The following is a summary of the Equitable Holdings, Inc. (EQH) Q1 2024 Earnings Call Transcript:
Financial Performance:
Equitable Holdings reported Q1 non-GAAP operating earnings of $490 million, or $1.43 per share, up 49% year-over-year on a per-share basis.
After adjusting for notable items, non-GAAP operating EPS remained $1.43, up 18% compared to the previous year.
The company bought back $253 million of stock and paid $73 million of dividends, totaling a payout ratio of 68%.
Assets under management and administration saw a 13% increase year-over-year to $974 billion.
Business Progress:
The Individual Retirement segment delivered 8% organic growth in the last 12 months.
The company noted strong demand for their Retirement, Asset Management, and Wealth management solutions.
They aim to boost growth in assets under management and administration, benefiting from a favorable interest rate environment and robust demand for their AI platform.
The firm plans to capitalize on the growth opportunity presented by the US retirement market, with offerings with leading asset managers BlackRock and AB.
The company is evaluating multiple options for their Protection Solutions business with reinsurers to improve profitability.
AllianceBernstein expects continued flows into fixed income and is planning several new product launches.
In partnership with BlackRock, new flows are expected in the institutional business line for their Group Retirement business.
Equitable Holdings is investing actively in their Protection segment while focusing on technology to disrupt the market.
More details: Equitable IR
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