Equitable Holdings, Inc. is a diversified financial services company operating worldwide through six segments: Individual Retirement, Group Retirement, Asset Management, Protection Solutions, Wealth Management, and Legacy. Its Individual Retirement segment offers variable annuity products, including structured capital strategies, retirement cornerstone, and investment edge, primarily to affluent and high net worth individuals. The Group Retirement segment provides tax-deferred investment and retirement services or products to plans sponsored by educational entities, municipalities, not-for-profit entities, and small and medium-sized businesses. The company was formerly known as AXA Equitable Holdings, Inc. and changed its name to Equitable Holdings, Inc. in January 2020. Founded in 1859, it is based in New York, New York.
Equitable Holdings Exits FTSE All-World Index as Asset Management Head Seth Bernstein Retires
Equitable Holdings, Inc. was removed from the FTSE All-World Index (USD) on September 19, 2026, and announced on September 25, 2026 that Seth Bernstein will step down as Head of Asset Management following his retirement from AllianceBernstein entities. The index exclusion and the leadership change come as Equitable pursues its US$10.6 billion all-stock merger with Corebridge, a deal that underpins expectations for scale, cost savings and a broader retirement platform. The planned integration of AllianceBernstein into that model, including directing additional assets to AB, now sits against the backdrop of the asset-management leadership change. Equitable's narrative projects $18.3 billion in revenue and $2.2 billion in earnings by 2029, requiring 19.9% yearly revenue growth and a $3.2 billion earnings increase from -$982.0 million today, with a fair value estimate of $62.09 implying 15% upside. Community fair value estimates for Equitable range from about US$62 to over US$358,000 per share.
EQH · Capital · Neutral Equitable was removed from the FTSE All-World Index and its asset-management head is retiring as it pursues the Corebridge merger.
AB · Capital · Neutral Seth Bernstein retires as Head of Asset Management from AllianceBernstein entities amid Equitable's planned integration of AB into its post-Corebridge model.
CRBG · Capital · Neutral Corebridge is the counterparty in Equitable's US$10.6 billion all-stock merger, a deal underpinning scale and cost-savings expectations.
Tributary Capital Sold Equitable Holdings Over Corebridge Merger Integration Risk
Tributary Capital Management's Multi Cap Core Equity Strategy disclosed that it sold its position in Equitable Holdings during the second quarter of 2026, citing the insurer's pending merger with Corebridge Financial. In its second-quarter 2026 investor letter, the firm said the Corebridge deal adds meaningful integration risk and delays the return of excess capital to shareholders. Equitable Holdings, a diversified financial services company that writes annuities and insurance policies, administers group retirement plans and operates Alliance Bernstein, closed at $52.61 per share on September 24, 2026, with a market capitalization of $14.35 billion and a 52-week range of $35.20 to $55.06. The stock returned 4.80% over the past month but is up just 0.42% over the past year. The Tributary Multi Cap Core strategy returned 12.5% in the second quarter, trailing the S&P 1500's 15.3% and the Russell 3000's 15.4%, with Information Technology the main driver of its 2.8% relative underperformance.
EQH · Capital · Negative Tributary Capital sold its Equitable Holdings position, citing integration risk from the pending Corebridge merger and delayed return of excess capital to shareholders.
CRBG · Capital · Neutral Corebridge is the merger counterparty; the deal adds integration risk and delays capital returns, but the article reports no Corebridge-specific development.
AllianceBernstein names Onur Erzan CEO as Seth Bernstein retires in 2027
AllianceBernstein has appointed Onur Erzan as President and Chief Executive Officer, effective April 1, 2027, succeeding Seth Bernstein, who will retire on March 31, 2027 after nearly a decade leading the firm. Bernstein will continue to serve on AB's Board of Directors. Erzan, who became President in January 2026, oversees AB's Private Wealth Management, Global Private Alternatives and Global Asset Management Distribution businesses, along with Strategy and Corporate Development, and has served on the Equitable Holdings Management Committee since 2021. During Bernstein's tenure, AB's assets under management nearly doubled to more than $919 billion as of August 31, 2026, and the firm relocated its headquarters to Nashville, built out AB India and moved Bernstein Research into a joint venture with Societe Generale. Erzan joined AB in 2021 after 20 years at McKinsey & Company, where he was a Senior Partner and co-leader of its Wealth & Asset Management practice. AB is a subsidiary of Equitable Holdings, Inc., which owns an approximate 68% economic interest in the firm as of June 2026.
