Equitable (EQH) 8-K Axa Equitable Holdings Reports First Quarter 2019 Results

AXA Equitable Holdings Financial Supplement First Quarter 2019

Table of Contents Consolidated Financials and Key Metrics Page Key Metrics Summary 4 Consolidated Statements of Income (Loss) 5 Consolidated Balance Sheets 6 Consolidated Capital Structure 7 Operating Earnings (Loss) by Segment and Corporate and Other 8 Assets Under Management and Administration 9 Sales Metrics by Segment 10 Select Metrics from Business Segments Individual Retirement Statements of Operating Earnings (Loss) and Summary Metrics 12 Select Operating Metrics 13 Group Retirement Statements of Operating Earnings (Loss) and Summary Metrics 14 Select Operating Metrics 15 Investment Management and Research Statements of Operating Earnings (Loss) and Summary Metrics 16 Select Operating Metrics 17 Net Flows 18 Protection Solutions Statements of Operating Earnings (Loss) and Summary Metrics 19 Select Operating Metrics 20 Investments Consolidated Investment Portfolio Composition 22 Consolidated Results of General Account Investment Portfolio 23 Additional Information Deferred Acquisition Costs Roll-forward 25 Use of Non-GAAP Financial Measures 26 Reconciliation of Non-GAAP Measures (1/3) 27 Reconciliation of Non-GAAP Measures (2/3) 28 Reconciliation of Non-GAAP Measures (3/3) 29 Glossary of Selected Financial and Product Terms 30 Analyst Coverage, Ratings & Contact Information 31 This financial supplement should be read in conjunction with AXA Equitable Holdings, Inc.’s (“EQH”) Quarterly Report on Form 10-Q for the quarter ended March 31, 2019. AXA Equitable Holdings’ filings with the Securities and Exchange Commission (“SEC”) can be accessed upon filing at the SEC’s website at www.sec.gov, and at our website at ir.axaequitableholdings.com. All information included in this financial supplement is unaudited. This financial supplement includes information from prior periods which have been revised and/or restated. For additional details, please refer to our Form 10-Q for the quarter ended March 31, 2019. 2

Consolidated Financials and Key Metrics 3

Key Metrics Summary For the Three Months Ended or As of For the Three Months Ended or As of (in millions USD, except per share and O/S share amounts) 3/31/2018 6/30/2018 9/30/2018 12/31/2018 3/31/2019 Change 3/31/2018 3/31/2019 Change Net income (loss) $ 337 $ 261 $ (443) $ 1,999 $ (709) N/M $ 337 $ (709) N/M Net income (loss) attributable to the noncontrolling interest (123) (97) (53) (61) (66) 46.3 % (123) (66) 46.3 % Net income (loss) attributable to Holdings $ 214 $ 164 $ (496) $ 1,938 $ (775) N/M $ 214 $ (775) N/M Non-GAAP Operating Earnings (1) (2) $ 483 $ 486 $ 693 $ 504 $ 509 5.4 % $ 483 $ 509 5.4 % Total equity attributable to Holdings $ 13,547 $ 13,364 $ 12,411 $ 13,866 $ 13,143 (3.0)% $ 13,547 $ 13,143 (3.0)% Less: Accumulated other comprehensive income (loss) (946) (1,310) (1,595) (1,396) (513) 45.8 % (946) (513) 45.8 % Total equity attributable to Holdings (ex. AOCI) $ 14,493 $ 14,674 $ 14,006 $ 15,262 $ 13,656 (5.8)% $ 14,493 $ 13,656 (5.8)% Pro Forma Non-GAAP Operating ROE (1) 13.6% 13.6% 15.6% 14.9% 15.2% 13.6% 15.2% Debt to capital: Debt to Capital —% 26.9% 27.9% 26.3% 27.4% —% 27.4% Debt to Capital (ex. AOCI) —% 25.1% 25.5% 24.5% 26.6% —% 26.6% Per share: Diluted earnings per share: Net income (loss) attributable to Holdings $ 0.38 $ 0.29 $ (0.89) $ 3.57 $ (1.50) N/M $ 0.38 $ (1.50) N/M Non-GAAP Operating Earnings (1) (2) $ 0.86 $ 0.87 $ 1.23 $ 0.93 $ 0.98 14.0 % $ 0.86 $ 0.98 14.0 % Book value per share $ 24.15 $ 23.82 $ 22.22 $ 26.22 $ 26.77 10.8 % $ 24.15 $ 26.77 10.8 % Book value per share (ex. AOCI) $ 25.83 $ 26.16 $ 25.08 $ 28.86 $ 27.81 7.7 % $ 25.83 $ 27.81 7.7 % Weighted-average common shares outstanding: Basic 561.0 561.0 560.3 543.3 518.0 (7.7)% 561.0 518.0 (7.7)% Diluted 561.0 561.1 560.3 543.7 518.0 (7.7)% 561.0 518.0 (7.7)% Ending common shares outstanding 561.0 561.0 558.5 528.9 491.0 (12.5)% 561.0 491.0 (12.5)% Return to Stockholders: Common stock dividend $ 73 $ 69 $ 68 $ — $ 68 Repurchase of common shares 57 592 750 — 750 Total capital returned to stockholders $ 130 $ 661 $ 818 $ — $ 818 Market Values: S&P 500 2,641 2,718 2,914 2,507 2,834 7.3 % 2,641 2,834 7.3 % US 10-Year Treasury 2.7% 2.9% 3.1% 2.7% 2.4% 2.7% 2.4% Notes: (1) This measure is a Non-GAAP financial measure. For an explanation of our use of Non-GAAP financial measures, refer to the “Use of Non-GAAP Financial Measures” and "Glossary of Selected Financial and Product Terms" sections of this document. For a reconciliation of this item to the most directly comparable GAAP measure, refer to the “Non-GAAP Reconciliation” section in this document. (2) In the first quarter of 2019, we modified our Non-GAAP Operating Earnings measure. For additional information on the impact to the measure, see the “Additional Information” section herein 4

Consolidated Statements of Income (Loss) For the Three Months Ended For the Three Months Ended (in millions USD, unless otherwise indicated) 3/31/2018 6/30/2018 9/30/2018 12/31/2018 3/31/2019 Change 3/31/2018 3/31/2019 Change Revenues Policy charges and fee income $ 966 $ 964 $ 951 $ 943 $ 931 (3.6)% $ 966 $ 931 (3.6)% Premiums 279 275 269 271 283 1.4 % 279 283 1.4 % Net derivative gains (losses) (236) (46) (2,006) 2,057 (1,630) (590.7)% (236) (1,630) (590.7)% Net investment income (loss) 591 596 681 825 1,015 71.7 % 591 1,015 71.7 % Investment gains (losses), net 102 (22) (35) (131) (11) N/M 102 (11) N/M Investment management and service fees 1,055 1,075 1,088 1,050 999 (5.3)% 1,055 999 (5.3)% Other income 117 124 135 140 127 8.5 % 117 127 8.5 % Total revenues 2,874 2,966 1,083 5,155 1,714 (40.4)% 2,874 1,714 (40.4)% Benefits and other deductions Policyholders’ benefits 594 900 318 1,103 880 48.1 % 594 880 48.1 % Interest credited to policyholders’ account balances 271 268 278 273 304 12.2 % 271 304 12.2 % Compensation and benefits 579 520 507 473 509 (12.1)% 579 509 (12.1)% Commissions and distribution related payments 291 287 286 296 281 (3.4)% 291 281 (3.4)% Interest expense 46 60 65 60 56 21.7 % 46 56 21.7 % Amortization of deferred policy acquisition costs 172 185 (182) 158 198 15.1 % 172 198 15.1 % Other operating costs and expenses 493 424 429 463 410 (16.8)% 493 410 (16.8)% Total benefits and other deductions 2,446 2,644 1,701 2,826 2,638 7.8 % 2,446 2,638 7.8 % Income (loss) from operations, before income taxes 428 322 (618) 2,329 (924) N/M 428 (924) N/M Income tax (expense) benefit (91) (61) 175 (330) 215 N/M (91) 215 N/M Net income (loss) 337 261 (443) 1,999 (709) N/M 337 (709) N/M Less: net (income) loss attributable to the noncontrolling (123) (97) (53) (61) (66) 46.3 % (123) (66) 46.3 % interest Net income (loss) attributable to Holdings $ 214 $ 164 $ (496) $ 1,938 $ (775) N/M $ 214 $ (775) N/M Adjustments related to: Variable annuity product features $ 176 $ 249 $ 1,403 $ (1,898) $ 1,540 $ 176 $ 1,540 Investment gains (losses), net (102) 22 36 130 11 (102) 11 Net actuarial gains (losses) related to pension and other 131 27 24 33 24 131 24 postretirement benefit obligations Other adjustments 91 88 51 69 40 91 40 Income tax (expense) benefit related to above adjustments (55) (75) (331) 350 (337) (55) (337) Non-recurring tax items 28 11 6 (118) 6 28 6 Non-GAAP Operating earnings (1) (2) $ 483 $ 486 $ 693 $ 504 $ 509 $ 483 $ 509 Notes: (1) This measure is a Non-GAAP financial measure. For an explanation of our use of Non-GAAP financial measures, refer to the “Use of Non-GAAP Financial Measures” and "Glossary of Selected Financial and Product Terms" sections of this document. For a reconciliation of this item to the most directly comparable GAAP measure, refer to the “Non-GAAP Reconciliation” section in this document. (2) In the first quarter of 2019, we modified our Non-GAAP Operating Earnings measure. For additional information on the impact to the measure, see the “Additional Information” section herein During the fourth quarter of 2018, we revised our presentation of the capitalization of deferred acquisition costs ("DAC") in the consolidated statements of income for all prior periods presented herein by netting the capitalized amounts within the applicable expense line items, such as Compensation and benefits, Commissions and distribution plan payments, and Other operating costs and expenses. Previously, the capitalized amounts were netted within the Amortization of deferred acquisition costs. There was no impact on Net income (loss) or Non-GAAP Operating earnings of this reclassification 5

