Document


Table of Contents

	Consolidated Financials and Key Metrics		Page
		Key Metrics Summary	4
		Consolidated Statements of Income (Loss)	5
		Consolidated Balance Sheets	6
		Consolidated Capital Structure	7
		Operating Earnings (Loss) by Segment and Corporate and Other	8
		Assets Under Management and Administration	9
		Sales Metrics by Segment	10

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

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

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


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

Net income (loss)	$	597		$	1,011		$	648		$	138		$	266		(55.4)	%	$	597		$	266		(55.4)	%
Net income (loss) attributable to the noncontrolling interest	(67)			(44)			(54)			(76)			(89)			(32.8)	%	(67)			(89)			(32.8)	%
Net income (loss) attributable to Holdings	$	530		$	967		$	594		$	62		$	177		(66.6)	%	$	530		$	177		(66.6)	%

Non-GAAP Operating Earnings (1)	$	499		$	493		$	386		$	348		$	364		(27.1)	%	$	499		$	364		(27.1)	%

Total equity attributable to Holdings' shareholders	$	7,959		$	5,702		$	3,411		$	1,401		$	3,754		(52.8)	%	$	7,959		$	3,754		(52.8)	%
Less: Preferred Stock	1,562			1,562			1,562			1,562			1,562			—	%	1,562			1,562			—	%
Total equity attributable to Holdings' common shareholders	6,397			4,140			1,849			(161)			2,192			(65.7)	%	6,397			2,192			(65.7)	%
Less: Accumulated other comprehensive income (loss)	(1,304)			(4,165)			(6,870)			(8,992)			(6,516)			(399.7)	%	(1,304)			(6,516)			(399.7)	%
Total equity attributable to Holdings' common shareholders (ex. AOCI)	$	7,701		$	8,305		$	8,719		$	8,831		$	8,708		13.1	%	$	7,701		$	8,708		13.1	%

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

Debt to capital:
Debt to Capital (ex. AOCI)	29.3		%	28.0		%	27.2		%	27.0		%	29.7		%			29.3		%	29.7		%

Per common share:
Diluted earnings per common share: (2)
Net income (loss) attributable to Holdings	$	1.32		$	2.47		$	1.54		$	0.10		$	0.45		(66.0)	%	$	1.32		$	0.45		(66.1)	%
Non-GAAP Operating Earnings (1)	$	1.24		$	1.23		$	0.99		$	0.87		$	0.96		(22.4)	%	$	1.24		$	0.96		(22.4)	%
Book value per common share	$	16.65		$	10.99		$	5.00		$	(0.44)		$	6.10		(63.3)	%	$	16.65		$	6.10		(63.3)	%
Book value per common share (ex. AOCI)	$	20.04		$	22.04		$	23.56		$	24.19		$	24.25		21.0	%	$	20.04		$	24.25		21.0	%

Weighted-average common shares outstanding:
Basic	388.6			378.9			374.5			368.6			361.9			(6.9)	%	388.6			361.9			(6.9)	%
Diluted	391.7			380.6			376.8			371.5			364.1			(7.1)	%	391.7			364.1			(7.1)	%

Ending common shares outstanding	384.2			376.8			370.0			365.0			359.1			(6.5)	%	384.2			359.1			(6.5)	%

Return to common shareholders:
Common stock dividend	$	70		$	75		$	75		$	74		$	72				$	70		$	72
Repurchase of common shares	279			220			200			150			214					279			214
Total capital returned to common shareholders	$	349		$	295		$	275		$	224		$	286				$	349		$	286

Market Values:
S&P 500	4,530			3,785			3,586			3,840			4,109			(9.3)	%	4,530			4,109			(9.3)	%
US 10-Year Treasury	2.3		%	3.0		%	3.8		%	3.9		%	3.5		%			2.3		%	3.5		%

Notes:

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

Consolidated Statements of Income (Loss)


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

Revenues
Policy charges and fee income	$	650	$	620	$	603	$	581	$	588	(9.5)	%	$	650	$	588	(9.5)	%
Premiums	247		238		259		250		276		11.7	%	247		276		11.7	%
Net derivative gains (losses)	159		1,858		199		(1,309)		(841)		(628.9)	%	159		(841)		(628.9)	%
Net investment income (loss)	804		711		842		958		990		23.1	%	804		990		23.1	%
Investment gains (losses), net	(326)		(232)		(332)		(55)		(87)		73.3	%	(326)		(87)		73.3	%
Investment management and service fees	1,355		1,197		1,179		1,160		1,180		(12.9)	%	1,355		1,180		(12.9)	%
Other income	257		298		242		231		251		(2.3)	%	257		251		(2.3)	%
Total revenues	3,146		4,690		2,992		1,816		2,357		(25.1)	%	3,146		2,357		(25.1)	%

Benefits and other deductions
Policyholders’ benefits	802		589		629		696		730		(9.0)	%	802		730		(9.0)	%
Remeasurement of liability for future policy benefits	22		12		20		12		4		(81.8)	%	22		4		—	%
Change in market risk benefits and purchased market risk benefits	(467)		814		(491)		(1,136)		20		104.3	%	(467)		20		—	%
Interest credited to policyholders’ account balances	313		310		378		409		463		47.9	%	313		463		47.9	%
Compensation and benefits	596		518		568		519		583		(2.2)	%	596		583		(2.2)	%
Commissions and distribution related payments	422		394		368		383		380		(10.0)	%	422		380		(10.0)	%
Interest expense	47		50		51		53		61		29.8	%	47		61		29.8	%
Amortization of deferred policy acquisition costs	143		145		148		150		152		6.3	%	143		152		6.3	%
Other operating costs and expenses	534		583		496		572		423		(20.8)	%	534		423		(20.8)	%
Total benefits and other deductions	2,412		3,415		2,167		1,658		2,816		16.7	%	2,412		2,816		16.7	%

Income (loss) from operations, before income taxes	734		1,275		825		158		(459)		(162.5)	%	734		(459)		(162.5)	%
Income tax (expense) benefit	(137)		(264)		(177)		(20)		725		629.2	%	(137)		725		629.2	%
Net income (loss)	597		1,011		648		138		266		(55.4)	%	597		266		(55.4)	%
Less: net (income) loss attributable to the noncontrolling interest	(67)		(44)		(54)		(76)		(89)		(32.8)	%	(67)		(89)		(32.8)	%
Net income (loss) attributable to Holdings	$	530	$	967	$	594	$	62	$	177	(66.6)	%	$	530	$	177	(66.6)	%
Less: Preferred stock dividends	(14)		(26)		(14)		(26)		(14)		—	%	(14)		(14)		—	%
Net income (loss) available to Holdings' common shareholders	$	516	$	941	$	580	$	36	$	163	(68.4)	%	$	516	$	163	(68.4)	%

Adjustments related to:
Variable annuity product features	$	(616)	$	(1,031)	$	(675)	$	129	$	861			$	(616)	$	861
Investment gains (losses), net	326		231		333		55		87				326		87

Net actuarial gains (losses) related to pension and other postretirement benefit obligations	19		19		19		25		9				19		9
Other adjustments (1) (2)	228		177		50		150		45				228		45
Income tax (expense) benefit related to above adjustments	9		127		58		(76)		(210)				9		(210)
Non-recurring tax items (3)	3		3		7		3		(605)				3		(605)
Non-GAAP Operating earnings (4)	$	499	$	493	$	386	$	348	$	364			$	499	$	364

Notes:


(1) Includes certain gross legal expenses related to the cost of insurance litigation, and claims related to a commercial relationship of, $0 million and $59 million for the three months ended March 31, 2023 and 2022, respectively. Includes policyholder benefit costs of $75 million for the three months ended March 31, 2022 stemming from a deal to repurchase UL policies from one entity that had invested in numerous policies purchased in the life settlement market.
(2) Includes Non-GMxB related derivative hedge losses of $0 million and ($2) million for the three months ended March 31, 2023 and 2022, respectively.
(3) For the three months ended March, 31 2023, non-recurring tax items reflect the effect of uncertain tax positions for a given audit period and a decrease of a deferred tax valuation allowance recorded during the fourth quarter 2022.
(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)	3/31/2022		6/30/2022		9/30/2022		12/31/2022		3/31/2023

Assets
Total investments	$	98,776	$	93,216	$	92,517	$	93,097	$	96,223
Cash and cash equivalents	5,713		5,109		4,139		4,281		5,018
Cash and securities segregated, at fair value	1,693		1,747		1,335		1,522		1,055
Broker-dealer related receivables	2,744		2,666		2,539		2,338		2,203
Deferred policy acquisition costs	6,180		6,254		6,322		6,369		6,419
Goodwill and other intangible assets, net	4,723		4,721		5,635		5,482		5,478
Amounts due from reinsurers	4,487		4,376		4,320		8,471		8,453


Current and deferred income taxes	1,118		1,645		2,207		781		1,294
Purchased market risk benefits	12,521		11,739		10,737		10,423		10,676
Other assets	3,884		4,783		4,678		4,033		3,629
Assets held-for-sale	—		—		—		562		671
Separate Accounts assets	136,812		116,765		109,622		114,853		119,752
Assets for market risk benefits	489		539		514		490		629
Total assets	$	279,140	$	253,560	$	244,565	$	252,702	$	261,500

Liabilities
Policyholders’ account balances	$	79,555	$	78,773	$	80,009	$	83,866	$	86,761
Liability for market risk benefits	17,976		16,723		15,569		15,766		15,061
Future policy benefits and other policyholders’ liabilities	17,273		16,656		16,305		16,603		16,738
Broker-dealer related payables	1,992		612		607		715		888

