Equitable Holdings, Inc. - EQH STOCK NEWS

J.P. Morgan Asset Management has unveiled SmartRetirement Lifetime Income, an innovative retirement income solution designed to simplify the saving and spending phases of retirement. This target date offering aims to reduce portfolio volatility near retirement and provide access to lifetime income payments through unaffiliated insurance companies.

Key features include:

• A stable value structure for income generation
• Transparency and flexibility for retirement savers
• Personalized retirement income strategy
• Support from multiple insurers, including Equitable and Prudential

The solution allows participants to save using familiar target date funds and transition to a personalized retirement income strategy. It's based on J.P. Morgan's proprietary data on participant savings and Chase's spending data across 66 million U.S. households.

Equitable's recent survey of over 1,000 consumers reveals significant shifts in retirement expectations. 47% of Americans believe retiring at 65 is unrealistic, with the average expected retirement age now at 74. Key challenges include increasing living expenses (68%), fear of insufficient savings (66%), and lack of guaranteed retirement income (39%).

The survey also found that 64% of consumers prefer a consistent, guaranteed paycheck in retirement, with millennials showing the highest interest at 70%. This preference highlights the growing concern about financial security in retirement, especially among younger generations who face more uncertainty in traditional retirement income sources.

Additionally, 57% of Americans view current economic conditions as highly volatile, driving increased demand for financial products like annuities that offer investment protection and steady income streams. U.S. annuity sales reached a record $385 billion in 2023, up 23% year-over-year, with strong momentum continuing into 2024.

Equitable Holdings (NYSE: EQH) reported strong Q2 2024 results with net income of $428 million ($1.23 per share) and non-GAAP operating earnings of $494 million ($1.43 per share). Adjusting for notable items, non-GAAP operating earnings were $525 million ($1.52 per share). The company saw robust organic growth across its businesses:

- Retirement: $2.3 billion net inflows
- Wealth Management: $1.5 billion net inflows
- Asset Management: $0.9 billion net inflows

Total AUM/A reached a record $986 billion, up 11% year-over-year. The company returned $325 million to shareholders, maintaining its 60-70% payout ratio target. With a strong balance sheet and combined NAIC RBC ratio of 425-450%, Equitable remains on track to deliver $1.4-$1.5 billion cash generation in 2024, increasing to $2.0 billion annually by 2027.

Equitable Holdings (NYSE: EQH) has announced quarterly dividend declarations for its common and preferred stock. The company will pay a $0.24 per share dividend on common stock on August 13, 2024, to shareholders of record as of August 6, 2024. For Series A 5.25% Non-Cumulative Perpetual Preferred Stock, a quarterly dividend of $328.125 per share ($0.328125 per depositary share) will be paid on September 16, 2024. Similarly, for Series C 4.30% Non-Cumulative Perpetual Preferred Stock, a quarterly dividend of $268.750 per share ($0.26875 per depositary share) will be paid on the same date. Both preferred stock dividends are for shareholders of record as of September 4, 2024.

Equitable Holdings (NYSE: EQH) will release its second quarter 2024 financial results after the market closes on Tuesday, July 30, 2024. A conference call to discuss these results is scheduled for Wednesday, July 31, 2024, at 9:00 a.m. ET. Investors can access the webcast and additional earnings materials on the company's investor relations website. Registration for the conference call is required and can be completed through the provided link, with confirmation details sent via email. Early registration is recommended to ensure proper connectivity during the call.

Equitable has announced the recipients of the 2024 Equitable Excellence Scholarship, aiming to support under-resourced high school seniors. The scholarship program, part of the Equitable Foundation, provides financial aid and year-round workshops covering topics such as budgeting, mental health, and career readiness. This year, 63% of recipients are first-generation college students, a 7.5% increase from last year. Since its inception, the program has awarded $30 million to over 7,300 students. Scholarships include $5,000 renewable awards for four years or one-time $2,500 awards. Equitable also offers college tours, prep workshops, and FAFSA assistance.

Equitable Holdings (NYSE: EQH) has announced the pricing terms for its cash tender offer to purchase certain debt securities. The offer includes three series of notes: 4.572% Senior Notes due 2029, 7.000% Senior Debentures due 2028, and 5.000% Senior Notes due 2048. As of June 14, 2024, $370.05 million, $99.29 million, and $607.14 million have been tendered for these notes, respectively.

Payment for accepted tenders will include an Early Tender Premium of $30 per $1,000 principal and accrued interest up to, but not including, the early settlement date, expected on June 20, 2024. The tender offer expires on July 2, 2024, unless extended or terminated. Key players include TD Securities, Goldman Sachs, and J.P. Morgan as dealer managers, and Global Bondholder Services as the tender and information agent.

Equitable Holdings, a leading financial services company, announced the early results of its cash tender offer to purchase outstanding debt securities. The maximum aggregate purchase price has been increased from $500 million to $569.289 million. Notably, $1.076 billion of notes were validly tendered by the early deadline, exceeding the new purchase limit. The company will accept up to the revised maximum amount based on acceptance priority levels, with specific figures for each series of notes. Accepted tenders will receive early tender premiums and accrued interest until the early settlement date, expected on June 20, 2024. The tendered notes will be retired and canceled upon purchase.

Equitable has announced that financial professionals can now manage VUL Optimizer® variable universal life insurance policies through their Corporate Endowment Solutions (CES) platform. CES offers a comprehensive service from initial sales to ongoing policy management, enhancing the ability to track and optimize life insurance policies. The platform is also accessible to clients, providing transparency and ease of use. The VUL Optimizer® product includes over 80 investment options and aims to maximize future income for policyholders. The CES platform supports policies with premiums of $20,000 or more and offers daily value access, annual reviews, and strategic asset allocation models.