EQH Filings — Equitable Holdings, Inc. - FilingSpy
EQH
Equitable Holdings, Inc.
A financial-services firm that helps people plan for retirement, Equitable sells annuities and life insurance and manages retirement-plan assets for individuals and employers. It traces its roots to the Equitable Life Assurance Society, founded in New York in 1859, making it one of America's oldest life insurers. The name was kept from that original firm, which pioneered "equitable" insurance where policyholders shared in the company's surplus.
Core operating earnings rose 39% on a reinsurance benefit, but GAAP net loss widened to $453M on derivative losses.
Core operating earnings rebounded, but the stayed deep in the red. rose 39% to $488 million as a $352 million drop in policyholder benefits from the RGA deal more than offset growth in Retirement and Asset Management, while fell 30% to $1.7 billion and the net loss widened to $453 million on higher derivative losses tied to equity market moves. The pending Corebridge merger now defines the path forward, even as shrank to $0.9 billion.
Key takeaways
rose 39% to $488 million, driven primarily by a $352 million decrease in policyholders' benefits resulting from the RGA transaction that ceded a block of individual life insurance.
The Retirement 's operating earnings grew to $402 million, fueled by a $186 million increase in net investment income from higher asset balances and a $70 million rise in fee-type from market appreciation.
Asset Management operating earnings rose to $158 million, benefiting from a $49 million increase in fee-type as average reached $905.5 billion, up 8% from the prior quarter on market appreciation.
Section summaries
Management's Discussion and Analysis
Q2 2026 Non-GAAP Operating Earnings rose 39% to $488M driven by Retirement growth and a large reinsurance benefit.
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increased to $488M in Q2 2026 from $352M in Q2 2025, primarily due to a $352M decrease in policyholders' benefits from the RGA transaction.
The net loss attributable to Holdings widened to $453 million from $349 million a year ago, largely due to a $681 million increase in net derivative losses as equity market appreciation increased the cost of programs.
fell 29.8% to $1.7 billion, and turned negative at -29.7%, reflecting the derivative-driven volatility that continues to dominate results.
fell 67.1% to $0.9 billion, as the cumulative impact of operating losses and market movements continued to erode the capital base.
What changed
The Protection Solutions operating loss that persisted through 2025 was resolved by the RGA transaction: the $352 million decrease in policyholder benefits this quarter effectively removed the mortality cost pressure that had been flagged as a key risk since Q2 2024.
The spread between net investment income and interest credited in Individual Retirement, a persistent watch item, widened this quarter as the $186 million increase in net investment income in the Retirement was not fully offset by higher interest credited, allowing operating earnings to grow.
, flagged as a concern at $1.9 billion in Q1 2026, fell another 53.9% sequentially to $0.9 billion, intensifying the question of whether the capital base can absorb further market-driven losses ahead of the Corebridge merger close.
The Corebridge merger, announced as pending in Q1 2026, remains on track for a year-end 2026 close, with the $475 million termination fee and 75% client-consent threshold still representing concentrated execution risk.
What to watch
Whether , now at $0.9 billion, can sustain further market-driven unrealized losses or operating pressures without triggering breaches under the $1.0 billion ahead of the Corebridge merger close.
Whether the Corebridge merger clears the 75% client-consent threshold for annualized recurring advisory fees, a concentrated execution risk that could delay or derail the deal and trigger the $475 million termination fee.
Whether the Retirement 's operating earnings growth, driven by higher net investment income on increased asset balances, can continue as the RGA-ceded block runs off and fee-type responds to market levels.
The pace of capital return relative to the $1.5 billion remaining in the authorization, given the $0.9 billion equity base and the restrictions imposed by pre-closing merger covenants.
The Retirement 's operating earnings grew to $402M, fueled by a $186M increase in net investment income from higher asset balances and a $70M rise in fee-type from market appreciation.
Asset Management operating earnings rose to $158M on a $49M increase in fee-type from higher average , which reached $905.5B, up 8% from the prior quarter on market appreciation.
Wealth Management operating earnings increased to $63M, with a $74M rise in fee income driven by higher advisory fees and distribution fees, partially offset by higher commission expenses.
Net loss attributable to Holdings widened to $453M from $349M, largely due to a $681M increase in net derivative losses from equity market appreciation impacting variable annuity hedging programs.
The company announced a pending all-stock merger with Corebridge Financial, expected to close by year-end 2026, and had $1.5B remaining in its authorization.
Quantitative and Qualitative Disclosures About Market Risk
There have been no material changes to the quantitative and qualitative disclosures about market risk described in the 2025 Form 10-K in “Quantitative and Qualitative Disclosures About Market Risk”.
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There have been no material changes to the quantitative and qualitative disclosures about market risk described in the 2025 Form 10-K in “Quantitative and Qualitative Disclosures About Market Risk”.
For information regarding certain legal proceedings pending against us, see Note 15 of the Notes to the Consolidated Financial Statements. Also see “Risk Factors—Legal and Regulatory Risks—Legal proceedings and regulatory actions” included in the 2025 Form 10-K.
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For information regarding certain legal proceedings pending against us, see Note 15 of the Notes to the Consolidated Financial Statements. Also see “Risk Factors—Legal and Regulatory Risks—Legal proceedings and regulatory actions” included in the 2025 Form 10-K.
You should carefully consider the risks described in the “Risk Factors” section included in our Annual Report on Form 10-K for the year ended December 31, 2025 and our Quarterly Report on Form 10-Q for the quarter ended March 31, 2026. Risks to which we are subject also include,…
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You should carefully consider the risks described in the “Risk Factors” section included in our Annual Report on Form 10-K for the year ended December 31, 2025 and our Quarterly Report on Form 10-Q for the quarter ended March 31, 2026. Risks to which we are subject also include, but are not limited to, the factors mentioned under “Note Regarding Forward-Looking Statements and Information” above and the risks of our businesses described elsewhere in this Quarterly Report on Form 10-Q.