Corebridge Financial and Equitable Holdings have announced a significant all-stock merger, creating a combined entity valued at approximately $22 billion. This strategic union aims to establish a leading retirement, life, wealth, and asset management company with a robust customer base and substantial assets under management and administration.
The merger unites two customer-centric organizations with a shared vision of empowering clients for confident retirement. The combined company will boast formidable distribution capabilities, enhanced scale, and a diversified portfolio across Individual Retirement, Group Retirement, Asset Management, Wealth Management, Life Insurance, and Institutional Markets. This strategic alignment is expected to drive higher growth, a balanced revenue mix, and resilient earnings across market cycles.
This transaction is designed to create significant financial upside. The combined entity will benefit from Equitable’s strategic partnership with AllianceBernstein, a global active manager. Over time, Corebridge expects to shift over $100 billion of its assets to AllianceBernstein, further enhancing its scale. Financially, the merger is projected to be immediately accretive to earnings per share and cash generation, with an anticipated increase to over 10% by the end of 2028. More than $500 million in run-rate expense synergies are expected by the end of 2028, primarily through the consolidation of functions, IT systems, and vendor partners.
Upon closing, the combined company will operate under the Equitable name and trade under the EQH ticker symbol on the New York Stock Exchange. Marc Costantini, currently CEO of Corebridge, will lead the combined entity as CEO, while Equitable’s CEO, Mark Pearson, will serve as Executive Chair. The board of directors will comprise 14 members, with seven designated by Corebridge and seven by Equitable. The combined company will be headquartered in Houston, Texas.
The merger agreement has received unanimous approval from the boards of directors of both companies. Following the close, Corebridge shareholders are expected to own approximately 51% of the combined company, with Equitable shareholders holding approximately 49%. The transaction is anticipated to close by the end of 2026, subject to regulatory approvals and shareholder consent from both companies. Both Corebridge and Equitable expect to defer their 2026 annual shareholder meetings to accommodate the merger vote.