Equitable Holdings's Q4 Earnings Call: Our Top 5 Analyst Questions

Equitable Holdings experienced a challenging fourth quarter, as results fell short of Wall Street expectations and the market response was negative. Management attributed the underperformance to elevated mortality claims in the individual life segment and higher commission expenses in retirement, both of which weighed on non-GAAP operating earnings. CEO Mark Pearson acknowledged that “growth was held back by elevated mortality claims,” while CFO Robin Raju noted, “the adverse mortality experience was concentrated in December and resulted from a high number of small claims with less reinsurance coverage.”

Is now the time to buy EQH? Find out in our full research report (it’s free for active Edge members).

While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.

Our Top 5 Analyst Questions From Equitable Holdings’s Q4 Earnings Call

• Suneet Kamath (Jefferies) asked about the quality and risk in the private credit portfolio, prompting CFO Robin Raju and AllianceBernstein President Onur Erzan to clarify that direct lending and software exposure are both limited and under industry benchmarks.
• Thomas Gallagher (Evercore ISI) pressed on the valuation gap between Equitable and its AllianceBernstein stake. CEO Mark Pearson replied that management is focused on growing the business and executing strategy rather than short-term market perceptions.
• Wesley Carmichael (Wells Fargo) questioned the rise in retirement commissions, to which CFO Robin Raju explained it was due to sales mix and a one-time internal true-up, with expectations that long-term earnings will outpace commissions.
• Jamminder Bhullar (JPMorgan) raised concerns about limited disclosure in individual life results. CFO Robin Raju defended the focus on cash flow as the key metric and reiterated that recent reinsurance actions have reduced future volatility.
• Yaron Kinar (Mizuho) asked if increased competition in RILA (Registered Index-Linked Annuities) could slow segment growth. President Nick Lane emphasized discipline in returns and confidence in maintaining a leading market position despite growing competition.

Catalysts in Upcoming Quarters

Looking ahead, the StockStory team will be watching (1) the stabilization of mortality experience post-reinsurance, (2) continued growth in adviser productivity and net inflows in wealth management, and (3) the company’s ability to expand margins in asset management despite market headwinds. Successful execution in institutional retirement products and the pace of share repurchases will also be key signposts for sustained earnings growth.

Equitable Holdings currently trades at $45.66, up from $44.80 just before the earnings. Is there an opportunity in the stock?See for yourself in our full research report (it’s free).

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