Form 8-K

8-K — Equitable Holdings, Inc.

Accession: 0001333986-26-000035

Filed: 2026-08-04

Period: 2026-08-04

CIK: 0001333986

SIC: 6411 (INSURANCE AGENTS BROKERS & SERVICES)

Item: Results of Operations and Financial Condition

Item: Regulation FD Disclosure

Item: Financial Statements and Exhibits

Documents

8-K — axaeq-20260804.htm (Primary)

EX-99.1 (eqh2q2026earningsrelease.htm)

EX-99.2 (eqh2q2026qfsdocument.htm)

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GRAPHIC (coverpage.jpg)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: axaeq-20260804.htm · Sequence: 1

axaeq-20260804

0001333986false00013339862026-08-042026-08-040001333986exch:XNYSus-gaap:CommonClassAMember2026-08-042026-08-040001333986exch:XNYSus-gaap:SeriesAPreferredStockMember2026-08-042026-08-040001333986exch:XNYSus-gaap:SeriesCPreferredStockMember2026-08-042026-08-04

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 4, 2026

Equitable Holdings, Inc.

(Exact name of registrant as specified in its charter)

Delaware 001-38469 90-0226248

(State or other jurisdiction of (Commission File Number) (I.R.S. Employer

incorporation or organization) Identification No.)

1345 Avenue of the Americas, New York, New York 10105

(Address of principal executive offices) (Zip Code)

(212) 554-1234

(Registrant’s telephone number, including area code)

Not Applicable

(Former name or address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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

Title of each class Trading Symbol Name of Exchange on which registered

Common Stock EQH New York Stock Exchange

Depositary Shares, each representing a 1/1,000th interest in a share of Fixed Rate Noncumulative Perpetual Preferred Stock, Series A EQH PR A New York Stock Exchange

Depositary Shares, each representing a 1/1,000th interest in a share of Fixed Rate Noncumulative Perpetual Preferred Stock, Series C EQH PR C New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 under the Securities Act (17 CFR 230.405) or Rule 12b-2 under the Exchange Act (17 CFR 240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On August 4, 2026, Equitable Holdings, Inc. (“EQH”) issued a press release announcing its financial results for the quarter ended June 30, 2026. A copy of the press release containing this information is furnished as Exhibit 99.1 hereto and is incorporated herein by reference. In addition, more detailed financial information may be found in EQH’s Financial Supplement for the quarter ended June 30, 2026. A copy of the Financial Supplement for the quarter ended June 30, 2026 is furnished as Exhibit 99.2 hereto and is incorporated herein by reference.

As provided in General Instruction B.2 of Form 8-K, the information and exhibits provided pursuant to this Item 2.02 shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section, nor shall they be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

Item 7.01 Regulation FD Disclosure.

In connection with its earnings call for the quarter ended June 30, 2026, EQH has prepared a presentation for use with investors and other members of the investment community, which will be accessible via EQH’s investor relations website at https://ir.equitableholdings.com at 4:15 p.m. ET on Tuesday, August 4, 2026.

As provided in General Instruction B.2 of Form 8-K, the information provided pursuant to this Item 7.01 shall not be deemed to be “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liability of that section, nor shall it be deemed to be incorporated by reference in any filing under the Securities Act or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit No. Description of Exhibit

99.1

Press release of Equitable Holdings, Inc., dated August 4, 2026 (furnished and not filed)

99.2

Financial Supplement for the quarter ended June 30, 2026 (furnished and not filed)

104 Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

EQUITABLE HOLDINGS, INC.

Date: August 4, 2026

By:

/s/ William Eckert

Name:

William Eckert

Title:

Chief Accounting Officer

(Principal Accounting Officer)

EX-99.1

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Document

EQUITABLE HOLDINGS REPORTS SECOND QUARTER 2026 RESULTS

_______________________________________

•Merger with Corebridge Financial approved by shareholders on July 30th and on track to close by year-end 2026

•Positive organic growth across all businesses with net inflows of $1.7 billion in Retirement; $2.0 billion in Wealth Management and $0.8 billion in Asset Management

•Net loss of $453 million, or $1.68 per share

•Non-GAAP operating earnings1 of $488 million, or $1.70 per share; Adjusting for notable items2, Non-GAAP operating earnings of $501 million, or $1.75 per share

•Returned $449 million to shareholders in the quarter, on track to deliver a 60-70% payout ratio target in 2026

_______________________________________

New York, NY, August 4, 2026 — Equitable Holdings, Inc. (“Equitable Holdings”, “Holdings”, or the “Company”) (NYSE: EQH) today announced financial results for the second quarter ended June 30, 2026.

“During the second quarter, we made significant progress on the merger with Corebridge while also delivering strong financial results. We reported Non-GAAP operating earnings per share of $1.70, or $1.75 excluding notable items, up 24% from the prior year quarter. Our businesses delivered healthy organic growth, highlighted by $1.7 billion of net inflows in Retirement, $2.0 billion of advisory net inflows in Wealth Management and $0.8 billion of net inflows for AllianceBernstein. Positive flows, coupled with favorable market conditions, drove assets under management to a record $1.2 trillion in the quarter,” said Mark Pearson, President and Chief Executive Officer.

Mr. Pearson concluded, “We remain focused on executing our growth strategy and delivering on our 2026 financial targets so that we enter the merger with strong momentum. Shareholders overwhelmingly approved the merger on July 30th and we remain on track to close by year-end 2026. Our joint integration efforts are well underway, and I am confident that the New Equitable will have the scale, distribution reach and business model to be a winner in growing markets and deliver long-term value for our customers and shareholders.”

1 This press release includes certain Non-GAAP financial measures. More information on these measures and reconciliations to the most comparable U.S. GAAP measures can be found in the “Use of Non-GAAP Financial Measures” section of this release.

2 Please refer to Exhibit 1 for a detailed reconciliation and definitions related to notable items.

Consolidated Results

Second Quarter

(in millions, except per share amounts or unless otherwise noted) 2026 2025

Total Assets Under Management/Administration (“AUM/A”, in billions) $ 1,175 $ 1,070

Net income (loss) attributable to Holdings (453) (349)

Net income (loss) attributable to Holdings per common share (1.68) (1.21)

Non-GAAP operating earnings 488 352

Non-GAAP operating earnings per common share (“EPS”) 1.70 1.10

As of June 30, 2026, total AUM/A increased 10% year-over-year to $1.2 trillion, driven by positive net flows and higher markets over the prior twelve months.

Net loss attributable to Holdings for the second quarter of 2026 was $453 million compared to $349 million in the second quarter of 2025.

Non-GAAP operating earnings in the second quarter of 2026 were $488 million compared to $352 million in the second quarter of 2025. Adjusting for notable items3 of $14 million, second quarter 2026 Non-GAAP operating earnings were $501 million or $1.75 per share.

As of June 30, 2026, book value per common share including accumulated other comprehensive income (“AOCI”) was $(6.79). Book value per common share excluding AOCI was $16.89. Both of these measures reflect the Company’s 68% ownership stake in AllianceBernstein (“AB”) at book value. Book value per common share excluding AOCI but with AB reflected at fair market value was $30.92.

3 Please refer to Exhibit 1 for detailed reconciliation and definitions related to notable items.

Business Highlights

•Second quarter 2026 business segment highlights:

◦Retirement reported net inflows of $1.7 billion and first year premiums of $6.2 billion increased 13% over the prior year.

◦Asset Management (AllianceBernstein or “AB”)4 reported net inflows of $0.8 billion, driven by the retail and institutional channels.

◦Wealth Management (“WM”) reported advisory net inflows of $2.0 billion and total assets under administration of $141 billion.

•Capital management program:

◦The Company returned $449 million to shareholders in the second quarter, including $83 million quarterly cash dividends and $366 million of share repurchases. The Company had a payout ratio of 70% in the first half of 2026 and remains on track to achieve its targeted 60-70% payout ratio for 2026.

◦The Company continues to target $1.8 billion of cash generation for 2026 and has received regulatory approval for up to $0.9 billion of insurance company dividends in the second half of the year.

◦The Company reported cash and liquid assets of $0.8 billion at Holdings5 as of quarter end, which remains above the $500 million minimum target. The combined NAIC RBC ratio remains well above the Company’s target of 400% as of quarter end.

•Delivering shareholder value:

◦The Company has deployed $25 billion of capital to AB’s Private Markets Platform, above its original $20 billion capital commitment. This supports growth in AB’s Private Markets business, which had $91 billion of assets under management as of quarter end.

◦On July 30th, the Company received shareholder approval for the merger with Corebridge Financial. Subject to regulatory approvals, the merger is expected to close by year-end 2026. The transaction is expected to be immediately accretive to earnings per share and cash generation with 10%+ accretion on a run rate basis by year-end 2028.

4 Refers to AllianceBernstein L.P. and AllianceBernstein Holding L.P., collectively.

5 Excludes c. $320 million of cash at Holdings which is available to AllianceBernstein through its credit facility with Equitable Holdings.

Business Segment Results

Retirement

(in millions, unless otherwise noted) Q2 2026 Q2 2025

Total Assets (in billions)6

$ 188.8 $ 164.7

Segment net flows (in billions) 1.7 1.9

Operating earnings (loss) 402 354

•Assets increased by 15%, driven by market performance and net inflows over the prior twelve months.

•First year premiums of $6.2 billion increased by 13% while net inflows of $1.7 billion were lower than the prior year quarter.

•Operating earnings of $402 million increased versus the prior year quarter, primarily due to higher fee-based revenue and a lower tax rate.

•Operating earnings adjusted for notable items7 increased from $368 million in the prior year quarter to $408 million. Notable items of $6 million in the current period reflect lower net investment income from alternatives, partially offset by a benefit from tax credits.

Asset Management

(in millions, unless otherwise noted) Q2 2026 Q2 2025

Total AUM (in billions) $ 905.5 $ 829.1

Segment net flows (in billions) 0.8 (6.7)

Operating earnings (loss) 158 131

•AUM increased by 9% due to market performance over the prior twelve months.

•Net inflows were $0.8 billion in the quarter, driven by net inflows of $0.9 billion in Retail and $0.6 billion in Institutional, partially offset by net outflows of $0.7 billion in Private Wealth.

•Operating earnings adjusted for notable items increased from $131 million in the prior year quarter to $139 million, primarily due to growth in base fees. Notable items of $19 million in the current period reflect a non-recurring tax benefit.

6 Retirement assets includes account value (net of embedded derivatives), spread lending balances and reserves (excluding MRBs)

7 Please refer to Exhibit 1 for a detailed reconciliation and definitions related to notable items.

Wealth Management

(in millions, unless otherwise noted) Q2 2026 Q2 2025

Total AUA (in billions) $ 140.6 $ 110.3

Advisory net new assets (in billions)

2.0 2.0

Operating earnings (loss) 63 50

•AUA increased by 27% over the last twelve months due to market performance, net inflows and acquired assets from the Stifel transaction.

•Advisory net inflows were $2.0 billion in the quarter, supported by a 13% year-over-year increase in advisor productivity.

•Operating earnings adjusted for notable items increased from $50 million in the prior year quarter to $60 million, primarily due to growth in client assets and advisory fees. Notable items of $3 million in the current period reflect a non-recurring tax benefit.

Corporate and Other (“C&O”)

The operating loss of $135 million in the second quarter decreased from an operating loss of $183 million in the prior year quarter. After adjusting for notable items8, the operating loss was $106 million versus a loss of $103 million in the prior year quarter.

8 Please refer to Exhibit 1 for a detailed reconciliation and definitions related to notable items.

Exhibit 1: Notable Items

Notable items represent the impact on results from our annual actuarial assumption review, approximate impacts attributable to significant variances from the Company’s expectations, and other items that the Company believes may not be indicative of future performance. The Company chooses to highlight the impact of these items and give Non-GAAP measures less notable items to provide a better understanding of our results of operations in a given period. Certain figures may not sum due to rounding.

Impact of notable items by segment and Corporate & Other:

Three Months Ended June 30,

(in millions) 2026 2025

Non-GAAP Operating Earnings $ 488 $ 352

Post-tax adjustments related to notable items:

Retirement 6 14

Asset Management (19) —

Wealth Management (3) —

Corporate & Other 29 80

Non-GAAP Operating Earnings, less Notable Items $ 501 $ 447

Impact of notable items by item category:

Three Months Ended June 30,

(in millions) 2026 2025

Non-GAAP Operating Earnings $ 488 $ 352

Post-tax adjustments related to notable Items:

Net investment income 49 12

Late reported claims & associated expenses — 61

Expenses — 21

Tax credit (35) —

Non-GAAP Operating Earnings, less Notable Items $ 501 $ 447

Earnings Conference Call

Equitable Holdings will host a conference call at 8 a.m. ET on August 5, 2026 to discuss its second quarter 2026 results. The conference call webcast, along with additional earnings materials, will be accessible on the company’s investor relations website at ir.equitableholdings.com. Please log on to the webcast at least 15 minutes prior to the call to download and install any necessary software.

To register for the conference call, please use the following link:

EQH Second Quarter 2026 Earnings Call

After registering, you will receive an email confirmation including dial in details and a unique conference call code for entry. Registration is open through the live call. To ensure you are connected for the full call we suggest registering a day in advance or at minimum 10 minutes before the start of the call.

A webcast replay will be made available on the Equitable Holdings Investor Relations website at ir.equitableholdings.com.

