Equitable Holdings, Inc. · NYSE:EQH
Equitable — Debt Investor Presentation (March 2026)
17 slides from Equitable's debt investor presentation, March 2026
Slide 1: Investor Presentation: FABN Program
Investor Presentation: FABN Program March 2026 Equitable
Slide 2: Note Regarding Forward-Looking Statement
Note Regarding Forward-Looking Statement This material is confidential and is for your information only and is not intended to be used by anyone other than you. This communication is being distributed only to qualified institutional buyers in compliance with the exemption from registration provided
Slide 3: Integrated businesses capturing the full insurance value chain
Integrated businesses capturing the full insurance value chain Retirement Asset Management all weather product portfolio to meet the leading active manager with varying retirement needs of our clients growing alternative investment capabilities $270bn $867bn AUM AUM as of 12/31/251 as of 12/31/25 We
Slide 4: Broad solutions set to capitalize on growing retirement need
Broad solutions set to capitalize on growing retirement need Rising demand driven by multiple factors Fueling strong Retirement2 net flows Increased need for retirement solutions ▲ Organic growth $7.1bn ✓ 4.1 million Americans turning 65 every year $5.9bn $5.3bn ▲ 8% ✓ $30 trillion expected wealth t
Slide 5: Integrating insurance and asset management generates value
Integrating insurance and asset management generates value s Stron trategie g in s ve w stm ✓ AB receives steady net inflows from r ne o en lf Equitable’s general account tr ita et ap ✓ Equitable provides permanent capital ur dc ns to fund Private Markets growth See t p r o d uc t s ✓ AB provides Eq
Slide 6: Strong financial profile and conservative balance sheet
Strong financial profile and conservative balance sheet Healthy capital & liquidity Combined NAIC RBC Ratio2 (%) as of 12/31/25, unless otherwise noted c.475 c.475% 425 425 425 Combined NAIC RBC ratio above 400%+ target $1.1bn YE22 YE23 YE24 YE25 1 2 3 4 Cash and liquid assets at Holdings1 Holdings
Slide 7: Conservative, high quality investment portfolio
Conservative, high quality investment portfolio General Account Investment Portfolio Fixed Maturity Portfolio U.S. Treasury, Gov’t and Agency <Baa 5% 2% Structured Credit Baa 25% 28% Corporates $111bn 43% 1 1% $83bn Other Fixed Maturities 71% 21% Aaa, Aa, A 3%2% Mortgage Loans Alts. & Other Policy L
Slide 8: Executing against capital management initiatives
Executing against capital management initiatives • Reinsured 75% of inforce Life block on a pro-rata basis, freeing $2bn+ of capital Individual Life • GAAP net loss of c.$1.1bn from assets transferred to RGA Transaction • Reduces earnings volatility, enhances return on capital and is accretive to no
Slide 9: FABN Program Overview and Outlook
FABN Program Overview and Outlook FA-Backed Note program leverages Equitable’s industry leadership and investment capabilities Overview and Outlook ▪ Equitable has been active in FABN market since 2020, over $9 billion currently outstanding ▪ Program leverages strong ratings and AllianceBernstein ex
Slide 10: EFLOA FABN Program Overview
EFLOA FABN Program Overview Program details Program structure Format 144A / Reg. S Equitable Financial Life Issuer Equitable America Global Funding Insurance Company of America A1 / A+ Equitable Financial Life Insurance Company of America Funding Agreement Provider (“EFLOA”) Funding Shelf size $6 bi
Slide 11: Appendix
Appendix FABN Investor Presentation
Slide 12: Simplified organizational structure
Simplified organizational structure ▪ EFLOA is funding agreement provider for Equitable America Global Funding FABN program ▪ Under Arizona law, funding agreements would rank pari passu with other policyholder level claims Equitable Holdings, Inc. Equitable Financial Life Equitable Financial Life Eq
Slide 13: EFLOA continues to grow into flagship entity
EFLOA continues to grow into flagship entity ▪ Internal reinsurance accelerates 49/1 strategy, enhances financial flexibility, and better enables economic management ▪ Balance sheet has increased substantially in recent years following internal reinsurance and novation ▪ Over $110bn net admitted ass
Slide 14: High quality private credit aligns with our liability profile
High quality private credit aligns with our liability profile Private ABS 19% Direct Lending Infrastructure 4% Debt Other $111bn 17% 7% 1 17% $18bn General Private Credit Portfolio Account 53% Corporate Private Placements High quality portfolio aligns with liability duration Diversified portfolio in
Slide 15: Mortgage portfolio with strong fundamentals
Mortgage portfolio with strong fundamentals Multifamily 38% $111 $23bn Ag. Loans 12% bn1 21% 3% Mortgage General Retail Portfolio Account 11% 20% Industrial 3% Office 5% 8% Hospitality Other RML CMLs are an attractive risk-adjusted investment Office portfolio has solid fundamentals Resilient mortgag
Slide 16: Balance sheet can withstand severe credit stress
Balance sheet can withstand severe credit stress Credit stress assumes at least GFC for IG, structured credit and CML; -40% equity mkt for alts c.50% c.475% 425% 425% -24% -16% -10% YE’24 NAIC 2025 RBC 2025 Pro-forma Credit losses Credit migration Net impact of Post-credit RBC Ratio Growth RBC Ratio
Slide 17: Consistent RBC ratio across markets
Consistent RBC ratio across markets 130 .00 125 .00 120 .00 S&P 500 115 .00 110 .00 105 .00 100 .00 95. 00 90. 00 10yr UST 2021 2022 2023 2024 2025 Combined RBC Ratio 440% 425% 425%1 425%1 c.475% Cash at Holdings ($bn) $1.6 $2.0 $2.0 $1.82 $1.13 $500m Min. Target 1Reflects combined NAIC RBC ratio be
Equitable Holdings — Debt Investor Presentation (March 2026) on 6ix