Financial Performance - Net income attributable to Holdings decreased significantly to $(1,309) million for the nine months ended September 30, 2025, compared to $388 million for the same period in 2024, representing a decline of 511.1%[6] - Non-GAAP Operating Earnings for the three months ended September 30, 2025, were $455 million, down 12.0% from $517 million in the same period of 2024[6] - Total revenues for the three months ended September 30, 2025, decreased by 52.8% to $1,450 million compared to $3,073 million for the same period in 2024[9] - Net income attributable to Holdings for the three months ended September 30, 2025, was a loss of $1,309 million, a decrease of 891.7% from $892 million in the same period in 2024[9] - For the nine months ended September 30, 2025, consolidated operating earnings were $1,228 million, compared to $1,489 million for the same period in 2024, reflecting a decrease of 17.5%[17] Equity and Capital - Total equity attributable to Holdings' common shareholders fell to $148 million as of September 30, 2025, a decrease of 95.4% from $3,201 million a year earlier[6] - The company reported a return on equity (ex. AOCI) of (10.4)% for the trailing twelve months, compared to 14.0% in the previous year[6] - Book value per common share (ex. AOCI) decreased by 30.2% to $18.23 as of September 30, 2025, from $26.12 a year prior[6] - Total capital returned to common shareholders was $1,410 million for the nine months ended September 30, 2025, compared to $757 million for the same period in 2024[6] - The company’s debt to capital ratio (ex. AOCI) increased to 37.7% as of September 30, 2025, from 28.1% a year earlier[6] Assets and Liabilities - Total assets as of September 30, 2025, increased to $314,515 million from $298,841 million as of September 30, 2024, reflecting a growth of 5.2%[13] - Total liabilities as of September 30, 2025, were $312,567 million, up from $292,662 million as of September 30, 2024, representing a 6.8% increase[13] - Total long-term debt as of September 30, 2025, is $4,330 million, showing an increase from $3,831 million on September 30, 2024[14] Investment Income - Net investment income for the nine months ended September 30, 2025, increased by 7.1% to $3,946 million compared to $3,685 million for the same period in 2024[9] - The company reported net investment income of $1,350 million for the three months ended September 30, 2025, compared to $1,256 million for the same period in 2024, representing an increase of 7.5%[16] - Net investment income for the nine months ended September 30, 2025, was $3,972 million, compared to $3,622 million in 2024, reflecting an increase of 9.7%[17] Premiums and Policyholder Benefits - Policyholders' benefits for the nine months ended September 30, 2025, were $1,998 million, a slight decrease of 0.4% from $2,007 million for the same period in 2024[9] - The company experienced a 17.3% decline in premiums for the three months ended September 30, 2025, totaling $258 million compared to $312 million for the same period in 2024[9] - Policyholders' benefits for the three months ended September 30, 2025, decreased by 12.0% to $73 million from $83 million in the same period of 2024[25] Market Performance - The S&P 500 index value increased from 5,762 on September 30, 2024, to 6,688 on September 30, 2025, reflecting a growth of 16.1%[18] - The company's third-party AUM increased to $724.4 billion as of September 30, 2025, compared to $672.6 billion a year earlier, marking a growth of 7.7%[18] Shareholder Actions - Common stock dividends paid were $81 million for the three months ended September 30, 2025, compared to $76 million in the same period of 2024[6] - The company repurchased 10.9 million shares during the three months ended September 30, 2025[14] Non-GAAP Measures - The company emphasizes the use of Non-GAAP financial measures to provide a clearer picture of operating performance and underlying profitability trends[52] - The company reported a Non-GAAP Operating ROE for the previous twelve months, which is calculated by dividing Non-GAAP Operating Earnings by consolidated average equity attributable to Holdings' common shareholders[59] Derivative and Other Financial Metrics - The company recorded a net derivative loss of $1,117 million for the three months ended September 30, 2025, a 56.4% decrease from a loss of $714 million in the same period in 2024[9] - The net derivative losses for the three months ended September 30, 2025, were $(4) million, a 75% improvement from $(16) million in the previous quarter[29]

