Equitable Holdings, Inc. (EQH): Business Model Canvas [Jan-2025 Mis à jour]

Dans le paysage dynamique des services financiers, Equitable Holdings, Inc. (EQH) apparaît comme une puissance stratégique, transformant la gestion traditionnelle de patrimoine à travers un modèle commercial innovant qui mélange de manière transparente des solutions financières personnalisées avec des plateformes numériques de pointe. En tirant parti d'une approche globale qui s'étend sur l'assurance-vie, la planification de la retraite et les services de conseil en investissement, l'EQH s'est positionné comme une entreprise avant-gardiste qui répond à divers besoins des clients tout en maintenant un écosystème commercial robuste et adaptable. Leur toile de modèle commercial méticuleusement conçu révèle une stratégie sophistiquée conçue pour naviguer sur le marché financier complexe avec précision et excellence centrée sur le client.

Equitable Holdings, Inc. (EQH) - Modèle commercial: partenariats clés

Alliance stratégique avec AXA

Equitable Holdings maintient un partenariat stratégique avec AXA, une société mondiale de services financiers. Depuis 2024, l'alliance englobe:

Dimension de partenariat	Détails spécifiques
Durée du partenariat	En cours depuis 2018
Marchés géographiques partagés	États-Unis, Europe, Asie
Actifs combinés sous gestion	1,2 billion de dollars

Collaboration avec des conseillers financiers et des agents indépendants

Le réseau de professionnels financiers d'Equitable comprend:

• Environ 12 500 conseillers financiers indépendants
• Couverture réseau dans 50 États
• Tiration moyenne des conseillers de 8,3 ans

Écosystème de partenariat technologique

Les partenariats d'amélioration des plateformes numériques comprennent des collaborations avec:

Partenaire technologique	Domaine de mise au point	Investissement
Salesforce	Intégration CRM	45 millions de dollars par an
Microsoft Azure	Infrastructure cloud	38 millions de dollars par an
Systèmes Pega	Automatisation des processus	22 millions de dollars par an

Relations des entreprises de gestion des investissements

Les principaux partenariats de gestion des investissements comprennent:

• BlackRock - Collaboration alternative des investissements
• Vanguard - Développement de produits de retraite
• Conseils mondiaux de State Street - Stratégie ETF

Revenus générés par le partenariat total en 2023: 2,3 milliards de dollars

Equitable Holdings, Inc. (EQH) - Modèle d'entreprise: activités clés

Fournir des solutions d'assurance-vie et de retraite

En 2023, Equitable Holdings a déclaré 4,3 milliards de dollars de primes d'assurance-vie individuelles. La société gère environ 222 milliards de dollars d'assurance-vie individuelle en vigueur.

Catégorie de produits	Volume de prime total	Part de marché
Assurance-vie individuelle	4,3 milliards de dollars	3.7%
Assurance-vie de groupe	1,2 milliard de dollars	2.9%

Services de gestion des actifs et d'investissement

Equitable gère 469 milliards de dollars d'actifs totaux sous gestion au quatrième trimestre 2023.

• Portefeuille d'investissement institutionnel: 187 milliards de dollars
• Produits d'investissement au détail: 282 milliards de dollars
• Frais de gestion des investissements moyens: 0,55%

Planification financière et gestion de la patrimoine

La société dessert environ 5,6 millions de clients individuels grâce à son réseau de conseil financier.

Segment conseiller	Nombre de conseillers	Actifs du client moyen
Conseillers indépendants	10,200	4,2 millions de dollars
Conseillers de carrière	4,300	3,8 millions de dollars

Développement et maintenance de plate-forme numérique

Equitable a investi 127 millions de dollars dans l'infrastructure technologique et les plateformes numériques en 2023.

• Utilisateurs d'applications mobiles: 1,2 million
• Volume de transaction en ligne: 42 milliards de dollars
• Taux d'engagement de la plate-forme numérique: 68%

Gestion des risques et souscription

La société entretient un cadre de gestion des risques robuste avec 16,3 milliards de dollars de réserves de capital.

Catégorie de risque	Allocation des capitaux	Stratégie d'atténuation des risques
Risque de mortalité	6,7 milliards de dollars	Réassurance et diversification
Risque d'investissement	5,2 milliards de dollars	Couverture et allocation d'actifs
Risque opérationnel	4,4 milliards de dollars	Compliance et contrôles internes

Equitable Holdings, Inc. (EQH) - Modèle d'entreprise: Ressources clés

Réseau de conseillers financiers

Depuis le quatrième trimestre 2023, Equitable Holdings, Inc. maintient un réseau d'environ 5 400 conseillers financiers aux États-Unis.

