Equitable Holdings Reports First Quarter 2021 Results
Equitable Holdings (NYSE: EQH) reported strong Q1 2021 results with non-GAAP operating earnings of $1.35 per share, a 19% increase year-over-year. Assets under management reached a record $822 billion, growing 27% year-over-year, driven by robust net flows and favorable equity markets. The company highlighted its focus on a fair value economic approach and is set to finalize a significant variable annuity reinsurance transaction with Venerable in Q2 2021, aiming to enhance balance sheet stability.
- Non-GAAP operating earnings increased to $1.35 per share, up 19% year-over-year.
- Total assets under management grew to $822 billion, a 27% increase year-over-year.
- Net income attributable to Holdings showed a significant loss of ($1,488 million) in Q1 2021 compared to a profit of $5,388 million in the same quarter of 2020.
Equitable Holdings, Inc. (“Equitable Holdings”, “Holdings”, or the “Company”) (NYSE: EQH) today announced financial results for the first quarter ended March 31, 2021.
“Thanks to the resiliency of Equitable’s business model, we began 2021 with strong operating performance and delivered another quarter of solid results, with non-GAAP operating earnings of
Mr. Pearson continued, “We remain grounded in our fair value economic approach to managing the business. Our balance sheet de-risking efforts will be further accelerated by our landmark variable annuity reinsurance transaction with Venerable, which remains on track to close in the second quarter. In addition to the benefits we receive from managing to a fair value framework, we remain confident in our ability to generate long-term value.”
Consolidated Results |
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First Quarter |
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(in millions, except per share amounts or unless otherwise noted) |
2021 |
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2020 |
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Total Assets Under Management (“AUM”, in billions) |
$ |
822 |
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$ |
646 |
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Net income (loss) attributable to Holdings |
(1,488 |
) |
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5,388 |
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Net income (loss) attributable to Holdings per common share |
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