Equitable Holdings, Inc. - FORM 8-K - EX-99.2 - February 23, 2021

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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”) Annual Report on Form 10-K for the year ended December 31, 2020.
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.
4Q 2020 Financial Supplement
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Consolidated Financials
and Key Metrics

4Q 2020 Financial Supplement
3

Key Metrics Summary
For the Three Months Ended or As ofYears Ended or As of
(in millions USD, unless otherwise indicated)12/31/20193/31/20206/30/20209/30/202012/31/2020Change12/31/201912/31/2020Change
Net income (loss)$(850)$5,425 $(3,933)$(705)$(1,136)(33.6)%$(1,467)$(349)76.2 %
Net income (loss) attributable to the noncontrolling interest(96)(37)(86)(74)(102)(6.3)%(297)(299)(0.7)%
Net income (loss) attributable to Holdings$(946)$5,388 $(4,019)$(779)$(1,238)(30.9)%$(1,764)$(648)63.3 %
Non-GAAP Operating Earnings (1)$653 $535 $451 $568 $748 14.5 %$2,357 $2,302 (2.3)%
Total equity attributable to Holdings' shareholders$13,456 $19,981 $17,498 $17,300 $15,576 15.8 %$13,456 $15,576 15.8 %
Less: Preferred Stock775 775 775 1,269 1,269 63.7 %775 1,269 63.7 %
Total equity attributable to Holdings' common shareholders12,681 19,206 16,723 16,031 14,307 12.8 %12,681 14,307 12.8 %
Less: Accumulated other comprehensive income (loss)844 2,289 3,928 4,188 3,863 357.7 %844 3,863 357.7 %
Total equity attributable to Holdings' common shareholders (ex. AOCI)$11,837 $16,917 $12,795 $11,843 $10,444 (11.8)%$11,837 $10,444 (11.8)%
Return on Equity (ex. AOCI) - TTM(13.4)%31.5 %0.2 %(2.9)%(5.4)%(13.4)%(5.4)%
Non-GAAP Operating ROE (1)17.9 %17.1 %16.7 %16.3 %17.3 %17.9 %17.3 %
Debt to capital:
Debt to Capital23.4 %17.4 %19.0 %19.2 %20.9 %23.4 %20.9 %
Debt to Capital (ex. AOCI)24.6 %19.2 %23.3 %23.9 %26.0 %24.6 %26.0 %
Per common share:
Diluted earnings per common share: (2)
Net income (loss) attributable to Holdings$(1.99)$11.60 $(8.94)$(1.77)$(2.84)(42.5)%$(3.57)$(1.56)56.5 %
Non-GAAP Operating Earnings (1)$1.37 $1.13 $0.98 $1.24 $1.65 19.7 %$4.78 $4.99 4.6 %
Book value per common share$27.35 $42.63 $37.21 $36.05 $32.46 18.7 %$27.35 $32.46 18.7 %
Book value per common share (ex. AOCI)$25.53 $37.55 $28.47 $26.63 $23.70 (7.2)%$25.53 $23.70 (7.2)%
Weighted-average common shares outstanding:
Basic474.9 461.0 450.4 447.5 442.8 (6.8)%493.6 450.4 (8.7)%
Diluted474.9 463.5 450.4 447.5 442.8 (6.8)%493.6 450.4 (8.7)%
Ending common shares outstanding463.7 450.5 449.4 444.7 440.8 (4.9)%463.7 440.8 (4.9)%
Return to common shareholders:
Common stock dividend$70 $69 $77 $76 $75 $285 $297 
Repurchase of common shares (3)563 205 25 100 100 1,350 430 
Total capital returned to common shareholders$633 $274 $102 $176 $175 $1,635 $727 
Market Values:
S&P 5003,231 2,585 3,100 3,363 3,756 16.3 %3,231 3,756 16.3 %
US 10-Year Treasury1.9 %0.7 %0.7 %0.7 %0.9 %1.9 %0.9 %
Notes:
Some financial metrics have been revised for prior periods; for additional information, please refer to the 10-K.
(1) This measure is a Non-GAAP financial measure. For an explanation of our use of Non-GAAP financial measures, refer to the “Use of Non-GAAP Financial Measures” and "Glossary of Selected Financial and Product Terms" sections of this document. For a reconciliation of this item to the most directly comparable GAAP measure, refer to the “Non-GAAP Reconciliation” section in this document.
(2) For loss periods, dilutive shares were not included in the calculation of net income (loss) available to shareholders per common share or Non-GAAP Operating Earnings per common share as inclusion of such shares would have an anti-dilutive effect.
(3) Fourth quarter 2019 repurchase of common shares includes $400 million accelerated from 2020. Including the accelerated $400m repurchases of common shares in 2020 results in $830 million of repurchases of common shares, or $1,127 million of total capital returned to common shareholders for 2020.
4Q 2020 Financial Supplement
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Consolidated Statements of Income (Loss)
For the Three Months EndedYears Ended
(in millions USD, unless otherwise indicated)12/31/20193/31/20206/30/20209/30/202012/31/2020Change12/31/201912/31/2020Change
Revenues
Policy charges and fee income$931 $996 $877 $914 $948 1.8 %$3,778 $3,735 (1.1)%
Premiums300 289 244 221 243 (19.0)%1,147 997 (13.1)%
Net derivative gains (losses)(1,689)9,400 (6,038)(1,472)(3,612)(113.9)%(4,012)(1,722)57.1 %
Net investment income (loss)884 629 1,022 879 947 7.1 %3,699 3,477 (6.0)%
Investment gains (losses), net (103)4 169 17 554 637.9 %73 744 919.2 %
Investment management and service fees1,208 1,136 1,052 1,126 1,294 7.1 %4,380 4,608 5.2 %
Other income145 155 124 155 142 (2.1)%554 576 4.0 %
Total revenues1,676 12,609 (2,550)1,840 516 (69.2)%9,619 12,415 29.1 %
Benefits and other deductions
Policyholders’ benefits834 2,776 736 1,034 780 (6.5)%4,385 5,326 21.5 %
Interest credited to policyholders’ account balances319 317 307 306 292 (8.5)%1,263 1,222 (3.2)%
Compensation and benefits558 526 469 503 598 7.2 %2,081 2,096 0.7 %
Commissions and distribution related payments337 338 302 342 369 9.5 %1,242 1,351 8.8 %
Interest expense54 52 48 52 48 (11.1)%221 200 (9.5)%
Amortization of deferred policy acquisition costs 108 1,303 162 90 58 (46.3)%597 1,613 170.2 %
Other operating costs and expenses575 438 434 436 392 (31.8)%1,890 1,700 (10.1)%
Total benefits and other deductions2,785 5,750 2,458 2,763 2,537 (8.9)%11,679 13,508 15.7 %
Income (loss) from operations, before income taxes(1,109)6,859 (5,008)(923)(2,021)(82.2)%(2,060)(1,093)46.9 %
Income tax (expense) benefit259 (1,434)1,075 218 885 241.7 %593 744 25.5 %
Net income (loss)(850)5,425 (3,933)(705)(1,136)(33.6)%(1,467)(349)76.2 %
Less: net (income) loss attributable to the noncontrolling interest(96)(37)(86)(74)(102)(6.3)%(297)(299)(0.7)%
Net income (loss) attributable to Holdings$(946)$5,388 $(4,019)$(779)$(1,238)(30.9)%$(1,764)$(648)63.3 %
Less: Preferred stock dividends— (13)(10)(11)(19)(100.0)%— (53)(100.0)%
Net income (loss) available to Holdings' common shareholders$(946)$5,375 $(4,029)$(790)$(1,257)(32.9)%$(1,764)$(701)60.3 %
Adjustments related to:
Variable annuity product features (1)$1,696 $(6,869)$5,722 $1,620 $3,439 $4,863 $3,912 
Investment gains (losses), net103 (4)(169)(17)(554)(73)(744)
Net actuarial gains (losses) related to pension and other postretirement benefit obligations27 27 28 31 23 99 109 
Other adjustments (2) (3)195 695 75 66 116 395 952 
Income tax (expense) benefit related to above adjustments (4)(412)1,292 (1,188)(357)(635)(1,097)(888)
Non-recurring tax items(10)6 2 4 (403)(66)(391)
Non-GAAP Operating earnings (5)$653 $535 $451 $568 $748 $2,357 $2,302 
Notes:
Some financial metrics have been revised for prior periods; for additional information, please refer to the 10-K.
(1) Includes COVID-19 impact on Variable annuity product features due to a first quarter 2020 assumption update of $1.5 billion and other COVID-19 related impacts of $35 million for the year ended December 31, 2020.
(2) Includes separation costs of $108 million and $222 million for the year ended December 31, 2020 and 2019, respectively.
(3) Includes COVID-19 impact on Other adjustments due to a first quarter 2020 assumption update of $1.0 billion and other COVID-19 related impacts of $86 million for the year ended December 31, 2020.
(4) Includes income taxes of $(554) million for the above related COVID-19 items for the year ended December 31, 2020.
(5) 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.
4Q 2020 Financial Supplement
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Consolidated Balance Sheets
Balances as of
(in millions USD, unless otherwise indicated)12/31/20193/31/20206/30/20209/30/202012/31/2020
Assets
Total investments$93,340 $96,228 $102,693 $105,778 $109,087 
Cash and cash equivalents4,405 10,315 8,364 8,684 6,179 
Cash and securities segregated, at fair value1,095 2,013 1,882 1,869 1,753 
Broker-dealer related receivables1,987 2,436 1,998 1,929 2,223 
Deferred policy acquisition costs5,837 4,697 4,090 4,171 4,243 
Goodwill and other intangible assets, net4,751 4,760 4,756 4,745 4,737 
Amounts due from reinsurers4,592 4,614 4,665 4,580 4,566 
GMIB reinsurance contract asset, at fair value2,139 2,823 2,931 2,818 2,488 
Other assets3,800 5,824 3,724 4,476 3,701 
Assets held-for-sale962 843 — — 470 
Separate Accounts assets126,910 106,128 118,915 123,446 135,950 
Total assets$249,818 $240,681 $254,018 $262,496 $275,397 
Liabilities
Policyholders’ account balances$58,879 $55,810 $59,272 $62,726 $66,820 
Future policy benefits and other policyholders’ liabilities34,635 38,001 41,506 41,139 39,881 
Broker-dealer related payables722 1,001 1,001 760 1,443 
Customers related payables2,523 3,630 3,199 3,461 3,417 
Amounts due to reinsurers1,404 1,380 1,399 1,391 1,381 
