
Separate Accounts assets |  | 133,735 |  |  | 132,664 |  |  | 137,407 |  |  | 134,717 |  |  | 124,569 |
Total assets |  | $ | 285,469 |  |  | $ | 287,639 |  |  | $ | 298,841 |  |  | $ | 295,727 |  |  | $ | 287,366 |
Liabilities |  |  |  |  |  |  |  |  |  |
Policyholders’ account balances |  | $ | 100,228 |  |  | $ | 104,049 |  |  | $ | 107,404 |  |  | $ | 110,929 |  |  | $ | 112,793 |
Liability for market risk benefits |  | 12,833 |  |  | 12,612 |  |  | 13,197 |  |  | 11,810 |  |  | 10,864 |
Future policy benefits and other policyholders’ liabilities |  | 17,340 |  |  | 17,433 |  |  | 17,936 |  |  | 17,613 |  |  | 17,372 |
Broker-dealer related payables |  | 1,022 |  |  | 839 |  |  | 1,382 |  |  | 775 |  |  | 642 |
Customers related payables |  | 2,162 |  |  | 2,060 |  |  | 1,795 |  |  | 1,933 |  |  | 2,135 |
Amounts due to reinsurers |  | 1,402 |  |  | 1,373 |  |  | 1,426 |  |  | 1,421 |  |  | 1,357 |
Short-term debt |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Long-term debt |  | 3,821 |  |  | 3,830 |  |  | 3,831 |  |  | 3,833 |  |  | 4,330 |
Notes issued by consolidated variable interest entities, at fair value using the fair value option |  | 1,580 |  |  | 1,740 |  |  | 1,744 |  |  | 2,116 |  |  | 2,110 |
Other liabilities |  | 6,401 |  |  | 6,612 |  |  | 6,540 |  |  | 7,032 |  |  | 6,700 |
Liabilities held-for-sale |  | 239 |  |  | — |  |  | — |  |  | — |  |  | — |
Separate Accounts liabilities |  | 133,735 |  |  | 132,664 |  |  | 137,407 |  |  | 134,717 |  |  | 124,569 |
Total liabilities |  | 280,763 |  |  | 283,212 |  |  | 292,662 |  |  | 292,179 |  |  | 282,872 |
Redeemable noncontrolling interest |  | 991 |  |  | 1,088 |  |  | 1,223 |  |  | 125 |  |  | 289 |
Equity |  |  |  |  |  |  |  |  |  |
Preferred stock |  | 1,562 |  |  | 1,562 |  |  | 1,562 |  |  | 1,507 |  |  | 1,507 |
Common stock |  | 5 |  |  | 5 |  |  | 5 |  |  | 5 |  |  | 5 |
Additional paid-in capital |  | 2,322 |  |  | 2,337 |  |  | 2,343 |  |  | 2,336 |  |  | 2,305 |
Treasury shares |  | (3,801) |  |  | (3,932) |  |  | (4,072) |  |  | (4,198) |  |  | (4,296) |
Retained earnings |  | 10,095 |  |  | 10,301 |  |  | 9,964 |  |  | 10,627 |  |  | 10,447 |
Accumulated other comprehensive income (loss) |  | (8,191) |  |  | (8,675) |  |  | (6,601) |  |  | (8,712) |  |  | (7,567) |
Total equity attributable to Holdings |  | 1,992 |  |  | 1,598 |  |  | 3,201 |  |  | 1,565 |  |  | 2,401 |
Noncontrolling interest |  | 1,723 |  |  | 1,741 |  |  | 1,755 |  |  | 1,858 |  |  | 1,804 |
Total equity |  | 3,715 |  |  | 3,339 |  |  | 4,956 |  |  | 3,423 |  |  | 4,205 |
Total liabilities, redeemable noncontrolling interest and equity |  | $ | 285,469 |  |  | $ | 287,639 |  |  | $ | 298,841 |  |  | $ | 295,727 |  |  | $ | 287,366 |

1Q 2025 Financial Supplement |  | 6

Consolidated Capital Structure

| Balances as of
(in millions USD, unless otherwise indicated) | 3/31/2024 |  | 6/30/2024 |  | 9/30/2024 |  | 12/31/2024 |  | 3/31/2025
Short-term and long-term debt: |  |  |  |  |  |  |  |  |
Short-term debt |  |  |  |  |  |  |  |  |
AB commercial paper | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
AB revolving credit facility | — |  |  | — |  |  | — |  |  | — |  |  | — |
CLO Warehousing Debt | — |  |  | — |  |  | — |  |  | — |  |  | — |
Current portion of long-term debt | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total short-term debt | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total long-term debt | 3,821 |  |  | 3,830 |  |  | 3,831 |  |  | 3,833 |  |  | 4,330 |
Total short-term and long-term debt: [A] | $ | 3,821 |  |  | $ | 3,830 |  |  | $ | 3,831 |  |  | $ | 3,833 |  |  | $ | 4,330 |
Equity: |  |  |  |  |  |  |  |  |
Preferred stock | $ | 1,562 |  |  | $ | 1,562 |  |  | $ | 1,562 |  |  | $ | 1,507 |  |  | $ | 1,507 |
Common stock | 5 |  |  | 5 |  |  | 5 |  |  | 5 |  |  | 5 |
Additional paid-in capital | 2,322 |  |  | 2,337 |  |  | 2,343 |  |  | 2,336 |  |  | 2,305 |
Treasury stock, at cost | (3,801) |  |  | (3,932) |  |  | (4,072) |  |  | (4,198) |  |  | (4,296) |
Retained earnings | 10,095 |  |  | 10,301 |  |  | 9,964 |  |  | 10,627 |  |  | 10,447 |
Accumulated other comprehensive income (loss) | (8,191) |  |  | (8,675) |  |  | (6,601) |  |  | (8,712) |  |  | (7,567) |
Total equity attributable to Holdings | 1,992 |  |  | 1,598 |  |  | 3,201 |  |  | 1,565 |  |  | 2,401 |
Noncontrolling interest | 1,723 |  |  | 1,741 |  |  | 1,755 |  |  | 1,858 |  |  | 1,804 |
Total equity | $ | 3,715 |  |  | $ | 3,339 |  |  | $ | 4,956 |  |  | $ | 3,423 |  |  | $ | 4,205 |
Total equity attributable to Holdings, (ex. AOCI): [B] | $ | 10,183 |  |  | $ | 10,273 |  |  | $ | 9,802 |  |  | $ | 10,277 |  |  | $ | 9,968 |
Capital: |  |  |  |  |  |  |  |  |
Total capitalization (1) | $ | 5,813 |  |  | $ | 5,428 |  |  | $ | 7,032 |  |  | $ | 5,398 |  |  | $ | 6,731 |
Total capitalization (ex. AOCI): [A+B] (2) | $ | 14,004 |  |  | $ | 14,103 |  |  | $ | 13,633 |  |  | $ | 14,110 |  |  | $ | 14,298 |
Debt to capital: |  |  |  |  |  |  |  |  |
Debt to capital (ex. AOCI) (2) | 27.3 | % |  | 27.2 | % |  | 28.1 | % |  | 27.2 | % |  | 30.3 | %
| For the Three Months Ended
Roll-forward of common shares outstanding (millions of shares): |  |  |  |  |  |  |  |  |
Beginning balance | 333.8 |  |  | 327.6 |  |  | 321.6 |  |  | 315.5 |  |  | 309.9 |
Repurchases | (3.2) |  |  | (3.2) |  |  | (3.4) |  |  | (2.6) |  |  | (2.3) |
Retirements | (4.3) |  |  | (3.1) |  |  | (2.8) |  |  | (3.1) |  |  | (2.7) |
Issuances | 1.3 |  |  | 0.3 |  |  | 0.1 |  |  | 0.1 |  |  | 1.4 |
Ending basic common shares outstanding | 327.6 |  |  | 321.6 |  |  | 315.5 |  |  | 309.9 |  |  | 306.3 |
Total potentially dilutive shares | 2.5 |  |  | 3.2 |  |  | 3.4 |  |  | 3.6 |  |  | 4.1 |
Ending common shares outstanding - maximum potential dilution | 330.1 |  |  | 324.7 |  |  | 318.9 |  |  | 313.5 |  |  | 310.4 |
Notes: |  |  |  |  |  |  |  |  |

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

1Q 2025 Financial Supplement |  | 7

Operating Earnings (Loss) by Segment and Corporate and Other
|  | Three Months Ended March 31, 2025
(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 |  |  | $ | 82 |  |  | $ | — |  |  | $ | 534 |  |  | $ | — |  |  | $ | 19 |  |  | $ | 81 |  |  | $ | — |  |  | $ | 940 |
Net investment income (loss) |  | 693 |  |  | 151 |  |  | 3 |  |  | 251 |  |  | 3 |  |  | 9 |  |  | 110 |  |  | 25 |  |  | 1,245 |
Net derivative gains (losses) |  | (5) |  |  | — |  |  | (13) |  |  | 1 |  |  | — |  |  | — |  |  | 8 |  |  | 5 |  |  | (4) |
Investment management, service fees and other income |  | 85 |  |  | 83 |  |  | 1,098 |  |  | 40 |  |  | 460 |  |  | 92 |  |  | 5 |  |  | (260) |  |  | 1,603 |
Segment revenues |  | 997 |  |  | 316 |  |  | 1,088 |  |  | 826 |  |  | 463 |  |  | 120 |  |  | 204 |  |  | (230) |  |  | 3,784 |
Benefits and other deductions |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Policyholders’ benefits |  | 92 |  |  | — |  |  | — |  |  | 556 |  |  | — |  |  | — |  |  | 111 |  |  | — |  |  | 759 |
Remeasurement of liability for future policy benefits |  | (1) |  |  | — |  |  | — |  |  | (2) |  |  | — |  |  | — |  |  | 1 |  |  | — |  |  | (2) |
Interest credited to policyholders’ account balances |  | 365 |  |  | 63 |  |  | — |  |  | 121 |  |  | — |  |  | 7 |  |  | 107 |  |  | — |  |  | 663 |
Commissions and distribution related payments |  | 98 |  |  | 43 |  |  | 201 |  |  | 42 |  |  | 293 |  |  | 36 |  |  | 6 |  |  | (218) |  |  | 501 |
Amortization of deferred policy acquisition costs |  | 124 |  |  | 15 |  |  | — |  |  | 32 |  |  | — |  |  | 15 |  |  | 2 |  |  | — |  |  | 188 |
Compensation and benefits, interest expense and financing fees and other operating costs and expense |  | 64 |  |  | 42 |  |  | 614 |  |  | 96 |  |  | 109 |  |  | 34 |  |  | 96 |  |  | (12) |  |  | 1,043 |
Segment benefits and other deductions |  | 742 |  |  | 163 |  |  | 815 |  |  | 845 |  |  | 402 |  |  | 92 |  |  | 323 |  |  | (230) |  |  | 3,152 |
Operating earnings (loss), before income taxes |  | 255 |  |  | 153 |  |  | 273 |  |  | (19) |  |  | 61 |  |  | 28 |  |  | (119) |  |  | — |  |  | 632 |
Income Taxes |  | (39) |  |  | (23) |  |  | (41) |  |  | 3 |  |  | (15) |  |  | (4) |  |  | 17 |  |  | — |  |  | (102) |
Operating earnings (loss), before noncontrolling interest |  | 216 |  |  | 130 |  |  | 232 |  |  | (16) |  |  | 46 |  |  | 24 |  |  | (102) |  |  | — |  |  | 530 |
Less: Operating (earnings) loss attributable to the noncontrolling interest |  | — |  |  | — |  |  | (106) |  |  | (1) |  |  | — |  |  | — |  |  | (2) |  |  | — |  |  | (109) |
Operating earnings (loss) |  | $ | 216 |  |  | $ | 130 |  |  | $ | 126 |  |  | $ | (17) |  |  | $ | 46 |  |  | $ | 24 |  |  | $ | (104) |  |  | $ | — |  |  | $ | 421 |
|  | Three Months Ended March 31, 2024
|  | Individual Retirement |  | Group Retirement |  | Asset Management |  | Protection Solutions |  | Wealth Management |  | Legacy |  | Corporate and Other |  | Eliminations |  | Consolidated
Revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Policy charges, fee income and premiums |  | $ | 208 |  |  | $ | 73 |  |  | $ | — |  |  | $ | 528 |  |  | $ | — |  |  | $ | 12 |  |  | $ | 78 |  |  | $ | — |  |  | $ | 899 |
Net investment income (loss) |  | 549 |  |  | 141 |  |  | 8 |  |  | 256 |  |  | 4 |  |  | 16 |  |  | 179 |  |  | 21 |  |  | 1,174 |
Net derivative gains (losses) |  | (5) |  |  | — |  |  | (5) |  |  | — |  |  | — |  |  | — |  |  | (8) |  |  | 5 |  |  | (13) |
Investment Management, service fees and other income |  | 88 |  |  | 77 |  |  | 1,090 |  |  | 40 |  |  | 419 |  |  | 101 |  |  | 6 |  |  | (242) |  |  | 1,579 |
Segment revenues |  | 840 |  |  | 291 |  |  | 1,093 |  |  | 824 |  |  | 423 |  |  | 129 |  |  | 255 |  |  | (216) |  |  | 3,639 |
Benefits and other deductions |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Policyholders’ benefits |  | 77 |  |  | — |  |  | — |  |  | 487 |  |  | — |  |  | — |  |  | 113 |  |  | — |  |  | 677 |
Remeasurement of liability for future policy benefits |  | (3) |  |  | — |  |  | — |  |  | (4) |  |  | — |  |  | — |  |  | 12 |  |  | — |  |  | 5 |
Interest credited to policyholders’ account balances |  | 248 |  |  | 52 |  |  | — |  |  | 128 |  |  | — |  |  | 9 |  |  | 142 |  |  | — |  |  | 579 |
Commissions and distribution related payments |  | 77 |  |  | 44 |  |  | 173 |  |  | 40 |  |  | 260 |  |  | 40 |  |  | 3 |  |  | (200) |  |  | 437 |
Amortization of deferred policy acquisition costs |  | 109 |  |  | 15 |  |  | — |  |  | 30 |  |  | — |  |  | 16 |  |  | 2 |  |  | — |  |  | 172 |
Compensation and benefits, interest expense and financing fees and other operating costs and expense |  | 54 |  |  | 35 |  |  | 672 |  |  | 92 |  |  | 105 |  |  | 25 |  |  | 107 |  |  | (16) |  |  | 1,074 |
Segment benefits and other deductions |  | 562 |  |  | 146 |  |  | 845 |  |  | 773 |  |  | 365 |  |  | 90 |  |  | 379 |  |  | (216) |  |  | 2,944 |
Operating earnings (loss), before income taxes |  | 278 |  |  | 145 |  |  | 248 |  |  | 51 |  |  | 58 |  |  | 39 |  |  | (124) |  |  | — |  |  | 695 |
Income Taxes |  | (40) |  |  | (21) |  |  | (44) |  |  | (7) |  |  | (15) |  |  | (6) |  |  | 23 |  |  | — |  |  | (110) |
Operating earnings (loss), before noncontrolling interest |  | 238 |  |  | 124 |  |  | 204 |  |  | 44 |  |  | 43 |  |  | 33 |  |  | (101) |  |  | — |  |  | 585 |
Less: Operating (earnings) loss attributable to the noncontrolling interest |  | — |  |  | — |  |  | (98) |  |  | — |  |  | — |  |  | — |  |  | (10) |  |  | — |  |  | (108) |
Operating earnings (loss) |  | $ | 238 |  |  | $ | 124 |  |  | $ | 106 |  |  | $ | 44 |  |  | $ | 43 |  |  | $ | 33 |  |  | $ | (111) |  |  | $ | — |  |  | $ | 477 |

