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EQH Equitable

Filed: 5 May 21, 4:17pm

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Table of Contents
Consolidated Financials and Key MetricsPage
Key Metrics Summary
Consolidated Statements of Income (Loss)
Consolidated Balance Sheets
Consolidated Capital Structure
Operating Earnings (Loss) by Segment and Corporate and Other
Assets Under Management and Administration
Sales Metrics by Segment
Select Metrics from Business Segments
Individual Retirement
Statements of Operating Earnings (Loss) and Summary Metrics
Select Operating Metrics
Group Retirement
Statements of Operating Earnings (Loss) and Summary Metrics
Select Operating Metrics
Investment Management and Research
Statements of Operating Earnings (Loss) and Summary Metrics
Select Operating Metrics
Net Flows
Protection Solutions
Statements of Operating Earnings (Loss) and Summary Metrics
Select Operating Metrics
Investments
Consolidated Investment Portfolio Composition
Consolidated Results of General Account Investment Portfolio
Additional Information
Deferred Policy Acquisition Costs Rollforward
Use of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Measures
Glossary of Selected Financial and Product Terms
Analyst Coverage, Ratings & Contact Information
All information included in this financial supplement is unaudited.
This financial supplement includes information from prior periods which have been revised.

This financial supplement should be read in conjunction with Equitable Holdings, Inc.’s (“EQH”) Quarterly Report on Form 10-Q for the quarter ended March 31, 2021.
Equitable Holdings’ filings with the Securities and Exchange Commission (“SEC”) can be accessed upon filing at the SEC’s website at www.sec.gov, and at our website at ir.equitableholdings.com.
1Q 2021 Financial Supplement2








Consolidated Financials
and Key Metrics

1Q 2021 Financial Supplement3


Key Metrics Summary
For the Three Months Ended or As ofFor the Three Months Ended or As of
(in millions USD, unless otherwise indicated)3/31/20206/30/20209/30/202012/31/20203/31/2021Change3/31/20203/31/2021Change
Net income (loss)$5,425 $(3,933)$(705)$(1,136)$(1,400)(125.8)%$5,425 $(1,400)(125.8)%
Net income (loss) attributable to the noncontrolling interest(37)(86)(74)(102)(88)(137.8)%(37)(88)(137.8)%
Net income (loss) attributable to Holdings$5,388 $(4,019)$(779)$(1,238)$(1,488)(127.6)%$5,388 $(1,488)(127.6)%
Non-GAAP Operating Earnings (1)$535 $451 $568 $748 $600 12.1 %$535 $600 12.1 %
Total equity attributable to Holdings' shareholders$19,981 $17,498 $17,300 $15,576 $10,693 (46.5)%$19,981 $10,693 (46.5)%
Less: Preferred Stock775 775 1,269 1,269 1,562 101.5 %775 1,562 101.5 %
Total equity attributable to Holdings' common shareholders19,206 16,723 16,031 14,307 9,131 (52.5)%19,206 9,131 (52.5)%
Less: Accumulated other comprehensive income (loss)2,289 3,928 4,188 3,863 740 (67.7)%2,289 740 (67.7)%
Total equity attributable to Holdings' common shareholders (ex. AOCI)$16,917 $12,795 $11,843 $10,444 $8,391 (50.4)%$16,917 $8,391 (50.4)%
Return on Equity (ex. AOCI) - TTM31.5 %0.2 %(2.9)%(5.4)%(69.7)%31.5 %(69.7)%
Non-GAAP Operating ROE (1)17.1 %16.7 %16.3 %17.3 %21.3 %17.1 %21.3 %
Debt to capital:
Debt to Capital17.4 %19.0 %19.2 %20.9 %26.4 %17.4 %26.4 %
Debt to Capital (ex. AOCI)19.2 %23.3 %23.9 %26.0 %27.8 %19.2 %27.8 %
Per common share:
Diluted earnings per common share: (2)
Net income (loss) attributable to Holdings$11.60 $(8.94)$(1.77)$(2.84)$(3.46)(129.8)%$11.60 $(3.46)(129.8)%
Non-GAAP Operating Earnings (1)$1.13 $0.98 $1.24 $1.65 $1.35 20.0 %$1.13 $1.35 20.0 %
Book value per common share$42.63 $37.21 $36.05 $32.46 $21.32 (50.0)%$42.63 $21.32 (50.0)%
Book value per common share (ex. AOCI)$37.55 $28.47 $26.63 $23.70 $19.59 (47.8)%$37.55 $19.59 (47.8)%
Weighted-average common shares outstanding:
Basic461.0 450.4 447.5 442.8 434.2 (5.8)%461.0 434.2 (5.8)%
Diluted463.5 450.4 447.5 442.8 434.2 (6.3)%463.5 434.2 (6.3)%
Ending common shares outstanding450.5 449.4 444.7 440.8 428.3 (4.9)%450.5 428.3 (4.9)%
Return to common shareholders:
Common stock dividend$69 $77 $76 $75 $74 $69 $74 
Repurchase of common shares205 25 100 100 430 205 430 
Total capital returned to common shareholders$274 $102 $176 $175 $504 $274 $504 
Market Values:
S&P 5002,585 3,100 3,363 3,756 3,973 53.7 %2,585 3,973 53.7 %
US 10-Year Treasury0.7 %0.7 %0.7 %0.9 %1.7 %0.7 %1.7 %
Notes:
Some financial metrics have been revised for prior periods; for additional information, please refer to the 10-Q.
(1) This measure is a Non-GAAP financial measure. For an explanation of our use of Non-GAAP financial measures, refer to the “Use of Non-GAAP Financial Measures” and "Glossary of Selected Financial and Product Terms" sections of this document. For a reconciliation of this item to the most directly comparable GAAP measure, refer to the “Non-GAAP Reconciliation” section in this document.
(2) For loss periods, dilutive shares were not included in the calculation of net income (loss) available to shareholders per common share or Non-GAAP Operating Earnings per common share as inclusion of such shares would have an anti-dilutive effect.
1Q 2021 Financial Supplement4


Consolidated Statements of Income (Loss)
For the Three Months EndedFor the Three Months Ended
(in millions USD, unless otherwise indicated)3/31/20206/30/20209/30/202012/31/20203/31/2021Change3/31/20203/31/2021Change
Revenues
Policy charges and fee income$996 $877 $914 $948 $949 (4.7)%$996 $949 (4.7)%
Premiums289 244 221 243 258 (10.7)%289 258 (10.7)%
Net derivative gains (losses)9,400 (6,038)(1,472)(3,612)(2,546)(127.1)%9,400 (2,546)(127.1)%
Net investment income (loss)629 1,022 879 947 884 40.5 %629 884 40.5 %
Investment gains (losses), net169 17 554 184 N/M184 N/M
Investment management and service fees1,136 1,052 1,126 1,294 1,257 10.7 %1,136 1,257 10.7 %
Other income155 124 155 142 167 7.7 %155 167 7.7 %
Total revenues12,609 (2,550)1,840 516 1,153 (90.9)%12,609 1,153 (90.9)%
Benefits and other deductions
Policyholders’ benefits2,776 736 1,034 780 939 (66.2)%2,776 939 (66.2)%
Interest credited to policyholders’ account balances317 307 306 292 291 (8.2)%317 291 (8.2)%
Compensation and benefits526 469 503 598 580 10.3 %526 580 10.3 %
Commissions and distribution related payments338 302 342 369 382 13.0 %338 382 13.0 %
Interest expense52 48 52 48 74 42.3 %52 74 42.3 %
Amortization of deferred policy acquisition costs1,303 162 90 58 87 (93.3)%1,303 87 (93.3)%
Other operating costs and expenses438 434 436 392 608 38.8 %438 608 38.8 %
Total benefits and other deductions5,750 2,458 2,763 2,537 2,961 (48.5)%5,750 2,961 (48.5)%
Income (loss) from operations, before income taxes6,859 (5,008)(923)(2,021)(1,808)(126.4)%6,859 (1,808)(126.4)%
Income tax (expense) benefit(1,434)1,075 218 885 408 128.5 %(1,434)408 128.5 %
Net income (loss)5,425 (3,933)(705)(1,136)(1,400)(125.8)%5,425 (1,400)(125.8)%
Less: net (income) loss attributable to the noncontrolling interest(37)(86)(74)(102)(88)(137.8)%(37)(88)(137.8)%
Net income (loss) attributable to Holdings$5,388 $(4,019)$(779)$(1,238)$(1,488)(127.6)%$5,388 $(1,488)(127.6)%
Less: Preferred stock dividends(13)(10)(11)(19)(13)— %(13)(13)— %
Net income (loss) available to Holdings' common shareholders$5,375 $(4,029)$(790)$(1,257)$(1,501)(127.9)%$5,375 $(1,501)(127.9)%
Adjustments related to:
Variable annuity product features (1)$(6,869)$5,722 $1,620 $3,439 $2,267 $(6,869)$2,267 
Investment gains (losses), net(4)(169)(17)(554)(183)(4)(183)
Net actuarial gains (losses) related to pension and other postretirement benefit obligations27 28 31 23 34 27 34 
Other adjustments (2) (3) (4)695 75 66 116 524 695 524 
Income tax (expense) benefit related to above adjustments (5)1,292 (1,188)(357)(635)(555)1,292 (555)
Non-recurring tax items(403)
Non-GAAP Operating earnings (6)$535 $451 $568 $748 $600 $535 $600 
Notes:
Some financial metrics have been revised for prior periods; for additional information, please refer to the 10-Q.
(1) Includes COVID-19 impact on Variable annuity product features due to an assumption update of $1.5 billion and other COVID-19 related impacts of $35 million for the three months ended March 31, 2020.
(2) Includes separation costs of $21 million and $32 million for the three months ended March 31, 2021 and 2020, respectively.
(3) Includes certain legal accruals related to the cost of insurance litigation of $180 million for the three months ended March 31, 2021. No adjustment was made to prior period operating earnings as the impact was immaterial.
(4) Includes assumption update due to COVID-19 of $1.0 billion and other COVID-19 related impacts of $51 million for the three months ended March 31, 2020.
(5) Includes income taxes of ($547) million for the above related COVID-19 items for the three months ended March 31, 2020.
(6) This measure is a Non-GAAP financial measure. For an explanation of our use of Non-GAAP financial measures, refer to the “Use of Non-GAAP Financial Measures” and "Glossary of Selected Financial
      and Product Terms" sections of this document. For a reconciliation of this item to the most directly comparable GAAP measure, refer to the “Non-GAAP Reconciliation” section in this document.
1Q 2021 Financial Supplement5


