Document


	For the Three Months Ended or As of																	Nine Months Ended or As of
(in millions USD, unless otherwise indicated)	9/30/2021			12/31/2021			3/31/2022			6/30/2022			9/30/2022			Change		9/30/2021			9/30/2022			Change

Net income (loss)	$	765		$	388		$	639		$	1,773		$	327		(57.3)	%	$	(412)		$	2,739		764.8	%
Net income (loss) attributable to the noncontrolling interest	(93)			(134)			(66)			(45)			(54)			41.9	%	(281)			(165)			41.3	%
Net income (loss) attributable to Holdings	$	672		$	254		$	573		$	1,728		$	273		(59.4)	%	$	(693)		$	2,574		471.4	%

Non-GAAP Operating Earnings (1)	$	818		$	649		$	548		$	526		$	498		(39.1)	%	$	2,176		$	1,572		(27.7)	%

Total equity attributable to Holdings' shareholders	$	11,680		$	11,519		$	7,954		$	5,589		$	3,354		(71.3)	%	$	11,680		$	3,354		(71.3)	%
Less: Preferred Stock	1,562			1,562			1,562			1,562			1,562			—	%	1,562			1,562			—	%
Total equity attributable to Holdings' common shareholders	10,118			9,957			6,392			4,027			1,792			(82.3)	%	10,118			1,792			(82.3)	%
Less: Accumulated other comprehensive income (loss)	1,876			2,004			(1,787)			(5,548)			(7,876)			(519.8)	%	1,876			(7,876)			(519.8)	%
Total equity attributable to Holdings' common shareholders (ex. AOCI)	$	8,242		$	7,953		$	8,179		$	9,575		$	9,668		17.3	%	$	8,242		$	9,668		17.3	%

Return on Equity (ex. AOCI) - TTM	(22.7)		%	(6.3)		%	18.9		%	37.1		%	31.1		%			(22.7)		%	31.1		%
Non-GAAP Operating ROE (1)	32.4		%	33.5		%	33.1		%	29.0		%	24.2		%			32.4		%	24.2		%

Debt to capital:
Debt to Capital (ex. AOCI)	28.1		%	28.7		%	28.3		%	25.6		%	25.5		%			28.1		%	25.5		%

Per common share:
Diluted earnings per common share: (2)
Net income (loss) attributable to Holdings	$	1.59		$	0.56		$	1.43		$	4.47		$	0.69		(56.7)	%	$	(1.76)		$	6.58		473.3	%
Non-GAAP Operating Earnings (1)	$	1.94		$	1.54		$	1.36		$	1.31		$	1.28		(33.8)	%	$	5.02		$	3.96		(21.0)	%
Book value per common share	$	25.00		$	25.45		$	16.64		$	10.69		$	4.84		(80.6)	%	$	25.00		$	4.84		(80.6)	%
Book value per common share (ex. AOCI)	$	20.37		$	20.33		$	21.29		$	25.41		$	26.13		28.3	%	$	20.37		$	26.13		28.3	%

Weighted-average common shares outstanding:
Basic	411.3			400.4			388.6			378.9			374.5			(9.0)	%	423.2			380.6			(10.1)	%
Diluted	414.6			404.3			391.7			380.6			376.8			(9.1)	%	423.2			382.9			(9.5)	%

Ending common shares outstanding	404.7			391.2			384.2			376.8			370.0			(8.6)	%	404.7			370.0			(8.6)	%

Return to common shareholders:
Common stock dividend	$	74		$	72		$	70		$	75		$	75				$	224		$	220
Repurchase of common shares (3)	460			468			279			220			200					1,169			699
Total capital returned to common shareholders	$	534		$	540		$	349		$	295		$	275				$	1,393		$	919

Market Values:
S&P 500	4,308			4,766			4,530			3,785			3,586			(16.8)	%	4,308			3,586			(16.8)	%
US 10-Year Treasury	1.5		%	1.5		%	2.3		%	3.0		%	3.8		%			1.5		%	3.8		%

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) Fourth quarter 2021 repurchase of common shares includes $112 million accelerated from first quarter 2022.

Consolidated Statements of Income (Loss)


	For the Three Months Ended												Nine Months Ended
(in millions USD, unless otherwise indicated)	9/30/2021		12/31/2021		3/31/2022		6/30/2022		9/30/2022		Change		9/30/2021		9/30/2022		Change

Revenues
Policy charges and fee income	$	867	$	882	$	840	$	813	$	796	(8.2)	%	$	2,755	$	2,449	(11.1)	%
Premiums	230		231		247		238		259		12.6	%	729		744		2.1	%
Net derivative gains (losses)	(185)		(535)		821		2,229		68		136.8	%	(3,930)		3,118		179.3	%
Net investment income (loss)	997		932		804		711		842		(15.5)	%	2,914		2,357		(19.1)	%
Investment gains (losses), net	163		101		(326)		(232)		(332)		(303.7)	%	767		(890)		(216.0)	%
Investment management and service fees	1,323		1,497		1,355		1,197		1,179		(10.9)	%	3,898		3,731		(4.3)	%
Other income	220		210		203		212		197		(10.5)	%	585		612		4.6	%
Total revenues	3,615		3,318		3,944		5,168		3,009		(16.8)	%	7,718		12,121		57.0	%

Benefits and other deductions
Policyholders’ benefits	751		700		1,060		914		625		(16.8)	%	2,518		2,599		3.2	%
Interest credited to policyholders’ account balances	305		314		315		309		378		23.9	%	905		1,002		10.7	%
Compensation and benefits	614		598		595		518		566		(7.8)	%	1,762		1,679		(4.7)	%
Commissions and distribution related payments	436		447		422		394		368		(15.6)	%	1,215		1,184		(2.6)	%
Interest expense	59		60		47		50		51		(13.6)	%	184		148		(19.6)	%
Amortization of deferred policy acquisition costs	64		136		181		160		105		64.1	%	257		446		73.5	%
Other operating costs and expenses	456		598		537		583		497		9.0	%	1,511		1,617		7.0	%
Total benefits and other deductions	2,685		2,853		3,157		2,928		2,590		(3.5)	%	8,352		8,675		3.9	%

Income (loss) from operations, before income taxes	930		465		787		2,240		419		(54.9)	%	(634)		3,446		643.5	%
Income tax (expense) benefit	(165)		(77)		(148)		(467)		(92)		44.2	%	222		(707)		(418.5)	%
Net income (loss)	765		388		639		1,773		327		(57.3)	%	(412)		2,739		764.8	%
Less: net (income) loss attributable to the noncontrolling interest	(93)		(134)		(66)		(45)		(54)		41.9	%	(281)		(165)		41.3	%
Net income (loss) attributable to Holdings	$	672	$	254	$	573	$	1,728	$	273	(59.4)	%	$	(693)	$	2,574	471.4	%
Less: Preferred stock dividends	(14)		(26)		(14)		(26)		(14)		—	%	(53)		(54)		(1.9)	%
Net income (loss) available to Holdings' common shareholders	$	658	$	228	$	559	$	1,702	$	259	(60.6)	%	$	(746)	$	2,520	437.8	%

Adjustments related to:
Variable annuity product features	$	172	$	513	$	(601)	$	(1,924)	$	(114)			$	3,632	$	(2,639)
Investment gains (losses), net	(164)		(100)		326		231		333				(767)		890

Net actuarial gains (losses) related to pension and other postretirement benefit obligations	27		33		19		19		19				87		57
Other adjustments (1) (2) (3)	141		45		220		148		39				672		407
Income tax (expense) benefit related to above adjustments	(35)		(103)		8		321		(59)				(761)		270
Non-recurring tax items	5		7		3		3		7				6		13
Non-GAAP Operating earnings (4)	$	818	$	649	$	548	$	526	$	498			$	2,176	$	1,572

Notes:

(1) Includes Separation Costs of $25 million and $62 million for the three months and nine months ended September 30, 2021, respectively. Separation costs were completed during 2021.
(2) Includes certain gross legal expenses related to the cost of insurance litigation of $2 million and $0 million, $168 million and $180 million for the three and nine months ended September 30, 2022 and 2021, respectively. Includes policyholder benefit costs of $0 million and $75 million for the three and nine months ended September 30, 2022 stemming from a deal to repurchase UL policies from one entity that had invested in numerous policies purchased in the life settlement market.
(3) Includes Non-GMxB related derivative hedge losses of ($28) million, ($4) million, ($68) million and $140 million for the three and nine months ended September 30, 2022 and 2021, respectively.
(4) This measure is a Non-GAAP financial measure. For an explanation of our use of Non-GAAP financial measures, refer to the “Use of Non-GAAP Financial Measures” and "Glossary of Selected Financial and Product Terms" sections of this document. For a reconciliation of this item to the most directly comparable GAAP measure, refer to the “Non-GAAP Reconciliation” section in this document.


	Balances as of
(in millions USD, unless otherwise indicated)	9/30/2021		12/31/2021		3/31/2022		6/30/2022		9/30/2022

Assets
Total investments	$	102,007	$	105,111	$	98,776	$	93,216	$	92,517
Cash and cash equivalents	5,255		5,188		5,713		5,109		4,139
Cash and securities segregated, at fair value	909		1,504		1,693		1,747		1,335
Broker-dealer related receivables	2,639		2,599		2,744		2,666		2,539
Deferred policy acquisition costs	5,366		5,491		6,592		7,541		8,244
Goodwill and other intangible assets, net	4,734		4,728		4,723		4,721		5,635
Amounts due from reinsurers	14,801		14,679		14,060		13,758		13,378

GMIB reinsurance contract asset, at fair value	1,937		1,848		1,582		1,498		1,289
Current and deferred income taxes	293		195		1,111		1,674		2,222
Other assets	4,545		3,613		3,852		4,787		4,680

Separate Accounts assets	142,093		147,306		136,812		116,765		109,622
Total assets	$	284,579	$	292,262	$	277,658	$	253,482	$	245,600

Liabilities
Policyholders’ account balances	$	75,909	$	79,357	$	79,549	$	78,766	$	79,999
Future policy benefits and other policyholders’ liabilities	37,184		36,717		35,165		34,717		34,225
Broker-dealer related payables	1,087		1,283		1,992		612		607

Customers related payables	3,153		3,600		3,684		3,821		3,361
Amounts due to reinsurers	1,466		1,381		1,331		1,353		1,348
Short-term and long-term debt	3,839		3,931		4,044		4,085		4,088

Income taxes payable	—		—		—		—		—
Notes issued by consolidated variable interest entities, at fair value using the fair value option	1,190		1,191		1,182		1,150		1,165
Other liabilities	5,343		3,933		4,030		4,866		5,998

Separate Accounts liabilities	142,093		147,306		136,812		116,765		109,622
Total liabilities	271,264		278,699		267,789		246,135		240,413
Redeemable noncontrolling interest	143		468		386		348		354

