Slides
Page 1
EQUITABLE HOLDINGS Equitable Holdings Second Quarter 2026 Earnings Results August 4 , 2026
Page 2
2Q26 Earnings Presentation Note Regarding Forward-Looking Statements and Non-GAAP Financial Measures This presentation includes statements, which, to the extent they are not statements of historical or present fact, constitute “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements, and any related oral 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. We caution you that forward-looking statements are not guarantees of future performance or outcomes. Forward-looking statements are not historical facts but instead represent only our beliefs regarding future events, which may by their nature be inherently uncertain, and some of which may be outside our control. These statements include, but are not limited to, statements about the projections, estimates, forecasts and other financials and performance metrics and projections of market expectations, as well as statements about the potential repurchases of shares of common stock, the expected timing and completion of the proposed transaction between Equitable and Corebridge Financial, Inc. (“Corebridge”) (the “Proposed Transaction”), the anticipated benefits of the Proposed Transaction, including estimated synergies and projected cost savings, and plans and expectations for Equitable, Corebridge or their new parent company after completion of the Proposed Transaction. Such forward-looking statements are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking statements. Key factors include, among others, the ability to repurchase shares (if Equitable decides to do so) within the expected timing or at all; the ability to complete the Proposed Transaction on the timeframe or on the terms currently anticipated or at all, including due to a failure to obtain requisite stock exchange, regulatory, governmental or other approvals; risks related to difficulties, inabilities or delays in integrating the parties’ businesses; 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 cashflow generation; 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; the potential impact of the announcement or consummation of the Proposed Transaction on Equitable or Corebridge’s stock price and on their respective business, contractual and operational relationships (including with regulatory bodies, employees, suppliers, clients and competitors); 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; the risk that the Proposed Transaction and its announcement could have an adverse effect on the ability of either or both parties to hire and retain key personnel; the parties’ ability to raise debt on favorable terms or at all; the outcome of any legal proceedings that may be instituted against Equitable, Corebridge, their new parent company or their respective directors; restrictions on the conduct of Equitable 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; 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; the deterioration of economic conditions; geopolitical tensions; the potential impact of a downgrade in Equitable or Corebridge’s Insurer Financial Strength ratings or credit ratings or of the new parent company of Equitable and Corebridge following completion of the Proposed Transaction; conditions in the financial markets and economy, including the impact of geopolitical conflicts, changes in tariffs and trade barriers, the impact on Equitable 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; operational factors, including reliance on the payment of dividends to Equitable 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; 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; our reinsurance and hedging programs; 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; 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; our Asset Management segment, including fluctuations in assets under management and the industry-wide shift from actively-managed investment services to passive services; recruitment and retention of key employees and experienced and productive financial professionals; subjectivity of the determination of the amount of allowances and impairments taken on our investments; legal and regulatory risks, including federal and state legislation affecting financial institutions, insurance regulation and tax reform; risks related to our common stock and general risks, including strong industry competition, information systems failing or being compromised and protecting our intellectual property; other factors that may affect future results of Equitable and Corebridge; and management’s response to any of the aforementioned factors. The foregoing list of factors is not exhaustive. You should carefully consider these factors and the other risks and uncertainties described in the “Risk Factors” section of the new parent company’s (“New Equitable”) Registration Statement on Form S-4 and other documents filed or furnished by Equitable and Corebridge from time to time with the SEC, including their Annual Reports on Form 10-K for the year ended December 31, 2025 and Quarterly Reports on Form 10-Q. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward- looking statements. If any of these risks materialize or our assumptions prove incorrect, actual events and results could differ materially from those contained in the forward-looking statements. There may be additional risks that neither Equitable nor Corebridge presently know or that Equitable and Corebridge currently believe are immaterial that could also cause actual events and results to differ materially from those contained in the forward-looking statements. In addition, forward-looking statements reflect Equitable and Corebridge’s expectations, plans or forecasts of future events and views as of the date of this presentation. Equitable and Corebridge anticipate that subsequent events and developments will cause Equitable and Corebridge’s assessments to change. While Equitable and Corebridge may elect to update these forward-looking statements at some point in the future, Equitable and Corebridge specifically disclaim any obligation to do so, unless required by applicable law. Neither Equitable nor Corebridge gives any assurance that Equitable, Corebridge or their new parent company will achieve the results or other matters set forth in the forward-looking statements. This presentation and certain of the remarks made orally contain Non-GAAP financial measures. Non-GAAP financial measures include Non-GAAP operating earnings, and Non-GAAP operating EPS. Information regarding these and other Non-GAAP financial measures, including reconciliations to the most directly comparable GAAP financial measures, is provided in our quarterly earnings press releases and in our quarterly financial supplements, which are available on our Investor Relations website at ir.equitableholdings.com. 2
Page 3
2Q26 Earnings Presentation 3 Note Regarding Forward-Looking Statements and Non-GAAP Financial Measures The Company has presented forward-looking statements regarding Non-GAAP operating earnings, Non-GAAP operating earnings per share and Adjusted operating margin at AB. 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. No Offer or Solicitation This presentation is not intended to and shall not constitute an offer to sell or the solicitation of an offer to sell or the solicitation of an offer to buy any securities, or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended (the “Securities Act”), or in a transaction exempt from the registration requirements of the Securities Act. Important Information and Where to Find It This presentation relates to the Proposed Transaction, which is the subject of a Registration Statement on Form S-4 filed by New Equitable with the SEC. The Registration Statement includes a joint proxy statement of Equitable and Corebridge that also constitutes a prospectus of New Equitable. The Registration Statement was declared effective by the SEC on June 23, 2026, and New Equitable filed a prospectus with the SEC on June 23, 2026. Equitable and Corebridge commenced mailing to their respective stockholders on or about June 23, 2026. Equitable, Corebridge and New Equitable may also file with or furnish to the SEC other relevant documents regarding the Proposed Transaction. This presentation is not a substitute for the Registration Statement that New Equitable has filed with the SEC or any other documents that have been or may be sent to Equitable’s stockholders or Corebridge’s stockholders in connection with the Proposed Transaction. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE JOINT PROXY STATEMENT/PROSPECTUS AND OTHER RELEVANT DOCUMENTS FILED WITH, OR FURNISHED TO, THE SEC IN CONNECTION WITH THE PROPOSED TRANSACTION OR INCORPORATED BY REFERENCE INTO THE JOINT PROXY STATEMENT/PROSPECTUS, BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION REGARDING EQUITABLE, COREBRIDGE, NEW EQUITABLE, THE PROPOSED TRANSACTION AND RELATED MATTERS. Investors and security holders may obtain free copies of these documents and other documents filed with the SEC by Equitable, Corebridge or New Equitable through the website maintained by the SEC at http://www.sec.gov. Investors and security holders may obtain free copies of documents filed with the SEC by Equitable at its website, https://equitableholdings.com, or by Corebridge at its website, https://www.corebridgefinancial.com (information included on or accessible through either of Equitable or Corebridge’s website is not incorporated by reference into this presentation).
