Equitable Holdings’ first quarter was shaped by the company’s proposed merger with CoreBridge and operational momentum in its core businesses, despite missing Wall Street’s revenue expectations. Management highlighted organic growth in retirement sales and wealth management, as well as improved mortality experience, as key drivers. CEO Mark Pearson emphasized the quarter as a “momentous” one due to the merger announcement, noting, “total sales increased 10% year over year, driven by strength in RILAs, and we had $1.3 billion of net inflows.” The market reacted positively, reflecting investor optimism around the company’s strategic direction rather than near-term revenue trends.

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 Q1 Earnings Call

• Wesley Carmichael (Wells Fargo) pressed on the sustainability of spread stabilization in the Retirement segment. CFO Robin Matthew Raju stated spreads have stabilized and are likely to remain steady, attributing this to disciplined underwriting and product mix shifts.

• Suneet Kamath (Jefferies) questioned the pace and coordination of share buybacks during merger-related blackout periods. Raju confirmed both Equitable Holdings and CoreBridge will coordinate to maximize buyback accretion for shareholders within trading windows.

• Ryan Krueger (KBW) sought clarity on the capital and tax synergy estimates from the merger. Raju reiterated that the 10%+ synergy target includes best current estimates and that upside may exist, especially on the revenue side, as integration progresses.

• Joel Hurwitz (Dowling & Partners) asked about the use of flow reinsurance in the retirement business. Raju noted it is being selectively applied to RILA products and may be expanded if accretive, emphasizing the importance of prudent counterparty selection.

• Mark Douglas Hughes (Truist) inquired about competitive advantages in RILAs post-merger. President Nicholas Burritt Lane highlighted expanded distribution, deeper advisor relationships, and scale as key benefits that will help capture a larger share of a growing market.

Catalysts in Upcoming Quarters

In upcoming quarters, the StockStory team will be monitoring (1) progress on the CoreBridge merger and realization of planned expense synergies; (2) the pace of net inflows and organic growth in retirement and wealth management, especially following recent acquisitions; and (3) integration milestones for AllianceBernstein as it onboards $100 billion in new assets. Execution against these priorities will be essential in assessing the company’s ability to deliver on its enhanced growth and profitability targets.

Equitable Holdings currently trades at $42.60, up from $41.49 just before the earnings. In the wake of this quarter, is it a buy or sell? The answer lies in our full research report (it’s free).

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