Equitable Holdings, Inc.
For the period ended Sep 30, 2026. Filed Nov 5, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2026 · Filed Nov 5, 2026
EQH$52.66-0.5%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-06-30; filed 2026-08-06.
0001333986-26-000040
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-11-05.
0001333986-26-000060
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 404 previous paragraphs and 421 current paragraphs.
243 unchanged; 84 reworded; 91 added; 67 removed; 10 previous and 3 current paragraphs rearranged.
Tables are not compared: 37 previous and 39 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (91)
Current report
Assumption Updates and Model Changes
Current report
We conduct our annual review of our assumptions and models during the third quarter of each year. We also update our assumptions as needed in the event we become aware of economic conditions or events that could require a change in our assumptions that we believe may have a significant impact to the carrying value of product liabilities and assets and consequently materially impact our earnings in the period of the change.
Current report
Impact of Assumption Updates and Model Changes on Income (Loss) from Continuing Operations Before Income Taxes and Net Income (Loss)
Current report
The table below presents the impact of our actuarial assumption update to our income (loss) from continuing operations, before income taxes and net income (loss).
Current report
2026 Assumption Updates
Current report
The impact of the economic assumption update in the third quarter 2026 was an increase of $140 million to income (loss) from continuing operations, before income taxes and an increase to net income (loss) of $111 million.
Current report
The net impact of this assumption update on income (loss) from continuing operations, before income taxes of $140 million consisted of an increase in other income of $43 million, an increase in remeasurement of liability for future policy benefits of $35 million and a decrease in change in MRBs and purchased MRBs of $132 million.
Current report
2025 Assumption Updates
Current report
The impact of the economic assumption update in the third quarter 2025 was a decrease of $80 million to income (loss) from continuing operations, before income taxes and a decrease to net income (loss) of $63 million.
Current report
The net impact of this assumption update on income (loss) from continuing operations, before income taxes of $80 million consisted of an increase in other income of $6 million, an increase in remeasurement of liability for future policy benefits of $3 million, a decrease in policyholders’ benefits of $1 million and an increase in change in MRBs and purchased MRBs of $84 million.
Current report
The impact of model changes during the three and nine months ended September 30, 2026 was a decrease to income (loss) from continuing operations, before income taxes of $27 million and a decrease to net income (loss) of $21 million. There were no material model changes during the three and nine months ended September 30, 2025.
Current report
Impact of Assumption Updates and Model Changes on Pre-tax Non-GAAP Operating Earnings Adjustments
Current report
The table below presents the impact on pre-tax Non-GAAP Operating Earnings of our actuarial assumption updates by segment and Corporate and Other.
Current report
2026 Assumption Updates
Current report
The impact of our 2026 annual review on Non-GAAP Operating Earnings was favorable by $35 million before taking into consideration the tax impacts, or $28 million after tax.
Current report
The net impact of assumption changes on Non-GAAP Operating Earnings increased other income by $38 million and increased remeasurement of liability for future policy benefits by $3 million. Non-GAAP Operating Earnings excludes items related to variable annuity product features, such as changes in the MRBs and purchased MRBs.
Current report
2025 Assumption Updates
Current report
The impact of our 2025 annual review on Non-GAAP Operating Earnings was favorable by $1 million before taking into consideration the tax impacts, or $1 million after tax.
Current report
The net impact of assumption changes on Non-GAAP Operating Earnings increased other income by $5 million, increased remeasurement of liability for future policy benefits by $5 million and decreased policyholders’ benefits by $1 million. Non-GAAP Operating Earnings excludes items related to variable annuity product features, such as changes in the MRBs and purchased MRBs.
Current report
The impact of model changes on Non-GAAP Operating Earnings was favorable by $14 million before taking into consideration the tax impacts, or $11 million after tax, during the three and nine months ended September 30, 2026. There were no material model changes during the three and nine months ended September 30, 2025.
Current report
(2)Includes $1.1 billion as a result of assets transferred related to the reinsurance transaction with RGA for the three and nine months ended September 30, 2025.
Current report
(3)Includes a loss of $7 million and a gain of $315 million on Non-VA derivatives for the three and nine months ended September 30, 2026, and a gain of $230 million and $262 million for the three and nine months ended September 30, 2025, respectively. ”
Current report
(2)Includes $3.86 and $3.78 as a result of assets transferred related to the reinsurance transaction with RGA for the three and nine months ended September 30, 2025, respectively.
Current report
(3)Includes a loss of $0.03 and a gain of $1.13 on Non-VA derivatives for the three and nine months ended September 30, 2026 and a gain of $0.78 and $0.87 for the three and nine months ended September 30, 2025, respectively.
Current report
•Net derivative gains of$20 million increased from net derivative losses of$1.1 billion mainly due tolower equity market appreciation during the third quarter 2026 compared to the third quarter 2025.