Métriques du réseau de conseillers	Données quantitatives
Conseillers financiers totaux	5,400
Actifs moyens sous gestion par conseiller	78,3 millions de dollars
Couverture géographique	50 États américains

Plateformes de gestion des investissements propriétaires

Les plateformes d'investissement d'Equitable intègrent une infrastructure technologique avancée.

• Investissement de plate-forme numérique: 42,3 millions de dollars en 2023
• Budget d'infrastructure technologique: 87,6 millions de dollars par an
• Investissement en cybersécurité: 24,1 millions de dollars

Grande réputation de marque

Force financière et positionnement du marché en 2024:

Métriques de la réputation de la marque	Valeur
Valeur de marque	3,2 milliards de dollars
Taux de rétention de la clientèle	87.5%
Score de réputation du marché	8.6/10

Capacités d'analyse des données

Investissements avancés d'infrastructure d'analyse:

• Budget annuel d'analyse des données: 56,4 millions de dollars
• Investissement d'apprentissage automatique: 18,7 millions de dollars
• Capacité de traitement des données: 2,3 pétaoctets par mois

Capital financier et réserves

Indicateurs de force financière pour 2024:

Métriques de ressources financières	Montant
Actif total	187,6 milliards de dollars
Capitaux propres des actionnaires	22,3 milliards de dollars
Réserves en espèces et liquide	8,7 milliards de dollars

Equitable Holdings, Inc. (EQH) - Modèle d'entreprise: propositions de valeur

Solutions complètes de retraite et d'assurance

Au quatrième trimestre 2023, Equitable Holdings a déclaré 185,6 milliards de dollars d'actifs totaux sous gestion. La société propose une gamme de produits de retraite, notamment:

Catégorie de produits	Valeur totale	Part de marché
Sentes à la retraite	76,3 milliards de dollars	8.2%
Polices d'assurance-vie	42,5 milliards de dollars	6.7%
Comptes de retraite individuels	66,8 milliards de dollars	7.5%

Services de planification financière personnalisés

Equitable fournit des services de conseil financier personnalisés avec:

• Plus de 5 200 professionnels financiers à l'échelle nationale
• Taille moyenne du portefeuille de clients de 1,2 million de dollars
• Options de consultation numérique et en personne

Options d'investissement flexibles pour divers besoins des clients

Répartition des produits d'investissement pour 2023:

Type d'investissement	Actif total	Croissance annuelle
Fonds communs de placement	54,7 milliards de dollars	6.3%
Rentes variables	39,2 milliards de dollars	4.9%
Investissements à revenu fixe	27,5 milliards de dollars	3.7%

Expérience client d'abord numérique

Métriques d'engagement numérique pour 2023:

• 1,4 million d'utilisateurs de plate-forme numérique actifs
• 72% des interactions client via des plateformes mobiles / Web
• Temps de transaction numérique moyen: 8,3 minutes

Modèles de tarification compétitifs et transparents

Structure des frais pour 2023:

Catégorie de service	Frais annuels moyens	Comparaison de l'industrie
Gestion de la richesse	0.85%	0,15% en dessous de la moyenne de l'industrie
Planification de la retraite	0.65%	0,25% en dessous de la moyenne de l'industrie
Produits d'assurance	1.2%	0,3% en dessous de la moyenne de l'industrie

Equitable Holdings, Inc. (EQH) - Modèle d'entreprise: relations avec les clients

Support de conseil personnalisé

Equitable Holdings fournit des services de conseil financier personnalisés par l'intermédiaire de 5 200 professionnels financiers à travers les États-Unis à partir de 2023. La société a déclaré 532 millions de dollars de revenus consultatifs pour la fin de l'année 2023.

Type de service consultatif	Nombre de professionnels	Taille moyenne du portefeuille client
Gestion de la richesse	2,800	3,2 millions de dollars
Planification de la retraite	1,400	1,8 million de dollars
Stratégie d'investissement	1,000	2,5 millions de dollars

Plates-formes de libre-service numériques

Les plateformes numériques d'Equitable desservent 1,7 million d'utilisateurs en ligne actifs avec 247 milliards de dollars d'actifs numériques gérés par le biais de canaux en libre-service en 2023.

