Equitable (EQH) 5 Nov 242024 Q3 Earnings call transcript

Hello, and thank you for standing by. My name is Regina, and I will be your conference operator today. At this time, I would like to welcome everyone to the Equitable Holdings Third Quarter Earnings Conference Call. [Operator Instructions] I would now like to turn the conference over to Erik Bass, Head of Investor Relations. Please go ahead.

you. Thank welcome Third and Call. XXXX Equitable to morning, Quarter Holdings Earnings Good for found be call our Materials can ir.equitableholdings.com. on today's website at

begin, SEC rules to like regulations regarding information is I some and and we forward-looking certain the today we note to subject disclosure. of present Before that would

or information. of to results harbor the Our in language differ our forward-looking such on from materially by may X presentation safe additional for statements. expressed Slide those indicated Please refer

Pearson, Mark Financial President Chief me President on Onur are Joining of Global Robin AllianceBernstein's Chief call of Erzan, Officer our of Marks, AllianceBernstein's business. Holdings; and Client Officer; and Equitable Financial Jackie today's Executive Lane, Officer; Group Chief Head Wealth Equitable and Raju, Financial; Nick Private

Relations be that Reconciliations measures. directly the we financial accepted comparable certain generally on measures call, to to are based and our now these principles, definitions this also as found in measures may accounting most non-GAAP the measures website supplement. I be GAAP During the related will earnings known over slide not of call financial presentation non-GAAP portion discussing turn and will and of Mark. our release Investor on

management for flows results across call. business our retirement momentum, net joining And thank Holdings $X management third earnings assets Equitable businesses. per wealth trillion quarter firm-wide surpassed and activity the Good and in terms morning, again mark. once demonstrate positive had you growth strong under new continued today's both of share. management and We asset

a to notable guidance. is $X.XX compared up on X, for is highlights were prior market and quarter. Non-GAAP our to per our tremendous XX% annualized million share well EPS per from which capitalize growth operating year the retirement share XX% non-GAAP the in model to up few above stakeholders. I'll opportunity operating third was basis. XX% the all business us U.S. value Equitable's which provide to the positions On and Slide Adjusting XX% items, $X.XX, a or year-over-year $XXX earnings integrated deliver on

increased $X Holding increased the Assets and which entity $X XX%. reflecting XX% a $XXX ratio XX% July. and paid of $XXX exceed our to cash year-over-year shareholders billion range from during from a equates million payout to targeted under company Arizona administration within now quarter, the second management in our returned to ordinary XX% trillion. We million to dividend quarter,

the range. billion about full end, now $X.X For cash we to $X.X at generation year, come the guidance to expect billion in high

in major quarter, earnings. behavior. During our modest no the our impact particularly setting, only completed third on had changes to assumption our and we conservative policyholder resulted which GAAP for update annual validates assumption approach This

reporting segments. our to Turning

completed also its go-forward points up estate neutral now is LifePath expects AB the XXX operating We XX% opportunity. margin third Management continue quarter, the year basis $X.X basis. growth, Asset on which contribute more new adjusted margin did of to inflows with annuity active assuming quarter and its smart plans net its retirement, fund any of consecutive to quarter, plans XXXX, announced full remain the basis new in-plan Paycheck we real of of will we of not which a JPMorgan than income have AB XXX total execute Management, markets, a bullish on during net XXXX. reported organic [indiscernible] AB billion. points third on BlackRock inflows expansion offering. In Asset collaborate compared relocation billion baseline $X.X August, the In to but during in Equitable lifetime with to XXX

Moving to Wealth Management.

