Corebridge Financial and Equitable Holdings entered into a definitive all‑stock merger agreement that values the combined entity at roughly $22 billion, using each company’s closing stock price on March 25 2026. The transaction will be executed through a share‑exchange ratio of 1.0000 Corebridge shares for each Corebridge share and 1.55516 Equitable shares for each Equitable share, giving Corebridge shareholders 51 % of the new company and Equitable shareholders 49 %. The merged entity will operate under the Equitable name and ticker symbol “EQH” on the New York Stock Exchange, with headquarters in Houston, Texas.
The merger combines Corebridge’s retirement, life, and wealth‑management businesses with Equitable’s AllianceBernstein platform and other assets, creating a diversified financial‑services platform with approximately $1.5 trillion in assets under management and administration. Management expects the deal to be immediately accretive to earnings per share and cash generation, with projected expense synergies exceeding $500 million by the end of 2028 and accretion to EPS and cash flow rising to more than 10 % by that year.
Corebridge’s trailing‑twelve‑month net income was –$366 million and its earnings per share fell sharply in Q4 2025, while Equitable reported a net loss of –$1.4 billion for the same period. Both companies maintain strong regulatory capital buffers, with Corebridge’s Life Fleet RBC ratio at 435 % and Equitable’s Combined NAIC RBC ratio at 475 %. The transaction will shift more than $100 billion of Corebridge’s general and separate account assets to AllianceBernstein, reinforcing the combined entity’s investment‑management capabilities.
Marc Costantini, Corebridge’s CEO, said, “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, we will create a balanced and resilient business well positioned to serve customers.” Mark Pearson, Equitable’s President and CEO, added, “This is 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.”
The combined company will be led by Marc Costantini as CEO, Robin Raju as CFO, and Mark Pearson as Executive Chairman. A 14‑member board will comprise seven directors from each former company. The transaction is subject to customary closing conditions, including regulatory approvals and shareholder votes, and the companies plan to defer their 2026 annual shareholder meetings to accommodate the merger vote. An investor‑rights law firm, Halper Sadeh LLC, is investigating the deal to ensure Equitable shareholders receive a fair price and that the sales process was free of conflicts of interest.
The merger aligns with a broader trend of consolidation in the financial‑services industry, driven by the need for scale, diversification, and efficiency. By combining Corebridge’s distribution network with Equitable’s investment‑management platform, the new entity will be better positioned to navigate evolving market dynamics and regulatory landscapes while delivering enhanced value to clients and shareholders alike.
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