Group 1 - The focus is on income investing through common shares, preferred shares, or bonds, with occasional insights on the broader economy or specific company situations [1] - The author has a background in history/political science and an MBA with a specialization in Finance and Economics, indicating a strong analytical foundation [1] - The author has been investing since 2000 and currently serves as the CEO of an independent living retirement community in Illinois, suggesting practical experience in both investment and management [1] Group 2 - There are no disclosed stock, option, or derivative positions in any mentioned companies, indicating an unbiased perspective in the analysis [2] - The article expresses personal opinions and is not influenced by compensation from companies mentioned, ensuring independence in the analysis [2] - Seeking Alpha clarifies that past performance does not guarantee future results, emphasizing the importance of independent research for investors [3]

Equitable (EQH) 2025 Conference Summary Company Overview - **Company**: Equitable (EQH) - **Date of Conference**: June 11, 2025 - **Key Speaker**: Robin Roger, CFO of Equitable Key Points and Arguments Strategic Goals and Financial Metrics - Equitable outlined a growth strategy during the Investor Day in May 2023, focusing on: - Defending and growing core businesses in retirement and asset management - Seeding future businesses in plan guarantees and emerging markets - Scaling wealth management and private credit capabilities [4][5] - Financial targets include: - Growing cash flows from $1.3 billion to $2 billion by 2027 - Increasing payout ratio to 60%-70% from 40%-60% - Achieving earnings per share (EPS) growth of 12%-15% [6][7] Progress on Financial Metrics - Cash flow projections for 2025 are between $1.6 billion and $1.7 billion, with confidence in reaching $2 billion by 2027 [6][68] - Achieved a payout ratio of 68% over nine quarters and 12% EPS growth over two years, despite some adverse mortality impacts [7][8] RGA Transaction and Capital Allocation - The RGA transaction is expected to free up $2 billion in capital, allowing for strategic investments and enhancing growth in asset and wealth management [9][10] - Increased ownership stake in AllianceBernstein from 62% to 69%, using $800 million of the proceeds [11] Business Mix and Growth Opportunities - By 2027, approximately 50%-60% of cash flow is expected to come from asset and wealth management, up from 17% at IPO [12][49] - The integrated business model allows for leveraging strengths in annuities to expand into asset and wealth management [16][25] Retirement Market Insights - The retirement market is significant, with 4 million Americans turning 65 this year and $600 billion in assets moving out of 401(k) plans [18][34] - Buffered annuities are gaining traction, especially during market volatility, with a 40% year-over-year increase in the RILE market [29][30] Future Growth in 401(k) Business - The 401(k) market is valued at $8 trillion, with annuities holding less than 1% market share, presenting a substantial growth opportunity [36][39] - Partnerships with firms like BlackRock and JPMorgan are expected to drive inflows and market penetration [37] Wealth Management Performance - Equitable has seen strong net inflows and adviser productivity, with assets under administration growing from $40 billion at IPO to over $100 billion [45] - Plans to enhance adviser recruitment through experienced hires and potential small acquisitions [46][47] Private Market Strategy - The private markets are expanding, with a focus on private credit and insurance, leveraging sticky liabilities for better returns [56][59] - Equitable maintains a conservative approach, avoiding below-investment-grade assets while focusing on higher-grade private credit [63] Capital Deployment and Share Buybacks - Following the RGA transaction, Equitable plans to deploy $2 billion in capital, including $500 million for share buybacks and debt repayment [76][77] - The company is positioned to be offensive in capital deployment, depending on market conditions [78] Additional Important Insights - The flywheel effect of integrating asset management and retirement businesses is expected to enhance overall returns and growth [17][21] - The company is optimistic about future earnings growth driven by demographic trends and market opportunities in retirement solutions [34][35] This summary encapsulates the key insights and strategic directions discussed during the Equitable conference, highlighting the company's growth ambitions and market positioning.

