{"success":true,"data":{"pressRelease":{"id":"108642","rtpr_id":"nBw9JH9tda","ticker":"EQH","exchange":"NYSE","all_tickers":["EQH"],"title":"Equitable Holdings Reports Second Quarter 2026 Results","author":"Business Wire","published_at":"2026-08-04T20:15:00.607Z","article_body":"Equitable Holdings Reports Second Quarter 2026 Results\n\n\n * Merger with Corebridge Financial approved by shareholders on July 30th and on\ntrack to close by year-end 2026\n\n\n * Positive organic growth across all businesses with net inflows of $1.7 billion\nin Retirement; $2.0 billion in Wealth Management and $0.8 billion in Asset\nManagement\n\n\n * Net loss of $453 million, or $1.68 per share\n\n\n * Non-GAAP operating earnings(1) of $488 million, or $1.70 per share; Adjusting\nfor notable items(2), Non-GAAP operating earnings of $501 million, or $1.75\nper share\n\n\n * Returned $449 million to shareholders in the quarter, on track to deliver a\n60-70% payout ratio target in 2026\n\nEquitable Holdings, Inc. (“Equitable Holdings”, “Holdings”, or the\n“Company”) (NYSE: EQH) today announced financial results for the second\nquarter ended June 30, 2026.\n\n“During the second quarter, we made significant progress on the merger with\nCorebridge while also delivering strong financial results. We reported\nNon-GAAP operating earnings per share of $1.70, or $1.75 excluding notable\nitems, up 24% from the prior year quarter. Our businesses delivered healthy\norganic growth, highlighted by $1.7 billion of net inflows in Retirement, $2.0\nbillion of advisory net inflows in Wealth Management and $0.8 billion of net\ninflows for AllianceBernstein. Positive flows, coupled with favorable market\nconditions, drove assets under management to a record $1.2 trillion in the\nquarter,” said Mark Pearson, President and Chief Executive Officer.\n\nMr. Pearson concluded, “We remain focused on executing our growth strategy\nand delivering on our 2026 financial targets so that we enter the merger with\nstrong momentum. Shareholders overwhelmingly approved the merger on July 30th\nand we remain on track to close by year-end 2026. Our joint integration\nefforts are well underway, and I am confident that the New Equitable will have\nthe scale, distribution reach and business model to be a winner in growing\nmarkets and deliver long-term value for our customers and shareholders.”\n Consolidated Results                                                                                            \n                                                                          Second Quarter                         \n (in millions, except per share amounts or unless otherwise noted)             2026                  2025        \n Total Assets Under Management/Administration (“AUM/A”, in billions)      $    1,175            $    1,070       \n Net income (loss) attributable to Holdings                                    (453   )              (349   )    \n Net income (loss) attributable to Holdings per common share                   (1.68  )              (1.21  )    \n Non-GAAP operating earnings                                                   488                   352         \n Non-GAAP operating earnings per common share (“EPS”)                          1.70                  1.10        \n\n\nAs of June 30, 2026, total AUM/A increased 10% year-over-year to $1.2\ntrillion, driven by positive net flows and higher markets over the prior\ntwelve months.\n\nNet loss attributable to Holdings for the second quarter of 2026 was $453\nmillion compared to $349 million in the second quarter of 2025.\n\nNon-GAAP operating earnings in the second quarter of 2026 were $488 million\ncompared to $352 million in the second quarter of 2025. Adjusting for notable\nitems(3) of $14 million, second quarter 2026 Non-GAAP operating earnings were\n$501 million or $1.75 per share.\n\nAs of June 30, 2026, book value per common share including accumulated other\ncomprehensive income (“AOCI”) was $(6.79). Book value per common share\nexcluding AOCI was $16.89. Both of these measures reflect the Company’s 68%\nownership stake in AllianceBernstein (“AB”) at book value. Book value per\ncommon share excluding AOCI but with AB reflected at fair market value was\n$30.92.\n\nBusiness Highlights\n\n\n * Second quarter 2026 business segment highlights:\n\n\n* Retirement reported net inflows of $1.7 billion and first year premiums of\n$6.2 billion increased 13% over the prior year.\n\n * Asset Management (AllianceBernstein or “AB”)(4) reported net inflows of\n$0.8 billion, driven by the retail and institutional channels.\n\n * Wealth Management (“WM”) reported advisory net inflows of $2.0 billion and\ntotal assets under administration of $141 billion.\n\n\n\n\n * Capital management program:\n\n\n* The Company returned $449 million to shareholders in the second quarter,\nincluding $83 million quarterly cash dividends and $366 million of share\nrepurchases. The Company had a payout ratio of 70% in the first half of 2026\nand remains on track to achieve its targeted 60-70% payout ratio for 2026.\n\n * The Company continues to target $1.8 billion of cash generation for 2026 and\nhas received regulatory approval for up to $0.9 billion of insurance company\ndividends in the second half of the year.\n\n * The Company reported cash and liquid assets of $0.8 billion at Holdings(5) as\nof quarter end, which remains above the $500 million minimum target. The\ncombined NAIC RBC ratio remains well above the Company’s target of 400% as\nof quarter end.\n\n\n\n\n * Delivering shareholder value:\n\n\n* The Company has deployed $25 billion of capital to AB’s Private Markets\nPlatform, above its original $20 billion capital commitment. This supports\ngrowth in AB’s Private Markets business, which had $91 billion of assets\nunder management as of quarter end.\n\n * On July 30th, the Company received shareholder approval for the merger with\nCorebridge Financial. Subject to regulatory approvals, the merger is expected\nto close by year-end 2026. The transaction is expected to be immediately\naccretive to earnings per share and cash generation with 10%+ accretion on a\nrun rate basis by year-end 2028.\n\n\n\n\nBusiness Segment Results\n\nRetirement\n (in millions, unless otherwise noted)  Q2 2026          Q2 2025      \n Total Assets (in billions)(6)          $     188.8      $     164.7  \n Segment net flows (in billions)              1.7              1.9    \n Operating earnings (loss)                    402              354    \n\n\n\n * Assets increased by 15%, driven by market performance and net inflows over the\nprior twelve months.\n\n\n * First year premiums of $6.2 billion increased by 13% while net inflows of $1.7\nbillion were lower than the prior year quarter.\n\n\n * Operating earnings of $402 million increased versus the prior year quarter,\nprimarily due to higher fee-based revenue and a lower tax rate.\n\n\n * Operating earnings adjusted for notable items(7) increased from $368 million\nin the prior year quarter to $408 million. Notable items of $6 million in the\ncurrent period reflect lower net investment income from alternatives,\npartially offset by a benefit from tax credits.\n\nAsset Management\n (in millions, unless otherwise noted)  Q2 2026          Q2 2025          \n Total AUM (in billions)                $     905.5      $    829.1       \n Segment net flows (in billions)              0.8             (6.7   )    \n Operating earnings (loss)                    158             131         \n\n\n\n * AUM increased by 9% due to market performance over the prior twelve months.\n\n\n * Net inflows were $0.8 billion in the quarter, driven by net inflows of $0.9\nbillion in Retail and $0.6 billion in Institutional, partially offset by net\noutflows of $0.7 billion in Private Wealth.\n\n\n * Operating earnings adjusted for notable items increased from $131 million in\nthe prior year quarter to $139 million, primarily due to growth in base fees.\nNotable items of $19 million in the current period reflect a non-recurring tax\nbenefit.\n\nWealth Management\n (in millions, unless otherwise noted)  Q2 2026          Q2 2025      \n Total AUA (in billions)                $     140.6      $     110.3  \n Advisory net new assets (in billions)        2.0              2.0    \n Operating earnings (loss)                    63               50     \n\n\n\n * AUA increased by 27% over the last twelve months due to market performance,\nnet inflows and acquired assets from the Stifel transaction.\n\n\n * Advisory net inflows were $2.0 billion in the quarter, supported by a 13%\nyear-over-year increase in advisor productivity.\n\n\n * Operating earnings adjusted for notable items increased from $50 million in\nthe prior year quarter to $60 million, primarily due to growth in client\nassets and advisory fees. Notable items of $3 million in the current period\nreflect a non-recurring tax benefit.\n\nCorporate and Other (“C&O”)\n\nThe operating loss of $135 million in the second quarter decreased from an\noperating loss of $183 million in the prior year quarter. After adjusting for\nnotable items(8), the operating loss was $106 million versus a loss of $103\nmillion in the prior year quarter.\n _________________________________________                                       \n (1) This press release includes certain Non-GAAP financial measures. More       \n information on these measures and reconciliations to the most comparable U.S.   \n GAAP measures can be found in the “Use of Non-GAAP Financial Measures”          \n section of this release.                                                        \n (2) Please refer to Exhibit 1 for a detailed reconciliation and definitions     \n related to notable items.                                                       \n (3) Please refer to Exhibit 1 for detailed reconciliation and definitions       \n related to notable items.                                                       \n (4) Refers to AllianceBernstein L.P. and AllianceBernstein Holding L.P.,        \n collectively.                                                                   \n (5) Excludes c. $320 million of cash at Holdings which is available to          \n AllianceBernstein through its credit facility with Equitable Holdings.          \n (6) Retirement assets includes account value (net of embedded derivatives),     \n spread lending balances and reserves (excluding MRBs)                           \n (7) Please refer to Exhibit 1 for a detailed reconciliation and definitions     \n related to notable items.                                                       \n (8) Please refer to Exhibit 1 for a detailed reconciliation and definitions     \n related to notable items.                                                       \n\n\nExhibit 1: Notable Items\n\nNotable items represent the impact on results from our annual actuarial\nassumption review, approximate impacts attributable to significant variances\nfrom the Company’s expectations, and other items that the Company believes\nmay not be indicative of future performance. The Company chooses to highlight\nthe impact of these items and give Non-GAAP measures less notable items to\nprovide a better understanding of our results of operations in a given period.\nCertain figures may not sum due to rounding.\n\nImpact of notable items by segment and Corporate & Other:\n                                                  Three Months Ended June 30,               \n (in millions)                                           2026                        2025   \n Non-GAAP Operating Earnings                      $      488                  $      352    \n Post-tax adjustments related to notable items:                                             \n Retirement                                              6                           14     \n Asset Management                                        (19    )                    —      \n Wealth Management                                       (3     )                    —      \n Corporate & Other                                       29                          80     \n Non-GAAP Operating Earnings, less Notable Items  $      501                  $      447    \n                                                                                            \n\n\nImpact of notable items by item category:\n                                                  Three Months Ended June 30,               \n (in millions)                                           2026                        2025   \n Non-GAAP Operating Earnings                      $      488                  $      352    \n Post-tax adjustments related to notable Items:                                             \n Net investment income                                   49                          12     \n Late reported claims & associated expenses              —                           61     \n Expenses                                                —                           21     \n Tax credit                                              (35    )                    —      \n Non-GAAP Operating Earnings, less Notable Items  $      501                  $      447    \n                                                                                            \n\n\nEarnings Conference Call\n\nEquitable Holdings will host a conference call at 8 a.m. ET on August 5, 2026\nto discuss its second quarter 2026 results. The conference call webcast, along\nwith additional earnings materials, will be accessible on the company’s\ninvestor relations website at ir.equitableholdings.com. Please log on to the\nwebcast at least 15 minutes prior to the call to download and install any\nnecessary software.