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Here are 1-3 brief analogies to describe Equitable (EQH):

• Like Prudential Financial, offering a broad range of insurance, annuities, and retirement solutions.
• Similar to MetLife, providing life insurance, annuities, and retirement plans.
• A financial services company much like Principal Financial Group, specializing in retirement plans, annuities, and life insurance.

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Equitable (EQH) provides a range of financial products and services, primarily focused on retirement, insurance, and investment management.

• Variable Annuities: Investment vehicles offering tax-deferred growth and a guaranteed income stream in retirement, often with various living benefit riders.
• Life Insurance: Financial protection products, such as Variable Universal Life and Whole Life insurance, that provide a payout to beneficiaries upon the insured's death.
• Group Retirement Plans: Administration and investment options for employer-sponsored retirement plans, including 403(b)s and 401(k)s, primarily for educational institutions and non-profit organizations.
• Investment Management (through AllianceBernstein): Global asset management services for institutional and retail clients, encompassing a wide range of strategies including active equities, fixed income, and alternative investments.

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Equitable Holdings (symbol: EQH) primarily serves individuals, though often through institutional relationships, particularly in its Group Retirement segment. Therefore, its major customers can be categorized as follows:

1. Individual Investors and Savers: These are individuals who directly purchase Equitable's products for personal financial planning. This includes customers buying individual annuities for retirement income, individual life insurance for protection and estate planning, and investment solutions through Equitable's wealth management advisors. They are focused on building personal wealth and securing their financial future.

2. Public and Non-Profit Sector Employees: A significant portion of Equitable's business is derived from serving employees of public education systems (K-12 educators and staff), healthcare organizations, and other non-profit entities. These individuals participate in 403(b) and 457 retirement plans that are sponsored by their employers and administered by Equitable. While the employer (e.g., school district, hospital) is the client that selects Equitable, the employees are the ultimate customers who contribute to and benefit from these plans.

3. Corporate Employees: Individuals who participate in 401(k) and other defined contribution retirement plans offered by for-profit companies. These companies select Equitable as the provider and administrator of their employee retirement benefits, making their employees customers of Equitable's retirement services.

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• Capgemini (CAP.PA)
• Bank of New York Mellon Corporation (BK)
• S&P Global Inc. (SPGI)

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Mark Pearson, President and Chief Executive Officer
Mark Pearson was appointed President and Chief Executive Officer of Equitable Holdings in January 2011. Prior to this, he served as President and CEO of AXA Japan from 2008 to 2011. He joined AXA (which later became Equitable) in 1995 when it acquired National Mutual Funds Management Ltd. Before joining AXA, he spent two decades in the insurance sector, holding senior management positions at Hill Samuel, Schroders, National Mutual Funds Management Ltd., and Friends Provident. He is a Chartered Certified Accountant.

Robin Raju, Chief Financial Officer
Robin Raju was appointed Chief Financial Officer for Equitable Holdings in April 2021. He has held numerous leadership roles at Equitable since joining in 2004, including Head of Individual Retirement, Treasurer of Equitable Holdings, and Business Chief Financial Officer for Equitable's Life, Retirement, and Wealth Management businesses. He played a key role in managing the capital and financials for the company's business segments and led the company's preparation for its successful IPO in May 2018. Earlier in his career, he spent three years at AXA Global Life and Savings at AXA S.A. headquarters in Paris and was a municipal bond broker. He is currently a director of Venerable Holdings and serves on the Boards of Directors for AllianceBernstein.

Jeffrey Hurd, Chief Operating Officer
Jeffrey Hurd is the Chief Operating Officer of Equitable Holdings and a member of its Management Committee. He is responsible for strategic oversight of the company's Human Resources, Information Technology, Service Operations, and Communications departments, and also leads the Innovation & Design Office.

Kurt Meyers, Chief Legal Officer and Corporate Secretary
Kurt Meyers is Equitable Holdings' Chief Legal Officer and Corporate Secretary. He leads the Law Department, overseeing all legal, compliance, regulatory, and governmental affairs. His previous roles at Equitable include Head of Life Insurance and Deputy General Counsel.

Onur Erzan, Head of Global Client Group and Head of Private Wealth
Onur Erzan is Head of Global Client Group and Head of Private Wealth at AllianceBernstein, a subsidiary of Equitable Holdings. In this role, he oversees AB's institutional and retail businesses, with responsibility for all client services, sales, marketing, and product strategy, management, and development worldwide. Before joining in 2021, he spent two decades with McKinsey, most recently as a senior partner and co-leader of its Wealth & Asset Management practice.

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The key risks to Equitable's business (EQH) include:

1. Market Volatility and Economic Conditions: Equitable's financial performance is significantly exposed to fluctuations in financial markets, including interest rate changes and equity market declines. This volatility can directly impact the value of its investment portfolios, the performance of its annuity products, and the overall demand for its financial products and services.
2. Regulatory and Compliance Risks: Operating within a highly regulated financial services industry, Equitable is vulnerable to changes in laws and regulations, which can lead to increased compliance costs and affect how its products are distributed and sold. A notable example of this risk materializing was a $50 million penalty paid to the SEC for providing misleading account statements to variable annuity investors regarding fees.
3. Competition: Equitable faces intense competition from both established financial services firms and emerging fintech companies. This competitive pressure can impact the company's margins and market share across its diverse product portfolio. Furthermore, the company faces challenges in recruiting and retaining skilled financial professionals, which is crucial for driving sales.

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The emergence of insurtech companies that utilize digital-first, direct-to-consumer models and advanced analytics for simplified, faster underwriting processes presents an clear emerging threat to Equitable's traditional life insurance and protection solutions business. These agile competitors offer convenience, transparency, and often lower-cost products, directly challenging the established agent-based distribution and more complex underwriting systems of incumbent insurers.

