# EDGAR Filing Document

**Accession Number:** 0001333986
**File Stem:** 0001333986-23-000002
**Filing Date:** 2023-2
**Character Count:** 270663
**Document Hash:** 0f35c8f88013e605435f8d4ddec4f78a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001333986-23-000002.hdr.sgml**: 20230208

**ACCESSION NUMBER**: 0001333986-23-000002

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 17

**CONFORMED PERIOD OF REPORT**: 20230208

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230208

**DATE AS OF CHANGE**: 20230208

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Equitable Holdings, Inc.
- **CENTRAL INDEX KEY:** 0001333986
- **STANDARD INDUSTRIAL CLASSIFICATION:** INSURANCE AGENTS BROKERS & SERVICES [6411]
- **IRS NUMBER:** 585512450
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-38469
- **FILM NUMBER:** 23599369

**BUSINESS ADDRESS:**
- **STREET 1:** 1290 AVENUE OF THE AMERICAS
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10104
- **BUSINESS PHONE:** (212) 554-1234

**MAIL ADDRESS:**
- **STREET 1:** 1290 AVENUE OF THE AMERICAS
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10104

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AXA Equitable Holdings, Inc.
- **DATE OF NAME CHANGE:** 20171107

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AXA AMERICA HOLDINGS, INC.
- **DATE OF NAME CHANGE:** 20050722

?xml version="1.0" ? axaeq-20230208

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

**FORM 8-K**

**CURRENT REPORT** 

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

Date of Report (Date of earliest event reported): **February 8, 2023**![axaeq-20230208_g1.jpg](axaeq-20230208_g1.jpg)

**Equitable Holdings, Inc.**

(Exact name of registrant as specified in its charter)

---

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

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1290 Avenue of the Americas, New York, New York&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10104**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Address of principal executive offices) (Zip Code)

**(212) 554-1234** 

(Registrant's telephone number, including area code)

**Not Applicable** 

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

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

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

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

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

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

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol** | **Name of Exchange on which registered** |
| Common Stock | EQH | New York Stock Exchange |
| Depositary Shares, each representing a 1/1,000th interest in a share of Fixed Rate Noncumulative Perpetual Preferred Stock, Series A | EQH PR A | New York Stock Exchange |
| Depositary Shares, each representing a 1/1,000th interest in a share of Fixed Rate Noncumulative Perpetual Preferred Stock, Series C | EQH PR C | New York Stock Exchange |

---

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

Emerging growth company ☐

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

------

**Item 2.02&nbsp;&nbsp;&nbsp;&nbsp;Results of Operations and Financial Condition.**

On February 8, 2023, Equitable Holdings, Inc. ("EQH") issued a press release announcing its financial results for the quarter and full year ended December 31, 2022. A copy of the press release containing this information is furnished as Exhibit 99.1 hereto and is incorporated herein by reference. In addition, more detailed financial information may be found in EQH's Financial Supplement for the quarter ended December 31, 2022. A copy of the Financial Supplement for the quarter ended December 31, 2022 is furnished as Exhibit 99.2 hereto and is incorporated herein by reference.

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

**Item 7.01&nbsp;&nbsp;&nbsp;&nbsp;Regulation FD Disclosure.**

In connection with its earnings call for the quarter and full ended December 31, 2022, EQH has prepared a presentation for use with investors and other members of the investment community, which will be accessible via EQH's investor relations website at https://ir.equitableholdings.com at 8 a.m. ET on Thursday, February 9, 2023.

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

**Item 9.01&nbsp;&nbsp;&nbsp;&nbsp;Financial Statements and Exhibits.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Exhibits

---

| | |
|:---|:---|
| **<u>Exhibit No.</u>** | **<u>Description of Exhibit</u>** |
| <u>[99.1](eqh10k2022earningsrelease.htm)</u> | Press release of Equitable Holdings, Inc., dated February 8, 2023 (furnished and not filed) |
| <u>[99.2](eqh10k2022qfsdocument.htm)</u> | Financial Supplement for the quarter ended December 31, 2022 (furnished and not filed) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

---

------

**SIGNATURE** 

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

---

| | | |
|:---|:---|:---|
| | EQUITABLE HOLDINGS, INC. | EQUITABLE HOLDINGS, INC. |
| Date: February 8, 2023 | By: | /s/ Ralph Petruzzo |
|  | Name: | Ralph Petruzzo |
|  | Title: | Associate General Counsel |

---

## Exhibit 99.1

**EQUITABLE HOLDINGS REPORTS FULL YEAR AND FOURTH QUARTER 2022 RESULTS**

_______________________________________

**• Solid full year results, consistent cash flow generation**<sup>1</sup> **and $1.3bn of capital return**<sup>2</sup> **demonstrate resilient business model**

**• Record new business value and $10bn of net inflows across Core Retirement, Wealth and Asset Management**<sup>3</sup>

**• Net income of $1.8bn; Net income per share of $4.49**

**• Non-GAAP operating earnings**<sup>4</sup> **of $2.0bn, or $5.08 per share; adjusting for notable items**<sup>5</sup>**, Non-GAAP operating earnings of $2.2bn, or $5.55 per share**

**• Achieved $180m incremental investment income target a full year ahead of schedule**

**• Economic management supports combined RBC ratio of 425%, above 375-400% target**

_______________________________________

**New York, NY, February 8, 2023 —** Equitable Holdings, Inc. ("Equitable Holdings", "Holdings", or the "Company") (NYSE: EQH) today announced financial results for the full year and fourth quarter ended December 31, 2022.

"We delivered strong results despite turbulent markets this year. Full year Non-GAAP operating earnings were $5.08 per share, or $5.55 per share after adjusting for notable items, down 8% in the year. These results reflect equity markets down 20% and bond values down 13% partially offset by capital return. Managing what is within our control is important particularly in these markets; we have achieved our $180 million incremental general account investment income target one year ahead of schedule and realized net expense savings of $50 million," said Mark Pearson, President and Chief Executive Officer.

Mr. Pearson continued, "In these more volatile times, we have seen heightened client demand for retirement and asset management solutions. Retirement sales were up 6% year-over-year and we continue to see organic growth in asset management with a shift into private markets and multi-asset solutions resulting in a 3% fee rate improvement year-over-year. We also continue to benefit from rising interest rates, with new investments generating an incremental 190 basis points above our current general account yield, supporting record levels of new business value."

Mr. Pearson concluded, "While full year mortality experience remained more favorable than expectations, we experienced heightened mortality in the fourth quarter given COVID persistency and seasonal flu impacts. The benefits of our economic management and hedging program continue to support a combined RBC ratio above our target range and consistent capital returns of $1.3 billion in the year,

<sup>1</sup> Cash generation is net annual dividends and distributions to Equitable Holdings from its subsidiaries; expected cash generation based on 12/31/22 market levels.

<sup>2</sup> 2022 capital return includes $112 million of repurchases accelerated from first quarter 2022 into fourth quarter 2021.

<sup>3</sup> Net inflows include $4.6 billion of Core Retirement inflows, representing Individual Retirement Current Product Offering and Group Retirement, $4.5 billion of Wealth Management advisory and brokerage inflows from Equitable Advisors and $0.9 billion of AllianceBernstein inflows, excluding $4.5 billion of AXA redemptions.

<sup>4</sup> This press release includes certain Non-GAAP financial measures. More information on these measures and reconciliations to the most comparable U.S. GAAP measures can be found in the "Use of Non-GAAP Financial Measures" section of this release.

<sup>5</sup> Please refer to Exhibit 1 for detailed reconciliation and definitions related to notable items.

------

delivering 15% growth in free cash flow<sup>6</sup> per share. Looking ahead, we remain confident about the resilience of our business model and are committed to our capital management program with $2.0 billion of cash and liquid assets at Holdings and an estimated $1.3 billion of cash generation<sup>7</sup> supporting financial flexibility and consistent capital return in 2023."

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Consolidated Results** | | | | |
| | **Fourth Quarter** | **Fourth Quarter** | **Full Year** | **Full Year** |
| *(in millions, except per share amounts or unless otherwise noted)* | **2022** | 2021 | **2022** | **2021** |
| Total Assets Under Management ("AUM", in billions) | $**754** | $908 | $**754** | $908 |
| Net income (loss) attributable to Holdings | **(789)** | 254 | **1785** | (439) |
| *&nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) attributable to Holdings per common share* | ***(2.21)*** | *0.56* | ***4.49*** | *(1.24)* |
| Non-GAAP operating earnings (loss) | **436** | 649 | **2009** | 2825 |
| *&nbsp;&nbsp;&nbsp;&nbsp;Non-GAAP operating earnings (loss) per common share ("EPS")* | ***1.11*** | *1.54* | ***5.08*** | *6.58* |

---

As of December 31, 2022, total AUM was $754 billion, a year-over-year decrease of 17.0%, driven by lower markets over the prior twelve months.

On a full year basis Net income (loss) attributable to Holdings improved from $(0.4) billion in 2021 to $1.8 billion in 2022 primarily driven by non-economic market impacts from hedging and non-performance risk under U.S. GAAP accounting.

Full year Non-GAAP operating earnings decreased to $2.0 billion from $2.8 billion in 2021. Adjusting for notable items<sup>8</sup> of $178 million, 2022 Non-GAAP operating earnings were $2.2 billion or $5.55 per share.

The Net income (loss) attributable to Holdings for the fourth quarter of 2022 was $(789) million compared to $254 million in the fourth quarter of 2021 driven primarily by non-economic market impacts from hedging under U.S. GAAP accounting.

Non-GAAP operating earnings in the fourth quarter of 2022 was $436 million compared to $649 million in the fourth quarter of 2021. Adjusting for notable items<sup>9</sup> of $93 million, fourth quarter 2022 Non-GAAP operating earnings were $529 million or $1.36 per share.

As of December 31, 2022, book value per common share, including accumulated other comprehensive income ("AOCI"), was $0.26. Book value per common share, excluding AOCI, was $24.46.

**<u>Business Highlights</u>**

**• Full year 2022 business segment highlights:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Individual Retirement continues to report strong first year premiums of $11.5 billion, driven by Structured Capital Strategies up 12% year-over-year<sup>10</sup>, leading to current product offering inflows of $3.9 billion, up 51% compared to 2021.

<sup>6</sup> Free Cash Flow is net annual dividends and distributions to Equitable Holdings from its subsidiaries less annual Holding Company expenses.

<sup>7</sup> Cash generation is net annual dividends and distributions to Equitable Holdings from its subsidiaries; expected cash generation based on 12/31/22 market levels.

<sup>8</sup> Please refer to Exhibit 1 for detailed reconciliation and definitions related to notable items.

<sup>9</sup> Please refer to Exhibit 1 for detailed reconciliation and definitions related to notable items.

<sup>10</sup> Includes $0.6 billion of first year premiums associated with SCS Income currently reported in Other.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Group Retirement reported premiums of $4.4 billion, up 16% over the prior year. Segment net inflows were $634 million supported by tax-exempt inflows and the introduction of the institutional channel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Investment Management and Research (AllianceBernstein or "AB")<sup>11</sup> reported net inflows of $0.9 billion<sup>12</sup>. Continued strategic growth in Private Markets resulted in $56 billion of AUM, supported by the CarVal acquisition, contributing to a 3% fee rate improvement over the prior year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Protection Solutions reported gross written premiums of $3.1 billion driven by continued focus on accumulation-oriented Variable Universal Life with total premiums and first-year premiums up 3% and 8% year-over-year, respectively.

**• Capital management program:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ The Company returned $1.3 billion to shareholders<sup>13</sup>, including $224 million in the fourth quarter of 2022, successfully delivering on its 50-60% payout ratio target<sup>14</sup> for 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ The Company reported cash and liquid assets of $2.0 billion at Holdings, which remains above the $500 million minimum target, as it continues to maximize financial flexibility to consistently deliver on its capital return targets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ The Board of Directors also authorized a new $0.7 billion share repurchase program<sup>15</sup> bringing available share repurchase authorization to c. $1 billion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ The Company maintained its strong financial condition reporting a combined RBC ratio of approximately 425% at year end, above the minimum combined RBC target of 375-400%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ The Company expects c. $1.3 billion of cash generation<sup>16</sup> in 2023 supporting the continued execution of its capital management program.

**• Delivering long-term shareholder value:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ The Company continued to deliver significant value for shareholders with strong cash flows and consistent capital return resulting in free cash flow<sup>17</sup> per share growth of c. 15% this year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ The Company achieved its general account investment income target of $180 million as of year end, ahead of schedule, while also continuing to benefit from higher interest rates with new money yields 190 basis points above yields on its general account portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ The Company's wholly-owned subsidiary, Equitable Financial, has also realized $50 million of net expense savings as of year end and expects to complete its $80 million net expense savings target in 2023.

<sup>11</sup> Refers to AllianceBernstein L.P. and AllianceBernstein Holding L.P., collectively.

<sup>12</sup> Excludes $4.5 billion of expected low-fee outflows from AXA.

<sup>13</sup> 2022 capital return includes $112 million of repurchases accelerated from first quarter 2022 into fourth quarter 2021.

<sup>14</sup> Payout ratio target is total capital returns to common shareholders as a percentage of Non-GAAP operating earnings adjusted for notable items

<sup>15</sup> Under this authorization, the Company may, from time to time, purchase shares of its common stock through various means including open market transactions, privately negotiated transactions, forward, derivative, accelerated repurchase, or automatic share repurchase transactions, or tender offers. The authorization for the share repurchase program may be terminated, increased or decreased by the board of directors at any time.

<sup>16</sup> Cash generation is net annual dividends and distributions to Equitable Holdings from its subsidiaries; expected cash generation based on 12/31/22 market levels.

<sup>17</sup> Free Cash Flow is net annual dividends and distributions to Equitable Holdings from its subsidiaries less annual Holding Company expenses.

------

**<u>Business Segment Results</u>**

**Individual Retirement** 

---

| | | |
|:---|:---|:---|
| *(in millions, unless otherwise noted)* | **Q4 2022** | Q4 2021 |
| Account value (in billions) | $**95.8** | $111.9 |
| **<u>Segment net flows</u>** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Current Product Offering | **838** | 574 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legacy | **(589)** | (787) |
| &nbsp;&nbsp;**Total segment net flows** | **249** | (213) |
| Operating earnings (loss) | **303** | 351 |

---

• Account value decreased by 14% primarily due to lower markets, partially offset by continued demand for protected equity products through volatile markets.

• Net inflows of $249 million were led by inflows of $838 million from our current product offering of less capital-intensive products which was partially offset by outflows from the legacy VA block of $589 million.

• Operating earnings decreased from $351 million in the prior year quarter to $303 million, primarily driven by lower fee-type revenue on lower average account values partially offset by higher net investment income due to higher SCS asset balances and lower expenses.

• In the current period, results were $5 million lower due to notable items primarily reflecting lower net investment income from alternatives. Operating earnings after adjusting for notable items<sup>18</sup> decreased from $328 million in the prior year quarter to $308 million.

**Group Retirement**

---

| | | |
|:---|:---|:---|
| *(in millions, unless otherwise noted)* | **Q4 2022** | Q4 2021 |
| Account value (in billions) (1) | $**32.0** | $47.8 |
| Segment net flows (2) | **24** | (109) |
| Operating earnings (loss) | **110** | 117 |

---

(1) 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.

(2) For the three months ended December 31, 2022, net out flows of $179 million are excluded as these amounts are related to ceded AV to Global Atlantic.

• Account value decreased by 33% driven primarily by the reinsurance transaction with Global Atlantic, which reduced account value by c. $9.4 billion, and market performance over the prior twelve months.

• Net inflows of $24 million improved versus the prior year quarter with tax-exempt channel inflows supported by premiums of $693 million and lower redemptions due to reinsured policies.

• Operating earnings decreased from $117 million in the prior year quarter to $110 million primarily due to lower net investment income from alternatives income and lower fee-type revenue on lower

<sup>18</sup> Please refer to Exhibit 1 for detailed reconciliation and definitions related to notable items.

------

average account values partially offset by lower expenses. In the quarter, the Company experienced c. $4 million lower operating earnings from the Global Atlantic reinsurance transaction.