\n\nTo register for the conference call, please use the following link:\n\nEQH Second Quarter 2026 Earnings Call\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fevents.q4inc.com%2Fanalyst%2F194780815%3Fpwd%3DfJodZ4FO&esheet=54583234&newsitemid=20260804013141&lan=en-US&anchor=EQH+Second+Quarter+2026+Earnings+Call&index=1&md5=417765a0de4d52086898e9755d9fa87f)\n\nAfter registering, you will receive an email confirmation including dial in\ndetails and a unique conference call code for entry. Registration is open\nthrough the live call. To ensure you are connected for the full call we\nsuggest registering a day in advance or at minimum 10 minutes before the start\nof the call.\n\nA webcast replay will be made available on the Equitable Holdings Investor\nRelations website at ir.equitableholdings.com.\n\nAbout Equitable Holdings\n\nEquitable Holdings, Inc. (NYSE: EQH) is a leading financial services holding\ncompany comprised of complementary and well-established businesses, Equitable,\nAllianceBernstein and Equitable Advisors. Equitable Holdings has $1.2 trillion\nin assets under management and administration (as of 6/30/2026) and more than\n5 million client relationships globally. Founded in 1859, Equitable provides\nretirement and protection strategies to individuals, families and small\nbusinesses. AllianceBernstein is a global investment management firm that\noffers diversified investment services to institutional investors, individuals\nand private wealth clients. Equitable Advisors, LLC (Equitable Financial\nAdvisors in MI and TN) has approximately 4,600 duly registered and licensed\nfinancial professionals that provide financial planning, wealth management,\nretirement planning, protection and risk management services to clients across\nthe country.\n\nNote Regarding Forward-Looking Statements\n\nThis press release contains forward-looking statements within the meaning of\nthe Private Securities Litigation Reform Act of 1995. Forward-looking\nstatements can be identified by the use of terms such as “believes,”\n“expects,” “may,” “will,” “shall,” “should,” “would,”\n“could,” “seeks,” “aims,” “projects,” “forecasts,”\n“intends,” “targets,” “plans,” “estimates,” “anticipates,”\n“goals,” “guidance,” “formidable,” “preliminary,”\n“objective,” “continue,” “drive,” “improve,” “superior,”\n“robust,” “positioned,” “resilient,” “vision,”\n“potential,” “immediate,” and similar expressions or the negative of\nthose expressions or verbs. Forward-looking statements are made based on\nmanagement’s current expectations and beliefs concerning future developments\nand their potential effects upon Equitable Holdings, Inc. (“Equitable”)\nand its consolidated subsidiaries. “We”, “us”, the “Company” and\n“our” refer to Equitable and its consolidated subsidiaries, unless the\ncontext refers only to Equitable as a corporate entity.\n\nThese forward-looking statements are not a guarantee of future performance and\ninvolve risks and uncertainties, and there are certain important factors that\ncould cause actual results to differ, possibly materially, from expectations\nor estimates reflected in such forward-looking statements, including, among\nothers: (i) the ability to repurchase shares (if Holdings decides to do so)\nwithin the expected timing or at all; (ii) the ability to complete the\nproposed transaction between Holdings and Corebridge (the “Proposed\nTransaction”) on the timeframe or in the terms currently anticipated or at\nall, including due to a failure to obtain requisite stockholder, stock\nexchange, regulatory, governmental or other approvals; (iii) risks related to\ndifficulties, inabilities or delays in integrating the parties’ businesses;\n(iv) the ability to realize the anticipated benefits of the Proposed\nTransaction, including estimated run-rate expense synergies and projected cost\nsavings at the times, and to the extent anticipated, as well as expected,\noperating earnings and cash flow generation; (v) the occurrence of any event,\nchange or other circumstance that could give rise to the right of either or\nboth parties to terminate the merger agreement; (vi) the potential impact of\nthe announcement or consummation of the Proposed Transaction on Holdings or\nCorebridge’s stock price and on their respective business, contractual and\noperational relationships (including with regulatory bodies, employees,\nsuppliers, clients and competitors); (vii) risks related to business\ndisruptions from the Proposed Transaction that may harm the business or\ncurrent plans and operations of either or both parties, including diversion of\nmanagement time from ongoing business operations; (viii) the risk that the\nProposed Transaction and the announcement thereof could have an adverse effect\non the ability of either or both parties to hire and retain key personnel;\n(ix) the parties’ ability to raise debt on favorable terms or at all; (x)\nthe outcome of any legal proceedings that may be instituted against Holdings,\nCorebridge, their new parent company or their respective directors; (xi)\nrestrictions on the conduct of Holdings and Corebridge’s respective\nbusinesses prior to the closing of the Proposed Transaction and on each of\ntheir ability to pursue alternatives to the Proposed Transaction; (xii) the\npossibility that the Proposed Transaction may be more expensive to complete\nthan anticipated, including as a result of unexpected factors or events, or\nunforeseen or unknown liabilities; (xiii) the potential impact of a downgrade\nin Holdings or Corebridge’s insurer financial strength ratings or credit\nratings or of the new parent company of Holdings and Corebridge following\ncompletion of the Proposed Transaction; (xiv) conditions in the financial\nmarkets and economy, including the impact of geopolitical conflicts, changes\nin tariffs and trade barriers, the impact on Holdings of a shutdown of the\nU.S. government, and related economic conditions, equity market declines and\nvolatility, interest rate fluctuations, impacts on our goodwill and changes in\nliquidity and access to and cost of capital; (xv) operational factors,\nincluding reliance on the payment of dividends to Holdings by its\nsubsidiaries, protection of confidential customer information or proprietary\nbusiness information, operational failures by us or our service providers,\npotential strategic transactions, changes in accounting standards, and\ncatastrophic events, such as the outbreak of pandemic diseases; (xvi) credit,\ncounterparties and investments, including counterparty default on derivative\ncontracts, failure of financial institutions, defaults by third parties and\naffiliates and economic downturns, defaults and other events adversely\naffecting our investments; (xvii) our reinsurance and hedging programs;\n(xviii) our products, structure and product distribution, including variable\nannuity guaranteed benefits features within certain of our products,\nvariations in statutory capital requirements, financial strength and\nclaims-paying ratings, state insurance laws limiting the ability of our\ninsurance subsidiaries to pay dividends and key product distribution\nrelationships; (xix) estimates, assumptions and valuations, including risk\nmanagement policies and procedures, potential inadequacy of reserves and\nexperience differing from pricing expectations, amortization of deferred\nacquisition costs and financial models; (xx) our Asset Management segment,\nincluding fluctuations in assets under management and the industry-wide shift\nfrom actively-managed investment services to passive services; (xxi)\nrecruitment and retention of key employees and experienced and productive\nfinancial professionals; (xxii) subjectivity of the determination of the\namount of allowances and impairments taken on our investments; (xxiii) legal\nand regulatory risks, including federal and state legislation affecting\nfinancial institutions, insurance regulation and tax reform; (xxiv) risks\nrelated to our common stock; and (xxv) general risks, including strong\nindustry competition, information systems failing or being compromised and\nprotecting our intellectual property.\n\nForward-looking statements, including any financial guidance, should be read\nin conjunction with the other cautionary statements, risks, uncertainties and\nother factors identified in Holdings’ filings with the Securities and\nExchange Commission. Further, any forward-looking statement speaks only as of\nthe date on which it is made, and we undertake no obligation to update or\nrevise any forward-looking statement to reflect events or circumstances after\nthe date on which the statement is made or to reflect the occurrence of\nunanticipated events, except as otherwise may be required by law.\n\nForward-looking Non-GAAP Metrics\n\nThe Company has presented forward-looking statements regarding Non-GAAP\noperating earnings, and Non-GAAP operating earnings per share. These non-GAAP\nfinancial measures are derived by excluding certain amounts, expenses or\nincome, from the corresponding financial measures determined in accordance\nwith GAAP. The determination of the amounts that are excluded from these\nnon-GAAP financial measures is a matter of management judgment and depends\nupon, among other factors, the nature of the underlying expense or income\namounts recognized in a given period. We are unable to present a quantitative\nreconciliation of forward-looking adjusted operating earnings per share and\npayout ratio targeted to non-GAAP operating earnings to their most directly\ncomparable forward-looking GAAP financial measures because such information is\nnot available, and management cannot reliably predict all of the necessary\ncomponents of such GAAP measures without unreasonable effort or expense. In\naddition, we believe such reconciliations would imply a degree of precision\nthat would be confusing or misleading to investors. The unavailable\ninformation could have a significant impact on the Company’s future\nfinancial results. These non-GAAP financial measures are preliminary estimates\nand are subject to risks and uncertainties, including, among others changes in\nconnection with quarter-end and year-end adjustments. Any variations between\nthe Company’s actual results and preliminary financial data set forth above\nmay be material.\n\nUse of Non-GAAP Financial Measures\n\nIn addition to our results presented in accordance with U.S. GAAP, we report\nNon-GAAP Operating Earnings, and Non-GAAP operating common EPS, each of which\nis a measure that is not determined in accordance with U.S. GAAP. Management\nprincipally uses these Non-GAAP financial measures in evaluating performance\nbecause they present a clearer picture of our operating performance and they\nallow management to allocate resources. Similarly, management believes that\nthe use of these Non-GAAP financial measures, together with relevant U.S. GAAP\nmeasures, provide investors with a better understanding of our results of\noperations and the underlying profitability drivers and trends of our\nbusiness. These Non-GAAP financial measures are intended to remove from our\nresults of operations the impact of market changes (where there is a mismatch\nin the valuation of assets and liabilities) as well as certain other expenses\nwhich are not part of our underlying profitability drivers or likely to\nre-occur in the foreseeable future, as such items fluctuate from\nperiod-to-period in a manner inconsistent with these drivers. These measures\nshould be considered supplementary to our results that are presented in\naccordance with U.S. GAAP and should not be viewed as a substitute for the\nU.S. GAAP measures. Other companies may use similarly titled Non-GAAP\nfinancial measures that are calculated differently from the way we calculate\nsuch measures. Consequently, our Non-GAAP financial measures may not be\ncomparable to similar measures used by other companies.\n\nWe also discuss certain operating measures, including AUM, AUA, AV, Policy\nReserves and certain other operating measures, which management believes\nprovide useful information about our businesses and the operational factors\nunderlying our financial performance.\n\nNon-GAAP Operating Earnings\n\nNon-GAAP Operating Earnings is an after-tax Non-GAAP financial measure used to\nevaluate our financial performance on a consolidated basis that is determined\nby making certain adjustments to our consolidated after-tax net income\nattributable to Holdings. The most significant of such adjustments relates to\nour derivative positions, which protect economic value and statutory capital,\nand the variable annuity product MRBs. This is a large source of volatility in\nnet income.\n\nNon-GAAP Operating Earnings equals our consolidated after-tax net income\nattributable to Holdings adjusted to eliminate the impact of the following\nitems:\n\n\n * Items related to variable annuity product features, which include: (i) changes\nin the fair value of MRB and purchased MRB, including the related attributed\nfees and claims, offset by derivatives and other securities used to hedge the\nMRB which result in residual net income volatility as the change in fair value\nof certain securities is reflected in OCI and due to our statutory capital\nhedge program; and (ii) market adjustments to deposit asset or liability\naccounts arising from reinsurance agreements which do not expose the reinsurer\nto a reasonable possibility of a significant loss from insurance risk;\n\n\n * Investment (gains) losses, which includes credit loss impairments of\nsecurities/investments, sales or disposals of securities/investments, realized\ncapital gains/losses and valuation allowances;\n\n\n * Net actuarial (gains) losses, which includes actuarial gains and losses as a\nresult of differences between actual and expected experience on pension plan\nassets or projected benefit obligation during a given period related to\npension, other postretirement benefit obligations, and the one-time impact of\nthe settlement of the defined benefit obligation;\n\n\n * Other adjustments, which primarily include restructuring costs related to\nseverance and separation, lease write-offs related to non-recurring\nrestructuring activities, net derivative gains (losses) on certain Non-GMxB\nderivatives, net investment income from certain items including consolidated\nVIE investments, seed capital mark-to-market adjustments, unrealized\ngain/losses and realized capital gains/losses from sales or disposals of\nselect securities, certain legal accruals; a bespoke deal to repurchase UL\npolicies from one entity that had invested in numerous policies purchased in\nthe life settlement market, which disposed of the risk of additional COI\nlitigation by that entity related to those UL policies, impact of the annual\nactuarial assumption updates attributable to LFPB when the majority of the\nimpact relates to the non-core business; and\n\n\n * Income tax expense (benefit) related to the above items and non-recurring tax\nitems, which includes the effect of uncertain tax positions for a given audit\nperiod and changes to the deferred tax valuation allowance.