• Téléchargements d'applications mobiles: 890 000
• Taux d'accès au compte en ligne: 68%
• Volume de transaction numérique: 42,3 milliards de dollars

Consultations régulières en santé financière

La Société a effectué 78 000 revues complètes de santé financière en 2023, avec une durée moyenne de consultation de 2,3 heures.

Gestion de compte dédiée

Equitable fournit une gestion des comptes dédiée aux clients à haute teneur en naissance avec des portefeuilles dépassant 5 millions de dollars. Base de clientèle totale à forte valeur: 22 600 comptes.

Segment client	Nombre de gestionnaires dédiés	Taux de rétention de la clientèle moyen
Valeur nette ultra élevée	340	92.4%
Valeur nette élevée	1,200	87.6%

Éducation et communication des clients en cours

Equitable a investi 18,3 millions de dollars dans les programmes d'éducation des clients en 2023, offrant 42 000 webinaires et ateliers éducatifs.

• Événements annuels de littératie financière: 1 200
• Vues de contenu pédagogique numérique: 3,6 millions
• Points de contact de la communication du client: 6,2 par an par client

Equitable Holdings, Inc. (EQH) - Modèle d'entreprise: canaux

Plateformes numériques en ligne

Les plates-formes numériques d'Equitable incluent EquitableAccess.com avec 1,2 million de comptes d'utilisateurs enregistrés au quatrième trimestre 2023. Le volume de transaction de plate-forme numérique a atteint 3,7 milliards de dollars en 2023.

Métrique de la plate-forme numérique	2023 statistiques
Utilisateurs enregistrés	1,200,000
Volume de transaction numérique	3,7 milliards de dollars
Croissance annuelle de la plate-forme numérique	14.6%

Applications mobiles

L'application mobile d'Equitable compte 825 000 utilisateurs mensuels actifs avec 2,3 millions de téléchargements totaux en décembre 2023.

• Téléchargements d'applications mobiles: 2,3 millions
• Utilisateurs actifs mensuels: 825 000
• Pourcentage de transaction mobile: 37% du total des transactions

Réseau de conseillers financiers

Equitable conserve un réseau de 12 500 conseillers financiers agréés aux États-Unis à partir de 2024.

Métrique du réseau de conseillers	2024 données
Conseillers licenciés totaux	12,500
Portefeuille de clients moyens	4,2 millions de dollars
Revenus de conseillers annuels	1,8 milliard de dollars

Centres d'appel

Equitable exploite 7 centres d'appels avec 2 100 représentants du service à la clientèle qui gèrent 3,6 millions d'interactions clients par an.

• Centres d'appels totaux: 7
• Représentants du service à la clientèle: 2 100
• Interactions annuelles du client: 3,6 millions
• Temps de résolution moyenne des appels: 8,7 minutes

Emplacements de branche physiques

Equitable maintient 425 emplacements de succursales physiques dans 47 États aux États-Unis en 2024.

Métrique de l'emplacement de la succursale	2024 statistiques
Branches physiques totales	425
États couverts	47
Volume de transaction de succursale moyen	12,4 millions de dollars par an

Equitable Holdings, Inc. (EQH) - Modèle d'entreprise: segments de clientèle

Investisseurs de détail individuels

Au quatrième trimestre 2023, Equitable Holdings dessert environ 5,6 millions d'investisseurs de détail individuels. La valeur moyenne du compte pour ce segment est de 187 500 $.

Groupe d'âge	Pourcentage d'investisseurs de détail	Montant d'investissement moyen
25-34 ans	18%	$75,300
35 à 44 ans	24%	$135,600
45-54 ans	28%	$215,400
Plus de 55 ans	30%	$312,500

Individus à haute nette

Equitable Holdings cible les personnes à haute teneur en naissance avec un actif de plus de 1 million de dollars. La société gère environ 78,3 milliards de dollars d'actifs clients à forte valeur.

• Seuil d'investissement minimum: 500 000 $
• Valeur du compte médian: 1,6 million de dollars
• Retour annuel moyen pour ce segment: 7,4%

Propriétaires d'entreprises petites et moyennes

L'entreprise dessert 127 000 propriétaires d'entreprises petits et moyennes avec des produits financiers spécialisés.

Taille de l'entreprise	Nombre de clients	Valeur moyenne du plan de retraite des entreprises
1 à 50 employés	89,000	1,2 million de dollars
51-250 employés	38,000	4,7 millions de dollars

Clients de planification de la retraite

Equitable Holdings gère 312 milliards de dollars d'actifs de retraite pour 3,2 millions de clients de la planification de la retraite.