Current report
•Investment losses decreased by $1.1 billion mainly due to the assets transferred in the prior year related to the reinsurance transaction with RGA.
Current report
•Fee-type revenue increased by $201 million mainly due to higher advisory fee-type revenue, higher Separate Account values, and higher performance fees related to AB Credit Value Fund, partially offset by the reinsurance transaction with RGA.
Current report
•Policyholders’ benefits decreased by $95 million mainly due to the reinsurance transaction with RGA.
Current report
•Remeasurement of liability for future policy benefits decreased by $44 million mainly due to one time impacts of the reinsurance transaction with RGA.
Current report
•Net income attributable to noncontrolling interest decreased by $29 million mainly due to losses from consolidated VIEs.
Current report
•Commissions and distribution-related payments increased by $40 million mainly due to higher retirement sales and asset-based commissions.
Current report
•Amortization of DAC increased by $27 million mainly due to growth in our Retirement segment from sales momentum.
Current report
•Net investment income increased by $54 million mainly due to higher average asset balances, partially offset by the reinsurance transaction with RGA.
Current report
•Compensation, benefits, interest and other operating expenses decreased by $35 million mainly due to the quarterly impact of the Employee Benefits business exited in October 2026.
Current report
•Remeasurement of liability for future policy benefits decreased by $32 million mainly due tofavorable mortality experience and premium calibration.
Current report
•Net derivative gain of$5 million increased from net derivative losses of$17 million mainly due to economically hedging seed capital investments.
Current report
•Interest credited to policyholders’ account balances increased by $103 million mainly due to growth of account values in our Retirement segment, partially offset by the reinsurance transaction with RGA.
Current report
•Amortization of DAC increased by $27 million mainly due to growth in our Retirement segment from sales momentum.
Current report
•Fee-type revenue decreased by $26 million mainly due to the reinsurance transaction with RGA and the quarterly impact of the Employee Benefits business exited in October 2026, partially offset by higher advisory fee-type revenue and higher Separate Account values.
Current report
•Income tax expense increased by $56 million primarily due to higher pre-tax earnings and a higher effective tax rate for the three months ended September 30, 2026.
Showing the first 40 of 91 passages. Open the source sections for the rest.
Removed paragraphs (67)
Previous report
Insurance Regulation
Previous report
Regulation of Investments
Previous report
The NAIC is evaluating the risks associated with insurers’ investments in certain categories of structured securities, including CLOs. In 2023, the NAIC approved interim rules that raise capital requirements for holdings of CLO and other asset-backed security residual interests. Effective January 1, 2024, the NAIC adopted an amendment to the Purposes and Procedures Manual of the NAIC Investment Analysis Office (the “Purposes and Procedures Manual”) to give the NAIC’s Structured Securities Group, housed within the NAIC’s Securities Valuation Office (the “SVO”), responsibility for modeling CLO securities and evaluating tranche level losses across all debt and equity tranches under a series of calibrated and weighted collateral stress scenarios in order to assign NAIC Designations. Under the amended Purposes and Procedures Manual, CLO investments will no longer be broadly exempt from filing with the SVO based on ratings from credit rating providers. The NAIC’s goal is to ensure that the weighted average RBC factor for owning all tranches of a CLO more closely aligns with what would be required for directly owning all of the underlying loan collateral, in order to avoid RBC arbitrage. The NAIC has delayed reporting multiple times with the goal currently being to require reporting by year-end 2026. The NAIC is collaborating with interested parties to refine the process for modeling CLO investments.
Previous report
In related work, the NAIC’s Financial Condition (E) Committee launched a holistic review of the insurance regulatory framework related to insurer investment risk regulation, on which work began in 2023. The primary objective is to enhance the insurance regulatory framework in order to strengthen oversight of insurers’ investments. The proposed changes to modernize investment oversight include (i) reducing / eliminating “blind” reliance on credit rating providers while continuing to use them by implementing a due diligence framework that oversees the effectiveness of credit rating providers; and (ii) bolstering the SVO’s risk analysis capabilities by investing in a risk analytics tool and adding specialized personnel. Effective January 1, 2026, the NAIC replaced the former Valuation of Securities (E) Task Force with a new Invested Assets (E) Task Force and three working groups related to the oversight of insurance company investments and credit rating provider matters.
Previous report
In November 2024, the NAIC adopted an amendment to the Purposes and Procedures Manual effective January 1, 2026, which sets forth procedures for SVO staff to identify and evaluate a filing-exempt security with an NAIC Designation determined by a rating that appears to be an unreasonable assessment of investment risk. The procedures include, without limitation, sending an information request to insurers that hold the security under review and determining whether the NAIC Designation is three or more notches different from the SVO’s assessment, which would allow the SVO to request the removal of the credit rating from the filing exempt process. At any time during the process, an alternate credit rating may be requested and, if one is received, it will be incorporated into the filing exempt process. The NAIC has developed the technology enhancements necessary to carry out these procedures and this process is now operational.