Core Insights - The London Company reported a 6.3% return for its Large Cap Strategy in Q3 2025, underperforming the Russell 1000 Index which gained 8.0% [1] - The US economy maintained momentum despite mixed economic data, driven by a Fed rate cut, strong corporate earnings, and enthusiasm for AI [1] Company Overview: Equitable Holdings, Inc. (NYSE:EQH) - Equitable Holdings is a diversified financial services company focused on retirement and wealth management, managing over $1 trillion in client assets [3] - The stock experienced a one-month return of -4.28% but gained 9.67% over the past 52 weeks, closing at $48.79 with a market cap of $14.614 billion on November 3, 2025 [2] - The company operates with an asset-light model, generating strong free cash flow used for share repurchases and dividend growth, with an annual share count decline of about 8% and a dividend growth rate of 7% [3] Recent Developments - A recent reinsurance transaction with Venerable released nearly $2 billion in excess capital, reducing risk and validating reserves for Equitable Holdings [3] - The company is shifting towards higher-quality, fee-based retirement and asset management businesses, which is expected to enhance its market valuation [3] Market Position - Equitable Holdings is not among the top 30 most popular stocks among hedge funds, with 42 hedge fund portfolios holding the stock at the end of Q2 2025, down from 49 in the previous quarter [4] - While the company shows potential, certain AI stocks are viewed as having greater upside potential and lower downside risk [4]

Core Viewpoint - Equitable Holdings has scheduled the announcement of its third quarter 2025 results, indicating a focus on transparency and communication with stakeholders [1] Group 1 - The announcement is part of Equitable Holdings' regular financial reporting cycle, which is crucial for investors and analysts to assess the company's performance [1] - The specific date and time for the announcement have not been disclosed in the provided information, which may be relevant for stakeholders planning to follow the results [1]

Core Viewpoint - Equitable Holdings, Inc. has announced the full redemption of its Series B Depositary Shares, indicating a strategic financial move to manage its capital structure effectively [1] Group 1 - The full redemption will involve the repurchase of all outstanding Series B Depositary Shares [1] - This action reflects the company's commitment to optimizing its balance sheet and enhancing shareholder value [1] - The redemption is expected to be completed on a specified date, providing clarity to investors regarding the timeline [1]

Core Insights - The iShares Core S&P U.S. Growth ETF (IUSG) has an implied analyst target price of $178.40 per unit, indicating a potential upside of 10.53% from its recent trading price of $161.40 [1][2][3] ETF and Holdings Analysis - IUSG's underlying holdings include Targa Resources Corp (TRGP), Equitable Holdings Inc (EQH), and Range Resources Corp (RRC), all of which show significant upside potential based on analyst target prices [2][3] - TRGP is currently trading at $163.41, with an average analyst target of $205.14, representing a 25.54% upside [2][3] - EQH has a recent price of $52.72, with a target price of $65.50, indicating a 24.24% upside [2][3] - RRC is trading at $34.84, with an expected target price of $43.27, which is 24.20% above its current price [2][3] Analyst Target Price Considerations - The article raises questions about whether analysts' target prices are justified or overly optimistic, suggesting that high target prices relative to current trading prices may reflect optimism but could also lead to potential downgrades if they are based on outdated information [3]

Core Viewpoint - Equitable Holdings has declared a dividend on its preferred stock, indicating a commitment to returning value to shareholders and maintaining financial stability [1] Company Summary - The preferred stock dividend reflects the company's ongoing strategy to reward investors and manage its capital effectively [1] - The announcement of the dividend is a positive signal regarding the company's financial health and operational performance [1] Industry Context - The declaration of dividends in the financial services sector often serves as a benchmark for investor confidence and market stability [1] - Companies in the industry are closely monitored for their dividend policies, which can influence investment decisions and market perceptions [1]