1Q 2025 Financial Supplement |  | 8

Assets Under Management and Administration

|  | Balances as of |
(in billions USD, unless otherwise indicated) |  | 3/31/2024 |  | 6/30/2024 |  | 9/30/2024 |  | 12/31/2024 |  | 3/31/2025 |
AB AUM |  |  |  |  |  |  |  |  |  |  |
Total AB |  | $ | 758.7 |  |  | $ | 769.5 |  |  | $ | 805.9 |  |  | $ | 792.2 |  |  | $ | 784.5 |  |
Exclusion for General Account and other Affiliated Accounts |  | (76.8) |  |  | (80.8) |  |  | (85.0) |  |  | (84.2) |  |  | (87.4) |  |
Exclusion for Separate Accounts |  | (46.4) |  |  | (46.3) |  |  | (48.4) |  |  | (47.3) |  |  | (44.7) |  |
AB third party |  | $ | 635.4 |  |  | $ | 642.4 |  |  | $ | 672.6 |  |  | $ | 660.7 |  |  | $ | 652.4 |  |
Total Company AUM |  |  |  |  |  |  |  |  |  |  |
AB third party |  | $ | 635.4 |  |  | $ | 642.4 |  |  | $ | 672.6 |  |  | $ | 660.7 |  |  | $ | 652.4 |  |
General Account and other Affiliated Accounts (1) (3) (4) |  | 113.0 |  |  | 117.4 |  |  | 123.8 |  |  | 123.4 |  |  | 127.1 |  |
Separate Accounts (2) (3) (4) |  | 133.7 |  |  | 132.7 |  |  | 137.4 |  |  | 134.7 |  |  | 124.6 |  |
Total AUM |  | $ | 882.1 |  |  | $ | 892.5 |  |  | $ | 933.8 |  |  | $ | 918.8 |  |  | $ | 904.0 |  |
Total AUA (5) (6) |  | $ | 92.5 |  |  | $ | 94.8 |  |  | $ | 101.5 |  |  | $ | 101.7 |  |  | $ | 102.1 |  |
Total AUM/A |  | $ | 974.6 |  |  | $ | 987.3 |  |  | $ | 1,035.3 |  |  | $ | 1,020.5 |  |  | $ | 1,006.1 |  |
Market Values: |  |  |  |  |  |  |  |  |  |  |
S&P 500 |  | 5,254 |  |  | 5,460 |  |  | 5,762 |  |  | 5,882 |  |  | 5,612 |  |
US 10-Year Treasury |  | 4.2 | % |  | 4.4 | % |  | 3.7 | % |  | 4.6 | % |  | 4.2 | % |
Notes: |  |  |  |  |  |  |  |  |  |  |
(1) “General Account and other Affiliated Accounts” refers to assets held in the general accounts of our insurance companies and other assets on which we bear the investment risk. |
(2) “Separate Accounts” refers to the separate account investment assets of our insurance subsidiaries excluding any assets on which we bear the investment risk. |
(3) As of March 31, 2024, June 30, 2024, September 30, 2024, December 31, 2024 and March 31, 2025, Separate Account is inclusive of $12.9 billion, $12.5 billion, $12.8 billion, $12.3 billion and $7.9 billion & General Account AUM is inclusive of $47 million, $46 million, $44 million, $43 million and $31 million, respectively, Account Value ceded to Venerable. |
(4) As of March 31, 2024, June 30, 2024, September 30, 2024, December 31, 2024 and March 31, 2025, Separate Account is inclusive of $6.9 billion, $6.8 billion, $7.1 billion, $6.9 billion and $6.5 billion & General Account AUM is inclusive of $3.5 billion, $3.4 billion, $3.3 billion, $3.2 billion and $3.2 billion, respectively, Account Value ceded to Global Atlantic. |
(5) Includes Advisory, Brokerage and Direct assets included in our Wealth Management segment. |
(6) Balances were revised from previously filed financial statement supplement. |

1Q 2025 Financial Supplement |  | 9

Sales Metrics by Segment

|  | For the Three Months Ended |  | For the Three Months Ended
(in millions USD, unless otherwise indicated) |  | 3/31/2024 |  | 6/30/2024 |  | 9/30/2024 |  | 12/31/2024 |  | 3/31/2025 |  | Change |  | 3/31/2024 |  | 3/31/2025 |  | Change
Insurance Operations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Individual Retirement |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
First year premiums and deposits |  | $ | 4,313 |  |  | $ | 4,485 |  |  | $ | 4,854 |  |  | $ | 4,908 |  |  | $ | 4,563 |  |  | 5.8 | % |  | $ | 4,313 |  |  | $ | 4,563 |  |  | 5.8 | %
Renewal premium and deposits |  | 72 |  |  | 58 |  |  | 58 |  |  | 60 |  |  | 58 |  |  | (19.4) | % |  | 72 |  |  | 58 |  |  | (19.4) | %
Total Gross Premiums |  | $ | 4,385 |  |  | $ | 4,543 |  |  | $ | 4,912 |  |  | $ | 4,968 |  |  | $ | 4,621 |  |  | 5.4 | % |  | $ | 4,385 |  |  | $ | 4,621 |  |  | 5.4 | %
Group Retirement |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
First year premiums and deposits |  | $ | 428 |  |  | $ | 950 |  |  | $ | 454 |  |  | $ | 530 |  |  | $ | 854 |  |  | 99.5 | % |  | $ | 428 |  |  | $ | 854 |  |  | 99.5 | %
Renewal premium and deposits |  | 590 |  |  | 620 |  |  | 501 |  |  | 619 |  |  | 622 |  |  | 5.4 | % |  | 590 |  |  | 622 |  |  | 5.3 | %
Total Gross Premiums |  | $ | 1,018 |  |  | $ | 1,570 |  |  | $ | 955 |  |  | $ | 1,149 |  |  | $ | 1,476 |  |  | 45.0 | % |  | $ | 1,018 |  |  | $ | 1,476 |  |  | 44.9 | %
Protection Solutions |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
First year premiums and deposits |  | $ | 113 |  |  | $ | 121 |  |  | $ | 127 |  |  | $ | 148 |  |  | $ | 130 |  |  | 15.0 | % |  | $ | 113 |  |  | $ | 130 |  |  | 15.0 | %
Renewal premium and deposits |  | 665 |  |  | 663 |  |  | 666 |  |  | 681 |  |  | 670 |  |  | 0.8 | % |  | 665 |  |  | 670 |  |  | 0.8 | %
Total Gross Premiums |  | $ | 778 |  |  | $ | 784 |  |  | $ | 793 |  |  | $ | 829 |  |  | $ | 800 |  |  | 2.8 | % |  | $ | 778 |  |  | $ | 800 |  |  | 2.8 | %
Asset Management (in billions USD) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross Sales by distribution channel |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Institutional |  | $ | 3.3 |  |  | $ | 3.3 |  |  | $ | 4.2 |  |  | $ | 2.0 |  |  | $ | 4.6 |  |  | 39.4 | % |  | $ | 3.3 |  |  | $ | 4.6 |  |  | 39.4 | %
Retail |  | 23.8 |  |  | 23.2 |  |  | 26.6 |  |  | 26.4 |  |  | 25.7 |  |  | 8.0 | % |  | 23.8 |  |  | 25.7 |  |  | 8.0 | %
Private Wealth |  | 5.5 |  |  | 5.4 |  |  | 4.7 |  |  | 5.2 |  |  | 5.8 |  |  | 5.5 | % |  | 5.5 |  |  | 5.8 |  |  | 5.5 | %
Firmwide Gross Sales |  | $ | 32.6 |  |  | $ | 31.9 |  |  | $ | 35.5 |  |  | $ | 33.6 |  |  | $ | 36.1 |  |  | 10.7 | % |  | $ | 32.6 |  |  | $ | 36.1 |  |  | 10.7 | %
Gross sales by investment service |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity Active |  | $ | 11.7 |  |  | $ | 12.5 |  |  | $ | 13.0 |  |  | $ | 11.8 |  |  | $ | 13.2 |  |  | 12.8 | % |  | $ | 11.7 |  |  | $ | 13.2 |  |  | 12.8 | %
Equity Passive (1) |  | 0.7 |  |  | 0.3 |  |  | 0.2 |  |  | 0.2 |  |  | 0.5 |  |  | (28.6) | % |  | 0.7 |  |  | 0.5 |  |  | (28.6) | %
Fixed Income - Taxable |  | 12.1 |  |  | 10.3 |  |  | 11.6 |  |  | 10.4 |  |  | 12.4 |  |  | 2.5 | % |  | 12.1 |  |  | 12.4 |  |  | 2.5 | %
Fixed Income - Tax-Exempt |  | 5.3 |  |  | 4.9 |  |  | 5.6 |  |  | 8.5 |  |  | 5.8 |  |  | 9.4 | % |  | 5.3 |  |  | 5.8 |  |  | 9.4 | %
Fixed Income Passive (1) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — | % |  | — |  |  | — |  |  | 100.0 | %
Alternatives/Multi-Asset Solutions (2) |  | 2.8 |  |  | 3.9 |  |  | 5.1 |  |  | 2.7 |  |  | 4.2 |  |  | 50.0 | % |  | 2.8 |  |  | 4.2 |  |  | 50.0 | %
Firmwide Gross Sales |  | $ | 32.6 |  |  | $ | 31.9 |  |  | $ | 35.5 |  |  | $ | 33.6 |  |  | $ | 36.1 |  |  | 10.7 | % |  | $ | 32.6 |  |  | $ | 36.1 |  |  | 10.7 | %
Notes: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(1) Includes index and enhanced index services.
(2) Includes certain multi-asset solutions and services not included in equity or fixed income services. |  |  |  |

1Q 2025 Financial Supplement |  | 10

Business Segments:
Operating Earnings Results and Metrics

1Q 2025 Financial Supplement |  | 11

Individual Retirement - Operating Earnings (Loss) and Summary Metrics

|  | For the Three Months Ended or As of |  |  |  | For the Three Months Ended or As of
(in millions USD, unless otherwise indicated) |  | 3/31/2024 |  | 6/30/2024 |  | 9/30/2024 |  | 12/31/2024 |  | 3/31/2025 |  | Change |  | 3/31/2024 |  | 3/31/2025 |  | Change
Revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Policy charges, fee income and premiums |  | $ | 208 |  |  | $ | 209 |  |  | $ | 224 |  |  | $ | 223 |  |  | $ | 224 |  |  | 7.7 | % |  | $ | 208 |  |  | $ | 224 |  |  | 7.7 | %
Net investment income (loss) |  | 549 |  |  | 593 |  |  | 635 |  |  | 666 |  |  | 693 |  |  | 26.2 | % |  | 549 |  |  | 693 |  |  | 26.2 | %
Net derivative gains (losses) |  | (5) |  |  | (6) |  |  | (5) |  |  | (5) |  |  | (5) |  |  | — | % |  | (5) |  |  | (5) |  |  | — | %
Investment management, service fees and other income |  | 88 |  |  | 92 |  |  | 90 |  |  | 95 |  |  | 85 |  |  | (3.4) | % |  | 88 |  |  | 85 |  |  | (3.4) | %
Segment revenues |  | 840 |  |  | 888 |  |  | 944 |  |  | 979 |  |  | 997 |  |  | 18.7 | % |  | 840 |  |  | 997 |  |  | 18.7 | %
Benefits and other deductions |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Policyholders’ benefits |  | 77 |  |  | 78 |  |  | 82 |  |  | 87 |  |  | 92 |  |  | 19.5 | % |  | 77 |  |  | 92 |  |  | 19.5 | %
Remeasurement of liability for future policy benefits |  | (3) |  |  | 1 |  |  | 1 |  |  | (1) |  |  | (1) |  |  | 66.7 | % |  | (3) |  |  | (1) |  |  | 66.7 | %
Interest credited to policyholders’ account balances |  | 248 |  |  | 281 |  |  | 336 |  |  | 343 |  |  | 365 |  |  | 47.2 | % |  | 248 |  |  | 365 |  |  | 47.2 | %
Commissions and distribution-related payments |  | 77 |  |  | 80 |  |  | 97 |  |  | 102 |  |  | 98 |  |  | 27.3 | % |  | 77 |  |  | 98 |  |  | 27.3 | %
Amortization of deferred policy acquisition costs |  | 109 |  |  | 111 |  |  | 119 |  |  | 121 |  |  | 124 |  |  | 13.8 | % |  | 109 |  |  | 124 |  |  | 13.8 | %
Compensation and benefits, interest expense and financing fees and other operating costs and expense |  | 54 |  |  | 51 |  |  | 48 |  |  | 52 |  |  | 64 |  |  | 18.5 | % |  | 54 |  |  | 64 |  |  | 18.5 | %
Segment benefits and other deductions |  | 562 |  |  | 602 |  |  | 683 |  |  | 704 |  |  | 742 |  |  | 32.0 | % |  | 562 |  |  | 742 |  |  | 32.0 | %
Operating earnings (loss), before income taxes |  | 278 |  |  | 286 |  |  | 261 |  |  | 275 |  |  | 255 |  |  | (8.3) | % |  | 278 |  |  | 255 |  |  | (8.3) | %
Income taxes |  | (40) |  |  | (40) |  |  | (37) |  |  | (35) |  |  | (39) |  |  | 2.5 | % |  | (40) |  |  | (39) |  |  | 2.5 | %
Operating earnings (loss), before noncontrolling interest |  | 238 |  |  | 246 |  |  | 224 |  |  | 240 |  |  | 216 |  |  | (9.2) | % |  | 238 |  |  | 216 |  |  | (9.2) | %
Less: Operating (earnings) loss attributable to the noncontrolling interest |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — | % |  | — |  |  | — |  |  | — | %
Operating earnings (loss) |  | $ | 238 |  |  | $ | 246 |  |  | $ | 224 |  |  | $ | 240 |  |  | $ | 216 |  |  | (9.2) | % |  | $ | 238 |  |  | $ | 216 |  |  | (9.2) | %
Summary Metrics |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating earnings (loss) - TTM: |  | $ | 918 |  |  | $ | 920 |  |  | $ | 922 |  |  | $ | 948 |  |  | $ | 926 |  |  | 0.9 | % |  | $ | 918 |  |  | $ | 926 |  |  | 0.9 | %
Average Account Value net of embedded derivative instruments (TTM) |  | $ | 78,256 |  |  | $ | 81,128 |  |  | $ | 84,596 |  |  | $ | 88,164 |  |  | $ | 91,041 |  |  | 16.3 | % |  | $ | 78,256 |  |  | $ | 91,041 |  |  | 16.3 | %
Return on assets net of embedded derivative instruments (TTM) |  | 1.40 | % |  | 1.36 | % |  | 1.28 | % |  | 1.25 | % |  | 1.18 | % |  |  |  | 1.40 | % |  | 1.18 | % |  |
Net flows |  | $ | 1,647 |  |  | $ | 1,853 |  |  | $ | 1,910 |  |  | $ | 1,747 |  |  | $ | 1,431 |  |  | (13.1) | % |  | $ | 1,647 |  |  | $ | 1,431 |  |  | (13.1) | %
First year premiums and deposits |  | $ | 4,313 |  |  | $ | 4,485 |  |  | $ | 4,854 |  |  | $ | 4,908 |  |  | $ | 4,563 |  |  | 5.8 | % |  | $ | 4,313 |  |  | $ | 4,563 |  |  | 5.8 | %
In-force Policy Count by Product (in thousands): |  | 622 |  |  | 629 |  |  | 636 |  |  | 643 |  |  | 648 |  |  |  |  | 622 |  |  | 648 |  |  |

