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EQUITABLE HOLDINGS REPORTS FIRST QUARTER 2021 RESULTS Strong first quarter results evidenced by c . $ 4.6bn of net flows and AUM up 27 % Net loss of $ 1.5bn ; net loss per share of $ 3.46 Non - GAAP operating earnings¹ of $ 600m , or $ 1.35 per share Balance sheet fortified by economic hedging with 95 % effectiveness ; supporting capital return of $ 504m to shareholders Generating value through robust risk management ; VA reinsurance transaction on track - New York , NY , May 5 , 2021 Equitable Holdings , Inc. ( " Equitable Holdings " , " Holdings " , or the " Company " ) ( NYSE : EQH ) today announced financial results for the first quarter ended March 31 , 2021 . “ Thanks to the resiliency of Equitable's business model , we began 2021 with strong operating performance and delivered another quarter of solid results , with non - GAAP operating earnings of $ 1.35 per share , up 19 % year - over - year . Buoyed by net flows and strong equity markets , assets under management grew 27 % year - over - year to $ 822 billion , reaching another record high , " said Mark Pearson , President and Chief Executive Officer . Mr. Pearson continued , “ We remain grounded in our fair value economic approach to managing the business . Our balance sheet de - risking efforts will be further accelerated by our landmark variable annuity reinsurance transaction with Venerable , which remains on track to close in the second quarter . In addition to the benefits we receive from managing to a fair value framework , we remain confident in our ability to generate long - term value . " Consolidated Results ( in millions , except per share amounts or unless otherwise noted ) Total Assets Under Management ( " AUM " , in billions ) Net income ( loss ) attributable to Holdings Net income ( loss ) attributable to Holdings per common share First Quarter 2021 2020 $ 822 $ 646 ( 1,488 ) 5,388 ( 3.46 ) 11.60 Non - GAAP operating earnings ( loss ) 600 535 Non - GAAP operating earnings ( loss ) per common share ( “ EPS ” ) 1.35 1.13 As of March 31 , 2021 , total AUM was $ 822 billion , a year - over - year increase of 27 % driven by net inflows and market performance over the prior twelve months . The net loss attributable to Holdings for the first quarter of 2021 was $ 1,488 million compared to net income of $ 5,388 million in the first quarter of 2020 driven primarily by non - economic market impacts from hedging and non - performance risk under U.S. GAAP accounting . 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 . 1