• In the current period, results were $5 million lower due to notable items primarily reflecting lower net investment income from alternatives. Operating earnings after adjusting for notable items<sup>19</sup> decreased from $153 million in the prior year quarter to $115 million.

**AllianceBernstein**

---

| | | |
|:---|:---|:---|
| *(in millions, unless otherwise noted)* | **Q4 2022** | Q4 2021 |
| Total AUM (in billions) | $**646.4** | $778.6 |
| Segment net flows (in billions) | **(1.9)** | 7.4 |
| Operating earnings (loss) | **94** | 183 |

---

• AUM decreased by 17% due to market performance over the prior twelve months.

• Fourth quarter net outflows of $1.9 billion were driven by net outflows of $3.4 billion in Retail, with continued industry-wide pressure on taxable fixed income, partially offset by Institutional net inflows of $1.7 billion supported by a custom retirement solutions mandate.

• Operating earnings decreased from $183 million in the prior year quarter to $94 million, primarily due to lower base fees on lower average AUM and lower performance fees partially offset by lower operating expenses in addition to a 5% fee rate improvement over prior year quarter benefiting from favorable asset mix shift and CarVal acquisition.

**Protection Solutions**

---

| | | |
|:---|:---|:---|
| *(in millions)* | **Q4 2022** | Q4 2021 |
| Gross written premiums | $**776** | $801 |
| Annualized premiums | **74** | 84 |
| Operating earnings (loss) | **(29)** | 53 |

---

• Gross written premiums decreased 3% year-over-year with lower Life premiums partially offset by Employee Benefits premiums up compared to prior year quarter.

• Operating earnings decreased from $53 million in the prior year quarter to a $29 million loss, primarily due higher than expected mortality and lower net investment income from lower alternatives income and prepayments partially offset by higher income from floating rate securities and general account optimization.

• In the current period, results were $98 million lower due to notable items primarily reflecting elevated mortality and lower net investment income from alternatives. Operating earnings after adjusting for notable items<sup>6</sup> decreased from $92 million in the prior year quarter to $69 million.

**Corporate and Other ("C&O")**

<sup>19</sup> Please refer to Exhibit 1 for detailed reconciliation and definitions related to notable items.

------

Operating loss of $42 million in the fourth quarter improved compared to operating loss of $55 million in the prior year quarter, primarily driven by favorable assumed policyholder benefits in the period. Operating loss after adjusting for notable items<sup>20</sup> decreased from $65 million in the prior year quarter to $57 million.

<sup>20</sup> Please refer to Exhibit 1 for detailed reconciliation and definitions related to notable items.

------

**<u>Exhibit 1: Notable Items</u>**

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

Impact of notable items by segment and Corporate & Other:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| *(in millions)* | **2022** | **2021** | **2022** | **2021** |
| Non-GAAP Operating Earnings | **436** | $649 | $**2009** | $2825 |
| Post-tax Adjustments related to notable items: |  |  |  |  |
| &nbsp;&nbsp;Individual Retirement | **5** | (23) | **56** | (83) |
| &nbsp;&nbsp;Group Retirement | **5** | 36 | **21** | (9) |
| &nbsp;&nbsp;Investment Management and Research | **—** |  | **—** |  |
| &nbsp;&nbsp;Protection Solutions | **98** | 39 | **134** | (24) |
| &nbsp;&nbsp;Corporate & Other | **(15)** | (10) | **(11)** | (92) |
| Notable items subtotal | **93** | 42 | **201** | (208) |
| Less: impact of actuarial assumption update | **—** |  | **(23)** | (6) |
| Non-GAAP Operating Earnings, less Notable Items | $**529** | $691 | $**2187** | $2611 |

---

Impact of notable items by item category:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| *(in millions)* | **2022** | **2021** | **2022** | **2021** |
| Non-GAAP Operating Earnings | **436** | $649 | $**2009** | $2825 |
| Pre-tax adjustments related to Notable Items: |  |  |  |  |
| &nbsp;&nbsp;Actuarial Updates/Reserve | **—** | (18) | **24** | (107) |
| &nbsp;&nbsp;Mortality | **84** | 77 | **109** | 205 |
| &nbsp;&nbsp;Expenses | **—** | 50 | **42** | 50 |
| &nbsp;&nbsp;Net Investment Income | **27** | (62) | **31** | **(410)** |
| Subtotal | **111** | 47 | **206** | **(262)** |
| Post-tax impact of Notable Items | **93** | 42 | **201** | **(208)** |
| Less: impact of actuarial assumption update | **—** |  | **(23)** | **(6)** |
| Non-GAAP Operating Earnings, less Notable Items | $**529** | $691 | $**2187** | $**2611** |

---

------

Impact of Notable Items by segment and corporate & other:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Three months ended 12/31/2022 ($m)** | **IR** | **GR** | **AB** | **PS** | **C&O** | **Consolidated** |
| **Non-GAAP Operating Earnings** | **303** | **110** | **94** | **(29)** | **(42)** | **436** |
| Pre-tax adjustments related to Notable Items: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Actuarial Updates/Reserve |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortality |  |  |  | 111 | (27) | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | 6 | 6 |  | 9 | 5 | 27 |
| **Pre-tax Subtotal** | **6** | **6** | **—** | **120** | **(22)** | **111** |
| Tax adjustment | (1) | (1) |  | (23) | 7 | (18) |
| **Post-tax impact of Notable Items** | **5** | **5** | **—** | **98** | **(15)** | **93** |
| &nbsp;&nbsp;&nbsp;&nbsp; Impact of Actuarial Assumption Update |  |  |  |  |  |  |
| **Non-GAAP Operating Earnings, less Notable Items** | **308** | **115** | **94** | **69** | **(57)** | **529** |
| **Three months ended 12/31/2021 ($m)** | **IR** | **GR** | **AB** | **PS** | **C&O** | **Consolidated** |
| **Non-GAAP Operating Earnings** | **351** | **117** | **183** | **53** | **(55)** | **649** |
| Pre-tax adjustments related to Notable Items: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Actuarial Updates/Reserve |  |  |  | (18) |  | (18) |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortality |  |  |  | 77 |  | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses |  | 50 |  |  |  | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | (32) | (8) |  | (13) | (10) | (62) |
| **Pre-tax Subtotal** | **(32)** | **42** | **—** | **46** | **(10)** | **46** |
| Tax adjustment | 9 | (6) |  | (7) |  | (5) |
| **Post-tax impact of Notable Items** | **(23)** | **36** | **—** | **39** | **(10)** | **42** |
| &nbsp;&nbsp;&nbsp;&nbsp; Impact of Actuarial Assumption Update |  |  |  |  |  |  |
| **Non-GAAP Operating Earnings, less Notable Items** | **328** | **153** | **183** | **92** | **(65)** | **691** |

---

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Twelve months ended 12/31/2022 ($m)** | **IR** | **GR** | **AB** | **PS** | **C&O** | **Consolidated** |
| **Non-GAAP Operating Earnings** | **1140** | **525** | **424** | **179** | **(259)** | **2009** |
| Pre-tax adjustments related to Notable Items: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Actuarial Updates/Reserve | 15 | 3 |  | 7 |  | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortality |  |  |  | 136 | (27) | 109 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses | 6 | 11 |  | 8 | 17 | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | 19 | 4 |  | 6 | 3 | 31 |
| **Pre-tax Subtotal** | **39** | **17** | **—** | **157** | **(7)** | **206** |
| Tax adjustment | 17 | 4 |  | (23) | (4) | (6) |
| **Post-tax impact of Notable Items** | **56** | **21** | **—** | **134** | **(11)** | **201** |
| &nbsp;&nbsp;&nbsp;&nbsp; Impact of Actuarial Assumption Update | 10 | (27) |  | (6) |  | (23) |
| **Non-GAAP Operating Earnings, less Notable Items** | **1206** | **520** | **424** | **307** | **(270)** | **2187** |
| **Twelve months ended 12/31/2021 ($m)** | **IR** | **GR** | **AB** | **PS** | **C&O** | **Consolidated** |
| **Non-GAAP Operating Earnings** | **1444** | **631** | **564** | **317** | **(131)** | **2825** |
| Pre-tax adjustments related to Notable Items: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Actuarial Updates/Reserve |  |  |  | (107) |  | (107) |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortality | 21 |  |  | 162 | 22 | 205 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses |  | 50 |  |  |  | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | (128) | (64) |  | (86) | (132) | (410) |
| **Pre-tax Subtotal** | **(107)** | **(14)** | **—** | **(30)** | **(110)** | **(262)** |
| Tax adjustment | 24 | 5 |  | 6 | 18 | 54 |
| **Post-tax impact of Notable Items** | **(83)** | **(9)** | **—** | **(24)** | **(92)** | **(208)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Impact of Actuarial Assumption Update | 37 | (27) |  | (16) |  | (6) |
| **Non-GAAP Operating Earnings, less Notable Items** | **1398** | **595** | **564** | **277** | **(223)** | **2611** |

---

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**Earnings Conference Call**

Equitable Holdings will host a conference call at 8 a.m. ET February 9, 2023 to discuss its full year and fourth quarter 2022 results. The conference call webcast, along with additional earnings materials will be accessible on the company's investor relations website at ir.equitableholdings.com. Please log on to the webcast at least 15 minutes prior to the call to download and install any necessary software.

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

EQH Full Year and Fourth Quarter 2022 Earnings Call

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

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

**About Equitable Holdings**

Equitable Holdings, Inc. (NYSE: EQH) is a financial services holding company comprised of two complementary and well-established principal franchises, Equitable and AllianceBernstein. Founded in 1859, Equitable provides advice, protection and retirement strategies to individuals, families and small businesses. AllianceBernstein is a global investment management firm that offers high-quality research and diversified investment services to institutional investors, individuals and private wealth clients in major world markets. Equitable Holdings has approximately 12,400 employees and financial professionals, $754 billion in assets under management (as of 12/31/2022) and more than 5 million client relationships globally.

**Contacts:**

**Investor Relations**

Işıl Müderrisoğlu

(212) 314-2476

IR@equitable.com

**Media Relations**

Sophia Kim

(212) 314-2010

mediarelations@equitable.com

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**Note Regarding Forward-Looking Statements**

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

These forward-looking statements are not a guarantee of future performance and involve risks and uncertainties, and there are certain important factors that could cause actual results to differ, possibly materially, from expectations or estimates reflected in such forward-looking statements, including, among others: (i) conditions in the financial markets and economy, including the impact of plateauing or decreasing economic growth and geopolitical conflicts and related economic conditions, equity market declines and volatility, interest rate fluctuations, impacts on our goodwill and changes in liquidity and access to and cost of capital; (ii) operational factors, including reliance on the payment of dividends to Holdings by its subsidiaries, protection of confidential customer information or proprietary business information, operational failures by us or our service providers, potential strategic transactions, changes in accounting standards, and catastrophic events, such as the outbreak of pandemic diseases including COVID-19; (iii) credit, counterparties and investments, including counterparty default on derivative contracts, failure of financial institutions, defaults by third parties and affiliates and economic downturns, defaults and other events adversely affecting our investments; (iv) our reinsurance and hedging programs; (v) our products, structure and product distribution, including variable annuity guaranteed benefits features within certain of our products, variations in statutory capital requirements, financial strength and claims-paying ratings, state insurance laws limiting the ability of our insurance subsidiaries to pay dividends and key product distribution relationships; (vi) estimates, assumptions and valuations, including risk management policies and procedures, potential inadequacy of reserves and experience differing from pricing expectations, amortization of deferred acquisition costs and financial models; (vii) our Investment Management and Research segment, including fluctuations in assets under management and the industry-wide shift from actively-managed investment services to passive services; (viii) legal and regulatory risks, including federal and state legislation affecting financial institutions, insurance regulation and tax reform; (ix) risks related to our common stock and (x) general risks, including strong industry competition, information systems failing or being compromised and protecting our intellectual property.

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

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**Use of Non-GAAP Financial Measures**

In addition to our results presented in accordance with U.S. GAAP, we report Non-GAAP Operating Earnings, Non-GAAP Operating EPS, and Book Value per common share, excluding AOCI, 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, AV, 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

The table below presents a reconciliation of Net income (loss) attributable to Holdings to Non-GAAP Operating Earnings for the three months and years ended December 31, 2022 and 2021:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| *(in millions)* | **2022** | 2021 | **2022** | 2021 |
| Net income (loss) attributable to Holdings | $**(789)** | $254 | $**1785** | $(439) |
| Adjustments related to: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Variable annuity product features | **1324** | 513 | **(1315)** | 4145 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment (gains) losses | **55** | (100) | **945** | (867) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net actuarial (gains) losses related to pension and other postretirement benefit obligations | **25** | 33 | **82** | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other adjustments (1) (2) (3) | **144** | 45 | **552** | 717 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax expense (benefit) related to above adjustments | **(326)** | (103) | **(56)** | (864) |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-recurring tax items | **3** | 7 | **16** | 13 |
| Non-GAAP Operating Earnings | $**436** | $649 | $**2009** | $2825 |

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_______________

(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.

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*Non-GAAP Operating EPS*

Non-GAAP Operating Earnings per common share is calculated by dividing Non-GAAP Operating Earnings less preferred stock dividends by diluted common shares outstanding. The table below presents a reconciliation of GAAP EPS to Non-GAAP Operating EPS for the three months and years ended December 31, 2022 and 2021.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| *(per share amounts)* | **2022** | 2021 | **2022** | 2021 |
| Net income (loss) attributable to Holdings (1) | $**(2.14)** | $0.63 | $**4.70** | $(1.05) |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Preferred stock dividend | **0.07** | 0.07 | **0.21** | 0.20 |
| Net Income (loss) available to common shareholders | **(2.21)** | 0.56 | **4.49** | (1.24) |
| Adjustments related to: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Variable annuity product features | **3.59** | 1.27 | **(3.46)** | 9.93 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment (gains) losses | **0.14** | (0.25) | **2.49** | (2.08) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net actuarial (gains) losses related to pension and other postretirement benefit obligations | **0.07** | 0.08 | **0.22** | 0.29 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other adjustments (2) (3) (4) | **0.39** | 0.11 | **1.45** | 1.72 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax expense (benefit) related to above adjustments | **(0.88)** | (0.25) | **(0.15)** | (2.07) |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-recurring tax items | **0.01** | 0.02 | **0.04** | 0.03 |
| Non-GAAP Operating Earnings | $**1.11** | $1.54 | $**5.08** | $6.58 |

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_______________

(1)For periods presented with a net loss, basic shares are used for EPS .

(2)The impact per common share is $0.06 and $0.20 for the three months and year ended December 31, 2021. Separation costs were completed during 2021.

(3)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.

(4)Includes Non-GMxB related derivative hedge losses of ($0.09), $0.14 and ($0.90) for the years ended December 31, 2022 and 2021, respectively.

