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Equitable: Driving Retirement Growth Through FABN Expansion & Margin Stabilization Efforts!

Equitable Holdings reported full-year 2025 financial results reflecting modest earnings growth amid elevated mortality claims that constrained stronger performance. Non-GAAP operating earnings per share increased by 1% over the prior year, reaching $5.64, or $6.21 after adjusting for certain items. The company generated organic cash flow of $1.6 billion, meeting its guidance range, and ended the year with a record $1.1 trillion in assets under management and administration, providing a foundation for future fee and spread-based earnings. The firm returned $1.8 billion to shareholders through dividends and share repurchases, including $500 million funded by proceeds from a life reinsurance transaction. Equitable Holdings has strategically shifted its business focus to three core growth areas: U.S. retirement, asset management, and wealth management, with efforts to reduce exposure to legacy insurance risks and lower capital intensity.