# EDGAR Filing Document

**Accession Number:** 0001333986
**File Stem:** 0001333986-25-000068
**Filing Date:** 2025-11
**Character Count:** 1138939
**Document Hash:** 93f2b7ed51d3ddc0ccd7f2bf54671ce1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001333986-25-000068.hdr.sgml**: 20251107

**ACCESSION NUMBER**: 0001333986-25-000068

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 150

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251107

**DATE AS OF CHANGE**: 20251107

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Equitable Holdings, Inc.
- **CENTRAL INDEX KEY:** 0001333986
- **STANDARD INDUSTRIAL CLASSIFICATION:** INSURANCE AGENTS BROKERS & SERVICES [6411]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 585512450
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-38469
- **FILM NUMBER:** 251463090

**BUSINESS ADDRESS:**
- **STREET 1:** 1345 AVENUE OF THE AMERICAS
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10105
- **BUSINESS PHONE:** (212) 554-1234

**MAIL ADDRESS:**
- **STREET 1:** 1345 AVENUE OF THE AMERICAS
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10105

**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' encoding='ASCII'? eqh-20250930

**<u>[**Table of Contents**](#idb7c5e5bccf5487492becf35bc3c5c19_961)</u>**

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**———————————————**

**FORM 10-Q** 

☒ **QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the quarterly period ended September 30, 2025** 

**or**

☐ **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the transition period from &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to**

**Commission File No. 001-38469**

**————————————————**

![equitablelogoholdings02.jpg](eqh-20250930_g1.jpg)

**Equitable Holdings, Inc.** 

(Exact name of registrant as specified in its charter)

---

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

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1345 Avenue of the Americas, New York, New York&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10105** 

&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)

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

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading symbol** | **Name of each 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 |

---

Securities registered pursuant to Section 12(g) of the Act: None

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.&nbsp;&nbsp;&nbsp;&nbsp;Yes ☒&nbsp;&nbsp;&nbsp;&nbsp;No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).&nbsp;&nbsp;&nbsp;&nbsp;Yes ☒&nbsp;&nbsp;&nbsp;&nbsp;No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an "emerging growth company". See definition of "accelerated filer," "large accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Large accelerated filer | ☒ | Accelerated filer | ☐ | Non-accelerated filer | ☐ | Smaller reporting company | ☐ | 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. ◻ | 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. ◻ | 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. ◻ | 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. ◻ | 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. ◻ | 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. ◻ | 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. ◻ | 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. ◻ | 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. ◻ | 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. ◻ |

---

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of November 5, 2025, 286,532,039 shares of the registrant's Common Stock, $0.01 par value, were outstanding.

------

**<u>[**Table of Contents**](#idb7c5e5bccf5487492becf35bc3c5c19_10)</u>**

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
| | | Page |
| **<u>[PART I - FINANCIAL INFORMATION](#idb7c5e5bccf5487492becf35bc3c5c19_16)</u>** | **<u>[PART I - FINANCIAL INFORMATION](#idb7c5e5bccf5487492becf35bc3c5c19_16)</u>** |  |
| <u>[Item 1.](#idb7c5e5bccf5487492becf35bc3c5c19_973)</u> | <u>[Consolidated Financial Statements](#idb7c5e5bccf5487492becf35bc3c5c19_19)</u> |  |
|  | <u>[Consolidated Balance Sheets, September 30, 2025 (Unaudited) and December 31, 2024](#idb7c5e5bccf5487492becf35bc3c5c19_25)</u> | [4](#idb7c5e5bccf5487492becf35bc3c5c19_25) |
|  | <u>[Consolidated Statements of Income (Loss), Three and Nine Months Ended September 30, 2025 and 2024 (Unaudited)](#idb7c5e5bccf5487492becf35bc3c5c19_31)</u> | [5](#idb7c5e5bccf5487492becf35bc3c5c19_31) |
|  | <u>[Consolidated Statements of Comprehensive Income (Loss), Three and Nine Months Ended September 30, 2025 and 2024 (Unaudited)](#idb7c5e5bccf5487492becf35bc3c5c19_34)</u> | [6](#idb7c5e5bccf5487492becf35bc3c5c19_34) |
|  | <u>[Consolidated Statements of Equity, Three and](#idb7c5e5bccf5487492becf35bc3c5c19_37)[Nine](#idb7c5e5bccf5487492becf35bc3c5c19_37)[Months Ended](#idb7c5e5bccf5487492becf35bc3c5c19_37)[September](#idb7c5e5bccf5487492becf35bc3c5c19_37)[30, 2025 and 2024 (Unaudited)](#idb7c5e5bccf5487492becf35bc3c5c19_37)</u> | [7](#idb7c5e5bccf5487492becf35bc3c5c19_37) |
|  | <u>[Consolidated Statements of Cash Flows, Nine Months Ended September 30, 2025 and 2024 (Unaudited)](#idb7c5e5bccf5487492becf35bc3c5c19_49)</u> | [9](#idb7c5e5bccf5487492becf35bc3c5c19_49) |
|  | &nbsp;&nbsp;<u>[Notes to Consolidated Financial Statements:](#idb7c5e5bccf5487492becf35bc3c5c19_52)</u> |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;<u>[Note 1 - Organization](#idb7c5e5bccf5487492becf35bc3c5c19_55)</u> | [11](#idb7c5e5bccf5487492becf35bc3c5c19_55) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;<u>[Note 2 - Significant Accounting Policies](#idb7c5e5bccf5487492becf35bc3c5c19_58)</u> | [12](#idb7c5e5bccf5487492becf35bc3c5c19_58) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;<u>[Note 3 - Investments](#idb7c5e5bccf5487492becf35bc3c5c19_97)</u> | [16](#idb7c5e5bccf5487492becf35bc3c5c19_97) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;<u>[Note 4 - Derivatives](#idb7c5e5bccf5487492becf35bc3c5c19_133)</u> | [30](#idb7c5e5bccf5487492becf35bc3c5c19_133) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;<u>[Note 5 - Closed Block](#idb7c5e5bccf5487492becf35bc3c5c19_145)</u> | [37](#idb7c5e5bccf5487492becf35bc3c5c19_145) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;<u>[Note 6 - DAC and Other Deferred Assets/Liabilities](#idb7c5e5bccf5487492becf35bc3c5c19_166)</u> | [38](#idb7c5e5bccf5487492becf35bc3c5c19_166) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;<u>[Note 7 - Fair Value Disclosures](#idb7c5e5bccf5487492becf35bc3c5c19_190)</u> | [40](#idb7c5e5bccf5487492becf35bc3c5c19_190) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;<u>[Note 8 - Liabilities for Future Policyholder Benefits](#idb7c5e5bccf5487492becf35bc3c5c19_229)</u> | [58](#idb7c5e5bccf5487492becf35bc3c5c19_229) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;<u>[Note 9 - Market Risk Benefits](#idb7c5e5bccf5487492becf35bc3c5c19_262)</u> | [62](#idb7c5e5bccf5487492becf35bc3c5c19_262) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;<u>[Note 10 - Policyholder Account Balances](#idb7c5e5bccf5487492becf35bc3c5c19_283)</u> | [65](#idb7c5e5bccf5487492becf35bc3c5c19_283) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;<u>[Note 11 - Employee Benefit Plans](#idb7c5e5bccf5487492becf35bc3c5c19_325)</u> | [70](#idb7c5e5bccf5487492becf35bc3c5c19_325) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;<u>[Note 12 - Income Taxes](#idb7c5e5bccf5487492becf35bc3c5c19_343)</u> | [71](#idb7c5e5bccf5487492becf35bc3c5c19_343) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;<u>[Note 13 - Equity](#idb7c5e5bccf5487492becf35bc3c5c19_349)</u> | [72](#idb7c5e5bccf5487492becf35bc3c5c19_349) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;<u>[Note 14 - Short-term and Long-term Debt](#idb7c5e5bccf5487492becf35bc3c5c19_397)</u> | [74](#idb7c5e5bccf5487492becf35bc3c5c19_397) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;<u>[Note 15 - Redeemable Noncontrolling Interest](#idb7c5e5bccf5487492becf35bc3c5c19_409)</u> | [75](#idb7c5e5bccf5487492becf35bc3c5c19_409) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;<u>[Note 16 - Commitments and Contingent Liabilities](#idb7c5e5bccf5487492becf35bc3c5c19_412)</u> | [76](#idb7c5e5bccf5487492becf35bc3c5c19_412) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;<u>Note 17 - Business Segment Information</u> | [79](#idb7c5e5bccf5487492becf35bc3c5c19_433) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;<u>[Note 18 - Insurance Group Statutory Financial Information](#idb7c5e5bccf5487492becf35bc3c5c19_466)</u> | [84](#idb7c5e5bccf5487492becf35bc3c5c19_466) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;<u>[Note 19 - Earnings per Common Share](#idb7c5e5bccf5487492becf35bc3c5c19_478)</u> | [86](#idb7c5e5bccf5487492becf35bc3c5c19_478) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;<u>[Note 20 - Reinsurance](#idb7c5e5bccf5487492becf35bc3c5c19_1054)</u> | [87](#idb7c5e5bccf5487492becf35bc3c5c19_1054) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;<u>[Note 21 - Revision of Prior Period Financial Statements](#idb7c5e5bccf5487492becf35bc3c5c19_484)</u> | [88](#idb7c5e5bccf5487492becf35bc3c5c19_484) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;<u>[Note 22 - Subsequent Events](#idb7c5e5bccf5487492becf35bc3c5c19_619)</u> | [93](#idb7c5e5bccf5487492becf35bc3c5c19_619) |
| <u>[Item 2.](#idb7c5e5bccf5487492becf35bc3c5c19_628)</u> | <u>[Management's Discussion and Analysis of Financial Condition and Results of Operations](#idb7c5e5bccf5487492becf35bc3c5c19_628)</u> | [94](#idb7c5e5bccf5487492becf35bc3c5c19_628) |
| <u>[Item 3.](#idb7c5e5bccf5487492becf35bc3c5c19_907)</u> | <u>[Quantitative and Qualitative Disclosures About Market Risk](#idb7c5e5bccf5487492becf35bc3c5c19_1141)</u> | [135](#idb7c5e5bccf5487492becf35bc3c5c19_907) |
| <u>[Item 4.](#idb7c5e5bccf5487492becf35bc3c5c19_910)</u> | <u>[Controls and Procedures](#idb7c5e5bccf5487492becf35bc3c5c19_910)</u> | [135](#idb7c5e5bccf5487492becf35bc3c5c19_910) |
| **<u>[PART II - OTHER INFORMATION](#idb7c5e5bccf5487492becf35bc3c5c19_913)</u>** | **<u>[PART II - OTHER INFORMATION](#idb7c5e5bccf5487492becf35bc3c5c19_913)</u>** |  |
| Item 1. | <u>[Legal Proceedings](#idb7c5e5bccf5487492becf35bc3c5c19_916)</u> | [136](#idb7c5e5bccf5487492becf35bc3c5c19_916) |
| Item 1A. | <u>[Risk Factors](#idb7c5e5bccf5487492becf35bc3c5c19_1027)</u> | [136](#idb7c5e5bccf5487492becf35bc3c5c19_919) |
| Item 2. | <u>[Unregistered Sales of Equity Securities and Use of Proceeds](#idb7c5e5bccf5487492becf35bc3c5c19_922)</u> | [136](#idb7c5e5bccf5487492becf35bc3c5c19_922) |
| Item 3. | <u>[Defaults Upon Senior Securities](#idb7c5e5bccf5487492becf35bc3c5c19_925)</u> | [136](#idb7c5e5bccf5487492becf35bc3c5c19_925) |
| Item 4. | <u>[Mine Safety Disclosures](#idb7c5e5bccf5487492becf35bc3c5c19_928)</u> | [136](#idb7c5e5bccf5487492becf35bc3c5c19_928) |
| Item 5. | <u>[Other Information](#idb7c5e5bccf5487492becf35bc3c5c19_1159)</u> | [136](#idb7c5e5bccf5487492becf35bc3c5c19_931) |
| Item 6. | <u>[Exhibits](#idb7c5e5bccf5487492becf35bc3c5c19_940)</u> | [138](#idb7c5e5bccf5487492becf35bc3c5c19_940) |
| <u>[Signatures](#idb7c5e5bccf5487492becf35bc3c5c19_1207)</u> | <u>[Signatures](#idb7c5e5bccf5487492becf35bc3c5c19_1207)</u> | [145](#idb7c5e5bccf5487492becf35bc3c5c19_949) |

---

------

**<u>[**Table of Contents**](#idb7c5e5bccf5487492becf35bc3c5c19_10)</u>**

**NOTE REGARDING FORWARD-LOOKING STATEMENTS AND INFORMATION** 

Certain of the statements included or incorporated by reference in this Quarterly Report on Form 10-Q constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "expects," "believes," "anticipates," "forecasts," "intends," "seeks," "aims," "plans," "assumes," "estimates," "projects," "should," "would," "could," "may," "will," "shall" or variations of such words are generally part of forward-looking statements. Forward-looking statements are made based on management's current expectations and beliefs concerning future developments and their potential effects upon Equitable Holdings, Inc. ("Holdings") and its consolidated subsidiaries. These forward-looking statements include, but are not limited to, statements regarding projections, estimates, forecasts and other financial and performance metrics and projections of market expectations. "We," "us" and "our" refer to Holdings and its consolidated subsidiaries, unless the context refers only to Holdings as a corporate entity. There can be no assurance that future developments affecting Holdings will be those anticipated by management. Forward-looking statements include, without limitation, all matters that are not historical facts.

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

Forward-looking statements should be read in conjunction with the other cautionary statements, risks, uncertainties and other factors identified in Holdings' Annual Report on Form 10-K for the year ended December 31, 2024, as amended or supplemented in our subsequently filed Quarterly Reports on Form 10-Q, including in the section entitled "Risk Factors," and elsewhere in this Quarterly Report on Form 10-Q. You should read this Form 10-Q completely and with the understanding that actual future results may be materially different from expectations. 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.

Other risks, uncertainties and factors, including those discussed under "Risk Factors," in our Annual Report on Form 10-K could cause our actual results to differ materially from those projected in any forward-looking statements we make. Readers should read carefully the factors described in "Risk Factors" in our Annual Report on Form 10-K to better understand the risks and uncertainties inherent in our business and underlying any forward-looking statements.

Throughout this Quarterly Report on Form 10-Q we use certain defined terms and abbreviations, which are summarized in the "Glossary" and "Acronyms" sections.

------

**<u>[**Table of Contents**](#idb7c5e5bccf5487492becf35bc3c5c19_10)</u>**

**Part I FINANCIAL INFORMATION** 

**Item 1. Consolidated Financial Statements** 

------

**<u>[**Table of Contents**](#idb7c5e5bccf5487492becf35bc3c5c19_10)</u>** 

**EQUITABLE HOLDINGS, INC.**

**Consolidated Balance Sheets**

**September 30, 2025 (Unaudited) and December 31, 2024**

---

| | | |
|:---|:---|:---|
| | **September 30, 2025** | December 31, 2024 |
| | **(in millions, except share data)** | **(in millions, except share data)** |
| **ASSETS** |  |  |
| Investments: |  |  |
| &nbsp;&nbsp;&nbsp;Fixed maturities available-for-sale, at fair value (amortized cost of $80,753 and $84,717) (allowance for credit losses of $0 and $2) | $**75851** | $76641 |
| &nbsp;&nbsp;&nbsp;Fixed maturities, at fair value using the fair value option (1) | **2416** | 2053 |
| &nbsp;&nbsp;&nbsp;Mortgage loans on real estate (net of allowance for credit losses of $287 and $278) (1) | **22150** | 20072 |
| &nbsp;&nbsp;&nbsp;Policy loans | **1855** | 4330 |
| &nbsp;&nbsp;&nbsp;Other equity investments (1) | **3786** | 3719 |
| &nbsp;&nbsp;&nbsp;Trading securities, at fair value | **1595** | 1089 |
| &nbsp;&nbsp;&nbsp;Other invested assets (1) | **8852** | 8537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investments | **116505** | 116441 |
| Cash and cash equivalents (1) | **13604** | 6964 |
| Cash and securities segregated, at fair value | **425** | 500 |
| Broker-dealer related receivables | **1996** | 1961 |
| Deferred policy acquisition costs | **7430** | 7170 |
| Goodwill and other intangible assets, net | **5327** | 5371 |
| Amounts due from reinsurers (allowance for credit losses of $7 and $8) | **20025** | 7899 |
| Current and deferred income taxes | **2337** | 2003 |
| Purchased market risk benefits | **5415** | 7376 |
| Other assets (1) | **3678** | 4462 |
| Assets for market risk benefits | **762** | 863 |
| Separate Accounts assets | **136905** | 134717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets | $**314409** | $295727 |
| **LIABILITIES** |  |  |
| Policyholders' account balances | $**129561** | $110929 |
| Liability for market risk benefits | **10301** | 11810 |
| Future policy benefits and other policyholders' liabilities | **17611** | 17613 |
| Broker-dealer related payables | **1367** | 775 |
| Customer related payables | **1740** | 1933 |
| Amounts due to reinsurers | **1451** | 1421 |
| Long-term debt | **3833** | 3833 |
| Notes issued by consolidated variable interest entities, at fair value using the fair value option (1) | **2530** | 2116 |
| Other liabilities (1) | **7162** | 7032 |
| Separate Accounts liabilities | **136905** | 134717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities | $**312461** | $292179 |
| Redeemable noncontrolling interest (1) (2) | $**344** | $125 |
| Commitments and contingent liabilities (3) |  |  |
| **EQUITY** |  |  |
| **Equity attributable to Holdings:** |  |  |
| Preferred stock and additional paid-in capital, $1 par value and $25,000 liquidation preference | $**1068** | $1507 |
| Common stock, $0.01 par value, 2,000,000,000 shares authorized; 470,891,296 and 477,801,636 shares issued, respectively; 289,208,849 and 309,900,248 shares outstanding, respectively | **5** | 5 |
| Additional paid-in capital | **1917** | 2336 |
| Treasury stock, at cost, 181,682,447 and 167,901,388 shares, respectively | **(5011)** | (4198) |
| Retained earnings | **8360** | 10627 |
| Accumulated other comprehensive income (loss) | **(6191)** | (8712) |
| &nbsp;&nbsp;&nbsp;Total equity attributable to Holdings | **148** | 1565 |
| Noncontrolling interest | **1456** | 1858 |
| &nbsp;&nbsp;&nbsp;Total Equity | **1604** | 3423 |
| **Total Liabilities, Redeemable Noncontrolling Interest and Equity** | $**314409** | $295727 |

---

______________

(1)&nbsp;&nbsp;&nbsp;&nbsp;See Note 2 of the Notes to these Consolidated Financial Statements for details of balances with VIEs.

(2)&nbsp;&nbsp;&nbsp;&nbsp;See Note 15 of the Notes to these Consolidated Financial Statements for details of redeemable noncontrolling interest.

(3)&nbsp;&nbsp;&nbsp;&nbsp;See Note 16 of the Notes to these Consolidated Financial Statements for details of commitments and contingent liabilities.

See Notes to Consolidated Financial Statements (Unaudited).

------

**<u>[**Table of Contents**](#idb7c5e5bccf5487492becf35bc3c5c19_10)</u>** 

**EQUITABLE HOLDINGS, INC.**

**Consolidated Statements of Income (Loss)**

**Three and Nine Months Ended September 30, 2025 and 2024 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | 2024 | **2025** | 2024 |
| | **(in millions, except per share data)** | **(in millions, except per share data)** | **(in millions, except per share data)** | **(in millions, except per share data)** |
| **REVENUES** |  |  |  |  |
| Policy charges and fee income | $**471** | $626 | $**1733** | $1857 |
| Premiums | **258** | 312 | **822** | 879 |
| Net derivative gains (losses) | **(1117)** | (714) | **(1692)** | (2298) |
| Net investment income (loss) | **1343** | 1308 | **3946** | 3685 |
| Investment gains (losses), net: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Credit and intent to sell losses on available for sale debt securities and loans | **11** | (28) | **(43)** | (63) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other investment gains (losses), net | **(1181)** | (18) | **(1212)** | (38) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment gains (losses), net | **(1170)** | (46) | **(1255)** | (101) |
| Investment management and service fees | **1316** | 1287 | **3873** | 3805 |
| Other income | **349** | 300 | **961** | 983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenues | **1450** | 3073 | **8388** | 8810 |
| **BENEFITS AND OTHER DEDUCTIONS** |  |  |  |  |
| Policyholders' benefits | **452** | 663 | **1998** | 2007 |
| Remeasurement of liability for future policy benefits | **59** | (1) | **44** | (3) |
| Change in market risk benefits and purchased market risk benefits | **(353)** | 97 | **(287)** | (1123) |
| Interest credited to policyholders' account balances | **798** | 701 | **2272** | 1879 |
| Compensation and benefits | **601** | 571 | **1794** | 1768 |
| Commissions and distribution-related payments | **537** | 485 | **1526** | 1385 |
| Interest expense | **61** | 55 | **177** | 174 |
| Amortization of deferred policy acquisition costs | **203** | 184 | **584** | 525 |
| Other operating costs and expenses | **440** | 329 | **1817** | 1309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total benefits and other deductions | **2798** | 3084 | **9925** | 7921 |
| Income (loss) from continuing operations, before income taxes | **(1348)** | (11) | **(1537)** | 889 |
| Income tax (expense) benefit | **133** | 39 | **189** | (101) |
| Net income (loss) | **(1215)** | 28 | **(1348)** | 788 |
| &nbsp;&nbsp;&nbsp;Less: Net income (loss) attributable to the noncontrolling interest (1) | **94** | 160 | **247** | 400 |
| Net income (loss) attributable to Holdings | **(1309)** | (132) | **(1595)** | 388 |
| &nbsp;&nbsp;&nbsp;Less: Preferred stock dividends | **16** | 14 | **48** | 54 |
| Net income (loss) available to Holdings' common shareholders | $**(1325)** | $(146) | $**(1643)** | $334 |
| **EARNINGS PER COMMON SHARE** |  |  |  |  |
| Net income (loss) applicable to Holdings' common shareholders per common share: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | $**(4.47)** | $(0.46) | $**(5.43)** | $1.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | $**(4.47)** | $(0.46) | $**(5.43)** | $1.02 |
| Weighted average common shares outstanding (in millions): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | **296.2** | 318.2 | **302.4** | 324.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | **296.2** | 318.2 | **302.4** | 327.7 |

---

______________

(1)&nbsp;&nbsp;&nbsp;&nbsp;Includes redeemable noncontrolling interest. See Note 15 of the Notes to these Consolidated Financial Statements for details of redeemable noncontrolling interest.

See Notes to Consolidated Financial Statements (Unaudited).

------

**<u>[**Table of Contents**](#idb7c5e5bccf5487492becf35bc3c5c19_10)</u>** 

**EQUITABLE HOLDINGS, INC.**

**Consolidated Statements of Comprehensive Income (Loss)**

**Three and Nine Months Ended September 30, 2025 and 2024 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | 2024 | **2025** | 2024 |
| | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** |
| **COMPREHENSIVE INCOME (LOSS)** |  |  |  |  |
| Net income (loss) | $**(1215)** | $28 | $**(1348)** | $788 |
| Other comprehensive income (loss) net of income taxes: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in unrealized gains (losses), net of reclassification adjustment | **1687** | 2256 | **2605** | 1334 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in market risk benefits - instrument-specific credit risk | **(412)** | 20 | **2** | (119) |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in liability for future policy benefits - current discount rate | **(47)** | (223) | **(139)** | (58) |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in defined benefit plan related items not yet recognized in periodic benefit cost, net of reclassification adjustment | **15** | 10 | **41** | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translation adjustment | **(8)** | 19 | **29** | 17 |
| Total other comprehensive income (loss), net of income taxes | **1235** | 2082 | **2538** | 1203 |
| Comprehensive income (loss) | **20** | 2110 | **1190** | 1991 |
| &nbsp;&nbsp;&nbsp;Less: Comprehensive income (loss) attributable to the noncontrolling interest | **88** | 168 | **264** | 407 |
| Comprehensive income (loss) attributable to Holdings | $**(68)** | $1942 | $**926** | $1584 |

---

See Notes to Consolidated Financial Statements (Unaudited).

------

**EQUITABLE HOLDINGS, INC.**

**Consolidated Statements of Equity**

**For the Three and Nine Months Ended September 30, 2025 and 2024 (Unaudited)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Three Months Ended September 30,** |
| | **Equity Attributable to Holdings** | **Equity Attributable to Holdings** | **Equity Attributable to Holdings** | **Equity Attributable to Holdings** | **Equity Attributable to Holdings** | **Equity Attributable to Holdings** | **Equity Attributable to Holdings** | | |
| | **Preferred Stock and Additional Paid-In Capital** | **Common Stock** | **Additional Paid-in Capital** | **Treasury Stock** | **Retained Earnings** | **Accumulated Other Comprehensive Income (Loss)** | **Total Holdings Equity** |<br>**Non-controlling Interest** |<br>**Total Equity** |
| | | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** |
| **Balance, beginning of period** | $**1228** | $**5** | $**1901** | $**(4423)** | $**9870** | $**(7432)** | $**1149** | $**1456** | $**2605** |
| Stock compensation | **—** | **—** | **12** | **—** | **—** | **—** | **12** | **4** | **16** |
| Purchase of treasury stock | **—** | **—** | **11** | **(687)** | **—** | **—** | **(676)** | **—** | **(676)** |
| Reissuance of treasury stock | **—** | **—** | **—** | **—** | **2** | **—** | **2** | **—** | **2** |
| Retirement of common stock | **—** | **—** | **—** | **99** | **(99)** | **—** | **—** | **—** | **—** |
| Purchase of AB Holding units | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **(4)** | **(4)** |
| Dividends paid to noncontrolling interest | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **(77)** | **(77)** |
| Dividends on common stock (cash dividends declared per common share of $0.27) | **—** | **—** | **—** | **—** | **(81)** | **—** | **(81)** | **—** | **(81)** |
| Redemption of preferred stock | **(160)** | **—** | **—** | **—** | **(14)** | **—** | **(174)** | **—** | **(174)** |
| Dividends on preferred stock | **—** | **—** | **—** | **—** | **(16)** | **—** | **(16)** | **—** | **(16)** |
| Net income (loss) | **—** | **—** | **—** | **—** | **(1309)** | **—** | **(1309)** | **82** | **(1227)** |
| Other comprehensive income (loss) | **—** | **—** | **—** | **—** | **—** | **1241** | **1241** | **(6)** | **1235** |
| Other | **—** | **—** | **(7)** | **—** | **7** | **—** | **—** | **1** | **1** |
| **September 30, 2025** | $**1068** | $**5** | $**1917** | $**(5011)** | $**8360** | $**(6191)** | $**148** | $**1456** | $**1604** |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Balance, beginning of period | $1562 | $5 | $2337 | $(3932) | $10301 | $(8675) | $1598 | $1741 | $3339 |
| Stock compensation |  |  | 18 | 5 |  |  | 23 | 6 | 29 |
| Purchase of treasury stock |  |  | 7 | (261) |  |  | (254) |  | (254) |
| Reissuance of treasury stock |  |  |  |  | 2 |  | 2 |  | 2 |
| Retirement of common stock |  |  |  | 116 | (116) |  |  |  |  |
| Purchase of AB Holding units |  |  | (12) |  |  |  | (12) | (44) | (56) |
| Dividends paid to noncontrolling interest |  |  |  |  |  |  |  | (89) | (89) |
| Dividends on common stock (cash dividends declared per common share of $0.24) |  |  |  |  | (76) |  | (76) |  | (76) |
| Dividends on preferred stock |  |  |  |  | (14) |  | (14) |  | (14) |
| Net income (loss) |  |  |  |  | (132) |  | (132) | 134 | 2 |
| Other comprehensive income (loss) |  |  |  |  |  | 2074 | 2074 | 8 | 2082 |
| Other |  |  | (7) |  | (1) |  | (8) | (1) | (9) |
| September 30, 2024 | $1562 | $5 | $2343 | $(4072) | $9964 | $(6601) | $3201 | $1755 | $4956 |

---

See Notes to Consolidated Financial Statements (Unaudited).

------

**EQUITABLE HOLDINGS, INC.**

**Consolidated Statements of Equity**

**For the Three and Nine Months Ended September 30, 2025 and 2024 (Unaudited)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **Equity Attributable to Holdings** | **Equity Attributable to Holdings** | **Equity Attributable to Holdings** | **Equity Attributable to Holdings** | **Equity Attributable to Holdings** | **Equity Attributable to Holdings** | **Equity Attributable to Holdings** | | |
| | **Preferred Stock and Additional Paid-In Capital** | **Common Stock** | **Additional Paid-in Capital** | **Treasury Stock** | **Retained Earnings** | **Accumulated Other Comprehensive Income (Loss)** | **Total Holdings Equity** | **Non-controlling Interest** | **Total Equity** |
| | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** |
| **Balance, beginning of period** | $**1507** | $**5** | $**2336** | $**(4198)** | $**10627** | $**(8712)** | $**1565** | $**1858** | $**3423** |
| Stock compensation | **—** | **—** | **49** | **25** | **—** | **—** | **74** | **15** | **89** |
| Purchase of treasury stock | **—** | **—** | **21** | **(1194)** | **—** | **—** | **(1173)** | **—** | **(1173)** |
| Reissuance of treasury stock | **—** | **—** | **—** | **—** | **(17)** | **—** | **(17)** | **—** | **(17)** |
| Retirement of common stock | **—** | **—** | **—** | **356** | **(356)** | **—** | **—** | **—** | **—** |
| Purchase of AB Holding units | **—** | **—** | **(443)** | **—** | **—** | **—** | **(443)** | **(363)** | **(806)** |
| Dividends paid to noncontrolling interest | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **(306)** | **(306)** |
| Dividends on common stock (cash dividends declared per common share of $0.78) | **—** | **—** | **—** | **—** | **(237)** | **—** | **(237)** | **—** | **(237)** |
| Dividends on preferred stock | **—** | **—** | **—** | **—** | **(48)** | **—** | **(48)** | **—** | **(48)** |
| Redemption of preferred stock | **(439)** | **—** | **—** | **—** | **(14)** | **—** | **(453)** | **—** | **(453)** |
| Net income (loss) | **—** | **—** | **—** | **—** | **(1595)** | **—** | **(1595)** | **234** | **(1361)** |
| Other comprehensive income (loss) | **—** | **—** | **—** | **—** | **—** | **2521** | **2521** | **17** | **2538** |
| Other | **—** | **—** | **(46)** | **—** | **—** | **—** | **(46)** | **1** | **(45)** |
| **September 30, 2025** | $**1068** | $**5** | $**1917** | $**(5011)** | $**8360** | $**(6191)** | $**148** | $**1456** | $**1604** |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Balance, beginning of period | $1562 | $5 | $2328 | $(3712) | $10250 | $(7797) | $2636 | $1739 | $4375 |
| Stock compensation |  |  | 50 | 22 |  |  | 72 | 27 | 99 |
| Purchase of treasury stock |  |  | 5 | (759) |  |  | (754) |  | (754) |
| Reissuance of treasury stock |  |  |  |  | (15) |  | (15) |  | (15) |
| Retirement of common stock |  |  |  | 377 | (377) |  |  |  |  |
| Purchase of AB Holding units |  |  | (12) |  |  |  | (12) | (78) | (90) |
| Dividends paid to noncontrolling interest |  |  |  |  |  |  |  | (278) | (278) |
| Dividends on common stock (cash dividends declared per common share of $0.70) |  |  |  |  | (227) |  | (227) |  | (227) |
| Dividends on preferred stock |  |  |  |  | (54) |  | (54) |  | (54) |
| Net income (loss) |  |  |  |  | 388 |  | 388 | 340 | 728 |
| Other comprehensive income (loss) |  |  |  |  |  | 1196 | 1196 | 7 | 1203 |
| Other |  |  | (28) |  | (1) |  | (29) | (2) | (31) |
| September 30, 2024 | $1562 | $5 | $2343 | $(4072) | $9964 | $(6601) | $3201 | $1755 | $4956 |

---

See Notes to Consolidated Financial Statements (Unaudited).

------

**<u>[**Table of Contents**](#idb7c5e5bccf5487492becf35bc3c5c19_10)</u>**

**EQUITABLE HOLDINGS, INC.**

**Consolidated Statements of Cash Flows**

**Nine Months Ended September 30, 2025 and 2024 (Unaudited)**

---

| | | |
|:---|:---|:---|
| | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | 2024 |
| | **(in millions)** | **(in millions)** |
| **Cash flows from operating activities:** |  |  |
| Net income (loss) | $**(1348)** | $788 |
| &nbsp;&nbsp;&nbsp;Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest credited to policyholders' account balances | **2272** | 1879 |
| &nbsp;&nbsp;&nbsp;&nbsp;Policy charges and fee income | **(1733)** | (1857) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net derivative (gains) losses | **1692** | 2298 |
| &nbsp;&nbsp;&nbsp;&nbsp;Credit and intent to sell losses on available for sale debt securities and loans | **43** | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment (gains) losses, net | **1212** | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Gains) losses on businesses held-for-sale | **—** | (135) |
| &nbsp;&nbsp;&nbsp;&nbsp;Realized and unrealized (gains) losses on trading securities | **(89)** | (114) |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on novation | **499** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;AB Retirement plan losses | **18** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-cash long term incentive compensation expense | **64** | 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization and depreciation | **652** | 646 |
| &nbsp;&nbsp;&nbsp;&nbsp;Remeasurement of liability for future policy benefits | **44** | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in market risk benefits | **(287)** | (1123) |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity (income) loss from limited partnerships | **(142)** | (94) |
| Changes in: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net broker-dealer and customer related receivables/payables | **(204)** | (505) |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinsurance recoverable and related balances, net | **(806)** | (614) |
| &nbsp;&nbsp;&nbsp;&nbsp;Segregated cash and securities, net | **75** | 321 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capitalization of deferred policy acquisition costs | **(857)** | (852) |
| &nbsp;&nbsp;&nbsp;&nbsp;Future policy benefits | **4** | 359 |
| &nbsp;&nbsp;&nbsp;&nbsp;Current and deferred income taxes | **(753)** | 176 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other, net | **512** | 257 |
| Net cash provided by (used in) operating activities | $**868** | $1606 |
| **Cash flows from investing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from the sale/maturity/pre-payment of: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fixed maturities, available-for-sale | $**14228** | $7668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fixed maturities, at fair value using the fair value option | **560** | 630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortgage loans on real estate | **1328** | 1010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trading account securities | **370** | 998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short term investments | **137** | 757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | **471** | 488 |
| &nbsp;&nbsp;&nbsp;Payment for the purchase/origination of: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fixed maturities, available-for-sale | **(20108)** | (14781) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fixed maturities, at fair value using the fair value option | **(953)** | (663) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortgage loans on real estate | **(3406)** | (2124) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trading account securities | **(757)** | (2074) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short term investments | **(106)** | (389) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | **(331)** | (66) |
| &nbsp;&nbsp;&nbsp;Cash settlements related to derivative instruments, net | **485** | (1974) |
| &nbsp;&nbsp;&nbsp;Investment in capitalized software, leasehold improvements and EDP equipment | **(50)** | (127) |
| &nbsp;&nbsp;&nbsp;Other, net | **(353)** | 328 |
| Net cash provided by (used in) investing activities | $**(8485)** | $(10319) |

---

See Notes to Consolidated Financial Statements (Unaudited).

------

**<u>[**Table of Contents**](#idb7c5e5bccf5487492becf35bc3c5c19_10)</u>**

**EQUITABLE HOLDINGS, INC.**

**Consolidated Statements of Cash Flows**

**Nine Months Ended September 30, 2025 and 2024 (Unaudited)**

---

| | | |
|:---|:---|:---|
| | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | 2024 |
| | **(in millions)** | **(in millions)** |
| **Cash flows from financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;Policyholders' account balances: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deposits | $**20504** | $13856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Withdrawals | **(8179)** | (7700) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfers (to) from Separate Accounts | **1425** | 1280 |
| &nbsp;&nbsp;&nbsp;Payments of market risk benefits | **(516)** | (545) |
| &nbsp;&nbsp;&nbsp;Repayment of short-term financings | **—** | (254) |
| &nbsp;&nbsp;&nbsp;Change in collateralized pledged assets | **53** | (61) |
| &nbsp;&nbsp;&nbsp;Change in collateralized pledged liabilities | **3482** | 4703 |
| &nbsp;&nbsp;&nbsp;Issuance of long-term debt | **495** |  |
| &nbsp;&nbsp;Repayment of long term debt | **(500)** | (565) |
| &nbsp;&nbsp;&nbsp;Proceeds from collateralized loan obligations | **46** |  |
| &nbsp;&nbsp;Repayment of collateralized loan obligations | **(52)** |  |
| &nbsp;&nbsp;&nbsp;Proceeds from notes issued by consolidated VIEs | **1260** | 169 |
| &nbsp;&nbsp;Repayment of notes issued by consolidated VIEs | **(842)** |  |
| &nbsp;&nbsp;&nbsp;Dividends paid on common stock | **(237)** | (227) |
| &nbsp;&nbsp;&nbsp;Dividends paid on preferred stock | **(48)** | (54) |
| &nbsp;&nbsp;Redemption of preferred stock | **(439)** |  |
| &nbsp;&nbsp;&nbsp;Purchase of AllianceBernstein Units | **(758)** | (12) |
| &nbsp;&nbsp;&nbsp;Purchase of AB Holding Units to fund long-term incentive compensation plan awards, net | **(48)** | (78) |
| &nbsp;&nbsp;&nbsp;Purchase of treasury shares | **(1173)** | (754) |
| &nbsp;&nbsp;&nbsp;Purchases (redemptions) of noncontrolling interests of consolidated<br>company-sponsored investment funds | **147** | 399 |
| &nbsp;&nbsp;&nbsp;Distribution to noncontrolling interest of consolidated subsidiaries | **(306)** | (278) |
| &nbsp;&nbsp;&nbsp;Change in securities lending | **(60)** | 11 |
| &nbsp;&nbsp;&nbsp;Other, net | **(32)** | 2 |
| Net cash provided by (used in) financing activities | $**14222** | $9892 |
| Effect of exchange rate changes on cash and cash equivalents | $**35** | $8 |
| Change in cash and cash equivalents | **6640** | 1187 |
| Cash and cash equivalents, beginning of period | **6964** | 8239 |
| Change in cash of businesses held-for-sale | **—** | 153 |
| **Cash and cash equivalents, end of period** | $**13604** | $9579 |
| **Non-cash transactions from investing and financing activities:** |  |  |
| Right-of-use assets obtained in exchange for lease obligations | $**67** | $231 |
| Transfer of securities to reinsurer (1) | $**(8777)** | $— |
| Transfer of policy loans to reinsurer (1) | $**(2533)** | $— |

---

______________

(1)See Note 1 of the Notes to these Consolidated Financial Statements for details on the RGA reinsurance transaction.

See Notes to Consolidated Financial Statements (Unaudited).

------

**<u>[**Table of Contents**](#idb7c5e5bccf5487492becf35bc3c5c19_10)</u>**

**EQUITABLE HOLDINGS, INC.**

**Notes to Consolidated Financial Statements (Unaudited)**

**1)&nbsp;&nbsp;&nbsp;&nbsp;ORGANIZATION** 

Equitable Holdings, Inc. is the holding company for a diversified financial services organization. The Company conducts operations in three segments: Retirement, Asset Management and Wealth Management, and management evaluates the performance of each of these segments independently. Effective April 1, 2024, the Company renamed its Investment Management and Research segment to Asset Management following the close of the previously announced joint venture between AllianceBernstein and Societe Generale. Following the close of the transaction, Bernstein Research Services ("BRS") business results are no longer consolidated within the financial results for AllianceBernstein and Equitable Holdings, Inc. See Note 17 of the Notes to these Consolidated Financial Statements for further information on the change to the reportable segments, which was made in the third quarter of 2025 and retrospectively applied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Retirement segment is a leading provider of retirement solutions to individual and institutional clients. Our primary offerings include individual and group annuities, retirement savings plans, and institutional savings products, which we distribute through both proprietary and third-party distribution. Results for our spread lending business are also primarily reported within the Retirement segment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Asset Management segment provides diversified investment management and related services globally to a broad range of clients through three main client channels - Institutional, Retail and Private Wealth. The Asset Management segment reflects the business of AB Holding and ABLP and their subsidiaries (collectively, AB).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Wealth Management segment is an emerging leader in the wealth management space with a differentiated advice value proposition that offers discretionary and non-discretionary investment advisory accounts, financial planning and advice, life insurance, and annuity products.

The Company reports certain activities and items that are not included in our segments in Corporate and Other. Corporate and Other includes closed block of life insurance (the "Closed Block"), results for certain run-off blocks of business, and certain strategic investments and unallocated items, including interest and corporate expenses. In addition, beginning with the third quarter of 2025, results for the Individual Life and Employee Benefits businesses are reported in Corporate and Other. AB's results of operations are reflected in the Asset Management segment. Accordingly, Corporate and Other does not include any items applicable to AB.

As of September 30, 2025 and December 31, 2024, the Company's economic interest in AB was approximately 69% and 62%, respectively. The General Partner of AB is a wholly owned subsidiary of the Company. Because the General Partner has the authority to manage and control the business of AB, AB is consolidated in the Company's financial statements for all periods presented. The increase in economic interest was due to the purchase of AB Holding Units relating to the AB Tender Offer transaction completed on April 3, 2025.

<u>RGA Reinsurance Transaction</u> 

On July 31, 2025, Equitable Financial, as well as Equitable America and Equitable Financial L&A (each a "Ceding Company" and, together, the "Ceding Companies"), completed the master transaction agreement with RGA entered into on February 23, 2025 pursuant to which and subject to the terms and conditions set forth in such agreement, RGA entered into reinsurance agreements, as reinsurer, with each such Ceding Company, to effect the RGA Reinsurance Transaction.

At the closing of the transaction, (i) each of Equitable Financial and Equitable America entered into a separate coinsurance and modified coinsurance agreement with RGA and (ii) Equitable Financial L&A entered into a coinsurance agreement with RGA, each with an effective date of April 1, 2025, pursuant to which each Ceding Company ceded to RGA a 75% quota share of such Ceding Company's in-force individual life insurance block and Closed Block. At the closing of the transaction, assets supporting the general account liabilities relating to the reinsured contracts were deposited into a trust account for the benefit of Equitable Financial and a trust account for the benefit of Equitable America and Equitable Financial L&A, which assets will secure RGA's obligations to each ceding company under the applicable reinsurance agreement. Equitable Financial and Equitable America reinsured the applicable separate accounts relating to the applicable reinsured contracts on a modified coinsurance basis. In addition, the investment of assets in each trust account will be subject to investment guidelines and certain capital adequacy related triggers will require enhanced funding. The reinsurance agreements also contain additional counterparty risk

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**<u>[**Table of Contents**](#idb7c5e5bccf5487492becf35bc3c5c19_10)</u>**

**EQUITABLE HOLDINGS, INC.**

**Notes to Consolidated Financial Statements (Unaudited), Continued**

management and mitigation provisions. Each ceding company will continue to administer the applicable reinsured contracts.

As part of the transaction, on June 16, 2025, ABLP entered into an investment advisory agreement with RGA, pursuant to which AB will manage certain assets to be specified representing approximately 70% of assets supporting the reserves associated with the ceded policies under the reinsurance agreements.

As consideration for the RGA Reinsurance Transaction, the Ceding Companies transferred assets of $11.6 billion, including primarily available-for-sale securities, cash and policy loans as the consideration for the reinsurance transaction. The transfer of assets resulted in a loss of $1.1 billion to the Company, recorded in Investment gains (losses), net. In addition, the Company recorded $12.3 billion of direct insurance liabilities ceded under the reinsurance contract included in amounts due from reinsurers (includes $334 million of ceded reserves related to the non-insulated ("NI") modco offset by NI modco payable) and $702 million of deferred gain on cost of reinsurance included within other liabilities. We recorded a $154 million a residual liability representing the difference between Closed Block Assets and Liabilities for the amount owed to RGA, Additionally, Equitable Financial and Equitable America ceded a total of $14.1 billion of Separate Account liabilities under the modified coinsurance portion of the respective reinsurance agreements.

<u>Novation</u>

Effective January 17, 2025, Equitable Financial novated certain legacy variable annuity policies sold between 2006-2008, comprised of non-New York "Accumulator" policies containing fixed rate Guaranteed Minimum Income Benefit and/or Guaranteed Minimum Death Benefit guarantees reinsured by Venerable under the combined co-insurance and modified coinsurance basis agreement executed on June 1, 2021.

As a result of the novation of certain Legacy VA policies completed during the first quarter 2025, the Company recorded a loss of $499 million in pre-tax net income and an increase of $263 million in pre-tax AOCI, for a total impact loss of $236 million. The negative net income impact is mostly driven by the reduction of the purchased market risk benefits ("MRB") asset of $2.0 billion and the reduction of Liability for MRBs of $1.6 billion, offset by a decrease in reinsurance deposit liability of $183 million. Purchased MRB asset reduction is larger than the direct MRB liability reduction since the Venerable reinsurance assets sit in a collateralized trust and thus materially reduce the non-performance risk. Deposit account liability decreases as novation leads to faster amortization of the liability. The novation impact from the base contracts and the contracts in payout status is less material, as the increase in policyholders' account balance of $33 million and decrease in liability for future policyholders' benefits of $458 million are largely offset by a decrease in Amounts due from reinsurers of $432 million.

<u>AB Tender Offer and Unit Exchange</u>

On February 24, 2025, Holdings commenced a cash tender offer (the "AB Tender Offer") to purchase up to 46 million AB Holding Units at a price of $38.50 per unit, less any applicable tax withholding, for an aggregate purchase price of $1.8 billion. On April 3, 2025, Holdings purchased 19.7 million AB Holding Units pursuant to the AB Tender Offer for an aggregate cost of $758 million. The AB Holding Units accepted for purchase represented approximately 17.9% of the outstanding units at the time of purchase. On July 10, 2025, AB and Holdings entered into an Amended and Restated Master Exchange Agreement to increase the AB Units that remain available for exchange from 4.8 million AB Units to 19.7 million AB Units, and Holdings exchanged 19.7 million AB Holding Units for an equal number of limited partnership interests in ABLP. The exchange had no effect on Holdings' economic interest in AB.

**2) &nbsp;&nbsp;&nbsp;&nbsp;SIGNIFICANT ACCOUNTING POLICIES** 

<u>Basis of Presentation and Principles of Consolidation</u>

The unaudited interim consolidated financial statements (the "consolidated financial statements") have been prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP" or "GAAP") on a basis consistent with reporting interim financial information in accordance with instructions to the Form 10-Q and Article 10 of Regulation S-X of the Securities and Exchange Commission ("SEC").

In the opinion of management, all adjustments necessary for a fair statement of the financial position and results of operations have been made. All such adjustments are of a normal, recurring nature. Interim results are not necessarily indicative of the results that may be expected for the full year. These consolidated financial statements should be read in conjunction with the Company's consolidated financial statements included in the Annual Report on Form 10-K for the year ended December 31, 2024.

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**<u>[**Table of Contents**](#idb7c5e5bccf5487492becf35bc3c5c19_10)</u>**

**EQUITABLE HOLDINGS, INC.**

**Notes to Consolidated Financial Statements (Unaudited), Continued**

The accompanying unaudited consolidated financial statements present the consolidated results of operations, financial condition, and cash flows of the Company and its subsidiaries and those investment companies, partnerships and joint ventures in which the Company has control and a majority economic interest as well as those variable interest entities ("VIEs") that meet the requirements for consolidation.

All significant intercompany transactions and balances have been eliminated in consolidation. The terms "third quarter 2025" and "third quarter 2024" refer to the three months ended September 30, 2025 and 2024, respectively. The terms "first nine months of 2025" and "first nine months of 2024" refer to the nine months ended September 30, 2025 and 2024, respectively.

<u>Future Adoption of New Accounting Pronouncements</u>

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| | | |
|:---|:---|:---|
| **Description** | **Effective Date and Method of Adoption** | **Effect on the Financial Statement or Other Significant Matters** |
| ***ASU 2023-09: Income Taxes (Topic 740): Improvements to Income Tax Disclosures*** | ***ASU 2023-09: Income Taxes (Topic 740): Improvements to Income Tax Disclosures*** | ***ASU 2023-09: Income Taxes (Topic 740): Improvements to Income Tax Disclosures*** |
| The ASU enhanced existing income tax disclosures primarily related to the rate reconciliation and income taxes paid information. With regard to the improvements to disclosures of rate reconciliation, a public business entity is required on an annual basis to (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold. Similarly, a public entity is required to provide the amount of income taxes paid (net of refunds received) disaggregated by (1) federal, state, and foreign taxes and by (2) individual jurisdictions in which income taxes paid (net of refunds received) is equal to or greater than 5 percent of total income taxes paid (net of refunds received). <br>The ASU also includes certain other amendments to improve the effectiveness of income tax disclosures, for example, an entity is required to provide (1) pretax income (or loss) from continuing operations disaggregated between domestic and foreign, and (2) income tax expense (or benefit) from continuing operations disaggregated by federal, state, and foreign.  | The ASU will be effective for annual periods beginning after December 15, 2024. Entities are required to apply the ASU on a prospective basis. | The adoption of ASU 2023-09 is not expected to materially impact the Company's financial position, results of operation, or cash flows. |
| ***ASU 2024-03: Accounting Standards Update No. 2024-03-Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40)*** | ***ASU 2024-03: Accounting Standards Update No. 2024-03-Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40)*** | ***ASU 2024-03: Accounting Standards Update No. 2024-03-Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40)*** |
| This ASU requires a public business entity to disclose specific information about certain costs and expenses in the notes to its financial statements for interim and annual reporting periods. The objective of the disclosure requirements is to provide disaggregated information about a public business entity's expenses to help investors (a) better understand the entity's performance, (b) better assess the entity's prospects for future cash flows, and (c) compare an entity's performance over time and with that of other entities.<br>The ASU does not change the expense captions an entity presents on the face of the income statement; rather, it requires disaggregation of certain expense captions into specified categories in disclosures within the notes to the financial statements. | The ASU will be effective for annual periods beginning after December 15, 2026 and interim periods beginning after December 15, 2027. Entities are required to apply the ASU on a prospective basis. | The Company is currently assessing the impact to the consolidated financial statements of this ASU. |

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**<u>[**Table of Contents**](#idb7c5e5bccf5487492becf35bc3c5c19_10)</u>**

**EQUITABLE HOLDINGS, INC.**

**Notes to Consolidated Financial Statements (Unaudited), Continued**

<u>Accounting and Consolidation of VIEs</u>

For all new investment products and entities developed by the Company, the Company first determines whether the entity is a VIE, which involves determining an entity's variability and variable interests, identifying the holders of the equity investment at risk and assessing the five characteristics of a VIE. Once an entity is determined to be a VIE, the Company then determines whether it is the primary beneficiary of the VIE based on its beneficial interests. If the Company is deemed to be the primary beneficiary of the VIE, the Company consolidates the entity.

Quarterly, management of the Company reviews its investment management agreements and its investments in, and other financial arrangements with, certain entities that hold client AUM to determine the entities the Company is required to consolidate under this guidance. These entities include certain mutual fund products, hedge funds, structured products, group trusts, collective investment trusts, and limited partnerships.

The analysis performed to identify variable interests held, determine whether entities are VIEs or VOEs, and evaluate whether the Company has a controlling financial interest in such entities requires the exercise of judgment and is updated on a continuous basis as circumstances change or new entities are developed. The primary beneficiary evaluation generally is performed qualitatively based on all facts and circumstances, including consideration of economic interests in the VIE held directly and indirectly through related parties and entities under common control, as well as quantitatively, as appropriate.

***Consolidated VIEs***

<u>Consolidated CLOs</u>

The Company is the investment manager of certain asset-backed investment vehicles, commonly referred to as CLOs, and certain other vehicles for which the Company earns fee income for investment management services. The Company may sell or syndicate investments through these vehicles, principally as part of the strategic investing activity as part of its investment management businesses. Additionally, the Company may invest in securities issued by these vehicles which are eliminated in consolidation of the CLOs.

As of September 30, 2025 and December 31, 2024, respectively, Equitable Financial holds $115 million and $128 million of equity interests in the CLOs. The Company consolidated the CLOs as of September 30, 2025 and December 31, 2024 as it is the primary beneficiary due to the combination of both its equity interest held by Equitable Financial and the majority ownership of AB, which functions as the CLO's loan manager. The assets of the CLOs are legally isolated from the Company's creditors and can only be used to settle obligations of the CLOs. The liabilities of the CLOs are non-recourse to the Company and the Company has no obligation to satisfy the liabilities of the CLOs. As of September 30, 2025, Equitable Financial holds $0 million of equity interests in a SPE established to purchase loans from the market in anticipation of a new CLO transaction. The Company consolidated the SPE as of September 30, 2025 as it is the primary beneficiary due to the combination of both its equity interest held by Equitable Financial and the majority ownership of AB, which functions as the SPE loan manager.

Resulting from this consolidation in the Company's consolidated balance sheets are fixed maturities, at fair value using the fair value option with total assets of $2.4 billion and $2.1 billion and total liabilities of $2.5 billion and $2.1 billion at September 30, 2025 and December 31, 2024, respectively. The unpaid outstanding principal balance of the notes and short-term borrowing is $2.3 billion and $1.9 billion at September 30, 2025 and December 31, 2024.

<u>Consolidated Limited Partnerships and LLCs</u>

As of September 30, 2025 and December 31, 2024 the Company consolidated limited partnerships and LLCs for which it was identified as the primary beneficiary under the VIE model. Included in other invested assets, mortgage loans on real estate, other equity investments, trading securities, cash and other liabilities in the Company's consolidated balance sheets at September 30, 2025 and December 31, 2024 are total net assets of $2.9 billion and $2.1 billion, respectively related to these VIEs.

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**<u>[**Table of Contents**](#idb7c5e5bccf5487492becf35bc3c5c19_10)</u>**

**EQUITABLE HOLDINGS, INC.**

**Notes to Consolidated Financial Statements (Unaudited), Continued**

***Consolidated AB-Sponsored Investment Funds***

Included in the Company's consolidated balance sheets as of September 30, 2025 and December 31, 2024 are assets of $362 million and $85 million, liabilities of $33 million and $0 million, and redeemable noncontrolling interests of $152 million and $32 million, respectively, associated with the consolidation of AB-sponsored investment funds under the VIE model. Also included in the Company's consolidated balance sheets as of September 30, 2025 and December 31, 2024 are assets of $33 million and $73 million, liabilities of $1 million and $1 million, and redeemable noncontrolling interests of $7 million and $17 million, respectively, from consolidation of AB-sponsored investment funds under the VOE model.

***Non-Consolidated VIEs***

As of September 30, 2025 and December 31, 2024 respectively, the Company held approximately $3.2 billion and $3.0 billion of investment assets in the form of equity interests issued by non-corporate legal entities determined under the guidance to be VIEs, such as limited partnerships and limited liability companies, including CLOs, hedge funds, private equity funds and real estate-related funds. The Company continues to reflect these equity interests in the consolidated balance sheets as other equity investments and applies the equity method of accounting for these positions. The net assets of these non-consolidated VIEs are approximately $378.0 billion and $350.7 billion as of September 30, 2025 and December 31, 2024 respectively. The Company's maximum exposure to loss from its direct involvement with these VIEs is the carrying value of its investment of $3.2 billion and $3.0 billion and approximately $1.0 billion and $1.2 billion of unfunded commitments as of September 30, 2025 and December 31, 2024, respectively. The Company has no further economic interest in these VIEs in the form of guarantees, derivatives, credit enhancements or similar instruments and obligations.

***Non-Consolidated AB-Sponsored Investment Products***

As of September 30, 2025 and December 31, 2024, the net assets of investment products sponsored by AB that are non-consolidated VIEs are approximately $47.5 billion and $46.9 billion, respectively. The Company's maximum exposure to loss from its direct involvement with these VIEs is its investment of $38 million and $17 million as of September 30, 2025 and December 31, 2024, respectively. The Company has no further commitments to or economic interest in these VIEs.

<u>Assumption Updates and Model Changes</u>

The Company conducts its annual review of its assumptions and models during the third quarter of each year. The annual review encompasses assumptions underlying the valuation of MRB, liabilities for future policyholder benefits and additional liability update.

However, the Company updates its assumptions as needed in the event it becomes aware of economic conditions or events that could require a change in assumptions that it believes may have a significant impact to the carrying value of product liabilities and assets and consequently materially impact its earnings in the period of the change.

***MRB Update***

The Company updates its assumptions to reflect emerging experience for withdrawals, mortality and lapse election. This includes actuarial judgment informed by actual experience of how policy holders are expected to use these policies in the future.

***LFPB Update***

The significant assumptions for the liability for future policy benefits ("LFPB") balances include mortality and lapses for our Traditional Life businesses. The primary assumption for the payout block of business is mortality.

***Additional Liability Update***

The significant assumptions for the additional insurance liability balances include mortality, lapses, premium payment pattern and interest crediting assumption.

***Impact of Assumption Updates***

The net impact of assumption changes during the three and nine months ended September 30, 2025 increased other income by $6 million, increased remeasurement of liability for future policy benefits by $3 million, decreased policy

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**<u>[**Table of Contents**](#idb7c5e5bccf5487492becf35bc3c5c19_10)</u>**

**EQUITABLE HOLDINGS, INC.**

**Notes to Consolidated Financial Statements (Unaudited), Continued**

benefits by $1 million, and increased the change in MRB and purchased MRB by $84 million. This resulted in a decrease in income (loss) from operations, before income taxes of $80 million and decreased net income (loss) by $63 million.

The net impact of assumption changes during the three and nine months ended September 30, 2024 increased other income by $21 million, increased remeasurement of liability for future policy benefits by $18 million, decreased policy benefits by $8 million, and decreased the change in MRB and purchased MRB by $9 million. This resulted in an increase in income (loss) from operations, before income taxes of $20 million and increased net income (loss) by $16 million.

***Model Changes***

There were no material model changes in the first nine months of 2025 and 2024.

***Revision of Previously Issued Consolidated Financial Statements***

During the period ended March 31, 2025, the Company identified an immaterial error related to the initial bookkeeping of ceded accrued fees within policyholders' account balance ultimately impacting the initial deposit accounting of a reinsurance transaction. The impact of this error to prior periods' financial statements was not considered to be material. To improve the consistency and comparability of the financial statements, management voluntarily revised the financial statements to include the revisions discussed herein. As a result of the determination to revise previously issued financial statements for the deposit accounting discussed above, management also has corrected other previously identified but uncorrected errors and errors recorded in incorrect periods including, a) pension liability overstatement due to a reconciling item, b) incorrect FX impacting the FABN carrying value, c) incorrect inputs ratio in our MRB modeling and incorrect inputs in the deposit accounting calculation, d) the hedging impact of Treasury Inflation-Protected Securities (TIPS) hedging income was incorrectly recorded in Accumulated other comprehensive income, e) error in the manual accrual in an input calculation in the treasury package overstating Policyholders' account balance and Interest credited to policyholders, f) incorrect actuarial indication impacting the Liability for MRB and purchased MRB, and g) incorrect allocation of earned premiums to loss ratio impacting reserves.

See Note 21 of the Notes to these Consolidated Financial Statements for details of the revision.

**3)&nbsp;&nbsp;&nbsp;&nbsp;INVESTMENTS**

<u>Fixed Maturities AFS</u>

The components of fair value and amortized cost for fixed maturities classified as AFS on the consolidated balance sheets excludes accrued interest receivable because the Company elected to present accrued interest receivable within other assets. Accrued interest receivable on AFS fixed maturities as of September 30, 2025 and December 31, 2024 was $647 million and $693 million, respectively. There was no accrued interest written off for AFS fixed maturities for the three and nine months ended September 30, 2025 and 2024.

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**<u>[**Table of Contents**](#idb7c5e5bccf5487492becf35bc3c5c19_10)</u>**

**EQUITABLE HOLDINGS, INC.**

**Notes to Consolidated Financial Statements (Unaudited), Continued**

The following tables provide information relating to the Company's fixed maturities classified as AFS:

**AFS Fixed Maturities by Classification**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Amortized Cost** | **Allowance for Credit Losses** | **Gross Unrealized Gains** | **Gross Unrealized Losses** | **Fair Value** |
|  | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** |
| **September 30, 2025** | | | | | |
| Fixed Maturities: |  |  |  |  |  |
| &nbsp;&nbsp;Corporate (1) | $**47594** | $**—** | $**664** | $**3994** | $**44264** |
| &nbsp;&nbsp;U.S. Treasury, government and agency | **5042** | **—** | **2** | **1264** | **3780** |
| &nbsp;&nbsp;States and political subdivisions | **379** | **—** | **2** | **70** | **311** |
| &nbsp;&nbsp;Foreign governments | **595** | **—** | **3** | **80** | **518** |
| &nbsp;&nbsp;Residential mortgage-backed (2) | **6589** | **—** | **75** | **98** | **6566** |
| &nbsp;&nbsp;Asset-backed (3) | **15675** | **—** | **138** | **41** | **15772** |
| &nbsp;&nbsp;Commercial mortgage-backed | **4825** | **—** | **26** | **269** | **4582** |
| &nbsp;&nbsp;Redeemable preferred stock | **54** | **—** | **4** | **—** | **58** |
| **Total at September 30, 2025** | $**80753** | $**—** | $**914** | $**5816** | $**75851** |
| December 31, 2024: |  |  |  |  |  |
| Fixed Maturities: |  |  |  |  |  |
| &nbsp;&nbsp;Corporate (1) (4) | $55163 | $2 | $249 | $6112 | $49298 |
| &nbsp;&nbsp;U.S. Treasury, government and agency | 5801 |  |  | 1513 | 4288 |
| &nbsp;&nbsp;States and political subdivisions | 472 |  | 2 | 88 | 386 |
| &nbsp;&nbsp;Foreign governments | 689 |  | 1 | 136 | 554 |
| &nbsp;&nbsp;Residential mortgage-backed (2) | 4520 |  | 15 | 152 | 4383 |
| &nbsp;&nbsp;Asset-backed (3) (4) | 13715 |  | 98 | 61 | 13752 |
| &nbsp;&nbsp;Commercial mortgage-backed | 4301 |  | 5 | 385 | 3921 |
| &nbsp;&nbsp;Redeemable preferred stock | 56 |  | 3 |  | 59 |
| Total at December 31, 2024 | $84717 | $2 | $373 | $8447 | $76641 |

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(1)Corporate fixed maturities include both public and private issues.

(2)Includes publicly traded agency pass-through securities and collateralized obligations.

(3)Includes credit-tranched securities collateralized by sub-prime mortgages, credit risk transfer securities and other asset types.

(4)Prior period amounts have been revised to improve comparability.

The contractual maturities of AFS fixed maturities as of September 30, 2025 are shown in the table below. Bonds not due at a single maturity date have been included in the table in the final year of maturity. Actual maturities may differ from contractual maturities because borrowers may have the right to call or pre-pay obligations with or without call or pre-payment penalties.

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**<u>[**Table of Contents**](#idb7c5e5bccf5487492becf35bc3c5c19_10)</u>**

**EQUITABLE HOLDINGS, INC.**

**Notes to Consolidated Financial Statements (Unaudited), Continued**

**Contractual Maturities of AFS Fixed Maturities**

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| | | |
|:---|:---|:---|
| | **Amortized Cost (Less Allowance for Credit Losses)** | **Fair Value** |
| | **(in millions)** | **(in millions)** |
| **September 30, 2025** | | |
| Contractual maturities: |  |  |
| &nbsp;&nbsp;&nbsp;Due in one year or less | $**2374** | $**2361** |
| &nbsp;&nbsp;&nbsp;Due in years two through five | **14643** | **14508** |
| &nbsp;&nbsp;&nbsp;Due in years six through ten | **17039** | **16862** |
| &nbsp;&nbsp;&nbsp;Due after ten years | **19554** | **15142** |
| &nbsp;&nbsp;&nbsp;&nbsp;Subtotal | **53610** | **48873** |
| &nbsp;&nbsp;&nbsp;Residential mortgage-backed | **6589** | **6566** |
| &nbsp;&nbsp;&nbsp;Asset-backed | **15675** | **15772** |
| &nbsp;&nbsp;&nbsp;Commercial mortgage-backed | **4825** | **4582** |
| &nbsp;&nbsp;&nbsp;Redeemable preferred stock | **54** | **58** |
| **Total at September 30, 2025** | $**80753** | $**75851** |

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The following table shows proceeds from sales, gross gains (losses) from sales and allowance for credit losses for AFS fixed maturities:

**Proceeds from Sales, Gross Gains (Losses) from Sales and Allowance for Credit and Intent to Sell Losses for AFS Fixed Maturities**

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
|  | **2025** | 2024 | **2025** | 2024 |
|  | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** |
| Proceeds from sales | $**1953** | $461 | $**6216** | $2236 |
| Gross gains on sales | $**10** | $2 | $**19** | $7 |
| Gross losses on sales | $**(17)** | $(27) | $**(50)** | $(54) |
| Net (increase) decrease in Allowance for Credit and Intent to Sell losses | $**(7)** | $(2) | $**(26)** | $(7) |

---

The following table sets forth the amount of credit loss impairments on AFS fixed maturities held by the Company at the dates indicated and the corresponding changes in such amounts:

**AFS Fixed Maturities - Credit and Intent to Sell Loss Impairments**

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | 2024 | **2025** | 2024 |
| | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** |
| **Balance, beginning of period** | $**61** | $50 | $**47** | $48 |
| Previously recognized impairments on securities that matured, paid, prepaid or sold | **(18)** | 3 | **(23)** | (5) |
| Recognized impairments on securities impaired to fair value this period (1) | **22** |  | **22** |  |
| Credit losses recognized this period on securities for which credit losses were not previously recognized | **(12)** | (1) | **5** | 5 |
| Additional credit losses this period on securities previously impaired | **—** | (2) | **2** | 2 |
| **Balance, end of period** | $**53** | $50 | $**53** | $50 |

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(1)Represents circumstances where the Company determined in the current period that it intends to sell the security, or it is more likely than not that it will be required to sell the security before recovery of the security's amortized cost.

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**<u>[**Table of Contents**](#idb7c5e5bccf5487492becf35bc3c5c19_10)</u>**

**EQUITABLE HOLDINGS, INC.**

**Notes to Consolidated Financial Statements (Unaudited), Continued**

The tables below present a roll-forward of net unrealized investment gains (losses) recognized in AOCI:

**Net Unrealized Gains (Losses) on AFS Fixed Maturities**

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** |
| | **Net Unrealized Gains (Losses) on Investments** | **Policyholders' Liabilities** | **Deferred Income Tax Asset (Liability)** | **AOCI Gain (Loss) Related to Net Unrealized Investment Gains (Losses)** |
| | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** |
| **Balance, beginning of period** | $**(6722)** | $**66** | $**140** | $**(6516)** |
| Net investment gains (losses) arising during the period | **685** | **—** | **—** | **685** |
| Reclassification adjustment: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Included in net income (loss) | **1136** | **—** | **—** | **1136** |
| &nbsp;&nbsp;&nbsp;&nbsp;Excluded from net income (loss) | **—** | **—** | **—** | **—** |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | **—** | **—** | **231** | **231** |
| &nbsp;&nbsp;&nbsp;&nbsp;Impact of net unrealized investment gains (losses) | **—** | **(41)** | **(373)** | **(414)** |
| Net unrealized investment gains (losses) excluding credit losses | **(4901)** | **25** | **(2)** | **(4878)** |
| Net unrealized investment gains (losses) with credit losses | **(1)** | **—** | **—** | **(1)** |
| **Balance, end of period** | $**(4902)** | $**25** | $**(2)** | $**(4879)** |
|  | Three Months Ended September 30, 2024 | Three Months Ended September 30, 2024 | Three Months Ended September 30, 2024 | Three Months Ended September 30, 2024 |
| Balance, beginning of period | $(8214) | $67 | $471 | $(7676) |
| Net investment gains (losses) arising during the period | 2759 |  |  | 2759 |
| Reclassification adjustment: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Included in net income (loss) | 28 |  |  | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;Excluded from net income (loss) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other |  |  | 120 | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impact of net unrealized investment gains (losses) |  | (17) | (582) | (599) |
| Net unrealized investment gains (losses) excluding credit losses | (5427) | 50 | 9 | (5368) |
| Net unrealized investment gains (losses) with credit losses | (5) |  | 1 | (4) |
| Balance, end of period | $(5432) | $50 | $10 | $(5372) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** |
| | **Net Unrealized Gains (Losses) on Investments** | **Policyholders' Liabilities** | **Deferred Income Tax Asset (Liability)** | **AOCI Gain (Loss) Related to Net Unrealized Investment Gains (Losses)** |
| | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** |
| **Balance, beginning of period** | $**(8074)** | $**71** | $**464** | $**(7539)** |
| Net investment gains (losses) arising during the period | **1995** | **—** | **—** | **1995** |
| Reclassification adjustment: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Included in net income (loss) | **1180** | **—** | **—** | **1180** |
| &nbsp;&nbsp;&nbsp;&nbsp;Excluded from net income (loss) | **—** | **—** | **—** | **—** |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | **—** | **—** | **190** | **190** |
| &nbsp;&nbsp;&nbsp;&nbsp;Impact of net unrealized investment gains (losses) | **—** | **(46)** | **(657)** | **(703)** |
| Net unrealized investment gains (losses) excluding credit losses | **(4899)** | **25** | **(3)** | **(4877)** |
| Net unrealized investment gains (losses) with credit losses | **(3)** | **—** | **1** | **(2)** |
| **Balance, end of period** | $**(4902)** | $**25** | $**(2)** | $**(4879)** |
|  | Nine Months Ended September 30, 2024 | Nine Months Ended September 30, 2024 | Nine Months Ended September 30, 2024 | Nine Months Ended September 30, 2024 |
| Balance, beginning of period | $(6999) | $50 | $226 | $(6723) |

---

------

**<u>[**Table of Contents**](#idb7c5e5bccf5487492becf35bc3c5c19_10)</u>**

**EQUITABLE HOLDINGS, INC.**

**Notes to Consolidated Financial Statements (Unaudited), Continued**

---

| | | | | |
|:---|:---|:---|:---|:---|
| Net investment gains (losses) arising during the period | 1521 |  |  | 1521 |
| Reclassification adjustment: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Included in net income (loss) | 54 |  |  | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other |  |  | 113 | 113 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impact of net unrealized investment gains (losses) |  |  | (331) | (331) |
| Net unrealized investment gains (losses) excluding credit losses | (5424) | 50 | 8 | (5366) |
| Net unrealized investment gains (losses) with credit losses | (8) |  | 2 | (6) |
| Balance, end of period | $(5432) | $50 | $10 | $(5372) |

---

The following tables disclose the fair values and gross unrealized losses of the 3,342 issues as of September 30, 2025 and the 4,307 issues as of December 31, 2024 that are not deemed to have credit losses, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position for the specified periods at the dates indicated:

**AFS Fixed Maturities in an Unrealized Loss Position for Which No Allowance Is Recorded**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Less Than 12 Months** | **Less Than 12 Months** | **12 Months or Longer** | **12 Months or Longer** | **Total** | **Total** |
| | **Fair Value** | **Gross Unrealized Losses** | **Fair Value** | **Gross Unrealized Losses** | **Fair Value** | **Gross Unrealized Losses** |
| | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** |
| **September 30, 2025** | | | | | | |
| Fixed Maturities: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate | $**2943** | $**34** | $**22092** | $**3944** | $**25035** | $**3978** |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury, government and agency | **11** | **—** | **3658** | **1264** | **3669** | **1264** |
| &nbsp;&nbsp;&nbsp;&nbsp;States and political subdivisions | **13** | **—** | **224** | **70** | **237** | **70** |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign governments | **8** | **—** | **400** | **80** | **408** | **80** |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential mortgage-backed | **853** | **1** | **884** | **97** | **1737** | **98** |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset-backed | **1284** | **8** | **629** | **33** | **1913** | **41** |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial mortgage-backed | **239** | **2** | **2814** | **267** | **3053** | **269** |
| **Total at September 30, 2025** | $**5351** | $**45** | $**30701** | $**5755** | $**36052** | $**5800** |
| December 31, 2024: |  |  |  |  |  |  |
| Fixed Maturities: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate (1) | $9139 | $204 | $28632 | $5898 | $37771 | $6102 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury, government and agency | 117 | 4 | 4107 | 1509 | 4224 | 1513 |
| &nbsp;&nbsp;&nbsp;&nbsp;States and political subdivisions | 40 |  | 271 | 88 | 311 | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign governments | 59 | 1 | 460 | 135 | 519 | 136 |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential mortgage-backed | 1986 | 26 | 851 | 126 | 2837 | 152 |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset-backed (1) | 982 | 8 | 744 | 53 | 1726 | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial mortgage-backed | 409 | 6 | 2893 | 379 | 3302 | 385 |
| Total at December 31, 2024 | $12732 | $249 | $37958 | $8188 | $50690 | $8437 |

---

(1)Prior period amounts have been revised to improve comparability

The Company maintains a diversified portfolio of AFS securities across industries and issuers and does not have exposure to any single issuer in excess of 0.5% of total fixed maturities. The largest exposure to a single issuer held as of September 30, 2025 and December 31, 2024 was $402 million and $400 million, respectively, representing 25.1% and 11.7% of the consolidated equity of the Company.

------

**<u>[**Table of Contents**](#idb7c5e5bccf5487492becf35bc3c5c19_10)</u>**

**EQUITABLE HOLDINGS, INC.**

**Notes to Consolidated Financial Statements (Unaudited), Continued**

Corporate high yield securities, consisting primarily of public high yield bonds, are classified as other than investment grade by the various rating agencies, i.e., a rating below Baa3/BBB- or the NAIC Designation (as defined below) of 3 (medium investment grade), 4 or 5 (below investment grade) or 6 (in or near default). As of September 30, 2025 and December 31, 2024, respectively, approximately $1.8 billion and $1.9 billion, or 2.3% and 2.3%, of the $80.8 billion and $84.7 billion aggregate amortized cost of fixed maturities held by the Company were considered to be other than investment grade. These securities had gross unrealized losses of $63 million and $64 million as of September 30, 2025 and December 31, 2024, respectively.

As of September 30, 2025 and December 31, 2024, respectively, the $5.8 billion and $8.2 billion of gross unrealized losses of twelve months or more were primarily concentrated in corporate securities. In accordance with the policy described in Note 2 of the Notes to these Consolidated Financial Statements, the Company concluded that an adjustment to the allowance for credit losses for these securities was not warranted at either September 30, 2025 or December 31, 2024. As of September 30, 2025 and December 31, 2024, the Company neither intended to sell the securities nor was it more likely than not required to dispose of the securities before the anticipated recovery of their remaining amortized cost basis.

Based on the Company's evaluation both qualitatively and quantitatively of the drivers of the decline in fair value of fixed maturity securities as of September 30, 2025, the Company determined that the unrealized loss was primarily due to increases in interest rates and credit spreads.

<u>Securities Lending</u>

The Company enters into securities lending agreements with an agent bank whereby blocks of securities are loaned to third parties, primarily major brokerage firms. As of September 30, 2025 and December 31, 2024, the estimated fair value of loaned securities was $1.1 billion and $134 million. The agreements require a minimum of 102% of the fair value of the loaned securities to be held as cash or security collateral, calculated daily. We do not have the right to sell or pledge the securities posted as collateral. To further minimize the credit risks related to these programs, the financial condition of counterparties is monitored on a regular basis. As of September 30, 2025 and December 31, 2024, collateral received was in the amount of $1.1 billion and $137 million, of which $77 million and $137 million, respectively, is cash collateral. A securities lending payable for the overnight and continuous loans is included in other liabilities in the amount of cash collateral received. Securities lending transactions are used to generate income. Income and expenses associated with these transactions are reported as Net investment income and were not material for the nine months ended September 30, 2025 and 2024.

<u>Mortgage Loans on Real Estate</u>

Accrued interest receivable on commercial, agricultural and residential mortgage loans as of September 30, 2025 and December 31, 2024 was $118 million and $96 million, respectively. There was no accrued interest written off for commercial, agricultural and residential mortgage loans for the nine months ended September 30, 2025 and 2024.

There were no mortgage loans foreclosed during the nine months ended September 30, 2025.

------

**<u>[**Table of Contents**](#idb7c5e5bccf5487492becf35bc3c5c19_10)</u>**

**EQUITABLE HOLDINGS, INC.**

**Notes to Consolidated Financial Statements (Unaudited), Continued**

<u>Allowance for Credit Losses on Mortgage Loans</u>

The change in the allowance for credit losses for commercial, agricultural and residential mortgage loans were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | 2024 | **2025** | 2024 |
| | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** |
| **Allowance for credit losses on mortgage loans:** |  |  |  |  |
| **Commercial mortgages:** |  |  |  |  |
| **Balance, beginning of period** | $**293** | $222 | $**259** | $272 |
| &nbsp;&nbsp;Current-period provision for expected credit losses | **(19)** | 22 | **15** | 47 |
| &nbsp;&nbsp;Write-offs charged against the allowance | **—** |  | **—** | (75) |
| &nbsp;&nbsp;Recoveries of amounts previously written off | **—** |  | **—** |  |
| Net change in allowance | **(19)** | 22 | **15** | (28) |
| **Balance, end of period** | $**274** | $244 | $**274** | $244 |
| **Agricultural mortgages:** |  |  |  |  |
| **Balance, beginning of period** | $**5** | $9 | $**15** | $6 |
| &nbsp;&nbsp;Current-period provision for expected credit losses | **1** | 4 | **(1)** | 7 |
| &nbsp;&nbsp;Write-offs charged against the allowance | **—** |  | **(8)** |  |
| &nbsp;&nbsp;Recoveries of amounts previously written off | **—** |  | **—** |  |
| Net change in allowance | **1** | 4 | **(9)** | 7 |
| **Balance, end of period** | $**6** | $13 | $**6** | $13 |
| **Residential mortgages:** |  |  |  |  |
| **Balance, beginning of period** | $**7** | $3 | $**4** | $1 |
| &nbsp;&nbsp;Current-period provision for expected credit losses | **—** | 1 | **3** | 3 |
| &nbsp;&nbsp;Write-offs charged against the allowance | **—** |  | **—** |  |
| &nbsp;&nbsp;Recoveries of amounts previously written off | **—** |  | **—** |  |
| Net change in allowance | **—** | 1 | **3** | 3 |
| **Balance, end of period** | $**7** | $4 | $**7** | $4 |
| **Total allowance for credit losses** | $**287** | $261 | $**287** | $261 |

---

The change in the allowance for credit losses is attributable to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• increases/decreases in the loan balance due to new originations, maturing mortgages, and loan amortization; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in credit quality and economic assumptions.

------

**<u>[**Table of Contents**](#idb7c5e5bccf5487492becf35bc3c5c19_10)</u>**

**EQUITABLE HOLDINGS, INC.**

**Notes to Consolidated Financial Statements (Unaudited), Continued**

<u>Credit Quality Information</u>

The Company's commercial and agricultural mortgage loans segregated by risk rating exposure were as follows:

**Loan to Value ("LTV") Ratios (1) (3)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
| | **Amortized Cost Basis by Origination Year** | **Amortized Cost Basis by Origination Year** | **Amortized Cost Basis by Origination Year** | **Amortized Cost Basis by Origination Year** | **Amortized Cost Basis by Origination Year** | **Amortized Cost Basis by Origination Year** | **Amortized Cost Basis by Origination Year** | **Amortized Cost Basis by Origination Year** | **Amortized Cost Basis by Origination Year** |
| | **2025** | **2024** | **2023** | **2022** | **2021** | **Prior** | **Revolving Loans Amortized Cost Basis** | **Revolving Loans Converted to Term Loans Amortized Cost Basis** | **Total** |
| | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** |
| **Commercial and agricultural mortgage loans:** |  |  |  |  |  |  |  |  |  |
| Commercial: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;0% - 50% | $**60** | $**185** | $**258** | $**137** | $**206** | $**1750** | $**—** | $**—** | $**2596** |
| &nbsp;&nbsp;50% - 70% | **1858** | **1431** | **1051** | **1568** | **612** | **2176** | **463** | **277** | **9436** |
| &nbsp;&nbsp;70% - 90% | **293** | **73** | **80** | **721** | **695** | **1736** | **160** | **204** | **3962** |
| &nbsp;&nbsp;90% plus | **—** | **—** | **—** | **587** | **560** | **994** | **—** | **—** | **2141** |
| &nbsp;&nbsp;&nbsp;&nbsp;Total commercial | $**2211** | $**1689** | $**1389** | $**3013** | $**2073** | $**6656** | $**623** | $**481** | $**18135** |
| Agricultural: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;0% - 50% | $**129** | $**46** | $**99** | $**146** | $**208** | $**1095** | $**—** | $**—** | $**1723** |
| &nbsp;&nbsp;50% - 70% | **101** | **155** | **52** | **134** | **116** | **353** | **—** | **—** | **911** |
| &nbsp;&nbsp;70% - 90% | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** |
| &nbsp;&nbsp;90% plus | **—** | **—** | **—** | **—** | **—** | **9** | **—** | **—** | **9** |
| &nbsp;&nbsp;&nbsp;&nbsp;Total agricultural | $**230** | $**201** | $**151** | $**280** | $**324** | $**1457** | $**—** | $**—** | $**2643** |
| **Total commercial and agricultural mortgage loans:** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;0% - 50% | $**189** | $**231** | $**357** | $**283** | $**414** | $**2845** | $**—** | $**—** | $**4319** |
| &nbsp;&nbsp;50% - 70% | **1959** | **1586** | **1103** | **1702** | **728** | **2529** | **463** | **277** | **10347** |
| &nbsp;&nbsp;70% - 90% | **293** | **73** | **80** | **721** | **695** | **1736** | **160** | **204** | **3962** |
| &nbsp;&nbsp;90% plus | **—** | **—** | **—** | **587** | **560** | **1003** | **—** | **—** | **2150** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total commercial and agricultural mortgage loans** | $**2441** | $**1890** | $**1540** | $**3293** | $**2397** | $**8113** | $**623** | $**481** | $**20778** |

---

------

**<u>[**Table of Contents**](#idb7c5e5bccf5487492becf35bc3c5c19_10)</u>**

**EQUITABLE HOLDINGS, INC.**

**Notes to Consolidated Financial Statements (Unaudited), Continued**

**Debt Service Coverage ("DSC") Ratios (2**) **(3)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
| | **Amortized Cost Basis by Origination Year** | **Amortized Cost Basis by Origination Year** | **Amortized Cost Basis by Origination Year** | **Amortized Cost Basis by Origination Year** | **Amortized Cost Basis by Origination Year** | **Amortized Cost Basis by Origination Year** | **Amortized Cost Basis by Origination Year** | **Amortized Cost Basis by Origination Year** | **Amortized Cost Basis by Origination Year** |
| | **2025** | **2024** | **2023** | **2022** | **2021** | **Prior** | **Revolving Loans Amortized Cost Basis** | **Revolving Loans Converted to Term Loans Amortized Cost Basis** | **Total** |
| | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** |
| **Commercial and agricultural mortgage loans:** |  |  |  |  |  |  |  |  |  |
| Commercial: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Greater than 2.0x | $**67** | $**207** | $**175** | $**999** | $**1081** | $**3032** | $**—** | $**—** | $**5561** |
| &nbsp;&nbsp;1.8x to 2.0x | **—** | **103** | **58** | **—** | **208** | **1106** | **123** | **184** | **1782** |
| &nbsp;&nbsp;1.5x to 1.8x | **369** | **472** | **316** | **754** | **48** | **1143** | **63** | **164** | **3329** |
| &nbsp;&nbsp;1.2x to 1.5x | **1194** | **791** | **401** | **555** | **528** | **468** | **—** | **95** | **4032** |
| &nbsp;&nbsp;1.0x to 1.2x | **581** | **116** | **429** | **486** | **76** | **827** | **437** | **38** | **2990** |
| &nbsp;&nbsp;Less than 1.0x | **—** | **—** | **10** | **219** | **132** | **80** | **—** | **—** | **441** |
| &nbsp;&nbsp;&nbsp;&nbsp;Total commercial | $**2211** | $**1689** | $**1389** | $**3013** | $**2073** | $**6656** | $**623** | $**481** | $**18135** |
| Agricultural: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Greater than 2.0x | $**24** | $**9** | $**5** | $**37** | $**32** | $**190** | $**—** | $**—** | $**297** |
| &nbsp;&nbsp;1.8x to 2.0x | **26** | **10** | **17** | **23** | **53** | **94** | **—** | **—** | **223** |
| &nbsp;&nbsp;1.5x to 1.8x | **35** | **47** | **11** | **38** | **27** | **278** | **—** | **—** | **436** |
| &nbsp;&nbsp;1.2x to 1.5x | **75** | **45** | **44** | **78** | **134** | **490** | **—** | **—** | **866** |
| &nbsp;&nbsp;1.0x to 1.2x | **50** | **71** | **43** | **80** | **68** | **365** | **—** | **—** | **677** |
| &nbsp;&nbsp;Less than 1.0x | **20** | **19** | **31** | **24** | **10** | **40** | **—** | **—** | **144** |
| &nbsp;&nbsp;&nbsp;&nbsp;Total agricultural | $**230** | $**201** | $**151** | $**280** | $**324** | $**1457** | $**—** | $**—** | $**2643** |
| **Total commercial and agricultural mortgage loans:** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Greater than 2.0x | $**91** | $**216** | $**180** | $**1036** | $**1113** | $**3222** | $**—** | $**—** | $**5858** |
| &nbsp;&nbsp;1.8x to 2.0x | **26** | **113** | **75** | **23** | **261** | **1200** | **123** | **184** | **2005** |
| &nbsp;&nbsp;1.5x to 1.8x | **404** | **519** | **327** | **792** | **75** | **1421** | **63** | **164** | **3765** |
| &nbsp;&nbsp;1.2x to 1.5x | **1269** | **836** | **445** | **633** | **662** | **958** | **—** | **95** | **4898** |
| &nbsp;&nbsp;1.0x to 1.2x | **631** | **187** | **472** | **566** | **144** | **1192** | **437** | **38** | **3667** |
| &nbsp;&nbsp;Less than 1.0x | **20** | **19** | **41** | **243** | **142** | **120** | **—** | **—** | **585** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total commercial and agricultural mortgage loans** | $**2441** | $**1890** | $**1540** | $**3293** | $**2397** | $**8113** | $**623** | $**481** | $**20778** |

---

______________

(1)The LTV ratio is derived from current loan balance divided by the fair value of the property. The fair value of the underlying commercial properties is updated annually for each mortgage loan.

(2)The DSC ratio is calculated using the most recently reported operating income results from property operations divided by annual debt service.

(3)Residential mortgage loans are excluded from the above tables.

------

**<u>[**Table of Contents**](#idb7c5e5bccf5487492becf35bc3c5c19_10)</u>**

**EQUITABLE HOLDINGS, INC.**

**Notes to Consolidated Financial Statements (Unaudited), Continued**

**LTV Ratios (1) (3)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 |
| | Amortized Cost Basis by Origination Year | Amortized Cost Basis by Origination Year | Amortized Cost Basis by Origination Year | Amortized Cost Basis by Origination Year | Amortized Cost Basis by Origination Year | Amortized Cost Basis by Origination Year | Amortized Cost Basis by Origination Year | Amortized Cost Basis by Origination Year | Amortized Cost Basis by Origination Year |
| | 2024 | 2023 | 2022 | 2021 | 2020 | Prior | Revolving Loans Amortized Cost Basis | Revolving Loans Converted to Term Loans Amortized Cost Basis | Total |
| | (in millions) | (in millions) | (in millions) | (in millions) | (in millions) | (in millions) | (in millions) | (in millions) | (in millions) |
| Commercial and agricultural mortgage loans: |  |  |  |  |  |  |  |  |  |
| Commercial: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;0% - 50% | $185 | $363 | $137 | $212 | $269 | $1548 | $— | $— | $2714 |
| &nbsp;&nbsp;50% - 70% | 1501 | 910 | 1622 | 628 | 318 | 2083 | 441 | 201 | 7704 |
| &nbsp;&nbsp;70% - 90% |  | 246 | 707 | 918 | 396 | 1187 | 101 | 206 | 3761 |
| &nbsp;&nbsp;90% plus |  |  | 616 | 322 | 309 | 1290 |  |  | 2537 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total commercial | $1686 | $1519 | $3082 | $2080 | $1292 | $6108 | $542 | $407 | $16716 |
| Agricultural: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;0% - 50% | $49 | $98 | $160 | $202 | $269 | $882 | $— | $— | $1660 |
| &nbsp;&nbsp;50% - 70% | 160 | 59 | 126 | 130 | 144 | 273 |  |  | 892 |
| &nbsp;&nbsp;70% - 90% |  |  |  |  |  | 16 |  |  | 16 |
| &nbsp;&nbsp;90% plus |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total agricultural | $209 | $157 | $286 | $332 | $413 | $1171 | $— | $— | $2568 |
| Total commercial and agricultural mortgage loans: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;0% - 50% | $234 | $461 | $297 | $414 | $538 | $2430 | $— | $— | $4374 |
| &nbsp;&nbsp;50% - 70% | 1661 | 969 | 1748 | 758 | 462 | 2356 | 441 | 201 | 8596 |
| &nbsp;&nbsp;70% - 90% |  | 246 | 707 | 918 | 396 | 1203 | 101 | 206 | 3777 |
| &nbsp;&nbsp;90% plus |  |  | 616 | 322 | 309 | 1290 |  |  | 2537 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total commercial and agricultural mortgage loans | $1895 | $1676 | $3368 | $2412 | $1705 | $7279 | $542 | $407 | $19284 |

---

**DSC Ratios (2) (3)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 |
| | Amortized Cost Basis by Origination Year | Amortized Cost Basis by Origination Year | Amortized Cost Basis by Origination Year | Amortized Cost Basis by Origination Year | Amortized Cost Basis by Origination Year | Amortized Cost Basis by Origination Year | Amortized Cost Basis by Origination Year | Amortized Cost Basis by Origination Year | Amortized Cost Basis by Origination Year |
| | 2024 | 2023 | 2022 | 2021 | 2020 | Prior | Revolving Loans Amortized Cost Basis | Revolving Loans Converted to Term Loans Amortized Cost Basis | Total |
| | (in millions) | (in millions) | (in millions) | (in millions) | (in millions) | (in millions) | (in millions) | (in millions) | (in millions) |
| Commercial and agricultural mortgage loans: |  |  |  |  |  |  |  |  |  |
| Commercial: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Greater than 2.0x | $208 | $176 | $609 | $1255 | $916 | $3318 | $— | $— | $6482 |
| &nbsp;&nbsp;1.8x to 2.0x | 103 | 75 | 50 | 149 | 376 | 607 | 176 | 182 | 1718 |
| &nbsp;&nbsp;1.5x to 1.8x | 472 | 211 | 727 |  |  | 1060 | 44 | 189 | 2703 |
| &nbsp;&nbsp;1.2x to 1.5x | 756 | 566 | 542 | 433 |  | 661 |  |  | 2958 |

---

------

**<u>[**Table of Contents**](#idb7c5e5bccf5487492becf35bc3c5c19_10)</u>**

**EQUITABLE HOLDINGS, INC.**

**Notes to Consolidated Financial Statements (Unaudited), Continued**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 |
| | Amortized Cost Basis by Origination Year | Amortized Cost Basis by Origination Year | Amortized Cost Basis by Origination Year | Amortized Cost Basis by Origination Year | Amortized Cost Basis by Origination Year | Amortized Cost Basis by Origination Year | Amortized Cost Basis by Origination Year | Amortized Cost Basis by Origination Year | Amortized Cost Basis by Origination Year |
| | 2024 | 2023 | 2022 | 2021 | 2020 | Prior | Revolving Loans Amortized Cost Basis | Revolving Loans Converted to Term Loans Amortized Cost Basis | Total |
| | (in millions) | (in millions) | (in millions) | (in millions) | (in millions) | (in millions) | (in millions) | (in millions) | (in millions) |
| &nbsp;&nbsp;1.0x to 1.2x | 147 | 482 | 643 | 193 |  | 359 | 322 | 36 | 2182 |
| &nbsp;&nbsp;Less than 1.0x |  | 9 | 511 | 50 |  | 103 |  |  | 673 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total commercial | $1686 | $1519 | $3082 | $2080 | $1292 | $6108 | $542 | $407 | $16716 |
| Agricultural: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Greater than 2.0x | $12 | $5 | $41 | $34 | $57 | $157 | $— | $— | $306 |
| &nbsp;&nbsp;1.8x to 2.0x | 11 | 17 | 24 | 54 | 28 | 79 |  |  | 213 |
| &nbsp;&nbsp;1.5x to 1.8x | 49 | 11 | 44 | 27 | 120 | 175 |  |  | 426 |
| &nbsp;&nbsp;1.2x to 1.5x | 47 | 46 | 89 | 138 | 113 | 422 |  |  | 855 |
| &nbsp;&nbsp;1.0x to 1.2x | 71 | 47 | 63 | 68 | 87 | 307 |  |  | 643 |
| &nbsp;&nbsp;Less than 1.0x | 19 | 31 | 25 | 11 | 8 | 31 |  |  | 125 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total agricultural | $209 | $157 | $286 | $332 | $413 | $1171 | $— | $— | $2568 |
| Total commercial and agricultural mortgage loans: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Greater than 2.0x | $220 | $181 | $650 | $1289 | $973 | $3475 | $— | $— | $6788 |
| &nbsp;&nbsp;1.8x to 2.0x | 114 | 92 | 74 | 203 | 404 | 686 | 176 | 182 | 1931 |
| &nbsp;&nbsp;1.5x to 1.8x | 521 | 222 | 771 | 27 | 120 | 1235 | 44 | 189 | 3129 |
| &nbsp;&nbsp;1.2x to 1.5x | 803 | 612 | 631 | 571 | 113 | 1083 |  |  | 3813 |
| &nbsp;&nbsp;1.0x to 1.2x | 218 | 529 | 706 | 261 | 87 | 666 | 322 | 36 | 2825 |
| &nbsp;&nbsp;Less than 1.0x | 19 | 40 | 536 | 61 | 8 | 134 |  |  | 798 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total commercial and agricultural mortgage loans | $1895 | $1676 | $3368 | $2412 | $1705 | $7279 | $542 | $407 | $19284 |

---

______________

(1)The LTV ratio is derived from current loan balance divided by the fair value of the property. The fair value of the underlying commercial properties is updated annually for each mortgage loan.

(2)The DSC ratio is calculated using the most recently reported operating income results from property operations divided by annual debt service.

(3)Residential mortgage loans are excluded from the above tables.

The amortized cost of residential mortgage loans by credit quality indicator and origination year was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
| | **Amortized Cost Basis by Origination Year** | **Amortized Cost Basis by Origination Year** | **Amortized Cost Basis by Origination Year** | **Amortized Cost Basis by Origination Year** | **Amortized Cost Basis by Origination Year** | **Amortized Cost Basis by Origination Year** | **Amortized Cost Basis by Origination Year** |
| | **2025** | **2024** | **2023** | **2022** | **2021** | **Prior** | **Total** |
| | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** |
| Performance indicators: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Performing | $**321** | $**669** | $**370** | $**172** | $**123** | $**4** | $**1659** |
| &nbsp;&nbsp;Nonperforming  | **—** | **—** | **—** | **—** | **—** | **—** | **—** |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $**321** | $**669** | $**370** | $**172** | $**123** | $**4** | $**1659** |

---

------

**<u>[**Table of Contents**](#idb7c5e5bccf5487492becf35bc3c5c19_10)</u>**

**EQUITABLE HOLDINGS, INC.**

**Notes to Consolidated Financial Statements (Unaudited), Continued**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 |
| | Amortized Cost Basis by Origination Year | Amortized Cost Basis by Origination Year | Amortized Cost Basis by Origination Year | Amortized Cost Basis by Origination Year | Amortized Cost Basis by Origination Year | Amortized Cost Basis by Origination Year | Amortized Cost Basis by Origination Year |
| | 2024 | 2023 | 2022 | 2021 | 2019 | Prior | Total |
| | (in millions) | (in millions) | (in millions) | (in millions) | (in millions) | (in millions) | (in millions) |
| Performance indicators: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Performing | $313 | $428 | $186 | $133 | $4 | $2 | $1066 |
| &nbsp;&nbsp;Nonperforming  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $313 | $428 | $186 | $133 | $4 | $2 | $1066 |

---

<u>Past-Due and Nonaccrual Mortgage Loan Status</u>

The aging analysis of past-due mortgage loans were as follows:

**Age Analysis of Past Due Mortgage Loans (1)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Accruing Loans** | **Accruing Loans** | **Accruing Loans** | **Accruing Loans** | **Accruing Loans** | **Accruing Loans** | **Non-accruing Loans** | **Total Loans** | **Non-accruing Loans with No Allowance** | **Interest Income on Non-accruing Loans** |
| | **Past Due** | **Past Due** | **Past Due** | **Past Due** | **Current** | **Total** | **Non-accruing Loans** | **Total Loans** | **Non-accruing Loans with No Allowance** | **Interest Income on Non-accruing Loans** |
| | **30-59 Days** | **60-89 Days** | **90 Days or More** | **Total** | **Current** | **Total** | **Non-accruing Loans** | **Total Loans** | **Non-accruing Loans with No Allowance** | **Interest Income on Non-accruing Loans** |
| | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** |
| **September 30, 2025:** | | | | | | | | | | |
| Mortgage loans: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Commercial | $**—** | $**—** | $**—** | $**—** | $**18076** | $**18076** | $**59** | $**18135** | $**—** | $**—** |
| &nbsp;&nbsp;&nbsp;Agricultural | **8** | **5** | **49** | **62** | **2570** | **2632** | **11** | **2643** | **9** | **—** |
| &nbsp;&nbsp;Residential | **2** | **1** | **—** | **3** | **1656** | **1659** | **—** | **1659** | **—** | **—** |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $**10** | $**6** | $**49** | $**65** | $**22302** | $**22367** | $**70** | $**22437** | $**9** | $**—** |
| December 31, 2024: |  |  |  |  |  |  |  |  |  |  |
| Mortgage loans: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Commercial | $— | $— | $— | $— | $16659 | $16659 | $57 | $16716 | $— | $1 |
| &nbsp;&nbsp;&nbsp;Agricultural | 12 | 1 | 33 | 46 | 2486 | 2532 | 36 | 2568 |  |  |
| &nbsp;&nbsp;Residential |  | 1 |  | 1 | 1065 | 1066 |  | 1066 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $12 | $2 | $33 | $47 | $20210 | $20257 | $93 | $20350 | $— | $1 |

---

______________

(1)Amounts presented at amortized cost basis.

As of September 30, 2025 and December 31, 2024, the amortized cost of problem mortgage loans that had been classified as non-accrual loans were $11 million and $36 million, respectively.

<u>Loan Modifications</u>

During the three and nine months ended September 30, 2025, the Company granted a modification to a commercial mortgage. This modification involved waiving a $10 million paydown requirement and extending the maturity date until June 10, 2027. Additionally, the loan will continue to accrue interest but will have a reduced pay rate, with the difference due and payable at maturity. The loan has an amortized cost of $35 million and represents 0.2% of total commercial mortgage loans.

During the nine months ended September 30, 2025, the Company also granted a modification splitting an agricultural mortgage loan into three notes. The loans have an amortized cost of $9 million, which is fully attributed to the first note, and represent 0.3% of total agricultural loans.

------

**<u>[**Table of Contents**](#idb7c5e5bccf5487492becf35bc3c5c19_10)</u>**

**EQUITABLE HOLDINGS, INC.**

**Notes to Consolidated Financial Statements (Unaudited), Continued**

During 2024, the Company granted a modification splitting a commercial mortgage loan into two notes. One note retaining the original loan terms and the second note with an increased interest rate to market terms and required management of excess cash. The loans have an amortized cost of $65 million and represents 0.4% of total commercial mortgage loans.

During 2023, the Company granted a modification of interest rates on four commercial mortgage loans, but not to market terms and required management of excess cash. The loans have an amortized cost of $169 million which represents 0.9% of total commercial mortgage loans. Two of the four loans also have term extensions of 17 months to 4 years. During the three months ended September 30, 2025, the Company disposed of one of the modified loans of $61 million.

The impact to Investment income or gains (losses) as a result of these modifications was not material to the consolidated financial statements.

The above modifications are performing in accordance with their restructured terms.

<u>Equity Securities</u>

The breakdown of unrealized and realized gains and (losses) on equity securities was as follows:

**Unrealized and Realized Gains (Losses) from Equity Securities** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | 2024 | **2025** | 2024 |
| | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** |
| Net investment gains (losses) recognized during the period on securities held at the end of the period | $**40** | $30 | $**38** | $39 |
| Net investment gains (losses) recognized on securities sold during the period | **(24)** | (1) | **(22)** | 1 |
| Unrealized and realized gains (losses) on equity securities | $**16** | $29 | $**16** | $40 |

---

<u>Trading Securities</u>

As of September 30, 2025 and December 31, 2024, respectively, the fair value of the Company's trading securities was $1.6 billion and $1.1 billion. As of September 30, 2025 and December 31, 2024, respectively, trading securities included the General Account's investment in Separate Accounts had carrying values of $63 million and $64 million.

The breakdown of net investment income (loss) from trading securities was as follows:

**Net Investment Income (Loss) from Trading Securities**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | 2024 | **2025** | 2024 |
| | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** |
| Net investment gains (losses) recognized during the period on securities held at the end of the period | $**49** | $70 | $**82** | $112 |
| Net investment gains (losses) recognized on securities sold during the period | **1** | 1 | **7** | 2 |
| Unrealized and realized gains (losses) on trading securities | **50** | 71 | **89** | 114 |
| Interest and dividend income from trading securities | **18** | 23 | **52** | 55 |
| Net investment income (loss) from trading securities | $**68** | $94 | $**141** | $169 |

---

<u>Fixed maturities, at fair value using the fair value option</u> 

The breakdown of net investment income (loss) from fixed maturities, at fair value using the fair value option were as follows:

------

**Net Investment Income (Loss) from Fixed Maturities, at Fair Value using the Fair Value Option**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | 2024 | **2025** | 2024 |
| | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** |
| Net investment gains (losses) recognized during the period on securities held at the end of the period | $**3** | $(10) | $**15** | $(15) |
| Net investment gains (losses) recognized on securities sold during the period | **1** |  | **2** | 3 |
| Unrealized and realized gains (losses) from fixed maturities | **4** | (10) | **17** | (12) |
| Interest and dividend income from fixed maturities | **8** | 8 | **4** | 36 |
| Net investment income (loss) from fixed maturities | $**12** | $(2) | $**21** | $24 |

---

<u>Net Investment Income</u>

The following tables provides the components of Net investment income by investment type:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | 2024 | **2025** | 2024 |
| | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** |
| Fixed maturities | $**922** | $896 | $**2796** | $2551 |
| Mortgage loans on real estate | **270** | 245 | **786** | 718 |
| Other equity investments | **64** | 68 | **147** | 120 |
| Policy loans | **35** | 57 | **142** | 167 |
| Trading securities | **68** | 94 | **141** | 169 |
| Other investment income | **16** | (15) | **33** | 30 |
| Fixed maturities, at fair value using the fair value option | **12** | (2) | **21** | 24 |
| &nbsp;&nbsp;&nbsp;Gross investment income (loss) | **1387** | 1343 | **4066** | 3779 |
| Investment expenses | **(44)** | (35) | **(120)** | (94) |
| Net investment income (loss) | $**1343** | $1308 | $**3946** | $3685 |

---

<u>Investment Gains (Losses), Net</u>

Investment gains (losses), net, including changes in the valuation allowances and credit losses were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025 (1)** | 2024 | **2025 (1)** | 2024 |
| | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** |
| Fixed maturities | $**(1161)** | $(27) | $**(1180)** | $(54) |
| Mortgage loans on real estate | **(9)** | (26) | **(77)** | (58) |
| Other | **—** | 7 | **2** | 11 |
| Investment gains (losses), net | $**(1170)** | $(46) | $**(1255)** | $(101) |

---

______________

(1)Includes $1.1 billion as a result of the assets transferred related to the reinsurance transaction with RGA. See Note 20 of the Notes to these Consolidated Financial Statements for further details.

For the three and nine months ended September 30, 2025 and 2024, respectively, investment results passed through to certain participating group annuity contracts as interest credited to policyholders' account balances totaled $0 million, $1 million, $0 million and $1 million.

------

**<u>[**Table of Contents**](#idb7c5e5bccf5487492becf35bc3c5c19_10)</u>**

**EQUITABLE HOLDINGS, INC.**

**Notes to Consolidated Financial Statements (Unaudited), Continued**

**4) &nbsp;&nbsp;&nbsp;&nbsp;DERIVATIVES**

The Company uses derivatives as part of its overall asset/liability risk management primarily to reduce exposures to equity market and interest rate risks. Derivative hedging strategies are designed to reduce these risks from an economic perspective and are all executed within the framework of a "Derivative Use Plan" approved by applicable states' insurance law. Derivatives are generally not accounted for using hedge accounting, with the exception of TIPS and cash flow hedges, which are discussed further below. Operation of these hedging programs is based on models involving numerous estimates and assumptions, including, among others, mortality, lapse, surrender and withdrawal rates, election rates, fund performance, market volatility and interest rates. A wide range of derivative contracts are used in these hedging programs, including exchange traded equity, currency and interest rate futures contracts, total return and/or other equity swaps, interest rate swap and floor contracts, bond and bond-index total return swaps, swaptions, variance swaps and equity options, credit and foreign exchange derivatives, as well as bond and repo transactions to support the hedging. The derivative contracts are collectively managed in an effort to reduce the economic impact of unfavorable changes in guaranteed benefits' exposures attributable to movements in capital markets. In addition, as part of its hedging strategy, the Company targets an asset level for all variable annuity products at or above a CTE98 level under most economic scenarios (CTE is a statistical measure of tail risk which quantifies the total asset requirement ("TAR") to sustain a loss if an event outside a given probability level has occurred. CTE98 denotes the financial resources a company would need to cover the average of the worst 2% of scenarios.)

<u>Derivatives Utilized to Hedge Exposure to Variable Annuities with Guarantee Features</u>

The Company has issued and continues to offer variable annuity products with GMxB features which are accounted for as MRBs. The risk associated with the GMDB feature is that under-performance of the financial markets could result in GMDB benefits, in the event of death, being higher than what accumulated policyholders' account balances would support. The risk associated with the GMIB feature is that under-performance of the financial markets could result in the present value of GMIB, in the event of annuitization, being higher than what accumulated policyholders' account balances would support, taking into account the relationship between current annuity purchase rates and the GMIB guaranteed annuity purchase rates. The risk associated with products that have a GMxB feature and are accounted for as MRBs is that under-performance of the financial markets could result in the GMxB features benefits being higher than what accumulated policyholders' account balances would support.

For GMxB features, the Company retains certain risks including basis, credit spread, and some volatility risk and risk associated with actual experience compared to expected actuarial assumptions for mortality, lapse and surrender, withdrawal and policyholder election rates, among other things. The derivative contracts are managed to correlate with changes in the value of the GMxB features that result from financial markets movements. A portion of exposure to realized equity volatility is hedged using equity options and variance swaps and a portion of exposure to credit risk is hedged using total return swaps on fixed income indices. Additionally, the Company is party to total return swaps for which the reference U.S. Treasury securities are contemporaneously purchased from the market and sold to the swap counterparty. As these transactions result in a transfer of control of the U.S. Treasury securities to the swap counterparty, the Company derecognizes these securities with consequent gain or loss from the sale. The Company has also purchased reinsurance contracts to mitigate the risks associated with GMDB features and the impact of potential market fluctuations on future policyholder elections of GMIB features contained in certain annuity contracts issued by the Company. The reinsurance of these features is accounted for as purchased MRBs. In addition, on June 1, 2021, we ceded legacy variable annuity policies sold by Equitable Financial between 2006-2008 (the "Block"), comprised of non-New York "Accumulator" policies containing fixed rate GMIB and/or GMDB guarantees to CS Life. As this contract provides full risk transfer and thus has the same risk attributes as the underlying direct contracts, the benefits of this treaty are accounted for in the same manner as the underlying gross reserves and therefore the amounts due from reinsurers related to excess benefits are accounted for as purchased MRBs.

The Company has in place an economic hedge program using U.S. Treasury futures to partially protect the overall profitability of future variable annuity sales against declining interest rates.

<u>Derivatives Utilized to Hedge Crediting Rate Exposure on SCS, SIO, MSO and IUL Products/Investment Options</u>

The Company hedges crediting rates in the SCS variable annuity, SIO in the EQUI-VEST variable annuity series, MSO in the variable life insurance products and IUL insurance products. These products permit the contract owner to participate in the performance of an index, ETF or commodity price movement up to a cap for a set period of time. They also contain a protection feature, in which the Company will absorb, up to a certain percentage, the loss of value in an index, ETF or commodity price, which varies by product segment.

------

**<u>[**Table of Contents**](#idb7c5e5bccf5487492becf35bc3c5c19_10)</u>**

**EQUITABLE HOLDINGS, INC.**

**Notes to Consolidated Financial Statements (Unaudited), Continued**

In order to support the returns associated with these features, the Company enters into derivative contracts whose payouts, in combination with fixed income investments, emulate those of the index, ETF or commodity price, subject to caps and buffers, thereby substantially reducing any exposure to market-related earnings volatility.

<u>Derivatives Used to Hedge Equity Market Risks Associated with the General Account's Seed Money Investments in Retail Mutual Funds</u>

The Company's General Account seed money investments in retail mutual funds expose us to market risk, including equity market risk which is partially hedged through equity-index futures contracts to minimize such risk.

<u>Derivatives Used for General Account Investment Portfolio</u>

The Company purchased CDS to mitigate its exposure to a reference entity through cash positions. These positions do not replicate credit spreads.

The Company purchased 30-year TIPS and other sovereign bonds, both inflation linked and non-inflation linked, as General Account investments and enters into asset or cross-currency basis swaps, to result in payment of the given bond's coupons and principal at maturity in the bond's specified currency to the swap counterparty in return for fixed dollar amounts. These swaps, when considered in combination with the bonds, together result in a net position that is intended to replicate a dollar-denominated fixed-coupon cash bond with a yield higher than a term-equivalent U.S. Treasury bond.

<u>Derivatives Utilized to Hedge Exposure to Foreign Currency Denominated Cash Flows</u>

The Company purchases private placement debt securities and issues funding agreements in the FABN program in currencies other than its functional U.S. dollar currency. The Company enters into cross currency swaps with external counterparties to hedge the exposure of the foreign currency denominated cash flows of these instruments. The foreign currency received from or paid to the cross currency swap counterparty is exchanged for fixed U.S. dollar amounts with improved net investment yields or net product costs over equivalent U.S. dollar denominated instruments issued at that time. The transactions are accounted for as cash flow hedges when they are designated in hedging relationships and qualify for hedge accounting.

These cross currency swaps are for the period the foreign currency denominated private placement debt securities and funding agreement are outstanding, with the longest cross currency swap expiring in 2033. Since these cross currency swaps are designated and qualify as cash flow hedges, the corresponding interest accruals are recognized in Net investment income and in interest credited to policyholders' account balances.

The tables below present quantitative disclosures about the Company's derivative instruments designated in hedging relationships and derivative instruments which have not been designated in hedging relationships, including those embedded in other contracts required to be accounted for as derivative instruments.

------

**<u>[**Table of Contents**](#idb7c5e5bccf5487492becf35bc3c5c19_10)</u>**

**EQUITABLE HOLDINGS, INC.**

**Notes to Consolidated Financial Statements (Unaudited), Continued**

The following table presents the gross notional amount and fair value of the Company's derivatives:

**Derivative Instruments by Category**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 |
| | | **Fair Value** | **Fair Value** | **Fair Value** | | Fair Value | Fair Value | Fair Value |
| | **Notional**<br>**Amount** | **Derivative**<br>**Assets** | **Derivative Liabilities** | **Net**<br>**Derivatives** | Notional Amount | Derivative Assets | Derivative Liabilities | Net Derivatives |
| | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | | | | |
| **Derivatives: designated for hedge accounting (1)** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Cash flow hedges: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Currency swaps | $**1219** | $**101** | $**141** | $**(40)** | $2940 | $111 | $95 | $16 |
| &nbsp;&nbsp; Interest swaps | **952** | **—** | **355** | **(355)** | 952 |  | 306 | (306) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total: designated for hedge accounting | **2171** | **101** | **496** | **(395)** | 3892 | 111 | 401 | (290) |
| **Derivatives: not designated for hedge accounting (1)** |  |  |  |  |  |  |  |  |
| **Equity contracts:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Futures | **15200** | **—** | **1** | **(1)** | 14530 | 3 |  | 3 |
| &nbsp;&nbsp;Swaps | **17474** | **56** | **26** | **30** | 16264 | 65 | 19 | 46 |
| &nbsp;&nbsp;Options | **83674** | **26850** | **6331** | **20519** | 70685 | 20647 | 4319 | 16328 |
| &nbsp;&nbsp;Forwards | **—** | **24** | **—** | **24** |  |  |  |  |
| **Interest rate contracts:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Futures | **9546** | **—** | **—** | **—** | 9310 |  |  |  |
| &nbsp;&nbsp;Swaps | **602** | **13** | **1** | **12** | 672 |  | 41 | (41) |
| &nbsp;&nbsp;Options | **50** | **5** | **—** | **5** |  |  |  |  |
| **Credit contracts:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Credit default swaps | **451** | **1** | **10** | **(9)** | 275 | 12 | 10 | 2 |
| **Currency contracts:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Currency swaps | **276** | **2** | **—** | **2** | 828 | 26 |  | 26 |
| &nbsp;&nbsp;Currency forwards | **84** | **16** | **16** | **—** | 28 | 17 | 17 |  |
| **Other freestanding contracts:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Margin | **—** | **941** | **—** | **941** |  | 796 |  | 796 |
| &nbsp;&nbsp;Collateral | **—** | **146** | **19734** | **(19588)** |  | 137 | 16908 | (16771) |
| Total: not designated for hedge accounting | **127357** | **28054** | **26119** | **1935** | 112592 | 21703 | 21314 | 389 |
| **Embedded derivatives:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;SCS, SIO, MSO and IUL indexed features (2) | **—** | **—** | **21303** | **(21303)** |  |  | 17212 | (17212) |
| &nbsp;&nbsp;Modco payable | **—** | **(2)** | **—** | **(2)** |  |  |  |  |
| &nbsp;&nbsp;Total embedded derivatives | **—** | **(2)** | **21303** | **(21305)** |  |  | 17212 | (17212) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total derivative instruments** | $**129528** | $**28153** | $**47918** | $**(19765)** | $116484 | $21814 | $38927 | $(17113) |

---

______________

(1)Reported in other invested assets in the consolidated balance sheets.

