14 Equity market +/-10% = c. $150m after tax 4Q23 Earnings Presentation 15 Conservative, high quality investment portfolio | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------|---------------|-------|------------------------|---------------------------------|-------|-------|-------|--------|-------|-------| | | | | | U.S. Treasury, Gov't and Agency | | | | | | | | | 6% | | Structured Credit | | | | | 4% | | | | | | 17% | Other Fixed Maturities | | | Baa | | | | | | 50% | $99 bn | 1 | ...

Equitable Holdings, Inc. (EQH) reported $3.55 billion in revenue for the quarter ended December 2023, representing a year-over-year increase of 7.5%. EPS of $1.33 for the same period compares to $1.11 a year ago.The reported revenue compares to the Zacks Consensus Estimate of $3.5 billion, representing a surprise of +1.58%. The company delivered an EPS surprise of +13.68%, with the consensus EPS estimate being $1.17.While investors scrutinize revenue and earnings changes year-over-year and how they compare ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ——————————————— FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File No. 001-38469 ———————————————— Equitable Holdings, Inc. (Exact name of registrant as specified in its charter) ( ...

Key Metrics (1) Includes certain gross legal expenses related to the cost of insurance litigation and claims related to a commercial relationship of $2 million for the three months ended September 30, 2022. Includes the impact of unfavorable annual actuarial assumptions updates related to LFPB of $61 million for the three months ended September 30, 2023. Prior period impact was immaterial and was not revised. The legal accruals impact per common share is $0.01 for the three months ended September 30, 2022. ...

Early days, but good initial progress against our growth strategy Growth Initiatives Progress Appendix Non-GAAP Operating Earnings, less Notable Items, ($m) Three Months Ended Jun 30, 2023 Three Months Ended Jun 30, 2022 Non-GAAP Operating Earnings $ 441 $ 493 Post-tax Adjustments related to Notable Items: Individual Retirement (10) 18 Group Retirement (4) 6 Investment Management and Research (10) — Protection Solutions 53 (18) Corporate & Other 7 1 Wealth Management — — Legacy 3 (2) Subtotal 39 5 Impact of ...

