Equitable Holdings, Inc. announced its financial results for the third quarter ended September 30, 2024, reporting Non-GAAP operating earnings per share of $1.53. This represents a 34% increase from the prior year quarter, or 22% excluding notable items, demonstrating sustained organic growth momentum across the company's operations.
The company's total Assets Under Management and Administration (AUM/A) reached a record $1.0 trillion as of September 30, 2024, marking a 20% year-over-year increase. This growth was primarily driven by favorable market conditions and positive net inflows across key segments, including $1.7 billion in Individual Retirement and $1.9 billion in Wealth Management.
Despite a GAAP net loss attributable to Holdings of $(134) million for the quarter, Non-GAAP operating earnings were $501 million, up from $413 million in the third quarter of 2023. Equitable Holdings also returned $330 million to shareholders, achieving a 65% payout ratio, consistent with its 60-70% target, and updated its 2024 cash generation forecast to the higher end of its $1.4 billion to $1.5 billion guidance range.
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