Short-term and long-term debt4,111 4,217 4,113 4,114 4,115 
Income taxes payable528 2,327 1,822 1,648 749 
Notes issued by consolidated variable interest entities, at fair value using the fair value option— — — — 313 
Other liabilities3,970 5,716 3,666 4,864 3,686 
Liabilities held-for-sale724 679 — — 322 
Separate Accounts liabilities126,910 106,128 118,915 123,446 135,950 
Total liabilities234,406 218,889 234,893 243,549 258,077 
Redeemable noncontrolling interest365 257 87 95 143 
Equity
Preferred stock775 775 775 1,269 1,269 
Common stock5 5 5 5 5 
Additional paid-in capital1,920 1,930 1,938 1,953 1,985 
Treasury shares(1,832)(2,025)(2,047)(2,147)(2,245)
Retained earnings11,744 17,007 12,899 12,032 10,699 
Accumulated other comprehensive income (loss)844 2,289 3,928 4,188 3,863 
Total equity attributable to Holdings13,456 19,981 17,498 17,300 15,576 
Noncontrolling interest1,591 1,554 1,540 1,552 1,601 
Total equity15,047 21,535 19,038 18,852 17,177 
Total liabilities, redeemable noncontrolling interest and equity$249,818 $240,681 $254,018 $262,496 $275,397 
Some financial metrics have been revised for prior periods; for additional information, please refer to the 10-K.
4Q 2020 Financial Supplement
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Consolidated Capital Structure
Balances as of
(in millions USD, unless otherwise indicated)12/31/20193/31/20206/30/20209/30/202012/31/2020
Short-term and long-term debt:
Short-term debt
AB commercial paper$— $105 $— $— $— 
AB revolving credit facility— — — — — 
Total short-term debt— 105 — — — 
Total long-term debt4,111 4,112 4,113 4,114 4,115 
Total short-term and long-term debt: [A]
$4,111 $4,217 $4,113 $4,114 $4,115 
Equity:
Preferred stock$775 $775 $775 $1,269 $1,269 
Common stock$5 $5 $5 $5 $5 
Additional paid-in capital1,920 1,930 1,938 1,953 1,985 
Treasury stock, at cost(1,832)(2,025)(2,047)(2,147)(2,245)
Retained earnings11,744 17,007 12,899 12,032 10,699 
Accumulated other comprehensive income (loss)844 2,289 3,928 4,188 3,863 
Total equity attributable to Holdings13,456 19,981 17,498 17,300 15,576 
Noncontrolling interest1,591 1,554 1,540 1,552 1,601 
Total equity$15,047 $21,535 $19,038 $18,852 $17,177 
Total equity attributable to Holdings, (ex. AOCI): [B]
$12,612 $17,692 $13,570 $13,112 $11,713 
Capital:
Total capitalization$17,567 $24,198 $21,611 $21,414 $19,691 
Total capitalization (ex. AOCI): [A+B]
$16,723 $21,909 $17,683 $17,226 $15,828 
Debt to capital:
Debt to capital23.4 %17.4 %19.0 %19.2 %20.9 %
Debt to capital (ex. AOCI)24.6 %19.2 %23.3 %23.9 %26.0 %
For the Three Months Ended
Roll-forward of common shares outstanding (millions of shares):
Beginning balance489.3 463.7 450.5 449.4 444.7 
Repurchases(25.6)(13.7)(1.2)(4.7)(4.0)
Retirements— — — — — 
Issuances— 0.5 0.1 — 0.1 
Ending basic common shares outstanding463.7 450.5 449.4 444.7 440.8 
Total potentially dilutive shares— 2.5 1.4 1.1 — 
Ending common shares outstanding - maximum potential dilution463.7 453.0 450.8 445.8 440.8 
Some financial metrics have been revised for prior periods; for additional information, please refer to the 10-K.
4Q 2020 Financial Supplement
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Operating Earnings (Loss) by Segment and Corporate and Other (1/2)
Three Months Ended December 31, 2020
(in millions USD, unless otherwise indicated)Individual RetirementGroup RetirementInv Mgmt and ResearchProtection SolutionsCorporate and OtherConsolidated
Revenues
Policy charges, fee income and premiums$521 $81 $— $490 $99 $1,191 
Net investment income (loss)340 181 19 256 163 959 
Net derivative gains (losses)(83)— (21)(5)(21)(130)
Investment management, service fees and other income181 57 1,055 59 85 1,437 
Segment revenues959 319 1,053 800 326 3,457 
Benefits and other deductions
Policyholders’ benefits161 — — 460 148 769 
Interest credited to policyholders’ account balances71 77 — 120 24 292 
Commissions and distribution related payments78 12 155 45 79 369 
Amortization of deferred policy acquisition costs 46 (7)— 21 — 60 
Compensation, benefits and other operating costs and expenses96 45 599 86 83 909 
Interest expense and financing fees— — 1 — 54 55 
Segment benefits and other deductions452 127 755 732 388 2,454 
Operating earnings (loss), before income taxes507 192 298 68 (62)1,003 
Income Taxes(65)(26)(52)(10)5 (148)
Operating earnings (loss), before noncontrolling interest442 166 246 58 (57)855 
Less: Operating (earnings) loss attributable to the noncontrolling interest— — (105)— (2)(107)
Operating earnings (loss)$442 $166 $141 $58 $(59)$748 
Three Months Ended December 31, 2019
Individual RetirementGroup RetirementInv Mgmt and ResearchProtection SolutionsCorporate and OtherConsolidated
Revenues
Policy charges, fee income and premiums$525 $73 $— $526 $107 $1,231 
Net investment income (loss)313 158 13 253 152 889 
Net derivative gains (losses)50 1 (9)— (21)21 
Investment Management, service fees and other income184 54 975 63 76 1,352 
Segment revenues1,072 286 979 842 314 3,493 
Benefits and other deductions
Policyholders’ benefits280 1 — 378 163 822 
Interest credited to policyholders’ account balances81 76 — 124 38 319 
Commissions and distribution related payments72 12 138 44 71 337 
Amortization of deferred policy acquisition costs 52 8 — 46 11 117 
Compensation, benefits and other operating costs and expenses110 56 576 93 102 937 
Interest Expense and Financing Fees— — 1 — 58 59 
Segment benefits and other deductions595 153 715 685 443 2,591 
Operating earnings (loss), before income taxes477 133 264 157 (129)902 
Income Taxes(85)(24)(44)(28)21 (160)
Operating earnings (loss), before noncontrolling interest392 109 220 129 (108)742 
Less: Operating (earnings) loss attributable to the noncontrolling interest— — (89)— — (89)
Operating earnings (loss)$392 $109 $131 $129 $(108)$653 
Some financial metrics have been revised for prior periods; for additional information, please refer to the 10-K.
4Q 2020 Financial Supplement
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Operating Earnings (Loss) by Segment and Corporate and Other (2/2)
Year Ended December 31, 2020
(in millions USD, unless otherwise indicated)Individual RetirementGroup RetirementInv Mgmt and ResearchProtection SolutionsCorporate and OtherConsolidated
Revenues
Policy charges, fee income and premiums$2,034 $295 $— $1,970 $390 $4,689 
Net investment income (loss)1,246 641 31 944 501 3,363 
Net derivative gains (losses)331 1 (36)5 (24)277 
Investment Management, service fees and other income700 211 3,708 225 340 5,184 
Segment revenues4,311 1,148 3,703 3,144 1,207 13,513 
Benefits and other deductions
Policyholders’ benefits1,207 2 — 1,875 652 3,736 
Interest credited to policyholders’ account balances312 303 — 514 99 1,228 
Commissions and distribution related payments281 45 569 160 296 1,351 
Amortization of deferred policy acquisition costs299 21 — 84 (1)403 
Compensation, benefits and other operating costs and expenses382 192 2,211 337 304 3,426 
Interest expense and financing fees— — 6 — 218 224 
Segment benefits and other deductions2,481 563 2,786 2,970 1,568 10,368 
Operating earnings (loss), before income taxes1,830 585 917 174 (361)3,145 
Income Taxes(294)(94)(161)(28)58 (519)
Operating earnings (loss), before noncontrolling interest1,536 491 756 146 (303)2,626 
Less: Operating (earnings) loss attributable to the noncontrolling interest— — (324)— — (324)
Operating earnings (loss)$1,536 $491 $432 $146 $(303)$2,302 
Year Ended December 31, 2019
Individual RetirementGroup RetirementInv Mgmt and ResearchProtection SolutionsCorporate and OtherConsolidated
Revenues
Policy charges, fee income and premiums$2,085 $279 $— $2,148 $413 $4,925 
Net investment income (loss)1,148 590 57 967 540 3,302 
Net derivative gains (losses)362 4 (38)10 (24)314 
Investment Management, service fees and other income730 204 3,460 241 299 4,934 
Segment revenues4,325 1,077 3,479 3,366 1,228 13,475 
Benefits and other deductions
Policyholders’ benefits1,184 2 — 1,655 719 3,560 
Interest credited to policyholders’ account balances310 302 — 520 131 1,263 
Commissions and distribution related payments281 42 488 166 265 1,242 
Amortization of deferred policy acquisition costs181 35 — 275 5 496 
Compensation, benefits and other operating costs and expenses435 224 2,174 347 296 3,476 
Interest Expense and Financing Fees— — 10 — 228 238 
Segment benefits and other deductions2,391 605 2,672 2,963 1,644 10,275 
Operating earnings (loss), before income taxes1,934 472 807 403 (416)3,200 
Income Taxes(336)(82)(144)(67)72 (557)
Operating earnings (loss), before noncontrolling interest1,598 390 663 336 (344)2,643 
Less: Operating (earnings) loss attributable to the noncontrolling interest— — (282)— (4)(286)
Operating earnings (loss)$1,598 $390 $381 $336 $(348)$2,357 
Some Financial metrics have been revised for prior periods; for additional information, please refer to the 10-K.