Consolidated Balance Sheets
Balances as of
(in millions USD, unless otherwise indicated)3/31/20206/30/20209/30/202012/31/20203/31/2021
Assets
Total investments$96,228 $102,693 $105,778 $109,087 $105,497 
Cash and cash equivalents10,315 8,364 8,684 6,179 6,795 
Cash and securities segregated, at fair value2,013 1,882 1,869 1,753 1,413 
Broker-dealer related receivables2,436 1,998 1,929 2,223 2,361 
Deferred policy acquisition costs4,697 4,090 4,171 4,243 4,943 
Goodwill and other intangible assets, net4,760 4,756 4,745 4,737 4,744 
Amounts due from reinsurers4,614 4,665 4,580 4,566 4,526 
GMIB reinsurance contract asset, at fair value2,823 2,931 2,818 2,488 1,907 
Other assets5,824 3,724 4,476 3,701 3,859 
Assets held-for-sale843 — — 470 483 
Separate Accounts assets106,128 118,915 123,446 135,950 139,795 
Total assets$240,681 $254,018 $262,496 $275,397 $276,832 
Liabilities
Policyholders’ account balances$55,810 $59,272 $62,726 $66,820 $73,303 
Future policy benefits and other policyholders’ liabilities38,001 41,506 41,139 39,881 35,922 
Broker-dealer related payables1,001 1,001 760 1,443 2,283 
Customers related payables3,630 3,199 3,461 3,417 3,179 
Amounts due to reinsurers1,380 1,399 1,391 1,381 1,340 
Short-term and long-term debt4,217 4,113 4,114 4,115 4,022 
Income taxes payable2,327 1,822 1,648 749 — 
Notes issued by consolidated variable interest entities, at fair value using the fair value option— — — 313 323 
Other liabilities5,716 3,666 4,864 3,686 3,990 
Liabilities held-for-sale679 — — 322 270 
Separate Accounts liabilities106,128 118,915 123,446 135,950 139,795 
Total liabilities218,889 234,893 243,549 258,077 264,427 
Redeemable noncontrolling interest257 87 95 143 137 
Equity
Preferred stock775 775 1,269 1,269 1,562 
Common stock
Additional paid-in capital1,930 1,938 1,953 1,985 1,928 
Treasury shares(2,025)(2,047)(2,147)(2,245)(2,300)
Retained earnings17,007 12,899 12,032 10,699 8,758 
Accumulated other comprehensive income (loss)2,289 3,928 4,188 3,863 740 
Total equity attributable to Holdings19,981 17,498 17,300 15,576 10,693 
Noncontrolling interest1,554 1,540 1,552 1,601 1,575 
Total equity21,535 19,038 18,852 17,177 12,268 
Total liabilities, redeemable noncontrolling interest and equity$240,681 $254,018 $262,496 $275,397 $276,832 
Some financial metrics have been revised for prior periods; for additional information, please refer to the 10-Q.
1Q 2021 Financial Supplement6


Consolidated Capital Structure
Balances as of
(in millions USD, unless otherwise indicated)3/31/20206/30/20209/30/202012/31/20203/31/2021
Short-term and long-term debt:
Short-term debt
AB commercial paper$105 $— $— $— $— 
AB revolving credit facility— — — — — 
CLO Warehousing Debt (1)— — — — 185 
Total short-term debt105 — — — 185 
Total long-term debt4,112 4,113 4,114 4,115 3,837 
Total short-term and long-term debt: [A]
$4,217 $4,113 $4,114 $4,115 $4,022 
Equity:
Preferred stock$775 $775 $1,269 $1,269 $1,562 
Common stock$$$$$
Additional paid-in capital1,930 1,938 1,953 1,985 1,928 
Treasury stock, at cost(2,025)(2,047)(2,147)(2,245)(2,300)
Retained earnings17,007 12,899 12,032 10,699 8,758 
Accumulated other comprehensive income (loss)2,289 3,928 4,188 3,863 740 
Total equity attributable to Holdings19,981 17,498 17,300 15,576 10,693 
Noncontrolling interest1,554 1,540 1,552 1,601 1,575 
Total equity$21,535 $19,038 $18,852 $17,177 $12,268 
Total equity attributable to Holdings, (ex. AOCI): [B]
$17,692 $13,570 $13,112 $11,713 $9,953 
Capital:
Total capitalization (3)$24,198 $21,611 $21,414 $19,691 $14,530 
Total capitalization (ex. AOCI): [A+B] (3)
$21,909 $17,683 $17,226 $15,828 $13,790 
Debt to capital:
Debt to capital (2)17.4 %19.0 %19.2 %20.9 %26.4 %
Debt to capital (ex. AOCI) (2)19.2 %23.3 %23.9 %26.0 %27.8 %
For the Three Months Ended
Roll-forward of common shares outstanding (millions of shares):
Beginning balance463.7 450.5 449.4 444.7 440.8 
Repurchases(13.7)(1.2)(4.7)(4.0)(3.2)
Retirements— — — — (11.2)
Issuances0.5 0.1 — 0.1 2.0 
Ending basic common shares outstanding450.5 449.4 444.7 440.8 428.3 
Total potentially dilutive shares2.5 1.4 1.1 — — 
Ending common shares outstanding - maximum potential dilution453.0 450.8 445.8 440.8 428.3 
Some financial metrics have been revised for prior periods; for additional information, please refer to the 10-Q
(1) CLO Warehousing Debt related to VIE consolidation of CLO investment.
(2) Debt to capital ratio exclusive of CLO Warehousing Debt as the VIE debt is non-recourse.
(3) Total capitalization exclusive of CLO Warehousing Debt as the VIE debt is non-recourse.
1Q 2021 Financial Supplement7


Operating Earnings (Loss) by Segment and Corporate and Other
Three Months Ended March 31, 2021
(in millions USD, unless otherwise indicated)Individual RetirementGroup RetirementInv Mgmt and ResearchProtection SolutionsCorporate and OtherConsolidated
Revenues
Policy charges, fee income and premiums$522 $86 $— $504 $95 $1,207 
Net investment income (loss)325 180 — 262 143 910 
Net derivative gains (losses)(59)— (1)(10)(68)
Investment Management, service fees and other income192 63 1,002 61 106 1,424 
Segment revenues980 329 1,004 826 334 3,473 
Benefits and other deductions
Policyholders’ benefits206 — — 509 171 886 
Interest credited to policyholders’ account balances68 75 — 123 25 291 
Commissions and distribution related payments81 13 162 34 92 382 
Amortization of deferred policy acquisition costs78 — 26 (6)103 
Compensation, benefits and other operating costs and expenses112 55 580 85 85 917 
Interest expense and financing fees— — — 58 59 
Segment benefits and other deductions545 148 743 777 425 2,638 
Operating earnings (loss), before income taxes435 181 261 49 (91)835 
Income Taxes(72)(30)(44)(8)15 (139)
Operating earnings (loss), before noncontrolling interest363 151 217 41 (76)696 
Less: Operating (earnings) loss attributable to the noncontrolling interest— — (96)— — (96)
Operating earnings (loss)$363 $151 $121 $41 $(76)$600 
Three Months Ended March 31, 2020
Individual RetirementGroup RetirementInv Mgmt and ResearchProtection SolutionsCorporate and OtherConsolidated
Revenues
Policy charges, fee income and premiums$501 $71 $— $562 $105 $1,239 
Net investment income (loss)316 159 (33)244 116 802 
Net derivative gains (losses)479 — 30 (6)505 
Investment Management, service fees and other income177 52 910 57 96 1,292 
Segment revenues1,473 282 907 865 311 3,838 
Benefits and other deductions
Policyholders’ benefits672 — — 500 178 1,350 
Interest credited to policyholders’ account balances82 76 — 127 38 323 
Commissions and distribution related payments72 11 140 40 75 338 
Amortization of deferred policy acquisition costs87 12 — 50 151 
Compensation, benefits and other operating costs and expenses106 54 558 88 76 882 
Interest Expense and Financing Fees— — — 56 58 
Segment benefits and other deductions1,019 153 700 805 425 3,102 
Operating earnings (loss), before income taxes454 129 207 60 (114)736 
Income Taxes(81)(23)(37)(11)19 (133)
Operating earnings (loss), before noncontrolling interest373 106 170 49 (95)603 
Less: Operating (earnings) loss attributable to the noncontrolling interest— — (75)— (68)
Operating earnings (loss)$373 $106 $95 $49 $(88)$535 
Some Financial metrics have been revised for prior periods; for additional information, please refer to the 10-Q.

1Q 2021 Financial Supplement8


Assets Under Management and Administration
Balances as of
(in billions USD, except for Equitable Headcount)3/31/20206/30/20209/30/202012/31/20203/31/2021
Assets Under Management
AB AUM
Total AB$541.8 $600.0 $630.8 $685.9 $697.2 
Exclusion for General Account and other Affiliated Accounts(77.4)(82.9)(85.9)(87.6)(84.5)
Exclusion for Separate Accounts(30.9)(35.6)(36.6)(40.5)(42.2)
AB third party$433.5 $481.5 $508.3 $557.8 $570.4 
Total company AUM
AB third party$433.5 $481.5 $508.3 $557.8 $570.4 
General Account and other Affiliated Accounts (1)106.5 111.1 114.5 115.3 112.3 
Separate Accounts (2)106.1 118.9 123.4 136.0 139.8 
Total AUM$646.2 $711.5 $746.3 $809.0 $822.5 
Total Assets Under Administration (AUA) (3)$47.9 $53.5 $56.3 $62.3 $70.1 
Equitable Advisor Headcount
Total Number of Equitable Advisors4,357 4,333 4,273 4,530 4,369 
Notes:
(1) “General Account and Other Affiliated Accounts” refers to assets held in the general accounts of our insurance companies and other assets on which we bear the investment risk.
(2) “Separate Accounts” refers to the separate account investment assets of our insurance subsidiaries excluding any assets on which we bear the investment risk.
(3) AUA includes Equitable Advisors Advisory and Brokerage AUA; Equitable Advisors broker-dealer business is included in Corporate and Other.