in administration in good earnings indicators exceeds We're which future now recruiting Our seeing for are and business reported leading $X.X of momentum billion. record strong improvement, and inflows billion net adviser growth under both advisory productivity and $XXX margins. assets

new spend solutions to fantastic couple provide for want the the said, Turning the our well, a right we with as starts we need and in full is U.S. market identified expect This and minutes Slide a growing we ways. to long-term competition. chain. have position X. discussing we reach with That ability believe Not retirement a of to this I fully in emerging business market. a value have competitive be to to customers our retirement capture surprisingly, the others winner. It opportunities model

areas. Equitable economics ways. There leading four manufacturers, competitive funds shows advantages you in to as to fees in economics advisers We which net have on one needed liabilities, generate, relationship managed at individual AllianceBernstein. ratio. built cost and by the through partners, of space, drivers can generate your with Equitable a The also versus up expense retirement we G&A time, yields. your needs group in source risk-adjusted the business. manufacturer also yield on in the are the are and a you the successful third-party one, capabilities the provides be over these advantage product a general monetized pure to to a companies symbiotic be assets key our it's the of retirement that and To and can AB, and distributor collect, assets This ideally significant account multiple flows. closely than as company are for more of investment least And capture

to of advisers enables AB our and retain Equitable advisers. The persistency also distribution in economics. funds. fee-based success products of through the cost While growth a high-return shows earnings, on in spread-based separate and a low of up generate account of value product, focus the amount and the given our proprietary there's [indiscernible] better our more of Having earnings also from of Equitable significant lot been us provides we

thrive quartile and retirement Putting and adapt through company advisers, the create us positioned our the In as which Equitable new can top landscape new ratio addition, has a evolves. Finally, expense our competitive allows in we it innovate to with well all to launch like individual markets compared did we peers. Equitable products is to together, [indiscernible]

the sales across industry in Another area products. recent individual sustainability of strength been retirement focus the for investors of has

Slide story. Turning be we the to to to I X. about retirement highlight want bullish continue why very growth

by income growing provide. sponsors planned retirement savings the two create a macro environment. plans trends the large been retirement this for solutions, X.X annuities which need savings Acts, need guaranteed Americans the This and need As lifetime before, the provide gap advice million both turning XXX(k) include complexes. and increased creating $X government, income market safe retirement products insurers SECURE managers shown the the We're the and in of target options and trillion to access by plans. We has as fund of plan date we've initial demographic workplace interest sponsors and within year, bipartisan There and to access are underscores regardless each XX new to for in we harbor the recognized for assets enabling by with support plans. highlighted significant currently a see by asset sitting XXX(k) sizable encouraged with with expanded

During range we our since with announced a AB of covers year which solution JPMorgan macro offerings and the Management, complement which Retirement third quarter, IPO, a existing net BlackRock. Equitable plans our with secure business has Asset wide to will flows in develop a period every during backdrops. positive income had

our specific inflows offer what of such guaranteed present [indiscernible] insurance income, A to we solutions all-weather equity wealth for in or of net exposure able clients. as the need, that regardless markets. we Most lifetime of interest protected management of is rates of a these or that level last do equity asset we've been billion this is reason XXXX. and and than key portfolio $X.X reported the to XX Over are months, more double the

a ahead, results fantastic Looking momentum the the our I'm continue Robin excited U.S. to this time be in financial over and to about more I'll retirement detail. turn business market. believe in our growth discuss is now in to to it

Mark. Thanks,

our non-GAAP GAAP We $X.XX businesses, share across of the EPS was assumption $XXX in noneconomic notable million impact share, million returns growth items, X. year-over-year. $X our per favorable offset in and includes basis, partially from will our had organic a alternative largely offset they gains investment of $XX items, positive markets per modestly by $XX repurchases. to of reported annual were a XX% $X.XX and in by OCI. The quarter. On of a updates the results model our hedge loss year-over-year, million driven by million Turning assumption our non-GAAP I portfolio, quarter, million slightly driven from basis. net operating quarter, Slide by highlight which reported and on of up neutral share, were up million XX% to of the statutory $XXX favorable Equitable net We impacts impact Holdings income these lower-than-planned for had earnings from updates, review. Adjusting onetime consolidated or $XX impact positive which

provided be inflows net retirement. appendix, X% a detail management to ], but wealth with which advisers, but few more expense highlight a record all details capitalized quarterly DAC. Group management continues particularly organic appreciation, management basis. want increased expenses on We saw due mixed benefit trillion where Individual and Starting positive asset to a noise declined Retirement to across market earnings Retirement, administration Assets to the will driven also the businesses at [ I in a sales, our sequential year-over-year quarter businesses. Segment strong to are earnings experienced in it under not record Equitable and by Retirement some to quarter. from in across terms net $X margin, in eligible of positive Individual shortly. Commission leverage rate We rising a retirement, XX% earnings. trailing but growth was from in items discuss XX-month interest I increased are in the market,

