Document


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	15
		Select Operating Metrics	16
Asset Management (1) (2)
		Statements of Operating Earnings (Loss) and Summary Metrics	17
		Select Operating Metrics	18
		Net Flows	19
Protection Solutions
		Statements of Operating Earnings (Loss) and Summary Metrics	20
		Select Operating Metrics	21
Wealth Management
		Statements of Operating Earnings (Loss) and Summary Metrics	22
		Select Operating Metrics	23
Legacy
		Statements of Operating Earnings (Loss) and Summary Metrics	24
		Select Operating Metrics	25

	Investments
		Consolidated Investment Portfolio Composition	27
		Consolidated Results of General Account Investment Portfolio	28

	Additional Information
		Deferred Policy Acquisition Costs Rollforward	30
		Use of Non-GAAP Financial Measures	31
		Reconciliation of Non-GAAP Measures	33
		Glossary of Selected Financial and Product Terms	36
		Analyst Coverage, Ratings & Contact Information	38
		Notes:
		(1) Refers to AllianceBernsten L.P. and AllianceBernstien Holding L.P., collectively (2) formerly known as Investment Management and Research


	For the Three Months Ended or As of																	Years Ended or As of
(in millions USD, unless otherwise indicated)	12/31/2023			3/31/2024			6/30/2024			9/30/2024			12/31/2024			Change		12/31/2023			12/31/2024			Change

Net income (loss)	$	(589)		$	217		$	565		$	26		$	1,015		272.3	%	$	1,643		$	1,823		11.0	%
Net income (loss) attributable to the noncontrolling interest	(109)			(103)			(137)			(160)			(116)			(6.4)	%	(341)			(516)			(51.3)	%
Net income (loss) attributable to Holdings	$	(698)		$	114		$	428		$	(134)		$	899		228.8	%	$	1,302		$	1,307		0.4	%

Non-GAAP Operating Earnings (1)	$	476		$	490		$	494		$	501		$	522		9.7	%	$	1,694		$	2,007		18.5	%

Total equity attributable to Holdings' shareholders	$	2,649		$	2,032		$	1,644		$	3,220		$	1,585		(40.2)	%	$	2,649		$	1,585		(40.2)	%
Less: Preferred Stock	1,562			1,562			1,562			1,562			1,507			(3.5)	%	1,562			1,507			(3.5)	%
Total equity attributable to Holdings' common shareholders	1,087			470			82			1,658			78			(92.8)	%	1,087			78			(92.8)	%
Less: Accumulated other comprehensive income (loss)	(7,777)			(8,166)			(8,645)			(6,595)			(8,712)			(12.0)	%	(7,777)			(8,712)			(12.0)	%
Total equity attributable to Holdings' common shareholders (ex. AOCI)	$	8,864		$	8,636		$	8,727		$	8,253		$	8,790		(0.8)	%	$	8,864		$	8,790		(0.8)	%

Return on Equity (ex. AOCI) - TTM	13.4		%	12.8		%	9.2		%	(4.2)		%	14.3		%			13.4		%	14.3		%
Non-GAAP Operating ROE (1)	17.6		%	19.2		%	19.8		%	21.2		%	22.4		%			17.6		%	22.4		%

Debt to capital:
Debt to Capital (ex. AOCI)	28.1		%	27.3		%	27.1		%	28.1		%	27.1		%			28.1		%	27.1		%

Per common share:
Diluted earnings per common share: (2)
Net income (loss) attributable to Holdings	$	(2.15)		$	0.30		$	1.23		$	(0.47)		$	2.76		228.5	%	$	3.48		$	3.78		8.7	%
Non-GAAP Operating Earnings (1)	$	1.33		$	1.43		$	1.43		$	1.53		$	1.57		18.0	%	$	4.59		$	5.93		29.2	%
Book value per common share	$	3.26		$	1.43		$	0.25		$	5.26		$	0.25		(92.3)	%	$	3.26		$	0.25		(92.3)	%
Book value per common share (ex. AOCI)	$	26.56		$	26.36		$	27.14		$	26.16		$	28.36		6.8	%	$	26.56		$	28.36		6.8	%

Weighted-average common shares outstanding:
Basic	337.2			330.2			324.2			318.2			312.2			(7.4)	%	350.1			321.2			(8.3)	%
Diluted	337.2			332.7			327.3			318.2			316.5			(6.2)	%	351.6			324.8			(7.7)	%

Ending common shares outstanding	333.8			327.6			321.6			315.5			309.9			(7.2)	%	333.8			309.9			(7.2)	%

Return to common shareholders:
Common stock dividend	$	74		$	73		$	78		$	76		$	75				$	301		$	302
Repurchase of common shares	241			253			247			254			260					919			1,014
Total capital returned to common shareholders	$	315		$	326		$	325		$	330		$	335				$	1,220		$	1,316

Market Values:
S&P 500	4,770			5,254			5,460			5,762			5,882			23.3	%	4,770			5,882			23.3	%
US 10-Year Treasury	3.9		%	4.2		%	4.4		%	3.7		%	4.6		%			3.9		%	4.6		%

Notes:

(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.

Consolidated Statements of Income (Loss)


	For the Three Months Ended												Years Ended
(in millions USD, unless otherwise indicated)	12/31/2023		3/31/2024		6/30/2024		9/30/2024		12/31/2024		Change		12/31/2023		12/31/2024		Change

Revenues
Policy charges and fee income	$	599	$	614	$	617	$	626	$	638	6.5	%	$	2,380	$	2,495	4.8	%
Premiums	281		275		282		313		292		3.9	%	1,104		1,162		5.3	%
Net derivative gains (losses)	(1,254)		(1,376)		(208)		(714)		(253)		79.8	%	(2,397)		(2,551)		(6.4)	%
Net investment income (loss)	1,223		1,219		1,166		1,309		1,202		(1.7)	%	4,320		4,896		13.3	%
Investment gains (losses), net	(159)		(39)		(16)		(46)		(32)		79.9	%	(713)		(133)		81.3	%
Investment management and service fees	1,241		1,278		1,240		1,287		1,458		17.5	%	4,820		5,263		9.2	%
Other income	239		259		429		301		316		32.2	%	1,014		1,305		28.7	%
Total revenues	2,170		2,230		3,510		3,076		3,621		66.9	%	10,528		12,437		18.1	%

Benefits and other deductions
Policyholders’ benefits	647		677		667		663		689		6.5	%	2,754		2,696		(2.1)	%
Remeasurement of liability for future policy benefits	29		1		(8)		16		(3)		(110.3)	%	75		6		(92.0)	%
Change in market risk benefits and purchased market risk benefits	(35)		(1,100)		(133)		79		(817)		N/M		(1,807)		(1,971)		(9.1)	%
Interest credited to policyholders’ account balances	563		566		605		708		620		10.1	%	2,083		2,499		20.0	%
Compensation and benefits	586		620		577		571		673		14.8	%	2,328		2,441		4.9	%
Commissions and distribution related payments	412		437		463		485		511		24.0	%	1,590		1,896		19.2	%
Interest expense	57		57		62		55		52		(8.8)	%	228		226		(0.9)	%
Amortization of deferred policy acquisition costs	169		172		169		184		186		10.1	%	641		711		10.9	%
Other operating costs and expenses	559		553		427		329		513		(8.2)	%	1,898		1,822		(4.0)	%
Total benefits and other deductions	2,987		1,983		2,829		3,090		2,424		(18.8)	%	9,790		10,326		5.5	%

Income (loss) from operations, before income taxes	(817)		247		681		(14)		1,197		246.5	%	738		2,111		186.0	%
Income tax (expense) benefit	228		(30)		(116)		40		(182)		(179.8)	%	905		(288)		(131.8)	%
Net income (loss)	(589)		217		565		26		1,015		272.3	%	1,643		1,823		11.0	%
Less: net (income) loss attributable to the noncontrolling interest	(109)		(103)		(137)		(160)		(116)		(6.4)	%	(341)		(516)		(51.3)	%
Net income (loss) attributable to Holdings	$	(698)	$	114	$	428	$	(134)	$	899	228.8	%	$	1,302	$	1,307	0.4	%
Less: Preferred stock dividends	(26)		(14)		(26)		(14)		(26)		—	%	(80)		(80)		—	%
Net income (loss) available to Holdings' common shareholders	$	(724)	$	100	$	402	$	(148)	$	873	220.6	%	$	1,222	$	1,227	0.4	%

Adjustments related to:
Variable annuity product features (1)	$	1,191	$	319	$	79	$	738	$	(530)			$	607	$	606
Investment gains (losses), net	159		39		16		46		32				713		133

Net actuarial gains (losses) related to pension and other postretirement benefit obligations	13		17		14		13		16				39		60
Other adjustments (2) (3) (4) (7)	153		91		(32)		—		34				351		93
Income tax (expense) benefit related to above adjustments	(319)		(98)		(16)		(167)		94				(359)		(187)
Non-recurring tax items (5)	(23)		8		5		5		(23)				(959)		(5)
Non-GAAP Operating earnings (6)	$	476	$	490	$	494	$	501	$	522			$	1,694	$	2,007

Notes:
(1) Includes the impact of favorable assumption updates of $16 million and $40 million for the year ended December 31, 2024 and 2023, respectively.
(2) Includes certain gross legal expenses related to the COI litigation of $106 million and $144 million for the year ended December 31, 2024 and 2023, respectively. Includes the impact of annual actuarial assumptions updates related to LFPB of $61 million for the year ended December 31, 2023.
(3) For the year ended December 31, 2024, includes $82 million of the gain on sale on AB's Bernstein Research Service attributable to Holdings.
(4) For the year ended December 31, 2024, includes $78 million contingent payment gain recognized in connection with a fair value remeasurement of the contingent payment liability associated with AB's acquisition of CarVal in 2022.
(5) For 2023 non-recurring tax items reflect primarily the effect of uncertain tax positions for a given audit period. Includes a decrease of the deferred tax valuation allowance of $30 million and $1.0 billion for the three months and year ended December 31, 2023.
(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.
(7) Includes Non-GMxB related derivative hedge losses (gains) of $(29) million and $6 million for the three months and year ended December 31, 2024, respectively, and $33 million and $34 million for the three months and year ended December 31, 2023, respectively.


	Balances as of
(in millions USD, unless otherwise indicated)	12/31/2023		3/31/2024		6/30/2024		9/30/2024		12/31/2024

Assets
Total investments	$	102,173	$	102,620	$	107,726	$	114,246	$	116,447
Cash and cash equivalents	8,239		10,357		9,684		9,579		6,964
Cash and securities segregated, at fair value	868		866		592		547		500
Broker-dealer related receivables	1,837		1,808		1,801		1,898		1,961
Deferred policy acquisition costs	6,705		6,804		6,924		7,031		7,170
Goodwill and other intangible assets, net	5,433		5,419		5,403		5,388		5,371
Amounts due from reinsurers	8,352		8,387		8,237		8,222		8,044


Current and deferred income taxes	2,050		2,063		2,117		1,701		1,997
Purchased market risk benefits	9,427		8,337		7,993		8,492		7,376
Other assets	3,323		3,618		3,825		3,738		4,462
Assets held-for-sale	565		745		—		—		—
Assets for market risk benefits	591		818		803		740		863
Separate Accounts assets	127,251		133,735		132,664		137,407		134,711
Total assets	$	276,814	$	285,577	$	287,769	$	298,989	$	295,866

Liabilities
Policyholders’ account balances	$	95,673	$	100,246	$	104,072	$	107,433	$	110,965
Liability for market risk benefits	14,612		12,814		12,593		13,197		11,810
Future policy benefits and other policyholders’ liabilities	17,363		17,324		17,417		17,936		17,613
Broker-dealer related payables	1,232		1,022		839		1,382		775

Customers related payables	2,201		2,162		2,060		1,795		1,933
Amounts due to reinsurers	1,450		1,377		1,363		1,421		1,407
Short-term debt	254		—		—		—		—
Long-term debt	3,820		3,821		3,830		3,831		3,833



Notes issued by consolidated variable interest entities, at fair value using the fair value option	1,559		1,580		1,740		1,744		2,116
Other liabilities	6,088		6,511		6,718		6,645		7,135
Liabilities held-for-sale	153		239		—		—		—
Separate Accounts liabilities	127,251		133,735		132,664		137,407		134,711
Total liabilities	271,656		280,831		283,296		292,791		292,298
Redeemable noncontrolling interest	770		991		1,088		1,223		125