Company Overview - Equitable Holdings, Inc. (EQH) is headquartered in New York and operates in the Finance sector [3] - The stock has experienced a price change of 11.72% since the beginning of the year [3] Dividend Information - Currently, EQH pays a dividend of $0.24 per share, resulting in a dividend yield of 2.05% [3] - The company's annualized dividend of $1.08 has increased by 14.9% from the previous year [4] - Over the last 5 years, EQH has increased its dividend 5 times year-over-year, averaging an annual increase of 8.95% [4] - The current payout ratio for EQH is 16%, indicating that it paid out 16% of its trailing 12-month EPS as dividends [4] Earnings Growth Expectations - For the fiscal year, EQH anticipates solid earnings growth, with the Zacks Consensus Estimate for 2025 at $6.62 per share, reflecting an expected increase of 11.64% from the previous year [5] Industry Context - The Insurance - Multi line industry's average dividend yield is 1.82%, while the S&P 500's yield is 1.56%, positioning EQH favorably within its sector [3] - Dividends are significant for investors as they enhance stock investing profits, reduce overall portfolio risk, and offer tax advantages [6] - It is noted that larger, established companies are more likely to offer dividends compared to tech start-ups or high-growth businesses [7] Investment Consideration - EQH is considered a compelling investment opportunity due to its strong dividend profile and current Zacks Rank of 3 (Hold) [7]

Core Insights - Albert Anthony is a Croatian-American media personality and analyst for financial platforms, focusing on dividend stocks and general market commentary [1] - He has gained over 1,000 followers since 2023 and has covered more than 200 companies across various sectors [1] - Anthony has a background in the IT sector and has worked with a top 10 financial firm in the US [1] - He plans to launch a new book in 2025 discussing his stock rating methodology [1] Company Overview - Albert Anthony & Co. is a sole proprietorship registered in Austin, Texas, and owns the Albert Anthony brand [1] - The company does not provide personalized financial advice and focuses on general market commentary based on publicly available data [1] - There is no material position held in any stock rated by Anthony at the time of rating unless disclosed [1]

Equitable Holdings, Inc. (EQH) recently announced that its board of directors approved an increase in quarterly dividends, consistent with its previously disclosed plan. The company will now pay out 27 cents per share, marking a 12.5% increase from the previous amount.The new dividend will be paid out on June 9, 2025, to stockholders of record as of June 2. Based on the increased rate, the annual dividend amounts to $1.08 per share. The dividend yield, calculated based on the new payout and the closing pric ...

Group 1 - Equitable Holdings (NYSE: EQH) shares have increased by 33% over the past year, indicating strong performance [1] - The company has taken decisive actions to de-risk its business and reallocate capital into more recurring revenue streams, which is expected to support multiple expansion [1]

Core Viewpoint - Equitable Holdings, Inc. (EQH) experienced a 3.5% increase in share price following the release of its first-quarter 2025 results, despite facing challenges from increased policyholder benefits and changes in market risk benefits [1] Financial Performance - EQH reported adjusted earnings per share (EPS) of $1.35, which was 9.4% below the Zacks Consensus Estimate, and a 5.6% decline year over year [2] - Operating revenues increased by 3.8% year over year to $3.8 billion, but this also fell short of the consensus estimate by 5.1% [2] - Policy charges and fee income grew by 3.5% year over year to $636 million, while premiums improved by 6.7% to $304 million [3] - Net investment income rose by 3.1% year over year to $1.2 billion, but total benefits and other deductions surged by 118.9% to $4.4 billion [3] Segment Performance - Individual Retirement segment revenues increased by 18.7% year over year to $997 million, although it was below the consensus estimate of $1 billion [4] - Group Retirement revenues climbed by 8.6% year over year to $316 million, surpassing the consensus mark of $305.9 million [5] - Asset Management revenues declined by 0.5% year over year