Consolidated Balance Sheets Balances as of (in millions USD, unless otherwise indicated) 3/31/2018 6/30/2018 9/30/2018 12/31/2018 3/31/2019 Assets Total investments $ 78,883 $ 76,828 $ 78,942 $ 81,333 $ 82,948 Cash and cash equivalents 6,091 6,833 4,777 4,469 5,129 Cash and securities segregated, at fair value 1,025 1,289 1,263 1,170 1,262 Broker-dealer related receivables 2,300 2,276 2,224 2,209 2,122 Deferred policy acquisition costs 6,243 6,285 6,736 6,745 6,018 Goodwill and other intangible assets, net 4,813 4,802 4,791 4,780 4,769 Amounts due from reinsurers 4,953 4,954 4,909 4,895 4,850 Loans to affiliates 885 — — — — GMIB reinsurance contract asset, at fair value 1,734 1,636 1,375 1,732 1,740 Current and deferred income taxes 232 52 321 — — Other assets 3,239 3,025 3,124 3,127 3,787 Separate Accounts assets 121,858 122,967 125,989 110,337 120,194 Total assets $ 232,256 $ 230,947 $ 234,451 $ 220,797 $ 232,819 Liabilities Policyholders’ account balances $ 47,666 $ 48,849 $ 50,066 $ 49,923 $ 52,197 Future policy benefits and other policyholders’ liabilities 29,566 29,298 29,504 30,998 31,462 Broker-dealer related payables 466 603 491 431 494 Securities sold under agreements to repurchase 1,904 1,850 1,900 573 — Customers related payables 2,549 2,713 2,781 3,095 2,999 Amounts due to reinsurers 1,396 1,398 1,415 1,438 1,372 Short-term and long-term debt 2,373 4,922 4,806 4,955 4,949 Loans from affiliates 2,530 — — — — Income taxes payable — — — 68 482 Other liabilities 4,342 3,350 3,485 3,360 3,781 Separate Accounts liabilities 121,858 122,967 125,989 110,337 120,194 Total liabilities 214,650 215,950 220,437 205,178 217,930 Redeemable noncontrolling interest 1,024 146 143 187 207 Equity Common stock 5 5 5 5 5 Additional paid-in capital 2,051 2,068 2,026 1,908 1,881 Treasury shares — — (56) (640) (1,234) Retained earnings 12,437 12,601 12,031 13,989 13,004 Accumulated other comprehensive income (loss) (946) (1,310) (1,595) (1,396) (513) Total equity attributable to Holdings 13,547 13,364 12,411 13,866 13,143 Noncontrolling interest 3,035 1,487 1,460 1,566 1,539 Total equity 16,582 14,851 13,871 15,432 14,682 Total liabilities, redeemable noncontrolling interest and equity $ 232,256 $ 230,947 $ 234,451 $ 220,797 $ 232,819 6

Consolidated Capital Structure Balances as of (in millions USD, unless otherwise indicated) 6/30/2018 9/30/2018 12/31/2018 3/31/2019 Short-term and long-term debt: Short-term debt AB commercial paper $ 515 $ 398 $ 521 $ 540 AB revolving credit facility — — 25 — Total short-term debt 515 398 546 540 Total long-term debt 4,922 4,408 4,409 4,409 Total short-term and long-term debt: [A] $ 5,437 $ 4,806 $ 4,955 $ 4,949 Equity: Common stock $ 5 $ 5 $ 5 $ 5 Additional paid-in capital 2,068 2,026 1,908 1,881 Treasury stock, at cost — (56) (640) (1,234) Retained earnings 12,601 12,031 13,989 13,004 Accumulated other comprehensive income (loss) (1,310) (1,595) (1,396) (513) Total equity attributable to Holdings 13,364 12,411 13,866 13,143 Noncontrolling interest 1,487 1,460 1,566 1,539 Total equity $ 14,851 $ 13,871 $ 15,432 $ 14,682 Total equity attributable to Holdings, ex. AOCI: [B] $ 14,674 $ 14,006 $ 15,262 $ 13,656 Capital: Total capitalization $ 18,801 $ 17,217 $ 18,821 $ 18,092 Total capitalization ex. AOCI: [A+B] $ 20,111 $ 18,812 $ 20,217 $ 18,605 Debt to capital: Debt to capital 26.9% 27.9% 26.3% 27.4% Debt to capital ex. AOCI 25.1% 25.5% 24.5% 26.6% Roll-forward of common shares outstanding (millions of shares): Beginning balance 561.0 561.0 558.5 528.9 Repurchases — (2.5) (29.6) (30.0) Retirements — — — (8.1) Issuances — — — 0.2 Ending basic common shares outstanding 561.0 558.5 528.9 491.0 Total potentially dilutive shares — — — — Ending common shares outstanding - maximum potential dilution 561.0 558.5 528.9 491.0 7

Operating Earnings (Loss) by Segment and Corporate and Other Three Months Ended March 31, 2019 (in millions USD, unless otherwise indicated) Individual Retirement (2) Group Retirement Inv Mgmt and Research Protection Solutions Corporate and Other Consolidated Revenues Policy charges, fee income and premiums $ 498 $ 65 $ — $ 542 $ 109 $ 1,214 Net investment income (loss) 268 134 24 224 136 786 Net derivative gains (losses) 63 4 (20) 10 (2) 55 Investment Management, service fees and other income 178 48 776 55 69 1,126 Segment revenues 1,007 251 780 831 312 3,181 Benefits and other deductions Policyholders’ benefits 244 — — 452 184 880 Interest credited to policyholders’ account balances 62 73 — 138 30 303 Commissions and distribution related payments 66 10 106 38 61 281 Amortization of deferred policy acquisition costs 83 12 — 50 (7) 138 Compensation, benefits and other operating costs and 111 60 509 95 68 843 Interest expense — — 4 — 52 56 Segment benefits and other deductions 566 155 619 773 388 2,501 Operating earnings (loss), before income taxes 441 96 161 58 (76) 680 Income Taxes (71) (15) (29) (9) 11 (113) Operating earnings (loss), before noncontrolling interest 370 81 132 49 (65) 567 Less: Operating (earnings) loss attributable to the — — (55) — (3) (58) noncontrolling interest Operating earnings (loss) $ 370 $ 81 $ 77 $ 49 $ (68) $ 509 Average capital 6,881 1,256 2,762 Non-GAAP Operating ROC by segment (1) 22.6% 31.3% 7.6% Three Months Ended March 31, 2018 Individual Retirement Group Retirement Inv Mgmt and Research Protection Solutions Corporate and Other Consolidated Revenues Policy charges, fee income and premiums $ 529 $ 64 $ — $ 540 $ 112 $ 1,245 Net investment income (loss) 228 131 3 220 113 695 Net derivative gains (losses) (216) (1) 2 (1) 6 (210) Investment Management, service fees and other income 188 44 904 55 57 1,248 Segment revenues 729 238 909 814 288 2,978 Benefits and other deductions Policyholders’ benefits (9) — — 409 178 578 Interest credited to policyholders’ account balances 59 70 — 122 20 271 Commissions and distribution related payments 72 10 110 32 67 291 Amortization of deferred policy acquisition costs 44 11 — 113 (5) 163 Compensation, benefits and other operating costs and 106 54 562 96 81 899 Interest expense — — 2 — 44 46 Segment benefits and other deductions 272 145 674 772 385 2,248 Operating earnings (loss), before income taxes 457 93 235 42 (97) 730 Income Taxes (87) (17) (27) (7) 20 (118) Operating earnings (loss), before noncontrolling interest 370 76 208 35 (77) 612 Less: Operating (earnings) loss attributable to the noncontrolling interest (2) — (127) — — (129) Operating earnings (loss) $ 368 $ 76 $ 81 $ 35 $ (77) $ 483 Average capital 6,998 1,164 2,660 Non-GAAP Operating ROC by segment (1) 20.2% 25.8% 5.2% Notes: During the fourth quarter of 2018, we revised our presentation of the capitalization of deferred acquisition costs ("DAC") in the consolidated statements of income for all prior periods presented herein by netting the capitalized amounts within the applicable expense line items, such as Compensation and benefits, Commissions and distribution plan payments, and Other operating costs and expenses. Previously, the capitalized amounts were netted within the Amortization of deferred acquisition costs. There was no impact on Net income (loss) or Non-GAAP Operating earnings from this reclassification. (1) This measure is a Non-GAAP financial measure. For an explanation of our use of Non-GAAP financial measures, refer to the “Use of Non-GAAP Financial Measures” and "Glossary of Selected Financial and Product Terms" sections of this document. For a reconciliation of this item to the most directly comparable GAAP measure, refer to the “Non-GAAP Reconciliation” section in this document. (2) In the first quarter of 2019, we modified our Operating earnings measure. For additional information on the impact to the measure, see the “Business Segments: Operating Earnings Results and Metrics—Individual Retirement” section herein. 8

Assets Under Management and Administration Balances as of (in millions USD, except for AXA Headcount) 3/31/2018 6/30/2018 9/30/2018 12/31/2018 3/31/2019 Assets Under Management AB AUM Total AB $ 549,468 $ 539,800 $ 550,400 $ 516,353 $ 554,652 Exclusion for General Account and other Affiliated Accounts (58,130) (57,757) (58,339) (61,483) (62,896) Exclusion for Separate Accounts (32,683) (32,919) (33,968) (32,399) (36,266) AB third party $ 458,655 $ 449,124 $ 458,093 $ 422,471 $ 455,490 Total company AUM AB third party $ 458,655 $ 449,124 $ 458,093 $ 422,471 $ 455,490 General Account and other Affiliated Accounts 84,974 83,661 83,719 85,802 88,077 Separate Accounts 121,858 122,967 125,989 110,337 120,194 Total AUM $ 665,487 $ 655,752 $ 667,801 $ 618,610 $ 663,761 Total Assets Under Administration (AUA) (1) $ 44,750 $ 45,890 $ 47,785 $ 43,873 $ 47,835 AXA Advisor Headcount Total Number of AXA Advisors (2) 4,584 4,576 4,544 4,722 4,410 Notes: (1) AUA includes AXA Advisors Advisory and Brokerage AUA; AXA Advisors broker-dealer business is included in Corporate and Other. (2) Increased qualification requirements for retired advisors in the first quarter of 2019 resulting in a reduction of 233 advisors. 9