Equity
Preferred stock	1,562		1,562		1,562		1,562		1,507
Common stock	5		5		5		5		5
Additional paid-in capital	2,328		2,322		2,337		2,343		2,336
Treasury shares	(3,712)		(3,801)		(3,932)		(4,072)		(4,198)
Retained earnings	10,243		10,110		10,317		9,977		10,647
Accumulated other comprehensive income (loss)	(7,777)		(8,166)		(8,645)		(6,595)		(8,712)
Total equity attributable to Holdings	2,649		2,032		1,644		3,220		1,585
Noncontrolling interest	1,739		1,723		1,741		1,755		1,858
Total equity	4,388		3,755		3,385		4,975		3,443
Total liabilities, redeemable noncontrolling interest and equity	$	276,814	$	285,577	$	287,769	$	298,989	$	295,866


	Balances as of
(in millions USD, unless otherwise indicated)	12/31/2023			3/31/2024			6/30/2024			9/30/2024			12/31/2024

Short-term and long-term debt:
Short-term debt
AB commercial paper	$	254		$	—		$	—		$	—		$	—
AB revolving credit facility	—			—			—			—			—
CLO Warehousing Debt	—			—			—			—			—

Current portion of long-term debt	—			—			—			—			—
Total short-term debt	254			—			—			—			—

Total long-term debt	3,820			3,821			3,830			3,831			3,833

Total short-term and long-term debt: [A]	$	4,074		$	3,821		$	3,830		$	3,831		$	3,833

Equity:
Preferred stock	$	1,562		$	1,562		$	1,562		$	1,562		$	1,507
Common stock	5			5			5			5			5
Additional paid-in capital	2,328			2,322			2,337			2,343			2,336
Treasury stock, at cost	(3,712)			(3,801)			(3,932)			(4,072)			(4,198)
Retained earnings	10,243			10,110			10,317			9,977			10,647
Accumulated other comprehensive income (loss)	(7,777)			(8,166)			(8,645)			(6,595)			(8,712)
Total equity attributable to Holdings	2,649			2,032			1,644			3,220			1,585
Noncontrolling interest	1,739			1,723			1,741			1,755			1,858
Total equity	$	4,388		$	3,755		$	3,385		$	4,975		$	3,443

Total equity attributable to Holdings, (ex. AOCI): [B]	$	10,426		$	10,198		$	10,289		$	9,815		$	10,297

Capital:
Total capitalization (1)	$	6,723		$	5,853		$	5,474		$	7,051		$	5,418
Total capitalization (ex. AOCI): [A+B] (2)	$	14,500		$	14,019		$	14,119		$	13,646		$	14,130

Debt to capital:
Debt to capital (ex. AOCI) (2)	28.1		%	27.3		%	27.1		%	28.1		%	27.1		%

	For the Three Months Ended
Roll-forward of common shares outstanding (millions of shares):
Beginning balance	342.0			333.8			327.6			321.6			315.5
Repurchases	(3.9)			(3.2)			(3.2)			(3.4)			(2.6)
Retirements	(4.4)			(4.3)			(3.1)			(2.8)			(3.1)
Issuances	0.1			1.3			0.3			0.1			0.1
Ending basic common shares outstanding	333.8			327.6			321.6			315.5			309.9
Total potentially dilutive shares	1.5			2.5			3.2			3.4			3.6
Ending common shares outstanding - maximum potential dilution	335.3			330.1			324.7			318.9			313.5
Notes:


Operating Earnings (Loss) by Segment and Corporate and Other

	Three Months Ended December 31, 2024
(in millions USD, unless otherwise indicated)	Individual Retirement		Group Retirement		Asset Management		Protection Solutions		Wealth Management		Legacy		Corporate and Other		Eliminations		Consolidated
Revenues
Policy charges, fee income and premiums	$	223	$	84	$	—	$	537	$	—	$	14	$	72	$	—	$	930
Net investment income (loss)	666		136		(5)		251		5		12		144		25		1,234
Net derivative gains (losses)	(5)		—		15		—		—		—		(1)		5		14
Investment management, service fees and other income	94		85		1,239		43		476		103		9		(273)		1,776
Segment revenues	978		305		1,249		831		481		129		224		(243)		3,954
Benefits and other deductions
Policyholders’ benefits	87		—		—		486		—		1		115		—		689
Remeasurement of liability for future policy benefits	(1)		—		—		(1)		—		—		(1)		—		(3)

Interest credited to policyholders’ account balances	343		59		—		125		—		7		130		—		664
Commissions and distribution related payments	102		42		197		46		310		39		6		(231)		511
Amortization of deferred policy acquisition costs	121		15		—		32		—		15		3		—		186
Compensation and benefits, interest expense and financing fees and other operating costs and expense	52		38		707		108		112		23		121		(12)		1,149
Segment benefits and other deductions	704		154		904		796		422		85		374		(243)		3,196
Operating earnings (loss), before income taxes	274		151		345		35		59		44		(150)		—		758
Income Taxes	(34)		(19)		(50)		(4)		(12)		(6)		20		—		(105)
Operating earnings (loss), before noncontrolling interest	240		132		295		31		47		38		(130)		—		653
Less: Operating (earnings) loss attributable to the noncontrolling interest	—		—		(134)		1		—		—		2		—		(131)
Operating earnings (loss)	$	240	$	132	$	161	$	32	$	47	$	38	$	(128)	$	—	$	522

	Three Months Ended December 31, 2023
	Individual Retirement (1)		Group Retirement		Asset Management		Protection Solutions		Wealth Management		Legacy (1)		Corporate and Other		Eliminations		Consolidated
Revenues
Policy charges, fee income and premiums	$	195	$	67	$	—	$	544	$	—	$	5	$	69	$	—	$	880
Net investment income (loss)	510		125		16		233		4		17		259		21		1,185
Net derivative gains (losses)	(5)		—		(14)		(5)		—		—		(11)		5		(30)
Investment Management, service fees and other income	83		58		1,072		35		404		104		1		(239)		1,518
Segment revenues	783		250		1,074		807		408		126		318		(213)		3,553
Benefits and other deductions
Policyholders’ benefits	76		—		—		444		—		—		127		—		647
Remeasurement of liability for future policy benefits	(3)		—		—		30		—		—		2		—		29

Interest credited to policyholders’ account balances	226		58		—		128		—		7		144		—		563
Commissions and distribution related payments	70		36		156		51		253		40		5		(199)		412
Amortization of deferred policy acquisition costs	105		15		—		31		—		15		3		—		169
Compensation and benefits, interest expense and financing fees and other operating costs and expense	55		24		679		90		95		26		86		(14)		1,041
Segment benefits and other deductions	529		133		835		774		348		88		367		(213)		2,861
Operating earnings (loss), before income taxes	254		117		239		33		60		38		(49)		—		692
Income Taxes	(41)		(19)		(30)		(5)		(15)		(7)		4		—		(113)
Operating earnings (loss), before noncontrolling interest	213		98		209		28		45		31		(45)		—		579
Less: Operating (earnings) loss attributable to the noncontrolling interest	—		—		(95)		—		—		—		(8)		—		(103)
Operating earnings (loss)	$	213	$	98	$	114	$	28	$	45	$	31	$	(53)	$	—	$	476

(1) Prior periods were updated to reflect the impact of moving payout annuity policies from Legacy to IR.


Operating Earnings (Loss) by Segment and Corporate and Other (2/2)

	Year Ended December 31, 2024
(in millions USD, unless otherwise indicated)	Individual Retirement		Group Retirement		Asset Management		Protection Solutions		Wealth Management		Legacy		Corporate and Other		Eliminations		Consolidated
Revenues
Policy charges, fee income and premiums	$	864	$	317	$	—	$	2,134	$	—	$	41	$	301	$	—	$	3,657
Net investment income (loss)	2,449		560		27		1,026		17		58		632		96		4,865
Net derivative gains (losses)	(21)		(1)		(7)		—		—		—		(17)		22		(24)
Investment Management, service fees and other income	364		318		4,459		169		1,779		399		28		(1,024)		6,492
Segment revenues	3,656		1,194		4,479		3,329		1,796		498		944		(906)		14,990
Benefits and other deductions
Policyholders’ benefits	324		—		—		1,901		—		1		470		—		2,696
Remeasurement of liability for future policy benefits	(2)		—		—		9		—		—		(1)		—		6

Interest credited to policyholders’ account balances	1,208		227		—		534		—		33		509		—		2,511
Commissions and distribution related payments	356		170		742		172		1,133		160		20		(857)		1,896
Amortization of deferred policy acquisition costs	460		54		—		125		—		62		10		—		711
Compensation and benefits, interest expense and financing fees and other operating costs and expense	204		137		2,653		372		419		90		414		(49)		4,240
Segment benefits and other deductions	2,550		588		3,395		3,113		1,552		346		1,422		(906)		12,060
Operating earnings (loss), before income taxes	1,106		606		1,084		216		244		152		(478)		—		2,930
Income Taxes	(153)		(84)		(178)		(30)		(60)		(21)		71		—		(455)
Operating earnings (loss), before noncontrolling interest	953		522		906		186		184		131		(407)		—		2,475
Less: Operating (earnings) loss attributable to the noncontrolling interest	—		—		(427)		—		—		—		(41)		—		(468)
Operating earnings (loss)	$	953	$	522	$	479	$	186	$	184	$	131	$	(448)	$	—	$	2,007

	Year Ended December 31, 2023
	Individual Retirement (1)		Group Retirement		Asset Management		Protection Solutions		Wealth Management		Legacy (1)		Corporate and Other		Eliminations		Consolidated
Revenues
Policy charges, fee income and premiums	$	791	$	268	$	—	$	2,104	$	—	$	24	$	297	$	—	$	3,484
Net investment income (loss)	1,782		497		18		952		13		99		821		83		4,265
Net derivative gains (losses)	(20)		(1)		(16)		(16)		—		—		(17)		19		(51)
Investment Management, service fees and other income	360		257		4,115		140		1,538		408		17		(912)		5,923
Segment revenues	2,913		1,021		4,117		3,180		1,551		531		1,118		(810)		13,621
Benefits and other deductions
Policyholders’ benefits	299		—		—		1,975		—		—		486		—		2,760
Remeasurement of liability for future policy benefits	(2)		—		—		18		—		—		(6)		—		10

Interest credited to policyholders’ account balances	708		215		—		520		—		36		604		—		2,083
Commissions and distribution related payments	262		155		610		158		968		171		18		(752)		1,590
Amortization of deferred policy acquisition costs	388		59		—		120		—		63		11		—		641
Compensation and benefits, interest expense and financing fees and other operating costs and expense	198		113		2,621		328		373		80		417		(58)		4,072
Segment benefits and other deductions	1,853		542		3,231		3,119		1,341		350		1,530		(810)		11,156
Operating earnings (loss), before income taxes	1,060		479		886		61		210		181		(412)		—		2,465
Income Taxes	(176)		(80)		(126)		(10)		(51)		(30)		72		—		(401)
Operating earnings (loss), before noncontrolling interest	884		399		760		51		159		151		(340)		—		2,064
Less: Operating (earnings) loss attributable to the noncontrolling interest	—		—		(349)		—		—		—		(21)		—		(370)
Operating earnings (loss) (2)	$	884	$	399	$	411	$	51	$	159	$	151	$	(361)	$	—	$	1,694
Notes:

(1) Prior periods were updated to reflect the impact of moving payout annuity policies from Legacy to IR.
(2) Corporate and Other includes an out of period adjustment of $58 million related to income from hedging of TIPS.


