# Equitable Holdings, Inc.

> Clarifo company profile — qualitative business description generated from
> the company's filings. Financial statements, charts and ratios are
> available on Clarifo (https://www.clarifo.com/fi/companies/Equitable Holdings, Inc.).

## Overview

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.

## Products & services

• Individual retirement products and account-based solutions
• Group retirement plans and services
• Asset management through AllianceBernstein
• Life insurance and employee benefits protection products
• Wealth management and advisory services
• Legacy runoff blocks and reinsurance solutions

- **Individual Retirement** (28%) — Retirement savings and income products, including variable annuities and related account-based solutions.
- **Group Retirement** (18%) — Employer-sponsored retirement plan services and recordkeeping for workplace clients.
- **Asset Management** (22%) — Investment management and related services provided primarily through AllianceBernstein.
- **Protection Solutions** (17%) — Life insurance and employee benefits products such as VUL, IUL, term life, dental, vision and disability.
- **Wealth Management** (10%) — Advisory and brokerage services for retail and private wealth clients.
- **Legacy and Corporate** (5%) — Runoff insurance blocks, reinsurance-related items and corporate activities not allocated to operating segments.

- Individual Retirement products, including variable annuity and retirement solutions
- Group Retirement services for employer-sponsored retirement plans
- Asset Management services through AllianceBernstein
- Protection Solutions: VUL, IUL, term life, dental, vision and disability
- Wealth Management and private wealth advisory services
- Legacy runoff and reinsurance of older insurance blocks

## 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.

- **Individual retirement clients** (primary) — Buy variable annuities and retirement solutions to accumulate assets and convert savings into income.
- **Employer-sponsored retirement plans** (primary) — Buy group retirement recordkeeping and plan services to support employee savings programs.
- **Life insurance and protection customers** (primary) — Buy VUL, IUL and term life products to protect income, family and estate needs.
- **Small and medium-sized businesses** (secondary) — Buy dental, vision, life and disability benefits through the employee benefits platform.
- **Institutional and retail asset management clients** (primary) — Buy investment management services and strategies through AllianceBernstein.
- **Wealth management clients** (secondary) — Buy advisory and portfolio services for retirement, brokerage and private wealth needs.

- Individual retirement savers buying annuities and retirement income products
- Employer plans buying group retirement administration and services
- Life insurance buyers seeking VUL, IUL and term protection
- Small and medium businesses buying employee benefits coverage
- Institutional and retail investors using AllianceBernstein strategies
- Wealth clients seeking advisory, brokerage and private wealth services

## 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.

- **United States** (95%) — Primary operating and revenue market based on company disclosures.
- **Bermuda** (5%) — Used for reinsurance and capital management, not a primary end-market.

- United States is the core market for sales, policies and asset management
- New York and Arizona are key regulatory jurisdictions for insurance subsidiaries
- Bermuda is used for reinsurance and capital management structures
- Domestic regulation affects dividend capacity and capital deployment
- U.S. market exposure ties results to interest rates and equity markets

## 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.

- **Reinsure and run off legacy insurance blocks** (short-term) — Reduces capital intensity and lowers exposure to older variable annuity and life liabilities.
- **Expand fee-based retirement, wealth and asset management** (medium-term) — Increases recurring, less capital-intensive revenue and diversifies earnings away from spread risk.
- **Maintain robust hedging and ALM discipline** (short-term) — Protects earnings and capital from equity and interest-rate volatility embedded in insurance guarantees.
- **Optimize capital deployment and subsidiary dividend capacity** (medium-term) — Supports holding company liquidity and shareholder returns while navigating insurance regulation.

- Use reinsurance to reduce exposure to legacy life and annuity risk
- Manage variable annuity and market-sensitive liabilities with dynamic hedging
- Grow retirement, wealth and asset management businesses with recurring fees
- Run off legacy blocks to simplify the portfolio and release capital
- Use capital actions and subsidiary dividends to support Holdings liquidity

## 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.

- **Market-sensitive variable annuity guarantees** [high] — GMDB and GMIB features move with equity markets and rates, creating earnings volatility and hedge mismatch risk.
- **Liquidity pressure from derivative collateral calls** [high] — Hedging programs require collateral and cash to meet settlement obligations when market values move adversely.
- **Regulatory dividend restrictions** [medium] — Insurance subsidiaries need state approval or formula-based capacity to upstream capital to Holdings.
- **Runoff and outflow pressure** [medium] — Legacy blocks and certain products continue to run off, which can reduce assets and fee base over time.
- **Reinsurance execution and counterparty risk** [medium] — Capital release and risk transfer depend on closing, approvals and reinsurer performance.

- Equity and interest-rate swings can increase hedge and reserve volatility
- Collateral calls on derivatives can create liquidity pressure
- Insurance dividend capacity depends on state regulatory approval
- Legacy runoff can cause persistent outflows and earnings drag
- Reinsurance and novation execution risk can delay capital release

## Accounting

Equitable’s results are highly sensitive to fair-value and reserve estimates because insurance guarantees, derivatives and investment portfolios are measured using complex assumptions. Reinsurance accounting, MRBs, goodwill impairment and litigation reserves can materially change reported earnings and capital. The company also has meaningful seasonality and quarter-to-quarter volatility from market movements, hedge performance and runoff activity.

- **Market risk benefits and purchased market risk benefits** — Insurance guarantee valuation and volatility in operating results
- **Reinsurance accounting** — Reported earnings, liabilities and statutory capital
- **Derivative fair value accounting** — Quarterly earnings volatility and liquidity needs
- **Investment valuation and impairments** — Net investment income, realized losses and book value
- **Goodwill and deferred tax asset recoverability** — Potential non-cash charges to earnings

- MRBs and purchased MRBs affect liability valuation for market-sensitive products
- Reinsurance accounting can change timing of gains, capital release and reserves
- Freestanding derivatives are fair-valued and can swing earnings quarter to quarter
- Investment fair values and impairments depend on market and credit assumptions
- Goodwill and deferred tax asset valuation require judgment and impairment testing
- Insurance reserve estimates and litigation provisions can materially affect results

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*Last updated: 2026-04-28T20:05:18.521418+00:00*