4Q 2020 Financial Supplement
9

Assets Under Management and Administration
Balances as of
(in billions USD, except for Equitable Headcount)12/31/20193/31/20206/30/20209/30/202012/31/2020
Assets Under Management
AB AUM
Total AB$622.9 $541.8 $600.0 $630.8 $685.9 
Exclusion for General Account and other Affiliated Accounts(74.4)(77.4)(82.9)(85.9)(87.6)
Exclusion for Separate Accounts(38.5)(30.9)(35.6)(36.6)(40.5)
AB third party$509.9 $433.5 $481.5 $508.3 $557.8 
Total company AUM
AB third party$509.9 $433.5 $481.5 $508.3 $557.8 
General Account and other Affiliated Accounts97.7 106.5 111.1 114.5 115.3 
Separate Accounts126.9 106.1 118.9 123.4 136.0 
Total AUM$734.6 $646.2 $711.5 $746.3 $809.0 
Total Assets Under Administration (AUA) (1)$54.1 $47.9 $53.5 $56.3 $62.3 
Equitable Advisor Headcount
Total Number of Equitable Advisors4,487 4,357 4,333 4,273 4,530 
Notes:
(1) AUA includes Equitable Advisors Advisory and Brokerage AUA; Equitable Advisors broker-dealer business is included in Corporate and Other.

4Q 2020 Financial Supplement
10

Sales Metrics by Segment
For the Three Months EndedYears Ended
(in millions USD, unless otherwise indicated)12/31/20193/31/20206/30/20209/30/202012/31/2020Change12/31/201912/31/2020Change
Insurance Operations
Individual Retirement
First year premiums and deposits$2,157 $1,918 $1,631 $1,656 $1,968 (8.8)%$8,191 $7,173 (12.4)%
Renewal premium and deposits82 76 91 91 81 (1.1)%349 339 (3.0)%
Total Gross Premiums$2,239 $1,994 $1,722 $1,747 $2,049 (8.5)%$8,540 $7,512 (12.0)%
Group Retirement
First year premiums and deposits$469 $364 $226 $254 $332 (29.3)%$1,488 $1,176 (21.0)%
Renewal premium and deposits544 561 570 452 584 7.4 %2,045 2,167 5.9 %
Total Gross Premiums$1,013 $925 $796 $706 $916 (9.6)%$3,533 $3,343 (5.4)%
Protection Solutions
First year premiums and deposits$122 $99 $89 $76 $95 (21.9)%$459 $359 (21.7)%
Renewal premium and deposits668 679 604 624 653 (2.3)%2,640 2,560 (3.1)%
Total Gross Premiums$790 $778 $693 $700 $748 (5.3)%$3,099 $2,919 (5.8)%
Investment Management and Research (in billions USD)
Gross Sales by distribution channel
Institutional $5.4 $3.9 $8.8 $8.3 $9.9 83.3 %$17.1 $30.9 80.7 %
Retail (3)18.9 24.2 19.6 17.5 17.7 (6.3)%75.3 78.9 4.8 %
Private Wealth Management (3)2.7 3.5 3.4 3.5 3.7 37.0 %11.3 14.3 26.5 %
Firmwide Gross Sales (3)$27.0 $31.6 $31.8 $29.3 $31.3 15.9 %$103.7 $124.1 19.7 %
Gross sales by investment service
Equity Active $10.9 $12.1 $13.8 $12.0 $13.5 23.9 %$34.7 51.4 48.1 %
Equity Passive (1) 0.3 0.4 — 1.2 0.1 (66.7)%0.5 1.7 240.0 %
Fixed Income - Taxable 12.2 14.7 15.0 11.0 13.6 11.5 %53.0 54.3 2.5 %
Fixed Income - Tax-Exempt (3)2.4 2.9 2.3 2.2 2.8 16.7 %10.0 10.3 3.0 %
Fixed Income Passive (1)— — — — — — %0.1 — (100.0)%
Alternatives/Multi-Asset Solutions (2)1.2 1.5 0.7 2.9 1.3 8.3 %5.4 6.4 18.5 %
Firmwide Gross Sales (3)$27.0 $31.6 $31.8 $29.3 $31.3 15.9 %$103.7 $124.1 19.7 %
Notes:
(1) Includes index and enhanced index services.
(2) Includes certain multi-asset solutions and services not included in equity or fixed income services.
(3) Line item does not cross foot due to rounding.