to $1.1 billion, missing the consensus estimate of $1.2 billion [5] - Protection Solutions revenues grew slightly to $826 million but were below the consensus estimate of $869.5 million, resulting in a pre-tax loss of $19 million [6] - Wealth Management revenues advanced by 9.4% year over year to $463 million, yet fell short of the consensus mark of $481.4 million [6] - Legacy segment revenues decreased by 7% year over year to $120 million, missing the consensus estimate of $158.4 million [7] Financial Position - As of March 31, 2025, total investments and cash equivalents amounted to $127.1 billion, up from $123.4 billion at the end of 2024 [8] - Total assets decreased to $287.4 billion from $295.7 billion at the end of 2024 [8] - Long-term debt increased by 13% to $4.3 billion, while total equity rose by 22.8% to $4.2 billion [8] Capital Return - EQH returned $335 million to shareholders in the first quarter, consisting of $74 million in cash dividends and $261 million in share repurchases [9] - The company has set a payout ratio target of 60-70% of non-GAAP operating earnings for the period from 2023 to 2027 [9] Future Outlook - The company aims to generate cash in the range of $1.6-$1.7 billion for 2025 and $2 billion annually over the 2023-2027 period [10] - Non-GAAP operating EPS is expected to grow at a compound annual growth rate (CAGR) of 12-15% during the same timeframe [10]

[PART I - FINANCIAL INFORMATION](index=5&type=section&id=PART%20I%20-%20FINANCIAL%20INFORMATION) [Consolidated Financial Statements](index=5&type=section&id=Item%201.%20Consolidated%20Financial%20Statements) Equitable Holdings' unaudited consolidated financial statements show total assets of **$287.4 billion**, net income attributable to Holdings of **$63 million**, and a significant positive swing in net derivative gains Consolidated Balance Sheet Highlights (in millions) | Account | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total Investments | $118,908 | $116,441 | | Total Assets | $287,366 | $295,727 | | Total Liabilities | $282,872 | $292,179 | | Total Equity | $4,205 | $3,423 | Consolidated Income Statement Highlights (in millions) | Account | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | Total Revenues | $4,576 | $2,230 | | Net Derivative Gains (Losses) | $799 | $(1,376) | | Total Benefits and Other Deductions | $4,402 | $2,011 | | Net Income (Loss) Attributable to Holdings | $63 | $92 | | Diluted Earnings Per Share | $0.16 | $0.23 | Consolidated Cash Flow Highlights (in millions) | Cash Flow Activity | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | Net cash provided by (used in) operating activities | $158 | $31 | | Net cash provided by (used in) investing activities | $(1,199) | $(2,682) | | Net cash provided by (used in) financing activities | $2,228 | $4,945 | | Change in cash and cash equivalents | $1,200 | $2,284 | [Note 1 - Organization](index=13&type=section&id=Note%201%20-%20Organization) Equitable Holdings operates through six segments, with a **62%** economic interest in AllianceBernstein, and recently completed a reinsurance transaction and a legacy variable annuity novation resulting in a **$236 million** loss - The company operates through six segments: Individual Retirement, Group Retirement, Asset Management, Protection Solutions, Wealth Management, and Legacy[34](index=34&type=chunk)[39](index=39&type=chunk) - On February 23, 2025, the company entered into a master transaction agreement with Reinsurance Group of America (RGA) to reinsure a block of business, with the deal expected to close in mid-2025[37](index=37&type=chunk) - Effective January 17, 2025, the company novated certain legacy variable annuity policies to Venerable, resulting in a pre-tax net income loss of **$499 million** and a total impact loss of **$236 million**[38](index=38&type=chunk)[40](index=40&type=chunk) [Note 2 - Significant Accounting Policies](index=14&type=section&id=Note%202%20-%20Significant%20Accounting%20Policies) The company's U.S. GAAP financial statements consolidate VIEs, including **$2.1 billion** in CLOs, and were voluntarily revised to correct immaterial errors primarily related to reinsurance deposit accounting - The company consolidates various Variable Interest Entities (VIEs), including Collateralized Loan Obligations (CLOs), limited partnerships, and AB-sponsored