(2)Reported in policyholders' account balances in the consolidated balance sheets.

------

**<u>[**Table of Contents**](#idb7c5e5bccf5487492becf35bc3c5c19_10)</u>**

**EQUITABLE HOLDINGS, INC.**

**Notes to Consolidated Financial Statements (Unaudited), Continued**

The following table presents the effects of derivative instruments on the consolidated statements of income and comprehensive income (loss):

**Derivative Instruments by Category**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** |
| | **Net Derivative Gains (Losses) (1)** | **Net Investment** <br>**Income** | **Interest Credited To Policyholders** <br>**Account Balances** | **AOCI** | **Net** <br>**Derivative** <br>**Gains** <br>**(Losses)** <br>**(1)** | **Net** <br>**Investment** <br>**Income** | **Interest Credited To Policyholders Account Balances** | **AOCI** |
| | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** |
| **Derivatives: designated for hedge accounting** | | | | | | | | |
| **Cash flow hedges:** | | | | | | | | |
| &nbsp;&nbsp;Currency swaps | $**—** | $**(4)** | $**(12)** | $**38** | $**—** | $**11** | $**94** | $**(150)** |
| &nbsp;&nbsp;Interest swaps | **—** | **(4)** | **—** | **(9)** | **—** | **(15)** | **—** | **(17)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Total: designated for hedge accounting | **—** | **(8)** | **(12)** | **29** | **—** | **(4)** | **94** | **(167)** |
| **Derivatives: not Designated for hedge accounting** |  |  |  |  |  |  |  |  |
| **Equity contracts:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Futures | **236** | **—** | **—** | **—** | **508** | **—** | **—** | **—** |
| &nbsp;&nbsp;Swaps | **(1027)** | **—** | **—** | **—** | **(1526)** | **—** | **—** | **—** |
| &nbsp;&nbsp;Options | **3386** | **—** | **—** | **—** | **4976** | **—** | **—** | **—** |
| &nbsp;&nbsp;Forwards | **24** | **—** | **—** | **—** | **24** | **—** | **—** | **—** |
| **Interest rate contracts:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Futures | **9** | **—** | **—** | **—** | **(112)** | **—** | **—** | **—** |
| &nbsp;&nbsp;Swaps | **4** | **—** | **—** | **—** | **3** | **—** | **—** | **—** |
| &nbsp;&nbsp;Options | **—** | **—** | **—** | **—** | **(2)** | **—** | **—** | **—** |
| **Credit contracts:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Credit default swaps | **(1)** | **—** | **—** | **—** | **(4)** | **—** | **—** | **—** |
| **Currency contracts:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Currency swaps | **12** | **—** | **—** | **—** | **(75)** | **—** | **—** | **—** |
| &nbsp;&nbsp;Currency forwards | **1** | **—** | **—** | **—** | **(5)** | **—** | **—** | **—** |
| **Other freestanding contracts:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Margin | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** |
| &nbsp;&nbsp;Collateral | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **—** |
| Total: not designated for hedge accounting | **2644** | **—** | **—** | **—** | **3787** | **—** | **—** | **—** |
| **Embedded derivatives:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;SCS, SIO,MSO and IUL indexed features | **(3750)** | **—** | **—** | **—** | **(5468)** | **—** | **—** | **—** |
| &nbsp;&nbsp;Modco payable | **(11)** | **—** | **—** | **—** | **(11)** | **—** | **—** | **—** |
| &nbsp;&nbsp;Total embedded derivatives | **(3761)** | **—** | **—** | **—** | **(5479)** | **—** | **—** | **—** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total derivative instruments** | $**(1117)** | $**(8)** | $**(12)** | $**29** | $**(1692)** | $**(4)** | $**94** | $**(167)** |

---

______________

(1)Reported in net derivative gains (losses) in the consolidated statements of income (loss).

------

**<u>[**Table of Contents**](#idb7c5e5bccf5487492becf35bc3c5c19_10)</u>**

**EQUITABLE HOLDINGS, INC.**

**Notes to Consolidated Financial Statements (Unaudited), Continued**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Three Months Ended September 30, 2024 | Three Months Ended September 30, 2024 | Three Months Ended September 30, 2024 | Three Months Ended September 30, 2024 | Nine Months Ended September 30, 2024 | Nine Months Ended September 30, 2024 | Nine Months Ended September 30, 2024 | Nine Months Ended September 30, 2024 |
| | Net Derivative Gains (Losses) (1) | Net Investment Income | Interest Credited To Policyholders Account Balances | AOCI | Net Derivative Gains (Losses) (1) | Net Investment Income | Interest Credited To Policyholders Account Balances | AOCI |
| | (in millions) | (in millions) | (in millions) | (in millions) | (in millions) | (in millions) | (in millions) | (in millions) |
| Derivatives: designated for hedge accounting |  |  |  |  |  |  |  |  |
| Cash flow hedges: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Currency swaps | $(8) | $2 | $42 | $(60) | $(7) | $10 | $19 | $(22) |
| &nbsp;&nbsp;Interest swaps |  | 3 |  | (5) |  | (11) |  | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total: designated for hedge accounting | (8) | 5 | 42 | (65) | (7) | (1) | 19 | (21) |
| Derivatives: not Designated for hedge accounting |  |  |  |  |  |  |  |  |
| Equity contracts: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Futures | 85 |  |  |  | 376 |  |  |  |
| &nbsp;&nbsp;Swaps | (737) |  |  |  | (1951) |  |  |  |
| &nbsp;&nbsp;Options | 1385 |  |  |  | 5406 |  |  |  |
| &nbsp;&nbsp;Forwards |  |  |  |  |  |  |  |  |
| Interest rate contracts: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Futures | (5) |  |  |  | (16) |  |  |  |
| &nbsp;&nbsp;Swaps | 143 |  |  |  | (110) |  |  |  |
| Credit contracts: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Credit default swaps | (1) |  |  |  | (2) |  |  |  |
| Currency contracts: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Currency swaps | (42) |  |  |  | (29) |  |  |  |
| &nbsp;&nbsp;Currency forwards | (1) |  |  |  |  |  |  |  |
| Total: not designated for hedge accounting | 827 |  |  |  | 3674 |  |  |  |
| Embedded derivatives: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;SCS, SIO,MSO and IUL indexed features | (1533) |  |  |  | (5965) |  |  |  |
| &nbsp;&nbsp;Modco payable |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Total embedded derivatives | (1533) |  |  |  | (5965) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total derivative instruments (1) | $(714) | $5 | $42 | $(65) | $(2298) | $(1) | $19 | $(21) |

---

______________

(1)Reported in net derivative gains (losses) in the consolidated statements of income (loss).

.

------

**<u>[**Table of Contents**](#idb7c5e5bccf5487492becf35bc3c5c19_10)</u>**

**EQUITABLE HOLDINGS, INC.**

**Notes to Consolidated Financial Statements (Unaudited), Continued**

The following table presents a roll-forward of cash flow hedges recognized in AOCI:

**Roll-forward of Cash flow hedges in AOCI**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | 2024 | **2025** | 2024 |
| | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** |
| **Balance, beginning of period** | $**(116)** | $13 | $**80** | $(31) |
| &nbsp;&nbsp;Amount recorded in AOCI |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Currency swaps | **28** | (17) | **(53)** | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest swaps | **(17)** | (7) | **(45)** | (23) |
| **Total amount recorded in AOCI** | **11** | (24) | **(98)** | (22) |
| Amount reclassified from (to) income to AOCI |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Currency swaps (1) | **10** | (43) | **(97)** | (23) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest swaps (1) | **8** | 2 | **28** | 24 |
| **Total amount reclassified from (to) income to AOCI** | **18** | (41) | **(69)** | 1 |
| **Balance, end of period (2)** | $**(87)** | $(52) | $**(87)** | $(52) |

---

______________

(1)&nbsp;&nbsp;&nbsp;&nbsp;Currency swaps income is reported in Net investment income in the consolidated statements of income (loss). Interest swaps income is reported in net derivative gains (losses) in the consolidated statements of income (loss).

(2)&nbsp;&nbsp;&nbsp;&nbsp;The Company does not estimate the amount of the deferred losses in AOCI at September 30, 2025, and 2024 which will be released and reclassified into net income (loss) over the next 12 months as the amounts cannot be reasonably estimated.

<u>Equity-Based and Treasury Futures Contracts Margin</u>

All outstanding equity-based and treasury futures contracts as of September 30, 2025 and December 31, 2024 are exchange-traded and net settled daily in cash. As of September 30, 2025 and December 31, 2024, respectively, the Company had open exchange-traded futures positions on: (i) the S&P 500, Nasdaq, Russell 2000 and Emerging Market indices, having initial margin requirements of $820 million and $704 million, (ii) the 2-year, 5-year and 10-year U.S. Treasury Notes on U.S. Treasury bonds and ultra-long bonds, having initial margin requirements of $119 million and $99 million, and (iii) the Euro Stoxx, FTSE 100, Topix, ASX 200 and EAFE indices as well as corresponding currency futures on the Euro/U.S. dollar, Pound/U.S. dollar, Australian dollar/U.S. dollar, and Yen/U.S. dollar, having initial margin requirements of $15 million and $11 million.

<u>Collateral Arrangements</u>

The Company generally has executed a CSA under the ISDA Master Agreement it maintains with each of its OTC derivative counterparties that requires both posting and accepting collateral either in the form of cash or high-quality securities, such as U.S. Treasury securities, U.S. government and government agency securities and investment grade corporate bonds. The Company nets the fair value of all derivative financial instruments with counterparties for which an ISDA Master Agreement and related CSA have been executed. As of September 30, 2025 and December 31, 2024, respectively, the Company held $19.7 billion and $16.9 billion in cash and securities collateral delivered by trade counterparties, representing the fair value of the related derivative agreements. The unrestricted cash collateral is reported in other invested assets. The Company posted collateral of $146 million and $137 million as of September 30, 2025 and December 31, 2024, respectively, in the normal operation of its collateral arrangements. The Company is exposed to losses in the event of non-performance by counterparties to financial derivative transactions with a positive fair value. The Company manages credit risk by: (i) entering into derivative transactions with highly rated major international financial institutions and other creditworthy counterparties governed by master netting agreements, as applicable; (ii) trading through central clearing and OTC parties; (iii) obtaining collateral, such as cash and securities, when appropriate; and (iv) setting limits on single party credit exposures which are subject to periodic management review.

Substantially all of the Company's derivative agreements have zero thresholds which require daily full collateralization by the party in a liability position. In addition, certain of the Company's derivative agreements contain credit-risk related contingent features; if the credit rating of one of the parties to the derivative agreement is to fall below a certain level, the party with positive fair value could request termination at the then fair value or demand immediate full collateralization from the party whose credit rating fell and is in a net liability position.

------

**<u>[**Table of Contents**](#idb7c5e5bccf5487492becf35bc3c5c19_10)</u>**

**EQUITABLE HOLDINGS, INC.**

**Notes to Consolidated Financial Statements (Unaudited), Continued**

As of September 30, 2025 and December 31, 2024, there were no net liability derivative positions with counterparties with credit risk-related contingent features whose credit rating has fallen. All derivatives have been appropriately collateralized by the Company or the counterparty in accordance with the terms of the derivative agreements.

The following tables present information about the Company's offsetting of financial assets and liabilities and derivative instruments:

**Offsetting of Financial Assets and Liabilities and Derivative Instruments**

**As of September 30, 2025** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Gross Amount Recognized** | **Gross Amount Offset in the Balance Sheets** | **Net Amount Presented in the Balance Sheets** | **Gross Amount not Offset in the Balance Sheets (3)** | **Net Amount** |
| | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** |
| **Assets:** | | | | | |
| Derivative assets (1) | $**28157** | $**21189** | $**6968** | $**(5424)** | $**1544** |
| Secured lending | **77** | **—** | **77** | **—** | **77** |
| Other financial assets | **1807** | **—** | **1807** | **—** | **1807** |
| &nbsp;&nbsp;&nbsp;&nbsp;Other invested assets | $**30041** | $**21189** | $**8852** | $**(5424)** | $**3428** |
| **Liabilities:** |  |  |  |  |  |
| Derivative liabilities (2) | $**21193** | $**21189** | $**4** | $**—** | $**4** |
| Secured lending | **77** | **—** | **77** | **—** | **77** |
| Other financial liabilities | **7081** | **—** | **7081** | **—** | **7081** |
| &nbsp;&nbsp;&nbsp;&nbsp;Other liabilities | $**28351** | $**21189** | $**7162** | $**—** | $**7162** |

---

______________

(1)Excludes Asset Management segment's derivative assets of consolidated VIEs/VOEs.

(2)Excludes Asset Management segment's derivative liabilities of consolidated VIEs/VOEs.

(3)Financial instruments/collateral sent (held).

As of December 31, 2024

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Gross Amount Recognized | Gross Amount Offset in the Balance Sheets | Net Amount Presented in the Balance Sheets | Gross Amount not Offset in the Balance Sheets (3) | Net Amount |
| | (in millions) | (in millions) | (in millions) | (in millions) | (in millions) |
| Assets: |  |  |  |  |  |
| Derivative assets (1) | $21814 | $14924 | $6890 | $(6080) | $810 |
| Secured Lending | 137 |  | 137 |  | 137 |
| Other financial assets | 1510 |  | 1510 |  | 1510 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other invested assets | $23461 | $14924 | $8537 | $(6080) | $2457 |
| Liabilities: |  |  |  |  |  |
| Derivative liabilities (2) | $15634 | $14924 | $710 | $— | $710 |
| Secured Lending | 137 |  | 137 |  | 137 |
| Other financial liabilities | 6185 |  | 6185 |  | 6185 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other liabilities | $21956 | $14924 | $7032 | $— | $7032 |

---

______________

(1)Excludes Asset Management segment's derivative assets of consolidated VIEs/VOEs.

(2)Excludes Asset Management segment's derivative liabilities of consolidated VIEs/VOEs.

(3)Financial instruments sent (held).

------

**<u>[**Table of Contents**](#idb7c5e5bccf5487492becf35bc3c5c19_10)</u>**

**EQUITABLE HOLDINGS, INC.**

**Notes to Consolidated Financial Statements (Unaudited), Continued**

5**)&nbsp;&nbsp;&nbsp;&nbsp;CLOSED BLOCK**

As a result of demutualization, the Company's Closed Block was established in 1992 for the benefit of certain individual participating policies that were in force on that date. Assets, liabilities and earnings of the Closed Block are specifically identified to support its participating policyholders.

Assets allocated to the Closed Block insure solely to the benefit of the Closed Block policyholders and will not revert to the benefit of the Company. No reallocation, transfer, borrowing or lending of assets can be made between the Closed Block and other portions of the Company's General Account, any of its Separate Accounts or any affiliate of the Company without the approval of the New York State Department of Financial Services (the "NYDFS"). Closed Block assets and liabilities are carried on the same basis as similar assets and liabilities held in the General Account. For more information on the Closed Block, see Note 6 of the Notes to the Company's consolidated financial statements included in the Annual Report on Form 10-K for the year ended December 31, 2024.

Summarized financial information for the Company's Closed Block is as follows:

---

| | | |
|:---|:---|:---|
| | **September 30, 2025** | December 31, 2024 |
| | **(in millions)** | **(in millions)** |
| **Closed Block Liabilities:** |  |  |
| Future policy benefits, policyholders' account balances and other | $**5035** | $5213 |
| Other liabilities | **56** | 62 |
| Total Closed Block liabilities | **5091** | 5275 |
| **Assets Designated to the Closed Block:** |  |  |
| Fixed maturities AFS, at fair value (amortized cost of $2,712 and $2,888) (allowance for credit losses of $0 and $0) | **2650** | 2746 |
| Mortgage loans on real estate (net of allowance for credit losses of $22 and $21) | **1431** | 1531 |
| Policy loans | **503** | 523 |
| Cash and other invested assets | **152** | 17 |
| Other assets | **101** | 130 |
| Total assets designated to the Closed Block | **4837** | 4947 |
| Excess of Closed Block liabilities over assets designated to the Closed Block | **254** | 328 |
| Amounts included in AOCI: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized investment gains (losses), net of income tax: $13 and $30 | **(49)** | (112) |
| **Maximum future earnings to be recognized from Closed Block assets and liabilities** | $**205** | $216 |

---

------

**<u>[**Table of Contents**](#idb7c5e5bccf5487492becf35bc3c5c19_10)</u>**

**EQUITABLE HOLDINGS, INC.**

**Notes to Consolidated Financial Statements (Unaudited), Continued**

The Company's Closed Block revenues and expenses were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | 2024 | **2025** | 2024 |
| | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** |
| **Revenues:** |  |  |  |  |
| Premiums and other income | $**23** | $26 | $**73** | $81 |
| Net investment income (loss) | **49** | 51 | **149** | 154 |
| Investment gains (losses), net | **—** | (2) | **(1)** | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total revenues | **72** | 75 | **221** | 232 |
| **Benefits and Other Deductions:** |  |  |  |  |
| Policyholders' benefits and dividends | **60** | 69 | **207** | 210 |
| Other operating costs and expenses | **—** |  | **1** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total benefits and other deductions | **60** | 69 | **208** | 210 |
| Net income (loss), before income taxes | **12** | 6 | **13** | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax (expense) benefit | **(2)** | (2) | **(3)** | (5) |
| **Net income (loss)** | $**10** | $4 | $**10** | $17 |

---

6**)&nbsp;&nbsp;&nbsp;&nbsp;DAC AND OTHER DEFERRED ASSETS/LIABILITIES**

The following table presents a reconciliation of DAC to the consolidated balance sheets:

---

| | | |
|:---|:---|:---|
| | **September 30** | December 31 |
| | **2025** | 2024 |
| | **(in millions)** | **(in millions)** |
| **Retirement** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GMxB Core | $**1592** | $1605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EQUI-VEST Individual | **153** | 154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Edge | **261** | 225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SCS | **2188** | 1938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EQUI-VEST Group | **781** | 768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Momentum | **79** | 83 |
| **Corporate and Other** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Term | **294** | 314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Universal Life | **169** | 170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Variable Universal Life | **1128** | 1083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indexed Universal Life | **183** | 186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GMxB Legacy | **482** | 517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Closed Block | **100** | 107 |
| **Other** | **20** | 20 |
| **Total** | $**7430** | $7170 |

---

Annually, or as circumstances warrant, the Company reviews the associated decrements assumptions (i.e., mortality and lapse) based on our multi-year average of companies experience with actuarial judgments to reflect other observable industry trends. In addition to DAC, the unearned revenue liability and sales inducement asset ("SIA") use similar techniques and quarterly update processes for balance amortization.

------

**<u>[**Table of Contents**](#idb7c5e5bccf5487492becf35bc3c5c19_10)</u>**

**EQUITABLE HOLDINGS, INC.**

**Notes to Consolidated Financial Statements (Unaudited), Continued**

Changes in the DAC asset were as follows:

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** |
| | **Retirement** | **Retirement** | **Retirement** | **Retirement** | **Retirement** | **Retirement** | **Corporate and Other** | **Corporate and Other** | **Corporate and Other** | **Corporate and Other** | **Corporate and Other** | **Corporate and Other** | **Total** |
| | **GMxB Core** | **EI** | **IE** | **SCS** | **EG** | **Momentum** | **Term** | **UL** | **VUL** | **IUL** | **GMxB Legacy** | **CB (1)** | **Total** |
| | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** |
| **Balance, beginning of period** | $**1605** | $**154** | $**225** | $**1938** | $**768** | $**83** | $**314** | $**170** | $**1083** | $**186** | $**517** | $**107** | $**7150** |
| Capitalization | **104** | **8** | **53** | **495** | **47** | **7** | **7** | **10** | **103** | **8** | **12** | **—** | **854** |
| Amortization (2) | **(117)** | **(9)** | **(17)** | **(245)** | **(34)** | **(11)** | **(27)** | **(9)** | **(51)** | **(9)** | **(47)** | **(7)** | **(583)** |
| Recovery of acquisition costs (3) | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **(2)** | **(7)** | **(2)** | **—** | **—** | **(11)** |
| **Balance, end of period** | $**1592** | $**153** | $**261** | $**2188** | $**781** | $**79** | $**294** | $**169** | $**1128** | $**183** | $**482** | $**100** | $**7410** |

---

______________

(1)"CB" defined as Closed Block.

(2)DAC amortization of $1 million related to Other not reflected in table above.

(3)Related to the RGA Reinsurance Transaction.

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Nine Months Ended September 30, 2024 | Nine Months Ended September 30, 2024 | Nine Months Ended September 30, 2024 | Nine Months Ended September 30, 2024 | Nine Months Ended September 30, 2024 | Nine Months Ended September 30, 2024 | Nine Months Ended September 30, 2024 | Nine Months Ended September 30, 2024 | Nine Months Ended September 30, 2024 | Nine Months Ended September 30, 2024 | Nine Months Ended September 30, 2024 | Nine Months Ended September 30, 2024 | Nine Months Ended September 30, 2024 |
| | Retirement | Retirement | Retirement | Retirement | Retirement | Retirement | Corporate and Other | Corporate and Other | Corporate and Other | Corporate and Other | Corporate and Other | Corporate and Other | Total |
| | GMxB Core | EI | IE | SCS | EG | Momentum | Term | UL | VUL | IUL | GMxB Legacy | CB (1) | Total |
| | (in millions) | (in millions) | (in millions) | (in millions) | (in millions) | (in millions) | (in millions) | (in millions) | (in millions) | (in millions) | (in millions) | (in millions) | (in millions) |
| Balance, beginning of period | $1602 | $155 | $172 | $1571 | $742 | $82 | $337 | $174 | $987 | $188 | $555 | $116 | $6681 |
| Capitalization | 104 | 9 | 51 | 473 | 49 | 8 | 10 | 6 | 114 | 8 | 19 |  | 851 |
| Amortization (2) | (112) | (9) | (12) | (204) | (33) | (6) | (27) | (9) | (46) | (9) | (47) | (7) | (521) |
| Balance, end of period | $**1594** | $**155** | $**211** | $**1840** | $**758** | $**84** | $**320** | $**171** | $**1055** | $**187** | $**527** | $**109** | $**7011** |

---

______________

(1)"CB" defined as Closed Block.

(2)DAC amortization of $4 million related to Other not reflected in table above.

(3)Related to the RGA Reinsurance Transaction.

Changes in the Retirement and Corporate and Other sales inducement assets were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2025** | 2024 | 2024 |
| | **Retirement** | **Corporate and Other** | Retirement | Corporate and Other |
| | **GMxB Core** | **GMxB Legacy** | GMxB Core | GMxB Legacy |
| | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** |
| **Balance, beginning of period** | $**117** | $**160** | $127 | $179 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capitalization | **2** | **—** | 2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization | **(9)** | **(15)** | (9) | (15) |
| **Balance, end of period** | $**110** | $**145** | $120 | $164 |

---

------

**<u>[**Table of Contents**](#idb7c5e5bccf5487492becf35bc3c5c19_10)</u>**

**EQUITABLE HOLDINGS, INC.**

**Notes to Consolidated Financial Statements (Unaudited), Continued**

Changes in the Corporate and Other unearned revenue liability were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2025** | **2025** | 2024 | 2024 | 2024 |
| | **UL** | **VUL** | **IUL** | UL | VUL | IUL |
| | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** |
| **Balance, beginning of period** | $**114** | $**840** | $**250** | $107 | $754 | $210 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capitalization | **10** | **111** | **34** | 12 | 99 | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization | **(6)** | **(41)** | **(12)** | (6) | (36) | (11) |
| &nbsp;&nbsp;&nbsp;&nbsp;Recovery of unearned revenue reserves (3) | **(4)** | **(47)** | **(16)** |  |  |  |
| **Balance, end of period** | $**114** | $**863** | $**256** | $113 | $817 | $241 |

---

7**)&nbsp;&nbsp;&nbsp;&nbsp;FAIR VALUE DISCLOSURES** 

U.S. GAAP establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value, and identifies three levels of inputs that may be used to measure fair value:

Level 1&nbsp;&nbsp;&nbsp;&nbsp;Unadjusted quoted prices for identical instruments in active markets. Level 1 fair values generally are supported by market transactions that occur with sufficient frequency and volume to provide pricing information on an ongoing basis.

Level 2&nbsp;&nbsp;&nbsp;&nbsp;Observable inputs other than Level 1 prices, such as quoted prices for similar instruments, quoted prices in markets that are not active, and inputs to model-derived valuations that are directly observable or can be corroborated by observable market data.

Level 3&nbsp;&nbsp;&nbsp;&nbsp;Unobservable inputs supported by little or no market activity and often requiring significant management judgment or estimation, such as an entity's own assumptions about the cash flows or other significant components of value that market participants would use in pricing the asset or liability.

The Company uses unadjusted quoted market prices to measure fair value for those instruments that are actively traded in financial markets. In cases where quoted market prices are not available, fair values are measured using present value or other valuation techniques. The fair value determinations are made at a specific point in time, based on available market information and judgments about the financial instrument, including estimates of the timing and amount of expected future cash flows and the credit standing of counterparties. Such adjustments do not reflect any premium or discount that could result from offering for sale at one time the Company's entire holdings of a particular financial instrument, nor do they consider the tax impact of the realization of unrealized gains or losses. In many cases, the fair value can neither be substantiated by direct comparison to independent markets, nor can the disclosed value be realized in immediate settlement of the instrument.

Management is responsible for the determination of the value of investments carried at fair value and the supporting methodologies and assumptions. Under the terms of various service agreements, the Company often utilizes independent valuation service providers to gather, analyze, and interpret market information and derive fair values based upon relevant methodologies and assumptions for individual securities. These independent valuation service providers typically obtain data about market transactions and other key valuation model inputs from multiple sources and, through the use of widely accepted valuation models, provide a single fair value measurement for individual securities for which a fair value has been requested. As further described below with respect to specific asset classes, these inputs include, but are not limited to, market prices for recent trades and transactions in comparable securities, benchmark yields, interest rate yield curves, credit spreads, quoted prices for similar securities, and other market-observable information, as applicable. Specific attributes of the security being valued are also considered, including its term, interest rate, credit rating, industry sector, and when applicable, collateral quality and other security- or issuer-specific information. When insufficient market observable information is available upon which to measure fair value, the Company either will request brokers knowledgeable about these securities to provide a non-binding quote or will employ internal valuation models. Fair values received from independent valuation service providers and brokers and those internally modeled or otherwise estimated are assessed for reasonableness.

<u>Assets and Liabilities Measured at Fair Value on a Recurring Basis</u>

Assets and liabilities measured at fair value on a recurring basis are summarized below:

------

**<u>[**Table of Contents**](#idb7c5e5bccf5487492becf35bc3c5c19_10)</u>**

**EQUITABLE HOLDINGS, INC.**

**Notes to Consolidated Financial Statements (Unaudited), Continued**

**Fair Value Measurements as of September 30, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** |
| **Assets:** | | | | |
| Investments |  |  |  |  |
| &nbsp;&nbsp;Fixed maturities, AFS: |  |  |  |  |
| &nbsp;&nbsp;Corporate (1) | $**—** | $**41973** | $**2291** | $**44264** |
| &nbsp;&nbsp;U.S. Treasury, government and agency | **—** | **3780** | **—** | **3780** |
| &nbsp;&nbsp;States and political subdivisions | **—** | **311** | **—** | **311** |
| &nbsp;&nbsp;Foreign governments | **—** | **518** | **—** | **518** |
| &nbsp;&nbsp;Residential mortgage-backed (2) | **—** | **6511** | **55** | **6566** |
| &nbsp;&nbsp;Asset-backed (3) | **—** | **14521** | **1251** | **15772** |
| &nbsp;&nbsp;Commercial mortgage-backed | **—** | **4550** | **32** | **4582** |
| &nbsp;&nbsp;Redeemable preferred stock | **—** | **58** | **—** | **58** |
| &nbsp;&nbsp;&nbsp;&nbsp;Total fixed maturities, AFS | **—** | **72222** | **3629** | **75851** |
| &nbsp;&nbsp;Fixed maturities, at fair value using the fair value option | **—** | **2038** | **378** | **2416** |
| &nbsp;&nbsp;&nbsp;&nbsp;Other equity investments (4) | **250** | **235** | **15** | **500** |
| &nbsp;&nbsp;&nbsp;&nbsp;Trading securities | **405** | **991** | **199** | **1595** |
| &nbsp;&nbsp;Other invested assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-term investments | **—** | **7** | **—** | **7** |
| &nbsp;&nbsp;&nbsp;&nbsp;Assets of consolidated VIEs/VOEs | **43** | **299** | **33** | **375** |
| &nbsp;&nbsp;&nbsp;&nbsp;Swaps | **—** | **(351)** | **—** | **(351)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Credit default swaps | **—** | **(9)** | **—** | **(9)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures | **(1)** | **—** | **—** | **(1)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Options | **—** | **20524** | **—** | **20524** |
| &nbsp;&nbsp;&nbsp;&nbsp;Forwards | **—** | **24** | **—** | **24** |
| Total other invested assets | **42** | **20494** | **33** | **20569** |
| Cash equivalents | **5036** | **75** | **—** | **5111** |
| Segregated securities | **—** | **425** | **—** | **425** |
| Purchased market risk benefits | **—** | **—** | **5415** | **5415** |
| Assets for market risk benefits | **—** | **—** | **762** | **762** |
| Modco payable (5) | **—** | **—** | **(2)** | **(2)** |
| Separate Accounts assets (6) | **133823** | **2607** | **—** | **136430** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets | $**139556** | $**99087** | $**10429** | $**249072** |
| **Liabilities:** |  |  |  |  |
| Notes issued by consolidated VIE's, at fair value using the fair value option (7) | $**—** | $**2302** | $**212** | $**2514** |
| SCS, SIO, MSO and IUL indexed features' liability | **—** | **21303** | **—** | **21303** |
| Liabilities of consolidated VIEs and VOEs | **1** | **19** | **—** | **20** |
| Liabilities for market risk benefits | **—** | **—** | **10301** | **10301** |
| Contingent payment arrangements | **—** | **—** | **9** | **9** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities | $**1** | $**23624** | $**10522** | $**34147** |

---

______________

(1)Corporate fixed maturities includes both public and private issues.

(2)Includes publicly traded agency pass-through securities and collateralized obligations.

(3)Includes credit-tranched securities collateralized by sub-prime mortgages, credit risk transfer securities and other asset types.

(4)Includes short position equity securities of $23 million that are reported in other liabilities.

(5)Represents ceded reserves on NI modco (refer to Note 1). Reflected in Amounts due from reinsurers.

------

**<u>[**Table of Contents**](#idb7c5e5bccf5487492becf35bc3c5c19_10)</u>**

**EQUITABLE HOLDINGS, INC.**

**Notes to Consolidated Financial Statements (Unaudited), Continued**

(6)Separate Accounts assets included in the fair value hierarchy exclude investments in entities that calculate NAV per share (or its equivalent) as a practical expedient. Such investments excluded from the fair value hierarchy include investments in real estate. As of September 30, 2025, the fair value of such investments was $276 million.

(7)Accrued interest payable of $16 million is reported in Notes issued by consolidated VIE's, at fair value using the fair value option in the consolidated balance sheets, which is not required to be measured at fair value on a recurring basis.

Fair Value Measurements as of December 31, 2024

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Level 1 | Level 2 | Level 3 | Total |
| | (in millions) | (in millions) | (in millions) | (in millions) |
| Assets: |  |  |  |  |
| Investments |  |  |  |  |
| &nbsp;&nbsp;Fixed maturities, AFS: |  |  |  |  |
| &nbsp;&nbsp;Corporate (1) | $— | $46879 | $2419 | $49298 |
| &nbsp;&nbsp;U.S. Treasury, government and agency |  | 4288 |  | 4288 |
| &nbsp;&nbsp;States and political subdivisions |  | 386 |  | 386 |
| &nbsp;&nbsp;Foreign governments |  | 554 |  | 554 |
| &nbsp;&nbsp;Residential mortgage-backed (2) |  | 4383 |  | 4383 |
| &nbsp;&nbsp;Asset-backed (3) |  | 13467 | 285 | 13752 |
| &nbsp;&nbsp;Commercial mortgage-backed (2) |  | 3913 | 8 | 3921 |
| &nbsp;&nbsp;Redeemable preferred stock |  | 59 |  | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total fixed maturities, AFS |  | 73929 | 2712 | 76641 |
| Fixed maturities, at fair value using the fair value option |  | 1778 | 275 | 2053 |
| Other equity investments (4) | 319 | 251 | 53 | 623 |
| Trading securities | 433 | 576 | 80 | 1089 |
| Other invested assets: |  |  |  |  |
| &nbsp;&nbsp;Short-term investments |  | 36 |  | 36 |
| &nbsp;&nbsp;Assets of consolidated VIEs/VOEs | 16 | 137 | 2 | 155 |
| &nbsp;&nbsp;Swaps |  | (259) |  | (259) |
| &nbsp;&nbsp;Credit default swaps |  | 2 |  | 2 |
| &nbsp;&nbsp;Futures | 3 |  |  | 3 |
| &nbsp;&nbsp;Options |  | 16328 |  | 16328 |
| &nbsp;&nbsp;Forwards |  |  |  |  |
| &nbsp;&nbsp;Total other invested assets | 19 | 16244 | 2 | 16265 |
| Cash equivalents | 5356 | 45 |  | 5401 |
| Segregated securities | 2 | 498 |  | 500 |
| Purchased market risk benefits |  |  | 7376 | 7376 |
| Assets for market risk benefits |  |  | 863 | 863 |
| Modco payable (5) |  |  |  |  |
| Separate Accounts assets (6) | 131714 | 2489 |  | 134203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets | $137843 | $95810 | $11361 | $245014 |
| Liabilities: |  |  |  |  |
| Notes issued by consolidated VIE's, at fair value using the fair value option (7) | $— | $1933 | $172 | $2105 |
| SCS, SIO, MSO and IUL indexed features' liability |  | 17212 |  | 17212 |
| Liabilities for market risk benefits |  |  | 11810 | 11810 |
| Contingent payment arrangements |  |  | 9 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities | $— | $19145 | $11991 | $31136 |

---

______________

(1)Corporate fixed maturities includes both public and private issues.

(2)Includes publicly traded agency pass-through securities and collateralized obligations.

(3)Includes credit-tranched securities collateralized by sub-prime mortgages, credit risk transfer securities and other asset types.

------

**<u>[**Table of Contents**](#idb7c5e5bccf5487492becf35bc3c5c19_10)</u>**

**EQUITABLE HOLDINGS, INC.**

**Notes to Consolidated Financial Statements (Unaudited), Continued**

(4)Includes short position equity securities of $20 million that are reported in other liabilities.

(5)Reflected in Amounts due from reinsurers.

(6)Separate Accounts assets included in the fair value hierarchy exclude investments in entities that calculate NAV per share (or its equivalent) as a practical expedient. Such investments excluded from the fair value hierarchy include investments in real estate. As of December 31, 2024, the fair value of such investments was $320 million.

(7)Accrued interest payable of $11 million is reported in Notes issued by consolidated VIE's, at fair value using the fair value option in the consolidated balance sheets, which is not required to be measured at fair value on a recurring basis.

***Public Fixed Maturities***

The fair values of the Company's public fixed maturities, including those accounted for using the fair value option, are generally based on prices obtained from independent valuation service providers and for which the Company maintains a vendor hierarchy by asset type based on historical pricing experience and vendor expertise. Although each security generally is priced by multiple independent valuation service providers, the Company ultimately uses the price received from the independent valuation service provider highest in the vendor hierarchy based on the respective asset type, with limited exception. To validate reasonableness, prices also are internally reviewed by those with relevant expertise through comparison with directly observed recent market trades. Consistent with the fair value hierarchy, public fixed maturities validated in this manner generally are reflected within Level 2, as they are primarily based on observable pricing for similar assets and/or other market observable inputs.

***Private Fixed Maturities***

The fair values of the Company's private fixed maturities, including those accounted for using the fair value option are determined from prices obtained from independent valuation service providers. Prices not obtained from an independent valuation service provider are determined by using a discounted cash flow model or a market comparable company valuation technique. In certain cases, these models use observable inputs with a discount rate based upon the average of spread surveys collected from private market intermediaries who are active in both primary and secondary transactions, taking into account, among other factors, the credit quality and industry sector of the issuer and the reduced liquidity associated with private placements. Generally, these securities have been reflected within Level 2. For certain private fixed maturities, the discounted cash flow model or a market comparable company valuation technique may also incorporate unobservable inputs, which reflect the Company's own assumptions about the inputs market participants would use in pricing the asset. To the extent management determines that such unobservable inputs are significant to the fair value measurement of a security, a Level 3 classification generally is made.

***Notes issued by consolidated VIE's, at fair value using the fair value option***

These notes are based on the fair values of corresponding fixed maturity collateral. The CLO liabilities are also reduced by the fair value of the beneficial interests the Company retains in the CLO and the carrying value of any beneficial interests that represent compensation for services. As the notes are valued based on the reference collateral, they are classified as Level 2 or 3.

***Freestanding Derivative Positions***

The net fair value of the Company's freestanding derivative positions as disclosed in Note 4 of the Notes to these Consolidated Financial Statements are generally based on prices obtained either from independent valuation service providers or derived by applying market inputs from recognized vendors into industry standard pricing models. The majority of these derivative contracts are traded in the OTC derivative market and are classified in Level 2. The fair values of derivative assets and liabilities traded in the OTC market are determined using quantitative models that require use of the contractual terms of the derivative instruments and multiple market inputs, including interest rates, prices, and indices to generate continuous yield or pricing curves, including overnight index swap curves, and volatility factors, which then are applied to value the positions. The predominance of market inputs is actively quoted and can be validated through external sources or reliably interpolated if less observable.

------

**<u>[**Table of Contents**](#idb7c5e5bccf5487492becf35bc3c5c19_10)</u>**

**EQUITABLE HOLDINGS, INC.**

**Notes to Consolidated Financial Statements (Unaudited), Continued**

<u>Level Classifications of the Company's Financial Instruments</u>

***Financial Instruments Classified as Level 1***

Investments classified as Level 1 primarily include redeemable preferred stock, trading securities, cash equivalents and Separate Accounts assets. Fair value measurements classified as Level 1 include exchange-traded prices of fixed maturities, equity securities and derivative contracts, and NAV for transacting subscriptions and redemptions of mutual fund shares held by Separate Accounts. Cash equivalents classified as Level 1 include money market accounts, overnight commercial paper and highly liquid debt instruments purchased with an original maturity of three months or less and are carried at cost as a proxy for fair value measurement due to their short-term nature.

***Financial Instruments Classified as Level 2***

Investments classified as Level 2 are measured at fair value on a recurring basis and primarily include U.S. government and agency securities, certain corporate debt securities and financial assets and liabilities accounted for using the fair value option, such as public and private fixed maturities. As market quotes generally are not readily available or accessible for these securities, their fair value measures are determined utilizing relevant information generated by market transactions involving comparable securities and often are based on model pricing techniques that effectively discount prospective cash flows to present value using appropriate sector-adjusted credit spreads commensurate with the security's duration, also taking into consideration issuer-specific credit quality and liquidity. Segregated securities classified as Level 2 are U.S. Treasury bills segregated by AB in a special reserve bank custody account for the exclusive benefit of brokerage customers, as required by Rule 15c3-3 of the Securities Exchange Act of 1934, as amended (the "Exchange Act")and for which fair values are based on quoted yields in secondary markets.

Observable inputs generally used to measure the fair value of securities classified as Level 2 include benchmark yields, reported secondary trades, issuer spreads, benchmark securities and other reference data. Additional observable inputs are used when available, and as may be appropriate, for certain security types, such as pre-payment, default, and collateral information for the purpose of measuring the fair value of mortgage- and asset-backed securities. The Company's AAA-rated mortgage- and asset-backed securities are classified as Level 2 for which the observability of market inputs to their pricing models is supported by sufficient, albeit more recently contracted, market activity in these sectors.

Certain Company products, such as the SCS, EQUI-VEST variable annuity products, IUL and the MSO fund available in some life contracts, offer investment options which permit the contract owner to participate in the performance of an index, ETF or commodity price. These investment options, which depending on the product and on the index selected, can currently have one, three, five or six year terms, provide for participation in the performance of specified indices, ETF or commodity price movement up to a segment-specific declared maximum rate. Under certain conditions that vary by product, e.g., holding these segments for the full term, these segments also shield policyholders from some or all negative investment performance associated with these indices, ETF or commodity prices. These investment options have defined formulaic liability amounts, and the current values of the option component of these segment reserves are classified as Level 2 embedded derivatives. The fair values of these embedded derivatives are based on data obtained from independent valuation service providers.

***Financial Instruments Classified as Level 3***

The Company's investments classified as Level 3 primarily include corporate debt securities and financial assets and liabilities accounted for using the fair value option, such as private fixed maturities and asset-backed securities. Determinations to classify fair value measures within Level 3 of the valuation hierarchy generally are based upon the significance of the unobservable factors to the overall fair value measurement. Included in the Level 3 classification are fixed maturities with indicative pricing obtained from brokers that otherwise could not be corroborated to market observable data.

The Company has certain variable annuity contracts with GMDB, GMIB, GIB and GWBL and other features in-force that guarantee one of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Return of Premium: the benefit is the greater of current account value or premiums paid (adjusted for withdrawals);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Ratchet: the benefit is the greatest of current account value, premiums paid (adjusted for withdrawals), or the highest account value on any anniversary up to contractually specified ages (adjusted for withdrawals);

------

**<u>[**Table of Contents**](#idb7c5e5bccf5487492becf35bc3c5c19_10)</u>**

**EQUITABLE HOLDINGS, INC.**

**Notes to Consolidated Financial Statements (Unaudited), Continued**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Roll-Up: the benefit is the greater of current account value or premiums paid (adjusted for withdrawals) accumulated at contractually specified interest rates up to specified ages;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Combo: the benefit is the greater of the ratchet benefit or the roll-up benefit, which may include either a five year or an annual reset; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Withdrawal: the withdrawal is guaranteed up to a maximum amount per year for life.

The Company also issues certain benefits on its variable annuity products that are accounted for as MRBs carried at fair value and are also considered Level 3 for fair value leveling.

The GMIBNLG feature allows the policyholder to receive guaranteed minimum lifetime annuity payments based on predetermined annuity purchase rates applied to the contract's benefit base if and when the contract account value is depleted and the NLG feature is activated. The optional GMIB feature allows the policyholder to receive guaranteed minimum lifetime annuity payments based on predetermined annuity purchase rates.

The GMWB feature allows the policyholder to withdraw at a minimum, over the life of the contract, an amount based on the contract's benefit base. The GWBL feature allows the policyholder to withdraw, each year for the life of the contract, a specified annual percentage of an amount based on the contract's benefit base. The GMAB feature increases the contract account value at the end of a specified period to a GMAB base. The GIB feature provides a lifetime annuity based on predetermined annuity purchase rates if and when the contract account value is depleted. This lifetime annuity is based on predetermined annuity purchase rates applied to a GIB base. The GMDB feature guarantees that the benefit paid upon death will not be less than a guaranteed benefit base. If the contract's account value is less than the benefit base at the time a death claim is paid, the amount payable will be equal to the benefit base.

The MRBs' fair value will be equal to the present value of benefits less the present value of ascribed fees. Considerable judgment is utilized by management in determining the assumptions used in determining present value of benefits and ascribed fees related to lapse rates, withdrawal rates, utilization rates, non-performance risk, volatility rates, annuitization rates and mortality (collectively, the significant MRB assumptions).

Purchased MRB assets, which are accounted for as MRBs carried at fair value are also considered Level 3 for fair value leveling. The purchased MRB asset fair value reflects the present value of reinsurance premiums, net of recoveries, adjusted for risk margins and nonperformance risk over a range of market consistent economic scenarios while the MRB asset and liability reflects the present value of expected future payments (benefits) less fees, adjusted for risk margins and nonperformance risk, attributable to the MRB asset and liability over a range of market-consistent economic scenarios.

The valuations of the MRBs and purchased MRB assets incorporate significant non-observable assumptions related to policyholder behavior, risk margins and projections of equity Separate Accounts funds. The credit risks of the counterparty and of the Company are considered in determining the fair values of its MRBs and purchased MRB assets after taking into account the effects of collateral arrangements. Incremental adjustment to the risk-free curve for counterparty non-performance risk is made to the fair values of the purchased MRB assets. Risk margins were applied to the non-capital markets inputs to the MRBs and purchased MRB valuations.

After giving consideration to collateral arrangements, the Company reduced the fair value of its purchased MRB asset by $49 million and $382 million as of September 30, 2025 and December 31, 2024, respectively, to recognize incremental counterparty non-performance risk.

The Company's Level 3 liabilities include contingent payment arrangements associated with acquisitions in 2020 by AB. At each reporting date, AB estimates the fair values of the contingent consideration expected to be paid based upon revenue and discount rate projections, using unobservable market data inputs, which are included in Level 3 of the valuation hierarchy. The Company's consolidated VIEs/VOEs hold investments that are classified as Level 3, primarily corporate bonds that are vendor priced with no ratings available, bank loans, non-agency collateralized mortgage obligations and asset-backed securities.

------

**<u>[**Table of Contents**](#idb7c5e5bccf5487492becf35bc3c5c19_10)</u>**

**EQUITABLE HOLDINGS, INC.**

**Notes to Consolidated Financial Statements (Unaudited), Continued**

<u>Transfers of Financial Instruments Between Levels 2 and 3</u>

During the nine months ended September 30, 2025, fixed maturities with fair values of $614 million were transferred out of Level 3 and into Level 2 principally due to the availability of trading activity and/or market observable inputs to measure and validate their fair values. In addition, fixed maturities with fair value of $63 million were transferred from Level 2 into the Level 3 classification. These transfers in the aggregate represent approximately 42.2% of total equity as of September 30, 2025.

During the nine months ended September 30, 2024, fixed maturities with fair values of $168 million were transferred out of Level 3 and into Level 2 principally due to the availability of trading activity and/or market observable inputs to measure and validate their fair values. In addition, fixed maturities with fair value of $128 million were transferred from Level 2 into the Level 3 classification. These transfers in the aggregate represent approximately 6.0% of total equity as of September 30, 2024.

The tables below present reconciliations for all Level 3 assets and liabilities and changes in unrealized gains (losses). Not included below are the changes in balances related to MRBs and purchased MRBs level 3 assets and liabilities, which are included in Note 9 of the Notes to these Consolidated Financial Statements.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** |
| | **Corporate** | **State and Political Subdivisions** | **Asset-backed** | **RMBS** | **CMBS** |
| | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** |
| **Balance, beginning of period** | $**2009** | $**—** | $**936** | $**31** | $**19** |
| Total gains and (losses), realized and unrealized, included in: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) as: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | **1** | **—** | **(1)** | **—** | **—** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment gains (losses), net | **2** | **—** | **—** | **—** | **—** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subtotal | **3** | **—** | **(1)** | **—** | **—** |
| &nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive income (loss) | **3** | **—** | **6** | **(1)** | **—** |
| Purchases | **514** | **—** | **400** | **41** | **17** |
| Sales | **(336)** | **—** | **(35)** | **—** | **—** |
| Settlements | **—** | **—** | **—** | **3** | **—** |
| Other | **—** | **—** | **—** | **—** | **—** |
| Activity related to consolidated VIEs/VOEs |  | **—** | **—** | **—** | **—** |
| Transfers into Level 3 (1) | **11** | **—** | **—** | **—** | **(4)** |
| Transfers out of Level 3 (1) | **87** | **—** | **(55)** | **(19)** | **—** |
| **Balance, end of period** | $**2291** | $**—** | $**1251** | $**55** | $**32** |
| Change in unrealized gains or losses for the period included in earnings for instruments held at the end of the reporting period (2) | $**—** | $**—** | $**—** | $**—** | $**—** |
| Change in unrealized gains or losses for the period included in other comprehensive income for instruments held at the end of the reporting period (2) | $**(1)** | $**—** | $**7** | $**(1)** | $**—** |

---

______________

(1)Transfers into/out of the Level 3 classification are reflected at beginning-of-period fair values. Negative transfers into level 3 and positive transfers out of level 3 represent transfers in prior quarters that were sold in the current quarter.

(2)For instruments held as of September 30, 2025, amounts are included in Net investment income or net derivative gains (losses) in the consolidated statements of income (loss) or unrealized gains (losses) on investments in the consolidated statements of comprehensive income.

------

**<u>[**Table of Contents**](#idb7c5e5bccf5487492becf35bc3c5c19_10)</u>**

**EQUITABLE HOLDINGS, INC.**

**Notes to Consolidated Financial Statements (Unaudited), Continued**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** |
| | **Fixed maturities, at FVO** | **Other Equity Investments (3)** | **Trading Securities, at Fair Value** | **Modco Payable** | **Notes issued by consolidated VIE's** | **Contingent Payment Arrangement** |
| | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** |
| **Balance, beginning of period** | $**410** | $**13** | $**127** | $**—** | $**(158)** | $**(8)** |
| Total gains and (losses), realized and unrealized, included in: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) as: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | **2** | **1** | **—** | **—** | **—** | **—** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment gains (losses), net | **—** | **—** | **—** | **—** | **—** | **—** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subtotal | **2** | **1** | **—** | **—** | **—** | **—** |
| &nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive income (loss) | **—** | **—** | **—** | **—** | **—** | **—** |
| Purchases | **52** | **3** | **72** | **—** | **—** | **—** |
| Debt issuances | **—** | **—** | **—** | **—** | **(57)** | **—** |
| Sales | **(27)** | **(3)** | **—** | **—** | **—** | **—** |
| Settlements | **—** | **—** | **—** | **—** | **3** | **(1)** |
| Change in fair value of Modco payable | **—** | **—** | **—** | **(2)** | **—** | **—** |
| Other | **—** | **—** | **—** | **—** | **—** | **—** |
| Activity related to consolidated VIEs/VOEs | **—** | **32** | **—** | **—** | **—** | **—** |
| Transfers into Level 3 (1) | **(49)** | **2** | **—** | **—** | **—** | **—** |
| Transfers out of Level 3 (1) | **(10)** | **—** | **—** | **—** | **—** | **—** |
| **Balance, end of period** | $**378** | $**48** | $**199** | $**(2)** | $**(212)** | $**(9)** |
| Change in unrealized gains or losses for the period included in earnings for instruments held at the end of the reporting period (2) | $**3** | $**1** | $**—** | $**—** | $**—** | $**—** |
| Change in unrealized gains or losses for the period included in other comprehensive income for instruments held at the end of the reporting period (2) | $**—** | $**—** | $**—** | $**—** | $**—** | $**—** |

---

______________

(1)Transfers into/out of the Level 3 classification are reflected at beginning-of-period fair values. Negative transfers into level 3 and positive transfers out of level 3 represent transfers in prior quarters that were sold in the current quarter.

(2)For instruments held as of September 30, 2025, amounts are included in Net investment income or net derivative gains (losses) in the consolidated statements of income (loss) or unrealized gains (losses) on investments in the consolidated statements of comprehensive income.

(3)Other Equity Investments include other invested assets.

------

**<u>[**Table of Contents**](#idb7c5e5bccf5487492becf35bc3c5c19_10)</u>**

**EQUITABLE HOLDINGS, INC.**

**Notes to Consolidated Financial Statements (Unaudited), Continued**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Three Months Ended September 30, 2024 | Three Months Ended September 30, 2024 | Three Months Ended September 30, 2024 | Three Months Ended September 30, 2024 | Three Months Ended September 30, 2024 |
| | Corporate (3) | State and Political Subdivisions | Asset-backed (3) | RMBS | CMBS |
| | (in millions) | (in millions) | (in millions) | (in millions) | (in millions) |
| Balance, beginning of period | $2395 | $— | $179 | $— | $7 |
| Total gains and (losses), realized and unrealized, included in: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) as: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | 2 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment gains (losses), net | (1) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subtotal | 1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive income (loss) | 35 |  | 1 |  | 1 |
| Purchases | 309 |  | 22 |  |  |
| Sales | (365) |  | (8) |  |  |
| Settlements |  |  |  |  |  |
| Other |  |  |  |  |  |
| Activity related to consolidated VIEs/VOEs |  |  |  |  |  |
| Transfers into Level 3 (1) | (30) |  |  |  |  |
| Transfers out of Level 3 (1) | (27) |  |  |  |  |
| Balance, end of period | $2318 | $— | $194 | $— | $8 |
| Change in unrealized gains or losses for the period included in earnings for instruments held at the end of the reporting period (2) | $— | $— | $— | $— | $— |
| Change in unrealized gains or losses for the period included in other comprehensive income for instruments held at the end of the reporting period (2) | $34 | $— | $2 | $— | $— |

---

______________

(1)Transfers into/out of the Level 3 classification are reflected at beginning-of-period fair values. Negative transfers into level 3 and positive transfers out of level 3 represent transfers in prior quarters that were sold in the current quarter.

(2)For instruments held as of September 30, 2024, amounts are included in Net investment income or net derivative gains (losses) in the consolidated statements of income (loss) or unrealized gains (losses) on investments in the consolidated statements of comprehensive income.

(3)Prior periods amounts have been revised to improve comparability.

------

**<u>[**Table of Contents**](#idb7c5e5bccf5487492becf35bc3c5c19_10)</u>**

**EQUITABLE HOLDINGS, INC.**

**Notes to Consolidated Financial Statements (Unaudited), Continued**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Three Months Ended September 30, 2024 | Three Months Ended September 30, 2024 | Three Months Ended September 30, 2024 | Three Months Ended September 30, 2024 | Three Months Ended September 30, 2024 | Three Months Ended September 30, 2024 |
| | Fixed maturities, at FVO | Other Equity Investments (3) | Trading Securities, at Fair Value | Modco payable | Separate Accounts Assets | Contingent Payment Arrangement |
| | (in millions) | (in millions) | (in millions) | (in millions) | (in millions) | (in millions) |
| Balance, beginning of period | $224 | $59 | $57 | $— | $— | $(255) |
| Total gains and (losses), realized and unrealized, included in: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) as: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | 2 | 1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment gains (losses), net | 1 |  | 1 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subtotal | 3 | 1 | 1 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive income (loss) |  |  |  |  |  |  |
| Purchases | 114 | (4) |  |  |  |  |
| Sales | (53) | 1 |  |  |  |  |
| Settlements |  |  |  |  |  |  |
| Change in fair value of modco payable |  |  |  |  |  |  |
| Other |  |  |  |  |  | 126 |
| Activity related to consolidated VIEs/VOEs |  | (1) |  |  |  |  |
| Transfers into Level 3 (1) | 22 |  |  |  |  |  |
| Transfers out of Level 3 (1) | 2 |  |  |  |  |  |
| Balance, end of period | $312 | $56 | $58 | $— | $— | $(129) |
| Change in unrealized gains or losses for the period included in earnings for instruments held at the end of the reporting period (2) | $20 | $1 | $— | $— | $— | $— |
| Change in unrealized gains or losses for the period included in other comprehensive income for instruments held at the end of the reporting period (2) | $— | $— | $— | $— | $— | $— |

---

______________

(1)Transfers into/out of the Level 3 classification are reflected at beginning-of-period fair values. Negative transfers into level 3 and positive transfers out of level 3 represent transfers in prior quarters that were sold in the current quarter.

(2)For instruments held as of September 30, 2024, amounts are included in Net investment income or net derivative gains (losses) in the consolidated statements of income (loss) or unrealized gains (losses) on investments in the consolidated statements of comprehensive income.

(3)Other Equity Investments include other invested assets.

------

**<u>[**Table of Contents**](#idb7c5e5bccf5487492becf35bc3c5c19_10)</u>**

**EQUITABLE HOLDINGS, INC.**

**Notes to Consolidated Financial Statements (Unaudited), Continued**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** |
| | **Corporate** | **State and Political Subdivisions** | **Asset-backed** | **RMBS** | **CMBS** |
| | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** |
| **Balance, beginning of period** | $**2419** | $**—** | $**285** | $**—** | $**8** |
| Total gains and (losses), realized and unrealized, included in: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) as: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | **4** | **—** | **(1)** | **—** | **—** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment gains (losses), net | **(1)** | **—** | **—** | **—** | **—** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subtotal | **3** | **—** | **(1)** | **—** | **—** |
| &nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive income (loss) | **30** | **—** | **12** | **—** | **1** |
| Purchases | **938** | **—** | **1184** | **55** | **28** |
| Debt issuances | **—** | **—** | **—** |  | **—** |
| Sales | **(726)** | **—** | **(168)** | **—** | **(5)** |
| Settlements | **—** | **—** | **—** | **—** | **—** |
| Other | **—** | **—** | **—** | **—** | **—** |
| Activity related to consolidated VIEs/VOEs | **—** | **—** | **—** | **—** | **—** |
| Transfers into Level 3 (1) | **13** | **—** | **—** | **—** | **—** |
| Transfers out of Level 3 (1) | **(386)** | **—** | **(61)** | **—** | **—** |
| **Balance, end of period** | $**2291** | $**—** | $**1251** | $**55** | $**32** |
| Change in unrealized gains or losses for the period included in earnings for instruments held at the end of the reporting period (2) | $**—** | $**—** | $**—** | $**—** | $**—** |
| Change in unrealized gains or losses for the period included in other comprehensive income for instruments held at the end of the reporting period (2) | $**21** | $**—** | $**10** | $**—** | $**—** |

---

______________

(1)Transfers into/out of the Level 3 classification are reflected at beginning-of-period fair values.

(2)For instruments held as of September 30, 2025, amounts are included in Net investment income or net derivative gains (losses) in the consolidated statements of income (loss) or unrealized gains (losses) on investments in the consolidated statements of comprehensive income.

------

**<u>[**Table of Contents**](#idb7c5e5bccf5487492becf35bc3c5c19_10)</u>**

**EQUITABLE HOLDINGS, INC.**

**Notes to Consolidated Financial Statements (Unaudited), Continued**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** |
| | **Fixed maturities, at FVO** | **Other Equity Investments (1)** | **Trading Securities, at Fair Value** | **Modco Payable** | **Notes issued by consolidated VIE's** | **Contingent Payment Arrangement** |
| | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** |
| **Balance, beginning of period** | $**275** | $**55** | $**80** | $**—** | $**(172)** | $**(9)** |
| Total gains and (losses), realized and unrealized, included in: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) as: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | **3** | **2** | **—** | **—** | **—** | **—** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment gains (losses), net | **(4)** | **—** | **—** | **—** | **—** | **—** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subtotal | **(1)** | **2** | **—** |  | **—** | **—** |
| &nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive income (loss) | **—** | **—** | **—** | **—** | **—** | **—** |
| Purchases | **251** | **17** | **119** | **—** | **—** | **—** |
| Debt issuances | **—** | **—** | **—** | **—** | **(60)** | **—** |
| Sales | **(68)** | **(19)** | **—** | **—** | **—** | **—** |
| Settlements | **—** | **—** | **—** | **—** | **20** | **—** |
| Change in fair value of modco payable | **—** | **—** | **—** | **(2)** | **—** | **—** |
| Other | **—** | **—** | **—** | **—** | **—** | **—** |
| Activity related to consolidated VIEs/VOEs | **—** | **31** | **—** | **—** | **—** | **—** |
| Transfers into Level 3 (2) | **46** | **4** | **—** | **—** | **—** | **—** |
| Transfers out of Level 3 (2) | **(125)** | **(42)** | **—** | **—** | **—** | **—** |
| **Balance, end of period** | $**378** | $**48** | $**199** | $**(2)** | $**(212)** | $**(9)** |
| Change in unrealized gains or losses for the period included in earnings for instruments held at the end of the reporting period (3) | $**2** | $**2** | $**—** | $**—** | $**—** | $**—** |
| Change in unrealized gains or losses for the period included in other comprehensive income for instruments held at the end of the reporting period (3) | $**—** | $**—** | $**—** | $**—** | $**—** | $**—** |

---

______________

(1)Other Equity Investments include other invested assets.

(2)Transfers into/out of the Level 3 classification are reflected at beginning-of-period fair values.

(3)For instruments held as of September 30, 2025, amounts are included in Net investment income or net derivative gains (losses) in the consolidated statements of income (loss) or unrealized gains (losses) on investments in the consolidated statements of comprehensive income.

------

**<u>[**Table of Contents**](#idb7c5e5bccf5487492becf35bc3c5c19_10)</u>**

**EQUITABLE HOLDINGS, INC.**

**Notes to Consolidated Financial Statements (Unaudited), Continued**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Nine Months Ended September 30, 2024 | Nine Months Ended September 30, 2024 | Nine Months Ended September 30, 2024 | Nine Months Ended September 30, 2024 |
| | Corporate (3) | State and Political Subdivisions | Asset-backed (3) | CMBS |
| | (in millions) | (in millions) | (in millions) | (in millions) |
| Balance, beginning of period | $2089 | $— | $143 | $7 |
| Total gains and (losses), realized and unrealized, included in: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) as: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | 6 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment gains (losses), net | (3) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subtotal | 3 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive income (loss) | 46 |  | 2 | 1 |
| Purchases | 1040 |  | 94 |  |
| Sales | (786) |  | (31) |  |
| Settlements |  |  |  |  |
| Other |  |  |  |  |
| Activity related to consolidated VIEs/VOEs |  |  |  |  |
| Transfers into Level 3 (1) |  |  |  |  |
| Transfers out of Level 3 (1) | (74) |  | (14) |  |
| Balance, end of period | $2318 | $— | $194 | $8 |
| Change in unrealized gains or losses for the period included in earnings for instruments held at the end of the reporting period (2) | $— | $— | $— | $— |
| Change in unrealized gains or losses for the period included in other comprehensive income for instruments held at the end of the reporting period (2) | $44 | $— | $2 | $— |

---

______________

(1)Transfers into/out of the Level 3 classification are reflected at beginning-of-period fair values.

(2)For instruments held as of September 30, 2024, amounts are included in Net investment income or net derivative gains (losses) in the consolidated statements of income (loss) or unrealized gains (losses) on investments in the consolidated statements of comprehensive income.

(3)Prior periods amounts have been revised to improve comparability.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Nine Months Ended September 30, 2024 | Nine Months Ended September 30, 2024 | Nine Months Ended September 30, 2024 | Nine Months Ended September 30, 2024 | Nine Months Ended September 30, 2024 |
| | Fixed maturities, at FVO | Other <br>Equity Investments (1) | Trading Securities, at Fair Value | Modco Payable | Contingent Payment Arrangement |
| | (in millions) | (in millions) | (in millions) | (in millions) | (in millions) |
| Balance, beginning of period | $181 | $57 | $61 | $— | $(253) |
| Total gains and (losses), realized and unrealized, included in: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) as: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | 6 | 2 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment gains (losses), net | 1 |  | (3) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subtotal | 7 | 2 | (3) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive income (loss) |  |  |  |  |  |
| Purchases | 161 |  |  |  |  |
| Sales | (86) | (2) |  |  |  |
| Settlements |  |  |  |  | 3 |
| Change in fair value of modco payable |  |  |  |  |  |
| Other |  |  |  |  | 121 |
| Activity related to consolidated VIEs/VOEs |  | (1) |  |  |  |

---

------

**<u>[**Table of Contents**](#idb7c5e5bccf5487492becf35bc3c5c19_10)</u>**

**EQUITABLE HOLDINGS, INC.**

**Notes to Consolidated Financial Statements (Unaudited), Continued**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Nine Months Ended September 30, 2024 | Nine Months Ended September 30, 2024 | Nine Months Ended September 30, 2024 | Nine Months Ended September 30, 2024 | Nine Months Ended September 30, 2024 |
| | Fixed maturities, at FVO | Other <br>Equity Investments (1) | Trading Securities, at Fair Value | Modco Payable | Contingent Payment Arrangement |
| | (in millions) | (in millions) | (in millions) | (in millions) | (in millions) |
| Transfers into Level 3 (2) | 101 |  |  |  |  |
| Transfers out of Level 3 (2) | (52) |  |  |  |  |
| Balance, end of period | $312 | $56 | $58 | $— | $(129) |
| Change in unrealized gains or losses for the period included in earnings for instruments held at the end of the reporting period (3) | $20 | $2 | $(4) | $— | $— |
| Change in unrealized gains or losses for the period included in other comprehensive income for instruments held at the end of the reporting period (3) | $31 | $— | $— | $— | $— |

---

_____________

(1)Other Equity Investments include other invested assets.

(2)Transfers into/out of the Level 3 classification are reflected at beginning-of-period fair values.

(3)For instruments held as of September 30, 2024, amounts are included in Net investment income or net derivative gains (losses) in the consolidated statements of income (loss) or unrealized gains (losses) on investments in the consolidated statements of comprehensive income.

------

**<u>[**Table of Contents**](#idb7c5e5bccf5487492becf35bc3c5c19_10)</u>**

**EQUITABLE HOLDINGS, INC.**

**Notes to Consolidated Financial Statements (Unaudited), Continued**

<u>Quantitative and Qualitative Information about Level 3 Fair Value Measurements</u>

The following tables disclose quantitative information about Level 3 fair value measurements by category for assets and liabilities:

**Quantitative Information about Level 3 Fair Value Measurements as of September 30, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Fair<br>Value** | **Valuation**<br>**Technique** | **Significant**<br>**Unobservable Input** | **Range** | **Weighted Average (2)** |
| | **(Dollars in millions)** | **(Dollars in millions)** | **(Dollars in millions)** | **(Dollars in millions)** | **(Dollars in millions)** |
| **Assets:** | | | | | |
| Investments: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Fixed maturities, AFS: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Corporate | **1184** | Market comparable <br>companies | EBITDA multiples<br>Discount rate<br>Cash flow multiples<br>Loan to value | **4.9x - 35.0x**<br>**7.8% - 19.7%**<br>**2.3x - 18.5x**<br>**3.2% - 52.5%** | **13.4x**<br>**4.2%**<br>**6.4x**<br>**12.2%** |
| &nbsp;&nbsp;Trading securities, at fair value (5) | **75** | Discounted cash flow | Earnings multiple<br>Discount factor<br>Discount years | **8.6x**<br>**10.0%**<br>**7** |  |
|  | **81** | Market comparable <br>companies | EBITDA Multiples<br>Cashflow Multiples | **8.5x - 31.3x**<br>**4.3x - 14.5x** | **15.4x**<br>**7.8x** |
| &nbsp;&nbsp;Purchased MRB asset (1) (2) (4) | **5415** | Discounted cash flow | Lapse rates<br>Withdrawal rates<br>GMIB Utilization rates<br>Non-performance risk<br>Volatility rates - Equity<br>Mortality: Ages 0-40<br>Ages 41-60<br>Ages 61-115 | **0.04%-13.67%**<br>**0.12%-6.51%**<br>**0.04%-63.69%**<br>**5 bps - 86 bps**<br>**13%-31%**<br>**0.01%-0.17%**<br>**0.06%-0.51%**<br>**0.31%-40.40%** | **2.32%**<br>**0.63%**<br>**6.83%**<br>**8 bps**<br>**23%**<br>**3.38%**<br>**(same for all ages)**<br>**(same for all ages)** |
| **Liabilities:** |  |  |  |  |  |
| &nbsp;&nbsp;AB Contingent consideration payable | $**9** | Discounted cash flow | Expected revenue growth rates<br>Discount rate | **2.0% - 13.3%**<br>**1.9% - 1.9%** | **6.8%**<br>**1.9%** |
| &nbsp;&nbsp;Direct MRB (1) (2) (3) (4) | **9539** | Discounted cash flow | Non-performance risk<br>Lapse rates<br>Withdrawal rates<br>Annuitization rates<br>Mortality: Ages 0-40<br>Ages 41-60<br>Ages 61-115 | **81 bps**<br>**0.04%-38.09%**<br>**0.00%-8.00%**<br>**0.04%-100.00%**<br>**0.01%-0.17%**<br>**0.06%-0.51%**<br>**0.31%-40.40%** | **81 bps**<br>**4.07%**<br>**0.75%**<br>**5.22%**<br>**2.93%**<br>**(same for all ages)**<br>**(same for all ages)** |

---

______________

(1)Mortality rates vary by age and demographic characteristic such as gender. Mortality rate assumptions are based on a combination of company and industry experience. A mortality improvement assumption is also applied. For any given contract, mortality rates vary throughout the period over which cash flows are projected for purposes of valuating the embedded derivatives.

(2)Lapses and pro-rata withdrawal rates were developed as a function of the policy account value. Dollar for dollar withdrawal rates were developed as a function of the dollar for dollar threshold, the dollar for dollar limit. Utilization rates were developed as a function of the benefit base.

(3)MRB liabilities are shown net of MRB assets. Net amount is made up of $10.3 billion of MRB liabilities and $762 million of MRB assets.

(4)Includes Legacy and Core products.

(5)Certain newly acquired Level 3 Trading securities are not presented as cost basis approximates fair value as of September 30, 2025.

------

**<u>[**Table of Contents**](#idb7c5e5bccf5487492becf35bc3c5c19_10)</u>**

**EQUITABLE HOLDINGS, INC.**

**Notes to Consolidated Financial Statements (Unaudited), Continued**

Quantitative Information about Level 3 Fair Value Measurements as of December 31, 2024

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Fair<br>Value | Valuation<br>Technique | Significant<br>Unobservable Input | Range | Weighted Average (2) |
| | (Dollars in millions) | (Dollars in millions) | (Dollars in millions) | (Dollars in millions) | (Dollars in millions) |
| Assets: |  |  |  |  |  |
| Investments: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Fixed maturities, AFS: |  |  |  |  |  |
| &nbsp;&nbsp;Corporate | $402 | Matrix pricing model | Spread over benchmark | 70 bps - 220 bps | 153 bps |
|  | 981 | Market comparable companies | EBITDA multiples<br> Discount rate<br> Cash flow multiples<br>Loan to value | 4.7x - 36.5x<br>8.4% - 34.9% <br>1.8x-11.8x<br>0.0%-56.4% | 12.2x<br>3.9%<br>4.5x<br>15.0% |
| &nbsp;&nbsp;Trading securities, at fair value (5) | 75 | Discounted cash flow | Earnings multiple<br>Discounts factor<br>Discount years | 8.6x<br>10.0%<br>7 |  |
|  | 1 | Market comparable companies | Cashflow Multiples | 8.4x - 8.4x  | 8.4x |
| &nbsp;&nbsp;Purchased MRB asset (1) (2) (4) | 7376 | Discounted cash flow | Lapse rates<br>Withdrawal rates<br>GMIB Utilization rates<br>Non-performance risk<br>Volatility rates - Equity<br>Mortality: Ages 0-40<br>Ages 41-60<br>Ages 61-115 | 0.24% - 13.05%<br>0.06% - 11.65%<br>0.04% - 66.70%<br>33 bps - 93 bps<br>12% - 29%<br>0.01% - 0.17%<br>0.06% - 0.52%<br>0.32% - 41.20% | 2.17%<br>0.48%<br>6.75%<br>34 bps<br>23%<br>3.36%<br>(same for all ages)<br>(same for all ages) |
| Liabilities: |  |  |  |  |  |
| &nbsp;&nbsp;AB Contingent consideration payable | $9 | Discounted cash flow | Expected revenue growth rates<br>Discount rate | 2.0% - 29.3%<br>1.9% - 10.4% | 5.5%<br>7.3% |
| &nbsp;&nbsp;Direct MRB (1) (2) (3) (4) | 10947 | Discounted cash flow | Non-performance risk<br>Lapse rates<br>Withdrawal rates<br>Annuitization rates<br>Mortality: Ages 0-40<br>Ages 41-60<br>Ages 61-115 | 94 bps<br>0.24% - 36.18%<br>0.00% - 11.65%<br>0.04% - 100.00%<br>0.01% - 0.17%<br>0.06% - 0.52%<br>0.32% - 41.20% | 94 bps<br>3.57%<br>0.58%<br>5.15%<br>3.00%<br>(same for all ages)<br>(same for all ages) |

---

______________

(1)Mortality rates vary by age and demographic characteristic such as gender and benefits elected with the policy. Mortality rate assumptions are based on a combination of company and industry experience. A mortality improvement assumption is also applied. For any given contract, mortality rates vary throughout the period over which cash flows are projected for purposes of valuating the embedded derivatives.

(2)Lapses and pro-rata withdrawal rates were developed as a function of the policy account value. Dollar for dollar withdrawal rates were developed as a function of the dollar for dollar threshold, the dollar for dollar limit. Utilization rates were developed as a function of the benefit base.

(3)MRB liabilities are shown net of MRB assets. Net amount is made up of $11.8 billion of MRB liabilities and $863 million of MRB assets.

(4)Includes Legacy and Core products.

(5)Certain newly acquired Level 3 Trading securities are not presented as cost basis approximates fair value as of December 31, 2024.

------

**<u>[**Table of Contents**](#idb7c5e5bccf5487492becf35bc3c5c19_10)</u>**

**EQUITABLE HOLDINGS, INC.**

**Notes to Consolidated Financial Statements (Unaudited), Continued**

***Level 3 Financial Instruments for which Quantitative Inputs are Not Available***

<u>Certain Privately Placed Debt Securities with Limited Trading Activity</u>

Excluded from the tables above as of September 30, 2025 and December 31, 2024, respectively, are approximately $2.9 billion and $1.7 billion of Level 3 fair value measurements of investments for which the underlying quantitative inputs are not developed by the Company and are not readily available. These investments primarily consist of certain privately placed debt securities with limited trading activity, including residential mortgage- and asset-backed instruments, and their fair values generally reflect unadjusted prices obtained from independent valuation service providers and indicative, non-binding quotes obtained from third-party broker-dealers recognized as market participants. Significant increases or decreases in the fair value amounts received from these pricing sources may result in the Company reporting significantly higher or lower fair value measurements for these Level 3 investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The fair value of private placement securities is determined by application of a matrix pricing model or a market comparable company value technique. The significant unobservable input to the matrix pricing model valuation technique is the spread over the industry-specific benchmark yield curve. Generally, an increase or decrease in spreads would lead to directionally inverse movement in the fair value measurements of these securities. The significant unobservable input to the market comparable company valuation technique is the discount rate. Generally, a significant increase (decrease) in the discount rate would result in significantly lower (higher) fair value measurements of these securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Residential mortgage-backed securities classified as Level 3 primarily consist of non-agency paper with low trading activity. Included in the tables above as of September 30, 2025 and December 31, 2024, there were no Level 3 securities that were determined by application of a matrix pricing model and for which the spread over the U.S. Treasury curve is the most significant unobservable input to the pricing result. Generally, a change in spreads would lead to directionally inverse movement in the fair value measurements of these securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Asset-backed securities classified as Level 3 primarily consist of non-agency mortgage loan trust certificates, including subprime and Alt-A paper, credit risk transfer securities, and equipment financings. Included in the tables above as of September 30, 2025 and December 31, 2024, there were no securities that were determined by the application of matrix-pricing for which the spread over the U.S. Treasury curve is the most significant unobservable input to the pricing result. Significant increases (decreases) in spreads would have resulted in significantly lower (higher) fair value measurements.

<u>Other Equity Investments</u>

Included in other equity investments classified as Level 3 are venture capital securities in the Technology, Media and Telecommunications industries. The fair value measurements of these securities include significant unobservable inputs including an enterprise value to revenue multiples and a discount rate to account for liquidity and various risk factors. Significant increases (decreases) in the enterprise value to revenue multiple inputs in isolation would have resulted in a significantly higher (lower) fair value measurement. Significant increases (decreases) in the discount rate would have resulted in a significantly lower (higher) fair value measurement.

<u>Market Risk Benefits</u>

Significant unobservable inputs with respect to the fair value measurement of the purchased MRB assets and MRB liabilities identified in the table above are developed using Company data. Future policyholder behavior is an unobservable market assumption and, as such, all aspects of policyholder behavior are derived based on recent historical experience. These policyholder behaviors include lapses, pro-rata withdrawals, dollar for dollar withdrawals, GMIB utilization, deferred mortality and payout phase mortality. Many of these policyholder behaviors have dynamic adjustment factors based on the relative value of the rider as compared to the account value in different economic environments. This applies to all variable annuity related products; products with GMxB riders including but not limited to GMIB, GMDB, and GWL.

Lapse rates are adjusted at the contract level based on a comparison of the value of the GMxB rider and the current policyholder account value, which include other factors such as considering surrender charges. Generally, lapse rates are assumed to be lower in periods when a surrender charge applies. A dynamic lapse function reduces the base lapse rate when the guaranteed amount is greater than the account value as in-the-money contracts are less likely to lapse. For valuing purchased MRB assets and MRB liabilities, lapse rates vary throughout the period over which cash flows are projected.

------

**<u>[**Table of Contents**](#idb7c5e5bccf5487492becf35bc3c5c19_10)</u>**

**EQUITABLE HOLDINGS, INC.**

**Notes to Consolidated Financial Statements (Unaudited), Continued**

<u>Carrying Value of Financial Instruments Not Otherwise Disclosed in Note 3 and Note 4 of the Notes to these Consolidated Financial Statements</u>

The carrying values and fair values for financial instruments not otherwise disclosed in Note 3 and Note 4 of the Notes to these Consolidated Financial Statements were as follows:

**Carrying Values and Fair Values for Financial Instruments Not Otherwise Disclosed**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Carrying<br>Value** | **Fair Value** | **Fair Value** | **Fair Value** | **Fair Value** |
| | **Carrying<br>Value** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** |
| **September 30, 2025:** | | | | | |
| &nbsp;&nbsp;&nbsp;Mortgage loans on real estate | $**22150** | $**—** | $**—** | $**21283** | $**21283** |
| &nbsp;&nbsp;&nbsp;Policy loans | $**1855** | $**—** | $**—** | $**1951** | $**1951** |
| &nbsp;&nbsp;&nbsp;Policyholders' liabilities: Investment contracts | $**2787** | $**—** | $**—** | $**2762** | $**2762** |
| &nbsp;&nbsp;Modco payable (1) | $**310** | $**—** | $**—** | $**310** | $**310** |
| &nbsp;&nbsp;&nbsp;FHLB funding agreements | $**7081** | $**—** | $**7035** | $**—** | $**7035** |
| &nbsp;&nbsp;&nbsp;FABN funding agreements | $**9746** | $**—** | $**9614** | $**—** | $**9614** |
| &nbsp;&nbsp;&nbsp;Funding agreement-backed commercial paper (FABCP) | $**1040** | $**—** | $**1066** | $**—** | $**1066** |
| &nbsp;&nbsp;&nbsp;Long-term debt | $**3833** | $**—** | $**3847** | $**—** | $**3847** |
| &nbsp;&nbsp;&nbsp;Separate Accounts liabilities | $**12634** | $**—** | $**—** | $**12634** | $**12634** |
| December 31, 2024: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Mortgage loans on real estate | $20072 | $— | $— | $18567 | $18567 |
| &nbsp;&nbsp;&nbsp;Policy loans | $4330 | $— | $— | $4559 | $4559 |
| &nbsp;&nbsp;&nbsp;Policyholders' liabilities: Investment contracts | $2046 | $— | $— | $1996 | $1996 |
| &nbsp;&nbsp;Modco payable (1) | $— | $— | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;FHLB funding agreements | $7167 | $— | $7113 | $— | $7113 |
| &nbsp;&nbsp;&nbsp;FABN funding agreements | $5725 | $— | $5481 | $— | $5481 |
| &nbsp;&nbsp;&nbsp;Funding agreement-backed commercial paper (FABCP) | $74 | $— | $75 | $— | $75 |
| &nbsp;&nbsp;&nbsp;Long-term debt | $3833 | $— | $3722 | $— | $3722 |
| &nbsp;&nbsp;&nbsp;Separate Accounts liabilities | $12055 | $— | $— | $12055 | $12055 |

---

______________

(1)Modco payable is reported in Amounts due from reinsurers in the consolidated balance sheets.

***Mortgage Loans on Real Estate***

Fair values for commercial, agricultural and residential mortgage loans on real estate are measured by discounting future contractual cash flows to be received on the mortgage loan using interest rates at which loans with similar characteristics and credit quality would be made. The discount rate is derived based on the appropriate U.S. Treasury rate with a like term to the remaining term of the loan to which a spread reflective of the risk premium associated with the specific loan is added. Fair values for mortgage loans anticipated to be foreclosed and problem mortgage loans are limited to the fair value of the underlying collateral, if lower.

***Policy Loans***

The fair value of policy loans is calculated by discounting expected cash flows based upon the U.S. Treasury yield curve and historical loan repayment patterns.

------

**<u>[**Table of Contents**](#idb7c5e5bccf5487492becf35bc3c5c19_10)</u>**

**EQUITABLE HOLDINGS, INC.**

**Notes to Consolidated Financial Statements (Unaudited), Continued**

***Policyholder Liabilities - Investment Contracts and Separate Accounts Liabilities***

The fair values for deferred annuities and certain annuities, which are included in policyholders' account balances, and liabilities for investment contracts with fund investments in Separate Accounts, are estimated using projected cash flows discounted at rates reflecting current market rates. Significant unobservable inputs reflected in the cash flows include lapse rates and withdrawal rates. Incremental adjustments may be made to the fair value to reflect non-performance risk. Certain other products such as the Company's association plans contracts, supplementary contracts not involving life contingencies, Access Accounts and Escrow Shield Plus product reserves are held at book value.

***FHLB Funding Agreements***

The fair values of Equitable Financial and Equitable America's FHLB long term funding agreements' fair values are determined based on indicative market rates published by the FHLB, provided to AB and modeled for each note's FMV. FHLB short-term funding agreements' fair values are reflective of notional/par value plus accrued interest.

***FABN Funding Agreements***

The fair values of Equitable Financial and Equitable America's FABN funding agreements are determined by Bloomberg's evaluated pricing service, which uses direct observations or observed comparables.

***FABCP Funding Agreements***

The fair value of Equitable Financial's FABCP funding agreements are reflective of the notional/par value outstanding.

***Short-term Debt***

The Company's short-term debt primarily includes long-term debt that has been reclassified to short-term due to an upcoming maturity date within one year. The fair values for the Company's short-term debt are determined by Bloomberg's evaluated pricing service, which uses direct observations or observed comparables.

***Long-term Debt***

The fair values for the Company's long-term debt are determined by Bloomberg's evaluated pricing service, which uses direct observations or observed comparables.

<u>Financial Instruments Exempt from Fair Value Disclosure or Otherwise Not Required to be Disclosed</u>

***Exempt from Fair Value Disclosure Requirements***

Certain financial instruments are exempt from the requirements for fair value disclosure, such as insurance liabilities other than financial guarantees and investment contracts, limited partnerships accounted for under the equity method and pension and other postretirement obligations.

***Otherwise Not Required to be Included in the Table Above***

The Company's investment in COLI policies are recorded at their cash surrender value and therefore are not required to be included in the table above. See Note 2 of the Notes to these Consolidated Financial Statements for further description of the Company's accounting policy related to its investment in COLI policies.

8**)&nbsp;&nbsp;&nbsp;&nbsp;LIABILITIES FOR FUTURE POLICYHOLDER BENEFITS**

The following table reconciles the net liability for future policy benefits and liability of death benefits to the liability for future policy benefits in the consolidated balance sheets:

------

**<u>[**Table of Contents**](#idb7c5e5bccf5487492becf35bc3c5c19_10)</u>**

**EQUITABLE HOLDINGS, INC.**

**Notes to Consolidated Financial Statements (Unaudited), Continued**

---

| | | |
|:---|:---|:---|
| | **September 30, 2025** | December 31, 2024 |
| | **(in millions)** | **(in millions)** |
| **Reconciliation** |  |  |
| &nbsp;&nbsp;Term | $**1263** | $1285 |
| &nbsp;&nbsp;Payout | **5119** | 5050 |
| &nbsp;&nbsp;Group Pension - Benefit Reserve & DPL | **442** | 460 |
| &nbsp;&nbsp;Health | **1336** | 1362 |
| &nbsp;&nbsp;UL | **1309** | 1246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subtotal | **9469** | 9403 |
| &nbsp;&nbsp;&nbsp;&nbsp;Whole Life Closed Block and Open Block products | **5028** | 5204 |
| &nbsp;&nbsp;Other (1) | **928** | 901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Future policyholder benefits total | **15425** | 15508 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other policyholder funds and dividends payable | **2186** | 2105 |
| **Total** | $**17611** | $17613 |

---

_____________

(1)Primarily consists of future policy benefits related to Protective Life and Annuity, Assumed Life and Disability, Group Life Run off, Variable Interest Sensitive Life rider and EB.

The following table summarizes balances and changes in the liability for future policy benefits for nonparticipating traditional and limited pay contracts:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | Nine Months Ended September 30, 2024 | Nine Months Ended September 30, 2024 | Nine Months Ended September 30, 2024 | Nine Months Ended September 30, 2024 |
| | **Retirement** | **Corporate & Other** | **Corporate & Other** | **Corporate & Other** | Retirement | Corporate & Other | Corporate & Other | Corporate & Other |
| | **Payout** | **Term** | **Group Pension** | **Health** | Payout | Term | Group Pension | Health |
| | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** |
| **Present Value of Expected Net Premiums** |  |  |  |  |  |  |  |  |
| **Balance, beginning of period** | $**—** | $**1932** | $**—** | $**(25)** | $— | $2133 | $— | $(21) |
| &nbsp;&nbsp;&nbsp;Beginning balance at original discount rate | **—** | **1959** | **—** | **(26)** |  | 2058 |  | (22) |
| &nbsp;&nbsp;&nbsp;Effect of changes in cash flow assumptions | **—** | **(30)** | **—** | **—** |  | 21 |  | (3) |
| &nbsp;&nbsp;&nbsp;Effect of actual variances from expected experience | **—** | **(68)** | **—** | **(2)** |  | (79) |  | (5) |
| Adjusted beginning of period balance | **—** | **1861** | **—** | **(28)** |  | 2000 |  | (30) |
| &nbsp;&nbsp;&nbsp;Issuances | **—** | **28** | **—** | **—** |  | 40 |  |  |
| &nbsp;&nbsp;&nbsp;Interest accrual | **—** | **69** | **—** | **(1)** |  | 73 |  | (1) |
| &nbsp;&nbsp;&nbsp;Net premiums collected | **—** | **(131)** | **—** | **4** |  | (139) |  | 3 |
| Ending Balance at original discount rate | **—** | **1827** | **—** | **(25)** |  | 1974 |  | (28) |
| &nbsp;&nbsp;&nbsp;Effect of changes in discount rate assumptions | **—** | **28** | **—** | **1** |  | 79 |  | 1 |
| **Balance, end of period** | $**—** | $**1855** | $**—** | $**(24)** | $— | $2053 | $— | $(27) |

---

------

**<u>[**Table of Contents**](#idb7c5e5bccf5487492becf35bc3c5c19_10)</u>**

**EQUITABLE HOLDINGS, INC.**

**Notes to Consolidated Financial Statements (Unaudited), Continued**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | Nine Months Ended September 30, 2024 | Nine Months Ended September 30, 2024 | Nine Months Ended September 30, 2024 | Nine Months Ended September 30, 2024 |
| | **Retirement** | **Corporate & Other** | **Corporate & Other** | **Corporate & Other** | Retirement | Corporate & Other | Corporate & Other | Corporate & Other |
| | **Payout** | **Term** | **Group Pension** | **Health** | Payout | Term | Group Pension | Health |
| | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** |
| **Present Value of Expected Future Policy Benefits** |  |  |  |  |  |  |  |  |
| **Balance, beginning of period** | $**5050** | $**3216** | $**460** | $**1337** | $4464 | $3480 | $490 | $1484 |
| **Beginning balance of original discount rate** | **5390** | **3215** | **514** | **1555** | 4680 | 3330 | 536 | 1672 |
| &nbsp;&nbsp;Effect of changes in cash flow assumptions (1) | **(459)** | **(46)** | **—** | **—** |  | 39 |  |  |
| &nbsp;&nbsp;&nbsp;Effect of actual variances from expected experience | **(3)** | **(88)** | **1** | **(4)** | (1) | (101) | 2 | (12) |
| Adjusted beginning of period balance | **4928** | **3081** | **515** | **1551** | 4679 | 3268 | 538 | 1660 |
| &nbsp;&nbsp;Issuances | **579** | **30** | **—** | **—** | 765 | 43 | 21 |  |
| &nbsp;&nbsp;Interest accrual | **146** | **117** | **13** | **38** | 131 | 123 | 14 | 41 |
| &nbsp;&nbsp;Benefits payments | **(376)** | **(196)** | **(46)** | **(111)** | (342) | (182) | (47) | (122) |
| &nbsp;&nbsp;Ending Balance at original discount rate | **5277** | **3032** | **482** | **1478** | 5233 | 3252 | 526 | 1579 |
| &nbsp;&nbsp;Effect of changes in discount rate assumptions | **(158)** | **85** | **(40)** | **(166)** | (130) | 167 | (39) | (158) |
| **Balance, end of period** | $**5119** | $**3117** | $**442** | $**1312** | $5103 | $3419 | $487 | $1421 |
| &nbsp;&nbsp;Impact of flooring LFPB at zero | **—** | **1** | **—** | **—** |  | 1 |  |  |
| **Net liability for future policy benefits** | **5119** | **1263** | **442** | **1336** | 5103 | 1367 | 487 | 1448 |
| Less: Reinsurance recoverable | **(1113)** | **(943)** | **—** | **(1042)** | (1299) | 3 |  | (1136) |
| **Net liability for future policy benefits, after reinsurance recoverable** | $**4006** | $**320** | $**442** | $**294** | $3804 | $1370 | $487 | $312 |
| **Weighted-average duration of liability for future policyholder benefits (years)** | **7.5** | **6.8** | **6.8** | **8.2** | 7.8 | 6.8 | 7.0 | 8.5 |

---

______________

(1)Includes the net income impact due to novation that occurred during the first quarter of 2025 as described in Note 1.

The following table provides the amount of undiscounted and discounted expected gross premiums and expected future benefits and expenses related to nonparticipating traditional and limited payment contracts:

---

| | | |
|:---|:---|:---|
| | **September 30, 2025** | December 31, 2024 |
| | **(in millions)** | **(in millions)** |
| **Term** |  |  |
| &nbsp;&nbsp;Expected future benefit payments and expenses (undiscounted) | $**5294** | $5613 |
| &nbsp;&nbsp;Expected future gross premiums (undiscounted) | **6333** | 6597 |
| &nbsp;&nbsp;Expected future benefit payments and expenses (discounted; AOCI basis) | **3117** | 3216 |
| &nbsp;&nbsp;Expected future gross premiums (discounted; AOCI basis) | **3485** | 3507 |
| **Payout** |  |  |
| &nbsp;&nbsp;Expected future benefit payments and expenses (undiscounted) | **7503** | 7686 |
| &nbsp;&nbsp;Expected future gross premiums (undiscounted) | **—** |  |
| &nbsp;&nbsp;Expected future benefit payments and expenses (discounted; AOCI basis) | **4999** | 4938 |
| &nbsp;&nbsp;Expected future gross premiums (discounted; AOCI basis) | **—** |  |

---

------

**<u>[**Table of Contents**](#idb7c5e5bccf5487492becf35bc3c5c19_10)</u>**

**EQUITABLE HOLDINGS, INC.**

**Notes to Consolidated Financial Statements (Unaudited), Continued**

---

| | | |
|:---|:---|:---|
| | **September 30, 2025** | December 31, 2024 |
| | **(in millions)** | **(in millions)** |
| **Group Pension** |  |  |
| &nbsp;&nbsp;Expected future benefit payments and expenses (undiscounted) | **591** | 630 |
| &nbsp;&nbsp;Expected future gross premiums (undiscounted) | **—** |  |
| &nbsp;&nbsp;Expected future benefit payments and expenses (discounted; AOCI basis) | **422** | 436 |
| &nbsp;&nbsp;Expected future gross premiums (discounted; AOCI basis) | **—** |  |
| **Health** |  |  |
| &nbsp;&nbsp;Expected future benefit payments and expenses (undiscounted) | **2021** | 2139 |
| &nbsp;&nbsp;Expected future gross premiums (undiscounted) | **63** | 70 |
| &nbsp;&nbsp;Expected future benefit payments and expenses (discounted; AOCI basis) | **1299** | 1323 |
| &nbsp;&nbsp;Expected future gross premiums (discounted; AOCI basis) | $**50** | $55 |

---

The table below summarizes the revenue and interest related to nonparticipating traditional and limited payment contracts:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | 2024 | **2025** | 2024 |
| | **Gross Premium** | **Gross Premium** | **Interest Accretion** | **Interest Accretion** |
| | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** |
| **Revenue and Interest Accretion** |  |  |  |  |
| &nbsp;&nbsp;Term | $**238** | $254 | $**48** | $50 |
| &nbsp;&nbsp;Payout | **164** | 201 | **158** | 153 |
| &nbsp;&nbsp;Group Pension | **—** |  | **13** | 13 |
| &nbsp;&nbsp;Health | **8** | 9 | **39** | 41 |
| **Total** | $**410** | $464 | $**258** | $257 |

---

The following table provides the weighted average interest rates for the liability for future policy benefits:

---

| | | |
|:---|:---|:---|
| | **September 30, 2025** | December 31, 2024 |
| **Weighted Average Interest Rate** |  |  |
| **Term** |  |  |
| &nbsp;&nbsp;Interest accretion rate | **5.6%** | 5.6% |
| &nbsp;&nbsp;Current discount rate | **4.9%** | 5.2% |
| **Payout** |  |  |
| &nbsp;&nbsp;Interest accretion rate | **4.5%** | 4.4% |
| &nbsp;&nbsp;Current discount rate | **4.9%** | 5.3% |
| **Group Pension** |  |  |
| &nbsp;&nbsp;Interest accretion rate | **3.4%** | 3.4% |
| &nbsp;&nbsp;Current discount rate | **4.8%** | 5.2% |
| **Health** |  |  |
| &nbsp;&nbsp;Interest accretion rate | **3.4%** | 3.4% |
| &nbsp;&nbsp;Current discount rate | **5.0%** | 5.4% |

---

------

**<u>[**Table of Contents**](#idb7c5e5bccf5487492becf35bc3c5c19_10)</u>**

**EQUITABLE HOLDINGS, INC.**

**Notes to Consolidated Financial Statements (Unaudited), Continued**

The following table provides the balance, changes in and the weighted average durations of the additional insurance liabilities:

---

| | | |
|:---|:---|:---|
| | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | 2025 | 2024 |
| | **Corporate and Other** | **Corporate and Other** |
| | **UL** | **UL** |
| | **(in millions)** | **(in millions)** |
| **Balance, beginning of period** | $**1246** | $1208 |
| **Beginning balance before AOCI adjustments** | **1302** | 1245 |
| &nbsp;&nbsp;&nbsp;Effect of changes in interest rate & cash flow assumptions and model changes | **5** |  |
| &nbsp;&nbsp;&nbsp;Effect of actual variances from expected experience | **62** | (1) |
| **Adjusted beginning of period balance** | **1369** | 1244 |
| &nbsp;&nbsp;&nbsp;Interest accrual | **44** | 42 |
| &nbsp;&nbsp;&nbsp;Net assessments collected | **(9)** | 53 |
| &nbsp;&nbsp;&nbsp;Benefit payments | **(78)** | (44) |
| **Ending balance before shadow reserve adjustments** | **1326** | 1295 |
| &nbsp;&nbsp;&nbsp;Effect of reserve adjustment recorded in AOCI | **(17)** | (39) |
| **Balance, end of period** | $**1309** | $1256 |
| **Net liability for additional liability** | $**1309** | $1256 |
| &nbsp;&nbsp;&nbsp;Less: Reinsurance recoverable | **(1089)** |  |
| **Net liability for additional liability, after reinsurance recoverable** | $**220** | $1256 |
| **Weighted-average duration of additional liability - death benefit (years)** | **18.6** | 19.7 |

---

The following tables provide the revenue, interest and weighted average interest rates, related to the additional insurance liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | 2024 | **2025** | 2024 |
| | **Assessments** | **Assessments** | **Interest Accretion** | **Interest Accretion** |
| | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** |
| **Revenue and Interest Accretion** |  |  |  |  |
| UL | $**227** | $499 | $**44** | $41 |
| Total | $**227** | $499 | $**44** | $41 |

---

---

| | | |
|:---|:---|:---|
| | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | 2024 |
| **Weighted Average Interest Rate** |  |  |
| UL | **4.5%** | 4.5% |
| Interest accretion rate | **4.5%** | 4.5% |

---

The discount rate used for additional insurance liabilities reserve is based on the crediting rate at issue.

9**)&nbsp;&nbsp;&nbsp;&nbsp;MARKET RISK BENEFITS**

The following table presents the balances and changes to the balances for MRBs for the GMxB benefits on deferred variable annuities:

------

**<u>[**Table of Contents**](#idb7c5e5bccf5487492becf35bc3c5c19_10)</u>**

**EQUITABLE HOLDINGS, INC.**

**Notes to Consolidated Financial Statements (Unaudited), Continued**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Three Months Ended September 30,** |
| | **2025** | **2025** | **2025** | **2025** | 2024 | 2024 | 2024 | 2024 |
| | **Retirement** | **Corporate and Other** | **Corporate and Other** | **Corporate and Other** | Retirement | Corporate and Other | Corporate and Other | Corporate and Other |
| | **GMxB Core** | **GMxB Legacy** | **Legacy Purchased MRB** | **Net Legacy** | GMxB Core | GMxB Legacy | Legacy Purchased MRB  | Net Legacy |
| | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** |
| **Balance, beginning of period** | $**653** | $**8812** | $**(5541)** | $**3271** | $412 | $11432 | $(7998) | $3434 |
| **Balance BOP before changes in the instrument specific credit risk** | **385** | **8486** | **(5531)** | **2955** | 118 | 10886 | (7976) | 2910 |
| &nbsp;&nbsp;Model changes and effect of changes in cash flow assumptions | **45** | **59** | **(57)** | **2** | 88 | (58) | (19) | (77) |
| &nbsp;&nbsp;Actual market movement effect | **(200)** | **(528)** | **235** | **(293)** | (195) | (596) | 301 | (295) |
| &nbsp;&nbsp;Interest accrual | **14** | **84** | **(52)** | **32** | 13 | 142 | (104) | 38 |
| &nbsp;&nbsp;Attributed fees accrued (1) | **101** | **161** | **(43)** | **118** | 99 | 201 | (63) | 138 |
| &nbsp;&nbsp;Benefit payments | **(10)** | **(255)** | **120** | **(135)** | (9) | (301) | 174 | (127) |
| &nbsp;&nbsp;Actual policyholder behavior different from expected behavior | **3** | **8** | **(6)** | **2** | 10 | (9) | (2) | (11) |
| &nbsp;&nbsp;Changes in future economic assumptions | **9** | **138** | **(82)** | **56** | 164 | 1098 | (771) | 327 |
| &nbsp;&nbsp;Issuances | **—** | **—** | **—** | **—** |  |  |  |  |
| **Balance EOP before changes in the instrument-specific credit risk** | **347** | **8153** | **(5416)** | **2737** | 288 | 11363 | (8460) | 2903 |
| &nbsp;&nbsp;Changes in the instrument-specific credit risk (2) | **401** | **678** | **3** | **681** | 279 | 541 | (28) | 513 |
| **Balance, end of period** | $**748** | $**8831** | $**(5413)** | $**3418** | $567 | $11904 | $(8488) | $3416 |
| **Weighted-average age of policyholders (years)** | **66.1** | **74.1** | **73.6** | **N/A** | 65.1 | 73.5 | 73.0 | N/A |
| **Net amount at risk** | $**2806** | $**15028** | $**6756** | **N/A** | $2606 | $18977 | $10159 | N/A |

---

______________

(1)Attributed fees accrued represents the portion of the fees needed to fund future GMxB claims.

(2)Changes are recorded in OCI except for reinsurer credit which is reflected in the consolidated income statement.

------

**<u>[**Table of Contents**](#idb7c5e5bccf5487492becf35bc3c5c19_10)</u>**

**EQUITABLE HOLDINGS, INC.**

**Notes to Consolidated Financial Statements (Unaudited), Continued**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2025** | **2025** | **2025** | 2024 | 2024 | 2024 | 2024 |
| | **Retirement** | **Corporate and Other** | **Corporate and Other** | **Corporate and Other** | Retirement | Corporate and Other | Corporate and Other | Corporate and Other |
| | **GMxB Core** | **GMxB Legacy** | **Legacy Purchased MRB (3)** | **Net Legacy** | GMxB Core | GMxB Legacy | Legacy Purchased MRB (3) | Net Legacy |
| | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** |
| **Balance, beginning of period** | $**496** | $**10508** | $**(7372)** | $**3136** | $597 | $13425 | $(9448) | $3977 |
| **Balance BOP before changes in the instrument specific credit risk** | **163** | **9735** | **(7368)** | **2367** | 319 | 13023 | (9409) | 3614 |
| &nbsp;&nbsp;Model changes and effect of changes in cash flow assumptions (4) | **38** | **(1277)** | **1803** | **526** | 88 | (58) | 150 | 92 |
| &nbsp;&nbsp;Actual market movement effect | **(302)** | **(799)** | **383** | **(416)** | (358) | (1343) | 698 | (645) |
| &nbsp;&nbsp;Interest accrual | **39** | **286** | **(174)** | **112** | 44 | 455 | (328) | 127 |
| &nbsp;&nbsp;Attributed fees accrued (1) | **304** | **487** | **(142)** | **345** | 305 | 599 | (199) | 400 |
| &nbsp;&nbsp;Benefit payments | **(33)** | **(820)** | **377** | **(443)** | (31) | (933) | 505 | (428) |
| &nbsp;&nbsp;Actual policyholder behavior different from expected behavior | **23** | **50** | **(20)** | **30** | 24 | (32) | (3) | (35) |
| &nbsp;&nbsp;Changes in future economic assumptions | **114** | **491** | **(275)** | **216** | (101) | (348) | 126 | (222) |
| &nbsp;&nbsp;Issuances | **1** | **—** | **—** | **—** | (2) |  |  |  |
| **Balance EOP before changes in the instrument-specific credit risk** | **347** | **8153** | **(5416)** | **2737** | 288 | 11363 | (8460) | 2903 |
| &nbsp;&nbsp;Changes in the instrument-specific credit risk (2) | **401** | **678** | **3** | **681** | 279 | 541 | (28) | 513 |
| **Balance, end of period** | $**748** | $**8831** | $**(5413)** | $**3418** | $567 | $11904 | $(8488) | $3416 |
| **Weighted-average age of policyholders (years)** | **66.1** | **74.1** | **73.6** | **N/A** | 65.1 | 73.5 | 73.0 | N/A |
| **Net amount at risk** | $**2806** | $**15028** | $**6756** | **N/A** | $2606 | $18977 | $10159 | N/A |

---

_____________

(1)Attributed fees accrued represents the portion of the fees needed to fund future GMxB claims.

(2)Changes are recorded in OCI except for reinsurer credit which is reflected in the consolidated income statement.

(3)Purchased MRB is the impact of non-affiliated reinsurance.

(4)Includes the net income impact of the novation, as described in Note 1, in the first quarter of 2025 and the impact primarily of a non-affiliated recapture of reinsurance completed in the first quarter of 2024.

The following table reconciles MRBs by the amounts in an asset position and amounts in a liability position to the MRB amounts in the consolidated balance sheets:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 |
| | **Direct Asset** | **Direct Liability** | **Net Direct MRB** | **Purchased MRB** | **Total** | Direct Asset | Direct Liability | Net Direct MRB | Purchased MRB | Total |
| | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** |
| **Retirement** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;GMxB Core | $**(448)** | $**1196** | $**748** | $**—** | $**748** | $(514) | $1010 | $496 | $— | $496 |
| **Corporate and Other** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;GMxB Legacy | **(190)** | **9021** | **8831** | **(5413)** | **3418** | (230) | 10738 | 10508 | (7372) | 3136 |
| Other (1) | **(124)** | **84** | **(40)** | **(2)** | **(42)** | (119) | 62 | (57) | (4) | (61) |
| **Total** | $**(762)** | $**10301** | $**9539** | $**(5415)** | $**4124** | $(863) | $11810 | $10947 | $(7376) | $3571 |

---

______________

(1)Other primarily includes SCS.

------

**<u>[**Table of Contents**](#idb7c5e5bccf5487492becf35bc3c5c19_10)</u>**

**EQUITABLE HOLDINGS, INC.**

**Notes to Consolidated Financial Statements (Unaudited), Continued**

10**)&nbsp;&nbsp;&nbsp;&nbsp; POLICYHOLDER ACCOUNT BALANCES**

The following table reconciles the policyholders account balances to the policyholders' account balance liability in the consolidated balance sheets:

---

| | | |
|:---|:---|:---|
| | **September 30, 2025** | December 31, 2024 |
| | **(in millions)** | **(in millions)** |
| **Policyholders' account balance reconciliation** |  |  |
| **Retirement** |  |  |
| &nbsp;&nbsp;&nbsp;SCS | $**77232** | $65267 |
| &nbsp;&nbsp;&nbsp;EQUI-VEST Individual | **1887** | 2037 |
| &nbsp;&nbsp;&nbsp;EQUI-VEST Group | **11076** | 11158 |
| &nbsp;&nbsp;&nbsp;Momentum | **504** | 527 |
| &nbsp;&nbsp;&nbsp;GMxB Core | **(37)** | (4) |
| **Corporate and Other** |  |  |
| &nbsp;&nbsp;Universal Life | **4950** | 5065 |
| &nbsp;&nbsp;Variable Universal Life | **5115** | 4982 |
| &nbsp;&nbsp;GMxB Legacy | **232** | 226 |
| **Other (1)**  | **10715** | 8658 |
| &nbsp;&nbsp;**Balance (exclusive of Funding Agreements)** | **111674** | 97916 |
| &nbsp;&nbsp;Funding Agreements | **17887** | 13013 |
| **Balance, end of period** | $**129561** | $110929 |

---

_____________

(1)Primarily reflects products Retirement Payout, Retirement Other, Indexed Universal Life, Investment Edge, Group Pension and Closed Block.

.

The following table summarizes the balances and changes in policyholder's account balances:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** |
| | **Retirement** | **Retirement** | **Retirement** | **Retirement** | **Retirement** | **Corporate and Other** | **Corporate and Other** | **Corporate and Other** |
| | **GMxB Core** | **SCS (1)** | **EQUI-VEST Individual** | **EQUI-VEST Group** | **Momentum** | **Universal Life** | **Variable Universal Life** | **GMxB Legacy** |
| | **(Dollars in millions)** | **(Dollars in millions)** | **(Dollars in millions)** | **(Dollars in millions)** | **(Dollars in millions)** | **(Dollars in millions)** | **(Dollars in millions)** | **(Dollars in millions)** |
| **Balance, beginning of period** | $**(4)** | $**65267** | $**2037** | $**11158** | $**527** | $**5065** | $**4982** | $**226** |
| &nbsp;&nbsp;&nbsp;Premiums received | **133** | **11** | **29** | **451** | **39** | **444** | **90** | **6** |
| &nbsp;&nbsp;&nbsp;Policy charges | **2** | **(40)** | **—** | **(4)** | **—** | **(499)** | **(206)** | **10** |
| &nbsp;&nbsp;&nbsp;Surrenders and withdrawals | **(21)** | **(4049)** | **(186)** | **(1068)** | **(83)** | **(62)** | **(4)** | **(46)** |
| &nbsp;&nbsp;&nbsp;Benefit payments | **(1)** | **(280)** | **(49)** | **(52)** | **(2)** | **(160)** | **(101)** | **(13)** |
| &nbsp;&nbsp;&nbsp;Net transfers from (to) separate account | **(152)** | **10146** | **13** | **327** | **14** | **—** | **186** | **7** |
| &nbsp;&nbsp;&nbsp;Interest credited (2) | **6** | **6177** | **43** | **264** | **9** | **162** | **168** | **9** |
| &nbsp;&nbsp;&nbsp;Other (4) | **—** | **—** | **—** | **—** | **—** | **—** | **—** | **33** |
| **Balance, end of period** | $**(37)** | $**77232** | $**1887** | $**11076** | $**504** | $**4950** | $**5115** | $**232** |
| Weighted-average crediting rate | **1.96%** | **N/A** | **3.00%** | **2.75%** | **2.46%** | **3.83%** | **3.67%** | **2.78%** |
| Net amount at risk (3) | $**2806** | $**—** | $**97** | $**7** | $**—** | $**31652** | $**117340** | $**15028** |
| Cash surrender value | $**194** | $**73998** | $**1881** | $**11030** | $**505** | $**3310** | $**3198** | $**439** |

---

______________

(1)SCS sales are recorded as a Separate Account liability until they are swept into the General Account. This sweep is recorded as Net Transfers from (to) separate account.

(2)SCS and EQUI-VEST Group includes amounts related to the change in embedded derivative.

------

**<u>[**Table of Contents**](#idb7c5e5bccf5487492becf35bc3c5c19_10)</u>**

**EQUITABLE HOLDINGS, INC.**

**Notes to Consolidated Financial Statements (Unaudited), Continued**

(3)For life insurance products, the net amount at risk is death benefit less account value for the policyholder. For variable annuity products, the net amount at risk is the maximum GMxB NAR for the policyholder.

(4)Includes the PAB from the policies novated to Venerable, as described in Note 1.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Nine Months Ended September 30, 2024 | Nine Months Ended September 30, 2024 | Nine Months Ended September 30, 2024 | Nine Months Ended September 30, 2024 | Nine Months Ended September 30, 2024 | Nine Months Ended September 30, 2024 | Nine Months Ended September 30, 2024 | Nine Months Ended September 30, 2024 |
| | Retirement | Retirement | Retirement | Retirement | Retirement | Corporate and Other | Corporate and Other | Corporate and Other |
| | GMxB Core | SCS (1) | EQUI-VEST Individual | EQUI-VEST Group | Momentum | Universal Life | Variable Universal Life | GMxB Legacy |
| | (Dollars in millions) | (Dollars in millions) | (Dollars in millions) | (Dollars in millions) | (Dollars in millions) | (Dollars in millions) | (Dollars in millions) | (Dollars in millions) |
| Balance, beginning of period | $36 | $49002 | $2322 | $11563 | $608 | $5202 | $4850 | $618 |
| &nbsp;&nbsp;&nbsp;Premiums received | 177 | 12 | 26 | 452 | 50 | 490 | 91 | 3 |
| &nbsp;&nbsp;&nbsp;Policy charges |  | (17) |  | (4) |  | (537) | (196) | 9 |
| &nbsp;&nbsp;&nbsp;Surrenders and withdrawals | (27) | (2988) | (251) | (1203) | (104) | (62) | (31) | (67) |
| &nbsp;&nbsp;&nbsp;Benefit payments | (2) | (222) | (40) | (55) | (1) | (163) | (58) | (14) |
| &nbsp;&nbsp;&nbsp;Net transfers from (to) separate account | (178) | 9512 | 11 | 253 | (10) |  | 139 | 4 |
| &nbsp;&nbsp;&nbsp;Interest credited (2) | 6 | 6444 | 49 | 260 | 10 | 165 | 142 | 11 |
| &nbsp;&nbsp;&nbsp;Other |  |  |  |  |  |  |  |  |
| Balance, end of period | $12 | $61743 | $2117 | $11266 | $553 | $5095 | $4937 | $564 |
| Weighted-average crediting rate | 1.68% | N/A | 2.96% | 2.69% | 2.32% | 3.81% | 3.70% | 2.74% |
| Net amount at risk (3) | $2606 | $— | $100 | $8 | $— | $33800 | $116107 | $18977 |
| Cash surrender value | $241 | $58668 | $2110 | $11207 | $554 | $3386 | $3194 | $507 |

---

______________

(1)SCS sales are recorded as a Separate Account liability until they are swept into the General Account. This sweep is recorded as Net Transfers from (to) separate account.

(2)SCS and EQUI-VEST includes amounts related to the change in embedded derivative.

(3)For life insurance products, the net amount at risk is the death benefit less account value for the policyholder. For variable annuity products, the net amount at risk is the maximum GMxB NAR for the policyholder.

