Equitable Holdings, Inc.
For the period ended Jun 30, 2026. Filed Aug 6, 2026.
View on SEC.govAbout this filing
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, 2026 · Filed Aug 6, 2026
EQH$52.66-0.5%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-03-31; filed 2026-05-07.
0001333986-26-000025
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-08-06.
0001333986-26-000040
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 350 previous paragraphs and 404 current paragraphs.
254 unchanged; 59 reworded; 79 added; 35 removed; 2 previous and 12 current paragraphs rearranged.
Tables are not compared: 34 previous and 37 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (79)
Current report
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Current report
Big Data
Current report
The NAIC’s Big Data and Artificial Intelligence (H) Working Group is evaluating AI-use outcomes and how well the current regulatory framework addresses potential harms from the use of AI. The goal is to develop an overall AI regulatory framework that could be incorporated into an NAIC regulatory handbook. For example, the working group aims to finalize during 2026, a tool to collect information about an insurer’s use of AI during an examination or investigation.
Current report
(2)Includes the following impacts on Non-VA derivatives: a gain of $198 million and $33 million for the three and six months ended June 30, 2025, respectively; a loss of $176 million and $322 million for the three and six months ended June 30, 2026, respectively. Also includes $14 million of expense related to a disputed billing practice of an AB third-party service provider for the three and six months ended June 30, 2025, respectively.
Current report
(2)Includes the following impacts on Non-VA derivatives: a gain of $0.65 and $0.11 for the three and six months ended June 30, 2025, respectively; a loss of $0.63 and $1.14 for the three and six months ended June 30, 2026, respectively. Also includes $0.05 of expense related to a disputed billing practice of an AB third-party service provider for the three and six months ended June 30, 2025, respectively.
Current report
Net loss attributable to Holdings increased $104 million to $453 million for the three months ended June 30, 2026 from $349 million in the three months ended June 30, 2025. The following notable items were the primary drivers for the change in net income (loss):
Current report
Unfavorable items included:
Current report
•Net derivative losses increased by $681 million mainly due to higher equity market appreciation during the second quarter 2026 compared to the second quarter 2025.
Current report
•Commissions and distribution-related payments increased by $74 million mainly due to higher retirement sales and asset-based commissions.
Current report
•Fee-type revenue decreased by $71 million mainly due to the reinsurance transaction with RGA, partially offset by higher advisory fee-type revenue and higher Separate Account values.
Current report
•Compensation, benefits, interest and other operating expenses increased by $42 million mainly due to higher incentive compensation in our Asset Management segment.
Current report
•Interest credited to policyholders’ account balances increased by $38 million mainly due to growth of account values in our Retirement segment, partially offset by the reinsurance transaction with RGA.
Current report
•Net income attributable to noncontrolling interest increased by $34 million mainly due to increased gains from consolidated VIEs.
Current report
These were partially offset by the following favorable items:
Current report
•Change in market risk benefits and purchased market risk benefits decreased by $395 million mainly due to higher equity market appreciation during thesecond quarter 2026 compared to thesecond quarter 2025.
Current report
•Income tax benefit increased by $60 million primarily due to a higher pre-tax loss for the three months ended June 30, 2026.
Current report
Non-GAAP Operating Earnings increased by $136 million to $488 million for the three months ended June 30, 2026 from $352 million in the three months ended June 30, 2025. The following notable items were the primary drivers for the change in Non-GAAP Operating Earnings:
Current report
•Commissions and distribution-related payments increased by $74 million mainly due to higher retirement sales and asset-based commissions.
Current report
•Fee-type revenue decreased by $55 million mainly due to the reinsurance transaction with RGA, partially offset by higher advisory fee-type revenue and higher Separate Account values.
Current report
•Compensation, benefits, interest and other operating expenses increased by $28 million mainly due to higher incentive compensation in our Asset Management segment.
Current report
•Net investment income decreased by $10 million mainly due to lower gains from seed capital investments in our Asset Management segment.
Current report
Six Months Ended June 30, 2026 Compared to the Six Months Ended June 30, 2025
Current report
•Policyholders’ benefits decreased by $726 million primarily due to the reinsurance transaction with RGA.
Current report
•Net derivative losses increased by $900 million primarily due to higher equity market appreciation during the first six months of 2026 compared to the first six months of 2025.
Current report
•Fee-type revenue decreased by $219 million mainly driven by the reinsurance transaction with RGA, partially offset by higher advisory fee-type revenue and higher Separate Account values.
