We review the earnings performance at the three major insurance carriers with a focus on their indexed annuity businesses in the US.
The holding company of Equitable Financial posted full year net loss of US$1.4 billion, or US$(4.83) per share, although fourth quarter net income came to US$215m, or US$0.70 per share. Yet the insurer pointed to organic cash generation of US$1.6 billion in 2025, expected to increase to approximately US$1.8 billion in 2026. It also reported US$1.12 trillion total assets under management/administration (AuM/A) as of the year-end, an increase of 10% from 12 months ago. In 2025, Equitable sold US