4Q 2020 Financial Supplement
11





Business Segments:
Operating Earnings Results and Metrics

4Q 2020 Financial Supplement
12

Individual Retirement - Operating Earnings (Loss) and Summary Metrics
For the Three Months Ended or As ofYears Ended or As of
(in millions USD, unless otherwise indicated)12/31/20193/31/20206/30/20209/30/202012/31/2020Change12/31/201912/31/2020Change
Revenues
Policy charges, fee income and premiums$525 $501 $493 $519 $521 (0.8)%$2,085 $2,034 (2.4)%
Net investment income (loss)313 316 266 324 340 8.6 %1,148 1,246 8.5 %
Net derivative gains (losses)50 479 (123)58 (83)(266.0)%362 331 (8.6)%
Investment management, service fees and other income184 177 164 178 181 (1.6)%730 700 (4.1)%
Segment revenues1,072 1,473 800 1,079 959 (10.5)%4,325 4,311 (0.3)%
Benefits and other deductions
Policyholders’ benefits280 672 76 298 161 (42.5)%1,184 1,207 1.9 %
Interest credited to policyholders’ account balances81 82 81 78 71 (12.3)%310 312 0.6 %
Commissions and distribution-related payments72 72 60 71 78 8.3 %281 281 — %
Amortization of deferred policy acquisition costs52 87 72 94 46 (11.5)%181 299 65.2 %
Compensation and benefits, interest expense and financing fees and other operating costs and expense110 106 87 93 96 (12.7)%435 382 (12.2)%
Segment benefits and other deductions595 1,019 376 634 452 (24.0)%2,391 2,481 3.8 %
Operating earnings (loss), before income taxes477 454 424 445 507 6.3 %1,934 1,830 (5.4)%
Income taxes(85)(81)(74)(74)(65)23.5 %(336)(294)12.5 %
Operating earnings (loss), before noncontrolling interest392 373 350 371 442 12.8 %1,598 1,536 (3.9)%
Less: Operating (earnings) loss attributable to the noncontrolling interest— — — — — — %— — — %
Operating earnings (loss)$392 $373 $350 $371 $442 12.8 %$1,598 $1,536 (3.9)%
Summary Metrics
Operating earnings (loss) - TTM: [A]
$1,598 $1,589 $1,580 $1,486 $1,536 (3.9)%$1,598 $1,536 (3.9)%
Average capital - TTM: [B]
$7,357 $7,322 $7,004 $6,682 $6,352 (13.7)%$7,357 $6,352 (13.7)%
Non-GAAP Operating ROC - TTM (1): [A/B]
21.7 %21.7 %22.6 %22.2 %24.2 %21.7 %24.2 %
Average Account Value (TTM)$104,927 $102,699 $102,583 $103,546 $105,663 0.7 %$104,927 $105,663 0.7 %
Return on assets (TTM)1.84 %1.88 %1.87 %1.74 %1.73 %1.84 %1.73 %
Net flows
Current Product Offering$842 $615 $656 $351 $534 (36.6)%$3,330 $2,156 (35.2)%
Fixed Rate(1,038)(935)(709)(778)(863)16.8 %(3,829)(3,285)14.2 %
Net flows$(196)$(320)$(53)$(427)$(329)(67.7)%$(499)$(1,129)(126.0)%
First year premiums and deposits$2,157 $1,918 $1,631 $1,656 $1,968 (8.8)%$8,191 $7,173 (12.4)%
In-force Policy Count by Product (in thousands):
Fixed rate357351347342338357338
Current product offering549553556557560549560
Total906904903899898906898
Notes:
Some financial metrics have been revised for prior periods; for additional information, please refer to the 10-K.
(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.


4Q 2020 Financial Supplement
13

Individual Retirement - Select Operating Metrics
For the Three Months Ended or As ofYears Ended or As of
(in millions USD, unless otherwise indicated)12/31/20193/31/20206/30/20209/30/202012/31/202012/31/201912/31/2020
Sales Metrics
First Year Premiums by Product:
SCS$1,425 $1,227 $987 $1,166 $1,511 $5,138 $4,891 
Retirement Cornerstone507 461 465 324 256 2,156 1,506 
Investment Edge141 132 89 97 130 548 448 
Other84 98 90 69 71 349 328 
Total First Year Premiums$2,157 $1,918 $1,631 $1,656 $1,968 $8,191 $7,173 
First Year Premiums by Guarantee:
Non-GMxB$1,573 $1,377 $1,093 $1,255 $1,617 $5,728 $5,342 
ROP death benefit only149 135 119 134 144 551 532 
Total non-GMxB & ROP death benefit only1,722 1,512 1,212 1,389 1,761 6,279 5,874 
Floating rate GMxB425 398 409 266 205 1,864 1,278 
Fixed rate GMxB10 8 10 1 2 48 21 
Total First Year Premiums$2,157 $1,918 $1,631 $1,656 $1,968 $8,191 $7,173 
Account Values
General Account:
Balance as of beginning of period$24,409 $26,108 $23,862 $27,075 $28,376 $20,631 $26,108 
Gross premiums1,315 1,376 956 915 1,409 5,034 4,656 
Surrenders, withdrawals and benefits(477)(477)(378)(528)(572)(1,926)(1,955)
Net flows838 899 578 387 837 3,108 2,701 
Investment performance, interest credited and policy charges861 (3,136)2,635 914 1,570 2,827 1,983 
Transfer to Corp & Other— — — — — (458)— 
Other (2)— (6)— — — — (6)
Reclassified to Assets held-for-sale— (3)— — — — (3)
Balance as of end of period$26,108 $23,862 $27,075 $28,376 $30,783 $26,108 $30,783 
Separate Accounts:
Balance as of beginning of period$79,570 $82,814 $69,727 $76,765 $79,455 $73,958 $82,814 
Gross premiums911 614 763 820 640 3,538 2,837 
Surrenders, withdrawals and benefits(1,945)(1,833)(1,394)(1,634)(1,806)(7,145)(6,667)
Net flows(1,034)(1,219)(631)(814)(1,166)(3,607)(3,830)
Investment performance, interest credited and policy charges4,278 (11,868)7,669 3,504 8,318 12,463 7,623 
Transfer to Corp & Other— — — — — — — 
Other (2)— — — — — — — 
Reclassified to Assets held-for-sale— — — — — — — 
Balance as of end of period$82,814 $69,727 $76,765 $79,455 $86,607 $82,814 $86,607 
Total:
Balance as of beginning of period$103,979 $108,922 $93,589 $103,840 $107,831 $94,589 $108,922 
Gross premiums (1)2,226 1,990 1,719 1,735 2,049 8,572 7,493 
Surrenders, withdrawals and benefits(2,422)(2,310)(1,772)(2,162)(2,378)(9,071)(8,622)
Net flows(196)(320)(53)(427)(329)(499)(1,129)
Investment performance, interest credited and policy charges5,139 (15,004)10,304 4,418 9,888 15,290 9,606 
Transfer to Corp & Other— — — — — (458)— 
Other (2)— (6)— — — — (6)
Reclassified to Assets held-for-sale— (3)— — — — (3)
Balance as of end of period$108,922 $93,589 $103,840 $107,831 $117,390 $108,922 $117,390 
Net Amount at Risk (NAR)
Total GMIB NAR$8,746 $16,184 $14,234 $13,403 $10,461 $8,746 $10,461 
Total GMDB NAR19,122 25,791 22,134 21,061 18,271 19,122 18,271 
Reserves (Net of Reinsurance)
GMIB Reserves$10,664 $12,754 $15,267 $14,984 $14,246 $10,664 $14,246 
GMDB Reserves4,674 4,933 4,897 5,021 5,006 4,674 5,006 
Total GMDB/IB Variable Annuity Reserves (Net of Reinsurance)$15,338 $17,687 $20,164 $20,005 $19,252 $15,338 $19,252 
Notes:
Some financial metrics have been revised for prior periods; for additional information, please refer to the 10-K.
(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.
4Q 2020 Financial Supplement
14

Group Retirement - Operating Earnings (Loss) and Summary Metrics
For the Three Months Ended or As ofYears Ended or As of
(in millions USD, unless otherwise indicated)12/31/20193/31/20206/30/20209/30/202012/31/2020Change12/31/201912/31/2020Change
Revenues
Policy charges, fee income and premiums$73 $71 $68 $75 $81 11.0 %$279 $295 5.7 %
Net investment income (loss)158 159 127 174 181 14.6 %590 641 8.6 %
Net derivative gains (losses)1 — 4 (3)— (100.0)%4 1 (75.0)%
Investment management, service fees and other income54 52 47 55 57 5.6 %204 211 3.4 %
Segment revenues286 282 246 301 319 11.5 %1,077 1,148 6.6 %
Benefits and other deductions
Policyholder benefits1 — 1 1 — (100.0)%2 2 — %
Interest credited to policyholders’ account balances76 76 74 76 77 1.3 %302 303 0.3 %
Commissions and distribution-related payments12 11 13 9 12 — %42 45 7.1 %
Amortization of deferred policy acquisition costs8 12 2 14 (7)(187.5)%35 21 (40.0)%
Compensation and benefits, interest expense and financing fees and other operating costs and expense56 54 47 46 45 (19.6)%224 192 (14.3)%
Segment benefits and other deductions153 153 137 146 127 (17.0)%605 563 (6.9)%
Operating earnings (loss), before income taxes133 129 109 155 192 44.4 %472 585 23.9 %
Income taxes(24)(23)(19)(26)(26)(8.3)%(82)(94)(14.6)%
Operating earnings (loss), before noncontrolling interest109 106 90 129 166 52.3 %390 491 25.9 %
Less: Operating (earnings) loss attributable to the noncontrolling interest— — — — — — %— — — %
Operating earnings (loss)$109 $106 $90 $129 $166 52.3 %$390 $491 25.9 %
Summary Metrics
Operating earnings (loss) - TTM: [A]
$390 $415 $410 $434 $491 N/M$390 $491 25.9 %
Average capital - TTM: [B]
$1,333 $1,272 $1,204 $1,136 $1,073 N/M$1,333 $1,073 (19.5)%
Non-GAAP Operating ROC - TTM (1): [A/B]
29.3 %32.7 %34.1 %38.3 %45.8 %29.3 %45.8 %
Average Account Value (TTM)$36,269 $35,787 $36,045 $36,708 $37,853 4.4 %$36,269 $37,853 4.4 %
Return on assets (TTM)1.30 %1.41 %1.38 %1.43 %1.55 %1.30 %1.55 %
Net flows$19 $128 $216 $(93)$45 135.8 %$267 $296 10.7 %
Gross premiums$1,013 $925 $796 $706 $916 (9.6)%$3,533 $3,343 (5.4)%
Notes:
Some financial metrics have been revised for prior periods; for additional information, please refer to the 10-K.
(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.