\n\nIn the third quarter of 2025, the Company updated its net investment income\n(“NII”) segment reporting to better align with our GAAP segments, as well\nas the reporting of our spread lending programs' income and expenses.\nPreviously, direct and allocated segment NII were recorded based on assets\ntied to statutory asset tagging and net statutory liabilities for allocation.\nTo better align with our GAAP segments, the Company changed the recording\nmethodology for direct NII. It is now based on the book yields of assets tied\nto specific segments, considering General Account values plus reserves, net of\nembedded derivatives. Indirect NII, which was previously allocated based on\nnet statutory liabilities, is now allocated based on General Account values\nand reserves, net of embedded derivatives. Additionally, revenues and expenses\nfrom our spread lending programs are now primarily recorded within the\nRetirement segment. Previously, spread lending revenues and expenses were\nrecorded in Corporate and Other, with the excess of revenues over expenses\nallocated to the insurance segments based on net statutory liabilities. Prior\nperiods have been revised to reflect these changes.\n\nBecause Non-GAAP Operating Earnings excludes the foregoing items that can be\ndistortive or unpredictable, management believes that this measure enhances\nthe understanding of the Company’s underlying drivers of profitability and\ntrends in our business, thereby allowing management to make decisions that\nwill positively impact our business.\n\nWe use the prevailing corporate federal income tax rate of 21% while taking\ninto account any non-recurring differences for events recognized differently\nin our financial statements and federal income tax returns as well as\npartnership income taxed at lower rates when reconciling Net income (loss)\nattributable to Holdings to Non-GAAP Operating Earnings.\n\nThe table below presents a reconciliation of Net income (loss) attributable to\nHoldings to Non-GAAP Operating Earnings for the six months ended June 30, 2026\nand 2025:\n                                                                               Three Months Ended                            Six Months Ended                       \n                                                                               \nJune 30,                                     \nJune 30,                              \n (in millions)                                                                      2026                  2025                    2026                  2025        \n Net income (loss) attributable to Holdings                                    $    (453   )         $    (349  )            $    168              $    (286   )    \n Adjustments related to:                                                                                                                                            \n Variable annuity product features (1)                                              1,522                 934                     1,136                 1,145       \n Investment (gains) losses                                                          65                    71                      94                    85          \n Net actuarial (gains) losses related to pension and other postretirement           14                    11                      28                    22          \n benefit obligations                                                                                                                                                \n Other adjustments (2)                                                              (430   )              (137  )                 (282   )              68          \n Income tax expense (benefit) related to above adjustments                          (246   )              (185  )                 (205   )              (277   )    \n Non-recurring tax items                                                            16                    7                       21                    16          \n Non-GAAP Operating Earnings                                                   $    488              $    352                $    960              $    773         \n                                                                                                                                                                    \n\n ______________                                                                          \n (1)    As a result of the novation of certain Legacy VA policies completed during the   \n        first quarter of 2025, the Company recorded a loss of $499 million in pre-tax    \n        net income and an increase of $263 million in pre-tax AOCI, for a total impact   \n        loss of $236 million for the six months ended June 30, 2025.                     \n (2)    Includes the following impacts on Non-VA derivatives: a gain of $198 million     \n        and $33 million for the three and six months ended June 30, 2025,                \n        respectively; a loss of $176 million and $322 million for the three and six      \n        months ended June 30, 2026, respectively. Also includes $14 million of expense   \n        related to a disputed billing practice of an AB third-party service provider     \n        for the three and six months ended June 30, 2025, respectively.                  \n\n\nNon-GAAP Operating EPS\n\nNon-GAAP Operating Earnings per common share is calculated by dividing\nNon-GAAP Operating Earnings less preferred stock dividends by diluted common\nshares outstanding. The table below presents a reconciliation of GAAP EPS to\nNon-GAAP Operating EPS for the six months ended June 30, 2026 and 2025.\n                                                                           Three Months Ended                             Six Months Ended                       \n                                                                           \nJune 30,                                      \nJune 30,                              \n (per share amounts)                                                            2026                  2025                     2026                  2025        \n Net income (loss) attributable to Holdings                                $    (1.63  )         $    (1.15  )            $    0.60             $    (0.94  )    \n Less: Preferred stock dividend                                                 0.05                  0.06                     0.10                  0.10        \n Net Income (loss) available to common shareholders                             (1.68  )              (1.21  )                 0.50                  (1.04  )    \n Adjustments related to:                                                                                                                                         \n Variable annuity product features (1)                                          5.47                  3.08                     4.03                  3.75        \n Investment (gains) losses                                                      0.23                  0.23                     0.33                  0.28        \n Net actuarial (gains) losses related to pension and other postretirement       0.05                  0.04                     0.10                  0.07        \n benefit obligations                                                                                                                                             \n Other adjustments (2)                                                          (1.55  )              (0.45  )                 (0.99  )              0.23        \n Income tax expense (benefit) related to above adjustments                      (0.88  )              (0.61  )                 (0.73  )              (0.91  )    \n Non-recurring tax items                                                        0.06                  0.02                     0.07                  0.05        \n Non-GAAP Operating Earnings                                               $    1.70             $    1.10                $    3.31             $    2.43        \n                                                                                                                                                                 \n\n _______________                                                                        \n (1)    As a result of the novation of certain Legacy VA policies completed during the  \n        first quarter of 2025, the Company recorded an impact per common shares of      \n        $1.63 for the six months ended June 30, 2025.                                   \n (2)    Includes the following impacts on Non-VA derivatives: a gain of $0.65 and       \n        $0.11 for the three and six months ended June 30, 2025, respectively; a loss    \n        of $0.63 and $1.14 for the three and six months ended June 30, 2026,            \n        respectively. Also includes $0.05 of expense related to a disputed billing      \n        practice of an AB third-party service provider for the three and six months     \n        ended June 30, 2025, respectively.                                              \n\n\nBook Value per common share, excluding AOCI\n\nWe use the term “book value” to refer to total equity attributable to\nHoldings’ common shareholders. Book Value per common share, excluding AOCI,\nis our total equity attributable to Holdings, excluding AOCI and preferred\nstock, divided by ending common shares outstanding.\n                                              June 30,               December 31,         \n                                              \n2026                  \n2025                \n Book value per common share                  $     (6.79  )         $      (4.03  )      \n Per share impact of AOCI                           23.68                   22.17         \n Book Value per common share, excluding AOCI  $     16.89            $      18.14         \n                                                                                          \n\n\nOther Operating Measures\n\nWe also use certain operating measures which management believes provide\nuseful information about our businesses and the operational factors underlying\nour financial performance.\n\nAccount Value (“AV”)\n\nAccount value generally equals the aggregate policy account value of our\nretirement products.\n\nAssets Under Management (“AUM”)\n\nAUM means investment assets that are managed by one of our subsidiaries and\nincludes: (i) assets managed by AB, (ii) the assets in our general account\ninvestment portfolio and (iii) the separate account assets of our Retirement\nand Life businesses. Total AUM reflects exclusions between segments to avoid\ndouble counting.\n\nAssets Under Management (“AUA”)\n\nAUA means advisory and brokerage investment assets included in the Company’s\nWealth Management segment.\n\nSegment net flows\n\nNet change in segment customer account balances in a period including, but not\nlimited to, gross premiums, surrenders, withdrawals and benefits. It excludes\ninvestment performance, interest credited to customer accounts and policy\ncharges.