AXA EQUITABLE HOLDINGS REPORTS FIRST QUARTER 2019 RESULTS
Net loss of $775 million; Net loss per diluted share of $1.50
Non-GAAP Operating Earnings1 of $509 million
Non-GAAP Operating Earnings per diluted share of $0.98
Returned $818 million to shareholders during the first quarter of 2019
Newly independent company following successful March secondary offering
New York, NY, May 9, 2019 - AXA Equitable Holdings, Inc. (“AXA Equitable Holdings”, or the “Company”) (NYSE: EQH) today announced financial results for the first quarter ended March 31, 2019.
“AXA Equitable Holdings delivered strong first quarter 2019 results, with 14% growth in Non-GAAP Operating Earnings per share, reflecting solid operating performance and effective execution against our strategic priorities,” said Mark Pearson, President and Chief Executive Officer. “The positive momentum we are generating in each of our segments, our rigorous financial discipline and the strength of our balance sheet are enabling us to deliver significant levels of capital return for shareholders, reflected in dividends and share repurchases totaling $818 million during the first quarter.”
Mr. Pearson continued, “We continue to demonstrate our ability to deliver on the shareholder commitments we articulated at the time of our initial public offering one year ago, with growth in earnings, substantial progress against our 2020 strategic goals and meaningful capital return. Today, as a newly independent company following the conclusion of AXA S.A.’s majority ownership, we are inspired by our 160-year heritage and guided by our purpose to help our clients retire with dignity, protect their families and prepare for their financial future with confidence.”
(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”)
Total AUM was $664 billion, flat compared to March 31, 2018.
Net loss attributable to Holdings for the first quarter of 2019 was $775 million, a decrease of $1.0 billion compared to the first quarter of 2018. This result was primarily driven by noneconomic market impacts under GAAP accounting driven by hedging and nonperformance risk.
Non-GAAP Operating Earnings in the first quarter of 2019 increased to $509 million from $483 million in the first quarter of 2018.
As of March 31, 2019, Book value per share, including accumulated other comprehensive income (“AOCI”), was $26.77. Book value per share, excluding AOCI, was $27.81 per share.
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.
The following information was filed by Axa Equitable Holdings, Inc. (EQH) on Thursday, May 9, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.