Page 4
4 Over 10 million combined customers2 Differentiated presence across retail, institutional, and worksite channels Full suite of product solutions to address customer needs Investing to enhance customer experience Focused on Customer Outcomes Scale drives top- quartile expense ratio to support growth & profitability Distribution breadth results in lower cost of funds Differentiated asset sourcing capabilities Ability to attract & retain top talent Clear Right to Win Leading provider of life, retirement and institutional solutions Global asset manager with $1 trillion of pro- forma AUM 3 Holistic wealth management platform with >5,000 advisors and c.$325 billion of AUA 4 Leader in Attractive & Growing Markets 10%+ EPS and cash generation accretion5 15%+ adj. return on equity6 $30bn+ adj. book value7 Deliver Compelling Financial Outcomes1 Merger positions New Equitable to deliver better customer outcomes and drive shareholder value 2Q26 Earnings PresentationNote: See appendix for explanation of footnotes
Page 5
Second quarter 2026 highlights Significant progress on merger approvals and integration • Shareholders approved the merger at the special meeting held on July 30th • Established New Equitable organization structure, integration focused on delivering expense and revenue synergies • Remain on track for the transaction closing by year-end 2026 Delivering strong 2026 EPS growth • Non-GAAP operating earnings1 per share of $1.70, or $1.75 per share after adjusting for notable items2, up 24% YoY • $1.2trn AUM/A, up 10% versus prior year • Returned $449m to shareholders in the quarter, a 92% payout ratio, above our 60-70% target Organic growth across all businesses • Retirement net inflows of $1.7bn driven by continued growth in RILA sales; spread lending net issuance of $2.6bn • Wealth Management advisory net inflows of $2.0bn; trailing twelve-month organic growth rate of 11% • Asset Management net inflows of $0.8bn; AB Private Markets AUM up 18% YoY to $91bn 2Q26 Earnings Presentation 5Note: See appendix for explanation of footnotes
Page 6
2Q26 Earnings Presentation 6Note: See appendix for explanation of footnotes Executing on our growth strategy 1H’26 Results Retirement $189bn AUM, up 15% YoY $3.0bn net inflows, 4% organic growth; $2.1bn of net spread lending issuance Asset Management $906bn AUM, up 9% YoY $6.3bn of net outflows in 1H’26, onboarded $11.8bn of CML mandate in July 1H’26 adj. op. margin1 of 33.2% Wealth Management $4.0bn of net advisory inflows; 10% organic growth $141bn total AUA, +27% YoY; productivity +13% YoY Private Markets AUM +18% YoY to $91bn, achieved $90-100bn target ahead of plan $25bn of EQH capital deployed, above commitment of $20bn by 2027 Institutional Net inflows of c.$500m across in-plan annuities and HSAs AB growth markets 3rd party insurance AUM of $61bn, up 16% YoY; added seven relationships YTD Active ETF platform now exceeds $20bn of AUM and c.$100m annual fees Defend & grow core businesses Scale adjacent businesses Seed future growth
Page 7
2Q26 Earnings Presentation 7Note: See appendix for explanation of footnotes Tracking toward investor day targets 68% 66% 68% 70% 68% 2023 2024 2025 1H’26 Cumulative since IR Day4,5 3% 20% 1% 25% 10% 0% 3% 6% 9% 12% 15% 18% 21% 24% 27% 2023 2024 2025 1H’26 Cumulative since IR Day 12-15% Non-GAAP Operating EPS CAGR $2bn of annual cash generation by 2027 2023-27 Financial Targets 60-70% of Non-GAAP Operating Earnings Increasing cash generation1, $bn Consistent payout ratio2 Accelerating EPS growth3 1.3 1.5 2.0 2023 2024 2025 2026F 2027F 2.6 c.1.8 12-15% EPS CAGR Target1.6 95% Capital release from RGA transaction Incremental buybacks post RGA transaction 60-70% Payout Target
Page 8