	Balances as of
(in billions USD, except for Equitable Headcount)	12/31/2023		3/31/2024		6/30/2024		9/30/2024		12/31/2024

Assets Under Management

AB AUM
Total AB	$	725.2	$	758.7	$	769.5	$	805.9	$	792.2
Exclusion for General Account and other Affiliated Accounts (1)	(75.5)		(76.8)		(80.8)		(85.0)		(84.2)
Exclusion for Separate Accounts (1)	(44.0)		(46.4)		(46.3)		(48.4)		(47.3)
AB third party	$	605.7	$	635.4	$	642.4	$	672.6	$	660.7

Total company AUM
AB third party	$	605.7	$	635.4	$	642.4	$	672.6	$	660.7
General Account and other Affiliated Accounts (2) (4) (5)	110.4		113.0		117.4		123.8		123.4
Separate Accounts (3) (4) (5)	127.3		133.7		132.7		137.4		134.7
Total AUM	$	843.4	$	882.1	$	892.5	$	933.8	$	918.8

Total Assets Under Administration (AUA) (6)	$	87.0	$	91.9	$	93.8	$	100.4	$	100.6

Equitable Advisor Headcount
Total Number of Equitable Advisors	4,406		4,320		4,358		4,396		4,587

Notes:

(1) Balances were revised from previously filed financial statement supplement
(2) “General Account and other Affiliated Accounts” refers to assets held in the general accounts of our insurance companies and other assets on which we bear the investment risk.
(3) “Separate Accounts” refers to the separate account investment assets of our insurance subsidiaries excluding any assets on which we bear the investment risk.
(4) As of December 31, 2023, March 31, 2024, June 30, 2024, September 30, 2024 and December 31, 2024, Separate Account is inclusive of $12.5 billion, $12.9 billion, $12.5 billion, $12.8 billion and $12.3 billion & General Account AUM is inclusive of $49 million, $47 million, $46 million, $44 million and $43 million, respectively, Account Value ceded to Venerable.
(5) As of December 31, 2023, March 31, 2024, June 30, 2024, September 30, 2024 and December 31, 2024, Separate Account is inclusive of $6.4 billion, $6.9 billion, $6.8 billion, $7.1 billion and $6.9 billion & General Account AUM is inclusive of $3.6 billion, $3.5 billion, $3.4 billion, $3.3 billion and $3.2 billion, respectively, Account Value ceded to Global Atlantic.
(6) Includes Advisory and Brokerage AUA included in our Wealth Management segment.


	For the Three Months Ended												Years Ended
(in millions USD, unless otherwise indicated)	12/31/2023		3/31/2024		6/30/2024		9/30/2024		12/31/2024		Change		12/31/2023		12/31/2024		Change

Insurance Operations

Individual Retirement (3)
First year premiums and deposits	$	3,868	$	4,313	$	4,485	$	4,854	$	4,908	26.9	%	$	14,226	$	18,560	30.5	%
Renewal premium and deposits	71		72		58		58		60		(15.5)	%	253		248		(2.0)	%
Total Gross Premiums	$	3,939	$	4,385	$	4,543	$	4,912	$	4,968	26.1	%	$	14,479	$	18,808	29.9	%

Group Retirement
First year premiums and deposits	$	545	$	428	$	950	$	454	$	530	(2.7)	%	$	1,581	$	2,362	49.4	%
Renewal premium and deposits	592		590		620		501		619		4.6	%	2,225		2,331		4.7	%
Total Gross Premiums	$	1,137	$	1,018	$	1,570	$	955	$	1,149	1.1	%	$	3,806	$	4,693	23.3	%

Protection Solutions
First year premiums and deposits	$	154	$	113	$	121	$	127	$	148	(4.2)	%	$	467	$	509	8.9	%
Renewal premium and deposits	667		665		663		666		681		2.1	%	2,665		2,675		0.4	%
Total Gross Premiums	$	821	$	778	$	784	$	793	$	829	0.9	%	$	3,132	$	3,184	1.6	%

Asset Management (in billions USD)
Gross Sales by distribution channel
Institutional (4)	$	3.0	$	3.3	$	3.3	$	4.2	$	2.0	(33.3)	%	$	11.8	$	13.0	10.2	%
Retail (4)	21.0		23.8		23.2		26.6		26.4		25.7	%	71.1		99.9		40.5	%
Private Wealth	4.3		5.5		5.4		4.7		5.2		20.9	%	18.6		20.8		11.8	%
Firmwide Gross Sales (4)	$	28.3	$	32.6	$	31.9	$	35.5	$	33.6	18.7	%	$	101.5	$	133.7	31.7	%

Gross sales by investment service
Equity Active	$	9.2	$	11.7	$	12.5	$	13.0	$	11.8	28.3	%	$	37.3	$	49.0	31.4	%
Equity Passive (1) (4)	0.2		0.7		0.3		0.2		0.2		—	%	1.3		1.5		15.4	%
Fixed Income - Taxable	10.2		12.1		10.3		11.6		10.4		2.0	%	36.4		44.4		22.0	%
Fixed Income - Tax-Exempt (4)	5.5		5.3		4.9		5.6		8.5		54.5	%	16.5		24.2		46.7	%
Fixed Income Passive (1)	1.3		—		—		—		—		(100.0)	%	1.7		—		(100.0)	%
Alternatives/Multi-Asset Solutions (2) (4)	1.9		2.8		3.9		5.1		2.7		42.1	%	8.3		14.6		75.9	%
Firmwide Gross Sales (4)	$	28.3	$	32.6	$	31.9	$	35.5	$	33.6	18.7	%	$	101.5	$	133.7	31.7	%

Wealth Management
Sales by Product Type
Advisory	$	2,518	$	2,866	3,304		3,725		3,623		43.9	%	$	9,518	$	13,519	42.0	%
Brokerage and Direct	1,308		1,357		1,481		1,446		1,523		16.5	%	4,851		5,807		19.7	%
Retirement, Premiums and Deposits	3,324		3,565		3,504		3,539		3,561		7.1	%	12,544		14,169		13.0	%
Total Sales	$	7,150	$	7,788	$	8,290	$	8,710	$	8,707	21.8	%	$	26,913	$	33,495	24.5	%
Notes:

(1) Includes index and enhanced index services.
(2) Includes certain multi-asset solutions and services not included in equity or fixed income services.
(3) Prior periods were updated to reflect the impact of moving payout annuity policies from Legacy to IR.
(4) Line item does not cross foot for the year ended 2024 due to rounding.


	For the Three Months Ended or As of																	Years Ended or As of
(in millions USD, unless otherwise indicated)	12/31/2023			3/31/2024			6/30/2024			9/30/2024			12/31/2024			Change		12/31/2023 (1)			12/31/2024			Change

Revenues
Policy charges, fee income and premiums	$	195		$	208		$	209		$	224		$	223		14.4	%	$	791		$	864		9.2	%
Net investment income (loss)	510			555			593			635			666			30.6	%	1,782			2,449			37.4	%
Net derivative gains (losses)	(5)			(5)			(6)			(5)			(5)			—	%	(20)			(21)			(5.0)	%
Investment management, service fees and other income	83			88			92			90			94			13.3	%	360			364			1.1	%
Segment revenues	783			846			888			944			978			24.9	%	2,913			3,656			25.5	%

Benefits and other deductions
Policyholders’ benefits	76			77			78			82			87			14.5	%	299			324			8.4	%
Remeasurement of liability for future policy benefits	(3)			(3)			1			1			(1)			66.7	%	(2)			(2)			—	%

Interest credited to policyholders’ account balances	226			248			281			336			343			51.8	%	708			1,208			70.6	%
Commissions and distribution-related payments	70			77			80			97			102			45.7	%	262			356			35.9	%
Amortization of deferred policy acquisition costs	105			109			111			119			121			15.2	%	388			460			18.6	%
Compensation and benefits, interest expense and financing fees and other operating costs and expense	55			55			50			47			52			(5.5)	%	198			204			3.0	%
Segment benefits and other deductions	529			563			601			682			704			33.1	%	1,853			2,550			37.6	%

Operating earnings (loss), before income taxes	254			283			287			262			274			7.9	%	1,060			1,106			4.3	%
Income taxes	(41)			(39)			(43)			(37)			(34)			17.1	%	(176)			(153)			13.1	%
Operating earnings (loss), before noncontrolling interest	213			244			244			225			240			12.7	%	884			953			7.8	%
Less: Operating (earnings) loss attributable to the noncontrolling interest	—			—			—			—			—			—	%	—			—			—	%
Operating earnings (loss)	$	213		$	244		$	244		$	225		$	240		12.7	%	$	884		$	953		7.8	%

Summary Metrics

Operating earnings (loss) - TTM:	$	884		$	921		$	921		$	926		$	953		7.8	%	$	884		$	953		7.8	%

Average Account Value net of embedded derivative instruments (TTM) (2)	$	75,324		$	78,256		$	81,128		$	84,596		$	88,164		17.0	%	$	75,324		$	88,164		17.0	%

Return on assets net of embedded derivative instruments (TTM) (2)	1.41		%	1.40		%	1.36		%	1.28		%	1.25		%			1.41		%	1.25		%

Net flows	$	1,464		$	1,647		$	1,853		$	1,910		$	1,747		19.3	%	$	5,565		$	7,157		28.6	%

First year premiums and deposits	$	3,868		$	4,313		$	4,485		$	4,854		$	4,908		26.9	%	$	14,226		$	18,560		30.5	%

In-force Policy Count by Product (in thousands):	616			622			629			636			643					616			643

(1) Prior periods were updated to reflect the impact of moving payout annuity policies from Legacy to IR.
(2) Balances have been revised from previously filed financial statement supplement to be net of embedded derivative instruments.


Individual Retirement - Select Operating Metrics
	For the Three Months Ended or As of										Years Ended or As of
(in millions USD, unless otherwise indicated)	12/31/2023		3/31/2024		6/30/2024		9/30/2024		12/31/2024		12/31/2023 (2)		12/31/2024

Sales Metrics
First Year Premiums and Deposits by Product:
SCS	$	2,931	$	3,023	$	2,983	$	3,072	$	3,127	$	10,401	$	12,205
SCS Income	218		393		482		556		619		933		2,050
Retirement Cornerstone	477		561		555		555		588		1,806		2,259
Investment Edge	185		310		430		594		462		844		1,796
Other	57		26		35		77		112		242		250
Total First Year Premiums and Deposits	$	3,868	$	4,313	$	4,485	$	4,854	$	4,908	$	14,226	$	18,560

Account Values
General Account:
Balance as of beginning of period	$	46,650	$	52,387	$	57,583	$	61,452	$	66,473	$	38,128	$	52,387
Gross premiums and deposits (1)	2,943		3,410		3,494		3,621		3,552		10,881		14,077
Surrenders, withdrawals and benefits	(1,122)		(1,225)		(1,191)		(1,343)		(1,416)		(3,977)		(5,175)
Net flows	1,821		2,185		2,303		2,278		2,136		6,904		8,902
Change in market value and reinvestment	1,150		(58)		294		1,247		(856)		1,511		627
Change in fair value of embedded derivative instruments	2,766		3,069		1,272		1,496		1,267		5,841		7,104
Other	—		—		—		—		—		3		—
Balance as of end of period	$	52,387	$	57,583	$	61,452	$	66,473	$	69,020	$	52,387	$	69,020

Balance as of end of period net of embedded derivative instruments	$	41,914	$	44,122	$	46,782	$	50,506	$	52,090	$	41,914	$	52,090
Separate Accounts:
Balance as of beginning of period	$	36,820	$	39,619	$	41,062	$	40,810	$	42,393	$	36,455	$	39,619
Gross premiums and deposits (1)	949		946		1,026		1,235		1,316		3,451		4,523
Surrenders, withdrawals and benefits	(1,306)		(1,484)		(1,476)		(1,603)		(1,705)		(4,790)		(6,268)
Net flows	(357)		(538)		(450)		(368)		(389)		(1,339)		(1,745)
Change in market value and reinvestment	3,156		1,981		198		1,951		(480)		4,499		3,650
Change in fair value of embedded derivative instruments	—		—		—		—		—		—		—
Other	—		—		—		—		—		4		—
Balance as of end of period	$	39,619	$	41,062	$	40,810	$	42,393	$	41,524	$	39,619	$	41,524
Total:
Balance as of beginning of period	$	83,470	$	92,006	$	98,645	$	102,262	$	108,866	$	74,583	$	92,006
Gross premiums and deposits (1)	3,892		4,356		4,520		4,856		4,868		14,332		18,600
Surrenders, withdrawals and benefits	(2,428)		(2,709)		(2,667)		(2,946)		(3,121)		(8,767)		(11,443)
Net flows	1,464		1,647		1,853		1,910		1,747		5,565		7,157
Change in market value and reinvestment	4,306		1,923		492		3,198		(1,336)		6,010		4,277
Change in fair value of embedded derivative instruments	2,766		3,069		1,272		1,496		1,267		5,841		7,104
Other	—		—		—		—		—		7		—
Balance as of end of period	$	92,006	$	98,645	$	102,262	$	108,866	$	110,544	$	92,006	$	110,544

Balance as of end of period net of embedded derivative instruments	$	81,533	$	85,184	$	87,592	$	92,899	$	93,614	$	81,533	$	93,614

Net Amount at Risk (NAR)
Total GMIB NAR	$	14	$	17	$	21	$	31	$	31	$	14	$	31
Total GMWB NAR	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Total GMDB NAR	$	3,104	$	2,868	$	2,972	$	2,705	$	2,977	$	3,104	$	2,977
MRB Reserves (Net of Reinsurance)	$	618	$	320	$	399	$	576	$	468	$	618	$	468
Notes:
(1) Includes deposits from certain other products not reported as first year premiums and deposits or renewal premiums and deposits elsewhere in this document.
(2) Prior periods were updated to reflect the impact of moving payout annuity policies from Legacy to IR.


