Equitable Holdings, Inc. reported mixed financial results for the third quarter and the first nine months of 2024, reflecting significant changes in revenue, profitability, and strategic developments compared to the previous fiscal period.
For the three months ended September 30, 2024, total revenues decreased to $3,076 million from $3,624 million in the same period of 2023. However, for the nine months ended September 30, 2024, total revenues increased to $8,816 million, up from $8,358 million year-over-year. The decline in quarterly revenues was attributed to a substantial rise in total benefits and other deductions, which surged to $3,090 million from $2,149 million in Q3 2023. This increase was primarily driven by higher interest credited to policyholders' account balances and increased commissions and distribution-related payments.
Net income for Q3 2024 was $26 million, a sharp decline from $1,135 million in Q3 2023. Net income attributable to Holdings was $(134) million, down from $1,064 million in the prior year. For the nine-month period, net income attributable to Holdings fell to $408 million from $2,000 million in 2023. Basic earnings per common share for Q3 2024 were $(0.47), compared to $3.03 in Q3 2023, while for the nine months, it was $1.09, down from $5.49.
The company’s total investments rose to $114,246 million as of September 30, 2024, up from $102,173 million at the end of 2023. Total assets also increased to $298,989 million from $276,814 million. Policyholders’ account balances grew to $107,433 million, compared to $95,673 million at the end of 2023.
Strategically, Equitable Holdings has been active in share repurchases, with a new $1.3 billion program authorized in February 2024. As of September 30, 2024, approximately $706 million remained under this program. The company repurchased 6.2 million shares at an average price of $40.92 during Q3 2024.
The company also underwent a segment renaming, with the Investment Management and Research segment now referred to as Asset Management, effective April 1, 2024. This change reflects a broader strategy to enhance its investment management services across various channels.
Overall, while Equitable Holdings experienced revenue growth over nine months, the third quarter showed a significant decline in profitability, influenced by increased costs and market conditions. The company continues to navigate a complex economic landscape, focusing on strategic initiatives to bolster its financial position.
About Equitable Holdings, Inc.
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