Equitable Adds First Bitcoin-Linked Option to Registered Index-Linked Annuity
Equitable Holdings added the industry's first bitcoin-linked investment option to a registered index-linked annuity on September 2, tracking the iShares Bitcoin Trust ETF through a new SCS Premier option. The bitcoin option offers one-year segments with buffers of 10%, 15%, 20% and 40%, and allocations are generally capped at 25% of contract value, giving clients defined protection rather than open-ended exposure. The same update added Optimal Mix Segments, which spread money across multiple indices and weight the best performers at maturity, plus Dual Direction Downside Advantage segments that can turn a decline within the buffer into a gain worth twice the size of that drop. The launch sits on top of a business that is already growing: in the second quarter of 2026, Equitable posted net inflows of $1.7 billion in Retirement, $2.0 billion in Wealth Management and $0.8 billion in Asset Management, pushing total assets under management and administration to a record $1.2 trillion, up 10% from a year earlier, while returning $449 million to shareholders and staying on track for a 60% to 70% payout ratio in 2026. The headline growth hides a rockier bottom line, with a GAAP net loss of $453 million, or $1.68 per share, for the second quarter of 2026 even as non-GAAP operating earnings came in positive at $488 million, and book value per common share of negative $6.79 once accumulated other comprehensive income is included. The pending merger with Corebridge Financial, approved by shareholders on July 30, still needs regulatory sign-off before it can close, leaving the promised earnings boost of more than 10% to earnings per share on a run-rate basis by year-end 2028 dependent on approvals still to come.
Digital Finance & Tokenization › Digital Wealth & Robo-Advisory Demand
EQH · Technology · Positive Equitable launched the industry's first bitcoin-linked registered index-linked annuity option, a new product development.
EQH · Capital · Positive Q2 2026 net inflows, record $1.2T AUM, $449M returned to shareholders, and positive non-GAAP operating earnings.
BTC · Demand · Positive Equitable's new annuity option tracks the iShares Bitcoin Trust ETF, adding a new channel of institutional product demand for bitcoin exposure.
CRBG · Capital · Neutral Pending merger with Equitable approved by shareholders but still needs regulatory sign-off before closing.
Corebridge Posts $16 Million Q2 GAAP Loss as Adjusted Operating Income Hits $512 Million
Corebridge Financial reported a second-quarter net loss of $16 million, or $0.04 a share, for the period ended June 30, even as adjusted after-tax operating income came in at $512 million, or $1.12 per share. The loss was driven mostly by unfavorable swings in the fair value of market risk benefits and higher interest credited on policyholder accounts, while core sources of income rose 5% year over year to $1.6 billion. Institutional Markets premiums and deposits jumped 130% to $2.6 billion on higher guaranteed investment contract issuances, and core income excluding variable investment income climbed 36%. Corebridge returned $412 million to shareholders in the quarter, split between $300 million of buybacks and $112 million of dividends, and declared a $0.25 per share dividend payable September 30 to shareholders of record as of September 16. On July 30, Corebridge and Equitable Holdings shareholders approved their combination, clearing the biggest hurdle before the deal can close. Still, adjusted pre-tax operating income fell 21% to $664 million, Individual Retirement premiums and deposits dropped 41%, or $2.7 billion, and total company premiums and deposits fell 13% to $9.1 billion.
CRBG · Capital · Neutral Q2 GAAP net loss of $16M on market-risk-benefit swings and higher policyholder interest, offset by $512M adjusted operating income, $412M returned via buybacks/dividends, and a declared $0.25 dividend.
EQH · Capital · Neutral Equitable Holdings shareholders approved the combination with Corebridge on July 30, clearing the biggest hurdle before the deal can close.
