Document


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

Net income (loss)	$	388		$	639		$	1,773		$	327		$	(713)		(283.8)	%	$	(24)		$	2,026		N/M
Net income (loss) attributable to the noncontrolling interest	(134)			(66)			(45)			(54)			(76)			43.3	%	(415)			(241)			41.9	%
Net income (loss) attributable to Holdings	$	254		$	573		$	1,728		$	273		$	(789)		(410.6)	%	$	(439)		$	1,785		506.6	%

Non-GAAP Operating Earnings (1)	$	649		$	548		$	526		$	498		$	436		(32.8)	%	$	2,825		$	2,009		(28.9)	%

Total equity attributable to Holdings' shareholders	$	11,519		$	7,954		$	5,589		$	3,354		$	1,658		(85.6)	%	$	11,519		$	1,658		(85.6)	%
Less: Preferred Stock	1,562			1,562			1,562			1,562			1,562			—	%	1,562			1,562			—	%
Total equity attributable to Holdings' common shareholders	9,957			6,392			4,027			1,792			96			(99.0)	%	9,957			96			(99.0)	%
Less: Accumulated other comprehensive income (loss)	2,004			(1,787)			(5,548)			(7,876)			(8,834)			(540.8)	%	2,004			(8,834)			(540.8)	%
Total equity attributable to Holdings' common shareholders (ex. AOCI)	$	7,953		$	8,179		$	9,575		$	9,668		$	8,930		12.3	%	$	7,953		$	8,930		12.3	%

Return on Equity (ex. AOCI) - TTM	(6.3)		%	18.9		%	37.1		%	31.1		%	18.8		%			(6.3)		%	18.8		%
Non-GAAP Operating ROE (1)	33.5		%	33.1		%	29.0		%	24.2		%	21.2		%			33.5		%	21.2		%

Debt to capital:
Debt to Capital (ex. AOCI)	28.7		%	28.3		%	25.6		%	25.5		%	26.8		%			28.7		%	26.8		%

Per common share:
Diluted earnings per common share: (2)
Net income (loss) attributable to Holdings	$	0.56		$	1.43		$	4.47		$	0.69		$	(2.21)		(492.1)	%	$	(1.24)		$	4.49		461.7	%
Non-GAAP Operating Earnings (1)	$	1.54		$	1.36		$	1.31		$	1.28		$	1.11		(27.8)	%	$	6.58		$	5.08		(22.8)	%
Book value per common share	$	25.45		$	16.64		$	10.69		$	4.84		$	0.26		(99.0)	%	$	25.45		$	0.26		(99.0)	%
Book value per common share (ex. AOCI)	$	20.33		$	21.29		$	25.41		$	26.13		$	24.46		20.3	%	$	20.33		$	24.46		20.3	%

Weighted-average common shares outstanding:
Basic	400.4			388.6			378.9			374.5			368.6			(7.9)	%	417.4			377.6			(9.5)	%
Diluted	404.3			391.7			380.6			376.8			368.6			(8.8)	%	417.4			379.9			(9.0)	%

Ending common shares outstanding	391.2			384.2			376.8			370.0			365.0			(6.7)	%	391.2			365.0			(6.7)	%

Return to common shareholders:
Common stock dividend	$	72		$	70		$	75		$	75		$	74				$	296		$	294
Repurchase of common shares (3)	468			279			220			200			150					1,637			849
Total capital returned to common shareholders	$	540		$	349		$	295		$	275		$	224				$	1,933		$	1,143

Market Values:
S&P 500	4,766			4,530			3,785			3,586			3,840			(19.4)	%	4,766			3,840			(19.4)	%
US 10-Year Treasury	1.5		%	2.3		%	3.0		%	3.8		%	3.9		%			1.5		%	3.9		%

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												Years Ended
(in millions USD, unless otherwise indicated)	12/31/2021		3/31/2022		6/30/2022		9/30/2022		12/31/2022		Change		12/31/2021		12/31/2022		Change

Revenues
Policy charges and fee income	$	882	$	840	$	813	$	796	$	792	(10.2)	%	$	3,637	$	3,241	(10.9)	%
Premiums	231		247		238		259		250		8.2	%	960		994		3.5	%
Net derivative gains (losses)	(535)		821		2,229		68		(1,422)		(165.8)	%	(4,465)		1,696		138.0	%
Net investment income (loss)	932		804		711		842		958		2.8	%	3,846		3,315		(13.8)	%
Investment gains (losses), net	101		(326)		(232)		(332)		(55)		(154.5)	%	868		(945)		(208.9)	%
Investment management and service fees	1,497		1,355		1,197		1,179		1,160		(22.5)	%	5,395		4,891		(9.3)	%
Other income	210		203		212		197		213		1.4	%	795		825		3.8	%
Total revenues	3,318		3,944		5,168		3,009		1,896		(42.9)	%	11,036		14,017		27.0	%

Benefits and other deductions
Policyholders’ benefits	700		1,060		914		625		786		12.3	%	3,218		3,385		5.2	%
Interest credited to policyholders’ account balances	314		315		309		378		407		29.6	%	1,219		1,409		15.6	%
Compensation and benefits	598		595		518		566		520		(13.0)	%	2,360		2,199		(6.8)	%
Commissions and distribution related payments	447		422		394		368		383		(14.3)	%	1,662		1,567		(5.7)	%
Interest expense	60		47		50		51		53		(11.7)	%	244		201		(17.6)	%
Amortization of deferred policy acquisition costs	136		181		160		105		96		(29.4)	%	393		542		37.9	%
Other operating costs and expenses	598		537		583		497		572		(4.3)	%	2,109		2,189		3.8	%
Total benefits and other deductions	2,853		3,157		2,928		2,590		2,817		(1.3)	%	11,205		11,492		2.6	%

Income (loss) from operations, before income taxes	465		787		2,240		419		(921)		(298.1)	%	(169)		2,525		N/M
Income tax (expense) benefit	(77)		(148)		(467)		(92)		208		370.1	%	145		(499)		(444.1)	%
Net income (loss)	388		639		1,773		327		(713)		(283.8)	%	(24)		2,026		N/M
Less: net (income) loss attributable to the noncontrolling interest	(134)		(66)		(45)		(54)		(76)		43.3	%	(415)		(241)		41.9	%
Net income (loss) attributable to Holdings	$	254	$	573	$	1,728	$	273	$	(789)	(410.6)	%	$	(439)	$	1,785	506.6	%
Less: Preferred stock dividends	(26)		(14)		(26)		(14)		(26)		—	%	(79)		(80)		(1.3)	%
Net income (loss) available to Holdings' common shareholders	$	228	$	559	$	1,702	$	259	$	(815)	(457.5)	%	$	(518)	$	1,705	429.2	%

Adjustments related to:
Variable annuity product features	$	513	$	(601)	$	(1,924)	$	(114)	$	1,324			$	4,145	$	(1,315)
Investment gains (losses), net	(100)		326		231		333		55				(867)		945

Net actuarial gains (losses) related to pension and other postretirement benefit obligations	33		19		19		19		25				120		82
Other adjustments (1) (2) (3)	45		220		148		39		144				717		552
Income tax (expense) benefit related to above adjustments	(103)		8		321		(59)		(326)				(864)		(56)
Non-recurring tax items	7		3		3		7		3				13		16
Non-GAAP Operating earnings (4)	$	649	$	548	$	526	$	498	$	436			$	2,825	$	2,009

Notes:

(1) Includes separation costs of $20 million and $82 million for the three months and year ended December 31, 2021, respectively. Separation costs were completed during 2021.
(2) Includes certain gross legal expenses related to the cost of insurance litigation, and claims related to a commercial relationship of $50 million, $27 million, $218 million and $207 million for the three months and year ended December 31, 2022 and 2021, respectively. Includes policyholder benefit costs of $0 million and $75 million for the three months and year ended December 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.
(3) Includes Non-GMxB related derivative hedge losses of $34 million, ($75) million, ($34) million and $65 million for the three months and year ended December 31, 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)	12/31/2021		3/31/2022		6/30/2022		9/30/2022		12/31/2022

Assets
Total investments	$	105,111	$	98,776	$	93,216	$	92,517	$	93,097
Cash and cash equivalents	5,188		5,713		5,109		4,139		4,281
Cash and securities segregated, at fair value	1,504		1,693		1,747		1,335		1,522
Broker-dealer related receivables	2,599		2,744		2,666		2,539		2,338
Deferred policy acquisition costs	5,491		6,592		7,541		8,244		8,158
Goodwill and other intangible assets, net	4,728		4,723		4,721		5,635		5,482
Amounts due from reinsurers	14,679		14,060		13,758		13,378		17,201

GMIB reinsurance contract asset, at fair value	1,848		1,582		1,498		1,289		1,229
Current and deferred income taxes	195		1,111		1,674		2,222		714
Other assets	3,613		3,852		4,787		4,680		4,031
Assets held-for-sale	—		—		—		—		562
Separate Accounts assets	147,306		136,812		116,765		109,622		114,853
Total assets	$	292,262	$	277,658	$	253,482	$	245,600	$	253,468