PART I - FINANCIAL INFORMATION [Consolidated Financial Statements](index=4&type=section&id=Item%201.%20Consolidated%20Financial%20Statements) The company's Q2 2023 net income decreased year-over-year, while total assets grew since year-end 2022 Consolidated Balance Sheet Highlights (in millions) | Balance Sheet Item | June 30, 2023 | December 31, 2022 | | :--- | :--- | :--- | | Total Investments | $97,722 | $93,097 | | Total Assets | $269,006 | $252,702 | | Total Liabilities | $263,215 | $249,106 | | Total Equity | $5,260 | $3,141 | Consolidated Income Statement Highlights (in millions, except EPS) | Income Statement Item | Q2 2023 | Q2 2022 | 6 Months 2023 | 6 Months 2022 | | :--- | :--- | :--- | :--- | :--- | | Total Revenues | $2,377 | $4,690 | $4,734 | $7,836 | | Net Derivative Gains (Losses) | $(917) | $1,858 | $(1,758) | $2,017 | | Net Income (Loss) Attributable to Holdings | $759 | $967 | $936 | $1,497 | | Diluted EPS | $2.06 | $2.47 | $2.49 | $3.77 | Consolidated Cash Flow Highlights (in millions) | Cash Flow Item (Six Months Ended June 30) | 2023 | 2022 | | :--- | :--- | :--- | | Net cash provided by (used in) operating activities | $(226) | $(540) | | Net cash provided by (used in) investing activities | $(2,517) | $(1,748) | | Net cash provided by (used in) financing activities | $6,143 | $2,261 | | Change in cash and cash equivalents | $3,416 | $(79) | [Notes to Consolidated Financial Statements](index=11&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) The notes detail the significant impact of adopting the LDTI accounting standard and other key disclosures - Effective January 1, 2023, the Company adopted ASU 2018-12 (LDTI) for long-duration insurance contracts, applied on a modified retrospective basis for most items[45](index=45&type=chunk)[46](index=46&type=chunk) Transition Impact of ASU 2018-12 Adoption on Equity as of Jan 1, 2021 (in millions) | Item | Retained Earnings | AOCI | Total | | :--- | :--- | :--- | :--- | | Liability for future policy benefits | $30 | $(1,343) | $(1,313) | | Market risk benefits | $(3,398) | $(902) | $(4,300) | | DAC | — | $1,548 | $1,548 | | Unearned revenue liability and sales inducement assets | — | $(166) | $(166) | | **Total transition adjustment (net of taxes)** | **$(2,661)** | **$(682)** | **$(3,343)** | - In Q4 2022, the company established a **$1.6 billion valuation allowance** against deferred tax assets, which was reduced by a net **$990 million** in the first half of 2023[338](index=338&type=chunk)[339](index=339&type=chunk) - AB and Société Générale announced a joint venture for their cash equities and research businesses, resulting in AB's research services business being **classified as held-for-sale**[408](index=408&type=chunk)[409](index=409&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=89&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses performance, the impact of LDTI adoption, and a new internal reinsurance treaty - Effective January 1, 2023, the company reorganized its business into **six reportable segments**, with prior period results revised to reflect the new structure[383](index=383&type=chunk)[384](index=384&type=chunk)[428](index=428&type=chunk) - An internal reinsurance treaty became effective on April 1, 2023, to **diversify sources of regulated cash flows** and support stable dividends[430](index=430&type=chunk)[431](index=431&type=chunk) Reconciliation of Net Income to Non-GAAP Operating Earnings (in millions) | Description | Q2 2023 | Q2 2022 | 6 Months 2023 | 6 Months 2022 | | :--- | :--- | :--- | :--- | :--- | | **Net income (loss) attributable to Holdings** | **$759** | **$967** | **$936** | **$1,497** | | Adjustments (Variable annuity features, Investment gains/losses, etc) | $(318) | $(474) | $(131) | $(499) | | **Non-GAAP Operating Earnings** | **$441** | **$493** | **$805** | **$992** | - Q2 2023 net income decreased by $208 million year-over-year, largely due to a **$2.8 billion unfavorable swing in net derivative results**[486](index=486&type=chunk) [Results of Operations by Segment](index=102&type=section&id=Results%20of%20Operations%20by%20Segment) Segment performance varied, with Individual Retirement growing while Protection Solutions earnings declined Operating Earnings by Segment - Q2 2023 vs Q2 2022 (in millions) | Segment | Q2 2023 | Q2 2022 | | :--- | :--- | :--- | | Individual Retirement | $234 | $186 | | Group Retirement | $107 | $111 | | Investment Management and Research | $99 | $101 | | Protection Solutions | $24 | $110 | | Wealth Management | $42 | $24 | | Legacy | $45 | $57 | | Corporate and Other | $(110) | $(96) | | **Total Non-GAAP Operating Earnings** | **$441** | **$493** | - Individual Retirement operating earnings **increased by $48 million** in Q2 2023, driven by a $162 million increase in net investment income[504](index=504&type=chunk) - Protection Solutions operating earnings **decreased by $86 million** in Q2 2023, mainly due to an $88 million increase in policyholders' benefits from higher net mortality[533](index=533&type=chunk) [Liquidity and Capital Resources](index=124&type=section&id=Liquidity%20and%20Capital%20Resources) The holding company maintained $1.6 billion in liquid assets after capital contributions and shareholder returns Holding Company Sources and Uses of Highly Liquid Assets - 6 Months Ended June 30, 2023 (in millions) | Item | Amount | | :--- | :--- | | Beginning Balance | $1,992 | | Dividends from subsidiaries | $1,335 | | Capital contributions to subsidiaries | $(1,050) | | Purchase of treasury shares | $(440) | | Shareholder dividends paid | $(150) | | Net Debt Activity | $(20) | | **Ending Balance** | **$1,632** | - During the first half of 2023, Holdings made a **$1.1 billion cash capital contribution** to Equitable America to support the new internal Reinsurance Treaty[583](index=583&type=chunk) - Equitable Financial has the capacity to pay an Ordinary Dividend of up to approximately **$1.7 billion in 2023** and paid dividends totaling this amount in May and July 2023[587](index=587&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=134&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) Market risk disclosures remain materially unchanged from the Recast 2022 Annual Report - There have been **no material changes** to the quantitative and qualitative disclosures about market risk as described in the Recast 2022 Annual Report[661](index=661&type=chunk) [Controls and Procedures](index=135&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of the quarter-end - Based on an evaluation as of June 30, 2023, the CEO and CFO concluded that the Company's **disclosure controls and procedures were effective**[663](index=663&type=chunk) - **No material changes** in internal control over financial reporting occurred during the quarter ended June 30, 2023[664](index=664&type=chunk) PART II - OTHER INFORMATION [Legal Proceedings](index=136&type=section&id=Item%201.%20Legal%20Proceedings) The company estimates potential legal losses up to $250 million and has settled a key class action lawsuit - As of June 30, 2023, the company estimates the aggregate range of reasonably possible losses for certain legal matters to be **up to approximately $250 million**[360](index=360&type=chunk) - The company reached a settlement in the Brach class action lawsuit concerning cost of insurance (COI) rate increases and is **fully accrued for this settlement**[363](index=363&type=chunk) [Risk Factors](index=136&type=section&id=Item%201A.%20Risk%20Factors) No material changes to risk factors are reported, referencing the Recast 2022 Annual Report - The report refers to the "Risk Factors" section in the Recast 2022 Annual Report for a **comprehensive description of risks** facing the company[667](index=667&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=136&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company repurchased 8.9 million shares in Q2 2023, with $629 million remaining in its buyback program Share Repurchases for Q2 2023 | Period | Total Shares Purchased | Average Price Paid per Share | | :--- | :--- | :--- | | April 2023 | 2,391,391 | $25.09 | | May 2023 | 2,208,121 | $24.77 | | June 2023 | 4,333,971 | $25.76 | | **Total** | **8,933,483** | **$25.33** | - As of June 30, 2023, approximately **$629 million** remained available for future purchases under the company's repurchase plans[668](index=668&type=chunk) [Other Information](index=136&type=section&id=Item%205.%20Other%20Information) Several executives adopted prearranged Rule 10b5-1 trading plans in February 2023 - In February 2023, key executives including the CEO, COO, and Head of Retirement **adopted Rule 10b5-1 trading plans** for future sales of company stock[674](index=674&type=chunk) - During Q2 2023, **no directors or officers adopted, terminated, or modified** a Rule 10b5-1 trading arrangement[676](index=676&type=chunk)