The following table presents the account values by range of guaranteed minimum crediting rates and the related range of the difference in basis points, between rates being credited policyholders and the respective guaranteed minimums:

------

**<u>[**Table of Contents**](#idb7c5e5bccf5487492becf35bc3c5c19_10)</u>**

**EQUITABLE HOLDINGS, INC.**

**Notes to Consolidated Financial Statements (Unaudited), Continued**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
| **Product** | **Range of Guaranteed Minimum Crediting Rate** | **At Guaranteed Minimum** | **1 Basis Point - 50 Basis Points Above** | **51 Basis Points - 150 Basis Points Above** | **Greater Than 150 Basis Points Above** | **Total** |
| **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** |
| **Retirement** | **Retirement** | **Retirement** | **Retirement** | **Retirement** | **Retirement** | **Retirement** |
| **GMxB Core** | **0.00% - 1.50%** | $**—** | $**10** | $**144** | $**—** | $**154** |
| **GMxB Core** | **1.51% - 2.50%** | **11** | **—** | **—** | **—** | **11** |
| **GMxB Core** | **Greater than 2.50%** | **33** | **—** | **—** | **—** | **33** |
| **GMxB Core** | **Total** | $**44** | $**10** | $**144** | $**—** | $**198** |
| **EQUI-VEST Individual** | **0.00% - 1.50%** | $**—** | $**29** | $**157** | $**—** | $**186** |
| **EQUI-VEST Individual** | **1.51% - 2.50%** | **12** | **63** | **—** | **—** | **75** |
| **EQUI-VEST Individual** | **Greater than 2.50%** | **1625** | **—** | **—** | **—** | **1625** |
| **EQUI-VEST Individual** | **Total** | $**1637** | $**92** | $**157** | $**—** | $**1886** |
| **EQUI-VEST<br>Group** | **0.00% - 1.50%** | $**1** | $**938** | $**2214** | $**220** | $**3373** |
| **EQUI-VEST<br>Group** | **1.51% - 2.50%** | **340** | **—** | **—** | **—** | **340** |
| **EQUI-VEST<br>Group** | **Greater than 2.50%** | **5905** | **—** | **—** | **—** | **5905** |
| **EQUI-VEST<br>Group** | **Total** | $**6246** | $**938** | $**2214** | $**220** | $**9618** |
| **Momentum** | **0.00% - 1.50%** | $**—** | $**—** | $**270** | $**83** | $**353** |
| **Momentum** | **1.51% - 2.50%** | **70** | **23** | **—** | **—** | **93** |
| **Momentum** | **Greater than 2.50%** | **52** | **—** | **5** | **—** | **57** |
| **Momentum** | **Total** | $**122** | $**23** | $**275** | $**83** | $**503** |
| **Corporate and Other** | **Corporate and Other** | **Corporate and Other** | **Corporate and Other** | **Corporate and Other** | **Corporate and Other** | **Corporate and Other** |
| **Universal Life** | **0.00% - 1.50%** | $**—** | $**—** | $**—** | $**6** | $**6** |
| **Universal Life** | **1.51% - 2.50%** | **—** | **85** | **277** | **660** | **1022** |
| **Universal Life** | **Greater than 2.50%** | **3228** | **666** | **—** | **—** | **3894** |
| **Universal Life** | **Total** | $**3228** | $**751** | $**277** | $**666** | $**4922** |
| **Variable Universal Life** | **0.00% - 1.50%** | $**18** | $**7** | $**121** | $**60** | $**206** |
| **Variable Universal Life** | **1.51% - 2.50%** | **40** | **369** | **247** | **—** | **656** |
| **Variable Universal Life** | **Greater than 2.50%** | **3606** | **80** | **2** | **—** | **3688** |
| **Variable Universal Life** | **Total** | $**3664** | $**456** | $**370** | $**60** | $**4550** |
| **GMxB Legacy** | **0.00% - 1.50%** | $**1** | $**60** | $**2** | $**—** | $**63** |
| **GMxB Legacy** | **1.51% - 2.50%** | **17** | **—** | **—** | **—** | **17** |
| **GMxB Legacy** | **Greater than 2.50%** | **360** | **—** | **—** | **—** | **360** |
| **GMxB Legacy** | **Total** | $**378** | $**60** | $**2** | $**—** | $**440** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 |
| Product | Range of Guaranteed Minimum Crediting Rate | At Guaranteed Minimum | 1 Basis Point - 50 Basis Points Above | 51 Basis Points - 150 Basis Points Above | Greater Than 150 Basis Points Above | Total |
| (in millions) | (in millions) | (in millions) | (in millions) | (in millions) | (in millions) | (in millions) |
| Retirement | Retirement | Retirement | Retirement | Retirement | Retirement | Retirement |
| GMxB Core | 0.00% - 1.50% | $11 | $160 | $— | $— | $171 |
| GMxB Core | 1.51% - 2.50% | 12 |  |  |  | 12 |
| GMxB Core | Greater than 2.50% | 52 |  |  |  | 52 |
| GMxB Core | Total | $75 | $160 | $**—** | $**—** | $235 |

---

------

**<u>[**Table of Contents**](#idb7c5e5bccf5487492becf35bc3c5c19_10)</u>**

**EQUITABLE HOLDINGS, INC.**

**Notes to Consolidated Financial Statements (Unaudited), Continued**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 |
| Product | Range of Guaranteed Minimum Crediting Rate | At Guaranteed Minimum | 1 Basis Point - 50 Basis Points Above | 51 Basis Points - 150 Basis Points Above | Greater Than 150 Basis Points Above | Total |
| (in millions) | (in millions) | (in millions) | (in millions) | (in millions) | (in millions) | (in millions) |
| EQUI-VEST Individual | 0.00% - 1.50% | $42 | $198 | $— | $— | $240 |
| EQUI-VEST Individual | 1.51% - 2.50% | 38 |  |  |  | 38 |
| EQUI-VEST Individual | Greater than 2.50% | 1758 |  |  |  | 1758 |
| EQUI-VEST Individual | Total | $1838 | $198 | $**—** | $**—** | $2036 |
| EQUI-VEST Group | 0.00% - 1.50% | $720 | $2391 | $33 | $258 | $3402 |
| EQUI-VEST Group | 1.51% - 2.50% | 349 |  |  |  | 349 |
| EQUI-VEST Group | Greater than 2.50% | 6076 |  |  |  | 6076 |
| EQUI-VEST Group | Total | $7145 | $2391 | $33 | $258 | $9827 |
| Momentum | 0.00% - 1.50% | $— | $— | $269 | $88 | $357 |
| Momentum | 1.51% - 2.50% | 79 | 29 |  |  | 108 |
| Momentum | Greater than 2.50% | 56 |  | 5 |  | 61 |
| Momentum | Total | $135 | $29 | $274 | $88 | $526 |
| Corporate and Other | Corporate and Other | Corporate and Other | Corporate and Other | Corporate and Other | Corporate and Other | Corporate and Other |
| Universal Life | 0.00% - 1.50% | $— | $— | $— | $6 | $6 |
| Universal Life | 1.51% - 2.50% |  | 90 | 284 | 655 | 1029 |
| Universal Life | Greater than 2.50% | 3402 | 598 |  |  | 4000 |
| Universal Life | Total | $3402 | $688 | $284 | $661 | $5035 |
| Variable Universal Life | 0.00% - 1.50% | $24 | $13 | $94 | $40 | $171 |
| Variable Universal Life | 1.51% - 2.50% | 37 | 357 | 223 |  | 617 |
| Variable Universal Life | Greater than 2.50% | 3667 | 2 | 20 |  | 3689 |
| Variable Universal Life | Total | $3728 | $372 | $337 | $40 | $4477 |
| GMxB Legacy | 0.00% - 1.50% | $67 | $3 | $— | $— | $70 |
|  | 1.51% - 2.50% | 19 |  |  |  | 19 |
|  | Greater than 2.50% | 401 |  |  |  | 401 |
|  | Total | $487 | $3 | $— | $— | $490 |

---

<u>Separate Account - Summary</u>

The following table reconciles the Separate Account liabilities to the Separate Account liability balance in the consolidated balance sheets:

---

| | | |
|:---|:---|:---|
| | **September 30, 2025** | December 31, 2024 |
| | **(in millions)** | **(in millions)** |
| **Separate Account Reconciliation** |  |  |
| **Retirement** |  |  |
| &nbsp;&nbsp;&nbsp;GMxB Core | $**30956** | $30411 |
| &nbsp;&nbsp;&nbsp;EQUI-VEST Individual | **4926** | 4782 |
| &nbsp;&nbsp;&nbsp;Investment Edge | **5253** | 4885 |
| &nbsp;&nbsp;&nbsp;EQUI-VEST Group | **33359** | 30546 |
| &nbsp;&nbsp;&nbsp;Momentum | **5244** | 4813 |
| **Corporate and Other** |  |  |
| &nbsp;&nbsp;&nbsp;Variable Universal Life | **20129** | 18176 |
| &nbsp;&nbsp;&nbsp;GMxB Legacy | **28951** | 33199 |
| **Other (1)** | **8087** | 7905 |
| **Total** | $**136905** | $134717 |

---

------

**<u>[**Table of Contents**](#idb7c5e5bccf5487492becf35bc3c5c19_10)</u>**

**EQUITABLE HOLDINGS, INC.**

**Notes to Consolidated Financial Statements (Unaudited), Continued**

______________

(1)Primarily reflects Corporate and Other products and Retirement products including Association and Retirement Other.

The following table presents the balances of and changes in Separate Account liabilities:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** |
| | **Retirement** | **Retirement** | **Retirement** | **Retirement** | **Retirement** | **Corporate and Other** | **Corporate and Other** |
| | **GMxB Core** | **EQUI-VEST Individual** | **Investment Edge** | **EQUI-VEST Group** | **Momentum** | **VUL** | **GMxB Legacy** |
| | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** |
| **Balance, beginning of period** | $**30411** | $**4782** | $**4885** | $**30546** | $**4813** | $**18176** | $**33199** |
| &nbsp;&nbsp;&nbsp;Premiums and deposits | **1369** | **73** | **1347** | **1822** | **488** | **1026** | **163** |
| &nbsp;&nbsp;&nbsp;Policy charges | **(376)** | **(3)** | **—** | **(11)** | **(18)** | **(440)** | **(385)** |
| &nbsp;&nbsp;&nbsp;Surrenders and withdrawals | **(2773)** | **(368)** | **(367)** | **(2059)** | **(631)** | **(521)** | **(2220)** |
| &nbsp;&nbsp;&nbsp;Benefit payments | **(218)** | **(57)** | **(37)** | **(54)** | **(9)** | **(85)** | **(517)** |
| &nbsp;&nbsp;&nbsp;Investment performance (1) | **2391** | **507** | **496** | **3448** | **615** | **2159** | **2530** |
| &nbsp;&nbsp;&nbsp;Net transfers from (to) General Account | **152** | **(8)** | **(1071)** | **(333)** | **(14)** | **(186)** | **(7)** |
| &nbsp;&nbsp;&nbsp;Other charges (2) | **—** | **—** | **—** | **—** | **—** | **—** | **(3812)** |
| **Balance, end of period** | $**30956** | $**4926** | $**5253** | $**33359** | $**5244** | $**20129** | $**28951** |
| Cash surrender value | $**30115** | $**4895** | $**5169** | $**33052** | $**5237** | $**19743** | $**28740** |

---

_____________

(1)Investment performance is reflected net of M&E fees.

(2)Other charges include the Separate Account value novated to Venerable, as described in Note 1.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | Nine Months Ended September 30, 2024 | Nine Months Ended September 30, 2024 | Nine Months Ended September 30, 2024 | Nine Months Ended September 30, 2024 | Nine Months Ended September 30, 2024 | Nine Months Ended September 30, 2024 | Nine Months Ended September 30, 2024 |
| | Retirement | Retirement | Retirement | Retirement | Retirement | Corporate and Other | Corporate and Other |
| | GMxB Core | EQUI-VEST Individual | Investment Edge | EQUI-VEST Group | Momentum | VUL | GMxB Legacy |
| | (in millions) | (in millions) | (in millions) | (in millions) | (in millions) | (in millions) | (in millions) |
| Balance, beginning of period | $29829 | $4582 | $4275 | $26959 | $4421 | $15821 | $33794 |
| &nbsp;&nbsp;&nbsp;Premiums and deposits | 1499 | 69 | 1333 | 1709 | 554 | 925 | 165 |
| &nbsp;&nbsp;&nbsp;Policy charges | (374) | (1) |  | (13) | (17) | (432) | (477) |
| &nbsp;&nbsp;&nbsp;Surrenders and withdrawals | (2710) | (381) | (389) | (1778) | (686) | (474) | (2529) |
| &nbsp;&nbsp;&nbsp;Benefit payments | (203) | (40) | (22) | (47) | (8) | (68) | (568) |
| &nbsp;&nbsp;&nbsp;Investment performance (1) | 3195 | 702 | 543 | 4109 | 659 | 2476 | 4226 |
| &nbsp;&nbsp;&nbsp;Net transfers from (to) General Account | 178 | (11) | (848) | (253) | 9 | (138) | (4) |
| &nbsp;&nbsp;&nbsp;Other charges |  |  |  |  |  |  |  |
| Balance, end of period | $31414 | $4920 | $4892 | $30686 | $4932 | $18110 | $34607 |
| Cash surrender value | $30579 | $4887 | $4803 | $30378 | $4924 | $17727 | $34334 |

---

______________

(1)Investment performance is reflected net of M&E fees.

------

**<u>[**Table of Contents**](#idb7c5e5bccf5487492becf35bc3c5c19_10)</u>**

**EQUITABLE HOLDINGS, INC.**

**Notes to Consolidated Financial Statements (Unaudited), Continued**

The following table presents the aggregate fair value of Separate Account assets by major asset category:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
| | **Retirement** | **Corp & Other** | **Corp & Other** | **Corp & Other** | **Total** |
| | **Retirement** | **Legacy** | **Life** | **Other** | **Total** |
| | (in millions) | (in millions) | (in millions) | (in millions) | (in millions) |
| Asset Type |  |  |  |  |  |
| &nbsp;&nbsp;Debt securities | $**13** | $**—** | $**48** | $**15** | $**76** |
| &nbsp;&nbsp;Common Stock | **567** | **—** | **76** | **1797** | **2440** |
| &nbsp;&nbsp;Mutual Funds | **83043** | **28966** | **20612** | **620** | **133241** |
| &nbsp;&nbsp;Bonds and Notes | **7** | **—** | **99** | **1042** | **1148** |
| Total | $**83630** | $**28966** | $**20835** | $**3474** | $**136905** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 |
| | Retirement | Corp & Other | Corp & Other | Corp & Other | Total |
| | Retirement | Legacy | Life | Other | Total |
| | (in millions) | (in millions) | (in millions) | (in millions) | (in millions) |
| Asset Type |  |  |  |  |  |
| &nbsp;&nbsp;Debt securities | $15 | $— | $51 | $13 | $79 |
| &nbsp;&nbsp;Common Stock | 508 |  | 68 | 1631 | 2207 |
| &nbsp;&nbsp;Mutual Funds | 78808 | 33214 | 18611 | 659 | 131292 |
| &nbsp;&nbsp;Bonds and Notes | 5 |  | 98 | 1036 | 1139 |
| Total | $79336 | $33214 | $18828 | $3339 | $134717 |

---

**11)&nbsp;&nbsp;&nbsp;&nbsp;EMPLOYEE BENEFIT PLANS** 

<u>Pension Plans</u>

***Holdings and Equitable Financial Retirement Plans***

Holdings sponsors the MONY Life Retirement Income Security Plan for Employees, which is a frozen qualified defined benefit plan covering eligible employees and financial professionals. Equitable Financial sponsors the Equitable Retirement Plan (the "Equitable Financial QP"), which was frozen on December 31, 2013 but reopened on January 1, 2025 and is a qualified defined benefit plan covering eligible employees and financial professionals. These pension plans are non-contributory, and their benefits are generally based on a cash balance formula and/or, for certain participants, years of service and average earnings over a specified period. Holdings and Equitable Financial also sponsor certain nonqualified deferred compensation plans, including the Equitable Excess Retirement Plan, that provide retirement benefits in excess of the amount permitted under the tax law for the qualified plans. Holdings has assumed primary liability for both plans. Equitable Financial remains secondarily liable for its obligations under the Equitable Financial QP and would recognize such liability in the event Holdings does not perform.

------

**<u>[**Table of Contents**](#idb7c5e5bccf5487492becf35bc3c5c19_10)</u>**

**EQUITABLE HOLDINGS, INC.**

**Notes to Consolidated Financial Statements (Unaudited), Continued**

***AB Retirement Plans***

AB maintained a qualified, non-contributory, defined benefit retirement plan (the "Retirement Plan") covering current and former employees who were employed by AB in the United States prior to October 2, 2000. During 2024, the Compensation Committee of the AB Board of Directors approved the termination of the Retirement Plan, effective May 22, 2024. AB began the process of settling benefits with vested participants and all lump sum disbursements elected by plan participants were distributed in December 2024 in the amount of $35 million. The remaining Retirement Plan participants who did not elect a lump sum disbursement elected to roll over their benefit to a group annuity contract from a qualified insurance company to administer all future payments. During the nine months ended September 30, 2025, AB settled all future obligations under the Retirement Plan and transferred the remaining benefit obligations to a qualified third party insurance provider under a group annuity contract. The final annuity premium transferred was $59 million. Following the transfer related to the annuity purchase, the plans funded status was in a deficit and AB funded an additional $2 million to cover all remaining obligations. As a result of the settlement, AB recognized an initial non-cash settlement of approximately $21 million related to Retirement Plan losses and the reclassification from accumulated other comprehensive loss to general and administrative expenses in the unaudited consolidated statements of income. The final settlement charge, net of true-up amount of $3 million, was $18 million for the nine months ended September 30, 2025.

***Net Periodic Pension Expense***

Components of net periodic pension expense for the Company's plans were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | 2024 | **2025** | 2024 |
| | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** |
| Service cost | $**9** | $2 | $**24** | $6 |
| Interest cost | **28** | 30 | **84** | 89 |
| Expected return on assets | **(33)** | (36) | **(100)** | (110) |
| Prior period service cost amortization | **(1)** | (1) | **(2)** | (2) |
| Net amortization | **20** | 15 | **43** | 44 |
| Impact of settlement | **(3)** |  | **18** |  |
| Net periodic pension expense | $**20** | $10 | $**67** | $27 |

---

**12)&nbsp;&nbsp;&nbsp;&nbsp;INCOME TAXES** 

Income tax expense for the three and nine months ended September 30, 2025 and 2024 was computed using an estimated annual effective tax rate ("ETR"), with discrete items recognized in the period in which they occur. The estimated ETR is revised, as necessary, at the end of successive interim reporting periods.

In 2022, the Company established a valuation allowance against its deferred tax asset related to unrealized capital losses in the available for sale securities portfolio. In 2023, management took actions to increase its available liquidity so that the Company has the ability and intent to hold the majority of securities in its available for sale portfolio to recovery. For liquidity and other purposes, the Company maintains a smaller pool of securities that it does not intend to hold to recovery. The Company maintains a valuation allowance against the deferred tax asset on available for sale securities that will not be held to recovery. Adjustments to the valuation allowance due to changes in the portfolio's unrealized capital loss are recorded in OCI. Adjustments to the valuation allowance due to new facts or evidence are recorded in net income.

In the third quarter of 2025, the Company realized losses from the liquidity pool primarily due to the RGA reinsurance transaction, resulting in a deferred tax asset for realized capital losses. The valuation allowance against unrealized losses in OCI was reduced and a valuation allowance against the realized losses was established through net income.

For the three and nine months ended September 30, 2025, the Company recorded decreases to the valuation allowance of $232 million and $190 million, respectively, in OCI. For the three and nine months ended September 30, 2025, the Company recorded increases to the valuation allowance of $180 million and $180 million, respectively, in net income. A valuation allowance of $206 million and $217 million as of September 30, 2025 and December 31, 2024, respectively, remains against deferred tax assets that are not more-likely-than-not to be realized.

------

**<u>[**Table of Contents**](#idb7c5e5bccf5487492becf35bc3c5c19_10)</u>**

**EQUITABLE HOLDINGS, INC.**

**Notes to Consolidated Financial Statements (Unaudited), Continued**

The Company uses the aggregate portfolio approach related to the stranded or disproportionate income tax effects in accumulated other comprehensive income related to available for sale securities. Under this approach, the disproportionate tax effect remains intact as long as the investment portfolio remains.

**13)&nbsp;&nbsp;&nbsp;&nbsp;EQUITY** 

<u>Preferred Stock</u> 

Preferred stock authorized, issued and outstanding was as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | December 31, 2024 | December 31, 2024 | December 31, 2024 |
| Series | **Shares Authorized** | **Shares<br> Issued** | **Shares Outstanding** | Shares Authorized | Shares<br> Issued | Shares Outstanding |
| Series A | **32000** | **32000** | **32000** | 32000 | 32000 | 32000 |
| Series B | **20000** | **—** | **—** | 20000 | 17773 | 17773 |
| Series C | **12000** | **12000** | **12000** | 12000 | 12000 | 12000 |
| Total | **64000** | **44000** | **44000** | 64000 | 61773 | 61773 |

---

On April 11, 2025, Holdings redeemed and retired $279 million of Series B Preferred Stock using proceeds from our Junior Subordinated Debt issuance.

On September 30, 2025, Holdings redeemed the remaining $165 million of Series B Preferred Stock.

Dividends declared per share were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | 2024 | **2025** | 2024 |
| Series A dividends declared | $**328** | $328 | $**984** | $984 |
| Series B dividends declared | $**619** | $— | $**1238** | $619 |
| Series C dividends declared | $**269** | $269 | $**806** | $806 |

---

<u>Common Stock</u>

Dividends declared per share of common stock were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | 2024 | **2025** | 2024 |
| Dividends declared | $**0.27** | $0.24 | $**0.78** | $0.70 |

---

***Share Repurchase***

On February 5, 2024, the Company's Board of Directors (the "Board") authorized a new $1.3 billion share repurchase program. On February 13, 2025, Holdings' Board approved an additional $1.5 billion under Holdings' share repurchase program. On September 9, 2025, Holding' Board approved an additional $500 million under Holdings' share repurchase program. Under this program, the Company may, from time to time purchase shares of its common stock through various means. The Company may choose to suspend or discontinue the repurchase program at any time. The repurchase program does not obligate the Company to purchase any particular number of shares. As of September 30, 2025, Holdings had authorized capacity of approximately $1.3 billion remaining in its share repurchase program.

Holdings repurchased a total of 12.7 million and 22.5 million shares of its common stock at an average price of $53.21 and $52.16 through open market repurchases, ASRs and privately negotiated transactions for the three and nine months ended September 30, 2025, respectively and repurchased a total of 6.2 million and 20.0 million shares of its common stock at an average price of $40.92 and $37.74 through open market repurchases, ASRs and privately negotiated transactions for the three and nine months ended September 30, 2024, respectively.

------

**<u>[**Table of Contents**](#idb7c5e5bccf5487492becf35bc3c5c19_10)</u>**

**EQUITABLE HOLDINGS, INC.**

**Notes to Consolidated Financial Statements (Unaudited), Continued**

During the three and nine months ended September 30, 2025, Holdings repurchased 10.9 million and 15.6 million shares, of its common stock through open market repurchases. During the three and nine months ended September 30, 2024, Holdings repurchased 3.4 million and 9.8 million shares, of its common stock through open market repurchases.

In June 2025, Holdings established an obligation to enter into an ASR with a third-party financial institution to repurchase an aggregate of $96 million of Holdings' common stock. Pursuant to the ASR, on July 2, 2025, Holdings made a pre-payment of $96 million and received initial delivery of 1.4 million shares. The ASR terminated in July 2025, at which time an additional 441,333 shares of common stock were received.

In March 2025, Holdings established an obligation to enter into an ASR with a third-party financial institution to repurchase an aggregate of $38 million of Holdings' common stock. Pursuant to the ASR, Holdings made a pre-payment of $38 million and received initial delivery of 567,270 of Holdings' shares. The ASR terminated in April 2025, at which time an additional 201,068 shares of common stock were received.

In March 2025, Holdings established an obligation to enter into an ASR with a third-party financial institution to repurchase an aggregate of $102 million of Holdings' common stock. Pursuant to the ASR, on April 2, 2025, Holdings made a pre-payment of $102 million and received initial delivery of 1.6 million of Holdings' shares. The ASR will be terminated in April 2025, at which time 629,617 additional shares of common stock were received.

In December 2024, Holdings established an obligation to enter into an ASR with a third-party financial institution to repurchase an aggregate of $105 million of Holdings' common stock. Pursuant to the ASR, on January 3, 2025, Holdings made a pre-payment of $105 million and received initial delivery of 1.8 million of Holdings' shares. The ASR terminated in February 2025, at which time 274,630 additional shares of common stock were received.

In December 2024, Holdings established an obligation to enter into an ASR with a third-party financial institution to repurchase an aggregate of $32 million of Holdings' common stock. Pursuant to the ASR, in December, Holdings made a pre-payment of $32 million and received initial delivery of 550,301 of Holdings' shares. The ASR terminated in January 2025, at which time an additional 105,468 shares of common stock were received.

<u>Accumulated Other Comprehensive Income (Loss)</u> 

AOCI represents cumulative gains (losses) on items that are not reflected in net income (loss). The balances are as follows:

---

| | | |
|:---|:---|:---|
|  | **September 30, 2025** | December 31, 2024 |
|  | **(in millions)** | **(in millions)** |
| Unrealized gains (losses) on investments | $**(4693)** | $(7334) |
| Market risk benefits - instrument - specific credit risk component | **(1122)** | (1125) |
| Liability for future policy benefits - current discount rate component | **195** | 372 |
| Defined benefit pension plans | **(538)** | (579) |
| Foreign currency translation adjustments | **(58)** | (88) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total accumulated other comprehensive income (loss) | **(6216)** | (8754) |
| Less: Accumulated other comprehensive income (loss) attributable to noncontrolling interest | **(25)** | (42) |
| Accumulated other comprehensive income (loss) attributable to Holdings | $**(6191)** | $(8712) |

---

The components of OCI, net of taxes for follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | 2024 | **2025** | 2024 |
| | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** |
| Change in net unrealized gains (losses) on investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized gains (losses) arising during the period | $**773** | $2300 | $**1766** | $1314 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Gains) losses reclassified into net income (loss) during the period (1) | **899** | 22 | **933** | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net unrealized gains (losses) on investments | **1672** | 2322 | **2699** | 1357 |

---

------

**<u>[**Table of Contents**](#idb7c5e5bccf5487492becf35bc3c5c19_10)</u>**

**EQUITABLE HOLDINGS, INC.**

**Notes to Consolidated Financial Statements (Unaudited), Continued**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | 2024 | **2025** | 2024 |
| | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustments for policyholders' liabilities, DAC, insurance liability loss recognition and other | **15** | (66) | **(94)** | (23) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in unrealized gains (losses), net of adjustments (net of deferred income tax expense (benefit) of $154, $447, $451 and $212) | **1687** | 2256 | **2605** | 1334 |
| Change in LFPB discount rate and MRB credit risk, net of tax |  |  |  |  |
| Changes in instrument-specific credit risk - market risk benefits (net of deferred income tax expense (benefit) of $(109), $6, $1 and $(31)) | **(412)** | 20 | **2** | (119) |
| Changes in current discount rate - liability for future policy benefits (net of deferred income tax expense (benefit) of $(12), $(60), $(37) and $(16)) | **(47)** | (223) | **(139)** | (58) |
| Change in defined benefit plans: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Reclassification to Net income (loss) of amortization of net prior service credit included in net periodic cost) | **15** | 10 | **41** | 29 |
| Change in defined benefit plans (net of deferred income tax expense (benefit) of $4, $3, $5 and $8) | **15** | 10 | **41** | 29 |
| Foreign currency translation adjustments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translation gains (losses) arising during the period | **(8)** | 19 | **29** | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translation adjustment | **(8)** | 19 | **29** | 17 |
| Total other comprehensive income (loss), net of income taxes | **1235** | 2082 | **2538** | 1203 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Other comprehensive income (loss) attributable to noncontrolling interest | **(6)** | 8 | **17** | 7 |
| Other comprehensive income (loss) attributable to Holdings | $**1241** | $2074 | $**2521** | $1196 |

---

______________

(1)See "reclassification adjustments" in Note 3 of the Notes to these Consolidated Financial Statements. Reclassification amounts presented net of income tax expense (benefit) of $(239) million, $(5) million, $(248) million and $(11) million for the three and nine months ended September 30, 2025 and 2024, respectively.

Investment gains and losses reclassified from AOCI to net income (loss) primarily consist of realized gains (losses) on sales and credit losses of AFS securities and are included in total investment gains (losses), net on the consolidated statements of income (loss). Amounts reclassified from AOCI to net income (loss) as related to defined benefit plans primarily consist of amortization of net (gains) losses and net prior service cost (credit) recognized as a component of net periodic cost and reported in compensation and benefits in the consolidated statements of income (loss). Amounts presented in the table above are net of tax.

14**)&nbsp;&nbsp;&nbsp;&nbsp;SHORT-TERM AND LONG-TERM DEBT** 

***Borrowings***

Our financial strategy going forward will remain subject to market conditions and other factors. For example, we may from time to time enter into additional bank or other financing arrangements, including public or private debt, structured facilities and contingent capital arrangements, under which we could incur additional indebtedness.

The following table sets forth the Company's total consolidated borrowings. Short-term and long-term debt consists of the following:

---

| | | |
|:---|:---|:---|
| | **September 30,** | December 31, |
| | **2025** | 2024 |
| | **(in millions)** | **(in millions)** |
| **Total short-term debt** | $**—** | $— |

---

------

**<u>[**Table of Contents**](#idb7c5e5bccf5487492becf35bc3c5c19_10)</u>**

**EQUITABLE HOLDINGS, INC.**

**Notes to Consolidated Financial Statements (Unaudited), Continued**

---

| | | |
|:---|:---|:---|
| | **September 30,** | December 31, |
| | **2025** | 2024 |
| | **(in millions)** | **(in millions)** |
| **Long-term debt:** |  |  |
| &nbsp;&nbsp;&nbsp;Senior Debenture due 2028 | **250** | 250 |
| &nbsp;&nbsp;&nbsp;Senior Note due 2028 | **995** | 1494 |
| &nbsp;&nbsp;&nbsp;Senior Note due 2029 | **306** | 303 |
| &nbsp;&nbsp;&nbsp;Senior Note due 2033 | **497** | 497 |
| &nbsp;&nbsp;&nbsp;Senior Note due 2048 | **1290** | 1289 |
| &nbsp;&nbsp;&nbsp;Junior Sub Debt Securities due 2055 | **495** | **—** |
| Total long-term debt | **3833** | 3833 |
| **Total short and long-term debt** | $**3833** | $3833 |

---

***Junior Subordinated Debt Securities***

On March 26, 2025, Holdings issued $500 million aggregate principal amount of 6.7% Fixed-to-Fixed Reset Rate Junior Subordinated Debt Securities due 2055 (the "Junior Subordinated Debt Securities"). These amounts were recorded net of the underwriting discount and issuance costs of $6 million. Interest will be paid (i) from, and including, March 26, 2025 to, but excluding, March 28, 2035 at the rate of 6.7% per annum and (ii) from, and including, March 28, 2035, during each interest period, at a rate per annum equal to the five-year Treasury rate as of the most recent reset interest determination date, in each case to be reset on each interest reset date, plus 2.39%, payable semi-annually in arrears on March 28 and September 28 of each year, beginning on September 28, 2025, and on the maturity date.

***Holdings Senior Notes***

In September 2025, Holdings repurchased $500 million principal of the 2028 Notes, and recorded a loss on extinguishment of $5 million.

***Holdings Revolving Credit Facility***

On July 29, 2025, Holdings entered into a new Revolving Credit Agreement with respect to a $1.0 billion five-year senior unsecured revolving credit facility (the "Credit Facility"), and terminated the Amended and Restated Revolving Credit Agreement, dated as of June 24, 2021, as amended.

15**)&nbsp;&nbsp;&nbsp;&nbsp;REDEEMABLE NONCONTROLLING INTEREST** 

The changes in the components of redeemable noncontrolling interests were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | 2024 | **2025** | 2024 |
| | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** |
| **Balance, beginning of period** | $**358** | $1088 | $**125** | $770 |
| Net earnings (loss) attributable to redeemable noncontrolling interests | **12** | 26 | **13** | 60 |
| Purchase/change of redeemable noncontrolling interests | **(26)** | 109 | **206** | 393 |
| **Balance, end of period** | $**344** | $1223 | $**344** | $1223 |

---

------

**<u>[**Table of Contents**](#idb7c5e5bccf5487492becf35bc3c5c19_10)</u>**

**EQUITABLE HOLDINGS, INC.**

**Notes to Consolidated Financial Statements (Unaudited), Continued**

16**)&nbsp;&nbsp;&nbsp;&nbsp;COMMITMENTS AND CONTINGENT LIABILITIES**

<u>Litigation and Regulatory Matters</u>

Litigation, regulatory and other loss contingencies arise in the ordinary course of the Company's activities as a diversified financial services firm. The Company is a defendant in a number of litigation matters arising from the conduct of its business. In some of these matters, claimants seek to recover very large or indeterminate amounts, including compensatory, punitive, treble and exemplary damages. Modern pleading practice permits considerable variation in the assertion of monetary damages and other relief. Claimants are not always required to specify the monetary damages they seek, or they may be required only to state an amount sufficient to meet a court's jurisdictional requirements. Moreover, some jurisdictions allow claimants to allege monetary damages that far exceed any reasonably possible verdict. The variability in pleading requirements and past experience demonstrates that the monetary and other relief that may be requested in a lawsuit or claim often bears little relevance to the merits or potential value of a claim. Litigation against the Company includes a variety of claims including, among other things, insurers' sales practices, alleged agent misconduct, alleged failure to properly supervise agents, contract administration, product design, features and accompanying disclosure, payments of death benefits and the reporting and escheatment of unclaimed property, alleged breach of fiduciary duties, alleged mismanagement of client funds and other matters.

The outcome of a litigation or regulatory matter is difficult to predict, and the amount or range of potential losses associated with these or other loss contingencies requires significant management judgment. It is not possible to predict the ultimate outcome or to provide reasonably possible losses or ranges of losses for all pending regulatory matters, litigation and other loss contingencies. While it is possible that an adverse outcome in certain cases could have a material adverse effect upon the Company's financial position, based on information currently known, management believes that neither the outcome of pending litigation and regulatory matters, nor potential liabilities associated with other loss contingencies, are likely to have such an effect. However, given the large and indeterminate amounts sought in certain litigation and the inherent unpredictability of all such matters, it is possible that an adverse outcome in certain of the Company's litigation or regulatory matters, or liabilities arising from other loss contingencies, could, from time to time, have a material adverse effect upon the Company's results of operations or cash flows in a particular quarterly or annual period.

For some matters, the Company is able to estimate a range of loss. For such matters in which a loss is probable, an accrual has been made. For matters where the Company believes a loss is reasonably possible, but not probable, no accrual is required. For matters for which an accrual has been made, but there remains a reasonably possible range of loss in excess of the amounts accrued or for matters where no accrual is required, the Company develops an estimate of the unaccrued amounts of the reasonably possible range of losses. As of September 30, 2025, the Company estimates the aggregate range of reasonably possible losses, in excess of any amounts accrued for these matters as of such date, to be up to approximately $100 million.

For other matters, the Company is currently not able to estimate the reasonably possible loss or range of loss. The Company is often unable to estimate the possible loss or range of loss until developments in such matters have provided sufficient information to support an assessment of the range of possible loss, such as quantification of a damage demand from plaintiffs, discovery from plaintiffs and other parties, investigation of factual allegations, rulings by a court on motions or appeals, analysis by experts and the progress of settlement discussions. On a quarterly and annual basis, the Company reviews relevant information with respect to litigation and regulatory contingencies and updates the Company's accruals, disclosures and reasonably possible losses or ranges of loss based on such reviews.

As with other financial services companies, Equitable Financial periodically receives informal and formal requests for information from various state and federal governmental agencies and self-regulatory organizations in connection with inquiries and investigations of the products and practices of the Company or the financial services industry. It is the practice of the Company to cooperate fully in these matters.

------

**<u>[**Table of Contents**](#idb7c5e5bccf5487492becf35bc3c5c19_10)</u>**

**EQUITABLE HOLDINGS, INC.**

**Notes to Consolidated Financial Statements (Unaudited), Continued**

<u>Obligations under Funding Agreements</u>

***Pre-Capitalized Trust Securities ("P-Caps")***

In April 2019, pursuant to separate Purchase Agreements among Holdings, Credit Suisse Securities (USA) LLC, as representative of the several initial purchasers, and the Trusts (as defined below), Pine Street Trust I, a Delaware statutory trust (the "2029 Trust"), completed the issuance and sale of 600,000 of its Pre-Capitalized Trust Securities redeemable February 15, 2029 (the "2029 P-Caps") for an aggregate purchase price of $600 million and Pine Street Trust II, a Delaware statutory trust (the "2049 Trust" and, together with the 2029 Trust, the "Trusts"), completed the issuance and sale of 400,000 of its Pre-Capitalized Trust Securities redeemable February 15, 2049 (the "2049 P-Caps" and, together with the 2029 P-Caps, the "P-Caps") for an aggregate purchase price of $400 million in each case to qualified institutional buyers in reliance on Rule 144A that are also "qualified purchasers" for purposes of Section 3(c)(7) of the Investment Company Act of 1940, as amended.

In June 2024, the Company exercised its issuance right under the Facility Agreement, dated April 5, 2019 (the "2029 Trust Facility Agreement") to issue $600 million principal amount of the Company's 4.572% Senior Notes due 2029 (the "2029 Notes") in exchange for the portfolio of principal and interest strips of U.S. Treasury securities held by the 2029 Trust (the "2029 Trust Eligible Assets"). Following the Company's exercise of its issuance right under the 2029 Trust Facility Agreement, the Company: (i) issued $600 million principal amount of the 2029 Notes to the 2029 Trust on June 6, 2024 in exchange for the 2029 Trust Eligible Assets; (ii) waived its right to repurchase the 2029 Notes; and (iii) directed the trustee of the 2029 Trust to dissolve the 2029 Trust in accordance with its declaration of trust and deliver the 2029 Notes to the beneficial holders of the 2029 P-Caps pro rata in respect of each 2029 P-Cap. The 2029 Trust was dissolved on June 11, 2024 and the beneficial holders of the 2029 P-Caps received the 2029 Notes through the facilities of The Depository Trust Company. See Note 14 of the Notes to these Consolidated Financial Statements for additional details on the 2029 Notes.

In addition, in June 2024, pursuant to the Purchase Agreement among Holdings, TD Securities (USA) LLC, Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC, as representative of the several initial purchasers, and Pine Street Trust III, a Delaware statutory trust ("2054 Trust"), completed the issuance and sale of 600,000 of its Pre-Capitalized Trust Securities redeemable May 15, 2054 (the "2054 P-Caps") for an aggregate purchase price of $600 million to qualified institutional buyers in reliance on Rule 144A that are also "qualified purchasers" for purposes of Section 3(c)(7) of the Investment Company Act of 1940, as amended.

The P-Caps are an off-balance sheet contingent funding arrangement that, upon Holdings' election, gives Holdings the right over a thirty-year period to issue senior notes to the 2049 Trust and the 2054 Trusts. The Trusts have invested the proceeds from the respective sales of their P-Caps in separate portfolios of principal and/or interest strips of U.S. Treasury securities. In return, Holdings will, in the case of the 2054 Trust, pay, and in the case of the 2049 Trust, continue to pay, a semi-annual facility fee to the 2049 Trust and 2054 Trust calculated at a rate of 2.715% and 1.779% per annum, respectively, which will be applied to the unexercised portion of the contingent funding arrangement and Holdings will reimburse the Trusts for certain expenses. The facility fees are recorded in other operating costs and expenses in the consolidated statements of income (loss).

***FHLB***

As a member of the FHLB, Equitable Financial and Equitable America have access to collateralized borrowings. They also may issue funding agreements to the FHLB. Both the collateralized borrowings and funding agreements would require Equitable Financial or Equitable America to pledge qualified mortgage-backed assets and/or government securities as collateral. Equitable Financial and Equitable America issue short-term and long-term funding agreements to the FHLB and use the funds for asset, liability, and cash management purposes and spread lending purposes.

Entering into FHLB membership, borrowings and funding agreements requires the ownership of FHLB stock and the pledge of assets as collateral. Equitable Financial has purchased FHLB stock of $323 million and pledged collateral with a carrying value of $10.3 billion as of September 30, 2025. Equitable America has purchased FHLB stock of $5 million and pledged collateral with a carrying value of $252 million as of September 30, 2025.

Funding agreements are reported in policyholders' account balances in the consolidated balance sheets. For other instruments used for asset/liability and cash management purposes, see "Offsetting of Financial Assets and Liabilities and Derivative Instruments" included in Note 4 of the Notes to these Consolidated Financial Statements. The table below summarizes the Company's activity of funding agreements with the FHLB.

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**<u>[**Table of Contents**](#idb7c5e5bccf5487492becf35bc3c5c19_10)</u>**

**EQUITABLE HOLDINGS, INC.**

**Notes to Consolidated Financial Statements (Unaudited), Continued**

**Change in FHLB Funding Agreements during the Nine Months Ended September 30, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Outstanding Balance at December 31, 2024** | **Issued During the Period** | **Repaid During the Period** | **Long-term Agreements Maturing Within One Year** | **Long-term Agreements Maturing Within Five Years** | **Outstanding Balance at September 30, 2025** |
| | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** |
| Short-term funding agreements: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Due in one year or less | $5843 | $**54265** | $**(54565)** | $**409** | $**—** | $**5952** |
| Long-term funding agreements: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Due in years two through five | 829 | **200** | **—** | **(388)** | **—** | **641** |
| &nbsp;&nbsp;&nbsp;Due in more than five years | 493 | **—** | **—** | **(21)** | **—** | **472** |
| &nbsp;&nbsp;&nbsp;&nbsp;Total long-term funding agreements | 1322 | **200** | **—** | **(409)** | **—** | **1113** |
| Total funding agreements (1) | $7165 | $**54465** | $**(54565)** | $**—** | $**—** | $**7065** |

---

_____________

(1)The $16 million and $2 million difference between the funding agreements notional value shown above and carrying value shown in fair value table for September 30, 2025 and December 31, 2024, respectively, reflects the remaining amortization of a hedge implemented and closed, which locked in the funding agreements borrowing rates.

***FABN***

Under the FABN programs, Equitable Financial and Equitable America may issue funding agreements in U.S. dollar or other foreign currencies, in each case, to a Delaware special purpose statutory trust (the "Trust") in exchange for the proceeds from issuances of fixed and floating rate medium-term marketable notes issued by the applicable Trust from time to time (the "Trust Notes"). The funding agreements have matching interest, maturity and currency payment terms to the applicable Trust Notes. The Company hedges the foreign currency exposure of foreign currency denominated funding agreements using cross currency swaps as discussed in Note 4 of the Notes to these Consolidated Financial Statements. As of September 30, 2025, the maximum aggregate principal amount of Trust Notes permitted to be outstanding at any one time is $16.0 billion. Funding agreements issued to the applicable Trust, including any foreign currency transaction adjustments, are reported in policyholders' account balances in the consolidated balance sheets. Foreign currency transaction adjustments to policyholder's account balances are recognized in net income (loss) as an adjustment to interest credited to policyholders' account balances and are offset in interest credited to policyholders' account balances by a release of AOCI from deferred changes in fair value of designated and qualifying cross currency swap cash flow hedges. The table below summarizes activity of funding agreements under the FABN programs.

**Change in FABN Funding Agreements during the Nine Months Ended September 30, 2025**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Outstanding Balance at December 31, 2024** | **Issued During the Period** | **Repaid During the Period** | **Long-term Agreements Maturing Within One Year** | **Long-term Agreements Maturing Within Five Years** | **Foreign Currency Transaction Adjustment** | **Outstanding Balance at September 30,<br>2025** |
| | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** |
| Short-term funding agreements: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Due in one year or less | $1050 | $**300** | $**(650)** | $**950** | $**—** | $**—** | $**1650** |
| Long-term funding agreements: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Due in years two through five | 4393 | **3700** | **—** | **(950)** | **—** | **97** | **7240** |
| &nbsp;&nbsp;&nbsp;Due in more than five years | 300 | **500** | **—** | **—** | **—** | **—** | **800** |
| &nbsp;&nbsp;&nbsp;&nbsp;Total long-term funding agreements | 4693 | **4200** | **—** | **(950)** | **—** | **97** | **8040** |
| Total funding agreements (1) | $5743 | $**4500** | $**(650)** | $**—** | $**—** | $**97** | $**9690** |

---

_____________

(1)The $56 million and $18 million difference between the funding agreements notional value shown and carrying value table as of September 30, 2025 and December 31, 2024, respectively, reflects the remaining amortization of the issuance cost of the funding agreements and the foreign currency transaction adjustment.

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**<u>[**Table of Contents**](#idb7c5e5bccf5487492becf35bc3c5c19_10)</u>**

**EQUITABLE HOLDINGS, INC.**

**Notes to Consolidated Financial Statements (Unaudited), Continued**

***FABCP***

In May 2023, Equitable Financial and Equitable America established a FABCP program, pursuant to which a SPLLC may issue commercial paper and deposit the proceeds with Equitable Financial or Equitable America pursuant to a funding agreement issued by Equitable Financial or Equitable America to the SPLLC. The current maximum aggregate principal amount permitted to be outstanding at any one time under the FABCP program is $3.0 billion for Equitable Financial and $1.0 billion for Equitable America. As of September 30, 2025, Equitable Financial had $1.1 billion and Equitable America did not have any outstanding balances under the program, respectively.

<u>Guarantees and Other Commitments</u>

The Company provides certain guarantees or commitments to affiliates and others. As of September 30, 2025, these arrangements include commitments by the Company to provide equity financing of $1.1 billion to certain limited partnerships and real estate joint ventures under certain conditions as well as a guarantee of a subsidiary's performance under a reinsurance arrangement that will no longer be in effect once certain conditions at the subsidiary are met and notice is provided. Management believes the Company will not incur material losses as a result of these commitments.

The Company had $17 million of undrawn letters of credit related to reinsurance as of September 30, 2025. The Company had $468 million of commitments under existing mortgage loan agreements as of September 30, 2025.

The Company is the obligor under certain structured settlement agreements it had entered into with unaffiliated insurance companies and beneficiaries. To satisfy its obligations under these agreements, the Company owns single premium annuities issued by previously wholly-owned life insurance subsidiaries. The Company has directed payment under these annuities to be made directly to the beneficiaries under the structured settlement agreements. A contingent liability exists with respect to these agreements should the previously wholly-owned subsidiaries be unable to meet their obligations. Management believes the need for the Company to satisfy those obligations is remote.

17**)&nbsp;&nbsp;&nbsp;&nbsp;BUSINESS SEGMENT INFORMATION**

Effective July 1, 2025, our financial reporting presentation was revised to reflect the reorganization of the Company's reportable segments to reflect how the Company's chief operating decision maker now makes operating decisions and assesses performance. We now have three reportable segments: Retirement, Asset Management and Wealth Management. Prior period results have been revised in connection with updates to our reportable segments.

These segments reflect the manner by which the Company's chief operating decision maker ("CODM") views and manages the business. A brief description of these segments follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Retirement segment offers a diverse suite of retirement solutions to individual and institutional clients. Our primary offerings include individual and group annuities, retirement savings plans, and institutional savings products, which we distribute through both proprietary and third-party distribution. Results for our spread lending business are also primarily reported within the Retirement segment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Asset Management segment provides diversified investment management and related solutions globally to a broad range of clients through three main client channels - Institutional, Retail and Private Wealth.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Wealth Management segment offers discretionary and non-discretionary investment advisory accounts, financial planning and advice, life insurance, and annuity products through Equitable Advisors.

The CODM is the President and Chief Executive Officer of Holdings. The CODM evaluates the reported measure of a segment's profit or loss in assessing segment performance and deciding how to allocate resources. Significant segment expenses are part of the CODM review and are critically important to understand the level of profitability of operating segments but also the overall company performance. This assessment will inform the way the allocation of resources will be done among the different operating segments.

<u>Measurement</u>

Operating earnings (loss) is the financial measure which primarily focuses on the Company's segments' results of operations as well as the underlying profitability of the Company's core business. By excluding items that can be distortive and unpredictable such as investment gains (losses) and investment income (loss) from derivative instruments, the Company believes operating earnings (loss) by segment enhances the understanding of the Company's underlying drivers of profitability and trends in the Company's segments.

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**<u>[**Table of Contents**](#idb7c5e5bccf5487492becf35bc3c5c19_10)</u>**

**EQUITABLE HOLDINGS, INC.**

**Notes to Consolidated Financial Statements (Unaudited), Continued**

Operating earnings is calculated by adjusting each segment's net income (loss) attributable to Holdings for the following items:

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 and changes to the deferred tax valuation allowance.

The General Account investment portfolio is used to support the insurance and annuity liabilities generated by our businesses.

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

Revenues derived from any customer did not exceed 10% of revenues for the three and nine months ended September 30, 2025 and 2024.

The Company accounts for inter-segment sales and transfers as if the sales or transfers were to third parties, that is, at current market prices.

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**<u>[**Table of Contents**](#idb7c5e5bccf5487492becf35bc3c5c19_10)</u>**

**EQUITABLE HOLDINGS, INC.**

**Notes to Consolidated Financial Statements (Unaudited), Continued**

The table below presents operating earnings (loss) by segment and Corporate and Other (C&O):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** |
| | **Retirement** | **Asset Management** | **Wealth Management** | **Corporate & Other** | **Eliminations** | **Total** |
| | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** |
| **Segment revenues** | $**1588** | $**1144** | $**499** | $**741** | $**(235)** | $**3737** |
| **Benefits and other deductions** |  |  |  |  |  |  |
| Policyholders' benefits | **73** | **—** | **—** | **438** | **—** | **511** |
| Interest credited to policyholders' account balances | **685** | **—** | **—** | **96** | **—** | **781** |
| Commissions and distribution related payments | **153** | **209** | **320** | **82** | **(227)** | **537** |
| Amortization of deferred policy acquisition costs | **153** | **—** | **—** | **50** | **—** | **203** |
| Compensation and benefits | **15** | **447** | **82** | **33** | **—** | **577** |
| Interest expense and financing fees | **—** | **7** | **—** | **61** | **(3)** | **65** |
| **Significant segment expenses** | **1079** | **663** | **402** | **760** | **(230)** | **2674** |
| Other segment items (1) | **70** | **188** | **19** | **144** | **(5)** | **416** |
| Income taxes | **(38)** | **(46)** | **(19)** | **8** | **—** | **(95)** |
| Less: Operating (earnings) loss attributable to the noncontrolling interest | **—** | **93** | **—** | **4** | **—** | **97** |
| **Operating earnings (loss)** | $**401** | $**154** | $**59** | $**(159)** | $**—** | $**455** |

---

_____________

(1)Other segment items include Remeasurement for liability for future policy benefits and Other operating expenses and costs. Additionally, other segment items reflected in Asset Management segment is primarily driven by other operating expense and costs related to general and administrative costs and promotion and servicing expenses.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Three Months Ended September 30, 2024 | Three Months Ended September 30, 2024 | Three Months Ended September 30, 2024 | Three Months Ended September 30, 2024 | Three Months Ended September 30, 2024 | Three Months Ended September 30, 2024 |
| | Retirement | Asset Management | Wealth Management | Corporate & Other | Eliminations | Total |
| | (in millions) | (in millions) | (in millions) | (in millions) | (in millions) | (in millions) |
| Segment revenues | $1439 | $1086 | $449 | $1020 | $(221) | $3773 |
| Benefits and other deductions |  |  |  |  |  |  |
| Policyholders' benefits | 83 |  |  | 580 |  | 663 |
| Interest credited to policyholders' account balances | 520 |  |  | 150 |  | 670 |
| Commissions and distribution related payments | 136 | 192 | 281 | 88 | (212) | 485 |
| Amortization of deferred policy acquisition costs | 135 |  |  | 49 |  | 184 |
| Compensation and benefits | 19 | 428 | 79 | 29 |  | 555 |
| Interest expense and financing fees |  | 8 |  | 57 | (5) | 60 |
| Significant segment expenses | 893 | 628 | 360 | 953 | (217) | 2617 |
| Other segment items (1) | 62 | 205 | 24 | 107 | (4) | 394 |
| Income taxes | (68) | (42) | (16) | 4 |  | (122) |
| Less: Operating (earnings) loss attributable to the noncontrolling interest |  | 100 |  | 23 |  | 123 |
| Operating earnings (loss) | $416 | $111 | $49 | $(59) | $— | $517 |

---

_____________

(1)Other segment items include Remeasurement for liability for future policy benefits and Other operating expenses and costs. Additionally, other segment items reflected in Asset Management segment is primarily driven by other operating expense and costs related to general and administrative costs and promotion and servicing expenses.

------

**<u>[**Table of Contents**](#idb7c5e5bccf5487492becf35bc3c5c19_10)</u>**

**EQUITABLE HOLDINGS, INC.**

**Notes to Consolidated Financial Statements (Unaudited), Continued**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** |
| | **Retirement** | **Asset Management** | **Wealth Management** | **Corporate & Other** | **Eliminations** | **Total** |
| | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** |
| **Segment revenues** | $**4527** | $**3326** | $**1430** | $**2734** | $**(695)** | $**11322** |
| **Benefits and other deductions** |  |  |  |  |  |  |
| Policyholders' benefits | **241** | **—** | **—** | **1816** | **—** | **2057** |
| Interest credited to policyholders' account balances | **1847** | **—** | **—** | **402** | **—** | **2249** |
| Commissions and distribution related payments | **440** | **607** | **909** | **237** | **(667)** | **1526** |
| Amortization of deferred policy acquisition costs | **435** | **—** | **—** | **149** | **—** | **584** |
| Compensation and benefits | **61** | **1298** | **246** | **133** | **—** | **1738** |
| Interest expense and financing fees | **1** | **23** | **—** | **184** | **(13)** | **195** |
| **Significant segment expenses** | **3025** | **1928** | **1155** | **2921** | **(680)** | **8349** |
| Other segment items (1) | **197** | **569** | **69** | **345** | **(15)** | **1165** |
| Income taxes | **(176)** | **(135)** | **(52)** | **74** | **—** | **(289)** |
| Less: Operating (earnings) loss attributable to the noncontrolling interest | **—** | **283** | **—** | **8** | **—** | **291** |
| **Operating earnings (loss)** | $**1129** | $**411** | $**154** | $**(466)** | $**—** | $**1228** |

---

_____________

(1)Other segment items include Remeasurement for liability for future policy benefits and Other operating expenses and costs. Additionally, other segment items reflected in Asset Management segment is primarily driven by other operating expense and costs related to general and administrative costs and promotion and servicing expenses.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Nine Months Ended September 30, 2024 | Nine Months Ended September 30, 2024 | Nine Months Ended September 30, 2024 | Nine Months Ended September 30, 2024 | Nine Months Ended September 30, 2024 | Nine Months Ended September 30, 2024 |
| | Retirement | Asset Management | Wealth Management | Corporate & Other | Eliminations | Total |
| | (in millions) | (in millions) | (in millions) | (in millions) | (in millions) | (in millions) |
| Segment revenues | $4055 | $3230 | $1312 | $3097 | $(664) | $11030 |
| Benefits and other deductions |  |  |  |  |  |  |
| Policyholders' benefits | 238 |  |  | 1769 |  | 2007 |
| Interest credited to policyholders' account balances | 1400 |  |  | 447 |  | 1847 |
| Commissions and distribution related payments | 383 | 545 | 823 | 260 | (626) | 1385 |
| Amortization of deferred policy acquisition costs | 378 |  |  | 147 |  | 525 |
| Compensation and benefits | 68 | 1295 | 235 | 119 |  | 1717 |
| Interest expense and financing fees |  | 37 |  | 171 | (22) | 186 |
| Significant segment expenses | 2467 | 1877 | 1058 | 2913 | (648) | 7667 |
| Other segment items (1) | 180 | 614 | 71 | 337 | (16) | 1186 |
| Income taxes | (200) | (128) | (48) | 25 |  | (351) |
| Less: Operating (earnings) loss attributable to the noncontrolling interest |  | 293 |  | 44 |  | 337 |
| Operating earnings (loss) | $1208 | $318 | $135 | $(172) | $— | $1489 |

---

_____________

(1)Other segment items include Remeasurement for liability for future policy benefits and Other operating expenses and costs. Additionally, other segment items reflected in Asset Management segment is primarily driven by other operating expense and costs related to general and administrative costs and promotion and servicing expenses.

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**<u>[**Table of Contents**](#idb7c5e5bccf5487492becf35bc3c5c19_10)</u>**

**EQUITABLE HOLDINGS, INC.**

**Notes to Consolidated Financial Statements (Unaudited), Continued**

The table below presents a reconciliation to net income (loss) attributable to Holdings:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | 2024 | **2025** | 2024 |
| | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** |
| Net income (loss) attributable to Holdings | $**(1309)** | $(132) | $**(1595)** | $388 |
| Adjustments related to: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Variable annuity product (1) | **978** | 756 | **2123** | 1167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment (gains) losses (2) | **1170** | 46 | **1255** | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net actuarial (gains) losses related to pension and other postretirement benefit obligations | **19** | 13 | **41** | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other adjustments (3) | **(164)** | 1 | **(96)** | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income tax expense (benefit) related to above adjustments | **(437)** | (172) | **(714)** | (288) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-recurring tax items  | **198** | 5 | **214** | 18 |
| Operating earnings (loss) | $**455** | $517 | $**1228** | $1489 |

---

_____________

(1)As a result of the novation of certain Legacy VA policies completed during the first quarter of 2025, the Company recorded a loss of $499 million in pre-tax net income and an increase of $263 million in pre-tax AOCI, for a total impact loss of $236 million for the nine months ended September 30, 2025.

(2)Includes $1.1 billion as a result of the assets transferred related to the reinsurance agreement with RGA for the three and nine months ended September 30, 2025. See Note 20 of the Notes to these Consolidated Financial Statements for further details.

(3)Includes a gain of $230 million and $262 million on Non-VA derivatives for the three and nine months ended September 30, 2025, respectively. Also includes $(8) million and $6 million of expense related to a disputed billing practice of an AB third-party service provider for the three and nine months ended September 30, 2025, respectively, and certain gross legal expenses related to the COI litigation of $0 million and $106 million for the three and nine months ended September 30, 2024.

Segment revenues is a measure of the Company's revenue by segment as adjusted to exclude certain items. The following table reconciles segment revenues to total revenues by excluding the following items:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Items related to variable annuity product features, which include certain changes in the fair value of the derivatives and other securities we use to hedge these features and changes in the fair value of the embedded derivatives reflected within the net derivative results of variable annuity product features;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Other adjustments, which primarily includes net derivative gains (losses) on certain Non-GMxB derivatives and Net investment income from certain items including consolidated VIE investments, seed capital mark-to-market adjustments and unrealized gain/losses associated with equity securities.

The table below presents revenues by segment and C&O:

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**<u>[**Table of Contents**](#idb7c5e5bccf5487492becf35bc3c5c19_10)</u>**

**EQUITABLE HOLDINGS, INC.**

**Notes to Consolidated Financial Statements (Unaudited), Continued**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
|  | **2025** | 2024 | **2025** | 2024 |
| | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** |
| Segment revenues: |  |  |  |  |
| Retirement (1) | $**1588** | $1439 | $**4527** | $4055 |
| Asset Management (2) | **1144** | 1086 | **3326** | 3230 |
| Wealth Management (3) | **499** | 449 | **1430** | 1312 |
| Corporate and Other (1) | **741** | 1020 | **2734** | 3097 |
| Eliminations | **(235)** | (221) | **(695)** | (664) |
| Adjustments related to: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Variable annuity product features, excluding change in MRBs (4) | **(1314)** | (628) | **(1888)** | (2257) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment gains (losses), net | **(1170)** | (46) | **(1255)** | (101) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other adjustments to segment revenues (4) | **197** | (26) | **209** | 138 |
| Total revenues | $**1450** | $3073 | $**8388** | $8810 |

---

______________

(1)Includes investment expenses charged by AB of $39 million and $115 million for the three and nine months ended September 30, 2025, respectively, and $37 million and $110 million for the three and nine months ended September 30, 2024, respectively, for services provided to the Company.

(2)Inter-segment investment management and other fees of $44 million and $130 million for the three and nine months ended September 30, 2025, respectively, and $41 million and $125 million for the three and nine months ended September 30, 2024, respectively, are included in segment revenues of the Asset Management segment.

(3)Inter-segment distribution fees of $227 million and $667 million for the three and nine months ended September 30, 2025, respectively, and $212 million and $626 million for the three and nine months ended September 30, 2024, respectively, are included in segment revenues of the Wealth Management segment.

(4)Prior periods were revised to conform with current presentation.

Total assets by segment were as follows:

---

| | | |
|:---|:---|:---|
|  | **September 30, 2025** | December 31, 2024 |
| | **(in millions)** | **(in millions)** |
| Total assets by segment: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Retirement | $**193110** | $173796 |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset Management | **10166** | 10137 |
| &nbsp;&nbsp;&nbsp;&nbsp;Wealth Management | **289** | 168 |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate and Other | **110844** | 111626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $**314409** | $295727 |

---

18**)&nbsp;&nbsp;&nbsp;&nbsp;INSURANCE STATUTORY FINANCIAL INFORMATION**

<u>Prescribed and Permitted Accounting Practices</u>

As of September 30, 2025, the following five prescribed and permitted practices resulted in net income (loss) and capital and surplus that is different from the statutory surplus that would have been reported had NAIC statutory accounting practices been applied.

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**<u>[**Table of Contents**](#idb7c5e5bccf5487492becf35bc3c5c19_10)</u>**

**EQUITABLE HOLDINGS, INC.**

**Notes to Consolidated Financial Statements (Unaudited), Continued**

Equitable Financial was granted a permitted practice by the NYDFS to apply SSAP 108, Derivatives Hedging Variable Annuity Guarantees on a retroactive basis from January 1, 2021 through June 30, 2021, after reflecting the impacts of our reinsurance transaction with Venerable. The permitted practice was amended to also permit Equitable Financial to adopt SSAP 108 prospectively as of July 1, 2021 and to consider the impact of both the interest rate derivatives and the General Account assets used to fully hedge the interest rate risk inherent in its variable annuity guarantees when determining the amount of the deferred asset or liability under SSAP 108. Application of the permitted practice partially mitigates the New York Insurance Regulation 213 ("Reg 213") impact of the Venerable transaction on Equitable Financial's statutory capital and surplus and enables Equitable Financial to more effectively neutralize the impact of interest rates on its statutory surplus and to better align with our economic hedging program. The impact of applying this permitted practice relative to SSAP 108 as written was a decrease of approximately $176 million in statutory special surplus funds as of September 30, 2025. The Reinsurance Treaty reduced the amount of interest rate hedging needed at Equitable Financial going forward, affecting future deferrals, but leaves our historical SSAP 108 deferred amounts unchanged. The permitted practice also reset Equitable Financial's unassigned surplus to zero as of June 30, 2021 to reflect the transformative nature of the Venerable transaction.

The Manual has been adopted as a component of prescribed or permitted practices by the State of New York. However, Reg 213 adopted in May of 2019 and as amended in February 2020 and March 2021, differs from the NAIC variable annuity reserve and capital framework. Reg 213 requires Equitable Financial to carry statutory basis reserves for its variable annuity contract obligations equal to the greater of those required under (i) the NAIC standard or (ii) a revised version of the NYDFS requirement in effect prior to the adoption of the first amendment for contracts issued prior to January 1, 2020, and for policies issued after that date a new standard that in current market conditions imposes more conservative reserving requirements for variable annuity contracts than the NAIC standard.

The impact of the application of Reg 213 was a decrease of approximately $119 million in statutory surplus as of September 30, 2025 compared to statutory surplus under the NAIC variable annuity framework. Our hedging program is designed to hedge the economics of our insurance liabilities and largely offsets Reg 213 and NAIC framework reserve movements due to interest rates and equities. The NYDFS allows domestic insurance companies a five year phase-in provision for Reg 213 reserves. As of September 30, 2022, Equitable Financial's Reg 213 reserves were 100% phased-in. As of September 30, 2025, given the prevailing market conditions and business mix, there are $91 million Reg 213 redundant reserves over the US RBC CTE 98 TAR.

During the fourth quarter 2020, Equitable Financial received approval from NYDFS for its proposed amended Plan of Operation for Separate Account No. 68 ("SA 68") for our SCS product and Separate Account No. 69 ("SA 69") for our EQUI-VEST product Structured Investment Option, to change the accounting basis of these two non-insulated Separate Accounts from fair value to book value in accordance with Section 1414 of the Insurance Law to align with how we manage and measure our overall General Account asset portfolio. In order to facilitate this change and comply with Section 4240(a)(10), the Company also sought approval to amend the Plans to remove the requirement to comply with Section 4240(a)(5)(iii) and substitute it with a commitment to comply with Section 4240(a)(5)(i). Similarly, the Company updated the reserves section of each Plan to reflect the fact that Regulation 128 would no longer be applicable upon the change in accounting basis. We applied this change effective January 1, 2021. The impact of the application is an increase of approximately $695 million in statutory surplus as of September 30, 2025.

During 2022, Equitable America received approval from the Arizona Department of Insurance and Financial Institutions pursuant to A.R.S. 20-515 for Separate Account No. 68A ("SA 68A") for our SCS product, Separate Account No. 69A ("SA 69A") for our EQUI-VEST product Structured Investment Option and Separate Account No. 71A ("SA 71A") for our Investment Edge Structured Investment Option, to permit us to use book value as the accounting basis of these three non-insulated Separate Accounts instead of fair value in accordance with the Manual to align with how we manage and measure our overall General Account asset portfolio. The impact of the application is a decrease of approximately $948 million in statutory surplus as of September 30, 2025.

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**<u>[**Table of Contents**](#idb7c5e5bccf5487492becf35bc3c5c19_10)</u>**

**EQUITABLE HOLDINGS, INC.**

**Notes to Consolidated Financial Statements (Unaudited), Continued**

The Arizona Department of Insurance and Financial Institutions granted to Equitable America a permitted practice to deviate from SSAP No. 108 by applying special accounting treatment for specific derivatives hedging variable annuity benefits subject to fluctuations as a result of interest rate sensitivities. The permitted practice expands on SSAP No. 108 hedge accounting to include equity risks for the full scope of Variable Annuity (VA) contracts (i.e., not just the rider guarantees but for the VA total contract). The permitted practice allows Equitable America to adopt SSAP 108 retroactively from October 1, 2023 and applies to both directly held VA hedges as well as VA hedges in the Equitable America funds withheld asset that resulted from the Reinsurance Treaty. In the calculation of the amount of excess VA equity and interest rate derivative hedging gains/losses to defer (including Net investment income on our Equity Total Return Swaps), the permitted practice allows us to compare our total equity and interest derivatives gains and losses to 100% of our target liability change. Any hedge gain or loss deferrals will follow SSAP No. 108 amortization rules (i.e. 10-year straight line). The impact of applying this revised permitted practice relative to SSAP 108 was an increase of approximately $1.4 billion in statutory special surplus funds as of September 30, 2025.

**19)&nbsp;&nbsp;&nbsp;&nbsp;EARNINGS PER COMMON SHARE**

The following table presents a reconciliation of net income (loss) and weighted-average common shares used in calculating basic and diluted earnings per common share:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
|  | **2025** | 2024 | **2025** | 2024 |
| | **(in millions, except per share data)** | **(in millions, except per share data)** | **(in millions, except per share data)** | **(in millions, except per share data)** |
| Weighted-average common shares outstanding: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Weighted-average common shares outstanding — basic | **296.2** | 318.2 | **302.4** | 324.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Effect of dilutive potential common shares: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Employee share awards (1) | **—** |  | **—** | 3.5 |
| &nbsp;&nbsp;Weighted-average common shares outstanding — diluted  | **296.2** | 318.2 | **302.4** | 327.7 |
| Net income (loss): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) | $**(1215)** | $28 | $**(1348)** | $788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Net income (loss) attributable to the noncontrolling interest | **94** | 160 | **247** | 400 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) attributable to Holdings | **(1309)** | (132) | **(1595)** | 388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Preferred stock dividends | **16** | 14 | **48** | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) available to Holdings' common shareholders | $**(1325)** | $(146) | $**(1643)** | $334 |
| Earnings per common share: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic | $**(4.47)** | $(0.46) | $**(5.43)** | $1.03 |
| &nbsp;&nbsp;&nbsp;Diluted | $**(4.47)** | $(0.46) | $**(5.43)** | $1.02 |

---

______________

(1)Calculated using the treasury stock method.

For the three and nine months ended September 30, 2025 and 2024, 5.3 million, 5.6 million, 6.4 million and 3.0 million, respectively, of outstanding stock awards, were not included in the computation of diluted EPS because their effect was anti-dilutive.

------

**<u>[**Table of Contents**](#idb7c5e5bccf5487492becf35bc3c5c19_10)</u>**

**EQUITABLE HOLDINGS, INC.**

**Notes to Consolidated Financial Statements (Unaudited), Continued**

20**)&nbsp;&nbsp;&nbsp;&nbsp;REINSURANCE**

The Company assumes and cedes reinsurance with other insurance companies. The Company evaluates the financial condition of its reinsurers to minimize its exposure to significant losses from reinsurer insolvencies. Ceded reinsurance does not relieve the originating insurer of liability.

The following table summarizes the effect of reinsurance. The impact of the transactions described above results in a decrease to reinsurance assumed and an increase in reinsurance ceded.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | 2024 | **2025** | 2024 |
| | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** |
| &nbsp;&nbsp;&nbsp;Direct charges and fee income | $**805** | $809 | $**2396** | $2406 |
| &nbsp;&nbsp;&nbsp;Reinsurance assumed | **—** |  | **—** |  |
| &nbsp;&nbsp;&nbsp;Reinsurance ceded | **(334)** | (183) | **(663)** | (549) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Policy charges and fee income | $**471** | $626 | $**1733** | $1857 |
| &nbsp;&nbsp;&nbsp;Direct premiums | $**276** | $332 | $**865** | $933 |
| &nbsp;&nbsp;&nbsp;Reinsurance assumed | **45** | 40 | **125** | 130 |
| &nbsp;&nbsp;&nbsp;Reinsurance ceded | **(63)** | (60) | **(168)** | (184) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Premiums | $**258** | $312 | $**822** | $879 |
| &nbsp;&nbsp;&nbsp;Direct policyholders' benefits | $**764** | $799 | $**2684** | $2468 |
| &nbsp;&nbsp;&nbsp;Reinsurance assumed | **43** | 31 | **118** | 114 |
| &nbsp;&nbsp;&nbsp;Reinsurance ceded | **(355)** | (167) | **(804)** | (575) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Policyholders' benefits | $**452** | $663 | $**1998** | $2007 |
| &nbsp;&nbsp;&nbsp;Direct interest credited to policyholders' account balances | $**876** | $708 | $**2394** | $1940 |
| &nbsp;&nbsp;&nbsp;Reinsurance ceded | **(78)** | (7) | **(122)** | (61) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest credited to policyholders' account balances | $**798** | $701 | $**2272** | $1879 |

---

<u>Ceded Reinsurance</u>

The Company reinsures most of its new variable life, UL and term life policies on an excess of retention basis. The Company generally retains on a per life basis up to $25 million for single lives and $30 million for joint lives with the excess 100% reinsured. The Company also reinsures risk on certain substandard underwriting risks and in certain other cases.

On July 31, 2025, Equitable Financial, as well as Equitable America and Equitable Financial L&A, completed the master transaction agreement with RGA entered into on February 23, 2025 pursuant to which and subject to the terms and conditions set forth in such agreement, RGA entered into reinsurance agreements, as reinsurer, with each such subsidiary, as ceding company, to effect the RGA Reinsurance Transaction. At the closing of the transaction, (i) each of Equitable Financial and Equitable America entered into a separate coinsurance and modified coinsurance agreement with RGA and (ii) Equitable Financial L&A entered into a coinsurance agreement with RGA, each with an effective date of April 1, 2025, pursuant to which each ceding company ceded to RGA a 75% quota share of such ceding company's in-force individual life insurance block and Closed Block. See Note 1 of the Notes to these Consolidated Financial Statements for additional details of the RGA Reinsurance Transaction.

Assets supporting the NI modco arrangement with RGA consist of $266 million of fixed maturity securities, $29 million of options, and $3 million of cash and cash equivalents as of September 30, 2025.

In addition to the above, the Company cedes a portion of its group health, extended term insurance, and paid-up life insurance and substantially all of its individual disability income business through various coinsurance agreements.

<u>Assumed Reinsurance</u>

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**<u>[**Table of Contents**](#idb7c5e5bccf5487492becf35bc3c5c19_10)</u>**

**EQUITABLE HOLDINGS, INC.**

**Notes to Consolidated Financial Statements (Unaudited), Continued**

In addition to the sale of insurance products, the Company currently assumes risk from professional reinsurers. The Company also had a run-off portfolio of assumed reinsurance liabilities at CSLRC which was sold to Venerable in June 2021. The Company assumes accident, life, health, annuity (including products covering GMDB and GMIB benefits), aviation, special risk and space risks by participating in or reinsuring various reinsurance pools and arrangements.

The following table summarizes the ceded GMIB reinsurance contracts, third-party recoverables, amount due to reinsurance and assumed reserves:

---

| | | |
|:---|:---|:---|
| | **September 30, 2025** | December 31, 2024 |
| | **(in millions)** | **(in millions)** |
| **Ceded Reinsurance:** |  |  |
| Estimated net fair values of purchased market risk benefits (1) | $**5415** | $7376 |
| Third-party reinsurance recoverables related to insurance contracts | **20025** | 7899 |
| &nbsp;&nbsp;&nbsp;&nbsp;<u>Top reinsurers:</u> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;First Allmerica-GAF | **3087** | 3245 |
| &nbsp;&nbsp;&nbsp;&nbsp;Zurich Life Insurance Company, Ltd. | **1157** | 2444 |
| &nbsp;&nbsp;&nbsp;&nbsp;RGA Reinsurance Company | **1920** | 1205 |
| Ceded group health reserves | **56** | 53 |
| Amount due to reinsurers | **1451** | 1421 |
| &nbsp;&nbsp;&nbsp;&nbsp;<u>Top reinsurers:</u> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;RGA Reinsurance Company | **1159** | 2187 |
| &nbsp;&nbsp;&nbsp;&nbsp;First Allmerica-GAF | **76** | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;Protective Life Insurance Company | **95** | 106 |
| **Assumed Reinsurance:** |  |  |
| Reinsurance assumed reserves | $**630** | $647 |

---

_____________

(1)The estimated fair values of purchased MRB risks decreased $(2.0) billion for the nine months ended September 30, 2025 and $(2.1) billion for the year ended December 31, 2024.

**21)&nbsp;&nbsp;&nbsp;&nbsp;REVISION OF PRIOR PERIOD FINANCIAL STATEMENTS**

During the period ended March 31, 2025, the Company identified an immaterial error related to the initial bookkeeping of ceded accrued fees within policyholders' account balance ultimately impacting the initial deposit accounting of a reinsurance transaction. The impact of this error to prior periods' financial statements was not considered to be material. To improve the consistency and comparability of the financial statements, management voluntarily revised the financial statements to include the revisions discussed herein. As a result of the determination to revise previously issued financial statements for the deposit accounting discussed above, management also has corrected other previously identified but uncorrected errors and errors recorded in incorrect periods including, a) pension liability overstatement due to a reconciling item, b) incorrect FX impacting the FABN carrying value, c) incorrect inputs ratio in our MRB modeling and incorrect inputs in the deposit accounting calculation, d) the hedging impact of Treasury Inflation-Protected Securities (TIPS) hedging income was incorrectly recorded in Accumulated other comprehensive income, e) error in the manual accrual in an input calculation in the treasury package overstating Policyholders' account balance and Interest credited to policyholders, f) incorrect actuarial indication impacting the Liability for MRB and purchased MRB, and g) incorrect allocation of earned premiums to loss ratio impacting reserves.

Management assessed the materiality of this change within prior period financial statements based upon SEC Staff Accounting Bulletin Number 99, Materiality, which is since codified in ASC 250, Accounting Changes and Error Corrections. The prior period comparative financial statements that are presented herein have been revised.

The following tables present line items for prior period financial statements that have been affected by the revision. For these line items, the tables detail the amounts as previously reported, the impact upon those line items due to the revision, and the amounts as currently revised within the financial statements.

------

**<u>[**Table of Contents**](#idb7c5e5bccf5487492becf35bc3c5c19_10)</u>**

**EQUITABLE HOLDINGS, INC.**

**Notes to Consolidated Financial Statements (Unaudited), Continued**

---

| | | | |
|:---|:---|:---|:---|
| | **September 30, 2024** | **September 30, 2024** | **September 30, 2024** |
| | **As Previously <br>Reported** | **Impact of Revisions** | **As Revised** |
| | **(in millions)** | **(in millions)** | **(in millions)** |
| **Consolidated Balance Sheets:** | | | |
| **ASSETS** | | | |
| Investments: |  |  |  |
| Amounts due from reinsurers | $8222 | $(154) | $8068 |
| Current and deferred income taxes | 1701 | 6 | 1707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets | $298989 | $(148) | $298841 |
| **LIABILITIES** |  |  |  |
| Policyholders' account balances | $107433 | $(29) | $107404 |
| Amounts due to reinsurers | 1421 | 5 | 1426 |
| Other liabilities | 6645 | (105) | 6540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities | 292791 | (129) | 292662 |
| **EQUITY** |  |  |  |
| Retained earnings | 9977 | (13) | 9964 |
| Accumulated other comprehensive income (loss) | (6595) | (6) | (6601) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total equity attributable to Holdings | 3220 | (19) | 3201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Equity | 4975 | (19) | 4956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Equity and Redeemable NCI | 6198 | (19) | 6179 |
| **Total Liabilities, Redeemable Noncontrolling Interest and Equity** | $298989 | $(148) | $298841 |

---

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**<u>[**Table of Contents**](#idb7c5e5bccf5487492becf35bc3c5c19_10)</u>**

**EQUITABLE HOLDINGS, INC.**

**Notes to Consolidated Financial Statements (Unaudited), Continued**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30, 2024** | **Three Months Ended September 30, 2024** | **Three Months Ended September 30, 2024** | **Nine Months Ended September 30, 2024** | **Nine Months Ended September 30, 2024** | **Nine Months Ended September 30, 2024** |
| | **As Previously <br>Reported** | **Impact of Revisions** | **As Revised** | **As Previously <br>Reported** | **Impact of Revisions** | **As Revised** |
| | **(in millions, except per share data)** | **(in millions, except per share data)** | **(in millions, except per share data)** | **(in millions, except per share data)** | **(in millions, except per share data)** | **(in millions, except per share data)** |
| **Consolidated Statements of Income (Loss)** | | | | | | |
| **REVENUES** | | | | | | |
| Premiums | $313 | $(1) | $312 | $870 | $9 | $879 |
| Net investment income (loss) | 1309 | (1) | 1308 | 3694 | (9) | 3685 |
| Other income | 301 | (1) | 300 | 989 | (6) | 983 |
| &nbsp;&nbsp;&nbsp;Total revenues | 3076 | (3) | 3073 | 8816 | (6) | 8810 |
| **BENEFITS AND OTHER DEDUCTIONS** |  |  |  |  |  |  |
| Remeasurement of liability for future policy benefits | 16 | (17) | (1) | 9 | (12) | (3) |
| Change in market risk benefits and purchased market risk benefits | 79 | 18 | 97 | (1154) | 31 | (1123) |
| Interest credited to policyholders' account balances | 708 | (7) | 701 | 1879 |  | 1879 |
| &nbsp;&nbsp;&nbsp;Total benefits and other deductions | 3090 | (6) | 3084 | 7902 | 19 | 7921 |
| Income (loss) from continuing operations, before income taxes | (14) | 3 | (11) | 914 | (25) | 889 |
| Income tax (expense) benefit | 40 | (1) | 39 | (106) | 5 | (101) |
| Net income (loss) | 26 | 2 | 28 | 808 | (20) | 788 |
| Net income (loss) attributable to Holdings | (134) | 2 | (132) | 408 | (20) | 388 |
| Net income (loss) available to Holdings' common shareholders | $(148) | $2 | $(146) | $354 | $(20) | $334 |
| **EARNINGS PER COMMON SHARE** |  |  |  |  |  |  |
| Basic | $(0.47) | $0.01 | $(0.46) | $1.09 | $(0.06) | $1.03 |
| Diluted | $(0.47) | $0.01 | $(0.46) | $1.08 | $(0.06) | $1.02 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30, 2024** | **Three Months Ended September 30, 2024** | **Three Months Ended September 30, 2024** | **Nine Months Ended September 30, 2024** | **Nine Months Ended September 30, 2024** | **Nine Months Ended September 30, 2024** |
| | **As Previously <br>Reported** | **Impact of Revisions** | **As Revised** | **As Previously <br>Reported** | **Impact of Revisions** | **As Revised** |
| | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** |
| **Consolidated Statements of Comprehensive Income (Loss)** | | | | | | |
| &nbsp;&nbsp;&nbsp;Net income (loss) | $26 | $2 | $28 | $808 | $(20) | $788 |
| Other comprehensive income (loss) net of income taxes: |  |  |  |  |  |  |
| Change in unrealized gains (losses), net of reclassification adjustment | 2255 | 1 | 2256 | 1334 |  | 1334 |
| Change in market risk benefits - instrument-specific credit risk | (5) | 25 | 20 | (133) | 14 | (119) |
| Change in defined benefit plan related items not yet recognized in periodic benefit cost, net of reclassification adjustment | 11 | (1) | 10 | 29 |  | 29 |
| Foreign currency translation adjustment | 20 | (1) | 19 | 17 |  | 17 |
| &nbsp;&nbsp;&nbsp;Total other comprehensive income (loss), net of income taxes | 2058 | 24 | 2082 | 1189 | 14 | 1203 |
| &nbsp;&nbsp;&nbsp;Comprehensive income (loss) | 2084 | 26 | 2110 | 1997 | (6) | 1991 |
| &nbsp;&nbsp;&nbsp;Comprehensive income (loss) attributable to Holdings | $1916 | $26 | $1942 | $1590 | $(6) | $1584 |

---

------

**<u>[**Table of Contents**](#idb7c5e5bccf5487492becf35bc3c5c19_10)</u>**

**EQUITABLE HOLDINGS, INC.**

**Notes to Consolidated Financial Statements (Unaudited), Continued**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30, 2024** | **Three Months Ended September 30, 2024** | **Three Months Ended September 30, 2024** | **Nine Months Ended September 30, 2024** | **Nine Months Ended September 30, 2024** | **Nine Months Ended September 30, 2024** |
| | **As Previously <br>Reported** | **Impact of Revisions** | **As Revised** | **As Previously <br>Reported** | **Impact of Revisions** | **As Revised** |
| | **(in millions)** | **(in millions)** | **(in millions)** | | | |
| **Consolidated Statements of Equity:** | | | | | | |
| Equity, beginning of period | $3385 | $(46) | $3339 | $4388 | $(13) | $4375 |
| Total Holdings' equity, beginning of period | 1644 | (46) | 1598 | 2649 | (13) | 2636 |
| &nbsp;&nbsp;&nbsp;Retained earnings, beginning of year | 10317 | (16) | 10301 | 10243 | 7 | 10250 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) attributable to Holdings | (134) | 2 | (132) | 408 | (20) | 388 |
| &nbsp;&nbsp;Other | (2) | 1 | (1) | (1) |  | (1) |
| &nbsp;&nbsp;Retained earnings, end of period | 9977 | (13) | 9964 | 9977 | (13) | 9964 |
| &nbsp;&nbsp;Accumulated other comprehensive income (loss), beginning of year | (8645) | (30) | (8675) | (7777) | (20) | (7797) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive income (loss) | 2050 | 24 | 2074 | 1182 | 14 | 1196 |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive income (loss), end of period | (6595) | (6) | (6601) | (6595) | (6) | (6601) |
| **Total Holdings' equity, end of period** | 3220 | (19) | 3201 | 3220 | (19) | 3201 |
| **Total equity, end of period** | $4975 | $(19) | $4956 | $4975 | $(19) | $4956 |

---

------

**EQUITABLE HOLDINGS, INC.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

---

| | | | |
|:---|:---|:---|:---|
| | **Nine Months Ended September 30, 2024** | **Nine Months Ended September 30, 2024** | **Nine Months Ended September 30, 2024** |
| | **As Previously <br>Reported** | **Impact of Revisions** | **As Revised** |
| | **(in millions)** | **(in millions)** | **(in millions)** |
| **Consolidated Statements of Cash Flows:** | | | |
| **Cash flows from operating activities:** | | | |
| Net income (loss) | $808 | $(20) | $788 |
| &nbsp;&nbsp;&nbsp;Adjustments to reconcile Net income (loss) to Net cash provided by (used in) operating activities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization and depreciation | 640 | 6 | 646 |
| &nbsp;&nbsp;&nbsp;&nbsp;Remeasurement of liability for future policy benefits | 9 | (12) | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in market risk benefits | (1154) | 31 | (1123) |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinsurance recoverable | (612) | (2) | (614) |
| &nbsp;&nbsp;&nbsp;&nbsp;Current and deferred income taxes | 181 | (5) | 176 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other, net | 255 | 2 | 257 |
| Net cash provided by (used in) operating activities | $1606 | $— | $1606 |

---

------

**EQUITABLE HOLDINGS, INC.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**22) &nbsp;&nbsp;&nbsp;&nbsp;SUBSEQUENT EVENTS**

<u>ASR</u>

In September 2025, Holdings established an obligation to enter into an ASR with a third-party financial institution to repurchase an aggregate of $125 million of Holdings' common stock. Pursuant to the ASR, on October 2, 2025, Holdings made a pre-payment of $125 million and received initial delivery of 2.0 million shares. The ASR terminated in October 2025, at which time an additional 520,342 shares of common stock were received.

<u>Funding Agreement</u>

In October 2025, the Company received proceeds of $678 million from the issuance of a funding agreement to an SPV as part of our spread lending activities. The funding agreement matures in November 2033 and will be reported in Policyholders' account balances in the consolidated balance sheets in subsequent periods.

------

**<u>[**Table of Contents**](#idb7c5e5bccf5487492becf35bc3c5c19_10)</u>**

**Item 2. &nbsp;&nbsp;&nbsp;&nbsp;Management's Discussion and Analysis of Financial Condition and Results of Operations** 

*The following discussion and analysis of our financial condition and results of operations should be read in its entirety and in conjunction with the consolidated financial statements and related notes contained in <u>[Part I, Item 1](#idb7c5e5bccf5487492becf35bc3c5c19_19)</u> of this Quarterly Report on Form 10-Q, as well as "Management's Discussion and Analysis of Financial Condition and Results of Operations" section contained in our <u>[Annual Report on Form 10-K](https://www.sec.gov/Archives/edgar/data/1333986/000133398625000011/eqh-20241231.htm)</u> for the year ended December 31, 2024 ("2024 Form 10-K").*

*In addition to historical data, this discussion contains forward-looking statements about our business, operations and financial performance based on current expectations that involve risks, uncertainties and assumptions. Actual results may differ materially from those discussed in the forward-looking statements as a result of various factors. See the Note Regarding Forward-Looking Statements and Information. Investors are directed to consider the risks and uncertainties discussed in <u>[Part II, Item 1A](#idb7c5e5bccf5487492becf35bc3c5c19_919)</u> of this Quarterly Report on Form 10-Q, as well as in other documents we have filed with the SEC.*

**Executive Summary** 

***Overview***

We are one of America's leading financial services companies, providing: (i) advice and solutions for helping Americans set and meet their retirement goals and protect and transfer their wealth across generations; and (ii) a wide range of investment management insights, expertise and innovations to drive better investment decisions and outcomes for clients worldwide.

As previously announced, effective July 1, 2025, our financial reporting presentation was revised to reflect the reorganization of the Company's reportable segments to reflect how the Company's chief operating decision maker now makes operating decisions and assesses performance. We now manage our business through three segments: Retirement, Asset Management and Wealth Management. We report certain activities and items that are not included in these segments in Corporate and Other. Prior period results have been revised in connection with updates to our reportable segments. Note 17 of the Notes to the Consolidated Financial Statements for further information on our segments.

We benefit from our complementary mix of businesses. This business mix provides diversity in our earnings sources, which helps offset fluctuations in market conditions and variability in business results, while offering growth opportunities.

**Overview of Recent Developments**

***RGA Reinsurance Transaction***

On July 31, 2025, Equitable Financial, as well as Equitable America and Equitable Financial L&A (each a "Ceding Company" and, collectively, the "Ceding Companies"), completed the master transaction agreement with RGA entered into on February 23, 2025 pursuant to which and subject to the terms and conditions set forth in such agreement, RGA entered into reinsurance agreements, as reinsurer, with each Ceding Company, to effect the RGA Reinsurance Transaction.

At the closing of the transaction, (i) each of Equitable Financial and Equitable America entered into a separate coinsurance and modified coinsurance agreement with RGA and (ii) Equitable Financial L&A entered into a coinsurance agreement with RGA, each with an effective date of April 1, 2025, pursuant to which each ceding company ceded to RGA a 75% quota share of such ceding company's in-force individual life insurance block and Closed Block. At the closing of the transaction, assets supporting the general account liabilities relating to the reinsured contracts were deposited into a trust account for the benefit of Equitable Financial and a trust account for the benefit of Equitable America and Equitable Financial L&A, which assets will secure RGA's obligations to each ceding company under the applicable reinsurance agreement. Equitable Financial and Equitable America reinsured the applicable separate accounts relating to the applicable reinsured contracts on a modified coinsurance basis. In addition, the investment of assets in each trust account will be subject to investment guidelines and certain capital adequacy related triggers will require enhanced funding. The reinsurance agreements also contain additional counterparty risk management and mitigation provisions. Each ceding company will continue to administer the applicable reinsured contracts.

As part of the transaction, on June 16, 2025, ABLP entered into an investment advisory agreement with RGA, pursuant to which AB will manage certain assets to be specified representing approximately 70% of assets supporting the reserves associated with the ceded policies under the reinsurance agreements.

------

**<u>[**Table of Contents**](#idb7c5e5bccf5487492becf35bc3c5c19_10)</u>**

***Novation***

Effective January 17, 2025, Equitable Financial novated certain legacy variable annuity policies sold between 2006-2008, comprised of non-New York "Accumulator" policies containing fixed rate Guaranteed Minimum Income Benefit and/or Guaranteed Minimum Death Benefit guarantees reinsured by Venerable under the combined co-insurance and modified coinsurance basis agreement executed on June 1, 2021.

As a result of the novation of certain Legacy VA policies completed during the first quarter 2025, the Company recorded a loss of $499 million in pre-tax net income and an increase of $263 million in pre-tax AOCI, for a total impact loss of $236 million. The negative net income impact is mostly driven by the reduction of the purchased MRB asset of $2.0 billion and the reduction of Liability for MRBs of $1.6 billion, offset by a decrease in reinsurance deposit liability of $183 million. Purchased MRB asset reduction is larger than the direct MRB liability reduction since the Venerable reinsurance assets sit in a collateralized trust and thus materially reduce the non-performance risk. Deposit account liability decreases as novation leads to faster amortization of the liability. The novation impact from the base contracts and the contracts in payout status is less material, as the decrease in policyholders' account balance of $33 million and decrease in liability for future policyholders' benefits of $458 million are largely offset by a decrease in Amounts due to reinsurers of $432 million.

***Tender Offer and AB Unit Exchange***

On February 24, 2025, Holdings commenced the AB Tender Offer to purchase up to 46 million AB Holding Units at a price of $38.50 per unit, less any applicable tax withholding, for an aggregate purchase price of $1.8 billion. On April 3, 2025, Holdings purchased (the "Purchase") 19.7 million AB Holding Units pursuant to the AB Tender Offer for an aggregate cost of $758 million. The AB Holding Units accepted for purchase represent approximately 17.9% of the outstanding units as of March 31, 2025. On July 10, 2025, AB and Holdings entered into an Amended and Restated Master Exchange Agreement to increase the AB Units that remain available for exchange from 4.8 million AB Units to 19.7 million AB Units, and Holdings exchanged 19.7 million AB Holding Units for an equal number of limited partnership interests in ABLP. The exchange had no effect on Holdings' economic interest in AB.

**Macroeconomic and Industry Trends** 

Our business and consolidated results of operations are significantly affected by economic conditions and consumer confidence, conditions in the global capital markets and the interest rate environment.

***Financial and Economic Environment***

U.S. equity markets delivered strong returns in the third quarter of 2025, benefitting from resilient consumer spending, benign inflation readings and strong GDP growth. Earnings momentum also supported the equity rally, with consensus estimates indicating a year-over-year earnings growth of approximately 7-8% for the S&P 500 in the third quarter of 2025. The S&P 500 returned 8.1% during the current quarter, reaching record highs. Market breadth improved notably, with small-cap stocks outperforming large-caps, driving 12.4% returns for the Russell 2000 in the current quarter. The rally was led by the information technology and communication services sectors while sectors like energy and utilities lagged, constrained by volatile commodity prices and margin pressure. While AI-levered companies continued to drive outsized gains, the strength in small- and mid-cap segments lent confidence in broader participation.

That said, a wide variety of factors continue to cause market volatility and heighten concerns regarding inflation. These factors include, among others, uncertainty regarding the federal debt limit, decreased discretionary consumer spending, increased tariffs and other trade restrictions and barriers, interest rate changes, high fuel and energy costs, ongoing economic disruption, the possibility of an economic recession, and other macroeconomic factors, geopolitical events and uncertainty, including the effects of the U.S. federal government shutdown, the Ukraine-Russia conflict and conflict in the Middle East. For further information on the risk of increased volatility in the financial markets to our business, see "Risk Factors—Risks Relating to Conditions in the Financial Markets and the Economy—*Conditions in the global capital markets and the economy* and *Equity market declines and volatility*" in the 2024 Form 10-K.

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Stressed conditions, volatility and disruptions in the capital markets, particular markets, or financial asset classes can have an adverse effect on us, in part because we have a large investment portfolio. In addition, our insurance liabilities and derivatives are sensitive to changing market factors, including equity market performance and interest rates. An increase in market volatility could continue to affect our business, including through effects on the yields we earn on invested assets, changes in required reserves and capital and fluctuations in the value of our AUM, AV or AUA from which we derive our fee income. These effects could be exacerbated by uncertainty about future fiscal policy, changes in tax policy, the scope of potential deregulation and levels of global trade.

The potential for increased volatility could pressure sales and reduce demand for our products as consumers consider purchasing alternative products to meet their objectives. In addition, this environment could make it difficult to consistently develop products that are attractive to customers. Financial performance can be adversely affected by market volatility and equity market declines as fees driven by AV and AUM fluctuate, hedging costs increase and revenues decline due to reduced sales and increased outflows.

We monitor the behavior of our customers and other factors, including mortality rates, morbidity rates, annuitization rates and lapse and surrender rates, which change in response to changes in capital market conditions, to ensure that our products and solutions remain attractive and profitable. For additional information on our sensitivity to interest rates and capital market prices, see "Quantitative and Qualitative Disclosures About Market Risk" in the 2024 Form 10-K.

***Regulatory Developments***

Our U.S. life insurance subsidiaries are regulated primarily at the state level, with some policies and products also subject to federal regulation. Holdings and its insurance subsidiaries are subject to regulation under the insurance holding company laws of various U.S. jurisdictions. On an ongoing basis, regulators refine capital requirements and introduce new reserving standards. Regulations recently adopted or currently under review can potentially impact our statutory reserve, capital requirements and profitability of the industry and result in increased regulation and oversight for the industry.

***Insurance Regulation***

*<u>Regulation of Investments</u>*

The NAIC is evaluating the risks associated with insurers' investments in certain categories of structured securities, including CLOs. In 2023, the NAIC approved interim rules that raise capital requirements for holdings of CLO and other asset-backed security residual interests. Effective January 1, 2024, the NAIC adopted an amendment to the Purposes and Procedures Manual of the NAIC Investment Analysis Office (the "Purposes and Procedures Manual") to give the NAIC's Structured Securities Group ("SSG"), housed within the NAIC's Securities Valuation Office (the "SVO"), responsibility for modeling CLO securities and evaluating tranche level losses across all debt and equity tranches under a series of calibrated and weighted collateral stress scenarios in order to assign NAIC Designations. Under the amended Purposes and Procedures Manual, CLO investments will no longer be broadly exempt from filing with the SVO based on ratings from credit rating providers. The NAIC's goal is to ensure that the weighted average RBC factor for owning all tranches of a CLO more closely aligns with what would be required for directly owning all of the underlying loan collateral, in order to avoid RBC arbitrage. The Purposes and Procedures Manual requires insurers to begin reporting the financially modeled NAIC Designations for CLOs with their year-end 2025 financial statements, although the NAIC is considering delaying this to year-end 2026. The NAIC is collaborating with interested parties to refine the process for modeling CLO investments.

In related work, the NAIC's Financial Condition (E) Committee launched a holistic review of the insurance regulatory framework related to insurer investment risk regulation, on which work began in 2023. The primary objective is to enhance the insurance regulatory framework in order to strengthen oversight of insurers' investments. The proposed changes to modernize investment oversight include (i) reducing / eliminating "blind" reliance on credit rating providers while continuing to use them by implementing a due diligence framework that oversees the effectiveness of credit rating providers; and (ii) bolstering the SVO's risk analysis capabilities by investing in a risk analytics tool and adding specialized personnel. In July 2025, the Financial Condition (E) Committee approved the formation of three new working groups to assist with implementing enhancements to the framework for regulating insurer investments.

In November 2024, the NAIC adopted an amendment to the Purposes and Procedures Manual that sets forth procedures for SVO staff to identify and evaluate a filing-exempt security with an NAIC Designation determined by a rating that appears to be an unreasonable assessment of investment risk. The procedures include, without limitation, sending an information request to insurers that hold the security under review and determining whether the NAIC Designation is three or more notches different from the SVO's assessment, which would allow the SVO to request the removal of the credit rating from the filing exempt

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process. At any time during the process, an alternate credit rating may be requested and, if one is received, it will be incorporated into the filing exempt process. The Purposes and Procedures Manual amendment is scheduled to become effective on January 1, 2026.

In February 2025, the NAIC announced the formation of a new Risk-Based Capital Model Governance (EX) Task Force. The purpose of the new task force is to provide executive-level oversight and coordination of the various NAIC groups that are reviewing RBC-related standards. The task force is also charged with completing a comprehensive gap analysis to identify gaps in the current RBC framework and developing guiding principles for future RBC adjustments. In September 2025, the task force exposed for comment an updated proposed set of RBC principles with the aim of enhancing RBC precision with respect to asset risk.

***Reinsurance***

In August 2025, the NAIC adopted an actuarial guideline ("AG 55") developed by the Life Actuarial (A) Task Force ("LATF") that subjects certain post January 1, 2016 offshore reinsurance transactions to enhanced asset adequacy testing. The guideline requires asset adequacy testing for long-duration insurance business that relies heavily on asset returns (i.e., "asset-intensive reinsurance transactions") within the scope of the guideline that either meet certain size-based thresholds or result in significant reinsurance collectability risk (as determined by the cedent's appointed actuary). Such asset adequacy testing would be performed using a cash flow testing methodology. The actuarial guideline requires disclosure by the ceding insurer, meaning that it will not require that additional reserves be posted at the reinsurer level (although the ceding insurer may decide to post reserves). It is important to note that domestic regulators will continue to have the authority to take action on known issues, or issues that may become known as part of such new reporting, and may require additional analysis or reserves following such disclosure. The Company is preparing to comply with this new guideline, for which reporting will be required with respect to reserves reported as of December 31, 2025 in an insurer's annual statement. In October 2025, LATF exposed for comment a revised filing template intended to assist ceding insurers in complying with AG 55.

***Derivatives Regulation and Clearing of Treasury Securities***

In 2023, the SEC adopted rules to require that covered clearing agencies have policies and procedures reasonably designed to require every direct participant of the agency to submit for clearing eligible secondary market transactions in U.S. Treasury securities. Participants must clear eligible cash transactions in U.S. Treasury securities beginning on December 31, 2026, and eligible repurchase and reverse repurchase transactions in U.S. Treasury securities beginning on June 30, 2027. As a result, certain transactions between such participants and us will be required to be cleared. The rule's potential effect on the U.S. Treasury markets is uncertain.

***Fiduciary Rules***

On April 23, 2024, the U.S. Department of Labor (the "DOL") issued a regulation that changed the definition of "fiduciary" for purposes of the Employee Retirement Income Security Act of 1974, as amended ("ERISA"), and parallel provisions of the Internal Revenue Code of 1986, as amended (the "Code"), when a financial professional, including an insurance producer, provides investment advice to investors that are subject to ERISA or to Section 4975 of the Code. Simultaneously, the DOL issued amendments to various existing prohibited transaction exemptions ("PTEs"), including PTE 84-14, that financial professionals rely on when they make investment recommendations to such retirement investors (the new definition of "fiduciary" and the PTE amendments collectively, the "DOL Rule").

Various industry groups brought litigation against the DOL seeking to overturn the DOL Rule. On July 25, 2024, the U.S. District Court for the Eastern District of Texas issued a stay of the effective date of portions of the DOL Rule. On July 26, 2024, the U.S. District Court for the Northern District of Texas issued a stay of the effective date of the DOL Rule as a whole. The DOL initially appealed the stays issued in these cases to the U.S. Court of Appeals for the Fifth Circuit, but in early 2025, the court granted the DOL's motion to pause proceedings while it reviews its posture on these cases. The DOL has since indicated that it intends to review and re-issue, likely in revised form, the DOL Rule.

***Federal Tax Legislation, Regulation and Administration***

*<u>Enacted Legislation</u>*

On July 4, 2025, President Trump signed into law "An Act to provide for reconciliation pursuant to title II of H. Con. Res. 14," commonly referred to as the One Big Beautiful Bill Act (the "OBBBA"). This sweeping legislative package is designed to

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extend the expiring provisions of the Tax Cuts and Jobs Act ("TCJA") and deliver additional tax relief for individuals and businesses. The tax provisions in the OBBBA are not expected to have a material impact on the Company.

For additional information on regulatory developments and the risks we face, see "Business—Regulation" and "Risk Factors—Legal and Regulatory Risks" in the 2024 Form 10-K.

***Revenues***

Our revenues come from three principal sources:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fee income derived from our retirement and protection products and our asset management services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• premiums from our traditional life insurance and annuity products; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• investment income from our General Account investment portfolio.

Our fee income varies directly in relation to the amount of the underlying AV or benefit base of our retirement and protection products, the amount of AUM and AUA in our Wealth Management business, and the amount of AUM in our Asset Management business. AV and AUM, each as defined in "Key Operating Measures," are influenced by changes in economic conditions, primarily equity market returns, as well as net flows. Our premium income is driven by the growth in new policies written and the persistency of our in-force policies, both of which are influenced by a combination of factors, including our efforts to attract and retain customers and market conditions that influence demand for our products. Our investment income is driven by the yield on our General Account investment portfolio and is impacted by the prevailing level of interest rates as we reinvest cash associated with maturing investments and net flows to the portfolio.

***Benefits and Other Deductions***

Our primary expenses are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;policyholders' benefits and interest credited to policyholders' account balances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;sales commissions and compensation paid to intermediaries and advisors that distribute our products and services; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;compensation and benefits provided to our employees and other operating expenses.

Policyholders' benefits are driven primarily by mortality, customer withdrawals, and benefits which change in response to changes in capital market conditions. In addition, some of our policyholders' benefits are directly tied to the AV and benefit base of our variable annuity products. Interest credited to policyholders varies in relation to the amount of the underlying AV or benefit base. Sales commissions and compensation paid to intermediaries and advisors vary in relation to premium and fee income generated from these sources, whereas compensation and benefits to our employees are more constant and impacted by market wages and decline with increases in efficiency. Our ability to manage these expenses across various economic cycles and products is critical to the profitability of our company.

***Net Income Volatility***

We have offered and continue to offer variable annuity products with GMxB features. The future claims exposure on these features is sensitive to movements in the equity markets and interest rates. Accordingly, we have implemented hedging and reinsurance programs designed to mitigate the economic exposure to us from these features due to equity market and interest rate movements. We are using a combination of General Account assets and derivatives to manage duration gap on an economic basis. The changes in the values of the derivatives associated with these programs due to equity and interest rate movements, together with the GMxB MRBs assets and liabilities are recognized in net income in the periods in which they occur, while the General Account asset gains and losses are recognized in OCI resulting in an offset between OCI and net income. In addition, we conduct macro hedging to protect our statutory capital which could also cause net income volatility as further described below. Net income is also impacted by changes in our reinsurers credit spread, while changes in the Company's credit spread is recorded in OCI. See "—Significant Factors Impacting Our Results—Impact of Hedging and GMxB Reinsurance on Results."

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In addition to our dynamic hedging strategy, we have static hedge positions designed to mitigate the adverse impact of changing market conditions on our statutory capital. We believe this program will continue to preserve the economic value of our variable annuity contracts and better protect our target variable annuity asset level. However, these static hedge positions increase the size of our derivative positions and may result in additional net income volatility on a period-over-period basis.

Due to the impacts on our net income of equity market and interest rate movements and other items that are not part of the underlying profitability drivers of our business, we evaluate and manage our business performance using Non-GAAP Operating Earnings, a Non-GAAP financial measure that is intended to remove these impacts from our results. See "—Key Operating Measures—Non-GAAP Operating Earnings."

**Significant Factors Impacting Our Results** 

The following significant factors have impacted, and may in the future impact, our financial condition, results of operations or cash flows.

***Impact of Hedging and GMxB Reinsurance on Results***

We have offered and continue to offer variable annuity products with GMxB features. The future claims exposure on these features is sensitive to movements in the equity markets and interest rates. Accordingly, we have implemented hedging and reinsurance programs designed to mitigate the economic exposure to us from these features due to equity market and interest rate movements. These programs include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Variable annuity hedging programs.* We use a dynamic hedging program (within this program, generally, we reevaluate our economic exposure at least daily and rebalance our hedge positions accordingly) to mitigate certain risks associated with the GMxB features that are embedded in our liabilities for our variable annuity products. This program utilizes various derivative instruments that are managed in an effort to reduce the economic impact of unfavorable changes in GMxB features' exposures attributable to movements in the equity markets and interest rates. Although this program is designed to provide a measure of economic protection against the impact of adverse market conditions, it does not qualify for hedge accounting treatment. Accordingly, changes in value of the derivatives will be recognized in the period in which they occur with offsetting changes in reserves recognized in the current period. In addition, we utilize AFS fixed maturity securities in our General Account to mitigate the economic impact of unfavorable changes in GMxB features' exposures attributable to movements in interest rates. However, the economic effect of interest rate changes on such securities is reflected in OCI, which results in net income volatility as the economic effect of interest rates on our GMxB MRB liabilities is reflected in net income.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In addition to our dynamic hedging program, we have a hedging program using static hedge positions (derivative positions intended to be HTM with less frequent re-balancing) to protect our statutory capital against stress scenarios. This program, in addition to our dynamic hedge program, has increased the size of our derivative positions, resulting in additional net income volatility. The impacts are most pronounced for variable annuity products.

&nbsp;&nbsp;&nbsp;&nbsp;• *GMxB reinsurance contracts.* Historically, GMxB reinsurance contracts were used to cede to non-affiliated reinsurers a portion of our exposure to variable annuity products that offer GMxB features. We account for the reinsurance contracts as MRBs and report them at fair value. In addition, on June 1, 2021, we ceded legacy variable annuity policies sold by Equitable Financial between 2006-2008 (the "Block"), comprised of non-New York "Accumulator" policies containing fixed rate GMIB and/or GMDB guarantees.

***Effect of Assumption Updates on Operating Results***

During the third quarter of each year, we conduct our annual review of the assumptions underlying the valuation of DAC, deferred sales inducement assets, unearned revenue liabilities, liabilities for future policyholder benefits and MRBs for our Retirement business and blocks of policies reported in Corporate and Other. (assumption reviews are not relevant for the Asset Management and Wealth Management segments). Assumptions are based on a combination of Company experience, industry experience, management actions and expert judgment and reflect our best estimate as of the date of the applicable financial statements.

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Most of the variable annuity products, variable universal life insurance and universal life insurance products we offer maintain policyholder deposits that are reported as liabilities and classified within either Separate Accounts liabilities or policyholder account balances. Our products and riders also impact liabilities for future policyholder benefits, MRBs and unearned revenues and assets for DAC and DSI. The valuation of these assets and liabilities (other than deposits) is based on differing accounting methods depending on the product, each of which requires numerous assumptions and considerable judgment. The accounting guidance applied in the valuation of these assets and liabilities includes, but is not limited to, the following: (i) traditional life insurance products for which assumptions are updated annually to estimate the value of future death, morbidity or income benefits; (ii) universal life insurance and variable life insurance secondary guarantees for which benefit liabilities are determined by estimating the expected value of death benefits payable when the account balance is projected to be zero and recognizing those benefits ratably over the accumulation period based on total expected assessments; and (iii) certain product guarantees reported as MRBs at fair value.

For further details of our accounting policies and related judgments pertaining to assumption updates, see Note 2 of the Notes to the Consolidated Financial Statements.

***Assumption Updates and Model Changes***

We conduct our annual review of our assumptions and models during the third quarter of each year. We also update our assumptions as needed in the event we become aware of economic conditions or events that could require a change in our assumptions that we believe may have a significant impact to the carrying value of product liabilities and assets and consequently materially impact our earnings in the period of the change.

*<u>Impact of Assumption Updates and Model Changes on Income from Continuing Operations before income taxes and Net income (loss)</u>*

The table below presents the impact of our actuarial assumption update to our income (loss) from continuing operations, before income taxes and net income (loss).

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| | | |
|:---|:---|:---|
| | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | 2024 |
| | **(in millions)** | **(in millions)** |
| **Impact of assumption update on Net income (loss):** |  |  |
| &nbsp;&nbsp;Variable annuity product features related assumption update | $**(78)** | $28 |
| &nbsp;&nbsp;Assumption updates for other business | **(2)** | (8) |
| &nbsp;&nbsp;&nbsp;Impact of assumption updates on Income (loss) from continuing operations, before income tax | **(80)** | 20 |
| Income tax benefit on assumption update | **17** | (4) |
| &nbsp;&nbsp;Net income (loss) impact of assumption update | $**(63)** | $16 |

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**2025 Assumption Updates**

The impact of the economic assumption update in the third quarter 2025 was a decrease of $80 million to income (loss) from continuing operations, before income taxes and a decrease to net income (loss) of $63 million.

The net impact of this assumption update on income (loss) from continuing operations, before income taxes of $80 million consisted of an increase in other income of $6 million, an increase in remeasurement of liability for future policy benefits of $3 million, a decrease in policyholders' benefits of $1 million and an increase in change in MRBs and purchased MRBs of $84 million.

**2024 Assumption Updates**

The impact of the economic assumption update in the third quarter 2024 was an increase of $20 million to income (loss) from continuing operations, before income taxes and an increase to net income (loss) of $16 million.

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The net impact of this assumption update on income (loss) from continuing operations, before income taxes of $20 million consisted of an increase in other income of $21 million, an increase in remeasurement of liability for future policy benefits of $18 million, a decrease in policyholders' benefits of $8 million and a decrease in change in MRBs and purchased MRBs of $9 million.

**Model Changes**

There were no material model changes in the first nine months of 2025 and 2024.

*<u>Impact of Assumption Updates and Model Changes on Pre-tax Non-GAAP Operating Earnings Adjustments</u>*

The table below presents the impact on pre-tax Non-GAAP Operating Earnings of our actuarial assumption updates by segment and Corporate and Other.

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| | | |
|:---|:---|:---|
| | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | 2024 |
| | **(in millions)** | **(in millions)** |
| **Impact of assumption updates by segment:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Retirement | **3** | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate and Other | **(2)** | (17) |
| Total impact on pre-tax Non-GAAP Operating Earnings | $**1** | $4 |

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**2025 Assumption Updates**

The impact of our 2025 annual review on Non-GAAP Operating Earnings was favorable by $1 million before taking into consideration the tax impacts, or $1 million after tax.

The net impact of assumption changes on Non-GAAP Operating Earnings increased other income by $5 million, increased remeasurement of liability for future policy benefits by $5 million, and decreased policyholders' benefits by $1 million. Non-GAAP Operating Earnings excludes items related to variable annuity product features, such as changes in the MRBs and purchased MRBs.

**2024 Assumption Updates**

The impact of our 2024 annual review on Non-GAAP Operating Earnings was favorable by $4 million before taking into consideration the tax impacts, or $3 million after tax.

The net impact of assumption changes on Non-GAAP Operating Earnings increased other income by $13 million, increased remeasurement of liability for future policy benefits by $18 million and decreased policyholders' benefits by $9 million. Non-GAAP Operating Earnings excludes items related to variable annuity product features, such as changes in the MRBs and purchased MRBs.

**Key Operating Measures** 

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

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

***Non-GAAP Operating Earnings***

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

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

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

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

&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 and changes to the deferred tax valuation allowance.

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

Because Non-GAAP Operating Earnings excludes the foregoing items that can be distortive or unpredictable, management believes that this measure enhances the understanding of our 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:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | 2024 | **2025** | 2024 |
| | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** |
| Net income (loss) attributable to Holdings | $**(1309)** | $(132) | $**(1595)** | $388 |
| Adjustments related to: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Variable annuity product features (1) | **978** | 756 | **2123** | 1167 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment (gains) losses (2) | **1170** | 46 | **1255** | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net actuarial (gains) losses related to pension and other postretirement benefit obligations | **19** | 13 | **41** | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other adjustments (3)  | **(164)** | 1 | **(96)** | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax expense (benefit) related to above adjustments | **(437)** | (172) | **(714)** | (288) |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-recurring tax items | **198** | 5 | **214** | 18 |
| Non-GAAP Operating Earnings | $**455** | $517 | $**1228** | $1489 |

---

_____________

(1)As a result of the novation of certain Legacy VA policies completed during the first quarter of 2025, the Company recorded a loss of $499 million in pre-tax net income and an increase of $263 million in pre-tax AOCI, for a total impact loss of $236 million for the nine months ended September 30, 2025.