Sales Metrics by Segment For the Three Months Ended For the Three Months Ended (in millions USD, unless otherwise indicated) 3/31/2018 6/30/2018 9/30/2018 12/31/2018 3/31/2019 Change 3/31/2018 3/31/2019 Change Insurance Operations Individual Retirement First year premiums and deposits $ 1,619 $ 1,861 $ 1,897 $ 1,931 $ 1,879 16.1 % $ 1,619 $ 1,879 16.1 % Renewal premium and deposits 87 78 82 80 95 9.2 % 87 95 9.2 % Total Gross Premiums $ 1,706 $ 1,939 $ 1,979 $ 2,011 $ 1,974 15.7 % $ 1,706 $ 1,974 15.7 % Group Retirement First year premiums and deposits $ 343 $ 351 $ 344 $ 390 $ 329 (4.0)% $ 343 $ 329 (4.0)% Renewal premium and deposits 494 534 400 527 511 3.4 % 494 511 3.4 % Total Gross Premiums $ 837 $ 885 $ 744 $ 917 $ 840 0.4 % $ 837 $ 840 0.4 % Protection Solutions First year premiums and deposits $ 102 $ 125 $ 105 $ 119 $ 111 8.6 % $ 102 $ 111 8.6 % Renewal premium and deposits 652 642 632 651 675 3.6 % 652 675 3.6 % Total Gross Premiums $ 754 $ 767 $ 737 $ 770 $ 786 4.2 % $ 754 $ 786 4.2 % Investment Management and Research (in billions USD) Gross Sales by distribution channel Institutional $ 14.8 $ 3.9 $ 3.7 $ 3.4 $ 3.4 (77.3)% $ 14.8 $ 3.4 (77.3)% Retail 14.9 11.6 12.6 15.1 16.4 10.1 % 14.9 16.4 10.1 % Private Wealth Management 4.4 3.5 3.0 2.6 3.3 (24.1)% 4.4 3.3 (24.1)% Firmwide Gross Sales $ 34.1 $ 19.0 $ 19.3 $ 21.1 $ 23.1 (32.3)% $ 34.1 $ 23.1 (32.3)% Gross sales by investment service Equity Active $ 10.9 $ 8.6 $ 8.7 $ 8.3 $ 7.9 (27.4)% $ 10.9 $ 7.9 (27.4)% Equity Passive (1) — 1.1 (0.1) 3.1 — — — Fixed Income - Taxable 8.5 5.2 7.3 6.6 11.5 35.3 % 8.5 11.5 35.3 % Fixed Income - Tax-Exempt 2.3 1.9 2.0 1.7 2.6 11.2 % 2.3 2.6 11.2 % Other (2) 12.4 2.2 1.4 1.4 1.1 (91.1)% 12.4 1.1 (91.1)% Firmwide Gross Sales $ 34.1 $ 19.0 $ 19.3 $ 21.1 $ 23.1 (32.3)% $ 34.1 $ 23.1 (32.3)% Notes: (1) Includes index and enhanced index services. (2) Includes certain multi-asset solutions and services and certain alternative investments. 10

Business Segments: Operating Earnings Results and Metrics 11

Individual Retirement - Operating Earnings (Loss) and Summary Metrics For the Three Months Ended or As of For the Three Months Ended or As of (in millions USD, unless otherwise indicated) 3/31/2018 6/30/2018 9/30/2018 12/31/2018 3/31/2019 Change 3/31/2018 3/31/2019 Change Revenues Policy charges, fee income and premiums $ 529 $ 530 $ 560 $ 505 $ 498 (5.9)% $ 529 $ 498 (5.9)% Net investment income (loss) 228 258 247 248 268 17.5 % 228 268 17.5 % Net derivative gains (losses) (216) 95 69 249 63 N/M (216) 63 N/M Investment Management, service fees and other income 188 191 194 179 178 (5.3)% 188 178 (5.3)% Segment revenues 729 1,074 1,070 1,181 1,007 38.1 % 729 1,007 38.1 % Benefits and other deductions Policyholders’ benefits (9) 305 312 465 244 N/M (9) 244 N/M Interest credited to policyholders’ account balances 59 54 63 53 62 5.1 % 59 62 5.1 % Commissions and distribution related payments 72 71 78 70 66 (8.3)% 72 66 (8.3)% Amortization of deferred policy acquisition costs 44 50 5 87 83 88.6 % 44 83 88.6 % Compensation and benefits, interest expense, and other operating costs and expenses 106 104 103 102 111 4.7 % 106 111 4.7 % Segment benefits and other deductions 272 584 561 777 566 108.1 % 272 566 108.1 % Operating earnings (loss), before income taxes 457 490 509 404 441 (3.5)% 457 441 (3.5)% Income taxes (87) (87) (75) (56) (71) 18.4 % (87) (71) 18.4 % Operating earnings (loss), before noncontrolling interest 370 403 434 348 370 — % 370 370 — % Less: Operating (earnings) loss attributable to the noncontrolling interest (2) 2 — — — 100.0 % (2) — 100.0 % Operating earnings (loss) (2) $ 368 $ 405 $ 434 $ 348 $ 370 0.5 % $ 368 $ 370 0.5 % Summary Metrics — — — — — — Non-GAAP Operating ROC (1) (2) 20.2% 20.8% 22.9% 22.5% 22.6% 20.2% 22.6% Average Account Value $ 102,606 $ 102,451 $ 104,429 $ 100,166 $ 98,543 (4.0)% $ 102,606 $ 98,543 (4.0)% Return on assets 1.82% 1.87% 1.88% 1.86% 1.87% 1.82% 1.87% Net flows Current Product Offering $ 579 $ 867 $ 749 $ 718 $ 841 45.3 % $ 579 $ 841 45.3 % Fixed Rate (1,041) (1,016) (1,007) (1,047) (929) 10.8 % (1,041) (929) 10.8 % Net flows $ (462) $ (149) $ (258) $ (329) $ (88) 81.0 % $ (462) $ (88) 81.0 % First year premiums and deposits $ 1,619 $ 1,861 $ 1,897 $ 1,931 $ 1,879 16.1 % $ 1,619 $ 1,879 16.1 % Notes: (1) This measure is a Non-GAAP financial measure. For an explanation of our use of Non-GAAP financial measures, refer to the “Use of Non-GAAP Financial Measures” and "Glossary of Selected Financial and Product Terms" sections of this document. For a reconciliation of this item to the most directly comparable GAAP measure, refer to the “Non-GAAP Reconciliation” section in this document. (2) Had we modified the treatment of the amortization of DAC for SCS starting in the first quarter of 2018, Operating earnings for the three months ended March 31, 2018 for the Individual Retirement segment would have been $327 million, and Non-GAAP Operating ROC for the trailing twelve months ended March 31, 2019 would have been 22.6%. During the fourth quarter of 2018, we revised our presentation of the capitalization of deferred acquisition costs ("DAC") in the consolidated statements of income for all prior periods presented herein by netting the capitalized amounts within the applicable expense line items, such as Compensation and benefits, Commissions and distribution plan payments, and Other operating costs and expenses. Previously, the capitalized amounts were netted within the Amortization of deferred acquisition costs. There was no impact on Net income (loss) or Non-GAAP Operating earnings of this reclassification. 12

Individual Retirement - Select Operating Metrics For the Three Months Ended or As of For the Three Months Ended or As of (in millions USD, unless otherwise indicated) 3/31/2018 6/30/2018 9/30/2018 12/31/2018 3/31/2019 3/31/2018 3/31/2019 Sales Metrics First Year Premiums by Product: SCS $ 775 $ 999 $ 1,064 $ 1,088 $ 1,106 $ 775 $ 1,106 Retirement Cornerstone 627 625 607 620 583 627 583 Investment Edge 132 138 133 134 110 132 110 Other 85 99 93 89 80 85 80 Total First Year Premiums $ 1,619 $ 1,861 $ 1,897 $ 1,931 $ 1,879 $ 1,619 $ 1,879 First Year Premiums by Guarantee: Non-GMxB $ 1,003 $ 1,234 $ 1,209 $ 1,194 $ 1,239 $ 1,003 $ 1,239 ROP death benefit only 78 80 161 177 119 78 119 Total non-GMxB & ROP death benefit only 1,081 1,314 1,370 1,371 1,358 1,081 1,358 Floating rate GMxB 525 537 519 543 511 525 511 Fixed rate GMxB 13 10 8 17 10 13 10 Total First Year Premiums $ 1,619 $ 1,861 $ 1,897 $ 1,931 $ 1,879 $ 1,619 $ 1,879 Account Values General Account: Balance as of beginning of period $ 19,059 $ 19,479 $ 20,470 $ 21,403 $ 20,631 $ 19,059 $ 20,631 Gross premiums 793 1,138 1,045 1,069 1,177 793 1,177 Surrenders, withdrawals and benefits (461) (452) (515) (577) (473) (461) (473) Net flows 332 686 530 492 704 332 704 Investment performance, interest credited and policy charges 88 305 403 (1,264) 1,342 88 1,342 Balance as of end of period $ 19,479 $ 20,470 $ 21,403 $ 20,631 $ 22,677 $ 19,479 $ 22,677 Separate Accounts: Balance as of beginning of period $ 84,364 $ 82,310 $ 82,643 $ 84,341 $ 73,958 $ 84,364 $ 73,958 Gross premiums 993 918 946 991 861 993 861 Surrenders, withdrawals and benefits (1,787) (1,753) (1,734) (1,812) (1,653) (1,787) (1,653) Net flows (794) (835) (788) (821) (792) (794) (792) Investment performance, interest credited and policy charges (1,260) 1,168 2,486 (9,562) 6,655 (1,260) 6,655 Balance as of end of period $ 82,310 $ 82,643 $ 84,341 $ 73,958 $ 79,821 $ 82,310 $ 79,821 Total: Balance as of beginning of period $ 103,423 $ 101,789 $ 103,113 $ 105,744 $ 94,589 $ 103,423 $ 94,589 Gross premiums (1) 1,786 2,056 1,991 2,060 2,038 1,786 2,038 Surrenders, withdrawals and benefits (2,248) (2,205) (2,249) (2,389) (2,126) (2,248) (2,126) Net flows (462) (149) (258) (329) (88) (462) (88) Investment performance, interest credited and policy charges (1,172) 1,473 2,889 (10,826) 7,997 (1,172) 7,997 Balance as of end of period $ 101,789 $ 103,113 $ 105,744 $ 94,589 $ 102,498 $ 101,789 $ 102,498 Net Amount at Risk (NAR) Total GMIB NAR $ 6,002 $ 5,961 $ 5,508 $ 8,572 $ 7,791 $ 6,002 $ 7,791 Total GMDB NAR 18,029 18,087 17,584 23,273 20,048 18,029 20,048 Reserves (Net of Reinsurance) GMIB Reserves $ 6,611 $ 6,429 $ 6,391 $ 7,349 $ 7,846 $ 6,611 $ 7,846 GMDB Reserves 3,942 4,004 4,412 4,545 4,560 3,942 4,560 Total GMDB/IB Variable Annuity Reserves (Net of Reinsurance) $ 10,553 $ 10,433 $ 10,803 $ 11,894 $ 12,406 $ 10,553 $ 12,406 Notes: (1) Includes deposits from certain other products not reported as first year premiums and deposits or renewal premiums and deposits elsewhere in this document. 13

