Form 8-K

8-K — Corebridge Financial, Inc.

Accession: 0001628280-26-057231

Filed: 2026-08-17

Period: 2026-08-17

CIK: 0001889539

SIC: 6311 (LIFE INSURANCE)

Item: Financial Statements and Exhibits

Documents

8-K — crbg-20260817.htm (Primary)

EX-23.1 (exhibit231-8xk.htm)

EX-99.1 (exhibit9918-k.htm)

EX-99.2 (exhibit992-8xk.htm)

EX-99.3 (exhibit993-8xk.htm)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: crbg-20260817.htm · Sequence: 1

crbg-20260817

0001889539FALSE00018895392026-08-172026-08-170001889539us-gaap:CommonStockMember2026-08-172026-08-170001889539crbg:A6.375JuniorSubordinatedNotesDue2064Member2026-08-172026-08-17

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 17, 2026

Corebridge Financial, Inc.

(Exact name of Registrant as Specified in its Charter)

Delaware 001-41504 95-4715639

(State or Other jurisdiction

of incorporation) (Commission File Number) (IRS Employer Identification No.)

2919 Allen Parkway, Woodson Tower,

Houston, Texas 77019

(Address of Principal Executive Offices)

Registrant’s Telephone Number, Including Area Code: 1-877-375-2422

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading Symbol(s) Name of each exchange on which registered

Common Stock CRBG New York Stock Exchange

6.375% Junior Subordinated Notes CRBD New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

EXPLANATORY NOTE

As previously announced, on March 26, 2026, Corebridge Financial, Inc. (“Corebridge”) entered into an Agreement and Plan of Merger, by and among Corebridge, Equitable Holdings, Inc., a Delaware corporation (“Equitable”), Mountain Holding, Inc., a newly formed Delaware corporation and wholly-owned subsidiary of Corebridge (“New Equitable”), Palisade Holding, Inc., a newly formed Delaware corporation and a wholly-owned subsidiary of New Equitable, and Marcy Holding, Inc., a newly formed Delaware corporation and a wholly-owned subsidiary of New Equitable.

This Current Report on Form 8-K is being filed with the U.S. Securities and Exchange Commission to file the audited consolidated financial statements of Equitable as of December 31, 2025 and 2024 and for the years ended December 31, 2025, 2024 and 2023 and the notes related thereto (and related consent of PricewaterhouseCoopers LLP), the unaudited consolidated financial statements of Equitable as of June 30, 2026 and December 31, 2025 and for the three and six months ended June 30, 2026 and 2025, and the notes related thereto, the unaudited pro forma condensed combined balance sheet of New Equitable as of June 30, 2026 and the unaudited pro forma condensed combined statements of income (loss) of New Equitable for the six months ended June 30, 2026 and the year ended December 31, 2025, and the notes related thereto for purposes of incorporating such information by reference into a registration statement and related prospectus, and any accompanying prospectus supplement, filed by Corebridge.

Item 9.01 Financial Statements and Exhibits.

(a)Financial statements of businesses or funds acquired.

The audited consolidated financial statements of Equitable as of December 31, 2025 and 2024 and for the years ended December 31, 2025, 2024 and 2023, the notes related thereto and management’s assessment of the effectiveness of internal control over financial reporting (which is included in Management’s Report on Internal Control over Financial Reporting), and the unaudited consolidated financial statements of Equitable as of June 30, 2026 and December 31, 2025 and for the three and six months ended June 30, 2026 and 2025, and the notes related thereto are attached hereto as Exhibit 99.1 and Exhibit 99.2, respectively.

(b)Pro Forma Financial Information.

The unaudited pro forma condensed combined balance sheet of New Equitable as of June 30, 2026, and the unaudited pro forma condensed combined statements of income (loss) of New Equitable for the six months ended June 30, 2026 and the year ended December 31, 2025, and the notes related thereto are attached hereto as Exhibit 99.3.

(d)Exhibits.

23.1

Consent of PricewaterhouseCoopers LLP.

99.1

Audited Consolidated Financial Statements of Equitable as of December 31, 2025 and 2024 and for the years ended December 31, 2025, 2024 and 2023.

99.2

Unaudited Consolidated Financial Statements of Equitable as of June 30, 2026 and December 31, 2025 and for the three and six months ended June 30, 2026 and 2025.

99.3

Unaudited Pro Forma Condensed Combined Balance Sheet of New Equitable as of June 30, 2026 and Unaudited Pro Forma Condensed Combined Statements of Income (Loss) of New Equitable for the six months ended June 30, 2026 and the year ended December 31, 2025.

104 Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: August 17, 2026 Corebridge Financial, Inc.

By: /s/ Christopher Filiaggi

Name: Christopher Filiaggi

Title: Interim Chief Financial Officer and Chief Accounting Officer

EX-23.1

Filename: exhibit231-8xk.htm · Sequence: 2

Document

Exhibit 23.1

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We hereby consent to the incorporation by reference in the Registration Statement on Form S-3 (No. 333-275890) of Corebridge Financial, Inc. of our report dated February 25, 2026 relating to the financial statements, financial statement schedules and the effectiveness of internal control over financial reporting of Equitable Holdings, Inc., which appears in this Current Report on Form 8-K.

/s/ PricewaterhouseCoopers LLP

New York, New York

August 17, 2026

EX-99.1

Filename: exhibit9918-k.htm · Sequence: 3

Document

Exhibit 99.1

INDEX TO CONSOLIDATED FINANCIAL STATEMENTS

Audited Consolidated Financial Statements

Controls and Procedures

Report of Independent Registered Public Accounting Firm (PricewaterhouseCoopers LLP, New York, New York, PCAOB ID: 238)

Consolidated Balance Sheets, December 31, 2025 and 2024

Consolidated Statements of Income (Loss), Years Ended December 31, 2025, 2024 and 2023

Consolidated Statements of Comprehensive Income (Loss), Years Ended December 31, 2025, 2024 and 2023

Consolidated Statements of Equity, Years Ended December 31, 2025, 2024 and 2023

Consolidated Statements of Cash Flows, Years Ended December 31, 2025, 2024 and 2023

Notes to Consolidated Financial Statements

Note 1 - Organization

Note 2 - Significant Accounting Policies

Note 3 - Investments

Note 4 - Derivatives

Note 5 - Goodwill and Other Intangible Assets

Note 6 - Closed Block

Note 7 - DAC and Other Deferred Assets/Liabilities

Note 8 - Fair Value Disclosures

Note 9 - Liabilities for Future Policyholder Benefits

Note 10 - Market Risk Benefits

Note 11 - Policyholder Account Balances

Note 12 - Leases

Note 13 - Reinsurance

Note 14 - Short-Term and Long-Term Debt

Note 15 - Related Party Transactions

Note 16 - Employee Benefit Plans

Note 17 - Share-Based Compensation Programs

106

Note 18 - Income Taxes

110

Note 19 - Commitments and Contingent Liabilities

112

Note 20 - Insurance Statutory Financial Information

115

Note 21 - Business Segment Information

119

Note 22 - Equity

124

Note 23 - Earnings Per Share

129

Note 24 - Redeemable NCI

129

Note 25 - Revision of Prior Period Financial Statements

129

Note 26 - Subsequent Events

136

Audited Consolidated Financial Statement Schedules

Schedule I - Summary of Investments - Other than Investments in Related Parties, December 31, 2025

137

Schedule II - Condensed Financial Information of Parent Company as of December 31, 2025 and 2024, and for the Years Ended December 31, 2025, 2024 and 2023

137

Schedule III - Supplementary Insurance Information, as of and for the Years Ended December 31, 2025, 2024 and 2023

143

Schedule IV - Reinsurance, Years Ended December 31, 2025, 2024 and 2023

144

Table of Contents

CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures The management of the Company, with the participation of the Company’s CEO and Chief Financial Officer (“CFO”), has evaluated the effectiveness of the Company’s disclosure controls and procedures (as defined in Rule 13a-15(e) under the Exchange Act) as of December 31, 2025. This evaluation is performed to determine if our disclosure controls and procedures are effective to provide reasonable assurance that (i) information required to be disclosed by the Company in the reports that it files or submits under the Exchange Act is accumulated and communicated to management, including the Company’s CEO and CFO, as appropriate, to allow timely decisions regarding required disclosure and (ii) such information is recorded, processed, summarized and reported within the time periods specified by the SEC’s rules and forms.

Based on this evaluation, the Company’s CEO and CFO concluded that the Company’s disclosure controls and procedures were effective as of December 31, 2025.

Management’s Annual Report on Internal Control Over Financial Reporting

Management is responsible for establishing and maintaining adequate internal control over financial reporting. Management evaluated the design and operating effectiveness of the Company’s internal control over financial reporting based on the criteria established in the Internal Control-Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (the “COSO framework”). Based on the evaluation, management concluded that the Company’s internal control over financial reporting was effective as of December 31, 2025. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

The effectiveness of the Company’s internal control over financial reporting as of December 31, 2025 has been audited by PricewaterhouseCoopers LLP, an independent registered public accounting firm, as stated in their report, which is included in this Annual Report on Form 10-K.

Changes in Internal Control Over Financial Reporting

There were no changes in the Company’s internal control over financial reporting as defined in Rule 13a-15(f) under the Exchange Act during the quarter ended December 31, 2025, that have affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

Table of Contents

Report of Independent Registered Public Accounting Firm

To the Board of Directors and Stockholders of Equitable Holdings, Inc.

Opinions on the Financial Statements and Internal Control over Financial Reporting

We have audited the accompanying consolidated balance sheets of Equitable Holdings, Inc. and its subsidiaries (the "Company") as of December 31, 2025 and 2024, and the related consolidated statements of income (loss), of comprehensive income (loss), of equity and of cash flows for each of the three years in the period ended December 31, 2025, including the related notes and financial statement schedules listed in the index appearing under Item 15.2 (collectively referred to as the "consolidated financial statements"). We also have audited the Company's internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025 in conformity with accounting principles generally accepted in the United States of America. Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control - Integrated Framework (2013) issued by the COSO.

Basis for Opinions

The Company's management is responsible for these consolidated financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in Management’s Annual Report on Internal Control Over Financial Reporting appearing under Item 9A. Our responsibility is to express opinions on the Company’s consolidated financial statements and on the Company's internal control over financial reporting based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud, and whether effective internal control over financial reporting was maintained in all material respects.

Our audits of the consolidated financial statements included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions.

Definition and Limitations of Internal Control over Financial Reporting

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Table of Contents

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Critical Audit Matters

The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that (i) relates to accounts or disclosures that are material to the consolidated financial statements and (ii) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

Valuation of Market Risk Benefits

As described in Notes 2 and 8 to the consolidated financial statements, certain guaranteed minimum death and living benefits (collectively, the “GMxB features”) associated with variable annuity products, other general account annuities and ceded reinsurance contracts with GMxB features with other than nominal market risk are identified by management, measured at estimated fair value and presented separately on the balance sheet as market risk benefits. Market risk benefits (MRBs) are measured at fair value on a seriatim basis using an ascribed fee approach. The ascribed fee is determined at policy inception date so that the present value of claims, including any risk charge, is equal to the present value of the projected attributed fees which will be capped at average present value of total policyholder contractual fees. The attributed fee percentage is considered a fixed term of the MRB feature and is held static over the life of the contract. The market risk benefits fair value is equal to the estimated present value of benefits less the estimated present value of ascribed fees and is determined using a discounted cash flow valuation technique. Considerable judgment is utilized by management in determining the assumptions related to lapse rates, withdrawal rates, utilization rates, non-performance risk, volatility rates, annuitization rates and mortality (collectively, the “significant market risk benefit assumptions”). As of December 31, 2025, the estimated fair value of purchased market risk benefits, assets for market risk benefits and liabilities for market risk benefits was $5,260 million, $752 million and $10,153 million, respectively.

The principal considerations for our determination that performing procedures relating to the valuation of market risk benefits is a critical audit matter are (i) the significant judgment by management in developing the fair value estimate of market risk benefits, (ii) a high degree of auditor judgment, subjectivity and effort in performing procedures and evaluating audit evidence related to management’s significant market risk benefit assumptions and, (iii) the audit effort involved the use of professionals with specialized skill and knowledge.

Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. These procedures included testing the effectiveness of controls relating to the valuation of market risk benefits, including controls over the development of the assumptions utilized in the valuation of market risk benefits. These procedures also included, among others (i) evaluating management’s process for developing the fair value estimate of market risk benefits, (ii) testing, on a sample basis, the completeness and accuracy of data used by management in developing the estimates, and (iii) the involvement of professionals with specialized skill and knowledge to assist in evaluating the reasonableness of the significant market risk benefit assumptions used in developing the fair value estimate of market risk benefits based on the consideration of the Company’s historical and actual experience, industry trends, and market conditions, as applicable.

/s/ PricewaterhouseCoopers LLP

New York, New York

February 25, 2026

We have served as the Company’s auditor since 1993.

Table of Contents

EQUITABLE HOLDINGS, INC.

Consolidated Balance Sheets

December 31, 2025 and 2024

December 31

2025 2024

(in millions, except share data)

ASSETS

Investments:

Fixed maturities available-for-sale, at fair value (amortized cost of $82,106 and $84,717) (allowance for credit losses of $0 and $2)

$ 77,162 $ 76,641

Fixed maturities, at fair value using the fair value option (1)

2,943 2,053

Mortgage loans on real estate (net of allowance for credit losses of $313 and $278) (1)

22,668 20,072

Mortgage loans, at fair value using the fair value option

50 —

Policy loans

1,862 4,330

Other equity investments (1) 3,779 3,719

Trading securities, at fair value 1,572 1,089

Other invested assets (1) 10,968 8,537

Total investments 121,004 116,441

Cash and cash equivalents (1) 12,462 6,964

Cash and securities segregated, at fair value 499 500

Broker-dealer related receivables 2,162 1,961

Deferred policy acquisition costs 7,523 7,170

Goodwill and other intangible assets, net 5,309 5,371

Amounts due from reinsurers (allowance for credit losses of $7 and $8)

20,127 7,899

Current and deferred income taxes 2,577 2,003

Purchased market risk benefits 5,260 7,376

Other assets (1) 3,771 4,462

Assets for market risk benefits 752 863

Separate Accounts assets 136,544 134,717

Total Assets $ 317,990 $ 295,727

LIABILITIES

Policyholders’ account balances

$ 133,433 $ 110,929

Liability for market risk benefits 10,153 11,810

Future policy benefits and other policyholders’ liabilities

17,660 17,613

Broker-dealer related payables 1,370 775

Customer related payables 1,937 1,933

Amounts due to reinsurers 1,542 1,421

Short-term debt 25 —

Long-term debt 3,835 3,833

Notes issued by consolidated variable interest entities, at fair value using the fair value option (1) 2,702 2,116

Other liabilities (1) 7,001 7,032

Separate Accounts liabilities 136,544 134,717

Total Liabilities $ 316,202 $ 292,179

Redeemable noncontrolling interest (1) (2) $ 322 $ 125

Commitments and contingent liabilities (3)

EQUITY

Equity attributable to Holdings:

Preferred stock and additional paid-in capital, $1 par value and $25,000 liquidation preference

$ 1,068 $ 1,507

Common stock, $0.01 par value, 2,000,000,000 shares authorized; 468,341,734 and 477,801,636 shares issued, respectively; 283,358,187 and 309,900,248 shares outstanding, respectively

5 5

Additional paid-in capital 1,932 2,336

Treasury stock, at cost, 184,983,547 and 167,901,388 shares, respectively

(5,165) (4,198)

Retained earnings 8,366 10,627

Accumulated other comprehensive income (loss) (6,280) (8,712)

Total equity attributable to Holdings (74) 1,565

Noncontrolling interest 1,540 1,858

Total Equity 1,466 3,423

Total Liabilities, Redeemable Noncontrolling Interest and Equity $ 317,990 $ 295,727

______________

(1) See Note 2 of the Notes to these Consolidated Financial Statements for details of balances with VIEs.

(2) See Note 24 of the Notes to these Consolidated Financial Statements for details of redeemable noncontrolling interest.

(3) See Note 19 of the Notes to these Consolidated Financial Statements for details of commitments and contingent liabilities.

See Notes to Consolidated Financial Statements.

Table of Contents

EQUITABLE HOLDINGS, INC.

Consolidated Statements of Income (Loss)

Years Ended December 31, 2025, 2024 and 2023

Year Ended December 31,

2025 2024 2023

(in millions, except per share data)

REVENUES

Policy charges and fee income $ 2,168 $ 2,495 $ 2,380

Premiums 1,046 1,172 1,095

Net derivative gains (losses) (2,055) (2,551) (2,397)

Net investment income (loss) 5,234 4,881 4,270

Investment gains (losses), net:

Credit and intent to sell losses on available-for-sale debt securities and loans

(68) (82) (220)

Other investment gains (losses), net (1,271) (51) (493)

Total investment gains (losses), net (1,339) (133) (713)

Investment management and service fees 5,263 5,263 4,820

Other income 1,348 1,298 1,005

Total revenues 11,665 12,425 10,460

BENEFITS AND OTHER DEDUCTIONS

Policyholders’ benefits 2,395 2,696 2,754

Remeasurement of liability for future policy benefits 38 (6) 86

Change in market risk benefits and purchased market risk benefits (417) (1,940) (1,815)

Interest credited to policyholders’ account balances 3,016 2,493 2,041

Compensation and benefits 2,434 2,451 2,323

Commissions and distribution-related payments 2,093 1,896 1,590

Interest expense 224 226 228

Amortization of deferred policy acquisition costs 789 711 641

Other operating costs and expenses 2,286 1,822 1,898

Total benefits and other deductions 12,858 10,349 9,746

Income (loss) from continuing operations, before income taxes (1,193) 2,076 714

Income tax (expense) benefit 156 (280) 910

Net income (loss) (1,037) 1,796 1,624

Less: Net income (loss) attributable to the noncontrolling interest (1) 343 516 341

Net income (loss) attributable to Holdings (1,380) 1,280 1,283

Less: Preferred stock dividends 61 80 80

Net income (loss) available to Holdings’ common shareholders $ (1,441) $ 1,200 $ 1,203

EARNINGS PER COMMON SHARE

Net income (loss) applicable to Holdings’ common shareholders per common share:

Basic $ (4.83) $ 3.74 $ 3.44

Diluted $ (4.83) $ 3.69 $ 3.42

Weighted average common shares outstanding (in millions):

Basic 298.1 321.2 350.1

Diluted 298.1 324.8 351.6

______________

(1) Includes redeemable noncontrolling interest. See Note 24 of the Notes to these Consolidated Financial Statements for details of redeemable noncontrolling interest.

See Notes to Consolidated Financial Statements.

Table of Contents

EQUITABLE HOLDINGS, INC.

Consolidated Statements of Comprehensive Income (Loss)

Years Ended December 31, 2025, 2024 and 2023

Year Ended December 31,

2025 2024 2023

(in millions)

COMPREHENSIVE INCOME (LOSS)

Net income (loss) $ (1,037) $ 1,796 $ 1,624

Other comprehensive income (loss) net of income taxes:

Change in unrealized gains (losses), net of reclassification adjustment 2,568 (760) 2,379

Change in market risk benefits - instrument-specific credit risk (32) (375) (1,049)

Change in liability for future policy benefits - current discount rate (133) 150 (137)

Change in defined benefit plan related items not yet recognized in periodic benefit cost, net of reclassification adjustment 16 79 (4)

Foreign currency translation adjustment 30 (11) 15

Total other comprehensive income (loss), net of income taxes 2,449 (917) 1,204

Comprehensive income (loss) 1,412 879 2,828

Less: Comprehensive income (loss) attributable to the noncontrolling interest 360 514 351

Comprehensive income (loss) attributable to Holdings $ 1,052 $ 365 $ 2,477

See Notes to Consolidated Financial Statements.

Table of Contents

EQUITABLE HOLDINGS, INC.

Consolidated Statements of Equity

Years Ended December 31, 2025, 2024 and 2023

Year Ended December 31,

Equity Attributable to Holdings

Preferred Stock and Additional Paid-In Capital Common Stock Additional Paid-in Capital Treasury Stock Retained Earnings Accumulated Other Comprehensive Income (Loss) Total Holdings Equity Non-controlling Interest Total Equity

(in millions)

Balance, beginning of period $ 1,507 $ 5 $ 2,336 $ (4,198) $ 10,627 $ (8,712) $ 1,565 $ 1,858 $ 3,423

Stock compensation — — 65 25 — — 90 211 301

Purchase of treasury stock — — 10 (1,460) — — (1,450) — (1,450)

Reissuance of treasury stock — — 1 — (15) — (14) — (14)

Retirement of common stock — — — 481 (481) — — — —

Purchase of AB Holding units

— — (444) — — — (444) (477) (921)

Dividends paid to noncontrolling interest — — — — — — — (393) (393)

Dividends on common stock (cash dividends declared per common share of $1.05)

— — — — (314) — (314) — (314)

Dividends on preferred stock — — — — (61) — (61) — (61)

Redemption of preferred stock

(439) — — — (10) — (449) — (449)

Net income (loss) — — — — (1,380) — (1,380) 326 (1,054)

Other comprehensive income (loss) — — — — — 2,432 2,432 17 2,449

Other — — (36) (13) — — (49) (2) (51)

December 31, 2025 $ 1,068 $ 5 $ 1,932 $ (5,165) $ 8,366 $ (6,280) $ (74) $ 1,540 $ 1,466

Balance, beginning of period $ 1,562 $ 5 $ 2,328 $ (3,712) $ 10,250 $ (7,797) $ 2,636 $ 1,739 $ 4,375

Stock compensation — — 68 23 — — 91 217 308

Purchase of treasury stock — — 6 (1,020) — — (1,014) — (1,014)

Reissuance of treasury stock — — — — (10) — (10) — (10)

Retirement of common stock — — — 511 (511) — — — —

Purchase of AB Holding units

— — (35) — — — (35) (157) (192)

Dividends paid to noncontrolling interest — — — — — — — (384) (384)

Dividends on common stock (cash dividends declared per common share of $0.94)

— — — — (302) — (302) — (302)

Dividends on preferred stock — — — — (80) — (80) — (80)

Redemption of preferred stock

(55) — — — — — (55) — (55)

Net income (loss) — — — — 1,280 — 1,280 455 1,735

Other comprehensive income (loss) — — — — — (915) (915) (2) (917)

Other — — (31) — — — (31) (10) (41)

December 31, 2024 $ 1,507 $ 5 $ 2,336 $ (4,198) $ 10,627 $ (8,712) $ 1,565 $ 1,858 $ 3,423

See Notes to Consolidated Financial Statements.

Table of Contents

EQUITABLE HOLDINGS, INC.

Consolidated Statements of Equity

Years Ended December 31, 2025, 2024 and 2023

Year Ended December 31,

Equity Attributable to Holdings

(in millions)

Balance, beginning of period $ 1,562 $ 4 $ 2,299 $ (3,297) $ 9,851 $ (8,991) $ 1,428 $ 1,740 $ 3,168

Stock compensation — — 54 17 — — 71 180 251

Purchase of treasury stock — — (1) (918) — — (919) — (919)

Reissuance of treasury stock — — — — (16) — (16) — (16)

Retirement of common stock — — — 487 (487) — — — —

Purchase of AB Holding units

— — — — — — — (144) (144)

Dividends paid to noncontrolling interest — — — — — — — (334) (334)

Dividends on common stock (cash dividends declared per common share of $0.86)

— — — — (301) — (301) — (301)

Dividends on preferred stock — — — — (80) — (80) — (80)

Net income (loss) — — — — 1,283 — 1,283 297 1,580

Other comprehensive income (loss) — — — — — 1,194 1,194 10 1,204

Other — 1 (24) (1) — (24) (10) (34)

December 31, 2023 $ 1,562 $ 5 $ 2,328 $ (3,712) $ 10,250 $ (7,797) $ 2,636 $ 1,739 $ 4,375

See Notes to Consolidated Financial Statements.

Table of Contents

EQUITABLE HOLDINGS, INC.

Consolidated Statements of Cash Flows

Years Ended December 31, 2025 and 2024

Year Ended December 31,

2025 2024 2023

(in millions)

Cash flows from operating activities:

Net income (loss) $ (1,037) $ 1,796 $ 1,624

Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:

Interest credited to policyholders’ account balances 3,016 2,493 2,041

Policy charges and fee income (2,168) (2,495) (2,380)

Net derivative (gains) losses 2,055 2,551 2,397

Credit and intent to sell losses on available-for-sale debt securities and loans 68 82 220

Investment (gains) losses, net 1,271 51 493

(Gains) losses on businesses held-for-sale — (135) (1)

Realized and unrealized (gains) losses on trading securities (95) (82) (77)

Loss on novation

499 — —

AB Retirement plan losses 18 14 —

Non-cash long term incentive compensation expense 277 285 234

Amortization and depreciation 872 868 821

Remeasurement of liability for future policy benefits 38 (6) 86

Change in market risk benefits (417) (1,940) (1,815)

Equity (income) loss from limited partnerships (221) (174) (125)

Changes in:

Net broker-dealer and customer related receivables/payables (135) (446) (910)

Reinsurance recoverable and related balances, net (1,207) (868) (1,469)

Segregated cash and securities, net 1 368 655

Capitalization of deferred policy acquisition costs (1,169) (1,177) (976)

Future policy benefits 91 394 329

Current and deferred income taxes (968) 315 (1,168)

Other, net (75) 112 (187)

Net cash provided by (used in) operating activities $ 714 $ 2,006 $ (208)

Cash flows from investing activities:

Proceeds from the sale/maturity/pre-payment of:

Fixed maturities, available-for-sale $ 18,740 $ 10,934 $ 10,492

Fixed maturities, at fair value using the fair value option 773 875 483

Mortgage loans on real estate 2,128 1,170 446

Trading account securities 550 1,087 963

Short term investments 141 836 3,324

Other 585 777 738

Payment for the purchase/origination of:

Fixed maturities, available-for-sale (25,955) (21,058) (12,031)

Fixed maturities, at fair value using the fair value option (1,706) (1,253) (592)

Mortgage loans on real estate (4,768) (3,162) (2,246)

Mortgage loans, at fair value using the fair value option (50) — —

Trading account securities (954) (2,219) (1,301)

Short term investments (199) (423) (2,772)

Other (435) (278) (878)

Cash settlements related to derivative instruments, net 606 (3,131) (1,335)

Investment in capitalized software, leasehold improvements and EDP equipment (34) (153) (117)

See Notes to Consolidated Financial Statements.

Table of Contents

EQUITABLE HOLDINGS, INC.

Consolidated Statements of Cash Flows

Years Ended December 31, 2025 and 2024

Year Ended December 31,

2025 2024 2023

(in millions)

Other, net (390) 143 (25)

Net cash provided by (used in) investing activities $ (10,968) $ (15,855) $ (4,851)

Cash flows from financing activities:

Policyholders’ account balances:

Deposits $ 26,745 $ 19,094 $ 16,925

Withdrawals (12,124) (10,518) (9,842)

Transfers (to) from Separate Accounts 1,925 1,749 1,359

Payments of market risk benefits (670) (683) (744)

Proceeds from short-term financings

— — —

Repayment of short-term financings 25 (254) (504)

Change in collateralized pledged assets (277) (85) (49)

Change in collateralized pledged liabilities 2,604 4,849 2,354

Issuance of long-term debt 495 — 497

Repayment of long term debt (500) (565) —

Proceeds from collateralized loan obligations 46 52 40

Repayment of collateralized loan obligations

(52) (61) —

Proceeds from notes issued by consolidated VIEs 1,808 552 362

Repayment of notes issued by consolidated VIEs (1,210) (16) —

Dividends paid on common stock (314) (302) (301)

Dividends paid on preferred stock (61) (80) (80)

Redemption of preferred stock

(449) (55) —

Purchase of AllianceBernstein Units (761) (35) —

Purchase of AB Holding Units to fund long-term incentive compensation plan awards, net (162) (157) (144)

Purchase of treasury shares (1,450) (1,014) (919)

Purchases (redemptions) of noncontrolling interests of consolidated

company-sponsored investment funds 214 340 274

Distribution to noncontrolling interest of consolidated subsidiaries (393) (384) (334)

Change in securities lending 272 21 116

Other, net 5 (7) (10)

Net cash provided by (used in) financing activities $ 15,716 $ 12,441 $ 9,000

Effect of exchange rate changes on cash and cash equivalents $ 36 $ (20) $ 23

Change in cash and cash equivalents 5,498 (1,428) 3,964

See Notes to Consolidated Financial Statements.

Table of Contents

EQUITABLE HOLDINGS, INC.

Consolidated Statements of Cash Flows

Years Ended December 31, 2025 and 2024

Year Ended December 31,

2025 2024 2023

(in millions)

Cash and cash equivalents, beginning of period 6,964 8,239 4,281

Change in cash of businesses held-for-sale — 153 (6)

Cash and cash equivalents, end of period $ 12,462 $ 6,964 $ 8,239

Supplemental cash flow information:

Interest paid $ 293 $ 318 $ 344

Federal $ 430 $ (159) $ 121

State

California

— 7 —

New Jersey — 3 —

New York 39 43 57

Pennsylvania — 4 —

Other state and local 57 11 43

Foreign

Denmark — 5 —

Japan — 3 —

Luxembourg — 3 —

Puerto Rico — 12 —

United Kingdom — 20 18

Taiwan — 3 —

Other foreign 50 7 26

Income taxes (refunded) paid $ 576 $ (38) $ 265

Non-cash transactions from investing and financing activities:

Transfer of securities to reinsurer (1)

$ (8,777) $ — $ —

Transfer of policy loans to reinsurer (1)

$ (2,533) $ — $ —

Securities received in exchange for the 2029 Notes

$ — $ 547 $ —

Debt issued in exchange for the 2029 Notes

$ — $ 600 $ —

Deconsolidated trading securities

$ — $ (1,153) $ —

Deconsolidated redeemable noncontrolling interests

$ — $ (1,040) $ —

______________

(1)See Note 1 of the Notes to these Consolidated Financial Statements for details on the RGA reinsurance transaction.

See Notes to Consolidated Financial Statements.

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements

1) ORGANIZATION

Equitable Holdings, Inc. is the holding company for a diversified financial services organization. The Company conducts operations in three segments: Retirement, Asset Management and Wealth Management, and management evaluates the performance of each of these segments independently. Effective April 1, 2024, the Company renamed its Investment Management and Research segment to Asset Management following the close of the previously announced joint venture between AllianceBernstein and Societe Generale. Following the close of the transaction, Bernstein Research Services (“BRS”) business results are no longer consolidated within the financial results for AllianceBernstein and Equitable Holdings, Inc. See Note 21 of the Notes to these Consolidated Financial Statements for further information on the change to the reportable segments, which was made in the third quarter of 2025 and retrospectively applied.

•The Retirement segment is a leading provider of retirement solutions to individual and institutional clients. Our primary offerings include individual and group annuities, retirement savings plans, and institutional savings products, which we distribute through both proprietary and third-party distribution. Results for our spread lending business are also primarily reported within the Retirement segment.

•The Asset Management segment provides diversified investment management and related services globally to a broad range of clients through three main client channels - Institutional, Retail and Private Wealth. The Asset Management segment reflects the business of AB Holding and ABLP and their subsidiaries (collectively, AB).

•The Wealth Management segment is an emerging leader in the wealth management space with a differentiated advice value proposition that offers discretionary and non-discretionary investment advisory accounts, financial planning and advice, life insurance, and annuity products.

The Company reports certain activities and items that are not included in our segments in Corporate and Other. Corporate and Other includes closed block of life insurance (the “Closed Block”), results for certain run-off blocks of business, and certain strategic investments and unallocated items, including interest and corporate expenses. In addition, beginning with the third quarter of 2025, results for the Individual Life and Employee Benefits businesses are reported in Corporate and Other. AB’s results of operations are reflected in the Asset Management segment. Accordingly, Corporate and Other does not include any items applicable to AB.

As of December 31, 2025 and 2024, the Company’s economic interest in AB was approximately 68% and 62%, respectively. The General Partner of AB is a wholly owned subsidiary of the Company. Because the General Partner has the authority to manage and control the business of AB, AB is consolidated in the Company’s financial statements for all periods presented. The increase in economic interest was due to the purchase of AB Holding Units relating to the AB Tender Offer transaction completed on April 3, 2025.

RGA Reinsurance Transaction

On July 31, 2025, Equitable Financial, as well as Equitable America and Equitable Financial L&A (each a “Ceding Company” and, together, the “Ceding Companies”), completed the master transaction agreement with RGA entered into on February 23, 2025 pursuant to which and subject to the terms and conditions set forth in such agreement, RGA entered into reinsurance agreements, as reinsurer, with each such Ceding Company, to effect the RGA Reinsurance Transaction.

At the closing of the transaction, (i) each of Equitable Financial and Equitable America entered into a separate coinsurance and modified coinsurance agreement with RGA and (ii) Equitable Financial L&A entered into a coinsurance agreement with RGA, each with an effective date of April 1, 2025, pursuant to which each Ceding Company ceded to RGA a 75% quota share of such Ceding Company’s in-force individual life insurance block and Closed Block. At the closing of the transaction, assets supporting the general account liabilities relating to the reinsured contracts were deposited into a trust account for the benefit of Equitable Financial and a trust account for the benefit of Equitable America and Equitable Financial L&A, which assets will secure RGA’s obligations to each ceding company under the applicable reinsurance agreement. Equitable Financial and Equitable America reinsured the applicable separate accounts relating to the applicable reinsured contracts on a modified coinsurance basis. In addition, the investment of assets in each trust account will be subject to investment guidelines and certain capital adequacy related triggers will require enhanced funding. The reinsurance agreements also contain additional counterparty risk

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements, Continued

management and mitigation provisions. Each ceding company will continue to administer the applicable reinsured contracts.

As part of the transaction, on June 16, 2025, ABLP entered into an investment advisory agreement with RGA, pursuant to which AB will manage certain assets to be specified representing approximately 70% of assets supporting the reserves associated with the ceded policies under the reinsurance agreements.

As consideration for the RGA Reinsurance Transaction, the Ceding Companies transferred assets of $11.6 billion, including primarily available-for-sale securities, cash and policy loans as the consideration for the reinsurance transaction. The transfer of assets resulted in a loss of $1.1 billion to the Company, recorded in Investment gains (losses), net. In addition, the Company recorded $12.3 billion of direct insurance liabilities ceded under the reinsurance contract included in amounts due from reinsurers (includes $334 million of ceded reserves related to the non-insulated (“NI”) modco offset by NI modco payable) and $593 million of deferred gain on cost of reinsurance included within other liabilities. We recorded a $154 million a residual liability representing the difference between Closed Block Assets and Liabilities for the amount owed to RGA, Additionally, Equitable Financial and Equitable America ceded a total of $14.1 billion of Separate Account liabilities under the modified coinsurance portion of the respective reinsurance agreements.

Novation

Effective January 17, 2025, Equitable Financial novated certain legacy variable annuity policies sold between 2006-2008, comprised of non-New York “Accumulator” policies containing fixed rate Guaranteed Minimum Income Benefit and/or Guaranteed Minimum Death Benefit guarantees reinsured by Venerable under the combined co-insurance and modified coinsurance basis agreement executed on June 1, 2021.

As a result of the novation of certain Legacy VA policies completed during the first quarter 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. The negative net income impact is mostly driven by the reduction of the purchased MRB asset of $2.0 billion and the reduction of Liability for MRBs of $1.6 billion, offset by a decrease in reinsurance deposit liability of $183 million. Purchased MRB asset reduction is larger than the direct MRB liability reduction since the Venerable reinsurance assets sit in a collateralized trust and thus materially reduce the non-performance risk. Deposit account liability decreases as novation leads to faster amortization of the liability. The novation impact from the base contracts and the contracts in payout status is less material, as the increase in policyholders’ account balance of $33 million and decrease in liability for future policyholders’ benefits of $458 million are largely offset by a decrease in Amounts due from reinsurers of $432 million.

AB Tender Offer and Unit Exchange

On February 24, 2025, Holdings commenced a cash tender offer (the “AB Tender Offer”) to purchase up to 46 million AB Holding Units at a price of $38.50 per unit, less any applicable tax withholding, for an aggregate purchase price of $1.8 billion. On April 3, 2025, Holdings purchased 19.7 million AB Holding Units pursuant to the AB Tender Offer for an aggregate cost of $758 million. The AB Holding Units accepted for purchase represented approximately 17.9% of the outstanding units at the time of purchase. On July 10, 2025, AB and Holdings entered into an Amended and Restated Master Exchange Agreement to increase the AB Units that remain available for exchange from 4.8 million AB Units to 19.7 million AB Units, and Holdings exchanged 19.7 million AB Holding Units for an equal number of limited partnership interests in ABLP. The exchange had no effect on Holdings’ economic interest in AB.

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements, Continued

2) SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation and Principles of Consolidation

The preparation of the accompanying consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions (including normal, recurring accruals) that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from these estimates.

The accompanying consolidated financial statements present the consolidated results of operations, financial condition, and cash flows of the Company and its subsidiaries and those investment companies, partnerships and joint ventures in which the Company has control and a majority economic interest as well as those VIEs that meet the requirements for consolidation.

Financial results in the historical consolidated financial statements may not be indicative of the results of operations, comprehensive income (loss), financial position, equity or cash flows that would have been achieved had we operated as a separate, standalone entity during the reporting periods presented. We believe that the consolidated financial statements include all adjustments necessary for a fair presentation of the results of operations of the Company.

All significant intercompany transactions and balances have been eliminated in consolidation. The years “2025”, “2024” and “2023” refer to the years ended December 31, 2025, 2024 and 2023, respectively.

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements, Continued

Adoption of New Accounting Pronouncements

Description

Effect on the Financial Statement or Other Significant Matters

ASU 2023-09: Income Taxes (Topic 740): Improvements to Income Tax Disclosures

The ASU enhances existing income tax disclosures primarily related to the rate reconciliation and income taxes paid information. With regard to the improvements to disclosures of rate reconciliation, a public business entity is required on an annual basis to (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold. Similarly, a public entity is required to provide the amount of income taxes paid (net of refunds received) disaggregated by (1) federal, state, and foreign taxes and by (2) individual jurisdictions in which income taxes paid (net of refunds received) is equal to or greater than 5 percent of total income taxes paid (net of refunds received).

The ASU also includes certain other amendments to improve the effectiveness of income tax disclosures, for example, an entity is required to provide (1) pretax income (or loss) from continuing operations disaggregated between domestic and foreign, and (2) income tax expense (or benefit) from continuing operations disaggregated by federal, state, and foreign.

The Company adopted the new accounting standard ASU 2023-09 for the year ended December 31, 2025 on a retrospective basis. The adoption of ASU 2023-09 did not materially impact the Company’s financial position, results of operation, or cash flows. See Note 18 of the Notes to these Consolidated Financial Statements for details.

Future Adoption of New Accounting Pronouncements

Description

Effective Date and Method of Adoption

Effect on the Financial Statement or Other Significant Matters

ASU 2024-03: Accounting Standards Update No. 2024-03-Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40)

This ASU requires a public business entity to disclose specific information about certain costs and expenses in the notes to its financial statements for interim and annual reporting periods. The objective of the disclosure requirements is to provide disaggregated information about a public business entity’s expenses to help investors (a) better understand the entity’s performance, (b) better assess the entity’s prospects for future cash flows, and (c) compare an entity’s performance over time and with that of other entities.

The ASU does not change the expense captions an entity presents on the face of the income statement; rather, it requires disaggregation of certain expense captions into specified categories in disclosures within the notes to the financial statements.

The ASU will be effective for annual periods beginning after December 15, 2026 and interim periods beginning after December 15, 2027. Entities are required to apply the ASU on a prospective basis.

The Company is currently assessing the impact to the consolidated financial statements of this ASU.

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements, Continued

Investments

The carrying values of fixed maturities classified as AFS are reported at fair value. Changes in fair value are reported in OCI, net of allowance for credit losses, policy related amounts and deferred income taxes. Changes in credit losses are recognized in Investment gains (losses), net. The redeemable preferred stock investments that are reported in fixed maturities include REITs, perpetual preferred stock and redeemable preferred stock. These securities may not have a stated maturity, may not be cumulative and do not provide for mandatory redemption by the issuer.

The Company determines the fair values of fixed maturities and equity securities based upon quoted prices in active markets, when available, or through the use of alternative approaches when market quotes are not readily accessible or available. These alternative approaches include matrix or model pricing and use of independent pricing services, each supported by reference to principal market trades or other observable market assumptions for similar securities. More specifically, the matrix pricing approach to fair value is a discounted cash flow methodology that incorporates market interest rates commensurate with the credit quality and duration of the investment. The Company’s management, with the assistance of its investment advisors, evaluates AFS debt securities that experienced a decline in fair value below amortized cost for credit losses which are evaluated in accordance with the new financial instruments credit losses guidance. Integral to this review is an assessment made each quarter, on a security-by-security basis, by the IUS Committee, of various indicators of credit deterioration to determine whether the investment security has experienced a credit loss. This assessment includes, but is not limited to, consideration of the severity of the unrealized loss, failure, if any, of the issuer of the security to make scheduled payments, actions taken by rating agencies, adverse conditions specifically related to the security or sector, and the financial strength, liquidity and continued viability of the issuer.

The Company recognizes an allowance for credit losses on AFS debt securities with a corresponding adjustment to earnings rather than a direct write down that reduces the cost basis of the investment, and credit losses are limited to the amount by which the security’s amortized cost basis exceeds its fair value. Any improvements in estimated credit losses on AFS debt securities are recognized immediately in earnings. Management does not use the length of time a security has been in an unrealized loss position as a factor, either by itself or in combination with other factors, to conclude that a credit loss does not exist.

When the Company determines that there is more than 50% likelihood that it is not going to recover the principal and interest cash flows related to an AFS debt security, the security is placed on nonaccrual status and the Company reverses accrued interest receivable against interest income. Since the nonaccrual policy results in a timely reversal of accrued interest receivable, the Company does not record an allowance for credit losses on accrued interest receivable.

If there is no intent to sell or likely requirement to dispose of the fixed maturity security before its recovery, only the credit loss component of any resulting allowance is recognized in income (loss) and the remainder of the fair value loss is recognized in OCI. The amount of credit loss is the shortfall of the present value of the cash flows expected to be collected as compared to the amortized cost basis of the security. The present value is calculated by discounting management’s best estimate of projected future cash flows at the effective interest rate implicit in the debt security at the date of acquisition. Projections of future cash flows are based on assumptions regarding probability of default and estimates regarding the amount and timing of recoveries. These assumptions and estimates require use of management judgment and consider internal credit analyses as well as market observable data relevant to the collectability of the security. For mortgage and asset-backed securities, projected future cash flows also include assumptions regarding prepayments and underlying collateral value.

Write-offs of AFS debt securities are recorded when all or a portion of a financial asset is deemed uncollectible. Full or partial write-offs are recorded as reductions to the amortized cost basis of the AFS debt security and deducted from the allowance in the period in which the financial assets are deemed uncollectible. The Company elected to reverse accrued interest deemed uncollectible as a reversal of interest income. In instances where the Company collects cash that it has previously written off, the recovery will be recognized through earnings or as a reduction of the amortized cost basis for interest and principal, respectively.

Policy loans represent funds loaned to policyholders up to the cash surrender value of the associated insurance policies and are carried at the unpaid principal balances due to the Company from the policyholders. Interest income on policy loans is recognized in net investment income at the contract interest rate when earned. Policy loans are fully collateralized by the cash surrender value of the associated insurance policies.

Partnerships, investment companies and joint venture interests that the Company has control of and has an economic interest in or those that meet the requirements for consolidation under accounting guidance for consolidation of VIEs are consolidated. Those that the Company does not have control of and does not have a majority economic interest in

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements, Continued

and those that do not meet the VIE requirements for consolidation are reported on the equity method of accounting and are reported in other equity investments. The Company records its interests in certain of these partnerships on a month or one quarter lag.

Trading securities, which include equity securities and fixed maturities, are carried at fair value based on quoted market prices, with realized and unrealized gains (losses) reported in net investment income (loss) in the consolidated statements of income (loss).

The carrying values of certain fixed maturities are reported at fair value where the fair value option has been elected. The fair value option allows the Company to elect fair value as an alternative measurement for selected financial assets and financial liabilities not otherwise reported at fair value. Such elections have been made to help mitigate volatility in earnings that result from different measurement attributes. Electing the fair value option also allows the consistent accounting in net investment income (loss) for certain assets and liabilities. Changes in fair value of fixed maturities that have elected the fair value option are reflected in realized and unrealized gains (losses) reported in net investment income (loss) in the consolidated statements of income (loss).

Notes issued by consolidated variable interest entities represent notes issued by certain asset-backed investment vehicles, primarily CLOs, which we are required to consolidate. The creditors of these VIEs do not have recourse to the Company in excess of the assets contained within the VIEs. The Company has elected the fair value option for the majority of these notes and has based the fair value on the corresponding debt security collateral. Changes in fair value are reported in net investment income (loss).

COLI has been purchased by the Company and certain subsidiaries on the lives of certain key employees and the Company and these subsidiaries are named as beneficiaries under these policies. COLI is carried at the cash surrender value of the policies. As of December 31, 2025 and 2024, the carrying value of COLI was $1.1 billion and $965 million, respectively, and is reported in other invested assets in the consolidated balance sheets.

Cash and cash equivalents includes cash on hand, demand deposits, money market accounts, overnight commercial paper and highly liquid debt instruments purchased with an original maturity of three months or less. Due to the short-term nature of these investments, the recorded value is deemed to approximate fair value. Cash and securities segregated primarily includes U.S. Treasury Bills segregated by AB in a special reserve bank custody account for the exclusive benefit of its brokerage customers under Rule 15c3-3 of the Exchange Act.

Securities Sold under Agreements to Repurchase

Securities sold under agreements to repurchase involve the temporary exchange of securities for cash or other collateral of equivalent value, with agreement to redeliver a like quantity of the same or similar securities at a future date prior to maturity at a fixed and determinable price. Securities sold under agreements to repurchase transactions are conducted by the Company under a standardized securities industry master agreement, amended to suit the requirements of each respective counterparty. Transfers of securities under these agreements to repurchase are evaluated by the Company to determine whether they satisfy the criteria for accounting treatment as secured borrowing arrangements. Agreements not meeting the criteria would require recognition of the transferred securities as sales with related forward repurchase commitments. All of the Company’s securities repurchase transactions are accounted for as secured borrowings with the related obligations distinctly captioned in the consolidated balance sheets on a gross basis. As of December 31, 2025 and 2024 the Company had no securities sold under agreements to repurchase outstanding.

Securities Lending Program

The Company enters into securities lending transactions whereby securities are loaned to third parties, primarily major brokerage firms. Securities lending transactions are treated as financing arrangements and the associated liability is recorded as the amount of cash received. Income and expenses associated with securities lending transactions are reported within net investment income in the consolidated statements of income (loss).

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements, Continued

Derivatives

Derivatives are financial instruments whose values are derived from interest rates, foreign exchange rates, financial indices, values of securities or commodities, credit spreads, market volatility, expected returns and liquidity. Values can also be affected by changes in estimates and assumptions, including those related to counterparty behavior and non-performance risk used in valuation models. Derivative financial instruments generally used by the Company include equity, currency, and interest rate futures, total return and/or other equity swaps, interest rate swaps and floors, swaptions, variance swaps and equity options, all of which may be exchange-traded or contracted in the OTC market. All derivative positions are carried in the consolidated balance sheets at fair value, generally by obtaining quoted market prices or through the use of valuation models.

Freestanding derivative contracts are reported in the consolidated balance sheets either as assets within “other invested assets” or as liabilities within “other liabilities.” The Company nets the fair value of all derivative financial instruments with counterparties for which an ISDA Master Agreement and related CSA have been executed. All changes in the fair value of the Company’s freestanding derivative positions not designated to hedge accounting relationships, including net receipts and payments, are included in “net derivative gains (losses)” without considering changes in the fair value of the economically associated assets or liabilities.

The Company has designated certain derivatives it uses to economically manage asset/liability risk in relationships which qualify for hedge accounting. To qualify for hedge accounting, we formally document our designation at inception of the hedge relationship as a cash flow, fair value or net investment hedge. This documentation includes our risk management objective and strategy for undertaking the hedging transaction. The Company identifies how the hedging instrument is expected to offset the designated risks related to the hedged item and the method that will be used to retrospectively and prospectively assess the hedge effectiveness. To qualify for hedge accounting, a hedging instrument must be assessed as being highly effective in offsetting the designated risk of the hedged item. Hedge effectiveness is formally assessed and documented at inception and periodically throughout the life of the hedge accounting relationship.

The Company does not exclude any components of the hedging instrument from the effectiveness assessments and therefore does not separately measure or account for any excluded components of the hedging instrument.

While in cash flow hedge relationships, any periodic net receipts and payments from the hedging instrument are included in the income or expense line that the hedged item’s periodic income or expense is recognized. Other changes in the fair value of the hedging instrument while in a cash flow hedging relationship are reported within OCI. These amounts are deferred in AOCI until they are reclassified to Net income (loss). The reclassified amount offsets the effect of the cash flows on Net income (loss) in the same period when the hedged item affects earnings and on the same line as the hedged item.

We discontinue cash flow hedge accounting prospectively when the Company determines: (1) the hedging instrument is no longer highly effective in offsetting changes in the cash flow from the hedged risk, (2) the hedged item is no longer probable of occurring within two months of their forecast, or (3) the hedging instrument is otherwise redesignated from the hedging relationship. Changes in the fair value of the derivative after discontinuation of cash flow hedge accounting are accounted for as freestanding derivative positions not designated to hedge accounting relationships unless and until the derivative is redesignated to a hedge accounting relationship. When cash flow hedge accounting is discontinued the amounts deferred in AOCI during the hedge relationship continue to be deferred in AOCI, as long as the hedged items continue to be probable of occurring within two months of their forecast, until the hedged item affects Net income (loss). Any amount deferred in AOCI for hedged items which are no longer probable of occurring within two months of their forecast will be reclassified to “net derivative gains (losses)” at that time.

The Company is a party to financial instruments and other contracts that contain “embedded” derivative instruments. At inception, the Company assesses whether the economic characteristics of the embedded instrument are “clearly and closely related” to the economic characteristics of the remaining component of the “host contract” and whether a separate instrument with the same terms as the embedded instrument would meet the definition of a derivative instrument. Once those criteria are met the resulting embedded derivative is bifurcated from the host contract, carried in the consolidated balance sheets at fair value, and changes in its fair value are recognized immediately and captioned in the consolidated statements of income (loss) according to the nature of the related host contract. For certain financial instruments that contain an embedded derivative that otherwise would need to be bifurcated and reported at fair value, the Company instead may elect to carry the entire instrument at fair value.

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements, Continued

Mortgage Loans on Real Estate

The Company invests in commercial, agricultural and residential mortgage loans which are included in the consolidated balance sheets as mortgage loans on real estate. Mortgage loans are stated at unpaid principal balances, net of unamortized discounts and the allowance for credit losses. The Company calculates the allowance for credit losses in accordance with the CECL model in order to provide for the risk of credit losses in the lending process. The Company carries certain commercial mortgages originated at fair value where the fair value option has been elected.

Expected credit losses for loans with similar risk characteristics are estimated on a collective (i.e., pool) basis in order to meet CECL’s risk of loss concept which requires the Company to consider possibilities of loss, even if remote.

For collectively evaluated mortgages, the Company estimates the allowance for credit losses based on the amortized cost basis of its mortgages over their expected life using a PD / LGD model. The PD / LGD model incorporates the Company’s reasonable and supportable forecast of macroeconomic information over a specified period. The length of the reasonable and supportable forecast period is reassessed on a quarterly basis and may be adjusted as appropriate over time to be consistent with macroeconomic conditions and the environment as of the reporting date. For periods beyond the reasonable and supportable forecast period, the model reverts to historical loss information. The PD and LGD are estimated at the loan-level based on loans’ current and forecasted risk characteristics as well as macroeconomic forecasts. The PD is estimated using both macroeconomic conditions as well as individual loan risk characteristics including LTV ratios, DSC ratios, DTI ratio, seasoning, collateral type, geography, and underlying credit. The LGD is driven primarily by the type and value of collateral, and secondarily by expected liquidation costs and time to recovery.

For individually evaluated mortgages, the Company continues to recognize a valuation allowance on the present value of expected future cash flows discounted at the loan’s original effective interest rate or on its collateral value.

The CECL model is configured to the Company’s specifications and takes into consideration the detailed risk attributes of each discrete loan in the mortgage portfolio which will vary by loan type, but are not limited to the following:

•LTV ratio – Derived from current loan balance divided by the fair market value of the property. An LTV ratio in excess of 100% indicates an underwater mortgage.

•DSC ratio – Derived from actual operating earnings divided by annual debt service. If the ratio is below 1.0x, then the income from the property does not support the debt.

•DTI ratio - Is used for residential mortgage loans to assess a borrower’s ability to repay a loan. DTI ratio is derived by adding up all of the borrower’s debt payments and dividing that sum by the borrower’s gross monthly income.

•Consumer Credit Score - Is used for residential mortgage loans to determine the borrower’s credit worthiness and eligibility for a residential loan based upon credit reports.

•Occupancy – Criteria varies by property type but low or below market occupancy is an indicator of sub-par property performance.

•Lease expirations – The percentage of leases expiring in the upcoming 12 to 36 months are monitored as a decline in rent and/or occupancy may negatively impact the debt service coverage ratio. In the case of single-tenant properties or properties with large tenant exposure, the lease expiration is a material risk factor.

•Other – Any other factors such as maturity, borrower/tenant related issues, payment status, property condition, or current economic conditions may call into question the performance of the loan.

Mortgage loans that do not share similar risk characteristics with other loans in the portfolio are individually evaluated quarterly by the Company’s IUS Committee. The allowance for credit losses on these individually evaluated mortgages is a loan-specific reserve as a result of the loan review process that is recorded based on the present value of expected future cash flows discounted at the loan’s effective interest rate or based on the fair value of the collateral. The individually assessed allowance for mortgage loans can increase or decrease from period to period based on such factors.

Individually assessed loans may include, but are not limited to, mortgages that have deteriorated in credit quality such as a TDR and reasonably expected TDRs, mortgages for which foreclosure is probable, and mortgages which have

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements, Continued

been classified as “potential problem” or “problem” loans within the Company’s IUS Committee processes as described below.

Within the IUS process, commercial mortgages 60 days or more past due and agricultural and residential mortgages 90 days or more past due, as well as all mortgages in the process of foreclosure, are identified as problem mortgage loans. Based on its monthly monitoring of mortgages, a class of potential problem mortgage loans are also identified, consisting of mortgage loans not currently classified as problem mortgage loans but for which management has doubts as to the ability of the borrower to comply with the present loan payment terms and which may result in the loan becoming a problem or being modified. The decision whether to classify a performing mortgage loan as a potential problem involves judgments by management as to likely future industry conditions and developments with respect to the borrower or the individual mortgaged property.

Individually assessed mortgage loans without provision for losses are mortgage loans where the fair value of the collateral or the net present value of the expected future cash flows related to the loan equals or exceeds the recorded investment. Interest income earned on mortgage loans where the collateral value is used to measure impairment is recorded on a cash basis. Interest income on mortgage loans where the present value method is used to measure impairment is accrued on the net carrying value amount of the loan at the interest rate used to discount the cash flows.

Mortgage loans are placed on nonaccrual status once management believes the collection of accrued interest is not probable. Once mortgage loans are classified as nonaccrual mortgage loans, interest income is recognized under the cash basis of accounting and the resumption of the interest accrual would commence only after all past due interest has been collected or the mortgage loan has been restructured to where the collection of interest is considered likely. The Company charges off loan balances and accrued interest that are deemed uncollectible.

The components of amortized cost for mortgage loans on the consolidated balance sheets excludes accrued interest amounts because the Company presents accrued interest receivables within other assets. Once mortgage loans are placed on nonaccrual status, the Company reverses accrued interest receivable against interest income. Since the nonaccrual policy results in the timely reversal of accrued interest receivable, the Company does not record an allowance for credit losses on accrued interest receivable.

Loan Modifications

The investment the Company makes in commercial, agricultural and residential mortgage loans are included in the consolidated balance sheets as mortgage loans on real estate. The investments the Company makes in privately negotiated fixed maturities are included in the consolidated balance sheets as fixed maturities AFS. Under certain circumstances, modifications are granted to these contracts. Each modification is evaluated as to whether a loan modification has occurred. A loan modification is when the borrower is in financial difficulty and the creditor makes concessions. Generally, the types of concessions may include reducing the face amount or maturity amount of the debt as originally stated, reducing the contractual interest rate, extending the maturity date at an interest rate lower than current market interest rates and/or reducing accrued interest. The Company considers the amount, timing and extent of the concession granted in determining any impairment or changes in the specific credit allowance recorded in connection with the loan modification. A credit allowance may have been recorded prior to the period when the loan becomes a loan modification. Accordingly, the carrying value (net of the allowance) before and after modification through a loan modification may not change significantly, or may increase if the expected recovery is higher than the pre-modification recovery assessment. For information pertaining to our loan modifications see Note 3 of the Notes to these Consolidated Financial Statements.

Net Investment Income (Loss), Investment Gains (Losses) Net and Unrealized Investment Gains (Losses)

Realized investment gains (losses) are determined by identification with the specific asset and are presented as a component of revenue. Changes in the allowance for credit losses are included in investment gains (losses), net.

Realized and unrealized holding gains (losses) on trading and equity securities and fair value changes on mortgage loans where the fair value option has been elected, are reflected in net investment income (loss).

Unrealized investment gains (losses) on fixed maturities designated as AFS held by the Company are accounted for as a separate component of AOCI, net of related deferred income taxes, as are amounts attributable to certain pension operations, Closed Block’s policyholders’ dividend obligation, insurance liability loss recognition, DAC related to UL policies, investment-type products and participating traditional life policies.

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements, Continued

Changes in unrealized gains (losses) reflect changes in fair value of only those fixed maturities classified as AFS and do not reflect any change in fair value of policyholders’ account balances and future policy benefits.

Fair Value of Financial Instruments

See Note 8 of the Notes to these Consolidated Financial Statements for additional information regarding determining the fair value of financial instruments.

Recognition of Insurance Income and Related Expenses

Deposits related to UL and investment-type contracts are reported as deposits to policyholders’ account balances. Revenues from these contracts consist of fees assessed during the period against policyholders’ account balances for mortality charges, policy administration charges and surrender charges. Policy benefits and claims that are charged to expense include benefit claims incurred in the period in excess of related policyholders’ account balances.

DAC

Acquisition costs that vary with and are primarily related to the acquisition of new and renewal insurance business, reflecting incremental direct costs of contract acquisition with independent third parties or employees that are essential to the contract transaction, as well as the portion of employee compensation, including employee fringe benefits and other costs directly related to underwriting, policy issuance and processing, medical inspection, and contract selling for successfully negotiated contracts including commissions, underwriting, agency and policy issue expenses, are deferred.

Contracts are measured on a grouped basis utilizing cohorts consistent with those used in the calculation of future policy benefit reserves. DAC is amortized on a constant level basis for the grouped contracts over the expected term of the contract. For life insurance products, DAC is amortized in proportion to the face amount in force. For annuity products DAC is amortized in proportion to policy counts. The constant level basis used for amortization determines the current period amortization considering both the current period’s actual experience and future projections. The amortization pattern is revised quarterly on a prospective basis. Amortization of DAC is included in Amortization of DAC, part of total benefits and other deductions.

For some products, policyholders can elect to modify product benefits, features, rights or coverages that occur by the exchange of a contract for a new contract, or by amendment, endorsement, or rider to a contract, or by election or coverage within a contract. These transactions are known as internal replacements. If such modification substantially changes the contract, the associated DAC is written off immediately through income and any new acquisition costs associated with the replacement contract are deferred.

Amount due to and from Reinsurers

For each of its reinsurance agreements, the Company determines whether the agreement provides indemnification against loss or liability relating to insurance risk in accordance with applicable accounting standards. Cessions under reinsurance agreements do not discharge the Company’s obligations as the primary insurer. The Company reviews all contractual features, including those that may limit the amount of insurance risk to which the reinsurer is subject or features that delay the timely reimbursement of claims.

For reinsurance of existing in-force blocks of long-duration contracts that transfer significant insurance risk, the difference, if any, between the amounts paid (received), and the liabilities ceded (assumed) related to the underlying contracts is considered the net cost of reinsurance at the inception of the reinsurance agreement. Subsequent amounts paid (received) on the reinsurance of in-force blocks, as well as amounts paid (received) related to new business, are recorded as premiums ceded (assumed); and amounts due from reinsurers (amounts due to reinsurers) are established.

Assets and liabilities relating to reinsurance agreements with the same reinsurer may be recorded net on the balance sheet if a right of offset exists within the reinsurance agreement. In the event that reinsurers do not meet their obligations to the Company under the terms of the reinsurance agreements, reinsurance recoverable balances could become uncollectible. In such instances, reinsurance recoverable balances are stated net of allowances for uncollectible reinsurance.

Premiums, policy charges and fee income, and policyholders’ benefits include amounts assumed under reinsurance agreements and are net of reinsurance ceded. Amounts received from reinsurers for policy administration are reported in other revenues.

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements, Continued

For reinsurance contracts, reinsurance recoverable balances are generally calculated using methodologies and assumptions that are consistent with those used to calculate the direct liabilities.

Ceded reinsurance transactions are recognized and measured in a manner consistent with underlying reinsured contracts, including using consistent assumptions. Assumed and ceded reinsurance contract rights and obligations are accounted for on a basis consistent with our direct contract. The reinsurance cost or benefit for traditional life non-participating and limited-payment contracts is recognized in proportion to the Gross Premiums of the underlying direct cohorts. The locked-in single A discount rate used to calculate the reinsurance cost or benefit is established at inception of the reinsurance contract. Changes to the single A discount rate are reflected in comprehensive income at each reporting date.

If the Company determines that a reinsurance agreement does not expose the reinsurer to a reasonable possibility of a significant loss from insurance risk, the Company records the agreement using the deposit method of accounting. Deposits received are included in other liabilities and deposits made are included within other assets. As amounts are paid or received, consistent with the underlying contracts, the deposit assets or liabilities are adjusted. Interest on such deposits is recorded as other income or other operating costs and expenses, as appropriate.

Sales Inducement Assets

SIA are offered on certain deferred annuity products in the form of either immediate bonus interest credited or enhanced interest crediting rates for a period of time. The interest crediting expense associated with these SIA is deferred and amortized over the lives of the underlying contracts in a manner consistent with the amortization of DAC. Unamortized balances are included in other assets in the consolidated balance sheets and amortization is included in interest credited to policyholders’ account balances in the consolidated statements of income (loss).

Policyholders’ Account Balances

Policyholders’ account balances relate to contracts or contract features where the Company has no significant insurance risk. This liability represents the contract value that has accrued to the benefit of the policyholder as of the balance sheet date.

Obligations arising from funding agreements are also reported in policyholders’ account balances in the consolidated balance sheets. As a member of the FHLB, the Company has access to collateralized borrowings. The Company may also issue funding agreements to the FHLB. Both the collateralized borrowings and funding agreements would require the Company to pledge qualified mortgage-backed assets and/or government securities as collateral.

Future Policy Benefits and Other Policyholders’ Liabilities

The liability for future policy benefits is estimated based upon the present value of future policy benefits and related claim expenses less the present value of estimated future net premiums where net premium equals Gross Premium under the contract multiplied by the net premium ratio. Related claim expenses include termination and settlement costs and exclude acquisition costs and non-claim related costs. The liability is estimated using current assumptions that include discount rate, mortality, and lapses. Assumptions are based on judgments that consider the Company’s historical experience, industry data, and other factors.

For participating traditional life insurance policies, future policy benefit liabilities are calculated using a net level premium method based on guaranteed mortality and dividend fund interest rates. The liability for annual dividends represents the accrual of annual dividends earned. Terminal dividends are accrued in proportion to face amount over the life of the contract.

For non-participating traditional life insurance policies (Term) and limited pay contracts (Payout, Pension), contracts are grouped into cohorts by contract type and issue year. The Company quarterly updates its estimate of cash flows using actual experience and current future cash flow assumptions, which is reflected in an updated net premium ratio used to calculate the liability. The ratio of actual and future expected claims to actual and future expected premiums determines the net premium ratio. The policy administration expense assumption is not updated after policy issuance. If actual expenses differ from the original expense assumptions, the differences are recognized in the period identified. The revised net premium ratio is used to determine the updated liability for future policy benefits as of the beginning of the reporting period, discounted at the original contract issuance rate. Changes in the liability due to current discount rates differing from original rates are included in OCI within the consolidated statement of comprehensive income.

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements, Continued

For non-participating traditional life insurance policies and limited pay contracts, the discount rate assumption used is corporate A rated forward curve. We use a forward curve based upon a Bloomberg index. The liability is remeasured each quarter with the remeasurement change reported in OCI. The locked-in discount rate is generally based on expected investment returns at contract inception for contracts issued prior to January 1, 2021 and the upper medium grade fixed income corporate instrument yield (i.e., single A) at contract inception for contracts issued after January 1, 2021. The Company developed a LDTI discount rate methodology used to calculate the LFPB for its traditional insurance liabilities and constructed a discount rate curve that references upper-medium grade (low credit risk) fixed-income instrument yields (i.e. Single-A rated Corporate bond yields) which are meant to reflect the duration characteristics of the corresponding insurance liabilities. The methodology uses observable market data, where available, and uses various estimation techniques in line with fair value guidance (such as interpolation and extrapolation) where data is limited. Discount rates are updated quarterly.

For limited-payment products, Gross Premiums received in excess of net premiums are deferred at initial recognition as a deferred profit liability (“DPL”). DPL will be amortized in relation to the expected future benefit payments. As the calculation of the DPL is based on discounted cash flows, interest accrues on the unamortized DPL balance using the discount rate determined at contract issuance. The DPL is updated at the same time as the estimates for cash flows for the liability for future policy benefits. Any difference between the recalculated and beginning of period DPL is recognized in remeasurement gain or loss in the consolidated statements of income (loss), Remeasurement of Liability for Future Policy Benefits, part of total benefits and other deductions. On the consolidated balance sheets the DPL is recorded in the liability for future policy benefits.

Additional liabilities for contract or contract feature that provide for additional benefits in addition to the account balance but are not market risk benefits or embedded derivatives (“additional insurance liabilities”) are established by estimating the expected value of death or other insurance benefits in excess of the projected contract accumulation value and recognizing the excess over the estimated life based on expected assessments (i.e., benefit ratio). The liability equals the current benefit ratio multiplied by cumulative assessments recognized to date, plus interest, less cumulative excess payments to date. These reserves are recorded within future policy benefits and other policyholders’ liabilities. The determination of this estimated future policy benefits liability is based on models that involve numerous assumptions and subjective judgments, including those regarding expected market rates of return and volatility, contract surrender and withdrawal rates, and mortality experience. There can be no assurance that actual experience will be consistent with management’s estimates. Assumptions are reviewed annually and updated with the remeasurement gain or loss reflected in total benefit expense.

The Company recognizes an adjustment in OCI for the additional insurance liabilities for unrealized gains and losses not included when calculating the present value of expected assessments for the benefit ratios.

The Company conducts annual premium deficiency testing except for liability for future policy benefits for non-participating traditional and limited payment contracts. The Company reviews assumptions and determines whether the sum of existing liabilities and the present value of future Gross Premiums is sufficient to cover the present value of future benefits to be paid and settlement costs. Anticipated investment income is considered when performing premium deficiency for long duration contracts. The anticipated investment income is projected based on current investment portfolio returns grading to long term reinvestment rates over the projection periods, based on anticipated gross reinvestment spreads, defaults and investment expenses. Premium deficiency reserves are recorded in certain instances where the policyholder liability for a particular line of business may not be deficient in the aggregate to trigger loss recognition, but the pattern of earnings may be such that profits are expected to be recognized in earlier years followed by losses in later years. This pattern of PFBL is exhibited in our VISL business and is generated by the cost structure of the product or secondary guarantees in the contract. The secondary guarantee ensures that, subject to specified conditions, the policy will not terminate and will continue to provide a death benefit even if there is insufficient policy value to cover the monthly deductions and charges. We accrue for these PFBL using a dynamic approach that changes over time as actual profits and losses and projections of future profits and losses change.

Market Risk Benefits

The Company has issued and continues to offer certain variable annuity products with GMDB and/or contain a GMLB (collectively, the “GMxB features”) which, if elected by the policyholder after a stipulated waiting period from contract issuance, guarantees a minimum lifetime annuity based on predetermined annuity purchase rates that may be in excess of what the contract account value can purchase at then-current annuity purchase rates. This minimum lifetime annuity is based on predetermined annuity purchase rates applied to a GMIB base. The Company previously issued certain variable annuity products with GMIB, GWBL, GMWB, and GMAB features. The Company has also assumed reinsurance for products with GMxB features.