Second quarter consolidated results summary 2Q26 Earnings Presentation Assets under management and administration 141 960 1,034 110 2Q25 2Q26 1,070 1,175 +10% Non-GAAP operating earnings2 of $488m, or $1.70 per share, up 55% YoY on a per share basis Non-GAAP operating earnings adjusted for notable items1 of $501m or $1.75 per share, up 24% YoY on a per share basis Net loss of $453m versus prior year quarter loss of $349m Adjusted debt to capital with AB at market value (ex. AOCI) of 26.9% Tax: Effective tax rate of 15% in the quarter; forecast c.20% consolidated rate in 2H'26 Divested Employee Benefits business: sharpening focus on at scale businesses; immaterial impact to future earnings $bn Non-GAAP Operating Earnings, adjusted for notable items1 Non-GAAP Operating EPS, adjusted for notable items1 $ 1.41 1.75 2Q25 2Q26 +24% AUM AUA 8Note: See appendix for explanation of footnotes 67% 10% 23% Retirement WM AB $501m
Page 9
Key drivers of 2Q’26 results 411 450 456 1.78% 1.73% 1.74% 2Q25 1Q26 2Q26 Retirement earnings drivers, $millions Asset & Wealth Management drivers, $millions Net Interest Margin 431 459 489 2Q25 1Q26 2Q26 772 819 829 30 2Q25 23 1Q26 24 2Q26 802 842 853 184 229 235 2Q25 1Q26 2Q26 AB Fee Revenue WM Advisory Fees 9 Fee-based Revenue1 Retirement: stable spreads excluding alternatives; fee revenues benefitting from strong equity market Asset Management: base fees boosted by growth in AUM; forecast FY’26 performance fees of $115-135m (up from $95-115m) Wealth Management: advisory fees reported on a one quarter lag, benefit of market growth will show up in 2H’26 Base fees Performance fees Note: See appendix for explanation of footnotes 2Q26 Earnings Presentation Spread ex. alternative income
Page 10
Capital management remains a key focus Note: See appendix for explanation of footnotes 102Q26 Earnings Presentation $676m $147m $366m $81m $76m $83m 3Q’25 $77m $277m 4Q’25 1Q’26 2Q’26 $757m $354m $223m $449m Dividends Share Repurchases 13m 6m 2m 8m 10% shares outstanding reduction Return to common shareholders Holding company liquidity Cash & liquid assets of $0.8bn at Holdings1 as of Q2’26 Combined NAIC RBC ratio remains well above the Company’s target of 400%+ as of quarter end On track for 2026 cash generation target of c.$1.8bn; received regulatory approval for $0.9bn of insurance company dividends in 2H’26 2,3 Returned $449m of capital to shareholders in Q2 Payout ratio of 92% in the quarter and 70% in 1H’26; on track for 60-70% payout ratio in 20264 1.2bn 0.8bn 0.2bn 1Q’26A Subsidiary Dividends Capital Return Other 2Q’26A -0.1bn -0.4bn
Page 11
112Q26 Earnings Presentation Transaction Benefits $30bn+ Adj. book value, pro-forma as of YE’251 $25bn+ Statutory capital, pro-forma as of YE’256 10%+ EPS and cash generation accretion2,3 15%+ Adj. return on equity, pro-forma 2027E4 $5bn+ Adj. operating earnings, 2027E run rate5 $4bn+ Cash generation, pro-forma 2027E2,3 Looking Ahead 1H’26 2H’26 ⃣ Transaction announced ⃣ Integration Office established ⃣ Level one of New Equitable leadership announced ⃣ Final proxy mailed ⃣ Announced top three levels of leadership ⃣ Merger approved by shareholders ⃣ Regulatory approvals ⃣ Name New Equitable Board of Directors ⃣ Close of transaction by YE’26 ⃣ Day 1 of New Equitable ⃣ Q2 Investor Day 1H’27 Note: See appendix for explanation of footnotes
Page 12
Appendix Equitable Holdings Second Quarter 2026 Earnings Results
Page 13
2Q26 Earnings Presentation Explanation of footnotes 13 Page 4 1Pro forma for the Merger 2Combined as of 12/31/2025 with no transaction related adjustments 3AllianceBernstein AUM as of 12/31/2025 with incremental Corebridge AUM of c.