investment funds[48](index=48&type=chunk)[51](index=51&type=chunk)[55](index=55&type=chunk) - As of March 31, 2025, consolidated CLOs had total assets and liabilities of **$2.1 billion**[53](index=53&type=chunk) - The company voluntarily revised prior period financial statements to correct immaterial errors related to reinsurance deposit accounting and other items to improve consistency and comparability[59](index=59&type=chunk)[60](index=60&type=chunk) [Note 3 - Investments](index=17&type=section&id=Note%203%20-%20Investments) The company's **$118.9 billion** investment portfolio includes **$78.0 billion** in AFS fixed maturities with **$7.7 billion** in unrealized losses, and saw net investment income rise to **$1.25 billion** in Q1 2025 Fixed Maturities AFS by Classification (in millions) | Type | Fair Value (Mar 31, 2025) | Fair Value (Dec 31, 2024) | | :--- | :--- | :--- | | Corporate | $48,937 | $49,351 | | U.S. Treasury, govt & agency | $4,754 | $4,288 | | Asset-backed | $13,885 | $13,699 | | Commercial mortgage-backed | $4,156 | $3,921 | | **Total** | **$77,997** | **$76,641** | - As of March 31, 2025, AFS fixed maturities had gross unrealized losses of **$7.7 billion**, of which **$7.6 billion** were in a loss position for twelve months or longer, primarily due to increases in interest rates and credit spreads[79](index=79&type=chunk)[80](index=80&type=chunk)[82](index=82&type=chunk) Mortgage Loans on Real Estate (Net of Allowance) (in millions) | Date | Amount | | :--- | :--- | | March 31, 2025 | $20,566 | | December 31, 2024 | $20,072 | Net Investment Income (in millions) | Period | Amount | | :--- | :--- | | Q1 2025 | $1,248 | | Q1 2024 | $1,210 | [Note 4 - Derivatives](index=31&type=section&id=Note%204%20-%20Derivatives) The company uses derivatives to hedge GMxB risks, with a total notional amount of **$118.0 billion** and net derivative gains of **$799 million** in Q1 2025, reversing a prior-year loss - Derivatives are primarily used to reduce economic exposures to equity market and interest rate risks from variable annuity guaranteed benefits (GMxB)[117](index=117&type=chunk)[118](index=118&type=chunk) Derivative Instruments Fair Value (in millions) | Date | Notional Amount | Derivative Assets | Derivative Liabilities | Net Derivatives | | :--- | :--- | :--- | :--- | :--- | | Mar 31, 2025 | $118,016 | $18,790 | $32,352 | $(13,562) | | Dec 31, 2024 | $116,484 | $21,814 | $38,927 | $(17,113) | Net Derivative Gains (Losses) on Income Statement (in millions) | Period | Amount | | :--- | :--- | | Q1 2025 | $799 | | Q1 2024 | $(1,376) | [Note 13 - Equity](index=75&type=section&id=Note%2013%20-%20Equity) The company declared a **$0.24** per share dividend, repurchased **5.0 million** shares for approximately **$253 million** in Q1 2025, and has **$1.7 billion** remaining for future repurchases - On February 13, 2025, the Board approved an additional **$1.5 billion** for the share repurchase program. As of March 31, 2025, approximately **$1.7 billion** remained authorized[280](index=280&type=chunk) Share Repurchase and Dividend Activity | Activity | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Shares Repurchased (millions) | 5.0 | 7.5 | | Average Price Paid | $50.55 | $33.86 | | Common Dividend per Share | $0.24 | $0.22 | - Total accumulated other comprehensive income (AOCI) attributable to Holdings was a loss of **$7.6 billion** as of March 31, 2025, an improvement from a loss of **$8.7 billion** at year-end 2024[287](index=287&type=chunk) [Note 16 - Commitments and Contingent Liabilities](index=80&type=section&id=Note%2016%20-%20Commitments%20and%20Contingent%20Liabilities) The company faces up to **$100 million** in reasonably possible litigation losses and utilizes FHLB and FABN funding agreements totaling **$6.9 billion** and **$7.1 billion** respectively for liquidity - The company estimates the aggregate range of reasonably possible losses from litigation and regulatory matters, in excess of amounts accrued, to be up to approximately **$100 million** as of March 31, 2025[297](index=297&type=chunk) - The Hobish v. AXA Equitable Life Insurance Company matter was settled in March 2025[299](index=299&type=chunk) Funding Agreement Balances (March 31, 2025, in millions) | Program | Outstanding Balance | | :--- | :--- | | FHLB Funding Agreements | $6,865 | | FABN Funding