(2)Includes $1.1 billion as a result of assets transferred related to the reinsurance transaction with RGA for the three and nine months ended September 30, 2025.

(3)Includes a gain of $223 million and $256 million on Non-VA derivatives for the three and nine months ended September 30, 2025, respectively. Also includes $(8) million and $6 million of expense related to a disputed billing practice of an AB third-party service provider for the three and nine months ended September 30, 2025, respectively and certain gross legal expenses related to the COI litigation of $106 million for the nine months ended September 30, 2024.

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.

The following table presents return on average equity attributable to Holdings' common shareholders, excluding AOCI and Non-GAAP Operating ROE for the trailing twelve months:

---

| | |
|:---|:---|
| | **Trailing Twelve Months Ended September 30, 2025** |
| | **(Dollars in millions)** |
| Net income (loss) available to Holdings' common shareholders | $**(777)** |
| Average equity attributable to Holdings' common shareholders, excluding AOCI | $**7464** |
| Return on average equity attributable to Holdings' common shareholders, excluding AOCI | **(10.4)%** |
| Non-GAAP Operating Earnings available to Holdings' common shareholders | $**1669** |
| Average equity attributable to Holdings' common shareholders, excluding AOCI | $**7464** |
| Non-GAAP Operating ROE | **22.4%** |

---

***Non-GAAP Operating Common EPS***

Non-GAAP operating common EPS is calculated by dividing Non-GAAP Operating Earnings by diluted common shares outstanding. The following table sets forth Non-GAAP operating common EPS:

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**<u>[**Table of Contents**](#idb7c5e5bccf5487492becf35bc3c5c19_10)</u>**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | 2024 | **2025** | 2024 |
| | **(per share amounts)** | **(per share amounts)** | **(per share amounts)** | **(per share amounts)** |
| Net income (loss) attributable to Holdings | $**(4.42)** | $(0.42) | $**(5.27)** | $1.18 |
| Less: Preferred stock dividends | **0.05** | 0.04 | **0.16** | 0.16 |
| Net income (loss) available to Holdings' common shareholders | **(4.47)** | (0.46) | **(5.43)** | 1.02 |
| Adjustments related to: |  |  |  |  |
| Variable annuity product features (1) | **3.30** | 2.38 | **7.02** | 3.56 |
| Investment (gains) losses (2) | **3.95** | 0.14 | **4.15** | 0.31 |
| Net actuarial (gains) losses related to pension and other postretirement benefit obligations | **0.06** | 0.04 | **0.14** | 0.13 |
| Other adjustments (3) | **(0.55)** |  | **(0.33)** | 0.19 |
| Income tax expense (benefit) related to above adjustments | **(1.48)** | (0.54) | **(2.36)** | (0.88) |
| Non-recurring tax items  | **0.67** | 0.02 | **0.71** | 0.05 |
| Non-GAAP operating common EPS | $**1.48** | $1.58 | $**3.90** | $4.38 |

---

______________

(1)As a result of the novation of certain Legacy VA policies completed during the first quarter of 2025, the Company recorded a loss of $1.65 for the nine months ended September 30, 2025.

(2)Includes $3.86 and $3.78 as a result of assets transferred related to the reinsurance transaction with RGA for the three and nine months ended September 30, 2025, respectively.

(3)Includes a gain of $0.77 and $0.87 on Non-VA derivatives for the three and nine months ended September 30, 2025, respectively. Also includes $(0.03) and $0.02 of expense related to a disputed billing practice of an AB third-party service provider for the three and nine months ended September 30, 2025, respectively and certain gross legal expenses related to the COI litigation of $0.32 for the nine months ended September 30, 2024.

***Assets Under Management***

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 Accounts assets of our annuity and life insurance policies. Total AUM reflects exclusions between segments to avoid double counting.

***Assets Under Administration***

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.

***Account Value***

AV generally equals the aggregate policy account value of our retirement 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.

***Life Reserves***

Life Reserves equals the aggregate value of policyholders' account balances and future policy benefits for policies in Corporate and Other.

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**<u>[**Table of Contents**](#idb7c5e5bccf5487492becf35bc3c5c19_10)</u>**

**Consolidated Results of Operations** 

Our consolidated results of operations are significantly affected by conditions in the capital markets and the economy because we offer market sensitive products. These products have been a significant driver of our results of operations. Because the future claims exposure on these products is sensitive to movements in the equity markets and interest rates, we have in place various hedging and reinsurance programs that are designed to mitigate the economic risk of movements in the equity markets and interest rates. The volatility in net income attributable to Holdings for the periods presented below results from the mismatch between: (i) the change in carrying value of the reserves for GMDB and certain GMIB features that do not fully and immediately reflect the impact of equity and interest market fluctuations; (ii) the change in fair value of products with the GMIB feature that have a no-lapse guarantee; and (iii) our hedging and reinsurance programs.

***Ownership and Consolidation of AllianceBernstein***

Our indirect, wholly-owned subsidiary, AllianceBernstein Corporation, is the General Partner of AB. Accordingly, AB's results are fully reflected in our consolidated financial statements. For additional information on our economic interest in AB, see Note 1 of the Notes to the Consolidated Financial Statements.

***Consolidated Results of Operations***

The following table summarizes our consolidated statements of income (loss):

**Consolidated Statements of Income (Loss)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | 2024 | **2025** | 2024 |
| | **(in millions, except per share data)** | **(in millions, except per share data)** | **(in millions, except per share data)** | **(in millions, except per share data)** |
| **REVENUES** |  |  |  |  |
| Policy charges and fee income | $**471** | $626 | $**1733** | $1857 |
| Premiums | **258** | 312 | **822** | 879 |
| Net derivative gains (losses) | **(1117)** | (714) | **(1692)** | (2298) |
| Net investment income (loss) | **1343** | 1308 | **3946** | 3685 |
| Investment gains (losses), net: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Credit losses on available-for-sale debt securities and loans | **11** | (28) | **(43)** | (63) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other investment gains (losses), net | **(1181)** | (18) | **(1212)** | (38) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment gains (losses), net | **(1170)** | (46) | **(1255)** | (101) |
| Investment management and service fees | **1316** | 1287 | **3873** | 3805 |
| Other income | **349** | 300 | **961** | 983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenues | **1450** | 3073 | **8388** | 8810 |

---

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**<u>[**Table of Contents**](#idb7c5e5bccf5487492becf35bc3c5c19_10)</u>**

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | 2024 | **2025** | 2024 |
| | **(in millions, except per share data)** | **(in millions, except per share data)** | **(in millions, except per share data)** | **(in millions, except per share data)** |
| **BENEFITS AND OTHER DEDUCTIONS** |  |  |  |  |
| Policyholders' benefits | **452** | 663 | **1998** | 2007 |
| Remeasurement of liability for future policy benefits | **59** | (1) | **44** | (3) |
| Change in market risk benefits and purchased market risk benefits | **(353)** | 97 | **(287)** | (1123) |
| Interest credited to policyholders' account balances | **798** | 701 | **2272** | 1879 |
| Compensation and benefits | **601** | 571 | **1794** | 1768 |
| Commissions and distribution-related payments | **537** | 485 | **1526** | 1385 |
| Interest expense | **61** | 55 | **177** | 174 |
| Amortization of deferred policy acquisition costs | **203** | 184 | **584** | 525 |
| Other operating costs and expenses | **440** | 329 | **1817** | 1309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total benefits and other deductions | **2798** | 3084 | **9925** | 7921 |
| Income (loss) from continuing operations, before income taxes | **(1348)** | (11) | **(1537)** | 889 |
| Income tax (expense) benefit | **133** | 39 | **189** | (101) |
| Net income (loss) | **(1215)** | 28 | **(1348)** | 788 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Net income (loss) attributable to the noncontrolling interest | **94** | 160 | **247** | 400 |
| Net income (loss) attributable to Holdings | **(1309)** | (132) | **(1595)** | 388 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Preferred stock dividends | **16** | 14 | **48** | 54 |
| Net income (loss) available to Holdings' common shareholders | $**(1325)** | $(146) | $**(1643)** | $334 |
| **EARNINGS PER COMMON SHARE** |  |  |  |  |
| Net income (loss) applicable to Holdings' common shareholders per common share: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | $**(4.47)** | $(0.46) | $**(5.43)** | $1.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | $**(4.47)** | $(0.46) | $**(5.43)** | $1.02 |
| Weighted average common shares outstanding (in millions): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | **296.2** | 318.2 | **302.4** | 324.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | **296.2** | 318.2 | **302.4** | 327.7 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | 2024 | **2025** | 2024 |
| | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** |
| Non-GAAP Operating Earnings | $**455** | $517 | $**1228** | $1489 |

---

The following table summarizes our Non-GAAP Operating Earnings per common share:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | 2024 | **2025** | 2024 |
| | **(per share amounts)** | **(per share amounts)** | **(per share amounts)** | **(per share amounts)** |
| Non-GAAP Operating Earnings per common share: |  |  |  |  |
| Basic | $**1.48** | $1.58 | $**3.90** | $4.43 |
| Diluted | $**1.48** | $1.58 | $**3.90** | $4.38 |

---

**Three Months Ended September 30, 2025 Compared to the Three Months Ended September 30, 2024**

***Net Income (Loss) Attributable to Holdings***

Net income attributable to Holdings decreased $1.2 billion to a net loss of $1.3 billion for the three months ended September 30, 2025 from a net loss of $132 million in the three months ended September 30, 2024. The following notable items were the primary drivers for the change in net income (loss):

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**<u>[**Table of Contents**](#idb7c5e5bccf5487492becf35bc3c5c19_10)</u>**

Unfavorable items included:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Investment losses increased by $1.1 billion mainly due to the assets transferred related to the reinsurance transaction with RGA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net derivative losses increased by $403 million mainly due to higher equity market appreciation during the third quarter 2025 compared to the third quarter 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Compensation, benefits, interest and other operating expenses increased by $147 million mainly due to a fair value adjustment of the contingent payment liability recorded in the third quarter 2024 in our Asset Management segment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fee-type revenue decreased by $131 million mainly due to the reinsurance transaction with RGA, partially offset by higher investment base advisory fees and distribution revenue from higher average AUM in our Asset Management segment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Interest credited to policyholders' account balances increased by $97 million mainly due to growth of account values in our Retirement segment and higher interest expense on funding agreements, partially offset by the reinsurance transaction with RGA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Remeasurement of liability for future policy benefits increased by $60 million mainly due to the reactivity of UL NLG reserves to the realized capital losses from the reinsurance transaction with RGA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Commissions and distribution-related payments increased by $52 million mainly due to higher distribution and advisory fee type revenue from higher retirement sales and average asset balances in our Wealth Management segment, higher asset-based commissions and sales volume in our Retirement segment and higher payments for the distribution of AB mutual funds resulting from higher average AUM in our Asset Management segment.

These were partially offset by the following favorable items:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Change in market risk benefits and purchased market risk benefits decreased by $450 million mainly due to more favorable interest rate movements during the third quarter 2025 compared to the third quarter 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Policyholders' benefits decreased by $211 million mainly due to the reinsurance transaction with RGA, partially offset by higher net mortality in our Life business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Income tax benefit increased by $94 million primarily due to a higher pre-tax loss for the three months ended September 30, 2025, partially offset by an increase in the valuation allowance of $180 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net income attributable to noncontrolling interest decreased by $66 million mainly due to lower pre-tax earnings and an increase in average economic ownership of AB.

***Non-GAAP Operating Earnings***

Non-GAAP Operating Earnings decreased by $62 million to $455 million for the three months ended September 30, 2025 from $517 million in the three months ended September 30, 2024. The following notable items were the primary drivers for the change in Non-GAAP Operating Earnings:

Unfavorable items included:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fee-type revenue decreased by $134 million mainly due to the reinsurance transaction with RGA, partially offset by higher investment base advisory fees and higher distribution revenue from higher average AUM in our Asset Management segment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Interest credited to policyholders' account balances increased by $111 million mainly due to growth of account values in our Retirement segment and higher interest expense on funding agreements, partially offset by the reinsurance transaction with RGA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Commissions and distribution-related payments increased by $52 million mainly due to higher distribution and advisory fee type revenue from higher retirement sales and average asset balances in our Wealth Management segment, higher asset-based commissions and sales volume in our Retirement segment and higher payments for the distribution of AB mutual funds resulting from higher average AUM in our Asset Management segment.

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**<u>[**Table of Contents**](#idb7c5e5bccf5487492becf35bc3c5c19_10)</u>**

These were partially offset by the following favorable items:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Policyholders' benefits decreased by $152 million mainly due to the reinsurance transaction with RGA, partially offset by higher net mortality in our Life business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net investment income increased by $94 million mainly due to higher average asset balances, partially offset by the reinsurance transaction with RGA.

**Nine Months Ended September 30, 2025 Compared to the Nine Months Ended September 30, 2024**

***Net Income (Loss) Attributable to Holdings***

Net income attributable to Holdings decreased $2.0 billion to a net loss of $1.6 billion during the nine months ended September 30, 2025 from $388 million of net income in the nine months ended September 30, 2024. The following were notable changes in net income (loss):

Unfavorable items included:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Investment losses increased by $1.2 billion primarily due to the assets transferred related to the reinsurance transaction with RGA, as well as fixed maturity sales and mortgage valuation losses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Change in market risk benefits and purchased market risk benefits increased by $836 million mainly due to a decrease in interest rates in the first nine months of 2025 compared to a moderate increase in interest rates in the first nine months of 2024, further driven by less favorable equity market movements in the first nine months of 2025 compared to the first nine months of 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Compensation, benefits, interest and other operating expenses increased by $537 million mainly due to the Venerable novation loss and a fair value adjustment of the contingent payment liability recorded in the third quarter 2024 in our Asset Management segment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Interest credited to policyholders' account balances increased by $393 million mainly due to growth of account values in our Retirement segment and higher interest expense on funding agreements, partially offset by the reinsurance transaction with RGA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Commissions and distribution-related payments increased by $141 million mainly due to higher payments to financial intermediaries for the distribution of AB mutual funds resulting from higher average AUM in our Asset Management segment and higher asset-based commissions and sales volumes in our Retirement segment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fee-type revenue decreased by $135 million mainly driven by the reinsurance transaction with RGA, partially offset by higher advisory fee type revenue attributed to higher average asset balances combined with increased distribution fees from higher retirement sales in our Wealth Management segment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Amortization of DAC increased by $59 million mainly due to growth in our Retirement segment from sales momentum.

These were partially offset by the following favorable items:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net derivative losses decreased $606 million primarily driven by lower equity market appreciation during the first nine months of 2025 compared to the first nine months of 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net investment income increased by $261 million mainly due to higher average asset balances and higher Alternative investment income, partially offset by the reinsurance transaction with RGA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Income tax benefit was $189 million for the first nine months of 2025 compared to income tax expense of $101 million for the first nine months of 2024. This was primarily due to a pre-tax loss in the first nine months of 2025 compared to pre-tax income in the first nine months of 2024, partially offset by an increase in the valuation allowance of $180 million for the nine months ended 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net income attributable to noncontrolling interest decreased by $153 million mainly due to lower pre-tax earnings and an increase in average economic ownership of AB.

See "—Significant Factors Impacting Our Results—Effect of Assumption Updates on Operating Results" for more information regarding assumption updates.

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**<u>[**Table of Contents**](#idb7c5e5bccf5487492becf35bc3c5c19_10)</u>**

***Non-GAAP Operating Earnings***

Non-GAAP Operating Earnings decreased by $261 million to $1.2 billion for the nine months ended September 30, 2025 from $1.5 billion in the nine months ended September 30, 2024. The following were notable changes in Non-GAAP Operating Earnings:

Unfavorable items included:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Interest credited to policyholders' account balances increased by $402 million mainly due to growth of account values in our Retirement segment and higher interest expense on funding agreements, partially offset by the reinsurance transaction with RGA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Commissions and distribution-related payments increased by $141 million mainly due to higher payments to financial intermediaries for the distribution of AB mutual funds resulting from higher average AUM in our Asset Management segment and higher asset-based commissions and sales volumes in our Retirement segment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Amortization of DAC increased by $59 million mainly due to growth in our Retirement segment from sales momentum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fee-type revenue decreased by $52 million mainly driven by the reinsurance transaction with RGA, partially offset by higher advisory fee type revenue attributed to higher average asset balances combined with increased distribution fees from higher retirement sales in our Asset Management and Wealth Management segments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Policyholders' benefits increased by $50 million mainly due to higher net mortality in our Life business, partially offset by the reinsurance transaction with RGA.

These were partially offset by the following favorable items:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net investment income increased by $350 million mainly due to higher average asset balances and higher alternative investment income, partially offset by the reinsurance transaction with RGA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Income tax expense decreased by $62 million primarily due to lower pre-tax earnings in 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net income attributable to the noncontrolling interest decreased by $46 million mainly due to lower gains from consolidated VIEs and an increase in average economic ownership of AB, partially offset by higher AB pre-tax earnings.

**Results of Operations by Segment**

As previously announced, effective July 1, 2025, our financial reporting presentation was revised to reflect the reorganization of the Company's reportable segments to reflect how the Company's chief operating decision maker now makes operating decisions and assesses performance. Prior period results have been revised in connection with updates to our reportable segments.

We manage our business through the following three segments: Retirement, Asset Management and Wealth Management. We report certain activities and items that are not included in our three segments in Corporate and Other. The following section presents our discussion of operating earnings (loss) by segment and trends in AUM, AV and policy reserves, as applicable. Consistent with U.S. GAAP guidance for segment reporting, operating earnings (loss) is our U.S. GAAP measure of segment performance. See Note 17 of the Notes to the Consolidated Financial Statements for further information on our segments.

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**<u>[**Table of Contents**](#idb7c5e5bccf5487492becf35bc3c5c19_10)</u>**

The following table summarizes operating earnings (loss) on our segments and Corporate and Other:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | 2024 | **2025** | 2024 |
| | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** |
| Operating earnings (loss) by segment: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Retirement | $**401** | $416 | $**1129** | $1208 |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset Management | **154** | 111 | **411** | 318 |
| &nbsp;&nbsp;&nbsp;&nbsp;Wealth Management | **59** | 49 | **154** | 135 |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate and Other | **(159)** | (59) | **(466)** | (172) |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-GAAP Operating Earnings | $**455** | $517 | $**1228** | $1489 |

---

***Effective Tax Rates by Segment***

The following table summarizes income tax expense which was allocated to the Company's business segments:

---

| | | |
|:---|:---|:---|
| | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | 2024 |
| | **(percentages)** | **(percentages)** |
| **Effective Tax Rates by Segment:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retirement | **13%** | 14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset Management | **25%** | 29% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wealth Management | **25%** | 26% |
| &nbsp;&nbsp;**Consolidated Non-GAAP Operating Earnings** | **19%** | 19% |

---

**Retirement**

The Retirement segment provides retirement savings and income solutions to individual and institutional clients. Our primary offerings include individual and group annuities, retirement savings plans, and institutional savings products, which we distribute through both proprietary and third-party distribution. Results of our spread lending business are also reported within the Retirement segment.

The following table summarizes operating earnings (loss) of our Retirement segment:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | 2024 | **2025** | 2024 |
| | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** |
| **Operating earnings (loss)** | $**401** | $416 | $**1129** | $1208 |

---

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**<u>[**Table of Contents**](#idb7c5e5bccf5487492becf35bc3c5c19_10)</u>**

Key components of operating earnings (loss) were:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | 2024 | **2025** | 2024 |
| | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** |
| **REVENUES** |  |  |  |  |
| Policy charges, fee income and premiums | $**296** | $305 | $**889** | $874 |
| Net investment income | **1112** | 959 | **3140** | 2695 |
| Net derivative gains (losses) | **(2)** | (5) | **(12)** | (16) |
| Investment management, service fees and other income | **182** | 180 | **510** | 502 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Segment revenues** | $**1588** | $1439 | $**4527** | $4055 |
| **BENEFITS AND OTHER DEDUCTIONS** |  |  |  |  |
| Policyholders' benefits | $**73** | $83 | $**241** | $238 |
| Remeasurement of liability for future policy benefits | **(1)** | 1 | **(2)** | (1) |
| Interest credited to policyholders' account balances | **685** | 520 | **1847** | 1400 |
| Commissions and distribution-related payments | **153** | 136 | **440** | 383 |
| Amortization of deferred policy acquisition costs | **153** | 135 | **435** | 378 |
| Compensation, benefits and other operating costs and expenses | **86** | 80 | **260** | 249 |
| Interest expense | **—** |  | **1** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Segment benefits and other deductions** | $**1149** | $955 | $**3222** | $2647 |

---

The following table summarizes AV for our Retirement segment:

---

| | | |
|:---|:---|:---|
| | **September 30, 2025** | December 31, 2024 |
| | **(in millions)** | **(in millions)** |
| **AV (1)** |  |  |
| &nbsp;&nbsp;General Account | $**93825** | $78361 |
| &nbsp;&nbsp;Separate Accounts | **77131** | 72837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total AV** | $**170956** | $151198 |

---

_____________

(1)AV presented are net of reinsurance.

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**<u>[**Table of Contents**](#idb7c5e5bccf5487492becf35bc3c5c19_10)</u>**

The following table summarizes a roll-forward of AV for our Retirement segment:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | 2024 | **2025** | 2024 |
| | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** |
| **Balance, beginning of period** | $**161442** | $141529 | $**151198** | $128478 |
| Gross premiums and deposits | **5998** | 5810 | **18215** | 17275 |
| Surrenders, withdrawals and benefits | **(4878)** | (4146) | **(13552)** | (11836) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net flows | **1120** | 1664 | **4663** | 5439 |
| Change in market value and reinvestment | **4673** | 5026 | **9698** | 9931 |
| Change in fair value of embedded derivative instruments | **3721** | 1509 | **5397** | 5880 |
| **Balance, end of period** | **170956** | 149728 | **170956** | 149728 |
| End of period embedded derivative | **21215** | 16043 | **21215** | 16043 |
| Balance as of end of period, net of embedded derivative | **149741** | 133685 | **149741** | 133685 |
| Total spread lending balances, end of period | **16755** | 12973 | **16755** | 12973 |
| Reserves, end of period (excluding MRBs) | **5177** | 5164 | **5177** | 5164 |
| Balance, end of period, General Account asset value | $**171673** | $151822 | $**171673** | $151822 |

---

**Three Months Ended September 30, 2025 Compared to the Three Months Ended September 30, 2024 for the Retirement Segment**

***Operating earnings***

Operating earnings decreased $15 million to $401 million during the three months ended September 30, 2025 from $416 million during the three months ended September 30, 2024. The following notable items were the primary drivers of the change in operating earnings:

Unfavorable items included:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Interest credited to policyholders' account balances increased by $165 million mainly due to the growth of account values.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Amortization of DAC increased by $18 million mainly driven by growth in the business from sales momentum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Commissions and distribution-related payments increased by $17 million mainly due to higher asset-based commissions and sales volumes.

These were partially offset by the following favorable items:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net investment income increased by $153 million mainly due to higher average asset balances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Income tax expense decreased by $30 million mainly driven by lower pre-tax earnings and a lower effective rate for the three months ended September 30, 2025.

***Net Flows and AV***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Total AV as of September 30, 2025 was $171.0 billion, an increase of $9.5 billion, compared to June 30, 2025. The increase in AV was primarily due to $8.4 billion of market appreciation and change in fair value of embedded derivative instruments in the third quarter 2025 and $1.1 billion of net inflows.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net inflows of $1.1 billion were $544 million lower than in the three months ended September 30, 2024, mainly driven by higher outflows, partially offset by higher gross premiums.

**Nine Months Ended September 30, 2025 Compared to the Nine Months Ended September 30, 2024 for the Retirement Segment**

------

**<u>[**Table of Contents**](#idb7c5e5bccf5487492becf35bc3c5c19_10)</u>**

***Operating earnings***

Operating earnings decreased $79 million to $1.1 billion during the nine months ended September 30, 2025 from $1.2 billion during the nine months ended September 30, 2024. The following were notable changes in operating earnings (losses):

Unfavorable items included:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Interest credited to policyholders' account balances increased by $447 million mainly due to growth of account values.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Commissions and distribution-related payments increased by $57 million mainly due to higher asset-based commissions and sales volumes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Amortization of DAC increased by $57 million mainly due to growth in the business from sales momentum.

These were partially offset by the following favorable items:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net investment income increased by $445 million mainly due to higher average asset balances and higher Alternative investment income.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fee-type revenue increased by $23 million mainly due to higher separate account values from market appreciation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Income tax expense decreased by $24 million mainly driven by lower pre-tax earnings and a lower effective rate for the nine months ended September 30, 2025.

***Net Flows and AV***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The increase in AV of $19.8 billion in the nine months ended September 30, 2025 was driven by an increase in investment performance as a result of market appreciation and change in fair value of embedded derivative instruments of $15.1 billion in the nine months ended September 30, 2025 and net inflows of $4.7 billion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net inflows of $4.7 billion were $0.8 billion lower than in the nine months ended September 30, 2024, mainly driven by higher outflows in the nine months ended September 30, 2025, partially offset by higher gross premiums.

**Asset Management**

The Asset Management segment provides diversified investment management and related services to a broad range of clients around the world. Operating earnings (loss), net of tax, presented here represents our average economic interest in AB of approximately 69%, 66%, 61% and 61% during the three and nine months ended September 30, 2025 and 2024, respectively. The increase in economic interest was due to the purchase of AB Holding Units relating to the AB Tender Offer completed on April 3, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | 2024 | **2025** | 2024 |
| | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** |
| **Operating earnings (loss)** | $**154** | $111 | $**411** | $318 |

---

Key components of operating earnings (loss) were:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | 2024 | **2025** | 2024 |
| | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** |
| **REVENUES** |  |  |  |  |
| Net investment income (loss) | $**14** | $17 | $**39** | $32 |
| Net derivative gains (losses) | **(4)** | (16) | **(28)** | (22) |
| Investment management, service fees and other income | **1134** | 1085 | **3315** | 3220 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Segment revenues** | $**1144** | $1086 | $**3326** | $3230 |

---

------

**<u>[**Table of Contents**](#idb7c5e5bccf5487492becf35bc3c5c19_10)</u>**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | 2024 | **2025** | 2024 |
| | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** |
| **BENEFITS AND OTHER DEDUCTIONS** |  |  |  |  |
| Commissions and distribution related payments | $**209** | $192 | $**607** | $545 |
| Compensation, benefits and other operating costs and expenses | **635** | 633 | **1867** | 1909 |
| Interest expense | **7** | 8 | **23** | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Segment benefits and other deductions** | $**851** | $833 | $**2497** | $2491 |

---

Changes in AUM in the Asset Management segment were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | 2024 | **2025** | 2024 |
|  | **(in billions)** | **(in billions)** | **(in billions)** | **(in billions)** |
| **Balance, beginning of period** | $**829.1** | $769.5 | $**792.2** | $725.2 |
| Long-term flows |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales/new accounts | **42.4** | 35.5 | **106.4** | 100.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemptions/terminations | **(27.8)** | (26.4) | **(88.3)** | (77.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash flow/unreinvested dividends | **(16.9)** | (8.0) | **(24.7)** | (20.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net long-term (outflows) inflows  | **(2.3)** | 1.1 | **(6.6)** | 2.5 |
| Market appreciation (depreciation) | **33.3** | 35.3 | **74.5** | 78.2 |
| Net change | **31.0** | 36.4 | **67.9** | 80.7 |
| **Balance, end of period** | $**860.1** | $805.9 | $**860.1** | $805.9 |

---

Average AUM in the Asset Management segment for the periods presented by distribution channel and investment services were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | 2024 | **2025** | 2024 |
| | **(in billions)** | **(in billions)** | **(in billions)** | **(in billions)** |
| **Distribution Channel:** |  |  |  |  |
| &nbsp;&nbsp;Institutions | $**343.5** | $328.4 | $**332.7** | $321.8 |
| &nbsp;&nbsp;Retail | **349.5** | 324.4 | **339.2** | 309.3 |
| &nbsp;&nbsp;Private Wealth | **147.8** | 133.1 | **141.9** | 128.2 |
| &nbsp;&nbsp;Total | $**840.8** | $785.9 | $**813.8** | $759.3 |
| **Investment Service:** |  |  |  |  |
| &nbsp;&nbsp;Equity Actively Managed | $**276.1** | $267.2 | $**266.3** | $259.6 |
| &nbsp;&nbsp;Equity Passively Managed (1) | **74.3** | 67.3 | **70.6** | 65.0 |
| &nbsp;&nbsp;Fixed Income Actively Managed – Taxable | **212.8** | 212.3 | **211.2** | 211.0 |
| &nbsp;&nbsp;Fixed Income Actively Managed – Tax-exempt | **82.2** | 68.6 | **79.6** | 65.3 |
| &nbsp;&nbsp;Fixed Income Passively Managed (1) | **10.1** | 11.3 | **10.2** | 11.2 |
| &nbsp;&nbsp;Alternatives/Multi-Asset Solutions (2) | **185.3** | 159.2 | **175.9** | 147.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $**840.8** | $785.9 | $**813.8** | $759.3 |

---

____________

(1)Includes index and enhanced index services.

(2)Includes certain multi-asset solutions and services not included in equity of fixed income services.

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**<u>[**Table of Contents**](#idb7c5e5bccf5487492becf35bc3c5c19_10)</u>**

**Three Months Ended September 30, 2025 Compared to the Three Months Ended September 30, 2024 for the Asset Management Segment**

***Operating earnings***

Operating earnings increased $43 million to $154 million during the three months ended September 30, 2025 from $111 million during the three months ended September 30, 2024. The following notable items were the primary drivers of the change in operating earnings:

Favorable items included:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fee-type revenue increased by $49 million primarily due to higher investment base advisory fees and higher distribution revenue from higher average AUM, partially offset by lower revenue from performance fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net derivative losses decreased by $12 million mainly due to lower losses from economically hedging seed capital investments (partially offset by Net investment income).

These were partially offset by the following unfavorable items included:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Commissions and distribution-related payments increased by $17 million mainly due to higher payments for the distribution of AB mutual funds resulting from higher average AUM.

***Long-Term Net Flows and AUM***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Total AUM as of September 30, 2025 was $860.1 billion, up $31.0 billion or 3.7%, compared to June 30, 2025. During the third quarter 2025, AUM increased as a result of market appreciation of $33.3 billion, partially offset by net outflows of $2.3 billion. Market appreciation was attributed to Retail of $13.2 billion, Institutions of $13.2 billion, and Private Wealth of $6.9 billion. Net outflows were due to Institutions net outflows of $1.8 billion, Retail net outflows of $1.7 billion, partially offset by Private Wealth net inflows of $1.2 billion.

**Nine Months Ended September 30, 2025 Compared to the Nine Months Ended September 30, 2024 for the Asset Management Segment**

***Operating earnings***

Operating earnings increased $93 million to $411 million during the nine months ended September 30, 2025 from $318 million in the nine months ended September 30, 2024. The following were notable changes in operating earnings (losses):

Favorable items included:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fee-type revenue increased by $95 million primarily due to higher investment base advisory fees and higher distribution revenue from higher average AUM, partially offset by lower revenue from BRS due to the sale of this business completed during April 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Compensation, benefits, interest expense and other operating costs decreased by $56 million mainly due to lower base compensation and other expenses driven by the sale of BRS, lower interest expense from lower weighted average borrowings, and lower office related expenses, partially offset by the recognition of a $21 million incentive grant gain in the prior year related to AB headquarters relocation to Nashville.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net income attributable to noncontrolling interest decreased by $10 million due to an increase in average economic ownership of AB, partially offset by higher pre-tax earnings.

These were partially offset by the following unfavorable items:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Commissions and distribution-related payments increased by $62 million mainly due to higher payments to financial intermediaries for the distribution of AB mutual funds resulting from higher average AUM.

***Long-Term Net Flows and AUM***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Total AUM as of September 30, 2025 was $860.1 billion, up $67.9 billion, or 8.6%, compared to December 31, 2024. The increase is primarily the result of market appreciation of $74.5 billion, partially offset by net outflows of

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**<u>[**Table of Contents**](#idb7c5e5bccf5487492becf35bc3c5c19_10)</u>**

$6.6 billion. Market appreciation of $74.5 billion is attributed to Institutions of $32.2 billion, Retail of $27.6 billion and Private Wealth of $14.7 billion. Net outflows were driven by Retail net outflows of $5.6 billion and Institutions net outflows of $2.7 billion, partially offset by Private Wealth net inflows of $1.7 billion.

**Wealth Management**

The Wealth Management segment is an emerging leader in the wealth management space with a differentiated advice value proposition that offers discretionary and non-discretionary investment advisory accounts, financial planning and advice, life insurance, and annuity products.

The following table summarizes operating earnings (loss) of our Wealth Management segment:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | 2024 | **2025** | 2024 |
| | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** |
| **Operating earnings (loss)** | $**59** | $49 | $**154** | $135 |

---

Key components of operating earnings (loss) were:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | 2024 | **2025** | 2024 |
| | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** |
| **REVENUES** |  |  |  |  |
| Net investment income | $**3** | $4 | $**8** | $12 |
| Investment management, service fees and other income | **496** | 445 | **1422** | 1300 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Segment revenues** | $**499** | $449 | $**1430** | $1312 |
| **BENEFITS AND OTHER DEDUCTIONS** |  |  |  |  |
| Commissions and distribution-related payments | $**320** | $281 | $**909** | $823 |
| Compensation, benefits and other operating costs and expenses | **101** | 103 | **315** | 306 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Segment benefits and other deductions** | $**421** | $384 | $**1224** | $1129 |

---

The following table summarizes revenue by activity type for our Wealth Management segment:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | 2024 | **2025** | 2024 |
| | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** |
| **Revenue by Activity Type** |  |  |  |  |
| Investment management, service fees and other income: |  |  |  |  |
| &nbsp;&nbsp;Investment management and advisory fees | $**197** | $167 | $**562** | $477 |
| &nbsp;&nbsp;Distribution fees | **280** | 262 | **811** | 775 |
| &nbsp;&nbsp;Interest income | **11** | 12 | **32** | 37 |
| &nbsp;&nbsp;Service and other income | **8** | 4 | **17** | 11 |
| **Total Investment management, service fees and other income** | $**496** | $445 | $**1422** | $1300 |

---

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**<u>[**Table of Contents**](#idb7c5e5bccf5487492becf35bc3c5c19_10)</u>**

The following table summarizes a roll-forward of AUA for our Wealth Management segment:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | 2024 | **2025** | 2024 |
| | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** |
| **Total Wealth Management Assets** |  |  |  |  |
| **Advisory assets:** |  |  |  |  |
| Beginning, beginning of period | $**73293** | $60134 | $**65839** | $54978 |
| Net new assets | **2210** | 2064 | **6218** | 3627 |
| Market appreciation (depreciation) and other | **3875** | 3069 | **7321** | 6662 |
| Advisory ending assets | $**79378** | $65267 | $**79378** | $65267 |
| Brokerage and direct assets | $**38818** | $36220 | $**38818** | $36220 |
| **Balance, end of period (1)** | $**118196** | $101487 | $**118196** | $101487 |

---

_____________

(1)Some operating metrics have been revised for prior periods. Net New Assets consist of total client deposits into advisory accounts less total client withdrawals from advisory accounts, plus dividends, plus interest, minus advisory fees. AUA reflects adjusted balances with no financial impact.

**Three Months Ended September 30, 2025 Compared to the Three Months Ended September 30, 2024 for the Wealth Management Segment**

***Operating earnings***

Operating earnings increased by $10 million to $59 million during the three months ended September 30, 2025 from $49 million in the three months ended September 30, 2024. The following were notable changes in operating earnings:

Favorable items included:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Investment management, service fees and other income increased by $51 million mainly due to higher advisory fee type revenue attributed to higher average assets balances combined with increased distribution fees from higher retirement sales.

These were partially offset by the following unfavorable items:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Commissions and distribution-related payments increased by $39 million mainly due to higher distribution and advisory fee type revenue from higher retirement sales and average asset balances.

**Net Flows and AV**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The increase in AUA of $6.1 billion in the three months ended September 30, 2025 was mainly driven by market appreciation and strong advisory net flows of $2.2 billion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Advisory net inflows of $2.2 billion were $146 million higher than in the three months ended September 30, 2024 mainly driven by increased sales.

**Nine Months Ended September 30, 2025 Compared to the Nine Months Ended September 30, 2024 for the Wealth Management Segment**

***Operating earnings***

Operating earnings increased $19 million to $154 million during the nine months ended September 30, 2025 compared to $135 million in the nine months ended September 30, 2024. The following were notable changes in operating earnings:

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**<u>[**Table of Contents**](#idb7c5e5bccf5487492becf35bc3c5c19_10)</u>**

Favorable items included:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Investment management, service fees and other income increased by $122 million mainly due to higher advisory fee type revenue attributed to higher average asset balances combined with increased distribution fees from higher retirement sales.

These were partially offset by the following unfavorable items:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Commissions and distribution-related payments increased by $86 million mainly due to higher distribution and advisory fee-type revenue from higher retirement sales and average asset balances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Compensation, benefits and other operating costs and expenses increased by $9 million mainly due to higher variable compensation from higher sales, partially offset by a one-time reserve release which reflects better emerging experience on the loans we have made to recruit experienced advisors.

***Net Flows and AUA***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The increase in AUA of $13.5 billion in the nine months ended September 30, 2025 was mainly driven by strong advisory net flows of $6.2 billion and market appreciation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net new assets of $6.2 billion were $2.6 billion higher than in the nine months ended September 30, 2024 driven by higher inflows.

**Corporate and Other**

Corporate and Other includes the Closed Block, results from our run-off blocks of business, and certain strategic investments and unallocated items, including interest and corporate expenses. In addition, beginning with the third quarter of 2025, results for the Individual Life and Employee Benefits businesses are reported in Corporate and Other. AB's results of operations are reflected in the Asset Management segment. Accordingly, Corporate and Other does not include any items applicable to AB.

The following table summarizes operating earnings (loss) of Corporate and Other:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | 2024 | **2025** | 2024 |
| | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** |
| **Operating earnings (loss)** | $**(159)** | $(59) | $**(466)** | $(172) |

---

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**<u>[**Table of Contents**](#idb7c5e5bccf5487492becf35bc3c5c19_10)</u>**

Key components of operating earnings (loss) were:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | 2024 | **2025** | 2024 |
| | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** |
| **REVENUES** |  |  |  |  |
| Policy charges, fee income and premiums | $**433** | $633 | $**1666** | $1862 |
| Net investment income | **187** | 248 | **695** | 812 |
| Net derivative gains (losses) | **(13)** | (6) | **(16)** | (17) |
| Investment management, service fees and other income | **134** | 145 | **389** | 440 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Segment revenues** | $**741** | $1020 | $**2734** | $3097 |
| **BENEFITS AND OTHER DEDUCTIONS** |  |  |  |  |
| Policyholders' benefits | $**438** | $580 | $**1816** | $1769 |
| Remeasurement of liability for future policy benefits | **16** | (2) | **2** | (2) |
| Interest credited to policyholders' account balances | **96** | 150 | **402** | 447 |
| Commissions and distribution-related payments | **82** | 88 | **237** | 260 |
| Amortization of deferred policy acquisition costs | **50** | 49 | **149** | 147 |
| Compensation, benefits and other operating costs and expenses | **161** | 138 | **476** | 458 |
| Interest expense | **61** | 57 | **184** | 171 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Segment benefits and other deductions** | $**904** | $1060 | $**3266** | $3250 |

---

**Three Months Ended September 30, 2025 Compared to the Three Months Ended September 30, 2024 for Corporate and Other**

***Operating earnings (losses)***

Operating losses increased by $100 million to $159 million during the three months ended September 30, 2025 from an operating loss of $59 million during the three months ended September 30, 2024. The following were notable changes in operating earnings:

Unfavorable items included:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fee-type revenue decreased by $211 million primarily due to the reinsurance transaction with RGA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net investment income decreased by $61 million primarily due to the reinsurance transaction with RGA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Compensation, benefits, interest expense and other operating costs increased by $27 million primarily due to a one-time adjustment.

These were partially offset by the following favorable items:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Policyholders' benefits decreased by $142 million primarily due to the reinsurance transaction with RGA, partially offset by higher net mortality in our Life business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Interest credited to policyholders' account balances decreased by $54 million primarily due to the reinsurance transaction with RGA.

**Nine Months Ended September 30, 2025 Compared to the Nine Months Ended September 30, 2024 for Corporate and Other**

***Operating earnings (losses)***

Operating losses increased by $294 million to $466 million during the nine months ended September 30, 2025 from an operating loss of $172 million during the nine months ended September 30, 2024. The following were notable changes in operating earnings:

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**<u>[**Table of Contents**](#idb7c5e5bccf5487492becf35bc3c5c19_10)</u>**

Unfavorable items included:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fee-type revenue decreased by $247 million primarily due to the reinsurance transaction with RGA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net investment income decreased by $117 million primarily due to lower average balances primarily related the reinsurance transaction with RGA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Policyholders' benefits increased by $47 million primarily due to higher net mortality in the Life business, partially offset by the impact of the reinsurance transaction with RGA.

These were partially offset by the following favorable items:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Interest credited to policyholders' account balances decreased by $45 million primarily due to the reinsurance transaction with RGA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Income tax benefit increased by $49 million primarily due to higher operating losses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net income attributable to noncontrolling interest decreased by $36 million primarily due to lower pre-tax earnings.

**General Account Investment Portfolio**

Our investment philosophy is driven by our long-term commitments to clients, robust risk management and strategic asset allocation. Our General Account investment portfolio investment strategy seeks to achieve sustainable risk-adjusted returns by focusing on principal preservation and investment return, subject to duration and liquidity requirements by product as well as diversification of investment risks. Investment activities are undertaken based on established investment guidelines and are required to comply with applicable laws and insurance regulations.

Risk tolerances are established for credit risk, market risk, liquidity risk and concentration risk across issuers and asset classes, each of which seek to mitigate the impact of cash flow variability arising from these risks. Significant interest rate increases and market volatility since 2022 have reduced the fair value of fixed maturities from a net unrealized gain position to a net unrealized loss. As a part of asset and liability management, we maintain a weighted average duration for our General Account investment portfolio that is within an acceptable range of the estimated duration of our liabilities given our risk appetite and hedging programs.

The General Account investment portfolio consists largely of investment grade fixed maturities, short-term investments, commercial, agricultural and residential mortgage loans, alternative investments and other financial instruments. Fixed maturities include publicly issued corporate bonds, government bonds, privately placed notes and bonds, bonds issued by states and municipalities, agency and non-agency mortgage-backed securities and asset-backed securities. In addition, from time to time we use derivatives to hedge our exposure to equity markets, interest rates, foreign currency and credit spreads.

We incorporate ESG factors into the investment processes for a significant portion of our General Account portfolio. As investors with a long-term horizon, we believe that companies with sustainable practices are better positioned to deliver value to stakeholders over an extended period. These companies are more likely to increase sales through sustainable products, reduce energy costs and attract and retain talent. This belief underpins our approach to sustainable investing, where we seek to enhance the sustainability and quality of our investment portfolio.

Investments in our surplus portfolio are generally comprised of a mix of fixed maturity investment grade and below investment grade securities as well as various alternative investments, primarily private equity and real estate equity. Although alternative investments are subject to period over period earnings fluctuations, they have historically achieved returns in excess of the fixed maturity portfolio.

The General Account investment portfolio reflects certain differences from the presentation of the U.S. GAAP Consolidated Financial Statements. This presentation is consistent with how we manage the General Account investment portfolio. For further investment information, see Note 3 and Note 4 of the Notes to the Consolidated Financial Statements.

***Investment Results of the General Account Investment Portfolio***

The following table summarizes the General Account investment portfolio results with Non-GAAP Operating Earnings adjustments by asset category for the periods indicated. This presentation is consistent with how we measure investment performance for management purposes.

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**<u>[**Table of Contents**](#idb7c5e5bccf5487492becf35bc3c5c19_10)</u>**

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Three Months Ended September 30,** |
| | **2025** | **2025** | 2024 | 2024 |
| | **Yield** | **Amount (2)** | Yield | Amount (2) |
| | **(Dollars in millions)** | **(Dollars in millions)** | **(Dollars in millions)** | **(Dollars in millions)** |
| **Fixed Maturities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income (loss) | **4.37%** | $**912** | 4.43% | $887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ending assets |  | **80416** |  | 81072 |
| **Mortgages:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income (loss) | **4.95%** | **270** | 5.15% | 245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ending assets |  | **22150** |  | 19238 |
| **Other Equity Investments: (1)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income (loss) | **5.58%** | **50** | 5.47% | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ending assets |  | **3527** |  | 3540 |
| **Trading Securities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income (loss) | **12.45%** | **25** | 4.99% | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ending assets |  | **863** |  | 497 |
| **Policy Loans:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income (loss) | **4.55%** | **35** | 5.34% | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ending assets |  | **1855** |  | 4293 |
| **Cash and Short-term Investments:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income (loss) | **3.80%** | **107** | 4.31% | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ending assets |  | **10200** |  | 5456 |
| **Total:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment income (loss) | **4.51%** | **1399** | 4.62% | 1306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: investment fees (3) | **(0.16)%** | **(51)** | (0.17)% | (49) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Income, Net | **4.35%** | **1348** | 4.44% | 1257 |
| **Ending Net Assets** |  | $**119011** |  | $114096 |

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**<u>[**Table of Contents**](#idb7c5e5bccf5487492becf35bc3c5c19_10)</u>**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Year Ended December 31** | **Year Ended December 31** |
| | **2025** | **2025** | 2024 | 2024 | 2024 | 2024 |
| | **Yield** | **Amount (2)** | Yield | Amount (2) | Yield | Amount (2) |
| | **(Dollars in millions)** | **(Dollars in millions)** | **(Dollars in millions)** | **(Dollars in millions)** | **(Dollars in millions)** | **(Dollars in millions)** |
| **Fixed Maturities:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income (loss) | **4.37%** | $**2771** | 4.39% | $2535 | 4.39% | $3447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ending assets |  | **80416** |  | 81072 |  | 84202 |
| **Mortgages:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income (loss) | **4.97%** | **786** | 5.12% | 718 | 5.14% | 973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ending assets |  | **22150** |  | 19238 |  | 20072 |
| **Other Equity Investments: (1)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income (loss) | **5.70%** | **151** | 5.98% | 159 | 5.75% | 203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ending assets |  | **3527** |  | 3540 |  | 3495 |
| **Trading Securities:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income (loss) | **10.63%** | **54** | 4.81% | 9 | 5.07% | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ending assets |  | **863** |  | 497 |  | 527 |
| **Policy Loans:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income (loss) | **4.83%** | **142** | 5.27% | 167 | 5.31% | 225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ending assets |  | **1855** |  | 4293 |  | 4330 |
| **Cash and Short-term Investments: (3)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income (loss) | **4.03%** | **233** | 4.64% | 207 | 4.89% | 266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ending assets |  | **10200** |  | 5456 |  | 3259 |
| **Total:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment income (loss) | **4.54%** | **4137** | 4.61% | 3795 | 4.63% | 5130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: investment fees  | **(0.16)%** | **(148)** | (0.17)% | (137) | 0.16% | (180) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Income, Net | **4.38%** | **3989** | 4.44% | 3658 | 4.46% | 4950 |
| **Ending Net Assets** |  | $**119011** |  | $114096 |  | $115885 |

---

_____________

(1)Includes, as of September 30, 2025, September 30, 2024 and December 31, 2024 respectively, $424 million, $412 million and $431 million of other invested assets. Amounts for certain consolidated VIE investments are shown net of associated non-controlling interest.

(2)Amount for fixed maturities and mortgages represents original cost, reduced by repayments, write-downs, adjusted amortization of premiums, accretion of discount and allowances. Cost for equity securities represents original cost reduced by write-downs; cost for other limited partnership interests represents original cost adjusted for equity in earnings and reduced by distributions.

(3)Cash and Short-term net of collateral expense.

***AFS Fixed Maturities***

The fixed maturity portfolio consists largely of investment grade corporate debt securities and includes significant amounts of U.S. government and agency obligations. The below investment grade securities in the General Account investment portfolio consist of loans to middle market companies, public high yield securities, bank loans, as well as "fallen angels," originally purchased as investment grade investments.

***AFS Fixed Maturities by Industry***

The following table sets forth these fixed maturities by industry category along with their associated gross unrealized gains and losses:

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**<u>[**Table of Contents**](#idb7c5e5bccf5487492becf35bc3c5c19_10)</u>**

**AFS Fixed Maturities by Industry (1)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Amortized Cost** | **Allowance for Credit Losses** | **Gross Unrealized Gains** | **Gross Unrealized Losses** | **Fair Value** | **Percentage of Total (%)** |
| | **(Dollars in millions)** | **(Dollars in millions)** | **(Dollars in millions)** | **(Dollars in millions)** | **(Dollars in millions)** | |
| **As of September 30, 2025** | | | | | | |
| Corporate Securities: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Finance | $**14053** | $**—** | $**166** | $**931** | $**13288** | **18%** |
| &nbsp;&nbsp;&nbsp;Manufacturing | **10068** | **—** | **129** | **1029** | **9168** | **12** |
| &nbsp;&nbsp;&nbsp;Utilities | **7763** | **—** | **103** | **657** | **7209** | **10** |
| &nbsp;&nbsp;&nbsp;Services | **7031** | **—** | **128** | **697** | **6462** | **8** |
| &nbsp;&nbsp;&nbsp;Energy | **2338** | **—** | **31** | **201** | **2168** | **3** |
| &nbsp;&nbsp;&nbsp;Retail and wholesale | **3180** | **—** | **54** | **260** | **2974** | **4** |
| &nbsp;&nbsp;&nbsp;Transportation | **2125** | **—** | **46** | **191** | **1980** | **3** |
| &nbsp;&nbsp;&nbsp;Other | **384** | **—** | **3** | **28** | **359** | **—** |
| &nbsp;&nbsp;&nbsp;Total corporate securities | **46942** | **—** | **660** | **3994** | **43608** | **58** |
| U.S. government | **5042** | **—** | **2** | **1264** | **3780** | **5** |
| Residential mortgage-backed (2) | **6589** | **—** | **75** | **98** | **6566** | **9** |
| Preferred stock | **54** | **—** | **4** | **—** | **58** | **—** |
| State & political | **388** | **—** | **2** | **70** | **320** | **—** |
| Foreign governments | **595** | **—** | **3** | **80** | **518** | **1** |
| Commercial mortgage-backed | **4825** | **—** | **26** | **269** | **4582** | **6** |
| Asset-backed securities (3) | **15981** | **—** | **142** | **41** | **16082** | **21** |
| Total | $**80416** | $**—** | $**914** | $**5816** | $**75514** | **100%** |
| As of December 31, 2024 |  |  |  |  |  |  |
| Corporate Securities: |  |  |  |  |  |  |
| &nbsp;&nbsp;Finance (4) | $15958 | $1 | $43 | $1492 | $14508 | 18% |
| &nbsp;&nbsp;Manufacturing (4) | 12488 |  | 37 | 1581 | 10944 | 14 |
| &nbsp;&nbsp;&nbsp;Utilities | 8476 |  | 44 | 1004 | 7516 | 10 |
| &nbsp;&nbsp;Services (4) | 8977 | 1 | 56 | 1075 | 7957 | 10 |
| &nbsp;&nbsp;&nbsp;Energy | 2546 |  | 15 | 318 | 2243 | 3 |
| &nbsp;&nbsp;&nbsp;Retail and wholesale | 2979 |  | 34 | 258 | 2755 | 4 |
| &nbsp;&nbsp;&nbsp;Transportation | 1559 |  | 11 | 156 | 1414 | 2 |
| &nbsp;&nbsp;&nbsp;Other | 1665 |  | 9 | 225 | 1449 | 2 |
| &nbsp;&nbsp;&nbsp;Total corporate securities | 54648 | 2 | 249 | 6109 | 48786 | 63 |
| U.S. government | 5801 |  |  | 1513 | 4288 | 6 |
| Residential mortgage-backed (2) | 4520 |  | 15 | 152 | 4383 | 6 |
| Preferred stock | 56 |  | 3 |  | 59 |  |
| State & political | 472 |  | 2 | 88 | 386 | 1 |
| Foreign governments | 689 |  | 1 | 136 | 554 | 1 |
| Commercial mortgage-backed | 4301 |  | 5 | 385 | 3921 | 5 |
| Asset-backed securities (3) (4) | 13715 |  | 98 | 61 | 13752 | 18 |
| Total | $84202 | $2 | $373 | $8444 | $76129 | 100% |

---

______________

(1)Investment data has been classified based on standard industry categorizations for domestic public holdings and similar classifications by industry for all other holdings.

(2)Includes publicly traded agency pass-through securities and collateralized obligations.

(3)Includes credit-tranched securities collateralized by sub-prime mortgages, credit risk transfer securities and other asset types.

(4)Prior period amounts have been revised to improve comparability.

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**<u>[**Table of Contents**](#idb7c5e5bccf5487492becf35bc3c5c19_10)</u>**

***Fixed Maturities Credit Quality***

The SVO of the NAIC evaluates the investments of insurers for regulatory reporting purposes and assigns fixed maturities to one of six categories ("NAIC Designations"). NAIC Designations of "1" or "2" include fixed maturities considered investment grade, which include securities rated Baa3 or higher by Moody's or BBB- or higher by Standard & Poor's. NAIC Designations of "3" through "6" are referred to as below investment grade, which include securities rated Ba1 or lower by Moody's and BB+ or lower by Standard & Poor's. As a result of time lags between the funding of investments and the completion of the SVO filing process, the fixed maturity portfolio typically includes securities that have not yet been rated by the SVO as of each balance sheet date. Pending receipt of SVO ratings, the categorization of these securities by NAIC Designation is based on the expected ratings indicated by internal analysis.

The following table sets forth the General Account's fixed maturities portfolio by NAIC rating:

**AFS Fixed Maturities**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **NAIC Designation** | **Rating Agency Equivalent** | **Amortized**<br>**Cost** | **Allowance for Credit Losses** | **Gross**<br>**Unrealized**<br>**Gains** | **Gross**<br>**Unrealized**<br>**Losses** | **Fair Value** |
| | | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** |
| **As of September 30, 2025** | | | | | | |
| 1................................ | Aaa, Aa, A | $**55454** | $**—** | $**507** | $**3846** | $**52115** |
| 2................................ | Baa | **23555** | **—** | **395** | **1909** | **22041** |
|  | Investment grade | **79009** | **—** | **902** | **5755** | **74156** |
| 3................................ | Ba | **551** | **—** | **2** | **32** | **521** |
| 4................................ | B | **674** | **—** | **6** | **15** | **665** |
| 5................................ | Caa | **149** | **—** | **4** | **14** | **139** |
| 6................................ | Ca, C | **33** | **—** | **—** | **—** | **33** |
|  | Below investment grade | **1407** | **—** | **12** | **61** | **1358** |
| Total Fixed Maturities | Total Fixed Maturities | $**80416** | $**—** | $**914** | $**5816** | $**75514** |
| As of December 31, 2024: |  |  |  |  |  |  |
| 1................................ | Aaa, Aa, A | $56266 | $— | $210 | $5342 | $51134 |
| 2................................ | Baa | 26255 |  | 147 | 3043 | 23359 |
|  | Investment grade | 82521 |  | 357 | 8385 | 74493 |
| 3................................ | Ba | 810 |  | 5 | 38 | 777 |
| 4................................ | B | 663 |  | 7 | 7 | 663 |
| 5................................ | Caa | 187 | 1 | 3 | 13 | 176 |
| 6................................ | Ca, C | 21 | 1 | 1 | 1 | 20 |
|  | Below investment grade | 1681 | 2 | 16 | 59 | 1636 |
| Total Fixed Maturities |  | $84202 | $2 | $373 | $8444 | $76129 |

---

***Mortgage Loans***

The mortgage portfolio primarily consists of commercial, agricultural, and residential mortgage loans. The investment strategy for the mortgage loan portfolio emphasizes diversification by property type and geographic location with a primary focus on asset quality. The commercial mortgage loan portfolio is backed by high quality properties located in primary markets typically owned by experienced institutional investors with a demonstrated ability to manage their assets through business cycles. Our commercial loan portfolio is monitored on an ongoing basis, assigning credit quality ratings for each loan, with the particular emphasis on loans that are scheduled to mature in the next 12 to 24 months. Scheduled maturities for the remainder of 2025 and full year 2026, respectively are $0.8 billion and $2.9 billion, or 4% and 17% of the commercial mortgage portfolio. The commercial mortgage portfolio consists of 80% fixed rate loans and 20% floating rate loans. For floating rate loans, the borrower is typically required to purchase an interest rate cap to the scheduled maturity of the loan to protect against rising rates.

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**<u>[**Table of Contents**](#idb7c5e5bccf5487492becf35bc3c5c19_10)</u>**

Commercial mortgage loans are evaluated annually to determine a current LTV ratio. Property financial statements, current rent roll, lease maturities, tenant creditworthiness, property physical inspections, and forecasted leasing market strength are used to develop projected cash flows. A discounted cash flow methodology which incorporates market data is used to determine property values. The average LTV ratio at origination provided by a certified appraisal firm was 54%. The average LTV ratio was 67% and 67% at September 30, 2025 and December 31, 2024, respectively, which reflects the most recent opinion of value on the underlying collateral.

We use AB CarVal to invest in residential whole loans and other private investments. These investments allow us to leverage AB CarVal's expertise in asset classes where we are looking to increase exposure. The residential mortgage portfolio primarily consists of purchased closed end, amortizing residential mortgage loans. The investment strategy for the residential mortgage loan portfolio emphasizes high credit quality borrowers, conservative LTV ratios, superior ability to repay and geographic diversification.

Residential mortgage loans are pooled by loan type (i.e., Jumbo, Agency Eligible, Non-Qualified, etc.) and pooled by similar risk profiles (including consumer credit score and LTV ratios). The portfolio is monitored monthly primarily based on payment activity, occurrence of regional natural disasters and borrower interactions with the mortgage servicer.

The tables below show the breakdown of the amortized cost of the General Account's investments in mortgage loans by geographic region and property type:

**Mortgage Loans by Region and Property Type**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | December 31, 2024 | December 31, 2024 |
| | **Amortized<br>Cost** | **% of Total** | Amortized<br>Cost | % of Total |
| | **(Dollars in millions)** | **(Dollars in millions)** | **(Dollars in millions)** | **(Dollars in millions)** |
| **By Region:** |  |  |  |  |
| U.S. Regions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Pacific | $**5885** | **26%** | $5517 | 27% |
| &nbsp;&nbsp;&nbsp;Middle Atlantic | **4770** | **21** | 3861 | 19 |
| &nbsp;&nbsp;&nbsp;South Atlantic | **3436** | **15** | 3130 | 15 |
| &nbsp;&nbsp;&nbsp;East North Central | **1394** | **7** | 1183 | 6 |
| &nbsp;&nbsp;&nbsp;Mountain | **1565** | **7** | 1510 | 7 |
| &nbsp;&nbsp;&nbsp;West North Central | **917** | **4** | 953 | 5 |
| &nbsp;&nbsp;&nbsp;West South Central | **1871** | **8** | 1674 | 8 |
| &nbsp;&nbsp;&nbsp;New England | **830** | **4** | 925 | 5 |
| &nbsp;&nbsp;&nbsp;East South Central | **891** | **4** | 822 | 4 |
| Total U.S. | **21559** | **96** | 19575 | 96 |
| **Other Regions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Europe | **878** | **4** | 775 | 4 |
| Total Other | **878** | **4** | 775 | 4 |
| Total Mortgage Loans | $**22437** | **100%** | $20350 | 100% |
| **By Property Type:** |  |  |  |  |
| Office | $**4700** | **21%** | $4711 | 23% |
| Multifamily | **8474** | **38** | 7397 | 36 |
| Agricultural loans | **2643** | **12** | 2568 | 13 |
| Retail | **673** | **3** | 627 | 3 |
| Industrial | **2528** | **11** | 2310 | 11 |
| Hospitality | **783** | **3** | 720 | 4 |
| Residential | **1659** | **7** | 1066 | 5 |
| Other | **977** | **5** | 951 | 5 |
| Total Mortgage Loans | $**22437** | **100%** | $20350 | 100% |

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**<u>[**Table of Contents**](#idb7c5e5bccf5487492becf35bc3c5c19_10)</u>**

***Other Equity Assets***

The following table includes information related to our alternative investments in certain other equity investments and consolidated VIEs, including private equity funds, real estate funds and other alternative investments. These investments are typically structured as limited partnerships or LLCs and are reported to us on a lag of one month and three months for hedge funds and private equity funds, respectively.

At September 30, 2025 and December 31, 2024, the fair value of alternative investments was $3.2 billion and $3.0 billion respectively. Alternative investments were 2.5% and 2.4% of cash and invested assets at September 30, 2025 and December 31, 2024, respectively.

**Alternative Investments (1)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | December 31, 2024 | December 31, 2024 |
| | **Fair Value** | **%** | Fair Value | % |
| | **(in millions)** | **(in millions)** | **(in millions)** | **(in millions)** |
| Private Equity | $**1656** | **52%** | $1568 | 52% |
| Private Debt | **303** | **9** | 260 | 9 |
| Infrastructure | **226** | **7** | 211 | 7 |
| Real Estate | **685** | **21** | 652 | 22 |
| Hedge Funds | **62** | **2** | 57 | 2 |
| Other (2) | **280** | **9** | 263 | 8 |
| **Total (3)** | $**3212** | **100%** | $3011 | 100% |

---

_____________

(1)Reported in Other Equity Investments in the consolidated balance sheets.

(2)Includes CLO equity, co-investments and investments in other strategies. CLO equity investments are consolidated and assets are reported in Fixed Maturities, at fair value using the fair value option in the consolidated balance sheets.

(3)Includes $1,004 million and $812 million of non-General Account assets as of September 30, 2025 and December 31, 2024, respectively.

**Liquidity and Capital Resources**

Liquidity refers to our ability to generate adequate amounts of cash from our operating, investment and financing activities to meet our cash requirements with a prudent margin of safety. Capital refers to our long-term financial resources available to support business operations and future growth. Our ability to generate and maintain sufficient liquidity and capital is dependent on the profitability of our businesses, timing of cash flows related to our investments and products, our ability to access the capital markets, general economic conditions and the alternative sources of liquidity and capital described herein. When considering our liquidity and cash flows, we distinguish between the needs of Holdings and the needs of our insurance and non-insurance subsidiaries. We also distinguish and separately manage the liquidity and capital resources of our Retirement, Asset Management, and Wealth Management segments; the insurance businesses reported in Corporate & Other are managed with the Retirement segment.

On June 1, 2025 Equitable Financial Bermuda RE Ltd. ("Equitable Bermuda") entered into an indemnity reinsurance agreement with Equitable America assuming EQUI-VEST variable annuity contracts issued outside the State of New York prior to February 1, 2023. Net retained general account liabilities were reinsured to Equitable Bermuda on a coinsurance funds withheld basis, while Separate Account liabilities relating to such variable annuity contracts were reinsured to Equitable Bermuda on a modified coinsurance basis. Equitable Bermuda's obligations under the treaty are secured through Equitable America's retention of certain assets supporting the reinsured liabilities. In exchange for Equitable Bermuda's agreement to assume these liabilities, the Bermuda Monetary Authority and the Arizona Department of Insurance and Financial Institutions each approved the treaty.

On February 24, 2025, Holdings commenced the AB Tender Offer to purchase up to 46 million AB Holding Units at a price of $38.50 per unit, less any applicable tax withholding, for an aggregate purchase price of $1.8 billion. On April 3, 2025, Holdings purchased 19.7 million AB Holding Units pursuant to the AB Tender Offer for an aggregate cost of $758 million. The AB Holding Units accepted for purchase represent approximately 17.9% of the outstanding units as of March 31, 2025. On July 10, 2025, AB and Holdings entered into an Amended and Restated Master Exchange Agreement to increase the AB Units that remain available for exchange from 4.8 million AB Units to 19.7 million AB Units, and Holdings exchanged 19.7 million AB Holding Units for an equal number of limited partnership interests in ABLP. The exchange had no effect on Holdings' economic interest in AB.

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Separately, our Board approved an additional $1.5 billion of share repurchases under its share repurchase program. On September 9, 2025, Holdings' Board approved an additional $500 million under Holdings' share repurchase program.The repurchase program does not obligate Holdings to purchase any particular number of shares. As of September 30, 2025, Holdings had authorized capacity of approximately $1.3 billion remaining in its share repurchase program. See Note 13 of the Notes to the Consolidated Financial Statements for additional details on the repurchase program.

***Sources and Uses of Liquidity*** 

The Company has sufficient cash flows from operations to satisfy liquidity requirements in 2025.

*<u>Cash Flows of Holdings</u>*

As a holding company with no business operations of its own, Holdings primarily derives cash flows from dividends from its subsidiaries and distributions related to its economic interest in AB, all of which is currently held outside our insurance company subsidiaries. These principal sources of liquidity are augmented by cash and short-term investments held by Holdings and access to bank lines of credit and the capital markets. The main uses of liquidity for Holdings are interest payments and debt repayment, payment of dividends and other distributions to stockholders (which may include stock repurchases) loans and capital contributions, if needed, to our insurance subsidiaries. Our principal sources of liquidity and our capital position are described in the following paragraphs.

**Sources and Uses of Holding Company Highly Liquid Assets**

The following table sets forth Holdings' principal sources and uses of highly liquid assets:

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| | | |
|:---|:---|:---|
| | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | 2024 |
| | **(in millions)** | **(in millions)** |
| **Highly Liquid Assets, beginning of period** | $**1982** | $1998 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends from subsidiaries | **1885** | 960 |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance of loans to affiliates | **—** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital contribution from parent company | **—** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital contributions to subsidiaries | **—** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;M&A Activity | **—** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchase of AllianceBernstein Units | **(758)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Business Capital Activity** | **1127** | 960 |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchase of treasury shares | **(1173)** | (754) |
| &nbsp;&nbsp;&nbsp;&nbsp;Retirement of treasury shares | **—** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder dividends paid | **(237)** | (227) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Share Repurchases, Dividends and Acquisition Activity** | **(1410)** | (981) |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance/(redemption) of preferred stock | **(444)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Preferred stock dividend | **(48)** | (54) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Preferred Stock Activity** | **(492)** | (54) |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance of long-term debt | **500** | 600 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayment of long-term debt | **(500)** | (570) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total External Debt Activity** | **—** | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from loans from affiliates | **—** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net decrease (increase) in existing facilities to affiliates (1) | **245** | 400 |

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| | | |
|:---|:---|:---|
| | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | 2024 |
| | **(in millions)** | **(in millions)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Affiliated Debt Activity** | **245** | 400 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest paid on external debt and P-Caps | **(158)** | (141) |
| &nbsp;&nbsp;&nbsp;&nbsp;Others, net | **(44)** | 214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Other Activity** | **(202)** | 73 |
| **Net increase (decrease) in highly liquid assets** | **(732)** | 428 |
| **Highly Liquid Assets, end of period** | $**1250** | $2426 |

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_______________

(1) &nbsp;&nbsp;&nbsp;&nbsp;Represents net activity of draws and repayments of existing credit facilities between Holdings and affiliates.

*<u>Capital Contribution to Our Subsidiaries</u>*

Holdings did not make any capital contributions to its subsidiaries during the nine months ended September 30, 2025.

*<u>Loans from Our Subsidiaries</u>*

There were no new loans from our subsidiaries during the nine months ended September 30, 2025.

*<u>Cash Distributions from Our Non-Insurance Subsidiaries</u>* 

During the nine months ended September 30, 2025, Holdings received cash distributions of $427 million from AB and $133 million from the investment management contracts with EFIM and EIM.

*<u>Distributions from Insurance Subsidiaries</u>*

Our insurance companies are subject to limitations on the payment of dividends and other transfers of funds to Holdings and other affiliates under applicable insurance law and regulation. Also, more generally, the ability of our insurance subsidiaries to pay dividends can be affected by market conditions and other factors beyond our control.

Equitable's primary insurance regulators in the U.S are the NYDFS and the Arizona Department of Insurance and Financial Institutions. Under New York's insurance laws, which are applicable to Equitable Financial, a domestic stock life insurer may not pay an Ordinary Dividend exceeding an amount calculated based on a statutory formula without prior approval of the NYDFS. Extraordinary Dividends require the insurer to file a notice of its intent to declare the dividends with the NYDFS and obtain prior approval or non-disapproval from the NYDFS. Similarly, under Arizona insurance law, which is applicable to Equitable America, a domestic life insurer may not pay a dividend to its shareholders that exceeds an amount calculated based on a statutory formula without prior approval of the Arizona Department of Insurance and Financial Institutions.

In 2024, Equitable America had Ordinary Dividend capacity of $441 million. In June 2024, Equitable America received approval from Arizona Department of Insurance and Financial Institutions for an Extraordinary Dividend of $300 million. Holdings received an Ordinary Dividend distribution from Equitable America of $441 million during July 2024. Holdings received a dividend distribution from Equitable America of $22 million during September 2024 under the Extraordinary Dividend capacity. Holdings also received a dividend distribution from Equitable America of $238 million in December 2024 under the Extraordinary Dividend capacity. In 2025, Equitable America estimates it will have Ordinary Dividend capacity of $347 million. In June 2025, Equitable America received approval from the Arizona Department of Insurance and Financial Institutions for an Extraordinary Dividend of $1.7 billion. Holdings received a dividend distribution from Equitable America of $1.3 billion during August 2025 under the Extraordinary Dividend capacity.

Based on the NYDFS formula, Equitable Financial had no Ordinary Dividend capacity in 2024 and 2025.

*<u>Distributions from AllianceBernstein</u>*

ABLP is required to distribute all of its Available Cash Flow, as defined in the Amended and Restated Partnership Agreement of ABLP, to the holders of AB Units and to the General Partner. Available Cash Flow is defined as the cash flow received by ABLP from operations minus such amounts as the General Partner determines, in its sole discretion, should be

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retained by ABLP for use in its business, or plus such amounts as the General Partner determines, in its sole discretion, should be released from previously retained cash flow. Distributions by ABLP are made 1% to the General Partner and 99% among the limited partners.

Typically, Available Cash Flow has been the adjusted diluted net income per unit for the quarter multiplied by the number of general and limited partnership interests at the end of the quarter. In future periods, management of AB anticipates that Available Cash Flow will be based on adjusted diluted net income per unit, unless management of AB determines, with the concurrence of the Board of Directors of AB, that one or more adjustments that are made for adjusted net income should not be made with respect to the Available Cash Flow calculation.

AB Holding is required to distribute all of its Available Cash Flow, as defined in the Amended and Restated Agreement of Limited Partnership of AB Holding, to holders of AB Holding Units pro rata in accordance with their percentage interest in AB Holding. Available Cash Flow is defined as the cash distributions AB Holding receives from ABLP minus such amounts as the General Partner determines, in its sole discretion, should be retained by AB Holding for use in its business (such as the payment of taxes) or plus such amounts as the General Partner determines, in its sole discretion, should be released from previously retained cash flow. AB Holding is dependent on the quarterly cash distributions it receives from ABLP, which is subject to the performance of capital markets and other factors beyond our control. Distributions from AB Holding are made pro rata based on the holder's percentage ownership interest in AB Holding.

As of September 30, 2025, Holdings and its non-insurance company subsidiaries hold approximately 199.2 million AB Units, 0.1 million AB Holding Units and the 1% General Partnership interest in ABLP.

As of September 30, 2025, the ownership structure of ABLP, including AB Units outstanding as well as the General Partner's 1% interest, was as follows:

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| | |
|:---|:---|
| **Owner** | **Percentage Ownership** |
| EQH and its subsidiaries | **68.5%** |
| AB Holding | **30.8** |
| Unaffiliated holders | **0.7** |
| Total | **100.0%** |

---

Including both the general partnership and limited partnership interests in AB Holding and ABLP, Holdings and its subsidiaries had an approximate 68.5% economic interest in AB as of September 30, 2025.

*<u>Holdings Credit Facilities</u>*

On July 29, 2025, Holdings entered into a new Revolving Credit Agreement with respect to a $1.0 billion five-year senior unsecured revolving credit facility (the "Credit Facility"), and terminated the Amended and Restated Revolving Credit Agreement, dated as of June 24, 2021, as amended.

The Credit Facility may provide significant support to our liquidity position when alternative sources of credit are limited. In addition to the Credit Facility, we have letter of credit facilities with an aggregate principal amount of approximately $525 million (the "LOC Facilities"), primarily to be used to support our life insurance business reinsured to EQ AZ Life Re in April 2018. As of September 30, 2025, $445 million was outstanding under the LOC Facilities. In August 2025 Holdings entered into amendments with two of the issuers of its bilateral letter of credit facilities to effect changes in terms similar to the provisions of the Credit Facility and in one instance add two years of extension options. In August 2025 the Company also terminated six of its bilateral letter of credit facilities with different counterparties.

In connection with the commencement of the AB Tender Offer described in the precedent paragraph, Holdings entered into the Term Loan Agreement with respect to the Term Loan. The Term Loan was intended to be used, along with available cash and cash equivalents, to fund the AB Tender Offer and related fees and expenses. The Term Loan was available to be drawn at any time on or prior to April 24, 2025 and would have matured 364 days from the date of funding. However, on April 15, 2025, Holdings elected not to request any such Term Loan, as it was unnecessary to fund the AB Tender Offer, and the Term Loan Agreement was terminated effective April 3, 2025. See Note 14 of the Notes to the Consolidated Financial Statements for additional details.

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The Credit Facility and LOC Facilities contain certain administrative, reporting, legal and financial covenants, including requirements to maintain a specified minimum consolidated net worth and to maintain a ratio of indebtedness to total capitalization not in excess of a specified percentage, and limitations on the dollar amount of certain indebtedness that may be incurred by our subsidiaries and the dollar amount of certain secured indebtedness that may be incurred by us, which could restrict our operations and use of funds. The right to borrow funds under the Credit Facility and LOC Facilities is subject to the fulfillment of certain conditions, including compliance with all covenants, and the ability to borrow thereunder is also subject to the continued ability of the lenders that are or will be parties to the facilities to provide funds. As of September 30, 2025, we were in compliance with the covenants under the Credit Facility and LOC Facilities.

*<u>Contingent Funding Arrangements</u>*

For information regarding activity pertaining to our contingent funding arrangements and other off-balance sheet commitments, see "Commitments and Contingent Liabilities" in Note 16 of the Notes to the Consolidated Financial Statements.

*<u>Series A Preferred Stock, Series B Preferred Stock and Series C Preferred Stock</u>*

For information pertaining to our Series A Preferred Stock, Series B Preferred Stock and Series C Preferred Stock see Note 13 of the Notes to the Consolidated Financial Statements.

***Capital Position of Holdings***

We manage our capital position to maintain financial strength and credit ratings that facilitate the distribution of our products and provide our desired level of access to the bank and capital markets. Our capital position is supported by the ability of our subsidiaries to generate cash flows and distribute cash to us and our ability to effectively manage the risk of our businesses and to borrow funds and raise capital to meet our operating and growth needs.

Our Board and senior management are directly involved in the development of our capital management policies. Accordingly, capital actions, including proposed changes to the annual capital plan, capital targets and capital policies, are approved by the Board.

*<u>Dividends Declared and Paid</u>*

The declaration and payment of future dividends is subject to the discretion of our Board and depends on our financial condition, results of operations, cash requirements, future prospects, regulatory restrictions on the payment of dividends by Holdings' insurance subsidiaries and other factors deemed relevant by the Board.

The payment of dividends will be substantially restricted in the event that we do not declare and pay (or set aside) dividends on the Series A, Series B and Series C Preferred Stock for the last proceeding dividend period. For additional information on our preferred stock, see "—Series A Preferred Stock, Series B Preferred Stock and Series C Preferred Stock".

For information regarding activity pertaining to common and preferred dividends declared and paid, see Note 13 of the Notes to the Consolidated Financial Statements.

*<u>Share Repurchase Programs</u>*

For information regarding activity pertaining to share repurchase programs, see Note 13 of the Notes to the Consolidated Financial Statements.

***Sources and Uses of Liquidity of Our Insurance Subsidiaries***

The principal sources of liquidity for our insurance subsidiaries are premiums, investment and fee income, deposits associated with our insurance and annuity operations, cash and invested assets, as well as internal borrowings. The principal uses of that liquidity include benefits, claims and dividends paid to policyholders and payments to policyholders in connection with surrenders and withdrawals. Other uses of liquidity include commissions, general and administrative expenses, purchases of investments, the payment of dividends to Holdings and hedging activity. Certain of our insurance subsidiaries' principal sources and uses of liquidity are described in the paragraphs that follow.

We manage the liquidity of our insurance subsidiaries with the objective of ensuring that they can meet payment obligations linked to our businesses and to their outstanding debt and derivative positions, including in our hedging programs, without support from Holdings. We employ an asset/liability management approach specific to the requirements of each of our

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insurance businesses. We measure liquidity against internally-developed benchmarks that consider the characteristics of our asset portfolio and the liabilities that it supports in both the short-term (the next 12 months) and long-term (beyond the next 12 months). We consider attributes of the various categories of our liquid assets (for example, type of asset and credit quality) in calculating internal liquidity indicators for our insurance and reinsurance operations. Our liquidity benchmarks are established for various stress scenarios and durations, including company-specific and market-wide events. The scenarios we use to evaluate the liquidity of our subsidiaries are defined to allow operating entities to operate without support from Holdings.

*<u>Liquid Assets</u>*

The investment portfolios of our insurance subsidiaries are a significant component of our overall liquidity. Liquid assets include cash and cash equivalents, short-term investments, U.S. Treasury fixed maturities, fixed maturities that are not designated as HTM and public equity securities. We believe that our business operations and the liquidity profile of our assets provide sufficient liquidity under reasonably foreseeable stress scenarios for each of our insurance subsidiaries.

See "—General Account Investment Portfolio" and Note 3 and Note 4 of the Notes to the Consolidated Financial Statements for a description of our portfolio of liquid assets.

*<u>Hedging Activities</u>*

Because the future claims exposure on our insurance products, and in particular our variable annuity products, is sensitive to movements in the equity markets and interest rates, we have in place various hedging and reinsurance programs that are designed to mitigate the economic risks of movements in the equity markets and interest rates. We use derivatives as part of our overall asset/liability risk management program primarily to reduce exposures to equity market and interest rate risks. In addition, we use credit derivatives to replicate exposure to individual securities or pools of securities as a means of achieving credit exposure similar to bonds of the underlying issuer(s) more efficiently. The derivative contracts are an integral part of our risk management program, especially for the management of our variable annuities program, and are collectively managed to reduce the economic impact of unfavorable movements in capital markets. These derivative transactions require liquidity to meet payment obligations such as payments for periodic settlements, purchases, maturities and terminations as well as liquid assets pledged as collateral related to any decline in the net estimated fair value. Collateral calls represent one of our biggest drivers for liquidity needs for our insurance subsidiaries. Our derivatives contracts reside primarily within Equitable Financial, which has a significantly large investment portfolio.

*<u>FHLB Membership</u>* 

Equitable Financial and Equitable America are members of the FHLB, which provides access to collateralized borrowings and other FHLB products.

See Note 16 of the Notes to the Consolidated Financial Statements for further description of our FHLB program.

*<u>FABN</u>* 

Under the FABN program, Equitable Financial and Equitable America may issue funding agreements in U.S. dollar or other foreign currencies.

See Note 16 of the Notes to the Consolidated Financial Statements for further description of our FABN program.

*<u>FABCP</u>* 

Under the FABCP program, Equitable Financial and Equitable America may issue funding agreements in U.S. dollars to the SPLLC.

See Note 16 of the Notes to the Consolidated Financial Statements for further description of our FABCP program.

**Sources and Uses of Liquidity of our Asset Management Segment**

The principal sources of liquidity for our Asset Management business include investment management fees and borrowings under its credit facilities and commercial paper program. The principal uses of liquidity include general and administrative expenses, business financing and distributions to holders of AB Units and AB Holding Units plus interest and debt service. The primary liquidity risk for our fee-based Asset Management business is its profitability, which is impacted by market conditions and our investment management performance.

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***AB Commercial Paper***

As of September 30, 2025 and December 31, 2024 AB had $0 million of commercial paper outstanding. The commercial paper is short term in nature, and as such, recorded value is estimated to approximate fair value (and considered a Level 2 security in the fair value hierarchy). Average daily borrowings for the commercial paper outstanding during the nine months ended September 30, 2025 and full year 2024 were $213 million and $268 million, respectively, with weighted average interest rates of approximately 4.5% and 5.4%, respectively.

***AB Credit Facility***

AB has an $800 million committed, unsecured senior revolving credit facility (the "AB Credit Facility") with a group of commercial banks and other lenders. The Credit Facility was amended and restated as of August 5, 2025, extending the maturity date to August 5, 2030 and removing Sanford C. Bernstein & Co., LLC ("SCB LLC") as a co-borrower. There were no other significant changes included in the amendment.The credit facility provides for possible increases in the principal amount by up to an aggregate incremental amount of $200 million. Any such increase is subject to the consent of the affected lenders. The AB Credit Facility is available for AB business purposes, including the support of AB's commercial paper program. AB can draw directly under the AB Credit Facility and AB management expects to draw on the AB Credit Facility from time to time.

The AB Credit Facility contains affirmative, negative and financial covenants, which are customary for facilities of this type, including, among other things, restrictions on dispositions of assets, restrictions on liens, a minimum interest coverage ratio and a maximum leverage ratio. As of September 30, 2025, AB was in compliance with these covenants. The AB Credit Facility also includes customary events of default (with customary grace periods, as applicable), including provisions under which, upon the occurrence of an event of default, all outstanding loans may be accelerated and/or lender's commitments may be terminated. Also, under such provisions, upon the occurrence of certain insolvency- or bankruptcy-related events of default, all amounts payable under the AB Credit Facility would automatically become immediately due and payable, and the lender's commitments would automatically terminate.

Amounts under the Credit Facility may be borrowed, repaid and re-borrowed by us from time to time until the maturity of the facility. Voluntary pre-payments and commitment reductions requested by AB are permitted at any time without a fee (other than customary breakage costs relating to the pre-payment of any drawn loans) upon proper notice and subject to a minimum dollar requirement. Borrowings under the AB Credit Facility bear interest at a rate per annum, which will be, at AB's option, a rate equal to an applicable margin, which is subject to adjustment based on the credit ratings of AB, plus one of the following indices: a term SOFR; a Prime rate; or the Federal Funds rate.

As of September 30, 2025 and December 31, 2024, AB had no amounts outstanding under the AB Credit Facility. During the nine months ended September 30, 2025 and full year 2024, AB and SCB LLC did not draw upon the AB Credit Facility.

As of September 30, 2025, SCB LLC has three uncommitted lines of credit with three financial institutions. Two of these lines of credit permit borrowing up to an aggregate of approximately $150 million, with AB named as an additional borrower, while the other line has no stated limit. AB has agreed to guarantee the obligations on SCB LLC under these lines of credit. As of September 30, 2025 and December 31, 2024, SCB LLC had no outstanding balance on these lines of credit. Average daily borrowings during the nine months ended September 30, 2025 and the full year 2024 were $1 million and $1 million with weighted average interest rates of approximately 7.4% and 8.5%, respectively.

***EQH Facility***

AB has a $900 million committed, unsecured senior credit facility (the "EQH Facility"). The EQH Facility matures on August 31, 2029. The EQH Facility is available for AB's general business purposes. Borrowings under the EQH Facility generally bear interest at a rate per annum based on prevailing overnight commercial paper rates.

The EQH Facility contains affirmative, negative and financial covenants which are substantially similar to those in AB's committed bank facilities. As of September 30, 2025, AB was in compliance with these covenants. The EQH Facility also includes customary events of default substantially similar to those in AB's committed bank facilities, including provisions under which, upon the occurrence of an event of default, all outstanding loans may be accelerated and/or the lender's commitment may be terminated.

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Amounts under the EQH Facility may be borrowed, repaid and re-borrowed by AB from time to time until the maturity of the facility. AB or Holdings may reduce or terminate the commitment at any time without penalty upon proper notice. Holdings also may terminate the facility immediately upon a change of control of AB's General Partner.

As of September 30, 2025 and December 31, 2024, AB had $465 million and $710 million outstanding under the EQH Facility, with interest rates of approximately 4.0% and 4.3%, respectively. Average daily borrowing of the EQH Facility for the first nine months of 2025 and full year 2024 were $412 million and $494 million, respectively, with a weighted average interest rates of approximately 4.3% and 5.2%, respectively.

***EQH Uncommitted Facility***

In addition to the EQH Facility, AB has a $300 million uncommitted, unsecured senior credit facility (the "EQH Uncommitted Facility") with EQH. The EQH Uncommitted Facility matures August 31, 2029 and is available for AB's general business purposes. Borrowings under the EQH Uncommitted Facility bear interest generally at a rate per annum based on prevailing overnight commercial paper rates. The EQH Uncommitted Facility contains affirmative, negative and financial covenants, which are substantially similar to those in the EQH Facility. As of September 30, 2025, AB was in compliance with these covenants.

As of September 30, 2025 and December 31, 2024, AB had no amounts outstanding under the EQH Uncommitted Facility. During the first nine months of 2025 and full year 2024, AB did not draw upon the EQH Uncommitted Facility.

**Statutory Capital of Our Insurance Subsidiaries**

Our capital management framework for our insurance subsidiaries is primarily based on statutory RBC standards and the CTE asset standard for our variable annuity business.

RBC requirements are used as minimum capital requirements by the NAIC and the state insurance departments to evaluate the capital condition of regulated insurance companies. RBC is based on a formula calculated by applying factors to various asset, premium, claim, expense and statutory reserve items. The formula takes into account the risk characteristics of the insurer, including asset risk, insurance risk, interest rate risk, market risk and business risk and is calculated on a quarterly basis and made public on an annual basis. The formula is used as an early warning regulatory tool to identify possible inadequately capitalized insurers for purposes of initiating regulatory action, and not as a means to rank insurers generally. These rules apply to our insurance company subsidiaries and not to Holdings. State insurance laws provide insurance regulators the authority to require various actions by, or take various actions against, insurers whose TAC does not meet or exceed certain RBC levels. At the date of the most recent annual statutory financial statements filed with insurance regulators, the TAC of each of these insurance company subsidiaries subject to these requirements was in excess of each of those RBC levels.

See Note 18 of the Notes to the Consolidated Financial Statements for additional information relating to Prescribed and Permitted Statutory Accounting practices and its impact on our statutory surplus.

**Captive Reinsurance Companies**

We use captive reinsurance companies to more effectively manage our reserves and capital on an economic basis and to enable the aggregation and transfer of risks. Our captive reinsurance companies assume business from affiliates only and are closed to new business. Our captive reinsurance companies are wholly-owned subsidiaries located in the United States and Bermuda. In addition to state insurance regulation, our captive reinsurance companies are subject to internal policies governing its activities. We continue to analyze the use of our existing captive reinsurance structure, as well as additional third-party reinsurance arrangements.

**Borrowings**

Our financial strategy going forward will remain subject to market conditions and other factors. For example, we may from time to time enter into additional bank or other financing arrangements, including public or private debt, structured facilities and contingent capital arrangements, under which we could incur additional indebtedness.

The following table sets forth the Company's total consolidated borrowings. Short-term and long-term debt consists of the following:

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| | | |
|:---|:---|:---|
| | **September 30, 2025** | December 31, 2024 |
| | **(in millions)** | **(in millions)** |
| **Total short-term debt** | $**—** | $— |
| **Long-term debt:** |  |  |
| &nbsp;&nbsp;&nbsp;Senior Debenture due 2028 | **250** | 250 |
| &nbsp;&nbsp;&nbsp;Senior Note due 2028 | **995** | 1494 |
| &nbsp;&nbsp;&nbsp;Senior Note due 2029 | **306** | 303 |
| &nbsp;&nbsp;&nbsp;Senior Note due 2033 | **497** | 497 |
| &nbsp;&nbsp;&nbsp;Senior Note due 2048 | **1290** | 1289 |
| &nbsp;&nbsp;&nbsp;Junior Sub Debt Securities due 2055 | **495** |  |
| Total long-term debt | **3833** | 3833 |
| **Total short and long-term debt** | $**3833** | $3833 |

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**Notes and Debentures**

The Senior Notes and Senior Debentures contain customary affirmative and negative covenants, including a limitation on certain liens and a limit on the Company's ability to consolidate, merge or sell or otherwise dispose of all or substantially all of its assets. The Senior Notes and Senior Debentures also include customary events of default (with customary grace periods, as applicable), including provisions under which, upon the occurrence of an event of default, all outstanding Senior Notes and Senior Debentures may be accelerated. As of September 30, 2025, the Company is in compliance with all debt covenants.

**Ratings**

Financial strength ratings (which are sometimes referred to as "claims-paying" ratings) and credit ratings are important factors affecting public confidence in an insurer and its competitive position in marketing products. Our credit ratings are also important for our ability to raise capital through the issuance of debt and for the cost of such financing.

Financial strength ratings represent the opinions of rating agencies regarding the financial ability of an insurance company to meet its obligations under an insurance policy. Credit ratings represent the opinions of rating agencies regarding an entity's ability to repay its indebtedness. The following table summarizes the ratings for Holdings and certain of its subsidiaries. AM Best, S&P and Moody's have a stable outlook.

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| | | | |
|:---|:---|:---|:---|
| | **AM Best** | **S&P** | **Moody's** |
| **Last review date** | Feb '25 | Mar '25 | May '25 |
| ***Financial Strength Ratings:*** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equitable Financial Life Insurance Company | A | A+ | A1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equitable Financial Life Insurance Company of America | A | A+ | A1 |
| ***Credit Ratings:*** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equitable Holdings, Inc. | bbb+ | A- | Baa1 |
| **Last review date** |  | Oct' 25 | Mar '25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AllianceBernstein L.P. |  | A | A2 |

---

**Material Cash Requirement**

Our material cash requirements include policyholder obligations, long-term debt, commercial paper, EB, operating leases and various funding commitments. See "Material Cash Requirement" in "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the 2024 Form 10-K for additional information.

**Summary of Critical Accounting Estimates**

The preparation of financial statements in conformity with U.S. GAAP requires management to adopt accounting policies and make estimates and assumptions that affect amounts reported in our consolidated financial statements included elsewhere herein. For a discussion of our significant accounting policies, see Note 2 of the Notes to the Consolidated Financial Statements. The most critical estimates include those used in determining:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• MRBs and purchased MRBs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• accounting for reinsurance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• estimated fair values of investments in the absence of quoted market values and investment impairments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• estimated fair values of freestanding derivatives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• goodwill and related impairment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• measurement of income taxes and the valuation of deferred tax assets; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• liabilities for litigation and regulatory matters.

In applying our accounting policies, we make subjective and complex judgments that frequently require estimates about matters that are inherently uncertain. Many of these policies, estimates and related judgments are common in the insurance and financial services industries while others are specific to our business and operations. Actual results could differ from these estimates.

**Item 3. &nbsp;&nbsp;&nbsp;&nbsp; Quantitative and Qualitative Disclosures About Market Risk** 

There have been no material changes to the quantitative and qualitative disclosures about market risk described in the 2024 Form 10-K in "Quantitative and Qualitative Disclosures About Market Risk".

**Item 4.&nbsp;&nbsp;&nbsp;&nbsp; Controls and Procedures** 

Management, with the participation of the Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of the design and operation of the Company's disclosure controls and procedures, as defined in Rule 13a-15(e) of the Exchange Act. Based on such evaluation, the Chief Executive Officer and Chief Financial Officer have concluded that, as of September 30, 2025, the Company's disclosure controls and procedures were effective.

No change in the Company's internal control over financial reporting (as defined in Rule 13a-15(f) and Rule 15d-15(f) under the Exchange Act) occurred during the quarter ended September 30, 2025 that has materially affected, or is reasonably likely to materially affect, the Company's internal control over financial reporting.

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**PART II. OTHER INFORMATION**

**Item 1. &nbsp;&nbsp;&nbsp;&nbsp;Legal Proceedings** 

For information regarding certain legal proceedings pending against us, see Note 16 of the Notes to the Consolidated Financial Statements. Also see "Risk Factors—Legal and Regulatory Risks—Legal proceedings and regulatory actions" included in the 2024 Form 10-K.

**Item 1A. Risk Factors** 

You should carefully consider the risks described in the "Risk Factors" section included in the 2024 Form 10-K. Risks to which we are subject also include, but are not limited to, the factors mentioned under "Note Regarding Forward-Looking Statements and Information" above and the risks of our businesses described elsewhere in this Quarterly Report on Form 10-Q.

**Item 2. &nbsp;&nbsp;&nbsp;&nbsp;Unregistered Sales of Equity Securities and Use of Proceeds** 

The following table provides information about purchases by Holdings during the three months ended September 30, 2025, of its common stock:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Period** | **Total Number of Shares Purchased** | **Average Price Paid per Share** | **Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs** | **Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs** |
| 7/1/25 through 7/31/25 | 1808548 | $52.80 | 1808548 | $1358371764 |
| 8/1/25 through 8/31/25 | 5822209 | $53.14 | 5822209 | $1049002867 |
| 9/1/25 through 9/30/25 | 5078450 | $53.44 | 5078450 | $1277599537 |
| **Total** | **12709207** | $**53.21** | **12709207** | $**1277599537** |

---

See Note 13 to the Notes to Consolidated Financial Statements for ASR transaction detail during the three months ended September 30, 2025.

**Item 3. &nbsp;&nbsp;&nbsp;&nbsp;Defaults Upon Senior Securities** 

None.

**Item 4. &nbsp;&nbsp;&nbsp;&nbsp;Mine Safety Disclosures** 

Not applicable.

**Item 5. &nbsp;&nbsp;&nbsp;&nbsp; Other Information** 

**Securities Trading Plans of Directors and Executive Officers**

A significant portion of the compensation of our executive officers is delivered in the form of equity awards, including restricted stock units and performance shares. All vehicles contain vesting requirements related to service, with performance shares also requiring the satisfaction of certain performance criteria related to corporate performance to obtain a payout. This compensation design is intended to align executive compensation with the performance experienced by our shareholders. Following the delivery of shares of our common stock under those equity awards, once any applicable service- or performance-based vesting standards have been satisfied, our executive officers from time to time engage in the open-market sale of some of those shares. Our executive officers may also engage from time to time in other transactions involving our securities.

Transactions in our securities by our executive officers are required to be made in accordance with our Insider Trading Policy, which, among other things, requires that the transactions be in accordance with applicable U.S. federal securities laws that prohibit trading while in possession of material nonpublic information. Rule 10b5-1 under the Exchange Act provides an affirmative defense that enables prearranged transactions in securities in a manner that avoids concerns about initiating transactions at a future date while possibly in possession of material nonpublic information. Our Insider Trading Policy permits our executive officers to enter into trading plans designed to comply with Rule 10b5-1.

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The following table describes contracts, instructions or written plans for the sale or purchase of our securities adopted by our executive officers during the three months ended September 30, 2025, which is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c), referred to as Rule 10b5-1 trading plans. The plans listed below are only executed when the stock price reaches a required minimum. In addition, the executives identified in the table below are required to maintain an ownership of Holdings' common stock with a value equal to at least a multiple of his annual base salary (3 times for Mr. Lane).

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name and Title** | **Date of Adoption of Rule 10b5-1 Trading Plan** | **Scheduled Start Date of Rule 10b5-1 Trading Plan** | **Scheduled Expiration Date of Rule 10b5-1 Trading Plan(1)** | **Aggregate Number of Securities to be Purchased or Sold** |
| Nick Lane<br>President | 9/18/2025 | 12/18/2025 | 5/16/2026 | Sale of up to 114,417 shares(2) of common stock in several transactions through the scheduled expiration date in 2026. |

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(1)In each case, a Rule 10b5-1 trading plan may also expire on such earlier date as all transactions under the Rule 10b5-1 trading plan are completed.

(2)54,417 of Mr. Lane's shares consist of stock options and 60,000 of Mr. Lane's shares consist of common stock already owned.

Other than as set forth in the table above, during the three months ended September 30, 2025, none of the Company's directors or executive officers adopted, terminated or modified a Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement (as such terms are defined in Item 408 of Regulation S-K of the Securities Act of 1933, as amended).

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**Item 6. &nbsp;&nbsp;&nbsp;&nbsp;Exhibits** 

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| | |
|:---|:---|
| **Number** | **Description and Method of Filing** |
| <u>[10.1](eqh-09302025exhibit101.htm)</u> | Reimbursement Agreement, dated as of August 25, 2025, by and between Equitable Holdings, Inc. and Commerzbank AG, New York Branch. |
| <u>[10.2](eqh-09302025exhibit102.htm)</u> | Reimbursement Agreement, dated as of August 25, 2025, by and between Equitable Holdings, Inc. and MUFG Bank, Ltd. |
| <u>[10.3](eqh-09302025exhibit103.htm)[\*](eqh-09302025exhibit103.htm)</u> | Coinsurance and Modified Coinsurance Agreement, by and between Equitable Financial Life Insurance Company and RGA Reinsurance Company, dated July 31, 2025. |
| <u>[10.4\*](eqh-09302025exhibit104.htm)</u> | Coinsurance and Modified Coinsurance Agreement, by and between Equitable Financial Life Insurance Company of America and RGA Reinsurance Company, dated July 31, 2025. |
| <u>[31.1](eqh-09302025exhibit311.htm)</u> | Certification of the Registrant's Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |
| <u>[31.2](eqh-09302025exhibit312.htm)</u> | Certification of the Registrant's Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |
| <u>[32.1](eqh-09302025exhibit321.htm)</u> | Certification of the Registrant's Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
| <u>[32.2](eqh-09302025exhibit322.htm)</u> | Certification of the Registrant's Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
| 101.INS | XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. |
| 101.SCH | Inline XBRL Taxonomy Extension Schema Document |
| 101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document |
| 101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document |
| 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document |
| 101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document |
| 104 | Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibits 101). |

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______________

#&nbsp;&nbsp;&nbsp;&nbsp;Filed herewith.

† Identifies each management contract or compensatory plan or arrangement.

\* Certain portions of this exhibit have been redacted pursuant to Item 601(b)(10)(iv) of Regulation S-K. Equitable Holdings agrees to furnish supplementally an unredacted copy of the exhibit to the Securities and Exchange Commission upon request.

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 **GLOSSARY**

**Selected Financial Terms**

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| | |
|:---|:---|
| Account Value ("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. |
| Alternative investments | Investments in real estate and real estate joint ventures and other limited partnerships. |
| Assets under administration ("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") | Investment assets that are managed by one of our subsidiaries and includes: (i) assets managed by AB, (ii) the assets in our GAIA portfolio and (iii) the Separate Account assets of our retirement and protection businesses. Total AUM reflects exclusions between segments to avoid double counting. |
| Combined RBC Ratio | Calculated as the overall aggregate RBC ratio for the Company's insurance subsidiaries including capital held for its life insurance and variable annuity liabilities and non-variable annuity insurance liabilities. |
| Conditional tail expectation ("CTE") | Calculated as the average amount of total assets required to satisfy obligations over the life of the contract or policy in the worst x% of scenarios. Represented as CTE (100 *less* x). Example: CTE95 represents the worst five percent of scenarios. |
| Deferred policy acquisition cost ("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 consolidated balance sheet as an asset. |
| Deferred sales inducements ("DSI") | Represent amounts that are credited to a policyholder's account balance that are higher than the expected crediting rates on similar contracts without such an inducement and that are an incentive to purchase a contract and also meet the accounting criteria to be deferred as an asset that is amortized over the life of the contract. |
| Fee-type revenue | Revenue from fees and related items, including policy charges and fee income, premiums, investment management and service fees, and other income. |
| Gross Premiums | First year premium and renewal premium and deposits |

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| | |
|:---|:---|
| Invested assets | Includes fixed maturity securities, equity securities, mortgage loans, policy loans, alternative investments and short-term investments. |
| Life Reserves | Equals the aggregate value of Policyholders' account balances and Future policy benefits for policies. |
| Reinsurance | Insurance policies purchased by insurers to limit the total loss they would experience from an insurance claim. |
| Renewal premium and deposits | Premiums and deposits after the first twelve months of the policy or contract. |
| Risk-based capital ("RBC") | Rules to determine insurance company statutory capital requirements. It is based on rules published by the National Association of Insurance Commissioners ("NAIC"). |
| Total adjusted capital ("TAC") | Primarily consists of capital and surplus, and the asset valuation reserve. |
| **Product Terms** |  |
| 401(k) | A tax-deferred retirement savings plan sponsored by an employer. 401(k) refers to the section of the Internal Revenue Code of 1986, as amended (the "Code") pursuant to which these plans are established. |

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| | |
|:---|:---|
| 403(b) | A tax-deferred retirement savings plan available to certain employees of public schools and certain tax-exempt organizations. 403(b) refers to the section of the Code pursuant to which these plans are established. |
| Affluent | Refers to individuals with $250,000 to $999,999 of investable assets. |
| Annuitant | The person who receives annuity payments or the person whose life expectancy determines the amount of variable annuity payments upon annuitization of an annuity to be paid for life. |
| Annuitization | The process of converting an annuity investment into a series of periodic income payments, generally for life. |

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| | |
|:---|:---|
| 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. |
| Cash surrender value | The amount an insurance company pays (minus any surrender charge) to the policyholder when the contract or policy is voluntarily terminated prematurely. |
| Dollar-for-dollar withdrawal | A method of calculating the reduction of a variable annuity benefit base after a withdrawal in which the benefit is reduced by one dollar for every dollar withdrawn. |
| EQUI-VEST Group ("EG") | A traditional variable deferred annuity without enhanced guaranteed benefits with single and ongoing premiums sold in the tax-exempt 403(b)/457(b) markets. |
| EQUI-VEST Individual ("EI") | A traditional variable deferred annuity without enhanced guaranteed benefits sold in the individual market. |
| Future policy benefits | Future policy benefits for the annuities business are comprised mainly of liabilities for life-contingent income annuities, and liabilities for the variable annuity guaranteed minimum benefits accounted for as insurance.<br>Future policy benefits for the life business are comprised mainly of liabilities for traditional life and certain liabilities for universal and variable life insurance contracts (other than the Policyholders' account balance). |
| General Account Investment Portfolio | The invested assets held in the General Account. |
| General Account | The assets held in the general accounts of our insurance companies as well as assets held in our Separate Accounts on which we bear the investment risk. |
| 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). |
| GMxB Core | Retirement Cornerstone and Accumulator sold 2011 and later. |
| GMxB Legacy | Fixed-rate GMxB business written prior to 2011. |
| Guaranteed income benefit ("GIB") | An optional benefit which provides the policyholder with a guaranteed lifetime annuity based on predetermined annuity purchase rates applied to a GIB benefit base, with annuitization automatically triggered if and when the contract AV falls to zero. |

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| | |
|:---|:---|
| Guaranteed minimum accumulation benefits ("GMAB") | An optional benefit (available for an additional cost) which entitles an annuitant to a minimum payment, typically in lump-sum, after a set period of time, typically referred to as the accumulation period. The minimum payment is based on the benefit base, which could be greater than the underlying AV. |
| Guaranteed minimum death <br>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. |

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| | |
|:---|:---|
| Guaranteed minimum living <br>benefits ("GMLB") | A reference to all forms of guaranteed minimum living benefits, including GMIBs, GMWBs and GMABs (does not include GMDBs). |
| Guaranteed minimum withdrawal benefits ("GMWB") | An optional benefit (available for an additional cost) where an annuitant is entitled to withdraw a maximum amount of their benefit base each year, for which cumulative payments to the annuitant could be greater than the underlying AV. |
| Guaranteed withdrawal benefit for life ("GWBL") | An optional benefit (available for an additional cost) where an annuitant is entitled to withdraw a maximum amount of their benefit base each year, for the duration of the policyholder's life, regardless of account performance. |
| High net worth | Refers to individuals with $1,000,000 or more of investable assets. |
| Indexed Universal Life ("IUL") | A permanent life insurance offering built on a universal life insurance framework that uses an equity-linked approach for generating policy investment returns. |
| Investment Edge ("IE") | A traditional variable deferred annuity without enhanced guaranteed benefits that provides tax-efficient distribution. |
| Living benefits | Optional benefits (available at an additional cost) that guarantee that the policyholder will get back at least his original investment when the money is withdrawn. |
| Mortality and expense risk fee ("M&E fee") | A fee charged by insurance companies to compensate for the risk they take by issuing life insurance and variable annuity contracts. |

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| | |
|:---|:---|
| 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. |
| Policyholder account balances | *Annuities*. Policyholder account balances are held for fixed deferred annuities, the fixed account portion of variable annuities and non-life contingent income annuities. Interest is credited to the policyholder's account at interest rates we determine which are influenced by current market rates, subject to specified minimums.<br>*Life Insurance Policies*. Policyholder account balances are held for retained asset accounts, universal life policies and the fixed account of universal variable life insurance policies. Interest is credited to the policyholder's account at interest rates we determine which are influenced by current market rates, subject to specified minimums. |
| 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. |
| Rider | An optional feature or benefit that a policyholder can purchase at an additional cost. |
| Separate Account | Refers to the separate account investment assets of our insurance subsidiaries excluding the assets held in those Separate Accounts on which we bear the investment risk. |
| Surrender charge | A fee paid by a contract owner for the early withdrawal of an amount that exceeds a specific percentage or for cancellation of the contract within a specified amount of time after purchase. |

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| | |
|:---|:---|
| Surrender rate | Represents annualized surrenders and withdrawals as a percentage of average AV. |
| Universal life ("UL") products | Life insurance products that provide a death benefit in return for payment of specified annual policy charges that are generally related to specific costs, which may change over time. To the extent that the policyholder chooses to pay more than the charges required in any given year to keep the policy in-force, the excess premium will be placed into the AV of the policy and credited with a stated interest rate on a monthly basis. |
| Variable annuity | A type of annuity that offers guaranteed periodic payments for a defined period of time or for life and gives purchasers the ability to invest in various markets though the underlying investment options, which may result in potentially higher, but variable, returns. |

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| | |
|:---|:---|
| Variable Universal Life ("VUL") | Universal life products where the excess amount paid over policy charges can be directed by the policyholder into a variety of Separate Account investment options. In the Separate Account investment options, the policyholder bears the entire risk and returns of the investment results. |

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**<u>[**Table of Contents**](#idb7c5e5bccf5487492becf35bc3c5c19_10)</u>**

**ACRONYMS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "AB" or "AllianceBernstein" means AB Holding and ABLP

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "AB Holding" means AllianceBernstein Holding L.P., a Delaware limited partnership

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "AB Holding Units" means units representing assignments of beneficial ownership of limited partnership interests in AB Holding

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "AB Units" means units of limited partnership interests in ABLP

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "ABLP" means AllianceBernstein L.P., a Delaware limited partnership and the operating partnership for the AB business

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "AFS" means available-for-sale

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "AOCI" means accumulated other comprehensive income

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "ASR" means accelerated share repurchase

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "ASU" means Accounting Standards Update

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "BOP" means beginning of period

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "BPs" means basis points

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "BRS" means Bernstein Research Services

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "CDS" means credit default swaps

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "CLO" means collateralized loan obligation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "CODM" means chief operating decision maker

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "COI" means cost of insurance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "COLI" means corporate owned life insurance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Company" means Equitable Holdings, Inc. with its consolidated subsidiaries

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "CS Life" means Corporate Solutions Life Reinsurance Company, a Delaware corporation and a wholly-owned direct subsidiary of Venerable Insurance and Annuity Company RE

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "CSA" means credit support annex

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "DOL" means U.S. Department of Labor

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "DSC" means debt service coverage

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "EAFE" means European, Australasia, and Far East

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "EB" means Employee Benefits

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "EFS" means Equitable Financial Services, LLC, a Delaware corporation and a wholly-owned direct subsidiary of Holdings

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "EPS" means earnings per share

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "EOP" means end of period

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Equitable Advisors" means Equitable Advisors, LLC, a Delaware limited liability company, our retail broker/dealer for our retirement and protection businesses and a wholly-owned indirect subsidiary of Holdings

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Equitable America" means Equitable Financial Life Insurance Company of America (f/k/a MONY Life Insurance Company of America), an Arizona corporation and a wholly-owned indirect subsidiary of Holdings

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Equitable Financial" means Equitable Financial Life Insurance Company, a New York corporation, a life insurance company and a wholly-owned subsidiary of EFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Equitable Financial L&A" means Equitable Financial Life and Annuity Company, a Colorado corporation and a wholly-owned indirect subsidiary of Holdings

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Equitable Financial QP" means Equitable Financial sponsored Equitable Retirement Plan

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "EQ AZ Life Re" means EQ AZ Life Re Company, an Arizona corporation and a wholly-owned indirect subsidiary of Holdings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "ERISA" means Employee Retirement Income Security Act of 1974

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "ESG" means environmental, social and governance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "ETF" means exchange traded funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "ETR" means effective tax rate

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Exchange Act" means Securities Exchange Act of 1934, as amended

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "FABCP" means Funding Agreement-Backed Commercial Paper Program

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "FABN" means Funding Agreement Backed Notes Program

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "FHLB" means Federal Home Loan Bank

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "General Partner" means AllianceBernstein Corporation, a Delaware corporation and the general partner of AB Holding and ABLP

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Holdings" means Equitable Holdings, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "HTM" means held-to-maturity

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "ISDA Master Agreement" means International Swaps and Derivatives Association Master Agreement

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "LIBOR" means London Interbank Offered Rate

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "LTV" means loan to value

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "MRBs" means market risk benefits

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "MSO" means Market Stabilizer Option

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "NAIC" means National Association of Insurance Commissioners

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "NAR" means net amount at risk

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "NAV" means net asset value

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "NI modco" means non-insulated Separate Accounts modified coinsurance

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**<u>[**Table of Contents**](#idb7c5e5bccf5487492becf35bc3c5c19_10)</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "NLG" means no-lapse guarantee

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "NYDFS" means New York State Department of Financial Services

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "OCI" means other comprehensive income

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "OTC" means over-the-counter

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "PTEs" means prohibited transaction exemptions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "P-Caps" means Pre-Capitalized Trust Securities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "RGA" means Reinsurance Group of America

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "SCB LLC" means Sanford C. Bernstein & Co., LLC, a registered investment adviser and broker-dealer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "SCS" means Structured Capital Strategies

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "SEC" means U.S. Securities and Exchange Commission

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Series A Preferred Stock" means Holdings' Series A Fixed Rate Noncumulative Perpetual Preferred Stock

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Series B Preferred Stock" means Holdings' Series B Fixed Rate Reset Noncumulative Perpetual Preferred Stock

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Series C Preferred Stock" means Holdings' Series C Fixed Rate Reset Noncumulative Perpetual Preferred Stock

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "SIA" means sales inducement asset

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "SIO" means structured investment option

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "SPE" means special purpose entity

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "SVO" means Securities Valuation Office

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "TAR" means total asset requirement

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "TIPS" means treasury inflation-protected securities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "U.S. GAAP" means accounting principles generally accepted in the United States of America

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "UL" means universal life

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Venerable" means Venerable Holdings, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "VIE" means variable interest entity

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "VOE" means voting interest entity

------

**<u>[**Table of Contents**](#idb7c5e5bccf5487492becf35bc3c5c19_10)</u>**

**SIGNATURES**

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

---

| | | | |
|:---|:---|:---|:---|
| Date: November 7, 2025 | EQUITABLE HOLDINGS, INC. | EQUITABLE HOLDINGS, INC. | EQUITABLE HOLDINGS, INC. |
|  | By: | /s/ Robin M. Raju | /s/ Robin M. Raju |
|  |  | Name: | Robin M. Raju |
|  |  | Title: | Chief Financial Officer<br>(Principal Financial Officer) |
| Date: November 7, 2025 | By: | /s/ William Eckert | /s/ William Eckert |
|  |  | Name: | William Eckert |
|  |  | Title: | Chief Accounting Officer<br>(Principal Accounting Officer) |

---

## Exhibit 10.3

**EXECUTION VERSION**

**COINSURANCE AND MODIFIED COINSURANCE AGREEMENT**

**Between**

**EQUITABLE FINANCIAL LIFE INSURANCE COMPANY**

**(referred to as the Ceding Company)**

**and**

**RGA REINSURANCE COMPANY**

**(referred to as the Reinsurer)**

CERTAIN IDENTIFIED INFORMATION HAS BEEN EXCLUDED FROM THIS EXHIBIT BECAUSE IT IS BOTH (I) NOT MATERIAL AND (II) PRIVATE OR CONFIDENTIAL. SUCH EXCLUDED INFORMATION IS IDENTIFIED HEREIN WITH "[\*\*\*]." SCHEDULES AND EXHIBITS HAVE BEEN OMITTED PURSUANT TO ITEM 601(A)(5) OF REGULATION S-K.

