- \n
- Closed Individual Life reinsurance transaction with RGA on July 31st, generating over $2 billion of value and reducing mortality exposure by 75%<\/b><\/li>\n<\/ul>\n
- \n
- Combined NAIC RBC ratio over 500% following the Life reinsurance transaction and $1.7 billion of planned insurance subsidiary dividends to Holdings in the second half of 2025<\/b><\/li>\n<\/ul>\n
- \n
- Positive net flows of $1.9 billion in Retirement1<\/sup> and $2.0 billion in Wealth Management; active net outflows of $4.8 billion in Asset Management<\/b><\/li>\n<\/ul>\n
- \n
- Net loss of $349 million, or $(1.21) per share<\/b><\/li>\n<\/ul>\n
- \n
- Non-GAAP operating earnings2<\/sup> of $352 million, or $1.10 per share; adjusting for notable items3<\/sup>, Non-GAAP operating earnings were $447 million, or $1.41 per share<\/b><\/li>\n<\/ul>\n
- \n
- Returned $318 million to shareholders in the second quarter, above 60-70% payout ratio target<\/b><\/li>\n<\/ul>\n
\n
\n ____________________<\/td>\n<\/tr>\n \n \n 1<\/sup> Retirement includes Individual Retirement and Group Retirement segments.<\/p>\n<\/td>\n<\/tr>\n
\n \n 2<\/sup> This press release includes certain Non-GAAP financial measures. More information on these measures and reconciliations to the most comparable U.S. GAAP measures can be found in the \u201cUse of Non-GAAP Financial Measures\u201d section of this release.<\/p>\n<\/td>\n<\/tr>\n
\n \n 3<\/sup> Please refer to Exhibit 1 for a detailed reconciliation and definitions related to notable items.<\/p>\n<\/td>\n<\/tr>\n<\/table>\n
\n
\n \n Consolidated Results<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
<\/tr>\n \n \n \n\u00a0<\/p>\n<\/td>\n
\n Second Quarter<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n (in millions, except per share amounts or unless otherwise noted)<\/i><\/p>\n<\/td>\n
\n 2025<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n2024<\/p>\n<\/td>\n<\/tr>\n
\n \n \nTotal Assets Under Management\/Administration (\u201cAUM\/A\u201d, in billions)<\/p>\n<\/td>\n
\n $<\/b><\/p>\n<\/td>\n
\n 1,070<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n$<\/p>\n<\/td>\n
\n \n987<\/p>\n<\/td>\n
<\/tr>\n \n \n \nNet income (loss) attributable to Holdings<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n (349<\/b><\/p>\n<\/td>\n
\n )<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n428<\/p>\n<\/td>\n
<\/tr>\n \n \n Net income (loss) attributable to Holdings per common share<\/i><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n (1.21<\/i><\/b><\/p>\n<\/td>\n
\n )<\/i><\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 1.23<\/i><\/p>\n<\/td>\n
<\/tr>\n \n \n \nNon-GAAP operating earnings<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 352<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n495<\/p>\n<\/td>\n
<\/tr>\n \n \n Non-GAAP operating earnings per common share (\u201cEPS\u201d)<\/i><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 1.10<\/i><\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 1.43<\/i><\/p>\n<\/td>\n
<\/tr>\n<\/table>\n \nAs of June 30, 2025, total AUM\/A was $1.1 trillion, a year-over-year increase of 8%, driven by positive net flows and higher markets over the prior twelve months.<\/p>\n
\nNet income (loss) attributable to Holdings for the second quarter of 2025 was $(349) million compared to $428 million in the second quarter of 2024.<\/p>\n
\nNon-GAAP operating earnings in the second quarter of 2025 were $352 million compared to $495 million in the second quarter of 2024. Adjusting for notable items4<\/sup> of $95 million, second quarter 2025 Non-GAAP operating earnings were $447 million or $1.41 per share.<\/p>\n
\nAs of June 30, 2025, book value per common share including accumulated other comprehensive income (\u201cAOCI\u201d) was $(0.26). Book value per common share excluding AOCI was $24.37. Both of these measures reflect the Company\u2019s 69% ownership stake in AllianceBernstein (\u201cAB\u201d) at book value. Book value per common share excluding AOCI but with AB reflected at fair market value was $40.89.<\/p>\n
\n
\n ____________________<\/td>\n<\/tr>\n \n 4<\/sup> Please refer to Exhibit 1 for detailed reconciliation and definitions related to notable items.\u00a0<\/td>\n<\/tr>\n<\/table>\n Business Highlights<\/span><\/b><\/p>\n
- \n
- Second quarter 2025 business segment highlights:<\/b>\n
- \n
- \nIndividual Retirement (\u201cIR\u201d) reported net inflows of $1.7 billion, and first year premiums of $4.8 billion were up 7% over the prior year.<\/p>\n<\/li>\n
- \nGroup Retirement (\u201cGR\u201d) reported net inflows of $217 million, with net inflows in the institutional and tax-exempt channels, partially offset by net outflows in the corporate channel.<\/p>\n<\/li>\n