\n\nConsolidated Statements of Income (Loss) (Unaudited)\n                                                                             Three Months Ended                               Six Months Ended                        \n                                                                             \nJune 30,                                        \nJune 30,                               \n                                                                                  2026                   2025                      2026                   2025        \n                                                                             (in millions)                                                                            \n REVENUES                                                                                                                                                             \n Policy charges and fee income                                               $    426               $    626                  $    855               $    1,262       \n Premiums                                                                         268                    260                       508                    564         \n Net derivative gains (losses)                                                    (2,055  )              (1,374  )                 (1,475  )              (575   )    \n Net investment income (loss)                                                     1,397                  1,355                     2,681                  2,603       \n Investment gains (losses), net:                                                                                                                                      \n Credit and intent to sell losses on available-for-sale debt securities and       (44     )              (54     )                 (37     )              (54    )    \n loans                                                                                                                                                                \n Other investment gains (losses), net                                             (21     )              (17     )                 (57     )              (31    )    \n Total investment gains (losses), net                                             (65     )              (71     )                 (94     )              (85    )    \n Investment management and service fees                                           1,328                  1,272                     2,655                  2,557       \n Other income                                                                     359                    294                       758                    612         \n Total revenues                                                                   1,658                  2,362                     5,888                  6,938       \n BENEFITS AND OTHER DEDUCTIONS                                                                                                                                        \n Policyholders’ benefits                                                          435                    787                       820                    1,546       \n Remeasurement of liability for future policy benefits                            (15     )              (13     )                 (6      )              (15    )    \n Change in market risk benefits and purchased market risk benefits                (1,001  )              (606    )                 (676    )              66          \n Interest credited to policyholders’ account balances                             834                    796                       1,604                  1,474       \n Compensation and benefits                                                        642                    592                       1,267                  1,193       \n Commissions and distribution-related payments                                    562                    488                       1,118                  989         \n Interest expense                                                                 56                     61                        118                    116         \n Amortization of deferred policy acquisition costs                                214                    193                       423                    381         \n Other operating costs and expenses                                               424                    427                       826                    1,377       \n Total benefits and other deductions                                              2,151                  2,725                     5,494                  7,127       \n Income (loss) from continuing operations, before income taxes                    (493    )              (363    )                 394                    (189   )    \n Income tax (expense) benefit                                                     140                    80                        (16     )              56          \n Net income (loss)                                                                (353    )              (283    )                 378                    (133   )    \n Less: Net income (loss) attributable to the noncontrolling interest              100                    66                        210                    153         \n Net income (loss) attributable to Holdings                                       (453    )              (349    )                 168                    (286   )    \n Less: Preferred stock dividends                                                  13                     18                        27                     32          \n Net income (loss) available to Holdings’ common shareholders                $    (466    )         $    (367    )            $    141               $    (318   )    \n                                                                                                                                                                      \n\n\nEarnings Per Common Share\n                                                                                Three Months Ended                     \n                                                                                \nJune 30,                              \n                                                                                     2026                  2025        \n                                                                                (in millions)                          \n Earnings per common share                                                                                             \n Basic                                                                          $    (1.68  )         $    (1.21  )    \n Diluted                                                                        $    (1.68  )         $    (1.21  )    \n Weighted average shares                                                                                               \n Weighted average common stock outstanding for basic earnings per common share       278.3                 303.2       \n Weighted average common stock outstanding for diluted earnings per common           278.3                 303.2       \n share                                                                                                                 \n                                                                                                                       \n\n\nResults of Operations by Segment\n                                        Three Months Ended                   \n                                        \nJune 30,                            \n                                             2026                 2025       \n                                        (in millions)                        \n Operating earnings (loss) by segment:                                       \n Retirement                             $    402             $    354        \n Asset Management                            158                  131        \n Wealth Management                           63                   50         \n Corporate and Other                         (135  )              (183  )    \n Non-GAAP Operating Earnings            $    488             $    352        \n                                                                             \n\n\nSelect Balance Sheet Statistics\n                                                                        June 30,                 December 31,           \n                                                                        \n2026                    \n2025                  \n                                                                        (in millions)                                   \n ASSETS                                                                                                                 \n Total investments and cash and cash equivalents                        $     143,034            $      133,466         \n Separate Accounts assets                                                     143,006                   136,544         \n Total assets                                                           $     334,657            $      317,990         \n                                                                                                                        \n LIABILITIES                                                                                                            \n Long-term debt                                                         $     3,839              $      3,835           \n Future policy benefits and other policyholders' liabilities                  17,372                    17,660          \n Policyholders’ account balances                                              146,445                   133,433         \n Total liabilities                                                      $     333,434            $      316,202         \n                                                                                                                        \n EQUITY                                                                                                                 \n Preferred stock                                                        $     1,068              $      1,068           \n Accumulated other comprehensive income (loss)                                (6,465   )                (6,280   )      \n Total equity attributable to Holdings                                        (785     )                (74      )      \n Total equity attributable to Holdings' common shareholders (ex. AOCI)        4,612                     5,138           \n\n\nAssets Under Management (Unaudited)\n                                                                    June 30,                 December 31,         \n                                                                    \n2026                    \n2025                \n                                                                                                                  \n                                                                    (in billions)                                 \n Assets Under Management                                                                                          \n AB AUM                                                             $     905.5              $      866.9         \n Exclusion for General Account and other Affiliated Accounts              (94.2    )                (87.3  )      \n Exclusion for Separate Accounts                                          (63.3    )                (51.0  )      \n AB third party                                                     $     748.0              $      728.6         \n                                                                                                                  \n Total Company AUM                                                                                                \n AB third party                                                     $     748.0              $      728.6         \n General Account and other Affiliated Accounts (1) (3) (4) (5) (6)        143.0                     133.5         \n Separate Accounts (2) (3) (4) (5) (6)                                    143.0                     136.5         \n Total AUM                                                          $     1,034.0            $      998.6         \n                                                                                                                  \n\n _______________                                                                         \n (1)    “General Account and other Affiliated Accounts” refers to assets held in         \n        the general accounts of our insurance companies and other assets on which we     \n        bear the investment risk.                                                        \n (2)    “Separate Accounts” refers to the separate account investment assets of          \n        our insurance subsidiaries excluding any assets on which we bear the             \n        investment risk.                                                                 \n (3)    As of June 30, 2026 and December 31, 2025, Separate Accounts AUM is inclusive    \n        of $8.2 billion and $8.2 billion & General Account AUM is inclusive of $28       \n        million and $28 million, respectively, ceded to Venerable.                       \n (4)    As of June 30, 2026 and December 31, 2025, Separate Accounts AUM is inclusive    \n        of $7.6 billion and $7.2 billion & General Account AUM is inclusive of           \n        $2.9 billion and $3.0 billion, respectively, ceded to Global Atlantic.           \n (5)    Includes Advisory, Brokerage and Direct assets included in our Wealth            \n        Management segment.                                                              \n (6)    As of June 30, 2026 and December 31, 2025, Separate Accounts AUM is inclusive    \n        of $16.3 billion and $15.1 billion & General Account AUM is inclusive of         \n        $9.3 billion and $9.3 billion, respectively, ceded to RGA.                       \n\n\n \n\n\n\nView source version on businesswire.com:\nhttps://www.businesswire.com/news/home/20260804013141/en/\n(https://www.businesswire.com/news/home/20260804013141/en/)\n\nInvestor Relations \n\nErik Bass\n\nIR@equitable.com (mailto:IR@equitable.com)\n\nMedia Relations \n\nLaura Yagerman\n\nmediarelations@equitable.com (mailto:mediarelations@equitable.com)\n\n\nCopyright Business Wire 2026","article_body_html":"","raw_payload":{"data":{"id":"nBw9JH9tda","title":"Equitable Holdings Reports Second Quarter 2026 Results","author":"Business Wire","ticker":"EQH","created":"2026-08-04T20:15:00.607Z","tickers":["EQH"],"exchange":"NYSE","article_body":"Equitable Holdings Reports Second Quarter 2026 Results\n\n\n * Merger with Corebridge Financial approved by shareholders on July 30th and on\ntrack to close by year-end 2026\n\n\n * Positive organic growth across all businesses with net inflows of $1.7 billion\nin Retirement; $2.0 billion in Wealth Management and $0.8 billion in Asset\nManagement\n\n\n * Net loss of $453 million, or $1.68 per share\n\n\n * Non-GAAP operating earnings(1) of $488 million, or $1.70 per share; Adjusting\nfor notable items(2), Non-GAAP operating earnings of $501 million, or $1.75\nper share\n\n\n * Returned $449 million to shareholders in the quarter, on track to deliver a\n60-70% payout ratio target in 2026\n\nEquitable Holdings, Inc. (“Equitable Holdings”, “Holdings”, or the\n“Company”) (NYSE: EQH) today announced financial results for the second\nquarter ended June 30, 2026.