$100bn to be allocated over time 4Pro forma AUA and Advisors including Equitable Advisors, Corebridge Wealth Business and AllianceBernstein Private Wealth as of 6/30/2026 5Presented on a run rate basis i.e., includes expense synergies as outlined; excludes impact of purchase accounting; pro forma free cash flow generation reflects annual cash flow generated from insurance dividends and non-insurance operations; based on stated guidance and consensus estimates for both companies plus run r ate synergies 6Reflects estimated pro forma ROE with Corebridge as accounting acquiror 7Reflects Corebridge’s adjusted book value as of 12/31/2025 plus estimated equity issuance in connection with all stock merger Page 5 1Non-GAAP Operating Earnings equals our consolidated after-tax net income attributable to Holdings adjusted to eliminate the impa ct of certain items; Please see detailed Non-GAAP reconciliation in Appendix 2Non-GAAP Operating Earnings adjusted for Notable Items; Please see the Appendix for detailed reconciliations and the definition of Notable Items Page 6 1Adjusted Operating Margin is a Non-GAAP financial measure used by AllianceBernstein L.P. (“AB”) management in evaluating AB’s fi nancial 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; AB also discloses Non-GAAP operating income as a key performance metric in addition to Adjusted Net Income; AB adjusted operating income equals adjusted net income, excluding interest on borrow ings and income taxes Page 7 1Cash generation is the cash flow from asset and wealth management subsidiaries, along with capital generated in excess of the target combined NAIC RBC ratio at the insurance subsidiaries; Financial guidance assumes normal market conditions including 6% equity return, 2% dividend yield and interest rates following the forw ard curve. 2Payout ratio represents common stock dividends and repurchase of common shares as a percent of Non -GAAP Operating Earnings adjusted for notable items less preferred dividends. Non-GAAP Operating Earnings equals our consolidated after-tax net income attributable to Holdings adjusted to eliminate the impact of cer tain items; Please see detailed Non-GAAP reconciliation in Appendix 3Non-GAAP operating EPS growth excluding Notable Items; Please see the Appendix for detailed reconciliations and the definition o f Notable Items 4Average of trailing fourteen quarters 5Does not include impact from incremental buybacks post RGA transaction Page 8 1Non-GAAP Operating Earnings adjusted for Notable Items; Please see the Appendix for detailed reconciliations and the definition of Notable Items 2Non-GAAP Operating Earnings equals our consolidated after-tax net income attributable to Holdings adjusted to eliminate the impa ct of certain items; Please see detailed Non-GAAP reconciliation in Appendix Page 9 1Includes policy charges, fee income and premiums and investment management and service fees, excludes other income in both perio ds Page 10 1Excludes c.$320 million of cash at Holdings which is available to AllianceBernstein through its credit facility with Equitable Holdings 2 Cash generation is the cash flow from asset and wealth management subsidiaries, along with capital generated in excess of the target combined NAIC RBC ratio at the insurance subsidiaries; 3Financial guidance assumes normal market conditions including 6% equity return, 2% dividend yield and interest rates followin g the forward curve is net dividends and distributions to Equitable Holdings from its subsidiaries 4Payout ratio represents common stock dividends and repurchase of common shares as a percent of Non -GAAP Operating Earnings less preferred dividends. Non-GAAP Operating Earnings equals our consolidated after-tax net income attributable to Holdings adjusted to eliminate the impact of certain items; please see detaile d Non-GAAP reconciliation in Appendix Page 11 1Reflects Corebridge’s adjusted book value as of 12/31/2025 plus estimated equity issuance in connection with all stock merger 2Presented on a run rate basis i.e., includes expense synergies as outlined; excludes impact of purchase accounting 3Pro forma free cash flow generation reflects annual cash flow generated from insurance dividends and non -insurance operations; based on stated guidance and consensus estimates for both companies plus run rate synergies 4Reflects estimated pro forma ROE with Corebridge as accounting acquiror 5Reflects combined adjusted after-tax earnings based on consensus estimates plus run-rate synergies, excluding transaction adjustments 6Includes Equitable and Corebridge total adjusted statutory capital as of 12/31/2025