- \nAsset Management (AllianceBernstein or \u201cAB\u201d)5<\/sup> reported active net outflows of $4.8 billion which were concentrated in April due to market volatility. Protection Solutions (\u201cPS\u201d) reported $776 million of gross written premiums, with accumulation-oriented VUL first year premiums up 14% and Employee Benefits first year premiums up 7% over the prior year.<\/p>\n<\/li>\n
- \nWealth Management (\u201cWM\u201d) reported advisory net inflows of $2.0 billion, with total assets under administration reaching $110 billion.<\/p>\n<\/li>\n
- \nLegacy (\u201cL\u201d) had $580 million of net outflows and is running off at $2-$3 billion annually.<\/p>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n
- \n
- Capital management program:<\/b>\n
- \n
- \nThe Company returned $318 million to shareholders in the second quarter, including $82 million of quarterly cash dividends and $236 million of share repurchases.<\/p>\n<\/li>\n
- \nThe Company closed the Individual Life reinsurance transaction on July 31st, which frees over $2 billion of capital and reduces exposure to mortality volatility by 75%.<\/p>\n<\/li>\n
- \nThe Company reinsured approximately $30 billion of group annuity liabilities to its Bermuda entity which will improve the visibility into and consistency of future cash generation.<\/p>\n<\/li>\n
- \nThe Company expects to take $1.7 billion of dividends to Holdings in the second half of 2025, including $0.7 billion of organic cash generation and $1.0 billion of individual life transaction proceeds. The Company has received approval for any required extraordinary dividends.<\/p>\n<\/li>\n
- \nThe Company maintained its strong financial condition with a combined NAIC RBC ratio of greater than 500%, pro-forma for the individual life transaction and planned dividends to Holdings. In addition, the Company reported cash and liquid assets of $0.8 billion at Holdings6<\/sup> as of quarter end, which is above the $500 million minimum target.<\/p>\n<\/li>\n<\/ul>\n<\/li>\n
- Delivering shareholder value:<\/b>\n
- \n
- \nThe Company has deployed over $15 billion of its $20 billion capital commitment to AB. This supports growth in AB\u2019s Private Markets business, which currently has $77 billion of assets under management.<\/p>\n<\/li>\n
- \nThe Company remains on track to achieve its 2027 strategic targets of $150 million of net expense savings and $110 million of incremental general account investment income.<\/p>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n
\n
\n ____________________<\/td>\n<\/tr>\n \n \n 5<\/sup> Refers to AllianceBernstein L.P. and AllianceBernstein Holding L.P., collectively.<\/p>\n<\/td>\n<\/tr>\n
\n 6<\/sup> Excludes c.$250 million of cash at Holdings which is available to AllianceBernstein through its credit facility with Equitable Holdings.<\/td>\n<\/tr>\n<\/table>\n Business Segment Results<\/span><\/b><\/p>\n
Individual Retirement<\/b><\/p>\n
\n
\n \n (in millions, unless otherwise noted)<\/i><\/p>\n<\/td>\n
\n Q2 2025<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \nQ2 2024<\/p>\n<\/td>\n<\/tr>\n
\n \n \nAccount value (in billions)<\/p>\n<\/td>\n
\n $<\/b><\/p>\n<\/td>\n
\n 118.6<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n$<\/p>\n<\/td>\n
\n \n102.3<\/p>\n<\/td>\n<\/tr>\n
\n \n \nSegment net flows (in billions)<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 1.7<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n1.9<\/p>\n<\/td>\n<\/tr>\n
\n \n \nOperating earnings (loss)<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 215<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n246<\/p>\n<\/td>\n<\/tr>\n<\/table>\n
- \n
- \nAccount value increased by 16%, driven by market performance and net inflows over the prior twelve months.<\/p>\n<\/li>\n
- \nNet inflows of $1.7 billion were modestly lower than the prior year quarter, and first year premiums of $4.8 billion increased by 7%.<\/p>\n<\/li>\n
- \nOperating earnings of $215 million were down versus the prior year quarter, primarily due to lower fee-based revenues, higher commission expenses and higher DAC amortization.<\/p>\n<\/li>\n
- \nOperating earnings adjusted for notable items7<\/sup> decreased from $250 million in the prior year quarter to $217 million. Notable items of $2 million in the current period reflect lower net investment income from alternatives.<\/p>\n<\/li>\n<\/ul>\n
Group Retirement<\/b><\/p>\n
\n
\n \n (in millions, unless otherwise noted)<\/i><\/p>\n<\/td>\n
\n Q2 2025<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \nQ2 2024<\/p>\n<\/td>\n<\/tr>\n
\n \n \nAccount value (in billions)<\/p>\n<\/td>\n
\n $<\/b><\/p>\n<\/td>\n
