Corebridge Financial and Equitable Holdings have entered into a definitive all‑stock merger agreement valued at approximately $22 billion. The deal will combine Corebridge’s retirement, life, and institutional businesses with Equitable’s wealth‑management and insurance operations, creating a diversified platform with roughly $1.5 trillion in assets under management and administration.
Under the terms of the agreement, Corebridge shareholders will receive one share of the combined company for each share of Corebridge common stock, giving Corebridge owners an estimated 51% stake in the new entity. Equitable shareholders will hold the remaining 49%. Marc Costantini will serve as the combined company’s chief executive officer, while Mark Pearson will become executive chair. The board will comprise 14 members, split evenly between the two firms, and the headquarters will be located in Houston, Texas.
The merger is positioned as a transformational transaction that brings together three outstanding franchises – Corebridge, Equitable, and AllianceBernstein – to create a diversified financial services company uniquely positioned to serve customers and deliver long‑term value for shareholders. By combining complementary capabilities and scale, the new company will enhance what it can deliver for clients – more choice, broader access to investment and retirement solutions and the strength of an industry leader with a stronger balance sheet standing behind its promises. The combined company will benefit from a strong competitive position and accelerated growth across retirement, life and institutional markets, as well as asset and wealth management. With a world‑class, multi‑channel distribution network and an expanded offering of innovative products, the company will create a balanced and resilient business well positioned to serve customers.
Financially, the combined entity will have over $1.5 trillion in assets under management and administration, pro‑forma shareholders’ equity exceeding $30 billion, and a leverage ratio of 26%. Corebridge’s 2025 RBC ratio was approximately 435%, while Equitable’s was about 475%. The parties project more than $500 million in annual expense synergies by 2028 and anticipate the merger will be accretive to earnings per share and cash generation, with accretion projected to exceed 10% by the end of 2028.
Operational integration plans include shifting over $100 billion of Corebridge assets to AllianceBernstein, consolidating functions, IT systems, and vendor relationships, and achieving the expected close by the end of 2026. The transaction will create a leading retirement, life, wealth, and asset‑management platform that intensifies competition in the U.S. financial services market and provides scale, diversified revenue streams, and a stronger balance sheet for the combined company.
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