About Equitable Holdings

Equitable Holdings, Inc. (NYSE: EQH) is a leading financial services holding company comprised of complementary and well-established businesses, Equitable, AllianceBernstein and Equitable Advisors. Equitable Holdings has $1.2 trillion in assets under management and administration (as of 6/30/2026) and more than 5 million client relationships globally. Founded in 1859, Equitable provides retirement and protection strategies to individuals, families and small businesses. AllianceBernstein is a global investment management firm that offers diversified investment services to institutional investors, individuals and private wealth clients. Equitable Advisors, LLC (Equitable Financial Advisors in MI and TN) has approximately 4,600 duly registered and licensed financial professionals that provide financial planning, wealth management, retirement planning, protection and risk management services to clients across the country.

Contacts:

Investor Relations

Erik Bass

IR@equitable.com

Media Relations

Laura Yagerman

mediarelations@equitable.com

Note Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by the use of terms such as “believes,” “expects,” “may,” “will,” “shall,” “should,” “would,” “could,” “seeks,” “aims,” “projects,” “forecasts,” “intends,” “targets,” “plans,” “estimates,” “anticipates,” “goals,” “guidance,” “formidable,” “preliminary,” “objective,” “continue,” “drive,” “improve,” “superior,” “robust,” “positioned,” “resilient,” “vision,” “potential,” “immediate,” and similar expressions or the negative of those expressions or verbs. Forward-looking statements are made based on management’s current expectations and beliefs concerning future developments and their potential effects upon Equitable Holdings, Inc. (“Equitable”) and its consolidated subsidiaries. “We”, “us”, the “Company” and “our” refer to Equitable and its consolidated subsidiaries, unless the context refers only to Equitable as a corporate entity.

These forward-looking statements are not a guarantee of future performance and involve risks and uncertainties, and there are certain important factors that could cause actual results to differ, possibly materially, from expectations or estimates reflected in such forward-looking statements, including, among others: (i) the ability to repurchase shares (if Holdings decides to do so) within the expected timing or at all; (ii) the ability to complete the proposed transaction between Holdings and Corebridge (the “Proposed Transaction”) on the timeframe or in the terms currently anticipated or at all, including due to a failure to obtain requisite stockholder, stock exchange, regulatory, governmental or other approvals; (iii) risks related to difficulties, inabilities or delays in integrating the parties’ businesses; (iv) the ability to realize the anticipated benefits of the Proposed Transaction, including estimated run-rate expense synergies and projected cost savings at the times, and to the extent anticipated, as well as expected, operating earnings and cash flow generation; (v) the occurrence of any event, change or other circumstance that could give rise to the right of either or both parties to terminate the merger agreement; (vi) the potential impact of the announcement or consummation of the Proposed Transaction on Holdings or Corebridge’s stock price and on their respective business, contractual and operational relationships (including with regulatory bodies, employees, suppliers, clients and competitors); (vii) risks related to business disruptions from the Proposed Transaction that may harm the business or current plans and operations of either or both parties, including diversion of management time from ongoing business operations; (viii) the risk that the Proposed Transaction and the announcement thereof could have an adverse effect on the ability of either or both parties to hire and retain key personnel; (ix) the parties’ ability to raise debt on favorable terms or at all; (x) the outcome of any legal proceedings that may be instituted against Holdings, Corebridge, their new parent company or their respective directors; (xi) restrictions on the conduct of Holdings and Corebridge’s respective businesses prior to the closing of the Proposed Transaction and on each of their ability to pursue alternatives to the Proposed Transaction; (xii) the possibility that the Proposed Transaction may be more expensive to complete than anticipated, including as a result of unexpected factors or events, or unforeseen or unknown liabilities; (xiii) the potential impact of a downgrade in Holdings or Corebridge’s insurer financial strength ratings or credit ratings or of the new parent company of Holdings and Corebridge following completion of the Proposed Transaction; (xiv) conditions in the financial markets and economy, including the impact of geopolitical conflicts, changes in tariffs and trade barriers, the impact on Holdings of a shutdown of the U.S. government, and related economic conditions, equity market declines and volatility, interest rate fluctuations, impacts on our goodwill and changes in liquidity and access to and cost of capital; (xv) operational factors, including reliance on the payment of dividends to Holdings by its subsidiaries, protection of confidential customer information or proprietary business information, operational failures by us or our service providers, potential strategic transactions, changes in accounting standards, and catastrophic events, such as the outbreak of pandemic diseases; (xvi) credit, counterparties and investments, including counterparty default on derivative contracts, failure of financial institutions, defaults by third parties and affiliates and economic downturns, defaults and other events adversely affecting our investments; (xvii) our reinsurance and hedging programs; (xviii) our products, structure and product distribution, including variable annuity guaranteed benefits features within certain of our products, variations in statutory capital requirements, financial strength and claims-paying ratings, state insurance laws limiting the ability of our insurance subsidiaries to pay dividends and key product distribution relationships; (xix) estimates, assumptions and valuations, including risk management

policies and procedures, potential inadequacy of reserves and experience differing from pricing expectations, amortization of deferred acquisition costs and financial models; (xx) our Asset Management segment, including fluctuations in assets under management and the industry-wide shift from actively-managed investment services to passive services; (xxi) recruitment and retention of key employees and experienced and productive financial professionals; (xxii) subjectivity of the determination of the amount of allowances and impairments taken on our investments; (xxiii) legal and regulatory risks, including federal and state legislation affecting financial institutions, insurance regulation and tax reform; (xxiv) risks related to our common stock; and (xxv) general risks, including strong industry competition, information systems failing or being compromised and protecting our intellectual property.

Forward-looking statements, including any financial guidance, should be read in conjunction with the other cautionary statements, risks, uncertainties and other factors identified in Holdings’ filings with the Securities and Exchange Commission. Further, any forward-looking statement speaks only as of the date on which it is made, and we undertake no obligation to update or revise any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events, except as otherwise may be required by law.

Forward-looking Non-GAAP Metrics

The Company has presented forward-looking statements regarding Non-GAAP operating earnings, and Non-GAAP operating earnings per share. These non-GAAP financial measures are derived by excluding certain amounts, expenses or income, from the corresponding financial measures determined in accordance with GAAP. The determination of the amounts that are excluded from these non-GAAP financial measures is a matter of management judgment and depends upon, among other factors, the nature of the underlying expense or income amounts recognized in a given period. We are unable to present a quantitative reconciliation of forward-looking adjusted operating earnings per share and payout ratio targeted to non-GAAP operating earnings to their most directly comparable forward-looking GAAP financial measures because such information is not available, and management cannot reliably predict all of the necessary components of such GAAP measures without unreasonable effort or expense. In addition, we believe such reconciliations would imply a degree of precision that would be confusing or misleading to investors. The unavailable information could have a significant impact on the Company’s future financial results. These non-GAAP financial measures are preliminary estimates and are subject to risks and uncertainties, including, among others changes in connection with quarter-end and year-end adjustments. Any variations between the Company’s actual results and preliminary financial data set forth above may be material.

Use of Non-GAAP Financial Measures

In addition to our results presented in accordance with U.S. GAAP, we report Non-GAAP Operating Earnings, and Non-GAAP operating common EPS, each of which is a measure that is not determined in accordance with U.S. GAAP. Management principally uses these Non-GAAP financial measures in evaluating performance because they present a clearer picture of our operating performance and they allow management to allocate resources. Similarly, management believes that the use of these Non-GAAP financial measures, together with relevant U.S. GAAP measures, provide investors with a better understanding of our results of operations and the underlying profitability drivers and trends of our business. These Non-GAAP financial measures are intended to remove from our results of operations the impact of market changes (where there is a mismatch in the valuation of assets and liabilities) as well as certain other expenses which are not part of our underlying profitability drivers or likely to re-occur in the foreseeable future, as such items fluctuate from period-to-period in a manner inconsistent with these drivers. These measures should be considered supplementary to our results that are presented in accordance with U.S. GAAP and should not be viewed as a substitute for the U.S. GAAP measures. Other companies may use similarly titled Non-GAAP financial measures that are calculated differently from the way we calculate such measures. Consequently, our Non-GAAP financial measures may not be comparable to similar measures used by other companies.

We also discuss certain operating measures, including AUM, AUA, AV, Policy Reserves and certain other operating measures, which management believes provide useful information about our businesses and the operational factors underlying our financial performance.

Non-GAAP Operating Earnings

Non-GAAP Operating Earnings is an after-tax Non-GAAP financial measure used to evaluate our financial performance on a consolidated basis that is determined by making certain adjustments to our consolidated after-tax net income attributable to Holdings. The most significant of such adjustments relates to our derivative positions, which protect economic value and statutory capital, and the variable annuity product MRBs. This is a large source of volatility in net income.

Non-GAAP Operating Earnings equals our consolidated after-tax net income attributable to Holdings adjusted to eliminate the impact of the following items:

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

•Investment (gains) losses, which includes credit loss impairments of securities/investments, sales or disposals of securities/investments, realized capital gains/losses and valuation allowances;

•Net actuarial (gains) losses, which includes actuarial gains and losses as a result of differences between actual and expected experience on pension plan assets or projected benefit obligation during a given period related to pension, other postretirement benefit obligations, and the one-time impact of the settlement of the defined benefit obligation;

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

•Income tax expense (benefit) related to the above items and non-recurring tax items, which includes the effect of uncertain tax positions for a given audit period and changes to the deferred tax valuation allowance.

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

Because Non-GAAP Operating Earnings excludes the foregoing items that can be distortive or unpredictable, management believes that this measure enhances the understanding of 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.

The table below presents a reconciliation of Net income (loss) attributable to Holdings to Non-GAAP Operating Earnings for the six months ended June 30, 2026 and 2025:

Three Months Ended June 30, Six Months Ended June 30,

(in millions) 2026 2025 2026 2025

Net income (loss) attributable to Holdings $ (453) $ (349) $ 168 $ (286)

Adjustments related to:

Variable annuity product features (1)

1,522 934 1,136 1,145

Investment (gains) losses 65 71 94 85

Net actuarial (gains) losses related to pension and other postretirement benefit obligations 14 11 28 22

Other adjustments (2)

(430) (137) (282) 68

Income tax expense (benefit) related to above adjustments (246) (185) (205) (277)

Non-recurring tax items 16 7 21 16

Non-GAAP Operating Earnings

$ 488 $ 352 $ 960 $ 773

______________

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

(2)Includes the following impacts on Non-VA derivatives: a gain of $198 million and $33 million for the three and six months ended June 30, 2025, respectively; a loss of $176 million and $322 million for the three and six months ended June 30, 2026, respectively. Also includes $14 million of expense related to a disputed billing practice of an AB third-party service provider for the three and six months ended June 30, 2025, respectively.

Non-GAAP Operating EPS

Non-GAAP Operating Earnings per common share is calculated by dividing Non-GAAP Operating Earnings less preferred stock dividends by diluted common shares outstanding. The table below presents a reconciliation of GAAP EPS to Non-GAAP Operating EPS for the six months ended June 30, 2026 and 2025.

Three Months Ended June 30, Six Months Ended June 30,

(per share amounts) 2026 2025 2026 2025

Net income (loss) attributable to Holdings

$ (1.63) $ (1.15) $ 0.60 $ (0.94)

Less: Preferred stock dividend 0.05 0.06 0.10 0.10

Net Income (loss) available to common shareholders (1.68) (1.21) 0.50 (1.04)

Adjustments related to:

Variable annuity product features (1)

5.47 3.08 4.03 3.75

Investment (gains) losses

0.23 0.23 0.33 0.28

Net actuarial (gains) losses related to pension and other postretirement benefit obligations 0.05 0.04 0.10 0.07

Other adjustments (2)

(1.55) (0.45) (0.99) 0.23

Income tax expense (benefit) related to above adjustments (0.88) (0.61) (0.73) (0.91)

Non-recurring tax items 0.06 0.02 0.07 0.05

Non-GAAP Operating Earnings $ 1.70 $ 1.10 $ 3.31 $ 2.43

_______________

(1)As a result of the novation of certain Legacy VA policies completed during the first quarter of 2025, the Company recorded an impact per common shares of $1.63 for the six months ended June 30, 2025.

(2)Includes the following impacts on Non-VA derivatives: a gain of $0.65 and $0.11 for the three and six months ended June 30, 2025, respectively; a loss of $0.63 and $1.14 for the three and six months ended June 30, 2026, respectively. Also includes $0.05 of expense related to a disputed billing practice of an AB third-party service provider for the three and six months ended June 30, 2025, respectively.

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 total equity attributable to Holdings, excluding AOCI and preferred stock, divided by ending common shares outstanding.

June 30,

2026 December 31, 2025

Book value per common share $ (6.79) $ (4.03)

Per share impact of AOCI 23.68 22.17

Book Value per common share, excluding AOCI $ 16.89 $ 18.14

Other Operating Measures

We also use certain operating measures which management believes provide useful information about our businesses and the operational factors underlying our financial performance.

Account Value (“AV”)

Account value generally equals the aggregate policy account value of our retirement products.

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 Retirement and Life businesses. Total AUM reflects exclusions between segments to avoid double counting.

Assets Under Management (“AUA”)

AUA means advisory and brokerage investment assets included in the Company’s Wealth Management segment.

Segment net flows

Net change in segment 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.

