Equitable Holdings, Inc. — Call Transcript 2026

Hello, everyone. Thank you for joining us, and welcome to the Equitable Holdings Q1 2026 Earnings and Conferencing Call. After today's prepared remarks, we will host a question-and-answer session. If you would like to ask a question, please press star one to raise your hand. To withdraw your question, press star one again. I will now hand the conference over to Erik Bass, Chief Strategy Officer and Head of Investor Relations. Erik, please go ahead. Thank you. Good morning and welcome to Equitable Holdings' first quarter 2026 earnings call. Materials for today's call can be found on our website at ir.equitableholdings.com. Before we begin, I would like to note that some of the information we present today is forward-looking and subject to certain SEC rules and regulations regarding disclosure. Our results may differ materially from those expressed in or indicated by such forward-looking statements. Please refer to the safe harbor language on slide two of our presentation for additional information. Joining me on today's call are Mark Pearson, President and Chief Executive Officer of Equitable Holdings; Robin Raju, our Chief Financial Officer; Nick Lane, President of Equitable Holdings; Onur Erzan, President of AllianceBernstein; and Thomas Simeone, Chief Financial Officer of AllianceBernstein. During this call, we will be discussing certain financial measures that are not based on Generally Accepted Accounting Principles, also known as non-GAAP measures. Reconciliations of these non-GAAP measures to the most directly comparable GAAP measures and related definitions may be found on the investor relations portion of our website and in our earnings release, slide presentation, and financial supplement. We will also refer to the pending transaction with Corebridge. Any statements about the transaction made during this call are not an offer of securities. A registration statement containing a prospectus will be filed with the SEC in connection with the transaction. I will now turn the call over to Mark. Good morning, thank you for joining today's call. The first quarter marked an extraordinary moment in Equitable's 166-year history with the announcement of our planned merger with Corebridge, which will create a world-class platform to help our customers plan, save for, and achieve secure financial futures. This morning, I will spend some time discussing why we believe that by leveraging the complementary strengths of Equitable and Corebridge, the combined company will deliver tremendous value for both our customers and shareholders. On slide four, I will start by providing a few highlights from our first quarter results. We reported non-GAAP operating earnings of $1.62 per share, or $1.68 per share after adjusting for notable items. This increased 25% versus the first quarter of 2025, driven by healthy organic growth momentum, improved mortality experience, and a lower share count. We continue to expect earnings per share growth to exceed the high end of our 12%-15% target range in 2026. Assets under management ended the quarter at $1.1 trillion, up 9% year-over-year. While equity markets declined modestly in the first quarter, they have since recovered, and higher average AUM versus 2025 levels should continue to provide a near-term tailwind for earnings. Our balance sheet remains a core strength with a combined NAIC RBC ratio of approximately 475% and $1.2 billion of holding company liquidity. Our credit portfolio continues to perform well, and as Robin will walk through, we are positioned to handle even a severe stress scenario. We remain committed to being a consistent returner of capital and executing the share buybacks assumed in our 2026 financial plan. Turning to organic growth. We see good momentum in retirement sales and flows, even as the level of competition has increased. Total sales increased 10% year-over-year, driven by strength in RILAs, and we have $1.3 billion of net inflows. Wealth management delivered another strong growth quarter with $2 billion of advisory net inflows. Over the last 12 months, the business produced a 13% organic growth rate. During the quarter, we also closed on the acquisition of Stifel Independent Advisors, which is a good example of how we can use bolt-on M&A to help scale our wealth management business. Asset management earnings grew 11% year-over-year, driven by higher AUM and increased ownership. AB had net outflows of $7.1 billion in the first quarter, driven primarily by active equities and taxable fixed income. Private wealth and private markets remained bright spots as both had positive flows in the period. Total private markets AUM increased 13% year-over-year to $85 billion, and AB remains on track to meet or exceed its target of $90 billion-$100 billion in AUM by the end of 2027. While near-term flows may remain volatile, AB has a record institutional pipeline of nearly $28 billion, which includes several large insurance mandates that will fund over the next few quarters. AB will also be a meaningful beneficiary of the Corebridge merger, as we expect it to receive at least $100 billion of incremental assets over the next few years. As I will walk through over the next few slides, the motivating factor behind the Corebridge merger is our belief that it will accelerate our growth strategy and position us to be a long-term winner across all the markets we compete in. The companies have complementary strengths with limited overlap across products. We have already begun the integration planning process and have high confidence in achieving at least $500 million of expense synergies. As a result, the merger will be immediately accretive to earnings per share, and we expect to deliver 10%+ accretion on a run rate basis by the end of 2028, with potential upside from revenue synergies. Moving to slide five, before talking about the merger, I want to highlight five attributes we believe are critical for long-term success and which we use when evaluating any strategic option, including this merger. Underlying everything, of course, is providing an exceptional customer experience. Customers that are easy to do business with and offer the products and advice needed to transform complex financial risks into simple, reliable outcomes will attract clients and distributors. Developing deep brand loyalty will help create predictable and growing value for shareholders. Second, in intermediated markets like financial services, having strong distribution is critical as clients want local access to expert, personalized advice. Privileged shelf space, particularly in channels with high barriers to entry, provides a meaningful competitive advantage in acquiring new customers while also managing the cost of funds. Third is the imperative of competitive scale. Size matters. Being able to invest in technology and automation will improve efficiency and result in lower unit costs and a lower expense ratio. This provides capacity to reinvest in growth while simultaneously delivering higher profit margins. Fourth, we know that shareholders value consistent growth in earnings and cash flow across different market cycles, and having diversified sources of earnings and capital enhances the ability to deliver this. Disciplined risk management is also critical to give clients and investors confidence in the resilience of the balance sheet, especially during periods of macro uncertainty and market stress. Finally, we see significant value in owning insurance, asset management, and wealth management businesses to participate in the full value chain and benefit from the significant demographic tailwinds driving growth across each of these markets. It also means that shareholders capture the high multiple fee earnings generated by distributing and managing the assets associated with the insurance and retirement solutions that are manufactured. By attracting the very best talent and aligning to these five convictions, we ensure that when our clients win, our shareholders win. Turning to slide six, I will highlight why the merger with Corebridge aligns to these convictions and will drive growth and shareholder value. The merger brings together three outstanding franchises to create a diversified financial services company with over 12 million customers, $1.5 trillion in AUMA, and leading positions across retirement, life insurance, asset management, and wealth management. Equitable and Corebridge complement each other well with different strengths and limited overlap. We intend to capitalize on our scale advantages to reduce unit costs and achieve a lower cost of capital. We expect to have a top quartile expense ratio and will be able to combine our resources when making growth investments. This will make us more profitable, drive more cash generation, and increase our return on capital. We will have formidable distribution capabilities and leading positions across the retail, institutional, and work site channels. The depth and breadth of our distribution should enable us to expand our offerings while achieving a lower average cost of funds, resulting in more profitable new business. We will also have flexibility to allocate capital where we see the best risk-adjusted returns and customer demand. In addition, our integrated business model allows us to capture the full value chain by acting as a product manufacturer, distributor, and asset manager. This differentiates us from our competitors, most of whom only participate in one or two of these verticals. While the merger will shift our mix more towards retirement, it also helps scale AB and wealth management, enhancing the value of these high multiple businesses. We remain focused on maximizing the flywheel benefits inherent in our model. Finally, the new Equitable will have a robust balance sheet and is expected to generate over $4 billion of cash flow annually. We are aligned in having strong financial principles that govern how we operate, starting with economic management of the balance sheet and a focus on cash generation. Ultimately, we want to produce consistent results and cash flow across market cycles so that we can provide attractive returns to shareholders while also investing for growth. I will conclude on slide seven by providing some clear examples of how the merger will help accelerate growth across all our businesses. Starting with Retirement and Institutional, the combined firm will have approximately $540 billion of AUM and unmatched breadth across products and distribution. We knew that Equitable would need to become more diversified over time in order to fully participate in the growing U.S. retirement market. Combining with Corebridge makes us a top three provider of fixed and indexed annuities and expands our institutional capabilities, notably in pension risk transfer. It also adds a strong life business that provides earnings and capital diversification and should benefit from selling through Equitable Advisors. In addition, the merger doubles our third-party distribution network to approximately 900 firms, expanding our ability to reach new customers. The combined firm will originate $70 billion-$80 billion of liabilities annually, highlighting the size and scale of our platform. We will have a more balanced business mix that provides liquidity benefits and positions us well to generate consistent growth across market cycles while deploying capital where we can earn the most attractive returns. Moving to asset management, AB will also benefit from the merger in multiple ways. We expect AB to add at least $100 billion of Corebridge general and separate account assets over the next couple of years, resulting in total AUM of nearly $1 trillion. AB will also benefit from the combined firms increased liability generation, which should drive higher ongoing net inflows. We also see an opportunity to commercialize some of Corebridge's internal asset origination capabilities, particularly for real estate and commercial mortgage loans, by leveraging AB's global distribution. Over time, we expect to find additional sources of incremental revenues and net flows, including the potential to develop new commercial partnerships. Lastly, the addition of Corebridge Advisors accelerates the path to scaling our wealth management business and adds approximately $20 billion of AUA. The merger will expand our proprietary product offering to include fixed and indexed annuities and indexed universal life, which will be a win for advisors, particularly our emerging sales force. We will have a more attractive platform and more financial resources, which should enhance our ability to recruit and develop new and experienced financial advisors. Overall, the key message I want to leave you with is that having increased scale would provide competitive advantages that translate into stronger and more consistent growth and enhances our profitability. I will now turn the call over to Robin to highlight the financial benefits from the merger and discuss our first quarter results in more detail. Thanks, Mark. I want to echo my excitement about the merger and the ways in which it will accelerate our growth strategy and deliver attractive financial outcomes for our shareholders. On slide eight, we highlight some of the key financial benefits. First, the combined company will have a robust balance sheet with significant capital. As of year-end 2025, pro forma GAAP book value exceeded $30 billion, and the companies had over $25 billion of statutory capital. The pro forma leverage ratio is approximately 26%, which provides financial flexibility. Second, we will have a more diversified business mix with equal contribution from fee and spread-based earnings. This should help us generate more consistent earnings in different market environments. Third, we project at least 10% accretion to EPS and cash generation on a run rate basis by year-end 2028, driven by expense, capital, and tax synergies. We also expect to have a 15%+ return on equity. These projections do not include any benefit from the anticipated revenue synergies. Finally, we forecast over $5 billion of annual earnings power and over $4 billion of cash flows to the holding company, which will make us the most profitable company in the sector based on U.S. earnings. Turning to slide nine, I will provide some more detail on first quarter results. On a consolidated basis, non-GAAP operating earnings were $472 million or $1.62 per share, and we reported net income of $621 million or $2.14 per share. Notable items in the quarter included $32 million of below plan alternatives and a $13 million benefit from the purchase of tax credits. Adjusting for these items, non-GAAP operating earnings per share was $1.68, up 25% year-over-year. This is consistent with our earnings per share growth guidance of above 12%-15% for 2026. The 25% increase in earnings per share was driven by 9% year-over-year increase in total AUM, AUA, lower mortality claims, the benefit of our increased ownership stake in AllianceBernstein, and a lower share count, which reflects the incremental buybacks executed following the RGA transaction. In the first quarter of 2026, our alts portfolio, which is 2% of our general account, produced an annualized return of 3.5%, with results pressured by lower CLO equity returns. Given weaker market conditions in the first quarter, we currently project our portfolio to have a return of 2%-3% in the second quarter. While it's premature to predict what will happen in the second half of 2026, based on the lower returns for the first half of the year, we now expect the full year return to be below our prior 8%-9% guidance. Adjusted book value per share ex-AOCI with AB at market value was $34.70. We view this as a more meaningful number than reported book value per share, which significantly understates the fair value of our AB stake. On this basis, our adjusted debt-to-capital ratio was 24.5%, down 40 basis points sequentially. On slide 10, I'll provide some more details on segment-level earnings drivers. In retirement, first quarter earnings excluding notable items were $394 million. Net interest margin, or NIM, increased 3% sequentially, as lower alternative investment income was offset by growth in general account assets. Excluding alternatives, our NIM spread improved by 5 basis points sequentially, helped by a 4 basis point benefit from a modest recovery in MVAs. This reverses the downward trend in spreads we experienced over the past year and supports our view that spreads are beginning to stabilize. On a sequential basis, the growth in NIM was partially offset by lower fee-based revenues as market declines pressured average separate account AUM. Turning to asset management, AB reported earnings of $140 million, up 11% year-over-year as a result of higher base fees and our increased ownership percentage. While base fees benefited from 7% year-over-year increase in AUM, this was partially offset by lower fee rate due to a shift in asset mix. As expected, performance fees were relatively modest in this quarter, but we raised our full year forecast from $80 million-$100 million to $95 million-$115 million. Moving to wealth management, we experienced strong year-over-year growth in advisory fees and transaction revenues, driving a 22% increase in earnings. As a reminder, fourth quarter 2025 results benefited from favorable one-time items. In this quarter, we had seasonally higher expenses and a couple of million of costs related with the Stifel acquisition. We still expect double-digit earnings growth in 2026. Finally, corporate and other reported a loss of $98 million in the quarter after adjusting for notable items, which is consistent with our 2026 guidance. Mortality was slightly favorable in the quarter and improved versus previous periods. On slide 11, I'll highlight Equitable's strong balance sheet and cash flows, which enable us to be a consistent returner of capital to shareholders. We know there has been a lot of focus on credit risk, so we've updated our investment portfolio stress test to reflect our holdings as of year-end 2025. This assumes a hypothetical severe credit stress scenario, at least as bad as the global financial crisis and a decline of 40% in equity markets. We estimate slightly less than a 50-point decline in RBC ratio, which from a starting point of 475% still leaves us comfortably above our 400% target. As a result, we are well-positioned to handle a potential downturn in credit markets. That being said, today we do not see any signs of weakness in our portfolio. In the appendix, we provided updated disclosures on our private credit portfolio, which represent 18% of our general account and is 95% investment-grade assets that match well against our liabilities. Let me now turn to cash. We ended the first quarter with $1.2 billion of cash at the holding company, above our $500 million target, and we remain on track to achieve our target of 2026 cash generation of $1.8 billion. During the first quarter, we returned $223 million to shareholders, including $147 million of share repurchases. We were blacked out from buying back shares for the second half of the quarter due to the merger with Corebridge, which depressed our payout ratio for the period. We remain committed to delivering our 60%-70% payout ratio target for 2026 and recognize that share buybacks look extremely compelling at the current valuation. We plan to be in the market purchasing shares during the open windows between now and the closing of the transaction. On slide 12, we show a timeline with key dates related to the merger and the specific time periods of when we will be able to repurchase stock. Both Equitable and Corebridge trade at a significant discount relative to where we believe they should be valued, making buybacks meaningfully accretive to shareholders. As a result, you can expect that we will be active in the market during the windows that are available to us. We expect to file the initial merger proxy statement today after market close. We can repurchase shares from that point until we mail the final proxy. There is not a set date for that mailing, we do not expect it to occur until at least early June. We will be able to repurchase shares again after the shareholder vote. If any repurchases from our 2026 capital plan are not completed prior to the merger close, we plan to execute them as part of an ASR shortly after the closing. As a reminder, the exchange ratio for the merger is fixed and will not be affected by any share repurchases executed by either company. I will now turn the call back over to Mark for some closing comments. Mark? Thanks, Robin. Equitable delivered solid first quarter results, and we remain confident in achieving our EPS growth and cash generation guidance for 2026, even with the volatile market backdrop. Looking forward, I am incredibly excited about the powerhouse franchise we are creating through the merger with Corebridge. As we have talked about this morning, the combined company will have the scale, distribution strength, and product breadth to deliver differentiated growth and returns. I am confident that this merger positions us to win with customers and deliver superior value to shareholders over time. We will now open the line to take your questions. We will now begin the question-and-answer session. Please limit yourself to one question and one follow-up. If you would like to ask a question, Please press star one to raise your hand, to withdraw your question press star one again. We ask that you pick up your handset when asking a question to allow for optimum sound quality. If you are muted locally please remember to unmute your device. Please stand by while we compile the Q&A roster. Your first question comes from the line of Wes Carmichael with Wells Fargo. Your line is open. Please go ahead. Hey, good morning. Thank you. My first question was on the retirement segment. You had a pretty good earnings result in the quarter. Previously, I think you talked about spread compression abating in the second half of 2026, at least on a percentage basis. Do you still think that's the case given the mix of the book here? Maybe you could just talk a little bit about what you're seeing on the cost of funds side from competitive dynamic. Sure, Wes. Thank you for your question. We were happy to see a spread stabilize here in the first quarter. If you look quarter-over-quarter, spread income NIM was up $11 million quarter-over-quarter. If you exclude alts too, it's up even more, and excluding some of the MVA benefit, it was up about 1 basis point net. If you look at it was about 1.69% or 169 basis points. I think that's a level you can probably expect at this point, and you can expect spread income to grow as the general account excluding embedded derivatives grow. I mean, two primary factors that you see, yes, with the abatement of some of the higher margin in-force that's run off, that's a smaller part of the business mix, but also the discipline in the new business underwriting that we're seeing. Despite what you hear on the competition, you know, RILA sales were up 14% year-over-year, and the pricing discipline has been maintained, and the margins have been good. The combination of that with the runoff of the in-force should lead to stabilization of spreads going forward. Got it. Thanks, Robin. Maybe just a more broad question, but on the Equitable-Corebridge merger, I know you reiterated EPS guidance with materials. Just wondering if you've done a bit more work, I guess, in earnest on progress toward the merger. Have any of your expectations changed in terms of the financial impact? Maybe anywhere are you seeing more or less opportunity relative to, I guess, a little bit more than a month ago when the deal was announced? Thanks, Wes. It's Mark Pearson. Yes, I think the things we'd say is the integration planning process is well underway now with the top 50 or so leaders from each of the organizations. We really are confirming through that the complementarity of the two businesses. We are stronger together in terms of our product breadth, in terms of our distribution, in terms of the scale. That is confirming everything we've told you in terms of the synergy opportunities and the look forward. We are also pretty excited on the revenue synergy side, but we're gonna save telling you that until first half of 2027 when we've done the work and we can start to quantify it for you. Confirming the expense synergies now and then also starting to work on the revenue side as well. Got it. Thank you. Your next question comes from the line of Suneet Kamath with Jefferies. Your line is open. Please go ahead. Great. Thanks. I just wanted to start on the buybacks with the window opening, I guess, later tonight. How should we think about the pace of buybacks here over the next month? Is there any sort of restrictions or coordination that's required with Corebridge, or are you guys just kind of operating at your own sort of speed? Sure. Thanks, Suneet. As we laid out in the