Equitable Holdings reports Q1 adjusted EPS $1.35, consensus $1.48

Reports Q1 revenue $4.6B, consensus $3.98B. “For the first quarter, we reported Non-GAAP operating earnings per share of $1.30, or $1.35 after adjusting for notable items. We continue to see strong organic growth momentum across our businesses, with $1.6 billion of net inflows in Retirement, $2.0 billion of advisory net inflows in Wealth Management and $2.7 billion of total active net inflows at AllianceBernstein. While we recognize that we have entered a period of increased macro uncertainty, Equitable has proven ability to navigate volatile markets and create long-term shareholder value. Times like this only heighten the need for the retirement and investment advice that we provide, and our strong balance sheet enables us to continue investing for growth while also returning capital to shareholders,” said Mark Pearson, CEO. “Looking ahead, we’re on track to close our strategic individual life reinsurance transaction with RGA mid-year. This will mitigate exposure to future mortality volatility, enhance focus on our core growth engines and free over $2 billion of capital. When added to our existing resources, this gives us significant financial flexibility to withstand volatile markets and take advantage of potential opportunities. In April, we acquired approximately $760 million of AllianceBernstein Holding units, increasing our ownership in AllianceBernstein to c.69%. We also plan to repurchase an incremental $500 million of Equitable shares on top of our 60-70% payout ratio once the RGA transaction closes. The combination of a robust balance sheet, favorable demographic trends and Equitable’s integrated business model give me a lot of confidence in the company’s long-term growth outlook.”