Equitable(US:EQH)2026-02-04 21:14Financial Performance - Net income attributable to Holdings decreased by 75.9% to $215 million for Q4 2025, compared to $892 million in Q4 2024[7] - Non-GAAP Operating Earnings for Q4 2025 were $513 million, a slight decrease of 0.4% from $515 million in Q4 2024[7] - The company reported a diluted earnings per common share of $(4.47) for Q4 2025, down 74.5% from $2.74 in Q4 2024[7] - Non-GAAP operating earnings for the year ended December 31, 2025, were $1,741 million, down from $2,004 million in 2024, reflecting a decrease of 13.1%[15] - For the year ended December 31, 2025, consolidated operating earnings were $1,741 million, a decrease from $2,004 million in 2024, representing a decline of 13.1%[21] Equity and Capital - Total equity attributable to Holdings' common shareholders fell by 104.7% to $(1,142) million as of December 31, 2025, from $58 million a year earlier[7] - Total capital returned to common shareholders in 2025 was $1,764 million, an increase from $1,316 million in 2024[7] - The debt to capital ratio (ex. AOCI) increased to 38.3% as of December 31, 2025, up from 27.2% a year earlier[7] - Total equity attributable to Holdings decreased from $10,277 million in December 2024 to $9,968 million in March 2025, a decline of 3.0%[18] - Total equity attributable to Holdings decreased to $5,138 million as of December 31, 2025[74] Revenue and Income - Total revenues decreased by 9.3% year-over-year to $3,277 million for the three months ended December 31, 2025, compared to $3,615 million for the same period in 2024[11] - Total revenues for the consolidated segments amounted to $3,741 million for the three months ended December 31, 2025, compared to $3,948 million in the same period of 2024, a decrease of 5.2%[20] - Total revenues for the year ended December 31, 2025, increased by 13.0% to $6,204 million compared to $5,492 million for the year ended December 31, 2024[29] - Policy charges and fee income fell by 31.8% to $435 million for the three months ended December 31, 2025, down from $638 million in the prior year[11] - Policy charges, fee income, and premiums totaled $3,214 million in 2025, compared to $3,667 million in 2024, showing a decrease of 12.3%[21] Investment Income - Net investment income increased by 7.7% to $1,288 million for the three months ended December 31, 2025, compared to $1,196 million for the same period in 2024[11] - Net investment income for the consolidated segments was $1,311 million for the three months ended December 31, 2025, up from $1,228 million in the same period of 2024, an increase of 6.8%[20] - Net investment income for 2025 was $5,283 million, up from $4,850 million in 2024, indicating an increase of 8.9%[21] - Net investment income improved significantly to $48 million for the year ended December 31, 2025, compared to $27 million for the previous year, marking a 77.8% increase[33] Assets and Liabilities - Total assets rose to $318,312 million as of December 31, 2025, from $295,727 million as of December 31, 2024, reflecting a growth of 7.6%[16] - Total liabilities grew to $316,524 million as of December 31, 2025, up from $292,179 million as of December 31, 2024, marking an increase of 8.3%[16] - The account value balance at the end of the period for the General Account reached $98,909 million, up from $79,376 million at the beginning of the period, reflecting a growth of 24.7%[31] - The total asset value at the end of the period was $176,166 million, an increase from $152,213 million, representing a growth of 15.8%[31] Shareholder Metrics - Weighted-average diluted shares outstanding decreased by 8.2% to 289.1 million in Q4 2025 from 324.8 million in Q4 2024[7] - The ending common shares outstanding decreased from 309.9 million in March 2025 to 283.3 million in December 2025, a reduction of 8.6%[18] - Non-GAAP Operating ROE (TTM) improved to 25.6% for the year ended December 31, 2025, compared to 22.4% a year earlier[7] - Non-GAAP Operating Earnings per common share for the year ended December 31, 2025, was $5.64, down from $5.92 in the previous year, reflecting a decrease of approximately 5%[67] Market Performance - The S&P 500 index value increased from 5,882 in Q4 2024 to 6,846 in Q4 2025, representing a growth of 16.4%[22] - The company’s total AUM/A increased from $1,020.5 billion in Q4 2024 to $1,120.6 billion in Q4 2025, a rise of 9.8%[22] - Total assets under management (AUM) increased to $866.9 billion by December 31, 2025, up from $792.2 billion, indicating a growth of 9.4%[33] Segment Performance - Operating earnings for the Asset Retirement segment reached $410 million for the three months ended December 31, 2025, compared to $385 million in the same period of 2024, representing a 6.5% increase[20] - Operating earnings for the Wealth Management segment were $160 million for the three months ended December 31, 2025, compared to $161 million in the same period of 2024, a slight decrease of 0.6%[20] - Operating earnings for the Corporate and Other segment for the three months ended December 31, 2025, were a loss of $123 million, a 57.7% decrease compared to the previous quarter and a 131.3% decline year-over-year[44] Flow and Premiums - Total first year premiums and deposits for the year ended December 31, 2025, reached $22,361 million, up from $20,922 million in 2024, marking an increase of 6.9%[30] - Total renewal premiums and deposits for the year ended December 31, 2025, were $2,659 million, compared to $2,579 million in 2024, representing a growth of 3.1%[30] - The net flows for the Asset Management segment were negative at $(11.3) billion for the year ended December 31, 2025, compared to $(2.2) billion in the previous year[33] Ratings and Credit - Equitable Financial Life Insurance Company and its subsidiary received an A rating from A.M. Best and A+ from S&P[95] - Equitable Holdings, Inc. has a credit rating of bbb+ from S&P and Baa1 from Moody's[95]