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Mar 31, 2021
Equitable Holdings Q1 2021 Earnings Report
Equitable Holdings reported strong first quarter results with a net loss of $1.5 billion and non-GAAP operating earnings of $600 million.
Key Takeaways
Equitable Holdings reported a net loss of $1,488 million, or $3.46 per share, compared to a net income of $5,388 million in the first quarter of 2020. Non-GAAP operating earnings were $600 million, or $1.35 per share, up 19% year-over-year. Assets under management grew 27% year-over-year to $822 billion.
Net loss of $1.5bn; net loss per share of $3.46
Non-GAAP operating earnings of $600m, or $1.35 per share
AUM up 27% year-over-year to $822 billion
Capital returned of $504m to shareholders
Revenue by Segment
Forward Guidance
The Company expects to continue delivering on its 50-60% payout ratio target, with an incremental $500 million of share repurchases in 2021, subject to the close of the variable annuity reinsurance transaction with Venerable.
Positive Outlook
- Continued focus on growing capital-resilient businesses
- Variable annuity reinsurance transaction remains on track to close in the second quarter of 2021
- Expenses lower year-over-year, excluding one-time items and revenue-related variable expenses
- Net realized expense savings of $8 million in the quarter
- Continued focus on productivity
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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