Previous report
In February 2025, the NAIC announced the formation of a new Risk-Based Capital Model Governance (EX) Task Force. The purpose of the new task force is to provide executive-level oversight and coordination of the various NAIC groups that are reviewing RBC-related standards. The task force is also charged with completing a comprehensive gap analysis to identify gaps in the current RBC framework and developing guiding principles for future RBC adjustments. In September 2025, the task force exposed for comment an updated proposed set of RBC principles with the aim of enhancing RBC precision with respect to asset risk.
Previous report
In June 2023, the NAIC increased the RBC factor for structured security residual tranches from 30% to 45%, which became effective for year-end 2024 RBC filings. The NAIC has been assessing the RBC treatment of CLOs and in June 2026, the NAIC’s Financial Condition (E) Committee adopted a proposal, which incorporates the American Academy of Actuaries’s model C-1 (asset risk) factors for CLOs, collateralized bond obligations, and collateralized debt obligations into the NAIC’s Life and Fraternal Risk-Based Capital Blanks, Instructions, and Formula, effective for year-end 2026.
Previous report
The NAIC undertook a principles-based bond project, considering factors to determine whether an investment in an asset-backed security, for example, qualifies for reporting on an insurer’s statutory financial statement as a bond on Schedule D-1 as opposed to Schedule BA (other long-term investment assets), the latter of which generally has a higher risk charge. As a result, the NAIC adopted a new, principles-based definition of a bond that became effective in certain statutory accounting guidance as of January 1, 2025. The guidance sets forth reporting and disclosure requirements.
Previous report
Principle-Based Reserving
Previous report
In August 2025, the NAIC adopted a principle-based reserving framework for non-variable annuities, similar to VM-20 for life insurance business and VM-21 for variable annuities, located in Section VM-22 of the NAIC Valuation Manual (“VM-22”). The framework for non-variable annuities applies to contracts issued on or after January 1, 2026 and companies have a three-year optional implementation period before the VM-22 PBR requirements become mandatory to all applicable blocks of business. The NAIC’s Life Actuarial (A) Task Force is currently considering further revisions for VM-22 specific to pension risk transfer annuities. The ultimate financial impact from these developments on Equitable Financial and Equitable America is uncertain but could result in more volatile and less predictable reserve and capital levels for these products.
Previous report
FABN Disclosures
Previous report
The NAIC is considering various topics related to funding agreement-backed notes and similar programs. As part of this effort, the NAIC’s Statutory Accounting Principles (E) Working Group adopted revisions to SSAP No. 52 — Deposit-Type Contracts, effective year-end 2026, to require enhanced disclosures for funding agreements that support such programs.
Previous report
Big Data
Previous report
The NAIC’s Big Data and Artificial Intelligence (H) Working Group is evaluating AI-use outcomes and how well the current regulatory framework addresses potential harms from the use of AI. The goal is to develop an overall AI regulatory framework that could be incorporated into an NAIC regulatory handbook. For example, the working group aims to finalize during 2026, a tool to collect information about an insurer’s use of AI during an examination or investigation.
Previous report
Fiduciary Rules
Previous report
On April 23, 2024, the U.S. Department of Labor (the “DOL”) issued a regulation that changed the definition of “fiduciary” for purposes of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), and parallel provisions of the Internal Revenue Code of 1986, as amended (the “Code”), when a financial professional, including an insurance producer, provides investment advice to investors that are subject to ERISA or to Section 4975 of the Code. Simultaneously, the DOL issued amendments to various existing prohibited transaction exemptions (“PTEs”), including PTE 84-14, that financial professionals rely on when they make investment recommendations to such retirement investors (the new definition of “fiduciary” and the PTE amendments collectively, the “DOL Rule”).
Previous report
Various industry groups brought litigation against the DOL seeking to overturn the DOL Rule. On July 25, 2024, the U.S. District Court for the Eastern District of Texas issued a stay of the effective date of portions of the DOL Rule. On July 26, 2024, the U.S. District Court for the Northern District of Texas issued a stay of the effective date of the DOL Rule as a whole. The DOL initially appealed the stays issued in these cases to the U.S. Court of Appeals for the Fifth Circuit, but in early 2025, the court granted the DOL’s motion to pause proceedings while it reviewed its posture on these cases. On March 17, 2026, the Court issued an order vacating the 2024 DOL fiduciary rule package in its entirety. Shortly thereafter, the DOL issued a regulation confirming that the pre-2024 versions of the definition of fiduciary investment advice, PTE 84-24, PTE 2020-02, and the other PTE remain in effect.
Previous report
(2)Includes the following impacts on Non-VA derivatives: a gain of $198 million and $33 million for the three and six months ended June 30, 2025, respectively; a loss of $176 million and $322 million for the three and six months ended June 30, 2026, 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.
