AM Best Affirms Credit Ratings of Equitable Holdings, Inc. and Its Subsidiaries

OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a+” (Excellent) of Equitable Financial Life Insurance Company of America (EFLICOA) (Phoenix, AZ) and Equitable Financial Life Insurance Company (EFLIC) (New York, NY). EFLICOA and EFLIC collectively are referred to as Equitable Life Group. Concurrently, AM Best has affirmed the Long-Term ICR of “bbb+” (Good) and the Long-Term Issue Credit Ratings (Long-Term IR) of Equitable Holdings, Inc. (Delaware). The outlook of these Credit Ratings (ratings) is stable. Additionally, AM Best has assigned a Long-Term IR of “bbb+” (Good) on $600 million 4.572% senior secured fixed rate, due 2029, of Equitable Holdings, Inc. The outlook assigned to this rating is stable. (Please see below for a detailed listing of the Long-Term IRs affirmations.)

The ratings reflect Equitable Life Group’s balance sheet strength, which AM Best assesses as strong, as well as its strong operating performance, favorable business profile and appropriate enterprise risk management.

Equitable Life Group’s ratings are attributable to its strong level of risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR). Results have exhibited year-over-year volatility as the organization continues to reposition its business and diversify its earnings profile. Earnings volatility has persisted, driven in part, by the recent Reinsurance Group of America, Incorporated (RGA) life reinsurance transaction and Equitable Life Group’s increasing majority stake in AllianceBernstein, which impacts GAAP earnings and equity in the short term. However, AM Best notes that the group has maintained strong operating performance and has adequate liquidity with excess cash at the holding company. Overall balance sheet strength remains supported by Equitable Life Group’s appropriate financial flexibility, well-developed and sophisticated risk management framework, and leading market positions. The organization is a market leader in variable annuities (VA), achieving record sales in its Registered Index-Linked Annuities (RILA) and maintaining a leading position in the 403(b) retirement annuity market. In addition, the group employs a dynamic hedging strategy to support its VA liabilities.

Additionally, Equitable Life Group has consistently recorded favorable operating earnings in the last several years on a non-GAAP operating basis with the aforementioned volatility. The after-tax non-GAAP financial measure is used to evaluate financial performance on a consolidated basis, determined by making certain adjustments to consolidated after-tax net income attributable to holdings that relate to derivative positions, which continues to be a large source of volatility in net income. AM Best notes that the holding company maintains access to a contingent capital facility, which further enhances Equitable Life Group’s positive financial flexibility. Equitable Life Group also benefits from a diversified and productive distribution model, which includes a large captive distribution channel, extensive third-party distribution relationships relating to reinsurance, as well as internal reinsurance agreements.

Equitable Life Group remains exposed to equity market pressures on both sides of its balance sheet. A majority of new sales for the company are non-interest sensitive in nature as it has reduced variable insurance products with guaranteed benefits. Equitable Life Group has continued to advance its de-risking strategy through the recent reinsurance transaction, which reduces exposure to legacy liabilities, enhances capital efficiency and further supports balance sheet strength while allowing the organization to focus on capital-light growth initiatives.

The following Long-Term IRs have been affirmed with stable outlooks:

Equitable Holdings, Inc—
— “bbb+” (Good) on $500 million 5.594% senior unsecured fixed rate, due 2033
— “bbb+” (Good) on $1.5 billion 5.0% senior unsecured fixed rate, due 2048
— “bbb+” (Good) on $1.5 billion 4.35% senior unsecured fixed rate, due 2028
— “bbb+” (Good) on $350 million 7.0% senior unsecured debentures, due 2028, (originally issued by AXA Financial, Inc.)
— “bbb-” (Good) on $800 million 5.25% preferred stock
— “bbb-” (Good) on $300 million 4.30% preferred stock
— “bbb-” (Good) on $500 million 6.7% preferred stock

Equitable Financial Life Global Funding— “a+” (Excellent) program rating
— “a+” (Excellent) on all outstanding notes issued under the program

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

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