Equitable (EQH) M&A announcement summary

Deal rationale and strategic fit

• Merger creates a diversified financial services leader with over 12 million customers and $1.5 trillion in assets under management and administration, combining strengths in Retirement, Life Insurance, Asset Management, and Wealth Management.

• The businesses are highly complementary, enabling broader product offerings, enhanced distribution, and improved customer experience.

• Strategic partnership with AllianceBernstein (68% owned) expands asset origination and management capabilities, with plans to shift over $100 billion of assets to AllianceBernstein.

• Shared mission to empower clients' financial futures, expand distribution reach, and provide holistic wealth planning.

• Strategic focus on capturing the full value chain as manufacturer, distributor, and asset manager, with operational rigor and digitization.

Financial terms and conditions

• All-stock merger with Corebridge shareholders owning 51% and Equitable shareholders 49% of the new holding company; Corebridge shares exchanged for 1.0000 and Equitable shares for 1.55516 new parent company shares.

• Combined company valued at approximately $22 billion based on March 25, 2026, closing prices.

• All debt and preferred stock to be structurally pari passu and converted to new parent company instruments.

• Pro forma book value will exceed $30 billion, with a projected RBC ratio of 440% and leverage ratio of 26% at close.

• 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, representing about 10% of the expense base.

• 30% of synergies expected in the first year post-close, 75% within 24 months, and full run-rate by end of 2028.

• Revenue synergies anticipated from cross-selling products and transferring $100 billion of assets to AllianceBernstein.

• Additional capital and tax synergies expected to drive total accretion above 10% by 2029.