Current report
•Interest credited to policyholders’ account balances increased by $130 million mainly due to growth of account values in our Retirement segment, partially offset by the reinsurance transaction with RGA.
Current report
•Commissions and distribution-related payments increased by $129 million mainly due to higher retirement sales and asset-based commissions.
Current report
•Amortization of DAC increased by $42 million mainly due to growth in our Retirement segment from sales momentum.
Current report
•Investment losses increased by $9 million primarily due to mortgage valuation allowances.
Current report
•Income tax expense was $16 million for the first six months of 2026 compared to an income tax benefit of $56 million for the first six months of 2025. This was primarily due to pre-tax income in the first six months of 2026 compared to a pre-tax loss in the first six months of 2025.
Current report
•Fee-type revenue decreased by $252 million mainly driven by the reinsurance transaction with RGA, partially offset by higher advisory fee-type revenue and higher Separate Account values.
Current report
•Commissions and distribution-related payments increased by $129 million mainly due to higher retirement sales and asset-based commissions.
Current report
•Amortization of DAC increased by $42 million mainly due to growth in our Retirement segment from sales momentum.
Current report
Operating earnings increased $48 million to $402 million during the three months ended June 30, 2026 from $354 million during the three months ended June 30, 2025. The following notable items were the primary drivers of the change in operating earnings:
Current report
•Net investment income increased by $186 million mainly due to higher average asset balances.
Current report
•Interest credited to policyholders’ account balances increased by $142 million mainly due to the growth of account values.
Current report
•Compensation, benefits, interest expense and other operating costs increased by $34 million driven by higher allocated corporate expenses.
Current report
•Commissions and distribution-related payments increased by $31 million mainly due to higher asset-based commissions and sales volumes.
Current report
•Total AV as of June 30, 2026 was $188.9 billion, an increase of $17.3 billion, compared to March 31, 2026. The increase in AV was primarily due to $16.2 billion of market appreciation and change in fair value of embedded derivative instruments in the second quarter 2025 and $1.7 billion of net inflows.
Current report
•Net inflows of $1.7 billion were $235 million lower than in the three months ended June 30, 2025, mainly driven by higher outflows, partially offset by higher gross premiums.
Showing the first 40 of 79 passages. Open the source sections for the rest.
Removed paragraphs (35)
Previous report
Reinsurance
Previous report
In August 2025, the NAIC adopted an actuarial guideline (“AG 55”) developed by the Life Actuarial (A) Task Force (“LATF”) that subjects certain post January 1, 2016 offshore reinsurance transactions to enhanced asset adequacy testing. The guideline requires asset adequacy testing for long-duration insurance business that relies heavily on asset returns (i.e., “asset-intensive reinsurance transactions”) within the scope of the guideline that either meet certain size-based thresholds or result in significant reinsurance collectability risk (as determined by the cedent’s appointed actuary). Such asset adequacy testing would be performed using a cash flow testing methodology. The actuarial guideline requires disclosure by the ceding insurer, meaning that it will not require that additional reserves be posted at the reinsurer level (although the ceding insurer may decide to post reserves). It is important to note that domestic regulators will continue to have the authority to take action on known issues, or issues that may become known as part of such new reporting, and may require additional analysis or reserves following such disclosure. The Company is preparing to comply with this new guideline, for which reporting will be required with respect to reserves reported as of December 31, 2025, in an insurer’s annual statement. In October 2025, LATF exposed for comment a revised filing template intended to assist ceding insurers in complying with AG 55.
Previous report
On December 11, 2025, the NAIC adopted revisions to SSAP No.61—Life, Deposit-Type and Accident and Health Reinsurance which require combining reinsurance contracts that include both yearly renewable term and coinsurance portions to be evaluated for risk transfer on an overall basis (as well as for each component individually). The revisions are effective immediately for new and amended contracts, and subject to reporting on or before December 31, 2026 for existing contracts.
Previous report
In May 2025, the NAIC’s Statutory Accounting Principles (E) Working Group (“SAPWG”) adopted revised annual statement reporting schedules for life insurers to require reporting entities to identify assets that are subject to a funds withheld or modified coinsurance (“modco”) arrangement in connection with reinsurance. In addition, SAPWG adopted revisions to SSAP No. 1–Accounting Policies, Risks & Uncertainties, and Other Disclosures, which expand restricted asset reporting to capture information on modco and funds withheld assets that are related to or affiliated with the reinsurer for disclosure in all quarterly and annual financial statements. The revisions are meant to capture everything affiliated with the reinsurer and the entire restricted asset disclosure will be required in all quarterly and annual financial statements. This update became effective for year-end 2025, with initial quarterly reporting required in the first quarter of 2026.