Previous report
(2)Includes the following impacts on Non-VA derivatives: a gain of $0.65 and $0.11 for the three and six months ended June 30, 2025, respectively; a loss of $0.63 and $1.14 for the three and six months ended June 30, 2026, respectively. Also includes $0.05 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.
Previous report
•Net derivative losses increased by $681 million mainly due to higher equity market appreciation during the second quarter 2026 compared to the second quarter 2025.
Previous report
•Commissions and distribution-related payments increased by $74 million mainly due to higher retirement sales and asset-based commissions.
Previous report
•Interest credited to policyholders’ account balances increased by $38 million mainly due to growth of account values in our Retirement segment, partially offset by the reinsurance transaction with RGA.
Previous report
•Amortization of DAC increased by $21 million mainly due to growth in our Retirement segment from sales momentum.
Previous report
•Policyholders’ benefits decreased by $352 million mainly due to the reinsurance transaction with RGA.
Previous report
•Net investment income increased by $42 million mainly due to higher average asset balances, partially offset by the reinsurance transaction with RGA and lower income from Alternative investments.
Previous report
•Policyholders’ benefits decreased by $352 million mainly due to the reinsurance transaction with RGA.
Previous report
•Commissions and distribution-related payments increased by $74 million mainly due to higher retirement sales and asset-based commissions.
Previous report
•Fee-type revenue decreased by $55 million mainly due to the reinsurance transaction with RGA, partially offset by higher advisory fee-type revenue and higher Separate Account values.
Previous report
•Amortization of DAC increased by $21 million mainly due to growth in our Retirement segment from sales momentum.
Previous report
Six Months Ended June 30, 2026 Compared to the Six Months Ended June 30, 2025
Previous report
•Policyholders’ benefits decreased by $726 million primarily due to the reinsurance transaction with RGA.
Previous report
•Net investment income increased by $78 million mainly due to higher average asset balances, partially offset by the reinsurance transaction with RGA and lower income from Alternative investments.
Previous report
•Net derivative losses increased by $900 million primarily due to higher equity market appreciation during the first six months of 2026 compared to the first six months of 2025.
Previous report
•Fee-type revenue decreased by $219 million mainly driven by the reinsurance transaction with RGA, partially offset by higher advisory fee-type revenue and higher Separate Account values.
Previous report
•Interest credited to policyholders’ account balances increased by $130 million mainly due to growth of account values in our Retirement segment, partially offset by the reinsurance transaction with RGA.
Previous report
•Commissions and distribution-related payments increased by $129 million mainly due to higher retirement sales and asset-based commissions.
Previous report
•Amortization of DAC increased by $42 million mainly due to growth in our Retirement segment from sales momentum.
Previous report
•Investment losses increased by $9 million primarily due to mortgage valuation allowances.
Previous report
•Policyholders’ benefits decreased by $726 million due to the impact of the reinsurance transaction with RGA.
Previous report
•Compensation, benefits, interest expense and other operating costs decreased by $17 million mainly due to the reinsurance transaction with RGA.
Showing the first 40 of 67 passages. Open the source sections for the rest.
Reworded paragraphs (84)
Previous wording
As previously announced, 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 manage our business through three segments: Retirement, Asset Management and Wealth Management. We report certain activities and items that are not included in these segments in Corporate and Other. Prior period results have been revised in connection with updates to our reportable segments. See Note 16 of the Notes to the Consolidated Financial Statements for further information on our segments.
Current wording
We manage our business through three segments: Retirement, Asset Management and Wealth Management. We report certain activities and items that are not included in these segments in Corporate and Other. See Note 16 of the Notes to the Consolidated Financial Statements for further information on our segments.
Previous wording
U.S. equity markets staged a strong reversal in the second quarter 2026, with the S&P 500 Index returning approximately 15%, its best quarterly performance since the 2020 post-pandemic rebound, while the Russell 2000 surged more than 21% for its strongest quarter in decades. A wide variety of factors continue to cause market volatility and heighten concerns regarding inflation. These factors include, among others, concerns around private credit, interest rate changes, AI-related concerns, and escalating geopolitical tensions, including increased tariffs and other trade restrictions and barriers, high fuel and energy costs, ongoing economic disruption, and other factors, including the Ukraine-Russia conflict and conflict in the Middle East. For further information on the risk of increased volatility in the financial markets to our business, see “Risk Factors—Risks Relating to Conditions in the Financial Markets and Economy—Conditions in the global capital markets and the economyand Equity market declines and volatility” in the 2025 Form 10-K.
