NEW YORK - Equitable Holdings, Inc. (NYSE: NYSE:EQH) reported fourth quarter 2024 earnings that met analyst expectations, while revenue fell short of estimates.
The financial services company posted adjusted earnings per share of $1.65, in line with the analyst consensus of $1.65. Revenue for the quarter came in at $3.62 billion, below the $3.89 billion analysts were expecting.
Equitable’s total assets under management and administration reached $1.02 trillion as of December 31, 2024, up 10% year-over-year.
The company reported record full year net inflows of $7.1 billion in its Retirement businesses and $4.0 billion in Wealth Management. Asset Management saw active net inflows of $4.3 billion for the year.
"2024 highlighted the building growth momentum for Equitable Holdings and we remain on track to deliver on each of our 2027 financial targets," said Mark Pearson (LON:PSON), President and CEO. "Full year Non-GAAP operating earnings per share of $5.93 increased 29% from 2023 and was up 20% excluding notable items, above our 12-15% target."
For the full year 2024, Equitable generated $1.5 billion in cash and returned $1.3 billion to shareholders, achieving a 66% payout ratio in line with its 60-70% target range.
Looking ahead, the company expects 2025 non-GAAP operating EPS growth to be consistent with its 12-15% target. Equitable projects cash generation to increase to $1.6-1.7 billion in 2025.
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