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AXA Equitable Holdings Financial Supplement Third Quarter 2019
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Table of Contents Consolidated Financials and Key Metrics Page Key Metrics Summary 4 Consolidated Statements of Income (Loss) 5 Consolidated Balance Sheets 6 Consolidated Capital Structure 7 Operating Earnings (Loss) by Segment and Corporate and Other 8 Assets Under Management and Administration 10 Sales Metrics by Segment 11 Select Metrics from Business Segments Individual Retirement Statements of Operating Earnings (Loss) and Summary Metrics 13 Select Operating Metrics 14 Group Retirement Statements of Operating Earnings (Loss) and Summary Metrics 15 Select Operating Metrics 16 Investment Management and Research Statements of Operating Earnings (Loss) and Summary Metrics 17 Select Operating Metrics 18 Net Flows 19 Protection Solutions Statements of Operating Earnings (Loss) and Summary Metrics 20 Select Operating Metrics 21 Investments Consolidated Investment Portfolio Composition 23 Consolidated Results of General Account Investment Portfolio 24 Additional Information Deferred Policy Acquisition Costs Rollforward 26 Use of Non-GAAP Financial Measures 27 Reconciliation of Non-GAAP Measures 29 Glossary of Selected Financial and Product Terms 32 Analyst Coverage, Ratings & Contact Information 33 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 September 30, 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 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 September 30, 2019 2
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Consolidated Financials and Key Metrics 3
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Key Metrics Summary For the Three Months Ended or As of For the Nine Months Ended or As of (in millions USD, except per share and O/S share amounts) 9/30/2018 12/31/2018 3/31/2019 6/30/2019 9/30/2019 Change 9/30/2018 9/30/2019 Change Net income (loss) $ (443) $ 1,999 $ (709) $ 430 $ (316) 28.7 % $ 155 $ (595) (483.9)% Net income (loss) attributable to the noncontrolling interest (53) (61) (66) (67) (68) (28.3)% (273) (201) 26.4 % Net income (loss) attributable to Holdings $ (496) $ 1,938 $ (775) $ 363 $ (384) 22.6 % $ (118) $ (796) (574.6)% Non-GAAP Operating Earnings (1) (2) $ 693 $ 504 $ 509 $ 559 $ 677 (2.3)% $ 1,662 $ 1,745 5.0 % Total equity attributable to Holdings $ 12,411 $ 13,866 $ 13,143 $ 14,843 $ 14,936 20.3 % $ 12,411 $ 14,936 20.3 % Less: Accumulated other comprehensive income (loss) (1,595) (1,396) (513) 876 1,468 192.0 % (1,595) 1,468 192.0 % Total equity attributable to Holdings (ex. AOCI) $ 14,006 $ 15,262 $ 13,656 $ 13,967 $ 13,468 (3.8)% $ 14,006 $ 13,468 (3.8)% Return on Equity (ex. AOCI) - TTM 2.6% 12.5% 5.8% 7.2% 8.1% 2.6% 8.1% Non-GAAP Operating ROE (1) (3) (4) 15.6% 14.9% 15.2% 15.9% 16.0% 15.6% 16.0% — % Debt to capital: Debt to Capital 27.9% 26.3% 27.4% 24.6% 24.3% 27.9% 24.3% Debt to Capital (ex. AOCI) 25.5% 24.5% 26.6% 25.8% 26.3% 25.5% 26.3% Per share: Diluted earnings per share: Net income (loss) attributable to Holdings $ (0.89) $ 3.57 $ (1.50) $ 0.74 $ (0.78) 12.0 % $ (0.21) $ (1.59) (656.4)% Non-GAAP Operating Earnings (1) (2) $ 1.23 $ 0.93 $ 0.98 $ 1.14 $ 1.38 12.0 % $ 2.96 $ 3.49 17.6 % Book value per share $ 22.22 $ 26.22 $ 26.77 $ 30.22 $ 30.53 37.4 % $ 22.22 $ 30.53 37.4 % Book value per share (ex. AOCI) $ 25.08 $ 28.86 $ 27.81 $ 28.44 $ 27.53 9.8 % $ 25.08 $ 27.53 9.8 % Weighted-average common shares outstanding: Basic 560.2 543.3 518.0 491.1 490.4 (12.5)% 560.5 499.8 (10.8)% Diluted 560.2 543.7 518.0 491.9 490.4 (12.5)% 560.5 499.8 (10.8)% Ending common shares outstanding 558.5 528.9 491.0 491.1 489.2 (12.4)% 558.5 489.2 (12.4)% Return to Stockholders: Common stock dividend $ 73 $ 69 $ 68 $ 73 $ 74 $ 73 $ 215 Repurchase of common shares 57 592 750 — 37 57 787 Total capital returned to stockholders $ 130 $ 661 $ 818 $ 73 $ 111 $ 130 $ 1,002 Market Values: S&P 500 2,914 2,507 2,834 2,942 2,977 2.2 % 2,914 2,977 2.2 % US 10-Year Treasury 3.1% 2.7% 2.4% 2.0% 1.7% 3.1% 1.7% 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. Had we modified the treatment of the amortization of DAC for SCS starting in the first quarter of 2018, Non-GAAP Operating ROE for the trailing twelve months ended September 30, 2019 would have been 16.1%. For additional information on the impact to the measure, see the “Additional Information” section herein. (3) Calculated using Pro forma Non-GAAP Operating Earnings, excluding impact of non-recurring items which occurred in the fourth quarter of 2017. Please see “Additional Information” for adjustments of non-recurring items. (4) Prior periods before 6/30/19 reflect pro forma adjustments. 4
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Consolidated Statements of Income (Loss) For the Three Months Ended For the Nine Months Ended (in millions USD, unless otherwise indicated) 9/30/2018 12/31/2018 3/31/2019 6/30/2019 9/30/2019 Change 9/30/2018 9/30/2019 Change Revenues Policy charges and fee income $ 951 $ 943 $ 931 $ 941 $ 929 (2.3)% $ 2,881 $ 2,801 (2.8)% Premiums 269 271 283 280 284 5.6 % 823 847 2.9 % Net derivative gains (losses) (2,006) 2,057 (1,630) (236) (451) 77.5 % (2,288) (2,317) (1.3)% Net investment income (loss) 681 825 1,015 976 824 21.0 % 1,868 2,815 50.7 % Investment gains (losses), net (35) (131) (11) (12) 199 668.6 % 45 176 291.1 % Investment management and service fees 1,088 1,050 999 1,072 1,101 1.2 % 3,218 3,172 (1.4)% Other income 135 140 127 139 142 5.2 % 376 408 8.5 % Total revenues 1,083 5,155 1,714 3,160 3,028 179.6 % 6,923 7,902 14.1 % Benefits and other deductions Policyholders’ benefits 318 1,103 880 896 1,757 452.5 % 1,812 3,533 95.0 % Interest credited to policyholders’ account balances 278 273 304 314 304 9.4 % 817 922 12.9 % Compensation and benefits 507 473 509 512 502 (1.0)% 1,606 1,523 (5.2)% Commissions and distribution related payments 286 296 281 307 317 10.8 % 864 905 4.7 % Interest expense 65 60 56 57 54 (16.9)% 171 167 (2.3)% Amortization of deferred policy acquisition costs (183) 158 198 177 85 146.4 % 174 460 164.4 % Other operating costs and expenses 430 463 410 456 449 4.4 % 1,347 1,315 (2.4)% Total benefits and other deductions 1,701 2,826 2,638 2,719 3,468 103.9 % 6,791 8,825 30.0 % Income (loss) from operations, before income taxes (618) 2,329 (924) 441 (440) 28.8 % 132 (923) (799.2)% Income tax (expense) benefit 175 (330) 215 (11) 124 (29.1)% 23 328 N/M Net income (loss) (443) 1,999 (709) 430 (316) 28.7 % 155 (595) (483.9)% Less: net (income) loss attributable to the noncontrolling interest (53) (61) (66) (67) (68) (28.3)% (273) (201) 26.4 % Net income (loss) attributable to Holdings $ (496) $ 1,938 $ (775) $ 363 $ (384) 22.6 % $ (118) $ (796) (574.6)% Adjustments related to: Variable annuity product features $ 1,403 $ (1,898) $ 1,540 $ 200 $ 1,444 $ 1,829 $ 3,184 Investment gains (losses), net 36 130 11 12 (199) (44) (176) Net actuarial gains (losses) related to pension and other postretirement benefit 24 33 24 24 24 182 72 obligations Other adjustments 51 69 40 89 78 229 207 Income tax (expense) benefit related to above adjustments (331) 350 (337) (71) (282) (461) (690) Non-recurring tax items 6 (118) 6 (58) (4) 45 (56) Non-GAAP Operating earnings (1) (2) $ 693 $ 504 $ 509 $ 559 $ 677 $ 1,662 $ 1,745 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. Had we modified the treatment of the amortization of DAC for SCS starting in the first quarter of 2018, Non-GAAP Operating ROE for the trailing twelve months ended September 30, 2019 would have been 16.1%. 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