Former Equitable and Edward Jones Advisor Sentenced to Over Seven Years for $10M Elder Fraud
A former advisor with Equitable and Edward Jones has been sentenced to seven years and four months in prison after pleading guilty to defrauding an elderly client out of nearly $10 million. Ejiroghene O. Okuma, of Smyrna, Georgia, pleaded guilty to one count of wire fraud in March, and U.S. Attorney Theodore S. Hertzberg said the prison term should send a clear message to fiduciaries who exploit vulnerable citizens. Okuma, who registered with the industry in 2010 at Edward Jones and moved to Equitable in 2023, first gained access to the victim's brokerage account in 2016 and began embezzling in 2022 after being chosen to administer the estate of the victim's sister, ultimately transferring about $9 million of the victim's funds into a fraudulent account by the end of February 2023. He used the money to buy a $5.2 million home in Vinings, Georgia, a $1.4 million beach club membership, and to make a $340,000 donation to his church. The sentence includes three years of supervised release, with restitution to be decided later, and Okuma will pay $13 million in disgorgement and penalties after settling SEC charges; FINRA barred him last December and Equitable fired him in June 2025.
EQH · Regulation · Negative A former Equitable advisor was sentenced for defrauding an elderly client of nearly $10M, a legal/reputational hit tied to the firm.
Horace Mann Educators Leads Q2 Life Insurance Earnings
Horace Mann Educators reported second-quarter revenues of $443.5 million, up 7.7% year on year, making it the best performer among the 12 life insurance stocks tracked. The company's results were in line with analysts' expectations and included a beat of EPS estimates. Brighthouse Financial was the weakest, with revenues of $2.10 billion, down 2.4% year on year and missing expectations by 2%. Equitable Holdings reported revenues of $3.73 billion, down 1.9% year on year, while Aflac reported revenues of $4.22 billion, down 6.9% year on year. As a group, the 12 life insurance stocks missed consensus revenue estimates by 8.2%.
Corebridge Financial reports Q2 2026 adjusted pre-tax operating income of $664 million, down 21% year-over-year
Corebridge Financial reported second quarter 2026 adjusted pre-tax operating income of $664 million, a 21% decrease from the prior year quarter, driven by underperforming variable investment income. Run-rate operating earnings per share rose 16% to $1.35 after adjusting for long-term alternative investment returns, while core sources of income grew 5% to $1.6 billion. The company returned $412 million to shareholders, including $300 million in share repurchases, and confirmed it is on track to meet full-year 2026 objectives ahead of its planned merger with Equitable Holdings, which shareholders approved on July 30. Management expects the combined entity to achieve $5 billion in earnings and $4 billion in cash generation by 2027, with $500 million in annual cost synergies within two years of closing.
Hartford Insurance Group to acquire Equitable's Employee Benefits business
Hartford Insurance Group has agreed to acquire Equitable's Employee Benefits business, expanding its presence in the employee benefits market and adding new technology capabilities. The deal brings unified portals and real-time API integrations that align with Hartford's push into data and cloud-based tools, particularly for small and midsize employers. The transaction is expected to close in the fourth quarter of 2026, subject to regulatory approvals. Investors will watch how the acquisition's funding and integration costs fit alongside Hartford's existing share repurchase program, which runs through 2028.
Equitable Holdings Posts Record AUMA and 24% EPS Growth in Q2 2026
Equitable Holdings reported second-quarter 2026 non-GAAP operating earnings of $1.75 per share, a 24% year-over-year increase, while assets under management and administration reached a record $1.2 trillion, up 10% from a year ago. The company posted a net loss of $453 million driven by noneconomic hedge portfolio impacts from strong equity markets, and returned $449 million to shareholders including $366 million in share repurchases. Retirement net inflows were $1.7 billion, wealth management advisory inflows hit $2 billion, and AllianceBernstein returned to positive net inflows of $0.8 billion with private markets AUM reaching $91 billion. Equitable also announced the sale of its Employee Benefits business to The Hartford and remains on track to close its merger with Corebridge by year-end 2026, a deal expected to be at least 10% accretive to earnings and cash flow per share by 2028.
