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AXA Equitable's operating earnings climb YOY as AUM ticks up

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AXA Equitable's operating earnings climb YOY as AUM ticks up

AXA Equitable Holdings Inc. posted second-quarter net income attributable to the company of $158 million, or 28 cents per share, compared with $608 million, or $1.08 per share, in the prior-year period.

Non-GAAP operating earnings totaled $506 million, or 90 cents per share, up from $399 million, or 71 cents per share, in the second quarter of 2017.

The S&P Global Market Intelligence consensus normalized EPS estimate for the quarter was 86 cents.

Total assets under management climbed to $656 billion in the quarter from $631 billion a year earlier.

The company's board has also declared a quarterly dividend of 13 cents per common share, which will be payable Aug. 30 to shareholders on record at the close of business Aug. 23.

The board also authorized a $500 million share repurchase program. Under the program, the company will be able to buy back its shares through March 31, 2019. The buybacks will be funded through an approved insurance subsidiary dividend and non-regulated cash flows from AllianceBernstein Holding LP.

AXA Equitable has additionally made a handful of changes to its leadership team. AXA Life Insurance Co. Ltd. CEO Nick Lane will join AXA Equitable Holdings subsidiary AXA Equitable Life Insurance Co. as president. Lane will also lead the company's individual retirement, group retirement and protection solutions businesses.

Brian Winikoff, AXA Equitable's head of life, retirement and wealth management organization, will be leaving the company at the end of the year. Athene Holding Ltd. Senior Vice President, Corporate Controller and Principal Accounting Officer William Eckert is joining AXA Equitable as chief accounting officer, effective Aug. 15.

Paul Hance, who previously was a vice president at Prudential Financial Inc., is joining AXA Equitable Life as chief actuary in September, the company said.