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Sep 30
Equitable Holdings Q3 2025 Earnings Report
Equitable Holdings reported a net loss in Q3 primarily due to a one-time impact from a life reinsurance transaction, despite delivering strong operating earnings and net inflows across key segments.
Key Takeaways
Equitable Holdings posted a net loss of $1.3 billion in Q3 2025 due to a life reinsurance transaction. However, the company delivered solid Non-GAAP operating earnings of $455 million and continued strong inflows in Retirement, Wealth, and Asset Management segments.
Net loss of $1.3 billion driven by a one-time life reinsurance transaction
Non-GAAP operating earnings were $455 million, or $1.48 per share
Retirement net inflows of $1.1 billion and Wealth Management net inflows of $2.2 billion
Asset Management (AB) reported net inflows of $1.7 billion, excluding reinsurance impact
Equitable Holdings
Equitable Holdings
Equitable Holdings Revenue by Segment
Revenue by Segment
Retirement Revenue
CapyFin.comAsset Management Revenue
CapyFin.comWealth Management Revenue
CapyFin.comCorporate & Other Revenue
CapyFin.com Forward Guidance
Equitable Holdings reaffirmed its confidence in meeting 2027 financial targets, supported by strong business growth and strategic capital deployment.
Positive Outlook
- On track to meet 2027 targets of $150M in expense savings and $110M investment income
- Acquisition of Stifel Independent Advisors to scale Wealth Management
- Deployed $1.5B of capital for buybacks, debt repayment, and growth
- AB’s Private Markets business has ~$80B AUM supported by $17B capital commitment
- Cash and liquidity levels remain well above minimum targets
Challenges Ahead
- One-time reinsurance transaction caused significant net loss
- Corporate & Other segment posted higher operating loss than prior year
- Investment losses of $1.17B impacted total revenue
- Segment net inflows in Retirement and Asset Management were lower than prior year
- Book value per share declined due to market adjustments and AOCI impact