Equitable Holdings reported second-quarter Non-GAAP earnings per share of $1.70, beating analyst estimates by $0.06. Revenue came in at $1.66 billion, a 29.7% decline year-over-year, missing expectations by $2.18 billion. The results were released via a company press release.
Equitable Holdings Could Be 20% Undervalued as Dividend Is Declared
Equitable Holdings declared a quarterly dividend of $0.30 per share, payable on August 10, 2026, with the ex-dividend and record dates both set for August 3, 2026. The stock recently traded at $47.65, and the most followed narrative places its fair value at $59.64 per share, implying it is 20.1% undervalued. That narrative is supported by record assets under management of $1.1 billion, up 8% year-over-year, and robust net inflows across its Retirement and Wealth Management segments, driven by demographic trends such as the aging U.S. population. However, a discounted cash flow model from Simply Wall St estimates a far lower fair value of just $0.13 per share, highlighting a wide gap in valuation perspectives. The company also faces risks including tougher competition in retirement products and potential margin pressure from the runoff of higher-return legacy business.
AllianceBernstein Holding Fair Value Debate Remains Open After Q2 Earnings
AllianceBernstein Holding reported second quarter 2026 earnings of $0.77 per unit from continuing operations and declared a cash distribution of $0.82 per unit. The most followed narrative places the company's fair value at $39.14 per unit, slightly above the latest close of $37.35, suggesting a 4.6% undervaluation. The stock has seen mixed momentum with a 30-day share price return of 4.15% but a 90-day decline of 5.03%, while the three-year total shareholder return stands at 46.76% against a 3.45% decline over the past year. The fair value estimate hinges on growth in AllianceBernstein's private markets platform, including partnerships like the one with Equitable, which are expected to boost earnings through higher-fee strategies in private credit, real estate, and alternative investments. However, the narrative could be challenged by persistent fee pressure from increased competition or by equity outflows and weaker alternative allocations hitting revenue.
AllianceBernstein Reports Record Assets and Strongest Sales in Five Years
AllianceBernstein reported record assets under management above $905 billion and its strongest quarterly sales in five years during the second quarter of 2026. Adjusted earnings rose 8% to $0.82 per unit, while the operating margin expanded to 33%. Fixed income, alternatives, and insurance-related mandates drove growth, including a $9 billion Equitable passive fixed-income mandate. Private-market AUM reached $91 billion ahead of schedule and exceeded $100 billion after the subsequent onboarding of $11.8 billion in commercial mortgage loans. The firm raised its 2026 performance-fee outlook to $115 million to $135 million and lowered its non-compensation expense and tax-rate forecasts, and it expects to add at least $100 billion of Corebridge assets over time if the proposed Equitable-Corebridge combination closes.
AB · Capital · Positive Record AUM, strongest sales in five years, earnings beat, raised outlook, and margin expansion.
CRBG · Capital · Positive AllianceBernstein expects to add at least $100B of Corebridge assets if Equitable-Corebridge deal closes, implying potential fee revenue.
EQH · Capital · Positive Equitable's proposed combination with Corebridge could lead to asset transfers benefiting AllianceBernstein, but Equitable itself is not directly impacted by the AUM growth.
Equitable Holdings Declares Common and Preferred Stock Dividends
Equitable Holdings announced that its Board of Directors has declared a quarterly cash dividend of $0.30 per share of common stock, payable August 10, 2026 to shareholders of record on August 3, 2026. The board also declared a quarterly dividend of $328.125 per share on its Series A 5.25% Non-Cumulative Perpetual Preferred Stock, represented by depositary shares each receiving $0.328125, and a quarterly dividend of $268.750 per share on its Series C 4.30% Non-Cumulative Perpetual Preferred Stock, represented by depositary shares each receiving $0.26875, both payable September 15, 2026 to holders of record on September 4, 2026.
Halper Sadeh LLC, an investor rights law firm, is investigating whether Patrick Industries, Axalta Coating Systems, and Equitable Holdings are obtaining fair deals for their shareholders. The firm is examining Patrick Industries' merger with LCI Industries, where Patrick shareholders would own approximately 52% of the combined company, Axalta's sale to Akzo Nobel for 0.6539 shares of AkzoNobel stock per Axalta share, and Equitable Holdings' merger with Corebridge Financial, exchanging each Equitable share for 1.55516 shares of the combined company, leaving Equitable shareholders with about 49% ownership. Halper Sadeh may seek increased consideration or additional disclosures on behalf of shareholders, and encourages them to contact the firm at no cost to discuss their legal rights and options.