*Book Value per common share, excluding AOCI*

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

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| | | |
|:---|:---|:---|
| | **December 31,<br>2022** | December 31, 2021 |
| Book value per common share | $**0.26** | $25.45 |
| Per share impact of AOCI | **24.20** | (5.12) |
| **Book Value per common share, excluding AOCI** | $**24.46** | $20.33 |

---

**Other Operating Measures**

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

*Account Value ("AV")*

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

*Assets Under Management ("AUM")*

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

*Segment net flows*

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

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**<u>Consolidated Statements of Income (Loss) (Unaudited)</u>**

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2022** | 2021 | **2022** | 2021 |
| | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** |
| **REVENUES** |  |  |  |  |
| Policy charges and fee income | $**792** | $882 | $**3241** | $3637 |
| Premiums | **250** | 231 | **994** | 960 |
| Net derivative gains (losses) | **(1422)** | (535) | **1696** | (4465) |
| Net investment income (loss) | **958** | 932 | **3315** | 3846 |
| Investment gains (losses), net: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Credit losses on available-for-sale debt securities and loans | **(48)** | (2) | **(314)** | 2 |
| &nbsp;&nbsp;&nbsp;Other investment gains (losses), net | **(7)** | 103 | **(631)** | 866 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment gains (losses), net | **(55)** | 101 | **(945)** | 868 |
| Investment management and service fees | **1160** | 1497 | **4891** | 5395 |
| Other income | **213** | 210 | **825** | 795 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total revenues | **1896** | 3318 | **14017** | 11036 |
| **BENEFITS AND OTHER DEDUCTIONS** |  |  |  |  |
| Policyholders' benefits | **786** | 700 | **3385** | 3218 |
| Interest credited to policyholders' account balances | **407** | 314 | **1409** | 1219 |
| Compensation and benefits | **520** | 598 | **2199** | 2360 |
| Commissions and distribution-related payments | **383** | 447 | **1567** | 1662 |
| Interest expense | **53** | 60 | **201** | 244 |
| Amortization of deferred policy acquisition costs | **96** | 136 | **542** | 393 |
| Other operating costs and expenses | **572** | 598 | **2189** | 2109 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total benefits and other deductions | **2817** | 2853 | **11492** | 11205 |
| Income (loss) from continuing operations, before income taxes | **(921)** | 465 | **2525** | (169) |
| Income tax (expense) benefit | **208** | (77) | **(499)** | 145 |
| Net income (loss) | **(713)** | 388 | **2026** | (24) |
| &nbsp;&nbsp;&nbsp;Less: Net income (loss) attributable to the noncontrolling interest | **76** | 134 | **241** | 415 |
| Net income (loss) attributable to Holdings | **(789)** | 254 | **1785** | (439) |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Preferred stock dividends | **26** | 26 | **80** | 79 |
| Net income (loss) available to Holdings' common shareholders | $**(815)** | $228 | $**1705** | $(518) |

---

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**<u>Earnings Per Common Share</u>**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2022** | 2021 | **2022** | 2021 |
| | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** |
| **Earnings per common share** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | $**(2.21)** | $0.57 | $**4.52** | $**(1.24)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | $**(2.21)** | $0.56 | $**4.49** | $**(1.24)** |
| **Weighted average shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Weighted average common stock outstanding for basic earnings per common share | **368.6** | 400.4 | **377.6** | 417.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Weighted average common stock outstanding for diluted earnings per common share (1) | **368.6** | 404.3 | **379.9** | 417.4 |

---

(1)Due to net loss for the year ended December 31, 2021 approximately 3.8 million share awards were excluded from the diluted EPS calculation.

**<u>Results of Operations by Segment</u>**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2022** | 2021 | **2022** | 2021 |
| | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** |
| **Operating earnings (loss) by segment:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Individual Retirement | $**303** | $351 | $**1140** | $1444 |
| &nbsp;&nbsp;&nbsp;&nbsp;Group Retirement | **110** | 117 | **525** | 631 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment Management and Research | **94** | 183 | **424** | 564 |
| &nbsp;&nbsp;&nbsp;&nbsp;Protection Solutions | **(29)** | 53 | **179** | 317 |
| Corporate and Other (1) | **(42)** | (55) | **(259)** | (131) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Non-GAAP Operating Earnings** | $**436** | $649 | $**2009** | $2825 |

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(1)Includes interest expense and financing fees of $49 million, $61 million, $205 million and $241 million for the three months and year ended December 31, 2022,and 2021 respectively.

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**<u>Select Balance Sheet Statistics</u>**

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| | | |
|:---|:---|:---|
| | **December 31,<br>2022** | December 31,<br>2021 |
| | **(in millions)** | **(in millions)** |
| **ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investments and cash and cash equivalents | $**97378** | $110299 |
| &nbsp;&nbsp;&nbsp;&nbsp;Separate Accounts assets | **114853** | 147306 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total assets | **253468** | 292262 |
| **LIABILITIES** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-term debt | $**3322** | $3839 |
| &nbsp;&nbsp;&nbsp;&nbsp;Future policy benefits and other policyholders' liabilities | **34124** | 36717 |
| &nbsp;&nbsp;&nbsp;&nbsp;Policyholders' account balances | **83855** | 79357 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | **249615** | 278699 |
| **EQUITY** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Preferred stock | **1562** | 1562 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive income (loss) | **(8834)** | 2004 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total equity attributable to Holdings | $**1658** | $11519 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total equity attributable to Holdings' common shareholders (ex. AOCI) | **8930** | 7953 |

---

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 **<u>Assets Under Management (Unaudited)</u>**

---

| | | |
|:---|:---|:---|
| | **December 31,<br>2022** | December 31,<br>2021 |
| | **(in billions)** | **(in billions)** |
| **<u>Assets Under Management</u>** |  |  |
| **AB AUM** | $**646.4** | $778.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Exclusion for General Account and other Affiliated Accounts | **(66.8)** | (79.7) |
| &nbsp;&nbsp;&nbsp;&nbsp;Exclusion for Separate Accounts | **(38.2)** | (48.8) |
| &nbsp;&nbsp;&nbsp;&nbsp;**AB third party** | $**541.4** | $650.1 |
| **Total company AUM** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;AB third party | $**541.4** | $650.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;General Account and other Affiliated Accounts (1) (3) (4) | **97.4** | 110.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Separate Accounts (2) (3) (4) | **114.9** | 147.3 |
| **Total AUM** | $**753.6** | $907.7 |

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_______________

(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.

## Exhibit 99.2

![coverpagesnipa.jpg](coverpagesnipa.jpg)

------

---

| | |
|:---|:---|
| **Table of Contents** | |
| **Consolidated Financials and Key Metrics** | **Page** |
| Key Metrics Summary | <u>[4](#icae21673ade745d58720a25e0f527f77_10)</u> |
| Consolidated Statements of Income (Loss) | <u>[5](#icae21673ade745d58720a25e0f527f77_13)</u> |
| Consolidated Balance Sheets | <u>[6](#icae21673ade745d58720a25e0f527f77_16)</u> |
| Consolidated Capital Structure | <u>[7](#icae21673ade745d58720a25e0f527f77_19)</u> |
| Operating Earnings (Loss) by Segment and Corporate and Other | <u>[9](#icae21673ade745d58720a25e0f527f77_25)</u> |
| Assets Under Management and Administration | <u>[10](#icae21673ade745d58720a25e0f527f77_28)</u> |
| Sales Metrics by Segment | <u>[11](#icae21673ade745d58720a25e0f527f77_31)</u> |
| **Select Metrics from Business Segments** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Individual Retirement** |  |
| Statements of Operating Earnings (Loss) and Summary Metrics | <u>[13](#icae21673ade745d58720a25e0f527f77_37)</u> |
| Select Operating Metrics | <u>[14](#icae21673ade745d58720a25e0f527f77_40)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Group Retirement** |  |
| Statements of Operating Earnings (Loss) and Summary Metrics | <u>[16](#icae21673ade745d58720a25e0f527f77_43)</u> |
| Select Operating Metrics | <u>[17](#icae21673ade745d58720a25e0f527f77_46)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Investment Management and Research** |  |
| Statements of Operating Earnings (Loss) and Summary Metrics | <u>[19](#icae21673ade745d58720a25e0f527f77_49)</u> |
| Select Operating Metrics | <u>[20](#icae21673ade745d58720a25e0f527f77_52)</u> |
| Net Flows | <u>[21](#icae21673ade745d58720a25e0f527f77_55)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Protection Solutions** |  |
| Statements of Operating Earnings (Loss) and Summary Metrics | <u>[22](#icae21673ade745d58720a25e0f527f77_58)</u> |
| Select Operating Metrics | <u>[23](#icae21673ade745d58720a25e0f527f77_61)</u> |
| **Investments** |  |
| Consolidated Investment Portfolio Composition | <u>[25](#icae21673ade745d58720a25e0f527f77_67)</u> |
| Consolidated Results of General Account Investment Portfolio | <u>[26](#icae21673ade745d58720a25e0f527f77_70)</u> |
| **Additional Information** |  |
| Deferred Policy Acquisition Costs Rollforward | <u>[28](#icae21673ade745d58720a25e0f527f77_76)</u> |
| Use of Non-GAAP Financial Measures | <u>[29](#icae21673ade745d58720a25e0f527f77_79)</u> |
| Reconciliation of Non-GAAP Measures | <u>[31](#icae21673ade745d58720a25e0f527f77_82)</u> |
| Glossary of Selected Financial and Product Terms | <u>[34](#icae21673ade745d58720a25e0f527f77_91)</u> |
| Analyst Coverage, Ratings & Contact Information | <u>[35](#icae21673ade745d58720a25e0f527f77_94)</u> |

---

All information included in this financial supplement is unaudited.

.

This financial supplement should be read in conjunction with Equitable Holdings' filings with the Securities and Exchange Commission ("SEC") can be accessed upon filing at the SEC's website at www.sec.gov, and at our website at <u>[ir.equitableholdings.com](#icae21673ade745d58720a25e0f527f77_94)</u>.

**4Q 2022 Financial Supplement**<sub>2</sub>

------

**Consolidated Financials**

**and Key Metrics**

**4Q 2022 Financial Supplement**<sub>3</sub>

------

**Key Metrics Summary**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **For the Three Months Ended or As of** | **For the Three Months Ended or As of** | **For the Three Months Ended or As of** | **For the Three Months Ended or As of** | **For the Three Months Ended or As of** | **For the Three Months Ended or As of** | **Years Ended or As of** | **Years 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 | $1773 | $327 | $(713) | (283.8)% | $(24) | $2026 | 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 | $1728 | $273 | $(789) | (410.6)% | $(439) | $1785 | 506.6% |
| **Non-GAAP Operating Earnings (1)** | $649 | $548 | $526 | $498 | $436 | (32.8)% | $2825 | $2009 | (28.9)% |
| **Total equity attributable to Holdings' shareholders** | $11519 | $7954 | $5589 | $3354 | $1658 | (85.6)% | $11519 | $1658 | (85.6)% |
| Less: Preferred Stock | 1562 | 1562 | 1562 | 1562 | 1562 | —% | 1562 | 1562 | —% |
| **Total equity attributable to Holdings' common shareholders** | 9957 | 6392 | 4027 | 1792 | 96 | (99.0)% | 9957 | 96 | (99.0)% |
| Less: Accumulated other comprehensive income (loss) | 2004 | (1787) | (5548) | (7876) | (8834) | (540.8)% | 2004 | (8834) | (540.8)% |
| **Total equity attributable to Holdings' common shareholders (ex. AOCI)** | $7953 | $8179 | $9575 | $9668 | $8930 | 12.3% | $7953 | $8930 | 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:** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt to Capital (ex. AOCI) | 28.7% | 28.3% | 25.6% | 25.5% | 26.8% |  | 28.7% | 26.8% |  |
| **Per common share:** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted earnings per common share: (2) |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) attributable to Holdings | $0.56 | $1.43 | $4.47 | $0.69 | $(2.21) | (492.1)% | $(1.24) | $4.49 | 461.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-GAAP Operating Earnings (1) | $1.54 | $1.36 | $1.31 | $1.28 | $1.11 | (27.8)% | $6.58 | $5.08 | (22.8)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Book value per common share | $25.45 | $16.64 | $10.69 | $4.84 | $0.26 | (99.0)% | $25.45 | $0.26 | (99.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp;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:** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | 400.4 | 388.6 | 378.9 | 374.5 | 368.6 | (7.9)% | 417.4 | 377.6 | (9.5)% |
| &nbsp;&nbsp;&nbsp;&nbsp;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:** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stock dividend | $72 | $70 | $75 | $75 | $74 |  | $296 | $294 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Repurchase of common shares (3) | 468 | 279 | 220 | 200 | 150 |  | 1637 | 849 |  |
| **Total capital returned to common shareholders** | $540 | $349 | $295 | $275 | $224 |  | $1933 | $1143 |  |
| **Market Values:** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;S&P 500 | 4766 | 4530 | 3785 | 3586 | 3840 | (19.4)% | 4766 | 3840 | (19.4)% |
| &nbsp;&nbsp;&nbsp;&nbsp;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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (3) Fourth quarter 2021 repurchase of common shares includes $112 million accelerated from first quarter 2022. | (3) Fourth quarter 2021 repurchase of common shares includes $112 million accelerated from first quarter 2022. | (3) Fourth quarter 2021 repurchase of common shares includes $112 million accelerated from first quarter 2022. | (3) Fourth quarter 2021 repurchase of common shares includes $112 million accelerated from first quarter 2022. | (3) Fourth quarter 2021 repurchase of common shares includes $112 million accelerated from first quarter 2022. | (3) Fourth quarter 2021 repurchase of common shares includes $112 million accelerated from first quarter 2022. | (3) Fourth quarter 2021 repurchase of common shares includes $112 million accelerated from first quarter 2022. | (3) Fourth quarter 2021 repurchase of common shares includes $112 million accelerated from first quarter 2022. | (3) Fourth quarter 2021 repurchase of common shares includes $112 million accelerated from first quarter 2022. |

---

**4Q 2022 Financial Supplement**<sub>4</sub>

------

**Consolidated Statements of Income (Loss)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **Years Ended** | **Years 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)% | $3637 | $3241 | (10.9)% |
| Premiums | 231 | 247 | 238 | 259 | 250 | 8.2% | 960 | 994 | 3.5% |
| Net derivative gains (losses) | (535) | 821 | 2229 | 68 | (1422) | (165.8)% | (4465) | 1696 | 138.0% |
| Net investment income (loss) | 932 | 804 | 711 | 842 | 958 | 2.8% | 3846 | 3315 | (13.8)% |
| Investment gains (losses), net | 101 | (326) | (232) | (332) | (55) | (154.5)% | 868 | (945) | (208.9)% |
| Investment management and service fees | 1497 | 1355 | 1197 | 1179 | 1160 | (22.5)% | 5395 | 4891 | (9.3)% |
| Other income | 210 | 203 | 212 | 197 | 213 | 1.4% | 795 | 825 | 3.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total revenues** | 3318 | 3944 | 5168 | 3009 | 1896 | (42.9)% | 11036 | 14017 | 27.0% |
| **Benefits and other deductions** |  |  |  |  |  |  |  |  |  |
| Policyholders' benefits | 700 | 1060 | 914 | 625 | 786 | 12.3% | 3218 | 3385 | 5.2% |
| Interest credited to policyholders' account balances | 314 | 315 | 309 | 378 | 407 | 29.6% | 1219 | 1409 | 15.6% |
| Compensation and benefits | 598 | 595 | 518 | 566 | 520 | (13.0)% | 2360 | 2199 | (6.8)% |
| Commissions and distribution related payments | 447 | 422 | 394 | 368 | 383 | (14.3)% | 1662 | 1567 | (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)% | 2109 | 2189 | 3.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total benefits and other deductions** | 2853 | 3157 | 2928 | 2590 | 2817 | (1.3)% | 11205 | 11492 | 2.6% |
| **Income (loss) from operations, before income taxes** | 465 | 787 | 2240 | 419 | (921) | (298.1)% | (169) | 2525 | N/M |
| Income tax (expense) benefit | (77) | (148) | (467) | (92) | 208 | 370.1% | 145 | (499) | (444.1)% |
| **Net income (loss)** | 388 | 639 | 1773 | 327 | (713) | (283.8)% | (24) | 2026 | N/M |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 | $1728 | $273 | $(789) | (410.6)% | $(439) | $1785 | 506.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Preferred stock dividends | (26) | (14) | (26) | (14) | (26) | —% | (79) | (80) | (1.3)% |
| **Net income (loss) available to Holdings' common shareholders** | $228 | $559 | $1702 | $259 | $(815) | (457.5)% | $(518) | $1705 | 429.2% |
| Adjustments related to: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Variable annuity product features | $513 | $(601) | $(1924) | $(114) | $1324 |  | $4145 | $(1315) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment gains (losses), net | (100) | 326 | 231 | 333 | 55 |  | (867) | 945 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net actuarial gains (losses) related to pension and other postretirement benefit obligations | 33 | 19 | 19 | 19 | 25 |  | 120 | 82 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other adjustments (1) (2) (3) | 45 | 220 | 148 | 39 | 144 |  | 717 | 552 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax (expense) benefit related to above adjustments | (103) | 8 | 321 | (59) | (326) |  | (864) | (56) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-recurring tax items | 7 | 3 | 3 | 7 | 3 |  | 13 | 16 |  |
| **Non-GAAP Operating earnings (4)** | $649 | $548 | $526 | $498 | $436 |  | $2825 | $2009 |  |
| **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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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<br>&nbsp;&nbsp;&nbsp;&nbsp; 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. | (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<br>&nbsp;&nbsp;&nbsp;&nbsp; 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. | (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<br>&nbsp;&nbsp;&nbsp;&nbsp; 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. | (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<br>&nbsp;&nbsp;&nbsp;&nbsp; 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. | (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<br>&nbsp;&nbsp;&nbsp;&nbsp; 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. | (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<br>&nbsp;&nbsp;&nbsp;&nbsp; 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. | (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<br>&nbsp;&nbsp;&nbsp;&nbsp; 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. | (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<br>&nbsp;&nbsp;&nbsp;&nbsp; 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. | (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<br>&nbsp;&nbsp;&nbsp;&nbsp; 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. | (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<br>&nbsp;&nbsp;&nbsp;&nbsp; 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. |