Equity
Preferred stock	1,562		1,562		1,562		1,562		1,562
Common stock	5		4		4		4		4
Additional paid-in capital	1,917		1,919		1,933		1,918		2,027
Treasury shares	(2,537)		(2,850)		(3,070)		(3,065)		(3,202)
Retained earnings	8,857		8,880		9,312		10,718		10,839
Accumulated other comprehensive income (loss)	1,876		2,004		(1,787)		(5,548)		(7,876)
Total equity attributable to Holdings	11,680		11,519		7,954		5,589		3,354
Noncontrolling interest	1,492		1,576		1,529		1,410		1,479
Total equity	13,172		13,095		9,483		6,999		4,833
Total liabilities, redeemable noncontrolling interest and equity	$	284,579	$	292,262	$	277,658	$	253,482	$	245,600


	Balances as of
(in millions USD, unless otherwise indicated)	9/30/2021			12/31/2021			3/31/2022			6/30/2022			9/30/2022

Short-term and long-term debt:
Short-term debt
AB commercial paper	$	—		$	—		$	—		$	—		$	—
AB revolving credit facility	—			—			—			—			—
CLO Warehousing Debt (1)	1			92			204			245			248
Senior Notes (3.9%, due 2023)													519
Total short-term debt	1			92			204			245			767

Total long-term debt	3,838			3,839			3,840			3,840			3,321

Total short-term and long-term debt: [A]	$	3,839		$	3,931		$	4,044		$	4,085		$	4,088

Equity:
Preferred stock	$	1,562		$	1,562		$	1,562		$	1,562		$	1,562
Common stock	$	5		$	4		$	4		$	4		$	4
Additional paid-in capital	1,917			1,919			1,933			1,918			2,027
Treasury stock, at cost	(2,537)			(2,850)			(3,070)			(3,065)			(3,202)
Retained earnings	8,857			8,880			9,312			10,718			10,839
Accumulated other comprehensive income (loss)	1,876			2,004			(1,787)			(5,548)			(7,876)
Total equity attributable to Holdings	11,680			11,519			7,954			5,589			3,354
Noncontrolling interest	1,492			1,576			1,529			1,410			1,479
Total equity	$	13,172		$	13,095		$	9,483		$	6,999		$	4,833

Total equity attributable to Holdings, (ex. AOCI): [B]	$	9,804		$	9,515		$	9,741		$	11,137		$	11,230

Capital:
Total capitalization (3)	$	15,518		$	15,358		$	11,794		$	9,429		$	7,194
Total capitalization (ex. AOCI): [A+B] (3)	$	13,642		$	13,354		$	13,581		$	14,977		$	15,070

Debt to capital:
Debt to capital (ex. AOCI) (2)	28.1		%	28.7		%	28.3		%	25.6		%	25.5		%

	For the Three Months Ended
Roll-forward of common shares outstanding (millions of shares):
Beginning balance	420.2			404.7			391.2			384.2			376.8
Repurchases	—			(9.6)			(7.9)			—			(4.7)
Retirements	(15.6)			(4.0)			(0.7)			(7.6)			(2.3)
Issuances	0.1			0.1			1.6			0.2			0.2
Ending basic common shares outstanding	404.7			391.2			384.2			376.8			370.0
Total potentially dilutive shares	—			—			3.1			2.3			2.3
Ending common shares outstanding - maximum potential dilution	404.7			391.2			387.3			379.1			372.3
Notes:


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

	Three Months Ended September 30, 2022
(in millions USD, unless otherwise indicated)	Individual Retirement		Group Retirement		Inv Mgmt and Research		Protection Solutions		Corporate and Other		Consolidated
Revenues
Policy charges, fee income and premiums	$	385	$	80	$	—	$	505	$	85	$	1,055
Net investment income (loss)	348		160		(9)		236		149		884
Net derivative gains (losses)	140		(11)		15		(13)		15		146
Investment management, service fees and other income	144		60		990		63		114		1,371
Segment revenues	1,017		289		996		791		363		3,456
Benefits and other deductions
Policyholders’ benefits	300		—		—		414		160		874
Interest credited to policyholders’ account balances	101		79		—		130		68		378
Commissions and distribution related payments	61		12		152		46		97		368
Amortization of deferred policy acquisition costs	109		(20)		—		14		(18)		85
Compensation, benefits and other operating costs and expenses	105		47		636		96		93		977
Interest expense and financing fees	—		1		5		—		51		57
Segment benefits and other deductions	676		119		793		700		451		2,739
Operating earnings (loss), before income taxes	341		170		203		91		(89)		717
Income Taxes	(71)		(36)		(35)		(19)		19		(142)
Operating earnings (loss), before noncontrolling interest	270		134		168		72		(70)		575
Less: Operating (earnings) loss attributable to the noncontrolling interest	—		—		(75)		—		(2)		(77)
Operating earnings (loss)	$	270	$	134	$	94	$	72	$	(72)	$	498

	Three Months Ended September 30, 2021
	Individual Retirement		Group Retirement		Inv Mgmt and Research		Protection Solutions		Corporate and Other		Consolidated
Revenues
Policy charges, fee income and premiums	$	439	$	96	$	—	$	482	$	80	$	1,097
Net investment income (loss)	296		189		(2)		294		270		1,047
Net derivative gains (losses)	77		(11)		2		(7)		3		64
Investment Management, service fees and other income	186		69		1,093		69		126		1,543
Segment revenues	998		343		1,093		838		479		3,751
Benefits and other deductions
Policyholders’ benefits	272		—		—		392		164		828
Interest credited to policyholders’ account balances	70		77		—		126		32		305
Commissions and distribution related payments	89		12		187		44		104		436
Amortization of deferred policy acquisition costs	88		(24)		—		4		(13)		55
Compensation, benefits and other operating costs and expenses	96		45		622		78		112		953
Interest Expense and Financing Fees	—		—		—		—		65		65
Segment benefits and other deductions	615		110		809		644		464		2,642
Operating earnings (loss), before income taxes	383		233		284		194		15		1,109
Income Taxes	(67)		(41)		(49)		(34)		1		(190)
Operating earnings (loss), before noncontrolling interest	316		192		235		160		16		919
Less: Operating (earnings) loss attributable to the noncontrolling interest	—		—		(101)		—		—		(101)
Operating earnings (loss)	$	316	$	192	$	134	$	160	$	16	$	818


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

	Nine Months Ended September 30, 2022
(in millions USD, unless otherwise indicated)	Individual Retirement		Group Retirement		Inv Mgmt and Research		Protection Solutions		Corporate and Other		Consolidated
Revenues
Policy charges, fee income and premiums	$	1,152	$	257	$	—	$	1,544	$	240	$	3,193
Net investment income (loss)	933		503		(58)		760		433		2,571
Net derivative gains (losses)	514		(23)		57		(18)		48		578
Investment Management, service fees and other income	462		187		3,135		192		366		4,342
Segment revenues	3,061		924		3,134		2,478		1,087		10,684
Benefits and other deductions
Policyholders’ benefits	998		—		—		1,364		452		2,814
Interest credited to policyholders’ account balances	255		229		—		380		138		1,002
Commissions and distribution related payments	208		43		487		132		314		1,184
Amortization of deferred policy acquisition costs	292		3		—		78		1		374
Compensation, benefits and other operating costs and expenses	272		134		1,930		266		301		2,903
Interest expense and financing fees	—		1		9		—		156		166
Segment benefits and other deductions	2,025		410		2,426		2,220		1,362		8,443
Operating earnings (loss), before income taxes	1,036		514		708		258		(275)		2,241
Income Taxes	(199)		(99)		(121)		(50)		55		(414)
Operating earnings (loss), before noncontrolling interest	837		415		587		208		(220)		1,827
Less: Operating (earnings) loss attributable to the noncontrolling interest	—		—		(257)		—		2		(255)
Operating earnings (loss)	$	837	$	415	$	330	$	208	$	(218)	$	1,572

	Nine Months Ended September 30, 2021
	Individual Retirement		Group Retirement		Inv Mgmt and Research		Protection Solutions		Corporate and Other		Consolidated
Revenues
Policy charges, fee income and premiums	$	1,457	$	273	$	—	$	1,493	$	261	$	3,484
Net investment income (loss)	972		564		10		827		613		2,986
Net derivative gains (losses)	(51)		(16)		(7)		(18)		(22)		(114)
Investment Management, service fees and other income	579		197		3,166		194		347		4,483
Segment revenues	2,957		1,018		3,169		2,496		1,199		10,839
Benefits and other deductions
Policyholders’ benefits	641		—		—		1,370		485		2,496
Interest credited to policyholders’ account balances	205		227		—		383		90		905
Commissions and distribution related payments	245		41		517		120		292		1,215
Amortization of deferred policy acquisition costs	239		(11)		—		63		(16)		275
Compensation, benefits and other operating costs and expenses	307		140		1,831		241		257		2,776
Interest Expense and Financing Fees	—		—		1		—		180		181
Segment benefits and other deductions	1,637		397		2,349		2,177		1,288		7,848
Operating earnings (loss), before income taxes	1,320		621		820		319		(89)		2,991
Income Taxes	(227)		(107)		(142)		(55)		14		(517)
Operating earnings (loss), before noncontrolling interest	1,093		514		678		264		(75)		2,474
Less: Operating (earnings) loss attributable to the noncontrolling interest	—		—		(297)		—		(1)		(298)
Operating earnings (loss)	$	1,093	$	514	$	381	$	264	$	(76)	$	2,176


	Balances as of
(in billions USD, except for Equitable Headcount)	9/30/2021		12/31/2021		3/31/2022		6/30/2022		9/30/2022

Assets Under Management

AB AUM
Total AB	$	742.2	$	778.6	$	735.4	$	646.8	$	612.7
Exclusion for General Account and other Affiliated Accounts	(77.7)		(79.7)		(75.1)		(69.4)		(66.8)
Exclusion for Separate Accounts	(43.5)		(48.8)		(45.3)		(38.4)		(36.1)
AB third party	$	621.0	$	650.1	$	615.0	$	539.0	$	509.8

Total company AUM
AB third party	$	621.0	$	650.1	$	615.0	$	539.0	$	509.8
General Account and other Affiliated Accounts (1) (3)	107.3		110.3		104.5		98.3		96.7
Separate Accounts (2) (3)	142.1		147.3		136.8		116.8		109.6
Total AUM	$	870.4	$	907.7	$	856.3	$	754.1	$	716.1

Total Assets Under Administration (AUA) (4)	$	77.4	$	83.3	$	79.3	$	70.8	$	68.8

Equitable Advisor Headcount
Total Number of Equitable Advisors	4,263		4,382		4,252		4,166		4,129

Notes:

(1) “General Account and Other Affiliated Accounts” refers to assets held in the general accounts of our insurance companies and other assets on which we bear the investment risk.
(2) “Separate Accounts” refers to the separate account investment assets of our insurance subsidiaries excluding any assets on which we bear the investment risk.
(3) As of September 30, 2021, December 31, 2021, March 31, 2022, June 30, 2022 and September 30, 2022, Separate Account and General Account AUM is inclusive of $16.3 billion, $64 million, $16.6 billion, $61 million, $15.1 billion, $60 million, $12.7 billion, $60 million, $11.7 billion and $58 million, respectively, Account Value ceded to Venerable. For additional information on the Venerable transaction see Note 1 of the Notes to Consolidated Financial Statements within the 10-Q.
(4) AUA includes Equitable Advisors Advisory and Brokerage AUA; Equitable Advisors broker-dealer business is included in Corporate and Other.


