Equitable Holdings Reports Full Year and Fourth Quarter 2025 Results

NEW YORK--( BUSINESS WIRE)--Equitable Holdings, Inc. (“Equitable Holdings”, “Holdings”, or the “Company”) (NYSE: EQH) today announced financial results for the full year and fourth quarter ended December 31, 2025.

“In 2025, Equitable Holdings made significant progress on our journey to become a more capital light company focused on three core growth engines of Retirement, Asset Management and Wealth Management. The execution of our individual life reinsurance transaction with RGA freed $2 billion of capital and reduced our exposure to mortality by 75%. We used the proceeds to invest in growing AllianceBernstein and Equitable Advisors as well as to accelerate capital return to shareholders, actions which we believe will create a more valuable company. Our business model positions us well to be a long-term winner in each of our core markets. We continue to see strong organic growth momentum in Retirement, Wealth Management and AB Private Markets, ending the year with a record $1.1 trillion of assets under management and administration. This bodes well for future growth in earnings and cash flows,” said Mark Pearson, President and Chief Executive Officer.

Mr. Pearson concluded, “Looking to 2026, we expect Non-GAAP earnings per share growth to accelerate and remain focused on achieving our targeted 12-15% EPS CAGR for 2023-2027. We also project cash generation to increase from $1.6 billion in 2025 to approximately $1.8 billion in 2026 and are on track to reach $2 billion by 2027. Our strong cash flows allow us to consistently return capital to shareholders, with payout ratios at the upper end of our 60-70% target range. Equitable is well positioned in attractive, growing markets, and I’m confident in our ability to execute on the opportunity in front of us.”

Consolidated Results

Fourth Quarter

Full Year

(in millions, except per share amounts or unless otherwise noted)

2025

2024

2025

2024

Total Assets Under Management/Administration (“AUM/A”, in billions)

1,121

1,021

1,121

1,021

Net income (loss) attributable to Holdings

215

892

(1,380

)

1,280

Net income (loss) attributable to Holdings per common share

0.70

2.74

(4.83

)

3.69

Non-GAAP operating earnings

513

515

1,741

2,004

Non-GAAP operating earnings per common share (“EPS”)

1.73

1.55

5.64

5.92

As of December 31, 2025, total AUM/A was $1.1 trillion, a year-over-year increase of 10%, driven by positive net flows and higher markets over the prior twelve months.

On a full year basis, the net loss attributable to Holdings was $1.4 billion in 2025 compared to net income of $1.3 billion in 2024.

Full year Non-GAAP operating earnings were $1.7 billion in 2025 versus $2.0 billion in 2024. Adjusting for notable items 4 of $172 million, 2025 operating earnings were $1.9 billion or $6.21 per share.

Net income (loss) attributable to Holdings for the fourth quarter of 2025 was $215 million compared to $892 million in the fourth quarter of 2024.

Non-GAAP operating earnings in the fourth quarter of 2025 were $513 million compared to $515 million in the fourth quarter of 2024. Adjusting for notable items4 of $10 million, fourth quarter 2025 Non-GAAP operating earnings were $523 million or $1.76 per share.

As of December 31, 2025, book value per common share including accumulated other comprehensive income (“AOCI”) was $(4.03). Book value per common share excluding AOCI was $18.14. Both of these measures reflect the Company’s 68% ownership stake in AllianceBernstein (“AB”) at book value. Book value per common share excluding AOCI but with AB reflected at fair market value was $33.84.

Business Highlights

Business Segment Results

Retirement

(in millions, unless otherwise noted)

Q4 2025

Q4 2024

Total Assets (in billions) 7

176.2

152.2

Segment net flows (in billions)

1.3

1.6

Operating earnings (loss)

410

385

Asset Management

(in millions, unless otherwise noted)

Q4 2025

Q4 2024

Total AUM (in billions)

866.9

792.2

Segment net flows (in billions)

(4.7

)

(4.8

)

Operating earnings (loss)

160

161

Wealth Management

(in millions, unless otherwise noted)

Q4 2025

Q4 2024

Total AUA (in billions)

122.0

101.7

Advisory net new assets (in billions)

2.1

1.1

Operating earnings (loss)

Corporate and Other (“C&O”)

The operating loss of $123 million in the fourth quarter increased from an operating loss of $78 million in the prior year quarter. After adjusting for notable items 9, the operating loss was $113 million versus a loss of $61 million in the prior year quarter, primarily driven by lower earnings due to the RGA transaction.

