TacticScaleWhat Equitable Does & How It Makes Money (EQH)
Updated October 2026 · reflects Equitable's latest reported financials
US retirement, life insurance, asset and wealth management company. It earns fees and spreads on annuity and retirement assets, premiums from life and group benefits insurance, and management and advisory fees from its asset and wealth management businesses.
How Equitable makes money
It earns fees and spreads on annuity and retirement assets, premiums from life and group benefits insurance, and management and advisory fees from its asset and wealth management businesses.
What Equitable does
Equitable Holdings is a New York-based diversified financial services company founded in 1859 and formerly known as AXA Equitable Holdings. It operates through six segments: Individual Retirement, Group Retirement, Asset Management, Protection Solutions, Wealth Management, and Legacy. Individual Retirement sells variable annuities, including structured capital strategies, Retirement Cornerstone and Investment Edge, mainly to affluent and high-net-worth individuals. Group Retirement provides tax-deferred retirement products and services to plans sponsored by educational entities, municipalities, not-for-profits, and small and medium-sized businesses. Beyond retirement, the company offers investment management to institutional, retail and private wealth clients. Its Protection Solutions segment sells life insurance, including VUL, COLI, IUL and term policies, plus group benefits such as dental, vision, disability and critical illness coverage for small and medium-sized businesses. Wealth Management provides advisory accounts and financial planning. The Legacy segment holds a capital-intensive fixed-rate block of GMxB guaranteed-benefit annuities, including return-of-premium death benefits.
Products & services
- Structured Capital Strategies annuities
- Retirement Cornerstone annuities
- Investment Edge annuities
- Group retirement plans for schools, municipalities and non-profits
- Life insurance (VUL, IUL, COLI, term)
- Employee benefits (group life, dental, vision, disability)
What is Equitable worth?
On an owner-earnings DCF, Equitable's most-likely value is about $114 versus a recent price near $53 (116% below fair value). But TacticScale only calls a stock undervalued when the price sits below its conservative no-growth floor (~$62) with a margin of safety — so the honest verdict here is “Deeply discounted.” Fair value earns its keep only at the extremes, not in the wide middle.
On the financials alone, $53 is below even the no-growth floor ($62); the market's discount — expectations and sentiment beyond the numbers — is pricing in ≈ -1.5%/yr. A bargain only if that pessimism is overdone.
Analysis, not advice. Fair value is a margin-of-safety estimate from a deterministic owner-earnings DCF, not a price target or recommendation. See the full breakdown →
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