Customers related payables	3,684		3,821		3,361		3,323		2,595
Amounts due to reinsurers	1,331		1,353		1,348		1,533		1,428
Short-term debt	204		245		767		759		751
Long-term debt	3,840		3,840		3,321		3,322		3,819



Notes issued by consolidated variable interest entities, at fair value using the fair value option	1,182		1,150		1,165		1,150		1,169
Other liabilities	5,417		6,162		7,247		7,108		6,296
Liabilities held-for-sale	—		—		—		108		158
Separate Accounts liabilities	136,812		116,765		109,622		114,853		119,752
Total liabilities	269,266		246,100		239,321		249,106		255,416
Redeemable noncontrolling interest	386		348		354		455		613

Equity
Preferred stock	1,562		1,562		1,562		1,562		1,562
Common stock	4		4		4		4		4
Additional paid-in capital	1,933		1,918		2,027		2,299		2,298
Treasury shares	(3,070)		(3,065)		(3,202)		(3,297)		(3,400)
Retained earnings	8,834		9,448		9,890		9,825		9,806
Accumulated other comprehensive income (loss)	(1,304)		(4,165)		(6,870)		(8,992)		(6,516)
Total equity attributable to Holdings	7,959		5,702		3,411		1,401		3,754
Noncontrolling interest	1,529		1,410		1,479		1,740		1,717
Total equity	9,488		7,112		4,890		3,141		5,471
Total liabilities, redeemable noncontrolling interest and equity	$	279,140	$	253,560	$	244,565	$	252,702	$	261,500


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

Short-term and long-term debt:
Short-term debt
AB commercial paper	$	—		$	—		$	—		$	—		$	—
AB revolving credit facility	—			—			—			—			—
CLO Warehousing Debt (1)	204			245			248			239			231

Current portion of Long-term debt	—			—			519			520			520
Total short-term debt	204			245			767			759			751

Total long-term debt	3,840			3,840			3,321			3,322			3,819

Total short-term and long-term debt: [A]	$	4,044		$	4,085		$	4,088		$	4,081		$	4,570

Equity:
Preferred stock	$	1,562		$	1,562		$	1,562		$	1,562		$	1,562
Common stock	4			4			4			4			4
Additional paid-in capital	1,933			1,918			2,027			2,299			2,298
Treasury stock, at cost	(3,070)			(3,065)			(3,202)			(3,297)			(3,400)
Retained earnings	8,834			9,448			9,890			9,825			9,806
Accumulated other comprehensive income (loss)	(1,304)			(4,165)			(6,870)			(8,992)			(6,516)
Total equity attributable to Holdings	7,959			5,702			3,411			1,401			3,754
Noncontrolling interest	1,529			1,410			1,479			1,740			1,717
Total equity	$	9,488		$	7,112		$	4,890		$	3,141		$	5,471

Total equity attributable to Holdings, (ex. AOCI): [B]	$	9,263		$	9,867		$	10,281		$	10,393		$	10,270

Capital:
Total capitalization (2)	$	11,799		$	9,542		$	7,251		$	5,243		$	8,093
Total capitalization (ex. AOCI): [A+B] (3)	$	13,103		$	13,707		$	14,121		$	14,235		$	14,609

Debt to capital:
Debt to capital (ex. AOCI) (3)	29.3		%	28.0		%	27.2		%	27.0		%	29.7		%

	For the Three Months Ended
Roll-forward of common shares outstanding (millions of shares):
Beginning balance	391.2			384.2			376.8			370.0			365.0
Repurchases	(7.9)			—			(4.7)			(3.1)			(4.5)
Retirements	(0.7)			(7.6)			(2.3)			(1.9)			(2.8)
Issuances	1.6			0.2			0.2			—			1.3
Ending basic common shares outstanding	384.2			376.8			370.0			365.0			359.1
Total potentially dilutive shares	3.1			2.3			2.3			2.3			2.2
Ending common shares outstanding - maximum potential dilution	387.3			379.1			372.3			367.3			361.3
Notes:


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

	Three Months Ended March 31, 2023
(in millions USD, unless otherwise indicated)	Individual Retirement		Group Retirement		Inv Mgmt and Research		Protection Solutions		Wealth Management		Legacy		Corporate and Other		Eliminations		Consolidated
Revenues
Policy charges, fee income and premiums	$	163	$	64	$	—	$	520	$	—	$	34	$	83	$	—	$	864
Net investment income (loss)	340		112		9		217		2		66		197		34		977
Net derivative gains (losses)	(5)		(1)		(10)		(2)		—		—		(6)		4		(20)
Investment management, service fees and other income	90		62		1,010		32		360		106		7		(218)		1,449
Segment revenues	588		237		1,009		767		362		206		281		(180)		3,270
Benefits and other deductions
Policyholders’ benefits	24		—		—		535		—		46		125		—		730
Remeasurement of liability for future policy benefits	1		—		—		6		—		—		(3)		—		4

Interest credited to policyholders’ account balances	129		50		—		125		—		12		147		—		463
Commissions and distribution related payments	60		37		148		34		228		43		5		(175)		380
Amortization of deferred policy acquisition costs	89		15		—		29		—		16		3		—		152
Compensation and benefits, interest expense and financing fees and other operating costs and expense	47		29		637		80		91		18		103		(5)		1,000
Segment benefits and other deductions	350		131		785		809		319		135		380		(180)		2,729
Operating earnings (loss), before income taxes	238		106		224		(42)		43		71		(99)		—		541
Income Taxes	(38)		(17)		(36)		7		(11)		(11)		20		—		(86)
Operating earnings (loss), before noncontrolling interest	200		89		188		(35)		32		60		(79)		—		455
Less: Operating (earnings) loss attributable to the noncontrolling interest	—		—		(89)		—		—		—		(2)		—		(91)
Operating earnings (loss)	$	200	$	89	$	99	$	(35)	$	32	$	60	$	(81)	$	—	$	364

	Three Months Ended March 31, 2022
	Individual Retirement		Group Retirement		Inv Mgmt and Research		Protection Solutions		Wealth Management		Legacy		Corporate and Other		Eliminations		Consolidated
Revenues
Policy charges, fee income and premiums	$	183	$	94	$	—	$	500	$	—	$	35	$	85	$	—	$	897
Net investment income (loss)	236		180		(23)		272		—		61		126		23		875
Net derivative gains (losses)	(8)		(5)		20		—		—		—		1		4		12
Investment Management, service fees and other income	96		66		1,138		37		376		119		11		(226)		1,617
Segment revenues	507		335		1,135		809		376		215		223		(199)		3,401
Benefits and other deductions
Policyholders’ benefits	18		—		—		550		—		36		128		—		732
Remeasurement of liability for future policy benefits	—		—		—		8		—		1		7		—		16

Interest credited to policyholders’ account balances	60		78		—		128		—		12		35		—		313
Commissions and distribution related payments	64		42		176		34		239		55		5		(193)		422
Amortization of deferred policy acquisition costs	80		15		—		29		—		16		3		—		143
Compensation and benefits, interest expense and financing fees and other operating costs and expense	41		28		675		63		93		19		140		(6)		1,053
Segment benefits and other deductions	263		163		851		812		332		139		318		(199)		2,679
Operating earnings (loss), before income taxes	244		172		284		(3)		44		76		(95)		—		722
Income Taxes	(41)		(28)		(46)		—		(12)		(13)		20		—		(120)
Operating earnings (loss), before noncontrolling interest	203		144		238		(3)		32		63		(75)		—		602
Less: Operating (earnings) loss attributable to the noncontrolling interest	—		—		(102)		—		—		—		(1)		—		(103)
Operating earnings (loss)	$	203	$	144	$	136	$	(3)	$	32	$	63	$	(76)	$	—	$	499


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

Assets Under Management

AB AUM
Total AB	$	735.4	$	646.8	$	612.7	$	646.4	$	675.9
Exclusion for General Account and other Affiliated Accounts	(75.1)		(69.4)		(66.8)		(66.8)		(69.3)
Exclusion for Separate Accounts	(45.3)		(38.4)		(36.1)		(38.2)		(39.5)
AB third party	$	615.0	$	539.0	$	509.8	$	541.4	$	567.2

Total company AUM
AB third party	$	615.0	$	539.0	$	509.8	$	541.4	$	567.2
General Account and other Affiliated Accounts (1) (3) (4)	104.5		98.3		96.7		97.4		101.2
Separate Accounts (2) (3) (4)	136.8		116.8		109.6		114.9		119.8
Total AUM	$	856.3	$	754.1	$	716.1	$	753.6	$	788.1

Total Assets Under Administration (AUA) (5)	$	78.9	$	70.4	$	68.4	$	72.4	$	75.6

Equitable Advisor Headcount
Total Number of Equitable Advisors	4,252		4,166		4,129		4,258		4,124

Notes:

(1) “General Account and Other Affiliated Accounts” refers to assets held in the general accounts of our insurance companies and other assets on which we bear the investment risk.
(2) “Separate Accounts” refers to the separate account investment assets of our insurance subsidiaries excluding any assets on which we bear the investment risk.
(3) As of March 31, 2022, June 30, 2022, September 30, 2022, December 31, 2022 and March 31, 2023, Separate Account and General Account AUM is inclusive of $15.1 billion, $60 million, $12.7 billion, $60 million, $11.7 billion, $58 million, $12.1 billion, $56 million, $12.3 billion and $54 million, respectively, Account Value ceded to Venerable. For additional information on the Venerable transaction see Note 1 of the Notes to Consolidated Financial Statements within the 10-K.
(4) As of March 31, 2022 and December 31, 2023, Separate Account is inclusive $6.0 billion and $5.6 billion & General Account AUM is inclusive $3.9 billion and $3.9 billion, respectively, Account Value ceded to Global Atlantic. For additional information on the Global Atlantic transaction see MD&A - Executive Summary “Global Atlantic Reinsurance Transaction" within the 10-K.
(5) Includes Advisory and Brokerage AUA included in our Wealth Management segment.