Page 14
2Q26 Earnings Presentation Conservative, high quality investment portfolio 1 Excludes cash and short-term investments of $14.0bn. Certain figures may not sum due to rounding. 14 General Account Investment Portfolio Fixed Maturity Portfolio 29% 20%19% 5% 1% 21% 3% 2% Alts. & Other U.S. Treasury, Gov’t and Agency Public Corporates Other Fixed Maturities Policy Loans Mortgage Loans $117bn1 70% 28% 2% Aaa, Aa, A Baa <Baa $86bn Public Structured CreditPrivate Credit Diversified, well-structured portfolio High-quality Commercial Mortgage Loan portfolio with 67% average LTV and 2.0x DSCR Private Credit represents 18% of total General Account1 and is highly rated and well diversified across sectors Alternatives & Other: limited exposure of c.3%, primarily private equity with smaller allocations to strategic investments High quality with focus on investment grade credits 98% Investment Grade, with just 13% Baa2, 5% Baa3 A2 average credit rating excluding treasuries Corporate bonds invested in 1,000+ names, diversified across geography and sector c.90% of General Account rated by big 3 ratings agencies; c.6% of fixed maturity portfolio uses private letter ratings
Page 15
High quality private credit portfolio 152Q26 Earnings Presentation1 Excludes cash and short-term investments of $14.0bn. Certain figures may not sum due to rounding. $117bn1 General Account 3% 28% 21% 48% Direct Lending Private ABS Infrastructure Debt Private Placements $22bn Private Credit Portfolio 19% Diversified portfolio that is well matched with our liability profile Direct line of sight into investments with nearly 90% of private credit portfolio directly underwritten by AB Focus on high-quality assets with c.96% rated investment grade; only c.1% rated by Egan Jones Diversified across sectors with limited single-name concentration; c.$400m of BDC exposure Private ABS allocation focused on senior exposures across specialized sectors; average rating of A-/A3, diversified across sectors including aircraft leasing, music royalties, data centers and oil and gas Direct lending represents 3% of private credit portfolio and <1% of total General Account; well-diversified with over 150 individual issuers spread across multiple sectors; software exposure of c.$170m
Page 16
Mortgage portfolio with strong fundamentals 161 Excludes cash and short-term investments of $14.0bn. Certain figures may not sum due to rounding. 2Q26 Earnings Presentation $117bn1 General Account 3%11% 2% 15% 4% 10% 18% 38% Mixed Hospitality Industrial Retail Ag. Loans Multifamily Office RML $25bn Mortgage Portfolio 21% CMLs are an attractive risk-adjusted investment Resilient mortgage portfolio, 67% LTV, 1.9x DSCR Loans annually appraised keeping values up to date Excellent historical performance across multiple down cycles Manageable maturities with ability to actively work with borrowers if needed; maturities matched to meet ALM needs Office portfolio has solid fundamentals High-quality office loans 2.1x DSCR, over 79% occupancy and nearly all class A Manageable upcoming office maturities with 7 loans with scheduled maturities in 2026 (c. 5% of CML portfolio)
Page 17
Balance sheet can withstand severe credit stress 17 430% 2025 RBC Ratio Estimated credit losses Estimated credit migration Net impact of alternatives Post-credit stress impact c.475% -20% -18% -8% High quality general account and strong capital generation • 98% investment grade fixed maturities, A2 rated portfolio • RBC Ratio >400% every period since IPO, resilient through market cycles • >50% of cash flows from non-insurance businesses Hypothetical credit stress scenario assumes at least GFC for IG, structured credit and CML; -40% equity mkt for alts 2Q26 Earnings PresentationNote: All information as of December 31, 2025
Page 18