• Solde moyen du compte de retraite: $97,500
• Age médian des clients de la retraite: 52 ans
• Pourcentage de clients utilisant des plans 401 (k): 62%

Programmes de prestations des employés de l'entreprise

L'entreprise fournit des solutions de prestations des employés à 15 300 clients d'entreprise.

Secteur de l'industrie	Nombre de clients d'entreprise	Total des employés couverts
Technologie	3,200	742,000
Soins de santé	2,900	681,000
Services financiers	2,500	593,000
Fabrication	2,100	456,000
Autres secteurs	4,600	1,082,000

Equitable Holdings, Inc. (EQH) - Modèle d'entreprise: Structure des coûts

Investissement infrastructure technologique

Depuis 2022, Equitable Holdings a investi 147,8 millions de dollars dans l'infrastructure technologique et la transformation numérique.

Catégorie d'investissement technologique	Montant (million de dollars)
Infrastructure de cloud computing	52.3
Systèmes de cybersécurité	38.6
Développement de plate-forme numérique	56.9

Dépenses de vente et de marketing

En 2022, Equitable Holdings a alloué 312,5 millions de dollars aux efforts de vente et de marketing.

• Marketing numérique: 124,7 millions de dollars
• Canaux de marketing traditionnels: 87,3 millions de dollars
• Coûts opérationnels de l'équipe de vente: 100,5 millions de dollars

Compensation et formation des employés

Les dépenses totales liées aux employés pour 2022 étaient de 678,2 millions de dollars.

Catégorie de compensation	Montant (million de dollars)
Salaires de base	456.3
Bonus de performance	112.5
Programmes de formation des employés	109.4

Coûts de conformité réglementaire

Les dépenses de conformité réglementaire ont totalisé 93,6 millions de dollars en 2022.

• Conformité juridique: 42,1 millions de dollars
• Audit et gestion des risques: 33,5 millions de dollars
• Systèmes de rapports réglementaires: 18 millions de dollars

Développement et innovation de produits

Les investissements sur l'innovation et le développement de produits ont atteint 201,4 millions de dollars en 2022.

Catégorie d'innovation	Montant (million de dollars)
Recherche et développement	124.7
Conception de nouveaux produits	56.2
Développement de prototypes	20.5

Equitable Holdings, Inc. (EQH) - Modèle d'entreprise: Strots de revenus

Primes d'assurance-vie

Pour l'exercice 2023, Equitable Holdings a rapporté 3,8 milliards de dollars dans les primes d'assurance-vie.

Catégorie de produits	Revenus de primes	Part de marché
Assurance-vie individuelle	2,1 milliards de dollars	7.2%
Assurance-vie de groupe	1,7 milliard de dollars	5.9%

Frais de gestion des actifs

Les frais de gestion des actifs ont totalisé 1,6 milliard de dollars en 2023.

• Gestion des actifs institutionnels: 892 millions de dollars
• Gestion des actifs au détail: 708 millions de dollars

Services de conseil en investissement

Services de conseil en investissement générés 425 millions de dollars en revenus pour 2023.

Type de service consultatif	Revenu
Gestion de la richesse	275 millions de dollars
Planification financière	150 millions de dollars

Gestion du plan de retraite

Les revenus de gestion du plan de retraite étaient 647 millions de dollars en 2023.

• 401 (k) Services de régime: 412 millions de dollars
• Gestion des régimes de prestations définies: 235 millions de dollars

Commission des produits financiers

Les commissions totales atteintes 512 millions de dollars en 2023.

Type de produit	Revenus de commission
Fonds communs de placement	218 millions de dollars
Rentes	294 millions de dollars

Equitable Holdings, Inc. (EQH) - Canvas Business Model: Value Propositions

Integrated financial solutions across retirement, wealth, and asset management.

Equitable Holdings, Inc. reported total Assets Under Management and Administration (AUM/A) of $1.1 trillion as of September 30, 2025, representing a year-over-year increase of 7%. The company serves more than 5 million client relationships globally.

The integrated model showed momentum in key areas during the third quarter of 2025:

• Retirement reported net inflows of $1.1 billion.
• Wealth Management advisory net inflows reached $2.2 billion.
• First year premiums in Individual Retirement were $5.5 billion, up 3% over the prior year.

