Corebridge Financial merges with Equitable Holdings, Inc.

Corebridge Financial, Inc. and Equitable Holdings, Inc. have agreed to merge in an all-stock transaction that values the newly combined entity at approximately $22 billion. The boards of both companies have approved the deal, which aims to create a significant player in the financial services sector, encompassing retirement, life, wealth, and asset management services. The merger, based on Corebridge's and Equitable's closing stock prices as of March 25, 2026, will establish the two firms under a new parent company.

The merger terms specify that Corebridge shareholders will receive one share of the new company's stock for each Corebridge share they own, while Equitable shareholders will acquire 1.55516 shares per Equitable share. The transaction will culminate by the end of 2026, pending essential regulatory and shareholder approvals. Upon completion, Corebridge investors will hold a majority stake of around 51% in the new entity, which will operate under the Equitable brand and continue trading on the New York Stock Exchange using the ticker "EQH."

Strategically, the merger intends to harness combined capabilities in asset management and broaden the scope of available retirement solutions. The new company will manage and administer assets worth $1.5 trillion across various sectors including individual and group retirement plans, wealth management, and life insurance. Corebridge's CEO, Marc Costantini, will take the helm of the combined company, with Robin Raju from Equitable stepping in as Chief Financial Officer.

In a sector characterized by rapidly changing client demands and competitive pressures, the merger between Corebridge and Equitable could reposition the newly formed company as a dominant force against its peers. The integration anticipates reallocating over $100 billion of Corebridge's assets into Equitable's AllianceBernstein, potentially enhancing operating earnings to exceed $5 billion and generating upwards of $4 billion in cash annually. The partnership is poised to deliver both short-term financial gains and long-term strategic growth.

As the merger progresses towards closing, several procedural steps remain, including regulatory endorsements and formal shareholder consent. Following completion, the leadership team will be led by Marc Costantini, along with a 14-member board consisting of equal representation from both companies. Mark Pearson, Equitable's current CEO, will transition to Executive Chair of the combined board, offering strategic oversight. The detailed finalization of the board and the operational synergies between Corebridge and Equitable will become clearer as the completion date approaches.