Liabilities
Policyholders’ account balances	$	79,357	$	79,549	$	78,766	$	79,999	$	83,855
Future policy benefits and other policyholders’ liabilities	36,717		35,165		34,717		34,225		34,124
Broker-dealer related payables	1,283		1,992		612		607		715

Customers related payables	3,600		3,684		3,821		3,361		3,323
Amounts due to reinsurers	1,381		1,331		1,353		1,348		1,533
Short-term debt	92		204		245		767		759
Long-term debt	3,839		3,840		3,840		3,321		3,322


Income taxes payable	—		—		—		—		—
Notes issued by consolidated variable interest entities, at fair value using the fair value option	1,191		1,182		1,150		1,165		1,150
Other liabilities	3,933		4,030		4,866		5,998		5,873
Liabilities held-for-sale	—		—		—		—		108
Separate Accounts liabilities	147,306		136,812		116,765		109,622		114,853
Total liabilities	278,699		267,789		246,135		240,413		249,615
Redeemable noncontrolling interest	468		386		348		354		455

Equity
Preferred stock	1,562		1,562		1,562		1,562		1,562
Common stock	4		4		4		4		4
Additional paid-in capital	1,919		1,933		1,918		2,027		2,299
Treasury shares	(2,850)		(3,070)		(3,065)		(3,202)		(3,297)
Retained earnings	8,880		9,312		10,718		10,839		9,924
Accumulated other comprehensive income (loss)	2,004		(1,787)		(5,548)		(7,876)		(8,834)
Total equity attributable to Holdings	11,519		7,954		5,589		3,354		1,658
Noncontrolling interest	1,576		1,529		1,410		1,479		1,740
Total equity	13,095		9,483		6,999		4,833		3,398
Total liabilities, redeemable noncontrolling interest and equity	$	292,262	$	277,658	$	253,482	$	245,600	$	253,468


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

Short-term and long-term debt:
Short-term debt
AB commercial paper	$	—		$	—		$	—		$	—		$	—
AB revolving credit facility	—			—			—			—			—
CLO Warehousing Debt (1)	92			204			245			248			239

Current portion of Long-term debt	—			—			—			519			520
Total short-term debt	92			204			245			767			759

Total long-term debt	3,839			3,840			3,840			3,321			3,322

Total short-term and long-term debt: [A]	$	3,931		$	4,044		$	4,085		$	4,088		$	4,081

Equity:
Preferred stock	$	1,562		$	1,562		$	1,562		$	1,562		$	1,562
Common stock	4			4			4			4			4
Additional paid-in capital	1,919			1,933			1,918			2,027			2,299
Treasury stock, at cost	(2,850)			(3,070)			(3,065)			(3,202)			(3,297)
Retained earnings	8,880			9,312			10,718			10,839			9,924
Accumulated other comprehensive income (loss)	2,004			(1,787)			(5,548)			(7,876)			(8,834)
Total equity attributable to Holdings	11,519			7,954			5,589			3,354			1,658
Noncontrolling interest	1,576			1,529			1,410			1,479			1,740
Total equity	$	13,095		$	9,483		$	6,999		$	4,833		$	3,398

Total equity attributable to Holdings, (ex. AOCI): [B]	$	9,515		$	9,741		$	11,137		$	11,230		$	10,492

Capital:
Total capitalization (2)	$	15,358		$	11,794		$	9,429		$	7,194		$	5,500
Total capitalization (ex. AOCI): [A+B] (3)	$	13,354		$	13,581		$	14,977		$	15,070		$	14,334

Debt to capital:
Debt to capital (ex. AOCI) (3)	28.7		%	28.3		%	25.6		%	25.5		%	26.8		%

	For the Three Months Ended
Roll-forward of common shares outstanding (millions of shares):
Beginning balance	404.7			391.2			384.2			376.8			370.0
Repurchases	(9.6)			(7.9)			—			(4.7)			(3.1)
Retirements	(4.0)			(0.7)			(7.6)			(2.3)			(1.9)
Issuances	0.1			1.6			0.2			0.2			—
Ending basic common shares outstanding	391.2			384.2			376.8			370.0			365.0
Total potentially dilutive shares	—			3.1			2.3			2.3			2.3
Ending common shares outstanding - maximum potential dilution	391.2			387.3			379.1			372.3			367.3
Notes:


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

	Three Months Ended December 31, 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	$	361	$	61	$	—	$	543	$	77	$	1,042
Net investment income (loss)	375		121		15		221		216		948
Net derivative gains (losses)	(19)		(2)		(16)		(2)		(5)		(44)
Investment management, service fees and other income	142		69		972		62		113		1,358
Segment revenues	859		249		971		824		401		3,304
Benefits and other deductions
Policyholders’ benefits	144		—		—		542		103		789
Interest credited to policyholders’ account balances	118		52		—		131		106		407
Commissions and distribution related payments	75		14		143		59		92		383
Amortization of deferred policy acquisition costs	70		9		—		34		5		118
Compensation, benefits and other operating costs and expenses	86		43		589		95		92		905
Interest expense and financing fees	1		—		9		1		49		60
Segment benefits and other deductions	494		118		741		862		447		2,662
Operating earnings (loss), before income taxes	365		131		230		(38)		(47)		641
Income Taxes	(62)		(21)		(41)		9		4		(111)
Operating earnings (loss), before noncontrolling interest	303		110		189		(29)		(43)		530
Less: Operating (earnings) loss attributable to the noncontrolling interest	—		—		(95)		—		2		(94)
Operating earnings (loss)	$	303	$	110	$	94	$	(29)	$	(42)	$	436

	Three Months Ended December 31, 2021
	Individual Retirement		Group Retirement		Inv Mgmt and Research		Protection Solutions		Corporate and Other		Consolidated
Revenues
Policy charges, fee income and premiums	$	410	$	98	$	—	$	523	$	82	$	1,113
Net investment income (loss)	315		188		3		275		162		943
Net derivative gains (losses)	(77)		(3)		(6)		(2)		(6)		(94)
Investment Management, service fees and other income	180		71		1,264		66		126		1,707
Segment revenues	828		354		1,261		862		364		3,669
Benefits and other deductions
Policyholders’ benefits	79		—		—		480		136		695
Interest credited to policyholders’ account balances	71		76		—		133		34		314
Commissions and distribution related payments	83		15		191		50		108		447
Amortization of deferred policy acquisition costs	64		11		—		30		14		119
Compensation, benefits and other operating costs and expenses	104		108		676		104		82		1,074
Interest Expense and Financing Fees	—		—		4		—		61		65
Segment benefits and other deductions	401		210		871		797		435		2,714
Operating earnings (loss), before income taxes	427		144		390		65		(71)		955
Income Taxes	(76)		(27)		(66)		(12)		15		(166)
Operating earnings (loss), before noncontrolling interest	351		117		324		53		(56)		789
Less: Operating (earnings) loss attributable to the noncontrolling interest	—		—		(141)		—		1		(140)
Operating earnings (loss)	$	351	$	117	$	183	$	53	$	(55)	$	649


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

	Year Ended December 31, 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	$	1,513	$	318	$	—	$	2,087	$	317	$	4,235
Net investment income (loss)	1,308		624		(43)		981		649		3,519
Net derivative gains (losses)	495		(25)		41		(20)		43		534
Investment Management, service fees and other income	604		256		4,107		254		479		5,700
Segment revenues	3,920		1,173		4,105		3,302		1,488		13,988
Benefits and other deductions
Policyholders’ benefits	1,142		—		—		1,906		555		3,603
Interest credited to policyholders’ account balances	373		281		—		511		244		1,409
Commissions and distribution related payments	283		57		630		191		406		1,567
Amortization of deferred policy acquisition costs	362		12		—		112		6		492
Compensation, benefits and other operating costs and expenses	358		177		2,519		361		393		3,808
Interest expense and financing fees	1		1		18		1		205		226
Segment benefits and other deductions	2,519		528		3,167		3,082		1,809		11,105
Operating earnings (loss), before income taxes	1,401		645		938		220		(321)		2,883
Income Taxes	(261)		(120)		(162)		(41)		59		(525)
Operating earnings (loss), before noncontrolling interest	1,140		525		776		179		(262)		2,358
Less: Operating (earnings) loss attributable to the noncontrolling interest	—		—		(352)		—		3		(349)
Operating earnings (loss)	$	1,140	$	525	$	424	$	179	$	(259)	$	2,009