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Consolidated Balance Sheets Balances as of (in millions USD, unless otherwise indicated) 9/30/2018 12/31/2018 3/31/2019 6/30/2019 9/30/2019 Assets Total investments $ 78,942 $ 81,333 $ 82,948 $ 86,901 $ 94,717 Cash and cash equivalents 4,777 4,469 5,129 4,734 4,471 Cash and securities segregated, at fair value 1,263 1,170 1,262 1,110 958 Broker-dealer related receivables 2,224 2,209 2,122 2,156 1,935 Deferred policy acquisition costs 6,736 6,745 6,018 6,080 5,787 Goodwill and other intangible assets, net 4,791 4,780 4,769 4,776 4,765 Amounts due from reinsurers 4,909 4,895 4,850 4,740 4,656 GMIB reinsurance contract asset, at fair value 1,375 1,732 1,740 1,896 2,452 Current and deferred income taxes 321 — — — — Other assets 3,124 3,127 3,787 3,760 3,882 Separate Accounts assets 125,989 110,337 120,194 122,444 121,023 Total assets $ 234,451 $ 220,797 $ 232,819 $ 238,597 $ 244,646 Liabilities Policyholders’ account balances $ 50,066 $ 49,923 $ 52,197 $ 53,211 $ 56,719 Future policy benefits and other policyholders’ liabilities 29,504 30,998 31,462 32,381 36,310 Broker-dealer related payables 491 431 494 443 519 Securities sold under agreements to repurchase 1,900 573 — — — Customers related payables 2,781 3,095 2,999 2,686 2,381 Amounts due to reinsurers 1,415 1,438 1,372 1,390 1,387 Short-term and long-term debt 4,806 4,955 4,949 4,852 4,794 Income taxes payable — 68 482 689 864 Other liabilities 3,485 3,360 3,781 3,856 3,833 Separate Accounts liabilities 125,989 110,337 120,194 122,444 121,023 Total liabilities 220,437 205,178 217,930 221,952 227,830 Redeemable noncontrolling interest 143 187 207 257 338 Equity Common stock 5 5 5 5 5 Additional paid-in capital 2,026 1,908 1,881 1,901 1,897 Treasury shares (56) (640) (1,234) (1,232) (1,269) Retained earnings 12,031 13,989 13,004 13,293 12,835 Accumulated other comprehensive income (loss) (1,595) (1,396) (513) 876 1,468 Total equity attributable to Holdings 12,411 13,866 13,143 14,843 14,936 Noncontrolling interest 1,460 1,566 1,539 1,545 1,542 Total equity 13,871 15,432 14,682 16,388 16,478 Total liabilities, redeemable noncontrolling interest and equity $ 234,451 $ 220,797 $ 232,819 $ 238,597 $ 244,646 6
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Consolidated Capital Structure Balances as of (in millions USD, unless otherwise indicated) 9/30/2018 12/31/2018 3/31/2019 6/30/2019 9/30/2019 Short-term and long-term debt: Short-term debt AB commercial paper $ 398 $ 521 $ 540 $ 443 $ 303 AB revolving credit facility — 25 — — 80 Total short-term debt 398 546 540 443 383 Total long-term debt 4,408 4,409 4,409 4,409 4,411 Total short-term and long-term debt: [A] $ 4,806 $ 4,955 $ 4,949 $ 4,852 $ 4,794 Equity: Common stock $ 5 $ 5 $ 5 $ 5 $ 5 Additional paid-in capital 2,026 1,908 1,881 1,901 1,897 Treasury stock, at cost (56) (640) (1,234) (1,232) (1,269) Retained earnings 12,031 13,989 13,004 13,293 12,835 Accumulated other comprehensive income (loss) (1,595) (1,396) (513) 876 1,468 Total equity attributable to Holdings 12,411 13,866 13,143 14,843 14,936 Noncontrolling interest 1,460 1,566 1,539 1,545 1,542 Total equity $ 13,871 $ 15,432 $ 14,682 $ 16,388 $ 16,478 Total equity attributable to Holdings, ex. AOCI: [B] $ 14,006 $ 15,262 $ 13,656 $ 13,967 $ 13,468 Capital: Total capitalization $ 17,217 $ 18,821 $ 18,092 $ 19,695 $ 19,730 Total capitalization ex. AOCI: [A+B] $ 18,812 $ 20,217 $ 18,605 $ 18,819 $ 18,262 Debt to capital: Debt to capital 27.9% 26.3% 27.4% 24.6% 24.3% Debt to capital ex. AOCI 25.5% 24.5% 26.6% 25.8% 26.3% Roll-forward of common shares outstanding (millions of shares): Beginning balance 561.0 558.5 528.9 491.0 491.0 Repurchases (2.5) (29.6) (30.0) — (1.8) Retirements — — (8.1) — — Issuances — — 0.2 0.1 — Ending basic common shares outstanding 558.5 528.9 491.0 491.1 489.2 Total potentially dilutive shares — — — — — Ending common shares outstanding - maximum potential dilution 558.5 528.9 491.0 491.1 489.2 7
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Operating Earnings (Loss) by Segment and Corporate and Other (1/2) Three Months Ended September 30, 2019 Individual Retirement (in millions USD, unless otherwise indicated) (1) Group Retirement Inv Mgmt and Research Protection Solutions Corporate and Other Consolidated Revenues Policy charges, fee income and premiums $ 538 $ 72 $ — $ 503 $ 100 $ 1,213 Net investment income (loss) 287 148 5 242 120 802 Net derivative gains (losses) 175 1 — (1) 3 178 Investment management, service fees and other income 186 51 867 59 80 1,243 Segment revenues 1,186 272 872 803 303 3,436 Benefits and other deductions Policyholders’ benefits 391 — — 355 185 931 Interest credited to policyholders’ account balances 61 78 — 131 34 304 Commissions and distribution related payments 72 9 128 41 67 317 Amortization of deferred policy acquisition costs 10 5 — 56 (1) 70 Compensation, benefits and other operating costs and expenses 100 54 542 84 68 848 Interest expense and financing fees — — 2 — 59 61 Segment benefits and other deductions 634 146 672 667 412 2,531 Operating earnings (loss), before income taxes 552 126 200 136 (109) 905 Income Taxes (95) (22) (38) (23) 19 (159) Operating earnings (loss), before noncontrolling interest 457 104 162 113 (90) 746 Less: Operating (earnings) loss attributable to the noncontrolling interest — — (69) — — (69) Operating earnings (loss) $ 457 $ 104 $ 93 $ 113 $ (90) $ 677 Three Months Ended September 30, 2018 Individual Retirement Group Retirement Inv Mgmt and Research Protection Solutions Corporate and Other Consolidated Revenues Policy charges, fee income and premiums $ 560 $ 70 $ — $ 485 $ 103 $ 1,218 Net investment income (loss) 247 140 7 233 98 725 Net derivative gains (losses) 69 — (6) 2 4 69 Investment Management, service fees and other income 194 52 850 55 76 1,227 Segment revenues 1,070 262 851 775 281 3,239 Benefits and other deductions Policyholders’ benefits 312 3 — 515 208 1,038 Interest credited to policyholders’ account balances 63 72 — 117 26 278 Commissions and distribution related payments 78 8 107 30 63 286 Amortization of deferred policy acquisition costs 5 (35) — (141) (5) (176) Compensation, benefits and other operating costs and expenses 103 56 540 89 56 844 Interest Expense and Financing Fees — — 2 — 63 65 Segment benefits and other deductions 561 104 649 610 411 2,335 Operating earnings (loss), before income taxes 509 158 202 165 (130) 904 Income Taxes (75) (24) (30) (28) 23 (134) Operating earnings (loss), before noncontrolling interest 434 134 172 137 (107) 770 Less: Operating (earnings) loss attributable to the noncontrolling interest — — (76) — (1) (77) Operating earnings (loss) $ 434 $ 134 $ 96 $ 137 $ (108) $ 693 Notes: (1) 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. 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. 8