Consolidated Statements of Income (Loss) (Unaudited)

Three Months Ended June 30, Six Months Ended June 30,

2026 2025 2026 2025

(in millions)

REVENUES

Policy charges and fee income $ 426 $ 626 $ 855 $ 1,262

Premiums 268 260 508 564

Net derivative gains (losses) (2,055) (1,374) (1,475) (575)

Net investment income (loss) 1,397 1,355 2,681 2,603

Investment gains (losses), net:

Credit and intent to sell losses on available-for-sale debt securities and loans (44) (54) (37) (54)

Other investment gains (losses), net (21) (17) (57) (31)

Total investment gains (losses), net (65) (71) (94) (85)

Investment management and service fees 1,328 1,272 2,655 2,557

Other income 359 294 758 612

Total revenues 1,658 2,362 5,888 6,938

BENEFITS AND OTHER DEDUCTIONS

Policyholders’ benefits 435 787 820 1,546

Remeasurement of liability for future policy benefits (15) (13) (6) (15)

Change in market risk benefits and purchased market risk benefits (1,001) (606) (676) 66

Interest credited to policyholders’ account balances 834 796 1,604 1,474

Compensation and benefits 642 592 1,267 1,193

Commissions and distribution-related payments 562 488 1,118 989

Interest expense 56 61 118 116

Amortization of deferred policy acquisition costs 214 193 423 381

Other operating costs and expenses 424 427 826 1,377

Total benefits and other deductions 2,151 2,725 5,494 7,127

Income (loss) from continuing operations, before income taxes (493) (363) 394 (189)

Income tax (expense) benefit 140 80 (16) 56

Net income (loss) (353) (283) 378 (133)

Less: Net income (loss) attributable to the noncontrolling interest 100 66 210 153

Net income (loss) attributable to Holdings (453) (349) 168 (286)

Less: Preferred stock dividends 13 18 27 32

Net income (loss) available to Holdings’ common shareholders $ (466) $ (367) $ 141 $ (318)

Earnings Per Common Share

Three Months Ended June 30,

2026 2025

(in millions)

Earnings per common share

Basic $ (1.68) $ (1.21)

Diluted $ (1.68) $ (1.21)

Weighted average shares

Weighted average common stock outstanding for basic earnings per common share 278.3 303.2

Weighted average common stock outstanding for diluted earnings per common share

278.3 303.2

Results of Operations by Segment

Three Months Ended June 30,

2026 2025

(in millions)

Operating earnings (loss) by segment:

Retirement

$ 402 $ 354

Asset Management

158 131

Wealth Management 63 50

Corporate and Other

(135) (183)

Non-GAAP Operating Earnings $ 488 $ 352

Select Balance Sheet Statistics

June 30,

2026 December 31,

2025

(in millions)

ASSETS

Total investments and cash and cash equivalents $ 143,034 $ 133,466

Separate Accounts assets 143,006 136,544

Total assets $ 334,657 $ 317,990

LIABILITIES

Long-term debt $ 3,839 $ 3,835

Future policy benefits and other policyholders' liabilities 17,372 17,660

Policyholders’ account balances 146,445 133,433

Total liabilities $ 333,434 $ 316,202

EQUITY

Preferred stock $ 1,068 $ 1,068

Accumulated other comprehensive income (loss) (6,465) (6,280)

Total equity attributable to Holdings (785) (74)

Total equity attributable to Holdings' common shareholders (ex. AOCI) 4,612 5,138

Assets Under Management (Unaudited)

June 30,

2026 December 31,

2025

(in billions)

Assets Under Management

AB AUM $ 905.5 $ 866.9

Exclusion for General Account and other Affiliated Accounts (94.2) (87.3)

Exclusion for Separate Accounts (63.3) (51.0)

AB third party $ 748.0 $ 728.6

Total Company AUM

AB third party $ 748.0 $ 728.6

General Account and other Affiliated Accounts (1) (3) (4) (5) (6) 143.0 133.5

Separate Accounts (2) (3) (4) (5) (6) 143.0 136.5

Total AUM $ 1,034.0 $ 998.6

_______________

(1) “General Account and other Affiliated Accounts” refers to assets held in the general accounts of our insurance companies and other assets on which we bear the investment risk.

(2) “Separate Accounts” refers to the separate account investment assets of our insurance subsidiaries excluding any assets on which we bear the investment risk.

(3) As of June 30, 2026 and December 31, 2025, Separate Accounts AUM is inclusive of $8.2 billion and $8.2 billion & General Account AUM is inclusive of $28 million and $28 million, respectively, ceded to Venerable.

(4) As of June 30, 2026 and December 31, 2025, Separate Accounts AUM is inclusive of $7.6 billion and $7.2 billion & General Account AUM is inclusive of $2.9 billion and $3.0 billion, respectively, ceded to Global Atlantic.

(5) Includes Advisory, Brokerage and Direct assets included in our Wealth Management segment.

(6) As of June 30, 2026 and December 31, 2025, Separate Accounts AUM is inclusive of $16.3 billion and $15.1 billion & General Account AUM is inclusive of $9.3 billion and $9.3 billion, respectively, ceded to RGA.

EX-99.2

Filename: eqh2q2026qfsdocument.htm · Sequence: 3

Document

Table of Contents

Consolidated Financials and Key Metrics Page

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

Select Metrics from Business Segments

Retirement

Statements of Operating Earnings (Loss) and Summary Metrics

Select Operating Metrics

Asset Value Rollforward

Asset Management (1)

Statements of Operating Earnings (Loss) and Summary Metrics

AB Select Adjusted Financials and Ratios

Select Operating Metrics

Net Flows

Wealth Management

Statements of Operating Earnings (Loss) and Summary Metrics

Select Operating Metrics

Corporate and Other

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

Notes:

(1) Refers to AllianceBernstein L.P. and AllianceBernstein Holding L.P., collectively

All information included in this financial supplement is unaudited.

This financial supplement should be read in conjunction with 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.

2Q 2026 Financial Supplement

Consolidated Financials

and Key Metrics

2Q 2026 Financial Supplement

Key Metrics Summary

For the Three Months Ended or As of For the Six Months Ended or As of

(in millions USD, unless otherwise indicated) 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026 Change 6/30/2025 6/30/2026 Change

Net income (loss) $ (283) $ (1,215) $ 311 $ 731 $ (353) (24.7) % $ (133) $ 378 384.2 %

Net income (loss) attributable to the noncontrolling interest (66) (94) (96) (110) (100) (51.5) % (153) (210) (37.3) %

Net income (loss) attributable to Holdings $ (349) $ (1,309) $ 215 $ 621 $ (453) (29.8) % $ (286) $ 168 158.7 %

Non-GAAP Operating Earnings (1) $ 352 $ 455 $ 513 $ 472 $ 488 38.6 % $ 773 $ 960 24.2 %

Total equity attributable to Holdings' shareholders $ 1,149 $ 148 $ (74) $ 273 $ (785) (168.3) % $ 1,149 $ (785) (168.3) %

Less: Preferred Stock 1,228 1,068 1,068 1,068 1,068 (13.0) % 1,228 1,068 (13.0) %

Total equity attributable to Holdings' common shareholders (79) (920) (1,142) (795) (1,853) N/M (79) (1,853) N/M

Less: Accumulated other comprehensive income (loss) (7,432) (6,191) (6,280) (6,300) (6,465) 13.0 % (7,432) (6,465) 13.0 %

Total equity attributable to Holdings' common shareholders (ex. AOCI) $ 7,353 $ 5,271 $ 5,138 $ 5,505 $ 4,612 (37.3) % $ 7,353 $ 4,612 (37.3) %

Return on Equity (ex. AOCI) (TTM) 4.9 % (10.4) % (22.0) % (15.2) % (19.1) % 4.9 % (19.1) %

Non-GAAP Operating ROE (TTM) (1) 21.1 % 22.4 % 25.6 % 29.8 % 36.5 % 21.1 % 36.5 %

Debt to capital:

Debt to Capital (ex. AOCI) 33.5 % 37.7 % 38.3 % 36.9 % 40.3 % 33.5 % 40.3 %

Adjusted debt to capital (ex. AOCI) 31.6 % 35.3 % 35.9 % 34.5 % 37.7 % 31.6 % 37.7 %

Adjusted capital metrics:

Total equity adjustment for Holdings' portion of AB's market value (3) $ 4,982 $ 4,443 $ 4,448 $ 4,260 $ 3,828 (23.2) % $ 4,982 $ 3,828 (23.2) %

Book value with AB at market value per common share (ex. AOCI) $ 40.89 $ 33.59 $ 33.84 $ 34.70 $ 30.92 (24.4) % $ 40.89 $ 30.92 (24.4) %

Adjusted debt to capital with AB at market value (ex. AOCI) 22.8 % 24.5 % 24.9 % 24.5 % 26.9 % 22.8 % 26.9 %

Per common share:

Diluted earnings per common share: (2)

Net income (loss) attributable to Holdings $ (1.21) $ (4.47) $ 0.70 $ 2.14 $ (1.68) (38.8) % $ (1.04) $ 0.50 148.1 %

Non-GAAP Operating Earnings (1) $ 1.10 $ 1.48 $ 1.73 $ 1.62 $ 1.70 54.5 % $ 2.43 $ 3.31 36.2 %

Book value per common share $ (0.26) $ (3.18) $ (4.03) $ (2.83) $ (6.79) N/M $ (0.26) $ (6.79) N/M

Book value per common share (ex. AOCI) $ 24.37 $ 18.23 $ 18.14 $ 19.56 $ 16.89 (30.7) % $ 24.37 $ 16.89 (30.7) %

Weighted-average common shares outstanding:

Basic 303.2 296.2 285.5 281.3 278.3 (8.2) % 305.5 279.8 (8.4) %

Diluted 303.2 296.2 289.1 283.8 278.3 (8.2) % 305.5 281.6 (7.8) %

Ending common shares outstanding 301.7 289.2 283.3 281.4 273.0 (9.5) % 301.7 273.0 (9.5) %

Return to common shareholders:

Common stock dividend $ 82 $ 81 $ 77 $ 76 $ 83 $ 156 $ 159

Repurchase of common shares 236 676 277 147 366 497 513

Total capital returned to common shareholders $ 318 $ 757 $ 354 $ 223 $ 449 $ 653 $ 672

Notes:

(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) Adjustment for AB market value represents the difference between EQH economic interest in AB's total units multiplied by AB's total units and EQH economic interest in AB's Total Partners' Capital Attributable to AB Unitholders ex. AOCI. As of June 30, 2026, March 31, 2026, December 31, 2025, September 30, 2025 and June 30, 2025, AB's total units, including General Partnership units ABLP units, were $297.6 million, $297.6 million, 296.5 million, 295.2 million and 295.0 million, respectively. This is a pro-forma calculation, not the figures recorded in our financial statements.

2Q 2026 Financial Supplement

Consolidated Statements of Income (Loss)

For the Three Months Ended For the Six Months Ended

(in millions USD, unless otherwise indicated) 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026 Change 6/30/2025 6/30/2026 Change

Revenues

Policy charges and fee income $ 626 $ 471 $ 435 $ 429 $ 426 (31.9) % $ 1,262 $ 855 (32.3) %

Premiums 260 258 224 240 268 3.1 % 564 508 (9.9) %

Net derivative gains (losses) (1,374) (1,117) (363) 580 (2,055) (49.6) % (575) (1,475) (156.5) %

Net investment income (loss) 1,355 1,343 1,288 1,284 1,397 3.1 % 2,603 2,681 3.0 %

Investment gains (losses), net (71) (1,170) (84) (29) (65) 8.5 % (85) (94) (10.6) %

Investment management and service fees 1,272 1,316 1,390 1,327 1,328 4.4 % 2,557 2,655 3.8 %

Other income 294 349 387 399 359 22.1 % 612 758 23.9 %

Total revenues 2,362 1,450 3,277 4,230 1,658 (29.8) % 6,938 5,888 (15.1) %

Benefits and other deductions

Policyholders’ benefits 787 452 397 385 435 (44.7) % 1,546 820 (47.0) %

Remeasurement of liability for future policy benefits (13) 59 (6) 9 (15) (15.4) % (15) (6) 60.0 %

Change in market risk benefits and purchased market risk benefits (606) (353) (130) 325 (1,001) (65.2) % 66 (676) N/M

Interest credited to policyholders’ account balances 796 798 744 770 834 4.8 % 1,474 1,604 8.8 %

Compensation and benefits 592 601 640 625 642 8.4 % 1,193 1,267 6.2 %

Commissions and distribution-related payments 488 537 567 556 562 15.2 % 989 1,118 13.0 %

Interest expense 61 61 47 62 56 (8.2) % 116 118 1.7 %

Amortization of deferred policy acquisition costs 193 203 205 209 214 10.9 % 381 423 11.0 %

Other operating costs and expenses 427 440 469 402 424 (0.7) % 1,377 826 (40.0) %

Total benefits and other deductions 2,725 2,798 2,933 3,343 2,151 (21.1) % 7,127 5,494 (22.9) %

Income (loss) from operations, before income taxes (363) (1,348) 344 887 (493) (35.8) % (189) 394 308.5 %

Income tax (expense) benefit 80 133 (33) (156) 140 75.0 % 56 (16) (128.6) %

Net income (loss) (283) (1,215) 311 731 (353) (24.7) % (133) 378 384.2 %

Less: net (income) loss attributable to the noncontrolling interest (66) (94) (96) (110) (100) (51.5) % (153) (210) (37.3) %

Net income (loss) attributable to Holdings $ (349) $ (1,309) $ 215 $ 621 $ (453) (29.8) % $ (286) $ 168 158.7 %

Less: Preferred stock dividends (18) (16) (13) (14) (13) 27.8 % (32) (27) 15.6 %

Net income (loss) available to Holdings' common shareholders $ (367) $ (1,325) $ 202 $ 607 $ (466) (27.0) % $ (318) $ 141 144.3 %

Adjustments related to:

Variable annuity product features (1) $ 934 $ 978 $ 258 $ (386) $ 1,522 $ 1,145 $ 1,136

Investment (gains) losses, net (2) 71 1,170 84 29 65 85 94

Net actuarial (gains) losses related to pension and other postretirement benefit obligations

11 19 9 14 14 22 28

Other adjustments (3) (137) (164) 21 148 (430) 68 (282)

Income tax expense (benefit) related to above adjustments

(185) (437) (62) 41 (246) (277) (205)

Non-recurring tax items 7 198 (12) 5 16 16 21

Non-GAAP Operating earnings (4) $ 352 $ 455 $ 513 $ 472 $ 488 $ 773 $ 960

Notes:

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

(2) Includes $1.1 billion as a result of the assets transferred related to the reinsurance agreement with RGA for the three months ended September 30, 2025.