	For the Three Months Ended or As of																	Years Ended or As of
(in millions USD, unless otherwise indicated)	12/31/2023			3/31/2024			6/30/2024			9/30/2024			12/31/2024			Change		12/31/2023			12/31/2024			Change

Revenues
Policy charges, fee income and premiums	$	67		$	73		$	79		$	81		$	84		25.4	%	$	268		$	317		18.3	%
Net investment income (loss)	125			142			139			143			136			8.8	%	497			560			12.7	%
Net derivative gains (losses)	—			—			—			(1)			—			—	%	(1)			(1)			—	%
Investment management, service fees and other income	58			77			65			91			85			46.6	%	257			318			23.7	%
Segment revenues	250			292			283			314			305			22.0	%	1,021			1,194			16.9	%

Benefits and other deductions
Policyholder benefits	—			—			—			—			—			—	%	—			—			—	%
Remeasurement of liability for future policy benefits	—			—			—			—			—			—	%	—			—			—	%

Interest credited to policyholders’ account balances	58			52			56			60			59			1.7	%	215			227			5.6	%
Commissions and distribution-related payments	36			44			45			39			42			16.7	%	155			170			9.7	%
Amortization of deferred policy acquisition costs	15			15			8			16			15			—	%	59			54			(8.5)	%
Compensation and benefits, interest expense and financing fees and other operating costs and expense	24			35			29			35			38			58.3	%	113			137			21.2	%
Segment benefits and other deductions	133			146			138			150			154			15.8	%	542			588			8.5	%

Operating earnings (loss), before income taxes	117			146			145			164			151			29.1	%	479			606			26.5	%
Income taxes	(19)			(20)			(22)			(23)			(19)			—	%	(80)			(84)			(5.0)	%
Operating earnings (loss), before noncontrolling interest	98			126			123			141			132			34.7	%	399			522			30.8	%
Less: Operating (earnings) loss attributable to the noncontrolling interest	—			—			—			—			—			—	%	—			—			—	%
Operating earnings (loss)	$	98		$	126		$	123		$	141		$	132		34.7	%	$	399		$	522		30.8	%

Summary Metrics

Operating earnings (loss) - TTM:	$	399		$	436		$	452		$	488		$	522		30.8	%	$	399		$	522		30.8	%

Average Account Value net of embedded derivative instruments (TTM) (1)	$	34,116		$	35,400		$	36,535		$	37,712		$	39,071		14.5	%	$	34,116		$	39,071		14.5	%

Return on assets net of embedded derivative instruments (TTM) (1)	1.40		%	1.47		%	1.48		%	1.52		%	1.55		%			1.40		%	1.55		%

Net flows	$	(135)		$	(132)		$	408		$	(246)		$	(134)		0.7	%	$	(256)		$	(104)		59.4	%

Gross premiums and deposits	$	1,137		$	1,018		$	1,570		$	955		$	1,149		1.1	%	$	3,806		$	4,693		23.3	%



(1) Balances have been revised from previously filed financial statement supplement to be net of embedded derivative instruments.

Group Retirement - Select Operating Metrics


	For the Three Months Ended or As of										Years Ended or As of
(in millions USD, unless otherwise indicated)	12/31/2023		3/31/2024		6/30/2024		9/30/2024		12/31/2024		12/31/2023 (2)		12/31/2024

Sales Metrics
Gross premiums and deposits:
First-year premiums and deposits	$	545	$	428	$	950	$	454	$	530	$	1,581	$	2,362
Renewal premiums and deposits	592		590		620		501		619		2,225		2,331
Group Retirement premiums and deposits	$	1,137	$	1,018	$	1,570	$	955	$	1,149	$	3,806	$	4,693

Gross premiums and deposits by market:
Tax-exempt	$	368	$	317	$	298	$	311	$	326	$	1,113	$	1,251
Corporate	149		93		108		115		93		357		409
Institutional	24		15		542		26		108		98		692
Other	4		3		2		2		3		13		10
Total first year premiums and deposits	545		428		950		454		530		1,581		2,362
Tax-exempt	463		453		492		381		492		1,703		1,819
Corporate	90		99		93		92		92		378		376
Institutional	—		—		—		—		—		—		—
Other	39		38		35		28		35		144		136
Total renewal premiums and deposits	592		590		620		501		619		2,225		2,331
Group Retirement premiums and deposits by market	$	1,137	$	1,018	$	1,570	$	955	$	1,149	$	3,806	$	4,693

Account Values and Assets under Administration
General Account:
Balance as of beginning of period	$	9,002	$	8,952	$	8,882	$	9,382	$	9,369	$	9,175	$	8,952
Gross premiums and deposits	257		222		768		240		325		896		1,555
Surrenders, withdrawals and benefits	(404)		(360)		(332)		(362)		(372)		(1,412)		(1,426)
Net flows (2)	(147)		(138)		436		(122)		(47)		(516)		129
Change in market value and reinvestment	55		45		57		96		14		210		212
Change in fair value of embedded derivative instruments	42		23		7		13		5		87		48

Other (1) (2)	—		—		—		—		—		(4)		—
Balance as of end of period (2)	$	8,952	$	8,882	$	9,382	$	9,369	$	9,341	$	8,952	$	9,341

Balance as of end of period net of embedded derivative instruments	$	8,870	$	8,795	$	9,306	$	9,293	$	9,271	$	8,870	$	9,271
Separate Accounts and Mutual Funds
Balance as of beginning of period	$	24,848	$	27,519	$	29,608	$	29,885	$	31,493	$	22,830	$	27,519
Gross premiums and deposits	880		796		802		716		824		2,910		3,138
Surrenders, withdrawals and benefits	(868)		(790)		(830)		(840)		(911)		(2,650)		(3,371)
Net flows (2)	12		6		(28)		(124)		(87)		260		(233)
Change in market value and reinvestment	2,659		2,083		305		1,732		(93)		4,399		4,027
Change in fair value of embedded derivative instruments	—		—		—		—		—		—		—

Other (1) (2)	—		—		—		—		—		30		—
Balance as of end of period (2)	$	27,519	$	29,608	$	29,885	$	31,493	$	31,313	$	27,519	$	31,313

Total:
Balance as of beginning of period	$	33,850	$	36,471	$	38,490	$	39,267	$	40,862	$	32,005	$	36,471
Gross premiums and deposits	1,137		1,018		1,570		956		1,149		3,806		4,693
Surrenders, withdrawals and benefits	(1,272)		(1,150)		(1,162)		(1,202)		(1,283)		(4,062)		(4,797)
Net flows	(135)		(132)		408		(246)		(134)		(256)		(104)
Change in market value and reinvestment	2,714		2,128		362		1,828		(79)		4,609		4,239
Change in fair value of embedded derivative instruments	42		23		7		13		5		87		48

Other (1)	—		—		—		—		—		26		—
Balance as of end of period	$	36,471	$	38,490	$	39,267	$	40,862	$	40,654	$	36,471	$	40,654

Balance as of end of period net of embedded derivative instruments	$	36,389	$	38,403	$	39,191	$	40,786	$	40,584	$	36,389	$	40,584
Notes:

(1) For the year ended December 31, 2023, amounts reflect a total special payment applied to the accounts of active clients as part of a previously disclosed settlement agreement between Equitable Financial and the SEC.
(2) Balances for the year ended December 31, 2023 were revised from previously filed financial statement supplement.


	For the Three Months Ended or As of																	Years Ended or As of
(in millions USD, unless otherwise indicated)	12/31/2023			3/31/2024			6/30/2024			9/30/2024			12/31/2024			Change		12/31/2023			12/31/2024			Change

Revenues
Net investment income (loss)	$	16		$	8		$	7		$	17		$	(5)		(131.3)	%	$	18		$	27		50.0	%
Net derivative gains (losses)	(14)			(5)			(1)			(16)			15			207.1	%	(16)			(7)			56.3	%
Investment management, service fees and other income	1,072			1,090			1,045			1,085			1,239			15.6	%	4,115			4,459			8.4	%
Segment revenues	1,074			1,093			1,051			1,086			1,249			16.3	%	4,117			4,479			8.8	%

Benefits and other deductions
Commissions and distribution-related payments	156			173			180			192			197			26.3	%	610			742			21.6	%
Compensation and benefits, interest expense and financing fees and other operating costs and expense	679			672			633			641			707			4.1	%	2,621			2,653			1.2	%
Total benefits and other deductions	835			845			813			833			904			8.3	%	3,231			3,395			5.1	%

Operating earnings (loss), before income taxes	239			248			238			253			345			44.4	%	886			1,084			22.3	%
Income taxes	(30)			(44)			(42)			(42)			(50)			(66.7)	%	(126)			(178)			(41.3)	%
Operating earnings (loss), before noncontrolling interest	209			204			196			211			295			41.1	%	760			906			19.2	%
Less: Operating (earnings) loss attributable to the noncontrolling interest	(95)			(98)			(95)			(100)			(134)			(41.1)	%	(349)			(427)			(22.3)	%
Operating earnings (loss)	$	114		$	106		$	101		$	111		$	161		41.2	%	$	411		$	479		16.5	%

Summary Metrics

Adjusted operating margin (1)	29.2		%	30.3		%	30.8		%	31.3		%	36.4		%			28.2		%	32.3		%

Net flows (in billions USD)	$	(1.8)		$	0.5		$	0.9		$	1.1		$	(4.8)				$	(7.0)		$	(2.2)

Total AUM (in billions USD)	$	725.2		$	758.7		$	769.5		$	805.9		$	792.2				$	725.2		$	792.2

Ownership Structure of AB

Holdings and its subsidiaries	59.8		%	59.6		%	59.7		%	60.0		%	61.9		%			59.8		%	61.9		%
AB Holding	39.5		%	39.7		%	39.6		%	39.3		%	37.5		%			39.5		%	37.5		%
Unaffiliated holders	0.7		%	0.7		%	0.7		%	0.7		%	0.6		%			0.7		%	0.6		%
Total	100.0		%	100.0		%	100.0		%	100.0		%	100.0		%			100.0		%	100.0		%

EQH economic interest	61.2		%	61.0		%	61.2		%	61.6		%	61.9		%			61.2		%	61.9		%
EQH average economic interest	61.6		%	61.1		%	61.1		%	61.4		%	61.8		%			61.5		%	61.3		%

Units of limited partnership outstanding (in millions)	286.6			287.3			286.8			285.6			292.1					286.6			292.1
Notes:
(1) 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.


	For the Three Months Ended or As of
(in billions USD, unless otherwise indicated)	12/31/2023		3/31/2024		6/30/2024		9/30/2024		12/31/2024

AUM Roll-forward
Balance as of beginning of period	$	669.0	$	725.2	$	758.7	$	769.5	$	805.9
Sales/new accounts	28.3		32.6		31.9		35.5		33.6
Redemptions/terminations	(24.1)		(25.2)		(25.7)		(26.4)		(29.2)
Cash flow/unreinvested dividends	(6.0)		(6.9)		(5.3)		(8.0)		(9.2)
Net long-term (outflows) inflows	(1.8)		0.5		0.9		1.1		(4.8)
Adjustment (1)	—		—		—		—		0.7

Market appreciation (depreciation)	58.0		33.0		9.9		35.3		(9.6)
Net change	56.2		33.5		10.8		36.4		(13.7)
Balance as of end of period	$	725.2	$	758.7	$	769.5	$	805.9	$	792.2

Ending Assets by distribution channel
Institutions	$	317.1	$	322.5	$	322.7	$	335.2	$	321.4
Retail	286.8		308.0		316.4		334.5		334.3
Private Wealth	121.3		128.2		130.4		136.2		136.5
Total	$	725.2	$	758.7	$	769.5	$	805.9	$	792.2

Ending Assets by investment service
Equity
Actively Managed	$	247.5	$	264.1	$	264.4	$	271.3	$	263.4
Passively Managed (2)	62.1		64.7		65.8		68.9		68.3
Total Equity	$	309.6	$	328.8	$	330.2	$	340.2	$	331.7
Fixed Income
Actively Managed	$	269.7	$	276.1	$	282.2	$	287.4	$	285.5
Passively Managed (2)	11.4		11.2		11.0		11.4		10.3
Total Fixed Income	281.1		287.3		293.2		298.8		295.8
Total Alternatives/Multi-Asset Solutions (3)	134.5		142.6		146.1		166.9		164.7
Total	$	725.2	$	758.7	$	769.5	$	805.9	$	792.2

Notes:

(1) This adjustment is due to a change in fee policy related to certain fixed income assets effective October 1, 2024.
(2) Includes index and enhanced index services.
(3) Includes certain multi-asset solutions and services not included in equity or fixed income services.


