Lawsuit Cuts Equitable’s $1.3B Gain on a Universal Life Price Hike

May 7, 2024 by Allison Bell

Equitable expects to give up close to half of the $1.3 billion total revenue increase it once hoped to get from a cost-of-insurance charge increase imposed on some holders of the company’s Athene Universal Life II policies.

The New York-based life insurer and asset manager noted in its earnings release for the first quarter that the results include $106 million in legal expenses related to an AUL II policyholder class-action settlement.

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Originally Posted at Think Advisor on May 1, 2024 by Allison Bell.