Form 497VPU Variable Account AA

Yes. If you surrender your contract, apply your cash value to a non-life contingent annuity payment option, or withdraw money from the contract within 6 years following your last contribution, you will be assessed a withdrawal charge of up to 5% of account value withdrawn or contributions withdrawn. For example, if you make a withdrawal in the first year, you could pay a withdrawal charge of up to $5,000 on a $100,000 investment. This loss will be greater if there is a negative interim value adjustment, taxes, or tax penalties.

There is a Segment Interim Value adjustment for amounts removed from a Segment of the SIO before Segment maturity and because the end-of-term downside protection provided by a Segment Buffer does not apply to the Segment Interim Value, it is theoretically possible that you could lose up to 100% of your investment and previously credited interest in certain extreme scenarios. For example, if you allocate $100,000 to a Segment with a 3-year Segment Duration and later withdraw the entire amount before the 3 years have elapsed, you could lose up to $100,000 of your investment. This loss may be greater if you also have to pay a withdrawal charge, taxes and tax penalties. We use the Segment Interim Values for your Segments of the SIO if you have an Interim Value Transaction.

For additional information about the charges for surrenders and early withdrawals see “Withdrawal charge” in “Charges under the contracts” under “Charges, expenses, and adjustments” in the prospectus.

Yes. In addition to withdrawal charges and interim value adjustments, you may also be charged for other transactions including loans and special requests such as wire transfers, express mail, duplicate contracts, preparing checks, or third-party transfers or exchanges.

For additional information about transaction charges see “Charges that the Company deducts” in “Charges, expenses, and adjustments” in the prospectus.

Yes. The contract provides for different ongoing fees and expenses. The table below describes the fees and expenses that you may pay each year depending on the investment options and optional benefits you choose. Please refer to your contract specifications page of your certificate for information about the specific fees you will pay each year if you have elected the PIB. There is an implicit ongoing fee associated with Segments because the amount you can earn on a Segment is limited by the Segment’s Performance Cap Rate. The Performance Cap Rate may cause your returns under the Segment to be lower than the Index’s returns. In return for accepting this limit on Index gains, you receive some protection from Index losses through the Segment Buffer. The implicit ongoing fee from the Performance Cap Rate is not reflected in the tables below.

Optional benefits available for an additional charge (for a single optional benefit, if elected)⁽³⁾

1.00%

1.00%

(1)  Expressed as an annual percent of daily net assets in the variable investment options.

(2)  Expressed as an annual percentage of daily net assets in the Portfolio. This range is for the year ended December 31, 2025, and could change from year to year.

(3)  Expressed as an annual percentage of the Personal Income Benefit account value. The Personal Income Benefit is no longer available for contracts issued after November 10, 2023.

Because your contract is customizable, the choices you make affect how much you will pay. To help you understand the cost of owning your contract, the following table shows the lowest and highest cost you could pay each year, based on current charges. This estimate assumes that you do not take withdrawals from the contract, which could add withdrawal charges and interim value adjustments that substantially increase costs.

Lowest Annual Cost

$1,610

Highest Annual Cost

$3,808

Assumes:

Assumes:

Yes. The contract is subject to the risk of loss. You could lose some or all of your account value, depending on the investment options you choose.

The return on the Segments of the SIO may be negative and there is a risk of substantial loss of your principal and previously credited interest due to negative index performance because you agree to absorb all losses to the extent they exceed the Segment Buffer. You could lose as much as 80% (for Segments with a -20% Segment Buffer) to 90% (for Segments with a -10% Segment Buffer) of your principal and previously credited interest due to negative index performance at Segment maturity, depending on the Segment Buffer applicable to the Segment in which you invest. We may change the Indices and/or Segment Options in the future but we will always offer a Segment Option with a Segment Buffer that protects the first 10% of loss. In the future, we may offer other Segment Options that do not provide any downside protection which would mean there is a risk of loss of the entire amount invested.

For additional information about the risk of loss see “Principal risks of investing in the contract” in the prospectus.