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

Insurance Operations

Individual Retirement
First year premiums and deposits	$	2,773	$	3,021	$	2,975	$	2,594	$	2,843	2.5	%	$	2,773	$	2,843	2.5	%
Renewal premium and deposits	113		122		139		116		132		17.3	%	113		132		17.3	%
Total Gross Premiums	$	2,886	$	3,143	$	3,114	$	2,710	$	2,975	3.1	%	$	2,886	$	2,975	3.1	%

Group Retirement
First year premiums and deposits	$	879	$	476	$	371	$	392	$	323	(63.3)	%	$	879	$	323	(63.3)	%
Renewal premium and deposits	623		657		490		560		574		(7.9)	%	623		574		(7.9)	%
Total Gross Premiums	$	1,502	$	1,133	$	861	$	952	$	897	(40.3)	%	$	1,502	$	897	(40.3)	%

Protection Solutions
First year premiums and deposits	$	116	$	99	$	101	$	108	$	103	(11.1)	%	$	116	$	103	(11.1)	%
Renewal premium and deposits (1)	662		661		668		668		683		3.1	%	662		683		3.1	%
Total Gross Premiums (1)	$	778	$	760	$	769	$	776	$	786	1.0	%	$	778	$	786	1.0	%

Investment Management and Research (in billions USD)
Gross Sales by distribution channel
Institutional (4)	$	14.3	$	3.3	$	1.9	$	12.6	$	3.0	(79.0)	%	$	14.3	$	3.0	(79.0)	%
Retail	20.6		17.3		13.8		14.2		16.8		(18.4)	%	20.6		16.8		(18.4)	%
Private Wealth	6.0		3.3		4.1		4.1		5.8		(3.3)	%	6.0		5.8		(3.3)	%
Firmwide Gross Sales (4)	$	40.9	$	23.9	$	19.8	$	30.9	$	25.6	(37.4)	%	$	40.9	$	25.6	(37.4)	%

Gross sales by investment service
Equity Active	$	17.3	$	11.4	$	8.0	$	9.3	$	8.5	(50.9)	%	$	17.3	$	8.5	(50.9)	%
Equity Passive (2) (4)	0.2		1.1		0.4		0.1		0.2		—	%	0.2		0.2		—	%
Fixed Income - Taxable	7.1		4.0		6.1		8.3		11.1		56.3	%	7.1		11.1		56.3	%
Fixed Income - Tax-Exempt	4.0		5.2		3.2		3.6		3.9		(2.5)	%	4.0		3.9		(2.5)	%
Fixed Income Passive (2) (4)	(0.1)		—		—		—		—		100.0	%	(0.1)		—		100.0	%
Alternatives/Multi-Asset Solutions (3) (4)	12.4		2.2		2.1		9.5		1.9		(84.7)	%	12.4		1.9		(84.7)	%
Firmwide Gross Sales (4)	$	40.9	$	23.9	$	19.8	$	30.9	$	25.6	(37.4)	%	$	40.9	$	25.6	(37.4)	%

Wealth Management (in millions USD)
Sales by Product Type
Advisory	$	2,745	$	2,379	$	2,114	$	1,850	$	2,316	(15.6)	%	$	2,745	$	2,316	(15.6)	%
Brokerage and Direct	711		654		805		907		$	1,099	54.6	%	711		$	1,099	54.6	%
Retirement, Premiums and Deposits (5)	2,559		2,597		2,713		2,877		3,024		18.2	%	2,559		3,024		18.2	%
Total sales	$	6,015	$	5,631	$	5,632	$	5,634	$	6,439	7.0	%	$	6,015	$	6,439	7.0	%
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.


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

Revenues
Policy charges, fee income and premiums	$	183	$	163	$	158	$	151		$	163		(10.9)	%	$	183	$	163		(10.9)	%
Net investment income (loss)	236		229		283		308			340			44.1	%	236		340			44.1	%
Net derivative gains (losses)	(8)		(10)		(16)		(8)			(5)			37.5	%	(8)		(5)			37.5	%
Investment management, service fees and other income	96		89		87		87			90			(6.3)	%	96		90			(6.3)	%
Segment revenues	507		471		512		538			588			16.0	%	507		588			16.0	%

Benefits and other deductions
Policyholders’ benefits	18		13		14		11			24			33.3	%	18		24			33.3	%
Remeasurement of Liability for Future Policy Benefits	—		(1)		(1)		(1)			1			100.0	%	—		1			100.0	%
Interest credited to policyholders’ account balances	60		66		85		107			129			115.0	%	60		129			115.0	%
Commissions and distribution-related payments	64		54		54		63			60			(6.3)	%	64		60			(6.3)	%
Amortization of deferred policy acquisition costs	80		82		85		87			89			11.3	%	80		89			11.3	%
Compensation and benefits, interest expense and financing fees and other operating costs and expense	41		30		47		47			47			14.6	%	41		47			14.6	%
Segment benefits and other deductions	263		244		284		314			350			33.1	%	263		350			33.1	%

Operating earnings (loss), before income taxes	244		227		228		224			238			(2.5)	%	244		238			(2.5)	%
Income taxes	(41)		(41)		(45)		(34)			(38)			7.3	%	(41)		(38)			7.3	%
Operating earnings (loss), before noncontrolling interest	203		186		183		190			200			(1.5)	%	203		200			(1.5)	%
Less: Operating (earnings) loss attributable to the noncontrolling interest	—		—		—		—			—			—	%	—		—			—	%
Operating earnings (loss)	$	203	$	186	$	183	$	190		$	200		(1.5)	%	$	203	$	200		(1.5)	%

Summary Metrics

Operating earnings (loss) - TTM: [A]	N/A		N/A		N/A		$	762		$	759		(40.9)	%	N/A		$	759		(40.9)	%

Average Account Value (TTM)	$	80,009	$	78,269	$	75,911	$	73,823		$	73,620		(8.0)	%	$	80,009	$	73,620		(8.0)	%

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

Net flows	$	665	$	1,166	$	1,262	$	840		$	932		40.2	%	$	665	$	932		40.2	%

First year premiums and deposits	$	2,773	$	3,021	$	2,975	$	2,594		$	2,843		2.5	%	$	2,773	$	2,843		2.5	%

In-force Policy Count by Product (in thousands):	573		578		583		587			590					573		590

Notes:


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

Sales Metrics
First Year Premiums and Deposits by Product:
SCS	$	1,926	$	2,183	$	2,038	$	1,806	$	1,997	$	1,926	$	1,997
SCS Income	67		124		204		186		243		67		243
Retirement Cornerstone	481		390		421		334		300		481		300
Investment Edge	241		289		271		235		253		241		253
Other	58		35		41		33		50		58		50
Total First Year Premiums and Deposits	$	2,773	$	3,021	$	2,975	$	2,594	$	2,843	$	2,773	$	2,843

Account Values
General Account:
Balance as of beginning of period	$	36,709	$	36,901	$	34,614	$	34,562	$	37,822	$	36,709	$	37,822
Gross premiums and deposits (1)	1,812		2,202		2,147		1,942		2,172		1,812		2,172
Surrenders, withdrawals and benefits	(892)		(813)		(723)		(764)		(870)		(892)		(870)
Net flows	920		1,389		1,424		1,178		1,302		920		1,302
Investment performance, interest credited and policy charges	(728)		(3,676)		(1,476)		2,082		2,039		(728)		2,039
Balance as of end of period	$	36,901	$	34,614	$	34,562	$	37,822	$	41,166	$	36,901	$	41,166
Separate Accounts:
Balance as of beginning of period	$	45,920	$	42,711	$	37,137	$	35,091	$	36,455	$	45,920	$	36,455
Gross premiums and deposits (1)	989		855		872		669		699		989		699
Surrenders, withdrawals and benefits	(1,244)		(1,078)		(1,034)		(1,007)		(1,069)		(1,244)		(1,069)
Net flows	(255)		(223)		(162)		(338)		(370)		(255)		(370)
Investment performance, interest credited and policy charges	(2,954)		(5,351)		(1,884)		1,702		1,545		(2,954)		1,545
Balance as of end of period	$	42,711	$	37,137	$	35,091	$	36,455	$	37,634	$	42,711	$	37,634
Total:
Balance as of beginning of period	$	82,629	$	79,612	$	71,751	$	69,653	$	74,277	$	82,629	$	74,277
Gross premiums and deposits (1)	2,801		3,057		3,019		2,611		2,871		2,801		2,871
Surrenders, withdrawals and benefits	(2,136)		(1,891)		(1,757)		(1,771)		(1,939)		(2,136)		(1,939)
Net flows	665		1,166		1,262		840		932		665		932
Investment performance, interest credited and policy charges	(3,682)		(9,027)		(3,360)		3,784		3,584		(3,682)		3,584
Other	—		—		—		—		7		—		7
Balance as of end of period	$	79,612	$	71,751	$	69,653	$	74,277	$	78,800	$	79,612	$	78,800

Net Amount at Risk (NAR)
Total GMIB NAR	$	26	$	31	$	18	$	18	$	7	$	26	$	7
Total GMWB NAR	—		—		—		—		—		—		—
Total GMDB NAR	2,016		3,856		4,804		4,248		3,458		2,016		3,458
MRB Reserves (Net of Reinsurance)	$	555	$	477	$	459	$	588	$	367	$	555	$	367
Notes:
(1) Includes deposits from certain other products not reported as first year premiums and deposits or renewal premiums and deposits elsewhere in this document.


