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EQUITABLE HOLDINGS REPORTS SECOND QUARTER 2021 RESULTS Strong second quarter results evidenced by c . $ 6.1bn of net flows and AUM up 22 % Net income of $ 123m ; net income per share of $ 0.23 Non - GAAP operating earnings¹ of $ 758m , or $ 1.71 per share Successfully closed legacy VA reinsurance transaction , unlocking $ 1bn of economic value Delivering on 50-60 % payout ratio target : returned $ 355m to shareholders in Q2 ; $ 859m YTD Announcing new targets : $ 180m GA rebalance and $ 80m expense savings by 2023 - New York , NY , August 4 , 2021 Equitable Holdings , Inc. ( “ Equitable Holdings ” , “ Holdings ” , or the " Company " ) ( NYSE : EQH ) today announced financial results for the second quarter ended June 30 , 2021 . " Equitable Holdings delivered another quarter of strong results , with non - GAAP operating earnings of $ 1.71 per share , a 74 % increase year - over - year and up 27 % over the first quarter . We continue to benefit from positive net flows and favorable equity markets with AUM now reaching $ 869 billion , up 22 % year - over- year and 6 % over the first quarter , ” said Mark Pearson , President and Chief Executive Officer . Mr. Pearson continued , " We achieved the successful closing of our landmark VA reinsurance transaction with Venerable during the quarter , which significantly de - risks our balance sheet and unlocks $ 1 billion of economic value . We are updating our future guidance targeting an additional $ 180 million in incremental investment income from our General Account by leveraging synergies with our subsidiary , AllianceBernstein . Thanks to our agile workforce and technology - enabled capabilities , we are also announcing a new expense savings target of $ 80 million by 2023. " 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 Non - GAAP operating earnings ( loss ) Non - GAAP operating earnings ( loss ) per common share ( " EPS " ) Second Quarter 2021 2020 $ 869 $ 711 123 ( 4,019 ) 0.23 ( 8.94 ) 758 451 1.71 0.98 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