Equitable Holdings Full Year and Fourth Quarter 2025 Earnings Results February 4, 2026 Equitable Note Regarding Forward-Looking Statements and Non-GAAP Financial Measures This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "expects," "believes," "anticipates," "intends," "seeks," "aims," "plans," "assumes," "estimates," "projects," "should," "would," "could," "may," "will," "shall" or variations of such words are gen ...

Core Insights - The article discusses the mechanisms in place for consumer protection against life insurance company failures, emphasizing that state governments, rather than the federal government, are responsible for monitoring the financial health of these companies [2][5]. Group 1: Life Insurance Company Failures - Failures and bankruptcies of life insurance companies are rare, with no bankruptcies reported since the 2008 financial crisis according to the National Organization of Life and Health Insurance Guaranty Associations (NOLHGA) [4]. - In the event of a life insurance company failure, state regulators will attempt to transfer policies to a stable insurance fund or keep them active through the state's central guaranty fund [5][6]. - Life insurance companies are mandated by state law to maintain capital reserves to pay out policyholder death benefits, which can be utilized in case of bankruptcy [6]. Group 2: Risk Mitigation Strategies - Reinsurance is a strategy used by life insurance companies to spread risk, allowing them to mitigate potential losses if a company fails [7]. - Guaranty associations, such as NOLHGA, provide additional protection by guaranteeing payment of benefits if a member company goes out of business, although the payout may be capped based on state law [8]. Group 3: Variable Annuities and Coverage - Variable annuities may not be covered under the same protections as life insurance policies, and policyholders need to review their contracts to understand their coverage [10][11]. - In states like Florida, variable annuity policies are only covered if some aspect of the policy is guaranteed by the insurer [11]. Group 4: Maximizing Coverage - To increase coverage limits, consumers can work with multiple insurers, as individual coverage limits are typically applied per company [14][15]. - This strategy is more practical for annuities than for life insurance due to the complexities involved in obtaining multiple life insurance policies [16][17]. Group 5: Finding a Reliable Life Insurance Company - Selecting a financially healthy life insurance company is crucial for minimizing the need for protective measures, with resources like AM Best ratings available to assess financial strength [19][20]. - Consumers should also consider other industry ratings and reviews to evaluate potential insurers [21][22].

Core Insights - Jackson Financial Inc. has appointed Alison Reed as the Head of Distribution for Jackson National Life Distributors LLC, aiming to enhance organizational performance and drive growth [1][2] - Reed's extensive experience in the retirement services industry and her previous leadership roles at Jackson are expected to contribute to the company's strategic growth [2] Company Overview - Jackson Financial Inc. focuses on simplifying retirement planning for financial professionals and their clients through a variety of annuity products and award-winning service [3] - The company emphasizes a balanced, long-term approach to serving stakeholders, including customers, shareholders, and community partners [3] Leadership Background - Alison Reed has been with Jackson since 2002, holding various leadership positions, including Chief Product Development and Strategy Execution Officer [2] - Reed holds a bachelor's degree from the University of Colorado and an MBA from the University of Denver, along with FINRA Series 7 and 24 registrations [2]

Core Insights - MetLife has completed a $10 billion variable annuity risk transfer transaction with Talcott Resolution Life Insurance Company, enhancing its risk management strategy [1][2] Group 1: Financial Impact - The transaction is expected to result in an annual reduction in adjusted earnings of approximately $100 million, which will be partially offset by estimated hedge cost savings of about $45 million [2] - This deal will reduce MetLife's portfolio risk and expedite the run-off of legacy business blocks [2] Group 2: Asset Management and Partnerships - MetLife Investment Management will continue to manage around $6 billion in assets on behalf of Talcott, reinforcing its role in asset management [3] - The agreement increases Talcott's total reinsured reserves to $14 billion by 2025, positioning it as a reliable partner for carriers seeking comprehensive risk management solutions [3]

