Slide 1: Equitable Holdings First Quarter 2025 Earnings Results
Equitable Holdings First Quarter 2025 Earnings Results April 29, 2025 Equitable
Slide 2: Note Regarding Forward-Looking Statements and Non-GAAP Financial Measures
Note Regarding Forward-Looking Statements and Non-GAAP Financial Measures This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “expects,” “believes,” “anticipates,” “intends,” “seeks,” “aims,” “plans,” “assume
Slide 3: First quarter 2025 highlights
First quarter 2025 highlights 1Q’25 results pressured by elevated mortality • Non-GAAP operating earnings1 per share of $1.30, or $1.35 per share after adjusting for notable items2 • Protection Solutions operating loss of $17m, due to excess Individual Life mortality • Asset Management operating ear
Slide 4: Equitable's businesses benefiting from durable growth drivers
Equitable’s businesses benefiting from durable growth drivers Retirement Asset Management $136bn AUM1, 6% TTM organic growth $785bn AUM, 0.5% TTM active organic growth 4 million Americans turning 65 Private credit markets have each year grown tenfold since 2007 >$600bn of assets leaving 401k
Slide 5: Strong track record of managing through market volatility
Strong track record of managing through market volatility Stable RBC ratio1 Diverse & growing cash flow2 Consistent capital return3 Equitable RBC Ratio (LHS) Insurance Asset and Wealth Venerable ASR Dividends Share Repurchases S&P 500 Indexed Total Return (RHS) FCF per share $4.00 $3.80 1.8bn 200 50
Slide 6: First quarter consolidated results summary
First quarter consolidated results summary Non-GAAP Operating Earnings, Non-GAAP Operating EPS, Assets under management adjusted for notable items1 adjusted for notable items1 and administration GR $bn $ AUM +3% AUA 24% -3% 1.39 975 1,006 PS 1.35 -2% IR 39% $434m 882 904 23% AB 4% 8% 92 102 1Q24 1Q2
Slide 7: Continued momentum in spread and fee-based income
Continued momentum in spread and fee-based income Spread income, net interest margin $millions Fee-based revenue, $millions Individual Retirement Group Retirement Retirement1 Asset Mgmt.2 Wealth Mgmt.3 +9% +8% 323 +6% +21% 296 782 723 -1% 424 450 181 150 89 88 1Q24 1Q25 2023 2024 1Q24 1Q25 1Q24 1Q25
Slide 8: Capital management driving shareholder value
Capital management driving shareholder value Return to common shareholders Consistent capital return Dividends Share Repurchases Returned $335m to shareholders in 1Q’25 $325m $330m $335m $335m including $261m in share repurchases $78m $76m $75m $74m 1Q’25 payout ratio1 of 80%, above 60-70% $247m
Slide 9: Manageable macro exposures and well-protected balance sheet
Manageable macro exposures and well-protected balance sheet Total company macro sensitivities Balance sheet can withstand severe credit stress Credit stress assumes at least GFC for IG, structured credit and CML; -40% equity mkt for alts c.450-475% Equity market +/-10% = c.$150m after tax (Fee-based
Slide 10: Individual Life transaction and AB tender update
Individual Life transaction and AB tender update Mid-2025 2H’25 April 1st • Purchased 19.7m AB Holding units • Reinsurance transaction on track • Expect extraordinary dividend to for c.$760m using HoldCo liquidity to close mid-2025 with a base HoldCo to fund at least $500m of case effective date of
Slide 11: Looking ahead
Looking ahead Businesses benefiting from durable underlying growth drivers Robust balance sheet and diversified sources of cash flow Track record of executing through volatile markets Individual Life transaction further enhances financial flexibility 1Q25 Earnings Presentation 11
Slide 12: Appendix
Appendix Equitable Holdings First Quarter 2025 Earnings Results
Slide 13: Explanation of footnotes
Explanation of footnotes Page 3 1Non-GAAP Operating Earnings equals our consolidated after-tax net income attributable to Holdings adjusted to eliminate the impact of certain items; Please see detailed Non-GAAP reconciliation in Appendix 2Non-GAAP Operating Earnings adjusted for Notable Items; Pleas