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

Revenues
Policy charges, fee income and premiums	$	94	$	83	$	80	$	61		$	64		(31.9)	%	$	94	$	64		(31.9)	%
Net investment income (loss)	180		163		160		121			112			(37.8)	%	180		112			(37.8)	%
Net derivative gains (losses)	(5)		(9)		(13)		(3)			(1)			80.0	%	(5)		(1)			80.0	%
Investment management, service fees and other income	66		61		60		59			62			(6.1)	%	66		62			(6.1)	%
Segment revenues	335		298		287		238			237			(29.3)	%	335		237			(29.3)	%

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

Interest credited to policyholders’ account balances	78		72		79		52			50			(35.9)	%	78		50			(35.9)	%
Commissions and distribution-related payments	42		42		33		37			37			(11.9)	%	42		37			(11.9)	%
Amortization of deferred policy acquisition costs	15		15		14		15			15			—	%	15		15			—	%
Compensation and benefits, interest expense and financing fees and other operating costs and expense	28		32		37		27			29			3.6	%	28		29			3.6	%
Segment benefits and other deductions	163		161		163		131			131			(19.6)	%	163		131			(19.6)	%

Operating earnings (loss), before income taxes	172		137		124		107			106			(38.4)	%	172		106			(38.4)	%
Income taxes	(28)		(26)		(25)		(15)			(17)			39.3	%	(28)		(17)			39.3	%
Operating earnings (loss), before noncontrolling interest	144		111		99		92			89			(38.2)	%	144		89			(38.2)	%
Less: Operating (earnings) loss attributable to the noncontrolling interest	—		—		—		—			—			—	%	—		—			—	%
Operating earnings (loss)	$	144	$	111	$	99	$	92		$	89		(38.2)	%	$	144	$	89		(38.2)	%

Summary Metrics

Operating earnings (loss) - TTM: [A]	N/A		N/A		N/A		$	446		$	391		(37.3)		N/A		$	391		(37.3)	%

Average Account Value (TTM)	$	46,515	$	45,232	$	43,680	$	39,729		$	36,612		(21.3)	%	$	46,515	$	36,612		(21.3)	%

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

Net flows (1)	$	523	$	144	$	(57)	$	24		$	30		(94.3)	%	$	523	$	30		(94.3)	%

Gross premiums and deposits	$	1,502	$	1,133	$	861	$	952		$	897		(40.3)	%	$	1,502	$	897		(40.3)	%

Notes:

(1) For the three months ended March 31, 2023, net outflows of $180 million are excluded as these amounts are related to ceded AV to Global Atlantic.

Group Retirement - Select Operating Metrics


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

Sales Metrics
Gross premiums and deposits:
First-year premiums and deposits	$	879	$	476	$	371	$	392	$	323	$	879	$	323
Renewal premiums and deposits	623		657		490		560		574		623		574
Group Retirement premiums and deposits	$	1,502	$	1,133	$	861	$	952	$	897	$	1,502	$	897

Gross premiums and deposits by market:
Tax-exempt	$	219	$	231	$	293	$	258	$	211	$	219	$	211
Corporate	89		62		69		103		84		89		84
Institutional	565		179		3		25		25		565		25
Other	6		4		6		6		3		6		3
Total First Year Premiums and Deposits	879		476		371		392		323		879		323
Tax-exempt	468		518		364		435		428		468		428
Corporate	103		94		93		87		105		103		105
Institutional	—		—		—		—		—		—		—
Other	52		45		33		38		41		52		41
Total renewal premiums and deposits	623		657		490		560		574		623		574
Group Retirement premiums and deposits by market	$	1,502	$	1,133	$	861	$	952	$	897	$	1,502	$	897

Account Values and Assets under Administration
General Account:
Balance as of beginning of period	$	13,046	$	13,171	$	13,240	$	13,234	$	9,175	$	13,046	$	9,175
Gross premiums and deposits	329		299		242		239		201		329		201
Surrenders, withdrawals and benefits	(270)		(256)		(304)		(333)		(331)		(270)		(331)
Net flows (1)	59		43		(62)		(94)		(130)		59		(130)
Investment performance, interest credited and policy charges (1)	66		26		56		87		80		66		80
Ceded to Global Atlantic (2)	—		—		—		(4,052)		—		—		—
Other (3)	—		—		—		—		8		—		8
Balance as of end of period	$	13,171	$	13,240	$	13,234	$	9,175	$	9,133	$	13,171	$	9,133

Separate Accounts and Mutual Funds
Balance as of beginning of period	$	34,763	$	32,864	$	27,927	$	26,476	$	22,830	$	34,763	$	22,830
Gross premiums and deposits	1,173		834		619		713		697		1,173		697
Surrenders, withdrawals and benefits	(709)		(733)		(614)		(595)		(537)		(709)		(537)
Net flows (1)	464		101		5		118		160		464		160
Investment performance, interest credited and policy charges (1)	(2,363)		(5,038)		(1,456)		1,547		1,422		(2,363)		1,422
Ceded to Global Atlantic (2)	—		—		—		(5,311)		—		—		—
Other (3)	—		—		—		—		22		—		22
Balance as of end of period	$	32,864	$	27,927	$	26,476	$	22,830	$	24,434	$	32,864	$	24,434

Total:
Balance as of beginning of period	$	47,809	$	46,035	$	41,167	$	39,710	$	32,005	$	47,809	$	32,005
Gross premiums and deposits	1,502		1,133		861		952		898		1,502		898
Surrenders, withdrawals and benefits	(979)		(989)		(918)		(928)		(868)		(979)		(868)
Net flows (1)	523		144		(57)		24		30		523		30
Investment performance, interest credited and policy charges (1)	(2,297)		(5,012)		(1,400)		1,634		1,502		(2,297)		1,502
Transfer from (to) GR
Ceded to Global Atlantic (2)	—		—		—		(9,363)		—		—		—
Other (3)	—		—		—		—		30		—		30
Balance as of end of period	$	46,035	$	41,167	$	39,710	$	32,005	$	33,567	$	46,035	$	33,567
Notes:


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

Revenues
Net investment income (loss)	$	(23)		$	(26)		$	(9)		$	15		$	9		139.1	%	$	(23)		$	9		139.1	%
Net derivative gains (losses)	20			22			15			(16)			(10)			(150.0)	%	20			(10)			(150.0)	%
Investment management, service fees and other income	1,138			1,007			990			972			1,010			(11.2)	%	1,138			1,010			(11.2)	%
Segment Revenues	1,135			1,003			996			971			1,009			(11.1)	%	1,135			1,009			(11.1)	%

Benefits and other deductions
Commissions and distribution-related payments	176			159			152			143			148			(15.9)	%	176			148			(15.9)	%
Compensation and benefits, interest expense and financing fees and other operating costs and expense	675			623			641			598			637			(7.7)	%	675			637			(7.7)	%
Total benefits and other deductions	851			782			793			741			785			(7.8)	%	851			785			(7.8)	%

Operating earnings (loss), before income taxes	284			221			203			230			224			(21.1)	%	284			224			(21.1)	%
Income taxes	(46)			(40)			(35)			(41)			(36)			21.7	%	(46)			(36)			21.7	%
Operating earnings (loss), before noncontrolling interest	238			181			168			189			188			(21.0)	%	238			188			(21.0)	%
Less: Operating (earnings) loss attributable to the noncontrolling interest	(102)			(80)			(75)			(95)			(89)			12.7	%	(102)			(89)			12.7	%
Operating earnings (loss)	$	136		$	101		$	94		$	94		$	99		(27.2)	%	$	136		$	99		(27.2)	%

Summary Metrics

Adjusted operating margin (1)	31.5		%	27.7		%	25.1		%	28.9		%	27.0		%			31.5		%	27.0		%

Net flows (in billions USD) (2)	$	11.4		$	(2.7)		$	(10.5)		$	(1.9)		$	0.8				$	11.4		$	0.8

Total AUM (in billions USD)	$	735.4		$	646.8		$	612.7		$	646.4		$	675.9				$	735.4		$	675.9

Ownership Structure of AB

Holdings and its subsidiaries	63.0		%	63.5		%	62.8		%	59.9		%	60.0		%			63.0		%	60.0		%
AB Holding	36.3		%	35.7		%	36.5		%	39.4		%	39.3		%			36.3		%	39.3		%
Unaffiliated holders	0.7		%	0.8		%	0.7		%	0.7		%	0.7		%			0.7		%	0.7		%
Total	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%			100.0		%	100.0		%

EQH economic interest	64.5		%	65.0		%	64.3		%	61.3		%	61.4		%			64.5		%	61.4		%
EQH average economic interest	64.5		%	64.8		%	64.3		%	62.4		%	61.4		%			64.5		%	61.4		%

Units of limited partnership outstanding (in millions)	271.8			269.4			272.6			286.0			285.7					271.8			285.7
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)	3/31/2022		6/30/2022		9/30/2022		12/31/2022		3/31/2023

