Equitable(EQH) - 2024 Q4 - Annual Results

Financial Performance - Net income attributable to Holdings increased by 228.8% to $899 million for the three months ended December 31, 2024, compared to a loss of $698 million in the same period of the previous year[5]. - Non-GAAP Operating Earnings rose by 18.5% to $2,007 million for the year ended December 31, 2024, up from $1,694 million in 2023[5]. - The company reported a diluted earnings per common share of $2.76 for the three months ended December 31, 2024, reflecting a 228.5% increase from a loss of $2.15 in the same quarter of 2023[5]. - Net income attributable to Holdings for the year ended December 31, 2024, was $1,307 million, a slight increase of 0.4% from $1,302 million in 2023[8]. - Operating earnings for Q4 2024 were $522 million, compared to $476 million in Q4 2023, reflecting an increase of about 9.7%[16]. - Operating earnings for 2024 were reported at $2,007 million, compared to $1,694 million in 2023, reflecting an increase of about 18.5%[18]. - The company reported a total of $1,239 million in investment management, service fees, and other income for the fourth quarter of 2024, reflecting a 15.6% increase from the previous year[37]. Equity and Capitalization - Total equity attributable to Holdings' common shareholders decreased by 92.8% to $78 million as of December 31, 2024, down from $1,087 million a year earlier[5]. - The company returned a total of $1,316 million to common shareholders in 2024, which includes $302 million in dividends and $1,014 million in share repurchases[5]. - Total equity attributable to Holdings, excluding accumulated other comprehensive income (AOCI), was $10,297 million as of December 31, 2024, compared to $10,198 million as of March 31, 2024[13]. - The total equity as of December 31, 2024, was $3,443 million, a decrease from $4,975 million as of September 30, 2024[13]. - Total capitalization of $5,418 million as of December 31, 2024, down from $7,051 million in the previous quarter[13]. Revenue and Growth - Total revenues for the year ended December 31, 2024, increased by 18.1% to $12,437 million compared to $10,528 million in 2023[8]. - Total consolidated revenues for Q4 2024 reached $3,954 million, an increase from $3,553 million in Q4 2023, representing a growth of approximately 11.3%[16]. - Total revenues for Q4 2024 were $831 million, a 3.0% increase from Q4 2023's $807 million[43]. - Total revenues for the year ended December 31, 2024, reached $14,990 million, an increase from $13,621 million in 2023, representing a growth of approximately 10.1%[18]. Assets and Liabilities - Total assets as of December 31, 2024, were $295,866 million, a decrease from $298,989 million as of September 30, 2024[12]. - Total liabilities as of December 31, 2024, were $292,298 million, a slight decrease from $292,791 million as of September 30, 2024[12]. - Policyholders' account balances increased to $110,965 million as of December 31, 2024, up from $95,673 million as of December 31, 2023[12]. - The total balance as of December 31, 2024, is projected to be $40,654 million, an increase from $36,471 million in 2023, representing an increase of 11.9%[34]. Investment Income - Net investment income for the year ended December 31, 2024, increased by 13.3% to $4,896 million compared to $4,320 million in 2023[8]. - Net investment income for Q4 2024 was $1,234 million, compared to $1,185 million in Q4 2023, indicating a year-over-year increase of approximately 4.1%[16]. - Total net investment income increased from $3,591 million in 2023 to $4,141 million in 2024, reflecting a growth of approximately 15.3%[57]. Policy Charges and Premiums - Policy charges and fee income for the three months ended December 31, 2024, rose by 6.5% to $638 million from $599 million in the same period of 2023[8]. - Total Gross Premiums for Individual Retirement increased by 26.1% to $4,968 million for the three months ended 12/31/2024, compared to $3,939 million for the same period in 2023[24]. - Total Gross Premiums for Protection Solutions increased by 0.9% to $829 million for the three months ended 12/31/2024, compared to $821 million in the same period of 2023[24]. Market Performance - The S&P 500 index increased by 23.3% from December 31, 2023, to December 31, 2024, closing at 5,882[5]. - The company’s debt to capital ratio (ex. AOCI) remained stable at 27.1% as of December 31, 2024[5]. Future Projections - SCS income is projected to grow from $393 million in Q1 2024 to $482 million in Q2 2024, indicating a quarter-over-quarter increase of 22.6%[30]. - Segment revenues for Group Retirement are projected to increase from $250 million in Q4 2023 to $305 million in Q4 2024, marking a year-over-year growth of 22.0%[33]. - The company plans to implement a fee policy adjustment effective October 1, 2024, which is expected to impact certain fixed income assets positively by $0.7 billion[38]. Miscellaneous - The company reported a significant increase in other income, which rose by 28.7% to $1,305 million for the year ended December 31, 2024[8]. - The company reported a net loss of $698 million for Q4 2023, with a total net income of $1,302 million for the year ended December 31, 2023[75]. - The financial strength ratings for Equitable Financial Life Insurance Company and its subsidiary are A from A.M. Best and A+ from S&P[101].