Equitable Holdings, Inc. reported its financial results for the first quarter of 2025, revealing a total revenue of $4.576 billion, a significant increase from $2.230 billion in the same period last year. This growth was primarily driven by a notable recovery in net derivative gains, which amounted to $799 million compared to a loss of $1.376 billion in the prior year. The company's net income attributable to Holdings was $63 million, down from $92 million in the first quarter of 2024, reflecting challenges in the market environment and increased policyholder benefits.
The company's total assets decreased to $287.366 billion as of March 31, 2025, from $295.727 billion at the end of 2024. This decline was attributed to a reduction in the value of separate account assets, which fell to $124.569 billion from $134.717 billion. The liabilities also decreased, totaling $282.872 billion, down from $292.179 billion, largely due to a reduction in policyholders' account balances and market risk benefits.
Strategically, Equitable Holdings has been active in reshaping its portfolio and operations. The company entered into a master transaction agreement with Reinsurance Group of America (RGA) to reinsure 75% of its in-force individual life insurance block, expected to close in mid-2025. Additionally, the company novated certain legacy variable annuity policies, resulting in a pre-tax loss of $499 million, which impacted its financial results. The company also initiated a cash tender offer to purchase up to 46 million AB Holding Units, further consolidating its ownership in AllianceBernstein.
Operationally, Equitable Holdings reported a decrease in its operating earnings to $421 million from $477 million year-over-year. The Individual Retirement segment, which includes variable annuity products, saw a decline in operating earnings due to increased interest credited to policyholders' accounts and higher commissions. Conversely, the Group Retirement segment experienced a slight increase in operating earnings, driven by higher fee-type revenue and net investment income. The Asset Management segment also reported improved earnings, reflecting higher average asset values despite market depreciation.
Looking ahead, Equitable Holdings anticipates continued challenges from market volatility and economic conditions, which may impact its financial performance. The company remains focused on managing its investment portfolio and enhancing its product offerings to navigate these uncertainties effectively.
About Equitable Holdings, Inc.
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