	Year Ended December 31, 2021
	Individual Retirement		Group Retirement		Inv Mgmt and Research		Protection Solutions		Corporate and Other		Consolidated
Revenues
Policy charges, fee income and premiums	$	1,867	$	371	$	—	$	2,016	$	343	$	4,597
Net investment income (loss)	1,287		752		13		1,102		775		3,929
Net derivative gains (losses)	(128)		(19)		(13)		(20)		(28)		(208)
Investment Management, service fees and other income	759		268		4,430		260		473		6,190
Segment revenues	3,785		1,372		4,430		3,358		1,563		14,508
Benefits and other deductions
Policyholders’ benefits	720		—		—		1,850		621		3,191
Interest credited to policyholders’ account balances	276		303		—		516		124		1,219
Commissions and distribution related payments	328		56		708		170		400		1,662
Amortization of deferred policy acquisition costs	303		—		—		93		(2)		394
Compensation, benefits and other operating costs and expenses	411		248		2,507		345		339		3,850
Interest Expense and Financing Fees	—		—		5		—		241		246
Segment benefits and other deductions	2,038		607		3,220		2,974		1,723		10,562
Operating earnings (loss), before income taxes	1,747		765		1,210		384		(160)		3,946
Income Taxes	(303)		(134)		(208)		(67)		29		(683)
Operating earnings (loss), before noncontrolling interest	1,444		631		1,002		317		(131)		3,263
Less: Operating (earnings) loss attributable to the noncontrolling interest	—		—		(438)		—		—		(438)
Operating earnings (loss)	$	1,444	$	631	$	564	$	317	$	(131)	$	2,825


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

Assets Under Management

AB AUM
Total AB	$	778.6	$	735.4	$	646.8	$	612.7	$	646.4
Exclusion for General Account and other Affiliated Accounts	(79.7)		(75.1)		(69.4)		(66.8)		(66.8)
Exclusion for Separate Accounts	(48.8)		(45.3)		(38.4)		(36.1)		(38.2)
AB third party	$	650.1	$	615.0	$	539.0	$	509.8	$	541.4

Total company AUM
AB third party	$	650.1	$	615.0	$	539.0	$	509.8	$	541.4
General Account and other Affiliated Accounts (1) (3) (4)	110.3		104.5		98.3		96.7		97.4
Separate Accounts (2) (3) (4)	147.3		136.8		116.8		109.6		114.9
Total AUM	$	907.7	$	856.3	$	754.1	$	716.1	$	753.6

Total Assets Under Administration (AUA) (5)	$	83.3	$	79.3	$	70.8	$	68.8	$	72.8

Equitable Advisor Headcount
Total Number of Equitable Advisors	4,382		4,252		4,166		4,129		4,258

Notes:

(1) “General Account and Other Affiliated Accounts” refers to assets held in the general accounts of our insurance companies and other assets on which we bear the investment risk.
(2) “Separate Accounts” refers to the separate account investment assets of our insurance subsidiaries excluding any assets on which we bear the investment risk.
(3) As of December 31, 2021, March 31, 2022, June 30, 2022, September 30, 2022 and December 31, 2022, Separate Account and General Account AUM is inclusive of $16.6 billion, $61 million, $15.1 billion, $60 million, $12.7 billion, $60 million, $11.7 billion, $58 million, $12.1 billion and $56 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 December 31, 2022, Separate Account and General Account AUM is inclusive $5.6 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) AUA includes Equitable Advisors Advisory and Brokerage AUA; Equitable Advisors broker-dealer business is included in Corporate and Other.


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

Insurance Operations

Individual Retirement
First year premiums and deposits	$	3,043	$	2,802	$	3,054	$	3,003	$	2,624	(13.8)	%	$	10,983	$	11,483	4.6	%
Renewal premium and deposits	68		84		89		111		86		26.4	%	324		370		14.2	%
Total Gross Premiums	$	3,111	$	2,886	$	3,143	$	3,114	$	2,710	(12.9)	%	$	11,307	$	11,853	4.8	%

Group Retirement
First year premiums and deposits	$	452	$	879	$	476	$	371	$	392	(13.3)	%	$	1,501	$	2,118	41.1	%
Renewal premium and deposits	626		623		657		490		560		(10.6)	%	2,338		2,330		(0.3)	%
Total Gross Premiums	$	1,078	$	1,502	$	1,133	$	861	$	952	(11.7)	%	$	3,839	$	4,448	15.9	%

Protection Solutions
First year premiums and deposits	$	133	$	116	$	99	$	101	$	108	(18.9)	%	$	426	$	424	(0.5)	%
Renewal premium and deposits (1)	668		662		661		668		668		(0.1)	%	2,639		2,659		0.7	%
Total Gross Premiums (1)	$	801	$	778	$	760	$	769	$	776	(3.2)	%	$	3,065	$	3,083	0.6	%

Investment Management and Research (in billions USD)
Gross Sales by distribution channel
Institutional (4)	$	6.6	$	14.3	$	3.3	$	1.9	$	12.6	90.9	%	$	31.7	$	32.2	1.6	%
Retail	27.6		20.6		17.3		13.8		14.2		(48.6)	%	100.0		65.9		(34.1)	%
Private Wealth	5.2		6.0		3.3		4.1		4.1		(21.2)	%	18.3		17.5		(4.4)	%
Firmwide Gross Sales (4)	$	39.4	$	40.9	$	23.9	$	19.8	$	30.9	(21.6)	%	$	150.0	$	115.6	(22.9)	%

Gross sales by investment service
Equity Active	$	21.8	$	17.3	$	11.4	$	8.0	$	9.3	(57.3)	%	$	72.9	$	46.0	(36.9)	%
Equity Passive (2) (4)	0.3		0.2		1.1		0.4		0.1		(66.7)	%	1.4		1.8		28.6	%
Fixed Income - Taxable	7.4		7.1		4.0		6.1		8.3		12.2	%	44.9		25.5		(43.2)	%
Fixed Income - Tax-Exempt	3.6		4.0		5.2		3.2		3.6		—	%	13.5		16.0		18.5	%
Fixed Income Passive (2) (4)	3.4		(0.1)		—		—		—		(100.0)	%	4.6		(0.1)		(102.2)	%
Alternatives/Multi-Asset Solutions (3) (4)	2.9		12.4		2.2		2.1		9.5		227.6	%	12.7		26.4		107.9	%
Firmwide Gross Sales (4)	$	39.4	$	40.9	$	23.9	$	19.8	$	30.8	(21.8)	%	$	150.0	$	115.6	(22.9)	%

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 twelve months ended 2022 due to rounding.


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

Revenues
Policy charges, fee income and premiums	$	410		$	394		$	373		$	385		$	361		(12.0)	%	$	1,867		$	1,513		(19.0)	%
Net investment income (loss)	315			297			288			348			375			19.0	%	1,287			1,308			1.6	%
Net derivative gains (losses)	(77)			164			210			140			(19)			75.3	%	(128)			495			486.7	%
Investment management, service fees and other income	180			167			151			144			142			(21.1)	%	759			604			(20.4)	%
Segment revenues	828			1,022			1,022			1,017			859			3.7	%	3,785			3,920			3.6	%

Benefits and other deductions
Policyholders’ benefits	79			324			374			300			144			82.3	%	720			1,142			58.6	%
Interest credited to policyholders’ account balances	71			76			78			101			118			66.2	%	276			373			35.1	%
Commissions and distribution-related payments	83			80			67			61			75			(9.6)	%	328			283			(13.7)	%
Amortization of deferred policy acquisition costs	64			97			86			109			70			9.4	%	303			362			19.5	%
Compensation and benefits, interest expense and financing fees and other operating costs and expense	104			88			79			105			87			(17.3)	%	411			359			(12.9)	%
Segment benefits and other deductions	401			665			684			676			494			23.2	%	2,038			2,519			23.6	%

Operating earnings (loss), before income taxes	427			357			338			341			365			(14.5)	%	1,747			1,401			(19.8)	%
Income taxes	(76)			(64)			(64)			(71)			(62)			18.4	%	(303)			(261)			13.9	%
Operating earnings (loss), before noncontrolling interest	351			293			274			270			303			(13.7)	%	1,444			1,140			(21.1)	%
Less: Operating (earnings) loss attributable to the noncontrolling interest	—			—			—			—			—			—	%	—			—			—	%
Operating earnings (loss)	$	351		$	293		$	274		$	270		$	303		(13.7)	%	$	1,444		$	1,140		(21.1)	%

Summary Metrics

Operating earnings (loss) - TTM: [A]	$	1,444		$	1,374		$	1,234		$	1,188		$	1,140		(21.1)	%	$	1,444		$	1,140		(21.1)	%

Average Account Value (TTM)	$	112,208		$	108,605		$	105,062		$	100,765		$	96,728		(13.8)	%	$	112,208		$	96,728		(13.8)	%

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

Net flows (1)
Current Product Offering	$	574		$	665		$	1,166		$	1,263		$	838		46.0	%	$	2,597		$	3,932		51.4	%
Legacy	(787)			(613)			(532)			(498)			(589)			25.2	%	(3,491)			(2,232)			36.1	%
Net flows	$	(213)		$	52		$	634		$	765		$	249		216.8	%	$	(894)		$	1,700		290.2	%

First year premiums and deposits	$	3,043		$	2,802		$	3,054		$	3,003		$	2,624		(13.8)	%	$	10,983		$	11,483		4.6	%

In-force Policy Count by Product (in thousands) (2):
Current Product Offering	571			573			578			583			587					571			587
Legacy	318			313			308			303			299					318			299
Total	889			886			886			886			886					889			886

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 December 31, 2021, March 31, 2022, June 30, 2022, September 30, 2022, December 31, 2022 and for the year ended December 31, 2021 and 2022 were $(388) million, $(316) million, $(266) million, $(258) million, $(312) million, $(830) million and $(1.2) billion, respectively.
(2) As of December 31, 2021, March 31, 2022, June 30, 2022, September 30, 2022 and December 31, 2022, In-force Policy Count by Product presented on a gross basis includes 106 thousand, 104 thousand, 102 thousand, 101 thousand and 99 thousand ceded policies, respectively, related to the Venerable transaction.


