Slide 1: Second Quarter 2025 Earnings Results
Equitable Holdings Second Quarter 2025 Earnings Results August 5, 2025 Equitable
Slide 2: Note Regarding Forward-Looking Statements and Non-GAAP Financial Measures
Note Regarding Forward-Looking Statements and Non-GAAP Financial Measures This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “expects,” “believes,” “anticipates,” “intends,” “seeks,” “aims,” “plans,” “assume
Slide 3: Second quarter 2025 highlights
Second quarter 2025 highlights Earnings pressured by mortality and markets • Non-GAAP operating earnings1 per share of $1.10, or $1.41 per share after adjusting for notable items2 • $1.1T AUM/A, up 8% versus prior year quarter and 5% year-to-date • Growth in Asset Management and Wealth Management of
Slide 4: Tracking towards investor day targets
Tracking towards investor day targets Cash generation1, $bn Payout ratio2 EPS growth3 On track to achieve 2027 target Delivering consistent capital return Solid momentum ex. mortality headwinds 80% 21% 20% 2.0 77% 18% 75% 12-15% EPS 1.6-1.7 CAGR Target 1.5 60-70% Payout Target 15% 70% 1.3 68% 68% 66
Slide 5: Executing on our growth strategy
Executing on our growth strategy 1H’25 Results Progress since IR Day $143bn AUM; $3.5bn net flows1; 5% organic growth +13% AUM CAGR Retirement Defend & Top five FABN issuer YTD with $3.4bn issued this year vs 5-7% target grow core businesses $829bn AUM, $2.1bn active net outflows +410bps adj. op. ma
Slide 6: Individual Life Transaction drives meaningful shareholder value
Individual Life Transaction drives meaningful shareholder value Transaction Overview • Reinsured 75% of in-force individual life insurance block to RGA on a pro-rata basis • Total value of over $2 billion from positive ceding commission and capital release • Frees capital from low return block that
Slide 7: Second quarter consolidated results summary
Second quarter consolidated results summary Non-GAAP Operating Earnings, Non-GAAP Operating EPS, Assets under management adjusted for notable items1 adjusted for notable items1 and administration GR $ $bn AUM 22% +8% AUA PS 1,070 3% 1.53 987 1.41 IR 38% $447m 23% 893 960 AB 5% 9% 95 110 2Q24 2Q25 2Q
Slide 8: Key drivers of 2Q business results
Key drivers of 2Q business results Spread income, net interest margin $millions Fee-based revenue, $millions Individual Retirement Group Retirement Retirement1 Asset Mgmt.2 Wealth Mgmt.3 0% +4% 306 306 +14% -1% 742 772 +2% 436 431 184 161 83 85 2Q24 2Q25 2Q24 2Q25 2Q24 2Q25 2Q24 2Q25 2Q24 2Q25 Morta
Slide 9: Executing on capital management initiatives
Executing on 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 non-GAA
Slide 10: Capital management driving shareholder value
Capital management driving shareholder value Consistent capital return Return to common shareholders Dividends Share Repurchases ▪ Returned $318m to shareholders in 2Q’25 $335m $335m $330m including $236m of share repurchases $76m $75m $74m $318m $82m ▪ 2Q’25 payout ratio1 of 74%, above 60-70% targe
Slide 11: Looking forward
Looking forward Strong organic growth momentum, supported by flywheel business model Reduced earnings volatility and improved business mix Significant capital flexibility to deliver shareholder value Expect EPS growth to accelerate in 2H’25 Confident in achieving 2027 financial targets 2Q25 Earnings
Slide 12: Appendix
Appendix Equitable Holdings Second Quarter 2025 Earnings Results
Slide 13: Explanation of footnotes
Explanation of footnotes Page 3 1Non-GAAP Operating Earnings equals our consolidated after-tax net income attributable to Holdings adjusted to eliminate the impact of certain items; Please see detailed Non-GAAP reconciliation in Appendix 2Non-GAAP Operating Earnings adjusted for Notable Items; Pleas