Previous report
Non-GAAP Operating Earnings
Previous report
(2)Includes a loss of $146 million and $165 million on Non-VA derivatives for the three months ended March 31, 2026 and 2025, respectively.
Previous report
(3)For the three months ended March 31, 2025, includes $82 million of the gain on sale on AB's Bernstein Research Service attributable to Holdings.
Previous report
(4)For the three months ended March 31, 2025, includes $78 million contingent payment gain recognized related to a fair value remeasurement of the contingent payment liability associated with AB's acquisition of CarVal in 2022.
Previous report
(2)Includes a loss of $0.51 and $0.53 on Non-VA derivatives for the three months ended March 31, 2026 and 2025, respectively.
Previous report
(3)For the three months ended March 31, 2025, includes $0.25 of the gain on sale on AB's Bernstein Research Service attributable to Holdings.
Previous report
(4)For the three months ended March 31, 2025 includes $0.24 contingent payment gain recognized in connection with a fair value remeasurement of the contingent payment liability associated with AB's acquisition of CarVal in 2022.
Previous report
Assets Under Management
Previous report
•Policyholders’ benefits decreased by $374 million primarily due to the reinsurance transaction with RGA.
Previous report
•Net derivative gains decreased $219 million primarily driven by a larger equity market decline during 2026 compared to 2025.
Previous report
•Interest credited to policyholders’ account balances increased by $92 million mainly due to growth of account values in our Retirement segment, partially offset by the reinsurance transaction with RGA.
Previous report
•Commissions and distribution-related payments increased by $55 million mainly due to higher distribution and advisory fee-type revenue from higher retirement sales and average asset balances in our Wealth Management segment, and higher asset-based commissions and sales volumes in our Retirement segment.
Previous report
•Investment losses increased by $15 million primarily due to fixed maturity and mortgage valuation and impairment losses.
Previous report
•Income tax expense increased by $132 million primarily due to higher pre-tax earnings as well as a higher effective tax rate.
Previous report
Non-GAAP Operating Earnings
Previous report
•Compensation, benefits, interest expense and other operating costs decreased by $45 million mainly due to the reinsurance transaction with RGA, partially offset by higher incentive compensation and higher servicing and general administrative expenses in our Asset Management segment.
Previous report
•Fee-type revenue decreased by $197 million mainly driven by the reinsurance transaction with RGA, partially offset by higher advisory fee-type revenue in our Asset Management and Wealth Management segments.
Previous report
•Commissions and distribution-related payments increased by $55 million mainly due to higher distribution and advisory fee-type revenue from higher retirement sales and average asset balances in our Wealth Management segment,and higher asset-based commissions and sales volumes in our Retirement segment.
Previous report
Operating earnings increased $16 million to $396 million during the three months ended March 31, 2026, from $380 million during the three months ended March 31, 2025. The following were notable changes in operating earnings (losses):
Previous report
•Net investment income increased by $206 million mainly due to higher average asset balances.
Previous report
•Policyholders’ benefits decreased by $22 million mainly due to lower benefit payments in the payout business.
Previous report
•Interest credited to policyholders’ account balances increased by $207 million mainly due to growth of account values.
Previous report
•Commissions and distribution-related payments increased by $29 million mainly due to higher asset-based commissions and sales volumes.
Previous report
Net Flows and AV
Previous report
Operating earnings increased $14 million to $140 million during the three months ended March 31, 2026, from $126 million in the three months ended March 31, 2025. The following were notable changes in operating earnings (losses):
Previous report
•Net derivative gains were $4 million for the three months ended March 31, 2026, compared to losses of $13 million for the three months ended March 31, 2025 primarily due to lower losses from economically hedging seed capital (partially offset by Net investment income) and market changes in total return swaps.
Previous report
•Income tax expense increased by $8 million primarily due to higher pre-tax earnings.
Previous report
Operating earnings increased $10 million to $55 million during the three months ended March 31, 2026, compared to $45 million in the three months ended March 31, 2025. The following were notable changes in operating earnings:
Previous report
•Compensation, benefits and other operating costs and expenses increased by $12 million mainly due to seasonality of benefits payments and one-time costs related to the acquisition of Stifel Independent Advisors.