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Operating Earnings (Loss) by Segment and Corporate and Other (2/2) Nine Months Ended September 30, 2019 Individual Retirement (in millions USD, unless otherwise indicated) (1) Group Retirement Inv Mgmt and Research Protection Solutions Corporate and Other Consolidated Revenues Policy charges, fee income and premiums $ 1,560 $ 206 $ — $ 1,575 $ 307 $ 3,648 Net investment income (loss) 835 432 44 714 388 2,413 Net derivative gains (losses) 325 3 (29) 10 (2) 307 Investment Management, service fees and other income 546 149 2,485 178 222 3,580 Segment revenues 3,266 790 2,500 2,477 915 9,948 Benefits and other deductions Policyholders’ benefits 926 1 — 1,226 555 2,708 Interest credited to policyholders’ account balances 207 226 — 396 93 922 Commissions and distribution related payments 209 30 350 122 194 905 Amortization of deferred policy acquisition costs 168 27 — 156 (6) 345 Compensation, benefits and other operating costs and expenses 325 168 1,598 254 194 2,539 Interest expense and financing fees — — 9 — 170 179 Segment benefits and other deductions 1,835 452 1,957 2,154 1,200 7,598 Operating earnings (loss), before income taxes 1,431 338 543 323 (285) 2,350 Income Taxes (245) (58) (100) (55) 50 (408) Operating earnings (loss), before noncontrolling interest 1,186 280 443 268 (235) 1,942 Less: Operating (earnings) loss attributable to the noncontrolling interest — — (193) — (4) (197) Operating earnings (loss) $ 1,186 $ 280 $ 250 $ 268 $ (239) $ 1,745 Nine Months Ended September 30, 2018 Individual Retirement Group Retirement Inv Mgmt and Research Protection Solutions Corporate and Other Consolidated Revenues Policy charges, fee income and premiums $ 1,619 $ 204 $ — $ 1,562 $ 317 $ 3,702 Net investment income (loss) 733 395 14 647 340 2,129 Net derivative gains (losses) (52) 1 (4) 4 5 (46) Investment Management, service fees and other income 573 145 2,592 166 199 3,675 Segment revenues 2,873 745 2,602 2,379 861 9,460 Benefits and other deductions Policyholders’ benefits 608 3 — 1,343 568 2,522 Interest credited to policyholders’ account balances 176 216 — 359 66 817 Commissions and distribution related payments 221 30 323 101 189 864 Amortization of deferred policy acquisition costs 99 (18) — 105 (12) 174 Compensation, benefits and other operating costs and expenses 313 169 1,615 279 214 2,590 Interest Expense and Financing Fees — — 6 — 165 171 Segment benefits and other deductions 1,417 400 1,944 2,187 1,190 7,138 Operating earnings (loss), before income taxes 1,456 345 658 192 (329) 2,322 Income Taxes (249) (58) (98) (32) 60 (377) Operating earnings (loss), before noncontrolling interest 1,207 287 560 160 (269) 1,945 Less: Operating (earnings) loss attributable to the noncontrolling interest — — (286) — 3 (283) Operating earnings (loss) $ 1,207 $ 287 $ 274 $ 160 $ (266) $ 1,662 Notes (1) 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. 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. 9
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Assets Under Management and Administration Balances as of (in billions USD, except for AXA Headcount) 9/30/2018 12/31/2018 3/31/2019 6/30/2019 9/30/2019 Assets Under Management AB AUM Total AB $ 550.4 $ 516.4 $ 554.7 $ 580.8 $ 592.4 Exclusion for General Account and other Affiliated Accounts (58.3) (61.5) (62.9) (66.8) (75.2) Exclusion for Separate Accounts (34.0) (32.4) (36.3) (37.0) (36.6) AB third party $ 458.1 $ 422.5 $ 455.5 $ 477.0 $ 480.6 Total company AUM AB third party $ 458.1 $ 422.5 $ 455.5 $ 477.0 $ 480.6 General Account and other Affiliated Accounts 83.7 85.8 88.1 91.6 99.2 Separate Accounts 126.0 110.3 120.2 122.4 121.0 Total AUM $ 667.8 $ 618.6 $ 663.8 $ 691.1 $ 700.8 Total Assets Under Administration (AUA) (1) $ 47.8 $ 43.9 $ 47.8 $ 50.1 $ 50.8 AXA Advisor Headcount Total Number of AXA Advisors (2) 4,544 4,722 4,410 4,360 4,330 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. 10
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Sales Metrics by Segment For the Three Months Ended For the Nine Months Ended (in millions USD, unless otherwise indicated) 9/30/2018 12/31/2018 3/31/2019 6/30/2019 9/30/2019 Change 9/30/2018 9/30/2019 Change Insurance Operations Individual Retirement First year premiums and deposits $ 1,897 $ 1,931 $ 1,879 $ 2,093 $ 2,062 8.7 % $ 5,377 $ 6,034 12.2 % Renewal premium and deposits 82 80 95 92 80 (2.6)% 247 267 8.2 % Total Gross Premiums $ 1,979 $ 2,011 $ 1,974 $ 2,185 $ 2,142 8.2 % $ 5,624 $ 6,302 12.0 % Group Retirement First year premiums and deposits $ 344 $ 390 $ 329 $ 358 $ 332 (3.5)% $ 1,038 $ 1,018 (1.9)% Renewal premium and deposits 400 527 511 552 438 9.6 % 1,428 1,502 5.2 % Total Gross Premiums $ 744 $ 917 $ 840 $ 910 $ 770 3.5 % $ 2,466 $ 2,520 2.2 % Protection Solutions First year premiums and deposits $ 105 $ 119 $ 111 $ 113 $ 113 7.7 % $ 332 $ 337 1.6 % Renewal premium and deposits 632 651 675 633 664 5.1 % 1,926 1,972 2.4 % Total Gross Premiums $ 737 $ 770 $ 786 $ 746 $ 777 5.4 % $ 2,258 $ 2,309 2.3 % Investment Management and Research (in billions USD) Gross Sales by distribution channel Institutional (3) $ 3.7 $ 3.4 $ 3.4 $ 5.5 $ 2.9 (21.6)% $ 22.4 $ 11.7 (47.8)% Retail (3) 12.6 15.1 16.4 18.8 21.1 67.5 % 39.2 56.4 43.9 % Private Wealth Management 3.0 2.6 3.3 3.0 2.3 (23.3)% 11.0 8.6 (21.8)% Firmwide Gross Sales $ 19.3 $ 21.1 $ 23.1 $ 27.3 $ 26.3 36.3 % $ 72.6 $ 76.7 5.6 % Gross sales by investment service Equity Active (3) $ 8.7 $ 8.3 $ 7.9 $ 8.8 $ 6.9 (20.7)% $ 28.2 23.7 (16.0)% Equity Passive (1) (3) (0.1) 3.1 — — 0.3 400.0 % 1.0 0.2 (80.0)% Fixed Income - Taxable 7.3 6.6 11.5 13.1 16.2 121.9 % 21.0 40.8 94.3 % Fixed Income - Tax-Exempt (3) 2.0 1.7 2.6 2.6 2.5 25.0 % 6.2 7.6 22.6 % Fixed Income Passive (1) — — — .1 — — % — 0.1 100.0 % Other (2) 1.4 1.4 1.1 2.8 0.4 (71.4)% 16.2 4.3 (73.5)% Firmwide Gross Sales $ 19.3 $ 21.1 $ 23.1 $ 27.3 $ 26.3 36.3 % $ 72.6 $ 76.7 5.6 % Notes: (1) Includes index and enhanced index services. (2) Includes certain multi-asset solutions and services and certain alternative investments. (3) AB line item does not cross foot for the nine months ended September 30, 2019 due to rounding. 11
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Business Segments: Operating Earnings Results and Metrics 12
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Individual Retirement - Operating Earnings (Loss) and Summary Metrics For the Three Months Ended or As of For the Nine Months Ended or As of (in millions USD, unless otherwise indicated) 9/30/2018 12/31/2018 3/31/2019 6/30/2019 9/30/2019 Change 9/30/2018 9/30/2019 Change Revenues Policy charges, fee income and premiums $ 560 $ 505 $ 498 $ 524 $ 538 (3.9)% $ 1,619 $ 1,560 (3.6)% Net investment income (loss) 247 248 268 280 287 16.2 % 733 835 13.9 % Net derivative gains (losses) 69 249 63 87 175 153.6 % (52) 325 725.0 % Investment management, service fees and other income 194 179 178 182 186 (4.1)% 573 546 (4.7)% Segment revenues 1,070 1,181 1,007 1,073 1,186 10.8 % 2,873 3,266 13.7 % Benefits and other deductions Policyholders’ benefits 312 465 244 291 391 25.3 % 608 926 52.3 % Interest credited to policyholders’ account balances 63 53 62 84 61 (3.2)% 176 207 17.6 % Commissions and distribution-related payments 78 70 66 71 72 (7.7)% 221 209 (5.4)% Amortization of deferred policy acquisition costs 5 87 83 75 10 100.0 % 99 168 69.7 % Compensation and