NEW YORK, March 26, 2026, 08:38 EDT
Equitable Holdings and Corebridge Financial struck a deal Thursday to merge in an all-stock transaction valued at roughly $22 billion. The combined company will oversee upwards of $1.5 trillion in assets under management and administration, serving more than 12 million customers across the U.S. The announcement landed after both the Financial Times and Bloomberg reported the two insurers were closing in on an agreement. Business Wire
Insurers are scrambling for scale these days, chasing diversification and hoping to shore up their standing in fast-growing segments like retirement and wealth. According to presentation slides, this deal would vault the combined group to the top spot in U.S. life insurance and retirement-income sales by earnings—and hand Equitable a bigger foothold in blending insurance with asset management via AllianceBernstein, where it holds a controlling stake. Reuters
There’s no cash involved here. Corebridge shareholders are set to receive a single share in the combined parent for every share currently held. Equitable investors, on the other hand, end up with 1.55516 shares apiece. When the dust settles, Corebridge investors will control about 51% of the new company, with the remaining 49% landing with Equitable holders. Business Wire
Marc Costantini, currently CEO at Corebridge, is set to lead the merged company. The headquarters lands in Houston, and the business will operate under the Equitable name. Mark Pearson, Equitable’s CEO, shifts to executive chair; Robin Raju steps in as CFO. EQH remains the ticker on the NYSE. The new board—14 directors—will have an even split from both firms. SEC
Management is betting the merger will boost both earnings per share and cash flow right after closing. They’re aiming for cost savings north of $500 million a year by the close of 2028. On top of that, around $100 billion in Corebridge assets are set to move to AllianceBernstein over time, putting the combined asset manager on track toward the $1 trillion mark. SEC
Pearson described the deal as creating “a diversified financial services company.” Costantini expects “accelerated growth across retirement, life and institutional markets.” Business Wire
Just ahead of the 9:30 a.m. open in New York, both shares traded in positive territory—Corebridge up roughly 2.9%, Equitable ahead by 1.7%. Corebridge, which separated from American International Group (AIG) in 2022, would bring AllianceBernstein additional insurance assets if the merger goes through. Reuters
Plenty could shift before the finish line. Shareholders and regulators—including antitrust authorities—still have to sign off. Equitable faces an added hurdle: it needs client consents representing 75% of a specific revenue pool, per the merger agreement. The filing highlights not just integration and execution risks, but ratings concerns too, and puts $475 million reciprocal breakup fees on the table in certain cases. SEC
The companies are targeting a shareholder vote in summer 2026, with a year-end close in their sights. Corebridge has Morgan Stanley on its side, while Equitable turns to Goldman Sachs for advice. SEC