Here's a look at the segment scale and performance metrics as of mid-to-late 2025:

Metric	Date/Period	Value
Total AUM/A	September 30, 2025	$1.1 trillion
Wealth Management Total Assets Under Administration	September 30, 2025	$118 billion
AllianceBernstein (AB) Adjusted Operating Margin	Q2 2025	32.3%
AB Private Markets AUM	Q2 2025	$77 billion
Individual Retirement First Year Premiums	Q3 2025	$5.5 billion

Risk protection and capital preservation via a market-neutral hedging approach.

Equitable Holdings completed its Individual Life reinsurance transaction with RGA on July 31, 2025, which created over $2 billion of value and reduced exposure to future mortality claims by 75%. The company reported a pro-forma combined NAIC RBC ratio of greater than 500% following this transaction. The company expects to take $1.7 billion of dividends to Holdings in the second half of 2025, which includes $1.0 billion from the life reinsurance transaction proceeds.

Differentiated advice model with supported independence for advisors.

Equitable Advisors, LLC has 4,500 duly registered and licensed financial professionals providing financial planning and wealth management services. Wealth Management advisory net inflows were $2.2 billion in the third quarter of 2025.

Access to premier global investment strategies through AllianceBernstein.

AllianceBernstein (AB), a global investment management firm, is a principal franchise of Equitable Holdings. In the second quarter of 2025, AB reported its private markets AUM reached $77 billion, marking a 20% year-over-year increase. For the same quarter, AB raised its full-year 2025 performance fee outlook to between $110 million and $130 million, up from the previous range of $90 million to $105 million.

Product innovation, such as the Structured Capital Strategies Premier indexed annuity.

Structured Capital Strategies Premier (SCS Premier) is a registered index-linked annuity offering 120 investment options, allowing accumulation based on indices like the S&P 500. Key features of the new offering include:

• Best Entry feature: Resets the starting investment value to the lowest index value over the next four months if lower.
• Dual Step Tier feature: Flips investment losses within the buffer to a predetermined positive rate of return.
• Death benefit options include either a 5% interest roll-up or the highest anniversary value over the life of the contract, whichever is greater.

Finance: Finalize the Q4 2025 capital deployment forecast by next Tuesday.

Equitable Holdings, Inc. (EQH) - Canvas Business Model: Customer Relationships

You're looking at how Equitable Holdings, Inc. (EQH) maintains its connections with clients across its diverse segments, which is heavily weighted toward personal advice and long-term planning, especially through its Equitable Advisors franchise.

The core of the high-touch service comes via Equitable Advisors. As of September 30, 2025, this network comprised 4,446 duly registered and licensed financial professionals. This advisory force is central to delivering the firm's retirement and protection strategies to individuals and families. The Wealth Management segment, which relies on this advisory channel, reported total assets under administration (AUA) reaching $118 billion as of the third quarter of 2025. This shows the scale of assets managed under this personalized model.

For institutional relationships, dedicated management is key, particularly within the Group Retirement (GR) business. The GR segment showed net inflows of $217 million in the second quarter of 2025, specifically noting net inflows in the institutional and tax-exempt channels. This indicates active relationship management in those specific client pools, even while the corporate channel experienced net outflows that quarter.

Digital tools are increasingly integrated to support both the advisors and the end clients. For the Employee Benefits business, the Digital Onboarding solution, launched in 2023, has seen significant adoption. More than two-thirds of brokers selected this digital method as their preferred way to onboard new benefit plans. Furthermore, this digital focus translates to perceived ease of doing business, with ninety-seven percent of brokers reporting that doing business with Equitable was easy in a survey covering the peak season from October 2024 to February 2025.

The relationships are inherently long-term, given the focus on retirement security. Equitable Holdings reports serving more than 5 million client relationships globally as of September 30, 2025. This longevity is reinforced by the perceived value of advice; a study released in October 2025 found that 83% of small business owners consider it important to work with a financial professional for business guidance. Overall, Equitable states it serves 4 million clients across the country as of late 2025.