Core Viewpoint - Equitable Holdings has announced the pricing terms for a cash tender offer for certain of its debt securities, indicating a strategic move to manage its debt portfolio and optimize capital structure [1] Group 1: Cash Tender Offer Details - The company is offering to purchase specific series of its debt securities, which reflects its proactive approach to debt management [1] - The tender offer is part of the company's broader strategy to enhance financial flexibility and reduce interest expenses [1] Group 2: Financial Implications - The cash tender offer may lead to a reduction in outstanding debt, potentially improving the company's credit profile and lowering future interest obligations [1] - This move is expected to positively impact the company's liquidity position, allowing for better allocation of resources towards growth initiatives [1]

Core Insights - In 2023, Equitable established 5-year financial targets through 2027, focusing on growth strategies in the retirement and asset management sectors, particularly in the U.S. retirement market, which benefits from demographic and legislative tailwinds [1] - The U.S. retirement market sees 4 million Americans retiring annually, with $600 billion in assets in motion, presenting significant growth opportunities for Equitable [2] - Equitable's integrated model combining asset wealth and retirement services positions the company to differentiate itself and capture a substantial share of market growth [2]

Equitable (EQH) 2025 Conference Summary Company Overview - **Company**: Equitable Holdings, Inc. (EQH) - **Industry**: Financial Services, specifically focusing on retirement asset management and wealth management Key Financial Targets and Progress - Equitable established five-year financial targets through 2027, aiming for: - Cash flows of $2 billion by 2027, with a current guidance of $1.6 billion to $1.7 billion for 2023, representing a 10% growth from the prior year [4][5] - A payout ratio of 60% to 70%, currently at 68% [6] - Earnings per share (EPS) growth of 12% to 15%, with a current growth of approximately 11% since the Investor Day [7][8] Market Dynamics and Growth Strategy - The U.S. retirement market is experiencing significant growth, with 4 million Americans retiring annually and $600 billion in assets in motion [2] - Equitable's integrated model combining asset, wealth, and retirement services positions it well to capture market growth [3] - The company has achieved a 12% organic growth rate in its wealth management business over the past year, with assets under administration (AUA) growing from $40 billion in 2018 to $110 billion [17][18] RGA Life Transaction and Capital Deployment - The RGA Life transaction freed up $2 billion in capital, with plans for: - $800 million to increase ownership in AllianceBernstein - $500 million for share buybacks - $500 million for debt tendering [14][15] - The remaining $500 million will be allocated to growth investments or additional share repurchases, focusing on wealth management acquisitions [15] Individual Annuity Business and Competitive Landscape - The RILA (Registered Index Linked Annuity) market has grown 40% year-over-year, with Equitable maintaining a leading position [32] - The company has launched new products, including a fixed index annuity, to meet client needs for downside protection and upside potential [34][35] - Equitable's competitive advantage lies in its low cost of funds and strong distribution channels [37] Financial Disclosure Changes - Following the RGA transaction, Equitable plans to simplify financial disclosures, focusing on asset retirement and wealth management [26][27] - The company will combine group and individual retirement segments into one broad retirement segment to better reflect operational realities [28] Future Growth Opportunities - Equitable is optimistic about in-plan annuities, which address the decumulation needs in the retirement market, with significant market potential [55][56] - The company is also exploring growth in spread-based lending and private credit through its partnership with AllianceBernstein [62][64] AllianceBernstein (AB) Private Markets Business - AB's private markets business has grown to $77 billion, with a target of reaching $90 billion to $100 billion by 2027 [64] - Equitable has committed $20 billion to support AB's private credit business, with $15 billion already deployed [65] Conclusion - Equitable is well-positioned for growth in the retirement and wealth management sectors, with a clear strategy to achieve its financial targets through organic growth, strategic acquisitions, and capital deployment initiatives. The company is focused on maintaining its competitive edge while adapting to market dynamics and evolving client needs.

Core Viewpoint - Equitable Holdings (NYSE: EQH) has experienced a strong performance over the past year, with shares increasing by over 25%, but have stalled following the announcement of a transformative reinsurance deal with Reinsurance Group of America [1] Company Performance - Equitable Holdings' shares have gained over 25% in the past year [1] - The stock performance has been stagnant since the announcement of the reinsurance deal [1] Strategic Developments - The company announced a transformative reinsurance deal with Reinsurance Group of America, which is a significant strategic move [1]