Equitable Holdings, Inc. (NYSE:EQH) Q2 2023 Earnings Call August 3, 2023 8:00 AM ET Company Participants Tom Lewis - Equitable Holdings Investor Relations Mark Pearson - President and Chief Executive Officer Robin Raju - Chief Financial Officer Nick Lane - President of Equitable Financial Bill Siemers - AllianceBernstein’s Interim Chief Financial Officer, Controller and Chief Accounting Officer Conference Call Participants Elyse Greenspan - Wells Fargo Thomas Gallagher - Evercore Ryan Krueger - KBW Jimmy Bh ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ——————————————— FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File No. 001-38469 ———————————————— Equitable Holdings, Inc. (Exact name of registrant as specified in its charter) (Stat ...

Equitable Holdings, Inc. (NYSE:EQH) Q1 2023 Earnings Conference Call May 4, 2023 8:00 PM ET Company Participants Isil Muderrisoglu - Head-Investor Relations Mark Pearson - President and Chief Executive Officer Robin Raju - Chief Financial Officer Nick Lane - President-Equitable Financial Conference Call Participants Elyse Greenspan - Wells Fargo Jimmy Bhullar - J.P. Morgan Thomas Gallagher - EVR Andrew Kligerman - Credit Suisse Suneet Kamath - Jefferies Tracy Benguigui - Barclays Ryan Krueger - KBW Michael ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ——————————————— FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File No. 001-38469 ———————————————— Equitable Holdings, Inc. (Exact name of registrant as specified in its charter) Delaware 9 ...