EQH-PC · Equitable Holdings, Inc.

This 10-K/A amendment provides no new financial data, focusing solely on governance updates amid a pending merger with Corebridge Financial announced March 26, 2026. The all-stock deal aims to create a combined entity under new Equitable Holdings, merging retirement, protection, and asset management businesses for greater scale and efficiency.

The filing addresses compensation program adjustments, including the STIC Program, which ties executive payouts to core operational performance amid reinsurance transactions and other strategic moves. CEO Pearson's 2025 STIC award reflects execution on key priorities, underscoring alignment with resilient earnings generation.

Capital optimization efforts, including a landmark RGA life reinsurance transaction, support strategic risk management and capital deployment. This reduces mortality exposure significantly, enabling freed-up capital for growth initiatives and shareholder returns.

Efficiency initiatives continue to target meaningful expense reductions, building momentum toward long-term goals. These efforts enhance operational leverage, particularly in Wealth Management, where advisory flows and assets under administration demonstrate sustained client momentum.

Equity incentive design emphasizes long-term value creation, with a substantial portion performance-based on metrics like relative TSR—now incorporating RGA as a peer—and EPS growth aspirations. This structure motivates sustained outperformance.

Market and share data provide context for equity positioning, with non-affiliate equity value and outstanding shares highlighting the company's scale as of key 2025-2026 dates. Overall, the amendment reinforces governance practices supporting the transformative merger, positioning Equitable Holdings for consolidated strength without introducing new metrics.