Equitable Holdings, Inc. (Form: 8-K, Received: 02/04/2026 16:14:53)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 4, 2026

Equitable Holdings, Inc.

(Exact name of registrant as specified in its charter)


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

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

(Address of principal executive offices) (Zip Code)

(212) 554-1234

(Registrant’s telephone number, including area code)

Not Applicable

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

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

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

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

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

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

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

Title of each class

Trading Symbol

Name of Exchange on which registered

Common Stock

EQH

New York Stock Exchange

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

EQH PR A

New York Stock Exchange

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

EQH PR C

New York Stock Exchange

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

Emerging growth company ☐

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

Item 2.02 Results of Operations and Financial Condition.

On February 4, 2026, Equitable Holdings, Inc. (“EQH”) issued a press release announcing its financial results for the quarter and full year ended December 31, 2025. A copy of the press release containing this information is furnished as Exhibit 99.1 hereto and is incorporated herein by reference. In addition, more detailed financial information may be found in EQH’s Financial Supplement for the quarter ended December 31, 2025. A copy of the Financial Supplement for the quarter ended December 31, 2025 is furnished as Exhibit 99.2 hereto and is incorporated herein by reference.

As provided in General Instruction B.2 of Form 8-K, the information and exhibits provided pursuant to this Item 2.02 shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section, nor shall they be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

Item 7.01 Regulation FD Disclosure.

In connection with its earnings call for the quarter and full year ended December 31, 2025, EQH has prepared a presentation for use with investors and other members of the investment community, which will be accessible via EQH’s investor relations website at https://ir.equitableholdings.com at 4:15 p.m. ET on Tuesday, February 4, 2026.

As provided in General Instruction B.2 of Form 8-K, the information provided pursuant to this Item 7.01 shall not be deemed to be “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liability of that section, nor shall it be deemed to be incorporated by reference in any filing under the Securities Act or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits


Exhibit No.			Description of Exhibit
99.1			Press release of Equitable Holdings, Inc., dated February 4, 2026 (furnished and not filed)
99.2			Financial Supplement for the quarter ended December 31, 2025 (furnished and not filed)
104			Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURE

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



	EQUITABLE HOLDINGS, INC.

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

EQUITABLE HOLDINGS REPORTS FULL YEAR AND FOURTH QUARTER 2025 RESULTS

_______________________________________

•Organic cash generation of $1.6 billion in 2025, expected to increase to c.$1.8 billion in 20261

•Full year net loss of $1.4 billion, or $(4.83) per share; fourth quarter Net income of $215 million, or $0.70 per share

•Non-GAAP operating earnings2 of $1.7 billion, or $5.64 per share for the full year and $513 million, or $1.73 per share for the fourth quarter 2025. Adjusting for notable items3, Non-GAAP operating earnings of $1.9 billion, or $6.21 per share for the full year and $523 million, or $1.76 per share, for the fourth quarter 2025.

•Full year net inflows of $5.9 billion in Retirement and $8.4 billion in Wealth Management; net outflows of $11.3 billion in Asset Management.

•Returned $1.8 billion to shareholders this year, including $354 million in the fourth quarter.

•Executed on strategic initiatives including reinsuring 75% of inforce individual life block to RGA, completing our first Bermuda reinsurance transaction and scaling our fast-growing Wealth Management and AB Private Markets businesses.

_______________________________________

New York, NY, February 4, 2026 — Equitable Holdings, Inc. (“Equitable Holdings”, “Holdings”, or the “Company”) (NYSE: EQH) today announced financial results for the full year and fourth quarter ended December 31, 2025.

“In 2025, Equitable Holdings made significant progress on our journey to become a more capital light company focused on three core growth engines of Retirement, Asset Management and Wealth Management. The execution of our individual life reinsurance transaction with RGA freed $2 billion of capital and reduced our exposure to mortality by 75%. We used the proceeds to invest in growing AllianceBernstein and Equitable Advisors as well as to accelerate capital return to shareholders, actions which we believe will create a more valuable company. Our business model positions us well to be a long-term winner in each of our core markets. We continue to see strong organic growth momentum in Retirement, Wealth Management and AB Private Markets, ending the year with a record $1.1 trillion of assets under management and administration. This bodes well for future growth in earnings and cash flows.” said Mark Pearson, President and Chief Executive Officer.

Mr. Pearson concluded, “Looking to 2026, we expect Non-GAAP earnings per share growth to accelerate and remain focused on achieving our targeted 12-15% EPS CAGR for 2023-2027. We also project cash generation to increase from $1.6 billion in 2025 to approximately $1.8 billion in 2026 and are on track to reach $2 billion by 2027. Our strong cash flows allow us to consistently return capital to shareholders, with payout ratios at the upper end of our 60-70% target range. Equitable is well positioned in attractive, growing markets, and I’m confident in our ability to execute on the opportunity in front of us.”

1Cash generation is the cash flow from asset and wealth management subsidiaries, along with capital generated in excess of the target combined NAIC RBC ratio at the insurance subsidiaries. Organic cash generation of $1.6 billion does not include $1.0 billion of cash generation attributable to proceeds from the individual life transaction with RGA. Financial guidance assumes normal market conditions including 6% equity return, 2% dividend yield and interest rates following the forward curve.

2 This press release includes certain Non-GAAP financial measures. More information on these measures and reconciliations to the most comparable U.S. GAAP measures can be found in the “Use of Non-GAAP Financial Measures” section of this release.

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


Consolidated Results
	Fourth Quarter				Full Year
(in millions, except per share amounts or unless otherwise noted)	2025		2024		2025		2024
Total Assets Under Management/Administration (“AUM/A”, in billions)	$	1,121	$	1,021	$	1,121	$	1,021
Net income (loss) attributable to Holdings	215		892		(1,380)		1,280
Net income (loss) attributable to Holdings per common share	0.70		2.74		(4.83)		3.69
Non-GAAP operating earnings	513		515		1,741		2,004
Non-GAAP operating earnings per common share (“EPS”)	1.73		1.55		5.64		5.92

As of December 31, 2025, total AUM/A was $1.1 trillion, a year-over-year increase of 10%, driven by positive net flows and higher markets over the prior twelve months.

On a full year basis, the net loss attributable to Holdings was $1.4 billion in 2025 compared to net income of $1.3 billion in 2024.

Full year Non-GAAP operating earnings were $1.7 billion in 2025 versus $2.0 billion in 2024. Adjusting for notable items4 of $172 million, 2025 operating earnings were $1.9 billion or $6.21 per share.

Net income (loss) attributable to Holdings for the fourth quarter of 2025 was $215 million compared to $892 million in the fourth quarter of 2024.

Non-GAAP operating earnings in the fourth quarter of 2025 were $513 million compared to $515 million in the fourth quarter of 2024. Adjusting for notable items5 of $10 million, fourth quarter 2025 Non-GAAP operating earnings were $523 million or $1.76 per share.

As of December 31, 2025, book value per common share including accumulated other comprehensive income (“AOCI”) was $(4.03). Book value per common share excluding AOCI was $18.14. Both of these measures reflect the Company’s 68% ownership stake in AllianceBernstein (“AB”) at book value. Book value per common share excluding AOCI but with AB reflected at fair market value was $33.84.

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

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

Business Highlights

•Full year 2025 business segment highlights:

◦Retirement reported full year net inflows of $5.9 billion and first year premiums of $22.4 billion were up 11% over the prior year.

◦Asset Management (AllianceBernstein or “AB”)6 reported full year net outflows of $11.3 billion, which includes $4 billion of low-fee outflows related to the RGA transaction.

◦Wealth Management (“WM”) reported full year advisory net inflows of $8.4 billion, with total assets under administration reaching $122 billion.

•Capital management program:

◦The Company returned $1.8 billion to shareholders in 2025, including $354 million in the fourth quarter and $500 million of additional share repurchases executed following the life reinsurance transaction. Excluding the incremental buybacks, the full year payout ratio was 68%, at the high end of the Company’s 60-70% target range.

◦The Company continues to benefit from a diverse business mix, with over 50% of the $1.6 billion of organic cash generation in 2025 coming from Asset and Wealth Management businesses. The Company expects approximately $1.8 billion of cash generation in 2026.

◦The Company reported cash and liquid assets of $1.1 billion at Holdings7 as of quarter end, which remains above the $500 million minimum target. The combined NAIC RBC ratio was approximately 475% at year end, above the Company’s target of 400%.

•Delivering shareholder value:

◦The Company has deployed over $19 billion of its $20 billion capital commitment to AB. This supports growth in AB’s Private Markets business, which had $82 billion of assets under management as of year end.

◦Through year end 2025, the Company has achieved $120 million of its targeted $150 million of run-rate expense savings by 2027. It has surpassed the targeted $110 million of incremental investment income from the general account and sees opportunity for further upside.

◦The Company closed the Individual Life reinsurance with RGA in the third quarter of 2025, which freed over $2 billion of capital and reduced exposure to mortality by 75%. The Company used the proceeds to invest for growth in Asset and Wealth Management, accelerate capital return to shareholders, and repay debt.

6 Refers to AllianceBernstein L.P. and AllianceBernstein Holding L.P., collectively.

7 Excludes c.$90 million of cash at Holdings which is available to AllianceBernstein through its credit facility with Equitable Holdings.

Business Segment Results

Retirement


(in millions, unless otherwise noted)	Q4 2025		Q4 2024
Total Assets (in billions)8	$	176.2	$	152.2
Segment net flows (in billions)	1.3		1.6
Operating earnings (loss)	410		385

•Assets increased by 16%, driven by market performance and net inflows over the prior twelve months.

•First year premiums of $6.0 billion increased by 11% while net inflows of $1.3 billion were lower than the prior year quarter.

•Operating earnings of $410 million increased versus the prior year quarter, due to higher net interest margin and fee-type revenue and a lower tax rate, partially offset by increased commissions and DAC amortization.

•There were no notable items in the current quarter. Adjusting for notable items9 in the prior year quarter, operating earnings increased from $395 million to $410 million.

Asset Management


(in millions, unless otherwise noted)	Q4 2025		Q4 2024
Total AUM (in billions)	$	866.9	$	792.2
Segment net flows (in billions)	(4.7)		(4.8)
Operating earnings (loss)	160		161

•AUM increased by 9% due to market performance over the prior twelve months.

•Net outflows were $4.7 billion in the quarter, including net outflows of $3.5 billion in Retail and $2.0 billion in Institutional, partially offset by net inflows of $0.8 billion in Private Wealth.

•Operating earnings decreased from $161 million in the prior year quarter to $160 million, as increased base fees were offset by lower performance fees.

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

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

Wealth Management


(in millions, unless otherwise noted)	Q4 2025		Q4 2024
Total AUA (in billions)	$	122.0	$	101.7
Advisory net new assets (in billions)	2.1		1.1
Operating earnings (loss)	66		47

•AUA increased by 20% due to market performance and net inflows over the last twelve months.

•Advisory net inflows were $2.1 billion in the quarter, supported by an 8% year-over-year increase in advisor productivity.

•Operating earnings increased from $47 million in the prior year quarter to $66 million, primarily due to higher assets under management and a higher level of transaction activity.

Corporate and Other (“C&O”)

The operating loss of $123 million in the fourth quarter increased from an operating loss of $78 million in the prior year quarter. After adjusting for notable items10, the operating loss was $113 million versus a loss of $61 million in the prior year quarter, primarily driven by lower earnings due to the RGA transaction.

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

Exhibit 1: Notable Items

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

Impact of notable items by segment and Corporate & Other:


	Three Months Ended December 31,				Year Ended December 31,
(in millions)	2025		2024		2025		2024
Non-GAAP Operating Earnings	$	513	$	515	$	1,741	$	2,004
Post-tax Adjustments related to notable items:
Retirement	—		10		19		31
Asset Management	—		—		—		(9)
Wealth Management	—		—		(4)		—
Corporate & Other	10		17		159		58
Notable items subtotal	10		26		175		80

Impact of actuarial assumption update	—		—		(3)		(3)
Non-GAAP Operating Earnings, less Notable Items	$	523	$	541	$	1,913	$	2,081

Impact of notable items by item category:


	Three Months Ended December 31,				Year Ended December 31,
(in millions)	2025		2024		2025		2024
Non-GAAP Operating Earnings	$	513	$	515	$	1,741	$	2,004
Post-tax adjustments related to notable Items:
Net investment income	—		26		26		74
Model updates/true-up adjustments	—		—		49		6
Expenses	10		—		99		—
Mortality	—		—		—		—
Notable Items Subtotal	10		26		175		80
Impact of actuarial assumption update	—		—		(3)		(3)
Non-GAAP Operating Earnings, less Notable Items	$	523	$	541	$	1,913	$	2,081

Earnings Conference Call

Equitable Holdings will host a conference call at 10 a.m. ET on February 5, 2026 to discuss its full year and fourth quarter 2025 results. The conference call webcast, along with additional earnings materials, will be accessible on the company’s investor relations website at ir.equitableholdings.com. Please log on to the webcast at least 15 minutes prior to the call to download and install any necessary software.

To register for the conference call, please use the following link:

EQH Full Year and Fourth Quarter 2025 Earnings Call

After registering, you will receive an email confirmation including dial in details and a unique conference call code for entry. Registration is open through the live call. To ensure you are connected for the full call we suggest registering a day in advance or at minimum 10 minutes before the start of the call.

A webcast replay will be made available on the Equitable Holdings Investor Relations website at ir.equitableholdings.com.