Asset Management - Net Flows
	For the Three Months Ended										Years Ended or As of
(in billions USD, unless otherwise indicated)	12/31/2023		3/31/2024		6/30/2024		9/30/2024		12/31/2024		12/31/2023		12/31/2024 (3)
Net Flows by Distribution Channel
Institutions
US	$	(1.0)	$	(1.5)	$	1.9	$	1.7	$	(0.2)	$	1.3	$	2.1
Global and Non-US	(1.5)		(2.7)		(3.7)		(6.1)		(6.0)		(13.1)		(18.6)
Total Institutions	$	(2.5)	$	(4.2)	$	(1.8)	$	(4.4)	$	(6.2)	$	(11.8)	$	(16.5)
Retail
US	$	1.4	$	1.9	$	2.7	$	4.0	$	4.3	$	2.8	$	12.7
Global and Non-US	(0.1)		2.3		0.1		1.4		(3.2)		0.9		0.7
Total Retail	$	1.3	$	4.2	$	2.8	$	5.4	$	1.1	$	3.7	$	13.4
Private Wealth
US	$	(0.1)	$	0.7	$	0.2	$	0.2	$	0.5	$	2.3	$	1.7
Global and Non-US	(0.5)		(0.2)		(0.3)		(0.1)		(0.2)		(1.2)		(0.8)
Total Private Wealth	$	(0.6)	$	0.5	$	(0.1)	$	0.1	$	0.3	$	1.1	$	0.9
Total Net Flows by Distribution Channel	$	(1.8)	$	0.5	$	0.9	$	1.1	$	(4.8)	$	(7.0)	$	(2.2)
Net Flows by Investment Service
Equity Active
US	$	(3.3)	$	(1.5)	$	(1.5)	$	(0.3)	$	(4.1)	$	(6.2)	$	(7.3)
Global and Non-US	(1.7)		(4.7)		(4.6)		(4.2)		(3.3)		(9.3)		(16.8)
Total Equity Active	$	(5.0)	$	(6.2)	$	(6.1)	$	(4.5)	$	(7.4)	$	(15.5)	$	(24.1)
Equity Passive (1)
US	$	(0.3)	$	(3.2)	$	(0.6)	$	(0.7)	$	(1.1)	$	(3.7)	$	(5.6)
Global and Non-US	(0.2)		(0.1)		(0.1)		(0.4)		(0.3)		(0.3)		(1.0)
Total Equity Passive (1)	$	(0.5)	$	(3.3)	$	(0.7)	$	(1.1)	$	(1.4)	$	(4.0)	$	(6.6)
Fixed Income - Taxable
US	$	0.7	$	1.3	$	4.6	$	1.5	$	3.2	$	8.7	$	10.6
Global and Non-US	(0.1)		3.3		(0.2)		1.2		(3.9)		(2.1)		0.4
Total Fixed Income - Taxable	$	0.6	$	4.6	$	4.4	$	2.7	$	(0.7)	$	6.6	$	11.0
Fixed Income - Tax-Exempt
US	$	1.9	$	2.9	$	1.9	$	3.3	$	5.5	$	5.7	$	13.6
Global and Non-US	—		—		—		—		—		—		—
Total Fixed Income - Tax-Exempt	$	1.9	$	2.9	$	1.9	$	3.3	$	5.5	$	5.7	$	13.6
Fixed Income - Passive (1)
US	$	1.2	$	—	$	(0.1)	$	(0.2)	$	(0.1)	$	1.5	$	(0.5)
Global and Non-US	—		(0.1)		0.1		(0.1)		(0.5)		—		(0.5)
Total Fixed Income - Passive (1)	$	1.2	$	(0.1)	$	—	$	(0.3)	$	(0.6)	$	1.5	$	(1.0)
Alternatives/Multi-Asset Solutions (2)
US	$	0.1	$	1.6	$	0.5	$	2.3	$	1.2	$	0.4	$	5.7
Global and Non-US	(0.1)		1.0		0.9		(1.3)		(1.4)		(1.7)		(0.8)
Total Alternatives/Multi-Asset Solutions (2)	$	—	$	2.6	$	1.4	$	1.0	$	(0.2)	$	(1.3)	$	4.9
Total Net Flows by Investment Service	$	(1.8)	$	0.5	$	0.9	$	1.1	$	(4.8)	$	(7.0)	$	(2.2)
Active vs. Passive Net Flows
Actively Managed
Equity	$	(5.0)	$	(6.2)	$	(6.1)	$	(4.5)	$	(7.4)	$	(15.5)	$	(24.1)
Fixed Income	2.5		7.5		6.3		6.0		4.8		12.3		24.6
Alternatives/Multi-Asset Solutions (2)	(0.3)		2.4		1.1		0.7		(0.4)		(2.0)		3.8
Total	$	(2.8)	$	3.7	$	1.3	$	2.2	$	(3.0)	$	(5.2)	$	4.3
Passively Managed (1)
Equity	$	(0.5)	$	(3.3)	$	(0.7)	$	(1.2)	$	(1.4)	$	(4.0)	$	(6.6)
Fixed Income	1.2		(0.1)		—		(0.3)		(0.6)		1.5		(1.0)
Alternatives/Multi-Asset Solutions (2)	0.3		0.2		0.3		0.4		0.2		0.7		1.1
Total	$	1.0	$	(3.2)	$	(0.4)	$	(1.1)	$	(1.8)	$	(1.8)	$	(6.5)
Total Active vs Passive Net Flows	$	(1.8)	$	0.5	$	0.9	$	1.1	$	(4.8)	$	(7.0)	$	(2.2)
Notes:

(1) Includes index and enhanced index services.
(2) Includes certain multi-asset solutions and services not included in equity or fixed income services.
(3) Certain line items do not cross foot for the year ended 2024 due to rounding.


	For the Three Months Ended or As of																	Years Ended or As of
(in millions USD, unless otherwise indicated)	12/31/2023			3/31/2024			6/30/2024			9/30/2024			12/31/2024			Change		12/31/2023			12/31/2024			Change

Revenues
Policy charges, fee income and premiums	$	544		$	528		$	532		$	537		$	537		(1.3)	%	$	2,104		$	2,134		1.4	%
Net investment income (loss)	233			257			260			258			251			7.7	%	952			1,026			7.8	%
Net derivative gains (losses)	(5)			—			(1)			1			—			100.0	%	(16)			—			100.0	%
Investment management, service fees and other income	35			40			43			43			43			22.9	%	140			169			20.7	%
Segment revenues	807			825			834			839			831			3.0	%	3,180			3,329			4.7	%

Benefits and other deductions
Policyholders’ benefits	444			487			473			455			486			9.5	%	1,975			1,901			(3.7)	%
Remeasurement of liability for future policy benefits	30			(4)			(12)			26			(1)			(103.3)	%	18			9			(50.0)	%

Interest credited to policyholders’ account balances	128			133			135			141			125			(2.3)	%	520			534			2.7	%
Commissions and distribution-related payments	51			40			43			43			46			(9.8)	%	158			172			8.9	%
Amortization of deferred policy acquisition costs	31			30			32			31			32			3.2	%	120			125			4.2	%
Compensation and benefits, interest expense and financing fees and other operating costs and expense	90			91			86			87			108			20.0	%	328			372			13.4	%
Segment benefits and other deductions	774			777			757			783			796			2.8	%	3,119			3,113			(0.2)	%

Operating earnings (loss), before income taxes	33			48			77			56			35			6.1	%	61			216			254.1	%
Income taxes	(5)			(7)			(11)			(8)			(4)			20.0	%	(10)			(30)			(200.0)	%
Operating earnings (loss), before noncontrolling interest	28			41			66			48			31			10.7	%	51			186			264.7	%
Less: Operating (earnings) loss attributable to the noncontrolling interest	—			—			1			(2)			1			100.0	%	—			—			—	%
Operating earnings (loss)	$	28		$	41		$	67		$	46		$	32		14.3	%	$	51		$	186		264.7	%

Summary Metrics

Operating earnings (loss) - TTM:	$	51		$	127		$	170		$	182		$	186		264.7	%	$	51		$	186		264.7	%

Benefit ratio	70.9		%	75.2		%	72.9		%	71.0		%	73.5		%			78.5		%	73.1		%

Gross written premiums	$	821		$	778		$	784		$	793		$	829		0.9	%	$	3,132		$	3,184		1.6	%

Annualized premiums	$	102		$	80		$	91		$	88		$	102		flat		$	335		$	361		7.6	%

Total in-force face amount (in billions USD) (1)	$	412.3		$	413.2		$	411.7		$	410.3		$	409.2		(0.8)	%	$	412.3		$	409.2		(0.8)	%

Notes:

(1) Total in-force face amount presented on a gross basis including ceded policies.


	For the Three Months Ended or As of										Years Ended or As of
(in millions USD, unless otherwise indicated)	12/31/2023		3/31/2024		6/30/2024		9/30/2024		12/31/2024		12/31/2023		12/31/2024

Sales Metrics
First Year Premiums and Deposits by Product Line:
Universal Life	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Indexed Universal Life	2		2		3		3		2		11		10
Variable Universal Life	119		80		87		90		112		339		369
Term	3		3		2		2		3		12		10
Employee Benefits	29		28		29		32		31		104		120
Other (1)	1		—		—		—		—		1		—
Total	$	154	$	113	$	121	$	127	$	148	$	467	$	509

Renewals by Product Line:
Universal Life	$	175	$	169	$	166	$	179	$	160	$	729	$	674
Indexed Universal Life	68		74		69		67		66		288		276
Variable Universal Life	257		251		259		249		279		1,002		1,038
Term	92		92		86		86		88		363		352
Employee Benefits	71		75		80		81		84		268		320
Other (1)	4		4		3		4		4		15		15
Total	667		665		663		666		681		2,665		2,675
Total Gross Premiums	$	821	$	778	$	784	$	793	$	829	$	3,132	$	3,184

In-force Metrics
In-force Face Amount by Product (2) (in billions USD):
Universal Life (3)	$	40.9	$	40.6	$	39.6	$	39.1	$	38.5	$	40.9	$	38.5
Indexed Universal Life	26.9		26.6		26.5		26.3		26.2		26.9		26.2
Variable Universal Life (4)	136.9		138.1		139.0		140.1		141.6		136.9		141.6
Term	206.5		206.8		205.5		203.7		201.8		206.5		201.8
Whole Life	1.1		1.1		1.1		1.1		1.1		1.1		1.1
Total	$	412.3	$	413.2	$	411.7	$	410.3	$	409.2	$	412.3	$	409.2

In-force Policy Count by Product (2) (in thousands):
Universal Life (3)	122		120		118		116		114		122		114
Indexed Universal Life	63		63		62		62		62		63		62
Variable Universal Life (4)	291		290		290		290		289		291		289
Term	245		246		243		240		237		245		237
Whole Life	15		15		15		15		15		15		15
Total	736		734		728		723		717		736		717

Protection Solutions Reserves
General Account	$	18,184	$	18,167	$	18,150	$	18,318	$	18,208	$	18,184	$	18,208
Separate Accounts	16,337		17,560		17,761		18,684		18,753		16,337		18,753
Total	$	34,521	$	35,727	$	35,911	$	37,002	$	36,961	$	34,521	$	36,961

Notes:

(1) For the individual life insurance premiums, Other includes Whole Life insurance and other products available-for-sale but not actively marketed.
(2) Includes individual life insurance and does not include Employee Benefits as it is a start-up business and therefore has immaterial in-force policies.
(3) Universal Life includes Guaranteed Universal Life.
(4) Variable Universal Life includes variable life insurance and corporate-owned life insurance.