earnings, While this Retirement future it growth is the drive a profits. headwind Individual will for short-term and

margin positive a we fee U.S. quarter. a adjusted Management. Asset of improvement. estate relocation XXX year-over-year a quarter full flows, operating point stable third to consecutive basis [ Turning strategy AB favorable recognize fourth a XXXX, markets. In in baseline and the in range. of and [indiscernible] million, the be of benefit million its end $XXX within came this result, of will ] rate base Solutions, strong operating guidance notables. real AB Year-to-date, the and the flat earnings expect at ] [ had our track Protection to delivering begin on ex reported earnings of mortality we notables to expectations segment margin annual to operating million XX% $XXX assuming putting $XXX ex are in net

came in in in tax but now this Other. to insurance the full tax for rate full to benefit the and revert expect was and Wealth XXXX. our expectation be our XX% year and tax by project but rate still consolidated guidance. Finally, some below tax to XX% lower XX%, We insurance XXXX line due We tax The below to XX% our XX%, AB settlements, segments a Corporate be favorable year with rate Management offset rate for should in tax our was respectively. it XX%

more provide RILA our net the earnings growth interest continued benefit the on in will I of growth by Retirement from the details up X% Individual supported fee-based XX% business, year-over-year, Turning drivers spread X. continue to margin to Slide group both NIM increased retirement was while growth. and Results of year-over-year. income.

forward, As moving spreads normalized margins I XX% mentioned to be with individual as target. expect are stable we new relatively consistent our business quarter, IRR retirement last and have

However, in we noise quarterly have third of RILA now there underlying billion some our business, of block and half $XX spread year. with the quarter, a NIM. In was so first consistent the core will the be

But These if couple early notably, a take in gains higher NIM credited. that the interest been were show XX million affected quarters, vary as we spread past can nontrendable to decline Individual While income. this items Most adjustment would surrenders, add up average sharp quarter-to-quarter. from an reported on which $XX from Retirement value offset we a level market saw we have of an to quarter.

We above that levels. if retirement, charged fee and income. at across to or AUM remain growth they asset wealth should to Fees average markets trend healthy Turning levels management. continue saw are management on higher current

provide to update variable an for want our on investment outlook income. I Finally,

quarter. a Our private slightly saw alternatives third We for return annualized portfolio of equity We had an X% positive produced project level our similar portfolio equity fourth estate quarter. in the performance. funds the return in returns solid of real and

X. discuss of macro implications Equitable's about and think to Turning like to the how to I macro would Slide sensitivities environments. different

First sheet rates. short-term and only equity foremost, rate and exposures fully potentially markets any interest underlying interest really balance sales. Starting market movements. earnings all we Therefore, and product protecting affect our hedged against with the guarantees,

X% the Our they ended through management with balances of sweep approximately total our $X.X quarter third only primary earnings. billion, cash is of We exposure wealth and balances. X% cash generate to company

a small exposure So businesses. for our it's

and than demand there and portion liabilities We cash spare about include yield work, X-year shift yield from floating earnings, less is are more to yield RILA ] In as not general, are a on for earnings does a rate management basis of positive million also X% dynamics have years, perspective, meaningful these good total potential floating where like but $XX to is curve relatively exposure AB. businesses interest to which interest million rate may to tied would paid with the of the at curve matched investors parallel be rates. policyholders intermediate rates is consider. short-term income annual a also tied assets are the are flows largely yields earnings. $XX Lower FHLB fees higher to rate annuity as our A impact segments. Long-term This money fixed X [ growth curve. impact wealth lending point represents put the AB. From is XX more have in to few modest. still steeper But a our earned a to for to for offset duration portfolio would after-tax which in interest

