On this page of StockholderLetter.com we present the latest annual shareholder letter from Equitable Holdings, Inc. — ticker symbol EQH. Reading current and past EQH letters to shareholders can bring important insights into the investment thesis.
20 24 A N N UA L R EP O R T
Our mission To help our clients secure their nancial well-being so they can pursue long and ful lling lives Our business principles We have a passion for our business We are stronger as a team We work to the highest standards We treat everyone with respect and dignity We are a trusted partner to our clients
Dear fellow shareholders, Mark Pearson President and Chief Executive Of cer of Equitable Holdings M EN AS T S E The need for our trusted products and sound advice has never been more evident. We are witnessing some of the strongest demographic and market conditions our industry has seen in decades, with more than four million Americans turning 65 each year and the Great Wealth Transfer expected to pass more than $30 trillion to younger generations. Equitable Holdings continues to meet the needs of our current clients as they transition into retirement, and we are well positioned to attract future generations as they look for a trusted partner to help secure their nancial future. This momentum puts us on track to meet or exceed all our 2027 nancial targets. M TIR T E Equitable Holdings generated strong nancial results in 2024. Our solid performance is underpinned by our distinct business model across Retirement, Wealth Management and Asset Management. This integrated model is a powerful differentiator and provides signi cant advantages to our company and clients, enabling us to generate better economics, provide better solutions and capture the full retirement value chain. AGEMENT RE AN W E A LT H MA N AG E M E NT 2024 Equitable Holdings Annual Report 1
Delivering results for our stakeholders We generated $2 billion of Non-GAAP operating earnings1 and reached a symbolic milestone with assets under management and administration (AUM/A) now exceeding $1 trillion, 10% higher over the prior year. This growth was driven by positive net in ows across our Retirement 2 and Wealth Management businesses and favorable market conditions. We generated $1.5 billion of cash in 2024, at the high end of our guidance range, with more than half of this cash generation3 coming from our Asset and Wealth Management businesses. Equitable Holdings continues to maintain capital strength, ending the year with $1.8 billion of holding company cash and a combined NAIC RBC ratio of approximately 425%, above our 375-400% target. $1.0trn $930bn $93 30bn $2.0bn $1.5bn Progress towards our 2027 nancial commitments We remain on track to deliver on each of our 2027 nancial targets. The ve-year nancial commitments and growth strategy we shared with the market in 2023 included new cash generation, earnings per share growth and payout ratio targets. Looking forward, we expect to steadily increase annual cash generation supported by organic growth across our businesses and continued execution against our strategic initiatives. We forecast cash generation to increase to the $1.6-1.7 billion range in 2025, putting us on track to achieve $2 billion of annual cash generation by 2027. In 2024, we returned $1.3 billion to shareholders, resulting in a payout ratio of 66%, within our targeted range of 60-70%. Our earnings per share (EPS) growth rate in the year was 20%, and we are con dent in achieving 12-15% annualized growth through 2027, given healthy organic growth trends and progress in achieving our investment income and expense saving targets. $1.7bn 7bn 2027 nancial targets $1.3bn 2bn of annual cash generation by 2027 60-70% of Non-GAAP Operating Earnings 2023 2024 N Non-GAAP GA AAP operating earnings 2023 2024 Assets under A d management and administration 2023 2024 Cash C h generation 12-15% Non-GAAP Operating EPS CAGR 1 This is a Non-GAAP nancial measure. For a reconciliation of this to the most directly comparable GAAP measure, see the section titled Management s Discussion and Analysis of Financial Condition and Results of Operations Key Operating Measures on Form 10-K for the year ended December 31, 2024. 2 Includes Individual Retirement and Group Retirement. 3 Cash ow or cash generation is net dividends and distributions to Equitable Holdings from its subsidiaries, along with capital generated in excess of the target combined NAIC RBC ratio at the insurance subsidiaries. 2
Ful lling our mission Delivering on the promises we made to our clients, we paid $4.4 billion in bene ts in 2024. Equitable Holdings AUM/A now exceeds $1 trillion, re ecting our capacity to provide meaningful advice and solutions to our clients. We saw strong and persistent demand for our offerings, and our business segments reached new heights. Individual Retirement delivered record sales and net ows in 2024, with rst-year premiums up 30% over the prior year. We continued to strengthen our market-leading position in the fast-growing RILA market. We were the pioneer in this market and continue to diversify our product mix, introducing new offerings and enhancing our core Structured Capital Strategies and Structured Capital Strategies Income products in 2025. Group Retirement reported strong sales for the year, with solid momentum in our tax-exempt market. We cemented our leadership position within the in-plan annuity market this past year with approximately $600 million of net in ows from the BlackRock LifePath PaycheckTM product and established an additional partnership with J.P. Morgan Asset Management, a leading U.S. asset manager. This will allow us to help even more Americans retire with dignity. In our Protection Solutions segment, we continue to remain a top provider among U.S. life insurers in the Variable Universal Life (VUL) market, with full-year premiums up 9% over the prior year. We recently narrowed our product distribution, focusing on our competitive edge with our VUL products and in the small business owner and executive planning markets. We made signi cant progress on initiatives to reduce volatility and improve the return on capital in the Life business. AllianceBernstein delivered active net in ows last year of $4.3 billion and had its secondhighest year ever for rmwide sales. Assets under management at the end of 2024 was $792 billion, up 9% since last year. AB s Private Markets AUM increased by 14% to $70 billion, supported by capital deployment from Equitable s General Account. To date, Equitable has deployed $12 billion of its $20 billion capital commitment to AB. Wealth Management reported record advisory net in ows of $4 billion, 8% organic growth, and assets under administration exceeding $100 billion, underscoring the value of our nearly 4,600 Equitable Advisors. Our brand and supported independence model are resonating in the market, attracting more experienced advisors to the rm. Our Wealth Planner count is up 10% and advisory productivity also increased 10% year-over-year. Individual Retirement Legacy Wealth Management Diverse earnings mix AllianceBernstein Protection Solutions Group Retirement 2024 Equitable Holdings Annual Report 3
 • shareholder letter icon 4/4/2025 Letter Continued (Full PDF)
 • stockholder letter icon 4/11/2023 EQH Stockholder Letter
 • stockholder letter icon 4/9/2024 EQH Stockholder Letter
 • stockholder letter icon More "Insurance Brokers" Category Stockholder Letters
 • Benford's Law Stocks icon EQH Benford's Law Stock Score = 100


