Equitable Holdings Q2 net loss $349M; closes $2B Life reinsurance with RGA

Equitable Holdings, Inc.

2025-Q2 EPS reported -$1.04 revenue$6,938,000,000

Net loss of $349M ($1.21 per share); Non-GAAP operating earnings $352M ($1.10), adjusted $447M ($1.41) down 8% YoY.
Closed Individual Life reinsurance with RGA on July 31, generating over $2B value, reducing mortality exposure by 75%.
Positive net flows: Retirement $1.9B, Wealth Mgmt $2.0B; active net outflows Asset Mgmt $4.8B.
Returned $318M to shareholders in Q2; combined NAIC RBC ratio over 500% after reinsurance.
CEO says earnings below expectations but growth momentum; reaffirms 2027 targets ($2B annual cash, 12-15% EPS CAGR).

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