On long if other hurt this the demand. rates result and which hand, for in guaranteed annuities products, attractive variable less insurance could would life pricing down, come

and level of interest we markets impact plans primary limited demand on the in-plan For Equitable, RILA's XXX(b) in, operate has the in including annuities. the rates savings

Wealth could for could business. returns perspective, Turning earnings fee-based an flows markets on million a if markets. RILA's has in benefit. equity and earnings. Each This AB lower we the wealth driver market about our important AB protected generate to impact declined, retirement like Management [indiscernible] solutions in equity of and annual XX% From management. is $XXX we sales see change

this As a integrated to and that model. retirement for RILA a terms volatility allowing is caps, in market diversified reminder, good higher to our described, great more business operate we as offer is attractive us Mark policyholders. Overall, with

that we range position equity deliver has We quarter, products liquid wide Equitable's growth able in management generation program cash environment. On dividend XX% XXXX, of to profitable highlight the rate flow our billion capital to cash portfolio achieve the entity interest Holdings, about and of million end coming In outlook. now the have entities. quarter, cash guidance Slide we XXXX XXXX. in an we $X returned ratio all-weather a $X and from a market been our target. assets X, cash with following We'll We XX% achieving up Arizona insurance of is $X.X items, billion share million quarter from translates for this the of of of July. notable cash second for to ended XX% generation our XX% noninsurance by $X.X $XXX in of with confident at $XXX excluding to $XXX the billion to from million of upper ordinary receipt to but which annual earnings, including shareholders, with This repurchases. generation non-GAAP provide an expect operating outlook We quarter, consistent payout remain payout next billion a of and the

with the combination to in enables to capital us growth shareholders, funding consistently return retirement strong while in HoldCo flow cash market. predictable also our position the Our cash

in mentioned we I a XXXX. or in businesses. sidecar we're sheet, [indiscernible] calls, also further making we'll previous our and on early to [indiscernible] provide volatility reviewing good ways and optimize We're a such balance the also As as our to on improve progress, [ entity. establishing to be expect We're return life updates our in ] capital reduce earnings ways position

turn closing me let to Mark Now over the for Mark? remarks. back call

growth share. delivered sustained In into in businesses, Robin. earnings growth across organic Thanks, translating solid quarter Equitable closing, another per momentum our with strong

management. with and competitive questions. business real that model our across all value I'm forward, enable asset will to stakeholders. We'll advantages opportunities open deliver also Equitable's convinced us to for us about retirement, U.S. excited I'm provides the Looking that wealth now integrated the management growth line

Suneet first [Operator Instructions] of question come will Our with line from the Kamath Jefferies.

to wanted a ask couple annuities. I on

have information years on first, these $XXX that in lot few seen have for arguments all a a the of ago. you a I But sales made X we've demographic So industry frankly, Mark, we billion X. get quarters Slide could row.

strong are? is outlook you what you're of think to they So is sales about? kind risk do do to that as growth And what biggest these the be this as causing think you talking

question, the for Suneet. Thanks

said I demographics confident remarks and a about on while, the optimistic we around but have we market. very the think as they peaked. here, have are prepared for been The not

I point X.X think key yet and XX, million reach we that's the here. peak. reaching Americans a age that year, have to

for been around So the have demographics while. a

but that and were we mean, I proud savings they new products. more lot increasing. And the creating in people that you I in. the You in in a created see the of And amongst market. and very this think actually these retirement That's out coming coming into money of innovated more that lot gap types we're through distributors. you secondly, awareness are coming an there's attention see see RILA XXX(k)s awful market, entrants that

looking very out products very are So remain and and confident to out, on reacting the market, have awareness distributors there. the we we the demographics, bullish

then risk the And on side?

to in Robin XXXX. like come through Risks rates protected XXXX we think, products can for, down, sort would I attractive, said stories equity see but as interest of as showed be to less markets of and fixed well tend tend particular risks do in annuity those RILA slide, have that you type

the market. looking Suneet. it's feeling good We're So positive, very very about

think best many the it's I the for industry conditions for decades.

