Q3 2024 Equitable Holdings Inc Earnings Call Transcript
Key Points
- Equitable Holdings Inc (EQH) reported a 34% year-over-year increase in non-GAAP operating earnings per share, reaching $1.53.
- Assets under management and administration increased by 20% year-over-year, surpassing the $1 trillion mark.
- The company returned $330 million to shareholders during the quarter, maintaining a payout ratio within their targeted range of 60% to 70%.
- Equitable Holdings Inc (EQH) experienced positive net flows across retirement, asset management, and wealth management businesses.
- The company completed its annual assumption update with no major changes, validating its conservative approach to assumption setting.
- Equitable Holdings Inc (EQH) reported a GAAP net loss of $134 million in the quarter, driven by non-economic impacts from its hedge portfolio.
- Individual Retirement earnings declined on a sequential basis, with some quarterly noise in net interest margin.
- Commission expenses increased due to strong sales, posing a short-term headwind for Individual Retirement earnings.
- The company faces increased competition in the retirement market, which may lead to a decrease in market share.
- Market value adjustment gains on early surrenders declined sharply, affecting Individual Retirement reported spread income.
Hello, and thank you for standing by. My name is Regina, and I will be your conference operator today. At this time, I would like to welcome everyone to the Equitable Holdings Third Quarter Earnings Conference Call. (Operator Instructions)
I would now like to turn the conference over to Erik Bass, Head of Investor Relations. Please go ahead.
Thank you. Good morning, and welcome to Equitable Holdings Third Quarter 2024 Earnings Call. Materials for today's call can be found on our website at ir.equitableholdings.com.
Before we begin, I would like to note that some of the information we present today is forward-looking and subject to certain SEC rules and regulations regarding disclosure. Our results may differ materially from those expressed in or indicated by such forward-looking statements. Please refer to the Safe Harbor language on slide 2 of our presentation for additional information.
Joining me on today's call are Mark Pearson, President and Chief Executive Officer
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