3Q' 21 Financial Supplement

Table of Contents

Consolidated Financials and Key Metrics	Page
Key Metrics Summary	4
Consolidated Statements of Income (Loss)	5
Consolidated Balance Sheets	6
Consolidated Capital Structure	7
Operating Earnings (Loss) by Segment and Corporate and Other	8
Assets Under Management and Administration	10
Sales Metrics by Segment	11
Select Metrics from Business Segments
Individual Retirement
Statements of Operating Earnings (Loss) and Summary Metrics	13
Select Operating Metrics	14
Group Retirement
Statements of Operating Earnings (Loss) and Summary Metrics	16
Select Operating Metrics	17
Investment Management and Research
Statements of Operating Earnings (Loss) and Summary Metrics	18
Select Operating Metrics	19
Net Flows	20
Protection Solutions
Statements of Operating Earnings (Loss) and Summary Metrics	21
Select Operating Metrics	22
Investments
Consolidated Investment Portfolio Composition	24
Consolidated Results of General Account Investment Portfolio	25
Additional Information
Deferred Policy Acquisition Costs Rollforward	27
Use of Non-GAAP Financial Measures	28
Reconciliation of Non-GAAP Measures	30
Glossary of Selected Financial and Product Terms	33
Analyst Coverage, Ratings & Contact Information	34

All information included in this financial supplement is unaudited.

.

This financial supplement should be read in conjunction with Equitable Holdings, Inc.'s ("EQH") Quarterly Report on Form 10-Q for the quarter ended September 30, 2021.

Equitable Holdings' filings with the Securities and Exchange Commission ("SEC") can be accessed upon filing at the SEC's website at www.sec.gov, and at our website at ir.equitableholdings.com.

3Q 2021 Financial Supplement

2

Consolidated Financials

and Key Metrics

3Q 2021 Financial Supplement

3

Key Metrics Summary

					For the Three Months Ended or As of					Nine Months Ended or As of
(in millions USD, unless otherwise indicated)	9/30/2020		12/31/2020		3/31/2021		6/30/2021		9/30/2021		Change		9/30/2020		9/30/2021		Change
Net income (loss)	$	(705)	$	(1,136)	$	(1,400)	$	223	$	765	208.5 %	$	787	$	(412)	(152.4)%
Net income (loss) attributable to the noncontrolling interest		(74)			(102)			(88)			(100)			(93)	(25.7)%			(197)			(281)	(42.6)%
Net income (loss) attributable to Holdings	$	(779)		$	(1,238)		$	(1,488)		$	123		$	672	186.3 %		$	590		$	(693)	(217.5)%
Non-GAAP Operating Earnings (1)	$	568		$	748		$	600		$	758		$	818	44.0 %		$	1,554		$	2,176	40.0 %
Total equity attributable to Holdings' shareholders	$	17,300	$	15,576	$	10,693	$	11,732	$	11,680	(32.5)%	$	17,300	$	11,680	(32.5)%
Less: Preferred Stock		1,269			1,269			1,562			1,562			1,562	23.1 %			1,269			1,562	23.1 %
Total equity attributable to Holdings' common shareholders		16,031			14,307			9,131			10,170			10,118	(36.9)%			16,031			10,118	(36.9)%
Less: Accumulated other comprehensive income (loss)		4,188			3,863			740			1,983			1,876	(55.2)%			4,188			1,876	(55.2)%
Total equity attributable to Holdings' common shareholders (ex. AOCI)	$	11,843	$	10,444	$	8,391	$	8,187	$	8,242	(30.4)%	$	11,843	$	8,242	(30.4)%
Return on Equity (ex. AOCI) - TTM		(2.9)%			(5.4)%			(69.7)%			(35.5)%			(22.7)%					(2.9)%			(22.7)%
Non-GAAP Operating ROE (1)		16.3 %			17.3 %			21.3 %			26.8 %			32.4 %					16.3 %			32.4 %
Debt to capital:
Debt to Capital		19.2 %			20.9 %			26.4 %			24.6 %			24.7 %					19.2 %			24.7 %
Debt to Capital (ex. AOCI)		23.9 %			26.0 %			27.8 %			28.2 %			28.1 %					23.9 %			28.1 %
Per common share:
Diluted earnings per common share: (2)
Net income (loss) attributable to Holdings	$	(1.77)	$	(2.84)	$	(3.46)	$	0.23	$	1.59	189.9 %	$	1.22	$	(1.76)	(244.0)%
Non-GAAP Operating Earnings (1)	$	1.24	$	1.65	$	1.35	$	1.71	$	1.94	55.8 %	$	3.35	$	5.02	49.9 %
Book value per common share	$	36.05	$	32.46	$	21.32	$	24.20	$	25.00	(30.6)%	$	36.05	$	25.00	(30.6)%
Book value per common share (ex. AOCI)	$	26.63	$	23.70	$	19.59	$	19.48	$	20.37	(23.5)%	$	26.63	$	20.37	(23.5)%
Weighted-average common shares outstanding:
Basic		447.5			442.8			434.2			424.2			411.3	(8.1)%			453.0			423.2	(6.6)%
Diluted		447.5			442.8			434.2			428.3			414.6	(7.3)%			454.1			423.2	(6.8)%
Ending common shares outstanding		444.7			440.8			428.3			420.2			404.7	(9.0)%			444.7			404.7	(9.0)%
Return to common shareholders:
Common stock dividend	$	76	$	75	$	74	$	76	$	74			$	222	$	224
Repurchase of common shares		100			100			430			279			460					330			1,169
Total capital returned to common shareholders	$	176	$	175	$	504	$	355	$	534			$	552	$	1,393
Market Values:
S&P 500		3,363			3,756			3,973			4,298			4,308	28.1 %			3,363			4,308	28.1 %
US 10-Year Treasury		0.7 %			0.9 %			1.7 %			1.5 %			1.5 %					0.7 %			1.5 %

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.