\n\n“During the second quarter, we made significant progress on the merger with\nCorebridge while also delivering strong financial results. We reported\nNon-GAAP operating earnings per share of $1.70, or $1.75 excluding notable\nitems, up 24% from the prior year quarter. Our businesses delivered healthy\norganic growth, highlighted by $1.7 billion of net inflows in Retirement, $2.0\nbillion of advisory net inflows in Wealth Management and $0.8 billion of net\ninflows for AllianceBernstein. Positive flows, coupled with favorable market\nconditions, drove assets under management to a record $1.2 trillion in the\nquarter,” said Mark Pearson, President and Chief Executive Officer.\n\nMr. Pearson concluded, “We remain focused on executing our growth strategy\nand delivering on our 2026 financial targets so that we enter the merger with\nstrong momentum. Shareholders overwhelmingly approved the merger on July 30th\nand we remain on track to close by year-end 2026. Our joint integration\nefforts are well underway, and I am confident that the New Equitable will have\nthe scale, distribution reach and business model to be a winner in growing\nmarkets and deliver long-term value for our customers and shareholders.”\n Consolidated Results                                                                                            \n                                                                          Second Quarter                         \n (in millions, except per share amounts or unless otherwise noted)             2026                  2025        \n Total Assets Under Management/Administration (“AUM/A”, in billions)      $    1,175            $    1,070       \n Net income (loss) attributable to Holdings                                    (453   )              (349   )    \n Net income (loss) attributable to Holdings per common share                   (1.68  )              (1.21  )    \n Non-GAAP operating earnings                                                   488                   352         \n Non-GAAP operating earnings per common share (“EPS”)                          1.70                  1.10        \n\n\nAs of June 30, 2026, total AUM/A increased 10% year-over-year to $1.2\ntrillion, driven by positive net flows and higher markets over the prior\ntwelve months.\n\nNet loss attributable to Holdings for the second quarter of 2026 was $453\nmillion compared to $349 million in the second quarter of 2025.\n\nNon-GAAP operating earnings in the second quarter of 2026 were $488 million\ncompared to $352 million in the second quarter of 2025. Adjusting for notable\nitems(3) of $14 million, second quarter 2026 Non-GAAP operating earnings were\n$501 million or $1.75 per share.\n\nAs of June 30, 2026, book value per common share including accumulated other\ncomprehensive income (“AOCI”) was $(6.79). Book value per common share\nexcluding AOCI was $16.89. Both of these measures reflect the Company’s 68%\nownership stake in AllianceBernstein (“AB”) at book value. Book value per\ncommon share excluding AOCI but with AB reflected at fair market value was\n$30.92.\n\nBusiness Highlights\n\n\n * Second quarter 2026 business segment highlights:\n\n\n* Retirement reported net inflows of $1.7 billion and first year premiums of\n$6.2 billion increased 13% over the prior year.\n\n * Asset Management (AllianceBernstein or “AB”)(4) reported net inflows of\n$0.8 billion, driven by the retail and institutional channels.\n\n * Wealth Management (“WM”) reported advisory net inflows of $2.0 billion and\ntotal assets under administration of $141 billion.\n\n\n\n\n * Capital management program:\n\n\n* The Company returned $449 million to shareholders in the second quarter,\nincluding $83 million quarterly cash dividends and $366 million of share\nrepurchases. The Company had a payout ratio of 70% in the first half of 2026\nand remains on track to achieve its targeted 60-70% payout ratio for 2026.\n\n * The Company continues to target $1.8 billion of cash generation for 2026 and\nhas received regulatory approval for up to $0.9 billion of insurance company\ndividends in the second half of the year.\n\n * The Company reported cash and liquid assets of $0.8 billion at Holdings(5) as\nof quarter end, which remains above the $500 million minimum target. The\ncombined NAIC RBC ratio remains well above the Company’s target of 400% as\nof quarter end.\n\n\n\n\n * Delivering shareholder value:\n\n\n* The Company has deployed $25 billion of capital to AB’s Private Markets\nPlatform, above its original $20 billion capital commitment. This supports\ngrowth in AB’s Private Markets business, which had $91 billion of assets\nunder management as of quarter end.\n\n * On July 30th, the Company received shareholder approval for the merger with\nCorebridge Financial. Subject to regulatory approvals, the merger is expected\nto close by year-end 2026. The transaction is expected to be immediately\naccretive to earnings per share and cash generation with 10%+ accretion on a\nrun rate basis by year-end 2028.\n\n\n\n\nBusiness Segment Results\n\nRetirement\n (in millions, unless otherwise noted)  Q2 2026          Q2 2025      \n Total Assets (in billions)(6)          $     188.8      $     164.7  \n Segment net flows (in billions)              1.7              1.9    \n Operating earnings (loss)                    402              354    \n\n\n\n * Assets increased by 15%, driven by market performance and net inflows over the\nprior twelve months.\n\n\n * First year premiums of $6.2 billion increased by 13% while net inflows of $1.7\nbillion were lower than the prior year quarter.\n\n\n * Operating earnings of $402 million increased versus the prior year quarter,\nprimarily due to higher fee-based revenue and a lower tax rate.\n\n\n * Operating earnings adjusted for notable items(7) increased from $368 million\nin the prior year quarter to $408 million. Notable items of $6 million in the\ncurrent period reflect lower net investment income from alternatives,\npartially offset by a benefit from tax credits.\n\nAsset Management\n (in millions, unless otherwise noted)  Q2 2026          Q2 2025          \n Total AUM (in billions)                $     905.5      $    829.1       \n Segment net flows (in billions)              0.8             (6.7   )    \n Operating earnings (loss)                    158             131         \n\n\n\n * AUM increased by 9% due to market performance over the prior twelve months.\n\n\n * Net inflows were $0.8 billion in the quarter, driven by net inflows of $0.9\nbillion in Retail and $0.6 billion in Institutional, partially offset by net\noutflows of $0.7 billion in Private Wealth.\n\n\n * Operating earnings adjusted for notable items increased from $131 million in\nthe prior year quarter to $139 million, primarily due to growth in base fees.\nNotable items of $19 million in the current period reflect a non-recurring tax\nbenefit.\n\nWealth Management\n (in millions, unless otherwise noted)  Q2 2026          Q2 2025      \n Total AUA (in billions)                $     140.6      $     110.3  \n Advisory net new assets (in billions)        2.0              2.0    \n Operating earnings (loss)                    63               50     \n\n\n\n * AUA increased by 27% over the last twelve months due to market performance,\nnet inflows and acquired assets from the Stifel transaction.\n\n\n * Advisory net inflows were $2.0 billion in the quarter, supported by a 13%\nyear-over-year increase in advisor productivity.\n\n\n * Operating earnings adjusted for notable items increased from $50 million in\nthe prior year quarter to $60 million, primarily due to growth in client\nassets and advisory fees. Notable items of $3 million in the current period\nreflect a non-recurring tax benefit.\n\nCorporate and Other (“C&O”)\n\nThe operating loss of $135 million in the second quarter decreased from an\noperating loss of $183 million in the prior year quarter. After adjusting for\nnotable items(8), the operating loss was $106 million versus a loss of $103\nmillion in the prior year quarter.\n _________________________________________                                       \n (1) This press release includes certain Non-GAAP financial measures. More       \n information on these measures and reconciliations to the most comparable U.S.   \n GAAP measures can be found in the “Use of Non-GAAP Financial Measures”          \n section of this release.                                                        \n (2) Please refer to Exhibit 1 for a detailed reconciliation and definitions     \n related to notable items.                                                       \n (3) Please refer to Exhibit 1 for detailed reconciliation and definitions       \n related to notable items.                                                       \n (4) Refers to AllianceBernstein L.P. and AllianceBernstein Holding L.P.,        \n collectively.                                                                   \n (5) Excludes c. $320 million of cash at Holdings which is available to          \n AllianceBernstein through its credit facility with Equitable Holdings.          \n (6) Retirement assets includes account value (net of embedded derivatives),     \n spread lending balances and reserves (excluding MRBs)                           \n (7) Please refer to Exhibit 1 for a detailed reconciliation and definitions     \n related to notable items.                                                       \n (8) Please refer to Exhibit 1 for a detailed reconciliation and definitions     \n related to notable items.                                                       \n\n\nExhibit 1: Notable Items\n\nNotable items represent the impact on results from our annual actuarial\nassumption review, approximate impacts attributable to significant variances\nfrom the Company’s expectations, and other items that the Company believes\nmay not be indicative of future performance. The Company chooses to highlight\nthe impact of these items and give Non-GAAP measures less notable items to\nprovide a better understanding of our results of operations in a given period.\nCertain figures may not sum due to rounding.\n\nImpact of notable items by segment and Corporate & Other:\n                                                  Three Months Ended June 30,               \n (in millions)                                           2026                        2025   \n Non-GAAP Operating Earnings                      $      488                  $      352    \n Post-tax adjustments related to notable items:                                             \n Retirement                                              6                           14     \n Asset Management                                        (19    )                    —      \n Wealth Management                                       (3     )                    —      \n Corporate & Other                                       29                          80     \n Non-GAAP Operating Earnings, less Notable Items  $      501                  $      447    \n                                                                                            \n\n\nImpact of notable items by item category:\n                                                  Three Months Ended June 30,               \n (in millions)                                           2026                        2025   \n Non-GAAP Operating Earnings                      $      488                  $      352    \n Post-tax adjustments related to notable Items:                                             \n Net investment income                                   49                          12     \n Late reported claims & associated expenses              —                           61     \n Expenses                                                —                           21     \n Tax credit                                              (35    )                    —      \n Non-GAAP Operating Earnings, less Notable Items  $      501                  $      447    \n                                                                                            \n\n\nEarnings Conference Call\n\nEquitable Holdings will host a conference call at 8 a.m. ET on August 5, 2026\nto discuss its second quarter 2026 results. The conference call webcast, along\nwith additional earnings materials, will be accessible on the company’s\ninvestor relations website at ir.equitableholdings.com. Please log on to the\nwebcast at least 15 minutes prior to the call to download and install any\nnecessary software.\n\nTo register for the conference call, please use the following link:\n\nEQH Second Quarter 2026 Earnings Call\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fevents.q4inc.com%2Fanalyst%2F194780815%3Fpwd%3DfJodZ4FO&esheet=54583234&newsitemid=20260804013141&lan=en-US&anchor=EQH+Second+Quarter+2026+Earnings+Call&index=1&md5=417765a0de4d52086898e9755d9fa87f)\n\nAfter registering, you will receive an email confirmation including dial in\ndetails and a unique conference call code for entry. Registration is open\nthrough the live call. To ensure you are connected for the full call we\nsuggest registering a day in advance or at minimum 10 minutes before the start\nof the call.\n\nA webcast replay will be made available on the Equitable Holdings Investor\nRelations website at ir.equitableholdings.com.\n\nAbout Equitable Holdings\n\nEquitable Holdings, Inc. (NYSE: EQH) is a leading financial services holding\ncompany comprised of complementary and well-established businesses, Equitable,\nAllianceBernstein and Equitable Advisors. Equitable Holdings has $1.2 trillion\nin assets under management and administration (as of 6/30/2026) and more than\n5 million client relationships globally. Founded in 1859, Equitable provides\nretirement and protection strategies to individuals, families and small\nbusinesses. AllianceBernstein is a global investment management firm that\noffers diversified investment services to institutional investors, individuals\nand private wealth clients. Equitable Advisors, LLC (Equitable Financial\nAdvisors in MI and TN) has approximately 4,600 duly registered and licensed\nfinancial professionals that provide financial planning, wealth management,\nretirement planning, protection and risk management services to clients across\nthe country.