Corebridge Financial and Equitable Holdings have announced a landmark $22 billion all-stock merger, forming one of the largest retirement, life insurance, and asset management platforms in the United States.
The combined entity will serve more than 12 million customers and oversee approximately $1.5 trillion in assets under management and administration, significantly strengthening its scale and market presence. The transaction, which has already received board approval from both companies, is expected to close by the end of 2026, subject to regulatory and shareholder approvals.
Under the agreement, Corebridge shareholders will hold around 51% of the new entity, while Equitable shareholders will own approximately 49%. The merged business will operate under the Equitable name and remain listed on the New York Stock Exchange under the ticker “EQH”.
The deal brings together complementary capabilities across retirement solutions, life insurance, institutional markets, and wealth and asset management. By integrating their respective strengths, the companies aim to enhance distribution reach, broaden product offerings, and unlock new growth opportunities across multiple segments.
Financially, the combined organisation is expected to generate over $5 billion in operating earnings and more than $4 billion in cash flow. The merger is projected to deliver strong value creation, with earnings accretion exceeding 10% by 2028 and more than $500 million in annual synergies driven by operational efficiencies and scale benefits.
A key strategic element includes the integration of AllianceBernstein, Equitable’s majority-owned asset manager, into the broader platform. The combined company plans to allocate over $100 billion of Corebridge assets to AllianceBernstein over time, further enhancing its investment and asset origination capabilities.
With combined shareholders’ equity expected to exceed $30 billion and a strong capital position, the new organisation will be well positioned to deliver long-term value and innovation across the insurance and financial services landscape.
The merger marks a significant step forward in industry consolidation, creating a more diversified, scalable, and growth-oriented platform designed to meet evolving customer needs and expand opportunities across global markets.
