NEW YORK--(BUSINESS WIRE)--Equitable Holdings, Inc. (“Equitable Holdings”, “Holdings”, or the “Company”) (NYSE: EQH) today announced financial results for the full year and fourth quarter ended December 31, 2024.

“2024 highlighted the building growth momentum for Equitable Holdings and we remain on track to deliver on each of our 2027 financial targets. Full year Non-GAAP operating earnings per share of $5.93 increased 29% from 2023 and was up 20% excluding notable items, above our 12-15% target. Equitable’s integrated business model positions us well to benefit from the tremendous growth in the US retirement market and the need for advice-driven solutions. Our Retirement businesses reported record net inflows of $7.1 billion for the full year, including $1.6 billion in the fourth quarter. In Wealth Management, we had $4.0 billion of advisory net inflows for the year and advisor productivity increased 10% year-over-year. Despite challenging industry dynamics, our asset management business, AllianceBernstein, delivered $4.3 billion of active net inflows in 2024. Strong sales and net inflows helped drive steady growth in both spread- and fee-based earnings, contributing to a 15% increase in annual cash generation to $1.5 billion. This enabled us to return $1.3 billion of capital to shareholders in the year, delivering on our 60-70% payout ratio guidance,” said Mark Pearson, President and Chief Executive Officer.

Mr. Pearson concluded, “Looking forward, we expect our strong momentum to continue in 2025. We forecast Non-GAAP operating EPS growth to be consistent with our 12-15% target and project cash generation to increase to $1.6-1.7 billion, supported by organic growth across our Retirement, Asset Management, and Wealth Management businesses and continued execution against our strategic initiatives.”

As of December 31, 2024, total AUM/A was $1.0 trillion, a year-over-year increase of 10%, driven by positive net inflows and higher markets over the prior twelve months.

On a full year basis, Net income attributable to Holdings was $1.3 billion in 2024, flat compared to 2023.

Full year Non-GAAP operating earnings were $2.0 billion in 2024 versus $1.7 billion in 2023. Adjusting for notable items of $79 million, 2024 Non-GAAP operating earnings were $2.1 billion or $6.18 per share.

Net income (loss) attributable to Holdings for the fourth quarter of 2024 was $899 million compared to $(698) million in the fourth quarter of 2023.

Non-GAAP operating earnings in the fourth quarter of 2024 was $522 million compared to $476 million in the fourth quarter of 2023. Adjusting for notable items⁵ of $27 million, fourth quarter 2024 Non-GAAP operating earnings was $549 million or $1.65 per share.

As of December 31, 2024, book value per common share including accumulated other comprehensive income (“AOCI”) was $0.25. Book value per common share excluding AOCI was $28.36.

Business Highlights

• Full year 2024 business segment highlights:
  • Individual Retirement (“IR”) reported full year net inflows of $7.2 billion, and first year premiums were up 30% over the prior year, with growth across all products.
  • Group Retirement (“GR”) reported full year net outflows of $104 million. Tax-exempt net inflows of $77 million and institutional premiums of $692 million were more than offset by outflows in the corporate channel and other run-off products.
  • Asset Management (AllianceBernstein or “AB”⁶) reported full year net outflows of $2.2 billion with lower-fee passive net outflows partially offset by active net inflows of $4.3 billion.
  • Protection Solutions (“PS”) reported $3.2 billion of full year gross written premiums with accumulation-oriented VUL first year premiums up 9% and Employee Benefits first year premiums up 15% over the prior year.
  • Wealth Management (“WM”) reported full year advisory net inflows of $4.0 billion, with total assets under administration reaching $100.6 billion.
  • Legacy (“L”) had $2.8 billion of full year net outflows and continues to run-off at $2-$3 billion annually.
• Capital management program:
  • The Company returned $1.3 billion to shareholders in 2024, including $335 million in the fourth quarter. This was consistent with our payout ratio target of 60-70% of Non-GAAP operating earnings.
  • The Company continues to benefit from a diverse business mix, with $1.5 billion of cash flows to the Holding company for the year, in line with the 2024 guidance.
  • The Company reported cash and liquid assets of $1.8 billion at Holdings⁷ as of quarter end, which remains above the $500 million minimum target. The combined NAIC RBC ratio was approximately 425% at year end, above the Company’s target of 375-400%.
• Delivering shareholder value:
  • The Company has deployed $12 billion of its $20 billion capital commitment to AB. This supports growth in AB’s Private Markets business, which currently has $70 billion in assets under management.
  • Through year end 2024, the Company has achieved $100 million of its targeted $150 million of run-rate expense savings by 2027. It has also achieved $80 million of the targeted $110 million of incremental investment income from the general account by 2027.

Business Segment Results

Individual Retirement