Corebridge Financial and Equitable Holdings Announce \$22 Billion Transformational Merger

Key Highlights for Investors

• All-Stock Merger: Corebridge Financial, Inc. (NYSE: CRBG) and Equitable Holdings, Inc. (NYSE: EQH) have entered into a definitive agreement to combine in an all-stock merger, valuing the new company at approximately \$22 billion based on the closing prices as of March 25, 2026.
• Industry-Leading Scale: The combined entity will serve over 12 million customers and will manage and administer more than \$1.5 trillion in assets, making it a dominant force across retirement, life, wealth, and asset management sectors.
• Formidable Distribution and Diversified Portfolio: The merger will unite Corebridge, Equitable, and AllianceBernstein, bringing together highly complementary franchises with extensive distribution capabilities and a broader range of financial solutions.
• Synergies and Financial Upside: The companies project over \$500 million in run-rate expense synergies by the end of 2028, with immediate accretion to earnings per share and cash generation, rising to over 10% accretion by 2028. The combined company expects to deliver more than \$5 billion in annual operating earnings and generate over \$4 billion in free cash flow.
• Robust Financial Position: The new company will have over \$30 billion in shareholders’ equity (excluding AOCI) and a leverage ratio of 26%, with strong regulatory capital ratios at both Corebridge and Equitable before the merger.
• Leadership and Governance: Marc Costantini (Corebridge) will become President and CEO, while Robin Raju (Equitable) will serve as CFO. The company will operate under the Equitable name (NYSE: EQH) and be headquartered in Houston, Texas. The board will be evenly split between Corebridge and Equitable designees, with Mark Pearson (Equitable) as Executive Chair.
• Timeline and Approvals: The transaction is expected to close by year-end 2026, subject to regulatory and shareholder approvals.
• Share Exchange Ratios: Each Corebridge share will convert to 1.0000 shares of the new parent company, and each Equitable share to 1.55516 shares of the new entity. Post-merger, Corebridge shareholders will hold approximately 51% of the new company, and Equitable shareholders 49%.
• Strategic Partnerships: The combined company will further leverage AllianceBernstein’s global asset management capabilities, including shifting over \$100 billion of Corebridge assets to AllianceBernstein, enhancing scale and competitive positioning.
• Operational Transformation: A focus on digitization and technology transformation is expected to modernize customer experience and accelerate efficiency gains.

Details and Potential Share Price Impact

The merger of Corebridge Financial and Equitable Holdings is a landmark event that will create one of the largest and most diversified financial services companies in the U.S. The immediate financial accretion, high expected synergies, and robust cash generation have the potential to materially enhance shareholder value and may significantly impact the share prices of both companies. The consolidation will also deliver a more balanced and resilient earnings profile, appealing to investors seeking stability across market cycles.

What Shareholders Need to Know

• Accretion and Synergies: The deal is expected to be immediately accretive to EPS and cash generation, with over 10% accretion by the end of 2028. Over \$500 million in annual cost synergies are anticipated, mainly through consolidation of functions, IT systems, and vendor partners.
• Exchange Ratios and Ownership: The exchange ratios are fixed, and the new ownership structure will see Corebridge shareholders with a slight majority (51%).
• Board and Leadership: Leadership will be shared, with a 14-member board (7 from each company). The new company will be headquartered in Houston but trade as Equitable (EQH).
• Regulatory and Shareholder Approval Risks: The transaction is subject to regulatory and shareholder approval, and any delays or complications could affect the timeline and value realization.
• Strategic Investor Endorsement: Nippon Life Insurance Company, a major investor, supports the merger and will remain a long-term investor, reducing the risk of a significant shareholder exit.
• Potential for Further Re-Rating: Given the scale, enhanced distribution, and diversified business mix, the combined company may warrant a higher valuation multiple post-integration if synergy targets and growth projections are met.
• Integration and Execution Risks: As with all large mergers, there are risks related to integration, technology harmonization, and cultural alignment. Unforeseen costs or delays in realizing synergies or anticipated benefits could impact share price performance.
• Meeting Deferral: Both companies expect to defer their 2026 annual shareholder meetings to focus on the merger, which may affect annual governance routines.

Conference Call and Further Information

Management will host a joint conference call today, March 26, at 8:00 a.m. EDT to discuss the transaction in detail. Investors can access the call and related presentation materials on both companies’ investor relations websites.

Advisors for the transaction include Morgan Stanley, Goldman Sachs, Skadden Arps, Paul Weiss, Joele Frank, and Kekst CNC, among others.

Next Steps

Investors should closely monitor SEC filings and company announcements for updates on regulatory and shareholder approval processes, as well as definitive information on the anticipated synergies and integration plans. Details on director and executive officer holdings, as well as further disclosures, will be available in subsequent proxy and registration statements.

Disclaimer: This article is for informational purposes only and does not constitute investment advice or a solicitation to buy or sell securities. The information is based on company press releases and regulatory filings as of March 26, 2026. Investors should review all related SEC filings and consult with their own financial advisors before making investment decisions. The proposed merger remains subject to regulatory and shareholder approvals, and there are risks associated with completion and integration of the transaction.

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