By Maria Armental
Equitable Holdings Inc. reported quarterly profit with assets under management reaching $ 869 billion, up 22% from the previous year and 6% from the previous quarter.
The company reported second quarter earnings before preferred stock dividends of $ 123 million. On a per share basis, profit was 23 cents, or $ 1.71 after adjustment.
Total revenue for the quarter was $ 2.16 billion.
“We continue to benefit from positive net flows and favorable equity markets with assets under management now reaching $ 869 billion,” Managing Director Mark Pearson said in a statement, adding that the closing of the VA reinsurance transaction with Venerable Significantly reduces Equitable Holdings balance sheet risk. and unlocks $ 1 billion in economic value.
Mr Pearson said the company is now aiming for an additional $ 180 million in additional investment income from its general account by 2023. On target, the company said, $ 58 million has been made to date. .
Equitable Holdings said it was committing $ 10 billion in general account assets to help grow AllianceBernstein’s higher multiple businesses.
The company also said it is targeting $ 80 million in cost savings by 2023, with $ 17 million achieved since the start of the year.
Write to Maria Armental at [email protected]