Every material Form 8-K Equitable has filed with the SEC since February 24, 2025, read and summarized by AI: what happened, the key figures, whether it reads positive or negative for shareholders, and how big a deal it is (impact 1-5). Newest first; each brief links to its own page and to the filing on SEC.gov.
Equitable Holdings reported third-quarter 2026 net income of $1.1 billion, or $4.05 per share, compared to a net loss in the prior-year period. Non-GAAP operating earnings were $595 million, or $2.13 per share, as the company experienced positive organic growth across its retirement, wealth management, and asset management businesses and returned $320 million to shareholders.
Net income attributable to Holdings was $1.1 billion, or $4.05 per share, for the quarter ended September 30, 2026.
Non-GAAP operating earnings reached $595 million, or $2.13 per share.
The company returned $320 million to shareholders in the quarter, consisting of $82 million in dividends and $238 million in share repurchases.
Total assets under management and administration increased to $1.2 trillion.
Seth Bernstein will retire as CEO of AllianceBernstein effective March 31, 2027, and will step down as head of asset management at Equitable Holdings. Onur Erzan, currently AB's President and a member of Equitable's Management Committee, will become AB's CEO and President effective April 1, 2027. At the September 23, 2026 annual meeting, shareholders elected all nine director nominees, ratified PricewaterhouseCoopers as auditor, and approved the advisory vote on executive pay.
Seth Bernstein retires as AB CEO effective March 31, 2027, and steps down as Equitable's head of asset management; he will remain on the AB Board.
Onur Erzan named AB CEO and President effective April 1, 2027, with a fiscal 2027 total compensation target of $13.5 million and a base salary of $650,000.
Bernstein's retirement agreement includes a $2.5 million AB Holding unit award and 26 weeks of salary continuation totaling $325,000, subject to compliance conditions.
Annual meeting on September 23, 2026: PricewaterhouseCoopers ratified with 241,391,012 votes for and 7,850,494 against; say-on-pay approved with 235,558,213 votes for.
Equitable Holdings reported a second-quarter 2026 net loss of $453 million, or $1.68 per share, wider than the $349 million loss a year earlier. Non-GAAP operating earnings rose to $488 million, or $1.70 per share, from $352 million, or $1.10 per share, in the prior-year quarter. Shareholders approved the merger with Corebridge Financial on July 30, and the company expects it to close by year-end 2026.
Net loss attributable to Holdings was $453 million, or $1.68 per share, versus a $349 million loss, or $1.21 per share, in Q2 2025.
Non-GAAP operating earnings were $488 million, or $1.70 per share, up from $352 million, or $1.10 per share; excluding notable items, they were $501 million, or $1.75 per share.
The company returned $449 million to shareholders in the quarter, including $366 million of share repurchases and $83 million of dividends.
Shareholders approved the Corebridge Financial merger on July 30, 2026; closing is expected by year-end 2026, subject to regulatory approvals.
Equitable Holdings reported first quarter 2026 net income of $621 million, or $2.14 per share, up from $63 million a year earlier. Non-GAAP operating earnings rose to $472 million, or $1.62 per share, from $421 million, and were $491 million, or $1.68 per share, excluding notable items. The company reaffirmed its 2026 guidance of $1.8 billion of cash generation and over 15% earnings per share growth, and said the pending all-stock merger with Corebridge Financial remains on track to close by year-end 2026.
Net income attributable to Holdings was $621 million ($2.14 per share), compared with $63 million ($0.16 per share) in the first quarter of 2025.
Non-GAAP operating earnings per share were $1.62, up from $1.30; excluding notable items, $1.68.
Asset Management had net outflows of $7.1 billion, while Retirement had net inflows of $1.3 billion and Wealth Management had advisory net inflows of $2.0 billion.
The company returned $223 million to shareholders in the quarter and reaffirmed its 2026 guidance of $1.8 billion of cash generation and over 15% EPS growth.
On April 8, 2026, Equitable Holdings entered a Voting and Support Agreement with Nippon Life Insurance Company and Corebridge Financial, linked to the Merger Agreement dated March 26, 2026. Under the agreement, Nippon Life must vote its Corebridge common stock in favor of the merger, subject to limited qualifications, and pursue regulatory approvals. The filing does not state deal value or financial results, so its effect on Equitable shareholders is not quantified here.
Agreement dated April 8, 2026, among Equitable, Corebridge Financial and Nippon Life Insurance Company, filed as Exhibit 10.1
Nippon Life must vote its Covered Stock in favor of the Merger Agreement transactions, subject to certain limited qualifications
At closing, HoldCo and Nippon Life would enter a new Stockholder's Agreement and Registration Rights Agreement, replacing agreements dated December 9, 2024
The Voting and Support Agreement terminates at the earlier of merger closing, merger termination or certain other specified events
Equitable Holdings and Corebridge Financial agreed on March 26, 2026 to combine in an all-stock merger under a new parent company that will be named Equitable Holdings, Inc. Equitable shareholders would receive 1.55516 new shares for each Equitable share, and Equitable shareholders would own about 49% of the combined company, so existing Equitable holders would give up control to Corebridge holders, who would own about 51%.
