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)

Financial Data and Key Metrics Changes - Non-GAAP operating earnings for the first quarter were $421 million or $1.30 per share, down 7% year over year on a per share basis, while adjusting for notable items, non-GAAP operating EPS was $1.35, down 3% compared to the prior year [7][20] - GAAP net income was $63 million in the quarter, lower than non-GAAP operating earnings due to non-economic hedging impacts [21] - The reported book value per share excluding AOCI was $27.62, while the adjusted book value per share including ownership in AB at market value was $39.96 [22] Business Line Data and Key Metrics Changes - The Protection Solutions segment reported a loss of $17 million due to high levels of large individual life mortality claims, which were approximately $80 million above expectations [8][23] - Retirement businesses produced $1.6 billion of net inflows, driven by momentum in the RILEH franchise and expansion of institutional offerings [8] - Wealth management business had $2 billion of advisory net inflows, with advisor productivity up 8% and a 12% organic growth rate on a trailing twelve-month basis [9] Market Data and Key Metrics Changes - The company experienced positive net flows across each of its three distribution channels, with total active net inflows of $2.7 billion [9] - The private markets business saw AUM increase by 20% year over year to $75 billion, with a strong pipeline [9] - The company noted that market volatility and tax payments pressured flows in April, but it remains well-positioned due to its diversified asset mix and global investment platform [9][11] Company Strategy and Development Direction - The company plans to close a reinsurance transaction with RGA, which will free up over $2 billion of capital and enhance focus on retirement, asset management, and wealth management [10][18] - The strategy emphasizes the combination of insurance and asset management to provide competitive advantages, with a focus on capturing synergies between Equitable and AB [17][92] - The company aims to maintain a strong balance sheet and predictable cash flows, leveraging its all-weather product portfolio to navigate market volatility [12][38] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate periods of macro volatility, highlighting strong underlying growth drivers and the need for retirement and investment advice [5][12] - The company anticipates that periods of market volatility will increase demand for its products, particularly buffered annuities [12][46] - Management remains optimistic about long-term growth prospects, driven by favorable demographic trends and a durable need for the advice and solutions offered [38] Other Important Information - The company returned $335 million to shareholders in the first quarter, representing an 80% payout ratio, and plans to increase its quarterly cash dividend by 13% [29][30] - The company has $2.2 billion of cash and liquid assets at holdings, up from $1.8 billion at the end of the fourth quarter [30] - The company is focused on maintaining financial flexibility and is prepared to take advantage of market opportunities as they arise [36][68] Q&A Session Summary Question: Can you size the extraordinary dividend planned for the holding company? - Management expects to take an extraordinary dividend of about $1 billion later in the year, following the $2 billion benefit from the life insurance company post-transaction with RGA [42] Question: Are you seeing incremental demand for your products given current market conditions? - Management reported robust sales in April, driven by demographic trends and heightened market volatility, with continued demand for their products [46][47] Question: What is the impact of seasonally elevated expenses and lower fee days on earnings? - Management indicated that the seasonal expenses and lower fee days had a pretax impact of about $10 million on individual retirement earnings, which is expected to normalize in the second quarter [50] Question: How do you view the leverage ratio and potential buybacks? - Management stated that any incremental buybacks would likely be accompanied by debt repayment to maintain leverage ratios in line with rating agency expectations [52] Question: What is the outlook for cash flow guidance given lower equity markets? - Management remains comfortable with the cash flow guidance of $1.6 billion to $1.7 billion for the year, despite being on the lower end due to current market conditions [91]

