• It's like Prudential Financial (PRU) for retirement and insurance products.
• Think of it as a blend of Fidelity Investments (for retirement and asset management) and MetLife (for insurance).

• Variable Annuities: Financial contracts offering investment options and regular payments, primarily for individual retirement planning.
• Group Retirement Services: Tax-deferred investment and retirement products and services for plans sponsored by educational entities, municipalities, not-for-profits, and small to medium-sized businesses.
• Investment Management: Diversified asset management and related solutions provided to institutional, retail, and private wealth management clients.
• Institutional Research: Distribution of investment research products and solutions to institutional clients.
• Life Insurance Products: A suite including variable universal life, indexed universal life, and term life policies for individuals and small to medium-sized businesses.
• Disability Insurance: Short-term and long-term income protection insurance products for small to medium-sized businesses.
• Dental and Vision Insurance: Employee benefit insurance products for dental and vision care offered to small to medium-sized businesses.

Equitable Holdings, Inc. (EQH) serves a diverse range of customers across its various segments, rather than primarily a few specific companies or solely individuals. Its major customers can be categorized as follows:

1. Affluent and High Net Worth Individuals: This category includes individuals who purchase variable annuity products through the Individual Retirement segment, and various life insurance products (variable universal life, indexed universal life, and term life) from the Protection Solutions segment. These individuals also engage with EQH for investment management and wealth solutions via retail and private wealth management channels.
2. Small and Medium-Sized Businesses (SMBs): EQH provides tax-deferred investment and retirement services and products to plans sponsored by SMBs through its Group Retirement segment. Furthermore, the Protection Solutions segment offers a suite of life, short- and long-term disability, dental, and vision insurance products specifically to small and medium-sized businesses.
3. Educational, Municipal, and Not-for-Profit Entities: These organizations are customers of the Group Retirement segment, for which EQH provides tax-deferred investment and retirement services and products to their employees. Additionally, the Investment Management and Research segment offers diversified investment management and research solutions to institutional clients, a category that would encompass many of these types of entities.

Mark Pearson, Chief Executive Officer and President

Mark Pearson has served as Chief Executive Officer and President of Equitable Holdings since January 2011, and has been a director since then. He became CEO of Equitable in February 2011. Before his current role, Mr. Pearson was President and CEO of AXA Japan from 2008 to 2011. He joined AXA in 1995 following the acquisition of National Mutual Holdings and was appointed Regional Chief Executive of AXA Asia Life in 2001. Prior to joining AXA, Mr. Pearson spent 20 years in the insurance sector, holding senior management positions at companies such as Hill Samuel, Schroders, National Mutual Holdings, and Friends Provident. He also holds several board positions within the Equitable Holdings family of companies, including Equitable, Equitable America, and AllianceBernstein Corporation.

Robin Raju, Chief Financial Officer

Robin Raju is the Chief Financial Officer for Equitable Holdings and a member of its Management Committee. He oversees Treasury, Investment Management (General Account and Separate Accounts), Investor Relations, Corporate Development and M&A, Actuarial, Accounting and Controlling, Corporate Tax, Financial Planning and Analysis, Expense Management, and Distribution Finance. Mr. Raju has held various leadership positions within Equitable, including Head of Individual Retirement, Treasurer of Equitable Holdings, and Business Chief Financial Officer for Equitable’s Life, Retirement, and Wealth Management businesses. He played a key role in managing the capital and financials supporting the company’s business segments, raised over $20 billion in capital markets, established credit lines, and led a landmark reinsurance transaction. Mr. Raju also led the company's preparation for its successful IPO in May 2018. He joined Equitable in 2004, holding roles in the Office of the CEO, Equitable Funds Management Group, and Equitable Advisors Broker-Dealer. Before joining Equitable, he was a municipal bond broker and spent three years at AXA Global Life and Savings at AXA S.A. headquarters in Paris. Mr. Raju currently serves as a director of Venerable Holdings and on the Boards of Directors for AllianceBernstein.

Nick Lane, President

Nick Lane serves as the President of Equitable, where he is responsible for the company’s Commercial Businesses, as well as its Marketing, Customer Experience, and Strategy functions. He has held numerous leadership roles throughout his nearly 15-year career with the company.

Jeffrey Hurd, Chief Operating Officer

Jeffrey Hurd is the Chief Operating Officer of Equitable Holdings and a member of its Management Committee. He is responsible for the strategic oversight of Human Resources, Information Technology, Service Operations, and Communications departments. Additionally, Mr. Hurd oversees the Innovation & Design Office, which promotes iterative thinking, implements "New Ways of Working" across the company, and educates teams on agile methodologies and customer-centric problem-solving.

Kurt Meyers, Chief Legal Officer and Corporate Secretary

Kurt Meyers is Equitable Holdings' Chief Legal Officer and Corporate Secretary, and a member of the company's Management Committee. In this role, he leads the Law Department, overseeing all legal, compliance, regulatory, and governmental affairs. Previously, Mr. Meyers served as Equitable's Head of Life Insurance, where he led a strategic transformation of the business, and prior to that, he was the company's Deputy General Counsel.

The key risks to Equitable Holdings' (EQH) business include its dependence on market conditions, intense industry competition, and the residual mortality risk within its protection solutions segment.