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements, Continued

Market risk benefits (“MRBs”) are contracts or contract features that provide protection to the contract holder from other than nominal capital market risk and expose the Company to other than nominal capital market risk. Market risk benefits include contract features that provide minimum guarantees to policyholders and include GMIB, GMDB, GMWB, GMAB, and ROP DB benefits. MRBs are identified and measured at fair value on a seriatim basis using an ascribed fee approach based upon policyholder behavior projections and risk neutral economic scenarios adjusted based on the facts and circumstances of the Company’s product features. The MRB Asset and MRB Liability will be equal to the estimated present value of benefits and risk margins less the estimated present value of ascribed fees. Ascribed fees will consist of the fee needed at policy inception date, under a stochastically generated set of risk-neutral scenarios, so that the present value of claims, including any risk charge, is equal to the present value of the projected attributed fees which will be capped at estimated present value of total policyholder contractual fees. The attributed fee percentage is considered a fixed term of the MRB feature and is held static over the life of the contract. Discount rates are updated quarterly. Changes in fair value are recognized as a remeasurement gain/loss in the Change in market risk benefits and purchased market risk benefits, part of total benefits and other deductions except for the portion of the change in the fair value due to change in the Company’s own credit risk, which is recognized in other than comprehensive income. Additionally, when an annuitization occurs (for annuitization benefits) or upon extinguishment of the account balance (for withdrawal benefits) the balance related to the MRB will be derecognized and the amount deducted (after derecognition of any related amount included in AOCI) shall be used in the calculation of the liability for future policy benefits for the payout annuity. Upon derecognition, any related balance will be removed from AOCI.

Features in ceded reinsurance contracts that meet the definition of MRBs are accounted for at fair value as a purchased MRB. The fees used to determine the fair value of the reinsured market risk benefit are those defined in the reinsurance contract. The expected periodic future premiums would represent cash outflows and the expected future benefits would represent cash inflows in the fair value calculation. On the ceded side, the purchased MRB will be measured considering the counterparty credit risk of the reinsurer, while the direct contract liabilities will be measured considering the instrument-specific credit risk of the insurer. As a result of the difference in the treatment of the counterparty credit risk, the fair value of the direct and ceded contracts may be different even if the contractual fees and benefits are the same. Changes in instrument-specific credit risk of the Company is included in the fair value of its market risk benefit, whether in an asset or liability position, and whether related to an issued or purchased MRB, is recognized in OCI. The counterparty credit risk of the reinsurer is recorded in the consolidated statements of income (loss).

Policyholders’ Dividends

The amount of policyholders’ dividends to be paid (including dividends on policies included in the Closed Block) is determined annually by the board of directors of the issuing insurance company. The aggregate amount of policyholders’ dividends is related to actual interest, mortality, morbidity and expense experience for the year and requires judgment as to the appropriate level of statutory surplus to be retained by the Company.

Separate Accounts

Generally, Separate Accounts established under New York State and Arizona State Insurance Law are not chargeable with liabilities that arise from any other business of the Company. Separate Accounts assets are subject to General Account claims only to the extent Separate Accounts assets exceed Separate Accounts liabilities. Assets and liabilities of the Separate Account represent the net deposits and accumulated net investment earnings (loss) less fees, held primarily for the benefit of policyholders, and for which the Company does not bear the investment risk. Separate Accounts assets and liabilities are shown on separate lines in the consolidated balance sheets. Assets held in Separate Accounts are reported at quoted market values or, where quoted values are not readily available or accessible for these securities, their fair value measures most often are determined through the use of model pricing that effectively discounts prospective cash flows to present value using appropriate sector-adjusted credit spreads commensurate with the security’s duration, also taking into consideration issuer-specific credit quality and liquidity. Investment performance (including investment income, net investment gains (losses) and changes in unrealized gains (losses)) and the corresponding amounts credited to policyholders of such Separate Accounts are offset within the same line in the consolidated statements of income (loss).

Deposits to Separate Accounts are reported as increases in Separate Accounts assets and liabilities and are not reported in the consolidated statements of income (loss). Mortality, policy administration and surrender charges on all policies including those funded by Separate Accounts are included in revenues.

The Company reports the General Account’s interests in Separate Accounts as trading securities, at fair value, in the consolidated balance sheets.

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements, Continued

Leases

The Company does not record leases with an initial term of 12 months or less in its consolidated balance sheets, but instead recognizes lease expense for these leases on a straight-line basis over the lease term. For leases with a term greater than one year, the Company records in its consolidated balance sheets at the time of lease commencement or modification a RoU operating lease asset and a lease liability, initially measured at the present value of the lease payments. Lease costs are recognized in the consolidated statements of income (loss) over the lease term on a straight-line basis. RoU operating lease assets represent the Company’s right to use an underlying asset for the lease term and RoU operating lease liabilities represent the Company’s obligation to make lease payments arising from the lease.

Broker-Dealer Revenues, Receivables and Payables

Equitable Advisors and certain of the Company’s other subsidiaries provide investment management, brokerage and distribution services for affiliates and third parties. Third-party revenues earned from these services are reported in other income in the Company’s consolidated statement of income (loss).

Receivables from and payables to clients include amounts due on cash and margin transactions. Securities owned by customers are held as collateral for receivables; such collateral is not reflected in the consolidated financial statements.

Goodwill and Other Intangible Assets

Goodwill recorded by the Company represents the excess of purchase price over the estimated fair value of identifiable net assets of companies acquired in a business combination and relates principally to the acquisition of SCB Inc., an investment research and management company formerly known as Sanford C. Bernstein Inc. (“Bernstein Acquisition”), the purchase of AB Units, and AB’s acquisition of CarVal on July 1, 2022. The Company tests goodwill for recoverability each annual reporting period at December 31 and at interim periods if facts or circumstances are indicative of potential impairment.

The Company uses a market valuation approach. Under the market valuation approach, the fair value of the reporting unit is based on its adjusted market valuation assuming a control premium. The Company determined that this valuation technique provided a more exact determination of fair value for the reporting unit and was applied during its annual testing for goodwill recoverability at December 31, 2025 and 2024.

The Company’s intangible assets primarily relate to AB’s acquisition of CarVal and reflect amounts assigned to acquired investment management contracts based on their estimated fair values at the time of acquisition, less accumulated amortization. These intangible assets generally are amortized on a straight-line basis over their estimated useful life, ranging from six to twenty years. All intangible assets are periodically reviewed for impairment as events or changes in circumstances indicate that the carrying value may not be recoverable. If the carrying value exceeds fair value, impairment tests are performed to measure the amount of the impairment loss, if any.

Deferred Sales Commissions, Net

Commissions paid to financial intermediaries in connection with the sale of shares of open-end AB sponsored mutual funds sold without a front-end sales charge (“back-end load shares”) are capitalized as deferred sales commissions and amortized over periods not exceeding five and one-half years for U.S. fund shares and four years for non-U.S. fund shares, the periods of time during which the deferred sales commissions are generally recovered. These commissions are recovered from distribution services fees received from those funds and from CDSC received from shareholders of those funds upon the redemption of their shares. CDSC cash recoveries are recorded as reductions of unamortized deferred sales commissions when received. Since January 31, 2009, AB sponsored U.S. mutual funds have not offered back-end load shares to new investors.

Management periodically reviews the deferred sales commission asset for impairment as events or changes in circumstances indicate that the carrying value may not be recoverable. If these factors indicate impairment in value, a comparison is made of the carrying value to the undiscounted cash flows expected to be generated by the asset over its remaining life. If it is determined the deferred sales commission asset is not fully recoverable, the asset will be deemed impaired and a loss will be recorded in the amount by which the recorded amount of the asset exceeds its estimated fair value.

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements, Continued

As of December 31, 2025 and 2024, respectively, net deferred sales commissions from AB totaled $165 million and $183 million and are included within other assets in the consolidated balance sheets. The estimated amortization expense of deferred sales commissions, based on the December 31, 2025 net asset balance for each of the next three years is $84 million, $61 million and $19 million. The Company tests the deferred sales commission asset for impairment quarterly by comparing undiscounted future cash flows to the recorded value, net of accumulated amortization. Each quarter, significant assumptions used to estimate the future cash flows are updated to reflect management’s consideration of current market conditions on expectations made with respect to future market levels and redemption rates. As of December 31, 2025 and 2024, the Company determined that the deferred sales commission asset was not impaired.

Capitalized Computer Software and Hosting Arrangements

Capitalized computer software and hosting arrangements include certain internal and external costs used to implement internal-use software and cloud computing hosting arrangements. These capitalized computer costs are included in other assets in the consolidated balance sheets and amortized on a straight-line basis over the estimated useful life of the software or term of the hosting arrangement that ranges between three and five years. Capitalized amounts are periodically tested for impairment in accordance with the guidance on impairment of long-lived assets. An immediate charge to earnings is recognized if capitalized computer costs no longer are deemed to be recoverable. In addition, service potential is periodically reassessed to determine whether facts and circumstances have compressed the software’s useful life or a significant change in the term of the hosting arrangement such that acceleration of amortization over a shorter period than initially determined would be required.

Capitalized computer software and hosting arrangements, net of accumulated amortization, amounted to $78 million and $122 million as of December 31, 2025 and 2024, respectively. Amortization of capitalized computer software and hosting arrangements in 2025, 2024 and 2023 was $35 million, $41 million and $53 million, respectively, recorded in other operating costs and expenses in the consolidated statements of income (loss).

Short-term and Long-term Debt

Liabilities for short-term and long-term debt are primarily carried at an amount equal to unpaid principal balance, net of unamortized discount or premium and debt issue costs. Original-issue discount or premium and debt-issue costs are recognized as a component of interest expense over the period the debt is expected to be outstanding, using the interest method of amortization. Interest expense is generally presented within interest expense in the consolidated statements of income (loss). Interest expense may also be reported within Net investment income for certain activity, as prescribed by specialized industry guidance. Short-term debt represents debt coming due in the next twelve months, including that portion of debt otherwise classified as long-term. See Note 14 of the Notes to these Consolidated Financial Statements for additional information regarding short-term and long-term debt.

Income Taxes

The Company and certain of its consolidated subsidiaries and affiliates file a consolidated federal income tax return. The Company provides for federal and state income taxes currently payable, as well as those deferred due to temporary differences between the financial reporting and tax bases of assets and liabilities. Current federal income taxes are charged or credited to operations based upon amounts estimated to be payable or recoverable as a result of taxable operations for the current year. Deferred income tax assets and liabilities are recognized based on the difference between financial statement carrying amounts and income tax bases of assets and liabilities using enacted income tax rates and laws. Valuation allowances are established when management determines, based on available information, that it is more likely than not that deferred tax assets will not be realized.

Under accounting for uncertainty in income taxes guidance, the Company determines whether it is more likely than not that a tax position will be sustained upon examination by the appropriate taxing authorities before any part of the benefit can be recorded in the consolidated financial statements. Tax positions are then measured at the largest amount of benefit that is greater than 50% likely of being realized upon settlement.

ABLP is a private partnership for federal income tax purposes and, accordingly, is not subject to federal and state corporate income taxes. However, ABLP is subject to a 4.0% New York City unincorporated business tax. AB Holding is subject to a 3.5% federal tax on partnership gross income from the active conduct of a trade or business. Domestic corporate subsidiaries of AB are subject to federal, state and local income taxes. Foreign corporate subsidiaries are generally subject to taxes in the foreign jurisdictions where they are located.

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements, Continued

Recognition of Investment Management and Service Fees and Related Expenses

Investment management, advisory and service fees

Investment management and service fees principally include the Asset Management segment’s investment advisory and service fees, distribution revenues and institutional research services revenue. Investment advisory and service base fees, generally calculated as a percentage, referred to as BPs, of assets under management, are recorded as revenue as the related services are performed. Certain investment advisory contracts, including those associated with hedge funds, provide for a performance-based fee, in addition to or in lieu of a base fee which is calculated as either a percentage of absolute investment results or a percentage of the investment results in excess of a stated benchmark over a specified period of time.

Investment management and administrative service fees are also earned by EIM and EIMG and reported in the Retirement segment and Corporate and Other as well as certain asset-based fees associated with insurance contracts.

AB provides asset management services by managing customer assets and seeking to deliver returns to investors. Similarly, EIM and EIMG provides investment management and administrative services, such as fund accounting and compliance services, to EQAT and 1290 Funds as well as two private investment trusts established in the Cayman Islands, AXA Allocation Funds Trust and AXA Offshore Multi-manager Funds Trust (collectively, the “Other AXA Trusts”). The contracts supporting these revenue streams create a distinct, separately identifiable performance obligation for each day the assets are managed for the performance of a series of services that are substantially the same and have the same pattern of transfer to the customer. Accordingly, these investment management, advisory, and administrative service base fees are recorded over time as services are performed and entitle the Company to variable consideration. Base fees, generally calculated as a percentage of AUM, are recognized as revenue at month-end when the transaction price no longer is variable and the value of the consideration is determined. These fees are not subject to claw back and there is minimal probability that a significant reversal of the revenue recorded will occur.

Certain investment advisory contracts of AB, including those associated with hedge funds or other alternative investments, provide for a performance-based fee (including carried interest), in addition to a base advisory fee, calculated either as a percentage of absolute investment results or a percentage of investment results in excess of a stated benchmark over a specified period of time. These performance-based fees are forms of variable consideration and, therefore, are excluded from the transaction price until it becomes probable there will not be significant reversal of the cumulative revenue recognized. At each reporting date, the Company evaluates constraining factors surrounding the variable consideration to determine the extent to which, if any, revenues associated with the performance-based fee can be recognized. Constraining factors impacting the amount of variable consideration included in the transaction price include contractual claw-back provisions, the length of time of the uncertainty, the number and range of possible amounts, the probability of significant fluctuations in the fund’s market value and the level in which the fund’s value exceeds the contractual threshold required to earn such a fee and the materiality of the amount being evaluated.

Sub-advisory and sub-administrative expenses associated with these services are calculated and recorded as the related services are performed in other operating costs and expense in the consolidated statements of income (loss) as the Company is acting in a principal capacity in these transactions and, as such, reflects these revenues and expenses on a gross basis.

Research services

Research services revenue principally consists of brokerage transaction charges received by SCB LLC, SCBL and AB’s other sell side subsidiaries for providing equity research services to institutional clients. Brokerage commissions for trade execution services and related expenses may be used to pay for equity research services in accordance with Section 28(e) of the Exchange Act and are recorded on a trade-date basis when the performance obligations are satisfied. Generally, the transaction price is agreed upon at the point of each trade and based upon the number of shares traded or the value of the consideration traded. Research revenues are recognized when the transaction price is quantified, collectability is assured and significant reversal of such revenue is not probable.

Distribution services

Revenues from distribution services include fees received as partial reimbursement of expenses incurred in connection with the sale of certain AB sponsored mutual funds and the 1290 Funds and for the distribution primarily of EQAT Trust shares to separate accounts in connection with the sale of variable life and annuity contracts. The amount and timing of revenues recognized from performance of these distribution services often is dependent upon the contractual arrangements with the customer and the specific product sold as further described below.

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements, Continued

Most open-end management investment companies, such as U.S. funds and the EQAT and the 1290 Funds, have adopted a plan under Rule 12b-1 of the Investment Company Act that allows for certain share classes to pay out of assets, distribution and service fees for the distribution and sale of its shares (“12b-1 Fees”). These open-end management investment companies have such agreements with the Company, and the Company has selling and distribution agreements pursuant to which it pays sales commissions to the financial intermediaries that distribute the shares. These agreements may be terminated by either party upon notice (generally 30 days) and do not obligate the financial intermediary to sell any specific amount of shares.

The Company records 12b-1 fees monthly based upon a percentage of the NAV of the funds. At month-end, the variable consideration of the transaction price is no longer constrained as the NAV can be calculated and the value of consideration is determined. These services are separate and distinct from other asset management services as the customer can benefit from these services independently of other services. The Company accrues the corresponding 12b-1 fees paid to sub-distributors monthly as the expenses are incurred. The Company is acting in a principal capacity in these transactions; as such, these revenues and expenses are recorded on a gross basis in the consolidated statements of income (loss).

AB sponsored mutual funds offer back-end load shares in limited instances and charge the investor a CDSC if the investment is redeemed within a certain period. The variable consideration for these contracts is contingent upon the timing of the redemption by the investor and the value of the sales proceeds. Due to these constraining factors, the Company excludes the CDSC fee from the transaction price until the investor redeems the investment. Upon redemption, the cash consideration received for these contractual arrangements is recorded as a reduction of unamortized deferred sales commissions.

AB’s Luxembourg subsidiary, the management company for most of its non-U.S. funds, earns a management fee which is accrued daily and paid monthly, at an annual rate, based on the average daily net assets of the fund. With respect to certain share classes, the management fee also may contain a component paid to distributors and other financial intermediaries and service providers to cover shareholder servicing and other administrative expenses (also referred to as an “All-in-Fee”). Based on the conclusion that asset management is distinct from distribution, the Company allocates a portion of the investment and advisory fee to distribution revenues for the servicing component based on standalone selling prices.

Other revenues

Also reported as investment management and service fees in the Company’s consolidated statements of income (loss) are other revenues from contracts with customers, primarily consisting of shareholder servicing fees, mutual fund reimbursements and other brokerage income.

Shareholder services, including transfer agency, administration and record-keeping are provided by AB to company-sponsored mutual funds. The consideration for these services is based on a percentage of the NAV of the fund or a fixed-fee based on the number of shareholder accounts being serviced. The revenues are recorded at month-end when the constraining factors involved with determining NAV or the numbers of shareholders’ accounts are resolved.

Other income

Revenues from contracts with customers reported as other income in the Company’s consolidated statements of income (loss) primarily consist of advisory account fees and brokerage commissions from the Company’s broker-dealer operations and sales commissions from the Company’s general agents for the distribution of non-affiliate insurers’ life insurance and annuity products. These revenues are recognized at month-end when constraining factors, such as AUM and product mix, are resolved and the transaction pricing no longer is variable such that the value of consideration can be determined. The change in deposit asset/liability accounts arising from reinsurance agreements which do not expose the reinsurer to a reasonable possibility of significant loss from insurance risk is included in other income.

Accounting and Consolidation of VIEs

For all new investment products and entities developed by the Company, the Company first determines whether the entity is a VIE, which involves determining an entity’s variability and variable interests, identifying the holders of the equity investment at risk and assessing the five characteristics of a VIE. Once an entity is determined to be a VIE, the Company then determines whether it is the primary beneficiary of the VIE based on its beneficial interests. If the Company is deemed to be the primary beneficiary of the VIE, the Company consolidates the entity.

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements, Continued

Quarterly, management of the Company reviews its investment management agreements and its investments in, and other financial arrangements with, certain entities that hold client AUM to determine the entities the Company is required to consolidate under this guidance. These entities include certain mutual fund products, hedge funds, structured products, group trusts, collective investment trusts, and limited partnerships.

The analysis performed to identify variable interests held, determine whether entities are VIEs or VOEs, and evaluate whether the Company has a controlling financial interest in such entities requires the exercise of judgment and is updated on a continuous basis as circumstances change or new entities are developed. The primary beneficiary evaluation generally is performed qualitatively based on all facts and circumstances, including consideration of economic interests in the VIE held directly and indirectly through related parties and entities under common control, as well as quantitatively, as appropriate.

Consolidated VIEs

Consolidated CLOs

The Company is the investment manager of certain asset-backed investment vehicles, commonly referred to as CLOs, and certain other vehicles for which the Company earns fee income for investment management services. The Company may sell or syndicate investments through these vehicles, principally as part of the strategic investing activity as part of its investment management businesses. Additionally, the Company may invest in securities issued by these vehicles which are eliminated in consolidation of the CLOs.

As of December 31, 2025 and 2024, respectively, Equitable Financial holds $98 million and $128 million of equity interests in the CLOs. The Company consolidated the CLOs as of December 31, 2025 and 2024 as it is the primary beneficiary due to the combination of both its equity interest held by Equitable Financial and the majority ownership of AB, which functions as the CLO’s loan manager. The assets of the CLOs are legally isolated from the Company’s creditors and can only be used to settle obligations of the CLOs. The liabilities of the CLOs are non-recourse to the Company and the Company has no obligation to satisfy the liabilities of the CLOs. As of December 31, 2025, Equitable Financial holds $4 million of equity interests in a SPE established to purchase loans from the market in anticipation of a new CLO transaction. The Company consolidated the SPE as of December 31, 2025 as it is the primary beneficiary due to the combination of both its equity interest held by Equitable Financial and the majority ownership of AB, which functions as the SPE loan manager.

Resulting from this consolidation in the Company’s consolidated balance sheets are fixed maturities, at fair value using the fair value option with total assets of $2.9 billion and $2.1 billion and total liabilities of $2.7 billion and $2.1 billion at December 31, 2025 and 2024, respectively. The unpaid outstanding principal balance of the notes and short-term borrowing is $2.3 billion and $1.9 billion at December 31, 2025 and 2024.

Consolidated Limited Partnerships and LLCs

As of December 31, 2025 and 2024 the Company consolidated limited partnerships and LLCs for which it was identified as the primary beneficiary under the VIE model. Included in other invested assets, mortgage loans on real estate, other equity investments, trading securities, cash and other liabilities in the Company’s consolidated balance sheets at December 31, 2025 and 2024 are total net assets of $3.3 billion and $2.1 billion, respectively related to these VIEs.

Consolidated AB-Sponsored Investment Funds

Included in the Company’s consolidated balance sheets as of December 31, 2025 and 2024 are assets of $346 million and $85 million, liabilities of $25 million and $0 million, and redeemable noncontrolling interests of $169 million and $32 million, respectively, associated with the consolidation of AB-sponsored investment funds under the VIE model. Also included in the Company’s consolidated balance sheets as of December 31, 2025 and 2024 are assets of $27 million and $73 million, liabilities of $0 million and $1 million, and redeemable noncontrolling interests of $10 million and $17 million, respectively, from consolidation of AB-sponsored investment funds under the VOE model.

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements, Continued

Non-Consolidated VIEs

As of December 31, 2025 and 2024 respectively, the Company held approximately $3.2 billion and $3.0 billion of investment assets in the form of equity interests issued by non-corporate legal entities determined under the guidance to be VIEs, such as limited partnerships and limited liability companies, including CLOs, hedge funds, private equity funds and real estate-related funds. The Company continues to reflect these equity interests in the consolidated balance sheets as other equity investments and applies the equity method of accounting for these positions. The net assets of these non-consolidated VIEs are approximately $385.8 billion and $350.7 billion as of December 31, 2025 and 2024 respectively. The Company’s maximum exposure to loss from its direct involvement with these VIEs is the carrying value of its investment of $3.2 billion and $3.0 billion and approximately $1.0 billion and $1.2 billion of unfunded commitments as of December 31, 2025 and 2024, respectively. The Company has no further economic interest in these VIEs in the form of guarantees, derivatives, credit enhancements or similar instruments and obligations.

Non-Consolidated AB-Sponsored Investment Products

As of December 31, 2025 and 2024, the net assets of investment products sponsored by AB that are non-consolidated VIEs are approximately $51.3 billion and $46.9 billion, respectively. The Company’s maximum exposure to loss from its direct involvement with these VIEs is its investment of $40 million and $17 million as of December 31, 2025 and 2024, respectively. The Company has no further commitments to or economic interest in these VIEs.

Assumption Updates and Model Changes

The Company conducts its annual review of its assumptions and models during the third quarter of each year. The annual review encompasses assumptions underlying the valuation of MRB, liabilities for future policyholder benefits and additional liability update.

However, the Company updates its assumptions as needed in the event it becomes aware of economic conditions or events that could require a change in assumptions that it believes may have a significant impact to the carrying value of product liabilities and assets and consequently materially impact its earnings in the period of the change.

MRB Update

The Company updates its assumptions to reflect emerging experience for withdrawals, mortality and lapse election. This includes actuarial judgment informed by actual experience of how policy holders are expected to use these policies in the future.

LFPB Update

The significant assumptions for the liability for future policy benefits (“LFPB”) balances include mortality and lapses for our Traditional Life businesses. The primary assumption for the payout block of business is mortality.

Additional Liability Update

The significant assumptions for the additional insurance liability balances include mortality, lapses, premium payment pattern and interest crediting assumption.

Impact of Assumption Updates

The net impact of assumption changes during 2025 increased other income by $6 million, increased remeasurement of liability for future policy benefits by $3 million, decreased policy benefits by $1 million, and increased the change in MRB and purchased MRB by $84 million. This resulted in a decrease in income (loss) from operations, before income taxes of $80 million and decreased net income (loss) by $63 million.

The net impact of assumption changes during 2024 increased other income by $21 million, increased remeasurement of liability for future policy benefits by $18 million, decreased policy benefits by $8 million, and decreased the change in MRB and purchased MRB by $9 million. This resulted in an increase in income (loss) from operations, before income taxes of $20 million and increased net income (loss) by $16 million.

The net impact of this assumption update during 2023 decreased other income by $9 million, increased remeasurement of liability for future policy benefits by $51 million, decreased policyholders’ benefits by $2 million and decreased change in MRB and purchased MRB by $53 million. This resulted in a decrease in income (loss) from operations, before income taxes of $5 million and decreased net income (loss) by $4 million.

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements, Continued

Model Changes

There were no material model changes during 2025, 2024 and 2023.

Revision of Previously Issued Consolidated Financial Statements

During the period ended March 31, 2025, the Company identified an immaterial error related to the initial bookkeeping of ceded accrued fees within policyholders’ account balance ultimately impacting the initial deposit accounting of a reinsurance transaction. The impact of this error to prior periods’ financial statements was not considered to be material. To improve the consistency and comparability of the financial statements, management voluntarily revised the financial statements to include the revisions discussed herein. As a result of the determination to revise previously issued financial statements for the deposit accounting discussed above, management also has corrected other previously identified but uncorrected errors and errors recorded in incorrect periods including, a) pension liability overstatement due to a reconciling item, b) incorrect FX impacting the FABN carrying value, c) incorrect inputs ratio in our MRB modeling and incorrect inputs in the deposit accounting calculation, d) the hedging impact of TIPS hedging income was incorrectly recorded in AOCI, e) error in the manual accrual in an input calculation in the treasury package overstating Policyholders’ account balance and Interest credited to policyholders, f) incorrect actuarial indication impacting the Liability for MRB and purchased MRB, and g) incorrect allocation of earned premiums to loss ratio impacting reserves.

See Note 25 of the Notes to these Consolidated Financial Statements for details of the revision.

3) INVESTMENTS

Fixed Maturities AFS

The components of fair value and amortized cost for fixed maturities classified as AFS on the consolidated balance sheets excludes accrued interest receivable because the Company elected to present accrued interest receivable within other assets. Accrued interest receivable on AFS fixed maturities as of December 31, 2025 and 2024 was $669 million and $693 million, respectively. There was no accrued interest written off for AFS fixed maturities for the years ended December 31, 2025, 2024 and 2023.

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements, Continued

The following tables provide information relating to the Company’s fixed maturities classified as AFS:

AFS Fixed Maturities by Classification

Amortized Cost Allowance for Credit Losses Gross Unrealized Gains Gross Unrealized Losses Fair Value

(in millions)

December 31, 2025

Fixed Maturities:

Corporate (1)

48,193

—

658

4,010

44,841

U.S. Treasury, government and agency

5,040

—

1,304

3,737

States and political subdivisions

378

—

310

Foreign governments

556

—

482

Residential mortgage-backed (2)

7,093

—

7,086

Asset-backed (3)

15,978

—

126

16,058

Commercial mortgage-backed

4,814

—

250

4,590

Redeemable preferred stock

—

Total at December 31, 2025

82,106

—

906

5,850

77,162

December 31, 2024:

Fixed Maturities:

Corporate (1) (4)

55,163

249

6,112

49,298

U.S. Treasury, government and agency

5,801

—

1,513

4,288

States and political subdivisions

472

—

386

Foreign governments

689

—

136

554

Residential mortgage-backed (2)

4,520

—

152

4,383

Asset-backed (3) (4)

13,715

—

13,752

Commercial mortgage-backed

4,301

—

385

3,921

Redeemable preferred stock

—

Total at December 31, 2024

84,717

373

8,447

76,641

______________

(1)Corporate fixed maturities include both public and private issues.

(2)Includes publicly traded agency pass-through securities and collateralized obligations.

(3)Includes credit-tranched securities collateralized by sub-prime mortgages, credit risk transfer securities and other asset types.

(4)Prior period amounts have been revised to improve comparability.

The contractual maturities of AFS fixed maturities as of December 31, 2025 are shown in the table below. Bonds not due at a single maturity date have been included in the table in the final year of maturity. Actual maturities may differ from contractual maturities because borrowers may have the right to call or pre-pay obligations with or without call or pre-payment penalties.

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements, Continued

Contractual Maturities of AFS Fixed Maturities

Amortized Cost (Less Allowance for Credit Losses) Fair Value

(in millions)

December 31, 2025

Contractual maturities:

Due in one year or less

2,354

2,340

Due in years two through five

14,756

14,661

Due in years six through ten

17,308

17,160

Due after ten years

19,749

15,209

Subtotal

54,167

49,370

Residential mortgage-backed

7,093

7,086

Asset-backed

15,978

16,058

Commercial mortgage-backed

4,814

4,590

Redeemable preferred stock

Total at December 31, 2025

82,106

77,162

The following table shows proceeds from sales, gross gains (losses) from sales and allowance for credit losses for AFS fixed maturities:

Proceeds from Sales, Gross Gains (Losses) from Sales and Allowance for Credit and Intent to Sell Losses for AFS Fixed Maturities

Year Ended December 31,

2025 2024 2023

(in millions)

Proceeds from sales

7,875

2,884

$ 6,790

Gross gains on sales

$ 10

Gross losses on sales

(92)

(57)

$ (504)

Net (increase) decrease in Allowance for Credit and Intent to Sell losses

(27)

(7)

$ (70)

The following table sets forth the amount of credit loss impairments on AFS fixed maturities held by the Company at the dates indicated and the corresponding changes in such amounts:

AFS Fixed Maturities - Credit and Intent to Sell Loss Impairments

Year Ended December 31,

2025 2024 2023

(in millions)

Balance, beginning of period

Previously recognized impairments on securities that matured, paid, prepaid or sold

(23)

(8)

(67)

Recognized impairments on securities impaired to fair value this period (1)

—

Credit losses recognized this period on securities for which credit losses were not previously recognized

Additional credit losses this period on securities previously impaired

Balance, end of period

$ 47 $ 48

______________

(1)Represents circumstances where the Company determined in the current period that it intends to sell the security, or it is more likely than not that it will be required to sell the security before recovery of the security’s amortized cost.

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements, Continued

The tables below present a roll-forward of net unrealized investment gains (losses) recognized in AOCI:

Net Unrealized Gains (Losses) on AFS Fixed Maturities

Year Ended December 31, 2025

Net Unrealized Gains (Losses) on Investments Policyholders’ Liabilities

Deferred Income Tax Asset (Liability)

AOCI Gain (Loss) Related to Net Unrealized Investment Gains (Losses)

(in millions)

Balance, beginning of period

(8,074)

464

(7,539)

Net investment gains (losses) arising during the period

1,922

—

1,922

Reclassification adjustment:

Included in net income (loss)

1,216

—

1,216

Excluded from net income (loss)

—

Other (1)

—

192

Impact of net unrealized investment gains (losses)

—

(47)

(648)

(695)

Net unrealized investment gains (losses) excluding credit losses

(4,936)

(4,904)

Net unrealized investment gains (losses) with credit losses

(8)

—

(6)

Balance, end of period

(4,944)

(4,910)

Year Ended December 31, 2024

Balance, beginning of period

(6,999)

226

(6,723)

Net investment gains (losses) arising during the period

(1,127)

—

(1,127)

Reclassification adjustment:

Included in net income (loss)

—

Other (1)

—

Impact of net unrealized investment gains (losses)

—

220

241

Net unrealized investment gains (losses) excluding credit losses

(8,068)

463

(7,534)

Net unrealized investment gains (losses) with credit losses

(6)

—

(5)

Balance, end of period

(8,074)

464

(7,539)

Year Ended December 31, 2023

Balance, beginning of period $ (9,606) $ 41 $ 440 $ (9,125)

Net investment gains (losses) arising during the period 2,048 — — 2,048

Reclassification adjustment:

Included in net income (loss) 563 — — 563

Other (1)

— — 336 336

Impact of net unrealized investment gains (losses) — 9 (551) (542)

Net unrealized investment gains (losses) excluding credit losses (6,995) 50 225 (6,720)

Net unrealized investment gains (losses) with credit losses (4) — 1 (3)

Balance, end of period $ (6,999) $ 50 $ 226 $ (6,723)

_____________

(1)For the years ended December 31, 2025, 2024, and 2023 reflects a decrease in the Deferred Tax Asset valuation allowance. See Note 18 of the Notes to these Consolidated Financial Statements for additional details.

The following tables disclose the fair values and gross unrealized losses of the 3,287 issues as of December 31, 2025 and the 4,307 issues as of December 31, 2024 that are not deemed to have credit losses, aggregated by investment

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements, Continued

category and length of time that individual securities have been in a continuous unrealized loss position for the specified periods at the dates indicated:

AFS Fixed Maturities in an Unrealized Loss Position for Which No Allowance Is Recorded

Less Than 12 Months 12 Months or Longer Total

Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses

(in millions)

December 31, 2025

Fixed Maturities:

Corporate

4,286

21,138

3,942

25,424

4,010

U.S. Treasury, government and agency

—

3,621

1,304

3,650

1,304

States and political subdivisions

—

223

236

Foreign governments

—

364

383

Residential mortgage-backed

619

836

1,455

Asset-backed

2,114

580

2,694

Commercial mortgage-backed

263

2,562

248

2,825

250

Total at December 31, 2025

7,343

29,324

5,761

36,667

5,846

December 31, 2024:

Fixed Maturities:

Corporate (1)

9,139

204

28,632

5,898

37,771

6,102

U.S. Treasury, government and agency

117

4,107

1,509

4,224

1,513

States and political subdivisions

—

271

311

Foreign governments

460

135

519

136

Residential mortgage-backed

1,986

851

126

2,837

152

Asset-backed (1)

982

744

1,726

Commercial mortgage-backed

409

2,893

379

3,302

385

Total at December 31, 2024

12,732

249

37,958

8,188

50,690

8,437

______________

(1)Prior period amounts have been revised to improve comparability.

The Company maintains a diversified portfolio of AFS securities across industries and issuers and does not have exposure to any single issuer in excess of 0.5% of total fixed maturities. The largest exposure to a single issuer held as of December 31, 2025 and 2024 was $402 million and $400 million, respectively, representing 27.4% and 11.7% of the consolidated equity of the Company.

Corporate high yield securities, consisting primarily of public high yield bonds, are classified as other than investment grade by the various rating agencies, i.e., a rating below Baa3/BBB- or the NAIC Designation (as defined below) of 3 (medium investment grade), 4 or 5 (below investment grade) or 6 (in or near default). As of December 31, 2025 and 2024, respectively, approximately $1.8 billion and $1.9 billion, or 2.1% and 2.3%, of the $82.1 billion and $84.7 billion aggregate amortized cost of fixed maturities held by the Company were considered to be other than investment grade. These securities had gross unrealized losses of $70 million and $64 million as of December 31, 2025 and 2024, respectively.

As of December 31, 2025 and 2024, respectively, the $5.8 billion and $8.2 billion of gross unrealized losses of twelve months or more were primarily concentrated in corporate securities. In accordance with the policy described in Note 2 of the Notes to these Consolidated Financial Statements, the Company concluded that an adjustment to the allowance for credit losses for these securities was not warranted at either December 31, 2025 or December 31, 2024. As of December 31, 2025 and 2024, the Company neither intended to sell the securities nor was it more likely than not required to dispose of the securities before the anticipated recovery of their remaining amortized cost basis.

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements, Continued

Based on the Company’s evaluation both qualitatively and quantitatively of the drivers of the decline in fair value of fixed maturity securities as of December 31, 2025, the Company determined that the unrealized loss was primarily due to increases in interest rates and credit spreads.

Securities Lending

The Company enters into securities lending agreements with an agent bank whereby blocks of securities are loaned to third parties, primarily major brokerage firms. As of December 31, 2025 and 2024, the estimated fair value of loaned securities was $1.4 billion and $134 million. The agreements require a minimum of 102% of the fair value of the loaned securities to be held as cash or security collateral, calculated daily. We do not have the right to sell or pledge the securities posted as collateral. To further minimize the credit risks related to these programs, the financial condition of counterparties is monitored on a regular basis. As of December 31, 2025 and 2024, collateral received was in the amount of $1.4 billion and $137 million, of which $408 million and $137 million, respectively, is cash collateral. A securities lending payable for the overnight and continuous loans is included in other liabilities in the amount of cash collateral received. Securities lending transactions are used to generate income. Income and expenses associated with these transactions are reported as Net investment income and were not material for the years ended December 31, 2025 and 2024.

Mortgage Loans on Real Estate

Accrued interest receivable on commercial, agricultural and residential mortgage loans as of December 31, 2025 and 2024 was $118 million and $96 million, respectively. There was no accrued interest written off for commercial, agricultural and residential mortgage loans for the years ended December 31, 2025 and 2024.

There were no mortgage loans foreclosed during the year ended December 31, 2025.

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements, Continued

Allowance for Credit Losses on Mortgage Loans

The change in the allowance for credit losses for commercial, agricultural and residential mortgage loans were as follows:

Year Ended December 31,

2025 2024 2023

(in millions)

Allowance for credit losses on mortgage loans:

Commercial mortgages:

Balance, beginning of period

259

272

$ 123

Current-period provision for expected credit losses

216

149

Write-offs charged against the allowance

—

(75)

—

Recoveries of amounts previously written off

(176)

—

Net change in allowance

(13)

149

Balance, end of period

299

259

$ 272

Agricultural mortgages:

Balance, beginning of period

$ 6

Current-period provision for expected credit losses

—

Write-offs charged against the allowance

(7)

—

Recoveries of amounts previously written off

(3)

—

Net change in allowance

(9)

—

Balance, end of period

$ 6

Residential mortgages:

Balance, beginning of period

$ —

Current-period provision for expected credit losses

Write-offs charged against the allowance

—

Recoveries of amounts previously written off

—

Net change in allowance

Balance, end of period

Total allowance for credit losses

313

278

279

The change in the allowance for credit losses is attributable to:

•increases/decreases in the loan balance due to new originations, maturing mortgages, and loan amortization; and

•changes in credit quality and economic assumptions.

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements, Continued

Credit Quality Information

The Company’s commercial and agricultural mortgage loans segregated by risk rating exposure were as follows:

Loan to Value (“LTV”) Ratios (1) (3) (4)

December 31, 2025

Amortized Cost Basis by Origination Year

2025 2024 2023 2022 2021 Prior

Revolving Loans Amortized Cost Basis

Revolving Loans Converted to Term Loans Amortized Cost Basis

Total

(in millions)

Commercial and agricultural mortgage loans:

Commercial:

0% - 50%

185

237

612

204

1,770

—

3,068

50% - 70%

2,611

1,256

856

975

638

1,980

357

270

8,943

70% - 90%

424

249

228

803

640

1,310

160

333

4,147

90% plus

—

590

527

1,110

—

2,227

Total commercial

3,095

1,690

1,321

2,980

2,009

6,170

517

603

18,385

Agricultural:

0% - 50%

188

134

218

1,087

—

1,763

50% - 70%

118

159

137

101

315

—

878

70% - 90%

—

90% plus

—

Total agricultural

306

196

147

271

319

1,411

—

2,650

Total commercial and agricultural mortgage loans:

0% - 50%

248

222

336

746

422

2,857

—

4,831

50% - 70%

2,729

1,415

904

1,112

739

2,295

357

270

9,821

70% - 90%

424

249

228

803

640

1,310

160

333

4,147

90% plus

—

590

527

1,119

—

2,236

Total commercial and agricultural mortgage loans

3,401

1,886

1,468

3,251

2,328

7,581

517

603

21,035

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements, Continued

Debt Service Coverage (“DSC”) Ratios (2) (3) (4)

December 31, 2025

Amortized Cost Basis by Origination Year

2025 2024 2023 2022 2021 Prior

Revolving Loans Amortized Cost Basis

Revolving Loans Converted to Term Loans Amortized Cost Basis

Total

(in millions)

Commercial and agricultural mortgage loans:

Commercial:

Greater than 2.0x

127

185

175

1,036

1,069

2,683

—

5,275

1.8x to 2.0x

103

—

209

978

—

307

1,724

1.5x to 1.8x

169

472

311

818

1,190

165

3,245

1.2x to 1.5x

2,112

814

355

478

385

328

271

4,837

1.0x to 1.2x

618

116

412

390

190

910

174

2,847

Less than 1.0x

—

258

108

—

457

Total commercial

3,095

1,690

1,321

2,980

2,009

6,170

517

603

18,385

Agricultural:

Greater than 2.0x

187

—

270

1.8x to 2.0x

—

222

1.5x to 1.8x

270

—

461

1.2x to 1.5x

119

484

—

841

1.0x to 1.2x

104

339

—

710

Less than 1.0x

—

146

Total agricultural

306

196

147

271

319

1,411

—

2,650

Total commercial and agricultural mortgage loans:

Greater than 2.0x

155

193

180

1,047

1,100

2,870

—

5,545

1.8x to 2.0x

113

263

1,070

—

307

1,946

1.5x to 1.8x

206

518

322

877

1,460

165

3,706

1.2x to 1.5x

2,198

859

396

544

504

812

271

5,678

1.0x to 1.2x

722

185

455

478

257

1,249

174

3,557

Less than 1.0x

282

118

120

—

603

Total commercial and agricultural mortgage loans

3,401

1,886

1,468

3,251

2,328

7,581

517

603

21,035

______________

(1)The LTV ratio is derived from current loan balance divided by the fair value of the property. The fair value of the underlying commercial properties is updated annually for each mortgage loan.

(2)The DSC ratio is calculated using the most recently reported operating income results from property operations divided by annual debt service.

(3)Residential mortgage loans are excluded from the above tables.

(4)Mortgage loans carried at fair value using the fair value option of $50 million are excluded from the above tables.

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements, Continued

LTV Ratios (1) (3)

December 31, 2024

Amortized Cost Basis by Origination Year

2024 2023 2022 2021 2020 Prior

Revolving Loans Amortized Cost Basis

Revolving Loans Converted to Term Loans Amortized Cost Basis

Total

(in millions)

Commercial and agricultural mortgage loans:

Commercial:

0% - 50%

185

363

137

212

269

1,548

—

2,714

50% - 70%

1,501

910

1,622

628

318

2,083

441

201

7,704

70% - 90%

—

246

707

918

396

1,187

101

206

3,761

90% plus

—

616

322

309

1,290

—

2,537

Total commercial

1,686

1,519

3,082

2,080

1,292

6,108

542

407

16,716

Agricultural:

0% - 50%

160

202

269

882

—

1,660

50% - 70%

160

126

130

144

273

—

892

70% - 90%

—

90% plus

—

Total agricultural

209

157

286

332

413

1,171

—

2,568

Total commercial and agricultural mortgage loans:

0% - 50%

234

461

297

414

538

2,430

—

4,374

50% - 70%

1,661

969

1,748

758

462

2,356

441

201

8,596

70% - 90%

—

246

707

918

396

1,203

101

206

3,777

90% plus

—

616

322

309

1,290

—

2,537

Total commercial and agricultural mortgage loans

1,895

1,676

3,368

2,412

1,705

7,279

542

407

19,284

DSC Ratios (2) (3)

December 31, 2024

Amortized Cost Basis by Origination Year

2024 2023 2022 2021 2020 Prior

Revolving Loans Amortized Cost Basis

Revolving Loans Converted to Term Loans Amortized Cost Basis

Total

(in millions)

Commercial and agricultural mortgage loans:

Commercial:

Greater than 2.0x

208

176

609

1,255

916

3,318

—

6,482

1.8x to 2.0x

103

149

376

607

176

182

1,718

1.5x to 1.8x

472

211

727

—

1,060

189

2,703

1.2x to 1.5x

756

566

542

433

—

661

—

2,958

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements, Continued

December 31, 2024

Amortized Cost Basis by Origination Year

2024 2023 2022 2021 2020 Prior

Revolving Loans Amortized Cost Basis

Revolving Loans Converted to Term Loans Amortized Cost Basis

Total

(in millions)

1.0x to 1.2x

147

482

643

193

—

359

322

2,182

Less than 1.0x

—

511

—

103

—

673

Total commercial

1,686

1,519

3,082

2,080

1,292

6,108

542

407

16,716

Agricultural:

Greater than 2.0x

157

—

306

1.8x to 2.0x

—

213

1.5x to 1.8x

120

175

—

426

1.2x to 1.5x

138

113

422

—

855

1.0x to 1.2x

307

—

643

Less than 1.0x

—

125

Total agricultural

209

157

286

332

413

1,171

—

2,568

Total commercial and agricultural mortgage loans:

Greater than 2.0x

220

181

650

1,289

973

3,475

—

6,788

1.8x to 2.0x

114

203

404

686

176

182

1,931

1.5x to 1.8x

521

222

771

120

1,235

189

3,129

1.2x to 1.5x

803

612

631

571

113

1,083

—

3,813

1.0x to 1.2x

218

529

706

261

666

322

2,825

Less than 1.0x

536

134

—

798

Total commercial and agricultural mortgage loans

1,895

1,676

3,368

2,412

1,705

7,279

542

407

19,284

______________

(1)The LTV ratio is derived from current loan balance divided by the fair value of the property. The fair value of the underlying commercial properties is updated annually for each mortgage loan.

(2)The DSC ratio is calculated using the most recently reported operating income results from property operations divided by annual debt service.

(3)Residential mortgage loans are excluded from the above tables.

The amortized cost of residential mortgage loans by credit quality indicator and origination year was as follows:

December 31, 2025

Amortized Cost Basis by Origination Year

2025 2024 2023 2022 2021 Prior Total

(in millions)

Performance indicators:

Performing

711

602

340

168

121

1,946

Nonperforming

—

Total

711

602

340

168

121

1,946

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements, Continued

December 31, 2024

Amortized Cost Basis by Origination Year

2024 2023 2022 2021 2020 Prior Total

(in millions)

Performance indicators:

Performing

313

428

186

133

1,066

Nonperforming

—

Total

313

428

186

133

1,066

Past-Due and Nonaccrual Mortgage Loan Status

The aging analysis of past-due mortgage loans at amortized cost were as follows:

Age Analysis of Past Due Mortgage Loans at Amortized Cost

Accruing Loans Non-accruing Loans Total Loans Non-accruing Loans with No Allowance Interest Income on Non-accruing Loans

Past Due Current Total

30-59 Days 60-89 Days 90 Days or More Total

(in millions)

December 31, 2025:

Mortgage loans:

Commercial

—

18,348

18,385

—

Agricultural

—

2,602

2,639

2,650

—

Residential

1,936

1,946

—

1,946

—

Total

22,886

22,933

22,981

—

December 31, 2024:

Mortgage loans:

Commercial

—

16,659

16,716

—

Agricultural

2,486

2,532

2,568

—

Residential

—

1,065

1,066

—

1,066

—

Total

20,210

20,257

20,350

—

As of December 31, 2025 and 2024, the amortized cost of problem mortgage loans that had been classified as non-accrual loans were $11 million and $36 million, respectively.

Loan Modifications

There were no modifications during the three months ended December 31, 2025. During the year ended December 31, 2025, the Company granted a modification to a commercial mortgage. This modification involved waiving a $10 million paydown requirement and extending the maturity date until June 10, 2027. Additionally, the loan will continue to accrue interest but will have a reduced pay rate, with the difference due and payable at maturity. The loan has an amortized cost of $35 million and represents 0.2% of total commercial mortgage loans.

During the year ended December 31, 2025, the Company also granted a modification splitting an agricultural mortgage loan into three notes. The loans have an amortized cost of $9 million, which is fully attributed to the first note, and represent 0.3% of total agricultural loans.

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements, Continued

During 2024, the Company granted a modification splitting a commercial mortgage loan into two notes. One note retaining the original loan terms and the second note with an increased interest rate to market terms and required management of excess cash. The loans have an amortized cost of $65 million and represents 0.4% of total commercial mortgage loans.

During 2023, the Company granted a modification of interest rates on four commercial mortgage loans, but not to market terms and required management of excess cash. The loans have an amortized cost of $147 million which represents 0.8% of total commercial mortgage loans. Two of the four loans also have term extensions of 17 months to 4 years. During the three months ended December 31, 2025, the Company disposed of one of the modified loan of $23 million and during the year ended December 31, 2025 the Company disposed of two of the modified loans of $84 million.

The impact to Investment income or gains (losses) as a result of these modifications was not material to the consolidated financial statements.

The above modifications are performing in accordance with their restructured terms.

Equity Securities

The breakdown of unrealized and realized gains and (losses) on equity securities was as follows:

Unrealized and Realized Gains (Losses) from Equity Securities

Year Ended December 31,

2025 2024 2023

(in millions)

Net investment gains (losses) recognized during the period on securities held at the end of the period

$ 35

Net investment gains (losses) recognized on securities sold during the period

(20)

—

(8)

Unrealized and realized gains (losses) on equity securities

Trading Securities

As of December 31, 2025 and 2024, respectively, the fair value of the Company’s trading securities was $1.6 billion and $1.1 billion. As of December 31, 2025 and 2024, respectively, trading securities included the General Account’s investment in Separate Accounts had carrying values of $73 million and $64 million.

The breakdown of net investment income (loss) from trading securities was as follows:

Net Investment Income (Loss) from Trading Securities

Year Ended December 31,

2025 2024 2023

(in millions)

Net investment gains (losses) recognized during the period on securities held at the end of the period

$ 82

Net investment gains (losses) recognized on securities sold during the period

(5)

Unrealized and realized gains (losses) on trading securities

Interest and dividend income from trading securities

Net investment income (loss) from trading securities

172

152

$ 110

Fixed maturities, at fair value using the fair value option

The breakdown of net investment income (loss) from fixed maturities, at fair value using the fair value option were as follows:

Net Investment Income (Loss) from Fixed Maturities, at Fair Value using the Fair Value Option

Year Ended December 31,

2025 2024 2023

(in millions)

Net investment gains (losses) recognized during the period on securities held at the end of the period

Net investment gains (losses) recognized on securities sold during the period

(18)

(19)

Unrealized and realized gains (losses) from fixed maturities

(12)

Interest and dividend income from fixed maturities

Net investment income (loss) from fixed maturities

Net Investment Income (Loss)

The following table breaks out net investment income (loss) by asset category:

Year Ended December 31,

2025 2024 2023

(in millions)

Fixed maturities

3,727

$ 3,476 $ 3,057

Mortgage loans on real estate

1,061

973 806

Other equity investments

206

138 77

Policy loans

168

225 216

Trading securities

172

152 110

Other investment income

13 98

Fixed maturities, at fair value using the fair value option

33 14

Mortgage loans, at fair value using the fair value option

—

— —

Gross investment income (loss)

5,387

5,010

4,378

Investment expenses

(153)

(129) (108)

Net investment income (loss)

5,234

4,881

4,270

Investment Gains (Losses), Net

Investment gains (losses), net, including changes in the valuation allowances and credit losses are as follows:

Year Ended December 31,

2025 2024 2023

(in millions)

Fixed maturities

(1,213)

$ (58) $ (563)

Mortgage loans on real estate

(104)

(77) (151)

Other equity investments

—

— —

Other

(22)

2 1

Investment gains (losses), net

(1,339)

(133)

(713)

For the years ended December 31, 2025, 2024 and 2023, respectively, investment results passed through to certain participating group annuity contracts as interest credited to policyholders’ account balances totaled $2 million, $2 million and $1 million.

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements, Continued

4) DERIVATIVES

The Company uses derivatives as part of its overall asset/liability risk management primarily to reduce exposures to equity market and interest rate risks. Derivative hedging strategies are designed to reduce these risks from an economic perspective and are all executed within the framework of a “Derivative Use Plan” approved by applicable states’ insurance law. Derivatives are generally not accounted for using hedge accounting, with the exception of TIPS and cash flow hedges, which are discussed further below. Operation of these hedging programs is based on models involving numerous estimates and assumptions, including, among others, mortality, lapse, surrender and withdrawal rates, election rates, fund performance, market volatility and interest rates. A wide range of derivative contracts are used in these hedging programs, including exchange traded equity, currency and interest rate futures contracts, total return and/or other equity swaps, interest rate swap and floor contracts, bond and bond-index total return swaps, swaptions, variance swaps and equity options, credit and foreign exchange derivatives, as well as bond and repo transactions to support the hedging. The derivative contracts are collectively managed in an effort to reduce the economic impact of unfavorable changes in guaranteed benefits’ exposures attributable to movements in capital markets. In addition, as part of its hedging strategy, the Company targets an asset level for all variable annuity products at or above a CTE98 level under most economic scenarios (CTE is a statistical measure of tail risk which quantifies the total asset requirement (“TAR”) 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.)

Derivatives Utilized to Hedge Exposure to Variable Annuities with Guarantee Features

The Company has issued and continues to offer variable annuity products with GMxB features which are accounted for as MRBs. The risk associated with the GMDB feature is that under-performance of the financial markets could result in GMDB benefits, in the event of death, being higher than what accumulated policyholders’ account balances would support. The risk associated with the GMIB feature is that under-performance of the financial markets could result in the present value of GMIB, in the event of annuitization, being higher than what accumulated policyholders’ account balances would support, taking into account the relationship between current annuity purchase rates and the GMIB guaranteed annuity purchase rates. The risk associated with products that have a GMxB feature and are accounted for as MRBs is that under-performance of the financial markets could result in the GMxB features benefits being higher than what accumulated policyholders’ account balances would support.

For GMxB features, the Company retains certain risks including basis, credit spread, and some volatility risk and risk associated with actual experience compared to expected actuarial assumptions for mortality, lapse and surrender, withdrawal and policyholder election rates, among other things. The derivative contracts are managed to correlate with changes in the value of the GMxB features that result from financial markets movements. A portion of exposure to realized equity volatility is hedged using equity options and variance swaps and a portion of exposure to credit risk is hedged using total return swaps on fixed income indices. Additionally, the Company is party to total return swaps for which the reference U.S. Treasury securities are contemporaneously purchased from the market and sold to the swap counterparty. As these transactions result in a transfer of control of the U.S. Treasury securities to the swap counterparty, the Company derecognizes these securities with consequent gain or loss from the sale. The Company has also purchased reinsurance contracts to mitigate the risks associated with GMDB features and the impact of potential market fluctuations on future policyholder elections of GMIB features contained in certain annuity contracts issued by the Company. The reinsurance of these features is accounted for as purchased MRBs. In addition, on June 1, 2021, we ceded legacy variable annuity policies sold by Equitable Financial between 2006-2008 (the “Block”), comprised of non-New York “Accumulator” policies containing fixed rate GMIB and/or GMDB guarantees to CS Life. As this contract provides full risk transfer and thus has the same risk attributes as the underlying direct contracts, the benefits of this treaty are accounted for in the same manner as the underlying gross reserves and therefore the amounts due from reinsurers related to excess benefits are accounted for as purchased MRBs.

The Company has in place an economic hedge program using U.S. Treasury futures to partially protect the overall profitability of future variable annuity sales against declining interest rates.

Derivatives Utilized to Hedge Crediting Rate Exposure on SCS, SIO, MSO and IUL Products/Investment Options

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements, Continued

They also contain a protection feature, in which the Company will absorb, up to a certain percentage, the loss of value in an index, ETF or commodity price, which varies by product segment.

In order to support the returns associated with these features, the Company enters into derivative contracts whose payouts, in combination with fixed income investments, emulate those of the index, ETF or commodity price, subject to caps and buffers, thereby substantially reducing any exposure to market-related earnings volatility.

Derivatives Used to Hedge Equity Market Risks Associated with the General Account’s Seed Money Investments in Retail Mutual Funds

The Company’s General Account seed money investments in retail mutual funds expose us to market risk, including equity market risk which is partially hedged through equity-index futures contracts to minimize such risk.

Derivatives Used for General Account Investment Portfolio

The Company purchased CDS to mitigate its exposure to a reference entity through cash positions. These positions do not replicate credit spreads.

The Company purchased 30-year TIPS and other sovereign bonds, both inflation linked and non-inflation linked, as General Account investments and enters into asset or cross-currency basis swaps, to result in payment of the given bond’s coupons and principal at maturity in the bond’s specified currency to the swap counterparty in return for fixed dollar amounts. These swaps, when considered in combination with the bonds, together result in a net position that is intended to replicate a dollar-denominated fixed-coupon cash bond with a yield higher than a term-equivalent U.S. Treasury bond.

Derivatives Utilized to Hedge Exposure to Foreign Currency Denominated Cash Flows

The Company purchases private placement debt securities and issues funding agreements in the FABN program in currencies other than its functional U.S. dollar currency. The Company enters into cross currency swaps with external counterparties to hedge the exposure of the foreign currency denominated cash flows of these instruments. The foreign currency received from or paid to the cross currency swap counterparty is exchanged for fixed U.S. dollar amounts with improved net investment yields or net product costs over equivalent U.S. dollar denominated instruments issued at that time. The transactions are accounted for as cash flow hedges when they are designated in hedging relationships and qualify for hedge accounting.

These cross currency swaps are for the period the foreign currency denominated private placement debt securities and funding agreement are outstanding, with the longest cross currency swap expiring in 2033. Since these cross currency swaps are designated and qualify as cash flow hedges, the corresponding interest accruals are recognized in Net investment income and in interest credited to policyholders’ account balances.

The tables below present quantitative disclosures about the Company’s derivative instruments designated in hedging relationships and derivative instruments which have not been designated in hedging relationships, including those embedded in other contracts required to be accounted for as derivative instruments.

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements, Continued

The following table presents the gross notional amount and fair value of the Company’s derivatives:

Derivative Instruments by Category

December 31, 2025 December 31, 2024

Fair Value Fair Value

Notional

Amount

Derivative

Assets

Derivative Liabilities

Net

Derivatives

Notional Amount Derivative Assets Derivative Liabilities

Net Derivatives

(in millions)

Derivatives: designated for hedge accounting (1)

Cash flow hedges:

Currency swaps

3,286

142

(46)

2,940

111

Interest swaps

952

—

330

(330)

952

—

306

(306)

Total: designated for hedge accounting

4,238

472

(376)

3,892

111

401

(290)

Derivatives: not designated for hedge accounting (1)

Equity contracts:

Futures

15,052

—

14,530

—

Swaps

18,290

16,264

Options

88,273

27,686

6,580

21,106

70,685

20,647

4,319

16,328

Forwards

—

Interest rate contracts:

Futures

8,802

—

9,310

—

Swaps

601

—

(18)

672

—

(41)

Options

—

Credit contracts:

Credit default swaps

397

(10)

275

Currency contracts:

Currency swaps

—

828

—

Currency forwards

(1)

—

Other freestanding contracts:

Margin

—

948

—

948

—

796

—

796

Collateral

—

144

20,776

(20,632)

—

137

16,908

(16,771)

Total: not designated for hedge accounting

131,555

28,895

27,448

1,447

112,592

21,703

21,314

389

Embedded derivatives:

SCS, SIO, MSO and IUL indexed features (2)

—

21,819

(21,819)

—

17,212

(17,212)

Modco payable

—

(1)

—

(1)

—

Total embedded derivatives

—

(1)

21,819

(21,820)

—

17,212

(17,212)

Total derivative instruments

135,793

28,990

49,739

(20,749)

116,484

21,814

38,927

(17,113)

______________

(1)Reported in other invested assets in the consolidated balance sheets.

(2)Reported in policyholders’ account balances in the consolidated balance sheets.

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements, Continued

The following table presents the effects of derivative instruments on the consolidated statements of income and comprehensive income (loss):

Derivative Instruments by Category

Year Ended December 31, 2025 Year Ended December 31, 2024

Net

Derivative

Gains

(Losses)

(1)

Net

Investment

Income

Interest

Credited

Policyholders

Account

Balances

AOCI Net

Derivative

Gains

(Losses)

(1) Net

Investment

Income Interest

Credited

Policyholders

Account

Balances AOCI

Derivatives: designated for hedge accounting

Cash flow hedges:

Currency swaps

—

(160)

(10)

(49)

Interest swaps

—

(20)

—

(11)

—

Total: designated for hedge accounting

—

(5)

(147)

(10)

(49)

109

Derivatives: not Designated for hedge accounting

Equity contracts:

Futures

564

—

358

—

Swaps

(1,782)

—

(1,831)

—

Options

5,950

—

6,597

—

Forwards

—

Interest rate contracts:

Futures

(141)

—

(121)

—

Swaps

(5)

—

(322)

—

Options

(2)

—

Credit contracts:

Credit default swaps

(5)

—

(3)

—

Currency contracts:

Currency swaps

(74)

—

Currency forwards

(4)

—

Other freestanding contracts:

Margin

—

Collateral

—

Total: not designated for hedge accounting

4,535

—

4,709

—

Embedded derivatives:

SCS, SIO, MSO and IUL indexed features

(6,571)

—

(7,250)

—

Modco payable

(19)

—

Total embedded derivatives

(6,590)

—

(7,250)

—

Total derivative instruments

(2,055)

(5)

(147)

(2,551)

(49)

109

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements, Continued

Year Ended December 31, 2023

Net Derivative Gains (Losses) (1)

Net Investment Income Interest Credited To Policyholders Account Balances AOCI

Derivatives: designated for hedge accounting

Cash flow hedges:

Currency swaps $ (4) $ 13 $ (23) $ (12)

Interest swaps (18) 58 — (40)

Total: designated for hedge accounting (22) 71 (23) (52)

Derivatives: not Designated for hedge accounting

Equity contracts:

Futures (73) — — —

Swaps (1,990) — — —

Options 5,711 — — —

Forwards

— — — —

Interest rate contracts:

Futures 39 — — —

Swaps 12 — — —

Options

— — — —

Credit contracts:

Credit default swaps (7) — — —

Currency contracts:

Currency swaps (23) — — —

Currency forwards — — — —

Other freestanding contracts:

Margin — — — —

Collateral — — — —

Total: not designated for hedge accounting 3,669 — — —

Embedded derivatives:

SCS, SIO,MSO and IUL indexed features (6,044)

—

— —

Modco payable

—

— —

Total embedded derivatives (6,044) — — —

Total derivative instruments (1)

$ (2,397) $ 71 $ (23) $ (52)

______________

(1)Reported in net derivative gains (losses) in the consolidated statements of income (loss).

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements, Continued

The following table presents a roll-forward of cash flow hedges recognized in AOCI:

Roll-forward of Cash flow hedges in AOCI

Year Ended December 31,

2025 2024 2023

(in millions)

Balance, beginning of period

(29)

Amount recorded in AOCI

Currency swaps

(62)

(23)

Interest swaps

(24)

(17)

Total amount recorded in AOCI

(86)

(40)

Amount reclassified from (to) income to AOCI

Currency swaps (1)

(98)

Interest swaps (1)

(22)

Total amount reclassified from (to) income to AOCI

(61)

(11)

Balance, end of period (2)

(67)

(29)

______________

(1) Currency swaps income is reported in Net investment income in the consolidated statements of income (loss). Interest swaps income is reported in net derivative gains (losses) in the consolidated statements of income (loss).

(2) The Company does not estimate the amount of the deferred losses in AOCI at December 31, 2025, 2024 and 2023 which will be released and reclassified into net income (loss) over the next 12 months as the amounts cannot be reasonably estimated.

Equity-Based and Treasury Futures Contracts Margin

All outstanding equity-based and treasury futures contracts as of December 31, 2025 and 2024 are exchange-traded and net settled daily in cash. As of December 31, 2025 and 2024, respectively, the Company had open exchange-traded futures positions on: (i) the S&P 500, Nasdaq, Russell 2000 and Emerging Market indices, having initial margin requirements of $810 million and $704 million, (ii) the 2-year, 5-year and 10-year U.S. Treasury Notes on U.S. Treasury bonds and ultra-long bonds, having initial margin requirements of $128 million and $99 million, and (iii) the Euro Stoxx, FTSE 100, Topix, ASX 200 and EAFE indices as well as corresponding currency futures on the Euro/U.S. dollar, Pound/U.S. dollar, Australian dollar/U.S. dollar, and Yen/U.S. dollar, having initial margin requirements of $26 million and $11 million.

Collateral Arrangements

The Company generally has executed a CSA under the ISDA Master Agreement it maintains with each of its OTC derivative counterparties that requires both posting and accepting collateral either in the form of cash or high-quality securities, such as U.S. Treasury securities, U.S. government and government agency securities and investment grade corporate bonds. The Company nets the fair value of all derivative financial instruments with counterparties for which an ISDA Master Agreement and related CSA have been executed. As of December 31, 2025 and 2024, respectively, the Company held $20.8 billion and $16.9 billion in cash and securities collateral delivered by trade counterparties, representing the fair value of the related derivative agreements. The unrestricted cash collateral is reported in other invested assets. The Company posted collateral of $144 million and $137 million as of December 31, 2025 and 2024, respectively, in the normal operation of its collateral arrangements. The Company is exposed to losses in the event of non-performance by counterparties to financial derivative transactions with a positive fair value. The Company manages credit risk by: (i) entering into derivative transactions with highly rated major international financial institutions and other creditworthy counterparties governed by master netting agreements, as applicable; (ii) trading through central clearing and OTC parties; (iii) obtaining collateral, such as cash and securities, when appropriate; and (iv) setting limits on single party credit exposures which are subject to periodic management review.

Substantially all of the Company’s derivative agreements have zero thresholds which require daily full collateralization by the party in a liability position. In addition, certain of the Company’s derivative agreements contain credit-risk related contingent features; if the credit rating of one of the parties to the derivative agreement is to fall below a certain level, the party with positive fair value could request termination at the then fair value or demand immediate full collateralization from the party whose credit rating fell and is in a net liability position.

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements, Continued

As of December 31, 2025 and 2024, there were no net liability derivative positions with counterparties with credit risk-related contingent features whose credit rating has fallen. All derivatives have been appropriately collateralized by the Company or the counterparty in accordance with the terms of the derivative agreements.

The following tables present information about the Company’s offsetting of financial assets and liabilities and derivative instruments:

Offsetting of Financial Assets and Liabilities and Derivative Instruments

As of December 31, 2025

Gross Amount Recognized Gross Amount Offset in the Balance Sheets Net Amount Presented in the Balance Sheets Gross Amount not Offset in the Balance Sheets (3) Net Amount

(in millions)

Assets:

Derivative assets (1)

28,990

20,424

8,566

(7,344)

1,222

Secured lending

408

—

408

—

408

Other financial assets

1,994

—

1,994

—

1,994

Other invested assets

31,392

20,424

10,968

(7,344)

3,624

Liabilities:

Derivative liabilities (2)

20,575

20,424

151

—

151

Secured lending

408

—

408

—

408

Other financial liabilities

6,442

—

6,442

—

6,442

Other liabilities

27,425

20,424

7,001

—

7,001

______________

(1)Excludes Asset Management segment’s derivative assets of consolidated VIEs/VOEs.

(2)Excludes Asset Management segment’s derivative liabilities of consolidated VIEs/VOEs.

(3)Financial instruments/collateral sent (held).

As of December 31, 2024

Gross Amount Recognized Gross Amount Offset in the Balance Sheets Net Amount Presented in the Balance Sheets Gross Amount not Offset in the Balance Sheets (3) Net Amount

(in millions)

Assets:

Derivative assets (1)

21,814

14,924

6,890

(6,080)

810

Secured Lending

137

—

137

—

137

Other financial assets

1,510

—

1,510

—

1,510

Other invested assets

23,461

14,924

8,537

(6,080)

2,457

Liabilities:

Derivative liabilities (2)

15,634

14,924

710

—

710

Secured Lending

137

—

137

—

137

Other financial liabilities

6,185

—

6,185

—

6,185

Other liabilities

21,956

14,924

7,032

—

7,032

______________

(1)Excludes Asset Management segment’s derivative assets of consolidated VIEs/VOEs.

(2)Excludes Asset Management segment’s derivative liabilities of consolidated VIEs/VOEs.

(3)Financial instruments sent (held).

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements, Continued

5) GOODWILL AND OTHER INTANGIBLE ASSETS

Goodwill

Goodwill represents the excess of purchase price over the estimated fair value of identifiable net assets acquired in a business combination. The Company tests goodwill for recoverability each annual reporting period at December 31 and at interim periods if facts or circumstances are indicative of potential impairment.

The carrying value of goodwill from the Company’s Asset Management reporting unit totaled $5.1 billion and $5.1 billion at December 31, 2025 and 2024, resulting from its investment in AB as well as direct strategic acquisitions of AB, including its purchases of Sanford C. Bernstein, Inc and CarVal.

As of December 31, 2025 and 2024, the Company’s annual testing resulted in no impairment of this goodwill, as the fair value of the reporting unit exceeded its carrying amount at each respective date.

Other Intangible Assets

The Company’s intangible assets primarily relate to amounts assigned to acquired investment management contracts based on their estimated fair values at the time of acquisition, less accumulated amortization.

The gross carrying amount of AB-related intangible assets was $1.2 billion as of December 31, 2025 and $1.2 billion as of December 31, 2024, and the accumulated amortization of these intangible assets was $1.0 billion and $970 million as of December 31, 2025 and 2024, respectively. Amortization expense for AB-related intangible assets totaled $58 million, $59 million, and $58 million for 2025, 2024 and 2023, respectively. Estimated annual amortization expense for each of the next five years is approximately $58 million, $37 million, $26 million, $24 million and $24 million, respectively.