EQH Shareholder/Stockholder Letter Transcript:

20
24
A N N UA L
R EP O R T

Our mission
To help our clients secure their
   nancial well-being so they can
pursue long and ful   lling lives
Our
business
principles
We have a passion
for our business
We are stronger
as a team
We work to the
highest standards
We treat everyone with
respect and dignity
We are a trusted
partner to our clients

Dear fellow
shareholders,
Mark Pearson
President and Chief
Executive Of   cer of
Equitable Holdings
M
EN
AS
T
S
E
The need for our trusted products and sound advice
has never been more evident. We are witnessing
some of the strongest demographic and market
conditions our industry has seen in decades, with
more than four million Americans turning 65 each
year and the Great Wealth Transfer expected to pass
more than $30 trillion to younger generations.
Equitable Holdings continues to meet the needs of
our current clients as they transition into retirement,
and we are well positioned to attract future
generations as they look for a trusted partner to
help secure their    nancial future. This momentum
puts us on track to meet or exceed all our 2027
   nancial targets.
M
TIR
T
E
Equitable Holdings generated strong    nancial results
in 2024. Our solid performance is underpinned by our
distinct business model across Retirement, Wealth
Management and Asset Management. This integrated
model is a powerful differentiator and provides
signi   cant advantages to our company and clients,
enabling us to generate better economics, provide
better solutions and capture the full retirement
value chain.
AGEMENT
RE
AN
W
E
A
LT
H
MA
N AG E M E
NT
2024 Equitable Holdings Annual Report
1