\n\nNote Regarding Forward-Looking Statements\n\nThis press release contains forward-looking statements within the meaning of\nthe Private Securities Litigation Reform Act of 1995. Forward-looking\nstatements can be identified by the use of terms such as “believes,”\n“expects,” “may,” “will,” “shall,” “should,” “would,”\n“could,” “seeks,” “aims,” “projects,” “forecasts,”\n“intends,” “targets,” “plans,” “estimates,” “anticipates,”\n“goals,” “guidance,” “formidable,” “preliminary,”\n“objective,” “continue,” “drive,” “improve,” “superior,”\n“robust,” “positioned,” “resilient,” “vision,”\n“potential,” “immediate,” and similar expressions or the negative of\nthose expressions or verbs. Forward-looking statements are made based on\nmanagement’s current expectations and beliefs concerning future developments\nand their potential effects upon Equitable Holdings, Inc. (“Equitable”)\nand its consolidated subsidiaries. “We”, “us”, the “Company” and\n“our” refer to Equitable and its consolidated subsidiaries, unless the\ncontext refers only to Equitable as a corporate entity.\n\nThese forward-looking statements are not a guarantee of future performance and\ninvolve risks and uncertainties, and there are certain important factors that\ncould cause actual results to differ, possibly materially, from expectations\nor estimates reflected in such forward-looking statements, including, among\nothers: (i) the ability to repurchase shares (if Holdings decides to do so)\nwithin the expected timing or at all; (ii) the ability to complete the\nproposed transaction between Holdings and Corebridge (the “Proposed\nTransaction”) on the timeframe or in the terms currently anticipated or at\nall, including due to a failure to obtain requisite stockholder, stock\nexchange, regulatory, governmental or other approvals; (iii) risks related to\ndifficulties, inabilities or delays in integrating the parties’ businesses;\n(iv) the ability to realize the anticipated benefits of the Proposed\nTransaction, including estimated run-rate expense synergies and projected cost\nsavings at the times, and to the extent anticipated, as well as expected,\noperating earnings and cash flow generation; (v) the occurrence of any event,\nchange or other circumstance that could give rise to the right of either or\nboth parties to terminate the merger agreement; (vi) the potential impact of\nthe announcement or consummation of the Proposed Transaction on Holdings or\nCorebridge’s stock price and on their respective business, contractual and\noperational relationships (including with regulatory bodies, employees,\nsuppliers, clients and competitors); (vii) risks related to business\ndisruptions from the Proposed Transaction that may harm the business or\ncurrent plans and operations of either or both parties, including diversion of\nmanagement time from ongoing business operations; (viii) the risk that the\nProposed Transaction and the announcement thereof could have an adverse effect\non the ability of either or both parties to hire and retain key personnel;\n(ix) the parties’ ability to raise debt on favorable terms or at all; (x)\nthe outcome of any legal proceedings that may be instituted against Holdings,\nCorebridge, their new parent company or their respective directors; (xi)\nrestrictions on the conduct of Holdings and Corebridge’s respective\nbusinesses prior to the closing of the Proposed Transaction and on each of\ntheir ability to pursue alternatives to the Proposed Transaction; (xii) the\npossibility that the Proposed Transaction may be more expensive to complete\nthan anticipated, including as a result of unexpected factors or events, or\nunforeseen or unknown liabilities; (xiii) the potential impact of a downgrade\nin Holdings or Corebridge’s insurer financial strength ratings or credit\nratings or of the new parent company of Holdings and Corebridge following\ncompletion of the Proposed Transaction; (xiv) conditions in the financial\nmarkets and economy, including the impact of geopolitical conflicts, changes\nin tariffs and trade barriers, the impact on Holdings of a shutdown of the\nU.S. government, and related economic conditions, equity market declines and\nvolatility, interest rate fluctuations, impacts on our goodwill and changes in\nliquidity and access to and cost of capital; (xv) operational factors,\nincluding reliance on the payment of dividends to Holdings by its\nsubsidiaries, protection of confidential customer information or proprietary\nbusiness information, operational failures by us or our service providers,\npotential strategic transactions, changes in accounting standards, and\ncatastrophic events, such as the outbreak of pandemic diseases; (xvi) credit,\ncounterparties and investments, including counterparty default on derivative\ncontracts, failure of financial institutions, defaults by third parties and\naffiliates and economic downturns, defaults and other events adversely\naffecting our investments; (xvii) our reinsurance and hedging programs;\n(xviii) our products, structure and product distribution, including variable\nannuity guaranteed benefits features within certain of our products,\nvariations in statutory capital requirements, financial strength and\nclaims-paying ratings, state insurance laws limiting the ability of our\ninsurance subsidiaries to pay dividends and key product distribution\nrelationships; (xix) estimates, assumptions and valuations, including risk\nmanagement policies and procedures, potential inadequacy of reserves and\nexperience differing from pricing expectations, amortization of deferred\nacquisition costs and financial models; (xx) our Asset Management segment,\nincluding fluctuations in assets under management and the industry-wide shift\nfrom actively-managed investment services to passive services; (xxi)\nrecruitment and retention of key employees and experienced and productive\nfinancial professionals; (xxii) subjectivity of the determination of the\namount of allowances and impairments taken on our investments; (xxiii) legal\nand regulatory risks, including federal and state legislation affecting\nfinancial institutions, insurance regulation and tax reform; (xxiv) risks\nrelated to our common stock; and (xxv) general risks, including strong\nindustry competition, information systems failing or being compromised and\nprotecting our intellectual property.\n\nForward-looking statements, including any financial guidance, should be read\nin conjunction with the other cautionary statements, risks, uncertainties and\nother factors identified in Holdings’ filings with the Securities and\nExchange Commission. Further, any forward-looking statement speaks only as of\nthe date on which it is made, and we undertake no obligation to update or\nrevise any forward-looking statement to reflect events or circumstances after\nthe date on which the statement is made or to reflect the occurrence of\nunanticipated events, except as otherwise may be required by law.\n\nForward-looking Non-GAAP Metrics\n\nThe Company has presented forward-looking statements regarding Non-GAAP\noperating earnings, and Non-GAAP operating earnings per share. These non-GAAP\nfinancial measures are derived by excluding certain amounts, expenses or\nincome, from the corresponding financial measures determined in accordance\nwith GAAP. The determination of the amounts that are excluded from these\nnon-GAAP financial measures is a matter of management judgment and depends\nupon, among other factors, the nature of the underlying expense or income\namounts recognized in a given period. We are unable to present a quantitative\nreconciliation of forward-looking adjusted operating earnings per share and\npayout ratio targeted to non-GAAP operating earnings to their most directly\ncomparable forward-looking GAAP financial measures because such information is\nnot available, and management cannot reliably predict all of the necessary\ncomponents of such GAAP measures without unreasonable effort or expense. In\naddition, we believe such reconciliations would imply a degree of precision\nthat would be confusing or misleading to investors. The unavailable\ninformation could have a significant impact on the Company’s future\nfinancial results. These non-GAAP financial measures are preliminary estimates\nand are subject to risks and uncertainties, including, among others changes in\nconnection with quarter-end and year-end adjustments. Any variations between\nthe Company’s actual results and preliminary financial data set forth above\nmay be material.\n\nUse of Non-GAAP Financial Measures\n\nIn addition to our results presented in accordance with U.S. GAAP, we report\nNon-GAAP Operating Earnings, and Non-GAAP operating common EPS, each of which\nis a measure that is not determined in accordance with U.S. GAAP. Management\nprincipally uses these Non-GAAP financial measures in evaluating performance\nbecause they present a clearer picture of our operating performance and they\nallow management to allocate resources. Similarly, management believes that\nthe use of these Non-GAAP financial measures, together with relevant U.S. GAAP\nmeasures, provide investors with a better understanding of our results of\noperations and the underlying profitability drivers and trends of our\nbusiness. These Non-GAAP financial measures are intended to remove from our\nresults of operations the impact of market changes (where there is a mismatch\nin the valuation of assets and liabilities) as well as certain other expenses\nwhich are not part of our underlying profitability drivers or likely to\nre-occur in the foreseeable future, as such items fluctuate from\nperiod-to-period in a manner inconsistent with these drivers. These measures\nshould be considered supplementary to our results that are presented in\naccordance with U.S. GAAP and should not be viewed as a substitute for the\nU.S. GAAP measures. Other companies may use similarly titled Non-GAAP\nfinancial measures that are calculated differently from the way we calculate\nsuch measures. Consequently, our Non-GAAP financial measures may not be\ncomparable to similar measures used by other companies.\n\nWe also discuss certain operating measures, including AUM, AUA, AV, Policy\nReserves and certain other operating measures, which management believes\nprovide useful information about our businesses and the operational factors\nunderlying our financial performance.\n\nNon-GAAP Operating Earnings\n\nNon-GAAP Operating Earnings is an after-tax Non-GAAP financial measure used to\nevaluate our financial performance on a consolidated basis that is determined\nby making certain adjustments to our consolidated after-tax net income\nattributable to Holdings. The most significant of such adjustments relates to\nour derivative positions, which protect economic value and statutory capital,\nand the variable annuity product MRBs. This is a large source of volatility in\nnet income.\n\nNon-GAAP Operating Earnings equals our consolidated after-tax net income\nattributable to Holdings adjusted to eliminate the impact of the following\nitems:\n\n\n * Items related to variable annuity product features, which include: (i) changes\nin the fair value of MRB and purchased MRB, including the related attributed\nfees and claims, offset by derivatives and other securities used to hedge the\nMRB which result in residual net income volatility as the change in fair value\nof certain securities is reflected in OCI and due to our statutory capital\nhedge program; and (ii) market adjustments to deposit asset or liability\naccounts arising from reinsurance agreements which do not expose the reinsurer\nto a reasonable possibility of a significant loss from insurance risk;\n\n\n * Investment (gains) losses, which includes credit loss impairments of\nsecurities/investments, sales or disposals of securities/investments, realized\ncapital gains/losses and valuation allowances;\n\n\n * Net actuarial (gains) losses, which includes actuarial gains and losses as a\nresult of differences between actual and expected experience on pension plan\nassets or projected benefit obligation during a given period related to\npension, other postretirement benefit obligations, and the one-time impact of\nthe settlement of the defined benefit obligation;\n\n\n * Other adjustments, which primarily include restructuring costs related to\nseverance and separation, lease write-offs related to non-recurring\nrestructuring activities, net derivative gains (losses) on certain Non-GMxB\nderivatives, net investment income from certain items including consolidated\nVIE investments, seed capital mark-to-market adjustments, unrealized\ngain/losses and realized capital gains/losses from sales or disposals of\nselect securities, certain legal accruals; a bespoke deal to repurchase UL\npolicies from one entity that had invested in numerous policies purchased in\nthe life settlement market, which disposed of the risk of additional COI\nlitigation by that entity related to those UL policies, impact of the annual\nactuarial assumption updates attributable to LFPB when the majority of the\nimpact relates to the non-core business; and\n\n\n * Income tax expense (benefit) related to the above items and non-recurring tax\nitems, which includes the effect of uncertain tax positions for a given audit\nperiod and changes to the deferred tax valuation allowance.\n\nIn the third quarter of 2025, the Company updated its net investment income\n(“NII”) segment reporting to better align with our GAAP segments, as well\nas the reporting of our spread lending programs' income and expenses.