Equitable Holdings, Inc. · NYSE:EQH
Equitable — Investor Presentation (2026)
21 slides from Equitable's investor presentation, 2026
Slide 1: The EQH Investment Opportunity
The EQH Investment Opportunity 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 includes statements, which, to the extent they are not statements of historical or present fact, constitute “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act
Slide 3: Note Regarding Forward-Looking Statements and Non-GAAP Financial Measures
Note Regarding Forward-Looking Statements and Non-GAAP Financial Measures The Company has presented forward-looking statements regarding Non-GAAP operating earnings, Non-GAAP operating earnings per share and Adjusted operating margin at AB. These Non-GAAP financial measures are derived by excluding
Slide 4: Diversified financial services company with three core growth engines
Diversified financial services company with three core growth engines Retirement Asset Management all weather product portfolio to meet the leading active manager with varying retirement needs of our clients growing alternative investment capabilities $286bn $906bn AUM AUM as of 6/30/261 as of 6/30/
Slide 5: Key strategic convictions – what we need to win long term
Key strategic convictions – what we need to win long term Exceptional customer Provide simple solutions to complex financial problems through a experience broad product range, tailored advice, and ease of doing business Creates a competitive advantage in acquiring customers and Distribution power ma
Slide 6: Merger aligns with strategy to deliver growth and shareholder value
Merger aligns with strategy to deliver growth and shareholder value Capitalize on Scale Capture the Full Advantages Value Chain Increased cash flow Operate as a manufacturer, distributor and asset Top-quartile expense ratio manager to capture greater to support higher profitability share of pr
Slide 7: Equitable and Corebridge have complementary strengths
Equitable and Corebridge have complementary strengths Products Pro Forma FIA / FA Retirement RILA / VA #1 Seller of individual annuities1 Individual Term / UL Life Variable UL Leading position in targeted life products Group 403(b) / 457 Leading player in 403(b) and 457 PRT / GICs / Institutio
Slide 8: Merger will drive attractive financial outcomes
Merger will drive attractive financial outcomes Creates a robust balance sheet Diversifies sources of income Pro-forma for FY’25 $30bn+ Underwriting margin 13% Adj. book value, pro-forma as of YE’251 Fee income 44% $25bn+ 44% Spread income Statutory capital, pro-forma as of YE’25 Improves profitabil
Slide 9: The U.S. is the world’s largest retirement market and is growing
The U.S. is the world’s largest retirement market and is growing $58.5 trillion total assets of top 22 pension markets at year-end 2024 65% 7.2% U.S. market share asset growth rate (followed by Japan and Canada with c.6% respectively) in the U.S. in 2024 Where we play: $2.5 trillion $12.5 trillion A
Slide 10: Retirement
Retirement Segment overview Total sales1 $bn Broad based retirement solutions provider: 22.4 Individual Annuity (RILA, Trad. VA, MYGA) 20.9 18.0 Group Annuity (Tax-Exempt 403(b)/457, 14.8 15.8 Corporate 401k, MEP/PEP) Institutional (In-plan annuities, HSA) 10.7 11.7 10.5 Differentiated dis
Slide 11: Annuity industry snapshot
Annuity industry snapshot Year-end deferred annuity sales, $billions 500 465 434 Fixed Annuity Variable Annuity 400 383 348 194 181 300 257 265 258 190 239 222 238 230 237 236 222 240 235 159 48 220 204 220 83 48 49 48 67 200 25 81 50 38 45 57 70 60 128 50 69 127 27 32 32 34 39 48 54 66 30 59 70 74
Slide 12: Registered Index-Linked Annuity (RILA) overview
Registered Index-Linked Annuity (RILA) overview RILAs offer clients market upside with downside protection Up 100% cap1 Caps and buffers vary by segment choice Positive return for and duration segment, client receives market return Client invests in a variety of segments that replicate returns of va
Slide 13: RILA sales have limited sensitivity to the macro environment; distribution provides a durable competitive advantage
RILA sales have limited sensitivity to the macro environment; distribution provides a durable competitive advantage EQH historical cap rates and sales Distribution provides a competitive advantage 6-yr S&P 500, 20% downside buffer 600% Equitable Advisors drives 35-40% of RILA sales Avg. Cap Rate (
Slide 14: Asset Management (AllianceBernstein)
Asset Management (AllianceBernstein) Segment overview Active Net flows Leading global active manager with $30bn distribution footprint in 21 countries $26bn Capabilities across asset classes including active equity, active fixed income, multi- asset and alts; distribution across retail, institut
Slide 15: Integrating insurance and asset management generates value
Integrating insurance and asset management generates value AB receives steady net inflows from Equitable’s general account Equitable provides permanent capital to fund Private Markets growth AB provides Equitable with steady non-regulated cash flows Equitable benefits from investments that e
Slide 16: EQH AllianceBernstein ownership structure
EQH AllianceBernstein ownership structure Ownership breakdown as of 6/30/26 AB Units (mil) % of Total AB Units EQH direct ownership of ABLP Units 199.3 67.0% 68% EQH EQH ownership through 1% interest in General Partnership 3.1 1.0% economic interest in AB EQH indirect ownership of ABLP units through
Slide 17: Wealth Management
Wealth Management Segment overview Advisory net new assets Affiliated advice platform with c.4,600 2.2bn 2.1bn 2.1bn 2.0bn 2.0bn advisors, including 920 wealth planners, generating fees from commissions, advisory 1.6bn fees and cash sweeps 1.1bn 1.0bn 0.9bn 0.9bn 0.9bn Top 10 independent Broker
Slide 18: Conservative, high quality investment portfolio as of 2Q’26
Conservative, high quality investment portfolio as of 2Q’26 General Account Investment Portfolio Fixed Maturity Portfolio Alts. & Other Policy Loans <Baa 2% 2% 3% Mortgage Loans Public Corporates Baa 29% 28% 21% Other Fixed Maturities 1% 5% $117bn 1 $86bn U.S. Treasury, Gov’t and Agency 70% 19% 20%
Slide 19: High quality private credit portfolio as of 2Q’26
High quality private credit portfolio as of 2Q’26 Private ABS 28% Infrastructure $117bn Direct Lending Debt 1 19% 3% $22bn 21% General Private Credit Portfolio Account 48% Private Placements Diversified portfolio that is well matched with our liability profile Direct line of sight into investments w
Slide 20: Mortgage portfolio with strong fundamentals as of 2Q’26
Mortgage portfolio with strong fundamentals as of 2Q’26 Office 18% Industrial $117bn 10% 1 21% Hospitality 4% $25bn Mortgage 38% Multifamily General Portfolio Account 15% RML 2% 11% 3% Retail Ag. Loans Mixed CMLs are an attractive risk-adjusted investment Office portfolio has solid fundamentals Resi
Slide 21: Balance sheet can withstand severe credit stress
Balance sheet can withstand severe credit stress Hypothetical credit stress scenario assumes at least GFC for IG, structured credit and CML; -40% equity mkt for alts c.475% 430% -20% -18% -8% 2025 RBC Ratio Estimated Estimated Net impact of Post-credit credit losses credit migration alternatives str