Equitable to Merge with Corebridge in $22B Deal

Corebridge Financial and Equitable Holdings have agreed to combine in an all-stock merger valued at approximately $22 billion. The transaction is designed to create a large US retirement, life insurance, and asset management platform serving more than 12 million customers.

The combined company is expected to have approximately $1.5 trillion in assets under management and administration. Corebridge shareholders will own around 51% and Equitable shareholders about 49%. The merged entity will operate under the Equitable name, trade on the NYSE under ticker EQH, and is expected to close by end of 2026 pending regulatory and shareholder approvals.

The companies project more than $5 billion in operating earnings and over $4 billion in cash flow, with accretion exceeding 10% by 2028 and more than $500 million in annual run-rate synergies. The merger integrates Equitable’s majority-owned asset manager, AllianceBernstein, into the broader platform.