------

**TABLE OF CONTENTS**

**<u>[Section 1.1.](#i8a215bae73e84909be6882e9ed1e10b5_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i8a215bae73e84909be6882e9ed1e10b5_7)<u>[Definitions.](#i8a215bae73e84909be6882e9ed1e10b5_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i8a215bae73e84909be6882e9ed1e10b5_7)[2](#i8a215bae73e84909be6882e9ed1e10b5_7)**

<u>[ARTICLE II. BASIS OF REINSURANCE AND BUSINESS REINSURED](#i8a215bae73e84909be6882e9ed1e10b5_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i8a215bae73e84909be6882e9ed1e10b5_7)[28](#i8a215bae73e84909be6882e9ed1e10b5_7)

**<u>[Section 2.1.](#i8a215bae73e84909be6882e9ed1e10b5_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i8a215bae73e84909be6882e9ed1e10b5_7)<u>[Coverage.](#i8a215bae73e84909be6882e9ed1e10b5_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i8a215bae73e84909be6882e9ed1e10b5_7)[28](#i8a215bae73e84909be6882e9ed1e10b5_7)**

**<u>[Section 2.2.](#i8a215bae73e84909be6882e9ed1e10b5_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i8a215bae73e84909be6882e9ed1e10b5_7)<u>[Insurance Contract Changes.](#i8a215bae73e84909be6882e9ed1e10b5_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i8a215bae73e84909be6882e9ed1e10b5_7)[29](#i8a215bae73e84909be6882e9ed1e10b5_7)**

**<u>[Section 2.3.](#i8a215bae73e84909be6882e9ed1e10b5_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i8a215bae73e84909be6882e9ed1e10b5_7)<u>[Liability.](#i8a215bae73e84909be6882e9ed1e10b5_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i8a215bae73e84909be6882e9ed1e10b5_7)[29](#i8a215bae73e84909be6882e9ed1e10b5_7)**

**<u>[Section 2.4.](#i8a215bae73e84909be6882e9ed1e10b5_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i8a215bae73e84909be6882e9ed1e10b5_7)<u>[Indemnity Reinsurance.](#i8a215bae73e84909be6882e9ed1e10b5_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i8a215bae73e84909be6882e9ed1e10b5_7)[29](#i8a215bae73e84909be6882e9ed1e10b5_7)**

**<u>[Section 2.5.](#i8a215bae73e84909be6882e9ed1e10b5_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i8a215bae73e84909be6882e9ed1e10b5_7)<u>[Territory.](#i8a215bae73e84909be6882e9ed1e10b5_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i8a215bae73e84909be6882e9ed1e10b5_7)[29](#i8a215bae73e84909be6882e9ed1e10b5_7)**

**<u>[Section 2.6.](#i8a215bae73e84909be6882e9ed1e10b5_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i8a215bae73e84909be6882e9ed1e10b5_7)<u>[Reinstatements.](#i8a215bae73e84909be6882e9ed1e10b5_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i8a215bae73e84909be6882e9ed1e10b5_7)[29](#i8a215bae73e84909be6882e9ed1e10b5_7)**

**<u>[Section 2.7.](#i8a215bae73e84909be6882e9ed1e10b5_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i8a215bae73e84909be6882e9ed1e10b5_7)<u>[Discovered In-Force Policies and Lapsed Policies.](#i8a215bae73e84909be6882e9ed1e10b5_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i8a215bae73e84909be6882e9ed1e10b5_7)[30](#i8a215bae73e84909be6882e9ed1e10b5_7)**

**<u>[Section 2.8.](#i8a215bae73e84909be6882e9ed1e10b5_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i8a215bae73e84909be6882e9ed1e10b5_7)<u>[Non-Guaranteed Elements.](#i8a215bae73e84909be6882e9ed1e10b5_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i8a215bae73e84909be6882e9ed1e10b5_7)[31](#i8a215bae73e84909be6882e9ed1e10b5_7)**

**<u>[Section 2.9.](#i8a215bae73e84909be6882e9ed1e10b5_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i8a215bae73e84909be6882e9ed1e10b5_7)<u>[Retrocession.](#i8a215bae73e84909be6882e9ed1e10b5_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i8a215bae73e84909be6882e9ed1e10b5_7)[31](#i8a215bae73e84909be6882e9ed1e10b5_7)**

**<u>[Section 2.10.](#i8a215bae73e84909be6882e9ed1e10b5_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i8a215bae73e84909be6882e9ed1e10b5_7)<u>[Separate Accounts.](#i8a215bae73e84909be6882e9ed1e10b5_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i8a215bae73e84909be6882e9ed1e10b5_7)[32](#i8a215bae73e84909be6882e9ed1e10b5_7)**

**<u>[Section 2.11.](#i8a215bae73e84909be6882e9ed1e10b5_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i8a215bae73e84909be6882e9ed1e10b5_7)<u>[Existing Reinsurance.](#i8a215bae73e84909be6882e9ed1e10b5_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i8a215bae73e84909be6882e9ed1e10b5_7)[33](#i8a215bae73e84909be6882e9ed1e10b5_7)**

**<u>[Section 2.12.](#i8a215bae73e84909be6882e9ed1e10b5_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i8a215bae73e84909be6882e9ed1e10b5_7)<u>[Net Retention.](#i8a215bae73e84909be6882e9ed1e10b5_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i8a215bae73e84909be6882e9ed1e10b5_7)[33](#i8a215bae73e84909be6882e9ed1e10b5_7)**

**<u>[Section 2.13.](#i8a215bae73e84909be6882e9ed1e10b5_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i8a215bae73e84909be6882e9ed1e10b5_7)<u>[Existing IMR Amount; Transaction IMR Amount..](#i8a215bae73e84909be6882e9ed1e10b5_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i8a215bae73e84909be6882e9ed1e10b5_7)[34](#i8a215bae73e84909be6882e9ed1e10b5_7)**

**<u>[Section 2.14.](#i8a215bae73e84909be6882e9ed1e10b5_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i8a215bae73e84909be6882e9ed1e10b5_7)<u>[Conversions, Exchanges and Replacements.](#i8a215bae73e84909be6882e9ed1e10b5_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i8a215bae73e84909be6882e9ed1e10b5_7)[34](#i8a215bae73e84909be6882e9ed1e10b5_7)**

<u>[ARTICLE III. PAYMENTS; ADDITIONAL CONSIDERATION](#i8a215bae73e84909be6882e9ed1e10b5_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i8a215bae73e84909be6882e9ed1e10b5_7)[35](#i8a215bae73e84909be6882e9ed1e10b5_7)

**<u>[Section 3.1.](#i8a215bae73e84909be6882e9ed1e10b5_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i8a215bae73e84909be6882e9ed1e10b5_7)<u>[Initial Premium.](#i8a215bae73e84909be6882e9ed1e10b5_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i8a215bae73e84909be6882e9ed1e10b5_7)[35](#i8a215bae73e84909be6882e9ed1e10b5_7)**

**<u>[Section 3.2.](#i8a215bae73e84909be6882e9ed1e10b5_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i8a215bae73e84909be6882e9ed1e10b5_7)<u>[Additional Consideration.](#i8a215bae73e84909be6882e9ed1e10b5_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i8a215bae73e84909be6882e9ed1e10b5_7)[35](#i8a215bae73e84909be6882e9ed1e10b5_7)**

**<u>[Section 3.3.](#i8a215bae73e84909be6882e9ed1e10b5_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i8a215bae73e84909be6882e9ed1e10b5_7)<u>[Net Settlement.](#i8a215bae73e84909be6882e9ed1e10b5_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i8a215bae73e84909be6882e9ed1e10b5_7)[36](#i8a215bae73e84909be6882e9ed1e10b5_7)**

**<u>[Section 3.4.](#i8a215bae73e84909be6882e9ed1e10b5_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i8a215bae73e84909be6882e9ed1e10b5_7)<u>[Delayed Payments.](#i8a215bae73e84909be6882e9ed1e10b5_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i8a215bae73e84909be6882e9ed1e10b5_7)[37](#i8a215bae73e84909be6882e9ed1e10b5_7)**

**<u>[Section 3.5.](#i8a215bae73e84909be6882e9ed1e10b5_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i8a215bae73e84909be6882e9ed1e10b5_7)<u>[Defenses.](#i8a215bae73e84909be6882e9ed1e10b5_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i8a215bae73e84909be6882e9ed1e10b5_7)[37](#i8a215bae73e84909be6882e9ed1e10b5_7)**

**<u>[Section 3.6.](#i8a215bae73e84909be6882e9ed1e10b5_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i8a215bae73e84909be6882e9ed1e10b5_7)<u>[Offset.](#i8a215bae73e84909be6882e9ed1e10b5_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i8a215bae73e84909be6882e9ed1e10b5_7)[37](#i8a215bae73e84909be6882e9ed1e10b5_7)**

**<u>[Section 3.7.](#i8a215bae73e84909be6882e9ed1e10b5_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i8a215bae73e84909be6882e9ed1e10b5_7)<u>[Establishment of the Regulatory Closed Block Modco Account.](#i8a215bae73e84909be6882e9ed1e10b5_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i8a215bae73e84909be6882e9ed1e10b5_7)[38](#i8a215bae73e84909be6882e9ed1e10b5_7)**

**<u>[Section 3.8.](#i8a215bae73e84909be6882e9ed1e10b5_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i8a215bae73e84909be6882e9ed1e10b5_7)<u>[MSO Modco Account.](#i8a215bae73e84909be6882e9ed1e10b5_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i8a215bae73e84909be6882e9ed1e10b5_7)[38](#i8a215bae73e84909be6882e9ed1e10b5_7)**

**<u>[Section 3.9.](#i8a215bae73e84909be6882e9ed1e10b5_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i8a215bae73e84909be6882e9ed1e10b5_7)<u>[Reports from the Reinsurer.](#i8a215bae73e84909be6882e9ed1e10b5_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i8a215bae73e84909be6882e9ed1e10b5_7)[40](#i8a215bae73e84909be6882e9ed1e10b5_7)**

**<u>[Section 3.10.](#i8a215bae73e84909be6882e9ed1e10b5_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i8a215bae73e84909be6882e9ed1e10b5_7)<u>[Reports from the Ceding Company.](#i8a215bae73e84909be6882e9ed1e10b5_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i8a215bae73e84909be6882e9ed1e10b5_7)[41](#i8a215bae73e84909be6882e9ed1e10b5_7)**

**<u>[Section 3.11.](#i8a215bae73e84909be6882e9ed1e10b5_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i8a215bae73e84909be6882e9ed1e10b5_7)<u>[Modco Reserve Adjustment.](#i8a215bae73e84909be6882e9ed1e10b5_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i8a215bae73e84909be6882e9ed1e10b5_7)[43](#i8a215bae73e84909be6882e9ed1e10b5_7)**

<u>[ARTICLE IV. ADMINISTRATION](#i8a215bae73e84909be6882e9ed1e10b5_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i8a215bae73e84909be6882e9ed1e10b5_7)[44](#i8a215bae73e84909be6882e9ed1e10b5_7)

**<u>[Section 4.1.](#i8a215bae73e84909be6882e9ed1e10b5_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i8a215bae73e84909be6882e9ed1e10b5_7)<u>[Administration.](#i8a215bae73e84909be6882e9ed1e10b5_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i8a215bae73e84909be6882e9ed1e10b5_7)[44](#i8a215bae73e84909be6882e9ed1e10b5_7)**

**<u>[Section 4.2.](#i8a215bae73e84909be6882e9ed1e10b5_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i8a215bae73e84909be6882e9ed1e10b5_7)<u>[Performance Standards.](#i8a215bae73e84909be6882e9ed1e10b5_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i8a215bae73e84909be6882e9ed1e10b5_7)[44](#i8a215bae73e84909be6882e9ed1e10b5_7)**

**<u>[Section 4.3.](#i8a215bae73e84909be6882e9ed1e10b5_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i8a215bae73e84909be6882e9ed1e10b5_7)<u>[Administrative Expense Allowance.](#i8a215bae73e84909be6882e9ed1e10b5_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i8a215bae73e84909be6882e9ed1e10b5_7)[45](#i8a215bae73e84909be6882e9ed1e10b5_7)**

**<u>[Section 4.4.](#i8a215bae73e84909be6882e9ed1e10b5_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i8a215bae73e84909be6882e9ed1e10b5_7)<u>[Designated Administrative Account.](#i8a215bae73e84909be6882e9ed1e10b5_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i8a215bae73e84909be6882e9ed1e10b5_7)[45](#i8a215bae73e84909be6882e9ed1e10b5_7)**

**<u>[Section 4.5.](#i8a215bae73e84909be6882e9ed1e10b5_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i8a215bae73e84909be6882e9ed1e10b5_7)<u>[Producer Agreements.](#i8a215bae73e84909be6882e9ed1e10b5_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i8a215bae73e84909be6882e9ed1e10b5_7)[45](#i8a215bae73e84909be6882e9ed1e10b5_7)**

**<u>[Section 4.6.](#i8a215bae73e84909be6882e9ed1e10b5_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i8a215bae73e84909be6882e9ed1e10b5_7)<u>[Books and Records and Access.](#i8a215bae73e84909be6882e9ed1e10b5_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i8a215bae73e84909be6882e9ed1e10b5_7)[46](#i8a215bae73e84909be6882e9ed1e10b5_7)**

**<u>[Section 4.7.](#i8a215bae73e84909be6882e9ed1e10b5_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i8a215bae73e84909be6882e9ed1e10b5_7)<u>[Programs of Internal Replacement.](#i8a215bae73e84909be6882e9ed1e10b5_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i8a215bae73e84909be6882e9ed1e10b5_7)[46](#i8a215bae73e84909be6882e9ed1e10b5_7)**

**<u>[Section 4.8.](#i8a215bae73e84909be6882e9ed1e10b5_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i8a215bae73e84909be6882e9ed1e10b5_7)<u>[Large Claims; Claims Contests.](#i8a215bae73e84909be6882e9ed1e10b5_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i8a215bae73e84909be6882e9ed1e10b5_7)[47](#i8a215bae73e84909be6882e9ed1e10b5_7)**

<u>[ARTICLE V. LICENSES; RESERVE CREDIT; SECURITY](#i8a215bae73e84909be6882e9ed1e10b5_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i8a215bae73e84909be6882e9ed1e10b5_7)[49](#i8a215bae73e84909be6882e9ed1e10b5_7)

**<u>[Section 5.1.](#i8a215bae73e84909be6882e9ed1e10b5_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i8a215bae73e84909be6882e9ed1e10b5_7)<u>[Licenses; Reserve Credit.](#i8a215bae73e84909be6882e9ed1e10b5_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i8a215bae73e84909be6882e9ed1e10b5_7)[49](#i8a215bae73e84909be6882e9ed1e10b5_7)**

**<u>[Section 5.2.](#i8a215bae73e84909be6882e9ed1e10b5_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i8a215bae73e84909be6882e9ed1e10b5_7)<u>[Security.](#i8a215bae73e84909be6882e9ed1e10b5_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i8a215bae73e84909be6882e9ed1e10b5_7)[50](#i8a215bae73e84909be6882e9ed1e10b5_7)**

**<u>[Section 5.3.](#i8a215bae73e84909be6882e9ed1e10b5_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i8a215bae73e84909be6882e9ed1e10b5_7)<u>[Trust Account and Settlements.](#i8a215bae73e84909be6882e9ed1e10b5_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i8a215bae73e84909be6882e9ed1e10b5_7)[50](#i8a215bae73e84909be6882e9ed1e10b5_7)**

- i -

------

**<u>[Section 5.4.](#i8a215bae73e84909be6882e9ed1e10b5_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i8a215bae73e84909be6882e9ed1e10b5_7)<u>[Eligible Assets.](#i8a215bae73e84909be6882e9ed1e10b5_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i8a215bae73e84909be6882e9ed1e10b5_7)[50](#i8a215bae73e84909be6882e9ed1e10b5_7)**

**<u>[Section 5.5.](#i8a215bae73e84909be6882e9ed1e10b5_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i8a215bae73e84909be6882e9ed1e10b5_7)<u>[Deposit of Assets.](#i8a215bae73e84909be6882e9ed1e10b5_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i8a215bae73e84909be6882e9ed1e10b5_7)[52](#i8a215bae73e84909be6882e9ed1e10b5_7)**

**<u>[Section 5.6.](#i8a215bae73e84909be6882e9ed1e10b5_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i8a215bae73e84909be6882e9ed1e10b5_7)<u>[Modification Following Certain Events.](#i8a215bae73e84909be6882e9ed1e10b5_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i8a215bae73e84909be6882e9ed1e10b5_7)[52](#i8a215bae73e84909be6882e9ed1e10b5_7)**

**<u>[Section 5.7.](#i8a215bae73e84909be6882e9ed1e10b5_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i8a215bae73e84909be6882e9ed1e10b5_7)<u>[Withdrawal of Assets from the Trust Account.](#i8a215bae73e84909be6882e9ed1e10b5_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i8a215bae73e84909be6882e9ed1e10b5_7)[53](#i8a215bae73e84909be6882e9ed1e10b5_7)**

**<u>[Section 5.8.](#i8a215bae73e84909be6882e9ed1e10b5_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i8a215bae73e84909be6882e9ed1e10b5_7)<u>[Adjustment of Security and Withdrawals.](#i8a215bae73e84909be6882e9ed1e10b5_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i8a215bae73e84909be6882e9ed1e10b5_7)[55](#i8a215bae73e84909be6882e9ed1e10b5_7)**

**<u>[Section 5.9.](#i8a215bae73e84909be6882e9ed1e10b5_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i8a215bae73e84909be6882e9ed1e10b5_7)<u>[Letters of Credit.](#i8a215bae73e84909be6882e9ed1e10b5_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i8a215bae73e84909be6882e9ed1e10b5_7)[57](#i8a215bae73e84909be6882e9ed1e10b5_7)**

**<u>[Section 5.10.](#i8a215bae73e84909be6882e9ed1e10b5_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i8a215bae73e84909be6882e9ed1e10b5_7)<u>[Continuation of a Triggering Event.](#i8a215bae73e84909be6882e9ed1e10b5_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i8a215bae73e84909be6882e9ed1e10b5_7)[58](#i8a215bae73e84909be6882e9ed1e10b5_7)**

**<u>[Section 5.11.](#i8a215bae73e84909be6882e9ed1e10b5_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i8a215bae73e84909be6882e9ed1e10b5_7)<u>[Hedging.](#i8a215bae73e84909be6882e9ed1e10b5_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i8a215bae73e84909be6882e9ed1e10b5_7)[58](#i8a215bae73e84909be6882e9ed1e10b5_7)**

<u>[ARTICLE VI. OVERSIGHTS; COOPERATION](#i8a215bae73e84909be6882e9ed1e10b5_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i8a215bae73e84909be6882e9ed1e10b5_7)[60](#i8a215bae73e84909be6882e9ed1e10b5_7)

**<u>[Section 6.1.](#i8a215bae73e84909be6882e9ed1e10b5_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i8a215bae73e84909be6882e9ed1e10b5_7)<u>[Oversights.](#i8a215bae73e84909be6882e9ed1e10b5_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i8a215bae73e84909be6882e9ed1e10b5_7)[60](#i8a215bae73e84909be6882e9ed1e10b5_7)**

**<u>[Section 6.2.](#i8a215bae73e84909be6882e9ed1e10b5_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i8a215bae73e84909be6882e9ed1e10b5_7)<u>[Cooperation.](#i8a215bae73e84909be6882e9ed1e10b5_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i8a215bae73e84909be6882e9ed1e10b5_7)[60](#i8a215bae73e84909be6882e9ed1e10b5_7)**

**<u>[Section 6.3.](#i8a215bae73e84909be6882e9ed1e10b5_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i8a215bae73e84909be6882e9ed1e10b5_7)<u>[Changes to RBC.](#i8a215bae73e84909be6882e9ed1e10b5_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i8a215bae73e84909be6882e9ed1e10b5_7)[60](#i8a215bae73e84909be6882e9ed1e10b5_7)**

<u>[ARTICLE VII. INSOLVENCY](#i8a215bae73e84909be6882e9ed1e10b5_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i8a215bae73e84909be6882e9ed1e10b5_7)[61](#i8a215bae73e84909be6882e9ed1e10b5_7)

**<u>[Section 7.1.](#i8a215bae73e84909be6882e9ed1e10b5_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i8a215bae73e84909be6882e9ed1e10b5_7)<u>[Insolvency of the Ceding Company.](#i8a215bae73e84909be6882e9ed1e10b5_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i8a215bae73e84909be6882e9ed1e10b5_7)[61](#i8a215bae73e84909be6882e9ed1e10b5_7)**

<u>[ARTICLE VIII. DURATION; RECAPTURE](#i8a215bae73e84909be6882e9ed1e10b5_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i8a215bae73e84909be6882e9ed1e10b5_7)[61](#i8a215bae73e84909be6882e9ed1e10b5_7)

**<u>[Section 8.1.](#i8a215bae73e84909be6882e9ed1e10b5_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i8a215bae73e84909be6882e9ed1e10b5_7)<u>[Duration.](#i8a215bae73e84909be6882e9ed1e10b5_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i8a215bae73e84909be6882e9ed1e10b5_7)[61](#i8a215bae73e84909be6882e9ed1e10b5_7)**

**<u>[Section 8.2.](#i8a215bae73e84909be6882e9ed1e10b5_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i8a215bae73e84909be6882e9ed1e10b5_7)<u>[Survival.](#i8a215bae73e84909be6882e9ed1e10b5_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i8a215bae73e84909be6882e9ed1e10b5_7)[61](#i8a215bae73e84909be6882e9ed1e10b5_7)**

**<u>[Section 8.3.](#i8a215bae73e84909be6882e9ed1e10b5_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i8a215bae73e84909be6882e9ed1e10b5_7)<u>[Recapture.](#i8a215bae73e84909be6882e9ed1e10b5_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i8a215bae73e84909be6882e9ed1e10b5_7)[62](#i8a215bae73e84909be6882e9ed1e10b5_7)**

**<u>[Section 8.4.](#i8a215bae73e84909be6882e9ed1e10b5_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i8a215bae73e84909be6882e9ed1e10b5_7)<u>[Recapture Payments](#i8a215bae73e84909be6882e9ed1e10b5_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i8a215bae73e84909be6882e9ed1e10b5_7)[63](#i8a215bae73e84909be6882e9ed1e10b5_7)**

**<u>[Section 8.5.](#i8a215bae73e84909be6882e9ed1e10b5_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i8a215bae73e84909be6882e9ed1e10b5_7)<u>[Termination of Trust Account and Hedge Collateral Account.](#i8a215bae73e84909be6882e9ed1e10b5_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i8a215bae73e84909be6882e9ed1e10b5_7)[65](#i8a215bae73e84909be6882e9ed1e10b5_7)**

<u>[ARTICLE IX. INDEMNIFICATION](#i8a215bae73e84909be6882e9ed1e10b5_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i8a215bae73e84909be6882e9ed1e10b5_7)[65](#i8a215bae73e84909be6882e9ed1e10b5_7)

**<u>[Section 9.1.](#i8a215bae73e84909be6882e9ed1e10b5_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i8a215bae73e84909be6882e9ed1e10b5_7)<u>[Reinsurer's Obligation to Indemnify.](#i8a215bae73e84909be6882e9ed1e10b5_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i8a215bae73e84909be6882e9ed1e10b5_7)[65](#i8a215bae73e84909be6882e9ed1e10b5_7)**

**<u>[Section 9.2.](#i8a215bae73e84909be6882e9ed1e10b5_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i8a215bae73e84909be6882e9ed1e10b5_7)<u>[Ceding Company's Obligation to Indemnify.](#i8a215bae73e84909be6882e9ed1e10b5_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i8a215bae73e84909be6882e9ed1e10b5_7)[66](#i8a215bae73e84909be6882e9ed1e10b5_7)**

**<u>[Section 9.3.](#i8a215bae73e84909be6882e9ed1e10b5_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i8a215bae73e84909be6882e9ed1e10b5_7)<u>[Applicability of Master Transaction Agreement.](#i8a215bae73e84909be6882e9ed1e10b5_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i8a215bae73e84909be6882e9ed1e10b5_7)[66](#i8a215bae73e84909be6882e9ed1e10b5_7)**

**<u>[Section 9.4.](#i8a215bae73e84909be6882e9ed1e10b5_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i8a215bae73e84909be6882e9ed1e10b5_7)<u>[Good Faith.](#i8a215bae73e84909be6882e9ed1e10b5_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i8a215bae73e84909be6882e9ed1e10b5_7)[66](#i8a215bae73e84909be6882e9ed1e10b5_7)**

<u>[ARTICLE X. TAXES](#i8a215bae73e84909be6882e9ed1e10b5_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i8a215bae73e84909be6882e9ed1e10b5_7)[66](#i8a215bae73e84909be6882e9ed1e10b5_7)

**<u>[Section 10.1.](#i8a215bae73e84909be6882e9ed1e10b5_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i8a215bae73e84909be6882e9ed1e10b5_7)<u>[Withholding.](#i8a215bae73e84909be6882e9ed1e10b5_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i8a215bae73e84909be6882e9ed1e10b5_7)[66](#i8a215bae73e84909be6882e9ed1e10b5_7)**

**<u>[Section 10.2.](#i8a215bae73e84909be6882e9ed1e10b5_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i8a215bae73e84909be6882e9ed1e10b5_7)<u>[DAC Tax Adjustment.](#i8a215bae73e84909be6882e9ed1e10b5_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i8a215bae73e84909be6882e9ed1e10b5_7)[67](#i8a215bae73e84909be6882e9ed1e10b5_7)**

<u>[ARTICLE XI. MISCELLANEOUS](#i8a215bae73e84909be6882e9ed1e10b5_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i8a215bae73e84909be6882e9ed1e10b5_7)[67](#i8a215bae73e84909be6882e9ed1e10b5_7)

**<u>[Section 11.1.](#i8a215bae73e84909be6882e9ed1e10b5_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i8a215bae73e84909be6882e9ed1e10b5_7)<u>[Expenses..](#i8a215bae73e84909be6882e9ed1e10b5_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i8a215bae73e84909be6882e9ed1e10b5_7)[67](#i8a215bae73e84909be6882e9ed1e10b5_7)**

**<u>[Section 11.2.](#i8a215bae73e84909be6882e9ed1e10b5_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i8a215bae73e84909be6882e9ed1e10b5_7)<u>[Notices.](#i8a215bae73e84909be6882e9ed1e10b5_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i8a215bae73e84909be6882e9ed1e10b5_7)[68](#i8a215bae73e84909be6882e9ed1e10b5_7)**

**<u>[Section 11.3.](#i8a215bae73e84909be6882e9ed1e10b5_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i8a215bae73e84909be6882e9ed1e10b5_7)<u>[Severability.](#i8a215bae73e84909be6882e9ed1e10b5_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i8a215bae73e84909be6882e9ed1e10b5_7)[68](#i8a215bae73e84909be6882e9ed1e10b5_7)**

**<u>[Section 11.4.](#i8a215bae73e84909be6882e9ed1e10b5_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i8a215bae73e84909be6882e9ed1e10b5_7)<u>[Entire Agreement.](#i8a215bae73e84909be6882e9ed1e10b5_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i8a215bae73e84909be6882e9ed1e10b5_7)[69](#i8a215bae73e84909be6882e9ed1e10b5_7)**

**<u>[Section 11.5.](#i8a215bae73e84909be6882e9ed1e10b5_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i8a215bae73e84909be6882e9ed1e10b5_7)<u>[Assignment.](#i8a215bae73e84909be6882e9ed1e10b5_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i8a215bae73e84909be6882e9ed1e10b5_7)[69](#i8a215bae73e84909be6882e9ed1e10b5_7)**

**<u>[Section 11.6.](#i8a215bae73e84909be6882e9ed1e10b5_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i8a215bae73e84909be6882e9ed1e10b5_7)<u>[No Third-Party Beneficiaries.](#i8a215bae73e84909be6882e9ed1e10b5_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i8a215bae73e84909be6882e9ed1e10b5_7)[69](#i8a215bae73e84909be6882e9ed1e10b5_7)**

**<u>[Section 11.7.](#i8a215bae73e84909be6882e9ed1e10b5_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i8a215bae73e84909be6882e9ed1e10b5_7)<u>[Amendment.](#i8a215bae73e84909be6882e9ed1e10b5_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i8a215bae73e84909be6882e9ed1e10b5_7)[69](#i8a215bae73e84909be6882e9ed1e10b5_7)**

**<u>[Section 11.8.](#i8a215bae73e84909be6882e9ed1e10b5_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i8a215bae73e84909be6882e9ed1e10b5_7)<u>[Submission to Jurisdiction.](#i8a215bae73e84909be6882e9ed1e10b5_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i8a215bae73e84909be6882e9ed1e10b5_7)[69](#i8a215bae73e84909be6882e9ed1e10b5_7)**

**<u>[Section 11.9.](#i8a215bae73e84909be6882e9ed1e10b5_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i8a215bae73e84909be6882e9ed1e10b5_7)<u>[Governing Law.](#i8a215bae73e84909be6882e9ed1e10b5_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i8a215bae73e84909be6882e9ed1e10b5_7)[70](#i8a215bae73e84909be6882e9ed1e10b5_7)**

**<u>[Section 11.10.](#i8a215bae73e84909be6882e9ed1e10b5_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i8a215bae73e84909be6882e9ed1e10b5_7)<u>[Waiver of Jury Trial.](#i8a215bae73e84909be6882e9ed1e10b5_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i8a215bae73e84909be6882e9ed1e10b5_7)[70](#i8a215bae73e84909be6882e9ed1e10b5_7)**

**<u>[Section 11.11.](#i8a215bae73e84909be6882e9ed1e10b5_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i8a215bae73e84909be6882e9ed1e10b5_7)<u>[Specific Performance](#i8a215bae73e84909be6882e9ed1e10b5_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i8a215bae73e84909be6882e9ed1e10b5_7)[70](#i8a215bae73e84909be6882e9ed1e10b5_7)**

**<u>[Section 11.12.](#i8a215bae73e84909be6882e9ed1e10b5_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i8a215bae73e84909be6882e9ed1e10b5_7)<u>[Waivers.](#i8a215bae73e84909be6882e9ed1e10b5_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i8a215bae73e84909be6882e9ed1e10b5_7)[70](#i8a215bae73e84909be6882e9ed1e10b5_7)**

- ii -

------

**<u>[Section 11.13.](#i8a215bae73e84909be6882e9ed1e10b5_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i8a215bae73e84909be6882e9ed1e10b5_7)<u>[Rules of Construction.](#i8a215bae73e84909be6882e9ed1e10b5_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i8a215bae73e84909be6882e9ed1e10b5_7)[70](#i8a215bae73e84909be6882e9ed1e10b5_7)**

**<u>[Section 11.14.](#i8a215bae73e84909be6882e9ed1e10b5_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i8a215bae73e84909be6882e9ed1e10b5_7)<u>[Counterparts.](#i8a215bae73e84909be6882e9ed1e10b5_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i8a215bae73e84909be6882e9ed1e10b5_7)[71](#i8a215bae73e84909be6882e9ed1e10b5_7)**

**<u>[Section 11.15.](#i8a215bae73e84909be6882e9ed1e10b5_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i8a215bae73e84909be6882e9ed1e10b5_7)<u>[Treatment of Confidential Information and Non-Public Personal Information.](#i8a215bae73e84909be6882e9ed1e10b5_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i8a215bae73e84909be6882e9ed1e10b5_7)[71](#i8a215bae73e84909be6882e9ed1e10b5_7)**

**<u>[Section 11.16.](#i8a215bae73e84909be6882e9ed1e10b5_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i8a215bae73e84909be6882e9ed1e10b5_7)<u>[Incontestability.](#i8a215bae73e84909be6882e9ed1e10b5_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i8a215bae73e84909be6882e9ed1e10b5_7)[75](#i8a215bae73e84909be6882e9ed1e10b5_7)**

**<u>[Section 11.17.](#i8a215bae73e84909be6882e9ed1e10b5_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i8a215bae73e84909be6882e9ed1e10b5_7)<u>[Sanctions.](#i8a215bae73e84909be6882e9ed1e10b5_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i8a215bae73e84909be6882e9ed1e10b5_7)[75](#i8a215bae73e84909be6882e9ed1e10b5_7)**

---

| | |
|:---|:---|
| **INDEX OF SCHEDULES AND EXHIBITS** | **INDEX OF SCHEDULES AND EXHIBITS** |
| Schedule A | Fair Market Value Methodologies |
| Schedule B | Investment Guidelines |
| Schedule C-1<br>Schedule C-2 | Types of Reinsured Contracts<br>Subject UL Policies |
| Schedule C-3 | Reinstatement Procedures |
| Schedule D | Seriatim File |
| Schedule E | Recapture Terminal Settlement |
| Schedule F | Separate Accounts |
| Schedule G<br>Schedule H | Expense Allowance<br>Ceding Company Reports |
| Schedule H-1 | Interim Reporting Period Reporting Requirements |
| Schedule I<br>Schedule J-1<br>Schedule J-2  | Subject YRT Reinsurance Agreement<br>Unamortized Existing IMR Amount <br>Unamortized Transaction IMR Amount |
| Schedule K | EIM Administrative Fee |
| Schedule L | NGE Methodologies and Processes |
| Schedule M | Qualified LOC Providers |
| Schedule N | Permitted Accommodations |
| Schedule O | Financed Reserves |
| Schedule P | Existing Reinsurance Agreements |
| Schedule Q<br>Schedule R | Producer Commissions<br>[\*\*\*] |
| Schedule S | MSO Investment Guidelines |
| Schedule T | Regulatory Closed Block Quarterly Settlement |
| <br>Exhibit 1 | <br>Form of Settlement Statement |
| Exhibit 2 | Form of Trust Agreement |
| Exhibit 3 | Form of Hedge Account Control Agreement |
| Exhibit 4 | Form of Security Agreement |

---

- iii -

------

**COINSURANCE AND MODIFIED COINSURANCE AGREEMENT**

**THIS COINSURANCE AND MODIFIED COINSURANCE AGREEMENT** (this "<u>Agreement</u>") is made and entered into on July 31, 2025 (the "<u>Closing Date</u>") and effective as of the Effective Time by and between Equitable Financial Life Insurance Company, a New York-domiciled insurance company (the "<u>Ceding Company</u>"), and RGA Reinsurance Company, a Missouri-domiciled reinsurance company (the "<u>Reinsurer</u>"). For purposes of this Agreement, the Ceding Company and the Reinsurer shall each be deemed a "<u>Party</u>" and together the "<u>Parties</u>."

**WHEREAS**, the Ceding Company, Equitable Financial Life Insurance Company of America, an Arizona-domiciled insurance company ("<u>EFLOA</u>"), Equitable Financial Life and Annuity Company, a Colorado -domiciled insurance company ("<u>EFLA</u>") and the Reinsurer have entered into a Master Transaction Agreement dated as of February 23, 2025 (the "<u>Master Transaction Agreement</u>");

**WHEREAS**, the Master Transaction Agreement provides, among other things, for the Ceding Company and the Reinsurer to enter into this Agreement;

**WHEREAS**, as contemplated by the Master Transaction Agreement, upon the terms set forth herein, the Ceding Company wishes to cede to the Reinsurer, and the Reinsurer wishes to accept and reinsure, (i) the Quota Share (as defined below) of the General Account Liabilities (as defined below) in respect of the Reinsured Contracts (as defined below) (x) on a coinsurance basis (other than with respect to the Regulatory Closed Block Liabilities (as defined below)) and (y) on a modified coinsurance basis with respect to the Regulatory Closed Block Liabilities; and (ii) the Quota Share of the Separate Account Liabilities (as defined below), including the MSO Liabilities (as defined below), in respect of the Reinsured Contracts on a modified coinsurance basis;

**WHEREAS**, the Ceding Company ceded [\*\*\*]% of the Reinsured Liabilities under certain of the Reinsured Contracts constituting universal life insurance policies issued outside the State of New York and described on <u>Schedule C-2</u> (the "<u>Subject UL Policies</u>") to EFLOA pursuant to an Indemnity Reinsurance Agreement, made and entered into on May 17, 2023 (the "<u>Internal Reinsurance Agreement</u>");

**WHEREAS**, immediately prior to the Effective Time, the Ceding Company will recapture the Quota Share of the Reinsured Liabilities with respect to the Subject UL Policies, all of which Reinsured Liabilities so recaptured will then be ceded by the Ceding Company to the Reinsurer pursuant to the terms of this Agreement;

**WHEREAS**, the Ceding Company ceded [\*\*\*]% of certain Reinsured Liabilities under certain Reinsured Contracts constituting term life insurance policies or no lapse guarantee riders issued under universal life secondary guarantee insurance policies (the "<u>Captive Policies</u>") to EQ AZ (as defined below) pursuant to the Captive Reinsurance Agreements (as defined below);

**WHEREAS**, immediately prior to the Effective Time of this Agreement, the Ceding Company will recapture a quota share of the Reinsured Liabilities with respect to the Captive Policies (such quota share so recaptured, the "<u>Captive Policies Recaptured Quota Share</u>") such that

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the Ceding Company may cede the Quota Share of such Reinsured Liabilities to the Reinsurer pursuant to the terms of this Agreement;

**WHEREAS**, simultaneously with the execution and delivery of this Agreement on the date hereof, EFLOA and the Reinsurer will enter into a reinsurance agreement (the "<u>EFLOA-Reinsurer Reinsurance Agreement</u>") in a form substantially similar to this Agreement pursuant to which EFLOA will cede to the Reinsurer, and the Reinsurer will accept and reinsure, the Quota Share of the General Account Liabilities (as defined in the EFLOA-Reinsurer Reinsurance Agreement) on a coinsurance basis and the Quota Share of the Separate Account Liabilities, including the MSO Liabilities (each as defined in the EFLOA-Reinsurer Reinsurance Agreement), on a modified coinsurance basis, in each case in respect of certain Reinsured Contracts (as defined in the EFLOA-Reinsurer Reinsurance Agreement) issued or assumed by EFLOA;

**WHEREAS**, simultaneously with the execution and delivery of this Agreement on the date hereof, EFLA and the Reinsurer will enter into a reinsurance agreement (the "<u>EFLA-Reinsurer Reinsurance Agreement</u>") pursuant to which EFLA will cede to the Reinsurer, and the Reinsurer will accept and reinsure, the Quota Share of the General Account Liabilities (as defined in the EFLA-Reinsurer Reinsurance Agreement) on a coinsurance basis in respect of certain Reinsured Contracts (as defined in the EFLA-Reinsurer Reinsurance Agreement) issued or assumed by EFLA;

**WHEREAS**, simultaneously with the execution and delivery of this Agreement on the date hereof, the Ceding Company, the Reinsurer and the Trustee (as defined below) will enter into the Trust Agreement (as defined below) pursuant to which the Trustee will hold assets as security for the satisfaction of the obligations of the Reinsurer to the Ceding Company under this Agreement; and

**WHEREAS**, simultaneously with the execution and delivery of this Agreement on the date hereof, (a) the Ceding Company and the Reinsurer Hedge Party will enter into a Security Agreement (as defined below) pursuant to which the Reinsurer Hedge Party grants to the Ceding Company a security interest in certain assets to secure the Reinsurer's obligations to the Ceding Company under this Agreement and (b) the Ceding Company, the Reinsurer Hedge Party and the Securities Intermediary will enter into an Account Control Agreement (as defined below) pursuant to which the Ceding Company will perfect by control a first priority security interest in such assets.

**NOW**, **THEREFORE**, in consideration of the mutual and several promises and undertakings herein contained, and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the Ceding Company and the Reinsurer agree as follows:

**Article I.<br>DEFINITIONS**

**Section 1.1.<u>Definitions</u>**. The following terms have the respective meanings set forth below throughout this Agreement:

[\*\*\*]

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"<u>Account Control Agreement</u>" means that certain Collateral Account Control Agreement, by and among the Reinsurer Hedge Party, the Ceding Company, and The Bank of New York Mellon, dated as of the date hereof.

"<u>Action</u>" means any claim, action, suit, litigation, arbitration or proceeding by or before any Governmental Authority or arbitrator or arbitration panel or similar Person or body.

"<u>Actuarial Appraisal</u>" has the meaning set forth in the Master Transaction Agreement.

"<u>Additional Consideration</u>" has the meaning set forth in <u>Section 3.2</u>.

"<u>Additional Reports</u>" has the meaning set forth in <u>Section 3.10(c)</u>.

"<u>Adjustment for FMV of IUL Product</u>" means the amount set forth in the applicable Closing Statement as the adjustment for the change in the aggregate Fair Market Value of the embedded index option associated with the individual universal life insurance policies included within the Reinsured Contracts from the Effective Date to the close of business on the Business Day immediately preceding the Closing Date, determined in accordance with the applicable provisions of Schedule 2.03(b) to the Master Transaction Agreement.

"<u>Administrative Services</u>" has the meaning set forth in <u>Section 4.1(a)</u>.

"<u>Affiliate</u>" means, with respect to any specified Person, any other Person that, at the time of determination, directly or indirectly through one or more intermediaries, Controls, is Controlled by or is under common Control with such specified Person.

"<u>Agreement</u>" has the meaning set forth in the preamble.

"<u>Allocated Premium Taxes</u>" means, in respect of any Monthly Accounting Period, Premium Taxes allocable to the Reinsured Contracts which shall be an amount equal to the Premiums received under the Reinsured Contracts (to the extent Premium Taxes are levied on such Premiums, and other than Premiums in respect of the Regulatory Closed Block Policies) in such Monthly Accounting Period <u>multiplied by</u> [\*\*\*] basis points.

"<u>Alternate Eligible Assets</u>" has the meaning set forth in <u>Section 8.04(a)(ii)</u>.

"<u>Applicable Ceding Company Reports</u>" has the meaning set forth in <u>Section 3.10(a)</u>.

"<u>Applicable Tax Gross-Up Percentage</u>" means one minus the highest federal tax rate applicable to United States corporations as of the Closing Date with respect the payment contemplated in <u>Section 3.1(a)</u> or, in the event of a recapture of this Agreement, as of the Recapture Date.

"<u>Asset Report</u>" has the meaning set forth in <u>Section 5.4(a)</u>.

"<u>Assets in Transit</u>" has the meaning set forth in the Trust Agreement.

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"<u>Books and Records</u>" means originals or copies of all books and records in the possession, custody or control of the Ceding Company or any of its Affiliates that relate to the Reinsured Contracts, the Reinsured Liabilities or the Separate Accounts, including administrative records, claim records, sales records, underwriting records, financial records, reinsurance records, compliance records and other records, in whatever form maintained, but excluding certificates of incorporation, bylaws, corporate seals, licenses to do business, minute books and other corporate records relating to the corporate organization or capitalization of the Ceding Company or its Affiliates, tax returns or records (other than with respect to Premium Taxes and similar taxes that relate to the Reinsured Contracts or the Separate Accounts), records of any employee of the Ceding Company or its Affiliates, benefit plan records with respect to any employee of the Ceding Company or its Affiliates, and books and records that are subject to the attorney-client, work product, or other similar privilege or doctrine.

"<u>Business</u>" means the business of issuing, selling, underwriting, marketing, administering, servicing, delivering insuring, reinsuring, cancelling and distributing the Reinsured Contracts issued by the Ceding Company.

"<u>Business Day</u>" means any day that is not a Saturday, Sunday or other day on which commercial banks in the City of New York, New York are required or authorized by Law to be closed.

"<u>Calculation Date</u>" has the meaning set forth in <u>Section 5.11(c)</u>.

"<u>Capital Reporting Deadline</u>" means, (a) with respect to a calendar quarter other than the last quarter of a calendar year, the date that is the later of (i) forty-five (45) calendar days after the end of such calendar quarter and (ii) three (3) Business Days after Reinsurer is required to file its quarterly Statutory Financial Statement with the Insurance Regulator of its state of domicile, and (b) with respect to the last calendar quarter of a calendar year, the date that is the later of (i) sixty (60) calendar days after the end of such year and (ii) three (3) Business Days after Reinsurer is required to file its annual Statutory Financial Statement with the Insurance Regulator of its state of domicile.

"<u>Captive Policies</u>" has the meaning set forth in the Recitals.

"<u>Captive Policies Recaptured Quota Share</u>" has the meaning set forth in the Recitals. For the avoidance of doubt, the Captive Policies Recaptured Quota Share is [\*\*\*]% of the original [\*\*\*]% quota share ceded to EQ AZ under each Captive Reinsurance Agreement, equating to [\*\*\*]% of the gross Reinsured Liabilities under the Captive Policies.

"<u>Captive Reinsurance Agreements</u>" means (i) the Automatic Level Term Reinsurance Agreement by and between the Ceding Company and EQ AZ, effective as of March 1, 2003 (the "XXX Life Treaty") and (ii) the Automatic Lapse Protection Rider Reinsurance Agreement by and between the Ceding Company and EQ AZ, effective as of June 1, 2003 (the "AXXX Life Treaty").

"<u>Captive Reinsurer</u>" means a reinsurer that is (i) an Affiliate of the Reinsurer or the Company and (ii) licensed solely as a captive reinsurer in its jurisdiction of domicile.

"<u>Ceding Company</u>" has the meaning set forth in the preamble.

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"<u>Ceding Company Coinsurance Statutory Reserves</u>" means, as of any date of determination, the Ceding Company Statutory Reserves (but excluding the Regulatory Closed Block Statutory Reserves) as of such date.

"<u>Ceding Company Domiciliary State</u>" means the State of New York, or, if the Ceding Company changes its state of domicile to another state within the United States, such other state.

"<u>Ceding Company Extra-Contractual Obligations</u>" means all (i) Extra-Contractual Obligations attributable to acts, omissions or circumstances arising prior to the Closing Date and (ii) Extra-Contractual Obligations attributable to acts, omissions or circumstances arising on or after the Closing Date other than Reinsurer Extra-Contractual Obligations.

"<u>Ceding Company Indemnified Parties</u>" has the meaning set forth in <u>Section 9.1</u>.

"<u>Ceding Company Reports</u>" has the meaning set forth in <u>Section 3.10(a)</u>.

"<u>Ceding Company Statutory Reserves</u>" means, as of any date of determination, the statutory reserves (including unearned premium reserves and other premium accruals) amount for the General Account Liabilities calculated in accordance with the Ceding Company Domiciliary State SAP that would be applicable to the Ceding Company, reflecting the sum of the following items (or the equivalent lines in the event of changes to the Ceding Company's Statutory Financial Statement subsequent to December 31, 2023), as calculated by the Ceding Company as of such date (without giving effect to this Agreement):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Line 1, column 1 of the Liabilities section (aggregate reserves), which for the avoidance of doubt will be net of (without duplication) statutory reserves ceded pursuant to Existing Reinsurance Agreements); <u>plus</u>,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)[\*\*\*]; <u>plus</u>,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Line 3, column 1 of the Liabilities section (liability for deposit-type contracts); <u>plus</u>,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Line 6 of the Liabilities section (policyholders' dividends/refunds to members and unpaid, the "<u>Dividend Liability</u>"); <u>plus</u>,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)Line 13.1 of the Liabilities section ("<u>Transfers to the Separate Account due or accrued</u>"); <u>plus</u>,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)With respect to the Closed Block and without duplication, any other items included in the Regulatory Closed Block Reserves not otherwise reflected in this definition; <u>plus</u>,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)Line 24.7, column 1 of the Liabilities section (funds held under coinsurance); <u>minus</u>,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)Any Additional Actuarial Reserves on line 07000004; <u>minus</u>,

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Reserves established by the Ceding Company for the mortality risk of future conversions for Term life insurance contracts ("<u>Pre-Term Conversion Reserves</u>"); <u>minus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)Line 15.2 of the Asset section (deferred premiums) (the "<u>Deferred Premium</u>");

<u>provided</u>, <u>however</u>, that Ceding Company Statutory Reserves shall at all times be calculated after giving effect to any aggregation benefits among the blocks of business included in the Reinsured Contracts permitted under Ceding Company Domiciliary State SAP but shall otherwise be calculated on a stand-alone basis without regard to any other business of the Ceding Company or the Reinsurer; <u>provided</u> further that, Ceding Company Statutory Reserves shall not include (i) IMR, (ii) [\*\*\*], (iii) any voluntary reserves, or (iv) any other reserve not directly attributable to the Reinsured Contracts. [\*\*\*].

"<u>Closed Block</u>" has the meaning set forth in the Plan of Reorganization.

"<u>Closed Block Earned Rate</u>" means Current Quarter Closed Block Net Investment Income (Line 3, Column 1 on the Summary of Operations of the Company's Statutory Statement of the Closed Block) less Prior Quarter Closed Block Net Investment Income / the mean of the Prior Quarter End Closed Block Cash and Invested Assets (Line 12, Column 1 on the Assets page of the Company's Statutory Statement of the Closed Block) and the Current Quarter End Closed Block Cash and Invested Assets.

"<u>Closed Block Modco Account</u>" has the meaning set forth in <u>Section 3.7(a)</u>.

"<u>Closed Block Quarterly Residual Investment Income</u>" in respect of any Quarterly Accounting Period, means the Quota Share of (x) the mean of the Closed Block Residual Balance as of the end of the prior Quarterly Accounting Period and the Closed Block Residual Balance as of the end of such Quarterly Accounting Period multiplied by (y) the Closed Block Earned Rate for such Quarterly Accounting Period.

"<u>Closed Block Residual Balance</u>" means, in respect of any Quarterly Accounting Period, (-1) \* Closed Block Surplus (Line 38, Column 1 of the Liabilities of the Company's Statutory Statement of the Closed Block).

"<u>Closed Block Reinsurance Assets</u>" has the meaning specified in <u>Section 3.7(a).</u>

"<u>Closing</u>" has the meaning set forth in the Master Transaction Agreement.

"<u>Closing Date</u>" has the meaning set forth in the preamble.

"<u>Closing Statement</u>" means the Preliminary Estimated Closing Statement, the Estimated Closing Statement, or the Final Closing Statement, as applicable.

"<u>Code</u>" means the United States Internal Revenue Code of 1986.

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"<u>Company Action Level RBC</u>" means, with respect to any insurance company, company action level risk-based capital as calculated in accordance with the applicable Laws of such insurance company's state of domicile in effect as of the date of determination.

"<u>Confidential Information</u>" with respect to a Party, means any and all information provided by, made available by or provided or made available on behalf of such Party, any of its Affiliates or Representatives, on, before or after the date hereof, including, with respect to the Ceding Company, Non-Public Personal Information and all data relating to the Policyholders of the Reinsured Contracts which are maintained, processed or generated by the Ceding Company or, if applicable, the Reinsurer in connection with the Reinsured Liabilities and including the contents of this Agreement or the other Transaction Agreements not otherwise publicly disclosed, but shall not include the existence of this Agreement and the identity of the Parties; <u>provided</u>, that Confidential Information does not include information that (a) is generally available to the public other than as a result of a disclosure by the receiving Party in violation of its confidentiality obligation, (b) is independently developed by the receiving Party, its Affiliates or any of its Representatives without use or access to the disclosing Party's Confidential Information, or (c) is rightfully obtained by the receiving Party from a third party without, to the knowledge of the receiving Party, breach by such third party of a duty of confidentiality of any nature to the disclosing Party; and <u>provided</u>, <u>further</u>, that the foregoing exceptions shall not supersede the obligations of the receiving Party with respect to any Non-Public Personal Information.

"<u>Contested Claim</u>" has the meaning specified in <u>Section 4.8</u>.

"<u>Control</u>" means, with respect to any Person, the power to direct or cause the direction of the management and policies of such Person, whether through the ownership of voting securities, by contract or otherwise. Control will be presumed to exist if any Person directly or indirectly owns, controls or holds with the power to vote ten percent (10%) or more of the voting securities of any other Person. The terms "Controlled," "Controlled by," "under common Control with" and "Controlling" shall have correlative meanings.

"<u>Credit for Reinsurance Letters of Credit</u>" means letters of credit that are in a form and satisfying all other requirements to provide Reserve Credit in the Ceding Company Domiciliary State.

"<u>DAC Tax Election</u>" has the meaning specified in <u>Section 10.2(a)</u>.

"<u>Designated Administrative Account</u>" means a bank account of the Reinsurer at a bank reasonably acceptable to the Ceding Company pursuant to which the Ceding Company has authority to withdraw funds as reimbursement for the Ceding Company's payment of the Quota Share of General Account Liabilities.

"<u>Discovered Contract</u>" means any policies, contracts or other evidences of insurance of the types described on <u>Schedule C-1</u> issued on or prior to June 30, 2024 and in force as of the Effective Time but not included as a Reinsured Contract in <u>Schedule D</u>, together with all binders, slips, individual certificates, applications therefor, supplements, endorsements, and riders thereto issued or entered into in connection with such contracts of the types described on <u>Schedule C-1</u>.

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"<u>Discovered Contract Transfer Amount</u>" means, with respect to any Discovered Contract transferred pursuant to <u>Section 2.7(a)</u>, an amount equal to (a) the Quota Share of the Net Ceding Company Coinsurance Statutory Reserves associated with such Discovered Contract, determined as of the Effective Time, plus interest thereon calculated at the Interest Rate from the Effective Time to the date of such transfer, minus (b) the Quota Share of the Policy Loan Balance with respect to such Discovered Contract as of the Effective Time, plus (c) the Quota Share of Additional Consideration received by the Ceding Company in respect of such Discovered Contract at or after the Effective Time to the date of such payment, minus (d) the Quota Share of Reinsured Liabilities paid in respect of such Discovered Contract at or after the Effective Time to the date of such payment, in the case of (c) and (d) with interest thereon, calculated at the Interest Rate from the date of payment or receipt, as applicable, to the date of such payment.

"<u>Duration Management Collateral Balance</u>" has the meaning set forth in <u>Section 5.4(c)</u>.

"<u>Duration Management Funding Adjustment</u>" means, for each Duration Management Monthly Accounting Period, the greater of (x) the product of (a) *multiplied by* (b) *multiplied by* (c) and (y) zero (0):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)the reduction in the minimum asset duration for such Duration Management Monthly Accounting Period elected by the Reinsurer pursuant to <u>Section 5.4(c)</u>, <u>multiplied by</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)the Required Balance at the beginning of such Monthly Accounting Period, <u>multiplied by</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The change from the beginning of the initial Monthly Accounting Period in which the Reinsurer elects to reduce the minimum required asset duration to the end of the current Monthly Accounting Period of the weighted average yield-to-worst of the indices as specified in the Purchase Price Adjustment (as defined in the Master Transaction Agreement).

"<u>Duration Management Monthly Accounting Period</u>" has the meaning set forth in <u>Section 5.4(c)</u>.

"<u>Effective Date</u>" means April 1, 2025.

"<u>Effective Time</u>" means 12:01 a.m. on the Effective Date.

"<u>EFLA</u>" has the meaning set forth in the Recitals.

"<u>EFLA-Reinsurer Reinsurance Agreement</u>" has the meaning set forth in the Recitals.

"<u>EFLOA</u>" has the meaning set forth in the Recitals.

"<u>EFLOA-Reinsurer Reinsurance Agreement</u>" has the meaning set forth in the Recitals.

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"<u>Eligible Assets</u>" has the meaning set forth in <u>Section 5.4</u>.

"<u>Embedded Index Risk Report</u>" has the meaning set forth in <u>Section 5.11(c)</u>.

"<u>Embedded MSO Liabilities Report</u>" has the meaning set forth in <u>Section 5.11(c)</u>

"<u>EQ AZ</u>" means EQ AZ Life Re Company, an Arizona captive insurance company.

"<u>Estimated Closing Statement</u>" has the meaning specified in the Master Transaction Agreement.

"<u>Estimated Initial Premium</u>" means the Ceding Company's good faith estimate of the Initial Premium, derived from an estimated statement of net settlement with respect to the Reinsured Liabilities ceded pursuant to this Agreement as of the Effective Time.

"<u>Estimated Initial Required Balance</u>" means the Ceding Company's good faith estimate of the Initial Required Balance as of the Closing Date, as set forth in the Estimated Closing Statement.

"<u>Estimated Recapture Terminal Settlement</u>" has the meaning set forth in <u>Section 8.4(a)</u>.

"<u>Estimated Recapture Terminal Settlement Statement</u>" has the meaning set forth in <u>Section 8.4(a)</u>.

"*<u>Ex Gratia</u>* <u>Payments</u>" means a payment that is both (a) outside the terms and conditions of the applicable Reinsured Contract, and (b) made by or on behalf of the Ceding Company without the consent of the Reinsurer. For the avoidance of doubt, (i) payments made in accordance with a legally binding Governmental Order or a binding settlement that are not otherwise Excluded Liabilities and (ii) payments that are Permitted Accommodations shall not be considered *Ex Gratia* Payments and shall be deemed Reinsured Liabilities hereunder.

"<u>Excluded Liabilities</u>" means (a) all Ceding Company Extra-Contractual Obligations, (b) any and all Liabilities resulting from changes to the terms and conditions of any Reinsured Contract after the Effective Time to the extent such changes are in violation of <u>Section 2.2</u>, (c) except with respect to the Regulatory Closed Block Policies, all Liabilities for amounts due or payable prior to the Effective Time under the Reinsured Contracts, and (d) except with respect to the Regulatory Closed Block Policies, any Liability arising under any Reinsured Contract as to which the date of death triggering a death benefit under such Reinsured Contract occurred prior to the Effective Time, provided that this clause (d) shall not include Liabilities arising under any Reinsured Contract that covers joint lives where only one covered death has occurred prior to the Effective Time.

"<u>Existing IMR Amount</u>" means the amount of the Ceding Company's existing IMR, calculated on an after-tax basis, that has been allocated by the Ceding Company to the Reinsured Liabilities ceded hereunder on a coinsurance basis as of the Closing Date (but prior to the transfer of assets by the Ceding Company pursuant to <u>Section 3.1(b)</u>), determined in accordance with SAP applicable to the Ceding Company. For the avoidance of doubt, Existing IMR Amount shall include interest maintenance reserve generated from the repositioning of the Asset Portfolio (as defined in the Master Transaction Agreement) prior to the Closing in accordance with terms of the Master Transaction Agreement.

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"<u>Existing Reinsurance Agreements</u>" means all reinsurance agreements under which the Ceding Company has ceded to reinsurers (whether or not Affiliated with the Ceding Company) risks arising in respect of the Reinsured Contracts (and only to the extent such agreements cover the Reinsured Contracts) where such agreements are (a) in force as of the date hereof or (b) terminated but under which there remains any outstanding Liability of the reinsurer, in each case as set forth on <u>Schedule P</u> as all such reinsurance agreements may be in force and effect from time to time and at any time; <u>provided</u>, <u>however</u>, that Existing Reinsurance Agreements shall not include the Internal Reinsurance Agreement or the Captive Reinsurance Agreements which agreements shall be disregarded for all purposes of this Agreement except for the purpose of defining Financed Reserves or as referenced in <u>Section 5.1(b)</u>.

"<u>Expense Allowances</u>" means (i) for each Monthly Accounting Period, for the Reinsured Policies other than the Regulatory Closed Block Policies, an amount determined in accordance with Section 1 of <u>Schedule G</u> and (ii) for each calendar quarter, for the Regulatory Closed Block Policies, an amount determined in accordance with Section 2 of <u>Schedule G</u>.

"<u>Extra-Contractual Obligations</u>" means all Liabilities and any other related expenses (including attorney's fees) to any Person or Persons arising out of or relating to the Reinsured Contracts (other than Liabilities arising under the terms and conditions and within the policy limits of the Reinsured Contracts, including amounts that are finally determined by a court of competent jurisdiction to be owed to a Policyholder or beneficiary under the terms and conditions of a Reinsured Contract), including any loss in excess of the limits arising under or covered by any Reinsured Contract, any Liabilities for exemplary, punitive, compensatory, special or regulatory damages or interest, fines, penalties, Taxes, fees, forfeitures, bad faith, tort, statutory or any other form of extra-contractual damages, as well as all legal fees and expenses relating thereto, which Liabilities arise out of or result from any act, error or omission, whether or not intentional, negligent, fraudulent, in bad faith or otherwise, arising out of or relating to the Reinsured Contracts, including (a) the form, sale, marketing, distribution, underwriting, production, issuance, cancellation or administration of the Reinsured Contracts, (b) the investigation, defense, prosecution, trial, settlement (including the failure to settle) or handling of claims, benefits, or payments under the Reinsured Contracts, (c) the failure to pay or the delay in payment or errors in calculating or administering the payment of benefits, claims or any other amounts due or alleged to be due under or in connection with the Reinsured Contracts, (d) the failure of any Reinsured Contract to provide the purchaser, customer or other holder or intended beneficiaries thereof with Tax treatment under the Code that is the same as or more favorable than the Tax treatment under the Code that was purported to apply in materials provided at the time of issuance, assumption, exchange, modification or sale of the applicable Reinsured Contract or for which policies or contracts of that type are intended to qualify under the Code, (e) failure to comply with applicable escheat or abandoned property Laws, (f) any conversion of administrative systems and (g) *Ex Gratia* Payments.

"<u>Fair Market Value</u>" means, with respect to any asset, the value thereof (including accrued interest) calculated in accordance with the methodology set forth on <u>Schedule A</u>.

"<u>Final Closing Statement</u>" has the meaning given to such term in the Master Transaction Agreement.

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"<u>Financed Reserves</u>" means, as of any date of determination, the amount of Ceding Company Coinsurance Statutory Reserve that would be ceded under the Captive Reinsurance Agreements as of such date, measured as if the recapture thereunder of the Captive Policies Recaptured Quota Share was not in effect (and determined without regard to whether the Captive Reinsurance Agreements remain in effect), multiplied by the Financed Reserves Factor applicable for the current calendar year, as set forth on <u>Schedule O</u>; provided that, if the Ceding Company recaptures the liabilities ceded under the [\*\*\*] Reserve Financing, the definition of Financed Reserves shall be revised as appropriate to include within the definition of Financed Reserves the excess portion of the Ceding Company Statutory Reserves so recaptured.

"<u>Financed Reserves Factor</u>" is set forth on <u>Schedule O</u>.

[\*\*\*]

"<u>FMV Payment/Trust Funding Default</u>" means there has been a failure by the Reinsurer (i) to timely pay any undisputed amounts due hereunder in an aggregate amount that, when added to the aggregate undisputed amounts that the Reinsurer has failed to fund in accordance with Sections <u>5.8(d)(i)(1)</u> or <u>5.8(d)(i)(2)</u>, as applicable, or to cause the Reinsurer Hedge Party to timely fund the Hedge Collateral Account in accordance with <u>Section 5.11(e)</u> that has not been cured, exceeds $[\*\*\*]; or (ii) to timely fund the Trust Account in accordance with Sections <u>5.8(d)(i)(1)</u> or <u>5.8(d)(i)(2)</u>, as applicable, or to cause the Reinsurer Hedge Party to timely fund the Hedge Collateral Account in accordance with <u>Section 5.11(e)</u>, in an aggregate undisputed amount that, when added to the aggregate amount of undisputed amounts that the Reinsurer has failed to timely pay that has not been cured, exceeds $[\*\*\*], and, in each case of (i) and (ii), such failure has not been cured within [\*\*\*] Business Days after written notice thereof from the Ceding Company.

"<u>FMV Required Balance</u>" means, as of any date of determination:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)except during any period in which clause (b), (c) or (d) below applies, [\*\*\*];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)following the occurrence and during the continuance of a Level One RBC Ratio Event, [\*\*\*];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)following the occurrence and during the continuance of (i) an FMV Payment/Trust Funding Default, (ii) an Insolvency Event or (iii) a Reserve Credit Event, [\*\*\*]; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)following the occurrence and during the continuance of a Level Two RBC Ratio Event, [\*\*\*].

"<u>FMV Triggering Event</u>" means an event or circumstance that results in any of the clauses (b), (c) or (d) of the definition of FMV Required Balance being applicable, as determined in accordance with such definition.

"<u>General Account Liabilities</u>" means the following Liabilities of the Ceding Company arising out of or relating to the Reinsured Contracts (i) and arising on or after the Effective Time with respect to all Reinsured Contracts other than Regulatory Closed Block Policies and (ii) whether arising before, on or after the Effective Time with respect to all Regulatory Closed Block Policies, in each case net of amounts actually collected by or on behalf of the Ceding Company under the Existing Reinsurance Agreements, but excluding Separate Account Liabilities and Ceding Company Extra-Contractual Obligations, calculated in accordance with the Ceding Company Domiciliary State SAP:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)all Liabilities (including death benefits, secondary guarantee death benefits, guaranteed minimum death benefits, reduced paid-up death benefits, extended term, waiver of premium benefits, accident and health benefits, endowments or matured endowments, paid-up additions, lump sum payments, periodic payments, deferred payments, discontinuance disbursements, payments in respect of market value adjustments and rights to purchase additional coverage), policyholder dividends, unearned premiums, interest on claims or unearned premiums, interest on policy funds, experience refunds, amounts in respect of profit sharing, withdrawals, surrenders, amounts payable for returns or refunds of premiums, and policy loans made under the terms of any Reinsured Contract and other contract benefits, in each case, arising under the terms and conditions of the Reinsured Contracts (including amounts that are finally determined by a court of competent jurisdiction to be owed to a Policyholder or beneficiary under the terms and conditions of a Reinsured Contract) and whether such amounts are escheated or paid to Policyholders or beneficiaries of the Reinsured Contracts and claim expenses (including all reasonable litigation expenses related thereto) to the extent specifically provided in <u>Section 4.8</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)all Liabilities arising out of changes to the terms and conditions of the Reinsured Contracts permitted or required by <u>Section 2.2</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)all amounts payable by the Ceding Company under the Existing Reinsurance Agreements; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)all Liabilities of the kind described in clause (a) above which relate to Reinsured Contracts and that (i) are amounts held in the general account of the Ceding Company pending transfer to the Separate Accounts, or (ii) contemplate payment from a Separate Account the amount of which exceeds the assets of such Separate Account (without duplication of the amounts set forth in clause (a) above).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)For the avoidance of doubt, the Reinsurer shall indemnify the Ceding Company for Reinsurer Extra-Contractual Obligations in accordance with Article IX.

"<u>Governmental Authority</u>" means any United States or non-United States federal, state or local or any supra-national, political subdivision, governmental, legislative, tax, regulatory or administrative authority, instrumentality, agency, body or commission, self-regulatory organization or any court, tribunal, or judicial or arbitral body having jurisdiction over a Party.

"<u>Governmental Order</u>" means any binding and enforceable order, writ, judgment, injunction, decree, stipulation, determination or award entered by or with any Governmental Authority.

[\*\*\*]

[\*\*\*]

"<u>Gross Statutory-to-Economic Reserve Adjustment</u>" means an amount equal to the sum of (a) the Quota Share of Ceding Company Coinsurance Statutory Reserves; plus (b) the Quota Share of the Existing IMR Amount; plus (c) the Transaction IMR; minus (d) the Reinsurance Premium as of the Effective Time.

"<u>Hedge Collateral Account</u>" means, collectively, a securities and deposit account established by the Reinsurer Hedge Party.

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"<u>Hedge Collateral Account Assets</u>" means cash and publicly-traded securities which are of a type allowable under the Investment Guidelines.

"<u>IFA</u>" shall mean the [\*\*\*]% allocation to the Ceding Company of the total IFA as described and calculated in accordance with the applicable provisions of Schedule 2.03(b) to the Master Transaction Agreement.

"<u>IMR</u>" means an interest maintenance reserve with respect to assets supporting the Reinsured Risks, as determined in accordance with the SAP applicable to the Ceding Company (in the case of the Existing IMR Amount and the Transaction IMR Amount) and the SAP applicable to the Reinsurer (in the case of the Post-Closing Date IMR Amount).

"<u>IMR Amount</u>" means (a) the Quota Share of the Existing IMR Amount <u>plus</u> (b) the Transaction IMR Amount <u>plus</u> (c) the Post-Closing Date IMR Amount.

[\*\*\*]

"<u>Indemnitee</u>" means a Ceding Company Indemnified Party or Reinsurer Indemnified Party, in each case, which is entitled to indemnification under this Agreement.

"<u>Independent Accounting Firm</u>" has the meaning set forth in <u>Section 5.8(g)</u>.

"<u>Independent Actuary</u>" has the meaning set forth in <u>Section 5.8(g)</u>.

"<u>Initial Closed Block Assets</u>" has the meaning set forth in <u>Section 3.7(a)</u>.

"<u>Initial Modco Reserve Adjustment</u>" has the meaning set forth in <u>Section 3.1(d)</u>.

"<u>Initial Premium</u>" has the meaning set forth in <u>Section 3.1(a)</u>.

"<u>Initial Required Balance</u>" means the Required Balance as of the Closing Date.

"<u>Insolvency</u>" has the meaning set forth in <u>Section 5.7(a)</u>.

"<u>Insolvency Event</u>" has the meaning set forth in clause (c) of the definition of Recapture Triggering Event.

"<u>Insurance Regulator</u>" means, with respect to any jurisdiction, the Governmental Authority charged with the supervision of insurance companies in such jurisdiction.

"<u>Interest Rate</u>" means the sum of (a) one hundred (100) basis points (expressed as a rate per annum) plus (b) the annual yield rate, on the date to which the 90-Day Treasury Rate relates, of actively traded U.S. Treasury securities having a remaining duration to maturity of three (3) months, as such rate is published under the "Treasury Constant Maturities" in Federal Reserve Statistical Release H.15(519).

"<u>Interim Reporting Period</u>" has the meaning set forth in <u>Section 3.10(a)</u>.

"<u>Internal Reinsurance Agreement</u>" has the meaning set forth in <u>the Recitals.</u>

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"<u>Investment Guidelines</u>" has the meaning set forth in <u>Section 5.4</u>.

"<u>Investment Management Agreement</u>" has the meaning set forth in the Master Transaction Agreement.

"<u>KPI Failure</u>" has the meaning set forth in <u>Section 3.10(b)</u>.

"<u>Large Claim</u>" has the meaning set forth in <u>Section 4.8</u>.

"<u>Law</u>" means any United States or non-United States federal, state or local statute, law, ordinance, rule, regulation, code, administrative interpretation or principle of common law or equity imposed by or on behalf of a Governmental Authority and any Governmental Order.

"<u>Level One RBC Ratio Event</u>" means that the Reinsurer's RBC Ratio as of any calendar quarter end as set forth in the RBC Ratio certificate delivered in accordance with <u>Section 3.9(a)</u> is less than [\*\*\*]% and Reinsurer fails to restore its RBC Ratio to at least [\*\*\*]% by the end of the subsequent calendar quarter as reported by the applicable Capital Reporting Deadline for such subsequent calendar quarter; <u>provided</u>, that, a Level One RBC Ratio Event shall be deemed to be no longer continuing from and after the date that Reinsurer provides a certification in accordance with <u>Section 3.9(a)</u> that certifies that Reinsurer's RBC Ratio is equal to or greater than [\*\*\*]% as of [\*\*\*].

"<u>Level Two RBC Ratio Event</u>" means that the Reinsurer's RBC Ratio as of any calendar quarter end as set forth in the RBC Ratio certificate delivered in accordance with <u>Section 3.9(a)</u> is less than [\*\*\*]% and Reinsurer fails to restore its RBC Ratio to at least [\*\*\*]% by the end of the subsequent calendar quarter as reported by the applicable Capital Reporting Deadline for such subsequent calendar quarter; <u>provided</u>, that, a Level Two RBC Ratio Event shall be deemed to be no longer continuing from and after the date that Reinsurer provides a certification in accordance with <u>Section 3.9(a)</u> that certifies that Reinsurer's RBC Ratio is equal to or greater than [\*\*\*]% as of [\*\*\*].

"<u>Liabilities</u>" means any and all debts, liabilities, commitments or obligations, whether direct or indirect, accrued or fixed, known or unknown, absolute or contingent, matured or unmatured or determined or determinable, whether arising in the past, present or future.

"<u>Losses</u>" means any and all damages, judgments, awards, liabilities, losses, obligations, claims of any kind or nature, fines and costs and expenses (including reasonable fees and expenses of attorneys, auditors, consultants and other agents) other than amounts constituting special, indirect, incidental, consequential or punitive damages (including any damages on a lost profits, lost revenue, multiples or similar basis), except to the extent that (i) any such damages are actually recovered against an Indemnitee pursuant to a Third-Party Claim, or (ii) solely with respect to consequential damages (including (i) lost value as determined based on the valuations and calculations set forth in the Actuarial Appraisal, based upon a [\*\*\*]% discount rate, (ii) lost profits and (iii) lost revenue), (1) such damages are recoverable under the laws of the State of New York, (2) the Indemnitee satisfies all elements necessary for proof of such damages under such laws and (3) such damages result from or arise out of the Business as currently conducted and shall not take into account any current or future plans for the Business following the Closing Date regardless of whether such plans are communicated to or known by a Party to this Agreement.

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"<u>Market-to-Book Ratio</u>" means, with respect to (x) any Eligible Asset to be withdrawn from or deposited into the Trust Account pursuant to a substitution of Eligible Assets as permitted by <u>Section 5.4(b)</u>, the ratio, as of any date of determination, of the Fair Market Value of such Eligible Asset to the Statutory Book Value of such Eligible Asset as of such date (expressed as a percentage); and (y) any withdrawal of Eligible Assets from the Trust Account as permitted by <u>Section 5.8(d)(i)(3)</u>, the ratio, as of any date of determination, of the aggregate Fair Market Value of the Eligible Assets in the Trust Account to the aggregate Statutory Book Value of such Eligible Assets as of such date (expressed as a percentage).

"<u>Master Transaction Agreement</u>" has the meaning set forth in the Recitals.

"<u>Modco Reserve Adjustment</u>" has the meaning set forth in <u>Section 3.11(a)</u>.

"<u>Month-End Required Balance Report</u>" has the meaning set forth in <u>Section 5.8(a)</u>.

"<u>Monthly Accounting Period</u>" means each successive calendar month during the term of this Agreement or any fraction thereof, beginning at the Effective Time and ending on the Recapture Date or the date this Agreement is otherwise terminated in accordance with <u>Article VIII</u>, as applicable.

"<u>Monthly Funding Limit</u>" means (a) for the period commencing on the Closing Date and ending on December 31, 2026, $[\*\*\*] per month and (b) for each calendar year thereafter, the Quota Share of the excess (if any) for the immediately preceding calendar year of (i) the average amount of monthly General Account Liabilities paid excluding those arising from the Regulatory Closed Block Liabilities, over (ii) the average amount of monthly Additional Consideration (other than Additional Consideration allocated to the Separate Accounts and the Regulatory Closed Block Liabilities) received; <u>provided</u>, that, in each case, the Ceding Company may propose to the Reinsurer to increase the Monthly Funding Limit for one or more months to accommodate reasonable seasonal experience or other factors, but not to exceed a balance of $[\*\*\*], and the Reinsurer's consent to any such proposal shall not be unreasonably withheld, delayed or conditioned.

"<u>Monthly Settlement Statement</u>" has the meaning set forth in <u>Section 3.3(a)</u>.

"<u>MSO Assets</u>" means, collectively, the MSO Hedges and the MSO Investment Assets.

"<u>MSO Hedges</u>" means derivative instruments purchased by the Ceding Company solely to hedge the MSO Option Value.

"<u>MSO Hedge P&L</u>" means with respect to any Quarterly Accounting Period, the profits and losses of the MSO Hedges during such Quarterly Accounting Period as calculated by the Ceding Company and shall include (i) all settlement cash flows paid and received by the Ceding Company with respect to MSO Hedges (excluding option premium payments) and (ii) all realized and unrealized gains or losses arising from MSO Hedges.

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"<u>MSO Investment Assets</u>" means assets supporting the MSO Reserves which shall be held by the Ceding Company in the MSO Modco Account, but excluding any MSO Hedges held in the MSO Modco Account.

"<u>MSO Investment Guidelines</u>" means the investment guidelines attached hereto at <u>Schedule S</u> with respect to the management of the MSO Investment Assets and the MSO Hedges.

"<u>MSO Investment Assets Net Cash Flow</u>" means, with respect to any Quarterly Accounting Period, (i) *minus* (ii), where:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)(i) &nbsp;&nbsp;&nbsp;&nbsp;is the MSO Modco Investment Credit for such Quarterly Accounting Period *plus* the contract charges collected by the Ceding Company during such Quarterly Accounting Period and attributable to the MSO Liabilities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)(ii) &nbsp;&nbsp;&nbsp;&nbsp;is the option premium attributable to the MSO Liabilities paid by the Ceding Company during such Quarterly Accounting Period.

"<u>MSO Liabilities</u>" means with respect to each Reinsured Contract, the Liabilities (other than Excluded Liabilities) arising out of the "Market Stabilizer Option" or "Market Stabilizer Option II" as defined in the terms of such Reinsured Contract.

"<u>MSO Option Value</u>" means the aggregate Fair Market Value of the hypothetical portfolios of derivatives that replicate the embedded index risks associated with the MSO Liabilities, as determined by the Ceding Company in accordance with its ordinary course practices.

"<u>MSO Modco Account</u>" has the meaning set forth in <u>Section 3.8(a)</u>.

"<u>MSO Modco Investment Credit</u>" means, with respect to any Quarterly Accounting Period, the sum of all interest and other earnings (including realized gains and losses), net of investment expenses, earned and realized on the MSO Investment Assets during such Quarterly Accounting Period.

"<u>MSO Modco Reserve Adjustment</u>" has the meaning set forth in <u>Section 3.8(c)</u>.

"<u>MSO Reserves</u>" means, as of any date of determination, the sum of (i) the aggregate amount of statutory reserves of the Ceding Company with respect to the MSO Liabilities (as would be described in Line 1, column 3 of the Liabilities section and Exhibit 3 of the Statutory Financial Statements related to separate accounts of the Ceding Company (or the equivalent exhibits or lines in the event of changes to the Ceding Company's Statutory Financial Statement subsequent to December 31, 2023)), calculated in accordance with the Ceding Company Domiciliary State SAP, and (ii) interest maintenance reserves attributable to the MSO Modco Account.

"<u>MSO Separate Account</u>" means the non-insulated separate accounts of the Ceding Company identified on <u>Schedule F to the extent attributable to</u> the "Market Stabilizer Option" or "Market Stabilizer Option II" (as defined in the terms of the Reinsured Contracts) riders issued by

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the Ceding Company in connection with the Reinsured Contracts and similar variable indexed option riders issued by the Ceding Company.

[\*\*\*]

"<u>Net Ceding Company Coinsurance Statutory Reserves</u>" means, as of any date of determination, the Ceding Company Coinsurance Statutory Reserves minus the Financed Reserves as of such date.

"<u>Net Settlement</u>" has the meaning set forth in <u>Section 3.3(a)</u>.

"<u>Net Statutory-to-Economic Reserve Adjustment</u>" means the Gross Statutory-to-Economic Reserve Adjustment *less* the Quota Share of Financed Reserves as of the Effective Date.

"<u>Non-Guaranteed Elements</u>" means the cost of insurance charges, credited interest rates, mortality and expense charges, administrative expense risk charges, lump sum payment options, policy loads, policyholder dividends, post-level term premiums and any other policy features that are subject to change by the Ceding Company, including those items set forth in Actuarial Standard of Practice 2-Non-Guaranteed Charges or Benefits for Life Insurance Policies and Annuity Contracts in effect as of the Effective Time and any successor rules for such Non-Guaranteed Elements as in effect from time to time.

"<u>Non-Public Personal Information</u>" means any non-public personally identifiable information concerning or relating to the Ceding Company's past, current or prospective applicants, customers, clients, policy owners, contract holders, insureds, claimants, and beneficiaries of Reinsured Contracts or other contracts issued by the Ceding Company, and its representatives that is protected by applicable privacy laws, including (a) "non-public personal information" as that term is defined in the Gramm-Leach-Bliley Act, as amended, and implementing regulations, 15 U.S.C. § 6809(4); and (b) "Personal Information" as defined in the California Consumer Privacy Act of 2018 (Cal. Civ. Code Division 3, Part 4, Title 1.81.5); <u>provided,</u> that information that is otherwise publicly available shall not be considered "Non-Public Personal Information"; and, <u>provided</u>, <u>further</u>, that "Non-Public Personal Information" does not include de-identified personal data, (*i.e*., information that does not identify, or could not reasonably be associated with, an individual).

"<u>Parties</u>" has the meaning set forth in the preamble.

"<u>Party</u>" has the meaning set forth in the preamble.

"<u>Permitted Accommodations</u>" means ex gratia payments and modifications and waivers to the Reinsured Contracts, in each case made by or on behalf of the Ceding Company following the Effective Time that are permitted and result from the actions listed on <u>Schedule N</u>.

"<u>Person</u>" means any natural person, general or limited partnership, corporation, limited liability company, limited liability partnership, firm, joint-stock company, trust, governmental, judicial or regulatory body, business unit, division (including a segregated account or cell), association or organization or other entity.

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"<u>Plan of Reorganization</u>" means the Plan of Reorganization (including all attachments, amendments, and exhibits thereto) of The Equitable Life Assurance Society of the United States under Section 7312 of the New York Insurance Law, which was adopted by the Board of Directors of The Equitable Life Assurance Society of the United States on November 27, 1991.

"<u>Policy Loan Balance</u>" means, with respect to any date of determination, the amount of contract loans in respect of the Reinsured Contracts other than Regulatory Closed Block Policies, as of such date, to the extent such contract loans would be reflected in Line 6, column 1 of the "Assets" section of the Ceding Company's Statutory Financial Statement (or the equivalent exhibits or lines in the event of changes to the Ceding Company's Statutory Financial Statement subsequent to December 31, 2023) under Ceding Company Domiciliary State SAP, net of any unearned policy loan interest on such loans but including any due and accrued interest thereon.

"<u>Policyholder</u>" means the holder of any Reinsured Contract.

"<u>Post-Closing Date IMR Amount</u>" means the amount of IMR, calculated on an after-tax basis, and determined in accordance with SAP applicable to the Reinsurer, that is created following the Closing Date with respect to the assets supporting the Quota Share of the Reinsured Liabilities ceded to the Reinsurer hereunder on a coinsurance basis, it being understood that all of the assets on deposit in the Trust Account shall be deemed to be assets supporting the Quota Share of the Reinsured Liabilities for purposes of determining the Post-Closing Date IMR Amount.

"<u>Preliminary Estimated Closing Statement</u>" have the meaning given to such term in the Master Transaction Agreement.

"<u>Premium Taxes</u>" means all taxes assessed in respect of the Premiums under the Reinsured Contracts by any Governmental Authority.

"<u>Premiums</u>" means premiums, considerations, policy loan repayments, deposits and similar amounts collected by or on behalf of the Ceding Company in respect of the Reinsured Contracts.

"<u>Producer</u>" means any broker, insurance producer, agent, general agent, managing general agent, master broker agency, broker general agency, financial specialist or other Person, including any employee of the Ceding Company or its Affiliates, responsible for writing, marketing, producing, selling or soliciting Reinsured Contracts.

"<u>Program of Internal Replacement</u>" has the meaning set forth in <u>Section 4.7</u>.

"<u>Purchase Price Adjustment</u>" means the amount set forth in the Ceding Company's Closing Statement as the Purchase Price Adjustment determined in accordance with the applicable provisions of Schedule 2.03(b) to the Master Transaction Agreement (which may be a positive or negative number).

"<u>Qualified LOC Provider</u>" means a bank that is (a) on the "List of Qualified U.S. Financial Institutions" established and maintained by the NAIC and (b) set forth on the Ceding Company's list of approved letter of credit providers which is initially attached as <u>Exhibit M</u> hereto, which list must at all times contain at least three (3) banks and may be updated from time to time by the

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Ceding Company upon written notice to the Reinsurer (but not more than once in any 12 month period).

"<u>Quarterly Accounting Period</u>" means each successive calendar quarters during the term of this Agreement or any fraction thereof, beginning at the Effective Time and ending on the Recapture Date or the date this Agreement is otherwise terminated in accordance with <u>Article VIII</u>, as applicable.

"<u>Quota Share</u>" means seventy-five percent (75%).

"<u>RBC Ratio</u>" means, with respect to any U.S. domiciled insurance or reinsurance company, subject to <u>Section 6.3</u>, the percentage equal to (a) the quotient of the Total Adjusted Capital of such insurance or reinsurance company <u>divided by</u> the Company Action Level RBC, <u>multiplied by</u> (b) 100; <u>provided</u>, that any calculation of the RBC Ratio as of the end of any calendar quarter other than the last day of a calendar year shall be based on such insurance company's good faith estimate using, to the extent any factors are not reasonably available, amounts based on reasonable estimation and annualization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)"<u>Recapture Additional Payment Amount</u>" [\*\*\*].

"<u>Recapture Date</u>" has the meaning set forth in <u>Section 8.3</u>.

"<u>Recapture Notice</u>" has the meaning set forth in <u>Section 8.3(a)</u>.

"<u>Recapture Payment/Trust Funding Default</u>" means there has been a failure by the Reinsurer (i) to timely pay any undisputed amounts due hereunder in an aggregate amount that, when added to the aggregate undisputed amounts that the Reinsurer has failed to fund in accordance with Sections <u>5.8(d)(i)(1)</u> or <u>5.8(d)(i)(2)</u>, as applicable, or to cause the Reinsurer Hedge Party to timely fund the Hedge Collateral Account in accordance with <u>Section 5.11(e)</u> that has not been cured, exceeds $[\*\*\*]; or (ii) to timely fund the Trust Account in accordance with Sections <u>5.8(d)(i)(1)</u> or <u>5.8(d)(i)(2)</u>, as applicable, or to cause the Reinsurer Hedge Party to timely fund the Hedge Collateral Account in accordance with <u>Section 5.11(e)</u>, in an aggregate undisputed amount that, when added to the aggregate amount of undisputed amounts that the Reinsurer has failed to timely pay that has not been cured, exceeds $[\*\*\*], and, in each case of (i) and (ii), such failure has not been cured within [\*\*\*] Business Days after written notice thereof from the Ceding Company.

"<u>Recapture Terminal Settlement</u>" has the meaning set forth in <u>Section 8.4(b)</u>.

"<u>Recapture Terminal Settlement Statement</u>" has the meaning set forth in <u>Section 8.4(b)</u>.

"<u>Recapture Transaction IMR Adjustment</u>" means (a) the amount of IMR, calculated on an after-tax basis, that would have been created on the date of payment of the Recapture Terminal Settlement as a direct result of the transfer of assets by the Reinsurer to the Ceding Company pursuant to <u>Section 8.4(a)</u> or <u>(d)</u>, as applicable, determined in accordance with SAP applicable to the Reinsurer, if all such assets were withdrawn from the Trust Account in accordance with the terms thereof, less (b) the amount of the Recapture Transaction IMR Amount (without regard to the proviso therein).

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"<u>Recapture Transaction IMR Amount</u>" means the amount of the IMR, calculated on an after-tax basis, that is created on the date of payment of the Recapture Terminal Settlement as a direct result of the transfer of assets by the Reinsurer to the Ceding Company pursuant to <u>Section 8.4(a)</u> or <u>(d)</u>, as applicable, determined in accordance with SAP applicable to the Reinsurer; provided, however, that if this Agreement is terminated by the Reinsurer pursuant to <u>Section 8.3(b)</u>, and the Reinsurer elects to replace assets in the Trust Account with Alternate Eligible Assets for all or a portion of the payment of the Estimated Recapture Terminal Settlement pursuant to <u>Section 8.4(a)(ii)</u>, the Recapture Transaction IMR Amount shall be (a) increased by the amount of the Recapture Transaction IMR Adjustment if such adjustment amount is a positive amount or (b) decreased by the absolute value of the Recapture Transaction IMR Adjustment if such adjustment amount is a negative amount.

"<u>Recapture Triggering Event</u>" means any of the following occurrences:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)the RBC Ratio of the Reinsurer as of any calendar quarter-end as set forth in the RBC Ratio certificate delivered in accordance with <u>Section 3.9(a)</u> is below [\*\*\*]% and the Reinsurer fails to restore its RBC Ratio to at least [\*\*\*]% within [\*\*\*] calendar days following the Capital Reporting Deadline for such calendar quarter; <u>provided</u> that a Recapture Triggering Event under this item (a) shall be deemed to be no longer continuing from and after the date that the Reinsurer certifies to the Ceding Company that its RBC Ratio is equal to or greater than [\*\*\*]% and provides the Ceding Company with reasonable evidence thereof in accordance with <u>Section 3.9(b)</u>; <u>provided</u>, <u>that</u> if a Recapture Triggering Event under this clause (a) is cured on the basis of mid-quarter figures and the RBC Ratio of the Reinsurer as of the next quarter-end is below [\*\*\*]%, such event shall immediately constitute a Recapture Triggering Event;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)a Recapture Payment/Trust Funding Default has occurred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)the Reinsurer has been placed into liquidation, rehabilitation, conservation, supervision, receivership or similar proceedings (whether voluntary or involuntary), or a receiver, liquidator, rehabilitator, conservator, or trustee in bankruptcy, or other agent known by whatever name is appointed for, or takes charge of, its assets or assumes control of its operations (each an "<u>Insolvency Event</u>"); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)a Reserve Credit Triggering Event has occurred.

"<u>Regulation 114 Assets</u>" has the meaning set forth in <u>Section 5.4</u>.

"<u>Regulatory Closed Block Liabilities</u>" means the General Account Liabilities with respect to the Regulatory Closed Block Policies.

"<u>Regulatory Closed Block Modco Account Adjustment</u>" means the Quota Share multiplied by (A) the sum of (i) the current quarter Closed Block Residual Balance minus (ii) the prior quarter Closed Block Residual Balance and (B) negative one (-1).

"<u>Regulatory Closed Block Policies</u>" means the Reinsured Contracts included in the Closed Block (as defined in the Plan of Reorganization).

"<u>Regulatory Closed Block Quarterly Settlement</u>" has the meaning set forth in <u>Section 3.7(d)</u>.

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"<u>Regulatory Closed Block Statutory Reserves</u>" means, as of any date of determination, the Total Liabilities (Line 28, Column 1 of the Liabilities of the Ceding Company's Statutory Statement of the Closed Block) in respect of the Regulatory Closed Block Policies.

"<u>Reinstatement Procedures</u>" means the policies and procedures of the Ceding Company as set forth on <u>Schedule C-3</u> hereto for reinstating policies of the type reinsured hereunder.

"<u>Reinsurance Premium</u>" shall be an amount equal to $[\*\*\*] *plus* the IFA as of the Effective Date.

"<u>Reinsurance Recoverables</u>" means all amounts recoverable from reinsurers under the Existing Reinsurance Agreements to the extent such amounts are reflected as admitted assets on the Ceding Company's Statutory Financial Statements.

"<u>Reinsurance Recoveries</u>" means all amounts [\*\*\*] by or on behalf of the Ceding Company under the Existing Reinsurance Agreements in respect of the Reinsured Contracts, including all recoveries, termination and recapture amounts (including amounts released to the Ceding Company from funds withheld accounts and modified coinsurance accounts), returns, amounts in respect of profit sharing and all other sums to which the Ceding Company may be entitled under the Existing Reinsurance Agreements, except to the extent such amounts collected under the Existing Reinsurance Agreements relate to Excluded Liabilities.

"<u>Reinsured Contracts</u>" means (a) all universal life insurance contracts, variable life insurance contracts, variable universal life insurance contracts, indexed universal life insurance contracts, corporate sponsored variable universal life insurance contracts, single premium life insurance contracts, level term and annual renewable term life insurance contracts, interest-sensitive whole life contracts, reduced paid-up insurance contracts, extended term insurance contracts, participating life insurance contracts and all contracts of the types described on <u>Schedule C-1</u> issued on or prior to June 30, 2024 and listed in the seriatim file set forth in <u>Schedule D</u>, (b) reinstatements that are reinsured pursuant to <u>Section 2.6</u>, (c) all Discovered Contracts that have been reinsured pursuant to <u>Section 2.7</u>, subject to payment of the Discovered Contract Transfer Amount, in each case of (a), (b) and (c), including all binders, slips, individual certificates, applications therefor, supplements, endorsements, and riders thereto issued or entered into in connection with such contracts, including the long term care, accidental death benefit and disability waiver of premium riders described on <u>Schedule C-1</u> and (d) all contracts in the Closed Block whether or not described on <u>Schedule C-1</u> or set forth in <u>Schedule D</u>. For avoidance of doubt, riders and endorsements shall be considered included on <u>Schedule C-1</u> only to the extent that the reserves for such riders and endorsements are included in the Final Closing Statement or the cashflow projections for such riders and endorsements are included in the Actuarial Appraisal, or to the extent that such riders and endorsements (i) modify, amend, alter or otherwise change the language of the base policy form to which they are attached or (ii) were automatically included with the base policy without voluntary election by the policyholder.

"<u>Reinsured Liabilities</u>" means, collectively, the General Account Liabilities and the Separate Account Liabilities.

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"<u>Reinsured Risks</u>" has the meaning set forth in <u>Section 2.1</u>.

"<u>Reinsurer</u>" has the meaning set forth in the preamble.

"<u>Reinsurer Domiciliary State</u>" means the State of Missouri, or, if the Reinsurer changes its domiciliary state to another state within the United States, such other state.

"<u>Reinsurer Extra-Contractual Obligations</u>" means (a) all Extra-Contractual Obligations to the extent arising out of affirmative acts (as distinguished from (i) omissions and (ii) for the avoidance of doubt, Reinsurer's Recommendations) of Reinsurer or its Affiliates, (b) all Extra-Contractual Obligations to the extent arising out of acts, errors or omissions of the Ceding Company or its Affiliates taken at the express written direction of the Reinsurer (it being agreed, for the avoidance of doubt, that Reinsurer's Recommendations shall not be considered directions of the Reinsurer), including to the extent arising in connection with [\*\*\*], and (c) the Quota Share of Extra-Contractual Obligations to the extent arising out of a Contested Claim in which Reinsurer participates or which it controls in accordance with clauses (i) or (ii) of <u>Section 4.8(b)</u>.

"<u>Reinsurer Hedge Party</u>" means [\*\*\*].

"<u>Reinsurer Indemnified Parties</u>" has the meaning set forth in <u>Section 9.2</u>.

"<u>Reinsurer's Recommendations</u>" has the meaning set forth in <u>Section 2.8(b)</u>.

"<u>Repositioning Period</u>" means the period beginning on the Closing Date and ending 180 calendar days after the Closing Date.

"<u>Representative</u>" of a Person means such Person's Affiliates and the directors, officers, employees, advisors, agents, stockholders or other equity holders or investors, consultants, independent accountants, investment bankers, counsel, advisors or other representatives of such Person and of such Person's Affiliates.

"<u>Required Balance</u>" means, with respect to any date of determination, an amount equal to the sum of the following amounts as of such date of determination:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)the Quota Share of the Net Ceding Company Coinsurance Statutory Reserves (it being agreed that, for any Monthly Accounting Period that does not end at the end of a calendar quarter, such amount shall be calculated by the Ceding Company using good faith estimates as of the end of such Monthly Accounting Period and shall be reported to the Reinsurer as part of the applicable Month-End Required Balance Report); <u>plus</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)the Unamortized IMR Amount; <u>minus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)the Unamortized Net Statutory-to-Economic Reserve Adjustment; <u>minus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)an amount equal to the Required Hedge Funding Balance; <u>minus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)any amount then maintained in the Designated Administrative Account, <u>minus</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)the Reinsurance Recoverables, <u>minus</u>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)any amount improperly withdrawn by the Ceding Company from the Trust Account, plus interest thereon at the Interest Rate; <u>plus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)following the occurrence and during the continuation of (i) an FMV Payment/Trust Funding Default or a Reserve Credit Event (other than due to [\*\*\*]), the Recapture Additional Payment Amount [\*\*\*], (ii) an Insolvency Event, the Recapture Additional Payment Amount [\*\*\*], and (iii) [\*\*\*], the Recapture Additional Payment Amount [\*\*\*]; <u>plus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)[\*\*\*]; <u>plus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)[\*\*\*]; <u>plus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)the Duration Management Funding Adjustment; <u>minus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)the Quota Share of the Policy Loan Balance; <u>plus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)the Unamortized Purchase Price Adjustment,

each of (a) through (m), as of such date of determination.

"<u>Required Hedge Funding Balance</u>" means the aggregate Fair Market Value as of the applicable Calculation Date of the hypothetical portfolio of derivatives that replicates the Quota Share of embedded index risk associated with the index option on the individual universal life insurance policies included within the Reinsured Contracts as calculated by the Reinsurer pursuant to <u>Section 5.11(b)</u>.

"<u>Reserve Credit</u>" means full statutory financial statement credit for the reinsurance ceded to the Reinsurer under this Agreement in the Ceding Company's Statutory Financial Statements required to be filed by the Ceding Company with the Insurance Regulator in the Ceding Company Domiciliary State.

"<u>Reserve Credit Event</u>" means any event or circumstance that would cause the Ceding Company to not be permitted to receive Reserve Credit in the Ceding Company Domiciliary State [\*\*\*].

"<u>Reserve Credit Triggering Event</u>" means that a Reserve Credit Event has occurred and the Reinsurer has not remedied such event in accordance with the timeframe required in <u>Section 5.1</u>.

"<u>Restricted Assets</u>" has the meaning set forth in the Trust Agreement.

"<u>Revenue Sharing Fees</u>" has the meaning set forth in <u>Section 3.2(b)</u>.

"<u>SAP</u>" means, with respect to either Party, the statutory accounting principles prescribed by the Insurance Regulator for the jurisdiction in which such insurance company is domiciled consistently applied.

"<u>Securities Intermediary</u>" has the meaning set forth in the Account Control Agreement.

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"<u>Security Agreement</u>" means that certain Security Agreement, by and between the Reinsurer Hedge Party and the Ceding Company, dated as of the date hereof.

"<u>Security Incident</u>" has the meaning set forth in <u>Section 11.15(e)</u>.

"<u>Separate Account Change</u>" has the meaning set forth in <u>Section 2.10(b)</u>.

"<u>Separate Account Charges</u>" has the meaning set forth in <u>Section 3.2(b)</u>.

"<u>Separate Account Liabilities</u>" has the meaning set forth in <u>Section 2.10</u>.

"<u>Separate Account Reserves</u>" means, as of any date of determination, the aggregate amount of statutory reserves of the Ceding Company with respect to the Separate Account Liabilities (as would be described in Line 1, column 3 of the Liabilities section and Exhibit 3 of the Statutory Financial Statements related to separate accounts of the Ceding Company (or the equivalent exhibits or lines in the event of changes to the Ceding Company's Statutory Financial Statement subsequent to December 31, 2023)), calculated in accordance with the Ceding Company Domiciliary State SAP.

"<u>Separate Accounts</u>" means the registered and unregistered, insulated and uninsulated separate accounts of the Ceding Company to the extent applicable to the Reinsured Contracts, as identified in <u>Schedule F</u>, including the MSO Separate Account.

"<u>Statutory Book Value</u>" means the sum of (a) (x) with respect to any asset held in the Trust Account, the amount permitted to be carried by the Reinsurer as an admitted asset consistent with SAP applicable to the Reinsurer, consistently applied, and (y) with respect to any asset held in the Closed Block Modco Account or the MSO Separate Account, the amount permitted to be carried by the Ceding Company as an admitted asset consistent with SAP applicable to the Ceding Company, consistently applied plus (b) the accrued investment income on such asset.

"<u>Statutory Financial Statements</u>" means, with respect to any Person, the annual and quarterly statutory financial statements of such Person filed with the Insurance Regulator charged with supervision of such Person.

"<u>Subject UL Policies</u>" has the meaning set forth in the Recitals.

"<u>Subject YRT Reinsurance Agreement</u>" has the meaning set forth on <u>Schedule I</u>.

"<u>Subject YRT Reinsurer</u>" has the meaning set forth on <u>Schedule I</u>.

"<u>[\*\*\*] Reserve Financing</u>" means Reinsurance Agreement between the Ceding Company and [\*\*\*], effective [\*\*\*].

[\*\*\*]

"<u>Tax</u>" or "<u>Taxes</u>" has the meaning specified in the Master Transaction Agreement.

"<u>Terminated Contract</u>" has the meaning specified in <u>Section 2.7(c)</u>.

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"<u>Terminated Contract Transfer Amount</u>" means with respect to each Terminated Contract (a) (i) the Quota Share of the Net Ceding Company Coinsurance Statutory Reserves inclusive of such Terminated Contract, <u>minus</u> (ii) the Quota Share of the Net Ceding Company Coinsurance Statutory Reserves excluding such Terminated Contract, determined as of the Effective Time, plus interest thereon calculated at the Interest Rate from the Effective Time to the date of such transfer, <u>minus</u> (b) the Quota Share of the Policy Loan Balance with respect to such Terminated Contract as of the Effective Time, <u>plus</u> (c) the Quota Share of Additional Consideration received by the Reinsurer in respect of such Terminated Contract at or after the Effective Time to the date of such payment, <u>minus</u> (d) the Quota Share of Reinsured Liabilities paid by the Reinsurer in respect of such Terminated Contract at or after the Effective Time to the date of such payment, in the case of (c) and (d) with interest thereon, calculated at the Interest Rate from the date of payment or receipt, as applicable, to the date of such payment.

"<u>Termination Notice</u>" has the meaning set forth in <u>Section 8.3(b)</u>.

"<u>Termination Triggering Event</u>" means there has been a failure by the Ceding Company to timely pay any undisputed amounts due to the Reinsurer hereunder in an aggregate amount that exceeds $[\*\*\*] and such failure has not been cured within [\*\*\*] Business Days after written notice thereof from the Reinsurer.

"<u>Third-Party Claim</u>" has the meaning set forth in the Master Transaction Agreement.

"<u>Total Adjusted Capital</u>" means, with respect to any U.S. domiciled insurance company, as of any date of determination, total adjusted capital as calculated in accordance with the applicable Laws of such insurance company's domiciliary state as of such date of determination.

"<u>Transaction Agreements</u>" means, collectively, this Agreement, the Master Transaction Agreement, the Trust Agreement, the Security Agreement, the Account Control Agreement and the Investment Management Agreement.

"<u>Transaction IMR Amount</u>" means the amount of the IMR, calculated on an after-tax basis, that is created on the Closing Date as a direct result of the transfer of assets by the Ceding Company to the Reinsurer pursuant to <u>Section 3.1(a)</u>, determined in accordance with SAP applicable to the Ceding Company.

"<u>Transfer Lag Adjustment</u>" means the amount set forth in the Ceding Company's Closing Statement as the Transfer Lag Adjustment determined in accordance with the applicable provisions of Schedule 2.03(b) to the Master Transaction Agreement.

"<u>Transferred Investment Assets</u>" has the meaning set forth in the Master Transaction Agreement.

"<u>Trust Account</u>" means the trust account established by the Reinsurer for the benefit of the Ceding Company under the Trust Agreement.

"<u>Trust Account-Eligible Letters of Credit</u>" means one or more irrevocable letters of credit that (a) are permitted to be deposited and held in the Trust Account for the purposes set forth in

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<u>Section 5.9</u>, (b) satisfy the requirements of a Credit for Reinsurance Letter of Credit except that the named beneficiary of such letter of credit shall be the Trustee (in its capacity as trustee under the Trust Agreement) rather than the Ceding Company and shall reflect such other modifications as may be reasonably requested by the Trustee as a condition to holding such letter of credit in the Trust Account provided such modifications do not impair the Ceding Company's rights to instruct the Trustee to draw on such Trust Account-Eligible Letters of Credit pursuant to the terms of the Trust Agreement, (c) at the time the letter of credit was deposited into the Trust Account it was issued by a bank on the Ceding Company's list of Qualified LOC Providers that was most recently provided to the Reinsurer and (d) and payable upon the issuing bank's receipt of a notice that a specified event occurred, without the presentation of any other documents.

"<u>Trust Agreement</u>" means that certain Trust Agreement dated as of the date hereof by and among the Reinsurer, the Ceding Company and the Trustee, substantially in the form attached as <u>Exhibit 2</u>.

"<u>Trustee</u>" means the trustee under the Trust Agreement.

"<u>Unamortized IMR Amount</u>" means, as of any date of determination, (a) the Quota Share of the Existing IMR Amount which remains unamortized as of such date as set forth on <u>Schedule J-1</u>, plus (b) the Transaction IMR Amount which remains unamortized as of such date as set forth on <u>Schedule J-2</u> (as <u>Schedules J-1</u> and <u>J-2</u> are updated in accordance with <u>Section 2.13</u>), plus (c) the Post-Closing Date IMR Amount which remains unamortized as of such date.

"<u>Unamortized Net Statutory-to-Economic Reserve Adjustment</u>" means, as of any date of determination, an amount equal to the portion of the Net Statutory-to-Economic Reserve Adjustment as reflected in the Ceding Company's Final Closing Statement that is unamortized as of such date, which amortization shall begin on the Effective Time and shall amortize to zero monthly on a straight-line basis over a [\*\*\*] year period.

"<u>Unamortized Purchase Price Adjustment</u>" means, as of any date of determination, an amount equal to the portion of the Purchase Price Adjustment as reflected in the Ceding Company's Final Closing Statement that is unamortized as of such date, which amortization shall begin on the Effective Time and shall amortize to zero monthly on a straight-line basis over a [\*\*\*] year period.

"<u>VIO Separate Account</u>" means all Separate Accounts of the Ceding Company, excluding any MSO Separate Accounts.

**Article II.<br>BASIS OF REINSURANCE AND BUSINESS REINSURED**

**Section 2.1.<u>Coverage</u>**. Upon the terms and subject to the conditions and other provisions of this Agreement, as of the Effective Time, the Ceding Company hereby cedes to the Reinsurer, and the Reinsurer hereby agrees to reinsure and indemnify the Ceding Company (a) on a coinsurance basis, the Quota Share of the General Account Liabilities (other than the Regulatory Closed Block Liabilities) and (b) on a modified coinsurance basis, the Quota Share of (i) the Separate Account Liabilities, including the MSO Liabilities and (ii) the Regulatory Closed Block Liabilities, in each case, (x) arising on or after the Effective Time with respect to all Reinsured Contracts other than Regulatory Closed Block Policies and (y) whether arising before, on or after

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the Effective Time with respect to all Regulatory Closed Block Policies that have not been paid prior to the Effective Time (collectively, the "<u>Reinsured Risks</u>"). The reinsurance effective under this Agreement shall be maintained in force, without reduction, unless such reinsurance is terminated or recaptured as provided herein. For the avoidance of doubt, the Reinsurer shall have no Liability for Excluded Liabilities.

**Section 2.2.<u>Insurance Contract Changes</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Except (a) as directed or agreed by the Reinsurer in advance in writing, (b) for any changes initiated by the applicable Policyholder of any Reinsured Contract pursuant to the terms of such Reinsured Contract or (c) for any changes mandated by any Governmental Authority or any changes that are required as a result of a change in applicable Law, the Ceding Company shall not change the terms of any Reinsured Contract. This <u>Section 2.2</u> shall not apply to any changes to Non-Guaranteed Elements, which shall be governed exclusively by <u>Section 2.8</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The Parties agree and acknowledge that the policies set forth on <u>Schedule D</u> as originally attached to this Agreement are the Reinsured Contracts in-force as of June 30, 2024, and that during the first sixty (60) calendar days following the Closing Date, the Ceding Company will prepare and deliver to the Reinsurer an updated version of <u>Schedule D</u> that has been updated to reflect the Reinsured Contracts in-force as of the Effective Time. The Reinsurer shall have sixty (60) calendar days after the date on which the updated <u>Schedule D</u> is delivered to it to review such schedule, and the provisions of Section 2.04(e) of the Master Transaction Agreement shall apply *mutatis mutandis*. Following the Parties' agreement on the updated schedule, the Parties will attach such updated schedule to this Agreement as <u>Schedule D</u>, which updated schedule will replace <u>Schedule D</u> as originally attached to this Agreement; <u>provided</u> that, such final <u>Schedule D</u> shall have no effect on the definition or scope of Excluded Liabilities or the exclusion under this Agreement for Excluded Liabilities as so defined.

**Section 2.3.<u>Liability</u>**. Subject to the terms and conditions of this Agreement, the Reinsurer's liability under this Agreement shall attach as of the Effective Time and the Reinsurer's liability under this Agreement shall be subject in all respects to the same terms, rates and conditions with respect to the Reinsured Contracts as the Ceding Company, and, to the same modifications, alterations and cancellations of the Reinsured Contracts as the Ceding Company, the true intent of this Agreement being that the Reinsurer shall, subject to the express terms and conditions of this Agreement, follow the fortunes of the Ceding Company with respect to the Reinsured Liabilities. Nothing in the preceding sentence shall be construed or interpreted to expand, or otherwise increase, the Reinsurer's liability hereunder in any manner beyond that expressly set forth in this Agreement.

**Section 2.4.<u>Indemnity Reinsurance</u>**. This Agreement is an indemnity coinsurance agreement solely between the Ceding Company and the Reinsurer, and the performance of the obligations of each Party under this Agreement shall be rendered solely to the other Party. The Ceding Company shall be and shall remain the only Party hereunder that is liable to any insured, Policyholder, claimant or beneficiary under any policy reinsured hereunder.

**Section 2.5.<u>Territory</u>**. The territorial limits of this Agreement shall be identical with those of the Reinsured Contracts.

**Section 2.6.<u>Reinstatements</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)If any Reinsured Contract that has lapsed after the Effective Date is subsequently reinstated prior to the termination of this Agreement in accordance with the Reinstatement Procedures set forth on <u>Schedule C-3</u>, or as otherwise required by applicable Law or directed by a Governmental Authority, the reinsurance for such Reinsured Contract under this Agreement shall be reinstated automatically. The Ceding Company shall pay the Reinsurer the

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Quota Share of all amounts received by the Ceding Company in connection with the reinstatement of such Reinsured Contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)With respect to any life policies issued by the Ceding Company prior to July 1, 2024 and of a type described in <u>Schedule C-1</u> that lapsed prior to the Effective Time and is subsequently reinstated on or after the Effective Time and prior to the termination of this Agreement in accordance with the Reinstatement Procedures set forth on <u>Schedule C-3</u>, the reinsurance for such policy under this Agreement shall become effective automatically upon its reinstatement. In each case, the Ceding Company shall transfer into the Trust Account, in connection with the effectiveness of the reinsurance hereunder with respect to any such reinstatement, cash and/or Eligible Assets having a Fair Market Value equal to (i) without duplication of amounts in clause (ii), the Quota Share of the Net Ceding Company Coinsurance Statutory Reserves attributable to such Reinsured Contract determined as of the date of reinstatement to the extent the calculation of the Initial Premium as finally determined and transferred to the Reinsurer did not reflect inclusion of the lapsed policy, <u>plus</u> (ii) the Quota Share of all amounts received by the Ceding Company in connection with the reinstatement of such Reinsured Contract.

**Section 2.7.<u>Discovered In-Force Policies and Lapsed Policies</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)If, after the Closing Date, the Ceding Company becomes aware of any Discovered Contracts within twelve (12) months of the Closing Date, the Parties shall cooperate in good faith to include such Discovered Contract as a Reinsured Contract as though it had originally been included as such as of the Effective Time; provided that (i) any Discovered Contract for which the Ceding Company has provided the Reinsurer with reasonable evidence that the Reinsurer has been compensated for assuming such Discovered Contract will be deemed a Reinsured Contract without any further action from the Parties; (ii) for any Discovered Contracts for which the Ceding Company has not provided the Reinsurer with reasonable evidence that the Reinsurer has been compensated for assuming such Discovered Contract, the Ceding Company shall transfer to the Trust Account cash and/or other Eligible Assets having a Fair Market Value equal to the Discovered Contract Transfer Amount with respect to such Discovered Contracts within five (5) Business Days after the calculation thereof; (iii) to the extent the Quota Share of the Net Ceding Company Coinsurance Statutory Reserves for Discovered Contracts in the aggregate is equal to or less than $[\*\*\*], such Discovered Contracts shall be reinsured under this Agreement without the consent of the Reinsurer; (iv) if the Quota Share of the Net Ceding Company Coinsurance Statutory Reserves for Discovered Contracts in the aggregate exceeds $[\*\*\*], such Discovered Contracts that result in the Quota Share of the Net Ceding Company Coinsurance Statutory Reserves exceeding $[\*\*\*] shall be reinsured under this Agreement only with the prior written consent of the Reinsurer; and (v) to the extent the aggregate face amount attributable to Discovered Contracts under this Agreement is equal to or exceeds $[\*\*\*], such Discovered Contracts that have a face amount in excess of such amount shall be reinsured under this Agreement only with the prior written consent of the Reinsurer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)If, at any time following the Closing Date, either the Ceding Company or the Reinsurer finds that a policy listed on <u>Schedule D</u> had terminated prior to the Effective Time (a "<u>Terminated Contract</u>"), such Party shall promptly notify the other Party in writing of the existence of such Terminated Contract. Any Terminated Contract discovered during such period shall be deemed to be removed from <u>Schedule D</u>. The Ceding Company shall calculate the Terminated Contract Transfer Amount for such Terminated Contract. The Reinsurer shall transfer to the Ceding Company cash and/or other Eligible Assets having a Fair Market Value equal to such Terminated Contract Transfer Amount with the next monthly settlement after the calculation thereof. The effective date with respect to the transfer of any Terminated Contract pursuant to this <u>Section 2.7(b)</u> shall be the date assets in the relevant amount in respect thereof are transferred by the Reinsurer to the Ceding Company.

