Axa Equitable Holdings Stock Earnings Reports

Equitable reported strong Q1 2026 results and reaffirmed guidance while announcing a planned merger with Corebridge to create a larger, diversified financial services franchise. Key financials: non-GAAP operating earnings of $1.62 per share ($1.68 ex-notable items), a 25% YoY EPS increase, $1.1 trillion AUM (up 9% YoY), and pro forma metrics showing robust capital (pro forma GAAP book value > $30B, statutory capital > $25B). Management expects 2026 EPS growth to exceed the high end of its 12%–15% target range and reiterated $1.8B holding company cash generation guidance for 2026. The proposed merger is expected to be immediately accretive, deliver at least $500M of expense synergies, and produce 10%+ EPS accretion on a run-rate basis by end of 2028 (with additional upside from revenue synergies). AllianceBernstein (AB) remains an important earnings and growth driver; AB had $7.1B net outflows in Q1 but private markets and institutional pipeline are strong, and management expects AB to receive at least $100B of incremental assets over the next few years post-merger. Retirement sales and net flows were healthy (RILA sales up 14% YoY; $1.3B net inflows), wealth management delivered $2B advisory inflows and strong organic growth, and private markets AUM was $85B (up 13% YoY). Balance sheet and credit profile are emphasized as strengths: pro forma combined NAIC RBC ~475%, $1.2B holding company liquidity, and stress testing indicates resilience (even under severe credit + equity stress the RBC would remain above target). Capital deployment: management is committed to a 60%–70% payout ratio for 2026, plans to be active in share repurchases in the open windows before and after the shareholder vote, and will complete any remaining repurchases via an ASR after close if needed. Risks/near-term caveats include Q1 weakness in alternative returns (alt portfolio produced annualized 3.5% in Q1; forecasted full-year alt return now expected below prior 8%–9% guidance), AB near-term flow volatility, and usual integration/ PGAAP accounting complexities (goodwill, VOBA/DAC, fair value adjustments) that will be clarified closer to close.