Equitable Holdings, Inc. reported a net loss of $349 million for the second quarter of 2025, a significant decline from the net income of $428 million recorded in the same period last year. The company's total revenues for the quarter were $2.36 billion, down from $3.51 billion in the prior year, primarily due to a $1.37 billion net derivative loss attributed to unfavorable equity market conditions. The increase in interest credited to policyholders' account balances, which rose by $197 million, also contributed to the loss, reflecting growth in account values across the Individual Retirement segment. Additionally, policyholders' benefits increased by $120 million, driven by higher net mortality in the Protection Solutions segment.
In comparison to the first half of 2024, Equitable's net loss for the first six months of 2025 was $286 million, a decrease from a net income of $520 million. The decline was largely influenced by a $1.3 billion increase in market risk benefits and purchased market risk benefits, primarily due to a decrease in interest rates and less favorable equity market movements. However, net investment income increased by $226 million, attributed to higher average asset balances and alternative investment income, partially offset by lower investment yields. The company also reported a decrease in net income attributable to noncontrolling interest, which fell by $87 million, reflecting lower pre-tax earnings and an increase in average economic ownership of AllianceBernstein.
Equitable Holdings has made strategic moves to enhance its market position, including the completion of a reinsurance transaction with Reinsurance Group of America (RGA) on July 31, 2025, which involved ceding a 75% quota share of its in-force individual life insurance block. This transaction is expected to improve the company's capital position and reduce risk exposure. Additionally, the company executed an accelerated share repurchase (ASR) program, purchasing $758 million worth of AB Holding Units as part of its ongoing strategy to optimize its capital structure.
Operationally, Equitable Holdings reported a total of $303.1 billion in assets as of June 30, 2025, an increase from $295.7 billion at the end of 2024. The company’s policyholders' account balances rose to $123.4 billion, up from $110.9 billion, reflecting strong growth in the Individual Retirement and Group Retirement segments. The company also reported a significant increase in cash and cash equivalents, which rose to $14.96 billion from $6.96 billion, indicating improved liquidity. Looking ahead, Equitable Holdings anticipates continued challenges from market volatility but remains focused on leveraging its diversified business model to drive growth and profitability.
About Equitable Holdings, Inc.
Equitable Holdings is a diversified financial services company providing retirement, asset management, life insurance, and wealth management solutions. Its core businesses include managing over $1 trillion in assets, offering variable and fixed annuities, life insurance, and investment advisory services. Serving individual, institutional, and high-net-worth clients, it distributes products through a broad network of advisors, third-party channels, and digital platforms, emphasizing trust, client relationships, and innovative financial solutions.
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