Core Viewpoint - The article discusses the uncertainty surrounding the existence of a stock market bubble and emphasizes the importance of proper diversification to protect investment portfolios during market corrections [1][2]. Group 1: Market Bubble Discussion - There is ongoing speculation about whether the market is in a bubble, with industry professionals acknowledging that only hindsight will reveal the truth [2]. - The CEO of Nvidia was questioned about the potential AI bubble, highlighting the widespread concern regarding market conditions [2]. Group 2: Importance of Diversification - Proper diversification is essential to safeguard investments against market downturns, and merely owning multiple mutual funds is insufficient [2][3]. - A real-world example illustrates that even seemingly diverse 401k plans can lack true diversification due to concentrated holdings in major stocks [4][5]. Group 3: Analysis of Mutual Funds - Many mutual funds exhibit high concentration, with top holdings representing 23% to over 60% of the fund's assets, indicating a lack of true diversification [5]. - Common stocks held across various funds include Nvidia, Microsoft, Meta, Apple, Alphabet, Broadcom, Amazon, Eli Lilly, and Netflix, suggesting that investors may inadvertently own the same stocks multiple times through different funds [5]. Group 4: Recommendations for Investors - Investors are advised to scrutinize the holdings within their mutual funds to ensure genuine diversification rather than superficial diversity [6]. - The article suggests that there are better investment strategies available beyond traditional mutual funds [6].

Financial Performance - Non-GAAP operating earnings per share were $1.48, or $1.67 after adjusting for notable items[8] - Record AUM/A reached $1.1 trillion, a 7% increase year-over-year and 9% year-to-date[8] - Non-GAAP operating earnings adjusted for notable items were $510 million, a 2% increase year-over-year on a per share basis[22, 23] - Net loss of $1.3 billion was driven by the closing of the RGA reinsurance transaction[23] Business Segment Highlights - Retirement net inflows were $1.1 billion, representing a 3% annualized organic growth rate[8] - Wealth Management advisory net inflows totaled $2.2 billion, a 12% annualized organic growth rate[8] - Asset Management net inflows were $1.7 billion, excluding the RGA impact; Private Markets AUM increased 17% year-over-year[8] - AB's adjusted operating margin was 34.2%, up 290bps year-over-year[60, 62] Capital Management - $757 million was returned to shareholders in Q3, including $676 million in share repurchases[8] - Debt was reduced by $500 million in the third quarter[8] - The company projects full year 2025 cash generation of $2.6-2.7 billion, including $1 billion of RGA proceeds[31] Strategic Investments and Acquisitions - The company announced the acquisition of Stifel Independent Advisors, with more than 110 advisors and approximately $9 billion of AUM[8, 15] - $100 million was allocated to support AB's investment in FCA Re, which includes a $1.5 billion private credit IMA[8] - Approximately $17 billion of a $20 billion commitment to the Private Markets Platform has been deployed[16]

Core Insights - Retirement is an opportunity to reassess possessions and financial commitments, allowing individuals to let go of unnecessary burdens [1][2] Group 1: Housing - Many older Americans live in homes larger than necessary, with an analysis from Moody's Analytics indicating nearly 6 million such cases [3] - Downsizing can lead to lower maintenance costs, property taxes, and utility bills, while also unlocking home equity for other uses [3][4] - Homeowners aged 65 and older hold a median of about $250,000 in home equity, which can be tapped for cash flow, travel funding, or investment [4] Group 2: Vehicles - Retirees may not need multiple vehicles, and selling an extra car can reduce insurance, registration fees, and maintenance costs [5] - The cost of auto insurance has increased significantly, with a 33% rise in 2024 compared to 2021, making it financially prudent to reassess vehicle ownership [5] Group 3: Investments - It is advisable for retirees to sell overly complex investments or those with high fees, such as old variable annuities or mutual funds charging over 1% annually [6]