AUM Roll-forward
Balance as of beginning of period	$	778.6	$	735.4	$	646.8	$	612.7	$	646.4
Sales/new accounts	40.9		23.9		19.8		30.9		25.6
Redemptions/terminations	(24.6)		(22.6)		(24.9)		(23.2)		(20.6)
Cash flow/unreinvested dividends	(4.9)		(4.0)		(5.4)		(9.6)		(4.2)
Net long-term (outflows) inflows (5)	11.4		(2.7)		(10.5)		(1.9)		0.8
Adjustment (3)	—		(0.4)		—		—		—
Acquisition (4)	—		—		12.2		—		—
Market appreciation (depreciation)	(54.6)		(85.5)		(35.8)		35.6		28.7
Net change	(43.2)		(88.6)		(34.1)		33.7		29.5
Balance as of end of period	$	735.4	$	646.8	$	612.7	$	646.4	$	675.9

Ending Assets by distribution channel
Institutions	$	325.9	$	290.5	$	279.4	$	297.3	$	306.6
Retail	292.6		251.0		232.3		242.9		256.7
Private Wealth	116.9		105.3		101.0		106.2		112.6
Total	$	735.4	$	646.8	$	612.7	$	646.4	$	675.9

Ending Assets by investment service
Equity
Actively Managed	$	265.2	$	223.2	$	202.9	$	217.9	$	229.1
Passively Managed (1)	66.2		55.7		52.1		53.8		56.6
Total Equity	$	331.4	$	278.9	$	255.0	$	271.7	$	285.7
Fixed Income
Actively Managed	$	280.8	$	254.7	$	239.1	$	242.8	$	253.7
Passively Managed (1)	12.7		12.3		9.5		9.4		9.5
Total Fixed Income	293.5		267.0		248.6		252.2		263.2
Total Alternatives/Multi-Asset Solutions (2)	110.5		100.9		109.1		122.5		127.0
Total	$	735.4	$	646.8	$	612.7	$	646.4	$	675.9

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										For the Three Months Ended
(in billions USD, unless otherwise indicated)	3/31/2022		6/30/2022		9/30/2022		12/31/2022		3/31/2023		3/31/2022		3/31/2023
Net Flows by Distribution Channel
Institutions
US	$	0.4	$	0.6	$	(0.6)	$	(2.2)	$	—	$	0.4	$	—
Global and Non-US	9.8		0.1		(5.7)		3.9		(2.7)		9.8		(2.7)
Total Institutions	$	10.2	$	0.7	$	(6.3)	$	1.7	$	(2.7)	$	10.2	$	(2.7)
Retail
US	$	4.2	$	2.3	$	(0.3)	$	(0.7)	$	—	$	4.2	$	—
Global and Non-US (4)	(5.2)		(4.6)		(4.7)		(2.7)		1.6		(5.2)		1.6
Total Retail (4)	$	(1.0)	$	(2.3)	$	(5.0)	$	(3.4)	$	1.6	$	(1.0)	$	1.6
Private Wealth
US (4)	$	1.4	$	(1.1)	$	0.5	$	0.1	$	2.0	$	1.4	$	2.0
Global and Non-US (4)	0.8		—		0.3		(0.3)		(0.1)		0.8		(0.1)
Total Private Wealth	$	2.2	$	(1.1)	$	0.8	$	(0.2)	$	1.9	$	2.2	$	1.9
Total Net Flows by Distribution Channel (4)	$	11.4	$	(2.7)	$	(10.5)	$	(1.9)	$	0.8	$	11.4	$	0.8
Net Flows by Investment Service
Equity Active
US	$	4.7	$	0.8	$	(0.3)	$	—	$	(1.4)	$	4.7	$	(1.4)
Global and Non-US	(0.1)		(0.5)		(4.7)		(2.6)		(2.0)		(0.1)		(2.0)
Total Equity Active (4)	$	4.6	$	0.3	$	(5.0)	$	(2.6)	$	(3.4)	$	4.6	$	(3.4)
Equity Passive (1)
US	$	(0.7)	$	0.5	$	(0.2)	$	(2.0)	$	(0.6)	$	(0.7)	$	(0.6)
Global and Non-US	(1.1)		(0.7)		(0.7)		(0.3)		(0.2)		(1.1)		(0.2)
Total Equity Passive (1)	$	(1.8)	$	(0.2)	$	(0.9)	$	(2.3)	$	(0.8)	$	(1.8)	$	(0.8)
Fixed Income - Taxable (3)
US	$	0.3	$	(1.3)	$	(0.1)	$	(0.2)	$	2.5	$	0.3	$	2.5
Global and Non-US	(5.0)		(4.3)		(3.5)		(3.8)		1.0		(5.0)		1.0
Total Fixed Income - Taxable	$	(4.7)	$	(5.6)	$	(3.6)	$	(4.0)	$	3.5	$	(4.7)	$	3.5
Fixed Income - Tax-Exempt
US	$	1.0	$	0.6	$	—	$	(1.0)	$	1.6	$	1.0	$	1.6
Global and Non-US	—		0.1		—		(0.1)		—		—		—
Total Fixed Income - Tax-Exempt	$	1.0	$	0.7	$	—	$	(1.1)	$	1.6	$	1.0	$	1.6
Fixed Income - Passive (1)
US	$	(0.2)	$	0.5	$	(0.2)	$	(0.3)	$	(0.1)	$	(0.2)	$	(0.1)
Global and Non-US	0.6		0.2		(1.9)		—		(0.1)		0.6		(0.1)
Total Fixed Income - Passive (1)	$	0.4	$	0.7	$	(2.1)	$	(0.3)	$	(0.2)	$	0.4	$	(0.2)
Alternatives/Multi-Asset Solutions (2)
US	$	0.9	$	0.5	$	0.4	$	0.7	$	—	$	0.9	$	—
Global and Non-US	11.0		0.9		0.7		7.7		0.1		11.0		0.1
Total Alternatives/Multi-Asset Solutions (2)	$	11.9	$	1.4	$	1.1	$	8.4	$	0.1	$	11.9	$	0.1
Total Net Flows by Investment Service	$	11.4	$	(2.7)	$	(10.5)	$	(1.9)	$	0.8	$	11.4	$	0.8
Active vs. Passive Net Flows
Actively Managed
Equity	$	4.6	$	0.3	$	(5.0)	$	(2.6)	$	(3.4)	$	4.6	$	(3.4)
Fixed Income (3)	(3.7)		(4.8)		(3.6)		(5.1)		5.1		(3.7)		5.1
Alternatives/Multi-Asset Solutions (2)	11.3		1.1		0.8		7.6		0.1		11.3		0.1
Total	$	12.2	$	(3.4)	$	(7.8)	$	(0.1)	$	1.8	$	12.2	$	1.8
Passively Managed (1)
Equity	$	(1.8)	$	(0.3)	$	(0.9)	$	(2.3)	$	(0.8)	$	(1.8)	$	(0.8)
Fixed Income	0.4		0.7		(2.1)		(0.3)		(0.2)		0.4		(0.2)
Alternatives/Multi-Asset Solutions (2)	0.6		0.3		0.3		0.8		—		0.6		—
Total	$	(0.8)	$	0.7	$	(2.7)	$	(1.8)	$	(1.0)	$	(0.8)	$	(1.0)
Total Active vs Passive Net Flows	$	11.4	$	(2.7)	$	(10.5)	$	(1.9)	$	0.8	$	11.4	$	0.8
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.


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

Revenues
Policy charges, fee income and premiums	$	500		$	505		$	502		$	511		$	520		4.0	%	$	500		$	520		4.0	%
Net investment income (loss)	272			252			236			221			217			(20.2)	%	272			217			(20.2)	%
Net derivative gains (losses)	—			(5)			(13)			(2)			(2)			(100.0)	%	—			(2)			(100.0)	%
Investment management, service fees and other income	37			37			34			33			32			(13.5)	%	37			32			(13.5)	%
Segment revenues	809			789			759			763			767			(5.2)	%	809			767			(5.2)	%

Benefits and other deductions
Policyholders’ benefits	550			396			430			520			535			(2.7)	%	550			535			(2.7)	%
Remeasurement of liability for future policy benefits	8			5			22			12			6			(25.0)	%	8			6			(25.0)	%

Interest credited to policyholders’ account balances	128			122			130			131			125			(2.3)	%	128			125			(2.3)	%
Commissions and distribution-related payments	34			34			31			43			34			—	%	34			34			—	%
Amortization of deferred policy acquisition costs	29			29			29			30			29			—	%	29			29			—	%
Compensation and benefits, interest expense and financing fees and other operating costs and expense	63			70			79			78			80			27.0	%	63			80			27.0	%
Segment benefits and other deductions	812			656			721			814			809			(0.4)	%	812			809			(0.4)	%

Operating earnings (loss), before income taxes	(3)			133			38			(51)			(42)			N/M		(3)			(42)			N/M
Income taxes	—			(23)			(8)			11			7			100.0	%	—			7			100.0	%
Operating earnings (loss), before noncontrolling interest	(3)			110			30			(40)			(35)			N/M		(3)			(35)			N/M
Less: Operating (earnings) loss attributable to the noncontrolling interest	—			—			—			(1)			—			—	%	—			—			—	%
Operating earnings (loss)	$	(3)		$	110		$	30		$	(41)		$	(35)		N/M		$	(3)		$	(35)		N/M

Summary Metrics

Operating earnings (loss) - TTM: [A]	N/A			N/A			N/A			$	97		$	65		(76.2)	%	N/A			$	65		(76.2)	%