No. The contract is not a short-term investment and is not appropriate for an investor who needs ready access to cash because the contract is designed to provide for the accumulation of retirement savings and income on a long-term basis. As such, you should not use the contract as a short-term investment or savings vehicle. A withdrawal charge may apply in certain circumstances and any withdrawals may also be subject to federal and state income taxes and tax penalties. Withdrawals from a Segment of the SIO prior to maturity may result in an interim value adjustment. Withdrawals from a Segment of the SIO prior to maturity may result in an interim value adjustment. Amounts removed from a Segment prior to the Segment Maturity Date will not receive Index interest, and may result in a negative Segment Interim Value adjustment which could reduce the Segment Investment by significantly more than the amount withdrawn. Contract value in a Segment will be reallocated at Segment Maturity according to your instructions. If you have not provided us with maturity instructions, the Segment Maturity Value will be transferred to the Segment Holding Account. Your Segment Maturity Value would then be transferred from that Segment Holding Account into the next Segment on the Segment Start Date. If the next Segment to be created would not meet the Segment Maturity Date Requirement or the Segment Type has been terminated, we will instead transfer your Segment Maturity Value to the EQ/Money Market variable investment option. Alternatively, if you designate a Performance Cap Threshold that is not met on the next Segment Start Date or if the Segment Type has been suspended, your Segment Maturity Value will remain in the Segment Holding Account. If you are impacted by these delays, you may transfer your Segment Maturity Value out of the Segment Holding Account into any other investment options available under your EQUI-VEST^® contract at any time before the next month’s Segment Start Date.

For additional information about the investment profile of the contract see “Fee table” in the prospectus.

An investment in the contract is subject to the risk of poor investment performance and can vary depending on the performance of the investment options available under the contract, (e.g., the Portfolios) or Segment of the SIO. Each investment option, including the guaranteed interest option and Segments of the SIO, has its own unique risks. You should review the investment options before making an investment decision.

For investments in a Segment of the SIO, the Performance Cap Rate will limit positive Index performance (e.g., limited upside). For example, if the Index Performance Rate is 10% and the Performance Cap Rate is 7%, we will credit 7% on the Segment Maturity Date assuming there are no fees or charges assessed. The Performance Cap Rate may cause your returns under the Segment to be lower than the Index’s returns.

The Segment Buffer will limit negative returns (e.g., limited protection in the case of market decline). The Segment Buffer is the maximum amount of negative interest we will assume and we will credit any negative interest in excess of the Segment Buffer which means you bear all loss that exceeds the Segment Buffer. For example, if the Index Performance Rate is -25% and the Segment Buffer is -10%, we will credit -15% on the Segment Maturity Date assuming there are no fees or charges assessed.

Each Index is a “price return index,” not a “total return index,” and therefore does not reflect dividends paid on the securities composing the Index. This will reduce the Index return and will cause the Index to underperform a direct investment in the securities composing the Index.

For additional information about the risks associated with investment options see “Risks associated with the variable investment options” and “Risks associated with the Structured Investment Option” in “Principal Risks of investing in the contract.” See also Appendix: “Investment options available under the contract” in the prospectus.

An investment in the contract is subject to the risks related to the Company. The Company is solely responsible to the contract owner for the contract’s account value and the Guaranteed benefits. The general obligations including the guaranteed interest option, SIO and any Guaranteed benefits under the contract are supported by our general account and are subject to our claims paying ability. An owner should look solely to our financial strength for our claims-paying ability. More information about the Company, including our financial strength ratings, may be obtained at www.equitable.com/about-us/financial-strength-ratings.

For additional information about insurance company risks see “About the general account” in “More information” in the prospectus.

Yes. We may, at any time, exercise our rights to limit or terminate your contributions, allocations and transfers to any of the variable investment options (including the Personal Income Benefit variable investment options) and to limit the number of variable investment options which you may select. Such rights include, among others, removing or substituting the Portfolios, combining any two or more variable investment options and transferring the account value from any variable investment option to another variable investment option.

There are restrictions regarding investment options if Guaranteed benefits are elected, limits on contributions and transfers into and out of the guaranteed interest option, and restrictions or limitations with Special DCA programs. See “Allocating your contributions” in “Purchasing the Contract” and “Transferring your account value” in “Transferring your money among investment options” in the prospectus for more information.

For more information see “About the Separate Account” in “More information” in the prospectus.

You must choose one of the two investment methods: 1) Maximum investment option choice, or 2) Maximum transfer flexibility. For more information please see “Selecting your investment method” in the prospectus.

We determine the Performance Cap Rate for each SIO Segment on the Segment Start Date. You will not know the rate in advance. Prior to the Segment Start Date, you may elect a Performance Cap Threshold. The threshold represents the minimum Performance Cap Rate you find acceptable for a particular Segment. If we declare a cap that is lower than the threshold you specify, you will not be invested in that Segment and your account value will remain in that Segment Holding Account until the next available Segment for which your threshold is met or you provide us with alternative instructions.