benefits, interest expense and financing fees and other operating costs and expense 103 102 111 114 100 (2.9)% 313 325 3.8 % Segment benefits and other deductions 561 777 566 635 634 13.0 % 1,417 1,835 29.5 % Operating earnings (loss), before income taxes 509 404 441 438 552 8.4 % 1,456 1,431 (1.7)% Income taxes (75) (56) (71) (79) (95) (26.7)% (249) (245) 1.6 % Operating earnings (loss), before noncontrolling interest 434 348 370 359 457 5.3 % 1,207 1,186 (1.7)% Less: Operating (earnings) loss attributable to the noncontrolling interest — — — — — — % — — — % Operating earnings (loss) (2) $ 434 $ 348 $ 370 $ 359 $ 457 5.3 % $ 1,207 $ 1,186 (1.7)% Summary Metrics Operating earnings (loss) - TTM (2): [A] $ 1,615 $ 1,555 $ 1,557 $ 1,511 $ 1,534 (5.0)% $ 1,615 $ 1,534 (5.0)% Average capital - TTM: [B] $ 7,043 $ 6,921 $ 6,881 $ 6,917 $ 7,180 2.0 % $ 7,043 $ 7,180 2.0 % Non-GAAP Operating ROC - TTM (1) (2): [A/B] 22.9% 22.5% 22.6% 21.8% 21.4% 22.9% 21.4% Average Account Value $ 104,429 $ 100,166 $ 98,543 $ 103,402 $ 104,143 (0.3)% $ 104,584 $ 99,284 (5.1)% Return on assets 1.88% 1.86% 1.87% 1.73% 1.76% 1.88% 1.85% Net flows Current Product Offering $ 749 $ 718 $ 841 $ 845 $ 802 7.1 % $ 2,195 $ 2,488 13.3 % Fixed Rate (1,007) (1,047) (929) (937) (925) 8.2 % (3,064) (2,791) 8.9 % Net flows $ (258) $ (329) $ (88) $ (92) $ (123) 52.4 % $ (869) $ (303) 65.2 % First year premiums and deposits $ 1,897 $ 1,931 $ 1,879 $ 2,093 $ 2,062 8.7 % $ 5,377 $ 6,034 12.2 % In-force Policy Count by Product (in thousands): Fixed rate 380 376 370 365 360 380 360 Current product offering 529 534 537 542 546 529 546 Total 909 910 907 907 906 909 906 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. (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 and nine months ended September 30, 2018 for the Individual Retirement segment would have been $431 million and $1.2 billion and Non-GAAP Operating ROC for the trailing twelve months ended September 30, 2019 would have been 21.5%. 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. 13
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Individual Retirement - Select Operating Metrics For the Three Months Ended or As of For the Nine Months Ended or As of (in millions USD, unless otherwise indicated) 9/30/2018 12/31/2018 3/31/2019 6/30/2019 9/30/2019 9/30/2018 9/30/2019 Sales Metrics First Year Premiums by Product: SCS $ 1,064 $ 1,088 $ 1,106 $ 1,302 $ 1,305 $ 2,838 $ 3,713 Retirement Cornerstone 607 620 583 543 522 1,859 1,648 Investment Edge 133 134 110 152 146 403 408 Other 93 89 80 96 89 277 265 Total First Year Premiums $ 1,897 $ 1,931 $ 1,879 $ 2,093 $ 2,062 $ 5,377 $ 6,034 First Year Premiums by Guarantee: Non-GMxB $ 1,209 $ 1,194 $ 1,239 $ 1,433 $ 1,483 $ 3,446 $ 4,155 ROP death benefit only 161 177 119 165 118 319 402 Total non-GMxB & ROP death benefit only 1,370 1,371 1,358 1,598 1,601 3,765 4,557 Floating rate GMxB 519 543 511 479 449 1,581 1,439 Fixed rate GMxB 8 17 10 16 12 31 38 Total First Year Premiums $ 1,897 $ 1,931 $ 1,879 $ 2,093 $ 2,062 $ 5,377 $ 6,034 Account Values General Account: Balance as of beginning of period $ 20,470 $ 21,403 $ 20,631 $ 22,677 $ 23,455 $ 19,059 $ 20,631 Gross premiums 1,045 1,069 1,177 1,268 1,273 2,976 3,718 Surrenders, withdrawals and benefits (515) (577) (473) (501) (474) (1,428) (1,448) Net flows 530 492 704 767 799 1,548 2,270 Investment performance, interest credited and policy charges 403 (1,264) 1,342 469 155 796 1,966 Transfer to Corp & Other — — — (458) — — (458) Balance as of end of period $ 21,403 $ 20,631 $ 22,677 $ 23,455 $ 24,409 $ 21,403 $ 24,409 Separate Accounts: Balance as of beginning of period $ 82,643 $ 84,341 $ 73,958 $ 79,821 $ 80,852 $ 84,364 $ 73,958 Gross premiums 946 991 861 905 862 2,857 2,628 Surrenders, withdrawals and benefits (1,734) (1,812) (1,653) (1,764) (1,784) (5,274) (5,201) Net flows (788) (821) (792) (859) (922) (2,417) (2,573) Investment performance, interest credited and policy charges 2,486 (9,562) 6,655 1,890 (360) 2,394 8,185 Transfer to Corp & Other — — — — — — — Balance as of end of period $ 84,341 $ 73,958 $ 79,821 $ 80,852 $ 79,570 $ 84,341 $ 79,570 Total: Balance as of beginning of period $ 103,113 $ 105,744 $ 94,589 $ 102,498 $ 104,307 $ 103,423 $ 94,589 Gross premiums (1) 1,991 2,060 2,038 2,173 2,135 5,833 6,346 Surrenders, withdrawals and benefits (2,249) (2,389) (2,126) (2,265) (2,258) (6,702) (6,649) Net flows (258) (329) (88) (92) (123) (869) (303) Investment performance, interest credited and policy charges 2,889 (10,826) 7,997 2,359 (205) 3,190 10,151 Transfer to Corp & Other — — — (458) — — (458) Balance as of end of period $ 105,744 $ 94,589 $ 102,498 $ 104,307 $ 103,979 $ 105,744 $ 103,979 Net Amount at Risk (NAR) Total GMIB NAR $ 5,508 $ 8,572 $ 7,791 $ 8,577 $ 9,980 $ 5,508 $ 9,980 Total GMDB NAR 17,584 23,273 20,048 19,697 20,399 17,584 20,399 Reserves (Net of Reinsurance) GMIB Reserves $ 6,391 $ 7,349 $ 7,846 $ 8,481 $ 11,433 $ 6,391 $ 11,433 GMDB Reserves 4,412 4,545 4,560 4,606 4,663 4,412 4,663 Total GMDB/IB Variable Annuity Reserves (Net of Reinsurance) $ 10,803 $ 11,894 $ 12,406 $ 13,087 $ 16,096 $ 10,803 $ 16,096 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. 14
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Group Retirement - Operating Earnings (Loss) and Summary Metrics For the Three Months Ended or As of For the Nine Months Ended or As of (in millions USD, unless otherwise indicated) 9/30/2018 12/31/2018 3/31/2019 6/30/2019 9/30/2019 Change 9/30/2018 9/30/2019 Change Revenues Policy charges, fee income and premiums $ 70 $ 67 $ 65 $ 69 $ 72 2.9 % $ 204 $ 206 1.0 % Net investment income (loss) 140 157 134 150 148 5.7 % 395 432 9.4 % Net derivative gains (losses) — 1 4 (2) 1 100.0 % 1 3 200.0 % Investment management, service fees and other income 52 49 48 50 51 (1.9)% 145 149 2.8 % Segment revenues 262 274 251 267 272 3.8 % 745 790 6.0 % Benefits and other deductions Policyholder benefits 3 1 — 1 — (100.0)% 3 1 (66.7)% Interest credited to policyholders’ account balances 72 74 73 75 78 8.3 % 216 226 4.6 % Commissions and distribution-related payments 8 12 10 11 9 12.5 % 30 30 — % Amortization of deferred policy acquisition costs (35) 11 12 10 5 114.3 % (18) 27 250.0 % Compensation and benefits, interest expense and financing fees and other operating costs and expense 56 56 60 54 54 (3.6)% 169 168 (0.6)% Segment benefits and other deductions 104 154 155 151 146 40.4 % 400 452 13.0 % Operating earnings (loss), before income taxes 158 120 96 116 126 (20.3)% 345 338 (2.0)% Income taxes (24) (18) (15) (21) (22) 8.3 % (58) (58) — % Operating earnings (loss), before noncontrolling interest 134 102 81 95 104 (22.4)% 287 280 (2.4)% Less: Operating (earnings) loss attributable to the noncontrolling interest — — — — — — % — — — % Operating earnings (loss) $ 134 $ 102 $ 81 $ 95 $ 104 (22.4)% $ 287 $ 280 (2.4)% Summary Metrics Operating earnings (loss) - TTM: [A] $ 377 $ 389 $ 394 $ 412 $ 382 N/M $ 377 $ 382 1.3 % Average capital - TTM: [B] $ 1,210 $ 1,227 $ 1,256 $ 1,285 $ 1,310 N/M $ 1,210 $ 1,310 8.3 % Non-GAAP Operating ROC - TTM (1): [A/B] 31.2% 31.7% 31.3% 32.1% 29.2% 31.2% 29.2% Average Account Value $ 35,113 $ 33,989 $ 33,739 $ 35,567 $ 36,059 2.7 % $ 34,741 $ 34,231 (1.5)% Return on assets 1.27% 1.37% 1.39% 1.38% 1.27% 1.29% 1.34% Net flows $ (100) $ (56) $ 107 $ 164 $ (23) 77.4 % $ 152 $ 248 63.3 % Gross premiums $ 744 $ 917 $ 840 $ 910 $ 770 3.5 % $ 2,466 $ 2,520 2.2 % 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. 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. 15