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

Sales Metrics
First Year Premiums and Deposits by Product:
SCS	$	2,060	$	1,926	$	2,183	$	2,038	$	1,806	$	7,627	$	7,953
Retirement Cornerstone	597		481		390		421		334		1,951		1,626
Investment Edge	289		241		289		271		235		1,048		1,036
Other	97		154		192		273		249		357		868
Total First Year Premiums and Deposits	$	3,043	$	2,802	$	3,054	$	3,003	$	2,624	$	10,983	$	11,483

First Year Premiums and Deposits by Guarantee:
Non-GMxB	$	2,375	$	2,231	$	2,517	$	2,357	$	2,087	$	8,648	$	9,192
ROP death benefit only	161		109		81		72		55		703		317
Total non-GMxB & ROP death benefit only	2,536		2,340		2,598		2,429		2,142		9,351		9,509
Floating rate GMxB	500		395		332		370		295		1,623		1,392
Fixed rate GMxB	1		—		—		—		—		3		—
Other	6		67		124		204		187		6		582
Total First Year Premiums and Deposits	$	3,043	$	2,802	$	3,054	$	3,003	$	2,624	$	10,983	$	11,483

Account Values
General Account:
Balance as of beginning of period	$	35,590	$	37,698	$	37,874	$	35,574	$	35,509	$	30,783	$	37,698
Gross premiums and deposits (5)	1,898		1,831		2,221		2,163		1,963		7,183		8,178
Surrenders, withdrawals and benefits	(1,015)		(933)		(851)		(758)		(813)		(3,333)		(3,355)
Net flows (1)	883		898		1,370		1,405		1,150		3,850		4,823
Investment performance, interest credited and policy charges (1)	1,225		(722)		(3,670)		(1,470)		2,089		3,162		(3,773)
Ceded to Venerable (2)	—		—		—		—		—		(61)		—
Other (3) (4)	—		—		—		—		—		(36)		—
Reclassified to Assets held-for-sale	—		—		—		—		—		—		—
Balance as of end of period	$	37,698	$	37,874	$	35,574	$	35,509	$	38,748	$	37,698	$	38,748

Separate Accounts:
Balance as of beginning of period	$	72,123	$	74,206	$	68,495	$	58,689	$	55,013	$	86,607	$	74,206
Gross premiums and deposits (5)	1,214		1,027		903		920		718		4,067		3,568
Surrenders, withdrawals and benefits	(2,310)		(1,873)		(1,639)		(1,560)		(1,619)		(8,811)		(6,691)
Net flows (1)	(1,096)		(846)		(736)		(640)		(901)		(4,744)		(3,123)
Investment performance, interest credited and policy charges (1)	3,179		(4,865)		(9,070)		(3,036)		2,899		9,154		(14,072)
Ceded to Venerable (2)	—		—		—		—		—		(16,866)		—
Other (3) (4)	—		—		—		—		—		55		—
Reclassified to Assets held-for-sale	—		—		—		—		—		—		—
Balance as of end of period	$	74,206	$	68,495	$	58,689	$	55,013	$	57,011	$	74,206	$	57,011

Total:
Balance as of beginning of period	$	107,713	$	111,904	$	106,369	$	94,263	$	90,522	$	117,390	$	111,904
Gross premiums and deposits (5)	3,111		2,858		3,124		3,083		2,681		11,249		11,746
Surrenders, withdrawals and benefits	(3,324)		(2,806)		(2,490)		(2,318)		(2,432)		(12,143)		(10,046)
Net flows (1)	(213)		52		634		765		249		(894)		1,700
Investment performance, interest credited and policy charges (1)	4,404		(5,587)		(12,740)		(4,506)		4,988		12,316		(17,845)
Ceded to Venerable (2)	—		—		—		—		—		(16,927)		—
Other (3) (4)	—		—		—		—		—		19		—

Balance as of end of period	$	111,904	$	106,369	$	94,263	$	90,522	$	95,759	$	111,904	$	95,759

Net Amount at Risk (NAR)
Total GMIB NAR	$	3,910	$	3,727	$	4,232	$	3,553	$	3,228	$	3,910	$	3,228
Total GMDB NAR	8,987		10,856		15,214		17,011		15,676		8,987		15,676
Reserves (Net of Reinsurance)

GMIB Reserves	$	4,613	$	4,149	$	3,977	$	3,865	$	4,027	$	4,613	$	4,027
GMDB Reserves	2,737		2,792		2,824		2,965		2,918		2,737		2,918
Total GMDB/IB Variable Annuity Reserves (Net of Reinsurance)	$	7,350	$	6,941	$	6,801	$	6,830	$	6,945	$	7,350	$	6,945

Notes:

(1) Net flows excluded as it relates to AV ceded to Venerable for the discrete periods of December 31, 2021, March 31, 2022, June 30, 2022, September 30, 2022, December 31, 2022 and for the year ended December 31, 2021 and 2022 were $(388) million, $(316) million, $(266) million, $(258) million, $(312) million, $(830) million and $(1.2) billion, respectively. Investment performance, interest credited and policy charges of $714 million, $(1.2) billion, $(2.2) billion, $(721) million, $689 million, $589 million and $(3.4) billion, for the three months ended December 31, 2021, March 31, 2022, June 30, 2022, September 30, 2022 and December 31, 2022 and for the year ended December 31, 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																	Years Ended or As of
(in millions USD, unless otherwise indicated)	12/31/2021			3/31/2022			6/30/2022			9/30/2022			12/31/2022			Change		12/31/2021			12/31/2022			Change

Revenues
Policy charges, fee income and premiums	$	98		$	94		$	83		$	80		$	61		(37.8)	%	$	371		$	318		(14.3)	%
Net investment income (loss)	188			180			163			160			121			(35.6)	%	752			624			(17.0)	%
Net derivative gains (losses)	(3)			(5)			(7)			(11)			(2)			33.3	%	(19)			(25)			(31.6)	%
Investment management, service fees and other income	71			65			62			60			69			(2.8)	%	268			256			(4.5)	%
Segment revenues	354			334			301			289			249			(29.7)	%	1,372			1,173			(14.5)	%

Benefits and other deductions
Policyholder benefits	—			—			—			—			—			—	%	—			—			—	%
Interest credited to policyholders’ account balances	76			78			72			79			52			(31.6)	%	303			281			(7.3)	%
Commissions and distribution-related payments	15			15			16			12			14			(6.7)	%	56			57			1.8	%
Amortization of deferred policy acquisition costs	11			16			7			(20)			9			(18.2)	%	—			12			100.0	%
Compensation and benefits, interest expense and financing fees and other operating costs and expense	108			42			45			47			43			(60.2)	%	248			177			(28.6)	%
Segment benefits and other deductions	210			151			140			119			118			(43.8)	%	607			528			(13.0)	%

Operating earnings (loss), before income taxes	144			183			161			170			131			(9.0)	%	765			645			(15.7)	%
Income taxes	(27)			(33)			(30)			(36)			(21)			22.2	%	(134)			(120)			10.4	%
Operating earnings (loss), before noncontrolling interest	117			150			131			134			110			(6.0)	%	631			525			(16.8)	%
Less: Operating (earnings) loss attributable to the noncontrolling interest	—			—			—			—			—			—	%	—			—			—	%
Operating earnings (loss)	$	117		$	150		$	131		$	134		$	110		(6.0)	%	$	631		$	525		(16.8)	%

Summary Metrics

Operating earnings (loss) - TTM: [A]	$	631		$	630		$	590		$	532		$	525		(16.8)		$	631		$	525		(16.8)	%

Average Account Value (TTM) (1)	$	46,075		$	46,515		$	45,232		$	43,680		$	39,729		(13.8)	%	$	46,075		$	39,729		(13.8)	%

Return on assets (TTM) (1)	1.66		%	1.65		%	1.59		%	1.51		%	1.62		%			1.66		%	1.62		%

Net flows (2)	$	(109)		$	523		$	144		$	(57)		$	24		122.1	%	$	(177)		$	634		458.5	%