(3) Includes the following impacts on Non-VA derivatives: a gain of $198 million and $33 million for the three and six months ended June 30, 2025, a gain of $230 million for the three months ended September 30, 2025, a gain of $41 million for the three months ended December 31, 2025, a loss of $146 million for the three months ended March 31, 2026 and a loss of $176 million and $322 million for the three and six months ended June 30, 2026. Also, includes $14 million for the three and six months ended June 30, 2025, $(8) million for the three months ended September 30, 2025, and $6 million for the three months ended December 31, 2025, respectively, of expense related to a disputed billing practice of an AB third-party service provider.

(4) 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.

2Q 2026 Financial Supplement

Consolidated Balance Sheets

Balances as of

(in millions USD, unless otherwise indicated) 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026

Assets

Total investments $ 121,798 $ 116,505 $ 121,004 $ 121,679 $ 125,851

Cash and cash equivalents 14,957 13,604 12,462 9,904 17,183

Cash and securities segregated, at fair value 483 425 499 351 229

Broker-dealer related receivables 1,933 1,996 2,162 2,183 2,291

Deferred policy acquisition costs 7,361 7,430 7,523 7,584 7,638

Goodwill and other intangible assets, net 5,342 5,327 5,309 5,350 5,335

Amounts due from reinsurers 7,501 20,025 20,127 20,373 20,744

Current and deferred income taxes 1,749 2,337 2,577 2,611 2,986

Purchased market risk benefits 5,543 5,415 5,260 5,266 4,710

Other assets 3,962 3,678 3,771 3,936 3,744

Assets for market risk benefits 776 762 752 675 940

Separate Accounts assets 131,683 136,905 136,544 130,470 143,006

Total assets $ 303,088 $ 314,409 $ 317,990 $ 310,382 $ 334,657

Liabilities

Policyholders’ account balances $ 123,359 $ 129,561 $ 133,433 $ 132,662 $ 146,445

Liability for market risk benefits 10,187 10,301 10,153 9,825 8,816

Future policy benefits and other policyholders’ liabilities 17,557 17,611 17,660 17,441 17,372

Broker-dealer related payables 1,454 1,367 1,370 665 798

Customers related payables 1,885 1,740 1,937 1,988 2,051

Amounts due to reinsurers 1,350 1,451 1,542 1,306 1,155

Short-term debt — — 25 — —

Long-term debt 4,332 3,833 3,835 3,837 3,839

Notes issued by consolidated variable interest entities, at fair value using the fair value option 2,471 2,530 2,702 3,090 3,128

Other liabilities 5,847 7,162 7,001 6,848 6,824

Separate Accounts liabilities 131,683 136,905 136,544 130,470 143,006

Total liabilities 300,125 312,461 316,202 308,132 333,434

Redeemable noncontrolling interest 358 344 322 390 365

Equity

Preferred stock 1,228 1,068 1,068 1,068 1,068

Common stock 5 5 5 5 5

Additional paid-in capital 1,901 1,917 1,932 1,915 1,939

Treasury shares (4,423) (5,011) (5,165) (5,190) (5,559)

Retained earnings 9,870 8,360 8,366 8,775 8,227

Accumulated other comprehensive income (loss) (7,432) (6,191) (6,280) (6,300) (6,465)

Total equity attributable to Holdings 1,149 148 (74) 273 (785)

Noncontrolling interest 1,456 1,456 1,540 1,587 1,643

Total equity 2,605 1,604 1,466 1,860 858

Total liabilities, redeemable noncontrolling interest and equity $ 303,088 $ 314,409 $ 317,990 $ 310,382 $ 334,657

2Q 2026 Financial Supplement

Consolidated Capital Structure

Balances as of

(in millions USD, unless otherwise indicated) 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026

Short-term and long-term debt:

Total short-term debt $ — $ — $ 25 $ — $ —

Total long-term debt 4,332 3,833 3,835 3,837 3,839

Total short-term and long-term debt: [A]

$ 4,332 $ 3,833 $ 3,860 $ 3,837 $ 3,839

Equity:

Preferred stock $ 1,228 $ 1,068 $ 1,068 $ 1,068 $ 1,068

Common stock 5 5 5 5 5

Additional paid-in capital 1,901 1,917 1,932 1,915 1,939

Treasury stock, at cost (4,423) (5,011) (5,165) (5,190) (5,559)

Retained earnings 9,870 8,360 8,366 8,775 8,227

Accumulated other comprehensive income (loss) (7,432) (6,191) (6,280) (6,300) (6,465)

Total equity attributable to Holdings 1,149 148 (74) 273 (785)

Noncontrolling interest 1,456 1,456 1,540 1,587 1,643

Total equity $ 2,605 $ 1,604 $ 1,466 $ 1,860 $ 858

Total equity attributable to Holdings, (ex. AOCI): [B]

$ 8,581 $ 6,339 $ 6,206 $ 6,573 $ 5,680

Capital:

Total capitalization $ 5,481 $ 3,981 $ 3,786 $ 4,110 $ 3,054

Total capitalization (ex. AOCI): [A+B] (2)

$ 12,913 $ 10,172 $ 10,066 $ 10,410 $ 9,519

Debt to capital:

Debt to capital (ex. AOCI) (1) 33.5 % 37.7 % 38.3 % 36.9 % 40.3 %

Adjusted debt to capital (ex. AOCI) 31.6 % 35.3 % 35.9 % 34.5 % 37.7 %

Adjusted debt to capital with AB at market value (ex. AOCI) 22.8 % 24.5 % 24.9 % 24.5 % 26.9 %

For the Three Months Ended

6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026

Roll-forward of common shares outstanding (millions of shares):

Beginning balance 306.3 301.7 289.2 283.3 281.4

Repurchases (2.4) (10.9) (3.3) (1.0) (8.7)

Retirements (2.4) (1.8) (2.6) (2.1) —

Issuances 0.2 0.2 — 1.3 0.2

Ending basic common shares outstanding 301.7 289.2 283.3 281.4 273.0

Total potentially dilutive shares 3.0 3.6 3.6 2.5 1.4

Ending common shares outstanding - maximum potential dilution 304.7 292.8 286.9 283.9 274.4

Notes:

(1) Debt to capital ratio exclusive of CLO Warehousing Debt as the VIE debt is non-recourse.

(2) Adjusted to reflect 50% equity credit for $500 million of Junior Subordinated debt issued during Q1’25

2Q 2026 Financial Supplement

Operating Earnings (Loss) by Segment and Corporate and Other

For the Three Months Ended June 30, 2026

(in millions USD, unless otherwise indicated) Retirement Asset Management Wealth Management Corporate and Other Eliminations Consolidated

Revenues

Policy charges, fee income and premiums $ 328 $ — $ — $ 366 $ — $ 694

Net investment income (loss) 1,234 12 3 86 32 1,367

Net derivative gains (losses) (4) (10) — (22) 4 (32)

Investment management, service fees and other income 190 1,132 541 118 (283) 1,698

Segment revenues 1,748 1,134 544 548 (247) 3,727

Benefits and other deductions

Policyholders’ benefits 79 — — 356 — 435

Remeasurement of liability for future policy benefits (2) — — (13) — (15)

Interest credited to policyholders’ account balances 774 — — 54 — 828

Commissions and distribution-related payments 176 194 353 74 (235) 562

Amortization of deferred policy acquisition costs 164 — — 50 — 214

Compensation and benefits, interest expense, financing fees and other operating costs and expense 105 656 112 179 (12) 1,040

Segment benefits and other deductions 1,296 850 465 700 (247) 3,064

Operating earnings (loss), before income taxes 452 284 79 (152) — 663

Income Taxes (50) (36) (16) 18 — (84)

Operating earnings (loss), before noncontrolling interest 402 248 63 (134) — 579

Less: Operating (earnings) loss attributable to the noncontrolling interest — (90) — (1) — (91)

Operating earnings (loss) $ 402 $ 158 $ 63 $ (135) $ — $ 488

For the Three Months Ended June 30, 2025

Retirement Asset Management Wealth Management Corporate and Other Eliminations Consolidated

Revenues

Policy charges, fee income and premiums $ 287 $ — $ — $ 599 $ — $ 886

Net investment income (loss) 1,048 22 2 274 31 1,377

Net derivative gains (losses) (5) (11) — (12) 5 (23)

Investment Management, service fees and other income 161 1,083 467 116 (266) 1,561

Segment revenues 1,491 1,094 469 977 (230) 3,801

Benefits and other deductions

Policyholders’ benefits 76 — — 711 — 787

Remeasurement of liability for future policy benefits — — — (13) — (13)

Interest credited to policyholders’ account balances 632 — — 173 — 805

Commissions and distribution-related payments 145 197 296 72 (222) 488

Amortization of deferred policy acquisition costs 143 — — 50 — 193

Compensation and benefits, interest expense, financing fees and other operating costs and expense 71 634 105 210 (8) 1,012

Segment benefits and other deductions 1,067 831 401 1,203 (230) 3,272

Operating earnings (loss), before income taxes 424 263 68 (226) — 529

Income Taxes (70) (48) (18) 44 — (92)

Operating earnings (loss), before noncontrolling interest 354 215 50 (182) — 437

Less: Operating (earnings) loss attributable to the noncontrolling interest — (84) — (1) — (85)

Operating earnings (loss) $ 354 $ 131 $ 50 $ (183) $ — $ 352

2Q 2026 Financial Supplement

Operating Earnings (Loss) by Segment and Corporate and Other (2/2)

For the Six Months Ended June 30, 2026

(in millions USD, unless otherwise indicated) Retirement Asset Management Wealth Management Corporate and Other Eliminations Consolidated

Revenues

Policy charges, fee income and premiums $ 635 $ — $ — $ 728 $ — $ 1,363

Net investment income (loss) 2,427 6 6 125 64 2,628

Net derivative gains (losses) (10) (6) — (20) 10 (26)

Investment Management, service fees and other income 375 2,248 1,079 240 (567) 3,375

Segment revenues 3,427 2,248 1,085 1,073 (493) 7,340

Benefits and other deductions

Policyholders’ benefits 149 — — 671 — 820

Remeasurement of liability for future policy benefits (3) — — (3) — (6)

Interest credited to policyholders’ account balances 1,511 — — 105 — 1,616

Commissions and distribution-related payments 347 391 701 152 (473) 1,118

Amortization of deferred policy acquisition costs 324 — — 99 — 423

Compensation and benefits, interest expense, financing fees and other operating costs and expense 197 1,295 233 333 (20) 2,038

Segment benefits and other deductions 2,525 1,686 934 1,357 (493) 6,009

Operating earnings (loss), before income taxes 902 562 151 (284) — 1,331

Income Taxes (104) (85) (33) 33 — (189)

Operating earnings (loss), before noncontrolling interest 798 477 118 (251) — 1,142

Less: Operating (earnings) loss attributable to the noncontrolling interest — (179) — (3) — (182)

Operating earnings (loss) $ 798 $ 298 $ 118 $ (254) $ — $ 960

For the Six Months Ended June 30, 2025

Retirement Asset Management Wealth Management Corporate and Other Eliminations Consolidated

Revenues

Policy charges, fee income and premiums $ 593 $ — $ — $ 1,233 $ — $ 1,826

Net investment income (loss) 2,035 25 5 501 56 2,622

Net derivative gains (losses) (10) (24) — (3) 10 (27)

Investment Management, service fees and other income 328 2,181 926 255 (526) 3,164

Segment revenues 2,946 2,182 931 1,986 (460) 7,585

Benefits and other deductions

Policyholders’ benefits 168 — — 1,378 — 1,546

Remeasurement of liability for future policy benefits (1) — — (14) — (15)

Interest credited to policyholders’ account balances 1,162 — — 306 — 1,468

Commissions and distribution-related payments 287 398 589 155 (440) 989

Amortization of deferred policy acquisition costs 282 — — 99 — 381

Compensation and benefits, interest expense, financing fees and other operating costs and expense 175 1,248 214 438 (20) 2,055

Segment benefits and other deductions 2,073 1,646 803 2,362 (460) 6,424

Operating earnings (loss), before income taxes 873 536 128 (376) — 1,161

Income Taxes (139) (89) (33) 67 — (194)

Operating earnings (loss), before noncontrolling interest 734 447 95 (309) — 967

Less: Operating (earnings) loss attributable to the noncontrolling interest — (190) — (4) — (194)

Operating earnings (loss)

$ 734 $ 257 $ 95 $ (313) $ — $ 773

2Q 2026 Financial Supplement

Assets Under Management and Administration

Balances as of

(in billions USD, unless otherwise indicated)

6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026

AB AUM

Total AB $ 829.1 $ 860.1 $ 866.9 $ 838.6 $ 905.5

Exclusion for General Account and other Affiliated Accounts

(90.0) (85.3) (87.3) (88.8) (94.2)

Exclusion for Separate Accounts

(47.8) (50.4) (51.0) (48.8) (63.3)

AB third party $ 691.3 $ 724.4 $ 728.6 $ 701.0 $ 748.0

Total Company AUM

AB third party $ 691.3 $ 724.4 $ 728.6 $ 701.0 $ 748.0

General Account and other Affiliated Accounts (1) (3) (4) (6)

136.8 130.1 133.5 131.6 143.0

Separate Accounts (2) (3) (4) (6)

131.7 136.9 136.5 130.5 143.0

Total AUM $ 959.7 $ 991.4 $ 998.6 $ 963.1 $ 1,034.0

Total AUA (5) $ 110.3 $ 118.2 $ 122.0 $ 131.0 $ 140.6

Total AUM/A

$ 1,070.0 $ 1,109.6 $ 1,120.6 $ 1,094.1 $ 1,174.6

Market Values:

S&P 500 6,205 6,688 6,846 6,529 7,499

US 10-Year Treasury 4.2 % 4.2 % 4.2 % 4.3 % 4.4 %

Notes:

(1) “General Account and other Affiliated Accounts” refers to assets held in the general accounts of our insurance companies and other assets on which we bear the investment risk.

