安盛公平控股 2024年度报告

Our mission To help our clients secure theirfinancial well-being so they canpursue long and fulfilling lives Dear fellowshareholders, Mark Pearson President and ChiefExecutive Officer ofEquitable Holdings Equitable Holdings generated strong financial resultsin 2024. Our solid performance is underpinned by ourdistinct business model across Retirement, WealthManagement and Asset Management. This integratedmodel is a powerful differentiator and providessignificant advantages to our company and clients,enabling us to generate better economics, providebetter solutions and capture the full retirementvalue chain. The need for our trusted products and sound advicehas never been more evident. We are witnessingsome of the strongest demographic and marketconditions our industry has seen in decades, withmore than four million Americans turning 65 eachyear and the Great Wealth Transfer expected to passmore than $30 trillion to younger generations.Equitable Holdings continues to meet the needs ofour current clients as they transition into retirement,and we are well positioned to attract futuregenerations as they look for a trusted partner tohelp secure their financial future. This momentumputs us on track to meet or exceed all our 2027financial targets. Delivering resultsfor our stakeholders Progress towardsour 2027 financialcommitments We generated $2 billion of Non-GAAP operatingearnings1and reached a symbolic milestone withassets under management and administration(AUM/A) now exceeding $1 trillion, 10% higherover the prior year. This growth was driven bypositive net inflows across our Retirement2andWealth Management businesses and favorablemarket conditions. We generated $1.5 billion ofcash in 2024, at the high end of our guidance range,with more than half of this cash generation3comingfrom our Asset and Wealth Management businesses.Equitable Holdings continues to maintain capitalstrength, ending the year with $1.8 billion of holdingcompany cash and a combined NAIC RBC ratio ofapproximately 425%, above our 375-400% target. We remain on track to deliver on each of our 2027financial targets. The five-year financial commitmentsand growth strategy we shared with the market in2023 included new cash generation, earnings pershare growth and payout ratio targets. Lookingforward, we expect to steadily increase annual cashgeneration supported by organic growth across ourbusinesses and continued execution against ourstrategic initiatives. We forecast cash generation toincrease to the $1.6-1.7 billion range in 2025, puttingus on track to achieve $2 billion of annual cashgeneration by 2027. In 2024, we returned $1.3 billion to shareholders,resulting in a payout ratio of 66%, within ourtargeted range of 60-70%. Our earnings per share(EPS) growth rate in the year was 20%, and weare confident in achieving 12-15% annualizedgrowth through 2027, given healthy organicgrowth trends and progress in achieving ourinvestment income and expense saving targets. 2027 financial targets 60-70%of Non-GAAPOperating Earnings12-15%Non-GAAP OperatingEPS CAGR$2bnof annual cashgeneration by 2027 Fulfilling our mission Delivering on the promises we made to our clients,we paid $4.4 billion in benefits in 2024. EquitableHoldings’ AUM/A now exceeds $1 trillion, reflectingour capacity to provide meaningful advice andsolutions to our clients. We saw strong andpersistent demand for our offerings, and ourbusiness segments reached new heights. •AllianceBernsteindelivered active net inflowslast year of $4.3 billion and had its second-highest year ever for firmwide sales. Assets undermanagement at the end of 2024 was $792 billion,up 9% since last year. AB’s Private Markets AUMincreased by 14% to $70 billion, supported bycapital deployment from Equitable’s GeneralAccount. To date, Equitable has deployed $12billion of its $20 billion capital commitment to AB. •Individual Retirementdelivered record sales andnet flows in 2024, with first-year premiums up 30%over the prior year. We continued to strengthen ourmarket-leading position in the fast-growing RILAmarket. We were the pioneer in this market andcontinue to diversify our product mix, introducingnew offerings and enhancing our core StructuredCapital Strategies®and Structured CapitalStrategies®Income products in 2025. •Wealth Managementreported record advisorynet inflows of $4 billion, 8% organic growth, andassets under administration exceeding $100billion, underscoring the value of our nearly 4,600Equitable Advisors. Our brand and supportedindependence model are resonating in the market,attracting more experienced advisors to the firm.Our Wealth Planner count is up 10% and advisoryproductivity also increased 10% year-over-year. •Group Retirementreported strong sales for theyear, with solid momentum in our tax-exemptmarket. We cemented our leadership positionwithin the in-plan annuity market this past yearwith approximately $600 million of net inflowsfrom the BlackRock LifePath PaycheckTMproductand