Equitable Holdings: EPS Growth, Corebridge Synergies in Focus

Transcript intelligence

What changed

Non-GAAP EPS rose 19% year over year to $2.13, and assets under management grew 4% to $1.2 trillion. Management maintained its outlook for more than 15% earnings growth in 2026. Retirement reported $1.1 billion of net inflows, while the prior quarter had highlighted record AUM and a 24% year-over-year increase in non-GAAP EPS.

Guidance delta

Maintained: management reiterated its outlook for more than 15% earnings growth in 2026 and a strong cash-flow outlook. The supplied analysis gives no change to that guidance.

Key takeaways

• Non-GAAP EPS increased 19% year over year to $2.13; AUM grew 4% to $1.2 trillion.
• Retirement generated $1.1 billion in net inflows, with record RILA sales cited as a driver.
• Management expects the Corebridge merger to close by year-end and targets $500 million of run-rate expense synergies by 2028.
• The $12 billion commercial mortgage loan portfolio transferred to AllianceBernstein is expected to begin generating fees in Q4.
• The market-reaction window and current-quarter chart series are unavailable in the supplied facts.

Management priorities

• Close the Corebridge merger by year-end and launch the combined platform.
• Work toward the $500 million run-rate expense-synergy target by 2028.
• Monetize the transferred commercial mortgage loan portfolio beginning in Q4.
• Develop private-credit and infrastructure capabilities and use technology to improve customer experience and operating efficiency.