	For the Three Months Ended												Nine Months Ended
(in millions USD, unless otherwise indicated)	9/30/2021		12/31/2021		3/31/2022		6/30/2022		9/30/2022		Change		9/30/2021		9/30/2022		Change

Insurance Operations

Individual Retirement
First year premiums and deposits	$	2,801	$	3,043	$	2,802	$	3,054	$	3,003	7.2	%	$	7,940	$	8,859	11.6	%
Renewal premium and deposits	83		68		84		89		111		34.3	%	256		284		10.9	%
Total Gross Premiums	$	2,884	$	3,111	$	2,886	$	3,143	$	3,114	8.0	%	$	8,196	$	9,143	11.6	%

Group Retirement
First year premiums and deposits	$	364	$	452	$	879	$	476	$	371	1.8	%	$	1,049	$	1,726	64.6	%
Renewal premium and deposits	485		626		623		657		490		1.1	%	1,712		1,770		3.4	%
Total Gross Premiums	$	849	$	1,078	$	1,502	$	1,133	$	861	1.4	%	$	2,761	$	3,496	26.6	%

Protection Solutions
First year premiums and deposits	$	95	$	133	$	116	$	99	$	101	6.8	%	$	293	$	316	8.0	%
Renewal premium and deposits (1)	659		668		662		661		668		1.3	%	1,971		1,991		1.0	%
Total Gross Premiums (1)	$	754	$	801	$	778	$	760	$	769	2.0	%	$	2,264	$	2,307	1.9	%

Investment Management and Research (in billions USD)
Gross Sales by distribution channel
Institutional	$	2.6	$	6.6	$	14.3	$	3.3	$	1.9	(26.9)	%	$	25.1	$	19.5	(22.3)	%
Retail	25.6		27.6		20.6		17.3		13.8		(46.1)	%	72.4		51.7		(28.6)	%
Private Wealth	4.1		5.2		6.0		3.3		4.1		—	%	13.1		13.4		2.3	%
Firmwide Gross Sales	$	32.3	$	39.4	$	40.9	$	23.9	$	19.8	(38.7)	%	$	110.6	$	84.6	(23.5)	%

Gross sales by investment service
Equity Active	$	17.2	$	21.8	$	17.3	$	11.4	$	8.0	(53.5)	%	$	51.1	$	36.7	(28.2)	%
Equity Passive (2) (4)	0.5		0.3		0.2		1.1		0.4		(20.0)	%	1.1		1.6		45.5	%
Fixed Income - Taxable	8.8		7.4		7.1		4.0		6.1		(30.7)	%	37.5		17.2		(54.1)	%
Fixed Income - Tax-Exempt	3.3		3.6		4.0		5.2		3.2		(3.0)	%	9.9		12.4		25.3	%
Fixed Income Passive (2)	0.4		3.4		(0.1)		—		—		(100.0)	%	1.2		(0.1)		(108.3)	%
Alternatives/Multi-Asset Solutions (3) (4)	2.1		2.9		12.4		2.2		2.1		—	%	9.8		16.8		71.4	%
Firmwide Gross Sales	$	32.3	$	39.4	$	40.9	$	23.9	$	19.8	(38.7)	%	$	110.6	$	84.6	(23.5)	%

Notes:

(1) 1Q'22 variable universal life renewals previously reported as $514M during first quarter 2022. Amount updated to $249M during second quarter 2022 to properly reflect variable universal life product renewals. This resulted in a change for gross written premiums from $1,033 to $778.
(2) Includes index and enhanced index services.
(3) Includes certain multi-asset solutions and services not included in equity or fixed income services
(4) AB line item does not cross foot for the nine months ended 2022 due to rounding.


	For the Three Months Ended or As of																	Nine Months Ended or As of
(in millions USD, unless otherwise indicated)	9/30/2021			12/31/2021			3/31/2022			6/30/2022			9/30/2022			Change		9/30/2021			9/30/2022			Change

Revenues
Policy charges, fee income and premiums	$	439		$	410		$	394		$	373		$	385		(12.3)	%	$	1,457		$	1,152		(20.9)	%
Net investment income (loss)	296			315			297			288			348			17.6	%	972			933			(4.0)	%
Net derivative gains (losses)	77			(77)			164			210			140			81.8	%	(51)			514			N/M
Investment management, service fees and other income	186			180			167			151			144			(22.6)	%	579			462			(20.2)	%
Segment revenues	998			828			1,022			1,022			1,017			1.9	%	2,957			3,061			3.5	%

Benefits and other deductions
Policyholders’ benefits	272			79			324			374			300			10.3	%	641			998			55.7	%
Interest credited to policyholders’ account balances	70			71			76			78			101			44.3	%	205			255			24.4	%
Commissions and distribution-related payments	89			83			80			67			61			(31.5)	%	245			208			(15.1)	%
Amortization of deferred policy acquisition costs	88			64			97			86			109			23.9	%	239			292			22.2	%
Compensation and benefits, interest expense and financing fees and other operating costs and expense	96			104			88			79			105			9.4	%	307			272			(11.4)	%
Segment benefits and other deductions	615			401			665			684			676			9.9	%	1,637			2,025			23.7	%

Operating earnings (loss), before income taxes	383			427			357			338			341			(11.0)	%	1,320			1,036			(21.5)	%
Income taxes	(67)			(76)			(64)			(64)			(71)			(6.0)	%	(227)			(199)			12.3	%
Operating earnings (loss), before noncontrolling interest	316			351			293			274			270			(14.6)	%	1,093			837			(23.4)	%
Less: Operating (earnings) loss attributable to the noncontrolling interest	—			—			—			—			—			—	%	—			—			—	%
Operating earnings (loss)	$	316		$	351		$	293		$	274		$	270		(14.6)	%	$	1,093		$	837		(23.4)	%

Summary Metrics

Operating earnings (loss) - TTM: [A]	$	1,535		$	1,444		$	1,374		$	1,234		$	1,188		(22.6)	%	$	1,535		$	1,188		(22.6)	%

Average Account Value (TTM)	$	113,580		$	112,208		$	108,605		$	105,062		$	100,765		(11.3)	%	$	113,580		$	100,765		(11.3)	%

Return on assets (TTM)	1.61		%	1.56		%	1.54		%	1.43		%	1.45		%			1.61		%	1.45		%

Net flows (1)
Current Product Offering	$	702		$	574		$	665		$	1,166		$	1,263		80.0	%	$	2,023		$	3,094		52.9	%
Legacy	(689)			(787)			(613)			(532)			(498)			27.7	%	(2,704)			(1,643)			39.2	%
Net flows	$	13		$	(213)		$	52		$	634		$	765		N/M		$	(681)		$	1,451		313.0	%

First year premiums and deposits	$	2,801		$	3,043		$	2,802		$	3,054		$	3,003		7.2	%	$	7,940		$	8,859		11.6	%

In-force Policy Count by Product (in thousands) (2):
Current Product Offering	568			571			573			578			583					568			583
Legacy	322			318			313			308			303					322			303
Total	890			889			886			886			886					890			886

Notes:

(1) Net flows excluded as it relates to AV ceded to Venerable for the discrete periods of September 30, 2021, December 31, 2021, March 31, 2022, June 30, 2022, September 30, 2022 and for the nine months ended September 30, 2021 and 2022 were $(322) million, $(388) million, $(316) million, $(266) million, $(258) million, $(442) million and $(840) million, respectively.
(2) As of September 30, 2021, December 31, 2021, March 31, 2022, June 30, 2022 and September 30, 2022, In-force Policy Count by Product presented on a gross basis includes 107 thousand, 106 thousand, 104 thousand, 102 thousand and 101 thousand ceded policies, respectively, related to the Venerable transaction.


Individual Retirement - Select Operating Metrics
	For the Three Months Ended or As of										Nine Months Ended or As of
(in millions USD, unless otherwise indicated)	9/30/2021		12/31/2021		3/31/2022		6/30/2022		9/30/2022		9/30/2021		9/30/2022

Sales Metrics
First Year Premiums and Deposits by Product:
SCS	$	1,910	$	2,060	$	1,926	$	2,183	$	2,038	$	5,567	$	6,147
Retirement Cornerstone	531		597		481		390		421		1,354		1,292
Investment Edge	274		289		241		289		271		759		801
Other	86		97		154		192		273		260		619
Total First Year Premiums and Deposits	$	2,801	$	3,043	$	2,802	$	3,054	$	3,003	$	7,940	$	8,859

First Year Premiums and Deposits by Guarantee:
Non-GMxB	$	2,186	$	2,375	$	2,231	$	2,517	$	2,357	$	6,273	$	7,105
ROP death benefit only	160		161		109		81		72		542		262
Total non-GMxB & ROP death benefit only	2,346		2,536		2,340		2,598		2,429		6,815		7,367
Floating rate GMxB	455		500		395		332		370		1,123		1,097
Fixed rate GMxB	—		1		—		—		—		2		—
Other	—		6		67		124		204		—		395
Total First Year Premiums and Deposits	$	2,801	$	3,043	$	2,802	$	3,054	$	3,003	$	7,940	$	8,859

Account Values
General Account:
Balance as of beginning of period	$	34,090	$	35,590	$	37,698	$	37,874	$	35,574	$	30,783	$	37,698
Gross premiums and deposits (5)	2,137		1,898		1,831		2,221		2,163		5,285		6,215
Surrenders, withdrawals and benefits	(847)		(1,015)		(933)		(851)		(758)		(2,318)		(2,542)
Net flows (1)	1,290		883		898		1,370		1,405		2,967		3,673
Investment performance, interest credited and policy charges (1)	248		1,225		(722)		(3,670)		(1,470)		1,937		(5,862)
Ceded to Venerable (2)	—		—		—		—		—		(61)		—
Other (3) (4)	(38)		—		—		—		—		(36)		—
Reclassified to Assets held-for-sale	—		—		—		—		—		—		—
Balance as of end of period	$	35,590	$	37,698	$	37,874	$	35,574	$	35,509	$	35,590	$	35,509

Separate Accounts:
Balance as of beginning of period	$	74,345	$	72,123	$	74,206	$	68,495	$	58,689	$	86,607	$	74,206
Gross premiums and deposits (5)	711		1,214		1,027		903		920		2,853		2,850
Surrenders, withdrawals and benefits	(1,988)		(2,310)		(1,873)		(1,639)		(1,560)		(6,501)		(5,072)
Net flows (1)	(1,277)		(1,096)		(846)		(736)		(640)		(3,648)		(2,222)
Investment performance, interest credited and policy charges (1)	(945)		3,179		(4,865)		(9,070)		(3,036)		5,975		(16,971)
Ceded to Venerable (2)	—		—		—		—		—		(16,866)		—
Other (3) (4)	—		—		—		—		—		55		—
Reclassified to Assets held-for-sale	—		—		—		—		—		—		—
Balance as of end of period	$	72,123	$	74,206	$	68,495	$	58,689	$	55,013	$	72,123	$	55,013