presentation, we're excited to say we're gonna be back in the market with share buybacks. We expect to file the proxy this evening. That enables us to open up the window again until the final mailing that will happen in June. Within that time period, expect us to be active in the market. The returns on a share buyback are very attractive at this point in time. That's one of the reasons why we wanted to be back in. Both us and Corebridge will coordinate together to make sure that share buybacks maintain accretion for shareholders throughout the period. As I laid out in the presentation, after the shareholder vote, that'll open up the next window for share buybacks. Anything that's not completed, by the closing will be completed as an ASR if needed. Shareholders should expect the same level of capital return from both companies that they would have otherwise received. We're happy to say we're going to be at back in the market because buybacks are accretive given that both stocks look cheap right now. Okay, that's helpful. I guess on the $70 billion-$80 billion of originated liabilities that you guys are sort of talking about, is there a practical limit in terms of how much assets AB can originate in order to back those liabilities? No, we're fortunate. With $70 billion-$80 billion of liabilities, we're gonna have four asset managers that we're gonna leverage. Obviously AllianceBernstein are in-house. Also, we get to benefit from some of the capabilities that Corebridge brings to the merger, so Blackstone, BlackRock, and their internal capabilities as well. $70 billion-$80 billion provides lots of assets to put to work and allows us to be disciplined on the general account and getting the best risk-adjusted returns on those assets across the board. I would expect everybody to benefit. Obviously, AB will benefit from the broader revenue synergies as well. That doesn't take into account the future growth. That's the $100 billion in separate account and general account assets that will move over to AB as a starting point. Then there'll be upside from there with the future growth of the $70 billion-$80 billion benefiting AB and our other asset managers as well. Okay, thanks. Your next question comes from the line of Ryan Krueger with KBW. Your line is open. Please go ahead. Hey, thanks. Good morning. In the merger call, you talked about 2%-4% synergies from capital and taxes that were part of the 10%+ overall synergies. I just wanted to, I guess, ask if, you know, is that a true best estimate or did you embed some conservatism there and, you know, you could possibly, as you do more work, see some upside to the capital benefits of the merger? Thanks, Ryan. Some of the benefits that we spoke about the merger, I think it's just important to repeat. It's gonna be day one accretive and 10%+ going forward after everything's at a run rate basis. In addition, the diversification of both businesses together means we'll have more stability in earnings and cash flows, which I think will lead to a lower cost of capital and a better profile for us going forward. To your question on the 10%+ synergies, we referenced 6%-8% coming from expense synergies. There we said we at least expect to at least get $500 million. There should be upside to that. The remainder will be from tax and capital, which I would say is our best estimate at this point in time. We'll always do more work going forward. You can see both companies, Equitable and Corebridge, very active in terms of capital management, since the IPO, you could expect that to continue going forward. Most importantly, though, as Mark mentioned earlier, these numbers do not include the benefit of revenue synergies. I think that's what's gonna differentiate this transaction on a go-forward basis, is the more assets and revenues going to AllianceBernstein, leveraging Corebridge's index IUL and fixed annuity products with Equitable Advisors and leveraging our VO product with their third-party distribution. If we can be successful in capturing more revenue with the two companies together, this will be a stronger franchise that deserves a higher multiple going forward. Thank you. Just one question on the P-GAAP impacts. I mean, I understand that it's contingent on where interest rates are, and there's probably a lot of work to be done on this. Maybe just directionally, can you give any sense of, like, if the merger closed now, would this be more likely to be a positive or negative potential impact to your GAAP earnings? I think it's too early to say at this point in time. As we put together the P-GAAP, we'll finalize that prior to close, and we'll certainly give you that guidance. I think there'll be moving parts in the P-GAAP, one, on the balance sheet basis. Obviously, the book value of the combined companies will be bigger, and that'll just be reflective of wherever the market cap of Equitable is at that standpoint. On the income side, there'll be moving parts between VOBA, DAC, and then fair value of some of the assets, and we'll do that work. As we do that work, we'll disclose it as we get closer to the close of the transaction. Okay. Thank you. Your next question comes from the line of Tom Gallagher with Evercore ISI. Your line is open. Please go ahead. Good morning. One question about the quarter and then one about the merger. On the quarter, the MVA gains that you had in retirement, Robin, can you comment on absolute dollars of earnings that that represented this quarter? Would you expect there to be any sustainability there, or was there something unusual about why they were higher? Sure. Thanks. We were, again, key point for me is that spread stabilized ex-alt and ex-DMVA, so about a 1 basis point improvement. The MVA was about, approximately $10 million in the quarter. We don't expect benefits on a go-forward basis. That's something we don't include in our forecast or budgeting. As you've seen, that's been positive or negative through different periods over time. Excluding the MVA and excluding the impact of alts, spreads improved by 1 basis point quarter-over-quarter. Gotcha. $10 million was the earnings contribution? Yes. Approximately. Gotcha. My question on the merger, I listened closely to what you've been saying about the revenue synergies. I haven't heard much of an emphasis on your institutional spread business, which I know is small for you. It's bigger for Corebridge. Is that an opportunity? Because when I look at you and Corebridge on a standalone basis, you're probably half of the size or maybe 30% or 40% of the size of that business compared to, like, the Mets and the Prus of the world. I'm just wondering, is that a business that we should expect you to really scale up? Sure. I think for Corebridge and Equitable, the FABN market has been attractive. It's generated good returns for us. It's obviously spread dependent, depending on where our spreads trade at different time periods, that allows us to go in and out. Obviously with the balance sheet being much bigger, it gives us more capacity to lean in in that market, given if spreads are there and pricing is there. It's certainly an opportunity for us with the larger balance sheet going forward. Okay, thanks. Your next question comes from the line of Joel Hurwitz with Dowling & Partners. Your line is open. Please go ahead. Hey, good morning. Robin, first, can you just unpack what you guys saw from a mortality perspective in the quarter? It looked pretty good with the reported benefit ratio at 83.1%. Yeah, it was nice to have a nice quarter on mortality this quarter. You know, our benefit ratio is 83%. That's the lowest it's been in any quarter over the last year, which is good. Overall, we saw lower claims, and less high base amount claims as well, specifically with benefited us this quarter. Going forward, we think with the guidance that we've given to the market, captures appropriately what we'd expect to see in mortality. You know, we look forward to speaking more about good mortality and focusing on the growth in the other businesses as well going forward. Got it. In retirement, it looks like you're starting to utilize flow reinsurance for some of your spread business. Can you just talk about what products that's on, how much you, I guess, you plan to do and the economics for Equitable? Sure, yes. We did, in the fourth quarter, we started a bit to do some flow reinsurance on our RILA product. Flow reinsurance is a tool that we think is helpful for us when making products accretive going forward. It's an important tool in the toolkit. We could look at flow reinsurance in other products as well, and even post-merger, as you know, Corebridge does some flow reinsurance as well. As long as it's accretive for us versus not doing it's something that we'll look at selectively in different products. As you know, it's important to have a good counterparty, which we have. We try to make sure AB continues to manage a portion of the assets for us going forward. We also have Bermuda as a tool in our toolkit as well. We'll look at that for flow reinsurance for selective products, for our internal products and also potentially for third-party opportunities going forward as well. Flow reinsurance is something that we'll always look at across our businesses. Got it. Thank you. Your next question comes from the line of Alex Scott with Barclays. Your line is open. Please go ahead. Hi, good morning. Thanks. First one I have is on cash flow. Wanted to see if you could talk a bit about just the cash generation of the business and how that'll trend through, you know, the integration process, you know, with just some higher expenses related to the integration itself and probably some sort of hockey stick dynamic. Could you help us think through the way that that'll progress over the next few years? It's probably a little bit too early to give you too many specifics. I'd say, you know, both companies obviously have strong cash flow generation across. On the Equitable side, we continue to feel comfortable with our $1.8 billion guidance that we provided this year and the $2 billion for 2027. Expect that to be in addition to the investments that we have in growth to help grow our new business franchises across the board. As part of the integration, we will target $500+ million in expense synergies and expect that'll be a 1.5x investment with a very good payback associated with it. That investment is split between cash and non-cash, and the timing of that, we'll provide further updates as we get closer to the close of the transaction and the integration planning is more complete. Got it. That's helpful. I guess, related topic is just the excess capital level that you have right now, particularly at the OpCo level, pretty significant, and Corebridge has a pretty significant amount of excess capital as well. You know, how will this transaction change the way you approach at all to? You know, the amount of excess capital you hold over time. I mean, I think it's been a while now that you've sort of sat on a pretty high level, and you mentioned this, the stress test doesn't even take you down that close to your buffer at this point, and that was a pretty extreme stress test. You know, are you thinking about that differently with the transaction coming on? Yeah. I think, again, going forward, we will have an Investor Day in 2027 where we'll give further guidance on all those metrics. Look, if I take a step back, as we mentioned, the two companies are stronger together. The balance sheets are more resilient. They're more diversified across each other. There'll be a lower cost of equity across the company, and we'll be well-positioned to maintain, you know, different cycles in the market, whether that be credit or equity, because of the diversification of the businesses. What does that do? That allows us to leverage excess capital for best use for shareholders. Obviously, share buybacks are a very attractive use at this time given the valuations of both companies. It also allows us to invest in growth. We see very good returns across in the RILA market and the other markets across both companies. The more we can invest in growth and grow earnings going forward, which will translate into growth and cash, that'll benefit shareholders over the long term. We'll evaluate all those investment in growth, investment in share buybacks for uses of excess capital as the two companies come together. Got it. Thank you. Your next question comes from the line of Yaron Kinar with Mizuho. Your line is open. Please go ahead. Thank you. Good morning. Just a couple of, on capital deployment. You know, if the windows end up being a bit narrower than expected or liked and ultimately you have to complete the buyback through an ASR at the end of the year, is that 15%+ EPS growth target still achievable? Yes. I think we're pretty comfortable. If you look where we, the quarter we've ended at, +25% on an EPS basis overall. That was with a lower share buyback in the first quarter. If you look the windows that we have available to us, we believe we can deploy a lot of capital in the markets to buy back stock at these levels and keeping within our 60%-70% payout ratio by year-end. The windows that we have are pretty broad and we think give us the availability and the timing needed to deploy our capital plan. Anything that is left, we'll complete it in an ASR. We feel comfortable with the guidance. Remember, the guidance for this year is that we'd be above our 12%-15%, and we still expect to be above our 12%-15%, as we progress during the year. Great. Then the second one also on capital deployment. You know, with the Stifel deal done, I think you'd expressed interest in continuing to grow the wealth business both organically and inorganically. I'm assuming though that given where the share price is today, buybacks would be a far more attractive capital deployment venue or avenue than doing a deal in wealth. Look, I don't know if I'd say it all is deal specific. Ultimately, we're in a fortunate position where the company can execute on its capital return program for shareholders and invest for growth. That's a position of strength that we're in right now. Obviously we want the Stifel transaction to complete its closure. The advisors will transition to our platform later this year. We can also look for opportunities at AllianceBernstein to grow on the asset management side as well. Obviously, where the share price is now, it needs to be accretive for shareholders, as you see this deal was as well with the merger that we announced. Ultimately, we're well-positioned because we can buy back stock at this price and deploy excess capital to fuel future growth and make us a stronger company going forward. Thank you. Your next question comes from the line of Wilma Burdis with Raymond James. Your line is open. Please go ahead. Hey, good morning. Given the window for buybacks will be May 6 through sometime in June, maybe if we could just drill down a little bit. Is there any limit to the amount Equitable could buy given limitations on the percentage of daily trading volume? If you could just help us a little bit with the math there. I was just giving it a shot myself, but didn't quite get there, so thanks. Hey, Wilma. Yes. Look, we obviously have some limitations on average daily trading volume that we have to keep. You know, we feel as though, and I think corporate would say the same, the windows that we have available to us provide us the flexibility that we need to be in the market to buy back stock. We'll have this. Again, we'll have this time period between when we file the proxy tonight versus the final proxy in June to complete, you know, a decent amount of share buybacks. We'll also have the ability again post a shareholder vote. We think we can. We feel pretty comfortable to execute within a reasonable average daily trading volume our capital plans this year. We'd expect to end with ASR at our 60%-70% payout ratio and no change in the amount of capital return to shareholders for this year. Okay. if there's any way you can give a little bit more detail just on the restrictions there, just as a quick follow-up there. Second question. I think the commentary that you guys have implied on the capital and tax benefits, I back calculated it to around $500 million-$1.5 billion of capital that would be freed up by the deal. Any way to tell if that estimate is somewhere in the ballpark? Thanks Hey, Wilma, I don't know if there's any other color I'd give on the share buybacks at this time. On the capital and tax benefits of the deal, you know, as we mentioned, the EPS accretion will be 6%-8% from the expenses and hopefully more than that. We'd expect it to be more given the size of synergy potential that we have between both organizations, and then we'll have capital and tax benefits as well that we're not gonna give nominal amounts at this time. Again, going forward, as we get into the Investor Day next year, I think you could expect more information on those numbers and also the revenue synergy. Don't forget, that's the big part that we get excited about internally of what this brings to AllianceBernstein, what this brings to our wealth management business, and what this does for a broader product distribution across both companies. That will lead to a higher multiple over time. Absolutely. Love the distribution. Thank you. Your next question comes from the line of Pablo Singzon with JPMorgan. Your line is open. Please go ahead. Hi. Good morning. Just a follow-up on the mortality. 1Q and 4Q tend to be the highest mortality quarters for you. Given this, do you expect corporate loss to be better sequentially, or was 1Q just too favorable? No, look, in one quarter, we did have some favorability in mortality. As we mentioned, the benefits ratio with 83%, that's lower than it was last quarter, as you could see in the supplement and also lower than it was over the last year. The corporate and other guidance that we gave for the full year was the $350 million-$400 million. We expect to be within that guidance if you look on a normalized basis this quarter. Also keep in mind, going forward, the benefit of the RGA transaction really limits the volatility related to mortality for us going forward. I think you're starting to see those benefits come through, then we'd expect that to continue. Thanks, Robin. Second question. The implementation of VM-22, do you see that having any material impact, whether from a price or a capital standpoint on the fixed annuity block you're getting from Corebridge? Thanks. Yeah. I'd let Corebridge answer that on the VM-22 side. Look, we've done obviously, as you can look across both sides, have done diligence on each other on whether that be on the asset side or the liability and potential regulation. You know, we feel comfortable where both companies combined are positioned ahead of any regulation or asset changes. Thank you. Your next question comes from the line of Tracy Benguigui with Wolfe Research. Your line is open. Please go ahead. Thank you. Good morning. Going back to the P-GAAP changes, you mentioned some of the moving parts. I want to touch on AB. It seems like a big thing that folks misunderstand about Equitable is your asset leverage. They're not looking at the right denominator. My personal view is statutory capital matters more. With this merger coming up, I understand with your P-GAAP, you could mark up AB. My question is, how should we expect a large goodwill asset? I'm also curious, is doing the deal the only way to mechanically recognize AB's equity value? Sure. Thanks, thanks, Tracy. You know, I think you're right. I think the way to look at it is not GAAP leverage, but obviously, stat is a bigger piece and something that a lot of people don't look at. On the GAAP side, you're right. It doesn't capture the full market value of AllianceBernstein. Outside of a transaction like and with P-GAAP, I don't think you can. Since we own AllianceBernstein, we can't write up the asset as it is, as it exists today. That is one of the benefits of the transaction. It will lead to some additional goodwill, but there are a lot of moving parts related to the P-GAAP. It's too early to give you precise numbers on how the P-GAAP works. You know, ultimately, both companies, if you look, as I mentioned, the statutory capital is going to be $25 billion of the pro forma company. The GAAP equity is going to be above $30 billion. We feel very well-positioned in terms of the size of both balance sheets, and especially well-positioned having, you know, AB, a wealth management franchise, and a broader retirement platform to grow sales. Well, staying with AB, I'm curious if the combined company's plans are to change the 68% stake. No. Currently, right now, we're quite happy with our ownership of AllianceBernstein at 68%, 69%. AB is a key part of the flywheel and expected to grow. Again, the synergy potential of AB is pretty significant. Maybe I'll ask Onur to talk about the revenue synergies that potential of AllianceBernstein. I think that's a big part of this deal is the benefits of AllianceBernstein and getting the $100 billion of separate account and general account assets. Yeah. Thanks, Robin. I'll also let you catch your breath a bit after multiple questions. Definitely, we are very excited about the $100+ billion that Mark and Robin mentioned. Obviously, it's going to come from both the general account and the separate account businesses, as well as funds and retirement plans. We have multiple opportunities to do work over the next seven, eight months before the merger closes. A very actionable, bankable bottom-up plan, and that comes on top of a record pipeline we had before the Corebridge-Equitable merger. It builds on a very sizable pipeline that already exists. Very excited about that. Also like the fact that it's a diverse set of asset classes ranging from public to private, fixed income, multi-asset equities. It will allow us to scale multiple platforms all at the same time. Would you want to take that stake up if you like the business? No change right now in our stake of AllianceBernstein. I think we've been clear of that after we, you know, purchased at the increase last year, we went from 62% to approximately 68%, 69%. We have no other plans at this time. We're really focused. The combined firms are really focused on execution of this merger. You know, we're pretty excited. We, as Mark mentioned on the call, we established the integration office. We got our teams together, and everybody's focused on planning to execute the expense and revenue synergies and making sure we have the right people in the right seats. That's our focus at this time. Thank you. Your next question comes from the line of Mark Hughes with Truist. Your line is open. Please go ahead. Yeah, thank you very much. Good morning. In the RILA business, sales are pretty strong. I wonder if you could discuss the competitive environment and then maybe touch on the biggest impact, biggest benefit from the merger on distribution. Great. This is Nick. As you mentioned, overall, we had a strong quarter in sales and volume, with RILAs up 14% and $1.3 billion of net flows, translating to a 6% trailing 12-month organic growth rate. Look, we're very mindful of competitive trends. As we mentioned last quarter, we saw new entrants in 2025 reverberate back to more rational pricing in the fourth quarter, and we don't see any material change in competitive activity this quarter. Looking forward, we continue to see strong demand for RILA driven by favorable demographics. In the macro uncertainty, I'd highlight consumer sentiment is at an all-time low, so people are looking for protected equity stories. We believe we've got a durable edge to capture it. This is both generating attractive yields through AB, our differentiated distribution with Equitable Advisors, and our third-party networks. As Robin and Mark alluded to, the merger will even expand our reach in that area. Finally, we have deep relationships and scale. As the pie's grown, we've nearly doubled our sales over the last three years. This was another first quarter in record sales and volume. Just impacting, you know, the benefits on distribution, better reach, deeper relationships. As Mark mentioned, we see scale becoming in equally increasingly important to generate profitable growth and protect margins. Corebridge will give us both of this immediately. As such, we think we're in a privileged position to capture the disproportionate share of value in the growing retirement market. Understood. Of the $70 billion-$80 billion in liability origination, capacity, how much of that is third party versus owned distribution? Yeah. The way to look about it is the $70 billion-$80 billion is the combined companies post-merger. Today in for Equitable, about 35% of our sales in the retirement business come through Equitable Advisors. That's the way to look at it. Thank you. We have reached the end of the Q&A session. This concludes today's call. Thank you for attending. You may now disconnect.