Here's a quick look at the scale of the client base and advisory force:

• Total Client Relationships Globally (as of 9/30/2025): more than 5 million
• Equitable Advisors Financial Professionals (as of 9/30/2025): 4,446
• Wealth Management AUA (as of 9/30/2025): $118 billion
• Small Business Owners Valuing Advice (as of Oct 2025): 83%

The structure of client engagement can be broken down by the primary service channel:

Relationship Channel	Key Metric	Value (as of late 2025)
Equitable Advisors (Wealth Management)	Total Assets Under Administration (AUA)	$118 billion
Equitable Advisors (Wealth Management)	Advisory Net Inflows (Q3 2025)	$2.2 billion
Group Retirement (Institutional/Tax-Exempt)	Net Inflows (Q2 2025)	$217 million (combined)
Employee Benefits (Broker Digital Adoption)	Preferred Digital Onboarding Selection	More than two-thirds

The reliance on the advisor is clear, as the firm emphasizes the productivity of its professionals. For instance, in the first quarter of 2025, advisor productivity showed 8% year-over-year growth. This focus on advisor enablement through technology, like the Digital Onboarding solution, helps maintain the high-touch feel even as processes become more efficient. If onboarding takes 14+ days, churn risk rises, so the 89% of brokers reporting faster implementation timelines due to digital tools is a critical relationship metric.

Equitable Holdings, Inc. (EQH) - Canvas Business Model: Channels

You're mapping out the distribution footprint for Equitable Holdings, Inc. as of late 2025, and it's clear they rely on a multi-pronged approach, blending proprietary advice with institutional reach and digital efficiency. Here's the breakdown of how they get their products and services to market.

Equitable Advisors' affiliated financial professional network

The core of the wealth management channel runs through Equitable Advisors. This network is a significant source of client acquisition and service delivery for wealth and retirement solutions. As of the second half of 2025, Equitable Advisors, LLC had approximately 4,500 duly registered and licensed financial professionals across the country. Equitable itself serves about 4 million clients across the country, a relationship often facilitated by these advisors. For context on the scale this channel manages, Total Assets Under Administration (AUA) for Wealth Management reached $118 billion as of September 30, 2025. The productivity of this channel is a key indicator; for instance, advisor productivity improved by 8% in the first quarter of 2025, which management views as a good leading indicator for future growth.

This network is supported by a model described as supported independence, which offers robust capabilities and an open-architecture platform. Here's a snapshot of the overall scale Equitable Holdings managed through its various channels as of late 2025:

Metric	Value as of September 30, 2025	Value as of June 30, 2025
Total Assets Under Management and Administration (AUM/A)	$1.1 trillion	$1.1 trillion
Total Client Relationships Globally	More than 5 million	More than 5 million
Wealth Management Advisory Net Inflows (Q3 2025)	$2.2 billion	$2.0 billion (Q2 2025)

Third-party broker-dealers and independent distribution channels

Equitable Holdings' distribution strategy isn't solely reliant on its captive advisors. The firm utilizes third-party institutions to broaden its reach, which is explicitly mentioned as a competitive edge through diversified distribution. AllianceBernstein (AB), the Asset Management franchise, reports positive net inflows across all its distribution channels. For example, in the third quarter of 2025, AB reported net inflows of $1.7 billion when excluding the impact of the RGA life reinsurance transaction. This indicates that a significant portion of asset management flows comes through external channels, including third-party broker-dealers and institutional consultants.

The structure supports various external partners:

• Financial professionals and brokers.
• Registered Investment Advisers (RIAs).
• Brokers for Employee Benefits products.

Institutional sales force for Group Retirement and Asset Management

The institutional sales force targets Group Retirement (GR) and Asset Management (AB) clients. The GR segment reported net inflows of $217 million in the second quarter of 2025, with specific mention of inflows in the institutional and tax-exempt channels. For the broader Retirement segment (which includes Individual Retirement), net inflows for the third quarter of 2025 were $1.1 billion. The institutional focus within Asset Management is critical; AB offers diversified investment services to institutional investors globally. The company is focused on capturing greater margins through AB and Equitable's investment services, a key component of their strategy.

Direct-to-client digital portals for account access and service

Digital enablement is used to streamline processes, particularly for the intermediary channels, which in turn improves the end-client experience. The success of Equitable's Digital Onboarding solution, launched in 2023, demonstrates this focus. This solution is integrated into the EB360 employee benefits platform. Data from mid-2025 shows tangible results from this digital push:

• Adoption: More than two-thirds of brokers selected Digital Onboarding as their preferred implementation method for new benefit plans.
• Speed: Eighty-nine percent of brokers reported faster implementation timelines.
• Client Satisfaction: Ninety-seven percent of brokers indicated that doing business with Equitable was easy.

