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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 | 41.70 | 41.75 | 1,100,073 | 01:00:00 |
Equitable Holdings, Inc. (“Equitable Holdings”, “Holdings”, or the “Company”) (NYSE: EQH) today announced financial results for the third quarter ended September 30, 2022.
“In the tough economic environment, we delivered solid results reporting third quarter Non-GAAP operating earnings of $1.28 per share which, after adjusting for a favorable assumption update in the quarter, were in line with our expectations reflecting a 5% decline in AUM this quarter. In asset management, we were not immune to industry-wide net outflows this quarter but flows remain positive for the year as we continue to benefit from a global distribution platform and continued growth in private markets with our strategic shift supporting a fee-rate improvement of 7% over the prior year. In retirement, we saw continued demand for our core tax-advantaged offerings with $1.2 billion of inflows in the quarter as clients turn to their advisors seeking protection and secure income amidst market volatility and an uncertain economic outlook,” said Mark Pearson, President and Chief Executive Officer.
Mr. Pearson continued, "Our fair value model and the strength of our capital management program proved resilient in the quarter protecting our balance sheet while we continue to deliver on our 50-60% payout ratio target. As markets continue to be challenged, we remain prudent, managing what we can control, with investment and productivity initiatives in place to drive growth and with our integrated business model pairing retirement, asset management and advice which are well-positioned to deliver long-term shareholder value."
Consolidated Results
Third Quarter
(in millions, except per share amounts or unless otherwise noted)
2022
2021
Total Assets Under Management (“AUM”, in billions)
$
716
$
870
Net income (loss) attributable to Holdings
273
672
Net income (loss) attributable to Holdings per common share
0.69
1.59
Non-GAAP operating earnings (loss)
498
818
Non-GAAP operating earnings (loss) per common share (“EPS”)
1.28
1.94
As of September 30, 2022, total AUM was $716 billion, a year-over-year decrease of 17.7% driven by lower markets partially offset by net inflows over the prior twelve months.
The Net income attributable to Holdings for the third quarter of 2022 was $273 million compared to $672 million in the third quarter of 2021 driven primarily by non-economic market impacts from hedging under U.S. GAAP accounting.
Non-GAAP operating earnings in the third quarter of 2022 was $498 million compared to $818 million in the third quarter of 2021. Excluding notable items4 of $13 million, third quarter 2022 Non-GAAP operating earnings were $511 million or $1.32 per share.
As of September 30, 2022, book value per common share, including accumulated other comprehensive income (“AOCI”), was $4.84. Book value per common share, excluding AOCI, was $26.13.
Business Highlights
Business Segment Results
Individual Retirement
(in millions, unless otherwise noted)
Q3 2022
Q3 2021
Account value (in billions)
$
90.5
$
107.7
Segment net flows
Current Product Offering
1,263
702
Legacy (1)
(498
)
(689
)
Total segment net flows
765
13
Operating earnings (loss)
270
316
(1) Net flows of $(258) million and $(322) million not included in Q3 2022 and Q3 2021, respectively, as it relates to AV ceded to Venerable.
