NEW YORK--(BUSINESS WIRE)--AXA Equitable Holdings, Inc. (“AXA Equitable Holdings”, or the “Company”) (NYSE: EQH) announced today that its Board of Directors has authorized a new $800 million share repurchase program.
“Our strong balance sheet, disciplined risk management and sustainable cash flow generation continue to support the Company’s commitment to return capital to shareholders,” said Mark Pearson, President and CEO of AXA Equitable Holdings. “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. This authorization is in line with our enhanced annual target payout range of 50-60% of Non-GAAP Operating Earnings and reflects the strength of our business and ability to deliver value across market cycles.”
Under this authorization, the Company may, from time to time, purchase shares of its common stock through various means including open market transactions, privately negotiated transactions (including share repurchases from AXA S.A.), forward, derivative, accelerated repurchase, or automatic share repurchase transactions, or tender offers. The $800 million share repurchase authorization expires on December 31, 2019 (unless extended) and does not obligate the company to purchase any shares. The authorization for the share repurchase program may be terminated, increased or decreased by the board of directors at any time.
ABOUT AXA EQUITABLE HOLDINGS
AXA Equitable Holdings, Inc. (NYSE: EQH) is one of the leading financial services companies in the U.S. and is comprised of two complementary and well-established principal franchises, AXA Equitable Life Insurance Company and AllianceBernstein. We have been helping clients prepare for their financial future since 1859 and have a combined total of more than 12,500 employees and financial professionals, 5.3 million customer relationships and $619 billion of assets under management (as of 12/31/2018).