Speaker 8: Hello, everyone. Thank you for joining us, and welcome to the Equitable Holdings Q1 2026 Earnings and Conferencing Call. After today's prepared remarks, we will host a question-and-answer session. If you would like to ask a question, please press star one to raise your hand. To withdraw your question, press star one again. I will now hand the conference over to Erik Bass, Chief Strategy Officer and Head of Investor Relations. Erik, please go ahead. Hello, everyone. hello everyone Thank you for joining us, and welcome to the Equitable Holdings Q1 2026 Earnings and Conferencing Call. thank you for joining us and welcome to the equitable holdings q1 2026 earnings and conferencing call After today's prepared remarks, we will host a question-and-answer session. after today's prepared remarks we will host a question-and-answer session If you would like to ask a question, please press star one to raise your hand. if you would like to ask a question please press star one to raise your hand To withdraw your question, press star one again. to withdraw your question press star one again I will now hand the conference over to Erik Bass, Chief Strategy Officer and Head of Investor Relations. i will now hand the conference over to erik bass chief strategy officer and head of investor relations Erik, please go ahead. erik please go ahead

Speaker 2: Thank you. Good morning and welcome to Equitable Holdings' first quarter 2026 earnings call. Materials for today's call can be found on our website at ir.equitableholdings.com. Before we begin, I would like to note that some of the information we present today is forward-looking and subject to certain SEC rules and regulations regarding disclosure. Our results may differ materially from those expressed in or indicated by such forward-looking statements. Please refer to the safe harbor language on slide two of our presentation for additional information. Joining me on today's call are Mark Pearson, President and Chief Executive Officer of Equitable Holdings; Robin Raju, our Chief Financial Officer; Nick Lane, President of Equitable Holdings; Onur Erzan, President of AllianceBernstein; and Thomas Simeone, Chief Financial Officer of AllianceBernstein. Thank you. thank you Good morning and welcome to Equitable Holdings' first quarter 2026 earnings call. good morning and welcome to equitable holdings' first quarter 2026 earnings call Materials for today's call can be found on our website at ir.equitableholdings.com. materials for today's call can be found on our website at ir.equitableholdings.com Before we begin, I would like to note that some of the information we present today is forward-looking and subject to certain SEC rules and regulations regarding disclosure. before we begin i would like to note that some of the information we present today is forward-looking and subject to certain sec rules and regulations regarding disclosure Our results may differ materially from those expressed in or indicated by such forward-looking statements. our results may differ materially from those expressed in or indicated by such forward-looking statements Please refer to the safe harbor language on slide two of our presentation for additional information. please refer to the safe harbor language on slide two of our presentation for additional information Joining me on today's call are Mark Pearson, President and Chief Executive Officer of Equitable Holdings; Robin Raju, our Chief Financial Officer; Nick Lane, President of Equitable Holdings; Onur Erzan, President of AllianceBernstein; and Thomas Simeone, Chief Financial Officer of AllianceBernstein. joining me on today's call are mark pearson president and chief executive officer of equitable holdings robin raju our chief financial officer nick lane president of equitable holdings onur erzan president of alliancebernstein and thomas simeone chief financial officer of alliancebernstein During this call, we will be discussing certain financial measures that are not based on Generally Accepted Accounting Principles, also known as non-GAAP measures. Reconciliations of these non-GAAP measures to the most directly comparable GAAP measures and related definitions may be found on the investor relations portion of our website and in our earnings release, slide presentation, and financial supplement. We will also refer to the pending transaction with Corebridge. Any statements about the transaction made during this call are not an offer of securities. A registration statement containing a prospectus will be filed with the SEC in connection with the transaction. I will now turn the call over to Mark. During this call, we will be discussing certain financial measures that are not based on Generally Accepted Accounting Principles, also known as non-GAAP measures. during this call we will be discussing certain financial measures that are not based on generally accepted accounting principles also known as non-gaap measures Reconciliations of these non-GAAP measures to the most directly comparable GAAP measures and related definitions may be found on the investor relations portion of our website and in our earnings release, slide presentation, and financial supplement. reconciliations of these non-gaap measures to the most directly comparable gaap measures and related definitions may be found on the investor relations portion of our website and in our earnings release slide presentation and financial supplement We will also refer to the pending transaction with Corebridge. we will also refer to the pending transaction with corebridge Any statements about the transaction made during this call are not an offer of securities. any statements about the transaction made during this call are not an offer of securities A registration statement containing a prospectus will be filed with the SEC in connection with the transaction. a registration statement containing a prospectus will be filed with the sec in connection with the transaction I will now turn the call over to Mark. i will now turn the call over to mark

Speaker 5: Good morning, thank you for joining today's call. The first quarter marked an extraordinary moment in Equitable's 166-year history with the announcement of our planned merger with Corebridge, which will create a world-class platform to help our customers plan, save for, and achieve secure financial futures. This morning, I will spend some time discussing why we believe that by leveraging the complementary strengths of Equitable and Corebridge, the combined company will deliver tremendous value for both our customers and shareholders. On slide four, I will start by providing a few highlights from our first quarter results. We reported non-GAAP operating earnings of $1.62 per share, or $1.68 per share after adjusting for notable items. This increased 25% versus the first quarter of 2025, driven by healthy organic growth momentum, improved mortality experience, and a lower share count. Good morning, thank you for joining today's call. good morning thank you for joining today's call The first quarter marked an extraordinary moment in Equitable's 166-year history with the announcement of our planned merger with Corebridge, which will create a world-class platform to help our customers plan, save for, and achieve secure financial futures. the first quarter marked an extraordinary moment in equitable's 166-year history with the announcement of our planned merger with corebridge which will create a world-class platform to help our customers plan save for and achieve secure financial futures This morning, I will spend some time discussing why we believe that by leveraging the complementary strengths of Equitable and Corebridge, the combined company will deliver tremendous value for both our customers and shareholders. this morning i will spend some time discussing why we believe that by leveraging the complementary strengths of equitable and corebridge the combined company will deliver tremendous value for both our customers and shareholders On slide four, I will start by providing a few highlights from our first quarter results. on slide four i will start by providing a few highlights from our first quarter results We reported non-GAAP operating earnings of $1.62 per share, or $1.68 per share after adjusting for notable items. we reported non-gaap operating earnings of $1.62 per share or $1.68 per share after adjusting for notable items This increased 25% versus the first quarter of 2025, driven by healthy organic growth momentum, improved mortality experience, and a lower share count. this increased 25% versus the first quarter of 2025 driven by healthy organic growth momentum improved mortality experience and a lower share count We continue to expect earnings per share growth to exceed the high end of our 12%-15% target range in 2026. Assets under management ended the quarter at $1.1 trillion, up 9% year-over-year. While equity markets declined modestly in the first quarter, they have since recovered, and higher average AUM versus 2025 levels should continue to provide a near-term tailwind for earnings. Our balance sheet remains a core strength with a combined NAIC RBC ratio of approximately 475% and $1.2 billion of holding company liquidity. Our credit portfolio continues to perform well, and as Robin will walk through, we are positioned to handle even a severe stress scenario. We remain committed to being a consistent returner of capital and executing the share buybacks assumed in our 2026 financial plan. We continue to expect earnings per share growth to exceed the high end of our 12%-15% target range in 2026. we continue to expect earnings per share growth to exceed the high end of our 12%-15% target range in 2026 Assets under management ended the quarter at $1.1 trillion, up 9% year-over-year. assets under management ended the quarter at $1.1 trillion up 9% year-over-year While equity markets declined modestly in the first quarter, they have since recovered, and higher average AUM versus 2025 levels should continue to provide a near-term tailwind for earnings. while equity markets declined modestly in the first quarter they have since recovered and higher average aum versus 2025 levels should continue to provide a near-term tailwind for earnings Our balance sheet remains a core strength with a combined NAIC RBC ratio of approximately 475% and $1.2 billion of holding company liquidity. our balance sheet remains a core strength with a combined naic rbc ratio of approximately 475% and $1.2 billion of holding company liquidity Our credit portfolio continues to perform well, and as Robin will walk through, we are positioned to handle even a severe stress scenario. our credit portfolio continues to perform well and as robin will walk through we are positioned to handle even a severe stress scenario We remain committed to being a consistent returner of capital and executing the share buybacks assumed in our 2026 financial plan. we remain committed to being a consistent returner of capital and executing the share buybacks assumed in our 2026 financial plan Turning to organic growth. We see good momentum in retirement sales and flows, even as the level of competition has increased. Total sales increased 10% year-over-year, driven by strength in RILAs, and we have $1.3 billion of net inflows. Wealth management delivered another strong growth quarter with $2 billion of advisory net inflows. Over the last 12 months, the business produced a 13% organic growth rate. During the quarter, we also closed on the acquisition of Stifel Independent Advisors, which is a good example of how we can use bolt-on M&A to help scale our wealth management business. Asset management earnings grew 11% year-over-year, driven by higher AUM and increased ownership. AB had net outflows of $7.1 billion in the first quarter, driven primarily by active equities and taxable fixed income. Turning to organic growth. turning to organic growth We see good momentum in retirement sales and flows, even as the level of competition has increased. we see good momentum in retirement sales and flows even as the level of competition has increased Total sales increased 10% year-over-year, driven by strength in RILAs, and we have $1.3 billion of net inflows. total sales increased 10% year-over-year driven by strength in rilas and we have $1.3 billion of net inflows Wealth management delivered another strong growth quarter with $2 billion of advisory net inflows. wealth management delivered another strong growth quarter with $2 billion of advisory net inflows Over the last 12 months, the business produced a 13% organic growth rate. over the last 12 months the business produced a 13% organic growth rate During the quarter, we also closed on the acquisition of Stifel Independent Advisors, which is a good example of how we can use bolt-on M&A to help scale our wealth management business. during the quarter we also closed on the acquisition of stifel independent advisors which is a good example of how we can use bolt-on m&a to help scale our wealth management business Asset management earnings grew 11% year-over-year, driven by higher AUM and increased ownership. asset management earnings grew 11% year-over-year driven by higher aum and increased ownership AB had net outflows of $7.1 billion in the first quarter, driven primarily by active equities and taxable fixed income. ab had net outflows of $7.1 billion in the first quarter driven primarily by active equities and taxable fixed income Private wealth and private markets remained bright spots as both had positive flows in the period. Total private markets AUM increased 13% year-over-year to $85 billion, and AB remains on track to meet or exceed its target of $90 billion-$100 billion in AUM by the end of 2027. While near-term flows may remain volatile, AB has a record institutional pipeline of nearly $28 billion, which includes several large insurance mandates that will fund over the next few quarters. AB will also be a meaningful beneficiary of the Corebridge merger, as we expect it to receive at least $100 billion of incremental assets over the next few years. Private wealth and private markets remained bright spots as both had positive flows in the period. private wealth and private markets remained bright spots as both had positive flows in the period Total private markets AUM increased 13% year-over-year to $85 billion, and AB remains on track to meet or exceed its target of $90 billion-$100 billion in AUM by the end of 2027. total private markets aum increased 13% year-over-year to $85 billion and ab remains on track to meet or exceed its target of $90 billion-$100 billion in aum by the end of 2027 While near-term flows may remain volatile, AB has a record institutional pipeline of nearly $28 billion, which includes several large insurance mandates that will fund over the next few quarters. while near-term flows may remain volatile ab has a record institutional pipeline of nearly $28 billion which includes several large insurance mandates that will fund over the next few quarters AB will also be a meaningful beneficiary of the Corebridge merger, as we expect it to receive at least $100 billion of incremental assets over the next few years. ab will also be a meaningful beneficiary of the corebridge merger as we expect it to receive at least $100 billion of incremental assets over the next few years As I will walk through over the next few slides, the motivating factor behind the Corebridge merger is our belief that it will accelerate our growth strategy and position us to be a long-term winner across all the markets we compete in. The companies have complementary strengths with limited overlap across products. We have already begun the integration planning process and have high confidence in achieving at least $500 million of expense synergies. As a result, the merger will be immediately accretive to earnings per share, and we expect to deliver 10%+ accretion on a run rate basis by the end of 2028, with potential upside from revenue synergies. Moving to slide five, before talking about the merger, I want to highlight five attributes we believe are critical for long-term success and which we use when evaluating any strategic option, including this merger. As I will walk through over the next few slides, the motivating factor behind the Corebridge merger is our belief that it will accelerate our growth strategy and position us to be a long-term winner across all the markets we compete in. as i will walk through over the next few slides the motivating factor behind the corebridge merger is our belief that it will accelerate our growth strategy and position us to be a long-term winner across all the markets we compete in The companies have complementary strengths with limited overlap across products. the companies have complementary strengths with limited overlap across products We have already begun the integration planning process and have high confidence in achieving at least $500 million of expense synergies. we have already begun the integration planning process and have high confidence in achieving at least $500 million of expense synergies As a result, the merger will be immediately accretive to earnings per share, and we expect to deliver 10% + accretion on a run rate basis by the end of 2028, with potential upside from revenue synergies. as a result the merger will be immediately accretive to earnings per share and we expect to deliver 10% + accretion on a run rate basis by the end of 2028 with potential upside from revenue synergies Moving to slide five, before talking about the merger, I want to highlight five attributes we believe are critical for long-term success and which we use when evaluating any strategic option, including this merger. moving to slide five before talking about the merger i want to highlight five attributes we believe are critical for long-term success and which we use when evaluating any strategic option including this merger Underlying everything, of course, is providing an exceptional customer experience. Customers that are easy to do business with and offer the products and advice needed to transform complex financial risks into simple, reliable outcomes will attract clients and distributors. Developing deep brand loyalty will help create predictable and growing value for shareholders. Second, in intermediated markets like financial services, having strong distribution is critical as clients want local access to expert, personalized advice. Privileged shelf space, particularly in channels with high barriers to entry, provides a meaningful competitive advantage in acquiring new customers while also managing the cost of funds. Third is the imperative of competitive scale. Size matters. Being able to invest in technology and automation will improve efficiency and result in lower unit costs and a lower expense ratio. This provides capacity to reinvest in growth while simultaneously delivering higher profit margins. Underlying everything, of course, is providing an exceptional customer experience. underlying everything of course is providing an exceptional customer experience Customers that are easy to do business with and offer the products and advice needed to transform complex financial risks into simple, reliable outcomes will attract clients and distributors. customers that are easy to do business with and offer the products and advice needed to transform complex financial risks into simple reliable outcomes will attract clients and distributors Developing deep brand loyalty will help create predictable and growing value for shareholders. developing deep brand loyalty will help create predictable and growing value for shareholders Second, in intermediated markets like financial services, having strong distribution is critical as clients want local access to expert, personalized advice. second in intermediated markets like financial services having strong distribution is critical as clients want local access to expert personalized advice Privileged shelf space, particularly in channels with high barriers to entry, provides a meaningful competitive advantage in acquiring new customers while also managing the cost of funds. privileged shelf space particularly in channels with high barriers to entry provides a meaningful competitive advantage in acquiring new customers while also managing the cost of funds Third is the imperative of competitive scale. third is the imperative of competitive scale Size matters. size matters Being able to invest in technology and automation will improve efficiency and result in lower unit costs and a lower expense ratio. being able to invest in technology and automation will improve efficiency and result in lower unit costs and a lower expense ratio This provides capacity to reinvest in growth while simultaneously delivering higher profit margins. this provides capacity to reinvest in growth while simultaneously delivering higher profit margins Fourth, we know that shareholders value consistent growth in earnings and cash flow across different market cycles, and having diversified sources of earnings and capital enhances the ability to deliver this. Disciplined risk management is also critical to give clients and investors confidence in the resilience of the balance sheet, especially during periods of macro uncertainty and market stress. Finally, we see significant value in owning insurance, asset management, and wealth management businesses to participate in the full value chain and benefit from the significant demographic tailwinds driving growth across each of these markets. It also means that shareholders capture the high multiple fee earnings generated by distributing and managing the assets associated with the insurance and retirement solutions that are manufactured. By attracting the very best talent and aligning to these five convictions, we ensure that when our clients win, our shareholders win. Fourth, we know that shareholders value consistent growth in earnings and cash flow across different market cycles, and having diversified sources of earnings and capital enhances the ability to deliver this. fourth we know that shareholders value consistent growth in earnings and cash flow across different market cycles and having diversified sources of earnings and capital enhances the ability to deliver this Disciplined risk management is also critical to give clients and investors confidence in the resilience of the balance sheet, especially during periods of macro uncertainty and market stress. disciplined risk management is also critical to give clients and investors confidence in the resilience of the balance sheet especially during periods of macro uncertainty and market stress Finally, we see significant value in owning insurance, asset management, and wealth management businesses to participate in the full value chain and benefit from the significant demographic tailwinds driving growth across each of these markets. finally we see significant value in owning insurance asset management and wealth management businesses to participate in the full value chain and benefit from the significant demographic tailwinds driving growth across each of these markets It also means that shareholders capture the high multiple fee earnings generated by distributing and managing the assets associated with the insurance and retirement solutions that are manufactured. it also means that shareholders capture the high multiple fee earnings generated by distributing and managing the assets associated with the insurance and retirement solutions that are manufactured By attracting the very best talent and aligning to these five convictions, we ensure that when our clients win, our shareholders win. by attracting the very best talent and aligning to these five convictions we ensure that when our clients win our shareholders win Turning to slide six, I will highlight why the merger with Corebridge aligns to these convictions and will drive growth and shareholder value. The merger brings together three outstanding franchises to create a diversified financial services company with over 12 million customers, $1.5 trillion in AUMA, and leading positions across retirement, life insurance, asset management, and wealth management. Equitable and Corebridge complement each other well with different strengths and limited overlap. We intend to capitalize on our scale advantages to reduce unit costs and achieve a lower cost of capital. We expect to have a top quartile expense ratio and will be able to combine our resources when making growth investments. This will make us more profitable, drive more cash generation, and increase our return on capital. We will have formidable distribution capabilities and leading positions across the retail, institutional, and work site channels. Turning to slide six, I will highlight why the merger with Corebridge aligns to these convictions and will drive growth and shareholder value. turning to slide six i will highlight why the merger with corebridge aligns to these convictions and will drive growth and shareholder value The merger brings together three outstanding franchises to create a diversified financial services company with over 12 million customers, $1.5 trillion in AUMA, and leading positions across retirement, life insurance, asset management, and wealth management. the merger brings together three outstanding franchises to create a diversified financial services company with over 12 million customers $1.5 trillion in auma and leading positions across retirement life insurance asset management and wealth management Equitable and Corebridge complement each other well with different strengths and limited overlap. equitable and corebridge complement each other well with different strengths and limited overlap We intend to capitalize on our scale advantages to reduce unit costs and achieve a lower cost of capital. we intend to capitalize on our scale advantages to reduce unit costs and achieve a lower cost of capital We expect to have a top quartile expense ratio and will be able to combine our resources when making growth investments. we expect to have a top quartile expense ratio and will be able to combine our resources when making growth investments This will make us more profitable, drive more cash generation, and increase our return on capital. this will make us more profitable drive more cash generation and increase our return on capital We will have formidable distribution capabilities and leading positions across the retail, institutional, and work site channels. we will have formidable distribution capabilities and leading positions across the retail institutional and work site channels The depth and breadth of our distribution should enable us to expand our offerings while achieving a lower average cost of funds, resulting in more profitable new business. We will also have flexibility to allocate capital where we see the best risk-adjusted returns and customer demand. In addition, our integrated business model allows us to capture the full value chain by acting as a product manufacturer, distributor, and asset manager. This differentiates us from our competitors, most of whom only participate in one or two of these verticals. While the merger will shift our mix more towards retirement, it also helps scale AB and wealth management, enhancing the value of these high multiple businesses. We remain focused on maximizing the flywheel benefits inherent in our model. Finally, the new Equitable will have a robust balance sheet and is expected to generate over $4 billion of cash flow annually. The depth and breadth of our distribution should enable us to expand our offerings while achieving a lower average cost of funds, resulting in more profitable new business. the depth and breadth of our distribution should enable us to expand our offerings while achieving a lower average cost of funds resulting in more profitable new business We will also have flexibility to allocate capital where we see the best risk-adjusted returns and customer demand. we will also have flexibility to allocate capital where we see the best risk-adjusted returns and customer demand In addition, our integrated business model allows us to capture the full value chain by acting as a product manufacturer, distributor, and asset manager. in addition our integrated business model allows us to capture the full value chain by acting as a product manufacturer distributor and asset manager This differentiates us from our competitors, most of whom only participate in one or two of these verticals. this differentiates us from our competitors most of whom only participate in one or two of these verticals While the merger will shift our mix more towards retirement, it also helps scale AB and wealth management, enhancing the value of these high multiple businesses. while the merger will shift our mix more towards retirement it also helps scale ab and wealth management enhancing the value of these high multiple businesses We remain focused on maximizing the flywheel benefits inherent in our model. we remain focused on maximizing the flywheel benefits inherent in our model Finally, the new Equitable will have a robust balance sheet and is expected to generate over $4 billion of cash flow annually. finally the new equitable will have a robust balance sheet and is expected to generate over $4 billion of cash flow annually We are aligned in having strong financial principles that govern how we operate, starting with economic management of the balance sheet and a focus on cash generation. Ultimately, we want to produce consistent results and cash flow across market cycles so that we can provide attractive returns to shareholders while also investing for growth. I will conclude on slide seven by providing some clear examples of how the merger will help accelerate growth across all our businesses. Starting with Retirement and Institutional, the combined firm will have approximately $540 billion of AUM and unmatched breadth across products and distribution. We knew that Equitable would need to become more diversified over time in order to fully participate in the growing U.S. retirement market. Combining with Corebridge makes us a top three provider of fixed and indexed annuities and expands our institutional capabilities, notably in pension risk transfer. We are aligned in having strong financial principles that govern how we operate, starting with economic management of the balance sheet and a focus on cash generation. Ultimately, we want to produce consistent results and cash flow across market cycles so that we can provide attractive returns to shareholders while also investing for growth. we are aligned in having strong financial principles that govern how we operate starting with economic management of the balance sheet and a focus on cash generation. ultimately we want to produce consistent results and cash flow across market cycles so that we can provide attractive returns to shareholders while also investing for growth I will conclude on slide seven by providing some clear examples of how the merger will help accelerate growth across all our businesses. i will conclude on slide seven by providing some clear examples of how the merger will help accelerate growth across all our businesses Starting with Retirement and Institutional, the combined firm will have approximately $540 billion of AUM and unmatched breadth across products and distribution. starting with retirement and institutional the combined firm will have approximately $540 billion of aum and unmatched breadth across products and distribution We knew that Equitable would need to become more diversified over time in order to fully participate in the growing U.S. retirement market. we knew that equitable would need to become more diversified over time in order to fully participate in the growing u.s retirement market Combining with Corebridge makes us a top three provider of fixed and indexed annuities and expands our institutional capabilities, notably in pension risk transfer. combining with corebridge makes us a top three provider of fixed and indexed annuities and expands our institutional capabilities notably in pension risk transfer It also adds a strong life business that provides earnings and capital diversification and should benefit from selling through Equitable Advisors. In addition, the merger doubles our third-party distribution network to approximately 900 firms, expanding our ability to reach new customers. The combined firm will originate $70 billion-$80 billion of liabilities annually, highlighting the size and scale of our platform. We will have a more balanced business mix that provides liquidity benefits and positions us well to generate consistent growth across market cycles while deploying capital where we can earn the most attractive returns. Moving to asset management, AB will also benefit from the merger in multiple ways. We expect AB to add at least $100 billion of Corebridge general and separate account assets over the next couple of years, resulting in total AUM of nearly $1 trillion. It also adds a strong life business that provides earnings and capital diversification and should benefit from selling through Equitable Advisors. it also adds a strong life business that provides earnings and capital diversification and should benefit from selling through equitable advisors In addition, the merger doubles our third-party distribution network to approximately 900 firms, expanding our ability to reach new customers. in addition the merger doubles our third-party distribution network to approximately 900 firms expanding our ability to reach new customers The combined firm will originate $70 billion-$80 billion of liabilities annually, highlighting the size and scale of our platform. the combined firm will originate $70 billion-$80 billion of liabilities annually highlighting the size and scale of our platform We will have a more balanced business mix that provides liquidity benefits and positions us well to generate consistent growth across market cycles while deploying capital where we can earn the most attractive returns. we will have a more balanced business mix that provides liquidity benefits and positions us well to generate consistent growth across market cycles while deploying capital where we can earn the most attractive returns Moving to asset management, AB will also benefit from the merger in multiple ways. moving to asset management ab will also benefit from the merger in multiple ways We expect AB to add at least $100 billion of Corebridge general and separate account assets over the next couple of years, resulting in total AUM of nearly $1 trillion. we expect ab to add at least $100 billion of corebridge general and separate account assets over the next couple of years resulting in total aum of nearly $1 trillion AB will also benefit from the combined firms increased liability generation, which should drive higher ongoing net inflows. We also see an opportunity to commercialize some of Corebridge's internal asset origination capabilities, particularly for real estate and commercial mortgage loans, by leveraging AB's global distribution. Over time, we expect to find additional sources of incremental revenues and net flows, including the potential to develop new commercial partnerships. Lastly, the addition of Corebridge Advisors accelerates the path to scaling our wealth management business and adds approximately $20 billion of AUA. The merger will expand our proprietary product offering to include fixed and indexed annuities and indexed universal life, which will be a win for advisors, particularly our emerging sales force. We will have a more attractive platform and more financial resources, which should enhance our ability to recruit and develop new and experienced financial advisors. AB will also benefit from the combined firms increased liability generation, which should drive higher ongoing net inflows. ab will also benefit from the combined firms increased liability generation which should drive higher ongoing net inflows We also see an opportunity to commercialize some of Corebridge's internal asset origination capabilities, particularly for real estate and commercial mortgage loans, by leveraging AB's global distribution. we also see an opportunity to commercialize some of corebridge's internal asset origination capabilities particularly for real estate and commercial mortgage loans by leveraging ab's global distribution Over time, we expect to find additional sources of incremental revenues and net flows, including the potential to develop new commercial partnerships. over time we expect to find additional sources of incremental revenues and net flows including the potential to develop new commercial partnerships Lastly, the addition of Corebridge Advisors accelerates the path to scaling our wealth management business and adds approximately $20 billion of AUA. lastly the addition of corebridge advisors accelerates the path to scaling our wealth management business and adds approximately $20 billion of aua The merger will expand our proprietary product offering to include fixed and indexed annuities and indexed universal life, which will be a win for advisors, particularly our emerging sales force. the merger will expand our proprietary product offering to include fixed and indexed annuities and indexed universal life which will be a win for advisors particularly our emerging sales force We will have a more attractive platform and more financial resources, which should enhance our ability to recruit and develop new and experienced financial advisors. we will have a more attractive platform and more financial resources which should enhance our ability to recruit and develop new and experienced financial advisors Overall, the key message I want to leave you with is that having increased scale would provide competitive advantages that translate into stronger and more consistent growth and enhances our profitability. I will now turn the call over to Robin to highlight the financial benefits from the merger and discuss our first quarter results in more detail. Overall, the key message I want to leave you with is that having increased scale would provide competitive advantages that translate into stronger and more consistent growth and enhances our profitability. overall the key message i want to leave you with is that having increased scale would provide competitive advantages that translate into stronger and more consistent growth and enhances our profitability I will now turn the call over to Robin to highlight the financial benefits from the merger and discuss our first quarter results in more detail. i will now turn the call over to robin to highlight the financial benefits from the merger and discuss our first quarter results in more detail