Previous report
•Compensation, benefits, interest expense and other operating costs decreased by $74 million primarily due to the reinsurance transaction with RGA.
Previous report
•Fee-type revenue decreased by $289 million primarily due to the reinsurance transaction with RGA.
Reworded paragraphs (59)
Previous wording
The Proposed Transaction is expected to close by end of 2026, subject to customary closing conditions, including the receipt of required regulatory approvals and approval of the respective shareholders of both Corebridge and Holdings.
Current wording
On July 30, 2026, stockholders of both Holdings and Corebridge voted to approve all stockholder proposals necessary to complete the Proposed Transaction at their respective special stockholder meetings. The Proposed Transaction is expected to close by the end of 2026, subject to customary closing conditions, including the receipt of required regulatory approvals.
Previous wording
U.S. equity markets were volatile in the first quarter of 2026, with the S&P 500 Index declining 4.3%, while small-cap stocks proved more resilient as the Russell 2000 returned 0.9%. A wide variety of factors continue to cause market volatility and heighten concerns regarding inflation. These factors include, among others, concerns around private credit, interest rate changes,AI-related concerns, and escalating geopolitical tensions, including increased tariffs and other trade restrictions and barriers, high fuel and energy costs, ongoing economic disruption, and other factors, including the effects of the partial U.S. federal government shutdown, the Ukraine-Russia conflict, and conflict in the Middle East. For further information on the risk of increased volatility in the financial markets to our business, see “Risk Factors—Risks Relating to Conditions in the Financial Markets and Economy—Conditions in the global capital markets and the economyand Equity market declines and volatility” in the 2025 Form 10-K.
Current wording
U.S. equity markets staged a strong reversal in the second quarter 2026, with the S&P 500 Index returning approximately 15%, its best quarterly performance since the 2020 post-pandemic rebound, while the Russell 2000 surged more than 21% for its strongest quarter in decades. A wide variety of factors continue to cause market volatility and heighten concerns regarding inflation. These factors include, among others, concerns around private credit, interest rate changes, AI-related concerns, and escalating geopolitical tensions, including increased tariffs and other trade restrictions and barriers, high fuel and energy costs, ongoing economic disruption, and other factors, including the Ukraine-Russia conflict and conflict in the Middle East. For further information on the risk of increased volatility in the financial markets to our business, see “Risk Factors—Risks Relating to Conditions in the Financial Markets and Economy—Conditions in the global capital markets and the economyand Equity market declines and volatility” in the 2025 Form 10-K.
Previous wording
In November 2024, the NAIC adopted an amendment to the Purposes and Procedures Manual that sets forth procedures for SVO staff to identify and evaluate a filing-exempt security with an NAIC Designation determined by a rating that appears to be an unreasonable assessment of investment risk. The procedures include, without limitation, sending an information request to insurers that hold the security under review and determining whether the NAIC Designation is three or more notches different from the SVO’s assessment, which would allow the SVO to request the removal of the credit rating from the filing exempt process. At any time during the process, an alternate credit rating may be requested and, if one is received, it will be incorporated into the filing exempt process. The Purposes and Procedures Manual amendment is scheduled to become effective on January 1, 2026.
Current wording
In November 2024, the NAIC adopted an amendment to the Purposes and Procedures Manual effective January 1, 2026, which sets forth procedures for SVO staff to identify and evaluate a filing-exempt security with an NAIC Designation determined by a rating that appears to be an unreasonable assessment of investment risk. The procedures include, without limitation, sending an information request to insurers that hold the security under review and determining whether the NAIC Designation is three or more notches different from the SVO’s assessment, which would allow the SVO to request the removal of the credit rating from the filing exempt process. At any time during the process, an alternate credit rating may be requested and, if one is received, it will be incorporated into the filing exempt process. The NAIC has developed the technology enhancements necessary to carry out these procedures and this process is now operational.
Previous wording
In June 2023, the NAIC increased the RBC factor for structured security residual tranches from 30% to 45%, which became effective for year-end 2024 RBC filings. The NAIC has been assessing the RBC treatment of CLOs and in March 2026 released an initial proposal for new C-1 (asset risk) factors for CLOs in the life RBC formula to take effect for year-end 2026.
