Equitable (EQH) Investor presentation summary

Business overview and growth engines

• Operates as a diversified financial services company with three core growth engines: retirement, asset management, and wealth management.

• Manages $286bn in retirement AUM, $906bn in asset management AUM, and $141bn in wealth management AUA as of 6/30/26.

• Focuses on delivering exceptional customer experience, distribution power, competitive scale, resilience, and full value chain participation.

Strategic merger and financial impact

• Merger with Corebridge aims to capitalize on scale, increase cash flow, and improve profitability through top-quartile expense ratios.

• Pro forma balance sheet post-merger: $30bn+ adjusted book value and $25bn+ statutory capital as of YE'25.

• Diversifies income sources: 44% fee income, 44% spread income, 13% underwriting margin.

• Expected to deliver 10%+ EPS and cash generation accretion and 15%+ adjusted ROE by 2027.

• Enhances earnings and cash flow with $5bn+ adjusted operating earnings and $4bn+ cash generation projected for 2027.

Market positioning and product leadership

• Holds leading positions in individual annuities, targeted life products, and institutional solutions.

• U.S. is the largest and fastest-growing retirement market, with $58.5 trillion in pension assets and 7.2% asset growth in 2024.

• Top provider in 403(b), 457, and institutional solutions, with a broad product portfolio and differentiated distribution.