Group Retirement - Operating Earnings (Loss) and Summary Metrics For the Three Months Ended or As of For the Three Months Ended or As of (in millions USD, unless otherwise indicated) 3/31/2018 6/30/2018 9/30/2018 12/31/2018 3/31/2019 Change 3/31/2018 3/31/2019 Change Revenues Policy charges, fee income and premiums $ 64 $ 70 $ 70 $ 67 $ 65 1.6 % $ 64 $ 65 1.6 % Net investment income (loss) 131 124 140 157 134 2.3 % 131 134 2.3 % Net derivative gains (losses) (1) 2 — 1 4 N/M (1) 4 N/M Investment management, service fees and other income 44 49 52 49 48 9.1 % 44 48 9.1 % Segment revenues 238 245 262 274 251 5.5 % 238 251 5.5 % Benefits and other deductions Policyholder benefits — — 3 1 — — — Interest credited to policyholders’ account balances 70 74 72 74 73 4.3 % 70 73 4.3 % Commissions and distribution related payments 10 12 8 12 10 — % 10 10 — % Amortization of deferred policy acquisition costs 11 6 (35) 11 12 9.1 % 11 12 9.1 % Compensation and benefits, interest expense, and other operating costs and expenses 54 59 56 56 60 11.1 % 54 60 11.1 % Segment benefits and other deductions 145 151 104 154 155 6.9 % 145 155 6.9 % Operating earnings (loss), before income taxes 93 94 158 120 96 3.2 % 93 96 3.2 % Income taxes (17) (17) (24) (18) (15) 11.8 % (17) (15) 11.8 % Operating earnings (loss), before noncontrolling interest 76 77 134 102 81 6.6 % 76 81 6.6 % Less: Operating (earnings) loss attributable to the noncontrolling interest — — — — — — — Operating earnings (loss) $ 76 $ 77 $ 134 $ 102 $ 81 6.6 % $ 76 $ 81 6.6 % Summary Metrics Non-GAAP Operating ROC (1) 25.8% 27.5% 31.2% 31.7% 31.3% 25.8% 31.3% Average Account Value $ 33,912 $ 34,284 $ 35,113 $ 33,989 $ 33,739 (0.5)% $ 33,912 $ 33,739 (0.5)% Return on assets 1.12% 1.19% 1.27% 1.37% 1.39% 1.12% 1.39% Net flows $ 101 $ 151 $ (100) $ (56) $ 107 5.6 % $ 101 $ 107 5.6 % Gross premiums $ 837 $ 885 $ 744 $ 917 $ 840 0.3 % $ 837 $ 840 0.3 % Notes: (1) This measure is a Non-GAAP financial measure. For an explanation of our use of Non-GAAP financial measures, refer to the “Use of Non-GAAP Financial Measures” and "Glossary of Selected Financial and Product Terms" sections of this document. For a reconciliation of this item to the most directly comparable GAAP measure, refer to the “Non-GAAP Reconciliation” section in this document. During the fourth quarter of 2018, we revised our presentation of the capitalization of deferred acquisition costs ("DAC") in the consolidated statements of income for all prior periods presented herein by netting the capitalized amounts within the applicable expense line items, such as Compensation and benefits, Commissions and distribution plan payments, and Other operating costs and expenses. Previously, the capitalized amounts were netted within the Amortization of deferred acquisition costs. There was no impact on Net income (loss) or Non-GAAP Operating earnings of this reclassification. 14

Group Retirement - Select Operating Metrics For the Three Months Ended or As of For the Three Months Ended or As of (in millions USD, unless otherwise indicated) 3/31/2018 6/30/2018 9/30/2018 12/31/2018 3/31/2019 3/31/2018 3/31/2019 Sales Metrics Gross premiums: First-year premiums $ 343 $ 351 $ 344 $ 390 $ 329 $ 343 $ 329 Renewal premiums 494 534 400 527 511 494 511 Group Retirement premiums $ 837 $ 885 $ 744 $ 917 $ 840 $ 837 $ 840 Gross premiums by market: Tax-exempt $ 207 $ 212 $ 225 $ 267 $ 198 $ 207 $ 198 Corporate 122 133 111 113 123 122 123 Other 14 6 8 10 8 14 8 Total First Year Premiums 343 351 344 390 329 343 329 Tax-exempt 357 399 286 408 376 357 376 Corporate 84 82 77 76 87 84 87 Other 53 53 37 43 48 53 48 Total renewal premiums 494 534 400 527 511 494 511 Group Retirement premiums by market $ 837 $ 885 $ 744 $ 917 $ 840 $ 837 $ 840 Account Values General Account: Balance as of beginning of period $ 11,319 $ 11,393 $ 11,502 $ 11,587 $ 11,619 $ 11,319 $ 11,619 Gross premiums 259 283 290 339 305 259 305 Surrenders, withdrawals and benefits (254) (248) (284) (355) (267) (254) (267) Net flows 5 35 6 (16) 38 5 38 Investment performance, interest credited and policy charges 69 74 79 48 95 69 95 Balance as of end of period $ 11,393 $ 11,502 $ 11,587 $ 11,619 $ 11,752 $ 11,393 $ 11,752 Separate Accounts: Balance as of beginning of period $ 22,587 $ 22,525 $ 23,147 $ 23,989 $ 20,782 $ 22,587 $ 20,782 Gross premiums 578 602 454 578 535 578 535 Surrenders, withdrawals and benefits (482) (486) (560) (618) (466) (482) (466) Net flows 96 116 (106) (40) 69 96 69 Investment performance, interest credited and policy charges (158) 506 948 (3,167) 2,474 (158) 2,474 Balance as of end of period $ 22,525 $ 23,147 $ 23,989 $ 20,782 $ 23,325 $ 22,525 $ 23,325 Total: Balance as of beginning of period $ 33,906 $ 33,918 $ 34,649 $ 35,576 $ 32,401 $ 33,906 $ 32,401 Gross premiums 837 885 744 917 840 837 840 Surrenders, withdrawals and benefits (736) (734) (844) (973) (733) (736) (733) Net flows 101 151 (100) (56) 107 101 107 Investment performance, interest credited and policy charges (89) 580 1,027 (3,119) 2,569 (89) 2,569 Balance as of end of period $ 33,918 $ 34,649 $ 35,576 $ 32,401 $ 35,077 $ 33,918 $ 35,077 15

Investment Management and Research - Operating Earnings (Loss) and Summary Metrics For the Three Months Ended or As of For the Three Months Ended or As of (in millions USD, unless otherwise indicated) 3/31/2018 6/30/2018 9/30/2018 12/31/2018 3/31/2019 Change 3/31/2018 3/31/2019 Change Revenues Net investment income (loss) $ 3 $ 4 $ 7 $ (24) $ 24 700.0 % $ 3 $ 24 700.0 % Net derivative gains (losses) 2 — (6) 16 (20) N/M 2 (20) N/M Investment Management, service fees and other income 904 838 850 817 776 (14.2)% 904 776 (14.2)% Segment Revenues 909 842 851 809 780 (14.2)% 909 780 (14.2)% Benefits and other deductions Commissions and distribution related payments 110 106 107 104 106 (3.6)% 110 106 (3.6)% Compensation and benefits and other operating costs and expenses 562 513 540 500 509 (9.4)% 562 509 (9.4)% Interest expense 2 2 2 2 4 100.0 % 2 4 100.0 % Total benefits and other deductions 674 621 649 606 619 (8.2)% 674 619 (8.2)% Operating earnings (loss), before income taxes 235 221 202 203 161 (31.5)% 235 161 (31.5)% Income taxes (27) (41) (30) (24) (29) (7.4)% (27) (29) (7.4)% Operating earnings (loss), before noncontrolling interest 208 180 172 179 132 (36.5)% 208 132 (36.5)% Less: Operating (earnings) loss attributable to the noncontrolling interest (127) (83) (76) (72) (55) 56.7 % (127) (55) 56.7 % Operating earnings (loss) $ 81 $ 97 $ 96 $ 107 $ 77 (4.9)% $ 81 $ 77 (4.9)% Summary Metrics Adjusted operating margin (1) 30.1% 27.3% 29.7% 29.3% 24.1% 30.1% 24.1% Net flows (in billions USD) $ (2.4) $ (7.7) $ 1.3 $ 0.8 $ 1.1 $ (2.4) $ 1.1 Total AUM (in billions USD) $ 549.5 $ 539.8 $ 550.4 $ 516.4 $ 554.7 $ 549.5 $ 554.7 Ownership Structure of AB Holdings and its subsidiaries 63.0% 63.3% 63.7% 63.6% 64.0% 63.0% 64.0% AB Holding 35.8% 35.9% 35.5% 35.6% 35.2% 35.8% 35.2% Unaffiliated holders 1.2% 0.8% 0.8% 0.8% 0.8% 1.2% 0.8% Total 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% AXA and its subsidiaries total economic interest 64.4% 64.7% 65.1% 65.2% 65.6% 64.4% 65.6% o/w EQH total economic interest 46.5% 64.7% 65.1% 65.2% 65.6% 46.5% 65.6% Units of limited partnership outstanding (in millions) 269.8 270.2 268.6 268.9 267.2 269.8 267.2 Notes: (1) Adjusted Operating Margin is a non-GAAP financial measure used by AllianceBernstein’s (“AB”) management in evaluating AB’s financial performance on a standalone basis and to compare its performance, as reported by AB in its public filings. It is not comparable to any other non-GAAP financial measure used herein. 16

