Equitable Holdings, Inc.
Equitable Holdings, Inc. is a U.S. financial services group built around retirement, protection, asset management and wealth businesses, with additional legacy runoff operations. It earns revenue from fees, premiums and investment income, and uses reinsurance, hedging and capital management to reduce the volatility inherent in market-sensitive insurance products.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenueRetirement savings and income products, including variable annuities and related account-based solutions.
Employer-sponsored retirement plan services and recordkeeping for workplace clients.
Investment management and related services provided primarily through AllianceBernstein.
Life insurance and employee benefits products such as VUL, IUL, term life, dental, vision and disability.
Advisory and brokerage services for retail and private wealth clients.
Runoff insurance blocks, reinsurance-related items and corporate activities not allocated to operating segments.
Customers
Equitable sells primarily to individuals saving for retirement, policyholders seeking life and protection coverage, and employers sponsoring retirement and benefits programs. It also serves institutional and retail investors through AllianceBernstein and wealth management channels. Demand is driven by long-duration savings needs, protection against mortality and disability risk, and outsourced investment management.
Buy variable annuities and retirement solutions to accumulate assets and convert savings into income.
Buy group retirement recordkeeping and plan services to support employee savings programs.
Buy VUL, IUL and term life products to protect income, family and estate needs.
Buy dental, vision, life and disability benefits through the employee benefits platform.
Buy investment management services and strategies through AllianceBernstein.
Buy advisory and portfolio services for retirement, brokerage and private wealth needs.
Strategy
Equitable is focused on balancing growth businesses with runoff and capital-light actions that improve earnings quality and free up capital. Recent disclosures show emphasis on reinsurance, novations and liability management for legacy blocks, while continuing to support retirement, asset management and protection franchises. The strategy is to reduce sensitivity to market shocks, improve liquidity and redeploy capital toward higher-return businesses and shareholder actions.
Reduces capital intensity and lowers exposure to older variable annuity and life liabilities.
Increases recurring, less capital-intensive revenue and diversifies earnings away from spread risk.
Protects earnings and capital from equity and interest-rate volatility embedded in insurance guarantees.
Supports holding company liquidity and shareholder returns while navigating insurance regulation.
Geography
Equitable is primarily a U.S.-focused business, with its insurance subsidiaries regulated mainly in New York and Arizona and most operating activity tied to domestic retirement, protection and wealth markets. The company also uses Bermuda reinsurance structures for certain variable annuity liabilities, which adds an offshore capital and risk-management dimension. Geography matters less for sales diversification than for regulation, dividend capacity and capital mobility.
Risks
Equitable’s biggest risks come from market-sensitive insurance guarantees, where equity and interest-rate moves can create earnings and liquidity volatility. The company also faces regulatory constraints on dividends, reinsurance execution risk and runoff-related pressure as legacy blocks shrink. As an insurer and asset manager, it is additionally exposed to credit markets, valuation uncertainty and goodwill or reserve assumptions.
GMDB and GMIB features move with equity markets and rates, creating earnings volatility and hedge mismatch risk.
Exposure: Variable annuity block and related derivatives
Hedging programs require collateral and cash to meet settlement obligations when market values move adversely.
Insurance subsidiaries need state approval or formula-based capacity to upstream capital to Holdings.
Exposure: NYDFS and Arizona insurance regulation
Legacy blocks and certain products continue to run off, which can reduce assets and fee base over time.
Capital release and risk transfer depend on closing, approvals and reinsurer performance.
Exposure: RGA transaction and Bermuda reinsurance structures
Accounting
Judgemental itemsThese liabilities depend on market assumptions and can create large earnings swings when equity or rate inputs change.
Impact: Insurance guarantee valuation and volatility in operating results
Transactions such as the RGA deal and Bermuda treaty affect reserve transfer, ceding commissions and capital release timing.
Impact: Reported earnings, liabilities and statutory capital
Hedging instruments are marked to market, so changes in equity and interest rates flow through earnings and OCI depending on designation.
Impact: Quarterly earnings volatility and liquidity needs
General account assets include fixed income and alternatives that require estimates when market prices are unavailable.
Impact: Net investment income, realized losses and book value
Asset management and insurance businesses require periodic impairment and valuation assessments.
Impact: Potential non-cash charges to earnings
Similar listed companies
Publicly listed companies with a comparable business focus.
Everest Group, Ltd
EG · Fire, Marine & Casualty Insurance
RenaissanceRe Holdings Ltd
RNR · Fire, Marine & Casualty Insurance
AllianceBernstein Holding L.P
AB · Investment Advice
Maiden Holdings, Ltd.
MHNC · Fire, Marine & Casualty Insurance
Lincoln National Corporation
LNC · Life Insurance
Lincoln National Corporation is a U.S.
Selective Insurance Group, Inc
SIGI · Fire, Marine & Casualty Insurance
Last updated: 24/09/2026