Corebridge Financial and Equitable Holdings agreed on 26 March to merge in an all-stock transaction that valued the combined retirement, life and asset management group at about $22bn.
Why Corebridge Financial, Inc. is buying Equitable Holdings, Inc.
The companies said the merger creates a group serving more than 12 million customers with about $1.5tn in assets under management and administration across retirement, life insurance, wealth and asset management. They expect more than $500m of annual run-rate expense savings by the end of 2028 and plan to move more than $100bn of Corebridge assets to Equitable's AllianceBernstein over time.
Deal terms and financing
Both companies will become subsidiaries of a new parent that will be renamed Equitable Holdings and trade as EQH on the New York Stock Exchange. Each Corebridge share converts into one new share and each Equitable share into 1.55516 new shares, giving Corebridge holders about 51% and Equitable holders about 49%. Corebridge chief executive Marc Costantini will lead the combined company, Equitable chief executive Mark Pearson will become executive chair, and the board will have seven directors from each side.
Regulatory approvals and timing
Stockholders of both companies approved the merger at special meetings on 30 July 2026, with about 99.96% of Corebridge votes and 97.24% of Equitable votes cast in favour. Completion still depends on insurance and other regulatory approvals, and the companies continued to target closing by the end of 2026.
Market context
The $22bn figure is the combined company's value based on both companies' share prices on 25 March, not a price paid by one side. The deal is the largest US life and retirement insurance combination announced in the first quarter of 2026.
