Equitable(EQH) - 2025 Q3 - Earnings Call Presentation

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]