1Q 2021 Financial Supplement9


Sales Metrics by Segment
For the Three Months EndedFor the Three Months Ended
(in millions USD, unless otherwise indicated)3/31/20206/30/20209/30/202012/31/20203/31/2021Change3/31/20203/31/2021Change
Insurance Operations
Individual Retirement
First year premiums and deposits$1,918 $1,631 $1,656 $1,968 $2,386 24.4 %$1,918 $2,386 24.4 %
Renewal premium and deposits76 91 91 81 83 9.3 %76 83 9.3 %
Total Gross Premiums$1,994 $1,722 $1,747 $2,049 $2,469 23.8 %$1,994 $2,469 23.8 %
Group Retirement
First year premiums and deposits$364 $226 $254 $332 $308 (15.3)%$364 $308 (15.3)%
Renewal premium and deposits561 570 452 584 597 6.4 %561 597 6.4 %
Total Gross Premiums$925 $796 $706 $916 $905 (2.1)%$925 $905 (2.1)%
Protection Solutions
First year premiums and deposits$99 $89 $76 $95 $98 (1.7)%$99 $98 (1.7)%
Renewal premium and deposits679 604 624 653 664 (2.1)%679 664 (2.1)%
Total Gross Premiums$778 $693 $700 $748 $762 (2.1)%$778 $762 (2.1)%
Investment Management and Research (in billions USD)
Gross Sales by distribution channel
Institutional$3.9 $8.8 $8.3 $9.9 $4.9 25.6 %$3.9 $4.9 25.6 %
Retail24.2 19.6 17.5 17.7 23.0 (5.0)%24.2 23.0 (5.0)%
Private Wealth Management3.5 3.4 3.5 3.7 5.4 54.3 %3.5 5.4 54.3 %
Firmwide Gross Sales$31.6 $31.8 $29.3 $31.3 $33.3 5.4 %$31.6 $33.3 5.4 %
Gross sales by investment service
Equity Active$12.1 $13.8 $12.0 $13.5 $15.6 28.9 %$12.1 $15.6 28.9 %
Equity Passive (1)0.4 — 1.2 0.1 0.2 (50.0)%0.4 0.2 (50.0)%
Fixed Income - Taxable14.7 15.0 11.0 13.6 12.4 (15.6)%14.7 12.4 (15.6)%
Fixed Income - Tax-Exempt2.9 2.3 2.2 2.8 3.4 17.2 %2.9 3.4 17.2 %
Fixed Income Passive (1)— — — — — — %— — — %
Alternatives/Multi-Asset Solutions (2)1.5 0.7 2.9 1.3 1.7 13.3 %1.5 1.7 13.3 %
Firmwide Gross Sales$31.6 $31.8 $29.3 $31.3 $33.3 5.4 %$31.6 $33.3 5.4 %
Notes:
(1) Includes index and enhanced index services.
(2) Includes certain multi-asset solutions and services not included in equity or fixed income services. Prior to December 31, 2020, this investment service line was disclosed as “Other.” In order to reflect the increasing significance of our Alternatives and Multi-Asset Solutions services, we updated the investment service line to “Alternatives and Multi-Asset Solutions."


1Q 2021 Financial Supplement10






Business Segments:
Operating Earnings Results and Metrics

1Q 2021 Financial Supplement11


Individual Retirement - Operating Earnings (Loss) and Summary Metrics
For the Three Months Ended or As ofFor the Three Months Ended or As of
(in millions USD, unless otherwise indicated)3/31/20206/30/20209/30/202012/31/20203/31/2021Change3/31/20203/31/2021Change
Revenues
Policy charges, fee income and premiums$501 $493 $519 $521 $522 4.2 %$501 $522 4.2 %
Net investment income (loss)316 266 324 340 325 2.8 %316 325 2.8 %
Net derivative gains (losses)479 (123)58 (83)(59)(112.3)%479 (59)(112.3)%
Investment management, service fees and other income177 164 178 181 192 8.5 %177 192 8.5 %
Segment revenues1,473 800 1,079 959 980 (33.5)%1,473 980 (33.5)%
Benefits and other deductions
Policyholders’ benefits672 76 298 161 206 (69.3)%672 206 (69.3)%
Interest credited to policyholders’ account balances82 81 78 71 68 (17.1)%82 68 (17.1)%
Commissions and distribution-related payments72 60 71 78 81 12.5 %72 81 12.5 %
Amortization of deferred policy acquisition costs87 72 94 46 78 (10.3)%87 78 (10.3)%
Compensation and benefits, interest expense and financing fees and other operating costs and expense106 87 93 96 112 5.7 %106 112 5.7 %
Segment benefits and other deductions1,019 376 634 452 545 (46.5)%1,019 545 (46.5)%
Operating earnings (loss), before income taxes454 424 445 507 435 (4.2)%454 435 (4.2)%
Income taxes(81)(74)(74)(65)(72)11.1 %(81)(72)11.1 %
Operating earnings (loss), before noncontrolling interest373 350 371 442 363 (2.7)%373 363 (2.7)%
Less: Operating (earnings) loss attributable to the noncontrolling interest— — — — — — %— — — %
Operating earnings (loss)$373 $350 $371 $442 $363 (2.7)%$373 $363 (2.7)%
Summary Metrics
Operating earnings (loss) - TTM: [A]
$1,589 $1,580 $1,486 $1,536 $1,526 (4.0)%$1,589 $1,526 (4.0)%
Average capital - TTM: [B]
$7,322 $7,004 $6,682 $6,352 $6,248 (14.7)%$7,322 $6,248 (14.7)%
Non-GAAP Operating ROC - TTM (1): [A/B]
21.7 %22.6 %22.2 %24.2 %24.4 %21.7 %24.4 %
Average Account Value (TTM)$102,699 $102,583 $103,546 $105,663 $112,460 9.5 %$102,699 $112,460 9.5 %
Return on assets (TTM)1.88 %1.87 %1.74 %1.73 %1.61 %1.88 %1.61 %
Net flows
Current Product Offering$615 $656 $351 $534 $559 (9.1)%$615 $559 (9.1)%
Fixed Rate(935)(709)(778)(863)(1,075)(14.9)%(935)(1,075)(14.9)%
Net flows$(320)$(53)$(427)$(329)$(516)(61.1)%$(320)$(516)(61.1)%
First year premiums and deposits$1,918 $1,631 $1,656 $1,968 $2,386 24.4 %$1,918 $2,386 24.4 %
In-force Policy Count by Product (in thousands):
Fixed rate351347342338333351333
Current product offering553556557560561553561
Total904903899898894904894
Notes:
Some financial metrics have been revised for prior periods; for additional information, please refer to the 10-Q
(1) This measure is a Non-GAAP financial measure. For an explanation of our use of Non-GAAP financial measures, refer to the “Use of Non-GAAP Financial Measures” and
     "Glossary of Selected Financial and Product Terms" sections of this document.


1Q 2021 Financial Supplement12


Individual Retirement - Select Operating Metrics
For the Three Months Ended or As ofFor the Three Months Ended or As of
(in millions USD, unless otherwise indicated)3/31/20206/30/20209/30/202012/31/20203/31/20213/31/20203/31/2021
Sales Metrics
First Year Premiums by Product:
SCS$1,227 $987 $1,166 $1,511 $1,752 $1,227 $1,752 
Retirement Cornerstone461 465 324 256 369 461 369 
Investment Edge132 89 97 130 184 132 184 
Other98 90 69 71 81 98 81 
Total First Year Premiums$1,918 $1,631 $1,656 $1,968 $2,386 $1,918 $2,386 
First Year Premiums by Guarantee:
Non-GMxB$1,377 $1,093 $1,255 $1,617 $1,919 $1,377 $1,919 
ROP death benefit only135 119 134 144 179 135 179 
Total non-GMxB & ROP death benefit only1,512 1,212 1,389 1,761 2,098 1,512 2,098 
Floating rate GMxB398 409 266 205 287 398 287 
Fixed rate GMxB10 
Total First Year Premiums$1,918 $1,631 $1,656 $1,968 $2,386 $1,918 $2,386 
Account Values
General Account:
Balance as of beginning of period$26,108 $23,862 $27,075 $28,376 $30,783 $26,108 $30,783 
Gross premiums1,376 956 915 1,409 1,388 1,376 1,388 
Surrenders, withdrawals and benefits(477)(378)(528)(572)(684)(477)(684)
Net flows899 578 387 837 704 899 704 
Investment performance, interest credited and policy charges(3,136)2,635 914 1,570 772 (3,136)772 
Transfer to Corp & Other— — — — — — — 
Other (2)(6)— — — — (6)— 
Reclassified to Assets held-for-sale(3)— — — — (3)— 
Balance as of end of period$23,862 $27,075 $28,376 $30,783 $32,259 $23,862 $32,259 
Separate Accounts:
Balance as of beginning of period$82,814 $69,727 $76,765 $79,455 $86,607 $82,814 $86,607 
Gross premiums614 763 820 640 1,081 614 1,081 
Surrenders, withdrawals and benefits(1,833)(1,394)(1,634)(1,806)(2,301)(1,833)(2,301)
Net flows(1,219)(631)(814)(1,166)(1,220)(1,219)(1,220)
Investment performance, interest credited and policy charges(11,868)7,669 3,504 8,318 3,134 (11,868)3,134 
Transfer to Corp & Other— — — — — — — 
Other (2)— — — — — — — 
Reclassified to Assets held-for-sale— — — — — — — 
Balance as of end of period$69,727 $76,765 $79,455 $86,607 $88,521 $69,727 $88,521 
Total:
Balance as of beginning of period$108,922 $93,589 $103,840 $107,831 $117,390 $108,922 $117,390 
Gross premiums (1)1,990 1,719 1,735 2,049 2,469 1,990 2,469 
Surrenders, withdrawals and benefits(2,310)(1,772)(2,162)(2,378)(2,985)(2,310)(2,985)
Net flows(320)(53)(427)(329)(516)(320)(516)
Investment performance, interest credited and policy charges(15,004)10,304 4,418 9,888 3,906 (15,004)3,906 
Transfer to Corp & Other— — — — — — — 
Other (2)(6)— — — — (6)— 
Reclassified to Assets held-for-sale(3)— — — — (3)— 
Balance as of end of period$93,589 $103,840 $107,831 $117,390 $120,780 $93,589 $120,780 
Net Amount at Risk (NAR)
Total GMIB NAR$16,184 $14,234 $13,403 $10,461 $8,049 $16,184 $8,049 
Total GMDB NAR25,791 22,134 21,061 18,271 17,562 25,791 17,562 
Reserves (Net of Reinsurance)
GMIB Reserves$12,754 $15,267 $14,984 $14,246 $11,680 $12,754 $11,680 
GMDB Reserves4,933 4,897 5,021 5,006 4,999 4,933 4,999 
Total GMDB/IB Variable Annuity Reserves (Net of Reinsurance)$17,687 $20,164 $20,005 $19,252 $16,679 $17,687 $16,679 
Notes:
Some financial metrics have been revised for prior periods; for additional information, please refer to the 10-Q.
(1) Includes deposits from certain other products not reported as first year premiums and deposits or renewal premiums and deposits elsewhere in this document.
(2) Represents amounts related to our fixed income annuity (“FIA”) contracts which were previously reported as Policyholders’ account balances in the consolidated balance sheets and therefore included in our definition
     of “Account Value”. As of March 31, 2020, FIAs are reported as Future policy benefits and other policyholders’ liabilities in the consolidated balance sheets and accordingly were excluded from Account Value.
1Q 2021 Financial Supplement13


