Equitable Holdings, Inc.

- The company emphasizes a robust balance sheet with significant capital and financial flexibility, with pro forma leverage ratio around 26%. - There is no explicit mention of immediate plans for new debt or equity fundraising in the provided pages. - They highlight the ability to deploy excess capital through share buybacks and investments for growth rather than raising new capital. - The firm plans to return capital to shareholders while maintaining a strong balance sheet. - Future capital deployment will balance share buybacks and growth investments, considering market conditions. - An Investor Day is planned for 2027 to provide further guidance on capital metrics. - No specific details on upcoming new fundraising via debt or equity were disclosed in the excerpts.

- The combined company plans to invest in growth opportunities, notably in the retirement market and wealth management, leveraging scale and synergies from the merger. - Capital deployment will balance share buybacks and investments in growth, with flexibility to allocate capital to areas offering the best risk-adjusted returns. - The $70 billion to $80 billion of liability origination capacity provides significant assets to deploy, supporting disciplined investment on the general account. - Revenue synergies are expected from cross-selling opportunities, enhanced distribution, and commercialization of Corebridge’s asset origination capabilities, particularly in real estate and commercial mortgage loans. - The company aims to invest in technology and automation to improve efficiency and lower unit costs, enabling reinvestment in growth. - Growth investments include expanding AllianceBernstein’s $100 billion+ incremental assets from Corebridge and accelerating wealth management scaling with bolt-on M&A like the Stifel acquisition. - Investor Day in 2027 will provide further guidance on capital allocation and growth investments.

- The combined company expects to nearly double sales, having already done so over the past 3 years, with record first-quarter sales and volume continuing. - They foresee capturing a disproportionate share of value in the growing retirement market, leveraging better distribution, deeper relationships, and scale. - AllianceBernstein (AB) is expected to grow, with a record pipeline and $100 billion+ in incremental assets anticipated post-merger over the next few years. - Asset management earnings grew 11% YoY, with AB on track to meet or exceed $90-$100 billion AUM target by end of 2027. - Revenue synergies from the merger are anticipated but will be quantified in H1 2027; current EPS accretion from expense synergies is projected at 6%-8%, aiming for 10%+ by end of 2028. - Strong demand in retirement markets driven by favorable demographics and macro uncertainty supports continued organic growth. - Wealth management business growing through bolt-on M&A, like the recent Stifel acquisition, enhancing advisory fees and driving double-digit earnings growth.

- Equitable expects earnings per share (EPS) growth to exceed the high end of their 12% to 15% target range for 2026. - Non-GAAP operating earnings per share increased 25% year-over-year in Q1 2026, signaling strong organic growth momentum. - The merger with Corebridge is projected to be immediately accretive to earnings per share, with run-rate accretion of 10%+ by the end of 2028, driven by at least $500 million in expense synergies and potential revenue synergies. - Adjusted book value per share has improved, supported by increased ownership in AllianceBernstein and lower share count due to buybacks. - AllianceBernstein’s performance fees forecast raised from $80-95 million to $95-115 million for the full year. - The combined entity targets over $5 billion in annual earnings power and anticipates providing consistent growth over different market cycles.

- AllianceBernstein (AB) has a record institutional pipeline of nearly $28 billion, including several large insurance mandates expected to fund over the next few quarters. - The combined companies post-merger have $70 billion to $80 billion in liability origination capacity. - The Corebridge merger is expected to provide AB with at least $100 billion of incremental assets over the next few years. - There are multiple opportunities to work on this pipeline over the next 7 to 8 months before the merger closes. - The merger will allow scaling across diverse asset classes and multiple platforms simultaneously.