Cash generation is the cash flow from asset and wealth management subsidiaries, along with capital generated in excess of the target combined NAIC RBC ratio at the insurance subsidiaries. Organic cash generation of $1.6 billion does not include $1.0 billion of cash generation attributable to proceeds from the individual life transaction with RGA. Financial guidance assumes normal market conditions including 6% equity return, 2% dividend yield and interest rates following the forward curve.

This press release includes certain Non-GAAP financial measures. More information on these measures and reconciliations to the most comparable U.S. GAAP measures can be found in the “Use of Non-GAAP Financial Measures” section of this release.

Please refer to Exhibit 1 for a detailed reconciliation and definitions related to notable items.

Please refer to Exhibit 1 for detailed reconciliation and definitions related to notable items.

Refers to AllianceBernstein L.P. and AllianceBernstein Holding L.P., collectively.

Excludes c.$90 million of cash at Holdings which is available to AllianceBernstein through its credit facility with Equitable Holdings.

Retirement assets includes account value (net of embedded derivatives), spread lending balances and reserves (excluding MRBs)

Please refer to Exhibit 1 for a detailed reconciliation and definitions related to notable items.

Exhibit 1: Notable Items

Notable items represent the impact on results from our annual actuarial assumption review, approximate impacts attributable to significant variances from the Company’s expectations, and other items that the Company believes may not be indicative of future performance. The Company chooses to highlight the impact of these items and give Non-GAAP measures less notable items to provide a better understanding of our results of operations in a given period. Certain figures may not sum due to rounding.

Impact of notable items by segment and Corporate & Other:

Three Months Ended

December 31,

Year Ended

December 31,

(in millions)

2025

2024

2025

2024

Non-GAAP Operating Earnings

513

515

1,741

2,004

Post-tax Adjustments related to notable items:

Retirement

—

Asset Management

—

)

Wealth Management

—

)

—

Corporate & Other

159

Notable items subtotal

175

Impact of actuarial assumption update

—

)

Non-GAAP Operating Earnings, less Notable Items

523

541

1,913

2,081

Impact of notable items by item category:

Three Months Ended December 31,

Year Ended

December 31,

(in millions)

2025

2024

2025

2024

Non-GAAP Operating Earnings

513

515

1,741

2,004

Post-tax adjustments related to notable Items:

Net investment income

—

Model updates/true-up adjustments

—

Expenses

—

Mortality

—

Notable Items Subtotal

175

Impact of actuarial assumption update

—

)

Non-GAAP Operating Earnings, less Notable Items

523

541

1,913

2,081

Earnings Conference Call

Equitable Holdings will host a conference call at 10 a.m. ET on February 5, 2026 to discuss its full year and fourth quarter 2025 results. The conference call webcast, along with additional earnings materials, will be accessible on the company’s investor relations website at ir.equitableholdings.com. Please log on to the webcast at least 15 minutes prior to the call to download and install any necessary software.

To register for the conference call, please use the following link:

EQH Full Year and Fourth Quarter 2025 Earnings Call

After registering, you will receive an email confirmation including dial in details and a unique conference call code for entry. Registration is open through the live call. To ensure you are connected for the full call we suggest registering a day in advance or at minimum 10 minutes before the start of the call.

A webcast replay will be made available on the Equitable Holdings Investor Relations website at ir.equitableholdings.com.

About Equitable Holdings

Equitable Holdings, Inc. (NYSE: EQH) is a leading financial services holding company comprised of complementary and well-established businesses, Equitable, AllianceBernstein and Equitable Advisors. Equitable Holdings has $1.1 trillion in assets under management and administration (as of 12/31/2025) and more than 5 million client relationships globally. Founded in 1859, Equitable provides retirement and protection strategies to individuals, families and small businesses. AllianceBernstein is a global investment management firm that offers diversified investment services to institutional investors, individuals and private wealth clients. Equitable Advisors, LLC (Equitable Financial Advisors in MI and TN) has approximately 4,600 duly registered and licensed financial professionals that provide financial planning, wealth management, retirement planning, protection and risk management services to clients across the country.

