Equitable Holdings, Inc.
For the period ended Jun 30, 2025. Filed Aug 11, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2025 · Filed Aug 11, 2025
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Filed herewith.
† Identifies each management contract or compensatory plan or arrangement.
GLOSSARY
Selected Financial Terms
| Account Value (“AV”) | Generally equals the aggregate policy account value of our retirement and protection products. General Account AV refers to account balances in investment options that are backed by the General Account while Separate Accounts AV refers to Separate Accounts investment assets. |
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| Alternative investments | Investments in real estate and real estate joint ventures and other limited partnerships. |
| Assets under administration (“AUA”) | Includes non-insurance client assets that are invested in our savings and investment products or serviced by our Equitable Advisors platform. We provide administrative services for these assets and generally record the revenues received as distribution fees. |
| Assets under management (“AUM”) | Investment assets that are managed by one of our subsidiaries and includes: (i) assets managed by AB, (ii) the assets in our GAIA portfolio and (iii) the Separate Account assets of our retirement and protection businesses. Total AUM reflects exclusions between segments to avoid double counting. |
| Combined RBC Ratio | Calculated as the overall aggregate RBC ratio for the Company’s insurance subsidiaries including capital held for its life insurance and variable annuity liabilities and non-variable annuity insurance liabilities. |
| Conditional tail expectation (“CTE”) | Calculated as the average amount of total assets required to satisfy obligations over the life of the contract or policy in the worst x% of scenarios. Represented as CTE (100 less x). Example: CTE95 represents the worst five percent of scenarios. |
| Deferred policy acquisition cost (“DAC”) | Represents the incremental costs related directly to the successful acquisition of new and certain renewal insurance policies and annuity contracts and which have been deferred on the consolidated balance sheet as an asset. |
| Deferred sales inducements (“DSI”) | Represent amounts that are credited to a policyholder’s account balance that are higher than the expected crediting rates on similar contracts without such an inducement and that are an incentive to purchase a contract and also meet the accounting criteria to be deferred as an asset that is amortized over the life of the contract. |
| Fee-type revenue | Revenue from fees and related items, including policy charges and fee income, premiums, investment management and service fees, and other income. |
| Gross Premiums | First year premium and renewal premium and deposits |
| Invested assets | Includes fixed maturity securities, equity securities, mortgage loans, policy loans, alternative investments and short-term investments. |
| Protection Solutions Reserves | Equals the aggregate value of Policyholders’ account balances and Future policy benefits for policies in our Protection Solutions segment. |
| Reinsurance | Insurance policies purchased by insurers to limit the total loss they would experience from an insurance claim. |
| Renewal premium and deposits | Premiums and deposits after the first twelve months of the policy or contract. |
| Risk-based capital (“RBC”) | Rules to determine insurance company statutory capital requirements. It is based on rules published by the National Association of Insurance Commissioners (“NAIC”). |
| Total adjusted capital (“TAC”) | Primarily consists of capital and surplus, and the asset valuation reserve. |
| Product Terms | |
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| 401(k) | A tax-deferred retirement savings plan sponsored by an employer. 401(k) refers to the section of the Internal Revenue Code of 1986, as amended (the “Code”) pursuant to which these plans are established. |
| 403(b) | A tax-deferred retirement savings plan available to certain employees of public schools and certain tax-exempt organizations. 403(b) refers to the section of the Code pursuant to which these plans are established. |
| Affluent | Refers to individuals with $250,000 to $999,999 of investable assets. |
| Annuitant | The person who receives annuity payments or the person whose life expectancy determines the amount of variable annuity payments upon annuitization of an annuity to be paid for life. |
| Annuitization | The process of converting an annuity investment into a series of periodic income payments, generally for life. |
| Benefit base | A notional amount (not actual cash value) used to calculate the owner’s guaranteed benefits within an annuity contract. The death benefit and living benefit within the same contract may not have the same benefit base. |
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| Cash surrender value | The amount an insurance company pays (minus any surrender charge) to the policyholder when the contract or policy is voluntarily terminated prematurely. |
| Dollar-for-dollar withdrawal | A method of calculating the reduction of a variable annuity benefit base after a withdrawal in which the benefit is reduced by one dollar for every dollar withdrawn. |
| EQUI-VEST Group (“EG”) | A traditional variable deferred annuity without enhanced guaranteed benefits with single and ongoing premiums sold in the tax-exempt 403(b)/457(b) markets. |
| EQUI-VEST Individual (“EI”) | A traditional variable deferred annuity without enhanced guaranteed benefits sold in the individual market. |
| Future policy benefits | Future policy benefits for the annuities business are comprised mainly of liabilities for life-contingent income annuities, and liabilities for the variable annuity guaranteed minimum benefits accounted for as insurance.Future policy benefits for the life business are comprised mainly of liabilities for traditional life and certain liabilities for universal and variable life insurance contracts (other than the Policyholders’ account balance). |