Current wording
In June 2023, the NAIC increased the RBC factor for structured security residual tranches from 30% to 45%, which became effective for year-end 2024 RBC filings. The NAIC has been assessing the RBC treatment of CLOs and in June 2026, the NAIC’s Financial Condition (E) Committee adopted a proposal, which incorporates the American Academy of Actuaries’s model C-1 (asset risk) factors for CLOs, collateralized bond obligations, and collateralized debt obligations into the NAIC’s Life and Fraternal Risk-Based Capital Blanks, Instructions, and Formula, effective for year-end 2026.
Previous wording
NAIC working groups are considering topics related to funding agreement-backed notes and similar programs, including a proposal currently under consideration to provide regulators with enhanced disclosures for funding agreements that support such programs.
Current wording
The NAIC is considering various topics related to funding agreement-backed notes and similar programs. As part of this effort, the NAIC’s Statutory Accounting Principles (E) Working Group adopted revisions to SSAP No. 52 — Deposit-Type Contracts, effective year-end 2026, to require enhanced disclosures for funding agreements that support such programs.
Previous wording
Various industry groups brought litigation against the DOL seeking to overturn the DOL Rule. On July 25, 2024, the U.S. District Court for the Eastern District of Texas issued a stay of the effective date of portions of the DOL Rule. On July 26, 2024, the U.S. District Court for the Northern District of Texas issued a stay of the effective date of the DOL Rule as a whole. The DOL initially appealed the stays issued in these cases to the U.S. Court of Appeals for the Fifth Circuit, but in early 2025, the court granted the DOL’s motion to pause proceedings while it reviews its posture on these cases. On March 17, 2026, the Court issued an order vacating the 2024 DOL fiduciary rule package in its entirety. With this order, the pre-2024 versions of the definition of fiduciary investment advice, PTE 84-24, PTE 2020-02, and the other PTEs will remain in effect going forward.
Current wording
Various industry groups brought litigation against the DOL seeking to overturn the DOL Rule. On July 25, 2024, the U.S. District Court for the Eastern District of Texas issued a stay of the effective date of portions of the DOL Rule. On July 26, 2024, the U.S. District Court for the Northern District of Texas issued a stay of the effective date of the DOL Rule as a whole. The DOL initially appealed the stays issued in these cases to the U.S. Court of Appeals for the Fifth Circuit, but in early 2025, the court granted the DOL’s motion to pause proceedings while it reviewed its posture on these cases. On March 17, 2026, the Court issued an order vacating the 2024 DOL fiduciary rule package in its entirety. Shortly thereafter, the DOL issued a regulation confirming that the pre-2024 versions of the definition of fiduciary investment advice, PTE 84-24, PTE 2020-02, and the other PTE remain in effect.
Previous wording
(1)As a result of the novation of certain Legacy VA policies completed during the first quarter of 2025, the Company recorded a loss of $499 million for the three months ended March 31, 2025.
Current wording
(1)As a result of the novation of certain Legacy VA policies completed during the first quarter of 2025, the Company recorded a loss of $499 million in pre-tax net income and an increase of $263 million in pre-tax AOCI, for a total impact loss of $236 million for the six months ended June 30, 2025.
Previous wording
(1)As a result of the novation of certain Legacy VA policies completed during the first quarter of 2025, the Company recorded a loss of $1.60 for the three months ended March 31, 2025.
Current wording
(1)As a result of the novation of certain Legacy VA policies completed during the first quarter of 2025, the Company recorded an impact per common shares of $1.63 for the six months ended June 30, 2025.
Previous wording
•Net investment income increased by $36 million mainly due to higher average asset balances, partially offset by the reinsurance transaction with RGA.
Current wording
•Net investment income increased by $42 million mainly due to higher average asset balances, partially offset by the reinsurance transaction with RGA and lower income from Alternative investments.
Previous wording
Net income attributable to Holdings increased $558 million to $621 million during the three months ended March 31, 2026, from $63 million in the three months ended March 31, 2025. The following were notable changes in net income (loss):
Current wording
Net income attributable to Holdings increased $454 million to $168 million during the six months ended June 30, 2026, from a $286 million net loss in the six months ended June 30, 2025. The following were notable changes in net income (loss):
Previous wording
•Change in market risk benefits and purchased market risk benefits decreased by $347 million mainly due to an increase in interest rates in the first quarter of 2026 compared to a decrease in interest rates in 2025.
Current wording
•Change in market risk benefits and purchased market risk benefits decreased by $742 million mainly due to higher equity market appreciation and an increase in interest rates in the first six months of 2026 compared to lower equity market appreciation and a decrease in interest rates in the first six months of 2025.
