Equitable Holdings Inc. released its third‑quarter 2025 financial results, reporting a non‑GAAP operating earnings per share of $1.48, which fell short of the consensus estimate of $1.59 by 6.9%. When adjusted for notable items, the company posted an operating EPS of $1.67, beating the consensus of $1.63 by 2.5%. The quarter ended with a net loss of $1.309 billion, a sharp decline from the $132 million loss reported a year earlier. Total assets under management and administration rose to $1.110 trillion, a 7% year‑over‑year increase, while book value per common share fell to $18.23 after excluding other comprehensive income.
Segment results reflected mixed performance. Retirement operating earnings slipped to $401 million from $416 million a year ago, driven by a lower net interest margin and higher operating expenses. Asset Management generated $154 million in operating earnings, up from $111 million, supported by stronger fee income from its investment advisory services. Wealth Management posted $59 million versus $49 million, buoyed by net inflows of $1.7 billion that offset a $2.3 billion outflow in legacy products. Corporate & Other recorded an operating loss of $159 million, up from a $59 million loss, largely due to increased legal and regulatory costs.
Equitable deployed $1.5 billion of capital during the quarter, allocating proceeds from the life‑reinsurance transaction with RGA to share repurchases, debt repayment, and strategic growth investments. The RGA deal freed more than $2 billion of capital and reduced exposure to mortality volatility, providing a stronger balance‑sheet foundation for future growth.
Mark Pearson, President and CEO, said the company remains confident in its long‑term strategy, noting that the integrated business model continues to generate record AUM and that the capital deployment plan supports both shareholder returns and strategic initiatives. He emphasized that the company is focused on maintaining cost discipline while pursuing high‑return growth opportunities.
Investors reacted negatively to the revenue miss, which fell short of the consensus estimate by 6.0%, and to the continued net loss. The company has not provided new guidance for the remainder of the year, but management indicated that it expects to maintain its capital deployment strategy and to focus on fee‑generating growth in its core retirement and wealth‑management businesses.
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