Axa Equitable Holdings Stock Earnings Reports

Equitable reported solid Q3 2025 results with continued organic growth across Retirement, Asset Management (AB) and Wealth Management. Non‑GAAP operating earnings were $455 million ($1.48/share), and adjusted non‑GAAP operating EPS was $1.67 (up 2% year‑over‑year). Total AUM/A stood at a record $1.1 trillion (up 7% YoY) and AB AUM reached $860 billion. Retirement net flows were $1.1 billion driven by strong RILA sales; Wealth Management had $2.2 billion of advisory net inflows and adviser productivity up 8% YoY; AB reported net outflows of $2.3 billion that included a $4 billion asset transfer to RGA, and excluding that transfer AB had net inflows of $1.7 billion. Private markets at AB grew 17% YoY to $80 billion and remain on track to the $90–$100 billion 2027 target. Capital deployment from proceeds of the individual life reinsurance transaction included $1.5 billion allocated this quarter (share repurchases of $676 million, $500 million debt redemption, increased AB stake to 69%, investments to scale Wealth and AB private markets), and $300 million of the RGA proceeds remain to be deployed. Management reiterated confidence in achieving its 2027 financial targets (12–15% EPS CAGR midpoint, $2 billion annual cash generation) and expects continued EPS acceleration, margin improvement at AB, and double‑digit earnings growth in Wealth Management. Notable near‑term items: one‑time GAAP volatility from asset transfers tied to the RGA transaction, modest elevated mortality (largely reinsured), higher DAC amortization tied to growth and surrenders, and continued focus on expense initiatives. Management emphasized disciplined underwriting in private credit and a cautious approach to sidecars, while planning bolt‑on M&A (Stifel Independent Advisors) and further investments to scale the flywheel between Equitable and AB.