Corebridge Financial (CRBG) M&A announcement summary

Deal rationale and strategic fit

• Merger creates a leading retirement, life, wealth, and asset management company with over 12 million customers and $1.5 trillion in assets under management and administration.

• Combines complementary strengths and scale in retirement, life insurance, asset management, and wealth management, enhancing distribution, product offerings, and customer experience with minimal overlap.

• Integrated business model enables full value chain capture as manufacturer, distributor, and asset manager, with robust distribution across retail, institutional, and workplace channels.

• Strategic partnership with AllianceBernstein expands asset origination, management capabilities, and global distribution reach, with plans to shift over $100 billion of assets.

• Shared mission and cultural alignment to empower customers, drive long-term growth, and focus on digitization and innovation.

Financial terms and conditions

• All-stock merger with each Corebridge share exchanged for 1.00000 new parent company share and each Equitable share for 1.55516 new parent company shares; combined company valued at approximately $22 billion as of March 25, 2026.

• Corebridge shareholders will own 51% and Equitable shareholders 49% of the new holding company.

• Corebridge is the accounting acquirer; all debt and preferred stock to be structurally pari passu and converted to new parent company instruments.

• Assets and liabilities of Equitable recorded at fair value; significant increase in GAAP equity expected.

• Transaction expected to close by year-end 2026, subject to regulatory and shareholder approvals.

Synergies and expected cost savings

• Over $500 million in annual pre-tax expense synergies targeted by end of 2028, about 10% of combined expense base, mainly from consolidation of functions, IT systems, and vendor partners.

• 30% of synergies realized in first year post-close, 75% within 24 months, and 100% on a run-rate basis by end of 2028.

• Additional capital, tax, and revenue synergies expected, including asset management and product cross-sell, and shifting $100 billion+ of assets to AllianceBernstein.

• Cost to achieve synergies estimated at 1.5x run-rate savings.