The Company reviews indefinite-lived intangible assets for impairment when events or changes in circumstances indicate that the carrying value may not be recoverable. This test is performed at least annually or as triggering events occur. As of December 31, 2025 and December 31, 2024 the Company’s impairment assessment indicated that our intangible assets were not impaired. During the fourth quarter of 2024, AB performed an assessment which indicated an impairment of the intangible assets associated with AB’s various smaller historical acquisitions that were other than temporary. Due to the loss of certain investment management contracts, the carrying value of the finite-lived intangible assets exceeded the fair value of the contracts. As such, an impairment charge of $4 million was recorded in Other operating costs and expenses in the consolidated income statement.

6) CLOSED BLOCK

As a result of demutualization, the Company’s Closed Block was established in 1992 for the benefit of certain individual participating policies that were in force on that date. Assets, liabilities and earnings of the Closed Block are specifically identified to support its participating policyholders.

The excess of Closed Block liabilities over Closed Block assets (adjusted to exclude the impact of related amounts in AOCI) represents the expected maximum future post-tax earnings from the Closed Block that would be recognized in income from continuing operations over the period the policies and contracts in the Closed Block remain in force. As of January 1, 2001, the Company has developed an actuarial calculation of the expected timing of the Closed Block’s earnings.

If the actual cumulative earnings from the Closed Block are greater than the expected cumulative earnings, only the expected earnings will be recognized in net income. Actual cumulative earnings in excess of expected cumulative earnings at any point in time are recorded as a policyholder dividend obligation because they will ultimately be paid to Closed Block policyholders as an additional policyholder dividend unless offset by future performance that is less favorable than originally expected. If a policyholder dividend obligation has been previously established and the actual Closed Block earnings in a subsequent period are less than the expected earnings for that period, the policyholder

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements, Continued

dividend obligation would be reduced (but not below zero). If, over the period the policies and contracts in the Closed Block remain in force, the actual cumulative earnings of the Closed Block are less than the expected cumulative earnings, only actual earnings would be recognized in income from continuing operations. If the Closed Block has insufficient funds to make guaranteed policy benefit payments, such payments will be made from assets outside the Closed Block.

Many expenses related to Closed Block operations, including amortization of DAC, are charged to operations outside of the Closed Block; accordingly, net revenues of the Closed Block do not represent the actual profitability of the Closed Block operations. Operating costs and expenses outside of the Closed Block are, therefore, disproportionate to the business outside of the Closed Block.

Summarized financial information for the Company’s Closed Block is as follows:

December 31,

2025 2024

(in millions)

Closed Block Liabilities:

Future policy benefits, policyholders’ account balances and other

4,970

5,213

Other liabilities

118

Total Closed Block liabilities

5,088

5,275

Assets Designated to the Closed Block:

Fixed maturities AFS, at fair value (amortized cost of $2,621 and $2,888) (allowance for credit losses of $0 and $0)

2,566

2,746

Mortgage loans on real estate (net of allowance for credit losses of $24 and $21)

1,426

1,531

Policy loans

500

523

Cash and other invested assets

257

Other assets

130

Total assets designated to the Closed Block

4,846

4,947

Excess of Closed Block liabilities over assets designated to the Closed Block

242

328

Amounts included in AOCI:

Net unrealized investment gains (losses), net of income tax: $12 and $30

(44)

(112)

Maximum future earnings to be recognized from Closed Block assets and liabilities

198

216

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements, Continued

The Company’s Closed Block revenues and expenses were as follows:

Year Ended December 31,

2025 2024 2023

(in millions)

Revenues:

Premiums and other income

$ 109 $ 115

Net investment income (loss)

198

204 209

Investment gains (losses), net

(2)

(9) (8)

Total revenues

295

304 316

Benefits and Other Deductions:

Policyholders’ benefits and dividends

271

286 309

Other operating costs and expenses

2 —

Total benefits and other deductions

272

288 309

Net income (loss), before income taxes

16 7

Income tax (expense) benefit

(5)

(3) (2)

Net income (loss)

$ 13 $ 5

7) DAC AND OTHER DEFERRED ASSETS/LIABILITIES

The following table presents a reconciliation of DAC to the consolidated balance sheets:

December 31,

2025 2024

(in millions)

Retirement

GMxB Core

1,587

1,605

EQUI-VEST Individual

153

154

Investment Edge

273

225

SCS

2,274

1,938

EQUI-VEST Group

789

768

Momentum

Corporate and Other

Term

288

314

Universal Life

167

170

Variable Universal Life

1,143

1,083

Indexed Universal Life

181

186

GMxB Legacy

472

517

Closed Block

107

Other

Total

7,523

7,170

Annually, or as circumstances warrant, the Company reviews the associated decrements assumptions (i.e., mortality and lapse) based on our multi-year average of companies experience with actuarial judgments to reflect other observable industry trends. In addition to DAC, the unearned revenue liability and sales inducement asset (“SIA”) use similar techniques and quarterly update processes for balance amortization.

During the third quarter of 2025, 2024 and 2023, the Company completed its annual assumption update and the impact

to the current period amortization of DAC and DAC like balances due to the new assumptions is immaterial. There

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements, Continued

were no other material changes to the inputs, judgments or calculation processes used in the DAC calculation during the three months and year ended December 31, 2025.

Changes in the DAC asset were as follows:

Year Ended December 31, 2025

Retirement

Corporate and Other Total

GMxB Core EI IE SCS EG Momentum Term UL VUL IUL GMxB Legacy CB (1)

(in millions)

Balance, beginning of period

1,605

154

225

1,938

768

314

170

1,083

186

517

107

7,150

Capitalization

139

681

138

—

1,167

Amortization (2)

(157)

(12)

(23)

(336)

(46)

(15)

(36)

(12)

(68)

(12)

(62)

(9)

(788)

Recovery of acquisition costs (3)

—

(9)

—

(4)

(10)

(2)

—

(25)

Balance, end of period

1,587

153

273

2,274

789

288

167

1,143

181

472

7,504

______________

(1)“CB” defined as Closed Block.

(2)DAC amortization of $1 million related to Other not reflected in table above.

(3)Related to third party reinsurance transactions.

Year Ended December 31, 2024

Retirement

Corporate and Other Total

GMxB Core EI IE SCS EG Momentum Term UL VUL IUL GMxB Legacy

(in millions)

Balance, beginning of period

1,602

155

172

1,571

742

337

174

987

188

555

116

6,681

Capitalization

153

645

159

—

1,175

Amortization (1)

(150)

(12)

(17)

(278)

(44)

(10)

(37)

(12)

(63)

(12)

(62)

(9)

(706)

Balance, end of period

1,605

154

225

1,938

768

314

170

1,083

186

517

107

7,150

______________

(1)DAC amortization of $5 million related to Other not reflected in table above..

Year Ended December 31, 2023

Retirement Corporate and Other Total

GMxB Core EI IE SCS EG Momentum Term UL VUL IUL GMxB Legacy CB

Balance, beginning of period

1,625

156

148

1,279

710

362

179

889

185

593

127

6,342

Capitalization

121

507

155

—

976

Amortization (1)

(144)

(12)

(14)

(215)

(41)

(17)

(39)

(12)

(57)

(11)

(64)

(11)

(637)

Balance, end of period

1,602

155

172

1,571

742

337

174

987

188

555

116

6,681

______________

(1) DAC amortization of $4 million related to Other not reflected in table above.

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements, Continued

Changes in the Retirement and Corporate and Other sales inducement assets were as follows:

Year Ended December 31,

2025 2024 2023

Retirement

Corporate and Other Retirement Corporate and Other Retirement Corporate and Other

GMxB Core GMxB Legacy GMxB Core GMxB Legacy GMxB Core GMxB Legacy

(in millions)

Balance, beginning of period

117

160

127

179

137

200

Capitalization

—

Amortization

(12)

(19)

(12)

(19)

(12)

(21)

Balance, end of period

107

141

117

160

127

179

Changes in the Corporate and Other unearned revenue liability were as follows:

Year Ended December 31,

2025 2024 2023

UL VUL IUL UL VUL IUL UL VUL IUL

(in millions)

Balance, beginning of period

114

840

250

107

754

210

684

157

Capitalization

149

135

115

Amortization

(8)

(54)

(18)

(8)

(49)

(15)

(7)

(45)

(11)

Recovery of unearned revenue reserves (1)

(7)

(69)

(23)

—

Balance, end of period

112

866

254

114

840

250

107

754

210

______________

(1) Related to the RGA Reinsurance Transaction.

8) FAIR VALUE DISCLOSURES

U.S. GAAP establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value, and identifies three levels of inputs that may be used to measure fair value:

Level 1 Unadjusted quoted prices for identical instruments in active markets. Level 1 fair values generally are supported by market transactions that occur with sufficient frequency and volume to provide pricing information on an ongoing basis.

Level 2 Observable inputs other than Level 1 prices, such as quoted prices for similar instruments, quoted prices in markets that are not active, and inputs to model-derived valuations that are directly observable or can be corroborated by observable market data.

Level 3 Unobservable inputs supported by little or no market activity and often requiring significant management judgment or estimation, such as an entity’s own assumptions about the cash flows or other significant components of value that market participants would use in pricing the asset or liability.

The Company uses unadjusted quoted market prices to measure fair value for those instruments that are actively traded in financial markets. In cases where quoted market prices are not available, fair values are measured using present value or other valuation techniques. The fair value determinations are made at a specific point in time, based on available market information and judgments about the financial instrument, including estimates of the timing and amount of expected future cash flows and the credit standing of counterparties. Such adjustments do not reflect any premium or discount that could result from offering for sale at one time the Company’s entire holdings of a particular financial instrument, nor do they consider the tax impact of the realization of unrealized gains or losses. In many cases, the fair value can neither be substantiated by direct comparison to independent markets, nor can the disclosed value be realized in immediate settlement of the instrument.

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements, Continued

Management is responsible for the determination of the value of investments carried at fair value and the supporting methodologies and assumptions. Under the terms of various service agreements, the Company often utilizes independent valuation service providers to gather, analyze, and interpret market information and derive fair values based upon relevant methodologies and assumptions for individual securities. These independent valuation service providers typically obtain data about market transactions and other key valuation model inputs from multiple sources and, through the use of widely accepted valuation models, provide a single fair value measurement for individual securities for which a fair value has been requested. As further described below with respect to specific asset classes, these inputs include, but are not limited to, market prices for recent trades and transactions in comparable securities, benchmark yields, interest rate yield curves, credit spreads, quoted prices for similar securities, and other market-observable information, as applicable. Specific attributes of the security being valued are also considered, including its term, interest rate, credit rating, industry sector, and when applicable, collateral quality and other security- or issuer-specific information. When insufficient market observable information is available upon which to measure fair value, the Company either will request brokers knowledgeable about these securities to provide a non-binding quote or will employ internal valuation models. Fair values received from independent valuation service providers and brokers and those internally modeled or otherwise estimated are assessed for reasonableness.

Assets and Liabilities Measured at Fair Value on a Recurring Basis

Assets and liabilities measured at fair value on a recurring basis are summarized below:

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements, Continued

Fair Value Measurements as of December 31, 2025

Level 1

Level 2

Level 3

Total

(in millions)

Assets:

Investments

Fixed maturities, AFS:

Corporate (1)

—

42,345

2,496

44,841

U.S. Treasury, government and agency

—

3,737

—

3,737

States and political subdivisions

—

310

—

310

Foreign governments

—

482

—

482

Residential mortgage-backed (2)

—

7,086

—

7,086

Asset-backed (3)

—

14,513

1,545

16,058

Commercial mortgage-backed — 4,552 38 4,590

Redeemable preferred stock

—

Total fixed maturities, AFS

—

73,083

4,079

77,162

Fixed maturities, at fair value using the fair value option

—

2,484

459

2,943

Mortgage loans, at fair value using the fair value option

—

Other equity investments (4)

247

210

474

Trading securities

404

882

286

1,572

Other invested assets:

Short-term investments

—

Assets of consolidated VIEs/VOEs

318

352

Swaps

—

(380)

—

(380)

Credit default swaps

—

(10)

—

(10)

Futures

—

Options

—

21,111

—

21,111

Forwards

—

Total other invested assets

21,100

21,203

Cash equivalents

4,998

—

4,998

Segregated securities

—

499

—

499

Purchased market risk benefits

—

5,260

Assets for market risk benefits

—

752

Modco payable (5)

—

(1)

Separate Accounts assets (6)

133,142

2,678

—

135,820

Total Assets

138,825

100,936

10,971

250,732

Liabilities:

Notes issued by consolidated VIE’s, at fair value using the fair value option (7)

—

2,454

254

2,708

SCS, SIO, MSO and IUL indexed features’ liability

—

21,819

—

21,819

Liabilities of consolidated VIEs and VOEs

—

Liabilities for market risk benefits

—

10,153

Contingent payment arrangements

—

Total Liabilities

—

24,293

10,416

34,709

______________

(1)Corporate fixed maturities includes both public and private issues.

(2)Includes publicly traded agency pass-through securities and collateralized obligations.

(3)Includes credit-tranched securities collateralized by sub-prime mortgages, credit risk transfer securities and other asset types.

(4)Includes short position equity securities of $37 million that are reported in other liabilities.

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements, Continued

(5)Represents ceded reserves on NI modco (see Note 1 of the Notes to these Consolidated Financial Statements). Reflected in Amounts due from reinsurers.

(6)Separate Accounts assets included in the fair value hierarchy exclude investments in entities that calculate NAV per share (or its equivalent) as a practical expedient. Such investments excluded from the fair value hierarchy include investments in real estate. As of December 31, 2025, the fair value of such investments was $290 million.

(7)Accrued interest payable of $19 million is reported in Notes issued by consolidated VIE’s, at fair value using the fair value option in the consolidated balance sheets, which is not required to be measured at fair value on a recurring basis.

Fair Value Measurements as of December 31, 2024

Level 1

Level 2

Level 3

Total

(in millions)

Assets:

Investments

Fixed maturities, AFS:

Corporate (1)

—

46,879

2,419

49,298

U.S. Treasury, government and agency

—

4,288

—

4,288

States and political subdivisions

—

386

—

386

Foreign governments

—

554

—

554

Residential mortgage-backed (2)

—

4,383

—

4,383

Asset-backed (3)

—

13,467

285

13,752

Commercial mortgage-backed (2)

—

3,913

3,921

Redeemable preferred stock

—

Total fixed maturities, AFS

—

73,929

2,712

76,641

Fixed maturities, at fair value using the fair value option

—

1,778

275

2,053

Mortgage loans, at fair value using the fair value option

—

Other equity investments (4)

319

251

623

Trading securities

433

576

1,089

Other invested assets:

Short-term investments

—

Assets of consolidated VIEs/VOEs

137

155

Swaps

—

(259)

—

(259)

Credit default swaps

—

Futures

—

Options

—

16,328

—

16,328

Forwards

—

Total other invested assets

16,244

16,265

Cash equivalents

5,356

—

5,401

Segregated securities

498

—

500

Purchased market risk benefits

—

7,376

Assets for market risk benefits

—

863

Modco payable (5)

—

Separate Accounts assets (6)

131,714

2,489

—

134,203

Total Assets

137,843

95,810

11,361

245,014

Liabilities:

Notes issued by consolidated VIE’s, at fair value using the fair value option (7)

—

1,933

172

2,105

SCS, SIO, MSO and IUL indexed features’ liability

—

17,212

—

17,212

Liabilities for market risk benefits

—

11,810

Contingent payment arrangements

—

Total Liabilities

—

19,145

11,991

31,136

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements, Continued

______________

(1)Corporate fixed maturities includes both public and private issues.

(2)Includes publicly traded agency pass-through securities and collateralized obligations.

(3)Includes credit-tranched securities collateralized by sub-prime mortgages, credit risk transfer securities and other asset types.

(4)Includes short position equity securities of $20 million that are reported in other liabilities.

(5)Reflected in Amounts due from reinsurers.

(6)Separate Accounts assets included in the fair value hierarchy exclude investments in entities that calculate NAV per share (or its equivalent) as a practical expedient. Such investments excluded from the fair value hierarchy include investments in real estate. As of December 31, 2024, the fair value of such investments was $320 million.

(7)Accrued interest payable of $11 million is reported in Notes issued by consolidated VIE’s, at fair value using the fair value option in the consolidated balance sheets, which is not required to be measured at fair value on a recurring basis.

Public Fixed Maturities

The fair values of the Company’s public fixed maturities, including those accounted for using the fair value option, are generally based on prices obtained from independent valuation service providers and for which the Company maintains a vendor hierarchy by asset type based on historical pricing experience and vendor expertise. Although each security generally is priced by multiple independent valuation service providers, the Company ultimately uses the price received from the independent valuation service provider highest in the vendor hierarchy based on the respective asset type, with limited exception. To validate reasonableness, prices also are internally reviewed by those with relevant expertise through comparison with directly observed recent market trades. Consistent with the fair value hierarchy, public fixed maturities validated in this manner generally are reflected within Level 2, as they are primarily based on observable pricing for similar assets and/or other market observable inputs.

Private Fixed Maturities

The fair values of the Company’s private fixed maturities, including those accounted for using the fair value option are determined from prices obtained from independent valuation service providers. Prices not obtained from an independent valuation service provider are determined by using a discounted cash flow model or a market comparable company valuation technique. In certain cases, these models use observable inputs with a discount rate based upon the average of spread surveys collected from private market intermediaries who are active in both primary and secondary transactions, taking into account, among other factors, the credit quality and industry sector of the issuer and the reduced liquidity associated with private placements. Generally, these securities have been reflected within Level 2. For certain private fixed maturities, the discounted cash flow model or a market comparable company valuation technique may also incorporate unobservable inputs, which reflect the Company’s own assumptions about the inputs market participants would use in pricing the asset. To the extent management determines that such unobservable inputs are significant to the fair value measurement of a security, a Level 3 classification generally is made.

Mortgage Loans

Fair values for commercial, agricultural and residential mortgage loans on real estate are measured by discounting future contractual cash flows to be received on the mortgage loan using interest rates at which loans with similar characteristics and credit quality would be made. The discount rate is derived based on the appropriate U.S. Treasury rate with a like term to the remaining term of the loan to which a spread reflective of the risk premium associated with the specific loan is added. Fair values for mortgage loans anticipated to be foreclosed and problem mortgage loans are limited to the fair value of the underlying collateral, if lower.

Notes issued by consolidated VIE’s, at fair value using the fair value option

These notes are based on the fair values of corresponding fixed maturity collateral. The CLO liabilities are also reduced by the fair value of the beneficial interests the Company retains in the CLO and the carrying value of any beneficial interests that represent compensation for services. As the notes are valued based on the reference collateral, they are classified as Level 2 or 3.

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements, Continued

Freestanding Derivative Positions

The net fair value of the Company’s freestanding derivative positions as disclosed in Note 4 of the Notes to these Consolidated Financial Statements are generally based on prices obtained either from independent valuation service providers or derived by applying market inputs from recognized vendors into industry standard pricing models. The majority of these derivative contracts are traded in the OTC derivative market and are classified in Level 2. The fair values of derivative assets and liabilities traded in the OTC market are determined using quantitative models that require use of the contractual terms of the derivative instruments and multiple market inputs, including interest rates, prices, and indices to generate continuous yield or pricing curves, including overnight index swap curves, and volatility factors, which then are applied to value the positions. The predominance of market inputs is actively quoted and can be validated through external sources or reliably interpolated if less observable.

Level Classifications of the Company’s Financial Instruments

Financial Instruments Classified as Level 1

Investments classified as Level 1 primarily include redeemable preferred stock, trading securities, cash equivalents and Separate Accounts assets. Fair value measurements classified as Level 1 include exchange-traded prices of fixed maturities, equity securities and derivative contracts, and NAV for transacting subscriptions and redemptions of mutual fund shares held by Separate Accounts. Cash equivalents classified as Level 1 include money market accounts, overnight commercial paper and highly liquid debt instruments purchased with an original maturity of three months or less and are carried at cost as a proxy for fair value measurement due to their short-term nature.

Financial Instruments Classified as Level 2

Investments classified as Level 2 are measured at fair value on a recurring basis and primarily include U.S. government and agency securities, certain corporate debt securities and financial assets and liabilities accounted for using the fair value option, such as public and private fixed maturities. As market quotes generally are not readily available or accessible for these securities, their fair value measures are determined utilizing relevant information generated by market transactions involving comparable securities and often are based on model pricing techniques that effectively discount prospective cash flows to present value using appropriate sector-adjusted credit spreads commensurate with the security’s duration, also taking into consideration issuer-specific credit quality and liquidity. Segregated securities classified as Level 2 are U.S. Treasury bills segregated by AB in a special reserve bank custody account for the exclusive benefit of brokerage customers, as required by Rule 15c3-3 of the Exchange Act and for which fair values are based on quoted yields in secondary markets.

Observable inputs generally used to measure the fair value of securities classified as Level 2 include benchmark yields, reported secondary trades, issuer spreads, benchmark securities and other reference data. Additional observable inputs are used when available, and as may be appropriate, for certain security types, such as pre-payment, default, and collateral information for the purpose of measuring the fair value of mortgage- and asset-backed securities. The Company’s AAA-rated mortgage- and asset-backed securities are classified as Level 2 for which the observability of market inputs to their pricing models is supported by sufficient, albeit more recently contracted, market activity in these sectors.

Certain Company products, such as the SCS, EQUI-VEST variable annuity products, IUL and the MSO fund available in some life contracts, offer investment options which permit the contract owner to participate in the performance of an index, ETF or commodity price. These investment options, which depending on the product and on the index selected, can currently have one, three, five or six year terms, provide for participation in the performance of specified indices, ETF or commodity price movement up to a segment-specific declared maximum rate. Under certain conditions that vary by product, e.g., holding these segments for the full term, these segments also shield policyholders from some or all negative investment performance associated with these indices, ETF or commodity prices. These investment options have defined formulaic liability amounts, and the current values of the option component of these segment reserves are classified as Level 2 embedded derivatives. The fair values of these embedded derivatives are based on data obtained from independent valuation service providers.

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements, Continued

Financial Instruments Classified as Level 3

The Company’s investments classified as Level 3 primarily include corporate debt securities and financial assets and liabilities accounted for using the fair value option, such as private fixed maturities and asset-backed securities. Determinations to classify fair value measures within Level 3 of the valuation hierarchy generally are based upon the significance of the unobservable factors to the overall fair value measurement. Included in the Level 3 classification are fixed maturities with indicative pricing obtained from brokers that otherwise could not be corroborated to market observable data.

The Company has certain variable annuity contracts with GMDB, GMIB, GIB and GWBL and other features in-force that guarantee one of the following:

•Return of Premium: the benefit is the greater of current account value or premiums paid (adjusted for withdrawals);

•Ratchet: the benefit is the greatest of current account value, premiums paid (adjusted for withdrawals), or the highest account value on any anniversary up to contractually specified ages (adjusted for withdrawals);

•Roll-Up: the benefit is the greater of current account value or premiums paid (adjusted for withdrawals) accumulated at contractually specified interest rates up to specified ages;

•Combo: the benefit is the greater of the ratchet benefit or the roll-up benefit, which may include either a five year or an annual reset; or

•Withdrawal: the withdrawal is guaranteed up to a maximum amount per year for life.

The Company also issues certain benefits on its variable annuity products that are accounted for as MRBs carried at fair value and are also considered Level 3 for fair value leveling.

The GMIBNLG feature allows the policyholder to receive guaranteed minimum lifetime annuity payments based on predetermined annuity purchase rates applied to the contract’s benefit base if and when the contract account value is depleted and the NLG feature is activated. The optional GMIB feature allows the policyholder to receive guaranteed minimum lifetime annuity payments based on predetermined annuity purchase rates.

The GMWB feature allows the policyholder to withdraw at a minimum, over the life of the contract, an amount based on the contract’s benefit base. The GWBL feature allows the policyholder to withdraw, each year for the life of the contract, a specified annual percentage of an amount based on the contract’s benefit base. The GMAB feature increases the contract account value at the end of a specified period to a GMAB base. The GIB feature provides a lifetime annuity based on predetermined annuity purchase rates if and when the contract account value is depleted. This lifetime annuity is based on predetermined annuity purchase rates applied to a GIB base. The GMDB feature guarantees that the benefit paid upon death will not be less than a guaranteed benefit base. If the contract’s account value is less than the benefit base at the time a death claim is paid, the amount payable will be equal to the benefit base.

The MRBs’ fair value will be equal to the present value of benefits less the present value of ascribed fees. Considerable judgment is utilized by management in determining the assumptions used in determining present value of benefits and ascribed fees related to lapse rates, withdrawal rates, utilization rates, non-performance risk, volatility rates, annuitization rates and mortality (collectively, the significant MRB assumptions).

Purchased MRB assets, which are accounted for as MRBs carried at fair value are also considered Level 3 for fair value leveling. The purchased MRB asset fair value reflects the present value of reinsurance premiums, net of recoveries, adjusted for risk margins and nonperformance risk over a range of market consistent economic scenarios while the MRB asset and liability reflects the present value of expected future payments (benefits) less fees, adjusted for risk margins and nonperformance risk, attributable to the MRB asset and liability over a range of market-consistent economic scenarios.

The valuations of the MRBs and purchased MRB assets incorporate significant non-observable assumptions related to policyholder behavior, risk margins and projections of equity Separate Accounts funds. The credit risks of the counterparty and of the Company are considered in determining the fair values of its MRBs and purchased MRB assets after taking into account the effects of collateral arrangements. Incremental adjustment to the risk-free curve for counterparty non-performance risk is made to the fair values of the purchased MRB assets. Risk margins were applied to the non-capital markets inputs to the MRBs and purchased MRB valuations.

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements, Continued

After giving consideration to collateral arrangements, the Company reduced the fair value of its purchased MRB asset by $42 million and $382 million as of December 31, 2025 and 2024, respectively, to recognize incremental counterparty non-performance risk.

The Company’s Level 3 liabilities include contingent payment arrangements associated with acquisitions in 2020 by AB. At each reporting date, AB estimates the fair values of the contingent consideration expected to be paid based upon revenue and discount rate projections, using unobservable market data inputs, which are included in Level 3 of the valuation hierarchy. The Company’s consolidated VIEs/VOEs hold investments that are classified as Level 3, primarily corporate bonds that are vendor priced with no ratings available, bank loans, non-agency collateralized mortgage obligations and asset-backed securities.

Transfers of Financial Instruments Between Levels 2 and 3

During the year ended December 31, 2025, fixed maturities with fair values of $756 million were transferred out of Level 3 and into Level 2 principally due to the availability of trading activity and/or market observable inputs to measure and validate their fair values. In addition, fixed maturities with fair value of $64 million were transferred from Level 2 into the Level 3 classification. These transfers in the aggregate represent approximately 55.9% of total equity as of December 31, 2025.

During the year ended December 31, 2024, fixed maturities with fair values of $127 million were transferred out of Level 3 and into Level 2 principally due to the availability of trading activity and/or market observable inputs to measure and validate their fair values. In addition, fixed maturities with fair value of $105 million were transferred from Level 2 into the Level 3 classification. These transfers in the aggregate represent approximately 6.8% of total equity as of December 31, 2024.

The tables below present reconciliations for all Level 3 assets and liabilities and changes in unrealized gains (losses). Not included below are the changes in balances related to MRBs and purchased MRBs level 3 assets and liabilities, which are included in Note 10 of the Notes to these Consolidated Financial Statements.

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements, Continued

Year Ended December 31, 2025

Corporate Asset-backed CMBS Fixed maturities, at FVO

(in millions)

Balance, beginning of period

2,419

285

$ 275

Total gains and (losses), realized and unrealized, included in:

Net income (loss) as:

Net investment income (loss)

(1)

—

Investment gains (losses), net

—

(6)

Subtotal

(1)

—

(6)

Other comprehensive income (loss) 23 14 1 —

Purchases 1,465 1,842 34 357

Debt issuances

— — —

—

Sales (916) (478) (5) (90)

Settlements — — — —

Other —

—

Activity related to consolidated VIEs/VOEs —

—

Transfers into Level 3 (1) 13

—

Transfers out of Level 3 (1)

(515)

(117)

—

(124)

Balance, end of period

2,496

1,545

459

Change in unrealized gains or losses for the period included in earnings for instruments held at the end of the reporting period (2) $ — $ — $ — $ 3

Change in unrealized gains or losses for the period included in other comprehensive income for instruments held at the end of the reporting period (2) $ 18 $ 10 $ 1 $ —

______________

(1)Transfers into/out of the Level 3 classification are reflected at beginning-of-period fair values.

(2)For instruments held as of December 31, 2025, amounts are included in Net investment income or net derivative gains (losses) in the consolidated statements of income (loss) or unrealized gains (losses) on investments in the consolidated statements of comprehensive income.

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements, Continued

Year Ended December 31, 2025

Mortgage Loans, at FVO Other Equity Investments (1) Trading Securities, at Fair Value Short-term investments

Modco Payable

Notes issued by consolidated VIE’s Contingent Payment Arrangement

(in millions)

Balance, beginning of period $ —

—

(172)

(9)

Total gains and (losses), realized and unrealized, included in:

Net income (loss) as:

Net investment income (loss) —

—

Investment gains (losses), net —

—

Subtotal

—

Other comprehensive income (loss) —

—

Purchases

235

—

Debt issuances

—

(102)

—

Sales —

(68)

(37)

—

Settlements —

—

Change in fair value of modco payable

—

(1)

—

Other

—

Activity related to consolidated VIEs/VOEs —

(2)

—

Transfers into Level 3 (2)

—

Transfers out of Level 3 (2)

—

Balance, end of period

286

(1)

(254)

(9)

Change in unrealized gains or losses for the period included in earnings for instruments held at the end of the reporting period (3)

$ — $ 2 $ 7 $ — $ — $ — $ —

Change in unrealized gains or losses for the period included in other comprehensive income for instruments held at the end of the reporting period (3)

$ — $ — $ — $ — $ — $ — $ —

______________

(1)Other Equity Investments include other invested assets.

(2)Transfers into/out of the Level 3 classification are reflected at beginning-of-period fair values.

(3)For instruments held as of December 31, 2025, amounts are included in Net investment income or net derivative gains (losses) in the consolidated statements of income (loss) or unrealized gains (losses) on investments in the consolidated statements of comprehensive income.

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements, Continued

Year Ended December 31, 2024

Corporate (3)

State and Political Subdivisions

Asset-backed (3)

CMBS

(in millions)

Balance, beginning of period $ 2,089 $ — $ 143 $ 7

Total gains and (losses), realized and unrealized, included in:

Net income (loss) as:

Net investment income (loss) 8 — 1 —

Investment gains (losses), net (4) — — —

Subtotal 4 — 1 —

Other comprehensive income (loss) 18 — 3 1

Purchases 947 — 337 —

Sales (571) — (185) —

Settlements — — — —

Other — — — —

Activity related to consolidated VIEs/VOEs — — — —

Transfers into Level 3 (1) — — — —

Transfers out of Level 3 (1) (68) — (14) —

Balance, end of period $ 2,419 $ — $ 285 $ 8

Change in unrealized gains or losses for the period included in earnings for instruments held at the end of the reporting period (2) $ — $ — $ — $ —

Change in unrealized gains or losses for the period included in other comprehensive income for instruments held at the end of the reporting period (2) $ 17 $ — $ 3 $ 1

______________

(1)Transfers into/out of the Level 3 classification are reflected at beginning-of-period fair values.

(2)For instruments held as of December 31, 2024, amounts are included in Net investment income or net derivative gains (losses) in the consolidated statements of income (loss) or unrealized gains (losses) on investments in the consolidated statements of comprehensive income.

(3)Prior periods amounts have been revised to improve comparability.

Year Ended December 31, 2024

Fixed maturities, at FVO

Other

Equity Investments (1)

Trading Securities, at Fair Value Notes issued by consolidated VIE’s Contingent Payment Arrangement

(in millions)

Balance, beginning of period $ 181 $ 57 $ 61 $ — $ (253)

Total gains and (losses), realized and unrealized, included in:

Net income (loss) as:

Net investment income (loss) (23) 1 — — —

Investment gains (losses), net 1 — 14 — —

Subtotal (22) 1 14 — —

Other comprehensive income (loss) — — — — —

Purchases 163 — 5 — —

Debt issuances — — — (188) —

Sales (107) (2) — — —

Settlements — — — 16 3

Change in fair value of modco payable

— — — — —

Other — — — — 241

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements, Continued

Year Ended December 31, 2024

Fixed maturities, at FVO

Other

Equity Investments (1)

Trading Securities, at Fair Value Notes issued by consolidated VIE’s Contingent Payment Arrangement

(in millions)

Activity related to consolidated VIEs/VOEs — (1) — — —

Transfers into Level 3 (2)

105 — — — —

Transfers out of Level 3 (2)

(45) — — — —

Balance, end of period $ 275 $ 55 $ 80 $ (172) $ (9)

Change in unrealized gains or losses for the period included in earnings for instruments held at the end of the reporting period (3)

$ 18 $ 1 $ 14 $ — $ —

Change in unrealized gains or losses for the period included in other comprehensive income for instruments held at the end of the reporting period (3)

$ — $ — $ — $ — $ —

_____________

(1)Other Equity Investments include other invested assets.

(2)Transfers into/out of the Level 3 classification are reflected at beginning-of-period fair values.

(3)For instruments held as of December 31, 2024, amounts are included in Net investment income or net derivative gains (losses) in the consolidated statements of income (loss) or unrealized gains (losses) on investments in the consolidated statements of comprehensive income.

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements, Continued

Quantitative and Qualitative Information about Level 3 Fair Value Measurements

The following tables disclose quantitative information about Level 3 fair value measurements by category for assets and liabilities:

Quantitative Information about Level 3 Fair Value Measurements as of December 31, 2025

Fair

Value

Valuation

Technique

Significant

Unobservable Input

Range

Weighted Average (2)

(Dollars in millions)

Assets:

Investments:

Fixed maturities, AFS:

Corporate 1,189 Market comparable

companies

EBITDA multiples

Discount rate

Cash flow multiples

Loan to value

4.8x - 34.0x

7.3% - 21.3%

0.6x - 29.5x

2.1% - 80.0%

13.8x

3.4%

15.0x

10.3%

Other equity investments

3 Discounted Cash Flow

Earnings multiple

6.9x - 9.4x

6.9x

Trading securities, at fair value (5)

83 Discounted cash flow

Earnings multiple

Discount factor

Discount years

10.9x

10.0%

Trading securities, at fair value (5)

139 Market comparable

companies

EBITDA Multiples

Cashflow Multiples

6.8x - 34.0x

4.0x - 29.5x

15.1x

7.6x

Mortgage loans, at fair value using the fair value option 50 Discounted cash flow Discount rate

Loan to value

5.1% - 5.7%

64.0% - 64.5%

Purchased MRB asset (1) (2) (4) 5,260 Discounted cash flow

Lapse rates

Withdrawal rates

GMIB Utilization rates

Non-performance risk

Volatility rates - Equity

Mortality: Ages 0-40

Ages 41-60

Ages 61-115

0.04% - 13.67%

0.12% - 6.51%

0.04% - 63.69%

3 bps - 85 bps

13% - 29%

0.01% - 0.17%

0.06% - 0.51%

0.31% - 40.40%

2.34%

0.68%

6.87%

7 bps

23%

3.41%

(same for all ages)

Liabilities:

AB Contingent consideration payable $ 9 Discounted cash flow

Expected revenue growth rates

Discount rate

2.0% - 13.3%

1.9% - 1.9%

6.8%

1.9%

Direct MRB (1) (2) (3) (4) 9,401 Discounted cash flow

Non-performance risk

Lapse rates

Withdrawal rates

Annuitization rates

Mortality: Ages 0-40

Ages 41-60

Ages 61-115

77 bps

0.04%-38.09%

0.00%-8.00%

0.04%-100.00%

0.01%-0.17%

0.06%-0.51%

0.31%-40.40%

77 bps

4.09%

0.83%

5.29%

2.95%

(same for all ages)

______________

(1)Mortality rates vary by age and demographic characteristic such as gender. Mortality rate assumptions are based on a combination of company and industry experience. A mortality improvement assumption is also applied. For any given contract, mortality rates vary throughout the period over which cash flows are projected for purposes of valuating the embedded derivatives.

(2)Lapses and pro-rata withdrawal rates were developed as a function of the policy account value. Dollar for dollar withdrawal rates were developed as a function of the dollar for dollar threshold, the dollar for dollar limit. Utilization rates were developed as a function of the benefit base.

(3)MRB liabilities are shown net of MRB assets. Net amount is made up of $10.2 billion of MRB liabilities and $752 million of MRB assets.

(4)Includes Legacy and Core products.

(5)Certain newly acquired Level 3 Trading securities are not presented as cost basis approximates fair value as of December 31, 2025.

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements, Continued

Quantitative Information about Level 3 Fair Value Measurements as of December 31, 2024

Fair

Value

Valuation

Technique

Significant

Unobservable Input

Range

Weighted Average (2)

(Dollars in millions)

Assets:

Investments:

Fixed maturities, AFS:

Corporate $ 402 Matrix pricing model

Spread over benchmark

70 bps - 220 bps

153 bps

Corporate 981 Market comparable companies

EBITDA multiples

Discount rate

Cash flow multiples

Loan to value

4.7x - 36.5x

8.4% - 34.9%

1.8x - 11.8x

0.0% - 56.4%

12.2x

3.9%

4.5x

15.0%

Trading securities, at fair value (5) 75 Discounted cash flow

Earnings multiple

Discounts factor

Discount years

8.6x

10.0%

Trading securities, at fair value (5) 1 Market comparable companies

Cashflow Multiples

8.4x - 8.4x

8.4x

Purchased MRB asset (1) (2) (4) 7,376 Discounted cash flow

Lapse rates

Withdrawal rates

GMIB Utilization rates

Non-performance risk

Volatility rates - Equity

Mortality: Ages 0-40

Ages 41-60

Ages 61-115

0.24% - 13.05%

0.06% - 11.65%

0.04% - 66.70%

33 bps - 93 bps

12% - 29%

0.01% - 0.17%

0.06% - 0.52%

0.32% - 41.20%

2.17%

0.48%

6.75%

34 bps

23%

3.36%

(same for all ages)

Liabilities:

AB Contingent consideration payable $ 9 Discounted cash flow

Expected revenue growth rates

Discount rate

2.0% - 29.3%

1.9% - 10.4%

5.5%

7.3%

Direct MRB (1) (2) (3) (4) 10,947 Discounted cash flow

Non-performance risk

Lapse rates

Withdrawal rates

Annuitization rates

Mortality: Ages 0-40

Ages 41-60

Ages 61-115

94 bps

0.24% - 36.18%

0.00% - 11.65%

0.04% - 100.00%

0.01% - 0.17%

0.06% - 0.52%

0.32% - 41.20%

94 bps

3.57%

0.58%

5.15%

3.00%

(same for all ages)

______________

(1)Mortality rates vary by age and demographic characteristic such as gender and benefits elected with the policy. Mortality rate assumptions are based on a combination of company and industry experience. A mortality improvement assumption is also applied. For any given contract, mortality rates vary throughout the period over which cash flows are projected for purposes of valuating the embedded derivatives.

(3)MRB liabilities are shown net of MRB assets. Net amount is made up of $11.8 billion of MRB liabilities and $863 million of MRB assets.

(4)Includes Legacy and Core products.

(5)Certain newly acquired Level 3 Trading securities are not presented as cost basis approximates fair value as of December 31, 2024.

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements, Continued

Level 3 Financial Instruments for which Quantitative Inputs are Not Available

Certain Privately Placed Debt Securities with Limited Trading Activity

Excluded from the tables above as of December 31, 2025 and 2024, respectively, are approximately $3.5 billion and $1.7 billion of Level 3 fair value measurements of investments for which the underlying quantitative inputs are not developed by the Company and are not readily available. These investments primarily consist of certain privately placed debt securities with limited trading activity, including residential mortgage- and asset-backed instruments, and their fair values generally reflect unadjusted prices obtained from independent valuation service providers and indicative, non-binding quotes obtained from third-party broker-dealers recognized as market participants. Significant increases or decreases in the fair value amounts received from these pricing sources may result in the Company reporting significantly higher or lower fair value measurements for these Level 3 investments.

•The fair value of private placement securities is determined by application of a matrix pricing model or a market comparable company value technique. The significant unobservable input to the matrix pricing model valuation technique is the spread over the industry-specific benchmark yield curve. Generally, an increase or decrease in spreads would lead to directionally inverse movement in the fair value measurements of these securities. The significant unobservable input to the market comparable company valuation technique is the discount rate. Generally, a significant increase (decrease) in the discount rate would result in significantly lower (higher) fair value measurements of these securities.

•Residential mortgage-backed securities classified as Level 3 primarily consist of non-agency paper with low trading activity. Included in the tables above as of December 31, 2025 and 2024, there were no Level 3 securities that were determined by application of a matrix pricing model and for which the spread over the U.S. Treasury curve is the most significant unobservable input to the pricing result. Generally, a change in spreads would lead to directionally inverse movement in the fair value measurements of these securities.

•Asset-backed securities classified as Level 3 primarily consist of non-agency mortgage loan trust certificates, including subprime and Alt-A paper, credit risk transfer securities, and equipment financings. Included in the tables above as of December 31, 2025 and 2024, there were no securities that were determined by the application of matrix-pricing for which the spread over the U.S. Treasury curve is the most significant unobservable input to the pricing result. Significant increases (decreases) in spreads would have resulted in significantly lower (higher) fair value measurements.

Other Equity Investments

Included in other equity investments classified as Level 3 are venture capital securities in the Technology, Media and Telecommunications industries. The fair value measurements of these securities include significant unobservable inputs including an enterprise value to revenue multiples and a discount rate to account for liquidity and various risk factors. Significant increases (decreases) in the enterprise value to revenue multiple inputs in isolation would have resulted in a significantly higher (lower) fair value measurement. Significant increases (decreases) in the discount rate would have resulted in a significantly lower (higher) fair value measurement.

Market Risk Benefits

Significant unobservable inputs with respect to the fair value measurement of the purchased MRB assets and MRB liabilities identified in the table above are developed using Company data. Future policyholder behavior is an unobservable market assumption and, as such, all aspects of policyholder behavior are derived based on recent historical experience. These policyholder behaviors include lapses, pro-rata withdrawals, dollar for dollar withdrawals, GMIB utilization, deferred mortality and payout phase mortality. Many of these policyholder behaviors have dynamic adjustment factors based on the relative value of the rider as compared to the account value in different economic environments. This applies to all variable annuity related products; products with GMxB riders including but not limited to GMIB, GMDB, and GWL.

Lapse rates are adjusted at the contract level based on a comparison of the value of the GMxB rider and the current policyholder account value, which include other factors such as considering surrender charges. Generally, lapse rates are assumed to be lower in periods when a surrender charge applies. A dynamic lapse function reduces the base lapse rate when the guaranteed amount is greater than the account value as in-the-money contracts are less likely to lapse. For valuing purchased MRB assets and MRB liabilities, lapse rates vary throughout the period over which cash flows are projected.

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements, Continued

Carrying Value of Financial Instruments Not Otherwise Disclosed in Note 3 and Note 4 of the Notes to these Consolidated Financial Statements

The carrying values and fair values for financial instruments not otherwise disclosed in Note 3 and Note 4 of the Notes to these Consolidated Financial Statements were as follows:

Carrying Values and Fair Values for Financial Instruments Not Otherwise Disclosed

Carrying

Value

Fair Value

Level 1

Level 2

Level 3

Total

(in millions)

December 31, 2025:

Mortgage loans on real estate

22,668

—

21,907

Policy loans

1,862

—

1,958

Policyholders’ liabilities: Investment contracts

2,808

—

2,777

Modco payable (1)

323

—

323

Funding agreements

17,996

—

17,916

—

17,916

Short-term debt

—

Long-term debt

3,835

—

3,814

—

3,814

Separate Accounts liabilities

12,365

—

12,365

December 31, 2024:

Mortgage loans on real estate $ 20,072 $ — $ — $ 18,567 $ 18,567

Policy loans $ 4,330 $ — $ — $ 4,559 $ 4,559

Policyholders’ liabilities: Investment contracts $ 2,046 $ — $ — $ 1,996 $ 1,996

Modco payable (1)

$ — $ — $ — $ — $ —

Funding agreements

$ 13,013 $ — $ 12,669 $ — $ 12,669

Short-term debt

$ — $ — $ — $ — $ —

Long-term debt $ 3,833 $ — $ 3,722 $ — $ 3,722

Separate Accounts liabilities $ 12,055 $ — $ — $ 12,055 $ 12,055

______________

(1)Modco payable is reported in Amounts due from reinsurers in the consolidated balance sheets.

Policy Loans

The fair value of policy loans is calculated by discounting expected cash flows based upon the U.S. Treasury yield curve and historical loan repayment patterns.

Policyholder Liabilities - Investment Contracts and Separate Accounts Liabilities

The fair values for deferred annuities and certain annuities, which are included in policyholders’ account balances, and liabilities for investment contracts with fund investments in Separate Accounts, are estimated using projected cash flows discounted at rates reflecting current market rates. Significant unobservable inputs reflected in the cash flows include lapse rates and withdrawal rates. Incremental adjustments may be made to the fair value to reflect non-performance risk. Certain other products such as the Company’s association plans contracts, supplementary contracts not involving life contingencies, Access Accounts and Escrow Shield Plus product reserves are held at book value.

Funding Agreements

The fair values of Equitable Financial and Equitable America’s FHLB long term funding agreements’ fair values are determined based on indicative market rates published by the FHLB, provided to AB and modeled for each note’s FMV. FHLB short-term funding agreements’ fair values are reflective of notional/par value plus accrued interest.

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements, Continued

The fair values of Equitable Financial and Equitable America’s FABN funding agreements are determined by Bloomberg’s evaluated pricing service, which uses direct observations or observed comparables.

The fair value of Equitable Financial’s FABCP funding agreements are reflective of the notional/par value outstanding.

Short-term Debt

The Company’s short-term debt primarily includes long-term debt that has been reclassified to short-term due to an upcoming maturity date within one year. The fair values for the Company’s short-term debt are determined by Bloomberg’s evaluated pricing service, which uses direct observations or observed comparables.

Long-term Debt

The fair values for the Company’s long-term debt are determined by Bloomberg’s evaluated pricing service, which uses direct observations or observed comparables.

Financial Instruments Exempt from Fair Value Disclosure or Otherwise Not Required to be Disclosed

Exempt from Fair Value Disclosure Requirements

Certain financial instruments are exempt from the requirements for fair value disclosure, such as insurance liabilities other than financial guarantees and investment contracts, limited partnerships accounted for under the equity method and pension and other postretirement obligations.

Otherwise Not Required to be Included in the Table Above

The Company’s investment in COLI policies are recorded at their cash surrender value and therefore are not required to be included in the table above. See Note 2 of the Notes to these Consolidated Financial Statements for further description of the Company’s accounting policy related to its investment in COLI policies.

9) LIABILITIES FOR FUTURE POLICYHOLDER BENEFITS

The following table reconciles the net liability for future policy benefits and liability of death benefits to the liability for future policy benefits in the consolidated balance sheets:

December 31, 2025

2025 2024

(in millions)

Reconciliation

Term

1,241

1,285

Payout

5,243

5,050

Group Pension - Benefit Reserve & DPL

432

460

Health

1,316

1,362

1,328

1,246

Subtotal

9,560

9,403

Whole Life Closed Block and Open Block products

4,980

5,204

Other (1)

936

901

Future policyholder benefits total

15,476

15,508

Other policyholder funds and dividends payable

2,184

2,105

Total

17,660

17,613

_____________

(1)Primarily consists of future policy benefits related to Protective Life and Annuity, Assumed Life and Disability, Group Life Run off, Variable Interest Sensitive Life rider and EB.

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements, Continued

The following table summarizes balances and changes in the liability for future policy benefits for nonparticipating traditional and limited pay contracts:

Year Ended December 31,

2025 2024

Retirement Corporate & Other Retirement Corporate & Other

Payout Term Group Pension Health Payout Term Group Pension Health

( in millions)

Present Value of Expected Net Premiums

Balance, beginning of period $ — $ 1,932 $ — $ (25) $ — $ 2,133 $ — $ (21)

Beginning balance at original discount rate — 1,959 — (26) — 2,058 — (22)

Effect of changes in cash flow assumptions (1)

— (30) — — — 21 — (3)

Effect of actual variances from expected experience — (80) — (2) — (82) — (5)

Adjusted beginning of period balance — 1,849 — (28) — 1,997 — (30)

Issuances — 35 — — — 52 — —

Interest accrual — 91 — (1) — 97 — (1)

Net premiums collected — (173) — 5 — (187) — 5

Ending Balance at original discount rate — 1,802 — (24) — 1,959 — (26)

Effect of changes in discount rate assumptions — 16 — 1 — (27) — 1

Balance, end of period $ — $ 1,818 $ — $ (23) $ — $ 1,932 $ — $ (25)

Present Value of Expected Future Policy Benefits

Balance, beginning of period

5,050

3,216

460

1,337

$ 4,464 $ 3,480 $ 490 $ 1,484

Beginning balance of original discount rate

5,390

3,215

514

1,555

4,680 3,330 536 1,672

Effect of changes in cash flow assumptions

(459)

(46)

—

— 39 — —

Effect of actual variances from expected experience

(4)

(105)

—

(2) (103) 2 (11)

Adjusted beginning of period balance 4,927 3,064 516 1,555 4,678 3,266 538 1,661

Issuances

788

—

994 56 20 —

Interest accrual

191

155

174 163 18 54

Benefits payments

(504)

(267)

(61)

(147)

(456) (270) (62) (160)

Ending Balance at original discount rate

5,402

2,991

472

1,458

5,390 3,215 514 1,555

Effect of changes in discount rate assumptions

(159)

(40)

(165)

(340) 1 (54) (218)

Balance, end of period

5,243

3,058

432

1,293

$ 5,050 $ 3,216 $ 460 $ 1,337

Impact of flooring LFPB at zero

—

— 1 — —

Net liability for future policy benefits

5,243

1,241

432

1,316

5,050

1,285

460

1,362

Less: Reinsurance recoverable

(1,185)

(931)

—

(1,025)

(1,347) 8 — (1,070)

Net liability for future policy benefits, after reinsurance recoverable

4,058

310

432

291

$ 3,703 $ 1,293 $ 460 $ 292

Weighted-average duration of liability for future policyholder benefits (years) 7.5 6.8 6.8 8.2 7.7 6.7 6.9 8.4

______________

(1)Includes the net income impact due to novation that occurred during the first quarter of 2025 as described in Note 1 of the Notes to these Consolidated Financial Statements.

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements, Continued

Year Ended December 31, 2023

Retirement

Corporate and Other

Payout Term Group Pension Health

( in millions)

Present Value of Expected Net Premiums

Balance, beginning of period $ — $ 2,100 $ — $ (5)

Beginning balance at original discount rate — 2,078 — (5)

Effect of changes in cash flow assumptions — 47 — (6)

Effect of actual variances from expected experience — (37) — (12)

Adjusted beginning of period balance

— 2,088 — (23)

Issuances — 65 — —

Interest accrual — 100 — (1)

Net premiums collected — (195) — 2

Ending Balance at original discount rate — 2,058 — (22)

Effect of changes in discount rate assumptions — 75 — 1

Balance, end of period $ — $ 2,133 $ — $ (21)

Present Value of Expected Future Policy Benefits

Balance, beginning of period $ 3,517 $ 3,465 $ 523 $ 1,553

Beginning balance of original discount rate 3,869 3,391 583 1,795

Effect of changes in cash flow assumptions — 59 — (6)

Effect of actual variances from expected experience (4) (45) — (22)

Adjusted beginning of period balance

3,865 3,405 $ 583 1,767

Issuances 1,044 70 — —

Interest accrual 127 167 20 57

Benefits payments (356) (312) (67) (152)

Ending Balance at original discount rate 4,680 3,330 536 1,672

Effect of changes in discount rate assumptions (216) 150 (46) (188)

Balance, end of period $ 4,464 $ 3,480 $ 490 $ 1,484

Impact of flooring LFPB at zero — 1 — —

Net liability for future policy benefits

4,464

1,348

490

1,505

Less: Reinsurance recoverable (969) 25 — (1,191)

Net liability for future policy benefits, after reinsurance recoverable $ 3,495 $ 1,373 $ 490 $ 314

Weighted-average duration of liability for future policyholder benefits (years) 8.0 7.0 7.1 8.7

The following table provides the amount of undiscounted and discounted expected gross premiums and expected future benefits and expenses related to nonparticipating traditional and limited payment contracts:

December 31,

2025 2024

(in millions)

Term

Expected future benefit payments and expenses (undiscounted)

5,214

5,613

Expected future gross premiums (undiscounted)

6,250

6,597

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements, Continued

December 31,

2025 2024

Expected future benefit payments and expenses (discounted; AOCI basis)

3,058

3,216

Expected future gross premiums (discounted; AOCI basis)

3,424

3,507

Payout

Expected future benefit payments and expenses (undiscounted)

7,683

7,686

Expected future gross premiums (undiscounted)

—

Expected future benefit payments and expenses (discounted; AOCI basis)

5,127

4,938

Expected future gross premiums (discounted; AOCI basis)

—

Group Pension

Expected future benefit payments and expenses (undiscounted)

578

630

Expected future gross premiums (undiscounted)

—

Expected future benefit payments and expenses (discounted; AOCI basis)

412

436

Expected future gross premiums (discounted; AOCI basis)

—

Health

Expected future benefit payments and expenses (undiscounted)

1,987

2,139

Expected future gross premiums (undiscounted)

Expected future benefit payments and expenses (discounted; AOCI basis)

1,280

1,323

Expected future gross premiums (discounted; AOCI basis)

The table below summarizes the revenue and interest related to nonparticipating traditional and limited payment contracts:

Year Ended December 31,

2025 2024 2023 2025 2024 2023

Gross Premium Interest Accretion

(in millions)

Revenue and Interest Accretion

Term

317

336

$ 352

$ 67

Payout

223

271

266

211

207

149

Group Pension

—

Health

Total

550

619

633

343

345

293

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements, Continued

The following table provides the weighted average interest rates for the liability for future policy benefits:

December 31, 2025

2025 2024

Weighted Average Interest Rate

Term

Interest accretion rate

5.6

Current discount rate

4.9

5.2

Payout

Interest accretion rate

4.5

4.4

Current discount rate

5.0

5.3

Group Pension

Interest accretion rate

3.4

Current discount rate

4.8

5.2

Health

Interest accretion rate

3.4

Current discount rate

5.0

5.4

The following table provides the balance, changes in and the weighted average durations of the additional insurance liabilities:

Year Ended December 31,

2025 2024 2023

Corporate and Other

(in millions)

Balance, beginning of period

1,246

1,208

$ 1,109

Beginning balance before AOCI adjustments

1,302

1,245

1,135

Effect of changes in interest rate & cash flow assumptions and model changes

—

(10)

Effect of actual variances from expected experience

Adjusted beginning of period balance

1,370

1,249

1,181

Interest accrual

Net assessments collected

Benefit payments

(91)

(73)

(57)

Ending balance before shadow reserve adjustments

1,347

1,302

1,245

Effect of reserve adjustment recorded in AOCI

(19)

(56)

(37)

Balance, end of period

1,328

1,246

$ 1,208

Net liability for additional liability

1,328

1,246

$ 1,208

Less: Reinsurance recoverable

(1,102)

—

Net liability for additional liability, after reinsurance recoverable

226

1,246

$ 1,208

Weighted-average duration of additional liability - death benefit (years) 18.7 19.4 19.9

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements, Continued

The following tables provide the revenue, interest and weighted average interest rates, related to the additional insurance liabilities:

Year Ended December 31,

2025 2024 2023 2025 2024 2023

Assessments Interest Accretion

(in millions)

Revenue and Interest Accretion

378

663

670

Total

378

663

670

Year Ended December 31,

2025 2024 2023

Weighted Average Interest Rate

4.5

Interest accretion rate

4.5

The discount rate used for additional insurance liabilities reserve is based on the crediting rate at issue.

10) MARKET RISK BENEFITS

The following table presents the balances and changes to the balances for MRBs for the GMxB benefits on deferred variable annuities:

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements, Continued

Year Ended December 31,

2025 2024

Retirement

Corporate and Other

Retirement

Corporate and Other

GMxB Core GMxB Legacy

Legacy Purchased MRB (3)

Net Legacy GMxB Core GMxB Legacy

Legacy Purchased MRB (3)

Net Legacy

(in millions)

Balance, beginning of period

496

10,508

(7,372)

3,136

597

13,425

(9,448)

3,977

Balance BOP before changes in the instrument specific credit risk

163

9,735

(7,368)

2,367

319

13,023

(9,409)

3,614

Model changes and effect of changes in cash flow assumptions (4)

(1,277)

1,803

526

(59)

150

Actual market movement effect

(354)

(909)

447

(462)

(269)

(1,206)

654

(552)

Interest accrual

365

(222)

143

586

(419)

167

Attributed fees accrued (1)

404

648

(194)

454

404

802

(272)

530

Benefit payments

(44)

(1,069)

504

(565)

(41)

(1,217)

670

(547)

Actual policyholder behavior different from expected behavior

(23)

(37)

(35)

Changes in future economic assumptions

105

393

(210)

183

(428)

(2,157)

1,256

(901)

Issuances

—

(3)

—

Balance EOP before changes in the instrument-specific credit risk

394

7,925

(5,263)

2,662

163

9,735

(7,368)

2,367

Changes in the instrument-specific credit risk (2)

410

708

713

333

773

(4)

769

Balance, end of period

804

8,633

(5,258)

3,375

496

10,508

(7,372)

3,136

Weighted-average age of policyholders (years) 66.3 74.3 73.7 N/A 65.4 73.6 73.2 N/A

Net amount at risk

2,853

14,874

6,708

N/A

2,868

19,041

10,142

N/A

_____________

(1)Attributed fees accrued represents the portion of the fees needed to fund future GMxB claims.

(2)Changes are recorded in OCI except for reinsurer credit which is reflected in the consolidated income statement.

(3)Purchased MRB is the impact of non-affiliated reinsurance.

(4)Includes the net income impact of the novation, as described in Note 1 of the Notes to these Consolidated Financial Statements, in the first quarter of 2025 and the impact primarily of a non-affiliated recapture of reinsurance completed in the first quarter of 2024.

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements, Continued

Year Ended December 31, 2023

Retirement

Corporate and Other

GMxB Core GMxB Legacy Purchased MRB (3) Net Legacy

(in millions)

Balance, beginning of the period (“BOP”) $ 533 $ 14,690 $ (10,440) $ 4,250

Balance BOP before changes in the instrument specific credit risk 529 15,310 (10,376) 4,934

Model changes and effect of changes in cash flow assumptions

41 2 (42) (40)

Actual market movement effect (478) (1,849) 989 (860)

Interest accrual 73 770 (555) 215

Attributed fees accrued (1) 407 843 (284) 559

Benefit payments (47) (1,354) 768 (586)

Actual policyholder behavior different from expected behavior 23 (14) (41) (55)

Changes in future economic assumptions (230) (685) 132 (553)

Issuances 1 — — —

Balance EOP before changes in the instrument-specific credit risk

319

13,023

(9,409)

3,614

Changes in the instrument-specific credit risk (2) 278 402 (39) 363

Balance, end of the period (“EOP”)

597

13,425

(9,448)

3,977

Weighted-average age of policyholders (years) 64.4 73.0 72.6

N/A

Net amount at risk

2,995

21,136

11,343

N/A

______________

(1) Attributed fees accrued represents the portion of the fees needed to fund future GMxB claims.

(2) Changes are recorded in OCI.

(3) Purchased MRB is the impact of non-affiliated reinsurance.

The following table reconciles MRBs by the amounts in an asset position and amounts in a liability position to the MRB amounts in the consolidated balance sheets:

December 31, 2025 December 31, 2024

Direct Asset Direct Liability Net Direct MRB Purchased MRB Total Direct Asset Direct Liability Net Direct MRB Purchased MRB Total

(in millions)

Retirement

GMxB Core $ (436) $ 1,240 $ 804 $ —

804

$ (514) $ 1,010 $ 496 $ — $ 496

Corporate and Other

GMxB Legacy (190) 8,823 8,633 (5,258)

3,375

(230) 10,738 10,508 (7,372) 3,136

Other (1) (126) 90 (36) (2)

(38)

(119) 62 (57) (4) (61)

Total $ (752) $ 10,153 $ 9,401 $ (5,260) $ 4,141 $ (863) $ 11,810 $ 10,947 $ (7,376) $ 3,571

______________

(1)Other primarily includes SCS.

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements, Continued

11) POLICYHOLDER ACCOUNT BALANCES

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements, Continued

The following table reconciles the policyholders account balances to the policyholders’ account balance liability in the consolidated balance sheets:

December 31,

2025 2024

(in millions)

Policyholders’ account balance reconciliation

Retirement

SCS

80,752

65,267

EQUI-VEST Individual

1,819

2,037

EQUI-VEST Group

10,968

11,158

Momentum

489

527

GMxB Core

(52)

(4)

Corporate and Other

Universal Life

4,924

5,065

Variable Universal Life

5,165

4,982

GMxB Legacy

222

226

Other (1)

11,150

8,658

Balance (exclusive of Funding Agreements)

115,437

97,916

Funding Agreements

17,996

13,013

Balance, end of period

133,433

110,929

_____________

(1)Primarily reflects products Retirement Payout, Retirement Other, Indexed Universal Life, Investment Edge, Group Pension and Closed Block.

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements, Continued

The following table summarizes the balances and changes in policyholder’s account balances:

Year Ended December 31, 2025

Retirement

Corporate and Other

GMxB Core SCS (1) EQUI-VEST Individual EQUI-VEST Group Momentum Universal Life Variable Universal Life GMxB Legacy

(Dollars in millions)

Balance, beginning of period

(4)

65,267

2,037

11,158

527

5,065

4,982

226

Premiums received

165

140

603

594

115

Policy charges

(2)

(103)

—

(4)

(1)

(663)

(280)

Surrenders and withdrawals

(28)

(5,766)

(270)

(1,477)

(119)

(81)

(3)

(61)

Benefit payments

(1)

(387)

(61)

(69)

(3)

(206)

(147)

(15)

Net transfers from (to) separate account

(189)

13,980

410

—

280

Interest credited (2)

7,621

347

215

218

Other (4)

—

Balance, end of period

(52)

80,752

1,819

10,968

489

4,924

5,165

222

Weighted-average crediting rate

1.93%

N/A

3.01%

2.76%

2.28%

3.84%

3.69%

2.78%

Net amount at risk (3)

2,853

—

31,047

117,823

14,874

Cash surrender value

183

77,492

1,812

10,924

489

3,300

3,199

426

______________

(1)SCS sales are recorded as a Separate Account liability until they are swept into the General Account. This sweep is recorded as Net Transfers from (to) separate account.

(2)SCS and EQUI-VEST Group includes amounts related to the change in embedded derivative.

(3)For life insurance products, the net amount at risk is the death benefit less account value for the policyholder. For variable annuity products, the net amount at risk is the maximum GMxB NAR for the policyholder.

(4)Includes the PAB from the policies novated to Venerable, as described in Note 1 of the Notes to these Consolidated Financial Statements.

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements, Continued

Year Ended December 31, 2024

Retirement

Corporate and Other

GMxB Core SCS (1) EQUI-VEST Individual EQUI-VEST Group Momentum Universal Life Variable Universal Life GMxB Legacy

(Dollars in millions)

Balance, beginning of period

49,002

2,322

11,563

608

5,202

4,850

293

Premiums received

233

605

647

117

Policy charges

(3)

(23)

—

(4)

—

(712)

(265)

Surrenders and withdrawals

(35)

(4,110)

(347)

(1,603)

(148)

(79)

(42)

(86)

Benefit payments

(2)

(312)

(55)

(74)

(2)

(213)

(67)

(17)

Net transfers from (to) separate account

(240)

12,725

334

(11)

—

201

Interest credited (2)

7,971

337

220

188

Other

—

Balance, end of period

(4)

65,267

2,037

11,158

527

5,065

4,982

226

Weighted-average crediting rate

1.66%

N/A

2.98%

2.69%

2.48%

3.82%

3.68%

2.74%

Net amount at risk (3)

2,868

101

—

33,324

117,420

19,041

Cash surrender value

228

60,879

2,030

11,071

528

3,368

3,162

489

______________

(1)SCS sales are recorded as a Separate Account liability until they are swept into the General Account. This sweep is recorded as Net Transfers from (to) separate account.

(2)SCS and EQUI-VEST includes amounts related to the change in embedded derivative.

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements, Continued

Year Ended December 31, 2023

Retirement

Corporate and Other

GMxB Core SCS (1) EQUI-VEST Individual EQUI-VEST Group Momentum Universal Life Variable Universal Life GMxB Legacy

(Dollars in millions)

Balance, beginning of period $ 69 $ 35,702 $ 2,652 $ 12,045 $ 702 $ 5,340 $ 4,909 $ 382

Premiums received 222 10 36 626 70 698 134 10

Policy charges (4) (9) — (4) (1) (760) (256) 9

Surrenders and withdrawals (33) (2,882) (378) (1,703) (152) (80) (45) (96)

Benefit payments (2) (256) (70) (71) (4) (218) (114) (26)

Net transfers from (to) separate account (222) 10,155 6 272 (21) — 24 (4)

Interest credited (2) 6 6,282 72 387 14 222 198 18

Other — — 4 11 — — — —

Balance, end of period $ 36 $ 49,002 $ 2,322 $ 11,563 $ 608 $ 5,202 $ 4,850 $ 293

Weighted-average crediting rate 1.59 % N/A 2.84 % 2.66 % 2.33 % 3.77 % 3.72 % 2.71 %

Net amount at risk (3) $ 2,995 $ 1 $ 109 $ 10 $ — $ 35,490 $ 115,550 $ 21,136

Cash surrender value $ 265 $ 45,738 $ 2,315 $ 11,506 $ 609 $ 3,423 $ 3,194 $ 572

______________

(1)SCS sales are recorded as a Separate Account liability until they are swept into the General Account. This sweep is recorded as Net Transfers from (to) separate account.

(2)SCS and EQUI-VEST Group includes amounts related to the change in embedded derivative.

(3)For life insurance products the net amount at risk is death benefit less account value for the policyholder. For variable annuity products the net amount risk is the maximum GMxB NAR for the policyholder.

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements, Continued

The following table presents the account values by range of guaranteed minimum crediting rates and the related range of the difference in basis points, between rates being credited policyholders and the respective guaranteed minimums:

December 31, 2025

Product

Range of Guaranteed Minimum Crediting Rate At Guaranteed Minimum

1 Basis Point - 50 Basis Points Above

51 Basis Points - 150 Basis Points Above

Greater Than 150 Basis Points Above

Total

( in millions)

Retirement

GMxB Core

0.00% - 1.50%

—

138

—

148

1.51% - 2.50%

—

Greater than 2.50%

—

Total

138

—

186

EQUI-VEST Individual

0.00% - 1.50%

—

154

—

181

1.51% - 2.50%

—

Greater than 2.50%

1,565

—

1,565

Total

1,576

154

—

1,818

EQUI-VEST

Group

0.00% - 1.50%

927

2,247

194

3,369

1.51% - 2.50%

339

—

339

Greater than 2.50%

5,762

—

5,762

Total

6,102

927

2,247

194

9,470

Momentum

0.00% - 1.50%

—

283

342

1.51% - 2.50%

—

Greater than 2.50%

—

Total

142

288

489

Corporate and Other

Universal Life

0.00% - 1.50%

—

1.51% - 2.50%

—

279

664

1,026

Greater than 2.50%

3,175

689

—

3,864

Total

3,175

772

279

670

4,896

Variable Universal Life

0.00% - 1.50%

132

217

1.51% - 2.50%

373

257

—

669

Greater than 2.50%

3,678

—

3,759

Total

3,734

456

389

4,645

GMxB Legacy

0.00% - 1.50%

—

1.51% - 2.50%

—

Greater than 2.50%

351

—

351

Total

367

—

427

December 31, 2024

Product

Range of Guaranteed Minimum Crediting Rate At Guaranteed Minimum

1 Basis Point - 50 Basis Points Above

51 Basis Points - 150 Basis Points Above

Greater Than 150 Basis Points Above

Total

( in millions)

Retirement

GMxB Core

0.00% - 1.50%

160

—

171

1.51% - 2.50%

—

Greater than 2.50%

—

Total

160

—

235

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements, Continued

December 31, 2024

Product

Range of Guaranteed Minimum Crediting Rate At Guaranteed Minimum

1 Basis Point - 50 Basis Points Above

51 Basis Points - 150 Basis Points Above

Greater Than 150 Basis Points Above

Total

( in millions)

EQUI-VEST Individual

0.00% - 1.50%

198

—

240

1.51% - 2.50%

—

Greater than 2.50%

1,758

—

1,758

Total

1,838

198

—

2,036

EQUI-VEST Group

0.00% - 1.50%

720

2,391

258

3,402

1.51% - 2.50%

349

—

349

Greater than 2.50%

6,076

—

6,076

Total

7,145

2,391

258

9,827

Momentum

0.00% - 1.50%

—

269

357

1.51% - 2.50%

—

108

Greater than 2.50%

—

Total

135

274

526

Corporate and Other

Universal Life

0.00% - 1.50%

—

1.51% - 2.50%

—

284

655

1,029

Greater than 2.50%

3,402

598

—

4,000

Total

3,402

688

284

661

5,035

Variable Universal Life

0.00% - 1.50%

171

1.51% - 2.50%

357

223

—

617

Greater than 2.50%

3,667

—

3,689

Total

3,728

372

337

4,477

GMxB Legacy

0.00% - 1.50%

—

1.51% - 2.50%

—

Greater than 2.50%

401

—

401

Total

487

—

490

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements, Continued

Separate Account - Summary

The following table reconciles the Separate Account liabilities to the Separate Account liability balance in the consolidated balance sheets:

December 31, 2025 December 31, 2024

(in millions)

Separate Account Reconciliation

Retirement

GMxB Core

30,720

30,411

EQUI-VEST Individual

4,836

4,782

Investment Edge

5,312

4,885

EQUI-VEST Group

33,714

30,546

Momentum

5,174

4,813

Corporate and Other

Variable Universal Life

20,383

18,176

GMxB Legacy

28,209

33,199

Other (1)

8,196

7,905

Total

136,544

134,717

______________

(1)Primarily reflects Corporate and Other products and Retirement products including Association and Retirement Other.

