NEW YORK–(BUSINESS WIRE)–Equitable Holdings, Inc. (NYSE: EQH), the leading financial services holding company of Equitable, AllianceBernstein and Equitable Advisors, announced today that certain of its insurance company subsidiaries1 have entered into an agreement with RGA Reinsurance Company (“RGA”) to reinsure 75% of the Company’s in-force individual life insurance block (the “Block”) on a pro-rata basis. The transaction will generate over $2 billion of value for Equitable Holdings, which includes a positive ceding commission and release of capital.
This morning, the Company also announced its intention to increase its ownership stake in AB through a tender offer to purchase up to $1.8 billion of units of AllianceBernstein Holdings L.P. Please see our separate release issued today announcing the tender offer. In addition, the Company plans to execute $500 million of incremental share repurchases, above our 60-70% payout ratio target, following the close of the transaction2.
