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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Equitable Holdings Inc | NYSE:EQH | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.31 | -0.74% | 41.73 | 42.14 | 41.68 | 42.04 | 1,112,276 | 01:00:00 |
Equitable Holdings, Inc. (“Equitable Holdings”, “Holdings”, or the “Company”) (NYSE: EQH) today announced financial results for the first quarter ended March 31, 2023.
“We reported non-GAAP operating earnings of $0.96 per share, or $1.21 per share after adjusting for notable items, up 9% compared to the fourth quarter 2022 and down 18% compared to the prior year quarter. Adjusted results, which account for volatility in mortality and lower alternatives performance, were in line with expectations with equity markets driving fee-based earnings. Our Retirement, Asset and Wealth Management businesses continue to generate strong new business value with in-demand offerings leading to $3.2 billion in core net inflows2,” said Mark Pearson, President and Chief Executive Officer.
Mr. Pearson continued, “With an increasing focus on the balance sheet across our industry, we are well-positioned for periods of market stress with a conservatively positioned and high quality investment portfolio, which is A2-rated with fixed maturities that are 96% investment grade, and a strong capital position supported by $1.8 billion of cash and liquid assets at Holdings3.”
Mr. Pearson concluded, “This quarter, we have also enhanced our disclosures, providing further transparency into the strength of our integrated business model, and look forward to highlighting the significant opportunity ahead for Equitable Holdings at our inaugural Investor Day on May 10th.”
Consolidated Results
First Quarter
(in millions, except per share amounts or unless otherwise noted)
2023
2022
Total Assets Under Management/Administration (“AUM/A”, in billions)
$
864
$
935
Net income attributable to Holdings
177
530
Net income attributable to Holdings per common share
0.45
1.32
Non-GAAP operating earnings
364
499
Non-GAAP operating earnings per common share (“EPS”)
0.96
1.24
As of March 31, 2023, total AUM/A was $864 billion, a year-over-year decrease of 7.6%, driven by lower markets over the prior twelve months.
The Net income attributable to Holdings for the first quarter of 2023 was $177 million compared to $530 million in the first quarter of 2022.
Non-GAAP operating earnings in the first quarter of 2023 was $364 million compared to $499 million in the first quarter of 2022. Adjusting for notable items6 of $92 million, first quarter 2023 Non-GAAP operating earnings were $456 million or $1.21 per share.
As of March 31, 2023, book value per common share, including accumulated other comprehensive income (“AOCI”), was $6.10. Book value per common share, excluding AOCI, was $24.25.
Business Highlights
Business Segment Results
Individual Retirement
(in millions, unless otherwise noted)
Q1 2023
Q1 2022
Account value (in billions)
$
78.8
$
79.6
Segment net flows
932
665
Operating earnings (loss)
200
203
Group Retirement
(in millions, unless otherwise noted)
Q1 2023
Q1 2022
Account value (in billions) (1)
$
33.6
$
46.0
Segment net flows (2)
30
523
Operating earnings (loss)
89
144
(1) Effective October 3, 2022, AV excludes activity related to ceded AV to Global Atlantic. In addition, roll-forward reflects the AV ceded to Global Atlantic as of the transaction date.
(2) For the three months ended March 31, 2023, net out flows of $180 million are excluded as these amounts are related to ceded AV to Global Atlantic.
AllianceBernstein
(in millions, unless otherwise noted)
Q1 2023
Q1 2022
Total AUM (in billions)
$
675.9
$
735.4
Segment net flows (in billions)
0.8
11.4
Operating earnings (loss)
99
136
Protection Solutions
(in millions)
Q1 2023
Q1 2022
Gross written premiums
$
786
$
778
Annualized premiums
292
77
Operating earnings (loss)
(35)
(3)
Wealth Management
(in millions, unless otherwise noted)
Q1 2023
Q1 2022
Total AUA (in billions)
$
75.6
$
78.9
Net Flows (in billions)
1.4
1.7
Operating earnings (loss)
32
32
Legacy
(in millions)
Q1 2023
Q1 2022
Account value (in billions)
$
22.0
$
26.8
Net Flows (1)
(523
)
(613
)
Operating earnings (loss)
60
63
(1) Net flows excluded as it relates to AV ceded to Venerable for the discrete periods of March 31, 2022 and March 31, 2023 were $(316) million and $(292) million, respectively.