Gross premiums and deposits	$	1,078		$	1,502		$	1,133		$	861		$	952		(11.7)	%	$	3,839		$	4,448		15.9	%

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.
(2) For the three months ended and year ended December 31, 2022, net outflows of $179 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										Years Ended or As of
(in millions USD, unless otherwise indicated)	12/31/2021		3/31/2022		6/30/2022		9/30/2022		12/31/2022		12/31/2021		12/31/2022

Sales Metrics
Gross premiums and deposits: (1)
First-year premiums and deposits	$	452	$	879	$	476	$	371	$	392	$	1,501	$	2,118
Renewal premiums and deposits	626		623		657		490		560		2,338		2,330
Group Retirement premiums and deposits	$	1,078	$	1,502	$	1,133	$	861	$	952	$	3,839	$	4,448

Gross premiums and deposits by market: (1)
Tax-exempt	$	346	$	219	$	231	$	293	$	258	$	1,017	$	1,001
Corporate	97		89		62		69		103		450		323
Institutional	2		565		179		3		25		9		772
Other	7		6		4		6		6		25		22
Total First Year Premiums and Deposits	452		879		476		371		392		1,501		2,118
Tax-exempt	491		468		518		364		435		1,789		1,785
Corporate	92		103		94		93		87		373		377
Institutional	—		—		—		—		—		—		—
Other	43		52		45		33		38		176		168
Total renewal premiums and deposits	626		623		657		490		560		2,338		2,330
Group Retirement premiums and deposits by market	$	1,078	$	1,502	$	1,133	$	861	$	952	$	3,839	$	4,448

Account Values and Assets under Administration
General Account:
Balance as of beginning of period	$	13,042	$	13,046	$	13,171	$	13,240	$	13,234	$	12,826	$	13,046
Gross premiums and deposits	289		329		299		242		239		1,055		1,109
Surrenders, withdrawals and benefits	(373)		(270)		(256)		(304)		(333)		(1,178)		(1,163)
Net flows	(84)		59		43		(62)		(94)		(123)		(54)
Investment performance, interest credited and policy charges	88		66		26		56		87		345		235
Ceded to Global Atlantic (7)	—		—		—		—		(4,052)		—		(4,052)
Other (2)	—		—		—		—		—		(2)		—
Balance as of end of period	$	13,046	$	13,171	$	13,240	$	13,234	$	9,175	$	13,046	$	9,175

Separate Accounts and Mutual Funds (3) (4) (5)
Balance as of beginning of period	$	32,875	$	34,763	$	32,864	$	27,927	$	26,476	$	29,930	$	34,763
Gross premiums and deposits	789		1,173		834		619		713		2,784		3,339
Surrenders, withdrawals and benefits	(814)		(709)		(733)		(614)		(595)		(2,838)		(2,651)
Net flows	(25)		464		101		5		118		(54)		688
Investment performance, interest credited and policy charges	1,913		(2,363)		(5,038)		(1,456)		1,547		4,942		(7,310)
Ceded to Global Atlantic (7)	—		—		—		—		(5,311)		—		(5,311)
Other (2)	—		—		—		—		—		(55)		—
Balance as of end of period	$	34,763	$	32,864	$	27,927	$	26,476	$	22,830	$	34,763	$	22,830

Total: (3) (4)
Balance as of beginning of period	$	45,917	$	47,809	$	46,035	$	41,167	$	39,710	$	42,756	$	47,809
Gross premiums and deposits	1,078		1,502		1,133		861		952		3,839		4,448
Surrenders, withdrawals and benefits	(1,187)		(979)		(989)		(918)		(928)		(4,016)		(3,814)
Net flows (6)	(109)		523		144		(57)		24		(177)		634
Investment performance, interest credited and policy charges (6)	2,001		(2,297)		(5,012)		(1,400)		1,634		5,287		(7,075)
Ceded to Global Atlantic (7)	—		—		—		—		(9,363)		—		(9,363)
Other (2)	—		—		—		—		—		(57)		—
Balance as of end of period	$	47,809	$	46,035	$	41,167	$	39,710	$	32,005	$	47,809	$	32,005
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.

(3) Prior period amounts related to the net flows were revised to include Mutual Fund AUA. Net Flow revisions for the discrete periods of June 30, 2021, September 30, 2021 and December 31, 2021 are $33 million, $1 million and $80 million, respectively.

(4) Prior period amounts related to Investment performance, interest credited and policy charges were revised to include Mutual Fund AUA. Investment performance, interest credited and policy charges revisions for the discrete periods of March 31, 2021, June 30, 2021, September 30, 2021 and December 31, 2021 are $11 million, $19 million, ($3 million) and $3 million, respectively.

(5) June 30, 2021 beginning balance revision of $297 million to reflect inclusion of December 31, 2020 year-end Mutual Fund AUA ending balance.

(6) For the three months and year ended December 31, 2022, net outflows of $179 million and investment performance, interest credited and policy charges of ($422) million, respectively, are excluded as these amounts are related to ceded AV to Global Atlantic.

(7) Effective October 3, 2022, AV excludes activity related to ceded AV to Global Atlantic. In addition, roll-forward reflects the AV ceded to Global Atlantic as of the transaction date. For additional information on the Global Atlantic see MD&A - Executive Summary “.EQUI-VEST Reinsurance Transaction”.


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

Revenues
Net investment income (loss)	$	3		$	(23)		$	(26)		$	(9)		$	15		400.0	%	$	13		$	(43)		(430.8)	%
Net derivative gains (losses)	(6)			20			22			15			(16)			(166.7)	%	(13)			41			415.4	%
Investment management, service fees and other income	1,264			1,138			1,007			990			972			(23.1)	%	4,430			4,107			(7.3)	%
Segment Revenues	1,261			1,135			1,003			996			971			(23.0)	%	4,430			4,105			(7.3)	%

Benefits and other deductions
Commissions and distribution-related payments	191			176			159			152			143			(25.1)	%	708			630			(11.0)	%
Compensation, benefits and other operating costs and expenses	676			675			619			636			589			(12.9)	%	2,507			2,519			0.5	%
Interest expense and financing fees	4			—			4			5			9			125.0	%	5			18			260.0	%
Total benefits and other deductions	871			851			782			793			741			(14.9)	%	3,220			3,167			(1.6)	%

Operating earnings (loss), before income taxes	390			284			221			203			230			(41.0)	%	1,210			938			(22.5)	%
Income taxes	(66)			(46)			(40)			(35)			(41)			37.9	%	(208)			(162)			22.1	%
Operating earnings (loss), before noncontrolling interest	324			238			181			168			189			(41.7)	%	1,002			776			(22.6)	%
Less: Operating (earnings) loss attributable to the noncontrolling interest	(141)			(102)			(80)			(75)			(95)			32.4	%	(438)			(352)			19.6	%
Operating earnings (loss)	$	183		$	136		$	101		$	94		$	94		(48.8)	%	$	564		$	424		(24.8)	%

Summary Metrics

Adjusted operating margin (1)	38.5		%	31.5		%	27.7		%	25.1		%	28.9		%			33.6		%	28.4		%

Net flows (in billions USD) (2)	$	7.4		$	11.4		$	(2.7)		$	(10.5)		$	(1.9)				$	26.1		$	(3.6)

Total AUM (in billions USD)	$	778.6		$	735.4		$	646.8		$	612.7		$	646.4				$	778.6		$	646.4

Ownership Structure of AB

Holdings and its subsidiaries	63.0		%	63.0		%	63.5		%	62.8		%	59.9		%			63.0		%	59.9		%
AB Holding	36.2		%	36.3		%	35.7		%	36.5		%	39.4		%			36.2		%	39.4		%
Unaffiliated holders	0.8		%	0.7		%	0.8		%	0.7		%	0.7		%			0.8		%	0.7		%
Total	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%			100.0		%	100.0		%

EQH economic interest	64.5		%	64.5		%	65.0		%	64.3		%	61.3		%			64.5		%	61.3		%
EQH average economic interest	64.7		%	64.5		%	64.8		%	64.3		%	62.4		%			64.5		%	64.0		%

Units of limited partnership outstanding (in millions)	271.5			271.8			269.4			272.6			286.0					271.5			286.0
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)	12/31/2021		3/31/2022		6/30/2022		9/30/2022		12/31/2022

AUM Roll-forward
Balance as of beginning of period	$	742.2	$	778.6	$	735.4	$	646.8	$	612.7
Sales/new accounts	39.4		40.9		23.9		19.8		30.9
Redemptions/terminations	(25.7)		(24.6)		(22.6)		(24.9)		(23.2)
Cash flow/unreinvested dividends	(6.3)		(4.9)		(4.0)		(5.4)		(9.6)
Net long-term (outflows) inflows (5)	7.4		11.4		(2.7)		(10.5)		(1.9)
Adjustment (3)	—		—		(0.4)		—		—
Acquisition (4)	—		—		—		12.2		—
Market appreciation (depreciation)	29.0		(54.6)		(85.5)		(35.8)		35.6
Net change	36.4		(43.2)		(88.6)		(34.1)		33.7
Balance as of end of period	$	778.6	$	735.4	$	646.8	$	612.7	$	646.4