Current wording
U.S. equity markets extended their gains in the third quarter 2026, with the S&P 500 Index returning 2.3% despite rising bond yields, renewed energy-price pressures, and persistent inflation uncertainty. Investors largely looked through rate volatility, focusing instead on the resilience of economic growth, continued earnings strength, and companies’ ability to sustain margins amid higher financing costs. A wide variety of factors continue to cause market volatility and heighten concerns regarding inflation. These factors include, among others, concerns around private credit, interest rate changes, AI-related concerns, and escalating geopolitical tensions, including increased tariffs and other trade restrictions and barriers, high fuel and energy costs, ongoing economic disruption, and other factors, including the Ukraine-Russia conflict and conflict in the Middle East. For further information on the risk of increased volatility in the financial markets to our business, see “Risk Factors—Risks Relating to Conditions in the Financial Markets and Economy—Conditions in the global capital markets and the economy”and “—Equity market declines and volatility” in the 2025 Form 10-K.
Previous wording
We have offered and continue to offer variable annuity products with GMxB features. The future claims exposure on these features is sensitive to movements in the equity markets and interest rates. Accordingly, we have implemented hedging and reinsurance programs designed to mitigate the economic exposure to us from these features due to equity market and interest rate movements. We are using a combination of General Account assets and derivatives to manage duration gap on an economic basis. The changes in the values of the derivatives associated with these programs due to equity and interest rate movements, together with the GMxB MRBs assets and liabilities are recognized in net income in the periods in which they occur, while the General Account asset gains and losses are recognized in OCI resulting in an offset between OCI and net income. In addition, we conduct macro hedging to protect our statutory capital which could also cause net income volatility as further described below. Net income is also impacted by changes in our reinsurers credit spread, while changes in the Company’s credit spread is recorded in OCI. See “—Significant Factors Impacting Our Results—Impact of Hedging and GMxB Reinsurance on Results.”
Current wording
We have offered and continue to offer variable annuity products with GMxB features. The future claims exposure on these features is sensitive to movements in the equity markets and interest rates. Accordingly, we have implemented hedging and reinsurance programs designed to mitigate the economic exposure to us from these features due to equity market and interest rate movements. We are using a combination of General Account assets and derivatives to manage duration gap on an economic basis. The changes in the values of the derivatives associated with these programs due to equity and interest rate movements, together with the GMxB MRBs assets and liabilities are recognized in net income in the periods in which they occur, while the General Account asset gains and losses are recognized in OCI resulting in an offset between OCI and net income. In addition, we conduct macro hedging to protect our statutory capital which could also cause net income volatility as further described below. Net income is also impacted by changes in our reinsurers credit spreads, while changes in the Company’s credit spread are recorded in OCI. See “—Significant Factors Impacting Our Results—Impact of Hedging and GMxB Reinsurance on Results.”
Previous wording
In addition to our results presented in accordance with U.S. GAAP, we report Non-GAAP Operating Earnings, and Non-GAAP operating common EPS, each of which is a measure that is not determined in accordance with U.S. GAAP. Management principally uses these Non-GAAP financial measures in evaluating performance because they present a clearer picture of our operating performance and they allow management to allocate resources. Similarly, management believes that the use of these Non-GAAP financial measures, together with relevant U.S. GAAP measures, provide investors with a better understanding of our results of operations and the underlying profitability drivers and trends of our business. These Non-GAAP financial measures are intended to remove from our results of operations the impact of market changes (where there is a mismatch in the valuation of assets and liabilities) as well as certain other expenses which are not part of our underlying profitability drivers or likely to re-occur in the foreseeable future, as such items fluctuate from period-to-period in a manner inconsistent with these drivers. These measures should be considered supplementary to our results that are presented in accordance with U.S. GAAP and should not be viewed as a substitute for the U.S. GAAP measures. Other companies may use similarly titled Non-GAAP financial measures that are calculated differently from the way we calculate such measures. Consequently, our Non-GAAP financial measures may not be comparable to similar measures used by other companies.
Current wording
In addition to our results presented in accordance with U.S. GAAP, we report Non-GAAP Operating Earnings, and Non-GAAP operating common EPS, each of which is a measure that is not determined in accordance with U.S. GAAP. Management principally uses these Non-GAAP financial measures in evaluating performance because they present a clearer picture of our operating performance and they allow management to allocate resources. Similarly, management believes that the use of these Non-GAAP financial measures, together with relevant U.S. GAAP measures, provides investors with a better understanding of our results of operations and the underlying profitability drivers and trends of our business. These Non-GAAP financial measures are intended to remove from our results of operations the impact of market changes (where there is a mismatch in the valuation of assets and liabilities) as well as certain other expenses which are not part of our underlying profitability drivers or likely to recur in the foreseeable future, as such items fluctuate from period-to-period in a manner inconsistent with these drivers. These measures should be considered supplementary to our results that are presented in accordance with U.S. GAAP and should not be viewed as a substitute for the U.S. GAAP measures. Other companies may use similarly titled Non-GAAP financial measures that are calculated differently from the way we calculate such measures. Consequently, our Non-GAAP financial measures may not be comparable to similar measures used by other companies.
