Equitable(EQH) - 2025 Q3 - Quarterly Results

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]