Equitable Holdings, Inc. · NYSE:EQH

Equitable — Debt Investor Presentation (November 2025)

19 slides from Equitable's debt investor presentation, November 2025

  1. Slide 1: Investor Presentation: FABN Program

    Investor Presentation: FABN Program November 2025 Equitable

  2. 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

  3. Slide 3: Integrated business model captures the full insurance value chain

    Integrated business model captures 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 $267bn $860bn AUM AUM as of 9/30/251 as of 9/30/25 W

  4. Slide 4: Leading positions in select markets with strategic moats

    Leading positions in select markets with strategic moats Leading positions Strategic moats • Concentrated market where top 10 competitors have nearly #1 RILA 90% market share Individual Annuity protected equity strategies1 • Select distribution through registered advisors • Specialized market with t

  5. Slide 5: Equitable Holdings Value proposition

    Equitable Holdings Value proposition Strategy Competitive edges Financial principles how we will drive long-term value what sets us apart how we manage the business Defend & grow core businesses Premier investment capabilities Market neutral balance sheet • Retirement Capture greater margins through

  6. 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 6/30/25, unless otherwise noted 425 425 425 >500% Combined NAIC RBC ratio pro-forma for RGA transaction and planned dividends to Holdings in 2H’25; above 400% target $0.8bn YE22 YE2

  7. Slide 7: High quality investment portfolio

    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% 29% Corporates $109bn $80bn 43% 1 1% Other Fixed Maturities 70% 20% Aaa, Aa, A 3%2% Mortgage Loans Alts. & Other Policy Loans Average p

  8. 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

  9. 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, with over $10 billion of cumulative issuance  Established new FABN program at EFLOA in 2Q 2025,

  10. 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

  11. Slide 11: EFLOA Overview

    EFLOA Overview  Balance sheet has increased substantially in recent years following internal reinsurance and novation, over $100bn total admitted assets  Well capitalized with $5.8bn of statutory capital and surplus  EFLOA will become primary entity for spread lending activity going forward Admit

  12. Slide 12: Appendix

    Appendix FABN Investor Presentation

  13. 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 Historical structure Future state Entity New business Inforce New business Inforce Equitable Financial Life • Individual • IR and GR • N

  14. Slide 14: Simplified organizational structure

    Simplified organizational structure  EFLOA is funding agreement provider for new 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 All

  15. Slide 15: Strong track record of managing market volatility

    Strong track record of managing market volatility Stable RBC ratio1 Diverse & growing cash flow2 Equitable RBC Ratio (LHS) Insurance Asset and Wealth S&P 500 Indexed Total Return (RHS) FCF per share $4.00 $3.80 200 $3.30 500% $3.13 $3.11 180 $2.41 160 $2.03 140 400% 120 53% 43% 54% 100 40% 28% 28% 3

  16. Slide 16: Manageable macro exposures and well-protected balance sheet

    Manageable macro exposures and well-protected balance sheet Total company macro sensitivities 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.450-475% Equity market +/-10% = c.$150m after tax (Fee-based

  17. Slide 17: Enhancing our focus on key growth businesses

    Enhancing our focus on key growth businesses Operating earnings by segment (post-tax)1 Retirement 14% 7% AB 15% 24% IPO YTD 36% 67% (2017) 2025 9% 28% WM c.17% >50% Cash Generation from Non-Insurance Entities 12017 operating earnings by segment exclude $399m of non-recurring items for Protection Sol

  18. Slide 18: 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 2020 2021 2022 2023 2024 Combined RBC Ratio 410% 440% 425% 425%1 425%1 Cash at Holdings ($bn) $2.9 $1.6 $2.0 $2.0 $1.82 $500m Min. Target 1Combined NAIC RBC ratio estimate at YE

  19. Slide 19: High quality CML portfolio, strong fundamentals

    High quality CML portfolio, strong fundamentals Conservative GA with well diversified commercial mortgage loan (CML) portfolio Multifamily 44% $109bn 1 20% Ag. Loans 13% $22bn Mortgage General Portfolio Account 2% Retail 22% 12% 5% Office Industrial 2% Hospitality Other CMLs are an attractive risk-a

Equitable Holdings — Debt Investor Presentation (November 2025) on 6ix