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements, Continued

The following table presents the balances of and changes in Separate Account liabilities:

Year Ended December 31, 2025

Retirement

Corporate and Other

GMxB Core EQUI-VEST Individual Investment Edge EQUI-VEST Group Momentum VUL GMxB Legacy

(in millions)

Balance, beginning of period

30,411

4,782

4,885

30,546

4,813

18,176

33,199

Premiums and deposits

1,829

102

1,818

2,506

636

1,388

209

Policy charges

(500)

(4)

—

(19)

(25)

(585)

(506)

Surrenders and withdrawals

(3,805)

(529)

(504)

(2,840)

(946)

(727)

(3,150)

Benefit payments

(295)

(75)

(48)

(77)

(11)

(109)

(685)

Investment performance (1)

2,891

578

588

4,008

725

2,520

2,962

Net transfers from (to) General Account

189

(18)

(1,427)

(410)

(18)

(280)

(8)

Other charges (2)

—

(3,812)

Balance, end of period

30,720

4,836

5,312

33,714

5,174

20,383

28,209

Cash surrender value

29,876

4,806

5,229

33,404

5,169

19,834

28,001

_____________

(1)Investment performance is reflected net of M&E fees.

(2)Other charges include the Separate Account value novated to Venerable, as described in Note 1 of the Notes to these Consolidated Financial Statements.

Year Ended December 31, 2024

Retirement

Corporate and Other

GMxB Core EQUI-VEST Individual Investment Edge EQUI-VEST Group Momentum VUL GMxB Legacy

(in millions)

Balance, beginning of period

29,829

4,582

4,275

26,959

4,421

15,821

33,794

Premiums and deposits

2,032

1,795

2,360

729

1,290

220

Policy charges

(498)

(2)

(1)

(19)

(23)

(577)

(630)

Surrenders and withdrawals

(3,739)

(574)

(522)

(2,447)

(958)

(631)

(3,555)

Benefit payments

(259)

(55)

(35)

(67)

(14)

(101)

(748)

Investment performance (1)

2,806

751

512

4,094

647

2,575

4,122

Net transfers from (to) General Account

240

(15)

(1,139)

(334)

(201)

(4)

Other charges

—

Balance, end of period

30,411

4,782

4,885

30,546

4,813

18,176

33,199

Cash surrender value

29,569

4,750

4,795

30,194

4,806

17,801

32,931

______________

(1)Investment performance is reflected net of M&E fees.

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements, Continued

Year Ended December 31, 2023

Retirement

Corporate and Other

GMxB Core EQUI-VEST Individual Investment Edge EQUI-VEST Group Momentum VUL GMxB Legacy

(in millions)

Balance, beginning of period $ 27,772 $ 4,161 $ 3,798 $ 22,393 $ 3,885 $ 13,187 $ 32,616

Premiums and deposits 1,590 93 844 2,174 644 1,195 219

Policy charges (484) (2) — (18) (21) (562) (655)

Surrenders and withdrawals (2,603) (428) (412) (1,750) (820) (558) (2,826)

Benefit payments (226) (57) (39) (55) (13) (71) (728)

Investment performance (1) 3,558 817 543 4,463 725 2,654 5,164

Net transfers from (to) General Account

222 (6) (459) (273) 21 (24) 4

Other charges

— 4 — 25 — — —

Balance, end of period

29,829

4,582

4,275

26,959

4,421

15,821

33,794

Cash surrender value $ 28,991 $ 4,549 $ 4,188 $ 26,683 $ 4,414 $ 15,478 $ 33,512

______________

(1)Investment performance is reflected net of M&E fees.

The following table presents the aggregate fair value of Separate Account assets by major asset category:

December 31, 2025

Retirement

Corporate & Other

Total

Legacy Life Other

(in millions)

Asset Type

Debt securities $ 16 $ —

Common Stock 573

—

1,863

2,509

Mutual Funds 82,973

28,276

20,870

632

132,751

Bonds and Notes 8

—

1,114

1,213

Total

83,570

28,276

21,077

3,621

136,544

December 31, 2024

Retirement

Corporate & Other

Total

Legacy

Life

Other

(in millions)

Asset Type

Debt securities

—

Common Stock

508

—

1,631

2,207

Mutual Funds

78,808

33,214

18,611

659

131,292

Bonds and Notes

—

1,036

1,139

Total

79,336

33,214

18,828

3,339

134,717

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements, Continued

12) LEASES

The Company’s operating leases primarily consist of real estate leases for office space. The Company also has operating leases for various types of office furniture and equipment. For certain equipment leases, the Company applies a portfolio approach to effectively account for the RoU operating lease assets and liabilities. For lease agreements for which the lease term or classification was reassessed after the occurrence of a change in the lease terms or a modification of the lease that did not result in a separate contract, the Company elected to combine the lease and related non-lease components for its operating leases; however, the non-lease components associated with the Company’s operating leases are primarily variable in nature and as such are not included in the determination of the RoU operating lease asset and lease liability, but are recognized in the period in which the obligation for those payments is incurred.

The Company’s operating leases may include options to extend or terminate the lease, which are not included in the determination of the RoU operating asset or lease liability unless they are reasonably certain to be exercised. The Company’s operating leases have remaining lease terms of 1 year to 20 years, some of which include options to extend the leases. The Company typically does not include its renewal options in its lease terms for calculating its RoU operating lease asset and lease liability as the renewal options allow the Company to maintain operational flexibility and the Company is not reasonably certain it will exercise these renewal options until close to the initial end date of the lease. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants.

As the Company’s operating leases do not provide an implicit rate, the Company’s incremental borrowing rate, based on the information available at the lease commencement date, is used in determining the present value of lease payments.

AB’s sublease income represents all revenues received from sub-tenants. It is primarily fixed base rental payments combined with variable reimbursements such as operating expenses, real estate taxes and employee parking. The vast majority of subtenant income is derived from our New York metro sub-tenant agreements. Sub-tenant income related to base rent is recorded on a straight-line basis.

Balance Sheet Classification of Operating Lease Assets and Liabilities

December 31,

Balance Sheet Line Item

2025 2024

(in millions)

Assets:

Operating lease assets Other assets

631

618

Liabilities:

Operating lease liabilities Other liabilities

712

696

The table below summarizes the components of lease costs:

Lease Costs

Year Ended December 31,

2025 2024 2023

(in millions)

Operating lease cost

107

153

161

Variable operating lease cost

Sublease income

(3)

(33)

(53)

Net lease cost

122

164

159

Maturities of lease liabilities are as follows:

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements, Continued

Maturities of Lease Liabilities

December 31, 2025

(in millions)

Operating Leases:

2026

107

2027

106

2028

2029

2030

Thereafter

488

Total lease payments

946

Less: Interest

(234)

Present value of lease liabilities

712

AB signed a lease that commenced during the first quarter of 2024, relating to approximately 166,000 square feet of space in New York City. Additionally, AB signed a lease for 100,000 square feet of space in Pune, India under a lease expiring in 2033. AB also leased approximately 51,000 square feet of space in San Antonio, Texas under a lease expiring in 2029. In Nashville, Tennessee approximately 219,000 square feet of space is expected to expire in 2036.

Equitable Financial signed a 15-year lease which commenced in 2023, relating to approximately 89,000 square feet of space in New York City. Additionally, during December 2021, Equitable Financial amended its Syracuse office lease. The amendment included extending for an additional 5-year period, commencing January 2024, approximately 143,000 square feet of space in Syracuse, NY. As of December 2024, the Company has reduced approximately 144,000 square feet in Charlotte, NC. A written notice was provided to the landlord back in December 2023, accompanied by an early termination penalty of $4 million.

The below table presents the Company’s weighted-average remaining operating lease term and weighted-average discount rate.

Weighted Averages - Remaining Operating Lease Term and Discount Rate

December 31,

2025 2024

Weighted-average remaining operating lease term 12 years 12 years

Weighted-average discount rate for operating leases

4.44

4.42

Supplemental cash flow information related to leases was as follows:

Lease Liabilities Information

Year Ended December 31,

2025 2024 2023

(in millions)

Cash paid for amounts included in the measurement of lease liabilities:

Operating cash flows from operating leases

103

126

190

Non-cash transactions:

Leased assets obtained in exchange for new operating lease liabilities

230

124

13) REINSURANCE

The Company assumes and cedes reinsurance with other insurance companies. The Company evaluates the financial condition of its reinsurers to minimize its exposure to significant losses from reinsurer insolvencies. Ceded reinsurance does not relieve the originating insurer of liability.

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements, Continued

The following table summarizes the effect of reinsurance. The impact of the transactions described above results in a decrease to reinsurance assumed and an increase in reinsurance ceded.

Year Ended December 31,

2025 2024 2023

(in millions)

Direct charges and fee income

3,230

$ 3,093

Reinsurance assumed

—

Reinsurance ceded

(1,062)

(735)

(716)

Policy charges and fee income

2,168

2,495

$ 2,380

Direct premiums

1,158

1,245

$ 1,175

Reinsurance assumed

165

174

165

Reinsurance ceded

(277)

(247)

(245)

Premiums

1,046

1,172

$ 1,095

Direct policyholders’ benefits

3,592

3,285

$ 3,315

Reinsurance assumed

153

147

157

Reinsurance ceded

(1,350)

(736)

(718)

Policyholders’ benefits

2,395

2,696

$ 2,754

Direct interest credited to policyholders’ account balances

3,216

2,577

$ 2,132

Reinsurance ceded

(200)

(84)

(91)

Interest credited to policyholders’ account balances

3,016

2,493

$ 2,041

Ceded Reinsurance

The Company reinsures most of its new variable life, UL and term life policies on an excess of retention basis. The Company generally retains on a per life basis up to $25 million for single lives and $30 million for joint lives with the excess 100% reinsured. The Company also reinsures risk on certain substandard underwriting risks and in certain other cases.

On July 31, 2025, Equitable Financial, as well as Equitable America and Equitable Financial L&A, completed the master transaction agreement with RGA entered into on February 23, 2025 pursuant to which and subject to the terms and conditions set forth in such agreement, RGA entered into reinsurance agreements, as reinsurer, with each such subsidiary, as ceding company, to effect the RGA Reinsurance Transaction. At the closing of the transaction, (i) each of Equitable Financial and Equitable America entered into a separate coinsurance and modified coinsurance agreement with RGA and (ii) Equitable Financial L&A entered into a coinsurance agreement with RGA, each with an effective date of April 1, 2025, pursuant to which each ceding company ceded to RGA a 75% quota share of such ceding company’s in-force individual life insurance block and Closed Block. See Note 1 of the Notes to these Consolidated Financial Statements for additional details of the RGA Reinsurance Transaction.

Assets supporting the NI modco arrangement with RGA consist of $223 million of fixed maturity securities, $29 million of options, and $12 million of cash and cash equivalents as of December 31, 2025.

In addition to the above, the Company cedes a portion of its group health, extended term insurance, and paid-up life insurance and substantially all of its individual disability income business through various coinsurance agreements.

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements, Continued

Assumed Reinsurance

In addition to the sale of insurance products, the Company currently assumes risk from professional reinsurers. The Company also had a run-off portfolio of assumed reinsurance liabilities at CSLRC which was sold to Venerable in June 2021. The Company assumes accident, life, health, annuity (including products covering GMDB and GMIB benefits), aviation, special risk and space risks by participating in or reinsuring various reinsurance pools and arrangements.

The following table summarizes the ceded GMIB reinsurance contracts, third-party recoverables, amount due to reinsurance and assumed reserves:

December 31,

2025 2024

(in millions)

Ceded Reinsurance:

Estimated net fair values of purchased market risk benefits (1)

5,260

7,376

Third-party reinsurance recoverables related to insurance contracts

20,127

7,899

Top reinsurers:

RGA Reinsurance Company

13,671

1,205

First Allmerica-GAF

2,984

3,245

Zurich Life Insurance Company, Ltd. 1,139

2,444

Ceded group health reserves

Amount due to reinsurers

1,542

1,421

Top reinsurers:

RGA Reinsurance Company

1,234

2,187

First Allmerica-GAF

Protective Life Insurance Company

106

Assumed Reinsurance:

Reinsurance assumed reserves

611

647

_____________

(1)The estimated fair values of purchased MRB risks decreased $(2.1) billion and $(2.1) billion for the year ended December 31, 2025 and 2024, respectively.

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements, Continued

14) SHORT-TERM AND LONG-TERM DEBT

The following table sets forth the Company’s total consolidated borrowings. Short-term and long-term debt consists of the following:

December 31,

2025 2024

(in millions)

Short-term debt:

CLO short-term debt (4.91%) (1)

$ 25 $ —

Total short-term debt 25 —

Long-term debt:

Senior Debentures, (7.00%, due 2028)

250 250

Senior Notes (4.35%, due 2028)

995 1,494

Senior Note (4.57% due 2029)

307 303

Senior Notes (5.59%, due 2033)

498 497

Senior Notes (5.00%, due 2048)

1,290 1,289

Junior Sub Debt Securities due 2055 495 —

Total long-term debt $ 3,835 $ 3,833

Total borrowings $ 3,860 $ 3,833

_____________

(1) CLO Warehousing Debt related to VIE consolidation of CLO investment.

As of December 31, 2025, the Company is in compliance with all debt covenants.

Pre-Capitalized Trust Securities

In June 2024, the Company exercised its issuance right under the 2029 Trust Facility Agreement (as subsequently defined) to issue $600 million principal amount of the Company’s 2029 Notes (as subsequently defined) in exchange for the portfolio of principal and interest strips of U.S. Treasury securities held by the 2029 Trust (as subsequently defined). See Note 19 of the Notes to these Consolidated Financial Statements for additional details on the Pre-Capitalized Trust Securities.

AB Commercial Paper

As of December 31, 2025 and December 31, 2024, AB had no commercial paper outstanding. The commercial paper is short term in nature, and as such, recorded value is estimated to approximate fair value (and considered a Level 2 security in the fair value hierarchy). Average daily borrowings for the commercial paper outstanding in 2025 and 2024 were $200 million and $268 million, respectively, with weighted average interest rates of 4.4% and 5.4%.

Junior Subordinated Debt Securities

On March 26, 2025, Holdings issued $500 million aggregate principal amount of 6.7% Fixed-to-Fixed Reset Rate Junior Subordinated Debt Securities due 2055 (the “Junior Subordinated Debt Securities”). These amounts were recorded net of the underwriting discount and issuance costs of $6 million. Interest will be paid (i) from, and including, March 26, 2025 to, but excluding, March 28, 2035 at the rate of 6.7% per annum and (ii) from, and including, March 28, 2035, during each interest period, at a rate per annum equal to the five-year Treasury rate as of the most recent reset interest determination date, in each case to be reset on each interest reset date, plus 2.39%, payable semi-annually in arrears on March 28 and September 28 of each year, beginning on September 28, 2025, and on the maturity date.

Holdings Senior Notes and Senior Debentures

On April 20, 2018, Holdings issued $800 million aggregate principal amount of 3.9% Senior Notes due 2023, $1.5 billion aggregate principal amount of 4.35% Senior Notes due 2028 and $1.5 billion aggregate principal amount of 5.0% Senior Notes due 2048 (together the “Notes”). These amounts are recorded net of original issue discount and issuance costs. During 2021 Holdings made a principal prepayment of $280 million on the 3.9% Senior Notes due. The remaining 3.9% Senior Notes were paid off during 2023.

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements, Continued

As of both December 31, 2025 and 2024, Holdings had $250 million aggregate principal amount outstanding of 7.0% Senior Debentures due 2028 (the “Senior Debentures”). On October 1, 2018, AXA Financial merged with and into its direct parent, Holdings, with Holdings continuing as the surviving entity ( the “AXA Financial Merger”). As a result of the AXA Financial merger, Holdings assumed AXA Financial’s obligations under the Senior Debentures.

On January 11, 2023, Holdings issued $500 million aggregate principal amount of senior notes (the “Senior Notes”). These amounts were recorded net of the underwriting discount and issuance costs of $5 million. The Company will pay semi-annual interest on the Senior Notes on January 11 and July 11 of each year, commencing on July 11, 2023, and the Senior Notes will mature on January 11, 2033. The Senior Notes bear interest at 5.59% per annum. On any date prior to October 11, 2032, the Company may redeem some or all of the Senior Notes, subject to a make-whole provision. At any time on or after October 11, 2032, the Company may, at its option, redeem the Notes in whole or in part, at a price equal to 100% of the principal amount of the Senior Notes being redeemed plus accrued and unpaid interest thereon to the redemption date.

In June 2024, Holdings made principal pre-payments of $275 million on the 2029 Notes, $99 million on the 7.0% 2028 Senior Debentures, and $195 million on the 5.0% 2048 Senior Notes, and recorded a loss on extinguishment of $11 million.

In September 2025, Holdings repurchased $500 million principal of the 2028 Notes, and recorded a loss on extinguishment of $5 million.

The Notes, Senior Notes and Senior Debentures contain customary affirmative and negative covenants, including a limitation on certain liens and a limit on the Company’s ability to consolidate, merge or sell or otherwise dispose of all or substantially all of its assets. The Notes, Senior Notes and Senior Debentures also include customary events of default (with customary grace periods, as applicable), including provisions under which, upon the occurrence of an event of default, all outstanding Notes, Senior Notes and Senior Debentures may be accelerated. As of December 31, 2025, the Company was not in breach of any of the covenants.

Contingent Funding Arrangements

For information regarding activity pertaining to our contingent funding arrangements, see Note 19 of the Notes to these Consolidated Financial Statements.

Credit Facilities

Holdings Revolving Credit Facility

In February 2018, Holdings entered into a $2.5 billion five-year senior unsecured revolving credit facility with a syndicate of banks. In June 2021, Holdings entered into an amended and restated revolving credit agreement (the “Amended and Restated Revolving Credit Agreement”), which lowered the facility amount to $1.5 billion and extended the maturity date to June 24, 2026, among other changes. The revolving credit facility has a sub-limit of $1.5 billion for the issuance of letters of credit to support the life insurance business reinsured by EQ AZ Life Re. As of December 31, 2024, the Company had $0 million of undrawn letters of credit issued out of the $1.5 billion sub-limit for Equitable Financial as beneficiary. As of December 31, 2023, the Company had $95 million of undrawn letters of credit issued out of the $1.5 billion sub-limit for Equitable Financial as beneficiary. On December 15, 2023, the Company added a $75 million commitment from TD Bank to the revolving credit facility, raising the facility amount to $1.6 billion. On July 24, 2024, the Company terminated a $75 million commitment from Credit Suisse to the revolving credit facility, reducing the facility amount to $1.5 billion.

On July 29, 2025, Holdings entered into a new revolving credit agreement with respect to a $1.0 billion five-year senior unsecured revolving credit facility (the “Credit Facility”), and terminated the Amended and Restated Revolving Credit Agreement, dated as of June 24, 2021, as amended. The Credit Facility has a sub-limit of 1.0 billion for the issuance of letters of credit to support the life insurance business reinsured by EQ AZ Life Re. As of December 31, 2025, the Company had $0 million of undrawn letters of credit issued out of the $1.0 billion sub-limit for Equitable Financial as beneficiary.

Bilateral Letter of Credit Facilities

The Credit Facility may provide significant support to our liquidity position when alternative sources of credit are limited. In addition to the Credit Facility, we have letter of credit facilities with an aggregate principal amount of $525 million (the “LOC Facilities”), primarily to be used to support our life insurance business reinsured to EQ AZ Life Re

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements, Continued

in April 2018. As of December 31, 2025, $445 million was outstanding under the LOC Facilities. In August 2025, Holdings entered into amendments with two of the issuers of its bilateral letter of credit facilities to effect changes in terms similar to the provisions of the Credit Facility and in one instance add two years of extension options. In August 2025, the Company also terminated six of its bilateral letter of credit facilities with different counterparties.

AB Credit Facility

AB has a $800 million committed, unsecured senior revolving credit facility (the “AB Credit Facility”) with a group of commercial banks and other lenders. The AB Credit Facility was amended and restated as of August 5, 2025, extending the maturity date to August 5, 2030 and removing Sanford C. Bernstein & Co., LLC (“SCB LLC”) as a co-borrower. There were no other significant changes included in the amendment. The AB Credit Facility provides for possible increases in the principal amount by up to an aggregate incremental amount of $200 million. Any such increase is subject to the consent of the affected lenders. The AB Credit Facility is available for AB business purposes, including the support of AB’s commercial paper program. AB can draw directly under the AB Credit Facility and AB management may draw on the AB Credit Facility from time to time.

The AB Credit Facility contains affirmative, negative and financial covenants, which are customary for facilities of this type, including restrictions on dispositions of assets, restrictions on liens, a minimum interest coverage ratio and a maximum leverage ratio. As of December 31, 2025, AB was in compliance with these covenants. The AB Credit Facility also includes customary events of default (with customary grace periods, as applicable), including provisions under which, upon the occurrence of an event of default, all outstanding loans may be accelerated and/or lender’s commitments may be terminated. Also, under such provisions, upon the occurrence of certain insolvency- or bankruptcy-related events of default, all amounts payable under the AB Credit Facility would automatically become immediately due and payable, and the lender’s commitments would automatically terminate.

Amounts under the AB Credit Facility may be borrowed, repaid and re-borrowed by us from time to time until the maturity of the facility. Voluntary prepayments and commitment reductions requested by AB are permitted at any time without a fee (other than customary breakage costs relating to the prepayment of any drawn loans) upon proper notice and subject to a minimum dollar requirement. Borrowings under the AB Credit Facility bear interest at a rate per annum, which will be, at AB’s option, a rate equal to an applicable margin, which is subject to adjustment based on the credit ratings of AB, plus one of the following indices: SOFR; a floating base rate; or the Federal Funds rate.

As of December 31, 2025 and 2024, AB had no amounts outstanding under the AB Credit Facility. During the years ended December 31, 2025 and 2024, AB did not draw upon the AB Credit Facility.

In addition, SCB LLC currently has three uncommitted lines of credit with three financial institutions. Two of these lines of credit permit borrowing up to an aggregate of approximately $150 million, with AB named as an additional borrower, while the other line has no stated limit. AB has agreed to guarantee the obligations on SCB LLC under these lines of credit. As of December 31, 2025 and 2024, SCB LLC had no outstanding balance on these lines of credit. Average daily borrowings during the years ended December 31, 2025 and 2024 were $1 million and $1 million with weighted average interest rates of approximately 7.3% and 8.5%, respectively.

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements, Continued

15) RELATED PARTY TRANSACTIONS

Parties are considered to be related if one party has the ability to control or exercise significant influence over the other party in making financial or operating decisions.

Investment Management and Related Services Provided by AB to Related Mutual Funds

AB provides investment management and related services to mutual funds sponsored by AB. Revenues earned by AB from providing these services were as follows:

Year Ended December 31,

2025 2024 2023

(in millions)

Investment management and services fees $ 1,673 $ 1,597 $ 1,378

Distribution revenues 797 711 576

Other revenues - shareholder servicing fees 74 81 76

Other revenues - other 8 7 9

Total $ 2,552 $ 2,396 $ 2,039

Investment Management and Administrative Services Provided by EIM and EIMG to Related Trusts

EIMG and EIM provide investment management and administrative services to EQAT, 1290 Funds and the Other Trusts, all of which are considered related parties. Investment management and service fees earned are calculated as a percentage of assets under management and are recorded as revenue as the related services are performed.

The table below summarizes the expenses reimbursed to/from the Company and the fees received/paid by the Company in connection with certain services described above:

Year Ended December 31,

2025 2024 2023

(in millions)

Revenue received or accrued for:

Investment management and administrative services provided to EQAT and 1290 Funds

$ 755 $ 755 $ 692

Total $ 755 $ 755 $ 692

16) EMPLOYEE BENEFIT PLANS

Pension Plans

Holdings and Equitable Financial Retirement Plans

Equitable Financial sponsors the Equitable 401(k) Plan, a qualified defined contribution plan for eligible employees and financial professionals. The plan provides for a company contribution, a company matching contribution, and a discretionary profit-sharing contribution. Expenses associated with this 401(k) Plan were $30 million, $60 million and $58 million for the years ended December 31, 2025, 2024 and 2023, respectively.

Holdings sponsors the MONY Life Retirement Income Security Plan for Employees (the “MONY Plan”) and Equitable Financial sponsors the Equitable Retirement Plan (the “Equitable Financial QP”), both of which were frozen on December 31, 2013, qualified defined benefit plans covering eligible employees and financial professionals. These pension plans are non-contributory, and their benefits are generally based on a cash balance formula and/or, for certain participants, years of service and average earnings over a specified period. Holdings has assumed primary liability for both plans. Equitable Financial remains secondarily liable for its obligations under the Equitable Financial QP and would recognize such liability in the event Holdings does not perform. Holdings and Equitable Financial also sponsor certain nonqualified deferred compensation plans, including the Equitable Excess Retirement Plan, that provide retirement benefits in excess of the amount permitted under the tax law for the qualified plans.

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements, Continued

Effective January 1, 2025, Equitable changed how it provides certain retirement-related benefits to its eligible employees and financial professionals. Equitable discontinued the non-elective company contribution to its 401(k) plan but continues to provide a 401(k) matching contribution. Instead of the non-elective 401(k) contribution, eligible employees and financial professionals receive cash balance allocations in the Equitable Financial QP. The Equitable Financial QP is a qualified defined benefit plan that was frozen on December 31, 2013, but was reopened on January 1, 2025 to provide these cash balance allocations. Under the new cash balance feature, each eligible employee will receive monthly pay credits equal to four percent of their eligible monthly pay. Each eligible financial professional will receive pay credits equal to two and a half percent of eligible monthly pay up to the Social Security Wage Base, and then five percent for eligible monthly pay above the Social Security Wage Base up to the qualified plan pay maximum. Balances in these cash balance accounts in the Equitable Financial QP will be credited with interest at six percent from 2025 through 2027. Starting in 2028, the applicable interest crediting rate for these accounts will be based on the 10-year U.S. Treasury Yield (subject to a 6% cap).

Effective December 31, 2025, the MONY Plan was merged into the Equitable Financial QP. The assets and liabilities of the MONY Plan were combined with the Equitable Financial QP, and the Equitable Financial QP will honor all benefits earned under the MONY Plan and will maintain provisions that are substantially similar to the MONY Plan. Benefits earned under the MONY Plan were frozen to future accruals effective December 31, 2013, and will continue to be governed by terms and provisions from the MONY Plan applicable to the accrual and calculation of those benefits. Any benefit accruals attributable to service with Equitable will be governed by the terms of the Equitable Financial QP.

As of December 31, 2025 and December 31, 2024, the Equitable Financial QP was estimated to be funded at 122 percent and 122 percent of target, respectively, with an estimated prefunding balance of $429 million and $374 million on an ERISA funding basis. The funding percentage and prefunding balance as of December 31,2025 reflects the MONY Plan merger into Equitable Financial QP.There was no impact to current retiree benefits, existing funded status, or funding requirements as a result of the reopening of the Equitable Financial QP.

Holdings and Equitable Financial use a December 31 measurement date for their pension plans.

AB Retirement Plans

AB maintains the Profit Sharing Plan for Employees of AB, a tax-qualified retirement plan for U.S. employees. Employer contributions under this plan are discretionary and generally are limited to the amount deductible for federal income tax purposes.

AB maintained a qualified, non-contributory, defined benefit retirement plan covering current and former employees who were employed by AB in the United States prior to October 2, 2000 (the “Retirement Plan”). During 2024, the Compensation Committee of the AB Board of Directors approved the termination of the Retirement Plan, effective May 22, 2024. AB began the process of settling benefits with vested participants and all lump sum disbursements elected by plan participants were distributed in December 2024 in the amount of $35 million. During the year ended December 31, 2024, AB recognized a non-cash settlement charge of $13 million related to Retirement Plan losses and reclassification from accumulated other comprehensive loss to general and administrative expenses in the consolidated statements of income. The remaining Retirement Plan participants who did not elect a lump sum disbursement elected to roll over their benefit to a group annuity contract from a qualified insurance company to administer all future payments.

During the year ended December 31, 2025, AB settled all future obligations under the Retirement Plan and transferred the remaining benefit obligations to a qualified third party insurance provider under a group annuity contract. The final annuity premium transferred was $59 million. Following the transfer related to the annuity purchase, the plan’s funded status was in a deficit and AB funded an additional $2 million to cover all remaining obligations. As a result of the settlement, AB recognized an initial non-cash settlement of approximately $21 million related to Retirement Plan losses and the reclassification from accumulated other comprehensive loss to general and administrative expenses in the consolidated statements of income. The final settlement charge, net of true-up of $3 million, was $18 million for the year ended December 31, 2025. The plan was formally terminated and the trust was closed effective September 30, 2025.

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements, Continued

Net Periodic Pension Expense (Benefit)

Components of net periodic pension expense for the Company’s qualified and non-qualified plans were as follows:

Year Ended December 31,

2025 2024 2023

(in millions)

Service cost $ 29 $ 6 $ 6

Interest cost 87 103 107

Expected return on assets (121) (147) (154)

Actuarial (gain) loss — 1 1

Net amortization 53 60 40

Impact of settlement 18 13 3

Net periodic pension expense (benefit) $ 66 $ 36 $ 3

Changes in Projected Benefit Obligation (PBO)

Changes in the PBO of the Company’s qualified and non-qualified plans were comprised of:

Year Ended December 31,

2025 2024

(in millions)

Projected benefit obligation, beginning of period

2,035

2,218

Service cost 25 —

Interest cost 96 103

Actuarial (gains)/losses (1) 47 (52)

Benefits paid (192) (195)

Settlements (3) (39)

Annuity insurer rollovers

(59)

—

Projected benefit obligation, end of period

1,949

2,035

______________

(1)Actuarial gains and losses are a product of changes in the discount rate as shown below.

The following table discloses the change in plan assets and the funded status of the Company’s qualified pension plans and non-qualified pension plans:

Year Ended December 31,

2025 2024

(in millions)

Pension plan assets at fair value, beginning of period

$ 1,984 $ 2,106

Actual return on plan assets 164 82

Contributions 34 35

Benefits paid and fees (181) (200)

Settlements (3) (39)

Annuity insurer rollovers

(59) —

Pension plan assets at fair value, end of period

$ 1,939 $ 1,984

PBO 1,949 2,035

Excess of PBO Over Pension Plan Assets $ 10 $ 51

100

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements, Continued

Accrued pension costs of $10 million and $51 million as of December 31, 2025 and 2024, respectively, were recognized in the accompanying consolidated balance sheets to reflect the unfunded status of these plans.

December 31,

2025 2024

(in millions)

Projected benefit obligation $ 1,949 $ 2,035

Accumulated benefit obligation $ 1,949 $ 2,035

Fair value of plan assets $ 1,939 $ 1,984

Unrecognized Net Actuarial (Gain) Loss

The following table discloses the amounts included in AOCI that have not yet been recognized as components of net periodic pension cost.

December 31,

2025 2024

(in millions)

Unrecognized net actuarial (gain) loss $ 689 $ 717

Unrecognized prior service cost (credit) — (1)

Total $ 689 $ 716

Pension Plan Assets

The fair values of qualified pension plan assets are measured and ascribed to levels within the fair value hierarchy in a manner consistent with the fair values of the Company’s invested assets that are measured at fair value on a recurring basis. See Note 8 of the Notes to these Consolidated Financial Statements for a description of the fair value hierarchy.

The following table discloses the allocation of the fair value of total qualified pension plan assets:

December 31,

2025 2024

Fixed maturities 48.0 % 48.1 %

Equity securities 29.7 26.4

Equity real estate 15.0 17.8

Cash and short-term investments 2.4 2.7

Other 4.9 5.0

Total 100.0 % 100.0 %

Qualified pension plan assets are invested with the primary objective of return, giving consideration to prudent risk. Guidelines regarding the allocation of plan assets are established by the respective Investment Committees for the plans and are designed with a long-term investment horizon. As of December 31, 2025, the qualified pension plans continued their investment allocation strategy to target a 50% - 50% mix of long and intermediate duration bonds and “return-seeking” assets, including public equities, real estate, hedge funds, and private equity.

The following tables disclose the fair values of qualified pension plan assets and their level of observability within the fair value hierarchy:

Level 1

Level 2

Total

(in millions)

December 31, 2025:

Fixed Maturities:

Corporate $ — $ 845 $ 845

U.S. Treasury, government and agency — 72 72

States and political subdivisions — 4 4

Foreign governments — 10 10

101

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements, Continued

Level 1

Level 2

Total

(in millions)

Common equity, REITs and preferred equity 449 122 571

Mutual funds 2 — 2

Cash and cash equivalents 11 — 11

Short-term investments — 35 35

Total Assets at Fair Value 462 1,088 1,550

Investments measured at NAV — — 386

Total Investments at Fair Value (1)

$ 462 $ 1,088 $ 1,936

December 31, 2024:

Fixed Maturities:

Corporate $ — $ 864 $ 864

U.S. Treasury, government and agency — 95 95

States and political subdivisions — 6 6

Foreign governments — 14 14

Common equity, REITs and preferred equity 348 91 439

Mutual funds 2 — 2

Collective Trust — 67 67

Cash and cash equivalents 17 — 17

Short-term investments — 40 40

Total Assets at Fair Value 367 1,177 1,544

Investments measured at NAV — — 440

Total Investments at Fair Value $ 367 $ 1,177 $ 1,984

______________

(1)The Total Investment at Fair Value for 2025 does not include AB due to the Retirement plan having closed effective September 30, 2025.

As of December 31, 2025, assets classified as Level 1, Level 2 and Level 3 comprise approximately 23.9%, 56.2% and 0.0%, respectively, of qualified pension plan assets. As of December 31, 2024, assets classified as Level 1, Level 2 and Level 3 comprised approximately 18.5%, 59.3% and 0.0%, respectively, of qualified pension plan assets. There are no significant concentrations of credit risk arising within or across categories of qualified pension plan assets.

In addition to the plan assets above, the Company and certain subsidiaries purchased COLI policies on the lives of certain key employees. Under the terms of these polices the Company and these subsidiaries are named as beneficiaries. The purpose of the COLI policies is to provide the Company additional funds with which to satisfy various employee benefit obligations held by the Company, including those associated with its nonqualified defined benefit plans and post-retirement benefit plans. As of December 31, 2025 and 2024, the carrying value of COLI was $1.1 billion and $965 million, respectively.

The following table lists investments for which NAV is calculated; NAV is used as a practical expedient to determine the fair value of these investments:

102

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements, Continued

Practical Expedient Disclosure as of December 31, 2025 and 2024

Investment

Fair Value

Redemption Frequency

(If currently eligible)

Redemption Notice Period

Unfunded Commitments

(in millions)

December 31, 2025:

Private Equity Fund

N/A (1) (2) N/A $ 11

Private Real Estate Investment Trust

290

Quarterly One Quarter —

Hedge Fund

Calendar Quarters (3) Previous Quarter End $ 22

Total (4) $ 386

December 31, 2024:

Private Equity Fund $ 63 N/A (1)(2) N/A $ 12

Private Real Estate Investment Trust 341 Quarterly One Quarter —

Hedge Fund 36 Calendar Quarters (3) Previous Quarter End $ 22

Total (4) $ 440

_______________

(1)Cannot sell or transfer ownership interest without prior written consent to transfer, and by meeting several criteria (e.g., does not adversely affect other investors).

(2)Cannot sell interest in the vehicle without prior written consent of the managing member.

(3)March, June, September and December.

(4)Includes equity method investments of $96 million and $92 million as of December 31, 2025 and 2024, respectively.

Assumptions

Discount Rate

The benefits obligations and related net periodic costs of the Company’s qualified and non-qualified pension plans are measured using discount rate assumptions that reflect the rates at which the plans’ benefits could be effectively settled. Projected nominal cash outflows to fund expected annual benefits payments under each of the plans are discounted using a published high-quality bond yield curve as a practical expedient for a matching bond approach. Beginning in 2014, the Company uses the FTSE (formerly the Citigroup) Above Median Pension Discount Curve (the “FTSE Curve”) for this purpose. The Company has concluded that an adjustment to the FTSE Curve is not required after comparing the projected benefit streams of the plans to the cash flows and duration of the reference bonds.

Mortality

In 2019, the Society of Actuaries (“SOA”) released the PRI-2012 Mortality tables, and in October 2021, the MP-2021 mortality improvement scale was released. In 2024, the Company reviewed the mortality assumptions used for purposes of measuring and reporting its consolidated defined benefit plan obligations. As of December 31, 2025, the Company concluded to update the mortality basis from the RP-2000 base mortality table projected on a full generational basis with Scale BB mortality improvements to the PRI-2012 mortality tables projected on a full generational basis with MP-2021 mortality improvement scale. This reflects the most recently published tables by the SOA.

The following table discloses assumptions used to measure the Company’s pension benefit obligations and net periodic pension cost:

103

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements, Continued

December 31, 2025 December 31, 2024

Discount rates:

Equitable Financial QP 5.18% 5.47%

Equitable Excess Retirement Plan 4.99% 5.40%

MONY Life Retirement Income Security Plan for Employees (1) N/A 5.57%

AB Qualified Retirement Plan (2) N/A 5.15%

Discount rate range for all other defined benefit plans

4.46% - 4.86%

5.12% - 5.46%

Periodic cost:

Equitable Financial QP 5.47% 4.92%

Equitable Excess Retirement Plan 5.40% 4.88%

MONY Life Retirement Income Security Plan for Employees (1) N/A 5.00%

Periodic cost range for all other defined benefit plans

5.12% - 5.57%

4.74% - 4.93%

Cash balance interest crediting rate:

Pre-April 1, 2012 accruals

4.00% 4.00%

Post-April 1, 2012 thru January 1, 2025 accruals

4.75% 5.30%

Post January 1, 2025 accruals (3)

6.00%

N/A

Rates of increase in future compensation:

Equitable Financial QP 5.68% N/A

Expected long-term rates of return on pension plan assets (periodic cost) 7.00% 7.00%

_______________

(1)Effective December 31, 2025, the MONY Plan was merged into the Equitable Financial QP.

(2)AB's non-qualified plan was formally terminated and the trust was closed effective September 30, 2025.

(3)The Equitable Financial QP was frozen on December 31, 2013; however, was reopened on January 1, 2025.

The expected long-term rate of return assumption on plan assets is based upon the target asset allocation of the plan portfolio and is determined using forward-looking assumptions in the context of historical returns and volatilities for each asset class. Prior to 1987, participants’ benefits under the Equitable Financial QP were funded through the purchase of non-participating annuity contracts from Equitable Financial. Benefit payments under these contracts were approximately $1 million and $2 million for 2025 and 2024, respectively.

The following table provides an estimate of future benefits expected to be paid in each of the next five years, beginning January 1, 2026, and in the aggregate for the five years thereafter. These estimates are based on the same assumptions used to measure the respective benefit obligations as of December 31, 2025 and include benefits attributable to estimated future employee service.

Calendar Year Pension Benefits

(in millions)

2026

195,007

2027

212,530

2028

183,194

2029

174,665

2030

166,111

2031 to 2035

717,801

Post-Retirement Benefits

The Company eliminated any subsidy for post-retirement medical and dental coverage for individuals retiring on or after May 1, 2012. The Company continues to contribute to the cost of post-retirement medical and dental coverage for certain individuals who retired prior to May 1, 2012 based on years of service and age, subject to rights reserved in the

104

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements, Continued

plans to change or eliminate these benefits. The Company funds these post-retirement benefits on a pay-as-you-go basis.

The Company sponsors the Equitable Executive Survivor Benefits Plan (the “ESB Plan”) which provides post-retirement life insurance benefits to eligible executives. Eligible executives may choose up to four levels of coverage with each level providing a benefit equal to the executive’s compensation, subject to an overall $25 million cap. Aside from the ESB Plan, the Company does not currently offer post-retirement life insurance benefits but continues to provide post-retirement life insurance benefits to certain active and retired employees who were eligible for such benefits under discontinued plans. The ESB Plan was closed to new participants on January 1, 2019.

For 2025 and 2024, post-retirement benefits payments were $18 million and $21 million, respectively, net of employee contributions.

The Company uses a December 31 measurement date for its post-retirement plans.

Components of Net Post-Retirement Benefits Costs

Year Ended December 31,

2025 2024 2023

(in millions)

Service cost $ 1 $ 1 $ 1

Interest cost 17 16 17

Prior period service cost amortization

(3) — —

Net amortization 1 (1) (3)

Net periodic post-retirement benefits costs $ 16 $ 16 $ 15

Changes in the accumulated benefits obligation of the Company’s post-retirement plans recognized in the accompanying consolidated financial statements are described in the following table:

Accumulated Post-Retirement Benefits Obligation

December 31,

2025 2024

(in millions)

Accumulated post-retirement benefits obligation, beginning of period

$ 325 $ 353

Service cost 1 1

Interest cost 17 16

Contributions and benefits paid (18) (21)

Actuarial (gains) losses 9 (24)

Accumulated post-retirement benefits obligation, end of period

$ 334 $ 325

The post-retirement medical plan obligations of the Company are offset by an anticipated subsidy from Medicare Part D, which is assumed to increase with the healthcare cost trend.

Assumed Healthcare Cost Trend Rates used to Measure the Expected Cost of Benefits

December 31,

2025 2024

Following year

5.80%

6.40%

Ultimate rate to which cost increase is assumed to decline

3.90%

Year in which the ultimate trend rate is reached

2086

2092

The following table discloses the amounts included in AOCI that have not yet been recognized as components of net periodic post-retirement benefits cost:

105

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements, Continued

December 31,

2025 2024

(in millions)

Unrecognized net actuarial (gains) losses

Unrecognized prior service (credit)

(16)

(18)

Total

$ 1

The assumed discount rates for measuring the post-retirement benefit obligations as of December 31, 2025 and 2024 were determined in substantially the same manner as described above for measuring the pension benefit obligations. The following table discloses the range of discrete single equivalent discount rates and related net periodic cost at and for the years ended December 31, 2025 and 2024.

December 31,

2025 2024

Discount rates:

Benefit obligation

4.89% - 5.28%

5.35% - 5.54%

Periodic cost

5.35% - 5.54%

4.85% - 4.98%

Calendar Year Postretirement Benefits

(in millions)

2026

29,136

2027

28,705

2028

28,172

2029

27,759

2030

27,216

2031 to 2035

127,374

Post-Employment Benefits

The Company provides post-employment medical and life insurance coverage for certain disabled former employees. The accrued liabilities for these post-employment benefits were $1 million and $1 million, respectively, as of December 31, 2025 and 2024. The net post-employment benefits costs were $0 million for the years ended December 31, 2025, 2024 and 2023.

17 SHARE-BASED COMPENSATION PROGRAMS

Compensation costs for share-based payment arrangements as further described herein are as follows:

Year Ended December 31,

2025 2024 2023

(in millions)

Performance Shares

Stock Options

—

Restricted Stock Units

244

288

278

Other compensation plans

Total compensation expenses

262

313

294

Income Tax Benefit

106

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements, Continued

Since 2018, Holdings has granted equity awards under the Equitable Holdings, Inc. 2018 Omnibus Incentive Plan and the Equitable Holdings, Inc. 2019 Omnibus Incentive Plan (together the “Omnibus Plans”) which were adopted by Holdings on April 25, 2018 and February 28, 2019 respectively. Awards under the Omnibus Plans are linked to Holdings’ common stock. As of December 31, 2025, the common stock reserved and available for issuance under the Omnibus Plans was 30 million shares. Holdings may issue new shares or use common stock held in treasury for awards linked to Holdings’ common stock.

Retirement and Protection

Equity awards for R&P employees, financial professionals and directors in 2025, 2024 and 2023 were granted under the Omnibus Plans. All grants discussed in this section will be settled in shares of Holdings’ common stock.

For awards with graded vesting schedules and service-only vesting conditions, including Holdings RSUs and other forms of share-based payment awards, the Company applies a straight-line expense attribution policy for the recognition of compensation cost. Actual forfeitures with respect to the 2025, 2024, and 2023 grants were considered immaterial in the recognition of compensation cost.

Annual Awards

Each year, the Compensation Committee of the Holdings’ Board of Directors approves an equity-based award program with awards under the program granted at its regularly scheduled meeting in February. Annual awards under Holdings’ equity programs for 2025, 2024, and 2023 consisted of a mix of equity vehicles including Holdings RSUs and Holdings performance shares. If Holdings pays any ordinary dividend in cash, all outstanding Holdings RSUs and performance shares will accrue dividend equivalents in the form of additional Holdings RSUs or performance shares to be settled or forfeited consistent with the terms of the related award.

Holdings RSUs

Holdings RSUs granted to R&P employees under an annual program vest ratably in equal annual installments over a three-year period. The fair value of the awards was measured using the closing price of the Holdings share on the grant date, and the resulting compensation expense will be recognized over the shorter of the vesting term or the period up to the date at which the participant becomes retirement eligible, but not less than one year.

Holdings Performance Shares

Holding performance shares granted to R&P employees are subject to performance conditions and a three-year cliff-vesting.

•The 2024 and 2025 performance shares grants consist of two distinct tranches; one based on the Company’s 3-year growth rate on Non-GAAP Operating earnings per share (the “Non-GAAP Operating EPS performance shares”) and the other based on the Holdings’ relative total shareholder return targets (the “TSR Performance Shares”), each comprising approximately one-half of the award. Participants may receive from 0% to 200% of the unearned performance shares granted.

The grant-date fair value of the Non-GAAP Operating EPS performance shares is established once all applicable Non-GAAP Operating EPS performance shares targets are determined and approved. The fair value of the awards was measured using the closing price of the Holdings share on the grant date. The aggregate grant-date fair value of the unearned Non-GAAP Operating EPS performance shares will be recognized as compensation expense over the shorter of the cliff-vesting period or the period up to the date at which the participant becomes retirement eligible, but not less than one year.

•The 2023 performance share grant consists of one tranche based on the Holdings’ relative total shareholder return targets (the “TSR Performance Shares”). Participants may receive from 0% to 200% of the unearned performance shares granted.

107

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements, Continued

The grant-date fair value of the TSR Performance Shares granted in 2025, 2024, and 2023 were measured using a Monte Carlo approach with the following weighted-average assumptions:

Year Ended December 31,

2025 2024 2023

Weighted-average assumptions used:

Risk-free interest rate

4.31

4.40

4.31

Annualized volatility

31.36

32.72

49.10

Under the Monte Carlo approach, stock returns were simulated for Holdings and the selected peer companies to estimate the payout percentages established by the conditions of the award. The aggregate grant-date fair value of the unearned TSR Performance Shares will be recognized as compensation expense over the shorter of the cliff-vesting period or the period up to the date at which the participant becomes retirement eligible, but not less than one year.

Director Awards

Holdings makes annual grants of unrestricted Holdings shares to non-employee directors of Holdings, Equitable Financial and Equitable America. The fair value of these awards was measured using the closing price of Holdings shares on the grant date. These awards immediately vest and all compensation expense is recognized at the grant date.

Asset Management

Employees and directors in our Asset Management business participate in several unfunded long-term incentive compensation plans maintained by AB. Awards under these plans are linked to AB Holding Units.

Under the AB 2017 Long Term Incentive Plan (“2017 Plan”), which was adopted at a special meeting of AB Holding Unit holders held on September 29, 2017, the following forms of awards may be granted to AB employees and Directors: (i) restricted AB Holding Units or phantom restricted AB Holding Units (a “phantom” award is a contractual right to receive AB Holding Units at a later date or upon a specified event); (ii) options to buy AB Holding Units; and (iii) other AB Holding Unit-based awards (including, without limitation, AB Holding Unit appreciation rights and performance awards). The 2017 Plan will expire on September 30, 2027, and no awards under the 2017 Plan will be made after that date. Under the 2017 Plan, the aggregate number of AB Holding Units with respect to which awards may be granted is 60.0 million, including no more than 30.0 million newly-issued AB Holding Units.

AB engages in open-market purchases of AB Holding Units to help fund anticipated obligations under its long-term incentive compensation plans and for other corporate purposes. During 2025, 2024, and 2023 AB purchased 4.1 million, 4.5 million and 4.7 million AB Holding Units for $162 million, $156 million and $144 million, respectively. These amounts reflect open-market purchases of 1.9 million, 1.8 million and 2.0 million AB Holding Units for $72 million, $60 million and $63 million, respectively, with the remainder relating to purchases of AB Holding Units from AB employees to allow them to fulfill statutory tax withholding requirements at the time of distribution of long-term incentive compensation awards, offset by AB Holding Units purchased by AB employees as part of a distribution reinvestment election.

During 2025, 2024, and 2023 AB granted 5.8 million, 5.9 million and 5.6 million restricted AB Holding units to AB employees and directors, respectively.

During 2025, 2024, and 2023 AB Holding had no options issued and exercised.

During 2025, 2024, and 2023 no options to buy AB Holding Units had been granted and 39 million, 36 million and 33 million, respectively, AB Holding Units, net of withholding tax requirements, were subject to other AB Holding Unit awards made under the 2017 Plan or an equity compensation plan with similar terms that was canceled in 2017. AB Holding Unit-based awards (including options) in respect of 21 million, 24 million and 27 million, AB Holding Units were available for grant as of December 31, 2025, 2024 and 2023, respectively.

Summary of Stock Option Activity

A summary of activity in the Holdings and AXA option plans during 2025 as follows:

108

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements, Continued

Options Outstanding

EQH Shares

AXA Ordinary Shares

Number

Outstanding

(in 000’s)

Weighted

Average

Exercise

Price

Number

Outstanding

(in 000’s)

Weighted

Average

Exercise

Price

Options outstanding as of beginning of period

1,133 $ 22.33 133 € 21.56

Options granted — — — —

Options exercised (538) 22.37 (133) 21.56

Options forfeited, net — — — —

Options expired — — — —

Options outstanding as of end of period

595 $ 22.29 — € —

Aggregate intrinsic value (1) $ 15,084 € —

Weighted average remaining contractual term (in years) 3.78 0.00

Options exercisable at December 31, 2025 595 $ 22.29 — € —

_______________

(1) Aggregate intrinsic value, presented in thousands, is calculated as the excess of the closing market price on December 31, 2025 of the respective underlying shares over the strike prices of the option awards. For awards with strike prices higher than market prices, intrinsic value is shown as zero.

During years ended December 31, 2025, 2024, and 2023, there were no stock options granted.

Summary of Restricted Stock Unit Award Activity

The market price of a Holdings share is used as the basis for the fair value measure of a Holdings RSU. For purposes of determining compensation cost for stock-settled Holdings RSUs, fair value is fixed at the grant date until settlement, absent modification to the terms of the award.

As of December 31, 2025, approximately 2.2 million Holdings RSUs remain unvested. Unrecognized compensation cost related to these awards totaled approximately $34 million and is expected to be recognized over a weighted-average period of 1.5 years.

As of December 31, 2025, approximately 12 million AB Holding Unit awards remain unvested. Unrecognized compensation cost related to these awards totaled approximately $98 million is expected to be recognized over a weighted-average period of 4.6 years.

The following table summarizes Holdings restricted share units activity for 2025.

Shares of Holdings Restricted Stock Units (in 000’s)

Weighted-Average Grant Date

Fair Value

Unvested, beginning of period

2,695

33.54

Granted

920

53.29

Forfeited

(82)

39.56

Vested

(1,293)

33.68

Unvested as of December 31, 2025

2,240

41.27

Summary of Performance Award Activity

As of December 31, 2025, approximately 1.3 million Holdings awards remain unvested. Unrecognized compensation cost related to these awards totaled approximately $11 million and is expected to be recognized over a weighted-average period of 1.4 years.

The following table summarizes Holdings performance awards activity for 2025.

109

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements, Continued

Shares of Holdings Performance Awards (in 000’s)

Weighted-Average Grant Date

Fair Value

Unvested, beginning of period

1,336

36.46

Granted

348

64.65

Forfeited

(7)

35.81

Vested

(612)

37.00

Performance Adjustment (1)

202

—

Unvested as of December 31, 2025

1,267

44.05

_______________

(1)Represents the difference between the target shares granted and the actual shares vested based upon the achievement level of performance measures.

18) INCOME TAXES

Earnings before income taxes and income tax (expense) benefit in the consolidated statements of income (loss) consist of:

Year Ended December 31,

2025 2024 2023

(in millions)

Income (loss) from continuing operations before income taxes:

United States $ (1,366) $ 1,867 $ 609

Foreign 173 209 105

Total $ (1,193) $ 2,076 $ 714

Income tax expense:

Federal $ (757) $ (33) $ 57

State and local (83) (46) (49)

Foreign (52) (63) (37)

Current tax (expense) benefit

(892) (142) (29)

Deferred tax (expense) benefit 1,048 (138) 939

Income tax (expense) benefit

$ 156 $ (280) $ 910

The table below provides the updated requirements of ASU 2023-09 for 2025. See Note 2 - Significant Accounting Policies — Adoption of New Accounting Pronouncements for additional details on the adoption of ASU 2023-09.

The Federal income taxes attributable to consolidated operations are different from the amounts determined by multiplying the earnings before income taxes and noncontrolling interest by the expected Federal income tax rate of 21%. The sources of the difference and their tax effects were as follows:

110

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements, Continued

Year Ended December 31,

2025 2024 2023

(dollars in millions)

Expected income tax (expense) benefit

250

(21)

$ (435) (21) % $ (151) (21) %

State and local income tax, net of federal income tax effect (1)

(70)

(40) (2) % (42) (6) %

Foreign tax effects:

Statutory tax rate differential (10) 1 % (7) 0 % (12) (2) %

Valuation Allowance — 0 % — 0 % 14 2 %

Tax credits

(4)

29 1 % 16 2 %

Changes in valuation allowances

(176)

— 0 % 1,000 140 %

Nontaxable or nondeductible items:

Nontaxable investment income

(7)

121 6 % 64 9 %

Changes in unrecognized tax benefits

(13)

(6) 0 % (4) (1) %

Other adjustments:

Compensation

(3) 0 % (10) (1) %

Tax audit interest

(15)

(28) (1) % (23) (3) %

Noncontrolling interest

(5)

88 4 % 62 9 %

Other

(1)

0 % 1 0 % (4) (1) %

Income tax (expense) benefit and effective tax rate

$ 156

(13)

$ (280) (13) % $ 910 127 %

______________

(1)The states that contributed to the majority (greater than 50%) of the tax effect in this category include California, Illinois, New York and New Jersey for 2025.

The components of the net deferred income taxes are as follows:

December 31,

2025 2024

Assets

Liabilities

Assets

Liabilities

(in millions)

Compensation and related benefits

254

—

$ 217 $ —

Net operating loss and credits

—

272 —

Reserves and reinsurance

3,545

—

1,984 —

DAC

—

1,122

— 1,141

Unrealized investment gains/losses

1,042

—

1,683 —

Investments

—

614

— 380

Other

—

— 197

Capital losses

272

—

— —

Valuation allowance

(201)

—

(217) —

Total

4,912

1,803

$ 3,939 $ 1,718

In 2022, the Company established a valuation allowance against its deferred tax asset related to unrealized capital losses in the available-for-sale securities portfolio. In 2023, management took actions to increase its available liquidity so that the Company has the ability and intent to hold the majority of securities in its available-for-sale portfolio to recovery. For liquidity and other purposes, the Company maintains a smaller pool of securities that it does not intend to hold to recovery. The Company maintains a valuation allowance against the deferred tax asset on available-for-sale securities that will not be held to recovery. Adjustments to the valuation allowance due to changes in the portfolio’s unrealized capital loss are recorded in OCI. Adjustments to the valuation allowance due to new facts or evidence are recorded in net income.

In the third quarter of 2025, The Company realized losses from the liquidity pool primarily due to the RGA reinsurance transaction, resulting in a deferred tax asset for realized capital losses. The valuation allowance against unrealized losses in OCI was reduced and a valuation allowance against the realized losses was established through net income.

111

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements, Continued

For the year ended December 31, 2025, the Company recorded a decrease to the valuation allowance of $192 million in OCI and recorded an increase to the valuation allowance of $176 million in net income. For the year ended December 31, 2024, the Company recorded a decrease to the valuation allowance of $17 million in OCI and recorded no change to the valuation allowance in net income. As of the years ended December 31, 2025 and 2024, a valuation allowance of $201 million and $217 million, respectively, remains against the portion of the deferred tax asset that is still not more-likely-than-not to be realized.

The Company uses the aggregate portfolio approach related to the stranded or disproportionate income tax effects in accumulated other comprehensive income related to available-for-sale securities. Under this approach, the disproportionate tax effect remains intact as long as the investment portfolio remains.

The Company has Federal net operating loss carryforwards of $0 million and $510 million, for the years ending December 31, 2025 and 2024, respectively, which do not expire.

The Company provides income taxes on the unremitted earnings of non-U.S. corporate subsidiaries except to the extent that such earnings are indefinitely reinvested outside the United States. As of December 31, 2025, the Company did not record income taxes on undistributed earnings on some foreign subsidiaries because those earnings were indefinitely reinvested in the operations of those subsidiaries. If such earnings were to be distributed, the Company would be subject to additional foreign withholding taxes and other tax consequences. At existing applicable income tax rates, additional taxes of approximately $9 million would need to be provided if such earnings are remitted.

A reconciliation of unrecognized tax benefits (excluding interest and penalties) follows:

Year Ended December 31,

2025 2024 2023

(in millions)

Balance, beginning of period

330

$ 322 $ 314

Additions for prior year tax positions

8 11

Reductions for prior year tax positions

—

— (3)

Additions for current year tax positions

—

— —

Reductions for current year tax positions

—

— —

Reductions related to closed years/settlements with tax authorities

—

— —

Balance, end of period

342

$ 330 $ 322

Unrecognized tax benefits that, if recognized, would impact the effective rate

$ 74 $ 59

The Company recognizes accrued interest and penalties related to unrecognized tax benefits in tax expense. Interest and penalties included in the amounts of unrecognized tax benefits as of December 31, 2025 and 2024 were $144 million and $114 million, respectively. For 2025, 2024 and 2023, respectively, there were $30 million, $28 million and $23 million in interest expense (benefit) related to unrecognized tax benefits.

As of December 31, 2025, tax years 2014 through 2018 and 2020 through 2024 remain subject to examination by the IRS.

112

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements, Continued

19) COMMITMENTS AND CONTINGENT LIABILITIES

Litigation and Regulatory Matters

Litigation, regulatory and other loss contingencies arise in the ordinary course of the Company’s activities as a diversified financial services firm. The Company is a defendant in a number of litigation matters arising from the conduct of its business. In some of these matters, claimants seek to recover very large or indeterminate amounts, including compensatory, punitive, treble and exemplary damages. Modern pleading practice permits considerable variation in the assertion of monetary damages and other relief. Claimants are not always required to specify the monetary damages they seek, or they may be required only to state an amount sufficient to meet a court’s jurisdictional requirements. Moreover, some jurisdictions allow claimants to allege monetary damages that far exceed any reasonably possible verdict. The variability in pleading requirements and past experience demonstrates that the monetary and other relief that may be requested in a lawsuit or claim often bears little relevance to the merits or potential value of a claim. Litigation against the Company includes a variety of claims including, among other things, insurers’ sales practices, alleged agent misconduct, alleged failure to properly supervise agents, contract administration, product design, features and accompanying disclosure, payments of death benefits and the reporting and escheatment of unclaimed property, alleged breach of fiduciary duties, alleged mismanagement of client funds and other matters.

The outcome of a litigation or regulatory matter is difficult to predict, and the amount or range of potential losses associated with these or other loss contingencies requires significant management judgment. It is not possible to predict the ultimate outcome or to provide reasonably possible losses or ranges of losses for all pending regulatory matters, litigation and other loss contingencies. While it is possible that an adverse outcome in certain cases could have a material adverse effect upon the Company’s financial position, based on information currently known, management believes that neither the outcome of pending litigation and regulatory matters, nor potential liabilities associated with other loss contingencies, are likely to have such an effect. However, given the large and indeterminate amounts sought in certain litigation and the inherent unpredictability of all such matters, it is possible that an adverse outcome in certain of the Company’s litigation or regulatory matters, or liabilities arising from other loss contingencies, could, from time to time, have a material adverse effect upon the Company’s results of operations or cash flows in a particular quarterly or annual period.

For some matters, the Company is able to estimate a range of loss. For such matters in which a loss is probable, an accrual has been made. For matters where the Company believes a loss is reasonably possible, but not probable, no accrual is required. For matters for which an accrual has been made, but there remains a reasonably possible range of loss in excess of the amounts accrued or for matters where no accrual is required, the Company develops an estimate of the unaccrued amounts of the reasonably possible range of losses. As of December 31, 2025, the Company estimates the aggregate range of reasonably possible losses, in excess of any amounts accrued for these matters as of such date, to be up to approximately $100 million.

For other matters, the Company is currently not able to estimate the reasonably possible loss or range of loss. The Company is often unable to estimate the possible loss or range of loss until developments in such matters have provided sufficient information to support an assessment of the range of possible loss, such as quantification of a damage demand from plaintiffs, discovery from plaintiffs and other parties, investigation of factual allegations, rulings by a court on motions or appeals, analysis by experts and the progress of settlement discussions. On a quarterly and annual basis, the Company reviews relevant information with respect to litigation and regulatory contingencies and updates the Company’s accruals, disclosures and reasonably possible losses or ranges of loss based on such reviews.

As with other financial services companies, Equitable Financial periodically receives informal and formal requests for information from various state and federal governmental agencies and self-regulatory organizations in connection with inquiries and investigations of the products and practices of the Company or the financial services industry. It is the practice of the Company to cooperate fully in these matters.

113

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements, Continued

Obligations under Funding Agreements

Pre-Capitalized Trust Securities (“P-Caps”)

In April 2019, pursuant to separate Purchase Agreements among Holdings, Credit Suisse Securities (USA) LLC, as representative of the several initial purchasers, and the Trusts (as defined below), Pine Street Trust I, a Delaware statutory trust (the “2029 Trust”), completed the issuance and sale of 600,000 of its Pre-Capitalized Trust Securities redeemable February 15, 2029 (the “2029 P-Caps”) for an aggregate purchase price of $600 million and Pine Street Trust II, a Delaware statutory trust (the “2049 Trust” and, together with the 2029 Trust, the “Trusts”), completed the issuance and sale of 400,000 of its Pre-Capitalized Trust Securities redeemable February 15, 2049 (the “2049 P-Caps” and, together with the 2029 P-Caps, the “P-Caps”) for an aggregate purchase price of $400 million in each case to qualified institutional buyers in reliance on Rule 144A that are also “qualified purchasers” for purposes of Section 3(c)(7) of the Investment Company Act of 1940, as amended.

In June 2024, the Company exercised its issuance right under the Facility Agreement, dated April 5, 2019 (the “2029 Trust Facility Agreement”) to issue $600 million principal amount of the Company’s 4.572% Senior Notes due 2029 (the “2029 Notes”) in exchange for the portfolio of principal and interest strips of U.S. Treasury securities held by the 2029 Trust (the “2029 Trust Eligible Assets”). Following the Company’s exercise of its issuance right under the 2029 Trust Facility Agreement, the Company: (i) issued $600 million principal amount of the 2029 Notes to the 2029 Trust on June 6, 2024 in exchange for the 2029 Trust Eligible Assets; (ii) waived its right to repurchase the 2029 Notes; and (iii) directed the trustee of the 2029 Trust to dissolve the 2029 Trust in accordance with its declaration of trust and deliver the 2029 Notes to the beneficial holders of the 2029 P-Caps pro rata in respect of each 2029 P-Cap. The 2029 Trust was dissolved on June 11, 2024 and the beneficial holders of the 2029 P-Caps received the 2029 Notes through the facilities of The Depository Trust Company. See Note 14 of the Notes to these Consolidated Financial Statements for additional details on the 2029 Notes.

In addition, in June 2024, pursuant to the Purchase Agreement among Holdings, TD Securities (USA) LLC, Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC, as representative of the several initial purchasers, and Pine Street Trust III, a Delaware statutory trust ( “2054 Trust”), completed the issuance and sale of 600,000 of its Pre-Capitalized Trust Securities redeemable May 15, 2054 (the “2054 P-Caps”) for an aggregate purchase price of $600 million to qualified institutional buyers in reliance on Rule 144A that are also “qualified purchasers” for purposes of Section 3(c)(7) of the Investment Company Act of 1940, as amended.

The P-Caps are an off-balance sheet contingent funding arrangement that, upon Holdings’ election, gives Holdings the right over a thirty-year period to issue senior notes to the 2049 Trust and the 2054 Trusts. The Trusts have invested the proceeds from the respective sales of their P-Caps in separate portfolios of principal and/or interest strips of U.S. Treasury securities. In return, Holdings will, in the case of the 2054 Trust, pay, and in the case of the 2049 Trust, continue to pay, a semi-annual facility fee to the 2049 Trust and 2054 Trust calculated at a rate of 2.715% and 1.779% per annum, respectively, which will be applied to the unexercised portion of the contingent funding arrangement and Holdings will reimburse the Trusts for certain expenses. The facility fees are recorded in other operating costs and expenses in the consolidated statements of income (loss).

FHLB

As a member of the FHLB, Equitable Financial and Equitable America have access to collateralized borrowings and may issue funding agreements to the FHLB. Equitable Financial and Equitable America issue short-term and long-term funding agreements to the FHLB and use the funds for asset, liability, and cash management purposes and spread lending purposes.

Entering into FHLB membership, borrowings and funding agreements requires the ownership of FHLB stock and the pledge of assets as collateral. Equitable Financial has purchased FHLB stock of $323 million and pledged collateral with a carrying value of $11.9 billion as of December 31, 2025. Equitable America has purchased FHLB stock of $5 million and pledged collateral with a carrying value of $2.2 billion as of December 31, 2025.

114

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements, Continued

FABN

Under the FABN programs, Equitable Financial and Equitable America may issue funding agreements in U.S. dollar or other foreign currencies, in each case, to a Delaware special purpose statutory trust (the “Trust”) in exchange for the proceeds from issuances of fixed and floating rate medium-term marketable notes issued by the applicable Trust (the “Trust Notes”). The funding agreements have matching interest, maturity and currency payment terms to the applicable Trust Notes. As of December 31, 2025, the maximum aggregate principal amount of Trust Notes permitted to be outstanding at any one time is $10.0 billion for Equitable Financial and $6.0 billion for Equitable America.

FABCP

In May 2023, Equitable Financial and Equitable America established a FABCP program, pursuant to which a SPLLC may issue commercial paper and deposit the proceeds with Equitable Financial or Equitable America pursuant to a funding agreement issued by Equitable Financial or Equitable America to the SPLLC. The current maximum aggregate principal amount permitted to be outstanding at any one time under the FABCP program is $3.0 billion for Equitable Financial and $1.0 billion for Equitable America. As of December 31, 2025, Equitable Financial had $400 million outstanding and Equitable America did not have any outstanding balances under the program, respectively.

Guarantees and Other Commitments

The Company provides certain guarantees or commitments to affiliates and others. As of December 31, 2025, these arrangements include commitments by the Company to provide equity financing of $1.2 billion to certain limited partnerships and real estate joint ventures under certain conditions as well as a guarantee of a subsidiary’s performance under a reinsurance arrangement that will no longer be in effect once certain conditions at the subsidiary are met and notice is provided. Management believes the Company will not incur material losses as a result of these commitments.

AB has a guarantee of unpaid obligations of a credit facility agreement its broker dealer subsidiary of a joint venture, Bernstein Institutional Services, LLC has with SocGen as lender. The current commitment is to $30 million.

The Company had $17 million of undrawn letters of credit related to reinsurance as of December 31, 2025. The Company had $489 million of commitments under existing mortgage loan agreements as of December 31, 2025.

The Company is the obligor under certain structured settlement agreements it had entered into with unaffiliated insurance companies and beneficiaries. To satisfy its obligations under these agreements, the Company owns single premium annuities issued by previously wholly-owned life insurance subsidiaries. The Company has directed payment under these annuities to be made directly to the beneficiaries under the structured settlement agreements. A contingent liability exists with respect to these agreements should the previously wholly-owned subsidiaries be unable to meet their obligations. Management believes the need for the Company to satisfy those obligations is remote.