| General Account Investment Portfolio | The invested assets held in the General Account. |
| General Account | The assets held in the general accounts of our insurance companies as well as assets held in our Separate Accounts on which we bear the investment risk. |
| GMxB | A general reference to all forms of variable annuity guaranteed benefits, including guaranteed minimum living benefits, or GMLBs (such as GMIBs, GMWBs and GMABs), and guaranteed minimum death benefits, or GMDBs (inclusive of return of premium death benefit guarantees). |
| GMxB Core | Retirement Cornerstone and Accumulator sold 2011 and later. |
| GMxB Legacy | Fixed-rate GMxB business written prior to 2011. |
| Guaranteed income benefit (“GIB”) | An optional benefit which provides the policyholder with a guaranteed lifetime annuity based on predetermined annuity purchase rates applied to a GIB benefit base, with annuitization automatically triggered if and when the contract AV falls to zero. |
| Guaranteed minimum accumulation benefits (“GMAB”) | An optional benefit (available for an additional cost) which entitles an annuitant to a minimum payment, typically in lump-sum, after a set period of time, typically referred to as the accumulation period. The minimum payment is based on the benefit base, which could be greater than the underlying AV. |
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| Guaranteed minimum death benefits (“GMDB”) | An optional benefit (available for an additional cost) that guarantees an annuitant’s beneficiaries are entitled to a minimum payment based on the benefit base, which could be greater than the underlying AV, upon the death of the annuitant. |
| Guaranteed minimum income benefits (“GMIB”) | An optional benefit (available for an additional cost) where an annuitant is entitled to annuitize the policy and receive a minimum payment stream based on the benefit base, which could be greater than the underlying AV. |
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| Guaranteed minimum living benefits (“GMLB”) | A reference to all forms of guaranteed minimum living benefits, including GMIBs, GMWBs and GMABs (does not include GMDBs). |
| Guaranteed minimum withdrawal benefits (“GMWB”) | An optional benefit (available for an additional cost) where an annuitant is entitled to withdraw a maximum amount of their benefit base each year, for which cumulative payments to the annuitant could be greater than the underlying AV. |
| Guaranteed withdrawal benefit for life (“GWBL”) | An optional benefit (available for an additional cost) where an annuitant is entitled to withdraw a maximum amount of their benefit base each year, for the duration of the policyholder’s life, regardless of account performance. |
| High net worth | Refers to individuals with $1,000,000 or more of investable assets. |
| Indexed Universal Life (“IUL”) | A permanent life insurance offering built on a universal life insurance framework that uses an equity-linked approach for generating policy investment returns. |
| Investment Edge (“IE”) | A traditional variable deferred annuity without enhanced guaranteed benefits that provides tax-efficient distribution. |
| Living benefits | Optional benefits (available at an additional cost) that guarantee that the policyholder will get back at least his original investment when the money is withdrawn. |
| Mortality and expense risk fee (“M&E fee”) | A fee charged by insurance companies to compensate for the risk they take by issuing life insurance and variable annuity contracts. |
| Net flows | Net change in customer account balances in a period including, but not limited to, gross premiums, surrenders, withdrawals and benefits. It excludes investment performance, interest credited to customer accounts and policy charges. |
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| Policyholder account balances | Annuities. Policyholder account balances are held for fixed deferred annuities, the fixed account portion of variable annuities and non-life contingent income annuities. Interest is credited to the policyholder’s account at interest rates we determine which are influenced by current market rates, subject to specified minimums. Life Insurance Policies. Policyholder account balances are held for retained asset accounts, universal life policies and the fixed account of universal variable life insurance policies. Interest is credited to the policyholder’s account at interest rates we determine which are influenced by current market rates, subject to specified minimums. |
| Return of premium (“ROP”) death benefit | This death benefit pays the greater of the account value at the time of a claim following the owner’s death or the total contributions to the contract (subject to adjustment for withdrawals). The charge for this benefit is usually included in the M&E fee that is deducted daily from the net assets in each variable investment option. We also refer to this death benefit as the Return of Principal death benefit. |
| Rider | An optional feature or benefit that a policyholder can purchase at an additional cost. |
| Separate Account | Refers to the separate account investment assets of our insurance subsidiaries excluding the assets held in those Separate Accounts on which we bear the investment risk. |
| Surrender charge | A fee paid by a contract owner for the early withdrawal of an amount that exceeds a specific percentage or for cancellation of the contract within a specified amount of time after purchase. |
| Surrender rate | Represents annualized surrenders and withdrawals as a percentage of average AV. |
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| Universal life (“UL”) products | Life insurance products that provide a death benefit in return for payment of specified annual policy charges that are generally related to specific costs, which may change over time. To the extent that the policyholder chooses to pay more than the charges required in any given year to keep the policy in-force, the excess premium will be placed into the AV of the policy and credited with a stated interest rate on a monthly basis. |