Group Retirement - Operating Earnings (Loss) and Summary Metrics
For the Three Months Ended or As ofFor the Three Months Ended or As of
(in millions USD, unless otherwise indicated)3/31/20206/30/20209/30/202012/31/20203/31/2021Change3/31/20203/31/2021Change
Revenues
Policy charges, fee income and premiums$71 $68 $75 $81 $86 21.1 %$71 $86 21.1 %
Net investment income (loss)159 127 174 181 180 13.2 %159 180 13.2 %
Net derivative gains (losses)— (3)— — — %— — — %
Investment management, service fees and other income52 47 55 57 63 21.2 %52 63 21.2 %
Segment revenues282 246 301 319 329 16.7 %282 329 16.7 %
Benefits and other deductions
Policyholder benefits— — — — %— — — %
Interest credited to policyholders’ account balances76 74 76 77 75 (1.3)%76 75 (1.3)%
Commissions and distribution-related payments11 13 12 13 18.2 %11 13 18.2 %
Amortization of deferred policy acquisition costs12 14 (7)(58.3)%12 (58.3)%
Compensation and benefits, interest expense and financing fees and other operating costs and expense54 47 46 45 55 1.9 %54 55 1.9 %
Segment benefits and other deductions153 137 146 127 148 (3.3)%153 148 (3.3)%
Operating earnings (loss), before income taxes129 109 155 192 181 40.3 %129 181 40.3 %
Income taxes(23)(19)(26)(26)(30)(30.4)%(23)(30)(30.4)%
Operating earnings (loss), before noncontrolling interest106 90 129 166 151 42.5 %106 151 42.5 %
Less: Operating (earnings) loss attributable to the noncontrolling interest— — — — — — %— — — %
Operating earnings (loss)$106 $90 $129 $166 $151 42.5 %$106 $151 42.5 %
Summary Metrics
Operating earnings (loss) - TTM: [A]
$415 $410 $434 $491 $536 29.2 $415 $536 29.2 %
Average capital - TTM: [B]
$1,272 $1,204 $1,136 $1,073 $1,090 (14.3)$1,272 $1,090 (14.3)%
Non-GAAP Operating ROC - TTM (1): [A/B]
32.7 %34.1 %38.3 %45.8 %49.1 %32.7 %49.1 %
Average Account Value (TTM)$35,787 $36,045 $36,708 $37,853 $40,553 13.3 %$35,787 $40,553 13.3 %
Return on assets (TTM)1.41 %1.38 %1.43 %1.55 %1.57 %1.41 %1.57 %
Net flows$128 $216 $(93)$45 $(51)(139.9)%$128 $(51)(139.9)%
Gross premiums$925 $796 $706 $916 $905 (2.1)%$925 $905 (2.1)%
Notes:
Some financial metrics have been revised for prior periods; for additional information, please refer to the 10-Q.
(1) This measure is a Non-GAAP financial measure. For an explanation of our use of Non-GAAP financial measures, refer to the “Use of Non-GAAP Financial Measures” and "Glossary of Selected Financial and Product Terms" sections of this document.

1Q 2021 Financial Supplement14


Group Retirement - Select Operating Metrics
For the Three Months Ended or As ofFor the Three Months Ended or As of
(in millions USD, unless otherwise indicated)3/31/20206/30/20209/30/202012/31/20203/31/20213/31/20203/31/2021
Sales Metrics
Gross premiums:
First-year premiums$364 $226 $254 $332 $308 $364 $308 
Renewal premiums561 570 452 584 597 561 597 
Group Retirement premiums$925 $796 $706 $916 $905 $925 $905 
Gross premiums by market:
Tax-exempt$214 $162 $173 $175 $179 $214 $179 
Corporate135 55 72 130 119 135 119 
Other15 27 10 15 10 
Total First Year Premiums364 226 254 332 308 364 308 
Tax-exempt412 448 320 452 447 412 447 
Corporate89 81 87 85 96 89 96 
Other60 41 45 47 54 60 54 
Total renewal premiums561 570 452 584 597 561 597 
Group Retirement premiums by market$925 $796 $706 $916 $905 $925 $905 
Account Values
General Account:
Balance as of beginning of period$12,071 $12,257 $12,420 $12,627 $12,826 $12,071 $12,826 
Gross premiums447 259 355 376 288 447 288 
Surrenders, withdrawals and benefits(280)(217)(239)(274)(278)(280)(278)
Net flows167 42 116 102 10 167 10 
Investment performance, interest credited and policy charges19 121 91 97 88 19 88 
Balance as of end of period$12,257 $12,420 $12,627 $12,826 $12,924 $12,257 $12,924 
Separate Accounts:
Balance as of beginning of period$25,809 $20,891 $24,670 $26,088 $29,633 $25,809 $29,633 
Gross premiums478 537 351 540 617 478 617 
Surrenders, withdrawals and benefits(517)(363)(560)(597)(678)(517)(678)
Net flows(39)174 (209)(57)(61)(39)(61)
Investment performance, interest credited and policy charges(4,879)3,605 1,627 3,602 1,454 (4,879)1,454 
Balance as of end of period$20,891 $24,670 $26,088 $29,633 $31,026 $20,891 $31,026 
Total:
Balance as of beginning of period$37,880 $33,148 $37,090 $38,715 $42,459 $37,880 $42,459 
Gross premiums925 796 706 916 905 925 905 
Surrenders, withdrawals and benefits(797)(580)(799)(871)(956)(797)(956)
Net flows128 216 (93)45 (51)128 (51)
Investment performance, interest credited and policy charges(4,860)3,726 1,718 3,699 1,542 (4,860)1,542 
Balance as of end of period$33,148 $37,090 $38,715 $42,459 $43,950 $33,148 $43,950 
1Q 2021 Financial Supplement15


Investment Management and Research - Operating Earnings (Loss) and Summary Metrics
For the Three Months Ended or As ofFor the Three Months Ended or As of
(in millions USD, unless otherwise indicated)3/31/20206/30/20209/30/202012/31/20203/31/2021Change3/31/20203/31/2021Change
Revenues
Net investment income (loss)$(33)$32 $13 $19 $— 100.0 %$(33)$— 100.0 %
Net derivative gains (losses)30 (31)(14)(21)(93.3)%30 (93.3)%
Investment management, service fees and other income910 843 900 1,055 1,002 10.1 %910 1,002 10.1 %
Segment Revenues907 844 899 1,053 1,004 10.7 %907 1,004 10.7 %
Benefits and other deductions
Commissions and distribution-related payments140 126 148 155 162 15.7 %140 162 15.7 %
Compensation, benefits and other operating costs and expenses558 523 531 599 580 3.9 %558 580 3.9 %
Interest expense and financing fees(50.0)%(50.0)%
Total benefits and other deductions700 651 680 755 743 6.1 %700 743 6.1 %
Operating earnings (loss), before income taxes207 193 219 298 261 26.1 %207 261 26.1 %
Income taxes(37)(32)(40)(52)(44)(18.9)%(37)(44)(18.9)%
Operating earnings (loss), before noncontrolling interest170 161 179 246 217 27.6 %170 217 27.6 %
Less: Operating (earnings) loss attributable to the noncontrolling interest(75)(69)(75)(105)(96)(28.0)%(75)(96)(28.0)%
Operating earnings (loss)$95 $92 $104 $141 $121 27.4 %$95 $121 27.4 %
Summary Metrics
Adjusted operating margin (1)27.6 %27.9 %29.7 %34.2 %31.7 %27.6 %31.7 %
Net flows (in billions USD)$(5.6)$(3.3)$3.1 $3.2 $5.2 $(5.6)$5.2 
Total AUM (in billions USD)$541.8 $600.0 $630.8 $685.9 $697.2 $541.8 $697.2 
Ownership Structure of AB
Holdings and its subsidiaries63.4 %63.7 %63.8 %63.3 %62.8 %63.4 %62.8 %
AB Holding35.9 %35.5 %35.5 %36.0 %36.5 %35.9 %36.5 %
Unaffiliated holders0.7 %0.8 %0.7 %0.7 %0.7 %0.7 %0.7 %
Total100.0 %100.0 %100.0 %100.0 %100.0 %100.0 %100.0 %
EQH economic interest64.9 %65.2 %65.3 %64.8 %64.3 %64.9 %64.3 %
EQH average economic interest64.8 %65.2 %65.2 %65.1 %64.2 %64.8 %64.2 %
Units of limited partnership outstanding (in millions)270.0 268.6 268.4 270.5 272.7 270.0 272.7 
Notes:
(1) Adjusted Operating Margin is a non-GAAP financial measure used by AllianceBernstein’s (“AB”) management in evaluating AB’s financial performance on a standalone basis and
     to compare its performance, as reported by AB in its public filings. It is not comparable to any other non-GAAP financial measure used herein.