Note Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “expects,” “believes,” “anticipates,” “forecasts,” “intends,” “seeks,” “aims,” “plans,” “assumes,” “estimates,” “projects,” “should,” “would,” “could,” “may,” “will,” “shall” or variations of such words are generally part of forward-looking statements. Forward-looking statements are made based on management’s current expectations and beliefs concerning future developments and their potential effects upon Equitable Holdings, Inc. (“Holdings”) and its consolidated subsidiaries. These forward-looking statements include, but are not limited to, statements regarding projections, estimates, forecasts and other financial and performance metrics and projections of market expectations. “We,” “us” and “our” refer to Holdings and its consolidated subsidiaries, unless the context refers only to Holdings as a corporate entity. There can be no assurance that future developments affecting Holdings will be those anticipated by management. Forward-looking statements include, without limitation, all matters that are not historical facts.

These forward-looking statements are not a guarantee of future performance and involve risks and uncertainties, and there are certain important factors that could cause actual results to differ, possibly materially, from expectations or estimates reflected in such forward-looking statements, including, among others: (i) conditions in the financial markets and economy, including the impact of geopolitical conflicts, changes in tariffs and trade barriers, the impact on the Company of a continued shutdown of the U.S. government, and related economic conditions, equity market declines and volatility, interest rate fluctuations, impacts on our goodwill and changes in liquidity and access to and cost of capital; (ii) operational factors, including reliance on the payment of dividends to Holdings by its subsidiaries, protection of confidential customer information or proprietary business information, operational failures by us or our service providers, potential strategic transactions, changes in accounting standards, and catastrophic events, such as the outbreak of pandemic diseases; (iii) credit, counterparties and investments, including counterparty default on derivative contracts, failure of financial institutions, defaults by third parties and affiliates and economic downturns, defaults and other events adversely affecting our investments; (iv) our reinsurance and hedging programs; (v) our products, structure and product distribution, including variable annuity guaranteed benefits features within certain of our products, variations in statutory capital requirements, financial strength and claims-paying ratings, state insurance laws limiting the ability of our insurance subsidiaries to pay dividends and key product distribution relationships; (vi) estimates, assumptions and valuations, including risk management policies and procedures, potential inadequacy of reserves and experience differing from pricing expectations, amortization of deferred acquisition costs and financial models; (vii) our Asset Management segment, including fluctuations in assets under management and the industry-wide shift from actively-managed investment services to passive services; (viii) recruitment and retention of key employees and experienced and productive financial professionals; (ix) subjectivity of the determination of the amount of allowances and impairments taken on our investments; (x) legal and regulatory risks, including federal and state legislation affecting financial institutions, insurance regulation and tax reform; (xi) risks related to our common stock and (xii) general risks, including strong industry competition, information systems failing or being compromised and protecting our intellectual property.

Forward-looking statements, including any financial guidance, should be read in conjunction with the other cautionary statements, risks, uncertainties and other factors identified in Holdings’ filings with the Securities and Exchange Commission. Further, any forward-looking statement speaks only as of the date on which it is made, and we undertake no obligation to update or revise any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events, except as otherwise may be required by law.

Forward-looking Non-GAAP Metrics

The Company has presented forward-looking statements regarding Non-GAAP operating earnings, and Non-GAAP operating earnings per share. These non-GAAP financial measures are derived by excluding certain amounts, expenses or income, from the corresponding financial measures determined in accordance with GAAP. The determination of the amounts that are excluded from these non-GAAP financial measures is a matter of management judgment and depends upon, among other factors, the nature of the underlying expense or income amounts recognized in a given period. We are unable to present a quantitative reconciliation of forward-looking adjusted operating earnings per share and payout ratio targeted to non-GAAP operating earnings to their most directly comparable forward-looking GAAP financial measures because such information is not available, and management cannot reliably predict all of the necessary components of such GAAP measures without unreasonable effort or expense. In addition, we believe such reconciliations would imply a degree of precision that would be confusing or misleading to investors. The unavailable information could have a significant impact on the Company’s future financial results. These non-GAAP financial measures are preliminary estimates and are subject to risks and uncertainties, including, among others changes in connection with quarter-end and year-end adjustments. Any variations between the Company’s actual results and preliminary financial data set forth above may be material.

