Equitable reports stronger operating earnings as Corebridge integration advances

Transcript intelligence

What changed

Compared with Q1, management said Corebridge received shareholder approval and remained on track to close by year-end; the company also announced the sale of its Employee Benefits business to The Hartford. Q2 included 24% year-over-year non-GAAP EPS growth and record AUM of $1.2 trillion, alongside a net loss driven by alternative-investment hedge impacts and lower alternative returns.

Guidance delta

Guidance sentiment was maintained. Management reiterated a 60%–70% full-year 2026 payout-ratio target and outlined plans to close Corebridge by year-end, begin Day 1 operations in January, and expand product distribution and private markets.

Key takeaways

• Non-GAAP EPS increased 24% year over year, with net inflows across segments.
• AUM reached a record $1.2 trillion, up 10% year over year.
• Corebridge shareholder approval advanced the merger, which management expected to close by year-end.
• The company returned $449 million to shareholders in Q2 and targets a 60%–70% payout ratio for full-year 2026.
• A net loss reflected alternative-investment hedge impacts and lower alternative returns.

Management priorities

• Complete the Corebridge merger and begin integration.
• Roll out Corebridge term-life and IUL products through Equitable Advisors.
• Expand private markets and institutional capabilities.
• Maintain capital returns and improve advisor productivity.