\n 42.9<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n$<\/p>\n<\/td>\n
\n \n39.3<\/p>\n<\/td>\n<\/tr>\n
\n \n \nSegment net flows<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 217<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n408<\/p>\n<\/td>\n<\/tr>\n
\n \n \nOperating earnings (loss)<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 124<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n125<\/p>\n<\/td>\n<\/tr>\n<\/table>\n
- \n
- \nAccount value increased by 9%, primarily due to market performance over the prior twelve months.<\/p>\n<\/li>\n
- \nNet inflows were $217 million in the second quarter as institutional and tax-exempt net inflows were partially offset by net outflows in corporate and other run-off products.<\/p>\n<\/li>\n
- \nOperating earnings decreased from $125 million in the prior year quarter to $124 million, as higher expenses were partially offset by higher fee-based revenues.<\/p>\n<\/li>\n
- \nOperating earnings adjusted for notable items7<\/sup> decreased from $129 million in the prior year quarter to $127 million. Notable items were $3 million in the quarter reflecting lower net investment income from alternatives.<\/p>\n<\/li>\n<\/ul>\n
\n
\n ____________________<\/td>\n<\/tr>\n \n \n 7<\/sup> Please refer to Exhibit 1 for a detailed reconciliation and definitions related to notable items.<\/p>\n<\/td>\n<\/tr>\n<\/table>\n
Asset Management<\/b><\/p>\n
\n
\n \n (in millions, unless otherwise noted)<\/i><\/p>\n<\/td>\n
\n Q2 2025<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \nQ2 2024<\/p>\n<\/td>\n<\/tr>\n
\n \n \nTotal AUM (in billions)<\/p>\n<\/td>\n
\n $<\/b><\/p>\n<\/td>\n
\n 829.1<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n$<\/p>\n<\/td>\n
\n \n769.5<\/p>\n<\/td>\n<\/tr>\n
\n \n \nSegment net flows (in billions)<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n (6.7<\/b><\/p>\n<\/td>\n
\n )<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n0.9<\/p>\n<\/td>\n<\/tr>\n
\n \n \nOperating earnings (loss)<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 131<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n101<\/p>\n<\/td>\n<\/tr>\n<\/table>\n
- \n
- \nAUM increased by 8% due to market performance over the prior twelve months.<\/p>\n<\/li>\n
- \nNet outflows were $6.7 billion in the quarter, including net outflows of $4.8 billion in Retail, $1.5 billion in Institutional, and $0.4 billion in Private Wealth. Net outflows were primarily concentrated in April due to market volatility.<\/p>\n<\/li>\n
- \nOperating earnings increased from $101 million in the prior year quarter to $131 million, primarily driven by higher base fees and an increased ownership percentage.<\/p>\n<\/li>\n<\/ul>\n
Protection Solutions<\/b><\/p>\n
\n
\n \n (in millions)<\/i><\/p>\n<\/td>\n
\n Q2 2025<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \nQ2 2024<\/p>\n<\/td>\n<\/tr>\n
\n \n \nGross written premiums<\/p>\n<\/td>\n
\n $<\/b><\/p>\n<\/td>\n
\n 776<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n$<\/p>\n<\/td>\n
\n \n784<\/p>\n<\/td>\n<\/tr>\n
\n \n \nAnnualized premiums<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 102<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n91<\/p>\n<\/td>\n<\/tr>\n
\n \n \nOperating earnings (loss)<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n (58<\/b><\/p>\n<\/td>\n
\n )<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n72<\/p>\n<\/td>\n<\/tr>\n<\/table>\n
- \n
- \nAnnualized premiums increased by 12% year-over-year, driven by growth in Employee Benefits and accumulation-oriented VUL.<\/p>\n<\/li>\n
- \nOperating earnings decreased from $72 million in the prior year quarter to $(58) million due to elevated mortality claims.<\/p>\n<\/li>\n
- \nOperating earnings adjusted for notable items8<\/sup> decreased from $81 million in the prior year quarter to $16 million. Notable items of $74 million this period primarily reflect late reported COLI claims and associated expenses resulting from a third-party administrator issue. In addition, notables reflect lower net investment income from alternatives.<\/p>\n<\/li>\n<\/ul>\n
\n
\n ____________________<\/td>\n<\/tr>\n \n 8 <\/sup>Please refer to Exhibit 1 for a detailed reconciliation and definitions related to notable items.<\/td>\n<\/tr>\n<\/table>\n Wealth Management<\/b><\/p>\n
\n
\n \n (in millions, unless otherwise noted)<\/i><\/p>\n<\/td>\n
\n Q2 2025<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \nQ2 2024<\/p>\n<\/td>\n<\/tr>\n
\n \n \nTotal AUA (in billions)<\/p>\n<\/td>\n
\n $<\/b><\/p>\n<\/td>\n
\n 110.3<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n$<\/p>\n<\/td>\n
\n \n94.8<\/p>\n<\/td>\n<\/tr>\n
