Corebridge Financial and Equitable Holdings have agreed to combine in an all-stock merger valued at approximately $22 billion, creating one of the largest US-based retirement, life insurance, and asset management platforms.
The transaction, announced jointly by the two companies, will bring together their respective businesses to form a combined entity serving more than 12 million customers, with approximately $1.5 trillion in assets under management and administration. The deal has been approved by the boards of both companies and is expected to close by the end of 2026, subject to regulatory and shareholder approvals.
Under the terms of the agreement, Corebridge shareholders will own around 51% of the combined company, while Equitable shareholders will hold approximately 49%. Upon completion, the merged entity will operate under the Equitable name and continue trading on the New York Stock Exchange under the ticker “EQH”.
The combined business will span multiple segments, including individual and group retirement, life insurance, institutional markets, asset management, and wealth management. The merger is intended to enhance distribution capabilities, diversify revenue streams, and strengthen the companies’ overall market position.
Financially, the combined company is expected to generate more than $5 billion in operating earnings and over $4 billion in cash flow, based on projections that include anticipated synergies.
The companies estimate that the transaction will be immediately accretive to earnings per share and cash generation, with accretion exceeding 10% by 2028. More than $500 million in annual run-rate synergies are expected by that time, primarily from operational consolidation and efficiencies.
The merger will also integrate Equitable’s majority-owned asset manager, AllianceBernstein, into the broader platform. The combined entity expects to shift more than $100 billion of Corebridge assets to AllianceBernstein over time, expanding asset origination and investment capabilities.
From a capital perspective, the merged company will have a combined shareholders’ equity exceeding $30 billion, with a pro forma leverage ratio of approximately 26%. Both companies bring strong capital positions, with risk-based capital ratios above 400% at year-end 2025.
Leadership of the combined entity will include executives from both organisations, with the headquarters to be based in Houston, Texas.
The transaction represents a significant consolidation in the US insurance and asset management sector, bringing together two established firms with complementary capabilities across retirement and wealth solutions.