Group Retirement
(in millions, unless otherwise noted)
Q3 2022
Q3 2021
Account value (in billions)
$
39.7
$
45.9
Segment net flows
(57
)
(135
)
Operating earnings (loss)
134
192
AllianceBernstein
(in millions, unless otherwise noted)
Q3 2022
Q3 2021
Total AUM (in billions)
$
612.7
$
742.2
Segment net flows (in billions)
(10.5
)
7.2
Operating earnings (loss)
94
134
Protection Solutions
(in millions)
Q3 2022
Q3 2021
Gross written premiums
$
769
$
754
Annualized premiums
74
67
Operating earnings (loss)
72
160
Corporate and Other (“C&O”) Operating loss of $72 million in the third quarter increased compared to operating gain of $16 million in the prior year quarter, primarily driven by lower net investment income from lower alternatives income and prepayments partially offset by general account optimization. Operating loss excluding notable items9 decreased from $63 million in the prior year quarter to $61 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
September 30,
(in millions)
2022
2021
Non-GAAP Operating Earnings
498
$
818
Post-tax Adjustments related to notable items:
Individual Retirement
17
(15
)
Group Retirement
11
(16
)
Investment Management and Research
—
—
Protection Solutions
(2
)
(43
)
Corporate & Other
11
(79
)
Notable items subtotal
37
(153
)
Less: impact of actuarial assumption update
(23
)
(6
)
Non-GAAP Operating Earnings, less Notable Items
$
511
$
660
Impact of notable items by item category:
Three Months Ended
September 30,
(in millions)
2022
2021
Non-GAAP Operating Earnings
498
$
818
Pre-tax adjustments related to Notable Items:
Actuarial Updates/Reserve
—
—
Mortality
(16
)
(24
)
Expenses
30
—
Net Investment Income
11
(162
)
Subtotal
25
(185
)
Post-tax impact of Notable Items
37
(153
)
Less: impact of actuarial assumption update
(23
)
(6
)
Non-GAAP Operating Earnings, less Notable Items
$
511
$
660
Impact of Notable Items by segment and corporate & other:
Three months ended 9/30/2022 ($m)
IR
GR
AB
PS
C&O
Consolidated
Non-GAAP Operating Earnings
270
134
94
72
(72
)
498
Pre-tax adjustments related to Notable Items:
Actuarial Updates/Reserve
—
—
—
—
—
—
Mortality
—
—
—
(16
)
—
(16
)
Expenses
2
6
—
5
17
30
Net Investment Income
3
3
—
4
2
11
Pre-tax Subtotal
4
9
—
(7
)
19
25
Tax adjustment
13
2
—
5
(7
)
12
Post-tax impact of Notable Items
17
11
—
(2
)
11
37
Impact of Actuarial Assumption Update
11
(28
)
—
(6
)
—
(23
)
Non-GAAP Operating Earnings, less Notable Items
298
117
94
64
(61
)
511
Three months ended 9/30/2021 ($m)
IR
GR
AB
PS
C&O
Consolidated
Non-GAAP Operating Earnings
316
192
134
160
16
818
Pre-tax adjustments related to Notable Items:
Actuarial Updates/Reserve
—
—
—
(24
)
—
(24
)
Mortality
—
—
—
—
—
—
Expenses
—
—
—
—
—
—
Net Investment Income
(21
)
(20
)
—
(29
)
(91
)
(162
)
Pre-tax Subtotal
(21
)
(20
)
—
(53
)
(91
)
(185
)
Tax adjustment
6
5
—
10
12
32
Post-tax impact of Notable Items
(15
)
(16
)
—
(43
)
(79
)
(153
)
Impact of Actuarial Assumption Update
37
(27
)
—
(16
)
—
(6
)
Non-GAAP Operating Earnings, less Notable Items
338
149
134
101
(63
)
660
Earnings Conference Call Equitable Holdings will host a conference call at 8 a.m. ET November 3, 2022 to discuss its third quarter 2022 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 Third Quarter 2022 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 12,000 employees and financial professionals, $716 billion in assets under management (as of 9/30/2022) 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 COVID-19 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, catastrophic events, such as the outbreak of pandemic diseases including COVID-19, potential strategic transactions, and changes in accounting standards; (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) legal and regulatory risks, including federal and state legislation affecting financial institutions, insurance regulation and tax reform; (ix) risks related to our common stock and (x) 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 are more sensitive to changes in market conditions than the variable annuity product liabilities as valued under U.S. GAAP. 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 nine months ended September 30, 2022 and 2021:
Three Months Ended
September 30,
Nine Months Ended
September 30,
(in millions)
2022
2021
2022
2021
Net income (loss) attributable to Holdings
$
273
$
672
$
2,574
$
(693
)
Adjustments related to:
Variable annuity product features
(114
)
172
(2,639
)
3,632
Investment (gains) losses
333
(164
)
890
(767
)
Net actuarial (gains) losses related to pension and other postretirement benefit obligations
19
27
57
87
Other adjustments (1) (2) (3)
39
141
407
672
Income tax expense (benefit) related to above adjustments
(59
)
(35
)
270
(761
)
Non-recurring tax items
7
5
13
6
Non-GAAP Operating Earnings
$
498
$
818
$
1,572
$
2,176
_______________ (1)
Includes Separation Costs of $25 million and $62 million for the three months and nine months ended September 30, 2021, respectively. Separation costs were completed during 2021.