\nPreviously, direct and allocated segment NII were recorded based on assets\ntied to statutory asset tagging and net statutory liabilities for allocation.\nTo better align with our GAAP segments, the Company changed the recording\nmethodology for direct NII. It is now based on the book yields of assets tied\nto specific segments, considering General Account values plus reserves, net of\nembedded derivatives. Indirect NII, which was previously allocated based on\nnet statutory liabilities, is now allocated based on General Account values\nand reserves, net of embedded derivatives. Additionally, revenues and expenses\nfrom our spread lending programs are now primarily recorded within the\nRetirement segment. Previously, spread lending revenues and expenses were\nrecorded in Corporate and Other, with the excess of revenues over expenses\nallocated to the insurance segments based on net statutory liabilities. Prior\nperiods have been revised to reflect these changes.\n\nBecause Non-GAAP Operating Earnings excludes the foregoing items that can be\ndistortive or unpredictable, management believes that this measure enhances\nthe understanding of the Company’s underlying drivers of profitability and\ntrends in our business, thereby allowing management to make decisions that\nwill positively impact our business.\n\nWe use the prevailing corporate federal income tax rate of 21% while taking\ninto account any non-recurring differences for events recognized differently\nin our financial statements and federal income tax returns as well as\npartnership income taxed at lower rates when reconciling Net income (loss)\nattributable to Holdings to Non-GAAP Operating Earnings.\n\nThe table below presents a reconciliation of Net income (loss) attributable to\nHoldings to Non-GAAP Operating Earnings for the six months ended June 30, 2026\nand 2025:\n                                                                               Three Months Ended                            Six Months Ended                       \n                                                                               \nJune 30,                                     \nJune 30,                              \n (in millions)                                                                      2026                  2025                    2026                  2025        \n Net income (loss) attributable to Holdings                                    $    (453   )         $    (349  )            $    168              $    (286   )    \n Adjustments related to:                                                                                                                                            \n Variable annuity product features (1)                                              1,522                 934                     1,136                 1,145       \n Investment (gains) losses                                                          65                    71                      94                    85          \n Net actuarial (gains) losses related to pension and other postretirement           14                    11                      28                    22          \n benefit obligations                                                                                                                                                \n Other adjustments (2)                                                              (430   )              (137  )                 (282   )              68          \n Income tax expense (benefit) related to above adjustments                          (246   )              (185  )                 (205   )              (277   )    \n Non-recurring tax items                                                            16                    7                       21                    16          \n Non-GAAP Operating Earnings                                                   $    488              $    352                $    960              $    773         \n                                                                                                                                                                    \n\n ______________                                                                          \n (1)    As a result of the novation of certain Legacy VA policies completed during the   \n        first quarter of 2025, the Company recorded a loss of $499 million in pre-tax    \n        net income and an increase of $263 million in pre-tax AOCI, for a total impact   \n        loss of $236 million for the six months ended June 30, 2025.                     \n (2)    Includes the following impacts on Non-VA derivatives: a gain of $198 million     \n        and $33 million for the three and six months ended June 30, 2025,                \n        respectively; a loss of $176 million and $322 million for the three and six      \n        months ended June 30, 2026, respectively. Also includes $14 million of expense   \n        related to a disputed billing practice of an AB third-party service provider     \n        for the three and six months ended June 30, 2025, respectively.                  \n\n\nNon-GAAP Operating EPS\n\nNon-GAAP Operating Earnings per common share is calculated by dividing\nNon-GAAP Operating Earnings less preferred stock dividends by diluted common\nshares outstanding. The table below presents a reconciliation of GAAP EPS to\nNon-GAAP Operating EPS for the six months ended June 30, 2026 and 2025.\n                                                                           Three Months Ended                             Six Months Ended                       \n                                                                           \nJune 30,                                      \nJune 30,                              \n (per share amounts)                                                            2026                  2025                     2026                  2025        \n Net income (loss) attributable to Holdings                                $    (1.63  )         $    (1.15  )            $    0.60             $    (0.94  )    \n Less: Preferred stock dividend                                                 0.05                  0.06                     0.10                  0.10        \n Net Income (loss) available to common shareholders                             (1.68  )              (1.21  )                 0.50                  (1.04  )    \n Adjustments related to:                                                                                                                                         \n Variable annuity product features (1)                                          5.47                  3.08                     4.03                  3.75        \n Investment (gains) losses                                                      0.23                  0.23                     0.33                  0.28        \n Net actuarial (gains) losses related to pension and other postretirement       0.05                  0.04                     0.10                  0.07        \n benefit obligations                                                                                                                                             \n Other adjustments (2)                                                          (1.55  )              (0.45  )                 (0.99  )              0.23        \n Income tax expense (benefit) related to above adjustments                      (0.88  )              (0.61  )                 (0.73  )              (0.91  )    \n Non-recurring tax items                                                        0.06                  0.02                     0.07                  0.05        \n Non-GAAP Operating Earnings                                               $    1.70             $    1.10                $    3.31             $    2.43        \n                                                                                                                                                                 \n\n _______________                                                                        \n (1)    As a result of the novation of certain Legacy VA policies completed during the  \n        first quarter of 2025, the Company recorded an impact per common shares of      \n        $1.63 for the six months ended June 30, 2025.                                   \n (2)    Includes the following impacts on Non-VA derivatives: a gain of $0.65 and       \n        $0.11 for the three and six months ended June 30, 2025, respectively; a loss    \n        of $0.63 and $1.14 for the three and six months ended June 30, 2026,            \n        respectively. Also includes $0.05 of expense related to a disputed billing      \n        practice of an AB third-party service provider for the three and six months     \n        ended June 30, 2025, respectively.                                              \n\n\nBook Value per common share, excluding AOCI\n\nWe use the term “book value” to refer to total equity attributable to\nHoldings’ common shareholders. Book Value per common share, excluding AOCI,\nis our total equity attributable to Holdings, excluding AOCI and preferred\nstock, divided by ending common shares outstanding.\n                                              June 30,               December 31,         \n                                              \n2026                  \n2025                \n Book value per common share                  $     (6.79  )         $      (4.03  )      \n Per share impact of AOCI                           23.68                   22.17         \n Book Value per common share, excluding AOCI  $     16.89            $      18.14         \n                                                                                          \n\n\nOther Operating Measures\n\nWe also use certain operating measures which management believes provide\nuseful information about our businesses and the operational factors underlying\nour financial performance.\n\nAccount Value (“AV”)\n\nAccount value generally equals the aggregate policy account value of our\nretirement products.\n\nAssets Under Management (“AUM”)\n\nAUM means investment assets that are managed by one of our subsidiaries and\nincludes: (i) assets managed by AB, (ii) the assets in our general account\ninvestment portfolio and (iii) the separate account assets of our Retirement\nand Life businesses. Total AUM reflects exclusions between segments to avoid\ndouble counting.\n\nAssets Under Management (“AUA”)\n\nAUA means advisory and brokerage investment assets included in the Company’s\nWealth Management segment.\n\nSegment net flows\n\nNet change in segment customer account balances in a period including, but not\nlimited to, gross premiums, surrenders, withdrawals and benefits. It excludes\ninvestment performance, interest credited to customer accounts and policy\ncharges.\n\nConsolidated Statements of Income (Loss) (Unaudited)\n                                                                             Three Months Ended                               Six Months Ended                        \n                                                                             \nJune 30,                                        \nJune 30,                               \n                                                                                  2026                   2025                      2026                   2025        \n                                                                             (in millions)                                                                            \n REVENUES                                                                                                                                                             \n Policy charges and fee income                                               $    426               $    626                  $    855               $    1,262       \n Premiums                                                                         268                    260                       508                    564         \n Net derivative gains (losses)                                                    (2,055  )              (1,374  )                 (1,475  )              (575   )    \n Net investment income (loss)                                                     1,397                  1,355                     2,681                  2,603       \n Investment gains (losses), net:                                                                                                                                      \n Credit and intent to sell losses on available-for-sale debt securities and       (44     )              (54     )                 (37     )              (54    )    \n loans                                                                                                                                                                \n Other investment gains (losses), net                                             (21     )              (17     )                 (57     )              (31    )    \n Total investment gains (losses), net                                             (65     )              (71     )                 (94     )              (85    )    \n Investment management and service fees                                           1,328                  1,272                     2,655                  2,557       \n Other income                                                                     359                    294                       758                    612         \n Total revenues                                                                   1,658                  2,362                     5,888                  