Equitable's performance is closely tied to market conditions, especially for its investment-oriented products. Fluctuations in equity prices, interest rates, and other economic factors can significantly impact the company's profitability and assets under management (AUM). For instance, a prolonged low-interest-rate environment can lead to increased hedging costs and impact statutory reserves for guaranteed minimum benefits features within their annuity products. This sensitivity is particularly relevant for its Individual Retirement and Investment Management and Research segments, which manage substantial investment portfolios and offer variable annuity products.

The company operates in a highly competitive financial services industry, contending with numerous insurance providers and mutual fund companies for market share. This intense competition requires Equitable to continuously adapt and innovate its product offerings, fee structures, investment performance, and brand development to maintain its market position and avoid adverse impacts on its business and financial condition. Despite a strong position in the Registered Index-Linked Annuity (RILA) market, market saturation is a growing concern.

While Equitable recently completed a significant reinsurance transaction to cede approximately 75% of its individual life insurance mortality exposure, a residual mortality risk remains. This strategic move was a direct response to previous adverse mortality experience and earnings volatility in its Protection Solutions segment. The company's retained 25% stake in this segment means that continued negative mortality trends could still introduce earnings volatility.

The following are clear emerging threats for Equitable (EQH):

• The rise of Insurtech companies, which leverage technology and data analytics to offer streamlined, personalized, and often lower-cost insurance products and services, challenging traditional models in the Protection Solutions segment.
• The increasing adoption and sophistication of AI-driven financial planning platforms and robo-advisors, which provide automated, low-cost investment management and retirement advice, posing a competitive threat to the Individual Retirement, Group Retirement, and Investment Management and Research segments.

Equitable Holdings, Inc. (EQH) operates within several significant addressable markets in the United States for its main products and services:

Individual Retirement

• The U.S. individual annuity sales were an estimated $461.3 billion in 2025. Traditional variable annuity sales, a key offering from Equitable, reached approximately $65.2 billion in 2025. Another estimate placed total variable annuity sales in 2025 at $67.6 billion.

Group Retirement

• For group retirement plans, specifically 403(b) and 457 plans, the market sizes in the U.S. are substantial. Assets held in 403(b) plans totaled $1.5 trillion as of September 30, 2025. Meanwhile, 457 plans held $532 billion in assets as of the same period in 2025.

Investment Management and Research

• The overall United States Assets Under Management (AUM) market was valued at approximately USD 140 trillion as of March 2026. More specifically, the U.S. asset management market generated a revenue of USD 115.63 billion in 2023 and is projected to grow to USD 849.25 billion by 2030.

Protection Solutions

• Life Insurance: The U.S. life insurance market size was estimated at USD 1.93 trillion in 2024.
• Disability Insurance: The U.S. Disability Insurance Market was valued at USD 1.7 billion in 2024 and is anticipated to reach approximately USD 4.6 billion by 2034. Separately, individual disability insurance (IDI) premiums exceeded $5.4 billion in 2024. The U.S. group level disability insurance market size is expected to reach USD 49.31 billion by 2030.
• Dental Insurance: The U.S. dental insurance market size is calculated at USD 90.02 billion in 2024.
• Vision Insurance: The market size for Vision Insurance in the U.S. was $49.1 billion in 2024.

Equitable Holdings, Inc. (EQH) is expected to drive future revenue growth over the next 2-3 years through several key strategies:

1. Growth in Wealth Management and Advisory Net Inflows: Equitable anticipates continued strong organic growth momentum in its Wealth Management segment, specifically through Equitable Advisors. This includes consistent advisory net inflows and increased advisor productivity, aiming to double earnings in this business to $200 million by 2027.
2. Expansion and Performance of AB Private Markets: The company is focused on expanding its AllianceBernstein (AB) Private Markets business, with private markets assets on track to reach a target of $90 billion to $100 billion by 2027. This growth in assets under management is a significant revenue driver within the Investment Management and Research segment.
3. Strong Organic Growth in the Retirement Segment: Equitable Holdings is strategically positioned to capitalize on the growing U.S. retirement market, which benefits from demographic tailwinds and supportive legislation. The company expects strong organic growth momentum in its Retirement segment by offering variable annuity products and tax-deferred investment and retirement services.
4. Product Innovation in Annuities: Equitable is committed to product innovation, exemplified by the launch of new offerings like Structured Capital Strategies Premier, a new indexed annuity in September 2025. This focus on developing competitive and evolving solutions aims to attract new clients and cater to shifting client preferences, thereby contributing to revenue expansion.

Share Repurchases

• Equitable lifted its equity repurchase authorization by $1.00 billion to $4.30 billion in February 2026.
• The company repurchased $854 million of stock in the fourth quarter of 2025, and approximately $2.88 billion since early 2024.
• Equitable returned $1.8 billion to shareholders in 2025 and $1.3 billion in 2024.

Share Issuance

• Equitable Holdings' shares outstanding have shown consistent declines, with 0.289 billion shares outstanding in Q4 2025, representing a 10.99% year-over-year decrease.
• Shares outstanding decreased by 8.22% in 2025 from 2024, and by 7.62% in 2024 from 2023.

Outbound Investments

• By year-end 2025, Equitable deployed over $19 billion of its $20 billion capital commitment to AllianceBernstein (AB), supporting the growth of AB's Private Markets business.
• In 2025, the company completed a major life reinsurance transaction with RGA, which freed up $2 billion of capital and reduced its net mortality exposure by 75%.
• During Q3 2025, Equitable announced the acquisition of Stifel Independent Advisors to scale its Wealth Management operations, adding over 110 advisors and approximately $9 billion in client assets.