Equitable Holdings, Inc. (NYSE:EQH) Q4 2022 Earnings Conference Call February 9, 2023 8:00 AM ET
Company Participants
Isil Muderrisoglu – Head-Investor Relations
Mark Pearson – President and Chief Executive Officer
Robin Raju – Chief Financial Officer
Nick Lane – President-Equitable Financial
Kate Burke – Chief Operating Officer and Chief Financial Officer-AllianceBernstein Corporation
Conference Call Participants
Ryan Krueger – KBW
Tom Gallagher – Evercore ISI
Jimmy Buller – JPMorgan Securities
Michael Ward – Citi
Andrew Kligerman – Credit Suisse
Tracy Benguigui – Barclays
Suneet Kamath – Jefferies
Mark Hughes – Truist
Alex Scott – Goldman Sachs
Operator
Good morning. My name is Rob, and I will be your conference operator today. At this time, I would like to welcome everyone to the Equitable Holdings Fourth Quarter and Full Year Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. [Operator Instructions] Thank you.
Isil Muderrisoglu, Head of Investor Relations, you may begin your conference.
Isil Muderrisoglu
Thank you. Good morning, and welcome to Equitable Holdings fourth quarter and full year 2022 earnings call. Materials for today's call can be found on our website at ir.equitableholdings.com. Before we begin, I would like to note that some of the information we present today is forward-looking and subject to certain SEC rules and regulations regarding disclosure. Our results may materially differ from those expressed in or indicated by such forward-looking statements. So I'd like to refer you to the Safe Harbor language on Slide 2 of our presentation for additional information.
Joining me on today's call is Mark Pearson, President and Chief Executive Officer of Equitable Holdings; Robin Raju, our Chief Financial Officer; Nick Lane, President of Equitable Financial; and Kate Burke, AllianceBernstein's Chief Operating Officer and Chief Financial Officer. During this call, we will be discussing certain financial measures that are not based on generally accepted accounting principles, also known as non-GAAP measures. Reconciliation of these non-GAAP measures to the most directly comparable GAAP measures and related definitions may be found on the Investor Relations portion of our website, in our earnings release, slide presentation, and financial supplement.
I would now like to turn the call over to Mark and Robin for their prepared remarks.
Mark Pearson
Good morning and thank you for joining today's call. On Slide 3, I will highlight results from the year. Non-GAAP operating earnings were $5.08 per share, or $5.55 per share after adjusting for notable items, down 8% in the year, a strong performance despite 2022's turbulent markets, which saw equity markets fall 20% and bond values down 13%. Managing what is within our control is particularly important now. We have achieved our $180 million incremental general account investment income target, one year ahead of schedule, and realized net expense savings of $50 million. Assets under management at the end of the period were $754 billion, down 17% year-to-date, but up 5% compared to quarter three. We had a strong year with $10 billion in total company inflows with $4.6 billion of inflows in our core retirement business in addition to $900 million in asset management and $4.5 billion in wealth management.