Ending Assets by distribution channel
Institutions	$	337.1	$	325.9	$	290.5	$	279.4	$	297.3
Retail	319.9		292.6		251.0		232.3		242.9
Private Wealth	121.6		116.9		105.3		101.0		106.2
Total	$	778.6	$	735.4	$	646.8	$	612.7	$	646.4

Ending Assets by investment service
Equity
Actively Managed	$	287.6	$	265.2	$	223.2	$	202.9	$	217.9
Passively Managed (1)	71.6		66.2		55.7		52.1		53.8
Total Equity	$	359.2	$	331.4	$	278.9	$	255.0	$	271.7
Fixed Income
Actively Managed	$	303.4	$	280.8	$	254.7	$	239.1	$	242.8
Passively Managed (1)	13.2		12.7		12.3		9.5		9.4
Total Fixed Income	316.6		293.5		267.0		248.6		252.2
Total Alternatives/Multi-Asset Solutions (2)	102.8		110.5		100.9		109.1		122.5
Total	$	778.6	$	735.4	$	646.8	$	612.7	$	646.4

Notes:

(1) Includes index and enhanced index services.
(2) Includes certain multi-asset solutions and services not included in equity or fixed income services
(3) 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										Years Ended or As of
(in billions USD, unless otherwise indicated)	12/31/2021		3/31/2022		6/30/2022		9/30/2022		12/31/2022		12/31/2021		12/31/2022
Net Flows by Distribution Channel
Institutions
US	$	(2.0)	$	0.4	$	0.6	$	(0.6)	$	(2.2)	$	(3.8)	$	(1.8)
Global and Non-US	2.4		9.8		0.1		(5.7)		3.9		6.1		8.1
Total Institutions	$	0.4	$	10.2	$	0.7	$	(6.3)	$	1.7	$	2.3	$	6.3
Retail
US	$	9.4	$	4.2	$	2.3	$	(0.3)	$	(0.7)	$	25.3	$	5.5
Global and Non-US (4)	(3.1)		(5.2)		(4.6)		(4.7)		(2.7)		(4.5)		(17.1)
Total Retail (4)	$	6.3	$	(1.0)	$	(2.3)	$	(5.0)	$	(3.4)	$	20.8	$	(11.6)
Private Wealth
US (4)	$	(0.4)	$	1.4	$	(1.1)	$	0.5	$	0.1	$	(0.5)	$	0.8
Global and Non-US (4)	1.1		0.8		—		0.3		(0.3)		3.5		0.9
Total Private Wealth	$	0.7	$	2.2	$	(1.1)	$	0.8	$	(0.2)	$	3.0	$	1.7
Total Net Flows by Distribution Channel (4)	$	7.4	$	11.4	$	(2.7)	$	(10.5)	$	(1.9)	$	26.1	$	(3.6)
Net Flows by Investment Service
Equity Active
US	$	4.8	$	4.7	$	0.8	$	(0.3)	$	—	$	15.7	$	5.2
Global and Non-US	3.1		(0.1)		(0.5)		(4.7)		(2.6)		6.2		(7.9)
Total Equity Active (4)	$	7.9	$	4.6	$	0.3	$	(5.0)	$	(2.6)	$	21.9	$	(2.7)
Equity Passive (1)
US	$	(3.2)	$	(0.7)	$	0.5	$	(0.2)	$	(2.0)	$	(6.3)	$	(2.4)
Global and Non-US (4)	(0.3)		(1.1)		(0.7)		(0.7)		(0.3)		(1.2)		(2.9)
Total Equity Passive (1) (4)	$	(3.5)	$	(1.8)	$	(0.2)	$	(0.9)	$	(2.3)	$	(7.5)	$	(5.3)
Fixed Income - Taxable (3)
US (4)	$	(0.9)	$	0.3	$	(1.3)	$	(0.1)	$	(0.2)	$	(1.0)	$	(1.2)
Global and Non-US (4)	(3.1)		(5.0)		(4.3)		(3.5)		(3.8)		(8.9)		(16.7)
Total Fixed Income - Taxable	$	(4.0)	$	(4.7)	$	(5.6)	$	(3.6)	$	(4.0)	$	(9.9)	$	(17.9)
Fixed Income - Tax-Exempt
US (4)	$	1.4	$	1.0	$	0.6	$	—	$	(1.0)	$	6.0	$	0.7
Global and Non-US (4)	—		—		0.1		—		(0.1)		—		(0.1)
Total Fixed Income - Tax-Exempt	$	1.4	$	1.0	$	0.7	$	—	$	(1.1)	$	6.0	$	0.6
Fixed Income - Passive (1)
US (4)	$	3.8	$	(0.2)	$	0.5	$	(0.2)	$	(0.3)	$	4.5	$	(0.3)
Global and Non-US (4)	(0.2)		0.6		0.2		(1.9)		—		0.5		(1.0)
Total Fixed Income - Passive (1)	$	3.6	$	0.4	$	0.7	$	(2.1)	$	(0.3)	$	5.0	$	(1.3)
Alternatives/Multi-Asset Solutions (2)
US	$	1.1	$	0.9	$	0.5	$	0.4	$	0.7	$	2.1	$	2.5
Global and Non-US (4)	0.9		11.0		0.9		0.7		7.7		8.5		20.5
Total Alternatives/Multi-Asset Solutions (2) (4)	$	2.0	$	11.9	$	1.4	$	1.1	$	8.4	$	10.6	$	23.0
Total Net Flows by Investment Service (4)	$	7.4	$	11.4	$	(2.7)	$	(10.5)	$	(1.9)	$	26.1	$	(3.6)
Active vs. Passive Net Flows
Actively Managed
Equity (4)	$	7.9	$	4.6	$	0.3	$	(5.0)	$	(2.6)	$	21.9	$	(2.7)
Fixed Income (3) (4)	(2.6)		(3.7)		(4.8)		(3.6)		(5.1)		(3.9)		(17.3)
Alternatives/Multi-Asset Solutions (2) (4)	1.1		11.3		1.1		0.8		7.6		8.3		20.9
Total	$	6.4	$	12.2	$	(3.4)	$	(7.8)	$	(0.1)	$	26.3	$	0.9
Passively Managed (1)
Equity	$	(3.5)	$	(1.8)	$	(0.3)	$	(0.9)	$	(2.3)	$	(7.5)	$	(5.3)
Fixed Income	3.6		0.4		0.7		(2.1)		(0.3)		5.0		(1.3)
Alternatives/Multi-Asset Solutions (2) (4)	0.9		0.6		0.3		0.3		0.8		2.3		2.1
Total (4)	$	1.0	$	(0.8)	$	0.7	$	(2.7)	$	(1.8)	$	(0.2)	$	(4.5)
Total Active vs Passive Net Flows (4)	$	7.4	$	11.4	$	(2.7)	$	(10.5)	$	(1.9)	$	26.1	$	(3.6)
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 twelve months ended 2022 due to rounding.


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

Revenues
Policy charges, fee income and premiums	$	523		$	514		$	525		$	505		$	543		3.8	%	$	2,016		$	2,087		3.5	%
Net investment income (loss)	275			272			252			236			221			(19.6)	%	1,102			981			(11.0)	%
Net derivative gains (losses)	(2)			—			(5)			(13)			(2)			—	%	(20)			(20)			—	%
Investment management, service fees and other income	66			65			64			63			62			(6.1)	%	260			254			(2.3)	%
Segment revenues	862			851			836			791			824			(4.4)	%	3,358			3,302			(1.7)	%

Benefits and other deductions
Policyholders’ benefits	480			521			429			414			542			12.9	%	1,850			1,906			3.0	%
Interest credited to policyholders’ account balances	133			128			122			130			131			(1.5)	%	516			511			(1.0)	%
Commissions and distribution-related payments	50			41			45			46			59			18.0	%	170			191			12.4	%
Amortization of deferred policy acquisition costs	30			35			29			14			34			13.3	%	93			112			20.4	%
Compensation and benefits, interest expense and financing fees and other operating costs and expense	104			84			86			96			96			(8.7)	%	345			362			4.6	%
Segment benefits and other deductions	797			809			711			700			862			8.2	%	2,974			3,082			3.6	%

Operating earnings (loss), before income taxes	65			42			125			91			(38)			(158.5)	%	384			220			(42.7)	%
Income taxes	(12)			(7)			(24)			(19)			9			175.0	%	(67)			(41)			38.8	%
Operating earnings (loss), before noncontrolling interest	53			35			101			72			(29)			(154.7)	%	317			179			(43.5)	%
Less: Operating (earnings) loss attributable to the noncontrolling interest	—			—			—			—			—			—	%	—			—			—	%
Operating earnings (loss)	$	53		$	35		$	101		$	72		$	(29)		(154.7)	%	$	317		$	179		(43.5)	%