About Equitable Holdings

Equitable Holdings, Inc. (NYSE: EQH) is a leading financial services holding company comprised of complementary and well-established businesses, Equitable, AllianceBernstein and Equitable Advisors. Equitable Holdings has $1.1 trillion in assets under management and administration (as of 12/31/2025) and more than 5 million client relationships globally. Founded in 1859, Equitable provides retirement and protection strategies to individuals, families and small businesses. AllianceBernstein is a global investment management firm that offers diversified investment services to institutional investors, individuals and private wealth clients. Equitable Advisors, LLC (Equitable Financial Advisors in MI and TN) has approximately 4,600 duly registered and licensed financial professionals that provide financial planning, wealth management, retirement planning, protection and risk management services to clients across the country.

Contacts:

Investor Relations

Erik Bass

IR@equitable.com

Media Relations

Laura Yagerman

mediarelations@equitable.com

Note Regarding Forward-Looking Statements

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

These forward-looking statements are not a guarantee of future performance and involve risks and uncertainties, and there are certain important factors that could cause actual results to differ, possibly materially, from expectations or estimates reflected in such forward-looking statements, including, among others: (i) conditions in the financial markets and economy, including the impact of geopolitical conflicts, changes in tariffs and trade barriers, the impact on the Company of a continued shutdown of the U.S. government, and related economic conditions, equity market declines and volatility, interest rate fluctuations, impacts on our goodwill and changes in liquidity and access to and cost of capital; (ii) operational factors, including reliance on the payment of dividends to Holdings by its subsidiaries, protection of confidential customer information or proprietary business information, operational failures by us or our service providers, potential strategic transactions, changes in accounting standards, and catastrophic events, such as the outbreak of pandemic diseases; (iii) credit, counterparties and investments, including counterparty default on derivative contracts, failure of financial institutions, defaults by third parties and affiliates and economic downturns, defaults and other events adversely affecting our investments; (iv) our reinsurance and hedging programs; (v) our products, structure and product distribution, including variable annuity guaranteed benefits features within certain of our products, variations in statutory capital requirements, financial strength and claims-paying ratings, state insurance laws limiting the ability of our insurance subsidiaries to pay dividends and key product distribution relationships; (vi) estimates, assumptions and valuations, including risk management policies and procedures, potential inadequacy of reserves and experience differing from pricing expectations, amortization of deferred acquisition costs and financial models; (vii) our Asset Management segment, including fluctuations in assets under management and the industry-wide shift from actively-managed investment services to passive services; (viii) recruitment and retention of key employees and experienced and productive financial professionals; (ix) subjectivity of the determination of the amount of allowances and impairments taken on our investments; (x) legal and regulatory risks, including federal and state legislation affecting financial institutions, insurance regulation and tax reform; (xi) risks related to our common stock and (xii) general risks, including strong industry competition, information systems failing or being compromised and protecting our intellectual property.

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

Forward-looking Non-GAAP Metrics

The Company has presented forward-looking statements regarding Non-GAAP operating earnings, and Non-GAAP operating earnings per share. These non-GAAP financial measures are derived by excluding

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

Use of Non-GAAP Financial Measures

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

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

Non-GAAP Operating Earnings

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

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

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

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

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

•Other adjustments, which primarily include restructuring costs related to severance and separation, lease write-offs related to non-recurring restructuring activities, net derivative gains (losses) on certain Non-GMxB derivatives, net investment income from certain items including consolidated VIE investments, seed capital mark-to-market adjustments, unrealized gain/losses and realized capital gains/losses from sales or disposals of select securities, certain legal accruals; a bespoke deal to repurchase UL policies from one entity that had invested in numerous policies purchased in the life settlement market, which disposed of the risk of additional COI litigation by that entity related to those UL policies, impact of the annual actuarial assumption updates attributable to LFPB when the majority of the impact relates to the non-core business; and

•Income tax expense (benefit) related to the above items and non-recurring tax items, which includes the effect of uncertain tax positions for a given audit period and changes to the deferred tax valuation allowance.

In the third quarter of 2025, the Company updated its net investment income (“NII”) segment reporting to better align with our GAAP segments, as well as the reporting of our spread lending programs' income and expenses. Previously, direct and allocated segment NII were recorded based on assets tied to statutory asset tagging and net statutory liabilities for allocation. To better align with our GAAP segments, the Company changed the recording methodology for direct NII. It is now based on the book yields of assets tied to specific segments, considering general account values plus reserves, net of embedded derivatives. Indirect NII, which was previously allocated based on net statutory liabilities, is now allocated based on general account values and reserves, net of embedded derivatives. Additionally, revenues and expenses from our spread lending programs are now primarily recorded within the Retirement segment. Previously, spread lending revenues and expenses were recorded in Corporate and Other, with the excess of revenues over expenses allocated to the insurance segments based on net statutory liabilities. Prior periods have been revised to reflect these changes.

Because Non-GAAP Operating Earnings excludes the foregoing items that can be distortive or unpredictable, management believes that this measure enhances the understanding of the Company’s underlying drivers of profitability and trends in our business, thereby allowing management to make decisions that will positively impact our business.

We use the prevailing corporate federal income tax rate of 21% while taking into account any non-recurring differences for events recognized differently in our financial statements and federal income tax returns as well as partnership income taxed at lower rates when reconciling Net income (loss) attributable to Holdings to Non-GAAP Operating Earnings.

The table below presents a reconciliation of Net income (loss) attributable to Holdings to Non-GAAP Operating Earnings for the three months and years ended December 31, 2025 and 2024:


	Three Months Ended December 31,				Year Ended December 31,
(in millions)	2025		2024		2025		2024
Net income (loss) attributable to Holdings	$	215	$	892	$	(1,380)	$	1,280
Adjustments related to:
Variable annuity product features (1)	258		(530)		2,381		637
Investment (gains) losses (2)	84		32		1,339		133
Net actuarial (gains) losses related to pension and other postretirement benefit obligations	9		16		50		60
Other adjustments (3) (4) (5)	21		34		(75)		93
Income tax expense (benefit) related to above adjustments	(62)		94		(776)		(194)
Non-recurring tax items	(12)		(23)		202		(5)
Non-GAAP Operating Earnings	$	513	$	515	$	1,741	$	2,004

______________

(1)As a result of the novation of certain Legacy VA policies completed during the first quarter of 2025, the Company recorded a loss of $499 million in pre-tax net income and an increase of $263 million in pre-tax AOCI, for a total impact loss of $236 million for the year ended December 31, 2025.

(2)Includes $1.1 billion as a result of assets transferred related to the reinsurance transaction with RGA for the year ended December 31, 2025.

(3)Includes a gain of $304 million on Non-VA derivatives for the year ended December 31, 2025. Also includes $6 million of expense related to a disputed billing practice of an AB third-party service provider for the year ended December 31, 2025 and certain gross legal expenses related to the COI litigation of $106 million for the year ended December 31, 2024.

(4)For the year ended December 31, 2024, includes $82 million of the gain on sale on AB's Bernstein Research Service attributable to Holdings.

(5)For the year ended December 31, 2024, includes $78 million contingent payment gain recognized related to a fair value remeasurement of the contingent payment liability associated with AB's acquisition of CarVal in 2022.

Non-GAAP Operating EPS

Non-GAAP Operating Earnings per common share is calculated by dividing Non-GAAP Operating Earnings less preferred stock dividends by diluted common shares outstanding. The table below presents a reconciliation of GAAP EPS to Non-GAAP Operating EPS for the three months and years ended December 31, 2025 and 2024.


	Three Months Ended December 31,				Year Ended December 31,
(per share amounts)	2025		2024		2025		2024
Net income (loss) attributable to Holdings	$	0.74	$	2.82	$	(4.63)	$	3.94
Less: Preferred stock dividend	0.04		0.08		0.20		0.25
Net Income (loss) available to common shareholders	0.70		2.74		(4.83)		3.69
Adjustments related to:
Variable annuity product features (1)	0.89		(1.67)		7.99		1.96
Investment (gains) losses (2)	0.29		0.10		4.49		0.41
Net actuarial (gains) losses related to pension and other postretirement benefit obligations	0.03		0.05		0.17		0.19
Other adjustments (3) (4) (5)	0.07		0.10		(0.26)		0.29
Income tax expense (benefit) related to above adjustments	(0.21)		0.30		(2.60)		(0.60)
Non-recurring tax items	(0.04)		(0.07)		0.68		(0.02)
Non-GAAP Operating Earnings	$	1.73	$	1.55	$	5.64	$	5.92

_______________

(1)As a result of the novation of certain Legacy VA policies completed during the first quarter of 2025, the Company recorded a loss of $1.67 for the year ended December 31, 2025.

(2)Includes $3.84 as a result of assets transferred related to the reinsurance transaction with RGA for the year ended December 31, 2025.

(3)Includes a gain of $1.02 on Non-VA derivatives for the year ended December 31, 2025. Also includes $0.02 of expense related to a disputed billing practice of an AB third-party service provider for the year ended December 31, 2025 and certain gross legal expenses related to the COI litigation of $0.33 for the year ended December 31, 2024.

(4)For the year ended December 31, 2024, includes $0.25 of the gain on sale on AB's Bernstein Research Service attributable to Holdings.

(5)For the year ended December 31, 2024 includes $0.24 contingent payment gain recognized in connection with a fair value remeasurement of the contingent payment liability associated with AB's acquisition of CarVal in 2022.

Book Value per common share, excluding AOCI

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


	December 31, 2025		December 31, 2024
Book value per common share	$	(4.03)	$	0.19
Per share impact of AOCI	22.17		28.11
Book Value per common share, excluding AOCI	$	18.14	$	28.30

Other Operating Measures

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

Account Value (“AV”)

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

Assets Under Management (“AUM”)

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

Assets Under Management (“AUA”)

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

Segment net flows

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

Consolidated Statements of Income (Loss) (Unaudited)


	Three Months Ended December 31,				Year Ended December 31,
	2025		2024		2025		2024
	(in millions)
REVENUES
Policy charges and fee income	$	435	$	638	$	2,168	$	2,495
Premiums	224		293		1,046		1,172
Net derivative gains (losses)	(363)		(253)		(2,055)		(2,551)
Net investment income (loss)	1,288		1,196		5,234		4,881
Investment gains (losses), net:
Credit losses on available-for-sale debt securities and loans	(25)		(19)		(68)		(82)
Other investment gains (losses), net	(59)		(13)		(1,271)		(51)
Total investment gains (losses), net	(84)		(32)		(1,339)		(133)
Investment management and service fees	1,390		1,458		5,263		5,263
Other income	387		315		1,348		1,298
Total revenues	3,277		3,615		11,665		12,425
BENEFITS AND OTHER DEDUCTIONS
Policyholders’ benefits	397		689		2,395		2,696
Remeasurement of liability for future policy benefits	(6)		(3)		38		(6)
Change in market risk benefits and purchased market risk benefits	(130)		(817)		(417)		(1,940)
Interest credited to policyholders’ account balances	744		614		3,016		2,493
Compensation and benefits	640		683		2,434		2,451
Commissions and distribution-related payments	567		511		2,093		1,896
Interest expense	47		52		224		226
Amortization of deferred policy acquisition costs	205		186		789		711
Other operating costs and expenses	469		513		2,286		1,822
Total benefits and other deductions	2,933		2,428		12,858		10,349
Income (loss) from continuing operations, before income taxes	344		1,187		(1,193)		2,076
Income tax (expense) benefit	(33)		(179)		156		(280)
Net income (loss)	311		1,008		(1,037)		1,796
Less: Net income (loss) attributable to the noncontrolling interest	96		116		343		516
Net income (loss) attributable to Holdings	215		892		(1,380)		1,280
Less: Preferred stock dividends	13		26		61		80
Net income (loss) available to Holdings’ common shareholders	$	202	$	866	$	(1,441)	$	1,200

Earnings Per Common Share


	Three Months Ended December 31,				Year Ended December 31,
	2025		2024		2025		2024
	(in millions)
Earnings per common share
Basic	$	0.71	$	2.77	$	(4.83)	$	3.74
Diluted	$	0.70	$	2.74	$	(4.83)	$	3.69
Weighted average shares
Weighted average common stock outstanding for basic earnings per common share	285.5		312.2		298.1		321.2
Weighted average common stock outstanding for diluted earnings per common share	289.1		316.5		298.1		324.8

Results of Operations by Segment


	Three Months Ended December 31,				Year Ended December 31,
	2025		2024		2025		2024
	(in millions)
Operating earnings (loss) by segment:
Retirement	$	410	$	385	$	1,549	$	1,602

Asset Management	160		161		571		479

Wealth Management	66		47		220		182

Corporate and Other (1)	(123)		(78)		(599)		(259)
Non-GAAP Operating Earnings	$	513	$	515	$	1,741	$	2,004

(1)Includes interest expense and financing fees of $52 million, $52 million, $237 million and $223 million for the three months and year ended December 31, 2025, and 2024, respectively.

Select Balance Sheet Statistics


	December 31, 2025		December 31, 2024
	(in millions)
ASSETS


Total investments and cash and cash equivalents	$	133,466	$	123,405
Separate Accounts assets	136,544		134,717
Total assets	$	318,312	$	295,727

LIABILITIES
Long-term debt	$	3,835	$	3,833
Future policy benefits and other policyholders' liabilities	17,660		17,613
Policyholders’ account balances	133,433		110,929
Total liabilities	$	316,524	$	292,179

EQUITY
Preferred stock	$	1,068	$	1,507
Accumulated other comprehensive income (loss)	(6,280)		(8,712)
Total equity attributable to Holdings	(74)		1,565
Total equity attributable to Holdings' common shareholders (ex. AOCI)	5,138		8,770

Assets Under Management (Unaudited)


	December 31, 2025		December 31, 2024

	(in billions)
Assets Under Management
AB AUM	$	866.9	$	792.2
Exclusion for General Account and other Affiliated Accounts	(87.3)		(84.2)
Exclusion for Separate Accounts	(51.0)		(47.3)
AB third party	$	728.6	$	660.7

Total Company AUM
AB third party	$	728.6	$	660.7
General Account and other Affiliated Accounts (1) (3) (4) (5)	133.5		123.4
Separate Accounts (2) (3) (4) (5)	136.5		134.7
Total AUM	$	998.6	$	918.8

_______________

(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 December 31, 2025 and 2024, Separate Account is inclusive of $8.2 billion and $12.3 billion & General Account AUM is inclusive of $28 million and $43 million, respectively, Account Value ceded to Venerable.