4Q 2020 Financial Supplement
15

Group Retirement - Select Operating Metrics
For the Three Months Ended or As ofYears Ended or As of
(in millions USD, unless otherwise indicated)12/31/20193/31/20206/30/20209/30/202012/31/202012/31/201912/31/2020
Sales Metrics
Gross premiums:
First-year premiums$469 $364 $226 $254 $332 $1,488 $1,176 
Renewal premiums544 561 570 452 584 2,045 2,167 
Group Retirement premiums$1,013 $925 $796 $706 $916 $3,533 $3,343 
Gross premiums by market:
Tax-exempt$257 $214 $162 $173 $175 $902 $724 
Corporate199 135 55 72 130 537 392 
Other13 15 9 9 27 49 60 
Total First Year Premiums469 364 226 254 332 1,488 1,176 
Tax-exempt422 412 448 320 452 1,531 1,632 
Corporate78 89 81 87 85 330 342 
Other44 60 41 45 47 184 193 
Total renewal premiums544 561 570 452 584 2,045 2,167 
Group Retirement premiums by market$1,013 $925 $796 $706 $916 $3,533 $3,343 
Account Values
General Account:
Balance as of beginning of period$12,018 $12,071 $12,257 $12,420 $12,627 $11,619 $12,071 
Gross premiums312 447 259 355 376 1,277 1,437 
Surrenders, withdrawals and benefits(346)(280)(217)(239)(274)(1,168)(1,010)
Net flows(34)167 42 116 102 109 427 
Investment performance, interest credited and policy charges87 19 121 91 97 343 328 
Balance as of end of period$12,071 $12,257 $12,420 $12,627 $12,826 $12,071 $12,826 
Separate Accounts:
Balance as of beginning of period$24,043 $25,809 $20,891 $24,670 $26,088 $20,782 $25,809 
Gross premiums702 478 537 351 540 2,256 1,906 
Surrenders, withdrawals and benefits(649)(517)(363)(560)(597)(2,098)(2,037)
Net flows53 (39)174 (209)(57)158 (131)
Investment performance, interest credited and policy charges1,713 (4,879)3,605 1,627 3,602 4,869 3,955 
Balance as of end of period$25,809 $20,891 $24,670 $26,088 $29,633 $25,809 $29,633 
Total:
Balance as of beginning of period$36,061 $37,880 $33,148 $37,090 $38,715 $32,401 $37,880 
Gross premiums1,014 925 796 706 916 3,533 3,343 
Surrenders, withdrawals and benefits(995)(797)(580)(799)(871)(3,266)(3,047)
Net flows19 128 216 (93)45 267 296 
Investment performance, interest credited and policy charges1,800 (4,860)3,726 1,718 3,699 5,212 4,283 
Balance as of end of period$37,880 $33,148 $37,090 $38,715 $42,459 $37,880 $42,459 
4Q 2020 Financial Supplement
16

Investment Management and Research - Operating Earnings (Loss) and Summary Metrics
For the Three Months Ended or As ofYears Ended or As of
(in millions USD, unless otherwise indicated)12/31/20193/31/20206/30/20209/30/202012/31/2020Change12/31/201912/31/2020Change
Revenues
Net investment income (loss)$13 $(33)$32 $13 $19 46.2 %$57 $31 (45.6)%
Net derivative gains (losses)(9)30 (31)(14)(21)(133.3)%(38)(36)5.3 %
Investment management, service fees and other income975 910 843 900 1,055 8.2 %3,460 3,708 7.2 %
Segment Revenues979 907 844 899 1,053 7.6 %3,479 3,703 6.4 %
Benefits and other deductions
Commissions and distribution-related payments138 140 126 148 155 12.3 %488 569 16.6 %
Compensation, benefits and other operating costs and expenses576 558 523 531 599 4.0 %2,174 2,211 1.7 %
Interest expense and financing fees1 2 2 1 1 — %10 6 (40.0)%
Total benefits and other deductions715 700 651 680 755 5.6 %2,672 2,786 4.3 %
Operating earnings (loss), before income taxes264 207 193 219 298 12.9 %807 917 13.6 %
Income taxes(44)(37)(32)(40)(52)(18.2)%(144)(161)(11.8)%
Operating earnings (loss), before noncontrolling interest220 170 161 179 246 11.8 %663 756 14.0 %
Less: Operating (earnings) loss attributable to the noncontrolling interest(89)(75)(69)(75)(105)(18.0)%(282)(324)(14.9)%
Operating earnings (loss)$131 $95 $92 $104 $141 7.6 %$381 $432 13.4 %
Summary Metrics
Adjusted operating margin (1)32.3 %27.6 %27.9 %29.7 %34.2 %27.5 %30.1 %
Net flows (in billions USD) (2)$6.5 $(5.6)$(3.3)$3.1 $3.2 $25.2 $(2.6)
Total AUM (in billions USD)$622.9 $541.8 $600.0 $630.8 $685.9 $622.9 $685.9 
Ownership Structure of AB
Holdings and its subsidiaries63.3 %63.4 %63.7 %63.8 %63.3 %63.3 %63.3 %
AB Holding36.0 %35.9 %35.5 %35.5 %36.0 %36.0 %36.0 %
Unaffiliated holders0.7 %0.7 %0.8 %0.7 %0.7 %0.7 %0.7 %
Total100.0 %100.0 %100.0 %100.0 %100.0 %100.0 %100.0 %
EQH economic interest 64.8 %64.9 %65.2 %65.3 %64.8 %64.8 %64.8 %
EQH average economic interest65.2 %64.8 %65.2 %65.2 %65.1 %65.2 %65.1 %
Units of limited partnership outstanding (in millions)270.4 270.0 268.6 268.4 270.5 270.4 270.5 
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.
(2) Net flows reflect one-time AXA-related active fixed income outflows of $11.8 billion for the year ended December 31, 2020. Discrete 2020 quarterly outflows were as follows: $1.1 billion, $7.9 billion, $2.2 billion and $0.6 billion for the first, second, third and fourth quarter respectively.

4Q 2020 Financial Supplement
17

Investment Management and Research - Select Operating Metrics
For the Three Months Ended or As of
(in billions USD, unless otherwise indicated)12/31/20193/31/20206/30/20209/30/202012/31/2020
AUM Roll-forward
Balance as of beginning of period$592.4 $622.9 $541.8 $600.0 $630.8 
Sales/new accounts27.0 31.6 31.8 29.3 31.3 
Redemptions/terminations(15.6)(32.7)(31.4)(23.2)(22.0)
Cash flow/unreinvested dividends(4.9)(4.5)(3.7)(3.0)(6.1)
Net long-term (outflows) inflows6.5 (5.6)(3.3)3.1 3.2 
Adjustments— 0.2 — — — 
Market appreciation (depreciation)24.0 (75.7)61.5 27.7 51.9 
Net change30.5 (81.1)58.2 30.8 55.1 
Balance as of end of period$622.9 $541.8 $600.0 $630.8 $685.9 
Ending Assets by distribution channel
Institutions$282.7 $256.7 $276.2 $289.5 $315.6 
Retail239.2 198.6 229.5 242.9 265.3 
Private Wealth Management101.0 86.5 94.3 98.4 105.0 
Total$622.9 $541.8 $600.0 $630.8 $685.9 
Ending Assets by investment service
Equity
Actively Managed$177.2 $141.5 $173.1 $188.8 $217.8 
Passively Managed (1)60.1 47.2 54.3 57.5 64.5 
Total Equity$237.3 $188.7 $227.4 $246.3 $282.3 
Fixed Income
Actively Managed$305.4 $282.0 $295.0 $302.0 $313.5 
Passively Managed (1)9.3 10.3 9.9 9.0 8.5 
Total Fixed Income314.7 292.3 304.9 311.0 322.0 
Total Alternatives/Multi-Asset Solutions (2)70.9 60.8 67.7 73.5 81.6 
Total$622.9 $541.8 $600.0 $630.8 $685.9 
Notes:
(1) Includes index and enhanced index services.
(2) Includes certain multi-asset solutions and services not included in equity or fixed income services.

