-- CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:
EQH posted Q1 2026 operating EPS of $1.62 versus $1.30 a year ago, beating the $1.61 consensus view but lagging our $1.85 estimate. Operating revenues declined 3%, missing our forecast of 3% to 8% growth, driven by a 33% drop in policy fee revenues and 21% decline in premiums despite higher investment income and asset management fees. We view positively EQH's announced merger with Corebridge Financial (CRBG 27 NR) in an all-stock transaction closing by year-end 2026, where EQH shareholders will own 49% of the combined entity and receive 1.55516 shares per EQH share, with board representation evenly split. EQH expects an investor call update on May 5 regarding its strategic direction and M&A plans. We believe EQH's July 2025 life reinsurance transaction that freed up $2B in capital and reduced mortality exposure by 75% supports its shift to a more fee-based model, with the appointment of Nick Chan as Head of M&As signaling continued growth via acquisition as a key strategy.