hD

Cash Flow Summary

Equitable Holdings (EQH) quarterly cash flow statement covering the six quarters from March 2025 to June 2026, as reported to the SEC.

  • Equitable Holdings generated $643M in cash from operations in the quarter ended June 30, 2026, up 88.6% from $341M a year earlier.
  • Investing activities used $2.16B and financing activities provided $8.8B. Overall, cash went up $7.28B.
  • Equitable Holdings spent $366M buying back its own shares and paid $83M in dividends.

A cash flow statement shows the cash that actually came in and went out, split between running the business, investing and financing.

Figures in USD millions
Jun'26Mar'26Dec'25Sep'25Jun'25Mar'25
Cash flows from operating activities:
Net income (loss)

-353

731

311

-1,215

-283

150

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Net income (loss)

-353

731

311

-1,215

-283

150

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Interest credited to policyholders’ account balances

834

770

744

798

796

678

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Interest credited to policyholders’ account balances

834

770

744

798

796

678

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Policy charges and fee income

426

429

435

471

626

636

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Policy charges and fee income

426

429

435

471

626

636

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Net derivative (gains) losses

-2,055

580

-363

-1,117

-1,374

799

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Net derivative (gains) losses

-2,055

580

-363

-1,117

-1,374

799

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Credit and intent to sell losses on available-for-sale debt securities and loans

44

-7

25

-11

54

-

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Credit and intent to sell losses on available-for-sale debt securities and loans

44

-7

25

-11

54

-

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Credit losses on AFS debt securities and loans

-

-

-

-

-

-

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Credit losses on AFS debt securities and loans

-

-

-

-

-

-

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Investment (gains) losses, net

-21

-36

-59

-1,181

-17

-14

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Investment (gains) losses, net

-21

-36

-59

-1,181

-17

-14

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

(Gains) losses on businesses held-for-sale

-

-

-

-

-

-

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

(Gains) losses on businesses held-for-sale

-

-

-

-

-

-

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Realized and unrealized (gains) losses on trading securities

46

-31

6

50

40

-1

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Realized and unrealized (gains) losses on trading securities

46

-31

6

50

40

-1

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Loss on novation

-

-13

-

-

-

-499

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Loss on novation

-

-13

-

-

-

-499

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

AB Retirement plan losses

-

-

-

-3

-

21

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

AB Retirement plan losses

-

-

-

-3

-

21

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Non-cash long term incentive compensation expense

38

22

213

16

22

26

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Non-cash long term incentive compensation expense

38

22

213

16

22

26

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Non-cash pension plan restructuring

-

-

-

-

-

-

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Non-cash pension plan restructuring

-

-

-

-

-

-

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Amortization of deferred compensation

-

-

-

-

-

-

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Amortization of deferred compensation

-

-

-

-

-

-

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Amortization of deferred cost of reinsurance asset

-

-

-

-

-

-

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Amortization of deferred cost of reinsurance asset

-

-

-

-

-

-

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Amortization of deferred sales commission

-

-

-

-

-

-

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Amortization of deferred sales commission

-

-

-

-

-

-

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Amortization and depreciation

-239

-224

-220

-219

-220

-213

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Amortization and depreciation

-239

-224

-220

-219

-220

-213

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Remeasurement of liability for future policy benefits

15

-9

6

-59

13

2

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Remeasurement of liability for future policy benefits

15

-9

6

-59

13

2

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Change in market risk benefits

1,001

-325

130

353

606

-672

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Change in market risk benefits

1,001

-325

130

353

606

-672

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Amortization of deferred cost of reinsurance asset

-

-

-

-

-

-

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Amortization of deferred cost of reinsurance asset

-

-

-

-

-

-

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Change in goodwill

-

-

-

-

-

-

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Change in goodwill

-

-

-

-

-

-

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Equity (income) loss from limited partnerships

-11

-29

-79

-55

-59

-28

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Equity (income) loss from limited partnerships

-11

-29

-79

-55

-59

-28

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Distributions from joint ventures and limited partnerships

-

-

-

-

-

-

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Distributions from joint ventures and limited partnerships

-

-

-

-

-

-

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Changes in:
Net broker-dealer and customer related receivables/payables

73

17

-69

178

274

-248

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Net broker-dealer and customer related receivables/payables

73

17

-69

178

274

-248

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Reinsurance recoverable and related balances, net

198

768

401

244

255

307

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Reinsurance recoverable and related balances, net

198

768

401

244

255

307

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Segregated cash and securities, net

-123

-148

74

-58

-289

272

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Segregated cash and securities, net

-123

-148

74

-58

-289

272

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Capitalization of deferred policy acquisition costs

295

301

312

283

292

282

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Capitalization of deferred policy acquisition costs

295

301

312

283

292

282

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Future policy benefits

-141

-74

87

-197

173

28

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Future policy benefits

-141

-74

87

-197

173

28

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Current and deferred income taxes