Use of Non-GAAP Financial Measures

In addition to our results presented in accordance with U.S. GAAP, we report Non-GAAP Operating Earnings, and Non-GAAP operating common EPS, each of which is a measure that is not determined in accordance with U.S. GAAP. Management principally uses these Non-GAAP financial measures in evaluating performance because they present a clearer picture of our operating performance and they allow management to allocate resources. Similarly, management believes that the use of these Non-GAAP financial measures, together with relevant U.S. GAAP measures, provide investors with a better understanding of our results of operations and the underlying profitability drivers and trends of our business. These Non-GAAP financial measures are intended to remove from our results of operations the impact of market changes (where there is a mismatch in the valuation of assets and liabilities) as well as certain other expenses which are not part of our underlying profitability drivers or likely to re-occur in the foreseeable future, as such items fluctuate from period-to-period in a manner inconsistent with these drivers. These measures should be considered supplementary to our results that are presented in accordance with U.S. GAAP and should not be viewed as a substitute for the U.S. GAAP measures. Other companies may use similarly titled Non-GAAP financial measures that are calculated differently from the way we calculate such measures. Consequently, our Non-GAAP financial measures may not be comparable to similar measures used by other companies.

We also discuss certain operating measures, including AUM, AUA, AV, policy reserves and certain other operating measures, which management believes provide useful information about our businesses and the operational factors underlying our financial performance.

Non-GAAP Operating Earnings

Non-GAAP Operating Earnings is an after-tax Non-GAAP financial measure used to evaluate our financial performance on a consolidated basis that is determined by making certain adjustments to our consolidated after-tax net income attributable to Holdings. The most significant of such adjustments relates to our derivative positions, which protect economic value and statutory capital, and the variable annuity product MRBs. This is a large source of volatility in net income.

Non-GAAP Operating Earnings equals our consolidated after-tax net income attributable to Holdings adjusted to eliminate the impact of the following items:

In the third quarter of 2025, the Company updated its net investment income (“NII”) segment reporting to better align with our GAAP segments, as well as the reporting of our spread lending programs' income and expenses. Previously, direct and allocated segment NII were recorded based on assets tied to statutory asset tagging and net statutory liabilities for allocation. To better align with our GAAP segments, the Company changed the recording methodology for direct NII. It is now based on the book yields of assets tied to specific segments, considering general account values plus reserves, net of embedded derivatives. Indirect NII, which was previously allocated based on net statutory liabilities, is now allocated based on general account values and reserves, net of embedded derivatives. Additionally, revenues and expenses from our spread lending programs are now primarily recorded within the Retirement segment. Previously, spread lending revenues and expenses were recorded in Corporate and Other, with the excess of revenues over expenses allocated to the insurance segments based on net statutory liabilities. Prior periods have been revised to reflect these changes.

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.

The table below presents a reconciliation of Net income (loss) attributable to Holdings to Non-GAAP Operating Earnings for the three months and years ended December 31, 2025 and 2024:

Three Months Ended

December 31,

Year Ended

December 31,

(in millions)

2025

2024

2025

2024

Net income (loss) attributable to Holdings

215

892

(1,380

)

1,280

Adjustments related to:

Variable annuity product features (1)

258

(530

)

2,381

637

Investment (gains) losses (2)

1,339

133

Net actuarial (gains) losses related to pension and other postretirement benefit obligations

Other adjustments (3) (4) (5)

(75

)

Income tax expense (benefit) related to above adjustments

(62

)

(776

)

(194

)

Non-recurring tax items

(12

)

(23

)

202

)

Non-GAAP Operating Earnings

513

515

1,741

2,004

______________

(1)

As a result of the novation of certain Legacy VA policies completed during the first quarter of 2025, the Company recorded a loss of $499 million in pre-tax net income and an increase of $263 million in pre-tax AOCI, for a total impact loss of $236 million for the year ended December 31, 2025.

(2)

Includes $1.1 billion as a result of assets transferred related to the reinsurance transaction with RGA for the year ended December 31, 2025.

(3)

Includes a gain of $304 million on Non-VA derivatives for the year ended December 31, 2025. Also includes $6 million of expense related to a disputed billing practice of an AB third-party service provider for the year ended December 31, 2025 and certain gross legal expenses related to the COI litigation of $106 million for the year ended December 31, 2024.

(4)

For the year ended December 31, 2024, includes $82 million of the gain on sale on AB's Bernstein Research Service attributable to Holdings.

(5)

For the year ended December 31, 2024, includes $78 million contingent payment gain recognized related to a fair value remeasurement of the contingent payment liability associated with AB's acquisition of CarVal in 2022.

