Equitable Holdings — Third Quarter 2026 Earnings Summary

Financial Performance:

• Net income attributable to Holdings was $1.1 billion ($4.05 per share) for the third quarter of 2026, compared to a net loss of $1.3 billion ($4.47 per share) in the same period in 2025.
• Non-GAAP operating earnings were $595 million ($2.13 per share) for the quarter, up from $455 million ($1.48 per share) in the prior year quarter, representing a 19% year-over-year increase.
• Adjusting for notable items, Non-GAAP operating earnings were $554 million ($1.98 per share).
• Total Assets Under Management/Administration (AUM/A) increased 4% year-over-year to $1.2 trillion as of September 30, 2026.
• Book value per common share including accumulated other comprehensive income (AOCI) was $(10.69), while book value per common share excluding AOCI was $20.17.
• The Company returned $320 million to shareholders in the quarter, consisting of $82 million in cash dividends and $238 million in share repurchases.
• The payout ratio for the quarter was 59%, with the Company on track to deliver a 60-70% payout ratio for the full year 2026.
• Cash and liquid assets at Holdings were $0.9 billion at quarter end, exceeding the $500 million minimum target.

Guidance and Future Outlook:

• The Company delivered on its guidance for greater than 15% growth in Non-GAAP operating earnings per share for the first nine months of 2026, which increased 22% year-over-year.
• The merger with Corebridge Financial remains on track to close by year-end 2026, subject to regulatory approvals.
• Management expects the merger to bring greater scale, expanded product offerings, and broader distribution to meet demand for financial advice and retirement solutions.

Business Segments and Product Lines:

• Retirement: Reported net inflows of $1.1 billion and first-year premiums of $6.2 billion, an increase of 14% over the prior year. Operating earnings were $432 million, up from $405 million in the prior year quarter.
• Asset Management (AllianceBernstein): Reported net inflows of $6.6 billion, including a $12 billion commercial mortgage loan mandate from Equitable. Total AUM was $900.4 billion, up 5% year-over-year. Operating earnings were $152 million, down slightly from $154 million in the prior year quarter.
• Wealth Management: Reported advisory net inflows of $2.7 billion and total assets under administration (AUA) of $140 billion. Operating earnings were $75 million, up from $59 million in the prior year quarter.
• Corporate and Other: Reported an operating loss of $64 million, a decrease from a loss of $163 million in the prior year quarter.
• The Company completed its annual actuarial assumption review, resulting in a positive $111 million impact to net income and a $28 million impact to Non-GAAP adjusted operating earnings.
• The Company deployed over $25 billion of capital to AB's Private Markets Platform, exceeding its original $20 billion commitment; this segment held $105 billion in assets under management as of quarter end.

Market and Competitive Landscape:

• Total AUM/A growth was driven by positive net flows and higher equity markets over the prior twelve months.
• Wealth Management AUA increased 19% over the last twelve months due to market performance, net inflows, and acquired assets from the Stifel transaction.
• Asset Management net inflows were driven by $15.7 billion in Institutional inflows, partially offset by $8.4 billion in Retail outflows and $0.7 billion in Private Wealth outflows.

Risks and Challenges:

• The press release notes risks related to the ability to complete the merger with Corebridge Financial, including obtaining regulatory approvals and potential integration difficulties.
• Forward-looking statements highlight risks regarding market conditions, interest rate fluctuations, equity market volatility, and the potential impact of the merger on business operations and stock price.
• Risks include the possibility of the merger agreement being terminated, adverse effects on hiring and retention, and the potential for the transaction to be more expensive than anticipated.

Management Commentary and Tone:

• Mark Pearson, President and CEO, stated that the Company delivered Non-GAAP operating earnings per share of $2.13, up 19% from the prior year, and highlighted strong organic growth across all businesses.
• Management expressed confidence in the demand for financial advice and retirement solutions, noting that the merger with Corebridge will position the combined entity to serve more customers and deliver shareholder value.
• The tone reflects confidence in meeting 2026 guidance and the strategic benefits of the upcoming merger.

Other Key Points:

• On October 13, 2026, the Company completed the sale of its Employee Benefits business to The Hartford.
• The Company has approximately 5 million client relationships globally and more than 4,500 financial professionals in its Wealth Management segment.
• The merger with Corebridge Financial is expected to provide estimated run-rate expense synergies and projected cost savings.
• The Company's 68% ownership stake in AllianceBernstein is reflected in its book value calculations.