4Q 2020 Financial Supplement
18

Investment Management and Research - Net Flows
For the Three Months EndedYears Ended or As of
(in billions USD, unless otherwise indicated)12/31/20193/31/20206/30/20209/30/202012/31/202012/31/201912/31/2020
Net Flows by Distribution Channel
Institutions
US $(1.1)$0.9 $(4.8)$(0.6)$3.4 $3.5 $(1.1)
Global and Non-US (3)2.5 (0.5)(1.6)2.7 1.6 (1.1)2.1 
Total Institutions (3)$1.4 $0.4 $(6.4)$2.1 $5.0 $2.4 $1.0 
Retail
US $1.7 $(0.9)$1.7 $1.2 $1.0 $4.9 $3.0 
Global and Non-US 3.5 (4.5)2.1 (0.5)(1.7)18.9 (4.6)
Total Retail$5.2 $(5.4)$3.8 $0.7 $(0.7)$23.8 $(1.6)
Private Wealth
US$0.2 $(0.4)$(0.2)$0.5 $(1.2)$(0.8)$(1.3)
Global and Non-US (3)(0.3)(0.2)(0.5)(0.2)0.1 (0.2)(0.7)
Total Private Wealth (3)$(0.1)$(0.6)$(0.7)$0.3 $(1.1)$(1.0)$(2.0)
Total Net Flows by Distribution Channel$6.5 $(5.6)$(3.3)$3.1 $3.2 $25.2 $(2.6)
Net Flows by Investment Service
Equity Active
US (3)$1.1 $(0.4)$2.2 $1.2 $0.5 $2.2 $3.6 
Global and Non-US (3)2.2 1.8 0.6 1.0 0.5 1.8 3.8 
Total Equity Active $3.3 $1.4 $2.8 $2.2 $1.0 $4.0 $7.4 
Equity Passive (1)
US (3)$(1.4)$0.1 $(1.6)$(1.8)$(0.8)$(3.6)$(4.0)
Global and Non-US(0.2)(1.4)0.1 0.8 (0.1)(0.5)(0.6)
Total Equity Passive (1) (3)$(1.6)$(1.3)$(1.5)$(1.0)$(0.9)$(4.1)$(4.6)
Fixed Income - Taxable
US (3)$(0.1)$0.2 $(3.9)$1.1 $3.4 $5.3 $0.7 
Global and Non-US 3.3 (6.6)(1.2)(1.3)(1.4)13.4 (10.5)
Total Fixed Income - Taxable (3)$3.2 $(6.4)$(5.1)$(0.2)$2.0 $18.7 $(9.8)
Fixed Income - Tax-Exempt
US$1.0 $— $(0.3)$0.8 $0.5 $3.0 $1.0 
Global and Non-US— — — — — — — 
Total Fixed Income - Tax-Exempt$1.0 $— $(0.3)$0.8 $0.5 $3.0 $1.0 
Fixed Income - Passive (1)
US $(0.1)$(0.2)$(0.1)$(0.3)$(0.4)$(0.4)$(1.0)
Global and Non-US (0.1)0.9 (0.5)(0.8)(0.2)(0.5)(0.6)
Total Fixed Income - Passive (1)$(0.2)$0.7 $(0.6)$(1.1)$(0.6)$(0.9)$(1.6)
Alternatives/Multi-Asset Solutions (2)
US (3)$0.3 $(0.1)$0.4 $0.1 $— $1.1 $0.3 
Global and Non-US (3)0.5 0.1 1.0 2.3 1.2 3.4 4.7 
Total Alternatives/Multi-Asset Solutions (2)$0.8 $— $1.4 $2.4 $1.2 $4.5 $5.0 
Total Net Flows by Investment Service$6.5 $(5.6)$(3.3)$3.1 $3.2 $25.2 $(2.6)
Active vs. Passive Net Flows
Actively Managed
Equity $3.3 $1.4 $2.8 $2.2 $1.0 $4.0 $7.4 
Fixed Income (3) (4)4.2 (6.4)(5.4)0.6 2.5 21.7 (8.8)
Alternatives/Multi-Asset Solutions (2) (3)0.6 (0.2)1.3 2.3 1.0 4.0 4.5 
Total (3)$8.1 $(5.2)$(1.3)$5.1 $4.5 $29.7 $3.1 
Passively Managed (1)
Equity (3)$(1.6)$(1.3)$(1.5)$(1.0)$(0.9)$(4.1)$(4.6)
Fixed Income(0.2)0.7 (0.6)(1.1)(0.6)(0.9)(1.6)
Alternatives/Multi-Asset Solutions (2) (3)0.20.2 0.1 0.10.2 0.5 0.5 
Total (3)$(1.6)$(0.4)$(2.0)$(2.0)$(1.3)$(4.5)$(5.7)
Total Active vs Passive Net Flows$6.5 $(5.6)$(3.3)$3.1 $3.2 $25.2 $(2.6)
Notes:
(1) Includes index and enhanced index services.
(2) Includes certain multi-asset solutions and services not included in equity or fixed income services.
(3) Line item does not cross foot due to rounding.
(4) Net flows reflect one-time AXA-related active fixed income outflows of $11.8 billion for the year ended December 31, 2020. Discrete 2020 quarterly outflows were as follows: $1.1 billion, $7.9 billion, $2.2 billion and $0.7 billion for the first, second, third and fourth quarter respectively.
4Q 2020 Financial Supplement
19

Protection Solutions - Operating Earnings (Loss) and Summary Metrics
For the Three Months Ended or As ofYears Ended or As of
(in millions USD, unless otherwise indicated)12/31/20193/31/20206/30/20209/30/202012/31/2020Change12/31/201912/31/2020Change
Revenues
Policy charges, fee income and premiums$526 $562 $468 $450 $490 (6.8)%$2,148 $1,970 (8.3)%
Net investment income (loss)253 244 204 240 256 1.2 %967 944 (2.4)%
Net derivative gains (losses)— 2 5 3 (5)(100.0)%10 5 (50.0)%
Investment management, service fees and other income63 57 51 58 59 (6.3)%241 225 (6.6)%
Segment revenues842 865 728 751 800 (5.0)%3,366 3,144 (6.6)%
Benefits and other deductions
Policyholders’ benefits378 500 460 455 460 21.7 %1,655 1,875 13.3 %
Interest credited to policyholders’ account balances124 127 137 130 120 (3.2)%520 514 (1.2)%
Commissions and distribution-related payments44 40 35 40 45 2.3 %166 160 (3.6)%
Amortization of deferred policy acquisition costs46 50 29 (16)21 (54.3)%275 84 (69.5)%
Compensation and benefits, interest expense and financing fees and other operating costs and expense93 88 81 82 86 (7.5)%347 337 (2.9)%
Segment benefits and other deductions685 805 742 691 732 6.9 %2,963 2,970 0.2 %
Operating earnings (loss), before income taxes157 60 (14)60 68 (56.7)%403 174 (56.8)%
Income taxes(28)(11)2 (9)(10)64.3 %(67)(28)58.2 %
Operating earnings (loss), before noncontrolling interest129 49 (12)51 58 (55.0)%336 146 (56.5)%
Less: Operating (earnings) loss attributable to the noncontrolling interest— — — — — — %— — — %
Operating earnings (loss)$129 $49 $(12)$51 $58 (55.0)%$336 $146 (56.5)%
Summary Metrics
Operating earnings (loss) - TTM: [A]
$336 $378 $266 $217 $146 N/M$336 $146 N/M
Average capital - TTM: [B]
$2,998 $2,801 $2,591 $2,370 $2,170 N/M$2,998 $2,170 N/M
Non-GAAP Operating ROC - TTM (1): [A/B]
11.2 %13.5 %10.3 %9.2 %6.7 %11.2 %6.7 %
Benefit ratio59.6 %72.5 %82.0 %77.9 %72.5 %64.6 %76.0 %
Gross written premiums$790 $778 $693 $700 $748 (5.3)%$3,099 $2,919 (5.8)%
Annualized premiums$70 $56 $57 $49 $59 (15.4)%$258 $221 (14.3)%
Total in-force face amount (in billions USD)$442.9 $439.7 $419.1 $419.9 $420.6 (5.0)%$442.9 $420.6 (5.0)%
Notes:
Some financial metrics have been revised for prior periods; for additional information, please refer to the 10-K.
(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.
4Q 2020 Financial Supplement
20