20) INSURANCE STATUTORY FINANCIAL INFORMATION

115

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements, Continued

In accordance with statutory accounting practices, the following table presents the Company’s best estimate of the combined statutory net income (loss), surplus, capital stock & AVR, and securities on deposits for Equitable Financial, Equitable America and Equitable L&A as of the date the Company files this Annual Report.

2025 2024 2023

(in millions)

Years Ended December 31,

Combined statutory net income (loss)

145

$ 184 $ (1,549)

As of December 31,

Combined surplus, capital stock and AVR

7,643

$ 6,342

Combined securities on deposits in accordance with various government and state regulations

$ 18

In 2025 and 2024, Equitable Financial did not pay a dividend. In 2023, Equitable Financial paid to its direct parent, which subsequently distributed such amount to Holdings, an ordinary shareholder dividend of $1.7 billion.

In 2025, Equitable America paid to its direct parent, which subsequently distributed such amount to Holdings, extraordinary shareholder dividends of $1.5 billion. In 2024, Equitable America paid to its direct parent, which subsequently distributed such amount to Holdings, an ordinary shareholder dividend of $441 million and extraordinary shareholder dividends of $260 million. In 2023, Equitable America did not pay a dividend.

Dividend Restrictions

As domestic insurance subsidiaries regulated by insurance laws of their respective domiciliary states, Equitable Financial and Equitable America are subject to restrictions as to the amounts they may pay as dividends and amounts they may repay of surplus notes to Holdings.

State insurance statutes also typically place restrictions and limitations on the amount of dividends or other distributions payable by insurance company subsidiaries to their parent companies, as well as on transactions between an insurer and its affiliates. Under New York’s insurance laws, which are applicable to Equitable Financial, a domestic stock life insurer may not, without prior approval of the NYDFS, pay an ordinary dividend to its stockholders exceeding an amount calculated based on a statutory formula (“Ordinary Dividend”). Dividends in excess of this amount require the insurer to file a notice of its intent to declare the dividends with the NYDFS and obtain prior approval or non-disapproval from the NYDFS with respect to such dividends (“Extraordinary Dividend”). Due to a permitted statutory accounting practice agreed to with the NYDFS, Equitable Financial will need the prior approval of the NYDFS to pay the portion, if any, of any Ordinary Dividend that exceeds the Ordinary Dividend that Equitable Financial would be permitted to pay under New York’s insurance laws absent the application of such permitted practice (such excess, the “Permitted Practice Ordinary Dividend”).

Applying the formulas above, Equitable Financial is not permitted to pay an Ordinary Dividend in 2026.

Under Arizona Insurance Law, which are applicable to Equitable America, a domestic life insurer may without prior approval of the Arizona Superintendent, pay a dividend to its shareholders not exceeding an amount calculated based on a statutory formula. Based on this formula, the Company estimates it could pay an ordinary dividend of up to approximately $408 million during 2026.

Intercompany Reinsurance

Equitable Financial cedes a portion of their statutory reserves to EQ AZ Life Re, a captive reinsurer, as part of the Company’s capital management strategy. EQ AZ Life Re prepares financial statements in a special purpose framework for statutory reporting. Equitable Financial receives statutory reserve credits for reinsurance treaties with EQ AZ Life Re to the extent EQ AZ Life Re holds assets in an irrevocable trust (the “EQ AZ Life Re Trust”). As of December 31, 2025, EQ AZ Life Re holds $401 million of assets in the EQ AZ Life Re Trust and letters of credit of $445 million that are guaranteed by Holdings. Under the reinsurance transactions, EQ AZ Life Re is permitted to transfer assets from the EQ AZ Life Re Trust under certain circumstances. The level of statutory reserves held by EQ AZ Life Re fluctuate based on market movements, mortality experience and policyholder behavior. Increasing reserve requirements may necessitate that additional assets be placed in trust and/or additional letters of credit be secured, which could adversely impact EQ AZ Life Re’s liquidity.

116

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements, Continued

In May 17, 2023, Equitable Financial entered into a reinsurance agreement (the “Reinsurance Treaty”) with its affiliate, Equitable America, effective April 1, 2023. Pursuant to the Reinsurance Treaty, virtually all of Equitable Financial’s net retained General Account liabilities, including all of its net retained liabilities relating to the living benefit and death riders related to (i) its variable annuity contracts issued outside the State of New York prior to October 1, 2022 (and with respect to its EQUI-VEST variable annuity contracts, issued outside the State of New York prior to February 1, 2023) and (ii) certain universal life insurance policies issued outside the State of New York prior to October 1, 2022, were reinsured to Equitable America on a coinsurance funds withheld basis. In addition, all of the Separate Accounts liabilities relating to such variable annuity contracts were reinsured to Equitable America on a modified coinsurance basis. Equitable America’s obligations under the Reinsurance Treaty are secured through Equitable Financial’s retention of certain assets supporting the reinsured liabilities. This reinsurance treaty has no impact to the consolidated financial statements of the Company. The NYDFS and the Arizona Department of Insurance and Financial Institutions each approved the Reinsurance Treaty.

On June 1, 2025 Equitable Bermuda entered into an indemnity reinsurance agreement with Equitable America assuming EQUI-VEST variable annuity contracts issued outside the State of New York prior to February 1, 2023. Net retained general account liabilities were reinsured to Equitable Bermuda on a coinsurance funds withheld basis, while Separate Account liabilities relating to such variable annuity contracts were reinsured to Equitable Bermuda on a modified coinsurance basis. Equitable Bermuda’s obligations under the treaty are secured through Equitable America’s retention of certain assets supporting the reinsured liabilities. In exchange for Equitable Bermuda’s agreement to assume these liabilities, the Bermuda Monetary Authority and the Arizona Department of Insurance and Financial Institutions each approved the treaty.

Prescribed and Permitted Accounting Practices

As of December 31, 2025, the following five prescribed and permitted practices resulted in net income (loss) and capital and surplus that is different from the statutory surplus that would have been reported had NAIC statutory accounting practices been applied.

117

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements, Continued

Equitable Financial was granted a permitted practice by the NYDFS to apply SSAP 108, Derivatives Hedging Variable Annuity Guarantees on a retroactive basis from January 1, 2021 through June 30, 2021, after reflecting the impacts of our reinsurance transaction with Venerable. The permitted practice was amended to also permit Equitable Financial to adopt SSAP 108 prospectively as of July 1, 2021 and to consider the impact of both the interest rate derivatives and the General Account assets used to fully hedge the interest rate risk inherent in its variable annuity guarantees when determining the amount of the deferred asset or liability under SSAP 108. Application of the permitted practice partially mitigates the New York Insurance Regulation 213 (“Reg 213”) impact of the Venerable transaction on Equitable Financial’s statutory capital and surplus and enables Equitable Financial to more effectively neutralize the impact of interest rates on its statutory surplus and to better align with our economic hedging program. The impact of applying this permitted practice relative to SSAP 108 as written was a decrease of approximately $197 million in statutory special surplus funds as of December 31, 2025. The Reinsurance Treaty reduced the amount of interest rate hedging needed at Equitable Financial going forward, affecting future deferrals, but leaves our historical SSAP 108 deferred amounts unchanged. The permitted practice also reset Equitable Financial’s unassigned surplus to zero as of June 30, 2021 to reflect the transformative nature of the Venerable transaction.

The Manual has been adopted as a component of prescribed or permitted practices by the State of New York. However, Reg 213 adopted in May of 2019 and as amended in February 2020 and March 2021, differs from the NAIC variable annuity reserve and capital framework. Reg 213 requires Equitable Financial to carry statutory basis reserves for its variable annuity contract obligations equal to the greater of those required under (i) the NAIC standard or (ii) a revised version of the NYDFS requirement in effect prior to the adoption of the first amendment for contracts issued prior to January 1, 2020, and for policies issued after that date a new standard that in current market conditions imposes more conservative reserving requirements for variable annuity contracts than the NAIC standard.

The impact of the application of Reg 213 was a decrease of approximately $117 million in statutory surplus as of December 31, 2025 compared to statutory surplus under the NAIC variable annuity framework. Our hedging program is designed to hedge the economics of our insurance liabilities and largely offsets Reg 213 and NAIC framework reserve movements due to interest rates and equities. The NYDFS allows domestic insurance companies a five year phase-in provision for Reg 213 reserves. As of September 30, 2022, Equitable Financial’s Reg 213 reserves were 100% phased-in. As of December 31, 2025, given the prevailing market conditions and business mix, there are $89 million Reg 213 redundant reserves over the US RBC CTE 98 TAR.

During the fourth quarter 2020, Equitable Financial received approval from NYDFS for its proposed amended Plan of Operation for Separate Account No. 68 (“SA 68”) for our SCS product and Separate Account No. 69 (“SA 69”) for our EQUI-VEST product Structured Investment Option, to change the accounting basis of these two non-insulated Separate Accounts from fair value to book value in accordance with Section 1414 of the Insurance Law to align with how we manage and measure our overall General Account asset portfolio. In order to facilitate this change and comply with Section 4240(a)(10), the Company also sought approval to amend the Plans to remove the requirement to comply with Section 4240(a)(5)(iii) and substitute it with a commitment to comply with Section 4240(a)(5)(i). Similarly, the Company updated the reserves section of each Plan to reflect the fact that Regulation 128 would no longer be applicable upon the change in accounting basis. We applied this change effective January 1, 2021. The impact of the application is an increase of approximately $504 million in statutory surplus as of December 31, 2025.

During 2022, Equitable America received approval from the Arizona Department of Insurance and Financial Institutions pursuant to A.R.S. 20-515 for Separate Account No. 68A (“SA 68A”) for our SCS product, Separate Account No. 69A (“SA 69A”) for our EQUI-VEST product Structured Investment Option and Separate Account No. 71A (“SA 71A”) for our Investment Edge Structured Investment Option, to permit us to use book value as the accounting basis of these three non-insulated Separate Accounts instead of fair value in accordance with the Manual to align with how we manage and measure our overall General Account asset portfolio. The impact of the application is a decrease of approximately $1.0 billion in statutory surplus as of December 31, 2025.

118

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements, Continued

The Arizona Department of Insurance and Financial Institutions granted to Equitable America a permitted practice to deviate from SSAP No. 108 by applying special accounting treatment for specific derivatives hedging variable annuity benefits subject to fluctuations as a result of interest rate sensitivities. The permitted practice expands on SSAP No. 108 hedge accounting to include equity risks for the full scope of Variable Annuity (VA) contracts (i.e., not just the rider guarantees but for the VA total contract). The permitted practice allows Equitable America to adopt SSAP 108 retroactively from October 1, 2023 and applies to both directly held VA hedges as well as VA hedges in the Equitable America funds withheld asset that resulted from the Reinsurance Treaty. In the calculation of the amount of excess VA equity and interest rate derivative hedging gains/losses to defer (including Net investment income on our Equity Total Return Swaps), the permitted practice allows us to compare our total equity and interest derivatives gains and losses to 100% of our target liability change. Any hedge gain or loss deferrals will follow SSAP No. 108 amortization rules (i.e. 10-year straight line). The impact of applying this revised permitted practice relative to SSAP 108 was an increase of approximately $1.4 billion in statutory special surplus funds as of December 31, 2025.

Differences between SAP and U.S. GAAP

Accounting practices used to prepare statutory financial statements for regulatory filings of stock life insurance companies differ in certain instances from U.S. GAAP. The differences between statutory surplus and capital stock determined in accordance with SAP and total equity under U.S. GAAP are primarily: (a) the inclusion in SAP of an AVR intended to stabilize surplus from fluctuations in the value of the investment portfolio; (b) future policy benefits and policyholders’ account balances under SAP differ from U.S. GAAP due to differences between actuarial assumptions and reserving methodologies; (c) certain policy acquisition costs are expensed under SAP but deferred under U.S. GAAP and amortized over future periods to achieve a matching of revenues and expenses; (d) under SAP, Federal income taxes are provided on the basis of amounts currently payable with limited recognition of deferred tax assets while under U.S. GAAP, deferred taxes are recorded for temporary differences between the financial statements and tax basis of assets and liabilities where the probability of realization is reasonably assured; (e) the valuation of assets under SAP and U.S. GAAP differ due to different investment valuation and depreciation methodologies, as well as the deferral of interest-related realized capital gains and losses on fixed income investments; (f) the valuation of the investment in AB and AB Holding under SAP reflects a portion of the market value appreciation rather than the equity in the underlying net assets as required under U.S. GAAP; (g) reporting the surplus notes as a component of surplus in SAP but as a liability in U.S. GAAP; (h) computer software development costs are capitalized under U.S. GAAP but expensed under SAP; (i) certain assets, primarily prepaid assets, are not admissible under SAP but are admissible under U.S. GAAP; and (j) cost of reinsurance which is recognized as expense under SAP and amortized over the life of the underlying reinsured policies under U.S. GAAP.

21) BUSINESS SEGMENT INFORMATION

Effective July 1, 2025, our financial reporting presentation was revised to reflect the reorganization of the Company’s reportable segments to reflect how the Company’s chief operating decision maker now makes operating decisions and assesses performance. We now have three reportable segments: Retirement, Asset Management and Wealth Management. Prior period results have been revised in connection with updates to our reportable segments.

These segments reflect the manner by which the Company’s chief operating decision maker (“CODM”) views and manages the business. A brief description of these segments follows:

•The Retirement segment offers a diverse suite of retirement solutions to individual and institutional clients. Our primary offerings include individual and group annuities, retirement savings plans, and institutional savings products, which we distribute through both proprietary and third-party distribution. Results for our spread lending business are also primarily reported within the Retirement segment.

•The Asset Management segment provides diversified investment management and related solutions globally to a broad range of clients through three main client channels - Institutional, Retail and Private Wealth.

•The Wealth Management segment offers discretionary and non-discretionary investment advisory accounts, financial planning and advice, life insurance, and annuity products through Equitable Advisors.

The CODM is the President and Chief Executive Officer of Holdings. The CODM evaluates the reported measure of a segment’s profit or loss in assessing segment performance and deciding how to allocate resources. Significant segment expenses are part of the CODM review and are critically important to understand the level of profitability of operating segments but also the overall company performance. This assessment will inform the way the allocation of resources will be done among the different operating segments.

119

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements, Continued

Measurement

Operating earnings (loss) is the financial measure which primarily focuses on the Company’s segments’ results of operations as well as the underlying profitability of the Company’s core business. By excluding items that can be distortive and unpredictable such as investment gains (losses) and investment income (loss) from derivative instruments, the Company believes operating earnings (loss) by segment enhances the understanding of the Company’s underlying drivers of profitability and trends in the Company’s segments.

Operating earnings is calculated by adjusting each segment’s net income (loss) attributable to Holdings for the following items:

•Items related to variable annuity product features, which include: (i) changes in the fair value of MRB and purchased MRB, including the related attributed fees and claims, offset by derivatives and other securities used to hedge the MRB which result in residual net income volatility as the change in fair value of certain securities is reflected in OCI and due to our statutory capital hedge program; and (ii) market adjustments to deposit asset or liability accounts arising from reinsurance agreements which do not expose the reinsurer to a reasonable possibility of a significant loss from insurance risk;

•Investment (gains) losses, which includes credit loss impairments of securities/investments, sales or disposals of securities/investments, realized capital gains/losses and valuation allowances;

•Net actuarial (gains) losses, which includes actuarial gains and losses as a result of differences between actual and expected experience on pension plan assets or projected benefit obligation during a given period related to pension, other postretirement benefit obligations, and the one-time impact of the settlement of the defined benefit obligation;

•Other adjustments, which primarily include restructuring costs related to severance and separation, lease write-offs related to non-recurring restructuring activities, net derivative gains (losses) on certain Non-GMxB derivatives, net investment income from certain items including consolidated VIE investments, seed capital mark-to-market adjustments, unrealized gain/losses and realized capital gains/losses from sales or disposals of select securities, certain legal accruals; a bespoke deal to repurchase UL policies from one entity that had invested in numerous policies purchased in the life settlement market, which disposed of the risk of additional COI litigation by that entity related to those UL policies, impact of the annual actuarial assumption updates attributable to LFPB when the majority of the impact relates to the non-core business; and

•Income tax expense (benefit) related to the above items and non-recurring tax items, which includes the effect of uncertain tax positions for a given audit period and changes to the deferred tax valuation allowance.

The General Account investment portfolio is used to support the insurance and annuity liabilities generated by our businesses.

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.

Revenues derived from any customer did not exceed 10% of revenues for the years ended December 31, 2025, 2024 and 2023.

The Company accounts for inter-segment sales and transfers as if the sales or transfers were to third parties, that is, at current market prices.

120

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements, Continued

The table below presents operating earnings (loss) by segment and Corporate and Other (C&O):

Year Ended December 31, 2025

Retirement

Asset Management

Wealth Management

Corporate & Other

Eliminations

Total

(in millions)

Segment revenues

6,204

4,551

1,978

3,280

(950)

15,063

Benefits and other deductions

Policyholders’ benefits

325

—

2,128

—

2,453

Interest credited to policyholders’ account balances

2,560

—

445

—

3,005

Commissions and distribution related payments

618

813

1,259

318

(915)

2,093

Amortization of deferred policy acquisition costs

591

—

198

—

789

Compensation and benefits

1,777

340

177

—

2,369

Interest expense and financing fees

—

237

(17)

248

Significant segment expenses

4,169

2,618

1,599

3,503

(932)

10,957

Other segment items (1)

279

780

446

(18)

1,570

Income taxes

(207)

(196)

(76)

—

(398)

Less: Operating (earnings) loss attributable to the noncontrolling interest

—

386

—

397

Operating earnings (loss)

1,549

571

220

(599)

—

1,741

_____________

(1)Other segment items include Remeasurement for liability for future policy benefits and Other operating expenses and costs. Additionally, other segment items reflected in Asset Management segment is primarily driven by other operating expense and costs related to general and administrative costs and promotion and servicing expenses.

Year Ended December 31, 2024

Retirement

Asset Management Wealth Management Corporate & Other Eliminations Total

(in millions)

Segment revenues

5,492

4,479

1,791

4,122

(906)

14,978

Benefits and other deductions

Policyholders’ benefits

324

—

2,372

—

2,696

Interest credited to policyholders’ account balances

1,930

—

574

—

2,504

Commissions and distribution related payments

526

742

1,133

352

(857)

1,896

Amortization of deferred policy acquisition costs

513

—

198

—

711

Compensation and benefits

1,788

314

190

—

2,377

Interest expense and financing fees

—

223

(26)

241

Significant segment expenses

3,378

2,574

1,447

3,909

(883)

10,425

Other segment items (1)

255

821

102

472

(23)

1,627

Income taxes

(257)

(178)

(60)

—

(454)

Less: Operating (earnings) loss attributable to the noncontrolling interest

—

427

—

468

Operating earnings (loss)

1,602

479

182

(259)

—

2,004

_____________

121

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements, Continued

Year Ended December 31, 2023

Retirement

Asset Management Wealth Management Corporate & Other Eliminations Total

(in millions)

Segment revenues

4,605

4,117

1,548

4,087

(810)

13,547

Benefits and other deductions

Policyholders’ benefits

299

—

2,461

—

2,760

Interest credited to policyholders’ account balances

1,469

—

572

—

2,041

Commissions and distribution related payments

417

610

968

347

(752)

1,590

Amortization of deferred policy acquisition costs

447

—

194

—

641

Compensation and benefits

1,736

285

159

—

2,265

Interest expense and financing fees

—

230

(37)

252

Significant segment expenses

2,722

2,400

1,253

3,963

(789)

9,549

Other segment items (1)

222

831

454

(21)

1,572

Income taxes

(274)

(126)

(51)

—

(393)

Less: Operating (earnings) loss attributable to the noncontrolling interest

—

349

—

370

Operating earnings (loss)

1,387

411

158

(293)

—

1,663

_____________

The table below presents a reconciliation to net income (loss) attributable to Holdings:

Year Ended December 31,

2025 2024 2023

(in millions)

Net income (loss) attributable to Holdings

(1,380)

$ 1,280 $ 1,283

Adjustments related to:

Variable annuity product (1)

2,381

637 593

Investment (gains) losses (2)

1,339

133 713

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

60 39

Other adjustments (3) (4) (5)

(75)

93 350

Income tax expense (benefit) related to above adjustments

(776)

(194) (356)

Non-recurring tax items (6)

202

(5) (959)

Operating earnings (loss)

1,741

$ 2,004 $ 1,663

_____________

(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 the assets transferred related to the reinsurance agreement with RGA for the year ended December 31, 2025. See Note 13 of the Notes to these Consolidated Financial Statements for further details.

(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 and $144 million for the year ended December 31, 2024 and 2023, respectively.

(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.

122

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements, Continued

(6)Non-recurring tax items primarily reflect the effect of uncertain tax positions for a given audit period. Includes a decrease of the deferred tax valuation allowance of $1.0 billion during year ended December 31, 2023.

Segment revenues is a measure of the Company’s revenue by segment as adjusted to exclude certain items. The following table reconciles segment revenues to total revenues by excluding 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 and changes in the fair value of the embedded derivatives reflected within the net derivative results of variable annuity product features;

•Investment (gains) losses, which includes credit loss impairments of securities/investments, sales or disposals of securities/investments, realized capital gains/losses and valuation allowances;

•Other adjustments, which primarily includes net derivative gains (losses) on certain Non-GMxB derivatives and Net investment income from certain items including consolidated VIE investments, seed capital mark-to-market adjustments and unrealized gain/losses associated with equity securities.

The table below presents revenues by segment and C&O:

Year Ended December 31,

2025 2024 2023

(in millions)

Segment revenues:

Retirement (1)

6,204

5,492

4,605

Asset Management (2)

4,551

4,479

4,117

Wealth Management (3)

1,978

1,791

1,548

Corporate and Other (1)

3,280

4,122

4,087

Eliminations

(950)

(906)

(810)

Adjustments related to:

Variable annuity product features, excluding change in MRBs

(2,289)

(2,589)

(2,408)

Investment gains (losses), net

(1,339)

(133)

(713)

Other adjustments to segment revenues

230

169

Total revenues $ 11,665 $ 12,425 $ 10,460

______________

(1)Includes investment expenses charged by AB of $159 million, $144 million and $140 million for the years ended December 31, 2025, 2024 and 2023, respectively, for services provided to the Company.

(2)Inter-segment investment management and other fees of $177 million, $166 million and $160 million for the years ended December 31, 2025, 2024 and 2023, respectively, are included in segment revenues of the Asset Management segment.

(3)Inter-segment distribution fees of $915 million, $857 million and $752 million for the years ended December 31, 2025, 2024 and 2023, respectively, are included in segment revenues of the Wealth Management segment.

Total assets by segment were as follows:

December 31,

2025 2024

(in millions)

Total assets by segment:

Retirement

196,794

173,796

Asset Management

10,386

10,137

Wealth Management

183

168

Corporate and Other

110,627

111,626

Total assets

317,990

$ 295,727

123

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements, Continued

22) EQUITY

Preferred Stock

Preferred stock authorized, issued and outstanding was as follows:

December 31,

2025 2024

Series Shares Authorized Shares

Issued Shares Outstanding Shares Authorized Shares

Issued Shares Outstanding

Series A 32,000 32,000 32,000 32,000 32,000 32,000

Series B 20,000 — — 20,000 17,773 17,773

Series C 12,000 12,000 12,000 12,000 12,000 12,000

Total 64,000 44,000 44,000 64,000 61,773 61,773

Series A Fixed Rate Noncumulative Perpetual Preferred Stock

In November and December 2019, Holdings’ issued a total of 32 million depositary shares, each representing a 1/1,000th interest in share of Series A Preferred Stock, $1.00 par value per share, with a liquidation preference of $25,000 per share, for aggregate net cash proceeds of $775 million ($800 million gross). The preferred stock ranks senior to Holdings’ common stock with respect to the payment of dividends and liquidation. Holdings’ will pay dividends on the Series A Preferred Stock on a noncumulative basis only when, as and if declared by the Company’s Board of Directors (or a duly authorized committee of the Board) and will be payable quarterly in arrears, at an annual rate of 5.25% on the stated amount per share. In connection with the issuance of the depositary shares and the underlying Series A Preferred Stock, Holdings’ incurred $25 million of issuance costs, which has been recorded as a reduction of additional paid-in capital. The Series A Preferred Stock is redeemable at Holdings’ option, in whole or in part, at a redemption price of $25,000 per share of preferred stock, plus declared and unpaid dividends.

Series B Fixed Rate Reset Noncumulative Perpetual Preferred Stock

On August 11, 2020, Holdings issued 500,000 depositary shares, each representing a 1/25th interest in a share of Series B Preferred Stock, $1.00 par value per share and liquidation preference of $25,000 per share, for aggregate net cash proceeds of $494 million ($500 million gross). The Series B Preferred Stock ranks senior to Holdings’ common stock and on parity with Holdings’ Series A Preferred Stock with respect to the payment of dividends and liquidation. Holdings will pay dividends on the Series B Preferred Stock on a noncumulative basis only when, as and if declared by the Company’s Board of Directors (or a duly authorized committee of the Board) and will be payable semi-annually in arrears, at an annual rate equal to the fixed rate of 4.950%, which is reset every 5 years starting on December 15, 2025 (“Reset Date”), at a rate per annum equal to the five-year U.S. Treasury Rate plus 4.736%.

In connection with the issuance of the depositary shares and the underlying Series B Preferred Stock, Holdings incurred $6 million of issuance costs, which have been recorded as a reduction of additional paid-in capital.

On December 19, 2024, Holdings redeemed and retired $55 million of Series B Preferred Stock. On April 11, 2025, Holdings redeemed and retired $279 million of Series B Preferred Stock. On September 30, 2025, Holdings redeemed the remaining $165 million of Series B Preferred Stock.

Series C Fixed Rate Reset Noncumulative Perpetual Preferred Stock

On January 8, 2021, Holdings issued 12,000,000 depositary shares, each representing a 1/1,000th interest in a share of the Company’s Series C Fixed Rate Noncumulative Perpetual Preferred Stock (“Series C Preferred Stock”), $1.00 par value per share and liquidation preference of $25,000 per share, for aggregate net cash proceeds of $293 million ($300 million gross). The Series C Preferred Stock ranks senior to Holdings’ common stock and on parity with Holdings’ Series A Preferred Stock and Series B Preferred Stock with respect to the payment of dividends and liquidation. Holdings will pay dividends on the Series C Preferred Stock on a noncumulative basis only when, as and if declared by the Company’s Board of Directors (or a duly authorized committee of the Board) and will be payable quarterly in arrears, at an annual rate equal to the fixed rate of 4.3%.

Dividends to Shareholders

Dividends declared per share were as follows for the periods indicated:

124

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements, Continued

Year ended December 31,

2025 2024 2023

Series A dividends declared

1,313

$ 1,313 $ 1,313

Series B dividends declared

1,238

$ 1,238 $ 1,238

Series C dividends declared

1,075

$ 1,075 $ 1,075

Common Stock

Dividends declared per share of common stock were as follows for the periods indicated:

Year Ended December 31,

2025 2024 2023

Dividends declared

1.05

$ 0.94 $ 0.86

Share Repurchase

On February 5, 2024, the Company’s Board of Directors authorized a new $1.3 billion share repurchase program. On February 13, 2025, the Company’s Board of Directors approved an additional $1.5 billion under Holdings’ share repurchase program. On September 9, 2025, the Company’s Board of Directors approved an additional $500 million under Holdings’ share repurchase program. Under these programs, the Company may, from time to time purchase shares of its common stock through various means. The Company may choose to suspend or discontinue the repurchase program at any time. The repurchase program does not obligate the Company to purchase any particular number of shares. As of December 31, 2025 Holdings had $1.0 billion of authorized capacity remaining under its share repurchase program.

For the years ended December 31, 2025, 2024 and 2023, the Company repurchased approximately 28.4 million, 25.7 million and 32.8 million shares of its common stock at a total cost of approximately $1.5 billion, $1.0 billion and $0.9 billion, respectively through open market repurchases, ASRs and privately negotiated transactions. The repurchased common stock was recorded as treasury stock in the consolidated balance sheets and the accelerated share repurchases were retired. For the years ended December 31, 2025, 2024 and 2023, the Company reissued approximately 1.8 million, 1.8 million and 1.5 million shares of its treasury stock, respectively. For the year ended December 31, 2025, 2024 and 2023, the Company retired approximately 9.5 million, 13.2 million and 17.4 million shares of its treasury stock, respectively.

The timing and amount of share repurchases are determined by management based upon market conditions and other considerations. Numerous factors could affect the timing and amount of any future repurchases under the share repurchase authorization, including increased capital needs of the Company due to changes in regulatory capital requirements, opportunities for growth and acquisitions, and the effect of adverse market conditions on the segments.

Accelerated Share Repurchase Agreement

In September 2025, Holdings established an obligation to enter into an ASR with a third-party financial institution to repurchase an aggregate of $125 million of Holdings’ common stock. Pursuant to the ASR, on October 2, 2025, Holdings made a pre-payment of $125 million and received initial delivery of 2.0 million shares. The ASR terminated in October 2025, at which time an additional 520,342 shares of common stock were received.

In June 2025, Holdings established an obligation to enter into an ASR with a third-party financial institution to repurchase an aggregate of $96 million of Holdings’ common stock. Pursuant to the ASR, on July 2, 2025, Holdings made a pre-payment of $96 million and received initial delivery of 1.4 million shares. The ASR terminated in July 2025, at which time an additional 441,333 shares of common stock were received.

In March 2025, Holdings established an obligation to enter into an ASR with a third-party financial institution to repurchase an aggregate of $38 million of Holdings’ common stock. Pursuant to the ASR, Holdings made a pre-payment of $38 million and received initial delivery of 567,270 of Holdings’ shares. The ASR terminated in April 2025, at which time an additional 201,068 shares of common stock were received.

125

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements, Continued

In March 2025, Holdings established an obligation to enter into an ASR with a third-party financial institution to repurchase an aggregate of $102 million of Holdings’ common stock. Pursuant to the ASR, on April 2, 2025, Holdings made a pre-payment of $102 million and received initial delivery of 1.6 million of Holdings’ shares. The ASR terminated in April 2025, at which time 629,617 additional shares of common stock were received.

In December 2024, Holdings established an obligation to enter into an ASR with a third-party financial institution to repurchase an aggregate of $105 million of Holdings’ common stock. Pursuant to the ASR, on January 3, 2025, Holdings made a pre-payment of $105 million and received initial delivery of 1.8 million of Holdings’ shares. The ASR terminated in February 2025, at which time 274,630 additional shares of common stock were received.

In December 2024 Holdings entered into an ASR with a third-party financial institution to repurchase an aggregate of $32 million of Holdings’ common stock. Pursuant to the ASR, Holdings made a pre-payment in December of $32 million and received initial delivery of 550,301 Holdings’ shares. The ASR terminated in January 2025, at which time an additional 105,468 shares of common stock were received.

In September 2024, Holdings established an obligation to enter into an ASR with a third-party financial institution to repurchase an aggregate of $105 million of Holdings’ common stock. Pursuant to the ASR, on October 2nd, 2024, Holdings made a pre-payment of $105 million and received initial delivery of 2 million shares. The ASR terminated in November 2024, at which time an additional 369,316 shares of common stock were received.

In September 2024, Holdings entered into an ASR with a third-party financial institution to repurchase an aggregate of $30 million of Holdings’ common stock. Pursuant to the ASR, Holdings made a pre-payment of $30 million and received initial delivery of 567,644 Holdings’ shares. The ASR terminated in October 2024, at which time an additional 133,927 shares of common stock were received.

In June 2024, Holdings established an obligation to enter into an ASR with a third-party financial institution to repurchase an aggregate of $85 million of Holdings’ common stock. Pursuant to the ASR, on July 2, 2024, Holdings made a pre-payment of $85 million and received initial delivery of 1.6 million of Holdings’ shares. The ASR terminated in August 2024, at which time an additional 366,947 shares of common stock were received.

In June 2024, Holdings entered into an ASR with a third-party financial institution to repurchase an aggregate of $35 million of Holdings’ common stock. Pursuant to the ASR, Holdings made a pre-payment of $35 million and received initial delivery of 0.7 million of Holdings’ shares. The ASR terminated in July 2024, at which time an additional 166,723 shares of common stock were received.

In March 2024, Holdings established an obligation to enter into an ASR with a third-party financial institution to repurchase an aggregate of $80 million of Holdings’ common stock. Pursuant to the ASR, on April 3, 2024, Holdings made a pre-payment of $80 million and received initial delivery of 1.7 million of Holdings’ shares. The ASR terminated in May 2024, at which time an additional 466,923 shares of common stock were received.

In March 2024, Holdings entered into an ASR with a third-party financial institution to repurchase an aggregate of $50 million of Holdings’ common stock, Pursuant to the ASR, Holdings made a pre-payment of $50 million and received initial delivery of 1.0 million of Holdings’ shares. The ASR terminated in April 2024, at which time an additional 235,302 shares of common stock were received.

In December 2023, Holdings established an obligation to enter into an ASR with a third-party financial institution to repurchase an aggregate of $95 million of Holdings’ common stock. Pursuant to the ASR, on January 4, 2024, Holdings made a pre-payment of $95 million and received initial delivery of 2.3 million shares. The ASR terminated in January 2024, at which time an additional 625,040 shares of common stock were received.

In December 2023 Holdings entered into an ASR with a third-party financial institution to repurchase an aggregate of $39 million of Holdings’ common stock. Pursuant to the ASR, Holdings made a pre-payment of $39 million and received initial delivery of 0.9 million Holdings’ shares. The ASR terminated in January 2024, at which time an additional 256,197 shares of common stock were received.

In September 2023, Holdings established an obligation to enter into an ASR with a third-party financial institution to repurchase an aggregate of $80 million of Holdings’ common stock. Pursuant to the ASR, on October 4, 2023, Holdings made a pre-payment of $80 million and received initial delivery of 2.3 million shares. The ASR terminated in October 2023, at which time an additional 596,000 shares of common stock were received.

126

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements, Continued

In September 2023, Holdings entered into an ASR with a third-party financial institution to repurchase an aggregate of $70 million of Holdings’ common stock. Pursuant to the ASR, Holdings made a pre-payment of $70 million and received initial delivery of 2.0 million Holdings’ shares. The ASR terminated in October 2023, at which time an additional 555,000 shares of common stock were received.

In June 2023, Holdings established an obligation to enter into an ASR with a third-party financial institution to repurchase an aggregate of $70 million of Holdings’ common stock. Pursuant to the ASR, on July 6, 2023, Holdings made a pre-payment of $70 million and received initial delivery of 2.0 million shares. The ASR terminated in August 2023, at which time an additional 464,000 shares of common stock were received.

In June 2023, Holdings entered into an ASR with a third-party financial institution to repurchase an aggregate of $75 million of Holdings’ common stock. Pursuant to the ASR, Holdings made a pre-payment of $75 million and received initial delivery of 2.4 million Holdings’ shares. The ASR terminated in July 2023, at which time an additional 369,000 shares of common stock were received.

In April 2023, Holdings entered into an ASR with a third-party financial institution to repurchase an aggregate of $75 million of Holdings’ common stock. Pursuant to the ASR, Holdings made a pre-payment of $75 million and received initial delivery of 2.4 million Holdings’ shares. The ASR terminated in May 2023, at which time an additional 598,000 shares of common stock were received.

In January 2023, Holdings entered into an ASR with a third-party financial institution to repurchase an aggregate of $75 million of Holdings’ common stock. Pursuant to the ASR, Holdings made a pre-payment of $75 million and received initial delivery of 2 million Holdings’ shares. The ASR terminated in February 2023, at which time an additional 424,000 shares of common stock were received.

Accumulated Other Comprehensive Income (Loss)

AOCI represents cumulative gains (losses) on items that are not reflected in net income (loss). The balances are as follows:

December 31,

2025 2024

(in millions)

Unrealized gains (losses) on investments

(4,722)

$ (7,334)

Market risk benefits - instrument -specific credit risk component

(1,166)

(1,125)

Liability for future policy benefits - current discount rate component

204

372

Defined benefit pension plans

(563)

(579)

Foreign currency translation adjustments

(58)

(88)

Total accumulated other comprehensive income (loss) (6,305) (8,754)

Less: Accumulated other comprehensive income (loss) attributable to noncontrolling interest

(25)

(42)

Accumulated other comprehensive income (loss) attributable to Holdings

(6,280)

(8,712)

127

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements, Continued

The components of OCI, net of taxes are as follows:

Year Ended December 31,

2025 2024 2023

(in millions)

Change in net unrealized gains (losses) on investments:

Net unrealized gains (losses) arising during the period

1,710

$ (874) $ 1,954

(Gains) losses reclassified into net income (loss) during the period (1)

960

47 445

Net unrealized gains (losses) on investments

2,670

(827) 2,399

Adjustments for policyholders’ liabilities, DAC, insurance liability loss recognition and other

(102)

67 (20)

Change in unrealized gains (losses), net of adjustments (net of deferred income tax expense (benefit) of $440, $(223) and $207)

2,568

(760) 2,379

Change in LFPB discount rate and MRB credit risk, net of tax

Changes in instrument-specific credit risk - market risk benefits (net of deferred income tax expense (benefit) of $(9), $(100) and $(279))

(32)

(375) (1,049)

Changes in current discount rate - liability for future policy benefits (net of deferred income tax expense (benefit) of $(35), $40, and $(36))

(133)

150

(137)

Change in defined benefit plans:

Reclassification to Net income (loss) of amortization of net prior service credit included in net periodic cost)

79 (4)

Change in defined benefit plans (net of deferred income tax expense (benefit) of $2, $(19), and $4)

79 (4)

Foreign currency translation adjustments:

Foreign currency translation gains (losses) arising during the period

(11) 15

Foreign currency translation adjustment

(11) 15

Total other comprehensive income (loss), net of income taxes

2,449

(917) 1,204

Less: Other comprehensive income (loss) attributable to noncontrolling interest

(2) 10

Other comprehensive income (loss) attributable to Holdings

2,432

$ (915) $ 1,194

______________

(1)See “reclassification adjustments” in Note 3 of the Notes to these Consolidated Financial Statements. Reclassification amounts presented net of income tax expense (benefit) of $(255) million, $(12) million and $(118) million for the years ended December 31, 2025, 2024 and 2023, respectively.

Investment gains and losses reclassified from AOCI to net income (loss) primarily consist of realized gains (losses) on sales and credit losses of AFS securities and are included in total investment gains (losses), net on the consolidated statements of income (loss). Amounts reclassified from AOCI to net income (loss) as related to defined benefit plans primarily consist of amortization of net (gains) losses and net prior service cost (credit) recognized as a component of net periodic cost and reported in compensation and benefits in the consolidated statements of income (loss). Amounts presented in the table above are net of tax.

128

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements, Continued

23) EARNINGS PER COMMON SHARE

The following table presents a reconciliation of net income (loss) and weighted-average common shares used in calculating basic and diluted EPS for the periods indicated:

Year Ended December 31,

2025 2024 2023

(in millions)

Weighted-average common shares outstanding:

Weighted-average common shares outstanding — basic

298.1

321.2 350.1

Effect of dilutive securities:

Employee share awards (1)

0.0

3.6

1.5

Weighted-average common shares outstanding — diluted

298.1

324.8

351.6

Net income (loss):

Net income (loss)

(1,037)

$ 1,796 $ 1,624

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

343

516 341

Net income (loss) attributable to Holdings

(1,380)

1,280 1,283

Less: Preferred stock dividends 61 80 80

Net income (loss) available to Holdings’ common shareholders

(1,441)

$ 1,200 $ 1,203

EPS:

Basic

(4.83)

3.74

3.44

Diluted

(4.83)

3.69

3.42

_____________

(1)Calculated using the treasury stock method.

For the years ended December 31, 2025, 2024 and 2023, 5.4 million, 2.7 million, and 3.5 million of outstanding stock awards, respectively, were not included in the computation of diluted EPS because their effect was anti-dilutive.

24) REDEEMABLE NONCONTROLLING INTEREST

The changes in the components of redeemable noncontrolling interests were as follows:

Year Ended December 31,

2025 2024 2023

(in millions)

Balance, beginning of period

125

770

455

Net earnings (loss) attributable to redeemable noncontrolling interests

Deconsolidated funds (1)

—

(1,040)

—

Purchase/change of redeemable noncontrolling interests

180

334

271

Balance, end of period

322

$ 125 $ 770

_____________

(1)During the fourth quarter of 2024, the Company deconsolidated one of its funds as it reached its deconsolidation threshold. This resulted in a $1.0 billion reduction in redeemable noncontrolling interest.

25) REVISION OF PRIOR PERIOD FINANCIAL STATEMENTS

129

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements, Continued

previously identified but uncorrected errors and errors recorded in incorrect periods including, a) pension liability overstatement due to a reconciling item, b) incorrect FX impacting the FABN carrying value, c) incorrect inputs ratio in our MRB modeling and incorrect inputs in the deposit accounting calculation, d) the hedging impact of TIPS hedging income was incorrectly recorded in AOCI, e) error in the manual accrual in an input calculation in the treasury package overstating Policyholders’ account balance and Interest credited to policyholders, f) incorrect actuarial indication impacting the Liability for MRB and purchased MRB, and g) incorrect allocation of earned premiums to loss ratio impacting reserves.

Management assessed the materiality of this change within prior period financial statements based upon SEC Staff Accounting Bulletin Number 99, Materiality, which is since codified in ASC 250, Accounting Changes and Error Corrections. The prior period comparative financial statements that are presented herein have been revised.

The following tables present line items for prior period financial statements that have been affected by the revision. For these line items, the tables detail the amounts as previously reported, the impact upon those line items due to the revision, and the amounts as currently revised within the financial statements. Prior period disclosures have also been revised where applicable.

130

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements, Continued

December 31, 2024

As Previously

Reported Impact of Revisions As Revised

(in millions)

Consolidated Balance Sheets:

ASSETS

Trading securities, at fair value $ 1,095 $ (6) $ 1,089

Total investments 116,447 (6) 116,441

Amounts due from reinsurers 8,044 (145) 7,899

Current and deferred income taxes 1,997 6 2,003

Separate Accounts assets 134,711 6 134,717

Total Assets $ 295,866 $ (139) $ 295,727

LIABILITIES

Policyholders’ account balances $ 110,965 $ (36) $ 110,929

Amounts due to reinsurers 1,407 14 1,421

Other liabilities 7,135 (103) 7,032

Separate Accounts liabilities 134,711 6 134,717

Total Liabilities 292,298 (119) 292,179

EQUITY

Retained earnings 10,647 (20) 10,627

Total equity attributable to Holdings 1,585 (20) 1,565

Total Equity 3,443 (20) 3,423

Total Equity and Redeemable NCI 3,568 (20) 3,548

Total Liabilities, Redeemable Noncontrolling Interest and Equity $ 295,866 $ (139) $ 295,727

December 31, 2023

As Previously

Reported Impact of Revisions As Revised

(in millions)

Consolidated Balance Sheets:

ASSETS

Amounts due from reinsurers $ 8,352 $ (155) $ 8,197

Current and deferred income taxes 2,050 4 2,054

Purchased market risk benefits 9,427 28 9,455

Other assets 3,323 1 3,324

Assets for market risk benefits 591 3 594

Total Assets $ 276,814 $ (119) $ 276,695

LIABILITIES

Policyholders’ account balances $ 95,673 $ (30) $ 95,643

Liability for market risk benefits 14,612 18 14,630

Future policy benefits and other policyholders’ liabilities 17,363 11 17,374

Amounts due to reinsurers 1,450 7 1,457

Other liabilities 6,088 (112) 5,976

Total Liabilities 271,656 (106) 271,550

EQUITY

Retained earnings 10,243 7 10,250

Accumulated other comprehensive income (loss) (7,777) (20) (7,797)

Total equity attributable to Holdings 2,649 (13) 2,636

Total Equity 4,388 (13) 4,375

Total Equity and Redeemable NCI 5,158 (13) 5,145

Total Liabilities, Redeemable Noncontrolling Interest and Equity $ 276,814 $ (119) $ 276,695

131

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements, Continued

Year Ended December 31, 2024

As Previously

Reported Impact of Revisions As Revised

(in millions, except per share data)

Consolidated Statements of Income (Loss)

REVENUES

Premiums $ 1,162 $ 10 $ 1,172

Net investment income (loss) 4,896 (15) 4,881

Other income 1,305 (7) 1,298

Total revenues 12,437 (12) 12,425

BENEFITS AND OTHER DEDUCTIONS

Remeasurement of liability for future policy benefits 6 (12) (6)

Change in market risk benefits and purchased market risk benefits (1,971) 31 (1,940)

Interest credited to policyholders’ account balances 2,499 (6) 2,493

Compensation and benefits 2,441 10 2,451

Total benefits and other deductions 10,326 23 10,349

Income (loss) from continuing operations, before income taxes 2,111 (35) 2,076

Income tax (expense) benefit (288) 8 (280)

Net income (loss) 1,823 (27) 1,796

Less: Net (income) loss attributable to the noncontrolling interest 516 — 516

Net income (loss) attributable to Holdings 1,307 (27) 1,280

Less: Preferred stock dividends 80 — 80

Net income (loss) available to Holdings’ common shareholders $ 1,227 $ (27) $ 1,200

EARNINGS PER COMMON SHARE

Basic $ 3.82 $ (0.08) $ 3.74

Diluted $ 3.78 $ (0.09) $ 3.69

Shares Outstanding:

Basic 321.2 — 321.2

Diluted 324.8 — 324.8

132

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements, Continued

Year Ended December 31, 2023

As Previously

Reported Impact of Revisions As Revised

(in millions, except per share data)

Consolidated Statements of Income (Loss)

REVENUES

Premiums $ 1,104 $ (9) $ 1,095

Net investment income (loss) 4,320 (50) 4,270

Other income 1,014 (9) 1,005

Total revenues 10,528 (68) 10,460

BENEFITS AND OTHER DEDUCTIONS

Remeasurement of liability for future policy benefits 75 11 86

Change in market risk benefits and purchased market risk benefits (1,807) (8) (1,815)

Interest credited to policyholders’ account balances 2,083 (42) 2,041

Compensation and benefits 2,328 (5) 2,323

Total benefits and other deductions 9,790 (44) 9,746

Income (loss) from continuing operations, before income taxes 738 (24) 714

Income tax (expense) benefit 905 5 910

Net income (loss) 1,643 (19) 1,624

Less: Net (income) loss attributable to the noncontrolling interest 341 — 341

Net income (loss) attributable to Holdings 1,302 (19) 1,283

Less: Preferred stock dividends 80 — 80

Net income (loss) available to Holdings’ common shareholders $ 1,222 $ (19) $ 1,203

EARNINGS PER COMMON SHARE

Basic $ 3.49 $ (0.05) $ 3.44

Diluted $ 3.48 $ (0.06) $ 3.42

Shares Outstanding:

Basic 350.1 — 350.1

Diluted 351.6 — 351.6

Year Ended December 31, 2024

As Previously

Reported Impact of Revisions As Revised

(in millions)

Consolidated Statements of Comprehensive Income (Loss)

Net income (loss) $ 1,823 $ (27) $ 1,796

Other comprehensive income (loss) net of income taxes:

Change in market risk benefits - instrument-specific credit risk (389) 14 (375)

Change in defined benefit plan related items not yet recognized in periodic benefit cost, net of reclassification adjustment 73 6 79

Total other comprehensive income (loss), net of income taxes (937) 20 (917)

Comprehensive income (loss) 886 (7) 879

Less: Comprehensive income (loss) attributable to the noncontrolling interest 514 — 514

Comprehensive income (loss) attributable to Holdings $ 372 $ (7) $ 365

133

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements, Continued

Year Ended December 31, 2023

As Previously

Reported Impact of Revisions As Revised

(in millions)

Consolidated Statements of Comprehensive Income (Loss)

Net income (loss) $ 1,643 $ (19) $ 1,624

Other comprehensive income (loss) net of income taxes:

Change in unrealized gains (losses), net of reclassification adjustment 2,377 2 2,379

Change in market risk benefits - instrument-specific credit risk (1,027) (22) (1,049)

Change in defined benefit plan related items not yet recognized in periodic benefit cost, net of reclassification adjustment (3) (1) (4)

Total other comprehensive income (loss), net of income taxes 1,225 (21) 1,204

Comprehensive income (loss) 2,868 (40) 2,828

Less: Comprehensive income (loss) attributable to the noncontrolling interest 351 — 351

Comprehensive income (loss) attributable to Holdings $ 2,517 $ (40) $ 2,477

Year Ended December 31, 2024

As Previously

Reported Impact of Revisions As Revised

(in millions)

Consolidated Statements of Equity:

Equity, beginning of period

$ 4,388 $ (13) $ 4,375

Total Holdings’ equity, beginning of period

2,649 (13) 2,636

Retained earnings, beginning of year 10,243 7 10,250

Net income (loss) attributable to Holdings 1,307 (27) 1,280

Retained earnings, end of period 10,647 (20) 10,627

Accumulated other comprehensive income (loss), beginning of year (7,777) (20) (7,797)

Other comprehensive income (loss) (935) 20 (915)

Accumulated other comprehensive income (loss), end of period (8,712) — (8,712)

Total Holdings’ equity, end of period 1,585 (20) 1,565

Total equity, end of period $ 3,443 $ (20) $ 3,423

Year Ended December 31, 2023

As Previously

Reported Impact of Revisions As Revised

(in millions)

Consolidated Statements of Equity:

Equity, beginning of period

$ 3,141 $ 27 $ 3,168

Total Holdings’ equity, beginning of period 1,401 27 1,428

Retained earnings, beginning of year 9,825 26 9,851

Net income (loss) attributable to Holdings 1,302 (19) 1,283

Retained earnings, end of period 10,243 7 10,250

Accumulated other comprehensive income (loss), beginning of year (8,992) 1 (8,991)

Other comprehensive income (loss) 1,215 (21) 1,194

Accumulated other comprehensive income (loss), end of period (7,777) (20) (7,797)

Total Holdings’ equity, end of period 2,649 (13) 2,636

Total equity, end of period $ 4,388 $ (13) $ 4,375

134

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements, Continued

Year Ended December 31, 2024

As Previously

Reported Impact of Revisions As Revised

(in millions)

Consolidated Statements of Cash Flows:

Cash flows from operating activities:

Net income (loss) $ 1,823 $ (27) $ 1,796

Adjustments to reconcile Net income (loss) to Net cash provided by (used in) operating activities:

Interest credited to policyholders’ account balances 2,499 (6) 2,493

Realized and unrealized (gains) losses on trading securities (88) 6 (82)

Amortization and depreciation 860 8 868

Remeasurement of liability for future policy benefits 6 (12) (6)

Change in market risk benefits (1,971) 31 (1,940)

Reinsurance recoverable (866) (2) (868)

Current and deferred income taxes 322 (7) 315

Other, net 117 9 126

Net cash provided by (used in) operating activities $ 2,006 $ — $ 2,006

Year Ended December 31, 2023

As Previously

Reported Impact of Revisions As Revised

(in millions)

Consolidated Statements of Cash Flows:

Cash flows from operating activities:

Net income (loss) $ 1,643 $ (19) $ 1,624

Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:

Interest credited to policyholders’ account balances 2,083 (42) 2,041

Amortization and depreciation 812 9 821

Remeasurement of liability for future policy benefits 75 11 86

Change in market risk benefits

(1,807) (8) (1,815)

Reinsurance recoverable (1,471) 2 (1,469)

Current and deferred income taxes (1,163) (5) (1,168)

Other, net (239) 52 (187)

Net cash provided by (used in) operating activities $ (208) $ — $ (208)

135

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements, Continued

26) SUBSEQUENT EVENTS

Accelerated Share Repurchase Agreement

In December 2025, Holdings established an obligation to enter into an ASR with a third-party financial institution to repurchase an aggregate of $100 million of Holdings’ common stock. Pursuant to the ASR, on January 6, 2026, Holdings made a pre-payment of $100 million and received initial delivery of 1.7 million shares. The ASR terminated in January 2026, at which time an additional 446,241 shares of common stock were received.

Share Repurchase Authority

On February 11, 2026, Holdings’s Board approved an additional $1.0 billion share repurchase program. As of December 31, 2025, Holdings had $1.0 billion of authorized capacity remaining under its prior authorizations. The repurchase program does not obligate Holdings to purchase any particular number of shares. See Note 22 of the Notes to these Consolidated Financial Statements for additional details on the repurchase program.

136

Table of Contents

EQUITABLE HOLDINGS, INC.

SCHEDULE I

SUMMARY OF INVESTMENTS — OTHER THAN INVESTMENTS IN RELATED PARTIES

AS OF DECEMBER 31, 2025

Cost (1)

Fair Value

Carrying

Value

(in millions)

Fixed maturities, AFS:

U.S. government, agencies and authorities

5,040

3,737

State, municipalities and political subdivisions

378

310

Foreign governments

556

482

Public utilities

7,873

7,319

All other corporate bonds

40,320

37,522

Residential mortgage-backed

7,093

7,086

Asset-backed

15,978

16,058

Commercial mortgage-backed

4,814

4,590

Redeemable preferred stocks

Total fixed maturities, AFS

82,106

77,162

Fixed maturities, at fair value using the fair value option

3,001

2,943

Mortgage loans on real estate (2)

23,031

21,957

22,718

Policy loans

1,862

1,958

1,862

Other equity investments

3,162

3,779

Trading securities

1,457

1,572

Other invested assets

10,968

Total Investments

125,587

120,339

121,004

______________

(1)Cost for fixed maturities represents original cost, reduced by repayments and write-downs and adjusted for amortization of premiums or accretion of discount; cost for equity securities represents original cost reduced by write-downs; cost for other limited partnership interests represents original cost adjusted for equity in earnings and reduced by distributions.

(2)Carrying value for mortgage loans on real estate represents original cost adjusted for amortization of premiums or accretion of discount and reduced by credit loss allowance. Includes mortgage loans carried at fair value using the fair value option of $50 million.

137

Table of Contents

EQUITABLE HOLDINGS, INC.

SCHEDULE II

Balance Sheets (Parent Company)

December 31, 2025 and 2024

December 31,

2025 2024

(in millions, except share amounts)

ASSETS

Investment in consolidated subsidiaries $ 1,501 $ 2,848

Fixed maturities available-for-sale, at fair value (amortized cost of $0 and $251) — 248

Other equity investments 340 359

Total investments 1,841 3,455

Cash and cash equivalents 1,154 1,628

Goodwill and other intangible assets, net 1,203 1,216

Loans to affiliates 810 710

Receivable from affiliates 364 873

Current and deferred income taxes assets 1,196 753

Other assets 105 230

Total Assets $ 6,673 $ 8,865

LIABILITIES

Long-term debt $ 3,835 $ 3,833

Employee benefits liabilities 844 758

Loans from affiliates 1,900 1,900

Payable to affiliates 69 680

Other liabilities 99 109

Total Liabilities $ 6,747 $ 7,280

EQUITY ATTRIBUTABLE TO HOLDINGS

Preferred stock and additional paid-in capital, $1 par value and $25,000 liquidation preference $ 1,068 $ 1,507

Common stock, $0.01 par value, 2,000,000,000 shares authorized; 468,341,734 and 477,801,636 shares issued, respectively; 283,358,187 and 309,900,248 shares outstanding, respectively 5 5

Additional paid-in capital 1,932 2,336

Treasury stock, at cost, 184,983,547 and 167,901,388 shares, respectively (5,165) (4,198)

Retained earnings 8,366 10,647

Accumulated other comprehensive income (loss) (6,280) (8,712)

Total equity attributable to Holdings (74) 1,585

Total Liabilities and Equity Attributable to Holdings $ 6,673 $ 8,865

The financial information of Holdings should be read in conjunction with the Consolidated Financial Statements and Notes thereto.

138

Table of Contents

EQUITABLE HOLDINGS, INC.

SCHEDULE II

Statements of Income (Loss) and Comprehensive Income (Loss) (Parent Company)

Years Ended December 31, 2025, 2024, and 2023

Year Ended December 31,

2025 2024 2023

(in millions)

REVENUES

Equity in income (losses) from continuing operations of consolidated subsidiaries

(1,550)

1,439

1,355

Net investment income (loss)

120

106

Investment gains (losses), net

—

Other income

(1)

—

Total revenues

(1,463)

1,563

1,461

EXPENSES

Interest expense

290

298

291

Other operating costs and expenses

Total expenses

340

341

328

Income (loss) from continuing operations, before income taxes

(1,803)

1,222

1,133

Income tax (expense) benefit

423

169

Net income (loss) attributable to Holdings

(1,380)

1,307

1,302

Less: Preferred stock dividends

Net income (loss) available to Holdings' common shareholders

(1,441)

1,227

1,222

COMPREHENSIVE INCOME (LOSS)

Net income (loss)

(1,380)

1,307

1,302

Other comprehensive income (loss) net of income taxes:

Change in net unrealized gains (losses) on investments

368

Change in defined benefit plans

(6)

(10)

Equity in net other comprehensive income (loss) from continuing operations of consolidated subsidiaries

2,435

(1,363)

1,201

Total other comprehensive income (loss), net of income taxes

2,432

(935)

1,215

Comprehensive income (loss)

1,052

372

2,517

The financial information of Holdings should be read in conjunction with the Consolidated Financial Statements and Notes thereto.

139

Table of Contents

EQUITABLE HOLDINGS, INC.

SCHEDULE II

Statements of Cash Flows (Parent Company)

Years Ended December 31, 2025, 2024, and 2023

Year Ended December 31,

2025 2024 2023

(in millions)

Net income (loss) attributable to Holdings

(1,380)

1,307

1,302

Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:

Investment (gains) losses

(2)

(3)

—

Equity in net (earnings) loss of subsidiaries

1,550

(1,439)

(1,355)

Non-cash long term incentive compensation expense

Amortization and depreciation

Equity (income) loss limited partnerships

—

(1)

Dividends from subsidiaries

2,641

1,499

2,442

Changes in:

Current and deferred taxes

(435)

(68)

(150)

Other, net

(6)

Net cash provided by (used in) operating activities

2,554

1,426

2,394

Cash flows from investing activities:

Proceeds from the sale/maturity/prepayment of:

Fixed maturities, available-for-sale

652

1,270

228

Short-term investments

—

1,000

Other

—

Payment for the purchase/origination of:

Fixed maturities, available-for-sale

(401)

(481)

(10)

Short-term investments

—

(544)

Other

(18)

—

(10)

Net issuance on credit facilities to affiliates

(100)

190

Other, net

—

Net cash provided by (used in) investing activities

171

997

754

Cash flows from financing activities:

Redemption of preferred stock

(449)

(55)

—

Change in short-term financings

—

(520)

Issuance of long-term debt

495

—

497

Repayment of long-term debt

(500)

(565)

—

Shareholder dividends paid

(314)

(302)

(301)

Preferred dividends paid

(61)

(80)

Purchase of treasury shares

(1,450)

(1,014)

(919)

Capital contribution to subsidiaries

—

(1,142)

Contribution to subsidiary to reimburse tax share of shared based compensation

(147)

—

Purchase of AllianceBernstein Units

(761)

(185)

—

Other, net

(12)

(2)

Net cash provided by (used in) financing activities

(3,199)

(2,187)

(2,467)

Change in cash and cash equivalents

(474)

236

681

Cash and cash equivalents, beginning of period

1,628

1,392

711

Cash and cash equivalents, end of period

1,154

1,628

1,392

Supplemental cash flow information:

Interest paid

205

192

185

Income taxes (refunded) paid

(17)

140

Table of Contents

EQUITABLE HOLDINGS, INC.

SCHEDULE II

Year Ended December 31,

2025 2024 2023

Non-cash transactions from investing and financing activities:

Change in investment in subsidiary to equity investment $ —

138

—

The financial information of Holdings should be read in conjunction with the Consolidated Financial Statements and Notes thereto.

141

Table of Contents

EQUITABLE HOLDINGS, INC.

SCHEDULE II

NOTES TO PARENT COMPANY FINANCIAL STATEMENTS

1) BASIS OF PRESENTATION

The financial information of Holdings should be read in conjunction with the Consolidated Financial Statements and Notes thereto. The Company is the holding company for a diversified financial services organization.

2) LOANS TO AFFILIATES

On November 4, 2019, Holdings made available to AB a $900 million committed, unsecured senior credit facility (the “EQH Facility”). The EQH Facility was amended and restated as of August 30, 2024, extending the maturity date to August 31, 2029. There were no other significant changes included in the amendment. The EQH Facility is available for AB’s general business purposes. Borrowings by AB under the EQH Facility generally bear interest at a rate per annum based on prevailing overnight commercial paper rates. The EQH Facility contains affirmative, negative and financial covenants which are substantially similar to those in AB’s committed bank facilities. The EQH Facility also includes customary events of default substantially similar to those in AB’s committed bank facilities, including provisions under which, upon the occurrence of an event of default, all outstanding loans may be accelerated and/or the lender’s commitment may be terminated. Amounts under the EQH Facility may be borrowed, repaid and re-borrowed by AB from time to time until the maturity of the facility. AB or Holdings may reduce or terminate the commitment at any time without penalty upon proper notice. Holdings also may terminate the facility immediately upon a change of control of the general partner. As of December 31, 2025 and 2024, AB had $810 million and $710 million outstanding under the EQH Facility with interest rates of approximately 3.7% and 4.3%, respectively.

3) LOANS FROM AFFILIATES

In June 2021, Holdings received a $1.0 billion 10-year term loan from Equitable Financial. The loan has an interest rate of 3.23% and matures in June 2031. The amount outstanding on the loan at both December 31, 2025 and 2024, was $1.0 billion.

In November 2019, Holdings received a $900 million loan from Equitable Financial that matured November 4, 2024. The loan was reissued on November 4, 2024, with an interest rate of one- month CME Term SOFR plus 1.25%. The loan matures on November 4, 2029. In December 2025, $500 million of the loan was sold from Equitable Financial to Equitable America.The amount outstanding on the loan at both December 31, 2025 and 2024 was $900 million.

Interest cost related to loans from affiliates totaled $82 million, $88 million and $90 million for the years ended December 31, 2025, 2024 and 2023, respectively.

4) INCOME TAXES

Holdings and certain of its consolidated subsidiaries and affiliates file a consolidated federal income tax return. Holdings has tax sharing agreements with certain of its subsidiaries and generally will either receive or pay these subsidiaries for utilization of the subsidiaries’ tax benefits or expense. Holdings settles these amounts annually.

5) ISSUANCE OF SERIES A, SERIES B AND SERIES C FIXED RATE NONCUMULATIVE PERPETUAL PREFERRED STOCK

See Note 22 of the Notes to the Consolidated Financial Statements.

6) SHARE REPURCHASE

See Note 22 of the Notes to the Consolidated Financial Statements.

142

Table of Contents

EQUITABLE HOLDINGS, INC.

SCHEDULE III

SUPPLEMENTARY INSURANCE INFORMATION

AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2025

Retirement

Asset Management

Wealth Management

Corporate and Other

Elim-inations

Total

(in millions)

Deferred policy acquisition costs

5,163

—

2,360

—

7,523

Policyholders’ account balances

118,537

—

14,896

—

133,433

Future policy benefits and other policyholders’ liabilities

5,318

—

12,342

—

17,660

Policy charges and premium revenue

1,217

—

1,997

—

3,214

Net derivative gains (losses)

(2,268)

(29)

—

223

(2,055)

Net investment income (loss)

4,294

785

123

5,234

Policyholders’ benefits and interest credited

2,896

—

2,515

—

5,411

Amortization of deferred policy acquisition costs

591

—

198

—

789

All other operating expenses (1)

789

3,493

1,683

1,644

(951)

6,658

AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2024

Retirement

Asset Management Wealth Management

Corporate and Other

Elim-inations

Total

(in millions)

Deferred policy acquisition costs

$ 4,780 $ — $ — $ 2,390 $ — $ 7,170

Policyholders’ account balances

96,407 — — 14,522 — 110,929

Future policy benefits and other policyholders’ liabilities

5,122 — — 12,491 — 17,613

Policy charges and premium revenue 1,180 — — 2,487 — 3,667

Net derivative gains (losses) (2,557) (7) — (9) 22 (2,551)

Net investment income (loss) 3,680 13 17 1,075 96 4,881

Policyholders’ benefits and interest credited 2,242 — — 2,947 — 5,189

Amortization of deferred policy acquisition costs 513 — — 198 — 711

All other operating expenses (1)

250 3,364 1,550 191 (906) 4,449

AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2023

Retirement

Asset Management Wealth Management Corporate and Other Elim-inations Total

(in millions)

Deferred policy acquisition costs

$ 4,333 $ — $ — $ 2,372 $ — $ 6,705

Policyholders’ account balances

80,227 — — 15,416 — 95,643

Future policy benefits and other policyholders' liabilities

4,539 — — 12,835 — 17,374

Policy charges and premium revenue 1,059 — — 2,416 — 3,475

Net derivative gains (losses) (2,338) (16) — (62) 19 (2,397)

Net investment income (loss) 2,981 49 13 1,144 83 4,270

Policyholders’ benefits and interest credited 1,768 — — 3,027 — 4,795

Amortization of deferred policy acquisition costs 447 — — 194 — 641

All other operating expenses (1)

129 3,350 1,341 300 (810) 4,310

_____________

(1)Operating expenses are allocated to segments.

143

Table of Contents

EQUITABLE HOLDINGS, INC.

SCHEDULE IV

REINSURANCE (1)

AS OF AND FOR THE YEARS ENDED DECEMBER 31, 2025, 2024 AND 2023

Gross Amount

Ceded to Other Companies

Assumed from Other Companies

Net Amount

Percentage of Amount Assumed to Net

(in millions)

2025

Life insurance in-force

491,171

230,322

10,866

271,715

4.0

Premiums:

Life insurance and annuities

817

240

172

749

23.0

Accident and health

341

(7)

297

(2.4)

Total premiums

1,158

277

165

1,046

15.8

2024

Life insurance in-force $ 480,603 $ 193,507 $ 11,817 $ 298,913 4.0 %

Premiums:

Life insurance and annuities $ 931 $ 210 $ 168 $ 889 18.9 %

Accident and health 314 37 6 283 2.1 %

Total premiums $ 1,245 $ 247 $ 174 $ 1,172 14.8 %

2023

Life insurance in-force $ 485,692 $ 166,167 $ 30,706 $ 350,231 8.8 %

Premiums:

Life insurance and annuities $ 905 $ 197 $ 157 $ 865 18.2 %

Accident and health 270 48 8 230 3.5 %

Total premiums $ 1,175 $ 245 $ 165 $ 1,095 15.1 %

______________

(1)Includes amounts related to the discontinued group life and health business.

144

EX-99.2

Filename: exhibit992-8xk.htm · Sequence: 4

Document

Exhibit 99.2

TABLE OF CONTENTS

Page

PART I - FINANCIAL INFORMATION

Item 1.

Consolidated Financial Statements

Consolidated Balance Sheets, June 30, 2026 (Unaudited) and December 31, 2025

Consolidated Statements of Income (Loss), Three and Six Months Ended June 30, 2026 and 2025 (Unaudited)

Consolidated Statements of Comprehensive Income (Loss), Three and Six Months Ended June 30, 2026 and 2025 (Unaudited)

Consolidated Statements of Equity, Three and Six Months Ended June 30, 2026 and 2025 (Unaudited)

Consolidated Statements of Cash Flows, Six Months Ended June 30, 2026 and 2025 (Unaudited)

Notes to Consolidated Financial Statements:

Note 1 - Organization

Note 2 - Significant Accounting Policies

Note 3 - Investments

Note 4 - Derivatives

Note 5 - Closed Block

Note 6 - DAC and Other Deferred Assets/Liabilities

Note 7 - Fair Value Disclosures

Note 8 - Liabilities for Future Policyholder Benefits

Note 9 - Market Risk Benefits

Note 10 - Policyholder Account Balances

Note 11 - Employee Benefit Plans

Note 12 - Income Taxes

Note 13 - Equity

Note 14 - Redeemable Noncontrolling Interest

Note 15 - Commitments and Contingent Liabilities

Note 16 - Business Segment Information

Note 17 - Insurance Statutory Financial Information

Note 18 - Earnings per Common Share

Table of Contents

EQUITABLE HOLDINGS, INC.