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**4Q 2022 Financial Supplement**<sub>5</sub>

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**Consolidated Balance Sheets**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Balances as of** | **Balances as of** | **Balances as of** | **Balances as of** | **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** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investments | $105111 | $98776 | $93216 | $92517 | $93097 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | 5188 | 5713 | 5109 | 4139 | 4281 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and securities segregated, at fair value | 1504 | 1693 | 1747 | 1335 | 1522 |
| &nbsp;&nbsp;&nbsp;&nbsp;Broker-dealer related receivables | 2599 | 2744 | 2666 | 2539 | 2338 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred policy acquisition costs | 5491 | 6592 | 7541 | 8244 | 8158 |
| &nbsp;&nbsp;&nbsp;&nbsp;Goodwill and other intangible assets, net | 4728 | 4723 | 4721 | 5635 | 5482 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amounts due from reinsurers | 14679 | 14060 | 13758 | 13378 | 17201 |
| &nbsp;&nbsp;&nbsp;&nbsp;GMIB reinsurance contract asset, at fair value | 1848 | 1582 | 1498 | 1289 | 1229 |
| &nbsp;&nbsp;&nbsp;&nbsp;Current and deferred income taxes | 195 | 1111 | 1674 | 2222 | 714 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets | 3613 | 3852 | 4787 | 4680 | 4031 |
| &nbsp;&nbsp;&nbsp;&nbsp;Assets held-for-sale |  |  |  |  | 562 |
| &nbsp;&nbsp;&nbsp;&nbsp;Separate Accounts assets | 147306 | 136812 | 116765 | 109622 | 114853 |
| Total assets | $292262 | $277658 | $253482 | $245600 | $253468 |
| **Liabilities** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Policyholders' account balances | $79357 | $79549 | $78766 | $79999 | $83855 |
| &nbsp;&nbsp;&nbsp;&nbsp;Future policy benefits and other policyholders' liabilities | 36717 | 35165 | 34717 | 34225 | 34124 |
| &nbsp;&nbsp;&nbsp;&nbsp;Broker-dealer related payables | 1283 | 1992 | 612 | 607 | 715 |
| &nbsp;&nbsp;&nbsp;&nbsp;Customers related payables | 3600 | 3684 | 3821 | 3361 | 3323 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amounts due to reinsurers | 1381 | 1331 | 1353 | 1348 | 1533 |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-term debt | 92 | 204 | 245 | 767 | 759 |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-term debt | 3839 | 3840 | 3840 | 3321 | 3322 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income taxes payable |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Notes issued by consolidated variable interest entities, at fair value using the fair value option | 1191 | 1182 | 1150 | 1165 | 1150 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other liabilities | 3933 | 4030 | 4866 | 5998 | 5873 |
| &nbsp;&nbsp;&nbsp;&nbsp;Liabilities held-for-sale |  |  |  |  | 108 |
| &nbsp;&nbsp;&nbsp;&nbsp;Separate Accounts liabilities | 147306 | 136812 | 116765 | 109622 | 114853 |
| Total liabilities | 278699 | 267789 | 246135 | 240413 | 249615 |
| Redeemable noncontrolling interest | 468 | 386 | 348 | 354 | 455 |
| **Equity** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Preferred stock | 1562 | 1562 | 1562 | 1562 | 1562 |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stock | 4 | 4 | 4 | 4 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | 1919 | 1933 | 1918 | 2027 | 2299 |
| &nbsp;&nbsp;&nbsp;&nbsp;Treasury shares | (2850) | (3070) | (3065) | (3202) | (3297) |
| &nbsp;&nbsp;&nbsp;&nbsp;Retained earnings | 8880 | 9312 | 10718 | 10839 | 9924 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive income (loss) | 2004 | (1787) | (5548) | (7876) | (8834) |
| Total equity attributable to Holdings | 11519 | 7954 | 5589 | 3354 | 1658 |
| &nbsp;&nbsp;&nbsp;&nbsp;Noncontrolling interest | 1576 | 1529 | 1410 | 1479 | 1740 |
| Total equity | 13095 | 9483 | 6999 | 4833 | 3398 |
| Total liabilities, redeemable noncontrolling interest and equity | $292262 | $277658 | $253482 | $245600 | $253468 |

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**4Q 2022 Financial Supplement**<sub>6</sub>

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**Consolidated Capital Structure**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Balances as of** | **Balances as of** | **Balances as of** | **Balances as of** | **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 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;AB commercial paper | $— | $— | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;AB revolving credit facility |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;CLO Warehousing Debt (1) | 92 | 204 | 245 | 248 | 239 |
| &nbsp;&nbsp;&nbsp;&nbsp;Current portion of Long-term debt |  |  |  | 519 | 520 |
| Total short-term debt | 92 | 204 | 245 | 767 | 759 |
| Total long-term debt | 3839 | 3840 | 3840 | 3321 | 3322 |
| Total short-term and long-term debt: **[A]** | $3931 | $4044 | $4085 | $4088 | $4081 |
| **Equity:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Preferred stock | $1562 | $1562 | $1562 | $1562 | $1562 |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stock | 4 | 4 | 4 | 4 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | 1919 | 1933 | 1918 | 2027 | 2299 |
| &nbsp;&nbsp;&nbsp;&nbsp;Treasury stock, at cost | (2850) | (3070) | (3065) | (3202) | (3297) |
| &nbsp;&nbsp;&nbsp;&nbsp;Retained earnings | 8880 | 9312 | 10718 | 10839 | 9924 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive income (loss) | 2004 | (1787) | (5548) | (7876) | (8834) |
| Total equity attributable to Holdings | 11519 | 7954 | 5589 | 3354 | 1658 |
| &nbsp;&nbsp;&nbsp;&nbsp;Noncontrolling interest | 1576 | 1529 | 1410 | 1479 | 1740 |
| Total equity | $13095 | $9483 | $6999 | $4833 | $3398 |
| &nbsp;&nbsp;&nbsp;Total equity attributable to Holdings, (ex. AOCI): **[B]** | $9515 | $9741 | $11137 | $11230 | $10492 |
| **Capital:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total capitalization (2) | $15358 | $11794 | $9429 | $7194 | $5500 |
| **Total capitalization (ex. AOCI): [A+B] (3)** | $13354 | $13581 | $14977 | $15070 | $14334 |
| **Debt to capital:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt to capital (ex. AOCI) (3) | 28.7% | 28.3% | 25.6% | 25.5% | 26.8% |
|  | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** |
| **Roll-forward of common shares outstanding (millions of shares):** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning balance | 404.7 | 391.2 | 384.2 | 376.8 | 370.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repurchases | (9.6) | (7.9) |  | (4.7) | (3.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;Retirements | (4.0) | (0.7) | (7.6) | (2.3) | (1.9) |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuances | 0.1 | 1.6 | 0.2 | 0.2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ending basic common shares outstanding | 391.2 | 384.2 | 376.8 | 370.0 | 365.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total potentially dilutive shares |  | 3.1 | 2.3 | 2.3 | 2.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ending common shares outstanding - maximum potential dilution | 391.2 | 387.3 | 379.1 | 372.3 | 367.3 |
| **Notes:** |  |  |  |  |  |

---

(1) CLO Warehousing Debt related to VIE consolidation of CLO investment.

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

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

**4Q 2022 Financial Supplement**<sub>7</sub>

------

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Operating Earnings (Loss) by Segment and Corporate and Other (1/2)** | **Operating Earnings (Loss) by Segment and Corporate and Other (1/2)** | **Operating Earnings (Loss) by Segment and Corporate and Other (1/2)** | **Operating Earnings (Loss) by Segment and Corporate and Other (1/2)** | **Operating Earnings (Loss) by Segment and Corporate and Other (1/2)** | **Operating Earnings (Loss) by Segment and Corporate and Other (1/2)** | **Operating Earnings (Loss) by Segment and Corporate and Other (1/2)** |
| | **Three Months Ended December 31, 2022** | **Three Months Ended December 31, 2022** | **Three Months Ended December 31, 2022** | **Three Months Ended December 31, 2022** | **Three Months Ended December 31, 2022** | **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** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy charges, fee income and premiums | $361 | $61 | $— | $543 | $77 | $1042 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | 375 | 121 | 15 | 221 | 216 | 948 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net derivative gains (losses) | (19) | (2) | (16) | (2) | (5) | (44) |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment management, service fees and other income | 142 | 69 | 972 | 62 | 113 | 1358 |
| **Segment revenues** | 859 | 249 | 971 | 824 | 401 | 3304 |
| **Benefits and other deductions** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Policyholders' benefits | 144 |  |  | 542 | 103 | 789 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest credited to policyholders' account balances | 118 | 52 |  | 131 | 106 | 407 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commissions and distribution related payments | 75 | 14 | 143 | 59 | 92 | 383 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred policy acquisition costs | 70 | 9 |  | 34 | 5 | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation, benefits and other operating costs and expenses | 86 | 43 | 589 | 95 | 92 | 905 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense and financing fees | 1 |  | 9 | 1 | 49 | 60 |
| **Segment benefits and other deductions** | 494 | 118 | 741 | 862 | 447 | 2662 |
| **Operating earnings (loss), before income taxes** | 365 | 131 | 230 | (38) | (47) | 641 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income Taxes | (62) | (21) | (41) | 9 | 4 | (111) |
| **Operating earnings (loss), before noncontrolling interest** | 303 | 110 | 189 | (29) | (43) | 530 |
| &nbsp;&nbsp;&nbsp;&nbsp;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** | **Three Months Ended December 31, 2021** | **Three Months Ended December 31, 2021** | **Three Months Ended December 31, 2021** | **Three Months Ended December 31, 2021** | **Three Months Ended December 31, 2021** |
|  | **Individual Retirement** | **Group Retirement** | **Inv Mgmt and Research** | **Protection Solutions** | **Corporate and Other** | **Consolidated** |
| **Revenues** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy charges, fee income and premiums | $410 | $98 | $— | $523 | $82 | $1113 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | 315 | 188 | 3 | 275 | 162 | 943 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net derivative gains (losses) | (77) | (3) | (6) | (2) | (6) | (94) |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment Management, service fees and other income | 180 | 71 | 1264 | 66 | 126 | 1707 |
| **Segment revenues** | 828 | 354 | 1261 | 862 | 364 | 3669 |
| **Benefits and other deductions** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Policyholders' benefits | 79 |  |  | 480 | 136 | 695 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest credited to policyholders' account balances | 71 | 76 |  | 133 | 34 | 314 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commissions and distribution related payments | 83 | 15 | 191 | 50 | 108 | 447 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred policy acquisition costs | 64 | 11 |  | 30 | 14 | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation, benefits and other operating costs and expenses | 104 | 108 | 676 | 104 | 82 | 1074 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest Expense and Financing Fees |  |  | 4 |  | 61 | 65 |
| **Segment benefits and other deductions** | 401 | 210 | 871 | 797 | 435 | 2714 |
| **Operating earnings (loss), before income taxes** | 427 | 144 | 390 | 65 | (71) | 955 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income Taxes | (76) | (27) | (66) | (12) | 15 | (166) |
| **Operating earnings (loss), before noncontrolling interest** | 351 | 117 | 324 | 53 | (56) | 789 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Operating (earnings) loss attributable to the noncontrolling interest |  |  | (141) |  | 1 | (140) |
| **Operating earnings (loss)** | $351 | $117 | $183 | $53 | $(55) | $649 |

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**4Q 2022 Financial Supplement**<sub>8</sub>

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Operating Earnings (Loss) by Segment and Corporate and Other (2/2)** | **Operating Earnings (Loss) by Segment and Corporate and Other (2/2)** | **Operating Earnings (Loss) by Segment and Corporate and Other (2/2)** | **Operating Earnings (Loss) by Segment and Corporate and Other (2/2)** | **Operating Earnings (Loss) by Segment and Corporate and Other (2/2)** | **Operating Earnings (Loss) by Segment and Corporate and Other (2/2)** | **Operating Earnings (Loss) by Segment and Corporate and Other (2/2)** |
| | **Year Ended December 31, 2022** | **Year Ended December 31, 2022** | **Year Ended December 31, 2022** | **Year Ended December 31, 2022** | **Year Ended December 31, 2022** | **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** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy charges, fee income and premiums | $1513 | $318 | $— | $2087 | $317 | $4235 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | 1308 | 624 | (43) | 981 | 649 | 3519 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net derivative gains (losses) | 495 | (25) | 41 | (20) | 43 | 534 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment Management, service fees and other income | 604 | 256 | 4107 | 254 | 479 | 5700 |
| **Segment revenues** | 3920 | 1173 | 4105 | 3302 | 1488 | 13988 |
| **Benefits and other deductions** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Policyholders' benefits | 1142 |  |  | 1906 | 555 | 3603 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest credited to policyholders' account balances | 373 | 281 |  | 511 | 244 | 1409 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commissions and distribution related payments | 283 | 57 | 630 | 191 | 406 | 1567 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred policy acquisition costs | 362 | 12 |  | 112 | 6 | 492 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation, benefits and other operating costs and expenses | 358 | 177 | 2519 | 361 | 393 | 3808 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense and financing fees | 1 | 1 | 18 | 1 | 205 | 226 |
| **Segment benefits and other deductions** | 2519 | 528 | 3167 | 3082 | 1809 | 11105 |
| **Operating earnings (loss), before income taxes** | 1401 | 645 | 938 | 220 | (321) | 2883 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income Taxes | (261) | (120) | (162) | (41) | 59 | (525) |
| **Operating earnings (loss), before noncontrolling interest** | 1140 | 525 | 776 | 179 | (262) | 2358 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Operating (earnings) loss attributable to the noncontrolling interest |  |  | (352) |  | 3 | (349) |
| **Operating earnings (loss)** | $1140 | $525 | $424 | $179 | $(259) | $2009 |
|  | **Year Ended December 31, 2021** | **Year Ended December 31, 2021** | **Year Ended December 31, 2021** | **Year Ended December 31, 2021** | **Year Ended December 31, 2021** | **Year Ended December 31, 2021** |
|  | **Individual Retirement** | **Group Retirement** | **Inv Mgmt and Research** | **Protection Solutions** | **Corporate and Other** | **Consolidated** |
| **Revenues** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy charges, fee income and premiums | $1867 | $371 | $— | $2016 | $343 | $4597 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | 1287 | 752 | 13 | 1102 | 775 | 3929 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net derivative gains (losses) | (128) | (19) | (13) | (20) | (28) | (208) |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment Management, service fees and other income | 759 | 268 | 4430 | 260 | 473 | 6190 |
| **Segment revenues** | 3785 | 1372 | 4430 | 3358 | 1563 | 14508 |
| **Benefits and other deductions** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Policyholders' benefits | 720 |  |  | 1850 | 621 | 3191 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest credited to policyholders' account balances | 276 | 303 |  | 516 | 124 | 1219 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commissions and distribution related payments | 328 | 56 | 708 | 170 | 400 | 1662 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred policy acquisition costs | 303 |  |  | 93 | (2) | 394 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation, benefits and other operating costs and expenses | 411 | 248 | 2507 | 345 | 339 | 3850 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest Expense and Financing Fees |  |  | 5 |  | 241 | 246 |
| **Segment benefits and other deductions** | 2038 | 607 | 3220 | 2974 | 1723 | 10562 |
| **Operating earnings (loss), before income taxes** | 1747 | 765 | 1210 | 384 | (160) | 3946 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income Taxes | (303) | (134) | (208) | (67) | 29 | (683) |
| **Operating earnings (loss), before noncontrolling interest** | 1444 | 631 | 1002 | 317 | (131) | 3263 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Operating (earnings) loss attributable to the noncontrolling interest |  |  | (438) |  |  | (438) |
| **Operating earnings (loss)** | $1444 | $631 | $564 | $317 | $(131) | $2825 |