Speaker 10: Thanks, Mark. I want to echo my excitement about the merger and the ways in which it will accelerate our growth strategy and deliver attractive financial outcomes for our shareholders. On slide eight, we highlight some of the key financial benefits. First, the combined company will have a robust balance sheet with significant capital. As of year-end 2025, pro forma GAAP book value exceeded $30 billion, and the companies had over $25 billion of statutory capital. The pro forma leverage ratio is approximately 26%, which provides financial flexibility. Second, we will have a more diversified business mix with equal contribution from fee and spread-based earnings. This should help us generate more consistent earnings in different market environments. Third, we project at least 10% accretion to EPS and cash generation on a run rate basis by year-end 2028, driven by expense, capital, and tax synergies. Thanks, Mark. thanks mark I want to echo my excitement about the merger and the ways in which it will accelerate our growth strategy and deliver attractive financial outcomes for our shareholders. i want to echo my excitement about the merger and the ways in which it will accelerate our growth strategy and deliver attractive financial outcomes for our shareholders On slide eight, we highlight some of the key financial benefits. on slide eight we highlight some of the key financial benefits First, the combined company will have a robust balance sheet with significant capital. first the combined company will have a robust balance sheet with significant capital As of year-end 2025, pro forma GAAP book value exceeded $30 billion, and the companies had over $25 billion of statutory capital. as of year-end 2025 pro forma gaap book value exceeded $30 billion and the companies had over $25 billion of statutory capital The pro forma leverage ratio is approximately 26%, which provides financial flexibility. the pro forma leverage ratio is approximately 26% which provides financial flexibility Second, we will have a more diversified business mix with equal contribution from fee and spread-based earnings. second we will have a more diversified business mix with equal contribution from fee and spread-based earnings This should help us generate more consistent earnings in different market environments. this should help us generate more consistent earnings in different market environments Third, we project at least 10% accretion to EPS and cash generation on a run rate basis by year-end 2028, driven by expense, capital, and tax synergies. third we project at least 10% accretion to eps and cash generation on a run rate basis by year-end 2028 driven by expense capital and tax synergies We also expect to have a 15%+ return on equity. These projections do not include any benefit from the anticipated revenue synergies. Finally, we forecast over $5 billion of annual earnings power and over $4 billion of cash flows to the holding company, which will make us the most profitable company in the sector based on U.S. earnings. Turning to slide nine, I will provide some more detail on first quarter results. On a consolidated basis, non-GAAP operating earnings were $472 million or $1.62 per share, and we reported net income of $621 million or $2.14 per share. Notable items in the quarter included $32 million of below plan alternatives and a $13 million benefit from the purchase of tax credits. We also expect to have a 15%+ return on equity. we also expect to have a 15%+ return on equity These projections do not include any benefit from the anticipated revenue synergies. these projections do not include any benefit from the anticipated revenue synergies Finally, we forecast over $5 billion of annual earnings power and over $4 billion of cash flows to the holding company, which will make us the most profitable company in the sector based on U.S. earnings. finally we forecast over $5 billion of annual earnings power and over $4 billion of cash flows to the holding company which will make us the most profitable company in the sector based on u.s earnings Turning to slide nine, I will provide some more detail on first quarter results. turning to slide nine i will provide some more detail on first quarter results On a consolidated basis, non-GAAP operating earnings were $472 million or $1.62 per share, and we reported net income of $621 million or $2.14 per share. on a consolidated basis non-gaap operating earnings were $472 million or $1.62 per share and we reported net income of $621 million or $2.14 per share Notable items in the quarter included $32 million of below plan alternatives and a $13 million benefit from the purchase of tax credits. notable items in the quarter included $32 million of below plan alternatives and a $13 million benefit from the purchase of tax credits Adjusting for these items, non-GAAP operating earnings per share was $1.68, up 25% year-over-year. This is consistent with our earnings per share growth guidance of above 12%-15% for 2026. The 25% increase in earnings per share was driven by 9% year-over-year increase in total AUM, AUA, lower mortality claims, the benefit of our increased ownership stake in AllianceBernstein, and a lower share count, which reflects the incremental buybacks executed following the RGA transaction. In the first quarter of 2026, our alts portfolio, which is 2% of our general account, produced an annualized return of 3.5%, with results pressured by lower CLO equity returns. Given weaker market conditions in the first quarter, we currently project our portfolio to have a return of 2%-3% in the second quarter. Adjusting for these items, non-GAAP operating earnings per share was $1.68, up 25% year-over-year. adjusting for these items non-gaap operating earnings per share was $1.68 up 25% year-over-year This is consistent with our earnings per share growth guidance of above 12%-15% for 2026. this is consistent with our earnings per share growth guidance of above 12%-15% for 2026 The 25% increase in earnings per share was driven by 9% year-over-year increase in total AUM, AUA, lower mortality claims, the benefit of our increased ownership stake in AllianceBernstein, and a lower share count, which reflects the incremental buybacks executed following the RGA transaction. the 25% increase in earnings per share was driven by 9% year-over-year increase in total aum aua lower mortality claims the benefit of our increased ownership stake in alliancebernstein and a lower share count which reflects the incremental buybacks executed following the rga transaction In the first quarter of 2026, our alts portfolio, which is 2% of our general account, produced an annualized return of 3.5%, with results pressured by lower CLO equity returns. in the first quarter of 2026 our alts portfolio which is 2% of our general account produced an annualized return of 3.5% with results pressured by lower clo equity returns Given weaker market conditions in the first quarter, we currently project our portfolio to have a return of 2%-3% in the second quarter. given weaker market conditions in the first quarter we currently project our portfolio to have a return of 2%-3% in the second quarter While it's premature to predict what will happen in the second half of 2026, based on the lower returns for the first half of the year, we now expect the full year return to be below our prior 8%-9% guidance. Adjusted book value per share ex-AOCI with AB at market value was $34.70. We view this as a more meaningful number than reported book value per share, which significantly understates the fair value of our AB stake. On this basis, our adjusted debt-to-capital ratio was 24.5%, down 40 basis points sequentially. On slide 10, I'll provide some more details on segment-level earnings drivers. In retirement, first quarter earnings excluding notable items were $394 million. Net interest margin, or NIM, increased 3% sequentially, as lower alternative investment income was offset by growth in general account assets. While it's premature to predict what will happen in the second half of 2026, based on the lower returns for the first half of the year, we now expect the full year return to be below our prior 8%-9% guidance. while it's premature to predict what will happen in the second half of 2026 based on the lower returns for the first half of the year we now expect the full year return to be below our prior 8%-9% guidance Adjusted book value per share ex-AOCI with AB at market value was $34.70. adjusted book value per share ex-aoci with ab at market value was $34.70 We view this as a more meaningful number than reported book value per share, which significantly understates the fair value of our AB stake. we view this as a more meaningful number than reported book value per share which significantly understates the fair value of our ab stake On this basis, our adjusted debt-to-capital ratio was 24.5%, down 40 basis points sequentially. on this basis our adjusted debt-to-capital ratio was 24.5% down 40 basis points sequentially On slide 10, I'll provide some more details on segment-level earnings drivers. on slide 10 i'll provide some more details on segment-level earnings drivers In retirement, first quarter earnings excluding notable items were $394 million. in retirement first quarter earnings excluding notable items were $394 million Net interest margin, or NIM, increased 3% sequentially, as lower alternative investment income was offset by growth in general account assets. net interest margin or nim increased 3% sequentially as lower alternative investment income was offset by growth in general account assets Excluding alternatives, our NIM spread improved by 5 basis points sequentially, helped by a 4 basis point benefit from a modest recovery in MVAs. This reverses the downward trend in spreads we experienced over the past year and supports our view that spreads are beginning to stabilize. On a sequential basis, the growth in NIM was partially offset by lower fee-based revenues as market declines pressured average separate account AUM. Turning to asset management, AB reported earnings of $140 million, up 11% year-over-year as a result of higher base fees and our increased ownership percentage. While base fees benefited from 7% year-over-year increase in AUM, this was partially offset by lower fee rate due to a shift in asset mix. Excluding alternatives, our NIM spread improved by 5 basis points sequentially, helped by a 4 basis point benefit from a modest recovery in MVAs. excluding alternatives our nim spread improved by 5 basis points sequentially helped by a 4 basis point benefit from a modest recovery in mvas This reverses the downward trend in spreads we experienced over the past year and supports our view that spreads are beginning to stabilize. this reverses the downward trend in spreads we experienced over the past year and supports our view that spreads are beginning to stabilize On a sequential basis, the growth in NIM was partially offset by lower fee-based revenues as market declines pressured average separate account AUM. on a sequential basis the growth in nim was partially offset by lower fee-based revenues as market declines pressured average separate account aum Turning to asset management, AB reported earnings of $140 million, up 11% year-over-year as a result of higher base fees and our increased ownership percentage. turning to asset management ab reported earnings of $140 million up 11% year-over-year as a result of higher base fees and our increased ownership percentage While base fees benefited from 7% year-over-year increase in AUM, this was partially offset by lower fee rate due to a shift in asset mix. while base fees benefited from 7% year-over-year increase in aum this was partially offset by lower fee rate due to a shift in asset mix As expected, performance fees were relatively modest in this quarter, but we raised our full year forecast from $80 million-$100 million to $95 million-$115 million. Moving to wealth management, we experienced strong year-over-year growth in advisory fees and transaction revenues, driving a 22% increase in earnings. As a reminder, fourth quarter 2025 results benefited from favorable one-time items. In this quarter, we had seasonally higher expenses and a couple of million of costs related with the Stifel acquisition. We still expect double-digit earnings growth in 2026. Finally, corporate and other reported a loss of $98 million in the quarter after adjusting for notable items, which is consistent with our 2026 guidance. Mortality was slightly favorable in the quarter and improved versus previous periods. As expected, performance fees were relatively modest in this quarter, but we raised our full year forecast from $80 million-$100 million to $95 million-$115 million. as expected performance fees were relatively modest in this quarter but we raised our full year forecast from $80 million-$100 million to $95 million-$115 million Moving to wealth management, we experienced strong year-over-year growth in advisory fees and transaction revenues, driving a 22% increase in earnings. moving to wealth management we experienced strong year-over-year growth in advisory fees and transaction revenues driving a 22% increase in earnings As a reminder, fourth quarter 2025 results benefited from favorable one-time items. as a reminder fourth quarter 2025 results benefited from favorable one-time items In this quarter, we had seasonally higher expenses and a couple of million of costs related with the Stifel acquisition. in this quarter we had seasonally higher expenses and a couple of million of costs related with the stifel acquisition We still expect double-digit earnings growth in 2026. we still expect double-digit earnings growth in 2026 Finally, corporate and other reported a loss of $98 million in the quarter after adjusting for notable items, which is consistent with our 2026 guidance. finally corporate and other reported a loss of $98 million in the quarter after adjusting for notable items which is consistent with our 2026 guidance Mortality was slightly favorable in the quarter and improved versus previous periods. mortality was slightly favorable in the quarter and improved versus previous periods On slide 11, I'll highlight Equitable's strong balance sheet and cash flows, which enable us to be a consistent returner of capital to shareholders. We know there has been a lot of focus on credit risk, so we've updated our investment portfolio stress test to reflect our holdings as of year-end 2025. This assumes a hypothetical severe credit stress scenario, at least as bad as the global financial crisis and a decline of 40% in equity markets. We estimate slightly less than a 50-point decline in RBC ratio, which from a starting point of 475% still leaves us comfortably above our 400% target. As a result, we are well-positioned to handle a potential downturn in credit markets. That being said, today we do not see any signs of weakness in our portfolio. On slide 11, I'll highlight Equitable's strong balance sheet and cash flows, which enable us to be a consistent returner of capital to shareholders. on slide 11 i'll highlight equitable's strong balance sheet and cash flows which enable us to be a consistent returner of capital to shareholders We know there has been a lot of focus on credit risk, so we've updated our investment portfolio stress test to reflect our holdings as of year-end 2025. we know there has been a lot of focus on credit risk so we've updated our investment portfolio stress test to reflect our holdings as of year-end 2025 This assumes a hypothetical severe credit stress scenario, at least as bad as the global financial crisis and a decline of 40% in equity markets. this assumes a hypothetical severe credit stress scenario at least as bad as the global financial crisis and a decline of 40% in equity markets We estimate slightly less than a 50-point decline in RBC ratio, which from a starting point of 475% still leaves us comfortably above our 400% target. we estimate slightly less than a 50-point decline in rbc ratio which from a starting point of 475% still leaves us comfortably above our 400% target As a result, we are well-positioned to handle a potential downturn in credit markets. as a result we are well-positioned to handle a potential downturn in credit markets That being said, today we do not see any signs of weakness in our portfolio. that being said today we do not see any signs of weakness in our portfolio In the appendix, we provided updated disclosures on our private credit portfolio, which represent 18% of our general account and is 95% investment-grade assets that match well against our liabilities. Let me now turn to cash. We ended the first quarter with $1.2 billion of cash at the holding company, above our $500 million target, and we remain on track to achieve our target of 2026 cash generation of $1.8 billion. During the first quarter, we returned $223 million to shareholders, including $147 million of share repurchases. We were blacked out from buying back shares for the second half of the quarter due to the merger with Corebridge, which depressed our payout ratio for the period. In the appendix, we provided updated disclosures on our private credit portfolio, which represent 18% of our general account and is 95% investment-grade assets that match well against our liabilities. in the appendix we provided updated disclosures on our private credit portfolio which represent 18% of our general account and is 95% investment-grade assets that match well against our liabilities Let me now turn to cash. let me now turn to cash We ended the first quarter with $1.2 billion of cash at the holding company, above our $500 million target, and we remain on track to achieve our target of 2026 cash generation of $1.8 billion. we ended the first quarter with $1.2 billion of cash at the holding company above our $500 million target and we remain on track to achieve our target of 2026 cash generation of $1.8 billion During the first quarter, we returned $223 million to shareholders, including $147 million of share repurchases. during the first quarter we returned $223 million to shareholders including $147 million of share repurchases We were blacked out from buying back shares for the second half of the quarter due to the merger with Corebridge, which depressed our payout ratio for the period. we were blacked out from buying back shares for the second half of the quarter due to the merger with corebridge which depressed our payout ratio for the period We remain committed to delivering our 60%-70% payout ratio target for 2026 and recognize that share buybacks look extremely compelling at the current valuation. We plan to be in the market purchasing shares during the open windows between now and the closing of the transaction. On slide 12, we show a timeline with key dates related to the merger and the specific time periods of when we will be able to repurchase stock. Both Equitable and Corebridge trade at a significant discount relative to where we believe they should be valued, making buybacks meaningfully accretive to shareholders. As a result, you can expect that we will be active in the market during the windows that are available to us. We expect to file the initial merger proxy statement today after market close. We can repurchase shares from that point until we mail the final proxy. We remain committed to delivering our 60%- 70% payout ratio target for 2026 and recognize that share buybacks look extremely compelling at the current valuation. we remain committed to delivering our 60%- 70% payout ratio target for 2026 and recognize that share buybacks look extremely compelling at the current valuation We plan to be in the market purchasing shares during the open windows between now and the closing of the transaction. we plan to be in the market purchasing shares during the open windows between now and the closing of the transaction On slide 12, we show a timeline with key dates related to the merger and the specific time periods of when we will be able to repurchase stock. Both Equitable and Corebridge trade at a significant discount relative to where we believe they should be valued, making buybacks meaningfully accretive to shareholders. on slide 12 we show a timeline with key dates related to the merger and the specific time periods of when we will be able to repurchase stock. both equitable and corebridge trade at a significant discount relative to where we believe they should be valued making buybacks meaningfully accretive to shareholders As a result, you can expect that we will be active in the market during the windows that are available to us. as a result you can expect that we will be active in the market during the windows that are available to us We expect to file the initial merger proxy statement today after market close. we expect to file the initial merger proxy statement today after market close We can repurchase shares from that point until we mail the final proxy. we can repurchase shares from that point until we mail the final proxy There is not a set date for that mailing, we do not expect it to occur until at least early June. We will be able to repurchase shares again after the shareholder vote. If any repurchases from our 2026 capital plan are not completed prior to the merger close, we plan to execute them as part of an ASR shortly after the closing. As a reminder, the exchange ratio for the merger is fixed and will not be affected by any share repurchases executed by either company. I will now turn the call back over to Mark for some closing comments. Mark? There is not a set date for that mailing, we do not expect it to occur until at least early June. there is not a set date for that mailing we do not expect it to occur until at least early june We will be able to repurchase shares again after the shareholder vote. we will be able to repurchase shares again after the shareholder vote If any repurchases from our 2026 capital plan are not completed prior to the merger close, we plan to execute them as part of an ASR shortly after the closing. if any repurchases from our 2026 capital plan are not completed prior to the merger close we plan to execute them as part of an asr shortly after the closing As a reminder, the exchange ratio for the merger is fixed and will not be affected by any share repurchases executed by either company. as a reminder the exchange ratio for the merger is fixed and will not be affected by any share repurchases executed by either company I will now turn the call back over to Mark for some closing comments. i will now turn the call back over to mark for some closing comments Mark? mark

