Equitable Holdings Earnings Call Transcripts
Fiscal Year 2026
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Q1 2026 saw 25% EPS growth, strong organic momentum, and improved mortality, with AUM up 9% year-over-year. The pending Corebridge merger is expected to deliver $500M+ in synergies, 10%+ EPS accretion by 2028, and robust capital returns, while share buybacks remain a priority.
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A transformational all-stock merger will create a diversified financial leader with $1.5 trillion in assets, targeting $500 million in annual expense synergies and double-digit EPS accretion by 2028. The combined company leverages complementary strengths, robust distribution, and enhanced asset management capabilities, with integration and regulatory approvals expected by end of 2026.
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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Q3 2025 saw strong organic growth, record AUM of $1.1T, and adjusted EPS up 2% year-over-year. Capital was redeployed from a major reinsurance transaction to drive shareholder value, with significant investments in Wealth Management and private markets. Confidence remains high 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 transaction will free over $2 billion in capital, enabling redeployment into higher-growth, higher-return businesses and increasing ownership in AB. The move reduces earnings volatility, is accretive to EPS and cash flow per share, and accelerates progress toward 2027 financial targets.
Fiscal Year 2024
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Full-year non-GAAP operating earnings rose 29% year-over-year, with assets under management exceeding $1 trillion and strong cash generation supporting robust capital returns. Segment growth was led by retirement and wealth management, while disciplined expense management and capital initiatives, including a new Bermuda subsidiary, position the company to meet 2027 targets.
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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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Financial targets for cash generation, payout ratio, and EPS growth are on track, with strong RILA and traditional VA sales driven by demographics and product innovation. Partnerships in group retirement and private markets are expanding, while expense and capital management initiatives support long-term growth.
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Second quarter results featured strong organic growth in retirement, asset management, and Wealth Management, with Non-GAAP EPS up 20% year-over-year and assets under management rising 11%. Cash generation and capital ratios remain robust, supporting continued shareholder returns and growth targets through 2027.
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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.