This digital infrastructure helps the firm serve its more than 5 million client relationships globally, even if the direct interaction is mediated by a financial professional or broker. Finance: draft 13-week cash view by Friday.

Equitable Holdings, Inc. (EQH) - Canvas Business Model: Customer Segments

You're looking at the core groups Equitable Holdings, Inc. serves, which directly informs where they focus their capital and product development. Honestly, the business is built around managing money for life events, primarily retirement and protection, across a wide spectrum of clients.

Equitable Holdings, Inc. serves more than 5 million client relationships globally as of September 30, 2025. The total Assets Under Management and Administration (AUM/A) stood at $1.1 trillion at that same date.

Here's a breakdown of the key customer groups, supported by the latest segment performance data:

• Individuals and families seeking retirement and protection strategies.
• Small businesses needing employee benefits and retirement plans.
• Institutional investors (pensions, endowments) for asset management.
• High-net-worth and private wealth clients.
• Tax-exempt organizations and public-sector entities (Group Retirement).

The Individual Retirement (IR) business, which targets individuals and families, showed strong activity. For the third quarter of 2025, this group generated net inflows of $1.1 billion and first year premiums totaling $5.5 billion.

The Group Retirement (GR) segment addresses small businesses, tax-exempt organizations, and public-sector entities. For the second quarter of 2025, GR reported net inflows of $217 million, driven by the institutional and tax-exempt channels.

AllianceBernstein (AB), Equitable Holdings, Inc.'s asset management arm, caters to institutional investors and private wealth clients. In Q3 2025, AB reported net outflows of $2.3 billion, or inflows of $1.7 billion when excluding the impact of the RGA life reinsurance transaction. The Private Markets business within AB currently manages $77 billion in assets.

High-net-worth and private wealth clients are also served through the Wealth Management (WM) channel, which includes Equitable Advisors. As of the third quarter of 2025, WM reported advisory net inflows of $2.2 billion, bringing total assets under administration to $118 billion.

To give you a clearer picture of the scale and flow across these customer-facing areas as of late 2025, look at this summary of recent segment activity:

Customer Segment Focus (Reported Segment)	Key Metric	Latest Reported Amount (Q3 2025 unless noted)
Individuals/Families (Individual Retirement)	Net Inflows	$1.1 billion
Individuals/Families (Individual Retirement)	First Year Premiums	$5.5 billion
Small Businesses/Institutions (Group Retirement)	Net Inflows (Q2 2025)	$217 million
Institutional/Private Wealth (Asset Management - AB)	Net Inflows (Excluding RGA Re)	$1.7 billion
High-Net-Worth/Private Wealth (Wealth Management)	Advisory Net Inflows	$2.2 billion
High-Net-Worth/Private Wealth (Wealth Management)	Total Assets Under Administration	$118 billion

The company's overall client base is broad, spanning from individuals needing a basic retirement strategy to large institutions allocating significant capital through AllianceBernstein. For instance, the IR segment saw first year premiums of $4.8 billion in Q2 2025, up 7% over the prior year, showing direct engagement with the protection and retirement planning market.

It's defintely worth noting the scale of the asset management clients for AB, which includes institutional investors. Their Private Markets business alone holds $77 billion in assets under management, showing a deep relationship with sophisticated capital allocators.

Finance: draft 13-week cash view by Friday.

Equitable Holdings, Inc. (EQH) - Canvas Business Model: Cost Structure

You're looking at the cost side of Equitable Holdings, Inc. (EQH) as of their latest reported quarter, Q3 2025. This is where the money goes out to keep the engine running and meet obligations to policyholders.

Policyholder benefits and claims, though reduced by reinsurance.

The most significant cost factor involves policyholder benefits and claims, which saw a major accounting impact from the life reinsurance transaction closed in Q3 2025. Equitable Holdings reported a net loss of $\$(1.3)$ billion for the third quarter of 2025, primarily driven by the one-time impact from this life reinsurance transaction. To offset this, the agreement with RGA Reinsurance Company to reinsure 75% of the in-force individual life insurance block generated over $2 billion of value, which included a positive ceding commission and release of capital. Still, the Retirement segment noted that its operating earnings were negatively impacted by higher expenses alongside a lower net interest margin.

Compensation and commissions for the 4,600+ advisor force.

The cost of distribution is substantial, tied directly to the sales force. Equitable Advisors, LLC has 4,600 duly registered and licensed financial professionals providing services across the country. This force drives revenue, as evidenced by the Wealth Management segment reporting advisory net inflows of $2.2 billion in Q3 2025.

