Equitable(EQH) - 2022 Q2 - Earnings Call Presentation

Financial Performance - Equitable Holdings' Non-GAAP operating earnings were $526 million, or $1.31 per share, a sequential decrease of 4% on a per share basis[7] - Adjusted for notable items, Non-GAAP operating earnings were $531 million, or $1.33 per share, down 10% year-over-year on a comparable per share basis[15] - Total AUM decreased 13% year-over-year, driven by market performance and net inflows over the prior twelve months[15] - The company returned $0.3 billion of capital in the quarter[7] - Upstreamed a $930 million dividend from insurance subsidiary to HoldCo in July, above the $750 million guidance[7] Capital and Balance Sheet - The combined RBC ratio was approximately 440%, exceeding the target range of 375-400%[7, 24] - The holding company had $1.3 billion in cash as of the quarter end[7] - The investment portfolio is 96% investment grade with an average credit rating of A3[7, 24] Business Segments - Retirement inflows supported $754 billion in AUM[7] - CarVal acquisition closed with $2 billion funds raised since announcement[7] - Individual Retirement operating earnings, less notable items, decreased primarily due to lower fee income attributed to lower account values and lower NII from lower alternative income and prepayments[29] - Investment Management and Research (AB) operating earnings, less notable items, decreased 20% due to lower base and performance fees on lower average AUM[35] - Protection Solutions operating earnings, less notable items, increased 84% due to lower PFBL accrual, partially offset by lower NII from lower alternative income and prepayments[41]