Total:
Balance as of beginning of period	$	108,435	$	107,713	$	111,904	$	106,369	$	94,263	$	117,390	$	111,904
Gross premiums and deposits (5)	2,848		3,111		2,858		3,124		3,083		8,138		9,065
Surrenders, withdrawals and benefits	(2,835)		(3,324)		(2,806)		(2,490)		(2,318)		(8,819)		(7,614)
Net flows (1)	13		(213)		52		634		765		(681)		1,451
Investment performance, interest credited and policy charges (1)	(697)		4,404		(5,587)		(12,740)		(4,506)		7,912		(22,833)
Ceded to Venerable (2)	—		—		—		—		—		(16,927)		—
Other (3) (4)	(38)		—		—		—		—		19		—

Balance as of end of period	$	107,713	$	111,904	$	106,369	$	94,263	$	90,522	$	107,713	$	90,522

Net Amount at Risk (NAR)
Total GMIB NAR	$	4,119	$	3,910	$	3,727	$	4,232	$	3,553	$	4,119	$	3,553
Total GMDB NAR	9,569		8,987		10,856		15,214		17,011		9,569		17,011
Reserves (Net of Reinsurance)

GMIB Reserves	$	4,913	$	4,613	$	4,149	$	3,977	$	3,865	$	4,913	$	3,865
GMDB Reserves	2,765		2,737		2,792		2,824		2,965		2,765		2,965
Total GMDB/IB Variable Annuity Reserves (Net of Reinsurance)	$	7,678	$	7,350	$	6,941	$	6,801	$	6,830	$	7,678	$	6,830

Notes:

(1) Net flows excluded as it relates to AV ceded to Venerable for the discrete periods of September 30, 2021, December 31, 2021, March 31, 2022, June 30, 2022, September 30, 2022 and for the nine months ended September 30, 2021 and 2022 were $(322) million, $(388) million, $(316) million, $(266) million, $(258) million, $(442) million and $(840) million, respectively. Investment performance, interest credited and policy charges of $(273) million, $714 million, $(1.2) billion, $(2.2) billion, $(721) million, $(125) million and $(4.1) billion, for the three months ended September 30, 2021, December 31, 2021, March 31, 2022, June 30, 2022 and September 30, 2022 and for the nine months ended September 30, 2021 and 2022, respectively, are not included as it excludes activity related to ceded AV to Venerable.


	For the Three Months Ended or As of																	Nine Months Ended or As of
(in millions USD, unless otherwise indicated)	9/30/2021			12/31/2021			3/31/2022			6/30/2022			9/30/2022			Change		9/30/2021			9/30/2022			Change

Revenues
Policy charges, fee income and premiums	$	96		$	98		$	94		$	83		$	80		(16.7)	%	$	273		$	257		(5.9)	%
Net investment income (loss)	189			188			180			163			160			(15.3)	%	564			503			(10.8)	%
Net derivative gains (losses)	(11)			(3)			(5)			(7)			(11)			—	%	(16)			(23)			(43.8)	%
Investment management, service fees and other income	69			71			65			62			60			(13.0)	%	197			187			(5.1)	%
Segment revenues	343			354			334			301			289			(15.7)	%	1,018			924			(9.2)	%

Benefits and other deductions
Policyholder benefits	—			—			—			—			—			—	%	—			—			—	%
Interest credited to policyholders’ account balances	77			76			78			72			79			2.6	%	227			229			0.9	%
Commissions and distribution-related payments	12			15			15			16			12			—	%	41			43			4.9	%
Amortization of deferred policy acquisition costs	(24)			11			16			7			(20)			16.7	%	(11)			3			127.3	%
Compensation and benefits, interest expense and financing fees and other operating costs and expense	45			108			42			45			47			4.4	%	140			134			(4.3)	%
Segment benefits and other deductions	110			210			151			140			119			8.2	%	397			410			3.3	%

Operating earnings (loss), before income taxes	233			144			183			161			170			(27.0)	%	621			514			(17.2)	%
Income taxes	(41)			(27)			(33)			(30)			(36)			12.2	%	(107)			(99)			7.5	%
Operating earnings (loss), before noncontrolling interest	192			117			150			131			134			(30.2)	%	514			415			(19.3)	%
Less: Operating (earnings) loss attributable to the noncontrolling interest	—			—			—			—			—			—	%	—			—			—	%
Operating earnings (loss)	$	192		$	117		$	150		$	131		$	134		(30.2)	%	$	514		$	415		(19.3)	%

Summary Metrics

Operating earnings (loss) - TTM: [A]	$	680		$	631		$	630		$	590		$	532		(21.8)		$	680		$	532		(21.8)	%

Average Account Value (TTM) (1)	$	44,812		$	46,075		$	46,515		$	45,232		$	43,680		(2.5)	%	$	44,812		$	43,680		(2.5)	%

Return on assets (TTM) (1)	1.81		%	1.66		%	1.65		%	1.59		%	1.51		%			1.81		%	1.51		%

Net flows	$	(135)		$	(109)		$	523		$	144		$	(57)		57.8	%	$	(70)		$	610		973.1	%

Gross premiums and deposits	$	849		$	1,078		$	1,502		$	1,133		$	861		1.4	%	$	2,761		$	3,496		26.6	%

Notes:

(1) Amounts revised to include Mutual Fund AUA balances. Impact to average account value TTM for March 31 2021, June 30 2021, September 30 2021 and December 31 2021 are: $(260) million, $(307) million, $(343) million and $(383) million, respectively, and an impact on return on assets of (0.01)% per aforementioned periods.

Group Retirement - Select Operating Metrics


	For the Three Months Ended or As of										Nine Months Ended or As of
(in millions USD, unless otherwise indicated)	9/30/2021		12/31/2021		3/31/2022		6/30/2022		9/30/2022		9/30/2021		9/30/2022

Sales Metrics
Gross premiums and deposits: (1)
First-year premiums and deposits	$	364	$	452	$	879	$	476	$	371	$	1,049	$	1,726
Renewal premiums and deposits	485		626		623		657		490		1,712		1,770
Group Retirement premiums and deposits	$	849	$	1,078	$	1,502	$	1,133	$	861	$	2,761	$	3,496

Gross premiums and deposits by market: (1)
Tax-exempt	$	228	$	346	$	219	$	231	$	293	$	671	$	743
Corporate	128		97		89		62		69		354		220
Institutional	2		2		565		179		3		7		747
Other	6		7		6		4		6		17		16
Total First Year Premiums and Deposits	364		452		879		476		371		1,049		1,726
Tax-exempt	355		491		468		518		364		1,298		1,350
Corporate	91		92		103		94		93		281		290
Institutional	—		—		—		—		—		—		—
Other	39		43		52		45		33		133		130
Total renewal premiums and deposits	485		626		623		657		490		1,712		1,770
Group Retirement premiums and deposits by market	$	849	$	1,078	$	1,502	$	1,133	$	861	$	2,761	$	3,496

Account Values and Assets under Administration
General Account:
Balance as of beginning of period	$	12,983	$	13,042	$	13,046	$	13,171	$	13,240	$	12,826	$	13,046
Gross premiums and deposits	253		289		329		299		242		766		870
Surrenders, withdrawals and benefits	(276)		(373)		(270)		(256)		(304)		(805)		(830)
Net flows	(23)		(84)		59		43		(62)		(39)		40
Investment performance, interest credited and policy charges	82		88		66		26		56		257		148
Other (2)	—		—		—		—		—		(2)		—
Balance as of end of period	$	13,042	$	13,046	$	13,171	$	13,240	$	13,234	$	13,042	$	13,234

Separate Accounts and Mutual Funds (3) (4) (5)
Balance as of beginning of period	$	33,316	$	32,875	$	34,763	$	32,864	$	27,927	$	29,930	$	34,763
Gross premiums and deposits	596		789		1,173		834		619		1,995		2,626
Surrenders, withdrawals and benefits	(708)		(814)		(709)		(733)		(614)		(2,026)		(2,056)
Net flows	(112)		(25)		464		101		5		(31)		570
Investment performance, interest credited and policy charges	(329)		1,913		(2,363)		(5,038)		(1,456)		3,031		(8,857)
Other (2)	—		—		—		—		—		(55)		—
Balance as of end of period	$	32,875	$	34,763	$	32,864	$	27,927	$	26,476	$	32,875	$	26,476

Total: (3) (4)
Balance as of beginning of period	$	46,299	$	45,917	$	47,809	$	46,035	$	41,167	$	42,756	$	47,809
Gross premiums and deposits	849		1,078		1,502		1,133		861		2,761		3,496
Surrenders, withdrawals and benefits	(984)		(1,187)		(979)		(989)		(918)		(2,831)		(2,886)
Net flows	(135)		(109)		523		144		(57)		(70)		610
Investment performance, interest credited and policy charges	(247)		2,001		(2,297)		(5,012)		(1,400)		3,288		(8,709)
Other (2)	—		—		—		—		—		(57)		—
Balance as of end of period	$	45,917	$	47,809	$	46,035	$	41,167	$	39,710	$	45,917	$	39,710
Notes:
(1) Includes both AUM and AUA. Prior period amounts related to the premiums and deposits were revised to include Mutual Fund AUA. Gross premium and deposits revisions for the discrete periods of June 30, 2021, September 30, 2021 and December 31, 2021 are $52 million, $17 million, and $120 million, respectively.
(2) For the nine months ended September 30, 2021, amounts reflect AV transfer of GMxB closed block business from GR to IR.