Previous wording
•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
Current wording
•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 gains/losses and realized capital gains/losses from sales or disposals of select securities, certain legal accruals, impact of the annual actuarial assumption updates attributable to LFPB when the majority of the impact relates to the non-core business, net results of businesses exited or to be exited as these are considered non-core, gains/losses from the sale of businesses; and
Previous wording
(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 six months ended June 30, 2025.
Current wording
(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 nine months ended September 30, 2025.
Previous wording
(1)As a result of the novation of certain Legacy VA policies completed during the first quarter of 2025, the Company recorded an impact per common shares of $1.63 for the six months ended June 30, 2025.
Current wording
(1)As a result of the novation of certain Legacy VA policies completed during the first quarter of 2025, the Company recorded an impact per common share of $1.65 for the nine months ended September 30, 2025.
Previous wording
Net loss attributable to Holdings increased $104 million to $453 million for the three months ended June 30, 2026 from $349 million in the three months ended June 30, 2025. The following notable items were the primary drivers for the change in net income (loss):
Current wording
Net income attributable to Holdings increased $2.4 billion to $1.1 billion for the three months ended September 30, 2026 from a net loss of $1.3 billion in the three months ended September 30, 2025. The following notable items were the primary drivers for the change in net income (loss):
Previous wording
•Change in market risk benefits and purchased market risk benefits decreased by $395 million mainly due to higher equity market appreciation during thesecond quarter 2026 compared to thesecond quarter 2025.
Current wording
•Change in market risk benefits and purchased market risk benefits decreased by $376 million mainly due to an increase in interest rates and lower equity market appreciation during the third quarter 2026 compared to a decrease in interest rates and higher equity market appreciation during the third quarter 2025.
Previous wording
•Compensation, benefits, interest and other operating expenses increased by $42 million mainly due to higher incentive compensation in our Asset Management segment.
Current wording
•Compensation, benefits, interest and other operating expenses increased by $148 million mainly due to higher incentive compensation in our Asset Management segment.
Previous wording
•Income tax expense was $16 million for the first six months of 2026 compared to an income tax benefit of $56 million for the first six months of 2025. This was primarily due to pre-tax income in the first six months of 2026 compared to a pre-tax loss in the first six months of 2025.
Current wording
•Income tax expense was $202 million for the three months ended September 30, 2026 compared to an income tax benefit of $133 million for the three months ended September 30, 2025. This was primarily due to pre-tax income in the three months ended September 30, 2026 compared to a pre-tax loss in the three months ended September 30, 2025.
Previous wording
Non-GAAP Operating Earnings increased by $136 million to $488 million for the three months ended June 30, 2026 from $352 million in the three months ended June 30, 2025. The following notable items were the primary drivers for the change in Non-GAAP Operating Earnings:
Current wording
Non-GAAP Operating Earnings increased by $140 million to $595 million for the three months ended September 30, 2026 from $455 million in the three months ended September 30, 2025. The following notable items were the primary drivers for the change in Non-GAAP Operating Earnings:
Previous wording
•Fee-type revenue decreased by $231 million primarily due to the reinsurance transaction with RGA.
Current wording
•Policyholders’ benefits decreased by $231 million mainly due to the reinsurance transaction with RGA and the quarterly impact of the Employee Benefits business exited in October 2026.
Previous wording
•Income tax expense decreased by $20 million mainly driven by a lower effective rate for the three months ended June 30, 2026.
Current wording
•Commissions and distribution-related payments increased by $20 million mainly due to higher retirement sales and asset-based commissions.
Previous wording
Net income attributable to Holdings increased $454 million to $168 million during the six months ended June 30, 2026, from a $286 million net loss in the six months ended June 30, 2025. The following were notable changes in net income (loss):
Current wording
Net income attributable to Holdings increased $2.9 billion to $1.3 billion during the nine months ended September 30, 2026, from a $1.6 billion net loss in the nine months ended September 30, 2025. The following were notable changes in net income (loss):
Previous wording
•Change in market risk benefits and purchased market risk benefits decreased by $742 million mainly due to higher equity market appreciation and an increase in interest rates in the first six months of 2026 compared to lower equity market appreciation and a decrease in interest rates in the first six months of 2025.
Current wording
•Change in market risk benefits and purchased market risk benefits decreased by $1.1 billion mainly due to lower equity market appreciation and an increase in interest rates in the first nine months of 2026 compared to higher equity market appreciation and a decrease in interest rates in the first nine months of 2025.
Previous wording
•Compensation, benefits, interest and other operating expenses decreased by $475 million mainly due to the Venerable novation loss recorded in the prior year.
Current wording
•Compensation, benefits, interest and other operating expenses decreased by $327 million mainly due to the Venerable novation loss recorded in the prior year, partially offset by higher incentive compensation in our Asset Management segment.
Previous wording
•Net income attributable to noncontrolling interest increased by $57 million mainly due to increased gains from consolidated VIEs and higher AB pre-tax earnings, partially offset by an increase in average economic ownership of AB.