(2) “Separate Accounts” refers to the separate account investment assets of our insurance subsidiaries excluding any assets on which we bear the investment risk.

(3) As of June 30, 2026, March 31, 2026, December 31, 2025, September 30, 2025 and June 30, 2025, Separate Accounts AUM is inclusive of $8.2 billion, $7.6 billion, $8.2 billion, $8.4 billion and $8.2 billion & General Account AUM is inclusive of $28 million, $27 million, $28 million, $30 million and $31 million, respectively, ceded to Venerable.

(4) As of June 30, 2026, March 31, 2026, December 31, 2025, September 30, 2025 and June 30, 2025, Separate Accounts AUM is inclusive of $7.6 billion, $6.8 billion, $7.2 billion, $7.2 billion and $7.0 billion & General Account AUM is inclusive of $2.9 billion, $2.9 billion, $3.0 billion, $3.1 billion and $3.1 billion, respectively, ceded to Global Atlantic.

(5) Includes Advisory, Brokerage and Direct assets included in our Wealth Management segment.

(6) As of June 30, 2026, March 31, 2026, December 31, 2025 and September 30, 2025, Separate Accounts AUM is inclusive of $16.3 billion, $14.5 billion, $15.1 billion and $15.0 billion & General Account AUM is inclusive of $9.3 billion, $9.3 billion, $9.3 billion and $9.3 billion, respectively, ceded to RGA.

2Q 2026 Financial Supplement

Business Segments:

Operating Earnings Results and Metrics

2Q 2026 Financial Supplement

Retirement - Operating Earnings (Loss) and Summary Metrics

For the Three Months Ended or As of For the Six Months Ended or As of

(in millions USD, unless otherwise indicated) 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026 Change 6/30/2025 6/30/2026 Change

Revenues

Policy charges, fee income and premiums $ 287 $ 296 $ 328 $ 307 $ 328 14.3 % $ 593 $ 635 7.1 %

Net investment income (loss) 1,048 1,116 1,161 1,193 1,234 17.7 % 2,035 2,427 19.3 %

Net derivative gains (losses) (5) (2) (9) (6) (4) 20.0 % (10) (10) — %

Investment management, service fees and other income 161 182 186 185 190 18.0 % 328 375 14.3 %

Segment revenues 1,491 1,592 1,666 1,679 1,748 17.2 % 2,946 3,427 16.3 %

Benefits and other deductions

Policyholders’ benefits 76 73 84 70 79 3.9 % 168 149 (11.3) %

Remeasurement of liability for future policy benefits — (1) — (1) (2) (100.0) % (1) (3) (200.0) %

Interest credited to policyholders’ account balances 632 685 713 737 774 22.5 % 1,162 1,511 30.0 %

Commissions and distribution-related payments 145 153 178 171 176 21.4 % 287 347 20.9 %

Amortization of deferred policy acquisition costs 143 153 156 160 164 14.7 % 282 324 14.9 %

Compensation and benefits, interest expense, financing fees and other operating costs and expense 71 86 95 92 105 47.9 % 175 197 12.6 %

Segment benefits and other deductions 1,067 1,149 1,226 1,229 1,296 21.5 % 2,073 2,525 21.8 %

Operating earnings (loss), before income taxes 424 443 440 450 452 6.6 % 873 902 3.3 %

Income taxes (70) (38) (30) (54) (50) 28.6 % (139) (104) 25.2 %

Operating earnings (loss), before noncontrolling interest 354 405 410 396 402 13.6 % 734 798 8.7 %

Less: Operating (earnings) loss attributable to the noncontrolling interest — — — — — — % — — — %

Operating earnings (loss) $ 354 $ 405 $ 410 $ 396 $ 402 13.6 % $ 734 $ 798 8.7 %

Summary Metrics

Operating earnings (loss) (TTM) $ 1,537 $ 1,524 $ 1,549 $ 1,565 $ 1,613 4.9 % $ 1,537 $ 1,613 4.9 %

Average asset value (TTM) $ 153,648 $ 158,988 $ 163,857 $ 168,549 $ 175,387 14.1 % $ 153,648 $ 175,387 14.1 %

Return on assets (TTM) 1.17 % 1.11 % 1.07 % 1.04 % 1.02 % 1.17 % 1.02 %

Net flows $ 1,919 $ 1,120 $ 1,260 $ 1,288 $ 1,684 (12.2) % $ 3,543 $ 2,972 (16.1) %

Additional Detail

Net investment income (loss):

Investment income, excluding alternatives $ 1,028 $ 1,093 $ 1,128 $ 1,174 $ 1,229 19.6 % $ 1,985 $ 2,403 21.1 %

Alternative investment income

20 23 33 19 5 (75.0) % 50 24 (52.0) %

Total Net investment income (loss) $ 1,048 $ 1,116 $ 1,161 $ 1,193 $ 1,234 17.7 % $ 2,035 $ 2,427 19.3 %

Net interest margin $ 411 $ 429 $ 439 $ 450 $ 456 10.9 % $ 863 $ 906 5.0 %

2Q 2026 Financial Supplement

Retirement - Select Operating Metrics

For the Three Months Ended or As of For the Six Months Ended or As of

(in millions USD, unless otherwise indicated) 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026 6/30/2025 6/30/2026

Sales Metrics

First Year Premiums and Deposits:

Registered indexed-linked annuities (RILA) $ 3,772 $ 3,870 $ 4,190 $ 4,024 $ 4,136 $ 7,306 $ 8,160

Traditional variable annuities 984 962 994 1,087 1,069 1,984 2,156

Tax-exempt (1)

297 387 574 511 360 646 871

Corporate 70 64 70 94 103 148 197

Institutional 325 87 87 204 480 749 684

Other (1)

64 88 60 52 71 95 123

Total First Year Premiums and Deposits $ 5,512 $ 5,458 $ 5,975 $ 5,972 $ 6,219 $ 10,928 $ 12,191

Renewal Premiums and Deposits:

Tax-exempt (1)

$ 512 $ 396 $ 517 $ 493 $ 538 $ 998 $ 1,031

Corporate 91 95 91 99 89 194 188

Other (1)

88 91 98 84 70 179 154

Total Renewal Premiums and Deposits $ 691 $ 582 $ 706 $ 676 $ 697 $ 1,371 $ 1,373

Total Premiums and Deposits

$ 6,203 $ 6,040 $ 6,681 $ 6,648 $ 6,916 $ 12,299 $ 13,564

Net Amount at Risk (NAR)

Total GMIB NAR $ 52 $ 60 $ 71 $ 84 $ 92 $ 52 $ 92

Total GMWB NAR $ — $ — $ — $ — $ — $ — $ —

Total GMDB NAR $ 3,058 $ 2,907 $ 2,957 $ 3,262 $ 2,897 $ 3,058 $ 2,897

MRB Reserves (Net of Reinsurance) $ 596 $ 706 $ 767 $ 814 $ 520 $ 596 $ 520

Notes:

(1) Net of reinsurance

2Q 2026 Financial Supplement

Retirement - Asset Value Rollforward

For the Three Months Ended or As of For the Six Months Ended or As of

(in millions USD, unless otherwise indicated) 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026 6/30/2025 6/30/2026

General Account:

Account value balance, beginning of period $ 79,820 $ 87,413 $ 93,825 $ 97,628 $ 96,753 $ 78,361 $ 97,628

Premiums and deposits (1)

4,288 4,219 4,718 4,064 4,996 8,817 9,060

Surrenders, withdrawals and benefits (1,891) (2,186) (2,429) (2,354) (2,341) (3,731) (4,695)

Net flows 2,397 2,033 2,289 1,710 2,655 5,086 4,365

Net flows ceded for third-party flow reinsurance

— — (181) (395) (496) — (891)

Change in market value, reinvestment

584 658 609 239 98 2,290 337

Change in fair value of embedded derivative instruments 4,612 3,721 1,086 (2,429) 7,921 1,676 5,492

Account value balance, end of period 87,413 93,825 97,628 96,753 106,931 87,413 106,931

Embedded derivative value, end of period 18,097 21,215 21,553 18,269 25,230 18,097 25,230

Account value balance, end of period (net of embedded derivatives)

69,316 72,610 76,075 78,484 81,701 69,316 81,701

Total spread lending balances, end of period 16,315 16,755 17,534 17,064 19,658 16,315 19,658

Reserves, end of period (excluding MRBs) 4,995 5,177 5,300 5,284 5,400 4,995 5,400

Balance, end of period, General Account asset value

$ 90,626 $ 94,542 $ 98,909 $ 100,832 $ 106,759 $ 90,626 $ 106,759

Separate Accounts:

Account value balance, beginning of period $ 69,788 $ 74,029 $ 77,131 $ 77,257 $ 74,844 $ 72,837 $ 77,257

Premiums and deposits (1)

1,876 1,779 1,922 2,555 1,885 3,400 4,440

Surrenders, withdrawals and benefits (2,354) (2,692) (2,951) (2,977) (2,856) (4,943) (5,833)

Net flows (478) (913) (1,029) (422) (971) (1,543) (1,393)

Change in market value, reinvestment and other

4,719 4,015 1,155 (1,991) 8,135 2,735 6,144

Balance, end of period, Separate Accounts asset value

$ 74,029 $ 77,131 $ 77,257 $ 74,844 $ 82,008 $ 74,029 $ 82,008

Total:

Account value balance, beginning of period $ 149,608 $ 161,442 $ 170,956 $ 174,885 $ 171,597 $ 151,198 $ 174,885

Premiums and deposits (1)

6,164 5,998 6,640 6,619 6,881 12,217 13,500

Surrenders, withdrawals and benefits (4,245) (4,878) (5,380) (5,331) (5,197) (8,674) (10,528)

Net flows 1,919 1,120 1,260 1,288 1,684 3,543 2,972

Net flows ceded for third-party flow reinsurance

— — (181) (395) (496) — (891)

Change in market value, reinvestment

5,303 4,673 1,764 (1,752) 8,233 5,025 6,481

Change in fair value of embedded derivative instruments 4,612 3,721 1,086 (2,429) 7,921 1,676 5,492

Account value balance, end of period 161,442 170,956 174,885 171,597 188,939 161,442 188,939

Embedded derivative value, end of period 18,097 21,215 21,553 18,269 25,230 18,097 25,230

Account value balance, end of period (net of embedded derivatives)

143,345 149,741 153,332 153,328 163,709 143,345 163,709

Total spread lending balances, end of period 16,315 16,755 17,534 17,064 19,658 16,315 19,658

Reserves, end of period (excluding MRBs) 4,995 5,177 5,300 5,284 5,400 4,995 5,400

Balance, end of period, total asset value

$ 164,655 $ 171,673 $ 176,166 $ 175,676 $ 188,767 $ 164,655 $ 188,767

Notes:

(1) Excludes deposits from certain other products reported as first year premiums and deposits or renewal premiums and deposits elsewhere in this document.

2Q 2026 Financial Supplement

Asset Management - Operating Earnings (Loss) and Summary Metrics

For the Three Months Ended or As of For the Six Months Ended or As of

(in millions USD, unless otherwise indicated) 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026 Change 6/30/2025 6/30/2026 Change

Revenues

Net investment income (loss) $ 22 $ 14 $ 9 $ (6) $ 12 (45.5) % $ 25 $ 6 (76.0) %

Net derivative gains (losses) (11) (4) (1) 4 (10) 9.1 % (24) (6) 75.0 %

Investment management, service fees and other income 1,083 1,134 1,217 1,116 1,132 4.5 % 2,181 2,248 3.1 %

Segment revenues 1,094 1,144 1,225 1,114 1,134 3.7 % 2,182 2,248 3.0 %

Benefits and other deductions

Commissions and distribution-related payments 197 209 206 197 194 (1.5) % 398 391 (1.8) %

Compensation and benefits, interest expense, financing fees and other operating costs and expense 634 642 695 639 656 3.5 % 1,248 1,295 3.8 %

Segment benefits and other deductions 831 851 901 836 850 2.3 % 1,646 1,686 2.4 %

Operating earnings (loss), before income taxes 263 293 324 278 284 8.0 % 536 562 4.9 %

Income taxes (48) (46) (61) (49) (36) 25.0 % (89) (85) 4.5 %

Operating earnings (loss), before noncontrolling interest 215 247 263 229 248 15.3 % 447 477 6.7 %

Less: Operating (earnings) loss attributable to the noncontrolling interest (84) (93) (103) (89) (90) (7.1) % (190) (179) 5.8 %

Operating earnings (loss) $ 131 $ 154 $ 160 $ 140 $ 158 20.6 % $ 257 $ 298 16.0 %

Summary Metrics

Adjusted operating margin (1) 32.3 % 34.2 % 34.5 % 33.4 % 33.0 % 33.0 % 33.2 %

Net flows (in billions USD) $ (6.7) $ (2.3) $ (4.7) $ (7.1) $ 0.8 $ (4.3) $ (6.3)

Total AUM (in billions USD) $ 829.1 $ 860.1 $ 866.9 $ 838.6 $ 905.5 $ 829.1 $ 905.5

Ownership Structure of AB

Holdings and its subsidiaries 61.9 % 68.5 % 68.2 % 68.0 % 68.1 % 61.9 % 68.1 %

AB Holding 37.5 % 30.8 % 31.1 % 31.4 % 31.3 % 37.5 % 31.3 %

Unaffiliated holders 0.6 % 0.7 % 0.7 % 0.6 % 0.6 % 0.6 % 0.6 %

Total 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % 100.0 %

EQH economic interest 68.6 % 68.5 % 68.3 % 68.0 % 68.1 % 68.6 % 68.1 %

EQH average economic interest 68.6 % 68.6 % 68.5 % 68.1 % 68.0 % 65.2 % 68.1 %

Units of limited partnership outstanding (in millions) 292.1 292.2 293.5 294.6 294.3 292.1 294.3

Notes:

(1) Adjusted operating margin is a non-GAAP financial measure used by AllianceBernstein L.P. (“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.

