Equitable Holdings, Inc. (EQH)

Equitable Holdings reported a second quarter 2026 net loss of $453 million on 4 August, while non-GAAP operating earnings, the company's own adjusted measure, were $488 million 4.

The larger story is a pending all-stock merger with Corebridge Financial, agreed on 26 March 2026 1. Stockholders of both companies approved it on 30 July, and the company expects it to close by year-end 2026 3.

Under the agreement, current Equitable stockholders would own about 49 percent of the combined company, which would be headquartered in Houston, Texas 1. Corebridge's chief executive would run it, with Mark Pearson as Executive Chair 1.

Regulators still have to approve it, including insurance regulators in Arizona, Colorado, Missouri, New York and Texas 1. Meanwhile assets under management and administration reached a record $1.2 trillion in the second quarter, the company said 4.

Equitable Holdings says it has helped clients prepare for their financial future since 1859 5. Its common stock began trading on the New York Stock Exchange under the symbol EQH on 10 May 2018 5.

The business joins three franchises: Equitable, an insurer of retirement and protection products, AllianceBernstein, an asset manager, and Equitable Advisors, a network of financial advisers 5. The company owns about 68 percent of AllianceBernstein, known as AB 5.

Total revenues were $10.5 billion in 2023, $12.4 billion in 2024 and $11.7 billion in 2025 5. Non-GAAP operating earnings, the company's adjusted measure, were $1.7 billion in 2025 against $2.0 billion in 2024 5.

On 17 January 2025 the company moved certain older variable annuity policies sold between 2006 and 2008 off a Venerable reinsurance arrangement, and recorded a $499 million pre-tax loss 5.

On 31 July 2025 it completed a deal in which reinsurer RGA took a 75 percent share of its in-force individual life insurance block and Closed Block 5.

On 3 April 2025 it bought 19.7 million AB Holding Units for $758 million in a tender offer 5. Its average economic interest in AB rose to about 67 percent in 2025 from 61 percent in 2024 because of that purchase 5.

The result for 2025 was a net loss attributable to the company of $1.4 billion, against net income of $1.3 billion in 2024 5.

The accounting measure of its annuity guarantees was less favorable by $1.5 billion, mainly because interest rates fell in 2025 after rising in 2024 5. Investment losses rose by $1.2 billion, mainly on assets moved in the RGA deal, bond sales and losses on mortgages 5.

Retirement

Retirement is the segment that makes products: individual annuities, workplace retirement plans and institutional savings products 5. Its lead product is the registered index-linked annuity, sold as Structured Capital Strategies, which ties returns to an index with a cap on gains and a buffer against losses 5.

These annuities brought in $15.4 billion of first year premiums and deposits in 2025, out of $22.4 billion for the whole segment 5. Equitable Advisors made 38 percent of individual annuity first year premiums and outside distributors 62 percent 5.

Rivals include other life insurers, banks, mutual fund companies and other investment managers 5. In the second quarter of 2026 the segment took in net inflows of $1.7 billion and earned operating earnings of $402 million 4.

AllianceBernstein

AB is a global active asset manager serving institutions, retail investors and private wealth clients 5. It managed about $866.9 billion at the end of 2025, split 41 percent equities, 36 percent fixed income and 23 percent other strategies 5.

Equitable is AB's largest client, at 16 percent of its assets under management 5. The company has put $25 billion into AB's private markets platform, above its original $20 billion commitment, it said on 4 August 4.

Wealth Management

Equitable Advisors is the retail adviser network, with 4,582 advisors at the end of 2025 and $122.0 billion of client assets in its broker-dealer business 5. It earns advisory fees, brokerage revenue, insurance commissions and planning fees 5.

In the second quarter of 2026 the segment had advisory net inflows of $2.0 billion and $141 billion of assets under administration 4.

Corporate and Other

This bucket holds the individual life insurance business, employee benefits, a legacy block of variable annuities and corporate costs 5. Equitable Advisors made about 65 percent of life insurance sales in 2025 5.

People and places

Mark Pearson is president and chief executive officer, and Robin Raju is chief financial officer 2. The company had about 8,000 full-time employees at the end of 2025, about 4,500 of them at AB 5.

On 25 September 2026 AB announced that Seth Bernstein will retire as its chief executive on 31 March 2027, with Onur Erzan to take the role 7. Its headquarters are at 1345 Avenue of the Americas in New York, under a lease expiring in 2039 5.

It also leases significant office space in Syracuse, New York and Charlotte, North Carolina, with both leases expiring in 2028 5.

The umbrella, in words

The subsidiaries exhibit as of 31 December 2025 lists Equitable Financial Life Insurance Company, Equitable Advisors, LLC, Equitable Distributors, LLC and AllianceBernstein Corporation among others 9. It does not mark which are listed 9.

The company owns about 68 percent of AB's economic interest as of 30 June 2026, and as general partner it manages and controls AB 65. AB Holding, a separate partnership, is listed on the NYSE 5.

By contract, AB manages assets for reinsurer RGA, about 70 percent of those backing the reserves ceded to RGA, under an agreement of 16 June 2025 5.

On 8 April 2026 the company agreed with Nippon Life, a large Corebridge holder, and Corebridge that Nippon Life will vote its Corebridge shares for the merger 10.

The proxy statement names five holders of more than five percent, taken from their Schedule 13G filings, each as of its own date 8.

BlackRock held 11.9 percent as of 31 December 2023, and Canada Pension Plan Investment Board 7.0 percent as of 31 December 2025 8.

Norges Bank held 6.7 percent as of 31 March 2026, T. Rowe Price Associates 6.1 percent as of 30 June 2025, and Vanguard Capital Management 5.5 percent as of 31 March 2026 8.

The company expects the merger to close by year-end 2026, subject to regulatory approvals 4. The agreement sets an outside date of 26 December 2026, with two automatic three-month extensions if only regulatory conditions remain unmet 1.

Closing also needs the consent of Equitable clients representing 75 percent of its annualized advisory and investment management fees 1. Each side owes the other a $475 million termination fee in certain cases 1.

The companies expect the deal to add to earnings per share from the start, by more than 10 percent by the end of 2028 2. They also expect more than $500 million of run-rate expense savings by the end of 2028 2.

Under the agreement the combined company would use the Equitable name and trade as EQH 2. Marc Costantini would be chief executive, and a 14-member board would hold seven directors from each side 2.

For 2026 the company targets $1.8 billion of cash generation and a 60 to 70 percent payout ratio, and has approval for up to $0.9 billion of insurance company dividends in the second half 4.