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Equitable (EQH) operates in several key financial services markets, including individual retirement (annuities), group retirement, protection solutions (life insurance), wealth management, and investment management.

Here are the estimated addressable market sizes for Equitable's main products and services:

• Annuities (Individual Retirement):
  • The U.S. annuity market recorded total sales of $432.4 billion in 2024. Projections suggest total annuity sales in the U.S. will range between $364 billion and $410 billion in 2025.
  • The U.S. annuity market value is expected to reach US$388.42 billion by 2029.
• Life Insurance (Protection Solutions):
  • The U.S. life insurance market generated a revenue of USD 504.37 billion in 2020 and is projected to reach USD 848.14 billion by 2027.
  • The U.S. life insurance market size was estimated at USD 1.93 trillion in 2024 and is predicted to be worth around USD 4.74 trillion by 2034.
  • The global life insurance market was valued at USD 7.55 trillion in 2024 and is projected to reach USD 18.03 trillion by 2034.
• Retirement Planning (Group and Individual Retirement):
  • Total U.S. retirement assets were $45.8 trillion as of June 30, 2025. This includes:
    • Individual Retirement Accounts (IRAs): $18.0 trillion (U.S., as of Q2 2025).
    • Employer-based Defined Contribution (DC) plans (including 401(k), 403(b), 457 plans, and the Thrift Savings Plan): $13.0 trillion (U.S., as of Q2 2025).
    • U.S. Pension Fund market size is valued at USD 6.69 trillion in 2025 and is projected to reach USD 10.24 trillion by 2030.
• Wealth Management:
  • The U.S. wealth management market's Assets Under Management (AUM) was $64.4 trillion in 2024 and is expected to reach $87.35 trillion by 2028.
  • Worldwide AUM in the wealth management industry is expected to reach US$ 128.90 trillion in 2024.
• Investment Management:
  • The global asset and wealth management market is projected to grow from $3.2 trillion in 2023 to $6.5 trillion by 2032.

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Equitable Holdings (EQH) is poised for future revenue growth over the next two to three years, driven by strategic initiatives across its core businesses. Key growth drivers include the expansion of its wealth management segment, continued strong performance in retirement offerings, growth within its asset management arm, strategic capital deployment for acquisitions and private markets, and leveraging technology and innovation.

1. Growth in Wealth Management Business: Equitable's wealth management business is identified as a significant driver, showing robust momentum with substantial advisory net inflows. The company has reported increased advisor productivity and earnings that are ahead of schedule. Equitable is actively allocating capital to enhance the organic growth of this segment, with analysts forecasting a strong 12% growth in advisory services.
2. Expansion of Retirement Business (Individual and Group Retirement, particularly RILA): Sustained demand for individual retirement offerings has led to positive net inflows for Equitable. Sales in both Individual and Group Retirement have shown year-over-year increases. The RILA (Registered Index-Linked Annuity) business is specifically noted for contributing to increased net interest margin in Individual Retirement. Furthermore, robust sales of core annuity products are driving record-breaking revenue, with a notable 15% increase in annuity sales among the 45-60 age group.
3. Growth in Asset Management (AllianceBernstein - AB) and Private Markets: The asset management segment, primarily through AllianceBernstein (AB), remains a major contributor to Equitable's revenue. The company is making strategic investments to scale its AB private markets businesses. Equitable has achieved record assets under management (AUM), which is expected to support future growth in base fees, and has reported positive net inflows in its asset management division.
4. Strategic Partnerships and Acquisitions/Capital Redeployment: Equitable is actively pursuing strategic partnerships and acquisitions to broaden its market reach and product offerings. The company is redeploying capital to create shareholder value and invest in growth initiatives. Recent strategic moves include establishing a new Bermuda reinsurance subsidiary to optimize its balance sheet and enhance financial flexibility. The reinsurance of 75% of its individual life block is expected to allow Equitable to further focus on its high-return and high-growth Retirement, Asset Management, and Wealth Management businesses.
5. Leveraging Technology and Innovation: Equitable is investing in technological advancements to improve its service delivery and operational efficiency. This includes investments in digital platforms, data analytics, and automation, which are expected to enhance client engagement, streamline processes, and reduce costs. The company's commitment to technology is aimed at providing innovative solutions and improving the client experience.

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Share Repurchases

• Equitable Holdings returned $757 million to shareholders in the third quarter of 2025, including $676 million in share repurchases.
• As of Q2 2025, over $1.42 billion had been returned to shareholders through share repurchases year-to-date.
• In February 2025, the Board of Directors authorized an additional $1.5 billion share repurchase program.

Share Issuance

• Equitable Holdings completed the full redemption of its Series B Depositary Shares on September 30, 2025, at a redemption price of $1,000 per Series B Depositary Share.

Outbound Investments

• In October 2025, Equitable announced the acquisition of Stifel Independent Advisors, which includes over 110 advisors and approximately $9 billion in assets under management (AUM), with the transaction expected to close in Q1 2026 and an approximate investment of $200 million.
• The company increased its ownership stake in AllianceBernstein (AB) from 62% to 69% in Q3 2025 through an investment of approximately $800 million.
• Equitable has deployed over $17 billion of its $20 billion capital commitment to AB, supporting the growth of AB's Private Markets business, which managed approximately $80 billion in assets by Q3 2025.

Capital Expenditures

• Equitable's capital expenditures and work-in-progress were $500 million in 2020, $476 million in 2021, and $370 million in 2022.
• Expected capital expenditures for upcoming years (2023-2025) were estimated to be in the range of $355 million to $420 million annually.
• The primary focus of capital allocation includes enhancing organic growth momentum in Wealth Management and increasing investment in experienced advisor recruiting.