Previous wording
•Compensation, benefits, interest and other operating expenses decreased by $517 million mainly due to the Venerable novation loss recorded in the prior year.
Current wording
•Compensation, benefits, interest and other operating expenses decreased by $475 million mainly due to the Venerable novation loss recorded in the prior year.
Previous wording
•Net investment income increased by $16 million mainly due to higher average asset balances, partially offset by the reinsurance transaction with RGA.
Current wording
•Net investment income increased by $78 million mainly due to higher average asset balances, partially offset by the reinsurance transaction with RGA and lower income from Alternative investments.
Previous wording
•Net income attributable to noncontrolling interest increased by $23 million mainly due to an increase in average economic ownership of AB, partially offset by higher pre-tax earnings.
Current wording
•Net income attributable to noncontrolling interest increased by $57 million mainly due to increased gains from consolidated VIEs and higher AB pre-tax earnings, partially offset by an increase in average economic ownership of AB.
Previous wording
Non-GAAP Operating Earnings increased by $51 million to $472 million for the three months ended March 31, 2026 from $421 million in the three months ended March 31, 2025. The following were notable changes in Non-GAAP Operating Earnings:
Current wording
Non-GAAP Operating Earnings increased by $187 million to $960 million for the six months ended June 30, 2026 from $773 million in the six months ended June 30, 2025. The following were notable changes in Non-GAAP Operating Earnings:
Previous wording
•Policyholders’ benefits decreased by $374 million due to the impact of the reinsurance transaction with RGA.
Current wording
•Policyholders’ benefits decreased by $726 million due to the impact of the reinsurance transaction with RGA.
Previous wording
•Net income attributable to the noncontrolling interest decreased by $18 million mainly due to increase in average economic ownership of AB, partially offset by higher pre-tax earnings.
Current wording
•Net income attributable to the noncontrolling interest decreased by $12 million mainly due to an increase in average economic ownership of AB, partially offset by higher pre-tax earnings.
Previous wording
•Interest credited to policyholders’ account balances increased by $125 million mainly due to growth of AVs in our Retirement segment, partially offset by the reinsurance transaction with RGA.
Current wording
•Interest credited to policyholders’ account balances increased by $148 million mainly due to growth of AVs in our Retirement segment, partially offset by the reinsurance transaction with RGA.
Previous wording
•Fee-type revenue increased by $19 million mainly due to higher separate account values from market appreciation and a reclassification of certain fees related to our RILA product.
Current wording
•Fee-type revenue increased by $70 million mainly due to higher Separate Account values from market appreciation.
Previous wording
•Income tax expense decreased by $15 million mainly driven by a lower effective rate for the three months ended March 31, 2026.
Current wording
•Income tax expense decreased by $20 million mainly driven by a lower effective rate for the three months ended June 30, 2026.
Previous wording
•Amortization of DAC increased by $21 million mainly due to growth in the business from sales momentum.
Current wording
•Amortization of DAC increased by $42 million mainly due to growth in the business from sales momentum.
Previous wording
•The decline in AV of $3.3 billion in the three months ended March 31, 2026, was driven by a decrease in investment performance as a result of market depreciation and change in fair value of embedded derivative instruments of $(4.2) billion in the three months ended March 31, 2026, partially offset by net inflows of $1.3 billion.
Current wording
•The increase in AV of $14.1 billion in the six months ended June 30, 2026, was driven by an increase in investment performance as a result of market appreciation and change in fair value of embedded derivative instruments of $12.0 billion in the six months ended June 30, 2026, partially offset by net inflows of $3.0 billion.
Previous wording
•Net inflows of $1.3 billion were $336 million lower than in the three months ended March 31, 2025, mainly driven by higher outflows in the three months ended March 31, 2026, partially offset by higher gross premiums.
Current wording
•Net inflows of $3.0 billion were $571 million lower than in the six months ended June 30, 2025, mainly driven by higher outflows in the six months ended June 30, 2026, partially offset by higher gross premiums.
Previous wording
The Asset Management segment provides diversified investment management and related services to a broad range of clients around the world. Operating earnings (loss), net of tax, presented here represents our average economic interest in AB of approximately 68% and 62% during the three months ended March 31, 2026 and 2025, respectively. The increase in economic interest was due to the purchase of AB Holding Units relating to the AB Tender Offer completed on April 3, 2025.
