Equitable Holdings is a U.S.-focused financial services company built around retirement products, asset management, and wealth management. Its core insurance business sells annuities — primarily Registered Index-Linked Annuities (RILAs), which offer customers equity market upside up to a cap with partial downside protection — targeting affluent and high net worth individuals saving for retirement. Equitable pioneered the RILA market and remains the market leader, selling under the "Structured Capital Strategies" brand. Equitable distributes through its ~4,600-person affiliated advisor network, Equitable Advisors, as well as third-party banks, broker-dealers, and RIAs. Equitable also manages AllianceBernstein (AB), a global active asset manager with ~$867B AUM in which Equitable owns ~68%, and operates Equitable Advisors as a wealth management business with ~$122B AUA. Equitable earns revenue through fee income (AB management fees, variable annuity fees, and advisory fees), spread income (investing general account assets above credited rates), and legacy insurance premiums. AB's private markets platform is central to the business model — higher-yielding private credit origination enables Equitable to price annuities competitively while maintaining target returns. In 2025, Equitable ceded 75% of its individual life insurance block to RGA, releasing capital that was redeployed into increasing AB ownership, share repurchases, and debt reduction, sharpening the company's focus on its retirement and asset management businesses.