	For the Three Months Ended or As of																	Years Ended or As of
(in millions USD, unless otherwise indicated)	12/31/2023			3/31/2024			6/30/2024			9/30/2024			12/31/2024			Change		12/31/2023			12/31/2024			Change

Revenues

Net investment income (loss)	$	4		$	4		$	4		$	4		$	5		25.0	%	$	13		$	17		30.8	%
Net derivative gains (losses)	—			—			—			—			—			—	%	—			—			—	%
Investment management, service fees and other income	404			419			438			446			476			17.8	%	1,538			1,779			15.7	%
Segment revenues	408			423			442			450			481			17.9	%	1,551			1,796			15.8	%

Benefits and other deductions




Commissions and distribution-related payments	253			260			282			281			310			22.5	%	968			1,133			17.0	%

Compensation and benefits, interest expense and financing fees and other operating costs and expense	95			105			99			103			112			17.9	%	373			419			12.3	%
Segment benefits and other deductions	348			365			381			384			422			21.3	%	1,341			1,552			15.7	%

Operating earnings (loss), before income taxes	60			58			61			66			59			(1.7)	%	210			244			16.2	%
Income taxes	(15)			(15)			(17)			(16)			(12)			20.0	%	(51)			(60)			(17.6)	%
Operating earnings (loss), before noncontrolling interest	45			43			44			50			47			4.4	%	159			184			15.7	%
Less: Operating (earnings) loss attributable to the noncontrolling interest	—			—			—			—			—			—	%	—			—			—	%
Operating earnings (loss)	$	45		$	43		$	44		$	50		$	47		4.4	%	$	159		$	184		15.7	%

Revenue by Activity Type

Investment management, service fees and other income:
Investment management and advisory fees	$	140		$	150		$	161		$	167		179			27.9	%	$	542		657			21.2	%
Distribution fees	246			253			260			262			281			14.2	%	931			1,056			13.4	%
Interest income	13			13			12			12			12			(5.6)	%	50			49			(2.0)	%
Service and other income	5			3			5			5			4			(20.0)	%	15			17			13.3	%
Total Investment management, service fees and other income	$	404		$	419		$	438		$	446		476			17.8	%	$	1,538		1,779			15.7	%
Summary Metrics
Pre-tax operating margin	14.7		%	13.7		%	13.8		%	14.7		%	12.3		%			13.5		%	13.6		%

Advisory net flows	$	544		$	(175)		$	1,539		$	1,860		$	776		42.6	%	2,978			$	4,000		34.3	%

Total AUA	$	87,047		$	91,936		$	93,816		$	100,431		$	100,623		15.6	%	$	87,047		$	100,623		15.6	%


	For the Three Months Ended or As of																	Years Ended or As of
(in millions USD, unless otherwise indicated)	12/31/2023			3/31/2024			6/30/2024			9/30/2024			12/31/2024			Change		12/31/2023 (3)			12/31/2024			Change

Revenues
Policy charges, fee income and premiums	$	5		$	13		$	8		$	6		$	14		180.0	%	$	24		$	41		70.8	%
Net investment income (loss)	17			17			14			15			12			(29.4)	%	99			58			(41.4)	%
Net derivative gains (losses)	—			—			—			—			—			—	%	—			—			—	%
Investment management, service fees and other income	104			100			100			96			103			(1.0)	%	408			399			(2.2)	%
Segment revenues	126			130			122			117			129			2.4	%	531			498			(6.2)	%

Benefits and other deductions
Policyholders’ benefits	—			(1)			1			—			1			100.0	%	—			1			100.0	%
Remeasurement of liability for future policy benefits	—			(1)			1			—			—			—	%	—			—			—	%

Interest credited to policyholders’ account balances	7			9			8			9			7			—	%	36			33			(8.3)	%
Commissions and distribution-related payments	40			40			41			40			39			(2.5)	%	171			160			(6.4)	%
Amortization of deferred policy acquisition costs	15			16			15			16			15			—	%	63			62			(1.6)	%
Compensation and benefits, interest expense and financing fees and other operating costs and expense	26			26			21			20			23			(11.5)	%	80			90			12.5	%
Segment benefits and other deductions	88			89			87			85			85			(3.4)	%	350			346			(1.1)	%

Operating earnings (loss), before income taxes	38			41			35			32			44			15.8	%	181			152			(16.0)	%
Income taxes	(7)			(6)			(4)			(5)			(6)			14.3	%	(30)			(21)			30.0	%
Operating earnings (loss), before noncontrolling interest	31			35			31			27			38			22.6	%	151			131			(13.2)	%
Less: Operating (earnings) loss attributable to the noncontrolling interest	—			—			—			—			—			—	%	—			—			—	%
Operating earnings (loss)	$	31		$	35		$	31		$	27		$	38		22.6	%	$	151		$	131		(13.2)	%

Summary Metrics

Operating earnings (loss) - TTM:	$	151		$	133		$	129		$	125		$	131		(13.2)	%	$	151		$	131		(13.2)	%

Average Account Value (TTM)	$	21,484		$	21,751		$	21,786		$	21,820		$	21,974		2.3	%	$	21,484		$	21,974		2.3	%

Return on assets (TTM)	0.84		%	0.73		%	0.71		%	0.67		%	0.69		%			0.84		%	0.69		%




Net flows (1)	$	(648)		$	(658)		$	(667)		$	(712)		$	(787)		(21.5)	%	$	(2,298)		$	(2,824)		(22.9)	%

In-force Policy Count by Product (in thousands) (2):	270			263			257			251			246					270			246

Notes:

(1) Net of the Venerable transaction.
(2) In-force Policy Count by Product presented on a gross basis includes ceded policies related to the Venerable transaction.
(3) Prior periods were updated to reflect the impact of moving payout annuity policies from Legacy to IR.


Legacy - Select Operating Metrics
	For the Three Months Ended or As of										Years Ended or As of
(in millions USD, unless otherwise indicated)	12/31/2023		3/31/2024		6/30/2024		9/30/2024		12/31/2024		12/31/2023 (2)		12/31/2024


















Account Values
General Account:
Balance as of beginning of period	$	557	$	524	$	504	$	486	$	465	$	619	$	524
Net flows (1)	(36)		(23)		(21)		(25)		(20)		(108)		(89)
Investment performance, interest credited and policy charges (1)	3		3		3		4		2		13		12

Balance as of end of period	$	524	$	504	$	486	$	465	$	447	$	524	$	447
Separate Accounts:
Balance as of beginning of period	$	20,033	$	21,316	$	22,010	$	21,417	$	21,789	$	20,557	$	21,316
Net flows (1)	(612)		(635)		(646)		(687)		(767)		(2,190)		(2,735)
Investment performance, interest credited and policy charges (1)	1,895		1,329		53		1,059		(111)		2,949		2,330

Balance as of end of period	$	21,316	$	22,010	$	21,417	$	21,789	$	20,911	$	21,316	$	20,911
Total:
Balance as of beginning of period	$	20,590	$	21,840	$	22,514	$	21,903	$	22,254	$	21,176	$	21,840
Net flows (1)	(648)		(658)		(667)		(712)		(787)		(2,298)		(2,824)
Investment performance, interest credited and policy charges (1)	1,898		1,332		56		1,063		(109)		2,962		2,342

Balance as of end of period	$	21,840	$	22,514	$	21,903	$	22,254	$	21,358	$	21,840	$	21,358
Net Amount at Risk (NAR)
Total GMIB NAR	$	2,822	$	2,502	$	2,462	$	2,692	$	2,390	$	2,822	$	2,390
Total GMDB NAR	$	9,465	$	8,982	$	8,984	$	8,472	$	8,602	$	9,465	$	8,602
MRB Reserves (Net of Reinsurance)	$	3,998	$	3,368	$	3,429	$	3,416	$	3,136	$	3,998	$	3,136


Notes:
(1) Net of the Venerable transaction.
(2) Prior periods were updated to reflect the impact of moving payout annuity policies from Legacy to IR.


	Balances as of
(in millions USD, unless otherwise indicated)	December 31, 2023				December 31, 2024
	Amount (1)		% of Total		Amount (1)		% of Total
Composition of investment portfolio
Fixed maturities, available-for-sale, at fair value	$	67,030	60.7	%	$	76,641	62.1	%
Fixed maturities, at fair value using the fair value option	1,654		1.5	%	2,053		1.7	%
Mortgage loans on real estate	18,171		16.5	%	20,072		16.3	%
Policy loans	4,158		3.8	%	4,330		3.5	%
Other equity investments	3,384		3.1	%	3,719		3.0	%
Other invested assets	6,719		6.1	%	8,537		6.9	%
Subtotal investment assets	101,116		91.6	%	115,352		93.5	%
Trading securities	1,057		1.0	%	1,095		0.9	%
Total investments	102,173		92.5	%	116,447		94.4	%
Cash and cash equivalents	8,239		7.5	%	6,964		5.6	%
Total	$	110,412	100.0	%	$	123,411	100.0	%

General Account AFS Fixed maturities by industry (Based on amortized cost)
Corporate securities:
Finance	$	13,181	17.9	%	$	16,080	19.1	%
Manufacturing	11,333		15.4	%	12,499		14.8	%
Utilities	6,838		9.3	%	8,476		10.1	%
Services	8,242		11.2	%	8,899		10.6	%
Energy	3,758		5.1	%	2,546		3.0	%
Retail and wholesale	3,253		4.4	%	2,979		3.5	%

Transportation	2,493		3.4	%	1,559		1.9	%
Other	190		0.3	%	1,665		2.0	%
Total corporate securities	49,288		67.0	%	54,703		65.0	%
U.S. government and agency	5,735		7.8	%	5,801		6.9	%
Residential mortgage-backed (2)	2,470		3.4	%	4,520		5.4	%
Preferred stock	56		0.1	%	56		0.1	%
State & political	614		0.8	%	472		0.6	%
Foreign governments	719		1.0	%	689		0.8	%
Commercial mortgage-backed	3,595		4.9	%	4,301		5.1	%
Asset-backed securities	11,049		15.0	%	13,660		16.2	%
Total	$	73,526	100.0	%	$	84,202	100.0	%

General Account AFS Fixed maturities credit quality (3) (Based on amortized cost)
Aaa, Aa, A (NAIC Designation 1)	$	47,694	64.9	%	$	56,266	66.8	%
Baa (NAIC Designation 2)	23,476		31.9	%	26,255		31.2	%
Investment grade	71,170		96.8	%	82,521		98.0	%
Below investment grade (NAIC Designation 3 and 4)	2,356		3.2	%	1,681		2.0	%
Total	$	73,526	100.0	%	$	84,202	100.0	%

Notes:

(1) Investment data has been classified based on standard industry categorizations for domestic public holdings and similar classifications by industry for all other holdings.
(2) Includes publicly traded agency pass-through securities and collateralized obligations.
(3) Credit quality based on NAIC rating.


	For the Years Ended or As of
(in millions USD, unless otherwise indicated)	December 31, 2023				December 31, 2024
	Yield		Amount (2)		Yield		Amount (2)
Fixed Maturities:
Income (loss)	4.17	%	$	3,103	4.41	%	$	3,462
Ending assets			73,526				84,202
Mortgages:
Income (loss)	4.65	%	806		5.14	%	973
Ending assets			18,171				20,072
Other Equity Investments (1):
Income (loss)	3.88	%	135		5.75	%	203
Ending assets			3,433				3,495
Trading Securities:
Income	—	%	—		5.07	%	16
Ending assets			—				527
Policy Loans:
Income	5.30	%	216		5.31	%	225
Ending assets			4,158				4,330
Cash and Short-term Investments: (3)
Income (loss)	(2.51)	%	(81)		(4.10)	%	(223)
Ending assets			4,718				3,259
Funding Agreements:
Interest expense and other			(425)				(335)
Ending (liabilities)			(7,616)				(7,167)
Total invested Assets:
Income (loss)	3.98	%	3,754		4.17	%	4,321
Ending assets			96,390				108,718
Short Duration Fixed Maturities:
Income (loss)	4.14	%	3		—	%	—
Ending assets			16				—
Total Net Investment Income:
Investment income	3.98	%	3,757		4.17	%	4,321
Less: investment fees (4)	(0.18)	%	(166)		(0.17)	%	(180)
Investment income, net	3.80	%	$	3,591	3.99	%	$	4,141
General Account Ending Net Assets			$	96,406			$	108,718
Operating Earnings adjustments:
Funding Agreements interest expense			425				335
AB and other non-General Account investment income			249				389
Operating Net investment income (loss)			$	4,265			$	4,865
Notes:

(1) Includes, as of December 31, 2024 and December 31, 2023, $431 million and $361 million of other invested assets. Amounts for certain consolidated VIE investments are shown net of associated non-controlling interest.
(2) Amount for fixed maturities and mortgages represents original cost, reduced by repayments, write-downs, adjusted amortization of premiums, accretion of discount and allowances. Cost for equity securities represents original cost reduced by write-downs; cost for other limited partnership interests represents original cost adjusted for equity in earnings and reduced by distributions.
(3) Cash and Short-term net of collateral expense.
(4) Fixed maturities yield excludes out of period income adjustment during year ended December 31, 2023.


