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Jun 30
Equitable Holdings Q2 2025 Earnings Report
Equitable Holdings reported Q2 2025 results with a net loss but highlighted strategic progress including a major reinsurance transaction.
Key Takeaways
Despite posting a net loss of $349 million, Equitable Holdings advanced its strategic repositioning through a $2 billion reinsurance transaction and maintained strong net inflows in key segments.
Reported net loss of $349 million due to elevated mortality in Protection Solutions.
Non-GAAP operating earnings were $352 million, or $1.10 per share.
Adjusted EPS (excluding notable items) was $1.41.
Returned $318 million to shareholders through dividends and repurchases.
Equitable Holdings
Equitable Holdings
Equitable Holdings Revenue by Segment
Revenue by Segment
Individual Retirement Revenue
CapyFin.comGroup Retirement Revenue
CapyFin.comAsset Management Revenue
CapyFin.comProtection Solutions Revenue
CapyFin.comWealth Management Revenue
CapyFin.comLegacy Revenue
CapyFin.comCorporate and Other Revenue
CapyFin.com Forward Guidance
Equitable expects accelerated EPS growth in H2 2025 and reaffirms 2027 financial targets.
Positive Outlook
- Anticipates acceleration in EPS growth in H2 2025.
- On track to achieve $2B in annual cash generation by 2027.
- Maintains payout ratio target of 60–70%.
- Continued strong momentum in Retirement and Wealth Management segments.
- Life reinsurance transaction enhances capital flexibility.
Challenges Ahead
- Q2 results fell short due to elevated mortality in Individual Life.
- Asset Management saw $4.8B in net outflows, especially in April.
- Legacy block continues to run off at $2–3B annually.
- Book value per share excluding AOCI declined year-over-year.
- Net investment income from alternatives underperformed expectations.