You cannot transfer out of an SIO Segment prior to its maturity to another investment option. You can only make withdrawals out of a Segment or surrender your EQUI-VEST^® contract. The amount you would receive would be calculated using the formula for the Segment Interim Value.

We may not offer new SIO Segments. Therefore, a Segment may not be available for you to transfer your Segment Maturity Value into after the Segment Maturity Date. We have the right to substitute an alternative index prior to Segment Maturity if the publication of the Index is discontinued or at our sole discretion we determine that our use of the Index should be discontinued or if the calculation of the Index is substantially changed. If we substitute an index for an existing Segment, we would not change the Segment Buffer or Performance Cap Rate. We would attempt to choose a substitute index that has a similar investment objective and risk profile to the replaced index.

Contributions and transfers into and out of the guaranteed interest option are limited.

For additional information about restrictions on the investment options, including information regarding volatility management strategies and techniques, see “Portfolios of the Trusts”, “Guaranteed interest option” and “Structured Investment Options” in “Purchasing the Contract” and “Transferring your money among investment options” in the prospectus.

Yes. At any time, we have the right to limit or terminate your contributions, allocations and transfers to any of the variable investment options. If you have funded the Personal Income Benefit (which is also known as the optional benefit) and we exercise our right to discontinue the acceptance of, and/or place additional limitations on, contributions to the contract and/or contributions and/or transfers into the Personal Income Benefit variable investment options, you may no longer be able to fund your Personal Income Benefit. Not all employer plans will offer loans. Loans are subject to restrictions under federal tax rules and ERISA. Automated transfer programs, including dollar cost averaging and asset rebalancing, are not available if you elect Semester Strategies.

Investment options are limited if Guaranteed benefits are elected. Withdrawals that exceed limits specified by the terms of an optional benefit may affect the availability of the benefit by reducing the optional benefit by an amount greater than the value withdrawn, and could terminate the optional benefit.

This contract includes a standard death benefit. Withdrawals could significantly reduce or terminate the death benefit.

For additional information about the optional benefits see “How you can purchase and contribute to your contract” in “Purchasing the Contract” in the prospectus. See also “Personal Income Benefit”, “Death benefits”, and “Optional Semester Strategies program” in “Benefits available under the contract” in the prospectus.

You should consult with a tax professional to determine the tax implications of an investment in, and payments received under, the contract. There is no additional tax benefit to you if the contract is purchased through a funding vehicle for employers’ Internal Revenue Code 403(b) plans and Internal Revenue Code Section 457(b) employee deferred compensation (“EDC”) plans or individual retirement account (IRA). Withdrawals will be subject to ordinary income tax and may be subject to tax penalties. Generally, you are not taxed until you make a withdrawal from the contract.

For additional information about tax implications see “Tax information” in the prospectus.

Some financial professionals may receive compensation for selling the contract to you, both in the form of commissions or in the form of contribution-based compensation. Financial professionals may also receive additional compensation for enhanced marketing opportunities and other services (commonly referred to as “marketing allowances”). This conflict of interest may influence the financial professional to recommend this contract over another investment.

For additional information about compensation to financial professionals see “Distribution of the contracts” in “More information” in the prospectus.

Some financial professionals may have a financial incentive to offer a new contract in place of the one you already own. You should only exchange your contract if you determine, after comparing the features, fees, and risks of both contracts, as well as any fees or penalties to terminate your existing contract, that it is preferable to purchase the new contract rather than continue to own your existing contract.

For additional information about exchanges see “Charge for third-party transfer or exchange” in “Charges, expenses, and adjustments” in the prospectus.

1290 VT Convertible Securities — Equitable Investment Management Group, LLC (“EIMG”); SSGA Funds Management, Inc.

1290 VT DoubleLine Opportunistic Bond — EIMG; DoubleLine Capital LP

1290 VT Equity Income — EIMG; Barrow, Hanley, Mewhinney & Strauss, LLC d/b/a Barrow Hanley Global Investors

1290 VT GAMCO Small Company Value — EIMG; GAMCO Asset Management, Inc.

1290 VT High Yield Bond — EIMG; AXA Investment Managers US Inc., Post Advisory Group, LLC

1290 VT Small Cap Value — EIMG; BlackRock Investment Management, LLC, Horizon Kinetics Asset Management LLC

1290 VT SmartBeta Equity ESG — EIMG; AXA Investment Managers US Inc.

1290 VT Socially Responsible — EIMG; BlackRock Investment Management, LLC

EQ/2000 Managed Volatility† — EIMG; AllianceBernstein L.P., BlackRock Investment Management, LLC

EQ/400 Managed Volatility† — EIMG; AllianceBernstein L.P., BlackRock Investment Management, LLC

EQ/500 Managed Volatility† — EIMG; AllianceBernstein L.P., BlackRock Investment Management, LLC

EQ/AB Dynamic Moderate Growth^Δ — EIMG; AllianceBernstein L.P.