\n \n \nAdvisory net new assets (in billions)<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 2.0<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n1.6<\/p>\n<\/td>\n<\/tr>\n
\n \n \nOperating earnings (loss)<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 51<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n44<\/p>\n<\/td>\n<\/tr>\n<\/table>\n
- \n
- \nAUA increased by 16% due to market performance and net inflows over the last twelve months.<\/p>\n<\/li>\n
- \nAdvisory net inflows were $2.0 billion in the quarter, supported by an 8% year-over-year increase in advisor productivity.<\/p>\n<\/li>\n
- \nOperating earnings increased from $44 million in the prior year quarter to $51 million, primarily due to higher advisory and distribution fees.<\/p>\n<\/li>\n<\/ul>\n
Legacy<\/b><\/p>\n
\n
\n \n (in millions)<\/i><\/p>\n<\/td>\n
\n Q2 2025<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \nQ2 2024<\/p>\n<\/td>\n<\/tr>\n
\n \n \nAccount value (in billions)<\/p>\n<\/td>\n
\n $<\/b><\/p>\n<\/td>\n
\n 20.5<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n$<\/p>\n<\/td>\n
\n \n21.9<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nNet Flows<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n (580<\/b><\/p>\n<\/td>\n
\n )<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(667<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n<\/tr>\n
\n \n \nOperating earnings (loss)<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 28<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n28<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n
- \n
- \nAccount value decreased by 6% versus the prior year period due to expected outflows as the block runs off.<\/p>\n<\/li>\n
- \nNet outflows of $580 million were in line with expectations as this business continues to run-off at $2 billion to $3 billion annually.<\/p>\n<\/li>\n
- \nOperating earnings of $28 million were flat versus prior year.<\/p>\n<\/li>\n<\/ul>\n
Corporate and Other (\u201cC&O\u201d)<\/b><\/p>\n
\nThe operating loss of $139 million in the second quarter increased from an operating loss of $121 million in the prior year quarter. After adjusting for notable items9<\/sup>, the operating loss increased from $108 million in the prior year quarter to $123 million.<\/p>\n
\n
\n ____________________<\/td>\n<\/tr>\n \n 9<\/sup> Please refer to Exhibit 1 for a detailed reconciliation and definitions related to notable items.<\/td>\n<\/tr>\n<\/table>\n Exhibit 1: Notable Items<\/span><\/b><\/p>\n
\nNotable items represent the impact on results from our annual actuarial assumption review, approximate impacts attributable to significant variances from the Company\u2019s expectations, and other items that the Company believes may not be indicative of future performance. The Company chooses to highlight the impact of these items and give Non-GAAP measures less notable items to provide a better understanding of our results of operations in a given period. Certain figures may not sum due to rounding.<\/p>\n
\nImpact of notable items by segment and Corporate & Other:<\/p>\n
\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n Three Months Ended<\/b><\/p>\n
June 30,<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n (in millions)<\/i><\/p>\n<\/td>\n
\n 2025<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n2024<\/p>\n<\/td>\n<\/tr>\n
\n \n \nNon-GAAP Operating Earnings<\/p>\n<\/td>\n
\n $<\/b><\/p>\n<\/td>\n
\n 352<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n$<\/p>\n<\/td>\n
\n \n495<\/p>\n<\/td>\n<\/tr>\n
\n \n \nPost-tax Adjustments related to notable items:<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nIndividual Retirement<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 2<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n4<\/p>\n<\/td>\n<\/tr>\n
\n \n \nGroup Retirement<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 3<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n4<\/p>\n<\/td>\n<\/tr>\n
\n \n \nAsset Management<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \u2014<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u2014<\/p>\n<\/td>\n<\/tr>\n
\n \n \nProtection Solutions<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 74<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n9<\/p>\n<\/td>\n<\/tr>\n
\n \n \nWealth Management<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \u2014<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u2014<\/p>\n<\/td>\n<\/tr>\n
\n \n \nLegacy<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \u2014<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u2014<\/p>\n<\/td>\n<\/tr>\n
