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Equitable Equitable Holdings Third Quarter 2026 Earnings Results November 2, 2026
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3Q26 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
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3Q26 Earnings Presentation 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). 3
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Third quarter 2026 highlights Strong momentum heading into the merger • Non-GAAP operating earnings1 per share of $2.13, or $1.98 per share after adjusting for notable items2, up 19% YoY • $1.2trn AUM/A, up 4% versus prior year • Returned $320m to shareholders in the quarter; 66% payout ratio YTD, on track for 60-70% target in 2026 Positive organic growth across all businesses • Retirement net inflows of $1.1bn, driven by record RILA sales • Wealth Management advisory net inflows of $2.7bn; 11% annualized organic growth rate • Asset Management net inflows of $6.6bn; AB Private Markets AUM up 33% YoY to $105bn Executing strategy to enhance scale and flywheel benefits • Continue to build out AB’s Private Markets platform, supported by onboarding $12bn of CMLs from EQH in 3Q’26 • Completed the sale of the Employee Benefits business to The Hartford in October • On track to close the merger with Corebridge by year-end 2026 3Q26 Earnings PresentationNote: See appendix for explanation of footnotes 4
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$8 $11 $13 $3 $3$7 $10 $14 $8 $13 $19 2015 2020 2025 $24 $36 $49 $2 +7% CAGR IRAs DC Plans Annuities DB plans U.S. Retirement: $50 trillion market with strong growth drivers $236 $222 $204 $240 $235 $220 $258 $348 $383 $434 $465 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 +16% CAGR Growing retirement assets, greater individual responsibility 5 • Over 4 million Americans turning 65 each year • c.$15 trillion of DC plan assets, with nearly $1 trillion of annual IRA rollovers • Rising demand for protected equity and guaranteed lifetime income solutions • Higher interest rates increase the consumer value proposition of annuities • Ongoing generational wealth transfer fueling need for personalized financial advice Total U.S. Retirement Market Assets1, $trn Increasing demand for annuity solutions Total U.S. annuity sales2, $bn Note: See appendix for explanation of footnotes 3Q26 Earnings Presentation
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New Equitable positioned to capture U.S. Retirement Opportunity $48.2 $37.8 $29.2 $27.5 $24.4 $22.4 $16.8 $16.0 $15.2 New Equitable Athene NY Life JXN Nation- wide Allianz LNC Mass Mutual PacLife TTM Total Annuity Sales ($bn)1 2025 U.S. Non-GAAP Operating Income ($bn)2 6 Lower unit costs result in more attractive returns for customers and shareholders Our competitive advantages:: Differentiated liability & asset sourcing Higher risk-adjusted yields Leading multi-channel distribution network Lower average cost of funds Breadth of retail & institutional product solutions Flexibility to pivot capital to maximize returns Superior operational scale Lower expense ratio Capture full value chain Act as a manufacturer, distributor and asset manager $4.1 $3.6 $3.4 $2.2 $1.5 $1.56.0x 10.9x 8.4x 4.7x 11.0x New Equitable 8.5x MET Athene PRU LNC PFG 2027 P/E multiple3 Note: See appendix for explanation of footnotes 3Q26 Earnings Presentation
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Third quarter consolidated results summary Assets under management and administration Non-GAAP operating earnings2 of $595m, or $2.13 per share, up 44% YoY on a per share basis Non-GAAP operating earnings adjusted for notable items1 of $554m or $1.98 per share, up 19% YoY on a per share basis Net income of $1.1bn or $4.05 per share Assumption update: $28m favorable impact to Non-GAAP operating earnings; $111m benefit to net income Tax: Effective tax rate of 20% in the quarter, consistent with guidance Non-GAAP Operating Earnings, adjusted for notable items1 Non-GAAP Operating EPS, adjusted for notable items1 Note: See appendix for explanation of footnotes 12% 24% 64% WM AB Retirement 140 991 1,016 118 3Q25 3Q26 1,110 1,156 +4% $bn$ 1.67 1.98 3Q25 3Q26 +19% AUM AUA 7 $554m 3Q26 Earnings Presentation
