The modern heir to the history of Equitable Life Assurance Society of the United States is once again posting its own quarterly earnings statements.
AXA Equitable Holdings Inc. is reporting $291 million in net income for the first quarter on $2.8 billion in revenue, compared with a net loss of $197 million on $2.8 billion in revenue for the first quarter of 2017.
The New York-based company began to separate from its parent, AXA S.A. of Paris, earlier this year, through an initial public offering (IPO) of common stock. The company’s shares began trading on the New York Stock Exchange, under the symbol EQH, May 10. In part because of transactions related to the separation and IPO, the company has included many unusual gains and charges in its latest earnings.
Operating earnings, which exclude the unusual items, increased to $464 million, from $304 million.
Equitable Life was founded in 1859 and became one of the leading players in the world’s life insurance markets. AXA acquired control over it in 1991.