-337

-35

-215

-624

-135

6

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Current and deferred income taxes

-337

-35

-215

-624

-135

6

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Other, net

-185

-430

587

-605

21

72

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Other, net

-185

-430

587

-605

21

72

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Net cash provided by (used in) operating activities

643

499

-154

369

341

158

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Net cash provided by (used in) operating activities

643

499

-154

369

341

158

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Cash flows from investing activities:
Proceeds from the sale/maturity/pre-payment of:
Fixed maturities, available-for-sale

4,193

2,762

4,512

4,860

4,898

4,470

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Fixed maturities, available-for-sale

4,193

2,762

4,512

4,860

4,898

4,470

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Fixed maturities, at fair value using the fair value option

176

155

213

261

168

131

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Fixed maturities, at fair value using the fair value option

176

155

213

261

168

131

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Mortgage loans on real estate

838

485

800

664

315

349

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Mortgage loans on real estate

838

485

800

664

315

349

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Trading account securities

155

142

180

101

101

168

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Trading account securities

155

142

180

101

101

168

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Real estate joint ventures

-

-

-

-

-

-

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Real estate joint ventures

-

-

-

-

-

-

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Short term investments

8

3

4

5

98

34

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Short term investments

8

3

4

5

98

34

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Other

87

213

114

188

153

130

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Other

87

213

114

188

153

130

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Payment for the purchase/origination of:
Fixed maturities, available-for-sale

5,506

5,356

5,847

8,532

6,587

4,989

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Fixed maturities, available-for-sale

5,506

5,356

5,847

8,532

6,587

4,989

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Fixed maturities, at fair value using the fair value option

180

183

753

244

519

190

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Fixed maturities, at fair value using the fair value option

180

183

753

244

519

190

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Mortgage loans on real estate

2,882

569

1,362

1,303

1,262

841

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Mortgage loans on real estate

2,882

569

1,362

1,303

1,262

841

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Mortgage loans, at fair value using the fair value option

-

25

-

-

-

-

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Mortgage loans, at fair value using the fair value option

-

25

-

-

-

-

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Trading account securities

212

239

197

362

179

216

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Trading account securities

212

239

197

362

179

216

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Short term investments

12

8

93

7

51

48

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Short term investments

12

8

93

7

51

48

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Other

-

-

-

-

-

-

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Other

-

-

-

-

-

-

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Other

-69

447

104

248

-214

297

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Other

-69

447

104

248

-214

297

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Cash settlements related to derivative instruments, net

-1,144

-180

-121

86

-371

-200

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Cash settlements related to derivative instruments, net

-1,144

-180

-121

86

-371

-200

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Repayments of loans to affiliates

-

-

-

-

-

-

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Repayments of loans to affiliates

-

-

-

-

-

-

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Change in short-term investments

-

-

-

-

-

-

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Change in short-term investments

-

-

-

-

-

-

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Investment in capitalized software, leasehold improvements and EDP equipment

10

9

-16

33

7

10

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Investment in capitalized software, leasehold improvements and EDP equipment

10

9

-16

33

7

10

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Other, net

30

59

37

32

231

90

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Other, net

30

59

37

32

231

90

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Net cash provided by (used in) investing activities

-2,162

-2,955

-2,483

-4,768

-2,518

-1,199

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Net cash provided by (used in) investing activities

-2,162

-2,955

-2,483

-4,768

-2,518

-1,199

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Cash flows from financing activities:
Policyholders’ account balances:
Deposits

7,679

5,163

6,241

5,573

8,209

6,722

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Deposits

7,679

5,163

6,241

5,573

8,209

6,722

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Withdrawals

2,894

4,002

3,945

3,542

2,578

2,059

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Withdrawals

2,894

4,002

3,945

3,542

2,578

2,059

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Transfers (to) from Separate Accounts

501

467

500

493

448

484

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Transfers (to) from Separate Accounts

501

467

500

493

448

484

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Payments of market risk benefits

165

164

154

150

212

154

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Payments of market risk benefits

165

164

154

150

212

154

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Proceeds from loans from affiliates

-

-

-

-

-

-

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Proceeds from loans from affiliates

-

-

-

-

-

-

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Repayment of short-term financings

-

-25

25

-

-

-

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Repayment of short-term financings

-

-25

25

-

-

-

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Change in collateralized pledged assets

545

-722

-330

36

9

8

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Change in collateralized pledged assets

545

-722

-330

36

9

8

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Change in collateralized pledged liabilities

-3,768

861

878

-2,184

-4,169

2,871

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Change in collateralized pledged liabilities

-3,768

861

878

-2,184

-4,169

2,871

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Repayment of loans from affiliates

-

-

-

-

-

-

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Repayment of loans from affiliates