Financial Data and Key Metrics Changes - Non-GAAP operating earnings for Q1 2025 were $421 million or $1.30 per share, down 7% year over year on a per share basis [5][19] - Adjusted for notable items, non-GAAP operating EPS was $1.35, a decrease of 3% compared to the prior year [5][19] - GAAP net income was $63 million, lower than non-GAAP operating earnings due to non-economic hedging impacts [20] - Reported book value per share excluding AOCI was $27.62, while adjusted book value per share including ownership in AB at market value was $39.96 [20][21] Business Line Data and Key Metrics Changes - Protection Solutions segment reported a loss of $17 million due to high mortality claims, which were approximately $80 million above expectations [6][22] - Retirement businesses produced $1.6 billion of net inflows, driven by the RILEH franchise and institutional offerings [6][25] - Wealth management business had $2 billion of advisory net inflows, with advisor productivity up 8% and a 12% organic growth rate [6][25] - AllianceBernstein (AB) reported positive net flows across all distribution channels, with total active net inflows of $2.7 billion [7][26] Market Data and Key Metrics Changes - The company experienced strong net flows in individual retirement, with $1.4 billion in net flows and an 8% organic growth rate over the last twelve months [55] - Group Retirement had positive net inflows of $192 million, while Wealth Management advisory net flows were $2 billion [25][26] - AB's institutional pipeline increased materially by several billion dollars in Q1, indicating confidence in future flows despite market volatility [60] Company Strategy and Development Direction - The company plans to close a reinsurance transaction with RGA, which will free up over $2 billion of capital and enhance focus on retirement, asset management, and wealth management [9][34] - The strategy includes increasing ownership in AllianceBernstein to 69%, capturing more economic benefits and synergies between the two firms [9][35] - The company emphasizes the importance of providing retirement and investment advice, especially during periods of market volatility, to meet the growing demand for secure income solutions [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate macro volatility due to a strong balance sheet and predictable cash flows [10][37] - The company highlighted favorable demographic trends, with 4 million Americans turning 65 each year, increasing the demand for retirement solutions [12] - Management noted that periods of market volatility enhance the need for the advice and solutions offered, positioning the company well for future growth [11][37] Other Important Information - The company returned $335 million to shareholders in Q1, representing an 80% payout ratio, and plans to increase the quarterly cash dividend by 13% [8][28] - The company has $2.2 billion of cash and liquid assets at holdings, up from $1.8 billion at the end of the previous quarter [28] - The company expects to close the life reinsurance transaction in mid-2025, which will provide significant financial flexibility [34] Q&A Session Summary Question: Size of extraordinary dividend from $2 billion proceeds - Management expects to take an extraordinary dividend of about $1 billion later in the year after the reinsurance transaction [40][41] Question: Demand for products amid market volatility - Management reported robust sales in April, driven by demographic trends and heightened market volatility [44][46] Question: Impact of elevated expenses and lower fee days on earnings - Elevated expenses had a pretax impact of about $10 million on individual retirement earnings, but growth in net investment margin is expected [48][49] Question: Leverage ratio management - Management indicated that any incremental buybacks would likely be accompanied by debt repayment to maintain leverage ratios [50][51] Question: Outlook for cash flow guidance - Management remains confident in the $1.6 billion to $1.7 billion cash flow guidance despite current market conditions [90][91] Question: Changes in ownership thoughts for AllianceBernstein - Management has no immediate plans to increase ownership beyond 69% but is pleased with the current synergies [92][93]

Financial Performance - Non-GAAP operating earnings per share were $1.30, or $1.35 after adjusting for notable items[8] - Non-GAAP operating earnings were $421 million, or $434 million adjusted for notable items, a decrease of 3% year-over-year on a per share basis[16] - The company returned $335 million to shareholders, representing an 80% payout ratio[8] Business Segment Highlights - Asset Management operating earnings increased by 19% year-over-year[8] - Retirement saw net inflows of $1.6 billion, driven by strong RILA and Institutional sales[8] - Wealth Management advisory net inflows reached $2.0 billion, supported by 8% year-over-year growth in advisor productivity[8] - AB active net inflows were $2.7 billion, with Private Markets AUM up 20% year-over-year to $75 billion[8] - Protection Solutions experienced an operating loss of $17 million due to excess Individual Life mortality[8] Capital Management and Transactions - The company purchased approximately $760 million of AB Holding units through a tender offer, increasing ownership to approximately 69% effective April 1[8] - The Individual Life transaction with RGA is on track to close mid-2025, freeing over $2 billion of capital[8] - Post-close of the Individual Life transaction, the company plans to execute $500 million of additional share repurchases, above the 60-70% payout ratio target[14] Balance Sheet and Liquidity - The company had $1.1 billion in cash at Holdings after AB and Series B preferred equity tender offers, with a combined NAIC RBC ratio of approximately 425% as of year-end 2024[8]

Equitable Holdings, Inc. (EQH) came out with quarterly earnings of $1.35 per share, missing the Zacks Consensus Estimate of $1.49 per share. This compares to earnings of $1.43 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -9.40%. A quarter ago, it was expected that this company would post earnings of $1.61 per share when it actually produced earnings of $1.57, delivering a surprise of -2.48%.Over the last four quarters, the ...

Table of Contents | Consolidated Financials and Key Metrics | Page | | --- | --- | | Key Metrics Summary | 4 | | Consolidated Statements of Income (Loss) | 5 | | Consolidated Balance Sheets | 6 | | Consolidated Capital Structure | 7 | | Operating Earnings (Loss) by Segment and Corporate and Other | 8 | | Assets Under Management and Administration | 9 | | Sales Metrics by Segment | 10 | | Select Metrics from Business Segments | | | Individual Retirement | | | Statements of Operating Earnings (Loss) and Summa ...