Corporate and Other (“C&O”)
Operating loss of $81 million in the first quarter increased compared to operating loss of $76 million in the prior year quarter, primarily driven by higher interest credited partially offset by higher net investment income and lower expenses compared to the prior year quarter. Operating loss after adjusting for notable items13 increased from $82 million in the prior year quarter to $86 million.
Exhibit 1: Notable Items
Notable items represent the impact on results from our annual actuarial assumption review, approximate impacts attributable to significant variances from the Company’s expectations, and other items that the Company believes may not be indicative of future performance. The Company chooses to highlight the impact of these items and Non-GAAP measures, less notable items to provide a better understanding of our results of operations in a given period. Certain figures may not sum due to rounding.
Impact of notable items by segment and Corporate & Other:
Three Months Ended
March 31,
(in millions)
2023
2022
Non-GAAP Operating Earnings
364
$
499
Post-tax Adjustments related to notable items:
Individual Retirement
4
(3
)
Group Retirement
8
(5
)
Investment Management and Research
—
—
Protection Solutions
81
112
Wealth Management
—
—
Legacy
4
(3
)
Corporate & Other
(5
)
(6
)
Notable items subtotal
92
95
Less: impact of actuarial assumption update
—
—
Non-GAAP Operating Earnings, less Notable Items
$
456
$
594
Impact of notable items by item category:
Three Months Ended
March 31,
(in millions)
2023
2022
Non-GAAP Operating Earnings
364
$
499
Pre-tax adjustments related to Notable Items:
Actuarial Updates/Reserve
—
—
Mortality
62
143
Expenses
—
—
Net Investment Income
47
(24
)
Subtotal
109
119
Post-tax impact of Notable Items
92
95
Less: impact of actuarial assumption update
—
—
Non-GAAP Operating Earnings, less Notable Items
$
456
$
594
Impact of Notable Items by segment and corporate & other:
Three months ended 3/31/2023 ($m)
IR
GR
AB
PS
WM
L
C&O
Consolidated
Non-GAAP Operating Earnings
200
89
99
(35
)
32
60
(81
)
364
Pre-tax adjustments related to Notable Items:
Actuarial Updates/Reserve
—
—
—
—
—
—
—
—
Mortality
—
—
—
77
—
—
(15
)
62
Expenses
—
—
—
—
—
—
—
—
Net Investment Income
4
9
—
19
—
5
9
47
Pre-tax Subtotal
4
9
—
96
—
5
(6
)
109
Tax adjustment
(1
)
(1
)
—
(15
)
—
(1
)
1
(17
)
Post-tax impact of Notable Items
4
8
—
81
—
4
(5
)
92
Impact of Actuarial Assumption Update
—
—
—
—
—
—
—
—
Non-GAAP Operating Earnings, less Notable Items
204
97
99
46
32
64
(86
)
456
Three months ended 3/31/2022 ($m)
IR
GR
AB
PS
WM
L
C&O
Consolidated
Non-GAAP Operating Earnings
203
144
136
(3
)
32
63
(76
)
499
Pre-tax adjustments related to Notable Items:
Actuarial Updates/Reserve
—
—
—
—
—
—
—
—
Mortality
—
—
—
143
—
—
—
143
Expenses
—
—
—
—
—
—
—
—
Net Investment Income
(3
)
(6
)
—
(8
)
—
(3
)
(4
)
(24
)
Pre-tax Subtotal
(3
)
(6
)
—
135
—
(3
)
(4
)
119
Tax adjustment
(1
)
0
—
(23
)
—
0
(1
)
(24
)
Post-tax impact of Notable Items
(3
)
(5
)
—
112
—
(3
)
(6
)
95
Impact of Actuarial Assumption Update
—
—
—
—
—
—
—
—
Non-GAAP Operating Earnings, less Notable Items
200
139
136
109
32
60
(82
)
594
Earnings Conference Call
Equitable Holdings will host a conference call at 8 a.m. ET May 4, 2023 to discuss its first quarter 2023 results. The conference call webcast, along with additional earnings materials will be accessible on the company’s investor relations website at ir.equitableholdings.com. Please log on to the webcast at least 15 minutes prior to the call to download and install any necessary software.
To register for the conference call, please use the following link: EQH First Quarter 2023 Earnings Call
After registering, you will receive an email confirmation including dial in details and a unique conference call code for entry. Registration is open through the live call. To ensure you are connected for the full call we suggest registering a day in advance or at minimum 10 minutes before the start of the call.