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**Section 2.8.<u>Non-Guaranteed Elements</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Ceding Company shall establish all Non-Guaranteed Elements in accordance with (i) the Ceding Company's methodologies and procedures in effect as of the Effective Date as set forth on <u>Schedule L</u> or as otherwise contemplated on <u>Schedule L</u> and (ii) all Non-Guaranteed Elements that are not addressed on <u>Schedule L</u> in accordance with its historical practice regarding such Non-Guaranteed Elements and consistent with the written terms of the Reinsured Contracts, applicable Law, and Actuarial Standards of Practice promulgated by the Actuarial Standards Board governing redetermination of non-guaranteed charges, in each case of (i) and (ii) unless otherwise required by applicable Law. The Reinsurer is entering into this Agreement in reliance on the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The Ceding Company shall consult with the Reinsurer on the setting of Non-Guaranteed Elements prior to making any material changes thereto. From and after the Closing Date, the Reinsurer may, from time to time, make recommendations to the Ceding Company with respect to Non-Guaranteed Elements so long as the recommendations comply with the written terms of the Reinsured Contracts, applicable Law and Actuarial Standards of Practice promulgated by the Actuarial Standards Board governing redetermination of non-guaranteed charges ("<u>Reinsurer's Recommendations</u>"). The Ceding Company shall fully consider any such Reinsurer's Recommendations and act reasonably and in good faith in determining whether any such Reinsurer's Recommendations should be accepted; provided that the Ceding Company is not required to implement any of Reinsurer's Recommendations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Notwithstanding anything in this <u>Section 2.8</u>, with respect to the Reinsured Contracts ceded under the Subject YRT Reinsurance Agreement, the Ceding Company and the Reinsurer shall consult in good faith to determine whether to follow the recommendations of the Subject YRT Reinsurer with respect to the setting of post-level term premium rates under such Reinsured Contracts, and the Ceding Company shall not follow such recommendations without the Reinsurer's consent (such consent not to be unreasonably withheld, conditioned or delayed). In the event the Ceding Company does not follow any such recommendation, the provisions in <u>Section 2.11(b)</u> shall apply to determine the course of conduct (e.g., accept the resulting reinsurance premium rate increase or recapture the business reinsured) to be taken by the Ceding Company under the Subject YRT Reinsurance Agreement as result of such election.

**Section 2.9.<u>Retrocession</u>**. The Reinsurer shall be permitted to retrocede or otherwise transfer to any Person all or any portion of the Reinsured Risks; <u>provided</u> that no such retrocession or transfer shall relieve the Reinsurer of any of its obligations under this Agreement or any other Transaction Agreement. Notwithstanding anything in this Agreement to the contrary, the Reinsurer shall not retrocede Reinsured Risks to any Captive Reinsurer.

**Section 2.10.<u>Separate Accounts</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Notwithstanding anything contained in this Agreement to the contrary, for each of the Reinsured Contracts that relate to the Separate Account Liabilities, the amount allocated to the Separate Accounts in accordance with the terms of such Reinsured Contracts shall be held by the Ceding Company in the Separate Accounts, and Premiums with respect to such Reinsured Contracts shall be deposited in the Separate Accounts to the extent required to be deposited therein by the terms of such Reinsured Contracts. From and after the Closing Date, the Ceding Company shall retain and own all assets contained in the Separate Accounts and shall hold the Separate Account Reserves with respect to the Reinsured Contracts that are funded, in whole or in part, by one or more of the Separate Accounts and such Separate Account Reserves shall be reported by the Ceding Company on its Separate Account balance sheets, consistent with the Ceding Company Domiciliary State SAP. For each Reinsured Contract that relates to the Separate Account Liabilities, the Reinsurer shall transfer to the Ceding Company for deposit into the Separate Accounts the Quota Share of any additional amounts required to be deposited into the Separate

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Accounts after the Effective Time pursuant to the terms of the applicable Reinsured Contract, in each case, except to the extent that such amounts have been previously paid or provided for pursuant to the Net Settlement. All amounts to be paid with respect to death benefits, surrenders, periodic payments, other optional benefits, compensation or any other amounts with respect to such Reinsured Contracts that by the terms of such Reinsured Contracts contemplate payment from the Separate Accounts (the "<u>Separate Account Liabilities</u>") shall be paid out of the Separate Accounts to the extent so contemplated. For the avoidance of doubt, the Ceding Company shall withdraw from the Separate Accounts all mortality and expense risk charges and any other fees or charges that are payable from the account values of the Reinsured Contracts. As of the Closing Date, in accordance with <u>Section 3.1(d)</u> below, the Parties will record on their respective books and records an initial modified coinsurance reserve adjustment to the extent necessary to reflect the cession of the Quota Share of the Separate Account Liabilities hereunder on a modified coinsurance basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Except as consented to in writing by the Reinsurer (such consent not to be unreasonably withheld, conditioned or delayed) or as required by a vote of Policyholders, neither the Ceding Company nor its Affiliates (unless such Affiliates are required to so act under applicable Law (including, without limitation, common law or statutory fiduciary duties)) shall initiate, consent to or otherwise permit a change to the investment options or underlying investment funds available through the Separate Accounts under the Reinsured Contracts or the terms or conditions of any agreements between the Ceding Company and a variable investment trust or other investment vehicle offered as an investment option in the Separate Accounts with respect to the Reinsured Contracts (including any plan of operations for any Separate Accounts) that at the time of such change is reasonably expected to result in, in the aggregate with respect to the Reinsured Contracts, and considering all positive and adverse effects thereof on the Reinsurer, a non-de minimis reduction in the Revenue Sharing Fees payable to the Reinsurer (each, a "<u>Separate Account Change</u>"), other than for any Separate Account Change required by the terms of such Reinsured Contracts, any Governmental Order or any applicable Law, in which case the Ceding Company shall, to the extent practicable and legally permissible, consult with the Reinsurer as to any such Separate Account Change. The Parties agree that any actions taken by the board of directors, trustees or beneficial owners of an investment vehicle or investment option offered in a Separate Account shall not be subject to any right of the Reinsurer to consent to, or be consulted with respect to, such action, except to the extent the Ceding Company or any of its Affiliates (unless such Affiliates may not give effect to such Reinsurer consent or consultation right under applicable Law (including, without limitation, common law or statutory fiduciary duties)) has a right to consent to, or be consulted with respect to, such action.

**Section 2.11.<u>Existing Reinsurance</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)[\*\*\*].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)From and after the Effective Time, except as required to comply with applicable Law, the Ceding Company shall not voluntarily amend, terminate or recapture any Existing Reinsurance Agreement with respect to the Reinsured Contracts or enter into any new reinsurance agreement that would constitute an Existing Reinsurance Agreement with respect to any of the Reinsured Contracts without the Reinsurer's prior written consent, which shall not be unreasonably withheld, conditioned or delayed. Notwithstanding the foregoing, where by operation of the terms and conditions of any Existing Reinsurance Agreement, the Ceding Company is required to select one amongst two or more courses of conduct (e.g., accept a reinsurer's rate increase or recapture the business reinsured), the Reinsurer shall not be permitted to withhold its consent to both courses of conduct (e.g., the Reinsurer must consent to one) and as to the selection of which course of conduct, the Parties shall consult in good faith to reach agreement on a mutually acceptable decision as to the course of conduct to be selected. [\*\*\*].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)For the avoidance of doubt, the Quota Share of all liabilities ceded under the terms of any Existing Reinsurance Agreement, as shall be terminated or recaptured or as may be

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reduced or altered to reflect any amendment of such Existing Reinsurance Agreement as permitted by <u>Section 2.11(b)</u>, shall be ceded automatically hereunder to the Reinsurer without any further action, subject to the receipt by the Reinsurer of the Quota Share of any recapture or termination payments received by the Ceding Company in respect thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Nothing contained in this Section 2.11 shall be construed as prohibiting the Ceding Company from ceding its net retention to its Affiliates as permitted by <u>Section 2.12</u> of this Agreement.

**Section 2.12.<u>Net Retention</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Ceding Company and its Affiliates (provided that each such Affiliate is a direct or indirect wholly-owned subsidiary of the same Person that directly or indirectly wholly-owns the Ceding Company, and only for so long as such Affiliate(s) satisfies the foregoing criteria), in the aggregate, shall retain, net for their own account (and not reinsured or retroceded other than to Affiliates that satisfy the foregoing criteria applicable to Affiliates), not less than [\*\*\*]% of each of the General Account Liabilities, Separate Account Liabilities and the Regulatory Closed Block Liabilities. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)[\*\*\*].

**Section 2.13.<u>Existing IMR Amount; Transaction IMR Amount</u>**. The Parties agree that (a) the amortization of the Existing IMR Amount and the Transaction IMR Amount set forth on <u>Schedules J-1</u> and <u>J-2</u>, respectively, attached to this Agreement reflects estimated information as of the close of business on the Business Day immediately preceding the Closing Date, (b) the Ceding Company shall provide updated <u>Schedules J-1</u> and <u>J-2</u>, in each case, reflecting information as of the Closing Date no later than five (5) Business Days following finalization of the Final Closing Statement (as defined in the Master Transaction Agreement) pursuant to Section 2.04 of the Master Transaction Agreement, and (c) such updated schedules shall be attached to this Agreement and replace <u>Schedules J-1</u> and <u>J-2</u> as originally attached to this Agreement. Until such time as <u>Schedules J-1</u> and <u>J-2</u> are updated in accordance with this <u>Section 2.13</u>, clauses (a) and (b) of the calculation of Unamortized IMR Amount used in the calculation of the Required Balance shall be calculated using Schedules J-1 and J-2 as originally attached to this Agreement.

**Section 2.14.<u>Conversions, Exchanges and Replacements</u>**. In the event of an exchange, conversion or replacement of a Reinsured Contract after the Effective Time in accordance with the terms of such Reinsured Contract, such exchange, conversion or replacement shall be treated as a lapse of such Reinsured Contract for purposes of this Agreement and the policy issued in connection with such exchange, conversion or replacement shall not be considered a Reinsured Contract or otherwise reinsured under this Agreement. 

**Article III.<br>PAYMENTS; ADDITIONAL CONSIDERATION**

**Section 3.1.<u>Initial Premium</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)As initial consideration for the Reinsurer entering into this Agreement (the "<u>Initial Premium</u>"), the Reinsurer shall be entitled to cash and/or Eligible Assets having an aggregate Fair Market Value as of the Closing Date equal to the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)the Reinsurance Premium, <u>minus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)the Quota Share of the Policy Loan Balance as of the Effective Time, <u>plus</u>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)the Purchase Price Adjustment; <u>plus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)the Transfer Lag Adjustment; <u>plus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)the Adjustment for FMV of IUL Product.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)On the Closing Date, the Ceding Company shall transfer to the Trust Account, on behalf of the Reinsurer, the Transferred Investment Assets in an amount equal to the Estimated Initial Premium pursuant to Section 2.03 of the Master Transaction Agreement and as set forth in the Estimated Closing Statement delivered thereunder. To the extent required pursuant to <u>Section 5.2(b)</u>, the Reinsurer shall deposit additional Eligible Assets into the Trust Account concurrent with the Closing. Each of the Initial Premium, Transferred Investment Assets and Initial Required Balance will be estimated, determined, adjusted and paid in accordance with Article II of the Master Transaction Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The Ceding Company and the Reinsurer agree that (i) the Quota Share of the Existing IMR Amount (as of the Closing Date), (ii) the Transaction IMR Amount (as of the Closing Date) and (iii) the Unamortized IMR Amount (as set forth on <u>Schedules J-1</u> and <u>J-2</u>, respectively, as of the relevant date of determination) shall be ceded to and held by the Reinsurer, and the Ceding Company shall have no obligation during the term of this Agreement to maintain any IMR relating to the Existing IMR Amount, the Transaction IMR Amount or the Post-Closing Date IMR Amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)As additional consideration for the reinsurance by the Reinsurer of the Quota Share of the Separate Account Liabilities under this Agreement, on the Closing Date, the Ceding Company shall transfer to the Reinsurer an amount equal to the net of (i) <u>minus</u> (ii) where (i) is an amount equal to the Quota Share of the Separate Account Liabilities as of the Effective Time and (ii) is an Initial Modco Reserve Adjustment. The "<u>Initial Modco Reserve Adjustment</u>" shall be equal to the Quota Share of the Separate Account Liabilities as of the Effective Time.

**Section 3.2.<u>Additional Consideration</u>**. As additional consideration for the Reinsurer entering into this Agreement, the Reinsurer shall be entitled to the Quota Share of the following amounts (except to the extent such amounts directly arise from a Ceding Company Extra-Contractual Obligation) received at or after the Effective Time by the Ceding Company in respect of the Reinsured Contracts (the "<u>Additional Consideration</u>"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Premiums;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)(i) mortality and expense risk charges, administrative expense charges, rider charges, contract maintenance charges, back-end sales loads and other considerations billed separately for the Reinsured Contracts collected by the Ceding Company, and any other charges, fees, and similar amounts received by the Ceding Company from the Separate Accounts with respect to the Reinsured Contracts, (ii) all revenue sharing fees, service fees, distribution fees and other amounts from or in respect of any mutual fund organization's mutual funds as funding vehicles to the extent attributable to the Reinsured Contracts received by the Ceding Company or any of its Affiliates, including amounts received pursuant to a plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended, minus the amount of (1) the administrative fees set forth on <u>Schedule K</u>, which are currently being paid to Equitable Investment Management LLC, and (2) the sub-advisory fees and fund reimbursements incurred by the Ceding Company or its Affiliates with respect to such mutual funds and attributable to the Reinsured Contracts (all fees payable under clause (ii) of this <u>Section 3.2(b)</u>, "<u>Revenue Sharing Fees</u>"), and (iii) all other amounts received by the Ceding Company with respect to the Reinsured Contracts (other than those described in clauses (i) or (ii) or with respect to Ceding Company Extra-Contractual Obligations) (collectively, the "<u>Separate Account Charges</u>");

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Without duplication of amounts in clauses (a) or (b) of this <u>Section 3.2</u>, all amounts that are transferrable from the Separate Accounts to the general account of the Ceding Company in respect of the Reinsured Contracts; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Reinsurance Recoveries.

**Section 3.3.<u>Net Settlement</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)During the term of this Agreement, a settlement amount between the Ceding Company and the Reinsurer as of the last day of each Monthly Accounting Period (the "<u>Net Settlement</u>") shall be calculated by the Ceding Company, and a statement setting forth details of such calculation (the "<u>Monthly Settlement Statement</u>") in the form as set forth as <u>Exhibit 1</u>, shall be delivered by the Ceding Company to the Reinsurer no later than eighteen (18) Business Days following the end of such Monthly Accounting Period; [\*\*\*]. If the amount of the Net Settlement for such Monthly Accounting Period is positive, the Ceding Company shall pay such amount in cash to the Reinsurer within twenty (20) days after its delivery of the Monthly Settlement Statement for such period to the Reinsurer. If the amount of the Net Settlement for such Monthly Accounting Period is negative, the Reinsurer shall pay the absolute value of such amount in cash to the Ceding Company within twenty (20) days after its receipt of the Monthly Settlement Statement for such period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)the Net Settlement with respect to each Monthly Accounting Period (or, with respect to items (vii) through (ix) below, each Quarterly Accounting Period) shall be an amount equal to the following (without duplication):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)the Quota Share of the Additional Consideration received by the Ceding Company during such Monthly Accounting Period; <u>minus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)the Quota Share of the Reinsured Liabilities paid by the Ceding Company during such Monthly Accounting Period; <u>plus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)the Quota Share of the Reinsured Liabilities paid by the Ceding Company with assets in the Designated Administrative Account during such Monthly Accounting Period; <u>minus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)the Expense Allowances for such Monthly Accounting Period; <u>minus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)the Quota Share of all amounts payable to Producers with respect to the Reinsured Contracts and described on <u>Schedule Q</u>; <u>minus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)the Quota Share of Allocated Premium Taxes; <u>minus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)the Quota Share of the MSO Modco Reserve Adjustment, which amount will only be included in the Monthly Settlement Statement and the corresponding calculation of the Net Settlement for the final month of each calendar quarter; <u>plus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)the Quota Share of the MSO Hedge P&L, which amount will only be included in the Monthly Settlement Statement and the corresponding calculation of the Net Settlement for the final month of each calendar quarter; <u>plus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix)the Regulatory Closed Block Quarterly Settlement, which amount will only be included in the Monthly Settlement Statement and the corresponding calculation of the Net Settlement for the first month following the calendar

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quarter for which such Regulatory Closed Block Quarterly Settlement is being calculated; <u>minus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)the Modco Reserve Adjustment with respect to such Monthly Accounting Period as described in <u>Section 3.11</u>.

**Section 3.4.<u>Delayed Payments</u>**. If there is a delayed settlement of any payment due hereunder, interest will accrue on such overdue payment at the Interest Rate until settlement is made. For purposes of this <u>Section 3.4</u>, a payment will be considered overdue, and such interest will begin to accrue, on the first day immediately following the date such payment is due. For greater clarity, a payment shall be deemed to be due hereunder on the last date on which such payment may be timely made under the applicable provision.

**Section 3.5.<u>Defenses</u>.** The Reinsurer accepts, reinsures and assumes the Reinsured Risks subject to any and all defenses, set-offs and counterclaims to which the Ceding Company would be entitled with respect to the Reinsured Risks, it being expressly understood and agreed to by the Parties that no such defenses, set-offs, or counterclaims are or shall be waived by the execution and delivery of this Agreement or the consummation of the transactions contemplated hereby and that the Reinsurer is and shall be fully subrogated in and to all such defenses, set-offs and counterclaims.

**Section 3.6.<u>Offset</u>**. Except as otherwise provided under applicable Law, any undisputed debits or credits incurred between the Parties on and after the Effective Time in favor of or against either the Ceding Company or the Reinsurer with respect to this Agreement are deemed mutual debits or credits, as the case may be, and shall be set off or recouped, and only the net balance shall be allowed or paid. In the event of any liquidation, insolvency, rehabilitation, conservatorship or comparable proceeding by or against the Ceding Company or the Reinsurer, the rights of offset and recoupment set forth in this <u>Section 3.6</u> shall apply to the fullest extent permitted by applicable Law.

**Section 3.7.<u>Establishment of the Regulatory Closed Block Modco Account.</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)On the Closing Date, the Ceding Company shall establish a notional modified coinsurance account (the "<u>Closed Block Modco Account</u>") and allocate thereto all cash and investment assets allocated to the Closed Block on the Closing Date (the "<u>Initial Closed Block Assets</u>"). From and after the Closing Date, the Ceding Company shall continue to allocate to the Closed Block Modco Account all cash and investment assets allocated to the Closed Block in accordance with the Plan of Reorganization (the Initial Closed Block Assets and all other cash and investment assets allocated to the Closed Block Modco Account pursuant to this Agreement, the "<u>Closed Block Reinsurance Assets</u>"). The Ceding Company will maintain the Closed Block Modco Account and will retain, control and own all Closed Block Reinsurance Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The Closed Block Reinsurance Assets shall be invested by the Ceding Company or by an investment manager appointed by the Ceding Company in accordance with the Plan of Reorganization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Assets in the Closed Block Modco Account may be withdrawn and applied by the Ceding Company or any successor of the Ceding Company by operation of law without diminution because of insolvency on the part of the Ceding Company or the Reinsurer solely for the purposes of discharging the Regulatory Closed Block Liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)The Monthly Settlement Statement delivered in respect of the first month following each calendar quarter shall include a settlement for amounts due with respect to such calendar quarter related to the Regulatory Closed Block Policies and the Closed Block Modco Account in the form set forth on <u>Schedule T</u> (the "<u>Regulatory Closed Block Quarterly Settlement</u>").

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)The Regulatory Closed Block Quarterly Settlement with respect to each Monthly Accounting Period for which it is due shall be an amount equal to the following:

&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;(1)The Regulatory Closed Block Modco Account Adjustment; <u>plus</u>

&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;(2)The Closed Block Quarterly Residual Investment Income for the current quarter; <u>minus</u>

&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;(3)The Expense Allowance allocated to the Regulatory Closed Block Policies for the current calendar quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)If any Regulatory Closed Block Quarterly Settlement is positive, such amount shall be credited to the Reinsurer in accordance with <u>Section 3.3(b)</u>. If any Regulatory Closed Block Quarterly Settlement is negative, the absolute value of such amount shall be credited to the Ceding Company in accordance with <u>Section 3.3(b)</u>.

**Section 3.8. <u>MSO Modco Account</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)On the Closing Date, the Ceding Company shall establish a modified coinsurance account (the "<u>MSO Modco Account</u>") and allocate thereto (i) the MSO Hedges and (ii) the MSO Investment Assets having, in aggregate, a Fair Market Value (in the case of the MSO Hedges) and a Statutory Book Value (in the case of the MSO Investment Assets) equal to the MSO Reserves as of the Effective Time. From and after the Closing Date, the Ceding Company shall maintain in the MSO Modco Account, MSO Hedges and MSO Investment Assets having, in aggregate, a Fair Market Value (in the case of the MSO Hedges) and a Statutory Book Value (in the case of the MSO Investment Assets) equal to the MSO Reserves, as determined as often as agreed by the Parties but no less frequently than quarterly in accordance with this Agreement. For greater clarity, the MSO Modco Account shall consist of (x) an account established by the Ceding Company within its general account or the MSO Separate Account, to which the MSO Hedges shall be credited and (y) an account established by the Ceding Company within the MSO Separate Account, to which the MSO Investment Assets shall be credited. The Ceding Company will maintain the MSO Modco Account and will retain, control and own all MSO Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)At the end of each Quarterly Accounting Period, the Ceding Company shall calculate the MSO Modco Reserve Adjustment for such Quarterly Accounting Period (each, a "<u>MSO Modco Reserve Adjustment</u>") in an amount equal to:

&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;(i)the MSO Reserves as of the end of the Quarterly Accounting Period; <u>minus</u>

&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;(ii)the MSO Reserves as the beginning of such Quarterly Accounting Period; <u>minus</u>

&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;(iii)the MSO Modco Investment Credit.

(c)If any MSO Modco Reserve Adjustment is positive, the Quota Share of such amount shall be credited to the Ceding Company in accordance with <u>Section 3.3(b)</u>. If any MSO Modco Reserve Adjustment is negative, the Quota Share of the absolute value of such amount shall be credited to the Reinsurer in accordance with <u>Section 3.3(b)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)The Ceding Company shall purchase and manage MSO Hedges and MSO Investment Assets in good faith and in accordance with the plan of operations for the MSO Separate Account and the MSO Investment Guidelines; <u>provided</u>, <u>however</u>, that the Reinsurer shall be permitted to direct the Ceding Company or its investment manager with regard to the management

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of MSO Hedges and/or MSO Investment Assets (including directing purchases and dispositions) (provided that such directions conform to the MSO Investment Guidelines) as follows:

&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;(i)If the Ceding Company has breached the MSO Investment Guidelines and has failed to cure such breach within ten (10) days following written notice from the Reinsurer, then the Reinsurer shall be permitted to direct the Ceding Company or its investment manager with respect to purchases and dispositions of MSO Hedges and MSO Investment Assets until such time as the MSO Hedges and MSO Investment Assets comply with the MSO Investment Guidelines for three (3) consecutive Monthly Accounting Periods;

&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;(ii)if, during any two (2) consecutive Quarterly Accounting Periods, the MSO Investment Assets Net Cash Flow is less than [\*\*\*], then the Reinsurer shall be permitted to direct the Ceding Company or its investment manager with respect to purchases and dispositions of MSO Hedges and MSO Investment Assets until such time (if any) that the MSO Investment Assets Net Cash Flow exceeds [\*\*\*] for two (2) consecutive Quarterly Accounting Periods; and

&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;(iii)if the Quota Share of the MSO Reserves exceeds $[\*\*\*], then the Reinsurer shall be permitted to direct the Ceding Company or its investment manager with respect to purchases and dispositions of MSO Hedges and MSO Investment Assets until such time as the Quota Share of the MSO Reserves does not exceed $[\*\*\*].

(iv)The Reinsurer's rights set forth in clause (i) above shall be without limitation of its rights under this Agreement or applicable Law due to a breach by the Ceding Company of the MSO Investment Guidelines.

**Section 3.9.<u>Reports from the Reinsurer</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)With respect to quarters other than the last quarter of a calendar year, the Reinsurer shall provide to the Ceding Company, by the relevant Capital Reporting Deadline, a certification of an officer of the Reinsurer certifying the RBC Ratio of the Reinsurer as of the last day of the immediately preceding calendar quarter based on the Reinsurer's good faith estimate using, to the extent any factors are not reasonably available, amounts based on reasonable estimation and annualization, of its RBC Ratio as of the last day of the immediately preceding calendar quarter. Such quarterly certifications of the Reinsurer's RBC Ratio may be estimated and expressed in [\*\*\*]% ranges (e.g., between [\*\*\*]% - [\*\*\*]%); provided, however, that if the Reinsurer's RBC Ratio is below [\*\*\*]%, such certification shall be expressed to the nearest [\*\*\*]%. With respect to the last quarter of a calendar year, the Reinsurer shall provide to the Ceding Company, by the relevant Capital Reporting Deadline, a certification of an officer of the Reinsurer certifying the actual RBC Ratio of the Reinsurer as calculated by the Reinsurer as of the last day of the immediately preceding calendar year or, if the Reinsurer has not delivered its actual RBC Ratio to the applicable Insurance Regulator by the relevant Capital Reporting Deadline, then (i) the Reinsurer shall, by the relevant Capital Reporting Deadline, certify its RBC Ratio to the Ceding Company as of the last day of the immediately preceding calendar year based on its good faith estimate thereof using, to the extent any factors are not reasonably available, amounts based on reasonable estimation and annualization, along with an explanation in reasonable detail of why the Reinsurer was unable to certify as to its actual RBC Ratio, and (ii) promptly following delivery of its actual RBC Ratio to the applicable Insurance Regulator, the Reinsurer shall deliver a certification of an officer of the Reinsurer certifying the actual RBC Ratio of the Reinsurer as calculated by the Reinsurer as of the last day of the immediately preceding calendar year. In

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addition, if the RBC Ratio of the Reinsurer as of any calendar quarter-end is below the RBC Ratio set forth in clause (b) or clause (d) of the definition of "FMV Required Balance" or below the RBC Ratio set forth in clause (a) of the definition of "Recapture Triggering Event" and has been cured, the Reinsurer shall provide to the Ceding Company evidence that such shortfall has been cured. In the event the Reinsurer fails to provide a certificate when required pursuant to this <u>Section 3.9(a)</u> and such failure has not been cured within [\*\*\*] Business Days after receipt of notice of such failure from the Ceding Company, the RBC Ratio of the Reinsurer shall be deemed to be less than the RBC Ratio set forth in clause (a) of the definition of "Recapture Triggering Event" until such time as the Reinsurer delivers a certification of an officer of the Reinsurer certifying the RBC Ratio of the Reinsurer as of the last day of the immediately preceding calendar quarter, at which time Reinsurer's RBC Ratio shall cease to be deemed to be less than such threshold.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Each Party shall provide prompt written notice to the other Party of the occurrence of any FMV Triggering Event or Recapture Triggering Event after it becomes aware of such occurrence. In addition, the Reinsurer shall cooperate fully with the Ceding Company and promptly respond to the Ceding Company's reasonable inquiries from time to time concerning the determination of whether an FMV Triggering Event or Recapture Triggering Event has occurred or is likely to occur.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Promptly after the Ceding Company's request, the Reinsurer shall provide to the Ceding Company a copy of the Reinsurer's most recent annual and quarterly Statutory Financial Statement and a copy of its most recent annual audited Statutory Financial Statement, along with the audit report thereon, in each case, that have been filed with the insurance regulatory authority in the Reinsurer's state of domicile.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)At the Ceding Company's reasonable request, the Reinsurer shall meet with the Ceding Company and its Representatives upon reasonable notice and during business hours and for a reasonable period of time, and will provide to the Ceding Company additional financial and operational materials, as well as access to the Reinsurer's senior financial officers, on (i) the Reinsurer's then-current financial condition and continuing creditworthiness and (ii) the Reinsurer's valuation and other information requested by the Ceding Company with respect to the assets held in the Trust Account, provided such requests and access do not unreasonably interfere with the conduct of the business of the Reinsurer (including its relationships with its Insurance Regulators). In addition, upon any reasonable request from the Ceding Company or its Representatives, subject to the Ceding Company's or such Representatives adhering to the Reinsurer's generally applicable documented confidentiality and security processes and procedures, the Reinsurer shall (1) provide to the Ceding Company and its Representatives reasonable access during normal business hours to the Reinsurer's books and records pertaining to the Reinsured Contracts, the Reinsured Liabilities, this Agreement or Ceding Company's rights hereunder, provided such access shall not unreasonably interfere with the conduct of the business of the Reinsurer (including its relationships with its Insurance Regulators), and (2) permit the Ceding Company and its Representatives to inspect and photocopy such books and records at their own cost. Nothing herein shall (x) require the Reinsurer to disclose any information to the Ceding Company or its Representatives if such disclosure would jeopardize any attorney-client privilege, the work product immunity or any other legal privilege or similar doctrine or contravene any applicable Law or any contract (including any confidentiality agreement to which the Reinsurer or any of its Affiliates is a party); it being understood that the Reinsurer shall use its reasonable best efforts to enable such information to be furnished or made available to the Ceding Company or its Representatives without so jeopardizing privilege or contravening such applicable Law (including redacting information or entering into joint defense agreements with the Ceding Company on mutually agreeable terms) or (y) require the Reinsurer to disclose its Tax records or any personnel or related records (except with respect to Premium Taxes and similar Taxes related to the Reinsured Contracts).

**Section 3.10.<u>Reports from the Ceding Company</u>.**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)For so long as this Agreement remains in effect, the Ceding Company shall provide to the Reinsurer the reports set forth on <u>Schedule H</u> ("<u>Ceding Company Reports</u>") in form and substance accurate and complete in all material respects, and within the applicable time periods listed therein; [\*\*\*].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)If the Ceding Company Reports for the Monthly Accounting Period that ends immediately after the Interim Reporting Period do not satisfy the Key Performance Indicators set forth on <u>Schedule H</u>, then such failure shall be considered a "<u>KPI Failure</u>". In such event, Ceding Company Reports delivered by the Ceding Company for subsequent Monthly Accounting Periods shall be tested against the Key Performance Indicators and, if such Ceding Company Reports for a Monthly Accounting Period do not satisfy the Key Performance Indicators, each such failure with respect to Ceding Company Reports for a Monthly Accounting Period shall be considered a separate "KPI Failure." Notwithstanding anything in this <u>Section 3.10(b)</u> to the contrary, following the Interim Reporting Period, upon the delivery of Ceding Company Reports for a Monthly Accounting Period where such Ceding Company Reports satisfy the Key Performance Indicators, the failure of Ceding Company Reports delivered for subsequent Monthly Accounting Periods to satisfy the Key Performance Indicators shall not be considered a "KPI Failure".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The Ceding Company shall prepare any other reports reasonably requested by the Reinsurer in connection with the Reinsured Contracts and Reinsured Liabilities, so long as the Ceding Company has the general ability to produce such other reports as reasonably determined by the Ceding Company with reference to its then current operations ("<u>Additional Reports</u>"). Except to the extent that the Ceding Company prepares such Additional Reports in the ordinary course of business, the Reinsurer shall reimburse the Ceding Company for any actual costs the Ceding Company incurs in preparing any such Additional Reports. Any Additional Reports required to be prepared by the Ceding Company shall be prepared and delivered to the Reinsurer within the time agreed by the Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)The Ceding Company Reports and Additional Reports shall be prepared (a) using a standard of care and policies and procedures that are in all material respects at least as stringent as that employed by the Ceding Company for its other similar reinsured business, (b) in accordance with the terms and conditions of this Agreement, and (c) with the skill, diligence and expertise that would reasonably be expected from experienced and qualified personnel performing such duties in like circumstances. At the request of the Reinsurer, the Ceding Company and the Reinsurer shall meet, either in person or telephonically, from time to time as necessary or appropriate to discuss the Ceding Company Reports and Additional Reports, as applicable, to ensure that such reports are prepared in accordance with the applicable standards and contain materially complete and accurate data.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)Each such Ceding Company Report or Additional Report, as applicable, delivered to the Reinsurer pursuant to this <u>Section 3.10</u> shall be accompanied by a certification of an officer of the Ceding Company certifying that the information and data set forth therein was, to the knowledge of such officer, accurate and complete in all material respects as of the date prepared. Notwithstanding anything in this Agreement to the contrary, the Ceding Company shall not be responsible for any errors, omissions or delays in respect of the reports required to be furnished by the Ceding Company under this <u>Section 3.10</u> if such errors, omissions or delays are solely attributable to [\*\*\*].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)The Ceding Company shall establish and maintain an adequate system of internal controls and procedures for financial reporting relating to the Reinsured Contracts, including associated documentation, and shall make such documentation available for examination and inspection by the Reinsurer in accordance with <u>Section 4.6</u>. All Ceding Company Reports and Additional Reports shall be prepared in accordance with such system and procedures and shall be consistent with the Ceding Company's books and records.

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**Section 3.11.<u>Modco Reserve Adjustment</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)At the end of each Monthly Accounting Period, the Ceding Company shall calculate the Modco Reserve Adjustment for such Monthly Accounting Period (each, a "<u>Modco Reserve Adjustment</u>") in an amount equal to:

&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;(i)the VIO Separate Account Reserves as of the end of the Monthly Accounting Period; <u>minus</u>

&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;(ii)the VIO Separate Account Reserves as the beginning of such Monthly Accounting Period; <u>minus</u>

&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;(iii)the sum of all earned investment income and realized and unrealized capital gains and losses which have been credited to or deducted from the assets in the VIO Separate Accounts and allocable to the Reinsured Contracts during such Monthly Accounting Period, and which shall not include deductions for Revenue Sharing Fees either directly or indirectly; <u>plus</u>

&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;(iv)all Additional Considerations specified in <u>Section 3.2(b)(i)</u>; <u>plus</u> 

&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;(v)without duplication of the amounts in clause (iv), all amounts that are transferrable from the VIO Separate Account to the general account of the Ceding Company; <u>minus</u>

&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;(vi)all amounts that are transferrable from the general account of the Ceding Company to the VIO Separate Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)If any Modco Reserve Adjustment is positive, the Quota Share of such amount shall be credited to the Ceding Company in accordance with <u>Section 3.3(b)</u>. If any Modco Reserve Adjustment is negative, the Quota Share of the absolute value of such amount shall be credited to the Reinsurer in accordance with <u>Section 3.3(b)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Notwithstanding anything to the contrary herein, the Parties expect the Modco Reserve Adjustment to be $[\*\*\*] at all times.

**Article IV.<br>ADMINISTRATION** 

**Section 4.1.<u>Administration</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Ceding Company shall provide all administrative and related services with respect to the Reinsured Contracts and Existing Reinsurance Agreements, including, without limitation, the billing and collection of any Premiums and other Additional Consideration, the administration of claims and any required tax information reporting, the payment of amounts due to reinsurers under the Existing Reinsurance Agreements and the collections of Reinsurance Recoveries (collectively, "<u>Administrative Services</u>"). Following the Closing Date, the Ceding Company shall not assign or subcontract new Administrative Services to a third party or replace any of the third party subcontractors providing Administrative Services as of the Closing Date without the Reinsurer's prior written consent (not to be unreasonably withheld, conditioned, or delayed), <u>provided</u> that the foregoing restrictions shall not apply to Administrative Services that are non-material and ministerial in nature; <u>provided further</u> that no such subcontracting shall relieve the Ceding Company of its obligations or liabilities under this Agreement and the Ceding Company shall remain liable to the Reinsurer for the acts of any such subcontractor or assignee as if the Ceding Company was performing such Administrative Services itself. For the avoidance of doubt, any transition by the Ceding Company of the Reinsured Contracts to a different policy

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administration system that is under the supervision of the Ceding Company or its Affiliates shall not constitute subcontracting or assignment. However, in the event the Ceding Company intends to transition the Reinsured Contracts from one policy administration system to another that is under the supervision of the Ceding Company or its Affiliates, the Ceding Company shall provide notice thereof to the Reinsurer and, upon the request of the Reinsurer, keep the Reinsurer informed of the progress thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Without limitation of the provisions of <u>Section 4.1(a)</u>, the Ceding Company shall manage and administer the Regulatory Closed Block Liabilities (including with respect to the declaration and payment of dividends and the management of the investment assets that support the Regulatory Closed Block Liabilities) in accordance with the Plan of Reorganization and its historical practices.

**Section 4.2.<u>Performance Standards</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Ceding Company shall and shall cause its subcontractor to provide the Administrative Services (a) using a standard of care and policies and procedures that are in all material respects at least as stringent as that employed by the Ceding Company (i) with respect to the Reinsured Contracts during the one (1)-year period immediately preceding the Effective Time and (ii) to administer its other similar businesses (recognizing distinctions in products or distribution in respect of the Reinsured Contracts), (b) in accordance with the terms and conditions of the Reinsured Contracts and applicable Laws, including the maintenance by the Ceding Company of all permits from Governmental Authorities necessary to perform the administration contemplated by this Article IV, and (c) with the skill, diligence and expertise that would reasonably be expected from experienced and qualified personnel performing such duties in like circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)From and after the Closing Date, if and to the extent the Ceding Company notifies any Governmental Authority (whether required by Law or otherwise) of any material weakness as defined under Ceding Company Domiciliary State SAP with regard to its internal controls relating to the administration of the Reinsured Contracts (including with respect to cybersecurity or privacy), the Ceding Company shall notify the Reinsurer of such material weakness in writing within four (4) Business Days of such notice being provided to such Governmental Authority. The Ceding Company shall provide the Reinsurer any management reports and internal and external audit reports that have been delivered to its audit committee in respect of such material weakness within four (4) Business Days of such reports being provided to its audit committee, in each case solely to the extent that the Ceding Company determines that the provision of such reports would not waive or otherwise compromise any attorney client or work product privilege or doctrine. Further, the Reinsurer shall have reasonable access to the chief financial officer of the Ceding Company or her or his designee(s) for inquiries regarding any material weakness subject to this <u>Section 4.2(b)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)On a routine basis (but no less than once per calendar quarter if requested in writing by the Reinsurer), the Ceding Company and the Reinsurer shall meet to discuss any administrative, regulatory or other issues that either Party believes are material to the functioning of the administration or performance standards hereunder.

**Section 4.3.<u>Administrative Expense Allowance</u>**. For each Monthly Accounting Period, the Reinsurer shall pay to the Ceding Company an amount equal to the Expense Allowances for such Monthly Accounting Period in consideration for the administration of the Reinsured Contracts. Such amount shall be paid as part of the Net Settlements pursuant to <u>Section 3.3(a)</u>. The Reinsurer will bear no part of the expenses incurred by the Ceding Company in connection with the Reinsured Contracts, except as otherwise expressly provided in this Agreement. For the avoidance of doubt, the Reinsurer shall have no Liability for any state guarantee fund assessments or special assessments in connection with the Reinsured Contracts.

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**Section 4.4.<u>Designated Administrative Account</u>**. No later than the fifth (5<sup>th</sup>) day of each Monthly Accounting Period, the Reinsurer shall fund the Designated Administrative Account with cash and cash equivalents in an amount equal to the Monthly Funding Limit for the applicable Monthly Accounting Period, less the positive balance, if any, of the Designated Administrative Account as of the end of the immediately prior Monthly Accounting Period. The Reinsurer shall be permitted to withdraw and transfer cash and cash equivalents from the Trust Account to the Designated Administrative Account to fund the Designated Administrative Account. The Ceding Company shall be permitted to withdraw cash and cash equivalents from the Designated Administrative Account solely to pay or reimburse itself for the payment of the Quota Share of General Account Liabilities. In the event the Reinsurer fails to fund the Designated Administrative Account in accordance with the terms of this <u>Section 4.4</u>, the Ceding Company shall have the right to withdraw from the Trust Account for deposit into the Designated Administrative Account cash and cash equivalents in an amount equal to the Monthly Funding Limit for the applicable Monthly Accounting Period, less the positive balance, if any, of the Designated Administrative Account as of the end of the immediately prior Monthly Accounting Period.

**Section 4.5.<u>Producer Agreements</u>**. The Ceding Company shall not agree to modify, terminate, amend or waive any of its rights or obligations under any agreement or portion thereof between it or any of its Affiliates, on the one hand, and any Producer who has solicited, sold, marketed, produced or serviced any of the Reinsured Contracts, on the other hand, to the extent such modification, termination, amendment or waiver would reasonably be expected to have, in the aggregate considering all positive and adverse effects thereof, an adverse effect on the Reinsurer or the Reinsurer's liability hereunder in any material respect except (a) as required by applicable Law, (b) to the extent not related to the Reinsured Contracts or (c) with the Reinsurer's prior written consent (such consent not to be unreasonably withheld, conditioned or delayed).

**Section 4.6.<u>Books and Records and Access</u>**. Each of the Ceding Company and the Reinsurer shall maintain its respective books and records relating to the Reinsured Contracts. During the term of this Agreement, upon any reasonable request from the Reinsurer or its Representatives, subject to the Reinsurer or such Representatives adhering to the Ceding Company's generally applicable documented confidentiality and security processes and procedures, the Ceding Company shall (a) provide to the Reinsurer and its Representatives reasonable access during normal business hours to the Ceding Company's Books and Records pertaining to the Reinsured Contracts, the Reinsured Liabilities, this Agreement or the Reinsurer's rights hereunder, provided such access shall not unreasonably interfere with the conduct of the business of the Ceding Company, and (b) permit the Reinsurer and its Representatives to inspect and photocopy such Books and Records at their own cost, including as pertains to the payment of Reinsured Liabilities and the administration of the Reinsured Contracts. Nothing herein shall require the Ceding Company to disclose any information to the Reinsurer or its Representatives if such disclosure would jeopardize any attorney-client privilege, the work product immunity or any other legal privilege or similar doctrine or contravene any applicable Law or any contract (including any confidentiality agreement to which the Ceding Company or any of its Affiliates is a party); it being understood that the Ceding Company shall use its reasonable best efforts to enable such information to be furnished or made available to the Reinsurer or its Representatives without so jeopardizing privilege or contravening such applicable Law or contract (including redacting information entering into joint defense agreements with the Reinsurer on mutually agreeable terms or, in the case of contracts that otherwise prohibit disclosure to the Reinsurer, requesting that the Reinsurer agree to be bound by the non-disclosure provisions of such contract or arranging for the Reinsurer to enter into a non-disclosure agreement with the counterparty to such contract).

**Section 4.7.<u>Programs of Internal Replacement</u>**. The Ceding Company shall not, and shall cause each of its Affiliates and administrative service providers not to, without the prior written consent of the Reinsurer (such consent not to be unreasonably withheld, conditioned or delayed), directly or indirectly, solicit, sponsor, or target any Policyholders or beneficiaries under any Reinsured Contract in connection with any Program of Internal Replacement (it being

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understood that the Ceding Company is not responsible and shall not be liable for any independent action taken by any Producers other than employees of the Ceding Company or its Affiliates). As used herein, the term "Program of Internal Replacement" means any program that is initiated, maintained, sponsored or supported by the Ceding Company or any of its Affiliates to offer on a targeted basis to a class of Policyholders or beneficiaries under Reinsured Contracts to exchange any Reinsured Contract or any portion thereof for another policy or contract written by the Ceding Company or any of its Affiliates. Notwithstanding anything in this <u>Section 4.7</u> to the contrary, (a) the offering by the Ceding Company or any of its Affiliates to new clients and the Policyholders or beneficiaries of the Reinsured Contracts of an insurance, annuity or investment product that offers then-market terms that are more favorable to the Policyholders and beneficiaries of the Reinsured Contracts in the normal course of the Ceding Company's or such Affiliate's business shall not be a violation of this <u>Section 4.7</u>, provided that such offering does not constitute an offering on a targeted basis to the Policyholders or beneficiaries of the Reinsured Contracts; (b) correspondence to Policyholder and beneficiaries of the Reinsured Contracts informing them of settlement options available under their Reinsured Contracts in the ordinary course of business or as required by applicable Law shall not be a violation of this <u>Section 4.7</u>; and (c) correspondence to Policyholders and beneficiaries of the Reinsured Contracts informing them of conversion or exchange options available under their Reinsured Contracts shall not be a violation of this <u>Section 4.7</u> provided that such correspondence is in the ordinary course of business or as required by applicable Law.

**Section 4.8.<u>Large Claims; Claims Contests</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Ceding Company will notify the Reinsurer in writing of (i) its intention to contest, compromise, litigate or arbitrate any claim under any Reinsured Contract or of any circumstances that are out of the ordinary course of business that are reasonably expected to lead to any such contest, compromise, litigation or arbitration of any such claim (any such claim, a "<u>Contested Claim</u>") and (ii) any claims involving Reinsured Contracts with a face amount in excess of $[\*\*\*] (any such claims, a "<u>Large Claim</u>"), including, in each case, any other information with respect thereto as reasonably requested by the Reinsurer. The Ceding Company will promptly advise the Reinsurer of all significant developments relating to such Contested Claims or Large Claims.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Although the Reinsurer may provide comments in an advisory capacity in respect to any Contested Claims or Large Claims, the Ceding Company will retain ultimate authority with respect to claims decisions. Notwithstanding the foregoing, with respect to Contested Claims:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)The Reinsurer may elect in writing to actively participate with the Ceding Company (including, in the Reinsurer's discretion, by using separate legal counsel at its own expense) in the contest, compromise, litigation, arbitration or defense of any Contested Claim by delivering written notice thereof to the Ceding Company within ten (10) Business Days following the Ceding Company's notification of such claim to the Reinsurer, and the Ceding Company shall consider in good faith any recommendations of the Reinsurer with respect thereto. If the Reinsurer so elects to participate with the Ceding Company in any Contested Claim, then (a) the Ceding Company will promptly advise the Reinsurer of all significant developments, including notice of legal or arbitral proceedings initiated in connection with such Contested Claim, (b) the Reinsurer shall reimburse the Ceding Company for the Quota Share of the Ceding Company's reasonable and documented expenses of any contest, compromise, litigation, arbitration or defense of a Contested Claim and will share in the liability in the same proportion, including the Quota Share of any Extra-Contractual Obligations arising therefrom, and (c) if the Ceding Company obtains any recoveries in respect of a Contested Claim previously paid by the Reinsurer in respect of any

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Reinsured Contract, the Ceding Company shall promptly pay to the Reinsurer the Quota Share of all such recoveries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)The Reinsurer may elect in writing to assume control of the contest, compromise, litigation, arbitration or defense of any Contested Claim by delivering written notice thereof to the Ceding Company (it being agreed that the Reinsurer shall be permitted to make this election before or after the Reinsurer shall have elected to actively participate as described in clause (i) above). In such case the Reinsurer shall consider in good faith any recommendations of the Ceding Company with respect thereto. Without limiting the foregoing, the Ceding Company may elect in writing to actively participate with the Reinsurer (including, in the Ceding Company's discretion, by using separate legal counsel at its own expense) in such Contested Claim by delivering written notice thereof to the Ceding Company. If the Reinsurer so elects to assume control in any Contested Claim, then (a) the Reinsurer will promptly advise the Ceding Company of all significant developments, including notice of legal or arbitral proceedings initiated in connection with such Contested Claim, (b) the Ceding Company shall reimburse the Reinsurer for [\*\*\*]% of the Reinsurer's reasonable and documented expenses of any contest, compromise, litigation, arbitration or defense of a Contested Claim and the Reinsurer will be responsible for the Quota Share of the liability, including the Quota Share of any Extra-Contractual Obligations arising therefrom, and (c) if the Ceding Company obtains any recoveries in respect of a Contested Claim previously paid by the Reinsurer in respect of any Reinsured Contract, the Ceding Company shall promptly pay to the Reinsurer the Quota Share of all such recoveries. Regardless of whether the Ceding Company elects to actively participate with the Reinsurer, the Reinsurer may not settle any Contested Claim without the Ceding Company's prior written consent unless (A) there is no finding or admission of any violation of applicable Law or any violation of the rights of any Person by the Ceding Company or its Affiliates; (B) the sole relief provided in monetary damages for which the Reinsurer will pay the Quota Share; (C) the settlement does not encumber any of the assets of the Ceding Company or its Affiliates or contain any restriction or condition that would apply to or adversely affect the Ceding Company or any of its Affiliates or the conduct of business by the Ceding Company or its Affiliates and (D) such Action neither is certified, nor seeks certification, as a class action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)If Reinsurer chooses not to participate or assume control, by either affirmatively notifying the Ceding Company or not providing notice of either such election in writing within [\*\*\*] Business Days following the Reinsurer's receipt of notice of such Contested Claim, the Reinsurer shall be required to promptly discharge its liability for Reinsured Liabilities by payment to the Ceding Company of the Quota Share of the Reinsured Liabilities alleged to be due in such Contested Claim as if there was no contest, and will have no obligation to the Ceding Company for reimbursement of expenses or Extra-Contractual Obligations related to the contest, compromise, litigation, arbitration or defense of such Contested Claim. For the avoidance of doubt, if the Reinsurer chooses not to participate in or assume control of a Contested Claim, the Reinsurer shall not be entitled to any recoveries obtained by the Ceding Company in respect of such Contested Claim.

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**Article V.<br>LICENSES; RESERVE CREDIT; SECURITY**

**Section 5.1.<u>Licenses; Reserve Credit</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)At all times during the term of this Agreement, the Reinsurer shall (a) use its reasonable best efforts to hold and maintain its license or accreditation status in the Ceding Company Domiciliary State and (b) take all other actions necessary so that the Ceding Company may receive Reserve Credit, including by providing collateral to ensure the Ceding Company receives Reserve Credit for [\*\*\*]. Should the Reinsurer fail to maintain such status or is otherwise unable to provide the Ceding Company with Reserve Credit, the Reinsurer shall, at its own expense, [\*\*\*] so that the Ceding Company may receive Reserve Credit no later than [\*\*\*] of the calendar quarter during which such event occurred. The Reinsurer shall promptly notify the Ceding Company of any event or change in its licensing or accreditation status in the Ceding Company Domiciliary State or other conditions that would be reasonably likely to result or have resulted in any loss of, or impairment to, Reserve Credit. For avoidance of doubt, the Reinsurer may satisfy its obligations under this <u>Section 5.1(a)</u> and otherwise cure a Reserve Credit Event by, at the Reinsurer's sole option and expense, any regulatorily permissible means, including by (i) entering into a statutory trust agreement, (ii) delivering Credit for Reinsurance Letters of Credit, and/or (iii) providing any other form of security acceptable to the Insurance Regulator, or taking any other action or providing any combination of the foregoing, the effect of which would enable Ceding Company to take Reserve Credit. In addition, the Ceding Company and the Reinsurer agree to cooperate in good faith and amend this Agreement, the Trust Agreement or any other Transaction Agreement or execute such additional documents as may be required to ensure continued Reserve Credit in the Ceding Company Domiciliary State.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)If a Reserve Credit Event occurs or is reasonably likely to occur, the Ceding Company shall reasonably cooperate with the Reinsurer, at the Reinsurer's cost, to implement a structure that achieves Reserve Credit in a cost-effective manner. Furthermore, the Ceding Company shall not be obligated to cooperate in implementing any structure if it reasonably determines that such structure would have an increased cost that is not paid or indemnified by the Reinsurer or an adverse regulatory impact to the Ceding Company or any of its Affiliates or would otherwise place the Ceding Company at a disadvantage relative to its position prior to such restructuring.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)[\*\*\*].

**Section 5.2.<u>Security</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)On or prior to the Closing Date, the Reinsurer, as grantor, shall establish and thereafter shall maintain, at its sole cost and expense, the Trust Account with the Trustee, naming the Ceding Company as sole beneficiary thereof to secure the Reinsurer's obligations hereunder and, if the Reinsurer elects to cure a Reserve Credit Event by establishing a statutory reserve credit trust, to provide Reserve Credit. The Reinsurer shall maintain the Trust Account in accordance with the terms of this Agreement and the Trust Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Concurrently with the execution of this Agreement, the Trust Account is being funded with Eligible Assets in accordance with <u>Section 3.1(b)</u>. In addition, if the Estimated Initial Required Balance exceeds the Estimated Initial Premium, then within five (5) Business Days after the Closing Date (or, if later, at the time the Ceding Company shall have satisfied in full its obligation to fund the Trust Account with Eligible Assets equal to the Estimated Initial Premium), Reinsurer shall deposit additional Eligible Assets into the Trust Account having a Statutory Book Value at least equal to such excess.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)All transfers to and withdrawals from the Trust Account shall be in accordance with and subject to the requirements set forth herein and in the Trust Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)During the term of the Trust Agreement, the Reinsurer shall not, and shall direct that the Trustee shall not, grant or cause or permit to be created or granted in favor of any third person any security interest whatsoever in any of the assets in the Trust Account (whether by contract, applicable Law or otherwise), including without limitation in favor of any Governmental Authority.

**Section 5.3.<u>Trust Account and Settlements</u>**. The Trustee shall hold assets in the Trust Account pursuant to the terms of the Trust Agreement. All settlements of account under this Agreement between the Ceding Company and the Reinsurer shall be made in United States dollars in cash or its equivalent or, as permitted by this Agreement and the Trust Agreement for payment of the Estimated Recapture Terminal Settlement due and payable to the Ceding Company, by cash or other assets withdrawn from the Trust Account.

**Section 5.4.<u>Eligible Assets</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The assets that may be held in the Trust Account shall consist only of cash, investments of the type consistent with the requirements for authorized investments and admitted assets under the insurance laws of the state of domicile of the Reinsurer and, as permitted under this Agreement, Trust Account-Eligible Letters of Credit and shall not include any investments issued or guaranteed by the Ceding Company, the Reinsurer, or any Affiliates of either Party; <u>provided</u>, that during the continuation of a Reserve Credit Event for which the Reinsurer elects to cure by converting the Trust Agreement to a statutory reserve credit trust agreement, such assets shall consist only of cash (United States legal tender), certificates of deposit (issued by a United States bank and payable in United States legal tender), and other assets that qualify as investments of the types specified in paragraphs (1), (2), (3), (8), or (10) of subsection (a) of Section 1404 of the New York Insurance Law or any successor thereto (assets meeting the requirements of this proviso and the requirement in clause (a) below, "<u>Regulation 114 Assets</u>"); <u>provided</u>, <u>further</u>, that at all times after the Repositioning Period, each such investment shall comply with the investment guidelines set forth in <u>Schedule B</u> (the "<u>Investment Guidelines</u>") (the assets meeting the requirements of this sentence being the "<u>Eligible Assets</u>"). Notwithstanding any provision of this Agreement or the Trust Agreement to the contrary, the Transferred Investment Assets shall be deemed to be Eligible Assets as of the Closing Date and during the Repositioning Period, after which such Transferred Investment Assets shall be subject to the Investment Guidelines. Following the end of each Monthly Accounting Period, in accordance with <u>Section 5.8(b)</u>, the Reinsurer shall provide to the Ceding Company a report (the "<u>Asset Report</u>") setting forth (i) a list of each asset in the Trust Account and the Fair Market Value and Statutory Book Value of each such asset as of the end of the relevant Monthly Accounting Period, and certify that each such asset satisfying the Required Balance requirement or FMV Required Balance requirement, as applicable, is an Eligible Asset, (ii) the market standard attributes for each asset (e.g., asset type, rating, duration, yield) to be reasonably agreed by Reinsurer and Ceding Company, (iii) the price source for each asset, (iv) the Unamortized IMR Amount, (v) the balance of the Hedge Collateral Account, (vi) the balance of the Designated Administrative Account and (vii) a compliance report showing how the trust assets measure relative to all quantitative limits included in the Investment Guidelines. In addition, during the continuation of a Reserve Credit Event, each Asset Report shall indicate for each asset in the Trust Account whether or not such asset is a Regulation 114 Asset.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)In addition to the Reinsurer's right to trade, invest, reinvest, and otherwise manage the assets in the Trust Account as set forth in this Agreement and the Trust Agreement, the Reinsurer shall be permitted at any time and from time to (i) substitute all or any part of the assets in the Trust Account with other Eligible Assets and (ii) withdraw assets in accordance with <u>Section 5.7</u>, <u>provided</u> that:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)[\*\*\*];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)the Statutory Book Value of the Eligible Asset(s) to be deposited into the Trust Account in connection with any substitution shall not be less than the Statutory Book Value of the Eligible Asset(s) to be withdrawn in connection with such substitution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)immediately following any such substitution, the Statutory Book Value of the Eligible Assets in the Trust Account shall not be less than the Required Balance as set forth on the most recent Month-End Required Balance Report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)immediately following any such substitution, the Fair Market Value of the Eligible Assets in the Trust Account shall not be less than the FMV Required Balance as set forth on the most recent Month-End Required Balance Report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)all withdrawals shall be in accordance with <u>Section 5.8</u>; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)[\*\*\*];

(c)<u>provided</u>, <u>further</u>, that, solely with respect to substitutions clause (i) above, shall not apply during the Repositioning Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)On the first Business Day after three (3) full calendar years following the Closing Date and thereafter on the first Business Day of any Monthly Accounting Period, following written notice to the Ceding Company, the Reinsurer may elect to reduce the minimum asset duration required in the Investment Guidelines by [\*\*\*] for such Monthly Accounting Period (each Monthly Accounting Period for which such an election is made, a "<u>Duration Management Monthly Accounting Period</u>"); provided that the Reinsurer may not reduce such minimum asset duration required in the Investment Guidelines by more than [\*\*\*] in total. For each Duration Management Monthly Accounting Period, the Reinsurer shall calculate the Duration Management Funding Adjustment for such Duration Management Monthly Accounting Period and deliver such calculation to the Ceding Company no later than the twenty (20<sup>th</sup>) Business Day following the end of such Duration Management Monthly Accounting Period for use by the Ceding Company in calculating the Required Balance for the Monthly Accounting Period immediately following such Duration Management Monthly Accounting Period. The asset duration of the assets that constitute the Duration Management Collateral Balance shall not be included in the calculation of the asset duration of the Eligible Assets in the Trust Account, provided that such assets shall nevertheless be considered Eligible Assets for purposes of this Agreement to the extent that they are of a type that is permissible under the Investment Guidelines. As used herein, "<u>Duration Management Collateral Balance</u>" means the Statutory Book Value of the assets complying with the Investment Guidelines that have been deposited into the Trust Account to satisfy any Duration Management Funding Adjustment, as such assets are identified on the Monthly Asset Report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)The Reinsurer agrees that it will not deposit assets into the Trust Account in excess of the amounts required to satisfy its obligations in this <u>Article V</u> for the principal purpose of reducing the aggregate Market-to-Book Ratio of the Eligible Assets in the Trust Account

**Section 5.5.<u>Deposit of Assets</u>**. Subject to the provisions of the Trust Agreement relating to Restricted Assets and Assets in Transit (each as defined in the Trust Agreement) or assets originated and managed by Alliance-Bernstein or any of its Affiliates, prior to depositing assets in the Trust Account, the Reinsurer will execute assignments or endorsements in blank, or transfer legal title to the Trustee of all shares, obligations or any other assets requiring assignments, in order that the Ceding Company, or the Trustee upon the direction of the Ceding Company, may whenever necessary negotiate any such assets without the consent or signature from the Reinsurer or any other

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entity (other than the Ceding Company). The foregoing requirements shall not apply to the Transferred Investment Assets.

**Section 5.6.<u>Modification Following Certain Events</u>**. The Parties acknowledge and agree that, upon the occurrence of, and for the duration of the continuation of, a Reserve Credit Event, certain provisions of this Agreement and the Trust Agreement shall cease to be effective, and other provisions shall automatically be effective, as described herein and in the Trust Agreement. Provisions of this Agreement that will automatically be modified during the continuation of a Reserve Credit Triggering Event are: (a) the assets constituting Eligible Assets shall be modified as set forth in <u>Section 5.4(a)</u>; (b) <u>Section 5.7(a)</u> governing the use and application of assets in the Trust Account by the Ceding Company in the absence of a Reserve Credit Triggering Event shall not apply and <u>Section 5.7(b)</u> governing the use and application of assets in the Trust Account by the Ceding Company during the continuation of a Reserve Credit Triggering Event shall apply; (c) <u>Section 5.8(c)(i)(3)</u> governing the withdrawal of assets in the Trust Account in the absence of a Reserve Credit Triggering Event shall not apply and <u>Section 5.8(c)(i)(4)</u> governing the withdrawal of assets in the Trust Account during the continuation of a Reserve Credit Triggering Event shall apply; and (d) the definition of Ceding Company Statutory Reserves (used in the definition of Required Balance) shall be modified as set forth therein. Notwithstanding anything to the contrary in this Agreement, the Credit for Reinsurance Trust Agreement (as defined in the Trust Agreement), or in any other agreement, the Reinsurer shall not be required to fund the Credit for Reinsurance Trust Account (as defined in the Trust Agreement) except in the circumstance described in Section 2.02(j) of the Trust Agreement.

**Section 5.7.<u>Withdrawal of Assets from the Trust Account</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>In the Absence of a Reserve Credit Triggering Event</u>. So long as no Reserve Credit Triggering Event has occurred and is continuing, the Ceding Company and Reinsurer agree that the assets maintained in the Trust Account may be withdrawn (including the proceeds of draws on Trust Account-Eligible Letters of Credit in the Trust Account) by the Ceding Company (or any successor by operation of law of the Ceding Company, including any liquidator, rehabilitator, receiver or conservator of the Ceding Company) without diminution because of any insolvency, rehabilitation, conservatorship or comparable proceeding (an "<u>Insolvency</u>") on the part of the Ceding Company or the Reinsurer, in accordance with the terms of the Trust Agreement, in order to (i) pay or reimburse the Ceding Company for any undisputed amounts due from the Reinsurer under this Agreement and not yet recovered from the Reinsurer within the time required under this Agreement for the Reinsurer to pay or reimburse the Ceding Company for such amount (without regard to any cure periods that may otherwise be available under this Agreement), including any Reinsured Risks or other amounts due under this Agreement, (A) which amounts have not been paid by the Reinsurer within [\*\*\*] Business Days following its receipt of a specific written notice thereof (provided that the Ceding Company shall not be permitted to withdraw from the Trust Account any amounts due from the Reinsurer as a result of Security Incidents), or (B) otherwise with the consent of the Reinsurer or (ii) to pay to the Ceding Company the Estimated Recapture Terminal Settlement as contemplated by <u>Section 8.4(a)</u> or the Recapture Terminal Settlement (if any) due and payable to the Ceding Company when due in accordance with <u>Section 8.4(d)</u>. The amount of any such withdrawal in excess of amounts then due to the Ceding Company hereunder shall be deemed maintained in trust by the Ceding Company for the benefit of the Reinsurer and promptly returned to the Trust Account, along with interest on such amounts at the Interest Rate for the period that such amounts are held by the Ceding Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>During a Reserve Credit Triggering Event</u>. During the continuation of an Reserve Credit Triggering Event, the Ceding Company and the Reinsurer agree that the assets maintained in the Trust Account may be withdrawn (including the proceeds of draws on Trust Account-Eligible Letters of Credit in the Trust Account) by the Ceding Company at any time, notwithstanding any other provisions of this Agreement, and shall be utilized and applied by the Ceding Company or any successor by operation of law of the Ceding Company, including any

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liquidator, rehabilitator, receiver or conservator of the Ceding Company, without diminution because of Insolvency on the part of the Ceding Company or Reinsurer only for the following purposes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)to reimburse the Ceding Company for the Reinsurer's share of premiums returned to the owners of the Reinsured Contracts on account of cancellations of such Reinsured Contracts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)to reimburse the Ceding Company for the Reinsurer's share of surrenders and benefits or losses paid by the Ceding Company pursuant to the provisions of the Reinsured Contracts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)to fund an account with the Ceding Company in an amount at least equal to the deduction, for reinsurance ceded, from the Ceding Company's liabilities for Reinsured Contracts. Such account shall include, but not be limited to, amounts for policy reserves, reserves for claims and losses incurred (including losses incurred but not reported), loss adjustment expenses, and unearned premiums; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)to pay any other amounts the Ceding Company claims are due under this Agreement.

The Ceding Company shall return to the Trust Account within five (5) Business Days of withdrawal, assets withdrawn in excess of all amounts due under <u>Sections 5.7(b)(i)</u>, <u>(ii)</u> and <u>(iii)</u>, or, in the case of <u>Section 5.7(b)(iv)</u>, assets that are subsequently determined not to be due. The Ceding Company shall pay to the Reinsurer interest on amounts held pursuant to <u>Sections 5.7(b)(iii)</u> at the average of the daily "prime rate" published in The Wall Street Journal for each of the days in the applicable period, but in any event not less than zero, for the period that such assets are held by the Ceding Company. Any excess amount shall at all times be held by the Ceding Company (or any successor by operation of law of the Ceding Company, including any liquidator, rehabilitator, receiver or conservator of the Ceding Company) in trust for the benefit of the Reinsurer and be maintained in a segregated account, separate and apart from any assets of the Ceding Company for the sole purpose of funding the payments and reimbursements described in paragraphs <u>(i)</u>, <u>(ii)</u> and <u>(iv)</u> of <u>Section 5.7(b)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)If the Ceding Company elects to fund an account with the Ceding Company in accordance with clause (iii) of <u>Section 5.7(b)</u>, this Agreement shall be amended so as to permit the Reinsurer or, to the extent reasonably acceptable to the Ceding Company (such consent not to be unreasonably withheld, conditioned or delayed), its designated investment manager, to manage the assets held in such account pursuant to an investment management agreement reasonably acceptable to the Ceding Company and the assets in such account shall be managed to comply with the Investment Guidelines. In addition, this Agreement shall otherwise be amended as appropriate to reflect the operation of such account in lieu of the Trust Account. [\*\*\*].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)In addition to the provisions of <u>Section 5.7(a)</u> and <u>(b)</u>, the Ceding Company and the Reinsurer agree that the assets maintained in the Trust Account may be withdrawn by the Reinsurer or the Ceding Company (or any successor by operation of law of the Reinsurer or the Ceding Company, including any liquidator, rehabilitator, receiver or conservator of the Reinsurer or the Ceding Company) without diminution because of any Insolvency on the part of the Ceding Company or the Reinsurer, in accordance with the terms of the Trust Agreement, to fund the Designated Administrative Account as permitted in accordance with <u>Section 4.4</u>.

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**Section 5.8.<u>Adjustment of Security and Withdrawals</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Ceding Company shall furnish a report (a "<u>Month-End Required Balance Report</u>") to the Reinsurer following the end of each Monthly Accounting Period containing (i) the Ceding Company's calculation of the Required Balance as of the end of such Monthly Accounting Period, in each case prepared in accordance with the Ceding Company Reports for such Monthly Accounting Period that are provided to the Reinsurer pursuant to <u>Section 3.10</u> and the other terms and conditions of this Agreement and (ii) the Asset Report for such Monthly Accounting Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The Ceding Company shall deliver each Month-End Required Balance Report no later than the twenty-fifth (25<sup>th</sup>) Business Day following the end of each Monthly Accounting Period. In order for the Ceding Company to prepare the Month-End Required Balance Report for each Monthly Accounting Period, no later than the twentieth (20<sup>th</sup>) Business Day following the end of each Monthly Accounting Period, the Reinsurer shall provide to the Ceding Company the Asset Report as of the end of such Monthly Accounting Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)[\*\*\*].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)The amount of security required to be provided by the Reinsurer hereunder shall be adjusted based on (i) the Required Balance and (ii) the aggregate Statutory Book Value and/or aggregate Fair Market Value (as applicable) of Eligible Assets in the Trust Account as of the end of the applicable Monthly Accounting Period. The amount of security held in the Trust Account shall be adjusted as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Within [\*\*\*] Business Days (except as described in clause (3) below) following the delivery of (x) the Month-End Required Balance Report pursuant to <u>Section 5.8(a)</u> for a Monthly Accounting Period and (y) [\*\*\*], and subject to <u>Section 5.4(b)</u>:

&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;(1)if the aggregate Statutory Book Value of the Eligible Assets on deposit in the Trust Account is less than the Required Balance (such shortfall as reflected in the Month-End Required Balance Report for such Monthly Accounting Period), then Reinsurer shall deposit Eligible Assets in the Trust Account with an aggregate Statutory Book Value necessary to satisfy such shortfall;

&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;(2)If the aggregate Fair Market Value of the Eligible Assets on deposit in the Trust Account is less than the FMV Required Balance (such shortfall as reflected in the Month-End Required Balance Report for such Monthly Accounting Period), then Reinsurer shall deposit Eligible Assets in the Trust Account with an aggregate Fair Market Value (as applicable) necessary to satisfy such shortfall;

&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;(3)if (A) the aggregate Statutory Book Value of the Eligible Assets on deposit in the Trust Account is greater than the Required Balance (such excess as reflected in the Month-End Required Balance Report for such Monthly Accounting Period) and (B) the aggregate Fair Market Value of the Eligible Assets on deposit in the Trust Account is greater than the FMV Required Balance (such excess as reflected in the Month-End Required Balance Report for such Monthly Accounting Period), then Reinsurer may withdraw assets from the Trust Account in an amount such that, after giving effect to such withdrawal, (x) the Statutory Book Value of the Eligible Assets on deposit in the Trust Account is not less than the Required Balance (as reflected in such Month-End Required Balance Report) and (y) the

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Fair Market Value of the Eligible Assets on deposit in the Trust Account is not less than the FMV Required Balance (as reflected in such Month-End Required Balance Report), such withdrawal to be made not later than the end of the month during which the Month-End Required Balance Report was delivered; and

&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;(4)upon the occurrence, and during the continuance, of a Reserve Credit Triggering Event, if the aggregate Statutory Book Value of the Eligible Assets on deposit in the Trust Account is greater than [\*\*\*]% of the Required Balance and if the aggregate Fair Market Value of the Eligible Assets on deposit in the Trust Account exceeds [\*\*\*]% of the FMV Required Balance, then, in accordance with the procedures set forth in the Trust Agreement, and upon notice to and consent of the Ceding Company (provided, that such consent shall not be unreasonably withheld, conditioned or delayed), and subject to clause (3) above, Reinsurer may withdraw assets from the Trust Account with an aggregate Fair Market Value not greater than such excess.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)In addition, as soon as reasonably practicable, and no later than [\*\*\*] of the calendar quarter during which a Reserve Credit Event occurred (unless the Ceding Company shall agree to a longer period, then by the end of such longer period), the Reinsurer shall (i) substitute any assets in the Trust Account that are not Eligible Assets for assets that are Eligible Assets, and (ii) deposit additional assets consisting of Eligible Assets in the Trust Account sufficient to ensure that the aggregate Statutory Book Value and Fair Market Value of the Eligible Assets in the Trust Account is not less than the Required Balance and FMV Required Balance as of the last day of the immediately preceding calendar month.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)In the event that the Parties disagree with the calculation of the Required Balance or FMV Required Balance or of the Statutory Book Value or Fair Market Value of any Eligible Asset or whether any asset in the Trust Account is an Eligible Asset, any Party may deliver written notice to the other Party of such disagreement and the Parties shall attempt in good faith to resolve such disagreement. The foregoing shall not relieve Reinsurer of its obligations to fund the Trust Account in accordance with the timelines required in <u>Section 5.8(d)</u> except to the extent that it has delivered notice in good faith of its disagreement pursuant to the preceding sentence, in which case, the Reinsurer shall not be required to fund any disputed portion of the required funding amount that exceeds $[\*\*\*] pending the resolution of such disagreement in accordance with the preceding sentence or <u>Section 5.8(g)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)Any resolution as to disagreements arising under <u>Section 5.8(f)</u> agreed to in writing by the Parties shall be final and binding upon the Parties. If the Parties are unable to resolve any disagreement as to the calculation of the Required Balance or of the Statutory Book Value or Fair Market Value, as applicable, of any Eligible Asset or whether any asset is an Eligible Asset within two (2) Business Days after either Party delivers written notice of any such disagreement to the other Party, the Parties shall jointly request (A) an accounting firm of national reputation or any other Person, as mutually agreed by the Parties (the "<u>Independent Accounting Firm</u>"), to make a determination with respect to all matters in dispute, other than with respect to the calculation of the Ceding Company Statutory Reserves or any component thereof or (B) with respect to the calculation of the Ceding Company Statutory Reserves or any component thereof, an actuarial firm of national reputation, as mutually agreed by the Parties (the "<u>Independent Actuary</u>"), to determine the matters in dispute; <u>provided</u>, that, if no firm is willing or able to serve, unless otherwise agreed by the Parties, such dispute shall be resolved in accordance with <u>Section 11.8</u>. The Independent Accounting Firm's determination of the Required Balance (other than the calculation of the Ceding Company Statutory Reserves or any component thereof), FMV Required Balance, the Statutory Book Value or Fair Market Value, as applicable, of the disputed Eligible Asset or whether the disputed asset is an Eligible Asset shall be final and binding upon the Parties. The Independent

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Actuary's determination of the Ceding Company Statutory Reserves or any component thereof shall be final and binding upon the Parties. All fees and expenses relating to the work of the Independent Accounting Firm and the Independent Actuary shall be paid by the Party (that is, the Ceding Company or the Reinsurer) whose position with respect to the matter in dispute is furthest from the Independent Accounting Firm's or Independent Actuary's, as applicable, final determination. After a final and binding resolution of any dispute described in this <u>Section 5.8(g)</u> is reached, the Parties agree to promptly make any necessary adjustments under <u>Section 5.8(d)</u> so that the Statutory Book Value and the Fair Market Value of the Eligible Assets held in the Trust Account is not less than the amounts required pursuant to <u>Section 5.8(d)(i)(1)</u> an <u>5.8(d)(i)(2)</u>, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)The Reinsurer shall keep full and complete records of all withdrawals by the Reinsurer from the Trust Account. Upon the reasonable written request of the Ceding Company, the Reinsurer shall provide the Ceding Company a report of all withdrawals from the Trust Account.

**Section 5.9.<u>Letters of Credit</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) [\*\*\*].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Unless the Ceding Company provides prior written consent, one or more Trust Account-Eligible Letters of Credit issued by the same Qualified LOC Provider shall not have an aggregate face amount (including drawn and undrawn amounts) that exceeds $[\*\*\*] at any one time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)All costs, expenses and fees associated with Trust Account-Eligible Letters of Credit shall be borne by the Reinsurer.

**Section 5.10.<u>Continuation of a Triggering Event</u>**. Upon the occurrence of any FMV Triggering Event, such FMV Triggering Event shall be deemed to be continuing unless such FMV Triggering Event has been cured in accordance with the terms of this Agreement. A Reserve Credit Event shall be deemed to be continuing unless no Reserve Credit Event exists (it being agreed that the modifications to this Agreement in connection with a Reserve Credit Event as set forth in <u>Section 5.6</u> shall not, in and of themselves, be deemed sufficient to cure a Reserve Credit Event). The Ceding Company agrees to deliver a cure notice to the Trustee promptly upon becoming aware that an FMV Triggering Event or Reserve Credit Event is no longer continuing in accordance with the terms of this <u>Section 5.10</u>.

**Section 5.11.<u>Hedging</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Reinsurer shall cause the Reinsurer Hedge Party to establish the Hedge Collateral Account in accordance with the Account Control Agreement substantially in the form attached hereto as <u>Exhibit 3</u> and the Security Agreement substantially in the form attached hereto as <u>Exhibit 4</u>. In accordance with the Account Control Agreement and Security Agreement, the Reinsurer Hedge Party shall grant to the Ceding Company a first priority perfected security interest in the Hedge Collateral Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The Reinsurer shall cause the Reinsurer Hedge Party to calculate the Required Hedge Funding Balance and maintain the Hedge Collateral Account for so long as the Reinsured Contracts include products with embedded index risk.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Beginning one (1) Business Day after the Closing Date, not later than 10:00 am on each Business Day (each such day, a "<u>Calculation Date</u>"), the Ceding Company shall deliver to the Reinsurer (i) a report (the "<u>Embedded Index Risk Report</u>") setting forth the option parameters with respect to the embedded index risk in the relevant Reinsured Contracts as of the close of business on the Business Day immediately prior to each Calculation Date and (ii) a report (the

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"<u>Embedded MSO Liabilities Report</u>") setting forth the MSO Hedges, the MSO Option Value and the hedge parameters with respect to the MSO Liabilities, each as of the close on the Business Day immediately prior to each Calculation Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)On each Calculation Date, the Reinsurer shall cause the Reinsurer Hedge Party to calculate the Required Hedge Funding Balance based on the option parameters with respect to the embedded index risk set forth in the Embedded Index Risk Report received for such Calculation Date. If the Ceding Company does not deliver an Embedded Index Risk Report for a Calculation Date, the Reinsurer Hedge Party shall base the calculation of the Required Hedge Funding Balance on the Embedded Index Risk Report most recently received from the Ceding Company, as may be updated by the Reinsurer Hedge Party using its reasonable judgment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)On each Calculation Date:

&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;(i)if the Fair Market Value of the Hedge Collateral Account Assets in the Hedge Collateral Account as of the close of business on the immediately preceding Calculation Date exceeds the Required Hedge Funding Balance for such Calculation Date, in accordance with the terms of the Security Agreement and Account Control Agreement, the Reinsurer Hedge Party shall be permitted to withdraw from the Hedge Collateral Account prior to the close of business on such Calculation Date Hedge, Hedge Collateral Account Assets having a Fair Market Value equal to such excess; and

&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;(ii)if the Required Hedge Funding Balance for such Calculation Date exceeds the Fair Market Value of the Hedge Collateral Account Assets in the Hedge Collateral Account as of the close of business on the immediately preceding Calculation Date, prior to the close of business on such Calculation Date, the Reinsurer shall cause the Reinsurer Hedge Party to deposit into the Hedge Collateral Account Hedge Collateral Account Assets having a Fair Market Value equal to such excess.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)Without limitation of the provisions of <u>Section 5.11(e)(i)</u>, in accordance with the terms of the Security Agreement and Account Control Agreement, the Reinsurer Hedge Party shall be permitted at any time and from time to substitute all or any part of the Hedge Collateral Account Assets in the Hedge Collateral Account with other Hedge Collateral Account Assets, <u>provided</u> that immediately after giving effect to such substitution the Fair Market Value of the Hedge Collateral Account Assets in the Hedge Collateral Account is not less than the Required Hedge Funding Balance for the relevant Calculation Date; provided, further, that during the continuance of a Level Two RBC Ratio Event, any substitutions or withdrawals by the Reinsurer Hedge Party from the Hedge Collateral Account shall require the consent of the Ceding Company (such consent not to be unreasonably withheld, delayed or conditioned).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)The Ceding Company and Reinsurer agree that the assets maintained in the Hedge Collateral Account may be withdrawn by the Ceding Company (or any successor by operation of law of the Ceding Company, including any liquidator, rehabilitator, receiver or conservator of the Ceding Company) without diminution because of any Insolvency on the part of the Ceding Company, the Reinsurer Hedge Party, or the Reinsurer, in accordance with the terms of the Security Agreement and the Account Control Agreement. The Ceding Company covenants not to deliver a notice of exclusive control to the Securities Intermediary (as defined in the Account Control Agreement) unless a Recapture Triggering Event has occurred or the Reinsurer has delivered a Termination Notice, and covenants not to deliver entitlement orders or disposition instructions to the Securities Intermediary (as defined in the Account Control Agreement) except to pay (i) the Estimated Recapture Terminal Settlement due and payable to the Ceding Company on

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the Recapture Effective Date and (ii) the Recapture Terminal Settlement (if any) due and payable to the Ceding Company when due in accordance with <u>Section 8.4</u>. The amount of any such withdrawal in excess of amounts then due to the Ceding Company hereunder shall be deemed maintained in trust by the Ceding Company for the benefit of the Reinsurer and promptly returned to the Hedge Collateral Account, along with interest on such amounts at the Interest Rate for the period that such amounts are held by the Ceding Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Notwithstanding <u>Section 5.11(g)</u>, if a Reserve Credit Triggering Event has occurred and is continuing and the Reinsurer shall have elected to cure such Reserve Credit Triggering Event by holding assets in the Trust Account, then the Ceding Company shall be permitted to instruct the Securities Intermediary to transfer all assets in the Hedge Collateral Account to the Trust Account, whereupon such assets shall be subject to the terms and conditions that apply to the Trust Account as set forth in this Agreement (including the provisions relating to substitutions and withdrawals from the Trust Account) and the Trust Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)In the event that the Parties disagree with the calculation of the Required Hedge Funding Balance or the Fair Market Value of a Hedge Collateral Account Asset or whether any asset in the Hedge Collateral Account is a Hedge Collateral Account Asset, the provisions of <u>Sections 5.8(f)</u> and <u>(g)</u> shall apply to such dispute, *mutatis mutandis*, as if such dispute related to the Required Balance or to the Fair Market Value of an asset in the Trust Account or whether any asset in the Trust Account is an Eligible Asset, as applicable.

**Article VI.<br>OVERSIGHTS; COOPERATION**

**Section 6.1.<u>Oversights</u>**. Inadvertent delays, oversights, errors or omissions made in connection with this Agreement or any transaction hereunder shall not relieve either Party from any liability that would have attached had such delay, oversight, error or omission not occurred. The Parties shall nevertheless cooperate in good faith to rectify such delay, oversight, error or omission as soon as possible after discovery so that both Parties shall be restored as closely as possible to the positions they would have occupied if no delay, oversight, error or omission had occurred.

**Section 6.2.<u>Cooperation</u>**. The Ceding Company and the Reinsurer shall cooperate with each other in order to accomplish the objectives of this Agreement by furnishing additional information and executing and delivering any additional documents as may be reasonably requested by the other to further perfect or evidence the consummation of, or otherwise implement, any transaction contemplated by this Agreement or the other Transaction Agreements, or to aid in the preparation of any regulatory filing or financial statement; <u>provided</u>, <u>however</u>, that any such additional documents must be reasonably satisfactory to each Party and not impose upon either Party any material liability, risk, obligation, loss, cost or expense not contemplated by this Agreement or the other Transaction Agreements.

**Section 6.3.<u>Changes to RBC</u>**. The Ceding Company acknowledges and agrees that the Reinsurer currently calculates its RBC Ratio on an annual basis for external reporting purposes, and estimates the ratio for internal management purposes on a quarterly basis in conjunction with the preparation of Reinsurer's regulatory financial reports to be filed with Reinsurer's state of domicile. In the event of (i) a material change to, or elimination by, applicable Law of the requirement for Reinsurer to calculate risk-based capital or (ii) a material change relating to the framework, factors and/or formulae prescribed by the National Association of Insurance Commissioners or the insurance regulatory authority in Reinsurer's state of domicile that are used to calculate risk-based capital ratios from those in effect at the Effective Date, the Parties shall cooperate in good faith to amend this Agreement to adjust the definitions of FMV Required Balance or Recapture Triggering Event as set forth herein or otherwise amend this Agreement so as to mitigate the impact of such changes and to restore the Parties to their original intended position; <u>provided</u>, that in all

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circumstances, the Reinsurer shall only be required to calculate its RBC Ratio in accordance with the applicable framework, factors, and/or formulae in effect as of the applicable date of determination.

**Article VII.<br>INSOLVENCY**

**Section 7.1.<u>Insolvency of the Ceding Company</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)In the event of the insolvency of the Ceding Company, all reinsurance made, ceded, renewed or otherwise becoming effective under this Agreement shall be payable by the Reinsurer directly to the Ceding Company or its statutory liquidator, receiver or statutory successor on the basis of the liability of the Ceding Company under the Reinsured Contracts without diminution because of the insolvency of the Ceding Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)It is understood, however, that in the event of such an insolvency of the Ceding Company, the liquidator, receiver or statutory successor of the Ceding Company shall give written notice of the pendency of a claim against the Ceding Company on a Reinsured Contract within a reasonable period of time after such claim is filed in the applicable Insolvency proceedings and that during the pendency of such claim the Reinsurer may investigate such claim and interpose, at its own expense, in the proceeding where such claim is to be adjudicated, any defense or defenses which it may deem available to the Ceding Company or its liquidator, receiver or statutory successor. It is further understood that the expense thus incurred by the Reinsurer will be chargeable, subject to applicable Law and court approval, against the Ceding Company as part of the expense of liquidation to the extent of a proportionate share of the benefit which may accrue to the Ceding Company solely as a result of the defense undertaken by the Reinsurer.

**Article VIII.<br>DURATION; RECAPTURE**

**Section 8.1.<u>Duration</u>**. This Agreement shall commence as of the Effective Time and continue in force until such time as (i) the Ceding Company's Liability arising out of or related to all Reinsured Contracts is terminated in accordance with their respective terms and each Party has received payments which discharge the other Party's liabilities incurred hereunder prior to such termination, or (ii) in accordance with <u>Section 8.3</u> if the Ceding Company has elected to recapture the reinsurance of the Reinsured Contracts or the Reinsurer has elected to terminate this Agreement, applicable, and each Party has received payments which discharge the other Party's liability in full in accordance with <u>Section 8.4</u> and the other terms of this Agreement.

**Section 8.2.<u>Survival</u>**. Notwithstanding the other provisions of this <u>Article VIII</u>, the terms and conditions of <u>Articles I</u>, <u>VIII</u> and <u>IX</u>, and the provisions of <u>Sections</u> <u>3.6,</u> <u>11.1</u>, <u>11.2</u>, <u>11.3</u>, <u>11.4</u>, <u>11.5</u>, <u>11.6</u>, <u>11.8</u>, <u>11.9</u>, <u>11.10</u>, <u>11.11</u>, <u>11.12</u>, <u>11.13,</u> <u>11.15</u> and <u>11.16</u> shall remain in full force and effect after the termination of this Agreement.

**Section 8.3.<u>Recapture</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Following the occurrence of a Recapture Triggering Event, the Ceding Company shall have the right (but not the obligation) to recapture all of the Reinsured Risks ceded under this Agreement by providing the Reinsurer with written notice of its intent to elect such a recapture (a "<u>Recapture Notice</u>"), <u>provided</u> that Recapture Notice is delivered within [\*\*\*] calendar days after the Ceding Company is provided written notice of the occurrence of the Recapture Triggering Event and such Recapture Triggering Event has not been cured prior to the delivery of such Recapture Notice; <u>provided</u>, <u>further</u>, that during the continuation of a Recapture Triggering

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Event described in clause (a) of the definition of "Recapture Triggering Event", if the RBC Ratio of the Reinsurer has further decreased by at least [\*\*\*] percentage points below the RBC Ratio set forth in clause (a) of the definition of "Recapture Triggering Event" then, for an additional [\*\*\*] calendar days after the Ceding Company is provided written notice of such decrease, the Ceding Company shall have the right (but not the obligation) to recapture all of the Reinsured Risks ceded under this Agreement notwithstanding the expiration of the initial [\*\*\*] calendar day period. Any recapture pursuant to this <u>Section 8.3(a)</u> shall be effective (i) as of 11:59 p.m. (New York time) on the last Business Day of the calendar month during which the Ceding Company delivers a Recapture Notice to the Reinsurer; <u>provided</u>, that if such Recapture Notice was delivered less than [\*\*\*] calendar days prior to the end of such calendar month, then as of 11:59 p.m. (New York time) on the last Business Day of the following calendar month (unless an early effective date and time is necessary in order to effectuate the recapture prior to any loss of Reserve Credit hereunder, in which case any recapture pursuant to <u>Section 8.3(a)</u> shall be effective as of such earlier date and time) or (ii) on such later date and time as set forth in the Ceding Company's Recapture Notice (provided such later date is the last day of a calendar month and is not later than [\*\*\*] calendar days following the delivery by the Ceding Company of its Recapture Notice) (the "<u>Recapture Date</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Following the occurrence of a Termination Triggering Event, the Reinsurer shall have the right (but not the obligation) to terminate this Agreement and require the Ceding Company to recapture all of the Reinsured Risks ceded under this Agreement by providing the Ceding Company with written notice of its intent to elect such termination and recapture (a "<u>Termination Notice</u>"), <u>provided</u> that such Termination Notice is delivered within [\*\*\*] days of the occurrence of the event giving the Reinsurer the right to so terminate this Agreement and such Termination Triggering Event has not been cured prior to the delivery of such Termination Notice. Any termination and recapture pursuant to this <u>Section 8.3(b)</u> shall be effective (i) as of 11:59 p.m. (New York time) on the last Business Day of the calendar month during which the Reinsurer delivers a Termination Notice to the Ceding Company; <u>provided</u>, that if such Termination Notice was delivered less than [\*\*\*] calendar days prior to the end of such calendar month, then as of 11:59 p.m. (New York time) on the last Business Day of the following calendar month or (ii) on such later date and time as set forth in the Termination Notice (provided such later date is the last day of a calendar month and is not later than [\*\*\*] calendar days following the delivery by the Reinsurer of its Termination Notice) (and such date shall be considered the "<u>Recapture Date</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Following any recapture of all Reinsured Risks pursuant to <u>Section 8.3(a)</u> or termination of this Agreement and recapture of all Reinsured Risks pursuant to <u>Section 8.3(b)</u>, subject to the satisfaction of payment obligations described in <u>Section 8.4</u>, (i) both the Ceding Company and the Reinsurer will be fully and finally released from all rights and obligations under this Agreement in respect of the Reinsured Risks other than (x) any payment obligations due hereunder prior to the Recapture Date but still unpaid on such date, (y) any obligations under the provisions that expressly survive termination as provided in <u>Section 8.2</u> and (z) liability of the Reinsurer for Reinsurer Extra-Contractual Obligations and (ii) no Additional Consideration shall be payable to the Reinsurer with respect to the Reinsured Risks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Notwithstanding the remedies contemplated by this <u>Article VIII</u> or the other Transaction Agreements, either Party may, in its sole discretion, require direct payment by the other Party of any sum in default under this Agreement or any other Transaction Agreement or pursue any other remedy to which the such Party may be entitled hereunder or at law or in equity in lieu of exercising the remedies in this <u>Article VIII</u>, and it shall be no defense to any such claim that the applicable Party might have had other recourse.

**Section 8.4.<u>Recapture Payments</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)In connection with a recapture pursuant to <u>Section 8.3(a</u>) or a termination pursuant to <u>Section 8.3(b)</u>, subject to the shorter time frames required by <u>Section 8.4(e)</u>, no later than five (5) Business Days prior to the Recapture Date, the Ceding Company shall prepare and

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provide to the Reinsurer a settlement statement (the "<u>Estimated Recapture Terminal Settlement Statement</u>") setting forth the Ceding Company's good faith estimated calculation of the Recapture Terminal Settlement (the "<u>Estimated Recapture Terminal Settlement</u>") with respect to the recaptured Reinsured Risks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)If the amount of the Estimated Recapture Terminal Settlement is positive, then on the Recapture Date, except as set forth in clause (ii) below, the Ceding Company may instruct (x) the Trustee pursuant to the Trust Agreement to transfer to the Ceding Company assets in the Trust Account, such assets to be withdrawn in the order of priority set forth in Section 4.3 of the Trust Agreement and (y) the Securities Intermediary pursuant to the Account Control Agreement to transfer to the Ceding Company assets in the Hedge Collateral Account, having a Fair Market Value, in aggregate, equal to the Estimated Recapture Terminal Settlement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)Solely in the event this Agreement is being terminated by the Reinsurer pursuant to <u>Section 8.3(b)</u>, if the Reinsurer delivers written notice to the Ceding Company not later than five (5) Business Days prior to the Recapture Date that it wishes to deliver Eligible Assets (valued at Fair Market Value) to the Ceding Company on the Recapture Date ("<u>Alternate Eligible Assets</u>") in lieu of the Ceding Company withdrawing all or a portion of the Eligible Assets from the Trust Account and/or from the Hedge Collateral Account (which notice may specify those Eligible Assets are not to be withdrawn from the Trust Account and/or the Hedge Collateral Account except as set forth below in this <u>Section 8.4(a)</u>), then the Reinsurer shall be permitted to do so provided that on the Recapture Date the Reinsurer delivers such Alternate Eligible Assets to the Ceding Company in an amount such that the Fair Market Value of such Alternate Eligible Assets plus the Fair Market Value of Eligible Assets (if any) to be withdrawn from the Trust Account and the Hedge Collateral Account equals the lesser of the Estimated Recapture Terminal Settlement and the Fair Market Value of the Eligible Assets in the Trust Account and in the Hedge Collateral Account on the Recapture Date immediately prior to any withdrawal from the Trust Account. For the avoidance of doubt, if the Reinsurer elects to deliver Alternate Eligible Assets to the Ceding Company on the Recapture Date to fund all or a portion of the Estimated Recapture Terminal Settlement, the calculation of the Recapture Transaction IMR Amount shall reflect the delivery of such Alternate Eligible Assets to the Ceding Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)If the Fair Market Value of the Eligible Assets to be withdrawn from the Trust Account and/or from the Hedge Collateral Account plus the Fair Market Value of the Alternate Eligible Assets (if applicable) is less than the Estimated Recapture Terminal Settlement, the Reinsurer shall pay any shortfall to the Ceding Company in cash or other Eligible Assets, or other assets which are reasonably acceptable to the Ceding Company; provided, however, that if less than all of the assets in the Trust Account and/or from the Hedge Collateral Account have been withdrawn from the Trust Account and/or from the Hedge Collateral Account due to the delivery of Alternate Eligible Assets and the Reinsurer shall have failed to pay such shortfall on the Recapture Date as described above in this clause (iii), then the Ceding Company may instruct the Trustee or the Securities Intermediary, as applicable, to transfer all assets remaining in the Trust Account and/or from the Hedge Collateral Account to the Ceding Company on the Recapture Date and the Reinsurer shall pay to the Ceding Company any remaining shortfall in cash on the Recapture Date.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)If the amount of the Estimated Recapture Terminal Settlement is negative, then on the Recapture Date, the Ceding Company shall pay the absolute value of such amount to the Reinsurer in cash.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)In connection with a recapture pursuant to <u>Section 8.3(a)</u> and a termination pursuant to <u>Section 8.3(b)</u>, no later than sixty (60) days after the Recapture Date, the Ceding Company shall prepare and provide to the Reinsurer a statement (the "<u>Recapture Terminal Settlement Statement</u>") setting forth a calculation of the terminal settlement with respect to the recapture calculated in accordance with <u>Schedule E</u> (the "<u>Recapture Terminal Settlement</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)In the event that the Reinsurer disagrees with any portion of the calculation of the Recapture Terminal Settlement, the Reinsurer shall within five (5) Business Days after its receipt of such report deliver written notice to the Ceding Company setting forth, in reasonable detail, each disputed item, the amount in dispute and the basis of such disagreement and the Parties shall attempt in good faith to resolve such disagreement. Any resolution agreed to in writing by the Parties shall be final and binding upon the Parties. If the Parties are unable to resolve any disagreement within ten (10) Business Days after the Reinsurer delivers written notice of any such disagreement to the Ceding Company, either Party may request (i) an Independent Accounting Firm to make a determination with respect to all matters in dispute, other than with respect to the calculation of Net Ceding Company Coinsurance Statutory Reserves or (ii) with respect to the calculation of Net Ceding Company Coinsurance Statutory Reserves, an Independent Actuary to determine the matters in dispute; <u>provided</u>, that, if no accounting firm or actuarial firm, as applicable, is willing or able to serve, unless otherwise agreed by the Parties, such dispute shall be resolved in accordance with <u>Section 11.8</u>. The Independent Accounting Firm's and/or Independent Actuary's determination, as applicable, shall be final and binding upon the Parties. All fees and expenses relating to the work of the Independent Accounting Firm and the Independent Actuary shall be paid by the Party (that is, the Ceding Company or the Reinsurer) whose position with respect to the matter in dispute is furthest from the Independent Accounting Firm's or Independent Actuary's, as applicable, final determination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Within five (5) Business Days after a final and binding resolution of any dispute described in <u>Section 8.4(c)</u> is reached, the Parties agree to make any necessary adjustments. On the date on which the payments set forth in this <u>Section 8.4(d)</u> are made, (i) if the Recapture Terminal Settlement exceeds the Estimated Recapture Terminal Settlement, the Reinsurer shall pay to the Ceding Company an amount equal to such excess; and (ii) if the Estimated Recapture Terminal Settlement exceeds the Recapture Terminal Settlement, the Ceding Company shall pay to the Reinsurer an amount equal to such excess. Any payment required to be made by any Party pursuant to this <u>Section 8.4(d)</u> shall incur interest at the Interest Rate for the period from and including the Recapture Date to but not including the date of payment, and will be made by wire transfer of immediately available funds to an account or accounts designated by the recipient in writing prior to such payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)Notwithstanding the timelines set forth in this <u>Section 8.4</u>, if the recapture is due to a Reserve Credit Event, the Parties shall reasonably expedite or amend the procedures set forth in this <u>Section 8.4</u> in order to effectuate the recapture and complete the payment of the Estimated Recapture Terminal Settlement prior to any loss of Reserve Credit; <u>provided</u>, that such change to the procedures set forth in <u>Section 8.4</u> shall not affect the right of the Reinsurer to subsequently dispute any calculation related to such recapture consistent with <u>Section 8.4(c)</u>.

**Section 8.5.<u>Termination of Trust Account and Hedge Collateral Account</u>**. Following the recapture of all Reinsured Risks hereunder pursuant to <u>Section 8.3</u> and the payment in full of the Recapture Terminal Settlement thereof (including the resolution of all disputed items in accordance with <u>Section 8.4(c)</u>), (x) the Trust Account shall be terminated and any remaining amounts or amount held in trust pursuant to Article V shall be released to the Reinsurer and (y) the Hedge Collateral Account shall be terminated and any remaining amounts or amount held in the

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Hedge Collateral Account shall be released to the Reinsurer Hedge Party. The Ceding Company shall promptly take all actions, including providing written consent to the Trustee and the Securities Intermediary, as applicable, to permit such termination of the Trust Account and the Hedge Collateral Account and release of such assets to the Reinsurer or the Reinsurer Hedge Party (as applicable).

**Article IX.<br>INDEMNIFICATION**

**Section 9.1.<u>Reinsurer's Obligation to Indemnify</u>**. The Reinsurer hereby agrees to indemnify, defend and hold harmless the Ceding Company and its Affiliates (collectively, the "<u>Ceding Company Indemnified Parties</u>") from and against any and all Losses incurred by the Ceding Company Indemnified Parties to the extent arising from [\*\*\*].

**Section 9.2.<u>Ceding Company's Obligation to Indemnify</u>**. The Ceding Company hereby agrees to indemnify, defend and hold harmless the Reinsurer and its Affiliates (collectively, the "<u>Reinsurer Indemnified Parties</u>") from and against any and all Losses incurred by the Reinsurer Indemnified Parties to the extent arising from [\*\*\*].

**Section 9.3.<u>Applicability of Master Transaction Agreement</u>**. The procedures set forth in Section 8.05 (*Procedures*) and Section 8.06 (*Direct Claims*) of the Master Transaction Agreement shall apply to Losses under this <u>Article IX</u>.

**Section 9.4.<u>Good Faith</u>**. Each of the Ceding Company and the Reinsurer absolutely and irrevocably waives resort to the duty of "utmost good faith" or any similar principle in connection with the negotiation and formation of this Agreement or any other Transaction Agreement; provided that, notwithstanding the foregoing, neither Party waives the duty of utmost good faith with respect to the performance of this Agreement.

**Article X.<br>TAXES**

**Section 10.1.<u>Withholding</u>**. Each Party and any of their agents shall be entitled to deduct and withhold from any amount otherwise payable pursuant to this Agreement such amounts as it is required to deduct and withhold with respect to the making of such payment under any provision of federal, state, local or foreign applicable Tax Law. If a Party determines that an amount is required to be deducted or withheld, such Party shall use reasonable best efforts to: (i) provide written notice to the other Party, at least five (5) Business Days before the relevant payment of such deduction or withholding, (ii) cooperate in good faith with the other Party to reduce or eliminate the deduction or withholding of such amount and (iii) provide the other Party a reasonable opportunity to provide forms or documentation that would exempt such amounts from withholding. If any amount is so withheld and paid over to the applicable Governmental Authority, such amounts paid to the applicable Governmental Authority shall be treated for all purposes of this Agreement as having been paid to the Person with respect to which such deduction or withholding was imposed. Without limiting the generality of the foregoing, each Party agrees to provide to the other on or before the date hereof an accurate and complete copy of IRS Form W-9 and shall deliver renewals or additional copies of such forms (or successor forms) to the other Party on or before the date that such forms expire or become obsolete or upon the request of the other Party.

**Section 10.2.<u>DAC Tax Adjustment</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)To the extent that Section 848 of the Code and corresponding Treasury Regulations Section 1.848-2 are applicable to the Reinsured Contracts, the Ceding Company and

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the Reinsurer hereby make the joint election provided for in Treasury Regulations Section 1.848-2(g)(8) (the "<u>DAC Tax Election</u>") and agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)The Parties will attach a schedule to their respective U.S. federal income tax returns identifying this Agreement as a reinsurance agreement for which the DAC Tax Election has been made, and will otherwise file their respective federal income tax returns in a manner consistent with the DAC Tax Election. Such schedule shall be attached to each Party's U.S. federal income tax return filed for the first taxable year ending after the DAC Tax Election becomes effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)The Party with the net positive consideration for this Agreement for each taxable year will capitalize specified policy acquisition expenses with respect to this Agreement without regard to the general deductions limitation of Section 848(c)(1) of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)The Parties agree to exchange information pertaining to the amount of the net consideration under this Agreement each year to ensure consistency or as otherwise required by the Code or the Internal Revenue Service. The Parties shall act in good faith to reach an agreement as to the amount of net consideration and shall report consistently to the extent they reach an agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)The DAC Tax Election shall be effective for the first taxable year in which this Agreement is effective and for all years for which this Agreement remains in effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)As used in this <u>Article X</u>, the terms "net consideration," "net positive consideration," "specified policy acquisitions expenses" and "general deductions limitation" are defined by reference to Treasury Regulations Section 1.848-2 and Section 848 of the Code, in effect as of the Effective Time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Each of the Parties represents and warrants that it is subject to U.S. taxation under the provisions of Subchapter L of Chapter 1 of Subtitle A of the Code.

**Article XI.<br>MISCELLANEOUS**

**Section 11.1.<u>Expenses</u>.** Except as may be otherwise specified in this Agreement, all costs and expenses, including fees and disbursements of counsel, financial advisers and independent accountants, incurred in connection with this Agreement and the transactions contemplated herein shall be paid by the Person incurring such costs and expenses.

**Section 11.2.<u>Notices</u>**. All notices, requests, consents, claims, demands and other communications under this Agreement shall be in writing and shall be given or made (and shall be deemed to have been duly given or made upon receipt) by delivery in person, by overnight courier service, by electronic mail or by registered or certified mail (postage prepaid, return receipt requested) to the respective Parties at the following respective addresses (or at such other address for a Party hereto as shall be specified in a notice given in accordance with this <u>Section 11.2</u>).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)if to the Ceding Company:

Equitable Financial Life Insurance Company<br>1345 Avenue of the Americas

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<br>New York, NY 10105<br>Attention: [\*\*\*]

&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;[\*\*\*]<br>E-mail:&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;[\*\*\*]

with a copy (which shall not constitute notice) to:

Willkie Farr & Gallagher LLP<br>787 Seventh Avenue<br>New York, New York 10019<br>Attention: &nbsp;&nbsp;&nbsp;&nbsp;[\*\*\*]<br>&nbsp;&nbsp;&nbsp;&nbsp;[\*\*\*]<br>E-mail:&nbsp;&nbsp;&nbsp;&nbsp;[\*\*\*]<br>&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;(b)if to the Reinsurer:

RGA Reinsurance Company<br>16600 Swingley Ridge Road<br>Chesterfield, Missouri 63017<br>Email: &nbsp;&nbsp;&nbsp;&nbsp;[\*\*\*]<br>Attention: &nbsp;&nbsp;&nbsp;&nbsp;[\*\*\*]

with a copy (which shall not constitute) to:

Clifford Chance US LLP<br>Two Manhattan West<br>375 9th Avenue<br>New York, NY 10001-1696<br>Email:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[\*\*\*]<br>Attention:&nbsp;&nbsp;&nbsp;&nbsp;[\*\*\*]

**Section 11.3.<u>Severability</u>.** The provisions of this Agreement shall be deemed severable and the invalidity or unenforceability of any provision shall not affect the validity or enforceability of the other provisions hereof. If any term or other provision of this Agreement is invalid, illegal or incapable of being enforced under any Law or as a matter of public policy, all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the transactions contemplated herein is not affected in any manner materially adverse to either Party. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the Parties shall negotiate in good faith to modify this Agreement so as to effect the original intent of the Parties as closely as possible in a mutually acceptable manner in order that the transactions contemplated herein be consummated as originally contemplated to the greatest extent possible. If any provision of this Agreement is so broad as to be unenforceable, such provision shall be interpreted to be only so broad as would be enforceable.

**Section 11.4.<u>Entire Agreement</u>.** This Agreement (including all exhibits and schedules hereto) and the other Transaction Agreements constitute the entire agreement of the Parties with respect to the subject matter of this Agreement and the other Transaction Agreements and supersede all prior agreements and undertakings, both written and oral, between or on behalf of the Ceding

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Company and/or its Affiliates, on the one hand, and the Reinsurer and/or its Affiliates, on the other hand, with respect to the subject matter of this Agreement and the other Transaction Agreements.

**Section 11.5.<u>Assignment</u>.** This Agreement shall not be assigned by any Party without the prior written consent of the other Party. Any attempted assignment in violation of this <u>Section 11.5</u> shall be void. This Agreement shall be binding upon, shall inure to the benefit of, and shall be enforceable by the Parties and their successors and permitted assigns.

**Section 11.6.<u>No Third-Party Beneficiaries</u>**. Except as otherwise provided herein, this Agreement is for the sole benefit of the Parties and their permitted successors and assigns, and nothing in this Agreement, express or implied, is intended to or shall confer upon any other Person or entity any legal or equitable right, benefit or remedy of any nature whatsoever under or by reason of this Agreement.

**Section 11.7.<u>Amendment</u>.** No provision of this Agreement may be amended, supplemented or modified except by a written instrument signed by each Party.

**Section 11.8.<u>Submission to Jurisdiction</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Each of the Ceding Company and the Reinsurer irrevocably and unconditionally submits for itself and its property in any Action arising out of or relating to this Agreement, the transactions contemplated hereby, the formation, breach, termination or validity of this Agreement or the recognition and enforcement of any judgment in respect of this Agreement, to the exclusive jurisdiction of the courts of the State of New York sitting in the County of New York, the federal courts for the Southern District of New York, and appellate courts having jurisdiction of appeals from any of the foregoing, and all claims in respect of any such Action shall be heard and determined in such New York courts or, to the extent permitted by Law, in such federal court.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Any such Action may and shall be brought in such courts and each of the Ceding Company and the Reinsurer irrevocably and unconditionally waives any objection that it may now or hereafter have to the venue or jurisdiction of any such Action in any such court or that such Action was brought in an inconvenient court and shall not plead or claim the same.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Service of process in any Action may be effected by mailing a copy of such process by registered or certified mail (or any substantially similar form of mail), postage prepaid, to such Party at its address as provided in <u>Section 11.2</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Nothing in this Agreement shall affect the right to effect service of process in any other manner permitted by the Laws of the State of New York.

**Section 11.9.<u>Governing Law</u>**. This Agreement, and the formation, termination or validity of any part of this Agreement shall in all respects be governed by, and construed in accordance with, the Laws of the State of New York.

**Section 11.10.<u>Waiver of Jury Trial</u>**. EACH PARTY HERETO IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY ACTION (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT, OR ITS PERFORMANCE UNDER OR THE ENFORCEMENT OF THIS AGREEMENT.

**Section 11.11.<u>Specific Performance</u>**. The Parties agree that irreparable damage would occur in the event that any of the covenants or obligations contained in this Agreement are not performed in accordance with their specific terms or were otherwise breached. Accordingly, each of the Parties shall be entitled to injunctive or other equitable relief to prevent or cure any breach by the other Party of its covenants or obligations contained in this Agreement and to specifically

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enforce such covenants and obligations in any court referenced in <u>Section 11.8(a)</u> having jurisdiction, such remedy being in addition to any other remedy to which either Party may be entitled hereunder or at law or in equity, and no other provision of this Agreement shall limit any Party's right to specific performance. Each of the Parties acknowledges and agrees that (i) there is no adequate remedy at law for a breach of this Agreement and (ii) it shall not oppose the granting of an injunction, specific performance and other equitable relief when expressly available pursuant to the terms of this Agreement, and hereby waives (x) any defenses in any Action for an injunction, specific performance or other equitable relief, including the defense that the other Party has an adequate remedy at Law or an award of specific performance is not an appropriate remedy for any reason at Law or equity, and (y) any requirement under Law to post a bond, undertaking or other security as a prerequisite to obtaining equitable relief and (iii) nothing contained in this <u>Section 11.11</u> shall require any Party to institute any action for (or limit such Party's right to institute any action for) specific performance under this <u>Section 11.11</u> before exercising any other right under this Agreement.

**Section 11.12.<u>Waivers</u>**. Any term or provision of this Agreement may be waived, or the time for its performance may be extended, in writing at any time by the Party or Parties entitled to the benefit thereof. Any such waiver shall be validly and sufficiently authorized for the purposes of this Agreement if, as to any Party, it is authorized in writing by an authorized Representative of such Party. The failure or delay of any Party hereto to enforce at any time any provision of this Agreement or to exercise any right, power or privilege under this Agreement shall not be construed to be a waiver of such provision, right, power or privilege, nor in any way to affect the validity of this Agreement or any part hereof or the right of any Party thereafter to enforce each and every such provision and exercise each and every right, power and privilege under this Agreement. No waiver of any breach of this Agreement shall be held to constitute a waiver of any preceding or subsequent breach.

**Section 11.13.<u>Rules of Construction</u>**. Interpretation of this Agreement shall be governed by the following rules of construction: (a) words in the singular shall be held to include the plural and vice versa, and words of one gender shall be held to include the other gender as the context requires; (b) references to Articles, Sections, paragraphs, Exhibits and Schedules are references to the Articles, Sections, paragraphs, Exhibits and Schedules to this Agreement unless otherwise specified; (c) references to "*$*" shall mean United States dollars; (d) the word "*including*" and words of similar import when used in this Agreement shall mean "*including without limiting the generality of the foregoing,*" unless otherwise specified; (e) the table of contents, articles, titles and headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement; (f) this Agreement shall be construed without regard to any presumption or rule requiring construction or interpretation against the Party drafting or causing any instrument to be drafted; (g) the Schedules and Exhibits referred to herein shall be construed with and as an integral part of this Agreement to the same extent as if they were set forth verbatim herein; (h) unless the context otherwise requires, the words "*hereof*," "*herein*" and "*hereunder*" and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement; (i) all terms defined in this Agreement shall have the defined meanings when used in any certificate or other document made or delivered pursuant hereto unless otherwise defined therein; (j) any agreement or instrument defined or referred to herein or any agreement or instrument that is referred to herein means such agreement or instrument as from time to time amended, modified or supplemented, including by waiver or consent, and references to all attachments thereto and instruments incorporated therein; (k) unless otherwise specified herein, any statute or regulation referred to herein means such statute or regulation as amended, modified, supplemented or replaced from time to time (and, in the case of any statute, includes any rules and regulations promulgated under such statute), and references to any section of any statute or regulation include any successor to such section; (l) all time periods within or following which any payment is to be made or act to be done shall be calculated by excluding the date on which the period commences and including the date on which the period ends and by extending the period to the first succeeding Business Day if the last day of the period is not a

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Business Day; (m) references to any Person include such Person's predecessors or successors, whether by merger, consolidation, amalgamation, reorganization or otherwise; (n) references to any contract (including this Agreement) or organizational document are to the contract or organizational document as amended, modified, supplemented or replaced from time to time, unless otherwise stated; (o) the word "*will*" shall be construed to have the same meaning and effect as the word "*shall*"; (p) all capitalized terms used without definition in the Schedules and Exhibits referred to herein shall have the meanings ascribed to such terms in this Agreement; (q) the word "*or*" need not be disjunctive; and (r) where a word or phrase is defined herein, each of its grammatical forms shall have a corresponding meaning.

**Section 11.14.<u>Counterparts</u>**. This Agreement may be executed in two (2) or more counterparts, and by the different Parties to this Agreement in separate counterparts, each of which when executed shall be deemed to be an original but all of which taken together shall constitute one and the same agreement. Delivery of an executed counterpart of a signature page to this Agreement by facsimile or other means of electronic transmission utilizing reasonable image scan technology (including pdf, DocuSign or any electronic signature complying with the U.S. federal ESIGN Act of 2000) shall be as effective as delivery of a manually executed counterpart of this Agreement.

