Equitable 2025年度报告

Dear fellowshareholders, 2025 was an important year for Equitable Holdings, marked by strong execution andmeaningful progress across the company. Throughout the year, we continued to advance our strategic growth plans, takingintentional steps to strengthen our balance sheet and evolve our business mix for thefuture. We reported a record $1.1 trillion of assets under management and administration,up 10% over the prior year, supported by strong organic growth across our businesses.Most importantly, we continued to deliver on our promises, paying more than $5 billionin benefits to clients and their beneficiaries when they needed us most. As I look at our industry today, we stand at the precipice of one of the most significantdemographic shifts in history. Longer life expectancies, more complex retirementplanning and growing demand for comprehensive financial advice are creatingunprecedented needs across the retirement landscape. At the same time, the U.S.retirement savings gap is growing rapidly, with a forecasted shortfall of $137 trillionby 2050. This profound need presents our industry with an important responsibilityand extraordinary opportunity. Our integrated business model across Retirement, Asset Management and WealthManagement positions us exceptionally well to meet this moment. But as the retirementchallenge grows, we believe our greatest opportunity lies not just in serving more clients,but in redefining how we serve them. It is this belief, and the years of deliberate choices we have made, that have led us tothenext chapter in our storied history. Mark Pearson President and Chief ExecutiveOfficer of Equitable Holdings Reshapingretirement in America Earlier this year, we announced a landmark merger of equals with Corebridge,representing one of the most defining moments in our company’s history. Upon close,we will create the largest retirement-focused financial services company in the UnitedStates, uniting leading capabilities across retirement, wealth management, assetmanagement and protection solutions to serve more than 10 million customers. This merger is the natural evolution of a journey years in the making. We have long beenpreparing Equitable Holdings for the future, guided by our belief that clients are bestserved when retirement solutions, investment expertise and trusted financial advicework in harmony. This transaction will build on that principle, extending the reachand impact of a model that has differentiated us in the marketplace. Equitable Holdings and Corebridge have highly complementary strengths with limitedoverlap, enabling us to create a larger and more resilient organization. Together, we willbenefit from a more diversified mix of earnings, enhanced cash generation and greaterfinancial flexibility, enabling us to invest boldly behind our highest-convictionopportunities and drive long-term value for those we serve. At its heart, this merger is about delivering better outcomes for clients. Our capitalstrength will enable us to accelerate investments in technology and digital capabilitiesthat will enhance the client experience in ways neither company could do alone.Paired with a formidable multi-channel distribution network and leading positionsacross our core markets, we will have the power to connect more people with thepersonalized advice and solutions they need to achieve financial security. Customers110m+ Assets under managementand administration1$1.5trn 2027E cash generation2$4bn+ Reflectingon our journey When Equitable Holdings became an independent, U.S.-listed company in 2018, we setout to build a diversified, resilient financial institution — one able to serve clientsacrosstheir financial journeys, create sustainable value for shareholders and thrive in arapidlychanging industry. In many ways, our proposed merger with Corebridge is aculminationof that journey, yet the roots of our story run much deeper. For 167 years, Equitable has continually evolved alongside the world around us. We havesucceeded not by standing still, but by anticipating change and adapting based on theneeds of those we serve. Through economic downturns, financial crises and geopoliticaluncertainty, we have delivered on our promises while innovating in response to profoundshifts in how our clients save, invest and prepare for retirement. Our IPO marked the beginning of an ambitious transformation, rooted in a belief that thebest way to honor our legacy was to ensure it endured. We viewed our responsibility asboth a steward and a builder, preserving a foundation laid over generations whilestrengthening it for those who would follow. That mindset shaped many of the decisions we made in the years to come. We tooksignificant steps to strengthen our balance sheet and optimize our risk profile. Weincreased our ownership stake in AllianceBernstein, maintaining our conviction in thevalue of integrating insurance and asset management. We continued to invest in WealthManagement, with a belie