Corebridge, Equitable Holdings Enter $22 Billion Merger

Editorial Staff

30 March 2026

New York-listed businesses Corebridge Financial and Equitable Holdings have entered an all-stock merger that values the combined entity at about $22 billion, based on closing stock prices on March 25. The firms said the deal will build a major retirement, life, wealth and asset management group.

The combined company will have $1.5 trillion in AuM, the firms said in a statement last Friday.

The combined company will, the parties said, benefit from Equitable’s strategic partnership with its majority-owned subsidiary, AllianceBernstein. The combined company is expected to deliver more than $5 billion of operating earnings and generate over $4 billion of cash, they said in a statement.

At year-end 2025, Corebridge had a “life fleet” risk-based capital ratio of about 435 per cent and holding company cash of $2.3 billion, while Equitable had a combined NAIC RBC ratio of around 475 per cent and holding company cash of $1.1 billion.

Over time, the combined company expects to shift more than $100 billion of Corebridge’s general and separate account assets to AllianceBernstein.

“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,” Mark Pearson, president and CEO of Equitable, said.

Marc Costantini, president and CEO of Corebridge, 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. 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 per cent by the end of 2028.”

The combined company expects to see an adjusted return on equity of more than 15 per cent by the end of 2027. The firms said the combined company expects more than $500 million of run-rate expense synergies by the end of 2028, primarily from the consolidation of functions, information technology systems and vendor partners.

Morgan Stanley is serving as financial advisor; Skadden, Arps, Slate, Meagher & Flom acts as legal advisor, and Joele Frank, Wilkinson Brimmer Katcher serves as strategic communications advisor to Corebridge. Goldman Sachs serves as financial advisor, Paul, Weiss, Rifkind, Wharton & Garrison is legal advisor and Kekst CNC is strategic communications advisor to Equitable. Separate teams from Oliver Wyman and Deloitte serve as advisors to each company.