AXA Equitable Holdings Announces $400 Million Share Repurchase Authorization
NEW YORK--(BUSINESS WIRE)--Nov 6, 2019--
AXA Equitable Holdings, Inc. (“AXA Equitable Holdings”, or the “Company”) (NYSE: EQH) announced today that its Board of Directors has authorized a new $400 million share repurchase program.
“This authorization accelerates our 2020 capital management program and supports our commitment to return 50-60% of Non-GAAP Operating Earnings to shareholders on an annualized basis,” said Mark Pearson, President and CEO of AXA Equitable Holdings. “Since our IPO in May of 2018, AXA Equitable Holdings has returned $1.8 billion to shareholders in the form of quarterly dividends and share repurchases. We believe that this authorization further demonstrates the Board’s confidence in the strength and stability of our balance sheet and our ability to deliver sustainable cash flows and generate long-term shareholder value.”
Under this authorization, Holdings may, from time to time through December 31, 2020, purchase up to $400 million of its common stock through various means. Holdings may choose to suspend or discontinue the repurchase program at any time. The repurchase program does not obligate Holdings to purchase any particular number of shares. Holdings also has approximately $163 million outstanding under its previously authorized $800 million share repurchase program.
About AXA Equitable Holdings
AXA Equitable Holdings, Inc. (NYSE: EQH) is one of the leading financial services companies in the U.S. and is comprised of two complementary and well-established principal franchises, AXA Equitable Life Insurance Company and AllianceBernstein. We have been helping clients prepare for their financial future since 1859 and have a combined total of approximately 12,200 employees and financial professionals and $701 billion of assets under management (as of 9/30/2019).
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CONTACT: Investor Relations
KEYWORD: NEW YORK UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: CONSULTING PROFESSIONAL SERVICES INSURANCE FINANCE
SOURCE: EQH Investor Relations
Copyright Business Wire 2019.
PUB: 11/06/2019 04:18 PM/DISC: 11/06/2019 04:18 PM