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Key drivers of 3Q’26 results 429 456 480 1.75% 1.74% 1.69% 3Q25 2Q26 3Q26 Retirement earnings drivers, $millions Asset & Wealth Management drivers, $millions Net Interest Margin 425 489 493 3Q25 2Q26 3Q26 821 829 845 20 3Q25 24 2Q26 26 3Q26 841 853 871 197 235 253 3Q25 2Q26 3Q26 AB Fee Revenue WM Advisory FeesFee-based Revenue1 Retirement: Growth in NIM and fee revenues offset by higher DAC amortization; 3Q’26 core spread affected by timing factors Asset Management: Base fees boosted by higher avg. AUM; forecast FY’26 performance fees of $135-150m (up from $115-135m) Wealth Management: Advisory fees up 28% YoY, driven by favorable markets and strong organic growth Base fees Performance fees Note: See appendix for explanation of footnotes Spread ex. alternative income 83Q26 Earnings Presentation
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Capital management highlights Note: See appendix for explanation of footnotes 6m 2m 8m 5m 7% reduction in shares outstanding Capital return to common shareholders Holding company liquidity • Returned $320m of capital to shareholders in Q3 • Payout ratio of 59% in Q3 and 66% YTD; on track for 60-70% payout ratio in 20261 • Cash & liquid assets of $0.9bn at Holdings2 as of quarter end • On track for 2026 cash generation target of c.$1.8bn 3,4 • Adjusted debt to capital with AB at market value (ex. AOCI) of 25.5% 0.8bn 0.9bn 0.6bn 2Q’26A Subsidiary Dividends Capital Return Other 3Q’26A -0.3bn -0.1bn $147m $366m $238m $76m $83m $82m $77m $277m 4Q’25 1Q’26 2Q’26 3Q’26 $354m $223m $449m $320m Dividends Share Repurchases 93Q26 Earnings Presentation
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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 ⃣ Selected New Equitable Board of Directors ⃣ Regulatory approvals (in progress) ⃣ Close transaction by YE’26 ⃣ Day 1 of New Equitable ⃣ Q2 Investor Day 1H’27 Note: See appendix for explanation of footnotes 10 3Q26 Earnings Presentation
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Appendix Equitable Holdings Third Quarter 2026 Earnings Results
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3Q26 Earnings Presentation Explanation of footnotes Page 4 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 5 1Investment Company Institute report, “Quarterly Retirement Market Data, Fourth Quarter 2025.” March 2026 2LIMRA LOMA, “Fourth Quarter 2025 U.S. Individual Annuity Sales Industry Report.” March 2026 Page 6 12LIMRA LOMA, “Second Quarter 2026 U.S. Individual Annuity Sales Industry Report.” August 2026 2Reflects Adjusted After-tax Operating Income for Corebridge, Equitable and companies without meaningful international operations ; for Athene, reflects Apollo’s Spread Related Earnings Excluding Notable Items; for MetLife, reflects sum of Adjusted Earnings of Group Benefits, Retirement and Income Solutions, and MetLife Investment Management segments; for Prudential, reflects adjusted earnings for PGIM, U.S. Business and Corporate and Other (tax affected at 21%); for Principal, reflects consolidated earnings excluding the International Pension segment 3 Sourced from Factset as of 10/30/2026 Page 7 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 8 1Includes policy charges, fee income and premiums and investment management and service fees, excludes other income in both perio ds Page 9 1Payout 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 2Excludes c.$145 million of cash at Holdings which is available to AllianceBernstein through its credit facility with Equitable Holdings 3Cash generation is the cash flow to the Holding Company from the insurance, asset and wealth management subsidiaries 4Financial 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 Page 10 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 12
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3Q26 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. 13 General Account Investment Portfolio Fixed Maturity Portfolio Diversified, well-structured portfolio High-quality Commercial Mortgage Loan portfolio with 69% average LTV and 1.8x DSCR Private Credit represents 19% of total General Account1 and is highly rated and well diversified across sectors Hyperscaler and data center exposure <2% of total General Account High quality with focus on investment grade credits 98% Investment Grade, with just 12% 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.10% of fixed maturity portfolio uses private letter ratings 30% 21%19% 4% 1% 20% 3% 2% Alts. & Other U.S. Treasury, Gov’t and Agency Public Corporates Other Fixed Maturities Policy Loans Mortgage Loans $121bn1 72% 27% 2% Aaa, Aa, A Baa <Baa $90bn Public Structured CreditPrivate Credit