	For the Three Months Ended or As of																	Nine Months Ended or As of
(in millions USD, unless otherwise indicated)	9/30/2021			12/31/2021			3/31/2022			6/30/2022			9/30/2022			Change		9/30/2021			9/30/2022			Change

Revenues
Net investment income (loss)	$	(2)		$	3		$	(23)		$	(26)		$	(9)		(350.0)	%	$	10		$	(58)		(680.0)	%
Net derivative gains (losses)	2			(6)			20			22			15			650.0	%	(7)			57			914.3	%
Investment management, service fees and other income	1,093			1,264			1,138			1,007			990			(9.4)	%	3,166			3,135			(1.0)	%
Segment Revenues	1,093			1,261			1,135			1,003			996			(8.8)	%	3,169			3,134			(1.1)	%

Benefits and other deductions
Commissions and distribution-related payments	187			191			176			159			152			(18.7)	%	517			487			(5.8)	%
Compensation, benefits and other operating costs and expenses	622			676			675			619			636			2.3	%	1,831			1,930			5.4	%
Interest expense and financing fees	—			4			—			4			5			100.0	%	1			9			800.0	%
Total benefits and other deductions	809			871			851			782			793			(2.0)	%	2,349			2,426			3.3	%

Operating earnings (loss), before income taxes	284			390			284			221			203			(28.3)	%	820			708			(13.7)	%
Income taxes	(49)			(66)			(46)			(40)			(35)			28.6	%	(142)			(121)			14.8	%
Operating earnings (loss), before noncontrolling interest	235			324			238			181			168			(28.3)	%	678			587			(13.4)	%
Less: Operating (earnings) loss attributable to the noncontrolling interest	(101)			(141)			(102)			(80)			(75)			26.1	%	(297)			(257)			13.6	%
Operating earnings (loss)	$	134		$	183		$	136		$	101		$	94		(30.0)	%	$	381		$	330		(13.3)	%

Summary Metrics

Adjusted operating margin (1)	31.8		%	38.5		%	31.5		%	27.7		%	25.1		%			31.7		%	28.2		%

Net flows (in billions USD) (2)	$	7.2		$	7.4		$	11.4		$	(2.7)		$	(10.5)				$	18.7		$	(1.8)

Total AUM (in billions USD)	$	742.2		$	778.6		$	735.4		$	646.8		$	612.7				$	742.2		$	612.7

Ownership Structure of AB

Holdings and its subsidiaries	63.2		%	63.0		%	63.0		%	63.5		%	62.8		%			63.2		%	62.8		%
AB Holding	36.1		%	36.2		%	36.3		%	35.7		%	36.5		%			36.1		%	36.5		%
Unaffiliated holders	0.7		%	0.8		%	0.7		%	0.8		%	0.7		%			0.7		%	0.7		%
Total	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%			100.0		%	100.0		%

EQH economic interest	64.7		%	64.5		%	64.5		%	65.0		%	64.3		%			64.7		%	64.3		%
EQH average economic interest	64.6		%	64.7		%	64.5		%	64.8		%	64.3		%			64.4		%	64.5		%

Units of limited partnership outstanding (in millions)	270.9			271.5			271.8			269.4			272.6					270.9			272.6
Notes:

(1) Adjusted Operating Margin is a non-GAAP financial measure used by AllianceBernstein L.P. (“AB”) management in evaluating AB’s financial performance on a standalone basis and to compare its performance, as reported by AB in its public filings. It is not comparable to any other non-GAAP financial measure used herein.
(2) Discrete quarterly outflows related to AXA's redemptions for periods presented were $0.6 billion and $3.9 billion for the second and third quarter of 2022, respectively.


	For the Three Months Ended or As of
(in billions USD, unless otherwise indicated)	9/30/2021		12/31/2021		3/31/2022		6/30/2022		9/30/2022

AUM Roll-forward
Balance as of beginning of period	$	738.4	$	742.2	$	778.6	$	735.4	$	646.8
Sales/new accounts	32.3		39.4		40.9		23.9		19.8
Redemptions/terminations	(21.5)		(25.7)		(24.6)		(22.6)		(24.9)
Cash flow/unreinvested dividends	(3.6)		(6.3)		(4.9)		(4.0)		(5.4)
Net long-term (outflows) inflows (5)	7.2		7.4		11.4		(2.7)		(10.5)
Adjustment (3)	—		—		—		(0.4)		—
Acquisition (4)	—		—		—		—		12.2
Market appreciation (depreciation)	(3.4)		29.0		(54.6)		(85.5)		(35.8)
Net change	3.8		36.4		(43.2)		(88.6)		(34.1)
Balance as of end of period	$	742.2	$	778.6	$	735.4	$	646.8	$	612.7

Ending Assets by distribution channel
Institutions	$	327.5	$	337.1	$	325.9	$	290.5	$	279.4
Retail	298.8		319.9		292.6		251.0		232.3
Private Wealth	115.9		121.6		116.9		105.3		101.0
Total	$	742.2	$	778.6	$	735.4	$	646.8	$	612.7

Ending Assets by investment service
Equity
Actively Managed	$	260.3	$	287.6	$	265.2	$	223.2	$	202.9
Passively Managed (1)	69.1		71.6		66.2		55.7		52.1
Total Equity	$	329.4	$	359.2	$	331.4	$	278.9	$	255.0
Fixed Income
Actively Managed	$	306.2	$	303.4	$	280.8	$	254.7	$	239.1
Passively Managed (1)	9.5		13.2		12.7		12.3		9.5
Total Fixed Income	315.7		316.6		293.5		267.0		248.6
Total Alternatives/Multi-Asset Solutions (2)	97.1		102.8		110.5		100.9		109.1
Total	$	742.2	$	778.6	$	735.4	$	646.8	$	612.7

Notes:

(1) Includes index and enhanced index services.
(2) Includes certain multi-asset solutions and services not included in equity or fixed income services
(3) Approximately $0.4 billion of Institutional AUM was removed from our total assets under management during the second quarter of 2022 due to a change in the fee structure.
(4) The CarVal acquisition added approximately $12.2 billion of Institutional AUM in the third quarter of 2022.
(5) Discrete quarterly outflows related to AXA's redemptions for periods presented were as follows: $0.6 billion for the second quarter of 2022 and $3.9 billion for the third quarter of 2022.


Investment Management and Research - Net Flows
	For the Three Months Ended										Nine Months Ended or As of
(in billions USD, unless otherwise indicated)	9/30/2021		12/31/2021		3/31/2022		6/30/2022		9/30/2022		9/30/2021		9/30/2022
Net Flows by Distribution Channel
Institutions
US	$	1.8	$	(2.0)	$	0.4	$	0.6	$	(0.6)	$	(1.7)	$	0.4
Global and Non-US	(1.6)		2.4		9.8		0.1		(5.7)		3.7		4.2
Total Institutions	$	0.2	$	0.4	$	10.2	$	0.7	$	(6.3)	$	2.0	$	4.6
Retail
US	$	7.0	$	9.4	$	4.2	$	2.3	$	(0.3)	$	15.9	$	6.2
Global and Non-US (4)	(0.4)		(3.1)		(5.2)		(4.6)		(4.7)		(1.3)		(14.4)
Total Retail (4)	$	6.6	$	6.3	$	(1.0)	$	(2.3)	$	(5.0)	$	14.4	$	(8.2)
Private Wealth
US (4)	$	(0.3)	$	(0.4)	$	1.4	$	(1.1)	$	0.5	$	(0.1)	$	0.7
Global and Non-US	0.7		1.1		0.8		—		0.3		2.4		1.1
Total Private Wealth (4)	$	0.4	$	0.7	$	2.2	$	(1.1)	$	0.8	$	2.3	$	1.8
Total Net Flows by Distribution Channel	$	7.2	$	7.4	$	11.4	$	(2.7)	$	(10.5)	$	18.7	$	(1.8)
Net Flows by Investment Service
Equity Active
US	$	4.7	$	4.8	$	4.7	$	0.8	$	(0.3)	$	11.0	$	5.2
Global and Non-US	0.1		3.1		(0.1)		(0.5)		(4.7)		3.1		(5.3)
Total Equity Active (4)	$	4.8	$	7.9	$	4.6	$	0.3	$	(5.0)	$	14.1	$	(0.1)
Equity Passive (1)
US	$	(0.5)	$	(3.2)	$	(0.7)	$	0.5	$	(0.2)	$	(3.2)	$	(0.4)
Global and Non-US (4)	0.2		(0.3)		(1.1)		(0.7)		(0.7)		(0.8)		(2.6)
Total Equity Passive (1) (4)	$	(0.3)	$	(3.5)	$	(1.8)	$	(0.2)	$	(0.9)	$	(4.0)	$	(3.0)
Fixed Income - Taxable (3)
US	$	2.2	$	(0.9)	$	0.3	$	(1.3)	$	(0.1)	$	(0.1)	$	(1.1)
Global and Non-US (4)	(2.1)		(3.1)		(5.0)		(4.3)		(3.5)		(5.8)		(12.9)
Total Fixed Income - Taxable (4)	$	0.1	$	(4.0)	$	(4.7)	$	(5.6)	$	(3.6)	$	(5.9)	$	(14.0)
Fixed Income - Tax-Exempt
US (4)	$	1.5	$	1.4	$	1.0	$	0.6	$	—	$	4.6	$	1.7
Global and Non-US	—		—		—		0.1		—		—		0.1
Total Fixed Income - Tax-Exempt (4)	$	1.5	$	1.4	$	1.0	$	0.7	$	—	$	4.6	$	1.8
Fixed Income - Passive (1)
US	$	0.3	$	3.8	$	(0.2)	$	0.5	$	(0.2)	$	0.6	$	0.1
Global and Non-US	(0.1)		(0.2)		0.6		0.2		(1.9)		0.7		(1.1)
Total Fixed Income - Passive (1)	$	0.2	$	3.6	$	0.4	$	0.7	$	(2.1)	$	1.3	$	(1.0)
Alternatives/Multi-Asset Solutions (2)
US	$	0.3	$	1.1	$	0.9	$	0.5	$	0.4	$	1.0	$	1.8
Global and Non-US (4)	0.6		0.9		11.0		0.9		0.7		7.6		12.7
Total Alternatives/Multi-Asset Solutions (2) (4)	$	0.9	$	2.0	$	11.9	$	1.4	$	1.1	$	8.6	$	14.5
Total Net Flows by Investment Service	$	7.2	$	7.4	$	11.4	$	(2.7)	$	(10.5)	$	18.7	$	(1.8)
Active vs. Passive Net Flows
Actively Managed
Equity (4)	$	4.8	$	7.9	$	4.6	$	0.3	$	(5.0)	$	14.1	$	(0.1)
Fixed Income (3) (4)	1.6		(2.6)		(3.7)		(4.8)		(3.6)		(1.3)		(12.2)
Alternatives/Multi-Asset Solutions (2) (4)	0.3		1.1		11.3		1.1		0.8		7.1		13.3
Total	$	6.7	$	6.4	$	12.2	$	(3.4)	$	(7.8)	$	19.9	$	1.0
Passively Managed (1)
Equity	$	(0.3)	$	(3.5)	$	(1.8)	$	(0.3)	$	(0.9)	$	(4.0)	$	(3.0)
Fixed Income	0.2		3.6		0.4		0.7		(2.1)		1.3		(1.0)
Alternatives/Multi-Asset Solutions (2)	0.6		0.9		0.6		0.3		0.3		1.5		1.2
Total	$	0.5	$	1.0	$	(0.8)	$	0.7	$	(2.7)	$	(1.2)	$	(2.8)
Total Active vs Passive Net Flows	$	7.2	$	7.4	$	11.4	$	(2.7)	$	(10.5)	$	18.7	$	(1.8)
Notes:

(1) Includes index and enhanced index services.
(2) Includes certain multi-asset solutions and services not included in equity or fixed income services
(3) Discrete quarterly outflows related to AXA's redemptions for periods presented were as follows: $0.6 billion for the second quarter of 2022 and $3.9 billion for the third quarter of 2022.
(4) AB line item does not cross foot for the nine months ended 2022 due to rounding.