Summary Metrics

Operating earnings (loss) - TTM: [A]	$	317		$	311		$	349		$	261		$	179		(43.5)	%	$	317		$	179		(43.5)	%

Benefit ratio	71.1		%	76.3		%	65.9		%	68.8		%	81.7		%			70.5		%	73.2		%

Gross written premiums (1)	$	801		$	778		$	760		$	769		$	776		(3.2)	%	$	3,065		$	3,083		0.6	%

Annualized premiums	$	84		$	77		$	67		$	74		$	74		(11.4)	%	$	287		$	292		1.8	%

Total in-force face amount (in billions USD) (2)	$	423.2		$	421.8		$	420.6		$	418.3		$	417.0		(1.5)	%	$	423.2		$	417.0		(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										Years Ended or As of
(in millions USD, unless otherwise indicated)	12/31/2021		3/31/2022		6/30/2022		9/30/2022		12/31/2022		12/31/2021		12/31/2022

Sales Metrics
First Year Premiums and Deposits by Product Line:
Universal Life	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Indexed Universal Life	7		6		4		4		5		45		19
Variable Universal Life	102		85		76		71		77		287		309
Term	4		4		3		3		3		16		13
Employee Benefits	20		21		16		23		22		77		82
Other (1)	—		—		—		—		1		1		1
Total	$	133	$	116	$	99	$	101	$	108	$	426	$	424

Renewals by Product Line:
Universal Life	$	198	$	193	$	185	$	207	$	179	$	824	$	764
Indexed Universal Life	80		80		76		74		74		310		304
Variable Universal Life (2)	250		249		239		244		257		968		989
Term	98		93		94		90		96		379		373
Employee Benefits	36		43		63		49		57		139		212
Other (1)	6		4		4		4		5		19		17
Total	668		662		661		668		668		2,639		2,659
Total Gross Premiums	$	801	$	778	$	760	$	769	$	776	$	3,065	$	3,083

In-force Metrics
In-force Face Amount by Product (3) (in billions):
Universal Life (4)	$	45.9	$	44.9	$	44.4	$	43.7	$	43.1	$	45.9	$	43.1
Indexed Universal Life	27.9		27.9		27.7		27.6		27.5		27.9		27.5
Variable Universal Life (5)	132.8		132.9		132.6		132.8		133.4		132.8		133.4
Term	215.4		214.9		214.7		213.0		211.9		215.4		211.9
Whole Life	1.2		1.2		1.2		1.2		1.1		1.2		1.1
Total	$	423.2	$	421.8	$	420.6	$	418.3	$	417.0	$	423.2	$	417.0

In-force Policy Count by Product (3) (in thousands):
Universal Life (4)	136		134		132		130		129		136		129
Indexed Universal Life	65		65		65		64		64		65		64
Variable Universal Life (5)	293		293		293		293		293		293		293
Term	266		264		262		259		256		266		256
Whole Life	16		16		16		16		15		16		15
Total	776		772		768		762		757		776		757

Protection Solutions Reserves
General Account	$	18,625	$	18,432	$	18,241	$	18,243	$	18,237	$	18,625	$	18,237
Separate Accounts	17,012		15,883		13,524		12,783		13,634		17,012		13,634
Total	$	35,637	$	34,315	$	31,765	$	31,026	$	31,871	$	35,637	$	31,871

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				December 31, 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	%	$	63,361	65.1	%
Fixed maturities, at fair value using the fair value option	1,641		1.5	%	1,508		1.5	%
Mortgage loans on real estate	14,033		12.7	%	16,481		16.9	%
Policy loans	4,024		3.6	%	4,033		4.1	%
Other equity investments	2,975		2.7	%	3,152		3.2	%
Other invested assets	3,591		3.3	%	3,885		4.0	%
Subtotal investment assets	104,480		94.7	%	92,420		94.9	%
Trading securities	631		0.6	%	677		0.7	%
Total investments	105,111		95.3	%	93,097		95.6	%
Cash and cash equivalents	5,188		4.7	%	4,281		4.4	%
Total	$	110,299	100.0	%	$	97,378	100.0	%

General Account AFS Fixed maturities by industry (Based on amortized cost)
Corporate securities:
Finance	$	12,954	17.9	%	$	13,537	18.7	%
Manufacturing	12,212		16.8	%	11,797		16.3	%
Utilities	6,446		8.9	%	6,808		9.4	%
Services	8,191		11.3	%	8,299		11.5	%
Energy	3,854		5.3	%	3,740		5.2	%
Retail and wholesale	3,390		4.7	%	3,394		4.7	%
Transportation	2,181		3.0	%	2,277		3.2	%
Other	60		0.1	%	124		0.2	%
Total corporate securities	49,288		67.9	%	49,976		69.2	%
U.S. government and agency	13,056		18.0	%	7,054		9.8	%
Residential mortgage-backed (2)	90		0.1	%	908		1.3	%
Preferred stock	41		0.1	%	41		0.1	%
State & municipal	586		0.8	%	609		0.8	%
Foreign governments	1,124		1.5	%	985		1.4	%
Commercial mortgage-backed	2,427		3.3	%	3,823		5.3	%
Asset-backed securities	5,933		8.2	%	8,859		12.3	%
Total	$	72,545	100.0	%	$	72,255	100.0	%

General Account AFS Fixed maturities credit quality (3) (Based on amortized cost)
Aaa, Aa, A (NAIC Designation 1)	$	44,653	61.6	%	$	44,612	61.7	%
Baa (NAIC Designation 2)	25,141		34.7	%	24,843		34.4	%
Investment grade	69,794		96.2	%	69,454		96.1	%
Below investment grade (NAIC Designation 3 and 4)	2,751		3.8	%	2,800		3.9	%
Total	$	72,545	100.0	%	$	72,255	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 Years Ended or As of
(in millions USD, unless otherwise indicated)	December 31, 2021				December 31, 2022
	Yield		Amount (2)		Yield		Amount (2)
Fixed Maturities:
Income (loss)	3.40	%	$	2,429	3.57	%	$	2,619
Ending assets			72,545				72,255
Mortgages:
Income (loss)	4.08	%	547		3.92	%	587
Ending assets			14,033				16,481
Other Equity Investments (1):
Income (loss)	20.45	%	534		5.21	%	171
Ending assets			2,901				3,433
Policy Loans:
Income	5.01	%	203		5.36	%	215
Ending assets			4,024				3,932
Cash and Short-term Investments:
Income	(0.13)	%	(2)		(1.46)	%	(24)
Ending assets			1,662				1,177
Funding Agreements:
Interest expense and other			(56)				(156)
Ending (liabilities)			(6,647)				(8,501)
Total invested Assets:
Income	4.28	%	3,655		3.79	%	3,412
Ending assets			88,518				88,777
Short Duration Fixed Maturities:
Income (loss)	4.48	%	78		3.62	%	5
Ending assets			142				87
Total Net Investment Income:
Investment income	4.28	%	3,733		3.79	%	3,417
Less: investment fees (3)	(0.14)	%	(118)		(0.15)	%	(138)
Investment income, net	4.15	%	$	3,615	3.64	%	$	3,279
General Account Ending Net Assets			$	88,660			$	88,864
Operating Earnings adjustments:
Funding Agreements interest expense			56				156
AB and other non-General Account investment income			258				84
Operating Net investment income (loss)			$	3,929			$	3,519
Notes:

(1) Includes, as of December 31, 2021 and December 31, 2022, $319 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										Years Ended or As of
(in millions USD, unless otherwise indicated)	12/31/2021		3/31/2022		6/30/2022		9/30/2022		12/31/2022		12/31/2021		12/31/2022

TOTAL
Beginning balance	$	5,366	$	5,491	$	6,592	$	7,541	$	8,244	$	4,243	$	5,491
Capitalization of commissions, sales and issue expenses	255		209		220		215		198		875		842
Amortization	(136)		(181)		(160)		(105)		(96)		(393)		(542)
Change in unrealized investment gains and losses	6		1,073		889		593		(188)		766		2,367
Reclassified to Assets held-for-sale	—		—		—		—		—		—		—
Ending balance	$	5,491	$	6,592	$	7,541	$	8,244	$	8,158	$	5,491	$	8,158

Individual Retirement
Beginning balance	$	3,486	$	3,639	$	3,957	$	4,426	$	4,689	$	3,178	$	3,639
Capitalization of commissions, sales and issue expenses	159		140		151		147		129		573		567
Amortization	(80)		(121)		(117)		(131)		(50)		(295)		(419)
Change in unrealized investment gains and losses	74		299		435		247		(107)		183		874
Reclassified to Assets held-for-sale	—		—		—		—		—		—		—
Ending balance	$	3,639	$	3,957	$	4,426	$	4,689	$	4,661	$	3,639	$	4,661