(4) As of December 31, 2025 and 2024, Separate Account is inclusive of $3.0 billion and $6.9 billion & General Account AUM is inclusive of $7.2 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) As of December 31, 2025, Separate Account is inclusive of $15.1 billion & General Account AUM is inclusive of $9.3 billion, Account Value ceded to RGA.


Table of Contents

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


	Select Metrics from Business Segments
Retirement
		Statements of Operating Earnings (Loss) and Summary Metrics	12
		Select Operating Metrics	13
		Asset Value Rollforward	14



Asset Management (1)
		Statements of Operating Earnings (Loss) and Summary Metrics	15
		AB Select Adjusted Financials and Ratios	16
		Select Operating Metrics	17
		Net Flows	18



Wealth Management
		Statements of Operating Earnings (Loss) and Summary Metrics	19
		Select Operating Metrics	20
Corporate and Other
		Statements of Operating Earnings (Loss) and Summary Metrics	21
		Select Operating Metrics	22

	Investments
		Consolidated Investment Portfolio Composition	24
		Consolidated Results of General Account Investment Portfolio	25

	Additional Information
		Deferred Policy Acquisition Costs Rollforward	27
		Use of Non-GAAP Financial Measures	28
		Reconciliation of Non-GAAP Measures	30
		Glossary of Selected Financial and Product Terms	33
		Analyst Coverage, Ratings & Contact Information	35
		Notes:
		(1) Refers to AllianceBernstein L.P. and AllianceBernstein Holding L.P., collectively

All information included in this financial supplement is unaudited.

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


4Q 2025 Financial Supplement						2

Consolidated Financials

and Key Metrics


4Q 2025 Financial Supplement						3

Key Metrics Summary


	For the Three Months Ended or As of																	Years Ended or As of
(in millions USD, unless otherwise indicated)	12/31/2024			3/31/2025			6/30/2025			9/30/2025			12/31/2025			Change		12/31/2024			12/31/2025			Change

Net income (loss)	$	1,008		$	150		$	(283)		$	(1,215)		$	311		(69.1)	%	$	1,796		$	(1,037)		(157.7)	%
Net income (loss) attributable to the noncontrolling interest	(116)			(87)			(66)			(94)			(96)			17.2	%	(516)			(343)			33.5	%
Net income (loss) attributable to Holdings	$	892		$	63		$	(349)		$	(1,309)		$	215		(75.9)	%	$	1,280		$	(1,380)		(207.8)	%

Non-GAAP Operating Earnings (1)	$	515		$	421		$	352		$	455		$	513		(0.4)	%	$	2,004		$	1,741		(13.1)	%

Total equity attributable to Holdings' shareholders	$	1,565		$	2,401		$	1,149		$	148		$	(74)		(104.7)	%	$	1,565		$	(74)		(104.7)	%
Less: Preferred Stock	1,507			1,507			1,228			1,068			1,068			(29.1)	%	1,507			1,068			(29.1)	%
Total equity attributable to Holdings' common shareholders	58			894			(79)			(920)			(1,142)			N/M		58			(1,142)			N/M
Less: Accumulated other comprehensive income (loss)	(8,712)			(7,567)			(7,432)			(6,191)			(6,280)			27.9	%	(8,712)			(6,280)			27.9	%
Total equity attributable to Holdings' common shareholders (ex. AOCI)	$	8,770		$	8,461		$	7,353		$	5,271		$	5,138		(41.4)	%	$	8,770		$	5,138		(41.4)	%

Return on Equity (ex. AOCI) (TTM)	14.0		%	13.7		%	4.9		%	(10.4)		%	(22.0)		%			14.0		%	(22.0)		%
Non-GAAP Operating ROE (TTM) (1)	22.4		%	21.9		%	21.1		%	22.4		%	25.6		%			22.4		%	25.6		%

Debt to capital:
Debt to Capital (ex. AOCI)	27.2		%	30.3		%	33.5		%	37.7		%	38.3		%			27.2		%	38.3		%
Adjusted debt to capital (ex. AOCI) (4)	27.2		%	28.6		%	31.6		%	35.3		%	35.9		%			27.2		%	35.9		%

Adjusted capital metrics:
Total equity adjustment for Holdings' portion of AB's market value (3)	$	3,684		$	4,003		$	4,982		$	4,443		$	4,448		20.7	%	$	3,684		$	4,448		20.7	%
Book value with AB at market value per common share (ex. AOCI)	$	40.19		$	40.69		$	40.89		$	33.59		$	33.84		(15.8)	%	$	40.19		$	33.84		(15.8)	%
Adjusted debt to capital with AB at market value (ex. AOCI) (4)	21.5		%	22.3		%	22.8		%	24.5		%	24.9		%			21.5		%	24.9		%

Per common share:
Diluted earnings per common share: (2)
Net income (loss) attributable to Holdings	$	2.74		$	0.16		$	(1.21)		$	(4.47)		$	0.70		(74.5)	%	$	3.69		$	(4.83)		(230.9)	%
Non-GAAP Operating Earnings (1)	$	1.55		$	1.30		$	1.10		$	1.48		$	1.73		11.6	%	$	5.92		$	5.64		(4.7)	%
Book value per common share	$	0.19		$	2.92		$	(0.26)		$	(3.18)		$	(4.03)		N/M		$	0.19		$	(4.03)		N/M
Book value per common share (ex. AOCI)	$	28.30		$	27.62		$	24.37		$	18.23		$	18.14		(35.9)	%	$	28.30		$	18.14		(35.9)	%

Weighted-average common shares outstanding:
Basic	312.2			307.8			303.2			296.2			285.5			(8.6)	%	321.2			298.1			(7.2)	%
Diluted	316.5			311.9			303.2			296.2			289.1			(8.7)	%	324.8			298.1			(8.2)	%

Ending common shares outstanding	309.9			306.3			301.7			289.2			283.3			(8.6)	%	309.9			283.3			(8.6)	%

Return to common shareholders:

Common stock dividend	$	75		$	74		$	82		$	81		$	77				$	302		$	314
Repurchase of common shares	260			261			236			676			277					1,014			1,450
Total capital returned to common shareholders	$	335		$	335		$	318		$	757		$	354				$	1,316		$	1,764





Notes:


(1) This measure is a Non-GAAP financial measure. For an explanation of our use of Non-GAAP financial measures, refer to the “Use of Non-GAAP Financial Measures” and "Glossary of Selected Financial and Product Terms" sections of this document. For a reconciliation of this item to the most directly comparable GAAP measure, refer to the “Non-GAAP Reconciliation” section in this document.
(2) For loss periods, dilutive shares were not included in the calculation of net income (loss) available to shareholders per common share or Non-GAAP Operating Earnings per common share as inclusion of such shares would have an anti-dilutive effect.
(3) Adjustment for AB market value represents the difference between EQH economic interest in AB's total units multiplied by AB's total units and EQH economic interest in AB's Total Partners' Capital Attributable to AB Unitholders ex. AOCI. As of December 31, 2025, September 30, 2025, June 30, 2025, March 31, 2025, and December 31, 2024, AB's total units, including General Partnership units ABLP units, were 296.5 million, 295.2 million, 295.0 million, 295.2 million and 295.1 million, respectively. This is a pro-forma calculation, not the figures recorded in our financial statements.
(4) Adjusted to reflect 50% equity credit for $500 million of Junior Subordinated debt issued during Q1’25.


4Q 2025 Financial Supplement						4

Consolidated Statements of Income (Loss)


	For the Three Months Ended												Years Ended or As of
(in millions USD, unless otherwise indicated)	12/31/2024		3/31/2025		6/30/2025		9/30/2025		12/31/2025		Change		12/31/2024		12/31/2025		Change

Revenues
Policy charges and fee income	$	638	$	636	$	626	$	471	$	435	(31.8)	%	$	2,495	$	2,168	(13.1)	%
Premiums	293		304		260		258		224		(23.5)	%	1,172		1,046		(10.8)	%
Net derivative gains (losses)	(253)		799		(1,374)		(1,117)		(363)		(43.5)	%	(2,551)		(2,055)		19.4	%
Net investment income (loss)	1,196		1,248		1,355		1,343		1,288		7.7	%	4,881		5,234		7.2	%
Investment gains (losses), net	(32)		(14)		(71)		(1,170)		(84)		(162.5)	%	(133)		(1,339)		(906.8)	%
Investment management and service fees	1,458		1,285		1,272		1,316		1,390		(4.7)	%	5,263		5,263		—	%
Other income	315		318		294		349		387		22.9	%	1,298		1,348		3.9	%
Total revenues	3,615		4,576		2,362		1,450		3,277		(9.3)	%	12,425		11,665		(6.1)	%

Benefits and other deductions
Policyholders’ benefits	689		759		787		452		397		(42.4)	%	2,696		2,395		(11.2)	%
Remeasurement of liability for future policy benefits	(3)		(2)		(13)		59		(6)		(100.0)	%	(6)		38		733.3	%
Change in market risk benefits and purchased market risk benefits	(817)		672		(606)		(353)		(130)		84.1	%	(1,940)		(417)		78.5	%
Interest credited to policyholders’ account balances	614		678		796		798		744		21.2	%	2,493		3,016		21.0	%
Compensation and benefits	683		601		592		601		640		(6.3)	%	2,451		2,434		(0.7)	%
Commissions and distribution-related payments	511		501		488		537		567		11.0	%	1,896		2,093		10.4	%
Interest expense	52		55		61		61		47		(9.6)	%	226		224		(0.9)	%
Amortization of deferred policy acquisition costs	186		188		193		203		205		10.2	%	711		789		11.0	%
Other operating costs and expenses	513		950		427		440		469		(8.6)	%	1,822		2,286		25.5	%
Total benefits and other deductions	2,428		4,402		2,725		2,798		2,933		20.8	%	10,349		12,858		24.2	%

Income (loss) from operations, before income taxes	1,187		174		(363)		(1,348)		344		(71.0)	%	2,076		(1,193)		(157.5)	%
Income tax (expense) benefit	(179)		(24)		80		133		(33)		81.6	%	(280)		156		155.7	%
Net income (loss)	1,008		150		(283)		(1,215)		311		(69.1)	%	1,796		(1,037)		(157.7)	%
Less: net (income) loss attributable to the noncontrolling interest	(116)		(87)		(66)		(94)		(96)		17.2	%	(516)		(343)		33.5	%
Net income (loss) attributable to Holdings	$	892	$	63	$	(349)	$	(1,309)	$	215	(75.9)	%	$	1,280	$	(1,380)	(207.8)	%
Less: Preferred stock dividends	(26)		(14)		(18)		(16)		(13)		50.0	%	(80)		(61)		23.8	%
Net income (loss) available to Holdings' common shareholders	$	866	$	49	$	(367)	$	(1,325)	$	202	(76.7)	%	$	1,200	$	(1,441)	(220.1)	%

Adjustments related to:
Variable annuity product features (1)	$	(530)	$	211	$	934	$	978	$	258			$	637	$	2,381
Investment (gains) losses, net (2)	32		14		71		1,170		84				133		1,339

Net actuarial (gains) losses related to pension and other postretirement benefit obligations	16		11		11		19		9				60		50
Other adjustments (3) (4) (5)	34		205		(137)		(164)		21				93		(75)
Income tax expense (benefit) related to above adjustments	94		(92)		(185)		(437)		(62)				(194)		(776)
Non-recurring tax items	(23)		9		7		198		(12)				(5)		202
Non-GAAP Operating earnings (6)	$	515	$	421	$	352	$	455	$	513			$	2,004	$	1,741

Notes:

(1) As a result of the novation of certain Legacy VA policies completed during the first quarter of 2025, the Company recorded a loss of $499 million in pre-tax net income and an increase of $263 million in pre-tax AOCI, for a total impact loss of $236 million for the three months ended March 31, 2025 and year ended December 31, 2025.
(2) Includes $1.1 billion as a result of assets transferred related to the reinsurance transaction with RGA for the three months ended September 30, 2025 and year ended December 31, 2025.
(3) Includes the following impacts on Non-VA derivatives: a loss of $165 million for the three months ended March 31, 2025, a gain of $198 million for the three months ended June 30, 2025, a gain of $230 million for the three months ended September 30, 2025, and a gain of $41 million and $304 million for the three months and year ended December 31, 2025, respectively. Also, for the three months ended June 30, 2025 and September 30, 2025, and the year ended December 31, 2025, includes $14 million, $(8) million and $6 million, respectively, of expense related to a disputed billing practice of an AB third-party service provider. There are certain gross legal expenses related to the COI litigation of $106 million for the year ended December 31, 2024.
(4) For the year ended December 31, 2024, includes $82 million of the gain on sale on AB's Bernstein Research Service attributable to Holdings.
(5) For the year ended December 31, 2024, includes $78 million contingent payment gain recognized related to a fair value remeasurement of the contingent payment liability associated with AB's acquisition of CarVal in 2022.