2Q26 Earnings Presentation Alternatives portfolio details and annualized returns Diversified portfolio represents c.2% of overall general account with c. 10% average return since 2017 18 Historical Alternative Investment Portfolio Annualized Returns, $millions (pre-tax) Alternative Investment Portfolio Annualized Returns c. 10% average return since 2017; continue to expect portfolio to deliver +8-12% annual returns over time 14% 11% 6% 7% 29% 8% 2% 5% 7% 2% 2017 2018 2019 2020 2021 2022 2023 2024 2025 1H26 2017 2018 2019 2020 2021 2022 2023 2024 2025 1Q 2026 2Q 2026 GAAP Carrying Value Private Equity 825 857 850 934 1,462 1,670 1,824 2,039 2,188 2,156 2,136 Real Estate Equity 133 189 218 323 393 523 603 652 674 683 687 Other Alts 182 128 121 149 462 394 321 320 335 364 368 Total 1,139 1,174 1,189 1,406 2,316 2,587 2,748 3,011 3,198 3,204 3,191 Annualized return Private Equity 15.8% 10.5% 5.2% 7.6% 35.2% 6.7% 4.5% 5.5% 7.1% 6.4% -1.2% Real Estate Equity 11.7% 16.4% 11.6% 0.6% 29.0% 16.5% -11.1% -1.9% 1.6% -1.3% 0.3% Other Alts 7.0% 5.0% 4.2% 8.5% 9.0% 4.3% 8.1% 16.4% 17.2% -4.2% 17.0% Total 13.8% 10.6% 6.2% 6.2% 29.2% 8.1% 1.7% 5.1% 7.0% 3.5% 1.1% Note: Other Alts includes hedge funds, CLO equity, and other strategic investments
Page 19
192Q26 Earnings Presentation Retirement Operating Earnings, adjusted for Notable Items1 Highlights $m 368 408 2Q25 2Q26 Key Metrics Operating Earnings adjusted for Notable Items1 increased YoY due to higher NIM and fee-based revenues NIM spread of 1.74% (ex. alternatives) up 1bp versus 1Q’26 Total Retirement net inflows of $1.7bn driven primarily by strong RILA sales (up 10% YoY) and HSA volumes Tax-exempt net inflows of $45m 2Q25 2Q26 Change Asset Value ($bn) 164.7 188.8 +15% Net Interest Margin ($m) 411 456 +45 Return on Assets (TTM) 1.17% 1.02% (15)bps 1.9 6.2 -4.2 2Q25 1.1 6.0 -4.9 3Q25 1.3 6.6 -5.4 4Q25 1.3 6.6 -5.3 1Q26 1.7 6.9 -5.2 2Q26 Net Flows Inflows Outflows Net Flows $bn 1Please see the Appendix for detailed reconciliations and the definition of Notable Items.
Page 20
Asset Management (AB) Highlights $m 2Q25 2Q26 Change Active Net Flows ($bn) (4.8) (8.6) (3.8) AUM ($bn) 829.1 905.5 +9% Adj. Operating Margin2 32.3% 33.0% +7bps 1 Please see the Appendix for detailed reconciliations and the definition of Notable Items 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. AB also discloses Non-GAAP operating income as a key performance metric in addition to Adjusted Net Income. AB adjusted operating income equals adjusted net income, excluding interest on borrowings and income taxes. 131 139 2Q25 2Q26 Net Flows $bn Key Metrics 2Q26 Earnings Presentation Operating earnings increased YoY primarily due to growth in base fees Private Markets platform AUM of $91bn, up 18% YoY; reached 2027 target of $90-100bn ahead of plan Institutional pipeline of $25.8bn as of quarter end; includes a $11.8bn commercial mortgage loan mandate from Equitable that funded in July 20 -6.7 -7.1 0.8 2Q25 -2.3 3Q25 -4.7 4Q25 1Q26 2Q26 Net Flows Private Wealth Institutional Retail Operating Earnings, adjusted for Notable Items1
Page 21
2Q26 Earnings Presentation Wealth Management Operating Earnings, adjusted for Notable Items1 Highlights Key Metrics 2Q25 2Q26 Change Advisory Net Flows ($bn) 2.0 2.0 (0.0) Productivity Per Advisor ($k) 414 469 +13% Pre-tax Operating Margin 14.5% 14.5% - $m 50 60 2Q25 2Q26 TBD Advisory AUA and Trailing 12 Month Net Flows $bn 73.3 95.7 8.4 4.5 9.5 2Q25 Advisory Net Flows Acquired Advisory AUA Market Performance and Other 2Q26 Operating earnings increase driven primarily by growth in client assets and advisory fees Advisory net inflows of $2.0bn in 2Q’26, representing an 8% annualized organic growth rate Total AUA of $141bn, up 27% YoY, with two-thirds in fee-based advisory accounts 21 1Please see the Appendix for detailed reconciliations and the definition of Notable Items
Page 22