1Q 2025 Financial Supplement |  | 12

Individual Retirement - Select Operating Metrics |  |  |  |
|  | For the Three Months Ended or As of |  | For the Three Months Ended or As of |  |  |  |
(in millions USD, unless otherwise indicated) |  | 3/31/2024 |  | 6/30/2024 |  | 9/30/2024 |  | 12/31/2024 |  | 3/31/2025 |  | 3/31/2024 |  | 3/31/2025 |  |  |  |
Sales Metrics |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
First Year Premiums and Deposits by Product: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
SCS |  | $ | 3,023 |  |  | $ | 2,983 |  |  | $ | 3,072 |  |  | $ | 3,127 |  |  | $ | 2,988 |  |  | $ | 3,023 |  |  | $ | 2,988 |  |  |  |  |
SCS Income |  | 393 |  |  | 482 |  |  | 556 |  |  | 619 |  |  | 546 |  |  | 393 |  |  | 546 |  |  |  |  |
Retirement Cornerstone |  | 561 |  |  | 555 |  |  | 555 |  |  | 588 |  |  | 556 |  |  | 561 |  |  | 556 |  |  |  |  |
Investment Edge |  | 310 |  |  | 430 |  |  | 594 |  |  | 462 |  |  | 413 |  |  | 310 |  |  | 413 |  |  |  |  |
Other |  | 26 |  |  | 35 |  |  | 77 |  |  | 112 |  |  | 60 |  |  | 26 |  |  | 60 |  |  |  |  |
Total First Year Premiums and Deposits |  | $ | 4,313 |  |  | $ | 4,485 |  |  | $ | 4,854 |  |  | $ | 4,908 |  |  | $ | 4,563 |  |  | $ | 4,313 |  |  | $ | 4,563 |  |  |  |  |
Account Values |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
General Account: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance as of beginning of period |  | $ | 52,387 |  |  | $ | 57,583 |  |  | $ | 61,452 |  |  | $ | 66,473 |  |  | $ | 69,020 |  |  | $ | 52,387 |  |  | $ | 69,020 |  |  |  |  |
Gross premiums and deposits (1) |  | 3,410 |  |  | 3,494 |  |  | 3,621 |  |  | 3,552 |  |  | 3,859 |  |  | 3,410 |  |  | 3,859 |  |  |  |  |
Surrenders, withdrawals and benefits |  | (1,225) |  |  | (1,191) |  |  | (1,343) |  |  | (1,416) |  |  | (1,485) |  |  | (1,225) |  |  | (1,485) |  |  |  |  |
Net flows |  | 2,185 |  |  | 2,303 |  |  | 2,278 |  |  | 2,136 |  |  | 2,374 |  |  | 2,185 |  |  | 2,374 |  |  |  |  |
Change in market value and reinvestment |  | (58) |  |  | 294 |  |  | 1,247 |  |  | (856) |  |  | 1,623 |  |  | (58) |  |  | 1,623 |  |  |  |  |
Change in fair value of embedded derivative instruments |  | 3,069 |  |  | 1,272 |  |  | 1,496 |  |  | 1,267 |  |  | (2,918) |  |  | 3,069 |  |  | (2,918) |  |  |  |  |
Other |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  |
Balance as of end of period |  | $ | 57,583 |  |  | $ | 61,452 |  |  | $ | 66,473 |  |  | $ | 69,020 |  |  | $ | 70,099 |  |  | $ | 57,583 |  |  | $ | 70,099 |  |  |  |  |
Balance as of end of period net of embedded derivative instruments |  | $ | 44,122 |  |  | $ | 46,782 |  |  | $ | 50,506 |  |  | $ | 52,090 |  |  | $ | 56,324 |  |  | $ | 44,122 |  |  | $ | 56,324 |  |  |  |  |
Separate Accounts: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance as of beginning of period |  | $ | 39,619 |  |  | $ | 41,062 |  |  | $ | 40,810 |  |  | $ | 42,393 |  |  | $ | 41,524 |  |  | $ | 39,619 |  |  | $ | 41,524 |  |  |  |  |
Gross premiums and deposits (1) |  | 946 |  |  | 1,026 |  |  | 1,235 |  |  | 1,316 |  |  | 718 |  |  | 946 |  |  | 718 |  |  |  |  |
Surrenders, withdrawals and benefits |  | (1,484) |  |  | (1,476) |  |  | (1,603) |  |  | (1,705) |  |  | (1,661) |  |  | (1,484) |  |  | (1,661) |  |  |  |  |
Net flows |  | (538) |  |  | (450) |  |  | (368) |  |  | (389) |  |  | (943) |  |  | (538) |  |  | (943) |  |  |  |  |
Change in market value and reinvestment |  | 1,981 |  |  | 198 |  |  | 1,951 |  |  | (480) |  |  | (987) |  |  | 1,981 |  |  | (987) |  |  |  |  |
Change in fair value of embedded derivative instruments |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  |
Other |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  |
Balance as of end of period |  | $ | 41,062 |  |  | $ | 40,810 |  |  | $ | 42,393 |  |  | $ | 41,524 |  |  | $ | 39,594 |  |  | $ | 41,062 |  |  | $ | 39,594 |  |  |  |  |
Total: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance as of beginning of period |  | $ | 92,006 |  |  | $ | 98,645 |  |  | $ | 102,262 |  |  | $ | 108,866 |  |  | $ | 110,544 |  |  | $ | 92,006 |  |  | $ | 110,544 |  |  |  |  |
Gross premiums and deposits (1) |  | 4,356 |  |  | 4,520 |  |  | 4,856 |  |  | 4,868 |  |  | 4,577 |  |  | 4,356 |  |  | 4,577 |  |  |  |  |
Surrenders, withdrawals and benefits |  | (2,709) |  |  | (2,667) |  |  | (2,946) |  |  | (3,121) |  |  | (3,146) |  |  | (2,709) |  |  | (3,146) |  |  |  |  |
Net flows |  | 1,647 |  |  | 1,853 |  |  | 1,910 |  |  | 1,747 |  |  | 1,431 |  |  | 1,647 |  |  | 1,431 |  |  |  |  |
Change in market value and reinvestment |  | 1,923 |  |  | 492 |  |  | 3,198 |  |  | (1,336) |  |  | 636 |  |  | 1,923 |  |  | 636 |  |  |  |  |
Change in fair value of embedded derivative instruments |  | 3,069 |  |  | 1,272 |  |  | 1,496 |  |  | 1,267 |  |  | (2,918) |  |  | 3,069 |  |  | (2,918) |  |  |  |  |
Other |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  |
Balance as of end of period |  | $ | 98,645 |  |  | $ | 102,262 |  |  | $ | 108,866 |  |  | $ | 110,544 |  |  | $ | 109,693 |  |  | $ | 98,645 |  |  | $ | 109,693 |  |  |  |  |
Balance as of end of period net of embedded derivative instruments |  | $ | 85,184 |  |  | $ | 87,592 |  |  | $ | 92,899 |  |  | $ | 93,614 |  |  | $ | 95,918 |  |  | $ | 85,184 |  |  | $ | 95,918 |  |  |  |  |
Net Amount at Risk (NAR) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total GMIB NAR |  | $ | 17 |  |  | $ | 21 |  |  | $ | 31 |  |  | $ | 31 |  |  | $ | 45 |  |  | $ | 17 |  |  | $ | 45 |  |  |  |  |
Total GMWB NAR |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  |  |  |
Total GMDB NAR |  | $ | 2,868 |  |  | $ | 2,972 |  |  | $ | 2,705 |  |  | $ | 2,977 |  |  | $ | 3,261 |  |  | $ | 2,868 |  |  | $ | 3,261 |  |  |  |  |
MRB Reserves (Net of Reinsurance) |  | $ | 320 |  |  | $ | 399 |  |  | $ | 576 |  |  | $ | 468 |  |  | $ | 738 |  |  | $ | 320 |  |  | $ | 738 |  |  |  |  |
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. |  |  |  |

1Q 2025 Financial Supplement |  | 13

Group Retirement - Operating Earnings (Loss) and Summary Metrics

|  | For the Three Months Ended or As of |  | For the Three Months Ended or As of
(in millions USD, unless otherwise indicated) |  | 3/31/2024 |  | 6/30/2024 |  | 9/30/2024 |  | 12/31/2024 |  | 3/31/2025 |  | Change |  | 3/31/2024 |  | 3/31/2025 |  | Change
Revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Policy charges, fee income and premiums |  | $ | 73 |  |  | $ | 79 |  |  | $ | 81 |  |  | $ | 84 |  |  | $ | 82 |  |  | 12.3 | % |  | $ | 73 |  |  | $ | 82 |  |  | 12.3 | %
Net investment income (loss) |  | 141 |  |  | 139 |  |  | 142 |  |  | 137 |  |  | 151 |  |  | 7.1 | % |  | 141 |  |  | 151 |  |  | 7.1 | %
Net derivative gains (losses) |  | — |  |  | — |  |  | (1) |  |  | — |  |  | — |  |  | — | % |  | — |  |  | — |  |  | — | %
Investment management, service fees and other income |  | 77 |  |  | 65 |  |  | 91 |  |  | 85 |  |  | 83 |  |  | 7.8 | % |  | 77 |  |  | 83 |  |  | 7.8 | %
Segment revenues |  | 291 |  |  | 283 |  |  | 313 |  |  | 306 |  |  | 316 |  |  | 8.6 | % |  | 291 |  |  | 316 |  |  | 8.6 | %
Benefits and other deductions |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Policyholder benefits |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — | % |  | — |  |  | — |  |  | — | %
Remeasurement of liability for future policy benefits |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — | % |  | — |  |  | — |  |  | — | %
Interest credited to policyholders’ account balances |  | 52 |  |  | 56 |  |  | 60 |  |  | 59 |  |  | 63 |  |  | 21.2 | % |  | 52 |  |  | 63 |  |  | 21.2 | %
Commissions and distribution-related payments |  | 44 |  |  | 45 |  |  | 39 |  |  | 42 |  |  | 43 |  |  | (2.3) | % |  | 44 |  |  | 43 |  |  | (2.3) | %
Amortization of deferred policy acquisition costs |  | 15 |  |  | 8 |  |  | 16 |  |  | 15 |  |  | 15 |  |  | — | % |  | 15 |  |  | 15 |  |  | — | %
Compensation and benefits, interest expense and financing fees and other operating costs and expense |  | 35 |  |  | 29 |  |  | 34 |  |  | 38 |  |  | 42 |  |  | 20.0 | % |  | 35 |  |  | 42 |  |  | 20.0 | %
Segment benefits and other deductions |  | 146 |  |  | 138 |  |  | 149 |  |  | 154 |  |  | 163 |  |  | 11.6 | % |  | 146 |  |  | 163 |  |  | 11.6 | %
Operating earnings (loss), before income taxes |  | 145 |  |  | 145 |  |  | 164 |  |  | 152 |  |  | 153 |  |  | 5.5 | % |  | 145 |  |  | 153 |  |  | 5.5 | %
Income taxes |  | (21) |  |  | (20) |  |  | (23) |  |  | (20) |  |  | (23) |  |  | (9.5) | % |  | (21) |  |  | (23) |  |  | (9.5) | %
Operating earnings (loss), before noncontrolling interest |  | 124 |  |  | 125 |  |  | 141 |  |  | 132 |  |  | 130 |  |  | 4.8 | % |  | 124 |  |  | 130 |  |  | 4.8 | %
Less: Operating (earnings) loss attributable to the noncontrolling interest |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — | % |  | — |  |  | — |  |  | — | %
Operating earnings (loss) |  | $ | 124 |  |  | $ | 125 |  |  | $ | 141 |  |  | $ | 132 |  |  | $ | 130 |  |  | 4.8 | % |  | $ | 124 |  |  | $ | 130 |  |  | 4.8 | %
Summary Metrics |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating earnings (loss) - TTM: |  | $ | 432 |  |  | $ | 453 |  |  | $ | 489 |  |  | $ | 522 |  |  | $ | 528 |  |  | 22.2 | % |  | $ | 432 |  |  | $ | 528 |  |  | 22.2 | %
Average Account Value net of embedded derivative instruments (TTM) |  | $ | 35,400 |  |  | $ | 36,535 |  |  | $ | 37,712 |  |  | $ | 39,071 |  |  | $ | 39,767 |  |  | 12.3 | % |  | $ | 35,400 |  |  | $ | 39,767 |  |  | 12.3 | %
Return on assets net of embedded derivative instruments (TTM) |  | 1.46 | % |  | 1.48 | % |  | 1.52 | % |  | 1.55 | % |  | 1.54 | % |  |  |  | 1.46 | % |  | 1.54 | % |  |
Net flows |  | $ | (132) |  |  | $ | 408 |  |  | $ | (246) |  |  | $ | (134) |  |  | $ | 192 |  |  | 245.5 | % |  | $ | (132) |  |  | $ | 192 |  |  | 245.5 | %
Gross premiums and deposits |  | $ | 1,018 |  |  | $ | 1,570 |  |  | $ | 955 |  |  | $ | 1,149 |  |  | $ | 1,476 |  |  | 45.0 | % |  | $ | 1,018 |  |  | $ | 1,476 |  |  | 45.0 | %

1Q 2025 Financial Supplement |  | 14

Group Retirement - Select Operating Metrics

|  | For the Three Months Ended or As of |  | For the Three Months Ended or As of |  |  |  |
(in millions USD, unless otherwise indicated) |  | 3/31/2024 |  | 6/30/2024 |  | 9/30/2024 |  | 12/31/2024 |  | 3/31/2025 |  | 3/31/2024 |  | 3/31/2025 |  |  |  |
Sales Metrics |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross premiums and deposits: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
First-year premiums and deposits |  | $ | 428 |  |  | $ | 950 |  |  | $ | 454 |  |  | $ | 530 |  |  | $ | 854 |  |  | $ | 428 |  |  | $ | 854 |  |  |  |  |
Renewal premiums and deposits |  | 590 |  |  | 620 |  |  | 501 |  |  | 619 |  |  | 622 |  |  | 590 |  |  | 622 |  |  |  |  |
Group Retirement premiums and deposits |  | $ | 1,018 |  |  | $ | 1,570 |  |  | $ | 955 |  |  | $ | 1,149 |  |  | $ | 1,476 |  |  | $ | 1,018 |  |  | $ | 1,476 |  |  |  |  |
Gross premiums and deposits by market: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Tax-exempt |  | $ | 317 |  |  | $ | 298 |  |  | $ | 311 |  |  | $ | 326 |  |  | $ | 349 |  |  | $ | 317 |  |  | $ | 349 |  |  |  |  |
Corporate |  | 93 |  |  | 108 |  |  | 115 |  |  | 93 |  |  | 78 |  |  | 93 |  |  | 78 |  |  |  |  |
Institutional |  | 15 |  |  | 542 |  |  | 26 |  |  | 108 |  |  | 424 |  |  | 15 |  |  | 424 |  |  |  |  |
Other |  | 3 |  |  | 2 |  |  | 2 |  |  | 3 |  |  | 3 |  |  | 3 |  |  | 3 |  |  |  |  |
Total first year premiums and deposits |  | 428 |  |  | 950 |  |  | 454 |  |  | 530 |  |  | 854 |  |  | 428 |  |  | 854 |  |  |  |  |
Tax-exempt |  | 453 |  |  | 492 |  |  | 381 |  |  | 492 |  |  | 486 |  |  | 453 |  |  | 486 |  |  |  |  |
Corporate |  | 99 |  |  | 93 |  |  | 92 |  |  | 92 |  |  | 103 |  |  | 99 |  |  | 103 |  |  |  |  |
Institutional |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  |
Other |  | 38 |  |  | 35 |  |  | 28 |  |  | 35 |  |  | 33 |  |  | 38 |  |  | 33 |  |  |  |  |
Total renewal premiums and deposits |  | 590 |  |  | 620 |  |  | 501 |  |  | 619 |  |  | 622 |  |  | 590 |  |  | 622 |  |  |  |  |
Group Retirement premiums and deposits by market |  | $ | 1,018 |  |  | $ | 1,570 |  |  | $ | 955 |  |  | $ | 1,149 |  |  | $ | 1,476 |  |  | $ | 1,018 |  |  | $ | 1,476 |  |  |  |  |
Account Values and Assets under Administration |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
General Account: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance as of beginning of period |  | $ | 8,952 |  |  | $ | 8,882 |  |  | $ | 9,382 |  |  | $ | 9,369 |  |  | $ | 9,341 |  |  | $ | 8,952 |  |  | $ | 9,341 |  |  |  |  |
Gross premiums and deposits |  | 222 |  |  | 768 |  |  | 240 |  |  | 325 |  |  | 669 |  |  | 222 |  |  | 669 |  |  |  |  |
Surrenders, withdrawals and benefits |  | (360) |  |  | (332) |  |  | (362) |  |  | (372) |  |  | (355) |  |  | (360) |  |  | (355) |  |  |  |  |
Net flows |  | (138) |  |  | 436 |  |  | (122) |  |  | (47) |  |  | 314 |  |  | (138) |  |  | 314 |  |  |  |  |
Change in market value and reinvestment |  | 45 |  |  | 57 |  |  | 96 |  |  | 14 |  |  | 84 |  |  | 45 |  |  | 84 |  |  |  |  |
Change in fair value of embedded derivative instruments |  | 23 |  |  | 7 |  |  | 13 |  |  | 5 |  |  | (18) |  |  | 23 |  |  | (18) |  |  |  |  |
Other |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  |
Balance as of end of period |  | $ | 8,882 |  |  | $ | 9,382 |  |  | $ | 9,369 |  |  | $ | 9,341 |  |  | $ | 9,721 |  |  | $ | 8,882 |  |  | $ | 9,721 |  |  |  |  |
Balance as of end of period net of embedded derivative instruments |  | $ | 8,795 |  |  | $ | 9,306 |  |  | $ | 9,293 |  |  | $ | 9,271 |  |  | $ | 9,679 |  |  | $ | 8,795 |  |  | $ | 9,679 |  |  |  |  |
Separate Accounts and Mutual Funds |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance as of beginning of period |  | $ | 27,519 |  |  | $ | 29,608 |  |  | $ | 29,885 |  |  | $ | 31,493 |  |  | $ | 31,313 |  |  | $ | 27,519 |  |  | $ | 31,313 |  |  |  |  |
Gross premiums and deposits |  | 796 |  |  | 802 |  |  | 716 |  |  | 824 |  |  | 806 |  |  | 796 |  |  | 806 |  |  |  |  |
Surrenders, withdrawals and benefits |  | (790) |  |  | (830) |  |  | (840) |  |  | (911) |  |  | (928) |  |  | (790) |  |  | (928) |  |  |  |  |
Net flows |  | 6 |  |  | (28) |  |  | (124) |  |  | (87) |  |  | (122) |  |  | 6 |  |  | (122) |  |  |  |  |
Change in market value and reinvestment |  | 2,083 |  |  | 305 |  |  | 1,732 |  |  | (93) |  |  | (998) |  |  | 2,083 |  |  | (998) |  |  |  |  |
Change in fair value of embedded derivative instruments |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  |
Other |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  |
Balance as of end of period |  | $ | 29,608 |  |  | $ | 29,885 |  |  | $ | 31,493 |  |  | $ | 31,313 |  |  | $ | 30,193 |  |  | $ | 29,608 |  |  | $ | 30,193 |  |  |  |  |
Total: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance as of beginning of period |  | $ | 36,471 |  |  | $ | 38,490 |  |  | $ | 39,267 |  |  | $ | 40,862 |  |  | $ | 40,654 |  |  | $ | 36,471 |  |  | $ | 40,654 |  |  |  |  |
Gross premiums and deposits |  | 1,018 |  |  | 1,570 |  |  | 956 |  |  | 1,149 |  |  | 1,475 |  |  | 1,018 |  |  | 1,475 |  |  |  |  |
Surrenders, withdrawals and benefits |  | (1,150) |  |  | (1,162) |  |  | (1,202) |  |  | (1,283) |  |  | (1,283) |  |  | (1,150) |  |  | (1,283) |  |  |  |  |
Net flows |  | (132) |  |  | 408 |  |  | (246) |  |  | (134) |  |  | 192 |  |  | (132) |  |  | 192 |  |  |  |  |
Change in market value and reinvestment |  | 2,128 |  |  | 362 |  |  | 1,828 |  |  | (79) |  |  | (914) |  |  | 2,128 |  |  | (914) |  |  |  |  |
Change in fair value of embedded derivative instruments |  | 23 |  |  | 7 |  |  | 13 |  |  | 5 |  |  | (18) |  |  | 23 |  |  | (18) |  |  |  |  |
Other |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  |
Balance as of end of period |  | $ | 38,490 |  |  | $ | 39,267 |  |  | $ | 40,862 |  |  | $ | 40,654 |  |  | $ | 39,914 |  |  | $ | 38,490 |  |  | $ | 39,914 |  |  |  |  |
Balance as of end of period net of embedded derivative instruments |  | $ | 38,403 |  |  | $ | 39,191 |  |  | $ | 40,786 |  |  | $ | 40,584 |  |  | $ | 39,872 |  |  | $ | 38,403 |  |  | $ | 39,872 |  |  |  |  |