Current wording
The Asset Management segment provides diversified investment management and related services to a broad range of clients around the world. Operating earnings (loss), net of tax, presented here represents our average economic interest in AB of approximately 68% and 68% during the three and six months ended June 30, 2026, respectively, and 69% and 65% during the three and six months ended June 30, 2025, respectively. The increase in economic interest was due to the purchase of AB Holding Units relating to the AB Tender Offer completed on April 3, 2025.
Previous wording
•Fee-type revenue increased by $18 million primarily due to higher investment base advisory fees from higher average AUM partially offset by lower performance fees.
Current wording
•Fee-type revenue increased by $67 million primarily due to higher investment base advisory fees from higher average AUM partially offset by lower performance fees and lower fee rates.
Previous wording
•Net income attributable to noncontrolling interest decreased by $17 million due to an increase in average economic ownership of AB, partially offset by higher pre-tax earnings.
Current wording
•Net income attributable to noncontrolling interest decreased by $11 million due to an increase in average economic ownership of AB, partially offset by higher pre-tax earnings.
Previous wording
•Compensation, benefits and other operating costs and expenses increased by $25 million primarily due to higher base compensation and higher servicing and general administrative expenses.
Current wording
•Compensation, benefits and other operating costs and expenses increased by $49 million primarily due to higher incentive compensation and higher general administrative expenses.
Previous wording
•Net investment income decreased by $9 million mainly due to lower gains from seed capital investments (offset by Net derivatives losses).
Current wording
•Net investment income decreased by $19 million mainly due to lower gains from seed capital investments (primarily offset by Net derivatives losses).
Previous wording
•Total AUM as of March 31, 2026, was $838.6 billion, down $28.3 billion, or 3.3%, compared to December 31, 2025. The decrease is primarily the result of market depreciation of $21.2 billion and net outflows of $7.1 billion. Market depreciation of $21.2 billion is attributed to Institutions of $5.0 billion, Retail of $14.7 billion and Private Wealth of $1.5 billion. Net outflows were driven by Retail net outflows of $5.8 billion and Institutions net outflows of $1.9 billion, partially offset by Private Wealth net inflows of $0.6 billion.
Current wording
•Total AUM as of June 30, 2026, was $905.5 billion, up $38.6 billion, or 4.5%, compared to December 31, 2025. The increase is primarily the result of market appreciation of $44.9 billion and net outflows of $6.3 billion. Market appreciation of $44.9 billion is attributed to Institutions of $17.2 billion, Retail of $16.9 billion and Private Wealth of $10.8 billion. Net outflows were driven by Retail of $4.9 billion and Institutions of $1.4 billion.
Previous wording
•Investment management, service fees and other income increased by $79 million mainly due to higher advisory fee-type revenue attributed to higher average asset balances combined with increased distribution fees from higher retirement sales.
Current wording
•Investment management, service fees and other income increased by $74 million mainly due to higher advisory fee type revenue attributed to higher average asset balances combined with increased distribution fees from higher retirement sales.
Previous wording
•Net new assets of $2.0 billion were $40 million higher than in the three months ended March 31, 2025 driven by higher inflows.
Current wording
•Advisory net new assets of $2.0 billion were $35 million lower than in the three months ended June 30, 2025.
Previous wording
•Commissions and distribution-related payments increased by $55 million mainly driven by higher distribution and advisory fee-type revenue from higher retirement sales and average asset balances.
Current wording
•Commissions and distribution-related payments increased by $112 million mainly driven by higher distribution and advisory fee-type revenue from higher retirement sales and average asset balances.
Previous wording
•The increase in AUA of $5.0 billion in the three months ended March 31, 2026, was mainly driven by $4.5 billion of acquired assets and net new assets of $2.0 billion, partially offset by market depreciation of $1.5 billion.
Current wording
•The increase in AUA of $13.2 billion in the six months ended June 30, 2026, was mainly driven by $4.5 billion of acquired assets and net new assets of $4.0 billion, as well as market appreciation of $4.6 billion.
Previous wording
Corporate and Other includes the Closed Block, results from our run-off blocks of business, and certain strategic investments and unallocated items, including interest and corporate expenses. In addition, beginning with the third quarter of 2025, results for the Individual Life and Employee Benefits businesses are reported in Corporate and Other. AB’s results of operations are reflected in the Asset Management segment. Accordingly, Corporate and Other does not include any items applicable to AB.