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**4Q 2022 Financial Supplement**<sub>9</sub>

------

**Assets Under Management and Administration**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Balances as of** | **Balances as of** | **Balances as of** | **Balances as of** | **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** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total AB | $778.6 | $735.4 | $646.8 | $612.7 | $646.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Exclusion for General Account and other Affiliated Accounts | (79.7) | (75.1) | (69.4) | (66.8) | (66.8) |
| &nbsp;&nbsp;&nbsp;&nbsp;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** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;AB third party | $650.1 | $615 | $539 | $509.8 | $541.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;General Account and other Affiliated Accounts (1) (3) (4) | 110.3 | 104.5 | 98.3 | 96.7 | 97.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;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 |
| &nbsp;&nbsp;&nbsp;Total Assets Under Administration (AUA) (5) | $83.3 | $79.3 | $70.8 | $68.8 | $72.8 |
| **Equitable Advisor Headcount** |  |  |  |  |  |
| Total Number of Equitable Advisors | 4382 | 4252 | 4166 | 4129 | 4258 |
| **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. | (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. | (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. | (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. | (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. | (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. | (2) "Separate Accounts" refers to the separate account investment assets of our insurance subsidiaries excluding any 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. | (2) "Separate Accounts" refers to the separate account investment assets of our insurance subsidiaries excluding any 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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (5) AUA includes Equitable Advisors Advisory and Brokerage AUA; Equitable Advisors broker-dealer business is included in Corporate and Other. | (5) AUA includes Equitable Advisors Advisory and Brokerage AUA; Equitable Advisors broker-dealer business is included in Corporate and Other. | (5) AUA includes Equitable Advisors Advisory and Brokerage AUA; Equitable Advisors broker-dealer business is included in Corporate and Other. | (5) AUA includes Equitable Advisors Advisory and Brokerage AUA; Equitable Advisors broker-dealer business is included in Corporate and Other. | (5) AUA includes Equitable Advisors Advisory and Brokerage AUA; Equitable Advisors broker-dealer business is included in Corporate and Other. |

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**4Q 2022 Financial Supplement**<sub>10</sub>

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**Sales Metrics by Segment**

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **Years Ended** | **Years 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** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;First year premiums and deposits | $3043 | $2802 | $3054 | $3003 | $2624 | (13.8)% | $10983 | $11483 | 4.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Renewal premium and deposits | 68 | 84 | 89 | 111 | 86 | 26.4% | 324 | 370 | 14.2% |
| Total Gross Premiums | $3111 | $2886 | $3143 | $3114 | $2710 | (12.9)% | $11307 | $11853 | 4.8% |
| **Group Retirement** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;First year premiums and deposits | $452 | $879 | $476 | $371 | $392 | (13.3)% | $1501 | $2118 | 41.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Renewal premium and deposits | 626 | 623 | 657 | 490 | 560 | (10.6)% | 2338 | 2330 | (0.3)% |
| Total Gross Premiums | $1078 | $1502 | $1133 | $861 | $952 | (11.7)% | $3839 | $4448 | 15.9% |
| **Protection Solutions** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;First year premiums and deposits | $133 | $116 | $99 | $101 | $108 | (18.9)% | $426 | $424 | (0.5)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Renewal premium and deposits (1) | 668 | 662 | 661 | 668 | 668 | (0.1)% | 2639 | 2659 | 0.7% |
| Total Gross Premiums (1) | $801 | $778 | $760 | $769 | $776 | (3.2)% | $3065 | $3083 | 0.6% |
| **Investment Management and Research (in billions USD)** |  |  |  |  |  |  |  |  |  |
| **Gross Sales by distribution channel** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional (4) | $6.6 | $14.3 | $3.3 | $1.9 | $12.6 | 90.9% | $31.7 | $32.2 | 1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Retail | 27.6 | 20.6 | 17.3 | 13.8 | 14.2 | (48.6)% | 100.0 | 65.9 | (34.1)% |
| &nbsp;&nbsp;&nbsp;&nbsp;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** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity Active | $21.8 | $17.3 | $11.4 | $8.0 | $9.3 | (57.3)% | $72.9 | $46.0 | (36.9)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity Passive (2) (4) | 0.3 | 0.2 | 1.1 | 0.4 | 0.1 | (66.7)% | 1.4 | 1.8 | 28.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fixed Income - Taxable | 7.4 | 7.1 | 4.0 | 6.1 | 8.3 | 12.2% | 44.9 | 25.5 | (43.2)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fixed Income - Tax-Exempt | 3.6 | 4.0 | 5.2 | 3.2 | 3.6 | —% | 13.5 | 16.0 | 18.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fixed Income Passive (2) (4) | 3.4 | (0.1) |  |  |  | (100.0)% | 4.6 | (0.1) | (102.2)% |
| &nbsp;&nbsp;&nbsp;&nbsp;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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (2) Includes index and enhanced index services. | (2) Includes index and enhanced index services. | (2) Includes index and enhanced index services. | (2) Includes index and enhanced index services. | (2) Includes index and enhanced index services. | (2) Includes index and enhanced index services. | (2) Includes index and enhanced index services. |  |  |
| (3) Includes certain multi-asset solutions and services not included in equity or fixed income services | (3) Includes certain multi-asset solutions and services not included in equity or fixed income services | (3) Includes certain multi-asset solutions and services not included in equity or fixed income services | (3) Includes certain multi-asset solutions and services not included in equity or fixed income services | (3) Includes certain multi-asset solutions and services not included in equity or fixed income 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. | (4) AB line item does not cross foot for the twelve months ended 2022 due to rounding. | (4) AB line item does not cross foot for the twelve months ended 2022 due to rounding. | (4) AB line item does not cross foot for the twelve months ended 2022 due to rounding. | (4) AB line item does not cross foot for the twelve months ended 2022 due to rounding. | (4) AB line item does not cross foot for the twelve months ended 2022 due to rounding. |  |  |  |  |

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**4Q 2022 Financial Supplement**<sub>11</sub>

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**Business Segments:** 

**Operating Earnings Results and Metrics** 

**4Q 2022 Financial Supplement**<sub>12</sub>

------

**Individual Retirement - Operating Earnings (Loss) and Summary Metrics**

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **For the Three Months Ended or As of** | **For the Three Months Ended or As of** | **For the Three Months Ended or As of** | **For the Three Months Ended or As of** | **For the Three Months Ended or As of** | | **Years Ended or As of** | **Years 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** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy charges, fee income and premiums | $410 | $394 | $373 | $385 | $361 | (12.0)% | $1867 | $1513 | (19.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | 315 | 297 | 288 | 348 | 375 | 19.0% | 1287 | 1308 | 1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net derivative gains (losses) | (77) | 164 | 210 | 140 | (19) | 75.3% | (128) | 495 | 486.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment management, service fees and other income | 180 | 167 | 151 | 144 | 142 | (21.1)% | 759 | 604 | (20.4)% |
| **Segment revenues** | 828 | 1022 | 1022 | 1017 | 859 | 3.7% | 3785 | 3920 | 3.6% |
| **Benefits and other deductions** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Policyholders' benefits | 79 | 324 | 374 | 300 | 144 | 82.3% | 720 | 1142 | 58.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest credited to policyholders' account balances | 71 | 76 | 78 | 101 | 118 | 66.2% | 276 | 373 | 35.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Commissions and distribution-related payments | 83 | 80 | 67 | 61 | 75 | (9.6)% | 328 | 283 | (13.7)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred policy acquisition costs | 64 | 97 | 86 | 109 | 70 | 9.4% | 303 | 362 | 19.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;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% | 2038 | 2519 | 23.6% |
| **Operating earnings (loss), before income taxes** | 427 | 357 | 338 | 341 | 365 | (14.5)% | 1747 | 1401 | (19.8)% |
| &nbsp;&nbsp;&nbsp;&nbsp;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)% | 1444 | 1140 | (21.1)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Operating (earnings) loss attributable to the noncontrolling interest |  |  |  |  |  | —% |  |  | —% |
| **Operating earnings (loss)** | $351 | $293 | $274 | $270 | $303 | (13.7)% | $1444 | $1140 | (21.1)% |
| **Summary Metrics** |  |  |  |  |  |  |  |  |  |
| **Operating earnings (loss) - TTM: [A]** | $1444 | $1374 | $1234 | $1188 | $1140 | (21.1)% | $1444 | $1140 | (21.1)% |
| &nbsp;&nbsp;**Average Account Value (TTM)** | $112208 | $108605 | $105062 | $100765 | $96728 | (13.8)% | $112208 | $96728 | (13.8)% |
| &nbsp;&nbsp;**Return on assets (TTM)** | 1.56% | 1.54% | 1.43% | 1.45% | 1.45% |  | 1.56% | 1.45% |  |
| &nbsp;&nbsp;**Net flows (1)** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Current Product Offering | $574 | $665 | $1166 | $1263 | $838 | 46.0% | $2597 | $3932 | 51.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Legacy | (787) | (613) | (532) | (498) | (589) | 25.2% | (3491) | (2232) | 36.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net flows** | $(213) | $52 | $634 | $765 | $249 | 216.8% | $(894) | $1700 | 290.2% |
| **First year premiums and deposits** | $3043 | $2802 | $3054 | $3003 | $2624 | (13.8)% | $10983 | $11483 | 4.6% |
| &nbsp;&nbsp;**In-force Policy Count by Product (in thousands) (2):** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Current Product Offering | 571 | 573 | 578 | 583 | 587 |  | 571 | 587 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;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 | Some financial metrics have been revised for prior periods; for additional information, please refer to the 10-Q | Some financial metrics have been revised for prior periods; for additional information, please refer to the 10-Q | Some financial metrics have been revised for prior periods; for additional information, please refer to the 10-Q | Some financial metrics have been revised for prior periods; for additional information, please refer to the 10-Q | Some financial metrics have been revised for prior periods; for additional information, please refer to the 10-Q | Some financial metrics have been revised for prior periods; for additional information, please refer to the 10-Q | Some financial metrics have been revised for prior periods; for additional information, please refer to the 10-Q | Some financial metrics have been revised for prior periods; for additional information, please refer to the 10-Q | 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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. |

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**4Q 2022 Financial Supplement**<sub>13</sub>

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Individual Retirement - Select Operating Metrics** | **Individual Retirement - Select Operating Metrics** | **Individual Retirement - Select Operating Metrics** | **Individual Retirement - Select Operating Metrics** | **Individual Retirement - Select Operating Metrics** | **Individual Retirement - Select Operating Metrics** | **Individual Retirement - Select Operating Metrics** | **Individual Retirement - Select Operating Metrics** |
| | **For the Three Months Ended or As of** | **For the Three Months Ended or As of** | **For the Three Months Ended or As of** | **For the Three Months Ended or As of** | **For the Three Months Ended or As of** | **Years 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:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;SCS | $2060 | $1926 | $2183 | $2038 | $1806 | $7627 | $7953 |
| &nbsp;&nbsp;&nbsp;&nbsp;Retirement Cornerstone | 597 | 481 | 390 | 421 | 334 | 1951 | 1626 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment Edge | 289 | 241 | 289 | 271 | 235 | 1048 | 1036 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 97 | 154 | 192 | 273 | 249 | 357 | 868 |
| **Total First Year Premiums and Deposits** | $3043 | $2802 | $3054 | $3003 | $2624 | $10983 | $11483 |
| **First Year Premiums and Deposits by Guarantee:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-GMxB | $2375 | $2231 | $2517 | $2357 | $2087 | $8648 | $9192 |
| &nbsp;&nbsp;&nbsp;&nbsp;ROP death benefit only | 161 | 109 | 81 | 72 | 55 | 703 | 317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total non-GMxB & ROP death benefit only | 2536 | 2340 | 2598 | 2429 | 2142 | 9351 | 9509 |
| &nbsp;&nbsp;&nbsp;&nbsp;Floating rate GMxB | 500 | 395 | 332 | 370 | 295 | 1623 | 1392 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fixed rate GMxB | 1 |  |  |  |  | 3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 6 | 67 | 124 | 204 | 187 | 6 | 582 |
| **Total First Year Premiums and Deposits** | $3043 | $2802 | $3054 | $3003 | $2624 | $10983 | $11483 |
| **Account Values** |  |  |  |  |  |  |  |
| **General Account:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Balance as of beginning of period | $35590 | $37698 | $37874 | $35574 | $35509 | $30783 | $37698 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross premiums and deposits (5) | 1898 | 1831 | 2221 | 2163 | 1963 | 7183 | 8178 |
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders, withdrawals and benefits | (1015) | (933) | (851) | (758) | (813) | (3333) | (3355) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net flows (1) | 883 | 898 | 1370 | 1405 | 1150 | 3850 | 4823 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment performance, interest credited and policy charges (1) | 1225 | (722) | (3670) | (1470) | 2089 | 3162 | (3773) |
| Ceded to Venerable (2) |  |  |  |  |  | (61) |  |
| &nbsp;&nbsp;&nbsp;Other (3) (4) |  |  |  |  |  | (36) |  |
| Reclassified to Assets held-for-sale |  |  |  |  |  |  |  |
| **Balance as of end of period** | $37698 | $37874 | $35574 | $35509 | $38748 | $37698 | $38748 |
| **Separate Accounts:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Balance as of beginning of period | $72123 | $74206 | $68495 | $58689 | $55013 | $86607 | $74206 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross premiums and deposits (5) | 1214 | 1027 | 903 | 920 | 718 | 4067 | 3568 |
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders, withdrawals and benefits | (2310) | (1873) | (1639) | (1560) | (1619) | (8811) | (6691) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net flows (1) | (1096) | (846) | (736) | (640) | (901) | (4744) | (3123) |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment performance, interest credited and policy charges (1) | 3179 | (4865) | (9070) | (3036) | 2899 | 9154 | (14072) |
| Ceded to Venerable (2) |  |  |  |  |  | (16866) |  |
| &nbsp;&nbsp;&nbsp;Other (3) (4) |  |  |  |  |  | 55 |  |
| Reclassified to Assets held-for-sale |  |  |  |  |  |  |  |
| **Balance as of end of period** | $74206 | $68495 | $58689 | $55013 | $57011 | $74206 | $57011 |
| **Total:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Balance as of beginning of period | $107713 | $111904 | $106369 | $94263 | $90522 | $117390 | $111904 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross premiums and deposits (5) | 3111 | 2858 | 3124 | 3083 | 2681 | 11249 | 11746 |
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders, withdrawals and benefits | (3324) | (2806) | (2490) | (2318) | (2432) | (12143) | (10046) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net flows (1) | (213) | 52 | 634 | 765 | 249 | (894) | 1700 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment performance, interest credited and policy charges (1) | 4404 | (5587) | (12740) | (4506) | 4988 | 12316 | (17845) |
| Ceded to Venerable (2) |  |  |  |  |  | (16927) |  |
| &nbsp;&nbsp;&nbsp;Other (3) (4) |  |  |  |  |  | 19 |  |
| **Balance as of end of period** | $111904 | $106369 | $94263 | $90522 | $95759 | $111904 | $95759 |
| **Net Amount at Risk (NAR)** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total GMIB NAR | $3910 | $3727 | $4232 | $3553 | $3228 | $3910 | $3228 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total GMDB NAR | 8987 | 10856 | 15214 | 17011 | 15676 | 8987 | 15676 |
| **Reserves (Net of Reinsurance)** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;GMIB Reserves | $4613 | $4149 | $3977 | $3865 | $4027 | $4613 | $4027 |
| &nbsp;&nbsp;&nbsp;&nbsp;GMDB Reserves | 2737 | 2792 | 2824 | 2965 | 2918 | 2737 | 2918 |
| **Total GMDB/IB Variable Annuity Reserves (Net of Reinsurance)** | $7350 | $6941 | $6801 | $6830 | $6945 | $7350 | $6945 |
| **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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. |