Group Retirement
Beginning balance	$	757	$	776	$	866	$	991	$	1,108	$	632	$	776
Capitalization of commissions, sales and issue expenses	33		22		22		21		23		100		88
Amortization	(10)		(14)		(8)		22		(8)		(2)		(8)
Change in unrealized investment gains and losses	(4)		82		111		74		(48)		46		219
Reclassified to Assets held-for-sale	—		—		—		—		—		—		—
Ending balance	$	776	$	866	$	991	$	1,108	$	1,075	$	776	$	1,075

Protection Solutions
Beginning balance	$	1,113	$	1,066	$	1,632	$	1,902	$	2,122	$	418	$	1,066
Capitalization of commissions, sales and issue expenses	63		48		47		47		46		202		188
Amortization	(30)		(35)		(28)		(14)		(35)		(95)		(112)
Change in unrealized investment gains and losses	(80)		553		251		187		(9)		541		982
Reclassified to Assets held-for-sale	—		—		—		—		—		—		—
Ending balance	$	1,066	$	1,632	$	1,902	$	2,122	$	2,124	$	1,066	$	2,124

Corporate and Other
Beginning balance	$	10	$	10	$	137	$	222	$	325	$	15	$	10
Capitalization of commissions, sales and issue expenses	—		(1)		—		—		—		—		(1)
Amortization	(16)		(11)		(7)		18		(3)		(1)		(3)
Change in unrealized investment gains and losses	16		139		92		85		(24)		(4)		292
Reclassified to Assets held-for-sale	—		—		—		—		—		—		—
Ending balance	$	10	$	137	$	222	$	325	$	298	$	10	$	298


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, 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.
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										Years Ended or As of
(in millions USD, unless otherwise indicated)	12/31/2021		3/31/2022		6/30/2022		9/30/2022		12/31/2022		12/31/2021		12/31/2022

Net income (loss) attributable to Holdings
Net income (loss) attributable to Holdings	$	254	$	573	$	1,728	$	273	$	(789)	$	(439)	$	1,785
Adjustments related to:
Variable annuity product features	513		(601)		(1,924)		(114)		1,324		4,145		(1,315)
Investment gains (losses), net	(100)		326		231		333		55		(867)		945

Net actuarial gains (losses) related to pension and other postretirement benefit obligations	33		19		19		19		25		120		82
Other adjustments (1) (2) (3)	45		220		148		39		144		717		552
Income tax (expense) benefit related to above adjustments	(103)		8		321		(59)		(326)		(864)		(56)
Non-recurring tax items	7		3		3		7		3		13		16
Non-GAAP Operating Earnings	$	649	$	548	$	526	$	498	$	436	$	2,825	$	2,009

Net income (loss) attributable to Holdings (4)	$	0.63	$	1.46	$	4.54	$	0.72	$	(2.14)	$	(1.05)	$	4.70
Less: Preferred stock dividends	0.07		0.03		0.07		0.03		0.07		0.20		0.21
Net income (loss) available to Holdings' common shareholders	0.56		1.43		4.47		0.69		(2.21)		(1.24)		4.49
Adjustments related to:
Variable annuity product features	1.27		(1.53)		(5.06)		(0.31)		3.59		9.93		(3.46)
Investment gains (losses), net	(0.25)		0.83		0.61		0.87		0.14		(2.08)		2.49

Net actuarial gains (losses) related to pension and other postretirement benefit obligations	0.08		0.05		0.05		0.05		0.07		0.29		0.22
Other adjustments (1) (2) (3)	0.11		0.55		0.39		0.12		0.39		1.72		1.45
Income tax (expense) benefit related to above adjustments	(0.25)		0.02		0.84		(0.16)		(0.88)		(2.07)		(0.15)
Non-recurring tax items	0.02		0.01		0.01		0.02		0.01		0.03		0.04
Non-GAAP Operating Earnings (loss) available to Holdings' common shareholders (4)	$	1.54	$	1.36	$	1.31	$	1.28	$	1.11	$	6.58	$	5.08

Book Value per common share
Book Value per common share	$	25.45	$	16.64	$	10.69	$	4.84	$	0.26	$	25.45	$	0.26
Less: Per share impact of AOCI	5.12		(4.65)		(14.72)		(21.29)		(24.20)		5.12		(24.20)
Book value per common share (ex. AOCI)	$	20.33	$	21.29	$	25.41	$	26.13	$	24.46	$	20.33	$	24.46



Notes:

(1) Includes separation costs of $20 million and $82 million for the three months and year ended December 31, 2021, respectively. Separation costs were completed during 2021. The impact per common share is $0.06 and $0.20 for the three months and year ended December 31, 2021.
(2) Includes certain gross legal expenses related to the cost of insurance litigation and claims related to a commercial relationship of $50 million, $27 million, $218 million and $207 million for the three months and year ended December 31, 2022 and 2021, respectively. Includes policyholder benefit costs of $75 million for the year ended December 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 $0.14, $0.00, $0.57 and $0.50 for the three months and years ended December 31, 2022 and 2021, respectively. Includes policyholder benefit costs of $0.20 and $0.00 for the years ended December 31, 2022 and 2021 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 $34 million, ($75) million, ($34) million and $65 million for the three months and year ended December 31, 2022 and 2021, respectively. The impact per common share is $0.09, ($0.19), ($0.09) and $0.14 for the three months and year ended December 31, 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)	12/31/2021			3/31/2022			6/30/2022			9/30/2022			12/31/2022

Net Income to Non-GAAP Operating Earnings
Net income (loss) attributable to Holdings	$	(439)		$	1,622		$	3,227		$	2,828		$	1,785
Adjustments related to:
Variable annuity product features	4,145			1,277			(1,840)			(2,126)			(1,315)
Investment (gains) losses	(867)			(358)			293			790			945

Net actuarial (gains) losses related to pension and other postretirement benefit obligations	120			105			98			90			82
Other adjustments	717			413			554			452			551
Income tax (expense) benefits related to above adjustments	(864)			(301)			191			167			(56)
Non-recurring tax items	13			15			18			20			16
Non-GAAP Operating Earnings	$	2,825		$	2,773		$	2,541		$	2,221		$	2,009

Return on Equity and Non-GAAP Operating Return on Equity - Trailing twelve months
Net income (loss) attributable to Holdings	$	(439)		$	1,622		$	3,227		$	2,828		$	1,785
Less: Preferred stock	(79)			(80)			(80)			(80)			(80)
Net income (loss) available to Holdings' common shareholders	$	(518)		$	1,542		$	3,147		$	2,748		$	1,705
Average equity attributable to Holdings' common shareholders (ex. AOCI)	$	8,193		$	8,140		$	8,487		$	8,844		$	9,088

Return on Equity (ex. AOCI)	(6.3)		%	18.9		%	37.1		%	31.1		%	18.8		%

Non-GAAP Operating Earnings	$	2,825		$	2,773		$	2,541		$	2,221		$	2,009
Less: Preferred stock	(79)			(80)			(80)			(80)			(80)
Non-GAAP Operating Earnings available to Holdings' common shareholders	$	2,746		$	2,693		$	2,461		$	2,141		$	1,929
Average equity attributable to Holdings' common shareholders (ex. AOCI)	$	8,193		$	8,140		$	8,487		$	8,844		$	9,088

Non-GAAP Operating Return on Equity (ex. AOCI)	33.5		%	33.1		%	29.0		%	24.2		%	21.2		%


Reconciliation of Non-GAAP Measures (3/3)

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

Equity Reconciliation - Quarter-end Balances
Total equity attributable to Holdings' shareholders	$	10,693	$	11,732	$	11,680	$	11,519	$	7,954	$	5,589	$	3,354	$	1,658
Less: Preferred Stock	1,562		1,562		1,562		1,562		1,562		1,562		1,562		1,562
Total equity attributable to Holdings' common shareholders	9,131		10,170		10,118		9,957		6,392		4,027		1,792		96
Less: Accumulated other comprehensive income (loss)	740		1,983		1,876		2,004		(1,787)		(5,548)		(7,876)		(8,834)
Total equity attributable to Holdings' common shareholders (ex. AOCI)	$	8,391	$	8,187	$	8,242	$	7,953	$	8,179	$	9,575	$	9,668	$	8,930

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

Equity Reconciliation - Twelve Month Rolling Average (2)
Total equity attributable to Holdings' shareholders	15,267		13,825		12,420		11,406		10,721		9,186		7,104		4,639
Less: Preferred Stock	1,219		1,416		1,489		1,562		1,562		1,562		1,562		1,562
Total equity attributable to Holdings' common shareholders	14,048		12,410		10,932		9,844		9,159		7,624		5,542		3,077
Less: Accumulated other comprehensive income (loss)	3,180		2,694		2,116		1,651		1,019		(864)		(3,302)		(6,011)
Total equity attributable to Holdings' common shareholders (ex. AOCI)	$	10,868	$	9,716	$	8,816	$	8,193	$	8,140	$	8,487	$	8,844	$	9,088


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

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

Jan '22

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.


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