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


4Q 2025 Financial Supplement						5

Consolidated Balance Sheets


	Balances as of
(in millions USD, unless otherwise indicated)	12/31/2024		3/31/2025		6/30/2025		9/30/2025 (1)		12/31/2025

Assets
Total investments	$	116,441	$	118,908	$	121,798	$	116,505	$	121,004
Cash and cash equivalents	6,964		8,164		14,957		13,604		12,462
Cash and securities segregated, at fair value	500		772		483		425		499
Broker-dealer related receivables	1,961		1,931		1,933		1,996		2,162
Deferred policy acquisition costs	7,170		7,262		7,361		7,430		7,523
Goodwill and other intangible assets, net	5,371		5,356		5,342		5,327		5,309
Amounts due from reinsurers	7,899		7,523		7,501		20,025		20,449


Current and deferred income taxes	2,003		1,687		1,749		2,337		2,577
Purchased market risk benefits	7,376		5,976		5,543		5,415		5,260
Other assets	4,462		4,574		3,962		3,678		3,771

Assets for market risk benefits	863		644		776		762		752
Separate Accounts assets	134,717		124,569		131,683		136,905		136,544
Total assets	$	295,727	$	287,366	$	303,088	$	314,409	$	318,312

Liabilities
Policyholders’ account balances	$	110,929	$	112,793	$	123,359	$	129,561	$	133,433
Liability for market risk benefits	11,810		10,864		10,187		10,301		10,153
Future policy benefits and other policyholders’ liabilities	17,613		17,372		17,557		17,611		17,660
Broker-dealer related payables	775		642		1,454		1,367		1,370

Customers related payables	1,933		2,135		1,885		1,740		1,937
Amounts due to reinsurers	1,421		1,357		1,350		1,451		1,673
Short-term debt	—		—		—		—		25
Long-term debt	3,833		4,330		4,332		3,833		3,835



Notes issued by consolidated variable interest entities, at fair value using the fair value option	2,116		2,110		2,471		2,530		2,702
Other liabilities	7,032		6,700		5,847		7,162		7,192

Separate Accounts liabilities	134,717		124,569		131,683		136,905		136,544
Total liabilities	292,179		282,872		300,125		312,461		316,524
Redeemable noncontrolling interest	125		289		358		344		322

Equity
Preferred stock	1,507		1,507		1,228		1,068		1,068
Common stock	5		5		5		5		5
Additional paid-in capital	2,336		2,305		1,901		1,917		1,932
Treasury shares	(4,198)		(4,296)		(4,423)		(5,011)		(5,165)
Retained earnings	10,627		10,447		9,870		8,360		8,366
Accumulated other comprehensive income (loss)	(8,712)		(7,567)		(7,432)		(6,191)		(6,280)
Total equity attributable to Holdings	1,565		2,401		1,149		148		(74)
Noncontrolling interest	1,858		1,804		1,456		1,456		1,540
Total equity	3,423		4,205		2,605		1,604		1,466
Total liabilities, redeemable noncontrolling interest and equity	$	295,727	$	287,366	$	303,088	$	314,409	$	318,312

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


4Q 2025 Financial Supplement						6

Consolidated Capital Structure


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

Short-term and long-term debt:







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

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

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

Equity:
Preferred stock	$	1,507		$	1,507		$	1,228		$	1,068		$	1,068
Common stock	5			5			5			5			5
Additional paid-in capital	2,336			2,305			1,901			1,917			1,932
Treasury stock, at cost	(4,198)			(4,296)			(4,423)			(5,011)			(5,165)
Retained earnings	10,627			10,447			9,870			8,360			8,366
Accumulated other comprehensive income (loss)	(8,712)			(7,567)			(7,432)			(6,191)			(6,280)
Total equity attributable to Holdings	1,565			2,401			1,149			148			(74)
Noncontrolling interest	1,858			1,804			1,456			1,456			1,540
Total equity	$	3,423		$	4,205		$	2,605		$	1,604		$	1,466

Total equity attributable to Holdings, (ex. AOCI): [B]	$	10,277		$	9,968		$	8,581		$	6,339		$	6,206

Capital:
Total capitalization	$	5,398		$	6,731		$	5,481		$	3,981		$	3,786
Total capitalization (ex. AOCI): [A+B] (2)	$	14,110		$	14,298		$	12,913		$	10,172		$	10,066

Debt to capital:
Debt to capital (ex. AOCI) (1)	27.2		%	30.3		%	33.5		%	37.7		%	38.3		%
Adjusted debt to capital (ex. AOCI) (2)	27.2		%	28.6		%	31.6		%	35.3		%	35.9		%
Adjusted debt to capital with AB at market value (ex. AOCI) (2)	21.5		%	22.3		%	22.8		%	24.5		%	24.9		%

	For the Three Months Ended
	12/31/2024			3/31/2025			6/30/2025			9/30/2025			12/31/2025
Roll-forward of common shares outstanding (millions of shares):
Beginning balance	315.5			309.9			306.3			301.7			289.2
Repurchases	(2.6)			(2.3)			(2.4)			(10.9)			(3.3)
Retirements	(3.1)			(2.7)			(2.4)			(1.8)			(2.6)
Issuances	0.1			1.4			0.2			0.2			—
Ending basic common shares outstanding	309.9			306.3			301.7			289.2			283.3
Total potentially dilutive shares	3.6			4.1			3.0			3.6			3.6
Ending common shares outstanding - maximum potential dilution	313.5			310.4			304.7			292.8			286.9
Notes:

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

(2) Adjusted to reflect 50% equity credit for $500 million of Junior Subordinated debt issued during Q1’25


4Q 2025 Financial Supplement						7


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

	For the Three Months Ended December 31, 2025
(in millions USD, unless otherwise indicated)	Retirement		Asset Management		Wealth Management		Corporate and Other		Eliminations		Consolidated
Revenues
Policy charges, fee income and premiums	$	328	$	—	$	—	$	331	$	—	$	659
Net investment income (loss)	1,161		9		4		104		33		1,311
Net derivative gains (losses)	(9)		(1)		—		(5)		7		(8)
Investment management, service fees and other income	186		1,217		544		127		(295)		1,779
Segment revenues	1,666		1,225		548		557		(255)		3,741
Benefits and other deductions
Policyholders’ benefits	84		—		—		312		—		396
Remeasurement of liability for future policy benefits	—		—		—		(7)		—		(7)

Interest credited to policyholders’ account balances	713		—		—		43		—		756
Commissions and distribution-related payments	178		206		350		81		(248)		567
Amortization of deferred policy acquisition costs	156		—		—		49		—		205
Compensation and benefits, interest expense, financing fees and other operating costs and expense	95		695		108		205		(7)		1,096

Segment benefits and other deductions	1,226		901		458		683		(255)		3,013
Operating earnings (loss), before income taxes	440		324		90		(126)		—		728
Income Taxes	(30)		(61)		(24)		6		—		(109)
Operating earnings (loss), before noncontrolling interest	410		263		66		(120)		—		619
Less: Operating (earnings) loss attributable to the noncontrolling interest	—		(103)		—		(3)		—		(106)
Operating earnings (loss)	$	410	$	160	$	66	$	(123)	$	—	$	513

	For the Three Months Ended December 31, 2024
	Retirement		Asset Management		Wealth Management		Corporate and Other		Eliminations		Consolidated
Revenues
Policy charges, fee income and premiums	$	305	$	—	$	—	$	626	$	—	$	931
Net investment income (loss)	945		(5)		5		258		25		1,228
Net derivative gains (losses)	(6)		15		—		—		5		14
Investment Management, service fees and other income	183		1,239		474		151		(272)		1,775
Segment revenues	1,427		1,249		479		1,035		(242)		3,948
Benefits and other deductions
Policyholders’ benefits	86		—		—		603		—		689
Remeasurement of liability for future policy benefits	(1)		—		—		(2)		—		(3)

Interest credited to policyholders’ account balances	530		—		—		127		—		657
Commissions and distribution-related payments	143		197		310		92		(231)		511
Amortization of deferred policy acquisition costs	135		—		—		51		—		186
Compensation and benefits, interest expense, financing fees and other operating costs and expense	93		707		110		260		(11)		1,159

Segment benefits and other deductions	986		904		420		1,131		(242)		3,199
Operating earnings (loss), before income taxes	441		345		59		(96)		—		749
Income Taxes	(56)		(50)		(12)		15		—		(103)
Operating earnings (loss), before noncontrolling interest	385		295		47		(81)		—		646
Less: Operating (earnings) loss attributable to the noncontrolling interest	—		(134)		—		3		—		(131)
Operating earnings (loss)	$	385	$	161	$	47	$	(78)	$	—	$	515


4Q 2025 Financial Supplement						8


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

	For the Year Ended December 31, 2025
(in millions USD, unless otherwise indicated)	Retirement		Asset Management		Wealth Management		Corporate and Other		Eliminations		Consolidated
Revenues
Policy charges, fee income and premiums	$	1,217	$	—	$	—	$	1,997	$	—	$	3,214
Net investment income (loss)	4,312		48		12		788		123		5,283
Net derivative gains (losses)	(21)		(29)		—		(21)		19		(52)
Investment Management, service fees and other income	696		4,532		1,966		516		(1,092)		6,618
Segment revenues	6,204		4,551		1,978		3,280		(950)		15,063
Benefits and other deductions
Policyholders’ benefits	325		—		—		2,128		—		2,453
Remeasurement of liability for future policy benefits	(2)		—		—		(5)		—		(7)

Interest credited to policyholders’ account balances	2,560		—		—		445		—		3,005
Commissions and distribution-related payments	618		813		1,259		318		(915)		2,093
Amortization of deferred policy acquisition costs	591		—		—		198		—		789
Compensation and benefits, interest expense, financing fees and other operating costs and expense	356		2,585		423		865		(35)		4,194

Segment benefits and other deductions	4,448		3,398		1,682		3,949		(950)		12,527
Operating earnings (loss), before income taxes	1,756		1,153		296		(669)		—		2,536
Income Taxes	(207)		(196)		(76)		81		—		(398)
Operating earnings (loss), before noncontrolling interest	1,549		957		220		(588)		—		2,138
Less: Operating (earnings) loss attributable to the noncontrolling interest	—		(386)		—		(11)		—		(397)
Operating earnings (loss)	$	1,549	$	571	$	220	$	(599)	$	—	$	1,741

	For the Year Ended December 31, 2024
	Retirement		Asset Management		Wealth Management		Corporate and Other		Eliminations		Consolidated
Revenues
Policy charges, fee income and premiums	$	1,179	$	—	$	—	$	2,488	$	—	$	3,667
Net investment income (loss)	3,650		27		17		1,060		96		4,850
Net derivative gains (losses)	(22)		(7)		—		(17)		22		(24)
Investment Management, service fees and other income	685		4,459		1,774		591		(1,024)		6,485
Segment revenues	5,492		4,479		1,791		4,122		(906)		14,978
Benefits and other deductions
Policyholders’ benefits	324		—		—		2,372		—		2,696
Remeasurement of liability for future policy benefits	(2)		—		—		(4)		—		(6)

Interest credited to policyholders’ account balances	1,930		—		—		574		—		2,504
Commissions and distribution-related payments	526		742		1,133		352		(857)		1,896
Amortization of deferred policy acquisition costs	513		—		—		198		—		711
Compensation and benefits, interest expense, financing fees and other operating costs and expense	342		2,653		416		889		(49)		4,251

Segment benefits and other deductions	3,633		3,395		1,549		4,381		(906)		12,052
Operating earnings (loss), before income taxes	1,859		1,084		242		(259)		—		2,926
Income Taxes	(257)		(178)		(60)		41		—		(454)
Operating earnings (loss), before noncontrolling interest	1,602		906		182		(218)		—		2,472
Less: Operating (earnings) loss attributable to the noncontrolling interest	—		(427)		—		(41)		—		(468)
Operating earnings (loss)	$	1,602	$	479	$	182	$	(259)	$	—	$	2,004


4Q 2025 Financial Supplement						9


Assets Under Management and Administration


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



AB AUM
Total AB	$	792.2		$	784.5		$	829.1		$	860.1		$	866.9
Exclusion for General Account and other Affiliated Accounts	(84.2)			(87.4)			(90.0)			(85.3)			(87.3)
Exclusion for Separate Accounts	(47.3)			(44.7)			(47.8)			(50.4)			(51.0)
AB third party	$	660.7		$	652.4		$	691.3		$	724.4		$	728.6

Total Company AUM
AB third party	$	660.7		$	652.4		$	691.3		$	724.4		$	728.6
General Account and other Affiliated Accounts (1) (3) (4) (6)	123.4			127.1			136.8			130.1			133.5
Separate Accounts (2) (3) (4) (6)	134.7			124.6			131.7			136.9			136.5
Total AUM	$	918.8		$	904.0		$	959.7		$	991.4		$	998.6

Total AUA (5)	$	101.7		$	102.1		$	110.3		$	118.2		$	122.0
Total AUM/A	$	1,020.5		$	1,006.1		$	1,070.0		$	1,109.6		$	1,120.6

Market Values:
S&P 500	5,882			5,612			6,205			6,688			6,846
US 10-Year Treasury	4.6		%	4.2		%	4.2		%	4.2		%	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 December 31, 2025, September 30, 2025, June 30, 2025, March 31, 2025 and December 31, 2024, Separate Account is inclusive of $8.2 billion, $8.4 billion, $8.2 billion, $7.9 billion and $12.3 billion & General Account AUM is inclusive of $28 million, $30 million, $31 million, $31 million and $43 million, respectively, Account Value ceded to Venerable.
(4) As of December 31, 2025, September 30, 2025, June 30, 2025, March 31, 2025 and December 31, 2024, Separate Account is inclusive of $3.0 billion, $3.1 billion, $7.0 billion, $6.5 billion and $6.9 billion & General Account AUM is inclusive of $7.2 billion, $7.2 billion, $3.1 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) As of December 31, 2025 and September 30, 2025, Separate Account is inclusive of $15.1 billion and $15.0 billion & General Account AUM is inclusive of $9.3 billion and $9.3 billion, respectively, Account Value ceded to RGA.