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**4Q 2022 Financial Supplement**<sub>14</sub>

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| |
|:---|
| (2) Effective June 1, 2021, AV excludes activity related to ceded AV to Venerable. In addition, roll-forward reflects the AV ceded to Venerable as of the transaction date. For additional information on the Venerable transaction see Note 1 of the Notes to Consolidated Financial Statements within the 10-Q. |
| (3) For the three months ended September 30, 2021 and twelve months ended December 31, 2021, amounts reflect ($38) million transfer of policyholders account balances to future policyholder benefits and other policyholders liabilities related to structured settlement contracts. |
| (4) For the three months ended June 30, 2021 and twelve months ended December 31, 2021, amounts reflect $57 million of AV transfer of a closed block of GMxB business from GR to IR. |
| (5) Includes deposits from certain other products not reported as first year premiums and deposits or renewal premiums and deposits elsewhere in this document. |

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|:---|:---|
| **4Q 2022 Financial Supplement** | **15** |

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**Group Retirement - Operating Earnings (Loss) and Summary Metrics**

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| | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **For the Three Months Ended or As of** | **For the Three Months Ended or As of** | **For the Three Months Ended or As of** | **For the Three Months Ended or As of** | **For the Three Months Ended or As of** | **For the Three Months Ended or As of** | **For the Three Months Ended or As of** | **For the Three Months Ended or As of** | **For the Three Months Ended or As of** | **For the Three Months Ended or As of** | **For the Three Months Ended or As of** | **Years Ended or As of** | **Years Ended or As of** | **Years Ended or As of** | **Years Ended or As of** | **Years Ended or As of** |
| (in millions USD, unless otherwise indicated) | **12/31/2021** | **12/31/2021** | **3/31/2022** | **3/31/2022** | **6/30/2022** | **6/30/2022** | **9/30/2022** | **9/30/2022** | **12/31/2022** | **12/31/2022** | **Change** | **12/31/2021** | **12/31/2021** | **12/31/2022** | **12/31/2022** | **Change** |
| **Revenues** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy charges, fee income and premiums | $| 98 | $| 94 | $| 83 | $| 80 | $| 61 | (37.8)% | $| 371 | $| 318 | (14.3)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | 188 | 188 | 180 | 180 | 163 | 163 | 160 | 160 | 121 | 121 | (35.6)% | 752 | 752 | 624 | 624 | (17.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net derivative gains (losses) | (3) | (3) | (5) | (5) | (7) | (7) | (11) | (11) | (2) | (2) | 33.3% | (19) | (19) | (25) | (25) | (31.6)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment management, service fees and other income | 71 | 71 | 65 | 65 | 62 | 62 | 60 | 60 | 69 | 69 | (2.8)% | 268 | 268 | 256 | 256 | (4.5)% |
| **Segment revenues** | 354 | 354 | 334 | 334 | 301 | 301 | 289 | 289 | 249 | 249 | (29.7)% | 1372 | 1372 | 1173 | 1173 | (14.5)% |
| **Benefits and other deductions** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Policyholder benefits |  |  |  |  |  |  |  |  |  |  | —% |  |  |  |  | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest credited to policyholders' account balances | 76 | 76 | 78 | 78 | 72 | 72 | 79 | 79 | 52 | 52 | (31.6)% | 303 | 303 | 281 | 281 | (7.3)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Commissions and distribution-related payments | 15 | 15 | 15 | 15 | 16 | 16 | 12 | 12 | 14 | 14 | (6.7)% | 56 | 56 | 57 | 57 | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred policy acquisition costs | 11 | 11 | 16 | 16 | 7 | 7 | (20) | (20) | 9 | 9 | (18.2)% |  |  | 12 | 12 | 100.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation and benefits, interest expense and financing fees and other operating costs and expense | 108 | 108 | 42 | 42 | 45 | 45 | 47 | 47 | 43 | 43 | (60.2)% | 248 | 248 | 177 | 177 | (28.6)% |
| **Segment benefits and other deductions** | 210 | 210 | 151 | 151 | 140 | 140 | 119 | 119 | 118 | 118 | (43.8)% | 607 | 607 | 528 | 528 | (13.0)% |
| **Operating earnings (loss), before income taxes** | 144 | 144 | 183 | 183 | 161 | 161 | 170 | 170 | 131 | 131 | (9.0)% | 765 | 765 | 645 | 645 | (15.7)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Income taxes | (27) | (27) | (33) | (33) | (30) | (30) | (36) | (36) | (21) | (21) | 22.2% | (134) | (134) | (120) | (120) | 10.4% |
| **Operating earnings (loss), before noncontrolling interest** | 117 | 117 | 150 | 150 | 131 | 131 | 134 | 134 | 110 | 110 | (6.0)% | 631 | 631 | 525 | 525 | (16.8)% |
| &nbsp;&nbsp;&nbsp;&nbsp;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)% |
| &nbsp;&nbsp;**Average Account Value (TTM) (1)** | $| 46075 | $| 46515 | $| 45232 | $| 43680 | $| 39729 | (13.8)% | $| 46075 | $| 39729 | (13.8)% |
| &nbsp;&nbsp;**Return on assets (TTM) (1)** | 1.66 | 1.66% | 1.65 | 1.65% | 1.59 | 1.59% | 1.51 | 1.51% | 1.62 | 1.62% |  | 1.66 | 1.66% | 1.62 | 1.62% |  |
| &nbsp;&nbsp;**Net flows (2)** | $| (109) | $| 523 | $| 144 | $| (57) | $| 24 | 122.1% | $| (177) | $| 634 | 458.5% |
| &nbsp;&nbsp;**Gross premiums and deposits** | $| 1078 | $| 1502 | $| 1133 | $| 861 | $| 952 | (11.7)% | $| 3839 | $| 4448 | 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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. |

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| | |
|:---|:---|
| **4Q 2022 Financial Supplement** | **16** |

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**Group Retirement - Select Operating Metrics**

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **For the Three Months Ended or As of** | **For the Three Months Ended or As of** | **For the Three Months Ended or As of** | **For the Three Months Ended or As of** | **For the Three Months Ended or As of** | **Years 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)** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;First-year premiums and deposits | $452 | $879 | $476 | $371 | $392 | $1501 | $2118 |
| &nbsp;&nbsp;&nbsp;&nbsp;Renewal premiums and deposits | 626 | 623 | 657 | 490 | 560 | 2338 | 2330 |
| **Group Retirement premiums and deposits** | $1078 | $1502 | $1133 | $861 | $952 | $3839 | $4448 |
| **Gross premiums and deposits by market: (1)** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax-exempt | $346 | $219 | $231 | $293 | $258 | $1017 | $1001 |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate | 97 | 89 | 62 | 69 | 103 | 450 | 323 |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional | 2 | 565 | 179 | 3 | 25 | 9 | 772 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 7 | 6 | 4 | 6 | 6 | 25 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total First Year Premiums and Deposits** | 452 | 879 | 476 | 371 | 392 | 1501 | 2118 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax-exempt | 491 | 468 | 518 | 364 | 435 | 1789 | 1785 |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate | 92 | 103 | 94 | 93 | 87 | 373 | 377 |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 43 | 52 | 45 | 33 | 38 | 176 | 168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total renewal premiums and deposits** | 626 | 623 | 657 | 490 | 560 | 2338 | 2330 |
| **Group Retirement premiums and deposits by market** | $1078 | $1502 | $1133 | $861 | $952 | $3839 | $4448 |
| **Account Values and Assets under Administration** |  |  |  |  |  |  |  |
| **General Account:** |  |  |  |  |  |  |  |
| Balance as of beginning of period | $13042 | $13046 | $13171 | $13240 | $13234 | $12826 | $13046 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross premiums and deposits | 289 | 329 | 299 | 242 | 239 | 1055 | 1109 |
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders, withdrawals and benefits | (373) | (270) | (256) | (304) | (333) | (1178) | (1163) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net flows | (84) | 59 | 43 | (62) | (94) | (123) | (54) |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment performance, interest credited and policy charges | 88 | 66 | 26 | 56 | 87 | 345 | 235 |
| &nbsp;&nbsp;&nbsp;Ceded to Global Atlantic (7) |  |  |  |  | (4052) |  | (4052) |
| &nbsp;&nbsp;&nbsp;Other (2) |  |  |  |  |  | (2) |  |
| **Balance as of end of period** | $13046 | $13171 | $13240 | $13234 | $9175 | $13046 | $9175 |
| **Separate Accounts and Mutual Funds (3) (4) (5)** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Balance as of beginning of period | $32875 | $34763 | $32864 | $27927 | $26476 | $29930 | $34763 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross premiums and deposits | 789 | 1173 | 834 | 619 | 713 | 2784 | 3339 |
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders, withdrawals and benefits | (814) | (709) | (733) | (614) | (595) | (2838) | (2651) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net flows | (25) | 464 | 101 | 5 | 118 | (54) | 688 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment performance, interest credited and policy charges | 1913 | (2363) | (5038) | (1456) | 1547 | 4942 | (7310) |
| &nbsp;&nbsp;&nbsp;Ceded to Global Atlantic (7) |  |  |  |  | (5311) |  | (5311) |
| &nbsp;&nbsp;&nbsp;Other (2) |  |  |  |  |  | (55) |  |
| **Balance as of end of period** | $34763 | $32864 | $27927 | $26476 | $22830 | $34763 | $22830 |
| **Total: (3) (4)** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Balance as of beginning of period | $45917 | $47809 | $46035 | $41167 | $39710 | $42756 | $47809 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross premiums and deposits | 1078 | 1502 | 1133 | 861 | 952 | 3839 | 4448 |
| &nbsp;&nbsp;&nbsp;&nbsp;Surrenders, withdrawals and benefits | (1187) | (979) | (989) | (918) | (928) | (4016) | (3814) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net flows (6) | (109) | 523 | 144 | (57) | 24 | (177) | 634 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment performance, interest credited and policy charges (6) | 2001 | (2297) | (5012) | (1400) | 1634 | 5287 | (7075) |
| &nbsp;&nbsp;&nbsp;Ceded to Global Atlantic (7) |  |  |  |  | (9363) |  | (9363) |
| &nbsp;&nbsp;&nbsp;Other (2) |  |  |  |  |  | (57) |  |
| **Balance as of end of period** | $47809 | $46035 | $41167 | $39710 | $32005 | $47809 | $32005 |
| **Notes:** |  |  |  |  |  |  |  |

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| | |
|:---|:---|
| **4Q 2022 Financial Supplement** | **17** |

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| |
|:---|
| (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". |

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| | |
|:---|:---|
| **4Q 2022 Financial Supplement** | **18** |

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**Investment Management and Research - Operating Earnings (Loss) and Summary Metrics**

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **For the Three Months Ended or As of** | **For the Three Months Ended or As of** | **For the Three Months Ended or As of** | **For the Three Months Ended or As of** | **For the Three Months Ended or As of** | **For the Three Months Ended or As of** | **Years Ended or As of** | **Years 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** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | $3 | $(23) | $(26) | $(9) | $15 | 400.0% | $13 | $(43) | (430.8)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net derivative gains (losses) | (6) | 20 | 22 | 15 | (16) | (166.7)% | (13) | 41 | 415.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment management, service fees and other income | 1264 | 1138 | 1007 | 990 | 972 | (23.1)% | 4430 | 4107 | (7.3)% |
| **Segment Revenues** | 1261 | 1135 | 1003 | 996 | 971 | (23.0)% | 4430 | 4105 | (7.3)% |
| **Benefits and other deductions** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Commissions and distribution-related payments | 191 | 176 | 159 | 152 | 143 | (25.1)% | 708 | 630 | (11.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation, benefits and other operating costs and expenses | 676 | 675 | 619 | 636 | 589 | (12.9)% | 2507 | 2519 | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;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)% | 3220 | 3167 | (1.6)% |
| **Operating earnings (loss), before income taxes** | 390 | 284 | 221 | 203 | 230 | (41.0)% | 1210 | 938 | (22.5)% |
| &nbsp;&nbsp;&nbsp;&nbsp;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)% | 1002 | 776 | (22.6)% |
| &nbsp;&nbsp;&nbsp;&nbsp;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% |  |
| &nbsp;&nbsp;**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% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |  | 100.0% | 100.0% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;EQH economic interest | 64.5% | 64.5% | 65.0% | 64.3% | 61.3% |  | 64.5% | 61.3% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;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<br>&nbsp;&nbsp;&nbsp;&nbsp; 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. | (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<br>&nbsp;&nbsp;&nbsp;&nbsp; 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. | (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<br>&nbsp;&nbsp;&nbsp;&nbsp; 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. | (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<br>&nbsp;&nbsp;&nbsp;&nbsp; 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. | (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<br>&nbsp;&nbsp;&nbsp;&nbsp; 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. | (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<br>&nbsp;&nbsp;&nbsp;&nbsp; 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. | (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<br>&nbsp;&nbsp;&nbsp;&nbsp; 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. | (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<br>&nbsp;&nbsp;&nbsp;&nbsp; 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. | (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<br>&nbsp;&nbsp;&nbsp;&nbsp; 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. | (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<br>&nbsp;&nbsp;&nbsp;&nbsp; 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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. |

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| | |
|:---|:---|
| **4Q 2022 Financial Supplement** | **19** |

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**Investment Management and Research - Select Operating Metrics**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **For the Three Months Ended or As of** | **For the Three Months Ended or As of** | **For the Three Months Ended or As of** | **For the Three Months Ended or As of** | **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 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sales/new accounts | 39.4 | 40.9 | 23.9 | 19.8 | 30.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemptions/terminations | (25.7) | (24.6) | (22.6) | (24.9) | (23.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash flow/unreinvested dividends | (6.3) | (4.9) | (4.0) | (5.4) | (9.6) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net long-term (outflows) inflows (5) | 7.4 | 11.4 | (2.7) | (10.5) | (1.9) |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustment (3) |  |  | (0.4) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition (4) |  |  |  | 12.2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Market appreciation (depreciation) | 29.0 | (54.6) | (85.5) | (35.8) | 35.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutions | $337.1 | $325.9 | $290.5 | $279.4 | $297.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Retail | 319.9 | 292.6 | 251.0 | 232.3 | 242.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;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** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Actively Managed | $287.6 | $265.2 | $223.2 | $202.9 | $217.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Passively Managed (1) | 71.6 | 66.2 | 55.7 | 52.1 | 53.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Equity | $359.2 | $331.4 | $278.9 | $255.0 | $271.7 |
| **Fixed Income** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Actively Managed | $303.4 | $280.8 | $254.7 | $239.1 | $242.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Passively Managed (1) | 13.2 | 12.7 | 12.3 | 9.5 | 9.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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. | (1) Includes index and enhanced index services. | (1) Includes index and enhanced index services. | (1) Includes index and enhanced index services. | (1) Includes index and enhanced index services. | (1) Includes index and enhanced index services. |
| (2) Includes certain multi-asset solutions and services not included in equity or fixed income services | (2) Includes certain multi-asset solutions and services not included in equity or fixed income services | (2) Includes certain multi-asset solutions and services not included in equity or fixed income services | (2) Includes certain multi-asset solutions and services not included in equity or fixed income services | (2) Includes certain multi-asset solutions and services not included in equity or fixed income 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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. |  |

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| | |
|:---|:---|
| **4Q 2022 Financial Supplement** | **20** |