Current wording
•Net income attributable to noncontrolling interest increased by $28 million mainly due to increased gains from consolidated VIEs and higher AB pre-tax earnings, partially offset by an increase in average economic ownership of AB.
Previous wording
Non-GAAP Operating Earnings increased by $187 million to $960 million for the six months ended June 30, 2026 from $773 million in the six months ended June 30, 2025. The following were notable changes in Non-GAAP Operating Earnings:
Current wording
Non-GAAP Operating Earnings increased by $327 million to $1.6 billion for the nine months ended September 30, 2026 from $1.2 billion in the nine months ended September 30, 2025. The following were notable changes in Non-GAAP Operating Earnings:
Previous wording
•Interest credited to policyholders’ account balances increased by $23 million mainly due to growth of account values in our Retirement segment, partially offset by the reinsurance transaction with RGA.
Current wording
•Remeasurement of liability for future policy benefits decreased by $23 million mainly due tofavorable term mortality experience and lower ceded premiums.
Previous wording
•Net income attributable to the noncontrolling interest decreased by $12 million mainly due to an increase in average economic ownership of AB, partially offset by higher pre-tax earnings.
Current wording
•Net income attributable to the noncontrolling interest decreased by $10 million mainly due to an increase in average economic ownership of AB, partially offset by higher pre-tax earnings.
Previous wording
(1)AV presented are net of reinsurance.
Current wording
(1)AVs presented are net of reinsurance.
Previous wording
Operating earnings increased $27 million to $158 million during the three months ended June 30, 2026 from $131 million during the three months ended June 30, 2025. The following notable items were the primary drivers of the change in operating earnings:
Current wording
Operating earnings increased $27 million to $432 million during the three months ended September 30, 2026 from $405 million during the three months ended September 30, 2025. The following notable items were the primary drivers of the change in operating earnings:
Previous wording
•Fee-type revenue increased by $70 million mainly due to higher Separate Account values from market appreciation.
Current wording
•Fee-type revenue increased by $96 million mainly due to higher Separate Account values from market appreciation.
Previous wording
•Interest credited to policyholders’ account balances increased by $142 million mainly due to the growth of account values.
Current wording
•Interest credited to policyholders’ account balances increased by $145 million mainly due to the growth of account values.
Previous wording
•Commissions and distribution-related payments increased by $31 million mainly due to higher asset-based commissions and sales volumes.
Current wording
•Commissions and distribution-related payments increased by $35 million mainly due to higher asset-based commissions and sales volumes.
Previous wording
•Amortization of DAC increased by $21 million mainly driven by growth in the business from sales momentum.
Current wording
•Amortization of DAC increased by $29 million mainly driven by growth in the business from sales momentum.
Previous wording
•Compensation, benefits, interest expense and other operating costs increased by $34 million driven by higher allocated corporate expenses.
Current wording
•Compensation, benefits, interest expense and other operating costs increased by $9 million driven by higher allocated corporate expenses.
Previous wording
•Net inflows of $1.7 billion were $235 million lower than in the three months ended June 30, 2025, mainly driven by higher outflows, partially offset by higher gross premiums.
Current wording
•Net inflows of $1.1 billion were $23 million lower than in the three months ended September 30, 2025, mainly driven by higher outflows, partially offset by higher gross premiums.
Previous wording
•Fee-type revenue increased by $89 million mainly due to higher Separate Account values from market appreciation.
Current wording
•Fee-type revenue increased by $185 million mainly due to higher Separate Account values from market appreciation.
Previous wording
•Policyholders’ benefits decreased by $19 million mainly due to lower annuitizations, offset by lower premiums in fee-type revenue.
Current wording
•Policyholders’ benefits decreased by $21 million mainly due to lower annuitizations, offset by lower premiums in fee-type revenue.
Previous wording
•Commissions and distribution-related payments increased by $60 million mainly due to higher asset-based commissions and sales volumes.
Current wording
•Commissions and distribution-related payments increased by $95 million mainly due to higher asset-based commissions and sales volumes.
Previous wording
•Amortization of DAC increased by $42 million mainly due to growth in the business from sales momentum.
Current wording
•Amortization of DAC increased by $71 million mainly due to growth in the business from sales momentum.
Previous wording
•Compensation, benefits, interest expense and other operating costs increased by $22 million mainly due to higher allocated corporate expenses.
Current wording
•Compensation, benefits, interest expense and other operating costs increased by $31 million mainly due to higher allocated corporate expenses.
Previous wording
•The increase in AV of $14.1 billion in the six months ended June 30, 2026, was driven by an increase in investment performance as a result of market appreciation and change in fair value of embedded derivative instruments of $12.0 billion in the six months ended June 30, 2026, partially offset by net inflows of $3.0 billion.
