Corebridge Financial, Inc., an American multinational financial services company, and Equitable Holdings, Inc., a financial services holding company, have entered into a definitive agreement to combine in an all-stock merger, valuing the combined company at approximately $22 billion, based on the closing stock prices of each company as of March 25th, 2026.
The merger aims to establish a huge retirement, life, wealth and asset management company with enhanced distribution capabilities, scale, and a diversified portfolio. Under the terms of the agreement, which has been unanimously approved by the boards of directors of both companies, the pair will form a new parent company.
Reportedly, the combined company will have $1.5 trillion in assets under management and administration across individual and group retirement, asset management, wealth management, life insurance, and institutional markets.
Additionally, each outstanding share of Corebridge common stock will be exchanged for the right to receive 1.0000 shares of the new parent company’s common stock, and each outstanding share of Equitable common stock will be exchanged for the right to receive 1.55516 shares of the new parent company’s common stock.
The transaction is expected to close by year-end 2026, subject to customary closing conditions, including the receipt of required regulatory approvals and approval of the shareholders of both firms. Following this, Corebridge shareholders will own approximately 51% of the combined company, and Equitable shareholders will own approximately 49% of the combined company.
After the transaction is closed, the combined company will operate under the Equitable name and brand and trade under the Equitable ticker symbol “EQH” on the New York Stock Exchange.
The new company will be led by Marc Costantini, the current President and Chief Executive Officer (CEO) of Corebridge, who will serve in the same two roles at the combined company. Robin Raju, Chief Financial Officer of Equitable, who will also take on the same position at the combined company.
Headquartered in Houston, Texas, the combined company will have a 14-member board of directors, which will include seven directors designated by each company.
The board includes Costantini and Mark Pearson, who will serve as Executive Chair of the combined company, while Alan Colberg, Chair of the Corebridge Board, will serve as Lead Independent Director of the combined company’s board of directors. The full list of directors will be announced prior to the closing of the transaction, confirmed the companies.
The combined company will expand capabilities across several asset classes, and is expected over time to shift over $100 billion of Corebridge’s general and separate account assets to Equitable’s AllianceBernstein. The new firm is expected to deliver more than $5 billion of operating earnings and generate over $4 billion of cash.
Pearson, President and CEO of Equitable, commented, “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.”
Costantini added, “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.”
Satoshi Asahi, President of Nippon Life Insurance Company, said, “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 favour of the transaction. Nippon expects to continue as a long-term strategic investor.”
Corebridge’s financial advisor was Morgan Stanley & Co. LLC, while Skadden, Arps, Slate, Meagher & Flom LLP served as legal advisor, and Joele Frank, Wilkinson Brimmer Katcher served as strategic communications advisor.
Equitable was advised by Goldman Sachs & Co. LLC on finance, Paul, Weiss, Rifkind, Wharton & Garrison LLP on legal, and Kekst CNC was the strategic communications advisor.
Separate teams from Oliver Wyman and Deloitte are serving as advisors to each company.