Consolidated Balance Sheets

June 30, 2026 (Unaudited) and December 31, 2025

June 30, 2026 December 31, 2025

(in millions, except share data)

ASSETS

Investments:

Fixed maturities available-for-sale, at fair value (amortized cost of $86,013 and $82,106) (allowance for credit losses of $7 and $0)

$ 80,191 $ 77,162

Fixed maturities, at fair value using the fair value option (1)

2,948 2,943

Mortgage loans on real estate (net of allowance for credit losses of $322 and $313) (1)

24,795 22,668

Mortgage loans, at fair value using the fair value option

71 50

Policy loans

1,846 1,862

Other equity investments (1) 3,635 3,779

Trading securities, at fair value 1,749 1,572

Other invested assets (1) 10,616 10,968

Total investments 125,851 121,004

Cash and cash equivalents (1) 17,183 12,462

Cash and securities segregated, at fair value 229 499

Broker-dealer related receivables 2,291 2,162

Deferred policy acquisition costs 7,638 7,523

Goodwill and other intangible assets, net 5,335 5,309

Amounts due from reinsurers (allowance for credit losses of $7 and $7)

20,744 20,127

Current and deferred income taxes 2,986 2,577

Purchased market risk benefits 4,710 5,260

Other assets (1) 3,744 3,771

Assets for market risk benefits 940 752

Separate Accounts assets 143,006 136,544

Total Assets $ 334,657 $ 317,990

LIABILITIES

Policyholders’ account balances

$ 146,445 $ 133,433

Liability for market risk benefits 8,816 10,153

Future policy benefits and other policyholders’ liabilities

17,372 17,660

Broker-dealer related payables 798 1,370

Customer related payables 2,051 1,937

Amounts due to reinsurers 1,155 1,542

Short-term debt — 25

Long-term debt 3,839 3,835

Notes issued by consolidated variable interest entities, at fair value using the fair value option (1) 3,128 2,702

Other liabilities (1) 6,824 7,001

Separate Accounts liabilities 143,006 136,544

Total Liabilities $ 333,434 $ 316,202

Redeemable noncontrolling interest (1) (2) $ 365 $ 322

Commitments and contingent liabilities (3)

EQUITY

Equity attributable to Holdings:

Preferred stock and additional paid-in capital, $1 par value and $25,000 liquidation preference

$ 1,068 $ 1,068

Common stock, $0.01 par value, 2,000,000,000 shares authorized; 466,227,784 and 468,341,734 shares issued, respectively; 273,083,312 and 283,358,187 shares outstanding, respectively

5 5

Additional paid-in capital 1,939 1,932

Treasury stock, at cost, 193,144,472 and 184,983,547 shares, respectively

(5,559) (5,165)

Retained earnings 8,227 8,366

Accumulated other comprehensive income (loss) (6,465) (6,280)

Total equity attributable to Holdings (785) (74)

Noncontrolling interest 1,643 1,540

Total Equity 858 1,466

Total Liabilities, Redeemable Noncontrolling Interest and Equity $ 334,657 $ 317,990

______________

(1) See Note 2 of the Notes to these Consolidated Financial Statements for details of balances with VIEs.

(2) See Note 14 of the Notes to these Consolidated Financial Statements for details of redeemable noncontrolling interest.

(3) See Note 15 of the Notes to these Consolidated Financial Statements for details of commitments and contingent liabilities.

See Notes to Consolidated Financial Statements (Unaudited).

Table of Contents

EQUITABLE HOLDINGS, INC.

Consolidated Statements of Income (Loss)

Three and Six Months Ended June 30, 2026 and 2025 (Unaudited)

Three Months Ended June 30, Six Months Ended June 30,

2026 2025 2026 2025

(in millions, except per share data)

REVENUES

Policy charges and fee income $ 426 $ 626 $ 855 $ 1,262

Premiums 268 260 508 564

Net derivative gains (losses) (2,055) (1,374) (1,475) (575)

Net investment income (loss) 1,397 1,355 2,681 2,603

Investment gains (losses), net:

Credit and intent to sell losses on available-for-sale debt securities and loans

(44) (54) (37) (54)

Other investment gains (losses), net (21) (17) (57) (31)

Total investment gains (losses), net (65) (71) (94) (85)

Investment management and service fees 1,328 1,272 2,655 2,557

Other income 359 294 758 612

Total revenues 1,658 2,362 5,888 6,938

BENEFITS AND OTHER DEDUCTIONS

Policyholders’ benefits 435 787 820 1,546

Remeasurement of liability for future policy benefits (15) (13) (6) (15)

Change in market risk benefits and purchased market risk benefits (1,001) (606) (676) 66

Interest credited to policyholders’ account balances 834 796 1,604 1,474

Compensation and benefits 642 592 1,267 1,193

Commissions and distribution-related payments 562 488 1,118 989

Interest expense 56 61 118 116

Amortization of deferred policy acquisition costs 214 193 423 381

Other operating costs and expenses 424 427 826 1,377

Total benefits and other deductions 2,151 2,725 5,494 7,127

Income (loss) from continuing operations, before income taxes (493) (363) 394 (189)

Income tax (expense) benefit 140 80 (16) 56

Net income (loss) (353) (283) 378 (133)

Less: Net income (loss) attributable to the noncontrolling interest (1) 100 66 210 153

Net income (loss) attributable to Holdings (453) (349) 168 (286)

Less: Preferred stock dividends 13 18 27 32

Net income (loss) available to Holdings’ common shareholders $ (466) $ (367) $ 141 $ (318)

EARNINGS PER COMMON SHARE

Net income (loss) applicable to Holdings’ common shareholders per common share:

Basic $ (1.68) $ (1.21) $ 0.50 $ (1.04)

Diluted $ (1.68) $ (1.21) $ 0.50 $ (1.04)

Weighted average common shares outstanding (in millions):

Basic 278.3 303.2 279.8 305.5

Diluted 278.3 303.2 281.6 305.5

______________

(1) Includes redeemable noncontrolling interest. See Note 14 of the Notes to these Consolidated Financial Statements for details of redeemable noncontrolling interest.

See Notes to Consolidated Financial Statements (Unaudited).

Table of Contents

EQUITABLE HOLDINGS, INC.

Consolidated Statements of Comprehensive Income (Loss)

Three and Six Months Ended June 30, 2026 and 2025 (Unaudited)

Three Months Ended June 30, Six Months Ended June 30,

2026 2025 2026 2025

(in millions)

COMPREHENSIVE INCOME (LOSS)

Net income (loss) $ (353) $ (283) $ 378 $ (133)

Other comprehensive income (loss) net of income taxes:

Change in unrealized gains (losses), net of reclassification adjustment (6) 309 (641) 918

Change in market risk benefits - instrument-specific credit risk (170) (170) 351 414

Change in liability for future policy benefits - current discount rate (1) (29) 59 (92)

Change in defined benefit plan related items not yet recognized in periodic benefit cost, net of reclassification adjustment 11 9 49 26

Foreign currency translation adjustment 1 26 (5) 37

Total other comprehensive income (loss), net of income taxes (165) 145 (187) 1,303

Comprehensive income (loss) (518) (138) 191 1,170

Less: Comprehensive income (loss) attributable to the noncontrolling interest 100 76 208 176

Comprehensive income (loss) attributable to Holdings $ (618) $ (214) $ (17) $ 994

See Notes to Consolidated Financial Statements (Unaudited).

EQUITABLE HOLDINGS, INC.

Consolidated Statements of Equity

For the Three and Six Months Ended June 30, 2026 and 2025 (Unaudited)

Three Months Ended June 30,

Equity Attributable to Holdings

(in millions)

Balance, beginning of period $ 1,068 $ 5 $ 1,915 $ (5,190) $ 8,775 $ (6,300) $ 273 $ 1,587 $ 1,860

Stock compensation — — 25 2 — — 27 14 41

Purchase of treasury stock — — 1 (367) — — (366) — (366)

Reissuance of treasury stock — — — — 1 — 1 — 1

Retirement of common stock — — — — — — — — —

Purchase of AB Holding units — — — — — — — (21) (21)

Dividends paid to noncontrolling interest — — — — — — — (86) (86)

Dividends on common stock (cash dividends declared per common share of $0.30)

— — — — (83) — (83) — (83)

Dividends on preferred stock — — — — (13) — (13) — (13)

Net income (loss) — — — — (453) — (453) 82 (371)

Other comprehensive income (loss) — — — — — (165) (165) — (165)

Other — — (2) (4) — — (6) 67 61

June 30, 2026 $ 1,068 $ 5 $ 1,939 $ (5,559) $ 8,227 $ (6,465) $ (785) $ 1,643 $ 858

Balance, beginning of period $ 1,507 $ 5 $ 2,305 $ (4,296) $ 10,447 $ (7,567) $ 2,401 $ 1,804 $ 4,205

Stock compensation — — 19 1 — — 20 3 23

Purchase of treasury stock — — 15 (250) — — (235) — (235)

Reissuance of treasury stock — — — — 1 — 1 — 1

Retirement of common stock — — — 122 (122) — — — —

Purchase of AB Holding units — — (443) — — — (443) (329) (772)

Dividends paid to noncontrolling interest — — — — — — — (99) (99)

Dividends on common stock (cash dividends declared per common share of $0.27)

— — — — (82) — (82) (82)

Dividends on preferred stock — — — — (18) — (18) — (18)

Net income (loss) — — — — (349) — (349) 68 (281)

Redemption of preferred stock (279) — — — — — (279) — (279)

Other comprehensive income (loss) — — — — — 135 135 10 145

Other — — 5 — (7) — (2) (1) (3)

June 30, 2025 $ 1,228 $ 5 $ 1,901 $ (4,423) $ 9,870 $ (7,432) $ 1,149 $ 1,456 $ 2,605

See Notes to Consolidated Financial Statements (Unaudited).

Table of Contents

EQUITABLE HOLDINGS, INC.

Consolidated Statements of Equity

Three and Six Months Ended June 30, 2026 and 2025 (Unaudited)

Six Months Ended June 30,

Equity Attributable to Holdings

(in millions)

Balance, beginning of period $ 1,068 $ 5 $ 1,932 $ (5,165) $ 8,366 $ (6,280) $ (74) $ 1,540 $ 1,466

Stock compensation — — 36 25 — — 61 23 84

Purchase of treasury stock — — 1 (514) — — (513) — (513)

Reissuance of treasury stock — — — — (21) — (21) — (21)

Retirement of common stock — — — 100 (100) — — — —

Purchase of AB Holding units

— — — — — — — (28) (28)

Dividends paid to noncontrolling interest — — — — — — — (185) (185)

Dividends on common stock (cash dividends declared per common share of $0.57)

— — — — (159) — (159) — (159)

Dividends on preferred stock — — — — (27) — (27) — (27)

Net income (loss) — — — — 168 — 168 176 344

Other comprehensive income (loss) — — — — — (185) (185) (2) (187)

Other — — (30) (5) — — (35) 119 84

June 30, 2026 $ 1,068 $ 5 $ 1,939 $ (5,559) $ 8,227 $ (6,465) $ (785) $ 1,643 $ 858

Balance, beginning of period $ 1,507 $ 5 $ 2,336 $ (4,198) $ 10,627 $ (8,712) $ 1,565 $ 1,858 $ 3,423

Stock compensation — — 37 25 — — 62 11 73

Purchase of treasury stock — — 10 (507) — — (497) — (497)

Reissuance of treasury stock — — — — (19) — (19) — (19)

Retirement of common stock — — — 257 (257) — — — —

Purchase of AB Holding units

— — (443) — — — (443) (359) (802)

Dividends paid to noncontrolling interest — — — — — — — (229) (229)

Dividends on common stock (cash dividends declared per common share of $0.51)

— — — — (156) — (156) — (156)

Dividends on preferred stock — — — — (32) — (32) — (32)

Redemption of preferred stock

(279) — — — — — (279) — (279)

Net income (loss) — — — — (286) — (286) 152 (134)

Other comprehensive income (loss) — — — — — 1,280 1,280 23 1,303

Other — — (39) — (7) — (46) — (46)

June 30, 2025 $ 1,228 $ 5 $ 1,901 $ (4,423) $ 9,870 $ (7,432) $ 1,149 $ 1,456 $ 2,605

See Notes to Consolidated Financial Statements (Unaudited).

Table of Contents

EQUITABLE HOLDINGS, INC.

Consolidated Statements of Cash Flows

Six Months Ended June 30, 2026 and 2025 (Unaudited)

Six Months Ended June 30,

2026 2025

(in millions)

Cash flows from operating activities:

Net income (loss) $ 378 $ (133)

Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:

Interest credited to policyholders’ account balances 1,604 1,474

Policy charges and fee income (855) (1,262)

Net derivative (gains) losses 1,475 575

Credit and intent to sell losses on available-for-sale debt securities and loans 37 54

Investment (gains) losses, net 57 31

Realized and unrealized (gains) losses on trading securities (15) (39)

Loss on novation

13 499

AB Retirement plan losses — 21

Non-cash long term incentive compensation expense 60 48

Amortization and depreciation 463 433

Remeasurement of liability for future policy benefits (6) (15)

Change in market risk benefits (676) 66

Equity (income) loss from limited partnerships (40) (87)

Changes in:

Net broker-dealer and customer related receivables/payables (90) (26)

Reinsurance recoverable and related balances, net (966) (562)

Segregated cash and securities, net 271 17

Capitalization of deferred policy acquisition costs (596) (574)

Future policy benefits (215) 201

Current and deferred income taxes (372) (129)

Other, net 615 (93)

Net cash provided by (used in) operating activities $ 1,142 $ 499

Cash flows from investing activities:

Proceeds from the sale/maturity/pre-payment of:

Fixed maturities, available-for-sale $ 6,955 $ 9,368

Fixed maturities, at fair value using the fair value option 331 299

Mortgage loans on real estate 1,323 664

Trading account securities 297 269

Short term investments 11 132

Other 300 283

Payment for the purchase/origination of:

Fixed maturities, available-for-sale (10,862) (11,576)

Fixed maturities, at fair value using the fair value option (363) (709)

Mortgage loans on real estate (3,451) (2,103)

Mortgage loans, at fair value using the fair value option (25) —

Trading account securities (451) (395)

Short term investments (20) (99)

Other (378) (83)

Cash settlements related to derivative instruments, net 1,324 571

Investment in capitalized software, leasehold improvements and EDP equipment (19) (17)

Other, net (89) (321)

Net cash provided by (used in) investing activities $ (5,117) $ (3,717)

See Notes to Consolidated Financial Statements (Unaudited).

Table of Contents

EQUITABLE HOLDINGS, INC.

Consolidated Statements of Cash Flows

Six Months Ended June 30, 2026 and 2025 (Unaudited)

Six Months Ended June 30,

2026 2025

(in millions)

Cash flows from financing activities:

Policyholders’ account balances:

Deposits $ 12,842 $ 14,931

Withdrawals (6,896) (4,637)

Transfers (to) from Separate Accounts 968 932

Payments of market risk benefits (329) (366)

Repayment of short-term financings (25) —

Change in collateralized pledged assets (177) 17

Change in collateralized pledged liabilities 2,907 1,298

Issuance of long-term debt — 495

Proceeds from collateralized loan obligations 33 46

Repayment of collateralized loan obligations

(7) (38)

Proceeds from notes issued by consolidated VIEs 802 1,203

Repayment of notes issued by consolidated VIEs (367) (839)

Dividends paid on common stock (159) (156)

Dividends paid on preferred stock (27) (32)

Redemption of preferred stock

— (279)

Purchase of AllianceBernstein Units — (758)

Purchase of AB Holding Units to fund long-term incentive compensation plan awards, net (28) (44)

Purchase of treasury shares (513) (497)

Purchases (redemptions) of noncontrolling interests of consolidated

company-sponsored investment funds 35 173

Distribution to noncontrolling interest of consolidated subsidiaries (185) (229)

Change in securities lending (208) (33)

Other, net 35 (17)

Net cash provided by (used in) financing activities $ 8,701 $ 11,170

Effect of exchange rate changes on cash and cash equivalents $ (5) $ 41

Change in cash and cash equivalents 4,721 7,993

Cash and cash equivalents, beginning of period 12,462 6,964

Change in cash of businesses held-for-sale — —

Cash and cash equivalents, end of period $ 17,183 $ 14,957

Non-cash transactions from investing and financing activities:

Right-of-use assets obtained in exchange for lease obligations $ 24 $ 24

See Notes to Consolidated Financial Statements (Unaudited).

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements (Unaudited)

1) ORGANIZATION

•The Asset Management segment provides diversified investment management and related services globally to a broad range of clients through three main client channels-Institutional, Retail and Private Wealth. The Asset Management segment reflects the business of AB Holding and ABLP and their subsidiaries (collectively, AB).

The Company reports certain activities and items that are not included in our segments in Corporate and Other. Corporate and Other includes the closed block of life insurance (the “Closed Block”), results for certain run-off blocks of business, and certain strategic investments and unallocated items, including interest and corporate expenses. In addition, beginning with the third quarter of 2025, results for the Individual Life and Employee Benefits businesses are reported in Corporate and Other. AB’s results of operations are reflected in the Asset Management segment. Accordingly, Corporate and Other does not include any items applicable to AB.

As of June 30, 2026 and December 31, 2025, the Company’s economic interest in AB was approximately 68% and 68%, respectively. The General Partner of AB is a wholly owned subsidiary of the Company. Because the General Partner has the authority to manage and control the business of AB, AB is consolidated in the Company’s financial statements for all periods presented.

Corebridge Merger

On March 26, 2026, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”), by and among Holdings, Corebridge Financial, Inc., a Delaware corporation (“Corebridge”), Mountain Holding, Inc., a newly formed Delaware corporation and wholly-owned subsidiary of Corebridge (“Corebridge HoldCo”), Marcy Holding, Inc., a newly formed Delaware corporation and a wholly-owned subsidiary of Corebridge HoldCo (“Equitable Merger Sub”), and Palisade Holding, Inc., a newly formed Delaware corporation and a wholly-owned subsidiary of Corebridge HoldCo (“Corebridge Merger Sub”).

Holdings and Corebridge have agreed, subject to the terms and conditions of the Merger Agreement, to effect an all stock merger transaction to combine their respective businesses by: (a) Corebridge Merger Sub merging with and into Corebridge, with Corebridge surviving such merger as a wholly-owned subsidiary of Corebridge HoldCo (the “Corebridge Merger”), (b) immediately following the consummation of the Corebridge Merger, Equitable Merger Sub merging with and into Holdings, with Holdings surviving such merger as a wholly-owned subsidiary of Corebridge HoldCo (the “Equitable Merger” and, together with the Corebridge Merger, the “Proposed Transaction”), and (c) as of the closing of the Proposed Transaction (the “Closing”), changing the name of Corebridge HoldCo to “Equitable Holdings, Inc.”

On July 30, 2026, stockholders of both Holdings and Corebridge voted to approve all stockholder proposals necessary to complete the Proposed Transaction at their respective special stockholder meetings. The Proposed Transaction is expected to close by the end of 2026, subject to customary closing conditions, including the receipt of required regulatory approvals.

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements (Unaudited), Continued

RGA Reinsurance Transaction

On July 31, 2025, Equitable Financial, as well as Equitable America and Equitable Financial L&A (each a “Ceding Company” and, together, the “Ceding Companies”), completed the master transaction agreement with RGA entered into on February 23, 2025, pursuant to which and subject to the terms and conditions set forth in such agreement, RGA entered into reinsurance agreements, as reinsurer, with each such Ceding Company, to effect the RGA Reinsurance Transaction (the “RGA Reinsurance Transaction”).

At the closing of the transaction, (i) each of Equitable Financial and Equitable America entered into a separate coinsurance and modified coinsurance agreement with RGA and (ii) Equitable Financial L&A entered into a coinsurance agreement with RGA, each with an effective date of April 1, 2025, pursuant to which each Ceding Company ceded to RGA a 75% quota share of such Ceding Company’s in-force individual life insurance block and Closed Block. At the closing of the transaction, assets supporting the General Account liabilities relating to the reinsured contracts were deposited into a trust account for the benefit of Equitable Financial and a trust account for the benefit of Equitable America and Equitable Financial L&A, which assets will secure RGA’s obligations to each Ceding Company under the applicable reinsurance agreement. Equitable Financial and Equitable America reinsured the applicable Separate Accounts relating to the applicable reinsured contracts on a modified coinsurance basis. In addition, the investment of assets in each trust account will be subject to investment guidelines and certain capital adequacy related triggers will require enhanced funding. The reinsurance agreements also contain additional counterparty risk management and mitigation provisions. Each Ceding Company will continue to administer the applicable reinsured contracts.

As consideration for the RGA Reinsurance Transaction, the Ceding Companies transferred assets of $11.6 billion, including primarily available-for-sale securities, cash and policy loans as the consideration for the reinsurance transaction. The transfer of assets resulted in a loss of $1.1 billion to the Company, recorded in Investment gains (losses), net. In addition, the Company recorded $12.3 billion of direct insurance liabilities ceded under the reinsurance contract included in amounts due from reinsurers (includes $334 million of ceded reserves related to the non-insulated (“NI”) modco offset by NI modco payable) and $593 million of deferred gain on cost of reinsurance included within other liabilities. We recorded a $154 million residual liability representing the difference between Closed Block Assets and Liabilities for the amount owed to RGA. Additionally, Equitable Financial and Equitable America ceded a total of $14.1 billion of Separate Account liabilities under the modified coinsurance portion of the respective reinsurance agreements.

Novation

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. The negative net income impact is mostly driven by the reduction of the purchased MRB asset of $2.0 billion and the reduction of Liability for MRBs of $1.6 billion, offset by a decrease in reinsurance deposit liability of $183 million. Purchased MRB asset reduction is larger than the direct MRB liability reduction since the Venerable reinsurance assets sit in a collateralized trust and thus materially reduce the non-performance risk. Deposit account liability decreases as novation leads to faster amortization of the liability. The novation impact from the base contracts and the contracts in payout status is less material, as the increase in policyholders’ account balance of $33 million and decrease in liability for future policyholders’ benefits of $458 million are largely offset by a decrease in Amounts due from reinsurers of $432 million.

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements (Unaudited), Continued

AB Tender Offer and Unit Exchange

2) SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation and Principles of Consolidation

The unaudited interim consolidated financial statements (the “consolidated financial statements”) have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP” or “GAAP”) on a basis consistent with reporting interim financial information in accordance with instructions to the Form 10-Q and Article 10 of Regulation S-X of the Securities and Exchange Commission (“SEC”).

In the opinion of management, all adjustments necessary for a fair statement of the financial position and results of operations have been made. All such adjustments are of a normal, recurring nature. Interim results are not necessarily indicative of the results that may be expected for the full year. These consolidated financial statements should be read in conjunction with the Company’s consolidated financial statements included in the Annual Report on Form 10-K for the year ended December 31, 2025.

The accompanying unaudited consolidated financial statements present the consolidated results of operations, financial condition, and cash flows of the Company and its subsidiaries and those investment companies, partnerships and joint ventures in which the Company has control and a majority economic interest as well as those variable interest entities (“VIEs”) that meet the requirements for consolidation.

All significant intercompany transactions and balances have been eliminated in consolidation. The terms “second quarter 2026” and “second quarter 2025” refer to the three months ended June 30, 2026 and 2025, respectively. The terms “first six months of 2026” and “first six months of 2025” refer to the six months ended June 30, 2026 and 2025, respectively.

Future Adoption of New Accounting Pronouncements

Description

Effective Date and Method of Adoption

Effect on the Financial Statement or Other Significant Matters

ASU 2024-03: Accounting Standards Update No. 2024-03-Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40)

The ASU will be effective for annual periods beginning after December 15, 2026 and interim periods beginning after December 15, 2027. Entities are required to apply the ASU on a prospective basis.

The Company is currently assessing the impact to the consolidated financial statements of this ASU.

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements (Unaudited), Continued

Accounting and Consolidation of VIEs

Consolidated VIEs

Consolidated CLOs

As of June 30, 2026 and December 31, 2025, respectively, Equitable Financial holds $138 million and $98 million of equity interests in the CLOs. The Company consolidated the CLOs as of June 30, 2026 and December 31, 2025, as it is the primary beneficiary due to the combination of both its equity interest held by Equitable Financial and the majority ownership of AB, which functions as the CLO’s loan manager. The assets of the CLOs are legally isolated from the Company’s creditors and can only be used to settle obligations of the CLOs. The liabilities of the CLOs are non-recourse to the Company and the Company has no obligation to satisfy the liabilities of the CLOs. The Company consolidated the SPE as of June 30, 2026, as it is the primary beneficiary due to the combination of both its equity interest held by Equitable Financial and the majority ownership of AB, which functions as the SPE loan manager.

Resulting from this consolidation in the Company’s consolidated balance sheets are fixed maturities, at fair value using the fair value option with total assets of $2.9 billion and $2.9 billion and total liabilities of $2.8 billion and $2.5 billion at June 30, 2026 and December 31, 2025, respectively. The unpaid outstanding principal balance of the notes and short-term borrowing is $2.8 billion and $2.3 billion at June 30, 2026 and December 31, 2025.

Consolidated Limited Partnerships and LLCs

As of June 30, 2026 and December 31, 2025, the Company consolidated limited partnerships and LLCs for which it was identified as the primary beneficiary under the VIE model. Included in other invested assets, mortgage loans on real estate, other equity investments, trading securities, cash and other liabilities in the Company’s consolidated balance sheets at June 30, 2026 and December 31, 2025, are total net assets of $5.3 billion and $3.1 billion, respectively, related to these VIEs.

Consolidated AB-Sponsored Investment Funds

Included in the Company’s consolidated balance sheets as of June 30, 2026 and December 31, 2025, are assets of $440 million and $346 million, liabilities of $28 million and $25 million, and redeemable noncontrolling interests of $221 million and $169 million, respectively, associated with the consolidation of AB-sponsored investment funds under the VIE model. Also included in the Company’s consolidated balance sheets as of June 30, 2026 and December 31, 2025, are assets of $27 million and $27 million, liabilities of $0 million and $0 million, and redeemable noncontrolling interests of $10 million and $10 million, respectively, from consolidation of AB-sponsored investment funds under the VOE model.

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements (Unaudited), Continued

Non-Consolidated VIEs

As of June 30, 2026 and December 31, 2025, respectively, the Company held approximately $3.1 billion and $3.2 billion of investment assets in the form of equity interests issued by non-corporate legal entities determined under the guidance to be VIEs, such as limited partnerships and limited liability companies, including CLOs, hedge funds, private equity funds and real estate-related funds. The Company continues to reflect these equity interests in the consolidated balance sheets as other equity investments and applies the equity method of accounting for these positions. The net assets of these non-consolidated VIEs are approximately $291.5 billion and $385.8 billion as of June 30, 2026 and December 31, 2025, respectively. The Company’s maximum exposure to loss from its direct involvement with these VIEs is the carrying value of its investment of $3.1 billion and $3.2 billion and approximately $880 million and $1.0 billion of unfunded commitments as of June 30, 2026 and December 31, 2025, respectively. The Company has no further economic interest in these VIEs in the form of guarantees, derivatives, credit enhancements or similar instruments and obligations.

Non-Consolidated AB-Sponsored Investment Products

As of June 30, 2026 and December 31, 2025, the net assets of investment products sponsored by AB that are non-consolidated VIEs are approximately $79.0 billion and $51.3 billion, respectively. The Company’s maximum exposure to loss from its direct involvement with these VIEs is its investment of $51 million and $40 million as of June 30, 2026 and December 31, 2025, respectively. The Company has no further commitments to or economic interest in these VIEs.

3) INVESTMENTS

Fixed Maturities AFS

The components of fair value and amortized cost for fixed maturities classified as AFS on the consolidated balance sheets excludes accrued interest receivable because the Company elected to present accrued interest receivable within other assets. Accrued interest receivable on AFS fixed maturities as of June 30, 2026 and December 31, 2025, was $693 million and $669 million, respectively. There was no accrued interest written off for AFS fixed maturities for the three and six months ended June 30, 2026 and 2025.

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements (Unaudited), Continued

The following tables provide information relating to the Company’s fixed maturities classified as AFS:

AFS Fixed Maturities by Classification

Amortized Cost Allowance for Credit Losses Gross Unrealized Gains Gross Unrealized Losses Fair Value

(in millions)

June 30, 2026

Fixed Maturities:

Corporate (1) $ 50,445 $ 7 $ 345 $ 4,279 $ 46,504

U.S. Treasury, government and agency

5,308 — 1 1,373 3,936

States and political subdivisions 374 — 1 70 305

Foreign governments

510 — 1 75 436

Residential mortgage-backed (2) 7,782 — 49 127 7,704

Asset-backed (3) 16,751 — 57 95 16,713

Commercial mortgage-backed 4,789 — 11 264 4,536

Redeemable preferred stock 54 — 3 — 57

Total at June 30, 2026 $ 86,013 $ 7 $ 468 $ 6,283 $ 80,191

December 31, 2025:

Fixed Maturities:

Corporate (1)

$ 48,193 $ — $ 658 $ 4,010 $ 44,841

U.S. Treasury, government and agency

5,040 — 1 1,304 3,737

States and political subdivisions

378 — 3 71 310

Foreign governments

556 — 3 77 482

Residential mortgage-backed (2) 7,093 — 85 92 7,086

Asset-backed (3)

15,978 — 126 46 16,058

Commercial mortgage-backed 4,814 — 26 250 4,590

Redeemable preferred stock 54 — 4 — 58

Total at December 31, 2025 $ 82,106 $ — $ 906 $ 5,850 $ 77,162

______________

(1)Corporate fixed maturities include both public and private issues.

(2)Includes publicly traded agency pass-through securities and collateralized obligations.

(3)Includes credit-tranched securities collateralized by sub-prime mortgages, credit risk transfer securities and other asset types.

The contractual maturities of AFS fixed maturities as of June 30, 2026 are shown in the table below. Bonds not due at a single maturity date have been included in the table in the final year of maturity. Actual maturities may differ from contractual maturities because borrowers may have the right to call or pre-pay obligations with or without call or pre-payment penalties.

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements (Unaudited), Continued

Contractual Maturities of AFS Fixed Maturities

Amortized Cost (Less Allowance for Credit Losses) Fair Value

(in millions)

June 30, 2026

Contractual maturities:

Due in one year or less $ 2,426 $ 2,408

Due in years two through five 17,823 17,507

Due in years six through ten 16,878 16,472

Due after ten years 19,503 14,794

Subtotal 56,630 51,181

Residential mortgage-backed 7,782 7,704

Asset-backed 16,751 16,713

Commercial mortgage-backed 4,789 4,536

Redeemable preferred stock 54 57

Total at June 30, 2026

$ 86,006 $ 80,191

The following table shows proceeds from sales, gross gains (losses) from sales and allowance for credit losses for AFS fixed maturities:

Proceeds from Sales, Gross Gains (Losses) from Sales and Allowance for Credit and Intent to Sell Losses for AFS Fixed Maturities

Three Months Ended June 30, Six Months Ended June 30,

2026 2025 2026 2025

(in millions)

Proceeds from sales $ 1,222 $ 2,961 $ 1,377 $ 4,263

Gross gains on sales $ 3 $ 7 $ 5 $ 9

Gross losses on sales $ (23) $ (30) $ (26) $ (33)

Net (increase) decrease in Allowance for Credit and Intent to Sell losses $ (4) $ (13) $ (16) $ (19)

The following table sets forth the amount of credit loss impairments on AFS fixed maturities held by the Company at the dates indicated and the corresponding changes in such amounts:

AFS Fixed Maturities - Credit and Intent to Sell Loss Impairments

Three Months Ended June 30, Six Months Ended June 30,

2026 2025 2026 2025

(in millions)

Balance, beginning of period $ 71 $ 53 $ 54 $ 47

Previously recognized impairments on securities that matured, paid, prepaid or sold (10) (5) (11) (5)

Recognized impairments on securities impaired to fair value this period (1)

— — 4 —

Credit losses recognized this period on securities for which credit losses were not previously recognized 11 12 23 17

Additional credit losses this period on securities previously impaired (2) 1 — 2

Balance, end of period $ 70 $ 61 $ 70 $ 61

______________

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements (Unaudited), Continued

The tables below present a roll-forward of net unrealized investment gains (losses) recognized in AOCI:

Net Unrealized Gains (Losses) on AFS Fixed Maturities

Three Months Ended June 30, 2026

Net Unrealized Gains (Losses) on Investments Policyholders’ Liabilities

Deferred Income Tax Asset (Liability)

AOCI Gain (Loss) Related to Net Unrealized Investment Gains (Losses)

(in millions)

Balance, beginning of period $ (5,828) $ 19 $ 193 $ (5,616)

Net investment gains (losses) arising during the period (5) — — (5)

Reclassification adjustment:

Included in net income (loss) 23 — — 23

Excluded from net income (loss) — — — —

Other — — (5) (5)

Impact of net unrealized investment gains (losses) — 3 (5) (2)

Net unrealized investment gains (losses) excluding credit losses (5,810) 22 183 (5,605)

Net unrealized investment gains (losses) with credit losses (5) — 1 (4)

Balance, end of period $ (5,815) $ 22 $ 184 $ (5,609)

Three Months Ended June 30, 2025

Balance, beginning of period $ (7,226) $ 66 $ 279 $ (6,881)

Net investment gains (losses) arising during the period 466 — — 466

Reclassification adjustment:

Included in net income (loss) 36 — — 36

Excluded from net income (loss) — — — —

Other

— — (33) (33)

Impact of net unrealized investment gains (losses) — — (106) (106)

Net unrealized investment gains (losses) excluding credit losses (6,724) 66 140 (6,518)

Net unrealized investment gains (losses) with credit losses 2 — — 2

Balance, end of period $ (6,722) $ 66 $ 140 $ (6,516)

Six Months Ended June 30, 2026

Net Unrealized Gains (Losses) on Investments Policyholders’ Liabilities

Deferred Income Tax Asset (Liability)

AOCI Gain (Loss) Related to Net Unrealized Investment Gains (Losses)

(in millions)

Balance, beginning of period $ (4,944) $ 24 $ 10 $ (4,910)

Net investment gains (losses) arising during the period (903) — — (903)

Reclassification adjustment:

Included in net income (loss) 43 — — 43

Excluded from net income (loss) — — — —

Other

— — (9) (9)

Impact of net unrealized investment gains (losses) — (2) 181 179

Net unrealized investment gains (losses) excluding credit losses (5,804) 22 182 (5,600)

Net unrealized investment gains (losses) with credit losses (11) — 2 (9)

Balance, end of period $ (5,815) $ 22 $ 184 $ (5,609)

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements (Unaudited), Continued

Six Months Ended June 30, 2025

Balance, beginning of period $ (8,074) $ 71 $ 464 $ (7,539)

Net investment gains (losses) arising during the period 1,310 — — 1,310

Reclassification adjustment:

Included in net income (loss) 44 — — 44

Other

— — (41) (41)

Impact of net unrealized investment gains (losses) — (5) (283) (288)

Net unrealized investment gains (losses) excluding credit losses (6,720) 66 140 (6,514)

Net unrealized investment gains (losses) with credit losses (2) — — (2)

Balance, end of period $ (6,722) $ 66 $ 140 $ (6,516)

The following tables disclose the fair values and gross unrealized losses of the 4,478 issues as of June 30, 2026, and the 3,287 issues as of December 31, 2025, that are not deemed to have credit losses, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position for the specified periods at the dates indicated:

AFS Fixed Maturities in an Unrealized Loss Position for Which No Allowance Is Recorded

Less Than 12 Months 12 Months or Longer Total

Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses

(in millions)

June 30, 2026

Fixed Maturities:

Corporate $ 11,220 $ 179 $ 19,814 $ 4,074 $ 31,034 $ 4,253

U.S. Treasury, government and agency 104 2 3,586 1,371 3,690 1,373

States and political subdivisions 13 — 219 70 232 70

Foreign governments 14 — 345 75 359 75

Residential mortgage-backed 3,874 35 655 92 4,529 127

Asset-backed 5,517 64 498 31 6,015 95

Commercial mortgage-backed 837 7 2,320 254 3,157 261

Total at June 30, 2026 $ 21,579 $ 287 $ 27,437 $ 5,967 $ 49,016 $ 6,254

December 31, 2025:

Fixed Maturities:

Corporate

$ 4,286 $ 68 $ 21,138 $ 3,942 $ 25,424 $ 4,010

U.S. Treasury, government and agency 29 — 3,621 1,304 3,650 1,304

States and political subdivisions 13 — 223 71 236 71

Foreign governments 19 — 364 77 383 77

Residential mortgage-backed 619 3 836 89 1,455 92

Asset-backed

2,114 12 580 30 2,694 42

Commercial mortgage-backed 263 2 2,562 248 2,825 250

Total at December 31, 2025 $ 7,343 $ 85 $ 29,324 $ 5,761 $ 36,667 $ 5,846

The Company maintains a diversified portfolio of AFS securities across industries and issuers and does not have exposure to any single issuer in excess of 0.5% of total fixed maturities. The largest exposure to a single issuer held as of June 30, 2026 and December 31, 2025, was $415 million and $402 million, respectively, representing 48.4% and 27.4% of the consolidated equity of the Company.

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements (Unaudited), Continued

Corporate high-yield securities, consisting primarily of public high-yield bonds, are classified as other than investment grade by the various rating agencies, i.e., a rating below Baa3/BBB- or the NAIC Designation of 3 (medium investment grade), 4 or 5 (below investment grade) or 6 (in or near default). As of June 30, 2026 and December 31, 2025, respectively, approximately $1.8 billion and $1.8 billion, or 2.1% and 2.1%, of the $86.0 billion and $82.1 billion aggregate amortized cost of fixed maturities held by the Company were considered to be other than investment grade. These securities had gross unrealized losses of $71 million and $70 million as of June 30, 2026 and December 31, 2025, respectively.

As of June 30, 2026 and December 31, 2025, respectively, the $6.0 billion and $5.8 billion of gross unrealized losses of twelve months or more were primarily concentrated in corporate securities. In accordance with the policy described in Note 2 of the Notes to these Consolidated Financial Statements, the Company concluded that an adjustment to the allowance for credit losses for these securities was not warranted at either June 30, 2026 or December 31, 2025. As of June 30, 2026 and December 31, 2025, the Company neither intended to sell the securities nor was it more likely than not required to dispose of the securities before the anticipated recovery of their remaining amortized cost basis.

Based on the Company’s evaluation both qualitatively and quantitatively of the drivers of the decline in fair value of fixed maturity securities as of June 30, 2026, the Company determined that the unrealized loss was primarily due to increases in interest rates and credit spreads.

Securities Lending

The Company enters into securities lending agreements with an agent bank whereby blocks of securities are loaned to third parties, primarily major brokerage firms. As of June 30, 2026 and December 31, 2025, the estimated fair value of loaned securities was $1.2 billion and $1.4 billion. The agreements require a minimum of 102% of the fair value of the loaned securities to be held as cash or security collateral, calculated daily. We do not have the right to sell or pledge the securities posted as collateral. To further minimize the credit risks related to these programs, the financial condition of counterparties is monitored on a regular basis. As of June 30, 2026 and December 31, 2025, collateral received was in the amount of $1.2 billion and $1.4 billion, of which $201 million and $408 million, respectively, is cash collateral. A securities lending payable for the overnight and continuous loans is included in other liabilities in the amount of cash collateral received. Securities lending transactions are used to generate income. Income and expenses associated with these transactions are reported as Net investment income and were not material for the six months ended June 30, 2026 and 2025.

Mortgage Loans on Real Estate

Accrued interest receivable on commercial, agricultural and residential mortgage loans as of June 30, 2026 and December 31, 2025, was $141 million and $118 million, respectively. There was no accrued interest written off for commercial, agricultural and residential mortgage loans for the six months ended June 30, 2026 and 2025.

There were no mortgage loans foreclosed during the six months ended June 30, 2026.

Allowance for Credit Losses on Mortgage Loans

The change in the allowance for credit losses for commercial, agricultural and residential mortgage loans were as follows:

Three Months Ended June 30, Six Months Ended June 30,

2026 2025 2026 2025

(in millions)

Allowance for credit losses on mortgage loans:

Commercial mortgages:

Balance, beginning of period $ 268 $ 254 $ 299 $ 259

Current-period provision for expected credit losses 31 39 34 34

Write-offs charged against the allowance — — (34) —

Recoveries of amounts previously written off — — — —

Net change in allowance 31 39 — 34

Balance, end of period $ 299 $ 293 $ 299 $ 293

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements (Unaudited), Continued

Three Months Ended June 30, Six Months Ended June 30,

2026 2025 2026 2025

(in millions)

Agricultural mortgages:

Balance, beginning of period $ 8 $ 13 $ 6 $ 15

Current-period provision for expected credit losses — — 2 (2)

Write-offs charged against the allowance — (8) — (8)

Recoveries of amounts previously written off — — — —

Net change in allowance — (8) 2 (10)

Balance, end of period $ 8 $ 5 $ 8 $ 5

Residential mortgages:

Balance, beginning of period $ 10 $ 5 $ 8 $ 4

Current-period provision for expected credit losses 5 2 7 3

Write-offs charged against the allowance — — — —

Recoveries of amounts previously written off — — — —

Net change in allowance 5 2 7 3

Balance, end of period $ 15 $ 7 $ 15 $ 7

Total allowance for credit losses $ 322 $ 305 $ 322 $ 305

The change in the allowance for credit losses is attributable to:

•increases/decreases in the loan balance due to new originations, maturing mortgages, and loan amortization; and

•changes in credit quality and economic assumptions.

Credit Quality Information

The Company’s commercial and agricultural mortgage loans segregated by risk rating exposure were as follows:

Loan to Value (“LTV”) Ratios (1) (3) (4)

June 30, 2026

Amortized Cost Basis by Origination Year

2026 2025 2024 2023 2022 Prior

Revolving Loans Amortized Cost Basis

Revolving Loans Converted to Term Loans Amortized Cost Basis

Total

(in millions)

Commercial and agricultural mortgage loans:

Commercial:

0% - 50% $ 14 $ 60 $ 185 $ 237 $ 612 $ 1,791 $ — $ — $ 2,899

50% - 70% 839 2,475 1,208 627 903 2,618 372 60 9,102

70% - 90% 230 559 251 238 794 2,284 160 — 4,516

90% plus — 4 — — 550 1,603 — 38 2,195

Total commercial $ 1,083 $ 3,098 $ 1,644 $ 1,102 $ 2,859 $ 8,296 $ 532 $ 98 $ 18,712

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements (Unaudited), Continued

June 30, 2026

Amortized Cost Basis by Origination Year

2026 2025 2024 2023 2022 Prior

Revolving Loans Amortized Cost Basis

Revolving Loans Converted to Term Loans Amortized Cost Basis

Total

(in millions)

Agricultural:

0% - 50% $ 64 $ 173 $ 36 $ 98 $ 138 $ 1,270 $ — $ — $ 1,779

50% - 70% 76 112 151 45 126 384 — — 894

70% - 90% — — — — — — — — —

90% plus — — — — — 9 — — 9

Total agricultural $ 140 $ 285 $ 187 $ 143 $ 264 $ 1,663 $ — $ — $ 2,682

Total commercial and agricultural mortgage loans:

0% - 50% $ 78 $ 233 $ 221 $ 335 $ 750 $ 3,061 $ — $ — $ 4,678

50% - 70% 915 2,587 1,359 672 1,029 3,002 372 60 9,996

70% - 90% 230 559 251 238 794 2,284 160 — 4,516

90% plus — 4 — — 550 1,612 — 38 2,204

Total commercial and agricultural mortgage loans

$ 1,223 $ 3,383 $ 1,831 $ 1,245 $ 3,123 $ 9,959 $ 532 $ 98 $ 21,394

Debt Service Coverage (“DSC”) Ratios (2) (3) (4)

June 30, 2026

Amortized Cost Basis by Origination Year

2026 2025 2024 2023 2022 Prior

Revolving Loans Amortized Cost Basis

Revolving Loans Converted to Term Loans Amortized Cost Basis

Total

(in millions)

Commercial and agricultural mortgage loans:

Commercial:

Greater than 2.0x $ — $ 126 $ 185 $ 175 $ 1,036 $ 3,591 $ — $ — $ 5,113

1.8x to 2.0x 77 — 103 — 73 1,424 — — 1,677

1.5x to 1.8x — 241 424 272 746 1,425 72 — 3,180

1.2x to 1.5x 331 2,045 814 311 628 719 283 60 5,191

1.0x to 1.2x 518 686 118 333 201 979 177 38 3,050

Less than 1.0x 157 — — 11 175 158 — — 501

Total commercial $ 1,083 $ 3,098 $ 1,644 $ 1,102 $ 2,859 $ 8,296 $ 532 $ 98 $ 18,712

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements (Unaudited), Continued

June 30, 2026

Amortized Cost Basis by Origination Year

2026 2025 2024 2023 2022 Prior

Revolving Loans Amortized Cost Basis

Revolving Loans Converted to Term Loans Amortized Cost Basis

Total

(in millions)

Agricultural:

Greater than 2.0x $ 41 $ 28 $ 8 $ 5 $ 35 $ 205 $ — $ — $ 322

1.8x to 2.0x 3 26 10 17 20 137 — — 213

1.5x to 1.8x 22 43 45 8 37 306 — — 461

1.2x to 1.5x 43 74 39 41 61 588 — — 846

1.0x to 1.2x 19 89 68 42 87 382 — — 687

Less than 1.0x 12 25 17 30 24 45 — — 153

Total agricultural $ 140 $ 285 $ 187 $ 143 $ 264 $ 1,663 $ — $ — $ 2,682

Total commercial and agricultural mortgage loans:

Greater than 2.0x $ 41 $ 154 $ 193 $ 180 $ 1,071 $ 3,796 $ — $ — $ 5,435

1.8x to 2.0x 80 26 113 17 93 1,561 — — 1,890

1.5x to 1.8x 22 284 469 280 783 1,731 72 — 3,641

1.2x to 1.5x 374 2,119 853 352 689 1,307 283 60 6,037

1.0x to 1.2x 537 775 186 375 288 1,361 177 38 3,737

Less than 1.0x 169 25 17 41 199 203 — — 654

Total commercial and agricultural mortgage loans

$ 1,223 $ 3,383 $ 1,831 $ 1,245 $ 3,123 $ 9,959 $ 532 $ 98 $ 21,394

______________

(1)The LTV ratio is derived from current loan balance divided by the fair value of the property. The fair value of the underlying commercial properties is updated annually for each mortgage loan.

(2)The DSC ratio is calculated using the most recently reported operating income results from property operations divided by annual debt service.

(3)Residential mortgage loans are excluded from the above tables.

(4)Mortgage loans carried at fair value using the fair value option of $71 million are excluded from the above tables.

LTV Ratios (1) (3)

December 31, 2025

Amortized Cost Basis by Origination Year

2025 2024 2023 2022 2021 Prior

Revolving Loans Amortized Cost Basis

Revolving Loans Converted to Term Loans Amortized Cost Basis

Total

(in millions)

Commercial and agricultural mortgage loans:

Commercial:

0% - 50% $ 60 $ 185 $ 237 $ 612 $ 204 $ 1,770 $ — $ — $ 3,068

50% - 70% 2,611 1,256 856 975 638 1,980 357 270 8,943

70% - 90% 424 249 228 803 640 1,310 160 333 4,147

90% plus — — — 590 527 1,110 — — 2,227

Total commercial $ 3,095 $ 1,690 $ 1,321 $ 2,980 $ 2,009 $ 6,170 $ 517 $ 603 $ 18,385

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements (Unaudited), Continued

December 31, 2025

Amortized Cost Basis by Origination Year

2025 2024 2023 2022 2021 Prior

Revolving Loans Amortized Cost Basis

Revolving Loans Converted to Term Loans Amortized Cost Basis

Total

(in millions)

Agricultural:

0% - 50% $ 188 $ 37 $ 99 $ 134 $ 218 $ 1,087 $ — $ — $ 1,763

50% - 70% 118 159 48 137 101 315 — — 878

70% - 90% — — — — — — — — —

90% plus — — — — — 9 — — 9

Total agricultural $ 306 $ 196 $ 147 $ 271 $ 319 $ 1,411 $ — $ — $ 2,650

Total commercial and agricultural mortgage loans:

0% - 50% $ 248 $ 222 $ 336 $ 746 $ 422 $ 2,857 $ — $ — $ 4,831

50% - 70% 2,729 1,415 904 1,112 739 2,295 357 270 9,821

70% - 90% 424 249 228 803 640 1,310 160 333 4,147

90% plus — — — 590 527 1,119 — — 2,236

Total commercial and agricultural mortgage loans

$ 3,401 $ 1,886 $ 1,468 $ 3,251 $ 2,328 $ 7,581 $ 517 $ 603 $ 21,035

DSC Ratios (2) (3)

December 31, 2025

Amortized Cost Basis by Origination Year

2025 2024 2023 2022 2021 Prior

Revolving Loans Amortized Cost Basis

Revolving Loans Converted to Term Loans Amortized Cost Basis

Total

(in millions)

Commercial and agricultural mortgage loans:

Commercial:

Greater than 2.0x $ 127 $ 185 $ 175 $ 1,036 $ 1,069 $ 2,683 $ — $ — $ 5,275

1.8x to 2.0x 69 103 58 — 209 978 — 307 1,724

1.5x to 1.8x 169 472 311 818 48 1,190 72 165 3,245

1.2x to 1.5x 2,112 814 355 478 385 328 271 94 4,837

1.0x to 1.2x 618 116 412 390 190 910 174 37 2,847

Less than 1.0x — — 10 258 108 81 — — 457

Total commercial $ 3,095 $ 1,690 $ 1,321 $ 2,980 $ 2,009 $ 6,170 $ 517 $ 603 $ 18,385

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements (Unaudited), Continued

December 31, 2025

Amortized Cost Basis by Origination Year

2025 2024 2023 2022 2021 Prior

Revolving Loans Amortized Cost Basis

Revolving Loans Converted to Term Loans Amortized Cost Basis

Total

(in millions)

Agricultural:

Greater than 2.0x $ 28 $ 8 $ 5 $ 11 $ 31 $ 187 $ — $ — $ 270

1.8x to 2.0x 26 10 17 23 54 92 — — 222

1.5x to 1.8x 37 46 11 59 38 270 — — 461

1.2x to 1.5x 86 45 41 66 119 484 — — 841

1.0x to 1.2x 104 69 43 88 67 339 — — 710

Less than 1.0x 25 18 30 24 10 39 — — 146

Total agricultural $ 306 $ 196 $ 147 $ 271 $ 319 $ 1,411 $ — $ — $ 2,650

Total commercial and agricultural mortgage loans:

Greater than 2.0x $ 155 $ 193 $ 180 $ 1,047 $ 1,100 $ 2,870 $ — $ — $ 5,545

1.8x to 2.0x 95 113 75 23 263 1,070 — 307 1,946

1.5x to 1.8x 206 518 322 877 86 1,460 72 165 3,706

1.2x to 1.5x 2,198 859 396 544 504 812 271 94 5,678

1.0x to 1.2x 722 185 455 478 257 1,249 174 37 3,557

Less than 1.0x 25 18 40 282 118 120 — — 603

Total commercial and agricultural mortgage loans

$ 3,401 $ 1,886 $ 1,468 $ 3,251 $ 2,328 $ 7,581 $ 517 $ 603 $ 21,035

______________

(1)The LTV ratio is derived from current loan balance divided by the fair value of the property. The fair value of the underlying commercial properties is updated annually for each mortgage loan.

(2)The DSC ratio is calculated using the most recently reported operating income results from property operations divided by annual debt service.

(3)Residential mortgage loans are excluded from the above tables.

The amortized cost of residential mortgage loans by credit quality indicator and origination year was as follows:

June 30, 2026

Amortized Cost Basis by Origination Year

2026 2025 2024 2023 2022 Prior Total

(in millions)

Performance indicators:

Performing

$ 1,404 $ 1,254 $ 497 $ 288 $ 159 $ 121 $ 3,723

Nonperforming

— — — — — — —

Total

$ 1,404 $ 1,254 $ 497 $ 288 $ 159 $ 121 $ 3,723

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements (Unaudited), Continued

December 31, 2025

Amortized Cost Basis by Origination Year

2025 2024 2023 2022 2021 Prior Total

(in millions)

Performance indicators:

Performing

$ 711 $ 602 $ 340 $ 168 $ 121 $ 4 $ 1,946

Nonperforming

— — — — — — —

Total

$ 711 $ 602 $ 340 $ 168 $ 121 $ 4 $ 1,946

Past-Due and Nonaccrual Mortgage Loan Status

The aging analysis of past-due mortgage loans at amortized cost were as follows:

Age Analysis of Past Due Mortgage Loans at Amortized Cost

Accruing Loans Non-accruing Loans Total Loans Non-accruing Loans with No Allowance Interest Income on Non-accruing Loans

Past Due Current Total

30-59 Days 60-89 Days 90 Days or More Total

(in millions)

June 30, 2026:

Mortgage loans:

Commercial $ — $ — $ — $ — $ 18,619 $ 18,619 $ 93 $ 18,712 $ — $ —

Agricultural 11 7 41 59 2,613 2,672 10 2,682 — —

Residential

— — 5 5 3,718 3,723 — 3,723 — —

Total $ 11 $ 7 $ 46 $ 64 $ 24,950 $ 25,014 $ 103 $ 25,117 $ — $ —

December 31, 2025:

Mortgage loans:

Commercial $ — $ — $ — $ — $ 18,348 $ 18,348 $ 37 $ 18,385 $ — $ —

Agricultural 13 — 24 37 2,602 2,639 11 2,650 9 —

Residential

5 1 4 10 1,936 1,946 — 1,946 — —

Total $ 18 $ 1 $ 28 $ 47 $ 22,886 $ 22,933 $ 48 $ 22,981 $ 9 $ —

As of June 30, 2026 and December 31, 2025, the amortized cost of problem mortgage loans that had been classified as non-accrual loans were $10 million and $11 million, respectively.

Loan Modifications

During the three months ended June 30, 2026, the Company granted a modification on one commercial mortgage loan. This modification involved extending the maturity two years to January 2028 and a reduction in interest rate from SOFR + 4.61% to 2% fixed with the difference continued to be due, but waived if the loan is repaid in full. The loan has an amortized cost of $16 million and represents 0.1% of total commercial loans.

During the six months ended June 30, 2026, the Company also granted modifications on two commercial mortgage loans. One modification involved extending the maturity two years to April 20, 2028, the ability to capitalize interest, and reinstatement of financial covenant testing. The other modification involved splitting a commercial mortgage loan into two notes. No principal forgiveness or interest rate reduction was granted. The loans have an amortized cost of $195 million and represent 1.0% of total commercial loans.

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements (Unaudited), Continued

During 2025, the Company granted a modification to a commercial mortgage. This modification involved waiving a $10 million paydown requirement and extending the maturity date until June 10, 2027. Additionally, the loan will continue to accrue interest but will have a reduced pay rate, with the difference due and payable at maturity. The loan has an amortized cost of $35 million and represents 0.2% of total commercial mortgage loans.

During 2025, the Company also granted a modification splitting an agricultural mortgage loan into three notes. The loans have an amortized cost of $9 million, which is fully attributed to the first note, and represent 0.3% of total agricultural loans.

During 2023, the Company granted a modification of interest rates on four commercial mortgage loans, but not to market terms and required management of excess cash. The loans have an amortized cost of $148 million which represents 0.8% of total commercial mortgage loans. Two of the four loans also have term extensions of 17 months to 4 years. During the year ended December 31, 2025, two of the modified loans of $84 million were disposed.

The impact to Investment income or gains (losses) as a result of these modifications was not material to the consolidated financial statements.

The above modifications are performing in accordance with their restructured terms.

Equity Securities

The breakdown of unrealized and realized gains and (losses) on equity securities was as follows:

Unrealized and Realized Gains (Losses) from Equity Securities

Three Months Ended June 30, Six Months Ended June 30,

2026 2025 2026 2025

(in millions)

Net investment gains (losses) recognized during the period on securities held at the end of the period $ — $ (2) $ (6) $ (2)

Net investment gains (losses) recognized on securities sold during the period 3 2 4 2

Unrealized and realized gains (losses) on equity securities $ 3 $ — $ (2) $ —

Trading Securities

As of June 30, 2026 and December 31, 2025, respectively, the fair value of the Company’s trading securities was $1.7 billion and $1.6 billion. As of June 30, 2026 and December 31, 2025, respectively, trading securities included the General Account’s investment in Separate Accounts had carrying values of $80 million and $73 million.

The breakdown of Net investment income (loss) from trading securities was as follows:

Net Investment Income (Loss) from Trading Securities

Three Months Ended June 30, Six Months Ended June 30,

2026 2025 2026 2025

(in millions)

Net investment gains (losses) recognized during the period on securities held at the end of the period $ 44 $ 50 $ 13 $ 33

Net investment gains (losses) recognized on securities sold during the period 2 (10) 2 6

Unrealized and realized gains (losses) on trading securities 46 40 15 39

Interest and dividend income from trading securities 23 25 42 34

Net investment income (loss) from trading securities $ 69 $ 65 $ 57 $ 73

Fixed maturities, at fair value using the fair value option

The breakdown of Net investment income (loss) from fixed maturities, at fair value using the fair value option were as follows:

Net Investment Income (Loss) from Fixed Maturities, at Fair Value using the Fair Value Option

Three Months Ended June 30, Six Months Ended June 30,

2026 2025 2026 2025

(in millions)

Net investment gains (losses) recognized during the period on securities held at the end of the period $ 27 $ 5 $ 5 $ 12

Net investment gains (losses) recognized on securities sold during the period (18) (1) (15) 1

Unrealized and realized gains (losses) from fixed maturities 9 4 (10) 13

Interest and dividend income from fixed maturities 9 (4) 18 (4)

Net investment income (loss) from fixed maturities $ 18 $ — $ 8 $ 9

Net Investment Income

The following table provides the components of Net investment income by investment type:

Three Months Ended June 30, Six Months Ended June 30,

2026 2025 2026 2025

(in millions)

Fixed maturities $ 981 $ 938 $ 1,936 $ 1,874

Mortgage loans on real estate 320 256 619 516

Other equity investments 20 39 103 83

Policy loans 22 52 46 107

Trading securities 69 65 57 73

Other investment income 11 40 — 17

Mortgage loans at fair value

— — (2) —

Fixed maturities, at fair value using the fair value option 18 — 8 9

Gross investment income (loss) 1,441 1,390 2,767 2,679

Investment expenses (44) (35) (86) (76)

Net investment income (loss) $ 1,397 $ 1,355 $ 2,681 $ 2,603

Investment Gains (Losses), Net

Investment gains (losses), net, including changes in the valuation allowances and credit losses were as follows:

Three Months Ended June 30, Six Months Ended June 30,

2026 2025 2026 2025

(in millions)

Fixed maturities $ (23) $ (11) $ (43) $ (19)

Mortgage loans on real estate (45) (61) (50) (68)

Other 3 1 (1) 2

Investment gains (losses), net $ (65) $ (71) $ (94) $ (85)

For the three and six months ended June 30, 2026 and 2025, respectively, investment results passed through to certain participating group annuity contracts as interest credited to policyholders’ account balances totaled $0 million, $1 million, $0 million and $1 million.

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements (Unaudited), Continued

4) DERIVATIVES

Derivatives Utilized to Hedge Exposure to Variable Annuities with Guarantee Features

For GMxB features, the Company retains certain risks including basis, credit spread, and some volatility risk and risk associated with actual experience compared to expected actuarial assumptions for mortality, lapse and surrender, withdrawal and policyholder election rates, among other things. The derivative contracts are managed to correlate with changes in the value of the GMxB features that result from financial markets movements. A portion of exposure to realized equity volatility is hedged using equity total return swaps and futures, a portion of exposure to credit risk is hedged using total return swaps and futures on treasuries. The Company has also purchased reinsurance contracts to mitigate the risks associated with GMDB features and the impact of potential market fluctuations on future policyholder elections of GMIB features contained in certain annuity contracts issued by the Company. The reinsurance of these features is accounted for as purchased MRBs. In addition, on June 1, 2021, we ceded legacy variable annuity policies sold by Equitable Financial between 2006-2008 (the “Block”), comprised of non-New York “Accumulator” policies containing fixed rate GMIB and/or GMDB guarantees to CS Life. As this contract provides full risk transfer and thus has the same risk attributes as the underlying direct contracts, the benefits of this treaty are accounted for in the same manner as the underlying gross reserves and therefore the amounts due from reinsurers related to excess benefits are accounted for as purchased MRBs.

Derivatives Utilized to Hedge Crediting Rate Exposure on SCS, SIO, MSO and IUL Products/Investment Options

The Company hedges crediting rates in the SCS variable annuity, SIO in the EQUI-VEST variable annuity series, MSO in the variable life insurance products and IUL insurance products. These products permit the contract owner to participate in the performance of an index, ETF or commodity price movement up to a cap for a set period of time. They also contain a protection feature, in which the Company will absorb, up to a certain percentage, the loss of value in an index, ETF or commodity price, which varies by product segment.

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements (Unaudited), Continued

Derivatives Used to Hedge Equity Market Risks Associated with the General Account’s Seed Money Investments in Retail Mutual Funds

Derivatives Used for General Account Investment Portfolio

Derivatives Utilized to Hedge Exposure to Foreign Currency Denominated Cash Flows

These cross currency swaps are for the period the foreign currency denominated private placement debt securities and funding agreement are outstanding, with the longest cross currency swap expiring in 2054. Since these cross currency swaps are designated and qualify as cash flow hedges, the corresponding interest accruals are recognized in Net investment income and in interest credited to policyholders’ account balances.

The following table presents the gross notional amount and fair value of the Company’s derivatives:

Derivative Instruments by Category

June 30, 2026 December 31, 2025

Fair Value Fair Value

Notional

Amount

Derivative

Assets

Derivative Liabilities

Net

Derivatives

Notional Amount Derivative Assets Derivative Liabilities

Net Derivatives

(in millions)

Derivatives: designated for hedge accounting (1)

Cash flow hedges:

Currency swaps $ 3,555 $ 114 $ 129 $ (15) $ 3,286 $ 96 $ 142 $ (46)

Interest swaps 952 — 348 (348) 952 — 330 (330)

Total: designated for hedge accounting 4,507 114 477 (363) 4,238 96 472 (376)

Derivatives: not designated for hedge accounting (1)

Equity contracts:

Futures 18,198 — 2 (2) 15,052 1 — 1

Swaps 19,472 77 765 (688) 18,290 61 47 14

Options 99,734 32,043 8,144 23,899 88,273 27,686 6,580 21,106

Forwards

— 92 — 92 — 34 — 34

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements (Unaudited), Continued

June 30, 2026 December 31, 2025

Fair Value Fair Value

Notional

Amount

Derivative

Assets

Derivative Liabilities

Net

Derivatives

Notional Amount Derivative Assets Derivative Liabilities

Net Derivatives

Interest rate contracts:

Futures 8,415 — — — 8,802 — —

Swaps 585 5 4 1 601 — 18 (18)

Options 50 5 — 5 50 5 — 5

Credit contracts:

Credit default swaps 443 1 11 (10) 397 1 11 (10)

Currency contracts:

Currency swaps 110 3 — 3 — — — —

Currency forwards 116 20 18 2 90 15 16 (1)

Other freestanding contracts:

Margin — 1,099 — 1,099 — 948 — 948

Collateral — 137 22,778 (22,641) — 144 20,776 (20,632)

Total: not designated for hedge accounting 147,123 33,482 31,722 1,760 131,555 28,895 27,448 1,447

Embedded derivatives:

SCS, SIO, MSO and IUL indexed features (2) — — 25,743 (25,743) — — 21,819 (21,819)

Modco payable

— 3 — 3 — (1) — (1)

Total embedded derivatives — 3 25,743 (25,740) — (1) 21,819 (21,820)

Total derivative instruments $ 151,630 $ 33,599 $ 57,942 $ (24,343) $ 135,793 $ 28,990 $ 49,739 $ (20,749)

______________

(1)Reported in other invested assets in the consolidated balance sheets.

(2)Reported in policyholders’ account balances in the consolidated balance sheets.

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements (Unaudited), Continued

The following table presents the effects of derivative instruments on the consolidated statements of income and comprehensive income (loss):

Derivative Instruments by Category

Three Months Ended June 30, 2026 Six Months Ended June 30, 2026

Net Derivative Gains (Losses) (1)

Net Investment

Income

Interest Credited To Policyholders

Account Balances

AOCI

Net

Derivative

Gains

(Losses)

(1)

Net

Investment

Income

Interest Credited To Policyholders Account Balances AOCI

(in millions)

Derivatives: designated for hedge accounting

Cash flow hedges:

Currency swaps $ (1) $ 6 $ (6) $ (12) $ — $ 11 $ (25) $ 54

Interest swaps — (28) — 15 — (21) — 11

Total: designated for hedge accounting (1) (22) (6) 3 — (10) (25) 65

Derivatives: not Designated for hedge accounting

Equity contracts:

Futures 492 — — — 407 — — —

Swaps (2,118) — — — (1,598) — — —

Options 7,401 — — — 5,148 — — —

Forwards

93 — — — 58 — — —

Interest rate contracts:

Futures 35 — — — 37 — — —

Swaps — — — — (6) — — —

Options

— — — — — — — —

Credit contracts:

Credit default swaps (4) — — — (1) — — —

Currency contracts:

Currency swaps 3 — — — 3 — — —

Currency forwards 4 — — — 6 — — —

Other freestanding contracts:

Margin — — — — — — — —

Collateral — — — — — — — —

Total: not designated for hedge accounting 5,906 — — — 4,054 — — —

Embedded derivatives:

SCS, SIO,MSO and IUL indexed features (7,949) — — — (5,512) — — —

Modco payable

(11) — — — (17) — — —

Total embedded derivatives (7,960) — — — (5,529) — — —

Total derivative instruments $ (2,055) $ (22) $ (6) $ 3 $ (1,475) $ (10) $ (25) $ 65

______________

(1)Reported in net derivative gains (losses) in the consolidated statements of income (loss).

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements (Unaudited), Continued

Three Months Ended June 30, 2025 Six Months Ended June 30, 2025

Net Derivative Gains (Losses) (1)

Net Investment Income Interest Credited To Policyholders Account Balances AOCI

Net Derivative Gains (Losses) (1)

Net Investment Income Interest Credited To Policyholders Account Balances AOCI

(in millions)

Derivatives: designated for hedge accounting

Cash flow hedges:

Currency swaps $ — $ 9 $ 73 $ (151) $ — $ 15 $ 106 $ (188)

Interest swaps — (8) — 13 — (11) — (8)

Total: designated for hedge accounting — 1 73 (138) — 4 106 (196)

Derivatives: not Designated for hedge accounting

Equity contracts:

Futures 472 — — — 272 — — —

Swaps (1,204) — — — (499) — — —

Options 4,235 — — — 1,590 — — —

Forwards

— — — — — — — —

Interest rate contracts:

Futures (98) — — — (121) — — —

Swaps (16) — — — (1) — — —

Options (1) — — — (2) — — —

Credit contracts:

Credit default swaps (3) — — — (3) — — —

Currency contracts:

Currency swaps (57) — — — (87) — — —

Currency forwards (6) — — — (6) — — —

Total: not designated for hedge accounting 3,322 — — — 1,143 — — —

Embedded derivatives:

SCS, SIO,MSO and IUL indexed features (4,696) — — — (1,718) — — —

Modco payable

— — — — — — — —

Total embedded derivatives (4,696) — — — (1,718) — — —

Total derivative instruments (1)

$ (1,374) $ 1 $ 73 $ (138) $ (575) $ 4 $ 106 $ (196)

______________

(1)Reported in net derivative gains (losses) in the consolidated statements of income (loss).

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements (Unaudited), Continued

The following table presents a roll-forward of cash flow hedges recognized in AOCI:

Roll-forward of Cash flow hedges in AOCI

Three Months Ended June 30, Six Months Ended June 30,

2026 2025 2026 2025

(in millions)

Balance, beginning of period $ (5) $ 22 $ (67) $ 80

Amount recorded in AOCI

Currency swaps (17) (91) 31 (81)

Interest swaps (16) — (18) (29)

Total amount recorded in AOCI (33) (91) 13 (110)

Amount reclassified from (to) income to AOCI

Currency swaps (1) 5 (60) 23 (107)

Interest swaps (1) 31 13 29 21

Total amount reclassified from (to) income to AOCI

36 (47) 52 (86)

Balance, end of period (2) $ (2) $ (116) $ (2) $ (116)

______________

(1) Currency swaps and Interest rate swap income is reported in Net investment income in the consolidated statements of income (loss).

(2) The Company does not estimate the amount of the deferred losses in AOCI at June 30, 2026 and 2025, which will be released and reclassified into net income (loss) over the next 12 months as the amounts cannot be reasonably estimated.

Equity-Based and Treasury Futures Contracts Margin

All outstanding equity-based and treasury futures contracts as of June 30, 2026 and December 31, 2025, are exchange-traded and net settled daily in cash. As of June 30, 2026 and December 31, 2025, respectively, the Company had open exchange-traded futures positions on: (i) the S&P 500, Nasdaq, Russell 2000 and Emerging Market indices, having initial margin requirements of $928 million and $810 million, (ii) the 2-year, 5-year and 10-year U.S. Treasury Notes on U.S. Treasury bonds and ultra-long bonds, having initial margin requirements of $153 million and $128 million, and (iii) Currency futures on the Euro/U.S. dollar, Pound/U.S. dollar, having initial margin requirements of $31 million and $26 million.

Collateral Arrangements

The Company generally has executed a CSA under the ISDA Master Agreement it maintains with each of its OTC derivative counterparties that requires both posting and accepting collateral either in the form of cash or high-quality securities, such as U.S. Treasury securities, U.S. government and government agency securities and investment grade corporate bonds. The Company nets the fair value of all derivative financial instruments with counterparties for which an ISDA Master Agreement and related CSA have been executed. As of June 30, 2026 and December 31, 2025, respectively, the Company held $22.8 billion and $20.8 billion in cash and securities collateral delivered by trade counterparties, representing the fair value of the related derivative agreements. The unrestricted cash collateral is reported in other invested assets. The Company posted collateral of $137 million and $144 million as of June 30, 2026 and December 31, 2025, respectively, in the normal operation of its collateral arrangements. The Company is exposed to losses in the event of non-performance by counterparties to financial derivative transactions with a positive fair value. The Company manages credit risk by: (i) entering into derivative transactions with highly rated major international financial institutions and other creditworthy counterparties governed by master netting agreements, as applicable; (ii) trading through central clearing and OTC parties; (iii) obtaining collateral, such as cash and securities, when appropriate; and (iv) setting limits on single party credit exposures which are subject to periodic management review.