4Q 2025 Financial Supplement						10

Business Segments:

Operating Earnings Results and Metrics


4Q 2025 Financial Supplement						11

Retirement - Operating Earnings (Loss) and Summary Metrics


	For the Three Months Ended or As of																	Years Ended or As of
(in millions USD, unless otherwise indicated)	12/31/2024			3/31/2025			6/30/2025			9/30/2025			12/31/2025			Change		12/31/2024			12/31/2025			Change

Revenues
Policy charges, fee income and premiums	$	305		$	306		$	287		$	296		$	328		7.5	%	$	1,179		$	1,217		3.2	%
Net investment income (loss)	945			987			1,048			1,116			1,161			22.9	%	3,650			4,312			18.1	%
Net derivative gains (losses)	(6)			(5)			(5)			(2)			(9)			(50.0)	%	(22)			(21)			4.5	%
Investment management, service fees and other income	183			167			161			182			186			1.6	%	685			696			1.6	%
Segment revenues	1,427			1,455			1,491			1,592			1,666			16.7	%	5,492			6,204			13.0	%

Benefits and other deductions
Policyholders’ benefits	86			92			76			73			84			(2.3)	%	324			325			0.3	%
Remeasurement of liability for future policy benefits	(1)			(1)			—			(1)			—			100.0	%	(2)			(2)			—	%

Interest credited to policyholders’ account balances	530			530			632			685			713			34.5	%	1,930			2,560			32.6	%
Commissions and distribution-related payments	143			142			145			153			178			24.5	%	526			618			17.5	%
Amortization of deferred policy acquisition costs	135			139			143			153			156			15.6	%	513			591			15.2	%
Compensation and benefits, interest expense, financing fees and other operating costs and expense	93			104			71			86			95			2.2	%	342			356			4.1	%

Segment benefits and other deductions	986			1,006			1,067			1,149			1,226			24.3	%	3,633			4,448			22.4	%

Operating earnings (loss), before income taxes	441			449			424			443			440			(0.2)	%	1,859			1,756			(5.5)	%
Income taxes	(56)			(69)			(70)			(38)			(30)			46.4	%	(257)			(207)			19.5	%
Operating earnings (loss), before noncontrolling interest	385			380			354			405			410			6.5	%	1,602			1,549			(3.3)	%
Less: Operating (earnings) loss attributable to the noncontrolling interest	—			—			—			—			—			—	%	—			—			—	%
Operating earnings (loss)	$	385		$	380		$	354		$	405		$	410		6.5	%	$	1,602		$	1,549		(3.3)	%

Summary Metrics

Operating earnings (loss) (TTM)	$	1,602		$	1,598		$	1,537		$	1,524		$	1,549		(3.3)	%	$	1,602		$	1,549		(3.3)	%

Average asset value (TTM)	$	145,408		$	149,051		$	153,648		$	158,988		$	163,857		12.7	%	$	145,408		$	163,857		12.7	%

Return on assets (TTM)	1.28		%	1.25		%	1.17		%	1.11		%	1.07		%			1.28		%	1.07		%

Net flows	$	1,614		$	1,624		$	1,919		$	1,120		$	1,260		(21.9)	%	$	7,053		$	5,923		(16.0)	%

Additional Detail

Net investment income (loss):
Investment income, excluding alternatives	$	928		$	957		$	1,028		$	1,093		$	1,128		21.6	%	$	3,570		$	4,206		17.8	%
Alternative investment income	17			30			20			23			33			94.1	%	80			106			32.5	%
Total Net investment income (loss)	$	945		$	987		$	1,048		$	1,116		$	1,161		22.9	%	$	3,650		$	4,312		18.1	%

Net interest margin	$	409		$	452		$	411		$	429		$	439		7.3	%	$	1,698		$	1,731		1.9	%


4Q 2025 Financial Supplement						12


Retirement - Select Operating Metrics

	For the Three Months Ended or As of										Years Ended or As of
(in millions USD, unless otherwise indicated)	12/31/2024		3/31/2025		6/30/2025		9/30/2025		12/31/2025		12/31/2024		12/31/2025

Sales Metrics
First Year Premiums and Deposits:
Registered indexed-linked annuities (RILA)	$	3,746	$	3,534	$	3,772	$	3,870	$	4,190	$	14,254	$	15,366

Traditional variable annuities	1,081		1,000		984		962		994		4,171		3,940
Tax-exempt (1)	326		349		297		387		574		1,252		1,607
Corporate	93		78		70		64		70		409		282
Institutional	108		424		325		87		87		692		923
Other (1)	40		31		64		88		60		144		243
Total First Year Premiums and Deposits	$	5,394	$	5,416	$	5,512	$	5,458	$	5,975	$	20,922	$	22,361

Renewal Premiums and Deposits:
Tax-exempt (1)	$	492	$	486	$	512	$	396	$	517	$	1,818	$	1,911
Corporate	93		103		91		95		91		377		380

Other (1)	95		91		88		91		98		384		368
Total Renewal Premiums and Deposits	$	680	$	680	$	691	$	582	$	706	$	2,579	$	2,659

Total Premiums and Deposits	$	6,074	$	6,096	$	6,203	$	6,040	$	6,681	$	23,501	$	25,020

Net Amount at Risk (NAR)
Total GMIB NAR	$	31	$	45	$	52	$	60	$	71	$	31	$	71
Total GMWB NAR	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Total GMDB NAR	$	2,986	$	3,277	$	3,058	$	2,907	$	2,957	$	2,986	$	2,957
MRB Reserves (Net of Reinsurance)	$	436	$	711	$	596	$	706	$	767	$	436	$	767
Notes:
(1) Net of reinsurance


4Q 2025 Financial Supplement						13


Retirement - Asset Value Rollforward

	For the Three Months Ended or As of										Years Ended or As of
(in millions USD, unless otherwise indicated)	12/31/2024		3/31/2025		6/30/2025		9/30/2025		12/31/2025		12/31/2024		12/31/2025
General Account:
Account value balance, beginning of period	$	75,842	$	78,361	$	79,820	$	87,413	$	93,825	$	61,339	$	78,361
Premiums and deposits (1)	3,877		4,529		4,288		4,219		4,718		15,632		17,754
Surrenders, withdrawals and benefits	(1,787)		(1,840)		(1,891)		(2,186)		(2,429)		(6,600)		(8,346)
Net flows	2,090		2,689		2,397		2,033		2,289		9,032		9,408
Change in market value, reinvestment and other (2)	(843)		1,706		584		658		428		838		3,376
Change in fair value of embedded derivative instruments	1,272		(2,936)		4,612		3,721		1,086		7,152		6,483

Account value balance, end of period	78,361		79,820		87,413		93,825		97,628		78,361		97,628
Embedded derivative value, end of period	17,000		13,816		18,097		21,215		21,553		17,000		21,553
Account value balance, end of period (net of embedded derivatives)	61,361		66,004		69,316		72,610		76,075		61,361		76,075
Total spread lending balances, end of period	12,908		13,943		16,315		16,755		17,534		12,908		17,534
Reserves, end of period (excluding MRBs)	5,107		4,842		4,995		5,177		5,300		5,107		5,300
Balance, end of period, General Account asset value	$	79,376	$	84,789	$	90,626	$	94,542	$	98,909	$	79,376	$	98,909

Separate Accounts:
Account value balance, beginning of period	$	73,886	$	72,837	$	69,788	$	74,029	$	77,131	$	67,139	$	72,837
Premiums and deposits (1)	2,141		1,524		1,876		1,779		1,922		7,661		7,101
Surrenders, withdrawals and benefits	(2,617)		(2,589)		(2,354)		(2,692)		(2,951)		(9,640)		(10,586)
Net flows	(476)		(1,065)		(478)		(913)		(1,029)		(1,979)		(3,485)
Change in market value, reinvestment and other	(573)		(1,984)		4,719		4,015		1,155		7,677		7,905


Balance, end of period, Separate Accounts asset value	$	72,837	$	69,788	$	74,029	$	77,131	$	77,257	$	72,837	$	77,257

Total:
Account value balance, beginning of period	$	149,728	$	151,198	$	149,608	$	161,442	$	170,956	$	128,478	$	151,198
Premiums and deposits (1)	6,018		6,053		6,164		5,998		6,640		23,293		24,855
Surrenders, withdrawals and benefits	(4,404)		(4,429)		(4,245)		(4,878)		(5,380)		(16,240)		(18,932)
Net flows	1,614		1,624		1,919		1,120		1,260		7,053		5,923
Change in market value, reinvestment and other (2)	(1,416)		(278)		5,303		4,673		1,583		8,515		11,281
Change in fair value of embedded derivative instruments	1,272		(2,936)		4,612		3,721		1,086		7,152		6,483

Account value balance, end of period	151,198		149,608		161,442		170,956		174,885		151,198		174,885
Embedded derivative value, end of period	17,000		13,816		18,097		21,215		21,553		17,000		21,553
Account value balance, end of period (net of embedded derivatives)	134,198		135,792		143,345		149,741		153,332		134,198		153,332
Total spread lending balances, end of period	12,908		13,943		16,315		16,755		17,534		12,908		17,534
Reserves, end of period (excluding MRBs)	5,107		4,842		4,995		5,177		5,300		5,107		5,300
Balance, end of period, total asset value	$	152,213	$	154,577	$	164,655	$	171,673	$	176,166	$	152,213	$	176,166
Notes:
(1) Excludes deposits from certain other products reported as first year premiums and deposits or renewal premiums and deposits elsewhere in this document.
(2) Other includes flows reinsured to third parties


4Q 2025 Financial Supplement						14

Asset Management - Operating Earnings (Loss) and Summary Metrics


	For the Three Months Ended or As of																	Years Ended or As of
(in millions USD, unless otherwise indicated)	12/31/2024			3/31/2025			6/30/2025			9/30/2025			12/31/2025			Change		12/31/2024			12/31/2025			Change

Revenues
Net investment income (loss)	$	(5)		$	3		$	22		$	14		$	9		280.0	%	$	27		$	48		77.8	%
Net derivative gains (losses)	15			(13)			(11)			(4)			(1)			(106.7)	%	(7)			(29)			(314.3)	%
Investment management, service fees and other income	1,239			1,098			1,083			1,134			1,217			(1.8)	%	4,459			4,532			1.6	%
Segment revenues	1,249			1,088			1,094			1,144			1,225			(1.9)	%	4,479			4,551			1.6	%

Benefits and other deductions
Commissions and distribution-related payments	197			201			197			209			206			4.6	%	742			813			9.6	%
Compensation and benefits, interest expense, financing fees and other operating costs and expense	707			614			634			642			695			(1.7)	%	2,653			2,585			(2.6)	%

Segment benefits and other deductions	904			815			831			851			901			(0.3)	%	3,395			3,398			0.1	%

Operating earnings (loss), before income taxes	345			273			263			293			324			(6.1)	%	1,084			1,153			6.4	%
Income taxes	(50)			(41)			(48)			(46)			(61)			(22.0)	%	(178)			(196)			(10.1)	%
Operating earnings (loss), before noncontrolling interest	295			232			215			247			263			(10.8)	%	906			957			5.6	%
Less: Operating (earnings) loss attributable to the noncontrolling interest	(134)			(106)			(84)			(93)			(103)			23.1	%	(427)			(386)			9.6	%
Operating earnings (loss)	$	161		$	126		$	131		$	154		$	160		(0.6)	%	$	479		$	571		19.2	%

Summary Metrics

Adjusted operating margin (1)	36.4		%	33.7		%	32.3		%	34.2		%	34.5		%			32.3		%	33.7		%

Net flows (in billions USD)	$	(4.8)		$	2.4		$	(6.7)		$	(2.3)		$	(4.7)				$	(2.2)		$	(11.3)

Total AUM (in billions USD)	$	792.2		$	784.5		$	829.1		$	860.1		$	866.9				$	792.2		$	866.9

Ownership Structure of AB

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

EQH economic interest	61.9		%	61.9		%	68.6		%	68.5		%	68.3		%			61.9		%	68.3		%
EQH average economic interest	61.8		%	61.9		%	68.6		%	68.6		%	68.5		%			61.3		%	66.9		%

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

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.