\n \n \nCorporate & Other<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 16<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n13<\/p>\n<\/td>\n<\/tr>\n
\n \n \nNotable items subtotal<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 95<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n30<\/p>\n<\/td>\n<\/tr>\n
\n \n \nImpact of actuarial assumption update<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u2014<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u2014<\/p>\n<\/td>\n<\/tr>\n
\n \n \nNon-GAAP Operating Earnings, less Notable Items<\/p>\n<\/td>\n
\n $<\/b><\/p>\n<\/td>\n
\n 447<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n$<\/p>\n<\/td>\n
\n \n525<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n
\nImpact of notable items by item category:<\/p>\n
\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n Three Months Ended<\/b><\/p>\n
June 30,<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n (in millions)<\/i><\/p>\n<\/td>\n
\n 2025<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n2024<\/p>\n<\/td>\n<\/tr>\n
\n \n \nNon-GAAP Operating Earnings<\/p>\n<\/td>\n
\n $<\/b><\/p>\n<\/td>\n
\n 352<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n$<\/p>\n<\/td>\n
\n \n495<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nPre-tax adjustments related to notable Items:<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nLate reported claims & associated expenses<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 73<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u2014<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nExpenses<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 26<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n11<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nAlternatives vs. plan<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 15<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n25<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nSubtotal<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 114<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n37<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nTax adjustment<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n (19<\/b><\/p>\n<\/td>\n
\n )<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(6<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n<\/tr>\n
\n \n \nPost-tax impact of notable Items<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n 95<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n30<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nImpact of actuarial assumption update<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \u2014<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u2014<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nNon-GAAP Operating Earnings, less Notable Items<\/p>\n<\/td>\n
\n $<\/b><\/p>\n<\/td>\n
\n 447<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n$<\/p>\n<\/td>\n
\n \n525<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n
Earnings Conference Call<\/b><\/p>\n
\nEquitable Holdings will host a conference call at 9 a.m. ET on August 6, 2025 to discuss its second quarter 2025 results. The conference call webcast, along with additional earnings materials, will be accessible on the company\u2019s investor relations website at ir.equitableholdings.com. Please log on to the webcast at least 15 minutes prior to the call to download and install any necessary software.<\/p>\n
\nTo register for the conference call, please use the following link:
\n
EQH Second Quarter 2025 Earnings Call<\/b><\/a><\/p>\n\nAfter registering, you will receive an email confirmation including dial in details and a unique conference call code for entry. Registration is open through the live call. To ensure you are connected for the full call we suggest registering a day in advance or at minimum 10 minutes before the start of the call.<\/p>\n
- Delivering shareholder value:<\/b>\n
- Second quarter 2025 business segment highlights:<\/b>\n
- Returned $318 million to shareholders in the second quarter, above 60-70% payout ratio target<\/b><\/li>\n<\/ul>\n
- Non-GAAP operating earnings2<\/sup> of $352 million, or $1.10 per share; adjusting for notable items3<\/sup>, Non-GAAP operating earnings were $447 million, or $1.41 per share<\/b><\/li>\n<\/ul>\n
- Net loss of $349 million, or $(1.21) per share<\/b><\/li>\n<\/ul>\n
- Positive net flows of $1.9 billion in Retirement1<\/sup> and $2.0 billion in Wealth Management; active net outflows of $4.8 billion in Asset Management<\/b><\/li>\n<\/ul>\n
- Combined NAIC RBC ratio over 500% following the Life reinsurance transaction and $1.7 billion of planned insurance subsidiary dividends to Holdings in the second half of 2025<\/b><\/li>\n<\/ul>\n