Investment Management and Research - Select Operating Metrics As of and for the Three Months Ended (in billions USD, unless otherwise indicated) 3/31/2018 6/30/2018 9/30/2018 12/31/2018 3/31/2019 AUM Roll-forward Balance as of beginning of period $ 554.5 $ 549.5 $ 539.8 $ 550.4 $ 516.4 Sales/new accounts 34.1 19.0 19.3 21.2 23.1 Redemptions/terminations (31.2) (23.3) (13.3) (19.7) (18.2) Cash flow/unreinvested dividends (5.3) (3.4) (4.7) (0.7) (3.8) Net long-term (outflows) inflows (2.4) (7.7) 1.3 0.8 1.1 Market appreciation (depreciation) (2.6) (2.0) 9.3 (34.8) 37.2 Net change (5.0) (9.7) 10.6 (34.0) 38.3 Balance as of end of period $ 549.5 $ 539.8 $ 550.4 $ 516.4 $ 554.7 Ending Assets by distribution channel Institutions $ 265.0 $ 254.4 $ 257.0 $ 246.3 $ 256.6 Retail 191.0 190.3 196.3 180.8 201.9 Private Wealth Management 93.5 95.1 97.1 89.3 96.2 Total $ 549.5 $ 539.8 $ 550.4 $ 516.4 $ 554.7 Ending Assets by investment service Equity Actively Managed $ 142.5 $ 147.2 $ 155.9 $ 136.2 $ 155.1 Passively Managed (1) 52.2 53.8 56.0 50.2 55.8 Total Equity $ 194.7 $ 201.0 $ 211.9 $ 186.4 $ 210.9 Fixed Income Actively Managed $ 277.9 $ 267.5 $ 266.8 $ 261.4 $ 271.0 Passively Managed (1) 10.0 10.1 9.9 9.4 9.3 Total Fixed Income 287.9 277.6 276.7 270.8 280.3 Total Other (2) 66.9 61.2 61.8 59.2 63.5 Total $ 549.5 $ 539.8 $ 550.4 $ 516.4 $ 554.7 Notes: (1) Includes index and enhanced index services. (2) Includes certain multi-asset solutions and services and certain alternative investments. 17

Investment Management and Research - Net Flows For the Three Months Ended For the Three Months Ended (in billions USD, unless otherwise indicated) 3/31/2018 6/30/2018 9/30/2018 12/31/2018 3/31/2019 3/31/2018 3/31/2019 Net Flows by Distribution Channel Institutions US $ (5.6) $ (0.7) $ (1.2) $ 3.7 $ (3.1) $ (5.6) $ (3.1) Global and Non-US 2.8 (7.3) 1.0 (2.7) (1.6) 2.8 (1.6) Total Institutions $ (2.8) $ (8.0) $ (0.2) $ 1.0 $ (4.7) $ (2.8) $ (4.7) Retail US $ 0.2 $ 1.0 $ 2.6 $ 2.9 $ 1.7 $ 0.2 $ 1.7 Global and Non-US (1.5) (1.6) (1.4) (2.2) 3.6 (1.5) 3.6 Total Retail $ (1.3) $ (0.6) $ 1.2 $ 0.7 $ 5.3 $ (1.3) $ 5.3 Private Wealth US $ 0.8 $ 0.2 $ (0.2) $ (0.8) $ 0.1 $ 0.8 $ 0.1 Global and Non-US 0.9 0.7 0.5 (0.1) 0.4 0.9 0.4 Total Private Wealth $ 1.7 $ 0.9 $ 0.3 $ (0.9) $ 0.5 $ 1.7 $ 0.5 Total Net Flows by Distribution Channel $ (2.4) $ (7.7) $ 1.3 $ 0.8 $ 1.1 $ (2.4) $ 1.1 Net Flows by Investment Service Equity Active US $ (1.5) $ 1.2 $ 1.3 $ 1.6 $ (0.1) $ (1.5) $ (0.1) Global and Non-US 4.4 2.2 1.6 — 1.1 4.4 1.1 Total Equity Active $ 2.9 $ 3.4 $ 2.9 $ 1.6 $ 1.0 $ 2.9 $ 1.0 Equity Passive (1) US $ (1.1) $ 0.1 $ (1.1) $ 2.7 $ (0.7) $ (1.1) $ (0.7) Global and Non-US (0.4) 0.2 (0.1) (0.4) (0.1) (0.4) (0.1) Total Equity Passive (1) $ (1.5) $ 0.3 $ (1.2) $ 2.3 $ (0.8) $ (1.5) $ (0.8) Fixed Income - Taxable US $ (4.4) $ (1.8) $ 0.5 $ 2.6 $ (2.1) $ (4.4) $ (2.1) Global and Non-US (5.2) (4.1) (1.0) (6.0) 1.4 (5.2) 1.4 Total Fixed Income - Taxable $ (9.6) $ (5.9) $ (0.5) $ (3.4) $ (0.7) $ (9.6) $ (0.7) Fixed Income - Tax-Exempt US $ 0.8 $ 0.3 $ 0.4 $ (0.8) $ 0.9 $ 0.8 $ 0.9 Global and Non-US — — — — — — — Total Fixed Income - Taxable $ 0.8 $ 0.3 $ 0.4 $ (0.8) $ 0.9 $ 0.8 $ 0.9 Fixed Income - Passive (1) US $ 0.1 $ 0.2 $ — $ (0.3) $ (0.1) $ 0.1 $ (0.1) Global and Non-US — — (0.1) (0.1) (0.3) — (0.3) Total Fixed Income - Passive (1) $ 0.1 $ 0.2 $ (0.1) $ (0.4) $ (0.4) $ 0.1 $ (0.4) Other (2) US $ 1.5 $ 0.6 $ 0.1 $ — $ 0.8 $ 1.5 $ 0.8 Global and Non-US 3.4 (6.6) (0.3) 1.5 0.3 3.4 0.3 Total Other (2) $ 4.9 $ (6.0) $ (0.2) $ 1.5 $ 1.1 $ 4.9 $ 1.1 Total Net Flows by Investment Service $ (2.4) $ (7.7) $ 1.3 $ 0.8 $ 1.1 $ (2.4) $ 1.1 Active vs. Passive Net Flows Actively Managed Equity $ 2.9 $ 3.4 $ 2.9 $ 1.6 $ 1.0 $ 2.9 $ 1.0 Fixed Income (8.8) (5.6) (0.1) (4.2) 0.2 (8.8) 0.2 Other (2) 4.8 (6.0) (0.3) 1.4 1.0 4.8 1.0 Total $ (1.1) $ (8.2) $ 2.5 $ (1.2) $ 2.2 $ (1.1) $ 2.2 Passively Managed (1) Equity $ (1.5) $ 0.3 $ (1.2) $ 2.3 $ (0.8) $ (1.5) $ (0.8) Fixed Income 0.1 0.2 (0.1) (0.4) (0.4) 0.1 (0.4) Other (2) 0.1 — 0.1 0.1 0.1 0.1 0.1 Total $ (1.3) $ 0.5 $ (1.2) $ 2.0 $ (1.1) $ (1.3) $ (1.1) Total Active vs Passive Net Flows $ (2.4) $ (7.7) $ 1.3 $ 0.8 $ 1.1 $ (2.4) $ 1.1 Notes: (1) Includes index and enhanced index services (2) Includes certain multi-asset solutions and services and certain alternative 18

Protection Solutions - Operating Earnings (Loss) and Summary Metrics For the Three Months Ended or As of For the Three Months Ended or As of (in millions USD, unless otherwise indicated) 3/31/2018 6/30/2018 9/30/2018 12/31/2018 3/31/2019 Change 3/31/2018 3/31/2019 Change Revenues Policy charges, fee income and premiums $ 540 $ 537 $ 485 $ 541 $ 542 0.4 % $ 540 $ 542 0.4 % Net investment income (loss) 220 194 233 254 224 1.8 % 220 224 1.8 % Net derivative gains (losses) (1) 3 2 1 10 N/M (1) 10 N/M Investment management, service fees and other income 55 56 55 57 55 — % 55 55 — % Segment revenues 814 790 775 853 831 2.1 % 814 831 2.1 % Benefits and other deductions Policyholders’ benefits 409 419 515 484 452 10.5 % 409 452 10.5 % Interest credited to policyholders’ account balances 122 120 117 122 138 13.1 % 122 138 13.1 % Commissions and distribution related payments 32 39 30 41 38 18.8 % 32 38 18.8 % Amortization of deferred policy acquisition costs 113 133 (141) 61 50 (55.8)% 113 50 (55.8)% Compensation and benefits and other operating costs and expenses 96 94 89 101 95 (1.0)% 96 95 (1.0)% Segment benefits and other deductions 772 805 610 809 773 0.1 % 772 773 0.1 % Operating earnings (loss), before income taxes 42 (15) 165 44 58 38.1 % 42 58 38.1 % Income taxes (7) 3 (28) (7) (9) (28.6)% (7) (9) (28.6)% Operating earnings (loss), before noncontrolling interest 35 (12) 137 37 49 40.0 % 35 49 40.0 % Less: Operating (earnings) loss attributable to the noncontrolling interest — — — — — — — Operating earnings (loss) $ 35 $ (12) $ 137 $ 37 $ 49 40.0 % $ 35 $ 49 40.0 % Summary Metrics Non-GAAP Operating ROC (1) 5.2% 4.2% 9.6% 7.4% 7.6% 5.2% 7.6% Benefit ratio 65.2% 68.2% 81.5% 71.0% 71.0% 65.2% 71.0% Gross written premiums $ 754 $ 767 $ 737 $ 770 786 4.2 % $ 754 $ 786 4.2 % Annualized premiums $ 56 $ 67 $ 56 $ 67 64 14.3 % $ 56 $ 64 14.3 % Total in-force face amount (in billions USD) $ 445.0 $ 444.0 $ 443.0 $ 442.4 442.7 (0.5)% $ 445.0 $ 442.7 (0.5)% Notes: (1) This measure is a Non-GAAP financial measure. For an explanation of our use of Non-GAAP financial measures, refer to the “Use of Non-GAAP Financial Measures” and "Glossary of Selected Financial and Product Terms" sections of this document. For a reconciliation of this item to the most directly comparable GAAP measure, refer to the “Non-GAAP Reconciliation” section in this document. During the fourth quarter of 2018, we revised our presentation of the capitalization of deferred acquisition costs ("DAC") in the consolidated statements of income for all prior periods presented herein by netting the capitalized amounts within the applicable expense line items, such as Compensation and benefits, Commissions and distribution plan payments, and Other operating costs and expenses. Previously, the capitalized amounts were netted within the Amortization of deferred acquisition costs. There was no impact on Net income (loss) or Non-GAAP Operating earnings of this reclassification. 19

