Equitable : 2Q' 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 includes information from prior periods which have been revised.

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

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Consolidated Financials

and Key Metrics

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Key Metrics Summary

					For the Three Months Ended or As of					Six Months Ended or As of
(in millions USD, unless otherwise indicated)	6/30/2020		9/30/2020		12/31/2020		3/31/2021		6/30/2021		Change		6/30/2020		6/30/2021		Change
Net income (loss)	$	(3,933)	$	(705)	$	(1,136)	$	(1,400)	$	223	105.7 %	$	1,492	$	(1,177)	(178.9)%
Net income (loss) attributable to the noncontrolling interest		(86)			(74)			(102)			(88)			(100)	(16.3)%			(123)			(188)	(52.8)%
Net income (loss) attributable to Holdings	$	(4,019)		$	(779)		$	(1,238)		$	(1,488)		$	123	103.1 %		$	1,369		$	(1,365)	(199.7)%
Non-GAAP Operating Earnings (1)	$	451		$	568		$	748		$	600		$	758	68.1 %		$	986		$	1,358	37.7 %
Total equity attributable to Holdings' shareholders	$	17,498	$	17,300	$	15,576	$	10,693	$	11,732	(33.0)%	$	17,498	$	11,732	(33.0)%
Less: Preferred Stock		775			1,269			1,269			1,562			1,562	101.5 %			775			1,562	101.5 %
Total equity attributable to Holdings' common shareholders		16,723			16,031			14,307			9,131			10,170	(39.2)%			16,723			10,170	(39.2)%
Less: Accumulated other comprehensive income (loss)		3,928			4,188			3,863			740			1,983	(49.5)%			3,928			1,983	(49.5)%
Total equity attributable to Holdings' common shareholders (ex. AOCI)	$	12,795	$	11,843	$	10,444	$	8,391	$	8,187	(36.0)%	$	12,795	$	8,187	(36.0)%
Return on Equity (ex. AOCI) - TTM		0.2 %			(2.9)%			(5.4)%			(69.7)%			(35.5)%					0.2 %			(35.5)%
Non-GAAP Operating ROE (1)		16.7 %			16.3 %			17.3 %			21.3 %			26.8 %					16.7 %			26.8 %
Debt to capital:
Debt to Capital		19.0 %			19.2 %			20.9 %			26.4 %			24.6 %					19.0 %			24.6 %
Debt to Capital (ex. AOCI)		23.3 %			23.9 %			26.0 %			27.8 %			28.2 %					23.3 %			28.2 %
Per common share:
Diluted earnings per common share: (2)
Net income (loss) attributable to Holdings	$	(8.94)	$	(1.77)	$	(2.84)	$	(3.46)	$	0.23	102.5 %	$	2.94	$	(3.27)	(211.1)%
Non-GAAP Operating Earnings (1)	$	0.98	$	1.24	$	1.65	$	1.35	$	1.71	74.2 %	$	2.11	$	3.07	45.9 %
Book value per common share	$	37.21	$	36.05	$	32.46	$	21.32	$	24.20	(35.0)%	$	37.21	$	24.20	(35.0)%
Book value per common share (ex. AOCI)	$	28.47	$	26.63	$	23.70	$	19.59	$	19.48	(31.6)%	$	28.47	$	19.48	(31.6)%
Weighted-average common shares outstanding:
Basic		450.4			447.5			442.8			434.2			424.2	(5.8)%			455.8			429.2	(5.8)%
Diluted		450.4			447.5			442.8			434.2			428.3	(4.9)%			457.1			429.2	(6.1)%
Ending common shares outstanding		449.4			444.7			440.8			428.3			420.2	(6.5)%			449.4			420.2	(6.5)%
Return to common shareholders:
Common stock dividend	$	77	$	76	$	75	$	74	$	76			$	146	$	150
Repurchase of common shares		25			100			100			430			279					230			709
Total capital returned to common shareholders	$	102	$	176	$	175	$	504	$	355			$	376	$	859
Market Values:
S&P 500		3,100			3,363			3,756			3,973			4,298	38.6 %			3,100			4,298	38.6 %
US 10-Year Treasury		0.7 %			0.7 %			0.9 %			1.7 %			1.5 %					0.7 %			1.5 %

Notes:

Some financial metrics have been revised for prior periods; for additional information, please refer to the 10-Q.

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.

