Equitable (EQH) Investor presentation summary

Integrated business model and market positioning

• Operates across retirement, wealth management, and asset management, capturing the full insurance value chain with $1.1tn AUM/AUA as of 12/31/25.

• Offers holistic retirement solutions, leveraging a broad advisor network and leading asset management capabilities.

• Maintains a diversified distribution strategy and a market-neutral balance sheet, fully hedging interest rate and equity exposures.

• Focuses on value over volume, targeting new business with 15%+ IRR and optimizing cash generation.

Strategic evolution and growth initiatives

• Achieved all IPO targets by 2020, de-risked balance sheet, and expanded through acquisitions and reinsurance transactions.

• Increased investment in private markets and asset management, including a $20bn commitment to AB Private Markets by 2027.

• Enhanced AB ownership to 69% and announced key acquisitions and investments in 2025.

Financial performance and targets

• Targets $2bn annual cash generation, 60-70% payout ratio, and 12-15% Non-GAAP EPS CAGR through 2027.

• Consistent capital return via dividends and share repurchases, with strong free cash flow per share growth.

• Forecasts strong EPS growth in 2026, above the 12-15% target, with double-digit growth in wealth management and stable net interest margins.