your second then Got is product just in my lineup it. on annuities. question And

seems are you indexed, gamut on VA, to thought are hearing of fixed product expanding Have other traditional RILA. focused talk companies products the your RILA. We portfolio? annuity like any guys It more given from about fixed, full having you

we model and where clients. unique segments Sure. returns This for leverage about business is very generate attractive intenable we're shareholders to can Nick. focusing both on Look, our

of up the market highlighted, sales leader As we're segment year-to-date. XX% market, fastest-growing annuity were you in the the

continue to the So created and of on include focus privileged advisers. to distribution the that last the we've we decade leverage strength over that Equitable

within look, that mentioned, market. it's a ] [ USD trillion the of In retirement terms Mark emerging retirement needs XX

so And are we money seeing motion. in

Mark guide projects is year, which of protected that income as and both advice through equity out to well over stories creating assets as secure of to, next every As $XXX [indiscernible] stage. there's opportunities that coming of XXX(k)s billion alluded for new clients forms

like where areas. continue and at, on we we those we're to So focus

from Our the comes ISI. question with of next Gallagher Tom Evercore line

made on your in just you a point gains adjustment Robin, follow-up market value early to surrenders.

think go what you're that million. a Should do was level see Or back on seeing? you think and these individual away $XX of back, retirement? it we coming see that earnings in based bounce I assume some said you you'll we'll through

Thanks, Tom.

step RILA just to seeing it's a market, the growth in shifted the remind take business. I of really the mix you, Nick strong earnings the about Mark spoke and the So in back, though, Individual if we're talk that Retirement and

business year-over-year, So IR that driven talk of drove X% spread about years, the finally business it's AUM. And the it's -- because general that to inflows. have by strong base in has great doubled see the board. In driven which across that up asset sales strong billion income now of can account we nearly quarter, continue It's the in over XX% X past about growth the about we NIM. $XX to

some see noise [ noted value the a on I last before, as in it's noise and But a IRR quarters, noted mentioned, as averaged to going over quarter, business [indiscernible] adjustment, see XX% you target. The we million. are at $XX as about I market strong, are but quarter-to-quarter. XX still So margins some going quarterly basis, the ] we're and to

back with time, going be going continue models something adding would rates noise. we're there's do over the I growth would I RILA interest -- your But to to where suppose. given NIM forward, good think be to grow in So the good to going business. a be But $XX million are, in

talked being they're big their I That's growing strategic a Okay. announced a business. follow-up RILA about RILA imperative. -- helpful. entering in the guess on question And then just Investor Core competition. Apollo the Day Bridge

strong do what less able is what for competitive think have share. curious good a and you I similar expect things to XXXX? Thinking growth deal will be I agree, Are competitors get more do you these to based everyone and future I while on you think term like But with new adjust Or similar path. But you'll I said to will see the Just in are entering, you share? that? to it think heard you happen fair term, about lose enough the Mark, do -- pricing long near very their you returns would be market, maybe think -- to going in is at XXXX good to dynamics?

going have I'll market. there's one an just a overview, Tom. up much, give a growing a retirement also, player year-to-date. Nick for where It's And my very, be savings have plan should huge ask XX% And Suneet, in SECURE and market, we support It's big very follow market. guarantees. market then mentioned Thanks as to I to up. Look, see not with very wins. I'll huge it's gap. bipartisan answer a only It's that we in Act

the market. Yes, lot that's competition directly, but to answer us. bound will of share I your there's in will, for be. question market momentum will come it So growth not think Yes, down? the of there's slow a To a lot

we Tom, we were the this innovated. If about of ones play, it, were you the only market think because who XXX% [indiscernible]

come think going as it's to like we IRR had our sales So growth meeting XX% year-to-date. And margins something But are XX% hurdle. come I down more in. competitors

competition So hurting been us on the hasn't that side.

is which have. really think the One going there's model business are things I for us. three we

So from of chain. we as Equitable We and well. distribution through yield advisers, margin the all get a participate parts source manufacturer We in we're value AB.

we secondly, do in more the economics ones we many the just our So competitors mentioned. participate you of position. have established the that can And including

that think the see we a what competitive to makes in us add terms Nick, you things few do side? good. Maybe, on I want of So

