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 ...

Financial Data and Key Metrics Changes - Non-GAAP operating earnings were $364 million or $0.96 per share, up 10% compared to the fourth quarter of 2022, but down 18% year-over-year due to market volatility and mortality claims [46][54] - Assets under management and administration ended at $864 billion, down 8% year-over-year but up 5% year-to-date [10][49] - The company returned $286 million to shareholders, including $214 million in share repurchases, resulting in a 63% payout ratio for the quarter [13][56] Business Line Data and Key Metrics Changes - Individual Retirement segment had $79 billion in assets under management, contributing approximately 38% of operating earnings for the quarter [19] - Wealth Management segment grew from approximately $40 billion of assets under administration at IPO to $76 billion today, contributing $32 million of operating earnings in Q1 [20] - Legacy segment, which includes capital-intensive fixed-rate variable annuities, represents about 12% of operating earnings, with a total account value of $22 billion [21][22] Market Data and Key Metrics Changes - The banking crisis that began on March 8th has impacted the financial sector, but the company maintains a strong liquidity position and a high-quality investment portfolio [30][32] - The company’s RBC ratio remains above target levels, indicating strong capital management [33][36] Company Strategy and Development Direction - The company is focusing on separating its capital-intensive legacy VA business from its core retirement business to enhance transparency and reduce risk [15][52] - The new Wealth Management segment is expected to drive growth, leveraging synergies from affiliated advisors and a holistic life planning advice model [18][23] - The company aims to continue improving its business mix towards higher-margin segments, with a target payout ratio of 55% to 65% [98][99] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating market volatility due to a strong balance sheet and diversified cash flow sources [58][60] - The company anticipates a normalization of mortality rates and expects to maintain its cash generation guidance of $1.3 billion for the year [65][74] Other Important Information - The introduction of the new LDTI accounting standards is expected to enhance transparency and align accounting with fair value management [14][52] - The company plans to increase its dividend to $0.22 per share, reflecting a commitment to returning capital to shareholders [51] Q&A Session Summary Question: Cash Position and Market Uncertainty - Management indicated that the $1.8 billion cash at the holding company provides a buffer during uncertain times and supports ongoing cash flow generation [63][65] Question: Business Relocation Progress - The Individual Retirement business has successfully transitioned to Arizona, with the Group Retirement business on track for completion this year [66][68] Question: Commercial Mortgage Loan Metrics - The company reported that less than 2% of its commercial mortgage loans are maturing in 2023, indicating a strong position in the portfolio [71] Question: Protection Business Mortality Losses - Management noted that mortality volatility is influenced by seasonal factors and COVID transitioning to an endemic state, but overall mortality has been in line with expectations [73][74] Question: Legacy Business Capital Allocation - The Legacy business has seen a significant reduction in capital requirements, running off at $2 billion to $3 billion per year, and is fully reserved [107] Question: RBC Generation and Dividend Capacity - The company expects to generate approximately 10 RBC points per quarter, with a focus on maintaining a strong capital position while managing dividend capacity [118]

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 ...

Equitable Holdings, Inc. (NYSE:EQH) Q4 2022 Earnings Conference Call February 9, 2023 8:00 AM 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 Kate Burke – Chief Operating Officer and Chief Financial Officer-AllianceBernstein Corporation Conference Call Participants Ryan Krueger – KBW Tom Gallagher – Evercore ISI Jimmy Buller – JPMorgan Securities Michael Wa ...

Equitable Holdings, Inc. (NYSE:EQH) Q3 2022 Earnings Conference Call November 3, 2022 8:00 AM ET Company Participants Isil Muderrisoglu – Head of IR Mark Pearson - President and CEO Nick Lane – President, Equitable Robin Raju – Chief Financial Officer Kate Burke - COO and CFO, AllianceBernstein Corporation Conference Call Participants Elyse Greenspan - Wells Fargo Jamminder Singh Bhullar - J.P. Morgan Ryan Krueger - Keefe, Bruyette, & Woods Nigel Dally - Morgan Stanley Alexander Scott - Goldman Sachs Tracy ...

| --- | --- | |---------------------------------------------------------|-------| | | | | | | | Equitable Holdings Third Quarter 2022 Earnings Results | | | November 3, 2022 | | Note Regarding Forward-Looking and Non-GAAP Financial Measures This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "expects," "believes," "anticipates," "intends," "seeks," "aims," "plans," "assumes," "estimates," "projects," "should," "would ...

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, 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) D ...