Protection Solutions - Select Operating Metrics For the Three Months Ended or As of For the Three Months Ended or As of (in millions USD, unless otherwise indicated) 3/31/2018 6/30/2018 9/30/2018 12/31/2018 3/31/2019 3/31/2018 3/31/2019 Sales Metrics First Year Premiums by Product Line: Universal Life $ 1 $ 1 $ 1 $ — $ — $ 1 $ — Indexed Universal Life 48 65 51 52 46 48 46 Variable Universal Life 39 43 40 54 47 39 47 Term 4 5 5 5 5 4 5 Employee Benefits 10 11 8 7 13 10 13 Other (1) — — — 1 — — — Total $ 102 $ 125 $ 105 $ 119 $ 111 $ 102 $ 111 Renewals by Product Line: Universal Life $ 220 $ 230 $ 237 $ 231 $ 225 $ 220 $ 225 Indexed Universal Life 55 56 55 58 70 55 70 Variable Universal Life 242 225 213 224 241 242 241 Term 126 122 114 121 121 126 121 Employee Benefits 3 4 7 10 12 3 12 Other (1) 6 5 6 7 6 6 6 Total 652 642 632 651 675 652 675 Total Gross Premiums $ 754 $ 767 $ 737 $ 770 $ 786 $ 754 $ 786 In-force Metrics In-force Face Amount by Product (2) (in billions): Universal Life (3) $ 58.0 $ 58.0 $ 57.0 $ 55.9 $ 55.1 $ 58.0 $ 55.1 Indexed Universal Life 21.0 22.0 22.0 22.9 23.6 21.0 23.6 Variable Universal Life (4) 129.0 128.0 128.0 127.3 127.4 129.0 127.4 Term 235.0 234.0 234.0 234.9 235.1 235.0 235.1 Whole Life 2.0 2.0 2.0 1.4 1.5 2.0 1.5 Total $ 445.0 $ 444.0 $ 443.0 $ 442.4 $ 442.7 $ 445.0 $ 442.7 In-force Policy Count by Product (2) (in thousands): Universal Life (3) 185 181 180 177 174 185 174 Indexed Universal Life 47 48 50 52 53 47 53 Variable Universal Life (4) 314 312 309 307 305 314 305 Term 338 336 335 333 331 338 331 Whole Life 20 19 19 19 19 20 19 Total 904 896 893 888 882 904 882 Protection Solutions Reserves General Account $ 17,338 $ 17,407 $ 17,564 $ 17,562 $ 17,731 $ 17,338 $ 17,731 Separate Accounts 12,396 12,597 13,055 11,393 12,572 12,396 12,572 Total $ 29,734 $ 30,004 $ 30,619 $ 28,955 $ 30,303 $ 29,734 $ 30,303 Notes: (1) For the individual life insurance premiums, Other includes Whole Life insurance and other products available-for-sale but not actively marketed. (2) Includes individual life insurance and does not include Employee Benefits as it is a start-up business and therefore has immaterial in-force policies. (3) Universal Life includes Guaranteed Universal Life. (4) Variable Universal Life includes variable life insurance and corporate-owned life insurance. 20

Investments 21

Consolidated Investment Portfolio Composition Balances as of (in millions USD, unless otherwise indicated) December 31, 2018 March 31, 2019 Amount (1) % of Total Amount (1) % of Total Composition of investment portfolio Fixed maturities, available-for-sale, at fair value $ 46,279 53.9% $ 50,305 57.1% Mortgage loans on real estate 11,835 13.8% 12,117 13.8% Policy loans 3,779 4.4% 3,766 4.3% Real estate held for the production of income 52 0.1% 68 0.1% Other equity investments 1,334 1.6% 1,321 1.5% Other invested assets 2,037 2.4% 2,244 2.5% Subtotal investment assets 65,316 76.1% 69,821 79.3% Trading securities 16,017 18.7% 13,127 14.9% Total investments 81,333 94.8% 82,948 94.2% Cash and cash equivalents 4,469 5.2% 5,129 5.8% Total $ 85,802 100.0% $ 88,077 100.0% General Account Fixed maturities by industry (Based on amortized cost) Corporate securities: Finance $ 6,343 13.7% $ 7,452 15.3% Manufacturing 9,123 19.6% 10,244 21.0% Utilities 4,413 9.5% 4,440 9.1% Services 4,317 9.3% 4,927 10.1% Energy 2,347 5.1% 2,499 5.1% Retail and wholesale 2,163 4.7% 2,476 5.1% Transportation 1,357 2.9% 1,447 3.0% Other 171 0.4% 164 0.3% Total corporate securities 30,234 65.1% 33,649 69.0% U.S. government and agency 13,989 30.1% 12,954 26.6% Residential mortgage-backed (2) 225 0.5% 217 0.4% Preferred stock 448 1.0% 428 0.9% State & municipal 415 0.9% 414 0.8% Foreign governments 524 1.1% 485 1.0% Asset-backed securities 612 1.3% 620 1.3% Total $ 46,447 100.0% $ 48,767 100.0% General Account Fixed maturities credit quality (3) (Based on amortized cost) Aaa, Aa, A (NAIC Designation 1) $ 30,805 66.3% $ 32,436 66.5% Baa (NAIC Designation 2) 14,541 31.3% 15,169 31.1% Investment grade 45,346 97.6% 47,605 97.6% Below investment grade (NAIC Designation 3,4,5, and 6) 1,101 2.4% 1,162 2.4% Total $ 46,447 100.0% $ 48,767 100.0% Notes: (1) Investment data has been classified based on standard industry categorizations for domestic public holdings and similar classifications by industry for all other holdings. (2) Includes publicly traded agency pass-through securities and collateralized obligations. (3) Credit quality based on NAIC rating. 22

Consolidated Results of General Account Investment Portfolio For the Three Months Ended or As of Year Ended or As of (in millions USD, unless otherwise indicated) March 31, 2018 March 31, 2019 December 31, 2018 Yield Amount (1) Yield Amount (1) Yield Amount (1) Fixed Maturities: Income (loss) 3.72 % $ 417 3.65 % $ 435 3.86 % $ 1,732 Ending assets 43,953 48,767 46,447 Mortgages: Income (loss) 4.18 % 116 4.41 % 132 4.26 % 494 Ending assets 11,333 12,117 11,835 Real Estate Held for Production of Income: Income (loss) (1.91)% (4) (1.67)% (1) (5.29)% (6) Ending assets 52 68 52 Other Equity Investments: Income (loss) 12.59 % 41 4.76 % 16 10.08 % 133 Ending assets 1,298 1,336 1,354 Policy Loans: Income 5.71 % 54 5.62 % 53 5.71 % 215 Ending assets 3,776 3,766 3,779 Cash and Short-term Investments: Income 0.38 % 4 — % — 0.49 % 21 Ending assets 4,220 3,243 3,332 Repurchase and Funding Agreements: Interest expense and other (24) (25) (104) Ending (liabilities) (4,897) (4,001) (4,561) Total invested Assets: Income 3.98 % 604 3.83 % 610 4.06 % 2,485 Ending assets 59,735 65,296 62,238 Short Duration Fixed Maturities: Income (loss) 2.16 % 67 2.98 % 101 2.49 % 333 Ending assets 12,802 12,262 14,818 Total Net Investment Income: Investment income 3.67 % 671 3.68 % 711 3.78 % 2,818 Less: investment fees (0.08)% (15) (0.08)% (16) (0.08)% (62) Investment income, net 3.59 % $ 656 3.60 % $ 695 3.70 % $ 2,756 General Account Ending Net Assets $ 72,537 $ 77,558 $ 77,056 Operating Earnings adjustments: Repurchase and Funding Agreements interest expense 24 25 104 AB and other non-General Account investment income 15 66 2 Operating Net investment income (loss) $ 695 $ 786 $ 2,862 Notes: (1) Amount for fixed maturities and mortgages represents original cost, reduced by repayments, writedowns, adjusted amortization of premiums, accretion of discount, and for valuation allowances. Cost for equity securities represents original cost reduced by writedowns; cost for other limited partnership interests represents original cost adjusted for equity in earnings and reduced by distributions. 23

Additional Information 24

Deferred Policy Acquisition Costs Roll-forward and Reclassification of DAC Capitalization For the Three Months Ended or As of For the Three Months Ended or As of (in millions USD, unless otherwise indicated) 3/31/2018 6/30/2018 9/30/2018 12/31/2018 3/31/2019 3/31/2018 3/31/2019 Deferred Policy Acquisition Costs Balance as of beginning of period $ 5,919 $ 6,245 $ 6,285 $ 6,736 $ 6,745 $ 5,919 $ 6,745 Capitalization of commissions, sales and issue expenses 161 171 180 189 173 161 173 Amortization (171) (186) 183 (159) (198) (171) (198) Change in unrealized investment gains and losses 336 55 88 (21) (702) 336 (702) Balance as of end of period $ 6,245 $ 6,285 $ 6,736 $ 6,745 $ 6,018 $ 6,245 $ 6,018 Deferred Policy Acquisition Costs by segment and Corporate and Other Individual Retirement $ 3,039 $ 3,089 $ 3,171 $ 3,229 $ 3,212 $ 3,039 $ 3,212 Group Retirement 554 578 640 657 650 554 650 Protection Solutions 2,538 2,471 2,757 2,706 2,061 2,538 2,061 Corporate and Other 114 147 168 153 95 114 95 Total $ 6,245 $ 6,285 $ 6,736 $ 6,745 $ 6,018 $ 6,245 $ 6,018 25

