Equitable Holdings, Inc. announced the reorganization of its reportable segments, resulting in three reportable segments: Retirement, Asset Management, and Wealth Management. The financial reporting presentation effective from July 1, 2025, reflects these changes.
Looking at the key metrics, a comparison of net income (loss) for the year ended December 31, 2023, and the three months ended June 30, 2025, shows a significant increase from $1.624 billion to $565 million and $1.796 billion to $150 million, respectively. Net income (loss) attributable to Holdings also experienced fluctuations, from $1.283 billion to $428 million for the year ended December 31, 2023, and from $1.280 billion to $63 million for the three months ended June 30, 2025.
Non-GAAP Operating Earnings displayed variability, amounting to $1.663 billion for the year ended December 31, 2023, and $495 million for the three months ended June 30, 2025. Total equity attributable to Holdings' common shareholders also fluctuated, from $1.074 billion to $36 million for the year ended December 31, 2023.
Return on Equity (ex. AOCI) for the trailing twelve months (TTM) experienced fluctuations, with a high of 14.0% for the year ended December 31, 2024, and a low of -4.5% for the three months ended September 30, 2024. Non-GAAP Operating ROE (TTM) also showed variability, with a high of 22.4% for the year ended December 31, 2024, and a low of 18.4% for the three months ended March 31, 2024.
The Debt to Capital ratio, excluding AOCI, fluctuated, with a high of 33.5% for the year ended December 31, 2024, and a low of 27.2% for the three months ended June 30, 2025. Adjusted debt to capital (ex. AOCI) also displayed variability, with a high of 33.5% for the year ended December 31, 2024, and a low of 27.2% for the three months ended June 30, 2025.
Looking at the consolidated income statement, total revenues fluctuated, amounting to $10.460 billion for the year ended December 31, 2023, and $3.073 billion for the three months ended September 30, 2024. Net income (loss) attributable to Holdings also experienced variability, with a high of $1.624 billion for the year ended December 31, 2023, and a low of $28 million for the three months ended September 30, 2024.
The consolidated balance sheet reflects fluctuations in total investments, with a high of $121.798 billion as of June 30, 2025, and a low of $102.173 billion as of December 31, 2023. Separate Accounts assets also showed variability, amounting to $137.407 billion as of June 30, 2025, and $124.569 billion as of March 31, 2025.
In terms of the consolidated capital structure, both short-term and long-term debt fluctuated, with a high of $4.332 billion as of June 30, 2025, and a low of $3.821 billion as of March 31, 2024. Total equity also experienced variability, with a high of $4.956 billion as of June 30, 2025, and a low of $3.339 billion as of March 31, 2024.
These figures show the impact of the reorganization of Equitable Holdings, Inc.'s reportable segments on its financial metrics and capital structure. Today the company's shares have moved 0.75% to a price of $48.37. Check out the company's full 8-K submission here.