**Section 11.15.<u>Treatment of Confidential Information and Non-Public Personal Information</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Ceding Company and the Reinsurer agree to hold each other's Confidential Information in strict confidence and to take all commercially reasonable steps, consistent with its handling and securing of its own sensitive information, to ensure that Confidential Information is not disclosed in any form by any means by such Party, its Affiliates, by any of its Representatives or subcontractors to third parties of any kind, except (1) to service providers and the Representatives, in each case that (i) are performing services for such Party and need access to such Confidential Information in the course and scope of providing such services, and (ii) are subject to confidentiality restrictions at least as restrictive and protective of the Confidential Information as this Agreement; (2) as is authorized by the other Party in advance and in compliance with all applicable Law; (3) Reinsurer and its respective Representatives shall be permitted to disclose Confidential Information to any applicable regulatory authorities, as is reasonably necessary to facilitate Reinsurer entering into this Agreement or any retrocession relating to the risks assumed under this Agreement; (4) the Ceding Company and its respective Representatives shall be permitted to disclose Confidential Information to any applicable regulatory authorities as is reasonably necessary to facilitate the Ceding Company entering into this Agreement; and (5) as may otherwise be required under applicable Law or court order. If either Party determines that any Confidential Information must be disclosed pursuant to applicable Law or court order, the disclosing Party shall (to the maximum extent permitted by applicable Law) provide prompt notice to the other Party prior to such disclosure so that such other Party may (at its expense) seek a protection order or other appropriate remedy which is necessary to protect its interest. For the sake of clarity, Reinsurer and its respective Representatives shall be permitted to disclose Confidential Information to actual or potential retrocessionaires or as otherwise necessary in retroceding or pursuing a retrocession of the risks reinsured hereunder, and any such Person who receives such information from Reinsurer or its Representatives shall be considered "Representatives" for purposes of this <u>Section 11.15</u> and subject to customary restrictions on confidentiality and use of such information as set forth in a confidentiality agreement between the Reinsurer and such Person on terms substantially similar to this Agreement that prohibits the use of such Confidential Information except for the purpose of evaluating, negotiating, consummating and performing under such retrocession, which shall, in the case of any such agreements executed after the date of the Master Transaction Agreement, identify the Ceding Company as a third party beneficiary thereof and shall include a disclaimer for the benefit of the Ceding Company of any representations or warranties as to the accuracy of any such Confidential Information. For a period not to exceed two (2) years from the Closing, the Reinsurer shall be permitted to make available to Persons who are subject to a confidentiality agreement described in the preceding sentence the data

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and information provided in the Data Room (as defined the Master Transaction Agreement) in connection with the investigation, diligence and negotiation of a potential retrocession arrangement. The Reinsurer shall promptly notify the Ceding Company in writing if it becomes aware of any breach by any Person who is subject to a confidentiality agreement described above in this <u>Section 11.15</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The Ceding Company shall not transfer, disclose, share, furnish, or provide Non-Public Personal Information to Reinsurer under this Agreement except as expressly contemplated by this Agreement. In those limited circumstances where Ceding Company transfers Non-Public Personal Information to Reinsurer pursuant to this Agreement or Reinsurer creates or collects Non-Public Personal Information on behalf of Ceding Company, Reinsurer will (i) comply in all material respects with applicable Laws with respect to the processing of such Non-Public Personal Information; (ii) retain, use, process, and disclose all such Non-Public Personal Information only to monitor and ensure the Ceding Company's compliance with the terms of this Agreement, perform the services or its obligations under this Agreement, or as otherwise instructed by Ceding Company or permitted by this Agreement; (iii) refrain from selling such Non-Public Personal Information or using, processing, or disclosing such Non-Public Personal Information for reasons unrelated to Reinsurer's business relationship with Ceding Company, the reinsurance assumed hereunder or ordinary course of business activities as reinsurer, or as otherwise permitted by this Agreement; and (iv) subject to applicable Law and the terms of the Reinsurer's record retention policies, take commercially reasonable steps to comply with the provisions of this Agreement and the reasonable instructions of the Ceding Company to destroy the Non-Public Personal Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Consistent with paragraph (a), if either Party receives a third-party demand pursuant to subpoena, summons, or court or Governmental Order or request, to disclose Confidential Information provided by the other Party, the receiving Party shall, if legally permitted, provide the disclosing Party with prompt written notice of any subpoena, summons, or court or Governmental Order or request, within a reasonable time prior to such release or disclosure. Unless the disclosing Party has given its prior permission to release or disclose the proprietary information, the receiving Party shall not comply with the subpoena with respect to the Confidential Information prior to the actual date required by the subpoena. If a protective order or appropriate remedy is not obtained, the receiving Party may disclose only that portion of the Confidential Information that it is legally obligated to disclose and shall use reasonable best efforts to treat such information as confidential. However, notwithstanding anything to the contrary in this Agreement, this <u>Section 11.15(c)</u> shall not be construed as requiring the receiving Party to act in any way that would not comply with the subpoena, summons, or court or Governmental Order.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)In furtherance of Reinsurer's obligation under paragraph (b) to process all Non-Public Personal Information on behalf of Ceding Company in a manner compliant with applicable Laws, Reinsurer shall establish and maintain an information security program comprised of administrative, technical, and physical safeguards reasonably designed and properly implemented to protect the confidentiality, integrity, and reliability of Confidential and Non-Public Personal Information. [\*\*\*].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)In the event that Reinsurer becomes aware of or has significant evidence to suggest that Non-Public Personal Information collected, created, or otherwise processed in connection with this Agreement has been subject to unauthorized disclosure, access, acquisition, or use ("<u>Security Incident</u>"), Reinsurer shall notify the Ceding Company in writing to [\*\*\*] (with a copy to the Ceding Company pursuant to Section 11.2) within [\*\*\*] of such discovery, regardless of whether such unauthorized disclosure, access, acquisition, or use was the result of malicious behavior or inadvertence. Within [\*\*\*] Business Days of notification of a Security Incident, Reinsurer shall provide to the Ceding Company the following information, to the best of Reinsurer's knowledge at the time: (i) the nature of the Security Incident; (ii) the information affected; (iii) the identity of the person(s) or entity(ies) who received the unauthorized disclosure or

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made the unauthorized access, acquisition, or use; (iv) what corrective action the Reinsurer took or will take to prevent further Security Incidents; (v) what Reinsurer did or will do to mitigate any deleterious effect of the Security Incident; and (vi) such other information as the Ceding Company may reasonably request. Reinsurer shall cooperate with Ceding Company in every reasonable way to investigate the Security Incident and shall terminate any unauthorized access to affected Non-Public Personal Information, remediate the Security Incident and take steps to prevent the reoccurrence thereof. Where applicable, Reinsurer shall provide reasonable assistance to Ceding Company to regain possession of the affected Non-Public Personal Information. Reinsurer shall reasonably cooperate with Ceding Company in the conduct of any investigation of, or litigation involving, third parties related to the Security Incident. Reinsurer shall discharge all responsibilities set forth in this paragraph at its own expense. Notwithstanding anything in this Agreement (including this <u>Section 11.15(e)</u> and <u>Section 9.1(iii)</u>) to the contrary, the Reinsurer's aggregate Liability for all Security Incidents shall not exceed $[\*\*\*].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)As needed to comply with applicable Laws concerning the processing of Non-Public Personal Information, the Parties agree to work cooperatively and in good faith to amend this Agreement in a mutually agreeable and timely manner, or to enter into further mutually agreeable agreements to the extent required by Law to comply with any such applicable Laws applicable to the Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)The Parties agree that the breach, or threatened breach, of any of the confidentiality provisions of this Agreement may cause irreparable harm without adequate remedy at law. Upon any such breach, the disclosing Party will be entitled to seek injunctive relief to prevent the receiving Party from commencing or continuing any action constituting such breach, without having to post a bond or other security and without having to prove the inadequacy of other available remedies.

**Section 11.16.<u>Incontestability</u>**. In consideration of the mutual covenants and agreements contained herein, each Party agrees that this Agreement, and each and every provision hereof, is and shall be enforceable by and between them according to its terms, and each Party does hereby agree that it shall not contest the validity or enforceability hereof.

**Section 11.17.<u>Sanctions</u>**. Notwithstanding other provisions of this Agreement, no Party shall be deemed to provide any part of any cover and no Party shall be liable to pay any part of any premium, claim or provide any part of any benefit hereunder solely to the extent that such portion of the provision of such cover or benefit, or the payment of such premium or claim, would violate any Laws prohibiting the provision of such cover or benefit or the payment of such premium or claim applicable to such Party including without limitation economic sanctions law or regulation applicable to either Party, its controlling entity, or its parent company.

[The rest of this page intentionally left blank.]

------

IN WITNESS WHEREOF, the Parties have caused this Agreement to be duly executed on the day and year first above written.

EQUITABLE FINANCIAL LIFE INSURANCE COMPANY

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Robin M. Raju</u><br> &nbsp;&nbsp;&nbsp;&nbsp;Name: Robin M. Raju<br>&nbsp;&nbsp;&nbsp;&nbsp;Title: Chief Financial Officer

RGA REINSURANCE COMPANY

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Ronald Herrmann</u><br> Name: Ronald Herrmann<br>Title: President & Chief Executive Officer and Executive Vice President, Head of RGA Americas

[*Signature Page to EFLIC Coinsurance and Modified Coinsurance Agreement*]

## Exhibit 10.4

**EXECUTION VERSION**

**COINSURANCE AND MODIFIED COINSURANCE AGREEMENT**

**Between**

**EQUITABLE FINANCIAL LIFE INSURANCE COMPANY OF AMERICA** 

**(referred to as the Ceding Company)**

**and**

**RGA REINSURANCE COMPANY**

**(referred to as the Reinsurer)**

CERTAIN IDENTIFIED INFORMATION HAS BEEN EXCLUDED FROM THIS EXHIBIT BECAUSE IT IS BOTH (I) NOT MATERIAL AND (II) PRIVATE OR CONFIDENTIAL. SUCH EXCLUDED INFORMATION IS IDENTIFIED HEREIN WITH "[\*\*\*]." SCHEDULES AND EXHIBITS HAVE BEEN OMITTED PURSUANT TO ITEM 601(A)(5) OF REGULATION S-K.

------

**TABLE OF CONTENTS**

Section 1.1.&nbsp;&nbsp;&nbsp;&nbsp;Definitions&nbsp;&nbsp;&nbsp;&nbsp;[2](#i744f12e7ec8e49b18122f8b6e402cb75_7)

ARTICLE II. BASIS OF REINSURANCE AND BUSINESS REINSURED&nbsp;&nbsp;&nbsp;&nbsp;[26](#i744f12e7ec8e49b18122f8b6e402cb75_7)

Section 2.1.&nbsp;&nbsp;&nbsp;&nbsp;Coverage&nbsp;&nbsp;&nbsp;&nbsp;[26](#i744f12e7ec8e49b18122f8b6e402cb75_7)

Section 2.2.&nbsp;&nbsp;&nbsp;&nbsp;Insurance Contract Changes&nbsp;&nbsp;&nbsp;&nbsp;[27](#i744f12e7ec8e49b18122f8b6e402cb75_7)

Section 2.3.&nbsp;&nbsp;&nbsp;&nbsp;Liability&nbsp;&nbsp;&nbsp;&nbsp;[27](#i744f12e7ec8e49b18122f8b6e402cb75_7)

Section 2.4.&nbsp;&nbsp;&nbsp;&nbsp;Indemnity Reinsurance&nbsp;&nbsp;&nbsp;&nbsp;[27](#i744f12e7ec8e49b18122f8b6e402cb75_7)

Section 2.5.&nbsp;&nbsp;&nbsp;&nbsp;Territory&nbsp;&nbsp;&nbsp;&nbsp;[27](#i744f12e7ec8e49b18122f8b6e402cb75_7)

Section 2.6.&nbsp;&nbsp;&nbsp;&nbsp;Reinstatements&nbsp;&nbsp;&nbsp;&nbsp;[27](#i744f12e7ec8e49b18122f8b6e402cb75_7)

Section 2.7.&nbsp;&nbsp;&nbsp;&nbsp;Discovered In-Force Policies and Lapsed Policies&nbsp;&nbsp;&nbsp;&nbsp;[28](#i744f12e7ec8e49b18122f8b6e402cb75_7)

Section 2.8.&nbsp;&nbsp;&nbsp;&nbsp;Non-Guaranteed Elements&nbsp;&nbsp;&nbsp;&nbsp;[29](#i744f12e7ec8e49b18122f8b6e402cb75_7)

Section 2.9.&nbsp;&nbsp;&nbsp;&nbsp;Retrocession&nbsp;&nbsp;&nbsp;&nbsp;[29](#i744f12e7ec8e49b18122f8b6e402cb75_7)

Section 2.10.&nbsp;&nbsp;&nbsp;&nbsp;Separate Accounts&nbsp;&nbsp;&nbsp;&nbsp;[29](#i744f12e7ec8e49b18122f8b6e402cb75_7)

Section 2.11.&nbsp;&nbsp;&nbsp;&nbsp;Existing Reinsurance&nbsp;&nbsp;&nbsp;&nbsp;[30](#i744f12e7ec8e49b18122f8b6e402cb75_7)

Section 2.12.&nbsp;&nbsp;&nbsp;&nbsp;Net Retention&nbsp;&nbsp;&nbsp;&nbsp;[31](#i744f12e7ec8e49b18122f8b6e402cb75_7)

Section 2.13.&nbsp;&nbsp;&nbsp;&nbsp;Existing IMR Amount; Transaction IMR Amount&nbsp;&nbsp;&nbsp;&nbsp;[32](#i744f12e7ec8e49b18122f8b6e402cb75_7)

Section 2.14.&nbsp;&nbsp;&nbsp;&nbsp;Conversions, Exchanges and Replacements&nbsp;&nbsp;&nbsp;&nbsp;[32](#i744f12e7ec8e49b18122f8b6e402cb75_7)

ARTICLE III. PAYMENTS; ADDITIONAL CONSIDERATION&nbsp;&nbsp;&nbsp;&nbsp;[32](#i744f12e7ec8e49b18122f8b6e402cb75_7)

Section 3.1.&nbsp;&nbsp;&nbsp;&nbsp;Initial Premium&nbsp;&nbsp;&nbsp;&nbsp;[32](#i744f12e7ec8e49b18122f8b6e402cb75_7)

Section 3.2.&nbsp;&nbsp;&nbsp;&nbsp;Additional Consideration&nbsp;&nbsp;&nbsp;&nbsp;[33](#i744f12e7ec8e49b18122f8b6e402cb75_7)

Section 3.3.&nbsp;&nbsp;&nbsp;&nbsp;Net Settlement&nbsp;&nbsp;&nbsp;&nbsp;[34](#i744f12e7ec8e49b18122f8b6e402cb75_7)

Section 3.4.&nbsp;&nbsp;&nbsp;&nbsp;Delayed Payments&nbsp;&nbsp;&nbsp;&nbsp;[35](#i744f12e7ec8e49b18122f8b6e402cb75_7)

Section 3.5.&nbsp;&nbsp;&nbsp;&nbsp;Defenses&nbsp;&nbsp;&nbsp;&nbsp;[35](#i744f12e7ec8e49b18122f8b6e402cb75_7)

Section 3.6.&nbsp;&nbsp;&nbsp;&nbsp;Offset&nbsp;&nbsp;&nbsp;&nbsp;[35](#i744f12e7ec8e49b18122f8b6e402cb75_7)

Section 3.7.&nbsp;&nbsp;&nbsp;&nbsp;[RESERVED].&nbsp;&nbsp;&nbsp;&nbsp;[35](#i744f12e7ec8e49b18122f8b6e402cb75_7)

Section 3.8.&nbsp;&nbsp;&nbsp;&nbsp;MSO Modco Account&nbsp;&nbsp;&nbsp;&nbsp;[35](#i744f12e7ec8e49b18122f8b6e402cb75_7)

Section 3.9.&nbsp;&nbsp;&nbsp;&nbsp;Reports from the Reinsurer&nbsp;&nbsp;&nbsp;&nbsp;[36](#i744f12e7ec8e49b18122f8b6e402cb75_7)

Section 3.10.&nbsp;&nbsp;&nbsp;&nbsp;Reports from the Ceding Company.&nbsp;&nbsp;&nbsp;&nbsp;[38](#i744f12e7ec8e49b18122f8b6e402cb75_7)

ARTICLE IV. ADMINISTRATION&nbsp;&nbsp;&nbsp;&nbsp;[40](#i744f12e7ec8e49b18122f8b6e402cb75_7)

Section 4.1.&nbsp;&nbsp;&nbsp;&nbsp;Administration&nbsp;&nbsp;&nbsp;&nbsp;[40](#i744f12e7ec8e49b18122f8b6e402cb75_7)

Section 4.2.&nbsp;&nbsp;&nbsp;&nbsp;Performance Standards&nbsp;&nbsp;&nbsp;&nbsp;[40](#i744f12e7ec8e49b18122f8b6e402cb75_7)

Section 4.3.&nbsp;&nbsp;&nbsp;&nbsp;Administrative Expense Allowance&nbsp;&nbsp;&nbsp;&nbsp;[41](#i744f12e7ec8e49b18122f8b6e402cb75_7)

Section 4.4.&nbsp;&nbsp;&nbsp;&nbsp;Designated Administrative Account&nbsp;&nbsp;&nbsp;&nbsp;[41](#i744f12e7ec8e49b18122f8b6e402cb75_7)

Section 4.5.&nbsp;&nbsp;&nbsp;&nbsp;Producer Agreements&nbsp;&nbsp;&nbsp;&nbsp;[41](#i744f12e7ec8e49b18122f8b6e402cb75_7)

Section 4.6.&nbsp;&nbsp;&nbsp;&nbsp;Books and Records and Access&nbsp;&nbsp;&nbsp;&nbsp;[41](#i744f12e7ec8e49b18122f8b6e402cb75_7)

Section 4.7.&nbsp;&nbsp;&nbsp;&nbsp;Programs of Internal Replacement&nbsp;&nbsp;&nbsp;&nbsp;[42](#i744f12e7ec8e49b18122f8b6e402cb75_7)

Section 4.8.&nbsp;&nbsp;&nbsp;&nbsp;Large Claims; Claims Contests&nbsp;&nbsp;&nbsp;&nbsp;[42](#i744f12e7ec8e49b18122f8b6e402cb75_7)

ARTICLE V. LICENSES; RESERVE CREDIT; SECURITY&nbsp;&nbsp;&nbsp;&nbsp;[44](#i744f12e7ec8e49b18122f8b6e402cb75_7)

Section 5.1.&nbsp;&nbsp;&nbsp;&nbsp;Licenses; Reserve Credit&nbsp;&nbsp;&nbsp;&nbsp;[44](#i744f12e7ec8e49b18122f8b6e402cb75_7)

Section 5.2.&nbsp;&nbsp;&nbsp;&nbsp;Security&nbsp;&nbsp;&nbsp;&nbsp;[45](#i744f12e7ec8e49b18122f8b6e402cb75_7)

Section 5.3.&nbsp;&nbsp;&nbsp;&nbsp;Trust Account and Settlements&nbsp;&nbsp;&nbsp;&nbsp;[47](#i744f12e7ec8e49b18122f8b6e402cb75_7)

Section 5.4.&nbsp;&nbsp;&nbsp;&nbsp;Eligible Assets&nbsp;&nbsp;&nbsp;&nbsp;[47](#i744f12e7ec8e49b18122f8b6e402cb75_7)

- i -

------

Section 5.5.&nbsp;&nbsp;&nbsp;&nbsp;Deposit of Assets&nbsp;&nbsp;&nbsp;&nbsp;[49](#i744f12e7ec8e49b18122f8b6e402cb75_7)

Section 5.6.&nbsp;&nbsp;&nbsp;&nbsp;Modification Following Certain Events&nbsp;&nbsp;&nbsp;&nbsp;[49](#i744f12e7ec8e49b18122f8b6e402cb75_7)

Section 5.7.&nbsp;&nbsp;&nbsp;&nbsp;Withdrawal of Assets from the Trust Account&nbsp;&nbsp;&nbsp;&nbsp;[50](#i744f12e7ec8e49b18122f8b6e402cb75_7)

Section 5.8.&nbsp;&nbsp;&nbsp;&nbsp;Adjustment of Security and Withdrawals&nbsp;&nbsp;&nbsp;&nbsp;[51](#i744f12e7ec8e49b18122f8b6e402cb75_7)

Section 5.9.&nbsp;&nbsp;&nbsp;&nbsp;Letters of Credit&nbsp;&nbsp;&nbsp;&nbsp;[54](#i744f12e7ec8e49b18122f8b6e402cb75_7)

Section 5.10.&nbsp;&nbsp;&nbsp;&nbsp;Continuation of a Triggering Event&nbsp;&nbsp;&nbsp;&nbsp;[55](#i744f12e7ec8e49b18122f8b6e402cb75_7)

Section 5.11.&nbsp;&nbsp;&nbsp;&nbsp;Hedging&nbsp;&nbsp;&nbsp;&nbsp;[55](#i744f12e7ec8e49b18122f8b6e402cb75_7)

ARTICLE VI. OVERSIGHTS; COOPERATION&nbsp;&nbsp;&nbsp;&nbsp;[57](#i744f12e7ec8e49b18122f8b6e402cb75_7)

Section 6.1.&nbsp;&nbsp;&nbsp;&nbsp;Oversights&nbsp;&nbsp;&nbsp;&nbsp;[57](#i744f12e7ec8e49b18122f8b6e402cb75_7)

Section 6.2.&nbsp;&nbsp;&nbsp;&nbsp;Cooperation&nbsp;&nbsp;&nbsp;&nbsp;[57](#i744f12e7ec8e49b18122f8b6e402cb75_7)

Section 6.3.&nbsp;&nbsp;&nbsp;&nbsp;Changes to RBC&nbsp;&nbsp;&nbsp;&nbsp;[57](#i744f12e7ec8e49b18122f8b6e402cb75_7)

ARTICLE VII. INSOLVENCY&nbsp;&nbsp;&nbsp;&nbsp;[58](#i744f12e7ec8e49b18122f8b6e402cb75_7)

Section 7.1.&nbsp;&nbsp;&nbsp;&nbsp;Insolvency of the Ceding Company&nbsp;&nbsp;&nbsp;&nbsp;[58](#i744f12e7ec8e49b18122f8b6e402cb75_7)

ARTICLE VIII. DURATION; RECAPTURE&nbsp;&nbsp;&nbsp;&nbsp;[58](#i744f12e7ec8e49b18122f8b6e402cb75_7)

Section 8.1.&nbsp;&nbsp;&nbsp;&nbsp;Duration&nbsp;&nbsp;&nbsp;&nbsp;[58](#i744f12e7ec8e49b18122f8b6e402cb75_7)

Section 8.2.&nbsp;&nbsp;&nbsp;&nbsp;Survival&nbsp;&nbsp;&nbsp;&nbsp;[59](#i744f12e7ec8e49b18122f8b6e402cb75_7)

Section 8.3.&nbsp;&nbsp;&nbsp;&nbsp;Recapture&nbsp;&nbsp;&nbsp;&nbsp;[59](#i744f12e7ec8e49b18122f8b6e402cb75_7)

Section 8.4.&nbsp;&nbsp;&nbsp;&nbsp;Recapture Payments&nbsp;&nbsp;&nbsp;&nbsp;[60](#i744f12e7ec8e49b18122f8b6e402cb75_7)

Section 8.5.&nbsp;&nbsp;&nbsp;&nbsp;Termination of Trust Account and Hedge Collateral Account&nbsp;&nbsp;&nbsp;&nbsp;[62](#i744f12e7ec8e49b18122f8b6e402cb75_7)

ARTICLE IX. INDEMNIFICATION&nbsp;&nbsp;&nbsp;&nbsp;[63](#i744f12e7ec8e49b18122f8b6e402cb75_7)

Section 9.1.&nbsp;&nbsp;&nbsp;&nbsp;Reinsurer's Obligation to Indemnify&nbsp;&nbsp;&nbsp;&nbsp;[63](#i744f12e7ec8e49b18122f8b6e402cb75_7)

Section 9.2.&nbsp;&nbsp;&nbsp;&nbsp;Ceding Company's Obligation to Indemnify&nbsp;&nbsp;&nbsp;&nbsp;[63](#i744f12e7ec8e49b18122f8b6e402cb75_7)

Section 9.3.&nbsp;&nbsp;&nbsp;&nbsp;Applicability of Master Transaction Agreement&nbsp;&nbsp;&nbsp;&nbsp;[63](#i744f12e7ec8e49b18122f8b6e402cb75_7)

Section 9.4.&nbsp;&nbsp;&nbsp;&nbsp;Good Faith&nbsp;&nbsp;&nbsp;&nbsp;[63](#i744f12e7ec8e49b18122f8b6e402cb75_7)

ARTICLE X. TAXES&nbsp;&nbsp;&nbsp;&nbsp;[63](#i744f12e7ec8e49b18122f8b6e402cb75_7)

Section 10.1.&nbsp;&nbsp;&nbsp;&nbsp;Withholding&nbsp;&nbsp;&nbsp;&nbsp;[63](#i744f12e7ec8e49b18122f8b6e402cb75_7)

Section 10.2.&nbsp;&nbsp;&nbsp;&nbsp;DAC Tax Adjustment&nbsp;&nbsp;&nbsp;&nbsp;[64](#i744f12e7ec8e49b18122f8b6e402cb75_7)

ARTICLE XI. MISCELLANEOUS&nbsp;&nbsp;&nbsp;&nbsp;[65](#i744f12e7ec8e49b18122f8b6e402cb75_7)

Section 11.1.&nbsp;&nbsp;&nbsp;&nbsp;Expenses&nbsp;&nbsp;&nbsp;&nbsp;[65](#i744f12e7ec8e49b18122f8b6e402cb75_7)

Section 11.2.&nbsp;&nbsp;&nbsp;&nbsp;Notices&nbsp;&nbsp;&nbsp;&nbsp;[65](#i744f12e7ec8e49b18122f8b6e402cb75_7)

Section 11.3.&nbsp;&nbsp;&nbsp;&nbsp;Severability&nbsp;&nbsp;&nbsp;&nbsp;[66](#i744f12e7ec8e49b18122f8b6e402cb75_7)

Section 11.4.&nbsp;&nbsp;&nbsp;&nbsp;Entire Agreement&nbsp;&nbsp;&nbsp;&nbsp;[66](#i744f12e7ec8e49b18122f8b6e402cb75_7)

Section 11.5.&nbsp;&nbsp;&nbsp;&nbsp;Assignment&nbsp;&nbsp;&nbsp;&nbsp;[66](#i744f12e7ec8e49b18122f8b6e402cb75_7)

Section 11.6.&nbsp;&nbsp;&nbsp;&nbsp;No Third-Party Beneficiaries&nbsp;&nbsp;&nbsp;&nbsp;[66](#i744f12e7ec8e49b18122f8b6e402cb75_7)

Section 11.7.&nbsp;&nbsp;&nbsp;&nbsp;Amendment&nbsp;&nbsp;&nbsp;&nbsp;[66](#i744f12e7ec8e49b18122f8b6e402cb75_7)

Section 11.8.&nbsp;&nbsp;&nbsp;&nbsp;Submission to Jurisdiction&nbsp;&nbsp;&nbsp;&nbsp;[66](#i744f12e7ec8e49b18122f8b6e402cb75_7)

Section 11.9.&nbsp;&nbsp;&nbsp;&nbsp;Governing Law&nbsp;&nbsp;&nbsp;&nbsp;[67](#i744f12e7ec8e49b18122f8b6e402cb75_7)

Section 11.10.&nbsp;&nbsp;&nbsp;&nbsp;Waiver of Jury Trial&nbsp;&nbsp;&nbsp;&nbsp;[67](#i744f12e7ec8e49b18122f8b6e402cb75_7)

Section 11.11.&nbsp;&nbsp;&nbsp;&nbsp;Specific Performance&nbsp;&nbsp;&nbsp;&nbsp;[67](#i744f12e7ec8e49b18122f8b6e402cb75_7)

Section 11.12.&nbsp;&nbsp;&nbsp;&nbsp;Waivers&nbsp;&nbsp;&nbsp;&nbsp;[67](#i744f12e7ec8e49b18122f8b6e402cb75_7)

Section 11.13.&nbsp;&nbsp;&nbsp;&nbsp;Rules of Construction&nbsp;&nbsp;&nbsp;&nbsp;[68](#i744f12e7ec8e49b18122f8b6e402cb75_7)

- ii -

------

Section 11.14.&nbsp;&nbsp;&nbsp;&nbsp;Counterparts&nbsp;&nbsp;&nbsp;&nbsp;[68](#i744f12e7ec8e49b18122f8b6e402cb75_7)

Section 11.15.&nbsp;&nbsp;&nbsp;&nbsp;Treatment of Confidential Information and Non-Public Personal Information&nbsp;&nbsp;&nbsp;&nbsp;[69](#i744f12e7ec8e49b18122f8b6e402cb75_7)

Section 11.16.&nbsp;&nbsp;&nbsp;&nbsp;Incontestability&nbsp;&nbsp;&nbsp;&nbsp;[72](#i744f12e7ec8e49b18122f8b6e402cb75_7)

Section 11.17.&nbsp;&nbsp;&nbsp;&nbsp;Sanctions&nbsp;&nbsp;&nbsp;&nbsp;[72](#i744f12e7ec8e49b18122f8b6e402cb75_7)

---

| | |
|:---|:---|
| **INDEX OF SCHEDULES AND EXHIBITS** | **INDEX OF SCHEDULES AND EXHIBITS** |
| Schedule A | Fair Market Value Methodologies |
| Schedule B | Investment Guidelines |
| Schedule C-1 | Types of Reinsured Contracts |
| Schedule C-2 | Reinstatement Procedures |
| Schedule D | Seriatim File |
| Schedule E | Recapture Terminal Settlement |
| Schedule F | Separate Accounts |
| Schedule G<br>Schedule H | Expense Allowance<br>Ceding Company Reports |
| Schedule H-1 | Interim Reporting Period Reporting Requirements |
| Schedule I<br>Schedule J-1<br>Schedule J-2  | Subject YRT Reinsurance Agreement<br>Unamortized Existing IMR Amount <br>Unamortized Transaction IMR Amount |
| Schedule K | EIM Administrative Fee |
| Schedule L | NGE Methodologies and Processes |
| Schedule M | Qualified LOC Providers |
| Schedule N | Permitted Accommodations |
| Schedule O | Financed Reserves |
| Schedule P | Existing Reinsurance Agreements |
| Schedule Q<br>Schedule R | Producer Commissions<br>[\*\*\*] |
| Schedule S | MSO Investment Guidelines |
| <br>Exhibit 1 | <br>Form of Settlement Statement |
| Exhibit 2 | Form of Trust Agreement |
| Exhibit 3 | Form of Hedge Account Control Agreement |
| Exhibit 4 | Form of Security Agreement |

---

- iii -

------

**COINSURANCE AND MODIFIED COINSURANCE AGREEMENT**

**THIS COINSURANCE AND MODIFIED COINSURANCE AGREEMENT** (this "<u>Agreement</u>") is made and entered into on July 31, 2025 (the "<u>Closing Date</u>") and effective as of the Effective Time by and between Equitable Financial Life Insurance Company of America, an Arizona-domiciled insurance company (the "<u>Ceding Company</u>"), and RGA Reinsurance Company, a Missouri-domiciled reinsurance company (the "<u>Reinsurer</u>"). For purposes of this Agreement, the Ceding Company and the Reinsurer shall each be deemed a "<u>Party</u>" and together the "<u>Parties</u>."

**WHEREAS**, the Ceding Company, Equitable Financial Life Insurance Company, a New York-domiciled insurance company ("<u>EFLIC</u>"), Equitable Financial Life and Annuity Company, a Colorado-domiciled insurance company ("<u>EFLA</u>") and the Reinsurer have entered into a Master Transaction Agreement dated as of February 23, 2025 (the "<u>Master Transaction Agreement</u>");

**WHEREAS**, the Master Transaction Agreement provides, among other things, for the Ceding Company and the Reinsurer to enter into this Agreement;

**WHEREAS**, as contemplated by the Master Transaction Agreement, upon the terms set forth herein, the Ceding Company wishes to cede to the Reinsurer, and the Reinsurer wishes to accept and reinsure, (i) the Quota Share (as defined below) of the General Account Liabilities (as defined below) in respect of the Reinsured Contracts (as defined below) on a coinsurance basis; and (ii) the Quota Share of the Separate Account Liabilities (as defined below), including the MSO Liabilities (as defined below), in respect of the Reinsured Contracts on a modified coinsurance basis;

**WHEREAS**, the Ceding Company ceded [\*\*\*]% of certain Reinsured Liabilities under certain Reinsured Contracts constituting extended no lapse guarantee riders issued under universal life secondary guarantee insurance policies (the "<u>Captive Policies</u>") to EQ AZ (as defined below) pursuant to the Captive Reinsurance Agreement (as defined below);

**WHEREAS**, immediately prior to the Effective Time of this Agreement, the Ceding Company will recapture all Reinsured Liabilities with respect to the Captive Policies ceded under the Captive Reinsurance Agreement (as defined below) such that the Ceding Company may cede the Quota Share of such Reinsured Liabilities to the Reinsurer pursuant to the terms of this Agreement;

**WHEREAS**, simultaneously with the execution and delivery of this Agreement on the date hereof, EFLIC and the Reinsurer will enter into a reinsurance agreement (the "<u>EFLIC-Reinsurer Reinsurance Agreement</u>") pursuant to which, on the terms set forth therein, EFLIC will cede to the Reinsurer, and the Reinsurer will accept and reinsure, (i) the Quota Share of the General Account Liabilities (as defined in the EFLIC-Reinsurer Reinsurance Agreement) (x) on a coinsurance basis (other than with respect to the Regulatory Closed Block Liabilities (as defined in the EFLIC-Reinsurer Reinsurance Agreement)) and (y) on a modified coinsurance basis with respect to the Regulatory Closed Block Liabilities; and (ii) the Quota Share of the Separate Account Liabilities, including the MSO Liabilities (each as defined in the EFLIC-Reinsurer Reinsurance Agreement), on a modified coinsurance basis, in each case in respect of certain Reinsured Contracts (as defined in the EFLIC-Reinsurer Reinsurance Agreement) issued or assumed by EFLIC;

------

**WHEREAS**, simultaneously with the execution and delivery of this Agreement on the date hereof, EFLA and the Reinsurer will enter into a reinsurance agreement (the "<u>EFLA-Reinsurer Reinsurance Agreement</u>") pursuant to which EFLA will cede to the Reinsurer, and the Reinsurer will accept and reinsure, the Quota Share of the General Account Liabilities (as defined in the EFLA-Reinsurer Reinsurance Agreement) on a coinsurance basis in respect of certain Reinsured Contracts (as defined in the EFLA-Reinsurer Reinsurance Agreement) issued or assumed by EFLA;

**WHEREAS**, simultaneously with the execution and delivery of this Agreement on the date hereof, the Ceding Company, EFLA, the Reinsurer and the Trustee (as defined below) will enter into the Trust Agreement (as defined below) pursuant to which the Trustee will hold assets as security for the satisfaction of the obligations of the Reinsurer to the Ceding Company under this Agreement and as security for the satisfaction of the obligations of the Reinsurer to EFLA under the EFLA-Reinsurer Reinsurance Agreement; and

**WHEREAS**, simultaneously with the execution and delivery of this Agreement on the date hereof, (a) the Ceding Company and the Reinsurer Hedge Party will enter into a Security Agreement (as defined below) pursuant to which the Reinsurer Hedge Party grants to the Ceding Company a security interest in certain assets to secure the Reinsurer's obligations to the Ceding Company under this Agreement and (b) the Ceding Company, the Reinsurer Hedge Party and the Securities Intermediary will enter into an Account Control Agreement (as defined below) pursuant to which the Ceding Company will perfect by control a first priority security interest in such assets.

**NOW**, **THEREFORE**, in consideration of the mutual and several promises and undertakings herein contained, and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the Ceding Company and the Reinsurer agree as follows:

**Article I.<br>DEFINITIONS**

**Section 1.1.<u>Definitions</u>**. The following terms have the respective meanings set forth below throughout this Agreement:

[\*\*\*]

"<u>Account Control Agreement</u>" means that certain Collateral Account Control Agreement, by and among the Reinsurer Hedge Party, the Ceding Company, and The Bank of New York Mellon, dated as of the date hereof.

"<u>Action</u>" means any claim, action, suit, litigation, arbitration or proceeding by or before any Governmental Authority or arbitrator or arbitration panel or similar Person or body.

"<u>Actuarial Appraisal</u>" has the meaning set forth in the Master Transaction Agreement.

"<u>Additional Consideration</u>" has the meaning set forth in <u>Section 3.2</u>.

"<u>Additional Reports</u>" has the meaning set forth in <u>Section 3.10(c)</u>.

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"<u>Adjustment for FMV of IUL Product</u>" means the amount set forth in the applicable Closing Statement as the adjustment for the change in the aggregate Fair Market Value of the embedded index option associated with the individual universal life insurance policies included within the Reinsured Contracts from the Effective Date to the close of business on the Business Day immediately preceding the Closing Date, determined in accordance with the applicable provisions of Schedule 2.03(b) to the Master Transaction Agreement.

"<u>Administrative Services</u>" has the meaning set forth in <u>Section 4.1(a)</u>.

"<u>Affiliate</u>" means, with respect to any specified Person, any other Person that, at the time of determination, directly or indirectly through one or more intermediaries, Controls, is Controlled by or is under common Control with such specified Person.

"<u>Agreement</u>" has the meaning set forth in the preamble.

"<u>Allocated Premium Taxes</u>" means, in respect of any Monthly Accounting Period, Premium Taxes allocable to the Reinsured Contracts which shall be an amount equal to the Premiums received under the Reinsured Contracts (to the extent Premium Taxes are levied on such Premiums) in such Monthly Accounting Period <u>multiplied by</u> [\*\*\*] basis points.

"<u>Alternate Eligible Assets</u>" has the meaning set forth in <u>Section 8.04(a)(ii)</u>.

"<u>Applicable Ceding Company Reports</u>" has the meaning set forth in <u>Section 3.10(a)</u>.

"<u>Applicable Tax Gross-Up Percentage</u>" means one minus the highest federal tax rate applicable to United States corporations as of the Closing Date with respect the payment contemplated in <u>Section 3.1(a)</u> or, in the event of a recapture of this Agreement, as of the Recapture Date.

"<u>Asset Report</u>" has the meaning set forth in <u>Section 5.4(a)</u>.

"<u>Assets in Transit</u>" has the meaning set forth in the Trust Agreement.

"<u>Books and Records</u>" means originals or copies of all books and records in the possession, custody or control of the Ceding Company or any of its Affiliates that relate to the Reinsured Contracts, the Reinsured Liabilities or the Separate Accounts, including administrative records, claim records, sales records, underwriting records, financial records, reinsurance records, compliance records and other records, in whatever form maintained, but excluding certificates of incorporation, bylaws, corporate seals, licenses to do business, minute books and other corporate records relating to the corporate organization or capitalization of the Ceding Company or its Affiliates, tax returns or records (other than with respect to Premium Taxes and similar taxes that relate to the Reinsured Contracts or the Separate Accounts), records of any employee of the Ceding Company or its Affiliates, benefit plan records with respect to any employee of the Ceding Company or its Affiliates, and books and records that are subject to the attorney-client, work product, or other similar privilege or doctrine.

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"<u>Business</u>" means the business of issuing, selling, underwriting, marketing, administering, servicing, delivering insuring, reinsuring, cancelling and distributing the Reinsured Contracts issued by the Ceding Company.

"<u>Business Day</u>" means any day that is not a Saturday, Sunday or other day on which commercial banks in the City of New York, New York are required or authorized by Law to be closed.

"<u>Calculation Date</u>" has the meaning set forth in <u>Section 5.11(c)</u>.

"<u>Capital Reporting Deadline</u>" means, (a) with respect to a calendar quarter other than the last quarter of a calendar year, the date that is the later of (i) forty-five (45) calendar days after the end of such calendar quarter and (ii) three (3) Business Days after Reinsurer is required to file its quarterly Statutory Financial Statement with the Insurance Regulator of its state of domicile, and (b) with respect to the last calendar quarter of a calendar year, the date that is the later of (i) sixty (60) calendar days after the end of such year and (ii) three (3) Business Days after Reinsurer is required to file its annual Statutory Financial Statement with the Insurance Regulator of its state of domicile.

"<u>Captive Policies</u>" has the meaning set forth in the Recitals.

"<u>Captive Reinsurance Agreement</u>" means that certain Automatic Extended No Lapse Guarantee Rider Reinsurance Agreement by and between MONY Life Insurance Company of America (n/k/a Equitable Financial Life Insurance Company of America) and EQ AZ Life Re Company, effective September 8, 2006, as amended by Novation Agreement, effective April 11, 2018, by and among AXA Re Arizona Company (f/k/a AXA Financial (Bermuda) Ltd.), EQ AZ Life Re Company, and MONY Life Insurance Company of America.

"<u>Ceding Company</u>" has the meaning set forth in the preamble.

"<u>Ceding Company Coinsurance Statutory Reserves</u>" means, as of any date of determination, the Ceding Company Statutory Reserves as of such date.

"<u>Ceding Company Domiciliary State</u>" means the State of Arizona, or, if the Ceding Company changes its state of domicile to another state within the United States, such other state.

"<u>Ceding Company Extra-Contractual Obligations</u>" means all (i) Extra-Contractual Obligations attributable to acts, omissions or circumstances arising prior to the Closing Date and (ii) Extra-Contractual Obligations attributable to acts, omissions or circumstances arising on or after the Closing Date other than Reinsurer Extra-Contractual Obligations.

"<u>Ceding Company Indemnified Parties</u>" has the meaning set forth in <u>Section 9.1</u>.

"<u>Ceding Company Reports</u>" has the meaning set forth in <u>Section 3.10(a)</u>.

"<u>Ceding Company Statutory Reserves</u>" means, as of any date of determination, the statutory reserves (including unearned premium reserves and other premium accruals) amount for the General Account Liabilities calculated in accordance with the Ceding Company Domiciliary State SAP that would be applicable to the Ceding Company, reflecting the sum of the following items (or the

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equivalent lines in the event of changes to the Ceding Company's Statutory Financial Statement subsequent to December 31, 2023), as calculated by the Ceding Company as of such date (without giving effect to this Agreement):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Line 1, column 1 of the Liabilities section (aggregate reserves), which for the avoidance of doubt will be net of (without duplication) statutory reserves ceded pursuant to Existing Reinsurance Agreements); <u>plus</u>,

Article II.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Line 3, column 1 of the Liabilities section (liability for deposit-type contracts); <u>plus</u>,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Line 13.1 of the Liabilities section ("<u>Transfers to the Separate Account due or accrued</u>"); <u>plus</u>,

Article III.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Line 24.7, column 1 of the Liabilities section (funds held under coinsurance); <u>minus</u>,

Article IV.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Any Additional Actuarial Reserves on line 07000004; <u>minus</u>,

Article V.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Reserves established by the Ceding Company for the mortality risk of future conversions for Term life insurance contracts ("<u>Pre-Term Conversion Reserves</u>"); <u>minus</u>

Article VI.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Line 15.2 of the Asset section (deferred premiums) (the "<u>Deferred Premium</u>");

<u>provided</u>, <u>however</u>, that Ceding Company Statutory Reserves shall at all times be calculated after giving effect to any aggregation benefits among the blocks of business included in the Reinsured Contracts permitted under Ceding Company Domiciliary State SAP but shall otherwise be calculated on a stand-alone basis without regard to any other business of the Ceding Company or the Reinsurer; <u>provided</u> further that, Ceding Company Statutory Reserves shall not include (i) IMR, (ii) [\*\*\*], (iii) any voluntary reserves, or (iv) any other reserve not directly attributable to the Reinsured Contracts. [\*\*\*].

"<u>Closing</u>" has the meaning set forth in the Master Transaction Agreement.

"<u>Closing Date</u>" has the meaning set forth in the preamble.

"<u>Closing Statement</u>" means the Preliminary Estimated Closing Statement, the Estimated Closing Statement, or the Final Closing Statement, as applicable.

"<u>Code</u>" means the United States Internal Revenue Code of 1986.

"<u>Company Action Level RBC</u>" means, with respect to any insurance company, company action level risk-based capital as calculated in accordance with the applicable Laws of such insurance company's state of domicile in effect as of the date of determination.

"<u>Confidential Information</u>" with respect to a Party, means any and all information provided by, made available by or provided or made available on behalf of such Party, any of its Affiliates or Representatives, on, before or after the date hereof, including, with respect to the Ceding Company, Non-Public Personal Information and all data relating to the Policyholders of the Reinsured Contracts which are maintained, processed or generated by the Ceding Company or, if applicable,

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the Reinsurer in connection with the Reinsured Liabilities and including the contents of this Agreement or the other Transaction Agreements not otherwise publicly disclosed, but shall not include the existence of this Agreement and the identity of the Parties; <u>provided</u>, that Confidential Information does not include information that (a) is generally available to the public other than as a result of a disclosure by the receiving Party in violation of its confidentiality obligation, (b) is independently developed by the receiving Party, its Affiliates or any of its Representatives without use or access to the disclosing Party's Confidential Information, or (c) is rightfully obtained by the receiving Party from a third party without, to the knowledge of the receiving Party, breach by such third party of a duty of confidentiality of any nature to the disclosing Party; and <u>provided</u>, <u>further</u>, that the foregoing exceptions shall not supersede the obligations of the receiving Party with respect to any Non-Public Personal Information.

"<u>Contested Claim</u>" has the meaning specified in <u>Section 4.8</u>.

"<u>Control</u>" means, with respect to any Person, the power to direct or cause the direction of the management and policies of such Person, whether through the ownership of voting securities, by contract or otherwise. Control will be presumed to exist if any Person directly or indirectly owns, controls or holds with the power to vote ten percent (10%) or more of the voting securities of any other Person. The terms "Controlled," "Controlled by," "under common Control with" and "Controlling" shall have correlative meanings.

"<u>Credit for Reinsurance Letters of Credit</u>" means letters of credit that are in a form and satisfying all other requirements to provide Reserve Credit in the Ceding Company Domiciliary State.

"<u>DAC Tax Election</u>" has the meaning specified in <u>Section 10.2(a)</u>.

"<u>Designated Administrative Account</u>" means a bank account of the Reinsurer at a bank reasonably acceptable to the Ceding Company pursuant to which the Ceding Company has authority to withdraw funds as reimbursement for the Ceding Company's payment of the Quota Share of General Account Liabilities.

"<u>Discovered Contract</u>" means any policies, contracts or other evidences of insurance of the types described on <u>Schedule C-1</u> issued on or prior to June 30, 2024 and in force as of the Effective Time but not included as a Reinsured Contract in <u>Schedule D</u>, together with all binders, slips, individual certificates, applications therefor, supplements, endorsements, and riders thereto issued or entered into in connection with such contracts of the types described on <u>Schedule C-1</u>.

"<u>Discovered Contract Transfer Amount</u>" means, with respect to any Discovered Contract transferred pursuant to <u>Section 2.7(a)</u>, an amount equal to (a) the Quota Share of the Net Ceding Company Coinsurance Statutory Reserves associated with such Discovered Contract, determined as of the Effective Time, plus interest thereon calculated at the Interest Rate from the Effective Time to the date of such transfer, minus (b) the Quota Share of the Policy Loan Balance with respect to such Discovered Contract as of the Effective Time, plus (c) the Quota Share of Additional Consideration received by the Ceding Company in respect of such Discovered Contract at or after the Effective Time to the date of such payment, minus (d) the Quota Share of Reinsured Liabilities paid in respect of such Discovered Contract at or after the Effective Time to the date of such

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payment, in the case of (c) and (d) with interest thereon, calculated at the Interest Rate from the date of payment or receipt, as applicable, to the date of such payment.

"<u>Duration Management Collateral Balance</u>" has the meaning set forth in <u>Section 5.4(c)</u>.

"<u>Duration Management Funding Adjustment</u>" means, for each Duration Management Monthly Accounting Period, the greater of (x) the product of (a) *multiplied by* (b) *multiplied by* (c) *multiplied by* (d) and (y) zero (0):

Section 6.1.the reduction in the minimum asset duration for such Duration Management Monthly Accounting Period elected by the Reinsurer pursuant to <u>Section 5.4(c)</u>, <u>multiplied by</u>

Article VII.

Section 7.1.the Required Balance at the beginning of such Monthly Accounting Period, <u>multiplied by</u>

Section 7.2.The change from the beginning of the initial Monthly Accounting Period in which the Reinsurer elects to reduce the minimum required asset duration to the end of the current Monthly Accounting Period of the weighted average yield-to-worst of the indices as specified in the Purchase Price Adjustment (as defined in the Master Transaction Agreement), <u>multiplied by</u>

Article VIII.

Section 8.1.the Pro Rata Share as of the end of such Duration Management Monthly Accounting Period.

Article IX.

"<u>Duration Management Monthly Accounting Period</u>" has the meaning set forth in <u>Section 5.4(c)</u>.

"<u>Effective Date</u>" means April 1, 2025.

"<u>Effective Time</u>" means 12:01 a.m. on the Effective Date.

"<u>EFLA</u>" has the meaning set forth in the Recitals.

"<u>EFLA-Reinsurer Reinsurance Agreement</u>" has the meaning set forth in the Recitals.

"<u>EFLA Required Balance</u>" has the same meaning as "Required Balance" (but disregarding clause (m) thereof) in the EFLA-Reinsurer Reinsurance Agreement.

"<u>EFLIC</u>" has the meaning set forth in the Recitals.

"<u>EFLIC-Reinsurer Reinsurance Agreement</u>" has the meaning set forth in the Recitals.

"<u>Eligible Assets</u>" has the meaning set forth in <u>Section 5.4</u>.

"<u>Embedded Index Risk Report</u>" has the meaning set forth in <u>Section 5.11(c)</u>.

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"<u>Embedded MSO Liabilities Report</u>" has the meaning set forth in <u>Section 5.11(c)</u>

"<u>EQ AZ</u>" means EQ AZ Life Re Company, an Arizona captive insurance company.

"<u>Estimated Closing Statement</u>" has the meaning specified in the Master Transaction Agreement.

"<u>Estimated Initial Premium</u>" has the meaning specified in the Master Transaction Agreement.

"<u>Estimated Initial Required Balance</u>" has the meaning specified in the Master Transaction Agreement.

"<u>Estimated Recapture Terminal Settlement</u>" has the meaning set forth in <u>Section 8.4(a)</u>.

"<u>Estimated Recapture Terminal Settlement Statement</u>" has the meaning set forth in <u>Section 8.4(a)</u>.

"*<u>Ex Gratia</u>* <u>Payments</u>" means a payment that is both (a) outside the terms and conditions of the applicable Reinsured Contract, and (b) made by or on behalf of the Ceding Company without the consent of the Reinsurer. For the avoidance of doubt, (i) payments made in accordance with a legally binding Governmental Order or a binding settlement that are not otherwise Excluded Liabilities and (ii) payments that are Permitted Accommodations shall not be considered *Ex Gratia* Payments and shall be deemed Reinsured Liabilities hereunder.

"<u>Excluded Liabilities</u>" means (a) all Ceding Company Extra-Contractual Obligations, (b) any and all Liabilities resulting from changes to the terms and conditions of any Reinsured Contract after the Effective Time to the extent such changes are in violation of <u>Section 2.2</u>, (c) all Liabilities for amounts due or payable prior to the Effective Time under the Reinsured Contracts, and (d) any Liability arising under any Reinsured Contract as to which the date of death triggering a death benefit under such Reinsured Contract occurred prior to the Effective Time, provided that this clause (d) shall not include Liabilities arising under any Reinsured Contract that covers joint lives where only one covered death has occurred prior to the Effective Time.

"<u>Existing IMR Amount</u>" means the amount of the Ceding Company's existing IMR, calculated on an after-tax basis, that has been allocated by the Ceding Company to the Reinsured Liabilities ceded hereunder on a coinsurance basis as of the Closing Date (but prior to the transfer of assets by the Ceding Company pursuant to <u>Section 3.1(b)</u>), determined in accordance with SAP applicable to the Ceding Company. For the avoidance of doubt, Existing IMR Amount shall include interest maintenance reserve generated from the repositioning of the Asset Portfolio (as defined in the Master Transaction Agreement) prior to the Closing in accordance with terms of the Master Transaction Agreement.

"<u>Existing Reinsurance Agreements</u>" means all reinsurance agreements under which the Ceding Company has ceded to reinsurers (whether or not Affiliated with the Ceding Company) risks arising in respect of the Reinsured Contracts (and only to the extent such agreements cover the Reinsured Contracts) where such agreements are (a) in force as of the date hereof or (b) terminated

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but under which there remains any outstanding Liability of the reinsurer, in each case as set forth on <u>Schedule P</u> as all such reinsurance agreements may be in force and effect from time to time and at any time; <u>provided</u>, <u>however</u>, that Existing Reinsurance Agreements shall not include the Captive Reinsurance Agreement which agreement shall be disregarded for all purposes of this Agreement except for the purpose of defining Financed Reserves or as referenced in <u>Section 5.1(b)</u>.

"<u>Expense Allowances</u>" means for each Monthly Accounting Period an amount determined in accordance with <u>Schedule G</u>.

"<u>Extra-Contractual Obligations</u>" means all Liabilities and any other related expenses (including attorney's fees) to any Person or Persons arising out of or relating to the Reinsured Contracts (other than Liabilities arising under the terms and conditions and within the policy limits of the Reinsured Contracts, including amounts that are finally determined by a court of competent jurisdiction to be owed to a Policyholder or beneficiary under the terms and conditions of a Reinsured Contract), including any loss in excess of the limits arising under or covered by any Reinsured Contract, any Liabilities for exemplary, punitive, compensatory, special or regulatory damages or interest, fines, penalties, Taxes, fees, forfeitures, bad faith, tort, statutory or any other form of extra-contractual damages, as well as all legal fees and expenses relating thereto, which Liabilities arise out of or result from any act, error or omission, whether or not intentional, negligent, fraudulent, in bad faith or otherwise, arising out of or relating to the Reinsured Contracts, including (a) the form, sale, marketing, distribution, underwriting, production, issuance, cancellation or administration of the Reinsured Contracts, (b) the investigation, defense, prosecution, trial, settlement (including the failure to settle) or handling of claims, benefits, or payments under the Reinsured Contracts, (c) the failure to pay or the delay in payment or errors in calculating or administering the payment of benefits, claims or any other amounts due or alleged to be due under or in connection with the Reinsured Contracts, (d) the failure of any Reinsured Contract to provide the purchaser, customer or other holder or intended beneficiaries thereof with Tax treatment under the Code that is the same as or more favorable than the Tax treatment under the Code that was purported to apply in materials provided at the time of issuance, assumption, exchange, modification or sale of the applicable Reinsured Contract or for which policies or contracts of that type are intended to qualify under the Code, (e) failure to comply with applicable escheat or abandoned property Laws, (f) any conversion of administrative systems and (g) *Ex Gratia* Payments.

"<u>Fair Market Value</u>" means, with respect to any asset, the value thereof (including accrued interest) calculated in accordance with the methodology set forth on <u>Schedule A</u>.

"<u>Final Closing Statement</u>" has the meaning given to such term in the Master Transaction Agreement.

"<u>Financed Reserves</u>" means, as of any date of determination, the amount of Ceding Company Coinsurance Statutory Reserve that would be ceded under the Captive Reinsurance Agreement as of such date, measured as if the recapture thereunder was not in effect (and determined without regard to whether the Captive Reinsurance Agreement remains in effect), multiplied by the Financed Reserves Factor applicable for the current calendar year, as set forth on <u>Schedule O</u>.

"<u>Financed Reserves Factor</u>" is set forth on <u>Schedule O</u>.

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"<u>FMV Payment/Trust Funding Default</u>" means there has been a failure by the Reinsurer (i) to timely pay any undisputed amounts due hereunder in an aggregate amount that, when added to the aggregate undisputed amounts that the Reinsurer has failed to fund in accordance with <u>Sections</u> <u>5.8(d)(i)(1)</u> or <u>5.8(d)(i)(2)</u>, as applicable, or <u>Sections</u> <u>5.8(d)(i)(1)</u> or <u>5.8(d)(i)(2)</u>, as applicable, of the EFLA Reinsurance Agreement or to cause the Reinsurer Hedge Party to timely fund the Hedge Collateral Account in accordance with <u>Section 5.11(e)</u> that has not been cured, exceeds $[\*\*\*]; or (ii) to timely fund the Trust Account in accordance with S<u>ections 5.8(d)(i)(1)</u> or <u>5.8(d)(i)(2)</u>, as applicable, or <u>Sections</u> <u>5.8(d)(i)(1)</u> or <u>5.8(d)(i)(2)</u>, as applicable, of the EFLA Reinsurance Agreement or to cause the Reinsurer Hedge Party to timely fund the Hedge Collateral Account in accordance with <u>Section 5.11(e)</u>, in an aggregate undisputed amount that, when added to the aggregate amount of undisputed amounts that the Reinsurer has failed to timely pay that has not been cured, exceeds $[\*\*\*], and, in each case of (i) and (ii), such failure has not been cured within [\*\*\*] Business Days after written notice thereof from the Ceding Company or EFLA, as applicable.

"<u>FMV Required Balance</u>" means, as of any date of determination:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)except during any period in which clause (b), (c) or (d) below applies, [\*\*\*];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)following the occurrence and during the continuance of a Level One RBC Ratio Event, [\*\*\*];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)following the occurrence and during the continuance of (i) an FMV Payment/Trust Funding Default, (ii) an Insolvency Event or (iii) a Reserve Credit Event, [\*\*\*]; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)following the occurrence and during the continuance of a Level Two RBC Ratio Event, [\*\*\*];

<u>provided</u>, <u>however</u>, that if the only FMV Triggering Event in effect is a Reserve Credit Event (such that clause (c) of the definition of FMV Required Balance applies), then, if a "Reserve Credit Event" (as defined in the EFLA-Reinsurer Reinsurance Agreement) is not also then in effect, the FMV Required Balance shall be calculated as the sum of (x) [\*\*\*] of the Required Balance (but disregarding clause (m) of the definition of Required Balance) plus (y) [\*\*\*].

"<u>FMV Triggering Event</u>" means an event or circumstance that results in any of the clauses (b), (c) or (d) of the definition of FMV Required Balance being applicable, as determined in accordance with such definition.

"<u>General Account Liabilities</u>" means the following Liabilities of the Ceding Company arising out of or relating to the Reinsured Contracts and arising on or after the Effective Time with respect to all Reinsured Contracts, net of amounts actually collected by or on behalf of the Ceding Company under the Existing Reinsurance Agreements, but excluding Separate Account Liabilities and Ceding Company Extra-Contractual Obligations, calculated in accordance with the Ceding Company Domiciliary State SAP:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)all Liabilities (including death benefits, secondary guarantee death benefits, guaranteed minimum death benefits, reduced paid-up death benefits, extended term, waiver of premium benefits, accident and health benefits, endowments or matured endowments, paid-up additions, lump sum payments, periodic payments, deferred payments, discontinuance disbursements, payments in respect of market value

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adjustments and rights to purchase additional coverage), unearned premiums, interest on claims or unearned premiums, interest on policy funds, experience refunds, amounts in respect of profit sharing, withdrawals, surrenders, amounts payable for returns or refunds of premiums, and policy loans made under the terms of any Reinsured Contract and other contract benefits, in each case, arising under the terms and conditions of the Reinsured Contracts (including amounts that are finally determined by a court of competent jurisdiction to be owed to a Policyholder or beneficiary under the terms and conditions of a Reinsured Contract) and whether such amounts are escheated or paid to Policyholders or beneficiaries of the Reinsured Contracts and claim expenses (including all reasonable litigation expenses related thereto) to the extent specifically provided in <u>Section 4.8</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)all Liabilities arising out of changes to the terms and conditions of the Reinsured Contracts permitted or required by <u>Section 2.2</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)all amounts payable by the Ceding Company under the Existing Reinsurance Agreements; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)all Liabilities of the kind described in clause (a) above which relate to Reinsured Contracts and that (i) are amounts held in the general account of the Ceding Company pending transfer to the Separate Accounts, or (ii) contemplate payment from a Separate Account the amount of which exceeds the assets of such Separate Account (without duplication of the amounts set forth in clause (a) above).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)For the avoidance of doubt, the Reinsurer shall indemnify the Ceding Company for Reinsurer Extra-Contractual Obligations in accordance with Article IX.

"<u>Governmental Authority</u>" means any United States or non-United States federal, state or local or any supra-national, political subdivision, governmental, legislative, tax, regulatory or administrative authority, instrumentality, agency, body or commission, self-regulatory organization or any court, tribunal, or judicial or arbitral body having jurisdiction over a Party.

"<u>Governmental Order</u>" means any binding and enforceable order, writ, judgment, injunction, decree, stipulation, determination or award entered by or with any Governmental Authority.

[\*\*\*]

"<u>Gross Statutory-to-Economic Reserve Adjustment</u>" means an amount equal to the sum of (a) the Quota Share of Ceding Company Coinsurance Statutory Reserves; plus (b) the Quota Share of the Existing IMR Amount; plus (c) the Transaction IMR; minus (d) the Reinsurance Premium as of the Effective Time.

"<u>Hedge Collateral Account</u>" means, collectively, a securities and deposit account established by the Reinsurer Hedge Party.

"<u>Hedge Collateral Account Assets</u>" means cash and publicly-traded securities which are of a type allowable under the Investment Guidelines.

"<u>IMR</u>" means an interest maintenance reserve with respect to assets supporting the Reinsured Risks, as determined in accordance with the SAP applicable to the Ceding Company (in

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the case of the Existing IMR Amount and the Transaction IMR Amount) and the SAP applicable to the Reinsurer (in the case of the Post-Closing Date IMR Amount).

"<u>IMR Amount</u>" means (a) the Quota Share of the Existing IMR Amount <u>plus</u> (b) the Transaction IMR Amount <u>plus</u> (c) the Post-Closing Date IMR Amount.

"<u>Indemnitee</u>" means a Ceding Company Indemnified Party or Reinsurer Indemnified Party, in each case, which is entitled to indemnification under this Agreement.

"<u>Independent Accounting Firm</u>" has the meaning set forth in <u>Section 5.8(g)</u>.

"<u>Independent Actuary</u>" has the meaning set forth in <u>Section 5.8(g)</u>.

"<u>Initial Premium</u>" has the meaning set forth in <u>Section 3.1(a)</u>.

"<u>Initial Required Balance</u>" means the Required Balance as of the Closing Date.

"<u>Insolvency</u>" has the meaning set forth in <u>Section 5.7(a)</u>.

"<u>Insolvency Event</u>" has the meaning set forth in clause (c) of the definition of Recapture Triggering Event.

"<u>Insurance Regulator</u>" means, with respect to any jurisdiction, the Governmental Authority charged with the supervision of insurance companies in such jurisdiction.

"<u>Interest Rate</u>" means the sum of (a) one hundred (100) basis points (expressed as a rate per annum) plus (b) the annual yield rate, on the date to which the 90-Day Treasury Rate relates, of actively traded U.S. Treasury securities having a remaining duration to maturity of three (3) months, as such rate is published under the "Treasury Constant Maturities" in Federal Reserve Statistical Release H.15(519).

"<u>Interim Reporting Period</u>" has the meaning set forth in <u>Section 3.10(a)</u>.

"<u>Investment Guidelines</u>" has the meaning set forth in <u>Section 5.4</u>.

"<u>Investment Management Agreement</u>" has the meaning set forth in the Master Transaction Agreement.

"<u>KPI Failure</u>" has the meaning set forth in <u>Section 3.10(b)</u>.

"<u>Large Claim</u>" has the meaning set forth in <u>Section 4.8</u>.

"<u>Law</u>" means any United States or non-United States federal, state or local statute, law, ordinance, rule, regulation, code, administrative interpretation or principle of common law or equity imposed by or on behalf of a Governmental Authority and any Governmental Order.

"<u>Level One RBC Ratio Event</u>" means that the Reinsurer's RBC Ratio as of any calendar quarter end as set forth in the RBC Ratio certificate delivered in accordance with <u>Section 3.9(a)</u> is less than [\*\*\*]% and Reinsurer fails to restore its RBC Ratio to at least [\*\*\*]% by the end of the

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subsequent calendar quarter as reported by the applicable Capital Reporting Deadline for such subsequent calendar quarter; <u>provided</u>, that, a Level One RBC Ratio Event shall be deemed to be no longer continuing from and after the date that Reinsurer provides a certification in accordance with <u>Section 3.9(a)</u> that certifies that Reinsurer's RBC Ratio is equal to or greater than [\*\*\*]% as of [\*\*\*].

"<u>Level Two RBC Ratio Event</u>" means that the Reinsurer's RBC Ratio as of any calendar quarter end as set forth in the RBC Ratio certificate delivered in accordance with <u>Section 3.9(a)</u> is less than [\*\*\*]% and Reinsurer fails to restore its RBC Ratio to at least [\*\*\*]% by the end of the subsequent calendar quarter as reported by the applicable Capital Reporting Deadline for such subsequent calendar quarter; <u>provided</u>, that, a Level Two RBC Ratio Event shall be deemed to be no longer continuing from and after the date that Reinsurer provides a certification in accordance with <u>Section 3.9(a)</u> that certifies that Reinsurer's RBC Ratio is equal to or greater than [\*\*\*]% as of [\*\*\*].

"<u>Liabilities</u>" means any and all debts, liabilities, commitments or obligations, whether direct or indirect, accrued or fixed, known or unknown, absolute or contingent, matured or unmatured or determined or determinable, whether arising in the past, present or future.

"<u>Losses</u>" means any and all damages, judgments, awards, liabilities, losses, obligations, claims of any kind or nature, fines and costs and expenses (including reasonable fees and expenses of attorneys, auditors, consultants and other agents) other than amounts constituting special, indirect, incidental, consequential or punitive damages (including any damages on a lost profits, lost revenue, multiples or similar basis), except to the extent that (i) any such damages are actually recovered against an Indemnitee pursuant to a Third-Party Claim, or (ii) solely with respect to consequential damages (including (i) lost value as determined based on the valuations and calculations set forth in the Actuarial Appraisal, based upon a [\*\*\*]% discount rate, (ii) lost profits and (iii) lost revenue), (1) such damages are recoverable under the laws of the State of New York, (2) the Indemnitee satisfies all elements necessary for proof of such damages under such laws and (3) such damages result from or arise out of the Business as currently conducted and shall not take into account any current or future plans for the Business following the Closing Date regardless of whether such plans are communicated to or known by a Party to this Agreement.

"<u>Market-to-Book Ratio</u>" means, with respect to (x) any Eligible Asset to be withdrawn from or deposited into the Trust Account pursuant to a substitution of Eligible Assets as permitted by <u>Section 5.4(b)</u>, the ratio, as of any date of determination, of the Fair Market Value of such Eligible Asset to the Statutory Book Value of such Eligible Asset as of such date (expressed as a percentage); and (y) any withdrawal of Eligible Assets from the Trust Account as permitted by <u>Section 5.8(d)(i)(3)</u>, the ratio, as of any date of determination, of the aggregate Fair Market Value of the Eligible Assets in the Trust Account to the aggregate Statutory Book Value of such Eligible Assets as of such date (expressed as a percentage).

"<u>Master Transaction Agreement</u>" has the meaning set forth in the Recitals.

"<u>Month-End Required Balance Report</u>" has the meaning set forth in <u>Section 5.8(a)</u>.

"<u>Monthly Accounting Period</u>" means each successive calendar month during the term of this Agreement or any fraction thereof, beginning at the Effective Time and ending on the Recapture

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Date or the date this Agreement is otherwise terminated in accordance with <u>Article VIII</u>, as applicable.

"<u>Monthly Funding Limit</u>" means (a) for the period commencing on the Closing Date and ending on December 31, 2026, $[\*\*\*] per month and (b) for each calendar year thereafter, the Quota Share of the excess (if any) for the immediately preceding calendar year of (i) the average amount of monthly General Account Liabilities paid, over (ii) the average amount of monthly Additional Consideration (other than Additional Consideration allocated to the Separate Accounts) received; <u>provided</u>, that, in each case, the Ceding Company may propose to the Reinsurer to increase the Monthly Funding Limit for one or more months to accommodate reasonable seasonal experience or other factors, but not to exceed a balance of $[\*\*\*], and the Reinsurer's consent to any such proposal shall not be unreasonably withheld, delayed or conditioned.

"<u>Monthly Settlement Statement</u>" has the meaning set forth in <u>Section 3.3(a)</u>.

"<u>MSO Assets</u>" means, collectively, the MSO Hedges and the MSO Investment Assets.

"<u>MSO Hedges</u>" means derivative instruments purchased by the Ceding Company to hedge the MSO Option Value.

"<u>MSO Hedge P&L</u>" means with respect to any Quarterly Accounting Period, the profits and losses of the MSO Hedges during such Quarterly Accounting Period as calculated by the Ceding Company and shall include (i) all settlement cash flows paid and received by the Ceding Company with respect to MSO Hedges (excluding option premium payments) and (ii) all realized and unrealized gains or losses arising from MSO Hedges.

"<u>MSO Investment Assets</u>" means assets held in the MSO Separate Account and allocated to support the MSO Reserves, but excluding any MSO Hedges held in the MSO Modco Account.

"<u>MSO Investment Guidelines</u>" means the investment guidelines attached hereto at <u>Schedule S</u> with respect to the management of the MSO Investment Assets and the MSO Hedges.

"<u>MSO Investment Assets Net Cash Flow</u>" means, with respect to any Quarterly Accounting Period, (i) *minus* (ii), where:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)(i) &nbsp;&nbsp;&nbsp;&nbsp;is the MSO Modco Investment Credit for such Quarterly Accounting Period *plus* the contract charges collected by the Ceding Company during such Quarterly Accounting Period and attributable to the MSO Liabilities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)(ii) &nbsp;&nbsp;&nbsp;&nbsp;is the option premium attributable to the MSO Liabilities paid by the Ceding Company during such Quarterly Accounting Period.

"<u>MSO Liabilities</u>" means with respect to each Reinsured Contract, the Liabilities (other than Excluded Liabilities) arising out of the "Market Stabilizer Option" or "Market Stabilizer Option II" as defined in the terms of such Reinsured Contract.

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"<u>MSO Option Value</u>" means the aggregate Fair Market Value of the hypothetical portfolios of derivatives that replicate the embedded index risks associated with MSO Liabilities, as determined by the Ceding Company in accordance with its ordinary course practices.

"<u>MSO Modco Account</u>" has the meaning set forth in <u>Section 3.8(a)</u>.

"<u>MSO Modco Investment Credit</u>" means, with respect to any Quarterly Accounting Period, the sum of all interest and other earnings (including realized gains and losses), net of investment expenses, earned and realized on the MSO Investment Assets during such Quarterly Accounting Period.

"<u>MSO Modco Reserve Adjustment</u>" has the meaning set forth in <u>Section 3.8(c)</u>.

"<u>MSO Reserves</u>" means, as of any date of determination, the sum of (i) the aggregate amount of statutory reserves of the Ceding Company with respect to the MSO Liabilities (as would be described in Line 1, column 3 of the Liabilities section and Exhibit 3 of the Statutory Financial Statements related to separate accounts of the Ceding Company (or the equivalent exhibits or lines in the event of changes to the Ceding Company's Statutory Financial Statement subsequent to December 31, 2023)), calculated in accordance with the Ceding Company Domiciliary State SAP, and (ii) interest maintenance reserves attributable to the MSO Separate Account.

"<u>MSO Separate Account</u>" means the non-insulated separate accounts of the Ceding Company to the extent attributable to the Reinsured Contracts identified on <u>Schedule F</u>.

[\*\*\*]

"<u>Net Ceding Company Coinsurance Statutory Reserves</u>" means, as of any date of determination, the Ceding Company Coinsurance Statutory Reserves minus the Financed Reserves as of such date.

[\*\*\*]

"<u>Net Settlement</u>" has the meaning set forth in <u>Section 3.3(a)</u>.

"<u>Net Statutory-to-Economic Reserve Adjustment</u>" means the Gross Statutory-to-Economic Reserve Adjustment *less* the Quota Share of Financed Reserves as of the Effective Date.

"<u>Non-Guaranteed Elements</u>" means the cost of insurance charges, credited interest rates, mortality and expense charges, administrative expense risk charges, lump sum payment options, policy loads, and any other policy features that are subject to change by the Ceding Company, including those items set forth in Actuarial Standard of Practice 2-Non-Guaranteed Charges or Benefits for Life Insurance Policies and Annuity Contracts in effect as of the Effective Time and any successor rules for such Non-Guaranteed Elements as in effect from time to time.

"<u>Non-Public Personal Information</u>" means any non-public personally identifiable information concerning or relating to the Ceding Company's past, current or prospective applicants, customers, clients, policy owners, contract holders, insureds, claimants, and beneficiaries of

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Reinsured Contracts or other contracts issued by the Ceding Company, and its representatives that is protected by applicable privacy laws, including (a) "non-public personal information" as that term is defined in the Gramm-Leach-Bliley Act, as amended, and implementing regulations, 15 U.S.C. § 6809(4); and (b) "Personal Information" as defined in the California Consumer Privacy Act of 2018 (Cal. Civ. Code Division 3, Part 4, Title 1.81.5); <u>provided,</u> that information that is otherwise publicly available shall not be considered "Non-Public Personal Information"; and, <u>provided</u>, <u>further</u>, that "Non-Public Personal Information" does not include de-identified personal data, (*i.e*., information that does not identify, or could not reasonably be associated with, an individual).

"<u>Parties</u>" has the meaning set forth in the preamble.

"<u>Party</u>" has the meaning set forth in the preamble.

"<u>Permitted Accommodations</u>" means ex gratia payments and modifications and waivers to the Reinsured Contracts, in each case made by or on behalf of the Ceding Company following the Effective Time that are permitted and result from the actions listed on <u>Schedule N</u>.

"<u>Person</u>" means any natural person, general or limited partnership, corporation, limited liability company, limited liability partnership, firm, joint-stock company, trust, governmental, judicial or regulatory body, business unit, division (including a segregated account or cell), association or organization or other entity.

"<u>Policy Loan Balance</u>" means, with respect to any date of determination, the amount of contract loans in respect of the Reinsured Contracts, as of such date, to the extent such contract loans would be reflected in Line 6, column 1 of the "Assets" section of the Ceding Company's Statutory Financial Statement (or the equivalent exhibits or lines in the event of changes to the Ceding Company's Statutory Financial Statement subsequent to December 31, 2023) under Ceding Company Domiciliary State SAP, net of any unearned policy loan interest on such loans but including any due and accrued interest thereon.

"<u>Policyholder</u>" means the holder of any Reinsured Contract.

"<u>Post-Closing Date IMR Amount</u>" means the amount of IMR, calculated on an after-tax basis, and determined in accordance with SAP applicable to the Reinsurer, that is created following the Closing Date with respect to the assets supporting the Quota Share of the Reinsured Liabilities ceded to the Reinsurer hereunder on a coinsurance basis, it being understood that all of the assets on deposit in the Trust Account shall be deemed to be assets supporting the Quota Share of the Reinsured Liabilities for purposes of determining the Post-Closing Date IMR Amount.

"<u>Preliminary Estimated Closing Statement</u>" have the meaning given to such term in the Master Transaction Agreement.

"<u>Premium Taxes</u>" means all taxes assessed in respect of the Premiums under the Reinsured Contracts by any Governmental Authority.

"<u>Premiums</u>" means premiums, considerations, policy loan repayments, deposits and similar amounts collected by or on behalf of the Ceding Company in respect of the Reinsured Contracts.

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"<u>Pro Rata Share</u>" means, as of any date of determination, the ratio (expressed as a percentage) of (x) to (y), where (x) is the Quota Share of the Net Ceding Company Coinsurance Statutory Reserves as of such date and (y) is the sum of (i) the Quota Share of the Net Ceding Company Coinsurance Statutory Reserves as of such date *plus* (ii) the "Quota Share" of the "Net Ceding Company Coinsurance Statutory Reserves" (as such terms are defined in the EFLA-Reinsurer Reinsurance Agreement) as of such date.

"<u>Producer</u>" means any broker, insurance producer, agent, general agent, managing general agent, master broker agency, broker general agency, financial specialist or other Person, including any employee of the Ceding Company or its Affiliates, responsible for writing, marketing, producing, selling or soliciting Reinsured Contracts.

"<u>Program of Internal Replacement</u>" has the meaning set forth in <u>Section 4.7</u>.

"<u>Purchase Price Adjustment</u>" means the amount set forth in the Ceding Company's Closing Statement as the Purchase Price Adjustment determined in accordance with the applicable provisions of Schedule 2.03(b) to the Master Transaction Agreement (which may be a positive or negative number).

"<u>Qualified LOC Provider</u>" means a bank that is (a) on the "List of Qualified U.S. Financial Institutions" established and maintained by the NAIC and (b) set forth on the Ceding Company's list of approved letter of credit providers which is initially attached as <u>Exhibit M</u> hereto, which list must at all times contain at least three (3) banks and may be updated from time to time by the Ceding Company upon written notice to the Reinsurer (but not more than once in any 12 month period).

"<u>Quarterly Accounting Period</u>" means each successive calendar quarters during the term of this Agreement or any fraction thereof, beginning at the Effective Time and ending on the Recapture Date or the date this Agreement is otherwise terminated in accordance with <u>Article VIII</u>, as applicable.

"<u>Quota Share</u>" means seventy-five percent (75%).

"<u>RBC Ratio</u>" means, with respect to any U.S. domiciled insurance or reinsurance company, subject to <u>Section 6.3</u>, the percentage equal to (a) the quotient of the Total Adjusted Capital of such insurance or reinsurance company <u>divided by</u> the Company Action Level RBC, <u>multiplied by</u> (b) 100; <u>provided</u>, that any calculation of the RBC Ratio as of the end of any calendar quarter other than the last day of a calendar year shall be based on such insurance company's good faith estimate using, to the extent any factors are not reasonably available, amounts based on reasonable estimation and annualization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)"<u>Recapture Additional Payment Amount</u>" [\*\*\*].

"<u>Recapture Date</u>" has the meaning set forth in <u>Section 8.3</u>.

"<u>Recapture Notice</u>" has the meaning set forth in <u>Section 8.3(a)</u>.

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"<u>Recapture Payment/Trust Funding Default</u>" means there has been a failure by the Reinsurer (i) to timely pay any undisputed amounts due hereunder in an aggregate amount that, when added to the aggregate undisputed amounts that the Reinsurer has failed to fund in accordance with Sections <u>5.8(d)(i)(1)</u> or <u>5.8(d)(i)(2), as applicable,</u> and/or under Sections <u>5.8(d)(i)(1)</u> or <u>5.8(d)(i)(2</u>) of the EFLA Reinsurance Agreement, as applicable, or to cause the Reinsurer Hedge Party to timely fund the Hedge Collateral Account in accordance with <u>Section 5.11(e)</u> that has not been cured, exceeds $[\*\*\*]; or (ii) to timely fund the Trust Account in accordance with Sections <u>5.8(d)(i)(1)</u> or <u>5.8(d)(i)(2)</u>, <u>as applicable,</u> and/or under Sections <u>5.8(d)(i)(1)</u> or <u>5.8(d)(i)(2</u>) of the EFLA Reinsurance Agreement, as applicable, or to cause the Reinsurer Hedge Party to timely fund the Hedge Collateral Account in accordance with <u>Section 5.11(e)</u>, in an aggregate undisputed amount that, when added to the aggregate amount of undisputed amounts that the Reinsurer has failed to timely pay that has not been cured, exceeds $[\*\*\*], and, in each case of (i) and (ii), such failure has not been cured within [\*\*\*] Business Days after written notice thereof from the Ceding Company or EFLA, as applicable.

"<u>Recapture Terminal Settlement</u>" has the meaning set forth in <u>Section 8.4(b)</u>.

"<u>Recapture Terminal Settlement Statement</u>" has the meaning set forth in <u>Section 8.4(b)</u>.

"<u>Recapture Transaction IMR Adjustment</u>" means (a) the amount of IMR, calculated on an after-tax basis, that would have been created on the date of payment of the Recapture Terminal Settlement as a direct result of the transfer of assets by the Reinsurer to the Ceding Company pursuant to <u>Section 8.4(a)</u> or <u>(d)</u>, as applicable, determined in accordance with SAP applicable to the Reinsurer, if all such assets were withdrawn from the Trust Account in accordance with the terms thereof, less (b) the amount of the Recapture Transaction IMR Amount (without regard to the proviso therein).

"<u>Recapture Transaction IMR Amount</u>" means the amount of the IMR, calculated on an after-tax basis, that is created on the date of payment of the Recapture Terminal Settlement as a direct result of the transfer of assets by the Reinsurer to the Ceding Company pursuant to <u>Section 8.4(a)</u> or <u>(d)</u>, as applicable, determined in accordance with SAP applicable to the Reinsurer; provided, however, that if this Agreement is terminated by the Reinsurer pursuant to <u>Section 8.3(b)</u>, and the Reinsurer elects to replace assets in the Trust Account with Alternate Eligible Assets for all or a portion of the payment of the Estimated Recapture Terminal Settlement pursuant to <u>Section 8.4(a)(ii)</u>, the Recapture Transaction IMR Amount shall be (a) increased by the amount of the Recapture Transaction IMR Adjustment if such adjustment amount is a positive amount or (b) decreased by the absolute value of the Recapture Transaction IMR Adjustment if such adjustment amount is a negative amount.

"<u>Recapture Triggering Event</u>" means any of the following occurrences:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)the RBC Ratio of the Reinsurer as of any calendar quarter-end as set forth in the RBC Ratio certificate delivered in accordance with <u>Section 3.9(a)</u> is below [\*\*\*]% and the Reinsurer fails to restore its RBC Ratio to at least [\*\*\*]% within [\*\*\*] calendar days following the Capital Reporting Deadline for such calendar quarter; <u>provided</u> that a Recapture Triggering Event under this item (a) shall be deemed to be no longer continuing from and after the date that the Reinsurer certifies to the Ceding Company that its RBC Ratio is equal to or greater than [\*\*\*]% and provides

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the Ceding Company with reasonable evidence thereof in accordance with <u>Section 3.9(b)</u>; <u>provided</u>, <u>that</u> if a Recapture Triggering Event under this clause (a) is cured on the basis of mid-quarter figures and the RBC Ratio of the Reinsurer as of the next quarter-end is below [\*\*\*]%, such event shall immediately constitute a Recapture Triggering Event;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)a Recapture Payment/Trust Funding Default has occurred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)the Reinsurer has been placed into liquidation, rehabilitation, conservation, supervision, receivership or similar proceedings (whether voluntary or involuntary), or a receiver, liquidator, rehabilitator, conservator, or trustee in bankruptcy, or other agent known by whatever name is appointed for, or takes charge of, its assets or assumes control of its operations (each an "<u>Insolvency Event</u>"); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)a Reserve Credit Triggering Event has occurred.

"<u>Reinstatement Procedures</u>" means the policies and procedures of the Ceding Company as set forth on <u>Schedule C-2</u> hereto for reinstating policies of the type reinsured hereunder.

"<u>Reinsurance Premium</u>" has the meaning set forth in the Master Transaction Agreement.

"<u>Reinsurance Recoverables</u>" means all amounts recoverable from reinsurers under the Existing Reinsurance Agreements to the extent such amounts are reflected as admitted assets on the Ceding Company's Statutory Financial Statements.

"<u>Reinsurance Recoveries</u>" means all amounts [\*\*\*] by or on behalf of the Ceding Company under the Existing Reinsurance Agreements in respect of the Reinsured Contracts, including all recoveries, termination and recapture amounts (including amounts released to the Ceding Company from funds withheld accounts and modified coinsurance accounts), returns, amounts in respect of profit sharing and all other sums to which the Ceding Company may be entitled under the Existing Reinsurance Agreements, except to the extent such amounts collected under the Existing Reinsurance Agreements relate to Excluded Liabilities.

"<u>Reinsured Contracts</u>" means (a) the universal life insurance contracts, variable universal life insurance contracts (but excluding all variable universal life insurance contracts classified as bank-owned or corporate-owned variable universal life insurance contracts with the Separate Account FSA (Fixed Separate Account) option, which insurance contracts shall not be considered Reinsured Contracts or otherwise reinsured under this Agreement), and indexed universal life insurance contracts described on <u>Schedule C-1</u> issued on or prior to June 30, 2024 and listed in the seriatim file set forth in <u>Schedule D</u>, (b) reinstatements that are reinsured pursuant to <u>Section 2.6</u>, and (c) all Discovered Contracts that have been reinsured pursuant to <u>Section 2.7</u>, subject to payment of the Discovered Contract Transfer Amount, in each case of (a), (b) and (c), including all binders, slips, individual certificates, applications therefor, supplements, endorsements, and riders thereto issued or entered into in connection with such contracts, including the long term care, accidental death benefit and disability waiver of premium riders described on <u>Schedule C-1</u>. For avoidance of doubt, riders and endorsements shall be considered included on <u>Schedule C-1</u> only to the extent that the reserves for such riders and endorsements are included in the Final Closing Statement or the cashflow projections for such riders and endorsements are included in the Actuarial Appraisal, or to the extent that such riders and endorsements (i) modify, amend, alter or otherwise

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change the language of the base policy form to which they are attached or (ii) were automatically included with the base policy without voluntary election by the policyholder.

"<u>Reinsured Liabilities</u>" means, collectively, the General Account Liabilities and the Separate Account Liabilities.

"<u>Reinsured Risks</u>" has the meaning set forth in <u>Section 2.1</u>.

"<u>Reinsurer</u>" has the meaning set forth in the preamble.

"<u>Reinsurer Domiciliary State</u>" means the State of Missouri, or, if the Reinsurer changes its domiciliary state to another state within the United States, such other state.

"<u>Reinsurer Extra-Contractual Obligations</u>" means (a) all Extra-Contractual Obligations to the extent arising out of affirmative acts (as distinguished from (i) omissions and (ii) for the avoidance of doubt, Reinsurer's Recommendations) of Reinsurer or its Affiliates, (b) all Extra-Contractual Obligations to the extent arising out of acts, errors or omissions of the Ceding Company or its Affiliates taken at the express written direction of the Reinsurer (it being agreed, for the avoidance of doubt, that Reinsurer's Recommendations shall not be considered directions of the Reinsurer), including to the extent arising in connection with [\*\*\*], and (c) the Quota Share of Extra-Contractual Obligations to the extent arising out of a Contested Claim in which Reinsurer participates or which it controls in accordance with clauses (i) or (ii) of <u>Section 4.8(b)</u>.

"<u>Reinsurer Hedge Party</u>" means [\*\*\*].

"<u>Reinsurer Indemnified Parties</u>" has the meaning set forth in <u>Section 9.2</u>.

"<u>Reinsurer's Recommendations</u>" has the meaning set forth in <u>Section 2.8(b)</u>.

"<u>Repositioning Period</u>" means the period beginning on the Closing Date and ending 180 calendar days after the Closing Date.

"<u>Representative</u>" of a Person means such Person's Affiliates and the directors, officers, employees, advisors, agents, stockholders or other equity holders or investors, consultants, independent accountants, investment bankers, counsel, advisors or other representatives of such Person and of such Person's Affiliates.

"<u>Required Balance</u>" means, with respect to any date of determination, an amount equal to the sum of the following amounts as of such date of determination:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)the Quota Share of the Net Ceding Company Coinsurance Statutory Reserves (it being agreed that, for any Monthly Accounting Period that does not end at the end of a calendar quarter, such amount shall be calculated by the Ceding Company using good faith estimates as of the end of such Monthly Accounting Period and shall be reported to the Reinsurer as part of the applicable Month-End Required Balance Report); <u>plus</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)the Unamortized IMR Amount; <u>minus</u>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)the Unamortized Net Statutory-to-Economic Reserve Adjustment; <u>minus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)an amount equal to the Required Hedge Funding Balance; <u>minus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)any amount then maintained in the Designated Administrative Account, <u>minus</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)the Reinsurance Recoverables, <u>minus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)any amount improperly withdrawn by the Ceding Company from the Trust Account, plus interest thereon at the Interest Rate; <u>plus</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)following the occurrence and during the continuation of (i) an FMV Payment/Trust Funding Default or a Reserve Credit Event (other than due to [\*\*\*]), the Recapture Additional Payment Amount [\*\*\*], (ii) an Insolvency Event, the Recapture Additional Payment Amount [\*\*\*], and (iii) [\*\*\*], the Recapture Additional Payment Amount [\*\*\*]; <u>plus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)[\*\*\*]; <u>plus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)[\*\*\*]; <u>plus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)the Duration Management Funding Adjustment; <u>minus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)the Quota Share of the Policy Loan Balance; <u>plus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)the EFLA Required Balance; <u>plus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)the Unamortized Purchase Price Adjustment,

each of (a) through (n), as of such date of determination.

"<u>Required Hedge Funding Balance</u>" means the aggregate Fair Market Value as of the applicable Calculation Date of the hypothetical portfolio of derivatives that replicates the Quota Share of embedded index risk associated with the index option on the individual universal life insurance policies included within the Reinsured Contracts as calculated by the Reinsurer pursuant to <u>Section 5.11(b)</u>.

"<u>Reserve Credit</u>" means full statutory financial statement credit for the reinsurance ceded to the Reinsurer under this Agreement in the Ceding Company's Statutory Financial Statements required to be filed by the Ceding Company with the Insurance Regulator in the Ceding Company Domiciliary State.

"<u>Reserve Credit Event</u>" means any event or circumstance that would cause the Ceding Company to not be permitted to receive Reserve Credit in the Ceding Company Domiciliary State [\*\*\*].

"<u>Reserve Credit Triggering Event</u>" means that a Reserve Credit Event has occurred and the Reinsurer has not remedied such event in accordance with the timeframe required in <u>Section 5.1</u>.

"<u>Restricted Assets</u>" has the meaning set forth in the Trust Agreement.

"<u>Revenue Sharing Fees</u>" has the meaning set forth in <u>Section 3.2(b)</u>.

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"<u>SAP</u>" means, with respect to either Party, the statutory accounting principles prescribed by the Insurance Regulator for the jurisdiction in which such insurance company is domiciled consistently applied.

"<u>Securities Intermediary</u>" has the meaning set forth in the Account Control Agreement.

"<u>Security Agreement</u>" means that certain Security Agreement, by and between the Reinsurer Hedge Party and the Ceding Company, dated as of the date hereof.

"<u>Security Incident</u>" has the meaning set forth in <u>Section 11.15(e)</u>.

"<u>Separate Account Change</u>" has the meaning set forth in <u>Section 2.10(b)</u>.

"<u>Separate Account Charges</u>" has the meaning set forth in <u>Section 3.2(b)</u>.

"<u>Separate Account Liabilities</u>" has the meaning set forth in <u>Section 2.10</u>.

"<u>Separate Account Reserves</u>" means, as of any date of determination, the aggregate amount of statutory reserves of the Ceding Company with respect to the Separate Account Liabilities (as would be described in Line 1, column 3 of the Liabilities section and Exhibit 3 of the Statutory Financial Statements related to separate accounts of the Ceding Company (or the equivalent exhibits or lines in the event of changes to the Ceding Company's Statutory Financial Statement subsequent to December 31, 2023)), calculated in accordance with the Ceding Company Domiciliary State SAP.

"<u>Separate Accounts</u>" means the registered and unregistered, insulated and uninsulated separate accounts of the Ceding Company to the extent applicable to the Reinsured Contracts, as identified in <u>Schedule F</u>, including the MSO Separate Account.

"<u>Statutory Book Value</u>" means the sum of (a) (x) with respect to any asset held in the Trust Account, the amount permitted to be carried by the Reinsurer as an admitted asset consistent with SAP applicable to the Reinsurer, consistently applied, and (y) with respect to any asset held in the MSO Separate Account, the amount permitted to be carried by the Ceding Company as an admitted asset consistent with SAP applicable to the Ceding Company, consistently applied plus (b) the accrued investment income on such asset.

"<u>Statutory Financial Statements</u>" means, with respect to any Person, the annual and quarterly statutory financial statements of such Person filed with the Insurance Regulator charged with supervision of such Person.

"<u>Subject YRT Reinsurance Agreement</u>" has the meaning set forth on <u>Schedule I</u>.

"<u>Subject YRT Reinsurer</u>" has the meaning set forth on <u>Schedule I</u>.

[\*\*\*]

"<u>Tax</u>" or "<u>Taxes</u>" has the meaning specified in the Master Transaction Agreement.

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"<u>Terminated Contract</u>" has the meaning specified in <u>Section 2.7(c)</u>.

"<u>Terminated Contract Transfer Amount</u>" means with respect to each Terminated Contract (a) (i) the Quota Share of the Net Ceding Company Coinsurance Statutory Reserves inclusive of such Terminated Contract, <u>minus</u> (ii) the Quota Share of the Net Ceding Company Coinsurance Statutory Reserves excluding such Terminated Contract, determined as of the Effective Time, plus interest thereon calculated at the Interest Rate from the Effective Time to the date of such transfer, <u>minus</u> (b) the Quota Share of the Policy Loan Balance with respect to such Terminated Contract as of the Effective Time, <u>plus</u> (c) the Quota Share of Additional Consideration received by the Reinsurer in respect of such Terminated Contract at or after the Effective Time to the date of such payment, <u>minus</u> (d) the Quota Share of Reinsured Liabilities paid by the Reinsurer in respect of such Terminated Contract at or after the Effective Time to the date of such payment, in the case of (c) and (d) with interest thereon, calculated at the Interest Rate from the date of payment or receipt, as applicable, to the date of such payment.

"<u>Termination Notice</u>" has the meaning set forth in <u>Section 8.3(b)</u>.

"<u>Termination Triggering Event</u>" means there has been a failure by the Ceding Company to timely pay any undisputed amounts due to the Reinsurer hereunder in an aggregate amount that exceeds $[\*\*\*] and such failure has not been cured within [\*\*\*] Business Days after written notice thereof from the Reinsurer.

"<u>Third-Party Claim</u>" has the meaning set forth in the Master Transaction Agreement.

"<u>Total Adjusted Capital</u>" means, with respect to any U.S. domiciled insurance company, as of any date of determination, total adjusted capital as calculated in accordance with the applicable Laws of such insurance company's domiciliary state as of such date of determination.

"<u>Transaction Agreements</u>" means, collectively, this Agreement, the Master Transaction Agreement, the Trust Agreement, the Security Agreement, the Account Control Agreement and the Investment Management Agreement.

"<u>Transaction IMR Amount</u>" means the amount of the IMR, calculated on an after-tax basis, that is created on the Closing Date as a direct result of the transfer of assets by the Ceding Company to the Reinsurer pursuant to <u>Section 3.1(a)</u>, determined in accordance with SAP applicable to the Ceding Company.

"<u>Transfer Lag Adjustment</u>" means the amount set forth in the Ceding Company's Closing Statement as the Transfer Lag Adjustment determined in accordance with the applicable provisions of Schedule 2.03(b) to the Master Transaction Agreement.

"<u>Transferred Investment Assets</u>" has the meaning set forth in the Master Transaction Agreement.

"<u>Trust Account</u>" means the trust account established by the Reinsurer for the benefit of the Ceding Company and EFLA under the Trust Agreement.

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"<u>Trust Account-Eligible Letters of Credit</u>" means one or more irrevocable letters of credit that (a) are permitted to be deposited and held in the Trust Account for the purposes set forth in <u>Section 5.9</u>, (b) satisfy the requirements of a Credit for Reinsurance Letter of Credit except that the named beneficiary of such letter of credit shall be the Trustee (in its capacity as trustee under the Trust Agreement) rather than the Ceding Company and shall reflect such other modifications as may be reasonably requested by the Trustee as a condition to holding such letter of credit in the Trust Account provided such modifications do not impair the Ceding Company's rights to instruct the Trustee to draw on such Trust Account-Eligible Letters of Credit pursuant to the terms of the Trust Agreement, (c) at the time the letter of credit was deposited into the Trust Account it was issued by a bank on the Ceding Company's list of Qualified LOC Providers that was most recently provided to the Reinsurer and (d) and payable upon the issuing bank's receipt of a notice that a specified event occurred, without the presentation of any other documents.

"<u>Trust Account Credit for Reinsurance Assets</u>" has the meaning set forth in <u>Section 5.4</u>.

"<u>Trust Agreement</u>" means that certain Trust Agreement dated as of the date hereof by and among the Reinsurer (as grantor thereunder), the Ceding Company and EFLA (as beneficiaries thereunder) and the Trustee (as trustee), substantially in the form attached as <u>Exhibit 2</u>.

"<u>Trustee</u>" means the trustee under the Trust Agreement.

"<u>Unamortized IMR Amount</u>" means, as of any date of determination, (a) the Quota Share of the Existing IMR Amount which remains unamortized as of such date as set forth on <u>Schedule J-1</u>, plus (b) the Transaction IMR Amount which remains unamortized as of such date as set forth on <u>Schedule J-2</u> (as <u>Schedules J-1</u> and <u>J-2</u> are updated in accordance with <u>Section 2.13</u>), plus (c) the Pro Rata Share of the Post-Closing Date IMR Amount which remains unamortized as of such date.

"<u>Unamortized Net Statutory-to-Economic Reserve Adjustment</u>" means, as of any date of determination, an amount equal to the portion of the Net Statutory-to-Economic Reserve Adjustment as reflected in the Ceding Company's Final Closing Statement that is unamortized as of such date, which amortization shall begin on the Effective Time and shall amortize to zero monthly on a straight-line basis over a [\*\*\*] year period.

"<u>Unamortized Purchase Price Adjustment</u>" means, as of any date of determination, an amount equal to the portion of the Purchase Price Adjustment as reflected in the Ceding Company's Final Closing Statement that is unamortized as of such date, which amortization shall begin on the Effective Time and shall amortize to zero monthly on a straight-line basis over a [\*\*\*] year period.

"<u>VIO Separate Account</u>" means all Separate Accounts of the Ceding Company, excluding any MSO Separate Accounts.

**Article X.<br>BASIS OF REINSURANCE AND BUSINESS REINSURED**

**Section 10.1.<u>Coverage</u>**. Upon the terms and subject to the conditions and other provisions of this Agreement, as of the Effective Time, the Ceding Company hereby cedes to the Reinsurer, and the Reinsurer hereby agrees to reinsure and indemnify the Ceding Company (a) on a

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coinsurance basis, the Quota Share of the General Account Liabilities and (b) on a modified coinsurance basis, the Quota Share of the Separate Account Liabilities, including the MSO Liabilities, in each case, arising on or after the Effective Time with respect to all Reinsured Contracts (collectively, the "<u>Reinsured Risks</u>"). The reinsurance effective under this Agreement shall be maintained in force, without reduction, unless such reinsurance is terminated or recaptured as provided herein. For the avoidance of doubt, the Reinsurer shall have no Liability for Excluded Liabilities.

**Section 10.2.<u>Insurance Contract Changes</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Except (a) as directed or agreed by the Reinsurer in advance in writing, (b) for any changes initiated by the applicable Policyholder of any Reinsured Contract pursuant to the terms of such Reinsured Contract or (c) for any changes mandated by any Governmental Authority or any changes that are required as a result of a change in applicable Law, the Ceding Company shall not change the terms of any Reinsured Contract. This <u>Section 2.2</u> shall not apply to any changes to Non-Guaranteed Elements, which shall be governed exclusively by <u>Section 2.8</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The Parties agree and acknowledge that the policies set forth on <u>Schedule D</u> as originally attached to this Agreement are the Reinsured Contracts in-force as of June 30, 2024, and that during the first sixty (60) calendar days following the Closing Date, the Ceding Company will prepare and deliver to the Reinsurer an updated version of <u>Schedule D</u> that has been updated to reflect the Reinsured Contracts in-force as of the Effective Time. The Reinsurer shall have sixty (60) calendar days after the date on which the updated <u>Schedule D</u> is delivered to it to review such schedule, and the provisions of Section 2.04(e) of the Master Transaction Agreement shall apply *mutatis mutandis*. Following the Parties' agreement on the updated schedule, the Parties will attach such updated schedule to this Agreement as <u>Schedule D</u>, which updated schedule will replace <u>Schedule D</u> as originally attached to this Agreement; <u>provided</u> that, such final <u>Schedule D</u> shall have no effect on the definition or scope of Excluded Liabilities or the exclusion under this Agreement for Excluded Liabilities as so defined.

**Section 10.3.<u>Liability</u>**. Subject to the terms and conditions of this Agreement, the Reinsurer's liability under this Agreement shall attach as of the Effective Time and the Reinsurer's liability under this Agreement shall be subject in all respects to the same terms, rates and conditions with respect to the Reinsured Contracts as the Ceding Company, and, to the same modifications, alterations and cancellations of the Reinsured Contracts as the Ceding Company, the true intent of this Agreement being that the Reinsurer shall, subject to the express terms and conditions of this Agreement, follow the fortunes of the Ceding Company with respect to the Reinsured Liabilities. Nothing in the preceding sentence shall be construed or interpreted to expand, or otherwise increase, the Reinsurer's liability hereunder in any manner beyond that expressly set forth in this Agreement.

**Section 10.4.<u>Indemnity Reinsurance</u>**. This Agreement is an indemnity coinsurance agreement solely between the Ceding Company and the Reinsurer, and the performance of the obligations of each Party under this Agreement shall be rendered solely to the other Party. The Ceding Company shall be and shall remain the only Party hereunder that is liable to any insured, Policyholder, claimant or beneficiary under any policy reinsured hereunder.

**Section 10.5.<u>Territory</u>**. The territorial limits of this Agreement shall be identical with those of the Reinsured Contracts.

**Section 10.6.<u>Reinstatements</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)If any Reinsured Contract that has lapsed after the Effective Date is subsequently reinstated prior to the termination of this Agreement in accordance with the Reinstatement Procedures set forth on <u>Schedule C-2</u>, or as otherwise required by applicable Law or directed by a Governmental Authority, the reinsurance for such Reinsured Contract under this

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Agreement shall be reinstated automatically. The Ceding Company shall pay the Reinsurer the Quota Share of all amounts received by the Ceding Company in connection with the reinstatement of such Reinsured Contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)With respect to any life policies issued by the Ceding Company on or prior to June 30, 2024 and of a type described in <u>Schedule C-1</u> that lapsed prior to the Effective Time and is subsequently reinstated on or after the Effective Time and prior to the termination of this Agreement in accordance with the Reinstatement Procedures set forth on <u>Schedule C-2</u>, the reinsurance for such policy under this Agreement shall become effective automatically upon its reinstatement. In each case, the Ceding Company shall transfer into the Trust Account, in connection with the effectiveness of the reinsurance hereunder with respect to any such reinstatement, cash and/or Eligible Assets having a Fair Market Value equal to (i) without duplication of amounts in clause (ii), the Quota Share of the Net Ceding Company Coinsurance Statutory Reserves attributable to such Reinsured Contract determined as of the date of reinstatement to the extent the calculation of the Initial Premium as finally determined and transferred to the Reinsurer did not reflect inclusion of the lapsed policy, <u>plus</u> (ii) the Quota Share of all amounts received by the Ceding Company in connection with the reinstatement of such Reinsured Contract.

**Section 10.7.<u>Discovered In-Force Policies and Lapsed Policies</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)If, after the Closing Date, the Ceding Company becomes aware of any Discovered Contracts within twelve (12) months of the Closing Date, the Parties shall cooperate in good faith to include such Discovered Contract as a Reinsured Contract as though it had originally been included as such as of the Effective Time; provided that (i) any Discovered Contract for which the Ceding Company has provided the Reinsurer with reasonable evidence that the Reinsurer has been compensated for assuming such Discovered Contract will be deemed a Reinsured Contract without any further action from the Parties; (ii) for any Discovered Contracts for which the Ceding Company has not provided the Reinsurer with reasonable evidence that the Reinsurer has been compensated for assuming such Discovered Contract, the Ceding Company shall transfer to the Trust Account cash and/or other Eligible Assets having a Fair Market Value equal to the Discovered Contract Transfer Amount with respect to such Discovered Contracts within five (5) Business Days after the calculation thereof; (iii) to the extent the Quota Share of the Net Ceding Company Coinsurance Statutory Reserves for Discovered Contracts in the aggregate is equal to or less than $[\*\*\*], such Discovered Contracts shall be reinsured under this Agreement without the consent of the Reinsurer; (iv) if the Quota Share of the Net Ceding Company Coinsurance Statutory Reserves for Discovered Contracts in the aggregate exceeds $[\*\*\*], such Discovered Contracts that result in the Quota Share of the Net Ceding Company Coinsurance Statutory Reserves exceeding $[\*\*\*] shall be reinsured under this Agreement only with the prior written consent of the Reinsurer; and (v) to the extent the aggregate face amount attributable to Discovered Contracts under this Agreement is equal to or exceeds $[\*\*\*], such Discovered Contracts that have a face amount in excess of such amount shall be reinsured under this Agreement only with the prior written consent of the Reinsurer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)If, at any time following the Closing Date, either the Ceding Company or the Reinsurer finds that a policy listed on <u>Schedule D</u> had terminated prior to the Effective Time (a "<u>Terminated Contract</u>"), such Party shall promptly notify the other Party in writing of the existence of such Terminated Contract. Any Terminated Contract discovered during such period shall be deemed to be removed from <u>Schedule D</u>. The Ceding Company shall calculate the Terminated Contract Transfer Amount for such Terminated Contract. The Reinsurer shall transfer to the Ceding Company cash and/or other Eligible Assets having a Fair Market Value equal to such Terminated Contract Transfer Amount with the next monthly settlement after the calculation thereof. The effective date with respect to the transfer of any Terminated Contract pursuant to this <u>Section 2.7(b)</u> shall be the date assets in the relevant amount in respect thereof are transferred by the Reinsurer to the Ceding Company.

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**Section 10.8.<u>Non-Guaranteed Elements</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Ceding Company shall establish all Non-Guaranteed Elements in accordance with (i) the Ceding Company's methodologies and procedures in effect as of the Effective Date as set forth on <u>Schedule L</u> or as otherwise contemplated on <u>Schedule L</u> and (ii) all Non-Guaranteed Elements that are not addressed on <u>Schedule L</u> in accordance with its historical practice regarding such Non-Guaranteed Elements and consistent with the written terms of the Reinsured Contracts, applicable Law, and Actuarial Standards of Practice promulgated by the Actuarial Standards Board governing redetermination of non-guaranteed charges, in each case of (i) and (ii) unless otherwise required by applicable Law. The Reinsurer is entering into this Agreement in reliance on the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The Ceding Company shall consult with the Reinsurer on the setting of Non-Guaranteed Elements prior to making any material changes thereto. From and after the Closing Date, the Reinsurer may, from time to time, make recommendations to the Ceding Company with respect to Non-Guaranteed Elements so long as the recommendations comply with the written terms of the Reinsured Contracts, applicable Law and Actuarial Standards of Practice promulgated by the Actuarial Standards Board governing redetermination of non-guaranteed charges ("<u>Reinsurer's Recommendations</u>"). The Ceding Company shall fully consider any such Reinsurer's Recommendations and act reasonably and in good faith in determining whether any such Reinsurer's Recommendations should be accepted; provided that the Ceding Company is not required to implement any of Reinsurer's Recommendations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Notwithstanding anything in this <u>Section 2.8</u>, with respect to the Reinsured Contracts ceded under the Subject YRT Reinsurance Agreement, the Ceding Company and the Reinsurer shall consult in good faith to determine whether to follow the recommendations of the Subject YRT Reinsurer with respect to the setting of post-level term premium rates under such Reinsured Contracts, and the Ceding Company shall not follow such recommendations without the Reinsurer's consent (such consent not to be unreasonably withheld, conditioned or delayed). In the event the Ceding Company does not follow any such recommendation, the provisions in <u>Section 2.11(b)</u> shall apply to determine the course of conduct (e.g., accept the resulting reinsurance premium rate increase or recapture the business reinsured) to be taken by the Ceding Company under the Subject YRT Reinsurance Agreement as result of such election.

**Section 10.9.<u>Retrocession</u>**. The Reinsurer shall be permitted to retrocede or otherwise transfer to any Person all or any portion of the Reinsured Risks; <u>provided</u> that no such retrocession or transfer shall relieve the Reinsurer of any of its obligations under this Agreement or any other Transaction Agreement.

**Section 10.10.<u>Separate Accounts</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Notwithstanding anything contained in this Agreement to the contrary, for each of the Reinsured Contracts that relate to the Separate Account Liabilities, the amount allocated to the Separate Accounts in accordance with the terms of such Reinsured Contracts shall be held by the Ceding Company in the Separate Accounts, and Premiums with respect to such Reinsured Contracts shall be deposited in the Separate Accounts to the extent required to be deposited therein by the terms of such Reinsured Contracts. From and after the Closing Date, the Ceding Company shall retain and own all assets contained in the Separate Accounts and shall hold the Separate Account Reserves with respect to the Reinsured Contracts that are funded, in whole or in part, by one or more of the Separate Accounts and such Separate Account Reserves shall be reported by the Ceding Company on its Separate Account balance sheets, consistent with the Ceding Company Domiciliary State SAP. For each Reinsured Contract that relates to the Separate Account Liabilities, the Reinsurer shall transfer to the Ceding Company for deposit into the Separate Accounts the Quota Share of any additional amounts required to be deposited into the Separate Accounts after the Effective Time pursuant to the terms of the applicable Reinsured Contract, in

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each case, except to the extent that such amounts have been previously paid or provided for pursuant to the Net Settlement. All amounts to be paid with respect to death benefits, surrenders, periodic payments, other optional benefits, compensation or any other amounts with respect to such Reinsured Contracts that by the terms of such Reinsured Contracts contemplate payment from the Separate Accounts (the "<u>Separate Account Liabilities</u>") shall be paid out of the Separate Accounts to the extent so contemplated. For the avoidance of doubt, the Ceding Company shall withdraw from the Separate Accounts all mortality and expense risk charges and any other fees or charges that are payable from the account values of the Reinsured Contracts. As of the Closing Date, the Parties will record on their respective books and records an initial modified coinsurance reserve adjustment to the extent necessary to reflect the cession of the Quota Share of the Separate Account Liabilities hereunder on a modified coinsurance basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Except as consented to in writing by the Reinsurer (such consent not to be unreasonably withheld, conditioned or delayed) or as required by a vote of Policyholders, neither the Ceding Company nor its Affiliates (unless such Affiliates are required to so act under applicable Law (including, without limitation, common law or statutory fiduciary duties)) shall initiate, consent to or otherwise permit a change to the investment options or underlying investment funds available through the Separate Accounts under the Reinsured Contracts or the terms or conditions of any agreements between the Ceding Company and a variable investment trust or other investment vehicle offered as an investment option in the Separate Accounts with respect to the Reinsured Contracts (including any plan of operations for any Separate Accounts) that at the time of such change is reasonably expected to result in, in the aggregate with respect to the Reinsured Contracts, and considering all positive and adverse effects thereof on the Reinsurer, a non-de minimis reduction in the Revenue Sharing Fees payable to the Reinsurer (each, a "<u>Separate Account Change</u>"), other than for any Separate Account Change required by the terms of such Reinsured Contracts, any Governmental Order or any applicable Law, in which case the Ceding Company shall, to the extent practicable and legally permissible, consult with the Reinsurer as to any such Separate Account Change. The Parties agree that any actions taken by the board of directors, trustees or beneficial owners of an investment vehicle or investment option offered in a Separate Account shall not be subject to any right of the Reinsurer to consent to, or be consulted with respect to, such action, except to the extent the Ceding Company or any of its Affiliates (unless such Affiliates may not give effect to such Reinsurer consent or consultation right under applicable Law (including, without limitation, common law or statutory fiduciary duties)) has a right to consent to, or be consulted with respect to, such action.

**Section 10.11.<u>Existing Reinsurance</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)[\*\*\*].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)From and after the Effective Time, except as required to comply with applicable Law, the Ceding Company shall not voluntarily amend, terminate or recapture any Existing Reinsurance Agreement with respect to the Reinsured Contracts or enter into any new reinsurance agreement that would constitute an Existing Reinsurance Agreement with respect to any of the Reinsured Contracts without the Reinsurer's prior written consent, which shall not be unreasonably withheld, conditioned or delayed. Notwithstanding the foregoing, where by operation of the terms and conditions of any Existing Reinsurance Agreement, the Ceding Company is required to select one amongst two or more courses of conduct (e.g., accept a reinsurer's rate increase or recapture the business reinsured), the Reinsurer shall not be permitted to withhold its consent to both courses of conduct (e.g., the Reinsurer must consent to one) and as to the selection of which course of conduct, the Parties shall consult in good faith to reach agreement on a mutually acceptable decision as to the course of conduct to be selected. [\*\*\*].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)For the avoidance of doubt, the Quota Share of all liabilities ceded under the terms of any Existing Reinsurance Agreement, as shall be terminated or recaptured or as may be reduced or altered to reflect any amendment of such Existing Reinsurance Agreement as permitted

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by <u>Section 2.11(b)</u>, shall be ceded automatically hereunder to the Reinsurer without any further action, subject to the receipt by the Reinsurer of the Quota Share of any recapture or termination payments received by the Ceding Company in respect thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Nothing contained in this Section 2.11 shall be construed as prohibiting the Ceding Company from ceding its net retention to its Affiliates as permitted by <u>Section 2.12</u> of this Agreement.

**Section 10.12.<u>Net Retention</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Ceding Company and its Affiliates (provided that each such Affiliate is a direct or indirect wholly-owned subsidiary of the same Person that directly or indirectly wholly-owns the Ceding Company, and only for so long as such Affiliate(s) satisfies the foregoing criteria), in the aggregate, shall retain, net for their own account (and not reinsured or retroceded other than to Affiliates that satisfy the foregoing criteria applicable to Affiliates), not less than [\*\*\*]% of each of the General Account Liabilities and the Separate Account Liabilities. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)[\*\*\*].

**Section 10.13.<u>Existing IMR Amount; Transaction IMR Amount</u>**. The Parties agree that (a) the amortization of the Existing IMR Amount and the Transaction IMR Amount set forth on <u>Schedules J-1</u> and <u>J-2</u>, respectively, attached to this Agreement reflects estimated information as of the close of business on the Business Day immediately preceding the Closing Date, (b) the Ceding Company shall provide updated <u>Schedules J-1</u> and <u>J-2</u>, in each case, reflecting information as of the Closing Date no later than five (5) Business Days following finalization of the Final Closing Statement (as defined in the Master Transaction Agreement) pursuant to Section 2.04 of the Master Transaction Agreement, and (c) such updated schedules shall be attached to this Agreement and replace <u>Schedules J-1</u> and <u>J-2</u> as originally attached to this Agreement. Until such time as <u>Schedules J-1</u> and <u>J-2</u> are updated in accordance with this <u>Section 2.13</u>, clauses (a) and (b) of the calculation of Unamortized IMR Amount used in the calculation of the Required Balance shall be calculated using <u>Schedules J-1</u> and <u>J-2</u> as originally attached to this Agreement.

**Section 10.14.<u>Conversions, Exchanges and Replacements</u>**. In the event of an exchange, conversion or replacement of a Reinsured Contract after the Effective Time in accordance with the terms of such Reinsured Contract, such exchange, conversion or replacement shall be treated as a lapse of such Reinsured Contract for purposes of this Agreement and the policy issued in connection with such exchange, conversion or replacement shall not be considered a Reinsured Contract or otherwise reinsured under this Agreement. 

