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Jun 30, 2021
Equitable Holdings Q2 2021 Earnings Report
Equitable Holdings reported strong Q2 2021 results with significant net flows and AUM growth.
Key Takeaways
Equitable Holdings reported strong second-quarter results, with non-GAAP operating earnings of $1.71 per share, a 74% increase year-over-year. The company benefited from positive net flows and favorable equity markets, with AUM reaching $869 billion, up 22% year-over-year. They successfully closed their VA reinsurance transaction, unlocking $1 billion of economic value.
Net income was $123 million, with net income per share at $0.23.
Non-GAAP operating earnings were $758 million, or $1.71 per share.
AUM reached $869 billion, a 22% increase year-over-year.
The company returned $355 million to shareholders in Q2 and $859 million year-to-date.
Forward Guidance
Equitable Holdings announced new targets including GA rebalance and expense savings by 2023.
Positive Outlook
- Targeting an additional $180 million in incremental investment income from General Account by leveraging synergies with AllianceBernstein.
- Committing $10 billion of General Account assets to help build out AllianceBernstein's higher multiple businesses.
- Announcing a new expense savings target of $80 million by 2023.
- Realized $58 million to date of the GA rebalance target.
- Achieved $17 million year-to-date of the expense savings target.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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