(2)Includes certain gross legal expenses related to the cost of insurance litigation of $2 million and $0 million, $168 million and $180 million for the three and nine months ended September 30, 2022 and 2021, respectively. Includes policyholder benefit costs of $0 million and $75 million for the three and nine months ended September 30, 2022 stemming from a deal to repurchase UL policies from one entity that had invested in numerous policies purchased in the life settlement market.
(3)Includes Non-GMxB related derivative hedge losses of ($28) million, ($4) million, ($68) million and $140 million for the three and nine months ended September 30, 2022 and 2021, respectively.
Non-GAAP Operating EPS Non-GAAP Operating Earnings per common share is calculated by dividing Non-GAAP Operating Earnings less preferred 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 nine months ended September 30, 2022 and 2021.
Three Months Ended
September 30,
Nine Months Ended
September 30,
(per share amounts)
2022
2021
2022
2021
Net income (loss) attributable to Holdings (1)
$
0.72
$
1.62
$
6.72
$
(1.64
)
Less: Preferred stock dividend
0.03
0.03
0.14
0.12
Net Income (loss) available to common shareholders
0.69
1.59
6.58
(1.76
)
Adjustments related to:
Variable annuity product features
(0.31
)
0.41
(6.89
)
8.58
Investment (gains) losses
0.87
(0.41
)
2.32
(1.81
)
Net actuarial (gains) losses related to pension and other postretirement benefit obligations
0.05
0.07
0.15
0.21
Other adjustments (2) (3) (4)
0.12
0.35
1.06
1.59
Income tax expense (benefit) related to above adjustments
(0.16
)
(0.08
)
0.71
(1.80
)
Non-recurring tax items
0.02
0.01
0.03
0.01
Non-GAAP Operating Earnings
$
1.28
$
1.94
$
3.96
$
5.02
_______________ (1)
For periods presented with a net loss, basic shares are used for EPS .
(2)Includes separation costs of $0.06 and $0.15 for the three months and nine months ended September 30, 2021, respectively.
(3)Includes certain gross legal expenses related to the cost of insurance litigation of $2 million and $0 million, $168 million and $180 million for the three and nine months ended September 30, 2022 and 2021, respectively. Includes policyholder benefit costs of $0 million and $75 million for the three and nine months ended September 30, 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 $0.01 and $0.00, $0.44 and $0.43 for the three and nine months ended September 30, 2022 and 2021, respectively. Includes policyholder benefit costs of $0.00 and $0.20 for the three and nine months ended September 30, 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 ($0.07), ($0.01), ($0.18) and $0.31 for the three and nine months ended September 30, 2022 and 2021, respectively.
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.
September 30,
2022
December 31,
2021
Book value per common share
$
4.84
$
25.45
Per share impact of AOCI
21.29
(5.12
)
Book Value per common share, excluding AOCI
$
26.13
$
20.33
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.
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
September 30,
Nine Months Ended
September 30,
2022
2021
2022
2021
(in millions)
REVENUES
Policy charges and fee income
$
796
$
867
$
2,449
$
2,755
Premiums
259
230
744
729
Net derivative gains (losses)
68
(185
)
3,118
(3,930
)
Net investment income (loss)
842
997
2,357
2,914
Investment gains (losses), net:
Credit losses on available-for-sale debt securities and loans
(267
)
(2
)
(266
)
4
Other investment gains (losses), net
(65
)
165
(624
)
763
Total investment gains (losses), net
(332
)
163
(890
)
767
Investment management and service fees
1,179
1,323
3,731
3,898
Other income
197
220
612
585
Total revenues
3,009
3,615
12,121
7,718
BENEFITS AND OTHER DEDUCTIONS
Policyholders’ benefits
625
751
2,599
2,518
Interest credited to policyholders’ account balances
378
305
1,002
905
Compensation and benefits
566
614
1,679
1,762
Commissions and distribution-related payments
368
436
1,184
1,215
Interest expense
51
59
148
184
Amortization of deferred policy acquisition costs
105
64
446
257
Other operating costs and expenses
497
456
1,617
1,511
Total benefits and other deductions
2,590
2,685
8,675
8,352
Income (loss) from continuing operations, before income taxes
419
930
3,446
(634
)
Income tax (expense) benefit
(92
)
(165
)
(707
)
222
Net income (loss)
327
765
2,739
(412
)
Less: Net income (loss) attributable to the noncontrolling interest
54
93
165
281
Net income (loss) attributable to Holdings
273
672
2,574
(693
)
Less: Preferred stock dividends
14
14
54
53
Net income (loss) available to Holdings’ common shareholders
$
259
$
658
$
2,520
$
(746
)
Earnings Per Common Share
Three Months Ended
September 30,
Nine Months Ended
September 30,
2022
2021
2022
2021
(in millions)
Earnings per common share
Basic
$
0.69
$
1.60
$
6.62
$
(1.76
)
Diluted
$
0.69
$
1.59
$
6.58
$
(1.76
)
Weighted average shares
Weighted average common stock outstanding for basic earnings per common share
374.5
411.3
380.6
423.2
Weighted average common stock outstanding for diluted earnings per common share (1)
376.8
414.6
382.9
423.2
(1)
Due to net loss for the nine months ended September 30, 2021 approximately 3.7 million share awards were excluded from the diluted EPS calculation.