Protection Solutions - Select Operating Metrics
For the Three Months Ended or As ofYears Ended or As of
(in millions USD, unless otherwise indicated)12/31/20193/31/20206/30/20209/30/202012/31/202012/31/201912/31/2020
Sales Metrics
First Year Premiums by Product Line:
Universal Life$1 $— $— $— $— $2 $— 
Indexed Universal Life56 49 41 28 26 203 144 
Variable Universal Life49 35 29 31 49 181 144 
Term5 4 5 5 4 20 18 
Employee Benefits11 11 14 12 15 52 52 
Other (1)— — — — 1 1 1 
Total$122 $99 $89 $76 $95 $459 $359 
Renewals by Product Line:
Universal Life$212 $216 $201 $223 $205 $895 $845 
Indexed Universal Life59 72 67 63 74 248 276 
Variable Universal Life237 243 225 226 253 921 947 
Term135 120 83 81 91 498 375 
Employee Benefits18 23 24 26 25 56 98 
Other (1)7 5 4 5 5 22 19 
Total668 679 604 624 653 2,640 2,560 
Total Gross Premiums$790 $778 $693 $700 $748 $3,099 $2,919 
In-force Metrics
In-force Face Amount by Product (2) (in billions):
Universal Life (3)$53.3 $52.7 $49.9 $49.5 $48.7 $53.3 $48.7 
Indexed Universal Life25.8 26.4 27.0 27.5 27.7 25.8 27.7 
Variable Universal Life (4)127.5 126.0 126.4 126.7 127.7 127.5 127.7 
Term234.9 233.3 214.4 214.9 215.2 234.9 215.2 
Whole Life1.4 1.3 1.4 1.3 1.3 1.4 1.3 
Total$442.9 $439.7 $419.1 $419.9 $420.6 $442.9 $420.6 
In-force Policy Count by Product (2) (in thousands):
Universal Life (3)166 164 149 147 144 166 144 
Indexed Universal Life59 60 62 63 64 59 64 
Variable Universal Life (4)299 296 294 292 291 299 291 
Term323 319 267 268 268 323 268 
Whole Life18 18 17 17 17 18 17 
Total865 857 789 787 784 865 784 
Protection Solutions Reserves
General Account$17,300 $17,275 $17,930 $18,691 $18,905 $17,300 $18,905 
Separate Accounts13,616 11,259 12,928 13,190 14,771 13,616 14,771 
Total$30,916 $28,534 $30,858 $31,881 $33,676 $30,916 $33,676 
Notes:
Some financial metrics have been revised for prior periods; for additional information, please refer to the 10-K.
(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.
4Q 2020 Financial Supplement
21







Investments

4Q 2020 Financial Supplement
22

Consolidated Investment Portfolio Composition
Balances as of
(in millions USD, unless otherwise indicated)December 31, 2019December 31, 2020
Amount (1)% of TotalAmount (1)% of Total
Composition of investment portfolio
Fixed maturities, available-for-sale, at fair value$66,343 67.9 %$81,638 70.8 %
Fixed maturities, at fair value using the fair value option— — %389 0.3 %
Mortgage loans on real estate12,107 12.4 %13,159 11.4 %
Policy loans3,735 3.8 %4,118 3.6 %
Other equity investments1,344 1.4 %1,502 1.3 %
Other invested assets2,780 2.8 %2,728 2.4 %
Subtotal investment assets86,309 88.3 %103,534 89.8 %
Trading securities7,031 7.2 %5,553 4.8 %
Total investments93,340 95.5 %109,087 94.6 %
Cash and cash equivalents4,405 4.5 %6,179 5.4 %
Total$97,745 100.0 %$115,266 100.0 %
General Account Fixed maturities by industry (Based on amortized cost)
Corporate securities:
Finance$12,015 19.2 %$14,411 20.1 %
Manufacturing12,643 20.2 %13,040 18.2 %
Utilities4,999 8.0 %6,352 8.9 %
Services6,730 10.7 %7,830 10.9 %
Energy3,772 6.0 %4,084 5.7 %
Retail and wholesale3,515 5.6 %3,747 5.2 %
Transportation1,793 2.9 %2,424 3.4 %
Other198 0.3 %157 0.2 %
Total corporate securities45,665 72.8 %52,045 72.5 %
U.S. government and agency14,395 23.0 %12,660 17.6 %
Residential mortgage-backed (2)178 0.3 %130 0.2 %
Preferred stock501 0.8 %621 0.9 %
State & municipal638 1.0 %536 0.7 %
Foreign governments462 0.7 %1,011 1.4 %
Commercial mortgage-backed— — %1,148 1.6 %
Asset-backed securities848 1.4 %3,587 5.0 %
Total$62,687 100.0 %$71,738 100.0 %
General Account Fixed maturities credit quality (3) (Based on amortized cost)
Aaa, Aa, A (NAIC Designation 1)$42,770 68.2 %$44,146 61.5 %
Baa (NAIC Designation 2)18,605 29.7 %25,285 35.2 %
Investment grade61,375 97.9 %69,431 96.8 %
Below investment grade (NAIC Designation 3,4,5 and 6)1,312 2.1 %2,307 3.2 %
Total$62,687 100.0 %$71,738 100.0 %
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.
4Q 2020 Financial Supplement
23

Consolidated Results of General Account Investment Portfolio
For the Years Ended or As of
(in millions USD, unless otherwise indicated)December 31, 2019December 31, 2020
YieldAmount (1)YieldAmount (1)
Fixed Maturities:
Income (loss)3.68 %$2,019 3.46 %$2,318 
Ending assets62,687 71,738 
Mortgages:
Income (loss)4.47 %541 4.13 %517 
Ending assets12,107 13,159 
Other Equity Investments:
Income (loss)5.96 %86 6.14 %95 
Ending assets1,507 1,621 
Policy Loans:
Income5.59 %210 5.28 %204 
Ending assets3,735 4,118 
Cash and Short-term Investments:
Income(0.15)%(4)0.03 %1 
Ending assets1,856 2,095 
Repurchase and Funding Agreements:
Interest expense and other(110)(75)
Ending (liabilities)(6,909)(6,897)
Total invested Assets:
Income3.92 %2,742 3.72 %3,060 
Ending assets74,983 85,834 
Short Duration Fixed Maturities:
Income (loss)3.15 %312 3.39 %184 
Ending assets6,173 4,704 
Total Net Investment Income:
Investment income3.83 %3,054 3.70 %3,244 
Less: investment fees(0.13)%(103)(0.12)%(107)
Investment income, net3.70 %$2,951 3.57 %$3,137 
General Account Ending Net Assets$81,156 $90,538 
Operating Earnings adjustments:
Repurchase and Funding Agreements interest expense110 75 
AB and other non-General Account investment income241 151 
Operating Net investment income (loss)$3,302 $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.
4Q 2020 Financial Supplement
24








Additional Information
4Q 2020 Financial Supplement
25


Deferred Policy Acquisition Costs Rollforward
For the Three Months Ended or As ofYears Ended or As of
(in millions USD, unless otherwise indicated)12/31/20193/31/20206/30/20209/30/202012/31/202012/31/201912/31/2020
TOTAL
Beginning balance (1)$5,636 $5,840 $4,697 $4,090 $4,171 $6,705 $5,840 
Capitalization of commissions, sales and issue expenses210 185 155 148 181 754 669 
Amortization(107)(1,302)(162)(90)(59)(597)(1,613)
Change in unrealized investment gains and losses129 (27)(600)23 (50)(994)(654)
Reclassified to Assets held-for-sale(31)1 — — — (31)1 
Ending balance$5,837 $4,697 $4,090 $4,171 $4,243 $5,837 $4,243 
Individual Retirement
Beginning balance$3,191 $3,285 $3,401 $3,134 $3,128 $3,180 $3,285 
Capitalization of commissions, sales and issue expenses123 112 93 90 110 450 405 
Amortization(43)(99)(90)(91)(41)(283)(321)
Change in unrealized investment gains and losses14 103 (270)(5)(19)(62)(191)
Reclassified to Assets held-for-sale— — — — — — — 
Ending balance$3,285 $3,401 $3,134 $3,128 $3,178 $3,285 $3,178 
Group Retirement
Beginning balance$637 $659 $626 $596 $601 $656 $659 
Capitalization of commissions, sales and issue expenses30 26 19 21 27 102 93 
Amortization(8)(60)(5)(15)7 (35)(73)
Change in unrealized investment gains and losses— 1 (44)(1)(3)(64)(47)
Reclassified to Assets held-for-sale— — — — — — — 
Ending balance$659 $626 $596 $601 $632 $659 $632 
Protection Solutions
Beginning balance$1,792 $1,880 $610 $344 $426 $2,716 $1,880 
Capitalization of commissions, sales and issue expenses57 47 43 37 44 202 171 
Amortization(46)(1,141)(71)15 (24)(274)(1,221)
Change in unrealized investment gains and losses108 (177)(238)30 (28)(733)(413)
Reclassified to Assets held-for-sale(31)1 — — — (31)1 
Ending balance$1,880 $610 $344 $426 $418 $1,880 $418 
Corporate and Other
Beginning balance (1)$16 $16 $60 $16 $16 $153 $16 
Capitalization of commissions, sales and issue expenses— — — — — — — 
Amortization(10)(2)4 1 (1)(5)2 
Change in unrealized investment gains and losses7 46 (48)(1)— (135)(3)
Reclassified to Assets held-for-sale— — — — — — — 
Ending balance$13 $60 $16 $16 $15 $13 $15 
Some financial metrics have been revised for prior periods; for additional information, please refer to the 10-K.
(1) March 31, 2020 DAC beginning balance is $3 million more than December 31, 2019 ending balance due to impact of CECL.
4Q 2020 Financial Supplement
26

