Equitable(US:EQH)2025-08-05 20:15Financial Performance - Net income attributable to Holdings decreased by 181.5% to $63 million for the three months ended June 30, 2025, compared to $428 million for the same period in 2024[6]. - Non-GAAP Operating Earnings fell by 28.9% to $352 million for the three months ended June 30, 2025, down from $495 million in the same period last year[6]. - The company reported a diluted earnings per common share of $(1.21) for the three months ended June 30, 2025, a decline of 198.4% from $1.23 in the same period last year[6]. - Net income attributable to Holdings for the three months ended June 30, 2025, was a loss of $349 million, a decrease of 181.5% compared to a profit of $428 million for the same period in 2024[10]. - Non-GAAP operating earnings for the six months ended June 30, 2025, were $773 million, down from $972 million for the same period in 2024[10]. - The company reported a total of $1.570 billion in gross premiums and deposits for Q2 2025, compared to $955 million in Q2 2024, showing a growth of 65%[30]. - Total revenues for Q2 2025 were $1,094 million, reflecting a 4.1% increase compared to $1,051 million in Q2 2024[31]. - Operating earnings for Q2 2025 reached $131 million, a 29.7% increase from $101 million in Q2 2024[32]. Equity and Capital - Total equity attributable to Holdings' common shareholders decreased by 319.4% to $(79) million as of June 30, 2025, compared to $36 million as of June 30, 2024[6]. - The company's debt to capital ratio (ex. AOCI) increased to 33.5% as of June 30, 2025, compared to 27.2% as of June 30, 2024[6]. - Book value per common share (ex. AOCI) decreased by 10.0% to $24.37 as of June 30, 2025, from $27.09 as of June 30, 2024[6]. - Total equity attributable to Holdings decreased from $10,273 million in June 2024 to $8,581 million in June 2025, a decline of 16.5%[15]. - Total equity attributable to Holdings' common shareholders as of June 30, 2025, was $(79) million, a decrease from $894 million as of March 31, 2025[73]. - The company reported net actuarial gains and losses related to pension and other postretirement benefit obligations of $60 million for the twelve months ended December 31, 2024, decreasing to $51 million for the six months ended June 30, 2025[72]. Assets and Liabilities - Total assets as of June 30, 2025, were $303,088 million, an increase from $287,639 million as of June 30, 2024[14]. - Total liabilities as of June 30, 2025, increased to $300,125 million from $283,212 million as of June 30, 2024[14]. - Cash and cash equivalents increased significantly to $14,957 million as of June 30, 2025, from $9,684 million as of June 30, 2024[14]. - General Account ending net assets increased from $112,083 million as of June 30, 2024, to $128,933 million as of June 30, 2025[54]. Revenue and Premiums - Total revenues for the six months ended June 30, 2025, increased by 20.9% to $6,938 million compared to $5,737 million for the same period in 2024[10]. - Total gross premiums for the six months ended June 30, 2025, were $1,576 million, a slight increase of 0.9% from $1,562 million in the same period of 2024[41]. - Total gross premiums for Individual Retirement increased by 6.4% to $9,496 million for the six months ended June 30, 2025, compared to $8,928 million for the same period in 2024[23]. - First-year premiums and deposits totaled $134 million for the three months ended June 30, 2025, an increase of 12.1% compared to $121 million in the same period of 2024[41]. Investment Income - Net investment income for the six months ended June 30, 2025, rose by 9.5% to $2,603 million compared to $2,377 million for the same period in 2024[10]. - Net investment income for the six months ended June 30, 2025, was $2,622 million, compared to $2,366 million in the same period of 2024, showing an increase of about 10.8%[18]. - Net investment income for Individual Retirement increased by 21.2% to $719 million for the three months ended June 30, 2025, compared to $593 million for the same period in 2024[26]. Policyholders' Benefits - Policyholders' benefits for the six months ended June 30, 2025, increased by 15.0% to $1,546 million from $1,344 million in the same period of 2024[10]. - Policyholders' benefits increased from $667 million in June 2024 to $787 million in June 2025, a rise of 18.0%[17]. - Policyholders' benefits for Individual Retirement increased by 8.4% to $168 million for the six months ended June 30, 2025, compared to $155 million for the same period in 2024[26]. Market Performance - The total Assets Under Management (AUM) as of June 30, 2025, reached $959.7 billion, an increase from $918.8 billion as of December 31, 2024, representing a growth of about 4.5%[19]. - The company's third-party AUM was $691.3 billion as of June 30, 2025, compared to $660.7 billion as of December 31, 2024, marking an increase of approximately 4.6%[19]. - The S&P 500 index value increased from 5,882 in December 2024 to 6,205 in June 2025, reflecting a rise of approximately 5.5%[19]. Segment Performance - Operating earnings for the Individual Retirement segment were $215 million for the three months ended June 30, 2025, compared to $246 million for the same period in 2024, a decrease of 12.6%[17]. - Operating earnings for Group Retirement were $125 million for the three months ended June 30, 2024, with a slight decrease to $124 million by June 30, 2025, reflecting a change of -0.8%[29]. - Total revenues for the Wealth Management segment reached $471 million for the three months ended June 30, 2025, reflecting a 6.6% increase from $442 million in the same period of 2024[43]. Miscellaneous - The company incurred $14 million or $0.05 of expense related to a disputed billing practice for the three and six months ended June 30, 2025[2]. - The company anticipates a fee policy adjustment effective October 1, 2024, which may impact fixed income assets[35].