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investment Management and Research - Net Flows** | **Investment Management and Research - Net Flows** | **Investment Management and Research - Net Flows** | **Investment Management and Research - Net Flows** | **Investment Management and Research - Net Flows** | **Investment Management and Research - Net Flows** | **Investment Management and Research - Net Flows** | **Investment Management and Research - Net Flows** |
| | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **Years Ended or As of** | **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** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;US | $(2.0) | $0.4 | $0.6 | $(0.6) | $(2.2) | $(3.8) | $(1.8) |
| &nbsp;&nbsp;&nbsp;&nbsp;Global and Non-US | 2.4 | 9.8 | 0.1 | (5.7) | 3.9 | 6.1 | 8.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Institutions | $0.4 | $10.2 | $0.7 | $(6.3) | $1.7 | $2.3 | $6.3 |
| **Retail** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;US | $9.4 | $4.2 | $2.3 | $(0.3) | $(0.7) | $25.3 | $5.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Global and Non-US (4) | (3.1) | (5.2) | (4.6) | (4.7) | (2.7) | (4.5) | (17.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Retail (4) | $6.3 | $(1.0) | $(2.3) | $(5.0) | $(3.4) | $20.8 | $(11.6) |
| **Private Wealth** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;US (4) | $(0.4) | $1.4 | $(1.1) | $0.5 | $0.1 | $(0.5) | $0.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Global and Non-US (4) | 1.1 | 0.8 |  | 0.3 | (0.3) | 3.5 | 0.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;US | $4.8 | $4.7 | $0.8 | $(0.3) | $— | $15.7 | $5.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Global and Non-US | 3.1 | (0.1) | (0.5) | (4.7) | (2.6) | 6.2 | (7.9) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Equity Active (4) | $7.9 | $4.6 | $0.3 | $(5.0) | $(2.6) | $21.9 | $(2.7) |
| **Equity Passive (1)** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;US | $(3.2) | $(0.7) | $0.5 | $(0.2) | $(2.0) | $(6.3) | $(2.4) |
| &nbsp;&nbsp;&nbsp;&nbsp;Global and Non-US (4) | (0.3) | (1.1) | (0.7) | (0.7) | (0.3) | (1.2) | (2.9) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Equity Passive (1) (4) | $(3.5) | $(1.8) | $(0.2) | $(0.9) | $(2.3) | $(7.5) | $(5.3) |
| **Fixed Income - Taxable (3)** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;US (4) | $(0.9) | $0.3 | $(1.3) | $(0.1) | $(0.2) | $(1.0) | $(1.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;Global and Non-US (4) | (3.1) | (5.0) | (4.3) | (3.5) | (3.8) | (8.9) | (16.7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Fixed Income - Taxable | $(4.0) | $(4.7) | $(5.6) | $(3.6) | $(4.0) | $(9.9) | $(17.9) |
| **Fixed Income - Tax-Exempt** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;US (4) | $1.4 | $1.0 | $0.6 | $— | $(1.0) | $6.0 | $0.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Global and Non-US (4) |  |  | 0.1 |  | (0.1) |  | (0.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Fixed Income - Tax-Exempt | $1.4 | $1.0 | $0.7 | $— | $(1.1) | $6.0 | $0.6 |
| **Fixed Income - Passive (1)** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;US (4) | $3.8 | $(0.2) | $0.5 | $(0.2) | $(0.3) | $4.5 | $(0.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;Global and Non-US (4) | (0.2) | 0.6 | 0.2 | (1.9) |  | 0.5 | (1.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Fixed Income - Passive (1) | $3.6 | $0.4 | $0.7 | $(2.1) | $(0.3) | $5.0 | $(1.3) |
| **Alternatives/Multi-Asset Solutions (2)** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;US | $1.1 | $0.9 | $0.5 | $0.4 | $0.7 | $2.1 | $2.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;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** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity (4) | $7.9 | $4.6 | $0.3 | $(5.0) | $(2.6) | $21.9 | $(2.7) |
| &nbsp;&nbsp;&nbsp;&nbsp;Fixed Income (3) (4) | (2.6) | (3.7) | (4.8) | (3.6) | (5.1) | (3.9) | (17.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;Alternatives/Multi-Asset Solutions (2) (4) | 1.1 | 11.3 | 1.1 | 0.8 | 7.6 | 8.3 | 20.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $6.4 | $12.2 | $(3.4) | $(7.8) | $(0.1) | $26.3 | $0.9 |
| **Passively Managed (1)** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity | $(3.5) | $(1.8) | $(0.3) | $(0.9) | $(2.3) | $(7.5) | $(5.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;Fixed Income | 3.6 | 0.4 | 0.7 | (2.1) | (0.3) | 5.0 | (1.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;Alternatives/Multi-Asset Solutions (2) (4) | 0.9 | 0.6 | 0.3 | 0.3 | 0.8 | 2.3 | 2.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 | (2) Includes certain multi-asset solutions and services not included in equity or fixed income services | (2) Includes certain multi-asset solutions and services not included in equity or fixed income services | (2) Includes certain multi-asset solutions and services not included in equity or fixed income services | (2) Includes certain multi-asset solutions and services not included in equity or fixed income services | (2) Includes certain multi-asset solutions and services not included in equity or fixed income services | (2) Includes certain multi-asset solutions and services not included in equity or fixed income 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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (4) AB line item does not cross foot for the twelve months ended 2022 due to rounding. | (4) AB line item does not cross foot for the twelve months ended 2022 due to rounding. | (4) AB line item does not cross foot for the twelve months ended 2022 due to rounding. | (4) AB line item does not cross foot for the twelve months ended 2022 due to rounding. | (4) AB line item does not cross foot for the twelve months ended 2022 due to rounding. |  |  |

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| | |
|:---|:---|
| **4Q 2022 Financial Supplement** | **21** |

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**Protection Solutions - Operating Earnings (Loss) and Summary Metrics**

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **For the Three Months Ended or As of** | **For the Three Months Ended or As of** | **For the Three Months Ended or As of** | **For the Three Months Ended or As of** | **For the Three Months Ended or As of** | **For the Three Months Ended or As of** | **Years Ended or As of** | **Years 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** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy charges, fee income and premiums | $523 | $514 | $525 | $505 | $543 | 3.8% | $2016 | $2087 | 3.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | 275 | 272 | 252 | 236 | 221 | (19.6)% | 1102 | 981 | (11.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net derivative gains (losses) | (2) |  | (5) | (13) | (2) | —% | (20) | (20) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;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)% | 3358 | 3302 | (1.7)% |
| **Benefits and other deductions** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Policyholders' benefits | 480 | 521 | 429 | 414 | 542 | 12.9% | 1850 | 1906 | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest credited to policyholders' account balances | 133 | 128 | 122 | 130 | 131 | (1.5)% | 516 | 511 | (1.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Commissions and distribution-related payments | 50 | 41 | 45 | 46 | 59 | 18.0% | 170 | 191 | 12.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred policy acquisition costs | 30 | 35 | 29 | 14 | 34 | 13.3% | 93 | 112 | 20.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;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% | 2974 | 3082 | 3.6% |
| **Operating earnings (loss), before income taxes** | 65 | 42 | 125 | 91 | (38) | (158.5)% | 384 | 220 | (42.7)% |
| &nbsp;&nbsp;&nbsp;&nbsp;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)% |
| &nbsp;&nbsp;&nbsp;&nbsp;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)% | $3065 | $3083 | 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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (2) Total in-force face amount presented on a gross basis including ceded policies. | (2) Total in-force face amount presented on a gross basis including ceded policies. | (2) Total in-force face amount presented on a gross basis including ceded policies. | (2) Total in-force face amount presented on a gross basis including ceded policies. | (2) Total in-force face amount presented on a gross basis including ceded policies. | (2) Total in-force face amount presented on a gross basis including ceded policies. | (2) Total in-force face amount presented on a gross basis including ceded policies. | (2) Total in-force face amount presented on a gross basis including ceded policies. | (2) Total in-force face amount presented on a gross basis including ceded policies. |

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| | |
|:---|:---|
| **4Q 2022 Financial Supplement** | **22** |

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**Protection Solutions - Select Operating Metrics**

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **For the Three Months Ended or As of** | **For the Three Months Ended or As of** | **For the Three Months Ended or As of** | **For the Three Months Ended or As of** | **For the Three Months Ended or As of** | **Years 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:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Universal Life | $— | $— | $— | $— | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Indexed Universal Life | 7 | 6 | 4 | 4 | 5 | 45 | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;Variable Universal Life | 102 | 85 | 76 | 71 | 77 | 287 | 309 |
| &nbsp;&nbsp;&nbsp;&nbsp;Term | 4 | 4 | 3 | 3 | 3 | 16 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;Employee Benefits | 20 | 21 | 16 | 23 | 22 | 77 | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other (1) |  |  |  |  | 1 | 1 | 1 |
| **Total** | $133 | $116 | $99 | $101 | $108 | $426 | $424 |
| **Renewals by Product Line:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Universal Life | $198 | $193 | $185 | $207 | $179 | $824 | $764 |
| &nbsp;&nbsp;&nbsp;&nbsp;Indexed Universal Life | 80 | 80 | 76 | 74 | 74 | 310 | 304 |
| &nbsp;&nbsp;&nbsp;&nbsp;Variable Universal Life (2) | 250 | 249 | 239 | 244 | 257 | 968 | 989 |
| &nbsp;&nbsp;&nbsp;&nbsp;Term | 98 | 93 | 94 | 90 | 96 | 379 | 373 |
| &nbsp;&nbsp;&nbsp;&nbsp;Employee Benefits | 36 | 43 | 63 | 49 | 57 | 139 | 212 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other (1) | 6 | 4 | 4 | 4 | 5 | 19 | 17 |
| **Total** | 668 | 662 | 661 | 668 | 668 | 2639 | 2659 |
| **Total Gross Premiums** | $801 | $778 | $760 | $769 | $776 | $3065 | $3083 |
| **In-force Metrics** |  |  |  |  |  |  |  |
| **In-force Face Amount by Product (3) (in billions):** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Universal Life (4) | $45.9 | $44.9 | $44.4 | $43.7 | $43.1 | $45.9 | $43.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Indexed Universal Life | 27.9 | 27.9 | 27.7 | 27.6 | 27.5 | 27.9 | 27.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Variable Universal Life (5) | 132.8 | 132.9 | 132.6 | 132.8 | 133.4 | 132.8 | 133.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Term | 215.4 | 214.9 | 214.7 | 213.0 | 211.9 | 215.4 | 211.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;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):** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Universal Life (4) | 136 | 134 | 132 | 130 | 129 | 136 | 129 |
| &nbsp;&nbsp;&nbsp;&nbsp;Indexed Universal Life | 65 | 65 | 65 | 64 | 64 | 65 | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;Variable Universal Life (5) | 293 | 293 | 293 | 293 | 293 | 293 | 293 |
| &nbsp;&nbsp;&nbsp;&nbsp;Term | 266 | 264 | 262 | 259 | 256 | 266 | 256 |
| &nbsp;&nbsp;&nbsp;&nbsp;Whole Life | 16 | 16 | 16 | 16 | 15 | 16 | 15 |
| **Total** | 776 | 772 | 768 | 762 | 757 | 776 | 757 |
| **Protection Solutions Reserves** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;General Account | $18625 | $18432 | $18241 | $18243 | $18237 | $18625 | $18237 |
| &nbsp;&nbsp;&nbsp;&nbsp;Separate Accounts | 17012 | 15883 | 13524 | 12783 | 13634 | 17012 | 13634 |
| **Total** | $35637 | $34315 | $31765 | $31026 | $31871 | $35637 | $31871 |
| **Notes:** |  |  |  |  |  |  |  |
| (1) For the individual life insurance premiums, Other includes Whole Life insurance and other products available-for-sale but not actively marketed. | (1) For the individual life insurance premiums, Other includes Whole Life insurance and other products available-for-sale but not actively marketed. | (1) For the individual life insurance premiums, Other includes Whole Life insurance and other products available-for-sale but not actively marketed. | (1) For the individual life insurance premiums, Other includes Whole Life insurance and other products available-for-sale but not actively marketed. | (1) For the individual life insurance premiums, Other includes Whole Life insurance and other products available-for-sale but not actively marketed. | (1) For the individual life insurance premiums, Other includes Whole Life insurance and other products available-for-sale but not actively marketed. | (1) For the individual life insurance premiums, Other includes Whole Life insurance and other products available-for-sale but not actively marketed. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (4) Universal Life includes Guaranteed Universal Life. | (4) Universal Life includes Guaranteed Universal Life. | (4) Universal Life includes Guaranteed Universal Life. | (4) Universal Life includes Guaranteed Universal Life. | (4) Universal Life includes Guaranteed Universal Life. | (4) Universal Life includes Guaranteed Universal Life. | (4) Universal Life includes Guaranteed Universal Life. |
| (5) Variable Universal Life includes variable life insurance and corporate-owned life insurance. | (5) Variable Universal Life includes variable life insurance and corporate-owned life insurance. | (5) Variable Universal Life includes variable life insurance and corporate-owned life insurance. | (5) Variable Universal Life includes variable life insurance and corporate-owned life insurance. | (5) Variable Universal Life includes variable life insurance and corporate-owned life insurance. | (5) Variable Universal Life includes variable life insurance and corporate-owned life insurance. | (5) Variable Universal Life includes variable life insurance and corporate-owned life insurance. | (5) Variable Universal Life includes variable life insurance and corporate-owned life insurance. |

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| | |
|:---|:---|
| **4Q 2022 Financial Supplement** | **23** |

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**Investments**

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| | |
|:---|:---|
| **4Q 2022 Financial Supplement** | **24** |

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**Consolidated Investment Portfolio Composition**

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Balances as of** | **Balances as of** | **Balances as of** | **Balances as of** |
| (in millions USD, unless otherwise indicated) | **December 31, 2021** | **December 31, 2021** | **December 31, 2022** | **December 31, 2022** |
|  | **Amount (1)** | **% of Total** | **Amount (1)** | **% of Total** |
| **Composition of investment portfolio** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fixed maturities, available-for-sale, at fair value | $78216 | 70.9% | $63361 | 65.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fixed maturities, at fair value using the fair value option | 1641 | 1.5% | 1508 | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgage loans on real estate | 14033 | 12.7% | 16481 | 16.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy loans | 4024 | 3.6% | 4033 | 4.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other equity investments | 2975 | 2.7% | 3152 | 3.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other invested assets | 3591 | 3.3% | 3885 | 4.0% |
| Subtotal investment assets | 104480 | 94.7% | 92420 | 94.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Trading securities | 631 | 0.6% | 677 | 0.7% |
| Total investments | 105111 | 95.3% | 93097 | 95.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | 5188 | 4.7% | 4281 | 4.4% |
| **Total** | $110299 | 100.0% | $97378 | 100.0% |
| **General Account AFS Fixed maturities by industry (Based on amortized cost)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Finance | $12954 | 17.9% | $13537 | 18.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Manufacturing | 12212 | 16.8% | 11797 | 16.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utilities | 6446 | 8.9% | 6808 | 9.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Services | 8191 | 11.3% | 8299 | 11.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy | 3854 | 5.3% | 3740 | 5.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retail and wholesale | 3390 | 4.7% | 3394 | 4.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transportation | 2181 | 3.0% | 2277 | 3.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | 60 | 0.1% | 124 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total corporate securities | 49288 | 67.9% | 49976 | 69.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. government and agency | 13056 | 18.0% | 7054 | 9.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential mortgage-backed (2) | 90 | 0.1% | 908 | 1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Preferred stock | 41 | 0.1% | 41 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;State & municipal | 586 | 0.8% | 609 | 0.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign governments | 1124 | 1.5% | 985 | 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial mortgage-backed | 2427 | 3.3% | 3823 | 5.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset-backed securities | 5933 | 8.2% | 8859 | 12.3% |
| **Total** | $72545 | 100.0% | $72255 | 100.0% |
| **General Account AFS Fixed maturities credit quality (3) (Based on amortized cost)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Aaa, Aa, A (NAIC Designation 1) | $44653 | 61.6% | $44612 | 61.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Baa (NAIC Designation 2) | 25141 | 34.7% | 24843 | 34.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment grade | 69794 | 96.2% | 69454 | 96.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Below investment grade (NAIC Designation 3 and 4) | 2751 | 3.8% | 2800 | 3.9% |
| **Total** | $72545 | 100.0% | $72255 | 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. | (1) Investment data has been classified based on standard industry categorizations for domestic public holdings and similar classifications by industry for all other holdings. | (1) Investment data has been classified based on standard industry categorizations for domestic public holdings and similar classifications by industry for all other holdings. | (1) Investment data has been classified based on standard industry categorizations for domestic public holdings and similar classifications by industry for all other holdings. | (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. | (2) Includes publicly traded agency pass-through securities and collateralized obligations. | (2) Includes publicly traded agency pass-through securities and collateralized obligations. | (2) Includes publicly traded agency pass-through securities and collateralized obligations. | (2) Includes publicly traded agency pass-through securities and collateralized obligations. |
| (3) Credit quality based on NAIC rating. | (3) Credit quality based on NAIC rating. | (3) Credit quality based on NAIC rating. | (3) Credit quality based on NAIC rating. | (3) Credit quality based on NAIC rating. |