Current wording
•The increase in AV of $14.4 billion in the nine months ended September 30, 2026, was driven by an increase in investment performance as a result of market appreciation and change in fair value of embedded derivative instruments of $11.7 billion in the nine months ended September 30, 2026 and net inflows of $4.1 billion.
Previous wording
•Net inflows of $3.0 billion were $571 million lower than in the six months ended June 30, 2025, mainly driven by higher outflows in the six months ended June 30, 2026, partially offset by higher gross premiums.
Current wording
•Net inflows of $4.1 billion were $594 million lower than in the nine months ended September 30, 2025, mainly driven by higher outflows in the nine months ended September 30, 2026, partially offset by higher gross premiums.
Previous wording
The Asset Management segment provides diversified investment management and related services to a broad range of clients around the world. Operating earnings (loss), net of tax, presented here represents our average economic interest in AB of approximately 68% and 68% during the three and six months ended June 30, 2026, respectively, and 69% and 65% during the three and six months ended June 30, 2025, respectively. The increase in economic interest was due to the purchase of AB Holding Units relating to the AB Tender Offer completed on April 3, 2025.
Current wording
The Asset Management segment provides diversified investment management and related services to a broad range of clients around the world. Operating earnings (loss), net of tax, presented here represents our average economic interest in AB of approximately 68%, 68%, 69% and 66% during the three and nine months ended September 30, 2026 and 2025, respectively. The increase in economic interest was due to the purchase of AB Holding Units relating to the AB Tender Offer completed on April 3, 2025.
Previous wording
Operating earnings increased $48 million to $402 million during the three months ended June 30, 2026 from $354 million during the three months ended June 30, 2025. The following notable items were the primary drivers of the change in operating earnings:
Current wording
Operating earnings decreased $2 million to $152 million during the three months ended September 30, 2026 from $154 million during the three months ended September 30, 2025. The following notable items were the primary drivers of the change in operating earnings:
Previous wording
•Commissions and distribution-related payments decreased by $7 million mainly due to lower distribution expenses from shift in product mix of funds with lower distribution rates partially offset by higher average AUM.
Current wording
•Commissions and distribution-related payments decreased by $20 million mainly due to lower distribution expenses from shift in product mix of funds with lower distribution rates partially offset by higher average AUM.
Previous wording
•Net derivative losses increased by $17 million primarily due to higher losses from economically hedging seed capital, offset in Net investment income.
Current wording
•Net derivative gain of $6 million increased from a net derivative loss of $4 million mainly due to higher gains from economically hedging seed capital investments (partially offset in Net investment income).
Showing the first 40 of 84 pairs. Open the source sections for the rest.
Rearranged current paragraphs (3)
Current report — wording carried from elsewhere
•Income tax expense was $218 million for thefirst nine months of 2026 compared to an income tax benefit of $189 million for thefirst nine months of 2025. This was primarily due to pre-tax income in thefirst nine months of 2026 compared to a pre-tax loss in thefirst nine months of 2025.
Current report — wording carried from elsewhere
•Net investment income increased by $60 million mainly due to higher average asset balances, partially offset by the reinsurance transaction with RGA.
Current report — wording carried from elsewhere
•Commissions and distribution-related payments decreased by $27 million mainly due to lower distribution expenses from shift in product mix of funds with lower distribution rates partially offset by higher average AUM.
Rearranged previous paragraphs (10)
Previous report — wording carried elsewhere
•Fee-type revenue decreased by $71 million mainly due to the reinsurance transaction with RGA, partially offset by higher advisory fee-type revenue and higher Separate Account values.
Previous report — wording carried elsewhere
•Net income attributable to noncontrolling interest increased by $34 million mainly due to increased gains from consolidated VIEs.
Previous report — wording carried elsewhere
•Compensation, benefits, interest and other operating expenses increased by $28 million mainly due to higher incentive compensation in our Asset Management segment.
Previous report — wording carried elsewhere
•Net investment income decreased by $10 million mainly due to lower gains from seed capital investments in our Asset Management segment.
Previous report — wording carried elsewhere
•Interest credited to policyholders’ account balances increased by $148 million mainly due to growth of AVs in our Retirement segment, partially offset by the reinsurance transaction with RGA.
Previous report — wording carried elsewhere
These were partially offset by the following unfavorable items included:
Previous report — wording carried elsewhere
•Net investment income decreased by $10 million mainly due to lower gains from seed capital investments.
Previous report — wording carried elsewhere
•Net income attributable to noncontrolling interest decreased by $11 million due to an increase in average economic ownership of AB, partially offset by higher pre-tax earnings.
Previous report — wording carried elsewhere
•Compensation, benefits, interest expense and other operating costs decreased by $31 million primarily due to the reinsurance transaction with RGA and a one-time adjustment.
Previous report — wording carried elsewhere
•Income tax benefit decreased by $34 million primarily due to a lower pre-tax loss and a lower effective tax rate for the six months ended June 30, 2026.