1Q 2025 Financial Supplement |  | 15

Asset Management - Operating Earnings (Loss) and Summary Metrics

|  | For the Three Months Ended or As of |  | For the Three Months Ended or As of
(in millions USD, unless otherwise indicated) |  | 3/31/2024 |  | 6/30/2024 |  | 9/30/2024 |  | 12/31/2024 |  | 3/31/2025 |  | Change |  | 3/31/2024 |  | 3/31/2025 |  | Change
Revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net investment income (loss) |  | $ | 8 |  |  | $ | 7 |  |  | $ | 17 |  |  | $ | (5) |  |  | $ | 3 |  |  | (62.5) | % |  | $ | 8 |  |  | $ | 3 |  |  | (62.5) | %
Net derivative gains (losses) |  | (5) |  |  | (1) |  |  | (16) |  |  | 15 |  |  | (13) |  |  | (160.0) | % |  | (5) |  |  | (13) |  |  | (160.0) | %
Investment management, service fees and other income |  | 1,090 |  |  | 1,045 |  |  | 1,085 |  |  | 1,239 |  |  | 1,098 |  |  | 0.7 | % |  | 1,090 |  |  | 1,098 |  |  | 0.7 | %
Segment revenues |  | 1,093 |  |  | 1,051 |  |  | 1,086 |  |  | 1,249 |  |  | 1,088 |  |  | (0.5) | % |  | 1,093 |  |  | 1,088 |  |  | (0.5) | %
Benefits and other deductions |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commissions and distribution-related payments |  | 173 |  |  | 180 |  |  | 192 |  |  | 197 |  |  | 201 |  |  | 16.2 | % |  | 173 |  |  | 201 |  |  | 16.2 | %
Compensation and benefits, interest expense and financing fees and other operating costs and expense |  | 672 |  |  | 633 |  |  | 641 |  |  | 707 |  |  | 614 |  |  | (8.6) | % |  | 672 |  |  | 614 |  |  | (8.6) | %
Total benefits and other deductions |  | 845 |  |  | 813 |  |  | 833 |  |  | 904 |  |  | 815 |  |  | (3.6) | % |  | 845 |  |  | 815 |  |  | (3.6) | %
Operating earnings (loss), before income taxes |  | 248 |  |  | 238 |  |  | 253 |  |  | 345 |  |  | 273 |  |  | 10.1 | % |  | 248 |  |  | 273 |  |  | 10.1 | %
Income taxes |  | (44) |  |  | (42) |  |  | (42) |  |  | (50) |  |  | (41) |  |  | 6.8 | % |  | (44) |  |  | (41) |  |  | 6.8 | %
Operating earnings (loss), before noncontrolling interest |  | 204 |  |  | 196 |  |  | 211 |  |  | 295 |  |  | 232 |  |  | 13.7 | % |  | 204 |  |  | 232 |  |  | 13.7 | %
Less: Operating (earnings) loss attributable to the noncontrolling interest |  | (98) |  |  | (95) |  |  | (100) |  |  | (134) |  |  | (106) |  |  | (8.2) | % |  | (98) |  |  | (106) |  |  | (8.2) | %
Operating earnings (loss) |  | $ | 106 |  |  | $ | 101 |  |  | $ | 111 |  |  | $ | 161 |  |  | $ | 126 |  |  | 18.9 | % |  | $ | 106 |  |  | $ | 126 |  |  | 18.9 | %
Summary Metrics |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Adjusted operating margin (1) |  | 30.3 | % |  | 30.8 | % |  | 31.3 | % |  | 36.4 | % |  | 33.7 | % |  |  |  | 30.3 | % |  | 33.7 | % |  |
Net flows (in billions USD) |  | $ | 0.5 |  |  | $ | 0.9 |  |  | $ | 1.1 |  |  | $ | (4.8) |  |  | $ | 2.4 |  |  |  |  | $ | 0.5 |  |  | $ | 2.4 |  |  |
Total AUM (in billions USD) |  | $ | 758.7 |  |  | $ | 769.5 |  |  | $ | 805.9 |  |  | $ | 792.2 |  |  | $ | 784.5 |  |  |  |  | $ | 758.7 |  |  | $ | 784.5 |  |  |
Ownership Structure of AB |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Holdings and its subsidiaries |  | 59.6 | % |  | 59.7 | % |  | 60.0 | % |  | 61.9 | % |  | 61.8 | % |  |  |  | 59.6 | % |  | 61.8 | % |  |
AB Holding |  | 39.7 | % |  | 39.6 | % |  | 39.3 | % |  | 37.5 | % |  | 37.5 | % |  |  |  | 39.7 | % |  | 37.5 | % |  |
Unaffiliated holders |  | 0.7 | % |  | 0.7 | % |  | 0.7 | % |  | 0.6 | % |  | 0.7 | % |  |  |  | 0.7 | % |  | 0.7 | % |  |
Total |  | 100.0 | % |  | 100.0 | % |  | 100.0 | % |  | 100.0 | % |  | 100.0 | % |  |  |  | 100.0 | % |  | 100.0 | % |  |
EQH economic interest |  | 61.0 | % |  | 61.2 | % |  | 61.6 | % |  | 61.9 | % |  | 61.9 | % |  |  |  | 61.0 | % |  | 61.9 | % |  |
EQH average economic interest |  | 61.1 | % |  | 61.1 | % |  | 61.4 | % |  | 61.8 | % |  | 61.9 | % |  |  |  | 61.1 | % |  | 61.9 | % |  |
Units of limited partnership outstanding (in millions) |  | 287.3 |  |  | 286.8 |  |  | 285.6 |  |  | 292.1 |  |  | 292.3 |  |  |  |  | 287.3 |  |  | 292.3 |  |  |
Notes: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(1) Adjusted operating margin is a non-GAAP financial measure used by AllianceBernstein L.P. (“AB”) management in evaluating AB’s financial performance on a standalone basis and to compare its performance, as reported by AB in its public filings. It is not comparable to any other non-GAAP financial measure used herein.

1Q 2025 Financial Supplement |  | 16

Asset Management - Select Operating Metrics

|  | For the Three Months Ended or As of
(in billions USD, unless otherwise indicated) |  | 3/31/2024 |  | 6/30/2024 |  | 9/30/2024 |  | 12/31/2024 |  | 3/31/2025
AUM Roll-forward |  |  |  |  |  |  |  |  |  |
Balance as of beginning of period |  | $ | 725.2 |  |  | $ | 758.7 |  |  | $ | 769.5 |  |  | $ | 805.9 |  |  | $ | 792.2 |
Sales/new accounts |  | 32.6 |  |  | 31.9 |  |  | 35.5 |  |  | 33.6 |  |  | 36.1 |
Redemptions/terminations |  | (25.2) |  |  | (25.7) |  |  | (26.4) |  |  | (29.2) |  |  | (29.7) |
Cash flow/unreinvested dividends |  | (6.9) |  |  | (5.3) |  |  | (8.0) |  |  | (9.2) |  |  | (4.0) |
Net long-term (outflows) inflows |  | 0.5 |  |  | 0.9 |  |  | 1.1 |  |  | (4.8) |  |  | 2.4 |
Adjustment (1) |  | — |  |  | — |  |  | — |  |  | 0.7 |  |  | — |
Market appreciation (depreciation) |  | 33.0 |  |  | 9.9 |  |  | 35.3 |  |  | (9.6) |  |  | (10.1) |
Net change |  | 33.5 |  |  | 10.8 |  |  | 36.4 |  |  | (13.7) |  |  | (7.7) |
Balance as of end of period |  | $ | 758.7 |  |  | $ | 769.5 |  |  | $ | 805.9 |  |  | $ | 792.2 |  |  | $ | 784.5 |
Ending Assets by distribution channel |  |  |  |  |  |  |  |  |  |
Institutions |  | $ | 322.5 |  |  | $ | 322.7 |  |  | $ | 335.2 |  |  | $ | 321.4 |  |  | $ | 324.1 |
Retail |  | 308.0 |  |  | 316.4 |  |  | 334.5 |  |  | 334.3 |  |  | 324.1 |
Private Wealth |  | 128.2 |  |  | 130.4 |  |  | 136.2 |  |  | 136.5 |  |  | 136.3 |
Total |  | $ | 758.7 |  |  | $ | 769.5 |  |  | $ | 805.9 |  |  | $ | 792.2 |  |  | $ | 784.5 |
Ending Assets by investment service |  |  |  |  |  |  |  |  |  |
Equity |  |  |  |  |  |  |  |  |  |
Actively Managed |  | $ | 264.1 |  |  | $ | 264.4 |  |  | $ | 271.3 |  |  | $ | 263.4 |  |  | $ | 249.0 |
Passively Managed (2) |  | 64.7 |  |  | 65.8 |  |  | 68.9 |  |  | 68.3 |  |  | 65.8 |
Total Equity |  | $ | 328.8 |  |  | $ | 330.2 |  |  | $ | 340.2 |  |  | $ | 331.7 |  |  | $ | 314.8 |
Fixed Income |  |  |  |  |  |  |  |  |  |
Actively Managed |  | $ | 276.1 |  |  | $ | 282.2 |  |  | $ | 287.4 |  |  | $ | 285.5 |  |  | $ | 290.0 |
Passively Managed (2) |  | 11.2 |  |  | 11.0 |  |  | 11.4 |  |  | 10.3 |  |  | 10.1 |
Total Fixed Income |  | 287.3 |  |  | 293.2 |  |  | 298.8 |  |  | 295.8 |  |  | 300.1 |
Total Alternatives/Multi-Asset Solutions (3) |  | 142.6 |  |  | 146.1 |  |  | 166.9 |  |  | 164.7 |  |  | 169.6 |
Total |  | $ | 758.7 |  |  | $ | 769.5 |  |  | $ | 805.9 |  |  | $ | 792.2 |  |  | $ | 784.5 |
Notes: |  |  |  |  |  |  |  |  |  |
(1) This adjustment is due to a change in fee policy related to certain fixed income assets effective October 1, 2024.
(2) Includes index and enhanced index services.
(3) Includes certain multi-asset solutions and services not included in equity or fixed income services.

