Corebridge Financial and Equitable Holdings have agreed to an all-stock merger valued at approximately $22 billion that will create a life insurance, annuity, wealth and asset management company serving more than 12 million customers with $1.5 trillion in assets under management and administration.
The companies announced Wednesday that the firm will operate under the Equitable name from a Houston headquarters and is expected to close by year-end 2026, with a shareholder vote in the summer. Both New York-based Equitable and Houston-based Corebridge are listed on the New York Stock Exchange.
If completed, the merger would bring together advisory and annuity seller Equitable and its asset manager, AllianceBernstein, with Corebridge, one of the country’s largest sellers of annuities and life insurance geared toward retirement.
Marc Costantini, president and CEO of Corebridge, will serve as president and CEO of the combined company, while Robin Raju, Equitable’s chief financial officer, will serve as CFO. Equitable CEO Mark Pearson will transition to a role as executive chair.
“We’re here to serve the customer and ensure that Americans retire with confidence and dignity, and that’s first and foremost what drives these two companies,” CEO Pearson said on a call after the announcement. “Secondly, scale matters … diversification matters. The sources of revenue matter, and when you bring these two businesses together, we see a lot of growth in serving our customers as they accumulate funds for retirement.”
Under the merger agreement, each share of Corebridge common stock will be exchanged for one share of the new parent company’s common stock. Following the close, Corebridge shareholders will own approximately 51% of the combined company, and Equitable shareholders will own approximately 49%.
The combined company will have a 14-member board of directors, with seven directors designated by each company, including Costantini and Pearson, who will serve as executive chairs.