Benefit ratio	83.8		%	65.7		%	73.8		%	86.9		%	86.0		%			83.8		%	86.0		%

Gross written premiums (1)	$	778		$	760		$	769		$	776		$	786		1.0	%	$	778		$	786		1.0	%

Annualized premiums	$	77		$	67		$	74		$	74		$	292		279.6	%	$	77		$	292		279.6	%

Total in-force face amount (in billions USD) (2)	$	421.8		$	420.6		$	418.3		$	417.0		$	415.5		(1.5)	%	$	421.8		$	415.5		(1.5)	%

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


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

Sales Metrics
First Year Premiums and Deposits by Product Line:
Universal Life	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Indexed Universal Life	6		4		4		5		2		6		2
Variable Universal Life	85		76		71		77		72		85		72
Term	4		3		3		3		3		4		3
Employee Benefits	21		16		23		22		26		21		26
Other (1)	—		—		—		1		—		—		—
Total	$	116	$	99	$	101	$	108	$	103	$	116	$	103

Renewals by Product Line:
Universal Life	$	193	$	185	$	207	$	179	$	188	$	193	$	188
Indexed Universal Life	80		76		74		74		76		80		76
Variable Universal Life (2)	249		239		244		257		258		249		258
Term	93		94		90		96		94		93		94
Employee Benefits	43		63		49		57		63		43		63
Other (1)	4		4		4		5		4		4		4
Total	662		661		668		668		683		662		683
Total Gross Premiums	$	778	$	760	$	769	$	776	$	786	$	778	$	786

In-force Metrics
In-force Face Amount by Product (3) (in billions):
Universal Life (4)	$	44.9	$	44.4	$	43.7	$	43.1	$	42.5	$	44.9	$	42.5
Indexed Universal Life	27.9		27.7		27.6		27.5		27.3		27.9		27.3
Variable Universal Life (5)	132.9		132.6		132.8		133.4		133.9		132.9		133.9
Term	214.9		214.7		213.0		211.9		210.5		214.9		210.5
Whole Life	1.2		1.2		1.2		1.1		1.2		1.2		1.2
Total	$	421.8	$	420.6	$	418.3	$	417.0	$	415.5	$	421.8	$	415.5

In-force Policy Count by Product (3) (in thousands):
Universal Life (4)	134		132		130		129		127		134		127
Indexed Universal Life	65		65		64		64		64		65		64
Variable Universal Life (5)	293		293		293		293		292		293		292
Term	264		262		259		256		253		264		253
Whole Life	16		16		16		15		15		16		15
Total	772		768		762		757		751		772		751

Protection Solutions Reserves
General Account	$	18,432	$	18,241	$	18,243	$	18,237	$	18,137	$	18,432	$	18,137
Separate Accounts	15,883		13,524		12,783		13,634		14,562		15,883		14,562
Total	$	34,315	$	31,765	$	31,026	$	31,871	$	32,699	$	34,315	$	32,699

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.


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

Revenues

Net investment income (loss)	$	—		$	—		$	1		$	1		$	2		100.0	%	$	—		$	2		100.0	%
Net derivative gains (losses)	—			—			—			—			—			—	%	—			—			—	%
Investment management, service fees and other income	376			368			352			348			360			(4.3)	%	376			360			(4.3)	%
Segment revenues	376			368			353			349			362			(3.7)	%	376			362			(3.7)	%

Benefits and other deductions




Commissions and distribution-related payments	239			245			231			225			228			(4.6)	%	239			228			(4.6)	%

Compensation and benefits, interest expense and financing fees and other operating costs and expense	93			91			92			94			91			(2.2)	%	93			91			(2.2)	%
Segment benefits and other deductions	332			336			323			319			319			(3.9)	%	332			319			(3.9)	%

Operating earnings (loss), before income taxes	44			32			30			30			43			(2.3)	%	44			43			(2.3)	%
Income taxes	(12)			(8)			(8)			(7)			(11)			8.3	%	(12)			(11)			8.3	%
Operating earnings (loss), before noncontrolling interest	32			24			22			23			32			—	%	32			32			—	%
Less: Operating (earnings) loss attributable to the noncontrolling interest	—			—			—			—			—			—	%	—			—			—	%
Operating earnings (loss)	$	32		$	24		$	22		$	23		$	32		—	%	$	32		$	32		—	%
																1.2824427480916								1.2824427480916
Revenue by Activity Type

Investment management, service fees and other income :
Investment management and advisory fees	139			135			125			120			127			(8.7)	%	139			127			(8.7)	%
Distribution fees	233			227			219			213			218			(6.7)	%	233			218			(6.7)	%
Interest Income	—			2			5			8			11			N/M		—			11			N/M
Service and Other income	3			5			3			6			4			25.1	%	3			4			25.1	%

Total Investment management, service fees and other income	$	376		$	369		$	351		$	347		$	360		(4.3)	%	$	376		$	360		(4.3)	%
Summary Metrics
Pre-tax operating margin	11.70		%	8.70		%	8.50		%	8.60		%	11.88		%			11.70		%	11.88		%
Net flows	1,659			1,161			1,117			575			1,418			(14.5)	%	1,659			1,418			(14.5)	%

Total AUA	$	78,873		$	70,411		$	68,393		$	72,406		$	75,640		(4.1)	%	$	78,873		$	75,640		(4.1)	%

Notes:


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

AUA Roll-forward
Advisory assets :
Beginning assets	$	50,575	$	49,150	$	43,994	$	42,645	$	45,544	$	50,575	$	45,544
Net flows	1,531		988		809		186		828		1,531		828
Market appreciation (depreciation) and other	(2,956)		(6,144)		(2,157)		2,713		1,473		(2,956)		1,473
Total advisory ending assets	$	49,150	$	43,994	$	42,645	$	45,544	$	47,845	$	49,150	$	47,845

Brokerage and direct assets	$	29,723	$	26,417	$	25,748	$	26,862	$	27,796	$	29,723	$	27,796

Total Wealth Management assets
Beginning assets	$	82,794	$	78,873	$	70,411	$	68,393	$	72,406	$	82,794	$	72,406
Net flows	1,659		1,161		1,117		575		1,418		1,659		1,418
Market appreciation (depreciation) and other	(5,581)		(9,622)		(3,135)		3,437		1,816		(5,581)		1,816
Total Wealth Management ending assets	$	78,873	$	70,411	$	68,393	$	72,406	$	75,640	$	78,873	$	75,640

Cash balances	$	3,467	$	3,748	$	3,672	$	3,566	$	3,200	$	3,467	$	3,200

Advisors
Advisors	4,252		4,166		4,129		4,258		4,124		4,252		4,124
Revenue per advisor TTM ($ thousands)	N/A		N/A		N/A		$	344	$	343	N/A		$	343

Sales by Product Type
Advisory	$	2,745	$	2,379	$	2,114	$	1,850	$	2,316	$	2,745	$	2,316
Brokerage and Direct	711		654		805		907		1,099		711		1,099
Retirement, Premiums and Deposits	2,559		2,597		2,713		2,877		3,024		2,559		3,024
Total sales	$	6,015	$	5,631	$	5,632	$	5,634	$	6,439	$	6,015	$	6,439

Notes:


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

Revenues
Policy charges, fee income and premiums	$	35	$	37	$	37	$	30		$	34		(2.9)	%	$	35	$	34		(2.9)	%
Net investment income (loss)	61		59		65		67			66			8.2	%	61		66			8.2	%
Net derivative gains (losses)	—		—		—		—			—			—	%	—		—			—	%
Investment management, service fees and other income	119		103		102		104			106			(10.9)	%	119		106			(10.9)	%
Segment revenues	215		199		204		201			206			(4.2)	%	215		206			(4.2)	%

Benefits and other deductions
Policyholders’ benefits	36		38		45		48			46			27.8	%	36		46			27.8	%
Remeasurement of liability for future policy benefits	1		1		(1)		(1)			—			(100.0)	%	1		—			(100.0)	%

Interest credited to policyholders’ account balances	12		13		13		11			12			—	%	12		12			—	%
Commissions and distribution-related payments	55		47		42		43			43			(21.8)	%	55		43			(21.8)	%
Amortization of deferred policy acquisition costs	16		17		16		16			16			—	%	16		16			—	%
Compensation and benefits, interest expense and financing fees and other operating costs and expense	19		14		26		7			18			(5.3)	%	19		18			(5.3)	%
Segment benefits and other deductions	139		130		141		124			135			(2.9)	%	139		135			(2.9)	%

Operating earnings (loss), before income taxes	76		69		63		77			71			(6.6)	%	76		71			(6.6)	%
Income taxes	(13)		(12)		(13)		(12)			(11)			15.4	%	(13)		(11)			15.4	%
Operating earnings (loss), before noncontrolling interest	63		57		50		65			60			(4.8)	%	63		60			(4.8)	%
Less: Operating (earnings) loss attributable to the noncontrolling interest	—		—		—		—			—			—	%	—		—			—	%
Operating earnings (loss)	$	63	$	57	$	50	$	65		$	60		(4.8)	%	$	63	$	60		(4.8)	%

Summary Metrics

Operating earnings (loss) - TTM: [A]	N/A		N/A		N/A		$	235		$	232		N/A		N/A		$	232		N/A

Average Account Value (TTM)	$	36,934	$	30,893	$	24,854	$	22,905		$	21,721		N/A		$	36,934	$	21,721		N/A

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




Net flows (1)	$	(613)	$	(531)	$	(499)	$	(589)		$	(523)		14.7	%	$	(613)	$	(523)		14.7	%

In-force Policy Count by Product (in thousands) (2):	313		308		303		299			293					313		293

Notes:
Some financial metrics have been revised for prior periods; for additional information, please refer to the 10-Q
(1)Net flows excluded as it relates to AV ceded to Venerable for the discrete periods of March 31, 2022, June 30, 2022, September 30, 2022, December 31, 2022 and March 31, 2023 were $(316) million, $(266) million, $(258) million, $(312) million and $(292) million, respectively.
(2) As of March 31, 2022, June 30, 2022, September 30, 2022, December 31, 2022 and March 31, 2023, In-force Policy Count by Product presented on a gross basis includes 104 thousand, 102 thousand, 101 thousand, 99 thousand and 98 thousand ceded policies, respectively, related to the Venerable transaction.