Exchange ratio: 1.55516 HoldCo shares per Equitable common share; 1.000 HoldCo share per Corebridge common share
Combined company valued at about $22 billion based on March 25, 2026 closing prices, with $1.5 trillion in assets under management and administration
Closing expected by year-end 2026, subject to regulatory approvals and shareholder votes at both companies; outside date is December 26, 2026
Combined company expects more than $500 million of run-rate expense synergies by the end of 2028
Equitable Holdings reported a full-year 2025 net loss of $1.4 billion, compared with net income of $1.3 billion in 2024, and full-year Non-GAAP operating earnings per share fell to $5.64 from $5.92. Fourth-quarter Non-GAAP operating EPS rose to $1.73 from $1.55, while GAAP net income fell to $215 million from $892 million. The company expects 2026 cash generation of approximately $1.8 billion, up from $1.6 billion in 2025, and returned $1.8 billion to shareholders in 2025.
Full-year 2025 net loss attributable to Holdings was $1.4 billion, or $(4.83) per share, versus net income of $1.3 billion in 2024.
Fourth-quarter 2025 net income was $215 million, or $0.70 per share, down from $892 million in the fourth quarter of 2024.
Full-year Non-GAAP operating EPS was $5.64 versus $5.92 in 2024; fourth-quarter Non-GAAP operating EPS was $1.73 versus $1.55.
The company expects cash generation of approximately $1.8 billion in 2026, up from $1.6 billion in 2025.
Equitable Holdings reported a third-quarter 2025 net loss attributable to Holdings of $1.3 billion, or $(4.47) per share, compared with a $132 million loss a year earlier, mainly due to a one-time impact from its life reinsurance transaction with RGA. Non-GAAP operating earnings fell to $455 million, or $1.48 per share, from $517 million, or $1.58 per share, a year earlier, though the company said it remains on track for its 2027 targets.
Net loss attributable to Holdings of $1.3 billion, or $(4.47) per share, versus a $132 million loss, or $(0.46) per share, in Q3 2024; primarily driven by a one-time impact from the life reinsurance transaction
Non-GAAP operating earnings of $455 million, or $1.48 per share, versus $517 million, or $1.58 per share, a year earlier; $510 million, or $1.67 per share, excluding notable items
Retirement net inflows of $1.1 billion and Wealth Management advisory net inflows of $2.2 billion; Asset Management net outflows of $2.3 billion, or inflows of $1.7 billion excluding the RGA transaction
On October 27, the company announced the acquisition of Stifel Independent Advisors, with more than 110 advisors and about $9 billion of client assets
Equitable Holdings amended its reimbursement agreements with Commerzbank and MUFG to align terms with its July 29, 2025 revolving credit agreement, including financial covenant changes. It also terminated multiple bilateral letter of credit facilities with banks including Barclays, JPMorgan Chase and Citibank Europe. The filing does not disclose dollar amounts, and the company says the full amendments will be filed with its 10-Q for the quarter ending September 30, 2025.
August 25, 2025: amendments with Commerzbank AG, New York Branch, and MUFG Bank, Ltd. align terms with the July 29, 2025 revolving credit agreement
Commerzbank amendment adds two years of extension options to its Commitment Termination Date
August 21, 2025: bilateral letter of credit facilities with Barclays, Credit Agricole, JPMorgan Chase, Landesbank Hessen-Thüringen and Natixis terminated
August 26, 2025: bilateral facility with Citibank Europe PLC terminated
Equitable Holdings reported a second-quarter 2025 net loss attributable to Holdings of $349 million, or $(1.21) per share, compared with net income of $428 million a year earlier. Non-GAAP operating earnings fell to $352 million, or $1.10 per share, from $495 million, or $1.43 per share, which the company attributed mainly to elevated mortality in its Individual Life block. Shareholders may weigh the July 31 closing of the Individual Life reinsurance deal with RGA, which the company says frees over $2 billion of capital, against the weaker quarterly earnings.
Net loss attributable to Holdings of $349 million, or $(1.21) per share, versus net income of $428 million in Q2 2024.
Non-GAAP operating earnings of $352 million, or $1.10 per share, versus $495 million, or $1.43 per share; $1.41 per share excluding notable items of $95 million.
Individual Life reinsurance transaction with RGA closed July 31, 2025; the company says it frees over $2 billion of capital and reduces mortality exposure by 75%.
The company returned $318 million to shareholders in Q2 and said it expects earnings per share growth to accelerate in the second half of 2025.