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Consolidated Statements of Income (Loss)

						For the Three Months Ended							Six Months Ended
(in millions USD, unless otherwise indicated)	6/30/2020	9/30/2020	12/31/2020	3/31/2021			6/30/2021		Change	6/30/2020	6/30/2021			Change
Revenues
Policy charges and fee income	$	877	$	914	$	948	$	949			$	939	7.1 %	$	1,873	$	1,888			0.8 %
Premiums		244			221			243			258				241	(1.2)%			533			499			(6.4)%
Net derivative gains (losses)		(6,038)			(1,472)			(3,612)			(2,546)				(1,199)	80.1 %			3,362			(3,745)			(211.4)%
Net investment income (loss)		1,022			879			947			884				1,033	1.1 %			1,651			1,917			16.1 %
Investment gains (losses), net		169			17			554			184				420	148.5 %			173			604			249.1 %
Investment management and service fees		1,052			1,126			1,294			1,257				1,318	25.3 %			2,188			2,575			17.7 %
Other income		124			155			142			167				198	59.7 %			279			365			30.8 %
Total revenues		(2,550)			1,840			516			1,153				2,950	215.7 %			10,059			4,103			(59.2)%
Benefits and other deductions
Policyholders' benefits		736			1,034			780			939				828	12.5 %			3,512			1,767			(49.7)%
Interest credited to policyholders' account balances		307			306			292			291				309	0.7 %			624			600			(3.8)%
Compensation and benefits		469			503			598			580				568	21.1 %			995			1,148			15.4 %
Commissions and distribution related payments		302			342			369			382				397	31.5 %			640			779			21.7 %
Interest expense		48			52			48			74				51	6.3 %			100			125			25.0 %
Amortization of deferred policy acquisition costs		162			90			58			87				106	(34.6)%			1,465			193			(86.8)%
Other operating costs and expenses		434			436			392			608				447	3.0 %			872			1,055			21.0 %
Total benefits and other deductions		2,458			2,763			2,537			2,961				2,706	10.1 %			8,208			5,667			(31.0)%
Income (loss) from operations, before income taxes		(5,008)			(923)			(2,021)			(1,808)				244	104.9 %			1,851			(1,564)			(184.5)%
Income tax (expense) benefit		1,075			218			885			408				(21)	(102.0)%			(359)			387			207.8 %
Net income (loss)		(3,933)			(705)			(1,136)			(1,400)				223	105.7 %			1,492			(1,177)			(178.9)%
Less: net (income) loss attributable to the noncontrolling interest		(86)			(74)			(102)			(88)				(100)	(16.3)%			(123)			(188)			(52.8)%
Net income (loss) attributable to Holdings	$	(4,019)	$	(779)	$	(1,238)	$	(1,488)			$	123	103.1 %	$	1,369	$	(1,365)			(199.7)%
Less: Preferred stock dividends																(160.0)%									(69.6)%
	(10)			(11)			(19)			(13)				(26)			(23)			(39)
Net income (loss) available to Holdings' common shareholders	$	(4,029)	$	(790)	$	(1,257)	$	(1,501)			$	97	102.4 %	$	1,346	$	(1,404)			(204.3)%
Adjustments related to:
Variable annuity product features (1)	$	5,722	$	1,620	$	3,439	$	2,267			$	1,193			$	(1,147)	$	3,460
Investment gains (losses), net		(169)			(17)			(554)			(183)				(420)					(173)			(603)
Net actuarial gains (losses) related to pension and other postretirement benefit		28			31			23			34				26					55			60
obligations
Other adjustments (2) (3) (4)		75			66			116			524				7					770			531
Income tax (expense) benefit related to above adjustments (5)		(1,188)			(357)			(635)			(555)				(171)					104			(726)
Non-recurring tax items		2			4			(403)			1				-					8			1
Non-GAAP Operating earnings (6)	$	451	$	568	$	748	$	600			$	758			$	986	$	1,358
Notes:

Some financial metrics have been revised for prior periods; for additional information, please refer to the 10-Q.

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 six months ended June 30, 2020.
2. Includes separation costs of $16 million,$39 million,$37 million and $71 million for the three months and six months ended June 30, 2021 and 2020.
3. Includes certain legal accruals related to the cost of insurance litigation of $180 million for the six months ended June 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 for the six months ended June 30, 2020 and other COVID-19 related impacts of $35 million and $86 million for the three and six months ended June 30, 2020.
5. Includes income taxes of ($7) million and ($554) million for the above related COVID-19 items for the three and six months ended June 30, 2020.
6. 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.

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