Financial Services / Diversified Financials
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EQH
Equitable Holdings, Inc. is a prominent financial services holding company that integrates complementary businesses including Equitable, AllianceBernstein, and Equitable Advisors. Founded in 1859 by Henry Baldwin Hyde, the company has grown into a leading American financial services provider, dedicated to preparing clients for their financial future. With a history spanning over 160 years, Equitable Holdings plays a crucial role in the financial well-being of millions of individuals and institutions.
The company's journey includes significant milestones. In 1991, the French insurance firm AXA acquired a majority stake, leading to its renaming as AXA Equitable Life Insurance Company in 2004. A pivotal change occurred in January 2020 when it became Equitable Holdings, Inc., following its spin-off from AXA and subsequent public offerings that began in May 2018. This evolution highlights its transformation into an independent, publicly traded entity.
Equitable Holdings operates across six distinct business segments: Individual Retirement, Group Retirement, Asset Management, Protection Solutions, Wealth Management, and Legacy.
The Individual Retirement segment offers individual variable annuity products designed for personal savings and retirement planning. The Group Retirement segment provides tax-deferred investment and retirement services tailored for plans sponsored by educational entities, municipalities, not-for-profit organizations, and small to medium-sized businesses.
The Asset Management segment is driven by AllianceBernstein (AB), a global investment management firm. It offers a broad spectrum of investment management and related services to institutional investors, retail clients, and private wealth management through diversified investment strategies.
The Protection Solutions segment delivers a comprehensive suite of life insurance products, including Variable Universal Life (VUL), Indexed Universal Life (IUL), and term life insurance. It also offers employee benefits such as group life, supplemental life, dental, vision, short-term and long-term disability, critical illness, accident, and hospital indemnity insurance. The Wealth Management segment provides discretionary and non-discretionary investment advisory accounts, financial planning services, life insurance, and annuity products. Equitable Advisors, LLC, with its 4,400 licensed financial professionals, is central to delivering these wealth and retirement planning services nationwide.
As of December 31, 2024, Equitable Holdings manages and administers over $1 trillion in assets. This figure represents a significant 10% year-over-year increase, underscoring the company's substantial scale and growth in the financial services industry. It serves a global client base exceeding 5 million.
Equitable Holdings reported robust financial performance for the full year 2024:
- Earnings Performance: Full year non-GAAP operating earnings per share (EPS) reached $5.93, marking a 29% increase year-over-year.
- Adjusted Earnings: Adjusted Non-GAAP Operating EPS stood at $6.18, up 20% compared to the previous year.
- Net Income: The company posted a full year net income of $1.3 billion, or $3.78 per share.
- Cash Generation: Generated $1.5 billion in cash flow to the Holding company, meeting the high end of its guidance range.
- Non-GAAP Operating Earnings: Reported at $522 million, or $1.57 per share, an 18% increase year-over-year.
- GAAP Net Income: Achieved $899 million for the quarter.
The company exhibited strong organic growth across its various business segments:
- Retirement Net Inflows: Achieved record net inflows of $7.1 billion for the full year, with $1.6 billion recorded in the fourth quarter.
- Wealth Management: Saw $4.0 billion in advisory net inflows for the year, alongside a 10% year-over-year increase in advisor productivity.
- Asset Management: AllianceBernstein reported active net inflows of $4.3 billion for the full year.
- Private Markets Growth: Assets Under Management (AUM) in Private Markets grew by 14% to $70 billion.
In 2024, Equitable Holdings demonstrated a strong commitment to shareholder value by deploying $1.3 billion in capital. This represents a 66% payout ratio, aligning with their target range of 60% to 70%. This disciplined approach balances capital return to shareholders with maintaining financial strength and strategic investment.
- Cash Generation: The company forecasts cash generation between $1.6 billion and $1.7 billion for 2025, continuing its trajectory towards a target of $2 billion by 2027.
- EPS Growth: The target for 2025 EPS growth is 12% to 15%.
Equitable's integrated business model is strategically positioned to capitalize on the significant growth opportunities within the U.S. retirement market and the increasing demand for advice-driven financial solutions. Key strategic initiatives include the continuous expansion of its private markets platform and the enhancement of its distribution capabilities. By leveraging its competitive product offerings, premier distribution network, and deep investment expertise, Equitable Holdings aims to remain a leading provider of retirement, wealth, and asset management solutions. The company's mission is to empower clients to achieve financial well-being, enabling them to lead long and fulfilling lives.
Equitable Holdings operates as a significant player in the diversified financial services sector. With a market capitalization generally ranging between $10 billion and $200 billion, it is classified as a large-capitalization company. The company is traded on the New York Stock Exchange (NYSE) under the ticker symbol EQH.
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