Agreements | $7,078 | | FABCP Funding Agreements | $850 | [Note 17 - Business Segment Information](index=83&type=section&id=Note%2017%20-%20Business%20Segment%20Information) Total operating earnings for Q1 2025 were **$421 million**, with Individual Retirement, Group Retirement, and Asset Management as key contributors, while Protection Solutions reported an operating loss Operating Earnings (Loss) by Segment (in millions) | Segment | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Individual Retirement | $216 | $238 | | Group Retirement | $130 | $124 | | Asset Management | $126 | $106 | | Protection Solutions | $(17) | $44 | | Wealth Management | $46 | $43 | | Legacy | $24 | $33 | | Corporate and Other | $(104) | $(111) | | **Total Operating Earnings** | **$421** | **$477** | Total Assets by Segment (in millions) | Segment | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Individual Retirement | $118,123 | $110,358 | | Group Retirement | $50,353 | $51,269 | | Asset Management | $10,845 | $10,514 | | Protection Solutions | $41,725 | $41,583 | | Legacy | $34,955 | $42,373 | | **Total Assets** | **$287,366** | **$295,727** | [Note 20 - Revision of Prior Period Financial Statements](index=91&type=section&id=Note%2020%20-%20Revision%20of%20Prior%20Period%20Financial%20Statements) The company voluntarily revised prior period financial statements to correct immaterial errors, primarily related to reinsurance deposit accounting, impacting net income for 2023 and 2024 - The company identified and corrected an immaterial error related to the bookkeeping of ceded accrued fees in a reinsurance transaction, which impacted deposit accounting[350](index=350&type=chunk) - Other corrected errors include a pension liability overstatement, incorrect FX on FABN, and various modeling input errors for MRB and deposit accounting[350](index=350&type=chunk) - The impact on previously reported Net Income Attributable to Holdings for the full year 2023 was a decrease of **$19 million**, and for the full year 2024 was a decrease of **$27 million**[355](index=355&type=chunk)[366](index=366&type=chunk) [Note 21 - Subsequent Events](index=95&type=section&id=Note%2021%20-%20Subsequent%20Events) Subsequent to quarter-end, Holdings increased its economic interest in AllianceBernstein to approximately **68.5%** and redeemed **$279 million** of Series B Preferred Stock - On April 3, 2025, Holdings purchased **19.7 million** AB Holding Units for **$758 million**, increasing its economic interest in AllianceBernstein L.P. to approximately **68.5%**[375](index=375&type=chunk) - On April 11, 2025, Holdings redeemed and retired **$279 million** of its Series B Preferred Stock[376](index=376&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=96&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses financial performance, noting strategic actions like the RGA reinsurance and AB tender offer, with Q1 2025 net income attributable to Holdings decreasing to **$63 million** and operating earnings to **$421 million** - Key strategic developments include the RGA Reinsurance Transaction expected to generate over **$2 billion** in value, the novation of legacy VA policies to Venerable, and a tender offer increasing ownership in AB to **~68.5%**[382](index=382&type=chunk)[383](index=383&type=chunk)[385](index=385&type=chunk) - The macroeconomic environment in Q1 2025 was characterized by U.S. equity market losses (S&P 500 returned **-4.3%**) and a lowered U.S. growth forecast by the Federal Reserve[388](index=388&type=chunk) Key Performance Metrics (in millions) | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net Income Attributable to Holdings | $63 | $92 | | Non-GAAP Operating Earnings | $421 | $477 | [Results of Operations by Segment](index=124&type=section&id=Results%20of%20Operations%20by%20Segment) Q1 2025 operating earnings were primarily from Individual Retirement, Group Retirement, and Asset Management, while Protection Solutions reported a **$17 million** loss due to unfavorable mortality Operating Earnings (Loss) by Segment (in millions) | Segment | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Individual Retirement | $216 | $238 | | Group Retirement | $130 | $124 | | Asset Management | $126 | $106 | | Protection Solutions | $(17) | $44 | | Wealth Management | $46 | $43 | | Legacy | $24 | $33 | [Liquidity