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Group Retirement - Select Operating Metrics For the Nine Months Ended For the Three Months Ended or As of or As of (in millions USD, unless otherwise indicated) 9/30/2018 12/31/2018 3/31/2019 6/30/2019 9/30/2019 9/30/2018 9/30/2019 Sales Metrics Gross premiums: First-year premiums $ 344 $ 390 $ 329 $ 358 $ 332 $ 1,038 $ 1,018 Renewal premiums 400 527 511 552 438 1,428 1,502 Group Retirement premiums $ 744 $ 917 $ 840 $ 910 $ 770 $ 2,466 $ 2,520 Gross premiums by market: Tax-exempt $ 225 $ 267 $ 198 $ 223 $ 224 $ 644 $ 645 Corporate 111 113 123 122 93 366 337 Other 8 10 8 13 15 28 36 Total First Year Premiums 344 390 329 358 332 1,038 1,018 Tax-exempt 286 408 376 420 313 1,042 1,109 Corporate 77 76 87 82 83 243 252 Other 37 43 48 50 42 143 141 Total renewal premiums 400 527 511 552 438 1,428 1,502 Group Retirement premiums by market $ 744 $ 917 $ 840 $ 910 $ 770 $ 2,466 $ 2,520 Account Values General Account: Balance as of beginning of period $ 11,502 $ 11,587 $ 11,619 $ 11,752 $ 11,892 $ 11,319 $ 11,619 Gross premiums 290 339 305 321 340 832 965 Surrenders, withdrawals and benefits (284) (355) (267) (264) (292) (786) (822) Net flows 6 (16) 38 57 48 46 143 Investment performance, interest credited and policy charges 79 48 95 83 78 222 256 Balance as of end of period $ 11,587 $ 11,619 $ 11,752 $ 11,892 $ 12,018 $ 11,587 $ 12,018 Separate Accounts: Balance as of beginning of period $ 23,147 $ 23,989 $ 20,782 $ 23,325 $ 24,165 $ 22,587 $ 20,782 Gross premiums 454 578 535 589 430 1,634 1,555 Surrenders, withdrawals and benefits (560) (618) (466) (482) (501) (1,528) (1,450) Net flows (106) (40) 69 107 (71) 106 105 Investment performance, interest credited and policy charges 948 (3,167) 2,474 733 (51) 1,296 3,156 Balance as of end of period $ 23,989 $ 20,782 $ 23,325 $ 24,165 $ 24,043 $ 23,989 $ 24,043 Total: Balance as of beginning of period $ 34,649 $ 35,576 $ 32,401 $ 35,077 $ 36,057 $ 33,906 $ 32,401 Gross premiums 744 917 840 910 770 2,466 2,520 Surrenders, withdrawals and benefits (844) (973) (733) (746) (793) (2,314) (2,272) Net flows (100) (56) 107 164 (23) 152 248 Investment performance, interest credited and policy charges 1,027 (3,119) 2,569 816 27 1,518 3,412 Balance as of end of period $ 35,576 $ 32,401 $ 35,077 $ 36,057 $ 36,061 $ 35,576 $ 36,062 16
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Investment Management and Research - Operating Earnings (Loss) and Summary Metrics For the Three Months Ended or As of For the Nine Months Ended or As of (in millions USD, unless otherwise indicated) 9/30/2018 12/31/2018 3/31/2019 6/30/2019 9/30/2019 Change 9/30/2018 9/30/2019 Change Revenues Net investment income (loss) $ 7 $ (24) $ 24 $ 15 $ 5 (28.6)% $ 14 $ 44 214.3 % Net derivative gains (losses) (6) 16 (20) (9) — 100.0 % (4) (29) (625.0)% Investment management, service fees and other income 850 817 776 842 867 2.0 % 2,592 2,485 (4.1)% Segment Revenues 851 809 780 848 872 2.5 % 2,602 2,500 (3.9)% Benefits and other deductions Commissions and distribution-related payments 107 104 106 116 128 19.6 % 323 350 8.4 % Compensation, benefits and other operating costs and expenses 540 500 509 547 542 0.4 % 1,615 1,598 (1.1)% Interest expense and financing fees 2 2 4 3 2 — % 6 9 50.0 % Total benefits and other deductions 649 606 619 666 672 3.5 % 1,944 1,957 0.7 % Operating earnings (loss), before income taxes 202 203 161 182 200 (1.0)% 658 543 (17.5)% Income taxes (30) (24) (29) (33) (38) (26.7)% (98) (100) (2.0)% Operating earnings (loss), before noncontrolling interest 172 179 132 149 162 (5.8)% 560 443 (20.9)% Less: Operating (earnings) loss attributable to the noncontrolling interest (76) (72) (55) (69) (69) 9.2 % (286) (193) 32.5 % Operating earnings (loss) $ 96 $ 107 $ 77 $ 80 $ 93 (3.1)% $ 274 $ 250 (8.8)% Summary Metrics Adjusted operating margin (1) 29.7% 29.3% 24.1% 25.1% 27.5% 29.1% 25.7% Net flows (in billions USD) $ 1.3 $ 0.8 $ 1.1 $ 9.5 $ 8.1 $ (8.8) $ 18.7 Total AUM (in billions USD) $ 550.4 $ 516.4 $ 554.7 $ 580.8 $ 592.4 $ 550.4 $ 592.4 Ownership Structure of AB Holdings and its subsidiaries 63.7% 63.6% 64.0% 63.7% 63.8% 63.7% 63.8% AB Holding 35.5% 35.6% 35.2% 35.6% 35.4% 35.5% 35.4% Unaffiliated holders 0.8% 0.8% 0.8% 0.7% 0.8% 0.8% 0.8% Total 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% EQH economic interest 65.1% 65.2% 65.6% 65.2% 65.3% 65.1% 65.3% EQH average economic interest 65.0% 65.3% 65.6% 65.2% 65.3% 56.7% 65.2% Units of limited partnership outstanding (in millions) 268.6 268.9 267.2 268.8 268.2 268.6 268.2 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. 17
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Investment Management and Research - Select Operating Metrics For the Three Months Ended or As of (in billions USD, unless otherwise indicated) 9/30/2018 12/31/2018 3/31/2019 6/30/2019 9/30/2019 AUM Roll-forward Balance as of beginning of period $ 539.8 $ 550.4 $ 516.4 $ 554.7 $ 580.8 Sales/new accounts 19.3 21.2 23.1 27.3 26.3 Redemptions/terminations (13.3) (19.7) (18.2) (16.1) (18.6) Cash flow/unreinvested dividends (4.7) (0.7) (3.8) (1.7) 0.4 Net long-term (outflows) inflows 1.3 0.8 1.1 9.5 8.1 Adjustments (1) — — — (0.9) — Market appreciation (depreciation) 9.3 (34.8) 37.2 17.5 3.5 Net change 10.6 (34.0) 38.3 26.1 11.6 Balance as of end of period $ 550.4 $ 516.4 $ 554.7 $ 580.8 $ 592.4 Ending Assets by distribution channel Institutions $ 257.0 $ 246.3 $ 256.6 $ 269.1 $ 272.9 Retail 196.3 180.8 201.9 214.5 222.5 Private Wealth Management 97.1 89.3 96.2 97.2 97.0 Total $ 550.4 $ 516.4 $ 554.7 $ 580.8 $ 592.4 Ending Assets by investment service Equity Actively Managed $ 155.9 $ 136.2 $ 155.1 $ 161.8 $ 159.9 Passively Managed (2) 56.0 50.2 55.8 57.4 56.8 Total Equity $ 211.9 $ 186.4 $ 210.9 $ 219.2 $ 216.7 Fixed Income Actively Managed $ 266.8 $ 261.4 $ 271.0 $ 285.1 $ 298.7 Passively Managed (2) 9.9 9.4 9.3 9.5 9.4 Total Fixed Income 276.7 270.8 280.3 294.6 308.1 Total Other (3) 61.8 59.2 63.5 67.0 67.6 Total $ 550.4 $ 516.4 $ 554.7 $ 580.8 $ 592.4 Notes: (1) Approximately $900 million of non-investment management fee earning taxable and tax-exempt money market assets were removed from assets under management during the second quarter of 2019. (2) Includes index and enhanced index services. (3) Includes certain multi-asset solutions and services and certain alternative investments. 18
