Equitable Flips to Profit as AllianceBernstein Inflows Rebound

The Tip Desk · November 2, 2026 · 3 min read

Non-GAAP operating earnings reached $595 million, or $2.13 a share, as AllianceBernstein net inflows hit $6.6 billion.

Equitable Holdings (EQH) swung to a $1.1 billion net income, or $4.05 a share, in the third quarter ended September 30, 2026, from a $453 million net loss, or $1.68 a share, in the second quarter.

Non-GAAP operating earnings were $595 million, or $2.13 a share, compared with $488 million, or $1.70 a share, in the prior quarter. Excluding notable items, operating earnings were $554 million, or $1.98 a share, versus $501 million, or $1.75 a share.

President and Chief Executive Officer Mark Pearson said Non-GAAP operating earnings per share were up 19% from the prior year and that, for the first nine months, Non-GAAP operating earnings per share was up 22%, delivering on the company’s guidance for greater than 15% growth in 2026.

The financial services holding company reported total assets under management and administration of $1.156 trillion as of September 30, down from $1.175 trillion as of June 30. The company said the year-over-year increase of 4% was driven by positive net flows and higher equity markets over the prior twelve months.

AllianceBernstein net inflows accelerated to $6.6 billion from $0.8 billion in the second quarter, including a $12 billion commercial mortgage loan mandate from Equitable. Institutional contributed $15.7 billion of inflows, offset by $8.4 billion of Retail outflows and $0.7 billion of Private Wealth outflows. Asset Management operating earnings were $152 million; the company said growth in assets under management was offset by a lower fee rate and higher expenses.

Wealth Management advisory net inflows were $2.7 billion, versus $2.0 billion in the second quarter. Assets under administration were $140.4 billion. Operating earnings were $75 million. The company said advisory inflows were supported by a 14% year-over-year increase in advisor productivity.

Retirement net inflows were $1.1 billion, matching the year-earlier quarter and below $1.7 billion in the second quarter. First-year premiums were $6.2 billion, up 14% from the prior year. Retirement operating earnings were $432 million. The company attributed the increase versus the year-earlier quarter primarily to higher fee-based revenue, growth in net interest margin, and the actuarial assumption update benefit. Adjusted for notable items, Retirement operating earnings were $409 million.

Corporate and Other posted an operating loss of $64 million. After notable items, the loss was $82 million.

The annual actuarial assumption review produced a positive $111 million impact to net income and a positive $28 million impact to Non-GAAP adjusted operating earnings.

The company returned $320 million to shareholders in the third quarter, including $82 million of quarterly cash dividends and $238 million of share repurchases, versus $449 million in the second quarter. The payout ratio was 59%. The company said it remains on track to achieve its targeted 60-70% payout ratio for 2026. Cash and liquid assets at Holdings were $0.9 billion, above the $500 million minimum target.

On October 13, the company completed the sale of its Employee Benefits business to The Hartford. Subject to regulatory approvals, the merger with Corebridge Financial is expected to close by year-end 2026.

Book value per common share excluding AOCI was $20.17 as of September 30, versus $16.89 as of June 30. Including AOCI, book value was $(10.69). With AllianceBernstein reflected at fair market value, book value excluding AOCI was $34.25.