Equitable Holdings said its insurance subsidiaries closed a transaction with RGA Reinsurance Company to reinsure 75% of their in-force individual life insurance block, with an effective date of April 1, 2025. The company says the deal generates more than $2 billion of value and reduces exposure to future mortality volatility, while the subsidiaries continue to administer the reinsured contracts. Second-quarter results are due after the market closes on August 5, 2025.
Deal closed July 31, 2025 under a Master Transaction Agreement dated February 23, 2025, with RGA Reinsurance Company
Ceding companies reinsured a 75% quota share of their in-force individual life insurance blocks, with assets placed in trust accounts to secure obligations
AllianceBernstein agreed on June 16, 2025 to manage assets representing approximately 70% of reserves tied to the ceded policies
Equitable Holdings reports second-quarter results after the market closes on August 5, 2025, with an investor call on August 6, 2025
On July 29, 2025, Equitable Holdings entered into a new five-year, $1 billion senior unsecured revolving credit facility led by JPMorgan Chase Bank, N.A. as administrative agent. On the same day, the company terminated its prior $1.5 billion revolving credit agreement dated February 16, 2018. The filing describes a routine refinancing of the company's credit line, with the new facility $500 million smaller than the one it replaced.
New $1 billion five-year senior unsecured revolving credit facility dated July 29, 2025
Up to $1 billion of the facility may be letters of credit for Subsidiary Account Parties
Prior $1.5 billion revolving credit agreement from February 16, 2018 terminated July 29, 2025
Full agreement to be filed with the Form 10-Q for the quarter ended September 30, 2025
At its May 21, 2025 annual meeting, Equitable Holdings stockholders approved charter amendments that grant stockholders the right to call special meetings and limit the liability of certain officers, and approved raising the shares reserved under the 2019 Omnibus Incentive Plan by 14,500,000 to 41,700,000. A separate stockholder proposal on special meeting rights was not approved, and the board will hold say-on-pay votes every year. The amended certificate of incorporation was filed in Delaware on May 28, 2025.
Stockholders approved the special meeting right: 267,287,919 for, 2,017,248 against.
Shares reserved under the 2019 Omnibus Incentive Plan rose by 14,500,000 to 41,700,000.
A stockholder proposal on special meeting rights failed: 72,755,194 for, 196,539,196 against.
Say-on-pay votes will be held every year, and ten director nominees were elected.
Equitable Holdings reported first quarter 2025 net income attributable to Holdings of $63 million, or $0.16 per share, down from $92 million, or $0.23 per share, a year earlier. Non-GAAP operating earnings were $421 million, or $1.30 per share, compared with $477 million, or $1.39 per share, in the first quarter of 2024. The company also plans to raise its quarterly dividend to $0.27 per share from $0.24 in the second quarter and expects to close its life reinsurance transaction with RGA in mid-2025.
Net income attributable to Holdings was $63 million, or $0.16 per share, versus $92 million, or $0.23 per share, in Q1 2024.
Non-GAAP operating earnings were $421 million, or $1.30 per share, versus $477 million, or $1.39 per share; $1.35 per share after adjusting for notable items.
Novation of certain Legacy VA policies resulted in a $499 million pre-tax loss and a total impact loss of $236 million.
Quarterly dividend to rise to $0.27 per share from $0.24 in Q2; RGA life reinsurance transaction expected to close mid-2025.
Equitable Holdings launched a cash tender offer on February 24, 2025 for up to 46,000,000 AllianceBernstein Holding units at $38.50 per unit, or up to about $1.8 billion, funded by a $500 million 364-day term loan and available cash. If Equitable buys the maximum, its economic interest in AllianceBernstein L.P. would rise from about 61.9% to about 77.5%, but the loan carries covenants that could restrict its operations and use of funds.
Offer price is $38.50 per unit, a 7.8% premium to the February 21, 2025 NYSE closing price of AB Holding units.
The offer expires at 5:00 p.m. New York City time on March 24, 2025, unless extended.
The $500 million term loan, dated February 21, 2025, is to be repaid from proceeds of the RGA Reinsurance Transaction, which is expected to close in mid-2025.
The term loan requires a minimum consolidated net worth and limits secured indebtedness the company can incur.
Equitable Holdings subsidiaries agreed on February 23, 2025 to cede a 75% quota share of their in-force individual life insurance block to RGA Reinsurance Company. The company expects over $2 billion of value from the deal, including a ceding commission and capital release, and plans to redeploy that capital into share repurchases and a larger stake in AllianceBernstein, but it also estimates a GAAP net loss at closing. The deal is expected to close in mid-2025, subject to regulatory approvals.
Agreement dated February 23, 2025 covers a 75% quota share of the in-force individual life insurance block with RGA Reinsurance Company
Company expects over $2 billion of value, including a positive ceding commission and release of capital
Company estimates a GAAP net loss at close and a reduction in book value excluding accumulated other comprehensive income
Planned uses of capital include a tender offer for up to $1.8 billion of AllianceBernstein Holdings units and $500 million of incremental share repurchases after closing; closing expected mid-2025
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