| Variable annuity | A type of annuity that offers guaranteed periodic payments for a defined period of time or for life and gives purchasers the ability to invest in various markets though the underlying investment options, which may result in potentially higher, but variable, returns. |
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| Variable Universal Life (“VUL”) | Universal life products where the excess amount paid over policy charges can be directed by the policyholder into a variety of Separate Account investment options. In the Separate Account investment options, the policyholder bears the entire risk and returns of the investment results. |
ACRONYMS
“AB” or “AllianceBernstein” means AB Holding and ABLP
“AB Holding” means AllianceBernstein Holding L.P., a Delaware limited partnership
“AB Holding Units” means units representing assignments of beneficial ownership of limited partnership interests in AB Holding
“AB Units” means units of limited partnership interests in ABLP
“ABLP” means AllianceBernstein L.P., a Delaware limited partnership and the operating partnership for the AB business
“AFS” means available-for-sale
“AOCI” means accumulated other comprehensive income
“ASR” means accelerated share repurchase
“ASU” means Accounting Standards Update
“BOP” means beginning of period
“BPs” means basis points
“BRS” means Bernstein Research Services
“CDS” means credit default swaps
“CLO” means collateralized loan obligation
“CODM” means chief operating decision maker
“COI” means cost of insurance
“COLI” means corporate owned life insurance
“Company” means Equitable Holdings, Inc. with its consolidated subsidiaries
“CS Life” means Corporate Solutions Life Reinsurance Company, a Delaware corporation and a wholly-owned direct subsidiary of Venerable Insurance and Annuity Company RE
“CSA” means credit support annex
“DOL” means U.S. Department of Labor
“DSC” means debt service coverage
“EAFE” means European, Australasia, and Far East
“EB” means Employee Benefits
“EFS” means Equitable Financial Services, LLC, a Delaware corporation and a wholly-owned direct subsidiary of Holdings
“EPS” means earnings per share
“EOP” means end of period
“Equitable Advisors” means Equitable Advisors, LLC, a Delaware limited liability company, our retail broker/dealer for our retirement and protection businesses and a wholly-owned indirect subsidiary of Holdings
“Equitable America” means Equitable Financial Life Insurance Company of America (f/k/a MONY Life Insurance Company of America), an Arizona corporation and a wholly-owned indirect subsidiary of Holdings
“Equitable Financial” means Equitable Financial Life Insurance Company, a New York corporation, a life insurance company and a wholly-owned subsidiary of EFS
“Equitable Financial L&A” means Equitable Financial Life and Annuity Company, a Colorado corporation and a wholly-owned indirect subsidiary of Holdings
“Equitable Financial QP” means Equitable Financial sponsored Equitable Retirement Plan
“EQ AZ Life Re” means EQ AZ Life Re Company, an Arizona corporation and a wholly-owned indirect subsidiary of Holdings.
“ERISA” means Employee Retirement Income Security Act of 1974
“ESG” means environmental, social and governance
“ETF” means exchange traded funds
“ETR” means effective tax rate
“Exchange Act” means Securities Exchange Act of 1934, as amended
“FABCP” means Funding Agreement-Backed Commercial Paper Program
“FABN” means Funding Agreement Backed Notes Program
“FHLB” means Federal Home Loan Bank
“General Partner” means AllianceBernstein Corporation, a Delaware corporation and the general partner of AB Holding and ABLP
“Holdings” means Equitable Holdings, Inc.
“HTM” means held-to-maturity
“ISDA Master Agreement” means International Swaps and Derivatives Association Master Agreement
“LIBOR” means London Interbank Offered Rate
“LTV” means loan to value
“MRBs” means market risk benefits
“MSO” means Market Stabilizer Option
“NAIC” means National Association of Insurance Commissioners
“NAR” means net amount at risk
“NAV” means net asset value
“NLG” means no-lapse guarantee
“NYDFS” means New York State Department of Financial Services
“OCI” means other comprehensive income
“OTC” means over-the-counter
“PTEs” means prohibited transaction exemptions
“P-Caps” means Pre-Capitalized Trust Securities
“RGA” means Reinsurance Group of America
“SCB LLC” means Sanford C. Bernstein & Co., LLC, a registered investment adviser and broker-dealer.
“SCS” means Structured Capital Strategies
“SEC” means U.S. Securities and Exchange Commission
“Series A Preferred Stock” means Holdings’ Series A Fixed Rate Noncumulative Perpetual Preferred Stock
“Series B Preferred Stock” means Holdings’ Series B Fixed Rate Reset Noncumulative Perpetual Preferred Stock
“Series C Preferred Stock” means Holdings’ Series C Fixed Rate Reset Noncumulative Perpetual Preferred Stock
“SIA” means sales inducement asset
“SIO” means structured investment option
“SPE” means special purpose entity
“SVO” means Securities Valuation Office
“TAR” means total asset requirement
“TIPS” means treasury inflation-protected securities
“U.S. GAAP” means accounting principles generally accepted in the United States of America
“UL” means universal life
“Venerable” means Venerable Holdings, Inc.
“VIE” means variable interest entity
“VOE” means voting interest entity
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, Equitable Holdings, Inc. has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| Date: August 11, 2025 | EQUITABLE HOLDINGS, INC. | ||
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| By: | /s/ Robin M. Raju | ||
| Name: | Robin M. Raju | ||
| Title: | Chief Financial Officer(Principal Financial Officer) | ||
| Date: August 11, 2025 | By: | /s/ William Eckert | |
| Name: | William Eckert | ||
| Title: | Chief Accounting Officer(Principal Accounting Officer) | ||
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.