A webcast replay will be made available on the Equitable Holdings Investor Relations website at ir.equitableholdings.com.
About Equitable Holdings
Equitable Holdings, Inc. (NYSE: EQH) is a financial services holding company comprised of two complementary and well-established principal franchises, Equitable and AllianceBernstein. Founded in 1859, Equitable provides advice, protection and retirement strategies to individuals, families and small businesses. AllianceBernstein is a global investment management firm that offers high-quality research and diversified investment services to institutional investors, individuals and private wealth clients in major world markets. Equitable Holdings has approximately 12,300 employees and financial professionals, $864 billion in assets under management and administration (as of 3/31/2023) and more than 5 million client relationships globally.
Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “expects,” “believes,” “anticipates,” “intends,” “seeks,” “aims,” “plans,” “assumes,” “estimates,” “projects,” “should,” “would,” “could,” “may,” “will,” “shall” or variations of such words are generally part of forward-looking statements. Forward-looking statements are made based on management’s current expectations and beliefs concerning future developments and their potential effects upon Equitable Holdings, Inc. (“Holdings”) and its consolidated subsidiaries. “We,” “us” and “our” refer to Holdings and its consolidated subsidiaries, unless the context refers only to Holdings as a corporate entity. There can be no assurance that future developments affecting Holdings will be those anticipated by management. Forward-looking statements include, without limitation, all matters that are not historical facts.
These forward-looking statements are not a guarantee of future performance and involve risks and uncertainties, and there are certain important factors that could cause actual results to differ, possibly materially, from expectations or estimates reflected in such forward-looking statements, including, among others: (i) conditions in the financial markets and economy, including the impact of plateauing or decreasing economic growth and geopolitical conflicts and related economic conditions, equity market declines and volatility, interest rate fluctuations, impacts on our goodwill and changes in liquidity and access to and cost of capital; (ii) operational factors, including reliance on the payment of dividends to Holdings by its subsidiaries, protection of confidential customer information or proprietary business information, operational failures by us or our service providers, potential strategic transactions, changes in accounting standards, and catastrophic events, such as the outbreak of pandemic diseases including COVID-19; (iii) credit, counterparties and investments, including counterparty default on derivative contracts, failure of financial institutions, defaults by third parties and affiliates and economic downturns, defaults and other events adversely affecting our investments; (iv) our reinsurance and hedging programs; (v) our products, structure and product distribution, including variable annuity guaranteed benefits features within certain of our products, variations in statutory capital requirements, financial strength and claims-paying ratings, state insurance laws limiting the ability of our insurance subsidiaries to pay dividends and key product distribution relationships; (vi) estimates, assumptions and valuations, including risk management policies and procedures, potential inadequacy of reserves and experience differing from pricing expectations, amortization of deferred acquisition costs and financial models; (vii) our Investment Management and Research segment, including fluctuations in assets under management and the industry-wide shift from actively-managed investment services to passive services; (viii) recruitment and retention of key employees and experienced and productive financial professionals; (ix) subjectivity of the determination of the amount of allowances and impairments taken on our investments; (x) legal and regulatory risks, including federal and state legislation affecting financial institutions, insurance regulation and tax reform; (xi) risks related to our common stock and (xii) general risks, including strong industry competition, information systems failing or being compromised and protecting our intellectual property.
Forward-looking statements should be read in conjunction with the other cautionary statements, risks, uncertainties and other factors identified in Holdings’ filings with the Securities and Exchange Commission. Further, any forward-looking statement speaks only as of the date on which it is made, and we undertake no obligation to update or revise any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events, except as otherwise may be required by law.
Use of Non-GAAP Financial Measures
In addition to our results presented in accordance with U.S. GAAP, we report Non-GAAP Operating Earnings, Non-GAAP Operating EPS, and Book Value per common share, excluding AOCI, each of which is a measure that is not determined in accordance with U.S. GAAP. Management principally uses these non-GAAP financial measures in evaluating performance because they present a clearer picture of our operating performance and they allow management to allocate resources. Similarly, management believes that the use of these Non-GAAP financial measures, together with relevant U.S. GAAP measures, provide investors with a better understanding of our results of operations and the underlying profitability drivers and trends of our business. These non-GAAP financial measures are intended to remove from our results of operations the impact of market changes (where there is mismatch in the valuation of assets and liabilities) as well as certain other expenses which are not part of our underlying profitability drivers or likely to re-occur in the foreseeable future, as such items fluctuate from period-to-period in a manner inconsistent with these drivers. These measures should be considered supplementary to our results that are presented in accordance with U.S. GAAP and should not be viewed as a substitute for the U.S. GAAP measures. Other companies may use similarly titled non-GAAP financial measures that are calculated differently from the way we calculate such measures. Consequently, our non-GAAP financial measures may not be comparable to similar measures used by other companies.