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High-quality private credit aligns with our liability profile 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 143Q26 Earnings Presentation1 Excludes cash and short-term investments of $14.0bn. Certain figures may not sum due to rounding. $121bn1 General Account 3% 30% 21% 47% Direct Lending Private ABS Infrastructure Debt Private Placements $23bn Private Credit Portfolio 19%
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3Q26 Earnings Presentation Alternatives portfolio overview 15 Alternative Investment Portfolio Annualized Returns c. 9% average return since 2017; continue to expect portfolio to deliver +8-12% annual returns over time Historical Alternative Investment Portfolio Annualized Returns $millions, pre-tax 14% 11% 6% 7% 29% 8% 2% 5% 7% 3% 2017 2018 2019 2020 2021 2022 2023 2024 2025 YTD 26 2017 2018 2019 2020 2021 2022 2023 2024 2025 1Q 2026 2Q 2026 3Q 2026 GAAP Carrying Value Private Equity 825 857 850 934 1,462 1,670 1,824 2,039 2,188 2,156 2,136 2,175 Real Estate Equity 133 189 218 323 393 523 603 652 674 683 687 665 Other Alts 182 128 121 149 462 394 321 320 335 364 368 385 Total 1,139 1,174 1,189 1,406 2,316 2,587 2,748 3,011 3,198 3,204 3,191 3,225 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% 8.0% 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% -5.5% Other Alts 7.0% 5.0% 4.2% 8.5% 9.0% 4.3% 8.1% 16.4% 17.2% -4.2% 17.0% 8.0% Total 13.8% 10.6% 6.2% 6.2% 29.2% 8.1% 1.7% 5.1% 7.0% 3.5% 1.1% 5.1% Note: Other Alts includes hedge funds, CLO equity, and other strategic investments
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163Q26 Earnings Presentation Retirement Operating Earnings, adjusted for Notable Items1 Highlights $m 403 409 3Q25 3Q26 Key Metrics Operating Earnings adjusted for Notable Items1 increased slightly YoY as growth in AUM was partially offset by higher DAC amortization and commissions NIM up 5% sequentially and 12% YoY Total Retirement net inflows of $1.1bn driven primarily by record RILA sales (up 8% YoY) Tax-exempt net outflows of $279m driven by seasonality; no material institutional inflows in the quarter 3Q25 3Q26 Change Asset Value ($bn) 171.7 189.0 +10% Net Interest Margin ($m) 429 480 +51 Return on Assets (TTM) 1.11% 1.03% (7)bps 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 3Q26 1.1 6.7 -5.6 Net Flows Inflows Outflows Net Flows $bn 1Please see the Appendix for detailed reconciliations and the definition of Notable Items.
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Asset Management (AB) Highlights $m 3Q25 3Q26 Change Active Net Flows ($bn) (3.4) 4.1 +7.5 AUM ($bn) 860.1 900.4 +5% Adj. Operating Margin1 34.2% 33.5% (70)bps 11 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. 154 152 3Q25 3Q26 Net Flows $bn Key Metrics 3Q26 Earnings Presentation Operating earnings were roughly flat YoY as growth in AUM was offset by a lower average fee rate and higher expenses Net inflows of $6.6bn includes a $12bn commercial mortgage loan mandate from Equitable that funded in July Private Markets platform AUM of $105bn, up 33% YoY; reached 2027 target of $90-100bn ahead of plan Institutional pipeline of $13bn as of quarter end 17 -7.1 0.8 6.6 -2.3 3Q25 -4.7 4Q25 1Q26 2Q26 3Q26 Net Flows Private Wealth Institutional Retail Operating Earnings
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3Q26 Earnings Presentation Wealth Management Operating Earnings, adjusted for Notable Items1 Highlights Key Metrics 3Q25 3Q26 Change Advisory Net Flows ($bn) 2.2 2.7 +0.5 Productivity Per Advisor ($k) 426 487 +14% Pre-tax Operating Margin 15.6% 17.0% +140bps $m 55 75 3Q25 3Q26 TBD Advisory AUA and Trailing 12 Month Net Flows $bn 79.4 97.18.9 4.5 4.3 3Q25 Advisory Net Flows Acquired Advisory AUA Market Performance and Other 3Q26 Operating earnings increase driven primarily by growth in advisory AUA and higher advisor productivity Advisory net inflows of $2.7bn in 3Q’26, representing an 11% annualized organic growth rate Total AUA of $140bn, up 19% YoY, with two-thirds in fee-based advisory accounts 18 1Please see the Appendix for detailed reconciliations and the definition of Notable Items