1Q 2021 Financial Supplement16


Investment Management and Research - Select Operating Metrics
For the Three Months Ended or As of
(in billions USD, unless otherwise indicated)3/31/20206/30/20209/30/202012/31/20203/31/2021
AUM Roll-forward
Balance as of beginning of period$622.9 $541.8 $600.0 $630.8 $685.9 
Sales/new accounts31.6 31.8 29.3 31.3 33.3 
Redemptions/terminations(32.7)(31.4)(23.2)(22.0)(24.2)
Cash flow/unreinvested dividends(4.5)(3.7)(3.0)(6.1)(3.9)
Net long-term (outflows) inflows(5.6)(3.3)3.1 3.2 5.2 
Acquisition0.2 — — — — 
Market appreciation (depreciation)(75.7)61.5 27.7 51.9 6.1 
Net change(81.1)58.2 30.8 55.1 11.3 
Balance as of end of period$541.8 $600.0 $630.8 $685.9 $697.2 
Ending Assets by distribution channel
Institutions$256.7 $276.2 $289.5 $315.6 $314.7 
Retail198.6 229.5 242.9 265.3 272.3 
Private Wealth Management86.5 94.3 98.4 105.0 110.2 
Total$541.8 $600.0 $630.8 $685.9 $697.2 
Ending Assets by investment service
Equity
Actively Managed$141.5 $173.1 $188.8 $217.8 $231.8 
Passively Managed (1)47.2 54.3 57.5 64.5 66.3 
Total Equity$188.7 $227.4 $246.3 $282.3 $298.1 
Fixed Income
Actively Managed$282.0 $295.0 $302.0 $313.5 $304.0 
Passively Managed (1)10.3 9.9 9.0 8.5 8.3 
Total Fixed Income292.3 304.9 311.0 322.0 312.3 
Total Alternatives/Multi-Asset Solutions (2)60.8 67.7 73.5 81.6 86.8 
Total$541.8 $600.0 $630.8 $685.9 $697.2 
Notes:
(1) Includes index and enhanced index services.
(2) Includes certain multi-asset solutions and services not included in equity or fixed income services. Prior to December 31, 2020, this investment service line was disclosed as “Other.” In order to reflect the increasing significance of our Alternatives and Multi-Asset Solutions services, we updated the investment service line to “Alternatives and Multi-Asset Solutions."

1Q 2021 Financial Supplement17


Investment Management and Research - Net Flows
For the Three Months EndedFor the Three Months Ended
(in billions USD, unless otherwise indicated)3/31/20206/30/20209/30/202012/31/20203/31/20213/31/20203/31/2021
Net Flows by Distribution Channel
Institutions
US$0.9 $(4.8)$(0.6)$3.4 $(1.7)$0.9 $(1.7)
Global and Non-US(0.5)(1.6)2.7 1.6 2.5 (0.5)2.5 
Total Institutions$0.4 $(6.4)$2.1 $5.0 $0.8 $0.4 $0.8 
Retail
US$(0.9)$1.7 $1.2 $1.0 $3.6 $(0.9)$3.6 
Global and Non-US(4.5)2.1 (0.5)(1.7)(0.9)(4.5)(0.9)
Total Retail$(5.4)$3.8 $0.7 $(0.7)$2.7 $(5.4)$2.7 
Private Wealth
US$(0.4)$(0.2)$0.5 $(1.2)$0.8 $(0.4)$0.8 
Global and Non-US(0.2)(0.5)(0.2)0.1 0.9 (0.2)0.9 
Total Private Wealth$(0.6)$(0.7)$0.3 $(1.1)$1.7 $(0.6)$1.7 
Total Net Flows by Distribution Channel$(5.6)$(3.3)$3.1 $3.2 $5.2 $(5.6)$5.2 
Net Flows by Investment Service
Equity Active
US$(0.4)$2.2 $1.2 $0.5 $2.0 $(0.4)$2.0 
Global and Non-US1.8 0.6 1.0 0.5 1.7 1.8 1.7 
Total Equity Active$1.4 $2.8 $2.2 $1.0 $3.7 $1.4 $3.7 
Equity Passive (1)
US$0.1 $(1.6)$(1.8)$(0.8)$(1.6)$0.1 $(1.6)
Global and Non-US(1.4)0.1 0.8 (0.1)(0.4)(1.4)(0.4)
Total Equity Passive (1)$(1.3)$(1.5)$(1.0)$(0.9)$(2.0)$(1.3)$(2.0)
Fixed Income - Taxable (3)
US$0.2 $(3.9)$1.1 $3.4 $0.2 $0.2 $0.2 
Global and Non-US(6.6)(1.2)(1.3)(1.4)(1.0)(6.6)(1.0)
Total Fixed Income - Taxable$(6.4)$(5.1)$(0.2)$2.0 $(0.8)$(6.4)$(0.8)
Fixed Income - Tax-Exempt
US$— $(0.3)$0.8 $0.5 $1.6 $— $1.6 
Global and Non-US— — — — — — — 
Total Fixed Income - Tax-Exempt$— $(0.3)$0.8 $0.5 $1.6 $— $1.6 
Fixed Income - Passive (1)
US$(0.2)$(0.1)$(0.3)$(0.4)$0.2 $(0.2)$0.2 
Global and Non-US0.9 (0.5)(0.8)(0.2)— 0.9 — 
Total Fixed Income - Passive (1)$0.7 $(0.6)$(1.1)$(0.6)$0.2 $0.7 $0.2 
Alternatives/Multi-Asset Solutions (2)
US$(0.1)$0.4 $0.1 $— $0.3 $(0.1)$0.3 
Global and Non-US0.1 1.0 2.3 1.2 2.2 0.1 2.2 
Total Alternatives/Multi-Asset Solutions (2)$— $1.4 $2.4 $1.2 $2.5 $— $2.5 
Total Net Flows by Investment Service$(5.6)$(3.3)$3.1 $3.2 $5.2 $(5.6)$5.2 
Active vs. Passive Net Flows
Actively Managed
Equity$1.4 $2.8 $2.2 $1.0 $3.7 $1.4 $3.7 
Fixed Income (3)(6.4)(5.4)0.6 2.5 0.8 (6.4)0.8 
Alternatives/Multi-Asset Solutions (2)(0.2)1.3 2.3 1.0 2.0 (0.2)2.0 
Total$(5.2)$(1.3)$5.1 $4.5 $6.5 $(5.2)$6.5 
Passively Managed (1)
Equity$(1.3)$(1.5)$(1.0)$(0.9)$(2.0)$(1.3)$(2.0)
Fixed Income0.7 (0.6)(1.1)(0.6)0.2 0.7 0.2 
Alternatives/Multi-Asset Solutions (2)0.20.1 0.1 0.20.5 0.2 0.5 
Total$(0.4)$(2.0)$(2.0)$(1.3)$(1.3)$(0.4)$(1.3)
Total Active vs Passive Net Flows$(5.6)$(3.3)$3.1 $3.2 $5.2 $(5.6)$5.2 
Notes:
(1) Includes index and enhanced index services.
(2) Includes certain multi-asset solutions and services not included in equity or fixed income services. Prior to December 31, 2020, this investment service line was disclosed as “Other.” In order to reflect the increasing significance of Alternatives and Multi-Asset Solutions services, the investment service line was updated to “Alternatives and Multi-Asset Solutions."
(3) Fixed income – taxable investment service net flows include $10.8 billion of AXA's redemptions of certain low-fee fixed income mandates for the twelve-month period ended March 31, 2021. Discrete quarterly outflows for periods presented were as follows:$ $7.9 billion, $2.2 billion and $0.7 billion for the second, third and fourth quarter of 2020 as well as $0.0 billion for first quarter 2021.
1Q 2021 Financial Supplement18


Protection Solutions - Operating Earnings (Loss) and Summary Metrics
For the Three Months Ended or As ofFor the Three Months Ended or As of
(in millions USD, unless otherwise indicated)3/31/20206/30/20209/30/202012/31/20203/31/2021Change3/31/20203/31/2021Change
Revenues
Policy charges, fee income and premiums$562 $468 $450 $490 $504 (10.3)%$562 $504 (10.3)%
Net investment income (loss)244 204 240 256 262 7.4 %244 262 7.4 %
Net derivative gains (losses)(5)(1)(150.0)%(1)(150.0)%
Investment management, service fees and other income57 51 58 59 61 7.0 %57 61 7.0 %
Segment revenues865 728 751 800 826 (4.5)%865 826 (4.5)%
Benefits and other deductions
Policyholders’ benefits500 460 455 460 509 1.8 %500 509 1.8 %
Interest credited to policyholders’ account balances127 137 130 120 123 (3.1)%127 123 (3.1)%
Commissions and distribution-related payments40 35 40 45 34 (15.0)%40 34 (15.0)%
Amortization of deferred policy acquisition costs50 29 (16)21 26 (48.0)%50 26 (48.0)%
Compensation and benefits, interest expense and financing fees and other operating costs and expense88 81 82 86 85 (3.4)%88 85 (3.4)%
Segment benefits and other deductions805 742 691 732 777 (3.5)%805 777 (3.5)%
Operating earnings (loss), before income taxes60 (14)60 68 49 (18.3)%60 49 (18.3)%
Income taxes(11)(9)(10)(8)27.3 %(11)(8)27.3 %
Operating earnings (loss), before noncontrolling interest49 (12)51 58 41 (16.3)%49 41 (16.3)%
Less: Operating (earnings) loss attributable to the noncontrolling interest— — — — — — %— — — %
Operating earnings (loss)$49 $(12)$51 $58 $41 (16.3)%$49 $41 (16.3)%
Summary Metrics
Operating earnings (loss) - TTM: [A]
$378 $266 $217 $146 $138 (63.5)%$378 $138 (63.5)%
Average capital - TTM: [B]
$2,801 $2,591 $2,370 $2,170 $2,145 (23.4)%$2,801 $2,145 (23.4)%
Non-GAAP Operating ROC - TTM (1): [A/B]
13.5 %10.3 %9.2 %6.7 %6.5 %13.5 %6.5 %
Benefit ratio72.5 %82.0 %77.9 %72.5 %76.5 %72.5 %76.5 %
Gross written premiums$778 $693 $700 $748 $762 (2.1)%$778 $762 (2.1)%
Annualized premiums$56 $57 $49 $59 $69 22.4 %$56 $69 22.4 %
Total in-force face amount (in billions USD)$439.7 $419.1 $419.9 $420.6 $421.3 (4.2)%$439.7 $421.3 (4.2)%
Notes:
Some financial metrics have been revised for prior periods; for additional information, please refer to the 10-Q.
(1) This measure is a Non-GAAP financial measure. For an explanation of our use of Non-GAAP financial measures, refer to the “Use of Non-GAAP Financial Measures” and "Glossary of Selected Financial and Product Terms" sections of this document.
1Q 2021 Financial Supplement19