3Q 2021 Financial Supplement

4

Consolidated Statements of Income (Loss)

						For the Three Months Ended							Nine Months Ended
(in millions USD, unless otherwise indicated)	9/30/2020	12/31/2020	3/31/2021	6/30/2021			9/30/2021		Change	9/30/2020	9/30/2021			Change
Revenues
Policy charges and fee income	$	914	$	948	$	949	$	939			$	867	(5.1)%	$	2,787	$	2,755			(1.1)%
Premiums		221			243			258			241				230	4.1 %			754			729			(3.3)%
Net derivative gains (losses)		(1,472)			(3,612)			(2,546)			(1,199)				(185)	87.4 %			1,890			(3,930)			(307.9)%
Net investment income (loss)		879			947			884			1,033				997	13.4 %			2,530			2,914			15.2 %
Investment gains (losses), net		17			554			184			420				163	858.8 %			190			767			303.7 %
Investment management and service fees		1,126			1,294			1,257			1,318				1,323	17.5 %			3,314			3,898			17.6 %
Other income		155			142			167			198				220	41.9 %			434			585			34.8 %
Total revenues		1,840			516			1,153			2,950				3,615	96.5 %			11,899			7,718			(35.1)%
Benefits and other deductions
Policyholders' benefits		1,034			780			939			828				751	(27.4)%			4,546			2,518			(44.6)%
Interest credited to policyholders' account balances		306			292			291			309				305	(0.3)%			930			905			(2.7)%
Compensation and benefits		503			598			580			568				614	22.1 %			1,498			1,762			17.6 %
Commissions and distribution related payments		342			369			382			397				436	27.5 %			982			1,215			23.7 %
Interest expense		52			48			74			51				59	13.5 %			152			184			21.1 %
Amortization of deferred policy acquisition costs		90			58			87			106				64	(28.9)%			1,555			257			(83.5)%
Other operating costs and expenses		436			392			608			447				456	4.6 %			1,308			1,511			15.5 %
Total benefits and other deductions		2,763			2,537			2,961			2,706				2,685	(2.8)%			10,971			8,352			(23.9)%
Income (loss) from operations, before income taxes		(923)			(2,021)			(1,808)			244				930	200.8 %			928			(634)			(168.3)%
Income tax (expense) benefit		218			885			408			(21)				(165)	(175.7)%			(141)			222			257.4 %
Net income (loss)		(705)			(1,136)			(1,400)			223				765	208.5 %			787			(412)			(152.4)%
Less: net (income) loss attributable to the noncontrolling interest		(74)			(102)			(88)			(100)				(93)	(25.7)%			(197)			(281)			(42.6)%
Net income (loss) attributable to Holdings	$	(779)	$	(1,238)	$	(1,488)	$	123			$	672	186.3 %	$	590	$	(693)			(217.5)%
Less: Preferred stock dividends																(27.3)%									(55.9)%
	(11)			(19)			(13)			(26)				(14)			(34)			(53)
Net income (loss) available to Holdings' common shareholders	$	(790)	$	(1,257)	$	(1,501)	$	97			$	658	183.3 %	$	556	$	(746)			(234.2)%
Adjustments related to:
Variable annuity product features (1)	$	1,620	$	3,439	$	2,267	$	1,193			$	172			$	473	$	3,632
Investment gains (losses), net		(17)			(554)			(183)			(420)				(164)					(190)			(767)
Net actuarial gains (losses) related to pension and other postretirement benefit		31			23			34			26				27					86			87
obligations
Other adjustments (2) (3) (4) (5)		66			116			524			7				141					836			672
Income tax (expense) benefit related to above adjustments (6)		(357)			(635)			(555)			(171)				(35)					(253)			(761)
Non-recurring tax items		4			(403)			1			-				5					12			6
Non-GAAP Operating earnings (7)	$	568	$	748	$	600	$	758			$	818			$	1,554	$	2,176
Notes:

1. Includes COVID-19 impact on Variable annuity product features due to a first quarter 2020 assumption update of $1.5 billion and other COVID-19 related impacts of $35 million for the nine months ended September 30, 2020.
2. Includes separation costs of $25 million,$37 million,$62 million and $108 million for the three and nine months ended September 30, 2021 and 2020.
3. Includes certain legal accruals related to the cost of insurance litigation of $180 million for the nine months ended September 30, 2021. No adjustment was made to prior period operating earnings as the impact was immaterial.
4. Includes COVID-19 impact on Other adjustments due to a first quarter 2020 assumption update of $1.0 billion and other COVID-19 related impacts of $86 million for the nine months ended September 30, 2020.
5. Includes Non-GMxB related derivative hedge losses of ($4) million, $10 million, $140 million, and ($461) million for the three and nine months ended September 30, 2021 and 2020.
6. Includes income taxes of ($554) million for the above related COVID-19 items for the nine months ended September 30, 2020.
7. 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.

3Q 2021 Financial Supplement

5