Sure.

as are years. period trends we gain a temporary tend First, benefited We to volume. Look, we teaser pricing be have We've it look, before. X this tends pie be they new sales growing the of the last I'd to tend foothold. sustainable. mindful over pricing as seen entrants more does than because on from of not a to And our it's highlight, competitive There in. come rate doubled

Mark and both XX% alluded As hit to continue returns to, IRRs. generating and we're attractive Robin our

to our think cap business competitive allows a I edge. gives remain focus that value us rates. on our And and on model disciplined us

created last billion we've of a $X.X can distribution. generated -- net that privileged are continues we're advisers the over the third-party build third-party that Equitable year-to-date, partners have of positioned It's last product, individual well these hard more a the grow. the flows. Over decade, value pie curated you to to as we've shelf disproportionate think space. share We file with it's to a And and capture but distribution the

KBW. from comes with the question Krueger of next line Our Ryan

don't into sure Not from any quarter? insight LifePath the Paycheck can this you -- fourth us remarks, but prepared expected BlackRock product the I said in in the you give flows think the

It's Mark. Thanks for the question.

As we working BlackRock. to we mentioned are with earlier, be very excited

seen RILA. Equitable with the you advantage this innovation see about feel look hope to in guarantees. as and first-mover we've think patterns we way implant the of We one I gain is I same the

We have with partnership BlackRock.

and working with well. have as a JPMorgan with AB, now partnership We we're

on So you have to team mover first to competition innovation, we're on internally, you've follow after. fast soon as got I move this. well, because the And when the say well positioned

first of this. longer-term half remain lumpy. is any for bullish but And to quarter anticipating we And XXXX. the again as we mentioned, in outlook going be we're this flows flows with anticipating in on it BlackRock, we starting not very Specifically are

cash on targets remember, to reliant thing on implant none just gave are target The you. billion In XXXX the Ryan, of business. generation $X this guarantees, the particular, other our we

So and this really growth. additional future a is

sounds quick rate just the then you cut? want there between the should much following -- quarter make thinking anything like don't And fourth or Would or that to and initially? the I from are assets the time. any you floating floating about noise rate liabilities. we Fed impact that and assets It anticipate there's timing rate a expect you sure any on be over Great. floating one like the liabilities no -- for just differences would

you related that not Ryan, quarterly any to could you're yes. could matched yes, I we're earlier, a be period, a across going don't in to as given business -- over basis, stable floating noise the resets NIM No, of to rate some exposure. on the retirement, be since mentioned -- be given have material but it board. But continue in individual XX-month you should depending our if I but the there to on some size expect go quarter, quarterly the so rates of lower, liabilities, see noise,

of comes next the Joel Our question Hurwitz Partners. Dowling with & from line

adjustment one the would in become market was were value a quarter say this more similar again, the do if pull you value adjustment. you Would And Robin, on rates by decline back see driven you rates? and market we impact to trend? of see think that more a recurring

$XX you'll it mix from. rates, some I coming but lower interest surrenders also to individual capitalize thing. see in billion attribute we RILA where is a business the for noise the are there. Yes, retirement, spread-oriented to continue earlier that wouldn't Yes, opportunity. the the as on product and mentioned look, one I now here a had specific Joe, question, and you of

So across in could multiple there board. the be it factors

As I that guided about a earlier, having about we impact. XX saw over the quarters, $XX last million

to So probably the us X% Retirement time. growth some business. can add see you we income I guidance spread-related in noise. that's see a in yes, can grow I Individual would this year-over-year, you'll expect And you $XX best and back to overall, million But at expect continue the and NIM you would give --

And to it. Got just right. Group. shifting All then

Or would anything out So were current earnings this strong Group business? else at there. Retirement you level very and in growth tailwinds that call strong. sustainable as some you Obviously, levels? think driving have market fee-based But you is the do

income. earnings, markets to in Yes, see we continue and high those spread related the related earnings leverage to equity

income year-over-year fee-based spread-related and up XX% income. saw You strong

with get seen on you've So pretty and good the we it's that historically sticky related. stable, business, as leverage fees