Use of Non-GAAP Financial Measures In addition to our results presented in accordance with U.S. GAAP, we report Non-GAAP Operating Earnings, Pro Forma Non-GAAP Operating ROE, and Non-GAAP Operating ROC by segment for our Individual Retirement, Group Retirement and Protection Solutions segments, Book value per share, excluding AOCI, and Non-GAAP Operating Earnings per share, each of which is a measure that is not determined in accordance with U.S. GAAP. Management believes that the use of these non-GAAP financial measures, together with relevant U.S. GAAP measures, provides a better understanding of our results of operations and the underlying profitability drivers and trends of our business. These non-GAAP financial measures are intended to remove from our results of operations the impact of market changes (where there is mismatch in the valuation of assets and liabilities) as well as certain other expenses which are not part of our underlying profitability drivers or likely to re-occur in the foreseeable future, as such items fluctuate from period-to period in a manner inconsistent with these drivers. These measures should be considered supplementary to our results that are presented in accordance with U.S. GAAP and should not be viewed as a substitute for the U.S. GAAP measures. Other companies may use similarly titled non-GAAP financial measures that are calculated differently from the way we calculate such measures. Consequently, our non-GAAP financial measures may not be comparable to similar measures used by other companies. We also discuss certain operating measures, including AUM, AUA, AV, Protection Solutions Reserves and certain other operating measures, which management believes provide useful information about our businesses and the operational factors underlying our financial performance. Non-GAAP Operating Earnings Non-GAAP Operating Earnings is an after-tax non-GAAP financial measure used to evaluate our financial performance on a consolidated basis that is determined by making certain adjustments to our consolidated after-tax net income attributable to Holdings. The most significant of such adjustments relates to our derivative positions, which protect economic value and statutory capital, and are more sensitive to changes in market conditions than the variable annuity product liabilities as valued under U.S. GAAP. This is a large source of volatility in net income. In the first quarter of 2019, we modified our Non-GAAP Operating Earnings measure’s treatment of the impact of timing differences on the amortization of DAC resulting from market value adjustments for our SCS variable annuity product. As a result of this modification, the amortization of DAC for our SCS product included in Non-GAAP Operating Earnings was changed to be determined based on our SCS product's gross profits included in Non-GAAP Operating Earnings, consistent with both our exclusion from Non-GAAP Operating Earnings of other items that are distortive to the underlying drivers of our financial performance on a consolidated basis and with industry practice. Our presentation of Non-GAAP Operating Earnings in prior periods was not revised to reflect this modification, however, had we modified the treatment of the amortization of DAC for SCS starting in the first quarter of 2018, SCS-related DAC amortization excluded from Non-GAAP Operating Earnings would have been $52 million, $17 million and $4 million lower during the first, second and third quarters of 2018, respectively, and $17 million higher during the fourth quarter of 2018. Non-GAAP Operating Earnings equals our consolidated after-tax net income attributable to Holdings adjusted to eliminate the impact of the following items: Items related to variable annuity product features, which include certain changes in the fair value of the derivatives and other securities we use to hedge these features, the effect of benefit • ratio unlock adjustments and changes in the fair value of the embedded derivatives reflected within variable annuity products’ net derivative results and the impact of these items on DAC amortization; • Investment (gains) losses, which includes other-than-temporary impairments of securities, sales or disposals of securities/investments, realized capital gains/losses and valuation allowances; • Net actuarial (gains) losses, which includes actuarial gains and losses as a result of differences between actual and expected experience on pension plan assets or projected benefit obligation during a given period related to pension, other postretirement benefit obligations, and the one-time impact of the settlement of the defined benefit obligation; • Other adjustments, which includes restructuring costs related to severance, lease write-offs related to non-recurring restructuring activities, and separation costs; and • Income tax expense (benefit) related to the above items and non-recurring tax items, which includes the effect of uncertain tax positions for a given audit period and the impact of the Tax Reform Act. Because Non-GAAP Operating Earnings excludes the foregoing items that can be distortive or unpredictable, management believes that this measure enhances the understanding of the Company’s underlying drivers of profitability and trends in our business, thereby allowing management to make decisions that will positively impact our business. We use our prevailing corporate federal income tax rate of 21% in 2019 and 2018, while taking into account any non-recurring differences for events recognized differently in our financial statements and federal income tax returns as well as partnership income taxed at lower rates when reconciling Net income (loss) attributable to Holdings to Non-GAAP Operating Earnings. Pro Forma Non-GAAP Operating ROE and Non-GAAP Operating ROC by Segment We report Pro Forma Non-GAAP Operating ROE as well as Non-GAAP Operating ROC by segment for our Individual Retirement, Group Retirement and Protection Solutions segments, each of which is a non-GAAP financial measure used to evaluate our recurrent profitability on a consolidated basis and by segment, respectively. We calculate Pro Forma Non-GAAP Operating ROE by dividing Pro Forma Non-GAAP Operating Earnings by consolidated average equity attributable to Holdings, excluding AOCI and NCI. We calculate Non-GAAP Operating ROC by segment by dividing operating earnings (loss) on a segment basis by average capital on a segment basis, excluding AOCI and NCI, as described below. AOCI fluctuates period-to-period in a manner inconsistent with our underlying profitability drivers as the majority of such fluctuation is related to the market volatility of the unrealized gains and losses associated with our available-for-sale (“AFS”) securities. Therefore, we believe excluding AOCI is more effective for analyzing the trends of our operations. We do not calculate Non-GAAP Operating ROC by segment for our Investment Management & Research segment because we do not manage that segment from a return of capital perspective. Instead, we use metrics more directly applicable to an asset management business, such as AUM, to evaluate and manage that segment. For Non-GAAP Operating ROC by segment, capital components pertaining directly to specific segments such as DAC along with targeted capital are directly attributed to these segments. Targeted capital for each segment is established using assumptions supporting CTE98 levels under most economic scenarios. CTE is a statistical measure of tail risk which quantifies the total asset requirement to sustain a loss if an event outside a given probability level has occurred. CTE98 denotes the financial resources a company would need to cover the average of the worst 2% of scenarios. To enhance the ability to analyze these measures across periods, interim periods are annualized. Non-GAAP Operating ROC by segment should not be used as a substitute for ROE. Book Value Per Share, excluding AOCI We use the term “book value” to refer to “Total equity attributable to Holdings.” Book Value Per Share, excluding AOCI, is our stockholder’s equity, excluding AOCI, divided by ending common shares outstanding. Non-GAAP Operating Earnings Per Share Non-GAAP Operating Earnings Per Share is calculated by dividing Non-GAAP Operating Earnings by diluted common shares outstanding. 26

Reconciliation of Non-GAAP Measures (1/3) For the Three Months Ended or As of For the Three Months Ended or As of (in millions USD, unless otherwise indicated) 3/31/2018 6/30/2018 9/30/2018 12/31/2018 3/31/2019 3/31/2018 3/31/2019 Net income (loss) attributable to Holdings Net income (loss) attributable to Holdings $ 214 $ 164 $ (496) $ 1,938 $ (775) $ 214 $ (775) Adjustments related to: Variable annuity product features 176 249 1,403 (1,898) 1,540 176 1,540 Investment gains (losses), net (102) 22 36 130 11 (102) 11 Net actuarial gains (losses) related to pension and other postretirement benefit obligations 131 27 24 33 24 131 24 Other adjustments (1) 91 88 51 69 40 91 40 Income tax (expense) benefits related to above adjustments (55) (75) (409) 350 (337) (55) (337) Non-recurring tax items 28 11 84 (118) 6 28 6 Non-GAAP Operating earnings (loss) (2) $ 483 $ 486 $ 693 $ 504 $ 509 $ 483 $ 509 Net income (loss) attributable to Holdings $ 0.38 $ 0.29 $ (0.89) $ 3.57 $ (1.50) $ 0.38 $ (1.50) Adjustments related to: Variable annuity product features 0.31 0.44 2.50 (3.49) 2.97 0.31 2.97 Investment gains (losses), net (0.18) 0.04 0.06 0.24 0.02 (0.18) 0.02 Net actuarial gains (losses) related to pension and other postretirement benefit obligations 0.23 0.05 0.04 0.06 0.05 0.23 0.05 Other adjustments (1) 0.17 0.16 0.10 0.13 0.08 0.17 0.08 Income tax (expense) benefit related to above adjustments (0.10) (0.13) (0.73) 0.64 (0.65) (0.10) (0.65) Non-recurring tax items 0.05 0.02 0.15 (0.22) 0.01 0.05 0.01 Non-GAAP Operating earnings (2) $ 0.86 $ 0.87 $ 1.23 $ 0.93 $ 0.98 $ 0.86 $ 0.98 Book Value per share Book Value per Share $ 24.15 $ 23.82 $ 22.22 $ 26.22 $ 26.77 $ 24.15 $ 26.77 Less: Per share impact of AOCI (1.68) (2.34) (2.86) (2.64) (1.04) (1.68) (1.04) Book value per share (ex. AOCI) $ 25.83 $ 26.16 $ 25.08 $ 28.86 $ 27.81 $ 25.83 $ 27.81 Notes: 561.0 561.0 561.0 561.1 560.3 561.0 560.8 (1) "Other adjustments" includes separation costs of $24 million and $61 million, for the three months ended March 31, 2019 and 2018 respectively. (2) Had we modified the treatment of the amortization of DAC for SCS starting in the first quarter of 2018, Non-GAAP Operating Earnings for the three months ended March 31, 2018 would have been $442 million, or $0.79 on a per diluted share basis. 27