1Q 2025 Financial Supplement |  | 17

Asset Management - Net Flows
|  | For the Three Months Ended |  | For the Three Months Ended
(in billions USD, unless otherwise indicated) |  | 3/31/2024 |  | 6/30/2024 |  | 9/30/2024 |  | 12/31/2024 |  | 3/31/2025 |  | 3/31/2024 |  | 3/31/2025
Net Flows by Distribution Channel |  |  |  |  |  |  |  |  |  |  |  |  |  |
Institutions |  |  |  |  |  |  |  |  |  |  |  |  |  |
US |  | $ | (1.5) |  |  | $ | 1.9 |  |  | $ | 1.7 |  |  | $ | (0.2) |  |  | $ | 2.7 |  |  | $ | (1.5) |  |  | $ | 2.7 |
Global and Non-US |  | (2.7) |  |  | (3.7) |  |  | (6.1) |  |  | (6.0) |  |  | (2.0) |  |  | (2.7) |  |  | (2.0) |
Total Institutions |  | $ | (4.2) |  |  | $ | (1.8) |  |  | $ | (4.4) |  |  | $ | (6.2) |  |  | $ | 0.7 |  |  | $ | (4.2) |  |  | $ | 0.7 |
Retail |  |  |  |  |  |  |  |  |  |  |  |  |  |
US |  | $ | 1.9 |  |  | $ | 2.7 |  |  | $ | 4.0 |  |  | $ | 4.3 |  |  | $ | 3.0 |  |  | $ | 1.9 |  |  | $ | 3.0 |
Global and Non-US |  | 2.3 |  |  | 0.1 |  |  | 1.4 |  |  | (3.2) |  |  | (2.1) |  |  | 2.3 |  |  | (2.1) |
Total Retail |  | $ | 4.2 |  |  | $ | 2.8 |  |  | $ | 5.4 |  |  | $ | 1.1 |  |  | $ | 0.9 |  |  | $ | 4.2 |  |  | $ | 0.9 |
Private Wealth |  |  |  |  |  |  |  |  |  |  |  |  |  |
US |  | $ | 0.7 |  |  | $ | 0.2 |  |  | $ | 0.2 |  |  | $ | 0.5 |  |  | $ | 1.6 |  |  | $ | 0.7 |  |  | $ | 1.6 |
Global and Non-US |  | (0.2) |  |  | (0.3) |  |  | (0.1) |  |  | (0.2) |  |  | (0.8) |  |  | (0.2) |  |  | (0.8) |
Total Private Wealth |  | $ | 0.5 |  |  | $ | (0.1) |  |  | $ | 0.1 |  |  | $ | 0.3 |  |  | $ | 0.8 |  |  | $ | 0.5 |  |  | $ | 0.8 |
Total Net Flows by Distribution Channel |  | $ | 0.5 |  |  | $ | 0.9 |  |  | $ | 1.1 |  |  | $ | (4.8) |  |  | $ | 2.4 |  |  | $ | 0.5 |  |  | $ | 2.4 |
Net Flows by Investment Service |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity Active |  |  |  |  |  |  |  |  |  |  |  |  |  |
US |  | $ | (1.5) |  |  | $ | (1.5) |  |  | $ | (0.3) |  |  | $ | (4.1) |  |  | $ | (0.3) |  |  | $ | (1.5) |  |  | $ | (0.3) |
Global and Non-US |  | (4.7) |  |  | (4.6) |  |  | (4.2) |  |  | (3.3) |  |  | (2.2) |  |  | (4.7) |  |  | (2.2) |
Total Equity Active |  | $ | (6.2) |  |  | $ | (6.1) |  |  | $ | (4.5) |  |  | $ | (7.4) |  |  | $ | (2.5) |  |  | $ | (6.2) |  |  | $ | (2.5) |
Equity Passive (1) |  |  |  |  |  |  |  |  |  |  |  |  |  |
US |  | $ | (3.2) |  |  | $ | (0.6) |  |  | $ | (0.7) |  |  | $ | (1.1) |  |  | $ | (0.1) |  |  | $ | (3.2) |  |  | $ | (0.1) |
Global and Non-US |  | (0.1) |  |  | (0.1) |  |  | (0.4) |  |  | (0.3) |  |  | 0.3 |  |  | (0.1) |  |  | 0.3 |
Total Equity Passive (1) |  | $ | (3.3) |  |  | $ | (0.7) |  |  | $ | (1.1) |  |  | $ | (1.4) |  |  | $ | 0.2 |  |  | $ | (3.3) |  |  | $ | 0.2 |
Fixed Income - Taxable |  |  |  |  |  |  |  |  |  |  |  |  |  |
US |  | $ | 1.3 |  |  | $ | 4.6 |  |  | $ | 1.5 |  |  | $ | 3.2 |  |  | $ | 2.2 |  |  | $ | 1.3 |  |  | $ | 2.2 |
Global and Non-US |  | 3.3 |  |  | (0.2) |  |  | 1.2 |  |  | (3.9) |  |  | (3.6) |  |  | 3.3 |  |  | (3.6) |
Total Fixed Income - Taxable |  | $ | 4.6 |  |  | $ | 4.4 |  |  | $ | 2.7 |  |  | $ | (0.7) |  |  | $ | (1.4) |  |  | $ | 4.6 |  |  | $ | (1.4) |
Fixed Income - Tax-Exempt |  |  |  |  |  |  |  |  |  |  |  |  |  |
US |  | $ | 2.9 |  |  | $ | 1.9 |  |  | $ | 3.3 |  |  | $ | 5.5 |  |  | $ | 2.4 |  |  | $ | 2.9 |  |  | $ | 2.4 |
Global and Non-US |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total Fixed Income - Tax-Exempt |  | $ | 2.9 |  |  | $ | 1.9 |  |  | $ | 3.3 |  |  | $ | 5.5 |  |  | $ | 2.4 |  |  | $ | 2.9 |  |  | $ | 2.4 |
Fixed Income - Passive (1) |  |  |  |  |  |  |  |  |  |  |  |  |  |
US |  | $ | — |  |  | $ | (0.1) |  |  | $ | (0.2) |  |  | $ | (0.1) |  |  | $ | (0.4) |  |  | $ | — |  |  | $ | (0.4) |
Global and Non-US |  | (0.1) |  |  | 0.1 |  |  | (0.1) |  |  | (0.5) |  |  | (0.1) |  |  | (0.1) |  |  | (0.1) |
Total Fixed Income - Passive (1) |  | $ | (0.1) |  |  | $ | — |  |  | $ | (0.3) |  |  | $ | (0.6) |  |  | $ | (0.5) |  |  | $ | (0.1) |  |  | $ | (0.5) |
Alternatives/Multi-Asset Solutions (2) |  |  |  |  |  |  |  |  |  |  |  |  |  |
US |  | $ | 1.6 |  |  | $ | 0.5 |  |  | $ | 2.3 |  |  | $ | 1.2 |  |  | $ | 3.5 |  |  | $ | 1.6 |  |  | $ | 3.5 |
Global and Non-US |  | 1.0 |  |  | 0.9 |  |  | (1.3) |  |  | (1.4) |  |  | 0.7 |  |  | 1.0 |  |  | 0.7 |
Total Alternatives/Multi-Asset Solutions (2) |  | $ | 2.6 |  |  | $ | 1.4 |  |  | $ | 1.0 |  |  | $ | (0.2) |  |  | $ | 4.2 |  |  | $ | 2.6 |  |  | $ | 4.2 |
Total Net Flows by Investment Service |  | $ | 0.5 |  |  | $ | 0.9 |  |  | $ | 1.1 |  |  | $ | (4.8) |  |  | $ | 2.4 |  |  | $ | 0.5 |  |  | $ | 2.4 |
Active vs. Passive Net Flows |  |  |  |  |  |  |  |  |  |  |  |  |  |
Actively Managed |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity |  | $ | (6.2) |  |  | $ | (6.1) |  |  | $ | (4.5) |  |  | $ | (7.4) |  |  | $ | (2.5) |  |  | $ | (6.2) |  |  | $ | (2.5) |
Fixed Income |  | 7.5 |  |  | 6.3 |  |  | 6.0 |  |  | 4.8 |  |  | 1.0 |  |  | 7.5 |  |  | 1.0 |
Alternatives/Multi-Asset Solutions (2) |  | 2.4 |  |  | 1.1 |  |  | 0.7 |  |  | (0.4) |  |  | 4.2 |  |  | 2.4 |  |  | 4.2 |
Total |  | $ | 3.7 |  |  | $ | 1.3 |  |  | $ | 2.2 |  |  | $ | (3.0) |  |  | $ | 2.7 |  |  | $ | 3.7 |  |  | $ | 2.7 |
Passively Managed (1) |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity |  | $ | (3.3) |  |  | $ | (0.7) |  |  | $ | (1.2) |  |  | $ | (1.4) |  |  | $ | 0.2 |  |  | $ | (3.3) |  |  | $ | 0.2 |
Fixed Income |  | (0.1) |  |  | — |  |  | (0.3) |  |  | (0.6) |  |  | (0.5) |  |  | (0.1) |  |  | (0.5) |
Alternatives/Multi-Asset Solutions (2) |  | 0.2 |  | 0.3 |  |  | 0.4 |  |  | 0.2 |  | — |  | 0.2 |  | — |
Total |  | $ | (3.2) |  |  | $ | (0.4) |  |  | $ | (1.1) |  |  | $ | (1.8) |  |  | $ | (0.3) |  |  | $ | (3.2) |  |  | $ | (0.3) |
Total Active vs Passive Net Flows |  | $ | 0.5 |  |  | $ | 0.9 |  |  | $ | 1.1 |  |  | $ | (4.8) |  |  | $ | 2.4 |  |  | $ | 0.5 |  |  | $ | 2.4 |
Notes: |  |  |  |  |  |  |  |  |  |  |  |  |  |
(1) Includes index and enhanced index services. |  |  |  |  |  |  |  |  |  |  |  |  |  |
(2) Includes certain multi-asset solutions and services not included in equity or fixed income services.

1Q 2025 Financial Supplement |  | 18

Protection Solutions - Operating Earnings (Loss) and Summary Metrics

|  | For the Three Months Ended or As of |  | For the Three Months Ended or As of
(in millions USD, unless otherwise indicated) |  | 3/31/2024 |  | 6/30/2024 |  | 9/30/2024 |  | 12/31/2024 |  | 3/31/2025 |  | Change |  | 3/31/2024 |  | 3/31/2025 |  | Change
Revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Policy charges, fee income and premiums |  | $ | 528 |  |  | $ | 532 |  |  | $ | 537 |  |  | $ | 537 |  |  | $ | 534 |  |  | 1.1 | % |  | $ | 528 |  |  | $ | 534 |  |  | 1.1 | %
Net investment income (loss) |  | 256 |  |  | 260 |  |  | 258 |  |  | 251 |  |  | 251 |  |  | (2.0) | % |  | 256 |  |  | 251 |  |  | (2.0) | %
Net derivative gains (losses) |  | — |  |  | (1) |  |  | 1 |  |  | — |  |  | 1 |  |  | 100.0 | % |  | — |  |  | 1 |  |  | 100.0 | %
Investment management, service fees and other income |  | 40 |  |  | 43 |  |  | 43 |  |  | 43 |  |  | 40 |  |  | — | % |  | 40 |  |  | 40 |  |  | — | %
Segment revenues |  | 824 |  |  | 834 |  |  | 839 |  |  | 831 |  |  | 826 |  |  | 0.2 | % |  | 824 |  |  | 826 |  |  | 0.2 | %
Benefits and other deductions |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Policyholders’ benefits |  | 487 |  |  | 473 |  |  | 455 |  |  | 486 |  |  | 556 |  |  | 14.2 | % |  | 487 |  |  | 556 |  |  | 14.2 | %
Remeasurement of liability for future policy benefits |  | (4) |  |  | (11) |  |  | 9 |  |  | (1) |  |  | (2) |  |  | 50.0 | % |  | (4) |  |  | (2) |  |  | 50.0 | %
Interest credited to policyholders’ account balances |  | 128 |  |  | 128 |  |  | 135 |  |  | 119 |  |  | 121 |  |  | (5.5) | % |  | 128 |  |  | 121 |  |  | (5.5) | %
Commissions and distribution-related payments |  | 40 |  |  | 43 |  |  | 43 |  |  | 46 |  |  | 42 |  |  | 5.0 | % |  | 40 |  |  | 42 |  |  | 5.0 | %
Amortization of deferred policy acquisition costs |  | 30 |  |  | 32 |  |  | 31 |  |  | 32 |  |  | 32 |  |  | 6.7 | % |  | 30 |  |  | 32 |  |  | 6.7 | %
Compensation and benefits, interest expense and financing fees and other operating costs and expense |  | 92 |  |  | 86 |  |  | 87 |  |  | 107 |  |  | 96 |  |  | 4.3 | % |  | 92 |  |  | 96 |  |  | 4.3 | %
Segment benefits and other deductions |  | 773 |  |  | 751 |  |  | 760 |  |  | 789 |  |  | 845 |  |  | 9.3 | % |  | 773 |  |  | 845 |  |  | 9.3 | %
Operating earnings (loss), before income taxes |  | 51 |  |  | 83 |  |  | 79 |  |  | 42 |  |  | (19) |  |  | (137.3) | % |  | 51 |  |  | (19) |  |  | (137.3) | %
Income taxes |  | (7) |  |  | (12) |  |  | (11) |  |  | (5) |  |  | 3 |  |  | 142.9 | % |  | (7) |  |  | 3 |  |  | 142.9 | %
Operating earnings (loss), before noncontrolling interest |  | 44 |  |  | 71 |  |  | 68 |  |  | 37 |  |  | (16) |  |  | (136.4) | % |  | 44 |  |  | (16) |  |  | (136.4) | %
Less: Operating (earnings) loss attributable to the noncontrolling interest |  | — |  |  | 1 |  |  | (2) |  |  | 1 |  |  | (1) |  |  | (100.0) | % |  | — |  |  | (1) |  |  | (100.0) | %
Operating earnings (loss) |  | $ | 44 |  |  | $ | 72 |  |  | $ | 66 |  |  | $ | 38 |  |  | $ | (17) |  |  | (138.6) | % |  | $ | 44 |  |  | $ | (17) |  |  | (138.6) | %
Summary Metrics |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating earnings (loss) - TTM: |  | $ | 125 |  |  | $ | 166 |  |  | $ | 225 |  |  | $ | 220 |  |  | $ | 159 |  |  | 27.2 | % |  | $ | 125 |  |  | $ | 159 |  |  | 27.2 | %
Benefit ratio |  | 74.6 | % |  | 72.1 | % |  | 70.3 | % |  | 72.8 | % |  | 82.0 | % |  |  |  | 74.6 | % |  | 82.0 | % |  |
Gross written premiums |  | $ | 778 |  |  | $ | 784 |  |  | $ | 793 |  |  | $ | 829 |  |  | $ | 800 |  |  | 2.8 | % |  | $ | 778 |  |  | $ | 800 |  |  | 2.8 | %
Annualized premiums |  | $ | 80 |  |  | $ | 91 |  |  | $ | 88 |  |  | $ | 102 |  |  | $ | 93 |  |  | 16.3 | % |  | $ | 80 |  |  | $ | 93 |  |  | 16.3 | %
Total in-force face amount (in billions USD) (1) |  | $ | 413.0 |  |  | $ | 411.7 |  |  | $ | 410.3 |  |  | $ | 409.2 |  |  | $ | 406.8 |  |  | (1.5) | % |  | $ | 413.0 |  |  | $ | 406.8 |  |  | (1.5) | %
Notes: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(1) Total in-force face amount presented on a gross basis including ceded policies.

1Q 2025 Financial Supplement |  | 19

Protection Solutions - Select Operating Metrics

|  |  |  | For the Three Months Ended or As of |  | For the Three Months Ended or As of
(in millions USD, unless otherwise indicated) |  |  |  | 3/31/2024 |  | 6/30/2024 |  | 9/30/2024 |  | 12/31/2024 |  | 3/31/2025 |  | 3/31/2024 |  | 3/31/2025
Sales Metrics |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
First Year Premiums and Deposits by Product Line: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Universal Life |  |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Indexed Universal Life |  |  |  | 2 |  |  | 3 |  |  | 3 |  |  | 2 |  |  | 3 |  |  | 2 |  |  | 3 |
Variable Universal Life |  |  |  | 80 |  |  | 87 |  |  | 90 |  |  | 112 |  |  | 90 |  |  | 80 |  |  | 90 |
Term |  |  |  | 3 |  |  | 2 |  |  | 2 |  |  | 3 |  |  | 2 |  |  | 3 |  |  | 2 |
Employee Benefits |  |  |  | 28 |  |  | 29 |  |  | 32 |  |  | 31 |  |  | 35 |  |  | 28 |  |  | 35 |
Other (1) |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total |  |  |  | $ | 113 |  |  | $ | 121 |  |  | $ | 127 |  |  | $ | 148 |  |  | $ | 130 |  |  | $ | 113 |  |  | $ | 130 |
Renewals by Product Line: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Universal Life |  |  |  | $ | 169 |  |  | $ | 166 |  |  | $ | 179 |  |  | $ | 160 |  |  | $ | 158 |  |  | $ | 169 |  |  | $ | 158 |
Indexed Universal Life |  |  |  | 74 |  |  | 69 |  |  | 67 |  |  | 66 |  |  | 69 |  |  | 74 |  |  | 69 |
Variable Universal Life |  |  |  | 251 |  |  | 259 |  |  | 249 |  |  | 279 |  |  | 272 |  |  | 251 |  |  | 272 |
Term |  |  |  | 92 |  |  | 86 |  |  | 86 |  |  | 88 |  |  | 83 |  |  | 92 |  |  | 83 |
Employee Benefits |  |  |  | 75 |  |  | 80 |  |  | 81 |  |  | 84 |  |  | 85 |  |  | 75 |  |  | 85 |
Other (1) |  |  |  | 4 |  |  | 3 |  |  | 4 |  |  | 4 |  |  | 3 |  |  | 4 |  |  | 3 |
Total |  |  |  | 665 |  |  | 663 |  |  | 666 |  |  | 681 |  |  | 670 |  |  | 665 |  |  | 670 |
Total Gross Premiums |  |  |  | $ | 778 |  |  | $ | 784 |  |  | $ | 793 |  |  | $ | 829 |  |  | $ | 800 |  |  | $ | 778 |  |  | $ | 800 |
In-force Metrics |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
In-force Face Amount by Product (2) (in billions USD): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Universal Life (3) |  |  |  | $ | 40.3 |  |  | $ | 39.6 |  |  | $ | 39.1 |  |  | $ | 38.5 |  |  | $ | 37.9 |  |  | $ | 40.3 |  |  | $ | 37.9 |
Indexed Universal Life |  |  |  | 26.6 |  |  | 26.5 |  |  | 26.3 |  |  | 26.2 |  |  | 25.9 |  |  | 26.6 |  |  | 25.9 |
Variable Universal Life (4) |  |  |  | 138.1 |  |  | 139.0 |  |  | 140.1 |  |  | 141.6 |  |  | 141.5 |  |  | 138.1 |  |  | 141.5 |
Term |  |  |  | 206.9 |  |  | 205.5 |  |  | 203.7 |  |  | 201.8 |  |  | 200.4 |  |  | 206.9 |  |  | 200.4 |
Whole Life |  |  |  | 1.1 |  |  | 1.1 |  |  | 1.1 |  |  | 1.1 |  |  | 1.1 |  |  | 1.1 |  |  | 1.1 |
Total |  |  |  | $ | 413.0 |  |  | $ | 411.7 |  |  | $ | 410.3 |  |  | $ | 409.2 |  |  | $ | 406.8 |  |  | $ | 413.0 |  |  | $ | 406.8 |
In-force Policy Count by Product (2) (in thousands): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Universal Life (3) |  |  |  | 120 |  |  | 118 |  |  | 116 |  |  | 115 |  |  | 113 |  |  | 120 |  |  | 113 |
Indexed Universal Life |  |  |  | 63 |  |  | 62 |  |  | 62 |  |  | 62 |  |  | 61 |  |  | 63 |  |  | 61 |
Variable Universal Life (4) |  |  |  | 290 |  |  | 290 |  |  | 290 |  |  | 289 |  |  | 289 |  |  | 290 |  |  | 289 |
Term |  |  |  | 246 |  |  | 243 |  |  | 240 |  |  | 237 |  |  | 234 |  |  | 246 |  |  | 234 |
Whole Life |  |  |  | 15 |  |  | 15 |  |  | 15 |  |  | 15 |  |  | 14 |  |  | 15 |  |  | 14 |
Total |  |  |  | 734 |  |  | 728 |  |  | 723 |  |  | 717 |  |  | 711 |  |  | 734 |  |  | 711 |
Protection Solutions Reserves |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
General Account |  |  |  | $ | 18,166 |  |  | $ | 18,143 |  |  | $ | 18,288 |  |  | $ | 18,171 |  |  | $ | 18,124 |  |  | $ | 18,166 |  |  | $ | 18,124 |
Separate Accounts |  |  |  | 17,560 |  |  | 17,761 |  |  | 18,684 |  |  | 18,753 |  |  | 18,005 |  |  | 17,560 |  |  | 18,005 |
Total |  |  |  | $ | 35,726 |  |  | $ | 35,904 |  |  | $ | 36,972 |  |  | $ | 36,924 |  |  | $ | 36,129 |  |  | $ | 35,726 |  |  | $ | 36,129 |
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.