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


















Account Values
General Account:
Balance as of beginning of period	$	988	$	973	$	960	$	947	$	925	$	988	$	925
Net flows (1)	(22)		(18)		(20)		(27)		(26)		(22)		(26)
Investment performance, interest credited and policy charges (2)	7		5		7		5		6		7		6
Ceded to Venerable	—		—		—		—		—		—		—
Balance as of end of period	$	973	$	960	$	947	$	925	$	905	$	973	$	905
Separate Accounts:
Balance as of beginning of period	$	28,287	$	25,785	$	21,553	$	19,922	$	20,557	$	28,287	$	20,557
Net flows (1)	(591)		(513)		(479)		(562)		(497)		(591)		(497)
Investment performance, interest credited and policy charges (2)	(1,911)		(3,719)		(1,152)		1,197		1,055		(1,911)		1,055
Ceded to Venerable	—		—		—		—		—		—		$	—
Balance as of end of period	$	25,785	$	21,553	$	19,922	$	20,557	$	21,115	$	25,785	$	21,115
Total:
Balance as of beginning of period	$	29,275	$	26,758	$	22,513	$	20,869	$	21,482	$	29,275	$	21,482
Net flows (1)	(613)		(531)		(499)		(589)		(523)		(613)		(523)
Investment performance, interest credited and policy charges (2)	(1,904)		(3,714)		(1,145)		1,202		1,061		(1,904)		1,061
Ceded to Venerable	$	—	—		—		—		—		—		—
Balance as of end of period	$	26,758	$	22,513	$	20,869	$	21,482	$	22,020	$	26,758	$	22,020
Net Amount at Risk (NAR)
Total GMIB NAR	$	3,701	$	4,201	$	3,535	$	3,211	$	4,107	$	3,701	$	4,107
Total GMDB NAR	$	8,840	$	11,358	$	12,207	$	11,428	$	11,184	$	8,840	$	11,184
MRB Reserves (Net of Reinsurance)	$	4,425	$	3,985	$	3,877	$	4,287	$	3,414	$	4,425	$	3,414


Notes:
(1)Net flows excluded as it relates to AV ceded to Venerable for the discrete periods of March 31, 2022, June 30, 2022, September 30, 2022, December 31, 2022 and March 31, 2023 were $(316) million, $(266) million, $(258) million, $(312) million and $(292) million, respectively.
(2) Investment performance, interest credited and policy charges of $(1.2) billion, $(2.2) billion, $(721) million, $689 million,$671 million and $575 million for the three months ended March 31, 2022, June 30, 2022, September 30, 2022, December 31, 2022 and March 31, 2023, respectively, are not included as it excludes activity related to ceded AV to Venerable.


	Balances as of
(in millions USD, unless otherwise indicated)	December 31, 2022				March 31, 2023
	Amount (1)		% of Total		Amount (1)		% of Total
Composition of investment portfolio
Fixed maturities, available-for-sale, at fair value	$	63,361	65.1	%	$	65,065	64.3	%
Fixed maturities, at fair value using the fair value option	1,508		1.5	%	1,543		1.5	%
Mortgage loans on real estate	16,481		16.9	%	16,969		16.8	%
Policy loans	4,033		4.1	%	4,028		4.0	%
Other equity investments	3,152		3.2	%	3,179		3.1	%
Other invested assets	3,885		4.0	%	4,611		4.6	%
Subtotal investment assets	92,420		94.9	%	95,395		94.2	%
Trading securities	677		0.7	%	828		0.8	%
Total investments	93,097		95.6	%	96,223		95.0	%
Cash and cash equivalents	4,281		4.4	%	5,018		5.0	%
Total	$	97,378	100.0	%	$	101,241	100.0	%

General Account AFS Fixed maturities by industry (Based on amortized cost)
Corporate securities:
Finance	$	13,537	18.7	%	$	14,070	19.4	%
Manufacturing	11,797		16.3	%	11,667		16.1	%
Utilities	6,808		9.4	%	6,693		9.2	%
Services	8,299		11.5	%	8,257		11.4	%
Energy	3,740		5.2	%	3,759		5.2	%
Retail and wholesale	3,394		4.7	%	3,438		4.7	%
Transportation	2,277		3.2	%	2,345		3.2	%
Other	124		0.2	%	134		0.2	%
Total corporate securities	49,976		69.2	%	50,363		69.6	%
U.S. government and agency	7,054		9.8	%	6,991		9.7	%
Residential mortgage-backed (2)	908		1.3	%	930		1.3	%
Preferred stock	41		0.1	%	40		0.1	%
State & municipal	609		0.8	%	638		0.9	%
Foreign governments	985		1.4	%	1,028		1.4	%
Commercial mortgage-backed	3,823		5.3	%	3,856		5.3	%
Asset-backed securities	8,859		12.3	%	8,548		11.8	%
Total	$	72,255	100.0	%	$	72,394	100.0	%

General Account AFS Fixed maturities credit quality (3) (Based on amortized cost)
Aaa, Aa, A (NAIC Designation 1)	$	44,612	61.7	%	$	44,701	61.7	%
Baa (NAIC Designation 2)	24,843		34.4	%	25,057		34.6	%
Investment grade	69,454		96.1	%	69,758		96.4	%
Below investment grade (NAIC Designation 3 and 4)	2,800		3.9	%	2,636		3.6	%
Total	$	72,255	100.0	%	$	72,394	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 Three Months Ended or As of								Years Ended or As of
(in millions USD, unless otherwise indicated)	March 31, 2022				March 31, 2023				December 31, 2022
	Yield		Amount (2)		Yield		Amount (2)		Yield		Amount (2)
Fixed Maturities:
Income (loss)	3.29	%	$	598	3.95	%	$	714	3.57	%	$	2,619
Ending assets			72,866				72,394				72,255
Mortgages:
Income (loss)	3.89	%	139		4.24	%	177		3.92	%	587
Ending assets			14,452				16,969				16,481
Other Equity Investments (1):
Income (loss)	11.02	%	81		4.68	%	41		5.21	%	171
Ending assets			3,006				3,498				3,433
Policy Loans:
Income	5.74	%	58		5.12	%	52		5.35	%	215
Ending assets			4,010				4,028				4,033
Cash and Short-term Investments:
Income	(0.16)	%	(1)		(5.00)	%	(23)		(1.44)	%	(24)
Ending assets			2,645				2,219				1,419
Funding Agreements:
Interest expense and other			(12)				(87)				(156)
Ending (liabilities)			(6,088)				(8,366)				(8,501)
Total invested Assets:
Income	3.85	%	863		3.89	%	873		3.79	%	3,412
Ending assets			90,891				90,742				89,120
Short Duration Fixed Maturities:
Income (loss)	3.67	%	1		3.79	%	1		3.62	%	5
Ending assets			137				87				87
Total Net Investment Income:
Investment income	3.85	%	864		3.89	%	874		3.79	%	3,417
Less: investment fees (3)	(0.13)	%	(29)		(0.17)	%	(39)		(0.15)	%	(138)
Investment income, net	3.72	%	$	835	3.71	%	$	835	3.63	%	$	3,279
General Account Ending Net Assets			$	91,028			$	90,829			$	89,207
Operating Earnings adjustments:
Funding Agreements interest expense			12				87				156
AB and other non-General Account investment income			29				55				84
Operating Net investment income (loss)			$	876			$	977			$	3,519
Notes:

(1) Includes, as of March 31, 2022, March 31, 2023 and December 31, 2021 $314 million, $394 million and $400 million of other invested assets. Amounts for certain consolidated VIE investments are shown net of associated non-controlling interest.
(2) Amount for fixed maturities and mortgages represents original cost, reduced by repayments, write-downs, adjusted amortization of premiums, accretion of discount and allowances. Cost for equity securities represents original cost reduced by write-downs; cost for other limited partnership interests represents original cost adjusted for equity in earnings and reduced by distributions.
(3) Investment fees are inclusive of investment management fees paid to AB.