2Q 2026 Financial Supplement

Asset Management - AB Select Adjusted Financials and Ratios

For the Three Months Ended or As of For the Six Months Ended or As of

(in millions USD, unless otherwise indicated) 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026 Change 6/30/2025 6/30/2026 Change

AB revenues

Base fees $ 772 $ 821 $ 840 $ 819 $ 829 7.4 % $ 1,554 $ 1,648 6.0 %

Performance fees

Private markets (1) 22 19 46 5 8 (63.6) % 42 13 (69.0) %

Public markets 8 1 37 18 16 100.0 % 27 34 25.9 %

Investment gains (losses) 8 8 — (5) 2 (75.0) % (3) (3) — %

Dividend & interest revenue 31 32 31 27 27 (12.9) % 63 54 (14.3) %

Other revenues 19 19 18 20 19 — % 33 39 18.2 %

Total AB revenues 860 900 972 884 901 4.8 % 1,716 1,785 4.0 %

Less: broker-dealer related interest expense 16 15 14 13 13 (18.8) % 34 26 (23.5) %

AB adjusted net revenues 844 885 958 871 888 5.2 % 1,682 1,759 4.6 %

AB expenses

Compensation and fringes 409 429 458 422 431 5.4 % 815 853 4.7 %

Other employment costs 10 10 8 10 10 — % 18 20 11.1 %

Total AB compensation and benefits 419 439 466 432 441 5.3 % 833 873 4.8 %

Promotion and servicing 34 30 40 31 33 (2.9) % 64 64 — %

General and administrative 118 113 123 117 121 2.5 % 229 238 3.9 %

Total AB adjusted operating expenses 571 582 629 580 595 4.2 % 1,126 1,175 4.4 %

AB adjusted operating income, before income taxes 273 303 329 291 293 7.3 % 556 584 5.0 %

Interest on borrowings 9 7 5 7 7 (22.2) % 16 14 (12.5) %

Other 1 3 — 6 2 100.0 % 4 8 100.0 %

Operating earnings (loss), before income taxes 263 293 324 278 284 8.0 % 536 562 4.9 %

Income taxes (48) (46) (61) (49) (36) 25.0 % (89) (85) 4.5 %

Operating earnings (loss), before noncontrolling interest 215 247 263 229 248 15.3 % 447 477 6.7 %

Less: Operating (earnings) loss attributable to the noncontrolling interest (84) (93) (103) (89) (90) (7.1) % (190) (179) 5.8 %

Operating earnings (loss) $ 131 $ 154 $ 160 $ 140 $ 158 20.6 % $ 257 $ 298 16.0 %

Adjusted operating margin (2) 32.3 % 34.2 % 34.5 % 33.4 % 33.0 % 33.0 % 33.2 %

Compensation ratio 48.5 % 48.5 % 47.8 % 48.5 % 48.5 % 48.5 % 48.5 %

Notes:

(1) Private Market strategies eligible for performance fees include: AB-Private Credit Investors (“AB-PCI”), US and EU Commercial Real Estate Debt, and AB CarVal.

(2) Adjusted operating margin is a non-GAAP financial measure used by AllianceBernstein L.P. (“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.

2Q 2026 Financial Supplement

Asset Management - Select Operating Metrics

For the Three Months Ended or As of

(in billions USD, unless otherwise indicated) 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026

AUM Roll-forward

Balance as of beginning of period $ 784.5 $ 829.1 $ 860.1 $ 866.9 $ 838.6

Sales/new accounts 27.9 42.4 33.7 35.6 44.8

Redemptions/terminations (30.7) (27.8) (32.6) (35.8) (37.5)

Cash flow/unreinvested dividends (3.9) (16.9) (5.8) (6.9) (6.5)

Net long-term (outflows) inflows (6.7) (2.3) (4.7) (7.1) 0.8

Market appreciation (depreciation) 51.3 33.3 11.5 (21.2) 66.1

Net change 44.6 31.0 6.8 (28.3) 66.9

Balance as of end of period $ 829.1 $ 860.1 $ 866.9 $ 838.6 $ 905.5

Ending Assets by distribution channel

Institutions $ 340.0 $ 351.4 $ 354.2 $ 347.7 $ 371.1

Retail 344.7 356.2 356.4 335.5 367.3

Private Wealth 144.4 152.5 156.3 155.4 167.1

Total $ 829.1 $ 860.1 $ 866.9 $ 838.6 $ 905.5

Ending Assets by investment service

Equity

Actively Managed $ 273.4 $ 281.3 $ 278.0 $ 252.5 $ 279.1

Passively Managed (1) 70.8 77.3 78.3 74.7 85.9

Total Equity $ 344.2 $ 358.6 $ 356.3 $ 327.2 $ 365.0

Fixed Income

Actively Managed $ 294.0 $ 300.1 $ 303.9 $ 303.6 $ 306.2

Passively Managed (1) 10.2 10.1 9.7 9.4 18.4

Total Fixed Income 304.2 310.2 313.6 313.0 324.6

Total Alternatives/Multi-Asset Solutions (2) 180.7 191.3 197.0 198.4 215.9

Total $ 829.1 $ 860.1 $ 866.9 $ 838.6 $ 905.5

Notes:

(1) Includes index and enhanced index services.

(2) Includes certain multi-asset solutions and services not included in equity or fixed income services.

2Q 2026 Financial Supplement

Asset Management - Net Flows

For the Three Months Ended For the Six Months Ended

(in billions USD, unless otherwise indicated) 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026 6/30/2025 6/30/2026

Net Flows by Distribution Channel

Institutions

US $ 2.8 $ (2.1) $ 2.3 $ 0.3 $ 3.6 $ 5.5 $ 3.9

Global and Non-US (4.3) 0.3 (4.3) (2.2) (3.0) (6.3) (5.2)

Total Institutions $ (1.5) $ (1.8) $ (2.0) $ (1.9) $ 0.6 $ (0.8) $ (1.3)

Retail

US $ (1.6) $ (2.3) $ (1.6) $ (1.9) $ 5.1 $ 1.4 $ 3.2

Global and Non-US (3.2) 0.6 (1.9) (3.9) (4.2) (5.3) (8.1)

Total Retail $ (4.8) $ (1.7) $ (3.5) $ (5.8) $ 0.9 $ (3.9) $ (4.9)

Private Wealth

US $ 0.1 $ 1.3 $ 0.5 $ 0.9 $ (0.3) $ 1.7 $ 0.6

Global and Non-US (0.5) (0.1) 0.3 (0.3) (0.4) (1.3) (0.7)

Total Private Wealth $ (0.4) $ 1.2 $ 0.8 $ 0.6 $ (0.7) $ 0.4 $ (0.1)

Total Net Flows by Distribution Channel $ (6.7) $ (2.3) $ (4.7) $ (7.1) $ 0.8 $ (4.3) $ (6.3)

Net Flows by Investment Service

Equity Active

US $ (3.3) $ (6.3) $ (5.1) $ (5.5) $ (6.5) $ (3.6) $ (12.0)

Global and Non-US (2.7) (0.1) (2.5) (5.4) (4.1) (4.9) (9.5)

Total Equity Active $ (6.0) $ (6.4) $ (7.6) $ (10.9) $ (10.6) $ (8.5) $ (21.5)

Equity Passive (1)

US $ — $ (1.1) $ (1.0) $ (0.6) $ (0.2) $ (0.1) $ (0.8)

Global and Non-US (1.9) 2.3 — (0.3) 0.2 (1.6) (0.1)

Total Equity Passive (1) $ (1.9) $ 1.2 $ (1.0) $ (0.9) $ — $ (1.7) $ (0.9)

Fixed Income - Taxable

US $ 2.0 $ (2.7) $ 1.4 $ 2.3 $ (0.7) $ 4.2 $ 1.6

Global and Non-US (3.5) (1.5) (3.4) (4.0) (3.9) (7.1) (7.9)

Total Fixed Income - Taxable $ (1.5) $ (4.2) $ (2.0) $ (1.7) $ (4.6) $ (2.9) $ (6.3)

Fixed Income - Tax-Exempt

US $ 1.2 $ 4.1 $ 3.9 $ 3.3 $ 2.9 $ 3.6 $ 6.2

Global and Non-US — — — — — — —

Total Fixed Income - Tax-Exempt $ 1.2 $ 4.1 $ 3.9 $ 3.3 $ 2.9 $ 3.6 $ 6.2

Fixed Income - Passive (1)

US $ (0.1) $ (0.1) $ 0.1 $ (0.2) $ 8.9 $ (0.5) $ 8.7

Global and Non-US — (0.1) (0.5) (0.1) — (0.1) (0.1)

Total Fixed Income - Passive (1) $ (0.1) $ (0.2) $ (0.4) $ (0.3) $ 8.9 $ (0.6) $ 8.6

Alternatives/Multi-Asset Solutions (2)

US $ 1.5 $ 3.0 $ 1.9 $ — $ 4.0 $ 5.0 $ 4.0

Global and Non-US 0.1 0.2 0.5 3.4 0.2 0.8 3.6

Total Alternatives/Multi-Asset Solutions (2) $ 1.6 $ 3.2 $ 2.4 $ 3.4 $ 4.2 $ 5.8 $ 7.6

Total Net Flows by Investment Service $ (6.7) $ (2.3) $ (4.7) $ (7.1) $ 0.8 $ (4.3) $ (6.3)

Active vs. Passive Net Flows

Actively Managed

Equity $ (6.0) $ (6.4) $ (7.6) $ (10.9) $ (10.6) $ (8.5) $ (21.5)

Fixed Income (0.4) — 1.9 1.6 (1.8) 0.6 (0.2)

Alternatives/Multi-Asset Solutions (2) 1.6 3.0 1.9 3.0 3.8 5.8 6.8

Total $ (4.8) $ (3.4) $ (3.8) $ (6.3) $ (8.6) $ (2.1) $ (14.9)

Passively Managed (1)

Equity $ (1.9) $ 1.1 $ (1.0) $ (0.9) $ — $ (1.7) $ (0.9)

Fixed Income (0.1) (0.2) (0.4) (0.3) 8.9 (0.6) 8.6

Alternatives/Multi-Asset Solutions (2) 0.1 0.2 0.5 0.4 0.5 0.1 0.9

Total $ (1.9) $ 1.1 $ (0.9) $ (0.8) $ 9.4 $ (2.2) $ 8.6

Total Active vs Passive Net Flows $ (6.7) $ (2.3) $ (4.7) $ (7.1) $ 0.8 $ (4.3) $ (6.3)

Notes:

(1) Includes index and enhanced index services.

(2) Includes certain multi-asset solutions and services not included in equity or fixed income services.

2Q 2026 Financial Supplement

Wealth Management - Operating Earnings (Loss) and Summary Metrics

For the Three Months Ended or As of For the Six Months Ended or As of

(in millions USD, unless otherwise indicated) 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026 Change 6/30/2025 6/30/2026 Change

Revenues

Net investment income (loss) $ 2 $ 3 $ 4 $ 3 $ 3 50.0 % $ 5 $ 6 20.0 %

Investment management, service fees and other income 467 496 544 538 541 15.8 % 926 1,079 16.5 %

Segment revenues 469 499 548 541 544 16.0 % 931 1,085 16.5 %

Benefits and other deductions

Commissions and distribution-related payments 296 320 350 348 353 19.3 % 589 701 19.0 %

Compensation and benefits, interest expense, financing fees and other operating costs and expense 105 101 108 121 112 6.7 % 214 233 8.9 %

Segment benefits and other deductions 401 421 458 469 465 16.0 % 803 934 16.3 %

Operating earnings (loss), before income taxes 68 78 90 72 79 16.2 % 128 151 18.0 %

Income taxes (18) (19) (24) (17) (16) 11.1 % (33) (33) — %

Operating earnings (loss), before noncontrolling interest 50 59 66 55 63 26.0 % 95 118 24.2 %

Less: Operating (earnings) loss attributable to the noncontrolling interest — — — — — — % — — — %

Operating earnings (loss) $ 50 $ 59 $ 66 $ 55 $ 63 26.0 % $ 95 $ 118 24.2 %

Summary Metrics

Pre-tax operating margin 14.5 % 15.6 % 16.4 % 13.3 % 14.5 % 13.7 % 13.9 %

Advisory net new assets $ 2,027 $ 2,210 $ 2,148 $ 2,021 $ 1,992 (1.7) % $ 4,008 $ 4,013 0.1 %

Total AUA $ 110,265 $ 118,196 $ 122,014 $ 131,037 $ 140,586 27.5 % $ 110,265 $ 140,586 27.5 %

Revenue by Activity Type

Investment management, service fees and other income:

Investment management and advisory fees $ 184 $ 197 $ 214 $ 229 $ 235 27.7 % $ 365 $ 464 27.1 %