Speaker 5: Thanks, Robin. Equitable delivered solid first quarter results, and we remain confident in achieving our EPS growth and cash generation guidance for 2026, even with the volatile market backdrop. Looking forward, I am incredibly excited about the powerhouse franchise we are creating through the merger with Corebridge. As we have talked about this morning, the combined company will have the scale, distribution strength, and product breadth to deliver differentiated growth and returns. I am confident that this merger positions us to win with customers and deliver superior value to shareholders over time. We will now open the line to take your questions. Thanks, Robin. thanks robin Equitable delivered solid first quarter results, and we remain confident in achieving our EPS growth and cash generation guidance for 2026, even with the volatile market backdrop. equitable delivered solid first quarter results and we remain confident in achieving our eps growth and cash generation guidance for 2026 even with the volatile market backdrop Looking forward, I am incredibly excited about the powerhouse franchise we are creating through the merger with Corebridge. looking forward i am incredibly excited about the powerhouse franchise we are creating through the merger with corebridge As we have talked about this morning, the combined company will have the scale, distribution strength, and product breadth to deliver differentiated growth and returns. as we have talked about this morning the combined company will have the scale distribution strength and product breadth to deliver differentiated growth and returns I am confident that this merger positions us to win with customers and deliver superior value to shareholders over time. i am confident that this merger positions us to win with customers and deliver superior value to shareholders over time We will now open the line to take your questions. we will now open the line to take your questions

Speaker 8: We will now begin the question-and-answer session. Please limit yourself to one question and one follow-up. If you would like to ask a question, Please press star one to raise your hand, to withdraw your question press star one again. We ask that you pick up your handset when asking a question to allow for optimum sound quality. If you are muted locally please remember to unmute your device. Please stand by while we compile the Q&A roster. Your first question comes from the line of Wes Carmichael with Wells Fargo. Your line is open. Please go ahead. We will now begin the question-and-answer session. Please limit yourself to one question and one follow-up. If you would like to ask a question, Please press star one to raise your hand, to withdraw your question press star one again. We ask that you pick up your handset when asking a question to allow for optimum sound quality. If you are muted locally please remember to unmute your device. Please stand by while we compile the Q&A roster. Your first question comes from the line of Wes Carmichael with Wells Fargo. we will now begin the question-and-answer session. please limit yourself to one question and one follow-up. if you would like to ask a question, please press star one to raise your hand, to withdraw your question press star one again. we ask that you pick up your handset when asking a question to allow for optimum sound quality. if you are muted locally please remember to unmute your device. please stand by while we compile the q&a roster. your first question comes from the line of wes carmichael with wells fargo Your line is open. your line is open Please go ahead. please go ahead

Speaker 15: Hey, good morning. Thank you. My first question was on the retirement segment. You had a pretty good earnings result in the quarter. Previously, I think you talked about spread compression abating in the second half of 2026, at least on a percentage basis. Do you still think that's the case given the mix of the book here? Maybe you could just talk a little bit about what you're seeing on the cost of funds side from competitive dynamic. Hey, good morning. hey good morning Thank you. thank you My first question was on the retirement segment. my first question was on the retirement segment You had a pretty good earnings result in the quarter. you had a pretty good earnings result in the quarter Previously, I think you talked about spread compression abating in the second half of 2026, at least on a percentage basis. previously i think you talked about spread compression abating in the second half of 2026 at least on a percentage basis Do you still think that's the case given the mix of the book here? do you still think that's the case given the mix of the book here Maybe you could just talk a little bit about what you're seeing on the cost of funds side from competitive dynamic. maybe you could just talk a little bit about what you're seeing on the cost of funds side from competitive dynamic

Speaker 10: Sure, Wes. Thank you for your question. We were happy to see a spread stabilize here in the first quarter. If you look quarter-over-quarter, spread income NIM was up $11 million quarter-over-quarter. If you exclude alts too, it's up even more, and excluding some of the MVA benefit, it was up about 1 basis point net. If you look at it was about 1.69% or 169 basis points. I think that's a level you can probably expect at this point, and you can expect spread income to grow as the general account excluding embedded derivatives grow. Sure, Wes. sure wes Thank you for your question. thank you for your question We were happy to see a spread stabilize here in the first quarter. we were happy to see a spread stabilize here in the first quarter If you look quarter-over-quarter, spread income NIM was up $11 million quarter-over-quarter. if you look quarter-over-quarter spread income nim was up $11 million quarter-over-quarter If you exclude alts too, it's up even more, and excluding some of the MVA benefit, it was up about 1 basis point net. if you exclude alts too it's up even more and excluding some of the mva benefit it was up about 1 basis point net If you look at it was about 1.69% or 169 basis points. if you look at it was about 1.69% or 169 basis points I think that's a level you can probably expect at this point, and you can expect spread income to grow as the general account excluding embedded derivatives grow. i think that's a level you can probably expect at this point and you can expect spread income to grow as the general account excluding embedded derivatives grow I mean, two primary factors that you see, yes, with the abatement of some of the higher margin in-force that's run off, that's a smaller part of the business mix, but also the discipline in the new business underwriting that we're seeing. Despite what you hear on the competition, you know, RILA sales were up 14% year-over-year, and the pricing discipline has been maintained, and the margins have been good. The combination of that with the runoff of the in-force should lead to stabilization of spreads going forward. I mean, two primary factors that you see, yes, with the abatement of some of the higher margin in-force that's run off, that's a smaller part of the business mix, but also the discipline in the new business underwriting that we're seeing. i mean two primary factors that you see yes with the abatement of some of the higher margin in-force that's run off that's a smaller part of the business mix but also the discipline in the new business underwriting that we're seeing Despite what you hear on the competition, you know, RILA sales were up 14% year-over-year, and the pricing discipline has been maintained, and the margins have been good. despite what you hear on the competition you know rila sales were up 14% year-over-year and the pricing discipline has been maintained and the margins have been good The combination of that with the runoff of the in-force should lead to stabilization of spreads going forward. the combination of that with the runoff of the in-force should lead to stabilization of spreads going forward

Speaker 15: Got it. Thanks, Robin. Maybe just a more broad question, but on the Equitable-Corebridge merger, I know you reiterated EPS guidance with materials. Just wondering if you've done a bit more work, I guess, in earnest on progress toward the merger. Have any of your expectations changed in terms of the financial impact? Maybe anywhere are you seeing more or less opportunity relative to, I guess, a little bit more than a month ago when the deal was announced? Got it. got it Thanks, Robin. thanks robin Maybe just a more broad question, but on the Equitable-Corebridge merger, I know you reiterated EPS guidance with materials. maybe just a more broad question but on the equitable-corebridge merger i know you reiterated eps guidance with materials Just wondering if you've done a bit more work, I guess, in earnest on progress toward the merger. just wondering if you've done a bit more work i guess in earnest on progress toward the merger Have any of your expectations changed in terms of the financial impact? have any of your expectations changed in terms of the financial impact Maybe anywhere are you seeing more or less opportunity relative to, I guess, a little bit more than a month ago when the deal was announced? maybe anywhere are you seeing more or less opportunity relative to i guess a little bit more than a month ago when the deal was announced

Speaker 5: Thanks, Wes. It's Mark Pearson. Yes, I think the things we'd say is the integration planning process is well underway now with the top 50 or so leaders from each of the organizations. We really are confirming through that the complementarity of the two businesses. We are stronger together in terms of our product breadth, in terms of our distribution, in terms of the scale. That is confirming everything we've told you in terms of the synergy opportunities and the look forward. We are also pretty excited on the revenue synergy side, but we're gonna save telling you that until first half of 2027 when we've done the work and we can start to quantify it for you. Thanks, Wes. thanks wes It's Mark Pearson. it's mark pearson Yes, I think the things we'd say is the integration planning process is well underway now with the top 50 or so leaders from each of the organizations. yes i think the things we'd say is the integration planning process is well underway now with the top 50 or so leaders from each of the organizations We really are confirming through that the complementarity of the two businesses. we really are confirming through that the complementarity of the two businesses We are stronger together in terms of our product breadth, in terms of our distribution, in terms of the scale. we are stronger together in terms of our product breadth in terms of our distribution in terms of the scale That is confirming everything we've told you in terms of the synergy opportunities and the look forward. that is confirming everything we've told you in terms of the synergy opportunities and the look forward We are also pretty excited on the revenue synergy side, but we're gonna save telling you that until first half of 2027 when we've done the work and we can start to quantify it for you. we are also pretty excited on the revenue synergy side but we're gonna save telling you that until first half of 2027 when we've done the work and we can start to quantify it for you Confirming the expense synergies now and then also starting to work on the revenue side as well. Confirming the expense synergies now and then also starting to work on the revenue side as well. confirming the expense synergies now and then also starting to work on the revenue side as well

Speaker 15: Got it. Thank you. Got it. got it Thank you. thank you

Speaker 8: Your next question comes from the line of Suneet Kamath with Jefferies. Your line is open. Please go ahead. Your next question comes from the line of Suneet Kamath with Jefferies. your next question comes from the line of suneet kamath with jefferies Your line is open. your line is open Please go ahead. please go ahead

Speaker 12: Great. Thanks. I just wanted to start on the buybacks with the window opening, I guess, later tonight. How should we think about the pace of buybacks here over the next month? Is there any sort of restrictions or coordination that's required with Corebridge, or are you guys just kind of operating at your own sort of speed? Great. great Thanks. thanks I just wanted to start on the buybacks with the window opening, I guess, later tonight. i just wanted to start on the buybacks with the window opening i guess later tonight How should we think about the pace of buybacks here over the next month? how should we think about the pace of buybacks here over the next month Is there any sort of restrictions or coordination that's required with Corebridge, or are you guys just kind of operating at your own sort of speed? is there any sort of restrictions or coordination that's required with corebridge or are you guys just kind of operating at your own sort of speed