and Capital Resources](index=149&type=section&id=Liquidity%20and%20Capital%20Resources) Holdings' highly liquid assets increased to **$2.3 billion** in Q1 2025, supported by subsidiary dividends and a **$500 million** junior subordinated debt issuance, maintaining strong liquidity Holding Company Highly Liquid Assets (in millions) | Period | Amount | | :--- | :--- | | End of Q1 2025 | $2,324 | | Beginning of Q1 2025 | $1,982 | - In Q1 2025, Holdings received **$226 million** in dividends from subsidiaries and used **$336 million** for share repurchases and common dividends[518](index=518&type=chunk) - The company issued **$500 million** of **6.7%** Junior Subordinated Debt Securities due 2055 in March 2025[292](index=292&type=chunk)[518](index=518&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=133&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) No material changes occurred in the quantitative and qualitative disclosures about market risk compared to the 2024 Annual Report on Form 10-K - There have been no material changes to the market risk disclosures from the 2024 Form 10-K[584](index=584&type=chunk) [Controls and Procedures](index=133&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of March 31, 2025, with no material changes to internal control over financial reporting during the quarter - The CEO and CFO concluded that as of March 31, 2025, the company's disclosure controls and procedures were effective[585](index=585&type=chunk) - No material changes to internal control over financial reporting occurred during the first quarter of 2025[586](index=586&type=chunk) [PART II - OTHER INFORMATION](index=134&type=section&id=PART%20II%20-%20OTHER%20INFORMATION) [Legal Proceedings](index=134&type=section&id=Item%201.%20Legal%20Proceedings) The company faces various litigation and regulatory matters, with estimated reasonably possible losses up to approximately **$100 million** in excess of accruals, and settled the Hobish v. AXA Equitable case - The company estimates the aggregate range of reasonably possible losses from certain legal and regulatory matters to be up to approximately **$100 million**, in excess of any amounts already accrued[297](index=297&type=chunk) - The Hobish v. AXA Equitable Life Insurance Company case was settled in March 2025[299](index=299&type=chunk) [Risk Factors](index=134&type=section&id=Item%201A.%20Risk%20Factors) This section refers readers to the comprehensive risk factors detailed in the 2024 Annual Report on Form 10-K and other risks within this report - The report directs readers to the "Risk Factors" section of the 2024 Form 10-K for a comprehensive discussion of risks[589](index=589&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=134&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) In Q1 2025, Equitable Holdings repurchased **5,012,985** common shares at an average price of **$50.55**, with **$1.68 billion** remaining authorized for future repurchases Share Repurchases in Q1 2025 | Period | Total Shares Purchased | Average Price Paid per Share | | :--- | :--- | :--- | | Jan 2025 | 1,868,710 | $47.71 | | Feb 2025 | 620,370 | $53.27 | | Mar 2025 | 2,523,905 | $51.98 | | **Total Q1** | **5,012,985** | **$50.55** | - As of March 31, 2025, approximately **$1.7 billion** remained available for purchase under the company's share repurchase programs[590](index=590&type=chunk)

Equitable (EQH) Q1 2025 Earnings Call April 30, 2025 09:00 AM ET Company Participants Erik Bass - Head of Investor RelationsMark Pearson - President and CEORobin Raju - Senior EVP & CFONick Lane - President of Equitable FinancialRyan Krueger - Managing DirectorOnur Erzan - Head of Global Client Group & Head of Bernstein Private WealthThomas Gallagher - Senior Managing DirectorJack Matten - Vice President Equity ResearchMaxwell Fritscher - Equity Research AssociateWilma Burdis - Director Conference Call Part ...

Equitable (EQH) Q1 2025 Earnings Call April 30, 2025 09:00 AM ET Speaker0 Hello, and welcome to the Equitable Holdings First Quarter Earnings Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question and answer session. I would now like to turn the conference over to Eric Bass, Head of Investor Relations. You may begin. Speaker1 Thank you. Good morning, and welcome to Equitable Holdings first quarter twenty twenty five earnings call. Mate ...