	For the Three Months Ended or As of										Years Ended or As of
(in millions USD, unless otherwise indicated)	12/31/2023		3/31/2024		6/30/2024		9/30/2024		12/31/2024		12/31/2023		12/31/2024

TOTAL
Beginning balance	$	6,599	$	6,705	$	6,804	$	6,924	$	7,031	$	6,369	$	6,705
Capitalization of commissions, sales and issue expenses	274		270		291		291		324		976		1,176
Amortization	(168)		(171)		(171)		(184)		(185)		(640)		(711)
Ending balance	$	6,705	$	6,804	$	6,924	$	7,031	$	7,170	$	6,705	$	7,170

Individual Retirement
Beginning balance	$	3,426	$	3,508	$	3,601	$	3,703	$	3,807	$	3,219	$	3,508
Capitalization of commissions, sales and issue expenses	187		202		213		222		243		677		880
Amortization	(105)		(109)		(111)		(118)		(121)		(388)		(459)
Ending balance	$	3,508	$	3,601	$	3,703	$	3,807	$	3,929	$	3,508	$	3,929

Group Retirement
Beginning balance	$	814	$	825	$	828	$	839	$	842	$	800	$	825
Capitalization of commissions, sales and issue expenses	25		18		20		18		24		83		80
Amortization	(14)		(15)		(9)		(15)		(15)		(58)		(54)
Ending balance	$	825	$	828	$	839	$	842	$	851	$	825	$	851

Protection Solutions
Beginning balance	$	1,676	$	1,700	$	1,714	$	1,731	$	1,745	$	1,630	$	1,700
Capitalization of commissions, sales and issue expenses	55		44		49		46		52		190		191
Amortization	(31)		(30)		(32)		(32)		(31)		(120)		(125)
Ending balance	$	1,700	$	1,714	$	1,731	$	1,745	$	1,766	$	1,700	$	1,766

Legacy
Beginning balance	$	564	$	555	$	546	$	538	$	527	$	593	$	555
Capitalization of commissions, sales and issue expenses	7		6		8		5		5		26		24
Amortization	(16)		(15)		(16)		(16)		(15)		(64)		(62)
Ending balance	$	555	$	546	$	538	$	527	$	517	$	555	$	517

Corporate and Other
Beginning balance	$	119	$	117	$	115	$	113	$	110	$	127	$	117
Capitalization of commissions, sales and issue expenses	—		—		1		—		—		—		1
Amortization	(2)		(2)		(3)		(3)		(3)		(10)		(11)
Ending balance	$	117	$	115	$	113	$	110	$	107	$	117	$	107


In addition to our results presented in accordance with U.S. GAAP, we report Non-GAAP Operating Earnings, Non-GAAP Operating ROE, and Non-GAAP operating common EPS, each of which is a measure that is not determined in accordance with U.S. GAAP. Management principally uses these non-GAAP financial measures in evaluating performance because they present a clearer picture of our operating performance and they allow management to allocate resources. Similarly, management believes that the use of these Non-GAAP financial measures, together with relevant U.S. GAAP measures, provide investors with a better understanding of our results of operations and the underlying profitability drivers and trends of our business. These non-GAAP financial measures are intended to remove from our results of operations the impact of market changes (where there is a mismatch in the valuation of assets and liabilities) as well as certain other expenses which are not part of our underlying profitability drivers or likely to re-occur in the foreseeable future, as such items fluctuate from period-to-period in a manner inconsistent with these drivers. These measures should be considered supplementary to our results that are presented in accordance with U.S. GAAP and should not be viewed as a substitute for the U.S. GAAP measures. Other companies may use similarly titled non-GAAP financial measures that are calculated differently from the way we calculate such measures. Consequently, our non-GAAP financial measures may not be comparable to similar measures used by other companies.
We also discuss certain operating measures, including AUM, AUA, AV, Protection Solutions reserves and certain other operating measures, which management believes provide useful information about our businesses and the operational factors underlying our financial performance.
Non-GAAP Operating Earnings
Non-GAAP Operating Earnings is an after-tax Non-GAAP financial measure used to evaluate our financial performance on a consolidated basis that is determined by making certain adjustments to our consolidated after-tax net income attributable to Holdings. The most significant of such adjustments relates to our derivative positions, which protect economic value and statutory capital, and the variable annuity product MRBs. This is a large source of volatility in net income.
Non-GAAP Operating Earnings equals our consolidated after-tax net income attributable to Holdings adjusted to eliminate the impact of the following items:
•			Items related to variable annuity product features, which include: (i) changes in the fair value of MRB and purchased MRB, including the related attributed fees and claims, offset by derivatives and other securities used to hedge the MRB which result in residual net income volatility as the change in fair value of certain securities is reflected in OCI and due to our statutory capital hedge program; and (ii) market adjustments to deposit asset or liability accounts arising from reinsurance agreements which do not expose the reinsurer to a reasonable possibility of a significant loss from insurance risk;
•			Investment (gains) losses, which includes credit loss impairments of securities/investments, sales or disposals of securities/investments, realized capital gains/losses and valuation allowances;
•			Net actuarial (gains) losses, which includes actuarial gains and losses as a result of differences between actual and expected experience on pension plan assets or projected benefit obligation during a given period related to pension, other postretirement benefit obligations, and the one-time impact of the settlement of the defined benefit obligation;
•			Other adjustments, which primarily include restructuring costs related to severance and separation, lease write-offs related to non-recurring restructuring activities, COVID-19 related impacts, net derivative gains (losses) on certain Non-GMxB derivatives, net investment income from certain items including consolidated VIE investments, seed capital mark-to-market adjustments, unrealized gain/losses and realized capital gains/losses from sales or disposals of select securities, certain legal accruals; a bespoke deal to repurchase UL policies from one entity that had invested in numerous policies purchased in the life settlement market, which disposed of the risk of additional COI litigation by that entity related to those UL policies, impact of the annual actuarial assumption updates attributable to LFPB when the majority of the impact relates to the non-core business; and
•			Income tax expense (benefit) related to the above items and non-recurring tax items, which includes the effect of uncertain tax positions for a given audit period and changes to the deferred tax valuation allowance.


In the fourth quarter of 2023, the Company updated its operating earnings measure to exclude the impact of realized amounts related to equity classified instruments. The recognition of the realized capital gains and losses from investments in current net investment income is generally considered distortive and not reflective of the ongoing core business activities of the segments. The presentation of operating earnings in prior periods was not revised to reflect this modification. The impact to operating earnings was immaterial for the year ended December 31, 2023.

In the first quarter of 2024, the Company began allocating to its business segments collateral expense resulting from a designated rate to be paid on the collateral held back to counterparties. The new segment allocation methodology for collateral expense is based on the income earned on cash equivalents held in the surplus segments and income earned in portfolios backing collateral expenses, such that the collateral expense would be allocated to the segments up to that amount. Any remaining amount is included within Corporate and Other. This expense was previously recorded in Corporate and Other with no allocation to our business segments in prior reporting periods.The presentation of operating earnings in prior periods was not revised to reflect this modification, however, the Company estimated that allocating collateral expense to the segments for the twelve months ended December 31, 2023, respectively, would have resulted in a decrease to operating earnings of $4.0 million for Individual Retirement, $7.7 million for Group Retirement, $21.9 million for Protection Solutions, $4.2 million for Legacy, and an increase of $37.8 million for Corporate and Other. The impact to operating earnings for each segment during the quarters of 2023 was not material. Total Company operating earnings were not impacted.

During the third quarter 2024, the Company moved revenues and expenses related to payout annuitizations from the Legacy segment to the Individual Retirement segment. Now all payout annuities will be reported within the Individual Retirement segment as the block is managed on an aggregate basis. Prior periods have been recast to reflect this change.
Because Non-GAAP Operating Earnings excludes the foregoing items that can be distortive or unpredictable, management believes that this measure enhances the understanding of the Company’s underlying drivers of profitability and trends in our business, thereby allowing management to make decisions that will positively impact our business.
We use the prevailing corporate federal income tax rate of 21% while taking into account any non-recurring differences for events recognized differently in our financial statements and federal income tax returns as well as partnership income taxed at lower rates when reconciling Net income (loss) attributable to Holdings to Non-GAAP Operating Earnings.


	For the Three Months Ended or As of										Years Ended or As of
(in millions USD, unless otherwise indicated)	12/31/2023		3/31/2024		6/30/2024		9/30/2024		12/31/2024		12/31/2023		12/31/2024

Net income (loss) attributable to Holdings
Net income (loss) attributable to Holdings	$	(698)	$	114	$	428	$	(134)	$	899	$	1,302	$	1,307
Adjustments related to:
Variable annuity product features (1)	1,191		319		79		738		(530)		607		606
Investment gains (losses), net	159		39		16		46		32		713		133

Net actuarial gains (losses) related to pension and other postretirement benefit obligations	13		17		14		13		16		39		60
Other adjustments (2) (3) (4) (6)	153		91		(32)		—		34		351		93
Income tax (expense) benefit related to above adjustments	(319)		(98)		(16)		(167)		94		(359)		(187)
Non-recurring tax items (5)	(23)		8		5		5		(23)		(959)		(5)
Non-GAAP Operating Earnings	$	476	$	490	$	494	$	501	$	522	$	1,694	$	2,007

Net income (loss) attributable to Holdings	$	(2.07)	$	0.34	$	1.31	$	(0.42)	$	2.84	$	3.70	$	4.02
Less: Preferred stock dividends	0.08		0.04		0.08		0.05		0.08		0.22		0.24
Net income (loss) available to Holdings' common shareholders	(2.15)		0.30		1.23		(0.47)		2.76		3.48		3.78
Adjustments related to:
Variable annuity product features (1)	3.53		0.96		0.24		2.32		(1.67)		1.73		1.87
Investment gains (losses), net	0.47		0.12		0.05		0.14		0.10		2.03		0.41

Net actuarial gains (losses) related to pension and other postretirement benefit obligations	0.04		0.05		0.04		0.04		0.05		0.11		0.18
Other adjustments (2) (3) (4) (6)	0.46		0.27		(0.10)		—		0.10		0.99		0.29
Income tax (expense) benefit related to above adjustments	(0.95)		(0.29)		(0.05)		(0.52)		0.30		(1.02)		(0.58)
Non-recurring tax items (5)	(0.07)		0.02		0.02		0.02		(0.07)		(2.73)		(0.02)
Non-GAAP Operating Earnings (loss) available to Holdings' common shareholders	$	1.33	$	1.43	$	1.43	$	1.53	$	1.57	$	4.59	$	5.93

Book Value per common share
Book Value per common share	$	3.26	$	1.43	$	0.25	$	5.26	$	0.25	$	3.26	$	0.25
Less: Per share impact of AOCI	(23.30)		(24.93)		(26.88)		(20.90)		(28.11)		(23.30)		(28.11)
Book value per common share (ex. AOCI)	$	26.56	$	26.36	$	27.14	$	26.16	$	28.36	$	26.56	$	28.36



Notes:
(1) Includes the impact of favorable assumption updates of $16 million and $40 million for the year ended December 31, 2024 and 2023, respectively. The impact per common share is $0.05 and $0.11 for the year ended December 31, 2024 and 2023, respectively.
(2) Includes certain gross legal expenses related to the COI litigation of $106 million and $144 million for the year ended December 31, 2024 and 2023, respectively. Includes the impact of annual actuarial assumptions updates related to LFPB of $61 million for the year ended December 31, 2023. The legal accruals impact per common share is $0.33 and $0.41 for the year ended December 31, 2024 and 2023, respectively. Includes the impact of unfavorable annual actuarial assumptions updates related to LFPB of $0.17 for the year ended December 31, 2023.
(3) For the year ended December 31, 2024, includes $82 million of the gain on sale on AB's Bernstein Research Service attributable to Holdings. The impact per common share is $0.25 for the year ended December 31, 2024.
(4) For the year ended December 31, 2024, includes $78 million contingent payment gain recognized in connection with a fair value remeasurement of the contingent payment liability associated with AB's acquisition of CarVal in 2022. The impact per common share is $0.24 for the year ended December 31, 2024, respectively.
(5) For 2023 non-recurring tax items reflect primarily the effect of uncertain tax positions for a given audit period. Include a decrease of the deferred tax valuation allowance of $30 million and $1.0 billion for the three months and year ended December 31, 2023, as well as $0.09 and $2.84 per common share, respectively.
(6) Includes Non-GMxB related derivative hedge losses (gains) of $(29) million and $6 million for the three months and year ended December 31, 2024, respectively, and $33 million and $34 million for the three months and year ended December 31, 2023, respectively. The impact per common share is $(0.09) and $0.02 for the three months and year ended December 31, 2024, respectively, and $0.10 and $0.07 for the three months and year ended December 31, 2023, respectively.


