Corebridge Financial, Inc. and Equitable Holdings, Inc. have agreed to an all-stock merger that values the combined company at approximately $22 billion, creating a diversified financial services platform with $1.5 trillion in assets under management and administration and more than 12 million customers. 

The transaction brings together Corebridge, Equitable and AllianceBernstein, positioning the combined entity across retirement, life insurance, wealth management and institutional asset management. 

“This is a transformational transaction that brings together three outstanding franchises – Corebridge, Equitable, and AllianceBernstein – to create a diversified financial services company uniquely positioned to serve customers and deliver long-term value for shareholders,” said Mark Pearson, President and CEO of Equitable. 

Leadership expects the deal to deliver immediate financial benefits. “Importantly, upon closing, this transaction is expected to deliver compelling value to shareholders, including immediate accretion to earnings per share and cash generation, increasing to over 10% by the end of 2028,” said Marc Costantini, President and CEO of Corebridge. 

A key strategic component includes shifting more than $100 billion of Corebridge’s assets to AllianceBernstein over time, deepening integration across investment management capabilities. The companies also project more than $500 million in run-rate expense synergies by 2028, alongside additional revenue, capital, and tax benefits. 

Following the close, Corebridge shareholders will own approximately 51% of the combined entity, with Equitable shareholders holding the remaining 49%. The new company will be headquartered in Houston and governed by a 14-member board split evenly between the two firms.