We also discuss certain operating measures, including AUM, AV, and certain other operating measures, which management believes provide useful information about our businesses and the operational factors underlying our financial performance.
Non-GAAP Operating Earnings
Non-GAAP Operating Earnings is an after-tax non-GAAP financial measure used to evaluate our financial performance on a consolidated basis that is determined by making certain adjustments to our consolidated after-tax net income attributable to Holdings. The most significant of such adjustments relates to our derivative positions, which protect economic value and statutory capital, and the variable annuity product MRBs. This is a large source of volatility in net income.
Non-GAAP Operating Earnings equals our consolidated after-tax net income attributable to Holdings adjusted to eliminate the impact of the following items:
Because Non-GAAP Operating Earnings excludes the foregoing items that can be distortive or unpredictable, management believes that this measure enhances the understanding of the Company’s underlying drivers of profitability and trends in our business, thereby allowing management to make decisions that will positively impact our business.
We use the prevailing corporate federal income tax rate of 21% while taking into account any non-recurring differences for events recognized differently in our financial statements and federal income tax returns as well as partnership income taxed at lower rates when reconciling Net income (loss) attributable to Holdings to Non-GAAP Operating Earnings.
The table below presents a reconciliation of Net income (loss) attributable to Holdings to Non-GAAP Operating Earnings for the three months and three months ended March 31, 2023 and 2022:
Three Months Ended
March 31,
(in millions)
2023
2022
Net income (loss) attributable to Holdings
$
177
$
530
Adjustments related to:
Variable annuity product features
861
(616
)
Investment (gains) losses
87
326
Net actuarial (gains) losses related to pension and other postretirement benefit obligations
9
19
Other adjustments (1) (2)
45
228
Income tax expense (benefit) related to above adjustments
(210
)
9
Non-recurring tax items (3)
(605
)
3
Non-GAAP Operating Earnings
$
364
$
499
_______________
(1)
Includes certain gross legal expenses related to the cost of insurance litigation, and claims related to a commercial relationship of, $0 million and $59 million for the three months ended March 31, 2023 and 2022, respectively. Includes policyholder benefit costs of $75 million for the three months ended March 31, 2022 stemming from a deal to repurchase UL policies from one entity that had invested in numerous policies purchased in the life settlement market.
(2)
Includes Non-GMxB related derivative hedge losses of $0 million and ($2) million for the three months ended March 31, 2023 and 2022, respectively.
(3)
For the three months ended March, 31 2023, non-recurring tax items reflect the effect of uncertain tax positions for a given audit period and a decrease of a deferred tax valuation allowance.
Non-GAAP Operating EPS
Non-GAAP Operating Earnings per common share is calculated by dividing Non-GAAP Operating Earnings less preferred stock dividends by diluted common shares outstanding. The table below presents a reconciliation of GAAP EPS to Non-GAAP Operating EPS for the three months and three months ended March 31, 2023 and 2022.
Three Months Ended
March 31,
(per share amounts)
2023
2022
Net income (loss) attributable to Holdings (1)
$
0.49
$
1.35
Less: Preferred stock dividend
0.04
0.04
Net Income (loss) available to common shareholders
0.45
1.33
Adjustments related to:
Variable annuity product features
2.36
(1.57
)
Investment (gains) losses
0.24
0.83
Net actuarial (gains) losses related to pension and other postretirement benefit obligations
0.02
0.05
Other adjustments (2) (3) (4)
0.13
0.58
Income tax expense (benefit) related to above adjustments
(0.58
)
0.02
Non-recurring tax items (5)
(1.66
)
0.01
Non-GAAP Operating Earnings
$
0.96
$
1.25
_______________
(1)
For periods presented with a net loss, basic shares are used for EPS.
(2)
The impact per common share is $0.00 and $0.21 for the three months ended March 31, 2022. Separation costs were completed during 2021.