	For the Three Months Ended or As of																	Nine Months Ended or As of
(in millions USD, unless otherwise indicated)	9/30/2021			12/31/2021			3/31/2022			6/30/2022			9/30/2022			Change		9/30/2021			9/30/2022			Change

Revenues
Policy charges, fee income and premiums	$	482		$	523		$	514		$	525		$	505		4.8	%	$	1,493		$	1,544		3.4	%
Net investment income (loss)	294			275			272			252			236			(19.7)	%	827			760			(8.1)	%
Net derivative gains (losses)	(7)			(2)			—			(5)			(13)			(85.7)	%	(18)			(18)			—	%
Investment management, service fees and other income	69			66			65			64			63			(8.7)	%	194			192			(1.0)	%
Segment revenues	838			862			851			836			791			(5.6)	%	2,496			2,478			(0.7)	%

Benefits and other deductions
Policyholders’ benefits	392			480			521			429			414			5.6	%	1,370			1,364			(0.4)	%
Interest credited to policyholders’ account balances	126			133			128			122			130			3.2	%	383			380			(0.8)	%
Commissions and distribution-related payments	44			50			41			45			46			4.5	%	120			132			10.0	%
Amortization of deferred policy acquisition costs	4			30			35			29			14			250.0	%	63			78			23.8	%
Compensation and benefits, interest expense and financing fees and other operating costs and expense	78			104			84			86			96			23.1	%	241			266			10.4	%
Segment benefits and other deductions	644			797			809			711			700			8.7	%	2,177			2,220			2.0	%

Operating earnings (loss), before income taxes	194			65			42			125			91			(53.1)	%	319			258			(19.1)	%
Income taxes	(34)			(12)			(7)			(24)			(19)			44.1	%	(55)			(50)			9.1	%
Operating earnings (loss), before noncontrolling interest	160			53			35			101			72			(55.0)	%	264			208			(21.2)	%
Less: Operating (earnings) loss attributable to the noncontrolling interest	—			—			—			—			—			—	%	—			—			—	%
Operating earnings (loss)	$	160		$	53		$	35		$	101		$	72		(55.0)	%	$	264		$	208		(21.2)	%

Summary Metrics

Operating earnings (loss) - TTM: [A]	$	322		$	317		$	311		$	349		$	261		(18.9)	%	$	322		$	261		(18.9)	%

Benefit ratio	61.8		%	71.1		%	76.3		%	65.9		%	68.8		%			70.2		%	70.4		%

Gross written premiums (1)	$	754		$	801		$	778		$	760		$	769		2.0	%	$	2,264		$	2,307		1.9	%

Annualized premiums	$	67		$	84		$	77		$	67		$	74		9.8	%	$	203		$	218		7.3	%

Total in-force face amount (in billions USD) (2)	$	422.4		$	423.2		$	421.8		$	420.6		$	418.3		(1.0)	%	$	422.4		$	418.3		(1.0)	%

Notes:

(1) 1Q'22 variable universal life renewals previously reported as $514M during first quarter 2022. Amount updated to $249M during second quarter 2022 to properly reflect variable universal life product renewals. This resulted in a change for gross written premiums from $1,033 to $778.
(2) Total in-force face amount presented on a gross basis including ceded policies.


	For the Three Months Ended or As of										Nine Months Ended or As of
(in millions USD, unless otherwise indicated)	9/30/2021		12/31/2021		3/31/2022		6/30/2022		9/30/2022		9/30/2021		9/30/2022

Sales Metrics
First Year Premiums and Deposits by Product Line:
Universal Life	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Indexed Universal Life	7		7		6		4		4		38		14
Variable Universal Life	66		102		85		76		71		185		232
Term	3		4		4		3		3		12		10
Employee Benefits	18		20		21		16		23		57		60
Other (1)	1		—		—		—		—		1		—
Total	$	95	$	133	$	116	$	99	$	101	$	293	$	316

Renewals by Product Line:
Universal Life	$	221	$	198	$	193	$	185	$	207	$	626	$	585
Indexed Universal Life	79		80		80		76		74		230		230
Variable Universal Life (2)	224		250		249		239		244		718		732
Term	90		98		93		94		90		281		277
Employee Benefits	41		36		43		63		49		103		155
Other (1)	4		6		4		4		4		13		12
Total	659		668		662		661		668		1,971		1,991
Total Gross Premiums	$	754	$	801	$	778	$	760	$	769	$	2,264	$	2,307

In-force Metrics
In-force Face Amount by Product (3) (in billions):
Universal Life (4)	$	46.7	$	45.9	$	44.9	$	44.4	$	43.7	$	46.7	$	43.7
Indexed Universal Life	28.0		27.9		27.9		27.7		27.6		28.0		27.6
Variable Universal Life (5)	130.9		132.8		132.9		132.6		132.8		130.9		132.8
Term	215.6		215.4		214.9		214.7		213.0		215.6		213.0
Whole Life	1.2		1.2		1.2		1.2		1.2		1.2		1.2
Total	$	422.4	$	423.2	$	421.8	$	420.6	$	418.3	$	422.4	$	418.3

In-force Policy Count by Product (3) (in thousands):
Universal Life (4)	138		136		134		132		130		138		130
Indexed Universal Life	64		65		65		65		64		64		64
Variable Universal Life (5)	291		293		293		293		293		291		293
Term	267		266		264		262		259		267		259
Whole Life	17		16		16		16		16		17		16
Total	777		776		772		768		762		777		762

Protection Solutions Reserves
General Account	$	18,584	$	18,625	$	18,432	$	18,241	$	18,243	$	18,584	$	18,243
Separate Accounts	16,080		17,012		15,883		13,524		12,783		16,080		12,783
Total	$	34,664	$	35,637	$	34,315	$	31,765	$	31,026	$	34,664	$	31,026

Notes:

(1) For the individual life insurance premiums, Other includes Whole Life insurance and other products available-for-sale but not actively marketed.
(2) 1Q'22 variable universal life renewals previously reported as $514M during first quarter 2022. Amount updated to $249M during second quarter 2022 to properly reflect variable universal life product renewals.
(3) Includes individual life insurance and does not include Employee Benefits as it is a start-up business and therefore has immaterial in-force policies.
(4) Universal Life includes Guaranteed Universal Life.
(5) Variable Universal Life includes variable life insurance and corporate-owned life insurance.


	Balances as of
(in millions USD, unless otherwise indicated)	December 31, 2021				September 30, 2022
	Amount (1)		% of Total		Amount (1)		% of Total
Composition of investment portfolio
Fixed maturities, available-for-sale, at fair value	$	78,216	70.9	%	$	64,600	66.8	%
Fixed maturities, at fair value using the fair value option	1,641		1.5	%	1,548		1.6	%
Mortgage loans on real estate	14,033		12.7	%	15,688		16.2	%
Policy loans	4,024		3.6	%	4,018		4.2	%
Other equity investments	2,975		2.7	%	3,183		3.3	%
Other invested assets	3,591		3.3	%	2,849		2.9	%
Subtotal investment assets	104,480		94.7	%	91,886		95.1	%
Trading securities	631		0.6	%	631		0.7	%
Total investments	105,111		95.3	%	92,517		95.7	%
Cash and cash equivalents	5,188		4.7	%	4,139		4.3	%
Total	$	110,299	100.0	%	$	96,656	100.0	%

General Account Fixed maturities by industry (Based on amortized cost)
Corporate securities:
Finance	$	12,954	17.9	%	$	14,195	19.0	%
Manufacturing	12,212		16.8	%	12,421		16.7	%
Utilities	6,446		8.9	%	7,015		9.4	%
Services	8,191		11.3	%	8,320		11.2	%
Energy	3,854		5.3	%	3,901		5.2	%
Retail and wholesale	3,390		4.7	%	3,508		4.7	%
Transportation	2,181		3.0	%	2,409		3.2	%
Other	60		0.1	%	119		0.2	%
Total corporate securities	49,288		67.9	%	51,888		69.6	%
U.S. government and agency	13,056		18.0	%	7,241		9.7	%
Residential mortgage-backed (2)	90		0.1	%	500		0.7	%
Preferred stock	41		0.1	%	41		0.1	%
State & municipal	586		0.8	%	668		0.9	%
Foreign governments	1,124		1.5	%	1,114		1.5	%
Commercial mortgage-backed	2,427		3.3	%	3,824		5.1	%
Asset-backed securities	5,933		8.2	%	9,289		12.5	%
Total	$	72,545	100.0	%	$	74,565	100.0	%

General Account Fixed maturities credit quality (3) (Based on amortized cost)
Aaa, Aa, A (NAIC Designation 1)	$	44,653	61.6	%	$	45,386	60.9	%
Baa (NAIC Designation 2)	25,141		34.7	%	26,373		35.4	%
Investment grade	69,794		96.2	%	71,759		96.2	%
Below investment grade (NAIC Designation 3 and 4)	2,751		3.8	%	2,806		3.8	%
Total	$	72,545	100.0	%	$	74,565	100.0	%

Notes:

(1) Investment data has been classified based on standard industry categorizations for domestic public holdings and similar classifications by industry for all other holdings.
(2) Includes publicly traded agency pass-through securities and collateralized obligations.
(3) Credit quality based on NAIC rating.


	For the Nine Months Ended or As of								Years Ended or As of
(in millions USD, unless otherwise indicated)	September 30, 2021				September 30, 2022				December 31, 2021
	Yield		Amount (2)		Yield		Amount (2)		Yield		Amount (2)
Fixed Maturities:
Income (loss)	3.41	%	$	1,822	3.52	%	$	1,935	3.40	%	$	2,429
Ending assets			71,216				74,565				72,545
Mortgages:
Income (loss)	4.07	%	407		3.87	%	424		4.08	%	547
Ending assets			13,448				15,688				14,033
Other Equity Investments (1):
Income (loss)	22.97	%	433		7.80	%	188		20.45	%	534
Ending assets			2,903				3,468				2,901
Policy Loans:
Income	5.28	%	161		5.30	%	160		5.01	%	203
Ending assets			4,027				4,018				4,024
Cash and Short-term Investments:
Income	(0.05)	%	(1)		(0.83)	%	(12)		(0.13)	%	(2)
Ending assets			1,215				563				1,662
Funding Agreements:
Interest expense and other			(44)				(82)				(56)
Ending (liabilities)			(6,807)				(7,830)				(6,647)
Total invested Assets:
Income	4.37	%	2,778		3.86	%	2,613		4.28	%	3,655
Ending assets			86,002				90,472				88,518
Short Duration Fixed Maturities:
Income (loss)	3.38	%	77		3.53	%	4		4.48	%	78
Ending assets			142				117				142
Total Net Investment Income:
Investment income	4.34	%	2,855		3.86	%	2,617		4.28	%	3,733
Less: investment fees (3)	(0.13)	%	(82)		(0.15)	%	(101)		(0.14)	%	(118)
Investment income, net	4.25	%	$	2,773	3.71	%	$	2,516	4.15	%	$	3,615
General Account Ending Net Assets			$	86,144			$	90,589			$	88,660
Operating Earnings adjustments:
Funding Agreements interest expense			44				82				56
AB and other non-General Account investment income			169				(27)				258
Operating Net investment income (loss)			$	2,986			$	2,571			$	3,929
Notes:

(1) Includes, as of September 30, 2021, September 30, 2022 and December 31, 2021 $328 million, $370 million and $319 million of other invested assets.
(2) Amount for fixed maturities and mortgages represents original cost, reduced by repayments, write-downs, adjusted amortization of premiums, accretion of discount and allowances. Cost for equity securities represents original cost reduced by write-downs; cost for other limited partnership interests represents original cost adjusted for equity in earnings and reduced by distributions.
(3) Investment fees are inclusive of investment management fees paid to AB.


