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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): July 31, 2025
Equitable Holdings, Inc.
(Exact name of registrant as specified in its charter)
|
|
|
|
|
| Delaware |
|
001-38469 |
|
90-0226248 |
(State or other jurisdiction
of incorporation) |
|
(Commission File Number) |
|
(I.R.S. Employer Identification No.) |
1345 Avenue of the Americas, New York, New York 10105
(Address of principal executive offices) (Zip Code)
(212) 554-1234
(Registrant’s telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ☐ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ☐ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ☐ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ☐ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
|
|
|
|
|
| Title of each class |
|
Trading
Symbol |
|
Name of Exchange on which registered |
| Common Stock |
|
EQH |
|
New York Stock Exchange |
| Depositary Shares, each representing a 1/1,000th interest in a share of Fixed Rate Noncumulative Perpetual Preferred Stock, Series A |
|
EQH PR A |
|
New York Stock Exchange |
| Depositary Shares, each representing a 1/1,000th interest in a share of Fixed Rate Noncumulative Perpetual Preferred Stock, Series C |
|
EQH PR C |
|
New York Stock Exchange |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act (17 CFR 230.405) or Rule 12b-2 under the Exchange Act (17 CFR 240.12b-2).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
| Item 1.01 |
Entry Into a Material Definitive Agreement |
On July 31, 2025, subsidiaries of Equitable Holdings, Inc., a Delaware corporation (the “Company”), Equitable Financial Life Insurance Company, a New York-domiciled insurance company (“EFLIC”), Equitable Financial Life Insurance Company of America, an Arizona-domiciled insurance company (“EFLOA”), and Equitable Financial Life and Annuity Company, a Colorado-domiciled insurance company (“EFLA” and, together with EFLIC and EFLOA, the “Ceding Companies” and each, a “Ceding Company”), completed the transactions (the “Transaction”) contemplated by the previously announced Master Transaction Agreement, dated February 23, 2025 (the “Agreement”), by and among EFLIC, EFLOA, EFLA and RGA Reinsurance Company, a Missouri-domiciled insurance company (the “Reinsurer”).
At the closing of the Transaction, (i) each of EFLIC and EFLOA entered into a separate coinsurance and modified coinsurance agreement with Reinsurer and (ii) EFLA entered into a coinsurance agreement with Reinsurer (each, a “Reinsurance Agreement” and, together, the “Reinsurance Agreements”), each with an effective date of April 1, 2025, pursuant to which each Ceding Company ceded to the Reinsurer a 75% quota share of such Ceding Company’s in-force individual life insurance block (the “Reinsured Contracts”). At the closing of the Transaction, assets supporting the general account liabilities relating to the Reinsured Contracts were deposited into a trust account for the benefit of EFLIC and a trust account for the benefit of EFLA and EFLOA, which assets will secure the Reinsurer’s obligations to each Ceding Company under the applicable Reinsurance Agreement. EFLIC and EFLOA reinsured the applicable separate accounts relating to the applicable Reinsured Contracts on a modified coinsurance basis. In addition, the investment of assets in each trust account will be subject to investment guidelines and certain capital adequacy related triggers will require enhanced funding. The Reinsurance Agreements also contain additional counterparty risk management and mitigation provisions. Each Ceding Company will continue to administer the applicable Reinsured Contracts.
As part of the Transaction, on June 16, 2025, AllianceBernstein L.P., an affiliate of the Company (“AB”), entered into an investment advisory agreement with Reinsurer, pursuant to which AB will manage certain assets to be specified representing approximately 70% of assets supporting the reserves associated with the ceded policies under the Reinsurance Agreements.
The foregoing description of the Reinsurance Agreements does not purport to be complete, and is qualified in its entirety by reference to the full text of the EFLIC Reinsurance Agreement and the EFLOA Reinsurance Agreement, copies of which will be filed along with the Company’s 10-Q for the fiscal quarter ending September 30, 2025.
| Item 7.01 |
Regulation FD Disclosure |
On July 31, 2025, the Company issued a press release announcing the completion of the Transaction. A copy of such press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.
As provided in General Instruction B.2 of Form 8-K, the information and exhibits provided pursuant to this Item 7.01 shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall they be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing.
| Item 9.01 |
Financial Statements and Exhibits |
(d) Exhibits
- 2 -
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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EQUITABLE HOLDINGS, INC. |
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|
|
| Date: July 31, 2025 |
|
|
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By: |
|
/s/ Ralph Petruzzo |
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|
Name: |
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Ralph Petruzzo |
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|
|
Title: |
|
Deputy General Counsel |
- 3 -
Exhibit 99.1
Equitable Holdings Closes Reinsurance Transaction with RGA
New York, NY, July 31, 2025 — Equitable Holdings, Inc. (the “Company”) (NYSE: EQH), the leading financial
services holding company of Equitable, AllianceBernstein and Equitable Advisors, announced today that certain of its insurance subsidiaries1 have successfully closed the transaction with RGA
Reinsurance Company (“RGA”) to reinsure 75% of the Company’s in-force individual life insurance block on a pro-rata basis. The transaction generates more
than $2 billion of value for Equitable Holdings, reduces exposure to future mortality volatility and enhances focus on the Company’s core retirement, asset management and wealth management businesses.
