Corebridge and Equitable $22 Billion Merger Advances Toward Year-End Close, Creating $1.5 Trillion Retirement Giant

One of the largest strategic combinations in the US life and retirement insurance sector in recent years continues to progress through the regulatory and shareholder approval process. Corebridge Financial (NYSE: CRBG) and Equitable Holdings (NYSE: EQH) announced their definitive agreement to combine in an all-stock merger in March 2026, valuing the combined company at approximately $22 billion based on closing stock prices as of March 25, 2026. The transaction is expected to close by year-end 2026, subject to customary closing conditions including regulatory and shareholder approvals.

The merger will create a leading retirement, life insurance, wealth management, and asset management company serving more than 12 million customers, with roughly $1.5 trillion in assets under management and administration spanning Individual Retirement, Group Retirement, Asset Management, Wealth Management, Life Insurance, and Institutional Markets. Under the terms, Corebridge shareholders will own approximately 51% of the combined company and Equitable shareholders approximately 49%. The combined entity will operate under the Equitable name and brand, trading under the Equitable ticker symbol 'EQH' on the New York Stock Exchange, and will be headquartered in Houston, Texas.

The deal brings together complementary capabilities. Corebridge — the former life and retirement arm of AIG, taken public in 2022 — contributes its established retirement and insurance franchises and a century-long track record. Equitable, which has operated in the life and retirement sector since 1859, contributes its strategic relationship with majority-owned global asset manager AllianceBernstein. The combined company expects to shift more than $100 billion of Corebridge assets to AllianceBernstein over time, expanding asset origination and investment capabilities. The merged entity will have combined shareholders' equity exceeding $30 billion, a pro forma leverage ratio of approximately 26%, and risk-based capital ratios above 400%.

Leadership will draw from both organizations: Corebridge CEO Marc Costantini will serve as President and CEO of the combined company, with Equitable CFO Robin Raju as CFO. Nippon Life Insurance Company, a significant Corebridge investor with three board representatives who voted in favor of the transaction, expects to continue as a long-term strategic investor. The companies project the merger to be immediately accretive to earnings per share, with over 10% accretion by the end of 2028 supported by more than $500 million in expected synergies. AM Best has placed Corebridge's rating under review pending the deal's completion.