	For the Three Months Ended or As of										Nine Months Ended or As of
(in millions USD, unless otherwise indicated)	9/30/2021		12/31/2021		3/31/2022		6/30/2022		9/30/2022		9/30/2021		9/30/2022

TOTAL
Beginning balance	$	4,838	$	5,366	$	5,491	$	6,592	$	7,541	$	4,243	$	5,491
Capitalization of commissions, sales and issue expenses	214		255		209		220		215		620		644
Amortization	(64)		(136)		(181)		(160)		(105)		(257)		(446)
Change in unrealized investment gains and losses	378		6		1,073		889		593		760		2,555
Reclassified to Assets held-for-sale	—		—		—		—		—		—		—
Ending balance	$	5,366	$	5,491	$	6,592	$	7,541	$	8,244	$	5,366	$	8,244

Individual Retirement
Beginning balance	$	3,393	$	3,486	$	3,639	$	3,957	$	4,426	$	3,178	$	3,639
Capitalization of commissions, sales and issue expenses	142		159		140		151		147		414		438
Amortization	(96)		(80)		(121)		(117)		(131)		(215)		(369)
Change in unrealized investment gains and losses	47		74		299		435		247		109		981
Reclassified to Assets held-for-sale	—		—		—		—		—		—		—
Ending balance	$	3,486	$	3,639	$	3,957	$	4,426	$	4,689	$	3,486	$	4,689

Group Retirement
Beginning balance	$	702	$	757	$	776	$	866	$	991	$	632	$	776
Capitalization of commissions, sales and issue expenses	24		33		22		22		21		67		65
Amortization	23		(10)		(14)		(8)		22		8		—
Change in unrealized investment gains and losses	8		(4)		82		111		74		50		267
Reclassified to Assets held-for-sale	—		—		—		—		—		—		—
Ending balance	$	757	$	776	$	866	$	991	$	1,108	$	757	$	1,108

Protection Solutions
Beginning balance	$	732	$	1,113	$	1,066	$	1,632	$	1,902	$	418	$	1,066
Capitalization of commissions, sales and issue expenses	48		63		48		47		47		139		142
Amortization	(4)		(30)		(35)		(28)		(14)		(65)		(77)
Change in unrealized investment gains and losses	337		(80)		553		251		187		621		991
Reclassified to Assets held-for-sale	—		—		—		—		—		—		—
Ending balance	$	1,113	$	1,066	$	1,632	$	1,902	$	2,122	$	1,113	$	2,122

Corporate and Other
Beginning balance	$	11	$	10	$	10	$	137	$	222	$	15	$	10
Capitalization of commissions, sales and issue expenses	—		—		(1)		—		—		—		(1)
Amortization	13		(16)		(11)		(7)		18		15		—
Change in unrealized investment gains and losses	(14)		16		139		92		85		(20)		316
Reclassified to Assets held-for-sale	—		—		—		—		—		—		—
Ending balance	$	10	$	10	$	137	$	222	$	325	$	10	$	325


In addition to our results presented in accordance with U.S. GAAP, we report Non-GAAP Operating Earnings, Non-GAAP Operating ROE, and Non-GAAP operating common EPS, each of which is a measure that is not determined in accordance with U.S. GAAP. Management principally uses these non-GAAP financial measures in evaluating performance because they present a clearer picture of our operating performance and they allow management to allocate resources. Similarly, management believes that the use of these Non-GAAP financial measures, together with relevant U.S. GAAP measures, provide investors with a better understanding of our results of operations and the underlying profitability drivers and trends of our business. These non-GAAP financial measures are intended to remove from our results of operations the impact of market changes (where there is mismatch in the valuation of assets and liabilities) as well as certain other expenses which are not part of our underlying profitability drivers or likely to re-occur in the foreseeable future, as such items fluctuate from period-to-period in a manner inconsistent with these drivers. These measures should be considered supplementary to our results that are presented in accordance with U.S. GAAP and should not be viewed as a substitute for the U.S. GAAP measures. Other companies may use similarly titled non-GAAP financial measures that are calculated differently from the way we calculate such measures. Consequently, our non-GAAP financial measures may not be comparable to similar measures used by other companies.
We also discuss certain operating measures, including AUM, AUA, AV, Protection Solutions Reserves and certain other operating measures, which management believes provide useful information about our businesses and the operational factors underlying our financial performance.
Non-GAAP Operating Earnings
Non-GAAP Operating Earnings is an after-tax non-GAAP financial measure used to evaluate our financial performance on a consolidated basis that is determined by making certain adjustments to our consolidated after-tax net income attributable to Holdings. The most significant of such adjustments relates to our derivative positions, which protect economic value and statutory capital, and are more sensitive to changes in market conditions than the variable annuity product liabilities as valued under U.S. GAAP. 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) certain changes in the fair value of the derivatives and other securities we use to hedge these features; (ii) the effect of benefit ratio unlock adjustments, including extraordinary economic conditions or events such as COVID-19; (iii) changes in the fair value of the embedded derivatives reflected within variable annuity products’ net derivative results and the impact of these items on DAC amortization on our SCS product; and (iv) DAC amortization for the SCS variable annuity product arising from near-term fluctuations in index segment returns;
•			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, COVID-19 related impacts, net derivative gains (losses) on certain Non-GMxB derivatives, net investment income from certain items including consolidated VIE investments, seed capital mark-to-market adjustments, unrealized gain/losses associated with equity securities, certain legal accruals; and 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; 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.
Because Non-GAAP Operating Earnings excludes the foregoing items that can be distortive or unpredictable, management believes that this measure enhances the understanding of the Company’s underlying drivers of profitability and trends in our business, thereby allowing management to make decisions that will positively impact our business.
We use the prevailing corporate federal income tax rate of 21% while taking into account any non-recurring differences for events recognized differently in our financial statements and federal income tax returns as well as partnership income taxed at lower rates when reconciling Net income (loss) attributable to Holdings to Non-GAAP Operating Earnings.


	For the Three Months Ended or As of										Nine Months Ended or As of
(in millions USD, unless otherwise indicated)	9/30/2021		12/31/2021		3/31/2022		6/30/2022		9/30/2022		9/30/2021		9/30/2022

Net income (loss) attributable to Holdings
Net income (loss) attributable to Holdings	$	672	$	254	$	573	$	1,728	$	273	$	(693)	$	2,574
Adjustments related to:
Variable annuity product features	172		513		(601)		(1,924)		(114)		3,632		(2,639)
Investment gains (losses), net	(164)		(100)		326		231		333		(767)		890

Net actuarial gains (losses) related to pension and other postretirement benefit obligations	27		33		19		19		19		87		57
Other adjustments (1) (2) (3)	141		45		220		148		39		672		407
Income tax (expense) benefit related to above adjustments	(35)		(103)		8		321		(59)		(761)		270
Non-recurring tax items	5		7		3		3		7		6		13
Non-GAAP Operating Earnings	$	818	$	649	$	548	$	526	$	498	$	2,176	$	1,572

Net income (loss) attributable to Holdings (4)	$	1.62	$	0.63	$	1.46	$	4.54	$	0.72	$	(1.64)	$	6.72
Less: Preferred stock dividends	0.03		0.07		0.03		0.07		0.03		0.12		0.14
Net income (loss) available to Holdings' common shareholders	1.59		0.56		1.43		4.47		0.69		(1.76)		6.58
Adjustments related to:
Variable annuity product features	0.41		1.27		(1.53)		(5.06)		(0.31)		8.58		(6.89)
Investment gains (losses), net	(0.41)		(0.25)		0.83		0.61		0.87		(1.81)		2.32

Net actuarial gains (losses) related to pension and other postretirement benefit obligations	0.07		0.08		0.05		0.05		0.05		0.21		0.15
Other adjustments (1) (2) (3)	0.35		0.11		0.55		0.39		0.12		1.59		1.06
Income tax (expense) benefit related to above adjustments	(0.08)		(0.25)		0.02		0.84		(0.16)		(1.80)		0.71
Non-recurring tax items	0.01		0.02		0.01		0.01		0.02		0.01		0.03
Non-GAAP Operating Earnings (loss) available to Holdings' common shareholders (4)	$	1.94	$	1.54	$	1.36	$	1.31	$	1.28	$	5.02	$	3.96

Book Value per common share
Book Value per common share	$	25.00	$	25.45	$	16.64	$	10.69	$	4.84	$	25.00	$	4.84
Less: Per share impact of AOCI	4.64		5.12		(4.65)		(14.72)		(21.29)		4.64		(21.29)
Book value per common share (ex. AOCI)	$	20.37	$	20.33	$	21.29	$	25.41	$	26.13	$	20.37	$	26.13



Notes:

(1) Includes Separation Costs of $25 million and $62 million for the three months and nine months ended September 30, 2021, respectively. Separation costs were completed during 2021. The impact per common share is $0.06 and $0.15 for the three months and nine months ended September 30, 2021.
(2) Includes certain gross legal expenses related to the cost of insurance litigation of $2 million and $0 million, $168 million and $180 million for the three and nine months ended September 30, 2022 and 2021, respectively. Includes policyholder benefit costs of $0 million and $75 million for the three and nine months ended September 30, 2022 stemming from a deal to repurchase UL policies from one entity that had invested in numerous policies purchased in the life settlement market. The legal accruals impact per common share is $0.01 and $0.00, $0.44 and $0.43 for the three and nine months ended September 30, 2022 and 2021, respectively. Includes policyholder benefit costs of $0.00 and $0.20 for the three and nine months ended September 30, 2022 stemming from a deal to repurchase UL policies from one entity that had invested in numerous policies purchased in the life settlement market. No adjustments were made to prior period non-GAAP operating EPS as the impact was immaterial.
(3) Includes Non-GMxB related derivative hedge losses of ($28) million, ($4) million, ($68) million and $140 million for the three and nine months ended September 30, 2022 and 2021, respectively. The impact per common share is ($0.07), ($0.01), ($0.18) and $0.31 for the three and nine months ended September 30, 2022 and 2021, respectively.
(4) For periods with a net loss, dilutive shares were not included in the calculation of net income (loss) available to shareholders per common share or Non-GAAP Operating Earnings per common share as inclusion of such shares would have an anti-dilutive effect.