4Q 2025 Financial Supplement						15

Asset Management - AB Select Adjusted Financials and Ratios


	For the Three Months Ended or As of																	Years Ended or As of
(in millions USD, unless otherwise indicated)	12/31/2024			3/31/2025			6/30/2025			9/30/2025			12/31/2025			Change		12/31/2024			12/31/2025			Change

AB revenues
Base fees	$	798		$	782		$	772		$	821		$	840		5.3	%	$	3,048		$	3,215		5.5	%
Performance fees
Private markets (1)	67			20			22			19			46			(31.3)	%	136			107			(21.3)	%
Public markets	66			19			8			1			37			(43.9)	%	92			65			(29.3)	%
Bernstein Research Services	—			—			—			—			—			—	%	96			—			(100.0)	%
Investment gains (losses)	6			(11)			8			8			—			(100.0)	%	13			5			(61.5)	%
Dividend & interest revenue	34			32			31			32			31			(8.8)	%	153			126			(17.6)	%
Other revenues	20			14			19			19			18			(10.0)	%	75			70			(6.7)	%
Total AB revenues	991			856			860			900			972			(1.9)	%	3,613			3,588			(0.7)	%
Less: broker-dealer related interest expense	18			18			16			15			14			(22.2)	%	85			63			(25.9)	%
AB adjusted net revenues	973			838			844			885			958			(1.5)	%	3,528			3,525			(0.1)	%

AB expenses
Compensation and fringes	447			406			409			429			458			2.5	%	1,690			1,702			0.7	%
Other employment costs	10			8			10			10			8			(20.0)	%	36			36			—	%
Total AB compensation and benefits	457			414			419			439			466			2.0	%	1,726			1,738			0.7	%
Promotion and servicing	40			30			34			30			40			—	%	149			134			(10.1)	%
General and administrative	122			111			118			113			123			0.8	%	513			465			(9.4)	%
Total AB adjusted operating expenses	619			555			571			582			629			1.6	%	2,388			2,337			(2.1)	%

AB adjusted operating income, before income taxes	354			283			273			303			329			(7.1)	%	1,140			1,188			4.2	%
Interest on borrowings	6			7			9			7			5			(16.7)	%	43			28			(34.9)	%
Other (2)	3			3			1			3			—			(100.0)	%	13			7			(46.2)	%
Operating earnings (loss), before income taxes	345			273			263			293			324			(6.1)	%	1,084			1,153			6.4	%
Income taxes	(50)			(41)			(48)			(46)			(61)			(22.0)	%	(178)			(196)			(10.1)	%
Operating earnings (loss), before noncontrolling interest	295			232			215			247			263			(10.8)	%	906			957			5.6	%
Less: Operating (earnings) loss attributable to the noncontrolling interest	(134)			(106)			(84)			(93)			(103)			23.1	%	(427)			(386)			9.6	%
Operating earnings (loss)	$	161		$	126		$	131		$	154		$	160		(0.6)	%	$	479		$	571		19.2	%

Adjusted operating margin (3)	36.4		%	33.7		%	32.3		%	34.2		%	34.5		%			32.3		%	33.7		%
Compensation ratio	45.9		%	48.4		%	48.5		%	48.5		%	47.8		%			47.9		%	48.3		%

Notes:
(1) Private Market strategies eligible for performance fees include: AB-Private Credit Investors (“AB-PCI”), US and EU Commercial Real Estate Debt, and AB CarVal.
(2) Includes amortization expense of intangible assets associated with EQH purchase of AB and equity income/loss associated with certain AB equity method investments.
(3) Adjusted operating margin is a non-GAAP financial measure used by AllianceBernstein L.P. (“AB”) management in evaluating AB’s financial performance on a standalone basis and to compare its performance, as reported by AB in its public filings. It is not comparable to any other non-GAAP financial measure used herein.


4Q 2025 Financial Supplement						16

Asset Management - Select Operating Metrics


	For the Three Months Ended or As of
(in billions USD, unless otherwise indicated)	12/31/2024		3/31/2025		6/30/2025		9/30/2025		12/31/2025

AUM Roll-forward
Balance as of beginning of period	$	805.9	$	792.2	$	784.5	$	829.1	$	860.1
Sales/new accounts	33.6		36.1		27.9		42.4		33.7
Redemptions/terminations	(29.2)		(29.7)		(30.7)		(27.8)		(32.6)
Cash flow/unreinvested dividends	(9.2)		(4.0)		(3.9)		(16.9)		(5.8)
Net long-term (outflows) inflows	(4.8)		2.4		(6.7)		(2.3)		(4.7)
Adjustment (1)	0.7		—		—		—		—

Market appreciation (depreciation)	(9.6)		(10.1)		51.3		33.3		11.5
Net change	(13.7)		(7.7)		44.6		31.0		6.8
Balance as of end of period	$	792.2	$	784.5	$	829.1	$	860.1	$	866.9

Ending Assets by distribution channel
Institutions	$	321.4	$	324.1	$	340.0	$	351.4	$	354.2
Retail	334.3		324.1		344.7		356.2		356.4
Private Wealth	136.5		136.3		144.4		152.5		156.3
Total	$	792.2	$	784.5	$	829.1	$	860.1	$	866.9

Ending Assets by investment service
Equity
Actively Managed	$	263.4	$	249.0	$	273.4	$	281.3	$	278.0
Passively Managed (2)	68.3		65.8		70.8		77.3		78.3
Total Equity	$	331.7	$	314.8	$	344.2	$	358.6	$	356.3
Fixed Income
Actively Managed	$	285.5	$	290.0	$	294.0	$	300.1	$	303.9
Passively Managed (2)	10.3		10.1		10.2		10.1		9.7
Total Fixed Income	295.8		300.1		304.2		310.2		313.6
Total Alternatives/Multi-Asset Solutions (3)	164.7		169.6		180.7		191.3		197.0
Total	$	792.2	$	784.5	$	829.1	$	860.1	$	866.9

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.


4Q 2025 Financial Supplement						17


Asset Management - Net Flows

	For the Three Months Ended										Years Ended or As of
(in billions USD, unless otherwise indicated)	12/31/2024		3/31/2025		6/30/2025		9/30/2025		12/31/2025		12/31/2024		12/31/2025
Net Flows by Distribution Channel
Institutions
US	$	(0.2)	$	2.7	$	2.8	$	(2.1)	$	2.3	$	2.1	$	5.7
Global and Non-US	(6.0)		(2.0)		(4.3)		0.3		(4.3)		(18.6)		(10.3)
Total Institutions	$	(6.2)	$	0.7	$	(1.5)	$	(1.8)	$	(2.0)	$	(16.5)	$	(4.6)
Retail
US	$	4.3	$	3.0	$	(1.6)	$	(2.3)	$	(1.6)	$	12.7	$	(2.5)
Global and Non-US	(3.2)		(2.1)		(3.2)		0.6		(1.9)		0.7		(6.6)
Total Retail	$	1.1	$	0.9	$	(4.8)	$	(1.7)	$	(3.5)	$	13.4	$	(9.1)
Private Wealth
US	$	0.5	$	1.6	$	0.1	$	1.3	$	0.5	$	1.7	$	3.5
Global and Non-US	(0.2)		(0.8)		(0.5)		(0.1)		0.3		(0.8)		(1.1)
Total Private Wealth	$	0.3	$	0.8	$	(0.4)	$	1.2	$	0.8	$	0.9	$	2.4
Total Net Flows by Distribution Channel	$	(4.8)	$	2.4	$	(6.7)	$	(2.3)	$	(4.7)	$	(2.2)	$	(11.3)
Net Flows by Investment Service
Equity Active
US	$	(4.1)	$	(0.3)	$	(3.3)	$	(6.3)	$	(5.1)	$	(7.3)	$	(15.0)
Global and Non-US	(3.3)		(2.2)		(2.7)		(0.1)		(2.5)		(16.8)		(7.5)
Total Equity Active	$	(7.4)	$	(2.5)	$	(6.0)	$	(6.4)	$	(7.6)	$	(24.1)	$	(22.5)
Equity Passive (1)
US	$	(1.1)	$	(0.1)	$	—	$	(1.1)	$	(1.0)	$	(5.6)	$	(2.2)
Global and Non-US	(0.3)		0.3		(1.9)		2.3		—		(1.0)		0.7
Total Equity Passive (1)	$	(1.4)	$	0.2	$	(1.9)	$	1.2	$	(1.0)	$	(6.6)	$	(1.5)
Fixed Income - Taxable
US	$	3.2	$	2.2	$	2.0	$	(2.7)	$	1.4	$	10.6	$	2.9
Global and Non-US	(3.9)		(3.6)		(3.5)		(1.5)		(3.4)		0.4		(12.0)
Total Fixed Income - Taxable	$	(0.7)	$	(1.4)	$	(1.5)	$	(4.2)	$	(2.0)	$	11.0	$	(9.1)
Fixed Income - Tax-Exempt
US	$	5.5	$	2.4	$	1.2	$	4.1	$	3.9	$	13.6	$	11.6
Global and Non-US	—		—		—		—		—		—		—
Total Fixed Income - Tax-Exempt	$	5.5	$	2.4	$	1.2	$	4.1	$	3.9	$	13.6	$	11.6
Fixed Income - Passive (1)
US	$	(0.1)	$	(0.4)	$	(0.1)	$	(0.1)	$	0.1	$	(0.5)	$	(0.5)
Global and Non-US	(0.5)		(0.1)		—		(0.1)		(0.5)		(0.5)		(0.7)
Total Fixed Income - Passive (1)	$	(0.6)	$	(0.5)	$	(0.1)	$	(0.2)	$	(0.4)	$	(1.0)	$	(1.2)
Alternatives/Multi-Asset Solutions (2)
US	$	1.2	$	3.5	$	1.5	$	3.0	$	1.9	$	5.7	$	9.9
Global and Non-US	(1.4)		0.7		0.1		0.2		0.5		(0.8)		1.5
Total Alternatives/Multi-Asset Solutions (2)	$	(0.2)	$	4.2	$	1.6	$	3.2	$	2.4	$	4.9	$	11.4
Total Net Flows by Investment Service	$	(4.8)	$	2.4	$	(6.7)	$	(2.3)	$	(4.7)	$	(2.2)	$	(11.3)
Active vs. Passive Net Flows
Actively Managed
Equity	$	(7.4)	$	(2.5)	$	(6.0)	$	(6.4)	$	(7.6)	$	(24.1)	$	(22.5)
Fixed Income	4.8		1.0		(0.4)		—		1.9		24.6		2.5
Alternatives/Multi-Asset Solutions (2)	(0.4)		4.2		1.6		3.0		1.9		3.8		10.6
Total	$	(3.0)	$	2.7	$	(4.8)	$	(3.4)	$	(3.8)	$	4.3	$	(9.4)
Passively Managed (1)
Equity	$	(1.4)	$	0.2	$	(1.9)	$	1.1	$	(1.0)	$	(6.6)	$	(1.5)
Fixed Income	(0.6)		(0.5)		(0.1)		(0.2)		(0.4)		(1.0)		(1.2)
Alternatives/Multi-Asset Solutions (2)	0.2		—		0.1		0.2		0.5		1.1		0.8
Total	$	(1.8)	$	(0.3)	$	(1.9)	$	1.1	$	(0.9)	$	(6.5)	$	(1.9)
Total Active vs Passive Net Flows	$	(4.8)	$	2.4	$	(6.7)	$	(2.3)	$	(4.7)	$	(2.2)	$	(11.3)
Notes:

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


4Q 2025 Financial Supplement						18


Wealth Management - Operating Earnings (Loss) and Summary Metrics


	For the Three Months Ended or As of																	Years Ended or As of
(in millions USD, unless otherwise indicated)	12/31/2024			3/31/2025			6/30/2025			9/30/2025			12/31/2025			Change		12/31/2024			12/31/2025			Change

Revenues

Net investment income (loss)	$	5		$	3		$	2		$	3		4			(20.0)	%	$	17		$	12		(29.4)	%

Investment management, service fees and other income	474			459			467			496			544			14.8	%	1,774			1,966			10.8	%
Segment revenues	479			462			469			499			548			14.4	%	1,791			1,978			10.4	%

Benefits and other deductions




Commissions and distribution-related payments	310			293			296			320			350			12.9	%	1,133			1,259			11.1	%

Compensation and benefits, interest expense, financing fees and other operating costs and expense	110			109			105			101			108			(1.8)	%	416			423			1.7	%

Segment benefits and other deductions	420			402			401			421			458			9.0	%	1,549			1,682			8.6	%

Operating earnings (loss), before income taxes	59			60			68			78			90			52.5	%	242			296			22.3	%
Income taxes	(12)			(15)			(18)			(19)			(24)			(100.0)	%	(60)			(76)			(26.7)	%
Operating earnings (loss), before noncontrolling interest	47			45			50			59			66			40.4	%	182			220			20.9	%
Less: Operating (earnings) loss attributable to the noncontrolling interest	—			—			—			—			—			—	%	—			—			—	%
Operating earnings (loss)	$	47		$	45		$	50		$	59		$	66		40.4	%	$	182		$	220		20.9	%

Summary Metrics

Pre-tax operating margin	12.3		%	13.0		%	14.5		%	15.6		%	16.4		%			13.5		%	15.0		%

Advisory net new assets	$	1,139		$	1,981		$	2,027		$	2,210		$	2,148		88.5	%	$	4,766		$	8,366		75.5	%

Total AUA	$	101,695		$	102,057		$	110,265		$	118,196		$	122,014		20.0	%	$	101,695		$	122,014		20.0	%

Revenue by Activity Type

Investment management, service fees and other income:
Investment management and advisory fees	$	179		$	181		$	184		$	197		214			19.6	%	$	656		776			18.3	%
Distribution fees	281			263			268			280			315			12.1	%	1,056			1,126			6.6	%
Interest income	11			11			10			11			11			—	%	48			43			(10.4)	%
Service and other income	3			4			5			8			4			33.3	%	14			21			50.0	%
Total Investment management, service fees and other income	$	474		$	459		$	467		$	496		544			14.8	%	$	1,774		1,966			10.8	%


4Q 2025 Financial Supplement						19


Wealth Management - Select Operating Metrics


	For the Three Months Ended or As of										Years Ended or As of
(in millions USD, unless otherwise indicated)	12/31/2024		3/31/2025		6/30/2025		9/30/2025		12/31/2025		12/31/2024		12/31/2025