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| | |
|:---|:---|
| **4Q 2022 Financial Supplement** | **25** |

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**Consolidated Results of General Account Investment Portfolio**

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| | | | | |
|:---|:---|:---|:---|:---|
| | **For the Years Ended or As of** | **For the Years Ended or As of** | **For the Years Ended or As of** | **For the Years Ended or As of** |
| (in millions USD, unless otherwise indicated) | **December 31, 2021** | **December 31, 2021** | **December 31, 2022** | **December 31, 2022** |
|  | **Yield** | **Amount (2)** | **Yield** | **Amount (2)** |
| **Fixed Maturities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Income (loss) | 3.40% | $2429 | 3.57% | $2619 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ending assets |  | 72545 |  | 72255 |
| **Mortgages:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Income (loss) | 4.08% | 547 | 3.92% | 587 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ending assets |  | 14033 |  | 16481 |
| **Other Equity Investments (1):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Income (loss) | 20.45% | 534 | 5.21% | 171 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ending assets |  | 2901 |  | 3433 |
| **Policy Loans:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Income | 5.01% | 203 | 5.36% | 215 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ending assets |  | 4024 |  | 3932 |
| **Cash and Short-term Investments:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Income | (0.13)% | (2) | (1.46)% | (24) |
| &nbsp;&nbsp;&nbsp;&nbsp;Ending assets |  | 1662 |  | 1177 |
| **Funding Agreements:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense and other |  | (56) |  | (156) |
| &nbsp;&nbsp;&nbsp;&nbsp;Ending (liabilities) |  | (6647) |  | (8501) |
| **Total invested Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Income | 4.28% | 3655 | 3.79% | 3412 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ending assets |  | 88518 |  | 88777 |
| **Short Duration Fixed Maturities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Income (loss) | 4.48% | 78 | 3.62% | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ending assets |  | 142 |  | 87 |
| **Total Net Investment Income:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment income | 4.28% | 3733 | 3.79% | 3417 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: investment fees (3) | (0.14)% | (118) | (0.15)% | (138) |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment income, net | 4.15% | $3615 | 3.64% | $3279 |
| **General Account Ending Net Assets** |  | $88660 |  | $88864 |
| **Operating Earnings adjustments:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Funding Agreements interest expense |  | 56 |  | 156 |
| &nbsp;&nbsp;&nbsp;&nbsp;AB and other non-General Account investment income |  | 258 |  | 84 |
| **Operating Net investment income (loss)** |  | $3929 |  | $3519 |
| **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. | (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. | (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. | (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. | (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. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Investment fees are inclusive of investment management fees paid to AB. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Investment fees are inclusive of investment management fees paid to AB. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Investment fees are inclusive of investment management fees paid to AB. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Investment fees are inclusive of investment management fees paid to AB. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Investment fees are inclusive of investment management fees paid to AB. |

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| | |
|:---|:---|
| **4Q 2022 Financial Supplement** | **26** |

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**Additional Information**

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|:---|:---|
| **4Q 2022 Financial Supplement** | **27** |

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**Deferred Policy Acquisition Costs Rollforward**

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **For the Three Months Ended or As of** | **For the Three Months Ended or As of** | **For the Three Months Ended or As of** | **For the Three Months Ended or As of** | **For the Three Months Ended or As of** | **Years 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 | $5366 | $5491 | $6592 | $7541 | $8244 | $4243 | $5491 |
| 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 | 1073 | 889 | 593 | (188) | 766 | 2367 |
| Reclassified to Assets held-for-sale |  |  |  |  |  |  |  |
| Ending balance | $5491 | $6592 | $7541 | $8244 | $8158 | $5491 | $8158 |
| **Individual Retirement** |  |  |  |  |  |  |  |
| Beginning balance | $3486 | $3639 | $3957 | $4426 | $4689 | $3178 | $3639 |
| 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 | $3639 | $3957 | $4426 | $4689 | $4661 | $3639 | $4661 |
| **Group Retirement** |  |  |  |  |  |  |  |
| Beginning balance | $757 | $776 | $866 | $991 | $1108 | $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 | $1108 | $1075 | $776 | $1075 |
| **Protection Solutions** |  |  |  |  |  |  |  |
| Beginning balance | $1113 | $1066 | $1632 | $1902 | $2122 | $418 | $1066 |
| 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 | $1066 | $1632 | $1902 | $2122 | $2124 | $1066 | $2124 |
| **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 |

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| | |
|:---|:---|
| **4Q 2022 Financial Supplement** | **28** |

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**Use of Non-GAAP Financial Measures**

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| | |
|:---|:---|
| 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. | 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. | 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** |
| 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 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: | 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. | 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. | 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. |

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|:---|:---|
| **4Q 2022 Financial Supplement** | **29** |

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|:---|
| **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. |

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|:---|:---|
| **4Q 2022 Financial Supplement** | **30** |

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**Reconciliation of Non-GAAP Measures (1/3)**

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **For the Three Months Ended or As of** | **For the Three Months Ended or As of** | **For the Three Months Ended or As of** | **For the Three Months Ended or As of** | **For the Three Months Ended or As of** | **Years 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 | $1728 | $273 | $(789) | $(439) | $1785 |
| Adjustments related to: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Variable annuity product features | 513 | (601) | (1924) | (114) | 1324 | 4145 | (1315) |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment gains (losses), net | (100) | 326 | 231 | 333 | 55 | (867) | 945 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net actuarial gains (losses) related to pension and other postretirement benefit obligations | 33 | 19 | 19 | 19 | 25 | 120 | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other adjustments (1) (2) (3) | 45 | 220 | 148 | 39 | 144 | 717 | 552 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax (expense) benefit related to above adjustments | (103) | 8 | 321 | (59) | (326) | (864) | (56) |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-recurring tax items | 7 | 3 | 3 | 7 | 3 | 13 | 16 |
| **Non-GAAP Operating Earnings** | $**649** | $**548** | $**526** | $**498** | $**436** | $**2825** | $**2009** |
| **Net income (loss) attributable to Holdings (4)** | $0.63 | $1.46 | $4.54 | $0.72 | $(2.14) | $(1.05) | $4.70 |
| &nbsp;&nbsp;&nbsp;&nbsp;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: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Variable annuity product features | 1.27 | (1.53) | (5.06) | (0.31) | 3.59 | 9.93 | (3.46) |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment gains (losses), net | (0.25) | 0.83 | 0.61 | 0.87 | 0.14 | (2.08) | 2.49 |
| &nbsp;&nbsp;&nbsp;&nbsp;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 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other adjustments (1) (2) (3) | 0.11 | 0.55 | 0.39 | 0.12 | 0.39 | 1.72 | 1.45 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax (expense) benefit related to above adjustments | (0.25) | 0.02 | 0.84 | (0.16) | (0.88) | (2.07) | (0.15) |
| &nbsp;&nbsp;&nbsp;&nbsp;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 |
| &nbsp;&nbsp;&nbsp;&nbsp;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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. |

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|:---|:---|
| **4Q 2022 Financial Supplement** | **31** |

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|:---|:---|:---|:---|:---|:---|
| **Reconciliation of Non-GAAP Measures (2/3)** | **Reconciliation of Non-GAAP Measures (2/3)** | **Reconciliation of Non-GAAP Measures (2/3)** | **Reconciliation of Non-GAAP Measures (2/3)** | **Reconciliation of Non-GAAP Measures (2/3)** | **Reconciliation of Non-GAAP Measures (2/3)** |
| | **As of and for the Twelve Months Ended** | **As of and for the Twelve Months Ended** | **As of and for the Twelve Months Ended** | **As of and for the Twelve Months Ended** | **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) | $1622 | $3227 | $2828 | $1785 |
| **Adjustments related to:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Variable annuity product features | 4145 | 1277 | (1840) | (2126) | (1315) |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment (gains) losses | (867) | (358) | 293 | 790 | 945 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net actuarial (gains) losses related to pension and other postretirement benefit obligations | 120 | 105 | 98 | 90 | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other adjustments | 717 | 413 | 554 | 452 | 551 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax (expense) benefits related to above adjustments | (864) | (301) | 191 | 167 | (56) |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-recurring tax items | 13 | 15 | 18 | 20 | 16 |
| **Non-GAAP Operating Earnings** | $2825 | $2773 | $2541 | $2221 | $2009 |
| **Return on Equity and Non-GAAP Operating Return on Equity - Trailing twelve months** |  |  |  |  |  |
| **Net income (loss) attributable to Holdings** | $(439) | $1622 | $3227 | $2828 | $1785 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Preferred stock | (79) | (80) | (80) | (80) | (80) |
| **Net income (loss) available to Holdings' common shareholders** | $(518) | $1542 | $3147 | $2748 | $1705 |
| **Average equity attributable to Holdings' common shareholders (ex. AOCI)** | $8193 | $8140 | $8487 | $8844 | $9088 |
| **Return on Equity (ex. AOCI)** | **(6.3)%** | **18.9%** | **37.1%** | **31.1%** | **18.8%** |
| **Non-GAAP Operating Earnings** | $2825 | $2773 | $2541 | $2221 | $2009 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Preferred stock | (79) | (80) | (80) | (80) | (80) |
| **Non-GAAP Operating Earnings available to Holdings' common shareholders** | $2746 | $2693 | $2461 | $2141 | $1929 |
| **Average equity attributable to Holdings' common shareholders (ex. AOCI)** | $8193 | $8140 | $8487 | $8844 | $9088 |
| **Non-GAAP Operating Return on Equity (ex. AOCI)** | **33.5%** | **33.1%** | **29.0%** | **24.2%** | **21.2%** |

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|:---|:---|
| **4Q 2022 Financial Supplement** | **32** |

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reconciliation of Non-GAAP Measures (3/3)** | **Reconciliation of Non-GAAP Measures (3/3)** | **Reconciliation of Non-GAAP Measures (3/3)** | **Reconciliation of Non-GAAP Measures (3/3)** | **Reconciliation of Non-GAAP Measures (3/3)** | **Reconciliation of Non-GAAP Measures (3/3)** | **Reconciliation of Non-GAAP Measures (3/3)** | **Reconciliation of Non-GAAP Measures (3/3)** | **Reconciliation of Non-GAAP Measures (3/3)** |
| | **Balances as of** | **Balances as of** | **Balances as of** | **Balances as of** | **Balances as of** | **Balances as of** | **Balances as of** | **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** | $10693 | $11732 | $11680 | $11519 | $7954 | $5589 | $3354 | $1658 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Preferred Stock | 1562 | 1562 | 1562 | 1562 | 1562 | 1562 | 1562 | 1562 |
| **Total equity attributable to Holdings' common shareholders** | 9131 | 10170 | 10118 | 9957 | 6392 | 4027 | 1792 | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Accumulated other comprehensive income (loss) | 740 | 1983 | 1876 | 2004 | (1787) | (5548) | (7876) | (8834) |
| **Total equity attributable to Holdings' common shareholders (ex. AOCI)** | $8391 | $8187 | $8242 | $7953 | $8179 | $9575 | $9668 | $8930 |
|  | **Balances as of** | **Balances as of** | **Balances as of** | **Balances as of** | **Balances as of** | **Balances as of** | **Balances as of** | **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** | 15267 | 13825 | 12420 | 11406 | 10721 | 9186 | 7104 | 4639 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Preferred Stock | 1219 | 1416 | 1489 | 1562 | 1562 | 1562 | 1562 | 1562 |
| **Total equity attributable to Holdings' common shareholders** | 14048 | 12410 | 10932 | 9844 | 9159 | 7624 | 5542 | 3077 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Accumulated other comprehensive income (loss) | 3180 | 2694 | 2116 | 1651 | 1019 | (864) | (3302) | (6011) |
| **Total equity attributable to Holdings' common shareholders (ex. AOCI)** | $10868 | $9716 | $8816 | $8193 | $8140 | $8487 | $8844 | $9088 |

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|:---|:---|
| **4Q 2022 Financial Supplement** | **33** |

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**Glossary of Selected Financial and Product Terms**

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|:---|
| 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. |

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|:---|:---|
| **4Q 2022 Financial Supplement** | **34** |

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**Analyst Coverage, Ratings & Contact Information**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Analyst Coverage** | | | | | |
| **Firm** | **Firm** |<br>**Analyst** | | |<br>**Phone Number** |
| Barclays | Barclays | Tracy Benguigui |  |  | 1 (212) 526-1561 |
| Citi |  | Michael Ward |  |  | 1 (212) 816-4269 |
| Credit Suisse | Credit Suisse | Andrew Kligerman |  |  | 1 (212) 325-5069 |
| Evercore ISI | 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 | J.P. Morgan | Jimmy Bhullar |  |  | 1 (212) 622-6397 |
| Keefe, Bruyette, & Woods | Keefe, Bruyette, & Woods | Ryan Krueger |  |  | 1 (860) 722-5930 |
| Morgan Stanley | Morgan Stanley | Nigel Dally |  |  | 1 (212) 761-4132 |
| Raymond James | Raymond James | Wilma Burdis |  |  | 1 (727) 567-9371 |
| RBC Capital Markets | RBC Capital Markets | Mark Dwelle |  |  | 1 (804) 782-4008 |
| Truist Securities | Truist Securities | Mark Hughes |  |  | 1 (615) 748-4422 |
| UBS |  | Brian Meredith |  |  | 1 (212) 713-2492 |
| Wells Fargo Securities | 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.* | *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.* | *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.* | *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.* | *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.* | *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** | **Last review date** | **Last review date** | **Jan '22** | **Jun '22** | **Jan '23** |
| ***Financial Strength Ratings:*** | ***Financial Strength Ratings:*** | ***Financial Strength Ratings:*** |  |  |  |
| Equitable Financial Life Insurance Company | Equitable Financial Life Insurance Company | Equitable Financial Life Insurance Company | A | A+ | A1 |
| Equitable Financial Life Insurance Company of America | Equitable Financial Life Insurance Company of America |  | A | A+ | A1 |
| ***Credit Ratings:*** | ***Credit Ratings:*** | ***Credit Ratings:*** |  |  |  |
| Equitable Holdings, Inc. | Equitable Holdings, Inc. | Equitable Holdings, Inc. |  | BBB+ | Baa1 |
| AllianceBernstein L.P. (1) | AllianceBernstein L.P. (1) | AllianceBernstein L.P. (1) |  | A | A2 |
| **Investor and Media Contacts** |  |  |  |  |  |
| **Contact Investor Relations** |  |  |  | **Contact Media Relations** | **Contact Media Relations** |
| Işıl Müderrisoğlu | Thomas Lewis |  |  | Sophia Kim | Sophia Kim |
| (212) 314-2476 | (212) 314-4638 |  |  | (212) 314-2010 | (212) 314-2010 |
| <u>[IR@equitable.com](#icae21673ade745d58720a25e0f527f77_1)</u> |  |  |  | <u>[MediaRelations@equitable.com](#icae21673ade745d58720a25e0f527f77_1)</u> | <u>[MediaRelations@equitable.com](#icae21673ade745d58720a25e0f527f77_1)</u> |
| <u>[ir.equitableholdings.com](#icae21673ade745d58720a25e0f527f77_94)</u> |  |  |  | <u>[www.equitableholdings.com](#icae21673ade745d58720a25e0f527f77_1)</u> | <u>[www.equitableholdings.com](#icae21673ade745d58720a25e0f527f77_1)</u> |
| **Notes:** |  |  |  |  |  |
| (1) Last review dates: S&P as of Sep '22, Moody's as of Jan '23. | (1) Last review dates: S&P as of Sep '22, Moody's as of Jan '23. | (1) Last review dates: S&P as of Sep '22, Moody's as of Jan '23. | (1) Last review dates: S&P as of Sep '22, Moody's as of Jan '23. | (1) Last review dates: S&P as of Sep '22, Moody's as of Jan '23. | (1) Last review dates: S&P as of Sep '22, Moody's as of Jan '23. |

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|:---|:---|
| **4Q 2022 Financial Supplement** | **35** |

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