Equitable (EQH) investor relations material

Progress towards financial targets

• Achieved 10% year-over-year cash flow growth, guiding to $1.6–$1.7 billion in 2024, with a clear path to $2 billion by 2027.

• Maintained payout ratio at 68%, near the upper end of the 60–70% target range, with an additional $500 million share repurchase planned.

• Earnings per share growth reached 12% since IPO, though recent results were impacted by mortality volatility and lower market value adjustments; expect to reach 12–15% CAGR by 2027.

• RGA transaction resolved mortality volatility and supports future EPS growth, with incremental share buybacks and higher AUM driving performance.

• EPS growth now expected at the midpoint of the 12–15% range due to lower AllianceBernstein exposure and market adjustments.

Capital deployment and strategic investments

• $2 billion in capital freed from the Life transaction, with $2.3 billion planned deployment including $800 million for AllianceBernstein, $500 million for share buybacks, and $500 million for debt tender.

• Remaining $500 million to be allocated to growth investments or further share repurchases, focusing on bolt-on acquisitions in wealth management and sidecar investments with AllianceBernstein.

• Full deployment of proceeds expected by 2026, targeting accretive outcomes for shareholders.

Wealth and retirement business growth

• Wealth business AUA grew from $40 billion in 2018 to $110 billion, with 12% organic growth over the last year.

• Earnings in the wealth segment are on track to double to $200 million by 2027, two years ahead of schedule.

• Growth driven by adviser upskilling, experienced hires, and targeted bolt-on acquisitions in wealth and retirement distribution.

• Focused on disciplined M&A and sidecar investments to enhance AllianceBernstein’s insurance business, targeting mid-teen IRRs.