Slide 14: 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 22% Baa 29% Corporates 46% $117bn 1 1% Other Fixed Maturities $87bn 69% 18% Mortgage Loans Aaa, Aa, A 3% 4% Policy Loans Alts. &
Slide 15: Alternative investment portfolio
Alternative investment portfolio Historical Alternative Investment Portfolio Annualized Returns $millions, pre-tax 2017 2018 2019 2020 2021 2022 2023 2024 1Q25 2Q25 YTD 25 GAAP Carrying Value Private Equity 825 857 850 934 1,462 1,670 1,824 2,039 2,089 2,128 2,128 Real Estate Equity 133 189 218 323
Slide 16: Individual Retirement
Individual Retirement Operating Earnings, adjusted for Notable Items1 Highlights $m ▪ Operating Earnings adjusted for Notable Items1 decreased due to lower fee-based earnings and higher commission 250 217 expense due to increased sales ▪ Net inflows of $1.7bn in 2Q’25; organic growth of 8% on a trai
Slide 17: Group Retirement
Group Retirement Operating Earnings, adjusted for Notable Items1 Highlights $m ▪ Operating Earnings adjusted for Notable Items1 declined as growth in fee and other income was offset by higher expenses 129 127 ▪ Net inflows of $217m in 2Q, including $100m of tax-exempt net inflows; outflows in corpor
Slide 18: Asset Management (AB)
Asset Management (AB) Operating Earnings, adjusted for Notable Items1 Highlights $m ▪ Growth in operating earnings driven by higher base fees and increased ownership percentage 131 ▪ Adjusted operating margin2 of 32.3%, up 150bps YoY 101 ▪ Active net outflows of $4.8bn, concentrated in April; instit
Slide 19: Protection Solutions
Protection Solutions Operating Earnings, adjusted for Notable Items1 Highlights $m ▪ Reported operating loss of $58m, which includes $74m of notable items primarily attributable to late reported COLI 81 claims and associated expenses ▪ Mortality claims were approximately $35m post-tax above normal e
Slide 20: Wealth Management
Wealth Management Operating Earnings Highlights $m ▪ Operating earnings increased primarily due to higher advisory and distribution fees 51 44 ▪ Advisory net inflows of $2.0bn in 2Q’25 ▪ Total AUA of $110bn, up 16% YoY, with two-thirds in fee-based advisory accounts 2Q24 2Q25 Advisory AUA and Traili
Slide 21: Legacy
Legacy Operating Earnings, adjusted for Notable Items1 Highlights $m ▪ Operating Earnings adjusted for Notable Items1 were flat year-over-year 28 28 ▪ Net outflows of $580m were in line with expectations as this business continues to run-off at $2-3bn per year 2Q24 2Q25 Account Value and Trailing 12
Slide 22: Reconciliation of Non-GAAP and Other financial disclosures
Appendix Reconciliation of Non-GAAP and Other financial disclosures EQH Non-GAAP Operating Earnings Three Months Ended June 30, (in millions) 2025 2024 Net income (loss) attributable to Holdings $ (349) $ 428 Adjustments related to: Variable annuity product features 934 81 Investment (gains) losses
Slide 23: Impact of Notable Items by segment and corporate & other
Appendix Impact of Notable Items1 by segment and corporate & other Q2 (2025) reported Alternatives vs. plan Late reported claims & assoc. expenses Expenses Q2 (2025) adjusted After-tax Pre-tax After-tax Pre-tax After-tax Pre-tax After-tax After-tax Individual Retirement 215 2.4 2.0 - - - - 217 Group
Slide 24: Impact of Notable Items by segment and corporate & other
Appendix Impact of Notable Items1 by segment and corporate & other Individual Protection Wealth Corporate and Three Months Ended Q2 (2025) Group Retirement Asset Management Legacy Segment Consolidated Retirement Solutions Management Other Non-GAAP Operating Earnings 215 124 (58) 131 51 28 (139) 352