Equitable Holdings will release its second quarter financial results after the market closes on Tuesday, August 5, 2025, and host an investor call on
Wednesday, August 6, 2025, at 9:00 a.m. ET. The conference call webcast, along with additional earnings materials, will be accessible on the company’s investor relations website at ir.equitableholdings.com.
About Equitable Holdings
Equitable Holdings, Inc. (NYSE:
EQH) is a leading financial services holding company comprised of complementary and well-established businesses, Equitable, AllianceBernstein and Equitable Advisors. Equitable Holdings has $1 trillion in assets under management and administration
(as of 3/31/2025) and more than 5 million client relationships globally. Founded in 1859, Equitable provides retirement and protection strategies to individuals, families and small businesses. AllianceBernstein is a global investment management
firm that offers diversified investment services to institutional investors, individuals and private wealth clients. Equitable Advisors, LLC (Equitable Financial Advisors in MI and TN) has 4,500 duly registered and licensed financial professionals
that provide financial planning, wealth management, retirement planning, protection and risk management services to clients across the country.
Note
Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation
Reform Act of 1995. Words such as “expects,” “believes,” “anticipates,” “forecasts,” “intends,” “seeks,” “aims,” “plans,” “assumes,” “estimates,”
“projects,” “should,” “would,” “could,” “may,” “will,” “shall” or variations of such words are generally part of forward-looking statements. Forward-looking statements are made
based on management’s current expectations and beliefs concerning future developments and their potential effects upon Equitable Holdings, Inc. (“Holdings”) and its consolidated subsidiaries. These forward-looking statements include,
but are not limited to, statements regarding projections, estimates, forecasts and other financial and performance metrics and projections of market expectations. “We,” “us” and “our” refer to Holdings and its
consolidated subsidiaries, unless the context refers only to Holdings as a corporate entity. There can be no assurance that future developments affecting Holdings will be those anticipated by management. Forward-looking statements include, without
limitation, all matters that are not historical facts.
| 1 |
Equitable Financial Life Insurance Company, Equitable Financial Life Insurance Company of America and Equitable
Financial Life and Annuity Company. |
These forward-looking statements are not a guarantee of future performance and involve risks and
uncertainties, and there are certain important factors that could cause actual results to differ, possibly materially, from expectations or estimates reflected in such forward-looking statements, including, among others: (i) conditions in the
financial markets and economy, including the impact of geopolitical conflicts, changes in tariffs and trade barriers, and related economic conditions, equity market declines and volatility, interest rate fluctuations, impacts on our goodwill and
changes in liquidity and access to and cost of capital; (ii) operational factors, including reliance on the payment of dividends to Holdings by its subsidiaries, protection of confidential customer information or proprietary business
information, operational failures by us or our service providers, potential strategic transactions, changes in accounting standards, and catastrophic events, such as the outbreak of pandemic diseases; (iii) credit, counterparties and
investments, including counterparty default on derivative contracts, failure of financial institutions, defaults by third parties and affiliates and economic downturns, defaults and other events adversely affecting our investments; (iv) our
reinsurance and hedging programs; (v) our products, structure and product distribution, including variable annuity guaranteed benefits features within certain of our products, variations in statutory capital requirements, financial strength and
claims-paying ratings, state insurance laws limiting the ability of our insurance subsidiaries to pay dividends and key product distribution relationships; (vi) estimates, assumptions and valuations, including risk management policies and
procedures, potential inadequacy of reserves and experience differing from pricing expectations, amortization of deferred acquisition costs and financial models; (vii) our Asset Management segment, including fluctuations in assets under
management and the industry-wide shift from actively-managed investment services to passive services; (viii) recruitment and retention of key employees and experienced and productive financial professionals; (ix) subjectivity of the
determination of the amount of allowances and impairments taken on our investments; (x) legal and regulatory risks, including federal and state legislation affecting financial institutions, insurance regulation and tax reform; (xi) risks
related to our common stock and (xii) general risks, including strong industry competition, information systems failing or being compromised and protecting our intellectual property.
Forward-looking statements, including any financial guidance, should be read in conjunction with the other cautionary statements, risks, uncertainties and
other factors identified in Holdings’ filings with the Securities and Exchange Commission. Further, any forward-looking statement speaks only as of the date on which it is made, and we undertake no obligation to update or revise any
forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events, except as otherwise may be required by law.
Contacts:
Investor Relations
Erik Bass
(212) 314-2476
IR@equitable.com
Media Relations
Laura Yagerman
(212)
314-2010
mediarelations@equitable.com
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