AUA Roll-forward
Advisory assets :
Beginning assets	$	65,267	$	65,839	$	66,795	$	73,293	$	79,378	$	54,978	$	65,839
Net new assets	1,139		1,981		2,027		2,210		2,148		4,766		8,366
Market appreciation (depreciation) and other	(567)		(1,025)		4,471		3,875		1,068		6,095		8,389
Advisory ending assets	$	65,839	$	66,795	$	73,293	$	79,378	$	82,594	$	65,839	$	82,594

Brokerage and direct assets	$	35,856	$	35,263	$	36,972	$	38,818	$	39,420	$	35,856	$	39,420

Total Wealth Management assets	$	101,695	$	102,057	$	110,265	$	118,196	$	122,014	$	101,695	$	122,014

Cash balances	$	3,083	$	2,985	$	3,004	$	3,143	$	3,299	$	3,083	$	3,299

Advisors
Advisors	4,587		4,502		4,476		4,446		4,582		4,587		4,582
Revenue per advisor TTM (in thousands USD)	$	406	$	410	$	414	$	426	$	440	$	406	$	440


4Q 2025 Financial Supplement						20

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


	For the Three Months Ended or As of												Years Ended or As of
(in millions USD, unless otherwise indicated)	12/31/2024		3/31/2025		6/30/2025		9/30/2025		12/31/2025		Change		12/31/2024		12/31/2025		Change

Revenues
Policy charges, fee income and premiums	$	626	$	634	$	599	$	433	$	331	(47.1)	%	$	2,488	$	1,997	(19.7)	%
Net investment income (loss)	258		227		274		183		104		(59.7)	%	1,060		788		(25.7)	%
Net derivative gains (losses)	—		9		(12)		(13)		(5)		(100.0)	%	(17)		(21)		(23.5)	%
Investment management, service fees and other income	151		139		116		134		127		(15.9)	%	591		516		(12.7)	%
Segment revenues	1,035		1,009		977		737		557		(46.2)	%	4,122		3,280		(20.4)	%

Benefits and other deductions
Policyholders’ benefits	603		667		711		438		312		(48.3)	%	2,372		2,128		(10.3)	%
Remeasurement of liability for future policy benefits	(2)		(1)		(13)		16		(7)		(250.0)	%	(4)		(5)		(25.0)	%

Interest credited to policyholders’ account balances	127		133		173		96		43		(66.1)	%	574		445		(22.5)	%
Commissions and distribution-related payments	92		83		72		82		81		(12.0)	%	352		318		(9.7)	%
Amortization of deferred policy acquisition costs	51		49		50		50		49		(3.9)	%	198		198		—	%
Compensation and benefits, interest expense, financing fees and other operating costs and expense	260		228		210		222		205		(21.2)	%	889		865		(2.7)	%

Segment benefits and other deductions	1,131		1,159		1,203		904		683		(39.6)	%	4,381		3,949		(9.9)	%

Operating earnings (loss), before income taxes	(96)		(150)		(226)		(167)		(126)		(31.3)	%	(259)		(669)		(158.3)	%
Income taxes	15		23		44		8		6		(60.0)	%	41		81		97.6	%
Operating earnings (loss), before noncontrolling interest	(81)		(127)		(182)		(159)		(120)		(48.1)	%	(218)		(588)		(169.7)	%
Less: Operating (earnings) loss attributable to the noncontrolling interest	3		(3)		(1)		(4)		(3)		(200.0)	%	(41)		(11)		73.2	%
Operating earnings (loss)	$	(78)	$	(130)	$	(183)	$	(163)	$	(123)	(57.7)	%	$	(259)	$	(599)	(131.3)	%

Additional Detail

Net investment income (loss):
Investment income, excluding alternatives	$	246	$	211	$	246	$	144	$	76	(69.1)	%	$	990	$	677	(31.6)	%
Alternative investment income	12		16		28		39		28		133.3	%	70		111		58.6	%
Total net investment income (loss)	$	258	$	227	$	274	$	183	$	104	(59.7)	%	$	1,060	$	788	(25.7)	%


4Q 2025 Financial Supplement						21


Corporate and Other - Select Operating Metrics

	For the Three Months Ended or As of															Years Ended or As of
(in millions USD, unless otherwise indicated)	12/31/2024			3/31/2025			6/30/2025			9/30/2025			12/31/2025			12/31/2024			12/31/2025

Individual Life (Net of Reinsurance)
First Year Premiums and Deposits:
Variable Universal Life	$	112		$	90		$	99		$	91		$	93		$	369		$	373
Other	5			5			4			4			3			21			16
Total First Year Premiums and Deposits	$	117		$	95		$	103		$	95		$	96		$	390		$	389

Renewal Premiums and Deposits:
Universal Life/ Indexed Universal Life	$	214		$	224		$	206		$	121		$	50		$	925		$	601
Variable Universal Life	279			272			262			179			89			1,038			802
Other	85			85			79			41			28			344			233
Total Renewal Premiums and Deposits	$	578		$	581		$	547		$	341		$	167		$	2,307		$	1,636

Total Premiums and Deposits	$	695		$	676		$	650		$	436		$	263		$	2,697		$	2,025

Individual Life Benefit Ratio	86.4		%	105.3		%	113.5		%	93.9		%	90.1		%	85.3		%	104.2		%

Individual Life In-force Face Amount (in billions USD)	$	354.1		$	353.0		$	352.1		$	113.4		$	116.6		$	354.1		$	116.6

Employee Benefits
First Year Premiums and Deposits	$	31		$	35		$	31		$	33		$	28		$	120		$	127
Renewal Premiums and Deposits	84			85			86			87			91			320			349
Total Premiums and Deposits	$	115		$	120		$	117		$	120		$	119		$	440		$	476

Legacy Annuity
Net flows (1)	$	(787)		$	(719)		$	(580)		$	(634)		$	(796)		$	(2,824)		$	(2,729)
Account value - balance, end of period	$	21,358		$	19,912		$	20,490		$	20,939		$	20,386		$	21,358		$	20,386

Net Amount at Risk (NAR)
Total GMIB NAR	$	2,390		$	2,706		$	2,489		$	2,370		$	2,340		$	2,390		$	2,340
Total GMDB NAR	$	8,602		$	9,034		$	8,411		$	7,958		$	7,852		$	8,602		$	7,852

MRB Reserves (Net of Reinsurance)	$	3,136		$	3,532		$	3,271		$	3,418		$	3,374		$	3,136		$	3,374

Notes:
(1) Net of the Venerable transaction


4Q 2025 Financial Supplement						22

Investments


4Q 2025 Financial Supplement						23

Consolidated Investment Portfolio Composition


	Balances as of
(in millions USD, unless otherwise indicated)	December 31, 2024 (4)				December 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	%	$	77,162	57.9	%
Fixed maturities, at fair value using the fair value option	2,053		1.7	%	2,943		2.2	%
Mortgage loans, at fair value using the fair value option	—		—	%	50		—	%

Mortgage loans on real estate	20,072		16.3	%	22,668		17.0	%
Policy loans	4,330		3.5	%	1,862		1.4	%
Other equity investments	3,719		3.0	%	3,779		2.8	%
Other invested assets	8,537		6.9	%	10,968		8.2	%
Subtotal investment assets	115,352		93.5	%	119,432		89.5	%
Trading securities	1,089		0.9	%	1,572		1.2	%
Total investments	116,441		94.4	%	121,004		90.7	%
Cash and cash equivalents	6,964		5.6	%	12,462		9.3	%
Total	$	123,405	100.0	%	$	133,466	100.0	%

General Account AFS Fixed maturities by industry (Based on amortized cost)
Corporate securities:
Finance	$	15,958	19.0	%	$	14,676	17.9	%
Manufacturing	12,488		14.8	%	9,904		12.1	%
Utilities	8,476		10.1	%	7,873		9.6	%
Services	8,977		10.7	%	7,328		8.9	%
Energy	2,546		3.0	%	2,373		2.9	%
Retail and wholesale	2,979		3.5	%	3,047		3.7	%

Transportation	1,559		1.9	%	2,162		2.6	%
Other	1,665		2.0	%	376		0.5	%
Total corporate securities	54,648		64.9	%	47,739		58.2	%
U.S. government and agency	5,801		6.9	%	5,040		6.2	%
Residential mortgage-backed (2)	4,520		5.4	%	7,093		8.7	%
Preferred stock	56		0.1	%	54		0.1	%
State & political	472		0.6	%	378		0.5	%
Foreign governments	689		0.8	%	556		0.7	%
Commercial mortgage-backed	4,301		5.1	%	4,814		5.9	%
Asset-backed securities	13,715		16.3	%	16,142		19.7	%
Total	$	84,202	100.0	%	$	81,816	100.0	%

General Account AFS Fixed maturities credit quality (3) (Based on amortized cost)
Aaa, Aa, A (NAIC Designation 1)	$	56,266	66.8	%	$	56,880	69.5	%
Baa (NAIC Designation 2)	26,255		31.2	%	23,488		28.7	%
Investment grade	82,521		98.0	%	80,368		98.2	%
Below investment grade (NAIC Designation 3 and 4)	1,681		2.0	%	1,448		1.8	%
Total	$	84,202	100.0	%	$	81,816	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.
(4) Balances have been revised from previously filed Financial Supplement to reflect final published results.


4Q 2025 Financial Supplement						24


Consolidated Results of General Account Investment Portfolio


	Years Ended or As of
(in millions USD, unless otherwise indicated)	December 31, 2024				December 31, 2025
	Yield		Amount (2)		Yield		Amount (2)
Fixed Maturities:
Income (loss)	4.39	%	$	3,447	4.41	%	$	3,693
Ending assets			84,202				81,816
Mortgages:
Income (loss)	5.14	%	973		4.96	%	1,061
Ending assets			20,072				22,718
Other Equity Investments (1):
Income (loss)	5.75	%	203		5.22	%	185
Ending assets			3,495				3,519
Trading Securities:
Income	5.07	%	16		5.80	%	42
Ending assets			527				804
Policy Loans:
Income	5.31	%	225		4.57	%	168
Ending assets			4,330				1,862
Cash and Short-term Investments:
Income (loss)	4.89	%	266		3.94	%	323
Ending assets			3,259				9,103









Total Net Investment Income:
Investment income	4.63	%	5,130		4.51	%	5,472
Less: investment fees	(0.16)	%	(180)		(0.16)	%	(199)
Investment income, net	4.46	%	$	4,950	4.35	%	$	5,273
General Account Ending Net Assets			$	115,885			$	119,822
Operating Earnings adjustments:

AB and other non-General Account investment income (loss)			(100)				10
Operating Net investment income (loss)			$	4,850			$	5,283
Notes:

(1) Includes, as of December 31, 2025 and 2024, $439 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.


4Q 2025 Financial Supplement						25

Additional Information


4Q 2025 Financial Supplement						26


Deferred Policy Acquisition Costs Rollforward


	For the Three Months Ended or As of										Years Ended or As of
(in millions USD, unless otherwise indicated)	12/31/2024		3/31/2025		6/30/2025		9/30/2025		12/31/2025		12/31/2024		12/31/2025

TOTAL
Beginning balance	$	7,031	$	7,170	$	7,262	$	7,361	$	7,430	$	6,705	$	7,170
Capitalization of commissions, sales and issue expenses	324		282		292		283		312		1,176		1,169
Amortization	(185)		(190)		(193)		(201)		(205)		(711)		(789)
Recovery of acquisition cost (1)	—		—		—		(13)		(14)		—		(27)
Ending balance	$	7,170	$	7,262	$	7,361	$	7,430	$	7,523	$	7,170	$	7,523

Retirement
Beginning balance	$	4,649	$	4,780	$	4,872	$	4,972	$	5,062	$	4,333	$	4,780
Capitalization of commissions, sales and issue expenses	267		231		243		243		265		960		982
Amortization	(136)		(139)		(143)		(153)		(156)		(513)		(591)
Recovery of acquisition cost (1)	—		—		—		—		(9)		—		(9)
Ending balance	$	4,780	$	4,872	$	4,972	$	5,062	$	5,162	$	4,780	$	5,162



















Corporate and Other
Beginning balance	$	2,382	$	2,390	$	2,390	$	2,389	$	2,368	$	2,372	$	2,390
Capitalization of commissions, sales and issue expenses	57		51		49		40		47		216		187
Amortization	(49)		(51)		(50)		(48)		(49)		(198)		(198)
Recovery of acquisition cost (1)	—		—		—		(13)		(5)		—		(18)
Ending balance	$	2,390	$	2,390	$	2,389	$	2,368	$	2,361	$	2,390	$	2,361