6,938       \n BENEFITS AND OTHER DEDUCTIONS                                                                                                                                        \n Policyholders’ benefits                                                          435                    787                       820                    1,546       \n Remeasurement of liability for future policy benefits                            (15     )              (13     )                 (6      )              (15    )    \n Change in market risk benefits and purchased market risk benefits                (1,001  )              (606    )                 (676    )              66          \n Interest credited to policyholders’ account balances                             834                    796                       1,604                  1,474       \n Compensation and benefits                                                        642                    592                       1,267                  1,193       \n Commissions and distribution-related payments                                    562                    488                       1,118                  989         \n Interest expense                                                                 56                     61                        118                    116         \n Amortization of deferred policy acquisition costs                                214                    193                       423                    381         \n Other operating costs and expenses                                               424                    427                       826                    1,377       \n Total benefits and other deductions                                              2,151                  2,725                     5,494                  7,127       \n Income (loss) from continuing operations, before income taxes                    (493    )              (363    )                 394                    (189   )    \n Income tax (expense) benefit                                                     140                    80                        (16     )              56          \n Net income (loss)                                                                (353    )              (283    )                 378                    (133   )    \n Less: Net income (loss) attributable to the noncontrolling interest              100                    66                        210                    153         \n Net income (loss) attributable to Holdings                                       (453    )              (349    )                 168                    (286   )    \n Less: Preferred stock dividends                                                  13                     18                        27                     32          \n Net income (loss) available to Holdings’ common shareholders                $    (466    )         $    (367    )            $    141               $    (318   )    \n                                                                                                                                                                      \n\n\nEarnings Per Common Share\n                                                                                Three Months Ended                     \n                                                                                \nJune 30,                              \n                                                                                     2026                  2025        \n                                                                                (in millions)                          \n Earnings per common share                                                                                             \n Basic                                                                          $    (1.68  )         $    (1.21  )    \n Diluted                                                                        $    (1.68  )         $    (1.21  )    \n Weighted average shares                                                                                               \n Weighted average common stock outstanding for basic earnings per common share       278.3                 303.2       \n Weighted average common stock outstanding for diluted earnings per common           278.3                 303.2       \n share                                                                                                                 \n                                                                                                                       \n\n\nResults of Operations by Segment\n                                        Three Months Ended                   \n                                        \nJune 30,                            \n                                             2026                 2025       \n                                        (in millions)                        \n Operating earnings (loss) by segment:                                       \n Retirement                             $    402             $    354        \n Asset Management                            158                  131        \n Wealth Management                           63                   50         \n Corporate and Other                         (135  )              (183  )    \n Non-GAAP Operating Earnings            $    488             $    352        \n                                                                             \n\n\nSelect Balance Sheet Statistics\n                                                                        June 30,                 December 31,           \n                                                                        \n2026                    \n2025                  \n                                                                        (in millions)                                   \n ASSETS                                                                                                                 \n Total investments and cash and cash equivalents                        $     143,034            $      133,466         \n Separate Accounts assets                                                     143,006                   136,544         \n Total assets                                                           $     334,657            $      317,990         \n                                                                                                                        \n LIABILITIES                                                                                                            \n Long-term debt                                                         $     3,839              $      3,835           \n Future policy benefits and other policyholders' liabilities                  17,372                    17,660          \n Policyholders’ account balances                                              146,445                   133,433         \n Total liabilities                                                      $     333,434            $      316,202         \n                                                                                                                        \n EQUITY                                                                                                                 \n Preferred stock                                                        $     1,068              $      1,068           \n Accumulated other comprehensive income (loss)                                (6,465   )                (6,280   )      \n Total equity attributable to Holdings                                        (785     )                (74      )      \n Total equity attributable to Holdings' common shareholders (ex. AOCI)        4,612                     5,138           \n\n\nAssets Under Management (Unaudited)\n                                                                    June 30,                 December 31,         \n                                                                    \n2026                    \n2025                \n                                                                                                                  \n                                                                    (in billions)                                 \n Assets Under Management                                                                                          \n AB AUM                                                             $     905.5              $      866.9         \n Exclusion for General Account and other Affiliated Accounts              (94.2    )                (87.3  )      \n Exclusion for Separate Accounts                                          (63.3    )                (51.0  )      \n AB third party                                                     $     748.0              $      728.6         \n                                                                                                                  \n Total Company AUM                                                                                                \n AB third party                                                     $     748.0              $      728.6         \n General Account and other Affiliated Accounts (1) (3) (4) (5) (6)        143.0                     133.5         \n Separate Accounts (2) (3) (4) (5) (6)                                    143.0                     136.5         \n Total AUM                                                          $     1,034.0            $      998.6         \n                                                                                                                  \n\n _______________                                                                         \n (1)    “General Account and other Affiliated Accounts” refers to assets held in         \n        the general accounts of our insurance companies and other assets on which we     \n        bear the investment risk.                                                        \n (2)    “Separate Accounts” refers to the separate account investment assets of          \n        our insurance subsidiaries excluding any assets on which we bear the             \n        investment risk.                                                                 \n (3)    As of June 30, 2026 and December 31, 2025, Separate Accounts AUM is inclusive    \n        of $8.2 billion and $8.2 billion & General Account AUM is inclusive of $28       \n        million and $28 million, respectively, ceded to Venerable.                       \n (4)    As of June 30, 2026 and December 31, 2025, Separate Accounts AUM is inclusive    \n        of $7.6 billion and $7.2 billion & General Account AUM is inclusive of           \n        $2.9 billion and $3.0 billion, respectively, ceded to Global Atlantic.           \n (5)    Includes Advisory, Brokerage and Direct assets included in our Wealth            \n        Management segment.                                                              \n (6)    As of June 30, 2026 and December 31, 2025, Separate Accounts AUM is inclusive    \n        of $16.3 billion and $15.1 billion & General Account AUM is inclusive of         \n        $9.3 billion and $9.3 billion, respectively, ceded to RGA.                       \n\n\n \n\n\n\nView source version on businesswire.com:\nhttps://www.businesswire.com/news/home/20260804013141/en/\n(https://www.businesswire.com/news/home/20260804013141/en/)\n\nInvestor Relations \n\nErik Bass\n\nIR@equitable.com (mailto:IR@equitable.com)\n\nMedia Relations \n\nLaura Yagerman\n\nmediarelations@equitable.com (mailto:mediarelations@equitable.com)\n\n\nCopyright Business Wire 2026"},"type":"article","timestamp":"2026-08-04T20:15:01.322906228Z","server_sent_at_ms":1785874501322},"received_at":"2026-08-04T20:15:01.394Z","source_url":"https://www.businesswire.com/news/home/20260804013141/en/"},"analysis":{"id":"97649","press_release_id":"108642","analysis_json":{"industry":{"label":"Insurance","sector":"Financials"},"redFlags":["GAAP net loss of $453 million compared to $349 million loss in prior year","Book value per common share including AOCI was negative $(6.79)"],"eventType":"earnings","narrative":"Equitable Holdings reported strong Q2 2026 results with Non-GAAP operating earnings per share of $1.70, up 24% year-over-year, driven by record assets under management of $1.2 trillion.\n\nShareholders overwhelmingly approved the merger with Corebridge Financial on July 30th, putting the transaction on track to close by year-end 2026 with expected immediate accretion.\n\nAll business segments delivered positive organic growth, highlighted by combined net inflows of $4.5 billion, while the company returned $449 million to shareholders through dividends and buybacks.","sentiment":"bullish","agentHooks":{"shouldPost":true,"suggestedAngle":"Operating earnings surge 24% and Corebridge merger approved, setting stage for transformational year-end close."},"keyFigures":{"revenue":1658000000,"customDimensions":{"operating_eps":1.7,"capital_return":449000000,"operating_earnings":488000000,"net_inflows_retirement":1700000000,"net_inflows_wealth_management":2000000000}},"quotedText":"Shareholders overwhelmingly approved the merger on July 30th and we remain on track to close by year-end 2026.","namedEntities":{"people":[{"name":"Mark Pearson","role":"President and Chief Executive Officer"}],"products":["Private Markets Platform"],"companies":[{"name":"Equitable Holdings, Inc.","ticker":"EQH"},{"name":"Corebridge Financial","relationship":"merger 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Shareholders approved the transformative merger with Corebridge Financial, expected to close by year-end with 10%+ accretion by 2028. 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