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Investment Management and Research - Net Flows For the Three Months Ended For the Nine Months Ended or As of (in billions USD, unless otherwise indicated) 9/30/2018 12/31/2018 3/31/2019 6/30/2019 9/30/2019 9/30/2018 9/30/2019 Net Flows by Distribution Channel Institutions US (3) $ (1.2) $ 3.7 $ (3.1) $ 1.0 $ 6.6 $ (7.5) $ 4.6 Global and Non-US (3) 1.0 (2.7) (1.6) 3.2 (5.1) (3.5) (3.6) Total Institutions $ (0.2) $ 1.0 $ (4.7) $ 4.2 $ 1.5 $ (11.0) $ 1.0 Retail US (3) $ 2.6 $ 2.9 $ 1.7 $ 0.5 $ 1.0 $ 3.8 $ 3.3 Global and Non-US (3) (1.4) (2.2) 3.6 5.4 6.4 (4.5) 15.3 Total Retail $ 1.2 $ 0.7 $ 5.3 $ 5.9 $ 7.4 $ (0.7) $ 18.6 Private Wealth US $ (0.2) $ (0.8) $ 0.1 $ (0.5) $ (0.6) $ 0.8 $ (1.0) Global and Non-US 0.5 (0.1) 0.4 (0.1) (0.2) 2.1 0.1 Total Private Wealth $ 0.3 $ (0.9) $ 0.5 $ (0.6) $ (0.8) $ 2.9 $ (0.9) Total Net Flows by Distribution Channel $ 1.3 $ 0.8 $ 1.1 $ 9.5 $ 8.1 $ (8.8) $ 18.7 Net Flows by Investment Service Equity Active US (3) $ 1.3 $ 1.6 $ (0.1) $ 0.5 $ 0.6 $ 1.0 $ 1.1 Global and Non-US 1.6 — 1.1 0.5 (2.0) 8.2 (0.4) Total Equity Active (3) $ 2.9 $ 1.6 $ 1.0 $ 1.0 $ (1.4) $ 9.2 $ 0.7 Equity Passive (1) US (3) $ (1.1) $ 2.7 $ (0.7) $ (0.5) $ (0.9) $ (2.1) $ (2.2) Global and Non-US (3) (0.1) (0.4) (0.1) (0.1) (0.2) (0.3) (0.3) Total Equity Passive (1) $ (1.2) $ 2.3 $ (0.8) $ (0.6) $ (1.1) $ (2.4) $ (2.5) Fixed Income - Taxable US (3) $ 0.5 $ 2.6 $ (2.1) $ 0.9 $ 6.6 $ (5.7) $ 5.3 Global and Non-US (3) (1.0) (6.0) 1.4 6.0 2.8 (10.3) 10.1 Total Fixed Income - Taxable (3) $ (0.5) $ (3.4) $ (0.7) $ 6.9 $ 9.4 $ (16.0) $ 15.4 Fixed Income - Tax-Exempt US $ 0.4 $ (0.8) $ 0.9 $ 0.1 $ 1.0 $ 1.5 $ 2.0 Global and Non-US — — — — — — — Total Fixed Income - Taxable $ 0.4 $ (0.8) $ 0.9 $ 0.1 $ 1.0 $ 1.5 $ 2.0 Fixed Income - Passive (1) US $ — $ (0.3) $ (0.1) $ (0.1) $ (0.1) $ 0.3 $ (0.2) Global and Non-US (0.1) (0.1) (0.3) (0.1) (0.1) (0.1) (0.5) Total Fixed Income - Passive (1) $ (0.1) $ (0.4) $ (0.4) $ (0.2) $ (0.2) $ 0.2 $ (0.7) Other (2) US (3) $ 0.1 $ — $ 0.8 $ 0.1 $ (0.2) $ 2.2 $ 0.8 Global and Non-US (3) (0.3) 1.5 0.3 2.2 0.6 (3.5) 3.0 Total Other (2) $ (0.2) $ 1.5 $ 1.1 $ 2.3 $ 0.4 $ (1.3) $ 3.8 Total Net Flows by Investment Service $ 1.3 $ 0.8 $ 1.1 $ 9.5 $ 8.1 $ (8.8) $ 18.7 Active vs. Passive Net Flows Actively Managed Equity (3) $ 2.9 $ 1.6 $ 1.0 $ 1.0 $ (1.4) $ 9.2 $ 0.7 Fixed Income (3) (0.1) (4.2) 0.2 7.0 10.4 (14.5) 17.4 Other (2) (0.3) 1.4 1.0 2.2 0.3 (1.5) 3.5 Total (3) $ 2.5 $ (1.2) $ 2.2 $ 10.2 $ 9.3 $ (6.8) $ 21.6 Passively Managed (1) Equity $ (1.2) $ 2.3 $ (0.8) $ (0.6) $ (1.1) $ (2.4) $ (2.5) Fixed Income (3) (0.1) -0.4 (0.4) (0.2) (0.2) 0.2 (0.7) Other (2) 0.1 0.1 0.1 0.1 0.1 0.2 0.3 Total (3) $ (1.2) $ 2.0 $ (1.1) $ (0.7) $ (1.2) $ (2.0) $ (2.9) Total Active vs Passive Net Flows $ 1.3 $ 0.8 $ 1.1 $ 9.5 $ 8.1 $ (8.8) $ 18.7 Notes: (1) Includes index and enhanced index services. (2) Includes certain multi-asset solutions and services and certain alternative investments. (3) AB line item does not cross foot for the nine months ended September 30, 2019 due to rounding. 19
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Protection Solutions - Operating Earnings (Loss) and Summary Metrics For the Three Months Ended or As of For the Nine Months Ended or As of (in millions USD, unless otherwise indicated) 9/30/2018 12/31/2018 3/31/2019 6/30/2019 9/30/2019 Change 9/30/2018 9/30/2019 Change Revenues Policy charges, fee income and premiums $ 485 $ 541 $ 542 $ 530 $ 503 3.7 % $ 1,562 $ 1,575 0.8 % Net investment income (loss) 233 254 224 248 242 3.9 % 647 714 10.4 % Net derivative gains (losses) 2 1 10 1 (1) (150.0)% 4 10 150.0 % Investment management, service fees and other income 55 57 55 64 59 7.3 % 166 178 7.2 % Segment revenues 775 853 831 843 803 3.6 % 2,379 2,477 4.1 % Benefits and other deductions Policyholders’ benefits 515 484 452 419 355 (31.1)% 1,343 1,226 (8.7)% Interest credited to policyholders’ account balances 117 122 138 127 131 12.0 % 359 396 10.3 % Commissions and distribution-related payments 30 41 38 43 41 36.7 % 101 122 20.8 % Amortization of deferred policy acquisition costs (141) 61 50 50 56 139.7 % 105 156 48.6 % Compensation and benefits, interest expense and financing fees and other operating costs and expense 89 101 95 75 84 (5.6)% 279 254 (9.0)% Segment benefits and other deductions 610 809 773 714 667 9.3 % 2,187 2,154 (1.5)% Operating earnings (loss), before income taxes 165 44 58 129 136 (17.6)% 192 323 68.2 % Income taxes (28) (7) (9) (23) (23) 17.9 % (32) (55) (71.9)% Operating earnings (loss), before noncontrolling interest 137 37 49 106 113 (17.5)% 160 268 67.5 % Less: Operating (earnings) loss attributable to the noncontrolling interest — — — — — — % — — — % Operating earnings (loss) $ 137 $ 37 $ 49 $ 106 $ 113 (17.5)% $ 160 $ 268 67.5 % Summary Metrics Operating earnings (loss) - TTM (2): [A] $ 249 $ 197 $ 211 $ 329 $ 305 N/M $ 249 $ 305 N/M Average capital - TTM: [B] $ 2,605 $ 2,656 $ 2,762 $ 2,870 $ 2,933 N/M $ 2,605 $ 2,933 N/M Non-GAAP Operating ROC - TTM (1) (2): [A/B] 9.6% 7.4% 7.6% 11.5% 10.4% 9.6% 10.4% Benefit ratio 81.5% 71.0% 71.0% 64.8% 60.5% 71.5% 65.5% Gross written premiums $ 737 $ 770 $ 786 $ 746 $ 777 5.4 % $ 2,258 $ 2,309 2.3 % Annualized premiums $ 56 $ 67 $ 64 $ 63 $ 61 8.6 % $ 179 $ 188 4.9 % Total in-force face amount (in billions USD) $ 443.0 $ 442.4 $ 442.7 $ 442.7 $ 442.3 (0.2)% $ 443.0 $ 442.3 (0.2)% 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. (2) Protection Solutions Non-GAAP Operating ROC excludes after tax impact of certain one-time items between Q4 2017 and Q3 2018. For Q4 2017 the impact of one-time items excluded from Protection Solutions operating earnings is $535 million pre-tax and $359 million after tax, assuming a tax rate of 33%. 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. 20
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Protection Solutions - Select Operating Metrics For the Three Months Ended or As of For the Nine Months Ended or As of (in millions USD, unless otherwise indicated) 9/30/2018 12/31/2018 3/31/2019 6/30/2019 9/30/2019 9/30/2018 9/30/2019 Sales Metrics First Year Premiums by Product Line: Universal Life $ 1 $ — $ — $ — $ 1 $ 3 $ 1 Indexed Universal Life 51 52 46 50 51 164 147 Variable Universal Life 40 54 47 43 42 122 132 Term 5 5 5 5 5 14 15 Employee Benefits 8 7 13 15 13 29 41 Other (1) — 1 — — 1 — 1 Total $ 105 $ 119 $ 111 $ 113 $ 113 $ 332 $ 337 Renewals by Product Line: Universal Life $ 237 $ 231 $ 225 $ 218 $ 239 $ 687 $ 682 Indexed Universal Life 55 58 70 59 60 166 189 Variable Universal Life 213 224 241 222 221 680 684 Term 114 121 121 117 125 362 363 Employee Benefits 7 10 12 12 14 14 38 Other (1) 6 7 6 5 5 17 16 Total 632 651 675 633 664 1,926 1,972 Total Gross Premiums $ 737 $ 770 $ 786 $ 746 $ 777 $ 2,258 $ 2,309 In-force Metrics In-force Face Amount by Product (2) (in billions): Universal Life (3) $ 57.0 $ 55.9 $ 55.1 $ 54.5 $ 53.8 $ 57.0 $ 53.8 Indexed Universal Life 22.0 22.9 23.6 24.3 24.9 22.0 24.9 Variable Universal Life (4) 128.0 127.3 127.4 127.1 126.8 128.0 126.8 Term 234.0 234.9 235.1 235.4 235.4 234.0 235.4 Whole Life 2.0 1.4 1.5 1.4 1.4 2.0 1.4 Total $ 443.0 $ 442.4 $ 442.7 $ 442.7 $ 442.3 $ 443.0 $ 442.3 In-force Policy Count by Product (2) (in thousands): Universal Life (3) 180 177 174 173 171 180 171 Indexed Universal Life 50 52 53 54 54 50 54 Variable Universal Life (4) 309 307 305 302 300 309 300 Term 335 333 331 329 326 335 326 Whole Life 19 19 19 18 18 19 18 Total 893 888 882 876 870 893 870 Protection Solutions Reserves General Account $ 17,564 $ 17,562 $ 17,731 $ 17,716 $ 17,819 $ 17,564 $ 17,819 Separate Accounts 13,055 11,393 12,572 12,903 12,804 13,055 12,804 Total $ 30,619 $ 28,955 $ 30,303 $ 30,619 $ 30,623 $ 30,619 $ 30,623 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. 21
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Investments 22
