Q4 2024 Equitable Holdings Inc Earnings Call Transcript
Key Points
- Equitable Holdings Inc (EQH) reported a 29% year-over-year increase in full-year non-GAAP operating earnings per share, reaching $5.93.
- Assets under management and administration increased by 10% year-over-year, surpassing $1 trillion.
- The company generated $1.5 billion in cash flow to the holding company, with over 50% coming from asset and wealth management businesses.
- Equitable Holdings Inc (EQH) achieved $100 million in run rate expense savings and is on track to meet or exceed a $150 million target by 2027.
- The company reported strong organic growth with $7.1 billion in net inflows in retirement and $4 billion in wealth management for the full year.
- The Protection Solutions segment experienced elevated net mortality due to two large claims with minimal reinsurance coverage.
- The company forecasts 2025 earnings for Protection Solutions to be at the lower end of the $200 million to $300 million range.
- Alternative investment income was below plan, reducing earnings by $27 million after tax in the fourth quarter.
- The Corporate and Other segment is expected to generate a full-year loss of approximately $400 million in 2025.
- Equitable Holdings Inc (EQH) anticipates alternative returns in its investment portfolio to start the year in the 5% to 6% range, below the target range of 8% to 12%.
Good morning, and welcome, everyone, to the Equitable Holdings full year and fourth-quarter earnings call. (Operator Instructions) I would now like to turn the call over to Erik Bass, Head of Investor Relations. Please go ahead.
Good morning, and welcome to Equitable Holdings full year and fourth quarter 2024 earnings calls. 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 of Equitable Holdings; Robin Raju, our Chief Financial Officer; Nick Lane, President of Equitable Financial; Jackie
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