Q1 2024 Equitable Holdings Inc Earnings Call Transcript
Key Points
- Equitable Holdings Inc reported strong first quarter results with non-GAAP operating earnings of $490 million, up 49% year-over-year.
- The company experienced strong demand for its retirement, asset management, and wealth management solutions, driving significant value of new business.
- Assets under management and administration increased by 13% year-over-year to $974 billion, supported by favorable interest rates and equity market tailwinds.
- Equitable Holdings Inc returned substantial capital to shareholders, with $253 million in stock buybacks and $73 million in dividends during the quarter.
- The company is well-positioned in the U.S. retirement market, leveraging its integrated business model to capture growth opportunities across distribution, product manufacturing, and asset management.
- The company noted the loss of a large low-fee passive mandate in its asset management business, partially offsetting strong active net inflows.
- Despite positive net flows in retirement and wealth management, the company observed higher outflows in its Group Retirement segment due to higher interest rates impacting net flows.
- Variable investment income was below the company's target range of 8% to 12%, although there was some recovery this quarter.
- The company's protection solutions business still faces potential volatility despite two quarters of mortality claims being in line with expectations.
- Equitable Holdings Inc is still navigating the impacts of regulatory changes, including the DOL rule, although it does not anticipate a material impact on its business.
Good morning. My name is Dennis, and I will be your conference operator today. At this time, I would like to welcome everyone to the Equitable Holdings First Quarter 2024 Earnings Call. (Operator Instructions)
I would now like to turn the conference over to Erik Bass, Head of Investor Relations. Please go ahead.
Thank you. Good morning, and welcome to Equitable Holdings First Quarter 2024 Earnings Call. Materials for today's call can be found on our website at ir.equitableholdings.com.
Before we begin, I would like to note that some of the information we present today is forward-looking and subject to certain SEC rules and regulations regarding disclosure. Our results may differ materially from those expressed in or indicated by such forward-looking statements. Please refer to the safe harbor language on Slide 2 of our presentation for additional information.
Joining me on today's call are Mark Pearson, President and Chief Executive Officer of Equitable Holdings; Robin Raju, our
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