Account Value (“AV”) - AV generally equals the aggregate policy account value of our retirement and protection products. General Account AV refers to account balances in investment options that are backed by the General Account while Separate Accounts AV refers to Separate Accounts investment assets. AV is reflected net of reinsurance.
Advisory Assets - Assets invested in a variety of investments using an asset allocation model designed for the client’s objectives. The client is charged a fee based on the value of the assets in the account.
Annualized premiums - 100% of first year recurring premiums (up to target) and 10% of excess first year premiums or first year premiums from single premium products.

Assets Under Administration (“AUA”) - AUA includes non-insurance client assets that are invested in our savings and investment products or serviced by our Equitable Advisors platform. We provide administrative services for these assets and generally record the revenues received as distribution fees.
Assets Under Management (“AUM”) - AUM means investment assets that are managed by one of our subsidiaries and includes: (i) assets managed by AB; (ii) the assets in our General Account investment portfolio; and (iii) the Separate Account assets of our Individual Retirement, Group Retirement and Protection Solutions businesses. Total AUM reflects exclusions between segments to avoid double counting.
Average Account Value (TTM) - Calculated as an average of the previous twelve calendar months total Account Value balance, net of embedded derivative instruments where applicable.
Benefit base - A notional amount (not actual cash value) used to calculate the owner’s guaranteed benefits within an annuity contract. The death benefit and living benefit within the same contract may not have the same benefit base.
Brokerage Assets - Brokerage accounts which allow clients a variety of investments, including mutual funds, exchange traded products, equities and fixed income, to be managed in one account. The client is charged for all buy and sell transactions.
Current Product Offering (Individual Retirement) - Products sold 2011 and later.
Deferred policy acquisition costs (“DAC”) - Represents the incremental costs related directly to the successful acquisition of new and certain renewal insurance policies and annuity contracts and which have been deferred on the balance sheet as an asset.
Direct Assets - Mutual Funds purchased through and registered directly with an asset management company. No other agents, such as brokers or distributors, are involved in the transactions.
Equitable Advisors - means Equitable Advisors, LLC, a Delaware limited liability company, our retail broker/dealer for our retirement and protection businesses and a wholly-owned indirect subsidiary of Holdings.
Equitable America - means Equitable Financial Life Insurance Company of America, an Arizona corporation and a wholly-owned indirect subsidiary of Holdings.
Equitable Life - means Equitable Financial Life Insurance Company, a New York corporation, a life insurance company and a wholly-owned subsidiary of EFS.
Fixed Rate (Individual Retirement) - Pre-2011 GMxB products.
FYP - First year premium and deposits.
GMxB - A general reference to all forms of variable annuity guaranteed benefits, including guaranteed minimum living benefits, or GMLBs (such as GMIBs, GMWBs and GMABs), and guaranteed minimum death benefits, or GMDBs (inclusive of return of premium death benefit guarantees).
Gross premiums - FYP and Renewal premium and deposits.
Guaranteed minimum death benefits (“GMDB”) - An optional benefit (available for an additional cost) that guarantees an annuitant’s beneficiaries are entitled to a minimum payment based on the benefit base, which could be greater than the underlying AV, upon the death of the annuitant.
Guaranteed minimum income benefits (“GMIB”) - An optional benefit (available for an additional cost) where an annuitant is entitled to annuitize the policy and receive a minimum payment stream based on the benefit base, which could be greater than the underlying AV.
Guaranteed minimum living benefits (“GMLB”) - A reference to all forms of guaranteed minimum living benefits, including GMIBs, GMWBs and GMABs (does not include GMDBs).
IR - Abbreviation for Individual Retirement.
Invested assets - Includes fixed maturity securities, equity securities, mortgage loans, policy loans, alternative investments and short-term investments.
Legacy - The Legacy segment consists of our fixed-rate GMxB business written prior to 2011. In 2023, we began reporting this business separately from our Individual Retirement business.
Liability for future policy benefits - the liability related to life insurance policies such as non-participating traditional life insurance policies (Term) and limited pay contracts (Payout, Pension).
Market risk benefits - (“MRBs”) are contracts or contract features that provide protection to the contract holder from other than nominal capital market risk and expose the Company to other than nominal capital market risk. Market risk benefits include contract features that provide minimum guarantees to policyholders and include GMIB, GMDB, GMWB, GMAB, and ROP DB benefits.
Net flows - Net change in customer account balances in a period including, but not limited to, gross premiums, surrenders, withdrawals and benefits. It excludes investment performance, interest credited to customer accounts and policy charges.
Net long-term flows - Net change of assets under management in a period which includes new sales net of redemptions of mutual funds and terminations of separately managed accounts and cash flow which includes both cash invested or withdrawn by existing clients. In addition, cash flow includes fees received from certain clients. It excludes the impact of the markets.
Premiums and deposits - Amounts a policyholder agrees to pay for an insurance policy or annuity contract that may be paid in one or a series of payments as defined by the terms of the policy or contract.
Pre-tax operating margin - Calculated as operating earnings, before income taxes, divided by revenue.
Protection Solutions Benefit Ratio - Calculated as the sum of policyholders’ benefits and interest credited to policyholders’ account balances dividend by segment revenues.
Protection Solutions Reserves - Equals the aggregate value of Policyholders’ account balances and future policy benefits for policies in our Protection Solutions segment.
Renewal premium and deposits - Premiums and deposits after the first twelve months of the policy or contract.


Use of Non-GAAP Financial Measures

"Non-GAAP Operating ROE"
We calculate Non-GAAP Operating ROE by dividing Non-GAAP Operating Earnings for the previous twelve calendar months by consolidated average equity attributable to Holdings’ common shareholders, excluding AOCI. AOCI fluctuates period-to-period in a manner inconsistent with our underlying profitability drivers as the majority of such fluctuation is related to the market volatility of the unrealized gains and losses associated with our AFS securities. Therefore, we believe excluding AOCI is more effective for analyzing the trends of our operations.
Book Value per common share, excluding AOCI
We use the term “book value” to refer to “Total equity attributable to Holdings' common shareholders.” Book Value per common share, excluding AOCI, is our stockholder’s equity, excluding AOCI, divided by ending common shares outstanding.
Non-GAAP Operating Earnings per common share
Non-GAAP Operating Earnings per common share is calculated by dividing Non-GAAP Operating Earnings less preferred stock dividends by diluted common shares outstanding.


	Balances as of
(in millions USD, unless otherwise indicated)	3/31/2023		6/30/2023		9/30/2023		12/31/2023		3/31/2024		6/30/2024		9/30/2024		12/31/2024

Equity Reconciliation - Twelve Month Rolling Average
Total equity attributable to Holdings' shareholders	$	3,567	$	3,030	$	2,588	$	2,900	$	2,469	$	1,992	$	2,386	$	2,120
Less: Preferred Stock	1,562		1,562		1,562		1,562		1,562		1,562		1,562		1,548
Total equity attributable to Holdings' common shareholders	2,005		1,468		1,026		1,338		907		430		824		572
Less: Accumulated other comprehensive income (loss)	(6,636)		(7,380)		(8,113)		(7,809)		(8,222)		(8,598)		(7,796)		(8,030)
Total equity attributable to Holdings' common shareholders (ex. AOCI)	$	8,641	$	8,848	$	9,139	$	9,147	$	9,129	$	9,027	$	8,620	$	8,602


Return of Premium (“ROP”) death benefit - This death benefit pays the greater of the account value at the time of a claim following the owner’s death or the total contributions to the contract (subject to adjustment for withdrawals). The charge for this benefit is usually included in the M&E fee that is deducted daily from the net assets in each variable investment option. We also refer to this death benefit as the Return of Principal death benefit.
Return on Assets - Calculated as trailing twelve months operating earnings (loss), before income taxes, divided by trailing twelve months average account value, net of embedded derivative instruments.
Return on Equity (ex. AOCI) - Calculated as trailing twelve months net income (loss) attributable to Holdings' common shareholders divided by average equity attributable to Holdings' common shareholders, excluding Accumulated Other Comprehensive Income (“AOCI”).
Revenue per advisor - Calculated as trailing twelve months revenue divided by the average number of advisors for each of the most recent four quarters.
Trailing Twelve Months ("TTM") - The twelve calendar months preceding the balance sheet date of a given reporting period.


Wealth Management - Operating Earnings (Loss) and Summary Metrics


Reconciliation of Non-GAAP Measures (2/3)

	As of and for the Twelve Months Ended
(in millions USD, unless otherwise indicated)	6/30/2024			9/30/2024			12/31/2024

Net Income to Non-GAAP Operating Earnings
Net income (loss) attributable to Holdings	$	908		$	(290)		$	1,307
Adjustments related to:
Variable annuity product features	209			2,327			606
Investment (gains) losses	625			260			133

Net actuarial (gains) losses related to pension and other postretirement benefit obligations	52			57			60
Other adjustments	303			212			93
Income tax (expense) benefits related to above adjustments	(250)			(600)			(187)
Non-recurring tax items	26			(5)			(5)
Non-GAAP Operating Earnings	$	1,873		$	1,961		$	2,007

Return on Equity and Non-GAAP Operating Return on Equity - Trailing twelve months
Net income (loss) attributable to Holdings	$	908		$	(290)		$	1,307
Less: Preferred stock	(80)			(80)			(80)
Net income (loss) available to Holdings' common shareholders	$	828		$	(370)		$	1,227
Average equity attributable to Holdings' common shareholders (ex. AOCI)	$	9,048		$	8,872		$	8,602

Return on Equity (ex. AOCI)	9.2		%	(4.2)		%	14.3		%

Non-GAAP Operating Earnings	$	1,873		$	1,961		$	2,007
Less: Preferred stock	(80)			(80)			(80)
Non-GAAP Operating Earnings available to Holdings' common shareholders	$	1,793		$	1,881		$	1,927
Average equity attributable to Holdings' common shareholders (ex. AOCI)	$	9,048		$	8,872		$	8,602

Non-GAAP Operating Return on Equity (ex. AOCI)	19.8		%	21.2		%	22.4		%


Reconciliation of Non-GAAP Measures (3/3)

	Balances as of
(in millions USD, unless otherwise indicated)	3/31/2023		6/30/2023		9/30/2023		12/31/2023		3/31/2024		6/30/2024		9/30/2024		12/31/2024

Equity Reconciliation - Quarter-end Balances
Total equity attributable to Holdings' shareholders	$	3,754	$	3,553	$	1,642	$	2,649	$	2,032	$	1,644	$	3,220	$	1,585
Less: Preferred Stock	1,562		1,562		1,562		1,562		1,562		1,562		1,562		1,507
Total equity attributable to Holdings' common shareholders	2,192		1,991		80		1,087		470		82		1,658		78
Less: Accumulated other comprehensive income (loss)	(6,516)		(7,142)		(9,802)		(7,777)		(8,166)		(8,645)		(6,595)		(8,712)
Total equity attributable to Holdings' common shareholders (ex. AOCI)	$	8,708	$	9,133	$	9,882	$	8,864	$	8,636	$	8,727	$	8,253	$	8,790