Equitable Holdings, Inc. reported a significant increase in its financial performance for the first quarter of 2026, with net income attributable to Holdings rising to $621 million, compared to $63 million in the same period last year. This increase was driven by a reduction in policyholders' benefits, which decreased by $374 million primarily due to a reinsurance transaction with RGA, and a $206 million rise in net investment income attributed to higher average asset balances. The company also noted a decrease in compensation and benefits expenses, which fell by $517 million, largely due to the absence of the prior year's novation loss.
Total revenues for the quarter amounted to $4.23 billion, down from $4.58 billion in the previous year. The decline was attributed to a $148 million decrease in fee-type revenue, primarily linked to the RGA reinsurance transaction, and a $219 million drop in net derivative gains, reflecting a larger equity market decline in 2026 compared to 2025. Despite these challenges, investment management and service fees increased to $1.33 billion, up from $1.29 billion, indicating a positive trend in asset management performance.
Equitable Holdings also announced strategic developments, including a merger agreement with Corebridge Financial, expected to close by the end of 2026, pending regulatory approvals. This merger aims to combine their businesses and enhance operational efficiencies. The company continues to focus on its three segments: Retirement, Asset Management, and Wealth Management, which have been reorganized to better align with management's operational strategies.
Operationally, the company reported a total of $310.38 billion in assets as of March 31, 2026, a decrease from $317.99 billion at the end of 2025. The Retirement segment remains the largest, with $192.39 billion in assets, while the Asset Management segment reported $10.32 billion. The company’s total policyholders' account balances were $132.66 billion, down from $133.43 billion, reflecting the impact of market conditions and strategic decisions regarding product offerings.
Looking ahead, Equitable Holdings anticipates continued challenges from market volatility and economic conditions, which could affect its investment performance and product demand. The company is committed to managing these risks through its hedging and reinsurance strategies, while also focusing on enhancing its product offerings to meet customer needs. The outlook remains cautiously optimistic as the company navigates the complexities of the financial landscape and prepares for the upcoming merger with Corebridge.
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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