EQ/AB Small Cap Growth — EIMG; AllianceBernstein L.P.

EQ/Aggressive Allocation† — EIMG

EQ/Aggressive Growth Strategy† — EIMG

EQ/All Asset Growth Allocation — EIMG

EQ/American Century Mid Cap Value — EIMG; American Century Investment Management, Inc.

EQ/Balanced Strategy† — EIMG

EQ/ClearBridge Large Cap Growth ESG — EIMG; ClearBridge Investments, LLC

EQ/ClearBridge Select Equity Managed Volatility† — EIMG; BlackRock Investment Management, LLC, ClearBridge Investments, LLC

EQ/Common Stock Index — EIMG; AllianceBernstein L.P.

EQ/Conservative Allocation† — EIMG

EQ/Conservative Growth Strategy† — EIMG

EQ/Conservative Strategy† — EIMG

EQ/Conservative-Plus Allocation† — EIMG

EQ/Core Bond Index⁽¹⁾ — EIMG; SSGA Funds Management, Inc.

EQ/Core Plus Bond — EIMG; Brandywine Global Investment Management, LLC, Loomis, Sayles & Company, L.P.

EQ/Emerging Markets Equity PLUS — EIMG; AllianceBernstein L.P., EARNEST Partners, LLC

EQ/Equity 500 Index — EIMG; AllianceBernstein L.P.

EQ/Fidelity Institutional AM^® Large Cap — EIMG; FIAM LLC

EQ/Franklin Small Cap Value Managed Volatility† — EIMG; BlackRock Investment Management, LLC, Franklin Mutual Advisers, LLC

EQ/Global Equity Managed Volatility† — EIMG; BlackRock Investment Management, LLC

EQ/Goldman Sachs Mid Cap Value — EIMG; Goldman Sachs Asset Management L.P.

EQ/International Core Managed Volatility† — EIMG; BlackRock Investment Management, LLC

EQ/International Equity Index — EIMG; AllianceBernstein L.P.

EQ/International Managed Volatility† — EIMG; AllianceBernstein L.P., BlackRock Investment Management, LLC

EQ/International Value Managed Volatility† — EIMG; BlackRock Investment Management, LLC, Harris Associates LP

EQ/Invesco Comstock — EIMG; Invesco Advisers, Inc.

EQ/Invesco Global — EIMG; Invesco Advisers, Inc.

EQ/Invesco Global Real Assets — EIMG; Invesco Advisers, Inc.

EQ/Janus Enterprise — EIMG; Janus Henderson Investors US LLC

EQ/JPMorgan Growth Stock — EIMG; J.P. Morgan Investment Management Inc.

EQ/JPMorgan Value Opportunities — EIMG; J.P. Morgan Investment Management Inc.

EQ/Large Cap Core Managed Volatility† — EIMG; BlackRock Investment Management, LLC

EQ/Large Cap Growth Index — EIMG; AllianceBernstein L.P.

EQ/Large Cap Growth Managed Volatility† — EIMG; BlackRock Investment Management, LLC

EQ/Large Cap Value Index — EIMG; AllianceBernstein L.P.

EQ/Large Cap Value Managed Volatility† — EIMG; AllianceBernstein L.P.

EQ/Lazard Emerging Markets Equity — EIMG; Lazard Asset Management LLC

EQ/MFS International Growth — EIMG; Massachusetts Financial Services Company d/b/a MFS Investment Management

EQ/MFS International Intrinsic Value — EIMG; Massachusetts Financial Services Company d/b/a MFS Investment Management

EQ/MFS Mid Cap Focused Growth — EIMG; Massachusetts Financial Services Company d/b/a MFS Investment Management

EQ/MFS Technology — EIMG; Massachusetts Financial Services Company d/b/a MFS Investment Management

EQ/MFS Utilities Series — EIMG; Massachusetts Financial Services Company d/b/a MFS Investment Management

EQ/Mid Cap Index — EIMG; AllianceBernstein L.P.