**Article XI.<br>PAYMENTS; ADDITIONAL CONSIDERATION**

**Section 11.1.<u>Initial Premium</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)As initial consideration for the Reinsurer entering into this Agreement (the "<u>Initial Premium</u>"), the Reinsurer shall be entitled to cash and/or Eligible Assets having an aggregate Fair Market Value as of the Closing Date equal to the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)the Reinsurance Premium, <u>minus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)the Quota Share of the Policy Loan Balance as of the Effective Time, <u>plus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)the Purchase Price Adjustment; <u>plus</u>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)the Transfer Lag Adjustment; <u>plus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)the Adjustment for FMV of IUL Product.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)On the Closing Date, the Ceding Company shall transfer to the Trust Account, on behalf of the Reinsurer, the Transferred Investment Assets in an amount equal to the Estimated Initial Premium pursuant to Section 2.03 of the Master Transaction Agreement and as set forth in the Estimated Closing Statement delivered thereunder. To the extent required pursuant to <u>Section 5.2(b)</u>, the Reinsurer shall deposit additional Eligible Assets into the Trust Account concurrent with the Closing. Each of the Initial Premium, Transferred Investment Assets and Initial Required Balance will be estimated, determined, adjusted and paid in accordance with Article II of the Master Transaction Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The Ceding Company and the Reinsurer agree that (i) the Quota Share of the Existing IMR Amount (as of the Closing Date), (ii) the Transaction IMR Amount (as of the Closing Date) and (iii) the Unamortized IMR Amount (as set forth on <u>Schedules J-1</u> and <u>J-2</u>, respectively, as of the relevant date of determination) shall be ceded to and held by the Reinsurer, and the Ceding Company shall have no obligation during the term of this Agreement to maintain any IMR relating to the Existing IMR Amount, the Transaction IMR Amount or the Post-Closing Date IMR Amount.

**Section 11.2.<u>Additional Consideration</u>**. As additional consideration for the Reinsurer entering into this Agreement, the Reinsurer shall be entitled to the Quota Share of the following amounts (except to the extent such amounts directly arise from a Ceding Company Extra-Contractual Obligation) received at or after the Effective Time by the Ceding Company in respect of the Reinsured Contracts (the "<u>Additional Consideration</u>"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Premiums;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)(i) mortality and expense risk charges, administrative expense charges, rider charges, contract maintenance charges, back-end sales loads and other considerations billed separately for the Reinsured Contracts collected by the Ceding Company, and any other charges, fees, and similar amounts received by the Ceding Company from the Separate Accounts with respect to the Reinsured Contracts, (ii) all revenue sharing fees, service fees, distribution fees and other amounts from or in respect of any mutual fund organization's mutual funds as funding vehicles to the extent attributable to the Reinsured Contracts received by the Ceding Company or any of its Affiliates, including amounts received pursuant to a plan adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended, minus the amount of (1) the administrative fees set forth on <u>Schedule K</u>, which are currently being paid to Equitable Investment Management LLC, and (2) the sub-advisory fees and fund reimbursements incurred by the Ceding Company or its Affiliates with respect to such mutual funds and attributable to the Reinsured Contracts (all fees payable under clause (ii) of this <u>Section 3.2(b)</u>, "<u>Revenue Sharing Fees</u>"), and (iii) all other amounts received by the Ceding Company with respect to the Reinsured Contracts (other than those described in clauses (i) or (ii) or with respect to Ceding Company Extra-Contractual Obligations) (collectively, the "<u>Separate Account Charges</u>");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Without duplication of amounts in clauses (a) or (b) of this <u>Section 3.2</u>, all amounts that are transferrable from the Separate Accounts to the general account of the Ceding Company in respect of the Reinsured Contracts; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Reinsurance Recoveries.

**Section 11.3.<u>Net Settlement</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)During the term of this Agreement, a settlement amount between the Ceding Company and the Reinsurer as of the last day of each Monthly Accounting Period (the "<u>Net</u> 

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<u>Settlement</u>") shall be calculated by the Ceding Company, and a statement setting forth details of such calculation (the "<u>Monthly Settlement Statement</u>") in the form as set forth as <u>Exhibit 1</u>, shall be delivered by the Ceding Company to the Reinsurer no later than eighteen (18) Business Days following the end of such Monthly Accounting Period; [\*\*\*]. If the amount of the Net Settlement for such Monthly Accounting Period is positive, the Ceding Company shall pay such amount in cash to the Reinsurer within twenty (20) days after its delivery of the Monthly Settlement Statement for such period to the Reinsurer. If the amount of the Net Settlement for such Monthly Accounting Period is negative, the Reinsurer shall pay the absolute value of such amount in cash to the Ceding Company within twenty (20) days after its receipt of the Monthly Settlement Statement for such period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)the Net Settlement with respect to each Monthly Accounting Period (or, with respect to items (vii) and (viii) below, each Quarterly Accounting Period) shall be an amount equal to the following (without duplication):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)the Quota Share of the Additional Consideration received by the Ceding Company during such Monthly Accounting Period; <u>minus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)the Quota Share of the Reinsured Liabilities paid by the Ceding Company during such Monthly Accounting Period; <u>plus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)the Quota Share of the Reinsured Liabilities paid by the Ceding Company with assets in the Designated Administrative Account during such Monthly Accounting Period; <u>minus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)the Expense Allowances for such Monthly Accounting Period; <u>minus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)the Quota Share of all amounts payable to Producers with respect to the Reinsured Contracts and described on <u>Schedule Q</u>; <u>minus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)the Quota Share of Allocated Premium Taxes; <u>minus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)the Quota Share of the MSO Modco Reserve Adjustment, which amount will only be included in the Monthly Settlement Statement and the corresponding calculation of the Net Settlement for the final month of each calendar quarter; <u>plus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)the Quota Share of the MSO Hedge P&L, which amount will only be included in the Monthly Settlement Statement and the corresponding calculation of the Net Settlement for the final month of each calendar quarter.

**Section 11.4.<u>Delayed Payments</u>**. If there is a delayed settlement of any payment due hereunder, interest will accrue on such overdue payment at the Interest Rate until settlement is made. For purposes of this <u>Section 3.4</u>, a payment will be considered overdue, and such interest will begin to accrue, on the first day immediately following the date such payment is due. For greater clarity, a payment shall be deemed to be due hereunder on the last date on which such payment may be timely made under the applicable provision.

**Section 11.5.<u>Defenses</u>.** The Reinsurer accepts, reinsures and assumes the Reinsured Risks subject to any and all defenses, set-offs and counterclaims to which the Ceding Company would be entitled with respect to the Reinsured Risks, it being expressly understood and agreed to by the Parties that no such defenses, set-offs, or counterclaims are or shall be waived by the execution and delivery of this Agreement or the consummation of the transactions contemplated hereby and that the Reinsurer is and shall be fully subrogated in and to all such defenses, set-offs and counterclaims.

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**Section 11.6.<u>Offset</u>**. Except as otherwise provided under applicable Law, any undisputed debits or credits incurred between the Parties on and after the Effective Time in favor of or against either the Ceding Company or the Reinsurer with respect to this Agreement are deemed mutual debits or credits, as the case may be, and shall be set off or recouped, and only the net balance shall be allowed or paid. In the event of any liquidation, insolvency, rehabilitation, conservatorship or comparable proceeding by or against the Ceding Company or the Reinsurer, the rights of offset and recoupment set forth in this <u>Section 3.6</u> shall apply to the fullest extent permitted by applicable Law.

**Section 11.7.<u>[RESERVED].</u>** 

**Section 11.8.<u>MSO Modco Account</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)On the Closing Date, the Ceding Company shall establish a notional modified coinsurance account (the "<u>MSO Modco Account</u>") and allocate thereto (i) the MSO Hedges and (ii) the MSO Investment Assets having, in aggregate, a Fair Market Value (in the case of the MSO Hedges) and a Statutory Book Value (in the case of the MSO Investment Assets) equal to the MSO Reserves as of the Effective Time. For greater clarity, the MSO Modco Account shall consist of (x) a notional account established by the Ceding Company within its general account or the MSO Separate Account, to which the MSO Hedges shall be credited and (y) a notional account established by the Ceding Company within the MSO Separate Account, to which the MSO Investment Assets shall be credited. The Ceding Company will maintain the MSO Modco Account and will retain, control and own all MSO Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)At the end of each Quarterly Accounting Period, the Ceding Company shall calculate the MSO Modco Reserve Adjustment for such Quarterly Accounting Period (each, a "<u>MSO Modco Reserve Adjustment</u>") in an amount equal to:

&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;(i)the MSO Reserves as of the end of the Quarterly Accounting Period; <u>minus</u>

&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;(ii)the MSO Reserves as the beginning of such Quarterly Accounting Period; <u>minus</u>

&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;(iii)the MSO Modco Investment Credit.

(c)If any MSO Modco Reserve Adjustment is positive, the Quota Share of such amount shall be credited to the Ceding Company in accordance with <u>Section 3.3(b)</u>. If any MSO Modco Reserve Adjustment is negative, the Quota Share of the absolute value of such amount shall be credited to the Reinsurer in accordance with <u>Section 3.3(b)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)The Ceding Company shall purchase and manage MSO Hedges and MSO Investment Assets in good faith and in accordance with the plan of operations for the MSO Separate Account and the MSO Investment Guidelines; <u>provided</u>, <u>however</u>, that the Reinsurer shall be permitted to direct the Ceding Company or its investment manager with regard to the management of MSO Hedges and/or MSO Investment Assets (including directing purchases and dispositions) (provided that such directions conform to the MSO Investment Guidelines) as follows:

&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;(i)If the Ceding Company has breached the MSO Investment Guidelines and has failed to cure such breach within ten (10) days following written notice from the Reinsurer, then the Reinsurer shall be permitted to direct the Ceding Company or its investment manager with respect to purchases and dispositions of MSO Hedges and MSO Investment Assets until such time as the MSO Hedges and MSO

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Investment Assets comply with the MSO Investment Guidelines for three (3) consecutive Monthly Accounting Periods;

&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;(ii)if, during any two (2) consecutive Quarterly Accounting Periods, the MSO Investment Assets Net Cash Flow is less than [\*\*\*], then the Reinsurer shall be permitted to direct the Ceding Company or its investment manager with respect to purchases and dispositions of MSO Hedges and MSO Investment Assets until such time (if any) that the MSO Investment Assets Net Cash Flow exceeds [\*\*\*] for two (2) consecutive Quarterly Accounting Periods; and

&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;(iii)if the Quota Share of the MSO Reserves exceeds $[\*\*\*], then the Reinsurer shall be permitted to direct the Ceding Company or its investment manager with respect to purchases and dispositions of MSO Hedges and MSO Investment Assets until such time as the Quota Share of the MSO Reserves does not exceed $[\*\*\*].

(iv)The Reinsurer's rights set forth in clause (i) above shall be without limitation of its rights under this Agreement or applicable Law due to a breach by the Ceding Company of the MSO Investment Guidelines.

**Section 11.9.<u>Reports from the Reinsurer</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)With respect to quarters other than the last quarter of a calendar year, the Reinsurer shall provide to the Ceding Company, by the relevant Capital Reporting Deadline, a certification of an officer of the Reinsurer certifying the RBC Ratio of the Reinsurer as of the last day of the immediately preceding calendar quarter based on the Reinsurer's good faith estimate using, to the extent any factors are not reasonably available, amounts based on reasonable estimation and annualization, of its RBC Ratio as of the last day of the immediately preceding calendar quarter. Such quarterly certifications of the Reinsurer's RBC Ratio may be estimated and expressed in [\*\*\*]% ranges (e.g., between [\*\*\*]% - [\*\*\*]%); provided, however, that if the Reinsurer's RBC Ratio is below [\*\*\*]%, such certification shall be expressed to the nearest [\*\*\*]%. With respect to the last quarter of a calendar year, the Reinsurer shall provide to the Ceding Company, by the relevant Capital Reporting Deadline, a certification of an officer of the Reinsurer certifying the actual RBC Ratio of the Reinsurer as calculated by the Reinsurer as of the last day of the immediately preceding calendar year or, if the Reinsurer has not delivered its actual RBC Ratio to the applicable Insurance Regulator by the relevant Capital Reporting Deadline, then (i) the Reinsurer shall, by the relevant Capital Reporting Deadline, certify its RBC Ratio to the Ceding Company as of the last day of the immediately preceding calendar year based on its good faith estimate thereof using, to the extent any factors are not reasonably available, amounts based on reasonable estimation and annualization, along with an explanation in reasonable detail of why the Reinsurer was unable to certify as to its actual RBC Ratio, and (ii) promptly following delivery of its actual RBC Ratio to the applicable Insurance Regulator, the Reinsurer shall deliver a certification of an officer of the Reinsurer certifying the actual RBC Ratio of the Reinsurer as calculated by the Reinsurer as of the last day of the immediately preceding calendar year. In addition, if the RBC Ratio of the Reinsurer as of any calendar quarter-end is below the RBC Ratio set forth in clause (b) or clause (d) of the definition of "FMV Required Balance" or below the RBC Ratio set forth in clause (a) of the definition of "Recapture Triggering Event" and has been cured, the Reinsurer shall provide to the Ceding Company evidence that such shortfall has been cured. In the event the Reinsurer fails to provide a certificate when required pursuant to this <u>Section 3.9(a)</u> and such failure has not been cured within [\*\*\*] Business Days after receipt of notice of such failure from the Ceding Company, the RBC Ratio of the Reinsurer shall be deemed to be less than the RBC Ratio set forth in clause (a) of the definition of "Recapture Triggering Event" until such time as the Reinsurer delivers a certification of an officer of the Reinsurer certifying the RBC Ratio

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of the Reinsurer as of the last day of the immediately preceding calendar quarter, at which time Reinsurer's RBC Ratio shall cease to be deemed to be less than such threshold.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Each Party shall provide prompt written notice to the other Party of the occurrence of any FMV Triggering Event or Recapture Triggering Event after it becomes aware of such occurrence. In addition, the Reinsurer shall cooperate fully with the Ceding Company and promptly respond to the Ceding Company's reasonable inquiries from time to time concerning the determination of whether an FMV Triggering Event or Recapture Triggering Event has occurred or is likely to occur.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Promptly after the Ceding Company's request, the Reinsurer shall provide to the Ceding Company a copy of the Reinsurer's most recent annual and quarterly Statutory Financial Statement and a copy of its most recent annual audited Statutory Financial Statement, along with the audit report thereon, in each case, that have been filed with the insurance regulatory authority in the Reinsurer's state of domicile.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)At the Ceding Company's reasonable request, the Reinsurer shall meet with the Ceding Company and its Representatives upon reasonable notice and during business hours and for a reasonable period of time, and will provide to the Ceding Company additional financial and operational materials, as well as access to the Reinsurer's senior financial officers, on (i) the Reinsurer's then-current financial condition and continuing creditworthiness and (ii) the Reinsurer's valuation and other information requested by the Ceding Company with respect to the assets held in the Trust Account, provided such requests and access do not unreasonably interfere with the conduct of the business of the Reinsurer (including its relationships with its Insurance Regulators). In addition, upon any reasonable request from the Ceding Company or its Representatives, subject to the Ceding Company's or such Representatives adhering to the Reinsurer's generally applicable documented confidentiality and security processes and procedures, the Reinsurer shall (1) provide to the Ceding Company and its Representatives reasonable access during normal business hours to the Reinsurer's books and records pertaining to the Reinsured Contracts, the Reinsured Liabilities, this Agreement or Ceding Company's rights hereunder, provided such access shall not unreasonably interfere with the conduct of the business of the Reinsurer (including its relationships with its Insurance Regulators), and (2) permit the Ceding Company and its Representatives to inspect and photocopy such books and records at their own cost. Nothing herein shall (x) require the Reinsurer to disclose any information to the Ceding Company or its Representatives if such disclosure would jeopardize any attorney-client privilege, the work product immunity or any other legal privilege or similar doctrine or contravene any applicable Law or any contract (including any confidentiality agreement to which the Reinsurer or any of its Affiliates is a party); it being understood that the Reinsurer shall use its reasonable best efforts to enable such information to be furnished or made available to the Ceding Company or its Representatives without so jeopardizing privilege or contravening such applicable Law (including redacting information or entering into joint defense agreements with the Ceding Company on mutually agreeable terms) or (y) require the Reinsurer to disclose its Tax records or any personnel or related records (except with respect to Premium Taxes and similar Taxes related to the Reinsured Contracts).

**Section 11.10.<u>Reports from the Ceding Company</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)For so long as this Agreement remains in effect, the Ceding Company shall provide to the Reinsurer the reports set forth on <u>Schedule H</u> ("<u>Ceding Company Reports</u>") in form and substance accurate and complete in all material respects, and within the applicable time periods listed therein; [\*\*\*].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)If the Ceding Company Reports for the Monthly Accounting Period that ends immediately after the Interim Reporting Period do not satisfy the Key Performance Indicators set forth on <u>Schedule H</u>, then such failure shall be considered a "<u>KPI Failure</u>". In such event, Ceding Company Reports delivered by the Ceding Company for subsequent Monthly Accounting Periods

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shall be tested against the Key Performance Indicators and, if such Ceding Company Reports for a Monthly Accounting Period do not satisfy the Key Performance Indicators, each such failure with respect to Ceding Company Reports for a Monthly Accounting Period shall be considered a separate "KPI Failure." Notwithstanding anything in this <u>Section 3.10(b)</u> to the contrary, following the Interim Reporting Period, upon the delivery of Ceding Company Reports for a Monthly Accounting Period where such Ceding Company Reports satisfy the Key Performance Indicators, the failure of Ceding Company Reports delivered for subsequent Monthly Accounting Periods to satisfy the Key Performance Indicators shall not be considered a "KPI Failure".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The Ceding Company shall prepare any other reports reasonably requested by the Reinsurer in connection with the Reinsured Contracts and Reinsured Liabilities, so long as the Ceding Company has the general ability to produce such other reports as reasonably determined by the Ceding Company with reference to its then current operations ("<u>Additional Reports</u>"). Except to the extent that the Ceding Company prepares such Additional Reports in the ordinary course of business, the Reinsurer shall reimburse the Ceding Company for any actual costs the Ceding Company incurs in preparing any such Additional Reports. Any Additional Reports required to be prepared by the Ceding Company shall be prepared and delivered to the Reinsurer within the time agreed by the Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)The Ceding Company Reports and Additional Reports shall be prepared (a) using a standard of care and policies and procedures that are in all material respects at least as stringent as that employed by the Ceding Company for its other similar reinsured business, (b) in accordance with the terms and conditions of this Agreement, and (c) with the skill, diligence and expertise that would reasonably be expected from experienced and qualified personnel performing such duties in like circumstances. At the request of the Reinsurer, the Ceding Company and the Reinsurer shall meet, either in person or telephonically, from time to time as necessary or appropriate to discuss the Ceding Company Reports and Additional Reports, as applicable, to ensure that such reports are prepared in accordance with the applicable standards and contain materially complete and accurate data.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)Each such Ceding Company Report or Additional Report, as applicable, delivered to the Reinsurer pursuant to this <u>Section 3.10</u> shall be accompanied by a certification of an officer of the Ceding Company certifying that the information and data set forth therein was, to the knowledge of such officer, accurate and complete in all material respects as of the date prepared. Notwithstanding anything in this Agreement to the contrary, the Ceding Company shall not be responsible for any errors, omissions or delays in respect of the reports required to be furnished by the Ceding Company under this <u>Section 3.10</u> if such errors, omissions or delays are solely attributable to [\*\*\*].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)The Ceding Company shall establish and maintain an adequate system of internal controls and procedures for financial reporting relating to the Reinsured Contracts, including associated documentation, and shall make such documentation available for examination and inspection by the Reinsurer in accordance with <u>Section 4.6</u>. All Ceding Company Reports and Additional Reports shall be prepared in accordance with such system and procedures and shall be consistent with the Ceding Company's books and records.

**Article XII.<br>ADMINISTRATION** 

**Section 12.1.<u>Administration</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Ceding Company shall provide all administrative and related services with respect to the Reinsured Contracts and Existing Reinsurance Agreements, including, without limitation, the billing and collection of any Premiums and other Additional Consideration, the administration of claims and any required tax information reporting, the payment of amounts due to

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reinsurers under the Existing Reinsurance Agreements and the collections of Reinsurance Recoveries (collectively, "<u>Administrative Services</u>"). Following the Closing Date, the Ceding Company shall not assign or subcontract new Administrative Services to a third party or replace any of the third party subcontractors providing Administrative Services as of the Closing Date without the Reinsurer's prior written consent (not to be unreasonably withheld, conditioned, or delayed), <u>provided</u> that the foregoing restrictions shall not apply to Administrative Services that are non-material and ministerial in nature; <u>provided further</u> that no such subcontracting shall relieve the Ceding Company of its obligations or liabilities under this Agreement and the Ceding Company shall remain liable to the Reinsurer for the acts of any such subcontractor or assignee as if the Ceding Company was performing such Administrative Services itself. For the avoidance of doubt, any transition by the Ceding Company of the Reinsured Contracts to a different policy administration system that is under the supervision of the Ceding Company or its Affiliates shall not constitute subcontracting or assignment. However, in the event the Ceding Company intends to transition the Reinsured Contracts from one policy administration system to another that is under the supervision of the Ceding Company or its Affiliates, the Ceding Company shall provide notice thereof to the Reinsurer and, upon the request of the Reinsurer, keep the Reinsurer informed of the progress thereof.

**Section 12.2.<u>Performance Standards</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Ceding Company shall and shall cause its subcontractor to provide the Administrative Services (a) using a standard of care and policies and procedures that are in all material respects at least as stringent as that employed by the Ceding Company (i) with respect to the Reinsured Contracts during the one (1)-year period immediately preceding the Effective Time and (ii) to administer its other similar businesses (recognizing distinctions in products or distribution in respect of the Reinsured Contracts), (b) in accordance with the terms and conditions of the Reinsured Contracts and applicable Laws, including the maintenance by the Ceding Company of all permits from Governmental Authorities necessary to perform the administration contemplated by this Article IV, and (c) with the skill, diligence and expertise that would reasonably be expected from experienced and qualified personnel performing such duties in like circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)From and after the Closing Date, if and to the extent the Ceding Company notifies any Governmental Authority (whether required by Law or otherwise) of any material weakness as defined under Ceding Company Domiciliary State SAP with regard to its internal controls relating to the administration of the Reinsured Contracts (including with respect to cybersecurity or privacy), the Ceding Company shall notify the Reinsurer of such material weakness in writing within four (4) Business Days of such notice being provided to such Governmental Authority. The Ceding Company shall provide the Reinsurer any management reports and internal and external audit reports that have been delivered to its audit committee in respect of such material weakness within four (4) Business Days of such reports being provided to its audit committee, in each case solely to the extent that the Ceding Company determines that the provision of such reports would not waive or otherwise compromise any attorney client or work product privilege or doctrine. Further, the Reinsurer shall have reasonable access to the chief financial officer of the Ceding Company or her or his designee(s) for inquiries regarding any material weakness subject to this <u>Section 4.2(b)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)On a routine basis (but no less than once per calendar quarter if requested in writing by the Reinsurer), the Ceding Company and the Reinsurer shall meet to discuss any administrative, regulatory or other issues that either Party believes are material to the functioning of the administration or performance standards hereunder.

**Section 12.3.<u>Administrative Expense Allowance</u>**. For each Monthly Accounting Period, the Reinsurer shall pay to the Ceding Company an amount equal to the Expense Allowances for such Monthly Accounting Period in consideration for the administration of the Reinsured Contracts. Such amount shall be paid as part of the Net Settlements pursuant to <u>Section 3.3(a)</u>. The Reinsurer

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will bear no part of the expenses incurred by the Ceding Company in connection with the Reinsured Contracts, except as otherwise expressly provided in this Agreement. For the avoidance of doubt, the Reinsurer shall have no Liability for any state guarantee fund assessments or special assessments in connection with the Reinsured Contracts.

**Section 12.4.<u>Designated Administrative Account</u>**. No later than the fifth (5<sup>th</sup>) day of each Monthly Accounting Period, the Reinsurer shall fund the Designated Administrative Account with cash and cash equivalents in an amount equal to the Monthly Funding Limit for the applicable Monthly Accounting Period, less the positive balance, if any, of the Designated Administrative Account as of the end of the immediately prior Monthly Accounting Period. The Reinsurer shall be permitted to withdraw and transfer cash and cash equivalents from the Trust Account to the Designated Administrative Account to fund the Designated Administrative Account. The Ceding Company shall be permitted to withdraw cash and cash equivalents from the Designated Administrative Account solely to pay or reimburse itself for the payment of the Quota Share of General Account Liabilities. In the event the Reinsurer fails to fund the Designated Administrative Account in accordance with the terms of this <u>Section 4.4</u>, the Ceding Company shall have the right to withdraw from the Trust Account for deposit into the Designated Administrative Account cash and cash equivalents in an amount equal to the Monthly Funding Limit for the applicable Monthly Accounting Period, less the positive balance, if any, of the Designated Administrative Account as of the end of the immediately prior Monthly Accounting Period.

**Section 12.5.<u>Producer Agreements</u>**. The Ceding Company shall not agree to modify, terminate, amend or waive any of its rights or obligations under any agreement or portion thereof between it or any of its Affiliates, on the one hand, and any Producer who has solicited, sold, marketed, produced or serviced any of the Reinsured Contracts, on the other hand, to the extent such modification, termination, amendment or waiver would reasonably be expected to have, in the aggregate considering all positive and adverse effects thereof, an adverse effect on the Reinsurer or the Reinsurer's liability hereunder in any material respect except (a) as required by applicable Law, (b) to the extent not related to the Reinsured Contracts or (c) with the Reinsurer's prior written consent (such consent not to be unreasonably withheld, conditioned or delayed).

**Section 12.6.<u>Books and Records and Access</u>**. Each of the Ceding Company and the Reinsurer shall maintain its respective books and records relating to the Reinsured Contracts. During the term of this Agreement, upon any reasonable request from the Reinsurer or its Representatives, subject to the Reinsurer or such Representatives adhering to the Ceding Company's generally applicable documented confidentiality and security processes and procedures, the Ceding Company shall (a) provide to the Reinsurer and its Representatives reasonable access during normal business hours to the Ceding Company's Books and Records pertaining to the Reinsured Contracts, the Reinsured Liabilities, this Agreement or the Reinsurer's rights hereunder, provided such access shall not unreasonably interfere with the conduct of the business of the Ceding Company, and (b) permit the Reinsurer and its Representatives to inspect and photocopy such Books and Records at their own cost, including as pertains to the payment of Reinsured Liabilities and the administration of the Reinsured Contracts. Nothing herein shall require the Ceding Company to disclose any information to the Reinsurer or its Representatives if such disclosure would jeopardize any attorney-client privilege, the work product immunity or any other legal privilege or similar doctrine or contravene any applicable Law or any contract (including any confidentiality agreement to which the Ceding Company or any of its Affiliates is a party); it being understood that the Ceding Company shall use its reasonable best efforts to enable such information to be furnished or made available to the Reinsurer or its Representatives without so jeopardizing privilege or contravening such applicable Law or contract (including redacting information entering into joint defense agreements with the Reinsurer on mutually agreeable terms or, in the case of contracts that otherwise prohibit disclosure to the Reinsurer, requesting that the Reinsurer agree to be bound by the non-disclosure provisions of such contract or arranging for the Reinsurer to enter into a non-disclosure agreement with the counterparty to such contract).

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**Section 12.7.<u>Programs of Internal Replacement</u>**. The Ceding Company shall not, and shall cause each of its Affiliates and administrative service providers not to, without the prior written consent of the Reinsurer (such consent not to be unreasonably withheld, conditioned or delayed), directly or indirectly, solicit, sponsor, or target any Policyholders or beneficiaries under any Reinsured Contract in connection with any Program of Internal Replacement (it being understood that the Ceding Company is not responsible and shall not be liable for any independent action taken by any Producers other than employees of the Ceding Company or its Affiliates). As used herein, the term "Program of Internal Replacement" means any program that is initiated, maintained, sponsored or supported by the Ceding Company or any of its Affiliates to offer on a targeted basis to a class of Policyholders or beneficiaries under Reinsured Contracts to exchange any Reinsured Contract or any portion thereof for another policy or contract written by the Ceding Company or any of its Affiliates. Notwithstanding anything in this <u>Section 4.7</u> to the contrary, (a) the offering by the Ceding Company or any of its Affiliates to new clients and the Policyholders or beneficiaries of the Reinsured Contracts of an insurance, annuity or investment product that offers then-market terms that are more favorable to the Policyholders and beneficiaries of the Reinsured Contracts in the normal course of the Ceding Company's or such Affiliate's business shall not be a violation of this <u>Section 4.7</u>, provided that such offering does not constitute an offering on a targeted basis to the Policyholders or beneficiaries of the Reinsured Contracts; (b) correspondence to Policyholder and beneficiaries of the Reinsured Contracts informing them of settlement options available under their Reinsured Contracts in the ordinary course of business or as required by applicable Law shall not be a violation of this <u>Section 4.7</u>; and (c) correspondence to Policyholders and beneficiaries of the Reinsured Contracts informing them of conversion or exchange options available under their Reinsured Contracts shall not be a violation of this <u>Section 4.7</u> provided that such correspondence is in the ordinary course of business or as required by applicable Law.

**Section 12.8.<u>Large Claims; Claims Contests</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Ceding Company will notify the Reinsurer in writing of (i) its intention to contest, compromise, litigate or arbitrate any claim under any Reinsured Contract or of any circumstances that are out of the ordinary course of business that are reasonably expected to lead to any such contest, compromise, litigation or arbitration of any such claim (any such claim, a "<u>Contested Claim</u>") and (ii) any claims involving Reinsured Contracts with a face amount in excess of $[\*\*\*] (any such claims, a "<u>Large Claim</u>"), including, in each case, any other information with respect thereto as reasonably requested by the Reinsurer. The Ceding Company will promptly advise the Reinsurer of all significant developments relating to such Contested Claims or Large Claims.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Although the Reinsurer may provide comments in an advisory capacity in respect to any Contested Claims or Large Claims, the Ceding Company will retain ultimate authority with respect to claims decisions. Notwithstanding the foregoing, with respect to Contested Claims:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)The Reinsurer may elect in writing to actively participate with the Ceding Company (including, in the Reinsurer's discretion, by using separate legal counsel at its own expense) in the contest, compromise, litigation, arbitration or defense of any Contested Claim by delivering written notice thereof to the Ceding Company within ten (10) Business Days following the Ceding Company's notification of such claim to the Reinsurer, and the Ceding Company shall consider in good faith any recommendations of the Reinsurer with respect thereto. If the Reinsurer so elects to participate with the Ceding Company in any Contested Claim, then (a) the Ceding Company will promptly advise the Reinsurer of all significant developments, including notice of legal or arbitral proceedings initiated in connection with such Contested Claim, (b) the Reinsurer shall reimburse the Ceding Company for the Quota Share of the Ceding Company's reasonable and documented

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expenses of any contest, compromise, litigation, arbitration or defense of a Contested Claim and will share in the liability in the same proportion, including the Quota Share of any Extra-Contractual Obligations arising therefrom, and (c) if the Ceding Company obtains any recoveries in respect of a Contested Claim previously paid by the Reinsurer in respect of any Reinsured Contract, the Ceding Company shall promptly pay to the Reinsurer the Quota Share of all such recoveries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)The Reinsurer may elect in writing to assume control of the contest, compromise, litigation, arbitration or defense of any Contested Claim by delivering written notice thereof to the Ceding Company (it being agreed that the Reinsurer shall be permitted to make this election before or after the Reinsurer shall have elected to actively participate as described in clause (i) above). In such case the Reinsurer shall consider in good faith any recommendations of the Ceding Company with respect thereto. Without limiting the foregoing, the Ceding Company may elect in writing to actively participate with the Reinsurer (including, in the Ceding Company's discretion, by using separate legal counsel at its own expense) in such Contested Claim by delivering written notice thereof to the Ceding Company. If the Reinsurer so elects to assume control in any Contested Claim, then (a) the Reinsurer will promptly advise the Ceding Company of all significant developments, including notice of legal or arbitral proceedings initiated in connection with such Contested Claim, (b) the Ceding Company shall reimburse the Reinsurer for [\*\*\*]% of the Reinsurer's reasonable and documented expenses of any contest, compromise, litigation, arbitration or defense of a Contested Claim and the Reinsurer will be responsible for the Quota Share of the liability, including the Quota Share of any Extra-Contractual Obligations arising therefrom, and (c) if the Ceding Company obtains any recoveries in respect of a Contested Claim previously paid by the Reinsurer in respect of any Reinsured Contract, the Ceding Company shall promptly pay to the Reinsurer the Quota Share of all such recoveries. Regardless of whether the Ceding Company elects to actively participate with the Reinsurer, the Reinsurer may not settle any Contested Claim without the Ceding Company's prior written consent unless (A) there is no finding or admission of any violation of applicable Law or any violation of the rights of any Person by the Ceding Company or its Affiliates; (B) the sole relief provided in monetary damages for which the Reinsurer will pay the Quota Share; (C) the settlement does not encumber any of the assets of the Ceding Company or its Affiliates or contain any restriction or condition that would apply to or adversely affect the Ceding Company or any of its Affiliates or the conduct of business by the Ceding Company or its Affiliates and (D) such Action neither is certified, nor seeks certification, as a class action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)If Reinsurer chooses not to participate or assume control, by either affirmatively notifying the Ceding Company or not providing notice of either such election in writing within [\*\*\*] Business Days following the Reinsurer's receipt of notice of such Contested Claim, the Reinsurer shall be required to promptly discharge its liability for Reinsured Liabilities by payment to the Ceding Company of the Quota Share of the Reinsured Liabilities alleged to be due in such Contested Claim as if there was no contest, and will have no obligation to the Ceding Company for reimbursement of expenses or Extra-Contractual Obligations related to the contest, compromise, litigation, arbitration or defense of such Contested Claim. For the avoidance of doubt, if the Reinsurer chooses not to participate in or assume control of a Contested

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Claim, the Reinsurer shall not be entitled to any recoveries obtained by the Ceding Company in respect of such Contested Claim.

**Article XIII.<br>LICENSES; RESERVE CREDIT; SECURITY**

**Section 13.1.<u>Licenses; Reserve Credit</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)At all times during the term of this Agreement, the Reinsurer shall (a) use its reasonable best efforts to hold and maintain its license or accreditation status in the Ceding Company Domiciliary State and (b) take all other actions necessary so that the Ceding Company may receive Reserve Credit, including by providing collateral to ensure the Ceding Company receives Reserve Credit for [\*\*\*]. Should the Reinsurer fail to maintain such status or is otherwise unable to provide the Ceding Company with Reserve Credit, the Reinsurer shall, at its own expense, [\*\*\*] so that the Ceding Company may receive Reserve Credit no later than [\*\*\*] of the calendar quarter during which such event occurred. The Reinsurer shall promptly notify the Ceding Company of any event or change in its licensing or accreditation status in the Ceding Company Domiciliary State or other conditions that would be reasonably likely to result or have resulted in any loss of, or impairment to, Reserve Credit. For avoidance of doubt, the Reinsurer may satisfy its obligations under this <u>Section 5.1(a)</u> and otherwise cure a Reserve Credit Event by, at the Reinsurer's sole option and expense, any regulatorily permissible means, including by (i) entering into a statutory trust agreement, (ii) delivering Credit for Reinsurance Letters of Credit, and/or (iii) providing any other form of security acceptable to the Insurance Regulator, or taking any other action or providing any combination of the foregoing, the effect of which would enable Ceding Company to take Reserve Credit. In addition, the Ceding Company and the Reinsurer agree to cooperate in good faith and amend this Agreement, the Trust Agreement or any other Transaction Agreement or execute such additional documents as may be required to ensure continued Reserve Credit in the Ceding Company Domiciliary State.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)If a Reserve Credit Event occurs or is reasonably likely to occur, the Ceding Company shall reasonably cooperate with the Reinsurer, at the Reinsurer's cost, to implement a structure that achieves Reserve Credit in a cost-effective manner. Such structures may include, if applicable, a recapture by the Ceding Company of a portion of the Ceding Company Coinsurance Statutory Reserves so that such Ceding Company Coinsurance Statutory Reserves can be ceded by the Ceding Company under a Captive Reinsurance Agreement or similar structure (it being agreed that all costs and expenses incurred by the Ceding Company in implementing such a structure and the financing fees associated therewith shall be borne by the Reinsurer); provided, however, that the Ceding Company shall not be obligated to cooperate in implementing any structure if it reasonably determines that such structure would have an increased cost that is not paid or indemnified by the Reinsurer or an adverse regulatory impact to the Ceding Company or any of its Affiliates or would otherwise place the Ceding Company at a disadvantage relative to its position prior to such restructuring (determined without taking into consideration the Estimated Recapture Terminal Settlement and (if applicable) the Recapture Terminal Settlement that would be received by the Ceding Company if this Agreement were to be recaptured as a result of such Reserve Credit Event).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)[\*\*\*].

**Section 13.2.<u>Security</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)On or prior to the Closing Date, the Reinsurer, as grantor, shall establish and thereafter shall maintain, at its sole cost and expense, the Trust Account with the Trustee, naming each of the Ceding Company and EFLA as beneficiaries thereof to secure the Reinsurer's obligations hereunder and under the EFLA-Reinsurer Reinsurance Agreement. Pursuant to the terms of the Trust Agreement, the assets in the Trust Account shall be held in trust by the Trustee

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for the sole and exclusive benefit of the Ceding Company and EFLA as security for payment of the Reinsurer's obligations to the Ceding Company under this Agreement and to EFLA under the EFLA-Reinsurer Reinsurance Agreement. The Reinsurer shall maintain the Trust Account in accordance with the terms of this Agreement, the EFLA-Reinsurer Reinsurance Agreement and the Trust Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Concurrently with the execution of this Agreement, the Trust Account is being funded with Eligible Assets in accordance with <u>Section 3.1(b)</u> and Section 3.1(b) of the EFLA-Reinsurer Reinsurance Agreement. In addition, if the Estimated Initial Required Balance exceeds the Estimated Initial Premium, then within five (5) Business Days after the Closing Date (or, if later, at the time the Ceding Company and EFLA (pursuant to Section 5.2(b) of the EFLA-Reinsurer Reinsurance Agreement) shall have satisfied in full their respective obligations to fund the Trust Account with Eligible Assets equal to the Estimated Initial Premium), Reinsurer shall deposit additional Eligible Assets into the Trust Account having a Statutory Book Value at least equal to such excess.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)All transfers to and withdrawals from the Trust Account by the Ceding Company and the Reinsurer shall be in accordance with and subject to the requirements set forth herein and in the Trust Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)During the term of the Trust Agreement, the Reinsurer shall not, and shall direct that the Trustee shall not, grant or cause or permit to be created or granted in favor of any third person any security interest whatsoever in any of the assets in the Trust Account (whether by contract, applicable Law or otherwise), including without limitation in favor of any Governmental Authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)If:

&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;(i)a Reserve Credit Event has occurred and the Reinsurer elects to provide Reserve Credit by establishing a statutory trust agreement for the benefit of the Ceding Company;

&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;(ii)a Reserve Credit Event (as defined in the EFLA-Reinsurer Reinsurance Agreement) has occurred and the Reinsurer elects to provide Reserve Credit (as defined in the EFLA-Reinsurer Reinsurance Agreement) by establishing a statutory trust agreement for the benefit of EFLA;

&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;(iii)the Ceding Company and EFLA are no longer direct or indirect wholly-owned subsidiaries of the same Person (or if a definitive agreement has been entered into as a result of which, upon consummation thereof, the Ceding Company and EFLA would no longer be direct or indirect wholly-owned subsidiaries of the same Person); or

&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;(iv)a Reserve Credit Event has occurred and the Reinsurer has not remedied such event in accordance with the timeframe required in <u>Section 5.1</u>;

(f)then, in any such circumstance, at the request of the Reinsurer (or, in the case of clauses (iii) or (iv) above, at the request of the Ceding Company or EFLA), (1) the Trust Account shall be bifurcated into a trust account for the benefit of the Ceding Company (which shall be considered the "Trust Account" for purposes of this Agreement and subject to all of the provisions of this Agreement pertaining to the Trust Account) and a separate trust account for the benefit of EFLA,

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and the assets in the Trust Account immediately prior to such bifurcation shall be allocated between such two trust accounts so as to ensure that each such trust account is appropriately funded as a result of such bifurcation; (2) the Trust Agreement shall be bifurcated into a trust agreement among the Ceding Company (as beneficiary), the Reinsurer (as grantor) and the Trustee (as trustee) (which shall be considered the "Trust Agreement" for purposes of this Agreement and subject to all of the provisions of this Agreement pertaining to the Trust Agreement) and a separate trust agreement among EFLA (as beneficiary), the Reinsurer (as grantor) and the Trustee (as trustee); and (3) this Agreement shall be amended to (y) reflect the foregoing revisions, including the removal of references to the EFLA Required Balance and (z) remove references to the Pro Rata Share.

**Section 13.3.<u>Trust Account and Settlements</u>**. The Trustee shall hold assets in the Trust Account pursuant to the terms of the Trust Agreement. All settlements of account under this Agreement between the Ceding Company and the Reinsurer shall be made in United States dollars in cash or its equivalent or, as permitted by this Agreement and the Trust Agreement, by cash or other assets withdrawn from the Trust Account.

**Section 13.4.<u>Eligible Assets</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The assets that may be held in the Trust Account shall consist only of cash, investments of the type consistent with the requirements for authorized investments and admitted assets under the insurance laws of the state of domicile of the Reinsurer and, as permitted under this Agreement, Trust Account-Eligible Letters of Credit and shall not include any investments issued or guaranteed by the Ceding Company, the Reinsurer, or any Affiliates of either Party; <u>provided</u>, that during the continuation of a Reserve Credit Event for which the Reinsurer elects to cure by converting the Trust Agreement to a statutory reserve credit trust agreement, such assets shall consist only of (i) cash in United States dollars, (ii) certificates of deposit issued by a United States bank and payable in United States dollars, and (iii) investments permitted by the Arizona Insurance Code, or any combination of (i) through (iii), provided investments in or issued by an entity controlling, controlled by, or under common control with either the Reinsurer, as grantor, or the Ceding Company, as beneficiary of the Trust shall not be permitted (assets meeting the requirements of this proviso and the other requirements in this clause (a), "<u>Trust Account Credit for Reinsurance Assets</u>"); <u>provided</u>, <u>further</u>, that at all times after the Repositioning Period, each such investment shall comply with the investment guidelines set forth in <u>Schedule B</u> (the "<u>Investment Guidelines</u>") (the assets meeting the requirements of this sentence being the "<u>Eligible Assets</u>"). Notwithstanding any provision of this Agreement or the Trust Agreement to the contrary, the Transferred Investment Assets shall be deemed to be Eligible Assets as of the Closing Date and during the Repositioning Period, after which such Transferred Investment Assets shall be subject to the Investment Guidelines. Following the end of each Monthly Accounting Period, in accordance with <u>Section 5.8(b)</u>, the Reinsurer shall provide to the Ceding Company a report (the "<u>Asset Report</u>") setting forth (i) a list of each asset in the Trust Account and the Fair Market Value and Statutory Book Value of each such asset as of the end of the relevant Monthly Accounting Period, and certify that each such asset satisfying the Required Balance requirement or FMV Required Balance requirement, as applicable, is an Eligible Asset, (ii) the market standard attributes for each asset (e.g., asset type, rating, duration, yield) to be reasonably agreed by Reinsurer and Ceding Company, (iii) the price source for each asset, (iv) the Unamortized IMR Amount, (v) the balance of the Hedge Collateral Account, (vi) the balance of the Designated Administrative Account and (vii) a compliance report showing how the trust assets measure relative to all quantitative limits included in the Investment Guidelines. In addition, during the continuation of a Reserve Credit Event, each Asset Report shall indicate for each asset in the Trust Account whether or not such asset is a Trust Account Credit for Reinsurance Asset.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)In addition to the Reinsurer's right to trade, invest, reinvest, and otherwise manage the assets in the Trust Account as set forth in this Agreement and the Trust Agreement, the

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Reinsurer shall be permitted at any time and from time to (i) substitute all or any part of the assets in the Trust Account with other Eligible Assets and (ii) withdraw assets in accordance with <u>Section 5.7</u>, <u>provided</u> that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)[\*\*\*];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)the Statutory Book Value of the Eligible Asset(s) to be deposited into the Trust Account in connection with any substitution shall not be less than the Statutory Book Value of the Eligible Asset(s) to be withdrawn in connection with such substitution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)immediately following any such substitution, the Statutory Book Value of the Eligible Assets in the Trust Account shall not be less than the Required Balance as set forth on the most recent Month-End Required Balance Report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)immediately following any such substitution, the Fair Market Value of the Eligible Assets in the Trust Account shall not be less than the FMV Required Balance as set forth on the most recent Month-End Required Balance Report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)all withdrawals shall be in accordance with <u>Section 5.8</u>; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)[\*\*\*];

(c)<u>provided</u>, <u>further</u>, that, solely with respect to substitutions, clause (i) above shall not apply during the Repositioning Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)On the first Business Day after three (3) full calendar years following the Closing Date and thereafter on the first Business Day of any Monthly Accounting Period, following written notice to the Ceding Company, the Reinsurer may elect to reduce the minimum asset duration required in the Investment Guidelines by [\*\*\*] for such Monthly Accounting Period (each Monthly Accounting Period for which such an election is made, a "<u>Duration Management Monthly Accounting Period</u>"); provided that the Reinsurer may not reduce such minimum asset duration required in the Investment Guidelines by more than [\*\*\*] in total. For each Duration Management Monthly Accounting Period, the Reinsurer shall calculate the Pro Rata Share of the Duration Management Funding Adjustment for such Duration Management Monthly Accounting Period and deliver such calculation to the Ceding Company no later than the twenty (20<sup>th</sup>) Business Day following the end of such Duration Management Monthly Accounting Period for use by the Ceding Company in calculating the Required Balance for the Monthly Accounting Period immediately following such Duration Management Monthly Accounting Period. The asset duration of the assets that constitute the Duration Management Collateral Balance shall not be included in the calculation of the asset duration of the Eligible Assets in the Trust Account, provided that such assets shall nevertheless be considered Eligible Assets for purposes of this Agreement to the extent that they are of a type that is permissible under the Investment Guidelines. As used herein, "<u>Duration Management Collateral Balance</u>" means the Statutory Book Value of the assets complying with the Investment Guidelines that have been deposited into the Trust Account to satisfy any Duration Management Funding Adjustment, as such assets are identified on the Monthly Asset Report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)The Reinsurer agrees that it will not deposit assets into the Trust Account in excess of the amounts required to satisfy its obligations in this <u>Article V</u> for the principal purpose of reducing the aggregate Market-to-Book Ratio of the Eligible Assets in the Trust Account.

**Section 13.5.<u>Deposit of Assets</u>**. Subject to the provisions of the Trust Agreement relating to Restricted Assets and Assets in Transit (each as defined in the Trust Agreement) or assets originated and managed by Alliance-Bernstein or any of its Affiliates, prior to depositing assets in

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the Trust Account, the Reinsurer will execute assignments or endorsements in blank, or transfer legal title to the Trustee of all shares, obligations or any other assets requiring assignments, in order that the Ceding Company, or the Trustee upon the direction of the Ceding Company, may whenever necessary negotiate any such assets without the consent or signature from the Reinsurer or any other entity (other than the Ceding Company). The foregoing requirements shall not apply to the Transferred Investment Assets.

**Section 13.6.<u>Modification Following Certain Events</u>**. The Parties acknowledge and agree that, upon the occurrence of, and for the duration of the continuation of, a Reserve Credit Event, certain provisions of this Agreement and the Trust Agreement shall cease to be effective, and other provisions shall automatically be effective, as described herein and in the Trust Agreement. Provisions of this Agreement that will automatically be modified during the continuation of a Reserve Credit Triggering Event are: (a) the assets constituting Eligible Assets shall be modified as set forth in <u>Section 5.4(a)</u>; (b) <u>Section 5.7(a)</u> governing the use and application of assets in the Trust Account by the Ceding Company in the absence of a Reserve Credit Triggering Event shall not apply and <u>Section 5.7(b)</u> governing the use and application of assets in the Trust Account by the Ceding Company during the continuation of a Reserve Credit Triggering Event shall apply; (c) <u>Section 5.8(c)(i)(3)</u> governing the withdrawal of assets in the Trust Account in the absence of a Reserve Credit Triggering Event shall not apply and <u>Section 5.8(c)(i)(4)</u> governing the withdrawal of assets in the Trust Account during the continuation of a Reserve Credit Triggering Event shall apply; (d) the definition of Ceding Company Statutory Reserves (used in the calculation of Required Balance) shall be modified as set forth therein; and (e) in the event of the Reinsurer's or the Ceding Company's election pursuant <u>Section 5.2(e)(i),</u> <u>5.2(e)(ii)</u> or <u>5.2(e)(iv)</u>, as applicable, this Agreement and the Trust Agreement shall be modified as described in <u>Section 5.2(e)</u>.

**Section 13.7.<u>Withdrawal of Assets from the Trust Account</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>In the Absence of a Reserve Credit Triggering Event</u>. So long as no Reserve Credit Triggering Event has occurred and is continuing, the Ceding Company and Reinsurer agree that the assets maintained in the Trust Account may be withdrawn (including the proceeds of draws on Trust Account-Eligible Letters of Credit in the Trust Account) by the Ceding Company (or any successor by operation of law of the Ceding Company, including any liquidator, rehabilitator, receiver or conservator of the Ceding Company) without diminution because of any insolvency, rehabilitation, conservatorship or comparable proceeding (an "<u>Insolvency</u>") on the part of the Ceding Company or the Reinsurer, in accordance with the terms of the Trust Agreement, in order to (i) pay or reimburse the Ceding Company for any undisputed amounts due from the Reinsurer under this Agreement and not yet recovered from the Reinsurer within the time required under this Agreement for the Reinsurer to pay or reimburse the Ceding Company for such amount (without regard to any cure periods that may otherwise be available under this Agreement), including any Reinsured Risks or other amounts due under this Agreement, (A) which amounts have not been paid by the Reinsurer within [\*\*\*] Business Days following its receipt of a specific written notice thereof (provided that the Ceding Company shall not be permitted to withdraw from the Trust Account any amounts due from the Reinsurer as a result of Security Incidents), or (B) otherwise with the consent of the Reinsurer or (ii) to pay to the Ceding Company the Estimated Recapture Terminal Settlement as contemplated by <u>Section 8.4(a)</u> or the Recapture Terminal Settlement (if any) due and payable to the Ceding Company when due in accordance with <u>Section 8.4(d)</u>. The amount of any such withdrawal in excess of amounts then due to the Ceding Company hereunder shall be deemed maintained in trust by the Ceding Company for the benefit of the Reinsurer and promptly returned to the Trust Account, along with interest on such amounts at the Interest Rate for the period that such amounts are held by the Ceding Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>During a Reserve Credit Triggering Event</u>. During the continuation of an Reserve Credit Triggering Event, the Ceding Company and the Reinsurer agree that the assets maintained in the Trust Account may be withdrawn (including the proceeds of draws on Trust Account-Eligible Letters of Credit in the Trust Account) by the Ceding Company at any time,

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notwithstanding any other provisions of this Agreement, and shall be utilized and applied by the Ceding Company or any successor by operation of law of the Ceding Company, including any liquidator, rehabilitator, receiver or conservator of the Ceding Company, without diminution because of Insolvency on the part of the Ceding Company or Reinsurer only for the following purposes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)to pay or reimburse the Ceding Company for the Reinsurer's share of premiums returned, but not yet recovered from the Reinsurer, to the owners of the Reinsured Contracts because of cancellations of such Reinsured Contracts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)to pay or reimburse the Ceding Company for the Reinsurer's share of surrenders and benefits or losses paid by the Ceding Company pursuant to the provisions of the Reinsured Contracts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)to pay or reimburse the Ceding Company for any other amounts necessary to secure the credit or reduction from liabilities for the reinsurance taken by the Ceding Company for the transactions contemplated by this Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)to make payment to the Reinsurer of amounts held in the Trust Account in excess of the amount necessary to secure the credit or reduction from liabilities for the reinsurance taken by the Ceding Company for the transactions contemplated by this Agreement.

The Ceding Company shall return to the Trust Account within five (5) Business Days of withdrawal, assets withdrawn in excess of all amounts due under <u>Sections 5.7(b)</u>. The Ceding Company shall pay to the Reinsurer interest on excess amounts withdrawn pursuant to <u>Sections 5.7(b)</u> at the average of the daily "prime rate" published in The Wall Street Journal for each of the days in the applicable period, but in any event not less than zero, for the period that such assets are held by the Ceding Company. Any excess amount shall at all times be held by the Ceding Company (or any successor by operation of law of the Ceding Company, including any liquidator, rehabilitator, receiver or conservator of the Ceding Company) in trust for the benefit of the Reinsurer and be maintained in a segregated account, separate and apart from any assets of the Ceding Company for the sole purpose of funding the payments and reimbursements described in <u>Section 5.7(b)</u>.

If the Ceding Company elects to fund an account with the Ceding Company in order to secure the credit or reduction from liability for the reinsurance taken hereunder in accordance with clause (iii) of <u>Section 5.7(b)</u>, this Agreement shall be amended so as to permit the Reinsurer or, to the extent reasonably acceptable to the Ceding Company (such consent not to be unreasonably withheld, conditioned or delayed), its designated investment manager, to manage the assets held in such account pursuant to an investment management agreement reasonably acceptable to the Ceding Company and the assets in such account shall be managed to comply with the Investment Guidelines. In addition, this Agreement shall otherwise be amended as appropriate to reflect the operation of such account in lieu of the Trust Account. [\*\*\*].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)In addition to the provisions of <u>Section 5.7(a)</u> and <u>(b)</u>, the Ceding Company and the Reinsurer agree that the assets maintained in the Trust Account may be withdrawn by the Reinsurer or the Ceding Company (or any successor by operation of law of the Reinsurer or the Ceding Company, including any liquidator, rehabilitator, receiver or conservator of the Reinsurer or the Ceding Company) without diminution because of any Insolvency on the part of the Ceding

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Company or the Reinsurer, in accordance with the terms of the Trust Agreement, to fund the Designated Administrative Account as permitted in accordance with <u>Section 4.4</u>.

**Section 13.8.<u>Adjustment of Security and Withdrawals</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Ceding Company shall furnish a report (a "<u>Month-End Required Balance Report</u>") to the Reinsurer following the end of each Monthly Accounting Period containing (i) the Ceding Company's calculation of the Required Balance as of the end of such Monthly Accounting Period, in each case prepared in accordance with the Ceding Company Reports for such Monthly Accounting Period that are provided to the Reinsurer pursuant to <u>Section 3.10</u> and the other terms and conditions of this Agreement and (ii) the Asset Report for such Monthly Accounting Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The Ceding Company shall deliver each Month-End Required Balance Report no later than the twenty-fifth (25<sup>th</sup>) Business Day following the end of each Monthly Accounting Period. In order for the Ceding Company to prepare the Month-End Required Balance Report for each Monthly Accounting Period, no later than the twentieth (20<sup>th</sup>) Business Day following the end of each Monthly Accounting Period, the Reinsurer shall provide to the Ceding Company the Asset Report as of the end of such Monthly Accounting Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)[\*\*\*].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)The amount of security required to be provided by the Reinsurer hereunder shall be adjusted based on (i) the Required Balance and (ii) the aggregate Statutory Book Value and/or aggregate Fair Market Value (as applicable) of Eligible Assets in the Trust Account as of the end of the applicable Monthly Accounting Period. The amount of security held in the Trust Account shall be adjusted as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Within [\*\*\*] Business Days (except as described in clause (3) below) following the delivery of (x) the Month-End Required Balance Report pursuant to <u>Section 5.8(a)</u> for a Monthly Accounting Period and (y) [\*\*\*], and subject to <u>Section 5.4(b)</u>:

&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;(1)if the aggregate Statutory Book Value of the Eligible Assets on deposit in the Trust Account is less than the Required Balance (such shortfall as reflected in the Month-End Required Balance Report for such Monthly Accounting Period), then, without duplication of any amounts deposited (or to be concurrently deposited) under Section 5.8(d)(i)(1) of the EFLA-Reinsurer Reinsurance Agreement, the Reinsurer shall deposit Eligible Assets in the Trust Account with an aggregate Statutory Book Value necessary to satisfy such shortfall;

&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;(2)if the aggregate Fair Market Value of the Eligible Assets on deposit in the Trust Account is less than the FMV Required Balance (such shortfall as reflected in the Month-End Required Balance Report for such Monthly Accounting Period), then, without duplication of any amounts deposited (or to be concurrently deposited) under Section 5.8(d)(i)(2) of the EFLA-Reinsurer Reinsurance Agreement, the Reinsurer shall deposit Eligible Assets in the Trust Account with an aggregate Fair Market Value (as applicable) necessary to satisfy such shortfall;

&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;(3)subject to <u>Section 5.8(d)(i)(4)</u>, if (A) the aggregate Statutory Book Value of the Eligible Assets on deposit in the Trust Account is greater than the Required Balance (such excess as reflected in the Month-End Required Balance Report for such Monthly Accounting Period) and

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&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;(B) the aggregate Fair Market Value of the Eligible Assets on deposit in the Trust Account is greater than the FMV Required Balance (such excess as reflected in the Month-End Required Balance Report for such Monthly Accounting Period), then without duplication of any amounts withdrawn (or to be concurrently withdrawn) by the Reinsurer pursuant to Section 5.8(d)(i)(3) of the EFLA-Reinsurer Reinsurance Agreement, the Reinsurer may withdraw assets from the Trust Account in an amount such that, after giving effect to such withdrawal, (x) the Statutory Book Value of the Eligible Assets on deposit in the Trust Account is not less than the Required Balance (as reflected in such Month-End Required Balance Report) and (y) the Fair Market Value of the Eligible Assets on deposit in the Trust Account is not less than the FMV Required Balance (as reflected in such Month-End Required Balance Report), such withdrawal to be made not later than the end of the month during which the Month-End Required Balance Report was delivered; and

&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;(4)upon the occurrence, and during the continuance, of a Reserve Credit Triggering Event, if the aggregate Statutory Book Value of the Eligible Assets on deposit in the Trust Account is greater than [\*\*\*]% of the Required Balance and if the aggregate Fair Market Value of the Eligible Assets on deposit in the Trust Account exceeds [\*\*\*]% of the FMV Required Balance, then, in accordance with the procedures set forth in the Trust Agreement, and upon notice to and consent of the Ceding Company (provided, that such consent shall not be unreasonably withheld, conditioned or delayed), and subject to clause (3) above, and without duplication of any amounts withdrawn (or to be concurrently withdrawn) by the Reinsurer pursuant to Section 5.8(d)(i)(4) of the EFLA-Reinsurer Reinsurance Agreement, the Reinsurer may withdraw assets from the Trust Account with an aggregate Fair Market Value not greater than such excess.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)In addition, as soon as reasonably practicable, and no later than [\*\*\*] of the calendar quarter during which a Reserve Credit Event occurred (unless the Ceding Company shall agree to a longer period, then by the end of such longer period), the Reinsurer shall (i) substitute any assets in the Trust Account that are not Eligible Assets for assets that are Eligible Assets, and (ii) deposit additional assets consisting of Eligible Assets in the Trust Account sufficient to ensure that the aggregate Statutory Book Value and Fair Market Value of the Eligible Assets in the Trust Account is not less than the Required Balance and FMV Required Balance as of the last day of the immediately preceding calendar month.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)In the event that the Parties disagree with the calculation of the Required Balance or FMV Required Balance or of the Statutory Book Value or Fair Market Value of any Eligible Asset or whether any asset in the Trust Account is an Eligible Asset, any Party may deliver written notice to the other Party of such disagreement and the Parties shall attempt in good faith to resolve such disagreement. The foregoing shall not relieve Reinsurer of its obligations to fund the Trust Account in accordance with the timelines required in <u>Section 5.8(d)</u> except to the extent that it has delivered notice in good faith of its disagreement pursuant to the preceding sentence, in which case, the Reinsurer shall not be required to fund any disputed portion of the required funding amount that exceeds $[\*\*\*] pending the resolution of such disagreement in accordance with the preceding sentence or <u>Section 5.8(g)</u>. For purposes of calculating the amount that may be withheld pursuant to the preceding sentence, the calculation the Required Balance shall be calculated without regard to clause (m) of the definition of Required Balance and the Statutory Book Value and Fair Market Value of the assets in the Trust Account shall be calculated on a pro rata basis.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)Any resolution as to disagreements arising under <u>Section 5.8(f)</u> agreed to in writing by the Parties shall be final and binding upon the Parties. If the Parties are unable to resolve any disagreement as to the calculation of the Required Balance or of the Statutory Book Value or Fair Market Value, as applicable, of any Eligible Asset or whether any asset is an Eligible Asset within two (2) Business Days after either Party delivers written notice of any such disagreement to the other Party, the Parties shall jointly request (A) an accounting firm of national reputation or any other Person, as mutually agreed by the Parties (the "<u>Independent Accounting Firm</u>"), to make a determination with respect to all matters in dispute, other than with respect to the calculation of the Ceding Company Statutory Reserves or any component thereof or (B) with respect to the calculation of the Ceding Company Statutory Reserves or any component thereof, an actuarial firm of national reputation, as mutually agreed by the Parties (the "<u>Independent Actuary</u>"), to determine the matters in dispute; <u>provided</u>, that, if no firm is willing or able to serve, unless otherwise agreed by the Parties, such dispute shall be resolved in accordance with <u>Section 11.8</u>. The Independent Accounting Firm's determination of the Required Balance (other than the calculation of the Ceding Company Statutory Reserves or any component thereof), FMV Required Balance, the Statutory Book Value or Fair Market Value, as applicable, of the disputed Eligible Asset or whether the disputed asset is an Eligible Asset shall be final and binding upon the Parties. The Independent Actuary's determination of the Ceding Company Statutory Reserves or any component thereof shall be final and binding upon the Parties. All fees and expenses relating to the work of the Independent Accounting Firm and the Independent Actuary shall be paid by the Party (that is, the Ceding Company or the Reinsurer) whose position with respect to the matter in dispute is furthest from the Independent Accounting Firm's or Independent Actuary's, as applicable, final determination. After a final and binding resolution of any dispute described in this <u>Section 5.8(g)</u> is reached, the Parties agree to promptly make any necessary adjustments under <u>Section 5.8(d)</u> so that the Statutory Book Value and the Fair Market Value of the Eligible Assets held in the Trust Account is not less than the amounts required pursuant to <u>Section 5.8(d)(i)(1)</u> an <u>5.8(d)(i)(2)</u>, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)The Reinsurer shall keep full and complete records of all withdrawals by the Reinsurer from the Trust Account. Upon the reasonable written request of the Ceding Company, the Reinsurer shall provide the Ceding Company a report of all withdrawals from the Trust Account.

**Section 13.9.<u>Letters of Credit</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)[\*\*\*].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Unless the Ceding Company provides prior written consent, one or more Trust Account-Eligible Letters of Credit issued by the same Qualified LOC Provider shall not have an aggregate face amount (including drawn and undrawn amounts) that exceeds $[\*\*\*] at any one time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)All costs, expenses and fees associated with Trust Account-Eligible Letters of Credit shall be borne by the Reinsurer.

**Section 13.10.<u>Continuation of a Triggering Event</u>**. Upon the occurrence of any FMV Triggering Event, such FMV Triggering Event shall be deemed to be continuing unless such FMV Triggering Event has been cured in accordance with the terms of this Agreement. A Reserve Credit Event shall be deemed to be continuing unless no Reserve Credit Event exists (it being agreed that the modifications to this Agreement in connection with a Reserve Credit Event as set forth in <u>Section 5.6</u> shall not, in and of themselves, be deemed sufficient to cure a Reserve Credit Event). The Ceding Company agrees to deliver a cure notice to the Trustee promptly upon becoming aware that an FMV Triggering Event or Reserve Credit Event is no longer continuing in accordance with the terms of this <u>Section 5.10</u>.

**Section 13.11.<u>Hedging</u>**.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Reinsurer shall cause the Reinsurer Hedge Party to establish the Hedge Collateral Account in accordance with the Account Control Agreement substantially in the form attached hereto as <u>Exhibit 3</u> and the Security Agreement substantially in the form attached hereto as <u>Exhibit 4</u>. In accordance with the Account Control Agreement and Security Agreement, the Reinsurer Hedge Party shall grant to the Ceding Company a first priority perfected security interest in the Hedge Collateral Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The Reinsurer shall cause the Reinsurer Hedge Party to calculate the Required Hedge Funding Balance and maintain the Hedge Collateral Account for so long as the Reinsured Contracts include products with embedded index risk.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Beginning one (1) Business Day after the Closing Date, not later than 10:00 am on each Business Day (each such day, a "<u>Calculation Date</u>"), the Ceding Company shall deliver to the Reinsurer (i) a report (the "<u>Embedded Index Risk Report</u>") setting forth the option parameters with respect to the embedded index risk in the relevant Reinsured Contracts as of the close of business on the Business Day immediately prior to each Calculation Date and (ii) a report (the "<u>Embedded MSO Liabilities Report</u>") setting forth the MSO Hedges, the MSO Option Value and the hedge parameters with respect to the MSO Liabilities, each as of the close on the Business Day immediately prior to each Calculation Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)On each Calculation Date, the Reinsurer shall cause the Reinsurer Hedge Party to calculate the Required Hedge Funding Balance based on the option parameters with respect to the embedded index risk set forth in the Embedded Index Risk Report received for such Calculation Date. If the Ceding Company does not deliver an Embedded Index Risk Report for a Calculation Date, the Reinsurer Hedge Party shall base the calculation of the Required Hedge Funding Balance on the Embedded Index Risk Report most recently received from the Ceding Company, as may be updated by the Reinsurer Hedge Party using its reasonable judgment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)On each Calculation Date:

&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;(i)if the Fair Market Value of the Hedge Collateral Account Assets in the Hedge Collateral Account as of the close of business on the immediately preceding Calculation Date exceeds the Required Hedge Funding Balance for such Calculation Date, in accordance with the terms of the Security Agreement and Account Control Agreement, the Reinsurer Hedge Party shall be permitted to withdraw from the Hedge Collateral Account prior to the close of business on such Calculation Date Hedge, Hedge Collateral Account Assets having a Fair Market Value equal to such excess; and

&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;(ii)if the Required Hedge Funding Balance for such Calculation Date exceeds the Fair Market Value of the Hedge Collateral Account Assets in the Hedge Collateral Account as of the close of business on the immediately preceding Calculation Date, prior to the close of business on such Calculation Date, the Reinsurer shall cause the Reinsurer Hedge Party to deposit into the Hedge Collateral Account Hedge Collateral Account Assets having a Fair Market Value equal to such excess.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)Without limitation of the provisions of <u>Section 5.11(e)(i)</u>, in accordance with the terms of the Security Agreement and Account Control Agreement, the Reinsurer Hedge Party shall be permitted at any time and from time to substitute all or any part of the Hedge Collateral Account Assets in the Hedge Collateral Account with other Hedge Collateral Account Assets, <u>provided</u> that immediately after giving effect to such substitution the Fair Market Value of the Hedge Collateral Account Assets in the Hedge Collateral Account is not less than the Required

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Hedge Funding Balance for the relevant Calculation Date; provided, further, that during the continuance of a Level Two RBC Ratio Event, any substitutions or withdrawals by the Reinsurer Hedge Party from the Hedge Collateral Account shall require the consent of the Ceding Company (such consent not to be unreasonably withheld, delayed or conditioned).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)The Ceding Company and Reinsurer agree that the assets maintained in the Hedge Collateral Account may be withdrawn by the Ceding Company (or any successor by operation of law of the Ceding Company, including any liquidator, rehabilitator, receiver or conservator of the Ceding Company) without diminution because of any Insolvency on the part of the Ceding Company, the Reinsurer Hedge Party, or the Reinsurer, in accordance with the terms of the Security Agreement and the Account Control Agreement. The Ceding Company covenants not to deliver a notice of exclusive control to the Securities Intermediary (as defined in the Account Control Agreement) unless a Recapture Triggering Event has occurred or the Reinsurer has delivered a Termination Notice, and covenants not to deliver entitlement orders or disposition instructions to the Securities Intermediary (as defined in the Account Control Agreement) except to pay (i) the Estimated Recapture Terminal Settlement due and payable to the Ceding Company on the Recapture Effective Date and (ii) the Recapture Terminal Settlement (if any) due and payable to the Ceding Company when due in accordance with <u>Section 8.4</u>. The amount of any such withdrawal in excess of amounts then due to the Ceding Company hereunder shall be deemed maintained in trust by the Ceding Company for the benefit of the Reinsurer and promptly returned to the Hedge Collateral Account, along with interest on such amounts at the Interest Rate for the period that such amounts are held by the Ceding Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Notwithstanding <u>Section 5.11(g)</u>, if a Reserve Credit Triggering Event has occurred and is continuing and the Reinsurer shall have elected to cure such Reserve Credit Triggering Event by holding assets in the Trust Account (including a bifurcated trust account established for the benefit of the Ceding Company pursuant to <u>Section 5.2(e)</u>), then the Ceding Company shall be permitted to instruct the Securities Intermediary to transfer all assets in the Hedge Collateral Account to the Trust Account, whereupon such assets shall be subject to the terms and conditions that apply to the Trust Account as set forth in this Agreement (including the provisions relating to substitutions and withdrawals from the Trust Account) and the Trust Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)In the event that the Parties disagree with the calculation of the Required Hedge Funding Balance or the Fair Market Value of a Hedge Collateral Account Asset or whether any asset in the Hedge Collateral Account is a Hedge Collateral Account Asset, the provisions of <u>Sections 5.8(f)</u> and <u>(g)</u> shall apply to such dispute, *mutatis mutandis*, as if such dispute related to the Required Balance or to the Fair Market Value of an asset in the Trust Account or whether any asset in the Trust Account is an Eligible Asset, as applicable.

**Article XIV.<br>OVERSIGHTS; COOPERATION**

**Section 14.1.<u>Oversights</u>**. Inadvertent delays, oversights, errors or omissions made in connection with this Agreement or any transaction hereunder shall not relieve either Party from any liability that would have attached had such delay, oversight, error or omission not occurred. The Parties shall nevertheless cooperate in good faith to rectify such delay, oversight, error or omission as soon as possible after discovery so that both Parties shall be restored as closely as possible to the positions they would have occupied if no delay, oversight, error or omission had occurred.

**Section 14.2.<u>Cooperation</u>**. The Ceding Company and the Reinsurer shall cooperate with each other in order to accomplish the objectives of this Agreement by furnishing additional information and executing and delivering any additional documents as may be reasonably requested by the other to further perfect or evidence the consummation of, or otherwise implement, any transaction contemplated by this Agreement or the other Transaction Agreements, or to aid in the

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preparation of any regulatory filing or financial statement; <u>provided</u>, <u>however</u>, that any such additional documents must be reasonably satisfactory to each Party and not impose upon either Party any material liability, risk, obligation, loss, cost or expense not contemplated by this Agreement or the other Transaction Agreements.

**Section 14.3.<u>Changes to RBC</u>**. The Ceding Company acknowledges and agrees that the Reinsurer currently calculates its RBC Ratio on an annual basis for external reporting purposes, and estimates the ratio for internal management purposes on a quarterly basis in conjunction with the preparation of Reinsurer's regulatory financial reports to be filed with Reinsurer's state of domicile. In the event of (i) a material change to, or elimination by, applicable Law of the requirement for Reinsurer to calculate risk-based capital or (ii) a material change relating to the framework, factors and/or formulae prescribed by the National Association of Insurance Commissioners or the insurance regulatory authority in Reinsurer's state of domicile that are used to calculate risk-based capital ratios from those in effect at the Effective Date, the Parties shall cooperate in good faith to amend this Agreement to adjust the definitions of FMV Required Balance or Recapture Triggering Event as set forth herein or otherwise amend this Agreement so as to mitigate the impact of such changes and to restore the Parties to their original intended position; <u>provided</u>, that in all circumstances, the Reinsurer shall only be required to calculate its RBC Ratio in accordance with the applicable framework, factors, and/or formulae in effect as of the applicable date of determination.

**Article XV.<br>INSOLVENCY**

**Section 15.1.<u>Insolvency of the Ceding Company</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)In the event of the insolvency of the Ceding Company, all reinsurance made, ceded, renewed or otherwise becoming effective under this Agreement shall be payable by the Reinsurer directly to the Ceding Company or its statutory liquidator, receiver or statutory successor on the basis of the liability of the Ceding Company under the Reinsured Contracts without diminution because of the insolvency of the Ceding Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)It is understood, however, that in the event of such an insolvency of the Ceding Company, the liquidator, receiver or statutory successor of the Ceding Company shall give written notice of the pendency of a claim against the Ceding Company on a Reinsured Contract within a reasonable period of time after such claim is filed in the applicable Insolvency proceedings and that during the pendency of such claim the Reinsurer may investigate such claim and interpose, at its own expense, in the proceeding where such claim is to be adjudicated, any defense or defenses which it may deem available to the Ceding Company or its liquidator, receiver or statutory successor. It is further understood that the expense thus incurred by the Reinsurer will be chargeable, subject to applicable Law and court approval, against the Ceding Company as part of the expense of liquidation to the extent of a proportionate share of the benefit which may accrue to the Ceding Company solely as a result of the defense undertaken by the Reinsurer.

**Article XVI.<br>DURATION; RECAPTURE**

**Section 16.1.<u>Duration</u>**. This Agreement shall commence as of the Effective Time and continue in force until such time as (i) the Ceding Company's Liability arising out of or related to all Reinsured Contracts is terminated in accordance with their respective terms and each Party has received payments which discharge the other Party's liabilities incurred hereunder prior to such termination, or (ii) in accordance with <u>Section 8.3</u> if the Ceding Company has elected to recapture the reinsurance of the Reinsured Contracts or the Reinsurer has elected to terminate this Agreement,

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applicable, and each Party has received payments which discharge the other Party's liability in full in accordance with <u>Section 8.4</u> and the other terms of this Agreement.

**Section 16.2.<u>Survival</u>**. Notwithstanding the other provisions of this <u>Article VIII</u>, the terms and conditions of <u>Articles I</u>, <u>VIII</u> and <u>IX</u>, and the provisions of <u>Sections</u> <u>3.6,</u> <u>11.1</u>, <u>11.2</u>, <u>11.3</u>, <u>11.4</u>, <u>11.5</u>, <u>11.6</u>, <u>11.8</u>, <u>11.9</u>, <u>11.10</u>, <u>11.11</u>, <u>11.12</u>, <u>11.13,</u> <u>11.15</u> and <u>11.16</u> shall remain in full force and effect after the termination of this Agreement.

**Section 16.3.<u>Recapture</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Following the occurrence of a Recapture Triggering Event, the Ceding Company shall have the right (but not the obligation) to recapture all of the Reinsured Risks ceded under this Agreement by providing the Reinsurer with written notice of its intent to elect such a recapture (a "<u>Recapture Notice</u>"), <u>provided</u> that Recapture Notice is delivered within [\*\*\*] calendar days after the Ceding Company is provided written notice of the occurrence of the Recapture Triggering Event and such Recapture Triggering Event has not been cured prior to the delivery of such Recapture Notice; <u>provided</u>, <u>further</u>, that during the continuation of a Recapture Triggering Event described in clause (a) of the definition of "Recapture Triggering Event", if the RBC Ratio of the Reinsurer has further decreased by at least [\*\*\*] percentage points below the RBC Ratio set forth in clause (a) of the definition of "Recapture Triggering Event" then, for an additional [\*\*\*] calendar days after the Ceding Company is provided written notice of such decrease, the Ceding Company shall have the right (but not the obligation) to recapture all of the Reinsured Risks ceded under this Agreement notwithstanding the expiration of the initial [\*\*\*]calendar day period. Any recapture pursuant to this <u>Section 8.3(a)</u> shall be effective (i) as of 11:59 p.m. (New York time) on the last Business Day of the calendar month during which the Ceding Company delivers a Recapture Notice to the Reinsurer; <u>provided</u>, that if such Recapture Notice was delivered less than [\*\*\*] calendar days prior to the end of such calendar month, then as of 11:59 p.m. (New York time) on the last Business Day of the following calendar month (unless an early effective date and time is necessary in order to effectuate the recapture prior to any loss of Reserve Credit hereunder, in which case any recapture pursuant to <u>Section 8.3(a)</u> shall be effective as of such earlier date and time) or (ii) on such later date and time as set forth in the Ceding Company's Recapture Notice (provided such later date is the last day of a calendar month and is not later than [\*\*\*] calendar days following the delivery by the Ceding Company of its Recapture Notice) (the "<u>Recapture Date</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Following the occurrence of a Termination Triggering Event, the Reinsurer shall have the right (but not the obligation) to terminate this Agreement and require the Ceding Company to recapture all of the Reinsured Risks ceded under this Agreement by providing the Ceding Company with written notice of its intent to elect such termination and recapture (a "<u>Termination Notice</u>"), <u>provided</u> that such Termination Notice is delivered within [\*\*\*] days of the occurrence of the event giving the Reinsurer the right to so terminate this Agreement and such Termination Triggering Event has not been cured prior to the delivery of such Termination Notice. Any termination and recapture pursuant to this <u>Section 8.3(b)</u> shall be effective (i) as of 11:59 p.m. (New York time) on the last Business Day of the calendar month during which the Reinsurer delivers a Termination Notice to the Ceding Company; <u>provided</u>, that if such Termination Notice was delivered less than [\*\*\*] calendar days prior to the end of such calendar month, then as of 11:59 p.m. (New York time) on the last Business Day of the following calendar month or (ii) on such later date and time as set forth in the Termination Notice (provided such later date is the last day of a calendar month and is not later than [\*\*\*]calendar days following the delivery by the Reinsurer of its Termination Notice) (and such date shall be considered the "<u>Recapture Date</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Following any recapture of all Reinsured Risks pursuant to <u>Section 8.3(a)</u> or termination of this Agreement and recapture of all Reinsured Risks pursuant to <u>Section 8.3(b)</u>, subject to the satisfaction of payment obligations described in <u>Section 8.4</u>, (i) both the Ceding Company and the Reinsurer will be fully and finally released from all rights and obligations under this Agreement in respect of the Reinsured Risks other than (x) any payment obligations due

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hereunder prior to the Recapture Date but still unpaid on such date, (y) any obligations under the provisions that expressly survive termination as provided in <u>Section 8.2</u> and (z) liability of the Reinsurer for Reinsurer Extra-Contractual Obligations and (ii) no Additional Consideration shall be payable to the Reinsurer with respect to the Reinsured Risks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Notwithstanding the remedies contemplated by this <u>Article VIII</u> or the other Transaction Agreements, either Party may, in its sole discretion, require direct payment by the other Party of any sum in default under this Agreement or any other Transaction Agreement or pursue any other remedy to which the such Party may be entitled hereunder or at law or in equity in lieu of exercising the remedies in this <u>Article VIII</u>, and it shall be no defense to any such claim that the applicable Party might have had other recourse.

**Section 16.4.<u>Recapture Payments</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)In connection with a recapture pursuant to <u>Section 8.3(a</u>) or a termination pursuant to <u>Section 8.3(b)</u>, subject to the shorter time frames required by <u>Section 8.4(e)</u>, no later than five (5) Business Days prior to the Recapture Date, the Ceding Company shall prepare and provide to the Reinsurer a settlement statement (the "<u>Estimated Recapture Terminal Settlement Statement</u>") setting forth the Ceding Company's good faith estimated calculation of the Recapture Terminal Settlement (the "<u>Estimated Recapture Terminal Settlement</u>") with respect to the recaptured Reinsured Risks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)If the amount of the Estimated Recapture Terminal Settlement is positive, then on the Recapture Date, except as set forth in clause (ii) below, the Ceding Company may instruct (x) the Trustee pursuant to the Trust Agreement to transfer to the Ceding Company assets in the Trust Account, such assets to be withdrawn in the order of priority set forth in Section 4.3 of the Trust Agreement and (y) the Securities Intermediary pursuant to the Account Control Agreement to transfer to the Ceding Company assets in the Hedge Collateral Account, having a Fair Market Value, in aggregate, equal to the Estimated Recapture Terminal Settlement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)Solely in the event this Agreement is being terminated by the Reinsurer pursuant to <u>Section 8.3(b)</u>, if the Reinsurer delivers written notice to the Ceding Company not later than five (5) Business Days prior to the Recapture Date that it wishes to deliver Eligible Assets (valued at Fair Market Value) to the Ceding Company on the Recapture Date ("<u>Alternate Eligible Assets</u>") in lieu of the Ceding Company withdrawing all or a portion of the Eligible Assets from the Trust Account and/or from the Hedge Collateral Account (which notice may specify those Eligible Assets are not to be withdrawn from the Trust Account and/or the Hedge Collateral Account except as set forth below in this <u>Section 8.4(a)</u>), then the Reinsurer shall be permitted to do so provided that on the Recapture Date the Reinsurer delivers such Alternate Eligible Assets to the Ceding Company in an amount such that the Fair Market Value of such Alternate Eligible Assets plus the Fair Market Value of Eligible Assets (if any) to be withdrawn from the Trust Account and the Hedge Collateral Account equals the lesser of the Estimated Recapture Terminal Settlement and the Fair Market Value of the Eligible Assets in the Trust Account and in the Hedge Collateral Account on the Recapture Date immediately prior to any withdrawal from the Trust Account. For the avoidance of doubt, if the Reinsurer elects to deliver Alternate Eligible Assets to the Ceding Company on the Recapture Date to fund all or a portion of the Estimated Recapture Terminal Settlement, the calculation of the Recapture Transaction IMR Amount shall reflect the delivery of such Alternate Eligible Assets to the Ceding Company.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)If the Fair Market Value of the Eligible Assets to be withdrawn from the Trust Account and/or from the Hedge Collateral Account plus the Fair Market Value of the Alternate Eligible Assets (if applicable) is less than the Estimated Recapture Terminal Settlement, the Reinsurer shall pay any shortfall to the Ceding Company in cash or other Eligible Assets, or other assets which are reasonably acceptable to the Ceding Company; provided, however, that if less than all of the assets in the Trust Account and/or from the Hedge Collateral Account have been withdrawn from the Trust Account and/or from the Hedge Collateral Account due to the delivery of Alternate Eligible Assets and the Reinsurer shall have failed to pay such shortfall on the Recapture Date as described above in this clause (iii), then the Ceding Company may instruct the Trustee or the Securities Intermediary, as applicable, to transfer all assets remaining in the Trust Account and/or from the Hedge Collateral Account to the Ceding Company on the Recapture Date and the Reinsurer shall pay to the Ceding Company any remaining shortfall in cash on the Recapture Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)If the amount of the Estimated Recapture Terminal Settlement is negative, then on the Recapture Date, the Ceding Company shall pay the absolute value of such amount to the Reinsurer in cash.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)In connection with a recapture pursuant to <u>Section 8.3(a)</u> and a termination pursuant to <u>Section 8.3(b)</u>, no later than sixty (60) days after the Recapture Date, the Ceding Company shall prepare and provide to the Reinsurer a statement (the "<u>Recapture Terminal Settlement Statement</u>") setting forth a calculation of the terminal settlement with respect to the recapture calculated in accordance with <u>Schedule E</u> (the "<u>Recapture Terminal Settlement</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)In the event that the Reinsurer disagrees with any portion of the calculation of the Recapture Terminal Settlement, the Reinsurer shall within five (5) Business Days after its receipt of such report deliver written notice to the Ceding Company setting forth, in reasonable detail, each disputed item, the amount in dispute and the basis of such disagreement and the Parties shall attempt in good faith to resolve such disagreement. Any resolution agreed to in writing by the Parties shall be final and binding upon the Parties. If the Parties are unable to resolve any disagreement within ten (10) Business Days after the Reinsurer delivers written notice of any such disagreement to the Ceding Company, either Party may request (i) an Independent Accounting Firm to make a determination with respect to all matters in dispute, other than with respect to the calculation of Net Ceding Company Coinsurance Statutory Reserves or (ii) with respect to the calculation of Net Ceding Company Coinsurance Statutory Reserves, an Independent Actuary to determine the matters in dispute; <u>provided</u>, that, if no accounting firm or actuarial firm, as applicable, is willing or able to serve, unless otherwise agreed by the Parties, such dispute shall be resolved in accordance with <u>Section 11.8</u>. The Independent Accounting Firm's and/or Independent Actuary's determination, as applicable, shall be final and binding upon the Parties. All fees and expenses relating to the work of the Independent Accounting Firm and the Independent Actuary shall be paid by the Party (that is, the Ceding Company or the Reinsurer) whose position with respect to the matter in dispute is furthest from the Independent Accounting Firm's or Independent Actuary's, as applicable, final determination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Within five (5) Business Days after a final and binding resolution of any dispute described in <u>Section 8.4(c)</u> is reached, the Parties agree to make any necessary adjustments. On the date on which the payments set forth in this <u>Section 8.4(d)</u> are made, (i) if the Recapture Terminal Settlement exceeds the Estimated Recapture Terminal Settlement, the Reinsurer shall pay to the Ceding Company an amount equal to such excess; and (ii) if the Estimated Recapture Terminal Settlement exceeds the Recapture Terminal Settlement, the Ceding Company shall pay to the Reinsurer an amount equal to such excess. Any payment required to be made by any Party pursuant to this <u>Section 8.4(d)</u> shall incur interest at the Interest Rate for the period from and

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including the Recapture Date to but not including the date of payment, and will be made by wire transfer of immediately available funds to an account or accounts designated by the recipient in writing prior to such payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)Notwithstanding the timelines set forth in this <u>Section 8.4</u>, if the recapture is due to a Reserve Credit Event, the Parties shall reasonably expedite or amend the procedures set forth in this <u>Section 8.4</u> in order to effectuate the recapture and complete the payment of the Estimated Recapture Terminal Settlement prior to any loss of Reserve Credit; <u>provided</u>, that such change to the procedures set forth in <u>Section 8.4</u> shall not affect the right of the Reinsurer to subsequently dispute any calculation related to such recapture consistent with <u>Section 8.4(c)</u>.

**Section 16.5.<u>Termination of Trust Account and Hedge Collateral Account</u>**. Following the recapture of all Reinsured Risks hereunder pursuant to <u>Section 8.3</u> and the payment in full of the Recapture Terminal Settlement thereof (including the resolution of all disputed items in accordance with <u>Section 8.4(c)</u>), (x) the Trust Account shall be terminated and any remaining amounts held in trust pursuant to Article V shall be released to the Reinsurer (or, if the EFLA-Reinsurer Reinsurance Agreement remains in effect at such time, the Trust Agreement shall be amended to remove the Ceding Company as a party thereto and a beneficiary thereof and any amounts held in trust pursuant to Article V (other than the amount required to be held for the benefit of EFLA under the EFLA-Reinsurer Reinsurance Agreement) shall be released to the Reinsurer) and (y) the Hedge Collateral Account shall be terminated and any remaining amounts or amount held in the Hedge Collateral Account shall be released to the Reinsurer Hedge Party. The Ceding Company shall promptly take all actions, including providing written consent to the Trustee and the Securities Intermediary, as applicable, to permit such termination of the Trust Account and the Hedge Collateral Account and release of such assets to the Reinsurer or the Reinsurer Hedge Party (as applicable).

**Article XVII.<br>INDEMNIFICATION**

**Section 17.1.<u>Reinsurer's Obligation to Indemnify</u>**. The Reinsurer hereby agrees to indemnify, defend and hold harmless the Ceding Company and its Affiliates (collectively, the "<u>Ceding Company Indemnified Parties</u>") from and against any and all Losses incurred by the Ceding Company Indemnified Parties to the extent arising from [\*\*\*].

**Section 17.2.<u>Ceding Company's Obligation to Indemnify</u>**. The Ceding Company hereby agrees to indemnify, defend and hold harmless the Reinsurer and its Affiliates (collectively, the "<u>Reinsurer Indemnified Parties</u>") from and against any and all Losses incurred by the Reinsurer Indemnified Parties to the extent arising from [\*\*\*].

**Section 17.3.<u>Applicability of Master Transaction Agreement</u>**. The procedures set forth in Section 8.05 (*Procedures*) and Section 8.06 (*Direct Claims*) of the Master Transaction Agreement shall apply to Losses under this <u>Article IX</u>.

**Section 17.4.<u>Good Faith</u>**. Each of the Ceding Company and the Reinsurer absolutely and irrevocably waives resort to the duty of "utmost good faith" or any similar principle in connection with the negotiation and formation of this Agreement or any other Transaction Agreement; provided that, notwithstanding the foregoing, neither Party waives the duty of utmost good faith with respect to the performance of this Agreement.

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**Article XVIII.<br>TAXES**

**Section 18.1.<u>Withholding</u>**. Each Party and any of their agents shall be entitled to deduct and withhold from any amount otherwise payable pursuant to this Agreement such amounts as it is required to deduct and withhold with respect to the making of such payment under any provision of federal, state, local or foreign applicable Tax Law. If a Party determines that an amount is required to be deducted or withheld, such Party shall use reasonable best efforts to: (i) provide written notice to the other Party, at least five (5) Business Days before the relevant payment of such deduction or withholding, (ii) cooperate in good faith with the other Party to reduce or eliminate the deduction or withholding of such amount and (iii) provide the other Party a reasonable opportunity to provide forms or documentation that would exempt such amounts from withholding. If any amount is so withheld and paid over to the applicable Governmental Authority, such amounts paid to the applicable Governmental Authority shall be treated for all purposes of this Agreement as having been paid to the Person with respect to which such deduction or withholding was imposed. Without limiting the generality of the foregoing, each Party agrees to provide to the other on or before the date hereof an accurate and complete copy of IRS Form W-9 and shall deliver renewals or additional copies of such forms (or successor forms) to the other Party on or before the date that such forms expire or become obsolete or upon the request of the other Party.

**Section 18.2.<u>DAC Tax Adjustment</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)To the extent that Section 848 of the Code and corresponding Treasury Regulations Section 1.848-2 are applicable to the Reinsured Contracts, the Ceding Company and the Reinsurer hereby make the joint election provided for in Treasury Regulations Section 1.848-2(g)(8) (the "<u>DAC Tax Election</u>") and agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)The Parties will attach a schedule to their respective U.S. federal income tax returns identifying this Agreement as a reinsurance agreement for which the DAC Tax Election has been made, and will otherwise file their respective federal income tax returns in a manner consistent with the DAC Tax Election. Such schedule shall be attached to each Party's U.S. federal income tax return filed for the first taxable year ending after the DAC Tax Election becomes effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)The Party with the net positive consideration for this Agreement for each taxable year will capitalize specified policy acquisition expenses with respect to this Agreement without regard to the general deductions limitation of Section 848(c)(1) of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)The Parties agree to exchange information pertaining to the amount of the net consideration under this Agreement each year to ensure consistency or as otherwise required by the Code or the Internal Revenue Service. The Parties shall act in good faith to reach an agreement as to the amount of net consideration and shall report consistently to the extent they reach an agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)The DAC Tax Election shall be effective for the first taxable year in which this Agreement is effective and for all years for which this Agreement remains in effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)As used in this <u>Article X</u>, the terms "net consideration," "net positive consideration," "specified policy acquisitions expenses" and "general deductions limitation" are

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defined by reference to Treasury Regulations Section 1.848-2 and Section 848 of the Code, in effect as of the Effective Time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Each of the Parties represents and warrants that it is subject to U.S. taxation under the provisions of Subchapter L of Chapter 1 of Subtitle A of the Code.

**Article XIX.<br>MISCELLANEOUS**

**Section 19.1.<u>Expenses</u>.** Except as may be otherwise specified in this Agreement, all costs and expenses, including fees and disbursements of counsel, financial advisers and independent accountants, incurred in connection with this Agreement and the transactions contemplated herein shall be paid by the Person incurring such costs and expenses.

**Section 19.2.<u>Notices</u>**. All notices, requests, consents, claims, demands and other communications under this Agreement shall be in writing and shall be given or made (and shall be deemed to have been duly given or made upon receipt) by delivery in person, by overnight courier service, by electronic mail or by registered or certified mail (postage prepaid, return receipt requested) to the respective Parties at the following respective addresses (or at such other address for a Party hereto as shall be specified in a notice given in accordance with this <u>Section 11.2</u>).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)if to the Ceding Company:

Equitable Financial Life Insurance Company of America<br>1345 Avenue of the Americas<br>New York, NY 10105<br>Attention: &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;[\*\*\*]<br>E-mail:&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;[\*\*\*]

with a copy (which shall not constitute notice) to:

Willkie Farr & Gallagher LLP<br>787 Seventh Avenue<br>New York, New York 10019<br>Attention: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[\*\*\*]<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[\*\*\*]<br>E-mail:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[\*\*\*]<br>&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;(b)if to the Reinsurer:

RGA Reinsurance Company<br>16600 Swingley Ridge Road<br>Chesterfield, Missouri 63017<br>Email: &nbsp;&nbsp;&nbsp;&nbsp;[\*\*\*]<br>Attention: &nbsp;&nbsp;&nbsp;&nbsp;[\*\*\*]

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with a copy (which shall not constitute) to:

Clifford Chance US LLP<br>Two Manhattan West<br>375 9th Avenue<br>New York, NY 10001-1696<br>Email:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[\*\*\*]<br>Attention:&nbsp;&nbsp;&nbsp;&nbsp;[\*\*\*]

**Section 19.3.<u>Severability</u>.** The provisions of this Agreement shall be deemed severable and the invalidity or unenforceability of any provision shall not affect the validity or enforceability of the other provisions hereof. If any term or other provision of this Agreement is invalid, illegal or incapable of being enforced under any Law or as a matter of public policy, all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the transactions contemplated herein is not affected in any manner materially adverse to either Party. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the Parties shall negotiate in good faith to modify this Agreement so as to effect the original intent of the Parties as closely as possible in a mutually acceptable manner in order that the transactions contemplated herein be consummated as originally contemplated to the greatest extent possible. If any provision of this Agreement is so broad as to be unenforceable, such provision shall be interpreted to be only so broad as would be enforceable.

**Section 19.4.<u>Entire Agreement</u>.** This Agreement (including all exhibits and schedules hereto) and the other Transaction Agreements constitute the entire agreement of the Parties with respect to the subject matter of this Agreement and the other Transaction Agreements and supersede all prior agreements and undertakings, both written and oral, between or on behalf of the Ceding Company and/or its Affiliates, on the one hand, and the Reinsurer and/or its Affiliates, on the other hand, with respect to the subject matter of this Agreement and the other Transaction Agreements.

**Section 19.5.<u>Assignment</u>.** This Agreement shall not be assigned by any Party without the prior written consent of the other Party. Any attempted assignment in violation of this <u>Section 11.5</u> shall be void. This Agreement shall be binding upon, shall inure to the benefit of, and shall be enforceable by the Parties and their successors and permitted assigns.

**Section 19.6.<u>No Third-Party Beneficiaries</u>**. Except as otherwise provided herein, this Agreement is for the sole benefit of the Parties and their permitted successors and assigns, and nothing in this Agreement, express or implied, is intended to or shall confer upon any other Person or entity any legal or equitable right, benefit or remedy of any nature whatsoever under or by reason of this Agreement.

**Section 19.7.<u>Amendment</u>.** No provision of this Agreement may be amended, supplemented or modified except by a written instrument signed by each Party.

**Section 19.8.<u>Submission to Jurisdiction</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Each of the Ceding Company and the Reinsurer irrevocably and unconditionally submits for itself and its property in any Action arising out of or relating to this Agreement, the transactions contemplated hereby, the formation, breach, termination or validity of this Agreement or the recognition and enforcement of any judgment in respect of this Agreement, to the exclusive jurisdiction of the courts of the State of New York sitting in the County of New York, the federal courts for the Southern District of New York, and appellate courts having jurisdiction of appeals from any of the foregoing, and all claims in respect of any such Action shall be heard and determined in such New York courts or, to the extent permitted by Law, in such federal court.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Any such Action may and shall be brought in such courts and each of the Ceding Company and the Reinsurer irrevocably and unconditionally waives any objection that it may now or hereafter have to the venue or jurisdiction of any such Action in any such court or that such Action was brought in an inconvenient court and shall not plead or claim the same.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Service of process in any Action may be effected by mailing a copy of such process by registered or certified mail (or any substantially similar form of mail), postage prepaid, to such Party at its address as provided in <u>Section 11.2</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Nothing in this Agreement shall affect the right to effect service of process in any other manner permitted by the Laws of the State of New York.

**Section 19.9.<u>Governing Law</u>**. This Agreement, and the formation, termination or validity of any part of this Agreement shall in all respects be governed by, and construed in accordance with, the Laws of the State of New York.

**Section 19.10.<u>Waiver of Jury Trial</u>**. EACH PARTY HERETO IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY ACTION (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT, OR ITS PERFORMANCE UNDER OR THE ENFORCEMENT OF THIS AGREEMENT.

**Section 19.11.<u>Specific Performance</u>**. The Parties agree that irreparable damage would occur in the event that any of the covenants or obligations contained in this Agreement are not performed in accordance with their specific terms or were otherwise breached. Accordingly, each of the Parties shall be entitled to injunctive or other equitable relief to prevent or cure any breach by the other Party of its covenants or obligations contained in this Agreement and to specifically enforce such covenants and obligations in any court referenced in <u>Section 11.8(a)</u> having jurisdiction, such remedy being in addition to any other remedy to which either Party may be entitled hereunder or at law or in equity, and no other provision of this Agreement shall limit any Party's right to specific performance. Each of the Parties acknowledges and agrees that (i) there is no adequate remedy at law for a breach of this Agreement and (ii) it shall not oppose the granting of an injunction, specific performance and other equitable relief when expressly available pursuant to the terms of this Agreement, and hereby waives (x) any defenses in any Action for an injunction, specific performance or other equitable relief, including the defense that the other Party has an adequate remedy at Law or an award of specific performance is not an appropriate remedy for any reason at Law or equity, and (y) any requirement under Law to post a bond, undertaking or other security as a prerequisite to obtaining equitable relief and (iii) nothing contained in this <u>Section 11.11</u> shall require any Party to institute any action for (or limit such Party's right to institute any action for) specific performance under this <u>Section 11.11</u> before exercising any other right under this Agreement.

**Section 19.12.<u>Waivers</u>**. Any term or provision of this Agreement may be waived, or the time for its performance may be extended, in writing at any time by the Party or Parties entitled to the benefit thereof. Any such waiver shall be validly and sufficiently authorized for the purposes of this Agreement if, as to any Party, it is authorized in writing by an authorized Representative of such Party. The failure or delay of any Party hereto to enforce at any time any provision of this Agreement or to exercise any right, power or privilege under this Agreement shall not be construed to be a waiver of such provision, right, power or privilege, nor in any way to affect the validity of this Agreement or any part hereof or the right of any Party thereafter to enforce each and every such provision and exercise each and every right, power and privilege under this Agreement. No waiver of any breach of this Agreement shall be held to constitute a waiver of any preceding or subsequent breach.

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**Section 19.13.<u>Rules of Construction</u>**. Interpretation of this Agreement shall be governed by the following rules of construction: (a) words in the singular shall be held to include the plural and vice versa, and words of one gender shall be held to include the other gender as the context requires; (b) references to Articles, Sections, paragraphs, Exhibits and Schedules are references to the Articles, Sections, paragraphs, Exhibits and Schedules to this Agreement unless otherwise specified; (c) references to "*$*" shall mean United States dollars; (d) the word "*including*" and words of similar import when used in this Agreement shall mean "*including without limiting the generality of the foregoing,*" unless otherwise specified; (e) the table of contents, articles, titles and headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement; (f) this Agreement shall be construed without regard to any presumption or rule requiring construction or interpretation against the Party drafting or causing any instrument to be drafted; (g) the Schedules and Exhibits referred to herein shall be construed with and as an integral part of this Agreement to the same extent as if they were set forth verbatim herein; (h) unless the context otherwise requires, the words "*hereof*," "*herein*" and "*hereunder*" and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement; (i) all terms defined in this Agreement shall have the defined meanings when used in any certificate or other document made or delivered pursuant hereto unless otherwise defined therein; (j) any agreement or instrument defined or referred to herein or any agreement or instrument that is referred to herein means such agreement or instrument as from time to time amended, modified or supplemented, including by waiver or consent, and references to all attachments thereto and instruments incorporated therein; (k) unless otherwise specified herein, any statute or regulation referred to herein means such statute or regulation as amended, modified, supplemented or replaced from time to time (and, in the case of any statute, includes any rules and regulations promulgated under such statute), and references to any section of any statute or regulation include any successor to such section; (l) all time periods within or following which any payment is to be made or act to be done shall be calculated by excluding the date on which the period commences and including the date on which the period ends and by extending the period to the first succeeding Business Day if the last day of the period is not a Business Day; (m) references to any Person include such Person's predecessors or successors, whether by merger, consolidation, amalgamation, reorganization or otherwise; (n) references to any contract (including this Agreement) or organizational document are to the contract or organizational document as amended, modified, supplemented or replaced from time to time, unless otherwise stated; (o) the word "*will*" shall be construed to have the same meaning and effect as the word "*shall*"; (p) all capitalized terms used without definition in the Schedules and Exhibits referred to herein shall have the meanings ascribed to such terms in this Agreement; (q) the word "*or*" need not be disjunctive; and (r) where a word or phrase is defined herein, each of its grammatical forms shall have a corresponding meaning.

**Section 19.14.<u>Counterparts</u>**. This Agreement may be executed in two (2) or more counterparts, and by the different Parties to this Agreement in separate counterparts, each of which when executed shall be deemed to be an original but all of which taken together shall constitute one and the same agreement. Delivery of an executed counterpart of a signature page to this Agreement by facsimile or other means of electronic transmission utilizing reasonable image scan technology (including pdf, DocuSign or any electronic signature complying with the U.S. federal ESIGN Act of 2000) shall be as effective as delivery of a manually executed counterpart of this Agreement.

**Section 19.15.<u>Treatment of Confidential Information and Non-Public Personal Information</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Ceding Company and the Reinsurer agree to hold each other's Confidential Information in strict confidence and to take all commercially reasonable steps, consistent with its handling and securing of its own sensitive information, to ensure that Confidential Information is not disclosed in any form by any means by such Party, its Affiliates, by any of its Representatives or subcontractors to third parties of any kind, except (1) to service providers and the Representatives, in each case that (i) are performing services for such Party and

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need access to such Confidential Information in the course and scope of providing such services, and (ii) are subject to confidentiality restrictions at least as restrictive and protective of the Confidential Information as this Agreement; (2) as is authorized by the other Party in advance and in compliance with all applicable Law; (3) Reinsurer and its respective Representatives shall be permitted to disclose Confidential Information to any applicable regulatory authorities, as is reasonably necessary to facilitate Reinsurer entering into this Agreement or any retrocession relating to the risks assumed under this Agreement; (4) the Ceding Company and its respective Representatives shall be permitted to disclose Confidential Information to any applicable regulatory authorities as is reasonably necessary to facilitate the Ceding Company entering into this Agreement; (5) as may otherwise be required under applicable Law or court order; and (6) Reinsurer and its Representatives shall be permitted to disclose Confidential Information to EFLA as is reasonably necessary to perform its obligations under this Agreement, the EFLA-Reinsurer Reinsurance Agreement and the Trust Agreement. If either Party determines that any Confidential Information must be disclosed pursuant to applicable Law or court order, the disclosing Party shall (to the maximum extent permitted by applicable Law) provide prompt notice to the other Party prior to such disclosure so that such other Party may (at its expense) seek a protection order or other appropriate remedy which is necessary to protect its interest. For the sake of clarity, Reinsurer and its respective Representatives shall be permitted to disclose Confidential Information to actual or potential retrocessionaires or as otherwise necessary in retroceding or pursuing a retrocession of the risks reinsured hereunder, and any such Person who receives such information from Reinsurer or its Representatives shall be considered "Representatives" for purposes of this <u>Section 11.15</u> and subject to customary restrictions on confidentiality and use of such information as set forth in a confidentiality agreement between the Reinsurer and such Person on terms substantially similar to this Agreement that prohibits the use of such Confidential Information except for the purpose of evaluating, negotiating, consummating and performing under such retrocession, which shall, in the case of any such agreements executed after the date of the Master Transaction Agreement, identify the Ceding Company as a third party beneficiary thereof and shall include a disclaimer for the benefit of the Ceding Company of any representations or warranties as to the accuracy of any such Confidential Information. For a period not to exceed two (2) years from the Closing, the Reinsurer shall be permitted to make available to Persons who are subject to a confidentiality agreement described in the preceding sentence the data and information provided in the Data Room (as defined the Master Transaction Agreement) in connection with the investigation, diligence and negotiation of a potential retrocession arrangement. The Reinsurer shall promptly notify the Ceding Company in writing if it becomes aware of any breach by any Person who is subject to a confidentiality agreement described above in this <u>Section 11.15</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The Ceding Company shall not transfer, disclose, share, furnish, or provide Non-Public Personal Information to Reinsurer under this Agreement except as expressly contemplated by this Agreement. In those limited circumstances where Ceding Company transfers Non-Public Personal Information to Reinsurer pursuant to this Agreement or Reinsurer creates or collects Non-Public Personal Information on behalf of Ceding Company, Reinsurer will (i) comply in all material respects with applicable Laws with respect to the processing of such Non-Public Personal Information; (ii) retain, use, process, and disclose all such Non-Public Personal Information only to monitor and ensure the Ceding Company's compliance with the terms of this Agreement, perform the services or its obligations under this Agreement, or as otherwise instructed by Ceding Company or permitted by this Agreement; (iii) refrain from selling such Non-Public Personal Information or using, processing, or disclosing such Non-Public Personal Information for reasons unrelated to Reinsurer's business relationship with Ceding Company, the reinsurance assumed hereunder or ordinary course of business activities as reinsurer, or as otherwise permitted by this Agreement; and (iv) subject to applicable Law and the terms of the Reinsurer's record retention policies, take commercially reasonable steps to comply with the provisions of this Agreement and the reasonable instructions of the Ceding Company to destroy the Non-Public Personal Information.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Consistent with paragraph (a), if either Party receives a third-party demand pursuant to subpoena, summons, or court or Governmental Order or request, to disclose Confidential Information provided by the other Party, the receiving Party shall, if legally permitted, provide the disclosing Party with prompt written notice of any subpoena, summons, or court or Governmental Order or request, within a reasonable time prior to such release or disclosure. Unless the disclosing Party has given its prior permission to release or disclose the proprietary information, the receiving Party shall not comply with the subpoena with respect to the Confidential Information prior to the actual date required by the subpoena. If a protective order or appropriate remedy is not obtained, the receiving Party may disclose only that portion of the Confidential Information that it is legally obligated to disclose and shall use reasonable best efforts to treat such information as confidential. However, notwithstanding anything to the contrary in this Agreement, this <u>Section 11.15(c)</u> shall not be construed as requiring the receiving Party to act in any way that would not comply with the subpoena, summons, or court or Governmental Order.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)In furtherance of Reinsurer's obligation under paragraph (b) to process all Non-Public Personal Information on behalf of Ceding Company in a manner compliant with applicable Laws, Reinsurer shall establish and maintain an information security program comprised of administrative, technical, and physical safeguards reasonably designed and properly implemented to protect the confidentiality, integrity, and reliability of Confidential and Non-Public Personal Information. [\*\*\*]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)In the event that Reinsurer becomes aware of or has significant evidence to suggest that Non-Public Personal Information collected, created, or otherwise processed in connection with this Agreement has been subject to unauthorized disclosure, access, acquisition, or use ("<u>Security Incident</u>"), Reinsurer shall notify the Ceding Company in writing to [\*\*\*] (with a copy to the Ceding Company pursuant to Section 11.2) within [\*\*\*] of such discovery, regardless of whether such unauthorized disclosure, access, acquisition, or use was the result of malicious behavior or inadvertence. Within [\*\*\*] Business Days of notification of a Security Incident, Reinsurer shall provide to the Ceding Company the following information, to the best of Reinsurer's knowledge at the time: (i) the nature of the Security Incident; (ii) the information affected; (iii) the identity of the person(s) or entity(ies) who received the unauthorized disclosure or made the unauthorized access, acquisition, or use; (iv) what corrective action the Reinsurer took or will take to prevent further Security Incidents; (v) what Reinsurer did or will do to mitigate any deleterious effect of the Security Incident; and (vi) such other information as the Ceding Company may reasonably request. Reinsurer shall cooperate with Ceding Company in every reasonable way to investigate the Security Incident and shall terminate any unauthorized access to affected Non-Public Personal Information, remediate the Security Incident and take steps to prevent the reoccurrence thereof. Where applicable, Reinsurer shall provide reasonable assistance to Ceding Company to regain possession of the affected Non-Public Personal Information. Reinsurer shall reasonably cooperate with Ceding Company in the conduct of any investigation of, or litigation involving, third parties related to the Security Incident. Reinsurer shall discharge all responsibilities set forth in this paragraph at its own expense. Notwithstanding anything in this Agreement (including this <u>Section 11.15(e)</u> and <u>Section 9.1(iii)</u>) to the contrary, the Reinsurer's aggregate Liability for all Security Incidents shall not exceed $[\*\*\*].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)As needed to comply with applicable Laws concerning the processing of Non-Public Personal Information, the Parties agree to work cooperatively and in good faith to amend this Agreement in a mutually agreeable and timely manner, or to enter into further mutually agreeable agreements to the extent required by Law to comply with any such applicable Laws applicable to the Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)The Parties agree that the breach, or threatened breach, of any of the confidentiality provisions of this Agreement may cause irreparable harm without adequate remedy at law. Upon any such breach, the disclosing Party will be entitled to seek injunctive relief to prevent the receiving Party from commencing or continuing any action constituting such breach,

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without having to post a bond or other security and without having to prove the inadequacy of other available remedies.

**Section 19.16.<u>Incontestability</u>**. In consideration of the mutual covenants and agreements contained herein, each Party agrees that this Agreement, and each and every provision hereof, is and shall be enforceable by and between them according to its terms, and each Party does hereby agree that it shall not contest the validity or enforceability hereof.

**Section 19.17.<u>Sanctions</u>**. Notwithstanding other provisions of this Agreement, no Party shall be deemed to provide any part of any cover and no Party shall be liable to pay any part of any premium, claim or provide any part of any benefit hereunder solely to the extent that such portion of the provision of such cover or benefit, or the payment of such premium or claim, would violate any Laws prohibiting the provision of such cover or benefit or the payment of such premium or claim applicable to such Party including without limitation economic sanctions law or regulation applicable to either Party, its controlling entity, or its parent company.

[The rest of this page intentionally left blank.]

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IN WITNESS WHEREOF, the Parties have caused this Agreement to be duly executed on the day and year first above written.

EQUITABLE FINANCIAL LIFE INSURANCE COMPANY OF AMERICA

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Robin M. Raju</u><br> &nbsp;&nbsp;&nbsp;&nbsp;Name: Robin M. Raju<br>&nbsp;&nbsp;&nbsp;&nbsp;Title: Chief Financial Officer

RGA REINSURANCE COMPANY

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Ronald Herrmann</u><br> Name: Ronald Herrmann<br>Title: President & Chief Executive Officer and Executive Vice President, Head of RGA Americas

[*Signature Page to EFLOA Coinsurance and Modified Coinsurance Agreement*]

## Exhibit 31.1

**Exhibit 31.1**

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Mark Pearson, President and Chief Executive Officer of Equitable Holdings, Inc., certify that:

1) I have reviewed this Quarterly Report on Form 10-Q of Equitable Holdings, Inc. (the "Registrant");

2) Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3) Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this report;

4) The Registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)Designed such internal control over financial reporting or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c)Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d)Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the Registrant's most recent fiscal quarter (the Registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

5) The Registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)&nbsp;&nbsp;&nbsp;&nbsp;All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)&nbsp;&nbsp;&nbsp;&nbsp;Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting.

Date: November 7, 2025

---

| |
|:---|
| /s/ Mark Pearson |
| Mark Pearson |
| President and Chief Executive Officer |

---

## Exhibit 31.2

**Exhibit 31.2**

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Robin M. Raju, Chief Financial Officer of Equitable Holdings, Inc., certify that:

1) I have reviewed this Quarterly Report on Form 10-Q of Equitable Holdings, Inc. (the "Registrant");

2) Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3) Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this report;

4) The Registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)Designed such internal control over financial reporting or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c)Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d)Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the Registrant's most recent fiscal quarter (the Registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

5) The Registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)&nbsp;&nbsp;&nbsp;&nbsp;All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)&nbsp;&nbsp;&nbsp;&nbsp;Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting.

Date: November 7, 2025

---

| |
|:---|
| /s/ Robin M. Raju |
| Robin M. Raju |
| Chief Financial Officer |

---

## Exhibit 32.1

**Exhibit 32.1**

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report on Form 10-Q of Equitable Holdings, Inc. (the "Company") for the quarter ended September 30, 2025, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Mark Pearson, President and Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1) the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(2) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: November 7, 2025

---

| |
|:---|
| /s/ Mark Pearson |
| Mark Pearson |
| President and Chief Executive Officer |

---

## Exhibit 32.2

**Exhibit 32.2**

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report on Form 10-Q of Equitable Holdings, Inc. (the "Company") for the quarter ended September 30, 2025, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Robin M. Raju, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1) the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(2) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: November 7, 2025

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| |
|:---|
| /s/ Robin M. Raju |
| Robin M. Raju |
| Chief Financial Officer |

---

<br>