Distribution fees 268 280 315 292 289 7.8 % 531 581 9.4 %

Interest income 10 11 11 9 9 (10.0) % 21 18 (14.3) %

Service and other income 5 8 4 8 8 60.0 % 9 16 77.8 %

Total Investment management, service fees and other income $ 467 $ 496 $ 544 $ 538 $ 541 15.8 % $ 926 $ 1,079 16.5 %

2Q 2026 Financial Supplement

Wealth Management - Select Operating Metrics

For the Three Months Ended or As of For the Six Months Ended or As of

(in millions USD, unless otherwise indicated) 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026 6/30/2025 6/30/2026

AUA Roll-forward

Advisory assets :

Beginning assets $ 66,795 $ 73,293 $ 79,378 $ 82,594 $ 87,605 $ 65,839 $ 82,594

Acquired assets — — — 4,508 — — 4,508

Net new assets 2,027 2,210 2,148 2,021 1,992 4,008 4,013

Market appreciation (depreciation) and other 4,471 3,875 1,068 (1,518) 6,151 3,446 4,633

Advisory ending assets $ 73,293 $ 79,378 $ 82,594 $ 87,605 $ 95,748 $ 73,293 $ 95,748

Acquired assets, brokerage and direct — — — 4,546 — — —

Brokerage and direct 36,972 38,818 39,420 38,886 44,838 36,972 44,838

Total Wealth Management assets (incl. acquired assets) $ 110,265 $ 118,196 $ 122,014 $ 131,037 $ 140,586 $ 110,265 $ 140,586

Cash balances $ 3,004 $ 3,143 $ 3,299 $ 3,319 $ 3,256 $ 3,004 $ 3,256

Advisors

Advisors 4,476 4,446 4,582 4,605 4,559 4,476 4,559

Revenue per advisor TTM (in thousands USD) $ 414 $ 426 $ 440 $ 456 $ 469 $ 414 $ 469

2Q 2026 Financial Supplement

Corporate and Other - Operating Earnings (Loss) and Summary Metrics

For the Three Months Ended or As of For the Six Months Ended or As of

(in millions USD, unless otherwise indicated) 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026 Change 6/30/2025 6/30/2026 Change

Revenues

Policy charges, fee income and premiums $ 599 $ 433 $ 331 $ 362 $ 366 (38.9) % $ 1,233 $ 728 (41.0) %

Net investment income (loss) 274 183 104 39 86 (68.6) % 501 125 (75.0) %

Net derivative gains (losses) (12) (13) (5) 2 (22) (83.3) % (3) (20) (566.7) %

Investment management, service fees and other income 116 134 127 122 118 1.7 % 255 240 (5.9) %

Segment revenues 977 737 557 525 548 (43.9) % 1,986 1,073 (46.0) %

Benefits and other deductions

Policyholders’ benefits 711 438 312 315 356 (49.9) % 1,378 671 (51.3) %

Remeasurement of liability for future policy benefits (13) 16 (7) 10 (13) — % (14) (3) 78.6 %

Interest credited to policyholders’ account balances 173 96 43 51 54 (68.8) % 306 105 (65.7) %

Commissions and distribution-related payments 72 82 81 78 74 2.8 % 155 152 (1.9) %

Amortization of deferred policy acquisition costs 50 50 49 49 50 — % 99 99 — %

Compensation and benefits, interest expense, financing fees and other operating costs and expense (1) 210 222 205 154 179 (14.8) % 438 333 (24.0) %

Segment benefits and other deductions 1,203 904 683 657 700 (41.8) % 2,362 1,357 (42.5) %

Operating earnings (loss), before income taxes (226) (167) (126) (132) (152) 32.7 % (376) (284) 24.5 %

Income taxes 44 8 6 15 18 (59.1) % 67 33 (50.7) %

Operating earnings (loss), before noncontrolling interest (182) (159) (120) (117) (134) 26.4 % (309) (251) 18.8 %

Less: Operating (earnings) loss attributable to the noncontrolling interest (1) (4) (3) (2) (1) — % (4) (3) 25.0 %

Operating earnings (loss) $ (183) $ (163) $ (123) $ (119) $ (135) 26.2 % $ (313) $ (254) 18.8 %

Additional Detail

Net investment income (loss):

Investment income, excluding alternatives $ 246 $ 144 $ 76 $ 30 $ 82 (66.7) % $ 457 $ 112 (75.5) %

Alternative investment income

28 39 28 9 4 (85.7) % 44 13 (70.5) %

Total net investment income (loss)

$ 274 $ 183 $ 104 $ 39 $ 86 (68.6) % $ 501 $ 125 (75.0) %

(1) Interest expense on EQH debt

$ 58 $ 56 $ 52 $ 52 $ 54 (7.5) % $ 113 $ 106 (6.4) %

2Q 2026 Financial Supplement

Corporate and Other - Select Operating Metrics

For the Three Months Ended or As of For the Six Months Ended or As of

(in millions USD, unless otherwise indicated) 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026 6/30/2025 6/30/2026

Individual Life (Net of Reinsurance)

First Year Premiums and Deposits:

Variable Universal Life $ 99 $ 91 $ 93 $ 74 $ 76 $ 189 $ 150

Other 4 4 3 3 3 9 6

Total First Year Premiums and Deposits $ 103 $ 95 $ 96 $ 77 $ 79 $ 198 $ 156

Renewal Premiums and Deposits:

Universal Life/ Indexed Universal Life $ 206 $ 121 $ 50 $ 54 $ 46 $ 430 $ 100

Variable Universal Life 262 179 89 75 88 534 163

Other 79 41 28 46 21 164 67

Total Renewal Premiums and Deposits $ 547 $ 341 $ 167 $ 176 $ 155 $ 1,128 $ 331

Total Premiums and Deposits

$ 650 $ 436 $ 263 $ 253 $ 234 $ 1,326 $ 487

Individual Life Benefit Ratio 113.5 % 93.9 % 90.1 % 83.1 % 96.1 % 109.4 % 90.0 %

Individual Life In-force Face Amount (in billions USD) $ 352.1 $ 113.4 $ 116.6 $ 115.5 $ 117.9 $ 352.1 $ 117.9

Employee Benefits

First Year Premiums and Deposits $ 31 $ 33 $ 28 $ 30 $ 28 $ 66 $ 58

Renewal Premiums and Deposits 86 87 91 91 92 171 183

Total Premiums and Deposits

$ 117 $ 120 $ 119 $ 121 $ 120 $ 237 $ 241

Legacy Annuity

Net flows (1)

$ (580) $ (634) $ (796) $ (709) $ (663) $ (1,299) $ (1,372)

Account value - balance, end of period $ 20,490 $ 20,939 $ 20,386 $ 19,061 $ 20,503 $ 20,490 $ 20,503

Net Amount at Risk (NAR)

Total GMIB NAR $ 2,489 $ 2,370 $ 2,340 $ 2,383 $ 2,011 $ 2,489 $ 2,011

Total GMDB NAR $ 8,411 $ 7,958 $ 7,852 $ 8,184 $ 7,219 $ 8,411 $ 7,219

MRB Reserves (Net of Reinsurance) $ 3,271 $ 3,418 $ 3,374 $ 3,070 $ 2,646 $ 3,271 $ 2,646

Notes:

(1) Net of the Venerable transaction

2Q 2026 Financial Supplement

Investments

2Q 2026 Financial Supplement

Consolidated Investment Portfolio Composition

Balances as of

(in millions USD, unless otherwise indicated) December 31, 2025 June 30, 2026

Amount (1) % of Total Amount (1) % of Total

Composition of investment portfolio

Fixed maturities, available-for-sale, at fair value $ 77,162 57.9 % $ 80,191 56.1 %

Fixed maturities, at fair value using the fair value option 2,943 2.2 % 2,948 2.1 %

Mortgage loans, at fair value using the fair value option 50 — % 71 — %

Mortgage loans on real estate 22,668 17.0 % 24,795 17.3 %

Policy loans 1,862 1.4 % 1,846 1.3 %

Other equity investments 3,779 2.8 % 3,635 2.5 %

Other invested assets 10,968 8.2 % 10,616 7.5 %

Subtotal investment assets 119,432 89.5 % 124,102 86.8 %

Trading securities 1,572 1.2 % 1,749 1.2 %

Total investments 121,004 90.7 % 125,851 88.0 %

Cash and cash equivalents 12,462 9.3 % 17,183 12.0 %

Total $ 133,466 100.0 % $ 143,034 100.0 %

General Account AFS Fixed maturities by industry (Based on amortized cost)

Corporate securities:

Finance $ 14,676 17.9 % $ 16,033 18.7 %

Manufacturing 9,904 12.1 % 10,210 11.9 %

Utilities 7,873 9.6 % 8,082 9.4 %

Services 7,328 8.9 % 7,208 8.4 %

Energy 2,373 2.9 % 2,633 3.1 %

Retail and wholesale 3,047 3.7 % 3,100 3.6 %

Transportation 2,162 2.6 % 2,240 2.6 %

Other 376 0.5 % 515 0.6 %

Total corporate securities 47,739 58.2 % 50,021 58.3 %

U.S. government and agency 5,040 6.2 % 5,308 6.2 %

Residential mortgage-backed (2) 7,093 8.7 % 7,782 9.1 %

Preferred stock 54 0.1 % 54 0.1 %

State & political 378 0.5 % 374 0.4 %

Foreign governments 556 0.7 % 510 0.6 %

Commercial mortgage-backed 4,814 5.9 % 4,789 5.6 %

Asset-backed securities 16,142 19.7 % 16,915 19.7 %

Total $ 81,816 100.0 % $ 85,753 100.0 %

General Account AFS Fixed maturities credit quality (3) (Based on amortized cost)

Aaa, Aa, A (NAIC Designation 1) $ 56,880 69.5 % $ 60,311 70.3 %

Baa (NAIC Designation 2) 23,488 28.7 % 24,079 28.1 %

Investment grade 80,368 98.2 % 84,390 98.4 %

Below investment grade (NAIC Designation 3 and 4) 1,448 1.8 % 1,363 1.6 %

Total $ 81,816 100.0 % $ 85,753 100.0 %

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.

2Q 2026 Financial Supplement

Consolidated Results of General Account Investment Portfolio

For the Six Months Ended or As of Year Ended or As of

(in millions USD, unless otherwise indicated) June 30, 2025 June 30, 2026 December 31, 2025

Yield Amount (2) Yield Amount (2) Yield Amount (2)

Fixed Maturities:

Income (loss) 4.37 % $ 1,859 4.61 % $ 1,922 4.41 % $ 3,693

Ending assets 86,509 85,753 81,816

Mortgages:

Income (loss) 4.99 % 516 5.33 % 621 4.96 % 1,061

Ending assets 21,536 24,848 22,718

Other Equity Investments (1):

Income (loss) 5.75 % 101 3.82 % 67 5.22 % 185

Ending assets 3,571 3,506 3,519

Trading Securities:

Income 9.47 % 29 6.00 % 25 5.80 % 42

Ending assets 723 909 804

Policy Loans:

Income 4.93 % 107 4.93 % 46 4.57 % 168

Ending assets 4,355 1,846 1,862

Cash and Short-term Investments:

Income (loss) 4.26 % 126 3.14 % 151 3.94 % 323

Ending assets 12,239 13,958 9,103

Total Net Investment Income:

Investment income 4.56 % 2,738 4.62 % 2,832 4.51 % 5,472

Less: investment fees

(0.16) % (97) (0.18) % (112) (0.16) % (199)

Investment income, net 4.40 % $ 2,641 4.44 % $ 2,720 4.35 % $ 5,273

General Account Ending Net Assets $ 128,933 $ 130,820 $ 119,822

Operating Earnings adjustments:

AB and other non-General Account investment income (loss)

(19) (92) 10

Operating Net investment income (loss) $ 2,622 $ 2,628 $ 5,283

Notes:

(1) Includes, as of June 30, 2026, June 30, 2025 and December 31, 2025, $438 million, $364 million and $439 million of other invested assets. Amounts for certain consolidated VIE investments are shown net of associated non-controlling interest.

(2) Amount for fixed maturities and mortgages represents original cost, reduced by repayments, write-downs, adjusted amortization of premiums, accretion of discount and allowances. Cost for equity securities represents original cost reduced by write-downs; cost for other limited partnership interests represents original cost adjusted for equity in earnings and reduced by distributions.

2Q 2026 Financial Supplement

Additional Information

2Q 2026 Financial Supplement

Deferred Policy Acquisition Costs Rollforward

For the Three Months Ended or As of For the Six Months Ended or As of

(in millions USD, unless otherwise indicated) 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026 6/30/2025 6/30/2026

Total

Beginning balance $ 7,262 $ 7,361 $ 7,430 $ 7,523 $ 7,584 $ 7,170 $ 7,523

Capitalization of commissions, sales and issue expenses 292 283 312 301 295 574 596

Amortization (193) (201) (205) (209) (214) (383) (423)

Recovery of acquisition cost (1) — (13) (14) (31) (27) — (58)

Ending balance $ 7,361 $ 7,430 $ 7,523 $ 7,584 $ 7,638 $ 7,361 $ 7,638

Retirement

Beginning balance $ 4,872 $ 4,972 $ 5,062 $ 5,162 $ 5,244 $ 4,780 $ 5,162

Capitalization of commissions, sales and issue expenses 243 243 265 260 258 474 518

Amortization (143) (153) (156) (160) (164) (282) (324)

Recovery of acquisition cost (1) — — (9) (18) (24) — (42)

Ending balance $ 4,972 $ 5,062 $ 5,162 $ 5,244 $ 5,314 $ 4,972 $ 5,314

Corporate and Other

Beginning balance $ 2,390 $ 2,389 $ 2,368 $ 2,361 $ 2,340 $ 2,390 $ 2,361

Capitalization of commissions, sales and issue expenses 49 40 47 41 37 100 78

Amortization (50) (48) (49) (49) (50) (101) (99)

Recovery of acquisition cost (1) — (13) (5) (13) (3) — (16)

Ending balance $ 2,389 $ 2,368 $ 2,361 $ 2,340 $ 2,324 $ 2,389 $ 2,324

Notes:

(1) Related to third party reinsurance transactions.