As of June 30, 2026 and December 31, 2025, there were no net liability derivative positions with counterparties with credit risk-related contingent features whose credit rating has fallen. All derivatives have been appropriately collateralized by the Company or the counterparty in accordance with the terms of the derivative agreements.

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements (Unaudited), Continued

The following tables present information about the Company’s offsetting of financial assets and liabilities and derivative instruments:

Offsetting of Financial Assets and Liabilities and Derivative Instruments

As of June 30, 2026

Gross Amount Recognized Gross Amount Offset in the Balance Sheets Net Amount Presented in the Balance Sheets Gross Amount not Offset in the Balance Sheets (3) Net Amount

(in millions)

Assets:

Derivative assets (1) $ 33,597 $ 25,348 $ 8,249 $ (6,830) $ 1,419

Secured lending

201 — 201 — 201

Other financial assets 2,166 — 2,166 — 2,166

Other invested assets $ 35,964 $ 25,348 $ 10,616 $ (6,830) $ 3,786

Liabilities:

Derivative liabilities (2) $ 25,369 $ 25,348 $ 21 $ — $ 21

Secured lending

201 — 201 — 201

Other financial liabilities 6,602 — 6,602 — 6,602

Other liabilities $ 32,172 $ 25,348 $ 6,824 $ — $ 6,824

______________

(1)Excludes Asset Management segment’s derivative assets of consolidated VIEs/VOEs.

(2)Excludes Asset Management segment’s derivative liabilities of consolidated VIEs/VOEs.

(3)Financial instruments/collateral sent (held).

As of December 31, 2025

Gross Amount Recognized Gross Amount Offset in the Balance Sheets Net Amount Presented in the Balance Sheets Gross Amount not Offset in the Balance Sheets (3) Net Amount

(in millions)

Assets:

Derivative assets (1) $ 28,990 $ 20,424 $ 8,566 $ (7,344) $ 1,222

Secured Lending

408 — 408 — 408

Other financial assets 1,994 — 1,994 — 1,994

Other invested assets $ 31,392 $ 20,424 $ 10,968 $ (7,344) $ 3,624

Liabilities:

Derivative liabilities (2) $ 20,575 $ 20,424 $ 151 $ — $ 151

Secured Lending

408 — 408 — 408

Other financial liabilities 6,442 — 6,442 — 6,442

Other liabilities $ 27,425 $ 20,424 $ 7,001 $ — $ 7,001

______________

(1)Excludes Asset Management segment’s derivative assets of consolidated VIEs/VOEs.

(2)Excludes Asset Management segment’s derivative liabilities of consolidated VIEs/VOEs.

(3)Financial instruments sent (held).

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements (Unaudited), Continued

5) CLOSED BLOCK

Assets allocated to the Closed Block inure solely to the benefit of the Closed Block policyholders and will not revert to the benefit of the Company. No reallocation, transfer, borrowing or lending of assets can be made between the Closed Block and other portions of the Company’s General Account, any of its Separate Accounts or any affiliate of the Company without the approval of the New York State Department of Financial Services (the “NYDFS”). Closed Block assets and liabilities are carried on the same basis as similar assets and liabilities held in the General Account. For more information on the Closed Block, see Note 6 of the Notes to the Company's consolidated financial statements included in the Annual Report on Form 10-K for the year ended December 31, 2025.

Summarized financial information for the Company’s Closed Block is as follows:

June 30, 2026 December 31, 2025

(in millions)

Closed Block Liabilities:

Future policy benefits, policyholders’ account balances and other $ 4,822 $ 4,970

Other liabilities 47 118

Total Closed Block liabilities 4,869 5,088

Assets Designated to the Closed Block:

Fixed maturities AFS, at fair value (amortized cost of $2,608 and $2,621) (allowance for credit losses of $0 and $0)

2,530 2,566

Mortgage loans on real estate (net of allowance for credit losses of $24 and $24)

1,305 1,426

Policy loans 485 500

Cash and other invested assets 203 257

Other assets 99 97

Total assets designated to the Closed Block 4,622 4,846

Excess of Closed Block liabilities over assets designated to the Closed Block 247 242

Amounts included in AOCI:

Net unrealized investment gains (losses), net of income tax: $16 and $12

(61) (44)

Maximum future earnings to be recognized from Closed Block assets and liabilities $ 186 $ 198

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements (Unaudited), Continued

The Company’s Closed Block revenues and expenses were as follows:

Three Months Ended June 30, Six Months Ended June 30,

2026 2025 2026 2025

(in millions)

Revenues:

Premiums and other income $ 24 $ 24 $ 48 $ 51

Net investment income (loss) 49 48 97 99

Investment gains (losses), net (7) — — (1)

Total revenues 66 72 145 149

Benefits and Other Deductions:

Policyholders’ benefits and dividends 61 72 128 146

Other operating costs and expenses (1) 1 — 1

Total benefits and other deductions 60 73 128 147

Net income (loss), before income taxes 6 (1) 17 2

Income tax (expense) benefit (2) — (4) (1)

Net income (loss) $ 4 $ (1) $ 13 $ 1

6) DAC AND OTHER DEFERRED ASSETS/LIABILITIES

The following table presents a reconciliation of DAC to the consolidated balance sheets:

June 30, 2026 December 31, 2025

(in millions)

Retirement

GMxB Core

$ 1,569 $ 1,587

EQUI-VEST Individual

152 153

Investment Edge 301 273

SCS 2,413 2,274

EQUI-VEST Group

795 789

Momentum 76 79

Corporate and Other

Term 265 288

Universal Life

164 167

Variable Universal Life

1,161 1,143

Indexed Universal Life

177 181

GMxB Legacy

452 472

Closed Block

94 98

Other

19 19

Total $ 7,638 $ 7,523

Annually, or as circumstances warrant, the Company reviews the associated decrements assumptions (i.e., mortality and lapse) based on our multi-year average of companies experience with actuarial judgments to reflect other observable industry trends. In addition to DAC, the unearned revenue liability and sales inducement asset use similar techniques and quarterly update processes for balance amortization.

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements (Unaudited), Continued

Changes in the DAC asset were as follows:

Six Months Ended June 30, 2026

Retirement

Corporate and Other Total

GMxB Core EI IE SCS EG Momentum Term UL VUL IUL GMxB Legacy CB

(in millions)

Balance, beginning of period $ 1,587 $ 153 $ 273 $ 2,274 $ 789 $ 79 $ 288 $ 167 $ 1,143 $ 181 $ 472 $ 98 $ 7,504

Capitalization 63 5 41 373 30 5 2 6 57 3 9 — 594

Amortization (1) (81) (6) (13) (192) (24) (8) (17) (6) (35) (6) (29) (4) (421)

Recovery of acquisition costs (2) — — — (42) — — (8) (3) (4) (1) — — (58)

Balance, end of period $ 1,569 $ 152 $ 301 $ 2,413 $ 795 $ 76 $ 265 $ 164 $ 1,161 $ 177 $ 452 $ 94 $ 7,619

______________

(1)DAC amortization of $2 million related to Other not reflected in table above.

(2)Related to third party reinsurance transactions.

Six Months Ended June 30, 2025

Retirement

Corporate and Other Total

GMxB Core EI IE SCS EG Momentum Term UL VUL IUL GMxB Legacy

(in millions)

Balance, beginning of period $ 1,605 $ 154 $ 225 $ 1,938 $ 768 $ 83 $ 314 $ 170 $ 1,083 $ 186 $ 517 $ 107 $ 7,150

Capitalization 70 5 36 326 31 5 5 7 72 6 9 — 572

Amortization (1)

(76) (5) (11) (157) (23) (8) (18) (6) (33) (6) (32) (4) (379)

Balance, end of period $ 1,599 $ 154 $ 250 $ 2,107 $ 776 $ 80 $ 301 $ 171 $ 1,122 $ 186 $ 494 $ 103 $ 7,343

______________

(1)DAC amortization of $2 million related to Other not reflected in table above.

Changes in the Retirement and Corporate and Other sales inducement assets were as follows:

Six Months Ended June 30,

2026 2025

Retirement

Corporate and Other Retirement Corporate and Other

GMxB Core GMxB Legacy GMxB Core GMxB Legacy

(in millions)

Balance, beginning of period $ 107 $ 141 $ 117 $ 160

Capitalization 1 — 1 —

Amortization (6) (9) (6) (9)

Balance, end of period $ 102 $ 132 $ 112 $ 151

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements (Unaudited), Continued

Changes in the Corporate and Other unearned revenue liability were as follows:

Six Months Ended June 30,

2026 2025

UL VUL IUL UL VUL IUL

(in millions)

Balance, beginning of period $ 112 $ 866 $ 254 $ 114 $ 840 $ 250

Capitalization 5 77 19 7 74 23

Amortization (4) (29) (9) (4) (27) (8)

Recovery of unearned revenue reserves (1)

(3) (41) (13) — — —

Balance, end of period $ 110 $ 873 $ 251 $ 117 $ 887 $ 265

______________

(1) Related to third party reinsurance transactions.

7) FAIR VALUE DISCLOSURES

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements (Unaudited), Continued

Assets and Liabilities Measured at Fair Value on a Recurring Basis

Assets and liabilities measured at fair value on a recurring basis are summarized below:

Fair Value Measurements as of June 30, 2026

Level 1

Level 2

Level 3

Total

(in millions)

Assets:

Investments

Fixed maturities, AFS:

Corporate (1)

$ — $ 43,537 $ 2,967 $ 46,504

U.S. Treasury, government and agency — 3,936 — 3,936

States and political subdivisions — 305 — 305

Foreign governments — 436 — 436

Residential mortgage-backed (2)

— 7,682 22 7,704

Asset-backed (3)

— 13,966 2,747 16,713

Commercial mortgage-backed — 4,476 60 4,536

Redeemable preferred stock — 57 — 57

Total fixed maturities, AFS — 74,395 5,796 80,191

Fixed maturities, at fair value using the fair value option — 2,745 203 2,948

Mortgage loans, at fair value using the fair value option — — 71 71

Other equity investments (4) 237 169 18 424

Trading securities 393 963 393 1,749

Other invested assets:

Short-term investments — 106 — 106

Assets of consolidated VIEs/VOEs 42 412 1 455

Swaps — (1,047) — (1,047)

Credit default swaps

— (10) — (10)

Futures (2) — — (2)

Options — 23,904 — 23,904

Forwards — 94 — 94

Total other invested assets 40 23,459 1 23,500

Cash equivalents 5,872 — — 5,872

Segregated securities — 229 — 229

Purchased market risk benefits — — 4,710 4,710

Assets for market risk benefits — — 940 940

Modco payable (5)

— — 3 3

Separate Accounts assets (6)

139,559 2,936 — 142,495

Total Assets $ 146,101 $ 104,896 $ 12,135 $ 263,132

Liabilities:

Notes issued by consolidated VIEs, at fair value using the fair value option (7)

$ — $ 2,786 $ 321 $ 3,107

SCS, SIO, MSO and IUL indexed features’ liability — 25,743 — 25,743

Liabilities of consolidated VIEs and VOEs — 22 — 22

Liabilities for market risk benefits — — 8,816 8,816

Contingent payment arrangements — — 9 9

Total Liabilities $ — $ 28,551 $ 9,146 $ 37,697

______________

(1)Corporate fixed maturities includes both public and private issues.

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements (Unaudited), Continued

(2)Includes publicly traded agency pass-through securities and collateralized obligations.

(3)Includes credit-tranched securities collateralized by sub-prime mortgages, credit risk transfer securities and other asset types.

(4)Includes short position equity securities of $38 million that are reported in other liabilities.

(5)Represents ceded reserves on NI modco (see Note 1 of the Notes to these Consolidated Financial Statements). Reflected in Amounts due from reinsurers.

(6)Separate Accounts assets included in the fair value hierarchy exclude investments in entities that calculate NAV per share (or its equivalent) as a practical expedient. Such investments excluded from the fair value hierarchy include investments in real estate. As of June 30, 2026, the fair value of such investments was $277 million.

(7)Accrued interest payable of $21 million is reported in Notes issued by consolidated VIEs, at fair value using the fair value option in the consolidated balance sheets, which is not required to be measured at fair value on a recurring basis.

Fair Value Measurements as of December 31, 2025

Level 1

Level 2

Level 3

Total

(in millions)

Assets:

Investments

Fixed maturities, AFS:

Corporate (1) $ — $ 42,345 $ 2,496 $ 44,841

U.S. Treasury, government and agency — 3,737 — 3,737

States and political subdivisions — 310 — 310

Foreign governments — 482 — 482

Residential mortgage-backed (2) — 7,086 — 7,086

Asset-backed (3) — 14,513 1,545 16,058

Commercial mortgage-backed (2) — 4,552 38 4,590

Redeemable preferred stock — 58 — 58

Total fixed maturities, AFS — 73,083 4,079 77,162

Fixed maturities, at fair value using the fair value option — 2,484 459 2,943

Mortgage loans, at fair value using the fair value option — — 50 50

Other equity investments (4)

247 210 17 474

Trading securities 404 882 286 1,572

Other invested assets:

Short-term investments — 28 68 96

Assets of consolidated VIEs/VOEs 33 318 1 352

Swaps — (380) — (380)

Credit default swaps

— (10) — (10)

Futures 1 — — 1

Options — 21,111 — 21,111

Forwards — 33 — 33

Total other invested assets 34 21,100 69 21,203

Cash equivalents 4,998 — — 4,998

Segregated securities — 499 — 499

Purchased market risk benefits — — 5,260 5,260

Assets for market risk benefits — — 752 752

Modco payable (5)

— — (1) (1)

Separate Accounts assets (6)

133,142 2,678 — 135,820

Total Assets $ 138,825 $ 100,936 $ 10,971 $ 250,732

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements (Unaudited), Continued

Level 1

Level 2

Level 3

Total

(in millions)

Liabilities:

Notes issued by consolidated VIEs, at fair value using the fair value option (7)

$ — $ 2,454 $ 254 $ 2,708

SCS, SIO, MSO and IUL indexed features’ liability — 21,819 — 21,819

Liabilities of consolidated VIEs and VOEs — 20 — 20

Liabilities for market risk benefits

— — 10,153 10,153

Contingent payment arrangements — — 9 9

Total Liabilities $ — $ 24,293 $ 10,416 $ 34,709

______________

(1)Corporate fixed maturities includes both public and private issues.

(2)Includes publicly traded agency pass-through securities and collateralized obligations.

(3)Includes credit-tranched securities collateralized by sub-prime mortgages, credit risk transfer securities and other asset types.

(4)Includes short position equity securities of $37 million that are reported in other liabilities.

(5)Represents ceded reserves on NI modco (see Note 1 of the Notes to these Consolidated Financial Statements). Reflected in Amounts due from reinsurers.

(7)Accrued interest payable of $19 million is reported in Notes issued by consolidated VIEs, at fair value using the fair value option in the consolidated balance sheets, which is not required to be measured at fair value on a recurring basis.

Public Fixed Maturities

The fair values of the Company’s public fixed maturities, including those accounted for using the fair value option, are generally based on prices obtained from independent valuation service providers, for which the Company maintains a vendor hierarchy by asset type based on historical pricing experience and vendor expertise. Although each security generally is priced by multiple independent valuation service providers, the Company ultimately uses the price received from the independent valuation service provider highest in the vendor hierarchy based on the respective asset type, with limited exception. To validate reasonableness, prices also are internally reviewed by those with relevant expertise through comparison with directly observed recent market trades. Consistent with the fair value hierarchy, public fixed maturities validated in this manner generally are reflected within Level 2, as they are primarily based on observable pricing for similar assets and/or other market observable inputs.

Private Fixed Maturities

Mortgage Loans

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements (Unaudited), Continued

Notes Issued by Consolidated VIEs, at Fair Value Using the Fair Value Option

Freestanding Derivative Positions

The net fair value of the Company’s freestanding derivative positions as disclosed in Note 4 of the Notes to these Consolidated Financial Statements is generally based on prices obtained either from independent valuation service providers or derived by applying market inputs from recognized vendors into industry standard pricing models. The majority of these derivative contracts are traded in the OTC derivative market and are classified in Level 2. The fair values of derivative assets and liabilities traded in the OTC market are determined using quantitative models that require use of the contractual terms of the derivative instruments and multiple market inputs, including interest rates, prices, and indices to generate continuous yield or pricing curves, including overnight index swap curves and volatility factors, which then are applied to value the positions. The predominance of market inputs is actively quoted and can be validated through external sources or reliably interpolated if less observable.

Level Classifications of the Company’s Financial Instruments

Financial Instruments Classified as Level 1

Financial Instruments Classified as Level 2

Observable inputs generally used to measure the fair value of securities classified as Level 2 include benchmark yields, reported secondary trades, issuer spreads, benchmark securities and other reference data. Additional observable inputs are used when available, and as may be appropriate, for certain security types, such as pre-payment, default, and collateral information, for the purpose of measuring the fair value of mortgage- and asset-backed securities. The Company’s AAA-rated mortgage- and asset-backed securities are classified as Level 2 for which the observability of market inputs to their pricing models is supported by sufficient, albeit more recently contracted, market activity in these sectors.

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements (Unaudited), Continued

Certain Company products, such as the SCS, EQUI-VEST variable annuity products, IUL and the MSO fund available in some life contracts, offer investment options which permit the contract owner to participate in the performance of an index, ETF or commodity price. These investment options, which depending on the product and on the index selected, can currently have one, three, five or six year terms, provide for participation in the performance of specified indices, ETF or commodity price movement up to a segment-specific declared maximum rate. Under certain conditions that vary by product, e.g., holding these segments for the full term, these segments also shield policyholders from some or all negative investment performance associated with these indices, ETFs or commodity prices. These investment options have defined formulaic liability amounts, and the current values of the option component of these segment reserves are classified as Level 2 embedded derivatives. The fair values of these embedded derivatives are based on data obtained from independent valuation service providers.

Financial Instruments Classified as Level 3

The Company has certain variable annuity contracts with GMDB, GMIB, GIB and GWBL and other features in-force that guarantee one of the following:

•Return of Premium: the benefit is the greater of current account value or premiums paid (adjusted for withdrawals);

•Roll-Up: the benefit is the greater of current account value or premiums paid (adjusted for withdrawals) accumulated at contractually specified interest rates up to specified ages;

•Combo: the benefit is the greater of the ratchet benefit or the roll-up benefit, which may include either a five-year or an annual reset; or

•Withdrawal: the withdrawal is guaranteed up to a maximum amount per year for life.

The Company also issues certain benefits on its variable annuity products that are accounted for as MRBs carried at fair value and are also considered Level 3 for fair value leveling.

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements (Unaudited), Continued

Purchased MRB assets, which are accounted for as MRBs carried at fair value, are also considered Level 3 for fair value leveling. The purchased MRB asset fair value reflects the present value of reinsurance premiums, net of recoveries, adjusted for risk margins and nonperformance risk over a range of market consistent economic scenarios, while the MRB asset and liability reflects the present value of expected future payments (benefits) less fees, adjusted for risk margins and nonperformance risk, attributable to the MRB asset and liability over a range of market-consistent economic scenarios.

After giving consideration to collateral arrangements, the Company reduced the fair value of its purchased MRB asset by $35 million and $42 million as of June 30, 2026 and December 31, 2025, respectively, to recognize incremental counterparty non-performance risk.

The Company’s Level 3 liabilities include contingent payment arrangements associated with acquisitions in 2020 by AB. At each reporting date, AB estimates the fair values of the contingent consideration expected to be paid based upon revenue and discount rate projections using unobservable market data inputs, which are included in Level 3 of the valuation hierarchy. The Company’s consolidated VIEs/VOEs hold investments that are classified as Level 3, primarily corporate bonds that are vendor priced with no ratings available, bank loans, non-agency collateralized mortgage obligations and asset-backed securities.

Transfers of Financial Instruments Between Levels 2 and 3

During the six months ended June 30, 2026, fixed maturities with fair values of $707 million were transferred out of Level 3 and into Level 2 principally due to the availability of trading activity and/or market observable inputs to measure and validate their fair values. In addition, fixed maturities with fair values of $828 million were transferred from Level 2 into the Level 3 classification. These transfers in the aggregate represent approximately 178.9% of total equity as of June 30, 2026.

During the six months ended June 30, 2025, fixed maturities with fair values of $882 million were transferred out of Level 3 and into Level 2 principally due to the availability of trading activity and/or market observable inputs to measure and validate their fair values. In addition, fixed maturities with fair values of $367 million were transferred from Level 2 into the Level 3 classification. These transfers in the aggregate represent approximately 47.9% of total equity as of June 30, 2025.

The tables below present reconciliations for all Level 3 assets and liabilities and changes in unrealized gains (losses). Not included below are the changes in balances related to MRBs and purchased MRBs Level 3 assets and liabilities, which are included in Note 9 of the Notes to these Consolidated Financial Statements.

Three Months Ended June 30, 2026

Corporate Asset-backed RMBS CMBS Fixed maturities, at FVO Mortgage Loans, at FVO

(in millions)

Balance, beginning of period $ 2,740 $ 1,636 $ — $ 40 $ 439 $ 72

Total gains and (losses), realized and unrealized, included in:

Net income (loss) as:

Net investment income (loss) 3 — — — 21 —

Investment gains (losses), net (11) — — — (1) (1)

Subtotal (8) — — — 20 (1)

Other comprehensive income (loss) (2) (10) — — — —

Purchases 1,201 708 22 20 (10) —

Debt issuances — — — — — —

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements (Unaudited), Continued

Three Months Ended June 30, 2026

Corporate Asset-backed RMBS CMBS Fixed maturities, at FVO Mortgage Loans, at FVO

(in millions)

Sales (967) (240) — — (5) —

Settlements — — — — — —

Change in fair value of Modco payable — — — — — —

Other

— — — — — —

Activity related to consolidated VIEs/VOEs — — — — — —

Transfers into Level 3 (1) 12 653 — — (55) —

Transfers out of Level 3 (1) (9) — — — (186) —

Balance, end of period $ 2,967 $ 2,747 $ 22 $ 60 $ 203 $ 71

Change in unrealized gains or losses for the period included in earnings for instruments held at the end of the reporting period (2) $ — $ — $ — $ — $ 20 $ —

Change in unrealized gains or losses for the period included in other comprehensive income for instruments held at the end of the reporting period (2) $ (16) $ (11) $ — $ — $ — $ —

______________

(1)Transfers into/out of the Level 3 classification are reflected at beginning-of-period fair values. Negative transfers into Level 3 and positive transfers out of Level 3 represent transfers in prior quarters that were sold in the current quarter.

(2)For instruments held as of June 30, 2026, amounts are included in Net investment income or net derivative gains (losses) in the consolidated statements of income (loss) or unrealized gains (losses) on investments in the consolidated statements of comprehensive income.

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements (Unaudited), Continued

Three Months Ended June 30, 2026

Other Equity Investments (3) Trading Securities, at Fair Value

Modco Payable

Notes issued by consolidated VIEs Contingent Payment Arrangement

(in millions)

Balance, beginning of period $ 23 $ 347 $ 2 $ (293) $ (9)

Total gains and (losses), realized and unrealized, included in:

Net income (loss) as:

Net investment income (loss) 1 (2) — — —

Investment gains (losses), net — 3 — — —

Subtotal 1 1 — — —

Other comprehensive income (loss) — — — — —

Purchases 6 56 — — —

Debt issuances — — — (28) —

Sales (7) (13) — — —

Settlements — — — — —

Change in fair value of Modco payable

— — 1 — —

Other

— — — — —

Activity related to consolidated VIEs/VOEs — — — — —

Transfers into Level 3 (1) (4) 2 — — —

Transfers out of Level 3 (1) — — — — —

Balance, end of period $ 19 $ 393 $ 3 $ (321) $ (9)

Change in unrealized gains or losses for the period included in earnings for instruments held at the end of the reporting period (2) $ 1 $ — $ — $ — $ —

Change in unrealized gains or losses for the period included in other comprehensive income for instruments held at the end of the reporting period (2) $ — $ — $ — $ — $ —

______________

(3)Other Equity Investments include other invested assets.

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements (Unaudited), Continued

Three Months Ended June 30, 2025

Corporate Asset-backed RMBS CMBS

(in millions)

Balance, beginning of period $ 1,831 $ 648 $ — $ 8

Total gains and (losses), realized and unrealized, included in:

Net income (loss) as:

Net investment income (loss) 2 — — —

Investment gains (losses), net — — — —

Subtotal 2 — — —

Other comprehensive income (loss) 17 3 1 1

Purchases 279 398 14 11

Sales (292) (11) — (5)

Settlements — — (3) —

Change in fair value of modco payable — — — —

Other — — — —

Activity related to consolidated VIEs/VOEs — — — —

Transfers into Level 3 (1) 98 — 19 4

Transfers out of Level 3 (1) 74 (102) — —

Balance, end of period $ 2,009 $ 936 $ 31 $ 19

Change in unrealized gains or losses for the period included in earnings for instruments held at the end of the reporting period (2) $ — $ — $ — $ —

Change in unrealized gains or losses for the period included in other comprehensive income for instruments held at the end of the reporting period (2) $ 14 $ — $ — $ —

______________

(2)For instruments held as of June 30, 2025, amounts are included in Net investment income or net derivative gains (losses) in the consolidated statements of income (loss) or unrealized gains (losses) on investments in the consolidated statements of comprehensive income.

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements (Unaudited), Continued

Three Months Ended June 30, 2025

Fixed maturities, at FVO Other Equity Investments (3) Trading Securities, at Fair Value Notes issued by consolidated VIEs Contingent Payment Arrangement

(in millions)

Balance, beginning of period $ 263 $ 18 $ 109 $ (168) $ (8)

Total gains and (losses), realized and unrealized, included in:

Net income (loss) as:

Net investment income (loss) (1) 1 — — —

Investment gains (losses), net — — — — —

Subtotal (1) 1 — — —

Other comprehensive income (loss) — — — — —

Purchases 87 11 18 — —

Debt issuances

— — — (2) —

Sales (27) (16) — — —

Settlements — — — 12 —

Change in fair value of modco payable — — — — —

Other — — — — —

Activity related to consolidated VIEs/VOEs — (1) — — —

Transfers into Level 3 (1) 63 — — — —

Transfers out of Level 3 (1) 25 — — — —

Balance, end of period $ 410 $ 13 $ 127 $ (158) $ (8)

Change in unrealized gains or losses for the period included in earnings for instruments held at the end of the reporting period (2) $ (1) $ 1 $ — $ — $ —

Change in unrealized gains or losses for the period included in other comprehensive income for instruments held at the end of the reporting period (2) $ — $ — $ — $ — $ —

______________

(3)Other Equity Investments include other invested assets.

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements (Unaudited), Continued

Six Months Ended June 30, 2026

Corporate Asset-backed RMBS CMBS Fixed maturities, at FVO Mortgage Loans, at FVO

(in millions)

Balance, beginning of period $ 2,496 $ 1,545 $ — $ 38 $ 459 $ 50

Total gains and (losses), realized and unrealized, included in:

Net income (loss) as:

Net investment income (loss) 4 — — — 14 —

Investment gains (losses), net (20) (4) — — (1) (4)

Subtotal (16) (4) — — 13 (4)

Other comprehensive income (loss) (21) (22) — (1) — —

Purchases 1,665 1,027 22 23 36 25

Debt issuances

— — — — — —

Sales (1,078) (355) — — (16) —

Settlements — — — — — —

Change in fair value of modco payable

— — — — — —

Other — — — — — —

Activity related to consolidated VIEs/VOEs — — — — — —

Transfers into Level 3 (1) 33 722 — — 71 —

Transfers out of Level 3 (1) (112) (166) — — (360) —

Balance, end of period $ 2,967 $ 2,747 $ 22 $ 60 $ 203 $ 71

Change in unrealized gains or losses for the period included in earnings for instruments held at the end of the reporting period (2) $ — $ — $ — $ — $ 14 $ —

Change in unrealized gains or losses for the period included in other comprehensive income for instruments held at the end of the reporting period (2) $ (35) $ (22) $ — $ (1) $ — $ —

______________

(1)Transfers into/out of the Level 3 classification are reflected at beginning-of-period fair values.

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements (Unaudited), Continued

Six Months Ended June 30, 2026

Other Equity Investments (1) Trading Securities, at Fair Value Short-term investments

Modco Payable

Notes issued by consolidated VIEs

Contingent Payment Arrangement

(in millions)

Balance, beginning of period $ 18 $ 286 $ 68 $ (1) $ (254) $ (9)

Total gains and (losses), realized and unrealized, included in:

Net income (loss) as:

Net investment income (loss) 1 (2) — — — —

Investment gains (losses), net — 3 — — — —

Subtotal 1 1 — — — —

Other comprehensive income (loss) — — — — — —

Purchases

11 120 — — — —

Debt issuances

— — — — (72) —

Sales (11) (15) — — — —

Settlements — — — — 5 —

Change in fair value of modco payable

— — — 4 — —

Other

— — — — — —

Activity related to consolidated VIEs/VOEs — — — — — —

Transfers into Level 3 (2)

— 2 — — — —

Transfers out of Level 3 (2)

— (1) (68) — — —

Balance, end of period $ 19 $ 393 $ — $ 3 $ (321) $ (9)

Change in unrealized gains or losses for the period included in earnings for instruments held at the end of the reporting period (3)

$ 1 $ — $ — $ — $ — $ —

Change in unrealized gains or losses for the period included in other comprehensive income for instruments held at the end of the reporting period (3)

$ — $ — $ — $ — $ — $ —

______________

(1)Other Equity Investments include other invested assets.

(2)Transfers into/out of the Level 3 classification are reflected at beginning-of-period fair values.

(3)For instruments held as of June 30, 2026, amounts are included in Net investment income or net derivative gains (losses) in the consolidated statements of income (loss) or unrealized gains (losses) on investments in the consolidated statements of comprehensive income.

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements (Unaudited), Continued

Six Months Ended June 30, 2025

Corporate (3)

Asset-backed RMBS CMBS Fixed maturities, at FVO

(in millions)

Balance, beginning of period $ 2,472 $ 232 $ — $ 8 $ 275

Total gains and (losses), realized and unrealized, included in:

Net income (loss) as:

Net investment income (loss) 3 — — — 1

Investment gains (losses), net (3) — — — (4)

Subtotal — — — — (3)

Other comprehensive income (loss) 28 6 1 1 —

Purchases 424 784 14 11 199

Debt issuances — — — — —

Sales (390) (133) (3) (5) (41)

Settlements — — — — —

Change in fair value of modco payable — — — — —

Other — — — — —

Activity related to consolidated VIEs/VOEs — — — — —

Transfers into Level 3 (1) 98 149 19 4 95

Transfers out of Level 3 (1) (623) (102) — — (115)

Balance, end of period $ 2,009 $ 936 $ 31 $ 19 $ 410

Change in unrealized gains or losses for the period included in earnings for instruments held at the end of the reporting period (2) $ — $ — $ — $ — $ (1)

Change in unrealized gains or losses for the period included in other comprehensive income for instruments held at the end of the reporting period (2) $ 22 $ 3 $ 1 $ — $ —

______________

(1)Transfers into/out of the Level 3 classification are reflected at beginning-of-period fair values.

Six Months Ended June 30, 2025

Other

Equity Investments (1)

Trading Securities, at Fair Value Notes issued by consolidated VIEs Contingent Payment Arrangement

(in millions)

Balance, beginning of period $ 55 $ 80 $ (172) $ (9)

Total gains and (losses), realized and unrealized, included in:

Net income (loss) as:

Net investment income (loss) 1 — — —

Investment gains (losses), net — — — —

Subtotal 1 — — —

Other comprehensive income (loss) — — — —

Purchases 14 47 — —

Debt issuances — — (3) —

Sales (16) — — —

Settlements — — 17 1

Change in fair value of modco payable

— — — —

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements (Unaudited), Continued

Six Months Ended June 30, 2025

Other

Equity Investments (1)

Trading Securities, at Fair Value Notes issued by consolidated VIEs Contingent Payment Arrangement

(in millions)

Other — — — —

Activity related to consolidated VIEs/VOEs (1) — — —

Transfers into Level 3 (2)

2 — — —

Transfers out of Level 3 (2)

(42) — — —

Balance, end of period $ 13 $ 127 $ (158) $ (8)

Change in unrealized gains or losses for the period included in earnings for instruments held at the end of the reporting period (3)

$ 1 $ — $ — $ —

Change in unrealized gains or losses for the period included in other comprehensive income for instruments held at the end of the reporting period (3)

$ — $ — $ — $ —

_____________

(1)Other Equity Investments include other invested assets.

(2)Transfers into/out of the Level 3 classification are reflected at beginning-of-period fair values.

(3)For instruments held as of June 30, 2025, amounts are included in Net investment income or net derivative gains (losses) in the consolidated statements of income (loss) or unrealized gains (losses) on investments in the consolidated statements of comprehensive income.

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements (Unaudited), Continued

Quantitative and Qualitative Information about Level 3 Fair Value Measurements

The following tables disclose quantitative information about Level 3 fair value measurements by category for assets and liabilities:

Quantitative Information about Level 3 Fair Value Measurements as of June 30, 2026

Fair

Value

Valuation

Technique

Significant

Unobservable Input

Range

Weighted Average (2)

(Dollars in millions)

Assets:

Investments:

Fixed maturities, AFS:

Corporate

$ 1,063 Market comparable

companies

EBITDA multiples

Discount rate

Cash flow multiples

Loan to value

Benchmark analysis

4.3x - 26.0x

5.9% - 48.2%

0.9x - 15.4x

3.3% - 45.3%

3.6% - 7.8%

12.6x

7.6%

5.9x

14.2%

4.7%

Trading securities,

at fair value (5)

82 Discounted cash flow

Earnings multiple

Discount factor

Discount years

10.9x

10.0%

Trading securities,

at fair value (5)

246 Market comparable

companies

EBITDA Multiples

Cashflow Multiples

6.2x - 26.0x

0.7x - 11.8x

14.4x

7.1x

Mortgage loans, at fair value using the fair value option 71 Discounted cash flow Discount rate

Loan to value

6.4% - 6.8%

64.0% - 66.0%

6.6%

65.0%

Purchased MRB asset

(1) (2) (4)

4,710 Discounted cash flow

Lapse rates

Withdrawal rates

GMIB Utilization rates

Non-performance risk

Volatility rates - Equity

Mortality: Ages 0-40

Ages 41-60

Ages 61-115

0.04% - 13.67%

0.12% - 6.51%

0.04% - 63.69%

1 bps - 78 bps

13.74% - 28.52%

0.01% - 0.17%

0.06% - 0.51%

0.31% - 40.40%

2.52%

0.62%

6.52%

6 bps

22.65%

3.53%

(same for all ages)

Liabilities:

AB Contingent consideration payable $ 9 Discounted cash flow

Expected revenue growth rates

Discount rate

2.0% - 8.0%

1.9% - 1.9%

4.9%

1.9%

Direct MRB (1) (2) (3) (4) 7,876 Discounted cash flow

Non-performance risk

Lapse rates

Withdrawal rates

Annuitization rates

Mortality: Ages 0-40

Ages 41-60

Ages 61-115

94 bps

0.04% - 38.09%

0.00% - 8.00%

0.04% - 100.00%

0.01% - 0.17%

0.06% - 0.51%

0.31% - 40.40%

94 bps

4.28%

0.67%

5.06%

3.04%

(same for all ages)

______________

(2)Lapses and pro rata withdrawal rates were developed as a function of the policy account value. Dollar-for-dollar withdrawal rates were developed as a function of the dollar-for-dollar threshold, the dollar-for-dollar limit. Utilization rates were developed as a function of the benefit base.

(3)MRB liabilities are shown net of MRB assets. Net amount is made up of $8.8 billion of MRB liabilities and $940 million of MRB assets.

(4)Includes Legacy and Core products.

(5)Certain newly acquired Level 3 Trading securities are not presented as cost basis approximates fair value as of June 30, 2026.

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements (Unaudited), Continued

Quantitative Information about Level 3 Fair Value Measurements as of December 31, 2025

Fair

Value

Valuation

Technique

Significant

Unobservable Input

Range

Weighted Average (2)

(Dollars in millions)

Assets:

Investments:

Fixed maturities, AFS:

Corporate $ 1,189 Market comparable companies

EBITDA multiples

Discount rate

Cash flow multiples

Loan to value

4.8x - 34.0x

7.3% - 21.3%

0.6x - 29.5x

2.1% - 80.0%

13.8x

3.4%

15.0x

10.3%

Other equity investments 3

Discounted Cash Flow

Earnings Multiple

6.9x - 9.4x

6.9x

Trading securities,

at fair value (5)

83 Discounted cash flow

Earnings multiple

Discounts factor

Discount years

10.9x

10.0%

Trading securities,

at fair value (5)

139 Market comparable companies

EBITDA multiples

Cashflow Multiples

6.8x - 34.0x

4.0x - 29.5x

15.1x

7.6x

Mortgage loans, at fair value using the fair value option 50 Discounted cash flow

Discount rate

Loan to value

5.1% - 5.7%

64.0% - 64.5%

Purchased MRB asset

(1) (2) (4)

5,260 Discounted cash flow

Lapse rates

Withdrawal rates

GMIB Utilization rates

Non-performance risk

Volatility rates - Equity

Mortality: Ages 0-40

Ages 41-60

Ages 61-115

0.04% - 13.67%

0.12% - 6.51%

0.04% - 63.69%

3 bps - 85 bps

13% - 29%

0.01% - 0.17%

0.06% - 0.51%

0.31% - 40.40%

2.34%

0.68%

6.87%

7 bps

23%

3.41%

(same for all ages)

Liabilities:

AB Contingent consideration payable $ 9 Discounted cash flow

Expected revenue growth rates

Discount rate

2.0% - 13.3%

1.9% - 1.9%

6.8%

1.9%

Direct MRB (1) (2) (3) (4) 9,401 Discounted cash flow

Non-performance risk

Lapse rates

Withdrawal rates

Annuitization rates

Mortality: Ages 0-40

Ages 41-60

Ages 61-115

77 bps

0.04% - 38.09%

0.00% - 8.00%

0.04% - 100.00%

0.01% - 0.17%

0.06% - 0.51%

0.31% - 40.40%

77 bps

4.09%

0.83%

5.29%

2.95%

(same for all ages)

______________

(3)MRB liabilities are shown net of MRB assets. Net amount is made up of $10.2 billion of MRB liabilities and $752 million of MRB assets.

(4)Includes Legacy and Core products.

(5)Certain newly acquired Level 3 Trading securities are not presented as cost basis approximates fair value as of December 31, 2025.

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements (Unaudited), Continued

Level 3 Financial Instruments for which Quantitative Inputs are Not Available

Certain Privately Placed Debt Securities with Limited Trading Activity

Excluded from the tables above as of June 30, 2026 and December 31, 2025, respectively, are approximately $5.0 billion and $3.5 billion of Level 3 fair value measurements of investments for which the underlying quantitative inputs are not developed by the Company and are not readily available. These investments primarily consist of certain privately placed debt securities with limited trading activity, including residential mortgage- and asset-backed instruments, and their fair values generally reflect unadjusted prices obtained from independent valuation service providers and indicative, non-binding quotes obtained from third-party broker-dealers recognized as market participants. Significant increases or decreases in the fair value amounts received from these pricing sources may result in the Company reporting significantly higher or lower fair value measurements for these Level 3 investments.

•Residential mortgage-backed securities classified as Level 3 primarily consist of non-agency paper with low trading activity. Included in the tables above as of June 30, 2026 and December 31, 2025, there were no Level 3 securities that were determined by application of a matrix pricing model and for which the spread over the U.S. Treasury curve is the most significant unobservable input to the pricing result. Generally, a change in spreads would lead to directionally inverse movement in the fair value measurements of these securities.

•Asset-backed securities classified as Level 3 primarily consist of non-agency mortgage loan trust certificates, including subprime and Alt-A paper, credit risk transfer securities, and equipment financings. Included in the tables above as of June 30, 2026 and December 31, 2025, there were no securities that were determined by the application of matrix-pricing for which the spread over the U.S. Treasury curve is the most significant unobservable input to the pricing result. Significant increases (decreases) in spreads would have resulted in significantly lower (higher) fair value measurements.

Other Equity Investments

Included in other equity investments classified as Level 3 are venture capital securities in the Technology, Media and Telecommunications industries. The fair value measurements of these securities include significant unobservable inputs, including an enterprise value to revenue multiples and a discount rate to account for liquidity and various risk factors. Significant increases (decreases) in the enterprise value to revenue multiple inputs in isolation would have resulted in a significantly higher (lower) fair value measurement. Significant increases (decreases) in the discount rate would have resulted in a significantly lower (higher) fair value measurement.

Market Risk Benefits

Significant unobservable inputs with respect to the fair value measurement of the purchased MRB assets and MRB liabilities identified in the table above are developed using Company data. Future policyholder behavior is an unobservable market assumption and, as such, all aspects of policyholder behavior are derived based on recent historical experience. These policyholder behaviors include lapses, pro rata withdrawals, dollar-for-dollar withdrawals, GMIB utilization, deferred mortality and payout phase mortality. Many of these policyholder behaviors have dynamic adjustment factors based on the relative value of the rider as compared to the account value in different economic environments. This applies to all variable annuity related products; products with GMxB riders including but not limited to GMIB, GMDB, and GWBL.

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements (Unaudited), Continued

Carrying Value of Financial Instruments Not Otherwise Disclosed in Note 3 and Note 4 of the Notes to these Consolidated Financial Statements

The carrying values and fair values for financial instruments not otherwise disclosed in Note 3 and Note 4 of the Notes to these Consolidated Financial Statements were as follows:

Carrying Values and Fair Values for Financial Instruments Not Otherwise Disclosed

Carrying

Value

Fair Value

Level 1

Level 2

Level 3

Total

(in millions)

June 30, 2026:

Mortgage loans on real estate $ 24,795 $ — $ — $ 23,887 $ 23,887

Policy loans $ 1,846 $ — $ — $ 1,920 $ 1,920

Policyholders’ liabilities: Investment contracts $ 3,375 $ — $ — $ 3,336 $ 3,336

Modco payable (1) $ 349 $ — $ — $ 349 $ 349

Funding agreements (2)

$ 19,987 $ — $ 19,865 $ — $ 19,865

Short-term debt

$ — $ — $ — $ — $ —

Long-term debt $ 3,839 $ — $ 3,743 $ — $ 3,743

Separate Accounts liabilities $ 13,197 $ — $ — $ 13,197 $ 13,197

December 31, 2025:

Mortgage loans on real estate $ 22,668 $ — $ — $ 21,907 $ 21,907

Policy loans $ 1,862 $ — $ — $ 1,958 $ 1,958

Policyholders’ liabilities: Investment contracts $ 2,808 $ — $ — $ 2,777 $ 2,777

Modco payable (1)

$ 323 $ — $ — $ 323 $ 323

Funding agreements $ 17,996 $ — $ 17,916 $ — $ 17,916

Short-term debt

$ 25 $ — $ 25 $ — $ 25

Long-term debt $ 3,835 $ — $ 3,814 $ — $ 3,814

Separate Accounts liabilities $ 12,365 $ — $ — $ 12,365 $ 12,365

______________

(1)Modco payable is reported in Amounts due from reinsurers in the consolidated balance sheets.

(2)Excludes accrued interest of $103 million as of June 30, 2026.

Policy Loans

The fair value of policy loans is calculated by discounting expected cash flows based upon the U.S. Treasury yield curve and historical loan repayment patterns.

Policyholder Liabilities - Investment Contracts and Separate Accounts Liabilities

Funding Agreements

The fair values of Equitable Financial and Equitable America’s FHLB long term funding agreements’ are determined based on indicative market rates published by the FHLB, and modeled for each note’s fair market value. FHLB short-term funding agreements’ fair values are reflective of notional/par value.

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements (Unaudited), Continued

The fair values of Equitable Financial and Equitable America’s FABN funding agreements are determined by the Bloomberg Valuation pricing service, which uses direct observations or observed comparables.

The fair value of Equitable Financial’s FABCP funding agreements are reflective of the notional/par value outstanding.

The fair values of Equitable Financial’s Farmer Mac funding agreements are determined based on indicative market rates provided by Farmer Mac and modeled for each note’s fair market value.

Short-term Debt

The Company’s short-term debt primarily includes long-term debt that has been reclassified to short-term due to an upcoming maturity date within one year. The fair values for the Company’s short-term debt are determined by the Bloomberg Valuation pricing service, which uses direct observations or observed comparables.

Long-term Debt

The fair values for the Company’s long-term debt are determined by the Bloomberg Valuation pricing service, which uses direct observations or observed comparables.

Financial Instruments Exempt from Fair Value Disclosure or Otherwise Not Required to be Disclosed

Exempt from Fair Value Disclosure Requirements

Otherwise Not Required to be Included in the Table Above

The Company’s investment in COLI policies is recorded at their cash surrender value and therefore are not required to be included in the table above. See Note 2 of the Notes to these Consolidated Financial Statements for further description of the Company’s accounting policy related to its investment in COLI policies.

8) LIABILITIES FOR FUTURE POLICYHOLDER BENEFITS

The following table reconciles the net liability for future policy benefits and liability of death benefits to the liability for future policy benefits in the consolidated balance sheets:

June 30, 2026 December 31, 2025

(in millions)

Reconciliation

Term $ 1,202 $ 1,241

Payout

5,345 5,243

Group Pension - Benefit Reserve & DPL 407 432

Health 1,252 1,316

UL 1,355 1,328

Subtotal 9,561 9,560

Whole Life Closed Block and Open Block products 4,839 4,980

Other (1) 928 936

Future policyholder benefits total 15,328 15,476

Other policyholder funds and dividends payable 2,044 2,184

Total $ 17,372 $ 17,660

_____________

(1)Primarily consists of future policy benefits related to Protective Life and Annuity, Assumed Life and Disability, Group Life Run off, Variable Interest Sensitive Life rider and EB.

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements (Unaudited), Continued

The following table summarizes balances and changes in the liability for future policy benefits for nonparticipating traditional and limited pay contracts:

Six Months Ended June 30, 2026 Six Months Ended June 30, 2025

Retirement

Corporate & Other

Retirement

Corporate & Other

Payout Term Group Pension Health Payout Term Group Pension Health

(in millions)

Present Value of Expected Net Premiums

Balance, beginning of period $ — $ 1,818 $ — $ (23) $ — $ 1,932 $ — $ (25)

Beginning balance at original discount rate — 1,802 — (24) — 1,959 — (26)

Effect of changes in cash flow assumptions — (3) — — — — — —

Effect of actual variances from expected experience — (51) — (1) — (54) — (2)

Adjusted beginning of period balance — 1,748 — (25) — 1,905 — (28)

Issuances — 15 — — — 20 — —

Interest accrual — 43 — — — 47 — (1)

Net premiums collected — (81) — 2 — (90) — 3

Ending Balance at original discount rate — 1,725 — (23) — 1,882 — (26)

Effect of changes in discount rate assumptions — (15) — 1 — — — 1

Balance, end of period $ — $ 1,710 $ — $ (22) $ — $ 1,882 $ — $ (25)

Present Value of Expected Future Policy Benefits

Balance, beginning of period $ 5,243 $ 3,058 $ 432 $ 1,293 $ 5,050 $ 3,216 $ 460 $ 1,337

Beginning balance of original discount rate 5,402 2,991 472 1,458 5,390 3,215 514 1,555

Effect of changes in cash flow assumptions (1)

(15) 7 — — (468) — — —

Effect of actual variances from expected experience (3) (74) — (1) (3) (73) — (7)

Adjusted beginning of period balance 5,384 2,924 472 1,457 4,919 3,142 514 1,548

Issuances 365 16 — — 398 22 — —

Interest accrual 105 73 8 24 99 79 9 25

Benefits payments (286) (116) (28) (71) (251) (120) (31) (75)

Ending Balance at original discount rate 5,568 2,897 452 1,410 5,165 3,123 492 1,498

Effect of changes in discount rate assumptions (223) 14 (45) (180) (229) 45 (45) (187)

Balance, end of period $ 5,345 $ 2,911 $ 407 $ 1,230 $ 4,936 $ 3,168 $ 447 $ 1,311

Impact of flooring LFPB at zero — 1 — — — 1 — —

Net liability for future policy benefits 5,345 1,202 407 1,252 4,936 1,287 447 1,336

Less: Reinsurance recoverable (1,261) (889) — (972) (1,027) 2 — (1,044)

Net liability for future policy benefits, after reinsurance recoverable $ 4,084 $ 313 $ 407 $ 280 $ 3,909 $ 1,289 $ 447 $ 292

Weighted-average duration of liability for future policyholder benefits (years) 7.4 6.9 6.8 8.0 7.6 6.8 6.9 8.3

______________

(1)Includes the net income impact due to novation as described in Note 1.

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements (Unaudited), Continued

June 30, 2026 December 31, 2025

(in millions)

Term

Expected future benefit payments and expenses (undiscounted) $ 5,037 $ 5,214

Expected future gross premiums (undiscounted)

6,070 6,250

Expected future benefit payments and expenses (discounted; AOCI basis) 2,904 3,058

Expected future gross premiums (discounted; AOCI basis) 3,279 3,424

Payout

Expected future benefit payments and expenses (undiscounted) 7,925 7,683

Expected future gross premiums (undiscounted)

— —

Expected future benefit payments and expenses (discounted; AOCI basis) 5,225 5,127

Expected future gross premiums (discounted; AOCI basis) — —

Group Pension

Expected future benefit payments and expenses (undiscounted) 552 578

Expected future gross premiums (undiscounted)

— —

Expected future benefit payments and expenses (discounted; AOCI basis) 388 412

Expected future gross premiums (discounted; AOCI basis) — —

Health

Expected future benefit payments and expenses (undiscounted) 1,914 1,987

Expected future gross premiums (undiscounted)

56 60

Expected future benefit payments and expenses (discounted; AOCI basis) 1,225 1,280

Expected future gross premiums (discounted; AOCI basis) $ 44 $ 48

The table below summarizes the revenue and interest related to nonparticipating traditional and limited payment contracts:

Six Months Ended June 30,

2026 2025 2026 2025

Gross Premium Interest Accretion

(in millions)

Revenue and Interest Accretion

Term $ 125 $ 161 $ 30 $ 32

Payout

81 116 110 105

Group Pension — — 8 9

Health 3 5 25 26

Total $ 209 $ 282 $ 173 $ 172

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements (Unaudited), Continued

The following table provides the weighted average interest rates for the liability for future policy benefits:

June 30, 2026 December 31, 2025

Weighted Average Interest Rate

Term

Interest accretion rate 5.5 % 5.6 %

Current discount rate 5.2 % 4.9 %

Payout

Interest accretion rate 4.6 % 4.5 %

Current discount rate 5.2 % 5.0 %

Group Pension

Interest accretion rate 3.3 % 3.4 %

Current discount rate 5.1 % 4.8 %

Health

Interest accretion rate 3.4 % 3.4 %

Current discount rate 5.3 % 5.0 %

The following table provides the balance, changes in and the weighted average durations of the additional insurance liabilities:

Six Months Ended June 30,

2026 2025

Corporate and Other

(in millions)

Balance, beginning of period $ 1,328 $ 1,246

Beginning balance before AOCI adjustments 1,347 1,302

Effect of changes in interest rate & cash flow assumptions and model changes — —

Effect of actual variances from expected experience 1 4

Adjusted beginning of period balance 1,348 1,306

Interest accrual 30 29

Net assessments collected 31 34

Benefit payments (39) (45)

Ending balance before shadow reserve adjustments 1,370 1,324

Effect of reserve adjustment recorded in AOCI (15) (53)

Balance, end of period $ 1,355 $ 1,271

Net liability for additional liability $ 1,355 $ 1,271

Less: Reinsurance recoverable (1,117) —

Net liability for additional liability, after reinsurance recoverable $ 238 $ 1,271

Weighted-average duration of additional liability - death benefit (years) 18.1 19.1

The following tables provide the revenue, interest and weighted average interest rates, related to the additional insurance liabilities:

Six Months Ended June 30,

2026 2025 2026 2025

Assessments Interest Accretion

(in millions)

Revenue and Interest Accretion

UL $ 292 $ 316 $ 30 $ 29

Total $ 292 $ 316 $ 30 $ 29

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements (Unaudited), Continued

June 30, 2026 December 31, 2025

Weighted Average Interest Rate

UL 4.5 % 4.5 %

Interest accretion rate 4.5 % 4.5 %

The discount rate used for additional insurance liabilities reserve is based on the crediting rate at issue.

9) MARKET RISK BENEFITS

The following table presents the balances and changes to the balances for MRBs for the GMxB benefits on deferred variable annuities:

Three Months Ended June 30,

2026 2025

Retirement Corporate and Other Retirement Corporate and Other

GMxB Core GMxB Legacy Legacy Purchased MRB Net Legacy GMxB Core GMxB Legacy Legacy Purchased MRB Net Legacy

(in millions)

Balance, beginning of period $ 806 $ 8,335 $ (5,265) $ 3,070 $ 717 $ 9,505 $ (5,973) $ 3,532

Balance BOP before changes in the instrument specific credit risk 576 8,061 (5,256) 2,805 495 9,336 (5,957) 3,379

Model changes and effect of changes in cash flow assumptions

16 — — — (7) 8 5 13

Actual market movement effect (339) (1,018) 445 (573) (173) (620) 264 (356)

Interest accrual 14 66 (43) 23 10 96 (58) 38

Attributed fees accrued (1)

110 150 (37) 113 109 161 (39) 122

Benefit payments (12) (263) 116 (147) (12) (285) 128 (157)

Actual policyholder behavior different from expected behavior 6 17 (6) 11 7 22 (14) 8

Changes in future economic assumptions (49) (78) 76 (2) (42) (232) 140 (92)

Issuances — — — — (2) — — —

Balance EOP before changes in the instrument-specific credit risk 322 6,935 (4,705) 2,230 385 8,486 (5,531) 2,955

Changes in the instrument-specific credit risk (2)

281 421 (5) 416 268 326 (10) 316

Balance, end of period $ 603 $ 7,356 $ (4,710) $ 2,646 $ 653 $ 8,812 $ (5,541) $ 3,271

Weighted-average age of policyholders (years) 66.8 74.6 74.0 N/A 65.9 74.0 73.4 N/A

Net amount at risk $ 2,799 $ 13,628 $ 6,145 N/A $ 2,953 $ 15,835 $ 7,099 N/A

______________

(1)Attributed fees accrued represents the portion of the fees needed to fund future GMxB claims.

(2)Changes are recorded in OCI except for reinsurer credit which is reflected in the consolidated income statement.

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements (Unaudited), Continued

Six Months Ended June 30,

2026 2025

Retirement

Corporate and Other

Retirement

Corporate and Other

GMxB Core GMxB Legacy

Legacy Purchased MRB (3)

Net Legacy GMxB Core GMxB Legacy

Legacy Purchased MRB (3)

Net Legacy

(in millions)

Balance, beginning of period $ 804 $ 8,633 $ (5,258) $ 3,375 $ 496 $ 10,508 $ (7,372) $ 3,136

Balance BOP before changes in the instrument specific credit risk 394 7,925 (5,263) 2,662 163 9,735 (7,368) 2,367

Model changes and effect of changes in cash flow assumptions (4)

16 (37) 55 18 (7) (1,336) 1,860 524

Actual market movement effect (243) (715) 305 (410) (102) (271) 148 (123)

Interest accrual 30 141 (89) 52 25 202 (122) 80

Attributed fees accrued (1) 207 299 (89) 210 203 326 (99) 227

Benefit payments (24) (527) 238 (289) (23) (565) 257 (308)

Actual policyholder behavior different from expected behavior 11 41 (21) 20 20 42 (14) 28

Changes in future economic assumptions (71) (192) 159 (33) 105 353 (193) 160

Issuances 2 — — — 1 — — —

Balance EOP before changes in the instrument-specific credit risk 322 6,935 (4,705) 2,230 385 8,486 (5,531) 2,955

Changes in the instrument-specific credit risk (2) 281 421 (5) 416 268 326 (10) 316

Balance, end of period $ 603 $ 7,356 $ (4,710) $ 2,646 $ 653 $ 8,812 $ (5,541) $ 3,271

Weighted-average age of policyholders (years) 66.8 74.6 74.0 N/A 65.9 74.0 73.4 N/A

Net amount at risk

$ 2,799 $ 13,628 $ 6,145 N/A $ 2,953 $ 15,835 $ 7,099 N/A

_____________

(1)Attributed fees accrued represents the portion of the fees needed to fund future GMxB claims.

(2)Changes are recorded in OCI except for reinsurer credit which is reflected in the consolidated income statement.

(3)Purchased MRB is the impact of non-affiliated reinsurance.

The following table reconciles MRBs by the amounts in an asset position and amounts in a liability position to the MRB amounts in the consolidated balance sheets:

June 30, 2026 December 31, 2025

Direct Asset Direct Liability Net Direct MRB Purchased MRB Total Direct Asset Direct Liability Net Direct MRB Purchased MRB Total

(in millions)

Retirement

GMxB Core $ (518) $ 1,121 $ 603 $ — $ 603 $ (436) $ 1,240 $ 804 $ — $ 804

Corporate and Other

GMxB Legacy (251) 7,607 7,356 (4,710) 2,646 (190) 8,823 8,633 (5,258) 3,375

Other (1) (171) 88 (83) — (83) (126) 90 (36) (2) (38)

Total $ (940) $ 8,816 $ 7,876 $ (4,710) $ 3,166 $ (752) $ 10,153 $ 9,401 $ (5,260) $ 4,141

______________

(1)Other primarily includes SCS.

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements (Unaudited), Continued

10) POLICYHOLDER ACCOUNT BALANCES

The following table reconciles the policyholders account balances to the policyholders’ account balance liability in the consolidated balance sheets:

June 30, 2026 December 31, 2025

(in millions)

Policyholders’ account balance reconciliation

Retirement

SCS $ 90,076 $ 80,752

EQUI-VEST Individual 1,738 1,819

EQUI-VEST Group 10,905 10,968

Momentum 438 489

GMxB Core (70) (52)

Corporate and Other

Universal Life 4,868 4,924

Variable Universal Life 5,288 5,165

GMxB Legacy 216 222

Other (1)

12,896 11,150

Balance (exclusive of Funding Agreements) 126,355 115,437

Funding Agreements

20,090 17,996

Balance, end of period $ 146,445 $ 133,433

_____________

(1)Primarily reflects products Retirement Payout, Retirement Other, Indexed Universal Life, Investment Edge, Group Pension and Closed Block.

The following table summarizes the balances and changes in policyholder’s account balances:

Six Months Ended June 30, 2026

Retirement

Corporate and Other

GMxB Core SCS (1) EQUI-VEST Individual EQUI-VEST Group Momentum Universal Life Variable Universal Life GMxB Legacy

(Dollars in millions)

Balance, beginning of period $ (52) $ 80,752 $ 1,819 $ 10,968 $ 489 $ 4,924 $ 5,165 $ 222

Premiums received 45 435 16 295 20 271 37 2

Policy charges 6 (52) — (3) — (314) (143) 17

Surrenders and withdrawals (15) (3,379) (110) (649) (56) (40) (35) (29)

Benefit payments — (241) (23) (34) (1) (79) (20) (8)

Net transfers from (to) Separate Account (56) 6,473 10 153 (19) — 176 5

Interest credited (2) 2 6,088 26 175 5 106 108 6

Other (4)

— — — — — — — 1

Balance, end of period $ (70) $ 90,076 $ 1,738 $ 10,905 $ 438 $ 4,868 $ 5,288 $ 216

Weighted-average crediting rate 1.84% N/A 2.99% 2.66% 2.30% 3.85% 3.67% 2.78%

Net amount at risk (3) $ 2,799 $ 3 $ 94 $ 6 $ — $ 30,087 $ 116,980 $ 13,628

Cash surrender value $ 160 $ 85,864 $ 1,733 $ 10,857 $ 438 $ 3,266 $ 3,247 $ 401

______________

(1)SCS sales are recorded as a Separate Account liability until they are swept into the General Account. This sweep is recorded as Net Transfers from (to) Separate Account.

(2)SCS and EQUI-VEST Group includes amounts related to the change in embedded derivative.

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements (Unaudited), Continued

(4)Includes the PAB from the policies novated to Venerable, as described in Note 1 of the Notes to these Consolidated Financial Statements.

Six Months Ended June 30, 2025

Retirement

Corporate and Other

GMxB Core SCS (1) EQUI-VEST Individual EQUI-VEST Group Momentum Universal Life Variable Universal Life GMxB Legacy

(Dollars in millions)

Balance, beginning of period $ (4) $ 65,267 $ 2,037 $ 11,158 $ 527 $ 5,065 $ 4,982 $ 226

Premiums received 91 5 18 293 26 300 60 5

Policy charges 4 (24) — (3) — (335) (139) 18

Surrenders and withdrawals (15) (2,534) (127) (688) (53) (43) (2) (32)

Benefit payments (1) (179) (33) (32) (1) (122) (70) (8)

Net transfers from (to) Separate Account (106) 6,760 8 237 (7) — 117 5

Interest credited (2) 4 2,247 29 165 6 108 113 6

Other — — — — — — — 33

Balance, end of period $ (27) $ 71,542 $ 1,932 $ 11,130 $ 498 $ 4,973 $ 5,061 $ 253

Weighted-average crediting rate 1.97% N/A 2.96% 2.75% 2.48% 3.83% 3.67% 2.78%

Net amount at risk (3) $ 2,953 $ — $ 100 $ 7 $ — $ 32,105 $ 117,332 $ 15,835

Cash surrender value $ 202 $ 68,284 $ 1,927 $ 11,084 $ 499 $ 3,323 $ 3,176 $ 452

______________

(1)SCS sales are recorded as a Separate Account liability until they are swept into the General Account. This sweep is recorded as Net Transfers from (to) Separate Account.

(2)SCS and EQUI-VEST includes amounts related to the change in embedded derivative.

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements (Unaudited), Continued

June 30, 2026

Product

Range of Guaranteed Minimum Crediting Rate At Guaranteed Minimum

1 Basis Point - 50 Basis Points Above

51 Basis Points - 150 Basis Points Above

Greater Than 150 Basis Points Above

Total

( in millions)

Retirement

GMxB Core

0.00% - 1.50%

$ — $ 9 $ 128 $ — $ 137

1.51% - 2.50%

20 — — — 20

Greater than 2.50%

5 — — — 5

Total

$ 25 $ 9 $ 128 $ — $ 162

EQUI-VEST Individual

0.00% - 1.50%

$ — $ — $ 213 $ — $ 213

1.51% - 2.50%

10 17 — — 27

Greater than 2.50%

1,498 — — — 1,498

Total

$ 1,508 $ 17 $ 213 $ — $ 1,738

EQUI-VEST

Group

0.00% - 1.50%

$ 74 $ 606 $ 2,535 $ 113 $ 3,328

1.51% - 2.50%

337 — — — 337

Greater than 2.50%

5,660 — — — 5,660

Total

$ 6,071 $ 606 $ 2,535 $ 113 $ 9,325

Momentum

0.00% - 1.50%

$ — $ 11 $ 245 $ 47 $ 303

1.51% - 2.50%

80 — — — 80

Greater than 2.50%

50 — 4 — 54

Total

$ 130 $ 11 $ 249 $ 47 $ 437

Corporate and Other

Universal Life

0.00% - 1.50%

$ — $ — $ — $ 6 $ 6

1.51% - 2.50%

— 82 280 668 1,030

Greater than 2.50%

3,091 715 — — 3,806

Total

$ 3,091 $ 797 $ 280 $ 674 $ 4,842

Variable Universal Life

0.00% - 1.50%

$ 19 $ — $ 149 $ 76 $ 244

1.51% - 2.50%

49 234 426 — 709

Greater than 2.50%

3,714 55 — — 3,769

Total

$ 3,782 $ 289 $ 575 $ 76 $ 4,722

GMxB Legacy

0.00% - 1.50%

$ — $ 56 $ 2 $ — $ 58

1.51% - 2.50%

14 — — — 14

Greater than 2.50%

330 — — — 330

Total

$ 344 $ 56 $ 2 $ — $ 402

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements (Unaudited), Continued

December 31, 2025

Product

Range of Guaranteed Minimum Crediting Rate At Guaranteed Minimum

1 Basis Point - 50 Basis Points Above

51 Basis Points - 150 Basis Points Above

Greater Than 150 Basis Points Above

Total

( in millions)

Retirement

GMxB Core

0.00% - 1.50%

$ — $ 10 $ 138 $ — $ 148

1.51% - 2.50%

11 — — — 11

Greater than 2.50%

27 — — — 27

Total $ 38 $ 10 $ 138 $ — $ 186

EQUI-VEST Individual

0.00% - 1.50%

$ — $ 27 $ 154 $ — $ 181

1.51% - 2.50%

11 61 — — 72

Greater than 2.50%

1,565 — — — 1,565

Total $ 1,576 $ 88 $ 154 $ — $ 1,818

EQUI-VEST Group

0.00% - 1.50%

$ 1 $ 927 $ 2,247 $ 194 $ 3,369

1.51% - 2.50%

339 — — — 339

Greater than 2.50%

5,762 — — — 5,762

Total $ 6,102 $ 927 $ 2,247 $ 194 $ 9,470

Momentum

0.00% - 1.50%

$ — $ 12 $ 283 $ 47 $ 342

1.51% - 2.50%

90 — — — 90

Greater than 2.50%

52 — 5 — 57

Total $ 142 $ 12 $ 288 $ 47 $ 489

Corporate and Other

Universal Life

0.00% - 1.50%

$ — $ — $ — $ 6 $ 6

1.51% - 2.50%

— 83 279 664 1,026

Greater than 2.50%

3,175 689 — — 3,864

Total $ 3,175 $ 772 $ 279 $ 670 $ 4,896

Variable Universal Life

0.00% - 1.50%

$ 17 $ 2 $ 132 $ 66 $ 217

1.51% - 2.50%

39 373 257 — 669

Greater than 2.50%

3,678 81 — — 3,759

Total $ 3,734 $ 456 $ 389 $ 66 $ 4,645

GMxB Legacy

0.00% - 1.50%

$ — $ 58 $ 2 $ — $ 60

1.51% - 2.50%

16 — — — 16

Greater than 2.50%

351 — — — 351

Total $ 367 $ 58 $ 2 $ — $ 427

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements (Unaudited), Continued

Separate Account - Summary

The following table reconciles the Separate Account liabilities to the Separate Account liability balance in the consolidated balance sheets:

June 30, 2026 December 31, 2025

(in millions)

Separate Account Reconciliation

Retirement

GMxB Core $ 31,314 $ 30,720

EQUI-VEST Individual 5,004 4,836

Investment Edge 5,655 5,312

EQUI-VEST Group 36,618 33,714

Momentum 5,436 5,174

Corporate and Other

Variable Universal Life 22,066 20,383

GMxB Legacy 28,369 28,209

Other (1) 8,544 8,196

Total $ 143,006 $ 136,544

______________

(1)Primarily reflects Corporate and Other products and Retirement products including Association and Retirement Other.

The following table presents the balances of and changes in Separate Account liabilities:

Six Months Ended June 30, 2026

Retirement

Corporate and Other

GMxB Core EQUI-VEST Individual Investment Edge EQUI-VEST Group Momentum VUL GMxB Legacy

(in millions)

Balance, beginning of period $ 30,720 $ 4,836 $ 5,312 $ 33,714 $ 5,174 $ 20,383 $ 28,209

Premiums and deposits 839 45 1,221 1,327 296 674 92

Policy charges (255) (2) — (9) (13) (294) (245)

Surrenders and withdrawals (2,009) (270) (341) (1,557) (503) (308) (1,579)

Benefit payments (136) (32) (25) (40) (6) (122) (317)

Investment performance (1) 2,099 437 398 3,336 469 1,906 2,318

Net transfers from (to) General Account

56 (10) (910) (153) 19 (176) (6)

Other charges (2)

— — — — — 3 (103)

Balance, end of period $ 31,314 $ 5,004 $ 5,655 $ 36,618 $ 5,436 $ 22,066 $ 28,369

Cash surrender value $ 30,479 $ 4,975 $ 5,575 $ 36,293 $ 5,430 $ 21,494 $ 28,179

_____________

(1)Investment performance is reflected net of M&E fees.

(2)Other charges include the Separate Account value novated to Venerable, as described in Note 1 of the Notes to these Consolidated Financial Statements.

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements (Unaudited), Continued

Six Months Ended June 30, 2025

Retirement

Corporate and Other

GMxB Core EQUI-VEST Individual Investment Edge EQUI-VEST Group Momentum VUL GMxB Legacy

(in millions)

Balance, beginning of period $ 30,411 $ 4,782 $ 4,885 $ 30,546 $ 4,813 $ 18,176 $ 33,199

Premiums and deposits 934 49 901 1,252 330 664 118

Policy charges (252) (2) — (8) (12) (292) (265)

Surrenders and withdrawals (1,861) (237) (242) (1,271) (433) (350) (1,499)

Benefit payments (145) (36) (17) (32) (5) (54) (364)

Investment performance (1) 864 208 247 1,464 308 941 907

Net transfers from (to) General Account

106 (8) (702) (237) 7 (117) (5)

Other charges

— — — — — — (3,816)

Balance, end of period $ 30,057 $ 4,756 $ 5,072 $ 31,714 $ 5,008 $ 18,968 $ 28,275

Cash surrender value $ 29,218 $ 4,724 $ 4,983 $ 31,412 $ 5,001 $ 18,600 $ 28,071

______________

(1)Investment performance is reflected net of M&E fees.