Speaker 10: Sure. Thanks, Suneet. As we laid out in the presentation, we're excited to say we're gonna be back in the market with share buybacks. We expect to file the proxy this evening. That enables us to open up the window again until the final mailing that will happen in June. Within that time period, expect us to be active in the market. The returns on a share buyback are very attractive at this point in time. That's one of the reasons why we wanted to be back in. Both us and Corebridge will coordinate together to make sure that share buybacks maintain accretion for shareholders throughout the period. As I laid out in the presentation, after the shareholder vote, that'll open up the next window for share buybacks. Sure. sure Thanks, Suneet . thanks suneet As we laid out in the presentation, we're excited to say we're gonna be back in the market with share buybacks. as we laid out in the presentation we're excited to say we're gonna be back in the market with share buybacks We expect to file the proxy this evening. we expect to file the proxy this evening That enables us to open up the window again until the final mailing that will happen in June. that enables us to open up the window again until the final mailing that will happen in june Within that time period, expect us to be active in the market. within that time period expect us to be active in the market The returns on a share buyback are very attractive at this point in time. the returns on a share buyback are very attractive at this point in time That's one of the reasons why we wanted to be back in. that's one of the reasons why we wanted to be back in Both us and Corebridge will coordinate together to make sure that share buybacks maintain accretion for shareholders throughout the period. both us and corebridge will coordinate together to make sure that share buybacks maintain accretion for shareholders throughout the period As I laid out in the presentation, after the shareholder vote, that'll open up the next window for share buybacks. as i laid out in the presentation after the shareholder vote that'll open up the next window for share buybacks Anything that's not completed, by the closing will be completed as an ASR if needed. Shareholders should expect the same level of capital return from both companies that they would have otherwise received. We're happy to say we're going to be at back in the market because buybacks are accretive given that both stocks look cheap right now. Anything that's not completed, by the closing will be completed as an ASR if needed. anything that's not completed by the closing will be completed as an asr if needed Shareholders should expect the same level of capital return from both companies that they would have otherwise received. shareholders should expect the same level of capital return from both companies that they would have otherwise received We're happy to say we're going to be at back in the market because buybacks are accretive given that both stocks look cheap right now. we're happy to say we're going to be at back in the market because buybacks are accretive given that both stocks look cheap right now

Speaker 12: Okay, that's helpful. I guess on the $70 billion-$80 billion of originated liabilities that you guys are sort of talking about, is there a practical limit in terms of how much assets AB can originate in order to back those liabilities? Okay, that's helpful. okay that's helpful I guess on the $70 billion-$80 billion of originated liabilities that you guys are sort of talking about, is there a practical limit in terms of how much assets AB can originate in order to back those liabilities? i guess on the $70 billion-$80 billion of originated liabilities that you guys are sort of talking about is there a practical limit in terms of how much assets ab can originate in order to back those liabilities

Speaker 10: No, we're fortunate. With $70 billion-$80 billion of liabilities, we're gonna have four asset managers that we're gonna leverage. Obviously AllianceBernstein are in-house. Also, we get to benefit from some of the capabilities that Corebridge brings to the merger, so Blackstone, BlackRock, and their internal capabilities as well. $70 billion-$80 billion provides lots of assets to put to work and allows us to be disciplined on the general account and getting the best risk-adjusted returns on those assets across the board. I would expect everybody to benefit. Obviously, AB will benefit from the broader revenue synergies as well. That doesn't take into account the future growth. That's the $100 billion in separate account and general account assets that will move over to AB as a starting point. No, we're fortunate. no we're fortunate With $70 billion-$80 billion of liabilities, we're gonna have four asset managers that we're gonna leverage. with $70 billion-$80 billion of liabilities we're gonna have four asset managers that we're gonna leverage Obviously AllianceBernstein are in-house. obviously alliancebernstein are in-house Also, we get to benefit from some of the capabilities that Corebridge brings to the merger, so Blackstone, BlackRock, and their internal capabilities as well. $70 billion-$80 billion provides lots of assets to put to work and allows us to be disciplined on the general account and getting the best risk-adjusted returns on those assets across the board. also we get to benefit from some of the capabilities that corebridge brings to the merger so blackstone blackrock and their internal capabilities as well $70 billion-$80 billion provides lots of assets to put to work and allows us to be disciplined on the general account and getting the best risk-adjusted returns on those assets across the board I would expect everybody to benefit. i would expect everybody to benefit Obviously, AB will benefit from the broader revenue synergies as well. obviously ab will benefit from the broader revenue synergies as well That doesn't take into account the future growth. that doesn't take into account the future growth That's the $100 billion in separate account and general account assets that will move over to AB as a starting point. that's the $100 billion in separate account and general account assets that will move over to ab as a starting point Then there'll be upside from there with the future growth of the $70 billion-$80 billion benefiting AB and our other asset managers as well. Then there'll be upside from there with the future growth of the $70 billion-$80 billion benefiting AB and our other asset managers as well. then there'll be upside from there with the future growth of the $70 billion-$80 billion benefiting ab and our other asset managers as well

Speaker 12: Okay, thanks. Okay, thanks. okay thanks

Speaker 8: Your next question comes from the line of Ryan Krueger with KBW. Your line is open. Please go ahead. Your next question comes from the line of Ryan Krueger with KBW. your next question comes from the line of ryan krueger with kbw Your line is open. your line is open Please go ahead. please go ahead

Speaker 11: Hey, thanks. Good morning. In the merger call, you talked about 2%-4% synergies from capital and taxes that were part of the 10%+ overall synergies. I just wanted to, I guess, ask if, you know, is that a true best estimate or did you embed some conservatism there and, you know, you could possibly, as you do more work, see some upside to the capital benefits of the merger? Hey, thanks. hey thanks Good morning. good morning In the merger call, you talked about 2%-4% synergies from capital and taxes that were part of the 10%+ overall synergies. in the merger call you talked about 2%-4% synergies from capital and taxes that were part of the 10%+ overall synergies I just wanted to, I guess, ask if, you know, is that a true best estimate or did you embed some conservatism there and, you know, you could possibly, as you do more work, see some upside to the capital benefits of the merger? i just wanted to i guess ask if you know is that a true best estimate or did you embed some conservatism there and you know you could possibly as you do more work see some upside to the capital benefits of the merger

Speaker 10: Thanks, Ryan. Some of the benefits that we spoke about the merger, I think it's just important to repeat. It's gonna be day one accretive and 10%+ going forward after everything's at a run rate basis. In addition, the diversification of both businesses together means we'll have more stability in earnings and cash flows, which I think will lead to a lower cost of capital and a better profile for us going forward. To your question on the 10%+ synergies, we referenced 6%-8% coming from expense synergies. There we said we at least expect to at least get $500 million. There should be upside to that. The remainder will be from tax and capital, which I would say is our best estimate at this point in time. Thanks, Ryan. thanks ryan Some of the benefits that we spoke about the merger, I think it's just important to repeat. some of the benefits that we spoke about the merger i think it's just important to repeat It's gonna be day one accretive and 10% + going forward after everything's at a run rate basis. it's gonna be day one accretive and 10% + going forward after everything's at a run rate basis In addition, the diversification of both businesses together means we'll have more stability in earnings and cash flows, which I think will lead to a lower cost of capital and a better profile for us going forward. in addition the diversification of both businesses together means we'll have more stability in earnings and cash flows which i think will lead to a lower cost of capital and a better profile for us going forward To your question on the 10% + synergies, we referenced 6%-8% coming from expense synergies. to your question on the 10% + synergies we referenced 6%-8% coming from expense synergies There we said we at least expect to at least get $500 million. there we said we at least expect to at least get $500 million There should be upside to that. there should be upside to that The remainder will be from tax and capital, which I would say is our best estimate at this point in time. the remainder will be from tax and capital which i would say is our best estimate at this point in time We'll always do more work going forward. You can see both companies, Equitable and Corebridge, very active in terms of capital management, since the IPO, you could expect that to continue going forward. Most importantly, though, as Mark mentioned earlier, these numbers do not include the benefit of revenue synergies. I think that's what's gonna differentiate this transaction on a go-forward basis, is the more assets and revenues going to AllianceBernstein, leveraging Corebridge's index IUL and fixed annuity products with Equitable Advisors and leveraging our VO product with their third-party distribution. If we can be successful in capturing more revenue with the two companies together, this will be a stronger franchise that deserves a higher multiple going forward. We'll always do more work going forward. we'll always do more work going forward You can see both companies, Equitable and Corebridge, very active in terms of capital management, since the IPO, you could expect that to continue going forward. you can see both companies equitable and corebridge very active in terms of capital management since the ipo you could expect that to continue going forward Most importantly, though, as Mark mentioned earlier, these numbers do not include the benefit of revenue synergies. most importantly though as mark mentioned earlier these numbers do not include the benefit of revenue synergies I think that's what's gonna differentiate this transaction on a go-forward basis, is the more assets and revenues going to AllianceBernstein, leveraging Corebridge's index IUL and fixed annuity products with Equitable Advisors and leveraging our VO product with their third-party distribution. i think that's what's gonna differentiate this transaction on a go-forward basis is the more assets and revenues going to alliancebernstein leveraging corebridge's index iul and fixed annuity products with equitable advisors and leveraging our vo product with their third-party distribution If we can be successful in capturing more revenue with the two companies together, this will be a stronger franchise that deserves a higher multiple going forward. if we can be successful in capturing more revenue with the two companies together this will be a stronger franchise that deserves a higher multiple going forward

Speaker 11: Thank you. Just one question on the P-GAAP impacts. I mean, I understand that it's contingent on where interest rates are, and there's probably a lot of work to be done on this. Maybe just directionally, can you give any sense of, like, if the merger closed now, would this be more likely to be a positive or negative potential impact to your GAAP earnings? Thank you. thank you Just one question on the P-GAAP impacts. just one question on the p-gaap impacts I mean, I understand that it's contingent on where interest rates are, and there's probably a lot of work to be done on this. i mean i understand that it's contingent on where interest rates are and there's probably a lot of work to be done on this Maybe just directionally, can you give any sense of, like, if the merger closed now, would this be more likely to be a positive or negative potential impact to your GAAP earnings? maybe just directionally can you give any sense of like if the merger closed now would this be more likely to be a positive or negative potential impact to your gaap earnings

Speaker 10: I think it's too early to say at this point in time. As we put together the P-GAAP, we'll finalize that prior to close, and we'll certainly give you that guidance. I think there'll be moving parts in the P-GAAP, one, on the balance sheet basis. Obviously, the book value of the combined companies will be bigger, and that'll just be reflective of wherever the market cap of Equitable is at that standpoint. On the income side, there'll be moving parts between VOBA, DAC, and then fair value of some of the assets, and we'll do that work. As we do that work, we'll disclose it as we get closer to the close of the transaction. I think it's too early to say at this point in time. i think it's too early to say at this point in time As we put together the P-GAAP, we'll finalize that prior to close, and we'll certainly give you that guidance. as we put together the p-gaap we'll finalize that prior to close and we'll certainly give you that guidance I think there'll be moving parts in the P-GAAP, one, on the balance sheet basis. i think there'll be moving parts in the p-gaap one on the balance sheet basis Obviously, the book value of the combined companies will be bigger, and that'll just be reflective of wherever the market cap of Equitable is at that standpoint. obviously the book value of the combined companies will be bigger and that'll just be reflective of wherever the market cap of equitable is at that standpoint On the income side, there'll be moving parts between VOBA, DAC, and then fair value of some of the assets, and we'll do that work. on the income side there'll be moving parts between voba dac and then fair value of some of the assets and we'll do that work As we do that work, we'll disclose it as we get closer to the close of the transaction. as we do that work we'll disclose it as we get closer to the close of the transaction

Speaker 11: Okay. Thank you. Okay. okay Thank you. thank you

Speaker 8: Your next question comes from the line of Tom Gallagher with Evercore ISI. Your line is open. Please go ahead. Your next question comes from the line of Tom Gallagher with Evercore ISI. your next question comes from the line of tom gallagher with evercore isi Your line is open. your line is open Please go ahead. please go ahead

Speaker 13: Good morning. One question about the quarter and then one about the merger. On the quarter, the MVA gains that you had in retirement, Robin, can you comment on absolute dollars of earnings that that represented this quarter? Would you expect there to be any sustainability there, or was there something unusual about why they were higher? Good morning. good morning One question about the quarter and then one about the merger. one question about the quarter and then one about the merger On the quarter, the MVA gains that you had in retirement, Robin, can you comment on absolute dollars of earnings that that represented this quarter? on the quarter the mva gains that you had in retirement robin can you comment on absolute dollars of earnings that that represented this quarter Would you expect there to be any sustainability there, or was there something unusual about why they were higher? would you expect there to be any sustainability there or was there something unusual about why they were higher

Speaker 10: Sure. Thanks. We were, again, key point for me is that spread stabilized ex-alt and ex-DMVA, so about a 1 basis point improvement. The MVA was about, approximately $10 million in the quarter. We don't expect benefits on a go-forward basis. That's something we don't include in our forecast or budgeting. As you've seen, that's been positive or negative through different periods over time. Excluding the MVA and excluding the impact of alts, spreads improved by 1 basis point quarter-over-quarter. Sure. sure Thanks. thanks We were, again, key point for me is that spread stabilized ex-alt and ex-DMVA, so about a 1 basis point improvement. we were again key point for me is that spread stabilized ex-alt and ex-dmva so about a 1 basis point improvement The MVA was about, approximately $10 million in the quarter. the mva was about approximately $10 million in the quarter We don't expect benefits on a go-forward basis. we don't expect benefits on a go-forward basis That's something we don't include in our forecast or budgeting. that's something we don't include in our forecast or budgeting As you've seen, that's been positive or negative through different periods over time. as you've seen that's been positive or negative through different periods over time Excluding the MVA and excluding the impact of alts, spreads improved by 1 basis point quarter-over-quarter. excluding the mva and excluding the impact of alts spreads improved by 1 basis point quarter-over-quarter

Speaker 13: Gotcha. $10 million was the earnings contribution? Gotcha. $10 million was the earnings contribution? gotcha $10 million was the earnings contribution

Speaker 10: Yes. Approximately. Yes. yes Approximately. approximately

Speaker 13: Gotcha. My question on the merger, I listened closely to what you've been saying about the revenue synergies. I haven't heard much of an emphasis on your institutional spread business, which I know is small for you. It's bigger for Corebridge. Is that an opportunity? Because when I look at you and Corebridge on a standalone basis, you're probably half of the size or maybe 30% or 40% of the size of that business compared to, like, the Mets and the Prus of the world. I'm just wondering, is that a business that we should expect you to really scale up? Gotcha. gotcha My question on the merger, I listened closely to what you've been saying about the revenue synergies. my question on the merger i listened closely to what you've been saying about the revenue synergies I haven't heard much of an emphasis on your institutional spread business, which I know is small for you. i haven't heard much of an emphasis on your institutional spread business which i know is small for you It's bigger for Corebridge. it's bigger for corebridge Is that an opportunity? is that an opportunity Because when I look at you and Corebridge on a standalone basis, you're probably half of the size or maybe 30% or 40% of the size of that business compared to, like, the Mets and the Prus of the world. because when i look at you and corebridge on a standalone basis you're probably half of the size or maybe 30% or 40% of the size of that business compared to like the mets and the prus of the world I'm just wondering, is that a business that we should expect you to really scale up? i'm just wondering is that a business that we should expect you to really scale up

Speaker 10: Sure. I think for Corebridge and Equitable, the FABN market has been attractive. It's generated good returns for us. It's obviously spread dependent, depending on where our spreads trade at different time periods, that allows us to go in and out. Obviously with the balance sheet being much bigger, it gives us more capacity to lean in in that market, given if spreads are there and pricing is there. It's certainly an opportunity for us with the larger balance sheet going forward. Sure. sure I think for Corebridge and Equitable, the FABN market has been attractive. i think for corebridge and equitable the fabn market has been attractive It's generated good returns for us. it's generated good returns for us It's obviously spread dependent, depending on where our spreads trade at different time periods, that allows us to go in and out. it's obviously spread dependent depending on where our spreads trade at different time periods that allows us to go in and out Obviously with the balance sheet being much bigger, it gives us more capacity to lean in in that market, given if spreads are there and pricing is there. obviously with the balance sheet being much bigger it gives us more capacity to lean in in that market given if spreads are there and pricing is there It's certainly an opportunity for us with the larger balance sheet going forward. it's certainly an opportunity for us with the larger balance sheet going forward

Speaker 13: Okay, thanks. Okay, thanks. okay thanks

Speaker 8: Your next question comes from the line of Joel Hurwitz with Dowling & Partners. Your line is open. Please go ahead. Your next question comes from the line of Joel Hurwitz with Dowling & Partners. your next question comes from the line of joel hurwitz with dowling & partners Your line is open. your line is open Please go ahead. please go ahead

Speaker 3: Hey, good morning. Robin, first, can you just unpack what you guys saw from a mortality perspective in the quarter? It looked pretty good with the reported benefit ratio at 83.1%. Hey, good morning. hey good morning Robin, first, can you just unpack what you guys saw from a mortality perspective in the quarter? robin first can you just unpack what you guys saw from a mortality perspective in the quarter It looked pretty good with the reported benefit ratio at 83.1%. it looked pretty good with the reported benefit ratio at 83.1%

Speaker 10: Yeah, it was nice to have a nice quarter on mortality this quarter. You know, our benefit ratio is 83%. That's the lowest it's been in any quarter over the last year, which is good. Overall, we saw lower claims, and less high base amount claims as well, specifically with benefited us this quarter. Going forward, we think with the guidance that we've given to the market, captures appropriately what we'd expect to see in mortality. You know, we look forward to speaking more about good mortality and focusing on the growth in the other businesses as well going forward. Yeah, it was nice to have a nice quarter on mortality this quarter. yeah it was nice to have a nice quarter on mortality this quarter You know, our benefit ratio is 83%. you know our benefit ratio is 83% That's the lowest it's been in any quarter over the last year, which is good. that's the lowest it's been in any quarter over the last year which is good Overall, we saw lower claims, and less high base amount claims as well, specifically with benefited us this quarter. overall we saw lower claims and less high base amount claims as well specifically with benefited us this quarter Going forward, we think with the guidance that we've given to the market, captures appropriately what we'd expect to see in mortality. going forward we think with the guidance that we've given to the market captures appropriately what we'd expect to see in mortality You know, we look forward to speaking more about good mortality and focusing on the growth in the other businesses as well going forward. you know we look forward to speaking more about good mortality and focusing on the growth in the other businesses as well going forward

Speaker 3: Got it. In retirement, it looks like you're starting to utilize flow reinsurance for some of your spread business. Can you just talk about what products that's on, how much you, I guess, you plan to do and the economics for Equitable? Got it. got it In retirement, it looks like you're starting to utilize flow reinsurance for some of your spread business. in retirement it looks like you're starting to utilize flow reinsurance for some of your spread business Can you just talk about what products that's on, how much you, I guess, you plan to do and the economics for Equitable? can you just talk about what products that's on how much you i guess you plan to do and the economics for equitable