EQ/Mid Cap Value Managed Volatility† — EIMG; BlackRock Investment Management, LLC

EQ/Moderate Allocation† — EIMG

EQ/Moderate Growth Strategy† — EIMG

EQ/Moderate-Plus Allocation† — EIMG

Cash/Cash Equivalent

EQ/Money Market* — EIMG; Dreyfus, a division of Mellon Investments Corporation

EQ/PIMCO Global Real Return — EIMG; Pacific Investment Management Company LLC

EQ/PIMCO Ultra Short Bond — EIMG; Pacific Investment Management Company LLC

EQ/Quality Bond PLUS — EIMG; AllianceBernstein L.P., Pacific Investment Management Company LLC

EQ/Small Company Index — EIMG; AllianceBernstein L.P.

EQ/Value Equity — EIMG; Aristotle Capital Management, LLC

EQ/Wellington Energy — EIMG; Wellington Management Company LLP

Equitable Conservative Growth MF/ETF Portfolio — EIMG

Equitable Growth MF/ETF — EIMG

Equitable Moderate Growth MF/ETF — EIMG

Multimanager Aggressive Equity — EIMG; AllianceBernstein L.P.

Multimanager Core Bond⁽¹⁾ — EIMG; BlackRock Financial Management, Inc., DoubleLine Capital LP, Pacific Investment Management Company LLC, SSGA Funds Management, Inc.

Multimanager Technology — EIMG; AllianceBernstein L.P., FIAM LLC, Wellington Management Company LLP

Target 2015 Allocation — EIMG

Target 2025 Allocation — EIMG

Target 2035 Allocation — EIMG

Target 2045 Allocation — EIMG

Target 2055 Allocation — EIMG

This Portfolio’s annual expenses reflect temporary fee reductions.

Certain other affiliated Portfolios, as well as unaffiliated Portfolios, may utilize volatility management techniques (including Fund of Fund Portfolios that invest in other Portfolios that utilize volatility management techniques) that differ from the EQ volatility management strategy. Affiliated Portfolios that utilize these volatility management techniques are identified in the chart by a “Δ”. Any such unaffiliated Portfolio is not identified in the chart. See “Portfolios of the Trusts” for more information regarding volatility management.

EQ Managed Volatility Portfolios that include the EQ volatility management strategy as part of their investment objective and/or principal investment strategy, and the EQ/affiliated Fund of Fund Portfolios that invest in Portfolios that use the EQ volatility management strategy, are identified in the chart by a “†“. See “Portfolios of the Trusts” for more information regarding volatility management.

The Portfolio operates as a “government money market fund.” The Portfolio will invest at least 99.5% of its total assets in U.S. government securities, cash, and/or repurchase agreements that are fully collateralized by U.S. government securities or cash.

Effective on or about June 29, 2026, and subject to shareholder approval, SSGA Funds Management, Inc. will be replaced as a sub-adviser to the Portfolio (or an allocated portion thereof) with AllianceBernstein L.P.

Current

Expenses

American Funds Insurance Series^® The Bond Fund of America^® — Capital Research and Management Company

Fidelity^® VIP Equity-Income Portfolio^SM — Fidelity Management and Research Company (FMR)

Fidelity^® VIP Investment Grade Bond Portfolio — Fidelity Management and Research Company (FMR)

Fidelity^® VIP Mid Cap Portfolio — Fidelity Management and Research Company (FMR)

Invesco V.I. Diversified Dividend Fund — Invesco Advisers, Inc.

MFS^®Massachusetts Investors Growth Stock Portfolio — Massachusetts Financial Services Company

Nomura VIP High Income Series — Delaware Management Company; Nomura Corporate Research and Asset Management Inc.

PIMCO CommodityRealReturn^® Strategy Portfolio — Pacific Investment Management Company LLC

Templeton Global Bond VIP Fund — Franklin Advisers, Inc.

VanEck VIP Global Resources Fund — Van Eck Associates Corporation

This Portfolio’s annual expenses reflect temporary fee reductions.

Segment Rate of

Return Calculation
Method

Each reference Index is a “price return index,” not a “total return index,” and therefore does not reflect dividends paid on the securities composing the Index. This will reduce the Index return and cause the Index to underperform a direct investment in the securities composing the Index.

5% in the State of New York.