Non-GAAP Operating EPS

Non-GAAP Operating Earnings per common share is calculated by dividing Non-GAAP Operating Earnings less preferred stock dividends by diluted common shares outstanding. The table below presents a reconciliation of GAAP EPS to Non-GAAP Operating EPS for the three months and years ended December 31, 2025 and 2024.

Three Months Ended

December 31,

Year Ended

December 31,

(per share amounts)

2025

2024

2025

2024

Net income (loss) attributable to Holdings

0.74

2.82

(4.63

)

3.94

Less: Preferred stock dividend

0.04

0.08

0.20

0.25

Net Income (loss) available to common shareholders

0.70

2.74

(4.83

)

3.69

Adjustments related to:

Variable annuity product features (1)

0.89

(1.67

)

7.99

1.96

Investment (gains) losses (2)

0.29

0.10

4.49

0.41

Net actuarial (gains) losses related to pension and other postretirement benefit obligations

0.03

0.05

0.17

0.19

Other adjustments (3) (4) (5)

0.07

0.10

(0.26

)

0.29

Income tax expense (benefit) related to above adjustments

(0.21

)

0.30

(2.60

)

(0.60

)

Non-recurring tax items

(0.04

)

(0.07

)

0.68

(0.02

)

Non-GAAP Operating Earnings

1.73

1.55

5.64

5.92

(1)

As a result of the novation of certain Legacy VA policies completed during the first quarter of 2025, the Company recorded a loss of $1.67 for the year ended December 31, 2025.

(2)

Includes $3.84 as a result of assets transferred related to the reinsurance transaction with RGA for the year ended December 31, 2025.

(3)

Includes a gain of $1.02 on Non-VA derivatives for the year ended December 31, 2025. Also includes $0.02 of expense related to a disputed billing practice of an AB third-party service provider for the year ended December 31, 2025 and certain gross legal expenses related to the COI litigation of $0.33 for the year ended December 31, 2024.

(4)

For the year ended December 31, 2024, includes $0.25 of the gain on sale on AB's Bernstein Research Service attributable to Holdings.

(5)

For the year ended December 31, 2024 includes $0.24 contingent payment gain recognized in connection with a fair value remeasurement of the contingent payment liability associated with AB's acquisition of CarVal in 2022.

Book Value per common share, excluding AOCI

We use the term “book value” to refer to total equity attributable to Holdings’ common shareholders. Book Value per common share, excluding AOCI, is our total equity attributable to Holdings, excluding AOCI and preferred stock, divided by ending common shares outstanding.

December 31,

2025

December 31,

2024

Book value per common share

(4.03

)

0.19

Per share impact of AOCI

22.17

28.11

Book Value per common share, excluding AOCI

18.14

28.30

Other Operating Measures

We also use certain operating measures which management believes provide useful information about our businesses and the operational factors underlying our financial performance.

Account Value (“AV”)

Account value generally equals the aggregate policy account value of our retirement products.

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 Retirement and Life businesses. Total AUM reflects exclusions between segments to avoid double counting.

Assets Under Management (“AUA”)

AUA means advisory and brokerage investment assets included in the Company’s Wealth Management segment.

Segment net flows

Net change in segment 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.

Consolidated Statements of Income (Loss) (Unaudited)

Three Months Ended

December 31,

Year Ended

December 31,

2025

2024

2025

2024

(in millions)

REVENUES

Policy charges and fee income

435

638

2,168

2,495

Premiums

224

293

1,046

1,172

Net derivative gains (losses)

(363

)

(253

)

(2,055

)

(2,551

)

Net investment income (loss)

1,288

1,196

5,234

4,881

Investment gains (losses), net:

Credit losses on available-for-sale debt securities and loans

(25

)

(19

)

(68

)

(82

)

Other investment gains (losses), net

(59

)

(13

)

(1,271

)

(51

)

Total investment gains (losses), net

(84

)

(32

)

(1,339

)

(133

)

Investment management and service fees

1,390

1,458

5,263

Other income

387

315

1,348

1,298

Total revenues

3,277

3,615

11,665

12,425

BENEFITS AND OTHER DEDUCTIONS

Policyholders’ benefits

397

689

2,395

2,696

Remeasurement of liability for future policy benefits

)

Change in market risk benefits and purchased market risk benefits

(130

)