(3)
Includes certain gross legal expenses related to the cost of insurance litigation and claims related to a commercial relationship of $0 million and $59 million for the three months ended March 31, 2023 and 2022, respectively. Includes policyholder benefit costs of $75 million for the three months ended March 31, 2022 stemming from a deal to repurchase UL policies from one entity that had invested in numerous policies purchased in the life settlement market. The legal accruals impact per common share is $0.00 and $0.15 for the three months ended March 31, 2023 and 2022, respectively. Includes policyholder benefit costs of $0.19 for the three months ended March 31, 2022 stemming from a deal to repurchase UL policies from one entity that had invested in numerous policies purchased in the life settlement market. No adjustments were made to prior period Non-GAAP Operating EPS as the impact was immaterial.
(4)
Includes Non-GMxB related derivative hedge losses of $0.01 and $(0.01) for the three months ended March 31, 2023 and 2022, respectively.
(5)
For the three months ended March, 31 2023, non-recurring tax items reflect the effect of uncertain tax positions for a given audit period and a decrease of a deferred tax valuation allowance.
Book Value per common share, excluding AOCI
We use the term “book value” to refer to total equity attributable to Holdings’ common shareholders. Book Value per common share, excluding AOCI, is our total equity attributable to Holdings, excluding AOCI and preferred stock, divided by ending common shares outstanding.
March 31,
2023
December 31,
2022
Book value per common share
$
6.10
$
(0.44
)
Per share impact of AOCI
18.15
24.63
Book Value per common share, excluding AOCI
$
24.25
$
24.19
Other Operating Measures
We also use certain operating measures which management believes provide useful information about our businesses and the operational factors underlying our financial performance.
Account Value (“AV”)
Account value generally equals the aggregate policy account value of our retirement products.
Assets Under Management (“AUM”)
AUM means investment assets that are managed by one of our subsidiaries and includes: (i) assets managed by AB, (ii) the assets in our general account investment portfolio and (iii) the separate account assets of our Individual Retirement, Group Retirement and Protection Solutions businesses. Total AUM reflects exclusions between segments to avoid double counting.
Assets Under Management (“AUA”)
AUA means advisory and brokerage investment assets included in the Company’s Wealth Management segment.
Segment net flows
Net change in segment customer account balances in a period including, but not limited to, gross premiums, surrenders, withdrawals and benefits. It excludes investment performance, interest credited to customer accounts and policy charges.
Consolidated Statements of Income (Loss) (Unaudited)
Three Months Ended
March 31,
2023
2022
(in millions)
REVENUES
Policy charges and fee income
$
588
$
650
Premiums
276
247
Net derivative gains (losses)
(841
)
159
Net investment income (loss)
990
804
Investment gains (losses), net:
Credit losses on available-for-sale debt securities and loans
(66
)
10
Other investment gains (losses), net
(21
)
(336
)
Total investment gains (losses), net
(87
)
(326
)
Investment management and service fees
1,180
1,355
Other income
251
257
Total revenues
2,357
3,146
BENEFITS AND OTHER DEDUCTIONS
Policyholders’ benefits
730
802
Remeasurement of liability for future policy benefits
4
22
Change in market risk benefits and purchased market risk benefits
20
(467
)
Interest credited to policyholders’ account balances
463
313
Compensation and benefits
583
596
Commissions and distribution-related payments
380
422
Interest expense
61
47
Amortization of deferred policy acquisition costs
152
143
Other operating costs and expenses
423
534
Total benefits and other deductions
2,816
2,412
Income (loss) from continuing operations, before income taxes
(459
)
734
Income tax (expense) benefit
725
(137
)
Net income (loss)
266
597
Less: Net income (loss) attributable to the noncontrolling interest
89
67
Net income (loss) attributable to Holdings
177
530
Less: Preferred stock dividends
14
14
Net income (loss) available to Holdings’ common shareholders
$
163
$
516
Earnings Per Common Share
Three Months Ended
March 31,
2023
2022
(in millions)
Earnings per common share
Basic
$
0.45
$
1.33
Diluted
$
0.45
$
1.32
Weighted average shares
Weighted average common stock outstanding for basic earnings per common share
361.9
388.6
Weighted average common stock outstanding for diluted earnings per common share (1)
364.1
391.7
(1)
Due to net loss for the three months ended March 31, 2022 approximately 3.1 million share awards were excluded from the diluted EPS calculation.