Reconciliation of Non-GAAP Measures (2/3) As of and for the Twelve months Ended (in millions USD, unless otherwise indicated) 3/31/2018 6/30/2018 9/30/2018 12/31/2018 3/31/2019 Net Income to Pro forma Net Income Net Income (loss), as reported $ 1,778 $ 1,331 $ 782 $ 2,154 $ 1,108 Adjustments related to: Pro forma adjustments before income tax (1) (181) (115) (75) (34) (6) Income tax impact (8) (13) (12) (6) (1) Pro forma adjustments, net of income tax (189) (128) (87) (40) (7) Pro forma net income (loss) 1,589 1,203 695 2,114 1,101 Less: Pro forma net income (loss) attributable to the noncontrolling interest (265) (327) (315) (285) (270) Pro forma net income (loss) attributable to Holdings $ 1,324 $ 876 $ 380 $ 1,829 $ 831 Pro forma Net Income to Pro forma Non-GAAP Operating Earnings Pro forma net income (loss) attributable to Holdings $ 1,324 $ 876 $ 380 $ 1,829 $ 831 Adjustments related to: Variable annuity product features 1,013 1,307 2,201 (70) 1,295 Investment (gains) losses 65 92 116 86 201 Goodwill impairment (2) (2) — — — Net actuarial (gains) losses related to pension and other postretirement benefit obligations 234 227 216 215 107 Other adjustments 230 293 284 299 244 Income tax (expense) benefits related to above adjustments (605) (461) (662) (111) (396) Non-recurring tax items (49) (37) 61 (73) (94) Pro forma Non-GAAP Operating Earnings $ 2,210 $ 2,295 $ 2,596 $ 2,175 $ 2,188 Return on Equity Reconciliation Pro Forma Net income (loss) attributable to Holdings $ 1,324 $ 876 $ 380 $ 1,829 $ 831 Average equity attributable to Holdings $ 12,932 $ 13,183 $ 13,186 $ 13,328 $ 13,227 Return on Equity 10.2% 6.6% 2.9% 13.7% 6.3% Pro forma Non-GAAP Operating Earnings $ 2,210 $ 2,295 $ 2,596 $ 2,175 $ 2,188 Pro forma average equity attributable to Holdings excluding AOCI $ 13,585 $ 14,260 $ 14,352 $ 14,610 $ 14,400 Pro forma Non-GAAP Return on Equity 16.3% 16.1% 18.1% 14.9% 15.2% Pro forma Non-GAAP Operating Earnings excluding Q4 2017 non-recurring items $ 1,851 $ 1,936 $ 2,237 $ 2,175 $ 2,188 Pro forma average equity attributable to Holdings excluding AOCI $ 13,585 $ 14,260 $ 14,352 $ 14,610 $ 14,400 Pro forma Non-GAAP ROE excluding Q4 2017 non-recurring items 13.6% 13.6% 15.6% 14.9% 15.2% Notes: (1) Pro Forma adjustments relate to certain Reorganization transactions that occurred in 2018, including: (a) the acquisition of AXA’s remaining interest in AB and minority interests in AXA Financial, Inc.; (b) the transfer of certain U.S. property & casualty business held by AXA Equitable Holdings to AXA; (c) the issuance of $3.8 billion of external debt and (d) the settlement of all outstanding financing balances with AXA. 28

Reconciliation of Non-GAAP Measures (3/3) Balance as of (in millions USD, unless otherwise indicated) 6/30/2017 9/30/2017 12/31/2017 3/31/2018 6/30/2018 9/30/2018 12/31/2018 3/31/2019 Pro forma Equity Reconciliation - Quarter-end Balances Total equity attributable to Holdings $ 12,360 $ 12,401 $ 13,421 $ 13,547 $ 13,364 $ 12,411 $ 13,866 $ 13,143 Pro forma adjustments (1) (718) 892 702 3 — — — — Pro forma total equity attributable to Holdings 11,642 13,293 14,123 13,550 13,364 12,411 13,866 13,143 Less: Accumulated other comprehensive income (loss) (333) (345) (108) (946) (1,310) (1,595) (1,396) (513) Pro forma total equity attributable to Holdings excluding AOCI $ 11,975 $ 13,638 $ 14,231 $ 14,496 $ 14,674 $ 14,006 $ 15,262 $ 13,656 Pro forma Equity Reconciliation - Twelve Month Rolling Average (2) Total equity attributable to Holdings $ 12,414 $ 12,932 $ 13,182 $ 13,186 $ 13,297 $ 13,196 Pro forma adjustments (1) 891 220 399 176 1 — Pro forma total equity attributable to Holdings 13,305 13,152 13,582 13,362 13,298 13,196 Less: Accumulated other comprehensive income (loss) (514) (433) (677) (990) (1,312) (1,204) Pro forma total equity attributable to Holdings excluding AOCI $ 13,819 $ 13,585 $ 14,259 $ 14,352 $ 14,610 $ 14,400 Notes: (1) Pro Forma adjustments relate to certain Reorganization transactions that occurred in 2018, including: (a) the acquisition of AXA’s remaining interest in AB and minority interests in AXA Financial, Inc.; (b) the transfer of certain U.S. property & casualty business held by AXA Equitable Holdings to AXA; (c) the issuance of $3.8 billion of external debt and (d) the settlement of all outstanding financing balances with AXA. (2) All Pro Forma average equity amounts are calculated based on a four-quarter rolling average except for the twelve months ended 12/31/17,which is calculated using an annual two-point average. 29

Glossary of Selected Financial and Product Terms Account Value (“AV”) - AV generally equals the aggregate policy account value of our retirement and protection products. General Account AV refers to account balances in investment options that are backed by the General Account while Separate Accounts AV refers to Separate Accounts investment assets. Annualized premiums - 100% of first year recurring premiums (up to target) and 10% of excess first year premiums or first year premiums from single premium products. Assets Under Administration (“AUA”) - AUA includes non-insurance client assets that are invested in our savings and investment products or serviced by our AXA Advisors platform. We provide administrative services for these assets and generally record the revenues received as distribution fees. Assets Under Management (“AUM”) - AUM means investment assets that are managed by one of our subsidiaries and includes: (i) assets managed by AB; (ii) the assets in our General Account investment portfolio; and (iii) the Separate Account assets of our Individual Retirement, Group Retirement and Protection Solutions businesses. Total AUM reflects exclusions between segments to avoid double counting. Average Account Value - Calculated as the sum of total account value balance as of beginning of period and total account value balance as of end of period, divided by two. Average Capital - For average capital amounts by segment, capital components pertaining directly to specific segments such as DAC along with targeted capital are directly attributed to these segments. Targeted capital for each segment is established using assumptions supporting statutory capital adequacy levels (including CTE98). Benefit base - A notional amount (not actual cash value) used to calculate the owner’s guaranteed benefits within an annuity contract. The death benefit and living benefit within the same contract may not have the same benefit base. Current Product Offering (Individual Retirement) - Products sold 2011 and later. Deferred policy acquisition costs (“DAC”) - Represents the incremental costs related directly to the successful acquisition of new and certain renewal insurance policies and annuity contracts and which have been deferred on the balance sheet as an asset. Fixed Rate (Individual Retirement) - Pre-2011 GMxB products. FYP - First year premium and deposits. GMxB - A general reference to all forms of variable annuity guaranteed benefits, including guaranteed minimum living benefits, or GMLBs (such as GMIBs, GMWBs and GMABs), and guaranteed minimum death benefits, or GMDBs (inclusive of return of premium death benefit guarantees). Gross premiums - FYP and Renewal premium and deposits. Guaranteed minimum death benefits (“GMDB”) - An optional benefit (available for an additional cost) that guarantees an annuitant’s beneficiaries are entitled to a minimum payment based on the benefit base, which could be greater than the underlying AV, upon the death of the annuitant. Guaranteed minimum income benefits (“GMIB”) - An optional benefit (available for an additional cost) where an annuitant is entitled to annuitize the policy and receive a minimum payment stream based on the benefit base, which could be greater than the underlying AV. Guaranteed minimum living benefits (“GMLB”) - A reference to all forms of guaranteed minimum living benefits, including GMIBs, GMWBs and GMABs (does not include GMDBs). Invested assets - Includes fixed maturity securities, equity securities, mortgage loans, policy loans, alternative investments and short-term investments. Inv Mgmt and Research - Abbreviation for Investment Management and Research. Net flows - Net change in customer account balances in a period including, but not limited to, gross premiums, surrenders, withdrawals and benefits. It excludes investment performance, interest credited to customer accounts and policy charges. Net long-term flows - Net change of assets under management in a period which includes new sales net of redemptions of mutual funds and terminations of separately managed accounts and cash flow which includes both cash invested or withdrawn from existing clients. In addition, cash flow includes fees received from certain clients. It excludes the impact of the markets. Premiums and deposits - Amounts a policyholder agrees to pay for an insurance policy or annuity contract that may be paid in one or a series of payments as defined by the terms of the policy or contract. Protection Solutions Benefit Ratio - Calculated as sum of policyholders’ benefits and interest credited to policyholders’ account balances dividend by segment revenues. Protection Solutions Reserves - Protection Solutions Reserves equals the aggregate value of Policyholders’ account balances and Future policy benefits for policies in our Protection Solutions segment. Renewal premium and deposits - Premiums and deposits after the first twelve months of the policy or contract. Return of premium (“ROP”) death benefit - This death benefit pays the greater of the account value at the time of a claim following the owner’s death or the total contributions to the contract (subject to adjustment for withdrawals). The charge for this benefit is usually included in the M&E fee that is deducted daily from the net assets in each variable investment option. We also refer to this death benefit as the Return of Principal death benefit. Return on Assets - Calculated as trailing twelve months operating earnings, before income taxes divided by average account value. 30

Analyst Coverage, Ratings & Contact Information Analyst Coverage Firm Analyst Phone Number Bank of America Merrill Lynch Ian Ryave 1 (646) 855-2926 Barclays Jay Gelb 1 (212) 526-1561 Citi Suneet Kamath 1 (212) 816-3457 Credit Suisse Andrew Kligerman 1 (212) 325-5069 Deutsche Bank Joshua Shanker 1 (212) 250-7127 Evercore ISI Thomas Gallagher 1 (212) 446-9439 Goldman Sachs Alex Scott 1 (917) 343-7160 J.P. Morgan Jimmy Bhullar 1 (212) 622-6397 Keefe, Bruyette, & Woods Ryan Krueger 1 (860) 722-5930 Morgan Stanley Nigel Dally 1 (212) 761-4132 RBC Capital Markets Mark Dwelle 1 (804) 782-4008 SunTrust Robinson Humphrey Mark Hughes 1 (615) 748-4422 Wells Fargo Securities Elyse Greenspan 1 (212) 214-8031 This list is provided for informational purposes only. AXA Equitable Holdings does not endorse the analyses, conclusions or recommendations contained in any reports issued by these or any other analysts. Ratings A.M. Best S&P Moody’s Last review date 12/17/2018 12/11/2018 9/18/2018 Financial Strength Ratings: AXA Equitable Life A A+ A2 MLOA A A+ A2 Credit Ratings: AXA Equitable Holdings bbb+ BBB+ Baa2 Alliance Bernstein (1) — A/Stable/A-1 A2 Investor and Media Contacts Contact Investor Relations Contact Media Relations Kevin Molloy Priya Mehrotra Dan Woodrow Matt Asensio (212) 314-2476 (212) 314-2466 (212) 314-2036 (212) 314-2010 IR@axa-equitable.com MediaRelations@axa-equitable.com ir.axaequitableholdings.com www.axaequitableholdings.com Notes: (1) Last review dates: S&P as of 11/9/2018, Moody’s as of 10/05/2018. 31