-

-

-

-

-

-

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Issuance of long-term debt

-

-

-

-

-

495

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Issuance of long-term debt

-

-

-

-

-

495

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

(Decrease) increase in overdrafts payable

-

-

-

-

-

-

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

(Decrease) increase in overdrafts payable

-

-

-

-

-

-

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Proceeds from collateralized loan obligations

-

33

-

-

12

34

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Proceeds from collateralized loan obligations

-

33

-

-

12

34

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Repayment of collateralized loan obligations

-

7

-

14

14

24

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Repayment of collateralized loan obligations

-

7

-

14

14

24

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Repayment of long-term debt

-

-

-

-

-

-

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Repayment of long-term debt

-

-

-

-

-

-

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Proceeds from notes issued by consolidated VIEs

10

792

548

57

742

461

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Proceeds from notes issued by consolidated VIEs

10

792

548

57

742

461

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Repayment of notes issued by consolidated VIEs

-

367

368

3

374

465

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Repayment of notes issued by consolidated VIEs

-

367

368

3

374

465

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Dividends paid on common stock

83

76

77

81

82

74

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Dividends paid on common stock

83

76

77

81

82

74

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Dividends paid on preferred stock

13

14

13

16

18

14

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Dividends paid on preferred stock

13

14

13

16

18

14

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Issuance of preferred stock

-

-

-

-

-

-

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Issuance of preferred stock

-

-

-

-

-

-

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Purchase of AB Holding Units to fund long-term incentive compensation plan awards, net

21

7

114

4

14

30

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Purchase of AB Holding Units to fund long-term incentive compensation plan awards, net

21

7

114

4

14

30

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Purchase of treasury shares

366

147

277

676

235

262

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Purchase of treasury shares

366

147

277

676

235

262

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Repurchase of AB Holding units from noncontrolling interest

-

-

-

-

-

-

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Repurchase of AB Holding units from noncontrolling interest

-

-

-

-

-

-

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Purchases (redemptions) of noncontrolling interests of consolidated company-sponsored investment funds

44

-79

-67

26

-81

-92

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Purchases (redemptions) of noncontrolling interests of consolidated company-sponsored investment funds

44

-79

-67

26

-81

-92

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Distribution to noncontrolling interest of consolidated subsidiaries

86

99

87

77

99

130

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Distribution to noncontrolling interest of consolidated subsidiaries

86

99

87

77

99

130

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Change in securities lending

-98

-110

332

-27

-42

9

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Change in securities lending

-98

-110

332

-27

-42

9

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Increase (decrease) in securities sold under agreement to repurchase

-

-

-

-

-

-

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Increase (decrease) in securities sold under agreement to repurchase

-

-

-

-

-

-

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Repayments of long-term debt

-

-

-

-

-

-

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Repayments of long-term debt

-

-

-

-

-

-

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Capital contribution from parent company

-

-

-

-

-

-

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Capital contribution from parent company

-

-

-

-

-

-

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Increase (decrease) in loans from affiliates

-

-

-

-

-

-

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Increase (decrease) in loans from affiliates

-

-

-

-

-

-

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Other, net

64

-29

37

-15

-23

6

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Other, net

64

-29

37

-15

-23

6

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Net cash provided by (used in) financing activities

8,797

-96

1,494

3,052

8,942

2,228

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Net cash provided by (used in) financing activities

8,797

-96

1,494

3,052

8,942

2,228

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Effect of exchange rate changes on cash and cash equivalents

1

-6

1

-6

28

13

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Effect of exchange rate changes on cash and cash equivalents

1

-6

1

-6

28

13

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Change in cash and cash equivalents

7,279

-2,558

-1,142

-1,353

6,793

1,200

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Change in cash and cash equivalents

7,279

-2,558

-1,142

-1,353

6,793

1,200

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Change in cash of businesses held-for-sale

-

-

-

-

-

-

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Change in cash of businesses held-for-sale

-

-

-

-

-

-

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Non-cash transactions from investing and financing activities:
Right-of-use assets obtained in exchange for lease obligations

17

7

-

-

9

15

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Right-of-use assets obtained in exchange for lease obligations

17

7

-

-

9

15

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Right-of-use assets obtained in exchange for lease obligations

-

-

-

-

-

-

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Right-of-use assets obtained in exchange for lease obligations

-

-

-

-

-

-

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Transfer of assets to reinsurer

-

-

-

-

-

-

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Transfer of assets to reinsurer

-

-

-

-

-

-

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Capital contribution from parent company

-

-

-

-

-

-

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Capital contribution from parent company

-

-

-

-

-

-

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

(Settlement) issuance of long-term debt

-

-

-

-

-

-

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

(Settlement) issuance of long-term debt

-

-

-

-

-

-

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Contribution of 0.5% minority interest in AXA Financial

-

-

-

-

-

-

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Contribution of 0.5% minority interest in AXA Financial

-

-

-

-

-

-

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Repayment of loans from affiliates

-

-

-

-

-

-

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

Repayment of loans from affiliates

-

-

-

-

-

-

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx

xxxxx