Oakmark Fund Initiates Position in Equitable Holdings, Citing Undervaluation and Corebridge Merger Potential
Oakmark Fund added Equitable Holdings as a new position in the second quarter of 2026, citing its shift toward capital-light fee businesses and the pending merger with Corebridge Financial. The fund noted that more than half of Equitable's distributable cash flow now comes from nonregulated fee segments, and it views the Corebridge deal as a merger of equals that could create a leading U.S. retirement, wealth, and asset management franchise. Oakmark initiated the stake at less than six times its estimate of 2027 distributable cash flow, a valuation it believes understates the earnings quality of the business. Equitable Holdings closed at $47.80 per share on July 13, 2026, with a market capitalization of $13.05 billion.
EQH · Capital · Positive Oakmark initiated a position citing undervaluation at less than 6x 2027 distributable cash flow and shift to capital-light fee businesses.
CRBG · Capital · Positive Pending merger with Equitable Holdings viewed as creating a leading retirement and asset management franchise, enhancing Corebridge's value.
Equitable Holdings Named Top Extreme Value Stock, Analysts Raise Price Targets
Equitable Holdings has been named one of the Top 10 Extreme Value Stocks To Buy Now. Barclays analyst Alex Scott reaffirmed a Buy rating with a $51 price target on June 22, implying a 15% upside from current levels, which matches the lowest Wall Street target among 15 analysts. UBS analyst Michael Ward CFA raised the price target from $58 to $63 while keeping a Buy rating, citing stronger-than-expected asset growth and improving investment performance that should support higher earnings. Ward noted that assets under management have recovered significantly, bringing the combined business close to $1 trillion in assets, and highlighted expected benefits from the planned merger with CRBG, including increased scale, a broader investor base, enhanced chances of joining major stock indexes, and an anticipated $500 million in cost savings.
Q1 Life Insurance Earnings: Aflac Misses, Primerica Leads, Brighthouse Lags
The first-quarter life insurance earnings season saw mixed results, with the 12 tracked stocks collectively beating revenue estimates by 3.1% while share prices rose 7.3% on average. Aflac reported revenues of $4.24 billion, down 1.8% year on year and missing analyst expectations by 1.7%, though it beat book value per share estimates. Primerica was the best performer with revenues of $872.3 million, up 8.6% year on year and beating estimates by 1.9%, while Brighthouse Financial was the weakest, posting revenues of $2.10 billion, down 2.7% and missing estimates by 4.8%. Jackson Financial delivered the largest revenue beat at 49.8% but saw the slowest revenue growth, and Equitable Holdings had the weakest performance against analyst estimates with a 7.3% revenue miss.
Skyward Specialty Insurance touted as buy, Equitable and Fidelity National flagged as sells
StockStory identifies Skyward Specialty Insurance as a standout buy while recommending investors avoid Equitable Holdings and Fidelity National Financial. Skyward Specialty Insurance saw net premiums earned surge 27.6% annually over the past two years and annual book value per share growth of 26%, signaling strong market share gains and capital strength. In contrast, Equitable Holdings posted annual book value per share declines of 167% over five years and a pre-tax profit margin drop of 13.3 percentage points, while Fidelity National Financial's net premiums earned fell 2.5% annually over five years and earnings per share declined 3.5% annually despite revenue growth. The broader insurance sector has shed 2% over the past six months, underperforming the S&P 500's 6.2% gain.
EQH · Capital · Negative Annual book value per share declined 167% over five years and pre-tax profit margin dropped 13.3 percentage points, flagged as a sell.
FNF · Capital · Negative Net premiums earned fell 2.5% annually over five years and earnings per share declined 3.5% annually despite revenue growth, flagged as a sell.
SKWD · Capital · Positive Net premiums earned surged 27.6% annually over two years and book value per share grew 26% annually, touted as a buy.
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