1Q 2025 Financial Supplement |  | 20

Wealth Management - Operating Earnings (Loss) and Summary Metrics

|  | For the Three Months Ended or As of |  |  |  | For the Three Months Ended or As of
(in millions USD, unless otherwise indicated) |  | 3/31/2024 |  | 6/30/2024 |  | 9/30/2024 |  | 12/31/2024 |  | 3/31/2025 |  | Change |  | 3/31/2024 |  | 3/31/2025 |  | Change
Revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net investment income (loss) |  | $ | 4 |  |  | $ | 4 |  |  | $ | 4 |  |  | $ | 5 |  |  | $ | 3 |  |  | (25.0) | % |  | $ | 4 |  |  | $ | 3 |  |  | (25.0) | %
Net derivative gains (losses) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — | % |  | — |  |  | — |  |  | — | %
Investment management, service fees and other income |  | 419 |  |  | 438 |  |  | 446 |  |  | 476 |  |  | 460 |  |  | 9.8 | % |  | 419 |  |  | 460 |  |  | 9.8 | %
Segment revenues |  | 423 |  |  | 442 |  |  | 450 |  |  | 481 |  |  | 463 |  |  | 9.5 | % |  | 423 |  |  | 463 |  |  | 9.5 | %
Benefits and other deductions |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commissions and distribution-related payments |  | 260 |  |  | 282 |  |  | 281 |  |  | 310 |  |  | 293 |  |  | 12.7 | % |  | 260 |  |  | 293 |  |  | 12.7 | %
Compensation and benefits, interest expense and financing fees and other operating costs and expense |  | 105 |  |  | 99 |  |  | 103 |  |  | 112 |  |  | 109 |  |  | 3.8 | % |  | 105 |  |  | 109 |  |  | 3.8 | %
Segment benefits and other deductions |  | 365 |  |  | 381 |  |  | 384 |  |  | 422 |  |  | 402 |  |  | 10.1 | % |  | 365 |  |  | 402 |  |  | 10.1 | %
Operating earnings (loss), before income taxes |  | 58 |  |  | 61 |  |  | 66 |  |  | 59 |  |  | 61 |  |  | 5.2 | % |  | 58 |  |  | 61 |  |  | 5.2 | %
Income taxes |  | (15) |  |  | (17) |  |  | (16) |  |  | (12) |  |  | (15) |  |  | — | % |  | (15) |  |  | (15) |  |  | — | %
Operating earnings (loss), before noncontrolling interest |  | 43 |  |  | 44 |  |  | 50 |  |  | 47 |  |  | 46 |  |  | 7.0 | % |  | 43 |  |  | 46 |  |  | 7.0 | %
Less: Operating (earnings) loss attributable to the noncontrolling interest |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — | % |  | — |  |  | — |  |  | — | %
Operating earnings (loss) |  | $ | 43 |  |  | $ | 44 |  |  | $ | 50 |  |  | $ | 47 |  |  | $ | 46 |  |  | 7.0 | % |  | $ | 43 |  |  | $ | 46 |  |  | 7.0 | %
Revenue by Activity Type |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment management, service fees and other income: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment management and advisory fees |  | $ | 150 |  |  | $ | 161 |  |  | $ | 167 |  |  | $ | 179 |  |  | 181 |  |  | 20.7 | % |  | $ | 150 |  |  | 181 |  |  | 20.7 | %
Distribution fees |  | 253 |  |  | 260 |  |  | 262 |  |  | 281 |  |  | 263 |  |  | 4.0 | % |  | 253 |  |  | 263 |  |  | 4.0 | %
Interest income |  | 13 |  |  | 12 |  |  | 12 |  |  | 12 |  |  | 11 |  |  | (15.4) | % |  | 13 |  |  | 11 |  |  | (15.4) | %
Service and other income |  | 3 |  |  | 5 |  |  | 5 |  |  | 4 |  |  | 5 |  |  | 66.7 | % |  | 3 |  |  | 5 |  |  | 66.7 | %
Total Investment management, service fees and other income |  | $ | 419 |  |  | $ | 438 |  |  | $ | 446 |  |  | $ | 476 |  |  | 460 |  |  | 9.8 | % |  | $ | 419 |  |  | 460 |  |  | 9.8 | %
Summary Metrics |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pre-tax operating margin |  | 13.7 | % |  | 13.8 | % |  | 14.7 | % |  | 12.3 | % |  | 13.2 | % |  |  |  | 13.7 | % |  | 13.2 | % |  |
Advisory net new assets |  | $ | (39) |  |  | $ | 1,602 |  |  | $ | 2,064 |  |  | $ | 1,139 |  |  | $ | 1,981 |  |  | N/M |  | $ | (39) |  |  | $ | 1,981 |  |  | N/M
Total AUA |  | $ | 92,472 |  |  | $ | 94,786 |  |  | $ | 101,487 |  |  | $ | 101,695 |  |  | $ | 102,057 |  |  | 10.4 | % |  | $ | 92,472 |  |  | $ | 102,057 |  |  | 10.4 | %

1Q 2025 Financial Supplement |  | 21

Wealth Management - Select Operating Metrics

|  | For the Three Months Ended or As of |  | Three Months Ended or As of
(in millions USD, unless otherwise indicated) |  | 3/31/2024 |  | 6/30/2024 |  | 9/30/2024 |  | 12/31/2024 |  | 3/31/2025 |  | 3/31/2024 |  | 3/31/2025
AUA Roll-forward |  |  |  |  |  |  |  |  |  |  |  |  |  |
Advisory assets : |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning assets |  | $ | 54,978 |  |  | $ | 57,923 |  |  | $ | 60,134 |  |  | $ | 65,267 |  |  | $ | 65,839 |  |  | $ | 54,978 |  |  | $ | 65,839 |
Net new assets |  | (39) |  |  | 1,602 |  |  | 2,064 |  |  | 1,139 |  |  | 1,981 |  |  | (39) |  |  | 1,981 |
Market appreciation (depreciation) and other |  | 2,984 |  |  | 609 |  |  | 3,069 |  |  | (567) |  |  | (1,025) |  |  | 2,984 |  |  | (1,025) |
Advisory ending assets |  | $ | 57,923 |  |  | $ | 60,134 |  |  | $ | 65,267 |  |  | $ | 65,839 |  |  | $ | 66,795 |  |  | $ | 57,923 |  |  | $ | 66,795 |
Brokerage and direct assets |  | $ | 34,549 |  |  | $ | 34,652 |  |  | $ | 36,220 |  |  | $ | 35,856 |  |  | $ | 35,263 |  |  | $ | 34,549 |  |  | $ | 35,263 |
Total Wealth Management assets (1) |  | $ | 92,472 |  |  | $ | 94,786 |  |  | $ | 101,487 |  |  | $ | 101,695 |  |  | $ | 102,057 |  |  | $ | 92,472 |  |  | $ | 102,057 |
Cash balances |  | $ | 2,804 |  |  | $ | 2,695 |  |  | $ | 2,767 |  |  | $ | 3,083 |  |  | $ | 2,985 |  |  | $ | 2,804 |  |  | $ | 2,985 |
Advisors |  |  |  |  |  |  |  |  |  |  |  |  |  |
Advisors |  | 4,320 |  |  | 4,358 |  |  | 4,396 |  |  | 4,587 |  |  | 4,502 |  |  | 4,320 |  |  | 4,502 |
Revenue per advisor TTM (in thousands USD) |  | $ | 380 |  |  | $ | 386 |  |  | $ | 394 |  |  | $ | 407 |  |  | $ | 412 |  |  | $ | 380 |  |  | $ | 412 |
Notes:
(1) Some operating metrics have been revised for prior periods. Net New Assets consist of total client deposits into advisory accounts less total client withdrawals from advisory accounts, plus dividends, plus interest, minus advisory fees. AUA reflects adjusted balances with no financial impact.

1Q 2025 Financial Supplement |  | 22

Legacy - Operating Earnings (Loss) and Summary Metrics

|  | For the Three Months Ended or As of |  | For the Three Months Ended or As of
(in millions USD, unless otherwise indicated) |  | 3/31/2024 |  | 6/30/2024 |  | 9/30/2024 |  | 12/31/2024 |  | 3/31/2025 |  | Change |  | 3/31/2024 |  | 3/31/2025 |  | Change
Revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Policy charges, fee income and premiums |  | $ | 12 |  |  | $ | 8 |  |  | $ | 7 |  |  | $ | 14 |  |  | $ | 19 |  |  | 58.3 | % |  | $ | 12 |  |  | $ | 19 |  |  | 58.3 | %
Net investment income (loss) |  | 16 |  |  | 14 |  |  | 15 |  |  | 12 |  |  | 9 |  |  | (43.8) | % |  | 16 |  |  | 9 |  |  | (43.8) | %
Net derivative gains (losses) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — | % |  | — |  |  | — |  |  | — | %
Investment management, service fees and other income |  | 101 |  |  | 95 |  |  | 94 |  |  | 102 |  |  | 92 |  |  | (8.9) | % |  | 101 |  |  | 92 |  |  | (8.9) | %
Segment revenues |  | 129 |  |  | 117 |  |  | 116 |  |  | 128 |  |  | 120 |  |  | (7.0) | % |  | 129 |  |  | 120 |  |  | (7.0) | %
Benefits and other deductions |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Policyholders’ benefits |  | — |  |  | — |  |  | — |  |  | 1 |  |  | — |  |  | — | % |  | — |  |  | — |  |  | — | %
Remeasurement of liability for future policy benefits |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — | % |  | — |  |  | — |  |  | — | %
Interest credited to policyholders’ account balances |  | 9 |  |  | 8 |  |  | 9 |  |  | 7 |  |  | 7 |  |  | (22.2) | % |  | 9 |  |  | 7 |  |  | (22.2) | %
Commissions and distribution-related payments |  | 40 |  |  | 40 |  |  | 41 |  |  | 39 |  |  | 36 |  |  | (10.0) | % |  | 40 |  |  | 36 |  |  | (10.0) | %
Amortization of deferred policy acquisition costs |  | 16 |  |  | 15 |  |  | 16 |  |  | 15 |  |  | 15 |  |  | (6.3) | % |  | 16 |  |  | 15 |  |  | (6.3) | %
Compensation and benefits, interest expense and financing fees and other operating costs and expense |  | 25 |  |  | 22 |  |  | 20 |  |  | 23 |  |  | 34 |  |  | 36.0 | % |  | 25 |  |  | 34 |  |  | 36.0 | %
Segment benefits and other deductions |  | 90 |  |  | 85 |  |  | 86 |  |  | 85 |  |  | 92 |  |  | 2.2 | % |  | 90 |  |  | 92 |  |  | 2.2 | %
Operating earnings (loss), before income taxes |  | 39 |  |  | 32 |  |  | 30 |  |  | 43 |  |  | 28 |  |  | (28.2) | % |  | 39 |  |  | 28 |  |  | (28.2) | %
Income taxes |  | (6) |  |  | (4) |  |  | (4) |  |  | (6) |  |  | (4) |  |  | 33.3 | % |  | (6) |  |  | (4) |  |  | 33.3 | %
Operating earnings (loss), before noncontrolling interest |  | 33 |  |  | 28 |  |  | 26 |  |  | 37 |  |  | 24 |  |  | (27.3) | % |  | 33 |  |  | 24 |  |  | (27.3) | %
Less: Operating (earnings) loss attributable to the noncontrolling interest |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — | % |  | — |  |  | — |  |  | — | %
Operating earnings (loss) |  | $ | 33 |  |  | $ | 28 |  |  | $ | 26 |  |  | $ | 37 |  |  | $ | 24 |  |  | (27.3) | % |  | $ | 33 |  |  | $ | 24 |  |  | (27.3) | %
Summary Metrics |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating earnings (loss) - TTM: |  | $ | 124 |  |  | $ | 124 |  |  | $ | 118 |  |  | $ | 124 |  |  | $ | 115 |  |  | (7.3) | % |  | $ | 124 |  |  | $ | 115 |  |  | (7.3) | %
Average Account Value (TTM) |  | $ | 21,751 |  |  | $ | 21,786 |  |  | $ | 21,820 |  |  | $ | 21,974 |  |  | $ | 21,588 |  |  | (0.7) | % |  | $ | 21,751 |  |  | $ | 21,588 |  |  | (0.7) | %
Return on assets (TTM) |  | 0.69 | % |  | 0.68 | % |  | 0.64 | % |  | 0.66 | % |  | 0.62 | % |  |  |  | 0.69 | % |  | 0.62 | % |  |
Net flows (1) |  | $ | (658) |  |  | $ | (667) |  |  | $ | (712) |  |  | $ | (787) |  |  | $ | (719) |  |  | (9.3) | % |  | $ | (658) |  |  | $ | (719) |  |  | (9.3) | %
In-force Policy Count by Product (in thousands) (2): |  | 263 |  |  | 257 |  |  | 251 |  |  | 246 |  |  | 211 |  |  |  |  | 263 |  |  | 211 |  |  |
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.

1Q 2025 Financial Supplement |  | 23

Legacy - Select Operating Metrics |  |  |  |
|  | For the Three Months Ended or As of |  | For the Three Months Ended or As of |  |  |  |
(in millions USD, unless otherwise indicated) |  | 3/31/2024 |  | 6/30/2024 |  | 9/30/2024 |  | 12/31/2024 |  | 3/31/2025 |  | 3/31/2024 |  | 3/31/2025 |  |  |  |
Account Values |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
General Account: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance as of beginning of period |  | $ | 524 |  |  | $ | 504 |  |  | $ | 486 |  |  | $ | 465 |  |  | $ | 447 |  |  | $ | 524 |  |  | $ | 447 |  |  |  |  |
Net flows (1) |  | (23) |  |  | (21) |  |  | (25) |  |  | (20) |  |  | (15) |  |  | (23) |  |  | (15) |  |  |  |  |
Investment performance, interest credited and policy charges (1) |  | 3 |  |  | 3 |  |  | 4 |  |  | 2 |  |  | 2 |  |  | 3 |  |  | 2 |  |  |  |  |
Balance as of end of period |  | $ | 504 |  |  | $ | 486 |  |  | $ | 465 |  |  | $ | 447 |  |  | $ | 434 |  |  | $ | 504 |  |  | $ | 434 |  |  |  |  |
Separate Accounts: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance as of beginning of period |  | $ | 21,316 |  |  | $ | 22,010 |  |  | $ | 21,417 |  |  | $ | 21,789 |  |  | $ | 20,911 |  |  | $ | 21,316 |  |  | $ | 20,911 |  |  |  |  |
Net flows (1) |  | (635) |  |  | (646) |  |  | (687) |  |  | (767) |  |  | (704) |  |  | (635) |  |  | (704) |  |  |  |  |
Investment performance, interest credited and policy charges (1) |  | 1,329 |  |  | 53 |  |  | 1,059 |  |  | (111) |  |  | (729) |  |  | 1,329 |  |  | (729) |  |  |  |  |
Balance as of end of period |  | $ | 22,010 |  |  | $ | 21,417 |  |  | $ | 21,789 |  |  | $ | 20,911 |  |  | $ | 19,478 |  |  | $ | 22,010 |  |  | $ | 19,478 |  |  |  |  |
Total: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance as of beginning of period |  | $ | 21,840 |  |  | $ | 22,514 |  |  | $ | 21,903 |  |  | $ | 22,254 |  |  | $ | 21,358 |  |  | $ | 21,840 |  |  | $ | 21,358 |  |  |  |  |
Net flows (1) |  | (658) |  |  | (667) |  |  | (712) |  |  | (787) |  |  | (719) |  |  | (658) |  |  | (719) |  |  |  |  |
Investment performance, interest credited and policy charges (1) |  | 1,332 |  |  | 56 |  |  | 1,063 |  |  | (109) |  |  | (727) |  |  | 1,332 |  |  | (727) |  |  |  |  |
Balance as of end of period |  | $ | 22,514 |  |  | $ | 21,903 |  |  | $ | 22,254 |  |  | $ | 21,358 |  |  | $ | 19,912 |  |  | $ | 22,514 |  |  | $ | 19,912 |  |  |  |  |
Net Amount at Risk (NAR) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total GMIB NAR |  | $ | 2,502 |  |  | $ | 2,462 |  |  | $ | 2,692 |  |  | $ | 2,390 |  |  | $ | 2,706 |  |  | $ | 2,502 |  |  | $ | 2,706 |  |  |  |  |
Total GMDB NAR |  | $ | 8,982 |  |  | $ | 8,984 |  |  | $ | 8,472 |  |  | $ | 8,602 |  |  | $ | 9,034 |  |  | $ | 8,982 |  |  | $ | 9,034 |  |  |  |  |
MRB Reserves (Net of Reinsurance) |  | $ | 3,368 |  |  | $ | 3,429 |  |  | $ | 3,416 |  |  | $ | 3,136 |  |  | $ | 3,532 |  |  | $ | 3,368 |  |  | $ | 3,532 |  |  |  |  |
Notes: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(1) Net of the Venerable transaction.