The following table presents the aggregate fair value of Separate Account assets by major asset category:

June 30, 2026

Retirement

Corporate & Other

Total

Legacy Life Other

(in millions)

Asset Type

Debt securities $ 17 $ — $ 42 $ 12 $ 71

Common Stock 655 — 78 1,981 2,714

Mutual Funds 87,432 28,383 22,580 584 138,979

Bonds and Notes 4 — 90 1,148 1,242

Total $ 88,108 $ 28,383 $ 22,790 $ 3,725 $ 143,006

December 31, 2025

Retirement

Corporate & Other

Total

Legacy

Life

Other

(in millions)

Asset Type

Debt securities $ 16 $ — $ 43 $ 12 $ 71

Common Stock 573 — 73 1,863 2,509

Mutual Funds 82,973 28,276 20,870 632 132,751

Bonds and Notes 8 — 91 1,114 1,213

Total $ 83,570 $ 28,276 $ 21,077 $ 3,621 $ 136,544

11) EMPLOYEE BENEFIT PLANS

Pension Plans

Holdings and Equitable Financial Retirement Plans

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements (Unaudited), Continued

on December 31, 2013, qualified defined benefit plan covering eligible employees and financial professionals. These pension plans are non-contributory, and their benefits are generally based on a cash balance formula and/or, for certain participants, years of service and average earnings over a specified period. Holdings has assumed primary liability for both plans. Equitable Financial remains secondarily liable for its obligations under the Equitable Financial QP and would recognize such liability in the event Holdings does not perform. Holdings and Equitable Financial also sponsor certain nonqualified deferred compensation plans, including the Equitable Excess Retirement Plan, that provide retirement benefits in excess of the amount permitted under the tax law for the qualified plans.

Net Periodic Pension Expense

Components of net periodic pension expense for the Company’s plans were as follows:

Three Months Ended June 30, Six Months Ended June 30,

2026 2025 2026 2025

(in millions)

Service cost $ 8 $ 7 $ 16 $ 15

Interest cost 27 28 55 56

Expected return on assets (32) (33) (65) (67)

Prior period service cost amortization — — (1) (1)

Net amortization 14 11 29 23

Impact of settlement (1)

— — — 21

Net periodic pension expense

$ 17 $ 13 $ 34 $ 47

_____________

(1)During the six months ended June 30, 2025, AB settled all future obligations under their defined benefits retirement plan and transferred the remaining benefit obligations to a qualified third party insurance provider under a group annuity contract, and as a result recognized an initial non-cash settlement of approximately $21 million. The plan was formally terminated and the trust was closed effective September 30, 2025.

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements (Unaudited), Continued

12) INCOME TAXES

Income tax expense for the three and six months ended June 30, 2026 and 2025, was computed using an estimated annual effective tax rate (“ETR”), with discrete items recognized in the period in which they occur. The estimated ETR is revised, as necessary, at the end of successive interim reporting periods.

In 2022, the Company established a valuation allowance against its deferred tax asset related to unrealized capital losses in the available for sale securities portfolio. In 2023, management took actions to increase its available liquidity so that the Company has the ability and intent to hold the majority of securities in its available for sale portfolio to recovery. For liquidity and other purposes, the Company maintains a smaller pool of securities that it does not intend to hold to recovery. The Company maintains a valuation allowance against the deferred tax asset on available for sale securities that will not be held to recovery. Adjustments to the valuation allowance due to changes in the portfolio’s unrealized capital loss are recorded in OCI. Adjustments to the valuation allowance due to new facts or evidence are recorded in net income.

In the third quarter of 2025, the Company realized losses from the liquidity pool primarily due to the RGA Reinsurance Transaction, resulting in a deferred tax asset for realized capital losses. The valuation allowance against unrealized losses in OCI was reduced and a valuation allowance of $176 million was established against the realized losses through net income.

For the three and six months ended June 30, 2026, the Company recorded increases to the valuation allowance of $5 million and $9 million, respectively, in OCI. For the three and six months ended June 30, 2026, there were no changes to the valuation allowance through net income. As of June 30, 2026, a valuation allowance of $210 million remains against deferred tax assets that are not more-likely-than-not to be realized.

The Company uses the aggregate portfolio approach related to the stranded or disproportionate income tax effects in accumulated other comprehensive income related to available for sale securities. Under this approach, the disproportionate tax effect remains intact as long as the investment portfolio remains.

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements (Unaudited), Continued

13) EQUITY

Preferred Stock

Preferred stock authorized, issued and outstanding was as follows:

June 30, 2026 December 31, 2025

Series Shares Authorized Shares

Issued Shares Outstanding Shares Authorized Shares

Issued Shares Outstanding

Series A 32,000 32,000 32,000 32,000 32,000 32,000

Series B 20,000 — — 20,000 — —

Series C 12,000 12,000 12,000 12,000 12,000 12,000

Total 64,000 44,000 44,000 64,000 44,000 44,000

On April 11, 2025, Holdings redeemed and retired $279 million of Series B Preferred Stock using proceeds from our Junior Subordinated Debt issuance. On September 30, 2025, Holdings redeemed the remaining $165 million of Series B Preferred Stock.

Dividends declared per share were as follows:

Three Months Ended June 30, Six Months Ended June 30,

2026 2025 2026 2025

Series A dividends declared $ 328 $ 328 $ 656 $ 656

Series B dividends declared $ — $ 619 $ — $ 619

Series C dividends declared $ 269 $ 269 $ 538 $ 538

Common Stock

Dividends declared per share of common stock were as follows:

Three Months Ended June 30, Six Months Ended June 30,

2026 2025 2026 2025

Dividends declared $ 0.30 $ 0.27 $ 0.57 $ 0.51

Share Repurchase

On September 9, 2025, the Company’s Board of Directors approved an additional $500 million under Holdings’ share repurchase program. On February 11, 2026, the Company’s Board of Directors approved an additional $1.0 billion share repurchase program. Under this program, the Company may, from time to time purchase shares of its common stock through various means. The Company may choose to suspend or discontinue the repurchase program at any time. The repurchase program does not obligate the Company to purchase any particular number of shares. As of June 30, 2026, Holdings had authorized capacity of approximately $1.5 billion remaining in its share repurchase program.

Holdings repurchased a total of 8.7 million and 11.8 million shares of its common stock at an average price of $42.30 and $43.43 through open market repurchases, ASRs and privately negotiated transactions for the three and six months ended June 30, 2026, respectively, and repurchased a total of 4.8 million and 9.8 million shares of its common stock at an average price of $51.71 and $50.79 through open market repurchases, ASRs and privately negotiated transactions for the three and six months ended June 30, 2025, respectively.

During the three and six months ended June 30, 2026, Holdings repurchased 8.7 million and 9.7 million shares of its common stock through open market repurchases. During the three and six months ended June 30, 2025, Holdings repurchased 2.4 million and 4.7 million shares of its common stock through open market repurchases.

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements (Unaudited), Continued

Accumulated Other Comprehensive Income (Loss)

AOCI represents cumulative gains (losses) on items that are not reflected in net income (loss). The balances as of June 30, 2026 and December 31, 2025, follow:

June 30, 2026 December 31, 2025

(in millions)

Unrealized gains (losses) on investments $ (5,472) $ (4,722)

Market risk benefits - instrument-specific credit risk component (722) (1,166)

Liability for future policy benefits - current discount rate component 279 204

Defined benefit pension plans (514) (563)

Foreign currency translation adjustments (63) (58)

Total accumulated other comprehensive income (loss) (6,492) (6,305)

Less: Accumulated other comprehensive income (loss) attributable to noncontrolling interest (27) (25)

Accumulated other comprehensive income (loss) attributable to Holdings $ (6,465) $ (6,280)

The components of OCI, net of taxes for the three and six months ended June 30, 2026 and 2025 are as follows:

Three Months Ended June 30,

Six Months Ended June 30,

2026 2025 2026 2025

(in millions)

Change in net unrealized gains (losses) on investments:

Net unrealized gains (losses) arising during the period $ (9) $ 335 $ (722) $ 993

(Gains) losses reclassified into net income (loss) during the period (1) 18 28 34 34

Net unrealized gains (losses) on investments 9 363 (688) 1,027

Adjustments for policyholders’ liabilities, DAC, insurance liability loss recognition and other (15) (54) 47 (109)

Change in unrealized gains (losses), net of adjustments (net of deferred income tax expense (benefit) of $4, $124, $(160) and $297)

(6) 309 (641) 918

Change in LFPB discount rate and MRB credit risk, net of tax

Market risk benefits - changes in instrument-specific credit risk (net of deferred income tax expense (benefit) of $(45), $(45), $93 and $110)

(170) (170) 351 414

Liability for future policy benefits - changes in current discount rate (net of deferred income tax expense (benefit) of $0, $(8) $16 and $(25))

(1) (29) 59 (92)

Change in defined benefit plans:

Reclassification to Net income (loss) of amortization of net prior service credit included in net periodic cost 11 9 49 26

Change in defined benefit plans (net of deferred income tax expense (benefit) of $(3), $(3), $(13) and $(1))

11 9 49 26

Foreign currency translation adjustments:

Foreign currency translation gains (losses) arising during the period 1 26 (5) 37

Foreign currency translation adjustment 1 26 (5) 37

Total other comprehensive income (loss), net of income taxes (165) 145 (187) 1,303

Less: Other comprehensive income (loss) attributable to noncontrolling interest — 10 (2) 23

Other comprehensive income (loss) attributable to Holdings $ (165) $ 135 $ (185) $ 1,280

______________

(1)See “Reclassification adjustment” in Note 3 of the Notes to these Consolidated Financial Statements. Reclassification amounts presented net of income tax expense (benefit) of $(5) million, $(7) million, $(9) million and $(9) million for the three and six months ended June 30, 2026 and 2025, respectively.

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements (Unaudited), Continued

14) REDEEMABLE NONCONTROLLING INTEREST

The changes in the components of redeemable noncontrolling interests were as follows:

Three Months Ended June 30, Six Months Ended June 30,

2026 2025 2026 2025

(in millions)

Balance, beginning of period $ 390 $ 289 $ 322 $ 125

Net earnings (loss) attributable to redeemable noncontrolling interests 18 (2) 34 1

Deconsolidated funds — — (26) —

Purchase/change of redeemable noncontrolling interests (43) 71 35 232

Balance, end of period $ 365 $ 358 $ 365 $ 358

15) COMMITMENTS AND CONTINGENT LIABILITIES

Litigation and Regulatory Matters

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements (Unaudited), Continued

For some matters, the Company is able to estimate a range of loss. For such matters in which a loss is probable, an accrual has been made. For matters where the Company believes a loss is reasonably possible, but not probable, no accrual is required. For matters for which an accrual has been made, but there remains a reasonably possible range of loss in excess of the amounts accrued or for matters where no accrual is required, the Company develops an estimate of the unaccrued amounts of the reasonably possible range of losses. As of June 30, 2026, the Company estimates the aggregate range of reasonably possible losses, in excess of any amounts accrued for these matters as of such date, to be up to approximately $100 million.

Obligations under Funding Agreements

Pre-Capitalized Trust Securities (“P-Caps”)

In June 2024, the Company exercised its issuance right under the Facility Agreement, dated April 5, 2019 (the “2029 Trust Facility Agreement”) to issue $600 million principal amount of the Company’s 4.572% Senior Notes due 2029 (the “2029 Notes”) in exchange for the portfolio of principal and interest strips of U.S. Treasury securities held by the 2029 Trust (the “2029 Trust Eligible Assets”). Following the Company’s exercise of its issuance right under the 2029 Trust Facility Agreement, the Company: (i) issued $600 million principal amount of the 2029 Notes to the 2029 Trust on June 6, 2024 in exchange for the 2029 Trust Eligible Assets; (ii) waived its right to repurchase the 2029 Notes; and (iii) directed the trustee of the 2029 Trust to dissolve the 2029 Trust in accordance with its declaration of trust and deliver the 2029 Notes to the beneficial holders of the 2029 P-Caps pro rata in respect of each 2029 P-Cap. The 2029 Trust was dissolved on June 11, 2024, and the beneficial holders of the 2029 P-Caps received the 2029 Notes through the facilities of The Depository Trust Company.

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements (Unaudited), Continued

FHLB

Entering into FHLB membership, borrowings and funding agreements requires the ownership of FHLB stock and the pledge of assets as collateral. Equitable Financial has purchased FHLB stock of $331 million and pledged collateral with a carrying value of $11.9 billion as of June 30, 2026. Equitable America has purchased FHLB stock of $19 million and pledged collateral with a carrying value of $2.9 billion as of June 30, 2026.

FABN

Under the FABN programs, Equitable Financial and Equitable America may issue funding agreements in U.S. dollar or other foreign currencies, in each case, to a Delaware special purpose statutory trust (the “Trust”) in exchange for the proceeds from issuances of fixed and floating rate medium-term marketable notes issued by the applicable Trust (the “Trust Notes”). The funding agreements have matching interest, maturity and currency payment terms to the applicable Trust Notes. As of June 30, 2026, the maximum aggregate principal amount of Trust Notes permitted to be outstanding at any one time is $10.0 billion for Equitable Financial and $6.0 billion for Equitable America.

FABCP

In May 2023, Equitable Financial and Equitable America established a FABCP program, pursuant to which a SPLLC may issue commercial paper and deposit the proceeds with Equitable Financial or Equitable America pursuant to a funding agreement issued by Equitable Financial or Equitable America to the SPLLC. The current maximum aggregate principal amount permitted to be outstanding at any one time under the FABCP program is $3.0 billion for Equitable Financial and $1.0 billion for Equitable America. As of June 30, 2026, Equitable Financial has $362 million outstanding and Equitable America does not have any outstanding balances under the program, respectively.

Farmer Mac

Equitable Financial has an agreement with the Federal Agricultural Mortgage Corporation and its affiliate Farmer Mac Mortgage Securities Corporation (“Farmer Mac”) pursuant to which the parties may enter into collateralized funding agreements in an aggregate amount of up to $1.5 billion. At June 30, 2026, agricultural mortgage loans with a carrying value of $900 million were pledged as collateral under this funding agreement program.

Guarantees and Other Commitments

The Company provides certain guarantees or commitments to affiliates and others. As of June 30, 2026, these arrangements include commitments by the Company to provide equity financing of $1.1 billion to certain limited partnerships and real estate joint ventures under certain conditions as well as a guarantee of a subsidiary’s performance under a reinsurance arrangement that will no longer be in effect once certain conditions at the subsidiary are met and notice is provided. Management believes the Company will not incur material losses as a result of these commitments.

AB has a guarantee of unpaid obligations of a credit facility agreement that its broker dealer subsidiary of a joint venture, Bernstein Institutional Services, LLC has with SocGen as lender. Effective January 1, 2026, the credit facility was terminated.

The Company has $17 million of undrawn letters of credit related to reinsurance as of June 30, 2026. The Company has $668 million of commitments under existing mortgage loan agreements as of June 30, 2026.

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements (Unaudited), Continued

16) BUSINESS SEGMENT INFORMATION

These segments reflect the manner by which the Company’s chief operating decision maker (“CODM”) views and manages the business. A brief description of these segments follows:

Measurement

Operating earnings is calculated by adjusting each segment’s net income (loss) attributable to Holdings for the following items:

•Investment (gains) losses, which includes credit loss impairments of securities/investments, sales or disposals of securities/investments, realized capital gains/losses and valuation allowances;

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements (Unaudited), Continued

•Other adjustments, which primarily include restructuring costs related to severance and separation, lease write-offs related to non-recurring restructuring activities, net derivative gains (losses) on certain Non-GMxB derivatives, Net investment income from certain items including consolidated VIE investments, seed capital mark-to-market adjustments, unrealized gain/losses and realized capital gains/losses from sales or disposals of select securities, certain legal accruals; a bespoke deal to repurchase UL policies from one entity that had invested in numerous policies purchased in the life settlement market, which disposed of the risk of additional COI litigation by that entity related to those UL policies, impact of the annual actuarial assumption updates attributable to LFPB when the majority of the impact relates to the non-core business; and

The General Account investment portfolio is used to support the insurance and annuity liabilities generated by our businesses.

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.

Revenues derived from any customer did not exceed 10% of revenues for the three and six months ended June 30, 2026 and 2025.

The Company accounts for inter-segment sales and transfers as if the sales or transfers were to third parties, that is, at current market prices.

The table below presents operating earnings (loss) by segment and Corporate and Other (C&O):

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements (Unaudited), Continued

Three Months Ended June 30, 2026

Retirement

Asset Management

Wealth Management

Corporate & Other

Eliminations Total

(in millions)

Segment revenues $ 1,748 $ 1,134 $ 544 $ 548 $ (247) $ 3,727

Benefits and other deductions

Policyholders’ benefits 79 — — 356 — 435

Interest credited to policyholders’ account balances 774 — — 54 — 828

Commissions and distribution related payments 176 194 353 74 (235) 562

Amortization of deferred policy acquisition costs 164 — — 50 — 214

Compensation and benefits 20 463 85 47 — 615

Interest expense and financing fees — 7 — 58 (4) 61

Significant segment expenses 1,213 664 438 639 (239) 2,715

Other segment items (1) 83 186 27 61 (8) 349

Income taxes (50) (36) (16) 18 — (84)

Less: Operating (earnings) loss attributable to the noncontrolling interest — 90 — 1 — 91

Operating earnings (loss) $ 402 $ 158 $ 63 $ (135) $ — $ 488

_____________

(1)Other segment items include Remeasurement for liability for future policy benefits and Other operating expenses and costs. Additionally, other segment items reflected in the Asset Management segment is primarily driven by other operating expense and costs related to general and administrative costs and promotion and servicing expenses.

Three Months Ended June 30, 2025

Retirement

Asset Management Wealth Management Corporate & Other Eliminations Total

(in millions)

Segment revenues $ 1,491 $ 1,094 $ 469 $ 977 $ (230) $ 3,801

Benefits and other deductions

Policyholders’ benefits 76 — — 711 — 787

Interest credited to policyholders’ account balances 632 — — 173 — 805

Commissions and distribution related payments 145 197 296 72 (222) 488

Amortization of deferred policy acquisition costs 143 — — 50 — 193

Compensation and benefits 15 429 82 43 — 569

Interest expense and financing fees — 9 — 69 (6) 72

Significant segment expenses 1,011 635 378 1,118 (228) 2,914

Other segment items (1) 56 196 23 85 (2) 358

Income taxes (70) (48) (18) 44 — (92)

Less: Operating (earnings) loss attributable to the noncontrolling interest — 84 — 1 — 85

Operating earnings (loss) $ 354 $ 131 $ 50 $ (183) $ — $ 352

_____________

(1)Other segment items include Remeasurement for liability for future policy benefits and Other operating expenses and costs. Additionally, other segment items reflected in the Asset Management segment is primarily driven by other operating expense and costs related to general and administrative costs and promotion and servicing expenses.

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements (Unaudited), Continued

Six Months Ended June 30, 2026

Retirement

Asset Management

Wealth Management

Corporate & Other

Eliminations

Total

(in millions)

Segment revenues $ 3,427 $ 2,248 $ 1,085 $ 1,073 $ (493) $ 7,340

Benefits and other deductions

Policyholders’ benefits 149 — — 671 — 820

Interest credited to policyholders’ account balances 1,511 — — 105 — 1,616

Commissions and distribution related payments 347 391 701 152 (473) 1,118

Amortization of deferred policy acquisition costs 324 — — 99 — 423

Compensation and benefits 38 888 178 79 — 1,183

Interest expense and financing fees — 14 — 124 (9) 129

Significant segment expenses 2,369 1,293 879 1,230 (482) 5,289

Other segment items (1) 156 393 55 127 (11) 720

Income taxes (104) (85) (33) 33 — (189)

Less: Operating (earnings) loss attributable to the noncontrolling interest — 179 — 3 — 182

Operating earnings (loss) $ 798 $ 298 $ 118 $ (254) $ — $ 960

_____________

(1)Other segment items include Remeasurement for liability for future policy benefits and Other operating expenses and costs. Additionally, other segment items reflected in the Asset Management segment is primarily driven by other operating expense and costs related to general and administrative costs and promotion and servicing expenses.

Six Months Ended June 30, 2025

Retirement

Asset Management Wealth Management Corporate & Other Eliminations Total

(in millions)

Segment revenues $ 2,946 $ 2,182 $ 931 $ 1,986 $ (460) $ 7,585

Benefits and other deductions

Policyholders’ benefits 168 — — 1,378 — 1,546

Interest credited to policyholders’ account balances 1,162 — — 306 — 1,468

Commissions and distribution related payments 287 398 589 155 (440) 989

Amortization of deferred policy acquisition costs 282 — — 99 — 381

Compensation and benefits 46 851 164 100 — 1,161

Interest expense and financing fees — 16 — 124 (10) 130

Significant segment expenses 1,945 1,265 753 2,162 (450) 5,675

Other segment items (1) 128 381 50 200 (10) 749

Income taxes (139) (89) (33) 67 — (194)

Less: Operating (earnings) loss attributable to the noncontrolling interest — 190 — 4 — 194

Operating earnings (loss) $ 734 $ 257 $ 95 $ (313) $ — $ 773

_____________

(1)Other segment items include Remeasurement for liability for future policy benefits and Other operating expenses and costs. Additionally, other segment items reflected in the Asset Management segment is primarily driven by other operating expense and costs related to general and administrative costs and promotion and servicing expenses.

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements (Unaudited), Continued

The table below presents a reconciliation to net income (loss) attributable to Holdings:

Three Months Ended June 30, Six Months Ended June 30,

2026 2025 2026 2025

(in millions)

Net income (loss) attributable to Holdings $ (453) $ (349) $ 168 $ (286)

Adjustments related to:

Variable annuity product (1)

1,522 934 1,136 1,145

Investment (gains) losses

65 71 94 85

Net actuarial (gains) losses related to pension and other postretirement benefit obligations 14 11 28 22

Other adjustments (2) (430) (137) (282) 68

Income tax expense (benefit) related to above adjustments (246) (185) (205) (277)

Non-recurring tax items

16 7 21 16

Operating earnings (loss) $ 488 $ 352 $ 960 $ 773

_____________

(2)Includes a loss of $176 million and $322 million on Non-VA derivatives for the three and six months ended June 30, 2026 and includes a gain of $198 million and $33 million for the three and six months ended June 30, 2025, respectively. Also includes $14 million of expense related to a disputed billing practice of an AB third-party service provider for the three and six months ended June 30, 2025, respectively.

•Investment (gains) losses, which includes credit loss impairments of securities/investments, sales or disposals of securities/investments, realized capital gains/losses and valuation allowances;

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements (Unaudited), Continued

The table below presents revenues by segment and C&O:

Three Months Ended June 30, Six Months Ended June 30,

2026 2025 2026 2025

(in millions)

Segment revenues:

Retirement (1)

$ 1,748 $ 1,491 $ 3,427 $ 2,946

Asset Management (2) 1,134 1,094 2,248 2,182

Wealth Management (3) 544 469 1,085 931

Corporate and Other (1) 548 977 1,073 1,986

Eliminations (247) (230) (493) (460)

Adjustments related to:

Variable annuity product features, excluding change in MRBs

(2,437) (1,549) (1,811) (574)

Investment gains (losses), net (65) (71) (94) (85)

Other adjustments to segment revenues

433 181 453 12

Total revenues $ 1,658 $ 2,362 $ 5,888 $ 6,938

______________

(1)Includes investment expenses charged by AB of $41 million and $84 million for the three and six months ended June 30, 2026, respectively,and $42 million and $76 million for the three and six months ended June 30, 2025, respectively, for services provided to the Company.

(2)Inter-segment investment management and other fees of $48 million and $95 million for the three and six months ended June 30, 2026, respectively,and $44 million and $86 million for the three and six months ended June 30, 2025, respectively, are included in segment revenues of the Asset Management segment.

(3)Inter-segment distribution fees of $235 million and $473 million for the three and six months ended June 30, 2026, respectively,and $222 million and $440 million for the three and six months ended June 30, 2025, respectively, are included in segment revenues of the Wealth Management segment.

Total assets by segment were as follows:

June 30, 2026 December 31, 2025

(in millions)

Total assets by segment:

Retirement $ 209,695 $ 196,794

Asset Management 10,343 10,386

Wealth Management 273 183

Corporate and Other 114,346 110,627

Total assets $ 334,657 $ 317,990

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements (Unaudited), Continued

17) INSURANCE STATUTORY FINANCIAL INFORMATION

Prescribed and Permitted Accounting Practices

As of June 30, 2026, the following five prescribed and permitted practices resulted in net income (loss) and capital and surplus that is different from the statutory surplus that would have been reported had NAIC statutory accounting practices been applied.

Equitable Financial was granted a permitted practice by the NYDFS to apply SSAP 108, Derivatives Hedging Variable Annuity Guarantees on a retroactive basis from January 1, 2021 through June 30, 2021, after reflecting the impacts of our reinsurance transaction with Venerable. The permitted practice was amended to also permit Equitable Financial to adopt SSAP 108 prospectively as of July 1, 2021 and to consider the impact of both the interest rate derivatives and the General Account assets used to fully hedge the interest rate risk inherent in its variable annuity guarantees when determining the amount of the deferred asset or liability under SSAP 108. Application of the permitted practice partially mitigates the New York Insurance Regulation 213 (“Reg 213”) impact of the Venerable transaction on Equitable Financial’s statutory capital and surplus and enables Equitable Financial to more effectively neutralize the impact of interest rates on its statutory surplus and to better align with our economic hedging program. The impact of applying this permitted practice relative to SSAP 108 as written was a decrease of approximately $239 million in statutory special surplus funds as of June 30, 2026. The reinsurance treaty reduced the amount of interest rate hedging needed at Equitable Financial going forward, affecting future deferrals, but leaves our historical SSAP 108 deferred amounts unchanged. The permitted practice also reset Equitable Financial’s unassigned surplus to zero as of June 30, 2021 to reflect the transformative nature of the Venerable transaction.

The impact of the application of Reg 213 was a decrease of approximately $96 million in statutory surplus as of June 30, 2026, compared to statutory surplus under the NAIC variable annuity framework. Our hedging program is designed to hedge the economics of our insurance liabilities and largely offsets Reg 213 and NAIC framework reserve movements due to interest rates and equities. The NYDFS allows domestic insurance companies a five year phase-in provision for Reg 213 reserves. As of September 30, 2022, Equitable Financial’s Reg 213 reserves were 100% phased-in. As of June 30, 2026, given the prevailing market conditions and business mix, there are $83 million Reg 213 redundant reserves over the US RBC CTE 98 TAR.

During the fourth quarter of 2020, Equitable Financial received approval from NYDFS for its proposed amended Plan of Operation for Separate Account No. 68 (“SA 68”) for our SCS product and Separate Account No. 69 (“SA 69”) for our EQUI-VEST product Structured Investment Option, to change the accounting basis of these two non-insulated Separate Accounts from fair value to book value in accordance with Section 1414 of the Insurance Law to align with how we manage and measure our overall General Account asset portfolio. In order to facilitate this change and comply with Section 4240(a)(10), the Company also sought approval to amend the Plans to remove the requirement to comply with Section 4240(a)(5)(iii) and substitute it with a commitment to comply with Section 4240(a)(5)(i). Similarly, the Company updated the reserves section of each Plan to reflect the fact that Regulation 128 would no longer be applicable upon the change in accounting basis. We applied this change effective January 1, 2021. The impact of the application is an increase of approximately $742 million in statutory surplus as of June 30, 2026.

During 2022, Equitable America received approval from the Arizona Department of Insurance and Financial Institutions pursuant to A.R.S. 20-515 for Separate Account No. 68A (“SA 68A”) for our SCS product, Separate Account No. 69A (“SA 69A”) for our EQUI-VEST product Structured Investment Option and Separate Account No. 71A (“SA 71A”) for our Investment Edge Structured Investment Option, to permit us to use book value as the accounting basis of these three non-insulated Separate Accounts instead of fair value in accordance with the Manual to align with how we manage and measure our overall General Account asset portfolio. The impact of the application is a decrease of approximately $366 million in statutory surplus as of June 30, 2026.

Table of Contents

EQUITABLE HOLDINGS, INC.

Notes to Consolidated Financial Statements (Unaudited), Continued

The Arizona Department of Insurance and Financial Institutions granted to Equitable America a permitted practice to deviate from SSAP No. 108 by applying special accounting treatment for specific derivatives hedging variable annuity benefits subject to fluctuations as a result of interest rate sensitivities. The permitted practice expands on SSAP No. 108 hedge accounting to include equity risks for the full scope of Variable Annuity (VA) contracts (i.e., not just the rider guarantees but for the VA total contract). The permitted practice allows Equitable America to adopt SSAP 108 retroactively from October 1, 2023 and applies to both directly held VA hedges as well as VA hedges in the Equitable America funds withheld asset that resulted from the reinsurance treaty. In the calculation of the amount of excess VA equity and interest rate derivative hedging gains/losses to defer (including Net investment income on our Equity Total Return Swaps), the permitted practice allows us to compare our total equity and interest derivatives gains and losses to 100% of our target liability change. Any hedge gain or loss deferrals will follow SSAP No. 108 amortization rules (i.e. 10-year straight line). The impact of applying this revised permitted practice relative to SSAP 108 was an increase of approximately $1.4 billion in statutory special surplus funds as of June 30, 2026.

18) EARNINGS PER COMMON SHARE

The following table presents a reconciliation of net income (loss) and weighted-average common shares used in calculating basic and diluted earnings per common share:

Three Months Ended June 30, Six Months Ended June 30,

2026 2025 2026 2025

(in millions, except per share data)

Weighted-average common shares outstanding:

Weighted-average common shares outstanding — basic

278.3 303.2 279.8 305.5

Effect of dilutive potential common shares:

Employee share awards (1) — — 1.8 —

Weighted-average common shares outstanding — diluted

278.3 303.2 281.6 305.5

Net income (loss):

Net income (loss) $ (353) $ (283) $ 378 $ (133)

Less: Net income (loss) attributable to the noncontrolling interest 100 66 210 153

Net income (loss) attributable to Holdings (453) (349) 168 (286)

Less: Preferred stock dividends 13 18 27 32

Net income (loss) available to Holdings’ common shareholders $ (466) $ (367) $ 141 $ (318)

Earnings per common share:

Basic $ (1.68) $ (1.21) $ 0.50 $ (1.04)

Diluted $ (1.68) $ (1.21) $ 0.50

(1.04)

______________

(1)Calculated using the treasury stock method.

For the three and six months ended June 30, 2026 and 2025, 2.5 million, 1.2 million, 5.0 million and 5.5 million respectively, of outstanding stock awards were not included in the computation of diluted EPS because their effect was anti-dilutive.

EX-99.3

Filename: exhibit993-8xk.htm · Sequence: 5

Document

Exhibit 99.3

UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL INFORMATION

The unaudited pro forma condensed combined financial information has been prepared in accordance with Article 11 of Regulation S-X and gives pro forma effect to the transactions described in the accompanying Note 1.

As used herein, the “Mergers” means the Corebridge Merger (as defined below), the Equitable Merger (as defined below) and the related transactions described in the accompanying Note 1.

The unaudited pro forma condensed combined financial information presents the financial statements of New Equitable (as defined below) as if the Mergers had been completed as of June 30, 2026 for purposes of the unaudited pro forma condensed combined balance sheet, and as of January 1, 2025 for purposes of the unaudited pro forma condensed combined statements of income (loss).

The unaudited pro forma condensed combined financial information should be read in conjunction with the accompanying notes. The unaudited pro forma condensed combined financial information was derived from, and should be read in conjunction with, the following historical financial statements and the accompanying notes:

•the audited consolidated financial statements of Corebridge Financial, Inc. (“Corebridge”) as of and for the year ended December 31, 2025 and the related notes, as included in Corebridge’s Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on February 11, 2026;

•the audited consolidated financial statements of Equitable Holdings, Inc. (“Equitable”) as of and for the year ended December 31, 2025 and the related notes, filed as Exhibit 99.1 to Corebridge's Current Report on Form 8-K dated August 17, 2026 (the Current Report with which this document is filed, as Exhibit 99.3);

•the unaudited consolidated financial statements of Corebridge as of and for the quarterly period ended June 30, 2026 and the related notes, as included in Corebridge’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2026, filed with the SEC on August 5, 2026; and

•the unaudited consolidated financial statements of Equitable as of and for the quarterly period ended June 30, 2026 and the related notes, filed as Exhibit 99.2 to Corebridge's Current Report on Form 8-K dated August 17, 2026 (the Current Report with which this document is filed, as Exhibit 99.3).

The consolidated financial statements of both Corebridge and Equitable have been prepared in accordance with U.S. GAAP.

Accounting for the Mergers

The unaudited pro forma condensed combined financial information has been prepared using the acquisition method of accounting in accordance with U.S. GAAP, and Corebridge has been treated as the acquirer for accounting purposes. As a result, Corebridge will account for the Mergers as a business combination in accordance with ASC 805. The total purchase price will be allocated to the tangible and intangible assets and liabilities acquired based on their respective fair values. The allocation of the purchase price is estimated and is dependent upon estimates of certain valuations that are subject to change. In addition, the final purchase price will not be known until the date of the completion of the Mergers and could vary materially from the preliminary purchase price. Accordingly, the final acquisition accounting adjustments may be materially different from the preliminary unaudited pro forma adjustments presented.

The financial condition and results of operations of New Equitable after completion of the Mergers will include the operating results of Equitable beginning from the closing date but will not be restated retroactively to reflect the historical financial condition or results of operations of Equitable. The earnings of New Equitable following completion of the Mergers will reflect acquisition accounting adjustments, including the effect of changes in Equitable’s carrying value for assets and liabilities. Indefinite-lived intangible assets, including goodwill, will not be amortized but will be tested for impairment at least annually, and all tangible and intangible assets including goodwill will be tested for impairment when certain indicators are present. If, in the future, New Equitable determines that tangible or intangible assets (including goodwill) are impaired, New Equitable would record an impairment charge at that time.

Basis of Pro Forma Presentation

The unaudited pro forma condensed combined financial information appearing below does not consider any potential effects of changes in market conditions on revenues, projected cost savings, restructuring or integration-related costs to achieve potential cost savings, among other factors.

The unaudited pro forma condensed combined financial information has been prepared based on the aforementioned historical financial statements and the assumptions and adjustments as described in the notes to the unaudited pro forma condensed combined financial information. The pro forma adjustments reflect transaction accounting adjustments related to the Mergers, which are discussed in further detail below. The unaudited pro forma condensed combined financial information is presented for illustrative purposes only and does not purport to represent the combined company’s consolidated results of operations or consolidated financial position that would actually have occurred had the Mergers been consummated on the dates assumed or to project the combined company’s consolidated results of operations or consolidated financial position for any future date or period.

The assets and liabilities of Equitable have been measured based on various preliminary estimates using assumptions that Corebridge believes are reasonable and are based only on currently available information. The acquisition accounting is dependent upon certain valuation and other studies that have yet to commence or progress to a stage where there is sufficient information for a definitive measurement. Accordingly, the pro forma adjustments are preliminary and have been made solely for the purpose of providing this unaudited pro forma condensed combined financial information. Differences between these preliminary estimates and the final purchase accounting will occur, and the final purchase accounting could be materially different from the preliminary estimates used to prepare the below unaudited pro forma condensed combined financial information and could have a material impact on the combined company’s future results of operations and financial position.

Corebridge intends to commence the necessary valuation and other studies required to complete the acquisition accounting promptly upon completion of the Mergers and will finalize the acquisition accounting as soon as practicable within the required measurement period, but in no event later than one year following completion of the Mergers.

Equitable and Corebridge have not had any historical material relationship prior to the Mergers. Accordingly, no pro forma adjustments were required to eliminate activities between the companies.

Unaudited Pro Forma Condensed Combined Balance Sheet as of June 30, 2026

(In millions)

Corebridge Financial Equitable Holdings

Reclassification Adjustments

(A)

Transaction Accounting Adjustments Pro Forma

Assets:

Investments:

Fixed maturity securities:

Bonds available-for-sale, at fair value, net of allowance for credit losses

$ 189,439 80,191 — — $ 269,630

Other bond securities, at fair value 5,302 2,948 1,749 — 9,999

Equity securities, at fair value 50 3,635 (3,635) — 50

Mortgage and other loans receivable, net of allowance for credit losses

53,861 24,795 1,917 (908) (B.1) 79,665

Mortgage and other loans receivable, at fair value

— 71 (71) — —

Other invested assets

11,314 10,616 (8,450) — 17,003

— — 3,635 —

— — (112) —

Short-term investments, including restricted cash 4,587 — 16,293 — 20,992

— — 112 —

Policy loans — 1,846 (1,846) — —

Trading securities, at fair value — 1,749 (1,749) — —

Total investments 264,553 125,851 7,844 (908) 397,340

Cash and cash equivalents 353 17,183 (16,293) (66) (C) 1,177

Cash and securities segregated, at fair value — 229 (229) — —

Accrued investment income 2,413 — 984 — 3,397

Premiums and other receivables, net of allowance for credit losses and disputes

464 — 65 — 529

Broker-dealer related receivables — 2,291 (2,291) — —

Reinsurance assets - Fortitude Re, net of allowance for credit losses and disputes

23,574 — — — 23,574

Reinsurance assets - other, net of allowance for credit losses and disputes

1,986 20,744 (4,100) (55) (B.2) 18,575

Current and deferred income taxes 7,285 2,986 — (2,534) (B.3) 7,737

Deferred policy acquisition costs *

8,827 7,638 — (7,638) (B.4) 8,827

Value of business acquired*

9 — — 7,638 (B.4) 7,647

Market risk benefit assets, at fair value 2,492 940 4,710 — 8,142

Other assets, including restricted cash *

4,953 3,744 8,450 (592) (B.5) 22,126

— — (984) —

— — 2,291 —

— — 229 —

— — 4,100 —

— — (65) —

Goodwill and other intangible assets, net *

113 5,335 — 16,592 (B.3) 22,040

Purchased market risk benefits — 4,710 (4,710) — —

Separate account assets, at fair value 98,771 143,006 — — 241,777

Total assets $ 415,793 334,657 — 12,437 $ 762,887

(In millions)

Corebridge Financial Equitable Holdings

Reclassification Adjustments

(A)

Transaction Accounting Adjustments Pro Forma

Liabilities:

Future policy benefits

$ 59,541 17,372 (809) (1,402) (B.6) $ 74,702

Policyholder contract deposits

193,225 146,445 — — 339,670

Market risk benefit liabilities, at fair value 7,723 8,816 — — 16,539

Other policyholder funds 3,003 — 96 — 3,099

Fortitude Re funds withheld payable

22,965 — — — 22,965

Other liabilities

8,322 6,824 2,051 (2,356) (B.5) 17,507

— — 798 —

— — 1,155 —

— — 713 —

Short-term and long-term debt

9,362 3,839 — (96) (B.7) 13,105

Debt of consolidated investment entities 1,508 3,128 — — 4,636

Broker-dealer related payables — 798 (798) — —

Customer related payables — 2,051 (2,051) — —

Amounts due to reinsurers — 1,155 (1,155) — —

Separate account liabilities 98,771 143,006 — — 241,777

Total liabilities $ 404,420 $ 333,434 $ — $ (3,854) $ 734,000

Redeemable noncontrolling interest $ — $ 365 $ — $ — $ 365

Contingencies, commitments and guarantees

Stockholders' equity:

Preferred stock and additional paid-in capital

$ 493 $ 1,068 $ — $ (254) (B.8) $ 1,307

Common stock

7 5 — (5) (B.9) 11

— — — 4 (B.9)

Treasury stock

(5,908) (5,559) — 11,467 (B.9) —

Additional paid-in capital 8,151 1,939 — (1,939) (B.9) 21,101

— — — 12,950 (B.9)

Retained earnings 18,075 8,227 — (8,227) (B.9) 12,101

— — — (66) (C)

— — — (5,908) (B.9)

Accumulated other comprehensive income (loss) (10,167) (6,465) — 6,465 (B.9) (10,167)

Total stockholders' equity attributable to Corebridge/Equitable 10,651 (785) — 14,487 24,353

Non-redeemable noncontrolling interests 722 1,643 — (1,643) (B.10) 4,169

— — — 3,447 (B.10)

Total equity $ 11,373 $ 858 $ — $ 16,291 $ 28,522

Total liabilities and equity $ 415,793 $ 334,657 $ — $ 12,437 $ 762,887

*Corebridge presents Goodwill within Other assets and Value of business acquired (“VOBA”) within the legacy financial statement line item Deferred policy acquisition costs and value of business acquired; however, given the material balances to each of these items expected on the pro forma balance sheet, these amounts have been separately disclosed.

The accompanying notes are an integral part of this pro forma financial information.

Unaudited Pro Forma Condensed Combined Statement of Income (Loss) For the Six Months ended June 30, 2026

(dollars in millions, except per common share data)

Corebridge Financial

Equitable Holdings

Reclassification Adjustments

(A)

Transaction Accounting Adjustments Pro Forma

Revenues:

Premiums $ 929 508 — — $ 1,437

Policy Fees 1,234 855 — (39) (BB.1) 2,050

Net investment income:

Net investment income - excluding Fortitude Re funds withheld assets 5,894 2,681 — 70 (BB.2) 8,800

— — — 155 (BB.2)

Net investment income - Fortitude Re funds withheld assets 493 — — — 493

Total net investment income 6,387 2,681 — 225 9,293

Net realized gains (losses)/Investment gains (losses), net:

Net realized gains (losses) - excluding Fortitude Re funds withheld assets and embedded derivative (542) — (37) — (2,111)

— — (1,475) —

— — (57) —

Net realized gains (losses) on Fortitude Re funds withheld assets (46) — — — (46)

Net realized gains (losses) on Fortitude Re funds withheld embedded derivative (302) — — — (302)

Credit and intent to sell losses on available-for-sale debt securities and loans — (37) 37 — —

Other investment gains (losses), net — (57) 57 — —

Total net realized gains (losses)/Total investment gains (losses), net

(890) (94) (1,475) — (2,459)

Net derivative gains (losses) — (1,475) 1,475 — —

Advisory fee income 170 — 2,843 — 3,013

Investment management and service fees — 2,655 (2,655) —

Other income 48 758 (188) (67) (BB.1) 551

Total revenues 7,878 5,888 — 119 13,885

Benefits and expenses:

Policyholder benefits 2,094 820 (6) — 2,908

Change in fair value of market risk benefits, net

558 (676) — — (118)

Interest credited to policyholder account balances 3,095 1,604 — (14) (BB.1) 4,685

Amortization of deferred policy acquisition costs and value of business acquired 493 423 — — 916

Amortization of acquired intangible assets — — — 159 (BB.3) 159

Non-deferrable insurance commissions 206 1,118 — — 1,324

Advisory fee expenses 89 — — — 89

General operating expenses 934 — 1,267 (79) (BB.1) 2,948

— — 826 —

— — — —

Interest expense 262 118 — — 380

Net (gain) loss on divestitures (2) — — — (2)

Remeasurement of liability for future policy benefits — (6) 6 — —

Compensation and benefits — 1,267 (1,267) — —

Other operating costs and expenses — 826 (826) — —

Total benefits and expenses 7,729 5,494 — 66 13,289

(dollars in millions, except per common share data)

Corebridge Financial

Equitable Holdings

Reclassification Adjustments

(A)

Transaction Accounting Adjustments Pro Forma

Income (loss) before income tax expense (benefit) 149 394 — 53 596

Income tax expense (benefit) 208 16 — 11 (DD) 235

Net income (loss) (59) 378 — 42 361

Less: Net income (loss) attributable to noncontrolling interests (8) 210 — (10) (EE) 192

Net income (loss) attributable to Corebridge/Equitable $ (51) $ 168 $ — $ 52 $ 169

Less preferred stock dividends $ 18 $ 27 $ — $ — $ 45

Net income (loss) available to common stockholders $ (69) $ 141 $ — $ 52 $ 124

Income (loss) per common share available to common shareholders:

Common stock - basic $ (0.15) $ 0.14

Common stock - diluted $ (0.15) $ 0.14

Weighted average shares outstanding (Note 7)

Common stock - basic 463.8 888.4

Common stock - diluted 463.8 893.5

The accompanying notes are an integral part of this pro forma financial information.

Unaudited Pro Forma Condensed Combined Statement of Income (Loss) For the Year ended December 31, 2025

(dollars in millions, except per common share data)

Corebridge Financial

Equitable Holdings

Reclassification Adjustments

(A)

Transaction Accounting Adjustments Pro Forma

Revenues:

Premiums $ 5,864 1,046 — — $ 6,910

Policy Fees 2,733 2,168 — (77) (BB.1) 4,824

Net investment income:

Net investment income - excluding Fortitude Re funds withheld assets 11,792 5,234 — 140 (BB.2) 17,477

— — — 311 (BB.2)

Net investment income - Fortitude Re funds withheld assets 1,332 — — — 1,332

Total net investment income 13,124 5,234 — 451 18,809

Net realized gains (losses)/Investment gains (losses), net:

Net realized gains (losses) - excluding Fortitude Re funds withheld assets and embedded derivative (2,185) — (68) — (5,579)

— — (2,055) —

— — (1,271) —

Net realized gains (losses) on Fortitude Re funds withheld assets (100) — — — (100)

Net realized gains (losses) on Fortitude Re funds withheld embedded derivative (1,673) — — — (1,673)

Credit and intent to sell losses on available-for-sale debt securities and loans — (68) 68 — —

Other investment gains (losses), net — (1,271) 1,271 — —

Total net realized gains (losses)/Total investment gains (losses), net

(3,958) (1,339) (2,055) — (7,352)

Net derivative gains (losses) — (2,055) 2,055 — —

Advisory fee income 510 — 5,895 — 6,405

Investment management and service fees — 5,263 (5,263) —

Other income 208 1,348 (632) (156) (BB.1) 768

Total revenues 18,481 11,665 — 218 30,364

Benefits and expenses:

Policyholder benefits 8,173 2,395 38 — 10,606

Change in fair value of market risk benefits, net

484 (417) — — 67

Interest credited to policyholder account balances 5,933 3,016 — (29) (BB.1) 8,920

Amortization of deferred policy acquisition costs and value of business acquired 1,050 789 — — 1,839

Amortization of acquired intangible assets — — — 317 (BB.3) 317

Non-deferrable insurance commissions 553 2,093 — — 2,646

Advisory fee expenses 275 — — — 275

General operating expenses 2,002 — 2,434 (155) (BB.1) 6,633

— — 2,286 —

— — — 66 (CC)

Interest expense 552 224 — — 776

Remeasurement of liability for future policy benefits — 38 (38) — —

Compensation and benefits — 2,434 (2,434) — —

Other operating costs and expenses — 2,286 (2,286) — —

Total benefits and expenses 19,022 12,858 — 199 32,079

(dollars in millions, except per common share data)

Corebridge Financial

Equitable Holdings

Reclassification Adjustments

(A)

Transaction Accounting Adjustments Pro Forma

Income (loss) before income tax expense (benefit) (541) (1,193) — 19 (1,715)

Income tax expense (benefit):

Current (488) — 892 4 (DD) 408

Deferred 337 — (1,048) — (711)

Income Tax Expense — (156) 156 — —

Income tax expense (benefit) (151) (156) — 4 (303)

Net income (loss) (390) (1,037) — 15 (1,412)

Less: Net income (loss) attributable to noncontrolling interests (24) 343 — (21) (EE) 298

Net income (loss) attributable to Corebridge/Equitable $ (366) $ (1,380) $ — $ 36 $ (1,710)

Less preferred stock dividends $ — $ 61 $ — $ — $ 61

Net income (loss) available to common stockholders $ (366) $ (1,441) $ — $ 36 $ (1,771)

Income (loss) per common share available to common shareholders:

Common stock - basic and diluted $ (0.68) $ (1.81)

Weighted average shares outstanding (Note 7)

Common stock - basic and diluted 539.3 977.0

The accompanying notes are an integral part of this pro forma financial information.

NOTES TO UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL INFORMATION

1. Description of the Transaction

On March 26, 2026, Corebridge, Equitable, Mountain Holding, Inc., a newly formed Delaware corporation and wholly-owned subsidiary of Corebridge (“New Equitable”), Palisade Holding, Inc., a newly formed Delaware corporation and a wholly-owned subsidiary of New Equitable (“Corebridge Merger Sub”), and Marcy Holding, Inc., a newly formed Delaware corporation and a wholly-owned subsidiary of New Equitable (“Equitable Merger Sub”) entered into the Merger Agreement. Corebridge and Equitable have agreed, subject to the terms and conditions of the Merger Agreement, to effect an all-stock merger transaction to combine their respective businesses through: (a) Corebridge Merger Sub merging with and into Corebridge, with Corebridge surviving such merger as a wholly-owned subsidiary of New Equitable (the “Corebridge Merger”), (b) immediately following the consummation of the Corebridge Merger, Equitable Merger Sub merging with and into Equitable, with Equitable surviving such merger as a wholly-owned subsidiary of New Equitable (the “Equitable Merger”).

In the Mergers, (a) each issued and outstanding share of Corebridge common stock (excluding any shares of Corebridge common Stock owned by Corebridge, Equitable or any of their respective wholly-owned subsidiaries, or held in treasury by Corebridge (but not including any such shares of Corebridge common stock owned by a Corebridge benefit plan, held on behalf of third parties or held by a public or private fund)) will be converted into, and become exchangeable for, 1.000 shares of common stock, par value $0.01 per share, of New Equitable ("New Equitable Common Stock"), and (b) each issued and outstanding share of Equitable common stock (excluding (i) shares of Equitable common stock owned by Equitable, Corebridge or any of their respective wholly-owned subsidiaries, or held in treasury by Equitable (but not including any such shares of Equitable common stock owned by an Equitable benefit plan, held on behalf of third parties or held by a public or private fund), and (ii) outstanding performance share units granted under any Equitable stock plan) will be converted into, and become exchangeable for, 1.55516 shares of New Equitable Common Stock. As of August 1, 2026, based on the estimated number of shares of Corebridge common stock and Equitable common stock that will be outstanding immediately prior to closing, and the Corebridge exchange ratio of 1.000 and Equitable exchange ratio of 1.55516, Corebridge and Equitable estimate that (a) holders of shares of Corebridge common stock as of immediately prior to closing will hold, in the aggregate, approximately 51% of the issued and outstanding shares of New Equitable Common Stock immediately following closing, and (b) holders of shares of Equitable common stock as of immediately prior to closing will hold, in the aggregate, approximately 49% of the issued and outstanding shares of New Equitable Common Stock immediately following closing.

In connection with the transactions contemplated by the Merger Agreement, each of the issued and outstanding shares of (a) Corebridge Preferred Stock will be converted into, and become exchangeable for, one share of Series 2 New Equitable Preferred Stock, with substantially identical powers, preferences, privileges and rights as the Corebridge Preferred Stock, (b) Equitable Series A Preferred Stock will be converted into, and become exchangeable for, one share of Series 1-A New Equitable Preferred Stock, with substantially identical powers, preferences, privileges and rights as the Equitable Series A Preferred Stock, and (c) Equitable Series C Preferred Stock will be converted into, and become exchangeable for, one share of Series 1-C New Equitable Preferred Stock, with substantially identical powers, preferences, privileges and rights as the Equitable Series C Preferred Stock.

2. Basis of Presentation

The pro forma adjustments have been prepared as if the Mergers had been completed as of June 30, 2026 for purposes of the unaudited pro forma condensed combined balance sheet, and as of January 1, 2025 for purposes of the unaudited pro forma condensed combined statements of income (loss).

The unaudited pro forma condensed combined financial information has been prepared assuming the acquisition method of accounting in accordance with U.S. GAAP. Under this method, Equitable’s assets and liabilities will be recorded at their respective fair values. The acquisition method of accounting uses the fair value concepts defined in ASC 820, “Fair Value Measurements and Disclosures” (“ASC 820”). Fair value is defined in ASC 820 as “the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.” Fair value measurements can be highly subjective, and it is possible that the application of reasonable judgment could develop different assumptions, resulting in a range of alternative estimates using the same facts and circumstances.

Any difference between the purchase price for Equitable and the fair value of the identifiable net assets acquired (including intangibles) will be recorded as goodwill. The goodwill resulting from the Mergers will not be amortized to expense but instead will

be reviewed for impairment at least annually. The pro formas are based on preliminary accounting conclusions and are subject to potential revisions upon further analysis.

The pro forma adjustments represent management’s estimates based on information available as of August 1, 2026 and are subject to change as additional information becomes available and additional analyses are performed.

One-time direct and incremental transaction costs will be expensed as incurred under ASC 805 and are assumed to be cash settled.

3. Accounting Policies

During the preparation of the unaudited pro forma condensed combined financial information, Corebridge did not become aware of any material differences between the accounting policies of Corebridge and Equitable to date.

Corebridge is still in the process of performing a full review of Equitable’s accounting policies to determine whether there are material differences that require modification or reclassification of Equitable’s revenues, expenses, assets or liabilities to conform to Corebridge’s accounting policies and classifications. As a result of that review, Corebridge may identify differences between the accounting policies of Corebridge and Equitable that, when conformed, could have a material impact on the pro forma financial information.

4. Calculation of Preliminary Estimated Purchase Price

The preliminary estimate of the purchase consideration shown in the following table has been calculated using the number of shares of Equitable Common Stock and stock-based awards outstanding as of August 1, 2026 and the closing price of Corebridge common stock as of August 1, 2026.

(In millions, except per share amounts and ratios)

Estimated Equitable common stock to be purchased 273.0

Exchange Ratio 1.55516

Preliminary common stock to be issued to Equitable stockholders 424.6

Corebridge Common stock closing share price as of August 1, 2026 31.19

Equity consideration (1)

$ 13,244

Preferred stock 814

Stock compensation related to pre-combination expense (2)

Noncontrolling interest 3,447

Total Purchase Consideration $ 17,580

(1)A 10% increase in the share price of Corebridge Common Stock would result in a $1,324 million increase to the equity consideration which would have an equal increase to goodwill, while a 10% decrease in the share price of Corebridge Common Stock would result in a $1,324 million decrease to the equity consideration and a corresponding decrease to goodwill.

(2)Estimated based upon unvested RSUs, unvested performance share units, and vested stock options outstanding as of August 1, 2026. The preliminary estimate could differ significantly from the amounts presented due to movements in the share price of Corebridge Common Stock and changes in outstanding awards.

The estimated total consideration expected to be transferred reflected in these unaudited pro forma condensed combined financial information does not purport to represent the actual consideration that will be transferred at the effective time. In accordance with ASC 805 the fair value of equity securities issued as part of the consideration transferred will be measured at the effective time at the then-current market price.

5. Adjustments to the Unaudited Pro Forma Condensed Combined Balance Sheet as of June 30, 2026

The adjustments included in the unaudited pro forma condensed combined balance sheet as of June 30, 2026 are as follows:

(A) Reflects certain presentation adjustments to conform Equitable’s historical balances to the financial statement presentation of Corebridge;

(B) Reflects the purchase price allocation adjustments to record Equitable’s assets and liabilities at estimated fair value based on the consideration conveyed. The related income statement adjustments are reflected at (BB); and

(B.1) to reflect the estimated fair value of acquired investments that were previously carried at amortized cost;

(B.2) represents the removal of ceded deferred profit liability;

(B.3) to reflect the estimated fair value of acquired intangible assets and goodwill. Goodwill represents the excess of the preliminary merger consideration, including the fair value of Equitable’s previously held interest in AllianceBernstein, over the preliminary fair value of assets acquired and liabilities assumed and the related deferred tax impacts of these intangible assets;

(B.4) represents the removal of unamortized historical deferred policy acquisition costs (“DAC”) and the establishment of VOBA based on the preliminary fair value. See footnote to the table below for additional details;

(B.5) represents the removal of the unamortized portion of deferred sales inducements (“DSI”), deferred sales commissions, and reinsurance related balances;

(B.6) represents the removal of unearned revenue associated with certain investment-type contracts and deferred profit liability;

(B.7) represents the fair value adjustment associated with long-term debt;

(B.8) represents the fair value adjustment associated with the historical preferred stock of Equitable;

(B.9) represents the elimination of historical equity of Equitable, elimination of Corebridge historical treasury stock (given that, effective with the Corebridge Merger, all Corebridge treasury shares shall be cancelled and shall cease to exist), and the establishment of purchase price consideration; and

(B.10) represents the adjustment to fair value for the non-controlling interest associated with AllianceBernstein.

The preliminary purchase price was allocated among the identified assets to be acquired, based on a preliminary analysis. The acquisition accounting is dependent upon certain valuation and other studies that have yet to commence or progress to a stage where there is sufficient information for a definitive measurement. The deferred income taxes represent the deferred tax impact associated with the incremental differences in book and tax basis created from the preliminary purchase price allocation. The estimates of fair value are based upon preliminary valuation assumptions, and are believed to be reasonable, but are inherently uncertain and unpredictable. As a result, actual results may differ from estimates, and the difference may be material.

The following is a preliminary estimate of the assets acquired and the liabilities assumed by Corebridge in the Mergers, reconciled to the estimated purchase consideration:

Net Assets Identified

Preliminary Estimate of Fair Value

(millions)

Assets:

Investments:

Fixed maturity securities:

Bonds available-for-sale, at fair value, net of allowance for credit losses (1)

$ 80,191

Other bond securities, at fair value 2,948

Equity securities, at fair value 3,635

Mortgage and other loans receivable, net of allowance for credit losses

23,887

Mortgage and other loans receivable, at fair value 71

Other invested assets 10,616

Policy loans 1,846

Trading securities, at fair value 1,749

Total investments 124,943

Cash and cash equivalents 17,183

Cash and securities segregated, at fair value 229

Broker-dealer related receivables 2,291

Current and deferred income taxes (2)

452

Reinsurance assets - other, net of allowance for credit losses and disputes 20,689

Value of business acquired (3)

7,638

Market risk benefit assets, at fair value 940

Other assets, including restricted cash

3,152

Goodwill and other intangible assets, net (4)

21,927

Purchased market risk benefits 4,710

Separate account assets, at fair value 143,006

Net Assets Identified

Preliminary Estimate of Fair Value

(millions)

Total assets $ 347,160

Liabilities:

Future policy benefits $ (15,970)

Policyholder contract deposits (146,445)

Market risk benefit liabilities, at fair value (8,816)

Other liabilities (4,468)

Short-term and long-term debt (3,743)

Debt of consolidated investment entities (3,128)

Broker-dealer related payables (798)

Customer related payables (2,051)

Amounts due to reinsurers (1,155)

Separate account liabilities (143,006)

Total liabilities $ (329,580)

Total Fair Value of Net Assets Acquired (5)

$ 17,580

(1)Bonds available for sale are reported at fair value. However, upon closing of the Mergers, the then current fair market value of the available for sale bonds will become New Equitable’s acquisition price and any premiums or discounts on these bonds will be amortized or accreted into income over time.

(2)New Equitable is in a net deferred tax asset position, as such the balance has been applied to current and deferred income taxes.

(3)As a preliminary estimate of VOBA, the historical unamortized DAC has been used as Corebridge’s best estimate. Pursuant to the acquisition method in ASC 805, as of the acquisition date the acquirer will recognize the identifiable assets acquired at their acquisition-date fair values. Determination of the acquisition-date fair value of VOBA will require additional actuarial analysis of the relevant insurance liabilities as of the acquisition date; as of August 1, 2026, that exercise has not been completed. Based upon the preliminary assessment, DAC is believed to be a reasonable estimate for the to-be-recognized asset based only upon currently available information. Any increase to VOBA from this unaudited pro forma condensed combined balance sheet would be offset against a corresponding decrease in goodwill and other intangible assets; conversely, a decrease to VOBA from this unaudited pro forma condensed combined balance sheet would be offset against a corresponding increase in goodwill and other intangible assets.

(4)These preliminary estimates of intangible asset fair value, including goodwill, will likely be different from the amounts included in the final acquisition accounting, and the difference could have a material impact on the accompanying unaudited pro forma condensed combined financial information. Once a full valuation study is performed, additional insight will be gained that could impact (i) the estimated total value assigned to identifiable intangible assets, (ii) the estimated allocation of value between finite-lived and indefinite-lived intangible assets and (iii) the estimated weighted average useful life of each category of finite-lived intangible assets. The estimated finite -lived intangible asset values and their useful lives could be impacted by a variety of factors that may become known once a full valuation study is performed and/or by changes in such factors that may occur prior to completion of the Mergers. These factors include, but are not limited to, changes in the regulatory, legislative, legal, technological and/or competitive environments. Increased knowledge about these and/or other elements could result in a change to the estimated fair value of the identifiable intangible assets from what Corebridge has assumed in the unaudited pro forma condensed combined financial information. The combined effect of any such changes could then also result in a significant increase or decrease to Corebridge’s estimate of associated amortization expense. Since the determination of goodwill and identifiable intangible assets are inherently linked, any change to the identifiable intangibles is expected to materially offset with a corresponding change in goodwill, the balances are presented together in the accompanying unaudited pro forma condensed combined financial information.

(5)On August 3, 2026, Equitable Financial Life Insurance Company and Equitable Financial Life Insurance Company of America entered into a definitive agreement to sell their respective employee benefits businesses to The Hartford. The transaction is not expected to have a material impact on the financial results of the fair value of the Net assets acquired.

(C) Reflects the payment of acquirer transaction costs in the estimated amount of $66 million. These expenses will be primarily comprised of investment banking fees, legal fees, issuance costs, accounting and audit fees, and other related advisory costs.

6. Adjustments to the Unaudited Pro Forma Condensed Combined Statements of Income (Loss) for the Six Months Ended June 30, 2026 and Year Ended December 31, 2025

(AA) Reflects certain presentation adjustments to conform Equitable’s historical balances to the financial statement presentation of Corebridge;

(BB) Reflects the pro forma impacts related to the purchase price allocation discussed at adjustment (B). This includes the following impacts:

(BB.1) represents the removal of the impacts of the amortization associated with adjustments made to Equitable’s historical condensed consolidated balance sheet;

(BB.2) represents the adjustment for estimated accretion of discounts on acquired available-for-sale (“AFS”) securities and mortgage loans, resulting from an adjustment to book value of AFS securities and fair value for mortgage loans;

(BB.3) reflects the amortization associated with acquired intangible assets recorded at fair value;

(CC) Reflects transaction costs associated with the Mergers, as discussed in further detail at balance sheet adjustment (C).

(DD) Reflects the tax impact of all pro forma adjustments for the six months ended June 30, 2026 and year ended December 31, 2025, calculated using a statutory rate of 21%; and

(EE) Reflects the non-controlling impacts on applicable adjustments for pro forma adjustments for the six months ended June 30, 2026 and year ended December 31, 2025.

7. Unaudited Pro Forma Net Income (Loss) Per Share

The unaudited pro forma combined basic and diluted earnings per share calculations are based on the combined weighted-average basic and diluted common shares of Corebridge and Equitable.

Unaudited pro forma net income per share is computed by dividing pro forma net income (loss) attributable to common shares by the pro forma weighted average number of common shares outstanding during the period, assuming the Mergers occurred on January 1, 2025.

(In millions, except per common share data) For the six months ended June 30, 2026 For the Year Ended December 31, 2025

Numerator

Pro forma net income (loss) available to common stockholders – basic and diluted 124 (1,771)

Denominator

Pro forma weighted average shares outstanding – basic:

Corebridge 463.8 539.3

Shares issued to Equitable stockholders 424.6 437.7

Pro forma weighted average shares of common stock outstanding – basic 888.4 977.0

Dilutive effect of Corebridge’s outstanding stock-based awards 1.2 —

Dilutive effect of Equitable’s outstanding stock-based awards, converted at the exchange ratio 3.9 —

Pro forma weighted average shares of common stock outstanding – diluted 893.5 977.0

Pro Forma basic earnings per share $ 0.14 $ (1.81)

Pro Forma diluted earnings per share $ 0.14 $ (1.81)

XML — IDEA: XBRL DOCUMENT

XML

Filename: R1.htm · Sequence: 11

v3.26.1

Cover

Aug. 17, 2026

Document Information [Line Items]

Document Type

8-K

Document Period End Date

Aug. 17, 2026

Entity Registrant Name

Corebridge Financial, Inc.

Entity Incorporation, State or Country Code

Entity File Number

001-41504

Entity Tax Identification Number

95-4715639

Entity Address, Address Line One

2919 Allen Parkway, Woodson Tower,

Entity Address, City or Town

Houston

Entity Address, State or Province

Entity Address, Postal Zip Code

77019

City Area Code

877

Local Phone Number

375-2422

Written Communications

false

Soliciting Material

false

Pre-commencement Tender Offer

false

Pre-commencement Issuer Tender Offer

false

Entity Emerging Growth Company

false

Entity Central Index Key

0001889539

Amendment Flag

false

Common Stock

Document Information [Line Items]

Title of 12(b) Security

Common Stock

Trading Symbol

CRBG

Security Exchange Name

NYSE

6.375% Junior Subordinated Notes due 2064

Document Information [Line Items]

Title of 12(b) Security

6.375% Junior Subordinated Notes

Trading Symbol

CRBD

Security Exchange Name

NYSE

- Definition

Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.

+ References

No definition available.

+ Details

Name:

dei_AmendmentFlag

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Area code of city

+ References

No definition available.

+ Details

Name:

dei_CityAreaCode

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

No definition available.

+ Details

Name:

dei_DocumentInformationLineItems

Namespace Prefix:

dei_

Data Type:

xbrli:stringItemType

Balance Type:

Period Type:

duration

- Definition

For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.

+ References

No definition available.

+ Details

Name:

dei_DocumentPeriodEndDate

Namespace Prefix:

dei_

Data Type:

xbrli:dateItemType

Balance Type:

Period Type:

duration

- Definition

The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.

+ References

No definition available.

+ Details

Name:

dei_DocumentType

Namespace Prefix:

dei_

Data Type:

dei:submissionTypeItemType

Balance Type:

Period Type:

duration

- Definition

Address Line 1 such as Attn, Building Name, Street Name

+ References

No definition available.

+ Details

Name:

dei_EntityAddressAddressLine1

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Name of the City or Town

+ References

No definition available.

+ Details

Name:

dei_EntityAddressCityOrTown

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Code for the postal or zip code

+ References

No definition available.

+ Details

Name:

dei_EntityAddressPostalZipCode

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Name of the state or province.

+ References

No definition available.

+ Details

Name:

dei_EntityAddressStateOrProvince

Namespace Prefix:

dei_

Data Type:

dei:stateOrProvinceItemType

Balance Type:

Period Type:

duration

- Definition

A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityCentralIndexKey

Namespace Prefix:

dei_

Data Type:

dei:centralIndexKeyItemType

Balance Type:

Period Type:

duration

- Definition

Indicate if registrant meets the emerging growth company criteria.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityEmergingGrowthCompany

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.

+ References

No definition available.

+ Details

Name:

dei_EntityFileNumber

Namespace Prefix:

dei_

Data Type:

dei:fileNumberItemType

Balance Type:

Period Type:

duration

- Definition

Two-character EDGAR code representing the state or country of incorporation.

+ References

No definition available.

+ Details

Name:

dei_EntityIncorporationStateCountryCode

Namespace Prefix:

dei_

Data Type:

dei:edgarStateCountryItemType

Balance Type:

Period Type:

duration

- Definition

The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityRegistrantName

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityTaxIdentificationNumber

Namespace Prefix:

dei_

Data Type:

dei:employerIdItemType

Balance Type:

Period Type:

duration

- Definition

Local phone number for entity.

+ References

No definition available.

+ Details

Name:

dei_LocalPhoneNumber

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 13e

-Subsection 4c

+ Details

Name:

dei_PreCommencementIssuerTenderOffer

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14d

-Subsection 2b

+ Details

Name:

dei_PreCommencementTenderOffer

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Title of a 12(b) registered security.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b

+ Details

Name:

dei_Security12bTitle

Namespace Prefix:

dei_

Data Type:

dei:securityTitleItemType

Balance Type:

Period Type:

duration

- Definition

Name of the Exchange on which a security is registered.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection d1-1

+ Details

Name:

dei_SecurityExchangeName

Namespace Prefix:

dei_

Data Type:

dei:edgarExchangeCodeItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14a

-Subsection 12

+ Details

Name:

dei_SolicitingMaterial

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Trading symbol of an instrument as listed on an exchange.

+ References

No definition available.

+ Details

Name:

dei_TradingSymbol

Namespace Prefix:

dei_

Data Type:

dei:tradingSymbolItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Securities Act

-Number 230

-Section 425

+ Details

Name:

dei_WrittenCommunications

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Details

Name:

us-gaap_StatementClassOfStockAxis=us-gaap_CommonStockMember

Namespace Prefix:

Data Type:

Balance Type:

Period Type:

- Details

Name:

us-gaap_StatementClassOfStockAxis=crbg_A6.375JuniorSubordinatedNotesDue2064Member

Namespace Prefix:

Data Type:

Balance Type:

Period Type: