Equitable Holdings, Inc.EQH
Equitable Holdings, Inc. Segments Disclosure
BUSINESS SEGMENT INFORMATION
Effective July 1, 2025, our financial reporting presentation was revised to reflect the reorganization of the Company’s reportable segments to reflect how the Company’s chief operating decision maker now makes operating decisions and assesses performance. We now have three reportable segments: Retirement, Asset Management and Wealth Management. Prior period results have been revised in connection with updates to our reportable segments.
These segments reflect the manner by which the Company’s chief operating decision maker (“CODM”) views and manages the business. A brief description of these segments follows:
•The Retirement segment offers a diverse suite of retirement solutions to individual and institutional clients. Our primary offerings include individual and group annuities, retirement savings plans, and institutional savings products, which we distribute through both proprietary and third-party distribution. Results for our spread lending business are also primarily reported within the Retirement segment.
•The Asset Management segment provides diversified investment management and related solutions globally to a broad range of clients through three main client channels - Institutional, Retail and Private Wealth.
•The Wealth Management segment offers discretionary and non-discretionary investment advisory accounts, financial planning and advice, life insurance, and annuity products through Equitable Advisors.
The CODM is the President and Chief Executive Officer of Holdings. The CODM evaluates the reported measure of a segment’s profit or loss in assessing segment performance and deciding how to allocate resources. Significant segment expenses are part of the CODM review and are critically important to understand the level of profitability of operating segments but also the overall company performance. This assessment will inform the way the allocation of resources will be done among the different operating segments.
Measurement
Operating earnings (loss) is the financial measure which primarily focuses on the Company’s segments’ results of operations as well as the underlying profitability of the Company’s core business. By excluding items that can be distortive and unpredictable such as investment gains (losses) and investment income (loss) from derivative instruments, the Company believes operating earnings (loss) by segment enhances the understanding of the Company’s underlying drivers of profitability and trends in the Company’s segments.
Operating earnings is calculated by adjusting each segment’s net income (loss) attributable to Holdings for the following items:
•Items related to variable annuity product features, which include: (i) changes in the fair value of MRB and purchased MRB, including the related attributed fees and claims, offset by derivatives and other securities used to hedge the MRB which result in residual net income volatility as the change in fair value of certain securities is reflected in OCI and due to our statutory capital hedge program; and (ii) market adjustments to deposit asset or liability accounts arising from reinsurance agreements which do not expose the reinsurer to a reasonable possibility of a significant loss from insurance risk;
•Investment (gains) losses, which includes credit loss impairments of securities/investments, sales or disposals of securities/investments, realized capital gains/losses and valuation allowances;
•Net actuarial (gains) losses, which includes actuarial gains and losses as a result of differences between actual and expected experience on pension plan assets or projected benefit obligation during a given period related to pension, other postretirement benefit obligations, and the one-time impact of the settlement of the defined benefit obligation;
•Other adjustments, which primarily include restructuring costs related to severance and separation, lease write-offs related to non-recurring restructuring activities, net derivative gains (losses) on certain Non-GMxB derivatives, net investment income from certain items including consolidated VIE investments, seed capital mark-to-market adjustments, unrealized gain/losses and realized capital gains/losses from sales or disposals of select securities, certain legal accruals; a bespoke deal to repurchase UL policies from one entity that had invested in numerous policies purchased in the life settlement market, which disposed of the risk of additional COI litigation by that entity related to those UL policies, impact of the annual actuarial assumption updates attributable to LFPB when the majority of the impact relates to the non-core business; and
•Income tax expense (benefit) related to the above items and non-recurring tax items, which includes the effect of uncertain tax positions for a given audit period and changes to the deferred tax valuation allowance.
The General Account investment portfolio is used to support the insurance and annuity liabilities generated by our businesses.
In the third quarter of 2025, the Company updated its net investment income (“NII”) segment reporting to better align with our GAAP segments, as well as the reporting of our spread lending programs' income and expenses. Previously, direct and allocated segment NII were recorded based on assets tied to statutory asset tagging and net statutory liabilities for allocation. To better align with our GAAP segments, the Company changed the recording methodology for direct NII. It is now based on the book yields of assets tied to specific segments, considering general account values plus reserves, net of embedded derivatives. Indirect NII, which was previously allocated based on net statutory liabilities, is now allocated based on general account values and reserves, net of embedded derivatives. Additionally, revenues and expenses from our spread lending programs are now primarily recorded within the Retirement segment. Previously, spread lending revenues and expenses were recorded in Corporate and Other, with the excess of revenues over expenses allocated to the insurance segments based on net statutory liabilities. Prior periods have been revised to reflect these changes.
Revenues derived from any customer did not exceed 10% of revenues for the years ended December 31, 2025, 2024 and 2023.
The Company accounts for inter-segment sales and transfers as if the sales or transfers were to third parties, that is, at current market prices.
The table below presents operating earnings (loss) by segment and Corporate and Other (C&O):
| Year Ended December 31, 2025 | ||||||||||||||||||||
Retirement | Asset Management | Wealth Management | Corporate & Other | Eliminations | Total | |||||||||||||||
| (in millions) | ||||||||||||||||||||
| Segment revenues | $ | 6,204 | $ | 4,551 | $ | 1,978 | $ | 3,280 | $ | (950) | $ | 15,063 | ||||||||
| Benefits and other deductions | ||||||||||||||||||||
| Policyholders’ benefits | 325 | — | — | 2,128 | — | 2,453 | ||||||||||||||
| Interest credited to policyholders’ account balances | 2,560 | — | — | 445 | — | 3,005 | ||||||||||||||
| Commissions and distribution related payments | 618 | 813 | 1,259 | 318 | (915) | 2,093 | ||||||||||||||
| Amortization of deferred policy acquisition costs | 591 | — | — | 198 | — | 789 | ||||||||||||||
| Compensation and benefits | 75 | 1,777 | 340 | 177 | — | 2,369 | ||||||||||||||
| Interest expense and financing fees | — | 28 | — | 237 | (17) | 248 | ||||||||||||||
| Significant segment expenses | 4,169 | 2,618 | 1,599 | 3,503 | (932) | 10,957 | ||||||||||||||
| Other segment items (1) | 279 | 780 | 83 | 446 | (18) | 1,570 | ||||||||||||||
| Income taxes | (207) | (196) | (76) | 81 | — | (398) | ||||||||||||||
| Less: Operating (earnings) loss attributable to the noncontrolling interest | — | 386 | — | 11 | — | 397 | ||||||||||||||
| Operating earnings (loss) | $ | 1,549 | $ | 571 | $ | 220 | $ | (599) | $ | — | $ | 1,741 | ||||||||
_____________
(1)Other segment items include Remeasurement for liability for future policy benefits and Other operating expenses and costs. Additionally, other segment items reflected in Asset Management segment is primarily driven by other operating expense and costs related to general and administrative costs and promotion and servicing expenses.
| Year Ended December 31, 2024 | ||||||||||||||||||||
Retirement | Asset Management | Wealth Management | Corporate & Other | Eliminations | Total | |||||||||||||||
| (in millions) | ||||||||||||||||||||
| Segment revenues | $ | 5,492 | $ | 4,479 | $ | 1,791 | $ | 4,122 | $ | (906) | $ | 14,978 | ||||||||
| Benefits and other deductions | ||||||||||||||||||||
| Policyholders’ benefits | 324 | — | — | 2,372 | — | 2,696 | ||||||||||||||
| Interest credited to policyholders’ account balances | 1,930 | — | — | 574 | — | 2,504 | ||||||||||||||
| Commissions and distribution related payments | 526 | 742 | 1,133 | 352 | (857) | 1,896 | ||||||||||||||
| Amortization of deferred policy acquisition costs | 513 | — | — | 198 | — | 711 | ||||||||||||||
| Compensation and benefits | 85 | 1,788 | 314 | 190 | — | 2,377 | ||||||||||||||
| Interest expense and financing fees | — | 44 | — | 223 | (26) | 241 | ||||||||||||||
| Significant segment expenses | 3,378 | 2,574 | 1,447 | 3,909 | (883) | 10,425 | ||||||||||||||
| Other segment items (1) | 255 | 821 | 102 | 472 | (23) | 1,627 | ||||||||||||||
| Income taxes | (257) | (178) | (60) | 41 | — | (454) | ||||||||||||||
| Less: Operating (earnings) loss attributable to the noncontrolling interest | — | 427 | — | 41 | — | 468 | ||||||||||||||
| Operating earnings (loss) | $ | 1,602 | $ | 479 | $ | 182 | $ | (259) | $ | — | $ | 2,004 | ||||||||
_____________
(1)Other segment items include Remeasurement for liability for future policy benefits and Other operating expenses and costs. Additionally, other segment items reflected in Asset Management segment is primarily driven by other operating expense and costs related to general and administrative costs and promotion and servicing expenses.
| Year Ended December 31, 2023 | ||||||||||||||||||||
Retirement | Asset Management | Wealth Management | Corporate & Other | Eliminations | Total | |||||||||||||||
| (in millions) | ||||||||||||||||||||
| Segment revenues | $ | 4,605 | $ | 4,117 | $ | 1,548 | $ | 4,087 | $ | (810) | $ | 13,547 | ||||||||
| Benefits and other deductions | ||||||||||||||||||||
| Policyholders’ benefits | 299 | — | — | 2,461 | — | 2,760 | ||||||||||||||
| Interest credited to policyholders’ account balances | 1,469 | — | — | 572 | — | 2,041 | ||||||||||||||
| Commissions and distribution related payments | 417 | 610 | 968 | 347 | (752) | 1,590 | ||||||||||||||
| Amortization of deferred policy acquisition costs | 447 | — | — | 194 | — | 641 | ||||||||||||||
| Compensation and benefits | 85 | 1,736 | 285 | 159 | — | 2,265 | ||||||||||||||
| Interest expense and financing fees | 5 | 54 | — | 230 | (37) | 252 | ||||||||||||||
| Significant segment expenses | 2,722 | 2,400 | 1,253 | 3,963 | (789) | 9,549 | ||||||||||||||
| Other segment items (1) | 222 | 831 | 86 | 454 | (21) | 1,572 | ||||||||||||||
| Income taxes | (274) | (126) | (51) | 58 | — | (393) | ||||||||||||||
| Less: Operating (earnings) loss attributable to the noncontrolling interest | — | 349 | — | 21 | — | 370 | ||||||||||||||
| Operating earnings (loss) | $ | 1,387 | $ | 411 | $ | 158 | $ | (293) | $ | — | $ | 1,663 | ||||||||
_____________
(1)Other segment items include Remeasurement for liability for future policy benefits and Other operating expenses and costs. Additionally, other segment items reflected in Asset Management segment is primarily driven by other operating expense and costs related to general and administrative costs and promotion and servicing expenses.
The table below presents a reconciliation to net income (loss) attributable to Holdings:
| Year Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| (in millions) | |||||||||||||||||
| Net income (loss) attributable to Holdings | $ | (1,380) | $ | 1,280 | $ | 1,283 | |||||||||||
| Adjustments related to: | |||||||||||||||||
Variable annuity product (1) | 2,381 | 637 | 593 | ||||||||||||||
Investment (gains) losses (2) | 1,339 | 133 | 713 | ||||||||||||||
| Net actuarial (gains) losses related to pension and other postretirement benefit obligations | 50 | 60 | 39 | ||||||||||||||
Other adjustments (3) (4) (5) | (75) | 93 | 350 | ||||||||||||||
| Income tax expense (benefit) related to above adjustments | (776) | (194) | (356) | ||||||||||||||
Non-recurring tax items (6) | 202 | (5) | (959) | ||||||||||||||
| Operating earnings (loss) | $ | 1,741 | $ | 2,004 | $ | 1,663 | |||||||||||
_____________
(1)As a result of the novation of certain Legacy VA policies completed during the first quarter of 2025, the Company recorded a loss of $499 million in pre-tax net income and an increase of $263 million in pre-tax AOCI, for a total impact loss of $236 million for the year ended December 31, 2025.
(2)Includes $1.1 billion as a result of the assets transferred related to the reinsurance agreement with RGA for the year ended December 31, 2025. See Note 13 of the Notes to these Consolidated Financial Statements for further details.
(3)Includes a gain of $304 million on Non-VA derivatives for the year ended December 31, 2025. Also includes $6 million of expense related to a disputed billing practice of an AB third-party service provider for the year ended December 31, 2025, and certain gross legal expenses related to the COI litigation of $106 million and $144 million for the year ended December 31, 2024 and 2023, respectively.
(4)For the year ended December 31, 2024, includes $82 million of the gain on sale on AB's Bernstein Research Service attributable to Holdings.
(5)For the year ended December 31, 2024, includes $78 million contingent payment gain recognized related to a fair value remeasurement of the contingent payment liability associated with AB's acquisition of CarVal in 2022.
(6)Non-recurring tax items primarily reflect the effect of uncertain tax positions for a given audit period. Includes a decrease of the deferred tax valuation allowance of $1.0 billion during year ended December 31, 2023.
Segment revenues is a measure of the Company’s revenue by segment as adjusted to exclude certain items. The following table reconciles segment revenues to total revenues by excluding the following items:
•Items related to variable annuity product features, which include certain changes in the fair value of the derivatives and other securities we use to hedge these features and changes in the fair value of the embedded derivatives reflected within the net derivative results of variable annuity product features;
•Investment (gains) losses, which includes credit loss impairments of securities/investments, sales or disposals of securities/investments, realized capital gains/losses and valuation allowances;
•Other adjustments, which primarily includes net derivative gains (losses) on certain Non-GMxB derivatives and Net investment income from certain items including consolidated VIE investments, seed capital mark-to-market adjustments and unrealized gain/losses associated with equity securities.
The table below presents revenues by segment and C&O:
| Year Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| (in millions) | |||||||||||||||||
| Segment revenues: | |||||||||||||||||
Retirement (1) | $ | 6,204 | $ | 5,492 | $ | 4,605 | |||||||||||
| Asset Management (2) | 4,551 | 4,479 | 4,117 | ||||||||||||||
| Wealth Management (3) | 1,978 | 1,791 | 1,548 | ||||||||||||||
| Corporate and Other (1) | 3,280 | 4,122 | 4,087 | ||||||||||||||
| Eliminations | (950) | (906) | (810) | ||||||||||||||
| Adjustments related to: | |||||||||||||||||
Variable annuity product features, excluding change in MRBs | (2,289) | (2,589) | (2,408) | ||||||||||||||
| Investment gains (losses), net | (1,339) | (133) | (713) | ||||||||||||||
Other adjustments to segment revenues | 230 | 169 | 34 | ||||||||||||||
| Total revenues | $ | 11,665 | $ | 12,425 | $ | 10,460 | |||||||||||
______________
(1)Includes investment expenses charged by AB of $159 million, $144 million and $140 million for the years ended December 31, 2025, 2024 and 2023, respectively, for services provided to the Company.
(2)Inter-segment investment management and other fees of $177 million, $166 million and $160 million for the years ended December 31, 2025, 2024 and 2023, respectively, are included in segment revenues of the Asset Management segment.
(3)Inter-segment distribution fees of $915 million, $857 million and $752 million for the years ended December 31, 2025, 2024 and 2023, respectively, are included in segment revenues of the Wealth Management segment.
Total assets by segment were as follows:
| December 31, | |||||||||||
| 2025 | 2024 | ||||||||||
| (in millions) | |||||||||||
| Total assets by segment: | |||||||||||
| Retirement | $ | 196,794 | $ | 173,796 | |||||||
| Asset Management | 10,386 | 10,137 | |||||||||
| Wealth Management | 183 | 168 | |||||||||
| Corporate and Other | 110,627 | 111,626 | |||||||||
| Total assets | $ | 317,990 | $ | 295,727 | |||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 25, 2026 | Showing above |
| 2024 | Feb 24, 2025 | |
| 2023 | Feb 26, 2024 | |
| 2022 | Feb 21, 2023 | |
| 2021 | Feb 22, 2022 | |
| 2020 | Feb 24, 2021 | |
| 2019 | Feb 27, 2020 | |
| 2018 | Mar 8, 2019 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.