Protection Solutions - Select Operating Metrics
For the Three Months Ended or As ofFor the Three Months Ended or As of
(in millions USD, unless otherwise indicated)3/31/20206/30/20209/30/202012/31/20203/31/20213/31/20203/31/2021
Sales Metrics
First Year Premiums by Product Line:
Universal Life$— $— $— $— $— $— $— 
Indexed Universal Life49 41 28 26 21 49 21 
Variable Universal Life35 29 31 49 52 35 52 
Term
Employee Benefits11 14 12 15 20 11 20 
Other (1)— — — — — — 
Total$99 $89 $76 $95 $98 $99 $98 
Renewals by Product Line:
Universal Life$216 $201 $223 $205 $201 $216 $201 
Indexed Universal Life72 67 63 74 76 72 76 
Variable Universal Life243 225 226 253 256 243 256 
Term120 83 81 91 97 120 97 
Employee Benefits23 24 26 25 30 23 30 
Other (1)
Total679 604 624 653 664 679 664 
Total Gross Premiums$778 $693 $700 $748 $762 $778 $762 
In-force Metrics
In-force Face Amount by Product (2) (in billions):
Universal Life (3)$52.7 $49.9 $49.5 $48.7 $48.0 $52.7 $48.0 
Indexed Universal Life26.4 27.0 27.5 27.7 28.0 26.4 28.0 
Variable Universal Life (4)126.0 126.4 126.7 127.7 128.5 126.0 128.5 
Term233.3 214.4 214.9 215.2 215.5 233.3 215.5 
Whole Life1.3 1.4 1.3 1.3 1.3 1.3 1.3 
Total$439.7 $419.1 $419.9 $420.6 $421.3 $439.7 $421.3 
In-force Policy Count by Product (2) (in thousands):
Universal Life (3)164 149 147 144 142 164 142 
Indexed Universal Life60 62 63 64 64 60 64 
Variable Universal Life (4)296 294 292 291 290 296 290 
Term319 267 268 268 268 319 268 
Whole Life18 17 17 17 17 18 17 
Total857 789 787 784 781 857 781 
Protection Solutions Reserves
General Account$17,275 $17,930 $18,691 $18,905 $18,401 $17,275 $18,401 
Separate Accounts11,259 12,928 13,190 14,771 15,387 11,259 15,387 
Total$28,534 $30,858 $31,881 $33,676 $33,788 $28,534 $33,788 
Notes:
Some financial metrics have been revised for prior periods; for additional information, please refer to the 10-Q.
(1) For the individual life insurance premiums, Other includes Whole Life insurance and other products available-for-sale but not actively marketed.
(2) Includes individual life insurance and does not include Employee Benefits as it is a start-up business and therefore has immaterial in-force policies.
(3) Universal Life includes Guaranteed Universal Life.
(4) Variable Universal Life includes variable life insurance and corporate-owned life insurance.
1Q 2021 Financial Supplement20








Investments

1Q 2021 Financial Supplement21


Consolidated Investment Portfolio Composition
Balances as of
(in millions USD, unless otherwise indicated)December 31, 2020March 31, 2021
Amount (1)% of TotalAmount (1)% of Total
Composition of investment portfolio
Fixed maturities, available-for-sale, at fair value$81,638 70.8 %$77,161 68.7 %
Fixed maturities, at fair value using the fair value option389 0.3 %844 0.8 %
Mortgage loans on real estate13,159 11.4 %13,280 11.8 %
Policy loans4,118 3.6 %4,091 3.6 %
Other equity investments (4)1,502 1.3 %2,387 2.1 %
Other invested assets2,728 2.4 %2,913 2.6 %
Subtotal investment assets103,534 89.8 %100,676 89.7 %
Trading securities5,553 4.8 %4,821 4.3 %
Total investments109,087 94.6 %105,497 93.9 %
Cash and cash equivalents6,179 5.4 %6,795 6.1 %
Total$115,266 100.0 %$112,292 100.0 %
General Account Fixed maturities by industry (Based on amortized cost)
Corporate securities:
Finance$14,411 20.1 %$13,484 18.6 %
Manufacturing13,040 18.2 %12,394 17.1 %
Utilities6,352 8.9 %6,088 8.4 %
Services7,830 10.9 %7,885 10.8 %
Energy4,084 5.7 %3,985 5.5 %
Retail and wholesale3,747 5.2 %3,660 5.0 %
Transportation2,424 3.4 %2,244 3.1 %
Other157 0.2 %201 0.3 %
Total corporate securities52,045 72.5 %49,941 68.7 %
U.S. government and agency12,660 17.6 %14,809 20.4 %
Residential mortgage-backed (2)130 0.2 %119 0.2 %
Preferred stock621 0.9 %41 0.1 %
State & municipal536 0.7 %569 0.8 %
Foreign governments1,011 1.4 %1,065 1.5 %
Commercial mortgage-backed1,148 1.6 %1,482 2.0 %
Asset-backed securities3,587 5.0 %4,653 6.4 %
Total$71,738 100.0 %$72,679 100.0 %
General Account Fixed maturities credit quality (3) (Based on amortized cost)
Aaa, Aa, A (NAIC Designation 1)$44,146 61.5 %$44,588 61.3 %
Baa (NAIC Designation 2)25,285 35.2 %25,532 35.1 %
Investment grade69,431 96.8 %70,120 96.5 %
Below investment grade (NAIC Designation 3,4,5 and 6)2,307 3.2 %2,559 3.5 %
Total$71,738 100.0 %$72,679 100.0 %
Notes:
(1) Investment data has been classified based on standard industry categorizations for domestic public holdings and similar classifications by industry for all other holdings.
(2) Includes publicly traded agency pass-through securities and collateralized obligations.
(3) Credit quality based on NAIC rating.
(4) Effective January 1, 2021, certain preferred stock have been reclassified to other equity investments (see 10-Q Note 2 Significant Accounting Policies – Investments).
1Q 2021 Financial Supplement22


Consolidated Results of General Account Investment Portfolio
For the Three Months Ended or As ofYears Ended or As of
(in millions USD, unless otherwise indicated)March 31, 2020March 31, 2021December 31, 2020
YieldAmount (1)YieldAmount (1)YieldAmount (1)
Fixed Maturities:
Income (loss)3.59 %$573 3.19 %$577 3.46 %$2,318 
Ending assets64,815 72,679 71,738 
Mortgages:
Income (loss)4.22 %128 4.01 %132 4.13 %517 
Ending assets12,123 13,280 13,159 
Other Equity Investments (2):
Income (loss)7.42 %28 19.76 %107 6.14 %95 
Ending assets1,556 2,679 1,621 
Policy Loans:
Income5.57 %52 5.54 %57 5.28 %204 
Ending assets3,720 4,091 4,118 
Cash and Short-term Investments:
Income(1.35)%(16)(0.04)%— 0.03 %
Ending assets7,552 2,919 2,095 
Funding Agreements:
Interest expense and other(29)(14)(75)
Ending (liabilities)(6,759)(10,223)(6,897)
Total invested Assets:
Income3.73 %736 4.01 %859 3.72 %3,060 
Ending assets83,007 85,425 85,834 
Short Duration Fixed Maturities:
Income (loss)3.60 %52 3.13 %35 3.39 %184 
Ending assets5,729 4,154 4,704 
Total Net Investment Income:
Investment income3.72 %788 3.97 %894 3.70 %3,244 
Less: investment fees(0.12)%(25)(0.13)%(28)(0.12)%(107)
Investment income, net3.60 %$763 3.84 %$866 3.57 %$3,137 
General Account Ending Net Assets$88,736 $89,579 $90,538 
Operating Earnings adjustments:
Funding Agreements interest expense29 14 75 
AB and other non-General Account investment income10 30 151 
Operating Net investment income (loss)$802 $910 $3,363 
Notes:
(1) Amount for fixed maturities and mortgages represents original cost, reduced by repayments, writedowns, adjusted amortization of premiums, accretion of discount, and for valuation allowances. Cost for equity securities represents original cost reduced by writedowns; cost for other limited partnership interests represents original cost adjusted for equity in earnings and reduced by distributions.
(2) Effective January 1, 2021, certain preferred stock have been reclassified to other equity investments (see 10-Q Note 2 Significant Accounting Policies – Investments).
1Q 2021 Financial Supplement23









Additional Information
1Q 2021 Financial Supplement24



Deferred Policy Acquisition Costs Rollforward
For the Three Months Ended or As ofFor the Three Months Ended or As of
(in millions USD, unless otherwise indicated)3/31/20206/30/20209/30/202012/31/20203/31/20213/31/20203/31/2021
TOTAL
Beginning balance (1)$5,840 $4,697 $4,090 $4,171 $4,243 $5,840 $4,243 
Capitalization of commissions, sales and issue expenses185 155 148 181 186 185 186 
Amortization(1,302)(162)(90)(59)(87)(1,302)(87)
Change in unrealized investment gains and losses(27)(600)23 (50)601 (27)601 
Reclassified to Assets held-for-sale— — — — — 
Ending balance$4,697 $4,090 $4,171 $4,243 $4,943 $4,697 $4,943 
Individual Retirement
Beginning balance$3,285 $3,401 $3,134 $3,128 $3,178 $3,285 $3,178 
Capitalization of commissions, sales and issue expenses112 93 90 110 123 112 123 
Amortization(99)(90)(91)(41)(61)(99)(61)
Change in unrealized investment gains and losses103 (270)(5)(19)150 103 150 
Reclassified to Assets held-for-sale— — — — — — — 
Ending balance$3,401 $3,134 $3,128 $3,178 $3,390 $3,401 $3,390 
Group Retirement
Beginning balance$659 $626 $596 $601 $632 $659 $632 
Capitalization of commissions, sales and issue expenses26 19 21 27 21 26 21 
Amortization(60)(5)(15)(6)(60)(6)
Change in unrealized investment gains and losses(44)(1)(3)58 58 
Reclassified to Assets held-for-sale— — — — — — — 
Ending balance$626 $596 $601 $632 $705 $626 $705 
Protection Solutions
Beginning balance$1,880 $610 $344 $426 $418 $1,880 $418 
Capitalization of commissions, sales and issue expenses47 43 37 44 42 47 42 
Amortization(1,141)(71)15 (24)(27)(1,141)(27)
Change in unrealized investment gains and losses(177)(238)30 (28)403 (177)403 
Reclassified to Assets held-for-sale— — — — — 
Ending balance$610 $344 $426 $418 $836 $610 $836 
Corporate and Other
Beginning balance (1)$16 $60 $16 $16 $15 $16 $15 
Capitalization of commissions, sales and issue expenses— — — — — — — 
Amortization(2)(1)(2)
Change in unrealized investment gains and losses46 (48)(1)— (10)46 (10)
Reclassified to Assets held-for-sale— — — — — — — 
Ending balance$60 $16 $16 $15 $12 $60 $12 
Some financial metrics have been revised for prior periods; for additional information, please refer to the 10-Q.
(1) March 31, 2020 DAC beginning balance is $3 million more than December 31, 2019 ending balance due to impact of CECL.
1Q 2021 Financial Supplement25


