Equitable Holdings, Inc. reported a significant decline in its financial performance for the third quarter of 2025, with a net loss attributable to Holdings of $1.3 billion, compared to a loss of $132 million in the same period last year. The company's total revenues for the quarter were $1.45 billion, down from $3.07 billion in the prior year, primarily driven by increased investment losses of $1.17 billion, largely due to a reinsurance transaction with RGA. The company also experienced net derivative losses of $1.12 billion, reflecting the impact of higher equity market appreciation compared to the previous year.
In terms of operational metrics, Equitable's policyholders' account balances rose to $129.6 billion as of September 30, 2025, up from $110.9 billion at the end of 2024. This increase was attributed to a combination of higher account values and net inflows, despite a rise in interest credited to policyholders' accounts. The company’s total assets increased to $314.4 billion from $295.7 billion, while total liabilities also rose to $312.5 billion from $292.2 billion, reflecting the overall growth in policyholder balances.
Strategically, Equitable has undergone significant changes, including the completion of the RGA reinsurance transaction, which involved ceding a 75% quota share of its in-force individual life insurance block. This transaction resulted in a loss of $1.1 billion recorded in investment gains (losses), impacting the company's financial results. Additionally, the company has been actively repurchasing its shares, with a total of 12.7 million shares repurchased at an average price of $53.21 during the third quarter.
Looking ahead, Equitable Holdings anticipates continued challenges due to market volatility and economic conditions, which could affect its investment performance and policyholder behavior. The company is focused on managing its liquidity and capital resources effectively, particularly in light of the regulatory environment and the ongoing impacts of its reinsurance agreements. The management remains committed to its strategic initiatives, including enhancing its product offerings and optimizing its investment portfolio to navigate the evolving market landscape.
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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