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Consolidated Investment Portfolio Composition Balances as of (in millions USD, unless otherwise indicated) December 31, 2018 September 30, 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% $ 66,300 66.8% Mortgage loans on real estate 11,835 13.8% 12,022 12.1% Policy loans 3,779 4.4% 3,750 3.8% Real estate held for the production of income 52 0.1% 27 —% Other equity investments 1,334 1.6% 1,330 1.3% Other invested assets 2,037 2.4% 2,349 2.4% Subtotal investment assets 65,316 76.1% 85,778 86.5% Trading securities 16,017 18.7% 8,939 9.0% Total investments 81,333 94.8% 94,717 95.5% Cash and cash equivalents 4,469 5.2% 4,471 4.5% Total $ 85,802 100.0% $ 99,188 100.0% General Account Fixed maturities by industry (Based on amortized cost) Corporate securities: Finance $ 6,343 13.7% $ 11,388 18.5% Manufacturing 9,123 19.6% 12,808 20.8% Utilities 4,413 9.5% 5,074 8.2% Services 4,317 9.3% 6,563 10.6% Energy 2,347 5.1% 3,791 6.1% Retail and wholesale 2,163 4.7% 3,467 5.6% Transportation 1,357 2.9% 1,825 3.0% Other 171 0.4% 169 0.3% Total corporate securities 30,234 65.1% 45,085 73.1% U.S. government and agency 13,989 30.1% 14,271 23.1% Residential mortgage-backed (2) 225 0.5% 199 0.3% Preferred stock 448 1.0% 407 0.7% State & municipal 415 0.9% 623 1.0% Foreign governments 524 1.1% 487 0.8% Asset-backed securities 612 1.3% 612 1.0% Total $ 46,447 100.0% $ 61,684 100.0% General Account Fixed maturities credit quality (3) (Based on amortized cost) Aaa, Aa, A (NAIC Designation 1) $ 30,805 66.3% $ 41,722 67.6% Baa (NAIC Designation 2) 14,541 31.3% 18,663 30.3% Investment grade 45,346 97.6% 60,385 97.9% Below investment grade (NAIC Designation 3,4,5 and 6) 1,101 2.4% 1,299 2.1% Total $ 46,447 100.0% $ 61,684 100.0% 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. 23
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Consolidated Results of General Account Investment Portfolio For the Nine Months Ended or As of Year Ended or As of (in millions USD, unless otherwise indicated) September 30, 2018 September 30, 2019 December 31, 2018 Yield Amount (1) Yield Amount (1) Yield Amount (1) Fixed Maturities: Income (loss) 3.83 % $ 1,280 3.78 % $ 1,486 3.86 % $ 1,732 Ending assets 44,212 61,684 46,447 Mortgages: Income (loss) 4.19 % 362 4.37 % 397 4.26 % 494 Ending assets 12,070 12,022 11,835 Real Estate Held for Production of Income: Income (loss) (4.35)% (6) (3.85)% (2) (5.29)% (6) Ending assets 54 27 52 Other Equity Investments: Income (loss) 8.69 % 85 7.36 % 75 10.08 % 133 Ending assets 1,325 1,461 1,354 Policy Loans: Income 5.62 % 159 5.57 % 157 5.71 % 215 Ending assets 3,739 3,750 3,779 Cash and Short-term Investments: Income 0.72 % 25 0.04 % 1 0.49 % 21 Ending assets 3,788 2,071 3,332 Repurchase and Funding Agreements: Interest expense and other (76) (76) (104) Ending (liabilities) (4,891) (6,510) (4,561) Total invested Assets: Income 3.99 % 1,829 3.98 % 2,038 4.06 % 2,485 Ending assets 60,297 74,505 62,238 Short Duration Fixed Maturities: Income (loss) 2.37 % 232 3.09 % 251 2.49 % 333 Ending assets 14,084 8,030 14,818 Total Net Investment Income: Investment income 3.71 % 2,061 3.86 % 2,289 3.78 % 2,818 Less: investment fees (0.08)% (44) (0.08)% (48) (0.08)% (62) Investment income, net 3.63 % $ 2,017 3.78 % $ 2,241 3.70 % $ 2,756 General Account Ending Net Assets $ 74,381 $ 82,535 $ 77,056 Operating Earnings adjustments: Repurchase and Funding Agreements interest expense 76 76 104 AB and other non-General Account investment income 36 96 2 Operating Net investment income (loss) $ 2,129 $ 2,413 $ 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. 24
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Additional Information 25
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Deferred Policy Acquisition Costs Rollforward For the Three Months Ended or As of For the Nine Months Ended or As of (in millions USD, unless otherwise indicated) 9/30/2018 12/31/2018 3/31/2019 6/30/2019 9/30/2019 9/30/2018 9/30/2019 TOTAL Beginning balance $ 6,285 $ 6,736 $ 6,745 $ 6,018 $ 6,080 $ 5,919 $ 6,745 Capitalization of commissions, sales and issue expenses 180 190 173 189 182 512 544 Amortization 183 (159) (198) (177) (85) (174) (460) Change in unrealized investment gains and losses 88 (22) (702) 50 (390) 479 (1,042) Ending balance $ 6,736 $ 6,745 $ 6,018 $ 6,080 $ 5,787 $ 6,736 $ 5,787 Individual Retirement Beginning balance $ 3,089 $ 3,171 $ 3,229 $ 3,212 $ 3,191 $ 2,988 $ 3,229 Capitalization of commissions, sales and issue expenses 107 113 100 116 111 295 327 Amortization (3) (83) (144) (115) (23) (100) (282) Change in unrealized investment gains and losses (22) 28 27 (22) (38) (12) (33) Ending balance $ 3,171 $ 3,229 $ 3,212 $ 3,191 $ 3,241 $ 3,171 $ 3,241 Group Retirement Beginning balance $ 578 $ 640 $ 657 $ 650 $ 664 $ 518 $ 657 Capitalization of commissions, sales and issue expenses 21 26 23 26 22 65 71 Amortization 37 (9) (12) (10) (7) 19 (29) Change in unrealized investment gains and losses 4 — (18) (2) (5) 38 (25) Ending balance $ 640 $ 657 $ 650 $ 664 $ 674 $ 640 $ 674 Protection Solutions Beginning balance $ 2,471 $ 2,757 $ 2,706 $ 2,061 $ 2,185 $ 2,352 $ 2,706 Capitalization of commissions, sales and issue expenses 51 51 50 47 49 152 146 Amortization 143 (60) (49) (50) (56) (101) (155) Change in unrealized investment gains and losses 92 (42) (646) 127 (322) 354 (841) Ending balance $ 2,757 $ 2,706 $ 2,061 $ 2,185 $ 1,856 $ 2,757 $ 1,856 Corporate and Other Beginning balance $ 147 $ 168 $ 153 $ 95 $ 40 $ 61 $ 153 Capitalization of commissions, sales and issue expenses 1 — — — — — — Amortization 6 (7) 7 (2) 1 8 6 Change in unrealized investment gains and losses 14 (8) (65) (53) (25) 99 (143) Ending balance $ 168 $ 153 $ 95 $ 40 $ 16 $ 168 $ 16 26
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Use of Non-GAAP Financial Measures In addition to our results presented in accordance with U.S. GAAP, we report Non-GAAP Operating Earnings, Non-GAAP Operating ROE and, for certain prior periods, 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 the prevailing corporate federal income tax rate of 21%, while taking into account any non-recurring differences for events recognized differently in our financial statements and federal income tax returns as well as partnership income taxed at lower rates when reconciling Net income (loss) attributable to Holdings to Non-GAAP Operating Earnings. 27
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Use of Non-GAAP Financial Measures Non-GAAP Operating ROE, Pro forma Non-GAAP Operating ROE and Non-GAAP Operating ROC by Segment We report Non-GAAP Operating ROE, 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 Non- GAAP Operating ROE by dividing Non-GAAP Operating Earnings for the previous twelve calendar months by consolidated average equity attributable to Holdings, excluding Accumulated Other Comprehensive Income (“AOCI”). 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. We calculate Non-GAAP Operating ROC by segment by dividing Operating earnings (loss) on a segment basis for the previous twelve calendar months by average capital on a segment basis, excluding AOCI, 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. 28
