Equitable Holdings

Third Quarter 2022 Earnings Results

November 3, 2022

Note Regarding Forward-Looking and Non-GAAP Financial Measures

This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "expects," "believes," "anticipates," "intends," "seeks," "aims," "plans," "assumes," "estimates," "projects," "should," "would," "could," "may," "will," "shall" or variations of such words are generally part of forward-looking statements. Forward-looking statements are made based on management's current expectations and beliefs concerning future developments and their potential effects upon Equitable Holdings, Inc. ("Holdings") and its consolidated subsidiaries. "We," "us" and "our" refer to Holdings and its consolidated subsidiaries, unless the context refers only to Holdings as a corporate entity. There can be no assurance that future developments affecting Holdings will be those anticipated by management. Forward-looking statements include, without limitation, all matters that are not historical facts.

These forward-looking statements are not a guarantee of future performance and involve risks and uncertainties, and there are certain important factors that could cause actual results to differ, possibly materially, from expectations or estimates reflected in such forward-looking statements, including, among others: (i) conditions in the financial markets and economy, including the impact of COVID-19 and related economic conditions, equity market declines and volatility, interest rate fluctuations, impacts on our goodwill and changes in liquidity and access to and cost of capital; (ii) operational factors, including reliance on the payment of dividends to Holdings by its subsidiaries, protection of confidential customer information or proprietary business information, operational failures by us or our service providers, catastrophic events, such as the outbreak of pandemic diseases including COVID-19, potential strategic transactions, and changes in accounting standards; (iii) credit, counterparties and investments, including counterparty default on derivative contracts, failure of financial institutions, defaults by third parties and affiliates and economic downturns, defaults and other events adversely affecting our investments; (iv) our reinsurance and hedging programs; (v) our products, structure and product distribution, including variable annuity guaranteed benefits features within certain of our products, variations in statutory capital requirements, financial strength and claims- paying ratings, state insurance laws limiting the ability of our insurance subsidiaries to pay dividends and key product distribution relationships; (vi) estimates, assumptions and valuations, including risk management policies and procedures, potential inadequacy of reserves and experience differing from pricing expectations, amortization of deferred acquisition costs and financial models; (vii) our Investment Management and Research segment, including fluctuations in assets under management and the industry-wide shift from actively-managed investment services to passive services; (viii) legal and regulatory risks, including federal and state legislation affecting financial institutions, insurance regulation and tax reform; (ix) risks related to our common stock and (x) general risks, including strong industry competition, information systems failing or being compromised and protecting our intellectual property.

Forward-looking statements should be read in conjunction with the other cautionary statements, risks, uncertainties and other factors identified in Holdings' filings with the Securities and Exchange Commission. Further, any forward-looking statement speaks only as of the date on which it is made, and we undertake no obligation to update or revise any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events, except as otherwise may be required by law.

This presentation and certain of the remarks made orally contain non-GAAP financial measures. Non-GAAP financial measures include Non-GAAP Operating Earnings, Non-GAAP Operating EPS, and Non-GAAP Operating ROE. Information regarding these and other non-GAAP financial measures, including reconciliations to the most directly comparable GAAP financial measures, is provided in our quarterly earnings press releases and in our quarterly financial supplements, which are available on our Investor Relations website at ir.equitableholdings.com.

3Q22 Earnings Presentation

2

Third quarter highlights

Solid performance through continued market headwinds

  • $716bn AUM down 21% year to date, down 5% in the quarter
  • Non-GAAPoperating earnings1 of $498m, or $1.28 per share, down 2% compared to Q2 on a per share basis
  • Positive impact from Q3 assumption update as economic reserves are based on emerging experience
  • Market declines partially offset by productivity saves and General Account optimization
  • AB outflows of $6.6bn2; acquisition of CarVal and asset mix shift driving a 7% YoY fee rate increase

Prudent and fair value management of the balance sheet

  • $2.0 billion cash at Holdings, supports financial flexibility and consistent capital return
  • First dollar hedging program and product design eliminated over 95% of volatility
  • Limited exposure to credit defaults, with 96% investment grade3 General Account portfolio

Integrated insurance, investment and advisory capabilities

  • Uniquely positioned to meet clients' needs in time of uncertainty with $1.2bn of core retirement inflows
  • Capital aggregation benefits both clients and shareholders through lower cost of funds
  • Cash generation4 has increased by 30% since IPO, driven by business model and fair value management

3Q22 Earnings Presentation

3

Note: See appendix for explanation of footnotes

Business model meets client needs and grows shareholder value

Strong retirement net flows

Diversified asset management

Increased demand for advice

$4.8bn in premiums,1 up 6% YoY, with record

AB not immune to industry-wide outflows,

$2.4bn in broker-dealer gross sales, with

value of new business

$6.6bn in Q3, $2.7bn inflows YTD outpacing peers3

85% in fee-based advisory accounts

$1.2bn in core inflows2, up 113% YoY

7% fee rate improvement YoY, with 9

$69bn in AUA with net inflows partially

Ahead of key targets:

quarters of institutional alts and multi-asset

offsetting market headwinds

growth

$167m of $180m investment income target

c. 4,100 advisors, with YTD advisor

$43m of $80m productivity target

Institutional pipeline doubled to $25bn QoQ,

productivity up 8% YoY

with private alts over 80% of pipeline fee-base

Free Cash Flow4 per share up c.120% since IPO

De-risking

Organic Growth

$1.6bn

$1.2bn

$50m

$200m

($100m)

$250m

2018 (IPO)

Legacy VA

Retirement

AB

Wealth

2022 E

561m

Reinsurance

Management

370m

shares outstanding

3Q22 Earnings Presentation

4

Note: See appendix for explanation of footnotes

Third quarter consolidated results summary

Non-GAAP Operating Earnings, adjusted for notable items1

$m

-23%

660

511

3Q213Q22

Assets Under Management

$bn

-18%

871

716

3Q213Q22

Non-GAAP Operating EPS, adjusted for notable items1

$

-15%

1.56

1.32

3Q213Q22

Non-GAAP Operating ROE2

-8.4pp

32.4

24.2

3Q213Q22

Financial Highlights

Non-GAAP operating earnings of $498m, or $1.28 per share, decreased 34% from $1.94 in prior year

  • Notable items1 reflect lower than expected alts NII, higher tax rate and one-time expense items partially offset by favorable mortality and assumption update

Adjusting for notable items, Non-GAAP operating earnings was $1.32 per share or $511m, down 15% year-over-yearon a comparable per share basis, driven by:

  • Lower fee-type revenue on lower account value and AUM due to market performance
  • Partially offset by 9% decrease in shares outstanding due to share repurchases

Net income of $273m includes non- economic market impacts driven by asymmetry in accounting

Total AUM decreased 18% year-over-yearwith market performance partially offset by net inflows over the prior twelve months

3Q22 Earnings Presentation

5

Note: See appendix for explanation of footnotes

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Equitable Holdings Inc. published this content on 03 November 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 November 2022 11:17:36 UTC.