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


4Q 2025 Financial Supplement						27


Use of Non-GAAP Financial Measures


In addition to our results presented in accordance with U.S. GAAP, we report Non-GAAP Operating Earnings, and Non-GAAP operating common EPS, each of which is a measure that is not determined in accordance with U.S. GAAP. Management principally uses these Non-GAAP financial measures in evaluating performance because they present a clearer picture of our operating performance and they allow management to allocate resources. Similarly, management believes that the use of these Non-GAAP financial measures, together with relevant U.S. GAAP measures, provide investors with a better understanding of our results of operations and the underlying profitability drivers and trends of our business. These Non-GAAP financial measures are intended to remove from our results of operations the impact of market changes (where there is a mismatch in the valuation of assets and liabilities) as well as certain other expenses which are not part of our underlying profitability drivers or likely to re-occur in the foreseeable future, as such items fluctuate from period-to-period in a manner inconsistent with these drivers. These measures should be considered supplementary to our results that are presented in accordance with U.S. GAAP and should not be viewed as a substitute for the U.S. GAAP measures. Other companies may use similarly titled Non-GAAP financial measures that are calculated differently from the way we calculate such measures. Consequently, our Non-GAAP financial measures may not be comparable to similar measures used by other companies.
We also discuss certain operating measures, including AUM, AUA, AV, policy reserves and certain other operating measures, which management believes provide useful information about our businesses and the operational factors underlying our financial performance.
Non-GAAP Operating Earnings
Non-GAAP Operating Earnings is an after-tax Non-GAAP financial measure used to evaluate our financial performance on a consolidated basis that is determined by making certain adjustments to our consolidated after-tax net income attributable to Holdings. The most significant of such adjustments relates to our derivative positions, which protect economic value and statutory capital, and the variable annuity product MRBs. This is a large source of volatility in net income.
Non-GAAP Operating Earnings equals our consolidated after-tax net income attributable to Holdings adjusted to eliminate the impact of the following items:
•			Items related to variable annuity product features, which include: (i) changes in the fair value of MRB and purchased MRB, including the related attributed fees and claims, offset by derivatives and other securities used to hedge the MRB which result in residual net income volatility as the change in fair value of certain securities is reflected in OCI and due to our statutory capital hedge program; and (ii) market adjustments to deposit asset or liability accounts arising from reinsurance agreements which do not expose the reinsurer to a reasonable possibility of a significant loss from insurance risk;
•			Investment (gains) losses, which includes credit loss impairments of securities/investments, sales or disposals of securities/investments, realized capital gains/losses and valuation allowances;
•			Net actuarial (gains) losses, which includes actuarial gains and losses as a result of differences between actual and expected experience on pension plan assets or projected benefit obligation during a given period related to pension, other postretirement benefit obligations, and the one-time impact of the settlement of the defined benefit obligation;
•			Other adjustments, which primarily include restructuring costs related to severance and separation, lease write-offs related to non-recurring restructuring activities, net derivative gains (losses) on certain Non-GMxB derivatives, net investment income from certain items including consolidated VIE investments, seed capital mark-to-market adjustments, unrealized gain/losses and realized capital gains/losses from sales or disposals of select securities, certain legal accruals; a bespoke deal to repurchase UL policies from one entity that had invested in numerous policies purchased in the life settlement market, which disposed of the risk of additional COI litigation by that entity related to those UL policies, impact of the annual actuarial assumption updates attributable to LFPB when the majority of the impact relates to the non-core business; and
•			Income tax expense (benefit) related to the above items and non-recurring tax items, which includes the effect of uncertain tax positions for a given audit period and changes to the deferred tax valuation allowance.
In the third quarter of 2025, the Company updated its net investment income (“NII”) segment reporting to better align with our GAAP segments, as well as the reporting of our spread lending programs' income and expenses. Previously, direct and allocated segment NII were recorded based on assets tied to statutory asset tagging and net statutory liabilities for allocation. To better align with our GAAP segments, the Company changed the recording methodology for direct NII. It is now based on the book yields of assets tied to specific segments, considering general account values plus reserves, net of embedded derivatives. Indirect NII, which was previously allocated based on net statutory liabilities, is now allocated based on general account values and reserves, net of embedded derivatives. Additionally, revenues and expenses from our spread lending programs are now primarily recorded within the Retirement segment. Previously, spread lending revenues and expenses were recorded in Corporate and Other, with the excess of revenues over expenses allocated to the insurance segments based on net statutory liabilities. Prior periods have been revised to reflect these changes.
Because Non-GAAP Operating Earnings excludes the foregoing items that can be distortive or unpredictable, management believes that this measure enhances the understanding of the Company’s underlying drivers of profitability and trends in our business, thereby allowing management to make decisions that will positively impact our business.
We use the prevailing corporate federal income tax rate of 21% while taking into account any non-recurring differences for events recognized differently in our financial statements and federal income tax returns as well as partnership income taxed at lower rates when reconciling Net income (loss) attributable to Holdings to Non-GAAP Operating Earnings.


4Q 2025 Financial Supplement						28


Use of Non-GAAP Financial Measures

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


4Q 2025 Financial Supplement						29

Reconciliation of Non-GAAP Measures (1/3)


	For the Three Months Ended or As of										Years Ended or As of
(in millions USD, unless otherwise indicated)	12/31/2024		3/31/2025		6/30/2025		9/30/2025		12/31/2025		12/31/2024		12/31/2025

Net income (loss) attributable to Holdings
Net income (loss) attributable to Holdings	$	892	$	63	$	(349)	$	(1,309)	$	215	$	1,280	$	(1,380)
Adjustments related to:
Variable annuity product features (1)	(530)		211		934		978		258		637		2,381
Investment (gains) losses, net (2)	32		14		71		1,170		84		133		1,339

Net actuarial (gains) losses related to pension and other postretirement benefit obligations	16		11		11		19		9		60		50
Other adjustments (3) (4) (5)	34		205		(137)		(164)		21		93		(75)
Income tax expense (benefit) related to above adjustments	94		(92)		(185)		(437)		(62)		(194)		(776)
Non-recurring tax items	(23)		9		7		198		(12)		(5)		202
Non-GAAP Operating Earnings (6)	$	515	$	421	$	352	$	455	$	513	$	2,004	$	1,741

Net income (loss) attributable to Holdings	$	2.82	$	0.20	$	(1.15)	$	(4.42)	$	0.74	$	3.94	$	(4.63)
Less: Preferred stock dividends	0.08		0.04		0.06		0.05		0.04		0.25		0.20
Net income (loss) available to Holdings' common shareholders	2.74		0.16		(1.21)		(4.47)		0.70		3.69		(4.83)
Adjustments related to:
Variable annuity product features (1)	(1.67)		0.68		3.08		3.30		0.89		1.96		7.99
Investment (gains) losses, net (2)	0.10		0.04		0.23		3.95		0.29		0.41		4.49

Net actuarial (gains) losses related to pension and other postretirement benefit obligations	0.05		0.04		0.04		0.06		0.03		0.19		0.17
Other adjustments (3) (4) (5)	0.10		0.64		(0.45)		(0.55)		0.07		0.29		(0.26)
Income tax expense (benefit) related to above adjustments	0.30		(0.29)		(0.61)		(1.48)		(0.21)		(0.60)		(2.60)
Non-recurring tax items	(0.07)		0.03		0.02		0.67		(0.04)		(0.02)		0.68
Non-GAAP Operating Earnings (loss) available to Holdings' common shareholders (6)	$	1.55	$	1.30	$	1.10	$	1.48	$	1.73	$	5.92	$	5.64

Book Value per common share
Book Value per common share	$	0.19	$	2.92	$	(0.26)	$	(3.18)	$	(4.03)	$	0.19	$	(4.03)
Less: Per share impact of AOCI	(28.11)		(24.70)		(24.63)		(21.41)		(22.17)		(28.11)		(22.17)
Book value per common share (ex. AOCI)	$	28.30	$	27.62	$	24.37	$	18.23	$	18.14	$	28.30	$	18.14



Notes:

(1) As a result of the novation of certain Legacy VA policies completed during the first quarter of 2025, the Company recorded a loss of $499 million in pre-tax net income and an increase of $263 million in pre-tax AOCI, for a total impact loss of $236 million for the three months ended March 31, 2025 and year ended December 31, 2025. The impact per common share is $1.60 and $1.67 for the three months ended March 31, 2025 and year ended December 31, 2025, respectively.
(2) Includes $1.1 billion or $3.86 and $1.1 billion or $3.84 as a result of assets transferred related to the reinsurance transaction with RGA for the three months ended September 30, 2025 and year ended December 31, 2025, respectively.
(3) Includes the following impacts on Non-VA derivatives: a loss of $165 million or $0.53 for the three months ended March 31, 2025, a gain of $198 million or $0.65 for the three months ended June 30, 2025, a gain of $230 million or $0.78 for the three months ended September 30, 2025, and a gain of $41 million or $0.14 and $304 million or $1.02 for the three months and year ended December 31, 2025, respectively. Also, for the three months ended June 30, 2025 and September 30, 2025, and the year ended December 31, 2025, includes $14 million or $0.05, $(8) million or $(0.03) and $6 million or $0.02, respectively, of expense related to a disputed billing practice of an AB third-party service provider. There are certain gross legal expenses related to the COI litigation of $106 million or $0.33 for the year ended December 31, 2024.
(4) For the year ended December 31, 2024, includes $82 million of the gain on sale on AB's Bernstein Research Service attributable to Holdings. The impact per common share is $0.25 for the year ended December 31, 2024.
(5) For the year ended December 31, 2024, includes $78 million contingent payment gain recognized related to a fair value remeasurement of the contingent payment liability associated with AB's acquisition of CarVal in 2022. The impact per common share is $0.24 for the year ended December 31, 2024, respectively.
(6) This measure is a Non-GAAP financial measure. For an explanation of our use of Non-GAAP financial measures, refer to the “Use of Non-GAAP Financial Measures” and "Glossary of Selected Financial and Product Terms" sections of this document. For a reconciliation of this item to the most directly comparable GAAP measure, refer to the “Non-GAAP Reconciliation” section in this document.


4Q 2025 Financial Supplement						30


Reconciliation of Non-GAAP Measures (2/3)

	As of and for the Twelve Months Ended
(in millions USD, unless otherwise indicated)	6/30/2025			9/30/2025			12/31/2025

Net Income to Non-GAAP Operating Earnings
Net income (loss) attributable to Holdings	$	474		$	(703)		$	(1,380)
Adjustments related to:
Variable annuity product features	1,371			1,593			2,381
Investment (gains) losses	163			1,287			1,339

Net actuarial (gains) losses related to pension and other postretirement benefit obligations	51			57			50
Other adjustments	103			(62)			(75)
Income tax expense (benefit) related to above adjustments	(355)			(620)			(776)
Non-recurring tax items	(2)			191			202
Non-GAAP Operating Earnings	$	1,805		$	1,743		$	1,741

Return on Equity and Non-GAAP Operating Return on Equity - Trailing twelve months
Net income (loss) attributable to Holdings	$	474		$	(703)		$	(1,380)
Less: Preferred stock	(72)			(74)			(61)
Net income (loss) available to Holdings' common shareholders	$	402		$	(777)		$	(1,441)
Average equity attributable to Holdings' common shareholders (ex. AOCI)	$	8,206		$	7,464		$	6,556

Return on Equity (ex. AOCI)	4.9		%	(10.4)		%	(22.0)		%

Non-GAAP Operating Earnings	$	1,805		$	1,743		$	1,741
Less: Preferred stock	(72)			(74)			(61)
Non-GAAP Operating Earnings available to Holdings' common shareholders	$	1,733		$	1,669		$	1,680
Average equity attributable to Holdings' common shareholders (ex. AOCI)	$	8,206		$	7,464		$	6,556

Non-GAAP Operating Return on Equity (ex. AOCI)	21.1		%	22.4		%	25.6		%


4Q 2025 Financial Supplement						31


Reconciliation of Non-GAAP Measures (3/3)

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

Equity Reconciliation - Quarter-end Balances
Total equity attributable to Holdings' shareholders	$	1,992	$	1,598	$	3,201	$	1,565	$	2,401	$	1,149	$	148	$	(74)
Less: Preferred Stock	1,562		1,562		1,562		1,507		1,507		1,228		1,068		1,068
Total equity attributable to Holdings' common shareholders	430		36		1,639		58		894		(79)		(920)		(1,142)
Less: Accumulated other comprehensive income (loss)	(8,191)		(8,675)		(6,601)		(8,712)		(7,567)		(7,432)		(6,191)		(6,280)
Total equity attributable to Holdings' common shareholders (ex. AOCI)	$	8,621	$	8,711	$	8,240	$	8,770	$	8,461	$	7,353	$	5,271	$	5,138


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

Equity Reconciliation - Twelve Month Rolling Average
Total equity attributable to Holdings' shareholders	$	2,442	$	1,953	$	2,357	$	2,089	$	2,191	$	2,079	$	1,316	$	906
Less: Preferred Stock	1,562		1,562		1,562		1,548		1,535		1,451		1,328		1,218
Total equity attributable to Holdings' common shareholders	880		391		795		541		656		628		(12)		(312)
Less: Accumulated other comprehensive income (loss)	(8,254)		(8,632)		(7,816)		(8,045)		(7,889)		(7,578)		(7,476)		(6,868)
Total equity attributable to Holdings' common shareholders (ex. AOCI)	$	9,134	$	9,023	$	8,611	$	8,586	$	8,545	$	8,206	$	7,464	$	6,556


4Q 2025 Financial Supplement						32


Glossary of Selected Financial and Product Terms


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

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


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

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

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


4Q 2025 Financial Supplement						33


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


4Q 2025 Financial Supplement						34

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

Mizuho Securities

Yaron Kinar

1 (646) 445-0248

Morgan Stanley

Bob Jian Huang

1 (212) 761-6136

Raymond James

Wilma Burdis

1 (727) 567-9371

Truist Securities

Mark Hughes

1 (615) 748-4422

UBS

Michael Ward

1 (917) 270-2483

Wells Fargo Securities

Wes Carmichael

1 (212) 214-5335

Wolfe Research

Tracy Dolin-Benguigui

1 (646) 419-2560

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

Ratings

A.M. Best

S&P

Moody’s

Last review date

Feb '25

Mar '25

May '25

Financial Strength Ratings:

Equitable Financial Life Insurance Company

A+

Equitable Financial Life Insurance Company of America

A+

Credit Ratings:

Equitable Holdings, Inc.

bbb+

A-

Baa1

Investor and Media Contacts

Contact Investor Relations

Contact Media Relations

Erik Bass

Laura Yagerman

IR@equitable.com

MediaRelations@equitable.com

ir.equitableholdings.com


4Q 2025 Financial Supplement						35