So that forward. to expect continue we going

line Our comes Barclays. from of Alex question Scott next with the

Would color better. there see of on be just the the you had have First sustainability additional wanted better just seems any is It you're on I one performance? to I provide can gotten and it's performance mortality. seeing you protection. interested if like the

company. to earnings in for XX% the aggregate So be continues of protection about our

that So expect looks total. can And in to earnings. amount guidance. the We to million year million one $XXX and quarter's have a small the large throw annual from guidance away off that quarterly you year, any range. it because for like space amount the a we guided be in We've to with business, the case could it gone have earnings given through $XXX

volatility it. But over if you're you really you back some through. the -- mortality, still forward last to results saw last in we come and there's X years, pull see pull some year saw now that normalized seeing and guided you So mortality as in a coming a through we back look forward

$XXX volatility to feel guidance we going look that We're continue that where are. million good and forward, in So sticking we'll to at reduce we about ways to million $XXX to annual business.

have just Got the capital on able And to priorities on was but think the helpful. XXXX? take you the expect out that we interested amount year? it. missed of update to into call, cash just heading end earlier That's through if you apologies an of update an on And some this management I as the I of be if

Sure.

to flows. asset wealth. continue cash cash the flows and we of So diverse benefit our come from and our noninsurance businesses, XX% from of predictability Reminder,

end high extraordinary that billion piece we the of what billion quarter here. towards so fourth the for approval A in big and mentioned of the call, out in full year. coming dividend our we $X.X we'll $X.X the to And guidance is received that we from the guided take in

and the cash the we about us our really flow a cash [ its we good guidance commitments, So our allows $X and ] XXXX. for source feel that to good predictability meet about diverse feel flow, cash flow billion

Our the comes next from ] Wells [ question with line Anita of Fargo. Mick

I guess another maybe capital. on just follow-up

down? for You running it the is for Or X going guys buffer see generation to that's and for there strong just about the been a forward what guess, should we down bring bit? the cash thinking on And I be guys to I assume you to any years pretty plan just now. out? that do here have that 'XX, have guidance like guess, going like bring buffer $X at a that maybe And past to buffer for, billion

[ question, for the Thanks ]. Nick

we growth to on seen Mark XX% ratio. look, confidence also really that It payout what this to Nick and strong spoke market position. gives us capital attractive while we've about our on XX% feel good and capitalize delivering earlier, So our about

a inflows Individual you XX% If we funded the we million ratio midpoint the and product. target. payout levels At earnings look year-to-date, sales the paid in Retirement at $XXX the our LifePath of of record Paycheck of out the same time, in business

is does we So quarterly quarter but $X fluctuate a dividend this timing about, received that's because on on our from July. billion, cash million subsidiaries. The got in balance HoldCo we at $XXX basis, depending we from good the the that feel Arizona which

quickly. macro So that's reduce excess elevated current position the that and do levels. markets we're environment change an cash target towards can at level. the the to But cognizant We expect

do as extraordinary rather opposed over time onetime to share we'd this So accelerated a disciplined repurchase. or dividend a in way

again, So to returning systematic phenomenal we'll We're is into bring growth. look shareholders, capital a environment. time a growth cash excess way. We're to and investing down over this the in

total that Or a issue? business is to -- I seemed restatement is Individual in That's just like just surrenders is guess, out to Or quarter, picked that helpful. year-over-year a Retirement. just and It growth? sequentially. the switching call that bit up normal maybe Anything there?

top to with out always Nothing the to the industry. you're level rates, the of on out see call the across where Now increased activity ordinary growth line, of surrender they see going seeing look, -- here. are, you interest you're that some

you of net We in And Retirement. Individual with $X.X positive market. flows that coming the big continue billion through see share capture to retirement the a

the line question will from next Our Wilma James. Raymond of come Burdis with

Can Or you is there talk a the little it Was more mortality in about favorable? there? other any and trends bit protection?