222Q26 Earnings Presentation Appendix Reconciliation of Non-GAAP and Other financial disclosures EQH Non-GAAP Operating Earnings EQH Non-GAAP Operating EPS Three Months Ended June 30, (per share amounts) 2026 2025 Net income (loss) attributable to Holdings $ (1.63) $ (1.15) Less: Preferred stock dividends 0.05 0.06 Net income (loss) available to Holdings' common shareholders (1.68) (1.21) Adjustments related to: Variable annuity product features 5.47 3.08 Investment (gains) losses 0.23 0.23 Net actuarial (gains) losses related to pension and other postretirement benefit obligations 0.05 0.04 Other adjustments (1) (1.55) (0.45) Income tax (expense) benefit related to above adjustments (0.88) (0.61) Non-recurring tax items 0.06 0.02 Non-GAAP Operating Earnings $ 1.70 $ 1.10 (1) Includes the following impacts on Non-VA derivatives: a gain of $198 million, or $0.65, for the three months ended June 30, 2025; a loss of $176 million, or $0.63, for the three months ended June 30, 2026. Also includes $14 million, or $0.05, of expense related to a disputed billing practice of an AB third-party service provider for the three ended June 30, 2025. Three Months Ended June 30, (in millions) 2026 2025 Net income (loss) attributable to Holdings $ (453) $ (349) Adjustments related to: Variable annuity product features 1,522 934 Investment (gains) losses 65 71 Net actuarial (gains) losses related to pension and other postretirement benefit obligations 14 11 Other adjustments (1) (430) (137) Income tax (expense) benefit related to above adjustments (246) (185) Non-recurring tax items 16 7 Non-GAAP Operating Earnings $ 488 $ 352
Page 23
232Q26 Earnings Presentation Appendix Impact of Notable Items1 by segment and Corporate & Other 1Notable 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 Non-GAAP measures, adjusted for Notable Items to provide a better understanding of our results of operations in a given period. Certain figures may not sum due to rounding. Q2 (2026) reported Alternatives vs. plan Tax Credits Q2 (2026) adjusted Post-tax Post-tax Post-tax Post-tax Retirement 402 26.0 (20.0) 408 Asset Management 158 - (19.0) 139 Wealth Management 63 - (3.0) 60 Corporate and Other (135) 22.0 7.0 (106) Total operating earnings 488 48.6 (35.0) 501 Preferred dividend (14) (14) Operating earnings 474 487 Avg. shares outstanding 278 278 Non-GAAP operating EPS 1.70 0.17 (0.13) 1.75 Q2 (2025) reported Alternatives vs. plan Late Reported Claims & Assoc. Expenses Expenses Q2 (2025) adjusted Post-tax Post-tax Post-tax Post-tax Post-tax Retirement 354 4.3 - 9.9 368 Asset Management 131 - - - 131 Wealth Management 50 - - - 50 Corporate and Other (183) 7.9 61.1 11.3 (103) Total operating earnings 352 12.2 61.1 21.2 447 Preferred dividend (18) (18) Operating earnings 334 429 Avg. shares outstanding 303 303 Non-GAAP operating EPS 1.10 0.04 0.20 0.07 1.41
Page 24
242Q26 Earnings Presentation Appendix Impact of Notable Items1 by segment and Corporate & Other 1Notable 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 Non-GAAP measures, adjusted for Notable Items to provide a better understanding of our results of operations in a given period. Certain figures may not sum due to rounding. Three Months Ended Q2 (2026) Retirement Asset Management Wealth Management Corporate and Other Consolidated Non-GAAP Operating Earnings 402 158 63 (135) 488 Post-tax adjustments related to Notable Items: Net Investment Income 26 - - 22 49 Late Reported Claims & Assoc. Expenses - - - - - Expenses - - - - - Tax Credit (20) (19) (3) 7 (35) Notable items Subtotal 6 (19) (3) 29 14 Non-GAAP Operating Earnings, less Notable Items 408 139 60 (106) 501 Three Months Ended Q2 (2025) Retirement Asset Management Wealth Management Corporate and Other Consolidated Non-GAAP Operating Earnings 354 131 50 (183) 352 Post-tax adjustments related to Notable Items: Net Investment Income 4 - - 8 12 Late Reported Claims & Assoc. Expenses - - - 61 61 Expenses 10 - - 11 21 Tax Credit - - - - - Post-tax impact of Notable Items 14 - - 80 95 Non-GAAP Operating Earnings, less Notable Items 368 131 50 (103) 447