AXA EQUITABLE HOLDINGS REPORTS FULL YEAR AND FOURTH QUARTER 2018 RESULTS
Full year Net income of $1.8 billion; Net income per diluted share of $3.27. Non-GAAP Operating Earnings1 of $2.2 billion; Non-GAAP Operating Earnings per diluted share of $3.89
Fourth quarter Net income of $1.9 billion; Net income per diluted share of $3.57. Non-GAAP Operating Earnings of $504 million; Non-GAAP Operating Earnings per diluted share of $0.93
Returned over $1 billion to shareholders since IPO
Announced new $800 million share repurchase authorization; intend to increase dividend 15% to $0.15 per share payable in the second quarter of 20192
Revised target payout range upward from 40-60% to 50-60% of Non-GAAP Operating Earnings
New York, NY, February 28, 2019 - AXA Equitable Holdings, Inc. (“AXA Equitable Holdings”, or the “Company”) (NYSE: EQH) today announced financial results for the full year and fourth quarter ended December 31, 2018.
“AXA Equitable Holdings’ solid 2018 financial results reflect a strong debut year, in which we completed our initial public offering, effectively executed against our long-term strategic priorities, and created value for our clients, partners and shareholders,” said Mark Pearson, President and Chief Executive Officer. “The value we provide our more than five million clients is clearly resonating, as evidenced by sustained momentum and sales across all segments, with strong operating earnings in our Individual Retirement and Group Retirement businesses, continued margin improvement in Investment Management and Research, and ongoing stabilization of our Protection Solutions segment. For the full-year, we generated approximately $2.2 billion in Non-GAAP Operating Earnings, reflecting continued execution against our focused strategy. Additionally, our balance sheet remained robust amidst recent market volatility, with solid capitalization at CTE98 for our VA business, bolstered by the effectiveness of our hedging program.”
Mr. Pearson continued, “In less than a year as a publicly traded company, AXA Equitable Holdings has returned more than $1 billion to our shareholders in the form of quarterly dividends and share repurchases. Continuing this capital return approach, our Board of Directors has authorized a new share repurchase program of $800 million, and we intend to increase the dividend per share by 15% in the second quarter. The upward revision of our annual target payout range from 40-60% to 50-60% reflects the strength of our results, continued momentum from our differentiated businesses, and our unique positioning to deliver value across market cycles. We are confident we can achieve our long-term strategic priorities while empowering growing numbers of customers to achieve their goals for financial security and protection.”
(in millions, except per share amounts or unless otherwise noted)
Total Assets Under Management (“AUM”, in billions)
Net income (loss) attributable to Holdings
Net income (loss) attributable to Holdings per diluted share
Non-GAAP Operating Earnings (loss)
Non-GAAP Operating Earnings (loss) per diluted share (“EPS”)
1 This press release includes certain non-GAAP financial measures. More information on these measures and reconciliations to the most comparable U.S. GAAP measures can be found in the “Use of Non-GAAP Financial Measures” section of this release.
2 Any declaration of dividends will be at the discretion of the Board of Directors and will depend on our financial condition and other factors.
The following information was filed by Axa Equitable Holdings, Inc. (EQH) on Thursday, February 28, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.