Results of Operations by Segment
Three Months Ended
September 30,
Nine Months Ended
September 30,
2022
2021
2022
2021
(in millions)
Operating earnings (loss) by segment:
Individual Retirement
$
270
$
316
$
837
$
1,093
Group Retirement
134
192
415
514
Investment Management and Research
94
134
330
381
Protection Solutions
72
160
208
264
Corporate and Other (1)
(72
)
16
(218
)
(76
)
Non-GAAP Operating Earnings
$
498
$
818
$
1,572
$
2,176
(1)
Includes interest expense and financing fees of $51 million, $65 million, $156 million and $180 million for the three and nine months ended September 30, 2022, and 2021 respectively.
Select Balance Sheet Statistics
September 30,
2022
December 31,
2021
(in millions)
ASSETS
Total investments and cash and cash equivalents
$
96,656
$
110,299
Separate Accounts assets
109,622
147,306
Total assets
245,600
292,262
LIABILITIES
Short-term and long-term debt
$
4,088
$
3,931
Future policy benefits and other policyholders' liabilities
34,225
36,717
Policyholders’ account balances
79,999
79,357
Total liabilities
240,413
278,699
EQUITY
Preferred stock
1,562
1,562
Accumulated other comprehensive income (loss)
(7,876
)
2,004
Total equity attributable to Holdings
$
3,354
$
11,519
Total equity attributable to Holdings' common shareholders (ex. AOCI)
9,668
7,953
Assets Under Management (Unaudited)
September 30,
2022
December 31,
2021
(in billions)
Assets Under Management
AB AUM
$
612.7
$
778.6
Exclusion for General Account and other Affiliated Accounts
(66.8
)
(79.7
)
Exclusion for Separate Accounts
(36.1
)
(48.8
)
AB third party
$
509.8
$
650.1
Total company AUM
AB third party
$
509.8
$
650.1
General Account and other Affiliated Accounts (1) (3)
96.7
110.3
Separate Accounts (2) (3)
109.6
147.3
Total AUM
$
716.1
$
907.7
_______________
(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 September 30, 2021, December 31, 2021, March 31, 2022, June 30, 2022 and September 30, 2022, Separate Account and General Account AUM is inclusive of $16.3 billion, $64 million, $16.6 billion, $61 million, $15.1 billion, $60 million, $12.7 billion, $60 million, $11.7 billion and $58 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-Q.
____________________ 1 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. 2 Please refer to Exhibit 1 for detailed reconciliation and definitions related to notable items. 3 Year to date includes $112 million of repurchases accelerated from first quarter 2022 into fourth quarter 2021. 4 Please refer to Exhibit 1 for detailed reconciliation and definitions related to notable items. 5 Refers to AllianceBernstein L.P. and AllianceBernstein Holding L.P., collectively. 6 Free cash flow is annual dividends to Equitable Holdings from its subsidiaries less annual Holding Company expenses. 7 Please refer to Exhibit 1 for detailed reconciliation and definitions related to notable items. 8 Please refer to Exhibit 1 for detailed reconciliation and definitions related to notable items. 9 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/20221102005907/en/
Investor Relations Işıl Müderrisoğlu (212) 314-2476 IR@equitable.com
Media Relations Todd Williamson (212) 314-2010 mediarelations@equitable.com
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