Delivering results
for our stakeholders
We generated $2 billion of Non-GAAP operating
earnings1 and reached a symbolic milestone with
assets under management and administration
(AUM/A) now exceeding $1 trillion, 10% higher
over the prior year. This growth was driven by
positive net in   ows across our Retirement 2 and
Wealth Management businesses and favorable
market conditions. We generated $1.5 billion of
cash in 2024, at the high end of our guidance range,
with more than half of this cash generation3 coming
from our Asset and Wealth Management businesses.
Equitable Holdings continues to maintain capital
strength, ending the year with $1.8 billion of holding
company cash and a combined NAIC RBC ratio of
approximately 425%, above our 375-400% target.
$1.0trn
$930bn
$93
30bn
$2.0bn
$1.5bn
Progress towards
our 2027    nancial
commitments
We remain on track to deliver on each of our 2027
   nancial targets. The    ve-year    nancial commitments
and growth strategy we shared with the market in
2023 included new cash generation, earnings per
share growth and payout ratio targets. Looking
forward, we expect to steadily increase annual cash
generation supported by organic growth across our
businesses and continued execution against our
strategic initiatives. We forecast cash generation to
increase to the $1.6-1.7 billion range in 2025, putting
us on track to achieve $2 billion of annual cash
generation by 2027.
In 2024, we returned $1.3 billion to shareholders,
resulting in a payout ratio of 66%, within our
targeted range of 60-70%. Our earnings per share
(EPS) growth rate in the year was 20%, and we
are con   dent in achieving 12-15% annualized
growth through 2027, given healthy organic
growth trends and progress in achieving our
investment income and expense saving targets.
$1.7bn
7bn
2027    nancial targets
$1.3bn
2bn
of annual cash
generation by 2027
60-70%
of Non-GAAP
Operating Earnings

2023
2024
N
Non-GAAP
GA
AAP
operating earnings
2023
2024
Assets under
A
d
management and
administration
2023
2024
Cash
C h
generation
12-15%
Non-GAAP Operating
EPS CAGR
1 This is a Non-GAAP    nancial measure. For a reconciliation of this to the most directly comparable GAAP measure, see the section titled    Management   s Discussion and
Analysis of Financial Condition and Results of Operations     Key Operating Measures    on Form 10-K for the year ended December 31, 2024.
2 Includes Individual Retirement and Group Retirement.
3 Cash    ow or cash generation is net dividends and distributions to Equitable Holdings from its subsidiaries, along with capital generated in excess of the target combined
NAIC RBC ratio at the insurance subsidiaries.
2

Ful   lling our mission
Delivering on the promises we made to our clients,
we paid $4.4 billion in bene   ts in 2024. Equitable
Holdings    AUM/A now exceeds $1 trillion, re   ecting
our capacity to provide meaningful advice and
solutions to our clients. We saw strong and
persistent demand for our offerings, and our
business segments reached new heights.
    Individual Retirement delivered record sales and
net    ows in 2024, with    rst-year premiums up 30%
over the prior year. We continued to strengthen our
market-leading position in the fast-growing RILA
market. We were the pioneer in this market and
continue to diversify our product mix, introducing
new offerings and enhancing our core Structured
Capital Strategies   and Structured Capital
Strategies   Income products in 2025.
    Group Retirement reported strong sales for the
year, with solid momentum in our tax-exempt
market. We cemented our leadership position
within the in-plan annuity market this past year
with approximately $600 million of net in   ows
from the BlackRock LifePath PaycheckTM product
and established an additional partnership with
J.P. Morgan Asset Management, a leading U.S.
asset manager. This will allow us to help even
more Americans retire with dignity.
    In our Protection Solutions segment, we continue
to remain a top provider among U.S. life insurers in
the Variable Universal Life (VUL) market, with
full-year premiums up 9% over the prior year.
We recently narrowed our product distribution,
focusing on our competitive edge with our VUL
products and in the small business owner and
executive planning markets. We made signi   cant
progress on initiatives to reduce volatility and
improve the return on capital in the Life business.
    AllianceBernstein delivered active net in   ows
last year of $4.3 billion and had its secondhighest year ever for    rmwide sales. Assets under
management at the end of 2024 was $792 billion,
up 9% since last year. AB   s Private Markets AUM
increased by 14% to $70 billion, supported by
capital deployment from Equitable   s General
Account. To date, Equitable has deployed $12
billion of its $20 billion capital commitment to AB.
    Wealth Management reported record advisory
net in   ows of $4 billion, 8% organic growth, and
assets under administration exceeding $100
billion, underscoring the value of our nearly 4,600
Equitable Advisors. Our brand and supported
independence model are resonating in the market,
attracting more experienced advisors to the    rm.
Our Wealth Planner count is up 10% and advisory
productivity also increased 10% year-over-year.
Individual
Retirement
Legacy
Wealth
Management
Diverse
earnings
mix
AllianceBernstein
Protection
Solutions
Group
Retirement
2024 Equitable Holdings Annual Report
3



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