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Jun 30, 2025
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.
Revenue by Segment
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.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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