(817

)

(417

)

(1,940

)

Interest credited to policyholders’ account balances

744

614

3,016

2,493

Compensation and benefits

640

683

2,434

2,451

Commissions and distribution-related payments

567

511

2,093

1,896

Interest expense

224

226

Amortization of deferred policy acquisition costs

205

186

789

711

Other operating costs and expenses

469

513

2,286

1,822

Total benefits and other deductions

2,933

2,428

12,858

10,349

Income (loss) from continuing operations, before income taxes

344

1,187

(1,193

)

2,076

Income tax (expense) benefit

(33

)

(179

)

156

(280

)

Net income (loss)

311

1,008

(1,037

)

1,796

Less: Net income (loss) attributable to the noncontrolling interest

116

343

516

Net income (loss) attributable to Holdings

215

892

(1,380

)

1,280

Less: Preferred stock dividends

Net income (loss) available to Holdings’ common shareholders

202

866

(1,441

)

1,200

Earnings Per Common Share

Three Months Ended

December 31,

Year Ended

December 31,

2025

2024

2025

2024

(in millions)

Earnings per common share

Basic

0.71

2.77

(4.83

)

3.74

Diluted

0.70

2.74

(4.83

)

3.69

Weighted average shares

Weighted average common stock outstanding for basic earnings per common share

285.5

312.2

298.1

321.2

Weighted average common stock outstanding for diluted earnings per common share

289.1

316.5

298.1

324.8

Results of Operations by Segment

Three Months Ended

December 31,

Year Ended

December 31,

2025

2024

2025

2024

(in millions)

Operating earnings (loss) by segment:

Retirement

410

385

1,549

1,602

Asset Management

160

161

571

479

Wealth Management

220

182

Corporate and Other (1)

(123

)

(78

)

(599

)

(259

)

Non-GAAP Operating Earnings

513

515

1,741

2,004

(1)

Includes interest expense and financing fees of $52 million, $52 million, $237 million and $223 million for the three months and year ended December 31, 2025, and 2024, respectively.

Select Balance Sheet Statistics

December 31,

2025

December 31,

2024

(in millions)

ASSETS

Total investments and cash and cash equivalents

133,466

123,405

Separate Accounts assets

136,544

134,717

Total assets

318,312

295,727

LIABILITIES

Long-term debt

3,835

3,833

Future policy benefits and other policyholders' liabilities

17,660

17,613

Policyholders’ account balances

133,433

110,929

Total liabilities

316,524

292,179

EQUITY

Preferred stock

1,068

1,507

Accumulated other comprehensive income (loss)

(6,280

)

(8,712

)

Total equity attributable to Holdings

(74

)

1,565

Total equity attributable to Holdings' common shareholders (ex. AOCI)

5,138

8,770

Assets Under Management (Unaudited)

December 31,

2025

December 31,

2024

(in billions)

Assets Under Management

AB AUM

866.9

792.2

Exclusion for General Account and other Affiliated Accounts

(87.3

)

(84.2

)

Exclusion for Separate Accounts

(51.0

)

(47.3

)

AB third party

728.6

660.7

Total Company AUM

AB third party

728.6

660.7

General Account and other Affiliated Accounts (1) (3) (4) (5)

133.5

123.4

Separate Accounts (2) (3) (4) (5)

136.5

134.7

Total AUM

998.6

918.8

_______________

(1)

“General Account and other Affiliated Accounts” refers to assets held in the general accounts of our insurance companies and other assets on which we bear the investment risk.

(2)

“Separate Accounts” refers to the separate account investment assets of our insurance subsidiaries excluding any assets on which we bear the investment risk.

(3)

As of December 31, 2025 and 2024, Separate Account is inclusive of $8.2 billion and $12.3 billion & General Account AUM is inclusive of $28 million and $43 million, respectively, Account Value ceded to Venerable.

(4)

As of December 31, 2025 and 2024, Separate Account is inclusive of $3.0 billion and $6.9 billion & General Account AUM is inclusive of $7.2 billion and $3.2 billion, respectively, Account Value ceded to Global Atlantic.

(5)

Includes Advisory, Brokerage and Direct assets included in our Wealth Management segment.

(6)

As of December 31, 2025, Separate Account is inclusive of $15.1 billion & General Account AUM is inclusive of $9.3 billion, Account Value ceded to RGA.