Q4 2025 Equitable Holdings Inc Earnings Call Transcript
Key Points
- Equitable Holdings Inc (EQH) achieved record assets under management and administration of $1.1 trillion, up 10% year-over-year, supporting growth in fee and spread-based earnings.
- The company returned $1.8 billion to shareholders in 2025, including $500 million of additional share repurchases following a life reinsurance transaction.
- Equitable Holdings Inc (EQH) produced full-year organic cash generation of $1.6 billion, consistent with its guidance range, and expects this to increase to approximately $1.8 billion in 2026.
- Wealth Management achieved its target of $200 million in annual earnings two years ahead of plan, with strong momentum in net inflows and adviser productivity.
- The RGA life reinsurance transaction created $2 billion of capital and reduced mortality exposure by 75%, enhancing the company's financial stability.
- Full-year non-GAAP operating earnings were up only 1% over 2024, held back by elevated mortality claims.
- AllianceBernstein experienced net outflows of $11.3 billion, including $4 billion of low-fee outflows related to the RGA transaction.
- The company is currently below its target for earnings per share growth, which has been 8% through the first three years of its plan.
- Corporate & Other reported a loss of $123 million in the fourth quarter, higher than expected due to elevated mortality and other expenses.
- The competitive landscape in the RILA market has intensified, with new entrants offering teaser rates, potentially impacting Equitable Holdings Inc (EQH)'s market share.
Hello, everyone. Thank you for joining us and welcome to the Equitable Holdings Full Year and Fourth Quarter Earnings Call. (Operator Instructions)
I will now hand the call over to Erik Bass Head of Investor Relations. Please go ahead.
Thank you. Good morning, and welcome to Equitable Holdings Full Year and Fourth Quarter 2025 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 of Equitable Holdings; Robin Raju, our Chief Financial Officer; Nick Lane, President of
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