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 includes restructuring costs related to severance, lease write-offs related to non-recurring restructuring activities, separation costs and impacts related to COVID-19; 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.
4Q 2020 Financial Supplement
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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.
4Q 2020 Financial Supplement
28

Reconciliation of Non-GAAP Measures (1/3)
For the Three Months Ended or As ofYears Ended or As of
(in millions USD, unless otherwise indicated)12/31/20193/31/20206/30/20209/30/202012/31/202012/31/201912/31/2020
Net income (loss) attributable to Holdings
Net income (loss) attributable to Holdings$(946)$5,388 $(4,019)$(779)$(1,238)$(1,764)$(648)
Adjustments related to:
Variable annuity product features (1)1,696 (6,869)5,722 1,620 3,439 4,863 3,912 
Investment gains (losses), net103 (4)(169)(17)(554)(73)(744)
Net actuarial gains (losses) related to pension and other postretirement benefit obligations27 27 28 31 23 99 109 
Other adjustments (2) (3)195 695 75 66 116 395 952 
Income tax (expense) benefit related to above adjustments (4)(412)1,292 (1,188)(357)(635)(1,097)(888)
Non-recurring tax items(10)6 2 4 (403)(66)(391)
Non-GAAP Operating Earnings$653 $535 $451 $568 $748 $2,357 $2,302 
Net income (loss) attributable to Holdings$(1.99)$11.62 $(8.92)$(1.74)$(2.80)$(3.57)$(1.44)
Less: Preferred stock dividends— 0.02 0.02 0.03 0.04 — 0.12 
Net income (loss) available to Holdings' common shareholders(1.99)11.60 (8.94)(1.77)(2.84)(3.57)(1.56)
Adjustments related to:
Variable annuity product features (1)3.57 (14.82)12.70 3.62 7.77 9.85 8.68 
Investment gains (losses), net0.22 (0.01)(0.38)(0.04)(1.25)(0.15)(1.65)
Net actuarial gains (losses) related to pension and other postretirement benefit obligations0.06 0.06 0.06 0.07 0.05 0.20 0.24 
Other adjustments (2) (3)0.40 1.50 0.17 0.15 0.26 0.80 2.12 
Income tax (expense) benefit related to above adjustments (4)(0.87)2.79 (2.64)(0.80)(1.43)(2.22)(1.97)
Non-recurring tax items(0.02)0.01 — 0.01 (0.91)(0.13)(0.87)
Non-GAAP Operating Earnings (loss) available to Holdings' common shareholders$1.37 $1.13 $0.98 $1.24 $1.65 $4.78 $4.99 
Book Value per common share
Book Value per common share$27.35 $42.63 $37.21 $36.05 $32.46 $27.35 $32.46 
Less: Per share impact of AOCI1.82 5.08 8.74 9.42 8.76 1.82 8.76 
Book value per common share (ex. AOCI)$25.53 $37.55 $28.47 $26.63 $23.70 $25.53 $23.70 
Notes:
Some financial metrics have been revised for prior periods; for additional information, please refer to the 10-K.
(1) Includes COVID-19 impact on Variable annuity product features due to a first quarter 2020 assumption update of $1.5 billion and other COVID-19 related impacts of $35 million for the year ended December 31, 2020. The impact per common share is $3.26 and other COVID-19 related impacts of $0.08 for the year ended December 31, 2020.
(2) Includes separation costs of $108 million and $222 million for the year ended December 31, 2020 and 2019, respectively. The impact per common share is $0.24 and $0.45 for the year ended December 31, 2020 and 2019.
(3) Includes COVID-19 impact on Other adjustments due to a first quarter 2020 assumption update of $1.0 billion and other COVID-19 related impacts of $86 million for the year ended December 31, 2020. The impact per common share is $2.33 and $0.19 for the year ended December 31, 2020.
(4) Includes income taxes of $(554) million for the above related COVID-19 items for the year ended December 31, 2020. The impact per common share is $(1.23) for the year ended December 31, 2020.

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Reconciliation of Non-GAAP Measures (2/3)
As of and for the Twelve Months Ended
(in millions USD, unless otherwise indicated)12/31/20193/31/20206/30/20209/30/202012/31/2020
Net Income to Non-GAAP Operating Earnings
Net income (loss) attributable to Holdings$(1,764)$4,429 $49 $(356)$(648)
Adjustments related to:
Variable annuity product features4,863 (3,545)1,980 2,169 3,912 
Investment (gains) losses(73)(88)(269)(87)(744)
Net actuarial (gains) losses related to pension and other postretirement benefit obligations99 102 106 113 109 
Other adjustments395 1,051 1,038 1,031 952 
Income tax (expense) benefits related to above adjustments(1,097)531 (586)(665)(888)
Non-recurring tax items(66)(66)(6)2 (391)
Non-GAAP Operating Earnings$2,357 $2,414 $2,312 $2,207 $2,302 
Return on Equity and Non-GAAP Operating Return on Equity - Trailing twelve months
Net income (loss) attributable to Holdings(1,764)4,429 49 (356)(648)
Less: Preferred stock— (13)(23)(34)(53)
Net income (loss) available to Holdings' common shareholders$(1,764)$4,416 $26 $(390)$(701)
Average equity attributable to Holdings' common shareholders (ex. AOCI)$13,172 $14,008 $13,736 $13,348 $13,000 
Return on Equity (ex. AOCI)(13.4)%31.5 %0.2 %(2.9)%(5.4)%
Non-GAAP Operating Earnings$2,357 $2,414 $2,312 $2,207 $2,302 
Less: Preferred stock— (13)(23)(34)(53)
Non-GAAP Operating Earnings available to Holdings' common shareholders$2,357 $2,401 $2,289 $2,173 $2,249 
Average equity attributable to Holdings' common shareholders (ex. AOCI)$13,172 $14,008 $13,736 $13,348 $13,000 
Non-GAAP Operating Return on Equity (ex. AOCI)17.9 %17.1 %16.7 %16.3 %17.3 %
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)3/31/20196/30/20199/30/201912/31/20193/31/20206/30/20209/30/202012/31/2020
Equity Reconciliation - Quarter-end Balances
Total equity attributable to Holdings' shareholders$13,052 $14,672 $14,940 $13,456 $19,981 $17,498 $17,300 $15,576 
Less: Preferred Stock— — — 775 775 775 1,269 1,269 
Total equity attributable to Holdings' common shareholders13,052 14,672 14,940 12,681 19,206 16,723 16,031 14,307 
Less: Accumulated other comprehensive income (loss)(523)789 1,546 844 2,289 3,928 4,188 3,863 
Total equity attributable to Holdings' common shareholders (ex. AOCI)$13,575 $13,883 $13,394 $11,837 $16,917 $12,795 $11,843 $10,444 
Balances as of
(in millions USD, unless otherwise indicated)3/31/20196/30/20199/30/201912/31/20193/31/20206/30/20209/30/202012/31/2020
Equity Reconciliation - Twelve Month Rolling Average (2)
Total equity attributable to Holdings' shareholders13,132 13,474 14,117 14,030 15,762 16,469 17,059 17,589 
Less: Preferred Stock— — — 194 388 581 899 1,022 
Total equity attributable to Holdings' common shareholders13,132 13,474 14,117 13,836 15,375 15,888 16,160 16,567 
Less: Accumulated other comprehensive income (loss)(1,203)(678)101 664 1,367 2,152 2,812 3,567 
Total equity attributable to Holdings' common shareholders (ex. AOCI)$14,334 $14,152 $14,016 $13,172 $14,008 $13,736 $13,348 $13,000 
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
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 Holding, L.P. (1)—AA2
Investor and Media Contacts
Contact Investor RelationsContact Media Relations
Jessica BaehrThomas 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 June '20.

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