yes. Wilma,

million be I line to for expectations. a full protection, and the Equitable expect $XXX of million part be with it our business year. have the overall mentioned, As guidance, range that We of results we within small $XXX at to here continues gave come to in

given mortality policies, feel about we've expectations this good to there some high But line volatility amount in be where seen but continues and we fall to could here we -- So face our with historically, exposure stand quarter. today. as

I I it it it. one. of few bit much And quick for just pretty seemed excess mean, on now. a was COVID, like seems on it's swing quarters, follow-up a know the that range a like there in little maybe

after it's like feels Just been And one that more trend? feel that. normal couple for then one got quick Does of pretty quarters. a for like a I you good

that million the market, to comfortable $XXX stick feel the we'll given we've with We guidance to Yes. and that. million with $XXX

right. All Okay.

other little could Just good. management? driving and investment little you flows about into then bit what's in And a a Sounds products bit talk the maybe dig more things.

net Thanks question quarter flow the AllianceBernstein. Yes, third active quarter, the net from Onur in X.X for a strong we positive. Wilma. had

third our This in year. marked net flow consecutive quarter the quarter

So peers. that have our $X.X streak. in And is a been you net, asset active management were than many at our around outcome a of total if much we on flows superior billion look and public business, positive

feel broad-based. The remains we So momentum. pretty good relatively momentum about our

backed strong So income, demand by our performance. we the in fixed strong benefited from

If of look [indiscernible] been more XX% we you X-year have assets. than at our in performance,

quarter to So so channels. In in had our domestic we exempt, continued another that tax both positive income support This fixed equities, ] ASX [ retail. actually, multiple growth. Japan, continues it's is

benefited So good least in in some business. equity of continued build retail then to franchise. run the see. at our alternatives our And the to We continue bull markets, we from

breadth ] engines private fundraising record ]. [ track the to a wealth closed and $XX so and [indiscernible] for growth that Wealth goal demonstrates, at billion our depth of again, quarter on the [ billion, annual Private at $XXX $X.X had AllianceBernstein. are million our We and with We

$X in In ETF XX had terms our product of September, the X-year products. platform billion a with plus mark pipeline,

the with So new franchise buildup as start-up. the very a pleased of ETF

alternative lineup to continue expand. Our product

perpetual a alts then great private not other And NAV both few of large our assets in finance ] Now custodians it, AB [ pipeline, mortgages, and the as clients investment-grade obviously, area EQH's insurance into financing, vehicle a in already in placement onboarded the we we and another ] CarVal, last platform have interest. We extension in already synergy the specialty platform from whether has seeing expand are on and and third-party continue RIA some custodian And a are the opportunities funds. create market that well as [ private clients. but synergies, to it's finally, least, lineup structured our we side. for

broader So you through deeper get continue to and will see in out. private insurance us

question Mark next come will Securities. from line the Truist Hughes Our with of

good that the there flat If we be described faster of improvement and see top AB, margin in on that what's off markets you baseline? XXXX, is Should baseline operating some markets. margins continued do assuming to XX% line? growth, for -- Also sensitivity performance that a line the top

basis Investor XX% is of Jackie midpoint is here We of XXX XXXX at near Day the represents to we expansion, margin XXXX from of did Investor higher do XXX still which to expect guide XXX basis AB. expansion This which push markets in gave what business points We we we over XXXX, Day. over then points. gave would range scale by continue scale. that at margin to as and business to That time at further the private the as our continues us

those perfect extend sense. all? business, that maybe retirement, the understand captured a just when much folks your that within Could makes And I legacy of assets? of material annuitize individual question of Understood. in question, individual with how the maybe broader And but the retirement duration quick being out matter, experience those perhaps at a which balances then the be small annuitization

Yes.

new and a do when annuity into annuitize it people So it's issued payout contract. goes a

have Retirement fee. already Individual that We in

in being product, us been the earnings duration [ consistent some annuitization into to So and along up we it's as legacy in pretty a you time. those you move like, quarter, do end spread-based of longer roughly had which Individual well products. over quarter, the from spread-based Yes, saw $XX it's and million the ] Retirement a

conclude like Call. And for all to thank you Earnings Quarter Holdings' that joining our Third Equitable will We'd question-and-answer session.

You may now disconnect.