AXA Equitable Holdings, Inc. (NYSE:EQH) Q2 2020 Earnings Conference Call - Final Transcript
Aug 05, 2020 • 08:00 am ET
Ladies and gentlemen, thank you for standing by, and welcome to the Equitable Holdings' Second Quarter Earnings Call. [Operator Instructions] Ms. Baehr, please go ahead.
Thank you. Good morning, and welcome to Equitable Holdings' second quarter 2020 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; and Anders Malmstrom, our Chief Financial Officer. Also on the line is Nick Lane, President of Equitable Financial; and John Weisenseel, AllianceBernstein's 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. Reconciliations 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 Anders for their prepared remarks.
Good morning, and thank you all for joining us today. I recognize that this is still a very difficult time for me. So I'd just like to start by saying that on behalf of all of us at Equitable, I hope you and your loved ones are safe and well. I'm extremely proud of how our employees and advisers have responded to these most challenging times. It is pleasing to report today's earnings and growth in assets under management, a testament to the commitment and agility of our people and robustness of our business model. Our resilient balance sheet means we are well prepared for any future turbulence and Equitable remains well positioned to help our clients protect their families and secure their financial well-being.
Turning to Page 3. We came into this crisis from a position of strength with strong capital ratios and a set of management values that underpin how we manage this institution. We have a strong emphasis on prudent financial risk management and we always put the well-being and safety of our people at the forefront of everything we do. I'm also extremely proud of how my colleagues have responded to the course for a more just society. Equitable will continue to be a force for good in developing programs and solutions that make a difference and create opportunities for those who have been disadvantaged for far too long.
Overall, I'm very pleased with the Q2 results. Non-GAAP operating earnings amounted to $459 million or $1 per share. I believe this to be a very credible performance considering the headwinds facing the business and compares well