2Q 2026 Financial Supplement

Use of Non-GAAP Financial Measures

Non-GAAP Operating Earnings

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

• Investment (gains) losses, which includes credit loss impairments of securities/investments, sales or disposals of securities/investments, realized capital gains/losses and valuation allowances;

• Net actuarial (gains) losses, which includes actuarial gains and losses as a result of differences between actual and expected experience on pension plan assets or projected benefit obligation during a given period related to pension, other postretirement benefit obligations, and the one-time impact of the settlement of the defined benefit obligation;

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

• Income tax expense (benefit) related to the above items and non-recurring tax items, which includes the effect of uncertain tax positions for a given audit period and changes to the deferred tax valuation allowance.

2Q 2026 Financial Supplement

Use of Non-GAAP Financial Measures

"Non-GAAP Operating ROE"

We calculate Non-GAAP Operating ROE by dividing Non-GAAP Operating Earnings for the previous twelve calendar months by consolidated average equity attributable to Holdings’ common shareholders, excluding AOCI. AOCI fluctuates period-to-period in a manner inconsistent with our underlying profitability drivers as the majority of such fluctuation is related to the market volatility of the unrealized gains and losses associated with our AFS securities. Therefore, we believe excluding AOCI is more effective for analyzing the trends of our operations.

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 stock dividends by diluted common shares outstanding.

2Q 2026 Financial Supplement

Reconciliation of Non-GAAP Measures (1/3)

For the Three Months Ended or As of For the Six Months Ended or As of

(in millions USD, unless otherwise indicated) 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026 6/30/2025 6/30/2026

Net income (loss) attributable to Holdings

Net income (loss) attributable to Holdings $ (349) $ (1,309) $ 215 $ 621 $ (453) $ (286) $ 168

Adjustments related to:

Variable annuity product features (1) 934 978 258 (386) 1,522 1,145 1,136

Investment (gains) losses, net (2) 71 1,170 84 29 65 85 94

Net actuarial (gains) losses related to pension and other postretirement benefit obligations 11 19 9 14 14 22 28

Other adjustments (3) (137) (164) 21 148 (430) 68 (282)

Income tax expense (benefit) related to above adjustments (185) (437) (62) 41 (246) (277) (205)

Non-recurring tax items 7 198 (12) 5 16 16 21

Non-GAAP Operating earnings (4) $ 352 $ 455 $ 513 $ 472 $ 488 $ 773 $ 960

Net income (loss) attributable to Holdings $ (1.15) $ (4.42) $ 0.74 $ 2.19 $ (1.63) $ (0.94) $ 0.60

Less: Preferred stock dividends 0.06 0.05 0.04 0.05 0.05 0.10 0.10

Net income (loss) available to Holdings' common shareholders (1.21) (4.47) 0.70 2.14 (1.68) (1.04) 0.50

Adjustments related to:

Variable annuity product features (1) 3.08 3.30 0.89 (1.36) 5.47 3.75 4.03

Investment (gains) losses, net (2) 0.23 3.95 0.29 0.10 0.23 0.28 0.33

Net actuarial (gains) losses related to pension and other postretirement benefit obligations 0.04 0.06 0.03 0.05 0.05 0.07 0.10

Other adjustments (3) (0.45) (0.55) 0.07 0.53 (1.55) 0.23 (0.99)

Income tax expense (benefit) related to above adjustments (0.61) (1.48) (0.21) 0.14 (0.88) (0.91) (0.73)

Non-recurring tax items 0.02 0.67 (0.04) 0.02 0.06 0.05 0.07

Non-GAAP Operating Earnings (loss) available to Holdings' common shareholders (4) $ 1.10 $ 1.48 $ 1.73 $ 1.62 $ 1.70 $ 2.43 $ 3.31

Book Value per common share

Book Value per common share $ (0.26) $ (3.18) $ (4.03) $ (2.83) $ (6.79) $ (0.26) $ (6.79)

Less: Per share impact of AOCI (24.63) (21.41) (22.17) (22.39) (23.68) (24.63) (23.68)

Book value per common share (ex. AOCI) $ 24.37 $ 18.23 $ 18.14 $ 19.56 $ 16.89 $ 24.37 $ 16.89

Notes:

(1) As a result of the novation of certain Legacy VA policies completed during the first quarter of 2025, the Company recorded a loss of $499 million in pre-tax net income and an increase of $263 million in pre-tax AOCI, for a total impact loss of $236 million for the six months ended June 30, 2025. The impact per common share was $1.63 for the six months ended June 30, 2025.

(2) Includes $1.1 billion as a result of assets transferred related to the reinsurance transaction with RGA for the three months ended September 30, 2025. The impact per common shares is $3.86 for the three months ended September 30, 2025.

(3) Includes the following impacts on Non-VA derivatives: a gain of $198 million or $0.65 and $33 million or $0.11 for the three and six months ended June 30, 2025, a gain of $230 million or $0.78 for the three months ended September 30, 2025, a gain of $41 million or $0.14 for the three months ended December 31, 2025, a loss of $146 million or $0.51 for the three months ended March 31, 2026 and a loss of $176 million or $0.63 and $322 million or $1.14 for the three and six months ended June 30, 2026. Also, includes $14 million or $0.05 for the three and six months ended June 30, 2025, $(8) million or $(0.03) for the three months ended September 30, 2025, and $6 million or $0.02 for the three months ended December 31, 2025, respectively, of expense related to a disputed billing practice of an AB third-party service provider.

2Q 2026 Financial Supplement

Reconciliation of Non-GAAP Measures (2/3)

As of and for the Twelve Months Ended

(in millions USD, unless otherwise indicated) 12/31/2025 3/31/2026 6/30/2026

Net Income to Non-GAAP Operating Earnings

Net income (loss) attributable to Holdings $ (1,380) $ (822) $ (926)

Adjustments related to:

Variable annuity product features 2,381 1,784 2,372

Investment (gains) losses 1,339 1,354 1,348

Net actuarial (gains) losses related to pension and other postretirement benefit obligations 50 53 56

Other adjustments (75) (132) (425)

Income tax expense (benefit) related to above adjustments (776) (643) (704)

Non-recurring tax items 202 198 207

Non-GAAP Operating Earnings $ 1,741 $ 1,792 $ 1,928

Return on Equity and Non-GAAP Operating Return on Equity - Trailing twelve months

Net income (loss) attributable to Holdings $ (1,380) $ (822) $ (926)

Less: Preferred stock (61) (61) (56)

Net income (loss) available to Holdings' common shareholders $ (1,441) $ (883) $ (982)

Average equity attributable to Holdings' common shareholders (ex. AOCI) $ 6,556 $ 5,817 $ 5,132

Return on Equity (ex. AOCI) (22.0) % (15.2) % (19.1) %

Non-GAAP Operating Earnings $ 1,741 $ 1,792 $ 1,928

Less: Preferred stock (61) (61) (56)

Non-GAAP Operating Earnings available to Holdings' common shareholders $ 1,680 $ 1,731 $ 1,872

Average equity attributable to Holdings' common shareholders (ex. AOCI) $ 6,556 $ 5,817 $ 5,132

Non-GAAP Operating Return on Equity (ex. AOCI) 25.6 % 29.8 % 36.5 %

2Q 2026 Financial Supplement

Reconciliation of Non-GAAP Measures (3/3)

Balances as of

(in millions USD, unless otherwise indicated) 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026

Equity Reconciliation - Quarter-end Balances

Total equity attributable to Holdings' shareholders $ 3,201 $ 1,565 $ 2,401 $ 1,149 $ 148 $ (74) $ 273 $ (785)

Less: Preferred Stock 1,562 1,507 1,507 1,228 1,068 1,068 1,068 1,068

Total equity attributable to Holdings' common shareholders 1,639 58 894 (79) (920) (1,142) (795) (1,853)

Less: Accumulated other comprehensive income (loss) (6,601) (8,712) (7,567) (7,432) (6,191) (6,280) (6,300) (6,465)

Total equity attributable to Holdings' common shareholders (ex. AOCI) $ 8,240 $ 8,770 $ 8,461 $ 7,353 $ 5,271 $ 5,138 $ 5,505 $ 4,612

Balances as of

(in millions USD, unless otherwise indicated) 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026

Equity Reconciliation - Twelve Month Rolling Average

Total equity attributable to Holdings' shareholders $ 2,357 $ 2,089 $ 2,191 $ 2,079 $ 1,316 $ 906 $ 374 $ (110)

Less: Preferred Stock 1,562 1,548 1,535 1,451 1,328 1,218 1,108 1,068

Total equity attributable to Holdings' common shareholders 795 541 656 628 (12) (312) (734) (1,178)

Less: Accumulated other comprehensive income (loss) (7,816) (8,045) (7,889) (7,578) (7,476) (6,868) (6,551) (6,309)

Total equity attributable to Holdings' common shareholders (ex. AOCI) $ 8,611 $ 8,586 $ 8,545 $ 8,206 $ 7,464 $ 6,556 $ 5,817 $ 5,131

2Q 2026 Financial Supplement

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. AV is reflected net of reinsurance.

Advisory Assets - Assets invested in a variety of investments using an asset allocation model designed for the client’s objectives. The client is charged a fee based on the value of the assets in the account.

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 Retirement and Life 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, net of embedded derivative instruments where applicable.

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.

Brokerage Assets - Brokerage accounts which allow clients a variety of investments, including mutual funds, exchange traded products, equities and fixed income, to be managed in one account. The client is charged for all buy and sell transactions.

Current Product Offering (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.

Direct Assets - Mutual Funds purchased through and registered directly with an asset management company. No other agents, such as brokers or distributors, are involved in the transactions.

Equitable Advisors - means Equitable Advisors, LLC, a Delaware limited liability company, our retail broker/dealer for our retirement and protection businesses and a wholly-owned indirect subsidiary of Holdings.

Fixed Rate (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).

Individual Life Benefit Ratio - Policyholders’ benefits as a percent of policy charges, fee income and premium and investment management and services fees (net of reinsurance).

Invested assets - Includes fixed maturity securities, equity securities, mortgage loans, policy loans, alternative investments and short-term investments.

Liability for future policy benefits - the liability related to life insurance policies such as non-participating traditional life insurance policies (Term) and limited pay contracts (Payout, Pension).

Life Reserves - Equals the aggregate value of Policyholders’ account balances and future policy benefits for policies.

Market risk benefits - (“MRBs”) are contracts or contract features that provide protection to the contract holder from other than nominal capital market risk and expose the Company to other than nominal capital market risk. Market risk benefits include contract features that provide minimum guarantees to policyholders and include GMIB, GMDB, GMWB, GMAB, and ROP DB benefits.

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 interest margin - Net investment income (loss) plus net derivative gains (losses) less interest credited to policyholder's account balances.

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.

Net new assets - Consists of total client deposits into advisory accounts less total client withdrawals from advisory accounts, plus dividends, plus interest, minus advisory fees. AUA reflects adjusted balances with no financial impact.

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.

Pre-tax operating margin - Calculated as operating earnings, before income taxes, divided by revenue.

Renewal premium and deposits - Premiums and deposits after the first twelve months of the policy or contract.

2Q 2026 Financial Supplement

Glossary of Selected Financial and Product Terms

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 (loss), before income taxes, divided by trailing twelve months average account value, net of embedded derivative instruments.

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”).

Revenue per advisor - Calculated as trailing twelve months revenue divided by the average number of advisors for each of the most recent four quarters.

Trailing Twelve Months ("TTM") - The twelve calendar months preceding the balance sheet date of a given reporting period.

2Q 2026 Financial Supplement

Analyst Coverage, Ratings & Contact Information

Analyst Coverage

Firm Analyst Phone Number

Barclays Alex Scott

1 (212) 526-1561

BMO Jack Matten 1 (212) 671-8000

Deutsche Bank Cave Montazeri 1 (212) 250-2798

Dowling & Partners Joel Hurwitz 1 (860) 676-7312

Evercore ISI Thomas Gallagher 1 (212) 446-9439

Jefferies Suneet Kamath 1 (212) 778-8602

J.P. Morgan Pablo Singzon II 1 (212) 622-2295

KBW Ryan Krueger 1 (860) 722-5930

Mizuho Securities Yaron Kinar 1 (646) 445-0248

Morgan Stanley Bob Jian Huang 1 (212) 761-6136

Raymond James Wilma Burdis 1 (727) 567-9371

Truist Securities Mark Hughes 1 (615) 748-4422

UBS Michael Ward 1 (917) 270-2483

Wells Fargo Securities Wes Carmichael 1 (212) 214-5335

Wolfe Research Tracy Dolin-Benguigui 1 (646) 419-2560

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. Best S&P Moody’s

Last review date Mar '26 Mar '26 Mar '26

Financial Strength Ratings:

Equitable Financial Life Insurance Company A A+ A1

Equitable Financial Life Insurance Company of America A A+ A1

Credit Ratings:

Equitable Holdings, Inc. bbb+ A- Baa1

Investor and Media Contacts

Contact Investor Relations Contact Media Relations

Erik Bass Laura Yagerman

IR@equitable.com

MediaRelations@equitable.com

ir.equitableholdings.com

2Q 2026 Financial Supplement

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