Speaker 10: Sure, yes. We did, in the fourth quarter, we started a bit to do some flow reinsurance on our RILA product. Flow reinsurance is a tool that we think is helpful for us when making products accretive going forward. It's an important tool in the toolkit. We could look at flow reinsurance in other products as well, and even post-merger, as you know, Corebridge does some flow reinsurance as well. As long as it's accretive for us versus not doing it's something that we'll look at selectively in different products. As you know, it's important to have a good counterparty, which we have. We try to make sure AB continues to manage a portion of the assets for us going forward. We also have Bermuda as a tool in our toolkit as well. Sure, yes. sure yes We did, in the fourth quarter, we started a bit to do some flow reinsurance on our RILA product. we did in the fourth quarter we started a bit to do some flow reinsurance on our rila product Flow reinsurance is a tool that we think is helpful for us when making products accretive going forward. flow reinsurance is a tool that we think is helpful for us when making products accretive going forward It's an important tool in the toolkit. it's an important tool in the toolkit We could look at flow reinsurance in other products as well, and even post-merger, as you know, Corebridge does some flow reinsurance as well. we could look at flow reinsurance in other products as well and even post-merger as you know corebridge does some flow reinsurance as well As long as it's accretive for us versus not doing it's something that we'll look at selectively in different products. as long as it's accretive for us versus not doing it's something that we'll look at selectively in different products As you know, it's important to have a good counterparty, which we have. as you know it's important to have a good counterparty which we have We try to make sure AB continues to manage a portion of the assets for us going forward. we try to make sure ab continues to manage a portion of the assets for us going forward We also have Bermuda as a tool in our toolkit as well. we also have bermuda as a tool in our toolkit as well We'll look at that for flow reinsurance for selective products, for our internal products and also potentially for third-party opportunities going forward as well. Flow reinsurance is something that we'll always look at across our businesses. We'll look at that for flow reinsurance for selective products, for our internal products and also potentially for third-party opportunities going forward as well. we'll look at that for flow reinsurance for selective products for our internal products and also potentially for third-party opportunities going forward as well Flow reinsurance is something that we'll always look at across our businesses. flow reinsurance is something that we'll always look at across our businesses

Speaker 3: Got it. Thank you. Got it. got it Thank you. thank you

Speaker 8: Your next question comes from the line of Alex Scott with Barclays. Your line is open. Please go ahead. Your next question comes from the line of Alex Scott with Barclays. your next question comes from the line of alex scott with barclays Your line is open. your line is open Please go ahead. please go ahead

Speaker 1: Hi, good morning. Thanks. First one I have is on cash flow. Wanted to see if you could talk a bit about just the cash generation of the business and how that'll trend through, you know, the integration process, you know, with just some higher expenses related to the integration itself and probably some sort of hockey stick dynamic. Could you help us think through the way that that'll progress over the next few years? Hi, good morning. hi good morning Thanks. thanks First one I have is on cash flow. first one i have is on cash flow Wanted to see if you could talk a bit about just the cash generation of the business and how that'll trend through, you know, the integration process, you know, with just some higher expenses related to the integration itself and probably some sort of hockey stick dynamic. wanted to see if you could talk a bit about just the cash generation of the business and how that'll trend through you know the integration process you know with just some higher expenses related to the integration itself and probably some sort of hockey stick dynamic Could you help us think through the way that that'll progress over the next few years? could you help us think through the way that that'll progress over the next few years

Speaker 10: It's probably a little bit too early to give you too many specifics. I'd say, you know, both companies obviously have strong cash flow generation across. On the Equitable side, we continue to feel comfortable with our $1.8 billion guidance that we provided this year and the $2 billion for 2027. Expect that to be in addition to the investments that we have in growth to help grow our new business franchises across the board. As part of the integration, we will target $500+ million in expense synergies and expect that'll be a 1.5x investment with a very good payback associated with it. It's probably a little bit too early to give you too many specifics. it's probably a little bit too early to give you too many specifics I'd say, you know, both companies obviously have strong cash flow generation across. i'd say you know both companies obviously have strong cash flow generation across On the Equitable side, we continue to feel comfortable with our $1.8 billion guidance that we provided this year and the $2 billion for 2027. on the equitable side we continue to feel comfortable with our $1.8 billion guidance that we provided this year and the $2 billion for 2027 Expect that to be in addition to the investments that we have in growth to help grow our new business franchises across the board. expect that to be in addition to the investments that we have in growth to help grow our new business franchises across the board As part of the integration, we will target $500+ million in expense synergies and expect that'll be a 1.5 x investment with a very good payback associated with it. as part of the integration we will target $500+ million in expense synergies and expect that'll be a 1.5 x investment with a very good payback associated with it That investment is split between cash and non-cash, and the timing of that, we'll provide further updates as we get closer to the close of the transaction and the integration planning is more complete. That investment is split between cash and non-cash, and the timing of that, we'll provide further updates as we get closer to the close of the transaction and the integration planning is more complete. that investment is split between cash and non-cash and the timing of that we'll provide further updates as we get closer to the close of the transaction and the integration planning is more complete

Speaker 1: Got it. That's helpful. I guess, related topic is just the excess capital level that you have right now, particularly at the OpCo level, pretty significant, and Corebridge has a pretty significant amount of excess capital as well. You know, how will this transaction change the way you approach at all to? Got it. got it That's helpful. that's helpful I guess, related topic is just the excess capital level that you have right now, particularly at the OpCo level, pretty significant, and Corebridge has a pretty significant amount of excess capital as well. i guess related topic is just the excess capital level that you have right now particularly at the opco level pretty significant and corebridge has a pretty significant amount of excess capital as well You know, how will this transaction change the way you approach at all to? you know how will this transaction change the way you approach at all to You know, the amount of excess capital you hold over time. I mean, I think it's been a while now that you've sort of sat on a pretty high level, and you mentioned this, the stress test doesn't even take you down that close to your buffer at this point, and that was a pretty extreme stress test. You know, are you thinking about that differently with the transaction coming on? You know, the amount of excess capital you hold over time. you know the amount of excess capital you hold over time I mean, I think it's been a while now that you've sort of sat on a pretty high level, and you mentioned this, the stress test doesn't even take you down that close to your buffer at this point, and that was a pretty extreme stress test. i mean i think it's been a while now that you've sort of sat on a pretty high level and you mentioned this the stress test doesn't even take you down that close to your buffer at this point and that was a pretty extreme stress test You know, are you thinking about that differently with the transaction coming on? you know are you thinking about that differently with the transaction coming on

Speaker 10: Yeah. I think, again, going forward, we will have an Investor Day in 2027 where we'll give further guidance on all those metrics. Look, if I take a step back, as we mentioned, the two companies are stronger together. The balance sheets are more resilient. They're more diversified across each other. There'll be a lower cost of equity across the company, and we'll be well-positioned to maintain, you know, different cycles in the market, whether that be credit or equity, because of the diversification of the businesses. What does that do? That allows us to leverage excess capital for best use for shareholders. Obviously, share buybacks are a very attractive use at this time given the valuations of both companies. It also allows us to invest in growth. Yeah. yeah I think, again, going forward, we will have an Investor Day in 2027 where we'll give further guidance on all those metrics. i think again going forward we will have an investor day in 2027 where we'll give further guidance on all those metrics Look, if I take a step back, as we mentioned, the two companies are stronger together. look if i take a step back as we mentioned the two companies are stronger together The balance sheets are more resilient. the balance sheets are more resilient They're more diversified across each other. they're more diversified across each other There'll be a lower cost of equity across the company, and we'll be well-positioned to maintain, you know, different cycles in the market, whether that be credit or equity, because of the diversification of the businesses. there'll be a lower cost of equity across the company and we'll be well-positioned to maintain you know different cycles in the market whether that be credit or equity because of the diversification of the businesses What does that do? what does that do That allows us to leverage excess capital for best use for shareholders. that allows us to leverage excess capital for best use for shareholders Obviously, share buybacks are a very attractive use at this time given the valuations of both companies. obviously share buybacks are a very attractive use at this time given the valuations of both companies It also allows us to invest in growth. it also allows us to invest in growth We see very good returns across in the RILA market and the other markets across both companies. The more we can invest in growth and grow earnings going forward, which will translate into growth and cash, that'll benefit shareholders over the long term. We'll evaluate all those investment in growth, investment in share buybacks for uses of excess capital as the two companies come together. We see very good returns across in the RILA market and the other markets across both companies. we see very good returns across in the rila market and the other markets across both companies The more we can invest in growth and grow earnings going forward, which will translate into growth and cash, that'll benefit shareholders over the long term. the more we can invest in growth and grow earnings going forward which will translate into growth and cash that'll benefit shareholders over the long term We'll evaluate all those investment in growth, investment in share buybacks for uses of excess capital as the two companies come together. we'll evaluate all those investment in growth investment in share buybacks for uses of excess capital as the two companies come together

Speaker 1: Got it. Thank you. Got it. got it Thank you. thank you

Speaker 8: Your next question comes from the line of Yaron Kinar with Mizuho. Your line is open. Please go ahead. Your next question comes from the line of Yaron Kinar with Mizuho. your next question comes from the line of yaron kinar with mizuho Your line is open. your line is open Please go ahead. please go ahead

Speaker 17: Thank you. Good morning. Just a couple of, on capital deployment. You know, if the windows end up being a bit narrower than expected or liked and ultimately you have to complete the buyback through an ASR at the end of the year, is that 15%+ EPS growth target still achievable? Thank you. thank you Good morning. good morning Just a couple of, on capital deployment. just a couple of on capital deployment You know, if the windows end up being a bit narrower than expected or liked and ultimately you have to complete the buyback through an ASR at the end of the year, is that 15% + EPS growth target still achievable? you know if the windows end up being a bit narrower than expected or liked and ultimately you have to complete the buyback through an asr at the end of the year is that 15% + eps growth target still achievable

Speaker 10: Yes. I think we're pretty comfortable. If you look where we, the quarter we've ended at, +25% on an EPS basis overall. That was with a lower share buyback in the first quarter. If you look the windows that we have available to us, we believe we can deploy a lot of capital in the markets to buy back stock at these levels and keeping within our 60%-70% payout ratio by year-end. The windows that we have are pretty broad and we think give us the availability and the timing needed to deploy our capital plan. Anything that is left, we'll complete it in an ASR. We feel comfortable with the guidance. Yes. yes I think we're pretty comfortable. i think we're pretty comfortable If you look where we, the quarter we've ended at, +25% on an EPS basis overall. if you look where we the quarter we've ended at +25% on an eps basis overall That was with a lower share buyback in the first quarter. that was with a lower share buyback in the first quarter If you look the windows that we have available to us, we believe we can deploy a lot of capital in the markets to buy back stock at these levels and keeping within our 60%-70% payout ratio by year-end. if you look the windows that we have available to us we believe we can deploy a lot of capital in the markets to buy back stock at these levels and keeping within our 60%-70% payout ratio by year-end The windows that we have are pretty broad and we think give us the availability and the timing needed to deploy our capital plan. the windows that we have are pretty broad and we think give us the availability and the timing needed to deploy our capital plan Anything that is left, we'll complete it in an ASR. anything that is left we'll complete it in an asr We feel comfortable with the guidance. we feel comfortable with the guidance Remember, the guidance for this year is that we'd be above our 12%-15%, and we still expect to be above our 12%-15%, as we progress during the year. Remember, the guidance for this year is that we'd be above our 12%-15%, and we still expect to be above our 12%-15%, as we progress during the year. remember the guidance for this year is that we'd be above our 12%-15% and we still expect to be above our 12%-15% as we progress during the year

Speaker 17: Great. Then the second one also on capital deployment. You know, with the Stifel deal done, I think you'd expressed interest in continuing to grow the wealth business both organically and inorganically. I'm assuming though that given where the share price is today, buybacks would be a far more attractive capital deployment venue or avenue than doing a deal in wealth. Great. great Then the second one also on capital deployment. then the second one also on capital deployment You know, with the Stifel deal done, I think you'd expressed interest in continuing to grow the wealth business both organically and inorganically. you know with the stifel deal done i think you'd expressed interest in continuing to grow the wealth business both organically and inorganically I'm assuming though that given where the share price is today, buybacks would be a far more attractive capital deployment venue or avenue than doing a deal in wealth. i'm assuming though that given where the share price is today buybacks would be a far more attractive capital deployment venue or avenue than doing a deal in wealth

Speaker 10: Look, I don't know if I'd say it all is deal specific. Ultimately, we're in a fortunate position where the company can execute on its capital return program for shareholders and invest for growth. That's a position of strength that we're in right now. Obviously we want the Stifel transaction to complete its closure. The advisors will transition to our platform later this year. We can also look for opportunities at AllianceBernstein to grow on the asset management side as well. Obviously, where the share price is now, it needs to be accretive for shareholders, as you see this deal was as well with the merger that we announced. Look, I don't know if I'd say it all is deal specific. look i don't know if i'd say it all is deal specific Ultimately, we're in a fortunate position where the company can execute on its capital return program for shareholders and invest for growth. ultimately we're in a fortunate position where the company can execute on its capital return program for shareholders and invest for growth That's a position of strength that we're in right now. that's a position of strength that we're in right now Obviously we want the Stifel transaction to complete its closure. obviously we want the stifel transaction to complete its closure The advisors will transition to our platform later this year. the advisors will transition to our platform later this year We can also look for opportunities at AllianceBernstein to grow on the asset management side as well. we can also look for opportunities at alliancebernstein to grow on the asset management side as well Obviously, where the share price is now, it needs to be accretive for shareholders, as you see this deal was as well with the merger that we announced. obviously where the share price is now it needs to be accretive for shareholders as you see this deal was as well with the merger that we announced Ultimately, we're well-positioned because we can buy back stock at this price and deploy excess capital to fuel future growth and make us a stronger company going forward. Ultimately, we're well-positioned because we can buy back stock at this price and deploy excess capital to fuel future growth and make us a stronger company going forward. ultimately we're well-positioned because we can buy back stock at this price and deploy excess capital to fuel future growth and make us a stronger company going forward

Speaker 17: Thank you. Thank you. thank you

Speaker 8: Your next question comes from the line of Wilma Burdis with Raymond James. Your line is open. Please go ahead. Your next question comes from the line of Wilma Burdis with Raymond James. your next question comes from the line of wilma burdis with raymond james Your line is open. your line is open Please go ahead. please go ahead

Speaker 16: Hey, good morning. Given the window for buybacks will be May 6 through sometime in June, maybe if we could just drill down a little bit. Is there any limit to the amount Equitable could buy given limitations on the percentage of daily trading volume? If you could just help us a little bit with the math there. I was just giving it a shot myself, but didn't quite get there, so thanks. Hey, good morning. hey good morning Given the window for buybacks will be May 6 through sometime in June, maybe if we could just drill down a little bit. given the window for buybacks will be may 6 through sometime in june maybe if we could just drill down a little bit Is there any limit to the amount Equitable could buy given limitations on the percentage of daily trading volume? is there any limit to the amount equitable could buy given limitations on the percentage of daily trading volume If you could just help us a little bit with the math there. if you could just help us a little bit with the math there I was just giving it a shot myself, but didn't quite get there, so thanks. i was just giving it a shot myself but didn't quite get there so thanks

Speaker 10: Hey, Wilma. Yes. Look, we obviously have some limitations on average daily trading volume that we have to keep. You know, we feel as though, and I think corporate would say the same, the windows that we have available to us provide us the flexibility that we need to be in the market to buy back stock. We'll have this. Again, we'll have this time period between when we file the proxy tonight versus the final proxy in June to complete, you know, a decent amount of share buybacks. We'll also have the ability again post a shareholder vote. We think we can. We feel pretty comfortable to execute within a reasonable average daily trading volume our capital plans this year. Hey, Wilma. hey wilma Yes. yes Look, we obviously have some limitations on average daily trading volume that we have to keep. look we obviously have some limitations on average daily trading volume that we have to keep You know, we feel as though, and I think corporate would say the same, the windows that we have available to us provide us the flexibility that we need to be in the market to buy back stock. you know we feel as though and i think corporate would say the same the windows that we have available to us provide us the flexibility that we need to be in the market to buy back stock We'll have this. we'll have this Again, we'll have this time period between when we file the proxy tonight versus the final proxy in June to complete, you know, a decent amount of share buybacks. again we'll have this time period between when we file the proxy tonight versus the final proxy in june to complete you know a decent amount of share buybacks We'll also have the ability again post a shareholder vote. we'll also have the ability again post a shareholder vote We think we can. we think we can We feel pretty comfortable to execute within a reasonable average daily trading volume our capital plans this year. we feel pretty comfortable to execute within a reasonable average daily trading volume our capital plans this year We'd expect to end with ASR at our 60%-70% payout ratio and no change in the amount of capital return to shareholders for this year. We'd expect to end with ASR at our 60%-70% payout ratio and no change in the amount of capital return to shareholders for this year. we'd expect to end with asr at our 60%-70% payout ratio and no change in the amount of capital return to shareholders for this year

Speaker 16: Okay. if there's any way you can give a little bit more detail just on the restrictions there, just as a quick follow-up there. Second question. I think the commentary that you guys have implied on the capital and tax benefits, I back calculated it to around $500 million-$1.5 billion of capital that would be freed up by the deal. Any way to tell if that estimate is somewhere in the ballpark? Thanks Okay. if there's any way you can give a little bit more detail just on the restrictions there, just as a quick follow-up there. okay if there's any way you can give a little bit more detail just on the restrictions there just as a quick follow-up there Second question. second question I think the commentary that you guys have implied on the capital and tax benefits, I back calculated it to around $500 million-$1.5 billion of capital that would be freed up by the deal. i think the commentary that you guys have implied on the capital and tax benefits i back calculated it to around $500 million-$1.5 billion of capital that would be freed up by the deal Any way to tell if that estimate is somewhere in the ballpark? any way to tell if that estimate is somewhere in the ballpark Thanks thanks

Speaker 10: Hey, Wilma, I don't know if there's any other color I'd give on the share buybacks at this time. On the capital and tax benefits of the deal, you know, as we mentioned, the EPS accretion will be 6%-8% from the expenses and hopefully more than that. We'd expect it to be more given the size of synergy potential that we have between both organizations, and then we'll have capital and tax benefits as well that we're not gonna give nominal amounts at this time. Again, going forward, as we get into the Investor Day next year, I think you could expect more information on those numbers and also the revenue synergy. Hey, Wilma, I don't know if there's any other color I'd give on the share buybacks at this time. hey wilma i don't know if there's any other color i'd give on the share buybacks at this time On the capital and tax benefits of the deal, you know, as we mentioned, the EPS accretion will be 6%-8% from the expenses and hopefully more than that. on the capital and tax benefits of the deal you know as we mentioned the eps accretion will be 6%-8% from the expenses and hopefully more than that We'd expect it to be more given the size of synergy potential that we have between both organizations, and then we'll have capital and tax benefits as well that we're not gonna give nominal amounts at this time. we'd expect it to be more given the size of synergy potential that we have between both organizations and then we'll have capital and tax benefits as well that we're not gonna give nominal amounts at this time Again, going forward, as we get into the Investor Day next year, I think you could expect more information on those numbers and also the revenue synergy. again going forward as we get into the investor day next year i think you could expect more information on those numbers and also the revenue synergy Don't forget, that's the big part that we get excited about internally of what this brings to AllianceBernstein, what this brings to our wealth management business, and what this does for a broader product distribution across both companies. That will lead to a higher multiple over time. Don't forget, that's the big part that we get excited about internally of what this brings to AllianceBernstein, what this brings to our wealth management business, and what this does for a broader product distribution across both companies. don't forget that's the big part that we get excited about internally of what this brings to alliancebernstein what this brings to our wealth management business and what this does for a broader product distribution across both companies That will lead to a higher multiple over time. that will lead to a higher multiple over time