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Reconciliation of Non-GAAP Measures (1/3) For the Three Months Ended or As of For the Nine Months Ended or As of (in millions USD, unless otherwise indicated) 9/30/2018 12/31/2018 3/31/2019 6/30/2019 9/30/2019 9/30/2018 9/30/2019 Net income (loss) attributable to Holdings Net income (loss) attributable to Holdings $ (496) $ 1,938 $ (775) $ 363 $ (384) $ (118) $ (796) Adjustments related to: Variable annuity product features 1,403 (1,898) 1,540 200 1,444 1,829 3,184 Investment gains (losses), net 36 130 11 12 (199) (44) (176) Net actuarial gains (losses) related to pension and other postretirement benefit obligations 24 33 24 24 24 182 72 Other adjustments (1) 51 69 40 89 78 229 207 Income tax (expense) benefits related to above adjustments (409) 350 (337) (71) (282) (461) (690) Non-recurring tax items 84 (118) 6 (58) (4) 45 (56) Non-GAAP Operating earnings (loss) (2) $ 693 $ 504 $ 509 $ 559 $ 677 $ 1,662 $ 1,745 Net income (loss) attributable to Holdings $ (0.89) $ 3.57 $ (1.50) $ 0.74 $ (0.78) $ (0.21) $ (1.59) Adjustments related to: Variable annuity product features 2.50 (3.49) 2.97 0.41 2.94 3.26 6.36 Investment gains (losses), net 0.06 0.24 0.02 0.02 (0.40) (0.08) (0.35) Net actuarial gains (losses) related to pension and other postretirement benefit obligations 0.04 0.06 0.05 0.05 0.05 0.32 0.14 Other adjustments (1) 0.10 0.13 0.08 0.18 0.15 0.41 0.42 Income tax (expense) benefit related to above adjustments (0.73) 0.64 (0.65) (0.14) (0.57) (0.82) (1.38) Non-recurring tax items 0.15 (0.22) 0.01 (0.12) (0.01) 0.08 (0.11) Non-GAAP Operating earnings (2) $ 1.23 $ 0.93 $ 0.98 $ 1.14 $ 1.38 $ 2.96 $ 3.49 Book Value per share Book Value per Share $ 22.22 $ 26.22 $ 26.77 $ 30.22 $ 30.53 $ 22.22 $ 30.53 Less: Per share impact of AOCI (2.86) (2.64) (1.04) 1.78 3.00 (2.86) 3.00 Book value per share (ex. AOCI) $ 25.08 $ 28.86 $ 27.81 $ 28.44 $ 27.53 $ 25.08 $ 27.53 Notes: 561.0 561.0 561.0 561.1 560.3 561.0 560.8 (1) "Other adjustments" includes separation costs of $39 million, $66 million, $121 million and $160 million for the three and nine months ended September 30, 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 and nine months ended September 30, 2018 would have been $690 million and $1.6 billion or $1.22 and $2.86 per diluted share basis. 29
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Reconciliation of Non-GAAP Measures (2/3) Pro forma (1) As of and for the Twelve As of and for the Twelve Months Ended Months Ended (in millions USD, unless otherwise indicated) 9/30/2018 12/31/2018 3/31/2019 6/30/2019 9/30/2019 Net Income to Pro forma Net Income Net Income (loss), as reported $ 782 $ 2,154 $ 1,108 $ — $ — Adjustments related to: Pro forma adjustments before income tax (1) (75) (34) (6) — — Income tax impact (12) (6) (1) — — Pro forma adjustments, net of income tax (87) (40) (7) — — Pro forma Net income (loss) 695 2,114 1,101 — — Less: Pro forma net income (loss) attributable to the noncontrolling interest (315) (285) (270) — — Pro forma Net income (loss) attributable to Holdings $ 380 $ 1,829 $ 831 $ — $ — Net Income to Non-GAAP Operating Earnings Net income (loss) attributable to Holdings $ 380 $ 1,829 $ 831 $ 1,030 $ 1,142 Adjustments related to: Variable annuity product features 2,201 (70) 1,295 1,245 1,286 Investment (gains) losses 116 86 201 189 (46) Net actuarial (gains) losses related to pension and other postretirement benefit obligations 216 215 107 105 105 Other adjustments 284 299 244 249 276 Income tax (expense) benefits related to above adjustments (662) (111) (396) (389) (340) Non-recurring tax items 61 (73) (94) (164) (174) Non-GAAP Operating Earnings (2) $ 2,596 $ 2,175 $ 2,188 $ 2,265 $ 2,249 Return on Equity Reconciliation Net income (loss) attributable to Holdings $ 380 $ 1,829 $ 831 $ 1,030 $ 1,142 Average equity attributable to Holdings excluding AOCI $ 14,352 $ 14,610 $ 14,400 $ 14,223 $ 14,088 Return on Equity 2.6% 12.5% 5.8% 7.2% 8.1% Non-GAAP Operating Earnings (2) $ 2,596 $ 2,175 $ 2,188 $ 2,265 $ 2,249 Average equity attributable to Holdings excluding AOCI $ 14,352 $ 14,610 $ 14,400 $ 14,223 $ 14,088 Non-GAAP Operating Return on Equity (3) 18.1% 14.9% 15.2% 15.9% 16.0% Non-GAAP Operating Earnings excluding Q4 2017 non-recurring items $ 2,237 $ — $ — $ — $ — Average equity attributable to Holdings excluding AOCI $ 14,352 $ — $ — $ — $ — Non-GAAP Operating Return on Equity excluding Q4 2017 non-recurring items 15.6% —% —% —% —% 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) 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 trailing twelve months ended September 30, 2019 would have been $2.3 billion. (3) Had we modified the treatment of the amortization of DAC for SCS starting in the first quarter of 2018, Non-GAAP Operating ROE for the trailing twelve months ended September 30, 2019 would have been 16.1%. 30
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Reconciliation of Non-GAAP Measures (3/3) Pro forma (1) Balances as of Balances as of (in millions USD, unless otherwise indicated) 12/31/2017 3/31/2018 6/30/2018 9/30/2018 12/31/2018 3/31/2019 6/30/2019 9/30/2019 Equity Reconciliation - Quarter-end Balances Total equity attributable to Holdings $ 13,421 $ 13,547 $ 13,364 $ 12,411 $ 13,866 $ 13,143 $ — $ — Pro forma adjustments (1) 702 3 — — — — — — Total equity attributable to Holdings 14,123 13,550 13,364 12,411 13,866 13,143 14,843 14,936 Less: Accumulated other comprehensive income (loss) (108) (946) (1,310) (1,595) (1,396) (513) 876 1,468 Total equity attributable to Holdings excluding AOCI $ 14,231 $ 14,496 $ 14,674 $ 14,006 $ 15,262 $ 13,656 $ 13,967 $ 13,468 Equity Reconciliation - Twelve Month Rolling Average (2) Total equity attributable to Holdings $ 12,932 $ 13,182 $ 13,186 $ 13,297 $ 13,196 $ — $ — Pro forma adjustments (1) 220 399 176 1 — — — Total equity attributable to Holdings 13,152 13,582 13,362 13,298 13,196 13,566 14,197 Less: Accumulated other comprehensive income (loss) (433) (677) (990) (1,312) (1,204) (657) 109 Total equity attributable to Holdings excluding AOCI $ 13,585 $ 14,259 $ 14,352 $ 14,610 $ 14,400 $ 14,223 $ 14,088 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 December 31, 2017, which is calculated using an annual two-point average. 31
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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 by existing clients. In addition, cash flow includes fees received from certain clients. It excludes the impact of the markets. Premiums and deposits - Amounts a policyholder agrees to pay for an insurance policy or annuity contract that may be paid in one or a series of payments as defined by the terms of the policy or contract. 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. Return on Equity (ex. AOCI) - Calculated as trailing twelve months net income (loss) attributable to Holdings, excluding Accumulated Other Comprehensive Income (“AOCI”), divided by average equity attributable to Holdings. Trailing Twelve Months ("TTM") - The twelve calendar months preceding the balance sheet date of a given reporting period. 32
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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 7/19/2019 8/26/2019 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 Jessica Baehr Dan Woodrow Matt Asensio (212) 314-2476 (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 10/3/2019, Moody’s as of 7/26/2019. 33