EQH Q4 Deep Dive: RGA Reinsurance, Wealth Momentum, and Managing Mortality Volatility

Equitable Holdings experienced a challenging fourth quarter, as results fell short of Wall Street expectations and the market response was negative. Management attributed the underperformance to elevated mortality claims in the individual life segment and higher commission expenses in retirement, both of which weighed on non-GAAP operating earnings. Looking forward, management’s guidance is anchored by reduced mortality exposure, ongoing growth in asset and wealth management, and the tailwind from recent share repurchases.