Speaker 16: Absolutely. Love the distribution. Thank you. Absolutely. absolutely Love the distribution. love the distribution Thank you. thank you

Speaker 8: Your next question comes from the line of Pablo Singzon with JPMorgan. Your line is open. Please go ahead. Your next question comes from the line of Pablo Singzon with JPMorgan. your next question comes from the line of pablo singzon with jpmorgan Your line is open. your line is open Please go ahead. please go ahead

Speaker 9: Hi. Good morning. Just a follow-up on the mortality. 1Q and 4Q tend to be the highest mortality quarters for you. Given this, do you expect corporate loss to be better sequentially, or was 1Q just too favorable? Hi. hi Good morning. good morning Just a follow-up on the mortality. 1Q and 4Q tend to be the highest mortality quarters for you. just a follow-up on the mortality 1q and 4q tend to be the highest mortality quarters for you Given this, do you expect corporate loss to be better sequentially, or was 1Q just too favorable? given this do you expect corporate loss to be better sequentially or was 1q just too favorable

Speaker 10: No, look, in one quarter, we did have some favorability in mortality. As we mentioned, the benefits ratio with 83%, that's lower than it was last quarter, as you could see in the supplement and also lower than it was over the last year. The corporate and other guidance that we gave for the full year was the $350 million-$400 million. We expect to be within that guidance if you look on a normalized basis this quarter. Also keep in mind, going forward, the benefit of the RGA transaction really limits the volatility related to mortality for us going forward. I think you're starting to see those benefits come through, then we'd expect that to continue. No, look, in one quarter, we did have some favorability in mortality. no look in one quarter we did have some favorability in mortality As we mentioned, the benefits ratio with 83%, that's lower than it was last quarter, as you could see in the supplement and also lower than it was over the last year. as we mentioned the benefits ratio with 83% that's lower than it was last quarter as you could see in the supplement and also lower than it was over the last year The corporate and other guidance that we gave for the full year was the $350 million-$400 million. the corporate and other guidance that we gave for the full year was the $350 million-$400 million We expect to be within that guidance if you look on a normalized basis this quarter. we expect to be within that guidance if you look on a normalized basis this quarter Also keep in mind, going forward, the benefit of the RGA transaction really limits the volatility related to mortality for us going forward. also keep in mind going forward the benefit of the rga transaction really limits the volatility related to mortality for us going forward I think you're starting to see those benefits come through, then we'd expect that to continue. i think you're starting to see those benefits come through then we'd expect that to continue

Speaker 9: Thanks, Robin. Second question. The implementation of VM-22, do you see that having any material impact, whether from a price or a capital standpoint on the fixed annuity block you're getting from Corebridge? Thanks. Thanks, Robin. thanks robin Second question. second question The implementation of VM-22, do you see that having any material impact, whether from a price or a capital standpoint on the fixed annuity block you're getting from Corebridge? the implementation of vm-22 do you see that having any material impact whether from a price or a capital standpoint on the fixed annuity block you're getting from corebridge Thanks. thanks

Speaker 10: Yeah. I'd let Corebridge answer that on the VM-22 side. Look, we've done obviously, as you can look across both sides, have done diligence on each other on whether that be on the asset side or the liability and potential regulation. You know, we feel comfortable where both companies combined are positioned ahead of any regulation or asset changes. Yeah. yeah I'd let Corebridge answer that on the VM-22 side. i'd let corebridge answer that on the vm-22 side Look, we've done obviously, as you can look across both sides, have done diligence on each other on whether that be on the asset side or the liability and potential regulation. look we've done obviously as you can look across both sides have done diligence on each other on whether that be on the asset side or the liability and potential regulation You know, we feel comfortable where both companies combined are positioned ahead of any regulation or asset changes. you know we feel comfortable where both companies combined are positioned ahead of any regulation or asset changes

Speaker 9: Thank you. Thank you. thank you

Speaker 8: Your next question comes from the line of Tracy Benguigui with Wolfe Research. Your line is open. Please go ahead. Your next question comes from the line of Tracy Benguigui with Wolfe Research. your next question comes from the line of tracy benguigui with wolfe research Your line is open. your line is open Please go ahead. please go ahead

Speaker 14: Thank you. Good morning. Going back to the P-GAAP changes, you mentioned some of the moving parts. I want to touch on AB. It seems like a big thing that folks misunderstand about Equitable is your asset leverage. They're not looking at the right denominator. My personal view is statutory capital matters more. With this merger coming up, I understand with your P-GAAP, you could mark up AB. My question is, how should we expect a large goodwill asset? I'm also curious, is doing the deal the only way to mechanically recognize AB's equity value? Thank you. thank you Good morning. good morning Going back to the P-GAAP changes, you mentioned some of the moving parts. going back to the p-gaap changes you mentioned some of the moving parts I want to touch on AB. i want to touch on ab It seems like a big thing that folks misunderstand about Equitable is your asset leverage. it seems like a big thing that folks misunderstand about equitable is your asset leverage They're not looking at the right denominator. they're not looking at the right denominator My personal view is statutory capital matters more. my personal view is statutory capital matters more With this merger coming up, I understand with your P-GAAP, you could mark up AB. with this merger coming up i understand with your p-gaap you could mark up ab My question is, how should we expect a large goodwill asset? my question is how should we expect a large goodwill asset I'm also curious, is doing the deal the only way to mechanically recognize AB's equity value? i'm also curious is doing the deal the only way to mechanically recognize ab's equity value

Speaker 10: Sure. Thanks, thanks, Tracy. You know, I think you're right. I think the way to look at it is not GAAP leverage, but obviously, stat is a bigger piece and something that a lot of people don't look at. On the GAAP side, you're right. It doesn't capture the full market value of AllianceBernstein. Outside of a transaction like and with P-GAAP, I don't think you can. Since we own AllianceBernstein, we can't write up the asset as it is, as it exists today. That is one of the benefits of the transaction. It will lead to some additional goodwill, but there are a lot of moving parts related to the P-GAAP. It's too early to give you precise numbers on how the P-GAAP works. Sure. sure Thanks, thanks, Tracy. thanks thanks tracy You know, I think you're right. you know i think you're right I think the way to look at it is not GAAP leverage, but obviously, stat is a bigger piece and something that a lot of people don't look at. i think the way to look at it is not gaap leverage but obviously stat is a bigger piece and something that a lot of people don't look at On the GAAP side, you're right. on the gaap side you're right It doesn't capture the full market value of AllianceBernstein. it doesn't capture the full market value of alliancebernstein Outside of a transaction like and with P-GAAP, I don't think you can. outside of a transaction like and with p-gaap i don't think you can Since we own AllianceBernstein, we can't write up the asset as it is, as it exists today. since we own alliancebernstein we can't write up the asset as it is as it exists today That is one of the benefits of the transaction. that is one of the benefits of the transaction It will lead to some additional goodwill, but there are a lot of moving parts related to the P-GAAP. it will lead to some additional goodwill but there are a lot of moving parts related to the p-gaap It's too early to give you precise numbers on how the P-GAAP works. it's too early to give you precise numbers on how the p-gaap works You know, ultimately, both companies, if you look, as I mentioned, the statutory capital is going to be $25 billion of the pro forma company. The GAAP equity is going to be above $30 billion. We feel very well-positioned in terms of the size of both balance sheets, and especially well-positioned having, you know, AB, a wealth management franchise, and a broader retirement platform to grow sales. You know, ultimately, both companies, if you look, as I mentioned, the statutory capital is going to be $25 billion of the pro forma company. you know ultimately both companies if you look as i mentioned the statutory capital is going to be $25 billion of the pro forma company The GAAP equity is going to be above $30 billion. the gaap equity is going to be above $30 billion We feel very well-positioned in terms of the size of both balance sheets, and especially well-positioned having, you know, AB, a wealth management franchise, and a broader retirement platform to grow sales. we feel very well-positioned in terms of the size of both balance sheets and especially well-positioned having you know ab a wealth management franchise and a broader retirement platform to grow sales

Speaker 14: Well, staying with AB, I'm curious if the combined company's plans are to change the 68% stake. Well, staying with AB, I'm curious if the combined company's plans are to change the 68% stake. well staying with ab i'm curious if the combined company's plans are to change the 68% stake

Speaker 10: No. Currently, right now, we're quite happy with our ownership of AllianceBernstein at 68%, 69%. AB is a key part of the flywheel and expected to grow. Again, the synergy potential of AB is pretty significant. Maybe I'll ask Onur to talk about the revenue synergies that potential of AllianceBernstein. I think that's a big part of this deal is the benefits of AllianceBernstein and getting the $100 billion of separate account and general account assets. No. no Currently, right now, we're quite happy with our ownership of AllianceBernstein at 68%, 69%. currently right now we're quite happy with our ownership of alliancebernstein at 68% 69% AB is a key part of the flywheel and expected to grow. ab is a key part of the flywheel and expected to grow Again, the synergy potential of AB is pretty significant. again the synergy potential of ab is pretty significant Maybe I'll ask Onur to talk about the revenue synergies that potential of AllianceBernstein. maybe i'll ask onur to talk about the revenue synergies that potential of alliancebernstein I think that's a big part of this deal is the benefits of AllianceBernstein and getting the $100 billion of separate account and general account assets. i think that's a big part of this deal is the benefits of alliancebernstein and getting the $100 billion of separate account and general account assets

Speaker 7: Yeah. Thanks, Robin. I'll also let you catch your breath a bit after multiple questions. Definitely, we are very excited about the $100+ billion that Mark and Robin mentioned. Obviously, it's going to come from both the general account and the separate account businesses, as well as funds and retirement plans. We have multiple opportunities to do work over the next seven, eight months before the merger closes. A very actionable, bankable bottom-up plan, and that comes on top of a record pipeline we had before the Corebridge-Equitable merger. It builds on a very sizable pipeline that already exists. Very excited about that. Also like the fact that it's a diverse set of asset classes ranging from public to private, fixed income, multi-asset equities. It will allow us to scale multiple platforms all at the same time. Yeah. yeah Thanks, Robin. thanks robin I'll also let you catch your breath a bit after multiple questions. i'll also let you catch your breath a bit after multiple questions Definitely, we are very excited about the $100+ billion that Mark and Robin mentioned. definitely we are very excited about the $100+ billion that mark and robin mentioned Obviously, it's going to come from both the general account and the separate account businesses, as well as funds and retirement plans. obviously it's going to come from both the general account and the separate account businesses as well as funds and retirement plans We have multiple opportunities to do work over the next seven, eight months before the merger closes. we have multiple opportunities to do work over the next seven eight months before the merger closes A very actionable, bankable bottom-up plan, and that comes on top of a record pipeline we had before the Corebridge-Equitable merger. a very actionable bankable bottom-up plan and that comes on top of a record pipeline we had before the corebridge-equitable merger It builds on a very sizable pipeline that already exists. it builds on a very sizable pipeline that already exists Very excited about that. very excited about that Also like the fact that it's a diverse set of asset classes ranging from public to private, fixed income, multi-asset equities. also like the fact that it's a diverse set of asset classes ranging from public to private fixed income multi-asset equities It will allow us to scale multiple platforms all at the same time. it will allow us to scale multiple platforms all at the same time

Speaker 14: Would you want to take that stake up if you like the business? Would you want to take that stake up if you like the business? would you want to take that stake up if you like the business

Speaker 10: No change right now in our stake of AllianceBernstein. I think we've been clear of that after we, you know, purchased at the increase last year, we went from 62% to approximately 68%, 69%. We have no other plans at this time. We're really focused. The combined firms are really focused on execution of this merger. You know, we're pretty excited. We, as Mark mentioned on the call, we established the integration office. We got our teams together, and everybody's focused on planning to execute the expense and revenue synergies and making sure we have the right people in the right seats. That's our focus at this time. No change right now in our stake of AllianceBernstein. no change right now in our stake of alliancebernstein I think we've been clear of that after we, you know, purchased at the increase last year, we went from 62% to approximately 68%, 69%. i think we've been clear of that after we you know purchased at the increase last year we went from 62% to approximately 68% 69% We have no other plans at this time. we have no other plans at this time We're really focused. we're really focused The combined firms are really focused on execution of this merger. the combined firms are really focused on execution of this merger You know, we're pretty excited. you know we're pretty excited We, as Mark mentioned on the call, we established the integration office. we as mark mentioned on the call we established the integration office We got our teams together, and everybody's focused on planning to execute the expense and revenue synergies and making sure we have the right people in the right seats. we got our teams together and everybody's focused on planning to execute the expense and revenue synergies and making sure we have the right people in the right seats That's our focus at this time. that's our focus at this time

Speaker 14: Thank you. Thank you. thank you

Speaker 8: Your next question comes from the line of Mark Hughes with Truist. Your line is open. Please go ahead. Your next question comes from the line of Mark Hughes with Truist. your next question comes from the line of mark hughes with truist Your line is open. your line is open Please go ahead. please go ahead

Speaker 4: Yeah, thank you very much. Good morning. In the RILA business, sales are pretty strong. I wonder if you could discuss the competitive environment and then maybe touch on the biggest impact, biggest benefit from the merger on distribution. Yeah, thank you very much. yeah thank you very much Good morning. good morning In the RILA business, sales are pretty strong. in the rila business sales are pretty strong I wonder if you could discuss the competitive environment and then maybe touch on the biggest impact, biggest benefit from the merger on distribution. i wonder if you could discuss the competitive environment and then maybe touch on the biggest impact biggest benefit from the merger on distribution

Speaker 6: Great. This is Nick. As you mentioned, overall, we had a strong quarter in sales and volume, with RILAs up 14% and $1.3 billion of net flows, translating to a 6% trailing 12-month organic growth rate. Look, we're very mindful of competitive trends. As we mentioned last quarter, we saw new entrants in 2025 reverberate back to more rational pricing in the fourth quarter, and we don't see any material change in competitive activity this quarter. Looking forward, we continue to see strong demand for RILA driven by favorable demographics. In the macro uncertainty, I'd highlight consumer sentiment is at an all-time low, so people are looking for protected equity stories. We believe we've got a durable edge to capture it. Great. great This is Nick. this is nick As you mentioned, overall, we had a strong quarter in sales and volume, with RILAs up 14% and $1.3 billion of net flows, translating to a 6% trailing 12 -month organic growth rate. as you mentioned overall we had a strong quarter in sales and volume with rilas up 14% and $1.3 billion of net flows translating to a 6% trailing 12 -month organic growth rate Look, we're very mindful of competitive trends. look we're very mindful of competitive trends As we mentioned last quarter, we saw new entrants in 2025 reverberate back to more rational pricing in the fourth quarter, and we don't see any material change in competitive activity this quarter. as we mentioned last quarter we saw new entrants in 2025 reverberate back to more rational pricing in the fourth quarter and we don't see any material change in competitive activity this quarter Looking forward, we continue to see strong demand for RILA driven by favorable demographics. looking forward we continue to see strong demand for rila driven by favorable demographics In the macro uncertainty, I'd highlight consumer sentiment is at an all-time low, so people are looking for protected equity stories. in the macro uncertainty i'd highlight consumer sentiment is at an all-time low so people are looking for protected equity stories We believe we've got a durable edge to capture it. we believe we've got a durable edge to capture it This is both generating attractive yields through AB, our differentiated distribution with Equitable Advisors, and our third-party networks. As Robin and Mark alluded to, the merger will even expand our reach in that area. Finally, we have deep relationships and scale. As the pie's grown, we've nearly doubled our sales over the last three years. This was another first quarter in record sales and volume. Just impacting, you know, the benefits on distribution, better reach, deeper relationships. As Mark mentioned, we see scale becoming in equally increasingly important to generate profitable growth and protect margins. Corebridge will give us both of this immediately. As such, we think we're in a privileged position to capture the disproportionate share of value in the growing retirement market. This is both generating attractive yields through AB, our differentiated distribution with Equitable Advisors, and our third-party networks. this is both generating attractive yields through ab our differentiated distribution with equitable advisors and our third-party networks As Robin and Mark alluded to, the merger will even expand our reach in that area. as robin and mark alluded to the merger will even expand our reach in that area Finally, we have deep relationships and scale. finally we have deep relationships and scale As the pie's grown, we've nearly doubled our sales over the last three years. as the pie's grown we've nearly doubled our sales over the last three years This was another first quarter in record sales and volume. this was another first quarter in record sales and volume Just impacting, you know, the benefits on distribution, better reach, deeper relationships. just impacting you know the benefits on distribution better reach deeper relationships As Mark mentioned, we see scale becoming in equally increasingly important to generate profitable growth and protect margins. as mark mentioned we see scale becoming in equally increasingly important to generate profitable growth and protect margins Corebridge will give us both of this immediately. corebridge will give us both of this immediately As such, we think we're in a privileged position to capture the disproportionate share of value in the growing retirement market. as such we think we're in a privileged position to capture the disproportionate share of value in the growing retirement market

Speaker 4: Understood. Of the $70 billion-$80 billion in liability origination, capacity, how much of that is third party versus owned distribution? Understood. understood Of the $70 billion - $80 billion in liability origination, capacity, how much of that is third party versus owned distribution? of the $70 billion - $80 billion in liability origination capacity how much of that is third party versus owned distribution

Speaker 10: Yeah. The way to look about it is the $70 billion-$80 billion is the combined companies post-merger. Today in for Equitable, about 35% of our sales in the retirement business come through Equitable Advisors. That's the way to look at it. Yeah. yeah The way to look about it is the $70 billion-$80 billion is the combined companies post-merger. the way to look about it is the $70 billion-$80 billion is the combined companies post-merger Today in for Equitable, about 35% of our sales in the retirement business come through Equitable Advisors. today in for equitable about 35% of our sales in the retirement business come through equitable advisors That's the way to look at it. that's the way to look at it

Speaker 4: Thank you. Thank you. thank you

Speaker 8: We have reached the end of the Q&A session. This concludes today's call. Thank you for attending. You may now disconnect. We have reached the end of the Q&A session. we have reached the end of the q&a session This concludes today's call. this concludes today's call Thank you for attending. thank you for attending You may now disconnect. you may now disconnect