Corebridge, Equitable to Merge, Creating $1.5 Trillion Retirement and Wealth Giant

The deal is expected to close by the end of the year.

The Corebridge Financial logo is seen in this illustration on April 10, 2023. Dado Ruvic/Reuters

Corebridge Financial of Houston, Texas, on March 26 announced it had entered into a definitive agreement to combine with Equitable Holdings of New York City in an all-stock merger valued at $22 billion.

The merger creates one of the country’s largest retirement, wealth, and life insurance companies.

Corebridge had more than $385 billion in assets under management at the end of 2025, while Equitable had a record $1.1 trillion. Together, the companies will serve more than 12 million customers in individual and group retirement, asset and wealth management, life insurance, and institutional markets. Combining the organizations enhances scale and diversifies the overall portfolio of business offerings, the companies said in a joint statement.

“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,” said Corebridge President and CEO Marc Costantini.

“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.”

The new company will also benefit from a strategic partnership with Equitable subsidiary AllianceBernstein. Over time, more than $100 billion of Corebridge’s assets under management will be shifted to AllianceBernstein, the companies said.

“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,” said Mark Pearson, Equitable’s president and CEO.

“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.”

The proposed merger was unanimously approved by both companies’ boards of directors. Under the terms of the merger agreement, outstanding shares of Corebridge will be directly exchanged for shares of the new parent company, while outstanding shares of Equitable will be exchanged for 1.55516 shares of the new entity. When the merger closes, the new parent company will be 51 percent owned by Corebridge shareholders and 49 percent owned by Equitable shareholders.

The transaction is expected to close by the end of 2026. Moving forward, the organizations will adopt the Equitable brand and trade under the ticker symbol “EQH” on the New York Stock Exchange.

Upon closing, the new combined company is projected to generate higher earnings per share and cash generation than the two companies would have on a standalone basis, with that accretion increasing to more than 10 percent by the end of 2028, the companies said. Consolidation of functions, vendors, and information technology systems is also expected to deliver more than $500 million in annual cost savings.

Costantini will retain his roles in the newly formed company, which will be headquartered in Houston. Equitable’s current CFO, Robin Raju, will also retain his title with the combined company. The new company’s 14-member board of directors will be dually chaired by Costantini and Pearson.