1Q 2025 Financial Supplement |  | 24

Investments

1Q 2025 Financial Supplement |  | 25

Consolidated Investment Portfolio Composition

|  | Balances as of
(in millions USD, unless otherwise indicated) |  | December 31, 2024 |  | March 31, 2025
|  | Amount (1) |  | % of Total |  | Amount (1) |  | % of Total
Composition of investment portfolio |  |  |  |  |  |  |  |
Fixed maturities, available-for-sale, at fair value |  | $ | 76,641 |  |  | 62.1 | % |  | $ | 77,997 |  |  | 61.4 | %
Fixed maturities, at fair value using the fair value option |  | 2,053 |  |  | 1.7 | % |  | 2,105 |  |  | 1.7 | %
Mortgage loans on real estate |  | 20,072 |  |  | 16.3 | % |  | 20,566 |  |  | 16.2 | %
Policy loans |  | 4,330 |  |  | 3.5 | % |  | 4,318 |  |  | 3.4 | %
Other equity investments |  | 3,719 |  |  | 3.0 | % |  | 3,748 |  |  | 2.9 | %
Other invested assets |  | 8,537 |  |  | 6.9 | % |  | 8,971 |  |  | 7.1 | %
Subtotal investment assets |  | 115,352 |  |  | 93.5 | % |  | 117,705 |  |  | 92.6 | %
Trading securities |  | 1,089 |  |  | 0.9 | % |  | 1,203 |  |  | 0.9 | %
Total investments |  | 116,441 |  |  | 94.4 | % |  | 118,908 |  |  | 93.6 | %
Cash and cash equivalents |  | 6,964 |  |  | 5.6 | % |  | 8,164 |  |  | 6.4 | %
Total |  | $ | 123,405 |  |  | 100.0 | % |  | $ | 127,072 |  |  | 100.0 | %
General Account AFS Fixed maturities by industry (Based on amortized cost) |  |  |  |  |  |  |  |
Corporate securities: |  |  |  |  |  |  |  |
Finance |  | $ | 16,080 |  |  | 19.1 | % |  | $ | 15,441 |  |  | 18.2 | %
Manufacturing |  | 12,499 |  |  | 14.8 | % |  | 12,456 |  |  | 14.7 | %
Utilities |  | 8,476 |  |  | 10.1 | % |  | 8,347 |  |  | 9.8 | %
Services |  | 8,899 |  |  | 10.6 | % |  | 7,960 |  |  | 9.4 | %
Energy |  | 2,546 |  |  | 3.0 | % |  | 2,603 |  |  | 3.1 | %
Retail and wholesale |  | 2,979 |  |  | 3.5 | % |  | 3,941 |  |  | 4.6 | %
Transportation |  | 1,559 |  |  | 1.9 | % |  | 2,604 |  |  | 3.1 | %
Other |  | 1,665 |  |  | 2.0 | % |  | 450 |  |  | 0.5 | %
Total corporate securities |  | 54,703 |  |  | 65.0 | % |  | 53,802 |  |  | 63.5 | %
U.S. government and agency |  | 5,801 |  |  | 6.9 | % |  | 6,110 |  |  | 7.2 | %
Residential mortgage-backed (2) |  | 4,520 |  |  | 5.4 | % |  | 5,323 |  |  | 6.3 | %
Preferred stock |  | 56 |  |  | 0.1 | % |  | 54 |  |  | 0.1 | %
State & political |  | 472 |  |  | 0.6 | % |  | 469 |  |  | 0.6 | %
Foreign governments |  | 689 |  |  | 0.8 | % |  | 684 |  |  | 0.8 | %
Commercial mortgage-backed |  | 4,301 |  |  | 5.1 | % |  | 4,485 |  |  | 5.3 | %
Asset-backed securities |  | 13,660 |  |  | 16.2 | % |  | 13,857 |  |  | 16.3 | %
Total |  | $ | 84,202 |  |  | 100.0 | % |  | $ | 84,784 |  |  | 100.0 | %
General Account AFS Fixed maturities credit quality (3) (Based on amortized cost) |  |  |  |  |  |  |  |
Aaa, Aa, A (NAIC Designation 1) |  | $ | 56,266 |  |  | 66.8 | % |  | $ | 56,443 |  |  | 66.6 | %
Baa (NAIC Designation 2) |  | 26,255 |  |  | 31.2 | % |  | 26,701 |  |  | 31.5 | %
Investment grade |  | 82,521 |  |  | 98.0 | % |  | 83,144 |  |  | 98.1 | %
Below investment grade (NAIC Designation 3 and 4) |  | 1,681 |  |  | 2.0 | % |  | 1,640 |  |  | 1.9 | %
Total |  | $ | 84,202 |  |  | 100.0 | % |  | $ | 84,784 |  |  | 100.0 | %
Notes: |  |  |  |  |  |  |  |
(1) Investment data has been classified based on standard industry categorizations for domestic public holdings and similar classifications by industry for all other holdings.
(2) Includes publicly traded agency pass-through securities and collateralized obligations.
(3) Credit quality based on NAIC rating.

1Q 2025 Financial Supplement |  | 26

Consolidated Results of General Account Investment Portfolio

|  | For the Three Months Ended or As of |  | Years Ended or As of
(in millions USD, unless otherwise indicated) |  | March 31, 2024 |  | March 31, 2025 |  | December 31, 2024
|  | Yield |  | Amount (2) |  | Yield |  | Amount (2) |  | Yield |  | Amount (2)
Fixed Maturities: |  |  |  |  |  |  |  |  |  |  |  |
Income (loss) |  | 4.37 | % |  | $ | 812 |  |  | 4.39 | % |  | $ | 928 |  |  | 4.39 | % |  | $ | 3,447 |
Ending assets |  |  |  | 74,825 |  |  |  |  | 84,784 |  |  |  |  | 84,202 |
Mortgages: |  |  |  |  |  |  |  |  |  |  |  |
Income (loss) |  | 5.11 | % |  | 234 |  |  | 5.11 | % |  | 260 |  |  | 5.14 | % |  | 973 |
Ending assets |  |  |  | 18,570 |  |  |  |  | 20,566 |  |  |  |  | 20,072 |
Other Equity Investments (1): |  |  |  |  |  |  |  |  |  |  |  |
Income (loss) |  | 6.24 | % |  | 54 |  |  | 6.23 | % |  | 53 |  |  | 5.75 | % |  | 203 |
Ending assets |  |  |  | 3,519 |  |  |  |  | 3,484 |  |  |  |  | 3,495 |
Trading Securities: |  |  |  |  |  |  |  |  |  |  |  |
Income |  | — | % |  | — |  |  | 5.57 | % |  | 8 |  |  | 5.07 | % |  | 16 |
Ending assets |  |  |  | — |  |  |  |  | 619 |  |  |  |  | 527 |
Policy Loans: |  |  |  |  |  |  |  |  |  |  |  |
Income |  | 5.22 | % |  | 54 |  |  | 5.07 | % |  | 55 |  |  | 5.31 | % |  | 225 |
Ending assets |  |  |  | 4,191 |  |  |  |  | 4,318 |  |  |  |  | 4,330 |
Cash and Short-term Investments: (3) |  |  |  |  |  |  |  |  |  |  |  |
Income (loss) |  | (2.00) | % |  | (29) |  |  | (7.87) | % |  | (72) |  |  | (4.10) | % |  | (223) |
Ending assets |  |  |  | 6,907 |  |  |  |  | 4,106 |  |  |  |  | 3,259 |
Funding Agreements: |  |  |  |  |  |  |  |  |  |  |  |
Interest expense and other |  |  |  | (74) |  |  |  |  | (74) |  |  |  |  | (335) |
Ending (liabilities) |  |  |  | (7,165) |  |  |  |  | (6,837) |  |  |  |  | (7,167) |
Total invested Assets: |  |  |  |  |  |  |  |  |  |  |  |
Income (loss) |  | 4.26 | % |  | 1,051 |  |  | 4.22 | % |  | 1,158 |  |  | 4.15 | % |  | 4,306 |
Ending assets |  |  |  | 100,847 |  |  |  |  | 111,040 |  |  |  |  | 108,718 |
Total Net Investment Income: |  |  |  |  |  |  |  |  |  |  |  |
Investment income |  | 4.26 | % |  | 1,051 |  |  | 4.22 | % |  | 1,158 |  |  | 4.15 | % |  | 4,306 |
Less: investment fees (4) |  | (0.16) | % |  | (41) |  |  | (0.18) | % |  | (49) |  |  | (0.17) | % |  | (180) |
Investment income, net |  | 4.10 | % |  | $ | 1,010 |  |  | 4.04 | % |  | $ | 1,109 |  |  | 3.98 | % |  | $ | 4,126 |
General Account Ending Net Assets |  |  |  | $ | 100,847 |  |  |  |  | $ | 111,040 |  |  |  |  | $ | 108,718 |
Operating Earnings adjustments: |  |  |  |  |  |  |  |  |  |  |  |
Funding Agreements interest expense |  |  |  | 74 |  |  |  |  | 74 |  |  |  |  | 335 |
AB and other non-General Account investment income |  |  |  | 91 |  |  |  |  | 62 |  |  |  |  | 389 |
Operating Net investment income (loss) |  |  |  | $ | 1,174 |  |  |  |  | $ | 1,245 |  |  |  |  | $ | 4,850 |
Notes: |  |  |  |  |  |  |  |  |  |  |  |
(1) Includes, as of March 31, 2024, March 31, 2025 and December 31, 2024, $340 million, $362 million and $431 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.

1Q 2025 Financial Supplement |  | 27

Additional Information

1Q 2025 Financial Supplement |  | 28

Deferred Policy Acquisition Costs Rollforward

|  | For the Three Months Ended or As of |  | For the Three Months Ended or As of
(in millions USD, unless otherwise indicated) |  | 3/31/2024 |  | 6/30/2024 |  | 9/30/2024 |  | 12/31/2024 |  | 3/31/2025 |  | 3/31/2024 |  | 3/31/2025
TOTAL |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance |  | $ | 6,705 |  |  | $ | 6,804 |  |  | $ | 6,924 |  |  | $ | 7,031 |  |  | $ | 7,170 |  |  | $ | 6,705 |  |  | $ | 7,170 |
Capitalization of commissions, sales and issue expenses |  | 270 |  |  | 291 |  |  | 291 |  |  | 324 |  |  | 282 |  |  | 270 |  |  | 282 |
Amortization |  | (171) |  |  | (171) |  |  | (184) |  |  | (185) |  |  | (190) |  |  | (171) |  |  | (190) |
Ending balance |  | $ | 6,804 |  |  | $ | 6,924 |  |  | $ | 7,031 |  |  | $ | 7,170 |  |  | $ | 7,262 |  |  | $ | 6,804 |  |  | $ | 7,262 |
Individual Retirement |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance |  | $ | 3,508 |  |  | $ | 3,601 |  |  | $ | 3,703 |  |  | $ | 3,807 |  |  | $ | 3,929 |  |  | $ | 3,508 |  |  | $ | 3,929 |
Capitalization of commissions, sales and issue expenses |  | 202 |  |  | 213 |  |  | 222 |  |  | 243 |  |  | 214 |  |  | 202 |  |  | 214 |
Amortization |  | (109) |  |  | (111) |  |  | (118) |  |  | (121) |  |  | (124) |  |  | (109) |  |  | (124) |
Ending balance |  | $ | 3,601 |  |  | $ | 3,703 |  |  | $ | 3,807 |  |  | $ | 3,929 |  |  | $ | 4,019 |  |  | $ | 3,601 |  |  | $ | 4,019 |
Group Retirement |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance |  | $ | 825 |  |  | $ | 828 |  |  | $ | 839 |  |  | $ | 842 |  |  | $ | 851 |  |  | $ | 825 |  |  | $ | 851 |
Capitalization of commissions, sales and issue expenses |  | 18 |  |  | 20 |  |  | 18 |  |  | 24 |  |  | 17 |  |  | 18 |  |  | 17 |
Amortization |  | (15) |  |  | (9) |  |  | (15) |  |  | (15) |  |  | (15) |  |  | (15) |  |  | (15) |
Ending balance |  | $ | 828 |  |  | $ | 839 |  |  | $ | 842 |  |  | $ | 851 |  |  | $ | 853 |  |  | $ | 828 |  |  | $ | 853 |
Protection Solutions |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance |  | $ | 1,700 |  |  | $ | 1,714 |  |  | $ | 1,731 |  |  | $ | 1,745 |  |  | $ | 1,766 |  |  | $ | 1,700 |  |  | $ | 1,766 |
Capitalization of commissions, sales and issue expenses |  | 44 |  |  | 49 |  |  | 46 |  |  | 52 |  |  | 45 |  |  | 44 |  |  | 45 |
Amortization |  | (30) |  |  | (32) |  |  | (32) |  |  | (31) |  |  | (32) |  |  | (30) |  |  | (32) |
Ending balance |  | $ | 1,714 |  |  | $ | 1,731 |  |  | $ | 1,745 |  |  | $ | 1,766 |  |  | $ | 1,779 |  |  | $ | 1,714 |  |  | $ | 1,779 |
Legacy |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance |  | $ | 555 |  |  | $ | 546 |  |  | $ | 538 |  |  | $ | 527 |  |  | $ | 517 |  |  | $ | 555 |  |  | $ | 517 |
Capitalization of commissions, sales and issue expenses |  | 6 |  |  | 8 |  |  | 5 |  |  | 5 |  |  | 5 |  |  | 6 |  |  | 5 |
Amortization |  | (15) |  |  | (16) |  |  | (16) |  |  | (15) |  |  | (17) |  |  | (15) |  |  | (17) |
Ending balance |  | $ | 546 |  |  | $ | 538 |  |  | $ | 527 |  |  | $ | 517 |  |  | $ | 505 |  |  | $ | 546 |  |  | $ | 505 |
Corporate and Other |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance |  | $ | 117 |  |  | $ | 115 |  |  | $ | 113 |  |  | $ | 110 |  |  | $ | 107 |  |  | $ | 117 |  |  | $ | 107 |
Capitalization of commissions, sales and issue expenses |  | — |  |  | 1 |  |  | — |  |  | — |  |  | 1 |  |  | — |  |  | 1 |
Amortization |  | (2) |  |  | (3) |  |  | (3) |  |  | (3) |  |  | (2) |  |  | (2) |  |  | (2) |
Ending balance |  | $ | 115 |  |  | $ | 113 |  |  | $ | 110 |  |  | $ | 107 |  |  | $ | 106 |  |  | $ | 115 |  |  | $ | 106 |

