Equitable Holdings and Corebridge Financial have entered into a definitive agreement to combine in an all-stock merger valued at approximately $22 billion, creating a scaled financial services platform spanning retirement, life insurance, wealth management, and asset management.
The transaction will bring together two major U.S. insurers to form a combined company with more than 12 million customers and approximately $1.5 trillion in assets under management and administration. The new entity will operate under the Equitable name and trade under the ticker “EQH,” with headquarters in Houston.
The deal reflects a broader push among insurers to gain scale, diversify revenue streams, and strengthen their position in growing markets such as retirement and wealth. By combining Corebridge’s insurance-focused operations with Equitable’s fee-based and asset management capabilities, the companies aim to create a more balanced and resilient business model.
Under the terms of the agreement, Corebridge shareholders will receive one share in the new parent company for each share held, while Equitable shareholders will receive 1.55516 shares. Following the close, Corebridge shareholders will own approximately 51% of the combined company, with Equitable shareholders owning about 49%.
Leadership of the combined company will include Corebridge CEO Marc Costantini as President and Chief Executive Officer, while Equitable CEO Mark Pearson will serve as Executive Chair. Equitable CFO Robin Raju will become Chief Financial Officer of the combined entity.
The companies expect the transaction to be immediately accretive to earnings per share and cash generation, with more than 10% earnings accretion projected by the end of 2028. They are also targeting over $500 million in run-rate expense synergies over the same period. The combined company is expected to generate more than $5 billion in operating earnings and over $4 billion in cash annually.
Strategically, the merger integrates Corebridge, Equitable, and AllianceBernstein into a unified platform with expanded distribution, broader product offerings, and increased asset origination capabilities. The companies expect to shift more than $100 billion of Corebridge assets to AllianceBernstein over time, further scaling its asset management business.
The transaction has been unanimously approved by the boards of both companies and is expected to close by the end of 2026, subject to regulatory approvals and shareholder votes.
KEY QUOTES:
“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. By combining complementary capabilities and scale, we will enhance what we 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 our promises. I am excited about what lies ahead and look forward to working closely with Marc Costantini and the combined company board to shape the new company. Together, we will leverage both companies’ strengths to enhance what we can deliver for customers and shareholders alike.”
Mark Pearson, President And Chief Executive Officer Of Equitable Holdings
“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. Together, we will continue to support financial professionals and institutions in helping individuals plan, save for and achieve secure financial futures. Importantly, upon closing, this transaction is expected to deliver compelling value to shareholders, including immediate accretion to earnings per share and cash generation, increasing to over 10% by the end of 2028. I have great respect for the business Mark Pearson and the Equitable team have built and am confident our cultural alignment will bolster our ability to execute with success.”
Marc Costantini, President And Chief Executive Officer Of Corebridge Financial
“The proposed merger is strategically compelling and has the potential to create a more competitive and resilient platform for the long-term benefit of the combined companies’ shareholders. Nippon’s three representatives serving on the Corebridge board of directors voted in favor of the transaction. Nippon expects to continue as a long-term strategic investor.”
Satoshi Asahi, President Of Nippon Life Insurance Company
