Corebridge Equitable Merger defines the new all-stock agreement between Corebridge Financial and Equitable Holdings. Both companies confirmed that they will combine in a transaction valued at about $22 billion, based on closing share prices on March 25, 2026. The merger aims to create one of the largest U.S. financial services companies in retirement, life insurance, asset management, and wealth management.
Under the agreed terms, each Corebridge share will convert to 1.000 share of the new parent company. Each Equitable share will convert to 1.55516 shares of the combined entity. After completion, Corebridge shareholders will hold about 51%, while Equitable shareholders will own around 49% of the new company.
The combined business will operate under the Equitable name and will continue trading on the New York Stock Exchange under the symbol EQH.
Leadership and Corporate Structure
The leadership team will include Marc Costantini, current President and CEO of Corebridge, who will serve as CEO of the combined company. Robin Raju, CFO of Equitable, will become CFO of the new entity, and Mark Pearson, Equitable’s CEO, will take the role of Executive Chair.
The board will have 14 directors, with an equal number chosen by both companies. The headquarters of the merged company will remain in Houston, Texas, which is currently the home base of Corebridge Financial.
Scale and Market Presence
The combined company will serve more than 12 million customers across the United States. It will manage and administer around $1.5 trillion in assets, covering retirement plans, life insurance, wealth management, asset management, and institutional businesses.
The merger will expand distribution reach and strengthen product offerings across individual and group retirement services, annuities, protection products, and investment solutions.
Financial Impact and Synergies
Both firms expect the deal to be immediately accretive to earnings per share and cash generation. They project earnings accretion to rise to more than 10% by 2028. The companies also expect to achieve over $500 million in annual run-rate expense synergies by 2028.
These efficiencies will come from shared technology, aligned operations, streamlined support functions, and expanded scale across business units. The Corebridge Equitable Merger positions the combined firm to operate with a more balanced mix of fee income, underwriting results, and spread earnings.
Next Steps and Approvals
The transaction has received unanimous approval from the boards of both Corebridge Financial and Equitable Holdings. It now requires regulatory clearance and shareholder approval from both companies.
The firms expect the Corebridge Equitable Merger to close by year-end 2026. Customers are not required to take any action, and the companies confirmed that guarantees, benefits, and account access will remain unchanged during and after the transition.