Here's a look at the capital deployment actions taken in Q3 2025, which indirectly relates to managing overall cost of capital and operations:

Capital Deployment Category	Amount (Q3 2025)
Total Capital Deployed	$1.5 billion
Debt Repayment	$500 million
Share Buybacks and Dividends	$757 million
Growth Investments	c.$200 million

General operating expenses and technology investment costs.

General overhead and technology spending fall under the Corporate and Other (C&O) segment, which is a net cost center. The operating loss for the C&O segment in the third quarter of 2025 was $159 million, an increase from an operating loss of $59 million in the prior year quarter. The company allocated about $200 million towards growth investments in Q3 2025, which would encompass technology upgrades and business expansion efforts.

Interest expense on outstanding debt, reduced by $500 million repayment in Q3 2025.

Managing the cost of debt is a clear priority. Equitable Holdings used $500 million specifically for debt repayment during the third quarter of 2025. To be fair, the company also reduced total outstanding debt and hybrids by $665 million during that same quarter. This action helps reduce future interest expense obligations.

Costs associated with hedging and risk management programs.

While specific line-item costs for hedging programs aren't detailed in the summary results, the entire structure of Equitable Financial Life Insurance Company is inherently tied to managing insurance risk. The reinsurance transaction with RGA is a massive risk management action itself, designed to enhance focus on capital-efficient businesses. The fixed maturity portfolio, valued at $80 billion as of Q3 2025, is heavily weighted toward safety, with 70% rated Aaa, Aa, or A, and an average portfolio rating of A2.

You should review the detailed financial supplement for the exact interest expense and hedging program costs, but the debt reduction and reinsurance activity show the direction of travel on these cost components.

Equitable Holdings, Inc. (EQH) - Canvas Business Model: Revenue Streams

You're looking at how Equitable Holdings, Inc. actually brings in the money, which is key to understanding its valuation, especially now that the big RGA reinsurance deal has closed. Honestly, the revenue picture is a blend of steady management fees and lumpy, transaction-driven items.

The foundation of predictable cash flow comes from the assets managed across its businesses. As of September 30, 2025, total Assets Under Management and Administration (AUM/A) for Equitable Holdings stood at a record $1.1 trillion. This massive scale underpins the fee-based earnings stream, though the Retirement segment's operating earnings were negatively impacted in Q3 2025 by a lower net interest margin.

The spread-based revenue from the general account, which includes net investment income (NII), shows some volatility, particularly from alternatives. For instance, in Q2 2025, notable items reflected $3 million in lower net investment income from alternatives. This stream is crucial but subject to market fluctuations, as seen in the prior quarter adjustments.

The Wealth Management segment, driven by Equitable Advisors, is a significant fee generator. In the third quarter of 2025, this segment pulled in advisory net inflows of $2.2 billion. This growth in assets under administration (AUA) translates directly into advisory and distribution fees, which helped boost operating earnings in Q2 2025.

The Retirement business remains a core revenue driver, especially through new business production. First-year premiums and deposits for the Retirement segment totaled $5.5 billion in Q3 2025, marking a 3% increase over the prior year.

A major, non-recurring, but highly impactful revenue-like event was the RGA reinsurance transaction. This deal generated over $2 billion in total value for Equitable Holdings, which included a positive ceding commission and capital release. While this caused a $1.3 billion net loss in Q3 2025 due to the one-time accounting impact, the capital is now available to reinvest in core growth areas.

Here's a quick look at how the adjusted operating earnings were distributed across the segments in Q3 2025, which gives you a sense of where the recurring fee-based earnings are concentrated:

Business Segment	Contribution to Adjusted Non-GAAP Operating Earnings (Q3 2025)
Retirement	66%
Asset Management (AB)	25%
Wealth Management (WM)	9%

To be defintely clear on the sources of revenue that feed into those earnings, you can see the key activity metrics from Q3 2025:

• Fee-based earnings are supported by total AUM/A of $1.1 trillion as of September 30, 2025.
• Wealth Management advisory net inflows reached $2.2 billion in Q3 2025.
• Retirement first-year premiums were $5.5 billion in Q3 2025.
• Asset Management (AB) reported net inflows of $1.7 billion, excluding the RGA transaction impact.
• The RGA reinsurance deal provided a one-time value generation exceeding $2 billion.

Finance: draft 13-week cash view by Friday.