安盛公平控股 2025年季度报告

FORM10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period endedSeptember30, 2025 or TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 (Exact name of registrant as specified in its charter) 90-0226248 (I.R.S. Employer Identification No.) 10105 (212)554-1234(Registrant’s telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: Securities registered pursuant to Section12(g) of the Act: None Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or 15(d) of the Securities Exchange Act of 1934 during thepreceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)has been subject to such filing requirements for the past 90days.Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T(§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an “emerginggrowth company”. See definition of “accelerated filer,” “large accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of theExchange Act. Large accelerated filer☒Acceleratedfiler☐Non-accelerated filer☐Smallerreportingcompany☐Emerging growth company☐If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).Yes☐No☒ As of November5, 2025,286,532,039shares of the registrant’s Common Stock, $0.01 par value, were outstanding. TABLE OF CONTENTS PART I - FINANCIAL INFORMATIONItem 1.Consolidated Financial Statements Consolidated Balance Sheets, September 30, 2025 (Unaudited) and December 31, 20244Consolidated Statements of Income (Loss), Three and Nine Months Ended September 30, 2025 and 2024 (Unaudited)5Consolidated Statements of Comprehensive Income (Loss), Three and Nine Months Ended September 30, 2025 and 2024(Unaudited)6Consolidated Statements of Equity, Three andNineMonths EndedSeptember30, 2025 and 2024 (Unaudited)7Consolidated Statements of Cash Flows, Nine Months Ended September 30, 2025 and 2024 (Unaudited)9Notes to Consolidated Financial Statements:Note 1 - Organization11Note 2 - Significant Accounting Policies12Note 3 - Investments16Note 4 - Derivatives30Note 5 - Closed Block37Note 6 - DAC and Other Deferred Assets/Liabilities38Note 7 - Fair Value Disclosures40Note 8 - Liabilities for Future Policyholder Benefits58Note 9 - Market Risk Benefits62Note 10 - Policyholder Account Balances65Note 11 - Employee Benefit Plans70Note 12 - Income Taxes71Note 13 - Equity72Note 14 - Short-term and Long-term Debt74Note 15 - Redeemable Noncontrolling Interest75Note 16 - Commitments and Contingent Liabilities76Note 17 - Business Segment Information79Note 18 - Insurance Group Statutory Financial Information84Note 19 - Earnings per Common Share86Note 20 - Reinsurance87Note 21 - Revision of Prior Period Financial Statements88Note 22 - Subsequent Events93Item2.Management’s Discussion and Analysis of Financial Condition and Results of Operations94Item3.Quantitative and Qualitative Disclosures About Market Risk135Item4.Controls and Procedures135 PART II - OTHER INFORMATIONItem1.Legal Proceedings Item1A.Risk FactorsItem2.Unregistered Sales of Equity Securities and Use of ProceedsItem3.Defaults Upon Senior SecuritiesItem4.Mine Safety DisclosuresItem5.Other InformationItem6.Exhibits Signatures145 NOTE REGARDING FORWARD-LOOKING STATEMENTS AND INFORMATION Certain of the statements included or incorporated by reference in this Quarterly Report on Form 10-Q constitute forward-lookingstatements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “expects,” “believes,”“anticipates,” “forecasts,” “intends,” “seeks,” “aims,” “plans,” “assumes,” “estimates,” “projects,” “should,” “would,” “could,” “may,”“will,” “shall” or variations of such words are generally part of forward-looking statements. Forward-looking statements are madebased on management’s current expectations and beliefs concerning future developments and their potential effects upon EquitableHoldings, Inc. (“Holdings”) and its consolidated subsidiaries. These forward-looking statements include, but are not limited to,statements regarding projections, estimates, forecasts and other financial and performance metrics and projections of marketexpectations. “We,” “us” and “our” refer to Holdings and its consolidated subsidiaries,