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• Full Year Non-GAAP Operating Earnings: $2 billion or $5.93 per share, up 29% year-over-year.

• Adjusted Non-GAAP Operating EPS: $6.18, up 20% compared to the prior year.

• Assets Under Management and Administration: Increased 10% year-over-year, exceeding $1 trillion.

• Cash Flow to Holding Company: $1.5 billion, at the high end of guidance range.

• Capital Deployment: $1.3 billion in 2024, equating to a 66% payout ratio.

• Run Rate Expense Saves: Achieved $100 million, targeting $150 million by 2027.

• Incremental Net Investment Income: $80 million generated, targeting $110 million by 2027.

• Net Inflows: $7.1 billion in retirement and $4 billion in wealth management for the full year.

• AB Full Year Active Net Inflows: $4.3 billion.

• Private Markets AUM: Increased 14% to $70 billion.

• Fourth Quarter Non-GAAP Operating Earnings: $522 million or $1.57 per share, up 18% year-over-year.

• Fourth Quarter Adjusted Non-GAAP EPS: $1.65 per share, up 23% year-over-year.

• GAAP Net Income for the Quarter: $899 million.

• AB Fourth Quarter Earnings: Boosted by $66 million of fees from public alternative strategies.

• Protection Solutions Full Year Earnings: $239 million, excluding notable items.

• 2025 Cash Generation Forecast: $1.6 billion to $1.7 billion.

• 2025 EPS Growth Target: Consistent with 12% to 15% target.

• 2024 Value of New Business: Approximately $775 million.

• Warning! GuruFocus has detected 4 Warning Signs with RRX.

Release Date: February 06, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

• Equitable Holdings Inc (NYSE:EQH) reported a 29% year-over-year increase in full-year non-GAAP operating earnings per share, reaching $5.93.

• Assets under management and administration increased by 10% year-over-year, surpassing $1 trillion.

• The company generated $1.5 billion in cash flow to the holding company, with over 50% coming from asset and wealth management businesses.

• Equitable Holdings Inc (NYSE:EQH) achieved $100 million in run rate expense savings and is on track to meet or exceed a $150 million target by 2027.

• The company reported strong organic growth with $7.1 billion in net inflows in retirement and $4 billion in wealth management for the full year.

Negative Points

• The Protection Solutions segment experienced elevated net mortality due to two large claims with minimal reinsurance coverage.

• The company forecasts 2025 earnings for Protection Solutions to be at the lower end of the $200 million to $300 million range.

• Alternative investment income was below plan, reducing earnings by $27 million after tax in the fourth quarter.

• The Corporate and Other segment is expected to generate a full-year loss of approximately $400 million in 2025.

• Equitable Holdings Inc (NYSE:EQH) anticipates alternative returns in its investment portfolio to start the year in the 5% to 6% range, below the target range of 8% to 12%.