Results of Operations by Segment
Three Months Ended
March 31,
2023
2022
(in millions)
Operating earnings (loss) by segment:
Individual Retirement
$
200
$
203
Group Retirement
89
144
Investment Management and Research
99
136
Protection Solutions
(35
)
(3
)
Wealth Management
32
32
Legacy
60
63
Corporate and Other (1)
(81
)
(76
)
Non-GAAP Operating Earnings
$
364
$
499
(1)
Includes interest expense and financing fees of $62 million and $53 million for the three months ended March 31, 2023, and 2022 respectively.
Select Balance Sheet Statistics
March 31,
2023
December 31,
2022
(in millions)
ASSETS
Total investments and cash and cash equivalents
$
101,241
$
97,378
Separate Accounts assets
119,752
114,853
Total assets
261,500
252,702
LIABILITIES
Long-term debt
$
3,819
$
3,322
Future policy benefits and other policyholders' liabilities
16,738
16,603
Policyholders’ account balances
86,761
83,866
Total liabilities
255,416
249,106
EQUITY
Preferred stock
1,562
1,562
Accumulated other comprehensive income (loss)
(6,516
)
(8,992
)
Total equity attributable to Holdings
$
3,754
$
1,401
Total equity attributable to Holdings' common shareholders (ex. AOCI)
8,708
8,831
Assets Under Management (Unaudited)
March 31, 2023
December 31, 2022
(in billions)
Assets Under Management
AB AUM
$ 675.9
$ 646.4
Exclusion for General Account and other Affiliated Accounts
(69.3)
(66.8)
Exclusion for Separate Accounts
(39.5)
(38.2)
AB third party
$ 567.2
$ 541.4
Total company AUM
AB third party
$ 567.2
$ 541.4
General Account and other Affiliated Accounts (1) (3) (4)
101.2
97.4
Separate Accounts (2) (3) (4)
119.8
114.9
Total AUM
$ 788.1
$ 753.6
_______________
(1) “General Account and Other Affiliated Accounts” refers to assets held in the general accounts of our insurance companies and other assets on which we bear the investment risk.
(2) “Separate Accounts” refers to the separate account investment assets of our insurance subsidiaries excluding any assets on which we bear the investment risk.
(3) As of March 31, 2022, June 30, 2022, September 30, 2022, December 31, 2022 and March 31, 2023, Separate Account and General Account AUM is inclusive of $15.1 billion, $60 million, $12.7 billion, $60 million, $11.7 billion, $58 million, $12.1 billion, $56 million, $12.3 billion and $54 million, respectively, Account Value ceded to Venerable. For additional information on the Venerable transaction see Note 1 of the Notes to Consolidated Financial Statements within the 10-K.
(4) As of March 31, 2022 and December 31, 2023, Separate Account is inclusive $0.0 billion and $5.6 billion & General Account AUM is inclusive $0.0 billion and $3.9 billion, respectively, Account Value ceded to Global Atlantic. For additional information on the Global Atlantic transaction see MD&A - Executive Summary “Global Atlantic Reinsurance Transaction" within the 10-K.
______________________________ 1 Includes Individual Retirement, Group Retirement and Protection Solutions. 2 Includes Individual Retirement, Group Retirement, Investment Management and Research and Wealth Management segments. 3 Holding Company cash of $2.4 billion as of March 31, 2023; $1.8 billion is net of $520 million debt repayment in April 2023. 4 This press release includes certain Non-GAAP financial measures. More information on these measures and reconciliations to the most comparable U.S. GAAP measures can be found in the “Use of Non-GAAP Financial Measures” section of this release. 5 Please refer to Exhibit 1 for detailed reconciliation and definitions related to notable items. 6 Please refer to Exhibit 1 for detailed reconciliation and definitions related to notable items. 7 Refers to AllianceBernstein L.P. and AllianceBernstein Holding L.P., collectively. 8 Any declaration of dividends will be at the discretion of the Board of Directors and will depend on our financial condition and other factors. 9 Holding Company cash of $2.4 billion as of March 31, 2023; $1.8 billion is net of $520 million debt repayment in April 2023. 10 Includes Individual Retirement, Group Retirement and Legacy segment account value. 11 Please refer to Exhibit 1 for detailed reconciliation and definitions related to notable items. 12 Please refer to Exhibit 1 for detailed reconciliation and definitions related to notable items. 13 Please refer to Exhibit 1 for detailed reconciliation and definitions related to notable items.
View source version on businesswire.com: https://www.businesswire.com/news/home/20230503005834/en/
Investor Relations Işıl Müderrisoğlu (212) 314-2476 IR@equitable.com
Media Relations Sophia Kim (212) 314-2010 mediarelations@equitable.com
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