Reconciliation of Non-GAAP Measures (2/3)

	As of and for the Twelve Months Ended
(in millions USD, unless otherwise indicated)	9/30/2021			12/31/2021			3/31/2022			6/30/2022			9/30/2022

Net Income to Non-GAAP Operating Earnings
Net income (loss) attributable to Holdings	$	(1,931)		$	(439)		$	1,622		$	3,227		$	2,828
Adjustments related to:
Variable annuity product features	7,071			4,145			1,277			(1,840)			(2,126)
Investment (gains) losses	(1,321)			(867)			(358)			293			790

Net actuarial (gains) losses related to pension and other postretirement benefit obligations	110			120			105			98			90
Other adjustments	788			717			413			554			452
Income tax (expense) benefits related to above adjustments	(1,396)			(864)			(301)			191			167
Non-recurring tax items	(397)			13			15			18			20
Non-GAAP Operating Earnings	$	2,924		$	2,825		$	2,773		$	2,541		$	2,221

Return on Equity and Non-GAAP Operating Return on Equity - Trailing twelve months
Net income (loss) attributable to Holdings	$	(1,931)		$	(439)		$	1,622		$	3,227		$	2,828
Less: Preferred stock	(72)			(79)			(80)			(80)			(80)
Net income (loss) available to Holdings' common shareholders	$	(2,003)		$	(518)		$	1,542		$	3,147		$	2,748
Average equity attributable to Holdings' common shareholders (ex. AOCI)	$	8,816		$	8,193		$	8,140		$	8,487		$	8,844

Return on Equity (ex. AOCI)	(22.7)		%	(6.3)		%	18.9		%	37.1		%	31.1		%

Non-GAAP Operating Earnings	$	2,924		$	2,825		$	2,773		$	2,541		$	2,221
Less: Preferred stock	(72)			(79)			(80)			(80)			(80)
Non-GAAP Operating Earnings available to Holdings' common shareholders	$	2,852		$	2,746		$	2,693		$	2,461		$	2,141
Average equity attributable to Holdings' common shareholders (ex. AOCI)	$	8,816		$	8,193		$	8,140		$	8,487		$	8,844

Non-GAAP Operating Return on Equity (ex. AOCI)	32.4		%	33.5		%	33.1		%	29.0		%	24.2		%


Reconciliation of Non-GAAP Measures (3/3)

	Balances as of
(in millions USD, unless otherwise indicated)	12/31/2020		3/31/2021		6/30/2021		9/30/2021		12/31/2021		3/31/2022		6/30/2022		9/30/2022

Equity Reconciliation - Quarter-end Balances
Total equity attributable to Holdings' shareholders	$	15,576	$	10,693	$	11,732	$	11,680	$	11,519	$	7,954	$	5,589	$	3,354
Less: Preferred Stock	1,269		1,562		1,562		1,562		1,562		1,562		1,562		1,562
Total equity attributable to Holdings' common shareholders	14,307		9,131		10,170		10,118		9,957		6,392		4,027		1,792
Less: Accumulated other comprehensive income (loss)	3,863		740		1,983		1,876		2,004		(1,787)		(5,548)		(7,876)
Total equity attributable to Holdings' common shareholders (ex. AOCI)	$	10,444	$	8,391	$	8,187	$	8,242	$	7,953	$	8,179	$	9,575	$	9,668

	Balances as of
(in millions USD, unless otherwise indicated)	12/31/2020		3/31/2021		6/30/2021		9/30/2021		12/31/2021		3/31/2022		6/30/2022		9/30/2022

Equity Reconciliation - Twelve Month Rolling Average (2)
Total equity attributable to Holdings' shareholders	17,589		15,267		13,825		12,420		11,406		10,721		9,186		7,104
Less: Preferred Stock	1,022		1,219		1,416		1,489		1,562		1,562		1,562		1,562
Total equity attributable to Holdings' common shareholders	16,567		14,048		12,410		10,932		9,844		9,159		7,624		5,542
Less: Accumulated other comprehensive income (loss)	3,567		3,180		2,694		2,116		1,651		1,019		(864)		(3,302)
Total equity attributable to Holdings' common shareholders (ex. AOCI)	$	13,000	$	10,868	$	9,716	$	8,816	$	8,193	$	8,140	$	8,487	$	8,844


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.
Annualized premiums - 100% of first year recurring premiums (up to target) and 10% of excess first year premiums or first year premiums from single premium products.
Assets Under Administration (“AUA”) - AUA includes non-insurance client assets that are invested in our savings and investment products or serviced by our Equitable Advisors platform. We provide administrative services for these assets and generally record the revenues received as distribution fees.
Assets Under Management (“AUM”) - AUM means investment assets that are managed by one of our subsidiaries and includes: (i) assets managed by AB; (ii) the assets in our General Account investment portfolio; and (iii) the Separate Account assets of our Individual Retirement, Group Retirement and Protection Solutions businesses. Total AUM reflects exclusions between segments to avoid double counting.
Average Account Value (TTM) - Calculated as an average of the previous twelve calendar months total Account Value balance as of end of period
Benefit base - A notional amount (not actual cash value) used to calculate the owner’s guaranteed benefits within an annuity contract. The death benefit and living benefit within the same contract may not have the same benefit base.
Current Product Offering (Individual Retirement) - Products sold 2011 and later.
Deferred policy acquisition costs (“DAC”) - Represents the incremental costs related directly to the successful acquisition of new and certain renewal insurance policies and annuity contracts and which have been deferred on the balance sheet as an asset.
Equitable Advisors - means AXA Advisors, LLC, a Delaware limited liability company, our retail broker/dealer for our retirement and protection businesses and a wholly-owned indirect subsidiary of Holdings.
Equitable America - means Equitable Financial Life Insurance Company of America, an Arizona corporation and a wholly-owned indirect subsidiary of Holdings.
Equitable Life - means AXA Equitable Life Insurance Company, a New York corporation, a life insurance company and a wholly-owned subsidiary of AEFS.
Fixed Rate (Individual Retirement) - Pre-2011 GMxB products.
FYP - First year premium and deposits.
GMxB - A general reference to all forms of variable annuity guaranteed benefits, including guaranteed minimum living benefits, or GMLBs (such as GMIBs, GMWBs and GMABs), and guaranteed minimum death benefits, or GMDBs (inclusive of return of premium death benefit guarantees).
Gross premiums - FYP and Renewal premium and deposits.
Guaranteed minimum death benefits (“GMDB”) - An optional benefit (available for an additional cost) that guarantees an annuitant’s beneficiaries are entitled to a minimum payment based on the benefit base, which could be greater than the underlying AV, upon the death of the annuitant.
Guaranteed minimum income benefits (“GMIB”) - An optional benefit (available for an additional cost) where an annuitant is entitled to annuitize the policy and receive a minimum payment stream based on the benefit base, which could be greater than the underlying AV.
Guaranteed minimum living benefits (“GMLB”) - A reference to all forms of guaranteed minimum living benefits, including GMIBs, GMWBs and GMABs (does not include GMDBs).
Invested assets - Includes fixed maturity securities, equity securities, mortgage loans, policy loans, alternative investments and short-term investments.
Inv Mgmt and Research - Abbreviation for Investment Management and Research.
Net flows - Net change in customer account balances in a period including, but not limited to, gross premiums, surrenders, withdrawals and benefits. It excludes investment performance, interest credited to customer accounts and policy charges.
Net long-term flows - Net change of assets under management in a period which includes new sales net of redemptions of mutual funds and terminations of separately managed accounts and cash flow which includes both cash invested or withdrawn by existing clients. In addition, cash flow includes fees received from certain clients. It excludes the impact of the markets.
Premiums and deposits - Amounts a policyholder agrees to pay for an insurance policy or annuity contract that may be paid in one or a series of payments as defined by the terms of the policy or contract.
Protection Solutions Benefit Ratio - Calculated as sum of policyholders’ benefits and interest credited to policyholders’ account balances dividend by segment revenues.
Protection Solutions Reserves - Equals the aggregate value of Policyholders’ account balances and future policy benefits for policies in our Protection Solutions segment.
Renewal premium and deposits - Premiums and deposits after the first twelve months of the policy or contract.
Return of premium (“ROP”) death benefit - This death benefit pays the greater of the account value at the time of a claim following the owner’s death or the total contributions to the contract (subject to adjustment for withdrawals). The charge for this benefit is usually included in the M&E fee that is deducted daily from the net assets in each variable investment option. We also refer to this death benefit as the Return of Principal death benefit.
Return on Assets - Calculated as trailing twelve months operating earnings, before income taxes, divided by trailing twelve months average account value.
Return on Equity (ex. AOCI) - Calculated as trailing twelve months net income (loss) attributable to Holdings' common shareholders divided by average equity attributable to Holdings' common shareholders, excluding Accumulated Other Comprehensive Income (“AOCI”).
Trailing Twelve Months ("TTM") - The twelve calendar months preceding the balance sheet date of a given reporting period.

Analyst Coverage

Firm

Analyst

Phone Number

Barclays

Tracy Benguigui

1 (212) 526-1561

Citi

Michael Ward

1 (212) 816-4269

Credit Suisse

Andrew Kligerman

1 (212) 325-5069

Evercore ISI

Thomas Gallagher

1 (212) 446-9439

Goldman Sachs

Alex Scott

1 (212) 902-9592

Jefferies

Suneet Kamath

1 (212) 778-8602

J.P. Morgan

Jimmy Bhullar

1 (212) 622-6397

Keefe, Bruyette, & Woods

Ryan Krueger

1 (860) 722-5930

Morgan Stanley

Nigel Dally

1 (212) 761-4132

RBC Capital Markets

Mark Dwelle

1 (804) 782-4008

Truist Securities

Mark Hughes

1 (615) 748-4422

UBS

Brian Meredith

1 (212) 713-2492

Wells Fargo Securities

Elyse Greenspan

1 (212) 214-8031

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

Ratings

A.M. Best

S&P

Moody’s

Last review date

Jan '22

Jun '22

Jul '22

Financial Strength Ratings:

Equitable Financial Life Insurance Company

A+

Equitable Financial Life Insurance Company of America

A+

Credit Ratings:

Equitable Holdings, Inc.

—

BBB+

Baa1

AllianceBernstein L.P. (1)

—

Investor and Media Contacts

Contact Investor Relations

Contact Media Relations

Işıl Müderrisoğlu

Thomas Lewis

Todd Williamson

(212) 314-2476

(212) 314-4638

(212) 314-2010

IR@equitable.com

MediaRelations@equitable.com

ir.equitableholdings.com

www.equitableholdings.com

Notes:

(1) Last review dates: S&P as of Sep '22, Moody’s as of Jul '22.




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 dividends by diluted common shares outstanding.


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	9
		Assets Under Management and Administration	10
		Sales Metrics by Segment	11

	Select Metrics from Business Segments
Individual Retirement
		Statements of Operating Earnings (Loss) and Summary Metrics	13
		Select Operating Metrics	14
Group Retirement
		Statements of Operating Earnings (Loss) and Summary Metrics	16
		Select Operating Metrics	17
Investment Management and Research
		Statements of Operating Earnings (Loss) and Summary Metrics	19
		Select Operating Metrics	20
		Net Flows	21
Protection Solutions
		Statements of Operating Earnings (Loss) and Summary Metrics	22
		Select Operating Metrics	23

	Investments
		Consolidated Investment Portfolio Composition	25
		Consolidated Results of General Account Investment Portfolio	26

	Additional Information
		Deferred Policy Acquisition Costs Rollforward	28
		Use of Non-GAAP Financial Measures	29
		Reconciliation of Non-GAAP Measures	31
		Glossary of Selected Financial and Product Terms	34
		Analyst Coverage, Ratings & Contact Information	35