Equitable Holdings, Inc. · NYSE:EQH
Equitable — Debt Investor Presentation (November 2025)
19 slides from Equitable's debt investor presentation, November 2025
Slide 1: Investor Presentation: FABN Program
Investor Presentation: FABN Program November 2025 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 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
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
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
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
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
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, with over $10 billion of cumulative issuance Established new FABN program at EFLOA in 2Q 2025,
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: 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
Slide 12: Appendix
Appendix FABN Investor Presentation
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
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
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
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
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 $399m of non-recurring items for Protection Sol
Slide 18: Consistent RBC ratio across markets
Consistent RBC ratio across markets 130 .00 125 .00 120 .00 S&P 500 115 .00 110 .00 105 .00 100 .00 95. 00 90. 00 10yr UST 2020 2021 2022 2023 2024 Combined RBC Ratio 410% 440% 425% 425%1 425%1 Cash at Holdings ($bn) $2.9 $1.6 $2.0 $2.0 $1.82 $500m Min. Target 1Combined NAIC RBC ratio estimate at YE
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