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

TOTAL
Beginning balance	$	6,113	$	6,180	$	6,254	$	6,322	$	6,369	$	6,113	$	6,369
Capitalization of commissions, sales and issue expenses	210		219		215		198		202		210		202
Amortization	(143)		(145)		(147)		(151)		(152)		(143)		(152)
Ending balance	$	6,180	$	6,254	$	6,322	$	6,369	$	6,419	$	6,180	$	6,419

Individual Retirement
Beginning balance	$	3,013	$	3,065	$	3,127	$	3,180	$	3,219	$	3,013	$	3,219
Capitalization of commissions, sales and issue expenses	132		144		137		126		134		132		134
Amortization	(80)		(82)		(84)		(87)		(89)		(80)		(89)
Ending balance	$	3,065	$	3,127	$	3,180	$	3,219	$	3,264	$	3,065	$	3,264

Group Retirement
Beginning balance	$	771	$	778	$	785	$	792	$	800	$	771	$	800
Capitalization of commissions, sales and issue expenses	22		21		22		23		19		22		19
Amortization	(15)		(14)		(15)		(15)		(15)		(15)		(15)
Ending balance	$	778	$	785	$	792	$	800	$	804	$	778	$	804

Protection Solutions
Beginning balance	$	1,559	$	1,579	$	1,596	$	1,614	$	1,630	$	1,559	$	1,630
Capitalization of commissions, sales and issue expenses	49		46		47		46		43		49		43
Amortization	(29)		(29)		(29)		(30)		(29)		(29)		(29)
Ending balance	$	1,579	$	1,596	$	1,614	$	1,630	$	1,644	$	1,579	$	1,644

Legacy
Beginning balance	$	631	$	623	$	614	$	606	$	593	$	631	$	593
Capitalization of commissions, sales and issue expenses	8		8		9		3		6		8		6
Amortization	(16)		(17)		(17)		(16)		(16)		(16)		(16)
Ending balance	$	623	$	614	$	606	$	593	$	583	$	623	$	583

Corporate and Other
Beginning balance	$	139	$	135	$	132	$	130	$	127	$	139	$	127
Capitalization of commissions, sales and issue expenses	(1)		—		—		—		—		(1)		—
Amortization	(3)		(3)		(2)		(3)		(3)		(3)		(3)
Ending balance	$	135	$	132	$	130	$	127	$	124	$	135	$	124


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 the variable annuity product MRBs. This is a large source of volatility in net income.
Non-GAAP Operating Earnings equals our consolidated after-tax net income attributable to Holdings adjusted to eliminate the impact of the following items:
•			Items related to variable annuity product features, which include: (i) changes in the fair value of market risk benefits and purchased market risk benefits, including the related attributed fees and claims, offset by derivatives and other securities used to hedge the market risk benefits which result in residual net income volatility as the change in fair value of certain securities is reflected in OCI and due to our statutory capital hedge program; and (ii) market adjustments to deposit asset or liability accounts arising from reinsurance agreements which do not expose the reinsurer to a reasonable possibility of a significant loss from insurance risk;
•			Investment (gains) losses, which includes credit loss impairments of securities/investments, sales or disposals of securities/investments, realized capital gains/losses and valuation allowances;
•			Net actuarial (gains) losses, which includes actuarial gains and losses as a result of differences between actual and expected experience on pension plan assets or projected benefit obligation during a given period related to pension, other postretirement benefit obligations, and the one-time impact of the settlement of the defined benefit obligation;
•			Other adjustments, which primarily include restructuring costs related to severance and separation, lease write-offs related to non-recurring restructuring activities, COVID-19 related impacts, net derivative gains (losses) on certain Non-GMxB derivatives, net investment income from certain items including consolidated VIE investments, seed capital mark-to-market adjustments, unrealized gain/losses and realized capital gains/losses from sales or disposals of select securities, certain legal accruals; 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, and a decrease of a deferred tax valuation allowance.
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										For the Three Months Ended or As of
(in millions USD, unless otherwise indicated)	3/31/2022		6/30/2022		9/30/2022		12/31/2022		3/31/2023		3/31/2022		3/31/2023

Net income (loss) attributable to Holdings
Net income (loss) attributable to Holdings	$	530	$	967	$	594	$	62	$	177	$	530	$	177
Adjustments related to:
Variable annuity product features	(616)		(1,031)		(675)		129		861		(616)		861
Investment gains (losses), net	326		231		333		55		87		326		87

Net actuarial gains (losses) related to pension and other postretirement benefit obligations	19		19		19		25		9		19		9
Other adjustments (1) (2)	228		177		50		150		45		228		45
Income tax (expense) benefit related to above adjustments	9		127		58		(76)		(210)		9		(210)
Non-recurring tax items	3		3		7		3		(605)		3		(605)
Non-GAAP Operating Earnings	$	499	$	493	$	386	$	348	$	364	$	499	$	364

Net income (loss) attributable to Holdings (3)	$	1.35	$	2.54	$	1.58	$	0.17	$	0.49	$	1.35	$	0.49
Less: Preferred stock dividends	0.04		0.07		0.04		0.07		0.04		0.04		0.04
Net income (loss) available to Holdings' common shareholders	1.32		2.47		1.54		0.10		0.45		1.32		0.45
Adjustments related to:
Variable annuity product features	(1.57)		(2.71)		(1.79)		0.35		2.36		(1.57)		2.36
Investment gains (losses), net	0.83		0.61		0.88		0.15		0.24		0.83		0.24

Net actuarial gains (losses) related to pension and other postretirement benefit obligations	0.05		0.05		0.05		0.07		0.02		0.05		0.02
Other adjustments (1) (2)	0.58		0.47		0.13		0.39		0.13		0.58		0.13
Income tax (expense) benefit related to above adjustments	0.02		0.33		0.15		(0.20)		(0.58)		0.02		(0.58)
Non-recurring tax items (4)	0.01		0.01		0.02		0.01		(1.66)		0.01		(1.66)
Non-GAAP Operating Earnings (loss) available to Holdings' common shareholders	$	1.24	$	1.23	$	0.99	$	0.87	$	0.96	$	1.24	$	0.96

Book Value per common share
Book Value per common share	$	16.65	$	10.99	$	5.00	$	(0.44)	$	6.10	$	16.65	$	6.10
Less: Per share impact of AOCI	(3.39)		(11.05)		(18.57)		(24.63)		(18.15)		(3.39)		(18.15)
Book value per common share (ex. AOCI)	$	20.04	$	22.04	$	23.56	$	24.19	$	24.25	$	20.04	$	24.25



Notes:

(1) Includes certain gross legal expenses related to the cost of insurance litigation and claims related to a commercial relationship of $0 million and $59 million for the three months ended March 31, 2023 and 2022, respectively. Includes policyholder benefit costs of $75 million for the three months ended March 31, 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 $0.00 and $0.15 for the three months ended March 31, 2023 and 2022, respectively. Includes policyholder benefit costs of $0.19 for the three months ended March 31, 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.
(2) Includes Non-GMxB related derivative hedge losses of $0 million and ($2) million for the three months ended March 31, 2023 and 2022, respectively. The impact per common share is $0.01 and $(0.01) for the three months ended March 31, 2023 and 2022, respectively.
(3) 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.
(4) For the three months ended March, 31 2023, non-recurring tax items reflect the effect of uncertain tax positions for a given audit period and a decrease of a deferred tax valuation allowance.


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

Analyst Coverage

Firm

Analyst

Phone Number

Barclays

Tracy Benguigui

1 (212) 526-1561

Citi

Michael Ward

1 (212) 816-4269

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

Raymond James

Wilma Burdis

1 (727) 567-9371

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

Feb '23

Jun '22

Jan '23

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

Sophia Kim

(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 Jan '23.




Use of Non-GAAP Financial Measures

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


Reconciliation of Non-GAAP Measures (2/3)

	As of and for the Twelve Months Ended
(in millions USD, unless otherwise indicated)	12/31/2022			3/31/2023

Net Income to Non-GAAP Operating Earnings
Net income (loss) attributable to Holdings	$	2,153		$	1,800
Adjustments related to:
Variable annuity product features	(2,193)			(716)
Investment (gains) losses	945			706

Net actuarial (gains) losses related to pension and other postretirement benefit obligations	82			72
Other adjustments	605			422
Income tax (expense) benefits related to above adjustments	118			(101)
Non-recurring tax items	16			(592)
Non-GAAP Operating Earnings	$	1,726		$	1,591

Return on Equity and Non-GAAP Operating Return on Equity - Trailing twelve months
Net income (loss) attributable to Holdings	$	2,153		$	1,800
Less: Preferred stock	(80)			(80)
Net income (loss) available to Holdings' common shareholders	$	2,073		$	1,720
Average equity attributable to Holdings' common shareholders (ex. AOCI)	$	8,389		$	8,641

Return on Equity (ex. AOCI)	24.7		%	19.9		%

Non-GAAP Operating Earnings	$	1,726		$	1,591
Less: Preferred stock	(80)			(80)
Non-GAAP Operating Earnings available to Holdings' common shareholders	$	1,646		$	1,511
Average equity attributable to Holdings' common shareholders (ex. AOCI)	$	8,389		$	8,641

Non-GAAP Operating Return on Equity (ex. AOCI)	19.6		%	17.5		%


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


Wealth Management - Operating Earnings (Loss) and Summary Metrics


Reconciliation of Non-GAAP Measures (3/3)

	Balances as of
(in millions USD, unless otherwise indicated)	12/31/2021		3/31/2022		6/30/2022		9/30/2022		12/31/2022		3/31/2023

Equity Reconciliation - Quarter-end Balances
Total equity attributable to Holdings' shareholders	$	10,351	$	7,959	$	5,702	$	3,411	$	1,401	$	3,754
Less: Preferred Stock	1,562		1,562		1,562		1,562		1,562		1,562
Total equity attributable to Holdings' common shareholders	8,789		6,397		4,140		1,849		(161)		2,192
Less: Accumulated other comprehensive income (loss)	1,303		(1,304)		(4,165)		(6,870)		(8,992)		(6,516)
Total equity attributable to Holdings' common shareholders (ex. AOCI)	$	7,486	$	7,701	$	8,305	$	8,719	$	8,831	$	8,708