Use of Non-GAAP Financial Measures
In addition to our results presented in accordance with U.S. GAAP, we report Non-GAAP operating earnings, Non-GAAP Operating ROE, Non-GAAP Operating ROC by segment for our Individual Retirement, Group Retirement and Protection Solutions segments, and Non-GAAP operating common EPS, each of which is a measure that is not determined in accordance with U.S. GAAP. Management principally uses these non-GAAP financial measures in evaluating performance because they present a clearer picture of our operating performance and they allow management to allocate resources. Similarly, management believes that the use of these Non-GAAP financial measures, together with relevant U.S. GAAP measures, provide investors with a better understanding of our results of operations and the underlying profitability drivers and trends of our business. These non-GAAP financial measures are intended to remove from our results of operations the impact of market changes (where there is mismatch in the valuation of assets and liabilities) as well as certain other expenses which are not part of our underlying profitability drivers or likely to re-occur in the foreseeable future, as such items fluctuate from period-to-period in a manner inconsistent with these drivers. These measures should be considered supplementary to our results that are presented in accordance with U.S. GAAP and should not be viewed as a substitute for the U.S. GAAP measures. Other companies may use similarly titled non-GAAP financial measures that are calculated differently from the way we calculate such measures. Consequently, our non-GAAP financial measures may not be comparable to similar measures used by other companies.
We also discuss certain operating measures, including AUM, AUA, AV, Protection Solutions Reserves and certain other operating measures, which management believes provide useful information about our businesses and the operational factors underlying our financial performance.
Non-GAAP Operating Earnings
Non-GAAP operating earnings is an after-tax non-GAAP financial measure used to evaluate our financial performance on a consolidated basis that is determined by making certain adjustments to our consolidated after-tax net income attributable to Holdings. The most significant of such adjustments relates to our derivative positions, which protect economic value and statutory capital, and are more sensitive to changes in market conditions than the variable annuity product liabilities as valued under U.S. GAAP. This is a large source of volatility in net income.
Non-GAAP operating earnings equals our consolidated after-tax net income attributable to Holdings adjusted to eliminate the impact of the following items:
Items related to variable annuity product features, which include: (i) certain changes in the fair value of the derivatives and other securities we use to hedge these features; (ii) the effect of benefit ratio unlock adjustments related to extraordinary economic conditions or events such as COVID-19; and (iii) changes in the fair value of the embedded derivatives reflected within variable annuity products’ net derivative results and the impact of these items on DAC amortization on our SCS product;
Investment (gains) losses, which includes credit loss impairments of securities/investments, sales or disposals of securities/investments, realized capital gains/losses and valuation allowances;
Net actuarial (gains) losses, which includes actuarial gains and losses as a result of differences between actual and expected experience on pension plan assets or projected benefit obligation during a given period related to pension, other postretirement benefit obligations, and the one-time impact of the settlement of the defined benefit obligation;
Other adjustments, which primarily include restructuring costs related to severance and separation, COVID-19 related impacts, net derivative gains (losses) on certain Non-GMxB derivatives, net investment income from certain items including consolidated VIE investments, seed capital mark-to-market adjustments, unrealized gain/losses associated with equity securities and certain legal accruals; and
Income tax expense (benefit) related to the above items and non-recurring tax items, which includes the effect of uncertain tax positions for a given audit period.
Because Non-GAAP operating earnings excludes the foregoing items that can be distortive or unpredictable, management believes that this measure enhances the understanding of the Company’s underlying drivers of profitability and trends in our business, thereby allowing management to make decisions that will positively impact our business.
We use the prevailing corporate federal income tax rate of 21% while taking into account any non-recurring differences for events recognized differently in our financial statements and federal income tax returns as well as partnership income taxed at lower rates when reconciling Net income (loss) attributable to Holdings to Non-GAAP operating earnings.
1Q 2021 Financial Supplement26


Use of Non-GAAP Financial Measures
Non-GAAP Operating ROE and Non-GAAP Operating ROC by Segment
We report Non-GAAP Operating ROE and Non-GAAP Operating ROC by segment for our Individual Retirement, Group Retirement and Protection Solutions segments, each of which is a Non-GAAP financial measure used to evaluate our profitability on a consolidated basis and by segment, respectively.
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. We calculate Non-GAAP Operating ROC by segment by dividing Operating earnings (loss) on a segment basis for the previous twelve calendar months by average capital on a segment basis, excluding AOCI, as described below. 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. We do not calculate Non-GAAP Operating ROC by segment for our Investment Management and Research segment because we do not manage that segment from a return of capital perspective. Instead, we use metrics more directly applicable to an asset management business, such as AUM, to evaluate and manage that segment.
For Non-GAAP Operating ROC by segment, capital components pertaining directly to specific segments such as DAC along with targeted capital are directly attributed to these segments. Targeted capital for each segment is established using assumptions supporting statutory capital adequacy levels, reflecting the NAIC RBC framework adopted as of year-end 2019. To enhance the ability to analyze these measures across periods, interim periods are annualized. Non-GAAP Operating ROE and Non-GAAP Operating ROC by segment should not be used as substitutes for ROE.
Book Value per common share, excluding AOCI
We use the term “book value” to refer to “Total equity attributable to Holdings' common shareholders.” Book Value per common share, excluding AOCI, is our stockholder’s equity, excluding AOCI, divided by ending common shares outstanding.
Non-GAAP Operating Earnings per common share
Non-GAAP Operating Earnings per common share is calculated by dividing Non-GAAP Operating Earnings less preferred dividends by diluted common shares outstanding.
1Q 2021 Financial Supplement27


Reconciliation of Non-GAAP Measures (1/3)
For the Three Months Ended or As ofFor the Three Months Ended or As of
(in millions USD, unless otherwise indicated)3/31/20206/30/20209/30/202012/31/20203/31/20213/31/20203/31/2021
Net income (loss) attributable to Holdings
Net income (loss) attributable to Holdings$5,388 $(4,019)$(779)$(1,238)$(1,488)$5,388 $(1,488)
Adjustments related to:
Variable annuity product features (1)(6,869)5,722 1,620 3,439 2,267 (6,869)2,267 
Investment gains (losses), net(4)(169)(17)(554)(183)(4)(183)
Net actuarial gains (losses) related to pension and other postretirement benefit obligations27 28 31 23 34 27 34 
Other adjustments (2) (3) (4)695 75 66 116 524 695 524 
Income tax (expense) benefit related to above adjustments (5)1,292 (1,188)(357)(635)(555)1,292 (555)
Non-recurring tax items(403)
Non-GAAP Operating Earnings$535 $451 $568 $748 $600 $535 $600 
Net income (loss) attributable to Holdings$11.62 $(8.92)$(1.74)$(2.80)$(3.43)$11.62 $(3.43)
Less: Preferred stock dividends0.02 0.02 0.03 0.04 0.03 0.02 0.03 
Net income (loss) available to Holdings' common shareholders11.60 (8.94)(1.77)(2.84)(3.46)11.60 (3.46)
Adjustments related to:
Variable annuity product features (1)(14.82)12.70 3.62 7.77 5.22 (14.82)5.22 
Investment gains (losses), net(0.01)(0.38)(0.04)(1.25)(0.42)(0.01)(0.42)
Net actuarial gains (losses) related to pension and other postretirement benefit obligations0.06 0.06 0.07 0.05 0.08 0.06 0.08 
Other adjustments (2) (3) (4)1.50 0.17 0.15 0.26 1.21 1.50 1.21 
Income tax (expense) benefit related to above adjustments (5)2.79 (2.64)(0.80)(1.43)(1.28)2.79 (1.28)
Non-recurring tax items0.01 — 0.01 (0.91)— 0.01 — 
Non-GAAP Operating Earnings (loss) available to Holdings' common shareholders$1.13 $0.98 $1.24 $1.65 $1.35 $1.13 $1.35 
Book Value per common share
Book Value per common share$42.63 $37.21 $36.05 $32.46 $21.32 $42.63 $21.32 
Less: Per share impact of AOCI5.08 8.74 9.42 8.76 1.73 5.08 1.73 
Book value per common share (ex. AOCI)$37.55 $28.47 $26.63 $23.70 $19.59 $37.55 $19.59 
Notes:
Some financial metrics have been revised for prior periods; for additional information, please refer to the 10-Q.
(1) Includes COVID-19 impact on Variable annuity product features due to an assumption update of $1.5 billion and other COVID-19 related impacts of $35 million for the three months ended March 31, 2020. The impact per common share is $3.17 and other COVID-19 related impacts of $0.08 for the three months ended March 31, 2020.
(2) Includes separation costs of $21 million and $32 million for the three months ended March 31, 2021 and 2020, respectively. The impact per common share is $0.05 and $0.07 for the three months ended March 31, 2021 and 2020.
(3) Includes certain legal accruals related to the cost of insurance litigation of $180 million for the three months ended March 31, 2021. The impact per common share is $0.41 for the three months ended March 31, 2021. No adjustment was made to prior period operating earnings as the impact was immaterial.
(4) Includes assumption update due to COVID-19 of $1.0 billion and other COVID-19 related impacts of $51 million for the three months ended March 31, 2020. The impact per common share is $2.26 and $0.11 for the three months ended March 31, 2020.
(5) Includes income taxes of ($547) million for the above related COVID-19 items for the three months ended March 31, 2020. The impact per common share is $(1.18) for the three months ended March 31, 2020.