Slide 14: Conservative, high quality investment portfolio
Conservative, high quality investment portfolio General Account Investment Portfolio Fixed Maturity Portfolio U.S. Treasury, Gov’t and Agency <Baa 5% 2% Structured Credit 21% Baa 31% Corporates 47% $114bn 1 1% Other Fixed Maturities $84bn 67% 18% Mortgage Loans Aaa, Aa, A 3% 4% Policy Loans Alts. &
Slide 15: Alternatives portfolio has produced strong returns over time
Alternatives portfolio has produced strong returns over time Historical Alternative Investment Portfolio Annualized Returns $millions, pre-tax Alternative Investment Portfolio Annualized Returns +10% average return since 2013; continue to expect portfolio to deliver +8-12% annual returns over time 2
Slide 16: Individual Retirement
Individual Retirement Operating Earnings, adjusted for Notable Items1 Highlights $m Operating Earnings adjusted for Notable Items1 decreased due to higher expenses, partially offset by higher net 239 218 investment margin Net inflows of $1.4bn in 1Q’25; organic growth of 8% on a trailing twelve-
Slide 17: Group Retirement
Group Retirement Operating Earnings, adjusted for Notable Items1 Highlights $m Operating Earnings adjusted for Notable Items1 increased primarily due to growth in fee-based revenue 133 123 Net inflows of $192m in 1Q, including $27m of tax-exempt net inflows; outflows in corporate and other run-o
Slide 18: Asset Management (AB)
Asset Management (AB) Operating Earnings, adjusted for Notable Items1 Highlights $m Growth in operating earnings adjusted for Notable Items1 driven primarily by higher base fees and higher margins 126 Net inflows of $2.4bn, with positive flows across all channels 97 Adjusted operating margin2
Slide 19: Protection Solutions
Protection Solutions Operating Earnings, adjusted for Notable Items1 Highlights $m Mortality claims were approximately $80m pre-tax, above our normal expectations, driven by a number of large claims with 50 limited reinsurance coverage Annualized premiums up 16% year-over-year driven by growth i
Slide 20: Wealth Management
Wealth Management Operating Earnings Highlights $m Operating earnings increased primarily due to higher advisory and distribution fees, partially offset by higher 43 46 commission expense Advisory net inflows of $2.0bn in 1Q’25 Total AUA of $102bn, up 10% YoY, with two-thirds in fee- based adv
Slide 21: Legacy
Legacy Operating Earnings, adjusted for Notable Items1 Highlights $m Operating Earnings adjusted for Notable Items1 decreased primarily due to lower fee-based revenue as AUM 34 declined 25 Net outflows of $719m were in line with expectations as this business continues to run-off at $2-3bn per ye
Slide 22: Reconciliation of Non-GAAP and Other financial disclosures
Appendix Reconciliation of Non-GAAP and Other financial disclosures EQH Non-GAAP Operating Earnings Three Months Ended March 31, (in millions) 2025 2024 Net income (loss) attributable to Holdings $ 63 $ 92 Adjustments related to: Variable annuity product features (1) 211 330 Investment gains (losses
Slide 23: Impact of Notable Items by segment and corporate & other
Appendix Impact of Notable Items1 by segment and corporate & other Q1 (2025) reported Alternatives adjustment Actuarial Items & Model Changes Expenses Tax Rate Q1 (2025) adjusted After-tax Pre-tax After-tax Pre-tax After-tax Pre-tax After-tax True-up After-tax Individual Retirement 216 2.6 2.2 - - -
Slide 24: Impact of Notable Items by segment and corporate & other
Appendix Impact of Notable Items1 by segment and corporate & other Individual Asset Protection Corporate and Wealth Three Months Ended Q1 (2025) Group Retirement Legacy Segment Consolidated Retirement Management Solutions Other Management Non-GAAP Operating Earnings 216 130 126 (17) (104) 46 24 421