1Q 2025 Financial Supplement |  | 29

Use of Non-GAAP Financial Measures

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

1Q 2025 Financial Supplement |  | 30

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

1Q 2025 Financial Supplement |  | 31

Reconciliation of Non-GAAP Measures (1/3)

|  | For the Three Months Ended or As of |  | For the Three Months Ended or As of
(in millions USD, unless otherwise indicated) |  | 3/31/2024 |  | 6/30/2024 |  | 9/30/2024 |  | 12/31/2024 |  | 3/31/2025 |  | 3/31/2024 |  | 3/31/2025
Net income (loss) attributable to Holdings |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) attributable to Holdings |  | $ | 92 |  |  | $ | 428 |  |  | $ | (132) |  |  | $ | 892 |  |  | $ | 63 |  |  | $ | 92 |  |  | $ | 63 |
Adjustments related to: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Variable annuity product features (1) |  | 330 |  |  | 81 |  |  | 756 |  |  | (530) |  |  | 211 |  |  | 330 |  |  | 211 |
Investment gains (losses), net |  | 39 |  |  | 16 |  |  | 46 |  |  | 32 |  |  | 14 |  |  | 39 |  |  | 14 |
Net actuarial gains (losses) related to pension and other postretirement benefit obligations |  | 17 |  |  | 14 |  |  | 13 |  |  | 16 |  |  | 11 |  |  | 17 |  |  | 11 |
Other adjustments (2) |  | 91 |  |  | (33) |  |  | 1 |  |  | 34 |  |  | 205 |  |  | 91 |  |  | 205 |
Income tax (expense) benefit related to above adjustments |  | (100) |  |  | (16) |  |  | (172) |  |  | 94 |  |  | (92) |  |  | (100) |  |  | (92) |
Non-recurring tax items |  | 8 |  |  | 5 |  |  | 5 |  |  | (23) |  |  | 9 |  |  | 8 |  |  | 9 |
Non-GAAP Operating Earnings |  | $ | 477 |  |  | $ | 495 |  |  | $ | 517 |  |  | $ | 515 |  |  | $ | 421 |  |  | $ | 477 |  |  | $ | 421 |
Net income (loss) attributable to Holdings |  | $ | 0.27 |  |  | $ | 1.31 |  |  | $ | (0.42) |  |  | $ | 2.82 |  |  | $ | 0.20 |  |  | $ | 0.27 |  |  | $ | 0.20 |
Less: Preferred stock dividends |  | 0.04 |  |  | 0.08 |  |  | 0.04 |  |  | 0.08 |  |  | 0.04 |  |  | 0.04 |  |  | 0.04 |
Net income (loss) available to Holdings' common shareholders |  | 0.23 |  |  | 1.23 |  |  | (0.46) |  |  | 2.74 |  |  | 0.16 |  |  | 0.23 |  |  | 0.16 |
Adjustments related to: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Variable annuity product features (1) |  | 0.99 |  |  | 0.25 |  |  | 2.38 |  |  | (1.67) |  |  | 0.68 |  |  | 0.99 |  |  | 0.68 |
Investment gains (losses), net |  | 0.12 |  |  | 0.05 |  |  | 0.14 |  |  | 0.10 |  |  | 0.04 |  |  | 0.12 |  |  | 0.04 |
Net actuarial gains (losses) related to pension and other postretirement benefit obligations |  | 0.05 |  |  | 0.04 |  |  | 0.04 |  |  | 0.05 |  |  | 0.04 |  |  | 0.05 |  |  | 0.04 |
Other adjustments (2) |  | 0.28 |  |  | (0.11) |  |  | — |  |  | 0.10 |  |  | 0.64 |  |  | 0.28 |  |  | 0.64 |
Income tax (expense) benefit related to above adjustments |  | (0.30) |  |  | (0.05) |  |  | (0.54) |  |  | 0.30 |  |  | (0.29) |  |  | (0.30) |  |  | (0.29) |
Non-recurring tax items |  | 0.02 |  |  | 0.02 |  |  | 0.02 |  |  | (0.07) |  |  | 0.03 |  |  | 0.02 |  |  | 0.03 |
Non-GAAP Operating Earnings (loss) available to Holdings' common shareholders |  | $ | 1.39 |  |  | $ | 1.43 |  |  | $ | 1.58 |  |  | $ | 1.55 |  |  | $ | 1.30 |  |  | $ | 1.39 |  |  | $ | 1.30 |
Book Value per common share |  |  |  |  |  |  |  |  |  |  |  |  |  |
Book Value per common share |  | $ | 1.31 |  |  | $ | 0.11 |  |  | $ | 5.20 |  |  | $ | 0.19 |  |  | $ | 2.92 |  |  | $ | 1.31 |  |  | $ | 2.92 |
Less: Per share impact of AOCI |  | (25.00) |  |  | (26.98) |  |  | (20.92) |  |  | (28.11) |  |  | (24.70) |  |  | (25.00) |  |  | (24.70) |
Book value per common share (ex. AOCI) |  | $ | 26.31 |  |  | $ | 27.09 |  |  | $ | 26.12 |  |  | $ | 28.30 |  |  | $ | 27.62 |  |  | $ | 26.31 |  |  | $ | 27.62 |
Notes: |  |  |  |  |  |  |  |  |  |  |  |  |  |
(1) As a result of the novation of certain Legacy VA policies completed during the first quarter, the Company recorded a loss of $499 million in pre-tax net income and an increase of $263 million in pre-tax AOCI, for a total impact loss of $236 million. The impact per common share is $1.60 for the three months ended March 31, 2025.
(2) Includes a loss of $165 million or $0.53 on Non-VA derivatives, including our statutory capital hedging program for the three months ended March 31, 2025 and includes certain gross legal expenses related to the COI litigation of $106 million or $0.32 for the three months ended 2024.

1Q 2025 Financial Supplement |  | 32

Reconciliation of Non-GAAP Measures (2/3)
|  |  |  |  |  | As of and for the Twelve Months Ended
(in millions USD, unless otherwise indicated) |  |  |  |  |  | 9/30/2024 |  | 12/31/2024 |  | 3/31/2025
Net Income to Non-GAAP Operating Earnings |  |  |  |  |  |  |  |  |  |
Net income (loss) attributable to Holdings |  |  |  |  |  | $ | (309) |  |  | $ | 1,280 |  |  | $ | 1,251 |
Adjustments related to: |  |  |  |  |  |  |  |  |  |
Variable annuity product features |  |  |  |  |  | 2,342 |  |  | 637 |  |  | 518 |
Investment (gains) losses |  |  |  |  |  | 260 |  |  | 133 |  |  | 108 |
Net actuarial (gains) losses related to pension and other postretirement benefit obligations |  |  |  |  |  | 57 |  |  | 60 |  |  | 54 |
Other adjustments |  |  |  |  |  | 209 |  |  | 93 |  |  | 207 |
Income tax (expense) benefits related to above adjustments |  |  |  |  |  | (603) |  |  | (194) |  |  | (186) |
Non-recurring tax items |  |  |  |  |  | (5) |  |  | (5) |  |  | (4) |
Non-GAAP Operating Earnings |  |  |  |  |  | $ | 1,951 |  |  | $ | 2,004 |  |  | $ | 1,948 |
Return on Equity and Non-GAAP Operating Return on Equity - Trailing twelve months |  |  |  |  |  |  |  |  |  |
Net income (loss) attributable to Holdings |  |  |  |  |  | $ | (309) |  |  | $ | 1,280 |  |  | $ | 1,251 |
Less: Preferred stock |  |  |  |  |  | (80) |  |  | (80) |  |  | (80) |
Net income (loss) available to Holdings' common shareholders |  |  |  |  |  | $ | (389) |  |  | $ | 1,200 |  |  | $ | 1,171 |
Average equity attributable to Holdings' common shareholders (ex. AOCI) |  |  |  |  |  | $ | 8,611 |  |  | $ | 8,586 |  |  | $ | 8,546 |
Return on Equity (ex. AOCI) |  |  |  |  |  | (4.5) | % |  | 14.0 | % |  | 13.7 | %
Non-GAAP Operating Earnings |  |  |  |  |  | $ | 1,951 |  |  | $ | 2,004 |  |  | $ | 1,948 |
Less: Preferred stock |  |  |  |  |  | (80) |  |  | (80) |  |  | (80) |
Non-GAAP Operating Earnings available to Holdings' common shareholders |  |  |  |  |  | $ | 1,871 |  |  | $ | 1,924 |  |  | $ | 1,868 |
Average equity attributable to Holdings' common shareholders (ex. AOCI) |  |  |  |  |  | $ | 8,611 |  |  | $ | 8,586 |  |  | $ | 8,546 |
Non-GAAP Operating Return on Equity (ex. AOCI) |  |  |  |  |  | 21.7 | % |  | 22.4 | % |  | 21.9 | %

1Q 2025 Financial Supplement |  | 33

Reconciliation of Non-GAAP Measures (3/3)
| Balances as of
(in millions USD, unless otherwise indicated) | 6/30/2023 |  | 9/30/2023 |  | 12/31/2023 |  | 3/31/2024 |  | 6/30/2024 |  | 9/30/2024 |  | 12/31/2024 |  | 3/31/2025
Equity Reconciliation - Quarter-end Balances |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total equity attributable to Holdings' shareholders | $ | 3,552 |  |  | $ | 1,587 |  |  | $ | 2,636 |  |  | $ | 1,992 |  |  | $ | 1,598 |  |  | $ | 3,201 |  |  | $ | 1,565 |  |  | $ | 2,401 |
Less: Preferred Stock | 1,562 |  |  | 1,562 |  |  | 1,562 |  |  | 1,562 |  |  | 1,562 |  |  | 1,562 |  |  | 1,507 |  |  | 1,507 |
Total equity attributable to Holdings' common shareholders | 1,990 |  |  | 25 |  |  | 1,074 |  |  | 430 |  |  | 36 |  |  | 1,639 |  |  | 58 |  |  | 894 |
Less: Accumulated other comprehensive income (loss) | (7,165) |  |  | (9,863) |  |  | (7,797) |  |  | (8,191) |  |  | (8,675) |  |  | (6,601) |  |  | (8,712) |  |  | (7,567) |
Total equity attributable to Holdings' common shareholders (ex. AOCI) | $ | 9,155 |  |  | $ | 9,888 |  |  | $ | 8,871 |  |  | $ | 8,621 |  |  | $ | 8,711 |  |  | $ | 8,240 |  |  | $ | 8,770 |  |  | $ | 8,461 |

| Balances as of
(in millions USD, unless otherwise indicated) | 6/30/2023 |  | 9/30/2023 |  | 12/31/2023 |  | 3/31/2024 |  | 6/30/2024 |  | 9/30/2024 |  | 12/31/2024 |  | 3/31/2025
Equity Reconciliation - Twelve Month Rolling Average |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total equity attributable to Holdings' shareholders | $ | 3,036 |  |  | $ | 2,580 |  |  | $ | 2,882 |  |  | $ | 2,442 |  |  | $ | 1,953 |  |  | $ | 2,357 |  |  | $ | 2,089 |  |  | $ | 2,191 |
Less: Preferred Stock | 1,562 |  |  | 1,562 |  |  | 1,562 |  |  | 1,562 |  |  | 1,562 |  |  | 1,562 |  |  | 1,548 |  |  | 1,535 |
Total equity attributable to Holdings' common shareholders | 1,474 |  |  | 1,018 |  |  | 1,320 |  |  | 880 |  |  | 391 |  |  | 795 |  |  | 541 |  |  | 656 |
Less: Accumulated other comprehensive income (loss) | (7,391) |  |  | (8,139) |  |  | (7,841) |  |  | (8,254) |  |  | (8,632) |  |  | (7,816) |  |  | (8,045) |  |  | (7,889) |
Total equity attributable to Holdings' common shareholders (ex. AOCI) | $ | 8,865 |  |  | $ | 9,157 |  |  | $ | 9,161 |  |  | $ | 9,134 |  |  | $ | 9,023 |  |  | $ | 8,611 |  |  | $ | 8,586 |  |  | $ | 8,545 |

1Q 2025 Financial Supplement |  | 34

Glossary of Selected Financial and Product Terms

Account Value (“AV”) - AV generally equals the aggregate policy account value of our retirement and protection products. General Account AV refers to account balances in investment options that are backed by the General Account while Separate Accounts AV refers to Separate Accounts investment assets. AV is reflected net of reinsurance.
Advisory Assets - Assets invested in a variety of investments using an asset allocation model designed for the client’s objectives. The client is charged a fee based on the value of the assets in the account.
Annualized premiums - 100% of first year recurring premiums (up to target) and 10% of excess first year premiums or first year premiums from single premium products.
Assets Under Administration (“AUA”) - AUA includes non-insurance client assets that are invested in our savings and investment products or serviced by our Equitable Advisors platform. We provide administrative services for these assets and generally record the revenues received as distribution fees.
Assets Under Management (“AUM”) - AUM means investment assets that are managed by one of our subsidiaries and includes: (i) assets managed by AB; (ii) the assets in our General Account investment portfolio; and (iii) the Separate Account assets of our 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, net of embedded derivative instruments where applicable.
Benefit base - A notional amount (not actual cash value) used to calculate the owner’s guaranteed benefits within an annuity contract. The death benefit and living benefit within the same contract may not have the same benefit base.
Brokerage Assets - Brokerage accounts which allow clients a variety of investments, including mutual funds, exchange traded products, equities and fixed income, to be managed in one account. The client is charged for all buy and sell transactions.
Current Product Offering (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.
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.
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.
Return of Premium (“ROP”) death benefit - This death benefit pays the greater of the account value at the time of a claim following the owner’s death or the total contributions to the contract (subject to adjustment for withdrawals). The charge for this benefit is usually included in the M&E fee that is deducted daily from the net assets in each variable investment option. We also refer to this death benefit as the Return of Principal death benefit.
Return on Assets - Calculated as trailing twelve months operating earnings (loss), before income taxes, divided by trailing twelve months average account value, net of embedded derivative instruments.

1Q 2025 Financial Supplement |  | 35

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

1Q 2025 Financial Supplement |  | 36

Analyst Coverage, Ratings & Contact Information

Analyst Coverage |  |  |  |  |  |  |  |  |  |  |  |  |  |
Firm |  |  |  | Analyst |  |  |  | Phone Number
Barclays |  |  |  |  |  |  |  | Alex Scott |  |  |  |  |  | 1 (212) 526-1561
BMO |  |  |  |  |  |  |  | Jack Matten |  |  |  |  |  | 1 (212) 671-8000
Deutsche Bank |  |  |  |  |  |  |  | Cave Montazeri |  |  |  |  |  | 1 (212) 250-2798
Dowling & Partners |  |  |  |  |  |  |  | Joel Hurwitz |  |  |  |  |  | 1 (860) 676-7312
Evercore ISI |  |  |  | Thomas Gallagher |  |  |  |  |  | 1 (212) 446-9439
Jefferies |  |  |  |  |  |  |  | Suneet Kamath |  |  |  |  |  | 1 (212) 778-8602
J.P. Morgan |  |  |  | Jimmy Bhullar |  |  |  |  |  | 1 (212) 622-6397
Keefe, Bruyette, & Woods |  |  |  | Ryan Krueger |  |  |  |  |  | 1 (860) 722-5930
Morgan Stanley |  |  |  | Bob Jian Huang |  |  |  |  |  | 1 (212) 761-6136
Raymond James |  |  |  | Wilma Burdis |  |  |  |  |  | 1 (727) 567-9371
Truist Securities |  |  |  | Mark Hughes |  |  |  |  |  | 1 (615) 748-4422
UBS |  |  |  |  |  |  |  | Michael Ward |  |  |  |  |  | 1 (917) 270-2483
Wells Fargo Securities |  |  |  | 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 25 |  | Mar 25 |  | May 24
Financial Strength Ratings: |  |  |  |  |  |
Equitable Financial Life Insurance Company |  | A |  | A+ |  | A1
Equitable Financial Life Insurance Company of America |  |  |  |  |  |  |  | A |  | A+ |  | A1
Credit Ratings: |  |  |  |  |  |
Equitable Holdings, Inc. |  | bbb+ |  | A- |  | Baa1
AllianceBernstein L.P. (1) |  | — |  | A |  | A2
Investor and Media Contacts |  |  |  |  |  |  |  |  |  |  |  |  |  |
Contact Investor Relations |  |  |  |  |  |  |  |  |  |  |  | Contact Media Relations
Erik Bass |  |  |  |  |  |  |  |  |  |  |  | Laura Yagerman
(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 Nov 24, Moody’s as of Mar 24.

1Q 2025 Financial Supplement |  | 37