Equitable Holdings and Corebridge Present Merger Progress & Synergies at KBW Conference

Overview of the Filing

On September 10, 2026, Equitable Holdings, Inc. filed Form 425 containing the final transcript from its presentation at the KBW Insurance Conference 2026, held on September 9, 2026. The presentation featured Marc Costantini (CEO of Corebridge Financial and incoming CEO of the combined entity) and Robin Raju (CFO of Equitable Holdings and incoming CFO of the combined entity).

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Strategic and Financial Highlights

1. Merger Timeline & Approvals:

   • Announced in late March 2026, the transaction has secured FINRA approval, shareholder approvals (July/August 2026), and cleared antitrust processes.
   • Currently advancing through state insurance and international regulatory reviews, tracking toward completion by year-end 2026 / January 1, 2027.
   • Integration and Transformation Office is established, with the top three executive layers (~500 executives) already appointed.

2. Combined Financial Profile:

   • Market Capitalization: >$30 billion.
   • Statutory Capital: >$25 billion.
   • Operating Earnings: ~$5 billion.
   • Cash Flow: ~$4 billion with a target Return on Equity (ROE) of 15%.
   • Client Base: Over 10 million customers.

3. Synergy Breakdown & EPS Accretion:

   • Reaffirmed 10%+ EPS accretion target.
   • Expense Synergies: 6% to 8% EPS contribution driven by $500 million in cost saves across headcount rationalization, vendor consolidation, IT consolidation, and real estate optimization.
   • Tax & Capital Synergies: 2% to 4% EPS contribution from leveraging Corebridge's non-life deferred tax assets (DTAs) against AllianceBernstein/Wealth Management earnings and capital optimization via internal reinsurance/entity consolidation.

4. Revenue Synergies & Asset Management Flywheel:

   • Directing $90 billion to $100 billion of Corebridge general and separate account assets to AllianceBernstein (AB), providing a 10%–12% increase to AB's asset base.
   • Combined origination capability exceeding $60 billion annually across institutional and retail spread businesses.
   • Cross-distribution opportunities including introducing Equitable VUL products through Corebridge channels and distributing proprietary fixed/indexed annuities through Equitable Advisors.