Equitable Holdings Earnings Call Transcripts
Fiscal Year 2026
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A transformational all-stock merger will create a diversified financial leader with $1.5 trillion in assets, targeting over $500 million in annual synergies and double-digit EPS accretion by 2028. The combined company will leverage complementary strengths, robust distribution, and strategic partnerships to drive growth and shareholder value.
Fiscal Year 2025
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Full-year operating earnings rose 1% to $5.64 per share, with record AUM of $1.1 trillion and $1.8 billion returned to shareholders. 2026 guidance calls for accelerating EPS growth, $1.8 billion in cash generation, and continued strong momentum in retirement and wealth management.
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Solid Q3 results with record AUM of $1.1T, 2% adjusted EPS growth, and strong Wealth Management inflows. Capital was redeployed from the RGA reinsurance deal to drive growth and shareholder returns, with confidence in achieving 2027 targets.
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Progress continues toward 2027 financial targets, with strong cash flow and wealth business growth, strategic capital deployment, and product innovation in retirement and annuities. Segment reporting will be simplified, and AllianceBernstein’s private markets business is expanding rapidly.
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Strong organic growth and strategic capital redeployment drove record AUM and improved financial flexibility, despite Q2 earnings pressure from elevated mortality claims. EPS growth is expected to accelerate in H2 2025, supported by reduced volatility and share repurchases.
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A multi-year growth strategy is driving increased cash flows, higher payout ratios, and EPS growth, with a significant shift toward asset and wealth management. Strategic capital redeployment, private credit expansion, and new 401(k) opportunities position the business for durable, long-term growth.
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Q1 operating earnings declined year-over-year due to elevated mortality claims, but strong net inflows and growth in retirement, Wealth Management, and AB offset some headwinds. The upcoming life reinsurance transaction will free over $2 billion in capital, supporting further buybacks and financial flexibility.
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A major reinsurance deal will free over $2 billion in capital, enabling a $1.8 billion AB Holdings tender and $500 million in share repurchases. The shift accelerates growth in asset and wealth management, reduces earnings volatility, and is expected to be accretive to EPS and cash flow per share.
Fiscal Year 2024
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Strong 2024 results featured 20% adjusted EPS growth, record AUM above $1 trillion, and robust net inflows across retirement, wealth, and asset management. 2025 guidance targets continued double-digit EPS growth, higher cash generation, and disciplined capital returns.
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Strong organic growth drove assets under management above $1 trillion, with non-GAAP EPS up 22% year-over-year and robust net inflows across all segments. Capital return remained strong, and the outlook for cash generation and margins is positive, despite rising competition in the retirement market.
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Strong progress on five-year financial targets, with robust growth in RILA and traditional VA sales, flat spread outlook, and expanding partnerships in group retirement. AllianceBernstein's private markets and margin initiatives are on track, while expense and capital efficiency remain key priorities.
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Second quarter results showed strong organic growth in retirement, asset management, and Wealth Management, with Non-GAAP EPS up 20% year-over-year and robust cash generation. The company remains on track to meet ambitious 2027 targets, supported by capital flexibility and favorable market trends.
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Management reaffirmed progress toward 2027 financial targets, with strong cash flow growth, robust asset and wealth contributions, and a leading position in the RILA market. Private markets and in-plan guarantees are key growth drivers, while capital management remains disciplined.