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193Q26 Earnings Presentation Appendix Reconciliation of Non-GAAP and Other financial disclosures EQH Non-GAAP Operating Earnings EQH Non-GAAP Operating EPS Three Months Ended September 30, (per share amounts) 2026 2025 Net income (loss) attributable to Holdings $ 4.10 $ (4.42) Less: Preferred stock dividends 0.05 0.05 Net income (loss) available to Holdings' common shareholders 4.05 (4.47) Adjustments related to: Variable annuity product features (1) (2.91) 3.30 Investment (gains) losses, net (2) 0.31 3.95 Net actuarial (gains) losses related to pension and other postretirement benefit obligations 0.05 0.06 Other adjustments (3) 0.46 (0.55) Income tax (expense) benefit related to above adjustments 0.44 (1.48) Non-recurring tax items (0.27) 0.67 Non-GAAP Operating Earnings (4) $ 2.13 $ 1.48 (1) As a result of the novation of certain Legacy VA policies completed during the first quarter of 2025, the Company recorded a loss of $499 million in pre-tax net income and an increase of $263 million in pre-tax AOCI, for a total impact loss of $236 million for the nine months ended September 30, 2025. The impact per common share was $1.65 for the nine months ended September 30, 2025. (2) Includes $1.1 billion as a result of assets transferred related to the reinsurance transaction with RGA for the three and nine months ended September 30, 2025. The impact per common shares are $3.86 and $3.78 for the three and nine months ended September 30, 2025, respectively. (3) Includes the following impacts on Non-VA derivatives: a loss of $7 million or $0.03 and a gain of $315 million or $1.13 on Non-VA derivatives for the three and nine months ended September 30, 2026 and a gain of $230 million or $0.78 and $262 million or $0.87 for the three and nine months ended September 30, 2025, respectively. Also includes $(8) million or $(0.03) and $6 million or $0.02 for the three and nine months ended September 30, 2025, respectively. (4) This measure is a Non-GAAP financial measure. For a reconciliation of this item to the most directly comparable GAAP measure, refer to the “Non-GAAP Reconciliation” section in this document. Three Months Ended September 30, (in millions) 2026 2025 Net income (loss) attributable to Holdings $ 1,121 $ (1,309) Adjustments related to: Variable annuity product features (1) (796) 978 Investment (gains) losses, net (2) 84 1,170 Net actuarial (gains) losses related to pension and other postretirement benefit obligations 14 19 Other adjustments (3) 125 (164) Income tax (expense) benefit related to above adjustments 120 (437) Non-recurring tax items (73) 198 Non-GAAP Operating Earnings (4) $ 595 $ 455
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203Q26 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. Q3 (2026) reported Alternatives vs. plan Assumption Updates Model Changes / True-Ups Expense Items Reinsurance True-Up Q3 (2026) adjusted Post-tax Post-tax Post-tax Post-tax Post-tax Post-tax Post-tax Retirement 432 10.9 (30.0) (4.0) - - 409 Asset Management 152 - - - - - 152 Wealth Management 75 - - - - - 75 Corporate and Other (64) 9.3 2.3 (7.4) 15.0 (37.3) (82) Total operating earnings 595 20.2 (27.7) (11.5) 15.0 (37.3) 554 Preferred dividend (14) (14) Operating earnings 581 540 Avg. shares outstanding 273 273 Non-GAAP operating EPS 2.13 0.07 (0.10) (0.04) 0.05 (0.14) 1.98 Q3 (2025) reported Alternatives vs. plan Assumption Updates Loan Reserves Release Expense Items Adjustment for Mortality Experience Q3 (2025) adjusted Post-tax Post-tax Post-tax Post-tax Post-tax Post-tax Post-tax Retirement 405 - (2.4) - - - 403 Asset Management 154 - - - - - 154 Wealth Management 59 - - (3.8) - - 55 Corporate and Other (163) - 1.6 - 24.0 35.6 (102) Total operating earnings 455 - (0.8) (3.8) 24.0 35.6 510 Preferred dividend (16) (16) Operating earnings 439 494 Avg. shares outstanding 296 296 Non-GAAP operating EPS 1.48 - (0.00) (0.01) 0.08 0.12 1.67
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213Q26 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 Q3 (2026) Retirement Asset Management Wealth Management Corporate and Other Consolidated Non-GAAP Operating Earnings 432 152 75 (64) 595 Post-tax adjustments related to Notable Items: Net Investment Income 11 - - 9 20 Model Changes / True-Ups (4) - - (7) (11) Expenses - - - 15 15 One-timers - - - (37.3) (37.3) Notable items Subtotal 7 - - (20) (14) Impact of Actuarial Assumption Update (30) - - 2 (28) Non-GAAP Operating Earnings, less Notable Items 409 152 75 (82) 554 Three Months Ended Q3 (2025) Retirement Asset Management Wealth Management Corporate and Other Consolidated Non-GAAP Operating Earnings 405 154 59 (163) 455 Post-tax adjustments related to Notable Items: Net Investment Income - - - - - Model Changes / True-Ups - - (4) - (4) Expenses - - - 24 24 Mortality - - - 36 36 Post-tax impact of Notable Items - - (4) 60 56 Impact of Actuarial Assumption Update (2) - - 2 (1) Non-GAAP Operating Earnings, less Notable Items 403 154 55 (102) 510