Current wording
Corporate and Other includes the Closed Block, results from our run-off blocks of business, and certain strategic investments and unallocated items, including interest and corporate expenses. In addition, beginning with the third quarter of 2025, results for the Individual Life and Employee Benefits businesses are reported in Corporate and Other. On August 3, 2026, Equitable Financial and Equitable America entered into a definitive agreement to sell their respective employee benefits businesses to The Hartford. The transaction is not expected to have a material impact on the financial results of the Company. AB’s results of operations are reflected in the Asset Management segment. Accordingly, Corporate and Other does not include any items applicable to AB.
Previous wording
Operating losses decreased by $11 million to $119 million during the three months ended March 31, 2026, from an operating loss of $130 million during the three months ended March 31, 2025. The following were notable changes in operating earnings:
Current wording
Operating losses decreased by $48 million to $135 million during the three months ended June 30, 2026 from an operating loss of $183 million during the three months ended June 30, 2025. The following were notable changes in operating earnings:
Previous wording
•Interest credited to policyholders’ account balances decreased by $82 million primarily due to the reinsurance transaction with RGA.
Current wording
•Interest credited to policyholders’ account balances decreased by $119 million primarily due to the reinsurance transaction with RGA.
Previous wording
•Income tax benefit decreased by $8 million primarily due to a lower pre-tax loss in 2026.
Current wording
•Income tax benefit decreased by $26 million primarily due to lower pre-tax loss and a lower effective tax rate for the three months ended June 30, 2026.
Previous wording
•Policyholders’ benefits decreased by $352 million primarily due to the impact of the reinsurance transaction with RGA.
Current wording
•Policyholders’ benefits decreased by $707 million primarily due to the impact of the reinsurance transaction with RGA.
Previous wording
•Net investment income decreased by $188 million primarily due to lower average asset balances primarily related to the reinsurance transaction with RGA.
Current wording
•Net investment income decreased by $376 million primarily due to lower average asset balances primarily related to the reinsurance transaction with RGA.
Previous wording
•Remeasurement of liability for future policy benefits increased by $11 million due to a one-time adjustment related to the major medical business.
Current wording
•Remeasurement of liability for future policy benefits increased by $11 million due to more favorable one-time adjustments in 2025 compared to 2026.
Showing the first 40 of 59 pairs. Open the source sections for the rest.
Rearranged current paragraphs (12)
Current report — wording carried from elsewhere
•Policyholders’ benefits decreased by $352 million mainly due to the reinsurance transaction with RGA.
Current report — wording carried from elsewhere
•Policyholders’ benefits decreased by $352 million mainly due to the reinsurance transaction with RGA.
Current report — wording carried from elsewhere
•Interest credited to policyholders’ account balances increased by $23 million mainly due to growth of account values in our Retirement segment, partially offset by the reinsurance transaction with RGA.
Current report — wording carried from elsewhere
Net Income (Loss) Attributable to Holdings
Current report — wording carried from elsewhere
•Compensation, benefits, interest expense and other operating costs decreased by $17 million mainly due to the reinsurance transaction with RGA.
Current report — wording carried from elsewhere
•Amortization of DAC increased by $21 million mainly driven by growth in the business from sales momentum.
Current report — wording carried from elsewhere
•Fee-type revenue increased by $89 million mainly due to higher Separate Account values from market appreciation.
Current report — wording carried from elsewhere
Long-Term Net Flows and AUM
Current report — wording carried from elsewhere
•The increase in AUA of $8.1 billion in the three months ended June 30, 2026 was mainly driven by market appreciation and strong advisory net new assets of $2.0 billion.
Current report — wording carried from elsewhere
•Investment management, service fees and other income increased by $153 million mainly due to higher advisory fee-type revenue attributed to higher average asset balances combined with increased distribution fees from higher retirement sales.
Current report — wording carried from elsewhere
•Net investment income decreased by $188 million primarily due to the reinsurance transaction with RGA.
Current report — wording carried from elsewhere
•Interest credited to policyholders’ account balances decreased by $201 million primarily due to the reinsurance transaction with RGA.
Rearranged previous paragraphs (2)
Previous report — wording carried elsewhere
•Fee-type revenue decreased by $148 million mainly driven by the reinsurance transaction with RGA, partially offset by higher advisory fee-type revenue in our Asset Management and Wealth Management segments.
Previous report — wording carried elsewhere
•Compensation, benefits, interest expense and other operating costs decreased by $12 million mainly due to higher expense capitalization.