Summary of Corebridge Financial (CRBD) 2025 Conference Call Company Overview - **Company**: Corebridge Financial (CRBD) - **Industry**: Life Insurance and Retirement Solutions - **Key Executives**: Kevin Hogan (CEO), Elias Hebbeyeb (CFO) Key Points and Arguments Company Performance and Strategy - Corebridge has successfully executed its strategies since its IPO three years ago, achieving a 12-14% Return on Equity (ROE) in 2024, as initially targeted [3][4] - The company has maintained a payout ratio of 60-65% and a Risk-Based Capital (RBC) ratio of 400%, while growing its business [4] - Annual sales volume has increased by approximately 30% since the IPO [5] - Corebridge has returned $6 billion to shareholders since the IPO, demonstrating strong capital management [5] Variable Annuity Transaction - Corebridge exited its entire variable annuity business, which had been in decline for eight years, through a transaction with Venerable, generating $2.1 billion in proceeds [8][10] - The transaction was seen as a significant value creation opportunity, with a multiple of around seven times earnings [10] - Proceeds from the transaction will primarily be used for shareholder buybacks and further organic growth investments [11] Expense Management - The CoreBridge Forward program has successfully reduced annual expenses by $400 million through outsourcing, IT modernization, and improved procurement practices [15][16][17] - The company aims to continue driving down unit costs through further automation and digitization [18] Market Trends and Growth Opportunities - The aging population in the U.S. is a significant driver for the annuity market, with 4 million people turning 65 annually [22][23] - There is a growing awareness among individuals about the need for self-managed retirement planning, contributing to increased demand for annuities [23] - The adviser community is becoming more professionalized, further supporting the growth of fixed income investments [24] Competitive Environment - Corebridge is currently achieving targeted margins despite increased competition in the annuity space [27] - The company has a diverse product range and strong relationships with distribution partners, allowing it to navigate competitive cycles effectively [28][29] Group Retirement Business - There is a gradual shift from spread-based to fee-based income in the group retirement business, with fee income now representing a significant portion of earnings [34][36] - Corebridge is investing in its adviser base and digital tools to enhance productivity and efficiency [37] Pension Risk Transfer Market - The pipeline for U.S. pension risk transfer remains strong, despite some slowdowns due to external volatility [43][44] - Corebridge focuses on full plan terminations, which are more economically attractive [45] Life Insurance Business - Corebridge has outperformed the market in life insurance, driven by investments in automated underwriting and a focus on middle-market products [51] - The company has a competitive advantage due to its digital capabilities and disciplined risk management [52] Collaboration with Nippon Life - Corebridge is exploring mutual commercial opportunities with Nippon Life, focusing on product development, investments, and digital technologies [53][54] Capital Deployment and M&A - Corebridge is focused on shareholder value creation through dividends and buybacks, with no immediate M&A opportunities identified [59][60] Additional Important Insights - The company has simplified its structure by divesting international subsidiaries and focusing on U.S. retirement and life insurance [6] - Corebridge's automated underwriting process allows 80% of transactions to be processed without human intervention, enhancing efficiency [52] - The company is actively exploring in-plan annuity opportunities, recognizing the potential for growth in this area [40][42]

Financial Performance - GAAP earnings reached $168 million, translating to $234 per share[8,9,10,11] - Adjusted Operating Earnings, a non-GAAP measure, amounted to $350 million, or $487 per share[11] - Free cash flow stood at $290 million[11] - The company returned $216 million to shareholders through dividends and share repurchases[11] Capital & Liquidity - Jackson National Life Insurance Company (JNLIC) estimated risk-based capital (RBC) ratio was 566%[11] - Holding company cash and highly liquid securities exceeded $700 million[15] Sales & Flows - Retail annuity sales increased by 9% compared to the first quarter of 2025[12,13] - Fixed and fixed index annuity sales totaled $470 million[30] Investment Portfolio - The investment portfolio totaled $49 billion under U S GAAP[62] - The statutory investment portfolio totaled $48 billion[67]

Financial Performance - Non-GAAP operating earnings per share were $1.10, but adjusted for notable items, the figure rises to $1.41[8] - Assets Under Management/Administration (AUM/A) reached $1.1 trillion, an 8% increase year-over-year and 5% year-to-date[8] - The company returned $318 million to shareholders, resulting in a payout ratio of 74%, exceeding the target range of 60-70%[8] - The company is on track to generate $1.6-1.7 billion of organic cash in 2025, with approximately 50% originating from asset and wealth management[8] Strategic Initiatives - The Individual Life transaction closed on July 31st, generating approximately $2 billion in value and reducing mortality exposure by 75%[8] - The company expects $1 billion of incremental dividends to Holdings in the second half of 2025 from the Individual Life transaction[8] - Private Markets AUM increased by 20% year-over-year, reaching $77 billion[8,11] - The company ceded approximately $30 billion of annuity liabilities to its Bermuda entity[21] Segment Results - Retirement saw net inflows of $1.9 billion, supported by RILA and BlackRock LifePath Paycheck[8] - Wealth Management advisory net inflows amounted to $2.0 billion[8] - Asset Management experienced active net outflows of $4.8 billion, primarily in April[8]