1Q 2021 Financial Supplement28


Reconciliation of Non-GAAP Measures (2/3)
As of and for the Twelve Months Ended
(in millions USD, unless otherwise indicated)3/31/20206/30/20209/30/202012/31/20203/31/2021
Net Income to Non-GAAP Operating Earnings
Net income (loss) attributable to Holdings$4,429 $49 $(356)$(648)$(7,524)
Adjustments related to:
Variable annuity product features(3,545)1,980 2,169 3,912 13,048 
Investment (gains) losses(88)(269)(87)(744)(923)
Net actuarial (gains) losses related to pension and other postretirement benefit obligations102 106 113 109 116 
Other adjustments1,051 1,038 1,031 952 781 
Income tax (expense) benefits related to above adjustments531 (586)(665)(888)(2,735)
Non-recurring tax items(66)(6)(391)(396)
Non-GAAP Operating Earnings$2,414 $2,312 $2,207 $2,302 $2,367 
Return on Equity and Non-GAAP Operating Return on Equity - Trailing twelve months
Net income (loss) attributable to Holdings4,429 49 (356)(648)(7,524)
Less: Preferred stock(13)(23)(34)(53)(53)
Net income (loss) available to Holdings' common shareholders$4,416 $26 $(390)$(701)$(7,577)
Average equity attributable to Holdings' common shareholders (ex. AOCI)$14,008 $13,736 $13,348 $13,000 $10,868 
Return on Equity (ex. AOCI)31.5 %0.2 %(2.9)%(5.4)%(69.7)%
Non-GAAP Operating Earnings$2,414 $2,312 $2,207 $2,302 $2,367 
Less: Preferred stock(13)(23)(34)(53)(53)
Non-GAAP Operating Earnings available to Holdings' common shareholders$2,401 $2,289 $2,173 $2,249 $2,314 
Average equity attributable to Holdings' common shareholders (ex. AOCI)$14,008 $13,736 $13,348 $13,000 $10,868 
Non-GAAP Operating Return on Equity (ex. AOCI)17.1 %16.7 %16.3 %17.3 %21.3 %
Some financial metrics have been revised for prior periods; for additional information, please refer to the 10-Q.
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Reconciliation of Non-GAAP Measures (3/3)
Balances as of
(in millions USD, unless otherwise indicated)6/30/20199/30/201912/31/20193/31/20206/30/20209/30/202012/31/20203/31/2021
Equity Reconciliation - Quarter-end Balances
Total equity attributable to Holdings' shareholders$14,672 $14,940 $13,456 $19,981 $17,498 $17,300 $15,576 $10,693 
Less: Preferred Stock— — 775 775 775 1,269 1,269 1,562 
Total equity attributable to Holdings' common shareholders14,672 14,940 12,681 19,206 16,723 16,031 14,307 9,131 
Less: Accumulated other comprehensive income (loss)789 1,546 844 2,289 3,928 4,188 3,863 740 
Total equity attributable to Holdings' common shareholders (ex. AOCI)$13,883 $13,394 $11,837 $16,917 $12,795 $11,843 $10,444 $8,391 
Balances as of
(in millions USD, unless otherwise indicated)6/30/20199/30/201912/31/20193/31/20206/30/20209/30/202012/31/20203/31/2021
Equity Reconciliation - Twelve Month Rolling Average (2)
Total equity attributable to Holdings' shareholders13,474 14,117 14,030 15,762 16,469 17,059 17,589 15,267 
Less: Preferred Stock— — 194 388 581 899 1,022 1,219 
Total equity attributable to Holdings' common shareholders13,474 14,117 13,836 15,375 15,888 16,160 16,567 14,048 
Less: Accumulated other comprehensive income (loss)(678)101 664 1,367 2,152 2,812 3,567 3,180 
Total equity attributable to Holdings' common shareholders (ex. AOCI)$14,152 $14,016 $13,172 $14,008 $13,736 $13,348 $13,000 $10,868 
Notes:
Some financial metrics have been revised for prior periods; for additional information, please refer to the 10-Q.
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Glossary of Selected Financial and Product Terms
Account Value (“AV”) - AV generally equals the aggregate policy account value of our retirement and protection products. General Account AV refers to account balances in investment options that are backed by the General Account while Separate Accounts AV refers to Separate Accounts investment assets.
Annualized premiums - 100% of first year recurring premiums (up to target) and 10% of excess first year premiums or first year premiums from single premium products.
Assets Under Administration (“AUA”) - AUA includes non-insurance client assets that are invested in our savings and investment products or serviced by our Equitable Advisors platform. We provide administrative services for these assets and generally record the revenues received as distribution fees.
Assets Under Management (“AUM”) - AUM means investment assets that are managed by one of our subsidiaries and includes: (i) assets managed by AB; (ii) the assets in our General Account investment portfolio; and (iii) the Separate Account assets of our Individual Retirement, Group Retirement and Protection Solutions businesses. Total AUM reflects exclusions between segments to avoid double counting.
Average Account Value (TTM) - Calculated as an average of the previous twelve calendar months total Account Value balance as of end of period
Average Capital - For average capital amounts by segment, capital components pertaining directly to specific segments such as DAC along with targeted capital are directly attributed to these segments. Targeted capital for each segment is established using assumptions supporting statutory capital adequacy levels (including CTE98).
Benefit base - A notional amount (not actual cash value) used to calculate the owner’s guaranteed benefits within an annuity contract. The death benefit and living benefit within the same contract may not have the same benefit base.
Current Product Offering (Individual Retirement) - Products sold 2011 and later.
Deferred policy acquisition costs (“DAC”) - Represents the incremental costs related directly to the successful acquisition of new and certain renewal insurance policies and annuity contracts and which have been deferred on the balance sheet as an asset.
Equitable Advisors - means AXA Advisors, LLC, a Delaware limited liability company, our retail broker/dealer for our retirement and protection businesses and a wholly-owned indirect subsidiary of Holdings.
Equitable America - means Equitable Financial Life Insurance Company of America, an Arizona corporation and a wholly-owned indirect subsidiary of Holdings.
Equitable Life - means AXA Equitable Life Insurance Company, a New York corporation, a life insurance company and a wholly-owned subsidiary of AEFS.
Fixed Rate (Individual Retirement) - Pre-2011 GMxB products.
FYP - First year premium and deposits.
GMxB - A general reference to all forms of variable annuity guaranteed benefits, including guaranteed minimum living benefits, or GMLBs (such as GMIBs, GMWBs and GMABs), and guaranteed minimum death benefits, or GMDBs (inclusive of return of premium death benefit guarantees).
Gross premiums - FYP and Renewal premium and deposits.
Guaranteed minimum death benefits (“GMDB”) - An optional benefit (available for an additional cost) that guarantees an annuitant’s beneficiaries are entitled to a minimum payment based on the benefit base, which could be greater than the underlying AV, upon the death of the annuitant.
Guaranteed minimum income benefits (“GMIB”) - An optional benefit (available for an additional cost) where an annuitant is entitled to annuitize the policy and receive a minimum payment stream based on the benefit base, which could be greater than the underlying AV.
Guaranteed minimum living benefits (“GMLB”) - A reference to all forms of guaranteed minimum living benefits, including GMIBs, GMWBs and GMABs (does not include GMDBs).
Invested assets - Includes fixed maturity securities, equity securities, mortgage loans, policy loans, alternative investments and short-term investments.
Inv Mgmt and Research - Abbreviation for Investment Management and Research.
Net flows - Net change in customer account balances in a period including, but not limited to, gross premiums, surrenders, withdrawals and benefits. It excludes investment performance, interest credited to customer accounts and policy charges.
Net long-term flows - Net change of assets under management in a period which includes new sales net of redemptions of mutual funds and terminations of separately managed accounts and cash flow which includes both cash invested or withdrawn by existing clients. In addition, cash flow includes fees received from certain clients. It excludes the impact of the markets.
Premiums and deposits - Amounts a policyholder agrees to pay for an insurance policy or annuity contract that may be paid in one or a series of payments as defined by the terms of the policy or contract.
Protection Solutions Benefit Ratio - Calculated as sum of policyholders’ benefits and interest credited to policyholders’ account balances dividend by segment revenues.
Protection Solutions Reserves - Equals the aggregate value of Policyholders’ account balances and future policy benefits for policies in our Protection Solutions segment.
Renewal premium and deposits - Premiums and deposits after the first twelve months of the policy or contract.
Return of premium (“ROP”) death benefit - This death benefit pays the greater of the account value at the time of a claim following the owner’s death or the total contributions to the contract (subject to adjustment for withdrawals). The charge for this benefit is usually included in the M&E fee that is deducted daily from the net assets in each variable investment option. We also refer to this death benefit as the Return of Principal death benefit.
Return on Assets - Calculated as trailing twelve months operating earnings, before income taxes, divided by trailing twelve months average account value.
Return on Equity (ex. AOCI) - Calculated as trailing twelve months net income (loss) attributable to Holdings' common shareholders divided by average equity attributable to Holdings' common shareholders, excluding Accumulated Other Comprehensive Income (“AOCI”).
Trailing Twelve Months ("TTM") - The twelve calendar months preceding the balance sheet date of a given reporting period.
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Analyst Coverage, Ratings & Contact Information
Analyst Coverage
FirmAnalystPhone Number
CitiSuneet Kamath1 (212) 816-3457
Credit SuisseAndrew Kligerman1 (212) 325-5069
Evercore ISIThomas Gallagher1 (212) 446-9439
Goldman SachsYaron Kinar1 (212) 902-9592
J.P. MorganJimmy Bhullar1 (212) 622-6397
Keefe, Bruyette, & WoodsRyan Krueger1 (860) 722-5930
Morgan StanleyNigel Dally1 (212) 761-4132
RBC Capital MarketsMark Dwelle1 (804) 782-4008
SunTrust Robinson HumphreyMark Hughes1 (615) 748-4422
UBSBrian Meredith1 (212) 713-2492
Wells Fargo SecuritiesElyse Greenspan1 (212) 214-8031
This list is provided for informational purposes only. Equitable Holdings does not endorse the analyses, conclusions or recommendations contained in any reports issued by these or any other analysts.
Ratings
A.M. BestS&PMoody’s
Last review dateJan '21Oct '20Oct '20
Financial Strength Ratings:
Equitable Financial Life Insurance CompanyAA+A2
Equitable Financial Life Insurance Company of AmericaAA+A2
Credit Ratings:
Equitable Holdings, Inc.BBB+Baa2
AllianceBernstein L.P. (1)AA2
Investor and Media Contacts
Contact Investor RelationsContact Media Relations
Isil MuderrisogluThomas LewisMatt Asensio
(212) 314-2476(212) 314-4638(212) 314-2010
Notes:
(1) Last review dates: S&P as of Sep '20, Moody’s as of Oct '20.

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